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untmerctH IN C L U D IN G Bank & Quotation Section Railway Earnings Section Railway & Industrial Section Bankers’ Convention Section YOL. 91. SATURDAY, OCTOBER 15 1910 Week ending Oct. 8. 1910. Terms of Subscription— Payable in Advance F o r O n o Y e a r ......................................................................................................................................$ 1 0 0 0 F o r S i x M o n t h s .................................. ................................................................................................. 0 00 E u r o p e a n S u b s c r i p t i o n ( i n c l u d i n g p o s t a g e ) .............................................................. l i t 0 0 E u r o p e a n S u b s c r i p t i o n - i x m o n t h s ( i n c l u d i n g p o s t a g e s ................................. 7 50 A n n u a l S u b s c r i p t i o n i n L o n d o n ( i n c l u d i n g p s t a g e ) ....................................... £ 2 1 4 s . S i x M o n t h s S u b s c r i p t i o n i n L o n d o n ( i n c l u d i n g p o s t a g e ) .............................. £ 1 1 1 s . C a n a d ia n S u b s c r ip tio n (In c lu d in g p o s ta g e ) ........................................................ $ d 5 0 Subscription includes following Supplements— 1 5 'n k a n d Q u o t a t io n ( m o n th ly ) 1 s p a t e a n d C i t y ( s e m i- a n n u a lly ) K a i l w a y a n d i n d u s t r i a l ( q u a r t e r l y ) 1 E l e c t r i c R a i l w a y (3 t i m e s y e a r ly ) R A IL W A Y E a r n in g s ( m o n th ly ) | I5 a n k e s ’ C o n v e n t i o n ( y e a r l y ) C h i c a g o ................... C le v e la n d . D e tr o it_ _ _ M ilw a u k e e . C o lu m b u s _ _ T o l e d o ______ P e o r i a ______ D a y to n Terms of Advertising— Per Inch Space t r a n s i e n t m a t t e r p e r i n c h s p a c e ( 1 4 a g a t e l i n e s ) ..................................................... $ 4 2 0 ( T w o M o u th s ( ' t i m e s ) ....................................... 2 2 0 0 Y o u n g sto w n . . L e x in g to n _ _ _ s t a n d in g B u s in e s s c a r d s ] A k r o n ______ S o u th B e n d .. C a n t o n ______ Q u i n c y ______ B lo o m in g t o n . jo ln S ) ::;:" :::::::::::: | j} { $ ' T w e l v e M o u t h s ( 5 2 t i m e s ) ....................................... 8 7 0 0 C H I C A G O O F F I C E — P l i n y B a r t l e t t , s>13 M o n a d n o c k B l o c k : T e l . H a r r i s o n 4012 fc O N D O N O F F I C E — E d w a r d s & S m ith , 1 D r a p e r s ’ G a r d e n s , E . C . W I L L I A M B 0 A \ A C O .lIP A N V , P u b lis h e r s , S. P. O. • ox 95S. Front. 1Lno nnd Dopey*tor Sts., New Y ork, P u b lis h e d e v e r y S a t u r d a y m o r n ln by W IL L IA M B. D A N A C O M P A N Y W illia m B . D a n a , P i e s i d e n t ; J a c o b S e i b e r t J r . , V ic e - P r e s . a n d S e c .; A r n o ld # . D a n a , T r e a s . A d d r e s s e s o t a ll.O lli c o o f tlio C o m p a n y . CLEAR IN G -H O USE RET U R N S . T h e fo llo w in g t a b le , m a d e u p b y t e le g r a p h , & c ., I n d ic a te s t h a t t h e t o t a l b a n k c l e a r in g s o f a l l c l e a r in g h o u s e s o f t h e U n it e d .S t a te s f o r w e e k e n d in g t o - d a y h a v e b ee n 1 2 ,8 1 2 ,4 0 8 ,0 6 1 , a g a in s t $ 3 ,2 4 7 ,1 .2 ,2 7 5 la s t w e e k a n d $ 3 ,4 0 1 ,2 7 9 ,4 8 7 th e c o r r e s p o n d in g w e e k la s t y e a r . Clearings— Returns by Telegraph. Week ending October 1 5 . Per Cent. 19 10 . 19 0 9 . N e w Y o r k .............................................................. B o s t o n _______ ______________________ P h i l a d e l p h i a ......................................................... B a l t i m o r e ................................................................. C h i c a g o .............................. - ............................... S t . L o u i s . ................................... - ....................... N e w O r l e a n s ................................. ....................... $ 1 ,1 8 1 ,8 8 8 ,5 4 3 1 2 1 ,2 9 7 ,0 0 1 1 0 7 ,2 3 7 ,0 8 1 3 7 ,3 8 4 ,2 7 0 2 1 1 ,2 5 0 ,5 0 4 6 5 ,3 1 6 ,3 4 9 1 8 ,5 2 0 ,4 0 4 $ 1 ,0 9 3 ,8 2 0 ,0 9 1 1 4 2 ,3 8 3 ,0 4 3 1 1 5 ,0 2 2 ,9 0 9 2 4 ,9 9 2 ,1 5 9 2 2 7 ,5 0 9 ,1 5 2 1 7 ,2 9 9 ,4 1 4 — 3 0 .0 — 1 2 .7 — 7 .3 + 4 9 .6 — 7 .1 + 1 .0 + 7 .1 S e v e n c itie s , 5 d a y s . _ O th e r c itie s , 5 d a y s _ $ 1 ,7 4 8 ,8 9 4 ,7 7 8 5 3 5 ,1 9 0 ,4 8 1 $ 2 ,2 8 0 ,2 7 9 ,9 7 1 5 2 9 ,7 0 4 ,3 1 8 - 2 3 .5 + 1 .0 T o t a l a ll c itie s , 5 d a y s . A l l c i t i e s , 1 d a y _______ . $ 2 ,2 8 4 ,0 9 1 ,2 5 9 5 2 8 ,3 1 7 ,1 0 2 $ 2 ,8 1 0 ,0 4 4 ,2 8 9 0 4 8 ,2 3 5 ,1 9 8 - 1 8 .9 - 1 8 .5 $ 2 ,8 1 2 ,4 0 8 ,6 0 1 $ 3 ,4 0 4 ,2 7 9 ,4 8 7 - 1 8 .8 T o t a l a l l c i t i e s f o r w e e k _____________ 64,652,603 T h e f u l l d e t a i l s f o r t h e w e e k c o v e r e d b y t h e a b o v e w il l b e g i v e n n e x t .S a t u rd ay . W e c a n n o t fu r n is h th e m t o - d a y , c le a r in g s b e in g m a d e u p b y t h e c l e a r i n g h o u s e s a t n o o n o n S a t u r d a y , a n d h e n c e In t h e a b o v e t h e l a s t d a y o f t h e w e e k h a s t o b e In a l l c a s e s e s t i m a t e d , a s w e g o t o p r e s s F r i d a y n i g h t . p r e s e n t b e lo w d e t a ile d fig u r e s f o r t h e O c to b e r 8 , fo r fo u r y e a rs. w eek e n d in g w ith S a tu rd a y , Week ending Oct. 8 . 19 10 . N e w Y o r k .............. P h ila d e lp h ia _ _ _ P i t t s b u r g h . _____ B a l t i m o r e .............. B u f f a l o ...................... A l b a n y ...................... W a s h in g to n . . R o c h e s t e r .............. S c r a n t o n _______ S y r a c u s e _______ B e a d i n g .................... W ilm in g to n . - . W il k e s - B a r r e W h e e l in g -----1f a r r ls b u r g . Y o r k __________ A l t o o n a ................... E r i c ____ ______ G r e e n s b u r g ............ B in g h a m to n - . . . C h e s t e r ................... F r a n k l i n ................. 190 9. 3 S 1 , 8 6 5 , 1 6 1 ,23C 2 ,4 2 5 ,0 0 7 ,5 0 0 1 5 4 ,0 6 4 ,6 1 2 1 6 0 ,5 0 1 ,8 4 !; 5 1 ,1 4 7 ,4 5 2 5 3 ,0 7 5 ,5 7 7 2 9 ,9 2 2 ,4 6 5 3 5 ,3 7 6 ,2 0 4 1 0 ,5 5 2 ,9 2 5 1 1 ,8 6 7 ,6 6 ! ) 6 ,9 1 8 ,5 2 6 6 .4 7 4 ,2 0 C 7 ,7 7 7 ,7 5 5 7 , 3 4 2 .7 2 C 4 ,0 1 8 ,2 3 4 4 .6 2 0 ,4 9 7 2 ,9 0 8 ,5 1 4 3 ,0 7 5 .4 4 3 2 .9 1 0 ,9 1 7 2 ,2 5 7 ,2 3 9 1 ,0 7 4 ,5 7 5 1 ,0 1 3 ,4 7 7 1 ,5 7 5 ,0 5 4 1 ,6 2 4 ,5 2 0 1 ,4 2 2 ,2 9 0 1 ,6 1 7 ,8 4 6 1 ,7 0 7 ,7 2 8 1 ,7 7 0 ,6 8 5 1 ,4 0 0 ,0 0 0 1 ,4 9 9 ,4 3 3 1 ,0 3 3 ,5 1 9 9 3 7 ,6 8 4 1 ,6 0 1 ,6 3 4 1 ,7 9 3 , 5 6 1 4 1 5 ,2 7 5 4 1 1 ,5 6 6 8 1 3 ,9 1 5 8 9 3 ,4 2 1 4 6 2 ,6 4 8 6 7 6 ,6 5 3 4 8 7 ,2 0 0 7 2 9 ,2 0 0 4 6 8 ,5 3 8 6 2 2 ,7 5 7 3 0 0 ,0 0 0 3 0 1 ,0 0 0 T o t a l M i d d l e . . 2 ,1 0 4 ,0 0 7 ,1 6 2 2 , 7 0 8 ,1 4 5 ,2 1 7 B o s t o n ................... P r o v i d e n c e ........... H a r t f o r d ................. N e w H a v e n ........... S p r i n g f i e l d .............. P o r t l a n d _______ W o r c e s t e r ............ F a l l I l l v e r .............. N e w B e d f o r d . ..... L o w e l l _________ H o l y o k e ................... T o ta l N ew E n g 1 6 9 ,3 7 7 ,5 1 1 8 ,1 4 2 ,0 0 0 4 ,6 7 4 .4 8 8 3 ,2 9 7 ,5 3 9 2 ,2 0 8 ,9 9 8 2 ,6 3 7 ,2 9 7 2 ,4 7 7 ,4 3 0 1 ,2 1 1 ,7 7 1 9 5 4 ,6 1 1 5 2 4 ,7 9 3 6 3 6 ,5 2 1 1 9 6 ,2 3 2 ,9 5 9 1 7 7 ,0 3 3 ,1 4 9 7 .9 1 8 .5 0 0 3 ,8 9 8 ,3 2 7 3 ,0 5 4 ,7 2 2 2 ,0 0 0 ,0 0 0 1 ,9 9 3 .2 8 5 1 ,8 2 0 ,1 5 1 1 ,2 8 8 ,0 8 8 9 9 5 ,7 5 7 5 5 0 ,5 0 3 5 4 2 ,9 2 5 2 0 1 ,0 9 5 ,4 0 7 Inc. or Dec. % — 2 3 .1 + 4 .2 + 3 .8 + 1 8 .2 -f* 1 2 .5 — 0. 4 — 5 .6 + 1 5 .0 - f- 5 ./ + 2 9 .0 + 3 .8 + 3 .2 — 1 2 .1 — 3 .9 — 6 .6 + 1 2 .5 + 1 2 .0 — 0 .9 + 9 .8 + 4 6 .3 + 4 9 .7 + 3 2 !) + 0 .3 19 0 8 . j 190 7. $ 1 S 1 ,6 0 3 ,2 8 5 ,1 2 8 1 , 6 1 1 .3 5 1 ,8 8 9 1 0 2 ,6 1 4 ,1 7 7 1 3 5 ,4 4 4 ,3 0 9 3 9 ,4 8 4 ,09C 5 0 ,7 0 1 ,7 0 4 2 1 ,4 3 2 ,5 4 ) 3 1 ,7 6 8 ,1 3 1 9 , 2 83 .40C 8 ,4 7 2 ,3 8 6 5 ,9 7 5 ,3 7 ? 6 ,1 0 0 ,1 3 8 5 ,7 0 1 ,0 1 ! ) 6 ,1 3 0 .4 5 8 3 .3 7 4 ,6 8 1 3 ,6 0 5 ,7 3 8 2 ,2 9 5 ,8 12 2 ,7 9 5 , 7 9 1 1 ,8 8 8 ,6 4 5 2 ,5 8 3 ,9 2 1 1 ,2 6 2 ,1 3 2 1 ,4 5 0 ,4 5 2 1 ,2 1 0 ,1 7 9 1 ,2 7 2 ,6 0 0 1 ,3 8 2 ,6 0 4 1 ,2 7 4 ,0 5 0 1 ,4 9 7 ,0 9 2 1,2 * 1 3 ,0 2 1 1 ,1 0 4 ,9 2 2 9 3 5 ,2 0 5 7 8 2 ,1 2 1 8 3 9 ,2 9 8 1 ,1 6 5 ,9 5 6 3 2 4 ,6 3 7 6 1 2 ,7 2 2 6 4 2 ,3 0 1 5 0 5 ,8 7 1 5 7 4 ,5 8 3 4 8 6 ,4 0 0 5 5 2 ,9 0 0 3 8 5 ,5 5 8 4 5 3 ,3 5 5 3 1 2 ,7 9 9 3 6 6 ,0 3 8 — 2 0 .1 1 ,8 0 9 ,3 6 7 ,8 0 2 1 ,8 0 8 ,5 3 1 ,3 8 1 — 1 .3 + 2 .8 + 1 9 .9 + 8 .0 + 1 3 .4 + 3 2 .3 + 3 6 .1 — 3 .6 — .4 1 — 4 .7 + 1 7 .3 — 2 .4 1 1 3 9 .9 3 7 ,8 3 0 6 .2 8 3 ,4 0 0 2 ,6 8 4 ,3 1 3 2 ,6 2 2 ,0 3 2 1 ,9 7 1 ,0 4 8 2 ,1 7 2 ,1 9 3 1 ,4 6 1 ,3 4 6 1 ,1 2 5 , 6 2 9 8 8 0 ,9 4 2 4 7 8 ,0 6 1 4 0 7 ,6 1 0 1 6 0 .1 0 5 ,0 0 3 1 4 9 ,2 3 6 .3 1 7 7 .4 2 2 .3 0 0 3 ,4 6 4 ,8 1 3 2 ,6 3 1 ,4 3 2 1 ,9 4 2 ,1 4 4 2 ,2 6 4 ,8 6 0 1 ,8 7 8 ,8 2 7 1 ,0 1 9 ,9 8 0 8 8 7 ,7 0 1 6 3 9 ,6 9 1 6 2 9 ,4 6 3 1 7 1 ,7 1 7 ,5 2 8 D ec a tu r Jackson . _ . . _ . . . . . . . . . . . . . . . . . . . D a n v ille .. . A d r i a n ................. . L i m a ___ S a g in a w .. L a n s in g . . t S a n F r a n c is c o .. L o s A n g e l e s ___ S e a t t l e _______ P o r t l a n d ______ T a c o m a _______ S a lt L a k e C i t y . . O a k l a n d ................. H e le n a _______ S a c r a m e n t o ____ S a n D i e g o ............. F r e s n o _________ S t o c k t o n ______ S a n J o s e .................. N o rth Y a k i m a . B i l l i n g s ________ P a s a d e n a .............. . T o ta l P a c ific . K an sas C ity _ _ M i n n e a p o l is _ _ _ O m a h a .............. .. S t . P a u l . .............. D e n v e r . ................. S t . J o s e p h _____ D u l u t h ________ D e s M o in e s _ _ _ S i o u x C i t y ............ W i c h i t a ................. D a v e n p o r t _____ L i n c o l n ................. T o p e k a ................. F a r g o .................... C e d a r R a p id s .. S i o u x F a l l s ____ P u e b lo . F rem o n t T o t. o th . W e st S t. L o u is .. N ew O r le a n s _ _ _ L o u is v ille . H o u sto n . . G a l v e s t o n .............. S a v a n n a h ______ R i c h m o n d ............ M e m p h i s ................. F o r t W o rth _ _ _ A t l a n t a .................... N a s h v i l l e ........... .. A u g u s t a ________ N o r f o l k ................. .. B ir m in g h a m _ _ _ L i t t l e B o c k ............ C h a tta n o o g a _ _ C h a r l e s t o n ______ K n o x v i l l e .............. J a c k s o n v ille _ _ _ M o b i l e ...................... O k l a h o m a ______ M a c o n _________ B e a u m o n t ............ A u s t i n ...................... V i c k s b u r g .............. M e r i d i a n .............. .. J a c k s o n ________ W ilm in g to n ,N .C . 1909. Inc. 0 Dec. $ PUBLISHED WEEKLY. '! ,% NO. 2364. Clearings at - 'JTfoe C h r o n i c l e . W e noon, Electric Railway Section State and City Section $ % ) 95,715,269 39,328,9G3 32,789,153 12,864,351 11,059,532 8,470,414 5,746,552 3,015,028 2,645,201 1,523,530 1,506,494 1,383,764 1,035,862 951,530 870,838 1,000,000 986.194 489,710 471,661 3,349,272 2,445,902 1,503,307 1,341,375 1,462,944 1,038,996 765,924 781,285 800.000 741,663 605,527 ' 399.855 — 6.7 + 9 .0 — 2.0 — 5.1 + 23.3 + 41.0 + 7.3 — 9.7 — 27.7 — 3.0 + 11.9 + 2.9 128,929,251 59,604,052 14,656,682 11,161,835 13,439,150 8,275,000 7,164,707 5,740,927 5,475,804 5,418,039 5,267,009 3,144,020 2,785,160 2,456,436 1,856,610 1,693,751 1,550,073 1.532,144 1,520,080 1,505.953 1,290,272 1,121,028 1,036,889 554.268 600,000 365,675 125,295,015 70,470,945 17,691,531 12,868,507 15,314,296 7,049,500 6,399,871 6,638,662 0,153,041 3,649,142 6,271,951 5,101,530 3,380.733 2,893,286 2,239,065 1,768,356 1,627,311 1,850,000 1,584,542 1,585,707 1,453,142 1,124,354 1,027,016 473.562 1,405,000 1,350,000 680.844 675.635 366,326 102,151.662 57.298,750 32.265.252 16,940,517 11,481,716 10,961,521 7,202,278 7,912,441 4,079,984 3,362,910 3,347,795 1,617,058 1,007,551 1,319,211 1,226,359 1,370,354 1,010,000 609,207 611,992 520,559 154,212,920 77,950,725 18,194,564 12,5,8.8,879 10,178,313 9,908,000 9,200,237 0,90 ',000 5,671,872 7,725,534 14,818,707 4,417,227 3,804,470 3,089,999 2,865,079 1,813,297 1,042,616 2.475.000 1,048,240 2,499,475 1,339,411 2,477.435 1,600,000 680,000 2,022,452 397,546 375,000 635,000 799,677 165,283,934 72,873,428 18,675,748 13,270,064 13,122,390 7,027,500 8,574,417 7,643,009 7,847,093 7,962,014 13.23S,675 3,820,702 3,736,759 3,510,282 2,200,989 2,108,858 1,700,013 2,458,995 1,708,780 2.088,078 1,603,703 2,454,466 1,722,038 689,242 755,235 348,204 337,217 552,000 647,933 ,779,321,812 26,603 376,000 84.608.771 43,2.30,245 31,391,915 13,359,605 11,063,711 8,346,383 5.651.5S0 117,087,193 54,672,573 26,552,803 17,066,072 11,876,091 10,456,004 5,880,379 5,000,394 4,500,000 3,465,312 3,575,509 2,084,582 1,723,193 1,282,152 ,382,001,0451 354,314,306 254,185,862 26,217,750 17,513,935 13,575,928 12,345,507 8,403,012 5,949,100 4,348,350 3,297,282 2,492,594 2,050,206 2,213,591 1,036,098 1.023,084 902,484 847,543 073,397 728,246 650,000 532,046 531,061 511,196 513,912 404,992 485,425 463,034 217,800 269,060 177,039 + 11.5 — 4.6 — 20.2 + 0 .7 + 3 .4 —4 .6 — 18.3 — 29.2 + 10.3 + 3 .1 + 6.8 + 2 8 .9 + 7 .2 — 2.8 — 18.4 + 2.6 + 3 3 .7 + 11.8 + 10.4 — 29.0 + 9 .0 + 2 1 .9 + 15.2 — 48.7 — 35.6 202,698,492 ) 362,908,737 43,306,041 11,761,455 10,636,303 8,920,793 3,841,128 5,038,747 6,997,323 2,592,862 1,214,460 399,485,579 40,258,263 12.601,212 12,067,851 11.100,833 5.065,695 6,155,916 6,452,090 1,856,408 930,326 1,213,254 979,000 757,755 664,305 658,083 500,947 389,701 600,000 21 i , 778,761 $ 234,465,77 8 22,997,55 14,644,61 7 12,545,12 12,352,36 2 8,311.41 9 5,118,30 1 3,065,29 2,918,64 2,094,82( 1,928,26' 1,919.83C 1,101 ,G7( 837,171 707,42 876,5D 572,69! 594,11! 600,001 474,78 649,391 536,68.r 402,075 364,882 427,97! 374,96? . 350,835 263,67) 172,081 321,04! 23,312 287,O C O 333,020,321 36,744,357 9,823,534 9,796,762 7,493,181 4,055,260 4,931,61£ 4,784,697 1,679,679 1,051,690 991,577 999,600 652,100 495,040 547,048 347,915 215,306 + 0 .4 + 2 4 .9 +28.1 — 6.6 — 2.2 + 9 1 + 0 .5 — 8 .C + 86.1 +8.C + 31.4 + 12.4 401,153,271 50,274,834 . 10,138,20? 11,272,805 10,861 21S 5,528,414 6,176,954 5,934,703 3,450,741 1,001,891 1,593,427 1,100,000 815,788 721,714 802,520 570,853 200,000 678.060 1 ,0 0 0 ,0 0 0 1907. S ) ) ) ) 1 3,247,102,275 T o t a l S o u th e rn 1908. 278,033,391 283,900,03 . — 2. 1 24,963.25C 24,715,10 +1. 22,053,91 19,668,66 + 12. i 18,258,02*; 15,348,15 + 19. 14,300,58i 12,362,02 + 15 7 8,658,36( 9,827,14 — 11. 5,403,O C O 6,211,60: 1 — 12. 4,219,767 3,987,29) 1 + 5 . 3,205,06* 2,991,7K + 7. 2,994.194 2.572.77C + 16. 1 2,450,22? + 2. 2,391,961 2.337,513 2,255,43 +3j 1,566,736 1,614,571 — 3.1 1 901,177 939,211 + 2 .: 1,065,224 979,742 + 8.) 1,203,602 1,127,30? + 6 .' 874,531 725,187 + 20.) 710,361 646,931 + 9.C 808,05( 820,001 — 1.. 685,19) 527,48! + 3 0 .( 1.052,72.: 800,001 + 3 1 .( 064,71) — 8.2 723,865 682,310 561,71) + 21.1 451,925 413,949 + 9 .2 555,0 1 465,206 + 19.* 445,948 472,05*1 — 5.5 407,00C 370,O C + 10.0 O 276,5S0 + 14.1 315,26( 268,381 315,425 — 14.9 426.32C 420,512 — 0.05 40,587 32,105 + 26.4 + 5.7 378 ,o n 357,597 + 8.! 651,09? 597,595 419,860 N o t I n c lu d e d In t o t a l + 7 .7 + 1 .8 — 12.0 + 3 0 .2 - - 14.0 — 3.4 + 0.7 — 3.5 + 19.7 — 16.5 + 0.9 — 7.1 — 1.3 + 16.8 + 14.1 + 5 .0 + 15.0 + 2 3 .5 + 5 .5 700,000 706,157 467,000 408,000 603,000 160,150.573 179,219,050 — 14.1 ! , 676,191,721 ! , 803,586,980 + 2 .0 ,072,896,593 ,192,235,091 Note.— F o r C a n a d i a n C l e a r in g s s e e “ C o m m e r c i a l a n d M is c e l la n e o u s N e w s . " THE CHRONICLE 986 [V O L . L X X X X 1 . financial affairs moral, scruples had been kept out of view. W ILLIAM B. DANA. Those cognizant of the type of financial jour nalism that prevails even at the present day in some William B. Dana, the founder, editor and owner of the Continental countries of Europe will readily of the “ Chronicle/' died at the Hotel Belmont in this comprehend how important it was that in the United city on Monday afternoon of this week (October 10) States the pioneer should set a standard of rectitude Mr. Dana was of which would thereafter make it absolutely impossible a retiring disposition and therefore was personally for a type of newspaper of the opposite kind to flour known to only a very small portion of the public. ish. The “ Chronicle" in its newspaper work has never Through the “ Chronicle," however, which he estab engaged in promoting schemes of any kind. It was in the eighty-second year of his age. lished, and the first number of which appeared in established for a different purpose. Its mission was July 1865 (over 45 years ago), he wielded power and a higher one. In journalism William B. Dana followed the same influence to an extent greater— this, we think, will be admitted by all “ Chronicle" readers—than that pos straight path as that pursued in geology by his elder sessed by most of the men who have been prominent brother, the late James D. Dana. Professor Dana And this influence has been con was admittedly the most eminent geologist of his time, tinuously exerted through the whole period of the ex and by reason of that fact he had during his lifetime istence of the paper, for the editorial policy has been many tenders of large sums of money if he would give in the public eye. ideals his professional opinion upon mining propositions of that the paper never at any time lost the respect one kind or another, some honest and some the reverse; of the community. Men might differ with its but to the end he refused to have his name connected views, but the honesty of its purpose has nevor been with mining schemes of any kind, even those of the conducted in accordance with such high questioned. best kind. He felt that that was the best way to Obviously a newspaper must be judged in the same keep his name absolutely untarnished. In like man way as the individual, namely by its character and its ner the founder of the “ Chronicle” kept his paper and works. By this test both Mr. Dana and the paper he himself absolutely free from entangling financial founded hold a high position in public estimation. More propositions. The province of the “ Chronicle", as over, in Mr. Dana’s case the individual was completely far as the investor is concerned, has always been to As was stated in these give facts and to allow the investor to form his own columns at the time the staff of the paper paid him its judgment with the facts thus before him. It has tribute, in commemoration of the eightieth anniver refused to advise him as to the merit of any particular merged in this publication. sary of his birth, on Aug. 26 1909, the history of the proposition. In the great discussions of the day on economic and “ Chronicle” is the history of Mr. Dana’s life. The success which has attended the paper throughout its financial questions, Mr. Dana, through his newspaper, entire existence is evidence of his skill and ability. rendered services to his country which cannot be over The dignity and high tone maintained in its conduct estimated. During the nearly half-century of its are indications of what was his character and what existence the part rendered by the “ Chronicle" in in were the lofty aims he pursued. And the prog fluencing public opinion and promoting sound views ress and development of the paper during his con has been, it will be admitted, we think, very important. duct of its affairs are marks of the genius he pos Since the close of the Civil War there have been three sessed. great movements threatening the national welfare A newspaper has two ways of influencing the public which this paper has opposed with all its energy. Its mind and rendering serviee to the community, that is aid was first rendered in combating greenbackism; either by the excellence of its character or the soundness a little later came the free-silver fallacy, and more re of its views. During Mr. Dana’s life the “ Chronicle" cently have come the attacks upon wealth, upon the was able to call both of these attributes to its aid. rights of property, upon the railroads, and upon cor In starting the “ Chronicle" on a basis of moral worth porations generally. This is a young country, and its and always keeping it on that plane, he set a standard experience is in accord with its youth. For that rea of financial journalism which alone would entitle him son error flourishes here more readily than in the civil to enduring fame. When the “ Chronicle" was con ized countries of the Old World. The paper has been ceived, everything was new in this country, and it is generally looked upon as a leader in matters apper easy to see how baneful might have been the result taining to commercial and financial affairs, and at the if in starting a newspaper devoted to commercial and times named its responsibilities were correspondingly 987 THE CHRONICLE O c t . 1 5 191 0 .] In judging of the influence exerted by it in its the two parties to take issue on this great political endeavor to lead public opinion aright, it must be re question, the soundness of popular judgment in this great. membered that fifty years ago the opportunities for country, in which Mr. Dana had such unbounded faith, gaining education and enlightenment on economic and was again triumphantly vindicated. The position of financial problems by the mass of the public were not the “ Chronicle” as a leader of public opinion on such what they are to-day. Now, our colleges and univer questions was never more clearly demonstrated than sities have special courses in railroads and in innumera at that time. Every mail brought it letters from ble other subjects, but that is a comparatively recent public speakers, politicians, newspaper writers, and development, and for many years the “ Chronicle” people in all walks of life, asking for facts, figures and stood almost alone in supplying the information, and arguments with which to oppose the fallacious reason in formulating views based thereon, with reference to ing of the Bryan silverites. many matters which to-day appear to lie at the very always forthcoming. The information was Mr. Dana was a man of unerring judgment, and on foundation of the country’s industrial life. The present generation can have no idea of the occasions his foresight was almost prophetic. An ex dangers that lurked in the movement for paper-money cellent illustration of this was furnished at the time inflation. The country in its struggle for life during of the enactment of the Silver Purchase Law of 1890, the Civil War had put out such enormous amounts of when he expressed himself regarding the probable oper paper issues, and such large sums had been made ation of this law, which provided for the purchase of through the over-night rise in values as a result of such 4,500,000 ounces of silver a month, or 54,000,000 issues, that a part of the population very naturally ounces a year. Mr. Dana gave it as his opinion that got the notion that all that was needed to produce the first effects of the law would be to create a rise in activity and promote prosperity was to set the printing the price of the metal through speculative operations, presses to work and turn out more Government fiats. but that then there would come a violent collapse. The notion had an unusually firm hold on the leaders This was precisely what happened. of the opposition party, but a large section of the We think it appropriate to give an extract here from Republican Party was permeated by the same error, his remarks on that occasion. Mr. Dana, though and the task of inculcating sound views on the money conducting the editorial columns, generally did com question was by no means an easy one. The metro paratively little writing himself, contenting himself politan newspapers in those days were generally sound usually with two- or three special paragraphs. But in and they looked to this newspaper to supply them this instance he prepared a lengthy and very compre with facts and arguments which would enable them to hensive article on the subject. Here are some excerpts disabuse the minds of those who could not understand from that article. the difference between a paper promise to pay and There is one important particular in which the To-day no one is arguing in anticipations of the public as to the working of this favor of Government paper issues— which shows how measure will not, we believe, be realized. We refer to the ultimate effect of our new legislation on the completely the error has been eradicated. price of silver in the markets of the world; that effect The dangers embodied in the free-silver fallacy were we venture to think is over-estimated. No doubt the in one respect even more serious. This journal, under market 'price will rise for a time, and the higher it Mr. Dana’s guidance, was not unfriendly to silver. rules in the early months the quicker the spasm will be metal of intrinsic worth. It then believed that the old ratio between gold and over; in any event its force promises to be mainly spent silver could be maintained through the concurrent action of all the nations of the world. in a year or eighteen months at the most. But it also We have no doubt that the price of silver could be recognized that free and unlimited coinage of silver sustained at the old equivalent if the countries of on the part of the United States alone would be inex Europe would unite with us in sustaining it. But without such a union the world of silver users, silver cusable folly and could only lead to disaster. Not holders, and even silver producers, will lack faith in only that, but it felt that the constant injection of new the permanency of any advance in the quotation silver issues, either in the shape of silver dollars or which our enforced consumption may produce. Hie paper representatives of the same known as silver depreciation has been too long continued, it has gone certificates, would likewise lead to disaster. It conse too far, the holders of the old stock have become too much alarmed and production has got too large for quently opposed the various measures which were confidence in the metal to be so easily restored. enacted, one after another, tending to debase and depreciate the unit of values. Here again both the great political parties became permeated with the error; and politicians vied with one another in the desire to “ do something for silver.” Finally, when William J. Bryan appeared on the scene as a Presi dential candidate in 1896, and it became necessary for But we refrain from pursuing this point further. We have often of late given abundant reason for be lieving that the action of the United States by itself could not communicate to the world that faith in silver restoration which is the sine qua non of perma nency in any advance in price. In the absence erf that confidence, and under the influence of a higher 988 THE CHRONICLE price for bullion which our action will temporarily produce, consumption must decrease, and a consider able portion of the old stock will be dislodged, which, with the increase in new supply sure to follow, will inevitably break the market we make. As showing the accuracy of the judgment here ex pressed, it is only necessary to point out that after the enactment of the Silver Purchase Law the price of silver, which in February 1890 had sold at 48 11-16 pence per ounce in London, advanced to 54j^ pence in [VOL. L X X X X I , and which will influence those to whom the paper’s editorial policy has now been committed, and to which they have steadfastly adhered during the years of Mr. Dana’s disability. It is proper to say here, too, that no outside interests have ever been represented in the “ Chronicle.” Our representatives, in traveling through the country, on occasions bring back reports from the remoter parts of an expression of a belief that the paper is controlled by Mr. J. P. Morgan or August 1890, and then, after the lapse of just about by Hill or Harriman interests. The truth is that, barring the writer, no one has ever had any pecuniary eighteen months, it began rapidly to decline, and in interest in this paper save Mr. Dana himself and his June 1898 got down to 30)^ pence, bringing on the family connections. The mistake is in supposing, as panic of 1893. .. The “ Chronicle” has never been a class paper. The the writer in the Springfield “ Republican” does, that Springfield “ Republican,” in discussing recently our the “ Chronicle” is a representative of certain class in terests. In our view, Mr. Morgan is a man of trans comments adverse to the proposal of the Statistician of the Inter-State Commerce Commission that all ex cendent genius, the greatest constructive force of this cess of revenue earned'by the railroads over a reasona and perhaps of any time, and we shall always take ble return be made a contribution to the public treas special pleasure in holding up his hands and supporting ury, spoke of the “ interests represented by the “ Chron his endeavors when engaged in work so clearly for the icle ” as if this paper, in its editorial utterances, benefit of the whole country. Similarly we regard sought to cater to some special class interests distinct from the interests of the country as a whole. The “ Republican” has never been an unkindly critic, but men like James J. Hill as empire builders and have no patience with captious critics who undertake to decry their endeavors. It was ever Mr. Dana’ s purpose to its statement in this instance embodies an erroneous build up, never to destroy; and one of the last injunc conception of our position. From a moral and ethical tions to the writer was that this policy should never standpoint, the only interests we have ever represented be deviated from in the slightest degree after he was gone. have been the interests of truth and justice; and from When writing, Mr. Dana generally pursued the a material standpoint we have never consciously ad vocated any policy or doctrines save such as were in practice of using temperate language, but there vrere our estimation calculated to promote the advancement times when he would be aroused to deep anger at and welfare of the whole country. It is true that the “ Chronicle” in its news columns gives much space to railroads and financial and com mercial and investment intelligence, and that thereby it has built up a constituency peculiarly its own; but its editorial discussions have been in no way con trolled by that fact. If it has championed the inter ests of investors and railroad properties with great earnestness, giving the appearance of an excess of zeal, it has been because the Editor has felt that the coun try’ s continued progress depends upon the growth and development of our railroad systems, and that such development cannot be secured under a policy threat ening the stability of present investments in these properties. .With railroad securities outstanding to an aggregate of 15,000 million dollars, a blow at the integrity of these investments, such as is embodied some flagrant act of injustice, and then he made the language-fit the act. One such occasion was in January 1875, when General Sheridan dispersed the Legislature of the State of Louisiana at the point of the bayonet, and suggested that General Grant, our President, should issue a proclamation declaring the people of Louisiana Banditti. Mr. Dana characterized this in the “ Chronicle” as the most brutal official document ever written, and added. To sum up, then, the banditti of our day are a community of people who have suffered great indig nities, been deprived of their rights as citizens of a republican government, been ruled and robbed by imported rogues, and yet have borne it all with patience and moderation. We think our readers will conclude that under such circumstances the shame is not in bearing the title, but in uttering it. Mr. Dana was exacting in his requirements and in some of the policies of the day, would mean disas could not tolerate slovenly work of any kind. He ter as surely as would have the descent of the country made provision against the contingency of his death; What is more, it would be and it will have been gathered from what has been said just as wicked and cruel, just as much downright above that there will be no change in the conduct or robbery, as would have been the forced substitution policy of the paper as a result of his passing away. to a silver basis in 1896. .of fifty-cent silver dollars for one-hundred-cent gold Mr. Dana had no children of the flesh. The “ Chron icle” was his child. It will live forever. dollars. J . S . Jr. We say these things because they indicate the mo tives that influenced Mr. Dana in his editorial policy, n H H B B B H B O ct. 15 1910.] THE CHRONICLE THE FINANCIAL SITUATION. Being on the stand on Wednesday at the Inter-State Commerce Commission’s hearing upon the proposed advance in freight rates by the railroads east of Chi cago, President McCrea of the Pennsylvania cited, as conclusive reasons for an advance, the increase in wages which has been granted, and is responsive to in creased cost of living, also the increased cost of main tenance of a transportation service adequate to the in creasing needs of the American people. The increase in wages, he said, amounts to one-third in the last ten years, as respects the Pennsylvania. It is noticeable that immediately following the newspaper report of his testimony appears a press dispatch from Harrisburg that announcement has just been made of another in crease of about 10%, expected to date back to June 1, in wages of engineers and firemen on the Pennsylvania’s lines in the Eastern part of Pennsylvania. The system east of Pittsburgh, said Mr. McCrea, has cost much more than its capitalization; yet upon that capitalization has been made a lower rate of return than upon most other kinds of investment. Nearly all surplus earnings for many years past have been put into betterments for improved service; he did not cite particularly the vast work just finished and opened in this city, but that alone ought to be an object-lesson to keep before the public mind the fact that a great railroad system works upon a great scale, constantly investing more for the future, and should, therefore, be treated in no spirit of oppression or niggardliness. The country needs increasing production, but also in creasing carrying facilities. A railroad cannot stand still; the alternative to progression is retrogression. It is only a truism to say that the people expect more frequent service, more comfortable and swifter service, more certainty and punctuality of trains, and larger safety. There are no limits to the public expectation in these particulars. A record is kept of trains late at terminals; wrecks on the lines are condemned; the public are quick to criticise the passenger service in every respect; and as for freights, every shipper de mands surer, faster and more certain carrying. There has probably never been a time when so many particulars of excellence and so high a grade of ex cellence in performance of each service was expected of railroads; this is counted upon as a matter of course, for it is what railroads are for—they exist to serve the people. Admitted; yet the amazing thing is that the railroads are expected to do more and more and to receive no more. Public thoughtlessness apparently seeks a miracle. In Mr. McCrea’s opinion, for some years to come the increase in transportation work will be markedly lower east of the Mississippi; growth of business, he thinks, will fall far short of meeting increase in wages and other expenditures. Any properly capitalized road should earn at least 7% net, and “ any scheme of rates which does not provide for that will fall short of what the country absolutely requires.” Following Mr. McCrea, President Willard of the Baltimore & Ohio said that a road ought to have an income sufficient to permit it to put into better ments at least one-half as much as goes to dividends. This is a country of high prices, he said; wages and materials are high, but the one exception is transpor tation rates, now the lowest in the world. He made 989 the striking remark that, whereas railroads have raised money on their credit in the past, now “ the credit of American railroads has been placed in the hands of this Commission; it has been taken from the hands of the owners, and it may be impossible to obtain money in the future under these conditions.” President Brown of the New York Central cited the new construc tion work in this city and elsewhere and said that the ability of the Central system to obtain the necessary capital “ depends upon the ability of the company to secure increases in revenues through increased freight rates commensurate with the recent increase in expen ses.” He also mentioned the inability of the Michigan Central to obtain acceptable bids in Europe on an issue of 4% bonds, leaving as the alternative the payment of 6% on short-time notes. Following close upon the recent calls of the associated railroad employees for an increase in rates which will permit the roads to live come now some remon strances from certain associations of shippers, who also perceive the imminent danger of allowing the transpor tation business of the country to become “ the play thing of demagogues,” as they themselves put it. They perceive that hampered and struggling roads cannot render the service which the country expects and needs. It is about as unusual, they say, for shippers to favor increased rates as for union labor to stand by the railroads; yet in the pending inquiry upon this subject they have decided to support the roads in reasonable increases. In a statement issued after conference with other important shippers, the head of the Simmons Hardware Co. of St. Louis says he thoroughly believes “ that we can never be prosperous until the railroads are prosperous; that our prosperity came with the railroads; that when they ceased to be prosperous our prosperity left us, and until it returns we will not again be prosperous in full measure.” The head of Marshall Field & Co. uses substantially the same language, and some half-dozeri large concerns say they favor a horizontal advance of 8 to 10%. It cannot be pretended that shippers are all agreed that this or any advance is necessary. Some deny that any is necessary, and some have cited increase in gross earnings without any consideration of net earn ings. Some shippers merely follow the human impulse to oppose what is not agreeable and dispute or receive with impatience whatever does not please them. Yet shippers are not agreed in petulance and un reasonableness, and the fact that a number of them are coming forward to side with the railroads is another of the signs of returning reason. Cotton exports considerably in excess of any former year in the opening month of a new season made no uncertain impress upon the volume of our foreign ex port trade in September, being instrumental in giving for that month a total value to the shipments of leading articles, for which advance statements are issued, greater than ever before recorded in the corresponding period. In fact, out of a total value of $81,461,764 represented by breadstuffs, provisions, cattle and hogs, oil and cotton, the last-named commodity accounts for nearly 55 millions of dollars— an aggregate 8% millions larger than that for September 1909. On the other hand, the breadstuffs outflow was 4 ^ millions less than a year ago, and smaller than in September 990 THE CHRONICLE of any year since 1894 with the exception of 1904, when the total shipments of wheat for the whole year were only 13 million bushels. For the decline this year wheat is also responsible. Cattle and hogs ex ports were in September less than half what they were in the month ol 1909; mineral oils exhibited a decrease of over 2 millions of dollars and in provisions a small falling off is to be noted. But, as already stated, the gain in cotton is sufficient to overcome all these losses, leaving the result for September an increase of 8826, 258 over the corresponding period of 1909. With this showing it seems safe to assume that the aggregate of all our foreign exports for the month will approximate close to, if not exceed, the 154 million dollars’ record September total of last year. In the meantime imports, as judged by the figures for New York, have been less free than a year ago. Conse quently it is probable that the completed foreign trade statement for September, which should be available next Monday, will show a net export balance of mer chandise of not far from 35 millions of dollars—the argest since October last, when cotton shipments were, as now, the important stimulating factor. An unnecessary amount of uneasiness would appear to have been indulged in concerning the monctaiy position in the United States. It is true that through out the country and also in New York bank loans are to-day materially in excess of individual deposits, but the disparity is by no means unprecedented—for the national banks, as a whole, the excess was greater in 1907, in 1903, in 1895, in 1894 and in 1893. Had the present expansion not been duly recognized by bank ers, and had no precautionary measures been instituted to avert complications, the outlook might have been beset with unpleasant possibilities; but the situation was recognized by New York bankers as well as by those in the West several months ago and curtailment was undertaken in earnest. Judging by the absence of acute stringency in interest rates, the position has been well handled. It is true that the Clearing-House banks reserves two weeks ago got down to 85,000,000 in excess of legal requirements, and that the moderate gain recorded last Saturday may not, according to gen eral expectations, be followed by another gain to-day. In certain quarters the rise in call money during the last two days to 3 % % for the first time since May 19th was interpreted as disturbing, but the movement ap pears entirely logical inasmuch as preparations have had to be made for extensive dividend disbursements to day . A charge of 3% % for call loans in October is surely not abnormal; as a matter of fact, higher rates have been oftener than once witnessed at this season without producing any veiy unfavorable impression. Accom modation for short periods is still obtainable at a minimum of 4% , while long-term loans are available at as low as 43^%— charges that are not at all out of the way during the crop-moving season. We might add that the best class of mercantile borrowers have been able to negotiate six months’ bills at 5 whi ch quotation is also reasonable during the final quarter of the year. All this does not imply that the money market should be subjected to any avoidable strain in Irhe form of excessive demands for purely speculative purposes. While admittedly the stock market has become more active during the upward movement in prices, there have been no evidences that the public [VOL. LXXXXI. aro about to precipitate a wild boom, while a majority of responsible bankers still declare that they are antagonistic to any such movement. It may fittingly be added that there are now prospects that the difficulty in arriving at a settlement of the dispute between our own and European bankers over the financing of the cotton crop will presently be overcome through the formation of a company to guarantee bills of lading at very small cost. Furthermore, those who are perturbed over the monetary prospects should not overlook the fact that foreign exchange rates are not so very far from the level on which gold could be imported. Important events continue to take place on the Continent of Europe, but the bourses have displayed courage in a degree that augurs well for the soundness of the financial position abroad. Neither the revolu tion in Portugal nor the threatened insurrection in Spain have demoralized securities, while an uprising among the railroad and certain other workers in France under the guise of a strike had astonishingly little in fluence upon the Paris market, notwithstanding that the demonstration was described by Premier Briand as “ an insurrection purely, built upon criminal foun dations,” and that in London as well as here there were grave fears that the stability of the republic was threatened. It will be recalled, too, that a succession of extensive strikes in Britain, including quite recently trouble among coal miners and the lockout of cotton workers, did not to any appreciable extent depress the London Stock Exchange. Incidentally, a similar in difference to unfavorable developments has been consistently displayed by our own Stock Exchange, the most notable illustration of this having been afford ed by a vigorous advance in the price of Steel common shares this week in spite of Monday’s official statement showing that unfilled orders on hand decreased 379,000 tons during September. The conclusion may be justi fiably drawn that at all the principal centres securities have been pretty thoroughly liquidated. r lhe restoration of orderly government has been rapidly achieved in Portugal and there is every prospect that the Powers will shortly recognize the new Republi can Administration set up by Theophilc Braga and his influential associates. The Swiss Government ha* already announced its recognition of the Portuguese Republic and Great Britain has intimated that it will take a similar course as soon as affairs in Portugal have resumed a normal state. All fears of an attack upon Lisbon by Provincial Royalists have passed, and King Manuel appears to have given up hope of regaining his lost throne, an announcement having been made that he intends to take up his residence in England. Already the Provisional Government has ordered the expulsion of all so-called religious orders. Special care has been taken to drive out the Jesuits, whose policies had incurred the ire of the Republicans and whose open opposition during the initial stages of the revolution aggravated the encounters between the Loyalists and those who championed the new order of things. The program outlined by the Braga Cabinet has received the endorsement not only of the Portuguese but of other nations interested in the country's welfare and in its finances. The promise has been made that a regular election will be held within three months, ©tfT. 15 1910.1 THE CHRONICLE when it is confidently expected that the main principles of the present governing body will be overwhelmingly supported by the voters. Foreign holders of Portu guese bonds are hopeful that they will fare better under the Republican system than they did on several occa sions during the monarchical regime. Some of the problems brought into consideration by the revolution and its portents are discussed at greater length in a special article eslewhere in this issue. Had a weaker statesman than Premier Canalejas been at the head of the Spanish Government, the suc cessful uprising in Portugal would in all probability have precipitated a revolution in Spain on Thursday, the first anniversary of the execution of Professor Francisco Ferrer, who, it will be recollected, was ac cused of having instigated an uprising in the summer of last year. As we stated last week, there was be lieved to have been an understanding between the Portuguese and the Spanish Republican leaders that a revolution would be started simultaneously in both countries on Oct. 13 (last Thursday); but the assassi nation of Professor Bombarda brought matters to a climax in Portugal sooner than intended. There can be little doubt that a considerable section of the Span ish people were eager to follow the example set across the border, and that only the firm policy pursued by Premier Canalejas served to avert a grave conflict between the Government troops and the Republicans. The Premier had already won a reputation for fearless ness in his handling of the dispute with the Vatican, and when he issued orders to the army to put down mercilessly the first sign of revolt, the populace felt that the most vigorous measures would instantly be taken to preserve order. The day was awaited with anxiety by all parties and with no little interest by European nations,as well as by Americans, for it was accepted that a triumph for the Republicans in Spain, following the events in Portugal, would have a farreaching influence—an influence not confined to several •f the weaker monarchies on the Continent, but des tined to affect history in the Latin countries of the Southern half of the Western Hemisphere. However, the elaborate precautions taken by the Government and the military—every soldier fit for service stood ready to act on an instant’s notice— proved effective in repressing active hostility, although, of course, there were many manifestations of discontent. Once more, therefore, Spain has been saved from a revolu tion. Mow far the spirit of insurrection in Portugal and Spain influenced the disturbing developments of the current week in France cannot, of course, be gauged with precision; but that the French strikers or, at all events, their leaders were spurred on by recent hap penings can scarcely be doubted. At first the trouble in France appeared to be merely a strike of railroad employees for higher wages, to meet the increased cost of living, and no political consequences were antici pated. It was on Tuesday morning that the men operating the Northern Railroad went on strike, and by evening the movement spread to the State-owned Western Railroad. The Government had evidently been well informed as to the intentions of the ringhaulers to bring about a general disorganization of transportation and industry. At all events, the 991 drastic step was taken of calling to the colors some 30,000 employees of the Northern road, the law being that reservists may be mustered for twenty days’ service. Regular troops immediately took possession of the Northern Terminus, while the Municipal Guards and police superintended the arrival and departure of the few trains that it was found possible to run. Ostensibly the railroad workers went on strike to se cure compliance with the following demands: First— ’A general increase in wages [to a minimum of five francs per diem] to meet the higher cost of living. Second— A pension law. retroactive application of the employees’ Third— A more equitable division of work. Fourth— The granting of one day off in seven for all employees. Fifth— Employment by the month instead of by the day. Premier Briand declared that the strike was insti gated by professionals and that it did not have the sympathy of a majority of the men. This view be came more apparent later. On Wednesday traffic was more or less interrupted, though not completely stopped, on the Eastern and the Southern lines, as well as on the Paris, Lyons and Mediterranean and the Paris-Orleans routes. On these the efforts to induce the employees to stop work were only partially successful. The situation was sufficiently grave, how ever, to send up the prices of provisions in Paris, as invariably happens when the railroads are prevented from carrying normal amounts of foodstuffs into the capital, while railroad shares weakened on the Bourse. As in Spain, the Government adopted an uncom promising attitude towards the malcontents. Premier Briand announced that every known leader guilty of fostering an insurrectionary movement would be arrested, and on Thursday morning he proceeded to execute his threat. Five of the most influential leaders were unceremoniously arrested in the office of a social istic newspaper, where they had spent the night in the company of the Socialistic members of the Chamber of Deputies, and where an attempt was made to deliver inflammatory speeches when the police officers arrived. “ The Prefect of Police,” says one dispatch, “ cut the proceedings short and hustled the leaders off in cabs, and there was no further demonstration.” Mean while the mobilisation of the railroad resorvists, who had, of eourse, become amenable to martial law, was proceeding encouragingly, despite earlier protests that orders would be disobeyed. The stand taken by the Government dampened the ardor of the professional agitators, who, it was said, had fondly hoped the au thorities would hesitate to act harshly. On the Paris and other stock exchanges apprehen sions of a general'upheaval abated; the regular report of Thursday’s session on the Paris Bourse stated that “ there was an increased demand for railroad stocks on the belief that the strike had been checked.” The trouble caused much inconvenience throughout the city of Paris, its suburbs and the surrounding territory, while passengers bound for America as well as those arriving by incoming steamers were greatly delayed, although remarkable energy was shown in overcoming the difficulties, automobiles being used quite freely on land and tugs and other craft for emergency transportation by water. Yester day’s news from Paris tended on the whole to confirm the view that the Premier’s unflinching stand had 993 THE CHRONICLE overawed the leaders and had inspired fear among the rank and file who, it was remarked, did not appear to resent the imprisonment of the more notable agita tors . The President of the Imperial Bank of Germany has seen fit to raise a solmen warning against the expansion of bank credits throughout the Fatherland, just as in this country Eastern bankers six months ago gave notice that curtailment must be rigorously in stituted— a course justified by the fact that national bank loans in March, exceeded deposits by $204,000,000, and were destined, despite the caution exercised, to reach an excess of $321,000,000 by September. The utterances of the Berlin authority, made on the occa sion of raising the discount rate from 4% to 5% , were not prompted merely by the temporary pressure in variably incidental to the quarterly settlements, for, as a matter of subsequent record, the customary re habilitation set in immediately after the opening of the new quarter— this week’s Reichsbank statement shows a gain of nearly $4,500,000 in cash, a decrease of $23,000,000 in loans, a contraction of $46,000,000 note circulation and a reduction of $47,500,000 in discounts. President Havenstein’s unusual action was inspired by conditions of more permanent character, as these extracts from his address show: “ The entire development of money market conditions during the past weeks and months indicates that the present tension is no merely temporary one caused by the monthly settlement, but that we are confronted by a prolonged expansion of credit and a lasting stiffening of rates. . . . Especially striking during the past few months has been the pressure at the head office in Berlin and the high percentage of long-term bills handed in by the banks. All this shows heavy pressure, and is evidence of the fact that the resources of the banks are tied up for a protracted period—a thing not to be viewed without concern when we remember that the demands resulting from the gradu ally improving position of our business life are not very great and are not abnormal; and besides this, consid erable sums of foreign money are on hand here. The pressure at the Reichsbank on the part of the other banks continues to increase to a serious extent. It would, therefore, be a thankworthy task for the German banking community . . . to draw the reins more tightly and to counteract the exaggerated demands for credit. The Reichsbank cannot do this alone, and it begs the assistance of the banking com munity; it is glad to note that several of the banks have already given decisive warnings to their custom ers. The pressure for credit already referred to is by no means sound at every point and of economic advan tage. At present very many long-term credits are in existence, and the numerous and continuing specula tive credits have caused a further strong increase in them.” [V O L . L X X X X I . abroad calls for careful handling, and that any marked revival in the flotation of new corporate loans or in speculation on the bourses would probably create com plications that both bankers and business men are anxious to avoid. Briefly, the Bank of England con tinues to lose bullion on a rather large scale, the tension at Berlin has become more pronounced and Paris is confronted with a very large local municipal loan. The discount range in London is about }/ of 1% lower $ than it was a week ago, on the basis of 3J4% for sixty days’ and 3 9-16% for ninety days’ spot bills and 3 % % for sixty days’ and 3 ^ % for ninety days’ bills to arrive, with, however, a very firm undertone at the close. Bills are accepted less willingly in Paris at 2]/8%> little favor is shown towards American finance bills. The Berlin rate has moved up to 4% for spot bills and 4 ^ % for bills to arrive, notwithstanding that this week’s Reichsbank statement showed a substan tial gain in cash and a notable decrease ($117,000,000) in note circulation, loans and discounts. Amsterdam secured $1,000,000 of the new gold offered in London on Monday, yet the quotation there remains the same as a week ago, 3% to 4% . Brussels has again eased off slightly, to 3j^ % . No changes in official bank rates have been made this week, nor are rumors that the Bank of England may raise its minimum to 5% accepted seriously by international bankers in this city. The Bank of England, for the second week in suc cession, secured the greater part of the new gold sold in the open market on Monday without paying more than the minimum price, 77s.9d. But, as our special cable from London shows, there were heavy exports, chiefly to Egypt. Thursday’s weekly statement disclosed another shrinkage in bullion on hand of no less than £634,302, and since then there have been several shipments of gold from London, including £125,000 to India, £60,000 to Brazil and smaller amounts to the Conti nent although, as a partial offset, £102,000 bar gold was bought by the Bank yesterday. The Bank’s loans expanded to the extent of £434,081, reflecting an increase in borrowing for Stock Ex change purposes. Total reserve decreased £334,088, circulation was reduced £300,030, public deposits fell off £1,270,130, while other deposits increased cor respondingly—£1,357,012. According to our special cable dispatch, the ratio of reserve to liabilities was thus reduced from 47.68% last week to 46.86% this week. This figure is still above the average for this season, but the total amount of bullion on hand, £33, 778,750, is regarded as inadequate, in view of the gold demands that are believed to be impending. Our correspondent further advises us that the loss was due to large exports, principally to Egypt; the takings from the Bank for shipment to the interior of Great Britain having been more than offset by purchases in the open market. The details of the movement into and out of the Bank were as follows: Imports, £400,000, wholly bought in the open market; exports, £817,000, mainly to Egypt, and shipments of £217,000 net to the interior of Great Britain. Months ago we commented upon the fact that certain German banks had gone deeply into industrial enterprises from which they could not withdraw their money promptly, but it had not been thought here that the general banking position was so extended as the head of the Reichsbank thus indicates. No doubt his warning will be heeded, and co-operation should result in gradual improvement. The Berlin weekly Even during the dullest season of the year the bank statements will be watched with peculiar interest New York money market could not be more lifeless during the remaining months of the year. than it is to-day. The repeated predictions of certain Mixed changes have occurred in discount rates at bankers that rates must advance have, so far as European centres during the current week. Withal, concern time accommodation, proved incorrect, for the impression created is that the banking position to-day quotations are quite easy and there is an utter Got. 15 1910.] THE CHRONICLE lack of inquiry from brokers. However, the animation on the Stock Exchange during the last two days, combined with the rise in call loans to 3 % % , does suggest that at last more notice may have to be taken of the money market by speculators who heretofore have not been obliged to worry over this phase of the situation. On the other hand, the financial institu tions which were apprehensive lest New York would be called upon to finance the cotton crop, and which, therefore, sought to build up their reserves, may come forward as lenders now that an amicable arrangement has been outlined whereby the burden of supplying the money will not fall upon this centre; at all events, sentiment will feel relieved even in those quarters where hopes of a settlement had always been enter tained. 'Throughout the current week quotations for time facilities have scarcely changed a fraction; the range for G days is 4 @434% and for all periods from O 90 days to six months 434@ 4% % business latterly being done at the asking rates. At the close the principal lenders were inclined to hold aloof, as they contend that money should shortly become more valuable, particularly if the revival in speculation should continue. Call money on Monday touched 2 % % , but loaned at as low as 134%; on Tuesday 334% was reached and no transactions were recorded under 2 3 4 % ; when business was resumed on Thursday, the firmer tendency became more pronounced, a maximum of 334% being reported for the first time since tin1 third week in May, while no loans were made below 3% , and the charge for renewals was 334%- Yesterday the range was 2 3 4 % to 334%; with the final loan made at 2]4% The average ruling rate for the week was 334% • As we have explained elsewhere,the mid-October disburse ments are heavy; hence the mild flurry in day-to-day rates is not astonishing. But an active bull campaign in stocks could easily absorb the surplus supply and bring about a higher range than has heretofore pre vailed. Commercial paper is in rather large supply. The position may best be explained by stating that the very choicest offerings are not above normal and can usually be placed at 534%, whereas the output of second-grade names is in excess of the market’s absorp tive powers. Before call money rates tightened, some business had been done in prime bills for local account at 534%; but yesterday more attention was paid to the possibility of dearer money; so that the inquiry for paper was not quite so keen. 'The demand for 6% bills has come mainly from out of town. The range of quotations is 534@534% f° r the best four to six months’ single-name bills and 534 @534% for less attractive names, with 534 @ 534% quoted for G to 90 O days’ endorsed bills receivable. 993 there was no marked response to this development, quotations opening on the overnight level and closed somewhat lower both for demand and cable transfeis. The decline had been rapid; whereas 4 8634 was paid for demand on Friday of last week, the rate on Saturday was 4 8634, on Monday it fell to below 4 86, while on 'Tuesday 4 85;5 was recorded, with cable transfers 4 done at 4 86. These quotations caused some discus sion of the possibility of gold imports should the output of cotton bills not abate; but experts expressed the opinion very emphatically that the Bank of England would not acquiesce in such a movement at this time. 'The anxiety to have cotton bills accepted was due, of course, to the fact that Saturday’s (to-day’s) steamer would be the last to reach Europe before the expira tion of the arrangement whereby foreign bankers guaranteed them. Now a new face has been put upon the whole controversy, and it remains to be seen how exchange will be affected. On Thursday there was a recovery, but, as already stated, there was no appreciable change in quotations yesterday morn ing, and as the day progressed a weaker tendency de veloped. The agricultural exports during September reached a new high total, $81,461,764, due to abnormally heavy shipments of cotton, that commodity alone ac counting for $54,882,811 of the month’s aggregate, against $19,167,248 in August and $46,164,510 in September of last year. The full foreign trade returns for last month should show an excess of exports over imports, while the final quarter of the year naturally swells the export balance very substantially. The quantity of grain bills on offer is not excessive, while finance bills continue scarce. The drawing of the latter, however, may be stimulated by the broadening of speculation and the rise in call loans. Operations in exchange have been interfered with this week, first by the general holiday on Wednesday and next by the important Jewish holiday on Thursday; but livelier trading is now expected. Compared with Friday of last week, foreign exchange on Saturday was distinctly easier, with demand quoted at 4 8620@4 8630, cable transfers at 4 8650@4 8660 and sixty days at 4 8320@4 8325. On Monday, through offerings of cotton bills, demand broke to 4 8590 @ 4 86, cable transfers to 4 8620 @ 4 8630 and sixty days to 4 83@ 4 8310. Demand again declined sharply on Tuesday to 4 8570@4 8580, cable transfers to 4 86 @ 4 8610 and sixty days to 4 8285 @ 4 83. Wednesday was a holiday. On Thursday, on very dull trading, demand advanced to 4 8595 @ 4 86 and cable transfers to 4 8620@4 8625, but sixty days de clined to 4 8275@4 8285. On Friday the opening was firmer, but by the close rates declined 5 points for de ni and and cable transfers. The following shows the daily posted rates for sterling exchange by some of the leading drawers. . Extraordinary pressure to sell cotton bills caused sterling exchange to break severely during the early Mon., Tites., Wed., Thurs., Fri., Fri., Oct. 7. Oct. 10 Oct. 11. Oct. 12. Oct. 13. Oct. 14. part of the week, but when business was resumed after 84 84 160 days 4 84 84 84 the Columbus Day holiday a stronger tone developed, Brown & Co------- .-\Slght-- 4 87 87 87 Bros. 87 87 84 84 Kidder, Peabody 160 days 4 84 83 Vi 83 M partly through more positive assertions that the con 4 87 87 & Co.... ............ 87 8614 84 160 days 4 84^ Bank of British 84 84 84 .-1 Sight-- 4 87 y3 North America 87 troversy over handling bills of lading would be settled 87 87 87 160 days 4 84 84 Bank of 84 84 84 IIOLIMontreal........... _.ISlght-. 4 87 87 DAY 87 87 87 forthwith, assertions that proved substantially correct, Canadian Bank 160 days 4 84 84 84 84 84 of Commerce -. _ .-ISlght-- 4 87 87 87 87 87 inasmuch as at Thursday afternoon’s conference it was Ileldelbach, Ickel- 160 days 4 84 84 84 84 84 ' 4 87 helmer & Co___ 87 87 87 87 agreed that a solution could be found by forming a Lazard J60 days 4 84 84 84 83 V x 83J4 — (Sight.. 87 Frercs 87 87 86 Vi S6X special company consisting of home and foreign bank Merchants'............ 160 days, 4 84 4 84 Bank 84 84 84 of Canada......... ...ISlght-- 4 87 87 87 87 87 ers to guarantee the bills. On Friday, however, THE CHRONICLE 994 The market closed on Friday at 4 8290@4 83 for 60 days, 4 8585@4 8595 for demand and 4 8620@ 4 8630 for cables. Commercial on banks was quoted at 4 82% @ 4 82% and documents for payment 4 82% @ 4 83. Cotton for payment ranged from 4 82 @ 4 82%, grain for payment from 4 82% @ 4 83. The following gives the week's movement of money to and from the interior by the New York banks. ShippecPby Received'by N . Y . Banks. N. Y . Banks. Week ending Oct. 14 1910. Net Interior Movement. ............................... ........... $5,849,000 1,647,000 $5,730,000 Gain 1,509,000 Gain $119,000 138,000 $7,496,000 Gold $7,239,000 Gain ' s-y $257,000 With the Sub-Treasury operations the result is as follows. Into Banks. Week ending Oct. 14 1910. Banks’ Interior movement as above. Out'of Banks. $7,496,000 24,100,000 $7,239,000 Gain 29,096,000 Loss $31,596,000 Net Change In Bank Holdings. $257,000 4,996,000 $36,335,000 Loss §4,739,000 The following table indicates the amount of bullion in the principal European banks. Oct. 14 1909. Oct. 13 1910. Banks of Gold. £ England.. 33,778,750 France .. 133,587,920 Germany. 32,882,450 Russia, a. 145,389,000 Aus.-Hunb 55.448.000 Spain___ 16.357.000 Italy.d ._ 38.506.000 Neth’lands 10.097.000 Nat.Belg.d 5,436,667 Sweden . . 4.446.000 Swltr/Iand 6.230.000 Norway . . 2.026.000 Silver. 1 Total. Gold. £ £ * 33,778,750 33,814,932 33,486,440 167,074,360 144,809,880 13,406,700 46,289,150 34,125,700 7.247.000 152,636,000132,667,000 12,166,000 67.614.000 57,385,000 30,617,000 46.974.000 16,059,000 3.325.000 41.831.000 37,250,000 1,633,900 11,730.900 10,525,000 2,718,333 8.155.000 4,238,667 4.446.000 4,381,000 0,230,000 4,939,000 2.026.000 1,727,000 Silver. Toted. £ 33,814,932 35,822',i60 180,692,040 11,462,100 45,587,800 7,460,000 140,127,000 12.176.000 69.561.000 31.118.000 47.177.000 4,000,000 41.250.000 2,902,700 13,427,700 2,119,333 6.358.000 4.381.000 4.939.000 1.727.000 £ Total week 484,184,787104,600,373'588.785,16o!481,982,179 107,060,293 689.042,472 591,502,912| 482,952,453 107,856,247 590,808,700 Prev. week 485,529,989105,972,923| a The total ot gold in the Bank of Russia Includes the balance held abroad—that Is, the amount held for Russian account In other Continental banks. The propor tlon so held and consequently duplicated in the above statement Is about one-eighth of the total this year, against about one-tenth a year ago. b The Austro-Hungarian Bank statement Is now Issued In Kronen and Heller Instead of Gulden and Kreutser The reduction of the former currenoy to sterling Pounds was by considering the Gulden to have the value of 80 cents. As the Kronen has really no greater value than 20 cents, our cable correspondent In Lon don, In order to reduce Kronen to Pounds, has altered the basis of conversion by dividing the amount of Kronen by 24 Instead of 20. . . . . ,. , d The division (between gold and silver) given in our table of coin and bullion In the Banka of Italy and Belgium Is made from the best estimates we are able to obtain; It is not claimed to be aocurate, as the banks make no distinction In their weekly returns, merely reporting the total gold and silver; but wo believe the division we make is a close approximation. THE PORTUGUESE REVOLUTION. The revolution in Portugal on Wednesday of last week, Oct. 4, was one of those sensational events in national politics which come with such suddenness to the attention of the outside world as to provoke suspicion that the event itself must have been a matter of sudden impulse. Something of the same impression was gathered by many people of the Turkish revolu tion in 1908. In both cases, there was at first a feeling of something like incredulity in other countries, with a vague idea that so unexpected a political demonstra tion could not contain the element of permanency. The impression proved on both occasions to be quite erroneous. In swift succession to the first uncertain and perplexing rumors regarding the Portuguese situa tion came positive details as to the disaffection of the navy, the revolt of a part of the army in the interests of the proposed Republic, street fighting at Lisbon be tween the loyal regiments and the Republican regi ments, the victory of the Republicans and the flight of the King. Withinadayor two followed the formal news of an orderly provisional administration with Presi dent and Cabinet, whose proclamation as the de facto Government claimed the right to establish relations with the other European States. [VOL. L X X X X I. It was then remembered at the various European capitals that intimations of trouble, not very seriously regarded outside of Portugal, had been received from Lisbon as long ago as last August. It was recalled that the politics of Portugal had been in a state of ferment ever since 1901. The arbitrary rule of Franco, the Prime Minister, culminated in a virtual dictator ship during 1907. It was in February of the ensuing year that King Carlos and one of his sons were assasinated. The present King, Manuel, then a youth of eighteen, succeeded to the throne. A coalition Minis try was formed, but speedily resigned. The next Cabinet lived three months; the next one only four weeks; and Ministerial government has been possible, during the ensuing year or two, solely through a suc cession of makeshifts and political compromises. In the meantime, secret societies were multiplying among the people, and on the side of the monarchy, which has certain arbitrary powers under the Constitution, tyrannical methods, going as far as domiciliary visits to political opponents, became an urgent issue of the day. Portugal in itself is not a very important member of the community of nations. Perhaps its place in the affairs, of the world at large has more to do with its colonial possessions in Delagoa Bay, in India, in parts of China, in Guinea and in the Azores. With even well-informed people of our own community, it is probably safe to say that the name of Portugal awakens no definite reminiscences save those of Wellington's celebrated campaign against Napoleon, which began from Lisbon in 1808, and the famous Lisbon earthquake of 1755. What is of very broad interest in the pending epi sode, however, is the extent to which it may be said that the Portuguese political overturn reflects world wide tendencies of the day. It is less than five years since the revolutionary movement of the Russian people challenged the attention of the world as a novelty in politics. That was largely perhaps an accident, or a sequel of an unsuccessful war; yet it ended in concession of representative government by the Czar. Much more lately the world has seen the astonishing Turkish revolution— an event as sudden and unexpected in the view of outside nations as that of Portugal, and not dissimilar in method, both having pivoted on disaffection in the army. Within this very recent period, the movement for constitu tional rights has displayed itself even in countries so remote from the more progressive influences of the day as Persia. As for the States whose part in modern affairs is more important, it is not going too far to say that such notable recent incidents as the constitutional dispute in England, the setting of new precedents in legislative privilege by the German Reichstag, and even perhaps our own so-called spirit of political in surgency visible at the present time, are illustrations of a world-wide movement whose manifestations, in each separate instance, necessarily vary according to the nature and character of the country in which they manifest themselves. As was proved in 1848—a period nowadays re membered almost solely as a demonstration of the European peoples against absolutism—it does not always follow that the immediate results in every case are satisfactory, or even in a broader sense beneficial. They are not always even permanent, as may be G ot. 15 1910.] THE CHRONICLE judged from the veiy notable reaction in French and German political affairs after 1848. The new Portu guese Republic and the new Government so promptly named at Lisbon arc themselves necessarily on trial as a solution of that country’s problems. The experi ment will certainly be interesting, not less so when one observes that the first move of the new Government was the drastic measure of expelling the religious orders. Portugal’s neighbor, Spain, made its own ex periment a generation ago with the Republican form of government, and was unable to maintain it; its people yielded as readily to the return of monarchy in the early seventies as the English people welcomed Charles the Second after the death of Cromwell. Even the Young Turks, in the course of their own remarkable experiment, must be regarded as financially and politically on trial. There have been many muttcrings of late from Turkey’s best friends in the European capitals as to certain policies now being pursued at Constantinople. Be this as it may— and no general movement ever proceeds without incidental blunders and missteps— it cannot be doubted that the longer outcome of such a wide-spread change in public affairs must make for the betterment of human conditions. Experience is in variable in its teaching that salutary reforms on a permanent basis are sure to follow. If there were nothing else to come of these episodes, it would still be true that public unrest and dissatisfaction, whose existence cannot in retrospect be denied, have been allowed to express themselves, arc known and recog nized, and may be sanely and efficiently dealt with. At least there will be left after such a process no smoldering fires to burst out into conflagrations like the French Revolution of 1789. THE CHOPS OF 1910. 995 where drought and other adverse weather developed this year, it is quite generally above the ten-year average. Contrasted with 1906, when our preyiQns record corn crop was secured, there is a decrease in condition of 9.8 points; in the meantime, however, there lias been an augmentation in area of nearly 18%, which should much more than compensate for the loss in yield per acre. In fact, a crop of about3,075,000,000 bushels seems to be reasonably well assured, that total comparing with 2,772,376,000 bushels in the previous year, 2,668,651,000 bushels two years ago, 2,592,320,000 bushels in 1907 and 2,927,416,091 bushels in 1906. The October agricultural report also embraces preliminary estimates of yield of several cereals, boremost of these, as an article of food, is spring wheat, the average yield of which is placed at 11.8 bushels per acre. This is somewhat better than the September 1 condition report seemed to warrant expectation of, and indicates an out-turn of approxim ately 233,475,000 bushels, or about 57 millions of bushels less than in 1909. Combining this springwheat aggregate with the estimated yield of the winter grain— announced in August as 458,294,000 bushels— gives a total wheat crop of 691,769,000 bushels for 1910, which contrasts with 737,189,000 in the previous season, 664,602,000 bushels in 1908, 735,260,970 bushels in 1906 and 748,460,218 in 1901, the last two and 1909 being the only ones in our history exceeding that of the current year. The average quality of the 1910 crop is very high, increasing its food value and making up in some measure for shortage in quantity. The outlook, as regards oats, of the harvest now in progress, as the Department’s returns present it, is for a production of 31.9 bushels per acre, an average exceeded only in 1905 and 1902, and comparing with 30.3 bushels in 1909. and 25 bushels in 1908. This would give a yield of approximately 1,096,396,000 bushels for 1910, a new record in production, and contrasting with 1,007 million bushels in 1909 and 807 millions in 190S. Here too, this year, a higher average quality than usual is reported. Barley is expected to return 22.4 bushels per acre on the average, or a crop of 158,138,000 bushels, against an average of 24.3 bushels, or an aggregate yield of 170,284,000 bushels in 1909, which in turn was only 8% millions of bushels below the record out-turn of 1906. The rye crop, according to the preliminary estimate, averages 24.3 bushels per acre, or 32,088,000 bushels for the whole area harvested, a total well up to that of last year and only moderately below the high-water mark. Quality, moreover, is much better than last year "and above the ten-year average. Altogether, the production of cereals in the United States makes a very favorable comparison with earlier years, as the following compilation, covering leadingcrops, clearly indicates: The grain crop report of the Department of Agri culture for October 1, issued on Monday last, was, on the whole, of a very satisfactory character. Private reports during September had indicated that the maturing of corn, our leading cereal product, had been attended by quite generally favorable conditions, late plantings and that portion of the crop which had suffered from drought in the early stage of growth doing better than would have been reasonably ex pected. Thus it is that latterly a record production has seemed to be assured. This expectation the latest Department report not only appears to confirm, but it also indicates a record-breaking crop of oats and a yield of spring wheat quite a little in excess of what had been looked for. With this prospect, therefore, and prospects of a cotton crop materially larger than last year, the 1910 agricultural result is certainly assuring. In the condition of corn, according to the Depart ment, there was actually an improvement of 2.1 1910. 1909. 1907. 1906. Production of— Bushels. Bttshels. Bushels. Bushels. points during September, this contrasting with a slight Com.......................... 3.075,000,000 2,772,376,000 2,592,320,000 2,927,416,091 deterioration in 1909 and a drop of 1.1 points in the Winter wheat........... 458,294,000 432,920,000 409,442,000 492,888,004 Spring wheat............ 233,475,000 290,823,000 224,645,000 242,372,966 ten-year average. The average of corn for October 1 Oats...........................1,696,396,000 1,007,353,000 754,443,000 964!o04!522 . Itye--------- -------32,088,000 32,239,000 31,566,000 33,374,833 this year is given as 80.3, against 78.2 on Sept. 1, Barley...................... 158,138,000 170,284,000 153,597,000 178,910,484 73.8 on October 1 last year, 77.8 in 1908 and a tenTotal.................... 5,053,391,000 4,705,995,000 4,160,013,000 4,839,872,900 year average of 78.4. Furthermore, it is to be noted From the foregoing it will be observed that the 1910 that in almost every State of large yield a better total not only exceeds that of 1909 by 347^ millions condition is reported than at this time last year, and of bushels, but is 21 3 ^ millions greater than the that,except in those localities west of the Mississippi, former record aggregate of 1906. THE CHRONICLE 906 THE SOUTHERN R A IL W A Y ’S FAVORABLE SHOWING. The Southern Railway is one of the few large rail road systems which are able to record a substantial improvement in net earnings as well as in gross earn ings for the fiscal year ending June 30 1910. In other words, the whole of the gain in gross earnings has not been absorbed by increased operating expenses, as has happened with so many other important companies. Yet the addition to expenses was very considerable, and it is only because of the large extent of the addi tion to gross receipts, through the growth in the volume of traffic, that the outcome as to net has been so favor able. There was, however, another cause potent to the same end, namely a further growth in operating efficiency, striking evidence of which is furnished by the various statistics and tabular statements to be found in the report. Stated in brief, gross revenues increased $5,632,929, operating expenses were added to in the sum of $3, 483,014, leaving, therefore, an increase of $2,149,915 in net. The report tells us that the gross revenues were the largest in the history of the company, and the increase over 1908-09 reflects the improvement in business which occurred during the year. We might also say that it reflects the continued develop ment of the Southern country and likewise the thor ough-going way in which the managers of this im portant system have been catering to the needs and requirements of the communities tributary to the lines of the system. We see evidence of the way operating efficiency has been promoted in the fact that out of a total increase of $3,483,014 in operating expenses, only $792,519 was in transportation expenses, while $738,421 was in maintenance of way and structures and $1,742,335 in maintenance of equipment. The large addition to the maintenance outlays is no doubt explained by the fact that in the previous year these maintenance charges had been severely pruned, the effort then being to reduce expenditures of any and all kinds wherever possible; furthermore, the larger volume of traffic moved would in itself cause some increase in the main tenance expenditures. As evidence of the saving effected in the cost of conducting transportation, we may note that the increase in the ratio of this class of expenditures was only 4.37%, while the increase in the number of tons of freight carried one mile was 11.90% and the increase in the number of passengers carried one mile was 9.18%. There was a further addition to the train-load— so much so that the aver age number of tons of freight hauled per train in the late year (including company freight) was 296, against * only 268 tons in the preceding year, and the trains earned $2.27 per mile run, against $2.06 in 1908-09. We may go further and say that of the many reports that have come to hand showing careful attention to operating efficiency, none contains statistics so over whelmingly conclusive on the point as are found in the report before us. A tabular statement is given which furnishes a graphic indication of the transformation that has been accomplished in this respect. For in stance, the miles run by freight trains in the late year aggregated only 16,783,979 on a freight movement one mile of 4,969,000,000, while back in 1907 the trains were obliged to run 18,956,436 miles on a freight [VOL. L X X X X I. movement one mile of 4,480,000,000. In this interval of three years the average train-load has risen from 201 tons to 237 tons, not including freight material carried for the company’s own use. With this latter added on, the train-load now is 296 tons, against 236 tons in the earlier year. President Finley tells us in his report that the property has been well maintained during the year and is in as good physical condition as is necessary, not only for the preservation of the integrity of the capital account but also to make possible efficient operation. One may well believe this, seeing what has been accomplished in the way of lessening transportation cost per unit of traffic. He says insistent effort to increase efficiency in operation has been made looking especially to maintaining a reasonable ratio between transportation expenses and gross revenue. He goes on to add that the continued high cost of all the materials and supplies which a railroad consumes, and the increased cost of labor without any proportionate increase in the selling price of the one thing the railroad produces and has for sale, namely transportation, has so intensified the problem of suc cessful railroad operation that the opportunity for good results is narrowed under existing conditions to efforts to increase the volume of business and to secure improvement in operating efficiency. He points out, furthermore, that late in the year general increases were made in the rates of pay of employees, and that these will have the effect of adding approxi mately $2,000,000 to the annual pay-roll of the company. If it were not for the great addition to expenses which will result from the higher schedules of wages, the future of the Southern Railway would have to be regarded as very roseate. The statement that $2,000, 000 will be added to the annual pay-roll of the company by reason of the fact mentioned shows, however, its importance. We have already stated that the late year’s gross earnings were the largest in the company’s history. The fact is the more noteworthy as there was a smaller cotton yield in the South in the season of 1909-10, with the effect that the tonnage in cotton and its products shipped over the lines of the Southern Railway was reduced no less than 189,500 tons. This loss, fortunately, was made good many times over through increases in other items of traffic, reflecting constant growth in population and constant expansion in the consumptive requirements of the sections of country served. At the time of the period of industrial depression following the panic of 1907— nay, even before that— conditions were so unsatisfactory that the company found itself obliged to suspend dividend payments on its preferred shares. These dividends have not yet been resumed, but the income statement for the year makes it clearly evident that dividends on the preferred shares could have been paid out of the net income of 1909-10 if it had been deemed prudent to do so. As a matter of fact 5% dividends on the $60,000,000 of preferred stock outstanding would call for only $3,000,000, while the balance of income for the twelve months over and above charges and expen ses was $5,757,018. What an improvement in this respect has been secured in tin* short space of two years is evident from the fact that in 1908-09 the sur plus above charges was only $3,589,385 and in 1907-08 TH E CHRONICLE O c t . 15 1910. was no more than $101,850. However, this surplus has been in large part charged off instead of being set aside as a dividend fund. In previous years the com pany had made large sales of development and general mortgage bonds at a heavy discount. This discount it has been thought best to provide for out of income, at least as far as possible; and in transferring the balance of income over charges for the year ending June 30 1910 to the credit of profit and loss, the board of directors deemed it proper to charge $2,831,460 of the discount referred to to profit and loss, thus reduc ing the amount still to be absorbed to $4,853,144. The fact that the company is obliged to sell its bonds at a discount is evidence that its credit, through no fault of the management, has not yet been brought to a point where new capital outlays can be made with full freedom. Here, then, we have a case where somewhat better rates are required, not merely to compensate for the large additions to expenses through higher wages, but also to improve the financial standing of the company so as to enable it to proceed in the development of the system without being hampered by inability to float its new bond issues at par. The management are evidently alive to the situation and understand full well the requirements in that regard; for in concluding his remarks in the report, President Finley takes occasion to state that the company has during the year met the expectation of its employees in respect of higher wages because of the in_ creased cost of their individual living, but in so doing it has heavily increased its own cost of living and relies upon its officers and employees to “ justify such in crease by securing for the company through proper relations with the public, effective solicitation and efficient service, such net revenue as will promote its welfare.” THE BA LTIM O R E & O H IO A N D BU SIN ES S R E V IV A L . The traffic and revenues of the Baltimore & Ohio Railroad respond quickly to business prosperity. The lines of the system traverse the manufacturing and mineral districts of the Middle and Middle Western States, where the effects of trade revival are quickly felt, and the coal traffic of the road in volume is prob ably second only to that of the Pennsylvania Railroad. Hence it is that under the quickening impulse of busi ness activity which was such a conspicuous feature during the twelve months ending last June, a note worthy gain in the earnings of the system was estab lished, just as in the two years preceding under the falling off in the volume of traffic there had been a large contraction in revenues. The report before us shows that the addition to gross revenues for the twelve months, as compared with the twelve months preceding, reached no less than $12,488,396, or 16.34%. This is the result for the entire system, including in both years the opera tions of the so-called controlled or affiliated lines (about 450 miles), which previously had been reported separately. It is impossible to make direct compari sons with the earnings for the years prior to 1908-09, since the accounts, as far as both revenues and ex penses are concerned, are in accord with the new classi fications now enforced by the Inter-State Commerce Commission. Enough is known, however, to warrant the statement that the losses of 1907-08 and 1908-09 997 combined were at one bound recovered, raising the total of the gross to the largest point ever reached in the history of the company. • In the case of the freight traffic and the freight revenues, the ratio of growth during the late year was of yet larger proportions. In brief, the earnings from freight increased $11,053,000, or 18.94%. Over 11 Yz million tons more freight were carried than in the year 1908-09, and the tonnage movement one mile in creased nearly 2,000 million tons— in exact figures 1,975,302,682 tons. This latter was an addition of almost one-fifth (19.76%) in this single period of twelve months. In the soft-coal tonnage there was an increase of 4,260,866 tons, and in the coal tonnage moved one mile 770,917,871 tons. As is well known, the road is obliged to move traffic at exceedingly low rates, and in these rates there was a further small de crease during the year under review. For the entire freight traffic the average per ton per mile in 1909-10 was 5.77 mills, against 5.81 mills in 1908-09. In the case of the coal traffic the average per ton per mile in the late year was only 4.10 mills, as against 4.15 mills; in brief, it was necessary to move about 2 tons of freight a mile in order to earn a single cent. Though the expansion in gross revenues reached large proportions, the experience of the Baltimore & Ohio in one respect was like that of other large systems. By this we mean that only a small portion of the improve ment was carried forward as a gain in the net. Of the addition of $12,488,396 to gross, $10,169,820 was con sumed by augmented expenses, leaving the addition to the net only $2,318,576. The augmentation in expenses was heavy under all the different heads, though being particularly marked in the case of the maintenance outlays. The addition to the cost of conducting transportation was $3,392,023, or about 12%, but there is nothing remarkable in that circum stance in view of the tremendous expansion in the volume of freight moved. There is evidence of grow ing efficiency in operations in another substantial addition in the average train-load. The fact is, the train-load was raised over 14%, bringing it up to 442 tons. Freight earnings per mile, however, increased only 6.78%, as the rate received per ton per mile was less. The biggest portion, though, of the addition to expenses was in the maintenance outlays, $1,966,849 more having been spent than in the preceding year for maintenance of way and structures and $4,563,269 more for maintenance of equipment. The ratio of addition in the one case is about 20% and in the other case nearly 40%. These amounts seem large, but it must be remembered that there was noteworthy con traction in the same items in the previous year, and moreover the great expansion in the volume of traffic moved would naturally swell the maintenance outlays. The higher prices of materials, &c., would tend in the same direction. 'The report, speaking of the gen eral increase in expenses through all the various heads, says that they “ were largely incident to in creased volume of traffic handled during the year, the more liberal maintenance expenditures rendered prac ticable by the increased earnings and the increased rates of pay (labor) which were effective for a portion of the year.” On the whole, the conclusion would seem to be that the maintenance outlays, though liberal, as befitted a year of growing revenues, were not inordinate or excessive. 998 THE CHRONICLE As a result of the gain in net, which, as we have already seen, was of much more moderate proportions than the gain in gross, the income account for the twelve months shows a good surplus over and above the year’s requirements for charges and dividends. The balance above charges for the twelve months was $15,831,826, .while the call for dividends at the rate of 4% on the preferred shares and 6% on the common was only $11,474,213, leaving a surplus in the sum of $4,357,613. This last is equal to nearly 3% on the common stock. In other words, while 6% was paid, nearly 9% was earned. A margin of, roughly, 4 1-3 million dollars above the yearly dividend requirements leaves room for en croachment by reason of unfavorable happenings or developments. It is none too large, however, in view of the rise in the price of labor (a considerable propor tion of the recent increases in wages having counted during only a part of the late year) and the constant large demand for new capital to maintain the property as a going concern. Taking these two circumstances into consideration, it is manifest that the Baltimore & Ohio, like other large railroad systems, has reached a point where some slight increase in transportation rates would seem to be called for in order to preserve a proper equilibrium between revenues on the one hand, and expenditures, interest and dividends on the other hand. The fact that our large railroad systems are all the time being called upon to raise additional money to provide the extra facilities needed in the conduct of their business is generally overlooked. In the case of the Baltimore & Ohio the new capital expenditures in recent years have been on a really enormous scale. Certain remarks in the present report furnish some idea of what is required in these respects in years of ex panding volume of trade. President Daniel Willard observes that much of the country dependent upon the Baltimore & Ohio lines for transportation is rich in natural resources, and there is every indication that the already large industrial development will be greatly extended. Aside from the possibilities referred to, however, he says, it became evident during the year that in order to handle satisfactorily the business already offering it was essential to make immediate provision for additional equipment and other facilities. To meet this situation the board authorized the pur chase of 284 locomotives and 15,000 freight cars— notice the large figures— at a cost of about $23,000,000, and also authorized various improvements estimated to cost $20,000,000, the expenditures for which will extend over eighteen to twenty-four months. More over, to better care for the increasing passenger traffic, authority was given for the purchase of 26 locomotives and 70 pieces of passenger-train equipment of modern design. Here, therefore, were projected capital expenditures to an amount between $45,000,000 and $50,000,000. Obviously, to make payment for equipment as acquired and to meet construction expenditures as work pro gresses, it was necessary to issue additional securities. Accordingly, the company put out $10,000,000 one-year 4% gold notes due March 10 1911. It also made an issue of $50,000,000 of 4 }/2% 3-year gold coupon secured notes due June 1 1913. Of these notes $10,000,000 are reserved to retire the one-year notes first referred to and the remaining $40,000,000 were [V O L . L X X X X I . sold and the proceeds made available for the contem plated expenditures for equipment and construction. In brief, no less than $50,000,000 new capital was required during the late year. Surely if new capital expenditures like this are t» be provided in the future,the margin between earnings and interest and dividend requirements must be suffi ciently large to enable the new capital to be raised with ease and facility— a desideratum that can only be reached through somewhat better rates. The fact that the company was obliged to issue short-term notes instead of selling long-term bond issues is itself significant. At the hearings before the Inter-State Commerce Commission this week President Willard argued earnestly in favor of some advances in rates, and stated that before raising money upon three-year notes, negotiations to float bonds had been entered upon; but it was found that the rate of interest demanded was higher than the company could afford to pay. R A I L R O A D GROSS E A R N I N G S FOR SEPTEMBER. While railroad expenses keep rising in a rather dis turbing manner, gross earnings also continue to in crease, though at a greatly diminished rate. We pre sent to-day some early compilations for the month of September which bear out this conclusion. As less than fifteen days have elapsed since the close of the period, the tables embrace simply the roads which make it a practice to furnish preliminary estimates of their gross revenues—mainly Western grain-carrying and Southern cotton-carrying roads. These, however, may be taken as fairly indicative of the course of earn ings at this time. At least they have furnished a re liable index in this respect in the past. The roads contributing returns cover an aggregate of 84,994 miles and show an increase in gross as com pared with the same month last year of $2,487,898, being 3.81%. While this is only a moderate ratio of gain, the exhibit is a not unsatisfactory one, consider ing that there was a contraction in the volume of the grain traffic in the West and a falling off in the cotton movement in the South. As is well known, there was a great shrinkage in the spring-wheat yield the present season, and that fact is now being reflected in some large losses in earnings on the railroad systems most immediately concerned. For instance, the Minneapo lis St. Paul & Sault Ste. Marie reports a falling off of no less than $451,191. The Great Northern Ity., having lines in the same part of the country, though enjoying a more diversified traffic, falls behind $608, 260, and presumably the Northern Pacific has also sustained a heavy decrease. Outside of the springwheat districts, the returns of earnings remain favor able, though a number of cotton roads are also obliged to report decreases—but not of large amount. Alto gether, out of 50 roads furnishing returns, 13 show diminished earnings and only in the case of the “ Soo” road and the Great Northern is the decrease of large amount. The receipts of wheat for the five weeks ending Oct. 1 this year reached only 37,855,209 bushels, against 45,148,469 bushels in the corresponding five weeks of last year. At Minneapolis, which is a springwheat market, the deliveries were of just about the same magnitude as last year; but at Duluth they were O c t . 1 5 1910.] THE CHRONICLE only 0,451,805 bushels, against 17,081,107 bushels in the same five weeks of 1909. There was also a large falling off in the deliveries of barley, but the corn movement and the oats movement were heavier than a year ago. Altogether the receipts of wheat, corn, oats, barley and rye combined in the five weeks of this year aggregated only 91,947,457 bushels, against 100,020,849 bushels last year. The contraction is the more significant as it follows contraction last year, too. The details of the Western grain movement in our usual form appear in the following table: W ESTER N FLO U R AND G R A IN R E CE IPTS. F iv e w e e k s fin d i n g O c t. 1— Chicago— 1 9 1 0 _____ 1 9 0 9 _____ Wheat. (bush.) Flour. (bbls.) Corn. (bush.) Oats. (bush.) Harley. (bush.) Rye. (bush.) 9 1 9 ,8 8 0 1 ,0 5 1 ,0 9 8 3 ,0 4 0 ,0 0 0 3 ,0 5 5 ,0 2 0 1 5 ,1 0 5 ,1 5 0 1 2 ,2 9 4 ,1 5 0 9 ,6 1 9 ,6 0 0 1 0 ,0 1 6 ,9 5 0 1 ,9 7 3 ,5 0 0 2 ,3 7 8 ,4 0 0 9 1 ,0 0 0 1 4 5 ,0 0 0 3 1 5 ,9 0 0 1 2 9 ,3 7 5 1 ,0 3 2 ,5 8 0 1 ,4 2 1 ,4 0 0 9 3 7 ,9 0 0 7 9 9 ,2 0 0 1 ,6 3 7 ,2 0 0 8 3 7 ,0 0 0 1 ,8 2 4 ,4 0 0 2 ,6 4 4 ,9 0 0 5 8 3 ,4 1 0 14 8 ,0 0 0 2 8 1 ,9 7 5 3 4 1 ,8 1 0 2 .8 1 9 ,8 5 7 2 ,9 4 6 ,5 1 2 1 ,5 2 2 ,1 0 0 1 ,4 5 8 ,8 5 0 1 ,9 9 3 ,8 3 5 2 ,2 0 7 ,5 0 0 1 1 7 ,0 0 0 1 9 2 .2 0 0 2 4 ,3 2 6 2 5 .1 0 2 .............. 0 1 3 ,5 0 0 7 9 0 ,0 0 0 2 9 9 ,9 0 0 3 2 5 ,5 0 0 4 9 1 ,2 5 0 7 9 8 ,0 0 0 2 5 ,4 3 4 2 4 ,1 5 0 3 8 1 ,2 2 0 3 5 2 ,7 7 0 4 8 7 ,8 2 7 2 4 0 ,0 8 8 4 6 3 ,4 8 0 3 5 4 ,2 4 0 ................. 7 ,7 0 8 1 0 ,4 7 7 1 2 9 .5 1 1 5 0 ,9 4 4 2 1 8 .9 0 7 3 7 1 ,7 8 8 7 1 9 ,9 0 7 1 ,3 7 0 ,0 4 0 1 0 ,3 3 1 9 .3 5 6 8 .0 3 3 2 3 7 ,2 0 4 2 8 7 ,2 5 0 1 2 1 ,0 0 0 1 3 0 ,0 0 0 1 ,5 2 9 ,3 2 9 1 ,9 6 4 ,7 5 4 7 2 5 ,1 0 0 7 3 4 ,5 0 5 2 2 2 ,5 0 0 1 4 2 .0 5 8 3 2 ,7 9 2 2 9 .0 0 0 8 4 ,1 7 5 8 3 0 ,5 0 0 6 ,4 5 1 ,S 0 5 1 7 ,0 8 1 ,1 0 7 2 2 7 ,2 5 5 1 4 9 ,0 1 0 2 5 8 ,9 6 6 1 ,0 6 5 ,3 2 0 2 .0 2 2 ,0 5 0 4 ,1 6 3 ,3 5 9 3 2 ,1 9 3 1G 0 .00 3 1 5 ,2 7 4 ,4 3 0 1 5 , 1 4 2 ,5 5 0 9 1 0 ,2 0 0 4 4 5 ,5 0 9 4 ,5 5 4 ,1 9 0 2 ,6 3 1 ,4 0 9 3 ,2 1 1 ,1 6 0 4 ,3 6 6 ,2 1 0 2 7 5 ,0 3 0 8 5 9 ,3 2 0 ................. 0 ,7 8 2 ,3 0 0 4 , 1 7 2 ,1 0 0 1 .3 3 3 ,4 0 0 7 2 3 ,8 0 0 5 5 7 ,9 0 0 7 5 5 ,5 0 0 1 9 1 0 ____ 1 9 0 9 ____ 1 ,8 7 5 ,2 8 2 2 ,9 7 8 ,2 6 0 3 7 ,8 5 5 ,2 0 9 4 5 ,1 4 8 ,4 0 9 2 2 ,0 3 8 ,0 2 8 1 8 ,7 7 3 ,2 4 9 2 1 ,0 2 1 ,4 2 8 2 0 ,7 7 0 ,5 3 0 9 ,3 8 1 ,5 4 1 1 3 ,8 9 6 ,4 8 3 1 ,0 5 1 ,2 5 1 1 ,4 3 2 ,1 1 8 J a n . 1 to O c t . 1— Chicago— 19 10 ... 1 9 0 9 ____ 0 ,0 2 3 ,9 2 7 6 ,1 8 8 ,2 0 8 2 3 ,7 8 7 ,7 0 0 1 9 ,3 9 7 ,2 9 2 7 2 ,6 1 0 ,3 5 0 6 8 ,2 2 8 ,7 7 1 7 7 ,2 2 5 ,4 0 0 6 6 ,3 6 8 ,0 2 6 1 7 ,7 1 8 ,9 0 0 1 7 ,0 0 3 ,2 9 3 7 0 3 ,5 0 0 9 0 7 ,5 0 0 2 ,2 5 2 ,4 0 5 2 ,2 4 8 ,0 8 3 0 ,5 7 0 ,0 5 0 4 ,8 0 5 .1 0 5 6 ,1 0 0 ,8 3 0 5 ,2 1 2 ,2 0 0 8 ,8 9 0 ,9 5 0 0 ,2 5 1 ,1 0 0 9 ,0 2 4 ,6 9 3 8 ,3 2 3 .5 0 0 1 ,0 8 3 ,2 2 0 7 0 4 .9 0 0 1 ,9 5 3 ,3 5 5 1 ,9 2 5 ,2 1 0 1 4 ,2 2 2 ,0 3 9 1 4 ,9 8 4 ,4 1 2 1 8 ,2 1 8 ,0 7 2 1 0 ,6 4 0 ,5 0 0 1 6 ,3 3 3 ,2 5 0 1 3 ,6 9 3 ,4 6 5 1 ,0 3 8 ,5 6 5 1 ,9 0 3 ,2 0 0 2 2 9 ,1 8 8 1 7 8 ,7 6 9 _______ 3 ,5 2 5 ,0 0 0 3 ,1 2 6 ,4 0 0 3 ,0 5 0 ,5 0 0 2 ,4 7 6 ,0 0 0 3 ,2 4 3 ,6 5 0 2 ,7 0 9 ,2 0 0 4 ,6 5 5 1 0 1 ,6 5 0 1 6 1 ,9 0 0 Milwaukee— 1 9 1 0 ____ 1 9 0 9 ____ SI. Louis— 1 9 1 0 ........... 1 9 0 9 ____ Toledo— 1 9 1 0 _____ 1 9 0 9 ............ Detroit— 1 9 1 0 ............ 1 9 0 9 _____ Cleveland— 1 9 1 0 _____ 1 9 0 9 ____ Peoria— 1 9 1 0 ........... 1 9 0 9 ........... Duluth— 1 9 1 0 _____ 1 9 0 9 . ........ Minneapolis 1 9 1 0 ............ 19 0 9 ... Kansas City 1 9 1 0 ____ 1 9 0 9 ............ 1 2 ,5 0 0 5 7 000 .............. 1 9 1 0 ... 1 9 0 9 ____ St. Louis— 1 9 1 0 _____ 1 9 0 9 ____ Toledo— 1 9 1 0 ____ 1 9 0 9 ____ Detroit— 1 6 9 ,9 1 1 1 9 1 0 _____ 1 1 9 ,1 0 3 1 9 0 9 ____ Cleveland— 1 9 1 0 ____ 6 8 ,4 2 9 1 9 0 9 ............ 4 7 ,8 8 5 Peoria— 1 9 1 0 _____ 2 ,2 3 2 .3 0 8 1 9 0 9 ............ 1 ,5 3 2 ,1 2 8 1 ,0 7 8 ,0 1 8 1 ,2 4 6 ,3 0 7 2 ,0 3 1 ,1 3 7 1 ,7 4 0 ,0 4 5 1 ,8 8 6 ,2 7 6 1 .0 7 7 ,8 7 4 5 6 7 ,4 3 7 4 0 7 ,8 0 1 3 ,8 0 9 ,2 1 8 3 ,5 3 2 ,8 8 3 4 ,2 0 8 ,2 8 5 6 ,0 5 2 ,0 1 1 7 5 ,2 8 2 2 0 1 ,5 9 4 7 ,2 4 2 8 ,6 3 3 9 7 1 ,2 3 4 1 ,0 5 8 ,7 8 0 1 1 ,8 6 6 ,7 0 5 1 1 ,0 2 4 , 6 3 1 1 0 ,4 8 3 ,9 9 7 6 ,2 7 5 7 6 1 1 ,6 0 9 ,8 1 2 1 ,8 2 7 ,0 5 8 3 0 7 ,2 9 2 2 2 6 ,0 0 0 1 9 1 0 ............ 5 6 6 ,5 9 5 1 9 0 9 ____ 2 ,9 3 4 ,8 4 5 2 0 ,1 5 7 ,3 8 4 2 3 ,2 6 3 ,1 9 2 9 1 4 ,5 7 6 1 ,2 0 0 ,1 4 3 5 ,2 3 8 ,6 3 5 2 ,6 3 7 ,0 8 3 6 ,0 4 1 ,2 2 2 5 ,9 6 9 ,4 2 6 3 0 3 ,3 3 2 2 6 4 ,2 1 9 ................ _______ 7 0 ,5 3 7 ,4 9 0 5 0 ,3 1 5 ,3 3 0 0 .6 1 8 ,9 2 1 4 ,0 9 7 ,0 2 5 1 3 ,8 0 1 ,2 0 8 8 ,7 0 9 ,0 2 9 ................. ............. 3 1 ,8 0 2 ,6 5 0 2 3 ,6 4 8 ,9 0 0 1 3 ,0 6 6 ,4 5 0 7 ,9 2 0 ,1 6 0 3 ,3 9 5 ,4 0 0 4 ,4 0 5 ,5 0 0 1 9 1 0 ____ 1 3 ,2 6 6 ,9 9 0 1 9 0 9 ........... 1 4 ,9 9 0 ,0 0 2 1 7 3 ,2 1 9 ,5 0 2 1 4 2 ,2 5 3 ,5 1 9 1 3 8 ,2 9 2 ,7 5 9 1 2 2 ,1 0 8 ,9 5 8 Duluth— Minneapolis 1 9 1 0 ........... 1 9 0 9 _____ Kansas City— 1 9 1 0 ........... 1 9 0 9 ............ Last year our early compilation for September had shown an increase of $6,613,195, or 11.91%. In 1908, of course, there was a loss, the falling off reaching $3,986,202, or 5.78%. Prior to 1908 the September record of earnings had been one of continuous improve ment, as may be seen from the following, giving the September comparisons for all the years back to 1896: Mileage. Gross Earnings. Year Yr.Pre InGiven. ceding. cr’se. Year. 1 8 9 0 ____ _ 18 9 7 _ _ _ 18 98 _ _ 18 9 9 _ _ _ _ 19 0 0 _ _ _ 19 0 1_ _ 1 9 0 2 ____ 19 0 3 ____ _ 19 0 1_ _ _ 19 0 5_ _ 1 9 0 6 ____ 190 7 _ _ _ _ 190 8 _ _ _ 19 09 _ _ _ 19 10 _ _ Jan. 1 18 9 0 _ _ _ 1 8 9 7 ____ 18 9 8 _ _ _ 18 99 _ _ _ _ 190 0 _ _ _ 19 0 1_ _ _ 19 0 2 _ _ 19 0 3 _ _ _ 19 0 1_ _ _ 19 0 5_ _ _ 19 0 0 ___ 19 0 7 _ _ _ 1908 _ _ _ 190 9_ _ _ 19 10 _ _ _ Roads Miles. 117 128 12 3 111 10 1 96 72 73 60 55 08 55 53 49 50 9 0 ,4 5 6 9 5 ,8 6 5 9 1 ,5 1 7 9 5 ,7 0 0 9 6 ,1 0 5 1 0 1 ,1 6 5 8 9 ,0 8 0 9 0 ,1 8 3 8 3 ,5 9 2 8 0 ,8 5 9 9 2 ,8 3 9 7 3 ,4 8 2 8 3 ,1 5 7 7 7 ,4 6 0 8 4 ,9 9 4 Increase ( + ) Year Given. Year Preceding. Decrease (-- ) • or Miles. % 8 9 ,6 9 6 9 4 ,4 2 2 9 0 ,8 1 8 9 4 ,5 0 3 9 2 ,9 0 2 9 9 ,2 0 4 8 8 ,0 8 3 8 8 ,7 0 3 8 1 ,6 2 3 79 ,02.3 9 0 ,5 2 7 7 2 ,0 0 8 8 1 ,9 0 8 76 ,3.30 8 2 ,1 6 3 0 .8 5 1 .5 2 0 .7 7 1 .2 0 3 .5 1 1 .9 8 1 .8 2 1 .0 7 2 .4 1 2 .3 2 2 .5 5 1 .1 2 1 .5 2 1 .4 8 3 .4 3 $ 4 1 ,5 6 1 ,3 2 7 4 9 ,7 2 0 ,7 5 3 4 7 ,1 0 5 ,0 9 4 5 8 ,6 8 2 ,5 3 4 5 8 ,2 7 0 ,5 8 8 6 6 ,4 9 1 ,4 6 0 6 1 ,6 5 4 ,6 2 6 68 1 9 2 ,9 1 9 6 1 ,5 8 9 ,5 6 0 6 1 ,5 4 9 ,6 7 6 7 0 ,8 9 0 ,6 8 3 5 0 ,3 1 7 ,2 2 9 6 4 ,9 2 5 ,9 6 5 6 2 ,1 3 8 ,0 4 0 0 7 ,7 0 2 ,3 7 7 $ 4 2 ,0 5 6 ,0 8 2 4 3 ,3 3 .3 ,1 9 8 4 4 ,3 7 9 ,1 9 6 5 3 ,0 0 4 ,3 3 6 5 7 ,1 7 .3 ,5 4 5 5 9 ,9 6 2 ,6 2 S 5 6 ,2 7 8 ,2 1 3 6 3 ,7 4 8 ,3 0 8 5 9 ,1 2 4 ,4 7 8 5 8 ,0 4 5 ,7 5 2 7 3 ,2 9 0 ,4 1 7 5 2 ,1 7 2 ,4 8 0 0 8 ,9 1 2 16 7 5 5 ,5 2 4 ,8 4 5 6 5 ,2 1 4 ,4 7 9 S — 4 9 5 ,3 5 5 + 0 ,3 8 7 ,5 5 5 + 2 ,7 2 5 ,8 9 8 + 5 ,6 7 8 ,1 9 8 + 1 .0 9 7 ,0 4 3 + 0 ,5 2 8 ,8 3 2 + 5 ,3 7 6 ,4 1 3 + 4 ,4 4 4 ,5 5 1 + 2 ,4 6 5 ,0 8 8 + 3 ,5 0 3 ,9 2 4 + 6 ,6 0 0 ,2 6 0 + 4 ,1 4 4 ,7 4 9 — 3 ,9 8 6 ,2 0 2 + 6 ,6 1 3 ,1 9 5 + 2 ,4 8 7 ,8 9 8 1 .1 8 1 4 .7 4 6 .1 4 1 0 .7 1 1 .9 2 1 0 .8 8 9 .5 5 6 .9 7 4 .1 6 6 .0 3 9 .0 1 7 .9 5 5 .7 8 1 1 .9 1 3 .8 1 8 7 ,4 6 4 9 3 ,8 0 7 9 0 ,7 7 0 9 4 ,0 2 6 9 2 ,9 0 2 9 8 ,5 3 1 8 8 ,0 8 3 8 8 ,7 0 3 8 1,6 2 .3 7 9 ,0 2 3 9 0 ,5 2 7 7 2 ,0 0 8 8 1 ,2 5 1 7 6 ,0 0 9 8 1 ,5 0 3 0 .S 6 3 2 0 ,9 0 3 ,4 5 0 1 .5 1 3 5 6 ,5 1 5 ,8 0 9 0 .7 7 .3 5 6 ,2 8 3 ,5 9 7 1 .2 3 4 3 5 ,1 3 1 , 2 1 5 3 .5 1 1 4 7 0 ,5 8 2 ,0 0 5 1 .9 9 5 2 5 , S 4 1 ,5 2 2 1 .8 2 4 8 9 ,2 5 6 ,5 3 5 1 .6 7 :5 0 1 ,8 5 4 ,3 8 8 2 .4 1 4 8 1 ,0 5 0 ,2 4 2 2 .3 2 4 8 4 ,6 9 7 ,9 1 1 2 .5 5 , 6 5 7 , 9 7 2 , 7 4 7 1 . 1 2 4 7 4 ,8 3 9 8 46 1 .5 3 4 8 6 ,6 0 7 ,9 0 1 1 .4 2 4 0 0 ,9 7 6 ,5 0 9 3 . 3 7 5 5 5 ,8 7 0 ,6 0 9 3 1 2 ,9 2 9 ,9 8 0 3 4 3 ,5 6 0 ,2 6 8 3 1 9 ,8 8 8 .3 5 2 3 9 9 ,5 2 5 ,9 9 7 4 2 3 ,5 9 0 ,7 2 0 4 7 5 ,8 1 5 ,8 0 5 4 5 1 ,7 4 7 ,1 9 8 5 0 0 ,0 7 5 ,9 1 4 4 8 3 ,2 7 4 .1 7 2 4 5 2 ,2 5 8 ,7 0 7 5 7 4 ,2 8 0 ,7 8 8 4 2 9 ,0 4 0 ,3 8 0 5 7 5 ,3 1 9 ,5 7 2 4 1 7 ,9 7 6 ,1 0 8 :8 7 .7 5 8 ,7 0 8 + 1 3 ,9 7 3 ,4 7 0 + 1 2 ,9 8 5 ,5 4 1 + 3 0 ,3 9 5 ,2 4 5 + 3 5 ,0 0 5 ,2 1 8 + 4 0 ,9 9 1 ,8 7 9 + 5 0 ,0 2 5 ,6 5 7 + 3 7 ,5 0 9 ,3 3 7 + 6 1 ,7 7 8 ,4 7 4 — 1 .6 2 3 ,9 3 0 + 3 2 ,3 3 9 ,2 0 4 + 8 3 ,6 8 5 ,9 5 9 + 4 5 ,1 9 9 ,4 6 0 — 8 8 ,6 5 1 ,6 1 1 + 4 9 .0 0 0 .4 0 1 + 6 8 ,1 1 1 ,9 3 1 4 .4 6 3 .7 8 1 1 .3 7 8 .9 1 1 1 .0 9 1 0 .5 1 8 .3 3 1 2 .3 3 0 .3 3 7 .1 5 1 4 .5 7 1 0 .5 2 1 5 .4 1 1 1 .7 2 1 3 .9 6 to Sep l. 3 0 . ill 12 4 122 108 101 93 8 8 ,2 2 3 9 5 ,2 5 0 9 1 ,4 7 5 9 5 ,1 8 1 9 0 ,1 6 5 1 0 0 ,4 9 2 8 9 ,6 8 0 9 0 ,1 8 3 8 3 ,5 9 2 8 0 ,8 5 9 9 2 ,8 3 9 7 3 ,4 8 2 8 2 .5 0 0 7 7 ,1 1 7 8 4 ,2 5 4 73 66 55 68 55 51 47 49 Note.— Neither the earnings of the Mexican roads nor the mining operations o f the anthracite coal roads are Included In this table. Total of ail— Milwaukee— 999 1 ,0 0 0 1 3 ,7 8 1 ,4 1 8 1 2 ,4 6 5 ,4 0 4 1 ,3 1 4 ,1 7 0 1 ,6 7 9 ,7 7 5 Total o f all 1 4 4 ,7 6 7 ,0 5 1 4 9 ,8 8 9 ,8 9 2 4 ,1 6 9 ,5 9 4 1 1 8 ,8 4 0 ,2 4 9 4 7 ,7 5 8 ,1 3 0 4 ,1 3 2 | 6 9 6 In the case of the cotton movement the shipments overland for September were somewhat larger than last year, the comparison being 20,524 bales, against 13,549 bales; but the receipts at the Southern ports fell over 100,000 bales behind, the total being 923,564 bales, against 1,025,879 bales. Prom the following table it will be seen that the Texas movement ran much in excess of that of a year ago, but that at all other points there was a large shrinkage. RECEIPTS OF COTTON AT SO U TH E RN PORTS IN SE PTE M BE R AN D FROM JA N U A R Y I TO SE PTE M BE R 30 1910, 1909 AND 1908. In the case of the separate roads increases still predominate, but they are of diminished magnitude, though the Canadian Pacific is again distinguished for the extent of its improvement, with a gain of nearly a million dollars—$967,000. In the following we show all changes for the separate roads for amounts over $30,000, whether increases or decreases. P R IN C IP A L C H A N G ES IN GROSS Increases. C anadian P a c i f i c ____________ $907,000 Illinois C e n tra l_____________ 349 ,159 L ou isville A N a sh v ille____ 2 6 3 ,G63 C anadian N o rth e rn ________ 203 ,100 M issouri P a cific ____________ 195,000 W a b a s h _____________________ 104,711 G rand T r u n k _______________ 158,951 Chesapeake & O h io ............... 152,371 C h ica go G reat W e s te rn ____ 147,593 D en ver & R io G ra n d e _____ 131,000 109,904 S ou th ern R a ilw a y _________ In tern at & G reat N o ith e rn 101,000 71,324 T e x a s & P a cific _________ C h icago A A lt o n ________ . . 69,037 St L o u is S o u tb v estern . . . 0 7 ,1 0 8 C o lo ra d o & Sou th ern .. 58,882 E A R N IN G S IN SE P T E M B E R . B u ffalo R o c h & P i t t s ____ A la b a m a G reat S o u t h e r n .. Cine N ew Orl & T e x P a c . . D e tro it T o le d o & I r o n t o n .. C h ica go Ind A L o u is v i ll e .. K an sas C ity M ex A O r ie n t. Inert ases. $55,833 48,731 4 2 ,047 38,422 37,4 1 8 3 0 ,0 0 0 R e p re s e n tin g 21 ro a d s in o u r c o m p ila t io n _____ $3,4 0 8 ,8 5 4 D ccrca sts. G reat N o r t h e r n __________ $ 6 0 8,20 0 iw in n c a p S t P a u l & S S M . . 4 5 1 ,1 9 1 R e p re se n tin g 2 ro a d s In o u r c o m p ila t io n _____ $1,059,451 To complete our analysis we annex the following six-year comparisons of the earnings of leading roads, arranged in groups. EA RN IN G S OF N O R TH W ESTER N A N D N O R TH PACIFIC G RO U P, September. 1910. 1909.] 1908. 8 S 8 Canadian Pac. 9,115,000 8,148,000 6,391,672 Chic Gt W est.* 1,127,720 980,127 1,042,330 Dul So ShAAtl 310,331 321,405 237,717 Gt N orthern.. 6,208+78 56,810,339 65,861,776 Iowa Central.. 311,951 282,802 310,939 544,138 Minn & St L ._ 518,096 446,097 M StP A8SM a 2,053,514 2,504,705 2,183,603 1907. 1906. 1905. S 0,423,452 741,406 302,122 5,723,664 300,586 373,923 1,058,952 8 6,152,767 843,987 285,834 5,322,004 279,208 331,672 1,942,853 S 4,872,575 845,884 275,443 4,955,650 249,237 362,911 1,758,279 T o t a l ............ 1J,670,732 19.605,611 10,440,597.15,524,165 15,158,925 13,319,979 1 * Includes Masdii City & Ft. Dodge and the W ise. Minn. & Pae. In 1910, '09 & ’08. a Includes Chicago Division In 1910, 1909 and 1908; tor previous years we have combined Minn. St. P. A S. S. 1(. and Wisconsin Central. b Actual figures of earnings are now used for com parison. EA RN IN G S OF M IDD LE AN D M ID D L E W E S T E R N G RO U P. September. Ports. 1910. Galveston ......... bales Port Arthur, A c _____ New O rleans.............. Mobile ........................ .. Pensacola, A c ----------S a v a n n a h __________ Brunswick............... .. Charleston.................... G eorgetow n;........... .. W ilm in g to n ................ Norfolk . . ................. Newport News, Ac — Total ........................ 501,054 16,563 45,749 18,211 • 804 211,100 20,011 33,924 35 18,221 26,938 294 1909. Since January 1. | 1908. 1910. 1909. 1908. 304,148 11,825 07,790 28,312 697 320,171 53,955 57,675 25 74,528 50,284' 463' 393,837 1,315,223 1,039,343 1,677,911 909 124,420 240,457 83,422 80,051 655,394 971,523 1,023,573 35,468 103,714 155,798 170,310 11,642 60,1 19 93,008 90,277 247,665 475,200 759,761 654,425 00,428 101,093 94,800 24,004 36,300 74,806 120,131 75,003 9 827 1,381 671 00,103 90,109 189,275 192,807 35,913 200,771 200,911 232,729 912 7,503 15,907 5,350 923,564 1,035,879, September. ! 1910. $ 899,947 503,377 1909.'■^i § 1908. 1907. 1906. 1905. 8 620,939 485,235 8 771,003 539,760 8 746,724 546,461 8 805,815 561,280 4,049,923 3,813,151 3,602,185 • | 5,4 05,906 4,647,543 110,136 109,332 388,457 340,122 2,498.899 2,421.820 3,960,057 119.233 ' 362,398 2,162,814 932,873 3,174,634 4,038,411 4,289,497 844,114 Buff ltoch A P 525,959 Chic Ind A Lou O r T r’k of Canl Gr Tr West 1 4,107,955 3,949,004 3,534,830 D G II A M| Canada Atlj Illinois Central a5,140,73S a t ,791,579 a i,830,208 T o lP e o r A W . 116,781 105,187 101,526 TolStLAW. 318,538 317,131 292,271 Wabash _____ 2,710,181 2,515.470 2,319,900 Total _ . i ____ 13,857,517 13,078,444 12,193,915 13,770,144 12,625,153 11,573,782 a Embraces some large Items of Income not previously Included In monthly returns THE CHRONICLE 1000 E A R N IN G S September. 1 19 10 . i S 3 7 7 ,8 0 5 2 8 5 ,9 3 5 1 5 1 ,8 7 3 1 2 6 ,5 5 8 2 1 0 ,1 5 3 1 ,0 5 7 ,0 0 0 2 ,8 8 4 ,6 4 6 8 0 7 ,0 7 6 4 ,5 3 1 ,4 5 5 8 6 3 ,8 6 5 1 ,5 1 8 ,6 3 8 4 ,9 4 8 .9 9 3 d 7 6 9 ,3 5 2 A la G t S o u th . . A la N O & T P N O iN E ., A la & V ic k s . V ic k s S h & l’ A t l B lr m & A t l C e n tra l o f G a . C hes & O h io .. C ln N O * T P L o u & N a s h .6 . M o b ile & O h io S e a b o a r d A ir L S o u th e r n R y . . Y azoo & M V . OF SO U TH ERN 190 9. GROUP. Name oj Road. 19 0 8 . 1907. 19 0 6 . 1905. 3 2 9 ,0 7 4 S 2 8 6 ,6 6 6 8 3 4 5 ,5 5 2 S 3 1 1 ,2 5 0 S 2 9 3 ,2 5 6 2 8 6 ,1 1 0 1 3 7 ,9 6 1 1 2 5 ,3 6 4 2 1 6 ,4 8 4 1 ,0 6 5 ,0 0 0 2 ,7 3 2 ,2 7 5 7 6 4 ,4 2 9 4 ,2 6 7 ,7 9 2 8 3 8 ,8 1 4 1 ,5 4 3 ,9 2 1 4 ,8 3 9 ,0 9 4 « 7 6 3 ,1 4 3 ■ 245,676 1 2 0 ,0 6 7 1 1 2 ,6 3 6 1 5 4 ,3 5 9 1 ,0 1 4 ,6 0 8 2 ,3 0 2 ,9 9 9 6 5 1 ,9 8 8 3 ,9 5 4 ,6 4 8 7 8 3 ,6 6 4 1 ,2 5 6 ,8 4 2 4 ,4 0 6 ,6 9 3 a 7 6 1 ,6 0 1 2 4 4 .6 0 6 1 3 1 ,0 9 5 1 3 8 ,3 4 0 1 7 1 ,1 5 4 1 ,0 4 6 ,7 5 0 2 , 5 4 1 ,3 2 8 7 7 6 ,5 2 5 4 ,1 8 9 ,2 7 7 8 9 0 ,9 9 0 1 ,3 2 9 ,0 2 6 4 ,8 9 8 ,2 6 4 7 9 6 ,6 2 8 2 2 8 ,2 8 3 1 1 4 ,9 2 5 1 1 8 ,6 0 1 1 2 0 ,9 0 9 9 7 3 ,4 9 0 2 ,1 4 4 ,4 7 6 7 0 0 ,1S 1 3 ,8 5 9 ,0 3 9 8 0 7 ,8 7 5 1 ,1 8 7 ,1 7 6 4 ,5 7 1 ,7 6 5 6 9 3 ,0 5 3 2 0 3 ,0 5 0 8 6 ,4 3 3 6 2 ,8 7 8 8 5 ,5 1 3 1 ,0 1 8 ,7 4 0 2 ,0 0 0 ,2 8 5 6 9 4 ,0 9 0 3 ,5 4 7 ,1 9 3 7 0 3 ,7 1 6 1 ,2 0 1 ,4 5 0 4 ,4 5 6 ,3 0 0 4 6 1 ,7 3 9 $ T o t a l ........... .. 1 8 ,5 3 3 ,3 5 4 1 7 ,9 0 9 ,4 6 1 1 6 ,0 5 5 ,4 4 7 1 7 ,4 9 9 ,5 3 5 1 5 ,8 6 1 ,0 2 3 1 4 ,8 1 4 .7 3 3 a I n c l u d e s s o m e l a r g e I te m s o f I n c o m e n o t p r e v i o u s l y I n c lu d e d In m o n t h l y r e t u r n s . b I n c l u d e s L o u i s v i l l e & A t l a n t i c a n d t h e F r a n k f o r t & C i n c i n n a t i In 1 9 1 0 a n d 19 0 9 . E A R N IN G S OF SO U TH W ESTERN 1 Sevlember. 19 10 . 19 0 9 . C o lo r a d o * S o* D e n v & R io G r In t & G t N o r .. M o K a n & T .u M o P a c ific _ _ _ S t L o u is S W . . T e x a s & P a c ific 8 1 ,4 6 2 ,4 8 2 2 ,2 3 5 ,9 0 0 9 3 5 ,0 0 0 5 2 ,1 7 5 ,8 1 9 4 ,8 5 8 ,0 0 0 1 ,0 4 0 ,0 3 5 1 ,3 9 0 ,0 6 8 $ 1 ,4 0 3 ,6 0 0 2 ,1 0 4 ,9 0 0 8 3 4 ,0 0 0 2 ,4 7 5 ,8 1 9 4 ,6 6 3 ,0 0 0 9 7 2 ,9 2 7 1 ,3 1 8 ,7 4 4 GROUP. 19 0 7 190 8 . 19 0 6 . S 1 ,2 6 9 ,7 2 7 2 ,0 5 9 ,3 2 1 6 1 5 ,6 1 2 2 ,2 7 8 ,6 5 8 4 ,4 0 8 ,8 0 1 9 4 4 ,9 2 2 1 .3 0 2 ,0 7 5 $ 1 ,2 8 2 ,5 8 2 1 , 9 7 7 ,2 9 3 7 2 5 ,6 3 3 2 ,3 7 1 ,7 4 7 4 ,1 0 6 ,9 6 6 9 0 4 ,2 5 3 1 ,1 9 2 ,8 8 8 [V O L . L X X X i l | 19 0 5 . S 1 ,0 9 9 ,3 2 7 1 ,8 1 1 ,1 5 2 7 7 6 ,5 1 5 2 ,0 8 8 ,3 6 9 4 ,0 1 8 ,4 3 5 8 0 4 ,7 7 3 1 ,1 9 4 ,3 1 7 s 1 ,0 4 4 ,5 3 7 1 ,7 4 2 ,2 0 0 6 3 1 ,6 7 0 1 ,8 1 5 ,9 5 0 3 ,6 7 9 ,5 2 7 7 1 2 ,5 1 9 8 9 2 ,4 0 2 . D e t r o 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 S o S h & A t la n t ic . . G e o r g i a S o u t h e r n & F l a ___ G r a n d T r u n k o f C a n ____1 G ra n d T r u n k W e s te r n .) D c t G r a n d H a v & M I lw . I C a n a d a A t l a n t i c _______J G r e a t N o r t h e r n ____________ I l l i n o i s C e n t r a l _____________ In te r n a t & G re a t N o rth e rn I o w a C e n t r a l ______________ L o u i s v i l l e & N a s h v i l l e ____ M a c o n & B i r m i n g h a m ____ M i n e r a l R a n g e _____________ M l n n e a p & S t L o u i s ______ M l n n e a p S t P & S S M ____ M i s s o u r i P a c i f i c ___________ M o b i l e & O h i o _____________ N e v a d a - C a llfo r n la - O r e g o n _ R i o G r a n d e S o u t h e r n _____ S t L o u i s S o u t h w e s t e r n ____ S e a b o a r d A i r L i n e _________ S o u t h e r n R a i l w a y _________ T e x a s & P a c i f i c . ___________ T o le d o P e o r ia & W e s t e r n . _ T o le d o S t L o u is & W e s te r n W a b a s h ____________________ Y a z o o & M i s s V a l l e y . ____ 19 10 . Increase. 19 0 9 . 5 1 ,3 0 5 ,3 5 3 1 ,4 4 4 ,8 3 8 2 ,5 4 1 ,1 9 7 1 ,7 2 0 ,4 5 4 S 1 ,0 5 7 ,1 7 8 1 ,2 9 7 ,2 3 8 2 ,2 5 0 ,5 5 8 1 ,5 6 4 ,7 3 2 3 2 ,3 4 9 ,0 8 1 2 9 ,5 4 5 ,4 9 2 2 ,8 0 3 ,5 8 9 4 7 ;4 2 4 ,5 1 9 4 6 ,4 4 7 ,2 7 0 6 ,3 4 3 ,8 4 0 2 ,4 7 4 ,8 1 9 3 9 ,7 8 4 ,4 4 5 9 8 ,5 8 2 5 7 9 ,2 1 9 3 ,6 7 0 ,4 4 5 1 6 ,4 5 2 ,9 3 2 3 9 ,6 7 2 ,7 4 0 8 ,0 3 5 ,7 4 3 2 9 6 ,6 0 8 4 5 6 ,9 7 5 8 ,1 0 3 ,9 8 4 1 5 ,1 2 7 ,3 2 8 4 2 ,7 7 3 ,3 2 2 1 1 ,2 4 8 ,1 4 3 9 0 9 ,5 7 7 2 ,7 6 8 ,3 8 8 2 1 ,7 6 6 ,8 9 2 7 ,1 6 1 ,6 9 7 4 0 ,5 4 2 ,1 0 7 4 1 ,8 9 5 ,1 5 0 5 ,7 7 0 ,2 1 6 2 ,3 2 1 ,0 8 9 3 4 ,1 9 4 ,2 9 2 1 0 1 ,1 6 0 6 2 4 ,3 6 0 3 ,1 5 3 ,9 1 1 1 4 ,8 9 9 ,5 8 2 3 5 ,5 7 0 ,5 5 9 7 ,2 3 6 ,9 7 2 3 4 9 ,5 6 5 3 7 2 ,3 4 3 7 ,4 1 0 ,9 4 9 1 3 ,5 5 4 ,9 0 8 3 8 ,9 2 2 ,7 8 1 1 0 ,1 2 9 ,8 4 7 8 1 0 ,1 5 7 2 ,5 8 6 ,7 6 2 1 9 ,9 1 6 ,8 5 1 6 ,8 5 6 ,1 3 6 6 ,8 8 2 ,4 1 2 4 ,5 5 2 ,1 2 0 5 7 3 ,6 2 4 1 5 3 ,7 3 0 5 ,5 9 0 ,1 5 3 2 ,5 7 8 . 4 5 ,1 4 1 5 2 ,9 5 7 8 4 ,6 3 2 6 8 7 ,0 3 5 1 ,5 7 2 ,4 2 0 3 ,8 5 0 ,5 4 1 1 , 1 1 8 ,2 9 6 9 9 ,4 2 0 1 8 1 ,6 2 6 1 ,8 5 0 ,0 4 1 3 0 5 ,5 6 1 T o t a l ( 4 9 r o a d s ) ________ 5 5 5 , 8 7 0 , 6 6 9 4 8 7 , 7 5 8 , 7 0 8 6 8 , 2 1 ’ , 6 3 7 _________ 6 8 ,1 1 1 ,9 6 1 N e t I n c r e a s e ( 1 3 . 9 6 % ) ____ M e x ic a n R o a d s ( n o t ln c l u d e d In t o t a l) — 6 ,6 3 8 ,8 1 9 6 ,2 0 3 ,4 7 4 4 3 5 ,3 3 5 I n t c r o c e a n l c o f M e x i c o ____ M e x i c a n R a i l w a y __________ 1 / 6 ,1 6 3 ,3 0 0 1 / 5 ,4 9 9 ,4 0 0 6 6 3 ,9 0 0 4 8 ,7 8 9 ,8 6 5 4 2 ,9 5 3 ,3 8 8 5 ,8 3 6 ,4 7 7 N a t io n a l I ty s o f M e x ic o . £ . * I n c l u d e s a l l a f f i l i a t e d lin e s e x c e p t T r i n i t y & B r a z o s V a l l e y R R . A N D M IL E A G E IN o n l y In b o t h y e a r s . A la b a m a G t S o u th e rn A la N O & T e x P a c — N e w O rl & N o r E a st A l a & V i c k s b u r g ___ V ic k s S h r e v & P a c . A t la n t a B lr m & A t l . . B e l l e f o n t e C e n t r a l ------B u ffa lo Ito c h & P i t t s . C a n a d ia n N o r th e r n _ C a n a d ia n P a c lllc . . . C e n t r a l o f G e o r g i a ------C h a tta n o o g a S o u th e rn d i e s & O h i o L i n e s ___ ......... C h ic a g o & A lto n C h ic a g o G re a t W e s t .. C h ic a g o In d & L o u ls v C in e N e w O r l & T P _ C o lo r a d o & S o u th e r n . D e n v e r & R io G ra n d e D e n v e r N VV & P a c . . D e tr o it & M a c k in a c .. D e t r o it T o ! & f r o n t . . A n n A r b o r ---------------D u lu th S o S h & A t l . . G e o r g i a S o u & F l a ___ G ra n d T r u n k o f C a n .) G r T ru n k W este rn ) D o t G r Ila v & M U . | C a n ad a A t la n tic ..j G r e a t N o r t h e r n _______ I llin o is C e n t r a l — .. I n t e r n a t & G t N o r ___ I o w a C e n t r a l ---------------K a n C ity M ex & O r .. L o u is v ille * N a s h v ... M a co n & B Irm ’h a m .. M i n e r a l R a n g e . ----------M ln n e a p & S t L o u i s . . M in n S t P & S S M . . . M i s s o u r i P a c l l l c ----------M o b i l e & O h i o . _____ N e v a d a -C a l-O r e g o n . . R io G ra n d e S o u th e r n . S t L o u is S o u t h w e s t .. S e a b o a r d A i r L i n e ___ S o u th e rn R a i l w a y ___ T e x a s & P a c l l l c -----------T o le d o P e o r ia & W e s t T o le d o S t L & W e s t . . W a b a s h _________ _____ Y a z o o & M is s V a l l e y . T o t a l (50 r o a d s ) . . . N e t In crease ( 3 .8 1 % ) . 5 3 7 7 ,8 0 5 Mileage. Inc. ( + ) or Dec. ( + ) . 19 10 . 19 0 9 . 3 3 2 9 ,0 7 4 E A R N IN G S 309 2 8 6 ,1 1 0 1 3 7 ,9 6 1 1 2 5 ,3 6 4 2 1 6 ,4 8 4 5 ,8 0 1 8 4 4 ,1 1 4 1 ,0 7 6 ,8 0 0 8 ,1 4 8 ,0 0 0 1 ,0 6 5 ,0 0 0 t / 5 ,2 0 4 2 ,7 3 2 ,2 7 5 1 ,2 3 6 ,5 8 0 9 8 0 ,1 2 7 5 2 5 ,9 5 9 7 6 4 ,4 2 9 1 ,4 0 3 ,6 0 0 2 ,1 0 4 ,9 0 0 9 0 ,5 6 1 1 0 6 ,9 1 6 1 5 2 ,1 2 6 1 6 7 ,1 6 8 3 2 1 ,4 0 5 1 8 8 ,0 0 5 — 175 19 5 + 1 3 ,9 1 2 14 2 171 + 1 ,1 9 4 — 6 ,3 3 1 661 27 + 2 ,5 6 3 + 5 5 ,8 3 3 568 + 2 0 3 ,1 0 0 3 ,2 9 7 + 9 6 7 ,0 0 0 1 0 , 2 7 6 — 8 ,0 0 0 1 ,9 1 6 — 298 99 + 1 5 2 ,3 7 1 2 ,2 2 4 + 6 9 ,0 3 7 998 + 1 4 7 ,5 9 3 1 ,4 8 7 + 3 7 ,4 1 8 6 16 336 + 4 2 .6 4 7 + 5 8 ,8 8 2 2 ,0 3 2 + 1 3 1 ,0 0 0 2 ,5 9 8 214 + 2 1 ,8 0 7 360 — 1 ,4 1 5 441 + 3 8 ,4 2 2 301 + 9 ,0 6 5 605 — 1 1 ,0 7 4 395 + 1 2 ,0 5 7 19 5 142 171 642 27 568 3 ,0 9 4 9 ,4 2 6 1 ,9 1 6 99 1 ,9 0 3 998 1 ,4 7 6 6 16 336 1 ,9 5 2 2 ,5 5 2 214 347 441 301 593 395 4 ,1 0 7 ,9 5 5 3 ,9 4 9 ,0 0 4 + 1 5 8 ,9 5 1 4 ,5 2 8 4 ,5 2 8 6 ,2 0 8 ,0 7 8 5 ,1 4 0 ,7 3 8 9 3 5 ,0 0 0 3 1 1 ,9 5 1 1 6 0 ,0 0 0 4 ,5 3 1 ,4 5 5 1 2 ,4 7 7 6 9 ,5 0 6 5 4 4 ,1 3 8 2 ,0 5 3 ,5 1 4 4 ,8 5 8 ,0 0 0 8 6 3 ,8 6 5 4 0 ,0 7 5 5 3 ,7 3 2 1 ,0 1 0 ,0 3 5 1 ,5 1 8 ,6 3 8 4 ,9 4 8 ,9 9 8 1 ,3 9 0 ,0 6 8 1 1 6 ,7 8 1 3 1 8 ,5 3 8 2 ,7 1 0 ,1 8 1 7 6 9 ,3 5 2 6 ,8 1 6 ,3 3 8 4 ,7 9 1 ,5 7 9 8 3 4 ,0 0 0 3 1 6 ,9 3 9 1 2 4 ,0 0 0 4 ,2 6 7 ,7 9 2 1 2 ,8 3 3 7 5 ,8 6 6 5 1 8 ,0 9 6 2 ,5 0 4 ,7 0 5 4 ,6 6 3 ,0 0 0 8 3 8 ,8 1 4 5 7 ,9 9 0 2 3 ,9 4 3 9 7 2 ,9 2 7 1 ,5 4 3 ,9 2 1 4 ,8 3 9 ,0 9 4 1 ,3 1 8 ,7 4 4 1 0 5 ,1 8 7 3 1 7 ,1 3 1 2 ,5 4 5 ,4 7 0 7 6 3 ,1 4 3 — 6 0 8 ,2 6 0 + 3 4 9 ,1 5 9 + 1 0 1 ,0 0 0 — 4 ,9 8 8 + 3 6 ,0 0 0 + 2 6 3 ,6 6 3 — 356 — 6 ,3 6 0 + 2 6 ,0 4 2 — 4 5 1 ,1 9 1 + 1 9 5 ,0 0 0 + 2 5 ,0 5 1 — 1 7 ,9 1 5 + 2 9 ,7 8 9 + 6 7 ,1 0 8 — 2 5 ,2 8 3 + 1 0 9 ,9 0 4 + 7 1 ,3 2 4 + 1 1 ,5 9 4 + 1 ,4 0 7 + 1 6 4 ,7 1 1 + 6 ,2 0 9 7 ,1 2 9 4 ,5 5 1 1 ,1 5 9 558 740 4 ,5 9 0 10 5 12 7 1 ,0 2 7 3 ,5 7 0 7 ,1 7 0 1 ,1 1 4 18 4 18 0 1 ,4 7 6 2 ,9 9 5 7 ,0 5 3 1 ,8 8 5 248 451 2 ,5 1 4 1 ,3 7 2 6 ,9 6 1 4 ,5 5 1 1 ,1 5 9 558 660 4 ,3 9 8 10 5 12 9 1 ,0 2 7 3 ,4 2 3 6 ,4 8 8 1 ,1 1 4 18 4 18 0 1 ,4 6 9 2 ,9 9 7 7 ,0 5 0 1 ,8 8 5 248 451 2 ,5 1 4 1 ,3 7 1 6 7 ,7 0 2 ,3 7 7 6 5 ,2 1 4 ,4 7 9 I n t e r n a t io n a l FRO M Name oj Hoad. A la b a m a G re a t S o u t h e r n .. A la b a m a N O & T e x P a c — N e w O rl & N o rth e a ste rn A la b a m a & V ic k s b u r g .. V ic k s S h r e v & P a c if ic .. A t la n t a B lr m ’ m & A t la n tic B e l l e f o n t e C e n t r a l _________ B u lla lo R o c h e s te r * P it t s . C a n a d i a n N o r t h e r n ________ C a n a d i a n P a c i f i c __________ C e n t r a l o f G e o r g i a ---------------C h a t t a n o o g a S o u t h e r n ____ C h e s a p e a k e & O h io L i n e s . . C h i c a g o & A l t o n __________ C h i c a g o G r e a t W e s t e r n ___ C h ic a g o In d & L o u is v ille .. C in e N e w O rl & T e x P a c . . C o l o r a d o & S o u t h e r n _____ D e n v e r & R i o G r a n d e ____ D e n v e r N o rth w e s t & P a c .. D e t r o i t & M a c k i n a c ------------ 1909. 2 8 5 ,9 3 5 1 5 1 ,8 7 3 1 2 6 ,5 5 8 2 1 0 ,1 5 3 8 ,3 6 4 8 9 9 ,9 4 7 1 ,2 7 9 ,9 0 0 9 ,1 1 5 ,0 0 0 1 ,0 5 7 ,0 0 0 1 / 4 ,9 0 6 2 , 8 8 4 ,6 4 6 1 ,3 0 5 ,6 1 7 1 ,1 2 7 ,7 2 0 5 6 3 ,3 7 7 8 0 7 ,0 7 6 1 ,4 6 2 ,4 8 2 2 ,2 3 5 ,9 0 0 1 1 2 ,3 6 8 1 0 5 ,5 0 1 1 9 0 ,5 4 8 1 7 6 ,2 3 3 3 1 0 ,3 3 1 2 0 0 ,0 6 2 x N o w I n c lu d e s M e x ic a n a r e lo r th r e e w e e k s o n ly . G R O SS 309 + 2 ,4 8 7 ,8 9 8 8 4 ,9 9 4 8 2 ,1 6 3 In JA N U A R Y 19 10 . $ 3 ,3 1 4 ,8 7 6 2 ,6 5 1 ,9 0 8 1 ,2 6 7 ,6 3 4 1 ,0 8 3 ,6 7 6 1 ,9 3 1 ,9 7 0 6 1 ,5 5 3 6 ,7 7 9 ,0 3 2 9 ,6 2 9 ,9 0 0 7 2 ,3 0 3 ,5 2 1 8 ,8 1 0 ,6 4 8 i/ 7 6 ,8 0 9 2 4 ,1 0 5 ,1 2 4 1 0 .0 9 5 ,7 7 2 9 ,3 0 3 ,5 7 4 4 ,6 5 9 ,6 4 7 7 ,0 2 1 ,7 1 1 1 2 ,4 0 6 ,4 9 4 1 7 ,6 7 8 ,7 0 8 7 8 0 ,3 7 3 9 1 9 ,3 4 8 + 960 + 0 6 ,8 0 0 + 7 2 4 ,3 4 8 b o th 1 years, TO 19 0 9 . $ 2 ,6 6 0 ,0 1 5 1 ,0 2 5 361 6 ,1 4 7 1 ,0 1 8 321 6 ,1 7 8 v T h e s e f ig u r e SE P T E M B E R Increase. 6 5 4 ,8 6 1 2 ,3 5 3 ,7 6 2 2 9 8 ,1 4 6 1 3 1 ,5 1 6 1 ,1 3 6 ,1 1 8 6 8 ,3 7 6 1 ,0 1 5 ,3 0 0 2 7 7 ,9 8 6 1 ,6 5 3 ,9 8 4 1 7 ,9 2 6 4 3 ,6 2 7 8 8 3 ,5 2 8 5 ,8 9 5 ,5 0 4 2 ,8 6 8 ,7 0 0 6 ,7 6 1 ,2 0 0 5 8 ,3 1 6 ,6 7 7 1 3 ,9 8 6 ,8 4 4 8 2 8 ,5 8 8 7 ,9 8 2 ,0 6 0 7 / 5 3 ,7 8 6 2 3 ,0 2 3 2 1 ,0 1 2 ,6 7 3 3 ,0 9 2 ,4 5 1 9 ,3 9 2 ,7 0 4 7 0 2 ,9 7 8 7 ,8 4 6 ,4 2 0 1 ,4 5 7 ,1 5 4 4 ,0 9 6 ,8 2 8 5 6 2 ,8 1 9 6 ,0 2 6 ,4 3 2 9 9 5 ,2 7 9 1 1 ,0 4 7 ,2 2 2 1 ,3 5 9 ,2 7 2 1 6 ,0 5 9 ,9 0 4 1 ,6 1 8 ,8 0 4 5 5 7 ,7 1 5 2 2 2 ,6 5 8 9 0 5 ,7 9 2 4 3 ,5 5 6 __________________________________ — The public sales of bank stocks this week aggregate 89 shares, of which 64 shares were sold at the Stock Exchange and 25 shares at auction. No trust company stocks were sold. Shares. 3 + 4 8 ,7 3 1 M e x i c a n R o a d s ( n o t In e l u d e d In t o t a l ) — I n tc r o c e a n lc o f M e x .. 6 1 7 ,0 7 6 6 1 6 ,1 1 6 M e x i c a n R a i l w a y ____ 1 / 4 2 1 .3 0 0 t / 5 1 8 ,1 0 0 N a t R y s o f M e x ic o .a ;. 4 .3 8 8 ,9 0 6 5 ,1 1 3 ,2 5 4 ................... ITEM S ABOUT B A N K S , B A N K E R S A N D TRUST CO’S. SE P T E M B E R . Gross Earnings. 1910 . 1 0 0 ,6 7 6 x N o w I n c lu d e s M e x ic a n I n t e r n a t io n a l n b o th y e a r s . V T h e s e fig u r e s a r e d o w n t o t h e e n d o f t h e t h ir d w e e k o f S e p t e m b e r , a I n c l u d e s t h e T e x a s C e n t r a l In 1 9 1 0 . b M o n t h In 1 9 1 0 n o t y e t r e p o r t e d ; t a k e n s a m e a s l a s t y e a r . E A R N IN G S $ 5 1 6 ,5 3 4 1 ,5 5 3 ,3 5 0 4 ,1 0 2 ,1 8 1 7 9 8 ,7 7 1 T o t a l ............... 1 4 ,3 9 7 ,3 0 4 1 3 ,7 7 2 ,9 9 0 1 2 , 5 6 1 , 3 6 2 1 2 , 9 0 9 , 1 1 6 1 1 ,8 5 2 ,8 8 8 1 0 ,5 1 8 ,8 6 5 G R O SS Decrease. § 2 4 8 ,1 7 5 1 4 7 ,6 0 0 2 9 0 ,6 3 9 1 5 5 ,7 2 2 30. Decrease. B A N K S — New York. * 3 3 C o m m e r c e , N a t . B a n k o f ___ . * 3 1 F o u r t h N a t i o n a l B a n k _____ . 25 P a rk Bank, N a t i o n a l _______ . * S o ld a t th e S to c k E x c h a n g e . Low. 202 High. Close . Last previous sale 18 6 204 18 6 202 18 6 O c t. O c t. 352 352 352 S e p t. 19 10 — 19 10 — 19 10 — 203 18 6 358a; x E x - d lv ld c n d . — Two New York Stock Exchange memberships were posted for transfer this week for $72,000 and $75,000. The last previous transaction was for $70,000. — With the “ Chronicle” of to-day we issue our annm 1 Bankers’ Convention Section, containing in full a report of the proceedings of the thirty-sixth annual convention of the American Bankers’ Association held at Los Angeles from October 3 to 7. In addition to the report of the Convention, special articles on the two Pacific Coast cities, San Francisco and Los Angeles, will be found in the Supplement. In the one case we give an “ Historical Summary of Los Angeles and Los Angeles Banks” , prepared by Stoddard Jess, Vice President of the First National Bank of Los Angeles. The other article deals with “ The Growth of Banking in San Francisco Since the Fire,” and is by James K . Lynch, Vice President of the First National Bank of San Francisco. The Convention just closed will long be remembered by those fortunate enough to have been present as one of the most enjoyable meetings ever held by the Association. It is no exaggeration to say that the entertainment provided by the Pacific Coast bankers has never been surpassed. Even the smaller cities near Los Angeles, like San Bernardino, Red lands, Riverside, Pasadena, &c., had a share in the enter tainment, and did all in their power to make the short stay of the visiting bankers in their various cities an enjoyable one. Baskets of fruit and flowers were distributed on the trains at each of these points to the bankers and their wives, and were very much appreciated. Upon the arrival of the Bankers’ Specials at Los Angeles they were met by the reception committee with automobiles and taken to their various hotels. The trip to Catalina Island on Wednesday and Thursday, where a barbecue was provided, were thoroughly enjoyed as were also the automobile trips on the same days to Pasadena, where an elaborate lunch was provided at the Hotel Maryland. The visit to the old missions at San Gabriel was, likewise, a delightful affair. Tuesday night’s reception and ball was another of the social events which will leave a lasting impression on the minds of those in attendance. The immense hall was trans formed by ferns and flowers into a veritable fairy land. Wednesday and Thursday nights were theatre nights, and the houses were occupied entirely by the bankers and their friends. On Friday afternoon a lawn party was given to the ladies by one of Los Angeles’s fair hostesses. Add to this the numerous private entertainments given— the auto mobile parties, the Country Club affairs, &c., &c., and some idea may be had of the hospitality extended to the bankers by their Los Angeles confreres. TH E CHRONICLE O c t . 15 191 0 .] — An adjustment seems to have been arranged of the cotton-bill-of-lading controversy which arose between the American and foreign bankers following the disclosure, with the failure last spring of the Alabama cotton house of Knight, Yancey & Co., of the improper use of bills of lading. The matter has been the subject of frequent conferences here since the arrival in this city last Sunday of Sir Edward H . Holden, Chairman and Managing Director of the London City & Midland Bank of London and Chairman of the Foreign Bankers' Committee on cotton bills of lading. While Sir Edward’s visit has not, it is stated, been made specifically in the interest of the committee of which he is a member, he has nevertheless given freely of his time in conferring with the local committee as to means for the settlement of the points at issue. Since the English and Continental bankers had declined to accept the validation plan adopted here on Sept. 1, and had deter mined to adhere to their resolution of last July to decline to accept drafts against bills of lading after Oct. 31 unless guaranteed through exchange buyers in this country, the outcome has been anxiously awaited, more especially in view of the fact that the bankers here maintained that the bills were properly safeguarded in the validation certificate. The national banks, moreover, could not in any event guarantee the bills, and the State institutions have stood by them in withholding guaranties. The plan which has been accepted as the only one through which the question could be settled provides for the organization of a guaranty company, to guarantee the validity of the bills at a moderate charge. A brief statement as to the conclusion reached was given out by William A . Nash, President of the Corn Exchange Bank, at the close of the session held at that institution on Thurs day. This statement said: T h e m em b ers o f th e C o m m itte e o f th e A m e ric a n B a n k e r s ’ A s s o c ia tio n a n d I m p o r t a n t c o t t o n m e n , t o g e t h e r w i t h S i r E . I I . H o l d e n , m e t In c o n s u l ta tio n to -d a y and th ey cam e to th e c o n c lu s io n th a t th e o n ly p o s s ib le merce; William Winchester, President of the National Union Bank of Maryland; Charles T . Crane, President of the Farmers’ & Merchants’ National Bank, and H . B. W ilcox, President of the First National Bank. — The law enacted the present year, intended to govern the business of small private banking concerns in New York State, was declared unconstitutional on the 11th inst. by Justice Bijur of the State Supreme Court. The finding was had in an action brought through Earnest R . Eckley by James Lee, a curb broker, the latter having been granted an application for an injunction restraining the enforcement of the laYv by the State and county officials. The provisions of the laYv have heretofore been referred to. In the first place, it exempts individuals or partnerships engaged in the business of receiving money on deposit for safekeeping or transmission where the average amount of each sum received on deposit or for transmission during the year is over $500. Those coming within its scope are required' to obtain a license from the State Comptroller, to filewith him a statement of their assets and liabilities, to* deposit with him $10,000 in money or in securities, to obtain* a surety bond for the faithful holdings of money deposited with them, to make reports to the Comptroller four times a year, &c. Those to whom the law would otherwise apply may be relieved of compliance with the A ct by the filing of a bond of $100,000 in cases where business is conducted in a city having a population of 1,000,000 or over, and in the sum of $50,000 elsewhere in the State. A lengthy opinion was delivered by Justice Bijur, and in part he said: S e c tio n an a d e q u a te c a p ita l, to g u a ra n te e th e v a lid ity b e l i e v e t h a t w h e n t h i s c o m p a n y Is f o r m e d I ts of b ills g u a ra n ty o f la d in g w ill and to W e b e a c c e p ta b le t o t h e e x c h a n g e b u y e r s h e r e , a n d w i l l b e m a d e In t h e f o r m r e q u i r e d E u ro p e a n a c c e p to rs. b y th e In addition to the members of the Committee of the American Bankers’ Association and Sir Edward, the meeting was attended by Max May, Vice-President of the Guaranty Trust Co., and an authority on foreign exchange; Samuel T. Hubbard, of the cotton house of Hubbard Brothers & Co.; George W . Neville, of Weld & Neville, cotton brokers; and Roberts Walker, Chairman of the Executive Committee and General Counsel of the Rock Island R y . Two new members have recently been added to the bankers’ com mittee, and it now consists of Mr. Nash, who is serving as its Chairman during the absence abroad of William E . Frew; Joseph T . Talbert, Vice-President of the Na tional City Bank; F. I. Kent, Vice-President of the Bank ers’ Trust Co.; Gilbert G. Thorne, Vice-President of the National Park Bank; William II. Porter, President of the Chemical National Bank; Alexander Laird, General Manager of the Canadian Bank of Commerce, and John E . Gardin Vice-President and manager of the foreign exchange department of the National City Bank. Messrs. Laird and Gardin are the new members. The plans for the company are of course not yet per fected but present proposals are to incorporate the pro jected organization abroad, its capital to be $5,000,000. With this impending solution of the vexed problem, it is expected that the English bankers will extend the time for requiring guaranties from the American bankers from Oct. 31 to Dec. 31. The Evening “ Post” of yesterday re ported that the cotton exchanges of Dallas, Houston, New Orleans and other cities have joined with the Memphis Exchange in denouncing the proposed plan, declaring that its organization was a step towards placing a heavy burden on the South. A national currency association under the provisions of the Aldrich-Vreeland Act was formed in Baltimore this vveek. Its membership is composed solely of banks of the city, and the officers of the new organization are: President, C. C. Homer, President of the Second National Bank; Vice President, J. B . Ramsay, President of the National Me chanics’ Bank; Secretary, Charles E . Rieman, President of the Western National Bank; and Treasurer, Waldo New comer, President of the National Exchange Bank. The Executive Committee is made up of Messrs. Homer, Ramsay; D . H . Thomas, President of the Merchants’ National Bank; Eugene Levering, President of the National Bank of Com 2 9 d o f th e A c t e x e m p ts fro m its p r o v is io n s f iv e c la s s e s , w ith th e f ir s t t h r e e o f w h ic h , h o w e v e r , w e a r e n o t a t t h e m o m e n t c o n c e r n e d . fo u rth c la s s ex e m p te d am o u n t o f each su m c o m p ris e s $500 ” . . . p r iv a te b an k ers: “ W h ere th e The average r e c e i v e d o n d e p o s it o r f o r t r a n s m is s io n in t h e o r d in a r y - c o u r s e o f b u s in e s s d u r in g th e T h e fifth t h e C o m p t r o lle r a b o n d o r o f $ 5 0 ,0 0 0 e l s e w h e r e . s o lu t io n o f t h is d i f f ic u lt y w ill b e t h e c r e a t io n o f a g u a r a n t y c o m p a n y , w it h s a fe g u a r d a g a in s t fo r g e r y a t t h e m o d e r a te c o s t o f 0 to 7 c e n ts p e r b a le . 1001 fis c a l y e a r p r e c e d in g s h a ll n o t b e le s s t h a n c la s s c o n s is ts o f p r iv a t e In t h e s u m . . . b a n k e r s w h o f ile w it h o f $ 1 0 0 , 0 0 0 In c i t i e s o f t h e fir s t c la s s T h e I n j u n c t i o n I s s o u g h t o n t h e g r o u n d t h a t t h e A c t Is u n c o n s t i t u t i o n a l , e ig h t s e p a r a t e r e a s o n s f o r th a t; c la im s e r io u s o b je c t io n s m a y la te s S e c tio n 1 o f th e bo su m m ed 14 th b e in g p u t fo r w a r d . P r o b a b ly a ll t h e u p In t h e c o n t e n t io n t h a t t h e A c t v io A m e n d m e n t o f t h e C o n s titu tio n o f th e U n ite d S t a t e s , In t h a t i t d e p r i v e s p e r s o n s o f t h e i r p r o p e r t y w i t h o u t d u e p r o c e s s o f la w , a n d d e n ie s t h e m th e e q u a l p r o te c tio n o f th o aw s. M o re s p e c ific a lly . It Is u r g e d t h a t t h e A c t e x c e e d s t h o p o l i c e p o w e r o f t h e S t a t e , a n d t h a t It Im p o se s unequal p o in te d o u t a ls o c o n d it io n s and o e a te s th a t th e d is c r e tio n a r b itr a r y g ra n te d to c la s s ific a tio n s . th e S ta te It Is C o m p t r o lle r t o I s s u e o r w i t h h o l d t h e l ic e n s e Is a r b i t r a r y a n d t h e r e f o r e u n c o n s t i t u t i o n a l . . I n t h e f ir s t p la c e , It is t o b e n o t e d t h a t t h e S t a t u t e d is tin g u is h e s b e tw e e n p e r s o n s o f d lf ie r e n t d e g r e e s o f w e a l t h , a n d t h a t t h e c o n d u c t o f t h is b u s in e s s Is r e s tr ic te d s u b s ta n tia lly to p erso n s who have a m in im u m of $ 2 0 ,0 0 0 ra th e r th a n to p erso n s o f a p p ro v e d p r o b ity o r so u n d J u d g m e n t, a n d t h a t a p erso n w ho can p rocu re a bond o f $ 1 0 0 ,0 0 0 c a n fro m th e r e s tr a in ts o f th e A c t . t io n . . . . I T h is Is a rem o ve h im s e lf e n t ir e ly n o v el sta n d a rd In o u r l e g is l a h a v e n o t b e e n r e f e r r e d t o a n y c a s e In w h ic h a c l a s s i f i c a t i o n b a s e d s o l e l y o n d e g r e e s o f w e a lt h h a s b e e n h e ld v a l id , b u t I c a n s e e t h a t fr o m c e r ta in p o i n t s o f v i e w In t h e b a n k i n g b u s i n e s s , a s , f o r e x a m p l e , In c o n s i d e r i n g t h e a b ilit y to Issu e c r e d its , t h e p o s s e s s io n o f w e a lt h g u a ra n ty o f r e s p o n s ib ility a n d I n te g r ity a n d so u n d m ay be regard ed as sam e s t a b i l i t y ; s t i l l I n t h e l a s t a n a l y s i s I t Is t h e b u s in e s s J u d g m e n t o f t h e b a n k e r w h ic h m e r e d e p o s ito r t h e a s s u r a n c e o f t h e s a f e t y o f h is f u n d . But I f in d f a r g r e a t e r d i f f i c u l t y In r e c o n c i l i n g w i t h . . a ffo rd s to a . t h e t e s t e s ta b lis h e d b y t h e F e d e r a l S u p r e m e C o u r t t h a t p r o v is io n o f t h e p r e s e n t s t a t u t e w h ic h lim its Its a p p li c a t io n to th o se b an k ers a n n u a l a v e r a g e o f le s s t h a n $ 5 0 0 . has been c a lle d w h oso c lie n ts ’ d e p o s it s a r e of an T h e r e Is n o t h i n g t o w h i c h m y a t t e n t i o n In t h e r e p o r t o f t h e I m m ig r a tio n C o m m is s io n ( w h ic h In s p i r e d t h i s l e g i s l a t i o n ) w h i c h d i r e c t l y w a r r a n t s t h i s d i s t i n c t i o n ................................ M e r e ly b e c a u s e t h e C o m m is s io n h a s f o u n d t h a t a n u m b e r o f s m a ll b a n k e r s h a v e a b s c o n d e d w it h fu n d s I n tr u s te d to th e m n o t fo llo w th a t a c c o r d in g to b an k ers m a y S ta te sta tu te m a k in g p u b lic t h o d e ta ils o f t h e ir b u s in e s s , t h e o th e r p r e s u m a b ly w is e ly Im p o se d b u rd e n s o f t h e A c t . o v e r , th o u g h th is m a y b e o f m in o r I m p o r ta n c e , p erso n under a t h e a n n u a l a v e r a g e o f I n d iv id u a l d e p o s it s , o r t h o s e e n jo y in g la r g e d e p o s it s b e r e lie v e d fr o m a n d fro m b y m o d e s t d e p o s it o r s . It d o e s b e la w f u lly c la s s ifie d m ay have a n e i t h e r fin d s m a ll d e p o s it w it h a t Is q u ite M o re e v id e n t t h a t th e n u m b er o f b an k ers. In t h e r e p o r t o f t h o C o m m i s s i o n , n o r I n m y ow n F in a lly , I e x p e rie n c e , e v id e n c e t h a t d e p o s it o r s o f s m a ll s u m s a r e o f le s s I n t e llig e n c e o r le s s a b l e o r z e a l o u s In p r o t e c t i n g t h e i r I n t e r e s t s t h a n a r e o t h e r d e p o s i t o r s . p r e s s io n s a r e r a t h e r t o t h e c o n t r a r y . . . . M y Im M o r e o v e r , r e l i e f Is h e r e s o u g h t b y t h e p l a i n t i f f , w h o Is a c u r b b r o k e r . Is t r u e t h a t t h e d e f e n d a n t s d o n o t c o n c e d e , In s o m any s t a t u t e c o v e r s h is c a s e : b u t t h e p la in tif f s o a lle g e s , a n d w ord s, It th a t th e I t Is n o t d e n ie d , a n d t h e a r g u m e n t h a s p r o c e e d e d b e fo r e m e o n t h e t h e o r y t h a t t h e p r o v is io n s o f t h e A c t d o . In d e e d , c o v e r h is b u s in e s s . th e C o m m is s io n o f I m m ig r a tio n N o n e o f th e fa c ts a d d u c e d by In I ts r e p o r t , n o n e o f t h e c o n s id e r a t io n s r e la t in g to In e x p e r ie n c e d fo r e ig n e r s r e c e n t ly a r r iv e d , a n d n o n e o f t h e m a n y o t h e r d is tin c t io n s w h ic h c o r r e c t ly o r I n c o r r e c t ly a r e a t t r i b u t e d t o I m m ig r a n t d e p o s ito r s w it h p r iv a t e b a n k e r s . . . I h a v e a n y r e la tio n to cu sto m ers o f b ro k e rs b e lie v e , t o o , t h a t t h e p la in tif f ’s o b je c tio n th a t th e A c t In v e sts t h e C o m p t r o lle r w it h a p u r e ly a r b i t r a r y d is c r e tio n Is g o o d . . . . I t h a s o c c u r r e d to m e t h a t it m ig h t b e u r g e d t h a t t h e I n fir m it y o f t h e A c t , In s o f a r a s Its t e r m s c o v e r t h e b u s in e s s o f b r o k e r a g e a n d l i k e o c c u p a t i o n s , m ig h t b e r e m o v e d b y t h e w o r d s " O r fo r a n y o th e r p u r p o s e ” a f t e r t h e p h r a s e ; " R e c e i v i n g d e p o s its o f m o n e y f o r s a fe k e e p in g , o r f o r t h e p u r p o s e o f t r a n s m is s io n to le g is la t io n a n o t h e r .” by lim itin g B u t, on Its s c o p e th e one th ro u g h hand, th e th e c o u rts e lim in a t io n can n o t am end of one or more c l a s s e s w h i c h I t p l a i n l y d e s c r i b e s , n o r e v e n If w e c o u l d h o l d t h e A c t c o n s t i t u t io n a l a s to b a n k ers, to t r e a t Its p r o v is io n s a s t o o th e r o c c u p a tio n s a s s e p a r a b l e , Is t h e r e a n y t h i n g I n t h e r e c o r d b e f o r e m e t o w a r r a n t t h e c o n c l u s io n t h a t t h e p h r a s e , Y v lth o u t I ts o b n o x i o u s e x t e n s io n , w o u ld b e s u f f i c i e n t ly d e s c r i p t i v e o f a n y o n e c la s s w h ic h t h e L e g i s l a t u r e m a y h a v e h a d In m in d . . . A similar action to restrain thie enforcement of the law was instituted by Morris Engel, of Engel & Eckert, this city; 1002 THE CHRONICLE but in this case the application for the injunction was denied (Aug. 31) by Judge Lacombe of the United States Circuit Court. Mr. Engel, however, subsequently filed an appeal in the United States Supreme Court. — Nathaniel D. Putnam Jr. has been elected an Assistant Secretary of the Guaranty Trust Co. of this city. — A special meeting of the stockholders of the Farmers’ Loan & Trust Company of this city will be held on the 26th inst. to vote upon an amendment to the company’s charter so as to include therein the purpose and power to transact the business by branch offices in London, Paris, Berlin and Rome. The company already has branches in London and Paris, and the proposed action grows out of the ruling of State Attorney-General O'Malley, that trust companies are not empowered to operate in any city not named in the charter or certificate of incorporation. — J. T . Ilowell assumed his new post as President of the Carnegie Trust Company of this city on the 10th inst. Mr. Howell’s election to the office occurred last month, as pre viously noted in this department. He comes from Nash ville, where he held the presidency of the Fourth National Bank. — The jury before whom William W . Tracy of the failed Stock Exchange house of Tracy & Co. was placed on trial on the 4th in st.,on charges of grand larceny growing out of the suspension of the firm, reported its failure to agree on the 7th inst., and was discharged by Justice O ’Gorman in the Criminal Branch of the Supreme Court. The failure of the firm occurred in May 1909, and indictments against its members (Mr. Tracy, Frederick W . Parker and Robert D. Covington) were returned last February. The complaint was brought by Herman Kahle and charged that the firm had failed to deliver to the plaintiff 500 shares of Goldfield Consolidated stock valued at $5,200, which he had instructed them to purchase. — Adolph Rothbarth, the American representative of the European house of Rothbarth & Co., dealers in hops, who was indicted last month on a charge of grand larceny in the first degree, was sentenced on the 7th inst. to not less than three nor more than seven years’ imprisonment. The accused was charged with defrauding the Mercantile National and Liberty National banks, in having obtained large sums of money through false statements of the assets and liabilities of his firm. He pleaded guilty to the charge. — Owing to the death of George Ide Malcom, the New York Stock Exchange house of Malcom & Coombe has been dis solved. The business of the firm will be continued by the surviving partners under the name of T . G. Coombe & Co. The body of Mr. Malcom was found in Long Island Sound on the 9th inst. He had been suffering from a nervous break down and is believed to have fallen overboard from one of the Fall River boats. He was fifty-two years of age. — Adolpho H . Fischer has been elected President of the North River Savings Bank of this ciy, succeeding the late Samuel I). Styles. Mr. Fischer had previously been First Vice President of the institution, and had been acting President since the death of Mr. Styles last July. John II. Selmes, heretofore Second Vice-President, has become senior Vice President, and Christian II. Tietjen has been elected Second Vice-President. George T . Connett has been made Secre tary and Treasurer of the bank. — At a meeting on the 4th inst. of the directors of the Yonkers National Bank of Yonkers, N . Y ., Dr. Elmer A . Sheets was elected a director and a Vice-President of the institution. Dr. Sheets is also Vice-President of the Denver Chemical Manufacturing Company. The Yonkers National Bank began business in September. — J. Howard Lowery, formerly Assistant Cashier of the Utica City National Bank of Utica, N . Y ., pleaded guilty on the 6th inst. to an indictment charging embezzlement of the funds of the bank. He was sentenced to ten years in the Federal prison at Atlanta. The shortage was brought to light last April and the indictment specifically charged, it is stated, the abstraction of $4,199 on April 26 1910 and $10,000 on March 29 1910; the Utica “ Press” reported last July, however, that the thefts covered a period of several years and aggregated $115,000. — Charles S. Cal well was this week elected President o f the Corn Exchange National Bank of Philadelphia, succeed ing the late Benjamin Githens. Mr. Calwell advances from the office of First Vice-President, arid with his promotion William W . Supplee, heretofore Chairman of the board and [VO L. L X X X X I. Second Vice-President, has become Chairman of the board and First Vice-President; Thomas J. Jeffries has been chosen Second Vice-President and M. N . Willits Jr. has been made Secretary of the board. Mr. Willits is also the Cashier of the bank. Mr. Calwell, the new President, has held every executive position in the bank. From the Assistant Cashiership he rose to the office of Cashier in 1900. In June 1909 he was given the post of Second-Vice-President in addition to that of Cashier, and in June of the present year he was made First Vice-President. — The resignation of John Gill of R . as President of the Mer cantile Trust & Deposit Co. of Baltimore was tendered on the 11th inst. and accepted with deep regret by the direc tors. Mr. Gill, who is close to seventy years of age, had been at the head of the institution for nearly thirty years. The office of Chairman of the board has been especially created for him, and his election thereto occurred with his retire ment from the presidency. A . S. H . Post, formerly Second Vice-President, has been elected to succeed Mi. Gill as President. — John T . Shaw, has been elected President of the First National B a n k ; o f . Detroit, succeeding Morris L. Williams, who died on the 1st inst. Prior to the consolidation of the First National and Commercial National banks in 1908 Mr. Shaw was President of the First; in the enlarged bank he became First Vice-President, Mr. Williams, who had been head of the Commercial, becoming President of the con solidated bank. p X o n eta vy| & o m m cre t r isltU uxxrs [ F r o m o u r o w n c o r r e s p o n d e n t.] L o n d o n , S a tu rd a y, O ct. 8 1910. The revolution in Portugal came as a complete surprise to the great majority of people, though those in a position to be well informed respecting what has been going on recently in that country were prepared for a rising. Communication with Portugal has been practically cut off since Monday evening, even the British Government being dependent upon telegrams from British ships for information respecting the fate of King Manuel. Nobody doubts, however, that the Republic has been proclaimed, and that the navy has gone over completely to it. So, apparently, has a portion of the garrison of Lisbon. Respecting anything else there is a great deal of scepticism here. For a long time British holders of Portuguese securities have been selling, and conseouently very few are now held in this country, with the result that so far as the Stock Exchange is concerned the revolution is almost immaterial. Indirectly, however, it may affect the Stock Exchange, for French investors have invested immense sums both in Spain and in Portugal; and if French investors were to become apprehensive respecting a rising in Spain, that might react unfavorably upon our markets So far as regards Portugal, the feeling in Paris is that misgovernment has been carried so far and improvement has seemed so hopeless than any change is to be welcomed rather than the reverse, for there is at least a chance that a bcttei state of things may follow. But if the Republicans in Spam were to rise, Paris might be seriously alarmed. The opinion of the best observers in Paris, however, is that the Spanish Government has had ample time to prepare for all contin gencies; that the Spanish army can be relied upon; and that the country has been prospering so greatly since t le war between Spain and the United States that it is very unlikely that any class or party will plunge into civil war. The result of all is that the London Stock Exchange has taken events in Portugal with great equanimity; that it is universally felt that there will be no intervention of outside Powers; and that, consequently, the worst will be only a more or less prolonged civil war. And so long as Paris does not take alarm, even the danger that may exist regarding tin is made light of. Concerning purely home interests, the matter of greatest jortance has been the settlement of the prolonged dispute he cotton trade. It has been hoped from the very beging that an amicable settlement would be arrived at. Yet re was such stubborn insistence upon what seemed to the )lic exceedingly^smallimatters that]-it .wasy.feared |the 1003 THE CHRONICLE O c t . 15 1 91 0 .] temper of both sides had got up and that rather than give The quotations for bullion are reported as follows: GOL . Sept. 2 9 . Oct 6 . Oct. 6 . Sept. 2 9 .1 1 S IL V E R . way they would fight over anything or nothing. Fortu LondonDStandard. d. s. d. d. s. d. [ London Standard. 24 1 3 - 1 6 , in , z _ 77 9 B a r s l l v e r , f in e , o z . _. . 2 4 1 5 - 1 6 77 9 nately, Mr. Askwith, of the Board of Trade, has acted as B a rS g oglodld l c o e n ,o o z _ U. . i ____ 7 6 5 2 4 )4 . 1 76 5 1 " 2 m o. d e liv e r y .. .. 2 5 . ..2 6 15 -16 2 6 )4 , 76 mediator between the two parties with such diplomatic skillG e r m a n g o ld c o i n , o z . . 7 6 5 5 1C a k e s l i v e r , o z . _ nom . F r e n c h g o ld c o i n , o z . . 7 6 5 _ 76 5 1M e x i c a n d o l l a r s _ _ . . n o m . and tact that he has at last brought about a settlement J a p a n e s e y e n ................. .. 7 6 4 70 4 1 whigh ought to be satisfactory to both sides. George Howe, The following shows the imports of cereal produce into pared whos6 dism issal originated the dispute, is not, indeed, to bethe United Kingdom during the season to date, com with previous seasons: restored to his old employment, but he is offered employment 1M PO U TS. 10 9 1 9 9. 1 0 on the same terms and at the sam wage in a neighboring I mFour sweeks— e a t . . . ....................... c w t 1 9, 5 1 1-,1 10. 0 1 01,40 91 -,5 0 .0 71,4 0 8 -00 0 8 9 0277-,480.0 e p o rt of w h 8 5 8 0 3 0 ,7 ,5 2 ,0 0 6 ,8 0 0 2 ,1 4 9 ,5 0 0 3 ,3 1 5 ,9 0 0 2 ,5 3 4 ,2 0 0 mill. The question whether the owners of the Fern M B a r l e y __________________ ill 1 , 1 4 4 , 1 0 0 - 1 ,6 4 3 ,8 0 0 9 4 8 ,6 0 0 3 1 3 ,0 0 0 O a t s ______ ________________ 2 5 0 ,6 7 5 1 3 0 ,2 4 0 7 1 ,0 1 0 1 0 7 ,0 4 0 acted within their rights or not is to be referred to the arbi P e a s . . . ................................................... 1 1 3 , 1 5 0 2 6 9 ,0 6 0 1 6 8 ,7 6 0 4 6 ,6 7 0 B e a n s ................................................... tration of Mr. Askwith, all parties pledging themselves to I n d i a n c o r n _________ ___________ 4 , 6 0 3 ,1 0 0 3 , 1 8 4 , 1 0 0 3 ,2 8 8 ,S O O 4 ,4 8 5 ,8 0 0 7 3 5 ,6 0 0 8 3 5 ,4 0 0 8 6 8 ,1 0 0 1 ,1 3 0 ,2 0 0 F l o u r ______ __________________ abide by his award. And, lastly, Mr. Askwith is to expound Su pplies available for consumption (exclusive of stock on officially the true meaning of certain clauses of the Brook- September 1): lands agreement, all parties agreeing likewise to abide by 19 10 1. 19 0 9 -10 . 1 9 0 8 -0 9 . 19 0 7-0 8 . W m t 0 ,5 2 7 ,4 0 0 his decision. The arrangement has been acclaimed throughI mhpeoartt s Io f pfo r uerd ----------------------c w t . 8 , 5 1 1 , 57030 ,6 0100 ,488315,5 0000 7 ,4 3 0 ,7 0 0 8 ,1 3 0 ,2 0 0 lo ......... .............................. 5 ,4 8 6 8 ,1 0 1 1 ,6 0 3 ,8 2 7 2 ,5 4 2 , 1 0 7 4 ,0 5 7 ,5 4 9 out the country, for a great lockout at this season of the S a l e s o f h o m e - g r o w n _____________ 2 ,3 2 8 ,5 4 3 year would have thrown the whole trade of Lancashire out T o t a l ------------------------------------------1 1 , 5 7 5 , 6 4 3 1 2 ,9 2 0 ,7 2 7 1 0 8 4 0 ,9 0 7 1 3 , 7 1 5 , 1 4 9 A y e r a g e p r ic e w h e a t , w e e k . ............ 30 s. Id . 3 2 s. 9 d . 3 1s. 5d. 3 1s. 8d. 34 s. 7 d . 3 1s. 4d. 3 1s. 7d . of gear. The m ills are to start working again on Monday, A v e r a g e p r i c e , s e a s o n . . ...................... 3 0 s . 9 d . The following shows the quantities of wheat, flour and and, no doubt, cotton from the United States w be bought ill m aize afloat to the United Kingdom: eagerly. Moreover, the reports from Egypt continue ex This week. Last week. 19 0 9 . 19 0 8 . ceedingly favorable. It is now anticipated that the crop w W h e a t ................................................... q r s . 2 ,1 1 0 ,0 0 0 2 ,1 9 5 ,0 0 0 1 , 1 5 5 ,0 0 0 1 ,5 1 0 ,0 0 0 ill 1 l o u r , e q u a l t o .................................q r s . 1 7 0 ,0 0 0 1 2 5 ,0 0 0 1 7 5 ,0 0 0 1 7 0 ,0 0 0 yield at least seven m illion cantars, the largest crop ever M a iz e ______________________q r s . 1 ,2 8 5 ,0 0 0 1 ,3 0 5 ,0 0 0 9 3 5 ,0 0 0 7 2 0 ,0 0 0 picked having been m illion cantars. The British imports since Jan. 1 have been as fo llo w s : 19 10 . 19 0 9 . Difference. Per The India Council offered for tender on Wednesday 40 lacs Imports— £ £ £ Cent. 5 3 .5 0 0 ,3 6 4 + 2 ,4 2 0 ,7 9 0 + 4 .5 of its bills, and the applications amounted to nearly 452 J a n u a r y .......................................................... 5 5 . 9 2 1 , 1 5 4 F e b r u a r y ..................... 5 1 ,1 5 8 .3 5 7 5 0 ,4 6 8 ,1 4 3 + 6 9 0 ,2 1 4 + 1 .3 lacs at prices ranging from Is. 4 l-32d. to Is. 4 3-32d. per M a r c h --------------------------5 8 ,1 2 0 ,3 9 3 5 2 ,0 1 3 ,4 6 5 + 6 ,1 0 6 ,9 2 8 + 1 1 .7 A p r i l ............................................................... 6 9 .5 5 5 .4 5 9 4 9 .1 7 3 .7 6 2 + 1 0 ,3 8 1 .6 9 7 + 2 2 .0 rupee. Applicants for bills at Is. 4 1-lGd. per rupee and for M a y ............................. 5 5 ,2 6 9 .1 7 9 4 4 ,8 5 4 ,5 4 8 + 1 0 .4 1 4 ,6 3 1 + 2 3 .2 u .................................................................. 5 4 ,6 3 6 .7 5 8 5 1 ,7 1 1 ,8 7 4 + 2 ,9 2 4 ,8 8 4 + 5 .0 telegraphic transfers at Is. 4 3-32d. per rupee w ere allottedJ u lny e.................................. J 4 9 ,3 8 4 ,4 0 2 5 0 ,3 1 6 ,4 9 3 — 9 3 2 ,0 3 1 — 1 .8 A u g u s t ..................................................... 5 2 ,0 3 0 ,6 1 7 4 8 ,4 1 1 ,2 0 4 + 3 ,6 1 9 ,4 1 3 + 7 .5 about 9% of the amounts applied for. S e p t e m b e r ..................... 5 1 ,6 0 0 ,3 9 5 4 9 ,4 7 0 ,2 7 6 + 2 ,1 2 4 ,1 2 0 + 4 .3 The following returns show the position of the Bank of N in e m o n t h s ............................ ............4 8 7 ,3 1 1 ,8 8 8 4 4 9 ,7 8 7 ,3 3 7 + 3 7 , 5 3 0 , 5 5 1 + 8 .3 England, the Bank rate of discount, the price ot consols, The exports since Jan. 1 have been as follotvs: & ! . , com pared with the last four years: 190 9. Difference. Per 19 10 . 19 10 . 190 7. 190 8 . 190 9. Oct. 5 . Oct. 0 . 190 6. Oct. 9 . Oct. 7 . Oct. 10 . £ £ £ £ £ 2 9 ,5 6 2 ,1 4 0 2 9 ,2 7 9 ,3 3 0 2 9 .4 2 8 ,6 4 5 C i r c u l a t i o n ________ 2 8 , 1 7 5 , 9 1 0 2 9 ,7 2 7 ,5 4 5 6 ,6 4 2 ,8 3 6 4 ,3 3 5 ,7 8 0 6 ,1 6 8 ,8 4 1 P u b l i c d e p o s i t s . ...... 7 ,6 1 9 ,0 5 2 6 ,9 9 7 ,5 9 6 4 5 ,1 9 9 ,9 0 8 4 6 ,5 9 8 ,7 8 8 O t h e r d e p o s i t s ............ 4 4 ,1 4 2 ,2 9 5 4 5 ,3 6 3 .1 6 1 4 5 ,2 5 6 ,3 9 3 1 6 ,6 3 0 ,5 3 3 1 5 ,8 3 5 ,7 0 0 1 5 , 9 5 6 ,1 6 6 1 7 ,7 0 7 ,3 0 0 G o v e r n m ’ t s e c u r i t i e s 1 1 ,9 8 0 ,5 6 8 2 6 ,0 2 9 ,0 2 0 2 9 ,6 5 7 ,8 1 8 2 8 ,5 8 2 ,6 4 6 3 5 ,1 1 6 ,6 5 2 O t h e r s e c u r i t i e s _ _ 2 9 ,7 9 2 ,1 8 8 _ 2 5 ,9 5 9 ,3 5 8 2 1 , 1 3 9 ,2 2 5 2 3 ,6 3 5 ,7 9 5 R e s e r v e , n o t e s A c o l n 2 4 ,6 8 7 ,1 4 2 1 8 ,2 ,8 9 ,8 3 3 3 6 ,9 3 8 ,0 0 3 3 4 ,9 1 3 ,3 4 0 3 5 ,2 5 1 ,3 6 5 C o i n & b u l l . , b o t h d e p 3 4 ,4 1 3 ,0 5 2 2 9 ,1 1 9 ,1 6 3 P r o p , r e s e r v e t o 11a51 4 5 )4 b i l l t l e s _____ p . c . 47 1 1 -1 6 4 6 )4 3 5 )4 xZ 4 2 )4 B a n k r a t e ____ p . c . *5 4)4 83 M 85 3-16 $0M 86 5 -10 C o n s o ls , 2 ) 4 p . c _ _ 8 3 )4 2AV»d. 23 1 3 - 1 6 ( 1 . 23 15 -1 0 d . 29 15 -16 (1. S l i v e r .............................. 3 1)4 d . C l e a r .- h o u s e r e t u r n s 3 5 1 , 3 0 7 , 0U0 2 8 0 ,0 1 0 ,0 0 0 : 1 0 ,6 9 6 ,0 0 0 2 4 1 ,8 0 7 ,0 0 0 2 1 1 ,2 3 2 ,0 0 0 2 * O c t. 11. x O c t. 7. The rates for money have been as follows: Oct. 7 . Bank of England rate.......... Sept. 3 0 . 4 Bank bills—C days____ O —3 months__ — 1 months__ —C months__ Trade bills—3 months__ —4 months__ Sept. 23. 4 Open Market rate— 3M Sept. 1 0 . 3 4 3 9 -10 2 5 -10 2 )4 3 11-10 2 1 3 - 1 0 ^ 2 ^ 2 13 -16 (F 2 )4 3 11-10 3 'A 3 5 - 1 0 3 5 - 1 0 (" 3 H 3 1 1 - 1 0 3 5 -10 ® 3 ; 3 5 - l 0 ( " '3 ) 4 4 3J4@3)4 3H 4@ 4 ] A 3 )4 ( " 3 ) 1 3 )4 2)4 2 )4 1)4 2)4 2 )4 D4 3)6 3 )4 3% 3% Interest allowed for deposits— By Joint-stock banks........ By discount houses— At call.......... ............. 7 to 14 days................ 2)4 2% ! C' f l L 1)4 m 1 H Exports— J a n u a r y ........................................... F e b r u a r y ........................................ M a r c h _________ ______ _ _____ A p r il ......................... .. ..................... _____ M a y -------------------------------------- ............ J u n e .................................... ............... ............ J u l y . . . .............................................. _____ A u g u s t _____i ................................ ____ S e p t e m b e r ................... .................. ............ N in e B e r l i n .................................... H a m b u r g ............................ F r a n k f o r t __________ A m s t e r d a m ................. . B r u s s e ls ____________ V i e n n a _____________ S t . P e t e r s b u r g ______ M a d r i d ................................. C o p e n h a g e n .................... 5 4 5 4 5 4 4 4 4)4 3 )4 4 3 15 -10 5 nom . 4 )4 4 5 4 5 4 )1 5 4 )4 5 4 )1 4 3 )4 4 )4 3 4 3 15 -10 4)4 nom . 0 4 5 4 Sept. 2 4 . Rank Open Rale. Market. 3 2% 4 4 4 4 3 )4 4 5 4 )4 5 Sept. 1 7 . Rank Open Rate. Market. 4 4 3 )4 3 )4 2 )4 3 15 -10 nom . 4 4 3 4 4 4 5 3 )4 4 5 4 )4 5 2 )1 3 51 3 )4 3H 414 2 )4 4 nom . 4 4 M essrs. Pixley & Abell write as follows under date of Oct. 6: C O L D . — T h e d e m a n d f r o m t h e C o n t i n e n t f o r b a r g o ld w a s \ c r y s m a l l t i ll s w e e k , w h i l e I n d i a h a s t a k e n a b o u t £ 1 3 0 ,0 0 0 . T h e b a l a n c e o f t h e w e e k ’s a r r i v a l s , w h ic h a m o u n t t o £ 7 0 0 ,0 0 0 , h a s b e e n b o u g h t b y t h e B a n k a t 7 7 s . 9 d . B a n k h a s r e c e i v e d £ 4 5 8 ,0 0 0 In b a r s . S in c e o u r l a s t t h e E g y p t c o n tin u e s to w it h d r a w s o v e r e ig n s fro m t h e B a n k , a n d h a s t a k e n £ 1 ,7 0 0 ,0 0 0 d u r i n g t h e w e e k , w h il e £ 3 0 ,0 0 0 h a s g o n e to M a lta . D u r i n g t h e l a s t s i x w e e k s E g y p t h a s t a k e n a t o t a l o f £ 1 , 7 7 2 , 0 0 0 , w h il e T u r k e y h a s w i t h d r a w n £ 1 ,4 2 3 ,0 0 0 d u r i n g t h e p a s t e i g h t w e e k s , a l l In s o v e r e i g n s . N e x t w e e k w o e x p e c t £ 5 9 3 ,0 0 0 In b a r s f r o m S o u t h A f r i c a . £ 0 2 7 ,0 0 0 ; I n d i a . £ 1 1 0 ,0 0 0 ; £ 4 ,0 0 0 ; t o t a l , £ 0 5 9 ,0 0 0 . £ 1 1 9 ,2 5 0 . W est I n d i e s , £ 8 ,5 0 0 ; A r r iv a ls — S o u th A fr ic a , B r a z i l , £ 9 ,5 0 0 ; W est A fr ic a , S h i p m e n t s — B o m b a y , £ 7 0 ,7 5 0 ; C a l c u t t a . £ 4 8 ,5 0 0 ; t o t a l , S I L V E R . — F lu c t u a tio n s h a v e b e e n s m a ll d u r in g t h e p a s t w e e k , b u t t h e te n d e n c y h a s a g a i n b e e n b e t t e r u n d e r t h e I n f lu e n c e o f b u y i n g f o r b o t h C h i n a a n d I n d i a , a n d t h e c l o s in g q u o t a t i o n s , w h ic h a r e t h e h i g h e s t o f t h e W e e k , s h o w a n a d v a n c e o f ) 4 d . s in c e t h e d a t e o f o u r la s t c ir c u la r . L a s t w e e k ’s m a l l t o B o m b a y t o o k o u t £ 1 3 0 ,0 0 0 , a n d o u r s t o c k s a r e n o w r e d u c e d t o a b o u t £ 1 ,7 0 0 ,0 0 0 , w h i l e t h e s t o c k In B o m b a y n o w s t a n d s a t 1 0 ,2 0 0 b a r s , In v a l u c a b o u t £ 1 ,9 5 0 ,0 0 0 . O n e o f t h e p r i n c i p a l f e a t u r e s o f t h e m a r k e t Is t h e m o d e r a t e a m o u n t o f s l i v e r o n o ff q r e v e n a t t h e a d v a n c e In p r ic e s . A t t h e c lo ije t h e m a r k e t Is fir m . fo r th e O c to b e r s e tt le m e n t . T h e i l o m b a y q u o t a t i o n Is B s . 6 3 ) 4 p e r 10 0 t o l a h s A r r i v a l s — N e w Y o r k . £ 1 8 5 ,0 0 0 ;' M e x ic o , £ 5 ,0 0 0 ; W e s t I n d i e s , £ 0 ,0 0 0 ; t o t a l , £ 1 9 0 ,0 0 0 .'“ ' S h i p m e n t s — B o m b a y , £ 1 3 0 ,0 0 0 . 3 4 ,3 9 1 .5 5 8 3 5 .2 9 2 .2 1 5 3 3 . 6 0 7 ,3 1 1 3 4 ,7 9 9 ,6 5 4 3 8 ,3 8 8 ,1 7 7 3 8 ,6 3 8 ,8 8 3 3 6 .9 6 4 ,2 6 1 m o n t h s ___________ ............3 1 8 ,5 7 7 ,0 4 4 £ £ 2 8 .8 0 3 ,0 4 6 2 8 ,0 2 4 ,4 5 2 3 1 ,9 0 4 ,6 7 3 2 8 .9 5 8 ,4 5 8 2 9 ,5 2 5 ,7 4 6 2 9 ,7 1 7 ,9 7 5 3 5 ,4 8 7 ,2 4 0 3 2 ,1 1 4 ,7 0 0 3 2 ,8 0 1 ,0 2 4 2 7 7 ,3 3 7 ,3 1 4 + + + + + + + + + Cent 6 ,0 0 0 ,0 6 9 3 ,6 6 7 ,4 1 8 2 .4 8 6 .8 S 5 6 , 3 3 3 ,7 5 7 4 ,0 8 1 .5 6 5 5 ,0 8 1 .6 7 9 2 ,9 0 0 ,9 3 7 0 ,5 2 4 ,1 8 3 4 ,1 6 3 ,2 3 7 + 20 8 + 1 3 .0 + 8 .9 + 2 1 .9 + 1 3 .8 + 1 7 .1 + 8 .1 + 2 0 .3 + 1 2 .7 + 4 1 ,2 3 9 ,7 3 0 + 1 5 .0 The re-exports of foreign and colonial produce since Jan. 1 show the following contrasts: 19 10 . £ _____ 8 ,1 4 7 ,1 6 4 _____1 0 .1 8 4 .5 G 0 ............ 8 ,4 4 3 .9 8 8 _____ 1 1 .8 5 8 .6 5 4 ............ 8 ,2 9 4 ,2 6 2 ............ 8 ,3 8 3 ,6 4 3 ............ 8 ,2 2 1 ,5 9 5 _____ 8 ,0 9 9 ,3 1 3 ............ 6 ,8 0 8 ,1 0 9 N in e m o n t h s _ _ _______ _____ 7 8 ,4 4 1 ,2 8 8 _ 6 7 ,3 7 7 ,0 0 1 Difference. 190 9. £ 6 ,6 8 7 ,5 5 1 8 ,4 7 3 ,6 3 4 7 ,5 4 0 .3 1 9 8 .6 3 1 .0 0 6 7 .2 5 1 ,2 6 2 7 ,9 6 5 .6 0 5 7 ,3 7 4 , 2 3 1 6 ,9 9 0 ,0 5 9 6 ,4 0 4 ,1 4 3 Re-exports— J a n u a r y ......................... F e b r u a r y _________ M a r c h ............................ A p r il .............................. M a y ................................. J u n e ................................ J u l y . ................................. A u g u s t ........................... S e p t e m b e r .................. Per Cent £ + 1 ,4 5 9 ,6 1 3 + 1 ,7 1 0 ,9 2 6 + 9 0 3 ,6 6 9 + 3 .2 2 7 .6 4 8 + 1 ,0 4 3 ,0 1 4 + 4 1 8 ,0 3 8 + 8 4 7 ,3 6 4 + 1 ,1 0 9 ,2 5 4 + 3 4 3 ,9 6 6 + 2 1 .8 + 2 0 .0 + 1 2 .1 + 3 7 .4 + 1 4 .3 + 5 .2 + 1 1 .4 + 1 5 .8 + 5 .3 + 1 1 ,0 6 3 ,6 8 7 + 1 6 .4 Note. — T h e a g g r e g a t e f ig u r e s a r e o f f i c i a l . T h e y In d ic a te t h a t s lig h t a d ju s tm e n t 8 h a v e b e e n m a d e In t h e m o n t h l y r e t u r n s a s I s s u e d . English Financial Markets—Per Gable. The daily closing quotations for securities, < fcc., at London, as reported by cable, have been as follows the past week: The bank rates of discount and open market rates at the London. Week ending October 1 4 . chief Continental cities have been as follows: S i l v e r , p e r o z ........................... d . Oct. 8 . Oct. 1 . Rales of Rank Open Rank Open Interest at— Rate. Market. Rale. Market. P a r i s .................................... 3 2 )4 3 2% £ Sat. 25 C o n s o l s , N e w 2 xt p e r c e n t s . . 80 .5-16 / F o r a c c o u n t _____________ 80 'A F r e n c h R e n t e s (In P a r i s ) . f r . 9 7 . 1 2 ) 4 A m a lg a m a te d C o p p e r C o . . . 6 8 )6 8 )6 f t A n a c o n d a M in in g C o . _____ A t c h i s o n T o p e k a & S a n t a F e . 10 3 A P r e f e r r e d ................... 10 3 _ B a lt im o r e & O h io _ _ 10 9 M P re fe rre d . . ___________ 9 3 C a n a d i a n P a c i f i c ___________ 200 )4 C h e s a p e a k e & O h i o ................... 84 C h i c a g o G r e a t W e s t e r n ____ 24 J4 C h i c a g o M il w . & S t . P a u l . . . 1 2 0 D e n v e r & l t l o G r a n d e .............. 3 3 P r e f e r r e d ............. .......................• 7 5 ) 4 E r i e ................................................... ■ 2 8 ) 4 F i r s t P r e f e r r e d __________ 4 7 )4 S e c o n d P r e f e r r e d ................... 3 7 ) 6 I l lin o i s C e n t r a l . _______• _ ... 1 3 6 L o u i s v i l l e <t N a s h v i l l e ______ 1 4 9 ) 6 M is s o u r i K a n s a s & T e x a s . . . . 3 5 ) 6 P r e f e r r e d ............. ....................... . 6 5 ) 6 N a t . l i l t , o f M e x ., 1 s t P r e f . . 7 2 ) 6 S e c o n d P r e f e r r e d . _______ N . Y . C e n tr a l & H u d so n R lv .1 1 7 N . Y . O u t . & W e s t e r n ______ 4 2 ) 6 N o i f o l k & W e s t e r n --------------- 1 0 1 91 N o r t h e r n P a c i f i c ........................... 12 2 o P e n n s y l v a n i a .............................. 6 6 ) 6 a R c a d l n g C o m p a n y ................... 7 5 ) 6 a F l r s t P r e f e r r e d ---------------- 4 5 a S c c o n d P r e f e r r e d ------------ 5 0 ) 6 S o u t h e r n P a c i f i c ------------------- 1 1 8 ) 6 S o u t h e r n R a i l w a y ----------------- 2 5 ) 6 P re fe rre d . ------------ --------- . 58 U n io n P a c i f i c _____________ .1 7 2 ) 6 P r e f e r r e d ------------- -------------. 9 3 ) 6 U . S . S t e e l C o r p o r a t i o n ........... 7 1 ) 6 P r e f e r r e d . . ---------- -----------. 1 2 1 ) / . W abash .............. .. ..............■ 1 7 ) 6 P re fe rre d ..................................■ 3 8 ) 6 E x t e n d e d 4 s ........................... .. 6 7 a P r ic e p e r s h a r e , b £ s t e r l in g . Mon. Vues. Wed. Thurs. Fri. 25 3 -10 8 0 )6 8 0 )6 9 7 .0 5 6 8 )6 8 )6 10 3 )6 10 3 )6 10 9 )6 9 2 )6 2 0 0 )6 84 2 4 )6 12 6 )6 33 75 )6 28 M 48 37 1 3 6 )6 15 0 30 6 5)6 73 3 3 )6 117)6 42 )6 101 91 12 1)6 0 6 )6 75 )6 45 50 118 )6 2 5 >6 5 7)4 1 7 2 '6 9-1 72 12 1)6 17 L : 38 07 2 5 5 -16 80 5 - 1 6 80 7 - 1 6 9 6 .7 5 6 8 )6 8 )6 1 0 4 )6 10 3 )6 11U 6 9 2)6 2 0 0 )6 8 4 )6 2 4 )6 127 34 46 76 29 48 3 7)6 137 15 0 )6 38 60 73 34 117)6 4 3 )6 10 1 . 91 1 2 2 )6 0 6 )6 75 X 45 50 119 )6 2 5 )6 58 173 )6 9 4 J6 72 )4 . 12 2 * 17 )6 . 39 6 7 'A 2 5 )4 80 3 - 1 6 80 5 - 1 0 9 6 .6 7 ) 6 0 9 )6 8 )6 10 5 10 3 )6 111 9 2 )6 2 0 0 )6 8 4 )4 2 4 )6 12 7)6 34 7 6 )6 2 9 )4 4 8 )6 3 7)6 137 151 3 6 )6 60 73 34 117)4 43 )4 lo i)4 91 12 2 )6 6 7 )4 76 M 45 50 12 0 2 5 )4 5 8 )6 17 4 )4 95 74 12 2 )4 17)4 39 6 7 )6 25 11-16 8 0 )6 8 0 '+ 9 0 .8 5 6 8 )4 8 Yi 1 0 5 'A 10 3 )6 111 9 2 )6 2 0 0 )6 84 24 M 12 7)6 3 4 )4 70 2 9 )6 4 8 )4 3 8 )6 13 7)4 151 3 0 )4 6 6 )4 72 34 118 4 3 )6 10 1)6 91 12 3 )6 6 7 )4 7 6 )6 45 50 )6 12 0 )4 2 5 )4 58 175 9 4 )6 74 X 12 2 )6 17)4 39 0 7 )6 2 5 )4 8 0 )6 8 0 )4 9 6 .8 7 ) 6 7 0 )4 85^ 107 % 10 3 )6 112 )6 93 2 0 0 )6 8 5 )4 2 4 )4 129 3 4 )4 78 31 52 4 0 )6 13 8 )6 15 2 )6 3 6 )4 07 72 34 118 )6 44 10 2 91 123 0 7 )6 77 )6 45 51 12 2 2 6 )6 59 17 6 )6 9 5)6 70 12 3 18 )4 40 67 THE CHRONICLE 1004 C o m m e rc ia l atxcl g £ is ccllau eo its JLexus C H A R T E R S 9 .8 6 1 — Breadstuffs Figures brought from page 1046.— The state ments below are prepared by us from figures collected by the New York Produce Exchange. The receipts at Western lake and river ports for the week ending last Saturday and since August 1 for each of the last three years have been: 9 .8 6 2 — 9 ,8 0 3 — 1 Receipts at— Flour. Wheat. Com. Barley. Oats. R ye. 9 .8 6 4 — bbls.mibs. bush. 6 0 lbs. bush. 5 6 lbs. bush. 3 2 lbs. bushASlbs. bu.56 lbs. C h i c a g o ____ M ilw a u k e e .. D u l u t h _____ M in n e a p o lis . 4 2 8 ,4 0 0 2 8 0 ,1 1 0 1 ,9 1 5 ,0 3 0 2 ,7 2 1 ,4 2 0 2 9 .0 0 0 2 0 ,2 2 4 1 4 ,8 6 7 4 6 7 ,6 8 7 2 3 .0 0 0 1 , 1 4 7 ,4 0 0 2 0 3 ,7 9 4 8 0 ,3 2 5 2 5 ,3 7 0 7 ,2 5 8 2 ,0 7 4 5 6 ,6 1 0 5 0 ,6 0 0 C le v e la n d . . S t. L o u is ... K a n sa s C ity . 2 ,1 1 6 .5 0 0 4 7 .4 6 0 3 ,4 0 7 7 2 ,1 8 0 7 9 ,1 0 0 3 4 ,9 1 2 3 2 ,5 7 7 1 3 2 ,2 5 0 2 4 1 ,3 5 0 1 5 2 ,4 0 0 1 ,5 5 7 ,0 0 0 3 2 9 ,8 0 0 8 4 ,7 6 3 6 5 2 .0 0 0 3 4 ,5 0 0 8 4 ,6 1 8 1 2 3 ,1 1 1 4 0 3 ,0 2 0 1 2 3 .0 0 0 7 6 ,4 0 0 3 4 8 ,0 0 0 5 1 7 ,4 0 0 7 4 0 ,3 3 2 7 2 3 ,1 4 0 1 2 ,0 0 0 1 2 ,2 4 0 1 4 ,5 1 3 1 1 2 ,5 4 0 1 ,0 0 0 9 5 ,2 0 0 6 0 ,4 1 7 '5 .5 0 0 2 ,2 0 0 2 ,9 1 2 ,1 3 6 3 ,8 2 2 ,2 7 5 1 ,4 7 1 ,4 3 5 3 ,4 6 8 ,2 1 2 4 ,5 1 7 ,4 8 9 4 ,7 8 3 ,5 5 2 2 ,4 8 4 ,4 8 9 3 ,6 5 8 ,1 7 9 2 ,8 0 2 ,7 8 6 1 5 9 ,9 9 3 3 1 6 ,7 3 2 2 9 7 ,2 8 5 T o t a l w k ’ 10 S a m e w k . ’ 09 S a m e w k . ’ 08 4 2 6 ,0 3 1 5 3 0 ,7 9 7 6 0 4 ,5 7 8 7 .0 4 7 ,1 3 8 1 1 ,4 9 1 ,3 2 5 1 1 ,1 1 2 ,9 0 5 S in c e A u g . 1 1 9 1 0 ..... 1 9 0 9 _____ 1 9 0 8 ........... 3 ,6 9 8 ,8 0 1 5 ,2 0 8 ,3 9 7 4 ,7 2 5 ,2 2 2 8 1 ,3 7 1 ,7 9 0 8 0 ,6 2 8 ,6 0 2 8 5 ,9 3 6 ,5 1 0 3 7 ,4 1 9 ,2 5 4 5 9 ,2 8 7 ,9 1 7 1 4 ,3 8 7 ,5 8 9 1 , 5 6 ' S O 3 4 , 1 2 9 , 3 0 1 4 6 ,1 9 9 ,9 4 7 9 ,3 3 5 ,2 0 4 2 . 1 5 : S I 2 5 ,0 8 0 ,2 2 5 ' 4 8 ,0 9 6 ,7 5 3 2 .6 0 6 ,3 0 9 2 .2 2 0 ,b a Total receipts of flour and grain at the seaboard ports for the week ended Oct. 8 1910 follow: Flour, bbls. Wheat. brush. Com, bush. Oats, bush. Barley, bush. . . . . . . . 2 0 4 ,7 4 3 4 0 ,9 3 8 6 1 ,6 2 4 6 5 ,7 2 0 3 ,8 8 0 1 6 ,7 9 5 1 1 ,5 0 2 6 8 1 ,5 0 0 87 7 11 1 3 1 ,3 8 0 1 5 4 ,0 4 0 2 0 ,8 6 6 1 2 ,0 0 0 3 3 4 ,1 0 0 2 9 ,9 0 0 2 0 ,0 6 8 1 9 5 ,7 7 2 3 7 .1 6 0 1 0 3 ,6 0 0 7 5 5 ,8 7 5 0 5 ,0 6 9 8 9 ,6 9 3 1 7 ,7 4 7 2 6 ,3 3 4 6 0 ,0 0 0 1 1 1 ,8 5 0 2 ,5 5 0 1 ,0 0 0 1 3 ,0 0 0 . . 3 ,0 8 0 4 9 ,0 1 8 2 ,0 0 0 9 ,4 9 8 2 5 9 ,4 0 0 1 9 0 ,0 6 2 3 ,5 0 0 ............ T o ta l w eek 19 10 . 1 ,4 8 8 ,7 1 3 4 5 3 ,3 0 0 9 9 1 ,4 9 8 1 ,2 0 5 ,3 8 0 1 1 8 ,9 0 0 S in c e J a n . 1 1 9 1 0 . 1 3 ,7 0 2 ,1 8 5 5 2 ,5 0 1 ,3 2 1 3 1 , 4 4 5 , 3 7 7 3 9 , 0 9 2 , 1 3 6 2 , 5 4 9 , 5 1 1 W e e k 1 9 0 9 . ............ 5 1 0 ,0 8 1 3 ,6 6 2 ,0 1 8 5 2 7 ,3 1 1 7 0 1 ,7 8 7 1 4 7 ,2 6 4 S l n c e 'J a n . 1 1 9 0 9 . 1 2 ,2 4 7 ,6 3 4 6 1 , 8 3 5 , 6 7 9 3 2 ,3 7 8 ,9 9 6 3 6 , 5 5 6 , 1 5 8 4 5 1 1 , 8 4 7 3 9 ,3 7 2 6 3 9 ,3 5 2 4 8 ,4 4 0 8 0 8 ,8 2 9 Receipts at— N e w Y o r k _____ B o s t o n ...... ............. P h ila d e lp h ia _ .. B a l t i m o r e ................. R i c h m o n d .............. N e w O rle a n s * _ . G a l v e s t o n ______ M o b i l e _________ M o n t r e a l _______ 3 8 8 ,2 1 6 Rye, bush. 1 ,1 2 3 1 ,6 0 0 3 5 ,2 1 9 1 ,4 3 0 * R e c e i p t s d o n o t I n c l u d e g r a i n p a s 3 ln g t h r o u g h N e w O r l e a n s l o r f o r e ig n p o r t s o n t h r o u g h b ills o f la d in g . 1 The exports from the several seaboard ports for the week ending Oct. 8 1910 are shown in the annexed statement: Wheal, bush. Reports from — Corn, bush. Flour, Oats, R ye, Barley, Peas, bbls.bush. bush. bush. bush. N e w Y o r k ............... 6 3 .8 2 4 1 4 T .8 3 7 8 0 ,8 1 6 ____ B o s t o n ......... ............. P h ila d e lp h ia _ _ _ 1 0 5 ,0 0 0 1 ,0 0 0 B a l t i m o r e _______ 2 9 7 ,5 6 8 6 1 ,6 0 0 N e w 'O r l e a n s ....................... .. 2 4 ,1 5 0 N e w p o r t N e w s ........................................ M o b i l e ............................................... 0 ,4 9 8 M o n t r e a l .............. .. 6 0 6 ,0 0 0 2 1 0 ,0 0 0 T o t a l w e e k _ _ 1 ,1 5 3 ,2 0 8 _ W e e k 1 9 0 9 .............. 2 ,0 3 4 ,6 9 5 4 4 .9 3 0 5 ,9 0 2 6 0 ,0 0 0 3 5 ,2 8 1 8 ,0 0 0 1 1 ,5 0 2 3 ,0 8 0 3 1 ,0 0 0 7 ,6 8 0 ................................. 1 ,3 1 8 .. ......... ......................... ................................ 10 0 ............ ................................ 16 0 ............ ................................ . ' _ _____ _____ .............................. _____ 5 0 ,0 0 0 1 0 ,9 4 0 1 1 ,2 3 5 The destination of these exports for the week and since July 1 1910 is as below: ---------- Flour----------- Exports for week and Since July 1 to— Week Oct. 8 . bbls. U n i t e d K i n g d o m . . . 1 2 0 ,0 1 6 C o n t i n e n t _________ 4 4 ,5 4 2 S o u . & C e n t. A m e r . 6 ,3 0 0 W e s t I n d i e s . ............... 1 8 ,9 0 0 B r it. N o r. A m . C o ls . 9 ,9 3 1 O t h e r C o u n t r i e s ........................... Since July 1 19 10 . bbls. 9 1 9 ,8 5 0 4 1 .3 ,4 6 2 2 4 7 ,0 1 1 2 8 5 ,7 7 6 4 1 ,2 3 9 3 1 ,3 5 6 ■ W ----------------------------- Cornheat Since Since July 1 July 1 Week 1910 . Oct. 8 . 19 10 . bush. bush. bush. Week Oct. 8 . bush. 6 8 0 ,0 0 0 4 7 3 .2 0 8 .............. .............. .............. 7 .5 6 7 ,1 9 6 4 ,2 5 0 ,8 5 1 8 5 .4 4 9 ______ 2 1 1 ,0 0 0 2 0 5 .1 2 8 15 0 3 7 ,8 0 7 5,666 T o t a l ............................1 9 9 ,6 9 5 1 ,9 3 8 ,6 9 4 1 , 1 5 3 , 2 0 8 1 1 ,9 0 8 ,4 9 6 T o t a l 1 9 0 9 ....................2 4 9 ,3 3 0 2 ,3 0 9 ,5 5 4 2 ,0 3 4 ,6 9 5 2 1 , 5 1 7 , 2 4 9 4 5 4 ,0 8 5 1 9 6 ,2 3 1 1 ,1 3 4 ,4 2 8 8 9 0 ,0 8 7 1 ,2 2 2 ,8 8 4 3 9 6 ,3 4 5 5 ,0 0 0 6 ,5 8 9 3 ,6 5 5 ,3 3 3 1 ,7 7 5 ,9 8 0 The world’s shipments of wheat and corn for the week f nding Oct. 8 1910 and since July 1 1910 and 1909 are ! own in the following: Wheat. 19 10 . Week Oct. 8 . Bushels. N o r th ’A m e r. _ R u s s ia n _ _ D a n u b l a n _. A r g e n t in e . . I n d i a n _____ A u s tr a lia n .. O t h . c o u n t r ’s T o t a l ____ 2 .7 5 2 .0 0 0 7 .2 6 4 .0 0 0 4 .2 0 0 .0 0 0 1 .0 0 8 .0 0 0 6 5 6 .0 0 0 6 5 6 .0 0 0 4 1 6 .0 0 0 Com. 190 9. Since July 1 . Since July 1 . 19 10 . Week Oct. 8 . I | | Since July 1 . Bushels. Bushels. Bushels. | Bushels. 2 3 .2 2 7 .0 0 0 3 4 ,3 6 6 ,0 9 0 4 8 7 ,0 0 0 ! 4 .2 2 3 .0 0 0 6 6 .3 5 2 .0 0 0 5 7 .5 1 2 .0 0 0 8 5 ,0 0 0 2 .5 6 5 .0 0 0 3 8 .0 4 0 .0 0 0 8 .3 6 8 .0 0 0 1 5 3 ,0 0 0 4 4 .6 1 6 .0 0 0 1 5 .7 7 6 .0 0 0 1 1 .8 6 4 .0 0 0 5 ,1 7 7 ,0 0 0 1 3 .9 6 9 .0 0 0 1 6 .5 2 8 .0 0 0 2 .6 9 2 .0 0 0 1 0 .0 4 0 .0 0 0 1 2 1 ,7 2 0 ,0 0 0 2 .8 1 4 ,0 0 0 { IIIIII 1' 1 6 9 5 2 0 0 0 1 7 2 ,7 7 7 ,0 0 0 1 3 6 ,5 2 2 ,0 0 0 5 ,9 0 2 ,0 0 0 ' 6 5 ,4 0 3 ,0 0 0 19 0 9 . Since July 1 . Bushels. 1 ,6 8 1 ,0 0 0 5 .3 9 1 .0 0 0 6 .5 3 7 .0 0 0 4 1 ,5 1 7 ,0 0 0 5 5 .1 2 6 ,0 0 0 The quantity of wheat and corn afloat for Europe on dates mentioned was as follows: Com. Wheat. United Kingdom. r- Continent. Bushels. 1 Bushels. O c t.' 8 O c t. 1 O c t. 9 O c t. 10 O c t . 12 1 9 1 0 .. 1 9 1 0 .. 19 0 9 19 0 8 . 1907. 1 5 .5 2 8 .0 0 0 1 4 .9 0 1 .0 0 0 1 1 .8 4 0 .0 0 0 1 5 .6 8 0 .0 0 0 1 7 .8 0 0 .0 0 0 2 5 .2 9 6 .0 0 0 2 3 .5 1 2 .0 0 0 1 5 .7 6 0 .0 0 0 1 1 7 .6 8 0 .0 0 0 11 5 .7 2 0 .0 0 0 Total. United Kingdom. Bushels. Bushels. 4 0 .8 2 4 .0 0 0 3 8 .4 1 6 .0 0 0 2 7 .6 0 0 .0 0 0 3 3 .3 6 0 .0 0 0 3 3 .5 2 0 .0 0 0 Total. Bushels. 1 Bushels. 8 .1 6 9 .0 0 0 1 5 .4 6 2 .0 0 0 7 .5 9 9 .0 0 0 1 1 .3 9 0 .0 0 0 5 .7 8 0 .0 0 0 5 .3 5 5 .0 0 0 5 .9 5 0 .0 0 0 6 .0 3 5 .0 0 0 7 .4 8 8 .0 0 0 3 .5 6 0 .0 0 0 2 3 ,6 3 1 .0 0 0 1 8 ,9 8 9 .0 0 0 1 1 ,1 3 5 ,0 0 0 1 1 ,9 8 5 ,0 0 0 1 1 .0 4 8 ,0 0 0 national banks is from the office of the Comptroller of the Currency, Treasury Department: T O 'C O N V E R T I N T O A P P R O V E D . N A T IO N A L " T h e S t a t e B a n k " In to " T h e F ir s t N a t io n a l B a n k S llo a m S p r in g s , A r k a n s a s . C a p it a l , 1 2 5 ,0 0 0 . LIQUIDATION. 2 ,4 6 0 — T h e G r a n d p l a c e d in v o 2 ,6 3 3 — T h e F i r s t N p l a c e d In v o R a p id s lu n ta r y a t io n a l lu n ta r y N a tio n a l B a n k , G ra n d R a p id s , l iq u i d a t io n a t c lo s e o f b u s in e s s O B a n k o f B a to n R o u g e , B a to n R liq u i d a t io n a t c lo s e o f b u s in e s s O B A N K S o f SU oam S p r in g s " , M ic h ig a n , w a s c to b e r 1 19 10 . o u g e , L a ., w a s c to b e r 1 19 10 . Canadian Bank Cleraings.— The clearings for the week end ing Oct. 8 at Canadian cities, in comparison with the same week of 1909, shows an increase in the aggregate of 7 .4 % . Week ending October 8 . Clearings at__ 19 10 . Canada — M o n t r e a l _________ T o r o n t o _____ ___________ W i n n i p e g .............. V a n c o u v e r ............................... O t t a w a ....................................... Q u e b e c ....................................... H a l i f a x ....................................... H a m i l t o n ................................. S t . J o h n .................................... C a l g a r y .................................... V i c t o r i a ...................................... L o n d o n ________ E d m o n t o n ............................... R e g i n a ................................. .. B r a n d o n ...... ............................. L e t h b r i d g e ............................... Inc. or Dec. 19 0 9 . 19 0 8 . 19 0 7. S S S % 4 > ,9 9 9 ,0 8 7 4 7 ,7 2 1 ,8 9 0 — 1 . 5 3 3 ,7 8 0 ,5 9 4 3 4 ,0 0 0 ,0 0 0 2 9 ,9 9 9 ,3 3 0 4 - 1 8 .2 2 5 , 7 1 5 , 4 3 3 2 1 ,6 0 1 ,3 2 7 2 2 ,0 9 0 ,1 9 0 4 - 6 .8 1 5 ,2 9 0 ,8 1 9 9 ,8 9 2 ,9 2 9 j 7 ,7 4 6 ,9 8 6 , 4 - 2 7 .7 4 ,2 0 9 ,0 2 5 4 ,1 4 2 ,3 2 0 3 ,8 2 7 ,9 3 0 4 - 5 .4 3 ,5 6 7 .9 9 7 2 ,9 0 6 ,1 0 2 2 ,9 1 0 ,3 6 4 — 1 .5 2 ,4 7 7 ,5 0 7 1 ,9 7 6 ,0 7 5 1 ,9 9 9 ,4 0 9 — 1 .2 1 ,6 9 1 .3 0 8 2 ,4 3 8 ,3 3 2 1 ,9 8 5 ,2 5 9 4 - 2 2 .8 1 ,5 5 1 ,3 9 2 1 ,4 6 0 ,0 2 2 1 , 6 7 3 , 1 2 0 — 1 2 .2 1 ,6 2 2 ,9 2 8 2 ,7 3 5 ,6 8 3 2 ,0 9 8 ,4 9 2 4 - 3 0 .4 1 ,3 9 5 ,1 5 0 1 , 9 3 5 ,7 1 0 1 ,7 5 3 ,5 5 8 4 - 1 0 .4 9 3 6 ,4 8 1 1 ,4 6 9 ,9 5 3 1 ,3 0 2 ,7 0 0 4 - 1 2 .8 1 .1 2 2 ,1 8 5 1 ,4 8 1 ,1 3 1 9 1 7 ,0 4 5 4 - 6 1 .5 6 6 0 ,4 1 2 1 ,1 5 9 ,9 7 6 7 9 8 ,4 4 0 + 4 5 .2 6 8 1 ,0 6 0 N o t I n c lu d e d i n t o t ! a l . ’ ' 4 0 1 ,6 1 7 N o t I n c lu d e ' d In t o t j a l . T o t a l C a n a d a . . . _____ 1 3 6 ,2 0 7 ,6 4 7 1 2 6 ,8 2 4 ,7 7 9 4 - 7 .4 9 4 ,0 2 1 ,2 3 1 $ 3 1 ,1 4 9 ,7 2 4 2 1 ,9 8 7 ,3 5 7 1 1 ,0 4 3 ,5 4 2 4 , 1 7 2 ,5 5 2 3 ,0 1 5 ,8 7 5 2 ,3 7 3 ,0 5 2 1 ,7 4 3 ,1 5 3 1 ,7 4 1 ,5 0 8 1 ,1 6 2 ,6 4 6 1 ,3 8 5 ,2 9 8 1 ,1 1 4 ,0 0 7 1 , 1 9 4 ,4 7 2 8 8 9 ,5 7 3 8 6 ,0 3 2 ,8 4 9 Auction Sales.— Among other securities the following, not regularly dealt in at the Board, were recently sold at auction. By Messrs. Adrian H . Muller & Son: Stocks. Stocks. 4 F ld e ltty - P h e n ix F ir e I n s . C o . a n d § 2 0 6 9 s c r i p ................ ............. 2 8 1 34 D u m q u e & s i o u x C i t y R R _____ 6 5 2 6 A v e - n e B u i l d i n g C o . . . ............8 1 0 0 l o t 2 5 N a t . P a r k B u n k .............................. 352 18 2 D e t . T o l. & I r o n . R y . l s t p f .$ 2 3 l o t 14 E lllo t t - F is h e r C o . c o m m o n . . $ 18 lo t Bonds. $ 2 ,0 0 0 D e t . T o l . * I r o n . R y . C o n s . 4 H 3 , 1 9 8 0 , F . & A . . . ...................... 1 1 DIVIDENDS. The following shows all the dividends announced for the uture by large or important corporations: D iv id e n d s annou nced this w eek are printed in italics. Name of Company. R a ilr o a d s ( S te a m ) . A t c h . T o p e k a & S . F e , c o m .( q u .) ( N o .2 2 ) C e n tra l R R . o f N e w J e r s e y ( q u a r .) _ _ _ C le v . C in e . C h ic . & S t . L . , p r e f. ( q u a r .) D e l. L a c k a w a n n a & W e s te r n ( q u a r . ) . . E r i e * P i t t s b u r g h ( q u a r . ) . . ............................... E v a n s v i l l e & T e r r e H a u t e c o m m o n ............ P r e f e r r e d ................................................................... G e o r g i a R R . & B a n k i n g ( q u a r . ) .................... G e o r g ia S o u . & F lo r id a , 1 s t & 2 d p r e f . . Grand Trunk, guaranteed........... .......................... First and Second Preferred....................... .. G r e a t N o r t h e r n ( q u a r . ) ............................ ............. K a n s a s C i t y S o u t h e r n , p r e f . ( q u a r . ) ____ Mexican. Ratlicay, common............................... First Preferred............................. .......................... Second Preferred................................................... " I n n S I* ,fc - s M .co rn .fe p r e f C V o 15 ) Missouri Kansas <C Texas, preferred___ N a t . R y s . o f M e x ic o , 1 s t p r e f. ( e x t r a ) . . . N . Y . C e n tra l & H u d so n R iv e r ( q u a r .) .. N o r fo lk & W e s te r n , p r e fe r r e d ( q u a r .) _ _ _ N o r t h e r n P a c i f i c ( q u a r . ) ......... ............................. P i t t s . C ln . C h ic . & S t . L . , c o m .& p f .( q u .) R e a d i n g C o . , s e c o n d p r e f e r r e d ......................... S t . L o u is & S a n F r a n . 1 s t p r e f. ( q u a r .) . T o le d o S t . L o u is & W e s te r n , p r e f. ( q u a r .) U tic a C h e n a n g o & S u s q . V a lle y , g u a r . . . W a r r e n , g u a r a n t e e d ................................................. W e s te r n M a r y la n d , p re fe rre d ( q u a r .) _ _ _ S t r e e t a n d E le c tr ic R a ilw a y s . Auburn <fc Syracuse Elec. Ry., pref. (quar.) B i n g h a m t o n ( N . Y . ) R y .............................. B o s t o n S u b u r b a n E l e c . C o s . , p r e f . ( q u a r .) B r o o k l y n C i t y R R . ( q u a r . ) .............................. C l n . N e w p o r t & C o v . L t . & T r . , c o m .( q u . ) P r e f e r r e d ( a u a r . ) ...................... .......................... Columbus (O.) Ry., pref. (quar.) (No. 4 4 ) . Connecticut Ry. & Ltg., com. & pf. (qu.). Continent. National Banks.— The following information regarding A P P L IC A T IO N S 9 .8 6 5 — IS S U E D T O N A T IO N A L B A N K S S E P T E M B E R 29 T O O C T O B E R 1. “ T h e F a r m e r s a n d M e r c h a n ts N a t io n a l B a n k o f H a m ilto n ” , H a m il to n , V ir g in ia . C a p i t a l , $ 2 5 ,0 0 0 . Thom as F . K e e n , P r e s id e n t; S a m u e l J . J o h n s t o n , V ic e - P r e s id e n t; S a m u e l E . R o g e r s , S e c o n d V ic e -P r e s id e n t. " P e o p l e ’s N a tio n a l Bank of E d w a r d s v llle ,” E d w a r d s v llle .P a . C a p i t a l , $ 1 0 0 ,0 0 0 . W m . J . T r e m b a t h , P r e s id e n t; F r e d . W illia m s , V ic e - P r e s id e n t ; R . R . Z a r r , C a s h ie r ; W m . E . M o r r is , A s s is t a n t C a s h ie r . " T h e C o u n ty N a tio n a l B a n k o f P u n x s u ta w n e y ,” P u n x s u ta w n e y , P a. C a p i t a l , $ 1 0 0 ,0 0 0 . W . J . B r o w n , P r e s id e n t; J o h n R . P a n t a ll, V ic e - P r e s id e n t; J . E . P a n t a ll, C a s h ie r . “ T h e F ir s t N a tio n a l B a n k o f R o n a n " , R o n a n , M o n ta n a . C a p ita l, $ 2 5 ,0 0 0 . S t a n le y S c e a r c e , P r e s id e n t; F . S . L u s k , V ic e - P r e s id e n t; H . A . W e ld , C a s h ie r . ( C o n v e r s io n o f T h e F la t h e a d V a lle y S t a t e B a n k o f R o n a n , M o n ta n a .) " T h e F ir s t N a t io n a l B a n k o f O x f o r d ,” O x fo r d , M is s is s ip p i. ' C a p it a l, $ 3 0 ,0 0 0 . J . W . T . F a l k n e r , P r e s id e n t ; A . B . M o r r is , V ic e - P r e s id e n t ; O . B . B o o n e , C a s h ie r . 1 ,3 1 8 8 ,0 6 8 3 ,0 0 0 4 5 4 ,0 8 5 1 9 9 ,6 9 5 1 9 6 ,2 3 1 2 4 9 .3 3 0 [V O L .L X X X X I E a s t S t . L o u i s & S u b . , p f . ( q u a r . ) ( N o . 18 ) Fort Smith Lt. A Trac., pref. (quar.)____ Georgia Ry. A- Electric, pref. (quar.)____ Grand Rapids Ry., pref. (quar.) (No. 4 0 ) . Havana Electric Ry., com. A pref. (quar.). Per Cent. Books Closed. Days Inclusive. D ec. N ov. O c t. O c t. D eo. N ov. O c t. O c t. N ov. N ov. N ov. N ov. O c t. 1 1 20 20 10 1 16 15 2 8 8 1 15 :*X )ct N ov. Ifi H o ld e r s o t r e c . S e p t . 3 0 a 10 H o ld e r s o f r c c . O c t.2 0 a IX O c t. N ov. N ov. O c t. N ov. N ov. O c t. N ov. O c t. O c t. 15 18 1 25 10 1 15 1 15 20 IX 2 IX 2X IX 5 2Xb 2H 2X 2X IX 1 X H o ld e r s H o ld e r s O c t. 1 H o ld e r s H o ld e r s S e p t. 18 H o ld e r s O c t. 2 H o ld e r s S e p t. 23 S e p t. 23 H o ld e r s H o ld e r s of rcc. o f rec. to o f rec. o f reo . to o f rcc. to o f rec. to to o f rec. of rcc. N ov. 4a O c t.2 1 a O c t . 26 O c t. 3 a N o v .3 0 a O c t. 17 S e p t.1 5 a O c t . 14 O c t. 6 O c t . 24 O c t . 24 O c t.1 8 a S e p .3 0 a 4 3 2 1 1 IX ix 2 l 1 3 3X 1 1 'A O c t . 2 X O c t. $1 2 IX IX IX 1 IX IX IX IX IX M a n c h e s te r ( N .H .) T r . , L . & P o w . ( q u a r .) 2 Mexico Tramways (quar.).................................... Milwaukee El. Ry. A Lt., pf. (qu.) (No A A) Montreal Street Ry. (quar.) ............................... 2X N o r th w e s te r n E l. R R .. C h ic ., p r e f. ( q u .) . O t tu m w a ( la .) R y . & L ig h t , p r e f. ( q u a r .) P h ila d e lp h ia C o m p a n y , c o m m o n ( q u a r .) C o m m o n ( e x t r a ) ................................................. Public Serv. Invest. Co., pf. (qu.) (No. 6 ) . Railways Co. General (quar.)_______ _____ R io d e J a n e r lo T r a m ., L t . & P o w . ( q u .) . S e a t t l e E l e c t r i c C o . , c o m . ( q u . ) ( N o . 8) T o l e d o B o w l ’g G r e e n & S o u . T r . , p f . ( q u .) W e s t P e n n T r a c t i o n , p r e f . ( q u a r . ) ______ When Payable. ix IX 1 IX IX X IX 1 IX IX IX IX O c t. O c t. O c t. O c t. N ov. N ov. N ov. O c t. O c t. N ov. N ov. O c t. N ov. O c t. N ov. O c t. O c t. N ov. N ov. N ov. N ov. N ov. O c t. N ov. O c t. 15 1 15 15 15 15 1 15 1 15 20 1 12 15 1 31 2 18 15 1 1 1 1 1 15 1 15 H o ld e r s H o ld e r s H o ld e r s H o ld e r s H o ld e r s O c t. 15 H o ld e r s H o ld e r s H o ld e r s O c t. 12 of of of of ot r e c .S e p t .2 2 a rec. O c t.3 1 a rec. O c t. 13 a rec. O c t.1 5 a re c . O c t.2 2 a to N o v . 14 o f rec. S e p t. 30 a o f rec. O c t. 15 a o f rcc . O c t. 6a to O c t. 19 H o ld e r s o f re o . O c t. 5 to O c t. 1 to O c t. 1 to H o ld e r s o f r e c . H o ld e r s H o ld e r s O c t. 16 H o ld e r s O c t. 23 H o ld e r s O c t . 18 H o ld e r s O c t. 9 H o ld e r s H o ld e r s H o ld e r s H o ld e r s O c t. 22 H o ld e r s H o ld e r s O c t. 2 1 O c t. 8 O c t. 5a O c t. 16 O c t. 15 O c t. 15 O c t. 15 a o f rec. o f rcc. to o f reo . to o f reo . to o f rec. O c t. 1 5 a S e p t .3 0 a O c t . 20 O c t.1 5 a N o v . 12 O c t. la O c t. 3 1 O c t. 20 to rec. rcc. rec. rcc. to rec. reo . to to O c t . 18 S e p t. 30 O c t. la O c t. la O c t.1 5 a O c t. 31 O c t. 15 S e p .2 2 a O c t. 3 1 O c t . 16 of of of of . of of THE CHRONICLE O c t . 15 lO lu .j Name of Company. Per > When Cent. \Payable. Books Closed. Days Inclusive. Banks. Oct. 15 Holders of rec. Oct. 8 New York Produce Exchange (No. 51).. 4 Trust Companies. Oct. 22 to Oct. 31 .11roadway (guar.).................................... 1 Vi Nov. Oct. 29 to Nov. 1 Nov. Nassau, Brooklyn (quar.)........................ 2 Miscellaneous. Oct. Holders of rec. Oct. 5 2 Alliance Realty (quar.).................... - - - Oct. Holders of rec. Sept 30 Ainer. Agrlcul. Cliem., pref. (No. 23).. 3 Oct. 20 Oct. Oct. 15 American Chicle, common (monthly)----1 Oct. 28 Oct. Oct. 20 American Dlst. Teleg. of N. J. (quar.).. 1 Oct. 31 Oct. 14 Amer. Light & Traction, com. (quar.).. 2H Nov. Oct. 31 Oct. 11 Common (payable In common stock).. 2Kstk Nov. Oct. 31 Oct. 14 Preferred (quar.)__________________ 1'A Nov. Oct. 20 Sept. 22 American Locomotive, pref. (quar.)____ 154 Oct. Nov. 10 Nov. Oct. 21 Amer. Malt Corporation, preferred......... 1 Nov. 10 Oct. 21 American Malting, preferred__________ 62c. Nov. Holders of rec. Sept.30a Amer. Seeding Machine, pref. (quar.)— 154 Oct. Sept. 18 to Oct. 16 American Shipbuilding, preferred (quar.) 154 Oct. Oct. Oct. 1 to Oct. 6 Amer. Smelt. & Itfg., com. (qu.) (No. 28) 1 Holders ofrec. Sept. 30a Oct. Amer. Teleph. & Telegr. (quar.)----------2 Oct. Holders of rec. Oct 10a American Type Founders, com. (quar.).. 1 Holders of rec. Oct. 10a Preferred ........... ..........................-- J54 Oct. Sept. 24 to Oct. 6 American \Voolen, pref. (quar.) (No. 46) 154 Oct. Holders of rec. Oct. 6a Anaconda Mining (quar.) (No. 40)-------- 50c. Oct. Sept. 30 to Oct. 2 Associated Gas & Elec., prof, (quar.)----15a Oct. Holders of rec. Oct. 7a Associated Merchants, 1st pref. (quar.).. 154 Oct. Holders of rec. Oct. 7a First preferred (extra)......................... 54 Oct. Holders of rec. Oct. 7a Second preferred (quar.).................... 15a Oct. Holders of rec. Oct. 7a Second preferred (extra).................— 54 Oct. Oct. Holders of rec. Sep.24a Bell Telephone of Canada (quar.)-------- 2 Oct. 6 to Oct. 16 Bell Telephone of Pennsylvania (quar.). . 154 Oct. Holders of rec. Sep.30a Binghamton L.,U.&P..com. (qu.) (No. 16) 54 Oct. Holders of rec. Sep.30a Preferred (quar.) (No. 23)....... ............ 154 Oct. Holders of rec. Oct. 15a Butte Elec. & Pow., pref. (quar.) (No. 37) 154 Nov. Oct 1 to Oct. 16 Central Coal & Coke, common (quar.)... 154 Oct. Oct. I to Oct. 16 Preferred (quar.)------------ --------------154 Oct Oct. Oct. 16 to Oct. 25 Chicago Pneumatic Tool (quar.)............. 1 Oct. Holders of rec. Oct. 7a Claflin (II. B.), common (quar.)----------2 Holders of rec. Oct.24a Claflin (It. B.), 1si pref. (quar.)............. 1J4 Nov. Holders of rec. Oct.24a Second pref. (quar.)........................... 154 Nov. Sept. 25 to Oct. 3 Nov. Consol. Gas, El. L. & P., Balt., common 2 Oct. 9 to Oct. 20 154 Oct. Consolidated Ice, pref. (quar.)............ Oct. 25 to Oct. 31 Consolidation Coal (quar.)-------------------154 Oct. Holders of rec. Oct. 15a Cuyahoga Telephone, preferred (quar.)... 1>4 Oct. Holders of rec. Oct. la Del. Lackawanna & Western Coal (quar.) 2 54 Oct. Holders of rec. Oct. la Detroit Edison (quar.)........................... 154 Oct. Sept. 29 to Oct. 19 Distillers’ Sec. Corp. (quar.) (No. 32).. 54 Oct. Sept. 29 to Oct. 19 Distilling Co. of America, pref. (quar.).. 1 Oct. to Oct. 25 du Pont(E.I.)de Nemours Povvd., nf.(qu.) 154 Oct. 25 Oct . 14 1 Holders of rec. Oct. 31a Eastman Kodak, common (extra)_____ 10 Dec. Edison Klee. III., Boston (quar.) (No. 86) . 3 Nov. 1 Holders of rec. Oct. 15 Electric Bond & Share, com. (qu.) (No. 6). 2 Oct. 15 Holders of rec. Oct.lla 1(Oct. 21 to Oct. 31 Prefer)ed (quar.) (No. 22).................... 154 Nov. Holders of rec. Oct.29a Electrical Securities Corp., preferred___ 254 Nov. Holders of rec. Sept. 3a Oct. General Electric (quar.).......................... 2 Holders of rec. Sept. 30a Goldfield Consolidated Mines (quar.)----- 30c. Oct. Holders of rec. Sept. 30a Extra ___________________________ 20c. Oct. Oct. 21 to Oct 31 Guanajuato Pow. & Elec., pf. (qu.) (No. 9) 154 Nov. Holders of rec. Oct. 10 llarbison-Walker Itefrac., pref. (quar.). 154 Oct. Oct. 21 to ........... Homeslake Mining (monthly) (No. 431).. 50cts. Oct. Oct. 6 to Oct. 16 Oct. Illinois Brick (quar.)...... ......................... 2 Holders of rec. Oct. 15 Nov. Intercontinental Rubber, com. (No. 1)._ 1 Holders of rec. Oct. 5 Oct. Inter. But’hole Sew. Mach. (qu.)(No.52) 1 Holders of rec. Sept.24a Oct. International Harvester,com.(qu.)(No.3) 1 Nov. 12 to Dec. 1 Dec. International Nickel, common (quar.).. 1 Nov. 12 to Dec. 1 Common (extra)................................... 54 Dec. Oct. 14 to Nov. 1 Preferred (quar.)................................ 154 Nov. Oct. 6 to Oct. 26 International Paper, pref. (quar.)-------54 Oct. Nov. Holders of rec. Nov. 5a Intcrnat. Smokeless Pow. & Chem., pref. 4 Oct. 21 to Nov. 1 Int. Steam Pump, pref. (quar.) (No.46). 154 Nov. Oct. Oct. 1 to Oct. 17 La Rose Consolidated Mines (quar.)----- 2 Nov. Holders of rec. Oct. 15a Massachusetts Gas Cos., common (quar.) 1 Holders of rec. Oct. la Massachusetts Ltg. Cos. (quar.) (No. 28). 154 Oct. Oct. 10 to Oct. 15 Oct. Mexican Lt. & Pow., Ltd. com. (quar.).. 1 Holders of rec. Oct. 15 Mexican Light A Power, Ltd., pref--------; 3 54 Nov. Holders of rec. Sept. 30a Mexican Telegraph (quar.)...................... 2 54 Oct. Nov. 16 to Dec. 1 Michigan State Telefip., com. (quar.)---154 Dec. Oct. 16 to Nov. I Preferred (quar.)........................... . 154 Nov. Jan. 15 to F'cb. 1 Preferred (quar.)................................. 154 Feb. Holders of rec. Sep. 28a National Biscuit, com. (quar.) (No. 48).. I ; t ( >ct. Oct. 6 to Oct. 16 National Carbon, common (quar.).......... 154 Oct. Holders of rec. Oct. 3 National Fire Proollng, pref. (quar.)___ 1 Oct. Holders of rec. Oct. 6a New York Air Brake (quar.)................... 154 Oct. New York Dock, preferred..................... 2 Holders of rec. Oct. 1 Oct. Niagara Falls Power (quar.)................ 2 Holders of rec. Oct. la Oct. Nlplsslng Mines (quar.)........... ............... 5 Oct. 1 to Oct. 17 Oct Extra ................................ 254 Oct. Oct. 1 to Oct. 17 Northern States Power, pref. (quar.)___ 1 % Oct. Holders of rec. Sept. 30 Nova Scotia Steel & Coal, com. (quar.).. 154 Oct. Holders of rec Sept. 30 Preferred (quar.)..................... .......... 2 Oct. Holders of rec. Sept. 30 Oklahoma Gas & Elec., pref. (quar.).. 1M Oct. Holders of rec. Sept. 30 Otis Elevator, common........................... 154 Oct. Holders of rec. Sept. 30 Holders of rec. Sept. 30 Preferred (quar.)--------------------------154 Oct. Pacific Coast Co., common (quar.)......... 154 Nov. Oct. 123 to Nov. 1 Nov. Common (extra). . . ...................... ....... 1 Oct. 23 to Nov. 1 Oct. 23 to Nov. 1 First preferred (quar.).......................... 154 Nov. Second preferred (quar.)........................ 154 Nov. Oct. 23 to Nov. 1 Nov. Second preferred (extra)......... .............. 1 Oet. 23 to Nov. 1 Oct. 1 to Oct. 15 Pacific Telep. it Teleg., pref. (quar.)----154 Oct. Pay-as-You-Enter Car Corp., pref.(qu.) 154 Oct. Holders of rec. Oct. 1 Oct. Pennsylvania Salt (No. 95)................ . 6 Holders of rec. Sept. 26 Pittsburgh Coal, pref. (quar.)................ 15i Oct. Holders of rec. Oct. 15a Pope Manufacturing, pref. (quar.)......... 154 Oct. Holders of rec. Oct.2la Oct. 23 to Oct. 31 Portland Gas it- Coke, pref. (quar.) (No. 3) 1){ Nov. Oct. Sept. 25 to Oct. 16 Procter & Gamble, pref. (quar.)............. 2 Oct. Holders of rec. Oct. la Quaker Oats, common (quar.)-------------- 2 Holders of rec. Oct. la Common (extra).................................. 5 Oct. 4 Holders of rec. Nov. la Preferred (nuir.) ........... . — 154 Nov. Oct. Holders of rec. Oct. 5 Rccco Buttonhole Mach, (qu.) (No. 98) 2 Oct. Holders of rec. Oct. 4 Rhode Isld. Perk. Horseshoe, pf. (quar.) 1 Holders of rec. Sept. 30 San Diego Cons. Gas & Elec., prcf.(qu.) 154 Oct. Oct. Holders of rec. Oct. 7 Shawtnlgan Water & Power (quar.)........ 1 Holders of rec. Nov. 10 Silversmiths Company (quar.)................ 154 Nov. Oct. 1 to Oct. 15 Southern California Edison, pref. (quar.). 154 Oct Oct. 1 to Oct. 15 Southern Now England Telephone (qu.) 154 Oct. Oct. Oct. 26 to Oct. 31 Standard Milling, pref. (No. 15)............. 2 Oct. 6 to Oct. 16 Oct. Trow Directory Ptg. & Bookbinding___ 2 Hohlersof rco. Sept. 30a Oct. Union Bag & Paper, pref. (qu.) (No. 46). 1 United Cigar Mfrs., common (quar.)___ 154 Nov. Holders of rec. Oct. 25a United Cigar Stores, Corp. of(qu.)(No.5) 154 Oct. 15 Oct. 2 to Oct. 16 Extra ................................................. 50c Oct. 15 Oct. 2 to Oct. 16 United Dry Goods Cos., com. (quar.)___ 2 Nov. 1 Holders of rec. Oct. 25 United Electric Securities, preferred___ $3.50 Nov. 1 Holders of rec. Oct.22a United Fruit (quar.) (No. 45)................. 2 Oct. 15 Holders of rec. Sept. 27a Extra dividend............................. ....... 10 Nov. 4 Holders of rec. Oct. 24 United Gas Improvement (quar.)........... 2 Oct. 15 Holders of rec. Sept. 30 United Slates Express (No. 151)_______ 3 2 to Nov. 15 Nov. 15 Nov. V. S. Realty & Improvement (quar.). . . \y, Nov. 1 Holders of rec. Oct.20a U. S. Rubber, 1st pref. (quar.)............... 2 Oct. 31 Holders of rec. Oct. 15a Second preferred (quar.).................. . Oct. 31 Holders of rec. Oct. 15a U. S. Smelt,Refg., & Mining, com. (qu.) 1 Oct. 15 Holders of rec. Oct. 3 Preferred (quar.).......................... 1 4 Oct. 15 Holders of rec. Oct. 3 Vlrglnla-Carollna Chem.,pf.(qu.)(No. 60) 2 1 to Oct. 16 Oct. 15 Oct. Vulcan Dctinning, pref. (quar.)............. 1 4 Oct. 20 Holders of rec. Oct. 10a Western Electric (quar.)........................... 2 Nov. 1 Oct. 26 to Nov. 1 Western Union Teleg. (quar.) (No. 166). 14 Oct. 15 Sept. 21 to Oct. 12 Wcstlnghouse Elec. & Mfg., preferred.. 154 Oct. 15 Oct. 6 to Oct. 16 e E xtra______________ «3H Oct. 15 Oct. 0 to Oct. 16 White a t G.)& Co., Inc., pref. (quar.).. 154 Nov. 1Holders of reo. Oct.30a a Transfer books not closed. 6 Declared 5% payable 2 44% Oct 15 1910 and 2 M% April 15 1911. e On account of accumulated dividends, declared 8 H % . payable 3>4% Oct. 15, 3>4% Jan. 15 1911 and l ’4 % April 16 1011. 1005 Statement of New York City Clearing-House Banks.— The detailed statement below shows the condition of the New York Clearing-House banks for the week ending Oct. 8. 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. For definitions and rules under which the various items are made up, see “ Chronicle,” V. 85, p. 836. We omit two ciphers (00) in all cases. Banks. 00s omitted. Capital. Surplus. Loans. Average. Specie. Legals. Average. 4 verage Deposits. Tit Act rage. s’vc. S $ S * S S % Bank of N. Y__ 2 ,000,0 3,520,3 20,303,0 3,824,0 8 920,0 1. ,211,0 26.0 Manhattan Co. 2,050,0 4,184,5 33.450,0 8,704,0 1,045,0 38,800,0 26.6 Merchants'___ 2 ,000,0 999,0 20,046,0 26.1 1,789,6 19,606,0 4,250,0 Mech. & Metals 0 ,000.0 7.988.0 52.962.0 10.922.3 1,192,0 50.265.7 24.0 America.......... 1.500.0 5,874,2 25.876.8 4,832,6 1,848,9 26,214,4 25.4 Phenlx______ 1,000,0 6,282,0 26.7 724,9 291,0 7,296,0 1,318,0 City ............... 25,000,0 31,519,7 174,152,4 32.853,0 4,760,0 156,599,2 24.0 Chemical____ 3,000,0 6,494,7 28,556,0 5,060,2 2,089,3 26,572,7 27.0 Merchants’ Ex. 600,0 142,7 6.684,5 24.8 582,0 6,660,6 1,517,7 Gallatin........... 1,000,0 2,533,2 510,3 6,893,3 25.4 8,732,1 1,245,1 Butch. & Drov. 300,0 67,1 2,215,5 21.7 158,0 2,845,2 413,8 Greenwich___ 500,0 8,390,5 24.1 832,9 197,0 7,582,1 1,829.1 American Exch. 5,000,0 4,439,8 35,048,8 6,478,9 1,960,6 33,471,1 25.3 Commerce____ 25,000,0 16,497,4 147,361,8 24,917,8 6,960,2 1! 4,980,3 25.5 Mercantile___ 3,000,0 2,726,2 15,063,3 1,809,9 1,086,3 11,426,4 25.3 Pacific ______ 500,0 913.1 2,916,0 2.5.7 3,580,6 259,9 490,9 Chatham____ 450,0 1,059,7 7,931,8 1,198,0 1,080,9 8,442,3 26.9 People's_____ 200,0 470,3 2,103,7 396,2 2,151,5 21.6 135,1 Hanover_____ 3,000,0 11,910,1 65,791.1 12,494,6 0,807,5 73,972,2 26.2 Citizens’ Cent.. 2,550,0 1,746,7 21,478,6 5,219,4 225,3 20,744,0 26.4 Nasiau......... 500,0 538,2 7,184,1 980,6 904,9 7,973,9 23.6 Market &Fulton 1,000,0 1,720,7 8,612,3 1,152,4 .8,278,5 24.7 895,7 Metropolitan .. 2 ,000,0 1,478,9 12,396,6 3,140,7 234,8 13,012,7 25.9 Corn Exchange 3,000,0 5,251,1 41,612,0 8,332,0 4,625,0 52,081,0 24.5 Imp. & Traders’ 1,500,0 7,545,9 25,419,0 3,551,0 2,118,0 22,611,0 25.0 Park________ 5,000,0 12,52 4,1 81,900,0 21,082,0 1,090,0 86,094.0 25.7 East River___ 250,0 1,471,5 110,4 1,329,2 22.5 108,5 188,6 Fourth........ 5,000,0 5,624,9 28,074,0 4,566,0 2,300,0 26,857,0 25.5 Second ........... 1,000,0 2,080,9 12,633,0 2.914,0 184,0 12,249,0 25.2 First............... 10,000,0 20,589,9 104,239.3 21,615,9 2,516,7 93,223,1 25.9 Irving E x c h . . . 2 ,000,0 1,655,0 22,075,4 5,560,5 1,261,0 23,907,0 28.5 Bowery _____ 250,0 815,9 3,535,0 21.6 3,424,0 822,0 52,0 N. Y. County.. 500,0 1,657,4 7,702,1 1,201,8 600,8 7,551,6 24.3 German-Amer . 750,0 6S9.5 4,060,7 760,3 210,6 3,856,0 25.3 Chase________ 5,000,0 7,706,8 75,696,0 16,833,5 4,673,4 82,598,6 26.0 Fifth Avenue.. 100,0 2,109,4 12,905,6 2,659,0 1,162,4 14,537,5 26.2 German Exch.. 200,0 895,2 3,987,0 450,2 467,9 3,840,8 23.9 200,0 Germania....... 1,016,6 4,599,3 812,4 5,251,4 25.7 510.9 Lincoln ______ 1,000.0 1,542,5 17,111,5 3,576,7 1,290,1 19,235,0 25.2 1,197,7 1,000,0 8,203,5 1,596,0 246,0 Garfield_____ 7,948,7 23.1 3,355,4 579,4 295,3 250,0 499,9 3,460,5 25.2 Fifth............... Metropolis ___ 11,023,4 1,177,9 1,407,4 10,622,3 24.3 1,000,0 2,078,2 1,019,2 4,265,0 911,0 220,0 4,658,0 24.2 West Side........ 200,0 Seaboard......... 1,000,0 1,960,2 20,015,0 4,380,0 1,880,0 23,337,0 26.8 837,6 16.874,6 25.9 16,785,8 3.532,0 Liberty ______ 1,000,0 2,771,2 213,2 9,695,5 25.5 N. Y. Prod. Ex. 1,000,0 757,1 8,193,1 2,266,3 323,0 18,493,0 20.2 State ............... 1,000,0 782,2 14,893,0 4,526,0 458,2 6,309,4 25 0 14th Street___ 6,002,7 1,122,1 1,000,0 320,4 701,0 6,520,0 26.4 Coal Iron___ 960,0 0,267,0 392,1 1,000,0 8,008,1 25.4 Union Exch__ 8,314,8 1,036,9 1,000,0 1,000,0 952,4 Totals, average 133,3,50,0 194,250,3 1272.197.0 251,895,7 66,356,6 1249,228,0 25.5 Actual figures Oct. 8 __ 1263.052.0 219,639,7 66,870,3 1238,088,7^5.5 On the basis of averages, circulation amounted to $48,110,100 and United States deposits (included In deposits) to SI.615,900; actual figures Oct. 8 , circulation, S48,187,400; United States deposits, §1,621,900. 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: For definitions and rules under which the various items are made up, see “ Chronicle,” V . 86, p. 316. STATE BANKS AND TRUST COMPANIES. Week ended Oct. 8 . Capital as of Aug. 31___ Surplus as of Aug. 31----Loans and Investments.. Change from last week. Trust Cos. Stale Banks State Banks Trust Cos. outside of in in outside of Greater N. Y. Greater N. Y. Greater N. Y Greater N. Y. $ 25,175,000 % 65,406,000 % *9,023,000 38,315,700 172,375,500 *10,796,145 10,098,115 301,738,200 1,024,116,000 + 2,225,400 + 11,809,100 94,920,500 + 175,100 138,064,000 + 188,700 349,363,200 1,083,385,800 + 2,399,900 —3,088,000 100.562.S00 + 582,000 144,435,900 +810,400 'Change from last week. 50,465,500 + 493,900 115,834.900 + 1,615,100 Legal-tenders & bk. notes Change from last week. 23,827,800 —689,500 S 9,775,000 12,947,700 + 104,600 Change from last week. Reserve on deposits........ Change from last week. 96,985,700 + 542,400 135,356,500 + 1,628,200 21,017,100 +387,400 20,139,200 + 711,900 P. C. reserve to deposits.. Percentage last week.. 28.3% 28.4% 16.1% 16.1% 21 .6 % 21.3% 14.8% 14.3% + Increase over last week. — Decrease from last week. *As of June 30. Note.—"Surplus” Includes all undivided profits. "Reserve on deposits” In eludes, for both trust companies and State banks, not only cash Items, but amount* dun from reserve agents. Trust companies In New York State are required by law to keep a reserve proportionate to their deposits, the ratio varyingaccording to location as shown below. The percentage of reserve required Is computed on the aggregate of deposits, exclusive of moneys held In trust and not payable within thirty days, and also exclusive of time deposits not payable within 30 days, repre sented bv certificates, and also exclusive of deposits secured by bonds of the State cf New York. The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time deposits not payable within 30 days, represented by certificates (according to the amendment of 1910), and exclusive of deposits secured by bone* of the Suite of New York. —Trust Cos.— —State Bank.'— Reserve Required for Trust Companies Total Of Total (f and State Banks. Reserve which Reserve ich ch location— Reavired in Cash.Required in Cash 15% 25% 15% .15% Manhattan Borough............................. . 10% 10% 20% 115% 15% 7h% 10% >15% 20% 15% 20 % Brooklyn Borough, with branches In Manhattan, 15% 15% 15% .15% 6% 15% 5% . 10% 1006 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 not in the Clearing House. 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. Clear.-House Clear.-House State Banks tfe 1 Total of all Banks. Trust Cos. not Banks,fc Trust Banks. ActualFigures In C.-H. Aver. Cos. Average. Average Week ended Oct. 8 . Capital as of Aug. 31.. % 132,350,000 $ 132,350,000 S 74,631,000 S 206,981,000 Surplus as ot Aug. 31.. 193,297,900 193,297,900 180,661,300 373,959,200 Loans and Investments 1,263,052,000 1,272,197,000 1,115,684,500 2,387,881,500 Change from last week — 15,098,200 — 13,219,400 + 12,647,600 —571,800 Deposits......... ........ 1,238,088,700 1,249,228,000 al,067,402,700 2,316,630,700 Change from last week —24,795,500 —27,346,000 + 13,898,800 - -13,447,200 Specie . . _________ 249,639,700 251,895,700 122,303.100 374,198,800 Change from last week —4,515,900 —9,711,900 + 1,639,500 —8,072,400 Legal-tenders_____ 66,870,300 66,356,600 621,592,200 87,948,S00 +323,500 —1,458,700 Change from last week + 181,300 —1,277,100 Aggr’te money holdings 316,510,000 318,252,300 cl43,895,300 462,147,600 Change from last week —4,192,400 — 11,170,600 + 1,820,800 —9,349,800 Money on deposit with 26,956,300 26,956,300 Change from last week + 643,400 + 643,400 316,510,000 318,252,300 170,851,600 489,103,900 Change from last week —4,192,400 — 11,170,600 + 2,464,200 —8,706,400 Percentage to deposits 25.57% requiring reserve. . . 25.50% 17.9% Percentage last week.. 25.42% 25.82% 17.9% ! Surplus reserve______ 6,9S7,825 5,945,300 + Increase over last week. — Decrease from last week. a These are the deposits after eliminating the Item “ Due from reserve depositories and other banks and trust companies In New York City” ; with this Item Included deposits amounted to 81,109.555,900, a decrease of 81,079,000 from last week. In the case of the Clearing-House banks, the deposits are "net” both for the average and the actual figures, b Includes bank notes, c Of this amount State banks held $15,112,700 and trust companies 8128,782,000. The averages of the New York Clearing-House banks combined with those for the State banks and trust companies in Greater New York outside of the Clearing House compare as follows for a series of weeks past: COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN GREATER NEW YORK. We omit two ciphers in all these fhjures. Week Ended. Aug. Aug. Aug. Aug. Sept. Sept. Sept. Sept. Oct. Oct. Loans and Investments. 6 .. 13.. 20. . 27.. 3 .. 10.. 17.. 24.. 1 . 8. . 8 2,319,167,3 2,331,975,4 2,339,911,8 2,346,781.2 2,348,900,4 2,355,593,2 2,367,842,8 2,375,411,8 2,388,453,3 2,387,881,5 Deposits. S 2,299,315,5 2,316.350,0 2,326,315,7 2,331,878,3 2,320,474,5 2,320,771,3 2,328,750,0 2,329,379,2 2,330,077,9 2,316,830,7 Specie. $ 405.702,3 416,194,1 421,847,4 421,021,3 412,681,1 401.048,5 397,232,0 392,538,2 382,271,2 374,198,8 Tot. Montg Entire lies, Holdings on Deposit. Legals. S 93,995,0 92,056.7 90,699,2 91,463,2 89,655,0 88,124,7 88,597,9 88,911,4 89,226,2 87,948,8 $ 499.697,3 508.850.8 512.546,6 512,484,5 502,336.1 489.173,2 485,829,9 481.449,6 471,497,4 462,147,6 s 525,172,3 585.467,8 539.637,8 537,996,1 528,336,2 516,456,2 513,289 9 50S'l47 8 497,810 3 489,103 ',9 Reports of Clearing Non-Member Banks.— The following is the statement of condition of the clearing non-member banks for the week ending Oct. 8, based on average daily results: Banks. N. Y. City Boroughs o' Man.A: Her Wash. H’ts Century __ Colonial . . . Columbia .. Fidelity . . . Jefferson__ Mt. Morris. Mutual___ Plaza........ 23d Ward.. Yorkville .. New Neth’d Bat. Pk. Nat. Aetna Nat. Borough of Brooklyn. Broadway _ Mfrs.’ Nat. Mechanics’ . Nassau Nat Nat. City.. North Side. First Nat.. Jersey City. First Nat.. IIud.Co.Nat Third Nat.. Hoboken. First Nat.. Second Nat CapU tal. $ 100,0 250,0 400,0 300,0 200,0 500,0 250,0 200,0 100,(1 200,0 100,0 200,0 200,0 300,0 200,0 252,0 1,000,0 750,0 300,0 200,0 300,0 Sur plus. Loans. Disc'ts and Invest ments. < 1,298,5 1,341,7 5,448,8 6,186,0 1,073,5 3,103,2 2,560,5 3,562,8 3,919,(1 1,893,9 4,194,9 % 270,6 160,2 362,5 751,7 175,5 521,3 313,8 371,3 453,8 106,5 451,8 265,5 150,8 317.7 1,412,0 2,156,1 513,3 831,9 815,4 1,010,4 601,8 139,0 611,0 3,251,2 5,572,0 12,961,8 6,981,0 3,880,0 2.071,0 3,397,0 2,211 0 Legal Deposit with Tender Specie Clear Other and Net Bank ing Banks Deposits Notes. Agent. Acc. $ 135,3 24,1 758,6 544,0 73,7 197,9 492,0 38,0 318,0 145,2 46,4 256,0 210,5 399,2 $ 158,5 83,8 740,4 709,0 147,4 135,1 437,0 269,7 879,0 192,8 296,5 348,0 93,9 32,1 $ 16,9 1,296,3 167,0 1,289,0 573,0 7,363/J 73,0 6,606,0 1,114,8 307,9 3,348 5 8 L8 3,393,8 5,3 3,906,7 4,906,0 2,083,5 259,3 5,352,2 5,0 2,483,0 1,260,5 22,3 2,042,6 33,1 495,7 371,8 356,8 319,8 817,6 364,6 1,491,4 2,719,8 621,0 309,0 1,562,0 99,0 527,0 628,0 92,6 312,6 129,8 76,0 401,0 344,0 299,9 3,871,5 161,0 0 106,8 519,8 17,938,4 7,569,0 150,0 4,923 0 112,3 2,482,0 38,0 3,117,0 345,4 3,288,3 282,9 51,2 112,8 423,9 144,0 7,740,5 108,9 2,758,1 20,0 2,298,8 400,0 250,0 1,251,8 5,280,1 751,9 3,096,4 394,5 2 , 122,0 279,4 137,5 65,0 220,0 623,3 3,132,9 245,9 2,753,8 138,5 110,3 200,0 125,0 $ 55,7 170,0 631,6 505,0 91,9 293,6 32,3 545,2 361,0 47,7 739,4 88,0 38,6 33,9 27,9 82,9 116,1 45,4 159,6 2,845,1 134,1 2,930,1 Tot.Oct. 8 7,497,0 12,169,2 9 1,894,7 6,317,9 7,471,6 15,52.8,6 3,305,1 111327,1 Tot.Oct. 1 8,497,0 13,421,6 102358,2 7,313,8 8,481,0 14,173,6 4,047,4 117131,3 Tot .Sept.24 8,497,0 13,421,6 100425,8 7,386,5 8,427,8 14,610,4 3,637,0 115554,0 ■■ i 1 Boston and Philadelphia Banks.— Below is a summary of the weekly totals of the Clearing-House banks of boston acd Philadelphia. [VOL. L X X X X t. We omit two ciphers (00> in all these figures. Banks. Capital and Surplus. Loans. Specie. Legals. Deposits, a Circu lation. Boston. Sept.17.. Sept.24.. Oct. 1.. Oct. 8 __ S 40,200.0 40,200,0 40,200,0 40,200,0 $ 204,708,0 204,394,0 206,192,0 206,477,0 S 22,518,0 23,511,0 22,870,0 22,184,0 $ 4,728 0 4,967,0 5,090,0 4,554,0 Sept.17.. Sept.24.. Oct. 1.. Oct. 8 . . 55,465,0 55,465,0 55,465,0 55,465,0 254,866,0 254,583,0 255,799,0 257,355,0 Clearings. $ 7,968,0 7,947,0 7,991,0 8,024,0 a 143,101,0 142,593,5 139,329,0 169,377,5 306.861.0 305,459,0 305,050,0 304,626,0 75,5 C5,0 74,903,0 72,795,0 70,334,0 S 246,921,0 247,117,0 250,395,0 250,143,0 16.493.0 16,447,0 16,439,0 10,384,0 131,156,7 136,223,7 135,503',9 160,501,8 a Including Government deposits and the Item “ due to other banks.” At Boston Government deposits amounted to 83,019,000 on October 8 , against $3,051 000 on October 1. Imports and Exports for the W e e k — The following are the imports at New York for the week ending Oct. 8; also totals since the beginning of the first week in January: FOREIGN IMPORTS AT NEW YORK. For Week. 1910. Dry Goods. ................ General Merchandise____ 1908. 1909. 1907. $2,663,152 10,282,036 $2,897,928 15,854,798 $3,024/05 15,857,931 $3,001,076 10,318,996 Total______ _____ Since Jan. I. Dry Goods____________ General Merchandise......... $121,826,395 $130,323,435 $94,049,067 S146,229,416 588,250,842 533,126,068 386,442,027 526,646,530 Total 40 weeks________ S710,077,237 $663,450,103 $180,491,094 $072,875,946 $18,882,536 $18,752,726 $12,945,188 $13,320,072 1 The following is a statement of the exports (exclusive of specie) from the port of New York to foreign ports for the week ending Oct. 8 and from Jan. 1 to date: EXPORTS FROM NEW YORK FOR THE WEEK. 1910. For the week......... .............. Previously reported.....___ Total 40 weeks....... 1909. 1 1908. 1907. $16,090,294 $11,029,554 $12,55,3,827 $14,024,233 494,891,200 454,974,480 480,575,168 480,273,639 $510,987,551 ' .............. The following table shows the exports and imports of specie at the port of New York for the week ending Oct. 8 and since Jan. 1 1910, and for the corresponding periods in 1909 and 1908: EXPORTS AND IMPORTS OF SPECIE AT NEW YORK. Imports. Exports. Week. Great Britain____ France ................ Germany _______ West Indies........__ Mexico ................ South America___ All other countries. Total 1910. Total 1909.. Total 1908. Since Jan. I Week. \SlnceJan.l 854,549 431 107,907 59,106 813,469,736 3,457,050 314 458,753 234,380 1,900,083 1,034,870 $32,150,000 4,455 3,289,232 9,308,766 11,900 $400 $44,854,353 100,000 70,994,092 47,647,925 Silver. Great Britain____ France ............. . Germany ........... . West Indies........... M exico................ South America___ All other countrles. $221,993 $20,555,186 119,589 7,091,399 128,421 14,390,340 S911,618 $31,253,786 53,800 1,798,000 80,053 558,008 739 68,537 .. 813,344 1,555 12,374 69,900 1,322,176 1,110,206 1,103,721 6,320 Total 1910.................. Total 1909............. . Total 1908__________ 1,558 3,997 26,994 26,037 47,825 6.305 81,082,530 833,733,061 790,418 35,738.611 876,222 33,033,046 858,586 $3,633,330 44,774 3,834,420 90,409 2,899,882 Of the above imports for the week in 1910, $54,520 were American gold coin and $558 American silver coin. Of the exports during the same time, $400 were Ameri can gold coin and $...... were American silver coin. !uni;inn and f i n a n c i a l INVESTM ENT SECURITIES Our eight-page circular No.687 describes several Issues ol sound Investment bonds yielding about 4H to 5 ^ % . S p en cer T r a s k & Co. 43 EXCHANGE PLACE. - - - NEW YORK . Branch offices: Chicago, III., Boston. Mass., Albany, N. Y. WHITE, WELD & CO. Members New York Stock Exchange 5 NASSAU STREET, THE ROOKERY; NEW YORK CHICAGO BANKING and EXCHANGE of every description In connection with EXPORTS & IMPORTS In tern atio n al B a n k in g C o rp o ra tio n 60 Wall St., New York, CAPITAL & SURPLUS, $6,500,000 BRANCHES and AGENCIES throughout the W ORLD. T H E IN T E R N A T IO N A L B A N K Organized under the Laws of N. Y. State. 60 Wall St . Now York Accounts Invited. Interest paid on Term Deposits. THOMAS H. HUBBARD, Pre idei Oot. is 1910.] THE CHRONICLE C b a e e tR . Wall Street, Friday Night, Oct. 14 1910. The Money Market and Financial Situation.— The volume of business at the Stock Exchange has increased day by day throughout the week and concurrently there has been a decided tendency towards advancing prices. This move ment was stimulated by the Government crop report, given out on Monday, which confirmed the most optimistic views of the crop situation, especially as to corn. The importance .of this matter is evidently becoming better understood and appreciated. In both railway and financial circles there is a more hopeful feeling in regard to the probable outcome of the present inquiry by the Inter-State Commerce Commission in the matter of the proposed increased freight rates. The recent decision in Minnesota, referred to in our issue of Sept. 24, and the important and convincing evidence brought out in this week’s proceedings it is felt will have a favorable influ ence in shaping the final decision of the Commission. Evidently the effect of the foregoing more than offset what would naturally have been the result of the United States Steel Corporation’s report of limited orders on hand, Of the somewhat mixed and uncertain political situation in anticipation of the State elections early in November and of money market conditions. The latter are reflected in an advance in call loan rates to 3 % to 3 % % . This rate is, of course, not high for the season, but is the highest quoted since last spring, and the demand for funds for crop moving is still in force and likely to remain so for some time to come. The open market rates for call loans at the Stock Exchange during the week on stock and bond collaterals have ranged from l % t o 3 % % . To-day’s rates on call were 2 @ 3 % % . Commercial paper quoted at 5 % @ 5 % % for 60 to 90-day endorsements, 5 % @ 5 % % for prime 4 to 6 months’ single names and 5 % @ 6 )<£% for good single names. The Bank of England weekly statement on Thursday showed a decrease in bullion of £634,302 and the percentage of reserve to liabilities was 46.94, against 47.67 last week. The rate of discount remains unchanged at 4 % , as fixed Sept. 29. The Bank of France shows a decrease of 9,975,000 francs gold and 3,875,000 francs silver. NEW YORK CITY CLEARING-HOUSE BANKS. 1910. Averages for week ending Oct. 8 . Diyerences from previous week. 1909. Averages for week ending Oct. 9. 1908. Averages for week ending Oct. 10. B S S S 3 127,350,000 126,350,000 Capital........................ 132.350.000 193,297,900 177,371,800 103,720,100 Surplus.................... . Loans and discounts__ 1.272.197.000 Dec. 13,219,400 1.273.033.200 1.324,358,000 920,500 51,599,200 48,110,100 Inc. 53,514,300 Circulation.................. Net deposits........... — 1.249.228.000 Dec. 27,346,000 1.278.402.200 1,402,753,100 1,675,100 65,500 9,248,000 1,615,900 Inc. U. S. dep. (Incl. above) 251,895,700 Dec. 9,711,900 255,734,700 306.469.500 Specie _______ _____ 68,413,600 78,926,000 66,356,000 Dec. 1,458,700 Legal tenders-----------Reserve held.............. 25% of deposits........... 318,252,300 Dec. 11,170,600 312.307.000 Dec. 6,836,500 324,148.300 319,600,550 385.395.500 350,088,275 Surplus reserve____ Surplus, cxcl. U. S. dep 5,945,300 Dec. 4,334,100 6,349,275 Dec. 4,317,725 4,547,750 4,966,525 34.707.225 37.019.225 Note.—The Clearing House now Issues a statement weekly showing the actual condition ol the banks on Saturday morning as well as the above averages. These figures, together with the returns of separate banks, also the summary Issued by the State Banking Department, giving the condition of State banks and trust companies not reporting to the Clearing House, appear on the second page preceding. Foreign Exchange.— A violent decline on the first two days of the week, due to very liberal offerings of cotton bills, has been followed by a moderate recovery; demand sold early to-day at 4 86 but closed at 4 8 5 % . To-day’s (Friday’s) nominal rates for sterling exchange were 4 84 for sixty-day and 4 87 for sight. To-day’s actual rates for sterling exchange were 4 8 2 % @ 4 83 for sixty days, 4 8 5 8 5 @ 4 8595 for cheques and 4 8 6 2 0 @ 4 8630 for cables. Commercial on banks 4 8 2 % @ 4 8 2 % and documents for payment 4 8 2 % @ 4 83. Cotton for payment 4 8 2 @ 4 8 2 % and grain for payment 4 8 2 % @ 4 83. To-day's (Friday’s) actual rates for Paris bankers’ francs were 5 2 1 % less 1 -1 6 @ 5 2 1 % for long and 5 1 8 % less 3-32 @ 5 18 % less 1-16 for short. Germany bankers’ marks were 9 4 % @ 9 4 7-16 for long and 95 1-16 less l-3 2 @ 9 5 1-16 for short. Amsterdam bankers’ guilders were 40 2 5 @ 4 0 27 for short. Exchange at Paris on London, 25f. 23c.; week's range 25f. 2 4 % c . high and 25f. 2 2 % c . low. Exchange at Berlin on London 20m. 4 5 % p f.; week’s range 20m. 4f>%pf. high and 20m. 4 5 % p f. low. The range of foreign exchange for the week follows: Sterling, Actual— Par's Hankers' Francs— German!/ Hankers' Sixty Dags. ...4 83 N --4 8254 --521 54 --5 21% Cheques. 4 8610 4 85% Cables. 4 86)4 4 8610 5 1854 less 1-32 5 IS'A less 3-32 5 18 54 less 1-10 5 1954 . - - 94 V s ■-- 9454 95 1-16 94 15-16 95 V s 95 1-16 loss 1-32 ... ... 40 29 40 25 40 33 40 29 401-16 40 The following are the rates for domestic exchange at the undermentioned cities at the close of the week: Chicago, par @ 5 e . per §1,000 premium. Boston, 15c. per $1,000 discount. Sari Francisch, 40c. per $1,000 premium. Charleston, buying, par; selling, l-10c. premium. St. Louis, 35c. per $1,000 discount bid; 25c. per $1,000 asked. St. 1007 Paul, 25c. per $1,000 premium. New Orleans, commercial, 7 5 c .@ $ 1 per $1,000 discount; bank, $1 per $1,000 premium. Savannah, buying, 3 16c. per $1,000 discount; selling, par. Montreal, 15 % c. discount to par. State and Railroad Bonds.— Sales of State bonds at the Board include $6,000 New York Canal 4s at 104% to 10 4% and $1,000 Virginia 6s deferred trust receipts at 43. The market for railway and industrial bonds has become more active as the week advanced. This increased volume of business is due largely, however, to the movement of a few issues, but is also the result of a broader general market. Third Avenue cons. 4s have been the conspicuous feature. They declined from 6 3 % on Monday to 5 7 % on Thursday, during which they changed ownership in large blocks. Wabash-Pittsburgh Terminal first trust receipts have also been unusually active and advanced over 5 points. General Electric conv. deb. 5s are 3 points higher and Erie conv. Series A nearly as much. Several other issues are a point or more higher and a few are unchanged or fractionally lower. United States Bonds.— Sales of Government bonds at the Board are limited to $1,000 3s reg. at 102 and $5,000 2s reg. at 1 0 0 % . The following are the daily closing quotations; for yearly range see third page folloiving. Interest l’eHods 2s, 2s, 3s, 3s, 4s, 4s, 2s, 2s, 1930 ________ registered Q—Jan 1930_____ coupon Q—Jan 1908-18............registered Q—Feb 1908-18 _______ coupon Q—Feb 1925 ............... registered Q—Feb 1925______ coupon Q—Feb 1936.Panama Canal regls Q—Feb 1938.Panama Canal regls Q—Nov Oct. 8 Oct. ; Oct. 10 ! 11 Oct 12 Oct. j Oct. 13 | 14 * 10014! *10054 10054 *10054 *10054 *10054 *10054 *10054 *10054 *10054 *10154 *10154 *10154 102 *10154 *10154 *10154 *10154 IIoll- *10154 *10154 *114 54 *114 54 *114 54 day *11454 *11454 *115 *115 *115 *115 *115 *100 54 *100 54 *10054 *100 54 *100 54 *100 54, *100 54 *10054 *10054 *10054 * This Is the price bid at the morning board; no sale was made. Railroad and Miscellaneous Stocks.— As noted above the stock market has been more active, the transactions to-day aggregating larger than at any time since July. The ten dency of prices has been steadily upward, and the result is a substantial advance in practically all the active issues. The upward movement was led by Reading, Union Pacific and United States Steel, all of which are from 4 to 5 % points higher than last week. These were closely followed by Atchison, Great Northern, Northern Pacific, St. Paul and a few less prominent issues. Internationil Harvester has made a sensational advance from 99 to 110% on limited transactions, moving up over 4 points to-day. Contrariwise Manhattan Elevated has lost a part of the advance noted last week and Canadian Pacific is fractionally lower. The copper stocks have been notably strong on the im proved condition in the metal trade. American Telegraph & Cable is conspicuous for an advance of 7 points since Oct. 1. For daily volume of business see page 1015. The following sales have occurred this week of shares not represented in our detailed list on the pages which follow: STOCKS. Week ending Oct. 14. Sales for Week. Range for Week. Lowest. 100126 54 Oct Am Brake Shoe&Fdy, pf Amer Telegraph & Cable 65C 82 54 Oct Batopllas Mining______ 800 3254 Oct Buff Rochester & Plttsb. 100104 Oct Col & 1lock C & I tr rects 200 5 Oct Evansville & Terre Ilau. 267 61 Oct Federal Sugar Refining. 500 3S Oct General Chemical, pref.. 100:i02 Oct Homestake Mining___ 200 85 Oct Lackawanna Steel_____ 200 34 Oct Ontario Silver Mining... 250 254 Oct 100 20 Oct Peoria & Eastern ___ Sears, Roebuck & C o ... 1,000 168 Oct 13 120 Oct Preferred ................ Range since Jan. 1. | Highest. 13 12654 Oct 10 88 Oct 14 S254 Oct 11104 Oct 8 554 Oct 11 61 Oct 11 38 Oct 14102 Oct 14 85 Oct 11 3854 Oct 10 254 Oct 14 20 Oct 10170 Oct 8120 Oct Lowest. 1 Highest. 13 11 8 11 13 11 11 14 14 13 14 14 8 8 119 71 82 95 July: 126 54 Sept 88 Sept $3 54 May 106 4 Sept 554 Sept 6154 55 38 Oct 38 10154 June 107 Jan 89 81 34 Oct) 45 2 July| 3 54 18 Sept 28 150 June 170 Oct.12154 120 Oct Oct Jan Jan Oct Oct Oct Mch Feb May Feb Jan Oct Mch Outside Market.— The market for outside securities con tinued strong this week, the upward movement on the Exchange being an added stimulus to trading on the “ curb.” As last week,the leading Copper issues were the feature, sub r stantial gains being recorded in a number of instances. British Columbia Copper weakened from 7 % to 6 % but re covered to 7 % . Butte Coalition moved down from 1 9 % to 19% and up to 1 9 % . Chino Copper ivas one of the most active, and after a loss of over a point to 1 9 % , advanced to 2 0 % , and closed to-day at 2 0 % . Giroux ran up from 7 % to 8. Greene-Cananea gained a point to 8. Inspiration Copper continued prominent and from 8 % sold up to 10 9-16, the final figure to-day being 1 0 % . Mason Valley improved from 9 % to 10 1-16, reacting finally to 9 % . Miami fell from 1 9 % to 1 9 % , moved back to 1 9 % and ends the week at 19% . Ray Consolidated from 1 9 % went down to 19, sold up to 2 0 % and closed to-day at 20. Kerr Lake eased off from 6 % to 6 % and recovered to 6 % . La Rose Consolidated fluctuated between 3 % and 4. Nipissing declined from 1 0 % to 1 0 % , recovered to 10 11-16, the final quotation to-day being 1 0 % . In the miscellaneous group American Tobacco after a loss of 2 points to 407 rose to 415, with the final figure to-day 414. Intercontinental Rubber weakened from 30 to 2 7 % and sold up to 3 0 % , the close to-day being at 29, ex dividend. Standard Oil went down from 600 to 5 9 9 % , but sold up to 605 and finished to-day at 602. United Cigar Mfrs. common furnished somewhat of a sensation by advanc ing from 60 to 67 % . Chicago Subway sold up from 4 to 5 % . In bonds Western Pacific 5s weakened from 9 4 % to 9 4 % , recovered to 9 4 % and sold finally at 9 4 % . Outside quotations will be found on page 1015. New York Stock Exchange—Stock Record, Daily, Weekly and Yearly O C C U P Y IN G S VOCES—HI 7HEST AN!) LOWEST 3ALE PRIC1;.s. 'j Saturday Monday | Tuesday I Wednesday Thursday Ertday Oct. 8. O 10. c>. Oct. 11. Oct. 12. Oct. 13. Oct. 14. *25 35 *25 35 *25 35 *63 72 *68 72 *68 72 100% 1001 100i>8 10H 10133 101% * 10033 1003, ♦1003s 1003. *1003g 10034 115 115 114l2 11514 115 11534 100*4 100*2 1071, IO I4 10734 IO8I4 8 uo 90 *88 91 *88 91 761? 76>s 76*2 7634 76% 76% 104*4 195J2 19512 196*2 195 19534 *65 72'4 *65 72U *65 71 2 .1 *265 300 *205 300 *270 300 81% 81*3 81*8 81*s 813g 8134 *3412 36 *34^2 36 *34*2 36 6512 *651" *___ 6512 *2314 237g 2.334 24 *2312 24 47% 473S *4612 4/34 4712 477g 1221- 12234 12212 123U 123 124 *147 149 *147 149 *14719 149 1 *> 147^4 1473g 1473g 1173s 14738 47 4 *203 210 *203 210 *203 210 *135 150 *135 150 *135 150 *145 165 *145 165 *145 165 *21o 3 *2I2 3 *212 3 *512 V *5% 7 *512 7 *72 77 *72 751? 7512 77 *99 110 *99 110 *99 110 5634 563., 565S 58 603a 58 743g 75 *74 75 *74 75 *73 75 *73 75 75 *73 *166 16712 166*2 1661" 167 167 *49712 025 *505 650 *497% 625 32 32 32 333g 3212 33 7334 7334 §741g 74'g *73 74 ♦___ 61 61 *57 *5314 60 14 *12 12 *12 14 12 *24li 25 25 25 25 25 28*s 2712 277* 273S 2734 28 40 46*2 46% 4634 4712 46 *35 36 361., 3638 3612 3/l8 1273s 12734 12708 12838 1283g 12914 5712 67% 67 66*8 50^8 §57 ____ ___ 1458 14»8 __ - ___ *94 *94 *94 ♦__ 95% ♦___ 957s 957g * ♦___ 125 *120 140 *120 140 35 *25 35 *25 *68 71 *65 70 1017s 1037g 103*s 10412 1007 101 s 100*" 101 1173.1 1183.! 11512 118 108 10834 10S12 109U *88 91 012 9012 U 773., 77 77 78% s 195 195a 1943,1 195 *65 72I4 72U *65 2S0 285 282 282 8 U4 8234 823S 831 4 36 *30 36 36 * 6512 * 651, 2434 241, 243., 24 48 4S12 4812 4912 12334 125M 1213., 12534 149 1493., 150 15019 1473S 149 149 150% *203 210 *203 210 *135 160 *140 150 *145 165 *150 165 23., 234 3 2*4 2 .1 *5 2 7 *512 71? 7512 751? 76 76 *99 110 *99 n o 597g 601g 59*2 697 s 761 V I4 *75 4 6 78 *71 76 *74 76 16612 163 168I2 1701S 550 550 *515 575 33 33*g 3312 341, 74U 761., 7634 78% *58 58 ♦ 58 *12 14 *1214 141? 253, 26l4 *2534 20% 28*s 29*s 2934 31 4712 497g 503g 51*s 3734 39 3834 40l4 129 1301., 1301g 13U2 5734 58 581 69 4 *13I2 147g *13% 14 *90 ♦94 ♦ 9578 957 8 *120 140 *1313., 203s 5512 1712 *33 *72 *30!s *02 *17 *39 *6712 146 13312 135’ 135 1361? 20*s 2Hg 21 21*s 66'2 5714 5714 58 13 9 .S 187 19% 19 3 36l2 35l8 3534 36 75 75 7712 80 3234 32/g 33ls 34 67 0/ 67 67 *18 20 *17 20 49 ♦41 *41 4‘J *6712 6812 68 681, 147 148% 147 148*2 144% 11412 1437 14412 8 26 311, 2914 29 50 49 50 521? 13234 132% 132 133 ♦145 150 ♦145 *88 89 *88 89 347a 35% 35*s 36*s 651S OS's 6612 8612 57 5812 58 69 137*2 13712 138 138 69!2 70 *70 71 3234 33 327 331., g 114*s 115l2 II 5I4 1161? *64 6/3, 68 *66 *100 n o *1061., n o *84 91 *88% 91 15434 15434 154 154 148 148 148 148 427s 4212 4234 42 98*2 99 99 997 g 13212 1323S 1323g 13312 134 20% 2012 20*8 2 012 207g 6534 561., 5634 661., 6634 17% *171., 17*2 1712 183., 3334 3518 34 *33 34 75 *72 75 75 *72 32*s 33 31»s 313a 33 667s 6714 64% 647s 67 20 20U 203* 2038 203? *38 49 45 *35 45 68% *67*2 681, *6712 6S12 146*4 14614 146*s 1463g 147 14473 145*4 1451., 14ai4 145 M5I4 *24% 2512 25i2 2512 253., 26 48 48 *42 51 *42 61 1325S 1325s 132 132 13214 13234 *146 150 *145 150 *145 150 *88 89 *88 89 *88 89 3412 3434 34I2 3434 343., 35 641., 65 *63 641 4 64 64 57% 5714 5734 66I4 5534 66 *135 140 135 135 *135 140 7034 71 7034 *70 7012 *70 3234 331s 3234 33 32*s 33 11334 1141, 114 1141? IHI4 1147s 68 *641, 65 §0314 631 4 68 ♦10414 n o ♦104D Tin *10411 111 ♦sail 01 80 *8814 91 * 1531., 15414 1541s 1541s *154 155 *147 148 *147 148 *147% 148 42 4l7g 42 42 *4114 42 §98 98 *98 981S 98»s 99 no *83 90 ♦8fl 1183s 11812 118*4 1193g 1193s 12034 *98 103 *100 112 *100 112 *80 n o *80 110 *80 n o *100 115 *100 115 *100 115 1297s 130»s 1297g 13014 130U 130*8 96l2 97 *94 96 90 96 *105 116 *105 116 *105 116 14612 1473S 1463s 14712 1473g 1483s *8612 88 *8612 89 *S612 89 98 98 97 97 *95 98 3U2 311 3U2 317g 31% 321g 2 *62 641 6-4 4 64 63 63 *2 ♦59 *53 *59 65 65 65 4 40*8 403., 40*s 4Hs 413g 413 ♦29 *27 30 30 *27 30 *66 67 67 70 *05 70 115 1151;. 1151s 1157g 115*s 11612 24N 2434 24*2 243, 2434 247g 56 56 5512 563,s 5612 5612 *2734 28I4 28'4 281? 28I2 28*s IU4 113., 1H2 IBs 1012 111., *712 8*" *712 81? *714 8 g 261? 261., 263 261 20% 26 4 *56 5712 5712 6/1? 573., 67% 11334 1137S *___ 11334 113 113 167l4 168% 167*2 16S*s 16812 169'2 *92 94 92 *9U4 913, 92 3034 29 *28 32 30 30 s 6S12 60 G O 60 0012 607 163., 17 16% 17 17 I/I 4 3634 37 3712 377g 373., 38 *46 48 48 *46 48 48 4 *68 69I4 *68 691 *67U 683 4 6 *5 *5 5 51" 5 12 *10 *10 111? *10 12 7 *6 012 673 ♦6 7 54 543., 5512 55 55 54 < 0 P 9 g p 0 Sales ol the Week Shares. T W O P A G E S STOCKS NEW YORK STOCK EXCHANGE Range Since January 1. On basis of U )0-share lots I.otcest Highest Range fo Previous Year (1909) Lowes'. Highest Rail.’oads 25 Fob 26 3s Mch . 20 Moll 25 Mch 481? Fob 23 72'? Mch 8 /I Do prof____ 43,825 ..tell Topeka & Santa Fe 903j J 'ly 26 124'sJan 3 "0 % Oan 120% Oct 7 610 Do pref_____________ x97 J'ly 1 1041.) Jan lu 100‘4 Jan 1963j J’ne 4,350 Atlantic Coast Line ItU._ 10212 J’lV 26 1371? Jan 6 10710 J an 1431" Aug % 6,725 Oa'timore 1 Ohio______ IC '.J Sen 6 119% Jan 8 103I- Feb 122% J iy O 250 87*4 Sep 10 94 Jan / Do pref. _________ 91 Nov 96 Apr (iso. Feb 7 82% May . 1 67 Jan 10,100 Rrooklyn Rapid Trans't. 82% J'ilO / 'anadian Faclrtc______ 17 > Feb 8 198% May25 1165 Mch 189% Oct 13,010 G '-" J ’ly 26 O 400 Central of New Jersey_ _ 248 J’ly 26 312 Jan 7 2:5 ' Feb 323'" Sep f;5f< Jan ti 48,250 Chesapeake A Ohio . . 65 Aug 2 92 Jan 3 91% Dec 100 Chicago A Alton RR_ 57% Feo 7434 Apr 23% J’ly -6 GG3.|Jan 3 Do pref__________ 64 % J nei7 70 Nov 2,820 ,'lilc Gt Wes; trust ctfs_ 19 J’lV 26 36%Jan 3 311" Dec 3733 Dec 2,800 40 J’ly 0 04% Jan H 643“ Dec Do pref trust c tfs___ i 5831 Dee 19513 Sep 29,850 Chicago M’lw A St Paul. 11334 J’1 830 163%Jan 3 141 feb 1 143 Sep ; 172% Jan : 158% Mch 48i Aug 600 Do pref__________ 3,900 Chicago A North Western 137% J'ly 26 182% Ian 2 173% Feb 198*? Aug 143 Apr 1467 A"K Chic St P Minn A Omaha 140 Apr 28 IG I2 Feb 2 §160 Apr 25 §170% Feb 18 166*" Jan Do pref___________ yu May24 3% Dec " 7 Jail 53s Jan 4 200 Clue U1 Trac ctfs straprl 1 47s Sep 28 12% Jan 4 73, Dec Do pref ctfs stmpd___ I8I.1 Jan: 70 J’ly 26 92% Mch 18 300 Cleve Cln Chic A St L . . . 8 1 Dec 3 .1 68 Jan Do pref____________ 99 Sep 14 101 Jan 16 100 Jan 51 Oct 4,000 Colorado A Southern___ 46 J 'l y -6 65% Feb ”6 08% Jan V j ’l y -7 8 ; Men 4 O 76i" Jan 350 Do 1 t preferred..___ 86 4 May 70 Aug 1 84*" Jan 731.1 Jan 1.850 ( Delaware a H udson... 149% J’ly 26 185 Jan 3 1673.1 Feb 200 2 May 200 I / e aware Lack A West. 49J J’ly 26 620 Mch2l 535 Feb 681) Apr 37% Jan 7,810 Denver A Rio Grande__ 23*4 J'ly 26 52 Jan 3 51 Apr Do pref___________ 2,155 02*3 J’ly 20 84 Jan 3 79% Jan 90 Feb Detroit United 56 Jan 45 J'ly 11 100 Duluth So Shore A Atlan 8 .| 21 “ Jan 10 J’ly 1 1 3 Jan 3 14% Nov 500 Do pref_____ 17 J’ lv .6 34*3 Jan 4 28 Feb 50,930 l^ r le ................................ 19% J ly 20 34*8 Jan 6 22*8 Mo1 39 “ J’no 1 17,185 Li Do 1st p re f... 35 J’ly .7 62*4 Metl 8 5034 Aug 36% Mch Do 2d pref________ 7,400 46 ’ Aug 26*4 J’W 27 281" Mch 15,450 Great Northern nref 118 J’ ly 20 143% Jail 3 136% Feb 16773 auk Iron Ore properties_ _ 7,650 45 J’ly 6 80i? Jan 4 65% Mch 1 Green Hay A W deli ctfli 11 Aug 10 131, Nov 18% Mch 22 881- Jan 20 971 Apr 1/ vq Feo 1 1 Do pref__________ 94D Jan 25 83% Feb flocking Valley................. 102 “ May 6 Do pref...................... ■ 1' nn 86 Feb 7 1,850 Illinois Central________ 124 j ’ly 26 147 Jan 6 137 Feb 15,600 Interhoro-Metropolltau . 1iS" Mch 1 14% J’ly 20 26% Jan 1 25% Deo Do pref____________ 19,200 3984 Mch 41*2 J’ly 26 02% Jan 12 3,345 towa Central---------------15 J'uesu 30 Jan 3 263.1 Nov 36 Apr1 3,400 Do pref________ 25 J’ly 26 54% Jan 3 48 Se9 (1 Apr 2 400 \Z C f t S A M tr cfs, pref 68 Aug 2 SO Feb 18 7 I34 Feb 82 Sep . 6,935 IVansas City Southern.. 23 J’ly 2o 44% Jail 3 37 Feb £0% Aug Do pref___________ 2,000 63 Aug 2 71 Jail 4 67% F eb 751, Aug 300 I ake Erie A Western__ 15 Jnesu 253| Jan t 291? Allg 19% Feb I-i Do pref___________ 43 Jan 1.600 Long Island____________ 69 Jan 60 J iy 1 7 1 Apr 14 0 .1 711? Dec 6,100 Louisville A Nashville... 1311} J’ly 26 15931Jan 6 r121 -'an 462*2 Aug 1,920 VI anhattan Elevated_ _ 123 J’ n03u 146 Oct C 137 Flee 153% Jan, 2.400 UAinneapoIls A St Lou% 23 J’ly 26 .1334 Jan 4 65 Jan 61 .. 665 Do pref________ 40 Seo 21 80 Feb 2 M Mch -1 2,050 Minn St P A S S M ario... 114 J’ly -0 145 Men 3 132% Jail 149% Jan Do pref_______ Do leased line ctfs____ xS6% Sep 20 ‘ 923j Jan' 3 94 Dec 89 J iy 12,200 Mo Kansas A Texas. „ 351, F'eb 27 J’ly 26 £1% Jan 6 SOI, Oct 900 Do pref_____________ 71 Feb 67 J'ly 6 74*g Jan 6 78% Oct 16,500 Missouri Pacific________ 41 J’lV 26 73*s May?3 65 Feb 77% Allg 350 \Jash Ohatt A St Louis 125 J’ly -6 139 Jail 8 122% Jan 142 Deo 650 13 at Rys of Mex 1st pref 60 Ffcb 3 71 Oct 8 41% Apr 64 Dec Do 2d pref_____ 6,520 2312 J’ly 26 33% Oct 14 21 Dec 26*8 May 26,380 N Y Central A Hudson.. 105% J’ly -6 128 Mch 9 420% Feb 1473] Aug _ 220 N Y Chic A St Louis_ 55'2 May 4 68 Oct 11 481" Mch 69 Nov Do 1st pref_ _ Do 2d pref_____ 300 N Y N H A Hartford... 149 Apr 28 162 Mch H 4154 Nov 17434 J’ne 300 Subscription receints e ai43 J nelo /R51 Mch 11 /il47i" Dec 4,400 N Y Ontario A Western. 38'? Aug 2 50 Jan 6 42% Feb 2,250 Norfolk A W estern... 88>2 J’ly 26 108*3 Mch 21 84% Jail Do adjustment pref 41,875 Northern PaclUc " HID Aug 3 133*4 Feb 410 paclUc Coast Co___ __ 100 Oct 13 1183.J Jan 12 76 Mch L Do 1st pref. . . *119 120 11912 120% 100 100 105 107 *80 n o *90 n o *9.3 115 *100 115 13034 131*8 1307 131*2 44,770 Pennsylvania . s 500 Pltt'b Cin Chic A St L_. 9712 98 *95 10034 Do pref_ _ *105 115 *104 115 148% 1501? 1497 151% 324,766 IJeadfng___ 8 86% 8612 *8612 89 100 Lv 1st pref___ . . . . . . . 993g 1,100 2d pref___________ 98 99 99 35,575 Rock Island Company__ 321S 3234 3212 33 647g 05% 6512 657 3,300 Do pref________ . . . . . s C t L A San I”.\ 1st pref.. * *59 *59 65 65 4234 4234 4312 3,750 O Do 2d pref_________ 42 3034 1,300 St Louis Southwestern__ *29 30 30 500 Do pref_____________ 681s 68I4 6812 69 H612 117/8 11734 119 65,200 Southern Pacltlc Co____ 2434 253., 26 277 17,900 Southern v tr cfs stmpds 5034 68 Do pref do 13,250 5S18 61 29 2812 29 29% 5,100 3’exas A Pacific________ _ 10 11*4 10'4 1034 6,015 third Avenue (N Y )_ 812 *7 8% 81? 500 loledo Railways A Light s 2612 27»4 277 283S 3,450 loledo St L A Western.. 5734 603g *59 60 Do pref_____________ 3,100 112% 11 2 2 *112 113 450 Twin City Rapid Transit 1* 168% 17U4 171 17234 273,560 1 [nlon Pacific_________ 93 93 93 900 LJ Do pref__________ 93 31 31/s 311., 31*2 1,200 Unit Rys Inv't of San Fr 603, 6034 *59 1,600 Do pref_________ __ 61 1733 18 1734 ISI4 5,100 \,\/abash_______ 38 38 In 38% 391 10,350 ’ • Do pret______ ,8 49*4 3,900 West Maryland R y__ 48 49 49 6S3, 70 703s 7134 2,950 Do pref....................... 533 5*8 5i2 534 1,500 Wheeling A Lake Erie. Do 1st pref_______ . 1U2 no. 11% 13 600 63., G4 3 67 3 7*8 1,200 Do 2d pref____ 56 5!) 5812 69 4,925 Wisconsin Central______ 122% J’ly -6 138% M h 9 < 89 J’ly 26 104% Mch 22 130*3 J'ly 2u 172% Feb x85 Aug 24 93% Feb 87 J'ly i 0 110% Jan .1 22% J’ly 20 671 Jan 92% Apr 6-1 J'ly 2 / 58 Aug 11 /3 Jail 3-1*2 Aug 2 60 Jan 1SI2 J’ly 26 34% Jan 5 ll2 J’ly .6 7/%Jau 10314 J’ly 26 rl38Li Jan 13 J’ly 26 3334 j atl 76 Jan 43 J’ly 26 .J 221? J’ly 26 863 Jan S u J ’no 1 19% Jan 512 J’K '■ 1534 Jan 19 J’ly 26 643s jan 4 234 J’ly 28 72% Jail 101 J’ly 26 U7%Jan 152% J’ly 2o 20434 j an 83% J’ly 26 1033.1 jan 2 ,1 2334 J'11030 4 1 Jan 72% Jail 47 J'no.i 12*s J’K 2.) 273.1 Jan 61 Jan 28% J’ly 26 40 J'ly 26 £4'%Mch 07 Allg 16 7l34 Oct 3 Apr 2s lo Jan 8 J’ 1 030 23 jan 1 4 J'ne30 13% Jan 44 J’ly "6 59 Oct 126% F'eb 86% -Ian 15U4 Sep 997g Deo 118 Feb 173:| Sep s 89 Mch 96 Aug 90 Feb 117% Deo 3 20% F'eb 81 " Deo 9 67% F'eb 9434 Deo 6 05% Mch 6 36 Feb 6034 Sep 3 20% Feb 3 47% Jan 4 114*8 F'eb 3 22 F'eb 34 Aug 3 60 Jan 75% Deo 3 30 Feb 40*2 Aug 7 12% Deo 42i" Jan 12 7 May 153s Jan 4 43 Feb 5473 Oct 4 6434 F'eb 74*i Jan 3 97 Jan 116% Dec 3 1721" Feb V 194 Mch 118*? Aug 3 30 F ’eb 8 50% Feb 77 Sep 3 15 F ’eb 41 Feb is 11 3 12 11 „ : 3 13 357" Jail rt-i/g Apr B AN K S AN D TR U ST COM PAN IKS— iR'ONKRS' OU’O i'A LIONS. BA AS* \ Ranks Hid Aik Md A i< BU i A sk Ranks mu Ask Ranks Ranks Ranks ihatham . . 310 320 FI th ......... 300 350 frying N Ex 200 210 Mutual 1 __ 285 295 Frod Exch 1 1 175 ISO Chelsea Exl 200 ____ first ______ 835 240 855 leircrsonl].. 185 Nassau 1i__ 575 600 Chemical . . 425 4 iO 14th StH__ 150 155 Liberty___ 625 New Neth’r 210 220 l ___ Citizens’ Ct 150 230 160 Fourth___ m e Lincoln___ 400 425 New YorkCo 900 ____ Gallatin_ _ 320 340 danliattanl 315 330 New York. 315 325 100 i 16 City_______ 385 115 125 Coal & Iron 150 Garfield__ 290 300 vfirk’ t&Ful 245 250 N’ ht *Day1 200 215 ] 375 __ _ Germ-Am 1 140 15) Colonial H.. 409 \Iech &Met's 235 245 19th Ward. 250 12th VVard 300 _ _ Columbia D. .. 425 Germ’ n Exl) 4S5 505 dercantlle . 150 160 Northern . . 105 | 195 205 Commerce . 1202 1201 Germania 1 . 55) 566 \Ierch Exch 160 170 PaclficH----- 230 240 155 Gotham . . . 150 16 1 Corn Ex 1)._ 307* ■ 155 Merchants P ark_____ t352 180 182 Wash tl'ts 1 140 145 East River. 115 ] 125 Greenwtcn 1 255 265 Metropolis 1 390 410 Feople’s 1|-. 250 275 j 170 175 fidelity 1|__ 165 _ 610 625 Metropol ’ni 200 210 Fhenlx___ 100 175 Hanover_ Vorkvllie 1 % 425 41 1 fifth A veil1 4090 4750 Imp & Trad 540 569 Mt Morrl-ifl. 250 26" Piazalj____ 625 200 •HiU ana a .ted pi ces: no sales were made on tn s i r v,,f V \ ,, *^esstnan IJJ snares, ilscato oan.ts. a Cx-divldpud and riguts. u >M T cw (Sale at Stock Exchange or at auction this week U hirst Installment pajd n Sold at private sale at this price, s 2d paid. u lid paid. K iO 100 Ask 165 105 IA S 275 2' 9'd " 71 ta 165 65) 5.i0 4*25 ” 140 O c t . 15 1 91 0 .] New York Stock Record— Concluded— Page 2 STOCKS—HIGHEST AND LOWEST SALE PRICES. Saturday Oct. 8 . Monday Oct. 10. Tuesday oa. 1 1 . Wednesday oa. 12. *250 *250 §251 251 *81- 10i: 10 10 10 *3234 3434 34 *32 35 4 65 66*8 G > 601 G 8 663g 671 6r8 40 46 4614 46t2 461 4634 .1 *100 105 *100 ___ *100 381j 3 J 8 3914 393) 39 <7 3958 *9212 0412 *921- 94i2 *92 9412 *77g 8*8 8I4. 81 87g 81 *68 69 681- 69I4 69s8 70l8 48*4 49 4S38 4838 49 5014 *114 11412 *114 114*- 1141- 11512 64 64 641- on, 65 67>4 *10312 ___ *1031- . . . *1031- ___ *235 270 *235 270 *235 270 *41g 43i *414 434 *41.i 434 *2 U2 221- 2U- 2U2 2134 221g *18 1812 §18 — *18 181 1234 *11 *11 *11 1212 3334 *30I2 331 *31 *31 3334 3634 37lg 3678 373 371- 3712 103 10314 *102 105 *10212 104 *4 5 *4 5 *414 5 *30!2 39 *3012 32 *31 33 87 87 *87 88 87 87l4 6914 70 6938 7O4 70 707g I *1011- 102I2 102 102 1021s 10212 *240 ___ *240 ___ *240 ___ *100 10H2 *100 10U2 *10 0 i d u 2 *43 44 §4312 431 4312 4312 11512 116 116 11034 *116 118 *112 118 1151- 115*2 116 116 13712 13778 1373s 13758 13712 1383s 9412 9412 *93 9412 §94U 9414 *2912 3034 *291- 3012 30 305 8 *941- 96 *941- < 0 2 *9412 97 J1 403S 4012 4038 40!2 401- 41 *26 2812 *26 28 *271- 28 *57 591- 5S38 5838 585 58Sg 8 *13312 135 §133 133 135 13518 1U2 1112 1K> 11S8 12 8 12 *2912 3O4 *30 3014 30 I 30 341- 34& 3418 341- 347g 36l4 s *1041- 105 §10514 10514 10434 105 33 33 33 3314 3314 34I4 512 Sl2 *5 7 *512 6 13338 13334 13334 1337g 1337s 1341 *151- 1578 *1514 157g 157g 1634 *75t2 77 *7512 7634 7612 771 ♦60 64 *60 ‘64 ' *60 64 2918 2918 *29 3d4 30 3O4 I *20 40 *20 1978 21 40 *50 67 *54 601- 0012 62 15034 15034 151 I 5 II4 15112 15212 778 8 778 8 77s 8 99U 9914 99 99 O I4 1031 9 *120 122 *120 122 121 121 *5i8 5 1 *51S 512 *5lg 512 ♦1634 17l8 *1634 1 1 7 .8 1714 1738 * 1112 12 * 111- 12 12 123g 51 517g 513.J 521 51 51 *4134 4212 *411- 421- 4234 4234 *83 85 *83 85 " 85 85 ♦991- 100 100 10034 100*4 IO2I4 93*8 9O4 961- 98 I 963.1 9078 *76 77 77 7 3 S .| 7 1 78I4 8 .1 *10914 111 *1091.4 111 *1091.1 110*4 $122 122 *121 122 *121 122 *10'4 1712 * 101.1 1734 17 17 *82 87 *82 87 *82 87 55% 55*8 55*- 56 57 56 ♦103 105*4 *103*4 1033.1 *103 105*4 20 4 20*4 201 20*- 20*s 20*4 78 *74 78 *74 78 *70 ♦60 68 68 *06 68*2 68 4 31 31 31 3 U2 31*4 313 42 43*4 43*4 42*8 43 42 1071- 107*2 107 107*. 107*8 10812 92 92 93 9312 93*- 93118 *17 17*2 1778 17-g 18*8 69 *08 69 *68 68*4 69 34 *34 33*4 33*4 34 34*4 *96 98 *95 97 96 97 ♦161 103 *101 163 163 106 *2 3 *2 3 *2 3 3 5 *27g 5 *278 5*8 *27 *3334 34 34 34 34 34H *93 99 *93 §99 99 99 *3U- 32*2 *3U2 33 *31*2 32*4 94 94 *92*4 94 95 *92 54 *51 53 52*- 52l2 53 *105*4 114*4 *105*4 114*4 *105*4 114*4 35>4 35*2 35*2 3 (3 35*4 36*8 134 134 135 136 136 137 *85 90 95 90*8 90*8 *85 *8 9 *7 8*4 *8 9 ♦54 69 *54 591- *54 59 *100 102*2 102*2 10212 *103 104 *103 105 *104 105*4 *104 105 *15 16*2 *15 16*2 *15 1612 *53 67 *53 67 *52 57 *100 n o *100 n o *100 n o ♦67 69*2 *07 69*» 69*- 69*2 *6 '7 *2 *6 7*2 '7 *2 *6 *15*4 25 *15*4 25 *15*4 25 *35*2 36*2 36*4 36*4 36*4 36*s 109*4 109*4 111) n o *109*2 112 *70 74 *70 74 *72 74 69*| 70*8 697s 70*4 70*8 71*8 118*8 11812 118*4 1181- 118*2 11834 49*2 49*4 49*2 497, 49*4 50 60 00-8 60*1 60*8 G 0*a 6112 ♦122*4 12-1 *122*4 1241- 123 123 *48 55 *48 56 50 50 *160 75 71*2 *124 105 100 §1601- *158 75*4 741- 75*8 74*4 71 71*2 70 70 125 *124 125 *124*2 Ht U 375 £90 415 225 __ Ask 110 155 310 125 115 245 150 ::70 Sales ol the Week Shares STOCKS NEW YORK STOCK EXCHANGE Range Since January 1 On basis of \W \-share tois Range tor I’rcvioxis Year (1909 Highest Highest l i d u s l r i . f u iH is c c I la .:c o u . *251 10 A d a m s E x p r e s s ________ §249 .I'nei; ’>270 J a n £ 19 0 J a n 250 Nov 10 10 *10 400 ( 1 . l l i s - C h a l m e r s _________ IOI4 71- J’ly 2 15 Jan 3 1234 F e b 16*8 Aug 35 35l8 341- 35 600 H o p r c i ____ ; 7 Aug _ 5434 Jan 38 F eb 67*2 Nov 07'4 68-8 68I4 6934 74,100 A m a l g a m a t e d C o p p e r ” ’ 55*r, J’ly 13 9034 J a n 65 F e b 66*8 Nov 4034 47-g 47 4,172 A m e r A g r i c u l t u r a l C h e m 47-8 35 J’ly 26 49 J a n 16 33*2 J a n 50 Aug *85 105 *80 105 H o p r e t . _______ oyi4 Apr 10 3 Jan 1 95*2 J a n 103 Aug 391 39”g 38*4 393g io' goo A m e r i c a n l i e e t S u g a r 24 j ’ly 26 4 / i4 J a n 16 491- Aug 20*4 J a n 9 411 9414 94 H o p r c t _______ 94 300 89 J’ly 27 65*2 J ’n e i 82 Jan 98 ’ Get 9 &S 9 7 67s J ne.ji 914 5,450 A m e r i c a n C a n _____ ) J i8 J a n 7 i2 F e b 15',8 NOV 70*3 71 H o p r e f _____ 3,070 7 * 8 71 0-> 62 J’ly 26 8 1*2 J a n 7U - F eb 86 J’ne 501 52 52 53U 8,650 A m e r i c a n C a r & ' F o u n d r y 39G J’ly 2o 7 2 ' 8 J a n 441J F e b 761- Nov 1151- 116 *115 II 6I4 1,100 H o p r e l ________ 109 J'neao 120 Mch I243J Aug 107*2 F e b 66”8 673g 67 671 .1 4,280 A m e r i c a n C o t t o n d i l l ” 62 Ig j ’ly 26 6914 M c h 42*s J a i l 79*4 Nov 107 107 H o p r e l ____________ 100 101 Feb 1 1 0 7 O c t 13 9S Jan 107*4 Nov *235 270 *235 270 A m e ric a n E x p r e s s §235 Aug 3 : .1:. J J a i l i§205 F eb 314) H e c *41.1 5 *414 434 A m e r ic a n H id e & L e a’t h e i 3 1 - Sep 13 8*8 J a n 6*4 F e b 10 Sep 223S 22I2 2278 233g 1,600 H o p r e f ___ — 19 Sep 8 4 H g J a n 31 F eb 51*8 Aug 19 450 A m e r i c a n I c e S e c u r i t i e s ” 187g 19 19 10I2 j ’ly 26 29*4 M c h 1878 J a n 42*4 Apr *11 1212 *11 A m e r i c a n L i n s e e d ___ 13 10*8 J'ly 27 1734 J a n 12 Feb 20 J’ne 331; 34 H o p r e f ___________ ~ 34 343.1 1,050 25*2 J’ne30 46?8 J a n 29 Jan 4734 J’ne 39 39 3912 40 3,000 A m e r i c a n L o c o m o t i v e ! 29 J’ly 26 6 2 i2 J a n 49 Feb 69*4 Aug *103 106 H o p r e f _____ 105 105 300 102i2 Aug 6 1 1 5 J a n 122 Aug 109*4 F e b *4 434 47s 5 300 A m e r i c a n M a l t C o r p ! ! ! ’ 4 Oct 1 8 Feb . 11*2 J’ne 5*2 J'ly 32lg 321g 323.1 3312 H o p r e f ______________ 2 850 28i2 J'ne30 4 8 M 38 Nov- 59 Sep *87>4 88 8758 875S 700 A m e r S m e l t e r s S e c ’ p r e i ’ ll 82 j ’ly 23 90^8 J a c h 21 n 80 Jan 9238 AUg 7H8 73*8 7314 7412 51,800 A m e r S m e l t , n g & R e l l n i n g 6l3g J'ly 2t 10 4 J a n 3 7734 F e b 10512 Nov 103 103 H o p r e f ____ _ 104 104 900 88*4 J’ly 26 112 * 4 J a n 11634 Aug 10 1 Jan *240 300 *240 300 A m e r i c a n S n u i r _____ 277 Apr 4 2 t 5 A p r 27 22 5 Mch (285 Nov *100 10U2 *100 10U2 H o p r e f ___________ " ! 95i2 Jan 13 1 0 1* 2 S e p 95 Mch 105 May 44 4112 *4412 45i2 450 A m e r S t e e l F o u n d ( n e w ) 38 J’ly 26 66 J a n l o 347g F e b 66*8 Nov 117-s H758 118 11818 1,900 A m e r i c a n S u g a r R e f i n i n g n ils Oct 1287g F e b 18 1153g N o v 136*8 Sep 11512 11512 11518 116 H o p r e f ____ 800 112 Oct _ F eb N 131 Apr 138*4 13914 138l4 1391.1 7.300 A m e r i c a n T e i e p t i & T e 'le g 12634 J’ly 26 1 2 4 F e b 28 118 F eobv 145*8 Sep 143-% 21 125 9334 9334 dm.. J’ly 9ft 210 A m e r i c a n T o b a c ( n e w ) ,p l 90*2 .1*1tf 26 9934 M c h 1 y o i- F e b 104 May 31 “ 31 1.300 A m e r i c a n W o o l e n _______ 31 313, 25*8 J’ly ' 39*2 M c h 18 26 F e b 40*2 Aug 95I4 9514 96 200 H o p r e f , __________ * ” 911- J’ly 90 93.14 J a n 104 M 4073.4 41 411 4U2 4218 7.100 v A n a c o n d a C o p p c r Par%2 5 1331- J’ly 26 5 5 4 J a c h “ $ 3734 F e b $5433 J’ne n Heo 28 29 29 29?8 5,800 l > e t h l e h e n i S t e e l ________ 21 J'n03l 34 Jan 1834 Mch 36*4 Sep 583.i 5934 59*8 593j 1.100 * * H o p r e f ____ 49 Aug 10 6 5 J a n 19 . 47 F e b 69*2 S e p 136 137 13834 13334 720 B r o o k l y n U n i o n G a s ’ 125 j'l y 26 104*2 J a n 118 Jan 464*2 Oeo 12 12 700 B r u n s w i c k T e r m & t t y S e t 12 12 8 J’no-9 18*g J a n 17/8 D e c 19*2 Heo *2978 30U *297s 3O4 100 B u t t e r l c k C o . I 28 J’ne 8 3 3 J a n 237g J a n 37 Nov 14,120 l e n t r a l L e a t h e r ! I ! 36l8 36-8 36*4 37 2514 J’ly 26 4834 J a n 25*2 Mch 5 13 4 O c t 105U 1051 *105 10534 1,040 • H o p r e f ______ 99*4 J’ly 27 109*4 A l r h 9934 Apr 1 1 1 S e p 3412 3512 3533 357g 6,700 C o l o r a d o F u e l & i r o n 22*2 J’ly 26 £0 J a n 29 F e b 53 Hec 200 C o l & H o c k C o a l & I r o n " *5 6 51- 512 3 Sep 12 9 212 J a n 213» F e o 91*2 Heo 13414 136«4 1351- 13634 30,030 C o n s o l i d a t e d G a s <N Y ) * )22 J’ly 26 lOo-ig J a n 114*2 F e b 165*4 J a a lo rn P r o d u c t s R e ll n in g .! 1738 9,930 10l2 1714 17 111- J ue30 23*4 J a n 16*2 F e b 26*2 J’ne H o p r e f . . . __________ 7838 79 800 703 J’ly 26 803g J a n 8 79 79 73*4 F e b 93*2 J’ne *60 105 C r e x C a r n e t __________ §62 64 55 Apr 26 6 212 F e b 25 64 45 J a u 63 Heo 25*4 J’ly 26 3024 J a n l o 32l8 2,600 U l s t l l l e r s ’ S e c u r i t i e s C o r p 30'4 32ls 32 32i2 F e b 41*2 Jan Federal Mlnlnor A Smnte 20 1,000 F e d e r a l M i n i n g &- S m e l t ’ . 19?8 Oct 11 60 M c h 21 *16*8 20 55 Mch 95*2 May H o p r e f _______________ 591 591 *55 2 200 48 Oct 3 88 J a n 6012 SO Feb 94 Aug 15212 1533,} 15334 155I4 4,100 G e n e r a l E l e c t r i c ________ 134 J’ly 26 l o o ’ s J a n 45013 F e b 17234 AUg 734 8 77g 8 10,930 d G o l d l l e l d C o n M .P a r $ 1 5 {7*4 Oct 14 89*4 Sep 103 10512 106 11034 22,060 ” n c H a r v e s t e r s t i t t r c t f s s83*s Feb 8 126<2 j an 16 '5 5 " “ « ia o Hit)’ Heo 122 122 H o p ref s t k tr c tfs 122*8 12218 550 zll7 A ugll 1 2 9 J a n 109*4 J a n 128 Heo *5'8 51 *5*8 51I n t M e r M a r i n e s t k t r ctits 4*4 J’ly 25 7 1-Jan 9 Oct £3S j;;y H o p r e f ______________ 1 ,8 175g 1753 173i 1,000 73 12-s J’ly 26 2438 J a n 1834 J ’ l y 27*8 Jau 1214 I 2I4 12U 13l2 3.500 I n t e r n a t i o n a l P a p e r ! ! ! ! 9 J’ly 1 1 6 J a n y i 2 Mch 19*4 Jan 5234 52‘ 531 54l2 3.700 H o p r e f . . _________! ! . 41*- J’ly 26 O H - J a n 4734 Mch 69*4 AUg 4334 4412 1,860 tnternat Steam Pum p!” 43 44 36*8 J’ly 26 54-8 J a n 33*2 F e b 54*2 Nov 851 8512 8514 8514 .1 H o p r e f ______ " 410 781- j ly 26 9034 J a n 17 8 2 i2 J a n 91 Sep 10212 10234 102 10212 6.700 L a c l e d e G a s ( S t L ) c o m ! ’ 93*4 j ’ly 29 116 *2 J a n 16 404 J ’ n e 113*8 Hec 96 97 97 97 4.500 d a c k a y C o m p a n i e s 79 •J’ly 20 9 8 O c t 10 70 J a n 05*2 Noy *76 78l2 *751,i 7812 520 H o p r e f _________ 71 O 6912 J a n 77-8 Heo 1103,i 1131s 11234 H 3l2 3,300 , „ a t i o n a l B i s c u i t ___ ! _ ! 100 J’ly 27 l l78^4 J acnt 1 U Aug 6 a 9 6 i2 J a n 120 Sep N Ho n rret___ 122 122 1 122 H o p et . ----320 1 ’ 11834 J’ly 6 1 2 5 J a n 17 4 1 8 1 2 J a n 130 Sep *16 18 1712 17l2 200i Nat Enamel’g & Stamp’g 14 Sep 17 28*2 Jan 3 125 S F e b 30*4 Heo *82 87 . I Ho pref_______ *82 87 85*2 Mayi3 96*2 Jan 18 82 Jan 99i2 Sep 5712 6O4 60 I 60*2 7,560 -National Lead___ 48*2 J'ly 26 89-8 71 1 4 94 AUg *103 IO5I4 1041- 104*2 1901 Ho pref-------------------- 10i34 J’ly 20 110i2 Jan 17 10234 F e br 113*4 Aug Ap Jan 201- 2H8 21 21*4 17,200 JNev Cons Copper-Par $5 517*2 J’ly e J2is8 May 16 78 — 1.025 New York Air Brake.. 791 79 79 69 J'ne c Jail 80 Feb 97*4 NOV 681 693S 68 6884 1,200*North American Co. new 63 J’ly 6 95*2 Jan 3 72 Jan 871, J’ne 84 3134 3214 317S 323S 1.700 p acific Mail_____ 22<8 J'ly 26 43*4 Jan 29*8 Feb 48*2 Nov 43 42 43 42*2 1,630 1 aciilc Telep & Te’le g " 30 J ’ly 25 46*4 Jan 4514 Nov 64 Oct 10812 109 109*3 109*4 3,700 People’s G L & C (Chic) 103 J’ly 26 11638 Jan 4011, Jan 120 Aug *9212 931- *901- 93 600 Philadelphia Co (Plttsb’h) 84 J’ly 6 100i2 Jan U 2 Dec 103 Dec 9> 19 20*2 4,000 Pittsourgii Coal Co......... 193S 20 13 J ’ly 26 2734 Jan 10 Apr 29*8 Nov 69 Ho pref______ _ 697 x70 8 70-8 1,300 60*4 J’ly 26 40 Feb 87I2 Heo 355g 36l4 1,400 Pressed Steel Car_______ 25 J’ly 26 85 Jan 35 30 3012 Feb 56 Aug 5178 Jan 9034 9034 9634 9034 730 Ho pref____________ ! 90 J’ly 27 107*- Jan 96 Feb 111*4 Aug 165 166 *164 166 1,900 Pullman Company______ 155 J ’ne-9 200 Jan 169 Jan 200 Aug *2 *2 3 3 ■.quicksilver Mining______ 2 Sep 2u 15g jan 3’g Apr 5 9*8 J'ly *27s 5 *27g 5 Ho pref_________ ____ 27g Aug 2 57g Maytl 3 Men lo May 3414 3514 36 383S 3.200 |>ailway Steel Spring.. 28 J’ly 26 617S Jan 3 321- Mch 541- Aug *93 9334 9334 99 150 l L Do pref___________ zl)0*4 Sep 7 107 Jan 17 9773 Feb 109 - Aug 333g 331 3434 4,800 Republic Iron & Steel_ 33 _ 27 J’no 4 4578 Jan 3 lots Feb 4912 Sep 95 9538 951 96l2 1,000 Ho prof_____________ 8234 J’ly 26 10414 Jan 3 67‘s Feb 110*4 J’ly 54 54 541S 5534 2.200 Closs-Sheffield Steel & Ir 43*2 J’ly 30 86i2Jan 3 . _ , 68 Feb 94-8 Oct *105 IHI4 *10514 H 4I4 Do pref___________ 114 J’ly 5 11S34 Feb 1 407*8 Feb 120 Sep 361.1 37I4 361- 371, 2o!ooo dTennesseeCopper Par$20 $1934 J’ly 26 $40-8 Jan 8 {33*2 Oct $49 Jau 13612 13612 1371- 13712 700 Texas Co (The)_________ 134 Oct 7 13S34 Oct 4 *90 95 *85 95 600 lexas Pacillc Land Trust 83 Feb 8 95 May 13 ’ sOiVFeb '«3'Vj"iy* 8I4 812 81S 8lg 300 nion Bag & Paper____ 6 J’ly 5 1314 Jan 10 914 Feb 15*> J no *54 59 59 *54 Ho pref________ __ 55 J’ly 15 73 Jan 1 7 66 Jan 8 U4 J’ne *103 104 *102 104 100 United Hry Goods Cos. 96 Aug 2 122 Jan 8 115 Oct 125*2 Hec 105 105 *10434 10612 100 Ho pref_____________ 2 4 Deo 16 16 16*2 17 1,615 U S Cast I Pipe & Foundr 99*4 Aug 21 113/gjan 3 rl09 Sep 114 J’ne 32 Jan 24*8 Feb 14*8 J’ly 35*2 5734 5734 56 56 263 Ho pref_____________ 49 J’ne 28 84 Jan lo 70 Mch 87*2 Aug *99 110 *101 110 United States Express.. 95*4 Feb §111 Deo 70 70 500 (J S Realty & Iinprovcm’ t 6434 J ly 26 145 Jan 10 691- 70 J’ly 26 84i4 Jan 4 Feb 87 Sep *6 8 *51- 8 U S Reduction & Rellning 4 J'ne-7 11 Jan 1 4 Mch 17*2 J no Ho pref____________ ♦1514 25 *15*2 25 13 J’ly 8 19*2 Jan 3 Feb 39*2 Aug 373.1 38*4 3,300 United States R u b ber.!! 33 37 27 J’ly 26 62i2 Jan 3 Feb 57*8 AUg 11178 11212 xl097g 111 1,200 Ho 1st pref______. . . . 99 J'ly 26 110i2 Jan 10 Jan 123*2 Aug 274 75 700; Ho 2d pref__________ 74 74 59U J’ly 27 84 Jan 3 67i2 Feb 89*)> Aug 715g 735g 73*4 757g 549,475 United States Steel_____ 61*8 J'ly 26 91 Jan 3 41*4 Feb 64*8 Oct 1187g 120 1193.1 120*8 75,800 Ho pref_____________ 110*2 J’ ly 26 125*8 Jan 3 107 FeD oct 493g 50*4 50 507g 36,249 dUtah Copper_ Par Jio t$393g J'ne30 56O4 Jan 6 $39*8 Feb m _ I $67*4 Nov 6 U2 617g 615S 62 14,785 Virgin a-Carol|na Chem.. 47 Feb 3 62*- May27 40*g Feb 56*s Deo 310 123 124*2 §12412 124*2 Ho pret_________ 117 J’ly £8 Jan 4 *54 59 220 V rginla Iron Coal & Coke 50 Sep 24 129*4 Jan 8 114 Jan 128 Dec 69 59 73 67 Feb 75?8 Sep Vulcan Detlnnlng_______ 15 Feb 4 §25 Jan 15 6 Feb 37*4 Nov 320 105*4 1651.1 165 105 ells Fargo (c Co......... 152 Feb 8 al95 Jan 4 300 Jan 670 Deo 72*4 7438 6,200 743g 75 estern Union T eieg.. 58 J’ly 20 781- Mch < 64 Feb 85*4 Nov 72 7234 7U2 73 6,100 Westlngh’ seEl&Mfg assen 49*2 J’ly 26 821-Jan 3 74 Feb 90 Aug 12412 12412 124 124*2 500 Ho *st nret__________ lli) May 3 130 Feb 24 110 Mch 145 Sep U 165 74*4 71 125 Banks lirooklyn Nat C ity.. North Side | People's ...' Prosp’d l'k i Terminal U Friday Oct. 14. *250 W BANKS Banks Lirooklyn Broadway 1 Brooklyn 1,. Joney Isl’df First _____ HlllsldeU... Homesteadl Manufac’rs' Mechanics’1 Montnuk . . Nassau___ Thursday Oct. 13. 1009 A N O T R U S T C U T P A N IillS — H A N K E R S ' Q U O T A T I O N S . Ht U Ask i ru st C o ’s 290 150 158 *50 305 180 C a r n e g ie . . C e n tra l T r . C o lu m b ia . . C o m m e r c ia l C o m w e a lth — I rust Go's N Y City A t o r ......... 330 B a n k e r s ' T r 620 B 'w a y T r . . 145 109 90 350 650 150 N Y City Hid Ask 100 1000 275 no 120 150 300 455 1050 £05 F ulton___ 290 E m p ire_ _ E q u lt ’ b te T r F a r m Lo&’l F i d e l i t y ___ 285 130 310 1075 210 lrust Go’ s Guar'ty Tr Guardian Tr Hudson . Knickerb'kt Law T l&Tr Lincoln Tr Madison . . Manhattan Mercantile . Metropol't'u Mutual___ Mut Al*ncc Hid 800 170 £85 250 :oo 375 700 510 13 1 120 Ask 8i0 180 180 295 £60 140 400 740 620 1rust Go's N Y L ife & T r N Y T ru s t. Savoy_____ S ta n d a rd T r T lt le G u d s T i T r Co of Am U n io n T r u s t U S M tg & T r U n it S t a t e s . W a s h in g to n W e stc h e ste i W in d s o r . . Hid 1100 Ask lrust Go’ s 1120 Hrooktyn 650 B r o o k l y n T r 105 Citizens'_ _ 410 F l a t b u s h . . 500 F r a n k l i n ___ ' 325 H a m i l t o n . . 1350 H o m e _____ 470 K i n g s C o . . 1200 L 1st L & T r (j25 90 400 490 315 130J 460 1175 375 150 160 12J ^130 410 20 ’ ' ’ 'u 200 270 105 500 300 165 425 140 220 225 280 no 3’1’a " 175 315 125 100 ♦Bid and aikod pr.ces: no sales on tins day, 4 Less than 100 shares. * Ex :-r|ghts. * New stock c Ex-dlv an 1 rlgh’,3. ci Now quoted dollars per share, i 1 tSale at Stock Exchange or at auction thU week, s Ei- stock dlvldead, 1 Banks marked with a nararranh fth -r., h,ni,< 245 130 N assau . . . . People’s __ yueen i Co. W tllt a r a s b ’e 300 115 New York Stock Exchange— Bond Record, Friday, Weekly and Yearly Jan. 11909, t h e E x c h a n g e m e th o d o t q u otin '/ b o n d s w a s c h a n g e d , a n d p r i c e s a r e n o w a l l — " a n d i n t e r e s t " — c x u p l l o r i n c o m e a n d d e f a u l t e d b o n d s . bunds hs-s N. Y. STOCK EXCHANGE ' ~ S W kkk Ending out 14 5. ® lb-ice Friday Oct 14 Week,’3 N Jianye Jianye or ! I Since January Last bale «; - * Hid Jliyh A'o Low Hiyh t . s . <'oveniiiiem I A s k \.Lout 100 * ! 6 100 % 101*4 4 U S 2a consul registered.<11030 Q-J 100% 101% loo l * U 3 28 consol coupon....(11030 Q-J 100% 101s 100*4 J’ne’ 10 . — 'ilOo*, 1O *4 102 I 1 101% 102% U S 3s registered.............ZclOlS Q-F lol% 1023s 102 i U S 3s coupon................... fcl918 101% 102 V 102 Sep '10 ....! 101% 103 101*4 J 'iy ’ 10 . . . . " 102 % 102 % U 8 3a cou small bonds../C1918 -j 114% 116 114 * Aug'10 -— ,114% U5% U 8 4s registered................1025 115 115% 115% Sop’ 10 ....111 14% 115% U 8 4s coupon.....................1025 100% 100% US Fan Can 10-30 yr 2s.fcl936 Q-N 100% 101% 100% Aug'10 SI ;S? Foreign t.overimient Argentine—Internal 5s ot 1000 11. S Imperial J apanesu Uoverum'il Sterling loan 4 %s..........1025 F-A 2d series 4%s...............1025 J-J Sterling loan 4 s ........... 1031 J - J Repuool Cuba 6s exten debt..'M-8 8an Pauio(Brazil) trust5s 1010| J-J U 3 ol Mexico s 1 u 6s ol 1800,Q-J Gold 4s O 1004...............1054 J-D l J2 State and City Securities N V C ity -4 % s ................. lOtiOl . . . . 4% Corporate Stock...... i960 M-N 4% Coruorate fttook_ 1058 M-N _ New 4 % s ........................ 1057 M-N New 4 % s........................ 11>17 Al-N 4%% Corporate Stock ..1057 M-N 4 %% assessmt bonds___1017 M-N 4% Corporate Stock__ 1057 M-N N Y otate—Canal Impt4s. 1000 J-J Bo Carolina 4 na 2O-4U.....1033 J- a Teun new settlement 3 s ..1013 J-J: Virginia tunddebt2-3s...1001 J-J 6s deterred Brown Bros otts. 4 t 963 07% 963 4 t 04 4 Sale 1 93% Sale 89 89% 1 i 03 ... t 07 07*8 07 ... 04% 04% h ese a r e p r 07 94% 04% 03% 04 % 80% 89% 103 103 07*8 07*8 07 %Oct ’ 10 _ 04% Sep *10_ ices o n the b asis 93% 97 94 06% 03% 05% 8* 0% 8s 2 lOl*, 104 1105 07% 06% 09% 04*4 07% ol s 5 to &. j> 101*4 Sale 101% 101% 09 H sale 9 j % i 00 % 00% 00% 108% 108% 108% 108% 102-ilo3 102 %Sep ’ 10 108 % salt- 108% 108% 102 % In3 103 Sep ’ 10 09 % sate 00% 90% .......... 1043 104% 104% 4 ........104 lu3%J’l y ’ !0 05% 06% 06 Got ’ 10 ........ 88 00% Jan ’ 10 40 47 43 43 J00 101% 06. 100% 00% 100% 105% 100% 102% 103% 1U6*4 110 102% 103*8 96 s, 100 % 101 * 105 4 103% 103% 04% 00 00% 00% 40 56 R ailroad a luuama Cent See So lty tJ laba Mull sea A t Coast Bine L Albany & susa See liei<fc Hud ABegiieny Valley See Penn Bit AUeg & West See Bull It & P 78 78% 78 78% 74 83% Ann Arbor 1st g 4s........ A1090 Q-J 00 % Sale 00% 100 Aten X < 8 Fe—Gen g 48.1005 A-Q & ----07% 101 07% Uegislered.....................................1005A-O ...... 08 J’ne’ lO 08 100 Adjustment g 4a........../ilOOS.Nov 01% 02% 02% 02% 88 05 Registered............................. A1006 Nov ..................... 02 Jan’ 10 02 02 Stamped.................................. /il995 M-N 01% 02% 04% 02 02% 106% 105 117 Cony 4s issue o( 1009... 1056 J-E *.........105% 105 100 122% Conv g 4».................................... 1066, J-D 106% 107 105 Sale 08 104% Conv 4s (full pd recta).. I960 0-D 162% 103 102% 102% 1“o v ’ lou% 10-year couv g be .................. Ial7 J-lr sale 108% 100% 79 lu 4% 122% Deuenlures 4s Series J . 1012 F-A 08% 08% 08% Jilh’ iO 08% 08% 08% Feb’ 10 series K ..................................... 1013F-a 02 ........ 07 A pr’ io 07 07*4 East Okla Div 1st g 4 s..1028 M-S 02 04% 03% 04% 03% Get ’ 10 : Short Bine 1st 4s g ................. 1958 J-J 107% 109% b DePresifc Fll istg 63.1942 M-S U8%109 107 % J iy 'lo Atl Knox < N See J><> N & LS I 92 06% Atlantic Coast 1st g 4s.A1052 M- B 90 96*4 96% O ct’ 10 Ala Mid 1st gu gold Os ..1028 Al-N 106%...... 109 S e p ’09 04 ...... 06% J ’ue’O O : Bruns* V 1stg u g 4 s ..1038 J-J V Charles* Say 1st g 7 s ..1030 J-J 128 ...... 03*4 02% 03% 83 80 05% L * N coll g 4s........................... 01053Al-N sale Sav F * W 1st gold 0s..1034 A-u 122% ...... 127 J’no’oo 112 112 1st gold 6s................................. 1034110%........ 1 1 2 Mar’ 10 A-O 05% ... 05 J’l y ’ 10 05 07% 811 Sp Oca * G gu g 4s ..1018 J-J Atlantic & liany See South By AuBtiu * N W See Sou Pacuio1 92% 02% 90 03 B a lt * Uluo prior Ig 3 %8.1025'J -J 02% 03 0 1 % Oct '00 Begistered................A1025 Q-J Gold 4s ........................... A1048 A-O "00* sale 00 0 7 % ib'6% 09*4 06 00 -t Begistered................. A1048 Q-J . . ... . yp% 06 % J’ly ’ lo Pitts June 1st gold 0 s ... 1022 J-J. 111 % ........ 120 o c t ’01 87% 88% 87% o ct ’ 10 87% " 89**a P J u n * M i m Istg 3% sl025 M-N 02 02 % 80 03 P E E * V VaSysref 4S1011 Al-N V 00% 01 80 02\ 01 91 Southw Eiv 1 stg3% 8...1025 J-J 8 0 % Apr’ 10 80% 00% Begistered................. AI025 Q-J 103 103 Oen umo B 1st og4%s..ll>30 M-& 08 ........ 103 Mar TO 110 no n o 113% Cl Eor * W cou 1st g 6s 1033 A-O ........110 Mouou Biy 1st gu g 6 s.. 1010 F-A 101%........ 105% Feb'07 Ohio Blver BB 1st g 5s.l030 J-D 102 % ........ 112 Deo’09 General gold 5s.............10 37 A-O ........110% 112 Nuv’09 Pitts Cley * Toi 1st g 0s 1022 A-O 100%........ liO% Mai'04 06 ........ 08 % Sep '09 P itts* West l s t g 4 s ... 1017 J-J 100 Nov’04 SO . Stat Isl By 1st gu g 4 %s 1043 J -D Beeon creek see N V C * 11 Beilev * Car see Illinois Cent Bklyn & Moutauk See Bong 1 B runs* West see At!CoastE Bunaio N V * Erie See Erie 113%110 % Bunaio B * P gen g 5 s ...1037 107 116% 116 %J’l y ’ io 105 100% Consol 4 % a...................... 1067 M-N 107 109 iluo J’l y 'io ' All * West istg 4s g u ..1008 A-O 06 00% 05% ........ I 01} Aug’ 10 . Cl * Alali 1st gu g 6s___1043 J-J 108 ........ 103 J i y ’08 116 " i l ’7 " Roch & Pitts 181 g O s...1021 F-A 114% 118 115 J’ne’io Consol 1st g Os.............1022 J -0 115 % 1 ie% 1 io% Sop ‘ lb 116% 116% 72 72 Bull * Suaq 1st ret g 4s-dl961 J -J ........ 73 I 72 Alar’ 10 Bur C R & IS See C R 1 & P I 102% 105% J-J 104% 103% Clan So 1st ext O s.............1013 M-S 103% 101% 101% Oct TO o ct TO 100 % 10 l* H *20 5s................................ 1013 10o% 100% May’07 Registered.....................1013 M-S Caro * Shawn See 111 Cent Carolina Cent See Scab Air E Cartilage * Ad see N V C & 11 Ced It la b * N See BC l i * N Cen Brancn By See Mo Pao .... 112% 113% Cent ol Ga KU 1st g 6a..2)1045 1 0 9 % ....... 112% J’neTO1 Consol gold 6s................. 1045 M-N 105% 110 107% 107%| 2 103% 109 ‘ nr M ill Begistered.....................1045 M-N 108 '113 Apr’06 01 ol | 1st prot income g 6 s....p l9 4 5 Oct 01% 00% Oct TO 03 Stamped ........................................ 87% 87 87 | 2u piei income g 6 s....2)1045 Oct 88 87 87% 87 Oct TO 2d piet income g 6s stamped ___ 88 87 84 % 3d pret income g 5s___pl945 Oct 84 Bale 84 85 % 85% 86 3d prel income g 6s stamped.1. . . . 85 84 0% 0* 1 24 0 0% 1 0 2 1 1 ^ BONDS Week’s Lange Price Jianye or N. Y. STOCK EXCHANGE £ £ Since Friitav January 1 Last sale Oct 14 W bek Endinh oct 14 Bid AStc Low Hath Ao Low Jiig/i Cunt ol Ga BB—( uonj 1 ................. 0o% Sep ’oO Chatt m y pur mou g 4s__ 01 J-U 83 _ Alac * Nor Div 1st g os.1046 J-J 103%........ 104% J’ ue 08 _ ! h i!* ! IV 111 Alid Ga * Atl Div 6 s....1047 J-J 103%........ 1 15 Nov’05 Mobile L)iy 1st g os...... 1046 J-J 106% ....... 110 Jan’ l .... ll 10 110 '102 103 Gun B B * li 01 Ga col g 6s 1037 M-N l()2 % 103% 102 Sep TO Centoi n J geni gold os. 1987 J-J 123% 124 123% Oot TO __ iL20 125% Begistered................ /il087 Q-J 1 122% 125% 122% ftt-p M0 .... T2D% 125 Am Dock * Imp gu 6s..1021 J-J 106 108% 100 Sep TO .... 107 100 Ee * nud B gen gug 6s 1020 J-J 9i>%....... Eeli * Wilks B Coal 5s..1012 Al-N 100%........ 100% Sop ’ in 100% 101% Con ext guar 4%s....</1010 Q-M 100 May TO IU0 100% N V * Eoug Br gen g 4s 1041 M-S 05** HIl " Cent Pacino see so Pacmc Co _ 85 Cent Vermont 1st gu g 4s.el920 Q-F 83 87% Sep TO _ 88 89 Chas * oay see Atl Coast uine 100% 101% C ues* Ohio gold 6s........aiO ll A-O *........100% 100 Oct TO iU4 Sop To .... 1U2 105% Gen lumtiug * lmpt 6s. 1920 J-J ....... IU5 11 2 L 110% 114% 1st consol g os................ 1039 M-N 111% 112*, 112 112% 112% Begistered................... 1039 M-N ........113% 112% Jan’ lb General gold 4 %a............1092 M-S 102 % sale 102*4 102% '87 09 103% . ...* 101 % 101 % 101 %J ’no’ 10 Begistereu................... 1092 M-S ........lu‘2 05 % 03% i'3% 07*2. 89 Convertude 4 %s (wli is). 1030 F-A 03% salt 87 80 Big sauuy isl 4 s............1041 J-D ........ 89% 89 A pr’ lU 83 85% coal Biv By 1st *u 4s ..1940 J-t> 83 ........ 85% J’ne’ lO 101 104% Craig Valley is tg 6s_ 1040 J-J 105 ...... 101% Sep 10 _ gl 90 00 Jan '00 Potts Creek Br 1st 4 s..1946 J-J 97 0 04% 00 B * A eiv 1st con g 4s.. 1089 J-J 95% 08% 07 91 Sep TO .... 00% 03 89 03 2d C U l g 4s...............1089 J-J O SO . . . . . . ..... . * Warm spr Vai 1st g 6s..1041 M-S 101 ........ 113*4 '** U’05 Greenbrier By ls lg u g 4s ’40 M-N 90*4....... 05 Oct TO .... 87% 95 72 Sep To Ohio * All BB rel g 3s...1949 A-O 72% 77 70 7.7 72% ‘ *7 68% 75 Railway 1st Hen 3% s...i960 J-J 71 % Sale 71% 76 Oct ’ uO Registered................... I960 J - J Clue Burl do q - u e u v h 4s 1022 F-A 09% *09% 09% Sop 1u 98% 100 Illinois uiy 3%a............. 19-19 J-J 88% 1 86% 81% 8 8 % 80 % 8ft% Begistered...................1949 J-J 87% 88 87 % ....... 88 Sop TO Ills Div 48 ..................... 1040 J-J 100% 100% 100% idu% " 7 98 % 100% Iowa Eiv sink lund os..1919 A-O 104*4....... 108% Oct ’09 08% 100 sinking tuna 4s...........1019 A-O 00% 09% 99-j O ct’ lb Nebraska (intension 4s.1021 M-N 99% Sale 09% 99% *3*4 08 100% Begistered.................. 192 V M-N 101 % Mai 09 Boulu western Ely 4s___i02i M-S 97 ....... 97 % Aluy’ 10 .... 07% 90 Joint bonus See Great North Debenture 6s................. 1013 M-N 101% 101% 101% 191% 1 100% 102% General 4s................... 10o8 M-S 07% sale 97% 97’, lit* 07 100 Httua» St Jos consoi 6s..1911 M-S 100%....... 100% J ’ly 'io __ 100%102 C nic* e lu ret ss imp g 48 1965 J-J 82% 83% 83 7 81 86's 03 1st consol g 6s.............. .1934 A-O 124% 127% 121 J’ly TO 121 127 General consol 1st os.... 1037 Al-N 112 salb 112 1 12 *~i 108% 113 O Begistered.................. 1937 AI-N ..... . ..... . 114 Alav’O .... ........ ..... Chic * mu U By 1st 68.1936 J-J lot) Hi........ 110% Oct TO .... 110% 112 Chicago * Erie see Erie 87% 43 84 Clue Gt Western 1st 4s...1959 M-S 86% Sale 86% ^ 124 % 120 % Cine in oc injuisv is. o o ...lj4 i j ■j 124*4 I 20 * 124 %Sep '1 j 4 ...... . . . . . . Belumuug gold 6s......... 1947 J-J 107 ........ 114 EOC’00 100 J ’nolO ....1 100 100% Eouisvn A * ChlslOs.l'Jlu J-J 03% 94 Ohio Ind & Sou 50-yr 4s..1956 J-J 01 92% 94 Apr To 103 103% CiUOMU * St P term g os 4914 J - J 101%lUo % 103 J’uu’ 10 09% 09 % *18 98 100% 09% 100 General g 4s senes A..«1989 J-J 103 % Oct 08 Begistered................. si989 (j..r Generalg 3 %s series B.sliio'J ?-J 88 88*4 88 Oct TO 86 % 80 92% 94 03 03% " 9 91% 03% 25-yr deuun 4s ...............1934 J-J cine * e su Eiy g 6s_ 1921 J-J l05*g....... 107 % Mar'io ....! 107% 108 _ 107 110% Chic * Mo Biy Eiy os...1026 J-J 108%....... 108 % Oct TO O hio* P W Istg os...... 1021 J-J 106% 107% 107% Gut To ***J 106 % 108% 102% 103% Dak & Gt So g os........... 1016 J-J 102 %........ 102 % J’ly to 1*6% 116% Far * Sou assu g 6s...... 1024 J-J 116 ........ H0% Alay’ io 104% 106 EaCrosse * D 1st 6s___1910 J - J 104%....... 104% Aug'lu 100 Aluy’ 10 .... 1U0 100% Mineral Point Div 6s___1019 J-J 100 Nov’O O 1.1 So Minn Div 1st 6s........1910 «-0 WlS * Minn Div g 6s_ 1921 J-J 106%........ 100% Aug 10 .... 105% 108 _ MU * No 1st M E 6a_ 1910 J-D ....... ......... 100% Alay’ io .... IU0% 100% _ 103% Aug’ lu .... 103% 105% *0*3 1st consol 6s.............1913 J-D 1 % 1*2 6 110% 113 C h ic* North w cons 7s....1916 U-F llu % 113 111 Extension 4s........1886-1926 F-A 99 ........ 10O J’ne 10 .... 06% 101 05% 05% 94 ........ 95% j *y’ io Begistered......... 1886-1926 F-A 00 80% ” 3 87 General goiu 3%s........... 1987 Al-N 88% 00% 89% 03% Apr’00 Begistered................pl9a7 u.F i*io% *ni% Sinking tund 6s...1879-1929 A-O i l l ........ 110% S cp ’ iu Begislered......... 1879-1929 A-O 110% ....... 111% Aov'uO .... . . ... . ..... . 6 * Sinking lund os...1879-1929 A-O 106% 1O 10c J ’ly TO .... ios* 109% 1U6 106 Begistered......... 1879-1929 A-O 105-4 106 106 Alar’ 16 105 107 Debenture 5s................. 1921 A-O ........107 107 Aiay’ 10 106% 106% Begislered...................1921 A-O 106 % luu T o Sinking iuuu ueb os...... 1033 M-N ........111 %TOO Si)P’ 10 .... 109 111% 109 J iy ’08 Begistered................... 1033 M-N 41....... ill) 114% 117% MU E S * West Lst g 6s 1021 M-S lU<>b........ 1 14% J’iyTO Ext * Imp stuud g 6s 1020 F-A 1U8%....... 112% Alur’ 10 .... 112%112% 142% F tb’02 Asliiand Div lst g 6s..1026 M-S 117% Mich Div lst g 6s........1024 J-J 117%....... 123% Apr’09 .... . . ... . . . ... . Incom es...................... 1011 M-N 100 ....... 103% May’00 .... 109 Ohio Bock isl * Bac 6 s ...1017 J-J 109% ....... l l o o o t ’ lu .... *** % i "l*2*" Begistered...................1017 J-J 108% 111 109 Aug’10 .... 100 199 0 1 % sale 97% 97% 21 91% 99 Goneral gold 4s...............1988 J-J 98% 08% 98% Feb TO Begislered................... 1988 J-J 02 8 JC 8.)% 00*4 124 86 Refunding g 4 s ............. 1934 A-O bU7 3U 07% 07% UoB trust Series J 4 s....1912 M-N ....... ...... 97 % J’ly ’ iu 04% 04% 94 % Jan TO M-.8............................. 1915 M-N 04 Deo ’09 N 4s............................. 1916 M-N O 4s.............................. 1917 m -N ................. 94% Aluy’ lO .... '*0*4% ’ *04% U Aug*UU 3 P 48..............................1018 Art M ........ y5 5*4 66% 83% Ohio li 1 * Pao RR 4s..2002 AIN 76 ** sal© 7 4 % 7 5 % 2* 70% Muy’ 10 .... Registered.................. 2002 M N i r i % i u i 111% 111% 1 111 % 114 % Bur C R * N— Istg os.1034 A-O Registered................1034 A-O OR1F&N W lst gu 5a.1021 A-O 103 ........ TOO Apr’ 10 .... 106 106 M * St E 1st gu g 7s..1027 CI100 Ok * g gen g 63 . 01*919 J -J 100 ....... :ib’ i May’lU ....1 104 104 Consol golu 6s............. 195*2 M-N IU2 110 |108% 108*4 10 108 110 103% 101 Keok so lies M lst 6s....1923 A-O loo ..... |10l Feb’ ] u Jluo st x. * N o see 1U cent Jluo St E * Pitts see Penn Co \""\ 123 127% Jluo St P M * O con Os...1939 J.D 122*8120 125% Oct *10 u% Cons 6s reduced to 3 %s. 1930 J-D 00 . . ... . |s| 0% 0 8% 6 IHlSCEEliAKKOIJS 110ND.S—Continued on Next Page. Street Railway Brooklyn Bap Tr g 6s....... 1946 A lst rotund conv g 4s___9002 J. BkCity lstcou 6 s .1016.1041 J Bk % C o * S con gu g 5 s.l0 4 ) .V I Bkiyn Uu El Istg 4-6s.l05u F Stamped guar 4-5s___ 106b F Kings Co E1 Istg 4 s ....1049 F Stamped guar 4 s .........1040 F Nassau Eleo gu g 4 s ....1051 J Conn B y * E l s t * relg 4% s’6J J. Stamped guar 4 % s ........ 1951 J Det United 1st con g 4%s.l93‘J JHavana Eleo consol g 6a. 1050 F Inter-Alet coll 4 %s............ i960 A. Inter Bap T 3 yr conv Os. 1911 V I 43-year 5s Series A .......1052 A l Interhat Trao coll tr 4 s..1940 JManila Elec 1 s t * coll 5s. 1053 M . 104 105 Sep TO *00 84 Salt 83% lol% 101% 101% 3 08% 0 0 % Mai’00 i*02% Sale 102% 102% 2*i 100% 103 102 %Oct TO 84% Apr TO 83 81 6 82 82 82% 82 6 78 78 Sale 77% 102 102 % Mar'lt 101% Aug'li ib’6% 80 **aii*% 80 J’l y ’ 10 .... 04 Apr TO 05% 81% Sait 81 81 % tii102% i3o H'2 %Sale 102 11*1% 101% 10l% 101*8 83 67 %Mar’io 1)5% 60 .5 .’.. .1_ _ 98 Mny’06 ' ’ * * N o prifcd F rid a y; latest tills v<eek. DFlat. a D u e J a n 102 84 d D ue Apr Street Railw ay 74% Pep TO 80 74% 82% Met St By gen col tr g 5s. 1907 F-A 54 •• Berg 4s......................... 2 0 0 2 A-O * ....... 48% 48 \ Sep TO • • 46 1*8% 102 B w ay* 7th AV lst eg 5s 1043 .1 -D 100 % lu2 % too Sep ’ lu 06 J’ly TO .... 96 102 C ol* Otli A v lst gu g 68.1993 .vl-S 07% 100 0/ Apr TO 00 06% 00 Lex Av & P F 1st gu g 5s 1003 M-S 06 63 Y£ 57% 60% Third Ave BB cou gu 4s 2009 J-J *63 ... . . 57% 63% 1549 56 68% 58 Sale 57% Cent Tr Co certfa stmpd... * 107 % 107% ii 105% 108% Thiru Ave By 1st g os.. 1037 j* J 107 86% 81% Oct TO 84% 87 N Orl B y * Et gen 4%s ..1035 J-J 08 N ov’08 -N St Jos By Et II & P lst g 6s ’37 M ....... ........ w IVlTi ->i Paul City Cab cou g 5s. 1037 J -J 1l>o*8 IU * 11O 11)78, 00 06 07 06% Oct TO Tri-City Ry & Et lsts f 58.1023 A-O 06 08 Apr’oO 101 u nderground of Lou 5s...l92o M-N *3*' 80 2 83 "• b *8 *8 4 %s................................ 1033 J-J **8 ” Sale 87% 37% 37% 7 31% 40 37% 38 Income 6s......................1048 84 Oct ’08 .... ..... . . ... . Union El (Ohio) lst g 5s..1045 AO 79% 83 United Rys St E lst g 4s. 1034 J-J ....... **8*6" 80 AUg'l 0 74 67% " 8 65 United RRs San Fr 3 1 4s. 10*27 A-O ’ 0 % Sale 67 *7 p Due N ov s Option Sale i Aug olliio Out e D uo May o rD u e J ’ ne A D u e J ’ ly 101% 105 70% 87 101% 104 ...... ........ 00 ios 00% 103 84 85 80 85% 76 82 102% 102% 100% 102 80 82*8 03 04 77 83 % 109 %104 too 103% 67% 67 % ..... . Oot. lo 1910.1 lllI M b N. Y. STOCK EXCHANGE W kkk Endino oct 14 1011 New York Bond Record— Continued— Page 2 Price Fri dan Oct H BONDS Week’ s Range Range or 9 V , M. Y. STOCK EXCHANGE Since Last Safe -;>j Janvarv * W kkk Knuinu Oct 14 Low Hiqh Ao EvA Ind lstcon gu g 6s..l926 J-J 123 J’ly ’ ic .... '123 127 129*8 May’O V Erie A Plus See Penn Co 11 1*4 AugTO __ li 11*4 114*8 Evans A r H 1st cons Os. 1921 J-J 108*u J’ ly ’ lC 1st general gold os........ 1942 A-O 108*2 112 Alt Vernon 1st gold Os.. 1923 A-0 02 *4 Sop TO 38 93*2 Sun Co Branch 1st g 6 s. 1930 A-0 L argo < So see Cli A M St P & 1 113 Oct ’00 I lint A Pere M Ace Pern Alar i 101 108 Fbi c A Pemn see Sea Air Line 105 105 Fort St U D Co 1st g 4 H 194 L is. 2 85 ' 87*4 Ft W A HioGr ls t g 4 s...1923 86*4 86*1 I > liar A s A Nee so i'ac Co ai 102 Sep TO 101*4 107 ' 7 al H A H ol 18821st 58.1913 Georgia A Ala See oea A Line Ga Car A Mor Nee sea A Line Georgia Pacitio See So Hy 94*4 04*4 6 90*2 96*2 Gila V G A Mor Nee so Pao Co Uoav A oswegat See M Y Cent 91 Sep TO . ... 90 94*2 Grand Hap A Ind Nee Penn HH _ 89*4 96*4 Gray’s Pt Term See St L S W 94 * Sep TO _ 4 91 ‘Jo; ’07 Gt Mor—C B A G coll tr4s 1921 96 AJec’O li Registered./t................. 1921 90 May TO St Paul M A Alan 4s_ 1933 J-J _ 90 90 _ 196*4 Feb’ iu _ 105*4 105*4 1st consol gold Os........1933 J - J 96*4 Aug” 0 __ 96*2 93*2 Registered................ 1933 J-J 96 Aug 10 Reduced to gold 4 *us 1933 J •J 96 98 2 103 108 108 103 Registered.............1933 J-J 109*4 Dec’09 Dakota ext gold Os....1910 M-N Alout ext 1st gold 4s..1937 J-D 119 Aug’ ln .... in i iia Registered................ 1937 J-D E AlinuMorDlvlst g 4 s l 943 A-0 94 j ’iy ’08 .... ................. Minu Umon ls t g Os..1922 J-J MoutC 1st g u g Os___1937 J-J 31 T " ' V i ' ~ 6 89 Registered................ 1937 J-J 94*a 65 67 6 03 1st guar gold 5s...... 1937 J-J 67 Will A S F 1st gold 6 s 1933 J-D Greoubner Hy See d ies A O 70 70** 28 65 813* Gull d o 11st rel A tg 6 s Ol952 J-J a 95'a 96*4 7 93 au A St J o See C B A (4 97 7 e 977 a 93 V 59 94*2 99 , ousatomo See M Y M H A H 113 Oct Tv Hock Val lstcou solg 41 u8.1999 J-J 111*2114 Registered...................... 1999 J-J Col A 11 V 1st ext g 4 s.. 1943 A-O Col A Tol 1st ex 4 s ...... 1955 F-A ilouat K A W Tex see so Pac HoustATexCen See so Pac C ’o llinois Central ls t g 4s. .1951 J100 MayTO .... 100 100 Hegistered.................. 1961 J1st gold 3*us.................. 1961 J- //in aa t* Clue St P At A O— (.on/ ( Cli St P A A luu isi g ita 19IS M-N 122 ........ t M'or Wisconsin 1st Os... 1990 J-J 122 127*4 ...... St P A S City 1st fi t>s...l919 A-0 112 ClucA West In<t yen ft tfa 9 1992 Q-M 108 112 92 93*4 Consol 50-year 4s.......... 1952 J. J V Chic A V Alien see Pere Marq Clioc O A UuU See C It I A P Cln H A L 2(1 {fold 4 4 s ...1997 J > iOo Sale Cm D A I 1st ku g 5s...1941 W C Find A Ft W 1st g u 4s u.T'3 M N 87*« 89 Cln 1 A V 1st iru u 4 s.1953 J-J V Ind Dec A V 1st e 6s...1935 J-J In2 tU4 V r lstguargold 5a.......... 1935 J-J C l St L <>C See (J O C & S t hi S Cln S A C See C C C St L Olearlield A Alah Nee H K A P1 ClevCinC A st Lgenu 4s 1993 J-D 94*8 91*4 Cairo Ulv 1st gold 4s___1939 J-J ........ 9i*« 90*4....... Cln W A A Oiv 1stg 4 s .1991 J-J 1 95 St L OlV 1st col tr g 4s.. 1990 M-N 92 Registered................... 1990 M-n ........ 95 Spr A Col Dlv 1st g 4s..1940 M S ....... luo** 90 ...... : W V Vat lllv 1stg 4a... 1940 J-J V 0 i St 1j A C consol 15S..1920 M-N 104*2....... 96*4....... 1st gold 4s............,.../cl936 Q-F ...... Registered............. /cl030 Q-F 97 Cln S A Cl con 1st g 5s. .1928 J-J 104 V,........ 0 C C A 1 consol 7 s ...... 1914 J-D in e'a ........ Consol sink lund 7s___1914 J-D 103 ........ General consol gold Os. 1934 J-J 121 125 Itegistered................ 1934 J-J inu 1 1 A V 1st prel 43.1940 A-0 ................. 5 V O Ind A V 1st pi 5s...((1933 Q-J V Peo A East 1st cou 4s...1940 A-0 ........ 93 Income4a.................... 1990 Apr 67 Sale Clev A .Marietta see Penn HR Oley A Pitts See Penn Co I 69 73 Col Midland 1st g 4s........ 1947 J-J 96*4 ColornOA Son 1st g 4s...1929 F-A 91 98 Sale Keiuud A ext 4 4 s ........1935 M-N Ft V A Den C 1st g 6 s..1921 J -D l l 2 «a 114 V Colum A Green v See so tty Col A Hock Val See Hook Val C olA T ol Nee Hock Val Col Conn A Term See M A W Conn A Pas Hi vs ls tg 4s. 1943 A-0 Cuba Hit 1st 60-yr 5 g ....l9 5 2 J-J ak A Gt So see C A A St P 1 > alias A Waco See M K A T Del Lack A W estern1 Morris A Essex I s t7 s ...l9 l4 M-N 1C8*4........ 108*2 IO8 S 1 103*2 111*4 8 1st consol guar 7s.......1916 J-D I l l ........ 112 * Sep TO __ 112 114*8 127 J'ne '06 .... __________ itegistered................ 1915 J-D 1st rel gu g 3 S ..........2000 J -D 28 N Y Lack A V 1st Os...1921 J-J lie *8....... 117 Sep 10 .. .. 113 117 V Construction 6 s..........1923 F-A 197 ‘4 ....... 107*4 J’*y’ 10 .... 107*4 110*2 7 97*4 101 99 sale 98°« 99 Term A improve 4s___1923 M-N Warren 1st ref g u g 3 * .2000 F-A 86 ........ 102*4 Feb’03 28 Del A llud 1st Pa Div 7s.1917 Al-S U 6 120 120 Oct To .. .. 120 120 f6 140 Aug’Ol .... ... Itegistered................... 1917 Al-S 98*s Sale 08*4 99*4 19 96*2 102 10-yrconv deb 4s......... 1910 J-D lo 190 103 1st lien equip g 4 *28___ 1922 J - J 190*4 101 100*2 Sep19*4 9 96*8 100*2 1st Are! 4 s .............. ....1943 M-N 99*e Sait 99 93*ii 94*2 93*2 94 * 122 91 2 9 7*2 Alb A Sus conv 3 *as...... 1940 A-O Hens A Saratoua 1st 7s.1921 M-N 122*4....... 123t Sep’ lo .... 123*4 130*4 Del Hiv Hit Bridge See Pa Hit 91*4 Sale 94*4 95 4 923s 97*4 Denv A It Hr 1st cou g 48.1930 J-J 103*4 104*2 Consol gold 4 tas............. 1930 J-J ........Ini -v 104 S Mar* 10 Improvement gold 5 s ...1923 J-D 100 101 101 Sep To ... 100 105 92*8 sale 92*4 9^*2 9 90*8 94*2 1st A retunding 6 s........1955 F-A 93 Feb’ us Kio Gr J uuo 1st gu g 68.1939 J -D 78 Dec *09 H10 Gr So 1st gold 4s. ..1949 J - J ........ 79 85 Mar’08 Guaranteed................. 1940 J - J 91 94 0 2 * Got *10 8 Rio (Jr West 1st g 4s___1939 J •J 87*4 94*2 84 Oct To .... 83 8 i ‘4 Mge and col trust 4SA.1949 A-O ........ 80 Utall Cent istgu g 4s al917 A-O Des .vi01 A Ft D see M a st r UO s e p ’04 Dos Mol Uu Hy 1st g 5s..1917 M-N Dot A Mack 1st Uen g 4s. 1995 J-D 94 ........ 94 Sep To 94 97 7 s _ 88 89 J iy TO _ 92 91 Gold 4s............................ 1995 J-D 90 Vi Oct, To - -T T 72 74 74 Dot So—O S DlV 1st g 48.1941 M-S 72 107*4 AugTO 1U 6 111 Dul A Iron Hauge Ist5s..l937 A-O 108*4........ 106 *2 Mut’oe Hegislered...................... 1937 A-O 2d Os...............................1910 J-J Dul Short Line Set Mor Pao 106*2 107*4 Dul So Shore A All g o s..1937 J-J 106*4 109*4 107 *2 Oct TO L ust ot Minn see St P M A 51 JtJast leu Va A ua See so ity 119 D ec’09 Elgin Jol'A East 1st g 5s. 1941 M-N 107*4 . Elm Cort A Mo see la;liA M Yi HO 1 118*4 122 *i Erie 1st consol gold 7 s....1920 Al-S 119*b 120 *s 119 (UO loo M Y A Erie Isio x tg 4 s 1947 M-N 100 *2........ 100 j ’ he’ lo 106*4 1U07 8 2d ext gold 6 s ... .’. ....... 1919 Al-S 163 ........ 106*4 MarTo 0 103 103 3d ext gold 4 ‘us........... 1923 M- S 1 U ........ 103 Mat To 106*4 I0 6 T 4th ext gold 5s............. 1920 A-O Iu3 *4........ 106*4 Jau To 5tU OXt gold 4s............. 1928 J-D 9/ ....... 00 \ FebTo 118 118 i 11 8 118 N Y L E A W is t g Id 7s. 1920 Al-S ....... 118 t 6 'u bb^j 35*a 36 6 80*4 87*2 Erie 1st cou g 4s prior..1990 J-J 81 Mov ’09 itegistered................ 1990 J-J ....... 85 70*b 76 \ bale 76*8 70*2 27 67 1st consol gen Hen g 4s 1990 J-J ............ 85 -4 FeO’o i Hegislered................ 1990 J-J 87 38 87 87 6 83*2 37 Penn coll tr g 4s........1951 F-A 83 77 Salo 71 ‘2 77*4 166 64 50-year conv 4 . A ___1953 A-O 73*2 7 i 7 104 66 8 do series B.1053 A-0 7 1*4 Sate 70 1137 113 '8 e U b BuflM Y A Erie 1st 7b. . 1910 J-D 1U 116*8 1137 Miu T o Clilc A Erie 1st gold 5s..1932 M-N n 1*4 112*4 1Ll-*t Sep *lo . . . . 110 115 ........ . Clev A Alalien Vui g 6 s. 1033 J-J 113 ........ 121 Deo’08 , - 120 127 Long Dock consol g Os..1935 A-O 122*4 124*2 124*4Sep *10 111 114 Coal A Hit 1st cur gu Os. 1922 M-N ........109*8 i l l A p flO Dock A Imp 1st cur Os.. 1013 J •J 2 M Y da Green R gu g 6 s. 1940 M-N 93 103*4 m iisJan le ■ 103 > iu3 *2 99 104 * 2 N Y Sus A W 1st rel 6s.1937 J-J 100*, lu3 llUOs, 100*4 ................. 2d gold 4 “ as................. 1937 F-A :• ........ 100 * 100*4 Dec’06 u 93 J’ue’ 10 .... 89 General gold 6s............1940 F-A 85 89 Terminal 1st gold 5 s... 1943 M-N 107*4........ 108 108 v I 08 108*2 ltegis $6,900 each...1943 M-N 1 ’ »S*‘ ioa**| i o i *4 MarTOj * i o i *4 i o i s D H I Week's Ranye or Last Sale Price Friday Oct 74 tUgO. Bid Askt Low 1o5 ® 8 114 Oct ’09 109i< 118 115 Deo’09 a 101 IU1V 101 > J’ne’ 10 114 A pr'05 '96 J’ne’03 88 ....... ...... 87 AugTO Sep TO 96*4 99 97 96*t,sai6 96 ■ sale < 18*2 99*8 124*9 127*4 99 963# 96*4 89 Lou/ m an 101 102*4 88*9 34 J’ly ’09 SC e O 96*4 Sep To 125*9 J’ly TO, 132 Apr’O i 6*4 106*4 Sale 106*4 1U 1o8j4 J’ ne’09 10o*s Sep TO ib o " 98 AugTO 96 93 100 *4 Oct ’06 99*4 Jan To 95 *» 114T beO’ JO 112*8 125 AugTO 125*4 136*4 * >>'06 > 110*4 113*4 (110 J’ly TO 112 116 J’ne’09 89 Range ^ Since Z \January 1 \ Apr’ 10 102*4 1027 102*9 102*4 (, 100*2 Sep ’ u» 93 95 *aMay TO 92 99*4 *00’09 104 J’ne’ 10 107 * A p :’ 07 8 92 Aug.10 04 Sep ’no 93 *2 May’u9 87 30 J ’iy ’09 99*4 Oct TO 99 *« . 99 J'ue’09 99 99 97*9 99 09*8....... 98’* Sep 10 ........ 97 > 97 Muy’07 9 loO Apr’o9 "84**9 96 " 37 *» May’ 10 102 ........ 1 2 3 A iay’9 0 77a Mar’ 10 4 79 t Dec*98 87*9 91 94*9 97*8 94*4 9b7 s 93 100 125 * 128*4 * 103*4 i"o*7*8 100 **10138 9o 100*4 *99*4 "9934 1 (3 114*9 125 129 "llo " i*137 a 87*4 047 « 99 7 104 s i 95*’ ’ 95*4 104 106*4 V " 92 " o** Registered.....................1951 J .J Extended lstg3*us....... 1951 A-0 1st gold 3ssterimg.........1951 M-S 99 1U0*4 Coll Trust gold 4s.......... 1952 A-0 Registered.................... 1952'A-0 1st rot 4 s ......................... 19 5 6 .M-N 96 99 "a L M O A Tex gold 4s ... 1 9 5 3 -b-N M * 100*8 l 4 Registered.....................1963 M-N Cairo Bridge gold 4s___1960 J -D LouisvDivATerm g3Ts.lOoO: J - J 87*s 88*9 Atuldle Div reg 6s. l92iiF-A Omaha Div 1st g 3 s....Iltf61 ’F-A 77*4 "77*4 : St Rouis DivAlerm g3s.l95i| J •J Registered................... 1961 J - J 89 Feb To Gold 3*28...................... 195p J •J 87*2 89 88*4 89 101 ‘8 Get *99 •• • Registered................ 10 01 *-J • 85" ...... ' 100 Mov’O .... ; ; ; ; ; ; ****** O Spring Div ls t g 3*28...1961 J-J Western Hues ls tg 4s. .1951 F-A 95 *4........ 96 OCt TO .... 95 98 ’ Bellev A Car 1st os.......1923 J-D H7*aMay'iO .... 117*2 117*2 Curb A Shaw 1st g 4 s ... 1932 M-S U3 ........ 99 e eu TO 99 99 ChioSt L A M O g 6 s ...1951 J-D 11(5 ........ 116 Aug’ lO .... 111*4 119 Registered................... 1961 J 1 112 115 118 Mat TO T ib 118 II................. Gold 3 H s...................... 1961 J-D , ‘■ a ‘86 90 90 Get *00 ! ................. 97 *2 MarTo Aiempli Div 1st g 4 s ...1951 J "uT-j " 97*2 St L Sou 1st gu g 4s___1931 M-S ................. . 98 J’ly '08 1***1 1ml B1A West see CC C A St L 1 lud ill A la 1st g 4s.........I960 J - J 05 ....... 95 May* 10 95 98 107*uSep TOiri"i 107*2 110*4 lut A Great Mor ls tg os..1919 M-N ....... 107 2d gold 5s......................... 1909 M-S . . . . . . ..... . 110 May'10 106*4 112 103 103 * 10, 103 1 12*4 2 ........104 Trust Co certfs..................... — 3(1 gold 4s........................ 1021 M-S ........ 17 ISS,Oct TO 18*8 35 Iowa Central 1st gold 6s.. 1933 J-D 104 ........ 104*4 *04*4 ' 1 102 106*4 Gold 4s............................. 1951 M-S ........ 71*4 73*4 Oct TO 69*4 77 *2 1. Ill A d G U see L S A M S a xVitu d Mien see Tol A G C a K C Ft S A .U see St L A s F K CA M Ra L see ot L A S F Ivan 0 A Pacino see M K A T 16 71*2 74 ivau City sou 1st gold 3 s ..1950 A-0 73*2 74 73 74 _ Registered.......................lyoo A-O ..... . 63 Get ’uO _ 1 101** *' 99*2 i o i " Ret A lrnpt 6s Apr 1050........ A-O 101 101*2 101 iveutuoay cent see c d M a iveoa d lies Mo see C it 1AP a ivuoxvuie a Ohio see So Ry | uko Erie A W ls tg 6 s ..1937 J-J 110*4 110 * ^ 108*2 112*8 2 110*, Oct TO 'J'1K lU os......................1041 J. J ........lo7 1 106*a Mar’ io O 106*2 107*2 Morin Ohio 1st gug os.. 1945 A-O 105 111 I 09 Mar’ io .... 108 * 112 2 L Sho A Mien s see M Y cent cell VMM Y 1stg u g 4 ‘2S.1940 J-J 105 107 105*4 J’no’ lO .... 1053 108*2 4 Registered....................... 19401 - j J 103*2........ 107 Aug ’02 ..... . ..... . Lenign Vui (Pa> cons g 4 s .2003 «1-M 'l l ) ( i \ l 97 u7 )r Len V Ter Ry 1st gu g 6 s .1941 A-O 112 *2 114 ,114 J’ue’ 10 114 115*« Registered.................................1941A-O ........L14 109*2 Get ’99 .... Leli V Com Co 1st gug 6s. 1933 J.J loO *2........ 103 Mov’09 _ _ Len A M Y 1st guar g 48.. 1946 M-S 93*4 MarTo .... \rd\ i s ’ * 93-4 9d Registered................................ 1946M-S El c A M 1st pi O s .......1914 A-O i o i " .’IIIII i o i S Feb’i o .II iu l iui*i JI’ Gold guar os.......................... 1914A-O 100 ........ 101*4 aep ’09 ................. LeU A Huu R see Cent 01 M J Leli a Wilkesb NeeCeutolM J ceroy a Cauey Vai see Mo P *Mug Dock see Erie uong Isi’d—1st cou g 6S.A1931 Q-J 1 0 9 3 4 1 113 Feb’ 10 *** { 112 113 • 1st consol gold 4s......... /tl931 y-J ........ 101 j General gold 4s........................ 1933J-D * 97 93 2 v i ....... 94 " i ‘ V i" 9*7*4 Kerry gold 4-28 ................1922 M-8 98 93*4 98 Oct TO 97 100*4 V *0lu 4s....................................... 1932J-D ........ 97 99 *4 Get ’06 1 i )**"j Vi *2 V i " Uuineu gold 4 s ...............1949M-S 93 96 [ 93*2 Mar’ io Deueuture gold6s........... 1934 J-D 104*a Deo’O bi lUlSCKLIiANEOUH llOMDS—Continued 011 Next Page. On* ami Llectric Light ktlautu U L Co 1st g 6 s...1947 J-D bklyn U Gas 1st con g 6s.1940 Vl-N UuUalo Gas lstg 6s......... 1041 AO L ’olumbus Gas 1st g 5s....1932 J-J Detroit City Gas g os. . . . . . 102.j J -J Del Gas Co Cou 1st g 6s ...101.- F-A EqU LM Y 1st cou g 6s.. 193. 41-8 Dug A Elec Berg Co e g 68.194; J-D Jr Rap G L Co 1st g 6 s ...191^ F-A Hudson Co Gas 1st g 6s..1949 A-N Kau City (Mo) Gas 1st g 6 s 192. AO Klngs Co El L A P g 6 s ... 193. A-O Purchase money 6 s ..,...i9 9 . A-0 Ku El 11 Bku lstcon g 4s 193) J-J LncUasLol St L 1st g 6s.«191; T-l ltei and ext’ 1st g 5s...... 1934 A t Milwaukee!Gas L 1st 4s.. 1.'. A-N Newark Cou Gas g 6s. .. I94f J-D Onu 1 ud Electric Light 1 M Y G E L H A P g o s ...1948 J-D Purchase money g 4s...1049 F-A Ed El 1 1 1st cons g 6s.. 1995 J-J 1 MYAyEl LAP lstcong5sl93o F-A 10i io i ,b i Ap’r ’ lo M Y A Rich Gas 1st a 6s.1921 A-N 95*8 Sep 'ot .... Pacific G a Elco Co Cal U A E 105*2 Sep ’ li . ... b lT 105**2 t-orp unifying & ref os ic3. M-N ...... ...... i'e o u a s d it xsl cou g os.191. A-o 61 *2 Get ’ol ............. 100 oct ’09 Reluudiug gold 5s......... 194 i >l-3 ioi *2 iui*; 102 S ep'l. C liG -liA C kelstgu gos 1937 J-J 97 97 97 Mar’ Ii Con G Cool Oh Istgu gos.’Jt J -o 101 AugTO 00 lo t Ind Nat Gas A Oil 30-yr 5s ’3t M-N i l l O ct’ ll 110*2 115 mu Fuel Gas 1st gu g o s.194 . • -(' ■ » 7 ‘i 90 U Mur’ l O Philadelphia Co conv os ..19 m F-A 102 102*2 i loO *2 lo5 Syracuse Righting 1st g 5s.'5 1 J-D 997 Oct ’ ll g 99 101 I ronton G A El 1st g 6s..104. .1-3 91 A pr’ l . 91 02*8 Union Elec L A P lst«6 s .i9 3 i > S 1 .................... Westchester Liglit’ g g 6s.l96. fJ IOP4 ........ 105*2 106*2 i06**» Oct *T \ < ........ 61 696 Sep TO 8 iuo 97 195 io i ....... ....... 98 191 ’ 192 ....... 07 ....... ........103 113*4 117 80*4 88 \ lO'J *2 Sale 90 100 ' ..... uo>. ........1U8*. * M o p r ice Friday; latest bid and asked tills w ook. a D ue Jan i’o T* ivf*; 6U^j 67 b D ue Feb ft D u e A p r < D u e .d a y /i Due P ly 102 Sale 101*4 102 85*2 84 < 85*9 83 a 119*2 111*, 110*4Oct TO 190*4 .vlar’ lo ........191 97 *2J’ly '09 99*4 103*4 80 e7 • 11 l 4 100*4 101*4 92 sale H6*a ...... ........102 102*8 1031 100*4 103 88 90 91 92 118*4119 101*8 104 99 98 102 ..... 92 92 1164 Aug’ lC 192 Sep T i’ 104 *8 Sep To 101*4 10l\ 94*4 Aug’U l 101 Mat’ ll 00 Sep 'U 98 Aug’ lu lio Mu) ’05 96 l o ‘2 7e 104*4 100*4 102 i o i ' * iju T * 99 98 105 1U0 100 100 Jan ’03 101*8 102* 100 j ’ne’ l « D ue A u g 110 q D ue Deo J O p tion Sale 1013 BONDS N. Y. STOCK EXCHANGE W kbk Ending Oct 14 [Vol. lxxxxi. New York Bond Record— Continued—Page 3 5-2 i h! ;a,| Price Pridav Oct id Week’ s !'2 Range Range or ioq mnee Last nale k: January 1 BONDS N. Y. STOCK EXCHANGE W skk Endino Oct 14 Price trtday Oct 14 Week’s Range or Last Sate Range Since January 1 tftia Ask Lon Lena Islam!—(Con) Jiig/l A o tow Hiyd N Y C en t* II t< A siy Low . Hion Row Ihg/x —(Con) Guar ret gold 4 s ............1949 M-S 004 Sale 064 96>« 3 94 4 100 78 82*4 8;°4 80*4 O c t’ 10 Mich Cent coll g 34a_ 1998 _ Bklyu & Moot 1st g 6s..1911 M-S' ................. Registered................... 1998 F 79 4 79 4 Aug’ 10 79-4 79 4 1st 5s............................ 1911 M.g 101»8 Dec’ 0 » . ....... 98 O c t’ 10 97 983 4 Beecli Creek 1st gug 4s. 1936 J • N Y B* 51 H latcon g5s 193b A-O 103 ........ 1104 Kov’06 . ....... 102 Mai’04 Registered................... 1936 J N Y & K B 1st g 6 s.....1927 M-S 101 ........ 106 A pr’07 . 2d gu gold os...............1936 J 106*4 Nor Sh B 1st con ggu5s ol932 Q-J 101 ........ 109 Nov’ 06 BeechCr Kst 1st _ 34861951 A 84 4 ■ 97 Nov’09 Louisiana* Ark 1st g os. 1927 M-S 93 96 Cart A Ad 1st ini g 4s. ..1981 J 97 4 Apr’09 Louiav * Nasiiv gen g 6s.1930 J-D 1164 1L6 115 S ep’ 10 Gouv<feOswelstgug5s 1942 J _ 112 4 1164 Gold 6s............................1937 M-N 113 ........ 112 4 a 112 4 114 Moll A Mai 1st gu g 4s.. 1991 ................. 1 987 J’ne’ 10 g 984 094 98% Sale 98-4 Untfled gold 4s...............1940 J-J N J J unc R gu 1st 4s... 1986 F 964 1004 ................. 105 Del '02 Registered................... 1940 J-J N Y A Harlem g 3 4 s .. . 2000 M 984 984 100 May’09 ................. 1 93 Aug’ 10 93 93 4 N Y * North 1st g 5s...1927 A Sink fund gold 6s............1910 A-O ................. 108 Oct '09 107 110 N Y * Pu 1st cou gug4s 1993 A 96 •Coll trust gold 6s............1931 M-N 97 1 964 Oct Mo 95*4 084 _ 1.114 112 _ J-D 1 0 9 4 ....... 112 -E H & Nash 1st g 6s_ 1919 _ Nor A Mout 1st gu g 5s. 1916 A ... .1 103 106 ___ Pine Creek reg guar 6s. 1932 J L Clu * Lex gold 4 H ..1931 M-N 104 4 104V 103 as...................131 4 Jan '09 1 06 4 1 08 lot J’ly ’ lo 124 1264 R W * O con lstext5s. A1922iA N O & M 1st gold 6s....1930 J.J ' 121 ........H24 120 Oswe * R 2d gu g 5s...el915 F N O A M 2d gold 6s...... 1930 J-J 105 4 105 Jan 'os J'ne’ 10 103 ........104 R W * OT R 1st gu g os.1918 M Pensacola Div gold 6s...1920 M-8 1054 H I 1074 il0 4 104 104 113 114 1 0 1 4 1024 St L Div 1st gold 6s...... 1921 M-S 1 1 3 4 ...... 113 95 ........102 4 Feb lo Rutland 1st con g 4 4s.. 1941 J 71 68 .. . . . 84 4 843 83 Sep ’ 10 2d gold 3s.....................1980 M-S 4 Og*LCham lstgu4s gl948 J 8 0 4 0 14 in 954 Rut-Canad 1st g u g ls . 1940 J ........ 92 J'ne’09 A tl Knox & Cm div 4s.. 1965 M-N J 'ne’O D ........115 St Law A Adtr 1st g 5s. 1996 J Atl Knox & Nor 1st g 581940 J-D 1 0 1 4 ....... Ul6 J . 1110 Jan’09 103 Feb’ 08 ........125 2d gold 6s....................1996 A Hender Bdge 1st s t g 6s. 1931 M-S 9 6 V 05 4 O c t ’ 10 , 96 100 100 Sop Mu 100 102 944 9741 Utica A Blk R ivgug4s.l922 J : Kentucky Cent gold 4s.. 1987 J-J 92 102 105 4 90 92 4 914 92 914 Lake Shore gold 3 4 s ....1997 J i L & N '& M * M lstg 4 4 sl9 4 5 : M-S 102 00% 91 4 904 Oct ’10;. 88 92 89 4 Sale 89 4 89 4 89 4 92 Registered............... 1997 J g L * N-South M Joint4s. 1952 J-J 94 4 933 sale 933 4 92' 95*4 1064 111 Debenture g 4s...........1928 M , N Fla * a 1st gu g 6s... 1937 F-A 108 ...... •— j 08 ...... 93-4 Sale 93 V i 93 4 92 954 26-year g 4 s ............... 1931 M N&CBdgegengu g4 4s 1945 J-J 1104 Ka A * G R 1st gu o 58.1938 J Pens * Atl 1st gu g 6s..1921 F-A 1104 Sale 1104 1104! 1 110 4 i l 0 4 109 Got ’07 107 Mahon C’l RR 1st o s.. 1934 J 109 4114 8 & N Ala con gu g 5s.. 1936 F-A 109 4 H4 100 100 Deo’uO P itts* L Erie 2d g 5 s.<*1028 A L * Jell Bdge Co gug 4s.. 1945 M-S 90 4 92 88 4 90 4 130 4 Jan ’ 09 122*4 Pitts M cK * Y lstgu 6S.1932 J L N A * Ch / ee C 1 * L S 120 2d guards....................1934 J ahon Coal nee L S & M S .... 93 7 984 107 g M cK ees* B V lstg 6s 1918 J anhattan Ry consol 4s. 1990 A-O 964 074 104 1 109 4 112 115 Oct '09 Mich Cent 5s.................. 1931 M Registered................ 1990 A-O 994 ' " i 944 994 6 Registered................ 193l|« 1084 ........119 J ue’U Stmpd tax exempt.. 1090 A-O 99 4 bale 99 4 95 99 1 99 Jau ’ lo 99 99 4s................................. 1940 J MoK’ pt & B V Hee N V Cent 994 99 Oct ’ 10 964 09 Registered............... 1940' J 98V 03 Dec’09 Mex Cent cons g 4s......... 1911 J - j ' 99 3 i 4 May’ 10 27 4 314 J L * S 1st g 3 4 s...... 195li M ....... 90 J’ ue 08 1st cons ino g 3s........(*1939 25 4 Apr’09 *26 83 ____ 87 Apr’ 10 90 1st g 3 4 s ....................1962 M 2d cons ino g 3s trust recta.. 77 Mar’ 10 76 77 20-year deb 4s............ 1929. A 916 g 92 4 914 924 914 Mex internat 1st cou g 4s.1977 M-S 76 80 Fob’08 Bat C * Slur 1st gug 3s.l989 J Stamped guaranteed... .1977 M-S 100 May’ 10 .... 100 100 99 V 10U3 99 4 , 4 NY C hic* St L 1st g4a 1937IA 09 4 07 4 100 4 Mex North 1st gold 6s....1910 J -D Registered.................. 1937 A 100 Dec’09 98 4 Mich Cent nee N i Cent 91 M-N 90 914 91 , ^ 90 92 Mid otiN J nee Erie 1U 1 1014 1014 10 9 9 4 1 0 2 4 West Shore 1st 4s g u ...2361 J-J Mil L 8 <s V hee Clilo & N \ S V V 99 4 ^4 06 4 1 0 0 4 Registered...................2361 J-J 99 994 99 4 Mil & North Hee Cli M <6 St P 131 May’10 .... 131 131 N Y * Greenw laike nee Erie Minn * St L 1st gold 7s.. 1927 J-D 130 118 Jan’07 N Y A Har nee N Y C * Hud Pacitlc Ex 1st gold 6s...1921 A-O 111 1004 J’ly ’10 .... 100 4101 N Y Lack & W nee D L * W South West Ex ls t g 7a.1910 J-D N Y L E * W nee Erie 1st consol gold 6s........... 1934 M-N 1074 10«4 107 G ot ’ 10 __J 1024 109 3 67 4 81 4 N Y * Long Br nee Cent of N J 70 4 lstand refund gold 4s.. 1949 M-S 70 4 Sale 70 4 87 Mar'10 87 914 N Y N H * 11—Conv 6s .. 1948 J.J 1347 bale 1344 135 » 1304 1354 Des M * Ft D 1st gu 4s... ’35 J .J ........ 92 Couv deben 3 4 s............1956 J-J lot 1 ale 10 j 3 1014 . 964 1034 Minn * St L gu nee B C R & N 112 411 0 Housatomc R cou g 5s..1937 Al-N 112 064 974 9 7 4 Sop ’ lo ___ I 064 100 112 4 Oct Mo M S tP * S S M c o n g 4 in tg u ’38 J-J 98 4 Juu’ lo O N H & Derby cou cy os.1918 M-N 1U0 4 98 4 98 4 107 Aug’O M 8 S M & A 1st g 4 lilt gu 1926 J-J N Y * North nee N Y C * 11 Minn Un nee St P M &M 0 964100 934 97 96 98 N Y O & W ref ls t g 4s..01992 M-S 964 974 964 Mo Kan * Tex 1st g 4s... 1990 J-D 074 Sale 974 8 82 84 4 £5 874 Regis 36,000 only........ol992 M-S 1014 J’ue’06 2d gold 4s......................pi990 F-A1 84 4 Sale 1034 Sep '10 100 105 162 104 N Y * Put nee N Y C & 11 1st ext gold 6s................ 1944 M-N 82 O ct ’ 10 784 864 N Y * R B nee Long island 1st & refund 4s.............. 2004 M-S 80 4 83 83 4 904 N Y S * W nee Erie 864 Gen s 1 4*28................. 1936 j -j ; 864 864 88 Oot ’ 1 ° Apr’09 mil N Y Tex * M nee So Pao Co St L Div 1st ref g 4 s ....2001 A-O 80 ... J’ne’ lu6 103 Nor * South 1st g 6 s........1941 M-N 1 0 0 4 ........101 May’ 10 100 1014 Dal & Wa 1st gu g 6s...1940 M-N 100 . . . . . . 105 Sop’ J" l O 90 93 4 Nort * West gen g 6a...... 1931 M-N 126 126 125 Sop M .... 123 1264 Kan C * Pao 1st g 4s...1990 F-A 894 92 4 99 110 *10 I improvem’t * ext g 6s..1934 F-A 12i3 128 126 Mur’ H .... 12441264 4 Mo K * E 1st gu g 5s... 1942 A-O 1094 HO 1034 Sep 10 18 106 113 Now River 1st g 6 s...... 1932 A-O 120-j 126 123 May’10 .... 123 1244 103 108 4 M K A Uk 1st gu os...... 1942 M-N ....... 1074 99 U ’ J, 96 4100 N & W Ry 1st con g 4s. 1996 A-O 09 094 99 4 100 4106 4 M K * T 'O tT le t gu g 63.1942 M-S 102 1064 Registered................... 1996 A-O ................ 97 A pr’ lo .. S 07 07 Slier S h * bo 1st gug 68.1943 J-D ........109 03 4 0 91 934 105 Div’l l s t l * gen g 4s... 1944 J - J 93 ^ Sale 1 934 .... 105 108 T e x * Oklalstgug6s..,1943 M-S ........109 10-26 year couv 4s___1932 J-D 1004 ’ do I 0 0 4 101 498 0441084 107 111 Mo Pacitlc 1st cou g 6s ...1920 M-N 107 110 110 Oct '10 O 101 4 Pocnh C * C Joint 48.. 1941 J-D 4 100 1024 8 8 4 894 884 Oct M . — 'I 864 004 Trust gold 6s stamped.<*1017 M-S' 101 4 Sale 101 Apr’ iO ... 1044 106 C C * X l s t g u g 6 s........1922 J-J ................. 106 994, Mar’ 10 99*4 99*8 Registered................<*1917 M-S' «ep 'lo 100 1024 S010 V * N E 1st gug 4s 1989 M-N 96 ' 94 964 01 J’ly Mo letcoli gold 6s................1920 F-A1 1004102 10141 784 4 76 814 North Illinois nee C h i* N W 40-year gold loan 4s...... 1945 M-S' 784 784 784 t Norm Ohio nee L Erie * W M-N' ........ 08* 954 J ov’O 3d 7s extd at 4%............. 1938 96 Nor Pao—Prior Hen g 4s..1997 Q J 1004101 101 101 934 Sait 03 4, 93’ , 26 89 99 1024 1st & ref conv 6s...........1969 M S _ 014 96 4 L -, 0 j 4 ......... 100 O ct’ 10 Registered................... 1997 y-J 984 101 Cent Br Ry 1st gu g 48.1910 I'-A' 014 93 4 9 1 4 May’10 _ General lieu gold 3s___<*2047 y-F 86 87 4 714 -alb |714 714 694 74 j -d ; 844 «5 4 87 Ceu Branch U P ls tg 4 s .1948 Registered................a2047 U-F 70 ........ 1 70 Sep Mo 110 .......... 6J 724 Leroy & C V A L 1st g 6s 1926 J-J 99 St Paui-Dul Div g 4 s....1996 J -D ..................|97 Mar’ 10 07 T, 98 1004 96 4 97 4 Pac U of Mo 1st ex g 4s. 1938 F-A1 96 ... . 110 113 Dul Short L 1st gu 6 s ..1916 M-S 9 9 4 ........1 99 Fob’ 10 99 99 2d extended gold 6s...193 3 J J HO 4 U 2 4 108 16 1054 110 C B & 14 coll tr 4s nee Gt N or, StL IrM *Sgencoug5sl931 A-O 1074103 4 1074 St P * N P gen g 6s....1923 F-A 110 119 ! l l 6 4 '8eP ’ 10 1154 1184 Gen con stamp gtdg 6s 1931 A-O 1064 ...... 111 I 6 | 81 86 Registered certlflc’s..l923 <J-F 112 ........1L/ 86 4 sale 86 4 Foh’ 10 ..Hll7 117 Umlled * ret gold 4s..1929 J-J 23 1 824 874 St Paul * Dul 1st 6 s___1931 F-A 107 4 .........110 J'no’10 -.'110 HU Riv & G Div 1st g 4s. .1933 M-N 86 4 sale 86 4 2d 6 s ............................ 1917 A-O 103 ........ 103 .... 102 4 1024 103 1024' 1 103 1034 Verdi V 1 * W 1st g 6s. 1926 M-S Jl........ 93 ........ 96 4 Apr ’ 10 98 1st oousol gold4s........1968 J-D 964 974 MobJ & K C ist cons g 6s. 1953 J-J , , 115 1214 02 ........ 02 4 Jail ’09 Wash Cent 1st g 4 s........1948 " Mob & Ohio new gold 6s..1927 J-0 1174 121 1 1 0 4 ........1104 Aug’ rO 114 4117 4 Nor Pao Ter Co 1st g 6s..1933 t 1104 110 4 1st extension gold 6s../il927 4-J 1144 HO 1 86 4 90 Nor Ry cal nee so Pao 86 90 .. . General gold 4s............. 1938 il-S 1 107 108 4 Nor Wu Nee O St P M * O Moutgom Div 1st g 6 s..1947 F-A 100 110 1084 . .. Nor * Mout nee N Y Cent 30 ...... 76 i St L * Cairo coll g 4s..el03U lna * W Nee C C C * St L ...I 94 4 90 94 96 Guaranteed g 4s......... 1931 n hio Riv RR nee unit * O M & o coll 4s nee Southern Ore * Cat nee So Pao Co Mohawk * Mai nee X Y C * i l ore Short Line nee Un Pao Monougahela Rlv nee B * O Oswego & Roma nee N Y C Mont Cent nee St P M * M 1044 Sop’ 10 . . . . 10241084 p a o Coast Co 1st g 5s_ 1946 J-D 1034 _ Morgan’ s La & T nee S P Co X ao ot Missouri nee Mo Pao M orris* Essex nee Del L 3b \ V 1014 102 Aug’ 10 102 193 4 O [V ash Chat * St L 1st 7s. 1913 J-J 1 0 6 4 ........ 1064 Oct M .... 1064 1104 Penn RR 1st real cat g 4s. 1923 M-N 105 110 1094 Jan’0 9 '" ” Consol gold os........................1919M-S no 3 1084 1104 l l 1st consol gold 5s........1928 A-O 10 a«g........ 110 ........ 1024 ucl Mil___ 1024 i u V ...... Consol gold 4s........................1943M-N Jasper Branch 1st g 6s..1923 J-J 115 4 ........ 1H5 4 May’07 9J4! 16 9a 4 102 Convertible g 3 4s..........1912 Al-N 994 sale i 99 McM M W * A1 1st 6s.. 1917 J-J 1 0 6 4 ........ 1174 Mar’Oo 1 9*4 170 94 4 974 Convertible g 3 4s..........1916 J -D 964 sale j 964 'i' < P Branch 1st 6s_ 1917 J -J 106 4 ........ Il3 ' J’ly ’04 & _ g Consol gold 4 s .............. 1948 M N 102’s bale 1027 1 02 4 aO 1014 1014 Nash Flor * Shet nee L * N 044 Sale 044 Ailog Vai gen gu g 4s... 1942 M-S *9.<4 ........100 Out ’ 10 .... 1024 1024 94 7 431 08 4 954 g Nat Rys of Mexpr 14 4s 1957 , . s 94 D U R R * B g e istg u 4 sg .’3G F-A Guar gen 4s....................1977 A-O 914 sale 014 91*. 5 87 4 92*8 103 4 Dec’09 . PhilaBai* V 1st g 4a.. 1943 M-N 1014 Y 10U41024 Nat oi Mex prior lien 4 “ 1926 J-J 1004 104 1004 Sop ’ lu as. 102 Jau '03 . Sod Bay * So 1st g 6s...1921 J - J 100 86 1st consol 4s................... 1951 A-O 834 ........ 844 Sop ’ 10 - . . j 82 103 104 U N J KU * Cau geu 4s. 1944 M-S New H & D nee N Y N li & H 1044 1 108 108 Penn Co—Guar 1st g 4 4s. 1921 J - J 104 4 oale 104 N J J unc RR nee N V Cent . 1034 1034 102 Registered.......................... 1921J-J N Y Bkln * Man Bch nee L 1 90 90 Guai 3 4s coll trust reg. 1937 M-S, 884 ...... 90 Aug’ 1J' 894 904 894 894 18 874 92 N Y C ent* 11 Ulvg 3 48-1997 ,r-j 89 4 Got ’10 J 83 j Guar 3 4s coll tr ser B...1941 F-A $34 90 O 87 83 4 8 6 4 J’ly M f*T.' 86 6 904 Registered...................1997 j - j 914 084 9/ 934 97«* Tr Co certif’s gu g 3 4 s .1916 M-N 944 0 92 Debeu g 4s.................... 1934 M-N 944 bale 934 964 90 87 Aug'10 ....• Gu 3 4s tr ctfs U.............1942 J -D 82 4 Oct M O 87 90 79 4 82 4 Lake Shore coll g 3 “ as...1998 F-A 814 82 78 Gu 3 4s tr ctfs D.....................1944J-D884 894! 91 Deo‘09 80 4 Registered.................. 1998 F-A 8 0 4 ........ 79 Sep Mo fUISCELL iNKOU-S BONDS—Continued on Next Page M U Coni niul Iron Buff & Snsq Iron s 1 os. ...1932 Debouturo 6s............. < 1926 M-fi 1 C01 b oj u , o gen s r g 6a. .1943 F-A , Convertible deb g 6s....1911 F A Col Indu 1st* coll 6s gu..l934 F-A Gontln’talC Istst gud8g.l9521F-A Gr Riv Coal * C ls t g 6 s ..1919 A-O 'Jett * Clear C * 11st g 6s.1926 J-D 'K an * H C * O 1st s fgos.1961 J.J Pocali Con Collier lsts f 5s.’ 3? j - j Sunday Creek Co g 03 ___ 1944 j . j q;enu Coal gen 5s............. 1951 j . j Tenn Div 1st g 6a...... «1917 A-O 1 Birm Div 1st consol 6s. .1917 J-J Cah C M Co 1st gu g 6s. 1922 J-D | De Bar C * 1 Co gu g Os. 1910 F-A •ylctor Fuel 1st s 16s........1953 J -J iyalron C oal*C olst g 6s.1949 M-S on 89 984 ....... 77 ........ ........ 99 984 79 09 4 Nov’09 94 Deo’09 101 Sep M O 96 4 J’ne’ 10 .... 79 79 1 1074 Dec’04 100 I02"g Apr’06 107 May’97 07 ioo 1064 Dec’06 83 J’ ne’ 10 »........ 82 73 Feb’07 101 103 102 Sep Mo 2 104 4 Salb 1044 1044 O 1044 106 104 Sop M .... lu6 ........ 110 Jan’09 100 Jan M . O ........ b6 87 Aug’ O O b ot* 994 994 »9 4 • N o p r ice Friday; la test bid and askoih a D u e J a n .Unnufncturing & Industrial 79 Sale Allis-Chalmers 1st 6s...... 1936 J -J 101 Am Ag Chem 1st C 6s...... 1928 A-O 102 4 ■iait 98 4 964 Am Cot GU ext 4 4s......... 1915 4- F 93 82 4 Am Bide * L 1st s tg 6s..1919 .6-8 94 4 96 4 Amer Ice Secur deb g 6s.. 1026 A-O 68 4 72 Am Spirits Mtg 1st g 6 s.. 1916 M-S 97 101 90 4 93 Am Thread 1st col tr 4s..1919 J.J _ Am Tobacco 40-yr g Os_ 1944 A-O 106 Sale 83 83 4s.....................................1951 F A 80 4 sale 86 4 Sale Seth Steel 1st oxt st 5s.. 1926 j-J ent Leather 20-year g 6s. 1925 A-O 904 'UR 102 104 4 103 107 7 8 4 ........ ons il Tobacco g 4s......... 1251 F-A 1034107 ■Joru Prod Ref s f g 5s__ 193. M-N 94 4 ....... 1st 25-year st 5s............. 1934 M-N 934 95 100 106 Cuban-Amor Sugar coll tr 6s ’ 18 5- D ....... 97 74 Sale Distil Aeo cor couv 1st g 6s.’27 AO 944 100 E I du Pont Powder -14s.. 1936 J-D 82 4 63 96 93 70 b D u e F e h e D u e .May j D u s j ’ ue A D u e J ’ly IcDne A u g o D u e O ot 79 794 16 1024 984 1 984 Oot ’ 10 63 Sop M G IO0 4 .00 4 4 894 Sep ’ 10 105 4 iu 6 132 80% 172 80 4 86 % 864 Is 99-i 0.1*4 199 80 % 80% 1 1 94 -» 04 4 944 2 o 94*4 964 J’ly M l) 48 74 73 4 85 J’ly ’ 10 — 4 102 »D aeN ov 3 D uo D eo 72 844 1)8 100 103 934 984 92 102 67 784 94 1004 89 93 104 4 109 764 864 83 4 86 J •7 102 764 8 *4 93 97 9*4 9<4 96 97 67 744 M 88 fF lx L , O ct. 15 1910.] BONDS N. Y. STOCK EXCHANGE WttEK KNDtNlI OCT 14 New York Bond Record- -Page 4— Concluded O i ! Price Friday Oct 14 Week's Range or Last Sale e o ^ j Range Since January 1 Hia a xn Low Midh Mo Low High. Pennsylvania Co—(Con) Guar 16-25 year g 4s_ .1931 AO * ...... 08 _ 98 98 1 94*2 99 ClAi Mar lat gu g 4 * ..1935 M-N 100*2 ........ 110 Jau’05 28 Cl & I* geu gu g4Hasser A .’42 J-J 1103 4 1093 J’ly ’09 4 Series B....................... 1942 A-O 103 ... 90 Aug’09 Series O 3 H ................1948 Al-N 90 ... js js Series D 3 H ................ 1950 F-A 90 ... 90 AIay’08 92 ... . E r ie * P ittsgug3 H B.1940 J j is 91 S ep ’ 10 91 91 92 ... Series C.......................1940,J-J 983 Apr’04 r Gr H > I ex 1st gu g4Hisly4lj J-J 104*4 106 *s 104 H Oct ’09 i& i i Pitts Ft W * O 1st7s...1912, J-J 101 H .... 104 H Oct ’ 10 i i ‘04«i ib’tT' 2il7s............................. 1912 J-J 104 H .... 104°s Aug’ lo i e 104s8 1057 3d 7s.......................... A1912 A-O 104*4 . . . . 107 Oct ’08 Pitts Y& Ash 1st con 6s.l927iM-N 107 ___ 109 May’ 10 109 " 109 106H .... 107 O ct’ 10 i P O O & St LguiHis A...1940 A-O 107 107*8 i Series B guar.............. 1942 A-O 100 H 108 107 O ot ’ 10 * 103*2 107 *4 lOOHiScp '10 Series O guar.............. 1942 M-N 106*2 106*2 97*s. 98 > Oct ’ 10 4 Series D 4s guar......... 1945 M-N 97‘t 98**4 i 91 J’ly ’ 10 Series E 8 H guar g .... 1949 F-A 92 H . i 04 94 97*8. Series F 4s g u a r........1953 J -D 4 112 HSop ’ 10 i C 8t L, & P 1st oon g 6s.1932 A-O 1123 . 111*2 112*2 Pensacola & Atl See L < Nash & Peo & East See Q G G < St L & Peo<fc Pek Uu 1st g Os....1921 112 Feb ’ 10 112 112 90 HSep ’ 10 i 2« gold 4 H s...................61921 il-N 95 100 a 90*2 90*2 71 Bale 71 71 Pere Marquette—Bet 4s.. 1955, J-J 79 71 O O il* V M 6 s .................1921! J -O 100 ........ 101 Sop M V 100 102 U 1 F lint* P Al g Os............. 1920 A-O 10834 ......... IO8 H Sep ’ lo 4 108H. 112 * 103 H 101 Aug’ 10 i 1st cousol gold 5s........1939 M-N 101 101 100 Pt iiurou Div 1st g 5s. 1939 A-O 103 10UH7105 101 106 Sag Tus * 111st gu g 4s. 1931 F-A Plul B * V See Penn HU V 86 89 Philippine Hy 1st 30-yi s I4s’37 J-J 89H. J’ly ’ 10 90 88 Pitts Cm & St L See Penn Co Pitts Cleve * 'Pol see B * p Pitts Ft V * Cli See Poiiu Co V Puts AIoKees * Y See N Y Con Pitts Sli * L E 1st g 6s...1940 A-O 112 i 112 AIay’ 10 112 112 1st consol gold 5s............1943 J-J 93 '8 J ’ly ’9 7 Pitts & West See B * u 1» ending Co geu g 4s......1997 J-J 99*4 Sale 983 4 99 *„ 97 100 IVHegisterei]..................1997 J-J ..... 98**8 97>b Sep ’ I uo 8 v 1 '8 lu 95 98*4 jersey Cont coll g 4s...1951 A 0 97p Sale 97*a 97 95 98*4 Kenaaeiaer * Sar See 1) * 1 1 ttloii < Dan Are South Hy fc Itlcli * Aleck See Southern Bio Ur West See lien * Hio Ur Koch < Pitts See B it * P fc Home Wat < Og See N Y Ueut fc liutluiid See S Y Cent Cag Pus * 11 See Pere Alum O t J o * Ur Isl 1st g 4 s...1947 J-J 89 88*4 50 89 89 94 3t L& Cairo See AloO * Ohio St L * Irou Alouut See At P St LAI Hr Am P H H A oIS IL ' 117*8........120 Apr’ 10 9t l.ouis * S F—Goug Os.1931 120 124 106 ........ 107 S op ’ 10 Ueneral gold 5s...............1931 105 1U83 4 91*s 91’, O o l’ lu — . 90 St L * S F lilt cons g 4s.. ’90 J - J 89 9l*» 87*2 69| 84 Ueu 16-20 yr As .........1927 M-N 67*4 3ait 87 90 Southw Dig 1st g 6s..1947 A-O 99 ........ 100*4 Apr’ lO .1 0 0 * 4 100*4 82 dan, 82 82 '4 8 78*2 85 Ueluuding g 4s........... 1961 J-J K C Ft S * Ai con g Os.. 1928 M-N 1 ) 6*2 ........117 Sop •10 ....1 1 1 117*2 . 7b < 35 76Hi 82j4 * b K O F I S * Al Hy rot g 4s 1930 A-O 7b *2 Bale 7838 4 K C * Al U * B lstgu 5s. 1929 A-O 95 ........IO0 V Lee-Ou Oz’rk< Ch U lstgu5a g.1913 A-O 96*4 98 V 08s, Aug’ lo .... 96*4 97 & dt .Louis So See Illinois Cent 0t L S V 1st g 4s bd Ctls.1989 11-13 91H» 01»4 91*2 V 9 1**4 88 933b 80 Bale 80 2d g 4s ino bond Ctts...pl98U J-J 60 79 82 Consol gold 4s................ 1932 J-D V6 H 77 763 4 7b3 4 i 72*2 797 b Cray's PtPer lstgu g 6s 1947 J-D 05 ........ 101'a Apr’07 bt P a u l* Uul See Nor Pacdlo bt P Aliun * Alan See Ut Nor dt P * N or Pao See N or Pac 8 t P * s ’xCity seeC st P Al * o 8 A * A Pass lstgu g 4s... 1943 J-J 8678 Salb 86*2 867 8 83*2 88*4 S F & N P 1st sink i g 68.1919 J J 98*4 ........ 104 G ot’09 Sav F' * West see Atl coast L acioto Vai * N K See N o r* V V Seaboard A L g 4s stamped '60 AO 85 *8 Sale 84 3 , 86 *8 < 81*2 85 3 4 Coll tr rotund g 6 s ........1911 M-N 097 100 s 99 7 » 99*8 99 100*t t Adjustment 6 s .............ol949 F-A 70°i dalb 70*2 703 8 69*2 76*4 Atl-Bum 30-yrlst g 4s.el933 M-S 843 87 4 84,j4 84 '4 80 87 Car Ceut lstcou g 4s...1949 J-J 91 9 1 Aug’lo 91 91*2 Fla Con * Pen 1st g 6s.lU18 J-J 101 ........103 Apr’ lO 103 103 1st laud gr ext g 6 s ...1930 J-J 100 *i.......................... Consol gold 6s............. 1043 j . j 101 *4 ........ 1 Oo34 AIay'10 .... 100*4 100*»4 Qa * Ala Hy lstcou 6sol945 J-J 103 .........101*2 Alar’10 .. .. 104 104Hi Ga Car * No lstg u g 6 s 1929 J - J 103*2......... 1 U J’ly ’ 10 .. . . :1U4 104\ 4 Soab * Koa laths......... 1920 J-J 1043 ....... 106 Apr’ lO ....1 0 6 106 4 aher Shr * So See Al K * P 811 Sp cca * U See Atl Coast L Southern Puoillo Co— 02**8 19 89 Gold 4s (Ceut Pao coU).«1949 J-D 923b Sale 92*8 95 90 J’l y ’ 10 Hegtstored............... fcl949 J-L ........ 90 86 90 99 *8 Sale U 3 8 * 99*4 20 -year couv 4s....... < 1929 M-S j U23 106*4 4 98 Sale 98 98*4 Cent Pao 1st ret gu g 4s 1949 F-A 94Hi 98*4 Hugislereu................... 1>4U F-A ................... 97 FOO’ lO J 97 97 Alortguargold3Hjs../i;lU29 J -L 90*4........ 90 Oct ’ 10 87*a 90 94 I 92 J’ne’ lo - 91*8 04 Through s i L 1st gu 4s ’64 A-O 89 G 11* S A W * P 1st5s..1931 M-N 1053 108*2 109 Sep ’lo .. 1037g 109 4 Gila V G * N lstg u g 5 s. 1924 M-N ................... 104\ aup ’09 4 Hous E * V P 1st g 6s.1933 M-N 103 *» 105J 106*4 Alay’09 V 1st guar 5s reu.......... 1933 M-N 104 106 103*4 Aug’lo . 103*4 165*8 II * TO 1st g Saint gu.. 1937 J-J 110 110*8 110 Bop ’10 . 109*2 110*2 Consol g Os int guar...1912 A-O 109*4 110*8 109*2 Nov’uy 93 96*a U Aug 10 2 Gen gold 4s int guar..1921 A-O (l 02 98*4 W aco* N V illv 1st g Os'3U M-N 115 122 119*4 Mtu’ lo V 119*4 119*4 A * N V lstg u g 6s .... 19411 V J-J 102 ........107Hi Jun 09 115 ........133*8 AUg'08 Morgan’s La * P 1st 7s.1918 A o 110 ........116 Nov’06 1st gold Os.......................... 1920J-J ........113 F‘ob’07 No ot Cal guar g Os........1938 A-O 100 J’ne’lo .. 100 100 Ore * Cal 1st guar g Os.1927 J - J 100 ........... i Bo Paool Cai—Os E * F.1912 A-O 101*4..........104 H J’ne’Od 1st gold Os...........................iy i2 A-O 101*«......... 114 H Leo'04 i 1st coil guar g 6 s.........1937 Al-N 107*4..........116 Ainy’O? 0 , BPaooIN Alex 1st g os..1911 J-J ........ 1U 3 1 00 *« 100*8 i ibo*» ib T ‘ 84 93 90 J’ly 09 So Pao Coast lstgu 4s g .1937 J-J Tex*NOHabLivi8tKOs.l9l2 Al-S 102 103*2 1 0 1 78 Alay’ lO !.* 10 i p i 02*2 Con gold 6s................. .. j . j 100 NorOO 103 BONDS N. Y. STOCK EXCHANGE W ekk Kndtno ocr U •21 Price « | Friday ■ H Oct 14 bo Pac Kit 1st ref 4s........1955 J-J Southern—1st con g 5s___1994 J-J Kegistered...................1994 j . j Develop & gen 4s SerA.1956 A-O AlobJfc Ohio coll tr g 4s..1938 Al-S Alem Liv 1st g 4 Hi-5s...1996 J-J St Louis div 1st g 4s....1951 J-J Oon H 1st g 6s........1918 J-J Atl < Dan v 1st g 4s......1948; J - J fc 2d 4 s ........................... 1948 J.J A tl& Yad 1st g guar 4s.1949 A-O Col & Greeny 1st 6s.......19101J-J E T Va & Ga Liy g 5S..1930 J-J Con 1st gold 6s...........1950 M-N E Ten reor Uen g os...... 1938 M-s Ga Midland 1st 33......... 1940 A.O Ga Pao Hy 1st g Os........1922 J -J Knox & Ohio 1st g 6s...1925 J-J M ob* B irpnorlieug5sl945 J.J Alortgage gold 4s....... 1945 J-J Kioh & Lan con g 6s_ 1915 J-J _ Deb6s8tamped...........1927 A-O Hicli & Aleck 1st g 4 s ...1948 Al-N So Car & Ga 1st g 6 s....1919 M-N Virginia Mid ser O 6 s...1916 M-S Series L 4-5s...............1921 M-S Series E 5s.................. 1920 M-S General 5s.................. 1930 M-N Guar stamped......... 1936 M-N V O <s W 1st cy gu 4s..1921 F-A V V West NO 1st eon g 6s..1911 J-J S A N Ala See L A N s Spokane intermit 1stg 5s 1955 J - . er A ot St E 1st g 4 * .. 1939 A-O 28 lstcou gold 03.. ..1894-1944 F-A Ueu rotund s t g as........1953 J-J St L M Bge Ter gu g 58.1930 A-O Tex & N O See So Pao Co Tex & Pao 1st gold 5s...... 2000, J -L 2d gold iuc 6 s................?2000 Alar La Llv B L 1st g 5s...... 1931 J-J W Alin W<& N W lstgu 5 s ’JO F-A Pol & O O 1st g 5s............ 1933 J-J Western Div 1st g 5s...1935 A-O General gold 5s.............. 1935 J -L Kan <6 Al 1st gu g 4s_ 1990 A-O _ s V Pol P iS V 1st gold 4S....1917 J-J PolStLife VVprlieng3His. 1925 J •J 50-year gold 4s.............. 1950 A-O Coll tr 4s g Ser A ......... 1917 F-A Por Ham A Bull 1st g 4s./tl946 J -L s lster A Lei lstcou g 6 s 1928 J-L s 1st rotund g 4s......... 1952 A-O Un Pao HH & 1gr g 4 s ...1947 J-J Hegistered................... 1947 J-J ‘J0 -y rco u v 4 s ................. 1327 J-J 1st < ref 4s...................g2008 M-S b ore Hy < Nav cou g 48.1940 J-L & Ore Short Lino IstgUa.. 1922 F-A 1st cousol g 6 s.............1946 J •J Guar relund 4s........... 1929 J-D Hogistered.l.............1929 J-D UtahiS Nor gold 6 s.. 1926 J-J UmiVJ HH < C Co See Pa HH fc Utah Central See Hio Gr Wes; Utah A; North see Un Paciiie' Utica Aj Black H See N Y Ceut audalia cousol g 4 s _ 1955 F-A _ era Cruz AjPislgu 4 Hisl931 J-J Vor Vai lud A; W see Alo P I Virginia Mid See South Hy I VaAs Southw’ t 1st gu os.2003 J-J 1st cons 50-year 5s........1968 A-O abash 1st gold 5s...... 1939 M-N 2d gold 6 s................1969 F-A Debenture seriesB ...... 1939 J-J 1st Uen equip s f d g 6a..1921 M-S 1st Uen 50 yr g term 4s.1954 J-J 1st ret anil ext g 4s _ 1956 J-J _ Lot<& CU Ext 1st g 5s..1941 J-J Los Alum Div 1st g 4s..1939 J-J Om Liv 1st g 3*as......... 1941 A-O Pol & Oh Llv 1st g 4s...1941 M-S , Wab Pitta Perm 1st g 4s.1954 J-L Prust Co certts..................... ....... 2d gold 4a....................... 1954 J-L P'rust Co certts.................... Warren see Lei Lac A West s Wash Cent See Nor Pao Wash O A V See Southern s V Wash Penal 1st gu 3 * .. 1945 F-A 28 West Maryland 1st g 4s...1952 A-O Uen A conv g 4 s ........... 1952 A-O s P'rust Co certts................... W Va Ceut A P 1st g 6 s 1911 J-J s VYeatN Y A Pa 1st g o s ..1937 J.J s Ueu gold 4s.....................1943 A-O Income 5s.................... K1943 Nov West No Car Bee South Hy VVheel’g A L E 1st g 5s...1926 A-O s Wheel Liv 1st gold 5a..1928 J-J Extou < Imp gold 6a...1930 F-A fc HH 1st cousol 4s.............1049 M-S 20 -year equip s t 5a ...1922 J-J Wilkes A; East See Erie WU A Sioux F See St P M A Al s s W la Ceut 60-yr 1st gen 4s 1940 J-J SupAs Lui di vAs term 1st 4s’36 M-N I U Pclegraph and Telephone Am Telep A Tel coll tr 4s 1029 J.J s Convertible 4s............... 1936 M- S Week's Range or Last Sale * 3 §5' 2° Range Since January 1 Via a sic Low H\gt1 No Low J/ioS 95 Sale 95 35** 136 93*4 *J57g 108*2 109 139 109 2 103*8 l l l 3 4 110 May’09 76 H Sale 76 i 76*2 233 f 7 3 " ' 8*17» 86*2 ____ 86*2 Oct ’ 10 . . . . : 85 90*2 107*2 110 108 Sep M . . . . 106 110 O 85 86 85 80 1.1 80*2 87 106 ........ 108 Sep ’08 80 .. 93 Sep’ ll 93 93 *« 92 J’ne’06 70 .... 106 .... 109 j ’ne’09 106 109 110 Fob’ 10 ....1 0 6 110 110 * 112 111 Oct M .... 109 114*2 * O 100 ___ 106 Fob’ 10 106 106 ........ 67 05 Nov’09 112 .... 1133 Sep M 4 O i l T *8 i l 3 3 4 J 16 ... . 114 Sep ” 0 114 114*2 105 ___ 115**8 Apr’06 70 .... 82 Nov’O S 103*2 108 106*4 Apr’ lO 106*4 106*4 103»8 .... lOS3 May'10 , 105 107»4 71 .... 75 O ct’08 103*4 104 103 Sep’ 10 ... 102 104 105»b ........ 112 O ct’06 103*4...... IO8 H L ee’06 1 105V»........ 1U L eo’03 7»4 105 ... 1U J’lj 10 5®8 105*2 107*» 107 L ee’09 86 91 Feb’ 10 91 91 104 lU0*s May’ lb 105*2 106** 106 100\ Sep ’09 104 106 __ 107*8 107 *a 109 111 .... 109 115** *97*2 _ _ 96 98** 108*4 109 .... 109 109** 111 111*2 111 2 108*2 112 ** 60*4 66 70 Mar’ lo 70 70 « 8 sa 103 Sep ’09 ........ — — ........ 106Hi Nov’04 107*2 109*2108 Sep ’ 10 ... 106 i'i 2 *t 105 112 101*2 99 Aug’ lo . ... 99 1047 * 88 04*4 Mar’lu * 90*a 94 > 01 *8 93**4 03 Sep ’ 10 * 92 93** 87Hi 87 Aug'10 87 90 70 Oct '10 .... 70 77H > 81 80 81 81 80*2 86 ** 86*4 80 J’no’ lG .... 87*4 91 103 107 103 J’no’10 100 106 84 86 O ct ’ 09 101*2 Sale 101*4 101**4 69 093 102 4 O 100 Oct M 98Hi IOIHj 1047 393 10 1 116s 8 104 H sale 103 i * 97*4 Sale 07 *4 0 i "Y 30 95 98 *« 907 * 6 94*« 98H 06 H 08**8 06 '8 i > 115 116 115*4 115 * 4 2 113*4 117 112*4 I 12 7 112 q Oct ’ 10 ...J 108*4 1137 a * 93 s* 04 I 03°, 93*. 20 01 94T * Jan ’09 ib’i " _ 107 *8 Lee ’09 _ V W 1013 1 08 06 Nov’O S Apr’ lO 96 105 110 H 105 J’lyMO i 106 94*2 95 04*2 94*2 2 94 109 H Buie 10»*>4 109*8 i 0 107 99>a sale 90*2 10 0 16 98 ........ 100 86 J’Jy’ 10 86 ........ 083 luo J’ne’ iu 4 100 ...... . 85 * 90 Alar'lo 2 90 65 °s Bale 65 66 208 56*4 105*8......... 105 Deo’03 ___ 1 75 77 83 83 i i 4 4 H Sale 41**8 44 Bale 33 ........ 6*2 5 * J 2 6 * Sale a 6 Hi 72 -i 83 4 33 382 32 4 .... 0**8 98 4 96 108 U H 8 » 1133 * 103*a 86 102 90 77s, 1073 * 77 90 52*2 0 4s 11 ** 12*2 89 89 H 89*4 O ct ’ 10 . . . . 88*2 90H . i 86 86*2 214 82** 8 6 *s 71*2 Feb ’ 10 71 73 73*2 Apr’ lO 68*2 74*» 100 HNov’uO i 110*4 111 110 J’no'10 100*4 110**4 87 ...... 86*2 Sep 'l o 86 * 02 2 34 Feb’o7 86 * dale 2 101*2 ...... 105 103 Hi....... 104 96*2 ..... 102 82 85 82 035 ...... 09 8 93 8 Sale 93*2 g 03 93*2 03 105*8 Jau '10 j me’ 10 Oct ’ 10 Lee’08 03**4 25 03 1 10i**4 105*4 104 104 90 102 77 87*4 06 04 907 s 01*4 41 89*« 93 111** sale 1ril 104** 970 98 106*4 J 99 1)6 Aug’ 10 m 95 , U8 * 77 95 3 99 8 97 7 » 99s, 07 7 90 95 # 97*, 9U3 100 I 17 07 100*2 * 95 | 27 93 97*, 96 100 *e 102*4 102 Sep ’ 10 907 »Sale Mich State Telep 1st 5 s ..1024 F-A 97 ......... N Y Telep 1st A gens t 4*a8.’39 Al-N s 93 *8 sale Pao T 0I 1& Tel iat 6 * ........ iaj7 J.J 97 *4 sale West Union col tr cur 5s.l03d J-J 9 0 's Bale Fd anu real est g 4His...l0o0 M-N 96 06 Conv 4s, Series A ..........1936 M-N 10l«*1013 4 MISCELLANEOUS BONDS—Concluded. linn ill net 1 ring & InduMtt-iu! 1 Geu Electric tleb g 3*28.. 1942 82 Jan ’ lu 10-yrg deb 5a.................1317 149 112 145 lut Paper Co let cou g Ua.lold 101*2 101 "8 1 Consol conv a 1 g 6 a...... 1035 85 Oct ’ 10 Int St Pump lat a t 5a....1020 92 92 " 2 Lackaw Steel lat g 5s....1023 96**8 1 NatEnauiAs Stpg lat 6 a.. 102.1 96 Sop ’ 10 N Y Air make Lat conv 6 s ’28 104 104 ‘ 12 liy Steel Spgs 1st s f os...102 1 97 J’ly ’ R .... Bepub 1 < S lat& coltr 6a. 1034 & 102 Oct ’ 10 Union Bag & P lat si 5a..l03o 03 AUy’ iO . Stamped................................. 93 Alay’ 10 U 8 i.eatii Co a I deb g 6s.. 1013 104 * Aug 10 2 U S HealtyAs Icon v d ebg 5s’24 80*4 o7\ "13 U S lied A Hof la t s t g 6 s. 1031 s 87*4 Oct Mo U B Hubber 10-yrcoll tr6s.’ 18 1023 4 103 65 U H steel Corp— ( coup .K1063 101 * 101*4 210 a Bt 10-60 yr bs. Jreg ..<11063 104 104*2 1 ♦ No price Friday; latest bid and asked this week. 6 Due Feb it Humi 111c lu ring ifc industrial Va-Car Chom 1st 15-yr 6s 1023 J-D 100 Sale 100 82 100** 37 96*2 too** vVeatuighouso E A M st 5s ’31 J.J s 93 Bale 149 927 , 93>* 93*, 83 85 .(Lsccllaneous 100 105 M-S 91*4 Sale 91*4 82 s, 89*4 Adams Ex col tr g 4e........ 1048 1 6 91*4 U ) on, 3H s 2 92 O6 7 Armour A Co lstieaie«t4 * S’33 J-D 923 Sale 92*2 , 92*»4 47 90*4 94Hl 4 Bush Termmal 1st 4a....... 1052 A-O 87Hi 89 95 100 88 Aug’ 1u 87Hi 89 Cousol 6s......................... 1955 J .j 973* 94 97 98 J’ ue’ lo 96 98 s 100 114-H Clue J c A t Yard col g 6s.1315 j - j 95 * 105 100 Alay’ lo 8 L O 106 O s 96*2 Ud*2 Dot Al A M id gr incomes..1911 A-O 35 35 Aug’ 10 35 40 lustitlor Xrrig Wka 4His 1943 M-N 95 102 104 96 sep ’ lu __ 96 98 93 96*2 Lit Atereau Alarine 4His..l922 A-O 66 Salt. 66 48 6ti 71*, 93 78 96Hi nit Navigation 1st s I 6s. 192a F A 79 1 76 81*2 79 83 N*wp Ne Ship A D D5sdl99U J-J s 101*2 105 96 95 Dec’09 86*2 94*4 N Y Dock 60-yr 1st g 4s.. 1951 F-A 90*, 90>* Oct ’ *0 90*4 94 86 90*2 Providence seodeb 48....1057 M-N 90 90 83*2 85*2 90 Sep ’ 10 10J*4 104 * Provident Loan Bee 4*23.1921 M-S * -j 96 J’ly ’09 101 H 105 *j s Yuba Wat Co con g 6a..1923 J-J j 112 J’ly ’04 4 10l 7 1063 Wash Water Povr 1st 6s.. 1939 J-J ¥........ io i e 103 Aug’ lo ... . 101 103 Luo Apr e Duo .M 0 Duo I ne A Due J’ly A:Due Aug oD ao Oct pDae Nov sOptionSftl* . ay 82 130 CHICAGO STOCK E X C H A N G E — Stock R eco rd -D aily, Weekly and Yearly STOCKS-—HIGHEST AND LOWEST SALE TRICES Oct *11? *0 6714 1534 *7 *4 41j *20 *70 *17 *01 *18 ♦ *57 97g *4812 xlay Oct. 10 Oct. 11 155 *__ 155 ♦__ 155 2l2 *u 2 2U ♦112 212 *6 *6 6714 *65 67 69 71 153j 157s 157ft 1612 18 8 *7 8 *8 10 414 *4 4'4 414 *4 41« 418 5 4l8 23 *20 23 *20 23 73 *70 73 *70 73 20 *17 18 18 20 *62 70 *60 70 70 *18 22 22 *18 22 60 ♦___ 60 *__ _ 60 58 58 58 57 57 934 934 *934 10 97g 52 50 51 51 *50 814 814 8l4 6834 6834 69 *250 *250 ♦ 131 * *77 79 *77 *108 IO8I2 108 *13712 13812 ♦13710 812 83, 697g 70 *250 131 131 ♦ 79 79 79 108 *108 1081? 13812 *1.871? 1381? 8!2 69 Oct. 12 3434 35 *62 64 *48 50 l's *1 +2 3 427g 43 120 120 3434 64 50 l's 3 43 120'g 145U 145*4 145 145 *144 145 11612 11634 11634 1163.1 11634 1163., 8612 87 59 5912 87 59 88*2 59 59>2 6912 593S 595S 991? *98 *98 9912 1 J • 1 J J 1 | | 1 ! | j { I 1 ■ • • | » • J 1 Q P 5 ? E 1 O 8812 91 5812 59 5914 5934 99 99 1161'? 1101? *110 111 121 121 *121 122 127 127 1251? 127 11912 11912 *119 120 107l4 107l4 10712 10814 110 *121 *124 ♦lift 1073s 110 122 125 120 1071? I 6U2 *119 1023s ♦___ 16714 170>2 167 169 1201s *119 1201s 119 1027g 1021? 10212 103 17412 * __ 1741? *170 Oct. 14 168 119 1031, 17212 *104 1041.1 104U 104i2 104 1041? 9 9 8t2 8/g 918 big ♦ 16 16 ♦__ 16 *__ Last Sale 185 Mch' 10 Last Sale U? July’ 10 July’ 10 Last Sale 4 73-. 72 425 71 75 18 3,397 1734 1812 17 10 *9 150 81? 9 41, Sep’ 10 Last Sale 6*.i 6*s 2,150 5 5>2 Oct’ 10 Last Sale 23 Last Sale 71U Sep’ 10 *18 20 217 *191? 21 64 70 *60 62 195 Last Sale 20 Sep’ 10 ___ *60 65 60 60 25 58 65 58 58 212 10 10 10 10i2 375 60 *50 55 *50 100 Inter est Period Price Friday Oct. 14 WeeJdr Range ot Last Sale Range for Previous Ytat Range for Year 1910 Lowest Highest Lowest Ka. roads Chicago City liy_____loo Chicago & Oak Hark.. 100 Do prei .............. loo :hic Hys part ett "1” __ Chic Hys part ett * 2"_ _ Chic Hys part ct/ “3 " _ _ _'Utc Hys part ett "4’ __ Chicago Subway_____100 Kans City Hy & Lt--100 Do pret_________ 100 _ •Ictropoi V S Kiev_ 100 V Do pret.................100 Northwestern Kiev_ 100 _ Do p rel_________ 100 :south Side Elevated.. 100 Streets V Stable C L-100 V Do pret..............-100 Miscellaneous 9 9 9 914 885 American Can_______ 100 7012 7034 71 71 Do pret_________ 100 605 Last Sale 250 Oct’ lO American Hadlator__100 Last Sale 126 July’10 Do pret............ „_100 *77 79 79 79 27 Araer Shipbuilding__ 100 *108 110 108 Do pret................ 100 52 1081? IjOst Sale 13734 Oct’ lO Last Sale * Booth (A) & Co_____100 June’09 8 Last Sale * Do pret_________ 100 4 *32 35 *32 35 180 Booth Fisheries com___ *60 62 *60 Do pret.............. ........... 64 520 Last Sale 47 Cal & Chic Canal & D .ioo Aug’10 Chic Brew’g & Mait’g ___ Last Sale 1 Apr’ 10 Do pret__________ _ _ 3 Sep’ 10 43 431? 42 42i2 1,083 Chic Pneumatic T o o l -100 120 1201, 120 120 123 Chicago telephone__ 100 Do rights__________ Last Sale Ieb’08 _ 145 1451? 14512 145l2 165 Chic Title & Trust_ too 11634 117 117 1171? 455 Commonw th-Edison .100 Do righ ts___ __ . . Last Sale 13g Ieb’ 10 Corn Prod He; Co c o m ... Last Sale 1512 Oct’ lO Do 1.0 prei___ 79l4 Apr’ 10 92 90i2 9112 *91 791 Diamond Match_____100 382 Illinois Brick.............. 100 59 59 59 59 Masonic lempte________ 45 Aug* 10 59 59 *59 230 McOrum-Uowell Co.-lOO 60 Do pret____ ______ 99 ♦98 99 ♦08 100 .Vlllw & Chic Brewing___ 91a Last Sale 20~ Nov’09 111 1127g 11234 113 447 National Biscuit........ 100 1213.1 122 122 1221? : 17 Do pret_________ 100 5.) National Carbon____ 100 128 *127 128 *127 10 Do pret................ loo *119 120 *119 120 1081? 109l4 lOOtg 10914 870 People's Gas L&Coke.lOO 11-16 Mch’fi!) Do rights__________ 16712 16834 1681i 170*2 6,616 Sears-Hocbuck com . .100 Do pret_________ 100 120 120 11914 121 236 103 1033g 103 1031 4 308 Swtlt & Co.................. 100 *150 169 172 174 133 l’be Quaker Oats C o ..100 634 Do Guilts____________ Do pret................100 101 104 103 103 201 87s 9 9 91, 925 Unit Box Bd & P C o .100 Do pret_________ 100 Last Sale 7*4 Apr*09 . . . . Last Sale 15 June’ 10 Highest 185 Mch 7 185 Mch 7 31? Jau 26 H2 J’ly 28 71? Jan 7 4 J ’ly .8 603g Sep .8 109 -Jan 0 111 Sep 13 36 Jan : 4 8 Alavgu 16 Jan 1 1 3 .\iay_-i 9i* Ja • 1 , 21? J nVL;/ 6i4 Aug 16 20 Aug . 39 . an i O Feb 1 J 7 771i Mch 30 16 Jan H 25 J’n e.i 51 Feb 7 72 J’no.L 15 Apr 1 23 J ne 24 53 May31 66 J n o .i 22 551 J’ly 0 721? J 11C 4 i4JgJan 3 7 J’ly 28 0 40 J’ly lo 1 -1 Jan 6 180 Mch 190 Feb ll? Oct 4 Jan 5 Oct 15 Jan 97's Dec HUl? J’ly 3 - JD ec 463| Jan 3o -tan JO Dec I? 8 Dec I3i2 Jan is* Dec 4 29i4 Jan 62 J'ly 30 Dec 78 Dec 861? May I5>g Sep 191? Dec 47 Jan 69 Dec 17 Nov 25 May 63 Jan 73 May 60 Jan 61 May 541 Dec 291 7\pr 4 97 Feb 10S Dec lib's Jan H 82 Jail 16018 Sod 22 135 Apr 4 84 6 May 1, 112 Jan 11 I4yig Mch 15D Nov 7/g Jan 71-lj Jan .86 J’no 100 Jan *26'4 Oct 126 Jan 132 J'ly Mb Deo 54'g Apr 101 Feb H2 Sep 139 Aug 145 Nov '8 J tie 1 Jan i4 May 6 Jan 10 Mav so Dec 48 J’ne . 51? Dec 61>4 Jail 68 Apr 1 Apr 1 Apr 21* Apr 2i2 Nov 42 Deo 10 Mch 127 Jan 140 Sep 65* J'neoi 62«a J’ly 26 240 Apr .6 1.0 J’ly 19 72 Feb 7 107 Aug 0 13D4 J’ly 30 31 j ’no 1 jyi, Jan 56 J’ne 74 Jan 47 A u g ', 55 Feb 1 Feb 4 1 Feb 3 Sep 23 3 Sep 25H J’ly £6 4i Feb 110 Mavl7 i3/ Jan a '7 ■ , 23 1 . 142 Aug 26 IU ? J’ ly 27 81 1 ,1 Jan .0 1 13i?J’ly 9 ,914 Apr . 82D Sep 30 53 J’ly 21, 431? Men 40 Mch 11 93 J’ne-.; 163 Men b 121U Jan 1 J 2 Jail 1 3 £23, Jan 8 82 Feb 13 12/ .an 1 91 Mch 2 46 Jau 7 60\i May 2o 1023.1 Apr 20 117 107 101 D8 104 112 103 115 Jan 7 125 Jan 1; 127 Oct 10 111 Mch 30 jliAjJan . U Jan 7/g HSU Feb 8 2 Jan * 110 lau I02 Jan > Feb 2 Aug 3 J’ly u Feb 2t Feb 10 J’ly 26 143 Feb 7 11612 Aug 8 101 Sep 16 155 J’l y --7 1701? Oct 8 112 Mch 8 lou-Vlau r 186 Feb .! 9 Mayio 106 Jail 6 101 J’ly . 153g Jan 3 5 .1 Apr 28 1 15 J'11630 12/* Aor 1 Jau Jail i'71* Feb 70', Mch 117 Jau 38 Jan 43 Jan 152 Oct 121I2 J'ly 25*8 Aug 88i2 May 13034 Aug 881? Deo 47 Sep 119 Jan 21 j ’ne 11J 4 Sep *> 130 Sep 108i? Deo 124 Nov llJ/g Aug 1 Alch 1691? Dec 12134 Oct 114Q Aug 162 Dec usi2 Jan n Feb * 334 Mch 15 Feb 105 Dec P8 Mch 9Q Jan 26 Mch 60 101 Jan 10012 Jan Chicago Banks and Trust Companies Chicago Bond Record BONDS CHICAGO STOCK EXCHANGE Week ending Oct. 14 STOCKS CHICAGO STOCK Shares 1 ' *32 35 35 *6213 64 6312 *48 *48 50 *1 I's *1 3 *2 *2 31)34 4012 41»8 120 120 120 Oct. 13 Sales of the B‘ds Sold Range for Year 1910 NAME O'.itstanding Slock t Surplus and Profits T Dividend Record In In Per Last Paid 1908 j 1909 iod. % .j 643.541 6 An Dec 1)9, 6 10 J-J inly TO, 5 224,197 10 ___ Oct TO, 2*2 9,6e2,3l9 ___ 5,437,074 12 12* C+J Oct TO, 4 22,126 0 9 Q-J Inly TO 1*2 399,499 9H 10 QM Oct TO 21Z 36,85 6 Q-J Oct TO, U2 6 10,836.569 12 12s Q-,\l seD •0’ 10.3i) 3 192,377 10 Q-.M tSeo 30’10.21» 10 525,3/2 Prtv ate Bn nk 383.692 8 Q-J Oct TO, 2 8 950.436 8 Q-J Oct TO, 2 8 146,88.) 10 J-J July 10. 6 10 251,086 Beg 1 s. M y ’l. V.9J, p.1277 ) 490,626 10 + 2 10 Q-M Sep 30’ 10 2i2 4 66,103 4 Q-f Aug, T 0.1 8 1,214 G18 8 Q-J Oct TO, 2 3 404,524 0 Q-J sepao 10. id 83,004 __ _ 3 Q-J Oct TO, 112 68,/SO 2H Q-J Oct TO. 1*4 26.2„9 6 6 Q-J Oct TO, 112 18,498 . . . . Q-l Oc . TO. 1 105,12„ — - - - - Q-J Oct TO, 2 62,310 — - - - - ___ . . . . . . . . . . 80.077 8 0 Q-M oct TO. 11* 23,268 2 None ___ Jan '08, 2 180,033 --- IH s+J Oct TO, n 2 0 87,000 J 0 C -J Oct TO, 2 11,005 Beg. b us Sep t 09 v . 89.p. 817 11 12 Q-J ucc TO, 3 1,742,907 180,241 7 8 Q-M Sep.J0 10,2 J 0 M N viuy TO, 3 47,899 7,814 See V. 90, p. 159 0,576 0 .N one Q-M Dec31 ’08, li j 7 7 Q-J Oct to, 2 872,807 6 Q-J Oct TO, 11* 110.352 11.640,802 0 6 Q-J Oct. TO. 2 4 4 A-O Anri), TO. 3 7,188 454,136 8 + 2 8+2 Q-J Oct TO, 2*2 427,809 lis!219 8 Q-J Oct TO 2 VM 181,92-j . . . . 3 Q-J Oct. ’JO H* , 3,113,260 — 1 > Q-M SepJO’ lO, 4 14,019 Incorp orated 1908 v.87 p.1133 1,458,828 6 9H Q-J Oct ‘’ 10.3 8,444,429 18 + 4 16+4 l Oct TO, 4 53.520 6 6*4 Q J Oct TO, 1*4 4..,365 6 Q-J Oct TO. U2 5,840,079 12 12 Q-J Oct TO. 3 221,455 6 6 Q-J Sep 30 10,11* 2,327,738 8 8 Q-J Oct TO, 2 64,494 6 6 J-J 1 W TO, 3 224,584 8 8 Q-J Oct TO, 2 *23,"13 Beg l) U J’lV 12 0 a V 81) p 141 R 250,000 Comm cnccd bus. Sept 6 1910 32,764 6 6 J-J » IV 10, 3 > 1,190,520 8 1 + 2 Q-M Sep30 10,2 :8 132,692 6 0 Q-J Oct TO, 1I2 107,552 ___ . . . . ____ Sep 30-10,2 53,442 6 6 Q-i July TO. 2 Ask Low Bid High No. Low High Calumet National____ jdOU.Oifj j<3 j93, Chicago City____ J4 9 .(34 Men’ ll ___ 500,006 Amer Strawb’d 1st 6s. 1911 V - A ___ ___ 93 93 6 J - D *93 Sale 903 941-; Contl'tal & Comm Nat 20,000.000 4 Armour & Co 4 Hs_ 1939 _ __ ___ — Corn Exchange Natloua 3,000,006 Aurora Klgln&Chlc 5.1941 A - O . . . . . . . . . . . . Drexel State__________ 200,000 Cal & So Chic Ky Co __ - - - - Drovers’ Dep National. 600,000 1st M 5s...................1927 F - A . . . . « . . . 102 J’ne’O) - - -. . . . __ , _ Englewood State______ . . . . 1UU4 Oct’09 ___ 200,006 Cass Av & F U (St L) 5s '12 J - J . . . . 100 May’07 ___ ___ ___ f irst National........ ...... 10,000,000 Chic Board ot Trade 4sl927 J - D 4 150,000 _ Chicago City Hy 5s----1927 F - A 1021 10212 10214 10il 2 2 • 10138 1031, First Nat Knglcwood_ . . . . ___ foreman Bros B k’g Co. 1,000,000 Chic Oonsoi Br & Mlt 6s_ J - J . . . . . . . . 103 Apr’Ol ___ _ . . . . ___ 50 Apr’09 - - - .O O Fort Dearborn National 1.5JO O Chic Consol Trac 4 1939 J - D . . . . __ _ ___ 9634 Jan’Oj ___ Hibernian B'k’g As9’ n__ 1,600,000 Chic Auditorium Ist5sl929 F - A ___ - - - ___ . . . . 200,000 .... .... Kaspar State Bank___ Chic Dock Co 1st 43_192.7 A - U ___ . . . . . . . . ___ t 94i2 Dec’09 ___ La Salle St National . . 1,000.000 Chic Jc HH 1st M g ds.1915 .V - S ___ ___ . . . . . .... 87 Feb’O . . . . o Live Stock Kxch’ge Nat 1,250,000 Chic No Shore Klee 6s.1912 A • O 841 8734 Monroe National. . 4 300,006 . 8512 Sep’ 10 . . . . Chic Pue Tool 1st 5s.al921 J - J 8512 88 9G 1013s Nat Bank ot Hepublic.. 2,000,000 o734 9S>s 12 Chic Hy 5s...................1927 F - A 97l2 Sale 95th National City_________ 1,600,000 88 J’ne’ 10 88 90 Chic Hys 4-5s series “ A" A - U 87 75 80 260,000 National Produce_ ___ _ 78l2 79 ” 15 Chic uys 4-5s series "B " J - D 78l2 Sale 200,006 North Avenue State_ _ 901? Mch 10 yj 90t2 91 Chic Hys 4-5s series ’’C’ F - A 50,000 1 o7i4 ion* North Side State Sav’gs _ 97i2 Chic Hys coll 6s_ 1913 F - A 97^2 975 8 9712 .... 200,000 North West State____ l«7i4 Sep’ io . . . . 9714 93 Chic Hys Fund 6 s.. 1913 F - A 300,000 100l8 Ap.1.7 II-- 100*8 1003, People’s Stk VUs State. Chic Hys Tern Ctts 1st 5s . . . . . . . . uPrairle National. . . . . . 250,000 6612 Aug’08 IIIChic H 1 & P HH 4 s..2002 M-'iS __ ___ Prairie S ta te.._____. . . 600,000 661? Julv’O S Collat trust g 5s— 1913 vl- ij 250,000 4 Chic Telephone 5s____1923 .1 - D 10214 Sale 102 > 102*4 ’ i 100*8 1031, Ha'lway E xch an ge.... 300,000 5 IU I4 1027* .Security________ _____ Commonw-Kdlson 58.1943 .1- S 10118 10ll4 101*8 1011, O 200,000 Chic Kdlson deb 6s. 1913 J - J ___ . . . . 1J014 Aug’ 10 . . . . 1001, 1041, Soutn Chicago Savings. 200.000 1st g 5s____July 1926 A - O . . . . . . . . 106*4 Sep’10 . . . . 100 iooi2 South Side State______ ____ State Bank ot Chicago.. 1,500,000 Debenture 5s___ 1920 A - S . . . . 1 J > AUg’09 ___ 0|8 250,000 ock Vards Savings_ _ Commonw Klect 5sP1943 .1 - s III- 1111 106*8 Aug’10 100’ 1 * * 1 .M * * * 0 23 £00,000 80 Uec’08 * . . . . Union Bank of f’ hlcaeo ) Illinois Tunnel 5 s . . . .1928 J - 1 II. _ H I. 100.000 Washington Park Nat’ l Kan City Hy & Light 94*4 941 .Vendei o t a t c . . . ___ 00,000 Co 5 s.......................1913 .1 - N 9514 9012 943., July'10 ___ 1 943., 9434 94*4 9434 Central Tru°t Co of 111.. 2,000,000 KnlcU’ b'ker Ice 1st 5s 1928 A - U J9434 Sale 75 Sep’ i.0 ___ Chicago Sav Uk & Tr_ _ 11500,000 75 s5 Lake St Kl— 1st 5 s ...1928 J - J 1111 75 .... ___ ___ Chicago Title & Trust.. 6,000,000 16 May’O ___ o Income 5s_____...192.) Feb Citizens Trust & savings 60,006 Metr V S!de El— V 4 82 82 80 84 Colonla Trust & Savings 600,000 1st 4S................ ..... 1938 F - A 82 Sale 1 on / ’/.nf 0 V L U n A OclV. O,uuu,uuu * n't LU U 0 Pnmm 11 C Qau 0 nnn non U sU U l 't* C 77 77 1 / 0 ou n Extension g 4s____1938 J - J 76 9034 Oct’ lO 200,000 88 931, Drovers’ lrusticSavlugs Morris & Co. < H____1939 r - j 963, 96*4 Farwell Trust Co______ 1,600,000 96*4 *“ 2 North West Kl 1st 4S.1911 .1 - s . . . . 96i4 96*4 99 99 99 Apr’ 10 ___ first Trust & Savtngs.. 2,600,000 .... No V G-L & Coke Co 5s 23 Q - M V 200,000 5 93 93 92'? 961, Guarantee Trust & Sav. Ogden Gas 5s_______ 1945 rl- N *93 Sale ___ - -. Harris trust & Savings. 1,250,000 Pearsons-Taft 5s___ .1914 J - D 9812 . . . . 10033 Mch’lW . . . . 961? Mch’ lU 961? 561 Illinois Trust & Savings 5,000,000 **? .V - S 95 Z i 4.40s 200,006 97 ” Fej’ lu ___ 97 97 .\enwood Trust & Savgs 4.603 ISeries K .. . . . . . . . M - N 90 200,000 98'2 Mch’lO ___ 9812 9812 Lake View Trust&Savgs 4.80s Series F_________ M - N 97l2 ___ 1213, Mav’09 ___ Jerchants’ Loan&TrCo 6,000,000 Peo Gas L & C 1st 6 s.1943 A - O 750,000 100*4 103D Metropolitan l'rust&Sav 0112 Hetundtng g 5s___ 1947 M - S ioi* 1*** 101*4 Oct’ lO ___ 1 103 1041? Northern Trust Co_____ 1,500,000 103 Chic Gas L&C 1st 5s 1937 J - J 103 Sale 103 200,000 10014 1021? \orth-Western Tr&Sav 100U Sep’ 10 ___ Consum Gas 1st 58.1936 J - I) 500.000 10U2 101l2 Pullman Trust & Savgs. Mut'l Fuel Gas Ist5sl947 M - N 10V1J 101? Sep’ 10 ___ 2 200.000 913, 913, l l ’i4 94 Sheridan Tr & Sav Bank South Side Kiev 4HS-1924 J - J *913, 93 100 lO .’s :oStandard Tr & Sav____ 1,000,000 Swift & Co 1st g 5s_ 1914 J - J tlOJia Sale 100*8 Oct’lO ___ _ O .... 200.000 83 88 April ___ 88 Stockmen’s trust & Sav Union Kl (Loop) 5s..1945 A - U . ___ . . . Union Trust Co_. . . . . 1,200,000 114 NOV’01 ___ Union Paclllc conv 4 s.1911 V - N \ 70 mVest’ n Trust & Savings nl,000,006 70 Apr’ 10 . . . . 70 United Box Board col 67 26 *57* 75 65 200,000 05 J-ne’ lO ___ General rritge 6s. _____ . : J ' " j 65 65.. vVest Side Tr&Sav Bank 57 ___ ___ 200,000 »5i? July 0? ___ Western stohe Co 5s.. 1909 \ 0 v ’oodlawo Tr&Sav Ban V Note — Vdenied mtereWt .must !><;;(<l|jed to all Chicago h orvl prices. * Bid ana asked prices; no sales were made on this day. r Sept. 1 (close of business) for national banks and Sept. 2 (opening ot business) Jor Stato Institutions. 1 No price Fflday; latest price tills week, ' a Duo Dec. 31. ft Duo June, k Also 20% In stock, n Capital and surplus, to be Increased, q Dividends aro paid Q-J. with extra payments Q-F. s In addition the equivalent o( 4% more came from First rrust & Savings Bank. I July 31 1910. v In addition tho equivalent ot 1% came from First Trust & Savings Bank. v Prairie Nat. Bank and \Ve3tem Trust & Say. Bank to bo merged and capital ot latter to bo Increased to *1,250,000: V. ul, p.314. to See V. 91, p. 72, 17. z July 1 1910. +3 O0T. 15 1910.] THE CHRONICLE Volume of Business at Stock Exchanges au,-<s.w iui.N j a i i'uii n e w i o i U otuijii. h x c u a n u e IUILY, WEEKLY A ID YEARLY Slocks Week ending Oct. 11 1910 Shares. Saturday _________ Monday __________ Tuesday___________ Wednesday _______ Thursday__________ Friday____________ Total Railroad, Ac., Bonds. Bar value. 89,929 195,439 400,101 V. S. H onda State Bonds. $8,112,900 $996,000; 18,038,900 1,5/8,500! 37,257,600 2,456,500; HOLI DAY 63,609,050 3,146,500! 90,346,500 3,732,500' $103,000 66,000 77,000 2,309,697 $21/,364,950 $11,910,000 $393,500' 698,378 985,850 Sales at New York Stock Exchange. Week ending Oct. 14. So,000 61,000 86,500 $6,000 Jan. 1 to Oct. 14. 1910. 1909. 1910. 1909. Stocks—No. shares... 3/169,6971 4,421,785 135,770,9721 167,933,894 Par valuo________ $217,361,950 $110,397,750 $12,092,164,250 $15,364,970,500 Bank shares, par____ $4, j 00 $2,500 $893,600 $143,650 Bonds. Government bonds__ $6,000 $9,500 $496,700 $333,200 State bonds................ $393,500 $572,000 36,623,9 50 30,706,900 Bit. and nilsc. bonds.. 11,910.000 16,621,500 471,267,700 1,044,848,100 $ 12,309,500l $17,206,000 Total bonds. $508,224,850] $1,076,051,700 DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA EXCHANGES Week ending Oct. 14 1910. Saturday__ Monday___ Tuesday . . . Wednesday. Thursday . . Friday____ Boston. 'Listed Unlisted 'Shares. shares. 8,695 15/270 15/8S3 3,400 7,145 12,282 2<J,19(5 16,34-1 20,611 Total___________ 104,829 Philadelphia. Bond sales. Listed shares. Unlisted shares. $16,000 7,749 54.000 15,161 63.000 10,470 HOLI DAY . . . 191,000 16,354 50.000 10,015 59,7821 $374,0001 65,7851 Bond sales 1,327 4,015 5,202 $13,000 19.000 23,100 " 1 .866 V 17,869 **50*,lO O 1.1.000 40,269 $125,100 Outside Securities All bond prices are now "and interest’' except where marked "f." Street Rai'ways New York Ciu Blceck St A i' U Estk.100 i 1st mtge 4s 1950-.J-J B’y A 7th Avo stk . ..... 2d mtge 5s 1014__ J J Con 5s 1943—See Stock B’ way Sun 1st 5s gu 1921 Cent'! Crojst’n s t k ...100 1st mtge U 1922 ..Al-,\ s Cen Pk N A E U stk ..100 Chr't’ r A 10th St stk..100 Col & 9th Ave 5s See Stock Dry D E B A B— 1st gold 5s 1032 J-Li Scrip 5s 1914____ F-A Eighth Avenue stock. 10u Scrip 6s 1914___ F- i 42d & Gr St E’y stk ..10u 42d St M & St N Ave. 100 1st mtge 6s 1910.M-r 2d Income 6s 1915. J-.J Inter-Met—See Stk Exci Lex Av A PavE 5s See Stk Metropol St Ky—See Stk Ninth Avenue stock ..10. Second Avenue stock .10 lst.vl 5s’09ext'li/__.U-A Consol 5s 1048___ F-A ♦Sixth Avenue stock._ 10 < Sou Boulcv 5s 1045__ J-j So Per 1st 5s 1919_ A C _ Third Avenue—See Stock Tarry \V P A M 5s 102f> YkersStHU5s 1946 A 28th A 29th Sts 5s '06 A-(. Twenty-third St s t k ..10 Union By 1st 5a 1942. E-a Wostchest 1st 5s '43 J-. Brooklyn Atlan Avenue HU— Con 5s g 1031.........A-t B 1 & V E 6s 19 33..A-0 1 V Brooklyn City S to ck ..lo Con 5s—S.e Stk Kxch Bklu ilfft- 1st 5s '041 A-O Bkln gueens Co & Sub— e 1st g 5s '41 op '16..1 elstcon 5s *41 op’ 16 il- N Bklyn Hap Tran— bee St! Coney Isl & Bkiyn..lOu 1st cons g 4s 1048..J -j Con g 43 1955_____J-J Brk 0 & N 5s I93J.J-) Kings C Ei 43—See Stock Nassau Elec pref____ 100 5s 1941__________ a -C 1st 4s 1951—see Stock N V bg A Elat 1st ex 4 (4s V Steiuway l 3t 63 1922..J -j Bid Ask 15 52 115 98 Exc 102 ___ / 80 15 80 Exc 20 O U 140 100 1st 105 90 8 .5 30 90 list 95 100 / 30 40 260 3.0 / 9c 100 200 220 ___ / 25 inge Exc Exc 155 10 U-1 9j 1 50 115 60 88 Kxc » 50 75 ■ 15 / 190 100 05 _ _ — list list list 180 16 00 130 83 02 • isl 80 86 30 215 102 7o 101 103 9/ 102 H .O (70 •inge 100 97 Sfrcef liaOways Bid Pub Serv Corp N J icon> Cons Tract ot N J..10C 72 1st 5s 1933.........J-D 1031Now’k Pa-s By 5s '30 J-J 106 ltapld Tran St B y .. IO 235 C 1st 5s 1921.........A-O 103 J C llob A Paterson— 4s g 1049.........M-N 75 So J Cas El A Trac.lOC 130 Gu g 5s 1953...M S 97 No llud Co By O 14 J-J 102 s 5s 1028...............j . j 102 Ext 5s 1924___ AV-N 98 Pat Ry con O ’3 1 ..J-U 115 s 2d 6s opt 1914..A -o 100 So Side El (Chic)—See Ch icago Syracuse B T 5s '46. A\-b loi Trent P A H 5s 1943..J-U 97 73 10412 107 “ 245 76 98% 101% Com vot tr ctfs___ 100 8% 8% e Preferred _____ 10(1 40 4..% Gen 4s 19.31— ee Stock Exc list S UnitRys San b’ran See Stk Exc list Wash By A El Co___ 100 32 33 86^3 89 Preferred_________ 100 4s 1951.....................j- u 83% 83% Uas Securif'es New York Cent U1 Gas 5s 1927 J-J 1 Con Gas (N Yi—See Stk e Mutual Gas______ iuo New Amsterdam Gas— 1st consol 5s 1948 .l-.i NYAEBGas 1st 5s '44 J 1 Consol 5s 1945___ -.j.j N Y A Richmond Gas 100 N Y A WestchesterL ht’g — Ueb g O 1954 guar.J-j s Nor Un 1st 5s 1927..M-N e Standard Gas c o m .. 100 e Preferred ____ 100 1st 6s 1930_______M-N 100 102 Lxe 158 166 100 102 98 40 102 90 98 60 75 102 ion* 100 ~ Electric Companies ohic Edison Co— See Ch Gr't West 1'ow 5s '46 J-> 85 * Kings Co E LAP Co 10c 1:2 Narragan (Prov) El C o .50 ' 85! N Y A g E L A Pow Co 10o 4.) Preferred_________ 10 ; 73 United Elec of N J 100 75 1st g 4s 1949........... j-i 76 (Vostern Power com 10. 34 Preferred_________ ip. 00 Bi 1 InJustm anJ '1 see: Conso' Buhber Tire..IOJ 3' Preferred__________10 10 Debenture 4s 1951 A w 3o -.1 1 Crucible Steel______10 in 12% e Preferred _______ 10 77-1- '.8 *2% Davi:-Da'y Copper Co.A e Diamond Match Co.10 91 JuPontl EIideNeinPo 10 145 1 150 e Prelerred ______ 10 x<l 1 •3% ' e Gold 4 Hs 1936.. J-i 8. ' 88 Electric Boat________ 10 24 Telegraph and Telephone Preferred_________ to 7J s Amor leleg A Cable.100 85 Empire S teel________ 10 e Central & So Araer _ ioj 117 Preferred_________ 10 65 Coimn’l Un Tel (N Yi . 25 B >5 i General Chenvcal_ 10 _ 99 100 I-nip & Bay State I'ei.loo 65 e Preferred 10 00 1 4 bran kiln ____________top 40 Goldlleld Con Mines See S tk Ex list ■ Gold & Stock ieie~10u 100 Gold illli Copper ___ % e Northwestern Teleg. 5o 105 ■Jreene-Cananea_____... S% Facile A Atlant c ___ 25 U U Juggenheim Expior’ u l0-> 190 ePac i'eiep A Teleg pi too e Hackensack 'Water Co Soutliern A A tlantic.. 25 Bef g Is '52 op '12. .J-J 88 Hall Signal Co c om .. 100 40 Ferry Companies Havana Tobacco Co._10 6 B A N Y 1st 6s lo ll J-J 93 I’reicrred_________ lo-< N Y A E B Eerry stk. 100 20 1st g 5s June 1 '22 J-D 1st 5s 1922_______M- \ 55 lecker-Jones-Jcivell -M 'l N Y Allot) 5s May '46* J-U 97 1st Cs 1922..............1 . 103 llob Ey 1st 5s 194G M-.N 101 ler'g-rtall-Mar new. 10. 35 V Y A N J 5s 1946____ J-j 95 .loooken Hand A Imp IOJ lOtb A 23d Sts Eerry. 100 30 e 5s 1910________ ai "oVg 1st mtge 53 1919..J-D 65 Houston 0 1 _________ 100 f> % 6I2 e Union berry stock . .100 27 Prelerred ________ iou 40 e 1st 53 192J_____ ai 95 Hudson Bealty______io u 1 1.> 2 Ingersoil-Band coin.lOu 93 Short-lerm Notes e Prelerred ___ 10 Am Cig ser A 4s 11. . b 997g lOOlg intercontin't'l Rubber.10c 100 28% 29 Ser B 4s Alch 15 '12 Al-S 98 981;. internat'i uank'g Co Ido BaltAonio J^sioi. J-D 9s% s9% Inte:naf Mer Mar— See - tk95 105 IB ist detnleh steel os '14..AI-N 95 ■ O tiuernatlonal Nlcke__ iou 135 140 JB Ohio A Alton 5s '13 Al-S 99% Preterred__________lOc 89 02 Jin Ham a d 4s 19l*3'.J J 97% 9/Jl 1st g 5s 1932 ____a -l 9U 93 C C C A St L 5s, June 11 100 100% Internatlonal Salt_ _10u _ 8 Hudson Companies— 1st g 5s 1951______ A-.. 47 52 6s Oct 15 1911____A-O 97 99 International SI vcr-.tOu 50 80 6s Ecb 1 1913___ F-A 97 B 99 Preierred_______ iou 11.7 113 s interb U T g O l o l l . At- a 1 Ilk lull1st Cs 1948_______ j- u 119 A C ltyALIgbt O 12..M-;- 93% 99 tnternat Smelt A Uefg IO 130 112 s U 140 illnn A St L g 5s 'll.F -A 99 99% ntornat Time H cco-d .lo. 175 200 N Y C Hues Eq 5s '10 22 61.30 4.3j Preferred_________ ijo 4 14j Jan 1911-1925___ 61.39 4.3u Jones A Laugtilln steel Co 1J7 112 N Y N H A U 5s '10-12 100 01 1st s f g 5s 1939..M-iN St L A S E 4 14s ' 12 o p .F-A 97li 98 jLackawauna Steel_ 100 101% _ 32 5s Mch 1 1913____Al-S 96 o7% 1st con 5s 1Uuo__ M-. 85 South By g 5s 19 1 3 ..F-A 98>i 9 J Deb os 1915_____ ai .9H- 92% Tidewater 6s 1913 guai 100'% 100% Eanston Monotype_ loo _ Sit- 85% (Vabash 4Hs 191___ Al-N 97 i-awycrs Mtge Co____IOJ 23712 -42'2 WestTelop AT->s '1 2 .|--A * * * 00 .en A Wilkes-B Coal ou 225 99 Westlngh’e El AM «( 1913 9J% 100% e Lorlhard (P) pret..IlOO 135 275 145 57o notes Oct 1917.A-O ladksou Sq Garden..iou 35 45 2d U 1919_______ M-N 85 s Railroad Manhattan Transit_ 20 _ ♦1% ""l% aOhlo Gt Wcom tr ctfsl-Sef Stoc Exc vlonongahela B Coal. . 50 <9 e Preferred ir c tfs -./ list Prelerred__________ 5b * 21% Chlo Peo A St L— iMortgage Bond Co_ iou 110 (15 _ Prior hen g4 Hs 30. Al-S / 85 Nat Bank of Cuba___ IOJ 10.) 105 Con mig g 5s 1930..J-J / - - - Nat't Surety_________ iou 265 172 Income 5s. July 1930.. / . . . . e Nevada Conr’d Copper *26% 21% Chicago Subway____ 100 5 Nev-Utah Min A Sm. lu *1 1% Kan ACol Pac 6sl938.F-A 110 e New Central Coai_ 2u _ .0 60 Nat Bys of .Mexico—see s t Exc list NY Air Brake 63—See Stk Exc list North’ ll Securities Stubs. 95 105 N Y Biscuit 6 s 1911-M-e 100 Pitts Bess A L E______ 50 *30 35 e New York Dock____iou 25 * * * 35* Preterreu__________ 50 ♦G O <2% e Prelerred _______ iou 7J 83 e itallroail Securities Co— N Y Mtge A Security.Iou 195 205 1 1 C stk tr ctfs ser A 52 90 1 N Y Trausporiation.. 2u *1 5 Seaboard Company— Niles-liem-Pond com.lOu 97 1st prelerred______100 721 Nlplsslng Mines______ . *10% 102 10% Com A 2d prei— See Bai t Exi JlUo Copper C o._ * K _ *21.: 2*18 Scaooard Air Line— e Ontario S Ivor______Iou 2 1 Coll 5s ext May 11 Al-S C9% 100 Otis Elevator com___ iou 4J 52 * West Pac 1st 5s '33..M -S 9 ill 91'2 Preferred_________ iou 92% 94 Plttfburgh Brewing.. O *23% 23% u Industrial and Alisccl Preferred__________ 5.. '40' Adams Exp g 4s 1947 J-U / to 91 Pittsburgh Coai—See Stk Exc list" An meek Alining_______ 25 *185 190 Pope Mtg Cc com_____ iou 55 60 Alliance Beatty_______iou 123 Preferred___ ______ iou 2a .5 American Book_______iou 15J 155 Pratt A Whitney pret.lOu 100 80 105 American Brass_______ 100 i 124 Producers Oil________ lbu 145 American Chicle co.n.lOo 22.) 225 Bealty Assoc iBkiym.lOu 116 150 ! 20 Prelerred_________ iou ‘ y-j un Boyal Bak Powd com.lOu 10.) 191 Am Graphophone com lOo 5 Preterred______ 10 .. 104 107 Preferred_________ 100 i>% Safety Car Heat & Lt.iou 126 128 Amer Hardware . . . 1 0 j 117 120 ,-ieueca Mlu ng________ 2 . Am Alalt.ng 6s 1914..J-U jO lo2 Singer Alfg C o _______ iou 290 3*00* O Amer Press Assoc'n__10U 95 105 soutn Iron & s com _. luu 9 11 Am St Eound new—see i. tk Es 1st Preferred_________ lUu 18 21 6s 1935----------------- A-O 10J 102 Standard Cordage___ 10. U Del) 4s 1923.............F-A 01 1st AI g 54 '31 red. A-O * * 71 15 20 “ American Surety____ 50 201 -Oa Adiust A 5s Apr 1 1931 I 3 I 5 American Thread prei o *4! 5% Standard Coupler coni ]0u 40 Am tobacco Co corn ..lot 413 U5 Preferred_________ luv 100 Amer Typefders com .luo 38 42 .standard Milling C o-.lou 16 *18 " Preferred..................Kg Pre erred_________ luu 5:1 102 Deo g O 1930____,',1-N 97 100 s 1st os 1930_______.vl N Si 88" Amer Writing Paper. . 100 U 3 Standard O of N J..10U 6J0 603 Preferred................. iou 231. 25% -wilt A Co—Sen Bust Stu Exc list 1st s ' g 5s ‘ 19 op 09 J-J s; 89 1st 5s—N-e Ouic .'t 1 .1 Ex list C A' lGf AWIndSSL nes.luu 10 Texas Company— See Stk Exch list Preferred................. ioj u 1 A e Texas A Paclilc Coal lOu Col tr g 5s 1050___ J J 6jl 690 Title Ins Co ot N Y_ 1O0 iU0 105 > _ 130 137 Barney & Smith Car__lOu ' 40 Tonopan M m (Nevada) ) *8% 8% Preferred________ _10u 90 lO O Trenton Potter'es coni IO U 4 8 Beth"m Steel Corp—See s tk Ex 1st Preferred, new_____luu 45 55 50 1.4 ■ j 3 Trow Directory______ iou 20 30 5o 118 UnderwooJ Typew pi 100 99 100% 100 5.35 245 Union Typeviriter comiou 50 52 lOu 113 1X4 1st preferred______ iou 104 108 100 ru3 1 4 2d preferred______ lOu 102 105 . British Col Copper_ _ 5 *70 7 Un'ted Bk Note Corp. 5u *42% 46 -) 15 *19 2 20 Preterred__________ 50 *50 52 IO U 2l2 3 United Cigar M frs....lO u 1 67 67% Kill 56 e P referred______ iou 100 1 8 65 Casualty Co of Amer. 100 125 140 United Copper_______ lOu 4% 4% 100 127 UO Preferred __________luu 17 20 100 U S Casualty________ lOu 215 — - — 10v U S Envelope com_ lOu _ 50 IO U __ Preterred_________ luu 108 *112*' IO U U S Einlshlng_______ lOu 95 100 Deb O 1919 op ’01./ l-N / 35 s 40 Preferred_________ iou lo6 111 Chesebrougli Mfg Cj _. iou 700 1st g 03 101 j ______ J-j UO 105 City Investing Co_ _ 100 62 _ 67 Con r 5s 192 9 _____J-j 95 100 loo 101 108 U S Steel Corporation— j Cl a 1 i 1 (H Bi com .. 100 1 1 10) 106 Col tr s f 5s '51 opt 'll 114 115 loo 90 5 Col tr s f 5s '51 not od: 114 115 100 94 98 U S Tit Gu A lndem _.lou 85 105 loo eUtab Copper Co—See Stu Exc list 1st g 5S 191/........ .J-J / 45 Westchester A Bronx Tit Col tr 6s Oct 1956. .J-j 1 45 A Altge Guar______ 100 160 170 10c 39 42 .Vestlngn'sc Air Brake_5o 141 .Vest El & Mfg 5s—SeeStk Exc ist Worthing Pump pref.lOu 106 106 Other Cities Am Gas A Elec c o m .. 50 *41 15 9/ 100 _ 5U * I0'2 411-1 Prelerred ___ 06 93 Amer Light A lract-_100 r.75 80 hxc list Preferred_________ iou cl 00 102 00 lb Bay State Gas_______ 50 % % /8 83 Blngli ton (N Yi Gas ivks 80 /5 1st g 5s 1938___ A-O 95 98 95 100 Brooklyn U1 Gas—NeeStk EXC list 1 Exc 1st Buffalo City Gas stk. 100 3% 5 1st 5s 1947—See Stock Kxc list 1U 105 Cities Service C o ___ 10, 3 62 05 i-;xc 1st Preferred--------------- loo 1 83 85 87 92 Con Gas ot N J 5s '3(5.J-J 93 1 0 103 1U Consumers’ L 1 A Pow— 5s 1938.................... J-U 110 Other Cities Denver Gas A Elec_ 100 190 _ BuITalo Street By— Gen g 5s 1949 op M-N 90 92 1st consol 5s 1931. _ F-A 103 105 Elizabeth Gas Lt C0 ..IO 1 300 ) Deb 6s 1917......... A-O 103 105 Essex A Hudson Gas.lOo 136 Columbus (O) St B y .. 10» 91% ___ Gas A El Bergen C o .. 100 7/ 139 80 Preferred_________ 100 100% ;ui% e Gr Hap 1st 5s '1 5 .F-A 95 102 Coin in By con 5s—Sec Ph a list Crosst'wn 1st 5s '33 J-U 100 102' Indiana Lighting C0 -.IO 0 135 138 3.1 35 cConn By & L tgcom .ioo /li 75 4s 1058 op________ E-A 64 66 e Preterred______ loo 77 79% Indianapolis G a s ..... 50 13. 1st A rel 4 Hs—See Stk hxc I'St 1st g 5s 1952___ A () 79 Grand KapldsKy prel.100 b8 91 Jackson 9-to 88 e Loulsv St 5s 1930.. .J-J 101% 1 .5 e LacledeGas 5s g '3 7 .A-O 1102% 0 % 0 Gas________ 100 Lynn & Bos 1st 5s '24 J-U 104 105% e Preferred _______lOo 80 102 efiew Ori Bys A Lgt.100 23% Madison Gas G 1926. A-O 103 s a Preferred _______ 100 K s g 59 Newark Gas (is 1944..Q-J 128 108 )b> Gen M g 4 14s '35—See S 1st Newark Consol G as.. 100 90 130 1/8 Pub Serv Corp of N J.I00 109 e Con g 5s 1948...J -D lo3B 1041Tr etts 2% to 6%perpet IO J No Hudson L H A Pow— North Jersey St B y .lo o 60 — 5S 1938___ A-.i n o 1st 4s 1948------- M-A 75 77 i acme tras A E, coin.lOo 62 63 Preferred . . . iou 86 88 Pat A Pas Gas A Elec. 100 83 92 "Coil g 5s 1949_ AI-.' 100 102 _ Gnw 5 1<H7 L 1 90 1 • ,lo » * Per share, b Basis, e Soils on stk. l x ., out not very active"' / tnac price. 1015 n Nominal. s Saic nnct. 1Lx-n^ntR. stnnlc. BOSTON STOCK EXCHANGE—Stock Record, Daily, Weekly and Yearly SHARE PRICES—NOT PER CENTUM PRICES Saturday Oct. 8. Monday Oct 10. Tuesday Oct. 11. 101*4 102 *100*4 10034 10078 101 *9934 101*4 *100 100-% +100 101 *220 ----- 220 220 220 221 *128 129 128 129 128 128 *215 ___ +210 ___ 210 210 *___ 135 133 134 *134 135 *280 290 *288 ___ *288 292 *13*2 15*8 *13*2 15*8 *13% 15% *70 74 *70 74 *70 74 10*2 *___ 10*2 *___ 10*2 *__ *36*4___ *36*4----- *36*2 *150 ___ *150 160 *147 156 110 110 *110 112 *110 Wednesday Oct 12 1 1 1 1 1 1 1 1 1 1 1 1 112 1 1 1 1 1 1 *___ 265 127*2 127I2 127% 127*9 127*2 127*? 118 118 *115 117 117 117 *87 ___ *87 ___ *87 *206 ___ *206 ___ *206 *19*2 20 19% 19% *19*2 20 *833j___ 83% 8334 154 15412 154*4 154*9 154 154% *182 *26*4 *103 103 *167*2 *90*4 *150 *84% 101 190 186 186 *182 28 *26*2 28 *__ ----- *103*2___ *103 103 +102 103*4 102 168*8 163 168*3 169*4 91% *91*4 9212 *91*4 160 +150 160 *150 85 8519 85 85 101 101 101 * 101*2 186 27 f • 102 1 1 1 1 1 1 1 169*4 9234 160 85 — 46 463g 4612 467S 101*2 101*2 101*4 1017s 101*2 102 5*3 5% 5 5 *5*4 538 *15*2 16 *15*2 16 *15*2 10 116 116 116 116*4 117 117 116 116 115 116 115 116 137*2 138*4 137*2 13778 137*4 138 31 29*2 29*2 ♦29*2 30*2 *30 95% 95 9512 95 95*4 95 *9 10 *9 10 1934 1934 *19 19 19 *19 *5 0 *5 6 *5 6 *143 150 *144 150 *144 150 834 834 *812 9 834 9 279 270 *269 270 269 270 ___ 151 151 152 152 8434 84*4 847S 847g 847g 85 92% 93 92*2 93 *9212 93*2 219 219 *___ 220 *___ 220 57s 6 *5*2 6 *512 6 *107 ___ *107 ___ 109 109 *108 110 *108 110 *108 111) 4 *132 ___ *132 * 134*4 133 133% 96 *92 96 *92 04 *94 162 163 162*2 165 162*2 163 11 14 14 12*2 12*2 *___ 103% 103 102*2 102*2 10212 103 *30*2 31 *30*2 31 *30*2 31 *___ 29 *___ 29 ♦___ 29 196 198 196*2 198 19612 197 6734 5734 58 5S 58 59 28 23 28 28 28 28 6934 70 697S 705g 70% 71*4 H 894 119 *118*4 118*2 11778 118 19 *17 ♦I8I4 19 *18*4 19 *88 00 90 90 ♦88 . 90 *45 1 1 1 1 46 778 8 13 13% *4412 45 66*4 66*2 27*4 27*4 8*4 9 127g 13 45 45 66*4 66*2 27 8% 87« 13 12 *44 27 45 66*2 67% 2634 2734 I 1 1 • 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I 1 1 1 1 % Q 53 P O O 1 17*2 173S 18 1734 18 634 6*4 *6*2 7*2 8 .60 * .50 .60 * .50 .60 14 *14% 14*2 14*4 14 5% 5> *5 4 5*4 5*4 19*4 19*2 19*2 197s 20 59*? 59*4 59 5934 59 550 *550 555 *550 655 21*2 21% 21 21 20 21 * .06 .08 *.06 .08 *.06 .10 68 68 68 68*4 67*2 68 438 43g *433 ___ 4% 4% 7l2 7% 7*2 7*2 7*2 7*2 .05 .10 .15 .15 *.......... 20 *11*2 12 11*2 11*4 11*2 11% 7% 7% 7*4 73g 7*4 7% 2934 31 29 30 27 29 733 734 7*4 738 7 7*4 24 24% 26% 22*2 22'g e24 2% 2*4 *2 2*8 2*8 2*8 16% 16*2 1634 16*2 16*2 16 23 23 23 23 23 23 0% 0% 6% 6% 6*2 Cl2 334 334 *312 4 *3*2 4 30*2 3634 3534 36% 3434 30*8 *103i 11 10*4 1034 * 10*4 11 1038 93g 10*8 10 9*4 97g * .35 .40 .40 .40 * .40 .60 .40 .40 * .35 .45 +19% 197g 10*2 19*8 19% 19% *-134 5 *43j 5 *41-> 5 50 50 60 50 ♦48 “ 50 20 20*4 20*4 20*8 20% 20% 5 5 5 5 5 5-% 1012 10*2 10*2 10*2 10*2 10% 313., 3038 31*4 30*4 31*4 31 8*2 834 833 858 8% 8*4 8*4 8% 8*4 8*2 8*4 8*4 .25 .26 * .25 .50 .25 .25 40 40 *38*2 39*2 391* 40 128 130 *129 131 130 130 13*2 13*2 1334 133.t *1334 7334 74 *73% 74 *73*2 74 193g 19*8 19 19*3 19*3 19*4 1*2 1% * 1% 1*4 *1*3 134 1034 107s 1034 11 11 11 *17s 2*s *1*4 2*8 *178 2*3 62 52 51 51 61*4 62 8*4 8I4 8*8 8 * .| 8 % 8*4 133s 133S 13 13 13% 13 *58 59 *58 *58 58 69 578 578 6 0 *5*2 6 3934 3934 39*2 40 3934 40% 39*2 39*2 39*.| 39% 39*4 39*4 49 49 48*4 483.i 48% 4813% 33„ *3*4 3% 333 33s 23 23 23*2 23*2 23 23*4 _____ _____ 49*2 49% 4934 49% *2*2 3 2*2 2*2 *2% 3 17 *7 *. 50 14*4 5*4 *19*4 5!) 650 8 8 8*2 8*2 8 8*4 129 129 129 130 +125 128 * 1*2 134 * 1% 178 * 1% 1 8 7 9 B a .o -a pay c Jt a isssy 'ts sailed in 1909. 1 l 1 1 1 1 1 1 1 1 i 1 » • 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Thursday Oct 13 Friday Oct 14 Sales of the Week Shares STOCKS BOSTON STOCK EXCHANGE Range Since Jan. 1 Highest Railroads 343 Atch Top & Santa Fe. 100 'JIG J’ly 20 104*2 102 102% *104 97% Aug 2 Do pre£_________ 100 150 * 100% 101l.i 10034 100% 134 lioston & Albany____100 218 J’nciu 220 220*2 220*2 223 106 Boston Elevated_____100 zl22 Aug i 128% 128*2 128*4 128% 215 2-1 Boston & Lowell_____100 iOJ JTy .7 210 *210 225 44 Boston & Maine_____100 132 Sep a8 *134 135 134*2 134% 292 290 5 Boston & Providence. 100 £65 Oct 4 *288 292 11 J’nelo 15 Sept’ 10 ___ Boston Suburban El Cos. Last Sale 70 J'ly -.1 Do pref____________ 74 *70 20 71 71 8 Aloh . Last Sale 10% Oct’ 10 ___ Boston & Wore Elec Cos. 35 Aug 29 Do pref____________ Last Sale 35*2 Sept’ 10 ___ Last Sale 145 Oct’ 10 . . . . Chic June Ry & USY.10U 139 Sep 10 Do pref_________ 100 109 Oct 3 112 112 *112 23 _ 260 11 Connecticut River_ 100 200 Oct 13 260 260 *255 128 128 128 128 182 Fitchburg, pref______ 100 124% Sep 21 118 *118 118*2 118 345 Ga Ry & Electric____100 104 Jau ^ 90 90 *88 ___ 60 Do pref_________ 100 85 Apr ^ Maine Central...........100 203 Fen 10 Last Sale 204 May’ 10 14i4 J’ly 20 *19% 197g 1934 203 2.040 Jass Electric Cos____100 s Do pref_________ 100 75 J'ly 1 84 84 84 85 630 154*2 15434 154% 151% 473 N Y N H & Hartford.100 149 Apr -b Northern N II_____ 100 13y% M chli Last Sale 140 Sept’ 10 Norwich & Wor pret.100 210 May 1 Last Sale 182 182 184 185 51 Old Colony_________ 100 181% Sep 14 Rutland pref________ 100 2o Aliy , Last Sale 27 Oct’ 10 Seattle Electric______ 100 103 Aug 18 Last Sale 103 Aug’ 10 Do pref_________ 100 98% Aug 2 *100 102 102 102 44 169% 1707 171% 172*2 8 890 Union Pacillc_______ 100 153% J’ly 20 _ Do pref_________ 100 89% J’ly 20 Last Sale 913s Sept’ 10 __ Vermont & Mass_____100 102 Apr 21 Last Sale 163 June’ 10 85% 85*2 853S 8534 289 West End St_________ 50 83 Sep 2d Do pref__________ 50 90 J’ly 0 * 101% ___ * 101% — 24 Miscellaneous 463.J 47% 473s 47% 2.565 Amer Agrlcul Chem._100 3 6 J ’l y 27 Do pref_________ 100 98% Mch'S. 101% 10134 10134 102% 462 43j Aug 2 5 340 Amer Pneu S ervice... 50 5*8 5*8 6*4 Do pref________ 50 14 J’ly 15 15*2 1534 15% 15% 730 117 117% 118 118 337 Amer Sugar Refln____100 111 Oct 3 Do pref_____ 100 UU 4 Oct 3 115 116 116 116 294 138 139*2 138*4 139% 3,402 Amer Telep & Teleg.,100 12714 J’ly 20 20 J’ly 7 31 +30*2 31% 31 89 American Woolen____100 95 95*2 95*8 96 326 Do pref______ .100 91 J’ly 1 7 Mch 18 Ati Gulf & V I S S L.100 V Last Sale 10 Oct’ 10 m __ m 1934 *19 103 Do pref_________ 100 16 Mayiu 4i2 J’ly 28 Boston Land_________ 10 Last Sale 5 July’10 Dumb Telep & Teleg.100 138% J’ly 28 Last Sale 143 Sept’10 7*g Apr 14 8*4 9 270 East Boston Land______ 8*2 8*2 _ 109 Edison E'ec Ilium_ 100 A239 Jan 20 *___ 270 z266 266*2 135 J’ly -0 98 General Electric_..100 153 153 154 155*8 84 8434 z83% 84 2,520 SlassachusettsGasCos 100 76U Feb 6 294 Do pref_________ 100 89 May 10 93 93% 93 93% 12 Mergenthalcr L ino...100 214% Jan 4 *220 222 *220 2*4 Jan 3 *534 6 381 Mexican Telephone_10 6 6 19 N E Cotton Yarn____100 107 Sep 22 109 *107% 112 109 *108 110 42 Do pref__________loo 99*2 Aug 3 110 111 7 67 N E Telephone______ 100 12912 Aug 1 133% 133*2 *133*2 134 Pacific Coast P ow er..100 94 Men 22 Last Sale 95 Aue'10 ’ 258 Pullman Co_________ 100 153 J’ne3u 165*2 1*36 165*4 168 80 Reece Button-Hole.. 10 1114 Jan 45 13% 13% 143 Swift & Co__________ 100 100 Jan 24 1027g 103*2 103 103% Torrlngton___________ 25 28 Mch 3c Last Sale 31 Jet’ 10 Do pre!___________ 23 27 Jan lb Last Sale 30 SepflO United Fruit_________ 100 105*2 Jan 15 223 198 198 197% 197*2 58*8 1.325 Un Shoo Mach Corp._ 25 40% J'ly 58 58 58 347 Do pref___________ 25 2514 J'ly u 28 28 28*g 28 oi3g 71*2 73% 73*4 7534 14.198 U S Steel C orp._.........100 lit J’ly 20 J’ly 20 25 Do pref__________ 100 120 120 120 120 14 Feb i . West Telep & Telcg._100 Jct’ 10 Last Sale 19 Do pref.................. 100 81 Aug 16 90 2 *85 *88 90 , Alining 4 j ’ly 13 8% 8*2 8*4 3.084 Adventure Con_______ 25 8*8 10 Sep 21 1134 1134 10% 12 2,080 Algomah Mining_____..25 46 45 46 46 280 Ailouez_______________25 31 J’ly 13 67*4 68*2 68*4 69% 6,458 Amalgamated Copper'lOO 5514 J’ly 12 27% 2734 27% 27*4 1-841 Ain Zinc Lead & S m .. 25 19*2 J’ly 20 Anaconda____________ 2 . 30 j'ly 13 39% Jet’ 10 17% 1734 4,285 Arizona Commercial. 25 12*4 May 4 17% 18 25 5 J lie 30 734 8 565 A tla n tic_________ 8 8% Bonanza Dev Co 10 ,5u Mch 9 Last Sale .50 Jct’ 10 14% 15 15 15*4 6.920 Bos dtCorbCop &SUMg 5 10 May 4 5*8 Oet 4 155 Butte-Balaklava Cop. 10 *5 5% 5*4 5*4 15% J'ne3o 1934 20 940 Butte Coalition______15 1978 20 69 6034 60*4 6134 704 Calumet & Arizona.. 10 4434 J’ly 12 500 J 'ly 0 ♦550 660 655 560 6 Calumet & Hecla____25 21 21 22% 23*2 630 Centennial___________ 25 13u J’ly 15 Cons Mercur Gold____ 1 .04 J 'ly 0 Last Sale .10 Aug’ 10 68*4 68*4 68*8 68% 842 Copper Range Con Co 100 68 Feb 17 3% Sep 28 4% 47S 5 295 Daly-West.........*____ 20 4% 0*4 J’ly 13 7*8 7% 7*2 7% 1.498 East Butte Cop M in.. 10 .10 .15 .15 .15 2.396 Elm River____________12 .05 Oct 11 yu J'ne jo 1134 1134 12 12 120 Franklin_____________26 6 J’ly 26 7% 77g 8 6,555 Giroux Consolidated. 5 7% 293.t 31 1,841 Granby Consolidated. 100 20 J’ly u 30*2 32 03s Sep 29 Greene C a n a n ca ..... 20 738 8 Vi 8*8 6,973 2034 27 26% 27 3.430 Hancock Consolidated 25 H34 J*y 19 2 J’n e i 2 _ 2% 2% 565 Helvetia Copper_ _ 25 2*4 2*4 1534 15% 2,035 Indiana Mining______ 25 10 J ' l y i s 16 16 2334 2.011 Isle Royale Copper.. 25 13*2 Alay 3 23 23*4 23 5 xti " Sep 1 67g 67S 6% 6% 1.115 Kerr Lake__________ 3 J’ly 7 200 Keweenaw Copper__ 25 3% 3% ‘• J’ly 15 8*2 3334 30 6.911 Lake Copper Co____ 25 35 36 9 J’ly 23 1034 11 295 La Salle Copper_____25 11 11 4U McU 934 10*4 6,320 Mass Consol__________ 25 10 10% 100 Mayflower ___________25 .40 Aug * .40 .50 * .40 .50 ,30 J’ly 19 .40 .35 .35 350 Mexico Cons M & S_10 .40 17 J ly is 19% 10% 19% 1934 1,040 Miami Copper_______ 5 5 5 140 Michigan_____________25 3?s J’ly 12 5034 51% 50 50 321 Mohawk______________25 43 J'ly 2b 21 20% 21 213g 3,824 Nevada Consolidated. 5 173* J’ly 6 31-. J’ly 13 5 5*4 5*4 345 New Arcadian Copper 25 5*4 934 Jau 17 10*2 10*2 10*2 10% 1,500 Nlplsslng Mines_____ 5 31*2 32-% 32*2 33% 20,865 North Butte................. 15 18 J'neoO o% J’lv 13 83S 8*2 8*4 8% 900 North Lake__________ 25 5 Sep 7 8% 8*2 8*2 305 OJlbway Mining_____25 8% * .25 .50 + .25 .30 25 .25 Aug 220 Old Colony________ 29*2 J'ne 15 40 40 40 40 650 Old Dominion Co___ 25 130 131 131 131 96 Osceola______________25 11 1 " J’ly 27 14 14 14 14 116 Parrot Sliver do Cop. 10 12 J’ly 0 73 76 70 7712 269 Julnoy_______________ 25 65 JTy 6 19*4 197s 1978 20% 4,242 Ray Consol Copper.. 10 16*4 JTy 1 13s Sod 29 *1% 134 * 1*8 30 Santa Fe Gold & Cop. 10 1*4 11 1138 11*4 11% 2.227 Shannon____________ 10 834 J’iy 1*4 J’ue30 21-16 2 1 -lt . _ 100 South Utah M & S . . . 517S 52 61% 52 25 30 JTy iu 865 Superior_______ 8 73s JTy 14 8 8*4 8*4 624 Superior* Boston Min 10 13 133s 13*4 13*2 2,982 SupertordcPitts Copp. 10 9 J Ty 5 59 61 59 60 182 Tamarack____________25 45U J’ne 22 6 6 4% J’ly 18 *5% 6 105 Trinity........................... 25 40% 4,682 UnltedStatesOoal&OIl 25 33 Mch 51 40 40*2 40 39-% 40 39 40 1.895 U S Smelt Ref & Min. 50 33*2 J'ly 20 48% 49 1,153 48% 49 Do pref___________50 4514 J'ly 20 3% 3% 1.800 Utah-Apex Mining_ 338 3*2 _ 2*2 J ly 22 23*4 23*2 23% 23*2 1,023 Utah Consolidated... 18* J’nejo :< 4934 50 _ 195 Uiah Copper C o._ _ 10 7(3934 J’ lie30 2% 3 3 3 335 Victoria _____________ 25 2*2 J’ly 22 034 10% 1,796 Winona____________ 25 8*2 938 6 JTy 13 128 130 129 134 107 Wolverine____________25 102 J'ly 12 1% 1% * 1% 60 W y a n d o t____________23 1U J’ly 20 1% * tLd and asked priced, i New s to c k , a Ass’ t paid. t> E x -s to c k d lv . 12313 Jan « 10M4 Jan 7 234 Jan 10 136% Jan L 22/ Feb 24 152 Feb 298 Jan 20 10 Jan 8 76 Apr i lu% Sep 30 48 Jail 3 150 Jan 10 118 Jan . 270 Alch 10 13312 Jan 11s Oct 1 1 90 Oct 14 201 Mayo. 2cl2 Oct 3 88 Apr . 1023* Aloh n 14l1 Aug25 4 212 McU..:uo Jau / * 5 Jan 3 3 110 Jan 6 100 Alch 2U4%Jan 3 1033s Jau 3 108 Jan ly 06*2 Mch 8 100 Feb 10 487s Jan lo 105 Sep 26 87s Feb 11 24 Feb 11 12/38 Mch 2 124 Alch 1433S Feb 24 39% Mch 1 . 104*4 Mch 23 11*2 Jau 7 28 Jan 0 8i2 Jan 11 15212 Alch 11% Jan 3 270 Oct 10 100*2 Jail o 86*4 Oct 7 97 Men 18 22012 Feb 2.. 034 MaylO 124 Jan 3 115 Jan 11 13812 Mch 11 100 Jan 6 200 Feb ii 14 Oct 3 10934 ,ian lu 34*.| Jan 3 31 May u 200 Sep 10 71 Apr 18 34 31 Jau 4 903., Jan 3 125s* Jan 1, 1j3 Sep 30 4 1 Jau e )4 Range for Precious Yeat (1909) Lowest Highest 98 Jan 10934 Jan 226 Jan 124*4 Jan 223G Dec I32i2 Jan 295 Sep 1134 Jau O G Jan O 10 Alay 4612 Dec 113 Jau 115 Nov 267 Jan 128i2 Nov /5 Jan 79 Jan 195 Oct 1U4 Jan 68*2 Jan 4 153 Nov 146 Feb 200 Apr 190 Dec 26 Apr 90*4 Mch 97 G Apr rl7278 Feb 93*2 Mch 166 Jan 88 Jan 102 Oct 3314 Jan 94 Jan 5d Jan 8 13 Jan i l l Nov ill 7 Nov 125*4 Feb 27*2 Feb 93*2 Jan 4*2 Apr 1 *.| Apr 5 334 Apr 126 Jan 7 Jan 245 Jau 15038 Feb 69 Jau 89 Jan 20212 Alch 2 Jau os Apr 93 Jan 120*4 Jau 75 Feb 168 Jan 9% Jau 100 Jau 20*2 May 2414 Jan 120*2 Jan i54 Alch 28*2 Jau 4 1 4 Feb 3 107 Feb 0> Jan 8 70 Mch 4 Oct 78 10 Feb ) 1434 Sep 15 64 Jan 6a Feb 65 Feb 903| Jan 3 23 Alch 4012 Jan 3 38*8 Feb 6334 jau 3 30 Feb 5034 Jan 3 8 J iy 12i4 Jan 1 4 .45 Feb .70 Alch 2s 17*8 J’ly 241.1 Jan 13 8 Sep lSi4 Alay26 2138 Feb 28% Jan 3 96*4 May 103 Jan 3 085 Jan 3 686 Feb 29 Feb 38 Jan 3 .16 Jan 10 .10 J'ne 68*2 Feb 85 Jan 712 May 95 SAlch 28 7*2 Feb 1334 Jan 1 Oct 2i2 Feb 1 13 Feb 2212 Mch 738 J’ne 12i2 Jan 10 90 Feu l l l > Jan 3 4 9 Feb ll7g Jau 3 36 Jan 12 8*4 Sep 578 Jan 4 6*2 Dee 4434 Mch t 22* Apr 8 28i2 Jan 3 11 Jan 6 7*2 Apr 2*2 May634 Jan 14 16 Jan 04% J&n 22 "j Jan 'I iu-% J’iy 4*4 Mch iota Oct 13 i.8 Jau 13 140 Apr 3% Apr 6 Jan 7 1234 Feb .. 29 Jan 4 634 Oct 8t2 Jan 21 76 Jan 22 1-57*2 J'ly 10*2 Feb 271- Jan 11 og Nov 10% Jan 12 12 Alay 2 9% Oct 47 Dec 50 Jan 4*2 Mch 2578 Mch 7 1234 Jan 14 6*4 Nov 1% Feb 1 .40 jn e 56 Jan 3 47*4 Feb 106 Jau 3 122 Feb 2134 Jau 3 19 Dec 92 Mch .. 83 Dec 243, Mch s 2*4 Jan 3 li2 Nov 18 Jan 3 13*2 Feb 33 Jan 19 .1 O I4 Jan li 8 34 Jan 18 Jan 12 13*8 Nov 1d% Jan 10 1278 Apr 78 Jan 5 02 J'ly 1 3 j nn 1 .1 9*4 Dec 41*2 Oct 28 Jan 39 Feb 50 Jan 44 oan 63i8 Jan 4 Oct 5 4 Jan 3 > 46 Jan ----------- 3 37*4 Feb 39*4 Feb 00i2 Jan 3 3 Oct 534 Jan 11 43- Apr la Jail 14 -SO Jan 3 139 Mch 2 Oct 03j Jan 14 50*4 Aug 105 JTy 9/s Feb 22*2 Nov 136 Apr 131 Apr 145*8 Sep 4U Aug *8 108 J’ne 12*2 Sep 31*2 Aug 8*4 Oct 147*2 NOV 13% J’ue 260 Apr 173 Aug 83% Deo 97 Apr 220*4 Deo 314 Oct 125 Oct 118 Oct 139 Sep 108 Oct 199 Aug 12 Sep 114*2 Aug 31 Deo 35 Nov 170 Deo 71 Oct 31*4 Sep U s Oct 47 131 Oct 1J Deo 90 Deo 10*2 May 62 Oct 96*2 Nov 4 * » Deo t>^ 54 Dec 51% Deo 18 Jan .80 Alay 24 Deo 11*4 Dec 3333 Nov 119 Jan 695 Aug 44i2 Sep ,35 Jau 8634 NOV 12 Meb 16% Apr 2*2 Jan 19 Aug 12*4 Nov 110*2 Deo 14% N ov 38 Dec 7*2 Aug 33*4Feb 93s Aug el'S Deo \ 74*4 Deo 19*8 Dec 18*4 Alay 1 Deo 6 Nov 28*8 Deo 1314 Mch 70*3 Jan 30 Nov 8% Dec Id Sep 85*4 Jun 117* Aug 14% Deo .90 Doo 59 Aug 176 Dec 36*4 J’hO 99 J an 278 Jan 177g Jan 67 Dec 18*2 May 18*» J’ly 90 Feb 175* Jan 3* N o v 92 69 Sep 54 Oct 6% Jan 4934 N o v 66 N ov 6 Deo rl3*4 Deo 158 Aug 4 Jan n E x n g h t 3 . a E x -d lv . an d rights. O ct . 15 1910.] i Boston Bond Record UO.Ml;' BOSTON STOCK F.XCH’GE w kick ending Oct 14 Fries Friday Oct 14 Am Agrlonl Ohem 1st 5s..1928 A-O Am 1 elen A Ten coll tr 4s. 1929 j . j Convertible 4s. .......... 1920 M-S Am Writ Bauer le ts f 6s g 1919 J . j IAm Zinc L & S deb Os_ 191 .'>M-N _ A nz Com Cop 1at conv Os 1920 j-D Aten Top A S Fegeng 4s.. 1905 A-O Adjustment g 4a_ J’ ly 1995 Nov _ i Stamped..............J’ly 1995 M-N 50-yearconv 4s...........1956 J-D ; 10-year conv 5s...........1917 J-D Atl Gull A W 1 8 S Lines5s.'59 j - j Boston Elect L oousoi os. 1924 M-S '.Boston* Lowell 4 s......... 1910 j . j as........1944 J.J [Boston * Maine4 H [Boston Terminal 1813 * 38.1947 F-A ■Bur * Mo Kiv cons 0 s __ 1918 J-J [B u tte* lioston 1st 0s_ 1917 A-O _ .Butte Elec & Bow Istg5s.l951 j-D [Cedar Uap * Mo It 1st Vs. 1910 M-N iCent Vermt 1st g4s..M ay!920 O-F O B < < Iowa l)iv 1st 58.1919 A-O &4 1 Iowa l)iv 1st 4 s ............. 1919 A-O i Debenture 5s................. 1913 M-N ; Denver Exten 4s...........1922 F-A i Nebraska Exten 4 s ...... 1927 M-N ! B A S W 8 1 4s................ 1921 M-S ' Illinois Div 3*us............. 11*49 J-J Chic .Jo Ky * Stk Yds 5s .1916 j-J Coll trust reiundtng g 481940 A-O Ch Mil * Bt B nub D 0 s..1920 J-J | M * Bt B Wls V div 0sl920 J . J Oh O hio* No Mien 1st gu 5a.1931 M-N Ohio * V Mich gen o s....1921 J -D V C oncord* Mont cons 4s.. 1920 J-D ;Conn & Bass It let g 4 s ...19*3 A-O Cudahy PncK(Tlie)lstg581924 M-N 'Current itiver 1st 6s........1920A-O : Dot Ur Itap * W 1st 4s... 1940 A-O Dominion Coal let s r 6s.. 1940 M-N Fitcnburg 4 s.................... 1915 M-S’ 4 a .................................. 1927 M-8 Promt Elk & Mo V lat 0a..1933 A-O Unstamped 1st Os......... 1933 A-O Gt Nor C 1 A Lj coll tr 4s 1921 J-J 1 Registered 4s.................1921 Q-J, Week’ s |1,31 Range Range or Ss!| Since Last Sale °*i'^ January 1 1017 1 lO.MJs BOSTON STOCK EXCH’GE W eek E nding Oct 14 Frice Friday Oct id Week’s Range or Last Sale 251* Lange g o ; | Since ^ January 1 Rta Ask 7/010 102 tj Sale [102 91 *«8 ale | 91 104 Bale 104 So J jvj High a Rio Hinfl Ao Low High Illinois Steel deben 5s_ 1913 A-0 _ 20 1(10*4 *03 93 "a 98", 100 Oct ’ *0 ...|j 99*2 101 la Falls ASioux Cist 7s.. 1917 A-O 117 A pt’08' Kan C Clin & Spr 1st 5s... 1925 A O 1 *8 Mai To! !!!'!’ 93'*8 *97 “ *3 KanC Ft S * G u lf ext 5s..1911 J.D 99 > Feb’ lJ ... 993 99»4 4 4 Kan C Ft Scott & M Os.... 1928 M-N 117 S ep ’ io ...1 1 3 118 Kan O M & B gen 4s......... 1934 M-S 93 93 | 3 92*3 93*2 92 90 Assented income 5s...... 1934 M- S 90 93 92 91 Sep TO ...'[ 91 Kan C * M K y * Br 1st 5sl929 A-O 102 104 102 * Sep TO’ ...' 102 103 g Maine Cent cons 1st 7s...1912 A-O 113 ’o Nov’U d Cons 1st 4 s ............................ 1912A-O 101 *4 Sep ’051 Mara Hough * Ont 1 st Os. 1925 A-O 115 J’ne’0.3 Mass Gas 4 *28.................. 1929 J • J 9S»i, Salt 98*j 93 ■ 1 8 99*4 M ich Teleplst 6s..............1917 J- J 97 Aug TO ...J 97 99*8 Minne Gen Elec con g 5s 1929 J.J 1 1 102*2 Aug’04 New Eng Cot Yarn 5s___ 1929 F-A 102*4 salt 102*4 103 7 100*8 105 New Eng Teleph 5s.......... 1915 A-O 102 Feb’09 68.---.......................................1910A-O 100 *2 Sep’08 New England cons g 5s... 1945 J.J Boston Term 1st 4s...... 1939 A-O New Itiver (The) conv os.1934 J . j 75 Oct TO 76 79 * a N Y N 1 * H con deb 3*281950' J-J 1 99 Sep TO 90 7 102 e Conv deb Os (etts).........1943! J.J 134 130 134*2 Sep TO 131 135 Old Colony gold 4 s ................... 1924F-A LOi A pr’09 Oreg Ky * Nav con g 4s..1940 J.D 98*g Sep '09 Oreg Sh Lino 1st g Os...... 1922 F-A ! 113*8 Aug’ 10 .... 113*8 1103 Bore Marquette deb g Os.. 1912 J.J 99 Mar’ lo! __ 98*2 99 ltepub Valley 1st s t Os...1919 J-J 102*g , 99 Oct ’09 103** Sep TO ... 103*8 103*« Ituttanii 1st con gen 4*38.1941 J.J 877 Sop TO # 107*2 . « - ’ 05 . 101*4 lOl*. lo lU Rutland-Canadlan Ist4sl949 J-J 102 Mai’02 Savannali Elec 1st cons os. 1952 J-J 90S 90 * a 78*2 Apr’ l 0 73*2 78*2 Beattie Elec 1st g os........1930 F-A 103*2 106 103 *2 Sep TO ... 103 104*4 ..................'115*2 Jan ’ 10 ... Sbannon-Anz 1st g Os_ 1919 M-N _ ................. 1120 Feo’05 , 95*4 Bale 95 *2 u6 2 10 68 110 _ ................. | 99 May’ iO ...*i 99 100*2 Terre Haute Elec g 5s_ 1929 J .J 97 A pr’07 a 102*8 8 100 104 Torrington 1st g 6s......... 1918 M-S 102 * 102*2 102 100’, Mar’ 10 .... 100>< 100»4 Union Pac RK & 1gr g 4s.1947 J-J ................. I 91 Deo’07 . 10 1 *8Oct TO .... 99*a 101*8 20-year conv 4s.............. 1927 J.J ................. X12*4 Jan ’03 . 108 ’a Apr’ 10 .... 108**8 109<*8 United Fruit gen s f 4 * . 1923 J.J 28 100*4 Aug’09 . 97 *2...... 97*4 9 7 -2 23 96*4 97*2 U 8 Coal & Oil 1st s f Os.. 1938 M-N 158 160 153 99 Aur’ 10 . 99 99 100 8 145 106 88 U B Steel Oorp 10-60 yr 5s. 1903 M-N 89 Mar’ 10. 89 90 104*8 104*8 0 101*2 105 *2 98 _ West End Street Ky 4s_ 1915 F-A 93*2 90*a J’no’ iO . 90*2 98*4 98*4 J’ly To .... 97 98*4 103*8 Api ’05 . Gold 4*28......................... 1914 M-S 101 *4 J’ne’09 * 90 Apr’08 . Gold deoenturo4s......... 191b M-N 98*2 Apt To .... 98*2 99 *i 133 Mar’O . O Gold 4s............................ 1917 F-A 97 Aug’ lO .... 1 97 99 Western Telepii & Tel 5s. 1932 J-J 140 Apr ’06 . 95 *2 Sals 95*2 V IS 13 94*2 99 90s8 Bale 90*2 9()°s 03 94 *2 97 *s Wisconsin Oentlstgen 4sl949 J-J 94**8 Jan To 943» 90*4 90*4; 1 i 94*3 90*2 t - I Norii—Buyer pays acorued Interest in addition to the purchase prioo lor all Boston Bonds. * No prioe Friday; latest bid and asked, u Flat price. Philadelphia and Baltimore Stock Exchanges— Stock Record, Daily, Weekly, Yearly . 'b a re Brices—Not Per Centum Prices “ Monday I Tuesday ; Wednesday Oct 10 ) Oct 11 | Ocf 79 Saturday Oct S i‘ 6 2 143 i •19 43 *42 •11*2 *48 29 76 *23*2 , 94 1 80 6416i8 126 126 14**4 •a * ........ 40 143 15 4 43 * 42*4 42*8 11 34 *11*2 49 48*2 29 7s H978 75*4 76*2 43 42*4 n3 4 493 « 31 * 2 77*4 34 24 24 94 *93*2 96 81**8 8 1 3 1> 2 Wjtio 05 65;*l# * 2 40 40 16*2 16*8 18**4 19**8 73**b 73**» 4 2 *« 82*4 126*2 120 40 IS ", 40*2 1 5 34 43*4 4 4 -. 10*4 20*4 736i0 73**ie 8»8 t> fc6ia *4 43*2 * ! 02 2 82 *» 82*4 PH ILADELPHIA 120*2 *19*2 20*2 *36*2 43 *........ 15 19*2 19*2 43 43 42*4 4234 1 *> 1 8 50 50°a 31 * 31 *2 8 70*2 77 Rid Ask Bell Telephone (Pa). 101 Cambria Iron..............60 Central Coal < Coke. 100 fc Uousol Trac of N J ... IO C Easton Con Electric 6.50 Ft Wayne AW V...... 100 ACTIVE STOCKS I Week 1 CFor Ronds and Inactive Stocks see below) Shares Lowest | 11 ignest Range tor Frevious Year(19U9> Lowest i tJit//lest 60 Muj-23 30 Mat 90 J’ly 14 70 Mar 132 Feo 28 100 Jan 27*4 Jan 3 11J Feb 4 47 Jau 8 223 Feb 4 15*2 J’ly 15 o *4 Feb > 48 Deo 89 May 121 *2 Deo 28*4 i>eo 48 Deo 14 *2 Deo Philadelphia 2 IS, American Cement........ 60 17 > Sop 19 57 American Railways.... 60 413, J’lyzi. 2,011 Cambria Bteoi.............. 60 40*4J’ly20 O Electric Co ol America 10 1 1 *4 J ’ly ^0 O 11°8 11*> 8 60*4 61 2,079 Kleo Storage Battery..loO 42 J’uedo 31*, 0,837 Gen Asphalt tr ous ....1 0 0 19*4 J’ly 20 31 79*2 77 2. 017 Do prel tr c tfs_ 100 04 J ’iy 20 _ 80 Keystone Telepiione... 50 7 J’ly 0 » * a°s 4 24 * 24»« 2,3 JO l/ake superior Corp___100 15*2 J’no.to 2 91 94 310 Lenigh C A Navtr ctls. 60 60 J’ne3o 81»8 82»« 16, . 07 Lehigh Valley.............. 50 02 *2J’ly z7 U *2 U5j4 1,36k Pennsylvania KK........ 50 fil*i16 J ’ly 2u 5 40 40 *2 830 Pliiladelp’aCol Pitts b). 50 4z J’neJv.1 * 4 15 7 3,155 Philadelphia Elsctncj. 25 113 7 * eo 3 0* g a ■ 19 19 S 9,51» Piula Rapid Transit... 50 15 A pr 28 75 75l l ic 0,100 Reading....................... 5o OSSjJ’Iy Jo 8*4 a °8 63u Tonopali Mining ........ 1 0*2 Jan 2 43*8 43 * 6,573 Union Traction........... 5u 4 l3gJ’iy2e 4 83 63**8 2,889 United Gas Impt......... 60 79 J’ly 2 o 28 Jan 3 26 Dec 50 Jan O 44*8 J’ly ' 53 *2 Jan iol 32 t8 Feo 12 * Jan 14 * lu 7 Jau 2 s 04*4 Marll 43 Jan 34*4 Jau 29 15 * Jan a 6 4*4 Jan iu 53 Jau 13 uauioi 9 *2 Jan 28*4 Jau 3 14J Jan 4 i23 Jan 7 90 Jan 121*4 Mario 0 / Feb oy3ia Mar 9 03*8 F e b 63 ‘4 Jau 8 4u*2 Feo 10*4 Mari8 11 ‘4 F o b 2o *2 Jan 3 24 * Jan 8 80 Fob lo 69 *2 Feo _9tio May 13 o3 Jan 4 52j4 juu 607 Jan s 95*8 Jan 10 84°8 Mu) 43 Jan 48 Deo 4*J5j Deo 12*8 J’ly 03*2 J’ly 33*4 Deo 84*2 Deo 10 Apr 33 *8 5lay 125*2 Deo 113 Sep 76s8 Sep 517 Deo S 14 * Doc 8 30 * Apr 2 80 * Sep 4 7*3, b Mar 58*8 May 95*2 Deo 20 43 43 * 11*2 50*2 31 77 20 *20 21 43 *43*2 44 431*8 . 43*4 44 12 61 3l"ft 77 fi 24*2 24 7 93*4 80->4 8 i *8 * 05*4 Uo"a 40 ?» 40*8 153 IS3 4 , 18*4 19 *2 71*18 76 8 fc°ia 43*8 4 J'e J 82*8 83 1*111 LA DLLPIIIA Bunds Frices are all ‘ ‘ and, interest." | Rid | Ask 45 72*2 ....... Annuity Os.. lT IlI/A D K L l’ lllA BALTTMUUK Rid. I Ask 1 __ 1 Chari C A A 2d7sT0A-O 101 * 10 1*4j City A Sub 1st 5s.. ’22 J -D 105 *2T07 4 * 09*4 ....... | City A sub( W as)lsl6s’48 100*2 10 t *2 .. L ........ L 83*4 J ........ " 90 " 7 ........ ........ f 114 ........ ........ 103 ........ ........ 1O0 * 2 s 87 ’ a s " ........ ........ 60 100*4 ........ ........ ........ Indiana'U uiou Tr_ 100 _ Insurance Co of N A .. 10 19*8 20 Inter Sm Pow<fcCbem.50 Koystone Telephone ..60 8*4 b«6 Prelerred.................60 Koystone WatchCaso.ioo Boh Vail Tran v t O...50 4*8 6 Preferred v 1 c ......... 50 16 s8 10 Lit Brothers........ m Llttto ScliuylklU......... 50 Mlnehili A Hchuyl H..50 N Haven Iron A steel.5 Northern Central........60 126*4 130 Nortli Pennsylvania..50 98 Pennsyi KK receipts_ _ Pennsylvania salt...... 50 108*2 ........ Pennsylvania steel..100 Preferred............... loo i i o Plilla Co (Buts) uref...60 42 42 * 2 Phil Gorman A Norris.60 150 Phlia Tract ion............ 50 83 Railways General...... 10 10 Susquen Iron A Steel..0 Tidewater Steel......... 10 Range Since Jan 1 1Sales 0/ the Baltimore *60 02 Con. Gas EL L. * Bow. 100 40 Mar21 *00 112 Do prel.................100 60 M arll 120 12 1 120 127 1,027 50 115 Jan *19*4 20 *19 20 Seaboard (new)............ 100 J8s* J’ly 29 .... *30 Do 2d prel........... loo, 41 J’ly 27 +14*2 I47 s 14**4 147 1,420 i ............. 24 246 s 93*2 93*2 81 81 *8 05 * 6o6ie 8 40 * 2 4 1 5 34 153 9 19*2 1 **4 7 33 74*8 4 6*4 8*4 43*4 41 62*4 82 \ inactive SHOCK* Amal Asbestos Corp. UK Amencan Aiming...... 10 Thursday 1 TYtday Oct 13 | Oct 14 10U*b ........ ....... ........ 110*4 iiV " ItO *2 07 ' 97**4 ....... ........ 101 ...... .......; 99 ........ ........ ........ ::::: : B V A 1 col tr 4s ’21.J-J V 1 Portland Ky 1st 6s 1930 lloch Kyat L eon5s’54J-J Spanish-Am Ir Os '27 J-J U True Ind gen 6a’ 19.J J Un KysTr cus 4s’ 49JAJ United Kys lu v lstcolltr s 16s 1920.............. M-N U Trac Bit gen os ’97 J-J Welsbach s t5s 1930.J-D Wlks-ii Get E cou5s’55J -J liALTliHUKL Inactive .Mocks Ala Cons Coal A Iron. 100 Brel......................... 100 Atlanta A Charlotte..100 Atlan Coast L (Conn'iou Canton Co................IlOO Cons Cot Duck Corp...60 Prelerred................. 50 Georgia sou*. Fla...100 1st prel................... 100 2 d prel.................... 100 G-B-S Browing......... 100 Bunks Frices are all " and interest.” Anacosua A Bot 5s_ _ Atl Coast L(Ct)ctts 5s J-D Ctls ot indebt 4S....J-J 6-20 yr4a 1925........J-J Balt CPasa 1st 5s ’l l M-N Balt Fundg 5s.191# M-N Exchange 3 *s« 1930 J -J Balt A I’ 1st bs m i ’l l A-O B 8 P < O 1at 4 *20 ’63 F-A fc Balt Trac 1st 6s.. ’29 M-N No Balt Div os 1942 J -D ceu l’l Ky C SO 1932 M-N O S E xt32 Imp 6s. 1932 M B Clias City lty 1st 5»’23 J -J Chas Ky G Jo El 5s ’99 M-8 115*4 ____ ........ 100*2 «a>4 101*4 ....... 72 S 73 j 81*4 82 89 Coal A 1 Ky 1st 6s’ 20 F-A 99*4' U10*a ColAUrnv 1st Os. 1910 J-J 106*2 107*4 Consol Gas 6s..1939 J-D 107*4 108 *4 Ctfs indobt 4 *28...... J'-J Cons G E A B 4 -iS’35.j -J 833 84*4 4 FairA CiTT iSt6a’38.A-0 003 97*4 4 Gaoc Aia 1 st con 6 s 4 oJ-J 1u4 101*2 GaCarAN ls t o s g ’29J-J 104*2 106 Georgia!* 1st Os.. . ’22 J-J 112 115 GaSo A Fla 1st 5s 1945J-J lo7 109 G-B-S Brew 3-4s 1961M-S 4 1* 42*a *4 2d income 5s 1961 M-N 5 7 Kuoxv Xrao 1st 6 s ’28A-G 102 104 LakeK K11st gu5s’42M-S HaConKyA Etlslos’ocJ -J Memphis at 1st os’ 45 J -J 98 99 Mettel(Wash)lst6s’25F A 230 Ml VerCol Duck 1st 6 s. 72*4 73 120 Npt Ndie B 1st 6s’38 M-N 6 Nor&PorTr ist6a’30J-D 18 Norlolk at 1st os '4 4 ..J-J 105 North Coni 4 *u 1925 A-O loo s Series A os 1920....J-J luo ........ Senes B os 1920__ J J 101 Pitt Uu Xrao 5s 1997.J-J Poto Val 1st 5s 1941..J J 103 Sav Fla & West 6 s ’34 A-O 108 Scab ife Roan 6 s 1920.J J 105 100 South Bound 1st os..A-O 106 10# U K 1/321* 1814*28*29 M-N 1 80*2 90*2 85 Uu Kyd; El 1st4s ’49 M-S 85 ^ 90*2 62 Income 4s 1943....... J-D 02*4 Funding 6 s 1930...J-D 84*2 84*V ....... Va Mid 2d ser Os ’ ll.M -S 1U 0*2 101 93*2, 3d senes Os 1910..M-S 102 4th ser 3 -4 -6 s 1921.M-S 103 S3 6 th series 5s 192*5.M-S 104 108 86 Va (Stato) 3s now ’32.J -J 80 110 85 Fund debt 2-3s 1891 .J-J 86 W estN C con Os 1914 J-J 105 2 WesVa CAB lslO g T l J J 100 > 100 ^ ........ WU 32 Weld 6 s .. 1935.J-J 108 110 00 iio 4 10 ........ 100*2 104 89 100 ........ 92*. ........ ........ 92ti 4 102*2 IU23 loo 94 s* 95 109 102 101*4 Trust certita 4s........... 70*8 70*4 ........ li)7*>4 ........ 100*4 10U** •Bid and asked; no sales on this day. II B r-rtg h ts. U#15 paid t * 12 *4 paid. t$13*apald. i#35 paid. a K e o e ip ts . 6 525 paid. c$30 paid. d $ l 2 *» paid. H Union Tr of lnd........luu UnitedN J UK A C ..lot) 243 * 2 Unit Trac Pitts prel..50 Warwick Iron A Steel.10 ’ 10‘s Vi *4 36 37 AVolsbach Co............. 100 ’West jeisoy A SeaSh.60 62*s ' 95 “ Westmoreland Coal....00 Wilkes Gas A Elec..100 THE CHRONICLE 1018 luuestm eut ancl ri A l L r i O A L ) [VOL. LXXXXI I n t e llig e n c e . GrtOSS EAR N I inGS, Tho 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 tho gross earnings for the latest week or month, and the last two columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary statement to show the fiscal year totals of those roads whose fiscal year does not beg'n with .July, but covers some other period The returns of the electric railways are brouyht together separately on a subsequent page. ___________________________ hates'. Cross Earnings. HOADS Week or Month. Current Year. Previous Year. July 1 to hates'. Date. Cu; rent Year. Previous Year. hatesl Gross Earninos. Week or Month. Current Year. Previous Year. July 1 to halcsl Date. Current Year. Previous Year. 5 3 _ N Y N II & Harft. A ugust_ 5,539,943 5,127,834 10,809,576 10,197,988 Ala N O * Tex Pa< 863,621 789,906 e N Y C & Hud Rlv A ugust__ 9,126,107 8,359,672 17,454,586 16,314,867 285,935 286,110 N O & Nor East. September 436,233 390,237 Lake Shore & M S A ugust__ 1,670,234 4,278,627 8,700,126 8,216,976 151,873 137,961 Ala & Vicksburg. September 888,112 974,811 548,433 497,435 384,413 342,012 n Lake E & West A ugu st__ 126,558 125,364 Vicks Shrev & P . September 537,010 509,841 263,335 268,311 15,479 11,261 _ 6,466 Chic Ind & South A ugust_ 8,590 Ala Term & North. August — 2,769,358 2,428,089 5,281,240 4,604,750 Michigan Central. A ugu st__ Atch Topeka & S Ft August — 9,060,350 8,959,839 17,090,808 16, 02,111 653,143 04,945 594,731 Cleve C C & St L. A ugu st__ 2,821,754 2,620,032 5,197,835 4,917,737 65,544 Atlanta lllrm & Atl 4th wk Sept 531,048 611,270 342,662 291,254 _ Peoria & Eastern A ugust_ 657,603 Atlantic Coast Line August — 2,069,750 1,794,563 4,217,814 207,169 237,981 136,229 118,838 _ Cincinnati North. A ugu st_ g Baltimore & Ohi< August — 3,050,060 /,052,lOl- 16,097,793 14,744,310 136,047 Pitts & Lake Erie A ugu st__ 1,604,261 1,469,846 3,132,837 2,919,325 93,050 OS,050 B & O Ch Ter HR July ......... 136,047 581,131 626,752 333,419 300,624 443.384 Rutland .......... .. A ugu st__ 445,135 229,224 226,092 Bangor ’•oostooi August — 958,360 876,323 1,847,330 1,710,130 _ 22,278 N Y Chic & St L . A ugu st_ 14,375 5,801 8,364 Bellcfontc Central.. September 751,298 968,815 505,840 410,483 _ Toledo & Ohio C. A ugu st_ Boston & M aine... August . . . 1,202,366 3,952,534 7,953,596 7,674,001 _ 4079992 21020034 45,543,433 42,260,583 11,272 Tot all lines above August_ 10,963 5,068 6,048 Bridgeton & Saco It August — 485,742 604,520 309,716 241,233 Buir Koch & Plttsb. 1st wk Oct 205,091 186,547 2,752,717 2,042,454 N Y Susq & W est.. A ugu st__ 423,898 464,125 233,198 207,430 _ 200,947 204,579 2.212.437 2,298,977 Norfolk Southern.. A ugust_ Buffalo & Susu___ June . 3,155,833 2,893,006 6,070,198 5,474,307 _ Canadian Northern. 1st wk Oct 325.900 298,200 3,923,900 3,025,600 Norfolk & Western. A ugu st_ 1,126,836 1,048,836 2,008,651 2,024.151 243.000 2.175.000 29,482,546 24,890,015 Northern Central.. A ugu st__ Canadian Pacific__ 1st wk Oct Central of Georgia.. 1st wk Oct 305,600 280,800 3,354,444 3,086,438 Northern Paclllc__ A ugust__ 6,257,740 6,910,977 12,505,085 13,008,955 768,781 822,785 1,584,385 1,557,367 _ Centrai of New Jer. A ugust_ 2,493,099 2,297,931 4,810,607 4,493,941 Pacific Coast Co_ A ugu st__ 5,337,536 4,698,063 10,115,090 9,104,480 _ 668,774 Pennsylvania Co__ A ugu st__ 623,810 349,487 341,790 Central Vermont__ August . _ 18,227 d Penn— E of P & E A ugust_ 14478 390 13544000 27,756,564 26,460,764 1,711 21,544. 1,47a Chattanooga South. Id wk S ' Inc. 1,68 0,800 (1 West of P & E . A ugu st__ Inc. 1,06 3,400 Chcs & Ohio Lines. 1st wk Oct 612,206 583,091 9,134,875 8,367,968 1,352,633 Chicago & A lto n ... 1st wk Oct 311,609 274,444 4,248,802 3,865,773 Perc Marquette___ August__ 1,451,642 1,510,927 2,824,152 2,508,029 3,514,205 3,028,805 8,366,838 7,900,803 15,454,409 14,726,611 Phlla Balt & Wash. A ugu st__ 1,800,327 Chic Burl & Quincy August . . pChlc Great W est.. 1st wk Oct 269,428 249,612 3,449,342 3,108,906 Pitts Cin Ch & St L. August__ 3,132,017 2,772,598 5,807,570 5,211,986 23,403 11,915 24,278 12,542 Chic Ind & Loulsv. 1th wk Sep 167,521 154,557 1,705,300 1,544,491 Raleigh* Southport August . . . Reading Company Calc Ind * Southern -See New York Cen tral. _ Phlla & Reading. A ugust_ 3,689,908 3,510,464 7,058,673 6,602,862 Chic MU & St Paul. August . . . 5,998,307 5.559.001 11,339,843 10,704,459 _ Coal & Iron C o.. A ugust_ 1,900,105 1,780,164 3,309,760 3,377,259 Ch MU & Pug Sd_ August . . . 1,170,652 698,083 2,312,721 Total both cos__ A ugu st__ 5,590,013 5,290,628 10,458.442 9,980,122 Chic & North West. A ugu st_ 6,662,990 6,604,750 13,067,212 12,501,026 _ 184,727 193,453 193,453 184,727 Chic St P M & Om_ August . . . 1,435,815 1,220,019 2,704,770 2,343,995 Rich Fred & Potom J u l y ____ 85,520 89,736 85,820 89,736 002,307 820,450 1,700,745 1,575,499 Rio Grande June.. July ____ Cin Ham & Dayton August__ 118,200 163,313 7,759 17,553 Rio Grande South. 4th wk Sep Clev Cin Chic * St L ■ See New York Cen tral. — 157,346 200,071 Rock Island Lines.. A ugust__ 6,090,280 5,977,132 11,410,210 11,393,734 157,346 200,071 Colorado Midland., luly ____ 296,495 306,813 165,591 154,407 _ Colorado & South.. 1st wk Oct 328.377 344,921 4,617,754 4,400,388 St Jos & Grand Isl. A ugust_ 3,641,540 3,607,765 6,985,212 0,862,670 _ 70,733 77,920 St Louis & SanFran A ugu st_ 77,920 70,733 Copper Kange____ luly ........... 123,740 970,080 2,033,743 1,823,210 Chic & East III.. A ugust_ _ 27,900 34,25: 15,11. 15,927 Cornwall _________August____ 424,836 497,236 272,192 233,582 J Evansv & Ter H A ugust__ 75,581 72,848 36,470 35,965 Cornwall & Leban.. August__ Total of all lines. A ugu st_ 5,037,491 4,811,428 9,516,192 0,110,717 _ 325,638 440,310 206,870 163,209 Cuba Railroad____ August_ _ 180,967 144,952 1,974,244 1,439,046 Delaware & Hudson August__ 1,893,663 1,662,778 2,500,674 3,248,915 St I. Rky Mt & l’ ae. J u n e ____ 2,877,312 Del Lack & W est.. A ugust__ 3,081,996 2,887,197 6,089,933 6,055,424 St Louis Southwest. 1st wk Oct 264,535 251,437 3,175,235 1.463.291 636,495 714,207 1,263,315 _ Denv & Rio Grande 1st wk Oct 496,300 485,800 6,982,347 6,627,890 San Ped L A & S L. A ugust_ 351,276 316,491 Seaboard Air Une.i 23,018 26,642 Denver N W & Pac. 4th wkSept Atlanta & Blrm.. 4th wkSept 450,831 438,701 4,505,862 4.285.291 400,634 530,200 47,853 53,877 Det Tol & Iront Sys 4th wkSept 537,004 f .or. ..a V Sl ore j V 501,745 38,362 47,169 Ann Arbor______1st wk Oct 104,328 149,758 149,759 104,328 339,896 340,111 Southern Indiana.. July ____ 24,594 20,780 Detroit & Mackinac 1st wk Oct 2,125,315 1,260,381 1,395,856 2,455,435 2,750,162 Southern Paclllc Co A ugust__ 11748658 11310745 22,063,930 15,099,602 Dul & Iron Range..^August . 991,608 Southern Railway. . 1st wk Oct 1,253,809 1,259,275 16,017,006 70,529 1,030,926 72,133 Dul Sou Sh & A tl. . Mobile & Ohio__ 1st wk Oct 175,118 218,330 2,705,395 2,662,567 602,064 582,861 l , 18/,023 1,189,084 El Paso & Sou west Cin N O & Tex P. 1st wk Oct 184,653 176,646 2,509,487 2,264,202 5,328,526 1,559,734 10,003,780 8,839,283 E r ie .................... . 985,733 71,359 1,105,054 4,199 77,828 3,624 Ala Great South. 1st wk Oct 1,831 2,118 Fairchild & Nor E. 528,233 583,845 57,270 70,148 193,149 170,961 85,754 Georgia So & Fla. 4th wkSept 97,403 Fonda Johns & Glov 326,106 314,897 4,143,663 3,820,570 459,219 429,274 Texas & Paclllc___ 1st wk Oct 40,678 226,927 Georgia Railroad . . 13,041 14,381 6,524 7,107 Tidewater & West. A ugust__ horn Rail way. Georgia South & Fla 317,029 355,307 20,862 21,889 Grand Trunk S y st.. 4th wkSept 1,237,013 1,179,150 11,172,900 11,319,597 Toledo Pcor & West 1st wk Oct 74,759 1,045,572 1,039,117 73,948 Grand Trk West. 4th wk Sep 156,701 149,017 1,423,018 1,569,723 Toledo St L & West 1st wk Oct 14,298 12,621 6,217 6,803 _ 501,192 Tomblgbee Valley. . A ugust_ 460,581 51,060 52,904 Dec Gr Hav & M" 4th wk Sep _ 463,036 527,952 Union Pacific Syst. August _ 3,479,474 7,948,614 16,396,120 15,483,468 57,877 48,324 Canada Atlantic. 4th wk Sep 805,665 1,822,654 1,527,581 _ Great Northern Sy+ September 0,208,078 6,816,338 17,870,108 17,689,189 Vandalla ............ . A ugu st_ 1,002,315 100,518 202,88, 202,633 11 1,433 151,726 155,930 Virginia & Sou West A ugust__ 151,726 155,930 Gulf & Slop Island. ,July ------664,159 651,614 755,458 673,148 1,415,650 1,231,419 W abash__________ 1st wk Oct 685,116 515,05/ 8,475,746 8,059,610 Hocking Valley----- August 635,1 If 545,057 Illinois Central----- September 5,140,738 4,791,579 15,076,856 13,992,408 Western Maryland. luly ........ 920,950 820,450 1,707,031 1,583,031 _ Intcrnat & Gt Nor. 1st wk Oct 182.000 185,000 2,489,370 2,210,030 W Jersey & Scash.. A ugust_ 697,170 615,263 1,327,961 1,205,828 August — a Intcroceanlc Mcx. 1st wk Oct 135,343 143,479 2,215,111 2,086,061 Wheellng & Lake h 19,573 20,061 38,210 35,356 932,740 72,294 912,832 Wrlghtsvllle & Tenn A ugust__ 75,725 Iowa Central.........- 1st wk Oct 769,352 763,143 2,100,891 2,150,042 266,106 213,004 Yazoo & Miss Vail. September 206,196 213,994 Kanawha & Allch.. July 1,422,608 854,281. 756,681 1,699,74 Kansas City South, vugusi . . . 44,000 53,000 K C Mex & Orient.. 4th wkSept Lehigh VaUey........ August . . . 3,137,999 2,926,370 6,014,216 5,680,760 Current Previous 3 5,8 52 40,980 35,852 40,985 Lexington & E ast.. July Year. Year. Period. Various Fiscal Years. Inc. 170, 403 Inc. 59, 725 Long Island............ August . . . 106,091 113,377 113.377 106,091 Louisiana & Arkan. July $61,553 543,627 201,496 186,405 Bellcfontc Central____________ Jan 1 to Sept 30 105,211 102,490 Loulsv Hend & St L August — Aug 31 s Loulsv & Nashv.. 1st wk Oct 1,030,580 1,053,025 14,330,902 13,271,002 Delaware & Hudson__________ Ian 1 to Aug 31 13,135,927 12,546,282 28,417 28,005 Ian 1 to 35,774 Manlstlquc ________ __________ 35,508 12,833 12,477 Macon & Blrm’ham September 1 to Sept 14 5.499.400 859,421 847,768 1,619,133 1,641,604 a Mexican Railway___________ Jan 1 to Aug 31 6,163,300 58,888,638 Maine Central___ August — 64,425,384 6,691 6,740 e N Y Central & Hudson River 1an 3,547 3,408 Manlstlquc................ August . . Lake Shore & Michigan South ran 1 to Aug 31 32,413,254 28,402,084 76,837 69,069 37,376 42,822 Maryland & Penna. August . . . ran 1 to Aug 31 3,545,692 3,055,453 n Lake Erie & Western----o Mexican Railway. 3d wk Sept 144.900 123,100 1,960,500 1,778,000 Chicago Indiana & Southern. Jan 1 to Aug 31 2,435,599 1,963,723 Michigan Central —See New York Cen tral. Jan 1 to Aug 31 19,268,644 17,285,110 207,608 242,064 Michigan Central------------16,232 15,602 Mineral Range_____1st wk Oct Cleve Cin Chicago & St Louis Jan l to Aug 31 10,379,102 17,425,759 Mlnneap & St Louis 1st wk Oct 139,240 124,929 1,530,248 1,385,515 Jan 1 to Aug 31 2,203,037 1.867.400 Peoria & Eastern________ Minn St P & S S Ml 1st wk Oct 511,502 587,738 6,591,806 6,740,407 731.799 827,947 Cincinnati Northern________ Jan 1 to Aug 31 Cnlcago D. vis on 123,816 Pittsburgh & Lake Erie____ Jan 1 to Aug 31 11,416.456 8,701,907 151,164 66.251 75,451 Mississippi Central. August . . 1 to Aug 31 2.103,096 1,951,187 R u tlan d .................. ........... 4,437,970 4,093,223 u Mo Kan & Texas. August . . . 2,297,490 2,179,360 New York Chicago & St Louis Jan 1 to Aug 31 7.296,853 6,381,603 Mo P -c * iron M' I .•5,134,502 2,380,834 Toledo & Ohio Central____ Jan 1 to Aug 31 168449566 149095506 Central Branch.) 1st wk Oct 1.104.000 1.075,000 14,827,094 14,321,123 Total all lines______________ Jan 1 to Aug 31 8,280,045 953,549 936,019 1,883,213 1,847,003 Nashv Chatt & St L August . . 7,735,145 Jan 1 to Aug 31 1.243.001 1,069,950 16,821,091 14,449,108 Northern Central................ .. a Nat Rys of Mex t. 1st wk Oct 31 113,804 146,540 d Penn— East of Plttsb & Eric. Jan 1 to Aug 31 108180 513 96,603,813 15,666 10,907 Nevada-Cal-Oregon 4th wkSept Inc. 11, 066,600 Aug 1 d West of Plttsb & E rie.. 60,096 75,388 7,380 6,010 Nevada Central___ J u n e ______ 1 to Aug 31 12,596,616 11,494,016 293,474 206,813 Phlla Baltimore & Washington. 145,860 101,363 N O Great Northern August . 1 to Aug 31 22,590,201 18,802,086 419,509 348,552 Pittsb Cin Chicago & St Louis. . 31,052 36,838 N O Mobile & Chic. Wk Oct 645,553 583,409 1 to July 31 971,416 857,337 1,912,872 1,718,423 Rio Grande Junction---------N Y Out & Western August_ _ 7 11,574,339 10,444,744 1 to Oct Texas & Paclllc___________ Jan 1 to Aug 31 4,367,883 West Jersey & Seashore----A G G R E G A T E S OF G R O SS E A R N IN G S — Weekly and Monthly. Current Yr. Previous Y Inc. or Dec. Monthly Summaries. % Cur nt Year Prev's Year Inc. or Dec. Mileage Curr.Yr. Prev.Yr. S $ $ Dece nber ..237,189 231.699 222,006,184 205,155,121 + 16.551,003 08.05 + 716,550 4.29 4th week July (42 roads)----- 17,393,199 16,676.649 _ 236,758 231,362 210,302,219 182,649,825 + 27,052,39 1 15.14 1st week Aug (43 roads)----- 12,874.219 11 968,289 + 4-905,930 7.94 J a n u a ry _..236,852 231,652 202,258,490 171,159,723 + 28,098,707 16.15 1,198.258 9.87 February 2d week Aug (43 roads)___ 13,330,857 12,132,599 + 1,178,889 15.92 237,533,005 3d week Aug (42 roads)___ 13,462,769 12,283.880 + 2,577.046 9.00 M arch_____235,925 230,841 225,225,596 204,91(1,007 + 32,616.008 14.56 196,595,911 + 28,629,685 15.37 A p r il........... 237,569 232,463 4th week Aug M9 roads)___ 19,3 12,788 16,765.742 232,494 234,310,642 201,069,381 + 33,241,261 16.53 + 1,055,571 8.52 M ay.............237 560 1st week Sent (41 roads)___ 13.436,925 12.381.354 + 884,171 6.80 J u n e ........... 238,108 232,054 237,036,159 209,270,887 4-27,705,272 13.27 2d week Sept (39 roads)___ 13,898,196 13,014,025 + 598,420 4.41 J u ly ............. 221,164 217.466 217,202.265 205,879,959 + 11,322,306 5.50 Bd week Sept (40 roads)___ 14,164,775 13.566.355 78,874 62,005,137 56,405,033 + 5.600.104 9.90 + 814,119 4.47 A u g u s t___ 81,879 4th week Sept (46 roads)----- 10,035,140 18,221,030 4-332,685 2.69 ! Sept-; nber.. 84,994 82,163 67,702,377 05,214,479 + 2,487,898 3.81 1st week Oct (30 roads)----- 12,717,411 12,384,726 Includes the New York & Ottawa, tae St. Lawrence * Adlron tack and tho Ottawa & a Mexican currency d Cover: lines directly operated. to the Commerce Includes U . .....------N Y Ky. th- latter of which, being a Canadian road, does not; make returns w »»< later-state ------------- Commission , r ------. . . . n i ,v m i v II u a Indiana Kit < Includes the Cleveland Lorain * Wheeling Ity. In botn years, n Includes the Northern Ohio KB- V Includes earnings o M isouLlty 7 I In& Ft Dodge and Wise Minn. & Paclllc. s Includes Louisville * Atlantic from July I 19J9 and the Frankfort & Clnolnuat! from Nov l 1909. ^udes tho Mexican International from July 1910. u Includes the Texas Central In 1910. Weekly Summaries. Latest Gross Earnings by Weeks.— In the table which follows we sum up separately the earnings for the first week of October. The table covers 30 roads and shows 2 .6 9 % First week o) October. Alabama Great Southern--------Buiralo Rochester & Pittsburgh Canadian Northern___________ Canadian P acific_____________ Central of Georgia------------------Chesapeake & Ohio___________ Chicago & Alton_____________ Chicago Great Western-----------. Cln New Orleans & Texas P a c.. Colorado & Southern_________ Denver & Rio Grande_________ Detroit & Mackinac--------------D etroit Toledo & Ironton— Ann A rb o r____________ .* ----Duluth South Shore & Atlantic. International & Great Northern Jnteroceanlc of Mexico-----------Iowa Central------------------------Louisville & Nashville-----------Mineral Range________________ Minneapolis & St Louis----------" Minneapolis St Paul & S S M ..1 Chicago Division--------------- / Missouri Pacific---------------------Mobile & O h io .--------------------National Railways of Mexico_ _ St Louis Southwestern-----------Southern Railway------------------Texas & Pacific---------------------Toledo Peoria & Western______ Toledo St Louis & Western___ Wabash______________________ 1910. 1909. Increase. Decrease. $ $ 77,828 71,359 205,091 186,547 325,900 298,200 2,243,000 2,175,000 305,600 280,800 612,206 583,091 311,609 274,444 269,428 249,612 184,653 176,646 328,377 344,921 496,300 485,800 20,780 24,594 $ 6,469 18,544 27,700 68,000 24,800 29,115 37,165 19,816 8,007 47,169 38,362 72,133 70,529 182,000 185,000 135,343 143,479 75,725 72,294 1,030,580 1,053,025 15,602 16,232 139,240 124,929 511,502 587,738 8,807 1,104,000 175,118 1,243,601 264,535 1,253,899 326,196 21,889 73,948 664,159 10,500 3,431 14,311 1,075,000 218,330 1,069,950 251,437 1,259,275 314,897 20,862 74,759 651,614 29,000 173,651 13,098 11,299 1,027 - - - ... --- $ 16,544 3,814 4,396 3,000 8,136 22,445 630 76,236 43,212 5,376 811 12,545 Total (30 roads)____________ 12,717,411 12,384,726 Net Increase (2.60% )_________ 517,285 332,685 .. . - - - --- 184,600 For the fourth week of Septeinoer our final statement covers 46 roads and shows 4 .4 7 % increase in the aggregate over the same week last year. Fourth week o] September. 1010. 1909. Increase. Decrease. Previously reported (25 roads). 15,139,233 14,470,082 Ala New Orleans & Tex Pac— 119,110 New Orleans & Northeastern. 99,035 54,961 51,873 Alabama & Vicksburg______ 50,364 Vicks Shrev & Pacific_______ 40,558 64,945 65,544 Atlanta Birmingham & Atlantic 868,575 908.498 Chesapeake & Ohio Lines--------297,825 308,332 Chicago & A lto n _____________ 238,647 268.498 Chicago Great Western-----------23,018 26,642 Denver Northwestern & Pacific. 47,853 53,877 Detroit Toledo & Ironton______ 51,418 55,447 Ann Arbor _________________ 100,809 98,286 Duluth South Shore & Atlantic. 57,270 70,148 Georgia Southern & Florida___ Grand Trunk of Canada______ 1,237,013 1,179,150 Grand Trunk Western_____ Detroit Grand Haven & Mllw Canada Atlantic___________ 53,000 44,000 Kansas City Mexico & Orient.. 24,112 25,462 Mineral Range________ _____ Ncvada-Callfornla-Orcgon-----10,907 15,666 450,831 Seaboard Air Line------------------438,701 Toledo St Louis & Western___ 72,415 73,174 $ 889,670 599 39,923 10,507 29,851 3,624 6,024 4,029 12,878 220,519 19,175 3,088 9,806 9,000 12", 130 Interest Charges and Surplus. — Int., Rentals, &c.— — Bal. of Net Earns.— Current Previous Current Previous Year. Year. Year. Year. $ $ $ $ Bellefonte Central_____ Sept 236 243 2,817 1,163 Jan 1 to Sept 30_ 2,124 2,187 10,909 471 Bridgeton & Saco River. Aug 598 635 2,403 1,722 July 1 to Aug 311,196 1,270 3,954 3,926 Central of New Jersey___Aug 522,605 527,881 529,043 544,649 July 1 to Aug 31- 1,051,910 1,067,753 937,499 953,709 N Y Central & Hudson River— April 1 to June 30- 6,674,611 6,480,199 x3,069,668 x3,602,631 Jan 1 to June 30-13,172,459 12,958,223 X6,790,874 X4.565,251 July gl to June 30---------26,410,236 20,048,297x16,012,772x11,948,976 New York & Ottawa— April 1 to June 30--------17,197 16,235 xdefl4,475 xdeflO,751 St Lawrence & Adirondack— April 1 to June 3035,717 54,530 x43,498 xdefl4,094 Toledo Peoria & Western Sep 25,941 23,861 x9,356 xll,0 3 0 July 1 to Sept 3074,217 72,445 X18.391 xl7,729 Companies. x After allowing for other Income received. INDUSTRIAL COMPANIES. — Int., Rentals, <& c.— — Dal. of Net Earns. Current Previous Current Previous Companies. Year. Year. Year. Year. $ $ $ $ Amer Tel & Tel (Associated) Cos.-Jan 1 to Aug 31____ 7,560,171 7,147,184 25,027,741 23,887,359 Amer Tel & Tel (Holding) Co. .Jan 1 to Sep 30______ 3,836,296 5,428,761 19,895.314 16,066,680 Name of Road. 2,523 1,350 4,759 759 261,979 N e t E a r n in g s M o n t h ly t o L a t e s t D a t e s .— T h e ta b le f o l 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 a ilr o a d s a n d o f in d u s tr ia l c o m p a n ie s r e p o r t e d th is w e e k : ------ Gross Earnings------ -------Net Earnings-----. Current Previous Current Previous Hoads. Year. Year. Year. Year. $ 3 $ $ . Bellefonte C entral.b-..Sept 8,364 5,801 3,053 1,406 Jan 1 to Sept 30______ 61,553 43,627 13,033 2,658 Bridgeton & Saco River. Aug 6,048 5,068 3,001 2,357 July 1 to Aug 31______ 11,272 10,963 5,150 5,196 Central of New Jersey-b . Aug 2,493,099 2,297,931 1,051,643 1,072,530 July 1 to Aug 31______ 4,810,607 4,493,941 1,989,409 2,021.462 Chicago & A lton.a___Aug 1,460,644 1,265,060 S521.551 S567.084 July 1 to Aug 31............ 2,631,636 2,354,749 S849.133 S926.679 Chic Ind & L o u lsv .b ..-A u g 613,737 531,300 250,908 215,954 July 1 to Aug 3 1 .......... 1,141,924 1,018,532 425,650 389,843 Chicago Mllw & St P .b -Aug 5,998,307 5,559,001 1,722,452 1,684,466 July 1 to Aug 31______ 11,339.843 10,769,459 3,290,439 3,329,783 Chic Mllw & Pug Sd b Aug 1,170,652 698,683 583,017 421,269 July 1 to Aug 31______ 2,312,724 -----------1,152,334 -----------Delaware & Hudson.b .Aug 1,893,664 1,662,779 818,315 697,276 Jan 1 to Aug 31______ 13,135,928 12,546,283 5,145,803 4,781,194 Minn St P & S S M .a ...A u g 1,183,409 1,204,104 441,262 489,610 July 1 to Aug 31______ 2,412,064 2,348,626 893,100 896,967 Chicago D ivision_a...A ug 811,065 729,867 225,980 267,385 July 1 to Aug 31______ 1.617,726 1,448,279 487,045 521,567 Missouri Pacific.b ____Aug 4,721,588 4,574,924 1,345,402 1,512,938 July 1 to Aug 31______ 8,865,694 8,583,123 2,168,849 2,534,958 Nashv Chatt & St L .b .Aug 953,549 936,019 224,894 245,836 July 1 to Aug 31______ 1.883,213 1,847,003 445,195 467,250 N Y Central & Hudson R lv .b — April 1 to June 30--------- 24.223,405 22,273,033 6,550,330 7,287,919 Jan 1 to June 30--------- 46,506,535 42,171,116 11,047,815 11,956,815 July 1 to June 30--------- 96,619,526 87,367,769 27,478,088 25,752,159 New York & Ottawa.b— 48,806 43,893 2,574 5,274 April 1 to June 30--------Pacific Coast. ------------ Aug 768,781 822,785 202,774 235,096 399,474 431,713 July 1 to Aug 31--------- 1,584,385 1,557,367 St Joseph & Gr Island.b. Aug 165,591 154,407 25,278 38,883 July 1 to Aug 31--------306,813 296,495 39,023 81,762 St Lawrence & Adirondack, b— April 1 to June 30--------155,389 131,690 78,111 40,026 Seaboard Air L ine.a----- Aug 1,544,978 1,379,820 371,482 354,562 July 1 to Aug 31--------- 3,047,224 2,741,370 702,457 690,942 Tol Peo & Western.b. ..S ept 116,781 105,187 32,297 32,434 July 1 to Sept 30--------335,307 296,166 82,736 84,778 Tol St L & Western.a — Aug 364,744 343,025 7)120,111 7)130,092 JOly 1 to Aug 31--------653,086 647,227 71213,261 p229,414 Wabasil b __________ Aug 2,756,975 2,624,167 993,013 981,938 , .July 1 to Aug 31--------- 5,101,406. 4,862,532 1,571,606 1,641,790 a Nct' earhlngs here;gtvcn are after, deducting taxes. 5 ,Net earnings here given are before deducting taxes. p For August miscellaneous charges .to Income were §17,153, against $1,784 In 1909, and for period from July 1 toAug. 31 were $26,175 in 1910, against $16,265 in 1909. s After allowing for miscellaneous charges and credits to income for the month of Aug. 1910, total net earnings were $438,753, against $524,104 last year, and for period from July 1 to Aug. 31 were $733,619 this year, against $848,029. INDUSTRIAL COMPANIES. ------ Gross Earnings------------- Net Earnings------Current Previous Current Previous Companies. Year. Year. Year. Year. $ $ $ $ Adams Express C o.b ..-J u n e 1,284,302 1,175,769 76,269 164,490 iiJuly 1 to June 30______15,316,010 13,921,872 2,232,373 1,842,685 Amer Tel & Tel (Associated; Cos.a.Jan 1 to Aug31 ..108,095,987 96,699,882 32,587,912 31,031,543 Amer Tel & Tel (Holding) Co..Jan 1 to Sept 30 .....2 6 ,3 1 0 ,5 1 1 23,325,410 23,731,610 21,495,441 Edison El IllCoof Boston.Sep 371,949 331,324 201,006 165,635 878,736 535,151 420,886 July 1 to Sept 30______ 1,030,984 ELECTRIC 57,863 Total (46 roads)--------------10,035,149 18,221,030 1,076,098 Net Increase (4,47% )_________ 814,119 1019 THE CHRONICLE O ct . 15 1910.] R A IL W A Y AN D TRACTION Latest Gross Earnings. Week or Month. American Rys Co___ September cAug Elgin & Chic Ry A ugu st---Bangor Ry & Elec Co A ugust_ _ Baton Rouge Elec Co A ugust_ _ Binghamton St R y . . T u ly _____ Blrm’ham Ry Lt & P J u l y _____ Brockt’n & Ply St Ry A ugu st_ _ Cape Breton Elec Co. August_ _ Carolina Pow & Lt Co September Central Penn Trac__ August_ _ Chattanooga Ry & Lt A ugust_ _ Chicago Rys Co____ July _____ Cleve Palnesv & East August_ _ Dallas Electric Corp. Aurust . . . Detrolt United R y .. . 4th wk Sep i KluDi-Sunerl > I'rCo August r East St Louis & Sub. September El Paso Electric____ August_ _ Falrm & Clarks Tr Co A ugu st_ _ Ft Wayne & Wabash Valley Traction Co A ugu st_ _ Galv-Hous Elect Co. A ugust_ _ Grand Ranlds R y C o. \ngust . . . Havana Electric R y . WkJLOct 9 Honolulu Rapid Trat & Land Co______ J u n e ......... Houghton Co Trac Co August — _ Illinois Traction C o.. A u gu st_ Jucnsonvllle Elect Cc Vugust---_ Ilaus City Ry & Lt Co A ugust_ _ Lake Shore Elec R y . August_ Mllw El Ry & Lt Co. August — Mllw Lt Ht & Tr Co A ugust_ _ Montreal Street R y . . A ugust_ _ Nashville R y & Light A ugust_ _ New Orleans Ry & Lt August — North Ohio Trac & Lt August . . . North Texas Elec Co. A ugu st_ _ Northwest Elec C o.. September Norf & Portsm Tr Co A ugust_ _ Oklahoma City Ry._ May ____ Paducah Tr & tL Co. A ugust_ _ Pensacola Electric Co August_ _ Port(Orc)Ry,L&P Co September Puget Sound Elec C j A ugu st_ _ Rio de Janeiro Tram Light & Power Co. A ugu st_ _ St Joseph (Mo) Ry Lt Heat & Power C o .. A ugu st_ _ Sao Paulo Tr Lt & P. A ugust_ _ Savannah Electric Co A ugu st_ _ Seattle Electric Co_. August _ _ Sou Wisconsin R y Co A ugust_ _ _ Tampa Electric Co_. A ugust_ Toledo Rys & Light. A ugu st---Toronto Railway Co. August . . Twin City Rap Tran. 4th wk Sep Underground El Ry of London— Three tube lines— Wk Oct 8 Metropolitan Dlst. Wk Oct 8 United Tramways. Wk Oct 8 UnionRy.G&ECoull) A ugu st__ United RRs of San Fr July _____ _ Whatcom Co Ry & Lt A ugust_ COMPANIES. Jan. 1 to latest date. Current Previous Year. Year. Current Previous Year. ! Year. S 350,519 178,730 58,065 9,155 37,330 216,505 16,057 30,777 17,402 78,790 77,085 1192,827 40,275 118,257 241,425 101.9*; 211,249 46,89 56,696 $ $ 2,939,780. 2,715,092 1,099,888 1,009,265 367,377 343,166 70,940 62,500 % 323,566 163,698 57,593 8,681 34,910 183,187 17,912 26,669 17,545 70,031 67,798 1077,694 36,389 112,802 188,472 u2 23 176,402 46,44 > 42,864 1,496,n o 1,276,482 91,070 82,155 188,228 162,014 154,349 141,318 554,910 501,768 573,925 506.979 7,635,344 6,961,458 235,734 210,844 917,809 823,731 6,983,215 5,916,586 7 1(,167 636,384 1,756,761 1,481,078 376,374 406,486 298,746 383,960 140,625 133,412 124,764 111,295 99.838 111,819 44,583 35,478 905,614 998,040 793,768 855,991 755.64?! 678,396 1,668,677 1,548,117 37,866 29,701. 523,558 47,04; 621,929 139,896 407,973 114,778 398,828 146,038 487,436 263,149 119,813 179,710 188,834 53,861 20,780 24,177 490,209 173,989 221,557 210,74(1 3,874,962 3(7,. 14,867,429 798,655 3,054,81? 698,078 2,863.033 1,178,539 4,135,528 1,612,504 923,370 1,640,044 34,689 3->,«?f 462,266 38,(82 591,111 130,993 374,680 106,994 355,230 138,195 470,530 231,062 109,422 169,156 174,211 37,533 19,930 22,205 420,777 194,383 227,916 ________ 176,200 4,106,489 1,284,729 197,684 213,693 3,415,017 312,212 4,470,524 726,855 2,747,439 606,308 2,557.704 1,110,785 3.978,930 1,432,015 805,290 1,523,423 ________ 149.144 ______ 162,401 3,547,647 1,230,931 1027,931 673,220 6,381,840 4,964,764 89,773 258,704 56,870 479,573 17,103 50,346 238,733 3MI.934 185,141 634,522 674,715 90,524 193,203 1,889,744 1,575,775 416,585 53,931 402,295 610,816 14,430 " n b ’ iSfi 106^938 48,468 414,23? 389,146 235,644 1,939,233 1,763,698 333.223 2, (67,31 8 2,477,310 172,577 5,612,914 5,170,113 £12,640 £12,725 £507,120 £501,285 £10,739 £10,010 £427,296 £390,558 £6,774 £6,097 £258,020 £246,834 232,494 219,083 1,896,832 1,792,412 618,635 621,753 4,373,496 4,190.658 265,506 32,470 36,841 260,355 c These figures are for consolidated company. Electric Railway Net Earnings.— The following, tab^e gives the returns of E L E C T R IC railway gross and net; earnings reported this week. A full detailed statement; including all roads from which monthly returns yan be obtained; is given once a month in these cbliuhng; and the latest statement of THE CHRONICLE 1020 this kind will be found in the issue of Sept. 24 1910. Oct. 29 1910. Roads. Carolina Power & L t_ Sept _ Jan 1 to Sept 30........... East St Louis & Sub.b.Sept Jan 1 to Sept 30______ Illinois Traction C o ,a __ Aug Jan 1 to Aug 31______ Portl (Ore)RyLt & P .b .S ep t Jan 1 to Sept 3 0 -......... Toledo Rys & Lt Co-b-_A ug Jan 1 to Aug 31______ Wash Balt & Annap-b.Sept July 1 to Sept 30........... Uross EamingsCurrent Previous Year. Year. 5 $ 17,402 17,545 154,349 141,318 211,249 170,402 1,756,761 1,481,078 523,558 462,266 3,874,962 3,415,017 420,777 490,209 4,106,489 3,547,647 235,644 238,733 1,939,233 1,763,098 58,789 68,659 190,406 The -Net EamingsPrevious Current Year. Year. $ $ 7,459 6,296 53,373 62,803 89,078 109,260 830,010 663,072 228,809 207,310 1,582,672 1,444,185 267,627 227,340 2,339,220 1,896,419 80,533 107,781 739,074 751,428 39,442 25,629 103,463 — Int., Rentals, « fee.------- Bat. o) Net Earns.— Current Previous Current Previous Year. Year. Year. Year. $ $ $ 49,345 East St Louis & Sub____Sept 48,394 60,866 39,733 445,112 Jan 1 to Sept 30______ 450,695 379,315 217,960 128,924 150,627 Portl (Ore) R y Lt & P —Sept 117,000 98,416 Jan 1 to Sept 30______ 1,246,965 1,111,335 1,092,253 785,084 Toledo Rys & L t_______ Aug 78,180 75,643 £2,550 £32,614 612,518 Jan 1 to Aug 31--------576,719 £128,512 £176,549 Roads. £ After allowing for other Income received. A N N U A L R EPOR TS. Annual Reports.— An index to annual reports of steam railroads, street railways and miscellaneous companies which have been published during the preceding month will be given on the last Saturday of each month. This index will not include reports in the issue of the “ Chronicle” in which it is published. The latest index will be found in the issue of Sept. 24. The next will appear in that of Oct. 29. Baltimore & Ohio Railroad. (.Report for Fiscal Year ending June 30 1910:) On subsequent pages will be found the report of President Willard for the year 1909-10; also the detailed comparative income account for two years showing the operations of the entire system (including all affiliated lines excepting the Staten Island R y ., the Staten Island Rapid Transit Ry. and the Baltimore & Ohio Chicago Terminal R R .), and the general balance sheet of the system. As the statements contained in previous pamphlet reports did not include af filiated lines, therefore covering considerably less mileage, no further comparison of the income account can be given. The balance sheet having been made to conform to the requirements of the Inter-State Commerce Commission, comparison with many items in previous years is impractical and is therefore omitted in this year’s pamphlet report. The comparative traffic statistics for two years are as follows: Inc. ( + ) or Dec. (— ). — 20 1909-10. 1908-09. Miles operated June 30- — . 4,434 4,460 Operations— 62,797,745 51,210,161 +11,587,584 Tons freight carried*_____ Tons freight carried 1 mlle*12,024,583,527 10,049,280,845 +1,975,302,682 Av. rate per ton per m ile.0.577 cts. 0.581 cts. — 0.004 cts. Passengers carried_______ 21,107,120 19,896,552 +1,210,568 Passengers carried 1 m ile.. 763,448,759 720,758,732 +42,690,027 Av. rate per pass, per mile1.897 cts. 1.880 cts. +0.017 cts. Av. train-load (tons)*___ 442 428 +14 Earns, per pass. tr. m ile.. 50.9473 $0.8939 +$0.0534 Earns, per freight tr. mile* $2.5534 $2.4856 +$0.0678 Gross earnings per mile_ _ $20,048 $17,133 +$2,915 * Revenue freight only.— V. 90, p. 1361. Southern Railway. {Report for Fiscal Year ending June 30 1910.) The remarks of President Finley, together with the de tailed comparative balance sheets and traffic statistics for two years, and the profit and loss account, are published on subsequent pages. The comparative income account for three years is given below. INCOME ACCOUNT. 1909-10. 1908-09 1907-08. 7,050 Miles operated, average................. 7,170 7,489 Revenues— Freight ___________________________ $38,161,392 $34,376,619 $34,171,329 Passenger______________ 14,918,253 13,778,513 14,564,993 Mall, express and miscellaneous_____ 4,214,863 4,032,975 4,205,294 Total operating revenues.................. $57,294,508 $52,188,107 $52,941,716 Expenses— Maintenance of way and structures.. $6,635,725 $6,016,661 $7,109,173 Maintenance of equipment— .............. 9,876,729 8,193,753 9,138,378 Traffic expenses____________________ 1,436,776 1,252,329 1,300,233 Transportation expenses____________ 18,934,426 18,348,507 20,773,250 General expenses____________________ 1,752,090 1,757,731 1,533,685 $38,635,746 $35,568,981 $39,854,722 $18,658,762 $10,619,126 $13,086,994 136,963 18,980 21,263 $18,677,742 $16,756,089 $13,108,257 1,916,701 Taxes accrued (not Incl. Fed. tax)_ . 1,979,722 _ 2,027,967 $16,698,020 $14,839,388 $11,080,290 $334,237 Rent of tracks, yards, & o ..................... $346,026 $308,773 Hire of equipment, balance.________ 149,340 1,941,126 Income from Investments__________ 1,099,139 2,127.270 084,625 622,948 Interest, commissions, &c__________ 330,634 Total gross Income.................... $19,877,156 $17,737,699 $13,846,967 1908-09. J E 1907-08. 1909-10. Deduct— pgj Southern R y. In Miss, def........................ $31,959 Other road rentals_________________ 1,381,504 $1,351,504 $1,351,860 759,103 Rent of track, yards, &c....................... 869,650 814,810 121,101 19,493 Hire of equipment, balance_______ ________ 103,515 Separately operated properties______ 116,462 81,464 358.662 Discount on securities sold___________ 266,800 535,214 Federal corporation tax_______________ 47,382 9,482',83 5 Interest on funded debt.................. — 10,481,501 10,376,016 827.940 Interest on equipment obligations.. 605,377 711,715 226.808 Dlvs. on M. & O stk. tr. ctfs................. 226,808 226,808 122,707 Additions and betterments____________ 52,373 78,285 Miscellaneous________________________ 92,688 213,292 31,290 Total deductions..............................$14,172,510 $14,226,599 $13,567,824 Balane , surplus-------------------- --------$5,704,646 $3,511,100 $279,143 The balance of Income over charges for the year 1909-10, $5,704,646, was transferred to the credit of profit and loss— see profit and loss account, (table No. 4) on a subsequent page.— V. 91, p. 946, 718. {R ep ort f o r F is c a l Y e a r en d in g J u n e Interest Charges and Surplus. Outside operations (net). L X X X X I. Erie Railroad. a Net earnings here given are after deducting taxes, b Net earnings here given are before deducting taxes. TRAFFIC STATISTICS. F [VOL. 30 1910.) Extracts from the report of President Underwood, to gether with the income and profit and loss accounts, and the comparative balance sheet for two years, will be found on subsequent pages. Below is published the usual com parative statement for several years of the operations, earnings, charges, &c. OPERATIONS AND EQUIPMENT. 1907-08. 1908-09. 1900-10. 2,171 2,231 Miles operated— .............. — Equipment— 1,415 1,419 Locom otives_______________ ___ 1,436 1,178 1,193 ___ 1,179 Passenger equipment............. 51,137 55,105 ___ 48,488 Freight equipment............ 2,259 2,071 Service cars, snow plows, &c ... 2,129 418 400 Floating equipment-............. ___ 355 Operations— Passengers carried__________________ 25, ___ 25,277,283 23,684,283 23,654,436 Passengers carried one mile_________ 627,788,837 597,317,739 639,524,474 ___ 1.484 cts. Rate per passenger per mile-------------- 1.507 cts. ___ 1.487 cts. Freight (tons) carried---------- --------- 38,703,600 32,797,205 33,629,706 ----Freight (tons) carried one mile*_____ 6,414,732 ----5,661,538 6,008,714 ----Rate per ton per m ile.......................... 0.599 cts. 0.600 cts. 0.586 Cts. Average train-load (revenue) tons— 5 ... 495 460 465 Earnings per passenger train mile_. . ;._ $1,257 $1,174 $1,229 Earnings per freight train mile ___ $2,963 $2,787 $2,747 ___ $23,273 $21,290 Gross earnings per mile........... $21,531 * 000s omitted. AND EXPENSES. 1908-09. 1909-10. Earnings— 5 $ ___ Freight ___________ _____ __________ 24,114,760 20,777,945 M ilk _____________________ 853,086 ___ 865,927 C o a l_________ ______ _____ ________ 14,295,370 14,411,844 ___ 8,880,634 ... Passenger............................................... 9,459,963 M a ll_____________________ ___ 431,803 469,485 1,204,579 E xpress________ ______ ____________ 1,437,272 ... 017,285 ___ 1,225,625 1907-08. $ 20,000,171 834,189 13,937,170 9,489,449 466,582 1,140,377 869,498 Earnings—railroad___________ . . . 51,830,720 Earnings—other operations_____ ___ 3,035,470 47,514,859 2,926,303 40,746,436 3,037,800 Total earnings............................ ___ 54,866,190 Expenses— 5,217,451 Maintenance of way, &c________ 9,455,981 Maintenance of equipment-------17,422,952 Transportation expenses________ 1,295,876 Traffic expenses_______________ 1,062,509 General expenses.........................— 1,374,757 T a x es_________________________ 50,441,162 49,784,236 4,232,407 9,6 18,980 10,616,181 1,124,621 1,071,830 1,369,523 5,911,414 10,654,742 17,793,522 1,068,846 1,041,018 1,111,535 35,829,520 3.270,800 34,063,548 2,840,737 37,581,077 3,450,619 39,100,332 Total expenses_________________ (71.26) Ratio of expenses to earnings_____ 16,001,194 Net earnings—railroad-----------------15,765,858 Net earnings—all operations---------INCOME ACCO UNT. 30,904,285 (73.16) 13,451,311 13,536,876 41,031,696 (82.42) 9,165,359 8,752,540 1909-10. $ Receipts-— Net earnings_____________________ .15,705,858 Interest and dividends on securltles. . 3,527,091 Rents, &c., received.......................... . 800,929 1908-09. Expenses—railroad-----------------Expenses—other operations_______ Increase ( + ) or Decrease (— ). 13,530,876 2,537,451 738,552 +2,228,982 + 989,640 + 68,377 Total net Income_______ ..20,099,878 Deductions— _ . Interest on bonds.......................... — 9,714,161 Interest on collateral notes-------------793,988 Rentals of leased lin e s ..----------------980,646 Hire of equipment and Joint facilities 1,562,300 Interest on car trusts---------------------598,852 Penn. Coal Co. sinking fund and mlsc. 043,388 Additions and Improvements---------737,087 10,812,879 + 3,286,990 9,660,733 520,327 983,587 1,179,051 733,164 779,373 381,927 + 44,428 + 273,661 —2,941 + 383,240 — 134,312 — 135,985 + 355,160 Total____ ______________ ........ ...15,030,422 Balance, surplus---------------- .............. 5,009,450 — V. 91, p. 945, 393. 14,247,162 2,565,717 + 783,260 +2,503,739 Wabash Railroad. {Report for Fiscal Year ending June 30 1910.) President F . A . Delano, Sept. 1, says in substance: General Results .—The gross revenue from operation for the late fiscal year was $28,880,056, an Increase of $3,018,022 over the previous year, and an Increase of $1,453,582 over 1900-07, which was the year of greatest business In the history of the company. The gross operating expenses were $20,530,223, an Increase of $1,779,038 oyer the previous year, and of $1,031,075 over the year 1906-07, already referred to; leaving a net operating revenue of $8,349,833, an Increase of $1,238,984 over the previous year and of $422,507 over the year ending June 30 1907. After deducting taxes, $851,323 59, hire of equipment. $744,370, and miscellaneous deductions from Income (which Includes $61,044 for additions and betterments charged against Income account and not capitalized), there was carried to the credit of profit and loss $545,719. It Is, of course, encouraging to bo able to report that the earnings have so materially increased; but discouraging that the net results arc not better. Terrific washouts In July 1909 greatly added to our expense and crippled our ability to do business for upwards of 30 days; and the fiscal year has ended up with a coal strlko of all coal mines In Illinois, which has deprived us of tonnage and added to our expenses. Depreciation.— The amount of depreciation having been somewhat over estimated In the last four years, the depreciation charge was omitted during the first nine months of the fiscal year and not resumed until April. The total amount charged to depredation and credited to replacement fund during the fiscal year was $163,634, as against $551,146 In the year previous The amounts charged against operation and Income In the last 5 years In excess of the amounts actually expended for equipment, renewal and re placement, and therefore carried as a liability In the balance sheet under the Items "unexpended appropriations” and "equipment replacement account” now aggregate $2,016,251. While economies have been closely watched, the property has been well cared for, and the physical condition of the road and Its equipment Is O ct . 15 1910. | THE CHRONICLE to-day excellent, comparing favorably with any previous year; and while the amounts charged against operation for depreciation of equipment have been smaller than In recent years, the amount actually spent on equipment maintenance has been considerably greater. Exchange oj Debenture Hands.—All of the debenture “ A ” bonds, amounting to 53,300,000,and S25.223.000 of the debenture ” B’ bonds have now been refunded and deposited with the trustee of the first refunding and extension mortgage, leaving of the debenture “ B” bonds on July 1 1010 only $1,277, 000 bonds In the hands of the public. OPERATIONS, EARNINGS, &C. 1000-10. 1008-00. 1007-08. 1006-07. Road operated June 30_ 2,515 2,515 2,515 2,516 . Equipment— Locomotives .................. 662 657 668 622 Passenger equipment_ _ 426 436 430 441 Freight equipment_____ 22,126 23,465 23,860 24,401 Operations— Passengers carried (No.) 5,880,180 5,812,545 5,772,570 5,250,403 Pass, carried 1 mile___ 374,610,200 355,070,515 364,637,151 360,204,716 1.880 cts. 1.707 cts. 1.775 cts. 1.866 cts. Rate per pass, per mile. Freight (tons) carried.a 14,002,722 12,556,220 12,304,460 13,540,584 Freight (tons) car. 1 m.b n.3,325,804 a2,050,014 a2,983,467 a.3,322,315 Rate per ton per mile_ _ 0. 85 cts. 0.582 cts. 0.573 cts. 0.556 cts. Rev. train-load (tons). . 353 352 361 360 Earn, per fr't train mile. $2.0051 $2.0404 $2.0714 $ 2.0002 Earn, per pass, train m . $1.1706 $1.1360 $1.0088 $1.1332 Gross earns, per mile_ _ $11,487 $10,287 $10,235 $10,004 Earnings— $ $ $ S Passenger ....................... 7,075,314 0,305,775 6,470,678 6,801,280 Freight________ 10,473,373 17,170,700 17,103,603 18,465,280 Mall, express, &c______ 2,337,360 2,205,5402,165,702 2,075,808 1021 The property of the Atlantic Suwannee River & Gulf R R .C o., the mile age of which (56.76 miles) had theretofore been Included In the Seaboard Air Line R y., was also transferred to your company during the year. The total mileage in operation on June 30 1010 was 3,015, against 2,086.88 on June 30 1909. Funded Debt.— Of the new adjustment mortgage bonds, $24,979,500 were Issued, as provided In the plan of reorganization, for the purpose of retiring the outstanding receivers’ certificates and the company's general mortgage 5% bonds, 2-year 5% gold notes and various obligations of the c°bjpany, Including demand notes secured by the deposit of collateral. Of the refunding mortgage bonds none was Issued during the fiscal year. Report of Vice-President and General Manager C. H. Hix, Portsmouth, Va., . September 18 1910. Equipment.— A total of 887 locomotives received repairs at an average net cost of $1,144 per locomotive. Our passenger equipment has been maintained at an average net cost of $351 40 per car. The cost of current repairs to freight cars, both owned and foreign, averaged net $3 45 per car. Included in the cost of maintenance Is $53,880, representing equipment destroyed or retired during the year and credited to cost of equipment. There was also Included In the cost of maintenance $258,746 for deprecia tion • which wr credited to reserve for accrued depreciation. as The balance of the equipment undelivered under contracts made by the receivers was received during this fiscal year as follows: 168 ventilated box cars, 92 phosphate cars, 3 mall and baggage cars, 3 passenger rvlce cars. A new equipment agreement, designated as Series ’ ’L ,’’ was entered Into Dec. 15 1909 for the purchase of 15 passenger locomotives, 5 switching locomotives, 1,000 ventilated box cars, 25 stock cars, 15 cars for passenger service, 1 steam self-propelling pile driver, 2 steam wrecking cranes and 1 Lldgcrwood unloader. For this equipment, $184,209 was paid in cash a ,nr ,%k equipment trust obligations aggregating $1,380,000 were Issued, dated Dec. 15 1909, payable in 20 semi-annual installments of $69,000 each. There were delivered during the year all the locomotives, 740 box cars and )1 T o ta l........................... 28,886,056 25,868,033 25,740,074 27.432,473 1 a1 - e aneous- There were also purchased 2 steam shovels. Maintenance of 11ay, &c.— Roadway, track and structures were malnExpenses__ Maintenance of way, &c. 3,600,730 3,112,508 2,670,170 2,747,667 talned at a cost of $2,733,961, or $912 per mile of road. Net Increase In Malnt. of equipm ent... 4,117,100 3,066,180 4,348,774 3,015,262 side tracks, 14.61 miles. Tie renewals, 1,174,982 cross-ties and 53,370 switch-ties, at a cost of $432,123, charged to operating expenses; 100.98 Traffic expenses............ 028,784 836,403 850,0131 Transportation________ 11,056,061 10,024,706 10,210,567/ 12,153,324 miles of new 75-lb. steel rail were laid in main line track, and there was General.............. 833,530 817,117 736,314 688,804 charged net to operating expenses $48,102 and to capital account $37,433; 201,3ol cubic yards of gravel, stone and slag ballast were put under main T o ta l........................... 20,536,223 18,757,184 18,843,747 10,505,147 line track at a cost of $132,173, all of which was charged to capital accounts; P. c. oper. exp. to earn. (71.00) (72.51) (73.21) (71.10) 8,522 feet of wooden trestles were filled In, the cost, $52,457, Including Net earnings................... 8,340,833 7,110,840 6,806,326 7,027,326 culverts, being charged to operating expenses. During the year work has been done on 42 bridges, replacing with steel a Revenue freight only, b Three ciphers (000) omitted. or strengthening for heavy traffic; of these 26 have been completed and the INCOME ACCOUNT. remaining 16 will be completed by June 30 1911. The cost, $588,224, was 1000-10. 1008-00. 1007-08. 1006-07. charged $408,787 to capital account and $179,437 to oper. expenses. $ $ $ 5 Net earnings................. 8,340,833 7,fl0,840 6,806,326 7,027,326 Miles of Steel Rail in Main-Line Track— Total, 3,015 Miles (• "Resawed.''). 874,172 1,137,445 878,504 042,528 Miles---------- 30 124 1,045 207 187 19 60 27 600 43 339 325 Invest., rentals, &c-----Pounds . . . 85 80 75 70 68 65 63.5 60.5 60 *60 58 56&C T o ta l......................... 0,224,005 8,248,204 7,774,830 8,860,854 A ew Extensions in Florida.— There have been completed In the sections Deduct— served by the Starkc-Wannee branch 10.51 miles; also Early Bird to DunT axes............................. 851,323 800,637 727,470 883,551 ncllon (Incl. 3 'a m. purchased) 18.29 miles. T r a c k & b r id g e r e n t a ls . 1,660,565 1,582,486 1,460,600 018,472 There has also been practically completed an extension from Edison Junc A d d it io n s a n d m l s c c l l . . 1,215,200 083,818 032,534 410,530 tion to McDowells and Agricola, 12.34 miles, at which points are located A p p r o p . n e w e q u ip m e n t ______ ______ ______ 1,700,000 plants of the Armour and Swift companies, and there are under construction extensions from Dunncllon to the vicinity of Hernando, 15H miles, and T o ta l........................... 3,736,007 3,375,041 3,120,613 3,021,553 from Nichols to Mulberry, 5 l i miles. / Applicable t.0 Interest.. 5.487 008 4,872,353 4,645 217 4,048.301 The above extensions reach phosphate districts. Construction has also Interest on bonds______ 3,672,180 4,201,612 4,058,351 4,011,636 been commenced on an extension from Frultvllle to Venice, 18 miles. OPERATIONS A ND FISCAL RESULTS. Balance........................... 1,815,710 580,741 586,866 036,665 Dlv. on dob. bds., scr. A (6)210,000 (6)210,000 (3)105,000 (6)210,000 1909-10 1909-10. 1908-09. 1908-09 Dlv on deb. bds., scr.B .(4) 1,060,000 (2)530,000 (1)265,000 (1)265,000 Av. miles oper.. 2,997 2,993 Tons car. 1 mile 1224881029 1090736011 Pass. car’d(No.) 4,103,749 3,668,292 Av. rate per ton B alance_____________ sur.545,710 def.150,250 sur.216.866sur.461,665 Pas. car. 1 mile.196,914,704 174,530,521 1.118 cts. per mile____ 1.133 cts. Av. tons per tr. Note.— For the two years 1007-08 and 1006-07 the company charged the Av.rate per pass. per mile____ 2.159 cts. 2.162 cts. 222.81 mile (No.) .. 205.86 Interest on the outstanding first refunding and extension bonds ($700,360 Earns, per fr’t In 1007-08 and In 1006-07 $383,160) against profit and loss, to which was Earns, per pass. train mile___ SI.09649 SI.03498 train mile___ S2 30 $2 52 also credited dividends received on Scries “ A ” and “ B” debentures owned Tons car a (No.) 8,131,402 7,195,182 Earns, per m.rd. S5.892 $6,697 ($328,550 In 1007-08 and $411,001 In 1006-07) out of the totals of $370,000 and $475,000 paid on said debentures In each year as shown above. Had INCOME ACCOUNT. the Income account embraced these several Items, the result would have 1909-10. 1908-09. 1909-10. 1908-09. shown an actual deficit. $253,014 In 1007-08 and an actual surplus of Oper. revenue— S • S Deductions— $ 8 $480,506 In 1006-07. For the years 1000-10 and 1008-00 the method em Passenger_____ 4,251,395 3,773,730 Interest— ployed was different. "Interest on bonds” Is now a net Item and Includes the Freight.... ........ 13,879,059 12,192,1.37 Funded debt.. . 3,055,338 3,373,617 full Interest on the outstanding “ first refunding and extension bonds Mall, express, &c 1,938,318 1,668,629 Receivers ctfs. . 141,701 300,149 (amount outstanding on June 30 1010, $38,615,587 and on June 30 1000 Adjustm’t mtg. $31,476,243), after deducting an amount equal to that portion of the Total............. .20,068,772 17,634,406 bds., 8 mos._ 832,650 InterestpaldontheAand B debenture bonds which reverted to the company Operating exp— Eq. tr. obllga’ns 287,331 313,808 as owner of the major portion of such debentures. Malnt. of way, &c. 2,733,961 2,566,738 Other Interest.. 37,501 201,638 Matin, of equlpm’t 2,757,616 2,452,074 Taxes .......... 748,106 694,729 BALANCE SHEET JUNE 30. Traffic expenses.. 689,028 605,921 Rents lease of road 51,000 48,925 1010. 1000. 1008. Transp. expenses. 6,381,397 6,009,770 Rents oth. prop’ty 108,220 Assets— $ $ $ 105,456 582,300 Hire of equipment 39,842 9,177 Road and equipment------------------------174,027.806 172,765,016 171,216,676 General expenses. 594,071 425,400 Additions, &c., through Income___ Outside operations 13,682 33,356 Total................13,156,073 12,216,803 Disc, on adjustm’t Supplies and materials--------------------1,275,178 1,080,483 052,868 Cash on hand-----------------2,315,838 2,424,827 2,353,503 Net earnings____ 6,912,699 5,417,693 mtge. bonds__ *105,000 85,454 71,587 Stocks and bonds---------------------------- 22,880,710 16,857,716 26,750,730 Income from rents 41,562 38,701 Accounts co lle ctib le ..--------------------- 2,537,027 2,111,312 2,771,803 Other Income___ Loans and bills receivable---------------5,774,862 5,677,165 5,675,380 Total deductions 5,409,680 5,091,846 Total Income... 7,039,715 5,527,981 Balance, surplus.. 1,630,035 ‘Advances and miscellaneous------------- 2,367,577 3,210,720 3,403,606 436,135 Cost of equipment In suspense---------- 5,344,000 6,205,000 7,078,680 * Eight months’ proportion of annual allotment. Debit to profit and loss--------- --------_ *2.030.213 3,045,110 355,504 BALANCE SHEET JUNE 30. Total a ssets.......................... 220,788,700 213,437,380 220,550,036 [Owing to the merger during the last fiscal year of several subsidiary lines referred to above, and some changes In the form of the balance sheet 52,427,153 the Inter-State Liabilities— Preferred stock..................................... 30,180,203 30,141,453 38,4 27,153 as required by earlier years are Commerce Commission, comparisons with many Items In inaccurate.] Common B o n d s . . __________________________ 115,156,406 110,286,152stock...................................... 53,180,203 53,141,453 118,047,233 1010. 1900. 1908. Interest___ _________________ 1,775,665 1,760,420 1,615,110 Assets— $ $ $ Vouchers and pay-rolls____ _______ 4,428,130 3,562,067 3,900,103 Road, equipment, &c.............. al50,179,934 130,156,762 128,059,019 Individuals and railroads__________ 300,384 507,584 587,023 Securities owned_____________ 52,150,821 5,959,018 5,828,174 Taxes accrued-------------------------------527,013 510,413 487,261 Leased rail and material_____ 316,897 198,007 140,166 Hospital account----------6,422 6,028 5,516 Preferred stock 1,105,900 1,105,900 Loans payable_____________________ 1,050,377 450,000 1 280,000 Common stock inin treasury__ 1,105,900 treasury____ 406,600 496,600 496,600 Bills payable______________________ 104,500 171,000 371,180 Interest In Wilmington Ry. Unexpended appropriations-----------252,748 387,662 807,611 Leasehold (contra)_____ ____________ Bridge ________ 108,500 108,500 Additions and betterments through Atl. & B. A. L. Ry. 1st M. (contra). . ________ 5,760,000 5,760,000 Income since June 30 1007-----------425,400 ------------Cash (Incl. in transit & with fiscal ag’ts) 1 ,620,260 3,213,294 3,551,826 Det. & Chic. ext. 1st M. bds. redeem’d 51,000 I raffle 855,274 1,165,074 1,166,206 3,410,247 2,503,781 Agents balances and miscellaneous.. Miscellaneous__________ _____ _____ 4 ,241,880 and conductors........ .............. 318,396 256,532 298,343 Total liabilities.................. - ........... 220,788,700 213,437,380 220,550,036 Materials and supplies on hand.. 1,100,746 1,170,812 1,064,736 245,000 286,545 470,853 * After charging to profit and loss $405,692 discount on sale of treasury Claims In suspense._______ 195,331 6,694,276 6,155,199 securities, &c., and other Items aggregating $32,508, and crediting Chicago Due from subsidiary companies____ Unextinguished diset. on securities.. 6,195,000 & Indiana sinking fund payments of $07,477.— V. 01, p. 652, 277. Other deferred assets 78,870 409,662 604,984 Receiver’s special account 69,958 287,274 S e a b o a r d A ir L in e R a ilw a y . Profit and loss____ 1____ 2,203,256 2,669,758 (Report for Fiscal Year ending June 30 1 9 1 0 .) Total........................... 165 385,143 150,561,512 157,924,108 Pres. N . S. M eldrum , New York, Sept. 22, wrote in brief: Liabilities— General Results.— The gross revenue Increased 13.73%, operating ex Common stock______________________ 37 516,000 37.516.000 37.516.000 Preferred stock________ 25, 000,000 25,000,000 25,000,000 penses and taxes 7.79% and operating Income 30.24%,. I he operating expenses of rail lines, exclusive of taxes, were 65.55% Bonds (see “ Ry. & Ind.” Section).. 89, 282,500 64.871.000 64.884.000 7.510.000 of the gross revenue, as compared with 60.28% the previous year, anti In Receivers’ certificates_______________ 3.260.000 cluding taxes 69.28% of gross revenue as compared with 73.22% for the Seaboard Air Line Ry. A. & B. first preceding year. mortgage bonds (contra)__________ . 5.760.000 5.760.000 . 108,500 108,500 statement and all tables In this report for the year ended Wilm. Ry. Bridge bonds (contra)___ 6, 178,000 5.853.000 June 30 1010 Include the result of operations under the receivership from Equipment trust notes_____________ 6.785.000 685,446 2,289,409 July 1 to Oct. 31, as of which latter date their accounts were taken over Audited vouchers___________________ 1,338,503 652,783 576,286 by the railway, your property having been delivered by the receivers on Pay-rolls and salaries________________ 583,203 1 , 269,388 714,377 Nov. 4 1009. I he figures for the previous year, shown for comparison, Accrued Interest not due____________ 704,565 780,496 2,205,616 represent receivership operations. For comparative and statistical pur Matured Interest_________ __________ 1,267,416 405,304 751,885 1,564,952 poses all tables herein Include for the full period referred to the operations Reserve funds_______________________ . 1,668,385 1,241,351 of the various subsidiary lines conveyed to your company during the year, Int. on acc’ts & mtges. subsld. c o s .. Due proprietary companies........... ...... . 2,266,455 the accounts of which were merged on Nov. 1 1000. 1,955,630 39,960 30,960 39,960 Merger.— The subsidiary lines whose property was taken over during Reserved for stock proprietary c o s .. Open acc'ts, accrued taxes & mlsccll. 936,692 884,871 828,695 the year were . 4,135,427 2,496,674 Atlanta & Birmingham Air Line R y. (Incl. trackage, 15.11 m .).233.79 miles Notes payable_____________________ Profit and loss.......................................... c2,539,575 Florida West Shore R y .......... ......................................... .............. 66.02 “ Tallahassee Perry & Southeastern R y .......................... ................ 38.83 " Total...................................................165,385,143 159,561,512 157,924,108 Plant City Arcadia & Gulf R y --------------------------------------------- 18.88 " Catawba Valley R y _____________________ _______ ________ ___ 21.43 “ a After deducting $797,963 reserve for accrued depreciation of equipment. I THE CHRONICLE 1022 b Securities owned Include In 1910 those of proprietary, affiliated and controlled companies pledged, $641,862, and unpledged, 5211,679, and other securities pledged, 51,048,979 and unpledged $248,300. c After writing olf sundry reserves heretofore carried as a liability amounting to $1,822,029 and sundry accounts with proprietary companies heretofore carried as a deferred liability, aggregating $2,348,655, and de ducting special expenses of receivership and reorganization, together amounting to $968,322, and making sundry minor adjustments.— V. 91, p. 871, 461. Western Union Telegraph Co., New York. {Report for Fiscal Year ending June 30 1910.) President Robert C. Clowry writes in substance: Re-valuation, &c.— Early In the year the executive committee appointed Edward J. Hall, Jacob H. Schlff and Henry A. lilshop a special auditing committee to examine the accounts and accounting methods. This com mittee engaged Messrs. Price. Waterhouse & Co., with the assistance of engineering experts selected by them, to value the assets, to check up the liabilities, and to recommend such changes as might be found necessary to bring our accounting system up to the best modern standards. As a result of their work, I submit to you the following balance sheet, showing the condition of your property at the close of the llscal year end ing June 30 1910. and its earnings and expenses during that year. While the surplus has been reduced by charges made against It, as explained In the report of Price, Waterhouse & Co , the assets are substantially In excess of Its outstanding capital and debt, and provision has been made for cable re serve and contingent liabilities not heretofore taken into account. Bonds.— The funded debt shows an apparent increase of 51,927,000, al though In fact It has been reduced 52,000,000 by the purchase of that amount of the company’s 4% convertible bonds. The Increase as shown Is due to the fact that bonds of subsidiary companies assumed or guaranteed by this company to the amount of $7,000,000, less held in the treasury $3,043,000, making a net outstanding obligation of $3,957,000, have not heretofore appeared as a liability in the reports of the company. Messages.— The number of messages transmitted was the largest In the history of the company, and shows an increase of 7,081,966 over 1908-09. Additions.— There were added 504 offices, 2,847 miles of pole and cable mileage and 46,549 miles of wire, of which 30,515 miles were copper. The total wire mileage Is now 1,429,049, of which 530,517 ml es arc copper. Contract with American Telephone & 'Telegraph Co.— On Dec. 15 1909 a contract was made with the American Telephone fic Telegraph Co., provid ing for the joint use of p ant and operating facilities which will, when fully worked out, add greatly to the efficiency of the service and economical operation of both companies. It has not in the past been possible for this company to keep a large proportion of Its offices open both day and night, Sundays and holidays, but under arrangements which are now In operation In some sections of the country, and which will soon extend to all. It Is ex pected that we will be able to maintain continuous telegraph and cable service 24 hours a day and every day In the year. Night Letters — Perhaps the most important event of the year was the Introduction of the "night letter.” The response of the public to this new service has been most gratifying, and It Is manifesting Itself not only In a large increase In our gross receipts, but also In a generous recognition of the fact that we are striving to Improve, extend and popularize our service. Dividend.—Thedivldend has been continued at 3% Decause, In the opin ion of the directors, no change should be made in this rate until It Is deter mined what, If any, further charges should be made on account of depre ciation or reconstruction, and until such re-arrangements and Improvements In the property shall be made as will enable new Improved and extended fa cilities to bo given to the public. RECEIPTS AND DISBURSEMENTS. 1909-10. 1908-09. 1907-08. 1906-07. Revenues for the year.-$32,754,111 $30,541,073 $28,582,212 $32,856,406 Oper. exp., Incl. rent of leased lines, re-constructlon, repairs, &c.$25,764,4051 $23,193,966 $25,179,215 $26,532,196 Taxes ________________ 849,898 T o ta l---------- ----------.$26,614,303 $23,193,966 $25,179,215 $26,532,196 Balance_____________ 6,139,808 7,347,107 3,402,997 6,324,210 Income from Invest., &c 1,135,092 Incl. In “ Revenues for the Year.” Net profits.................... $7,274,900 $7,347,107 Disbursements— For interest on bonds.. $1,687,830 $1,732,250 Cash dividends_________ 2,989,696 2,739,436 Rate per an................ 3% . 2% % . $3,402,997 $6,324,210 $1,732,250 1,714,571 1 H%- $1,420,061 4,868,096 5% . Total disbursements.. $4,677,526 $4,471,686 $3,446,821 $6,288,157 Balance ___________sur.$2,597,374 s. $2,875,421 def.$43,824 sur.$36,053 Surp. July 1 (beg. year). 18,867,462 15,992,041 18,482,965 18,446,912 T o ta l---------------------- $21,464,836 $18,867,462 $18,439,141 $18,482,963 ________ _______ _ 2,447,100 _ Stock dividend, 2 J^ % .. Adjustments _________ 13,731,143 ________ ________ _____ . . Surp. June 30 (end year) $7,733,693 $18,867,462 $15,992,041 $18,482,965 Fiscal Miles of Miles of No. of Messages Total Net Year, poles & cables, wire, offices. sent. income. Profits. 1866-67____ 46,270 85,291 2,565 5,879,282 $6,568,925 $2,624,920 1879-80___ 85,645 233,534 9,077 29,215,509 12,782,894 5,833,938 1892-93____189,936 769,201 21,078 66,591,858 2 1,978,443 7,496,037 1903- 04__199,350 1,155,405 23,458 ♦67,903,973 29,249,390 7,887,475 1904- 05__200,224 1,184,557 23,814 *07,477,320 29,033,635 7,188,005 1905- 06_202,959 1,256,147 24,323 *71,487,082 30,675,054 7,070,583 1906- 07_205,646 1,321,199 24,760 *74,804,551 32,856,400 6,324,210 1907- 08_208,477 1,359,430 23,853 *62,371,287 28,582,212 3,402,996 1908- 09__211,513 1,382,500 24,321 *68,053,439 30,541,072 7,347,107 1909- 10---214,360 1,429,049 24,825 *75,135,405 33,889,203 7,271,900 * Not Including messages sent over leased wires or under railroad contract. BALANCE SHEET JUNE 30 1910. [As revised by chartered accountants—see their report below.] Assets (Aggregating $172,568,090). Telegraph lines and equip., based on an approximate appraisal of Its replacement cost, new,and Incl. propcrtlescontrolled by stock ownership or held under perpetual leases and merged In the Western Union system____________________________ $127,978,618 Real estate________________________________ 5,908,446 P atents................ 102,108 Amount recoverable on expiration of long-term lease In re spect of obligations assumed thereunder— ........................... 1,180,000 Stock of telegraph, cable and other allied companies— Operated under term leases (not Incl. securities held as lessee amounting to a par value of $2,280,292)---------------4,699,023 Not leased_______________________________________________ 4,478,078 Miscellaneous Investments_________________________________ 355,339 Purchase-money notes and obligations-------------------20,500,000 Material and supplies_________________________________ 2,752,090 Bills and accounts receivable, Incl. managers’ , &c., balances, &c. (less reserve for doubtful accounts)----------------------------3,198,119 1,415,069 Treasurer’s balances, Incl. cash at banks, &c-------------------------Liabilities (Aggregating $172,568,090). Capital stock (authorized Issue, $125,000,000) — Issued, $99,817,100: less held In treasury, $30,130------------ $99,780,908 Capital stock of subsidiary companies not owned by Western Union, viz.: Companies controlled by perpetual leases, $3,448,025: by stock ownership, $458,100; total---------------3,900,125 4M % funding and real estate mtge. 50-ycar bonds, 1950------ 20,000,000 Convertible 4% redeemable bonds, 1936, $10,000,000; less held In treasury, $2,000,000______________________________ 8,000,000 Collateral 5% trust bonds, 1936, $8,645,000; less held In treasury, $30,000_______________________________________ 8,615,000 Bonds of subsidiary companies assumed or guaranteed, $7, 000,000: less held In treasury, 33,013,000_________________ £3,957,000 Temporary loan secured by deposit of treasury bonds-----------1,500,000 Accounts payable___________ 2,179,688 Accrued taxes (estimated)________ 850,000 Int. and guaranteed dlvs. accrued on bonds and stocks of sub. companies ---------------------------------------308,954 Unpaid dividends (Incl. dlv. of $747,531 75 payable July 15 ’ 10) 787,761 [ VOL. L X X X X I Deferred non-interest bearing liabilities, In respect of proceeds of sales of secur’s and other properties held under leases for terms expiring In 1981 from lessee cos.. In which the W. U . Tel. Co. has a controlling Interest, payable only on the de termination of the leases____________________________ . . . Reserves for maintenance of cables, $2,000,000; for contin gencies, $500,000________________________________________ Surplus as stated In annual report June 30 1909, $18,867,462; deduct adjustments, $13,731,143, and add balance from Income account above, for year 19 9-1 J, $2,597,374, n e t.. 12,382,901 2,500,000 7,733,092 a: Includes, It Is understood, Gold & Stock Telegraph Co. 4 K % deben tures due May 1 1915, $500,000; Mutual Union Telegraph Co. 1st M. 6s, $1,957,000, and Northwestern Telegraph Co. 1st M. 4K s due Jan. 1 1934, $1,500,000.— Ed. BALANCE SHEET OF JUNE 30 1909 AND 1908 (OLD BASIS). 1908. 1909. 1908. 1909. Assets— S Liabilities— 8 8 8 Telegraph lines. 124,086,920 123,139,024 Capital stock... 99,817,100 99,817,100 Funded debt... 38,045,000 38,045,000 Stocks & bonds— Leased cos__ 8,015,000 8,645,000 Gold tStockTclegraph Co___ 1,940,592 1,946,592 Cos. not leas’d 17,798,672 10,497,805 Real estate___ 5,088,359 5,088,359 Acc’ts payable. 3,040,710 3,755,072 Supp. & mater. 1,243,472 1,137,475 Surplus prior to 1881_______ 1,598,184 1,598,184 Acc’ts receivable 2,295,537 2,368,740 14,393,866 Cash ................. 3,158,903 3,278,733 Surplus______ 17,209,278 Total ........... 162,310,864 160,155,804 T otal............ 162,316,804 160,155,804 Report of Chartered Accountants on Property and Business. P r ic e , W a te r h o u s e & C o ., N e w Y o r k , O c t . 4 19 10, p re s e n t th e fo r e g o in g b a la n c e s h e e t as o f J u n e 3 0 1910 a n d th e in c o m e a c c o u n t fo r th e y e a r 1 9 0 9 -1 0 , a n d s a y in s u b s t a n c e : B a la n c e Sheet.— In accordance with Instructions, we have made an In vestigation of the books and accounts. This investigation has been ex haustive as to all essential matters. With reference to the balance sheet, we oiler the following comments: P r o p c r l g A c c o u n t . —The cost of telegraph lines, equipment, Ac., as shown on the books, amounts to $133,573,707. In order, however, to be assured of the substantial Integrity of the capital assets, we retained Westlnghouse, Church, Kerr & Co.to make as careful an estimate of the replacement cost, new, of the physical property as could be arrived at without a detailed appraisal, which would have been impossible In the time at our command. Accepting the pole and wire mileage as reported by the company, and after satisfying themselves of the substantial accuracy of all data furnished In this way, as well as of that relating to the equipment and other property, they have arrived at a total valuation of the physical property of $126,472,869—-to which must be added expenditures for uncompleted construc tion work In progress at June 30 1910, amounting to $1,505,749, making a total of $127,978,618, exclusive of real estate. While this valuation must be accepted as approximate only, It is nevertheless In our opinion substan tially correct, and In preparing the balance sheet submitted herewith we have adopted It, and have adjusted the dillerence between the appraised and book values by a charge of $5,595,089 against surplus. In arriving at this valuation It will be noted that the estimate has been prepared on the basis of replacement cost, new, and while undoubtedly the property as It actually exists has suffered considerable depreciation for which no provision has been made, yet, on the other hand, no valuation has been placed upon the organization as a going concern— undoubtedly an Important factor, and, we believe, a reasonable offset to the depreciation. included in the properties thus appraised are in. sc of a number oi com panies which are merged for operating purposes with the Western Union system and are controlled either by stock ownership or held under perpetual leases or terms equivalent thereto. We have Included the entire property of such companies In the property account, and wc have set up a liability amounting to $3,906,125, being the par value of certain shares of their capital stock not owned by the Western Union. The real estate owned, except a few outlying and quite unimportant holdings, has been appraised by competent real estate experts. The book value amounted to $5,099,192, and this has been adjusted to agree with the appraisal amounting In all. Including the small properties not appraised, to $5,908,445. The item “ patents” has been written down to the rela tively small amount of $102,108, being the proportion of the cost of the existing patents represented by the unexplred life thereof. The remaining Item represents the bonded debt of the North Western Telegraph Co. falling due on Jan. 1 1934. This company has been leased for 99 years from July 1881, and under the provisions of the lease this indebtedness is guaranteed by the Western Union Telegraph Co., but within six months from the ter mination of the lease the North Western Telegraph Co. Is obligated to re fund the amount of the bonds. The Interest on the bonds, however, Is a charge against the Western Union Telegraph Co. Other Securities Owned.— The book values have been adjusted to market prices except where no reliable quotations have been available. In the latter cases the valuations adopted are conservative. Inventories of Materials and .Supplies.- -The company s officials have cer tified to the accuracy of the quantities and prices, and we have verified the computations and are satisfied that sufficient provision has been made for material damaged or obsolete. Current Assets.— Careful Investigation has been made of the outstanding accounts and a large number of Irrecoverable accounts have been written oir and provision made for doubtful Items. Deferred Non-Interest-Bearing Liabilities.— Under leases of the Gold & Stock Telegraph Co., the N. Y. Mutual Telegraph Co. and the International Ocean Telegraph Co., your company came Into possession of certain se curities belonging to these companies. Subsequently your company ac quired additional shares under stock subscription rights secured through Its holdings as lessee, and has from time to time effected sales of these se curities until at the present time the major portion thereof has been con verted. As proceeds of such sales the company received the total sum of $24,236,822, out of which It Is entitled to reimburse Itself for advances amounting to $11,853,921 made for purchases under subscription rights, leaving the sum of $12,382,901 as the net proceeds of the sales of securities which upon the expiration of the abovc-mcntio icd leases In 1981 will be payable to the respective lessors as follows: Gold & Stock Telegraph Co., $12,357,401; International Ocean Telegraph Co., $25,500. In both of these companies the Western Union has a controlling stock Interest, and will. In proportion to Its holdings at the termination of the leases, participate in the foregoing amount. The company still holds as lessee various securities aggregating a par value of $2,280,292, which It will be required to return to the lessor companies upon the term nation of the respective leases or to account for the proceeds thereof if sold. Reserves. - A careful estimate has been made of the accrued depreciation of the submarine cables owned or operated under leases and to provide therefor a reserve of $2,000,000 has been created. A further reserve of $500,000 has been set aside to meet contingent claims or losses. The re serve for doubtful accounts has been applied as a reduction In arriving at the amount of bills and accounts receivable. . Surplus Account.— Important adjustments aggregating $13,731,143 have been required In the surplus account, the more Important being: Reduction of book value of telegraph lines and equipment to -$5,595,089 estimated appraisal value--------------Liability to Gold & Stock Telegraph Co. in respect of proceeds of sales of securities prior to June 30 1909, under-stated in bal ance sheet of that date----- -------- ------------------------- - - ----- - 2,219,874 Loss onre-valuatlonof investments------- - - - - - - - - ---------.-- 1,709,546 Reserves required at June 30 1909 for bad and doubtful accounts, &c., and for accrued liabilities...... - ------------------- — ---------- 1,706,634 Reserves for depreciation on cables to date----- ----------- ---------- 2,000,000 Reserves for contingencies ------------ - — ..... ..........- ...... 500,000 Revenue Account.— -T h e r e v e n u e a c c o u n t f o r t h e y e a r a s s u b m i t t e d h e r e w it h (s e e a b o v e ) s h o w s a s u r p lu s o f $ 2 , 5 9 7 , 3 7 4 , a f t e r p a y i n g d i v i d e n d s a n d In t e r e s t o n b o n d e d d e b t . T h e s e fig u r e s , h o w e v e r , a r e a p p r o x i m a t e f o r t h e r e a s o n t h a t t h e c la s s if ic a t io n o f a c c o u n t s h a s b e e n I m p e r fe c t a n d It h a s b e e n I m p r a c t ic a b le c le a r l y t o d i ff e r e n t i a t e b e t w e e n I t e m s b e l o n g i n g t o t h e r e v e n u e a c c o u n t f o r t h e v e a r a n d o t h e r s a p p li c a b l e t o p e r io d s p r i o r t h e r e t o . We b e lie v e , h o w e v e r , t h a t t h e v a r i a t io n Is n o t m a t e r ia l. Sudan of A c c o u n t i n g . —In order that the serious defects in the accounting organization of the company may be remedied, we have already reported generally on the outlines of ttic system which wc would recommend. Many of our suggestions have already been adopted and others are In process of adoption. The work is necessarily slow, but good progress has been made and will continue to be made under our general supervision. Upon this matter we shall have to report at full length at a later date.— V. 91, p. 966. O0T. 15 1910.) THE CHRONICLE Crucible Steel Company of America, Pittsburgh. (Report for Fiscal Year ending Aug. 31 1910.) The report, signed by Herbert Du Puy, Chairman of executive committee, and C. C. Ramsey, President, as of Oct. 1, says in substance: Pro it and Loss.— The net profits applicable to dividends were §3,535,882, compared with §2,Oi l ,926 for the previous year, being a difference In favor of the present year of §1,520,956. These figures are determined after charging against gross receipts all operating expenses. Including §812,751 for repairs, a provision of §500,000 for depreciation of plant and equipment and §109,429 for contingencies. These are the largest earnings In the his tory of the company. learnings bu Quarters. First quarter.....................§1,410,9061Third quarter......... ..........§ 1, 133,685 becond quarter---------------- 1,406,3611Fourth quarter.......... ........ 1,007,111 Total ................................................................................................§4,958,063 The ratio of operating charges to gross receipts was 77.99%, In comparison with 81.82% In the previous year, being a reduction of 3.83%. The ratio of net profits, applicable to dividends, to gross receipts was 18.82%, com pared with 16.61',’6 In the previous year. The net profits earned were equivalent to 14.47% on the preferred stock. Dividends.— -During the year cash dividends of 7 3 % , amounting to S1, A 802,192, and In addition on .June 30 1910 §2,443,650, In the form of a 10% scrip dividend bearing Interest at the rate of 3% per annum, were paid to the preferred shareholders. There still remains 16% of deferred dividends upon the preferred shares. Surplus.—The total undivided surplus at Aug. 31 1910, after deducting the cash and scrip dividends of §4,245,842, was §2,448,039, which Is repre sented by quick assets derived entirely from operating profits Capital Assets.— The expenditure for additional property during the year was §302.267, being made up largely through the purchase of 11 acres of ground adjoining and west of the Atha Works at Harrison, N J which new purchase it Is proposed to Improve through additions to this plant. During the year the company has built its own warehouse in Providence R. I., to meet the special needs of that city. Inventories.— On Aug. 31 1910 the aggregate book valuation of the In ventories of raw materials, manufactured products and stores was §6 412 947, being an Increase of §1,110,995, due entirely to increased operations. All Inventories have been valued cither upon the basis of actual purchase or producing cost or on the low market values of Aug. 31 1910, whichever llgure was the lower. .Funds.— (a) During the year we have set aside out of profits §■ 00,000 for the depreciation and renewal of plants: §227,613 was used, > leaving an unexpended balance Aug. 31 1910 of §272,387. (b) The balance the for contingent liabilities account on Aug. 31 1910 was §122,/ . m m .i , fulIy sufficient to cover all contingent and unsettled claims, rr h.c ‘'re Insurance fund covering certain risks was Increased to §83,389. Unj filed Orders and Contracts.— The total of unfilled orders and contracts on Aug. 31 1906 to 1910 (tons) was: 1910.1 15,936 1909. 91,498 1908. 72,984 1907 101,910 1906 106,243 I<inanctal Condition.— On Aug. 31 1909 there remained §758,000 of bank ing obligations. During the year this Indebtedness and the 8200,000 of purchase money mortgages have been paid off. The current assets on Aug. 31 1910 were valued at §9,718,062, Including §791,298 In cash, while the current liabilities were reduced to §1,159,074, showing an excess of current assets of §8,558,988. On July 13 1910 your company secured con trol of the Norwalk Steel Plant, located at Norwalk. O. It was placed In operation In August and Is now an active producer, and will prove to be a profitable adjunct. Stockholders.— The number of stockholders on Aug. 31 1910 was, preferred 3,378; common, 1,635; total, 5,013. EARNINGS FOR YEAR ENDING JU L Y SI. 1910. 1909. 1008. 1907. § § § § Gross earnings____ 18,782,729 12,121,651 8,928,030 Expenses ________ 14,649,898 9,917,908 8,807,283 not given. Depreciation _____ 609,429 208,335 649,231 Net earnings_____ Other Income_______ 3,523,402 *12,480 1,995,408 def.528,485 not given. *19,518 *8,460 Hal. for dividends-----sr.3,535,882 sr.2,014,926 (lcf.520,025 sr.2,672,160 Preferred dividends.a(7^) 1 ,802 ,192(2 M )549,821 (1)244,305 (6)1,466,190 Balance. ------- sur.1,733,690 sr.1,465,105 dcf.764,390 sr.1,205,970 , F l ln n 'li in rll!,la 1919 1• 15 for Interest on purchase money mtges. 2 (against §10,000 In 1909 and 1908) and §12,218 for dividend scrip. a Also 10% scrip dividend—see below. HA LANCE SHEET A UOUST 31. 1910. 1909 1910. 1909. Assets— » S Liabilities— S S Real estate, plants, Preferred stock ...21 ,136,500 24,436,500 &c............ 45 ,825,663 45,523,390 Common stock...21 ,578,100 24,578,400 Investment sccur. 191,090 272,011 Dividend scrip__ 2 ,413,650 Accounts and bills Accounts payable I .119,733 864,449 receivable.......... 2,,205,457 2,355,558 Bills payable....... . 758,000 Cash ____ _____ 791,299 611,3081 Int., &c., accrued " 39",341 20,380 Taxes, Insurance, IDepreciation, &c_ 272,387 &c., advanced. 56,670 55,0531Insurance fund... 83.389 51,583 Inventory_______ 6,,112,947 5,301,952! Reserve for contfn. 122,286 85,000 IPurch.,&c., mtges. 200,000 IProllt&loss, surp.a:2 ,Vl8,(>4<) 3,157,999 Total------------ 55,513,726 64,152,311| Total -------------55,543,726 54,152,311 x After deducting the 10% scrip dividend ($2,4^3,650) on tho preferred stock is sued June 30 1910.—V. 91, p. 947. 874. Federal Mining & Smelting Co. (Report for Fiscal Year ending Aug. 31 1910.) President F. H . Brownell says in substance: General Results. -The net earnings show a decrease as compared with the preceding fiscal year. Owing to a series of unavoidable circumstances, the company wts really able to operate all Its mines under normal condi tions only about nine months. Without the occurrence of the conditions hereinafter described it Is probable that the net earnings would have shown an increase. The conditions alluded to are: , ’ in January lire destroyed the ore bins and equipment at the mouth or n o . 6 tunnel at the Mac: mine, cutting oil production far some time and •k iipp iL neA oss at this mine of $4,000 for January,as against a profit of V $.)•>,000 for the preceding month. Ile')Fu9iry’ a disastrous snowsllde occurred at Mace, killing some 40 people, Including the Superintendent of the mine, The entire force was employed in rescue work for : for shot lcad and sllv - 1 In the taw oic li-is not materially chartvi: I (altImuo*H tin* quantity of silver is s jmewhat lessi, but the company for the last year has heen ab.e to Siv* but f‘ om 59-60, 0 , as against over 80% at its other mines. the .s yet to be had. .. .. , practical demonstration iwo other methods of concentration are also being In- 1023 vestigatecl. The problem Is no greater than those which have faced other mines and been successfully overcame. . The amount of ore Is very great, ana the problem well justifies large expenditures to ellect a solution. n .!ftvl<len(l.s ’7 7 ^ usual dividends on the preferred stock, amounting to the sum of §.839,027, were paid during the year. No dividend has been paid on the common stock. - I he "tlgatlon with the Hunker Hill & Sullivan Mining & wmA FFA 7 4 n!s Co. was finally settled as authorized at the special stockF1 1 ,,r > last year. The 27,000 shares of capital stock ,e,r Co. acquired In exchange for our Wardner property, !ri;F,F.!?xllaus ,n °? tbe ore fry us- and the thousand shares of stock In that Previously held, are carried by this company at par value of §10 sJ arcV Th, ast sa' es °f Hunker Hill stock were at over §50 per share, h e generally held at §60 per share. It is at present paying n f S A* th3 rate ? f, 30 cants per share per month, or §3 60 per year. i? yYar of tllc so'calle(l tallings-debrls suits was had, the i > Ilunke.r H11 Co- 1)e,n£ selected as a test case. The result was a Av. vict.ory for th,!s company. All the mines have now combined for tnm?^ri?3. s s attempting a settlement with the farmers on the river. c aL °* the Government for timber used by the company In mining ms !” th o ? e exception, been recommended for settlement by the U. S. F i . cllar 'e of the matter, on a basis of §17,091, which sum was Included in pront and loss last year. r ^5e ntanagement has paid careful attenlton to the enforcelng es <lurIni? tiie last fiscal year. It is believed now that all ex expenses, with the exception of the settlement of the debris minimum Can cut r,le operating stall has been reduced to a Extracts from Report of General Manager. i > ■~,There were mined at all of the properties 741,650 tons mi lie • i™ n°tA 'A ’i 01 wa!F:1 17*599 tons were first class. There were 1 1 'Teuf tu) ore' an average of 58,550 tons per month. oiiir.i.iF?. 'FAA6 produced during the year 107,826 tons of concentrates and Of HiD rntFFFi 7 a^aQat"lnS 44-®3% lead and 25.98 ounces silver per ton. vF s ^ r it0; : wcV first-class or shipping ore, which carried from s e I,..;. lead and averaged 40% . There was shipped from the not Inch le I m t 31-24% 'cad and 70.33 ounces silver, above 17*399 toas from Federal properties proper. v , w c^nts nnr i,1 .?nF.*F forYlead $.L885 per,,rice pounds. received by us was ff lver o2. per ounCv, 100 for s> m, ™ r® was a fall! a? off in the silver contents of the ore from the Wardner fn /2 ounclc Per t0il The decrease averaged .625 ounce a bo \ °"§.I0)'Vi)!! ° le and CJncentrates shipped, and In value amounted to U Development.— The development work for the year at the producing mines staking1 and0 cro’^ cu ttln g .S agaInst 11,837 fcct last year- of drifting, raising, DETAILS OF INCOME ACCO UNT FOR YEAR ENDING A UG. 31 1910. Total value of product__ §4,757,469 Net profits....................... §745,053 Deduct— 18,334 Rentals ........ Cost of production_______§2,173,341 In terest_________ ______ 23,362 Development expenditures 200,898 Miscellaneous __________ 8,210 Smelter freight & treatm't 1,638,176 DIvs. from Investments-. 3 5 ,050Total deductions........ .$4,012,416 Total $830 009 86|201 General expenses (including §49,296 litigation expenses). I . . 11 Net earnings carried to surplus account___ _______ ________ $743,808 STATISTICS FOR YEAR ENDING AUG. 31— DIVIDENDS. SURPLUS. &c. 1909-10. 1908-09. 1907-08. Ions mined, total........ ........................ 741,650 832,568 599,850 Concentrates and shipping o r e . . ___ 107,826 122,764 93,811 Metal contents—Lead, In tons______ about48,155 56,904 43,988 .-.liver, in dunces------------------------about2,801,319 3,111,931 2,803,628 Net e a r n i n g s . --------------------------§743.807 $900,290 $882,371 Dividends on preferred stock (7%) §839 027 $839,027 $839,023 Dividends on common stock (1 y2%) _ ___ ____ 89,894 89,894 COM PARATIVE Deficit for year. -----------------------Surplus from previous y ear.. ______ ^9~5T!20 1,761,416 §28,631 1,790,047 $46,546 1,836,593 Total ------------------------ ------------ - §1,666,196 Exploration expenses, uncollectible accounts and depletion of ore res'ves 651,080 51,761,416 $1,790,047 §1,761,416 $1,790,047 Total surplus at end of year- -. §1,015,110 BALANCE SHEET AUGUST 31. 1910. 1909. 1910. 1909. Asset?— $ § Liabilities— S S -Mineand cquip’t .. 18,000,000118,895,125 Common stock... 6,000,000 6,000,000 Investments........ a396,280j Pf.stk.(7% cum.) 12,000,000 12,000,000 Material and sup Acc’ts payable... 259,468 239,130 plies ................ 126,246 128,133 Divid’ds payable. 209,757 209,757 Acc'ts receivable.. 171,441 265 938 Surplus............ 1,015,110 1,761,416 Cash ..................... 790,367 921,106 T otal...............19,484,334 20,210,302 Total ...............19,484,334 20,210,302 a Investments Include Bunker Hill & Sullivan stock at par, 5280,000, and Ft. Steele M. & S. Co. stock, $116,280 (par value $581,400).—V. 90, p. 1365. Massachusetts Gas Companies, Boston. (Report for Fiscal Year ending June 30 1910.) Pres. C. Minot Weld, Boston, Oct. 11, wrote in substance: Dividends.— During the year the trustees voted to set aside $1,000,000 from the accumulated earnings for the payment of dividends upon the com mon shares In the year ending .June 30 1911, same being at the rate of 4% per annum (contrasting with 3 % yearly from Aug. 1906 to April 1910, incl.). I roperty Accounts.— On Sept. 1 1909 the Boston Consol. Gas Co. and the Chelsea Gas Lt. Co. sold their electric departments to the Ed. El. 111. Co. i st? r arVi on thca same tlate your trustees purchased all the capital It C. f0^ i* 10 ^ ewton & Watertown Gas Lt. Co., which company sold its 4 elcctude department to the Ed. El. 111. Co. of Boston, and purchased the gas department of the Waltham Gas Lt. Co. [The Chelsea Gas Light Co. has also been consolidated with the East Boston Gas Co.— Ed.] Property Account June 30 1910. Owned. *Outst’g. Owned. ■ "Outst’g. Stocks— s § Stocks— 5 $ New England Gas • New Eng.Coal&Coke Co.499,000 500,000 & Coke Co........17,500,000 17,500,000 Federal Coal & Coke Co.497,000 500,000 Bos. Con. Gas Co.15,110,600 15,121,600 Bonds— East Bost. Gas Co. r567,, 00 575,000 Federal Coal ft Coke Co. Newton & Water 1st M. (see below)___ 471,000 471,000 town Gas Lt. Co. 560.000 560,O O Federal Coal & Coke Co. C Citizens’ Gas Light 2d mortgage...............251,000 251,000 Co. of Quincy.. 33,300 38,3001 * Supplied, not In report, x Par of shares §25; other shares §100.__Ed. Federal Coal & Coke Co.— In July 1910 the Federal Coal & Coke Co sold approximately 3,000 acres of Its coal lands In West Virginia The proceeds enabled said company to redeem all of its outstanding bonds and lo pay its entire floating debt, both held by the Massachusetts Gas Cos (V 01 p' 521) With this sale, the Federal Company authorized a new issue of bonds on Its remaining property, and of this §450,000 has been Issued, and the same purchased by the Massachusetts Gas Cos. „, Vr'?;u !U in the s.ul<? of securities shown in the financial statement of S4„JuU Is the deference between tho cost of 829,0041st M. bonds and the re demption price received for same. The sale of coal lands above mentioned, having been completed In July 1910, the report of the Massachusetts Gas Cos. for the year ending June 30 1911 will show a profit of about §92,000 on ‘ ' . . . . . . . . sn the cost and Gas Cos., viz., indebtedness fixed charges. THE CHRONICLE 1024 Shipments during the year were seriously Interfered with, due to a car shortage lasting for practically six months on the li. & O. Hit. system. After making all proper adjustments, however. In connection with the sale above mentioned, the Federal Co. has a credit balance In Its surplus ac counts of over § 575 ,000 , and your trustees believe that the llscal year end ing June 30 1911 will show a surplus available for dividends, provided that sufficient coal cars are received to ship the coal to the market. July and August 1910 show an Increased tonnage and a decreased cost over the pre ceding year, and a small surplus over all charges. Floating Debt.— While the balance sheet of June 30 1910 shows notes pay able of §300,000, the funds received from the Federal Co. In payment of its floating debt has enabled us to pay our entire iloating debt, and at this date the Massachusetts Gas Cos. have no outstanding loans. Boston Consolidated Gas Co.— The net addition in street mains for the year was 118,963 feet. Tue total output of gas to consumers was 4,540,531,000 cu. ft., an increase of 2.39%; net gain in meters set, 6,436. Notwithstand ing the fact that the electric department was sold to the Ed. El. 111. Co. of Boston on Sept. 1 1909, the net earnings for the year amounted to §1,360, 231, showing a net increase of $94,465. The company paid the 9% divi dend for the year which it was legally entitled to do under the provisions of the “ sliding-scale bill,” said company still selling gas at 80c. per 1,000 cu. ft. The real estate and electric department were sold for §334,720 in excess of the value at which it stoo l on the books. The surplus account on June 30 1910 was §267,712, after providing for dividends and all other charges. Fast Boston Gas Co. — In this report the financial statement of the Chelsea Gas Light Co. anti the East Boston Gas Co. are consolidated. The Chelsea Gas Light Co. sold its electric department to the Edison El. 111. Co. of Bos ton on Sept. 1 1909, and on Jan. 1 1910 its gas department was consolidated with the East Boston Gas Co. The price of gas was reduced on Jan. 1 1910 ______ ______. cu. ft. to 90c._net per 1,000 _____ . this being a reduction of 10c. net in the terri tory supplied by the East Boston Gas Co. prior to Jan. I 1910 and of 5c. net In the territory supplied by the Chelsea Gas Light Co. prior to Jan. 1 TO. The total output of gas to consumers of the two territories was 300,072,000 cu. ft., an increase of 13.81%. The net gain in meters set was 1,528 and the net addition In street mains was 13,070 ft. Newton A Watertown Gas Light Co.— The net gain in meters set was 1 33 and the net addition in stret mains was 39,714 ft. The total output of gas to consumers was 335,793,000 cu. ft., an Increase of 8.79% • A reduction of 5c. net per 1,000 cu. ft. was made on Jan. 1 1910. Citizens' Gas Light Co. of Quine:/. - - The total output of gas was 52,679,000 cu. ft., an Increase of 36.82%. The net gain in meters set was 853 and the net addition In street mains was 32,242 ft. During the year 1910 the company paid two dividends of 1% each, and we confidently believe that In the near future the company will be able to pay a reasonable return upon its capital. New England Gas & Coke Co.— The net earnings show an increase of §121,590, largely due to the operation of the new coal-handling plant. The company during the year paid a dividend at the rate of 3 'A%, as com pared with 3% in the preceding year. As the business of the New England Coal & Coke Co. increases, the earnings of the New England Gas & Coke Co. will likewise increase, inasmuch as the maximum capacity of the Everett coal piers has not yet been reached. New England Coal & Coke Co.— During the year ending June 30 1910 the company purchased the entire fleet of the Baltimore & Boston Barge Co., consisting of three tugs and seven barges, which licet it is now operating in conjunction with Its three steam colliers, Everett, Malden and Melrose, in connection with its coal business. The Coal & Coke Co. started in the coal business virtaully April 1 1909, and in the year ending June 30 1910 shipped approximately 1,800,000 tons of coal. Through tiie facilities of the New England Gas & Coke Co. at Everett for the handling and storing of coal, this company Is in a position to ship to manufacturers throughout New England, dally, weekly or monthly, as desired; and wc believe that the company will continue to show an increase in Its coal business. Dur ing the year the company paid a dividend of 10% on Its capital stock. M ASSACHUSETTS GAS COMPANIES— YEAH ENDING JUNE 30. 1906-07. 1907-08. 1908-09. 1909-10. § § § S 24,466 29,934 155,620 250,927 Int. on bonds, notes, &c. 1,633,894 1,791,745 1,946,960 2,134,041 Dividends received__ _. 4,350 Pr Jtit on sale of securities Total earnings............ Deduct— -Expenses ___ Interest______. . . . Divs. on pref. shares, 4% 2,389,318 2,102,580 1,821,679 1,658,360 57,693 300,313 1,000,000 55,324 172,385 1,000,000 35,658 29,867 1,000,000 43,648 13,327 1,000,000 1,227,709 1,358,006 Total deductions----874,871 1,031,312 Balance, surplus---------926,002 Surplus from prev. years 1,010,874 Adjustments ................. Cred.9,612 Del).39,999 2,051,798 Divs. on com. shares. (4% ) 1,000,000 1,760,874 (3)750,000 1,056,975 1,065,525 001,385 756,154 1,074,013 912,118 Crcd.7,130 Del).12,980 1,676,002 (3)750,000 1,662,418 (3)750,000 912,418 926,002 1,051,798 1,010,874 Balance -. The net undivided earnings of the constituent companies from the opera tions of 1909-10 (see the several statements below) show a detlcit of §33,190, against §52,850 in 1908-09, §11,593 In 1907-08 and an aggregate surplus of §127,309 in 1906-07. OPERATIONS OF SUB-COMPANIES DURING YEAR 1909-10. — — ■ Gas to Consumers-------Additions to Increase. Street Mains. Total Cubic Feet. 4,540,531,000 2.39% Boston Consolidated Gas C o -----118,963 300,072,000 13.81% Chelsea Gas Light Co--------------- 1 13,070 East Boston Gas Co------- ----------/ 335,793,000 8.79% Newton & Watert’n Gas Lt. Co. 39,714 36.82% 52,679.000 Citizens’ Gas Light Co_________ 32,242 OPERATIONS OF BOSTON CONSOLIDATED GAS CO. ENDING JUNE 30. Reported by Public Accountants as Required bn Sliding 1909-10. Gas purchased (cubic feet)__________________ 2,274,349,100 Gas manufactured (cubic feet)_______________2,917,359,000 FOR YEARS Scale Act. 1908-09. 2,270,273,000 2,634,062,000 T o ta l..................................................................5,191,708,100 4,904,335,000 Gas sold during year (cubic feet)__________ .5,037,901,296 4,773,194,290 Cost of gas in holder (per 1,000 cubic feet) — 30.50 cts. 30.10 cts. Gas purchased.......................... .................... 29.87 cts. 23.53 cts. Gas manufactured ------------ --------------------30.99 cts. 27.22 Cts. Gas sold ---------------------- -------- ------------ 21.73 cts. Cost of distribution, management, &c___ 21.35 cts. Total cost of gas sold (excluding Interest, depreciation and reserve)---------------------- 48.57 cts. 52.72 cts. BOSTON CONSOLIDATED GAS CO.— YEAR ENDING JUNE 30. 1910. 1909. 1910. 1909. § 5 Gross Income__ 3,880,116 3,946,625 Net earnings ...1.360,231 1,265,765 Deduct— Expenses______2,527,769 2,688,199 Interest............. 62,250 68,734 Net income ..1,352,347 .1,258,426 D ividends------- 1,361,214 1,361,214 Mlsc. incom e.. _ 7,884 7.339 1,429,948 Total..... .1,423,464 Net earnings.1,360,231 1,265,765 Balance, deficit. 63,233 164,183 In addition to tiie net earnings above stated there was credited to proilt and loss Account during the year 1910 $334,720 profit on sales of electric department and certain real estate. NEW ENGLAND GAS & COKE CO.— YEAR ENDING JUNE 30. 1910. 1910. 1909. § $ S Product Ion____ 2,766,426 2,509,157 Gen. exp. & man. 82,124 55,378 Oper. expenses.1,998,853 1,863,911 Taxes and 1ns.. 35,661 Interest 645,246 D ividends_____ 612,500 Net Inc. from op. 767,573 26,209 29,566 Mlscel. Incom e.. Total deduc’ns 785,663 681,344 Total Income. 793,782 674,812 Balance.............sur.8,119 def.6,53 [VOL. L X XXXI EAST BOSTON GAS CO., NEWTON A WATERTOWN GAS LIGHT CO., CITIZENS' GAS LIGHT CO. OF QUINCY, NEW ENGLAND COAL A COKE CO., FEDERAL COAL A COKE CO.—YEAR ENDING JUNE 30 1910. *E. Boston Newton A Citizens' N . E. Coal Fed. Coal Gas Co. Wat.G.Lt. Gas Lt.Co. & Coke Co. ACokeCo. Gross Income......................... $315,931 $344,931 $72,314 S900.724 $220,707 Expenses ........................... 250,201 279,602 48,156 770,126 210,372 Miscellaneous income. $65,730 2,413 365,329 2,905 $24,158 S130.598 D.$19,665 314 $63,143 $68,234 324,472 $130,598 0.319,865 $3,349 63,250 310,119 45,600 $15,895 7,660 Total ................................ $66,599 $56,049 Balance__________ ________-S.$1,543 S.$12,185 $73,319 50,000 $31,380 .......... S23.555 $123,319 S31,380 ’.$7,279 D.$51,045 S. $917 .S *Incl. the operations of Chelsea Gas Light Co. for six months ending Dec. 31 1909. BALANCE SHEET OF MASSACHUSETTS GAS COMPANIES JUNE 30. 1909. 1910. 1910. 1909. Liabilities— $ $ Assets__ S S Property account.54,310,614 52,900,307 Preferred stock__ 25,000,000 25,000,000 333,865 Common stock__ 25,000,000 25,000,000 Cash In banks___ 50,077 Notes receivable.. 3,559,528 4,234,140 20-year bonds___ 5,881,000 6,000,000 Sink. fd. 20-yr. bds. _____ 40,000 Accounts receiva 300,000 -------3,138 Notes payable___ ble ........... ..... 2,8S7 2,209 4,747 417,504 Accounts payable. Bond disc, suspense 395,234 Pref. dlv. accrued. 83,333 83,333 Res. for com. div. 1,000,000 750,000 Surplus________ 1,051,798 1,010,874 T otal________ 58,318,340 57,888,954 Total......... ...58,318,340 57,888,954 (From Report to State) Boston Consol. Gas Co. East Boston. N.E.C.A C. 1910. 1910. 1909. 1910. §794,524 §1,927,821 Property account--------- §25,185,996 $25,824,063 128)052 40,160 534,356 458,113 923,971 42,276 178,405 125,581 Cash and debts recelv’le 23,959 153,530 158,839 Moneys receivable_____ Liabilities— §500,000 §575,000 Capital stock__________ §15,124,600 §15,124,600 2,216,876 19,415 2,373,379 Debts < accts. payable. 1,508,018 fe u /, / 59 Depreciation reserve. ._ 23,95 7 154,530 153,839 Guaranty lund---------165,809 282,546 8,986,021 Proilt and loss________ 9,189,896 Total each side. ----- §25,981,354 §26,637,530 — V. 91, p. 792, 521. §900,919 §2,980,444 GENERAL INVESTM ENT NEWS R A IL R O A D S, INCLUDING- ELECTRIC ROADS. Atchison (K an.) Railway, Light & Power Co.— New Stock. The shareholders on Oet. 4 voted to authorize the increase of the capital stock from §900,000 ($400,000 being 7 % cum. pref.), to $1,500,000 to provide for improvements and exten sions. Control of the company was recently purchased by the McKinley syndicate.— V . 90, p. 1553. Atchison Topeka & Santa Fe R y.— Listed.— The New York Stock Exchange has listed $13,625,000 4 % convertible bonds, issue of 1910, due 1960, with authority to add $3 0, 061,000 additional of said bonds on notice of issuance and payment in full, making the total amount authorized to be listed $43,686,000.— V. 91, p. 939, 949, 716. Boston & Maine R R .— President.— Acting President Charles S. Mellen was on Oct. 12 elected full President. Ex-President Tuttle was elected Chairman of the Board, a new office. Dividend.— President Mellen is quoted as saying: “ There Is nothing In the Boston & Maine situation calling for a reduction In the common dividend. It Is true we will have to do some pretty hard scratching this year to make any kind of a showing, especially in view of the big wage increases recently granted our working forces. We may be obliged to show a deficit this year after the payment of 6% on common stock, hut wc can later on make it good In the meantime, the work of Improvement and rehabilitation will be pushed forward vigorously.— V. 91, p. 945, 864. British Columbia Electric R y. — New Pref. Stock.— Pre ferred and deferred shareholders of record Sept. 27 have the right to subscribe at the company’s office (Canadian share holders at Vancouver, B. C ., at $4.8666 per £ ) until 11 a. in. Oct. 29 for £600,000 of additional share capital, divided as follows: 200,000 5 % cumulative perpetual pref. shares of £1 each, at Is. premium; 200,000 pref. ordinary shares of £1 each, at 2s. premium, and 200,000 deferred ordinary shares of £1 each, at 3s. premium, in the ratio of one share of each of the three classes for every complete £ 6 of pref. ordinary and (or) deferred ordinary stock held by them respectively. Subscriptions are payable In Installments Dec. 15 1910 and Jan. 16 and Feb. 15 1911, or optionally in advance under discount at 4% on any Ihursd;iv nn to and lncl Feb 2 1911. There were listed on the London Stock Exchange as of Sept.° 30 1910: £600.000 clef ord. stock, £600 000 pref. ord. stock and £600,000 cum. perpetual pref. stock. Also £230,800 4M % 1st M. debentures; £210,600 Vancouver Power debenture 4 %s and £1,330,000 4H % perpetual consol, debenture stock. Compare V. 91, p. 94.). Buffalo Rochester & Pittsburgh Ry.— Listed.— The New York Stock Exchange has listed $177,001) additional con solidated mtge. 4 y 2% bonds due 1957, making the total amount listed to date $6,198,000. Of the bonds, real estate the Sliver 1 _ miles, as authorized by 1 Chicago & Alton R R .— Acquisition.— The company has acquired’ the Toluca Marquette & Northern Itlt., extending from Rutland to McNabb, 111., 20.8 miles; McNabb toward Granville, 111., 4.28 miles; Broadus to Henry, 111., 5 miles, &c., a total of 31 miles. The road was sold at receiver’s sale on Dec. 10 last (V . 89, p. 1598). The price paid was $250,000.— V . 91, p. 396. Chicago Burlington & Quincy R R .— Exchange of Ponds.— The $5,551,000 Hannibal & St. Joseph 6 % bonds which ma ture March 1 1911 may now be exchanged for the gen. mtge. 4 % bonds of the C. B. & Q. R R . Co. at the N . Y . office, 32 Nassau St., or at its Boston office. O0T. 15 1910.] THE CHRONICLE The holder of the Hannibal & St. Joseph bond may detach his coupo due March I 1011 and hold It to maturity, or leave It attached to Ills bond and have It at date of exchange discounted at 4% . For the face of the Ilan. & St. Jos. bond the holder will receive a C. B. & Q. gen. mtge. 4% bond car rying the coupon due March 1 1011, and 310 In cash. The company re serves the rlgnt of changing these terms at any time without notice.— V. 91, p. 517, 270. Chicago Consolidated Traction Co.— New Ordinance Passed — Merger.— The Chicago City Council on Oct. 10 passed an ordinance permitting the rehabilitation of the lines, or at least the principal lines, of this system, and allowing the purchase of the same as contemplated in the reorganization plan (V . 90, p. 1613; V. 91, p. 37) by the Chicago Railways Co., at a valuation of $3,968,539 placed on the property by Bion J. Arnold, city traction expert. The city is to get 5 5 % of the net income. The Mayor and the Chicago Rail ways Co. are expected to approve the measure. The “ Chi cago Record-Herald” of Oct. 11 gives the following: The ordinance runs for 17 years, expiring simultaneously with the Chi cago Hallways franchise of 1007. Nothing therein Is to be construed as being a grant to the Chicago Hallways Co. extending beyond Feb. 1 1927, but the new ordinance Is amendatory of and supplemental to the ordinance of Feb. 11 1907. The purchases by the Chicago Hallways Co. Unclude for use until rehabili tation Is complete 128 miles of track, 172 cars, 3 power houses; the rest of the Consolidated’s 187 miles of track and 344 cars are either outside the city limits or must be thrown on the scrap heap. The city Is to get 55% of all net receipts. All rights of the city with re spect to the purchase of the Chicago Hallways system as provided In the ordinance of 1908 apply to the new ordinance. The 128 miles of the old Consolidated system, which rambles over the West and Northwest sides, shall be "reconstructed and maintained” at the highest practical efficiency and In full accordance with the provisions of the Chicago Hallways ordinance of Feb. 11 1907. Reconstruction and rehabilitation shall be prosecuted under the direction of the board of super vising engineers, and with all due diligence, and the cost thereof shall be determined, paid for and certified In accordance with the provisions of the Chicago Hallways ordinance of 1907. "A t the earliest practicable moment” 215 new double-truck cars are to be placed In operation. The Chicago Hallways Co. shall pave, repair, sweep, sprinkle and clear from snow Its right of way and one foot on either side the outer rails. On single-track lines this space shall be at least 8 feet in width, on double tracks 10 feet In width. Receiver’s Income Account.— For years ending Mav 31 191 1909-10. §2,525,892 2,207,128 1908-09. $2,347,120 1,947,127 1907-08. $2,073,053 1,820,439 Net earnings_____________ . . . . . Other Income________________ §318,704 1,732 $399,993 2,830 $246,614 82,047 ’ ’ Gross Income____ _______________ Dess taxes. Interest on rcc. certs., &c_ Expended for betterments, right of way, &c___________ _______ _____ Interest on bonds__________ _____ §320,490 §104,479 $402,823 $328,661 Deficit____________________________ §503,207 ■Gross earnings_______ _____ Operating expenses........................ 110,773 602,511 Chicago & Milwaukee Electric R R .— Earnings.— The fol lowing figures have been compiled, the half-year’s figures by chartered accountants and the 3 months’ statement by the General Manager: HalJ-Year to Oper. Net Power Int.on Balance, June 30 1910. Itev. Inc. Parch. Taxes. Bec.CtJs. Sur or 1 cl' 1 Illinois D ivision-.$201,015 §57,930 §20,2031 $24,500 $31,325/sur.§20 599 Wisconsin Dlvls’n 129,792 28,890 9,297/ ldef 19 097 3 Afos. to Alig. 31. 331,970 150,095 ( ? ) ------ §44,297------ sur.106 398 For the six months ending June 30, If North Chicago Junction Instead of the State line Is used as a dividing point, there remains after charges a balance of §22,332 for the Illinois section and a deficit of §20,832 for the more northerly division. balance sheet of June 30 shows outstanding car trust certificates, Illinois, $143,101, and Wisconsin, $37,032; total, $143,101.— V. 91, p. 518. Chicago Railways.— New Ordinance— Purchase Authorized by City.— Sac Chicago Consolidated Traction Co. above. Rehabilitation.— The supervising engineers report : Value of properties as stated by Traction Valuation Commis sions, Including Chicago Hallways Co. and Chicago City Hallway Co., as of June 30 1900; Calumet & South Chicago * iiK’. Co” 1908> and Southern St. Ity. Co., Aug. 1 1908 §55,775,000 Additions and Improvements Chicago Hallways Co., Chicago Vlty ancl Calumet * South Chicago lty. Co. to Jan. •1 luUJ--------------------------------------------------------------------- 25 491 744 > Additions and Improvements all companies year end. Jan. 31 ’ 10 17,203,*231 Total value of property Jan. 31 1910 (not Including current assets, $3,52.3,177)________________________ . $98,529,978 Additions (and Improvements) Since Reorganization, Aggregating $42,754,078 and Total Valuation, $98,529,978, Jan. 31 1910. Additions Total Additions T otal to Jan. 31 ’ 10. Vaine. to Vahe. Organization.......................§3,831,456 Shop tools <tmach Jan. 31’ 10. S7S2 fill .8184,753 Engineering and Cars—revenue . . . 5,833,589 11,519,527 superintendence$1,170,750 4,170,750 Elec, equip, of cars 3,264,400 0,095 055 Track (exclusive of Mlscell. equipment 315,302 582,985 paving)...........10,357,503 23,480,015 Interest & discount 1 697,700 1,697 700 Paving ________ 3,651,798 4,917,472 Miscellaneous___ Cr. 11,384 11,300,595 Elec, line constr’n 4,617,331 7,741,511 Tunnels........... __ 397,590 1,338,880 Heal estate (used Horses......... ....... 24,992 58,292 In oper. of mad) 485,491 4,210,944 Material & supplies 1,196,533 2,158,285 Bldgs. & fixtures. 4,503,458 8,577,630 Fill .................... 59,916 101,177 Investm’t real est. 220 1,083,460 Subways......... 2,018 4,-127 Power plant equip. 2,055,325 4,894 179 |Renewals ........... Cr.53,037 Cr.53,037 Combined Income Account.— For year ending Jan. 31 1910, Including Chicago City Ity., Cal. & So. Chic. lty. and So. St. Ry. (See Chic. ltys. separate report In V. 90, p. 1099, and Chicago City Ry., V. 90, p. 767.) Receipts from passengers, &c. (Incl. advertising, $174,540; sale of power, §225,063;. Int. on deposits (net), §67,018,&c.)$22,832,883 Opcrat ng expenses and taxes ($1,144,777)___ . . . . . . . . . . . . . . 15 983 018 Proportion due Southern Street R y __________________________ 124,433 ™ opcrat,on_ _______ _________________ _ Deduct Interest on capital invested at 5 % .....................I . : ” ” §0,725 432 -m ^ so! N c o m f f i e s ' ' 4 5 % ^ p 6 u f 371f h,C^ ° ' 55% * ?1 ’276’ 253; to_ §2,292,024 — V. 91, p. 710. ’ ............................................. Chicago & Southern Traction Co.— Receivership.— At Chicago on Oct. 11 Joseph E . Otis and Matthew Slash were appointed receivers for the company, interest on the $2,500 , 000 1st M. bonds being in default.— V. 01, p . 518, 462. Concord & Montreal RR. (Boston & Maine R R .), — Bonds Offered.— Lee, Higginson & Co., N . Y ., Boston and Chicago, are offering, at 9 9 ^ and int.,yielding over 4 .0 5 % , $500,000 consol, (now 1st) mtge. 4 % bonds dated 1890 and due June 1 1920. Legal invest, for savings banks in Mass., Conn., N . II. and Me. Capital as of Jan. 2 1911: Consols, incl. this 1025 issue, $5,500,000 (closed mtge. at $21,000 per mile); deben tures due 1920, $1,523,000; stock, 7 % rental, $7,857,600.— V. 90, p. 54. Detroit Toledo & Ironton R y.— Sale of Collateral under Notes of 1905.— Herbert L. Baker,as special master,will on N ov. 25, by Adrian II. Muller & Sons, auctioneers, sell at auction at the Exchange salesroom, 14-16 Vesey S t., city, the collateral deposited under the $5,500,000 5 % notes of 1905, viz.: $5,000,000 consol. M. 4 ^ s and $3,001,000 pref. and $2,190,000 Ann Arbor common stock. saIe Is t0 take P*acc by virtue of a decree In the action brought by the U. S. Mtge & Trust Co., as trustee, made by Judge Swan of the U. S. District Court, sitting as Circuit Court Judge In the U. S. Circuit Court for the Eastern District of Michigan, Southern Division, on Sept 27. I he bonds will be first olTered In 50 separate lots of i00 bonds each and as an entirety, and the stock In separate parcels of 1,000 shares each, and then as a whole.— V. 91, p. 870. Forty-Second Street Manhattanville & St. Nicholas Avenue R R ., N. Y . — Foreclosure Sale Adjourned.— The foreclosure sale has been again adjourned to Dec. 15.— V. 91, p. 790, 518. Grand Trunk Railway Co. of Canada.— Proposed Changes as to Meetings, Dividends, Guaranties, &c.— The company will apply to the Parliament of Canada, at the next session thereof, for an Act conferring upon the company all necessary powers, to be exercised subject to the approval of the pro prietors, in respect of the following matters: (a) The holding of one ordinary general meeting In each year Instead of , c making up of accounts annually, Instead of semi-annually. (ft) Semi-annual payment of dividends. (c) Providing a reserve fund for extensions, renewals, maintenance, repairs, &c. (d) The form of transfer of the various classes of stock. (c) lo acquire, hold, guarantee, pledge and sell, or otherwise dlsposeof, st0,Sks’ bon(Is or °ther securities of the Montreal & Southern Counties Ry.Co. _ To guarantee Interest at 4% upon an Issue of 1st M. bonds of the rlinlc W estern R y. Co., payable 50 years from date thereof. (0) I o Issue such additional Grand Trunk consolidated debenture stock as may be necessary in the exercise of tlie powers conferred by the Act now applied for and by the Grand Trunk Act 1910. (ft' Repealing certain Inconsistent provisions of former Acts — V 91 p. 518, 397. Great Northern R y.— New Director.— R . A . Jackson of St. Paul has been elected to the board to succeed H . W . Cannon of New York.— V. 91, p. 790, 518. Hudson & Manhattan R R .— Extension of Time to Begin Work on Extension to 42d St.— The Public Service Commis sion on Tuesday granted an extension of 6 montin to April 28 1911 to begin work on the extension from 33d St. to the Grand Central Station, owing to difficult engineering problems. Proposition to the City.— The company on Sept. 12 last, in a letter to the Commission, suggested the laying out of a double-track tunnel between 33d St. and Broadway and the Hudson Terminal Bldgs, on Cortlandt St., via Broadwajr, University Place, Wooster and Church Sts., at the same time intimating that it contemplated bidding for the operation of the city’s proposed Broadway-Lexington lin e — V . 91, p .7 90. Indianapolis & Cincinnati Traction Co.— Sale Nov. 10.— The foreclosure sale is advertised for Nov. 10 at the Court house of Marion County, Ind.; upset price, $1 .OdST^O. Included In the sale arc the company’s 55.2 miles of street aneflnteru 'ban street railroad, 6,000 shares of common stock and §30,000 1st M. >of the Indianapolis & Southeastern Traction Co., also all interest under the company's lease of the property of the Indianapolis & Southeastern Traction Co., embracing 40.3 miles of electric railway.— V. 91, p. 945, 518. Kansas City Mexico & Orient R y. — Bonds.— The London Stock Exchange has been asked to list scrip, fully and partly paid, for $5,000,000 4 % 50-year 1st M. gold bonds, being the block sold last July; and additional to the $3,014,000 previously listed.— V . 91, p. 94, 38. Kansas City Terminal R y .— Listed.— The New York Stock Exchange has listed $12,500,000 1st mtge. 4 % bonds, due 1960, offered in March last (V . 90, p . 627, 698), with author ity to add, prior to July 1 1911, $2,500,000 additional on no tice of sale, making the total authorized to be listed $15,000,000.— V . 91, p. 589, 518. Lake Erie & Western R R .— Directors.— Frederick W . Van derbilt, H . W . Cannon and W in. C. Brown have been elected lo the board.— V . 90, p. 692. Lehigh Valley Transit Co.— Sales of Stock.— During the last month a large amount of the stock, estimated at more than $200,000 preferred and $400,000 common, face value, has changed hands privately. The shares are reported to have included, with others, a portion of the holdings of the late A . L. Johnson, and they were m ade, it is said, by or through Allentown and other banks in whole or part to a Philadelphia banking house, at between $4 and $5 for the common and between $14 and $15 for the preferred.— V . 91. p. 154. Lexington & Eastern R y.— Bids for Extension.— The com pany was to receive bids Oct. 12 for the construction of 80 miles of its proposed extension from Jackson to Whitsburg, K y . Compare V. 91, p. 589. Louisville & Nashville R R .— Call eel Bonds.— In our adver tising columns this week will be found the numbers of $110,000 Evansville Henderson & Nashville Division bonds which have been called for payment at the company’s office, No. 71 Broadwav at 110 and interest on Dec. 1.— V 91 p. 953. Manila R R . — Listed.— The New York Stock Exchange has listed $2,000,000 Southern lines 1st mtge. 4 % bonds, due 1939.— V . 91, p. 717, 276. Manistique R y. — Te Be Dismantled.— Operation of the road, which was sold at trustees' sale last week, ceased on Oct. 12 and the property is to be dismantled and the ma terial sold for what it will bring.— V. 91, p. 946, 519. 1026 Mexican Northern R y .— Option to Extend Bonds.— Secre tary Robert E . Safford, on another page, says in substance : Of the original Issue of $1,660,000 6% bonds, all except $703,000 h a ve been retired by the sinking fund. The remaining $708,000 will become duo on Dec. 1 1910. The company Is willing (per agreement In V. 88, p. 1437, 1500) to extend the outstanding bonds until Dec. 1 1930 at 6% Interest. The holders of upwards of three-fourths of such bonds have elected to have their bonds so extended. The company will at Its office, 82 Beaver S t., N. Y ., on or before Dec. 1 1910, at the holder’s option, either (1) extend same or (2) purchase such bonds, paying principal and Interest to d ate therefor. All bonds not so extended or purchased will be redeemed at the Guaranty Trust Go. of N. Y .. 30 Nassau St.— V. 89, p. 1280. _ Mexican R y .— Dividend on Ordinary Shares.— The direc tors have declared a dividend of % of 1 % per annum on the £ 2 ,2 5 4 ,7 2 0 ordinary shares for the half-year ending June 30 1910, along with dividends at the full rates of 8 % and 6 % , respectively, on the first and second preference. No dis tribution has been made on the ordinary shares since 1892 and 1897, when small amounts (less than 1 % % together) were paid on account of Government freight arrears. Last year at this time a distribution at the rate of 8% per annum was declared on the first preference stock and 2 % % on the second preference stock, and In April 1910 the same on the first preference stock and 2% % on the second preference shares, making the full rate of 8% for the calendar year 1909 on the first preference shares and 2 h % on the second preference shares.— V. 88, p. 944. Michigan Central R R .— Financing.— See New York Cen tral & Hudson River R R . below.— V . 91, p. 276. Michigan United R y s .— Report.— For year end. April 30: Fiscal Oross Net Year— 'Revenue. Rev. 1909-10______$1,233,430 $549,223 1908-09______ 1,021,128 452,971 — V. 90, p. 914. [VO L X X L. X X I THE CHRONICLE Other Int. & PJ. Divs. Balance, Inc. Taxes. (6%) Sur. $15,451 $360,736 $60,000 $143,863 5,667 365,891 60,000 92,747 Minneapolis St. Paul & Sault Ste. Marie R y .— Listed.— The New York Stock Exchange has listed $3,607,000 addi tional 1st consol, mtge. 4 % bonds, due 1938, making the total listed to date $50,705,000. Purposes Jor Which the $3,607,000 Bonds Have Been Issued. To construct 180 miles at $20,000 per mile under the terms of the mtge., extending from a point near McGregor, Altken Co., Minn., northwesterly through Aitkin, Cass, Hubbard, Beltraml, Clearwater and Polk counties, Minn., to Plummer, In Red Lake Co., Minn., 167.91 miles; from Iron Hub on the Cuyuna branch, In Crow Wing Co.. Minn., southwesterly to Deerwood, In the same county, 4.32 miles; from a point 2K miles west of Iron Hub, Crow Wing Co., Minn., to Crosby, In the same county, 4.24 miles; also an extension of the socalled Brooten-Duluth line, all In the city of Duluth, St. Louis Co., Minn., 1.53 miles, and an additional piece of main track In the city of Minneapolis 2 miles____________________________ $3,600,000 In exchange for $7,000 Minn. & Pacific Ry. 1st M. bonds deposited with the trustee-----------------------------------------------------------------7,000 — V. 91, p. 787, 790. Mobile & Ohio R R .— Report.— For year ending June 30: Fiscal Operating Net (ajter Other Interest, Dividends Balance’ Year— Revenue. Taxes). Income. Rents, &c. Paid. Surplus1909-10 $10,636,733 $2,902,902 $229,88 0 $2,580,196 *$242,824 $309,762 1908-09. 9,727,727 2,865,976 202,608 2,631,146 *301,030 136,408 * In 1909-10, 4% ; In 1908-09, 5% . From the balance as above In 1909-10 was deducted $28,431 for additions and betterments, against $19,446 In 1908-09, leaving $281,331 In 1909-10, against $116,962.— V. 90. p. 1614. As soon as details can be agreed to with the authorities of the City of New York, uur entire freight line from Spuyten Duyvil to St. John’s Park, lying along the west side of Manhattan Island, must be rebuilt. Including its elevation or depression; electricity must be installed and new terminals constructed. Other proposed Improvements arc; (1) The elimination of grade crossings, new passenger stations and remodeling of freight facilities at Utica. (2) The elimination of grade crossings and construction of new passenger stations at Syracuse. (3) The construction of a new passenger station and necessary remodeling of freight facilities In connection with the changed location of the passenger station at Buffalo. (4) The completion of the four-tracking of the main line between Albany and New York, Includ ing re-alignment and necessary station changes. (5) The Stuyvesant cut off, connecting the West Shore with the Boston & Albany south of Albany, In order to send traffic around the congested terminals at Albany. These and similar expenditures will amount, to about $100,000,000. I cannot better Illustrate the situation than by the recent attempts of the Michigan Central to market In this country and In Europe $17,500,000 of Its 4% debentures. The low bonded debt of the Michigan Central and the previous stability of Its earnings should have made such an Issue at tractive in any security market. It has been Impossible, however, to se cure any bid which could be considered. The best was one recently made of 87 for the entire Issue. The acceptance of this would have Involved a discount of over $2,250,000 on an Issue of $17,500,000. The only alterna tive Is to borrow money on short-time notes, and a result of an effort to do this shows that It will be necessary to pay approximately — and In my opinion, fully— 6% Interest on such notes. I believe that this condition will continue until the revenues of the companies can be Increased through an Increase in rates.— V. 91, p. 655, 337. New York New Haven & Hartford R R .— New Secretary.— Assistant Secretary Arthur E . Clark has been elected Secre tary to succeed the late J. G. Parker.— V . 91, p. 946, 941. New York Susquehanna & Western R R .— Report.— For year ending June 30: N et (a fter Fiscal Operating T a x es.) Year— Revenue. 1909-10 - ........... $3,474,360 $1,074,935 1.046,272 1908-09 _______ 3,252,745 — V. 91, p. 95. Other In c o m e. $130,938 78,627 F ix e d C harges. $1,016,119 1,004,712 B a la n ce, S u r p lu s . $189,754 120,187 Norfolk & Southern R y .— Receivers’ Certificates Called.— The $1,000,000 of receivers’ certificates dated Dec. 29 1908 have been called for payment at par and int. on N ov. 10 1910 at the Manhattan Trust Co., N . Y .— V. 90, p. 1239. Norfolk & Western R y .— Authorized.— The stockholders on Oct. 13 authorized the directors (1) to create at their dis cretion not exceeding $50,000,000 convertible bonds and (2) to increase the common stock from $100,000,000 to $150, 000,000, and (3) ratified the acquisition of the Big Stony R y. and the lease of the Norfolk Terminal R y. Compare V . 91, p. 463, 712, 722. Northern Central R y .— Opposition to Lease.— Townsend Scott & Son, Baltimore, in an advertisement in the “ Balti more Sun” of Oct. 8 explain at considerable length their reasons for opposing the lease proposition. The llrm asserts that the Income of 11.2% which the proposed lease would afford on the par value of the present stock should be compared not with the present 8% rate but with the 8% rate plus the average amounts received by wav of stock dividends, stock rights, &c., which, the llrm figures, have raised the annual return to the shareholders during the last ten years to 20%. The directors, they say. have acknowledged that the road Is able to pay 11.2'%, and the llrm contends that It can be compelled tojpay that amount notwithstanding opposition by a controlling Interest. Meeting Adjourned.— The meeting called for yesterday to vote on the lease was adjourned until N ov. 2 in order that stockholders might have ample time to study the contract. Montgomery (Ala.) Traction Co.— Franchises.— The city More than 9 0 % of the minority stock, it is stated, would Council on Sept. 19 granted a franchise to Charles E . Wood have been cast in favor of the lease had the vote been taken. ward of Boston, who is understood to be associated with — V . 91, p. 871, 790. other interests, to construct a road within the city limits, Ocean Shore R y ., California.— Franchise through Rich work to be begun within six months. See also Citizens’ mond, &c., Districts Lapses.— The board of supervisors at Light, Heat & Power Co. under “ Industrials” below.— San Francisco on Oct. 3 by a vote of 8 to 7 declined to renew V . 88, p. 375. the company’s 5-year franchise (which expired Oct. 5 1910) Newport & Richford RR .—Guaranteed Bonds Offered.— to build a line in the Richmond Oceanside and Ingleside Lee, Higginson & Co., New York, Boston and Chicago, are districts connecting with the main line to Santa Cruz.— placing, at 111% and int., yielding 4 .3 0 % , the total auth. V . 91, p. 871, 519. issue of $350,000 1st M. 5 % gold bonds, guaranteed, prin. Old Colony R R .— New Stock.— The stockholders, accord and int., bv the Connecticut & Passumpsic Rivers R R . Co. ing to newspaper reports, have authorized an additional (Boston & Maine R R . system). Bonds, par value $1,000 c*, amount of stock, or will shortly vote thereon. There is now dated Jan. I 1911 and due Jan. I 1941. Int. J. & J. at outstanding $20,364,000 stock.— V . 90, p. 1597. Boston. Legal invest, for savings banks in Maine and N . H . Oregon Short Line R R . -New Stock.— The shareholders Boston Safe Dep. & Trust Co., trustee. Issued to retire on Oct. 12 voted unanimously to increase the capital stock $350,000 1st M. 5s due Jan. 1 1911. A circular says: to $100,000,000. A closed 1st M. on the entire property and guaranteed, prln. and Int., Neiv Directors.— Marvin Ilughitt of Chicago has become a by Connecticut & Passumpsic Rivers R R . Co., which Is leased until 1986 to the Boston & Maine R R ., the last-named company assuming all expenses, director, succeeding P. A . Valentine.— V. 91, p. 871. taxes and Interest charges of the Connecticut & Passumpsic Rivers RR. Co. Overton County R R .— Receivership.— In the latter part of (lncl. Interest on these bonds) and 6% dividends on the Conn. & Pass. R iv ers RR. Co. $2,500,000 stock. The Newport & Richford owns 22 miles of September the Continental & Commercial Trust & Savings road extending from Newport and Richford, Vt., to tho Canadian boun dary, and connecting with the Montreal & Atlantic R y., to which It Is Bank of Chicago, acting as trustee under the first mortgage leased until 1980. The entire N. & R. capital stock ($350,000) Is owned securing an issue of $250,000 1st M. bonds, filed a bill in the by the Conn. & Pass. Rivers RR. Co — V. 91, p. 946. Circuit Court of the United States for the Middle District New York Central & Hudson River R R .— Improvements— of Tennessee, Northeastern Division, to foreclose said first Financing.— President W . C. Brown at Washington on Oct. m tge., the April 1910 coupons being in default. On Oct. 1 13, in his statement before Examiner Lyon of the Inter-State 1910 George A . Clark, of Nashville, Tenn., was appointed Commerce Commission, contending that freight rates must temporary receiver.— V . 84, p. 104. be advanced if the railroads arc to be able to finance the im Pennsylvania R R .— Bonds Offered.— White, We'd & Co., provements which are necessary in order to provide adequate New York and Chicago, have purchased, and are placing at facilities, said in substance: 10 0 % and int., a block of about $1,000,000 of the Allegheny The result of this wage-arbitration and other Increases made necessary Valley Ry. gen. mtge. gold 4s, tax-exempt in Pennsylvania. by It added approximately $3,595,000 to the payroll of the New York Cen A circular says; tral alone, all of which, under one of the provisions of the agreement, be Authorized and outstanding, $20,000,000. came effective on April 1. In addition to this there will be a further In crease of approximately $125,000 per annum, which will become effective on Jan. 1 1911. Similar arbitration was held on the New York Central lines west of Buffalo, and on these roads the Increase will amount to approxi mately $4,200,000, with an additional amount of $50,000 to take effect during the llrst half of 1911. The New York Central lines have In progress Improvements aggregating many millions of dollars, much of which remains to be provided and ex pended In subsequent years (after 1910), In order to complete tiie work, as shbwn In the following table (tabulated by the “ Chronicle” ); Approximate Cost oj Improvements Now in Progress on N. Y. Central Lines. !'• ■ I> Total Exp. Prior Est.Outlav ■ Balance Cost. i to 1910. Year 1910. Subs.Years. N. Y .C . & H . R__ $155,000,000 $75,000,000 $42,000,000 $38,000,000 •LakeSh. & M. Sou. 61,000,000 : 30,000,000 12,000,000 19,000,000 M'C’l. Central R R .. 14,200,000 9,700,000 3,500,000 1,000,000 Pitts & Lake Erlc_ 9,150,000 4,500,000 3,400,000 1,250,000 C C C & St. L_ _ 7,300,000 660,000 6,300,000 340,000 A closed 1st M. on 263.70 miles of road from Pittsburgh northerly to Oi City and Driftwood. 132 miles of which forms the southern half of tho Pennsylvania main ilne from Pittsburgh to Buffalo. Endorsed with tho unconditional guaranty as to prln. and Int. of the Pennsylvania R R . Co. In April 1910 was merged with that company.— V. 91, p. 946, 655. Pere Marquette R R .— Neiv Director.— Frederick II. Prince, of Boston, has been elected a director to succeed A . Patriarche, who, however, remains a Vice-President.— V. 91, p. 946. Rio Grande R y R e - S a l e ^Qrilered.— Judge Burns in the Federal Court on OctJ 3 on application of minority stock : holders ordered a resale of the property. The road was sold for $48,006 In July last, but tho minority stockholders objected to the confirmation of the sale, claiming, that tho property Is THE CHRONICLE O ct . 15 1910.) worth not less than §125,000 A re-sale Is ordered provided a bond Is given on or before Oct. 18 In the sum of §125,000 that at the rc-salc a sum not less than §125,000 will be bid. In default of the bond the original sale of §48,000 will stand conllrmcd— V. 91, p. 337, 276. Rome & Clinton R R . — Corporation Tax Diminishes Occa sional Dividend (Rental Guaranty) .— A circular dated July 1 explains as follows the fact that the July 1910 dividend was 3 % and not the 3 % % usually paid from guaranteed rental. - Owing to the Income tax recently assessed on corporations by the U. S. Government, it becomes necessary to slightly reduce an occasional dividend to provide for the deliclt caused by the payment cf the tax. It Is expected the usual 3 )i% will be paid Jan. I 1911. South Buffalo (N. Y.) R y .— Decision.— Justice Pound in the Supreme Court at Buffalo, in a suit brought by one Ives, a switchman, recently sustained the constitutionality of Chapter 074 of t h e N .Y .. laws of 1910 amendingthe labor law in relation to workmen’s compensation for injuries in certain dangerous employments, including work on steam and electric roads. Prior to the enactment of the statute referred to, the plaintiff would have had no remedy; but under It he may recover according to a lixed seal of compensation without establishing that the defendant was at faailt. The plaintiff brought himself under the provisions of the Act by showing that he was injured while on duty without negligence on the part of the defendant and “ without serious or wilful misconduct” on his part, but solely by reason of the necessary risk or danger of his employment. The Court says the Act Is based on the workmen’s compensation Act of England, the old common law having afforded no remedy for Injuries in Industrial accidents not attributable to the negligence of the employer. Southern Pacific R R . — Listed.— 1 he New York Stock Ex T change has listed $7,020,000 additional first refunding mtge. guaranteed 4 % bonds duo 1955, making the total amount listed to date $117,002,000. Purposes Jor which §7,620,000 Bonds Have Been Issued. To retire §3,926,000 of the §4,000,000 outstanding Southern Pacific Hit. of Arizona 1st M. 6% bonds, Series B, which ma tured March 1 1910, and §60,000 to pay bonds of the Issue of a like amount when presented. _ _____ ________________________ § 3 ,986,000 For refunding purposes, as provided under Art. 2, See. 4 ________ 1,992,000 Against the expenditure of §1,642,400 to construct additional new lines, and for betterments and additions___ ______ __________ 1,642,000 Earningrs.— For year ending June 30: Fiscal Gross Net Other Charges, Balance, Year— learnings. Barnings. Income. Taxes,&c. Surplus. .1909-10..,,.§51,118,906 §22,247,130 §2,254,643 §9,568,941 §14,932,832 1908-09_____ 43,829,941 18,342,437 1,789,458 9,347,288 10,784,607 — V. 90, p. 850. Toluca Marquette & Northern R R . — Sold.— See Chicago & Alton R R . above.— V. 89, p. 1598. Tonopah & Goldfield R R . — Report.— For June 30: Fiscal Operating Year— revenue. 1909-10____ ...§789,205 1908-09........... 910,019 — V. 90, p. 915. Net (alter taxes). §167,830 182,585 Other income. §3,772 3,165 year ending Interest and charges. §143,868 159,221 Balance, surplus. §27,734 26,529 Twenty-eighth & Twenty-ninth Streets Crosstown R R .— 1027 The bondholders’ committee now consists of James M. Edwards of R. T . Wilson & Co., Chairman; R. E. Harrison (59 Wall St., N. Y .l, and H. T. Cutter. All except 21 of the §500,000 bonds have been deposited. A re organization plan will be adopted later. The plan put out In 1908 (V. 87, p. 168) has been abandoned. Sec also V. 91, p. 947. Amalgamated Asbestos Co., Montreal.— Dividend N o t Declared.— The October dividend on the $1,875,000 pref. stock has not been declared. Dividends Nos. 1 and 2 were paid April 1 and July 1 1910. Call on Underwriting Syndicate.— The subscribers to the syndicate that underwrote the $7,500,000 bonds last week received the following notice: Kindly make an Immediate payment to the Royal Trust Co. of Montreal of 10% of the amount of your subscription to the bonds. In a few days a final statement will be sent you showing the balance due on your subscrip tion. [The bond syndicate, which will expire Nov. 1 next, paid 20% cash down, received as bonus 25% common stock, which was delivered to them; also 25% pref., which. It Is said, was released to them onlyon payment of a second 20% on the bonds. Comparatively few of the bonds it Is under stood were placed. Ed],— V. 91, p. 277. American Dock & Trust Co., New York.— Earnings.— Earnings for the 12 months ending Aug. 31 1910: Gross ea rn in gs................... §216,323 IDeduct— T a x es___________ Net earnings.------- ----------- 155,841 | Int. on §750,000 5% bds. §6,311 37,500 Balance, surplus, after allowing for full interest on the §750,000 bonds now being issued______________________________________ §112,030 The company owns five covered piers and 24 warehouses: also a terminal railroad connecting with the B. & O. R R ., on Staten Island, adjoining the Municipal terry. Pouch & Co., New York, recently offered the 1st M. 5s. See full statement In V. 91, p. 872. American Shipbuilding Co.— Report.— The results for the fiscal year ending June 30 were: Fiscal Net Deprec'n, PreJ. Hi vs. Common Year— earnings. add'ns,&c. (7%) . dividends. 1909-10-------*31,980,654 §543,332 §553,000 (4%) §304,000 1908-09--------- 1,257,722 379,643 553,000 _ . .. 387,961 553,000 (6% ) 456,000 1907-08------ 1,713,908 — V. 91, p. 278. Balance, surplus. §580,322 325,078 316,947 American Tobacco Co.— Assigned for Re-Argument Jan. 3. — The Supreme Court of the United States at the request of Attorney-General Wickersham on Oct. 11 re-assigned for hearing on Jan. 3 next the re-arguments in the Government suits against the company and the Standard Oil Co., which had been previously set down for N ov. 14. It Is expected that by the time named the two vacancies in the court will be filled In order to permit of hearings before the full Court. The case against the American Tobacco Co. Is to be given preference.— V. 91, p. 1364. American Window Glass Co.— Plan F ails.— The amount of pref. stock deposited under the plan of April 20 failed to reach the required amount, and the creditors’ committee has therefore notified the assenting holders to surrender their deposit receipts to the Commonwealth Trust Co. of Pittsburgh in exchange for stock certificates not later than Oct. 25. Compare Y . 90, p. 1427, 1172. Foreclosure Sale.— The foreclosure sale, which was to have American Zinc, Lead & Smelting Co.— Report.— For year: taken place on Oct. 3, has been indefinitely postponed. Net General Int. on Dividends Balance The sale will be re-advertised, in all probability to take place Fiscal Year end June 30. Earnings. *Expenses. Bonds. &c. (4% ). Surplus. in N ov. or Dec.— V. 90, p. 1556; V . 91, p. 90. 1909-10 ----------- §359,325 §89,007 §61,433 §80,520 a§128,365 58,583 57,351 . a244,445 Union Pacific R R . — New Director.— Mortimer L . Schiff 1908 09 .............. 360,380 has been elected a director to succeed P. A . Valentine.— * General expenses include commission for underwriting debenture bonds amounting to §30,000 In 1909-10. Amount in 1908-09 not stated. V. 91, p. 872, 791. a From the surplus as above, §128,365 in 1909-10, was deducted §25,000 Wabash-Pittsburgh Terminal R y .— Negotiations with Wab transferred to special reserve fund for additions and betterments to proper ash R R .—-The first mortgage committee of which J. N. W al ties, against §162,016 In 1908-09.— V. 90. p. 1241 lace is Chairman announces that: “ The contemplated Associated Oil Co., Los Angeles.— Oil Contract.— A con report of this committee to the holders of certificates of tract between the company and the Independent Agencydeposit will be deferred for the present in view of the nature Union Oil Co. was signed Oct. 5, placing, it is said, practically of the committee’s negotiations now in progress with a com all the oil produced in California outside of that handled mittee recently appointed by the board of directors of by the Standard Oil Co. in the hands of one marketing Wabash lilt . Co. Compare V. 91, p . 791, 718. agency for the next three years. The “ San Francisco News The committco of Wabash directors consists of Gen. Thos. Bureau” of Oct. 6 says: The contract provides for the marketing of the agency's vast amount of II. Hubbard, Robt. M. Callaway and Edward B. Pryor — unsold oil through the Associated, but no price Is mentioned, and aligns V . 91, p. 652, 39. all the powerful factors In the California oil industry, except the Standard, In harmonious co-operation. Washington Alexandria & Mt. Vernon R y. — Merger approximately 215,000 barrels Of the total oil production of California, per day, the Union-Independent Agency Authorized.— The plan of consolidation was approved on produces 100,000 barrels. The Associated Is the next largest factor In the oil production. Oct. 12 by the stockholders.— V . 91, p. 947. The Union-Independents are to retain all their present business. The West Penn Traction Co.— Bonds Offered.— J. S. & W . S. Associated Is to retain all Its present business. All new business taken under the contracts to be made by the Associated Is to be assigned to the Kuhn (Inc.), Pittsburgh, Pa., Philadelphia, New York, &c., Union-Independents until such a time as the volume of sales of the latter are offering at 97 and int. $350,000 1st M. 5 % gold bonds, tax- equal the volume of sales of the Associated. Thereafter the business, which say the contracts for the sale of oil. Is be free in Pennsylvania, dated June 1 1910, due June 1 1900.— Is toUnion-Independents and the Associated.to Thedivided equally between the Associated Is to receive a commission of 10% on all sales of oil for the Union-Independents.— V . 91, p. 39, 398, 590. V. 90, p. 1484. Wisconsin Minnesota & Pacific R R . — Agreements Assumed Bethlehem Steel Corporation.— Earnings.— For the eight by Reorganized Chicago Great Western Company.— Judge San born in the United States Circuit Court at St. Paul on Oct. 12 months ending Aug. 31 1910: signed a decree incorporating the provisions of an agreement "Total Income” of the corporation and Its subsidiaries, being the net manufacturing profits, together with interest on invest between the company, Chicago Great Western R R . (the new ments, rents, &c. __________ ______________________________ §2,732,566 reorganized company) and the Mercantile Trust Co., as trus Deduct Interest on bonds and notes.............................................. 1,111,949 tee, to protect the rights of the holders of the company’s Balance, surplus, for the eight months____________________ §1,620,617 It Is expected that the net earnings for the full year 1910, after charging 1st M. 50-year gold bonds. The agreement Is made In compliance with the provisions of the decree of the United States Circuit Court. District of Minnesota, of July 10 1909, under which the property of the C. G. VV. Ry. (old company) was sold to and purchased by the C. G. W. HR, (the new company). The new C. G. VV. company assumes all leases and traffic agreements entered Into between the old company and the VV. M. & P., and subjects Itself to the same duties and liabilities as the old company for the satisfaction of all rights and claims, past or future, of the VV. M. & P, and Its bondholders thereunder, Includ ing all rights to or In respect of the surplus net earnings derived from the operation of the VV. M. & P. The surplus net earnings at the time of the cooveytmee of the C. G. V . properties to the new company amounted to V §3o7,o07. I he agreement provides that in respect to this surplus of §357, 507, as well as any surplus net earnings derived from the operation of the VV. M. & 1 . by the new company, that the new company shall be bound by all the provisions of the leases and traffic agreements In the same manner as the old company would have been had it received such net earnings. Comparo O. G. W . report, V. 73, p. 566.— V. 84, p. 694. IN D U ST R IA L, GAS AN D M ISCELLAN EO U S. Albemarle & Chesapeake Canal Co.— Sale.— The fore closure sale is set for Nov. 10 at Portsmouth. No upset price. off §400,000 or §500.000 for depreciation, will be close to §2,000,000, or about 13% on the §14,908.000 preferred stock.— V. 91, p. 278. Chicago Junction Rys. & Union Stock Yards Co.— Offer for Stock.— Unknown interests have made an ofTer to the leading shareholders, through F. S. Mosely & Co., N . Y . and Boston, to purchase $1,650,000 of the stock at $160 a share (par $100). About 7 5 % of the amount named had been deposited up to Oct. 13. It Is probable that a communication will be sent to the smaller stock holders oirering them similar terms for an amount sufficient to bring the total up to the 16,500 shares desired. The bankers state that they have no knowledge as to the Identity of the real buyers of tills stock, do not know why It Is wanted and are unable to find out. A Chicago dispatch states that the packers In that city deny being Interested In the bid. Another assumption Is that directors are considering a pla i to increase the capital ization so that outstanding capital obligations will more nearly equal prop erty assets. A leading director states that for the year the 8®S common dividend will not be fully earned. The current 12 months lias been one of continued depression for the packers, and in this Chicago Junction will naturally share. The common dividend will, of course, bo paid, a the THE CHRONICLE 1038 company has abundant surplus and In normal years earns from 10% to 13% on Its§6,500,000 common.— (“ Boston News Bureau.” ) — V. 90, p. 1615. • Citizens’ Light, Heat & Power Co. of Montgomery, A la .— Franchise to Other Interests.— Mayor Gunter on Oct. 3 signed the franchise granted by the City Council to Richard Tillis and associates, who are interested in the Montgomery Trac tion Co., to erect and operate a new electric-light plant in the city. Work Is to be begun within 6 months and within 18 months light fur nished within the lire limits o f the city and to at least half of the residence section.— V. 91, p. 792, 466. Columbu3 & Hocking Coal & Iron C o.— Plan.— ' he re T organization committee announces that at a meeting of the 2nd mortgage bondholders held Oct. 5 it was unanimously decided to assent to the reorganization plan. A large majority of the first mortgage bonds has already assented. Upwards of 45,000 out of a total of 70,000 shares of the common stock have been deposited and arrangements have been perfected by the Com mittee to underwrite the assessment on any stock not deposited within the time limited by the plan.— V. 91, p. 874. Consolidated Gas, Electric Light & Power Co. of Balti m ore.— Earnings.— For year ending June 30: Fisca Gross Net (aj‘er Fixed Pre). Com. Divs. Dal., Year— Earnings. Taxes). Charges. Divs. (2% ). Sar. 1909-10.--$4,699,098 $2,433,564 $1,374,362 $423,603 $126,001 $509,598 1908-09--- 4,449,276 2,169,698 1,383,164 423,603 _______ 362,931 From the surplus as above In 1909-10 was set aside $257,596 for reserve for renewals, amortization, contingencies and other corporate purposes. — V. 91, p. 947, 719. Deschutes (Ore.) Irrigation & Power Co.— Foreclosure Sale. — Receiver C. M. Redfield, acting as special commissioner, on Oct. 10 sold the property at foreclosure sale to Jesse Stearns of Portland, former Secretary of the company; Louis G. Addison, attorney for the bondholders, and Louis N. Farnum of J. G. White & Co. of New York, who will be fiscal and constructing agents of the new company, all acting as trustees for the bondholders.— V . 90, p. 917. Dominion Iron & Steel Co., L td .— Listed in London.— The London Stock Exchange has listed a further £200,000 5 % consols, making the total amount of sterling bonds listed £ 1 ,4 0 0 ,0 0 0 .— V. 90, p. 1073. Federal Coal & Coke Co.— Bonds, A c .— See “ Annual Re ports,” Massachusetts Gas Companies.— V . 87, p. 1090. General Motors Co., New York .— Notes— Further Parti culars— Merger.— The $15,000,000 0 % first lien five-year sinking fund gold notes (V . 91, p. 947) are to be secured by immediate deposit with the Central Trust Co., trustee, of 815,000,000 1st M. 6 % (ive-year notes of the General Motors Co. of Michigan, all of whose capital stock is owned by the General Motors Co. and deposited with the aforesaid trustee. The notes of the General Motors Co. of Michigan will be a first mortgage on the real estate, plants and equip ment now owned by the companies included in the list shown in last week’s “ Chronicle” (p .947) except the Weston-Mott Oo. and the McLaughlin Motor Car Co., L td., the latter two not being controlled by majority stock ownership. The various controlled companies will convey all their real estate, plants and equipment to the General Motors Co. of Michigan; also their patents and trade-marks, all of which will be mortgaged to secure the $15,000,000 first mortgage notes deposited with the Central Trust Co. These flrst mortgage notes will be part of an authorized Issue of $20,000,000,and it any of the remaining $5,000,000 are to be Issued they are to be acquired by the General Motors Co. and pledged with the Central Trust Co., trustee. There will also be deposited with said trustee all the shares of stock of all the companies now owned or hereafter acquired by the General Motors Co., including the stock of the Weston-Mott Co. and the McLaughlin Motor Car Co., Ltd., which latter two companies, as above explained, are not con trolled by a majority stock ownership. If any of the subsidiary companies issue further stock In the future, the General Motors Co. must acquire the same proportion thereof as Its stock holdings then bear to the whole, and must pledge such new stock as further security for the notes. Sccalso V. 91, p. 947. Great Western Power Co.— Earnings.— This company, whose present capacity is said to be 53,000 h.p. reports: Earnings for— Seven months ending July 31 1910.. Seven months ending Dec. 31 1909-. Gross. $509,940 492,151 Oper. Exp. $155,899 171,177 Net. $354,041 320,974 Compare V. 89, p. 1283, 1485. Harrison Bros. & Co. Incorporated, Philadelphia.— New Directors.— James Dobson and W . Frederick Snyder, both of Philadelphia, have been elected directors.— V . 90, p. 1046. Ingersoll-Rand Co., New York .— Plan Approved.— The stockholders on Oct. 4 voted (1) to permit the holders of the $4,800,000 pref. stock to exchange their stock, in so far as they desire to do so, for common stock, share for share; (2) to authorize the sale for not less than par to employees other than directors of $354,200 common stock, which will be received in exchange for pref. stock now in the treasury. Compare V . 91, p. 719. Madison (W is.) Gas & Electric Co.— Payment of Deben tures.— The $100,000 10-year 6 % debentures due Oct. 1 are being paid through Emerson McMillin & Co., N . Y . Most of the $400,000 stock is owned by the American Light & Traction Co. There are also $400,000 1st M. 30-year gold 6s, due 1926, int. A .& O .10 at office of said firm.— V. 72, p .7 25. Massachusetts Gas Companies.— See “ Annual Reports.” Boston Tow Boat Co.— On or about Sept. 20 a new Boston Tow Boat Co. was organized under the laws of Massachu setts, with its $400,000 stock substantially all owned by the Mass. Gas Co., to take over most of the property of the former Boston Tow Boat Co. Compare Y . 91, p. 521, 792. Montreal W ater & Power Co.— Listed Abroad.— The Lon don Stock Exchange has listed a further £2 5,00 0 4 ]A% 1st M. prior lien gold bonds. Compare V . 90, p. 1175; V . 91, p. 462. New York & Albany Transportation Co.— Sale Confirmed. — Judge Hough in the United States Circuit Court on Oct. 13 [Yol. lxxxxi confirmed the sale on Sept. 29 for $76,000 of the steamboats “ Saratoga” and “ Frank Jones.” — V. 91, p. 876, 792. Northwestern Telegraph Co.— Bonds.— See “ Annual Re ports” Western Union Telegraph Co.— V . 90, p. 1365. Ontario Power Co., Niagara Falls.— Ontario Government System in Partial Operation.— The Hydro-Electric Com mission of the Ontario Government at Berlin, Ont., on Oct. 11 formally inaugurated their service over this com pany’s lines. The following towns have requested the Commission for estimates: Kingston on 2,500 h.p.: Belleville, 3,200 h.p.; Deseronto, 300 h.p.; Brockville, 500 h.p. to 1,000 h.p.; Oshawa, 500 h.p.; Cobourg, 900 h.p.; Bowmanvllle, 600 h.p.; Plcton, 500 h.p., and Durham, 2,000 h.p. Francis Ralston Welsh, Philadelphia, recently Issued an Interesting description of the plant, business and bonds of the Ontario Power Co. Compare V. 91, p. 720, 792. Pacific Coast Co.— Report.— For years ending June 30: Fiscal Gross Net (after Other Total Total Balance, Year— Earnings. Taxes). Income. Chgs., &c. Divs. Surplus. 1909-10 _____ $7,903,148 $1,512,479 $21,808 $490,204 $928,750 $115,333 1908-09 ____ 6,580,507 959,489 13,154 310,710 516,250 145,683 The dividends, as above. Include $76,250 (5%) on llrst pref. yearly, and In 1909-10 7% % each on 2d pref. and com. stock ($310,000 and $542,500, respectively), against 4% on each of the two stocks last named, calling for $160,000 and $280,000 respectively.— V. 90, p. 171. Pierce, Butler & Pierce Manufacturing Co. (Steam and Hot W ater Heating Apparatus and Plumbers’ Supplies), Syracuse, N . Y .— Preferred Stock Offered.— Spencer Trask & Co., N . Y ., Chicago, Boston and Albany, are offering at par ($100 a share and accrued div.) $1,000,000 7 % cumula tive pref. stock, yielding full 7 % . The firm says: Dividends Q.-J. Redeemable as a whole but not In part prior to July 1 1913 at 110 and accrued dly., and thereafter at 115 and accrued dlv. on 60 days’ notice. Pref. both as to assets and divs. Capitalization (There Is no bonded debt)— Authorized. Outstanding. $1,385,000 7% cumulative preferred stock________________ $2,000,000 Common stock________________________________ 3,000,000 1,500,000 Of the $1,385,000 pref. stock, $385,000 is to be used in retiring existing Issues of 6% 1st pref. stock and 7% 2d pref. stock The books show that the company has paid full dividends on previous Issues of pref. and common stocks for 10 years without Interruption, the record covering two periods of severe business depression. Condensed Statement by President William K. Pierce Oct. 1 1910. A New York corporation (organized 1886), having developed from the firm of S. P. Pierce & Sons, established In 1839. Manufactures steam and hot water heating apparatus, Including boilers and radiators, and sanitary plumbing supplies, such as sanitary and bath-room appliances and all the lead pipe used therefor. One of the most widely known concerns engaged in this line of business In the United States. The plant Is located about 2 miles from the business centre of Syracuse, N. Y ., while the executive offices are In the city proper. The plant covers about 20 acres, and Its equipment Is of the most modern type. Practically all of the machinery Is operated electrically, the power being brought from Niagara Falls. Narrow gauge tracks extend to ail parts of the plant. Has organized and controls the Century Brass Mfg. Co., Cattaraugus, N. Y ., and the Century Sanitary Mfg. Co., Syracuse, N. Y ., which supply accessories, such as plumbing, brassware and fittings. Net Sales oj Principal Products Jor Fiscal Years Ended Jan. 31. 1910. 1909. 1908. 1907. 1906. Heating apparatus -.$1,103,938 $856,521 $1,090,445 $973,458 $943,475 Plumbers’ supplies--- 1,029,810 706,696 702,778 882,506 677,517 Balance Sheet as o) Jan. 31 1910, alter Sale oj the New Prejerred Stock, but without Allowance Jor Patents, Goodwill, etc. Liabilities, incl. surp., ($3,425,700) Assets ($3,425,700) — Preferred stock-------------- $1,385,000 Real estate, equip., &c-$1,000,593 Common stock__________ 1,500,000 Cash_______________ 415,298 Accts. & bills receivable.- 1,031,215 Accts. & bills payable______________ 145,106 None. Inventory ______________ 609,106 Bonded debt____________ 395,594 3,028 Surplus------------------------Sundry assets................. [Net quick assets, $1,910,513. Securities__________ 366,460 The Issue of pref. stock will provide substantial working capital, and elfeet a saving of approximately $60,000 per annum In interest on borrowed money. This latter amount has been deducted from the Item of expenses jn tiie following statement of net sales and profits. Net Projits Jor Years Ended Jan. 31 (For Year 1909-10 on Net Sales oj $2,226,130 and Gross Projits oj $536,828). 1910. 1909. 1908. 1907. 1906. Avg. 5 Yrs. $244,115 $162,279 $247,546 $242,040 $324,407 $244,077 Annual dlv. on the $1,385,000 pref. stock now Issued.......................$96,950. The net quick assets must always equal the total pref. stock outstanding; no dividends can be paid on common stock until any Impairment Is reme died, anil If such Impairment shall continue for 12 months, or two consecu tive dividends shall be In default, the exclusive voting power will becomo vested In the pref. stock until the Impairment or default has been fully remedied. No mortgage can be placed on the properties, nor further pref. stock be Issued without the consent of 75% of the pref. stock outstanding, or a majority thereof with the written assent of Spencer Trask & Co. After the common has received 7% per annum, ,>0% of the remaining surplus earnings, after depreciation, Is to be used for betterments or addi tions, or for the purchase In the open market of pref. stock, such stock to be held In the treasury and to receive no further dividends. The management has been under my supervision since 1893. Thomas Wheatley, VIco-l’ res., has been with the company 22 years, and P. M. Beecher, Sec. and Gen. Sales Mgr., has had 20 years’ experience. The present management owns practically the entire Issue of common stock. Plaza Operating Co., New York.— Mortgage.— This com pany, which on Oct. I paid off its 3-year 6 % collateral trust notes secured by an issue of $4,500,000 2d M. bonds (now canceled), has made to the Metropolitan Trust Co. a $1,000, 000 5 % 5-year 1st M., dated Sept. 30 1910, thus increasing the amount of the 1st M. held by the Metropolitan on the Plaza Hotel to $0,000,000. Compare V . 91, p. 876. Portland (Ore.) Gas & Coke Co.— Bonds, Earnings, A c .— The Milwaukee (W is.) Trust Co. is offering at a price to yield over 5 % a block of “ first and refunding m tge.” 5s, dated Jan. 11 1910. A circular reports: Earnings for Year ended July 31 1910. Gross earnin gs............... $850 , 5 50 1Ann’l Int. on bonds outst’g.$152,950 Net (after taxes)________ -$303,8491Surplus.--------------------------- $210,889 Outstanding capitalization: Common stock, $3,000,000; pref. stock, 7% cum. (total auth. $1,500,000), $1,100,000; llrst and refunding mtge. 5s, $2,811,000; Portland Gas Co. 1st M. 5s, $404,000. See also V. 90, p. 1176. Rockingham Power Co.— Not Sold.— No bids were received at the auction sale on Oct. 5. The upset price was $1,000, 000. Compare V. 91, p 057. Salisbury Steel & Iron Co., Utica, N. Y .— New Stock— Convertible Bonds.— The shareholders will meet at the office, 115 Genesee St., Utica, N . Y ., on Oct. 22, to authorize: 1 An increase In stock from $1,000,000 to $2 ,000,000 In $100 shares. 2* The Issuing of mtge. bonds to the extent and amount of $500,000, for the purpose of refunding the bonds now outstanding and for other purposes. It Is proposed tomakc the said bonds convertible Into the stock of the com pany If the directors shall so decide, according to the statute. Rdward L. Wclis Is Pres, and Win. II. Switzer See.— V. 84, p. 1432. _____________ . For otlier Investment News see page 1040. O ct . 15 1910. THE CHRONICLE Im p o rts a n d 1029 Ip o x u w im is . ERIE RAILROAD COMPANY. F IF T E E N T H ANNUAL N ew Y ork, REPO RT— FOE O cto b e r 11 , THE 1910. T o the B o n d a n d S h a r e H o l d e r s o f the E r i e R a il r o a d C o m p a n y . T h e fo llo w in g r e p o r t o f t h e o p e r a tio n s o f y o u r C o m p a n y fo r th e y e a r e n d in g J u n e 30 1910 is r e s p e c t fu lly s u b m it t e d b y th e B o a r d o f D ir e c to r s : M IL E A G E . T a b le N o . 1 sh o w s in d e ta il th e m ile a g e c o n t r o lle d o r o p e r a te d d u r in g th e fiscal y e a r e n d in g J u n e 3 0 1 9 1 0 , fr o m w h ic h y o u w ill n o te th a t th e C o m p a n y : Owns In fee or controls by ownership of entire stock---------1,680.31 miles Controls by ownership of over a majority or stock------------ 158.27 “ Leases_____________________________________________ _____ 277.62 “ Has trackage rights over--------------------------------------------------- 110.83 “ Total mileage operated--------------------------------------------------- 2,227.03 Has restricted trackage rights over------------------------------------ 109.20 Owns and leases to other companies______________________ 15.12 Leases and re-leases to other companies----------------------------2.35 Controls lines operated Independently________________ 37.87 Total mileage controlled but not operated........................... 164.54 Grand total--------------------------------------------------------------------2,301.57 — o f w h ic h 8 9 5 .0 7 m ile s , o r 3 7 .4 p e r c e n t , h a v e s e c o n d t ra ck , 1 8 .0 6 m ile s h a v e th ir d t r a c k a n d 1 6 .4 8 m ile s h a v e fo u r t h tra ck . T h e d e cr e a s e o f .13 m ile s in tr a c k o w n e d is d u e t o th e e x t e n s io n o f th e lin e o f th e P e n h o r n C reek R a ilr o a d 3 .3 3 m iles, less c h a n g e s in N e w a r k & H u d s o n R a ilr o a d , .13 m ile s , A r lin g t o n R a ilr o a d , .83 m ile s, a n d a b a n d o n m e n t o f tra ck E r ie B r e a k e r . P a ., to E d g e r t o n B r e a k e r , P a ., 2 .5 0 m iles. T h e d e cr e a s e o f 1.3 4 m ile s o f tra ck c o n t r o lle d is d u e to th e r e -a r r a n g e m e n t o f m a in lin e N o w Y o r k & G r e e n w o o d L a k e R a ilw a y . T h e d e cr e a s e o f 1 .5 8 m ile s in tr a c k le a se d is d u e to th e d is c o n t in u a n c e o f th e o p e r a tio n o f th e B r o c k R a ilr o a d . T h e d e cr e a s e o f .74 m ile s in t r a c k a g e r ig h ts is d u e to c u r v e r e v is io n o f tr a c k s o f th e B u ffa lo R o c h e s t e r & P itt s b u r g h R a ilw a y b e t w e e n C la rio n J u n c tio n , P a ., a n d E le a n o r a J u n c t io n , P a . T h e in cre a se o f .10 m ile s o f s e c o n d tr a c k is d u e to th e e x te n s io n o f th e lin e o f th e P e n h o rn C re e k R a ilr o a d 3.3 1 m iles, a n d ch a n g e s in N e w a rk & H u d s o n R a ilr o a d , .01 m ile , less c h a n g e s in A r lin g t o n R a ilr o a d , 1 .1 6 m ile s , N e w Y o r k & G r e e n w o o d L a k e R a ilw a y , 1 .3 4 m ile s , a n d r e v is io n o f c u r v e s B u ffa lo R o c h e s t e r & P itt s b u r g h R a ilw a y b e t w e e n C la rion J u n c tio n , P a ., a n d E le a n o ra J u n c t io n , P a ., .72 m ile . O P E R A T IN G R E V E N U E A N D E X P E N S E S . T h e fo llo w in g s t a t e m e n t s h o w s th e g r o s s o p e r a tin g r e v e n u e , o p e r a tin g e x p e n s e s a n d o p e r a tin g in c o m e o f th e e n tir e sy s te m fo r th e fiscal y e a r : REVENUE. 1910. Merchandise_____________ $24,114,760 Coal_____________________ 14,295,36? Passenger______ ________ 9,459,963 M a ll..................... 431,802 E xpress_________________ 1,437,272 M ilk _______ 865,926 Miscellaneous....................... 1,225,625 I n c r e a s e ( + ) or 1909. D e c r e a s e (— ). 39 $20,777,944 77 + $3,336,815 62 86 14,411,844 05 — 116,474 19 21 8,880,634 32 + 579,328 89 15 469,485 22 — 37,683 07 44 1,204,578 84 + 232,693 60 83 853,086 42 + 12,840 41 05 917,285 12 + 308,339 93 Revenue— Rail Opcr...$51,830,710 03 $47,514,858 74 +$4,315,86119 Revenue— Outside Opcr. 3,035,470 02 2,926,303 01 +109,167 01 Gross Operating Rcvenue_$54,866,189 95 $50,441,161 75 +$4,425,028 20 EXPENSES. 1910. Maintenance of Way and Structures______________$5,217,451 67 Maintenance of Equipment 9,455,98132 Traffic Expenses_________ 1,295,875 77 Transportation Expenses.. 17,422,05173 General Expenses________ 1,062,508 85 Operating Rail Ope Operating 1909. $4,232,407 48 9,648,079 96 1,124,621 47 1 6 ,6 1 6 , 1 8 0 8 2 1,071,835 53 In crea se D ecrea se (+ ) or (— ). + $985,044 — 192,998 + 171,254 + 806,770 — 9,326 19 64 30 91 68 .$34,454,760 34 $32,604,025 26 + $1,760,744 08 Expenses— . 3,270,805 92 2,840,737 01 +430,068 91 .$37,725,575 20 $35,534,762 27 + $2,100,812 09 1,369,522 09 , +5,234 18 Total Operating Expen .$39,100,332 43 $36,004,285 26 + $2,100,047 17 .$15,765,857 52 $13,536,876 40 + $2,228,081 03 ses and Taxes to Operat ing Revenue----------------Ratio of Operating Expen3 71.26% 73.16% — 1.00% 68.76% 70.45% — 1.69% MERCHANDISE FR EIG H T. T h e m e rc h a n d is e t o n n a g e fo r th e y e a r w a s 1 9 ,6 3 4 ,8 0 4 t o n s , a n in cre a se o f 3 ,6 8 1 ,0 1 6 to n s , o r 2 3 .0 7 p e r c e n t . T h e in cre a se in r e v e n u e fr o m th e t r a n s p o r ta t io n o f m e r c h a n d is e fr e ig h t w a s $ 3 ,3 3 6 ,8 1 5 6 2 , o r 1 6 .0 6 p e r c e n t m o r e th a n -the p r e v io u s y e a r . F IS C A L Y E A R E N D I N G J U N E 30 19 10. T h e c o m m o d it ie s t r a n s p o r te d are s h o w n in d e ta il in T a b le N o . 17 h e r e w ith . COAL. T h t to ta l c o a l t o n n a g e fo r th e y e a r w a s 1 9 ,1 2 8 ,7 9 6 to n s , a n in c r e a se o f 2 ,2 8 5 ,3 7 9 t o n s , o r 1 3 .5 7 p e r c e n t m o r e th a n th e p r e v io u s y e a r . T h e r e v e n u e fr o m th e t r a n s p o r ta t io n o f th is c o m m o d it y d e cr e a s e d 8 1 1 6 ,4 7 4 1 9 , o r . 8 1 ' p e r c e n t . T h e a n th r a c it e t o n n a g e w a s 8 ,7 0 7 ,2 5 1 to n s , a d e cr e a s e o f 6 2 3 ,9 4 1 t o n s , o r 6 .6 9 p e r c e n t less th a n th e p r e v io u s y e a r . T h e b it u m in o u s t o n n a g e w a s 8 ,1 8 9 ,9 8 7 t o n s , a n in cre a se o f 2 ,2 3 4 ,1 4 4 to n s , o r 3 7 .5 1 p e r c e n t m o r e th a n th e p r e v io u s year. T h e c o k e t o n n a g e w a s 2 ,2 3 1 ,5 5 8 t o n s , a n in c r e a se o f 6 7 5 , 176 t o n s , o r 4 3 .3 8 p e r c e n t . T h e c o a l t o n n a g e o f th e C o m p a n y w a s 4 9 .3 5 p e r c e n t o f th e t o ta l t o n n a g e t r a n s p o r te d . GENERAL FREIGHT TRAFFIC. T h e to ta l r e v e n u e fr e ig h t tr a ffic o f th e C o m p a n y d u r in g th e y e a r , in c lu d in g b o t h m e rc h a n d is e a n d c o a l, w a s 3 8 , 7 6 3 ,6 0 0 to n s , a n in c r e a s e o f 5 ,9 6 6 ,3 9 5 to n s , o r 1 8 .1 9 p e r c e n t . T h e n u m b e r o f to n s c a r rie d o n e m ile w a s 6 ,4 1 4 ,7 3 1 ,6 8 0 , a n in c r e a se o f 4 0 6 ,0 1 7 ,5 0 6 t o n m ile s , o r 6 .7 6 p e r c e n t . T h e to ta l r e v e n u e d e r iv e d fr o m th e t r a n s p o r ta t io n o f fr e ig h t w a s $ 3 8 ,4 1 0 ,1 3 0 2 5 , a s c o m p a r e d w ith $ 3 5 ,1 8 9 ,7 S 8 82 fo r th e y e a r 19 09, a n in c r e a se o f $ 3 ,2 2 0 ,3 4 1 4 3 , o r 9 .1 5 p e r cen t. T h e g en era l a v e r a g e fr e ig h t ra te p e r t o n p e r m ile w a s .5 9 9 c e n t s , a s c o m p a r e d w ith .5 8 6 c e n ts th e p r e v io u s y e a r , a n in c r e a s e o f .013 c e n t s , o r 2 .2 2 p e r c e n t . I n a d d it io n to th e a b o v e t o n n a g e , 3 ,9 1 4 ,1 9 0 t o n s o f C o m p a n y ’ s fr e ig h t w ere h a u le d , m a k in g th e to ta l t o n n a g e h a n d le d 4 2 ,6 7 7 ,7 9 0 to n s . I n h a u lin g th is t o n n a g e , 1 2 ,9 6 2 ,5 3 7 tra in m iles w e r e r u n , an in c r e a se c o m p a r e d w ith th e p r e v io u s y e a r o f 15 2 ,1 4 1 tra in m ile s , o r 1 .1 9 p e r c e n t . T h e r e v e n u e p e r fr e ig h t tra in m ile w a s $2 9 6 a s c o m p a r e d w ith $2 75 th e p r e v io u s y e a r , a n in c r e a s e o f 21 c e n t s , o r 7 .8 7 p e r c e n t . T h e a v e r a g e tra in lo a d o f r e v e n u e fr e ig h t w a s 4 9 4 .8 7 to n s , a n in c r e a se o f 2 5 .8 2 t o n s , o r 5 .5 0 p e r c e n t . I n c lu d in g C o m p a n y ’s fr e ig h t , th e a v e r a g e tra in lo a d w a s 5 4 0 .7 0 t o n s as a g a in s t 5 1 6 .8 6 to n s la s t y e a r , a n in c r e a se o f 2 3 .8 4 t o n s , o r 4 .6 1 p e r c e n t . T h e a v e r a g e c a r lo a d o f r e v e n u e fr e ig h t w a s 2 0 .3 7 t o n s , a d e cr e a s e o f .14 t o n s , o r .68 p e r c e n t . I n c lu d in g C o m p a n y ’ s fr e ig h t , th e a v e r a g e c a r lo a d o n th e s y s te m w a s 2 2 .2 5 to n s , a d e cr e a s e o f .35 t o n s , o r 1 .5 5 p e r c e n t less th a n th e p r e v io u s y e a r . PASSENGER TRAFFIC. The_ to ta l n u m b e r o f p a sse n g e rs c c a r r ie d d u r in g th e y e a r w a s 2 5 ,2 7 7 ,2 8 3 , a n in cre a se o f 1 ,5 9 3 ,0 0 0 , o r 6 .7 3 p e r c e n t . T h e n u m b e r o f p a ssen g ers tr a n s p o r te d o n e m ile w a s 6 2 7 ,7 8 8 ,8 3 7 , a n in cre a se o f 3 0 ,4 7 1 ,0 9 8 p a sse n g e r m ile s , o r 5 .1 0 p e r c e n t . T h e in c r e a se in g r o s s r e v e n u e t h e r e fr o m w a s $ 5 7 9 ,3 2 8 8 9 , o r 6 .5 2 p e r c e n t . T h e a v e r a g e fa re r e c e iv e d fr o m e a c h p a sse n g e r p e r m ile w a s 1 .5 0 7 c e n t s , a n in cre a se o f .02 c e n t s , o r 1 .3 4 p e r c e n t . T h e a v e r a g e d is ta n c e t r a v e le d w a s 2 4 .8 4 m ile s , a d e c rea se o f .38 m ile s , o r 1 .5 2 p e r c e n t . T h e a v e r a g e r e v e n u e r e c e iv e d fr o m e a c h p a sse n g e r w a s 3 7 .4 2 c e n t s , a d e cr e a s e o f .0 8 c e n ts . T h e p a sse n g e r tra in m ile a g e w a s 9 ,8 3 5 ,9 7 1 tra in m ile s , a d e cr e a s e o f .1 5 p e r c e n t . T h e r e v e n u e p e r p a sse n g e r tra in m ile w a s $ 1 ,2 5 7 , a n in c rea se o f 7 .1 1 p e r c e n t . T h e a v e r a g e n u m b e r o f p a sse n g e rs in e a c h tra in w a s 6 3 .8 3 , a n in c r e a se .of 3 .1 9 p a sse n g e rs, o r 5 .2 6 p e r c e n t . T h e a v e r a g e n u m b e r o f p a sse n g e rs in e a c h c a r w a s 1 7 .1 3 , a n in c r e a s e o f .63 p a sse n g e rs, o r 3 .8 2 p e r c e n t . T h e v o lu m e o f th e b u sin e ss in c r e a se d 6 .7 3 p e r c e n t , th e r e v e n u e in c r e a se d 6 .5 2 p e r c e n t a n d th e tra in m ile a g e d e cr e a s e d .1 5 p e r c e n t . O f th e to ta l n u m b e r o f p a sse n g e rs c a r r ie d , 2 4 ,6 1 3 ,4 3 3 w e r e lo c a l a n d 6 6 3 ,8 5 0 w ere th r o u g h p a s s e n g e rs , th e lo c a l tr a ffic s h o w in g a c o n s id e r a b le in c r e a se in v o lu m e a n d a slig h t in c r e a s e in th e a v e r a g e r e v e n u e r e c e iv e d p e r p a sse n g e r p e r m ile . A s u b sta n tia l in c r e a se is s h o w n in th e v o lu m e o f t h r o u g h tr a ffic t r a n s p o r te d a s w e ll.a s in th e a v e r a g e r a te r e c e iv e d p e r p a sse n g e r p e r m ile . MAIL. T h e r e w a s a d e cr e a s e in r e v e n u e fr o m th e t r a n s p o r ta t io n o f U n it e d S ta te s M ails o f $ 3 7 ,6 8 3 0 7 , o r 8 .0 3 p e r c e n t . A lt h o u g h th e C o m p a n y is r e q u ir e d t o m a in ta in e x p e n s iv e fa c ilit ie s fo r th e t r a n s p o r ta t io n o f U n ite d S ta te s M ails, a n d th e c o s t o f th e s e r v ic e is in c r e a s in g fr o m y e a r t o y e a r in k e e p in g w it h th e g e n e ra l in c r e a se in all o t h e r tra n s p o r ta 1030 [V L LXXXM O. THE CHRONICLE e x p e n s e s , it w ill b e n o t e d t h a t th e e a r n in g s t h e r e fr o m s h o w a decrease. S u c h d e cre a s e s are lia b le to b e c o n s t a n t u n d e r th e p r e s e n t m e th o d o f fix in g th e c o m p e n s a t io n t o b e p a id fo r th e fa c ilit ie s a n d s e r v ic e . I n a s m u c h as th e s ta tu te s n ow p la c e in th e h a n d s o f th e I n t e r -S t a t e C o m m e r c e C o m m is s io n th e r e g u la t io n o f ra te s fo r tr a n s p o r ta t io n o f e v e r y o th e r c h a r a c t e r , it is a r g u e d th a t ra te s fo r th e tr a n s p o r ta t io n o f m a il s h o u ld b e m a d e in th e s a m e m a n n e r a n d it is h o p e d th a t th e n e c e ssa ry le g is la tio n to a c c o m p lis h th is c a n b e e ffe c t e d . T h e n u m b e r o f to n s o f fr e ig h t c a r rie d o n e m ile in c r e a se d 0 .7 0 p er c e n t . T h e a v e r a g e d is ta n c e e a c h to n w a s m o v e d d u r in g th e c u r r e n t y e a r w a s 1 0 5 .4 8 3 m ile s , a d e cr e a s e o f 9 .0 7 p e r c e n t as c o m p a r e d w ith th e p r e v io u s y e a r . GEN ERAL EXPEN SES. T h e d e cr e a s e in G en era l E x p e n s e s w a s $ 9 ,3 2 0 0 8 , o r .87 p e r c e n t less th a n th e p r e v io u s y e a r . EXPRESS. TAXES. T h e r e v e n u e fr o m th e t r a n s p o r ta t io n o f E x p r e s s d u r in g th e y e a r a m o u n te d to $ 1 ,4 3 7 ,2 7 2 4 4 , a n in cre a se o f $ 2 3 2 , 693 6 0 , o r 1 9 .3 2 p e r c e n t . T h e ta x e s fo r th e y e a r o n b o t h rail a n d o u t s id e o p e r a tio n s w ere $ 1 ,3 7 4 ,7 5 7 17, a n in c r e a se o f $ 5 ,2 3 4 18, o r .38 p e r c e n t . A D D IT IO N S M IL K . T h e r e v e n u e fr o m th e tr a n s p o r ta t io n o f M ilk w a s $ 8 0 5 , 92 0 8 3 , a n in c r e a se o f $ 1 2 ,8 4 0 4 1 , o r 1.51 p e r c e n t . M ISCELLAN EO U S. T h e r e v e n u e d e r iv e d fr o m m is c e lla n e o u s s o u rc e s w a s $ 1 ,2 2 5 ,6 2 5 0 5 , a n in c r e a se o f $ 3 0 8 ,3 3 9 9 3 , o r 3 3 .0 1 p e r c e n t . O P E R A T IN G EXPENSES. M A IN TE N A N C E OF W A Y A N D S T R U C TU R E S. T h e e x p e n s e o f M a in te n a n c e o f W a y a n d S tr u c tu r e s w as $ 5 ,2 1 7 ,4 5 1 0 7 , a n in cre a se o f $ 9 8 5 ,0 4 4 19, o r 2 3 .2 7 p e r c e n t m o r e th a n th e p r e v io u s y e a r . T h e p rin cip a l ite m s c o m p o s in g th is in cre a se a re tie s, s t a t io n a n d s h o p b u ild in g s , s n o w re m o v a l, r e v is io n o f g r a d e s , d o c k s , d r e d g in g a n d sig n a ls a n d in t e r lo c k in g p la n ts . D u rin g th e y e a r 99 b r id g e s w e re r e c o n s t r u c t e d o r are in th e c o u r s e o f r e c o n s t r u c t io n . 3 ,1 3 9 to n s o f n ew 1 0 0 -p o u n d , 1 9 ,5 9 7 to n s o f n e w 9 0 -p o u n d a n d 99 3 to n s o f n ew 8 0 -p o u n d steel rail w ere la id d u r in g th e y e a r , w ith th e n e ce ssa ry fr o g s , s w itc h e s , & c. 1 ,0 9 7 ,5 2 8 c r o s s -tie s a n d 2 ,9 1 1 ,7 1 4 fe e t o f sw itc h tim b e r w e r e u se d in th e t r a c k , w ith 2 8 3 ,5 6 7 tie -p la te s . 2 2 1 .6 2 6 m ile s o f tra ck w e re fu lly b a lla s te d a n d 3 5 .5 3 1 m ile s o f t r a c k w e re p a r tia lly b a lla s t e d . 89 m ile s o f n e w r ig h t - o f-w a y fe n c e s w e re b u ilt. 7 m ile s o f p a ssin g a n d o t h e r C o m p a n y ’ s sid in g s a n d 4 .5 m ile s o f in d u s tria l sid e t r a c k s w e re c o n s t r u c t e d . N e w p a sse n g e r s t a t io n s w e re c o n s t r u c t e d a t P o m p t o n , N . J ., O a tk a a n d C o llin s, N . Y .; n ew c o m b in e d p a sse n g e r a n d fr e ig h t s t a t io n s a t M o n s e y , N . Y . , M o u n ta in V ie w , N . J ., P in e I s la n d , N . Y . , C o lu m b u s , P a ., M ille rs, P a ., F r e e d o m , O ., M a r te l, O ., a n d D is k o , In cL ; a n e w fr e ig h t s t a t io n a n d w a itin g sh e d a t A r d e n H o u s e , N . Y . , a n d a n ew fr e ig h t h o u se at D a y ton , O. N e w w a te r s t a t io n s w e re e r e c t e d a t N o r th N e w a r k , N . J ., E a s t L a k e J u n c t io n , A v o c a , R o c k J u n c tio n a n d F o r e s t C ity , P a ., a n d A k r o n , O . M A IN TEN A N CE OF E Q U IPM E N T. M a in te n a n c e o f E q u ip m e n t e x p e n s e s w e re $ 9 ,4 5 5 ,9 8 1 3 2 , a d e cr e a s e o f $ 1 9 2 ,9 9 8 0 4 , o r 2 p e r c e n t less th a n th e p r e v io u s y ear. M o re e x te n s iv e r e p a irs w ere m a d e to all cla sses o f e q u ip m e n t t h a n d u r in g th e p r e v io u s y e a r . T h e cost of r e p a ir s t o lo c o m o t iv e s , h o w e v e r , s h o w s a m a te r ia l d e cr e a s e , o w in g to i m p r o v e d e ff ic ie n c y a t th e se v e ra l s h o p p la n ts . 42 lo c o m o t iv e s w e re re tir e d fr o m s e r v ic e , a n d th e d iffe r e n c e b e t w e e n th e ir d e p r e c ia t e d a n d s c r a p v a lu e c h a r g e d to O p e r a tin g E x p e n s e s . T h e t r a c t iv e p o w e r o f lo c o m o t iv e s is 4 0 ,8 7 2 ,9 0 4 p o u n d s , a n in cre a se o f 1 ,0 2 4 ,0 9 7 p o u n d s . T h e to ta l n u m b e r o f lo c o m o t iv e s a t th e c lo s e o f th e fiscal y e a r w a s 1 ,4 3 6 , a n in c r e a se o f 17 a s c o m p a r e d w ith th e p r e v io u s y e a r , 59 n ew l o c o m o t iv e s h a v in g b e e n r e c e iv e d , a n d 4 2 l o c o m o t iv e s d is p o s e d o f as s t a t e d a b o v e . T h e a v e r a g e a g e o f th e lo c o m o t i v e e q u ip m e n t is 13 y e a r s 11 m o n t h s , a n in cre a se o f 4 m o n t h s o v e r th e p r e v io u s y e a r . T h e a v e r a g e m ile a g e m a d e b y s te a m l o c o m o t iv e s w a s 2 3 ,0 9 3 m ile s , a n in cre a se o f 1,001 m ile s , o r 4 .5 p e r c e n t . T h e a v e r a g e m ile a g e m a d e b y e le c tr ic m o t o r s w a s 3 5 ,5 4 1 m ile s , a d e cr e a s e o f 5 ,2 5 5 m ile s , o r 12 .9 p e r c e n t . 10 c o v e r e d b a rg e s w e re p u r c h a s e d . 1 s id e -w h e e l fe r r y b o a t a n d 54 ca n a l b o a t s w e re s o ld d u r in g th e y e a r . The o t h e r flo a tin g e q u ip m e n t , b o t h in N e w Y o r k H a r b o r a n d o n th e G r e a t L a k e s , w a s fu lly m a in t a in e d . T h e c h a n g e s in e q u ip m e n t d u r in g th e y e a r are in d ic a t e d in th e I n v e n t o r y o f E q u ip m e n t , T a b le N o . 13. T R A F F IC E X P E N S E S . T h e in c r e a s e in T r a ffic E x p e n s e s w a s $ 1 7 1 ,2 5 4 3 0 , o r 1 5 .2 3 p e r c e n t o v e r th e p r e v io u s y e a r . T h e s o lic itin g fo r c e s a t v a r io u s a g e n cie s w e re e n la rg e d a n d a n u m b e r o f n ew a g e n cie s e s ta b lis h e d , th e c o s t o f w h ic h , t o g e t h e r w ith th e in cre a se d e x p e n s e fo r p r in tin g ta r iffs, e x p la in s th e p r in cip a l in crease in th is a c c o u n t . T R A N S P O R T A T IO N E X P E N S E S . T r a n s p o r t a t io n E x p e n s e s s h o w a n in c r e a se o f $ 8 0 0 ,7 7 0 9 1 , o r 4 .8 0 p e r c e n t o v e r th e p r e v io u s y e a r . T h e d e ta ils o f th is a c c o u n t are s h o w n in T a b le N o . 9 , a n d in d ic a t e t h a t th e in c re a se s a r e g en era l in c h a r a c t e r , d u e to in c r e a s e d bu sin ess a n d to in cre a se d r a te o f w a g e s p a id e m p lo y e e s . T h e n u m b e r o f to n s o f fr e ig h t m o v e d in c r e a s e d 1 8 .1 9 p e r c e n t a n d th e n u m b e r o f p a sse n g e rs c a r rie d in c r e a se d 0 .7 3 per cen t. AND BETTERM ENTS— ROAD. T h e C o m p a n y ’ s C a p ita l A c c o u n t A d d it io n s a n d B e tt e r m e n ts fo r th e y e a r is c h a r g e d w ith $ 9 9 8 ,8 2 3 0 5 , re p r e s e n tin g a p o r t io n o f th e e x p e n d it u r e s fo r a d d it io n s a n d b e t te r m e n t s m a d e to th e p r o p e r t y . T h e se im p r o v e m e n t s c o n s is t c h ie fly o f: Land, Interlocking & Signal Apparatus, Elimination of Grade Crossings, Dock and Wharf Property, Yards, Stations and Buildings, Grade Reductions & Changes of Line F r o m D e c e m b e r 1st 18 95, th e d a t e o f th e o r g a n iz a t io n o f th e C o m p a n y , to J u n e 3 0 th 1910 $ 1 0 ,0 2 0 ,8 1 2 02 h as b e e n e x p e n d e d in a d d it io n s a n d b e t te r m e n t s to th e p r o p e r t y a n d c h a r g e d to C a p ita l A c c o u n t , as fo llo w s : Land--------------------------------------------------------- : ........................$3,387,298 83 Grade Reductions and Changes of Line___________________ 1,400,148 81 Bridges, Trestles and Culverts.__ _____ ____________________ 252,703 92 Additional Tracks and Sidings__________ __ _ 2,570,019 58 2,081,957 01 Elimination of Grade Crossings. ___________________ . Interlocking and Signal A p paratus.._____________________ 200,013 15 Telegraph and Telephone Lines_________________________ 10,493 06 Yards, Stations and Buildings______________________ _ . 2,894,479 07 Shop Machinery and T ools______________________________ 1,011,304 35 Water and Fuel Stations_________________________________ o ,429 69 h Grain Elevators and Storage Warehouses_________________ 407,721 09 Dock and Wharf Property_______________ ______________ 350,381 96 Electric Power Transmission____________________________ 230,922 34 Development of Coal Property____________________________ 1,035,739 1 6 T ota l..........................................................................................$16,020,812 62 A D D IT IO N S A N D B E T T E R M E N T S — E Q U IP M E N T . C a p ita l A c c o u n t h a s b e e n c h a r g e d d u r in g the y e a r w ith $ 2 1 7 ,3 7 0 78 fo r a d d itio n a l e q u ip m e n t as fo llo w s : 30 SIxty-foot Express Cars______________ _____ ______________ $164,750 47 1 Box Car______________________ _______________ ___________ 1,070 00 21,346 96 Partial Payment on 5 Locomotives________ _______________ Partial Payment on 3 Car Floats__________________________ 30,203 35 Total . . I . .................. ........................................................ ...............$217,370 78 F r o m D e c e m b e r 1 18 95 to J u n e 30 1910 $ 4 1 ,0 0 8 ,8 0 8 50 h a s b e e n e x p e n d e d fo r new e q u ip m e n t c h a r g e d to C a p ita l A c c o u n t , a n d r e p r e se n ts th e p u r c h a s e o r p a r tia l p a y m e n t o n accou n t of 512 Locomotives _____________________ _____ _______ $8,261,523 93 15,501 Box Cars________________________________________ 15,500 Coal Cars_____________I I _______________________ 500 Refrigerator Cars________________________________ 184 Flat Cars________________________________________ 100 Furniture Cars__________________________________ 29,887,226 51 20 Caboose Cars_______________________ _____________ 6 Milk Cars_______________________________________ 500 Low-side Gondola Cars____________________________ 165 Passenger Cars________________________________ _ 1 Parlor Car_____________________ _________________ 2 Dining Cars_______________ _______ ______________ 8 Baggage Cars___________________________________ 82 SIxty-foot Express Cars._______ _________________ 2,115,169 73 16 Horse Express Cars______________________________ 1 Business Car_____________________________________ 3 Combined Express Baggage and Mail Cars_____ _ 6 Motor Cars and Equipping 6 Trailer Cars with Lights and Heaters___________________________________ 06,869 18 7 Derrick Cars_____________________________________ 1 Rotary Snow P lo w ..------------ ------------------------------i 2 Lake Steamers------------ -----------------------------------1,021,547 80 3 Ferry Boats_______________________________ _____ 3 Tug Boats_____________________________________ _ 257 Canal Boats______________________________________ 20 Barges___________________________________________ 10 Open Lighters__________________________________ 283,443 11 3 Car Floats---------- ------------------------------------------------ j 3,028 24 Miscellaneous Equipment--------------------------------------$41,668,808 50 Total A D D IT IO N S AND B E T T E R M E N T S — IN C O M E . D u rin g th e y e a r $ 7 3 7 ,0 8 0 83 h a s b e e n e x p e n d e d fo r a d d i tio n s a n d b e t te r m e n t s to th e p r o p e r t y , a p p r o p r ia te d fr o m I n c o m e a n d c h a r g e d a s fo llo w s : Right of Way and Station Grounds. . ...... ................................ $6,404 25 Grade Revision and Changes of L ine.. ----------- ---------12,554 19 Bridges, Trestles and Culverts. . . . . . . . ---------- -------------------45,085 57 Increased Weight of R ail.................................... ........ .......... 67,578 63 Improved Frogs, Switches and Track Fastenings. ---------- 20,129 40 Additional Ballast__________________________________ Main Tracks, Sidings and Yards. __. .. ■----------------Station Buildings and Fixtures...... ........................................ Shop .Machinery and Tools ------- --------------------------------Grain Elevators and Storage Warehouses.--------------------------Miscellaneous Structures. ..............— — — ------ -----------80 Locomotives -------- - - - - --------------------------Equipping Freight Cars with Steel Underframes------------------1 Gasoline Car and Engine Combined----------------------Partial Payment on 20 covered Lighters. .............................. ----------------------- -------- ---------Miscellaneous Equipment— 143,620 19 50,396 22,471 135,660 39,983 35,603 804,948 592,591 21,163 130,027 21,750 59 78 09 34 26 42 49 04 90 58 $2,155,908 72 L ess c r e d it s a c c o u n t e q u ip m e n t d e s tr o y e d o r s o ld as fo llo w s : .................................. $83,548 08 Locom otives___ . ...__________ 1,172,085 01 Freight Cars.. — .. 125,051 82 Passenger Cars — . --------38,190 08 Other Equipment ------------------1,418,881 89 Total $737,086 83 O ct . 15 1010.] THE CHRONICLE E Q U IP M E N T T R U S T S . 1031 a d d itio n a l C h ic a g o & W e s te r n I n d ia n a R a ilr o a d C o m p a n y b o n d s r e c e iv e d a n d h eld in th e T r e a s u r y . T h e in cre a se o f $ 2 ,1 5 8 ,3 5 1 13 in “ A d v a n c e s t o P r o p r ie ta r y , A ffilia te d a n d C o n tr o lle d C o m p a n ie s fo r C o n s t r u c tio n , E q u ip m e n t a n d B e tt e r m e n ts ” re p r e s e n ts a d d itio n a l a d v a n c e s m a d e b y y o u r C o m p a n y to th e P e n h o r n C reek R a ir o a d . U n d e r th e h e a d in g “ M isce lla n e o u s I n v e s t m e n t s ” th e fo llo w There was a balance on June 30 1909 o f_____$14,764,990 97 in g c h a n g e s w ill b e n o t e d : I n c r e a s e in “ P h y s ic a l P r o p e r t y ,” Upon which payments have been made to $ 3 ,9 3 0 5 1 , o n a c c o u n t o f e x p e n d it u r e s fo r d e v e lo p m e n t o f June 30 1910 o f__________________________ 2,680,054 08 coa l p r o p e r t y ; d e c r e a s e in “ S e c u r itie s P le d g e d , ” $ 1 ,8 7 9 ,1 4 3 , Leaving a balance o f..........................................................$12,084,942 89 o c c a s io n e d b y th e sale o f s t o c k s a n d b o n d s h eld b y th e T r u s te e o f th e C o lla tera l I n d e n t u r e o f A p ril 8 1 9 08. In c r e a s e o f D u r in g th e y e a r E q u ip m e n t T r u s ts h a v e b e e n $ 4 1 ,2 9 7 9 0 in “ S e c u r itie s U n p le d g e d ,” d u e t o y o u r C o m p a n y m a d e c o v e r in g : h a v in g r e c e iv e d d u r in g th e y e a r a d d itio n a l n o t e s o f th e 10 Express Cars.................................. _......... .. $147,960 90 50 Locomotives____________________________ 729,052 10 M u tu a l T e rm in a l C o m p a n y o f B u ffa lo a n d o t h e r m is ce lla n e o u s s e c u r itie s a c q u ir e d . $877,013 00 T h e d e cr e a s e in th e a c c o u n t , “ M is c e lla n e o u s M a r k e ta b le Upon which payments have been made to June 30 1910 o f_________________________ 147,960 00 S e c u r itie s ” is d u e t o s e t tle m e n t s r e c e iv e d d u r in g th e y e a r Leaving a balance o f------------------------------------------------729,052 10 o n m is ce lla n e o u s p r o m is s o r y n o t e s , less a sm a ll a m o u n t o f n o te s a c q u ir e d . Making the total Equipment Trusts outstanding as of T h e a m o u n t in v e s te d in m a te r ia ls a t th e c lo s e o f th e y e a r June 30 1910-------------------------------- ------------------------------- $12,813,094 99 s h o w s a n in crea se o f $ 2 3 3 ,8 7 9 3 8 . I h e a c c o u n t “ l e m p o r a r y A d v a n c e s to P r o p r ie t a r y , A ffili T h e to ta l p a y m e n ts a c c o u n t o f E q u ip m e n t T r u s ts m a d e a te d a n d C o n tr o lle d C o m p a n ie s ” s h o w s a n in cre a se o f $ 5 1 9 d u r in g th e y e a r a m o u n te d to $ 2 ,9 2 1 ,9 5 6 8 5 . 8 6 0 3 9 , c a u s e d p r in c ip a lly b y a d d itio n a l a d v a n c e s t o th e E rie & J e r se y R a ilr o a d , G en esee R iv e r R a ilr o a d a n d E r ie C A P IT A L ST O C K A N D F U N D E D D E B T . T e rm in a ls R a ilr o a d . T h e d e cr e a s e o f $ 7 3 ,2 0 5 03 in “ W o r k in g F u n d s ” is d u e to N o c h a n g e h a s b e e n m a d e in th e o u t s t a n d in g C a p ita l S t o c k , r e d u c t io n s h a v in g b e e n m a d e in a m o u n t s a d v a n c e d to th e w h ic h is as fo llo w s : E r ie D e s p a t c h , C o m m e r cia l E x p r e s s L in e a n d o t h e r m is AuthorizedIssue. Issued. c e lla n e o u s fu n d s . $47,892,400 00 Non-cumulatlve 4% First Preferred----- $48,000,000 00 T h e a c c o u n t “ S p ecia l D e p o s it s ” s h o w s a n increa.se o f $ 1 ,6 4 0 Non-cumulatlve 4% Second Preferred 16,000,000 00 16,000 000 00 112,378,900 00 o n a c c o u n t o f c a sh d e p o s it e d d u r in g th e y e a r w ith th e S ta te o f Common------------------------------------- -------- 153,000,000 00 Total---------------------------. ----------- ------ $217,000,000 00 $176,271,300 00 N ew J e r s e y , a c c o u n t c o n s t r u c t io n w o r k o n P a te r s o n & H u d so n R iv e r R a ilr o a d . O f th e P r io r a n d G en era l L ie n B o n d s s e c u r e d b y th e F irs t T h e in cre a se o f $ 6 1 7 ,2 6 3 52 in th e a c c o u n t “ C ash a n d Se C o n s o lid a t e d M o rtg a g e D e e d , a n a d d itio n a l $ 1 ,0 0 0 ,0 0 0 00 c u r itie s in S in k in g a n d R e d e m p t io n F u n d s ” is d u e to in c r e a se d G en era l L io n B o n d s h a v e b e e n issu ed d u r in g th e y e a r . b a la n c e s in th e A k r o n & B a r b e r to n B e lt R a ilr o a d a n d th e T h e t o ta l a m o u n ts o f b o n d s issu e d u n d e r t h a t m o r t g a g e , P e n n s y lv a n ia C olla tera l S in k in g F u n d s , a n d a sm all r e d u c t io n n o w o u t s t a n d in g , are: in th e C h ic a g o & W e s te r n I n d ia n a R a ilr o a d C o m p a n y S in k in g Prior Lien B o n d s..___________ $3 5 ,0 0 0 , 0 0 0 0 0 F u n d . General Lien Bonds............................................... 46,342,000 00 T h e in cre a se s in M o rtg a g e B o n d s , C o lla tera l T r u s t B o n d s T h e s t a t e m e n ts p u b lis h e d h e r e w ith s h o w in d e ta il th e C o m a n d E q u ip m e n t T r u s t O b lig a t io n s h a v e b e e n h e r e t o fo r e e x p la in e d . p a n y 's e n tir e fu n d e d d e b t , re n ta ls o f le a se d lin e s a n d o t h e r T h e a c c o u n t “ M isce lla n e o u s F u n d e d O b lig a t io n s ” s h o w s fix e d o b lig a t io n s a s o f J u n e 30 1910. a d e cr e a s e o f $ 2 4 ,4 0 8 5 0 , a c c o u n t o f p a y m e n t s m a d e o n real e s ta te m o r t g a g e s a n d fo r g r a d e c ro s s in g c o n s t r u c t io n to th e IN C O M E A C C O U N T . C ity o f B u ffa lo .. Gross Operating Revenue............................................ $54,806,189 95 T h e d e cr e a s e in th e a c c o u n t “ L o a n s a n d B ills P a y a b l e .” Operating Expenses and Taxes_________ 39,100,332 43 $ 2 7 4 ,7 3 0 4 5 , is d u e t o th e p a y m e n t o f o b lig a t io n s o f t h a t Operating Income-------------------------------------------------------------- $15,765,85752 a m o u n t . Income from Securities Owned, Rentals, e tc_ _ _________ 4 ,3 3 4 , 0 2 0 4 9 T h e in c r e a se in th e a c c o u n t “ D e fe r r e d C re d it I t e m s ” is d u e Gross Corporate In com e-..................................... .$20,099,878 01 p r in c ip a lly to th e p u r ch a s e o f v a r io u s in te r e s t a n d e q u ip m e n t Interest, Rentals, etc., paid_________________________________ 14,293,33476 tru s t o b lig a t io n s m a tu r in g o n o r b e fo r e J u ly 1 1 9 0 9 w h ic h h a v e Net Income------------------------------------------------------------------ $5,806,543 25 b e e n p le d g e d u n d e r th e C o lla tera l I n d e n t u r e o f A p ril 8 1 9 08. Appropriated for Additions and Betterments_________________ 737,08683 T h e in cre a se o f $ 5 8 1 ,2 7 9 21 in th e a c c o u n t “ R e s e r v e s fr o m Balance to Credit of Profit and Loss............... $5,069,456 42 I n c o m e o r S u rp lu s I n v e s t e d in S in k in g a n d R e d e m p t io n F u n d s ” re p r e s e n ts 10 c e n ts p e r to n o n c o a l m in e d fr o m th e m in e s o f th e P e n n s y lv a n ia C oal C o m p a n y d u r in g th e fiscal F IN A N C IA L . y e a r , t o g e t h e r w ith in te r e st o n th e b o n d s p u r c h a s e d b v th e T h e G e n e ra l B a la n c e S h e e t, T a b le 4 , s h o w in g th e fin a n cia l T r u s te e a n d h e ld in th e T r u s t A c c o u n t . A ll o f th e s e c u r itie s fo r c o n s t r u c t io n p u r p o s e s t u r n e d o v e r c o n d it io n o f th e C o m p a n y a t th e c lo s e o f th e fiscal y e a r , is in t h e fo r m p r e s c r ib e d b y th e I n t e r -S t a t e C o m m e r c e C o m m is s io n . b y th e E r ie R e o r g a n iz a tio n C o m m it te e h a v e b e e n c o n v e r t e d T h e fig u re s fo r th e fiscal y e a r 1909 h a v e b e e n r e -s t a t e d in th e in t o c a s h , a s fo llo w s : Value as placed sa m e fo r m fo r p u r p o s e s o f c o m p a r is o n . on the Boohs Cash Realized T h e P r io r L ie n B o n d issue is u n c h a n g e d . Y o u r C o m p a n y Januaru 1897. from sale. $115,200 00 Buffalo & Southwestern Railroad Second Lien h a s r e c e iv e d fr o m th e T r u s te e $ 1 ,0 0 0 ,0 0 0 o f G en era l L ien Bonds ____________________________________ $126,720 00 B o n d s , b e in g th e te n th m illio n o f th e $ 1 7 ,0 0 0 ,0 0 0 o f G en era l 405.000 00 Erie Railroad Company Prior Lien Bonds____ 414.000 00 364,055 22 New York & Greenwood Lake Railway Prior L ie n B o n d s r e se r v e d fo r c o n s t r u c t io n p u r p o s e s . Lien Bonds_______________________________ 385,570 22 T h e in cre a se in th e a m o u n t o f C o lla te ra l G o ld N o t e s o u t 1,034,400 00 Erie Railroad Company General Lien Bonds_ 1.214,908 93 630.000 00 Delaware & Hudson Exclusive Car Trust Cer s t a n d in g is $ 2 ,0 1 5 ,0 0 0 , d u e to th e i s s u a n c e o f a d d itio n a l n o te s , tificates ____________ ______ ______________ 630.000 00 as e x p la in e d u n d e r th e h e a d in g “ G en era l R e m a r k s ” in th e 202.000 00 Car Trust of New York Certificates___________ 202.000 00 la st R e p o r t , less n o t e s r e d e e m e d a n d c a n c e le d fr o m th e p r o $2,750,655 22 $2,973,199 15 c e e d s o f sale o f se c u r itie s p le d g e d u n d e r th e C o lla te ra l I n d e n I n a d d it io n to th ese s e c u r itie s th ere h a v e b e e n c e rtifie d b y tu re o f A p ril 8 19 08. th e T r u s t e e o f th e E r ie R a ilr o a d C o m p a n y F irst C o n s o lid a te d T h e s ta te m e n ts o f c h a r g e s to “ A d d it io n s a n d B e tt e r m e n ts ” s h o w n h e re in e x p la in th e in cre a se s in th e a c c o u n t s “ I n v e s t M o rtg a g e D e e d , a n d tu rn ed o v e r to y o u r C o m p a n y to r e im m e n t sin ce J u n e 30 1907 a n d “ M is c e lla n e o u s I n v e s t m e n t s , b u rs e it fo r e x p e n d it u r e s a lr e a d y m a d e , $ 5 ,0 0 0 ,0 0 0 0 0 E rie R a ilr o a d C o m p a n y P rio r L ie n B o n d s a n d $ 1 0 ,0 0 0 ,0 0 0 00 P h y s ic a l P r o p e r t y .” E r ie R a ilr o a d C o m p a n y G en era l L ie n B o n d s ; a n d b y th e T h e in cre a se o f $ 1 ,1 2 3 ,9 4 5 8 7 in “ R e s e r v e fo r A c c r u e d D e p r e c i a t i o n - C r .” re p re se n ts th e d e p r e c ia t io n o n e x is t in g T r u s te e o f th e E r ie R a ilr o a d C o m p a n y G en era l M o rtg a g e $ 2 2 ,0 0 0 ,0 0 0 00 E r ie R a ilr o a d C o m p a n y C o n v e r tib le B o n d s . e q u ip m e n t a c c r u in g d u r in g th e fiscal y e a r . O f th ese s e c u r itie s th e fo llo w in g h a v e b e e n c o n v e r t e d in to D u r in g th e y e a r $ 8 0 ,0 0 0 C h ic a g o & W e s te r n I n d ia n a R a il cash: . r o a d C o m p a n y b o n d s w e re a c q u ir e d a n d p le d g e d u n d e r th e ,, . . . Cash Realized C o lla te ra l I n d e n t u r e o f A p ril 8 19 0 8 , w h ic h e x p la in s th e in Par Value. from sale. $5,000,000 00 Erie Railroad Company Prior Lien B o n d s... $4,539,884 27 crea se in th e a c c o u n t “ S e c u r itie s o f P r o p r ie t a r y , A ffilia te d 3,000,000 00 Erie Railroad Company General Lien Bonds. 2,484,111 11 a n d C o n tr o lle d C o m p a n ie s — P le d g e d , F u n d e d D e b t .” 21,015,000 00 Erie Railroad Company Convertible B onds.. 19,215,000 00 T h e in cre a se o f $ 1 ,0 0 0 ,0 0 0 in “ S e c u r itie s Issu e d o r A s $26,238,995 38 s u m e d — P le d g e d , F u n d e d D e b t ” is d u e to G en era l L ie n B o n d s $29,015,000 00 le a v in g still o w n e d b y th e C o m p a n y : r e c e iv e d d u r in g th e y e a r in r e im b u r s e m e n t fo r c o n s t r u c t io n Eric Railroad Company General Lien Bonds_______________ $7,000 000 00 e x p e n d it u r e s , w h ic h b o n d s w e re p le d g e d u n d e r th e C o lla te ra l Erie Railroad Company Convertible Bonds________________ ’ 985i000 00 I n d e n t u r e o f A p ril 8 1908. T h e in cre a se in “ M is c e lla n e o u s ,” p r o m u e c e in o e r l i » u o to J u n e du 1916 y o u r C o m p a n y $ 1 ,5 5 2 ,0 0 0 , re p r e s e n ts v a r io u s in te r e s t c o u p o n s to th e a m o u n t o f $ 1 ,2 1 5 ,0 0 0 a n d $ 3 3 7 ,0 0 0 E q u ip m e n t T r u s t C e r tific a te s h a s r e c e iv e d c a sh fr o m all s o u rc e s fo r C o n s t r u c tio n a n d E q u ip m e n t p u r p o s e s , as fo llo w s : p le d g e d u n d e r th e C o lla te ra l I n d e n t u r e o f A p ril 8 1908. $500,000 00 From sale of Erie & Wyoming Valley Railroad Stock I n th e a c c o u n t “ S e cu ritie s o f P r o p r ie t a r y , A ffilia t e d a n d 500,000 00 Cash received In settlement with the National Transit Com pany on account of an old claim C o n tr o lle d C o m p a n ie s — U n p le d g e d ,” t h e in c r e a s e in “ S t o c k s ,” 4.343.850 13 Cash turned oyer by the Erie Reorganization Committee. $ 2 0 0 , re p r e s e n ts a d d itio n a l sh a re s o f c a p ita l s t o c k o f th e 2,973,199 15 Cash realized from the sale of securities turned over by the Eric Reorganization Committee. J e ffe r s o n R a ilr o a d C o m p a n y p u r c h a s e d b y y o u r C o m p a n y ; 7,023,995 38 Cash realized from the sale of securities obtained from the a n d th e in cre a se in “ F u n d e d D e b t ,” $ 2 9 ,0 0 0 , is o n a c c o u n t o f Farmers’ Loan & Trust Company, Trustee. O f th e T r u s t s a ss u m e d fr o m th e N e w Y o r k P e n n s y lv a n ia & O h io R a ilr o a d C o m p a n y , th e re w a s a b a la n c e o n J u n e 30 1 9 09 o f $ 9 3 ,9 4 1 8 7 , w h ic h a m o u n t w a s p a id d u r in g th e y e a r , p a y m e n t s h a v in g b e e n c o m p le t e d in M a y 19 10. O f th e E q u ip m e n t T r u s ts c r e a te d p r io r to th is fisca l y e a r , 19,215,000 2,500 457,807 200,000 107,989 230,227 [V L L X X O. XXI THE CHRONICLE 1033 00 Cash realized from salo of securities obtained from the Standard Trust Company of New York, Trustee. 00 Received from sale of P. C. & Y. Railroad Bonds turned over to the Erie Railroad Company by the Receivers of the New York Lake Eric & Western Railroad Co. 50 Cash realized fr.om the sale of Capital Stock of the Northern Railroad Company of New Jersey, originally paid for by tho Erie Reorganization Committee from Construction Funds, and sold June 1 1899 by the Erie Railroad Co. 00 Amount received account of sale of the Union Dry Dock franchises, etc. 22 Amount returned June 14 1901 by the English Government account of Special Tax Deposit by. the Erie Reorganiza tion Committee. 05 Amount received to enable the Company to purchase Erie & Wyoming Valley Railroad Equipment. $35,554,628 43 ’ This amount has been used to partially reimburse your Company for the following expenditures: $457,867 50 For purchaso of Northern Railroad Company of New Jersey Capital Stock, as explained above. 40 New Construction. ' 01 New Equipment. 68 Old New York Lake Eric & Western Car Trusts. 00 Payment of Mortgages on Real Estate. 50 Disbursed on account of Union Steamboat Company In liquidation of its affairs and In building or acquiring ad ditional property. . 111,241 84 Liquidating Receivership New York Lake Erie & Western Railroad Company. 14,169,285 31,012,517 1,729,611 65,000 348,377 $47,893,900 93 Y o u r C o m p a n y h a s t h e r e fo r e e x p e n d e d 'fr o m its c u r r e n t ca sh fo r liq u id a t in g th e R e c e iv e r s h ip o f th o N e w Y o r k L a k e E r ie & W e s te r n R a ilr o a d C o m p a n y a n d fo r c o n s t r u c t io n a n d e q u ip m e n t p u r p o s e s , fr o m D e c e m b e r l 1895 t o J u n e 30 19 10, $ 1 2 ,3 3 9 ,2 7 2 5 0 , fo r w h ic h it is o r w ill b e e n t it le d to b e r e im b u rs e d fr o m th e sale o f e ith e r E rie R a ilr o a d C o m p a n y G en era l L ie n B o n d s o r E r ie R a ilr o a d C o m p a n y C o n v e r tib le B o n d s . T h e a m o u n t s t a t e d a s h a v in g b e e n e x p e n d e d fo r n ew E q u ip m e n t in c lu d e s p a y m e n ts a g g r e g a tin g $ 9 ,9 0 4 ,9 4 9 08 fo r c a rs a n d lo c o m o t iv e s , w h ic h a r c c o v e r e d b y n e w E q u ip m en t T ru sts. . C o n s t r u c tio n e x p e n d it u r e s o n p r o p e r tie s c o v e r e d b y P e n n s y lv a n ia C o lla te ra l T ru s t I n d e n t u r e h a v e b e e n k e p t se p a r a te ly a n d to J u n e 30 1910 th e re h a s b e e n e x p e n d e d o n th ese a c c o u n t s $ 1 ,5 0 0 ,3 9 9 68 ; $ 1 ,4 3 9 ,4 0 1 14 h a s b e e n r e a lize d fr o m th e sa le o f se c u r itie s o b t a in e d fr o m th e T r u s te e o f th e I n d e n tu r e , le a v in g $ 3 3 6 ,0 0 0 P e n n s y lv a n ia C o lla te ra l T r u s t B o n d s o w n e d b y th e C o m p a n y . Y our C o m p a n y h a s t h e r e fo r e e x p e n d e d fr o m its c u r r e n t ca sh fo r c o n s t r u c t io n p u r p o s e s to J u n e 30 1910 $ 0 0 ,9 3 8 54 , fo r w h ic h it is o r w ill b e e n t it le d t o b e r e im b u r s e d fr o m th e sale o f E r ie R a ilr o a d C o m p a n y P e n n s y lv a n ia C o lla te ra l T r u s t F o u r P e r C e n t B o n d s . T h e t o ta l a m o u n t fo r w h ic h y o u r C o m p a n y h a s n o t y e t b e e n r e im b u r s e d fr o m th e sale o f b o n d s fo r e x p e n d it u r e s m a d e u n d e r th e te rm s o f th e F irs t C o n s o lid a te d M o r tg a g e D e e d , th e G en era l M o r tg a g e a n d th e P e n n s y lv a n ia C olla te ra l T r u s t I n d e n t u r e is $ 1 2 ,4 0 0 ,2 1 1 0 4 . GENERAL REM ARKS. A d d it io n s a n d B e tt e r m e n ts to th e p r o p e r t y a n d e q u ip m e n t o f th e C o m p a n y a g g r e g a tin g $ 1 ,9 5 3 ,2 8 1 2 0 h a v e b e e n m a d e d u r in g th e y e a r , o f w h ic h $ 1 ,2 1 6 ,1 9 4 43 h a v e b e e n c h a r g e d to C a p ita l A c c o u n t , a s s h o w n on p a g e s 9 a n d 10, a n d $ 7 3 7 , 0 8 6 83 h a v e b e e n a p p r o p r ia te d fr o m th e C o m p a n y 's in c o m e , a s s h o w n o n p a g e 11 o f th is r e p o r t . T h e G en esee R iv e r R a ilr o a d , th e lo w -g r a d e lin e b e t w e e n H u n t s a n d C u b a , N . Y . , to g e t h e r w ith th e im p r o v e m e n t o f th e e x is t in g lin e b e t w e e n H o r n e ll a n d H u n t s , w a s c o m p le t e d a n d p u t in o p e r a tio n o n O c t o b e r 1 1 9 10. T h e im p r o v e m e n ts o f th e lin e w e s t of. C u b a a re n e a rin g c o m p le t io n , w h e n th e e n tir e lin e, H o r n e ll to S a la m a n c a , v ia H u n t s , th e G en esee R iv e r R a ilr o a d a n d C u b a , w ill b e b r o u g h t t o th e e s ta b lis h e d g r a d e , v iz : .2 p e r c e n t e a s t b o u n d a n d .3 p e r c e n t w e s t b o u n d , o v e r w h ic h c a n b e m o v e d a tr a in lo a d e a s t b o u n d 4 0 p e r c e n t a n d w e s t b o u n d 52 p e r c e n t g r e a te r th a n o v e r th e o ld lin e b e t w e e n H o r n e ll a n d S a la m a n c a . T h e c o n s t r u c t io n o f th e n ew o p e n c u t th r o u g h B e r g e n H ill b y th e P e n h o rn C reek R a ilr o a d , d e s c r ib e d in th e la st r e p o r t , h a s b e e n p r a c t ic a lly c o m p le t e d . T h r e e o f its t ra ck s a re n o w in o p e r a tio n a n d th e fo u r t h tra ck will b e r e a d y fo r use b e fo r e th e c lo s e o f th e c u r r e n t c a le n d a r y e a r . T h e re s u lt o f th e o p e r a tio n o f th is im p r o v e m e n t h a s b e e n v e r y s a t is fa c t o r y a n d g r e a t b e n e fits a re b e in g d e r iv e d fr o m its u s e . F o r th e use o f its p r o p o s e d n ew lo w -g r a d e lin e , d e s c r ib e d in p r e v io u s r e p o r t s , th e E rie T e r m in a ls R a ilr o a d C o m p a n y h a s c o m m e n c e d th e c o n s t r u c t io n o f a n ew d r a w -b r id g e o v e r th e H a c k e n s a c k R iv e r n ea r th e p re s e n t b r id g e o f th e P a t e r s o n & H u d s o n R iv e r R a ilr o a d . $ 2 2 ,6 4 8 ,7 7 1 55 , o r 5 7 .9 2 % , o f th e to ta l O p e r a tin g E x p e n s e s , w a s p a id b y th e C o m p a n y d ir e c t to la b o r , b e in g d is tr ib u te d a m o n g 3 8 ,3 3 2 e m p lo y e e s . T h e B o a r d a n n o u n c e s , w ith d e e p r e g r e t, th e d e a t h , o n J a n u a r y 11 19 10, o f o n e o f y o u r D ir e c t o r s , M r. H a m ilt o n M c K . T w o m b ly , a n d h a s e x p r e s s e d h e r e in b y r e s o lu t io n th e lo ss it feels h a s b e e n s u sta in e d . M r. C h a rles A . P e a b o d y w a s , o n N o v e m b e r 23 19 09, e le c te d a D ir e c t o r to fill th e v a c a n c y in th e B o a r d c a u s e d b y th e d e a t h o f M r. E d w a r d H . I la r r im a n . T h e th a n k s o f th e B o a r d to th e o ffic e r s a n d e m p lo y e e s fo r th eir e ffic ie n t s e r v ice s are h e r e b y t e n d e r e d . R e s p e c t fu lly s u b m it t e d b y o r d e r o f th e B o a r d , F. D. U N D E R W O O D , President. TABLE 2.— INCOME ACCOUNT (ENTIRE SYSTEM) FOR THE YEAR ENDING JUNE 30 1910. ToIOperatlng Expenses— Rail Operations Maintenance of Way and Structures--------- $5,217,451 67 Maintenance of Equipment---------------------- 0.455.981 32 Traffic Expenses------- ----------------1,295,875 77 Transportation Expenses_________________ 17.422.951 73 General Expenses_______________________ 1,062.508 85 $34,454,769 34 Outside Operations— Water Routes__________ ______________ $2,663,509 77 Shipping and Coal Storago Plants______ - 225.988 33 Miscellaneous - .................... ......................... 381,217 82 3,270,805 92 Total Operating Expenses__________________________$37,725,575 26 To Taxes_______________________________ - - ______________ 1,374.757 17 Total Operating Expenses and Taxes________________$39,100,332 43 To Deductions— Interest Accrued on Bonds (see Tahlo 5).. $9,714,161 00 Interest Accrued on Collateral Gold Notes. 793.987 60 Interest Accrued on Equipment Trusts. __ 598,851 77 Interest Accrued on Mortgages____ 40.420 01 Interest Accrued on Construction__ 21.739 92 Other Interest---------------------------------------51,071 16 Rents Accrued for Lease of Other Roads (see Table 6)____________________ 980.646 29 Other Rents— Hire of Equipment (Balance)------448,587 40 Joint Facilities.......... ........................ 1,079.361 94 Miscellaneous Rents___________ 34.350 96 Sinking Funds Accrued____________ 453,119 21 Other Deductions__________________ 77.037 50 By Operating Revenue— Rail Operations— Merchandise___________________ C o a l_____________ Passenger____ _______ WvnredV Mhk . . Miscellaneous______________ „„ 39 86 ?! 44 83 05 -$51,830,719 93 O u t s id e O p e r a tio n s — Water Routes_________________ $2,341,201 71 Shipping and Coal Storage Plants.............. 349.963 61 Miscellaneous................................................ 344,304 70 ----------------------- 3,035,470 02 Gross Operating Revenue_________ _____ ________ ..$54,866,189 99 Total Deductions_________________________________ 14.293.334 76 To Net Incom e________________ ______ _________________ - 5,806.543 25 By Other Income— Dividends Declared on Stocks Owned or Controlled___________________________ $2,095,691 81 Interest Accrued on Bonds Owned or Con trolled ______ 495,849 00 Interest on Other Securities. Loans and Ac__ _ counts_____________________ ___ ______ 935.550 23 Rents Accrued from Lease ol Road.............. 13.000 00 Other Rents— Joint Facl Itles ----------------2? Separately Operated PropertiesProfit------->2.800 zo Miscellaneous Income................................... 206,961 90 Total Other Income...........- ................................................4,334,020 49 $59,200,210 44 Net Income for Y e a r ........................... ......... 25 Appropriated for Additions and Betterments $24,114.760 14.295,369 0,/,r>?'L*25 1,437.272 « b--> .026 1,225,625 $59,200,210 44 737.086 83 Balance for Year Transferred to Credit of Profit and L oss.. $5,069,456 42 TABLE 3.— PROFIT AND LOSS ACCOUNT YEAR ENDING JUNE 30 1910. Miscellaneous Debits— Difference between cost or record value and depredated value on July 1 1907 or equip ment destroyed or sold during the current y e a r ____ _ ________ _____ _________ _____ $574,698 31 Adlustment of charges made In previous years against Subsidiary Companies............ .......... 64.195 28 Cancellation of bills account of bad debts. &c. 17,252 39 Various small debits________________________ 4,002 31 — --------—- $660,148 29 To B a la n ce ................. ............................................... ................ 20,589,593 04 By Balance June 30 1909------------------------------------------------- $16,061,169 64 Balance for year transferred from Income Account........... 5,069,456 42 Miscellaneous Credits— „ , Profit from sale of Miscellaneous Securities..$113,139 04 Various small credits_______________________ 5,976 23 119,115 27 $21,249,741 33 $21,249,741 31 THE CHRONICLE OCT. L 1910.) G 1033 TABLE 4.— CONDENSED GENERAL BALANCE SHEET (ENTIRE SYSTEM), COMPARATIVE—JUNE 30 1010 AND JUNE 30 1909. June ASSETS. 30 1909, June 30 1910. PROPERTY INVESTMENT— Road and Equipment— 5294,034,517 24 Investment to June 30 1907— Iavestment since June 30 19073,032,878 94 Road - .................................... 3,148,502 71 Equipment ------------------------3,354.999 74 30,083,050 00 35.482,200 00 10,778,000 00 5,000,000 00 295,288 44 140,430 10 1,938,003 03 1,031,808 65 23,011,683 00 12,802,015 34 ',355,415 98 22,110 18,577 882,531 1,064,970 3,570,920 3,554,405 00 31 59 75 91 79 *294,034,517 24 4.607.234 37 5,523,533 03 *304,765,284 64 3,478,945 61 Reserve for Accrued Depreciation— Cr-----------------------------------------------------Securities— Securities of Proprietary, Affiliated and Controlled Companies— Pledged— Stocks -------------- ------------------------------------------------------------------ ----------— Funded Debt------------------------- ------------------------------------------------------------- *30,683,650 00 35,562,200 00 Securities Issued or Assumed— Pledged— . Funded Debt---------------------------------------Miscellaneous --------------------------------------- *11,778,000 00 6,552,000 00 Securities of Proprietary, Affiliated and Controlled Companies— UnpledgedStocks --------------------------------------- -------- --------- ----------------------------------------Funded Debt--------------------------------------- --------------------------------------------------- *295,488 44 169,430 10 Other Investments— Advances to Proprietary, Affiliated and Controlled Companies for Construction, Equipment and Betterments ------------------- ------------------ ---------- ------------------------------- -------------------Miscellaneous Investments— Phvslcal Property---------------------------------------------------------------------------------------Securities— Pledged _______ _______ _________ _____ _____ _______ ______________ " Securities— Unpledged ___________ _____ _____________________________________ _ ' WORKING ASSETS— C a sh -------------------------------------------------------------------------------------Marketable Securities— Stocks ------------------------------------------------------------------------------Miscellaneous _____________________________________________ Traffic and Car-Service Balances Due from Other Companies. Not Balance Due from Agents and Conductors______________ Miscellaneous Accounts Receivable____________________________ Materials and Supplies__________________________ _____ ________ 18,330,000 00 464,918 54 16 35,671,592 4 $8,103,904 98 22,116 17,982 1,138,094 1,383,462 3,550,228 3,788,345 ACCRUED INCOME NOT DUE— Unmaturcd Interest, Dividends and Rents Receivable-----------------------------------DEFERRED DEBIT ITEMS— Advances— 11,037,831 43 Temporary Advances to Proprietary, Affiliated and Controlled Companies. 168,596 55 Working Funds_________________ _____ _____________________________________ 25 00 82 00 87 66,245,850 00 4.097,014 1,035,739 16 21,132,540 00 12,903,313 24 00 18 33 01 15 17 27.4S1 00 59,457 8,300 2,882,640 300 102,883 $301,286,339 03 18,004,132 82 4,371 00 *11,557,691 82 95,391 52 Rents and Insurance Paid In Advance.......................... ........... Special Deposits___________________________________________ Cash and Securities In Sinking and Redemption Funds------Cash and Securities In Insurance and Other Reserve Funds. Other Deferred Debit Item s----------------------------------------------- *450,041,162 87 11,653,083 36,754 9,940 3,499,910 ■ 300 93,751 34 85 00 34 00 50 *459,397,957 98 LIABILITIES. 112,378,900 00 47,892,400 00 16,000,000 0 0 173,264,400 48,161,500 14,'858^938 1,404,261 274,730 1,723,953 3,900,196 117,277 2,668,060 STOCK— Capital Stock — Common -------------------- ------------- ---------------------------First Preferred Non-cumulatlve--------------------------------Second Preferred Non-cumulatlve------------------------------ *112,378,900 00 47,892,400 00 16,000.000 0 0 MORTGAGE, BONDED AND SECURED DEBT— Funded Debt— Mortgage Bonds_____________________________________ 00 S 00 ■ Collateral Trust Bonds. 84f Equipment Trust Obligations---------------------------- I . ____ 12’ 476'994 99 04 Miscellaneous Funded Obligations------------------------------------------------------------------------------------------------------------- H I . I I . I ’ 45 43 34 50 70 WORKING L IA B IL IT IE S Loans and Bills Payable ------------------------------------------------------------------------------Traffic and Car-Service Balances Duo to Other Companies___________________ Audited Vouchers and Wages Unpaid-----------------------------------------------------------Miscellaneous Accounts Payable----------------------------------------------------------------------Matured Interest, Dividends and Rents Unpaid-------------------- ------------------------- ACCRUED LIABILITIES NOT DUE— Unmaturcd Interest, Dividends and Rents P a y a b l e . ------- ---------------------------DEFERRED CREDIT ITEMS— 5,057,594 01 Other Deferred Credit Items------- -------------------------------------------------------------------APPROPRIATED SURPLUS— 957,730 Additions to Property since June 30 1907 through Income----------------------------3,098,564 Reserves from Income or Surplus Invested in Sinking and Redemption Funds. *174,264,400 00 1,'379,’852 54 238,297,747 53 *1,857,529 73 4,258,672 37 769.758 67 3,081,481 6 6 2,221,486 24 16,001,169 64 9.967,442 43 2,242,895 84 6,654,318 42 *1,694,817 20 3,679,843 52 PROFIT AND LOSS— Balance______________________________________________________________________ 5,374,660 72 20,589,593 04 *450,041,162 87 TABLE IS. *176,271,300 00 *459,397,957 98 ANALYSIS OF TRAFFIC REVENUE AND EXPENSES (ENTIRE SYSTEM) FOR THE FIVE YEARS ENDING JUNE 30 1906, 1907, 1908, 1909 AND 1910. 1906. Mileage of road operated. ...... ....... ......... ~. 2,150.937 1907. 2,150.937 1908.' 2,171.160 1909.' 1910.' 2,230.814 2,2 27.032 Freight Trafjio— Number of tons of general freight carried____ 19,377, 350 20,911,586 16,258,427 15,953,788 19,634, 804 g Number of tons of coal carried--------------------16,978, 032 18,258,031 17,371,279 16,843,417 19,128, 796 fl 36,355, 382 Total number of tons of all freight carried--------39,169,617 33,629,706 32,797,205 38,763, 600 Total number of tons of all freight carried 1 mile. 5,944,379, 550 6,275,629.877 5,661,538,181 6,008,714,174 6,414,731, 680 163.508 Average distance hauled per ton -----------------160.217 168.349 183.208 165.483 Total freight revenue------------ -------------------------- *35,555, 937.87 *38,550,092.47 *33,946.340.67 *35,189,788.82 *38,410, 130.25 .598 Average revenue per ton per mile---------------------- Cents Cents .614 Cents .600 Cents .586 Cents .599 *16, 530.44 *17,922.46 Freight revenue per mile of road---------------------*15,635.12 *15,774.42 *17, 247.23 *2.71945 Freight revenue per train mile. . . . ----- --------— $2.89707 *2.78751 *2.74697 $2.96316 454.65 471.62 Average number of tons of freight In each train.. 464.90 469.0* 494.87 Average number of tons of freight In each train, 484.30 504.84 Including company’s material-----------------------501.13 *16.86 540.70 Average number of tons of freight In each loaded c a r _______ ____ ______ ___________________ 18.75 19.57 20.30 20.37 20.81 P a s s e n g e r T r a / ic — 22,816,022 Number of passengers carried__________________ 24,199,723 23,654,436 23.684,283 25,277,283 Number of passengers carried one mile................ 598,655,755 639,792,610 639,524,474 597,317,739 027,788,837 Average distance per passenger_______________ 26.238 20.438 27.036 25 220 24.836 Total revenue from passengers________________ *8,982,810.52 $9,458,281.67 *8,880,634 32 *9,489,448.73 *9,459,963.21 Average revenue per passenger per mile________ Cents 1.500 Cents 1.478 Cents 1.484 Cents 1, 487 Cents 1.507 Total passenger train revenue. _ *10,807,374.53 *11,218,098.25 *12,054,020.13 *11,565,227 52 *12,368,328.25 Passenger train revenue per mile of road________ *5,024.50 *5,215.45 $5,551.88 *5,184, 31 *5,553.73 Passenger train revenue per train mile $1.21195 $1.21429 *1.22976 51 17402 $1.25746 Average number of passengers In each train - . . 67.13 69.25 65.24 60, 64 63.83 Average number of passengers In each car . . 18.72 17.45 18.62 16 50 17.13 R even u e an d E x p e n s e s — Freight and passenger revenue. _ *48,008,374.14 *44,538,748.39 *43,435,789.40 *44.070.423 ,14 *47,870,093.46 Freight and passenger revenue per mile of road *22,319.75 520,706.67 *20,005.80 *19,755 31 521.495.02 Gross revenue, all sources rail operations *51,194.113.45 $47,461,401.99 $46,746,435.90 *47,514,858 74 *51,830,719.93 Gross revenue per mile of road_________ _ *23,800.84 *22,065.45 *21,530.63 *21,299 34 *23,273.45 Gross revenue per train m ile.____________ *2.27075 *2.15812 *2.13252 *2 10273 *2.28042 Operating expenses------------------------------ ----------*33,579,058.52 *32,059,129.05 *36,469,542.21 *32,694,025 26 *34,454,769.34 Operating expenses per mile of road______ *15,611.78 *14,904.72 $16,797.26 *14,655 65 *15,471.16 Operating expenses per train mile--------------------51.48946 *1.45776 *1.66370 SI 44684 *1.51592 Net revenue---------. . . . . . . . . ---------- -------------------- *14,384,767.49 *16,171,356.59 *10,276,893.69 *14,820.833 48 *17,375,950.59 Net revenue per mile of road----------------------------*7,518.28 $6,687.67 *4.733.37 *6,643 69 *7,802.29 Not revenue per train mile------------ ------ ------------- Cents Cents 71.729 65.409 Cents 46.882 Cents 65 588 Cents 76.450 * M iuv .d the statistics for the years 1908. 1909 and 1910 are not true comparisons with the figures for previous years, on account of the changes la the classifications prescribed by the Inter-State Commerce Commission THE CHRONICLE 1034: lV O L . L X X X X I SOUTHERN RAILWAY COMPANY. S IX T E E N T H ANNUAL REPO RT— FOR THE Y E A R W a sh in g to n , D . C O c t o b e r G 19 10. T o the S to c k h o ld e r s o f the S o u t h e r n R a i l w a y C o m p a n y : T h e B o a r d o f D ir e c t o r s s u b m it th e f o llo w in g r e p o r t o f th e a ffa irs o f th e C o m p a n y fo r th e y e a r e n d e d J u n e 30 19 10: IN C O M E S T A T E M E N T . Miles of Road Operated, ! A verage_________ 1909. 1010. 7,170.36 7,050.17 Increase ( + ) or Decrease (— ). — 120.19 .$57,294,508 34 $52,188,106 64 + $5,106,401 70 . 38,635,745 94 35,568,980 60 + 3,066,765 34 $18,658,762 40 $16,619,126 04 + $2,039,636 36 b 136,963 39 18,980 30 — 117,983 03 $18,677,742 76 $16,756,089 43 + $1,921,653 33 1,979,722 33 1,916,701 65 + 63,020 68 $10,698,020 43 $14,839,387 78 + $1,858,632 65 + 280,824 02 3,179,135 72 2,898,311 70 .$19,877,156 15 $17,737,699 48 + $2,139,456 67 t .$11,313,686 11 $11,314,538 85 — $852 74 2,833,775 21 — 27,323 78 .$14,120,137 54 $14,148,314 06 — $28,176 52 . 2,806,451 43 Balance of Income over $5,757,018 61 3 52,372 91 t $5,704,645 70 $3,589,385 42 + $2,167,633 19 78,285 18 — 25,912 27 $3,511,100 24 + $2,193,545 46 T h e r e w a s a t th e c lo s e o f th is fiscal y e a r a b a la n c e t o b e a b s o r b e d o f § 7 ,6 8 4 ,6 0 4 4 6 in d is c o u n t o n se c u r itie s , r e su ltin g p r in c ip a lly fr o m th e la rg e sales o f D e v e lo p m e n t a n d G en era l M o r tg a g e b o n d s in th e y e a r e n d e d J u n e 30 1 9 1 0 . I n tra n s fe r r in g th e b a la n c e o f in c o m e o v e r c h a r g e s fo r th e y e a r e n d e d J u n e 30 1910 to th e c r e d it o f P r o fit a n d L o s s , th e B o a r d o f D ir e c t o r s d e e m e d it p r o p e r t o c h a r g e § 2 ,8 3 1 ,4 5 9 89 o f th is d is c o u n t t o P r o fit a n d L o s s , th u s r e d u c in g th e a m o u n t still to b e a b s o r b e d t o .§ 4 ,8 5 3 ,1 4 4 5 7 . T h e n e t b a la n c e r e m a in in g to th e c r e d it o f P r o fit a n d L o s s as o f J u n e 30 19 10, a fte r su ch c r e d it a n d d e b it , w a s § 8 ,6 8 5 ,9 5 9 9 1 . (S e e T a b le 4 o f th is R e p o r t .) T h is d is c o u n t is b e in g c h a r g e d ofT p a r tly b y p r o p o r t io n a t e c h a r g e s to I n c o m e d u r in g th e life o f th e se cu ritie s ,a n d p a r tly b y e x t r a o r d in a r y c h a r g e s to P r o fit a n d L o s s . T h e c h a r g e to P r o fit a n d L o s s th is y e a r w ill re su lt in su b s ta n tia l r e d u c t io n s in su ch c h a r g e s t o I n c o m e d u r in g s u b s e q u e n t y e a r s in d is p o s in g o f th e b a la n c e n o w in th e a c c o u n t . S ta te m e n t s o f th e a c c o u n t s a n d s t a t is tic s o f th e C o m p a n y , in th e u su a l d e ta il, w ill b e fo u n d in t h e ta b le s h e r e t o a n n e x e d . T h e a c c o u n t s h a v e b een e x a m in e d , a s u s u a l, b y C ertified P u b lic A c c o u n t a n t s , M essrs. P a t t e r s o n , T e e le & D e n n is , a n d th e ir c e r t ific a t e is m a d e a p a r t o f th is r e p o r t . THE O P E R A T IN G C O N D IT IO N S . T h e in c o m e s ta te m e n t r e fle c ts th e im p r o v e m e n t in bu sin ess d u r in g th e y e a r . F r e ig h t re v e n u e s in c r e a s e d 1 1 .9 7 p e r c e n t p a s s e n g e r r e v e n u e s 9 .9 2 p e r c e n t a n d to ta l o p e r a tin g re v e n u e s 1 0 .90 p e r c e n t . T h e g r o s s o p e r a tin g r e v e n u e s w e re th e la rg e st in th e h is to r y o f th e C o m p a n y . B u t , w h ile th is i s g r a t ify in g it m u s t b e o b s e r v e d o n th e o t h e r h a n d t h a t th e in cre a se in to ta l o p e r a tin g e x p e n s e s d u r in g th e y e a r a lm o s t k e p t p a c e w it h th e in cre a se in r e v e n u e s , b e in g 9 .9 1 p e r c e n t . The o p e r a tin g r a t io , e x c lu d in g t a x e s , w a s , h o w e v e r , 6 7 .4 3 per c e n t , as c o m p a r e d w ith 6 8 .0 4 p e r c e n t la st y e a r a n d 7 6 .0 1 p e r c e n t in 19 07, th e im p r o v e m e n t in th e th re e y e a r s b e in g la r g e ly th e re su lt o f th e im p r o v e d tr a n s p o r ta t io n c o n d it io n s u n d e r th e w a g e sc a le h e r e t o fo r e in e ffe c t . T h e p ro p e rty has b e e n w ell m a in ta in e d d u r in g th e y e a r a n d is in a s g o o d p h y s ic a l c o n d it io n as is n e c e s s a ry , n o t o n ly fo r th e p r e s e r v a t io n o f th e in t e g r it y o f th e c a p ita l a c c o u n t , b u t a lso to m a k e p o s s ib le e ffic ie n t o p e r a t io n . In s is te n t e ffo r t to in cre a se e ff ic ie n c y in o p e r a tio n h a s b e e n m a d e , lo o k in g e s p e c ia lly to m a in ta in in g a re a s o n a b le r a t io b e t w e e n t r a n s p o r ta t io n e x p en se s a n d g r o ss r e v e n u e . T h e c o n t in u e d h ig h c o s t o f all th e m a te r ia ls a n d s u p p lie s w h ic h a r a ilr o a d c o n s u m e s , a n d th e in c r e a s e d c o s t o f la b o r , w it h o u t a n y p r o p o r t io n a t e in crea se in th e se llin g p ric e o f th e o n e th in g th e r a ilr o a d p r o d u c e s a n d h a s fo r sa le , v i z ., t r a n s p o r ta t io n , h a s so in te n s ifie d th e p r o b le m o f s u cce ssfu l r a ilr o a d o p e r a t io n t h a t th e o p p o r t u n it y fo r g o o d re su lts is n a r r o w e d u n d e r e x is t in g c o n d itio n s to e ffo r t s to in cre a se th e v o lu m e o f b u s in e s s a n d im p r o v e m e n t in o p e r a tin g e ff ic ie n c y . P a r tic u la r a t te n tio n is in v it e d to th e G en era l M a n a g e r ’s r e p o r t , h e r e to a n n e x e d , fo r a s t a t e m e n t o f s o m e o f th e m o s t im p o r t a n t resu lts w h ic h h a v e b e e n a c c o m p lis h e d d u r in g th e y e a r in th o s e r e s p e cts . L a t e in th e y e a r g e n e ra l in cre a se s w e re m a d e in th e ’ra tes o f p a y o f e m p lo y e e s , w h ic h w ill h a v e th e e ffe c t o f a d d in g a p p r o x im a t e ly § 2 ,0 0 0 ,0 0 0 t o th e a n n u a l p a y r o ll^ o f th e C om pan y. E N D E D J U N E 3 0 19 10. THE C A P IT A L A C C O U N T. I m p o r t a n t c h a n g e s h a v e ta k e n p la c e in th e c a p ita l a c c o u n t d u r in g th e y e a r . T h e p r o p e r t y in v e s t m e n t h a s b een in c re a se d § 1 4 ,0 6 1 ,5 5 8 2 9 , o f w h ic h $ 3 ,9 2 3 ,5 9 3 70 w a s in r o a d a n d $ 1 0 ,1 3 7 ,9 0 4 59 w a s in e q u ip m e n t . T h e in cre a se in th e r o a d a c c o u n t w a s d u e to a d d itio n s m a d e d u r in g th e y e a r (p . 20 r e p o r t ), b u t th e in cre a se in th e e q u ip m e n t a c c o u n t is la r g e ly a r e a d ju s tm e n t m a d e n e c e s s a ry to b e t t e r m e e t th e r e q u ir e m e n ts o f th e n ew u n ifo r m s y s t e m o f a c c o u n t in g p r e s c r ib e d b y th e I n t e r -S t a t e C o m m e r c e C o m m is s io n . T h ere w e r e , h o w e v e r , a c tu a l n e t a d d it io n s t o e q u ip m e n t d u r in g th e y e a r c o s tin g § 8 4 4 ,7 7 2 15. (S ee p a g e 21 p a m p h le t r e p o r t .) E q u ip m e n t o b lig a t io n s a m o u n tin g to $ 2 ,5 2 8 ,4 0 2 48 m a tu red a n d w ere p a id d u r in g th e y e a r . O n A p ril 1 19 10, a n ew e q u ip m e n t tru s t (S e rie s N ) w a s c r e a te d , u n d e r w h ic h e q u ip m e n t c o s tin g $ 6 ,5 3 2 ,5 3 5 w a s c o n t r a c t e d fo r a n d n ew e q u ip m e n t o b lig a t io n s a m o u n tin g to $ 5 ,2 0 0 ,0 0 0 w ere issu ed a n d s o ld , th e b a la n c e o f c o s t b e in g p a id in c a s h . T h is in crea se in e q u ip m e n t o b lig a t io n s b r o u g h t th e to ta l o f su ch o b lig a t io n s o u t s t a n d in g o n J u n e 30 1910 to $ 1 8 ,2 0 8 ,7 9 1 8 4 , w h ic h is $ 2 ,3 6 8 ,6 9 5 13 less th a n th e t o ta l o f su ch o b lig a t io n s o u t s t a n d in g o n J u n e 30 1907. I n th e th r e e y e a r s s in c e J u n e 30 1907 th ere h a v e m a tu r e d a n d b e e n p a id e q u ip m e n t o b lig a t io n s a m o u n tin g in all to $ 9 ,3 2 4 ,9 1 1 3 0 , o r m o r e th a n th e to ta l o f th e n ew o b lig a t io n s n o w a s s u m e d . T h is r e d u c tio n in th e a m o u n t o f c o n t r a c t e d a n d fix e d o b lig a t io n s fo r th e p u r ch a s e o f e q u ip m e n t , w h ic h m u s t b e fin a n c e d c u r r e n t ly , a n d th e n e c e s s ity o f a d d itio n a l en g in e s a n d c a r s o f larg er p o w e r a n d c a p a c it y to h a n d le a n in c r e a se d v o lu m e o f b u sin ess w ith re a s o n a b le e c o n o m y , w ere th e ju s t ific a t io n s fo r th e c r e a tio n o f th e E q u ip m e n t T r u s t , S eries N . THE FUNDED D EBT. O n J a n u a r y 1 1910 th ere w ere d r a w n a n d ta k e n in to th e T r e a s u r y $ 5 ,0 0 0 ,0 0 0 o f D e v e lo p m e n t a n d G en era l M o rtg a g e b o n d s , w h ic h , u n d e r th e te rm s o f t h a t m o r t g a g e , c o u ld b e so d ra w n to r e im b u r se th e T r e a s u r y fo r its a d v a n c e s m a d e fo r c o n s t r u c tio n d u r in g th e c a le n d a r y e a r 1 9 10. I n like m a n n e r th ere w ere d ra w n a n d ta k e n in t o th e T r e a s u r y d u r in g the fiscal y e a r $ 1 ,7 6 6 ,0 0 0 o f D e v e lo p m e n t a n d G en era l M o r tg a g e b o n d s to re im b u rse th e T r e a s u r y fo r th e p r o p o r t io n o f e q u ip m e n t o b lig a t io n s p a id d u r in g th e y e a r , w h ic h , b y th e te rm s o f th e D e v e lo p m e n t a n d G en era l M o r t g a g e , w a s to b e c h a r g e d to ca p ita l a c c o u n t . B y r e a so n o f th ese d ra w in g s th e to ta l a m o u n t o f D e v e lo p m e n t a n d G en era l M o rtg a g e b o n d s fre e in th e T r e a s u r y o n J u n e 30 1910 w a s $ 7 ,5 3 6 ,0 0 0 . O n N o v e m b e r 1 1909 th e T h r e e -Y e a r C o n v e r tib le S ix p e r c e n t n o te s o f 1911 a m o u n tin g to $ 1 1 ,1 0 5 ,0 0 0 w ere r e d e e m e d . T h e se n o te s w ere th e o u t s t a n d in g b a la n c e o f t h e e n tir e issu e o f § 1 5 ,0 0 0 ,0 0 0 w h ic h w ere c a lle d d u r in g th e S p rin g o f 1 9 0 9 , w h en th e d e b t w a s p e r m a n e n t ly fin a n c e d in th e m a n n e r e x p la in e d in th e a n n u a l r e p o r t fo r th e y e a r e n d e d J u n e 30 19 00. O n F e b r u a r y 1 1910 th e $ 1 5 ,0 0 0 ,0 0 0 o f T h r e e -Y e a r F iv e P er C en t N o te s w h ic h w ere issu ed in 1907 m a tu r e d a n d w ere redeem ed . O f th is d e b t § 5 ,0 0 0 ,0 0 0 w a s p a id o ff in ca sh w ith tre a s u r e fu n d s , a n d th e b a la n c e w a s r e n e w e d b y th e c re a tio n a n d iss’ i 1 o f § 1 0 ,0 0 0 ,0 3 0 o f n e w T h r e e -Y e a r F iv e P e r C en t N o te s d u e F e b r u a r y 1 1 9 13. O n J a n u a ry 1 1910 th ere m a tu r e d th e th re e issu es o f b o n d s o f th e A tla n t a & C h a rlo tte A ir L in e R a ilw a y C o m p a n y , a m o u n tin g in th e a g g r e g a te to § 5 ,5 0 0 ,0 0 0 . T hese bon ds had b e e n e x t e n d e d fr o m V .n e to tim e in th e p a s t , a n d d u r in g th e la st th ree y e a r s h a d Uorn * in te r e s t a t th e r a t c o f 4 p ercen t. T h e c o n t r a c t b y w h ic h tiiis C o m p a n y o p e r a te s th e p r o p e r t y o f th e A tla n t a & C h a r lo tte A ir L in e R a ilw a y C o m p a n y p r o v id e s fo r a p e rp e tu a l r ig h t o f p o s s e s s io n a n d o p e r a t io n o f th a t p r o p e r t y , c o n d it io n e d , a m o n g o t h e r t h in g s , u p o n th e p a y m e n t o f th e in te r e s t u p o n th is b o n d e d d e b t . P r o v is io n w a s a c c o r d in g ly m a d e in th e F ir s t C o n s o lid a t e d M o rtg a g e fo r th e a c q u is itio n o f th ese b o n d s , a n d th e m a t u r it y o n J a n u a r y l 1910 w a s fin a n c e d b y th e p u r c h a s e o f all th e A tla n t a & C h a rlo tte A ir L in e R a ilw a y C o m p a n y b o n d s , w h ich w ere t h e r e u p o n fu r th e r e x t e n d e d a t 4 ) 4 p e r c e n t fo r ten y e a r s , o r u n til J a n u a r y 1 1920, a n d as so e x t e n d e d w ere p le d g e d u n d er th e F ir s t C o n s o lid a te d M o rtg a g e a g a in s t th e issu e a n d d e liv e r y o f a lik e a m o u n t , a t p a r , o f F ir s t C o n s o lid a t e d M o rtg a g e F iv e P er C en t B o n d s re se r v e d in th e c u s t o d y o f th e T ru ste e fo r t h a t p u r p o s e . $ 5 ,0 0 0 ,0 0 0 o f th e F irs t C o n s o lid a te d M o rtg a g e F iv e P e r C en t B o n d s so issu ed w ere so ld a t a p ric e a p p r o x im a t e ly s u ffic ie n t to r e im b u r s e th e T r e a s u r y fo r th e c o s t o f th e a c q u is itio n o f th e $ 5 ,5 0 0 ,0 0 0 A tla n t a & C h a rlo tte A ir L in e R a ilw a y C o m p a n y b o n d s , th u s le a v in g free in th e T re a s u r y o f th e C o m p a n y $ 5 0 0 ,0 0 0 o f F irs t C o n s o lid a te d M o rtg a g e F iv e P er C en t B o n d s . O n J a n u a r y 1 1910 th e r e m a tu r e d th e $ 4 0 0 ,0 0 0 o f F irst M o rtg a g e F iv e P er C en t B o n d s o f th e R ic h m o n d Y o r k R iv e r & C h esa p ea k e R a ilr o a d C o m p a n y . T h e s e u n d e r ly in g b o n d s u p o n p r o p e r t y o f th is C o m p a n y w e r e r e d e e m e d w ith tre a su ry fu n d s , a n d a lik e a m o u n t o f F ir s t C o n s o lid a te d M o r tg a g e F iv e O ct . 15 1910. 1035 THE CHRONICLE P e r C e n t B o n d s , w h ic h h a d b e e n re s e r v e d in th e c u s t o d y o f th e T r u s t e e a g a in s t su ch r e d e m p tio n , w e re issu e d a n d ta k e n in t o th e T r e a s u r y . O n J u ly 1 1909 th e re m a tu r e d th e b a la n c e o f $ 2 8 2 ,5 0 0 o f th e C h a rlo tte C o lu m b ia & A u g u s ta R a ilr o a d C o m p a n y F irs t M o r tg a g e F iv e P e r C e n t B o n d s , E x t e n d e d , w h ic h h a d n o t p r o v is io n in tfta t r e s p e c t _ _ T h e s e m a tu r e d b o n d s w e re re d e e m e d b y th is C o m p a n y w ith tr e a s u r y fu n d s , a n d th e re w e re issu ed a n d p la c e d in th e tr e a s u r y , t o r e p r e s e n t th e d is b u r s e m e n t, a lik e a m o u n t o f F irs t C o n s o lid a t e d M o rtg a g e F iv e P e r C e n t B o n d s . B y r e a so n o f th ese r e fu n d in g o p e r a tio n s a n d th e sin k in g fu n d in r e s p e c t o f th e u n d e r ly in g b o n d s u p o n th e C h a rlo tte s v ille & R a p id a n R a ilr o a d a n d th e F r a n k lin & P itt s y lv a n ia R a ilr o a d , th e r e w ere ta k e n in t o th e T r e a s u r y in all d u rin g th e y e a r F irs t C o n s o lid a te d M o rtg a g e F iv e P e r C e n t B o n d s a g g r e g a tin g $ 1 ,2 1 2 ,5 0 0 , w h ic h , w ith th e $ 6 5 ,3 0 0 o f su ch b o n d s p r e v io u s ly h e ld in th e T r e a s u r y , a m o u n t t o $ 1 ,2 7 7 ,8 0 0 o f S o u th e r n R a ilw a y F irs t C o n s o lid a te d M o r tg a g e F iv e P er C en t B o n d s , w h ic h w e re fr e e in th e T r e a s u r y o n J u n e 30 19 10. A d v a n t a g e w a s ta k e n o f m a r k e t c o n d it io n s d u r in g th e y e a r t o a c q u ir e a n u m b e r o f th e u n d e r ly in g 6 p e r c e n t b o n d s th e m a tu r ity o f w h ic h is a p p r o a c h in g . T h e s e a c q u is itio n s w ere m a d e b y th e issu e in e x c h a n g e o n a n a g r e e d b a sis o f F irs t C o n s o lid a te d M o r tg a g e F iv e P e r C e n t B o n d s re s e r v e d fo r th a t p u r p o s e . T h e u n d e r ly in g b o n d s so a c q u ir e d a n d r e tir e d , w ith a c o n s e q u e n t im m e d ia t e s a v in g in th e in te r e s t c h a r g e , w e re : „ Columbia & Greenville First Gs of 1010--------------------------------------- $27,000 Richmond & Danville Consolidated Os of 1915----------------------------- 194.000 Virginia Midland Serial Gs of 1911----------------------------------------------271,000 Western North Carolina Consolidated Gs of 1914-------------------------- 56,000 T h e r e su lt o f all o f th e se fin a n c ia l o p e r a tio n s in r e s p e ct o f th e fu n d e d d e b t h a s b e e n t h a t , d e s p it e th e a c c r u a l th is y e a r o f a fu ll y e a r 's in te r e st o n th e $ 4 1 ,3 3 3 ,0 0 0 o f D e v e lo p m e n t a n d G en era l M o r tg a g e b o n d s issu e d d u r in g th e y e a r e n d e d J u n e 30 19 09, th e a m o u n t p a id fo r in te r e s t o n F u n d e d D e b t a n d E q u ip m e n t O b lig a t io n s w a s less in th e y e a r en d e d J u n o 30 1910 th a n in th e p r e v io u s y e a r , a s w ill b e n o t e d fr o m th e I n c o m e S ta te m e n t . T h e n e t in cre a se o f $ 2 9 ,1 4 7 2 6 in th e c h a r g e s a c c r u e d d u r in g th e y e a r fo r I n t e r e s t o n F u n d e d D e b t , E q u ip m e n t O b lig a t io n s a n d R e n t s A c c r u e d fo r L e a se o f o t h e r R o a d s , w h ic h ite m s in c lu d e all th e C o m p a n y 's fix e d c h a r g e s as s ta te d o n p a g e 26 ( r e p o r t ) , w a s d u e to a n a r b it r a r y in cre a se d u r in g th e y e a r o f $ 3 0 ,0 0 0 in th e re n ta l p a id th e A tla n t ic & D a n v ille R a ilw a y C o m p a n y u n d e r th e p r o v is io n o f th e lease m a d e in 18 99, C O N S T R U C T IO N . N o n e w c o n s t r u c t io n o f im p o r t a n c e w a s u n d e r t a k e n d u r in g th e y e a r , b u t th e w o r k in p ro g r e s s as d e s c r ib e d in th e la st annual rep ort h a s b een p ro s e cu te d . T h e b e n e fit e x p e c t e d t o b e d e r iv e d fr o m th e o p e r a t io n o f th e re v is e d lin e th r o u g h L y n c h b u r g , V a ., w a s p o s t p o n e d b y a d is a s tr o u s fire in th e n e w tu n n e l w h ile still in c o m p le t e a n d in ch arge o f th e co n tra cto r . T h is d e la y e d th e c o m p le t io n o f th e w o r k b e y o n d th e tim e p r e d ic t e d , b u t it is n o w e x p e c t e d th a t th e n e w d o u b le - t r a c k lin e t h r o u g h L y n c h b u r g fr o m M o n r o e , V a ., t o S y c a m o r e , V a ., 3 8 .1 4 m ile s ,w ill all b e in o p e r a t io n b y th is F a ll. T h e d o u b le t r a c k o p e r a t e d o n th e m a in lin e h a s b e e n in c re a se d d u r in g th e y e a r b y th e c o m p le t io n o f th e s e c o n d tra ck b e t w e e n S p e n c e r , N . C ., a n d C o n c o r d , N . C ., 2 4 .0 7 m iles; b e t w e e n H a r r is b u r g , N . C ., a n d N o r t h C h a r lo t te , N . C ., 8 .2 7 m ile s , a n d n o r th f r o m G r e e n s b o r o , N . C ., 1 .8 0 m ile s . T h e h e a v y w o r k o n th e 1 3 .6 7 m ile s o f r e v is e d lin e a n d d o u b le t r a c k b e t w e e n C itic o , T e n n ., a n d O o lt e w a h , T e n n . (t h e a p p r o a c h t o C h a tt a n o o g a , T e n n ., fr o m th e e a s t ), h a s b e e n p r o s e c u t e d t h r o u g h o u t th e y e a r a n d is n e a rin g c o m p le t io n . IN D U S T R IA L P R O G R E S S . T h e r e w e r e 3 5 5 n e w in d u s tr ia l p la n t s c o m p le t e d o n th e lin es o f th is c o m p a n y d u r in g th e y e a r e n d e d J u n e 3 0 1 9 1 0 , cla ssifie d a s fo llo w s : Brick Works________________________________________________________ 28 Cotton Seed Oil Mills________________________________________________ 21 Fertilizer Works____________________________________________________ 3 Flour and Feed Mills________________________________________________ 21 Furniture Factories_________________________________________________ 7 Iron Industries_____________________________________________________ 21 Lumber Mills__________________________ 69 Stone Quarries, Coal and other Mines_______________________________ 30 Textile Mills__________________________ 36 Woodworking Plants________________________________________________ 16 Miscellaneous Plants------------------------------------------------------------------------- 103 Total................... 355 T h e n u m b e r o f in d u s tr ia l p la n t s u n d e r c o n s t r u c t io n a t th e c lo s e o f th e y e a r w a s 7 2 , a n d th e n u m b e r o f a d d it io n s m a d e to e x is t in g p la n t s d u r in g th e y e a r a g g r e g a te d 1 6 3 . T H E S E R V IC E O F E M P L O Y E E S . I t is p r o p e r t o r e c o r d , w it h a p p r e c ia t io n , th e in d u s tr y , lo y a lt y a n d e ff ic ie n c y o f th e o ffic e r s a n d e m p lo y e e s o f all r a n k s d u r in g th e y e a r . T h e fu tu r e s u cc e s s o f th e C o m p a n y u n d e r e x is t in g e c o n o m ic c o n d it io n s d e p e n d s la r g e ly u p o n its r e la tio n s w it h th e p u b lic , w h o are its c u s t o m e r s , a n d th ese r e la tio n s d e p e n d la r g e ly u p o n t w o th in g s w h ic h th e o ffic e r s a n d e m p lo y e e s c a n a n d w ill a n d d o g iv e fo r th e C o m p a n y in e v e r in c r e a s in g d e g r e e . T h e s e t w o th in g s a re S o lic it a t io n a n d S e r v ic e . T h e C o m p a n y h a s d u r in g th e y e a r m e t th e e x p e c t a t io n o f its e m p lo y e e s in r e s p e ct o f in c r e a se d w a g e s, b e c a u s e o f th e in c r e a s e d c o s t o f th e ir in d iv id u a l liv in g , b u t in s o d o in g it h a s h e a v ily in c r e a se d its o w n c o s t o f liv in g , a n d it relies u p o n its o ffic e r s a n d e m p lo y e e s to ju s t ify su ch in c rea se b y s e c u r in g fo r th e C o m p a n y , th r o u g h p r o p e r r e la tio n s w ith th e p u b lic , e ffe c t iv e s o lic it a t io n a n d e ffic ie n t s e r v ic e , su ch n e t r e v e n u e as w ill p r o m o t e its w e lfa r e . R e s p e c t fu lly s u b m it t e d , b y o r d e r o f th e B o a r d , W . W . F IN L E Y , P re sid en t. T A B L E 1 .— C O M P A R A T I V E B A L A N C E S H E E T , J U N E 3 0 1910 A N D J U N E 3 0 19 09. June 30 1909. ASSETS June 30 1910. PROPERTY INVESTMENT— $295,854,999 40 Road: Investment to July 1 1909-------------------------------------------------------------- $295,854,999 40 3,923,593 70 Additions during the year----------------------------------------------------------------$299,778,593 1* $46,330,776 20 Equipment: Investment to July 1 1909______________________ __________________ $46,330,776 20 10,137,964 59 Additions during the year------------------------ ----------- ----------------------------1,782,583 41 Less: Reserve tor Accrued Depreciation on all equipment In service----$340,403,192 19 $30,808,607 31 1,540,392 69 32,349,000 00 $372,752,192 19 $13,306,634 20.296,872 23,313,703 10,774,607 67,691.907 11,105,000 $3,995,255 50 380,212 41 $56,468,740 79 12,050,132 83 44,548,192 79 $451,549 099 62 4,375,467 91 TOTAL NET ROAD AND EQUIPMENT_____________________ ______ Leasehold Estates: Road___________________ ______ - ________ _________________ ________ E quipm ent------------------------------------------ ------------- ----------- ----------------- $31,558,607 31 1,540 392 69 33.099,000 M TOTAL LEASEHOLD ESTATES (Per Contra)________________________ DEPOSIT WITH TRUSTEE FOR THE PURCHASE OF EQUIPMENT, UNDER EQUIPMENT TRUST, SERIES N-----------------------------------------------------------TOTAL NET ROAD, EQUIPMENT AND LEASEHOLD ESTATES___ COST OF SECURITIES PLEDGED OR HELD FOR SPECIAL PURPOSES— Pledged under First Consolidated Mortgage (See Tabic 7>-------------------------------Pledged under Development and General Mortgage (See Table 8 )---------------------Pledged or deposited under Various Indentures------- ------------------------------------ — Unpledged, held for Special Purposes_____________________ _______ _____ ______ 5,797,848 *3 $383,094,049 01 $18,806,636 20,260,472 23,319,317 6,872,508 97 21 11 78 SPECIAL DEPOSIT WITH FINANCIAL AGENT TO REDEEM ON NOV. 1 1909 CONVERTIBLE SIX PER CENT NOTES, DUE MAY 1 1911___ . _________ SOUTHERN RAILW AY DEVELOPMENT AND GENERAL MORTGAGE BONDS TOTAL NET ROAD, EQUIPMENT AND SECURITIES HELD AS STATED MATERIAL AND SUPPLIES ON HAND (See Table 22)________________________ RAIL AND FIXTURES LEASED_____________ ________ _________________________ $11,124,664 1,117,014 125,307 515,961 3,003,271 966,652 583.064 824,300 $490,239,800 02 69.258,935 07 1,800,000 00 $4,215,870 11 391,513 51 $454,152,984 16 kv 4,607,383 62 5458,760,,367 4,061,,052 574,,929 1,078,,584 446,,821 807 700,,610 78 94 10 19 28 73 56 H R 4,853 ,144 57 ,696 52 1,153 $455,924, 567 4.015, 569 595, 479 925 622 473, 572 712 620, 659 500 53 TOTAL CAPITAL ASSETS---------------------------------- -------------------- - - - - ----------------88 MISCELLANEOUS SECURITIES OWNED— In Treasury Unpledged----------------68 BILLS RECEIVABLE— deferred but secured__________________________________ 31 ADVANCES TO SUBSIDIARY COMPANIES----------------- --------------------------------80 INCOME ACCRUED— not due-------------------------------------------------------------------------6E INSURANCE PAID— not nccrued_____________________________________________ 19 INSURANCE Fund (Per Contra)______________________________________________ 00 SINKING FUNDS— Uninvested Balance In hands of Tiustee---------------------- - - NET DISCOUNT ON SECURITIES SOLD— to be charged oF prior to maturity of 7,797, 010 65 the Securities----------------- --------------------- -------- ----------------------------------------------------1,534, 968 75 SUNDRY ACCOUNTS-------------------------------------------------- ---------------------------------------CURRENT ASSETS— Cash In hands of Treasurer, Banks and Financial Agents-----------------------------------Cash In Transit from Agencies__________________________________________________ Due from United States Post Office Department---------------------------- -------------------Due from Agents and Conductors--------------------------- --------------------------------- -------Due from Other Transportation Companies______________________________________ _ Due from Individuals and Companies______ ____________________________________ Hills Receivable— current____________________________ __________________ ______ -J Miscellaneous Current Securities___ _____ ________________________________________ 18,350,236 58 44,418,607 96 $344,197,201 06 $8,728,256 1,269,872 116,359 450,220 2,973,420 1,047,014 602 085 7,013,800 71 40 96 41 75 34 14 00 fiS m i i 22,201,029 76 $493,831,064 43 tV L L X X O. XXI THE CHRONICLE 1036 June 30 1900. CAPITAL STOCKCom m on_______ Preferred______ $120,000,000 00 60,000,000 00 June 30 1910. LIABILITIES. $120,000,000 00 60,000,000 00 3180,000 000 5,670 200 234.002, 400 32,349, 000 3229.000 354,000 1.617.000 35,550 125,400 2.700.000 1.820.000 7,200,000 00 TOTAL CAPITAL STOCK___ ________ ________________ ____________ 00 SOUTHERN R Y , MOBILE & OHIO STOCK TRUST CERTIFICATES--. 00 FUNDED DEBT (See Table 5>...................................... ....... _ 00 OUTSTANDING SECURITIES ON LEASEHOLD ESTATES (Per Contra)EQUIPMENT OBLIGATIONS— Equipment Trust, Series C - - . ____________________________________________ Equipment Trust, Series D ______________________________ _____ ___________ Equipment Trust, Series E _______________________________________________ Equipment Contract, Series F ___ __________________ _______ ____ _________ Equipment Contract, Series G______________________ ___ ________ Equipment Trust, Series H ____________________________________ ______.. Equipment Trust, Series K __________ _____ _______________________________ Equipment Trust, Scries L ----------------------------------------------------------------------Equipment Trust, Series M_________________________________________ _____ _ Equipment Trust, Scries N----------------------------------------------------------------------Miscellaneous Equipment Contracts______________ ____ __________________ 14,475,163 07 UNMATURED BALANCE OF PURCHASE PRICE NORTHEASTERN RAIL 107, 000 00 ROAD OF GEORGIA________________________ __________ _ 6, 113 71 UNMATURED BALANCE ON HARTWELL, IN I)., BRANCH___ I. 00 00 00 00 00 00 00 00 394,213 07 5161,783 96 108,049 04 78,788 65 52,751,421 932,336 100.955 1,825,752 2,636,019 852.008 288,914 319,284 1,743.086 05 97 25 6t 34 93 95 15 71 3)80,000,000 5,670,200 230,197,300 33,099,000 00 00 00 00 31,323,000 00 2.250.000 1.540.000 6.600.000 1,260,000 5,200,000 35,791 00 00 00 00 00 84 18,208,791 84 107,000 00 6,113 71 5466,609 876 78 TOTAL CAPITAL, FUNDED AND LIEN L IA B IL IT IE S ... RESERVES— For Maintenance of Way and Structures______________________ _____ ______ __ For Maintenance of Equipment_____________________ _____ _____ . " ' Miscellaneous____________ _______ _____ _ ______ ________ _____ _ 348,621 65 1,988,435 89 INTEREST AND RENTS ACCRUED— not due___________ .. 752,113 83 TAXES ACCRUED— not due............ ......... ..... ...................................... " 990,940 21 UN MATURED OBLIGATIONS FOR NEW STEEL R A I L ____ . . . . 620,659 19 INSURANCE FUND (l'er Centra)___________________________ _____ ........................ ................... ............. ....... 265,472 15 SUNDRY ACCOUNTS.......... CURRENT LIABILITIES — Interest and Rents Due and Unpaid, Including amount due July t. Bills Payable, including current obligations lor new steel r a i l . . __ _ Freight Claim Authorities Outstanding------------------------------ --------- ---Unpaid Wages, Including June Pay-rolls------- ---------------------------------Audited V ouchers.._____________ ______________ __________ ________ Due Other Transportation Companies______________ _____ _______ _ Due Individuals and Companies______ _____________________________ Material and Supplies In Transit—not vouchered.__________________ Undetermined Liabilities awaiting adjustment________ ______. _ _ 11,500,679 96 APPROPRIATED SURPLUS—Additions to Property since June 30 1907 through 200,992 55 In co m e____________________ _____ __________________ 6,062.007 81 PROFIT AND LOSS (See Table 1)...................... ................... I . I . I I I Z I I " " - ! ' " " $467,288,405 55 5122,320 64 127,223 24 77,145 78 326,689 66 1,812,080 34 807,305 47 700,610 56 316.988 50 S2,876,246 1,724,536 01,028 1,873,480 2.866,538 1,161,828 487,080 676,125 1,880,989 25 25 97 31 40 04 00 63 13 13,638.758 08 253,365 46 8,685,050 91 5490,230,800 02 3403,831,064 43 ■Vole.— For statement of guaranty of Bonds of other Corporations, see Table 9. T A B L E 2 . — I N C O M E A C C O U N T Y E A R E N D E D J U N E JO 1910, C O M P A R E D W I T H YEAR ENDED JU N E 1909. $34,376,619 13,510,791 267,721 1,495,202 1,491,643 758,344 287,784 1909 1010. OPERATING REVENUES— Freight __________ __________ _________ Passenger ___________ ____ __________ Miscellaneous Passenger-Train RevenueMall __________________________ ______ _ Express___ _____ _________________ . Other Transportation Revenue. ________ Other Revenue from Operation ___ ____ 13 49 31 44 68 00 59 $6,016,660 8,103,753 1,252,328 18,348,507 1,757,730 JO 64 44 45 08 99 552,188,106 64 35,568,080 6 338 161,391 14,630,160 279,092 1,375,631 1,620.028 845,782 373,870 93 7f 78 64 34 71 18 36,635,724 0.876,728 1,436,776 18,934,420 1,752,089 58 58 24 56 98 $57,204,508 34 TOTAL OPERATING REVENUES. OPERATING EXPENSES— Maintenance of Way and Structures______ Ma'ntenanco of Equipment______________ Traffic Expenses________________________ Transportation Expenses_____ _____ _____ General Expenses--------- -----------------------TOTAL OPERATING EXPENSES. 38,635,745 94 $16,619,126 04 NET OPERATING REVENUE___________ _________ _____ 136,963 39 OUTSIDE OPERATIONS— NET REVENUE_____ _______ 516,756,080 43 NET REVEN U E.___ _______ _______ _______ ______ _______ 1,916,701 65 TAXES ACCRUED (Federal Corporation Tax Excluded)... 321,000 00 199,185 80 114,051 73 1,941,125 92 622,948 25 $18,658,762 40 18,080 36 $18,677,742 78 1,979,722 33 $14,839,387 78 OPERATING INCOME____________ __________ __________ OTHER INCOME— Rents Accrued from Lease of Road_____ _____ _____ ____ ll're of Equipment— Balance........ ............. ......... ........... ... Rents Accrued from Joint Tracks, Yards and Terminals. Miscellaneous Rents_____________________________________ Miscellaneous Incom e----------------------------------------------------Income from Investments__________ . --------- ----------------Miscellaneous Interest and Commissions_________________ 2,898,311 70 51,351,504 769,094 19,493 45,714 81 463 535,214 00 52 39 79 71 44 31,290 36 $16,608,020 43 $15,499 149,345 195,510 135,016 89,395 1,999,138 595,229 TOTAL OTHER INCOME. 3,170,135 72 $17,737,699 48 TOTAL GROSS INCOME.............................................. ............... ....... ....................... DEDUCTIONS FROM TOTAL GROSS INCOME— Southern Railway Company In Mississippi, Income from operations, Alabama State Line to Columbus, Miss____________ ________________________________________________ _____ Rents Accrued for I,ease of Other Roads (See Table 3)______________ _______ _________ Rents Accrued for Joint Tracks, Yards and Terminals_____ ____ ___. . . _______________ Hire of Equipment— Balance_________________________________________________________ Miscellaneous Rents___________________________________________________________________ Separately Operated Properties------------------------------------------------------- -------- ------------------Discount on Securities Sold—Proportion charged to Income____________________________ Federal Corporation Tax____________________ _____ __________ _____ ___________________ Miscellaneous Deductions_______ ______________ _____ ________________________________ 2,833,775 21 98 71 13 29 14 71 76 $10,877,156 15 $31,953 56 1,381,501 00 808,656 56 60,993 116,462 266.806 47,382 92,688 80 04 19 02 26 2,806,451 43 TOTAL ...... $14,903,924 27 TOTAL AVAILABLE INCOME.................... ............................... .... $17,070,704 72 $10,481,500 80 510,370,016 21 INTEREST ON FUNDED DEBT (See Table 3) ' ___ 605,377 31 711,714 64 INTEREST ON EQUIPMENT OBLIGATIONS (See Table 3 )'... .. . " . ___ I _________ DIVIDENDS ACCRUED ON SOUTHERN RY., .MOBILE * OHIO .STOCK TRUST 226,868 00 ___ TRUST CERTIFICATES_____________ 226,808 00 11,314,538 85 11,313,686 11 $3,589,385 42 BALANCE OF INCOME OVER CHARGES 78,285 18 ADDITIONS AND BETTERMENTS______ $5,757,018 61 02,372 01 $3,511,100 24 BALANCE $5,704,645 70 CARRIED TO CREDIT OF PROFIT AND LOSS FOR THE YEA R . T A B L E 4 .— P R O F I T A N D L O S S A C C O U N T F O R Y E A R E N D E D J U N E JO 19 10. Balance at Credit of this Accoont June 30 1909....................................................................................................................... ...............................$6,902,007 81 Add— Credit Balance of Income for the Y e a r ........................................... ......... . .......... ......... .................................................................. 5,704,645 70 $12,666,653 51 Deduct— Discount on Securities charged to Profit and Loss during the year................ ..........................................................................$2,831,459 89 Tennessee Central RR. Accounts written oir______________________ ______________ _ . . . ________ _ 404,648 02 Net Miscellaneous Debits_________________________________________ _ _ . 744,584 70 ........................... ‘ ---------— — 3,980,603 60 Credit Balance June 30 1910......................................................................................... ..................................................................................... $8,685,959 9t THE CHRONICLE O o t . 15 1910.1 1037 TAB LE 12 .— T R A F F IC STA TISTICS FO R Y E A R S E N D E D JU N E 30 1910 A N D 1909. 19 10 . 7 .0 5 0 .1 7 A V E R A G E M I L E S O P R O A D O P E R A T E D ................... P A S S E N G E R T R A F F IC — N u m b e r o f P a s s e n g e r s C a r r i e d ____________________ N u m b e r o f P a s s e n g e r s C a r r ie d O n e M ile — - - - - A v e r a g e D is t a n c e H a u le d p e r P a s s e n g e r ( M ile s ) . T o t a l R e v e n u e f r o m P a s s e n g e r s ...........................- - - - - A v e r a g e R e c e i p t s p e r P a s s e n g e r p e r M i l e (( e n t s ) --------------------------T o t a l P a s s e n g e r - T r a in R e v e n u e — P a s s e n g e r - T r a i n R e v e n u e p e r M il e o f R o a d --------P a s s e n g e r - T r a in R e v e n u e p e r T r a in M i l e . . . . — A v e r a g e N u m b e r o f P a s s e n g e r s In E a c h r r a .n _ • A v e r a g e N u m b e r o f P a s s e n g e r s In E a c h C a r — F R E IG H T T R A F F IC Revenue Freinfit— N u m b e r o f T o n s C a r r i e d ----------- ---------------------------------- ------------------N u m b e r o f T o n s C a r r ie d O n e M ile ............................................ A v e r a g e D i s t a n c e H a u l e d p e r I o n ( M i l e s ) ------------------------------T o t a l F r e i g h t - T r a i n R e v e n u e - . - - - - - - - - - - ......................................... A v e r a g e R e c e i p t s p e r I o n per M i l e ( C e n t s ) -----------------------— F r e i g h t - T r a i n R e v e n u e p e r M i l e o f R o a d ---------------------- ----------F r e ig h t- T r a in R e v e n u e p e r T r a in M ile -. -------------A verage N um ber o f T o n s o f I - r e l g h t In E a c h T r a i n ............. A verage N um ber o f T o n s o f F r e i g h t In E a c h L o a d e d C a r P a r lo r and O b s e r v a t io n 1 4 ,6 2 3 ,1 3 6 6 1 5 ,2 5 2 ,9 0 6 4 2 .0 7 $ 1 3 ,3 1 7 ,9 2 5 23 2 .1 6 5 $ 1 6 ,5 4 2 ,2 3 6 7 9 $ 2 ,3 5 2 9 7 $ 1 .1 5 6 8 9 4 3 .0 3 1 3 .7 3 + 7 .3 3 + 9 .1 8 + 1 .7 4 + 9 .9 2 + 0 .6 5 + 8 29 + 7 .9 9 — 0 73 + 0 .0 7 — 2 .2 6 2 5 ,2 0 4 ,2 9 7 3 ,9 8 5 ,5 6 3 ,0 0 1 1 5 8 .1 3 $ 3 8 ,1 6 1 ,3 9 1 93 0 .9 5 7 $ 5 ,4 1 2 8 3 $ 2 .2 7 3 6 8 2 3 7 .4 6 14 + 3 2 1 ,9 7 0 ,0 6 6 3 ,5 9 0 ,9 0 0 ,0 9 1 1 6 3 .4 5 $ 3 4 ,0 8 1 ,0 5 2 5 1 0 .9 4 9 $ 4 ,8 4 7 68 $ 2 .0 6 0 4 7 2 1 7 .1 0 14 19 + ls.72 + 10.99 —3.25 + 11.97 + 0.84 3 0 ,1 8 3 606 4 ,9 6 9 ,6 5 2 ,7 2 8 2 9 0 .1 0 1 8 .1 2 N u m b e r o f T o n s C a r r ie d . - - - - - .................................................................... N u m b e r o f T o n s C a r r ie d O n e M ile .......... ............... A verage N um ber o f I o n s o f F r e i g h t In E a c h T r a i n _______ A verage N um ber o f T o n s o f F r e i g h t In E a c h L o a d e d C a r R E V E N U E S A N D O P E R A T IN G E X P E N S E S— P a s s e n g e r a n d F r e i g h t - T r a i n R e v e n u e ................... ..................................... P a s s e n g e r a n d F r e i g h t - T r a i n R e v e n u e p e r M i l e o f R o a d ___ G r o s s O p e r a t i n g R e v e n u e ............. ........................................................................... G r o s s O p e r a t i n g R e v e n u e p e r M i l e o f R o a d ..................................... G r o s s O p e r a t i n g R e v e n u e p e r R e v e n u e T r a i n M i l e ________ O p e r a t i n g E x p e n s e s ( T a x e s E x c l u d e d ) ....... ......................................... . O p e r a t i n g E x n e n s e s p e r M i l e o f R o a d ............. .......................................... O p e r a t i n g E x p e n s e s p e r R e v e n u e ' I 'r a l n M i l e ...................... ............... N e t O p e r a t i n g R e v e n u e ------------------------ ------------------------------------------N e t O p e r a t i n g R e v e n u e p e r M i l e o f R o a d -------- ----------- ------------N e t O p e r a t i n g R e v e n u e p e r R e v e n u e T r a i n M i l e -------------------S le e p in g , + 0 .2 8 7 ,0 3 0 .3 8 1 5 ,6 9 4 ,4 8 6 6 7 1 ,7 3 2 ,1 4 .1 4 2 .8 0 $ 1 4 ,6 3 9 ,1 6 0 7 6 2 179 $ 1 7 ,9 1 3 ,9 6 3 5 2 $ 2 ,5 4 0 9 3 $ 1 .1 4 8 4 3 4 3 .0 6 1 3 .4 2 A ll Freight < Including Company's Material H avtid Free): • I n c lu d e s Per C ent o ln r ( + ) or Dec ( — 1 . 19 0 9 . 2 6 ,1 3 5 ,2 6 9 4 ,4 4 0 ,9 6 9 ,2 6 6 2 0 8 .4 9 1 7 .5 5 $ 5 6 ,0 7 5 ,3 5 5 4 5 S 7 .9 S 3 7 6 $ 5 7 ,2 9 4 ,5 0 8 3 4 $ 8 ,1 2 6 68 $ 1 .8 2 9 9 1 $ 3 8 ,6 3 5 ,7 4 5 94 $ 5 ,4 8 0 1 1 $ 1 .2 3 3 9 7 $ 1 8 ,6 5 8 ,7 6 2 40 $ 2 ,6 4 6 5 7 $ 0 .5 9 5 9 4 + 1 1 .6 6 + 10.35 + 8 .0 0 + 2.39 + 15.49 + 11.90 + 10.28 +3.25 $ 5 0 ,6 2 3 ,2 8 9 3 0 $ 7 ,2 0 0 6 5 $ 5 1 ,6 6 1 ,5 7 0 44 $ 7 ,3 4 8 3 3 $ 1 .7 3 3 4 1 $ 3 5 ,1 5 2 ,7 3 1 60 $ 5 ,0 0 0 1 2 $ 1 .1 7 9 4 9 $ 1 6 ,5 0 8 ,8 4 7 84 $ 2 ,3 4 8 2 1 $ 0 .5 5 3 9 2 + 10.77 + 10.46 + 10 90 + 10.59 + 5.57 + 0.91 + 0.60 + 4.62 + 13.02 + 12.71 + 7.59 C ars. THE BALTIMORE & OHIO RAILROAD COMPANY. F IG H T Y -F O U R T II A N N U A L R E P O R T — FO R T H E Y E A R E N D E D JU N E 30 1910 Office of the Baltimore & Ohio Railroad Company, Baltimore, M il., September 22 1910. To the Stockholders of The Baltimore & Ohio Railroad Company. The President and Directors herewith submit report of the affairs of the Company for the year ended June 30 1910. The statements following show the operations of the properties of the entire System, excepting the Staten Island Railway Company, the Staten Island Rapid Transit Railway Company, and the Baltimore & Ohio Chicago Terminal Railroad Com pany, and cover 4,434.39 miles of road. OPERATING RESULTS FOR THE YE A R ENDED JUNE 30 1910, COMPARED W IT H THE YE A R ENDED JUNE 30 1909. Rail Operations. 10 10 . Incrtas*. 190 9. 4 ,4 3 4 .3 9 Hornings— F ro m P a s s e n g e r T r a f f i c __________ _____________ ______ F rom F ro m M i s c e l l a n e o u s T r a n s p o r t a t i o n ____ O p e r a t i o n s o t h e r t h a n T r a n s p o r t a t i o n ____ - __________ ________ - - __________________ _____________ - _______ G r o s s E a r n i n g s ----------------------------------- - ________ _____________________________ $ 6 0 ,4 0 8 ,1 1 2 1 4 ,4 8 5 ,5 8 5 1 ,7 1 5 ,1 5 6 1 ,1 7 6 ,8 4 3 1 ,3 2 7 ,7 2 6 7 8 7 ,8 2 7 68 00 97 75 42 46 $ 8 8 ,0 0 1 ,2 5 2 3 7 Decrease. 2 5 .5 1 4 .4 5 9 .9 0 83 28 39 57 60 52 $ 1 1 ,0 5 3 ,0 0 0 8 5 9 3 4 ,3 4 6 8 1 1 9 1 ,5 3 9 58 $ 7 6 ,4 1 2 ,8 5 6 28 $ 1 2 ,4 8 8 ,3 9 6 0 9 $ 5 8 ,3 5 5 ,1 1 1 1 3 ,5 5 1 ,2 3 8 1 ,5 2 3 ,6 1 7 1 ,2 5 5 ,9 6 6 1 ,0 3 8 ,0 3 6 6 8 8 ,8 8 5 $ 7 9 ,1 2 2 8 2 2 8 9 ,6 8 9 7 3 9 8 ,9 4 1 94 Expenses — F o r M a i n t e n a n c e o f W a y a n r l S t r u c t u r e s ---------------------------------------------------------------F o r M a i n t e n a n c e o f E q u i p m e n t ......................................................................... - ................................. F o r T r a n s p o r t a t i o n E x p e n s e s -----------------------------------------------------------------------------------F o r G e n e r a l E x p e n s e s ________________________________________________________ $ 1 1 ,6 6 1 ,4 0 9 1 6 .3 7 3 ,7 7 5 1 ,8 7 7 ,2 0 3 2 0 ,7 3 8 ,9 0 2 1 ,6 8 2 ,4 1 9 75 93 56 09 40 $ 9 ,6 9 4 ,5 5 9 1 1 ,8 1 0 ,5 0 7 1 ,7 1 7 ,3 8 8 2 6 ,3 4 6 ,9 6 9 1 ,5 9 4 ,5 5 6 96 06 14 16 55 $ 6 1 ,3 3 3 ,8 0 0 70 P e r c e n ta g e o f E x p e n s e s to N e t E a r n in g s fro m $ 5 1 ,1 6 3 ,9 8 0 8 7 68 99 $ 2 7 ,5 6 7 ,4 5 1 58 $ 2 5 ,2 4 8 ,8 7 5 4 1 $ 1 ,2 6 2 ,1 4 8 72 1 ,8 6 1 ,7 8 2 42 79 87 42 93 01 $ 1 0 ,1 6 9 ,8 1 9 92 6 6 .9 6 E a r n i n g s ______________________________________________ O p e r a t i o n ______________________________________________ ______ $ 1 ,9 6 6 ,8 4 9 4 ,5 6 3 ,2 6 8 1 5 9 ,8 1 5 3 ,3 9 2 ,0 2 2 8 7 ,8 6 2 2 .0 3 $ 2 ,3 1 8 ,5 7 6 $ 1 ,1 5 0 ,5 9 3 6 7 1 ,6 8 0 ,8 4 3 03 17 Outside Operations— T o t a l E x p e n s e s ______________ ______ . . _________________ ________ D e f. $ 5 9 9 ,6 3 3 7 0 D e f. $ 5 3 9 ,2 4 9 3 6 $ 1 1 1 ,5 5 5 05 1 7 1 ,9 3 9 39 D e f. $ 6 0 ,3 8 4 3 4 $ 2 6 ,9 6 7 ,8 1 7 88 2 ,4 6 9 ,9 6 4 1 7 $ 2 2 ,4 3 8 ,0 5 0 3 3 $ 2 ,0 5 9 ,8 0 3 3 8 --------------------------------------------------- The roads and m ile a g e embodied in the foregoing statement of operations are shown in detail in Table 24 of this report. The operated mileage for the year was 4,434.39 miles, as against 4,459.90 miles in 1909; the difference being due to a revision of statement of first-track mileage to conform more closely to the classification required by the Inter-State Commerce Commission, there being no practical change in the mileage as operated, compared with previous year. The gross earnings from rail operations were 588,901,252 37. an increase of $12,488,396 09, or 16.34 per cent. The earnings from freight traffic increased $11,053,00 85 or 18.94 per cent. The tons of freight carried were 62, 797,745, an increase of 11,587,584 and the total ton mileage was 12,024,583,527, an increase of 1,975,302,682, or 19.76 per cent. The average freight earnings per ton per mile were .577 cents, compared with .581 cents the previous year, a decrease of .69 per cent. Table 13 gives comparative statement of commodities carried during tliis year. The earnings from passenger traffic were $14,485,585 09, an increase over preceding year of $934,346 81. $ 2 ,2 5 8 ,1 9 1 83 1 9 8 ,3 8 8 4 5 $ 2 4 ,4 9 7 ,8 5 3 7 1 cz--------------------- ------------------- ---- ----------- - $ 2 4 , 7 0 9 ,6 2 6 0 5 2 ,2 7 1 ,5 7 5 72 The total number of passengers carried was 21,107,120, an increase of 1,210,568, and the total passenger mileage was 763,448,759, an increase of 42,690,027. The average earnings per passenger per mile were 1.897 cents, as against 1.880 cents in 1909. Earnings from express traffic increased $191,539 58. There was a decrease of $79,122 82 in receipts for facilities furnished and transportation of mails. This was principally due to reductions ordered in rates of pay. Recent re-weighing on parts of the System shows marked increase in the amount of mail matter carried. Operating expenses for the year were $61,333,800 79, an increase of $10,169,819 92, or 19.88 per cent. The maintenance expenditures, road and equipment show an increase of $0,530,118 66. Transportation expenses increased $3,392,022 93, other increases being $159,815 42 in traffic expenses and $87, 862 91 in general expenses. Table 8, of this report, shows the expense items in detail and more particularly the sub-accounts making up these iu- 1038 THE CHRONICLE -creased expenditures, which were largely incident to increased volume of traffic handled during the year, the more liberal maintenance expenditures rendered practicable by the increased earnings, and the increased rates of pay which were effective for a portion of the year. The General Income Account of the Company for the year is made upon the same consolidated basis indicated above as to operations, and includes the various properties, com ponent parts of the System, the fixed charges of which have heretofore been assumed, and the capital assets and liabilities now taken up in the Company's balance sheet. Upon this basis the Income Account for the year ended June 30 1910 after payment of taxes, interest on funded debt and other charges, shows net corporate income to have been $16, 247,587 03. From this, however, should be deducted expenditures for betterments necessary to meet changed conditions and to maintain the earning capacity, but of a character not heretofore capitalized, $415,760 61, leaving a final balance of $15,831,826 42. The dividends of four per cent on the preferred and six per cent on the common stock aggregated $11,474,212 79, showing surplus earned over dividends for the year of $4,357,613 63. G E N E R A L IN C O M E ACCO U N T O F T H E B A L T IM O R E & O H IO R A IL R O A D , Y E A R E N D E D J U N E 30 19 10 , IN C O M P A R I S O N W IT H T H E Y E A R E N D E D J U N E 30 19 0 9 . Increase ( + ) or 19 10 . 190 9. Decrease (— ) . $ S 5 . 8 8 , 9 0 1 , 2 5 2 3 7 7 0 ,4 1 2 ,8 5 0 2 8 + 1 2 ,4 8 8 .3 9 0 0 9 .0 1 ,3 3 3 ,8 0 0 79 5 1 ,1 0 3 ,9 8 0 8 7 + 1 0 ,1 0 9 ,8 1 9 92 .2 7 ,5 0 7 ,4 5 1 58 2 5 ,2 4 8 ,8 7 5 4 1 1 ,2 0 2 ,1 4 8 72 1 ,8 0 1 ,7 8 2 42 1 ,1 5 0 ,5 9 3 07 1 ,0 8 9 ,8 4 3 03 + 1 1 1 ,5 5 5 05 + 1 7 1 ,9 3 9 39 d c f.5 9 9 ,0 3 3 70 c le f.5 3 9 ,2 4 9 30 ( l e i . + 0 0 ,3 8 4 34 + 2 ,3 1 8 ,5 7 0 17 Outside Operations— . . N e t R e v e n u e _________ .2 0 ,9 0 7 ,8 1 7 88 . 2 ,4 0 9 ,9 0 4 1 7 2 4 ,7 0 9 ,0 2 0 0 5 2 ,2 7 1 ,5 7 5 72 + 2 ,2 5 8 ,1 9 1 83 + 1 9 8 ,3 8 8 4 5 .2 4 ,4 9 7 ,8 5 3 7 1 2 2 ,4 3 8 ,0 5 0 3 3 + 2 ,0 5 9 ,8 0 3 3 8 Other Income— R e n ts : J o in t F a c ilitie s — T o ta l R e . c e i p t s ____________ M is c e lla n e o u s R e n t s R e c e i p t s ________ . . D iv id e n d s o n S t o c k s C . I n t e r e s t o n B o n d s O w n e d ___ O t h e r I n t e r e s t _____________ . W e s t e r n U n io n T e le g r a p h C o m p a n y — A n n u ity . M is c e lla n e o u s I n c o m e . . . 4 9 5 ,5 2 1 00 4 0 0 ,9 7 3 1 ,5 4 1 ,7 7 7 2 0 2 ,9 0 8 1 ,3 8 1 ,8 0 3 88 41 20 42 5 4 8 ,1 7 2 58 5 0 0 ,5 2 7 1 ,4 5 3 ,8 5 1 2 0 5 ,8 9 9 5 2 0 ,0 7 0 08 02 90 40 — 5 2 ,6 5 1 58 — 3 3 ,5 5 3 + 8 7 .9 2 5 — 2 ,9 3 1 + 8 5 5 ,7 8 7 80 79 04 02 G O ,0 0 0 0 0 0 8 ,7 9 4 04 0 0 ,0 0 0 0 0 5 2 ,7 2 8 7 7 + 1 6 ,0 6 5 2 7 4 ,2 1 7 ,8 9 8 0 1 3 ,3 4 7 ,2 5 0 9 5 + 8 7 0 ,6 4 1 06 2 5 ,7 8 5 ,3 0 7 28 + 2 ,9 3 0 ,4 4 4 4 4 .2 8 ,7 1 5 ,7 5 1 72 Deductions from Oross Corporate Income— R e n ts : H ire of E q u ip m e n t— N e t B a l a n c e ................ - ................. 4 3 7 ,8 5 3 00 2 1 0 ,1 3 7 9 5 J o in t F a c ilitie s — T o t a l P a y m e n t s ................ .......... 8 5 3 ,3 7 7 04 9 2 3 ,9 9 0 0 5 M is c e lla n e o u s R e n t s — T o t a l P a y m e n t s ....................... 1 7 0 ,2 9 8 4 3 1 4 6 ,0 9 8 5 0 In terest on Fun ded D ebt ( T a b l e 1 ) ............................................ 1 0 , 6 4 4 , 8 6 7 6 7 1 0 , 1 8 0 , 4 6 3 0 5 O t h e r I n t e r e s t ( T a b l e 1 ) ____ 3 5 3 ,0 0 2 1 6 5 8 7 ,4 2 0 0 1 O th e r D e d u c tio n s accou n t S u b s i d i a r y L i n e s ........................ 8 ,9 6 0 33 1 ,1 9 2 00 T o t a l D e d u c tio n s fro m In c o m e .............................................. 1 2 , 4 0 8 , 1 0 4 6 9 + 2 2 7 ,5 1 5 11 — 7 0 ,6 1 3 01 + 2 4 ,1 9 9 93 + 4 6 4 ,4 0 4 62 — 2 3 4 ,4 1 7 8 5 + 7 ,7 7 4 33 56 + 4 1 8 ,8 6 3 13 N e t C o r p o r a t e I n c o m e ____ 1 6 , 2 4 7 , 5 8 7 0 3 D e d u c tio n to r A d d itio n s a n d B e tte rm e n ts e x p e n d e d du rl n g t h e y e a r _______________ 4 1 5 ,7 6 0 6 1 1 3 ,7 3 0 ,0 0 5 72 + 2 ,5 1 1 ,5 8 1 31 5 4 9 ,5 7 2 24 — 1 3 3 ,8 1 1 63 B a l a n c e N e t C o r p o r a t e I n c o m e 1 5 , 8 3 1 ,8 2 G 4 2 1 3 .1 8 6 .4 3 3 48 + 2 ,0 4 5 ,3 9 2 94 1 2 ,0 4 9 ,3 0 1 B a l a n c e N e t C o r p o r a t e I n c o m e __________________ ____________ $ 1 5 , 8 3 1 , 8 2 6 4 2 D iv id e n d P a y m e n ts : P r e fe r r e d — M a r c h 1 1 9 1 0 , 2 % - $ 1 ,1 7 7 ,8 4 8 80 S e p t. 1 1 9 1 0 . 2 % . . 1 ,1 7 7 ,8 2 0 09 --------------------------$ 2 , 3 5 5 , 0 7 4 8 9 C o m m o n — M a r c h 1 1 9 1 0 , 3 % . $ 4 , 5 5 9 , 1 2 5 06 S e p t . 1 1 9 1 0 , 3 % . _ 4 ,5 5 9 ,4 1 2 84 — — ------------------ 9 , 1 1 8 , 5 3 7 9 0 -------------------------- 1 1 , 4 7 4 , 2 1 2 7 9 $ 4 ,3 5 7 ,6 1 3 63 A m o u n t to C r e d it o f P r o fit a n d L o s s J u n o 30 1 9 0 9 ................................ $ 1 8 ,1 2 0 ,6 8 1 3 7 A d d S u n d r y A d ju s tm e n ts d u e to I n c o r p o r a t in g S u b s id ia r y L in e s , d e fe r r e d I n te r e s t a n d o t h e r I t e m s , N e t C r e d i t B a l a n c e ............. ............... 8 0 8 ,8 0 5 3 3 — ------------------------ 1 9 , 0 1 9 , 4 8 6 7 0 A m o u n t t o C r e d i t o f P r o f l t a n d L o s s J u n e 3 0 1 9 1 0 ....... ...............$ 2 3 , 3 7 7 , 1 0 0 3 3 Note.— F o r p u r p o s e o f c o m p a r i s o n , t h o I n c o m e A c c o u n t o f 1 9 0 9 h a s b e e n r e - s ta te d b y e lim in a t in g d e b it s a n d c r e d it s a c c o u n t o f I n te r e s t o n b o n d s a n d d i v i d e n d s o n s t o c k s o f o w n I s s u e , In t r e a s u r y , t o a c c o r d w i t h r u l i n g o f I n t e r - S t a t e C o m m e r c e C o m m is s io n . The General Balance Sheet, Table 2, is presented for this year in the form prescribed by the order of the Inter-State Commerce Commission, effective June 15 1910. This change prevents the showing of parallel comparisons with the general balance sheet of the preceding year. There has been, however, an increase in the total footings •compared with June 80th 1909, of $78,593,661 85. The principal changes in liabilities are as follows: Increase in Common Stock of $41,000, issued in exchango for like amount of Ten-Year Gold Convertible Debenture 4 % Bonds of the Company. Increase in Mortgages and secured debt of $53,041,014 36, due to issue of $40,000,000 Three-Year Gold Secured Notes; the issue under provisions of the First Mortgage of $1,000,000 Four Per Cent Bonds and $12,041,014 36, the net increase incident to taking into the General Balance Sheet the funded debt of Subsidiary Lines, viz.: $19,689,100, interest payments on which have hereto [VOL. LX X X X I. fore been assumed, but principal had not been taken up in Capital Liabilities, less $7,644,070, account Pittsburgh Junction & Middle Division Bonds, heretofore carried as liability, contra the deposit of these bonds with the Trustee of the Pittsburgh Lake Erie & West Virginia Mortgage. Increases are also shown in Working Liabilities, chiefly due to issue of ten million dollars One-Year Four Per Cent Notes; in “ Appropriated Surplus/' wherein $10,965,168 91 represents net amount restored to this account and charged to Cost of Road and Equipment, as elsewhere explained in more detail, and in Profit and Loss Account, due to items incident to incorporating Subsidiary Lines, and to sundry adjustments under the revised classification. The principal changes in Assets are as follows: Increase in Cost of Road $38,864,766 34: due to charges in taking up Subsidiary Line Assets, $19,689,100 per contra, funded debt assumed; new construction during the year $5,549,819 56; charged to Construction Account against the “ Appropriated Surplus for Improvements” years 1900-1907 $19,481,329 26; less credits, account Equipment B. & O ., S. W . R Il. formerly carried in Cost of Road, $4,692,146 98, and sundry adjustments $1,163,335 50. Increase in Cost of Equipment $18,582,581 41 due to transfer to this account equipment of the Baltimore & Ohio Equipment Company, the Baltimore & Ohio Southwestern Railroad and other subsidiary companies $23,643,843 63; new equipment acquired during the year $9,013,021 59, less credits incident to re-valuation, and equipment put out of service, $8,025,302 30 and less Reserve for Accrued Depreciation $6,048,981 51. The further increase of $21,146,314 10 occurs in Securities and Working Assets due principally to increase of $36, 400,614 93 in Cash and Loans and Bills Receivable, the latter representing the unexpended balance of your $40, 000,000 Three-Year Gold Notes, less transfer to “ Property Investment” Baltimore & Ohio Equipment Company Equipment $16,988,317 50, and sundry other adjustments to conform to new classification. IM P R O V E M E N TS C H A R G E D TO IN COM E. In the last annual report reference was made to charges to Income during the period from July 1 1899 to June 30 1909 for Capital Improvements, aggregating $21,540,230 68. Of this amount $19,481,329 26 has been charged to Cost of Road, and accounts credited, viz.: Equipment Accounts, more particularly referred to under caption Equipment, $8,516,160 35 and Appropriated Surplus, Additions to Property, $10,965,168 91. A D D IT IO N S TO RO AD AN D E Q U IP M E N T . Much of the country dependent as yet upon your lines for transportation is rich in natural resources and there is every indication that'the already large industrial development will be greatly extended. Aside from the possiblities referred to, it became evident during the year that in order to handle satisfactorily the business already offering, it was essential to make immediate provision for additional equipment and other facilities. To meet this situation your Board author ized the purchase of 284 locomotives and 15,000 freight cars, approximate cost of which is $23,000,000 and various im provements, more particularly referred to elsewhere in this report, the expenditures for which, estimated at about $20,000,000, will extend over eighteen to twenty-four months. To better care for the increasing passenger traffic, authority was given for the purchase of 26 locomotives and 70 pieces of passenger train equipment of modern design and equipped for electric lighting, which system of lighting has now been introduced on through trains. Table 14 shows such of this equipment as was delivered during the year. To make payment for equipment as acquired and to meet construction expenditures as work progresses it was necessary to issue additional securities. The Company issued its Ten Million Dollar, One-Year Four Per Cent Gold Notes, due March 10 1911. Subsequently, an issue of Fifty Million Dollars of Four and One-Half Per Cent Three-Year Gold Coupon Secured Notes, due June 1st 1913, was authorized. Ten Million dollars of these notes are reserved to retire the One-Year Notes referred to, and the remaining forty million were sold and proceeds are available for the contemplated expenditures for equipment and construction. CONSTRUCTIO N A N D B E T T E R M E N T S. Much of the work previously undertaken was completed during the year, and the remainder, together with extensive additional work undertaken, has been vigorously prosecuted. The improvements started during the year are in pursuance of a general scheme for the betterment of the line to facilitate the handling of traffic and render the operations more effective and economical. In addition, to meet present conditions, it has been necessary to undertake extensive work for the elimination of grade crossings, more particularly in the cities of Baltimore, M d., Columbus, Ohio, and Chicago, 111.; also to continue the rebuilding and strengtehning of bridges on the system for heavier power. Some of the more important improvements completed during the year were: The new double-track bridge over the Susquehanna River completed and put in use January 6 1910. The viaduct, known as Bridge 6S, at Cumberland, referred to in previous report as being widened and reinforced to carry heavier power, finished in November 1909. O c t . 1 5 191 0 .1 THE CHRONICLE To relievo the Wheeling Division and facilitate the handling of traffic westbound, a connection, including bridge over the Monongahela River, was constructed between Haywood, W . V a., on the Monongah Division,and Lumberport, W . V a., on the Ohio River Division. This work was undertaken in March 1910 and line opened June 14 1910. The new double-track draw-bridge over the ship canal at Indiana Harbor was completed. New station buildings were completed at Listie, P a., Fairpoint, and Warren, Ohio, and Gary, Ind., the last mentioned being owned and operated jointly with the Lake Shore & Michigan Southern Railroad Company. hollowing is shown some of the more important work now under construction, most of which it is anticipated will be completed during the next fiscal year: sufficient capacity to carry^the heaviest locomotives. The ^ jd g es on the line from Philadelphia to Grafton and on the l ittsburgh and Chicago Divisions will be completed in 1910; remainder of program will be carried out as promptly as conditions permit. This plan makes possible the use of the loadsGSt P° Wer Where needed and the handling of maximum Work has begun on elimination of grade corssings in the cities of Baltimore, M d., Columbus, Ohio, and Chicago, 111. that at Baltimore and Chicago will extend over a period of fiscal' y e a r ^ Columbus will be finished during the following 1 he aggregate expenditures for Construction and Better ments tor the twelve months have been 85,549,819 56, which, in accordance with the classification prescribed by the Interbtate Commerce Commission, has been charged to “ Property Investment, Road.” ADDITIONS TO TRACK AND BETTERMENT OP ROAD. Change of line and grade reduction, Concord to Wilming ton, Del., 1.1 miles, including stone viaduct replacing steel bridge over Brandywine Creek. Additional third track, Sir John’s Run to Great Cacapon, about 5 miles, giving continuous third track from Hedgesville to Orleans Road, about 34 miles, and the installation of automatic block signals, rendered necessary by the increased density of traffic on the Cumberland Division. Construction of 13^ mile siding near Bond to relieve west bound movement of freight on Seventeen Mile Grade. Extension of third track, 2 3^ miles eastward from Swanton, for use of westbound freight trains. Revision of line and change of grade to obviate use of helpers between Hutton and Corinth. Extension of third track, from West of Terra Alta to Rodeiner, about 4 miles, including elimination of tunnels at McGuires and Rodomer. This will complete the third track from Rowlesburg to Terra Alta, and will be used by eastbound freight trains. Change of line and reduction of grade between Blaser and West End, about 4 miles, including construction of new double-track tunnel about 4,250 feet in length between Tunnel ton and West End. The existing Kingwood Tunnel operated in conjunction with this new line, will give three tracks, and afford necessary relief where the traffic heretofore has been restricted by the single track gauntlet through Kingwood Tunnel. Construction of third track W est End to Hardman, G miles including an open cut for three tracks, in place of “ Murray’s Tunnel,’’ which will permit use of Mallet engines now prevented by tunnel clearances. t Extension of third track between Foley and Mance, and Sand Patch and Keystone, approximately 5 miles, to aid movement on Sand Patch Grade. Extension of second track and additional passing sidings between Rockwood and Somerset, required by increased traffic on Somerset & Cambria Branch. Extension of Quemahoning Branch R R ., 9 miles, from Jenner to connection with the Somerset & Cambria Branch at Somerset, to care for coal traffic offered by operations in this field. The line also develops additional coal territory. Construction of second track in open cut, including elimina tion of single track gauntlet 1,500 feet through tunnel at Bakers town. Pa., thereby making second track continuous 1039 E Q U IP M E N T . R O L L IN G E Q U IP M E N T . The equipment of the Entire System is shown in Table 14 of this report. T h e B o o k V a lu e o l a ll e q u ip m e n t a t J u n e 30 19 0 0 w a s _ _ ,..$ 7 0 ,8 4 9 ,0 2 9 40 _ During the year there was added to the equipment the following. 1 7 grM ?rv3t0tJ v e s ’ 7 ,0 2 3 I r c l g h t c a r s , 44 P a s s e n g e r c a r s , 2 W o rk ca rs, a t a c o s t o f . . . .................................. ......................................................_ _ ........................ 8 ,9 G 8 ,8 1 9 7# locomotives and 7,000 freight cars is in the Baltimore & Ohio Equipment Company. T^e ,t4tle 163 . $ 7 9 ,8 1 2 ,8 4 9 1 $ During the year the following equipment was put out of service through condemnation, wreck, fire and sale, viz.: „ locomotives, 1 7 Passenger cars, 304 W o rk ca rs, 3 ,8 9 2 F r e i g h t c a r s , h a v i n g a b o o k v a l u e o f ________ ________ ________ $8 7 6 ,5 9 0 9 ! which amount was charged to Operating Expenses (less salvage charged to Material Account) and credited to Capital Account Equipment. There was charged to Operating E x penses and credited to Reserve for • • A c c r u e d D e p r e c i a t i o n ___________ $ 1 , 9 3 1 , 4 0 1 4 1 representing depreciation for fiscal year of equipment owned. During the year a Committee of Officers of the Operating, Mechanical and Account ing Departments, appointed to appraise the rolling equipment of the Company, reported the Book Value at June 30 1909 -:j§j as higher than the appraised value by 88,516,160 35. On recommendation of the Executive Officers and approval of the Board, this amount was charged to Appropriated Surplus and accounts credited, viz.: T o C a p i t a l A c c o u n t E q u i p m e n t _____ $7 14 1 7 1 T o R e se rv e fo r A ccru e d D ep re’ ’ e l a t i o n ..........................................................$ 1 , 3 7 4 , 4 4 7 0 7 s !8 ----------------- :------- 8 ,0 1 8 ,3 1 0 2 0 Sf. M a k i n g B o o k V a l u e o f R o l l i n g E q u i p m e n t a t J u n e 3 0 1 9 1 0 . 8 7 1 , 7 9 4 , 5 3 8 9 8 ...... » uwung ana Korain, to meet requirements in handling the heavy business on this portion of the line during the Lake season. Construction of 21 miles of second track between Wellsboro and McCools, on the Chicago Division, necessary on account of existing traffic. With the completion of this work there will remain only eighty-six miles of single track on the Chicago Division. ADDITIONS AND EXTENSIONS OF YARDS FACILITIES. AND TERMINAE fM A R IN E E Q U IP M E N T . T h e B o o k l V a l u e ' o f a l l e q u i p m e n t a t J u n e 3 0 1 0 0 9 w a s ................ $ 1 , 1 1 0 , 0 7 6 4 9 During the year there was added to the equipment the following: 1 ‘T u g . B o p * ’ i 2 C a r F lo a ts ; 1 Launch; ! a c o s t o f ............................................................................................................................... 4 9 ,2 0 1 8 1 1 S a le w a s m a d e o f t h e tu g b o a t " C y c lo p s ” h a v in g a B o o k v a l u e o f .............................................. .......................... ..................... ................... $ 1 * 1 5 9 ,2 7 8 3 0 . ' m* • g ,9 9 2 1 0 which amount was charged to Operating Expenses Brunswick, M d.— New roundhouse, extension of engine (less salvage from sale) and credited to Capital tracks and engine pits to handle additional power now Account Equipment. required on this Division. _ Making Book Value of Marine Equipment at June 30 1910. $1,152,286 2 0 Grafton, W . V a.— Extension of terminal, including new SUMMARY, receiving and forwarding yards, necessary for the present $ 7 1 7 9 4 5 3 8 98 V alm fof |Rolling7Equlpmdnt June 30 1910............... business and to provide for increase. Value; of. Floating Equipment June 30 1910........................... l!l52,’286 20 runnel, W . V a .— New receiving and forwarding yard, Total Ilook'Value...................................... ...................... *72.946,825 18 with small engine house, wye, engine tracks and ash pits Less 6,048,981 51 necessary in conjunction with new Lumberport connection, jx. t Rcservejor Accrued Depreciation—Cr. (Equipm ent).. -------------------------to lelieve the Wheeling Division of part of the westbound i N e tJ V a lu cro rjE q u lp m e n t .................................... ................... $66,897,843 67 business from Fairmont Region. CHICAGO T E R M IN A L . Bonwood, \\ . Va. New roundhouse, with requisite tracks, water supply and power plant to replace facilities which had Negotiations were concluded during the year whereby become inadequate on account of increase in size of power. your Company secures its own entrance into Chicago and Somerset, l a . Receiving and forwarding yards, with the freight and passenger facilities it has occupied there under scales small engine house, turntable, ash pits, engine track, lease for a number of years. The ownership is through The A c., (o facilitate the classifying and weighing of coal from Baltimore & Ohio Chicago Terminal Railroad Company, all the bomerset Region. the stock of which is owned by your Company, the former Lorain, Ohio.— Additional storage yard for 500 cars and having purchased at foreclosure sale January *6 1910 all of reconstruction and additions to the ore-handling facilities the property and franchises formerly owned by the Chicago at this Port. ° Terminal Transfer Railroad Company, which consist of Chicago Junction, Ohio.— New Eastbound and Westbound passenger and freight terminal facilities and other properties yards, where existing facilities were inadequate for the in the city of Chicago, and approximately 101 mil eg of increased business. railway lines, 84 of which are owned and the remainder held under permanent lease. TIE RENEWAL OF BR IDg E S g AND gELIMINATION OF GRADE The Baltimore & Ohio Chicago Terminal Railroad Company Progress was made during the year onthe general plan for has made a mortgage, dated April 1 1910, to secure an the renewal and strengthening of such bridges as are not of authorized issue of 85O,0OO,O0O.First Mortgage Four Per Cent THE CHRONICLE 1040 Bonds, due April l 1960, and guaranteed by your Company. Of the $33,000,000 of these bonds immediately issuable, your Company has acquired $28,000,000, the remainder being held in the treasury of the Terminal Company. IN SU R A N C E F U N D . A summary of the operations for the year ended June 30 1910 and a statement of the assets and liabilities as com pared with previous year, are shown in Table 0. R E L IE F D E P A R T M E N T . The report of the Relief Department for the twelve months ended June 30 1910 will be printed, as customary, for dis jV O L . L X X X X I tribution to members. The operations of the department, covering the Relief, Savings and Pension features, will be found in Table 7 of this report. * * * * * The President and Directors take pleasure in acknowledg ing the faithful and efficient services of the officers and emlpoyees during the past year. , By order of the Board, .4’33 D A N IE L W IL L A R D , H President. TAB LE 2 .— G E N E R A L B A L A N C E S H E E T Y E A R E N D E D JU N E 30 1910 L IA B IL IT IE S . ASSETS. Property Investments— R o a d a n d E q u ip m e n t ^ v e s tm e n t to J u n e 30 1 9 0 7 - StockCapital S t o c k : ___$2 0 3 ,1 9 2 ,0 8 6 29 — ________ 6 2 ,9 4 2 ,4 1 0 6 1 $ 2 6 6 ,1 3 4 ,5 0 2 90 I n v e s t m e n t s in c e J u n e 30 10 0 7 — i) o < i( j ____ —__5 I 1 ,033*»)OO 3 6 E n u ln r n e n t .................! ........................... 1 0 ,0 0 4 ,4 0 8 5 7 G e n e r a l E x p e n d i t u r e s ! ! ! ............................... 2 9 ,7 4 6 9 4 2 1 ,0 6 7 ,5 1 3 87 R e s e r v e f o r A c c r u e d D e p r e c i a t i o n — C r . ( E q u i p m e n t ) ------- $ 2 8 7 ,2 0 2 ,0 1 6 7 7 6 ,0 4 8 ,9 8 1 5 1 T o t a l .......... ........................................................................................................ ........... $ 2 8 1 , 1 5 3 , 0 3 5 2 6 '^ S e c u r it ie s o f P r o p r ie t a r y . A f filia te d a n d C o n tr o lle d d o m p a n le s — P le d g e d — S f n p k 's _ ____ ________ _ $ 4 3 , L ^ 2 » o 7 0 2 0 F u n d e d D e b t ! ! ! ! ! ! ! ! - .................................. 1 2 6 , 7 4 0 , 8 7 8 8 7 M i s c e l l a n e o u s ............................................................. 5 ,9 0 5 .5 8 3 0 1 S e c u r itie s o f P r o p r ie ta r y . A ffilia te d a n d C o n t r o lle d C o m p a n ie * — U n p le d g e d — S t o c k s _________________________________ F u n d e d D e b t _________________________ $ 1 7 5 ,7 6 9 ,3 3 2 08 $ 7 ,9 8 4 ,3 5 2 4 7 1 ,3 3 0 ,0 2 4 2 1 9 ,3 1 4 ,3 7 6 68 8 6 ,9 9 0 « 1 T o t a l . . ................... - ................................................................................................ $ 2 1 2 ,2 1 9 ,7 8 7 t »7 Mortgage, Bonded and Secured Debt— F u n d e d D e b t: M o r tg a g e B o n d s — H e ld b y C o m p a n y , $ 1 ,1 4 4 ,6 5 0 00: N o t H e ld by Com p a n y , $ 2 2 8 , 9 2 1 , 4 3 0 0 0 _______________ $ 2 3 0 ,0 6 6 ,0 8 0 C o lla t e r a l T r u s t B o n d s — H e ld b y C o m p a n y , $ 5 ,0 4 8 ,3 6 0 0 0 ; N o t H e ld by C o m p a n y , $ 4 4 , 9 5 1 , 6 4 0 0 0 ___________ 5 0 ,0 0 0 ,0 0 0 P la in B o n d s , D e b e n tu r e s a n d N o te s — N o t H e l d b y C o m p a n y , $ 4 0 ,0 9 8 ,0 0 0 0 0 4 0 , 0 9 8 , 0 0 0 M is c e lla n e o u s F u n d e d O b lig a t io n s — N o t 1 ,1 4 5 ,0 5 7 H e l d b y C o m p a n y , $ 1 , 1 4 5 , 0 5 7 0 6 ____ 00 00 00 06 _ A , _ . . t . , n T o t a l I r o p e r t y a n d O t h e r I n v e s t m e n t s -------------------------$ 5 2 0 , 1 7 8 , 1 4 5 Working Assets— C a s h .......... ...........................................................................- .................................................. S e c u r itie s Issu e d o r A is u m e d H e ld In T r e a s u r y — ( B o o k V a lu e ) — S to ck s - -- -- --$ 1 ,2 2 6 ,3 4 6 09 F u n d e d D e b t ! ! ! ! ! ! ! - - ! - - ............................... 6 ,1 9 2 ,9 3 9 7 7 T o t a l ............................ - ............................................................................................ 3 2 1 ,3 0 9 ,1 3 7 06 $ 5 3 3 , 5 2 8 , 9 2 6 08 Working Liabilities— $ 3 ,7 9 0 ,6 4 5 3 4 4 6 ,6 7 3 ,2 8 4 00 3 .4 7 7 ,4 7 2 44 T o t a l ........................................................................................- ..............................$ 5 3 , 9 4 1 , 4 0 1 7 8 M a r k e ta b le S e c u r itie s — S t o c k s ________________ F u n d e d D e b t _________ $ 2 1 2 ,1 3 2 ,7 9 7 3# S t o c k L ia b ilit y fo r C o n v e r s io n o f O u ts ta n d in g S e c u r itie s o f C o n s t i t u e n t C o m p a n i e s ------------------------------------------------------------ T o t a l C a p i t a l L i a b i l i t i e s . - ............................ .. ....................................... T o t a l ............. ........................................................... - ................................ ............$ 1 8 5 , 0 8 3 , 7 0 8 7 6 O th e r In v e stm e n ts: M is c e lla n e o u s I n v e s t m e n t s — P h y s i c a l P r o p e r t y ____________________ S e c u r i t i e s P l e d g e d ___________________ S e c u r i t i e s U n p l e d g e d ------- --------------------- Com m on S t o c k — H e ld by C om pany, $ 2 3 6 ,4 0 1 1 6 : N o t H e ld b y C o m p a n y , $ 1 5 1 , 9 1 2 , 4 4 2 2 0 _____________________ $ 1 5 2 , 1 4 8 , 8 4 3 3 6 P re fe rre d S t o c k — H e ld by C om pany, $ 1 ,1 0 8 ,6 9 5 3 0 : N o t H e ld b y C o m 5 9 ,9 8 3 ,9 5 4 00 p a n y , $ 5 8 , 8 7 5 , 2 5 8 7 0 - . - .............................. $ 1 1 ,7 5 5 ,9 5 1 34 L o a n s a n d B i l l s P a y a b l e _____________________________________ $ 1 0 , 0 0 0 , 0 0 0 T r a f f i c a n d C a r - S e r v ic e B a la n c e s D u e t o O t h e r C o m p a n ie s .3 6 5 ,7 6 9 A u d i t e d V o u c h e r s a n d W a g e s U n p a i d ---------------------------------------0 ,2 1 2 ,3 4 3 9 1 2 ,9 6 3 M i s c e l l a n e o u s A c c o u n t s P a y a b l e ____________________________ I M a t u r e d i n t e r e s t s , D i v i d e n d s a n d R e n t s U n p a i d — ................. i 2 ,4 3 7 ,6 3 7 W o r k i n g a d v a n c e s d u e t o O t h e r C o m p a n i e s _________________ T o t a l .................... U n m a t u r e d I n t e r e s t , D i v i d e n d s a n d J R e n t s P a y t i b l e -------------7 ,4 1 9 ,2 8 5 86 1 ,7 6 3 ,5 9 0 13 3 9 ,6 2 9 ,8 9 2 4 0 2 ,9 .) I 2 ,5 7 5 ,8 9 6 8 ,8 7 1 .7 8 2 7 ,5 2 6 ,2 5 9 0® 31 o2 06 81 $ 7 9 ,9 4 5 ,6 0 9 9 2 ........................................ .................................... ... $ 1 6 9 ,4 6 5 3 0 6 0 ,0 0 0 0 0 $ 2 2 9 ,4 6 5 3 0 S i n k i n g a n d R e d e m p t i o n F u n d s ............. In su ra n c e a n d O th e r R e se rv e F u n d s . P r o v i d e n t F u n d s ........................................ — I t e m * --------------------------------------------------------- T o t a l .......... ........................................................ - .............................................................. 2 8 6 .0 0 0 1 ,0 7 5 ,4 7 2 9 9 .1 6 7 3 7 9 ,2 7 4 32 59 20 71 $ 2 ,0 6 9 ,3 8 0 1 2 G r a n d T o t a l ________________________________________________ $ 6 0 2 , 1 9 3 , 1 3 5 8 4 Standard Oil Co. of New Jersey.— Re-Argument on Jan. 3. — See American Tobacco Co. below.— V. 91, p. 965. Union Switch & Signal Co., Pittsburgh, P a.— New Stock— Part for 6 0 % Stock Dividend— The shareholders will vote Dec. 14 on increasing the capital stock from §2,500,000, of which §500,000 is preferred, to §5,0 00,0 00 , the new stock to be all common. Pittsburgh advices state that §1,500,000 of the new shares will be distributed as a stock dividend of 6 0 % on account of accumulated earnings, and that the re maining $1,000 ,OOOwill be reserved for future requirements. — V. 90, p. 1618, 624. United Gas & Electric Co. of N . J.— For year end. Aug.31 Fiscal Surplus Year— Sub. Cos. 1 9 0 9 - 1 0 ____ $ 4 6 4 , 3 1 7 1 9 0 8 - 0 9 ____ 3 5 7 , 1 9 9 — V . 87, p . 292. Other Income. $ 5 6 ,5 3 8 6 0 ,6 2 0 Prejerred Dividends. $ 9 1 ,0 7 5 8 9 ,6 1 3 Balance, Surplus. $ 5 8 ,6 0 5 5 8 ,6 0 5 Fixed Charges. $ 3 7 1 ,1 7 5 2 6 9 ,6 0 1 United States Lumber Co., Scranton, P a .— Extra Divi dend.— An extra dividend of 1 % was paid Oct. 3 on the § 6 , 000,000 outstanding stock (auth. issue $7,000,000). The regular rate is 1 y 2% Q --J-, or 6 % per annum. Results Jor Calendar Year 1 9 0 9 . G r o s s s a l e s ________________$ 1 , 4 6 9 , 6 1 8 N e t e a r n in g s .- . ............... $ 3 1 3 ,0 6 6 Add — R e n t a l , & c . ( n e t ) . . 1 4 4 ,7 0 9 A c c r 'd o n i n v e s t m e n t s . 1 3 3 ,7 5 1 T o t a l n e t ____________ $ 6 2 1 ,5 2 6 S e llin g , a d m in ., & c ., I n t . o n b o n d s , & c ._ 6 % o n s t o c k -------------B a la n c e , s u r p lu s — $ 1 4 5 ,1 7 0 1 1 0 ,7 1 5 3 6 0 .0 0 0 8 5 ,6 4 1 T h e b a la n c e s h e e t o f D e c . 3 1 19 0 9 s h o w s : T im b e r la n d s a n d r e a l e s t a t e , $ 4 ,6 1 8 ,8 5 6 ; p la n t s a n d U R . e q u ip ., $ 1 ,5 0 8 ,9 8 1 ; s t o c k o f G r e a t S o u th e r n L u m b e r C o . , $ 3 8 9 ,6 0 0 , a n d M is s is s ip p i C e n t r a l H R . , $ 8 9 5 ,3 5 1 ; b o n d s M is s . C e n t r a l R R . , $ 2 9 , 1 7 0 : c u r r e n t a s s e t s ( I n c l . c a s h , $ 2 5 9 , 8 ;> 2, a n d I n v e n t o r y , $ 3 4 0 ,5 1 9 ) , $ 1 ,2 5 5 ,1 0 1 : m ls c ., $ 3 2 ,5 1 3 ; t o t a l a s s e t s , $ 8 ,7 2 9 ,5 7 3 . O trs c ts : c a p . s t o c k , $ 6 ,0 0 0 ,0 0 0 ; b o n d s o f s u b s i d i a r y c o s . ( $ 3 5 ,0 0 0 J . J . N e w m a n L u m b e r C o . 1 s t 5 s d u e J u l y 1 1 9 1 4 a n d $ 8 1 2 ,0 0 0 S c r a n t o n L u m b e r C o . 1 s t 1 1 . 6 s d u e s c m l - a n n u a l l y O c t . 1 1 9 1 1 t o A p r i l 1 1 9 1 3 ) , $ 8 4 7 ,0 0 0 : c u r r e n t U a b l l l t c s ( In c l. J a n . 1 9 1 0 d i v i d e n d ) , $ 2 6 5 ,4 7 8 ; d e fe r r e d lia b i li t ie s , $ 2 3 ,6 0 1 : a c c u m u l a t e d s u r p lu s , $ 1 ,5 9 3 ,4 9 4 .— V . 8 8 , p . 1 5 6 3 . $ 9 ,7 7 3 ,8 5 6 6 5 L i a b i l i t y o n A c c o u n t o f P r o v i d e n t F u n d s ------------------------------O t h e r D e f e r r e d C r e d i t I t e m s _________________________________ $ 1 ,2 8 7 ,0 1 8 6# 7 9 0 ,3 8 7 64 $ 2 ,0 7 7 ,4 0 1 3 6 Appropriated Surplus— <.•* A d d itio n s t o P r o p e r t y th r o u g h I n c o m e — P r i o r t o J u n e 3 0 1 9 0 7 ........................................ - ................................................ S i n c e J u n e 3 0 1 9 0 7 . . _____ ________ _______ - - - - - - - - - - - - R e s e r v e s f r o m I n c o m e o r S u r p lu s — I n v e s t e d In O t h e r R e s e r v e F u n d s ________________________________________________ ___ $ 1 0 ,9 6 5 ,1 8 8 61 1 ,2 8 6 ,0 3 8 64 T o t a l ................................................................................. ............................................ T o t a l ..................................................................................................................................... Deferred Debit Items- C a s h a n d S e c u r i t i e s In C a s h a n d S e c u r i t i e s In C a s h a n d S e c u r i t i e s in O th e r D e fe rre d D e b it $ 2 0 ,1 0 9 ,1 7 6 46 Deferred Credit Items— T o t a l ....................... A d van ces: W o r k i n g F u n d s --------O t h e r A d v a n c e s -------- 62 46 55 06 Accrued Liabilities, Not Due — $ 8 9 6 ,1 2 1 4 9 8 6 7 ,4 6 8 64 L o a n s a n d B i l l * R e c e i v a b l e ----------------------------------------------------------T r a f f i c a n d C a r S e r v ic e B a la n c e * D u e fr o m O t h e r C o m p a n ie s N e t B a l a n c e D u e f r o m A g e n t * a n d C o n d u c t o r s _____________ M i s c e l l a n e o u s A c c o u n t * R e c e i v a b l e -------------------------------------------M a t e r i a l s a n d S u p p l i e s -------------------------------------------------------------------- 00 OS $ 1 3 ,3 2 6 ,6 8 0 14 1 ,0 7 5 ,4 7 2 88 Profit and Loss— B a l a n c e ________ ______________________________________________ $ 2 3 ,3 7 7 ,1 0 0 33 G r a n d T o t a l ______________________________________________$ 6 0 2 , 1 9 3 , 1 3 5 8 4 The above General Balance Sheet presents an accurate .state ment of the Accounts of the Company, as of June JO 1910. G. W . BO O TH , Comptroller. Wells Fargo & Co., New York.-—New Directors.— The fol lowing new directors tire announced: L. F. Loree to succeed F. V . S. Crosby, who resigned, and Vice-Pres. E . A. Steel man to succeed (on the board only) (he late Dudley Evans.—■ V. 90, p. 564. _________________ _ _ _ _ _ — “ The Bond Dealers’ Association” has been organized in the city of Denver, Colo., for the purpose of securing high standards of business and protecting both themselves as bond dealers and the investment public from fraudulent or questionable enterprises, The membership consists of 22 bond houses, including 6 banks, which buy or sell bonds. Such an association must have a very considerable induence in creating confidence in the investment, market by the pro tection it will give. — The October number of the Manual of Northeastern Pennsylvania Securities has been issued by Brooks & Co., Scranton, Pa. It is a pamphlet of 150 pages, describing a large numberof companies more or less identified with North eastern Pennsylvania, in the securities of which section Brooks & Co. specialize. — Herzog & Glazier, 24 Broad St., invite dealings in Pacific Gas & Electric and Pacific Telephone & Telegraph common and preferred stocks; also Western Pacific stock, Western Power Co. common and preferred stock and North ern Electric of California 5 % bonds. — Kissel, Kinnicutt & Co. advertise in this issue of the “ Chronicle” an attractive list of securities to which the attention of investors is invited. Descriptive circular will be mailed on application. O c t . 15 % \u 1910.1 THE CHRONICLE (& m \ x \ n z x tiix l COTTON. ’Q x m z s . COMMERCIAL EPITOME. Friday Night, Oct. 14 1910. Though transactions may not have increased greatly, there is evidently a more confident tone in business. The financial . situation is considered better. General trade shows a ten dency to slowly increase. The political tone of the times seems to be less inimical to corporate interests and business men are more hopeful, despite the fact that cost of living con tinues high. Grain crops are bountiful, especially of corn. L A R D on the spot has been easier. Trade has been dull but supplies continue light. Prime Western 13.12 i/jc. Middle Western 12.75c. and City steam 1 2 ^ c . Refined lard has also weakened, with trade dull. Continent 13.10c., South America 14c, and Brazil in kegs 15c. The speculation in lard futures here has been dull and featureless. A t Chi cago the futures market has been active, with more or less irregularity in prices. The decline in the grain markets and the dulness on the spot have been bearish factors, but prominent packers have made purchases, and there has been considerable commission-house buying on the setbacks, en couraged by the firm tone of the live-hog market and the relatively light supplies of product. D A IL Y C L O S IN G P R IC E S Sat. O c t o b e r d e l i v e r y ------------ 1 2 . 8 0 N o v e m b e r d e l i v e r y --------- 1 2 . 0 0 J a n u a r y d e l i v e r y - ................1 0 . 9 5 D A IL Y C L O S IN G P R IC E S Sat. O c t o b e r d e l i v e r y - ..........1 2 . 6 2 >£ N o v e m b e r d e l i v e r y --------- 1 1 . 6 5 January delivery........ 1 0 . 5 5 O P LA R D M on. 1 2 .6 0 1 1 .9 0 1 0 .8 0 O P F U T U R E S Tues. 1 2 .5 0 1 1 .7 5 1 0 .8 5 LA R D M on. Tues. N EW Y O R K Thurs. 12 50 I I o ll- 1 1 9 8 d a y . 1 0 .9 0 F U T U R E S 1 2 .5 5 1 2 .7 0 1 1 . 5 7 >£ 1 1 . 5 7 >£ 10 .5 0 IN Weil. Wed. IN 10 .4 5 F ri. 12 0 1 2 -1 0 ll! 0 C H IC A G O . Thurs. I I o ll- 1 2 .7 0 d a y . ll.0 2 > £ 10 .52 > u F ri. 1 2 .8 7 > £ 1 1 .7 5 10 1041 Friday Night, October 14 1910. 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 400,089 bales, against 349,502 bales last week and 391,418 bales the previous week, making the total receipts since Sept. 1 1910 1,676,499 bales, against 1,955,911 bales for the same period of 1909, showing a decrease since Sept. 1 1910 of 279,412 bales. Receipts at— Sat. G a l v e s t o n _______ P o r t A r t h u r ____ T e x a s C i t y , & c ._ N e w O r l e a n s ____ 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 . ___ Savannah _ B r u n s w i c k _____ C h a r l e s t o n _____ G e o r g e t o w n ____ W i l m i n g t o n ____ N o r f o l k . - _____ N ’p o rt N e w s, & c N e w Y o r k ______ 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 t h is w e e k . M on. Tues. Wed. 1 5 ,4 2 7 2 7 ,4 6 9 5 0 ,1 3 7 2 0 ,8 8 5 3 ,1 5 9 1 ,7 2 5 ~ ,18 0 7~ 2 ,0 2 2 1 0 ,2 5 5 5 ,8 8 0 2 ,7 7 0 18 “ 6 6 1 " l9 5 1 5 ,3 1 8 1 4 ,2 8 1 Thurs. | F ri. 2 2 , 6 9 5 | 2 3 ,0 9 2 I *6*228 ! 1 ,2 4 4 9 *613 2 ,0 0 6 1 39 1 1 ,8 3 3 Total. 1 5 9 ,7 0 6 11*. 1 5 2 3 5 ,8 5 8 1 1 ,2 0 1 *4 0 1 4 ,3 0 2 1 4 ,5 6 9 1 ,5 9 4 1 4 ,7 8 4 *89: 3 ,7 9 8 1 ,4 3 4 274 8 9 ,1 7 9 1 4 ,5 6 9 1 8 ,9 1 0 3 ,2 0 5 5 ,6 8 5 l" ,3 3 7 3*0 68 ! 4 - .0 2 i 2 ,4 4 4 2 ,9 5 7 8 ,1 2 9 4 ,5 7 7 2 *154 5 ,4 6 0 3 ,6 1 5 5 ,5 8 1 *6*499 3 ,5 3 6 4 ,5 2 4 6 ,0 1 5 18 8 27*365 2 8 ,1 2 6 18 8 : : : : : 3 ,5 0 8 * 5 3 3 ,5 0 8 8 ***44 : : ::: 4 7 ,5 7 8 7 0 ,5 8 3 9 2 ,2 7 5 5 6 ,6 8 4 5 9 ,0 0 7 7 3 , 9 6 2 4 0 0 ,0 8 9 The following shows the week's total receipts, the total since Sept. 1 1910, and the stocks to-night, compared with last year: 65 P O R K on the spot has been quiet and generally steady. Mess $21 @ $ 2 1 50, clear $ 2 2 @ $ 2 3 50 and family $25. Beef has been firm. Sales have been small, but supplies continue light. Mess $15 5 0 @ $ 1 0 , packet $ 1 7 @ $ 1 7 50, family $ 1 9 50 @ $ 2 0 and extra India mess $30 50. Cut meats have ruled quiet and generally steady. Pickled hams, regular, 14@ 15c.; pickled belliea, clear, 1 6 @ 1 8 c .; pickled ribs 15J^@ 17c. Tallow has been quiet and firm at 7 % c . for City. Stearines have been quiet and firm; oleo 1 2 ^ @ 1 3 c . and lard 13 3^ @ 14c. Butter has been quiet but firmer, with supplies mod erate or light; sreamery extras 29}^c. Cheese quiet and firm; State, whole milk, colored or white, small, average fancy, 1 5 ^ c . Eggs quiet and firmer; Western firsts 2 6 @ 2 7 c . O IL .— Linseed has been firm with a fair demand for mod erate-sized lots. City, raw, American seed, 9 7 @ 9 8 c .; boiled 9 8 @ 9 9 c .; Calcutta, raw, $1 03. Cottonseed has been moderately active and firmer; winter 8 .5 0 @ l l c .; summer white 8 .7 5 @ 1 1 * . Lard has been quiet and firm; prime $1 0 2 @ $ 1 05; No. 1 extra 6 3 @ 6 5 c . Cocoanut has been quiet and firm, with supplies light; Cochin 11 ^ c . , Ceylon 9 % @ 1 0 c . Olive quiet and steady at 9 0 @ 9 5 c . Cod in good demand, with prices firm; domestic 4 l @ 4 3 c .; Newfoundland 4 4 @ 4 6 c . CO FFEE on the spot has been quiet and easier. Rio No. 7, 1 0 % @ l l e .; Santos No. 4, West India growths have been easy, with trade quiet. Fair to good Cucuta The speculation in future contracts has been moderately active. Early in the week some de cline occurred, owing to depression in the European markets, due to the Frenoh railroad strike and local and foreign sell ing. Of late, however, there has been considerable buying for local and outside account on unfavorable crop reports from Brazil. Spot interests have made purchases. Closing prices were as follows: ll% @V2c. 12% @12% c, O c t o b e r - . . 8 . 7 5 0 . 1 J a n u a r y . - 1 , 8 3 o . I A p r i l ----------- 8 . 8 8 c . | . T u I y 8 92c N o v e m b e r - 8 . 7 5 « . F e b r u a r y . 8 . 8 5 c . M a y ............._ 8 . 9 0 c . L A u g u s t 8 93c’ D e c o m b e r - 8 . * 0 « . | M * r * k --------- * . 8 7 c . | J u n e ______8 . 9 1 c . [ S e p t e m b e r *8 i ) 4 c ’ 19 10 . Receipts to Oct. 1 4 : This week. G a l v e s t o n ________ 1 5 9 , 7 0 6 P o r t A r t h u r . ___ T e x a s C ity , & c_ . 11*152 N e w O r l e a n s ------3 5 ,8 5 8 M o b i l e __________ 1 1 ,2 0 1 P e n s a c o l a ____ __ J a c k s o n v ille , & c_ *274 S a v a n n a h _____ 8 9 ,1 7 9 B r u n s w i c k ______ 1 4 ,5 6 9 C h a r l e s t o n ___ 1 8 ,9 1 0 G e o rg e to w n ____ W i l m i n g t o n t ___ 2 7 * .3 6 5 N o r f o l k __________ 2 8 ,1 2 6 N e w p o r t N e w s .& c 18 8 N e w Y o r k __ B o s t o n ____ ____ **53 B a l t i m o r e ________ 3 ,5 0 8 P h i l a d e l p h i a ____ T o t a l __________ Stock. 19 0 9 . Since Sep 1 19 10 . This week. 7 8 9 ,6 6 3 1 4 1 ,3 0 8 6 ,8 5 7 2 8 ,2 8 9 1*629 1 0 3 ,2 1 5 5 8 ,0 5 9 4 0 ,8 2 3 1 6 ,4 9 7 9 .5 0 0 1 ,6 2 5 3 ,0 1 3 3 9 7 .4 0 3 1 1 0 .7 2 4 2 1 ,8 0 0 3 8 ,7 4 8 7 3 ,1 9 4 1 8 ,0 1 0 85 10 0 2 4 ,5 3 0 1 1 5 ,1 7 3 7 3 ,7 0 2 3 5 ,5 8 5 482 176 OR 1 ,2 2 0 WO 1 ,0 7 4 OI 4 ,9 4 6 1 .6 2 8 75 Since Sep 1 19 0 9 . 6 8 8 ,3 7 5 7 ,0 4 7 8 ,1 7 9 1 7 3 ,2 5 7 6 0 ,8 1 2 1 3 ,5 1 0 4 ,7 0 2 5 5 1 ,1 4 8 8 7 ,3 2 4 9 6 ,2 6 5 225 1 3 7 ,2 8 8 1 2 1 ,6 9 0 1 ,1 7 6 QH/l WU4 iv i tn i ^ ,4-0 1 O OA 1 257 4 0 0 ,0 8 9 1 , 6 7 6 , 4 9 9 4 4 2 , 7 8 3 1 , 9 5 5 , 9 1 1 19 10 . 1909 1 3 8 ,0 8 7 2 4 2 ,1 4 3 *4*6*391 3 0 ,6 2 4 *9*3*762 3 1 ,5 6 9 12 4 * 10 5 1 8 ,0 7 5 4 1 ,4 4 5 1 6 7 ,5 4 5 1 7 ,2 6 5 3 7 ,8 1 6 *5*4*308 2 0 ,7 1 4 *3*9*921 3 1 ,7 7 4 7 7 ,0 8 4 1 ,1 2 8 r. ip .o 7 ,1 0 2 7 1 n i1 1 f «),U 1 1 |W v l J QQ1 0 ,vov 3 ,0 9 6 5 6 4 ,5 2 5 7 4 3 ,8 3 2 In order that comparison may be made with other years, we give below the totals at leading ports for six seasons: Receipts at— 19 10 . 19 0 9 . G a l v e s t o n ___ P t . A r t h u r ,& c . N e w O r le a n s M o b i l e _______ Savannah — B r u n s w ic k — C h a r le s to n ,& c W ilm in 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 ____ 1 5 9 ,7 0 6 1 1 ,1 5 2 3 5 ,8 5 8 1 1 ,2 0 1 8 9 ,1 7 9 1 4 ,5 6 9 1 8 ,9 1 0 2 .3 6 5 2 8 .1 2 6 18 8 3 ,8 3 5 1 4 1 ,3 0 8 1 ,6 2 9 5 8 ,0 5 9 1 6 ,4 9 7 1 1 0 ,7 2 4 2 1 ,8 0 0 1 8 ,1 1 0 2 4 ,5 3 0 3 5 ,5 8 5 176 1 4 ,3 6 5 T o t a l th is w k . 4 0 0 ,0 8 9 4 4 2 ,7 8 3 S in c e S e p t . 1 J 1 ,6 7 6 ,4 9 9 1 ,9 5 5 ,9 1 1 19 0 8 . 19 0 7. 1 3 9 ,4 3 1 249 6 4 ,1 7 8 1 5 ,6 3 1 8 1 ,7 5 2 4 ,2 1 8 1 0 ,9 3 6 2 8 ,2 1 1 2 2 ,5 7 9 178 3 ,4 0 0 5 1 ,0 8 7 394 3 7 ,7 4 4 1 3 ,9 3 9 8 2 ,8 0 0 4 ,3 8 6 1 4 ,1 0 7 3 0 ,1 5 9 2 2 ,8 9 9 247 1 0 ,1 1 1 3 7 0 ,7 6 3 2 6 7 ,8 7 3 1 ,7 3 4 ,8 3 3 1 ,2 4 8 ,4 5 1 19 0 6 . 19 0 5. 1 5 0 ,9 0 0 447 6 2 ,9 4 2 8 ,8 3 3 7 3 ,7 2 8 5 ,8 7 3 9 ,1 2 1 3 1 ,9 6 8 2 6 ,8 7 2 123 851 1 2 4 .8 0 0 6 ,9 2 7 4 4 ,3 8 4 1 1 ,4 8 7 7 1 ,9 3 5 8 ,1 8 3 8 ,0 4 2 1 4 ,7 0 6 2 9 ,2 4 0 19 7 1 ,9 2 8 3 7 1 ,6 5 8 3 2 1 ,9 1 9 1 ,7 0 3 ,7 3 3 ' 1 ,9 3 5 ,3 0 3 The exports for the week ending this evening reach a total of 200,118 bales, of which 122,835 were to Great Britain, 22,731 to France and 54,552 to the rest of the Continent. Below are the exports for the week and since Sept. 1 1910. S U G A R .— Raw has been quiet and easy. Centrifugal, 96-dogrecs teat, 3.90c.; muscovado, 89-degrees test, 3 .4 0 0 .’ and molasses, Sf-degrees test, 3.15c. Refined has been quiet and easy. Granulated 4 .9 0 @ 4 .9 5 c . Teas have been ! Week ending Oct. 1 4 1 9 1 0 . Frtm Sept. 1 1 9 1 0 t» Oct. 1 4 1 9 1 0 . Exported to— Exported to— in fair demand and generally firm. Spices have been mod Exports f_________________________________________________________________ from— | Great 1 erately active and firm. Wool has been quiet and steady. i ContU 1 Great . i Conti- i Britain. Fr'nce. nent. I Total. Britain. 'France.! nent. | Total. P E T R O L E U M .— Refined has been firm, with a further improvement in trade. Refined, barrels 7.40c., bulk 3.90c. G a l v e s t o n ____ ’ 5 4 ,8 2 8 1 6 , 1 8 1 1 3 5 ,7 4 5 1 0 6 ,7 5 4 2 5 5 ,3 6 7 , 7 8 , 4 1 7 2 0 1 .7 2 0 5 3 5 .5 0 4 Por A r h 6 857 6 ,8 5 7 and cases 9 .40c, Gasoline has been in good demand and T e x t s C ti t yu, r&. -c.. 1 ...........5 | ____ a 0 ,2 5 ! 1 0 ,2 5 5 2 3 ,7 0 8 2 5 ,3 0 5 1 ,5 9 7 firm; 86 degrees in 100-gallon drums I 8 % c .; drums $8 50 N e w O r l e a n s . . 1 0 ,0 0 0 , 1 ,2 0 0 l",5 6 3 1 2 ,7 6 3 4 4 ,5 5 4 7 0 ,8 0 1 *2*023 2 4 ,2 2 4 2 26i 2 ,2 5 5 226 226 2 ,0 2 9 extra. Naphtha moderately active and firm; 7 3 @ 7 6 degrees M o b i l e ................. i _____ ____ P e n s a c o l a ____! _____ ____ _____ ______ in 100-gallon drums 1 6 % c .; drums $8 50 extra. Spirits of F e r n a n d l n a | _____ _____ * ____ *52*758 5 9 , 1 7 7 1*9*369 1*3 1,3 0 4 *8*840 2 5 ,5 6 5 turpentine steady at 7 8 @ 7 8 H c ., with trade fairly active. S a v a n n a h ____! 1 6 ,7 2 5 Br 4 .7 0 0 1 2 .0 4 8 7 ,3 4 8 Rosin firm and more active; common to good strained $6 40. C h u n lsew ti c k ......................... .. 5‘ 6 o o a r s o n . ......................... 6 ,000 ! 1 7 ,0 0 0 5 ,0 0 0 6 ,0 0 0 *5*,66o 2 9 .2 3 2 2 8 ,7 2 8 5 7 ,9 6 0 TO BACCO.— The situation in domestic leaf has shown no W i l m i n g t o n . . , 1 4 ,2 3 3 1 4 ,2 3 3 N or 21 21 essential change of late. Trade has continued quiet, but as N e w fpoolrkt ................................. m i _____ N ew s _____ 1 sales of cigars have noticeably increased recently it is expec N e w Y o r k ____ 1 4 ,2 9 3 1*07,600 3 4 .5 7 4 *6 1,04 8 ! 203*.222 3*8 6 3 ! 18", 1 5 6 __ B o o 215 1 7 ,6 2 0 ’ 215 2 ,0 2 5 1 9 ,6 4 5 ted by many that the demand for leaf will expand materially B a lst itm n ................................. 3 ,2 0 1 o r e ____ 2 ,5 0 1 j '3 5 0 4 ,7 3 8 8 50 350 1 2 ,8 5 6 1 8 ,4 4 4 sooner or later, bumatra has been in moderate demand. P h i l a d e l p h i a ...................... COO 400 6 ,1 3 2 1 ,4 5 5 7 ,5 8 7 P o r tla n d , M e . . _____ ______ Havana has been quiet. Prices have generally been firm. _ _ _ ______ *1*366 S a n F r a n c is c o . ............ 1*3 0 0 3 ,9 9 0 *3*990’ COPPER has been easier, though without marked change. S e a t t l e ........................... 2 ,0 5 0 2 ,0 5 0 2 ,9 5 0 2 ,9 5 0 Lake 1 2 M @ 1 2 % c .; electrolytic 1 2 .0 5 ® 12.70c., and casting T a c o m a ______ _____ ___ _____ [ _____! ______ P o r tla n d , O r e . _____ — — — — ............12J<£@12Lje. The sales of copper have latterly increased, P e m b i n a _____ _____ 1 :::::! ::::: ---------j though this is traceable partly to speculative buying. Lead D e t r o i t _______ _____ — — ............ .............. .............. - ............ has been steady and in moderate demand; spot 4.50c. T o t a l ______ 1 2 2 ,8 3 5 2 2 ,7 3 lj 5 4 , 5 5 2 2 0 0 , 1 1 8 5 6 3 ,0 0 1 1 4 0 ,2 3 3 ; 4 1 1 , 6 5 9 1 , 1 1 4 , 8 9 3 Spelter has been quiet and steady at 5 .5 0 @ 5 .6 0 c . Tin has been less active but firmer; spot 38c. Iron has been steady; T o t a l 1 9 0 9 ____ 8 6 ,4 0 7 ,4 8 ,8 0 8 1 0 2 , 3 1 1 2 3 7 , 5 2 4 4 2 0 ,8 1 4 2 3 5 ,0 4 4 5 8 1 , 1 1 3 1 , 2 2 2 , 9 7 1 No. 1 Northern $15 7 5 @ $ 1 6 ; No. 2 Southern $15 2 5 @ In addition to above exports, our telegrams to-night also $15 75. There has been an increased demand for iron from give us the following amounts of cotton on shipboard, not ove works of late. Pipe works have been in the market for cleared, at the ports named. W e add similar figures for air-sized lots. Finished material has been more active. New York. THE CHRONICLE 1042 On Shipboard, Not Cleared ]or— Oct. 1 4 at— Great \ Britain.' France 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 t h e r p o r t s ___ 3 ,0 1 3 2 9 ,9 4 1 8 ,0 6 0 2 ,0 0 0 5 ,8 7 5 T o ta l 1 9 1 0 .. T o ta l 1 9 0 9 .. T o ta l 1 9 0 8 .. 4 ,7 7 9 9 ,0 1 9 1 ,2 8 0 Ger Other Coast many. Foreign wise. Total. Leaving Stock. ‘ §66 2 ,0 0 0 1 9 ,1 7 6 7 6 ,0 4 8 2 9 ,0 4 0 5 ,0 0 0 1 6 ,3 0 4 13 3 7 3 1 3 ,1 0 0 4 9 ,0 0 0 3 3 ,8 8 0 2 1 70 4 3 4 ,6 1 4 1 9 ,5 3 0 2 2 1 ,0 4 1 3 3 , 6 6 5 .2 8 2 ,9 4 0 3 0 ,4 2 5 2 1 3 ,6 9 5 3 4 3 ,4 8 4 4 6 0 ,8 9 2 3 5 3 ,4 4 3 7 ,4 1 3 1 8 ,8 6 7 4 ,7 0 0 3 ,2 0 1 8‘,6 6 6 2 3 ,0 0 0 37666 3 ,0 0 0 1,200 2 1 .0 0 0 7 9 ,8 8 9 9 0 .1 7 2 4 6 ,4 0 5 2 4 ,2 7 9 5 6 ,0 0 7 3 7 ,8 5 6 6 3 ,4 6 3 8 1 ,3 9 2 6 4 ,3 9 5 10 7 2 ,5 5 0 1 ,0 0 0 1 ,0 0 0 1 ,5 0 0 1 3 ,3 7 3 Speculation in cotton for future delivery has been active at some advance in prices. The rise is attributed by many to an excellent demand from spinners, both at home and abroad, quite as much as to an admitted increase in the recent specu lation. Large spot houses have been buying freely. Spot markets at the South have risen steadily. Yarns and cot ton cloths have been reported in better demand at advanctng quotations. Cheerful reports in this regard have come from New England and Philadelphians well as other points. A some what better demand from China is reported at New York. Lancashire is said to be doing a better trade with India and China. The believers in higher prices contend that after a prolonged period of buying from hand to mouth, spinners on both sides of the water find it necessary to increase their purchases of raw material, especially as the sale of their goods has increased at what look to be rather more profitable prices. Moreover, the receipts at the ports and intcrioitowns have continued to be comparatively small. This has had more or less influence, despite the fact that the weather reports have recently been in the main favorable. No killing frost has yet occurred, and the belief among many conservative people is that every day of the kind of weather that the cotton belt has recently had must necessarily add to the crop. But there has been little pressure to sell beyond what has been done by speculators in realizing profits. Early in the week there was a setback due to such liquidation, but of late the persistent demand from spinners, the more cheerful dry goods reports, the continued smallness of the crop movement,and talk to the effect that indications pointed to a fall in the temperature towards the last of the week, have brought about another advance to new high quotations for the season. For a time the Liverpool spot sales were very large. Both America and the Continent have been buying in Liverpool. Some reports are to the effect that damage has been done this season in Mississippi, Alabama and Arkansas by boll weevil. On the other hand, the bill of lading controversy has not yet been settled, and there has been some talk about the possible effects of the big railroad strike in France, talk which might have had more effect but for the fact that in spite of it the stock markets have been advancing. Liverpool people have been selling to some extent, the South has sold against the actual cotton, and not a few think the advance, especially at so early a stage of the season, has been unduly rapid and marked. They think that the crop is being under-estimated and that with such weather as the South has latterly had, the yield may ultimately turn out to be far larger than is now gen erally expected. In any case they maintain that present prices discount anything at all bullish in the situation. As already intimated, however, the bullish sentiment has been predominant and the believers in a still further rise insist that it has been the spinner rather than the speculator who has been the backbone of the advance thus far. To-day further buying by spot and spinning interests, buying also by large bull operators, covering of shorts and talk of a W est Indian storm which may possibly reach the Gulf Coast caused a further advance. Spot cotton has been quiet and firmer. Middling closed at 14.90c., an advance for the week of 40 points. The rates on and off middling, as established Sept. 14 1910 by the Revision Committee, at which grades other than middling may be delivered on contract, are as follows F a i r ............................ c . 1 . 5 0 S t r i c t m id . f a i r ____1 .3 0 M id d li n g f a i r _____ 1 . 1 0 S t r i c t g o o d m i d ___ 0 .6 6 G 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 _______ e_ B a s is S t r i c t l o w m i d ____ 0 .2 6 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 o r d i n a r y _ 1 . 7 5 o ff _ S t r i c t g ’ d m id t g d _ 0 .3 5 o n G o o d m id . t i n g e d . c E ven S t r i c t m id . t i n g e d . . 0 . 1 5 o ff M id d lin g t i n g e d _ 0 .2 5 o ff _ S t r i c t l o w . M i d . t i n g . 0 .6 0 o ff L o w m id . t i n g e d _ 1 .5 0 o ff _ M id d lin 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: Oct. 8 M id d lin g to Oct. 1 4 — S a t. u p l a n d s ............................... . 1 4 . 6 5 A lo n . 1 4 .6 5 T u cs. 1 4 .7 5 W ed. H o i. T h u rs. 1 4 .0 0 F r i. 1 4 .0 0 N E W Y O R K Q U O TA TIO N S FO R 32 Y E A R S 1 9 1 0 . c .............. 1 4 . 0 0 1 0 0 0 ________ 1 3 . 0 5 1 0 0 8 _________ 0 .2 0 1 9 0 7 ________ 1 2 . 0 0 1 9 0 6 ................. . 1 1 . 3 0 1 9 0 5 .............. . . 1 0 . 1 0 1 9 0 4 ________ 1 0 . 3 5 1 9 0 3 _________ 9 . 7 0 1 9 0 2 . C _______ 8 .8 0 1 9 0 1 _________ 8 . 5 6 1 0 0 0 ________ 1 0 . 4 4 1 8 9 9 _________ 7 . 2 5 1 8 9 8 ________ 5 . 3 8 1 8 9 7 _________ 6 . 3 8 1 8 9 6 _________ 7 . 0 4 1 8 9 5 . . ............. 9 . 1 9 1 8 9 4 . C ..................6 .0 6 1 8 9 3 _________ 8 .4 4 1 8 9 2 ................ - 8 .0 0 1 8 0 1 _________ 8 . 5 0 1 8 0 0 .................... 1 0 . 3 8 1 8 8 9 .................... 1 0 . 6 2 1 8 8 8 ................... 9 .6 8 1 8 8 7 ................... 9 . 5 0 1 8 8 6 . c ..................0 . 3 1 1 8 8 5 ................. 9 .8 1 1 8 8 4 ________ 1 0 . 0 0 1 8 8 3 ________ 1 0 . 6 9 1 8 8 2 ________ 1 1 . 5 0 1 8 8 1 .................... 1 1 . 5 6 1 8 8 0 . . .............. 1 1 . 2 5 1 8 7 9 .................... 1 0 . 5 0 M A R K E T A N D SA LES AT N E W Y O R K . Spot Market Closed. S a t u r d a y .. M o n d a y ___ T u esd ay .. W ed n esd ay T h u rsd ay _ F r i d a y ------- S te a d y , 1 5 p ts ,a d v . Q u ie t . . ________ Q u ie t a t 10 p t s . a d v . H O LI Q u ie t a t 15 p t s . a d v . Q u i e t ------------------------- ' T o ta l.. . Futures Market Closed. S tea d S tea d F ir m D A Y S te a d S te a d y ............. ... y -----------________ y _______ y, Sales o} Spot and Contract. ConCon Spot. sum'n. tract. Total. S I Tfi S I rf @| @| @| I S i rf S I S I iO I I @| S I lO II- a ©| @| @| I* lO 8 1 lO S I lO @| @| II ©| @| © I SI S I I s OC5 lO rr © I ©I @j ‘CU fc,o © © < | §> © I © I © I CJ V O O lO lO 0 I rjf lO ©© M »o 0 0 0 CO coo ^ 00 © I 05 05 0 | O lO OH 0OO5 Tf T jt* 050 0 @| io > r- »» oo 05 00 rjtTjt 3o g° 0 | CO •'* lO lO »o I> fO 0 I rf O O O lO lO "f -ff rjt r* © | © | 0«0 00 T rf jt’ rjtrtt ©I iO eo 0 I LOC5 I Orjt 05 05 CO00 rf-rjt »o 0 0O 5 lO iO rjlni COO rfi ©7 @7 @7 © t -4C5 OCO TO f CO> Q © §2 h m UI Tf rfrf 00 05 lO rJtTji t H CO 00 rf Tf 05 05 TjtTjt 05 00 Tff Ttt Tf rt1 @7 @7 @7 @7 @7 ©7 Cl Tf C O MO OCO lO r f CO r f rji Tt* T ? © o h coiO rf I © | ®| @ © | II ©I © | © | 00 | rf 0OC5 rj* ©7 •** CO r- 00 0 © I © I TT-t t^ o o CO l> TfTti o | rf rr © | CO ^ © | CO | Tj! rf lO rjl t* | | | 0 N oo lO rf« CO rt* rjt 0 I lO Tf TjtTf Tf Tjt 0 I coco r fr f 0 I L- C5 lOlO rf Tf rf 0 I OCO COO rfrjt TfTf rf x fi © ®y o y- u y ~ ©sT-©*?- ©y 7®”y « I O fl tu B ti)5 f § 8 I s 'Ko, ;KO fe : ci , to 5 fc/)5 toB c3o a jO fie t jO j^ R jO L-W o '.( S o t K o ' C f i o tc.S I (d O | » jO S « o aP5o | cj O O T H E m a d e sto c k s, V I S I B L E u p b y a s w e ll c o n s e q u e n tly d a y fo r e v e n in g . to - n ig h t U n ite d c a b le a s a ll S U P P L Y a n d th e a flo a t, fo r e ig n B u t to (F r id a y ), O F t e le g r a p h , a re fig u r e s m a k e w e S t a t e s , in c lu d in g in a s ite m to - n ig h t, fo llo w s . w e e k 's b ro u g h t to ta l th e it th e October 1 4 — S t o c k a t L i v e r p o o l _________ b a l e 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 ______ th is a re th e a d d C O T T O N is th e o f re tu rn s , d o w n a s F o r e ig n a n d to T h u rs c o m p le t e fig u r e s e x p o rts e x p o r ts o f F r id a y fro m th e o n ly . 19 10 . 2 6 9 ,0 0 0 4 ,0 0 0 1 5 ,0 0 0 19 0 9 . 6 0 2 ,0 0 0 1 2 ,0 0 0 3 5 ,0 0 0 19 0 8 . 3 2 0 ,0 0 0 1 2 ,0 0 0 2 4 ,0 0 0 1 9 0 7 .* 5 6 3 ,0 0 0 2 4 ,0 0 0 4 2 ,0 0 0 G r e a t B r i t a i n s t o c k _____ 2 8 8 .0 0 0 1 0 ,0 0 0 H a m b u r g _______________ 7 1 ,0 0 0 B r e m e n __________ ‘ 5 5 ,0 0 0 H a v r e ___________ 2 ,0 0 0 M a r s e i l l e s ________ 7 ,0 0 0 B a r c e l o n a _________________ . G e n o a __________________ 1 7 ,0 0 0 2 ,0 0 0 T r i e s t e ____________ 6 4 9 ,0 0 0 1 1 ,0 0 0 9 2 ,0 0 0 1 4 9 .0 0 0 2 ,0 0 0 9 ,0 0 0 8 ,0 0 0 3 ,0 0 0 3 5 6 ,0 0 0 2 0 ,0 0 0 7 8 ,0 0 0 5 1 ,0 0 0 4 ,0 0 0 1 4 ,0 0 0 1 2 ,0 0 0 1 0 ,0 0 0 6 2 9 ,0 0 0 1 8 ,0 0 0 8 1 ,0 0 0 8 6 ,0 0 0 4 ,0 0 0 1 1 ,0 0 0 1 9 ,0 0 0 3 4 ,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 ............. ... 1 6 4 ,0 0 0 1 6 4 ,0 0 0 2 7 3 ,0 0 0 1 8 0 ,0 0 0 2 5 3 ,0 0 0 T o t a l E u r o p e a n s t o c k s ................ I n d ia c o tto n a flo a t fo r E u r o p e .. A m e r c o tto n a flo a t fo r E u r o p e . E g y p t ,B r a z il,& c .,a flt .f o r E u r o p e . S t o c k In A l e x a n d r i a , E g y p t S t o c k In B o m b a y . - I n d i a ___ S t o c k In U . S . p o r t s ______ S t o c k In U . S . i n t e r i o r t o w n s ____. . U . S . e x p o r t s t o d a y _______ 4 5 2 ,0 0 0 5 5 ,0 0 0 6 5 7 ,2 7 3 5 2 ,0 0 0 8 2 ,0 0 0 2 3 2 ,0 0 0 5 6 4 ,5 2 5 2 9 0 ,7 1 4 3 8 ,1 6 4 9 2 2 ,0 0 0 8 2 0 ,0 0 0 7 7 9 ,5 8 4 3 8 ,0 0 0 8 4 ,0 0 0 1 0 1 ,0 0 0 7 4 3 ,8 3 2 4 0 1 ,2 3 1 3 6 ,4 0 9 5 4 5 ,0 0 0 4 6 ,0 0 0 7 6 9 ,8 2 8 2 7 ,0 0 0 7 9 ,0 0 0 2 0 6 .0 0 0 5 6 7 ,1 3 8 4 5 3 .7 2 6 2 8 ,6 0 0 8 8 2 ,0 0 0 5 2 ,0 0 0 4 6 0 ,6 0 0 5 8 ,0 0 0 8 1 ,0 0 0 3 4 0 ,0 0 0 5 7 6 ,6 7 5 2 9 2 ,0 3 0 2 4 ,3 7 0 T o ta l S to ck a t S to ck a t S to ck a t S to ck a t S to ck a t S to ck a t S to ck a t 3 ,1 3 8 ,0 5 6 2 ,7 2 2 .2 0 2 2 ,8 0 6 ,6 8 4 an a n d o th e r d e s c r ip tio n s a r e a s fo llo w s .2 ,4 2 3 ,6 7 6 American— 2 0 4 ,0 0 0 1 0 ,0 0 0 1 2 1 ,0 0 0 6 5 7 ,2 7 5 5 6 4 ,5 2 5 2 9 0 ,7 1 4 3 8 ,1 0 4 6 5 2 2 ,0 0 0 2 7 ,0 0 0 2 4 5 ,0 0 0 7 7 9 ,5 8 4 7 4 3 ,8 3 2 4 0 1 ,2 3 1 3 6 ,4 0 9 2 1 6 ,0 0 0 1 0 ,0 0 0 1 2 6 .0 0 0 7 6 9 ,8 2 8 5 6 7 ,1 3 8 4 5 3 .7 2 6 2 8 ,6 0 0 4 7 1 ,0 0 0 3 4 ,0 0 0 1 5 7 ,0 0 0 4 6 9 ,6 0 0 5 6 6 ,6 7 5 2 9 2 ,9 3 0 2 4 ,3 7 9 . T o t a l A m e r i c a n ________________ 1 , 8 8 5 , 6 7 6 L i v e r p o o l s t o c k _____________ b a l e 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 . i n t e r i o r s t o c k s _____________ U . S . e x p o r t s t o d a y _____________. 2 ,7 5 5 ,0 5 6 2 ,1 7 7 ,2 9 2 2 ,0 2 5 ,5 8 4 6 5 ,0 0 0 4 ,0 0 0 5 ,0 0 0 4 3 ,0 0 0 5 5 ,0 0 0 5 5 ,0 0 0 5 2 ,0 0 0 8 2 ,0 0 0 2 3 2 ,0 0 0 8 0 ,0 0 0 1 2 ,0 0 0 8 ,0 0 0 2 8 ,0 0 0 3 2 ,0 0 0 3 8 ,0 0 0 9 4 ,0 0 0 1 0 1 .0 0 0 1 0 4 ,0 0 0 1 2 ,0 0 0 8 ,0 0 0 6 3 ,0 0 0 4 6 ,0 0 0 2 7 ,0 0 0 7 9 ,0 0 0 2 0 6 ,0 0 0 9 2 ,0 0 0 2 4 ,0 0 0 8 ,0 0 0 9 6 ,0 0 0 8 2 ,0 0 0 5 8 ,0 0 0 8 1 .0 0 0 3 4 0 ,0 0 0 . T o t a l E a s t I n d i a , & c ............. ............ 5 3 8 ,0 0 0 . 1 ,8 8 5 ,0 7 6 3 8 3 ,0 0 0 2 ,7 5 5 ,0 5 6 5 4 5 ,0 0 0 2 ,1 7 7 ,2 9 2 7 8 1 ,0 0 0 2 ,0 2 5 ,5 8 4 East Indian, Brazil, &c.L l 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 _________________ 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 i l , & c . , a t l o a t ________. S t o c k In A l e x a n d r i a , E g y p t _____ . S t o c k i n B o m b a y , I n d i a _________. T o t a l v i s i b l e s u p p l y ____________2 , 4 2 3 . 6 7 0 3 , 1 3 8 , 0 5 6 2 , 7 2 2 , 2 9 2 2 , 8 0 6 , 5 8 4 6 .5 4 d . M i d d l i n g U p l a n d , L i v e r p o o l _____ 8 .2 5 d . 7 .4 U 1 . 4 .9 9 d . 1 1 .7 5 0 . M i d d l i n g U p i a n d , N e w Y o r k ____ 1 4 .9 0 c . 1 3 .9 0 c . 9 .3 0 c . 10%d E g y p t . G o o d B r o w n , L iv e r p o o l. _ 13d . 10 )4 d . &%<1. 1 2 .0 0 d P e n t v la n , R o u g h G o o d , L iv e r p o o l 1 0 .5 0 d . 8 .7 5 ( 1 . 8 .1 5 d . 5 15 -16 (1 B r o a c h , F i n e , L i v e r p o o l ....... .............. 6 7 H d - 8 1 3 -1 0 d . 4 13 -16 (1. 5J4d. T i n n c v c l l y , G o o d , L i v e r p o o l ____ 7J^d. 6 J4 d . 4 11-16 (1. "^Continental imports for the past week have been 131,000 ___ _ 1 ,0 0 9 ____ ____ ____ 1 ,5 0 0 ____ 1 ,5 0 0 1 ,0 0 9 ____ . . . . ____ . . . . 800 1 ,7 0 0 800 1 ,7 0 0 — 4 ,0 0 0 5 ,0 0 9 1 ,0 0 9 LXXXXI F U T U R E S .— The highest, lowest and closing prices at New York the past week have been as follows: 2 7 ,2 1 5 6 2 ,0 3 9 9 5 ,0 6 5 3 6 ,4 4 5 1 4 ,3 2 0 7 ,3 4 1 6 3 ,9 8 4 3 7 ,0 7 5 3 ,8 6 4 1 5 ,6 7 1 1 4 .0 0 0 2 ,0 0 0 5 ,7 2 8 [V O L b e lle s . The above figures for 1910 show an increase over last week of 277,145 bales, a loss of 714,380 bales from 1909, a decrease of 298,616 bales from 1908, arid a loss of 382,908 bales from 1907. THE CHRONICLE O c t . 15 1910.] 1043 Week ending Oct. 1 4 . Closing Quotations for Middling Cotton on Sat'day. G a lv e s to n . . N e w O r l e a n s ___ M o b i l e _________ S a v a n n a h _____ C h a r l e s t o n _____ W i l m i n g t o n ____ N o r f o l k ________ B a l t 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 i s - ____ S t . L o u i s _______ H o u s t o n ____ _ L i t t l e R o c k ____ K e n tu c k y L o u is ia n a M is s is s ip p i 1 i M is s o u r i . N o rth C a r O h i o ............. S o u th C a r T en n essee T e x a s ____ n i I i i I i i i O 1 O 1 1 1 1 I I I 1 1 1 1 1 1 p 1 □ 1 t 1 1 j ; 1 1 1 I < i p t £ i I I I » •■ a : b 14 % 14% 14 % 14 % 14 % 14 14% 14 % 1 4 .0 0 14 7 -16 14 % 14 % 14% 14 Monday. Tuesday. Wed'day. Thursd'y. Friday. 14 % 14 5 -16 14 % 14 % 14 5 -16 14 % 14 % 14% 1 5 .0 0 14 % 14 % 14% 14 0 -16 14% 14 9 -16 14% 14 % 14% 14 5 -10 14 % 14 7 - 1 6 1 4 9^ 1 4 .9 0 14 % 14% 14 % 14 % 14 1-10 14 14 14 14 14 14 % % 9 -16 % % 13 -16 14 1 1 -1 6 14 % 14% 14% 14 % 14 % 14 1 1 - 1 6 14 9 -16 14 9 -16 14% 14% 1 5 .1 5 14 1 3 -1 6 14 % 15 14% 14% 14% 14 % 14% 14% 14% 14% 14% 15 1 5 .1 5 14% 14% 15 14 1 3 -1 6 14% 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 th eNew Orleans cotton market for the past week have been as follows: ; 1 net Sai'day, Oct. 8 . Monday, Tuesday, Wed'day. Thursd’y. Friday, Oct. 1 0 . Oct. 1 1 . Oct. 1 2 . Oct. 1 3 . Oct. 1 4 . October— J t t a n g e _______ 1 4 . 3 8 - . 4 7 1 4 . 3 0 - . 5 4 C l o s i n g ______ 1 4 . 4 0 - . 4 2 1 4 . 4 2 - . 4 5 November— C0h*W 06W COh -*OJ W MW M ^W W OOOM OM ^OO^ VlMOi*0*M Cn ts3 COO 05 MO5 00 0 0 ) 1 0 - 1 0 0 0 -1 QC-1 O M C CO-1 -v) C» -1C. O i^ O O C O O C O N O O N O O O O J W C C O liM O O i^ M M O ^ O O O C O H O O C O ^ l I 0 > 0 0 O O W * J -l® O ^ M 0 0 M C J 0 5 O O * J i M Q Q Q C - I -1 Q ^ O Q OJ OC 'i Q | .T O O R a n g e ............. - — @ C l o s i n g _______ 1 4 . 4 0 December— — — — @ 1 4 .4 1 — * — @ 1 4 .6 4 — — — @ 1 4 .6 7 — — 1 4 .5 7 - .8 0 1 4 .7 2 - .7 3 1 4 .4 0 - .6 5 1 4 .7 0 - .8 9 1 4 .6 3 - .6 4 1 4 .7 7 - .7 8 1 4 .7 2 - .8 0 1 4 .7 5 - .7 6 1 4 .C 8 - .9 1 1 4 .8 1 - .8 2 1 4 .4 2 - .6 4 1 4 .5 1 - .5 2 R a n g e _______ — @ — — @ — — ® — — @ — — @ — — @ — C l o s i n g ----------- 1 4 . C 4 - .0 C 1 4 . 5 4 - . 5 6 1 4 . 6 6 - . 6 8 1 4 . 7 8 - . 8 0 1 4 . 7 9 - . 8 0 1 4 . 8 5 - . 8 6 March — R a n g e _______ 1 4 . 7 7 - . 8 7 C l o s i n g ------------ 1 4 . 8 1 - . 8 2 1 4 .C 2 - .8 3 1 4 .7 2 - .7 3 1 4 .9 0 .0 9 1 4 .9 7 - .9 8 1 4 .9 2 - .0 5 1 4 .9 5 - .9 6 1 4 .8 0 - .il 1 5 .0 1 - .0 2 1 4 .7 1 - .9 6 1 5 .0 2 -.2 1 1 4 .W 5 - .9 6 1 5 . 0 0 - . 1 0 1 5 .0 5 -.1 8 1 5 .0 7 - .0 8 1 5 .0 3 - .2 2 1 5 .1 1 - .1 6 R a n g e ______ 1 5 . 0 0 - . 0 3 1 4 . 9 4 - . 0 7 1 5 . 0 3 - . 0 C — a @ a — C l o s i n g _______ 1 5 . 0 4 - . 0 6 1 4 . 9 5 - . 9 7 1 5 . 0 5 - . 0 7 1 5 . 2 0 - . 2 1 1 5 .1 3 -.2 C 1 5 .1 8 - .1 P 1 5 .1 4 - .2 8 1 5 .2 2 - .2 4 Q u ie t. S te a d y . S te a d y . S te a d y . R a n g e ------------ 1 4 . 8 9 - . 9 8 1 4 . 7 5 - . 9 5 C l o s i n g ------------ 1 4 . 9 2 — 1 4 . 8 3 - . 8 4 -Ito to ^ -^ to > U 05 — *- ► -*Co c* — to CO 1 1 ^Cnro-lCOtOOOtOC5C5tO cj c o o iO O o t o o c c T C o c ^ ^ - iH ^ c o o - i- i a - i > -* o o * t o o c o ^ c 5 0 ^ c ; « - i- iC 5 ! ► UO CO o Co CO - l o o» ^ Cl ^ ► -*)-» c» COto COCOv-4cn > 00 O CI to CI O - t I -» O -1 Co o -1 CO ^1 o O -* O fe ct COw* -1 -1 05 to CO o 00 -1 00 -T > V O C Ci 05 0 - 1 C -* O July — 1 4 .5 9 - .8 5 1 4 .8 3 .8 4 Tone— *CO O H M cn ^ to ^ tOOitO*-**U^-tOtOCiOOOO^ O O O W O C o W O t O O W O C O c O O O o ^ t o t O O - H O - lO C O M ^ ^ O O O - l t n ^ o ^ - r o o ^ 3 5 o c o o - i^ - c o to c 5 o c o o c 5 c o a » o o ^ c o o o c 5 ^ o io o - io o to j-*-|-10CD04^COOOOCOCOCOCnOOOOO C C 00 0 0 5 COo 05 00 05 H *-* O £» H CO O O * -* S p o t ________ O p t i o n s _____ S tea d y . S tea d y . S te a d y . S te a d y . S te a d y . F ir m . S te a d y . F ir m . • N o m in a l. W E A T H E R REP O RTS B Y T E L E G R A P H .— Telegraphic reports to us from the South this evening indicate that, while rain has fallen in most localities during the week, the precipi tation as a whole has been moderate or light. A t some points picking has been interfered with somewhat, but over much of the belt it has made good progress. Temper ature was rather low in a few districts at times, but at the close is more favorable. CO 0’ 05>-AiC‘ COl030COO*_ C ’ OoroCO— | *M 1O500CO— 105— — 1 ItOCOOOCn— ’ O S O ^ *^ lO t-*CO *-*CO C5‘U.t^CO-IOO-J,^05-lCOtO-l^*UrOOOtOCOtOCOC’ C COOO 00 O OO’ to — • 1 4 .C 2 - .7 7 1 4 .6 5 - .6 6 M ay — O — @ 1 4 .6 0 1 4 .2 9 - . 53 1 4 .6 2 - .7 7 1 4 .5 3 - .5 4 1 4 .6 8 - .6 9 February— t\3 COto > to -* CO to ^ COCO to to COO Co 03 CO o IN < 9 ► -* CO — CO to C5 C< CO COCo C> to 1 CO C5 O Co to C \3 ^ COC5to COO O' ^ c G O T C <yitOCsOOOCOCOCOO<O.UCO> ____ ________ _ _ _ . U^C5C005COH lO^-l^COOOtOOOOOH-itOCn -1 c O' O C O) M 00 o 05 O' C to to D O C" 7) M M O) O COa. : ■ 0 00 05 O COO 05 O’ O COO’ O -1 oo to 00 O’ CDC« >-* 00 t o o COCOCO 0 — @ — 1 4 .4 8 * 1 4 .7 7 - .8 3 1 4 .7 5 - .7 7 R a n g e ------------ 1 4 . 5 5 - . 6 6 C l o s i n g ______ 1 4 . C 0 - . 6 1 ts3 004^-lrfi*»t*- - l W H M 0 0 O d W O H O i » O CHh m w h w © to *o w M o o o c o ^ o o - i w w rf^Kjoo co© *-*- i m c o m CO^U^OCOOOStUW C^W ^OOOTOCiCt^OtUtSS^^H^-l-lH^i-AC^OOCOCOOO C D C O C O O ^ - | £ . ^ C M M M O M M I'J CHOOOC»CTQOacOCJCO^)^>C7sCo pa to * 05 ►— COO 00 “* Cl 4^ M M O’ COh -OO ► -*C *-* •-* H O’ to to O -* o MC O to CO00 H * tOH-»tOO»-ltOC505 00 09 © COCO a* 0*M > U C 0 O > M O C 0W C 5W 0 5O 00 0iC 0O O O — 10C O O ’ *t^COOOO>C’ 0 0 0 » k ^CO— O O tO — lO lCOOCDCD0005C005COC0 05i^O» ^ to to ^ c o c « a > o o c » o o c ito c o ^ c 5 0 -ic o c o o ^ c o o o o -^ o -ic o tjc « c o to 1 4 .6 7 - . 80 1 4 .7 0 - .8 5 1 4 .6 7 - .6 8 1 4 .7 3 - .7 5 R a n g e _______ 1 4 . 4 4 - . 5 . 3 1 4 . 3 1 - . 5 4 C l o s i n g _______ 1 4 . 4 8 - . 4 9 1 4 . 4 1 - . 4 2 January — C» ► -*t\3 *-» 1 4 .3 5 - .5 3 1 4 .5 1 - .5 3 -3 & 5 "> 3 S ft I ? -1 to O’ CO C COO’ O cn Co H 05 — 05 05 00 • * 1 H I COtOCOOOXi.— i^ O CnO OCOt-A-OOOOCOOOCOO^O^COOO^tUcOOCOtOCO -t JO The above totals show that the interior stocks have in creased during the week 67,182 bales and are to-night 110,517 bales less than at the same time last year. The receipts at all the towns have been |9,253 bales less than the same week last year. 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 P T . 1.— W e give below a statement showing the overland movement for the week and since Sept. 1, as made up from telegraphic reports Friday night. The results for the week and since Sept. 1 in the last two years are as follows: 7 ,2 0 3 7 ,0 5 2 375 3 ,0 1 1 1 ,5 4 0 5 ,0 8 7 4 ,1 4 6 1 0 1 0 ---------Sept. 1 . 1 7 ,0 5 3 1 0 ,2 1 0 625 5 ,7 5 4 2 ,8 3 0 0 ,2 6 7 1 3 ,4 7 0 ..- 2 8 ,5 1 3 6 0 ,1 1 5 2 1 ,1 5 7 4 5 ,3 0 1 .. . 3 ,5 6 1 004 002 7 ,2 4 0 3 ,4 5 0 1 2 ,0 8 5 1 ,8 5 2 136 1 ,0 3 0 4 ,0 1 3 1 ,1 7 3 6 ,0 5 3 ... 4 ,8 5 7 2 2 ,7 8 4 3 ,0 1 8 1 2 ,1 3 9 .- 2 3 6 6 L e a v i n g t o t a l n e t o v e r l a n d * ................ ..2 3 ,,6 550 3 7 ,3 3 1 1 8 ,1 3 0 3 3 ,2 2 2 October 1 4 — Week. ... ... ... ... ... Deduct SMpmentsB e tw e e n I n te r io r t o w n s . . I n la n d , & c ., fro m S o u th . Week. 8 ,0 6 6 4 ,6 0 1 2 17 2 ,5 1 6 1 ,0 5 3 1 ,5 8 2 2 ,1 6 2 1 0 0 0 ----------Sept. 1 . 1 7 ,0 6 0 7 ,7 2 7 020 5 ,0 8 1 1 ,8 8 0 4 ,6 7 1 7 ,4 0 4 • I n c lu d in g m o v e m e n t b y r a il to C a n a d a . The foregoing show's the week’s net overland movement has been 23,656 bales, against 18,139 bales for the week last year, and that for the season to date the aggregate net over land exhibits an increase over a year ago of 4,109 bales. -------------1 0 0 9 - tn Sight and Spinners' Takings. Since Sept. 1 . Week. -4 0 0 ,0 8 0 N e t o v e r l a n d t o O c t 1 4 . ............ _ 2 3 ,6 5 6 S o u t h e r n c o n s u m p t io n t o O c t . 14 . 4 5 ,0 0 0 -4 6 8 ,7 4 5 - 0 7 ,1 8 2 Week. 1 ,0 7 0 ,4 0 9 3 7 ,3 3 1 2 1 8 ,0 0 0 4 4 2 ,7 8 3 1 8 ,1 3 9 5 2 ,0 0 0 Sept. 1 1 ,9 5 5 ,9 1 1 3 3 ,2 2 2 3 3 8 ,0 0 0 1 ,9 3 1 ,8 3 0 2 3 9 ,0 3 6 5 1 2 ,0 2 2 7 9 ,5 2 2 2 ,3 2 7 ,1 3 3 3 1 8 ,0 6 8 5 9 2 ,4 4 4 - 5 3 5 ,0 2 7 T o t a l In s i g h t O c t . 1 4 . 2 ,1 7 1 ,7 6 6 1 7 0 ,2 2 4 Since 2 4 3 ,0 3 9 2 ,6 4 5 ,2 0 1 6 0 ,7 3 6 2 0 9 ,0 1 0 Movement into sight in previous years: Week— 10 0 8 — 10 0 7— 10 0 6 — 10 0 5— O O O O c t. c t. c t. c t. Bales. 1 7 ......................................5 3 2 , 1 4 2 1 8 ..................................... 3 8 2 , 1 2 6 1 0 ................................. . 5 0 0 . 6 8 6 2 0 ............. - ................. . 4 4 1 , 0 0 1 Bales. ______ 1 7 ................................ 2 , 4 1 0 , 0 5 1 1 8 ................................ 1 8 2 5 , 8 8 2 1 0 . ............................. 2 , 2 8 1 , 3 8 2 2 0 ............... 2 ,5 8 0 ,7 1 7 Since Sept. I — 10 0 8 — 10 0 7— 100 0— 10 0 5— O c t. O c t. O c t. O c t. Q U O TATIO N S FOR M ID D L IN G COTTON A T O T H E R M A R K E T S .— Below are the closing quotations of middling cotton at Southern and other principal cotton markets for each day of the week. Galveston, Texas.— We have had rain on four days of the week, the rainfall being one inch and seventy hundredths. The thermometer has ranged from 60 to 76, averaging 68. Abilene, Texas.— Rain has fallen on three days of the week, to the extent of one inch and forty-eight hundredths. Aver age thermometer 56, highest 68, lowest 44. . Brenham, Texas.— Rain has fallen on two days of the week, the rainfall being sixty-three hundredths of an inch. The thermometer has averaged 72, the highest being 92 and the lowest 52. Cuero, Texas.— There has been rain on three days of the week, the rainfall being forty-four hundredths of an inch. The thermometer has averaged 72, ranging from 45 to 98. Dallas, Texas.— It has rained on one day of the week, the precipitation reaching fifty-three hundredths of an inch. The thermometer has ranged from 45 to 96, averaging 71. Henrietta, Texas.— Rain has fallen on one day during the week, the rainfall reaching nineteen hundredths of an inch. Average thermometer 66, highest 96 and lowest 35. Huntsville, Texas.— Rain has fallen on one day during the week to the extent of twenty-one hundredths of an inch. The thermometer has averaged 66, the highest being 89 and the lowest 43. itW Kerrvillc, Texas.— There has been rain on one day of the week, the rainfall being nine hundredths of an inch. The thermometer has averaged 59, ranging from 42 to 76. Lampasas, Texas.— There has been rain on three days of the week, the precipitation reaching one inch and forty-nine hundredths. The thermometer has ranged from 40 to 97, averaging 69. Longview, Texas.— There has been no rain during the week. Average thermometer 70, highest 91 and lowest 48. Luling, Texas.— W e have had rain on two days of the past week, the rainfall being one inch. The thermometer has averaged 68, the highest being 88 and the lowest 47. Nacogdoches, Texas.— W e have had no rain during the week. The thermometer has averaged 71, ranging from 49 to 92. Palestine, Texas.— We have had no rain during the week. The thermometer has ranged from 48 to 70, averaging 59. Paris, Texas.— There has been rain on one day during the week, the precipitation being one hundredth of an inch. Average thermometer 69, highest 94 and lowest 44. Weatherford, Texas.— It has rained on one day of the week, the rainfall being twelve hundredths of an inch. The ther mometer has averaged 70, the highest being 95 and the lowest 44. Ardmore, Oklahoma.— It has been dry all week. The ther mometer has ranged from 43 to 96, averaging 70. Iloldenville. Oklahoma.— Dry all the week. Average ther mometer 66, highest 93, lowest 40. 1044 THE CHRONICLE Alexandria, Louisiana.— Rain has fallen on one day during the week to the extent of one inch and seventy-four hun dredths. The thermometer has averaged 70, the highest being 90 and the lowest 50. New Orleans, Louisiana.— There has been rain on four days of the week, the rainfall being fourteen hundredths of an inch. The thermometer has averaged 73, ranging from G2 to 85. Shreveport, Louisiana.— It has rained on two days during the week, rainfall being one inch and sixty-eight hundredths. The thermometer has ranged from 48 to 8(5, averaging 07. Helena, Arkansas.— Rain has fallen lightly on two days during the week, the rainfall reaching seventy-five hundredths of an inch. Average thermometer 04.7, highest 82 and lowest 49. Little Rock, Arkansas.— Receipts are picking up rapidly. Rain has fallen on two days of the past week, the rainfall being ninety-six hundredths of an inch. The thermometer has averaged 03, the highest being 78 and the lowest 48. Memphis, Tennessee.— Rain has fallen on one day of the week, the rainfall being ninety hundredths of an inch. The thermometer has averaged 05, ranging from 49 to 82. Nashville, Tennessee.— We have had rain on one day during the week, the precipitation reaching thirty-two hundredths. The thermometer has ranged from 52 to 82, averaging 07. Columbus, Mississippi.— There has been rain on one dav during the week, the precipitation being one inch and seventyfive hundredths. Average thermometer 70, highest 89 and lowest 50. Vicksburg, Mississippi.— We have had rain on one day during the week, the precipitation reaching fourteen hun dredths of an inch. The thermometer has averaged 71, ranging from 49 to 85. Mobile, Alabama.— Favorable weather in the interior and picking and marketing are progressing well. W e have had rain on three days of the past week, the rainfall being fortyeight hundredths of an inch. The thermometer has averaged 73, the highest being 87 and the lowest 59. Montgomery, Alabama.— We have had rain on two days of the past week, the rainfall being thirty-two hundredths of an inch. The thermometer has averaged 72, the highest being 80 and the lowest 59. Selma, Alabama.— It has rained on two days during the week, the rainfall being fifty-five hundredths of an inch. The thermometer has averaged 70, ranging from 58 to 85. Madison, Florida.— There has been rain on two days of the past week, the rainfall being sixty-three hundredths of an inch. The thermometer has ranged from 00 to 85, averaging 70. Atlanta, Georgia.— W e have had rain on two days of the past week, the rainfall being two inches and twenty-nine hundredths. The thermometer has averaged 09, the highest being 81 and the lowest 50. Savannah, Georgia.— Rain has fallen on two days during the week, the rainfall reaching one inch and seventy hun dredths. The thermometer has ranged from 59 to 83, averaging 71. Charleston, South Carolina.— There has been rain on three days during the week, to the extent of one inch and ninetynine hundredths. Average thermometer 72, highest 84 lowest 00. Greenville. South Carolina.— Rain on one day of the week to the extent of one inch and forty-five hundredths. The thermometer has averaged 05, the highest being 81 and the lowest 49. Charlotte, North Carolina.— Cotton is being marketed rapidly. Rain has fallen on two days of the week, the rain fall being one inch and sixty-two hundredths. The ther mometer has averaged 03, ranging from 52 to 82. IN D IA COTTON M O V E M E N T FROM A L L PORTS. October 13 . Receipts at— Week. B o m b a y __________ _____ 3 ,0 0 0 19 0 8 . 190 9. 19 10 . Since Sept. 1 . Week. 2 4 ,0 0 0 13 ,0 0 0 Since Sept. 1 . Since Sept. 1 . Week. 3 6 ,0 0 0 7 ,0 0 0 3 6 ,0 0 0 l VOL. L X X X X I This Since Week,. Sept. 1 . Exports ( b a l e s ) — T T T T o o o o from— B om bay— 19 10 _ _ _ 19 09 _ _ _ 19 0 8 _ _ _ C a lc u t ta — 19 10 _ _ _ 1 9 0 9 ____ 19 0 8 _ _ _ M ad ras— 1 9 1 0 ____ 1 9 0 9 ____ 1 9 0 8 ___ A ll o th e rs — 19 10 _ _ _ 1 9 0 9 ____ 1 9 0 8 ____ T o ta l a ll— 19 10 _ _ _ 19 0 9 _ _ _ 19 0 8 ____ the Week. Great Britain. Conti nent. , 1 ,6 6 6 2 ,0 0 0 1 ,0 0 0 ____ 2 5 ,0 0 0 4 ,0 00 5 ,0 0 0 1,0 0 0 1,0 0 0 7 4 ,0 0 0 2 0 ,0 0 0 4 3 ,0 0 0 _ _ _ ____ ____ 1 ,0 0 0 ____ 1,0 0 0 1,0 0 0 1 ,0 0 0 1,0 0 0 ____ ____ 1,0 0 0 ______ ______ 1,0 0 0 3 ,0 0 0 4 ,0 0 0 5 ,0 0 0 3 ,0 0 0 2 ,0 0 0 3 ,0 0 0 1 ,0 0 0 2 ,0 0 0 2 ,0 0 0 -.9 ,0 0 0 0 ,0 0 0 1 0 ,0 0 0 3 ,0 0 0 4 ,0 0 0 4 ,0 0 0 i , 6oo 3 ,0 0 0 — Japan China. if: Total. 3 ,0 0 0 3 ,0 0 0 5 ,0 0 0 ___ 1 ,0 0 0 2 ,6 6 6 3 ,0 0 0 5 ,7 5 0 5 ,5 0 0 T o ta l e x p o r t s ............. ......... 2 3 ,0 0 0 1 8 ,8 60 1 5 ,0 0 0 2 4 .4 2 6 2 ,8 4 9 6 1 ,1 3 5 W O R L D ’S SU P P L Y A N D Cotton Takings. W eek and Season. This Since Week. Sept. 1 . 1 4 ,4 9 2 6 .2 5 0 2 3 .9 6 8 2 ,3 0 7 7 .2 4 9 6 ,0 8 1 2 2 ,4 3 3 1 ,9 9 8 4 7 ,0 1 7 1 1 1 ,2 5 0 2 .0 0 0 3 ,0 0 0 3 ,5 0 0 700 9 ,2 0 0 3 7 ,7 6 1 T A K IN G S OF COTTON. 19 10 Week. 19 0 9 . Season. Week. Season. . 2 ,1 4 6 ,5 3 1 V i s i b l e s u p p l y O c t . 7 -------------V i s i b l e s u p p l y S e p t . 1 _ - ______ 5 3 5 ,9 2 7 A m e r i c a n I n s i g h t t o O c t . 1 4 ___ B o m b a y r e c e i p t s t o O c t . 1 3 ____ 3 .0 0 0 4 .0 0 0 O t h e r I n d ia s h lp ’t s to O c t . 1 3 . . 3 2 ,0 0 0 A le x a n d r ia r e c e ip ts to O c t. 1 2 . . 9 .0 0 0 O t h e r s u p p l y t o O c t . 1 2 . a _____ - ............. 2 , 7 8 9 , 9 5 9 1 ,4 9 5 ,5 1 4 2 ,1 7 1 ,7 6 6 5 9 2 ,4 4 4 2 4 .0 0 0 1 3 ,0 0 0 2 8 .0 0 0 2 ,0 0 0 1 0 3 ,0 0 0 3 2 ,0 0 0 4 0 ,0 0 0 5 ,0 0 0 l ,9 3 l‘ 022 2 ,6 1 5 ,2 0 1 3 6 .0 0 0 3 9 .0 0 0 8 6 .0 0 0 2 3 ,0 0 0 T o t a l s u p p l y __________________ 2 , 7 3 0 , 4 5 8 3 ,8 6 2 ,2 8 0 3 ,4 3 4 ,4 0 3 4 ,7 6 0 ,2 2 3 Deduct— I 2 ,4 2 3 ,6 7 6 3 ,1 3 8 ,0 5 6 3 ,1 3 8 ,0 5 6 1 .4 3 8 .6 0 4 1 .0 7 9 .6 0 4 3 5 9 ,0 0 0 1 .6 2 2 .1 6 7 1 .3 4 4 .1 6 7 2 7 8 ,0 0 0 2 ,4 2 3 ,6 7 6 V i s i b l e s u p p l y O c t . 1 4 _________ 3 0 6 .7 8 2 2 2 7 .7 8 2 7 9 ,0 0 0 T o t a l t a k i n g s t o O c t . 1 4 ________ O f w h i c h A m e r i c a n __________ O f w h i c h o t h e r _____ __________ * E m b r a c e s r e c e i p t s In E u r o p e f r o m 2 9 6 ,3 4 7 2 5 4 ,3 4 7 4 2 000 B r a z il, S m y r n a , W e s t In d ie s , & c . • M A N C H E STE R M A R K E T .— Our report received by cable to-night from Manchester states that the market is firm for both yarns and shirtings. The demand for china is good. W e give the prices for to-day below and leave those for previous weeks of this and last year for comparison: 19 10 . 190 9. Col 'n Mid. Upl’s lbs. Shirtinqs, common to finest. 8% Cop Tioist. 32* d. tu g 26 Sept 2 9 16 23 30 O ct 7 14 10 % d. @ s. d . s. if. d. @ 9% 9 5 -16 @ 9 7-16 @ 9% @ 9% @ 9% @ 10 10 % 10 % 10 % 10 % 5 6 % @ 10 8 8 .1 4 9 3 - 1 6 10 % @ 11 % 1 0 '5 @ 11% 10 % fit 1 1 % 10 9 -16 ® 1 1 5 - 1 6 10 % © 115 -16 5 5 5 5 5 6 5% 6 6 6 7 .9 7 8 .0 ( 7 .9 8 7 .8 7 .6 1 10 % @ 111-16 ® 5 5 7 @ 10 9 7 % " 11 0 11% 11% @ 10 (a 1 0 (a 1 0 @ 10 @ 10 8 7 % 7% 7% T% 7 .8 8 9 % 8 .2 5 10 @ @ 4 11 U pl'S s. d. d . s. d . d. 11% Col 'n Mid. 8 % lbs. Shirt ings, common to finest. Cop Twist. 32s @9 d. 4 6 .7 3 5 5 5 5 5 0 @9 1 (-> 9 1% ©9 2 (a 9 3 (n 9 5 6 6 7% 9 6 .8 8 6 .8 3 6 .9 3 7 .3 1 7 .2 9 10 % 5 10 % 5 3% @ 9 < 0 « 4 9 9 7 .2 7 7 .4 1 DOM ESTIC EXPORTS OF COTTON M AN U FAC T U R E S .— We give below a statement showing the exports of domestic cotton manufactures for August and for the eight months ended August 31 1910, and, for purposes of compari son, like figures for the corresponding periods of the previous year are also presented: Quantities of Manufactures of Cotton Month ending Aug. 3 1 . 8 Months ending Aug.3 1 . 0Colored and Uncolored) 19 1 0. 190 9. 19 0 9 . Exported to— 19 10 . U n it e d K i n g d o m __________ . y a r d s . C a n a d a ........................ .................................... C e n t r a l A m . S t a t e s & B r i t . H o n d 'a s M e x i c o .............. ............................................... C u b a .............................. ..................... ................ O th e r W e s t In d ie s a n d B e r m u d a . . C h i l e ...................................... ............................... C o l o m b i a ...... .................................................. O t h e r S o u t h A m e r i c a ......... ........................ C h in e s e E m p i r e ...................... .... ............. B r i t i s h E a s t I n d i e s .............................. .. B r i t i s h O c e a n i a ...................................... .. P h il ip p in e I s l a n d s . . . . . . . . ............ O t h e r A s i a a n d O c e a n i a ------------ ------O t h e r c o u n t r i e s ............................................ 2 0 5 ,9 8 0 2 0 0 ,7 0 2 5 7 5 ,1 2 7 1 , 2 0 4 ,1 4 4 2 ,6 8 0 ,3 8 5 3 ,3 0 1 ,8 7 4 1 1 6 ,3 7 1 1 1 9 ,9 0 2 1 ,7 5 7 ,7 8 6 8 8 6 ,1 0 0 3 ,9 2 9 ,6 5 0 7 , 6 5 3 , 1 3 2 5 4 5 ,8 3 1 4 3 7 ,7 1 7 1 ,0 6 5 ,6 2 9 1 .2 3 0 ,6 2 8 1 ,0 0 5 ,5 6 4 1 ,8 0 7 ,2 4 3 9 4 2 ,0 0 0 2 ,1 4 3 ,7 7 0 9 ,5 8 2 ,7 8 8 2 5 ,0 6 9 ,3 8 0 5 9 2 ,0 6 5 2 8 6 ,2 3 6 7 6 2 ,7 5 3 4 7 9 ,3 5 9 5 , 1 8 1 ,9 6 0 9 6 9 ,1 2 3 6 8 6 ,4 6 4 2 0 6 ,7 3 2 1 ,6 8 4 ,4 2 7 1 ,7 0 8 ,3 4 0 1 ,1 6 0 ,1 8 4 1 ,4 2 9 ,4 8 9 7 ,9 8 5 ,0 1 9 6 ,0 1 8 ,3 3 0 1 5 ,8 0 9 ,9 8 9 2 0 ,0 1 5 ,5 0 2 1 ,2 2 3 ,7 4 7 1 ,2 6 2 ,0 5 2 6 ,0 1 2 ,6 1 2 1 5 ,3 8 2 .1 3 9 2 3 .1 4 1 .4 5 9 3 1 .0 7 9 ,9 6 6 0 ,0 1 5 ,6 2 5 5 ,8 1 6 ,0 0 8 1 0 ,9 4 1 ,8 9 0 1 0 ,5 0 1 ,0 6 9 1 0 ,0 0 1 ,0 8 2 1 3 ,7 8 2 .9 4 3 1 5 . 1 1 5 8 20 5 ,7 6 6 ,2 5 0 5 0 ,0 1 4 ,4 3 8 1 3 5 ,2 1 1 ,3 0 0 5 ,5 2 7 ,2 2 6 6 ,9 0 3 ,8 9 9 4 ,9 4 9 ,2 4 7 5 ,2 5 0 ,9 5 6 3 4 ,1 4 2 ,8 1 3 7 ,3 3 4 ,2 5 9 1 ,8 0 2 ,3 2 7 1 ,8 1 1 ,1 1 7 6 ,3 7 2 ,4 3 5 1 0 ,4 5 5 ,3 8 3 T o t a l y a r d s o f a b o v e ........................... 3 1 ,9 1 6 ,8 4 2 4 7 ,2 2 2 ,3 X 6 1 9 6 ,8 9 6 ,3 7 3 2 8 7 ,9 7 6 ,2 3 2 T o t a l v a l u e s o f a b o v e . . . ------------ 3 2 , 1 4 7 , 8 1 7 $ 2 ,8 4 8 ,6 6 3 $ 1 3 ,3 1 6 ,7 8 3 $ 1 7 ,1 5 3 ,6 3 6 8 0 .0 7 3 $ 0 ,6 0 3 $ .0 6 7 0 $ .0 5 9 6 V a l u e p e r y a r d ......................................... Value of Other Manufactures of Colton Exported— W e a r in g A p p a r e l: K n i t g o o d s . . ........ ......................... A l l o t h e r ....................................................... $ 1 8 6 ,4 0 3 4 1 1 .S 1 5 $ 1 1 2 ,6 3 2 3 5 5 ,6 3 0 $ 9 3 5 ,8 8 2 3 ,2 9 3 ,6 4 8 $ 5 8 4 ,6 0 7 2 ,6 4 4 ,0 5 2 T o t a l ............................................................... W a s t e , c o t t o n ............. .............................. Y arn ................................................. A l l o t h e r ............................................................ 3 0 0 1 ,2 1 8 1 6 8 ,6 3 5 9 8 ,5 5 4 4 1 8 ,5 4 2 $ 1 6 8 ,2 6 8 1 3 3 ,6 5 3 5 3 ,9 9 9 2 8 3 ,9 1 7 $ 4 ,2 2 9 ,5 3 0 2 ,2 9 0 ,9 1 4 3 9 5 ,7 7 1 3 ,0 2 3 ,8 0 0 $ 3 ,2 2 8 ,7 1 9 1 ,2 7 6 ,7 4 1 3 3 4 ,2 3 4 2 ,3 6 6 ,3 9 0 ................. $ 3 ,4 3 4 ,7 0 6 $ 3 ,7 8 8 ,5 0 0 $ 2 3 ,2 6 2 ,7 9 8 $ 2 4 ,3 5 9 ,7 2 0 Since September 1 . Great Conti Japan Britain. nent. dkChina Total. £ 3 ,0 0 0 3 ,0 0 0 5 ,0 0 0 6 .2 5 0 8 ,5 0 0 7 .2 5 0 1 .0 0 0 L i v e r p o o l _____________ M a n c h e s t e r __________ C o n t i n e n t ____________ A m e r i c a .......... ........................ T o ta l m a n u fa ctu re s o f . . For Since This Week. Sept. 1 . 10 ,0 0 0 9 ,0 0 0 2 4 ,0 0 0 8 5 .0 0 0 3 0 ,0 0 0 6 7 ,0 0 0 4 .0 0 0 4 ,0 0 0 6 ,0 0 0 i ,6 6 6 1,0 0 0 3 ,0 0 0 5 ,0 0 0 7 ,0 0 0 20 ,0 0 0 2 8 ,0 0 0 3 3 ,0 0 0 3 ,0 0 0 2 1 ,0 0 0 3 0 ,0 0 0 3 8 ,0 0 0 1 0 0 ,0 0 0 5 5 ,0 0 0 8 0 ,0 0 0 1 0 ,0 0 0 10 ,0 0 0 2 8 ,0 0 0 1 1 3 ,0 0 0 6 9 ,0 0 0 1 1 8 ,0 0 0 E G Y P T IA N COTTON CROP.— Advices to Fr. Jao Andres, In c., of Boston, under date of Alexandria, Sept. 24, are as follows: C o n t i n u e d c o m p l a i n t o f d a m a g e b y fo i r s In t l i e D e l t a a n d t h e s h e d d i n g o f b o lls c o m e t o u s b y r e lia b le p a r t ie s , b u t o u r p e o p le c o n s id e r t h e d a m a g e I n s i g n i f i c a n t a s t h e f i r s t p i c k i n g l i d s s e a s o n Is a s s u r e d , w h i l e l a s t s e a s o n , t h e fir s t ( w it h s o m e t im e s n o s e c o n d ) a n d t h e t h ir d w e r e p ic k e d t o g e t h e r . Som e p la n te r s h a v e a lr e a d y p ic k e d tw o to fo u r c a n ta r s p e r fe d d a n . C a lc u la t in g t h a t th e v le ld , u n d e r t h e c ir c u m s t a n c e s , w ill b e o n e c a n t a r p e r fe d d a n m o r e t h a n l a s t s e a s o n , o r 1 , 0 0 0 , 0(10 c a n t a r s , a n d t h e g i n n i n g y i e l d to 4 % b e t t e r t h a n la s t s e a s o n , w e c o m e t o th e c o n c lu s io n t h a t , p r o v id in g w o h a v e s e a s o n a b le w e a t h e r fo r t h e n e x t t w o o r t h r e e w e e k s , o u r c r o p c a n n o t b e u n d e r C M t o 7 m illio n c a n t a r s . SH IP P IN G N E W S .— As shown on :i exports of cotton from the United States reached 200,118 bales. The shipments up from mail and telegraphic returns, are previous page, the the past week have in detail, as made as follows: Total bales. 1 ,0 0 0 — 2 6 ,0 0 0 5 ,0 0 0 9 ,0 0 0 2 ,0 0 0 1,0 0 0 1 ,0 0 0 A L E X A N D R IA R EC EIPTS A N D SH IP M EN TS. Alexandria, Egypt, October 1 2 . 19 10 . 190 9. 19 0 8 . 2 4 0 ,0 0 0 7 7 6 ,1 7 6 2 5 0 ,0 0 0 6 5 1 ,7 8 2 1 6 5 .0 0 0 3 8 2 .5 0 5 Receipts ( c a n t a r s ) — T h i s w e e k _______________ S in c e S e p t . 1 — ...................... N E W Y O R K — T o L i v e r p o o l — O c t . 7 — C e lt ic , 1 1 ,0 1 0 u p la n d 5 3 f o r e i g n . ----------- ------------------- ----------------------------- .............. T o L o n d o n — O c t . 7 — M i n n e a p o l i s , 1 , 0 0 0 ........................ ... T o H u l l — O c t . 1 3 — G a l i l e o , 1 , 3 0 0 ----------- ---------- ------------ -T o B r e m e n — O c t . 1 1 — P r ln z F r ie d r ic h W ilh e lm . 7 1 0 T o A n t w e r p — O c t . 7 — L a p l a n d , 2 8 0 . . : . ------------------T o C o p e n h a g e n — O c t. 1 1 — O sca r I I ,, 2 0 0 — _______ T o G e n o a — O c t . 7 — B e r l i n , 1 , 0 0 0 .......... .................................. . T o N a p l e s — O c t . 7 — B e r l n , 3 5 3 ............. ................................ ... T o T r i e s t e — O c t . 7 — C a r p a t h l a , 3 0 0 ___________ _______ T o L e g h o r n — O c t . 7 — P e r u g i a , 1 0 0 ................................................ T o V e n i c e — O c t . I I — A l i c e , 3 0 0 . . ................................................... T o P i r a e u s — O c t . 1 3 — P a t r l s , 5 0 ............................................. - - and 1 1 ,0 9 3 1 ,0 0 0 1 ,3 0 0 710 250 200 1 ,6 0 0 353 300 10 0 300 50 THE CHRONICLE O ct. 15 1910.' Total bales. •ALVESTON— To Liverpool— Oct. 10— Inventor, 19.304 Oct. 11— Christopher, 10,120. - -Oct. 13— Chancellor, 10,922----- 40,400 To Manchester— Oct. 10— Gloria tie Larrlnaga, 14,422---------- 14,422 To Havre— Oct. 11— Tronto, 5,564------Oct. 12— Montauk, 10 017 ___________________________________________ 10,181 To Bremen— Oct. 7— Ifoln, 14,502_ Oct. 13— Monadnock, _ 11,691 ______________________________________— ---------------- 26,193 To Hamburg— Oct. 7— Ramescs, 1,768-------------------------------1,768 To Barcelona— Oct. 8— Clara, 4,934------------ -------- ---------------4,934 To Venice— Oct. 8— Clara, 1,200-----------------------------------------1,200 To Trieste— Oct 8— Clara, 1,150-----------------------------------------1,150 To Vera Cruz— Oct. 11— Nor, 500___________________________ 500 TEXAS CITY— To Liverpool— Oct. 8— Musician, 10,255------------ 10,255 NEW ORLEANS— To Liverpool— Oct. 14— Comedian, 9,000___ 9,000 To Belfast— Oct. 14— Ramore Head, 800...............................— 800 To London— Oct. 11— Klngstonlan, 200_____________________ 200 To Havre— Oct. 11— Klngstonlan, 1,200____________________ 1,200 • To Hamburg— Oct. 8— Barcelona, 113_______________________ 113 To Antwerp— Oct. 14— Phidias, 800_____________ ___________ 800 To Barcelona— Oct. 12— Marla, 300---------- -------- -----------------300 To Venice— Oct. 12— Marla, 250____________________________ 250 To Trieste— Oct. 12— Marla, 100.......................... - -------- ---------100 MOBILE— To Hamburg— Oct. 12— Christiania, 226--------------------226 SAVANNAH— To Liverpool— Oct. 8—Anglo-Canadian, 12,800; George Pyman, 3,925_____________________________________ 16,725 To Bremen— Oct. 8— Den of Ruthven, 8,546------------------------ 8,546 To Hamburg— Oct. 8—Alzkaral Mendl, 94----------------------------94 To Gothenburg— Oct. 8— Alzkaral Mendl, 200---------------------200 CHARLESTON— To Ilavro—Oct. 10— Duart, 5,000------------------- 5,000 WILMINGTON— To Liverpool— Oct. 8— IlUlbrook, 14,233--------- 14,233 BOSTON— To Yarmouth— Oct. 4 — Prince George, 215---------------215 BALTIM ORE— To Liverpool— Oct. 7— Vcdamorc, 2,501------------ 2,501 To Havre— ^Oct. 7— Mackinaw, 350--------------------------------------350 To Hamburg— Oct. 7 — Bosnia, 350--------------------------------------350 PH ILADELPHIA— To Antwerp— Oct. 13— Manltou, 400_______ 400 SAN FRANCISCO— To Japan— Oct. 6— Clilyo Maru, 7 0 0 .-.O ct. 11— Asia 600---------------------------1,300 SEATTLE— To Japan— Oct. 8— Sado Maru, 2,050_______________ 2,050 Total ........................................................ 1-----------------------------------200,118 L IV E R P O O L .— The week’s sales, stocks, &o.: Sept. 23. Sales of the week______bales. 30,000 Of which speculators took_ . 1,000 Of which exporters to o k .. . 1,000 Sales, American------------------- . 25,000 Actual export---------------------- - 1,000 Forwarded_________________ . 51,000 Total stock— Estimated......... .271,000 Of which American_______ .190,000 Total Imports of the week— . 48,000 Of which American______ Amount afloat_______ ______ .148,000 Of which American---------- .109,000 Sept. 30. 33,000 1,000 1.000 26,000 3,000 46.000 275,000 107,000 53,000 46,000 246.000 210,000 Oct. 7. 62,000 oct. 14. 70.000 3.000 2.000 56.000 3,000 74.000 269.000 204.000 65.000 63.000 430.000 369.000 1,000 2.000 53,000 3,000 56.000 280,000 207,000 62,000 53,000 350,000 315,000 The tone of the Liverpool market for spots and futures each day of the past week and the daily closing prices of Saturday. Spot. Market, 12:15 P. M. 1 1 J Monday. Tuesday. Good doing. Large business demand. Good demand. Wednesday. Thursday. Good demand. Good Inquiry. Friday. Moderate demand. Mid. Upl’ds 8.06 8.01 8.00 8.15 8.18 8.25 Sales . . . Spec.&exp. 12,000 15,000 500 15,000 500 10,000 8,000 7,000 500 Steady at Futures. Steady at Steady Market I 6@9 pts. unchanged 1@2 pts. opened J advance. to 1 pt. dec. advance. Quiet Market, 1 Strong and Quiet at unchanged 4 1frreg. at 16 9%@14 P. M. J'@17pts.ad. pts. dec. to 1 pt.dec. 500 500 1,000 Strong at Quiet Steady 14@18 pts. unchanged unchanged advance. to 1 pt.dec. to 1 pt.dec. Quiet at Steady at Barely st’y 16%@19% % pt. dec. 1 pt. dec.to pts. adv. to 6 pts.ad. % pt. adv. 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. Oct. 8 to Oct. 14. O ctober.. Oct.-Nov. Nov.-Dec. Dec.-Jan. Jan.-Feb. Feb.-Mch. Mch.-Apr. Apr.-May. May-June Junc-July July-Aug. Sat. 12 M 12 H p.m. p.m. Alon. Tues. Wed. Thurs. Fri. 4 12 M 4 12 M 4 12'A 4 1 2 K 4 p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. 12 M ____ 7 83 % 7 7 % l 7 4 ____ 7 77 7 0 % 66 ____ 7 74 67 62 % 67 ____ 7 74 62% ____ 7 74 % 67 62 % 68 ____ 7 76 63 % 70 ____ 7 78 65 ____ 7 78 70 65 ____ 7 79 70% 65% ____ 7 77 68 ?* 63 % ____ 7 76 6 7 % 62 76 69 65% 65% 65 % 66 % 67% 67 % 68% 66 % 65 % 74 90% 66 83 62 78 62 79 62 79 63 80 64 81 % 64 81 % 65 82 63 % 80 % 62 79 93 % 84 79 79 79 80 81 81 81% 80 94 85 80 79 79 79% 80% 80% 81 79% 78 '■ 77 /> 99 88 82 81 81 82 82 82 82 80 78 % 03 00 % 01 % 8 7 % % 85% % 84 ?* % 84% 85 85% 85% 85% 81 % 80 % 80% 81 81 81 81 83 % 79 % 8 1 % 77 % BR EADSTUFFS. F r i d a y , Oct. 14 1910. Prices for wheat flour have been easier in the main, owing to the decline in wheat quotations. Of late some large sales have been reported here, though it is said that some of the business has been put through at prices below the published quotations. It is contended in some quarters that the actual business done has not been as large as currently reported, but there is little doubt that trade has been materially larger than recently. A t the Northwest the markets have been rather quiet, but at some points in the Southwest the demand has latterly increased, ltye flour and corn meal have been quiet and easier. W heat, following the line of least insistence, has resumed a downward course. This decline is based on the natural working out of the law of supply and demand. This covers the whole case in a nutshell. Supplies are larger the world over than the present demand for consumption calls for. W orld’s stockswithin aweek have increased 13,173,000bush els, or nearly double the increase for the corresponding week last year. In Europe alone the increase was close to 10, 000,000 bushels. The Government report issued at Wash ington was favorable in the sense that it stated the crop at a larger total than had been looked for. That is to say, it made the total yield of spring and winter wheat 091,709,000 bushels, against 737,189,000 last year, 004,002,000 in 1908 and G34,Q87,000 in 1907. Furthermore, the weather and crop reports from Argentina have been distinctly cheerful, 1045 and the offerings of wheat from that country have increased at declining prices. Liverpool prices have succumbed un der the rapidly increasing volume of supplies on both sides of the water. Quotations at Paris and Berlin have also de clined. The world’s shipments of wheat for the week reached the large total of 10,952,000 bushels, an increase over the previous week of 2,400,000 bushels and over the total for the same week last year of 2,800,000 bushels. It seems that the area planted in Argentina has been increased, although at the beginning of the season it looked as though there would be some decrease in the acreage. The above factors are the only things which have really counted during the week in the making of prices, although from time to time there have been moderate rallies on the covering of shorts. Also, there has been at times a brisk cash demand at Chicago, Kansas City and some other points. A better demand for flour is said to have prevailed at times at Kansas City. There are those who believe that the maximum of receipts this week this season has been seen. To-day prices advanced early on better Liverpool cables than had been expected, smaller Argentine shipments, covering of shorts and some new buy ing for a turn. Later there was a setback on dulness on the spot and liquidation. DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. ._ . . . Sat. Mon. Tues. \led. Thurs. Fri. 99 % 99% No. 2 red winter------------------------- 102% 102 100?* Deeember dellycry In deyator----- 105?* 105 ?* 103?$ Holl- 1 0 2 % 10 2 % day. 107 107 May delivery In elevator-------------- 110 % 109% 108 DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. „ . . . Sat. Mon. Tues. Wed.Thurs. Fri. December delivery In elevator_____ 98% 97% 95% 94 % 94 % May delivery In e^vator-------------- 104?* 103% 101% Holl- 100% 100% July delivery In elevator...----------- 99% 98% 97% day. 96?* 96% Indian corn futures in the local market have been nominal. A t the West the speculation has been active at a decline in prices. Depressing factors have been a bearish Government report on the 10th inst., dulness and weakness on the spot, increased country offerings, hammering bv cash and provi sion interests and general liquidation. The weather in most sections has been very favorable. Cutting is activelv under way and considerable of the crop is in shock. The Govern ment stated the condition as of Oct. 1 at 8 0 .3 % , against 7 8 .2 % in the previous month and 7 3 .8 % in October last year. The indicated crop is about 3,075,000,000 bushels, against a final yield last year of 2,772,370,000 bushels. To-day prices again declined on favorable weather and crop reports, free country offerings, dulness on the spot and general selling. DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK. Sat. Mon. Tues. Wed. Thurs. Fri 58?* 57% Cash corn______________________ 59?$ 59?$ 59% December delivery In elevator____ 57% 57% 56% Holl- 55% 55?* May delivery In elevator_________ 61% 61?* 59% day. . . 57% DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Sat. M on. Tues. 1 ed. Thurs. Fri. 1 December delivery In elevator____ 49% 49 48?* Holl- 47% 47?* May delivery In elevator-------------- 52?* 52 51 day. 50% 50 July delivery In elevator-------------- 53 52% 51% 51 50% Oats for future delivery in the Western market have de clined, owing to the decline in other cereals, a bearish Gov ernment report on the 10th inst. and general selling. Coun try offerings have increased, the cash market has been dull and weaker, and support of futures has been lacking. Cash interests have been prominent in the selling. The only demand has been to cover shorts. The Government report indicated a crop of 1,090,390,000 bushels, as compared with an indicated crop in September of 1,055,400,000 bushels,and a final yield last season of 1,007,353,000 bushels. To-day prices declined on liberal country offerings, sluggishness in the cash trade and general selling. DAILY CLOSING PRICES OF OATS IN NEW YORK. Sat. Mon. Tues. Wed. Thurs. Fri. Standards-----------------------------------39% 39% 39 Holl- 38% 37% No. 2 white------------------- --------- _.40 40 39% day. 39 38 DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. Sat. Mon. Tues. l! ed. Thurs. Fri. 30% December delivery In elevator-------- 32% 32% 31% Holl- 31 May delivery In elevator---------------- 36% 35% 35% day. 34?* 34% The following are closing quotations: FLOUR. Winter, low grades___ $3 00@J3 60! Kansas straights, sack.$4 75 _ 55 00 _ Winter patents .............. 4 8>@ 5 0 Kansas clears, sacks_ 4 00® 4 50 Winter straights.......... 4 40® 465 City patents................... 6 00 @ 6 80 Winter clears_________ 4 0 i@ 440 Rye flour---------- -------- 3 90® 4 45 Spring patents_______ 5 40 ® 5 70 Graham flour_________ 4 15 @ 4 25 Spring straights______ 5 00@ 5 15 Corn meal, kiln d ried.. 3 10@ 3 25 Spring clears________ 4 00® 4 50 GRAIN. Wheat, per bushel— Corn, per bushel— Cents. N. Spring, No. 1 ............. 51 18 No. 2 mixed_____ elev. 57?* N. Spring, No. 2.............. l p-% No. 2 mixed____f.o.b. 5 H Red winter. No. 2........ . 99% No. 2 white_____f.o.b. Nominal Hard winter. No. 2_____ 103?* Rye, per bushel— Oats, per bushel, new— Cents. No. 2 Western___f.o.b. £80 Standards........ ................. 371 ^ State and Jersey........... Nominal No. 2 white______________ 38 Barley— M alting_______ 76 @83 No. 3 white_____________ -------. 3; Feeding, c.l.f., N. Y . . Nominal For other tables usually given here, see page 000. A G R IC U L T U R A L D E P A R T M E N T ’S O CTOBER R E P O R T .— The report of the Department of Agriculture for Oct. 1 respecting cereal crops was issued on Oct. 10 as follows: The Crop Reporting Board of the Bureau of Statistics of the United States Department of Agriculture estimates, from the reports of the cor respondents and agents of the Bureau, as follows: ______ _____________ Condition Compared with Normal. Crops. i Oct. 1 1910. ; P ercent. 80.3 C o m -------------- J 81.7 Buckwheat — . 71.8 Potatoes______ . 80.2 Tobacco ------- . 47.2 F laxseed......... . 88.1 R ic e ................. . 46.4 A p p les............. . Seven-year average. Sept. 1 1910. Oct. 1 1909.. Per Cent. 78.2 82.3 70.5 77.7 48.3 P ercent. 73.8 79.5 78.8 81.3 84.9 ' 81.2 43.9 88.8 46.8 Oct. 1 1908. P ercent. 77.8 81.6 ■ 68.7 84.1 81.2 87.7 48.4 Oct. 1 10-Yr. Av. Per Cent. 78.4 83.3 75.6 83.0 ‘ 83.4 86.1 53.8 1046 THE CHRONICLE Yield per Acre. Production (000 omitted.) [V O L . L X X X XI. Quality. The demand for brown sheetings and drills shows some improvement, and difficulties arc encountered in the way of buyers filling all their requirements. There are some few goods to be had at previous prices, but the general tendency Bush. Bush. Bush. Bush. Bush. % % 15.8 13.7 Spring wheat. 11.8 233.475 290.823 94.1 86.2 of the market is shown by advances made both in sheetings 15.8 14.1 All wheat___ 14.2 691,769 737,189 93.1 and drills up to a quarter cent per yard. Shortening of dis 30.3 29.5 O a ts------------ 31.9 1,096,396 1,007,353 93.8 86.1 22.4 24.3 B a r le y ------25.7 158,138 170,284 88.1 counts on denims, tickings and other coarse, colored cottons 86.9 have also been followed by advances in quotations, those on The visible supply of grain, comprising the stocks in some leading makes showing one-quarter cent per yard. granary at principal points of accumulation at lake and Any doubt as to the course of the market for bleached cottons has been dispelled by all-round advances on ticketed goods seaboard ports Oct. 8 1910, was as follows: this week ranging from J^c. to j^c. per yard. The effect AMERICAN GRAIN STOCKS. Wheat, Rye, Oats, Corn, Barley, upon buyers is shown by a material increase in the number bush. bush. bush. bush. bush. and volume of orders coming forward this week, a good busi New Y ork................. _ 1,992,000 11,000 453.000 283.000 76,000 Boston ...................... ness having been done. Some unticketed goods are on sale 43.000 17,000 3,000 Philadelphia............. . 272,000 56,000 13.000 at old prices, but this has no effect upon the general bleached Baltimore.................. . 1,210,000 748.000 162.000 85,000 1,000 goods situation. In dress cottons, such as prints and ging New Orleans______ 43,000 167.000 108,000 Galveston____ ____ _ . 213.000 4,000 hams, the week’s business has been without notable feature, Buffalo...................... . 1,687,000 712.000 1.542.000 20,000 233,000 but cotton linings are showing somewhat less irregularity 80.000 . 1,598,000 398.000 11,000 Detroit.... ............ ..... . 249,000 200.000 157.000 19.000 than a week ago. Print cloth yarn fabrics have again been in Chicago.................. . 6,341,000 318.000 7.241.000 15.000 Milwaukee_________ . 293,000 105.000 474.000 4.000 75.000 good demand, on an ascending price scale, and at the close Duluth...................... . 4,492 000 33.000 935.000 49.000 1,096.000 the mills are holding 38 j^ inch 64 squares for 5jtgc., against Minneapolis............... . 7,808,000 74.000 3.250.000 176,000 399,000 534c. a week ago. Cotton yarns are firmer after the closing St. Louis__________ . 2,181,000 242.000 477.000 6.000 12.000 Kansas City________ . 4,292,000 238.000 219.000 out of some low-priced lots, and spinners are asking advances Peoria_____ ____ _ _ 12,000 28.000 1.776.000 on practically all counts. Indianapolis............... . 596,000 330.000 157.000 On Lakes................ . . 019,000 1,126,000 366.000 619.000 W O O DEN G OODS.— When the new season’s prices were On Canal and River-. . 392,000 323.000 323.000 119.000 named, showing material reductions on men’s wear worsted Total Oct. 8 1910._ .34,309.000 4,422,000 18.737.000 406.000 2.630.000 fabrics for both plain and fancy, it was then intimated that Total Oct. 1 1910.. .34,968,000 5,041,000 18.801.000 353.000 2.444.000 & Total Oct. 9 1909.. .22,506,000 2,915,000 13,310,000 513.000 3.601.000 they were so close to cost of production that a higher level as the season progressed was much more probable than the CANADIAN GRAIN STOCKS. Wheat, Corn, Oal3, Rye, Barley, granting of any further concessions. This lias been borne bush. bush. bush. bush. bush. Montreal.................... 691,000 121,000 728,000 38,000 out by the action of the leading makers of serges and other Fort William............. . 4.649.000 . ___ worsteds raising prices this week, advancing goods under a Port Arthur........... . . 2,522,000 .......... .......... dollar per yard 2I'2G* and over a dollar 5c. per yard. Some Other Canadian......... . 1,212,000 lines of woolens are also dearer, with leading makes of cassiT Total Oct. 8 1910.. . 9,077,000 121,000 728,000 38,000 ■ Total Oct. 1 1910.. _ 6,897,000 167,000 656,000 39,000 mcres quoted 5c. higher. The demand has naturally been 1 Total.Oct. 9 1909.. . 7,982,000 63,000 225,000 74,000 affected by the holidays, but under the prevailing conditions SUMMARY. is regarded as satisfactory. The call for woolen and worsted Wheat, Corn, Oats, Rye, Barley, dross goods has been somewhat more liberal, but sellers com bush. bush. bush. bush. bush. American ............. . .34,309,000 4.422,000 18,737,000 406,000 2,630,000 plain of the low level of prices on which they have to take Canadian_____ ____ . 9,077,000 121.000 728,000 38.000 the business coming forward. Crops. Total Total Total Total Total Total Oct. Oct. Oct. Oct. Oct. Oct. 1910. 10-Tr. 1909. Aver. 8 1910. .43,386,000 1 1910. .41,865,000 9 1909. .30.488,000 10 1908. .37,652.000 12 1907. .42,012,000 13 1900. .30,301,000 1010 . 4,543,000 5,208,000 2,978,000 3.005.000 4,332,000 3,680.000 10- Yr. 1909, 19,465,000 19,457,000 13,635.000 8,169.000 6,165,000 8,607,000 1010 . Aver. 406,000 353,000 513,000 904,000 905,000 1.550,000 2 .688.000 2,483.000 3,675,000 0,168,000 4,842,000 2,265,000 T H E DRY GOODS TR AD E . N ew Y o r k , F r i d a y N ig h t, O ct. 14 1910. A typographical error made the second sentence in last week’s report read “ the last Government report on cotton erop conditions appears to have ‘ wakened,’ if not altogether dispelled, hopes,” &c. This ought to have read that the Government report appeared to have “ weakened,” &c. W ith the continued strength in the cotton market, this re mark can be repeated with increased emphasis as the result of the developments in the cotton-goods division tins week. A material increase in the volume of business registered has been prevented by the legal holiday on Wednesday and the Hebrew holiday on Thursday, but nevertheless the aggregate has probably been somewhat in excess of what was accom plished during the preceding week, and as was the case then considerably more could have been done but for the increas ingly reserved attitude of sellers. The tone throughout the market is strong, even in lines in which the demand at pres ent is running but indifferently. The orders coming in from the jobbing trade in nearly all instances, where seeking for spot or near-at-hand goods, are urgent in requesting earliest possible deliveries, and are a fair indication of the continued lowness of stocks held in jobbing centres. Further than this, some of the largest buyers are becoming increasingly im portunate to have orders accepted for forward delivery at or near to prevailing prices; their measure of success is limited. While more reports come to hand of mills resuming work or increasing production, these do not appear to have any effect in the direction of increased desires to sell, except at the mills’ prices. Various advances, as noted below, have been made during the week, and at the close the general trend is decidedly upward. In the men’s wear division advanced prices have also been made on a number of lines, and the general tone in this division also shows improvement. D OM ESTIC COTTON G O O D S.— The exports of cotton goods from this port for the week ending Oct. 8 were 8,004 packages, valued at 8632,149, their destination being to the points specified in the table below: ------- 1810----------------------1809------- Week. P^Nev) York to Oct. 8— 30 Great Britain.......................... ................. 6 Other Europe........................... ................. .................1,922 Arabia_____________________ .................1,482 Africa . __________________ ................ 100 West Indies________________ ................. 971 M ex ico.___ ____________ _________ 14 Central America....................... ................ 506 South America........................ . Other countries.................... .. T o ta l..................................... S in ce S in ce Jan. 1. 1,599 722 57,051 11,735 11,418 5,703 22.508 1,547 9,738 36,383 36,866 Week. Jan. 1. 1.475 34 17 825 5,620 160,941 659 13.256 23.974 218 12,762 754 32,136 27 1,307 138 10.972 628 41,525 405 14,849 195,270 85,00 314,022 The value of these New York exports since January 1 have been $13,484,239 in 1910, against $16,960,230 in 1909. F O R E IG N D R Y G OODS.— -A generally quiet market is reported for men’s wear woolen and worsted fabrics, and dross goods, with a generally firm tone prevailing. Piece silks and ribbons are in steady request and firm. Linens are strong under advices of higher prices asked abroad, but the volume of business coming forward is moderate. W ith holidays in Calcutta, the burlap market here has been quiet, but prices are firmly maintained. Importations and Warehouse Withdrawals of Dry Goods. The importations and warehouse withdrawals of dry goods at this port for the week ending Oct. 8 1910 and since Jan. 1 1910, and for the corresponding periods of last year are as follows: O O tN © (OIII D n D b» O O © r H D C rt D X 3 in t- m rt o aDrtlOOb CObt-OO mn Ch l & rf S H ^ S O O n tfH O H *r rH© b« r H o’ O © rHr * t H pit 1i 1a « rt O O C 0 l 1 oo a C O rt P b al b b I Orf HClrf pj in a co o E h O M H f 1rf I o o ti co n IDto O C f| X O I w _i C r— M r» tJ l o’ N m £0 ' to O l eo O T< 0 0 rt 0 C< Oo M rt y < m rf pi in o b m 5 O §h (SbOOtO |O (OO O « h I „ w tanOCSO T •Hr, Q b to b C - ^ « P S O £ o h m« nm C O O G • rt a pi pi pi rt I in O v oo oo r}t ej eo tOrt |b P b b tOIf) O r t P i I b- os oc « eo MM > C M Cl 1 rtrt rt r rt rt H ) Ifl-] rt to to to r< i mto oi to © 3 0 O f-’ * Wb > to w i o so a b IbrttOO 1to rt o b O rt I r l H lOlO r H r rt b H « s o rt rt v oo D M a ei P3 rt dl <l OO T o rt b- > P] b r? rt O -* » C M O rt C l l l £ in o to o to rt M N O O l Cl O MC b l M rt tOH O P h so w -l* N S * X ? I to C l b * U t m b co n o f T CO CO to" 1 0 0 •I to G O M P S b- 0 0 w S bO C L co bi.o e j v w W U rtO O br]. O rt S • tOTHH ■ to J T t- O f- C O l Pj < 1 to O l MO 00 tO 0 rt 1 o to b rt > •pi o so a 1r O r r H HH 3C b H r O H B 0 S rt 0 f- O o ao o ci a o f» n in o oo a to o rt rt o in to h so rt to P to rt I T C rt a T O P to O rt to I O o C to b O O C d ci rt rt rt * t> 0 b- C rf 0 O rt O T PI b a o m o rt a oi rt to b O b 1-0 to T T to rt T rt b- o H W to b- w I < O f r r Ie HH O« 0 a. < t. L 3 .2 < Oi O1 P*05 S o —b O b- X * b rt M N b « b so m m 4 b a O M to h O M cc b M N 00 WP I M0 O to P 0 I ONrMOO OOlflHtOH fc G P rt P rt 00 b S I Q COObOPl r< o a to in P S E h rt rt o rt Wrt Hb f * -T rt OH * aniobw rt pi m rt ® £ rt O PM1b O E W » b rt © rt to 1 rt b O O iC « rt rt b * o t pi rt o : © rt Nb .’ «o rt « T f rt rH I- O C l CO o OTe 0 o l f o0 rt O n If) b P S w P S w H <C 0 i "3 S W w h P S O G 2a 3 3° fe c Zd , n 5 o 2 ,. HS ci _ O - ■* u 2 o p , , md o t; S «i 9 oJ £ £ oS, BO - s& ss s o a > M I rt Io to T * I rt O >rt’ O ct S la tate THE CHRONICLE 11 )10.' awe C ity D sfA FW B W T, News Item s. Arkansas.— O fficia l V ote on C on stitu tion al A m e n d m e n ts .— The official returns from the general election held in this State on Sept. 12 show that of the two constitutional amendments submitted, No. 1 0 ,providing for the initiative and referen dum, carried, while No. 11, exempting from taxation capital invested in the manufacture of cotton and fibre goods, was defeated. The following is the amendment approved by the voters: That Section 1, Article 5, ot the constitution of the State of Arkansas be amended so as to read as follows: Section 1. The legislative powers of this State shall be vested In a Gen eral Assembly, which shall consist of the Senate and House of Representatlvcs, but the people of each municipality, each county and of the State, reserve to themselves power to propose laws and amendments to the con stitution and to enact or reject the same at the polls Independent of the legislative assembly, and also reserve power at their own option to appr<tve or reject at the polls any Act of the legislative assembly. The first power reserved by the people Is the Initiative, and not more than 8% of the legal voters shall be required to propose any measure by such petition, and every such petition shall include the full text of the measure so proposed. Initia tive petitions shall be iiled with the Secretary of State not less than four months before the election at which they are to be voted upon. The second power Is a Referendum, and It may be ordered (except as to laws necessary for the Immediate preservation of the public peace, health or safety) either by the petition signed by 5% of the legal voters or by the legislative assembly as other bills are enacted. Referendum petitions shall be hied with the Secretary of State not more than ninety days alter the final adjournment of the session of the legislative assembly which passed the bill on which the referendum Is demanded. The veto power of the Governor shall not extend to measures referred to the people. All elections on meas ures referred to the people cf the State shall be had at the biennial regular general elections, except whin the legislative assembly shall order a special election. Any measure referred to the people shall take effect and be come a law when It is approved by a majority of the votes cast thereon and not otherwise. The style of all bills shall be, “ Be It Enacted by the People of the State of Arkansas.” This section shall not be construed to deprive any member of the legislative assembly of the right to Introduce any measure. The whole number of votes cast for the office of Governor at the regular election last preceding the filing of any petition for the Initia tive or for the Referendum shall be the basis on which the number of legal votes necessary to sign such petition shall be counted. Petitions and orders for the Initiative and for the Referendum shall be filed with the Secretary of State, and In submitting the same to the people,he and all other officers shall be guided by the general laws and the Acts submitting this amendment until legislation shall be specially provided therefor. The other amendment, if the same had been adopted, would have added the following to the constitution: That all capital Invested within the next ten years In this State In the manufacturing ot cotton and fibre goods In any manner shall be and Is hereby exempt from taxation for a period.of seven years next after and from the time the person, persons, company or corporation have begun the business of said manufacturing. The vote on the amendments, according papers, was as follows: to local No. 10.— 92,331 "for” to 39,267 "against” ; majority, 53,064. No. 11.— 73,432 "for” to 45,700 “ against” ; majority, 27,732. A majority of all the votes cast at the election was necessary to carry. Boulder, Boulder County, Colo.— E lection on the C o m m issio n F o r m o f G o v ern m en t. — At the general election N ov. 8 the voters, it is stated, will decide whether or not their city shall adopt a commission form of government. . California.— Legislature A d jo u r n s . — The Legislature of this State, which convened in special session on Oct. 3 (V . 91, p. 893), adjourned Oct. 5, after making several changes in the proposed constitutional amendment providing for the segregation of State and local taxation and for the taxation of public service and other corporations. This amendment as passed at the regular session was given in full in V . 91, p. 975, and the changes made at the special session just ended will be recorded in these columns upon the receipt of copies of the same from the State Department. Georgia.— C onstitutional A m e n d m en t A d o p t e d . — Returns from the general election held in this State on O ct.5 are said to indicate that the three proposed constitutional amend ments submitted on that day carried. Two of the amend ments adopted allow counties to levy taxes in support of high-schools and increase the salaries of Superior Court judges in certain counties. Another allows the city of Augusta to become bonded outside the limit now prescribed for protection against floods. This last amendment was printed in full in V. 91, p. 599. Los Angeles, Cal.— B o n d s D eclared V a lid b y S u p erio r C o u r t. — A decision was rendered on Oct. (5 by Judge Monroe of the Superior Court upholding the validity of th.e $3, 500,000 power-plant and 83,000,000 harbor-improvement 4 ;(/£% bonds voted last April. See V . 91, p. 667. Lynn, Mass.— C o m m is sio n P la n o f G overn m en t A d o p t e d .— A t a special election held Oct. 1 1 a new city charter was adopted providing for the commission form of government. Pittsburgh, P a .— L itig a tio n . — A friendly suit has been filed, it is said, by Chas. A . Schuldice, a property owner, to restrain the sale of $81,000 bonds to purchase the mains of the Monongahela Water Co. in the former boroughs of Esplen and Elliott and for the purchase of the mains of the South Side Water Co. in any section of the city served by it (V . 90, p. 1697); to restrain the city from taking any further steps to widen Diamond S t., Oliver Ave. and Cherry W a y, and from in any manner increasing the indebtedness of the city until the existing debt shall have been reduced within the limit fixed by the constitution. According to the Pittsburgh “ Gazette-Times” the bill states that the assessed value of taxable property Is $751,226,965, and that 2% of such valuation Is $15,024,539, the last sum being the maximum beyond which the Constitution docs not allow any new debt without the assent of the electors. , It Is alleged that the statement of debt filed In the office of the Clerk of Courts wrongfully deducts, In addition to the bonds In the sinking fund, 1047 Items aggregating $2,377,905 13, so as apparently and falsely to reduce the net debt to $13,322,397 78. The plalntltr argues that if the $81,000 bonds referred to are sold, the excess over the debt allowed by the Constitution will be Increased to $757,164 61. The bill cites that ordinances have been passed for the widening of Diamond St., Cherry Way and Oliver Ave., the estimate of costs and damages for this Improvement, made by the city authorities, being $2,216,000. Adding this amount to the excess of indebtedness, $676,164 61, the excess is increased to $2,892,164 61. Mr. Schuldice says, however, that the costs and damages In reality will amount to$3,700,000, and will Increase the excess to $4,376,164 61. To forestall a possible decision of the Court that all the Items for which the city claims credit arc legtd, and that the net debt Is only $13,322,297 78, the plaintiff asks the Court to find that, nevertheless, the proposed widening of Oliver Ave., Diamond St. and Cherry Way will Increase the Indebtedness to $15,538,397 78, this being $513,858 48 above the constitutional limit, or even $1,997,858 28, as maintained by the plaintiff hi his claim that the costs and damages of the widenlngs will amount to $3,700,000 Instead of $2,210,000. The bill avers that the city, because of having exceeded the debt limit, cannot give bond to secure the cost and damages of the widening of the streets, and hence the widenlngs would be In contravention of the Constitution. P o r t la n d , O r e . — S a l e o f B r i d g e B o n d s E n j o i n e d . — A tem porary injunction restraining the sale and delivery of the $250,000 Broadway Bridge bonds, awarded on Aug. 29 to Ladd & Tilton of Portland (V . 91, p. 668), was granted by Justice Eakin in the State Supreme Court on Oct. 7. A hearing will be had Oct. 20. The case is an appeal from the Circuit Court, where the bonds were declared valid last February. See V . 90, p. 572. V ir g in ia — W e s t V i r g i n i a .— H e a r i n g In D ebt C a se P o st The debt settlement litigation between these two States, final argument in which was to have taken place Oct. 11 before the United States Supreme Court, has been re-assigned for Jan. 16 1911 because of the lack of, a>full bench. See V . 90, p. 1188. p o n e d .— W a g o n e r , W a g o n e r C o u n t y , O k la .— C o m m i s s i o n " F o r m of On Oct. 4 this city adopted, it is stated, a commission form of government by a vote of 250 “ for” to 35 “ against.” G overn m en t A d o p t e d .— Bond Proposals and Negotiations this week have been as follows; Abilene, Dickinson County, K an .— B o n d S a le .— This place, according to reports, has sold to local investors an issue of $40,000 5 % paving bonds. Andover, Essex County, Mass.—B o n d S a le . — Onj|Oct. 4 an issue of $9,000 4 % water bonds was awarded to G eo.-A . Fernald & Co. of Boston at 104.31. ~ Denomination $1,000. Date April 1 1910. Interest semi-annual, tM a turity $1,000 yearly on April 1 from 1927 to 1935 Inclusive. Ashboro, Randolph County, No. Car.— B o n d S a le . — The $50,000 5 % 30-year water-works and sewer bonds mentioned in V . 91, p. 287, have been awarded to J. B. McCrary & Co. of Atlanta at par. Denomination $1,000. Date Oct. 1 1910. Interest semi-annual. Ashland, Jackson County, Ore.—B o n d O ffe r in g . — Pro posals will be received until 5 p. m. Oct. 25 by M. F. Eggles ton, City Recorder, for $25,000 5 % gold coupon electriclight-construction and improvement bonds offered without success on Aug. 2. V. 91, p. 600. Denomination $500. Date July 1 1910. Interest semi annually at the City Treasurer’s office or at a designated banking house In New v'orx City, at the option of the holder. Maturity 20 years, subject to call after 10 years. Certified check In favor of the city for 5500 Is required. Ashtabula, Ashtabula County, Ohio.—B o n d s A u th o r iz e d .— Ordinances authorizing the following bonds were passed by the City Council, it is stated, on Oct. 3: $3,300 2,200 4,400 12.000 24.000 2,550 Martin St. grading bonds. Denomination $1,100. Mill and Strong St. sewer bonds. Denomination $450. South St. sewer bonds. Denomination $880. Main St. paving bonds. Denomination $600. Lake St. paving bonds. Denomination $800. Kinsman St. paving bonds. Denomination $255. Atlantic City, N. J . — B o n d S a le. — On Oct. 8 the six issues of 4 j ^ % gold coupon (with privilege of registration) bonds, aggregating $377,000, described in V. 91, p. 891, were awarded to Blodget & Co. of New York City. With the exception of the issue of $9,000 bonds, which is due in 1920, the bonds mature in 1945. B o n d s H o t S o ld . — A bid of 101.135 was submitted by Gilman & Clucas of New York City for the 152,000 5 % taxarrearage bonds also offered on Oct. 8. See V . 91, p. 894. No award was made of this issue, however, it being alleged that the sale would be irregular. Avis School District (P. O. Avis), Clinton County, Pa.— O ffe rin g . —-This district is offering for sale at par $14,000 4 % coupon school-building bonds. B ond Denominations $100 and $500. Date Oct. 1 1910. Interest semi annually In Avis at the Avis State Bank or at the Treasurer’s office. Ma turity Oct. 1 1930, subject to call after Oct. 1 1915. The bonds are exempt from State tax. Z. II. Peters Is Secretary of the School Board. Ballstoir Spa, Saratoga County, N. Y .— B o n d S a le . — This village h is sold $1,600 4 X / C 5-8-year (serial) registered /V highway-improvement bonds dated Aug. 1 1910. Interest semi-annually at the Village Treasurer's office. Barberton, Summit County, Ohio.— B o n d s D efea ted . — A proposition to issue $50,000 park bonds was defeated at an election held Oct. 3. B o n d E le c tio n . — Another election has been called for N ov. 8 at which the question of issuing $40,000 park bonds will be voted upon. Bayonne, N. J. — D esc rip tio n o f B o n d s . — The $532,000 bonds disposed of last July to the Mechanics’ Trust Co. of Bayonne (V . 91, p. 287) answer the following description: $234,000 5% paving bonds. 298,000 4 H % school bonds. Interest January and July. Maturity July 1 1£30, THE CHRONICLE 1048 [V O L . L X X X X I Bay St. Louis, Hancock County, M iss.— B o n d s P r o p o s e d .— B o n d O ffe r in g . —Proposals w ill be received until 12 m. An issue of $75,000 electric-light-plant, sewerage, drainage Nov. 7 by II. B. Wright, City Auditor, for $250,000 4 1-10% and street bonds is being considered, it is stated, by this city. coupon tuberculosis-hospital bonds and $400,000 4% Beecher, W ill County, 111.—B o n d S a le . —The $5,000 5% coupon grade-crossing bonds 3-7-year (serial) water-plant bonds voted on Aug. 22 (V. 91, Denomination $1,000. Interest from Oct. I semi-annually at the American Exchange National Bank In New York City. Maturity Oct. 1 p. 600) were sold on Sept. 30 at prices ranging from 100.50 1940. Certified check for 5% of bonds bid for, payable to the City Treas to 102.95. Denomination $500. Date Sept. 15 1910. urer, Is required. Bids to be made on blank forms furnished by the Auditor. Interest annual. Cleveland, Bradley County, Tenn.—B o n d s D e fe a te d . —A er bonds was defeated on Bee County (P. O. Beeville), T ex.— o n d s N o t S o ld .— Up proposition to issue $35,000 sew B October 4. to Oct. 10 no sale had yet been made of the $75,000 4)^% 10-40-year (optional) court-house bonds, a description of Coldwater, Branch County, Mich.—B o n d S a le . —This city which was given in V. 91, p. 600. has sold to local investors the $5,274 50 4% coupon West Briarcliff Manor, Westchester County, N . Y .— B o n d O ffer Chicago Street Paving District assessment bonds described in V. 91, p. 601. i n g . —Proposals w ill be received until 4 p. m. Oct. 26 by Denomination $527 45. Interest March 1 and Sept. 1. Maturity William II. Coleman, Village Clerk, for $20,000 registered $1,054 90 yearly on March 1 from 1911 to 1915 Inclusive, being subject to call, however, after March 1 1911. water-works bonds at not exceeding 5% interest. Denomination $1,000. Interest from Sept. 1 1910, payable semi-annually In Mew York exchange. Maturity $1,000 yearly on Sept. 1 from 1915 to 1934 Inclusive. Certified check or cash for 5% of bid is required. T h e officia l notice o f this bond offerin g will be f o u n d a m ong the a dvertisem ents elsewhere in this D e p a r tm e n t. Buffalo County (P. O. Gann Valley), So. D ak .— B o n d S a le . Coldwater School District (P. O. Coldwater), Ohio.— B o n d S a le . —On Oct. 4 an issue of $1,000 5% refunding bonds was awarded to Josephine Hageman at par. No other bids w ere received. Denomination $500. Date Oct. 4 1910. Interest semi-annual. turity $500 In each of the years 1921 and 1922. Ma Columbus, Ohio.—B o n d S a le . —The seven issues of 4 % —The $5,000 5% warrant-funding bonds offered without bonds described in V. 91, p. 896, w ere disposed of on Oct. 11 success on May 31 (V. 91, p. 50) have been sold. Maturity as follows: $2,500 on July 5 in each of the years 1915 and 1920. $320,000 grade-crossing bonds due Oct. 1 1947, awarded to the Provident Camden, Camden County, N . J. —B o n d S a le . — This city Savings Bank & Trust Co. of Cincinnati at 100.17; $300,000 refunding sewer bonds due April 1 1930, awarded to Breed & Harrison of Cincinnati has sold $10,000 park and $15,000 w ater 4% bonds. The at 100.10; $110,000 garbage-dlsposal-works bonds due Sept. 1 1936, and the park bonds mature July 1 1935 and the water bonds are due $175,000 refunding water-works bonds due Nov. 1 1930, sold to the DavlesBertram Co. and Well, Roth & Co. both of Cincinnati, for $110,135 50 July 1 1940. Interest Jan. and July. (100.123) and 100.11,respectively;$50,000 No. 21 and $30,000 No. 22 city’s portion public-improvement bonds due Sept. 1 1921, awarded to the Ameri Carlisle, Cumberland County, P a .— B o n d E lec tio n . —An can Trust & Savings Co. of Zanesville at 100.10 and the $15,000 police sub election w be held Feb. 21 1911 to vote on propositions to station bonds due Oct. 1 1939, awarded to the Brighton-German Bank Co. ill issue $50,000 sewerage, $29,000 South Side drainage and of Cincinnati at 100.25. Purchasers to pay accrued Interest. These are not new issues, but bonds held by the Sinking $20,000 North Side drainage bonds. Celina, Mercer County, Ohio.— B o n d S a le . —On Oct. 10 Fund as an investment. Comanche County Common School District, T ex .— B o n d the $6,000 4j^% water-works-extension bonds offered on that day (V. 91, p. 817) w ere awarded, it is stated, to S. J. S a le . —The $1,500 5% 20-year bonds registered by the State Com ptroller on Aug. 15 (V. 91, p. 540) have been sold to Yining of Celina at 104.816. the Com anche County School Fund at par. The following bids w ere received: , S. J. Vlnlng, C e lin a ........ .$6,289 601 New First N. Ilk., Colum. .$6,201 00 Concord, M a ss.— T em p o ra r y L o a n . —A loan of $10,000 Stacy & Braun, Toledo_ 6,256 25 S. A. Kean & Co,, Chicago. 6,186 00 _ Well, Roth & Co., Clncin.. 6,226 50[Commercial Bank Co.,Ccllna6,025 00 due Nov. 14 1910 has been negotiated, it is stated, with Denomination $ 1,0 00 . Interest annually In September. Maturity part Perry> Coffin & Burr, of Boston, at 3.49% discount. yearly from 1925 to 1930 Inclusive. Corning, Tehama County, Cal.—B o n d s V o ted . —The pro Champaign County (P. 0 . Urbana), Ohio.— B o n d O fferin g . er —C. E. Russell, County Auditor, w sell at public auction positions to issue the $46,800 water and the $22,000 sew ill at 10 a. m. Oct. 20 an issue of $13,080 4% coupon ditch 5% bonds mentioned in V. 91, p. 818, carried by a vote of 163 to 23 at the election held Oct. 4. Date of offering not bonds. Denominations: $200, $300. $340, $1,140. Date Oct. 20 1910. In yet determined. terest semi-annually at the County Treasurer’s office. Maturity part on Corydon, W ayne County, l a . —B o n d S a le . —Reports stato April 20 and on Oct. 20 In the years 1911, 1912 and 1913. Bonds are exempt from all taxes. that the $15,000 sew er and $30,000 water 4j^% bonds ere awarded Chanute, Neosho County, Kan .— B o n d S a le . —The Com offered on Oct. 3 and described in V. 91, p. 818, w m erce Trust Co. of Kansas City, Mo., has purchased $40,000 to J. K. Green, Cashier Wayne County State Bank of Cory 20-29-year (serial) water-im provem ent, bonds at 102.025 for don. Maturity 20 years, subject to call after 10 years. 5s—a basis of about 4.858%. The following bids w ere also Crawford, Oglethorpe County, G a.— B o n d O ffe r in g .— received: Proposals w be received until 5 p. m. Nov. 1 for $5,000 ill Thos. J. Bolster Co.. Chlc.$41,400 00 Neosho Vall.Bk.,Chan. $10,101 50 6% school-building bonds. H.C.Spcer & Sons Co.,Chic. 40,800 00 R. N. Allen, Chanute.. *10,101 00 Spltzer & Co., Toledo----- 40,547 00 First Nat. Bk., Chanute. *10,101 00 Cutter, May & Co., C h ic.. 40,128 50 •/For $10,000 bonds. The above bids wero all made for 5)4% bonds. A bid was also received from Woodln, McNear & Moore of Chicago. The bonds arc dated Nov. 1 1910. Denomination $100. Date Jan. 1 1911. Interest at Bank of Crawford In Crawford. Maturity $200 yearly on Jan. 1 from 1912 to 1936 Inclusive. Certified check for $50 Is required. R. S. McMahan Is City Clerk. Crawford County (P. O. Denison), Iow a.— B o n d E lec tio n . —Reports state that the voters have been asked to authorize the issuance of $25,000 bonds for a new institution for the Chicago, 111.—B o n d E le c tio n . —City Council on Oct. 10 care of the poor. passed an ordinance providing for the subm ission to the Crowley, Arcadia Parish, La . — B id s R ejected . —All bids voters on Nov. 8 of a proposition to issue $3,500,000 4% received on Oct. 8 for the $75,000 5% coupon Sixth Ward bonds to pay for the new city-hall. ere Denomination $1,000. Date Nov. 16 1910. Interest payable at the Drainage District bonds described in V. 91, p. 896, w Illinois Trust & Savings Bank. Maturity $230,000 yearly on Jan. 1 from rejected. 1918 to 1929 inclusive and $280,000 Jan. 1 1930. Dark Hollow Drainage District No. 1, Pulaski County, Chicago Junction School District (P. O. Chicago), Huron Ark.— B o n d S a le . —On Feb. 15 this district issued $40,000 County, Ohio.—B o n d O ffe r in g . —Proposals w ere asked for 6% bonds to the S. R. H. Robinson & Son Constructing Co. until 10 a. m. yesterday (Oct. 14) by Adah H. Brown, Clerk, of St. Louis. for $20,000 5% coupon school building and improvement Interest semi-annually at the Commercial’’ National Bank In Chicago. bonds mentioned in V. 91, p. 741. Maturity part yearly until Feb. 15 1939 Inclusive. Authority, Sections 7625, 7626, 7627 General Code; also election held Sept. 12 1910. Denomination $500. Date Oct. 14 1910. Interest semi annually at the Home Savings & Banking Co. of Chicago. Maturity $500 each six months from Oct. 14 1922 to April 14 1942 Inclusive. The result of this offering was not known to us at hour of going to press. Davidson County (P. O. Nashville), Tenn.— B o n d s A u th o r iz e d . —At a meeting of the County Court on Oct. 4 the $150,000 State Fair Ground purchase bonds voted on April 21 (V. 90, p. 1693) were, it is stated, authorized. The bonds Circleville, Pickaway County, Ohio.— B o n d O ffe rin g .— ill Proposals w be received until 12 m. Oct. 18 by Fred. R. when issued w carry 4% interest and mature in 30 years. ill Dayton, Ohio .— B o n d S a le .— The following bids w ere Nicholas, City Auditor, for $15,000 4J^% coupon sanitaryreceived on Oct. 11 for the five issues of 4)^% coupon bonds sewer-extension bonds. Authority, Section 2835, Bates’ Revised Statutes. Denomination described in V. 91. p. 896: $500. Date Sept. 1 1910. Interest semi-annually at the City Treasurer’s office. Maturity $1,000 yearly on Sept. 1 from 1912 to 1926 Inclusive. Bonds are tax-exempt. Certified check (or cash) for 3% of bonds bid for, payable to the City Treasurer, Is required. Purchaser to pay accrued In terest. Bonded debt at present $32,623 80. No floating debt. Assessed valuation 1910 $3,291,829. $10,500 bonds, $8,500 bonds, Hayden, Miller & Co., Clev___ a$10,922 a$8,854 Stacy & Braun, T o le d o -........... 10,920 8,852 New First Nat. Bk., Columbus. 10,875 8,755 R. Kleybolte Co. Inc. Clncin.. . 10,701 8,670 10,650 8,620 Cleveland, Ohio.—B o n d S a le . —On Oct. 10 the following Breed & Harrison, Cincinnati.. 4.10% coupon bonds described in V. 91, p. 818, w ere sold to a Successful bids. $3,200 bonds, $2,600 bonds, $2,000 bonds. $3,300 a$2,678 a$2,060 a3,300 2,675 2,053 3,250 2,639 2,020 ---------------3,200 2,600 2,000 the Tillotson & Wolcott Co. and Otis & Hough, both of B o n d s A u th o r iz e d .—This city has authorized the issuance Cleveland: $200,000 bonds at 101.1335, $150,000 at 101.134, of $79,800 5% coupon street-improvement bonds. $50,000 at 101.134 and $12,000 at 100.758. The first three Authority, Sections 3839 and 3946, Revised Code. Denomination $1,000. Date Oct. m entioned issues mature Oct. 1 1940 and the $12,000 bonds are exempt from all 1 1910. Interest semi-annually In New York. Bonds taxes. are due Oct. 1 1930. The following bids w ere received: B o n d s P r o p o s e d . —Local papers state that this city is con $200,000 $150,000 $50,000 $12,000 sidering the issuance of $600,000 water-supply bonds. City-Hall M arket Park, Hospital bonds. Tillotson & Wolcott Co.,l$202,267 and Otis & Hough, Clev.j Hayden, Miller & Co., Clev. 202,170 O. E. Denison & Co., Clev. 202,127 Cleveland Trust Co., Clev. 201,754 New First National Bank,) 201,655 C olum bus...... ............_/ bonds. bonds. bonds. 00 $151,701 00 $50,567 00 $12,091 00 00 75 00 00 151,630 151,367 151,315 151,257 00 75 50 00 50,544 50,550 50,438 50,457 00 75 50 50 12,064 12,083 12,060 12,053 00 25 50 50 Delaware, Delaware County, Ohio.— B o n d O ffe rin g .— Proposals w be received until 12 m. Oct. 29 by I. E. Martin, ill City Auditor, for the following 5% coupon assessment bonds $1,650 Campbell and Griswold Streets sewer bonds. Denomination $165. Date “ not later than Aug. 1 1010.” Maturity $165 yearly on Sept. 1 from 1912 to 1921 Inclusive. O T 1 1910. i C. 5 THE CHRONICLE 30,000 North Sandusky Street Improvement bonds. Denomination $500. Date “ not later than Aug. 1 1910 ” Maturity $3,000 yearly on Sept. 1 from 1912 to 1921 Inclusive. 28,730 South Sandusky Street Improvement bonds. Denomination $500, except one bond of $230. Date Aug. 1 1910. Maturity $1,730 Sept. 1 1912 and $3,000 yearly on Sept. 1 from 1913 to 1921 In elusive. Interest semi-annually at the depository of the Sinking Fund. Official ■circular states that “ there has never been any default In the payment of obligations against the city.” Denison, Grayson County, Tex.— B o n d s V o ted . — A t an election held Oct. 8 a favorable vote was cast, it is stated, on the question of issuing $50,000 water-works-systemimprovement bonds. Du Page County School District No. 46 (P. O. Elmhurst), 111.— B o n d O ffe r in g . — Further details are at hand relative to the offering on Oct. 17 of the $20,000 5 % coupon school building bonds mentioned in V . 91, p. 077, Proposals will be received until 8 p. in. on that day by O. G. Fischer, Secre tary of Board of Education. Authority Section 195, School Law. Denomination $1,000. Date Oct. 1 1910. Interest semi-annually at the Elmhurst State Rank. Maturity $2,000 In even and $3,000 In odd years on April 1 from 1912 to 1919 In clusive. Certified check for $500, Pay*k|® P.Far(b 3 required. No debt at present. Assessed valuation 1909, $8o0,oo7. l Durham, Butte County, Cal.— B o n d E le c tio n . — It is reported that an election will be held Nov. 5 to vote on a proposition to issue $10,000 school-building bonds. East Spencer (P. O. Salisbury, Sub-Station No. 2), Rowan County, No. Car.— B o n d E lec tio n . — An election will be held Nov. 5 to vote on the question of issuing $25,000 coupon water and light bonds. These securities were to have been sold on Sept. 20. V. 91, p. 977. Owing to the discovery of an error in the notice of the original election, however, it was found necessary to again submit the question to a vote of the people. A bid of 101 for 6s has been received from the J . B. McCrary Co. of Atlanta. Eaton, Preble County, Ohio.— B o n d S a le . — On Oct. 3 the $2,500 \ Y i % village’s portion and the $11,918 62 5 % assessment East Main Street improvement coupon bonds described in V. 91, p. 818, were awarded to Hayden, Miller & Co. of Cleveland at 100.36 and 101.636 respectively. Pur chasers to pay accrued interest. Following is a list of the bidders and the premiums offered by the same: $2,500 $11,918 62 liomls. Bonds. Ilaydcn, Miller & Co., Cleveland___________________ -- $6 00 $195 00 ----II. C.- Dlllman, Eaton...... ....... ............................................ 10 50 Tlllotson & Wolcott Co., Cleveland.................................. 0 62 179 96 Davies-Bertram Co., Cincinnati................- ------------------- J 50 101 00 Stacy & Braun, Toledo------- ---------------------------------------?5 76 78 Sea.songood & Mayer, Cincinnati..------------------------------ 3 ou lo l 38 Well. Iiotli & Co., Cincinnati...............- ................................... 157 00 Breed & Ilarrlson, Cincinnati.......... ............................... .. — 137 06 The $2,500 bonds mature $500 yearly on Sept. 1 from 1911 to 1915 Inclusive and the $11,918 62 bonds mature $1,191 86 each six months from March 1 1911 to Sept. 1 1915 Inclusive. Ellensburg School District No. 3 (P. O.'fEllensourg), Kittitas County, W ash.— D escrip tio n o f B o n d s . — We are advised that the $40,000 20-year refunding school-building bonds sold on Sept. 16 to the Washington National Bank of Ellensburg at 101 for 5s (V . 91, p .8 9 6 ) are in denomination of $500 each and are dated Oct. 1 1910. Interest semi annual. Ellis County (P. O. Waxahachie), Tex.— B o n d O ffe rin g .— Proposals will be received until 2 p. m. Dec. 1 by J. T . Spencer, County Judge, for the following 5 % road district bonds: $27,500 bonds of District No. 1, $25,000 of District No. 2, $225,000 of District No. 3, $70,000 of District No. 4, $85,000 of District No. 5, $105,000 of District No. 6 and $45,000 of District No. 7. Denomination $1,000. Date Oct. 10 1910. Interest semi-annually In Austin or at the National Park Bank In New York City, at option of holder. Maturity 40 years, subject to call after 10 years. Ccrtllled check on a national bank or trust company for 2% of bonds bid for, payable to the County Judge, Is required. Purchaser to pay accrued Interest. El Reno, Canadian County, Okla.—B o n d O ffe rin g . — Pro posals will be received until 8 p. m. to-day (Oct. 15) by J. A . La Bryer, Mayor, for $50,000 5 % coupon city-hall-building bonds. Denomination^ 1,000. Date AprllT15 1910."5TInterestTseml-annually at the llscal agency In New York City. Maturity 20 years. Bonds are tax-exempt. Certified check for $2,000, payable to F. T. StacUnole. City Clerk, Is required, Evanston, Cook County, 111.— B o n d O ffe rin g . — Proposals will be received until 2 p. m. Nov. 1 by N . G. Iglehart, City Comptroller, for the following 4 % coupon bonds mentioned in V. 91, p. 289: $35,000 departmental building bonds. .Maturity $1,000 yearly on Nov. 1 from 1911 to 1915 Inclusive and $2,000 yearly on Nov. 1 from 1916 to 1930 Inclusive. , , 10,000 llre-departmcnt equipment bonds. Maturity $2,000 yearly on Nov. 1 from 1911 to 1915 Inclusive. Denomination $1,000. Date Nov. 1 1910. Interest semi-annual. Certified check on a Chicago or Evanston bank for 5% of bid, payable to the City Comptroller, Is required. Eveleth, St. Louis County, Minn.— N o B o n d E lection P r o p o s e d . — The City Clerk informs us that there is no truth in the reports that steps are being taken looking towards the holding of a $20,000 sewer bond election. Falls County (P. O. Marlin), Tex. — B on d s V o ted . — Accord ing to reports,this county has voted in favor of issuing the $18,000 bridge bonds mentioned in V. 91, p. 742. • Fenton, Broome County, N. Y .— B o n d O ffe rin g . — Pro posals will be received until 10 a. m. Oct. 18 by E . P. Hol comb, Town Supervisor, P. O. Port Crane, for $9,000 4j/£% registered bridge-construction bonds. Denomination $500. Date Oct. 18 1910. Interest annually on March 1 at the County Treasurer’s office In Binghamton. Bonds are exempt from all taxes. Certified check for 10% of bid, payable to the .Supervisor, Is required. No debt at present. Assessed valuation 1909, $609,750. Flathead County (P. O. Kalispell), Mont.— B o n d S a le .— On Oct. 4 the $125,000 10-20-year (optional) refunding bonds 1049 described in V . 91 , p. 540, were awarded to A . B. Leach & Co. of Chicago at 102.81 and accured interest. The following bids were received: A . B . L e a c h & C o . , C h i c ____$ 1 2 8 , 5 1 3 I W e l l , R o t h & C o . , C I n ______$ 1 2 6 , 7 5 0 N . W . H a l s e y & C o . , C h i c . . 1 2 7 , 5 7 5 E. H . R o l l i n s & S o n s , C h i c . 1 2 6 , 6 7 7 D e v l t t , T r e m b le & C o ., C h ic . 1 2 6 ,9 1 7 I T h o s . J . B o lg e r C o ., C h i c . . 1 2 6 ,2 5 5 Fort Worth, Tex. — B o n d s P r o p o s e d . — The Superintendent of W ater-Works urges the issuance of $1,000,000 bonds for the purchase of a reservoir and the extension of the water system. Franklin, Franklin County, Neb.— B o n d s V o ted . — The election held Oct. 11 resulted in favor of the proposition to issue the $8,000 5 % 5-20-year (optional) electric-light bonds mentioned in V . 91, p. 977. The vote was 126 to 19. Freeport, Stephenson County, 111.— B o n d S a le . — On Oct. 10 the $9,000 4 % 20-year fire-station bonds, dated May 1 1910 and mentioned in V . 91, p. 977, were sold to the Harris Trust & Savings Bank of Chicago at 96.877. Fol lowing are the bids: H a r r i s T r . & S . B k „ C h i c ____ $ 8 , 7 1 9 | W e l l , R o t h E m e r y , P e c k & R o c k w o o d , C h i c . 8 ,6 5 2 | & C o .. C i n c i n n a t i . $ 8 ,6 2 5 Fulton Township School District (P. O. Swanton), Ohio.— V o ted . — The question of issuing $18,500 bonds was favorably voted on Oct. 5, the vote being 137 “ for” to 136 “ against.” Galesburg, Knox County, 111.— B o n d S a le . — A . B . Leach & Co. of Chicago have been awarded the $25,000 4 ) ^ % water-works-improvement bonds offered on Oct. 3 and described in V . 91, p. 897, on a 4 .1 5 % basis. Maturity June 1 1930. Garland, Dallas County, Tex.— B o n d s V o ted . — This town has voted, it is stated, to issue $15,000 school-building-im provement bonds. Garnett, Anderson County, Kans.—B o n d S a le . — The following coupon bonds offered on Sept. 26 (V . 91, p. 81 9), have been sold to Weil, Roth & Co. of Cincinnati: B on d s $ 2 0 ,0 0 0 5 % 3 0 ,0 0 0 2 0 -y e a r s e w e r -im p r o v e m e n t b o n d s d a te d N o v . 1 1 9 1 0 , a w a r d e d at 97. 6% 1 - 1 0 - y e a r s p e c ia l s e w e r - im p r o v e m e n t b o n d s d a te d J a n . l 1 9 1 1 , d is p o s e d o f a t p a r . Gloversville, Fulton County, N. Y .—B o n d O fferin g A g a in P o s tp o n e d . — The offering of the $66,000 4 % registered sewer- construction bonds has again been postponed, this time until 3 p. m. Oct. 18. The bonds were to have been sold on Oct. 11 (V . 91, p. 977), but the date was subsequently changed to Oct. 13. Greencastle School District (P. O. Greencastle), Franklin County, Pa.— B o n d E lec tio n . — A t the coming November election a proposition to issue $40,000 4 % school-building bonds will be voted upon, according to local papers. Greenfield, Mass.— B o n d S a le . — An issue of $50,000 4 % 1-10-year serial sewer bonds, dated N ov. 1 1910, has been awarded, it is stated, to Jackson & Curtis of Boston at 100.92. Greenfield Fire District No. 1 (P. O. Greenfield), Franklin County, Mass.— N o te S a le . — According to reports this dis trict has awarded at private sale the $75,000 4 % fire notes recently voted (V . 91, p. 352) to Jackson & Curtis of Boston at 3 .9 5 % and interest. These notes are dated N ov. 1 1910 and mature $3,750 yearly beginning in 1911. Harrison County (P. O. Gulfport), Miss.— B o n d O fferin g . — Proposals will be received until N ov. 7 by F. S. Heeves, Clerk Board of County Supervisors, for the $50,000 5 % Road District No. 2 bonds mentioned in V . 91, p. 743. Denomination $500. Date Jan. 1 1911. Interest annual. Hart County (P. O. Hartwell), Ga.— B o n d E lec tio n . — The electors of this county will decide, it is stated, on the question of issuing $40,000 road and bridge bonds. Hastings, Jefferson County, Okla.—B o n d O ffe r in g . — Proposals will be received until 12 m . Oct. 24 by J. A . Marley, Chairman of Board of Trustees, for $30,000 6 % bonds. D enom t h e fis c a l C e r tifie d A ssessed in a t io n $ 1 ,0 0 0 . D a te S e p t. 1 19 10 . I n t e r e s t s e m i- a n n u a lly a t a g e n c y o f O k l a h o m a In N e w Y o r k C i t y . M a tu r ity S e p t. 1 1 9 3 5 . c h e c k , b a n k d r a f t o r c a s h f o r 5 % o f b o n d s b id f o r . Is r e q u i r e d . v a l u a t i o n 1 9 1 0 $ 3 3 5 ,0 0 0 . Hastings-on-Hudson, Westchester County, N. Y .—B o n d O ffe r in g . — Proposals will be received until 5 p. m . Oct. 18 by the Board of Trustees for $45,000 street-improvement bonds at not exceeding 5 % interest. A u t h o r i t y , e le c tio n h e ld J u ly 14 1 9 1 0 . D e n o m i n a t io n $ 1 ,0 0 0 . D a te Jan . 1 19 11. I n t e r e s t s e m i- a n n u a l. M a t u r i t y $ 3 ,0 0 0 y e a r l y o n J u l y 1 f r o m 1 9 1 2 to 19 2 6 I n c lu s iv e . C e r tifie d c h e c k o n a n In c o r p o r a te d b a n k o r t r u s t c o m p a n y f o r $ 1 ,0 0 0 , p a y a b l e t o t h e V i l l a g e T r e a s u r e r , is r e q u i r e d . B o n d s w ill b e d e liv e r e d J a n . 3 1 9 1 1 . F r e d e r i c k G . Z i n s s e r Is P r e s i d e n t a n d J o s e p h E . M u r p h y Is C l e r k . B o n d e d d e b t . I n c lu d in g t h i s I s s u e , $ 5 0 ,0 0 0 . A s s e s s e d v a l u a t io n 1 9 1 0 , $ 3 ,3 0 6 ,7 7 0 . T h e v i l l a g e h a s n e v e r d e f a u l t e d In t h e p a y m e n t o f p r in c ip a l o r In te r e s t, a c c o r d in g to t h e o ff ic ia l s t a t e m e n t . Hester School District, Santa Clara County, Cal.— B o n d S a le . — On Oct. 4 the $6,000 5 % coupon bonds described in V. 91, p . 819, were awarded, it is stated, to the Garden City Bank & Trust Co. of San Jose at 100.421. Maturity $3,000 in 1 year and $3,000 in 2 years. Hickory, Catawba County, No. Car.—Ro/ui S a le .— An issue of $25,000 6 % 30-year coupon street-improvement bonds has been disposed of. D a te J u ly 1 19 10 . In te re st e x e m p t fro m a ll t a x a t io n . s e m i- a n n u a lly In H ic k o r y . Bonds are Hopkins County Common School Districts Nos. 3 and 86, Tex.— B o n d S a le . — The $1,340 5 % 20-year bonds registered by the State Comptroller on Aug. 18 (V . 91, p. 541), have been sold to the Hopkins County Permanent School Fund at par. Denomination $100. Interest annually in April. THE CHRONICLE 1050 Kirkwood, G a.— B o n d s V o te d . — It is reported that $00,000 water and sewerage bonds were authorized by the electors of this place on Oct. 4. Libby, Lincoln County, M ont.— B o n d s V o ted . — An issue of $10,000 electric-light-plant bonds was, it is stated, recently voted by this city. Logan County (P. O. Bellefontaine), Ohio.— B o n d S a le . — On Oct. 10 the $19,000 4 ) ^ % ditch-construction bonds de scribed in V. 91, p. 898, were awarded to Barto, Scott & Co. of Columbus at 101.057 and accrued interest. Maturity $1,500 every six months from July 1 1911 to Jan. 1 191(5 inclusive. $2,000 July 1 1916 and $2,000 Jan. 1 1917. Following are the bids: B a rto , S co tt & C o., Colum __$19,2011N ew F irst N a t. B k ., C o lu m ..$ 19 ,18 5 Seasongood & M ayer, C ln cln . 19,196 D avles-B ertram C o ., C ln cln . 19,176 Breed & H arrison, Cln cln 1 9 ,1901 B ellefontaine N a t. B k ., B T t ’e 19,104 Long Beach, Cal.— B o n d s N o t S o ld . — In reply to our in quiry as to whether or not reports were true that proposals would be received until Oct. 1 for the $75,000 pier-improve ment and the $50,000 Belmont Heights pleasure pier 4 j/£% 1-40-year (serial) gold coupon bonds, offered without success on July 29 (V . 91, p. 820), the City Clerk writes us that the “ issue has not yet been re-advertised and will not be for some tim e.” . Longmont, Boulder County, Colo.— P u rch asers o f B o n d s .— The purchasers of the two issues of gold coupon water-works bonds, the sale of which was mentioned in V. 91, p. 978, were as follows: $163,009 \ 'A"'o (first scries of 1910) bonds disposed of to the F arm ers’ N ational Bank of Longm ont a t 98.535. 35,000 5 A % (second series of 1910) bonds aw arded to Jam es H . C ausey & Co. of O envcr. Up to O ct. 8 on ly $30,000 of these bonds had been Issued. Lorain, Lorain County, Ohio.— B o n d S a le . — The following bids were received on Oct. 8 for the $80,000 4J ^% coupon sewer bonds described in V. 91, p. 898. B a rto , S co tt & C o ., C o l .-$30,311 00 H ayilen , Miller & Co.,Clev.$30,262 Breed & H arrison, C ln __ 30,311 00 Otis & H ough, C levelan d . 30,251 W e st. G er. B k ., C ln ____ 30,303 33 C. E . Denison C o ., C lev_ . 30,237 S D avles-B ertram C o ., Cln. 30,303 00 S ta c y <c Braun, T o le d o .. 30,231 P rovid en t Savings B an k Tlllotson & W o lco tt C o., & T ru st C o ., C ln ............ 30,123 C le v e la n d __________ 30,276 00 N ew First N a t. B k ., C o l.. 30,264 00 M aturity $2,500 March 15 and $3,000 Sep t. 15 each year from 1912 1916 Inclusive and $500 yea rly on Sep t. 15 from 1917 to 1921 Inclusive. 00 00 75 75 00 to Louisville, K y .— B o n d s A u th o r iz e d . — An ordinance au thorizing the issuance of $1,000,000 hospital bonds was, ac cording to local papers, unanimously passed by the Board of Aldermen on Oct. 7. Lower Merion Township School District, Montgomery County, Pa.— B o n d S a le . — On Oct. 12 the $80,000 4 ) ^ % coupon bonds described in V. 91, p. 898, were purchased by Drexel & Co. of Philadelphia at 105.51 and interest. The following bids were received: D rexel & C o., P h ila _____ $84,408 00 Chas. C. H arrison Jr. & E .H .H ollin s & So n s,C h ic. 83,812 80 C o., P h ilad elp h ia...........$ 82,911 20 J .S .& W .S . Kuhn In c.,P itts 83,742 40 |W u rts, Dulles & C o _____ 82,088 00 A . B. Leach & C o ., P h ila . 83,576 00 N ew burger, Henderson & N . W . Harris & C o., P h ila. 83,552 00 Loeb, P h ilad elp h ia___ 82,082 55 N . W . H alsey & C o ., P h ila 83,488 00 W m . A . R ead & C o ., Chic. 82,672 00 Law rence Ilarnum & C o., E rvin & C o ., Philadelphia. 82,610 00 P h ilad elp h ia________ 83,288 00 Graham & C o., P h ila ___ 81,605 00 Chas. S. F o rs y th _______ 83,200 00 Edw . V . K ane & C o ..P h ila 81,520 00 B row n Bros. & C o ., P h ila. 83,015 92 Merlon T.<ScTr.Co.,Ardmore80,560 00 A bid for 4.40% bonds was also received from Falrshaw, Cadwallader & Co. Maturity $20,000 on Oct. 1 In each of the years 1925, 1930 and 1935 and $20,000 on April 1 1940. Lucas County (P, O. Toledo), Ohio.— B o n d S a le . — On Oct. 8 the $16,918 66 4 j ^ % Stone Road N o. 29 repair bonds described in V. 91, p. 820, were awarded to Spitzer & Co. of Toledo at 102.583. The following bids were received: P rem iu m . P rem iu m . Spitzer & Co., T oledo..........$137 10 P rovid en t Savings Bank & T ru st C o ., C in cin n ati____ $377 29 Farson, Son & Co., Chicago. 428 04 363 00 Stacy & Braun, Toledo_____412 75 D avles-B ertram C o., C in e D iyton Sav. B.&Tr.Co.,Day. 395 00 M erchants’ & Clerks’ Savings B an k, T o led o __________ 30 10 0 Seasongood & Mayer, Cine.. 394 09 Breed $ Harrison, Cincinnati 382 36 H ayd en , Miller & C o ., C le v e . 262 00 s W estern Germ an B a n k , C in e . 251 11 Citizens’ Safe Denoslt & Trust Co., T o le d o _______ _____381 05 Maturity $1,918 66 la 1912 and $1,500 yearly from 1913 to 1922 Inclusive. McPherson, McPherson County, K an.— B o n d E le c tio n .— Propositions to issue $7,000 electric-light and $3,000 water works bonds will be submitted to a vote of the people on N ov. 8, according to local papers. Mahoning County (P. O. Youngstow n), Ohio.— B o n d E le c tio n . — An election will be held Nov. 8 to vote on the question of issuing $25,000 experimental farm bonds. Mammoth Irrigation District (P. O. Hartman), Prowers and Kiowa Counties, Colo.— B o n d O ffe rin g . — Proposals will be received until 2 p. m. Oct. 29 by Charles B . Flynn, District-Secretary, for $3,296,900 bonds. Manhattan, Riley County, K an .— B o n d s V o te d . — The voters on Oct. 4 approved the issuance of $20,000 5 % bonds to aid in the extension of an electric railway to Fort Riley. The vote was 605 to 319. Marietta, Cobb County, G a.— B o n d E le c tio n . — It is stated that an election will be held to vote on the question of issuing $15,000 sewer bonds. Marion, In d .— B i d s . — Two bids were received on Oct. 4 for $75,000 4 % bonds offered on that day. We are informed, however, that it will be a week or ten days before the bonds are awarded. Marion, Marion County, Ohio.— B o n d S a le . — The three issues of 4 % bonds aggregating $4,000 described in V. 91, p. 603, were disposed of as follows on Sept. 27: $1,500 awarded to Mrs. John H . Darrow for $1,504 or 100.266, $1,500 sold to O. P. Linn for $1,505 or 100.333 and $1,000 disposed of to the City National Bank of Marion at par. These are not [VOL. L X X X XI. new issues but bonds held by the Sinking Fund as an invest ment. Memphis, Tenn.— B o n d Sa le. — On Oct. 11 the $275,000 and $300,000 4J ^% and $435,000 6 % coupon street-im provement bonds, described in V. 91, p. 744, were awarded, it is stated, to a syndicate composed of E. H . Rollins & Sons and the Merchants’ Loan & Trust Co., both of Chicago, A . G. Edwards & Sons of St. Louis and Blodget, Merritt & Co. of Boston. Middletown, Orange County, N. Y.— B o n d Sale .— This city has sold $75,000 4 % 20-year coupon tax-exempt water refunding bonds. Interest May and November. Middletown School District (P. O. Middletown), Dauphin County, Pa.— B o n d Sale.— J. S. & W . S. Kuhn Inc., of Pittsburgh, are reported as having purchased $50,000 4 j^ % coupon school-building bonds. These securities were offered without success as 4s (V . 91, p. 978) on. Sept. 19. Milwaukee, W is .— T em p o ra r y L o a n . — Local papers state that on Oct. 11 “ Mayor Seidel and Comptroller Dietz gave joint notes to eight city depositories for an aggregate of $160,000, which money is to be placed to the city’s credit in the sum of $20,000 in each bank. The borrowing of this money was authorized by the Council and must be repaid before Feb. 1. Next month a similar amount is to be bor rowed. In December tax money will come in.” Mongangon Township School District (P. O. Trenton), Wayn County, Mich.—B o n d S a le . — The $9,500 4 ^ % coupon bonds offered on Sept. 30 and described in V . 91, p. 89S, have been awarded to W m . E . Moss & Co. of Detroit for $9,532, the price thus being 100.336. Date Oct. 18 1910. Interest semi-annual. Moore School District, Fergus County, Mont.— D e sc r ip tion o f B o n d s . — We are advised that the $1,100 6 % schoolimprovement bonds disposed of last month to the Bank o' Fergus County in Lewistown at 100.20 (V . 91, p. 978) mature Sept. 2 1930, but are subject to call after Sept. 2 1925. Denomination $100. Date Sept. 2 1910. Interest annual. Morton School District No. 55, (P. O. Morton), Renville County, Minn.— B o n d S a le . — On Oct. 4 the $6,000 4 % 6 - 17year (serial) refunding bonds voted on July 19 (V . 91, p. 417), were awarded to the State of Minnesota at par. Mt. Airy (P. O. Cincinnati), Ohio.— B o n d E le c tio n . — An election will be held Nov. 5 to vote on a proposition to issue $12,500 water-system construction bonds. This issue was defeated on Oct. 1, as stated in V. 91, p. 978. Mt. Union School District (P. O. Mt. Union), Huntingdon County, Pa.— B o n d S a le . — This district has sold $10,000 4 j ^ % building bonds to a local investor. Mount Vernon, N. Y.— R ate o f Interest D ecrea sed . — The rate of interest on the $20,000 coupon fire and police depart ment building bonds to be sold on Oct. 18 has been changed from 4 ^ 2 % to 4 % . For other details of bonds see V. 91, p. 979; also advertisement on a subsequent page. Mulvane, Sumner County, Kans.— B o n d S a le . — The $30,000 5 % water-works bonds voted on Sept. 12 (V . 91, p. 821) have been disposed of to local investors at par. Denomination $500. Interest May and November. years, subject to call, however, before that time. Maturity twenty Murray (Town) School District No. 6, Orleans County, N . Y. — B o n d S a le . — The $8,000 5 % 1-16-year gistered school-building bonds described in V . were sold on Oct. 10 to John J. Hart of Albany a basis of about 4 .6 6 4 % . This district has no Assessed valuation for 1910, $173,561 80. (serial) re 91, p. 821, at 102.34— other debt. Muskegee County, (P. O. Muskegee), Okla.—B o n d S a le . — An issue of $80,000 5 % funding bonds was recently awarded to A. J. McMahon of Oklahoma City at par. Denomination $1,000. Date Oct. 1 1910. Interest semi-annual. Ma turity Oct. 1 1930. Newark, N. J. — D escrip tio n o f B o n d s . — The $100,000 4% water bonds awarded on Sept. 29 to the Sinking Fund Commission at par and accrued interest (V . 91, p. 899) bear date of Sept. 1 1910. Interest semi-annual. Maturity 1940. New Bern, Craven County, No. Car.—B o n d S a le . —The $50,000 5 % 30-year street-paving bonds offered on Oct. 4 and described in V. 91, p. 821, were awarded to the WesternGerman Bank in Cincinnati at 101.622 and accrued interest. Purchaser also to furnish blank bonds. The other bids re ceived were as follows: E. H. Rollins & Sons, Boston $50,807|Cuttcr, May & Co., Chicago..$50,00 Seasongood & Mayer, Cine.. 50,0101Otis & Hough, Cleveland___ 50,00 New Braunfels, Comal County, Tex.— B o n d s P r o p o s ed . — Reports have it that this city proposes floating an issue of $75,000 bonds for the purpose of building a dam across the Guadalupe River. Nev/berg, Yamhill County, Ore .— B on d s V o ted . — By a vote of 159 to 119, this city on Oct. 4, it is stated, authorized the issuance of sewer bonds. New Orleans, La.— B on d s N o t S o ld . — The $7,000,000 4% coupon sewer bonds offered on Oct. 4, and described in V .9 1 , p. 292, failed to attract any bidders. Norfolk County (P. O. Dedham), Mass.— N ote S a le .— On Oct. 1 1 an issue of $16,000 4 % notes for the purchase of land for a district court-house at Quincy was awarded to O0T. 15 1910.] THE CHRONICLE Blake Bros. & Co. of Boston at 100.14. A bid of 100.07 was also received from E . M. Farnsworth & Co. of Boston. Date Oct. 11 1910. Interest semi-annual. the years 1911 and 1912. Maturity $8,000 In each of Oakley (P. O. Cincinnati), Ohio.— B o n d E le c tio n . — Pro positions to issue $4,500 bonds for the improvement of streets and $2,500 for the purpose of laying water pipes will be voted on at the general election. Oconomowoc, Waukesha County, W is.— B o n d O ffe r in g .— Proposals will be received until 4 p . m . Oct. 17 by Clarence Schoenike, City Clerk, and B. G. Edgerton, Mayor, for $15,000 4 % coupon water-works construction bonds. Authority, Chapter -40a, General Charter of 1898, and amendments thereto. Denomination $500. Date Aug. 1 1910. Interest semi-annually at the City Treasurer's office. Maturity Aug. 1 1930. Certified check (or cash) for 5% of bid, payable to the City Clerk or Treasurer, Is required. Oneida, Madison County, N. Y. — B o n d s P r o p o s e d .— We are informed that this city expects to be on the market about Jan. 1 with an issue of $45,000 school bonds. Onida, Sully County, So. Dak.—B o n d O ffe r in g . — Pro posals will be received until Oct. 24 for $10,000 5 % water works system bonds. Denomination $500. Interest annual. Maturity 20 years, subject to call after 10 years. These bonds were offered but not sold on Sept. 24. E. E. Drooklng Is Town Clerk. Orange, Orange County, Cal.— B o n d S a le . — On Oct. 3 the $16,000 1-lG-year (serial) outfall-sewer and $5,000 1-10-year (serial) Plaza paving 5 % gold coupon bonds voted on Sept. 1 (V . 91, j). 745) were awarded, it is stated, to a local bank at 101.79. Orangeburg, Orangeburg County, So. C & r o .-- B o n d E lec tio n . — An election will be held in this city Oct. 25, it is stated, to vote on the question of issuing $20,000 railroad-aid bonds. Orange County (P. O. Goshen), N. Y — B o n d S a le . — On Oct. 7 the $65,000 4j/>% coupon court-house and jail bonds described in V . 91, p. 979, were awarded to the Newburgh Savings Bank at 101.60. Maturity $5,000 yearly on Feb. 1 from 1912 to 1924 inclusive. Orleans County (P. O. Albion), N. Y .— B o n d S a le .— A n issue of $14,600 5 % registered road bonds has been sold. Interest annually in February at the Citizens' Bank of Albion. Maturity Feb. 10 1915. Oshkosh, Winnebago County, W is.—B o n d S a le .-— An issue of $27,839 47 street bonds has been disposed of to contractors 'in payment for work done. Oswegatchie (P. O. Heuvelton), St. Lawrence County, N . Y . -B o n d S a le .— W e are advised that this town awarded $13,500 4 % 1-15-year (serial) fair-ground-improvement bonds on June 30 to the National Bank of Ogdensburg and the Ogdensburg Bank, both of Ogdensburg, at par and in terest. Denomination $100. Date June 1 1910. Interest semi-annual. Pecos, Reeves County, Tex.—B o n d E lection P r o p o s e d .— This city, it is stated, proposes submitting to the voters a proposition to issue $25,000 bonds for a sewerage system. Pecos School District (P. O. Pecos), Reeves County, Tex. — B o n d E lection P r o p o s e d .— Papers state that this district proposes holding an election shortly to vote on the question of issuing school-building bonds. Pineville, Rapides Parish, La .— B o n d E le c tio n .— It is re ported that a vote will be taken N ov. 15 on a proposition to issue $9,000 street-improvement bonds. Pleasanton, Alameda County, Cal.—B o n d s A w a rd ed in 1051 Denomination $1,000. Date Aug. 1 1910. Interest semi-annual, nonds are tax-exempt In Massachusetts. These bonds will be certified as to genuineness by the Old Colony Trust Co. of Boston, which will further ccrtiry that the legality of these Issues has been approved by Ropes, Gray & Gorham of Boston, a copy of whose opinion will be furnished to the pur chaser free of charge. Quitman County (P. O. Belen), Miss.— B o n d O ffe rin g .— Proposals will be received until N ov. 7 for $50,000 4 ^ % 20-30-year (optional) court-house and jail-construction bonds. Bids are requested for bonds bearing 4 1 4 % , 4 M % and 5 % interest. Authority, Chapter 257, Acts of the Legislature of 1908. Interest, comJvSVfi , on) t,le date of sale, payable annually In New York or Chicago. Official circular states there Is no dispute or question as to the legality of the bonds, Xhese bondg were oIIere{f but not sold on Gct- 3 _ See -- ~ V. 91, p. 746. Reading (P. O. Cincinnati), Ohio.— B o n d O ffe r in g . — Pro posals will be received until 12 m . N ov. 7 by W . F. Klopmeyer, Village Clerk, for $2,500 4 ^ % water-works and electric-light-plant extension bonds. Authority, Section 3939. General Code. Date Nov. 1 1910. Interest seml-annucally at the Reading Bank Co. In Reading. Maturity 20 years. Purchaser to pay accrued Interest. Reno School District (P. O. Reno), Washoe County, Nev. ■ B o n d s V o ted .— This district Oct. 1 voted to issue, accord — ing to reports, $250,000 bonds for three new school buildings. The vote polled was 494 to 399. Richardson County Drainage District No. 1, Neb.—B o n d S a le .— The S205,000 6 % drainage-improvement bonds offered on Sept. 26 and described in V. 91, p. 822, have been awarded to Woodin, McNear & Moore of Chicago at par and accrued interest. Maturity on July 1 as follows: $10,000 in 1915, $15,000 in 1916 and $20,000 yearly from 1917 to 1925 inclusive. . River Vale Township (P. O. W estwood), Bergen County, N. J .—B o n d O ffe r in g . — Proposals will be received until 8 p . m . Oct. 22 by Edwin A . Havers, Town Clerk, for $4,500 5 % coupon funding bonds. Denomination $500. Date Oct. 22 1910. Interest semi-annually at the Westwood Bank. Maturity Oct. 22 1915. Bonds are exempt from taxes. Certified check for $250, payable to Julius Keoser, Chairman Town ship Committee, Is required. Bonded debt at present, $29,000. Assessed valuation, $437,000. Roscce, Washington County, Pa .— B o n d E le c tio n .— An election will be held N ov. 8 to vote on the question of issuing $24,000 20-year street-improvement bonds. Roseville School District (P. O. Roseville), Muskingum County, Ohio.—B o n d E le c tio n . — A proposition to issue $10,000 school-building bonds will be submitted to the voters this fall, according to local papers. Ross School District, Marin County, Cal.—B o n d S a le .— E . C. Lund of San Rafael has been awarded, it is stated, an issue of $10,000 bonds of this district. Russell County (P. O. Lebanon), Va. — B o n d O ffe r in g .— Proposals will be received by L. L. Bays, Committee for Board of Supervisors, for $25,000 5 % coupon road-improve ment bonds. Authority, Chapter 240, Acts of Assembly. Denomination $1,000. Date Oct. 1 1910. Interest annually on Dec. 1 at the First National Bank In Lebanon or National Park Bank In New York City. Maturity $5,0G0 yearly on Oct. 1 from 1938 to 1942 Inclusive. Bonds are exempt from all taxes. Certified check for $250, payable to the Board of Supervisors, Is required. St. Albans, Franklin County, V t.—B o n d S a le .— This city Interest June and December at the First National Bank of Boston. turity $5,000 on June 1 In each of the years 1918, 1919 and 1920. Ma has sold $15,000 4 % coupon street bonds. St. Charles, Saginaw County, Mich.—B id s 10 for the $14,000 4% % 2-15-year (serial) electric-light-plant-construction bonds described in V . 91, p. 980, were rejected. The bonds were immediately re-offered at public auction and were dis posed of to the St. Charles State Bank of St. Charles for $14,019 (101.135) and accrued interest. A bid of $14,017 50 Pleasant Ridge, Hamilton County, Ohio.— N o B o n d E lec was also received from E . B. Cad well & Co. of Detroit. St. Paul, Minn.— Rid R ejected . — Only one proposal was tion to be H e ld .— A proposition to issue sewer bonds which was to have been submitted to the voters at the fall election submitted on Oct. 10 for the $150,000 4 % 30-year school bonds described in V . 91, p. 980. This offer was rejected. has been dropped, it is stated, for the time being. Port Chester, Westchester County, N. Y.— B o n d O ffe rin g . The City Comptroller informs us that he will now endeavor — Proposals will be received, it is stated, until 8 p. m. Oct. i7 to dispose of the bonds “ over the counter.” Salem, Columbiana County, Ohio.— B o n d s A u th o r iz e d .— by William C. Ling, Village Clerk, for the following 5 % bonds: $20,000 sewer bonds. Denomination $1,000. Maturity $1,000 yearly on An ordinance providing for the issuance of $10,000 refunding Oct. 1 from 1914 to 1933 Inclusive. 35.000 macadam road bonds. Denomination $1,000. Maturity $1,000 bonds was passed by the City Council, according to local papers, on Oct. 4. . K carly on ()ct- 1 from 1911 t0 1045 Inclusive. 1,500 fire-apparatus bonds. Denomination $500. Maturity $500 yearly Salem, Ore.— A m o u n t o f B o n d s V o te d . — We are advised on Oct. 1 from 1914 to 1916 Inclusive. Date Oct. 1 1910. Interest semi-annual. Certified check for 5% of that the amount of bonds voted on Aug. 15 for the purchase bid Is required. Portsmouth, Va. — B i d . —-A bid of 92.75 and interest has and extension of the Salem Water Co.'s plant (V . 91, p. 539) was $480,000. been received from Mottu & Co. of Norfolk for $250,000 4 % % Salmon Independent School District No. 1 (P. O. Salmon), 30-vear street-improvement bonds. * W a ter B o n d Election P r o p o s e d .— On Oct. 11 the ordinance Lemhi County, Idaho. — B o n d S a le — The $40,000 coupon committee of the City Councils reported favorably regarding school-building bonds offered on Sept. 1 and described in the proposed election for the submission to the voters of the V . 91, p. 543, have been awarded to State Board of Land question of issuing $600,000 5 % water-plant bonds. This Commissioners of Idaho at par for 5s. proposed election was inadvertently reported last week under Salina, Salina County, Kan .— B o n d O ffe r in g .— Proposals the head of N o r fo l k ,V a . will be received until 8 p. m. Oct. 17 by A. W . Godfrey, City Presidio County (P. O. Presidio), Tex.— B on d s R egistered . Clerk, for $53,960 5 % street paving improvement bonds. Denominations: 50 bonds of $1,000, 9 bonds of $400 and one bond of — On Oct. 3 the State Comptroller registered $11,378 5 % $360. Interest April 1 and Oct. 1 at the Kansas fiscal agency in Topeka. 5-20-year (optional) refunding bonds. Maturity $5,360 Oct. 1 1911 and 55,400 yearly on Oct. 1 from 1912 to 1920 Quincy, Norfolk County, Mass. -B o n d O ffe r in g .— Pro inclusive. According to the official circular, there has never been any de posals will be received until 12 in. Oct. 17 by John Curtis, fault In the payment of principal or Interest on the city’s debt. Santa Barbara, Santa Barbara County, Cal.—B o n d S a le .— City Treasurer, for the following 4 % registered bonds. $0,000 sewer bonds Issued under Act of 1905. Maturity $1,000 yearly on On Oct. 6 the $40,000 4 3 4 % 1-40-year (serial) water-works A uk, 1 from 1911 to 1916 Inclusive. y y 4.000 sewer bonds Issued under Act of 1902. Maturity $1,000 yearly on tunnel bonds mentioned in V. 91, p. 823, were awarded to Aug. 1 from 1911 to 1914 Inclusive. the State of California at 100.025 and accrued interest. P a r t. — Of the $40,000 \ X % A water-works bonds offered on April 4 (V . 90, p. 928), $20,000 due $1,000 yearly on May 1 from 1911 to 1930 inclusive, were sold during September to the State of California at 100.10 and $310 accrued interest. The bonds are in denominations of $1,000 each and are dated May 1 1910. B o n d S a le . — All bids received on Oct. R ejected — THE CHRONICLE 1053 There were no other bidders. Denomination $1,000. Date Oct. 1 1910. Interest semi-annual. Santa Paula, Ventura County, Cal.— B o n d S a le . — The $45,000 5 % 1-30-year (serial) sewer-system-construction bonds offered on Oct. 3 and described in V . 91, p. 823, were, according to reports, awarded to_C. E . Woodside & Co. of Los Angeles at 102.50. .y q M .*$ iiM ^ pSapulpa, Creek County, Okla.— B o n d s W ith d ra w n f r o m M a r k e t. — According to Guthrie papers the $250,000 water, $50,000 sewer and $15,000 fire department 5 % coupon bonds offered without success last March (V . 90, p. 1060) have been withdrawn from the market. It is expected that the ques tion of issuing a smaller amount of bonds will be submitted at a special election. Seattle, Washington.—B o n d O ffe rin g .— Proposals will be received until 12 m . N ov. 14 by W m . J. Bothwell, City Comptroller's office for $500,000 general park improvement and $325,000 city-hall site coupon bonds at not exceding 4 > £ % interest. Denomination $1,000. Date “ clay of Issue.” Interest semi-annually at the fiscal agency of the State of Washington In New York City. Ma turity 20 years. Bids for the park bonds must be accompanied by a certi fied check for $12,000 and for the city-hall bonds for $8,000. Checks must be drawn on a Seattle bank and made payable to the City Comptroller. B o n d s S old D u r in g S e p tem b e r. — The following bonds, aggregating $117,797 04, were sold during September: '$11,527 48 7% grading and curbing bonds dated Sept. 1 1910 and due Sept. 1 1915. Sei ‘ 8,557 58 7% paving bonds dated Sept. 0 1910 and due Sept. 6 1920. 4,510 19 7% sidewalk bonds dated Sept. 10 1910 and due Sept. 10 1910. 4*144 78 7% sewer bonds dated Sept. 12 1910 and due Sept. 12 1915. 12,483 97 7% planking bonds dated Sept. 12 1910 and due Sept. 12 1915. 37 272 09 6% trunk-sewer bonds dated Sept. 10 1910 and due Sept. 10 1915. 10 187 07 7% sewer bonds dated Sept. 19 1910 and due Sept. 19 1915. 2*538 78 7% grading and paving bonds dated Sept. 23 1910 and due Sept. 23 1915. 617 68 7% grading bonds dated Sept. 23 1910 and due Sept. 23 1915. 15,062 07 7% light bonds dated Sept. 26 1910 and due Sept. 27 1915. 10 895 35 7% water-main bonds dated Sept. 26 1910 and due Sept. 26 1915. The above bonds are subject to call at any time. Sedgwick County (P. O. Wichita), Kan.— B o n d E lec tio n . — A t the general election in November there will be sub mitted to the voters, it is said, a proposition to issue $20,000 bridge-building bonds. Seward, Seward County, Neb.—B o n d s A u th o r iz ed . — The City Council at its meeting Oct. 4 authorized the issuance, according to reports, of 5 % paving bonds amounting to $10,000. The bonds will be in denomination of $1,000 and mature two each year. Silverton, Hamilton County, Ohio.— B o n d E le c tio n . — An election will be held N ov. 8 to vote on the question of issuing $8,500 water-system-construction bonds. South Bend, St. Joseph County, In d .— B o n d O ffe rin g .— Proposals will be received until 1 1 a. m. Oct. 20, it is stated, for $20,000 4 % 20-year street-improvement and refunding bonds. Denomination $1,000. Date N ov. 1 1910. Spalding County (P. O. Griffin), Ga. — B o n d E le c tio n . — An election will be held N ov. 8 to vote on the question of issuing $80,000 5 % 6-25-year (serial) gold coupon court-houseerection bonds. Denomination $1,000. Date Dec. 1 1910. Interest semi-annual. Staples, Todd County, Minn.— C ertificates A w a rd ed in P a r t — O l the $5,000 6 % heating-plant certificates offered on Sept. 27 and described in V . 91, p. 823, $3,000 have been disposed of at par as follows: $2,000 awarded to the Sinking Fund Commissioners and $1,000 sold to John Affinger of Staples. Sweet Grass County (P. 0 . Big Timber), Mont.—Bond O ffe r in g . — Proposals will be received until 12 m. N ov. 12 by J. A . Bailey, Clerk Board of Commissioners, for $85,000 4 X % gold coupon refunding bonds. A Denomination $1,000. Interest semi-annually at the County Treasurer’s office or National City Bank In New York City. Maturity 20 years, subject to call after 15 years. Certified check for $1,000, or a sum bearing a like proportion to $85,000 as the proportion of bonds bid for bears to the total amount of bonds to be Issued, Is required. Taylor Separate School District, Lafayette County, Miss. Board of Supervisors will sell on N ov. 7 $3,000 bonds of this district. For further particulars apply to W . M. Woodward, Chancery Clerk (P. O. Oxford.) Texas. —■ o n d s R e fu n d e d . — Chapter 20 of the General B Laws of 1909 provide for the issuance of $298,000 3 % 5-40year (optional) refunding bonds. Under the terms of the Act these bonds were exchanged for a like amount of bonds issued in 1870 for the maintenance of ranging companies on the frontier. The securities are held by State funds. — B ond O ffe r in g . — The The new bonds are In the following denominations: $174,000, $80,000, $26,000, $12,000 and $6,000. Date Sept. 1 1910. Interest semi-annually at the State Treasurer’s office. Thornton Township High School District, Cook County, 111. -B o n d O ffe rin g . — Proposals will be received until 8 p. m. N ov. 2 by the Board of Education at the Bank of Harvey, Harvey, 111., for $140,000 4 % building bonds. Maturity part yearly on Nov. 1 from 1912 to 1927 Inclusive. Certified check for 2 y3% of bonds bid for, payable to VV. H. Miller, President of the Board. Is required. The district has no other debt. Torrance County School District No. 6 (P. O. Willard), N. Mex.— B o n d O ffe r in g . — Proposals will be received at once for the $1,500 6 % V . 91, p. 823. school-completion bonds mentioned in Authority vote of 30 to 1 at the election held Oct. 1. Trenton, N . J.— B on d have been sold: Maturity 1940. S a le s .— The following 4 % bonds [V O L . L X X X X I $10,000 portable-school-bulldlng bonds described in V. 88, p. 1158. Ma turity Aug. 2 1919. 5,500 school-improvement bonds described In V. 89, p. 875. Maturity 76.700 refunding bonds described In V. 89, p. 875. MaturltyNov. 1 1919. 34.700 refunding sewer bonds described in V. 90, p. 323. Maturity Feb. 24 1920. . . Denomination $100 or any multiple thereof. Interest semi-annual. Trinchera Irrigation District, Costilla County, Colo.— B o n d s N o t S o ld . — No sale has yet been made of the $500,000 6 % coupon tax-exempt irrigation bonds offered on Sept. 26 and described in V . 91, p. 747. The district has no debt. Tunica County, (P. O. Tunica), Miss.— B o n d S a le . — The $50,000 5 % 30-year road-improvement and bridge-building bonds offered on Oct. 3 and described in V . 91, p. 901, were awarded to Woodin, McNear & Moore of Chicago at 100.634 and accrued interest. Bids were also received from the Bank of Commerce & Trust Co. in Memphis, Seasongood & Mayer of Cincinnati and Farson, Son & Co., Cutter ,May & Co., McCoy & Co. and John Nuveen & Co., all of Chicago. Turlock, Stanislaus County, Cal.—B o n d S a le . — The $25,000 5 % sewer and water-system bonds mentioned in V. 91, p. 747, were awarded on Oct. 4, it is stated, to the Commercial Bank in Turlock at 100.10. Twin Falls, Twin Falls County, Idaho.— B o n d O ffe rin g .— ils ______ Proposals will be received until 8 p . m . Oct. 24 by Stuart II. _ _ Taylor, City Clerk, for $33,000 paving, $7,000 street and $10,000 fire-department coupon bonds at not exceeding 6 % interest. Denomination $1,000. Date Jan. 1 1911. Interest semi-annually at the First National Bank In New York. Maturity 20 years, subject to call after 10 years. Certified check for $1,000, payable to W. E. Nixon, City Treasurer, is required. Union (P. O. Weehawken), Hudson County, N. J.— B o n d O fferin g . — Proposals will be received until 8 p. m . Oct. 24 by Emil Bautz Jr., Town Clerk, for $80,000 4J ^ % gold coupon or registered school bonds. These securities are part of an issue of $250,000 bonds. Denomination $1,000. Interest semi-annually at the Treasurer’s offloc. Maturity $10,000 yearly from six years to thirteen years Inclusive. The bonds are tax-exempt. Certified check for $1,600 drawn on any natlona bank or trust company doing business In Hudson County, and made payableto the Town Treasurer, Is required. T h e officia l notice o f this bond o fferin g w ill be f o u n d a m on g the advertisem ents elsewhere in this D ep a rtm en t. Union County (P. O. Elizabeth), N .J . — B o n d S a le s. — On Oct. 11 John D. Everitt & Co. of New York City purchased $110,000 4 >£% 30-year road-improvement bonds dated Sept. 1 1910 “at 102.17. A bid of 101.779 was also received from A. B . Leach & Co. of New York City. Interest semi annually at the National State Bank in Elizabeth. An issue of $150,000 4 K % refunding road bonds due in 1920 has also been sold. Union Drainage District No. 1, Iroquoi3 County, 111.— B o n d s N o t S o ld .— Up to Oct. 6 no sale had yet been made of $17,000 5 % coupon drainage assessment bonds, proposals for which were asked until Sept. 20. The only proposal received was one of par and accrued interest less a commission and the cost of printing the bonds. Denomination $100 or multiples thereof. Date Oct. 15 1910. Interest annually on July 15 In VVatscka. Maturity on July 15 as follows: $4,000 In 1911, $4,200 In 1912 and $4,400 In each of the years 1913 and 1914. 'lotal. debt, this Issue. Vallejo School District (P. 0 . Vallejo), Solano County, Cal. — B o n d s V o ted . — A t a recent election this district voted, it is stated, to issue the $60,000 high-school bonds mentioned in V. 91, p. 747. Vancouver, Wash. - B o n d E lec tio n . — Papers state that the City Council on Oct. 3 called a special election for Dec. 6 to vote on a proposition to issue $314,000 bonds for a municipal water system. The city, it is said, proposes to bring water from Lewis River, 23 miles, by gravity. Ventura Union High School District, Ventura County, Cal.— B id s R ejected .— Reports state that all bids received on Oct. 6 for the $75,000 5 % gold high-school-building bonds offered on that day were rejected. These bonds were voted (V. 91, p. 543) on Aug. 15. Denomlnatkm. $1,000. Date Jan 2 1911 Interest semi-annually a tth cC ou n ty treas urer’s off.ee. Maturity $3,000 yearly from 1912 to 1936 inclusive. Vernon Parish (P. O. Leesville), L a .—-Bond O fferin g .— Proposals will be received until Oct. 26 for $40,000 5 % school bonds, subject to call after 20 years. W . L . lo rd is Parish Superintendent. Victoria Independent School District (P. O. Victoria), Victoria County, T ex .— Bond S a le .— The Levi Bank & Trust Co. of Victoria, offering par, was the successful bidder on Oct. 1 for the $12,000 5 % 10-40-year (optional) coupon school-house bonds described in V. 91, p. 824. Interest is payable in Austin or Victoria. Total debt, including this issue, $57,000. Assessed valuation $4,026,700. Wall, Allegheny County, Pa — P urchasers o f B o n d s .— W o are informed that Lawrence Barnum & Co. of Philadelphia were the purchasers of the $35,000 5 % street-improvement bonds recently disposed of. Sec V. 91, p. 981. Denomi nation $1,000. Date Oct. 1 1910. Interest semi-annual. Maturity Oct. 1 1940. Warrenton, Fauquier County, Va.— B o n d S a le . — Reports state that the $15,000 5 % 10-30-year (optional) coupon reservoir bonds offered on July 1 and described in V. 90, p. 1699, were disposed of at private sale on S ep t.T . Washington County (P. O. Washington), Pa . B on d s .1 icarded in P a r t.— O i the $100,000 4 % coupon (with privilege- O c t . 15 1 9 1 0 . J THE CHRONICLE of registration) road bonds mentioned in V . 91, p. 748, reports state, $50,000 were sold in September to the First National Bank of Canonsburg at par. Wellington, Lorain County, Ohio.— Bond Sale.— On Oct. 10 two issues of 5 % street-improvement assessment bonds, aggregating $6,528 42, were awarded to Hayden, Miller & Co. of Cleveland at 104.139. Following is a list of the bidders and the premiums offered by the same: H a y d e n , M ille r & C o . , C le v _ a $ 2 7 0 2 4 1 W e l l , R o t h & C o . , C l n c i n - . . : r $ 2 4 3 7 5 S e a s o n g o o d & M a y e r , C ln _ _ a 2 0 4 04 S . A . K e a n & C o . , C h i c a g o - s l 0 3 7 6 N e w F ir s t N a t . B k ., C o lu m - a l3 5 0 0 1 F o r $ 0 ,5 2 8 4 2 b o n d s , x F o r $ 6 ,0 6 3 b o n d s . West Bridgewater, Plymouth County, Mass.— Note Sale. — Reports state that $7,500 4 % 5-29-year (serial) notes have been awarded to an individual investor at about par. West Seneca (Town) Union Free School District No. 6, (P. O. Lackawanna), Erie County, N. Y . — Bond Sale.— Adams & Co. of New York City were the successful and only bidders on Aug. 30 for $11,050 5 % 1-10-year (serial) coupon (with privilege of registration as to principal) high-schoolsite-purchase bonds offered on that day. Denomination $1,105. Date Sept. 1 1910. Interest semi-annually at the Lackawanna National Bank in Lackawanna. Wetmore, Nemaha County, Kan.— Bonds Voted.— A t an election held in this city Sept. 30, an issue of $ 6 ,0 0 0 municipal electric-light-plant bonds was, it is stated, authorized by a vote of 97 “ for” to 17 “ against.” Weymouth, Mass.— Temporary Loan.— A loan of $20,000 due July 1 1911 has been negotiated, it is stated, with Blake Bros. & Co. of Boston at 4 .4 6 % discount. White Plains, Westchester County, N. Y .— Bond Sale — On Oct. 3 the $23,000 4 ) ^ % 10-year tax-deficiency bonds described in V . 91, p. 748, were awarded to Estabrook & Co. of New York City at 101.78. Windsor, Henry County, Mo.— Bond Sale.— On Oct. 3, $16,000 sewer and $39,000 water 5 % 14J^ year (average) bonds were awarded to the Harris Trust & Savings Bank in Chicago for $55,107 50— the price thus being 100.195. Other bidders were: Farson, Son & Co., Cutter, May & Co., and S. A. Kean & Co. all of Chicago and the Commerce Trust Co. NEW LOANS. 24th Day of October, 1910, a t e i g h t o ’c l o c k p . m . , a t t h e T o w n H a l l , a t t h e s o u th w e s t c o r n e r o f P a lis a d e a v e n u e a n d L e w is s t r e e t , In t h e T o w n o f U n i o n , i n t h e C o u n t y o f H u d so n , N ew J erse y. B id d e r s t o s t a t e p r ic e s o n b o n d s b e a r in g in t e r e s t a t th e r a t e o f fo u r a n d o n e h a lf p e r c e n t p e r a n n u m , p a y a b le s e m i- a n n u a lly . A ll p r o p o s a ls t o b e d i r e c t e d t o t h e T o w n o f U n i o n , In t h e C o u n t y o f H u d s o n , N e w J e r s e y , a n d s h a ll h e a c c o m p a n ie d b y a c e r tifie d c h e c k fo r t h e j a m o u n t o f s i x t e e n h u n d r e d ( $ 1 ,6 0 0 ) d o l l a r s d r a w n o n a n y N a tio n a l B a n k o r T r u s t C o m p a n y d o i n g b u s i n e s s In t h e C o u n t y o f H u d s o n , N e w J e rs e y , a n d m ad e p a y a b le to th e o rd e r o f th e T o w n J f U n i o n , In t h e C o u n t y o f H u d s o n , N e w J e r s e y . I h e B o a r d o f C o u n c i l o f t h e T o w n o f U n i o n , In t i i c C o u n ty o f H u d so n , N ew J e r s e y , re s e rv e s th e r i g h t t o r e j e c t a n y a n d a l l b id s If d e e m e d in t h e In te re st o f th e to w n so to do B y o r d e r o f th e C o u n c il. N ‘ » °e to b e r 3 rd , B A U T Z , J R ., T o w n C le r k . ____________________ F O K J N J “ l a received on Sept. 30 for the $5,000 5 % 10-20-year (optional) gold coupon construction bonds described in V. 91, p. 825. Wood County (P. O. Bowling Green), Ohio.— Bond Offer ing.— Proposals will be received until 11 a. m. Oct. 24 by F. W . Toan, County Auditor, for $50,000 5 % coupon public highway improvement bonds. _ _ r tU L iio r iu y , a c i p a s s e d A p r i l 4 1 9 0 0 , 9 4 O h io L a w s , p a g e _ t lo n $ 1 ,0 0 0 . D a te N o v . 1 19 10 . In te re st M arch 1 a n d S e p t. 1 a t th e V n,Ut . n T r e a s u r e r ’s o ff ic e M a t u r i t y $ 5 ,0 0 0 e a c h s i x m o n t h s f r o m M a r c h 1 1 9 1 1 to S e p t . 1 1 9 1 5 I n c lu s iv e . C e r t i f i e d c h e c k o n a b a n k In B o w l i n g G r e e n r o r $ 1 , 0 0 0 Is r e q u i r e d . P u rc h a s e r to p a y a c c ru e d In te re st. O ffic ia l a d v e r t i s e m e n t s t a t e s t h a t t h i s c o u n t y h a s n e v e r d e f a u l t e d In t h e p a y m e n t o f p r in c ip a l o r I n t e r e s t o n Its I n d e b te d n e s s . . Woodbury County (P. O. Sioux City), Iow a. — Bond Offer ing.— Proposals will be received until Oct. 15 for $75,000 Garretson Drainage District No. 1 assessment improvement bonds at not exceeding 6 % interest. The amount of bonds to be issued will be reduced by the amount of assessments paid in cash prior to the date of sale. . fro m 19 15 f H 'Y J . a l l y o n O c t . to 1 9 1 9 I n c lu s iv e . 15. M a tu r ity o n e -fifth y e a r ly on A p r il G O . of 4M % coupon assessment bonds described in V. 91, p. 825,. were awarded, it is stated, to the Citizens National Bank of Wooster as follows: $2,200 Qulnby Ave. sewer bonds at 100 90 nor fF om 1911 to 1915 inclusive. 25,925 Qulnby Ave paving bonds at 101 54 on Sept. 1 from 1911 to 1920 Inclusive 4,400 Madison Ave. paving bonds at 101 53 Aug. 1 from 1911 to 1920 Inclusive. M a tu r ity M a tu r ity M a tu r ity $440 y e a r ly on $ 2 ,5 9 2 5 0 y e a r l y $440 y e a r ly on Yonkers, N . Y — Bond Sale.— On Oct. 11 the $80,000 4 Yi /o 1-20-year (serial) registered school bonds described in V. 91, p. 982, were awarded to Spitzer & Co. of New York at 102.403. The following bids were received: S p i t z e r & C o . , N e w Y o r k ____ 1 0 2 . 4 0 3 F a r s o n , S o n & C o . , N . Y ____ 1 0 2 . 2 6 7 N . W . H a r r is & C o ., N . Y . . . 1 0 2 .1 9 9 C h is h o lm & C h a p m a n , N . Y . 1 0 1 .9 4 E . H . R o llin s & S o n s , N . Y . . 1 0 1 .9 1 E s t a b r o o k & C o ., N e w Y o r k . 1 0 1 .8 7 5 N . VV. H a ls e y & C o ., N . Y . . 1 0 1 .8 2 1 W . N . C o l e r & C o . , N . Y ____ 1 0 1 . 7 8 A. B. Leach & C o ., N. Y ____101.779 Kountze Bros., New York_ 101.741 _ John J. Hart, Albany______ 101.732: Adams & Co., New Y ork 101.71 C. E. Denison & Co., Boston.101 .68 Rhoades & Co., New Y o r k ..101.64 Morgan,Llvermore&Co.,N.Y. 1 0 1 . 5 7 Perry, Coffin & Burr, B o s ...1 0 1 .2 7 8 NEW LOANS. Westchester County, N. Y., F IR E AND PO LIC E D E P A R T M E N T B U ILD IN G BONDS P le a s e t a k e n o t ic e t h a t s e a le d p r o p o s a ls w ill b e r e c e iv e d a t th e o ffic e o f t h e C le r k o f th e V illa g e o f B r ia r c lllf M a n o r , W e s t c h e s te r C o u n ty , S t a t e o f N e w Y o r k , u p t o t h e h o u r o f f o u r o ’ c l o c k In t h e a fte r n o o n o n th e 2 6 th d a y o f O c to b e r , 1 9 1 0 , fo r t h e p u r c h a s e o f a ll o r a n y p a r t o f t w e n t y b o n d s o f t h e V i l l a g e o f B r l a r c l l f i M a n o r , e a c h In t h e d e n o m in a t i o n o f $ 1 ,0 0 0 0 0 , n u m b e r e d c o n s e c u t i v e l y fro m o n e to t w e n t y , I n c lu s iv e , p a y a b le I n te r e s t a n d p r i n c i p a l In N e w Y o r k C i t y e x c h a n g e t o r e g i s t e r e d o w n e r a s fo llo w s N o . 1 d u e a n d p a y a b le S e p t 1st 19 15, and one t h e r e o f In e a c h y e a r u n t i l S e p t . 1 s t 1 9 3 4 . I n t e r e s t o n s a id b o n d s w ill b e p a id s e m i- a n n u a lly o n t h e fir s t d a y s o f M a r c h a n d S e p t e m b e r , s a id b o n d s w ill b e s o ld t o t h e p e r s o n o r p e r s o n s w h o w ill t a k e t h e m a t t h e lo w e s t r a t e o f I n t e r e s t , a n d I n t e r e s t w ill b e a d ju s t e d a s o f S e p t e m b e r 1 s t 1 9 1 0 . T h e V illa g e r e s e r v e s t h e r ig h t t o r e je c t o r r e d u c e t h e a m o u n t o f a n y p r o p o s a l, a n d n o p r o p o s a l fo r t h e p u r c h a s e o f s a id b o n d s fo r le s s t h a n p a r v a lu e n o r a t a r a te o f In te r e s t e x c e e d in g fiv e p e r c e n tu m p e r a n n u m w ill b e c o n s id e r e d . A d e p o s it b y c e r tifie d c h e c k o r c a s h e q u iv a le n t t o 5 % o f a m o u n t o f b id w ill b e r e q u i r e d a s s e c u r it y f o r t h e c o m p le t io n o f t h e p u r c h a s e , t o b e a p p l i e d o n t h e p u r c h a s e p r i c e If b i d i e a c c e p t e d in w h o le o r p a r t a n d r e t u r n e d If b id b e i e j e c t e d . I n t e r e s t w ill b e a d j u s t e d a s o f S e p t . 1 s t 1 9 1 0 . W IL L IA M I I . C O L E M A N , V illa g e C le r k , B r la r c llfi M a n o r, N . Y . F u r t h e r p a r t ic u la r s w ill b e f o r w a r d e d o n a p p li c a t io n to t h e C le r k , o r W illia m W o o d w a r d B a ld w in , A t t o r n e y , N o . 2 R e c t o r S t r e e t , N e w Y o r k C ity . D a te d , O o b er 1 1 th 19 10 F. W M . K R A F T LAWYER Specializing in Examination of T h e C o m m o n C o u n c il o f t h e C i t y o f M o u n t V e r n o n w i l l , a t I t s c h a m b e r s In t h e L u c a s B u l l d o g , D e p o t P l a c e . In t h e C i t y o f M o u n t V e r n o n , N . Y .. on th e 18 T II D A Y O F O C T O B E R , 19 10 , a t 8 o ’c lo c k p . m . , r e c e iv e s c a le d p r o p o s a ls f o r t h e p u r c h a s e o f b o n d s , to b e d e n o m in a te d “ F ir e a n d P o lic e D e p a r tm e n t B u ild in g B o n d s ’ ’ , n u m b e r e d c o n s e c u tiv e ly fro m 10 1 to 12 0 , b o th In c lu s iv e , e a c h b o n d to b e fo r t h e p r in c ip a l su m o f o n e th o u sa n d ( $ 1 ,0 0 0 ) d o l l a r s . T h e s a id C o m m o n C o u n c il w ill th e n a n d t h e r e o p e n s u c h p r o p o s a ls a n d a c c e p t t h e m o s t f a v o r a b le t h e r e o f , u n le s s It d e e m It f o r t h e b e s t I n t e r e s t o f t h e c i t y to r e j e c t a n y a n d a l l o f s a id p r o p o s a ls . T h e s e b o n d s w ill b e f o r t h e p r in c ip a l s u m o f $ 1 ,0 0 0 , w i t h I n t e r e s t c o u p o n s a t t a c h e d , a n d w il l b e a r I n t e r e s t a t t h e r a t e o f f o u r (4 p e r c e n t u m ) p e r c e n t u m p e r a n n u m , p a y a b le s e m i- a n n u a lly a t t h e o ffic e o f th e C ity T r e a s u r e r o f th e C it y o f M t. V ern on . T h e y w ill b e d a te d t h e 1 s t d a y o f O c t o b e r , 1 9 1 0 , a n d p a y a b le a s fo llo w s : $ 5 ,0 0 0 t h e r e o f o n t h e 1 s t d a y o f O c t o b e r , 1 9 3 3 . 5 .0 0 0 t h e r e o f o n t h e 1 s t d a y o f O c t o b e r , 1 9 3 4 . 5 .0 0 0 t h e r e o f o n t h e 1 s t d a y o f O c t o b e r , 1 9 3 5 . 5 .0 0 0 t h e r e o f o n t h e 1 s t d a y o f O c t o b e r , 1 9 3 6 . T h e b o n d s w ill b e d e liv e r e d t o t h e p u r c h a s e r o n o r b e fo r e t h e 2 5 th d a y o f O c to b e r , 1 9 1 0 . E a c h b id f o r s a i d b o n d s m u s t b e a c c o m p a n i e d b y a c e r tifie d c h e c k f o r t lic s u m o f O n e T h o u s a n d ( $ 1 ,0 0 0 ) D o ll a r s a s a s e c u r i t y f o r t h e p e r f o r m a n c e o f s u c h b i d , a s l i q u i d a t e d d a m a g e s In t h e e v e n t o f th e f a ilu r e o f t h e s u c c e s s fu l b id d e r to a c c e p t a n d p a y f o r s a id b o n d s . B o n d s w ill b e e n g r a v e d u n d e r t h e s u p e r v is io n o f a n d c e r tifie d a s to t h e ir g e n u in e n e s s b y t h e U n it e d S ta te s M o rtg a g e & T r u s t C o m p a n y a n d th e ir l e g a lit y a p p r o v e d b y J . H . C a ld w e ll, E s q ., o f N e w Y o r k C i t y , w h o s e o p in io n a s to le g a lit y w ill b e f u r n is h e d to t h e p u r c h a s e r . B y s t a t u t e t h e b o n d s c a n n o t b e s o ld f o r le s s t h a n p a r a n d a c c ru e d In te re st. B y o r d e r o f th e C o m m o n C o u n c il, O c to b e r 4 t h , 19 10 . E D W IN W . F IS K E , M ayo r o f th e C ity o f M ou n t V ern o n . A . W . R E Y N O L D S , C ity C le r k . Municipal and Corporation Bondi 1312 FIRST NATIONAL BANK BLDU.. CHICAGO, ILL. BANKERS [ 431 Chestnut St,, PHILADELPHIA. PA. 15 . Wooster, Ohio.— Bond Sale.— On Oct. 1 the three issues WATER WORKS BONDS P u b l i c n o t i c e Is h e s e b y g i v e n I n a c c o r d a n c e w it h a r e s o lu tio n o f th e B o a r d o f C o u n c il o f th e T o w n o f U n i o n , In t h e C o u n t y o f H u d s o n , N e w J e r s e y , p a s s e d a t a r e g u la r m e e tin g o f s a id B o a r d o n th e th ir d d a y o f O c to b e r , n in e te e n h u n d r e d a n d t e n , t h a t s c a le d p r o p o s a ls f o r t h e p u r c h a s e o f s c h o o l b o n d s b y t h e T o w n o f U n i o n , In t h e C o u n t y o f H u d s o n , N e w J e r s e y , In t h e a m o u n t o f e i g h t y t h o u s a n d ($ 8 0 0 0 0 ) d o l l a r s , t h e s a m e b e i n g a p a r t , ° m tw o h u n d re d a n d fifty th o u sa n d ( $ 2 5 0 ,0 0 0 ) d o l l a r s s c h o o l b o n d s , t h e p a r t o f s a i d Issu e o f s a id e i g h t y th o u s a n d ( $ 8 0 ,0 0 0 ) d o l l a r s c h o o l b o n d s to b e k n o w n a s S e r ie s A ; e a c h o f s a id b o n d s to b e o f th e d e n o m in a tio n o f o n e th o u s a n d ( $ 1 ,0 0 0 ) d o l l a r s , t o b e a r I n t e r e s t a t a n d a f t e r t h e r a te o f fo u r a n d o n e - h a lf p e r c e n t p e r a n n u m ,s a id I n te r e s t to b e p a y a b le s e m i- a n n u a lly , s a id b o n d t o b e p a y a b l e In t h e f o l l o w i n g m a n n e r , t o w i t : T e n o f s a i d b o n d s s h a l l b e c o m e p a y a b l e In s i x y e a r s fro n t t h e ir d a t e a n d te n o f s a id b o n d s s h a ll th e re a fte r b e co m e p a y a b le a n n a u lly u n til th e w h o le o f s a id S e r ie s A s h a ll h a v e b e e n f u l l y p a id o lf a n d s a tis fie d . S a id b o n d s to b e r e g is te r e d o r c o u p o n , a t th e o p tio n o f th e b id d e r . B id s w ill b e r e c e iv e d a t th e r e g u la r m e e tin g o f t h e B o a r d o f C o u n c il, to b e h e ld o n th e E M IL Wolf Creek School District No. 27 (P. O. Wolf Creek), Josephine County, Ore.— Bonds Not Sold.— No bids were Westchester County, N. Y., SCHOOL BONDS U n I° n ’ Date Oct. 3 1910. 82 0,00 0.00 820,000 Village of Briarcliff Manor, CITY OF MOUNT VERNON, Hudson County, N. J., ° f of Kansas City. Denomination $1,000. Interest semi-annual. NEW LOANS. 880,000 TOWN OF UNION, A D D C d 19 10 W n 1053 M U N IC IP A L A N D R A IL R O A D M U N I C I P A L B O N D S Safest Investments known ,tS T * < - 4 % to 6% a W r it e fo r Circular. ULEN, SUTHERL1N & CO. BANKERS CHICAGO Municipal and Corporation Bonds LIST ON APPLICATION R. T. Wilson & Co. SEAS0NG00D & MAYER First Nat. Bank Bldg., Chicago 13 WALL STREET NEW YORK Mercantile Library Building CINCINNATI SCHOOL, COUNTY AND MUNICIPAL BONDS- BONDS ESTABLISHED 1883 H. C. SPEER & SONS CO. [V L L X X O . X X I. THE CHRONICLE 1054 Brickburn School District No. 998 (P. O. Gilbert Plains), M an.— Debenture Sale.— The .810,000 6 % 20-year school building debentures offered on Oct. 7 (V . 91, p. 902) were awarded to Nay & James of Regina at 104.20 and accrued interest. The following bids were received. Youngstow n, Ohio.— Bond Sale.— A list of the bids sub mitted on Oct. 10 for the seven issues of 5 % bonds described in Y . 91, p. 82G, follows: $ 4 ,00 0 $ 3 1 ,9 0 0 $ 1 ,4 9 5 $ 1 ,9 9 5 $ 2 ,5 7 0 $ 3 ,0 3 0 Bonds. Bonds. Bonds. Bonds. Bonds. Bonds. Bonds. F i r e m e n ’s P e n s io n F u n d , Y o u n g s t o w n ....................* $ 1 ,1 0 2 -----------W e l l , H o t h & C o . , C i n e ...................... * $ 3 2 ,8 6 2 4 ,0 9 2 3 2 ,8 2 9 H a y d e n ,M I lle r & C o .,C le v . S e a s o n g o o d & M a y e r .C ln . 4 ,0 9 2 3 2 ,8 0 9 B a r t o , S c o tt & C o ., C o l. 4 ,0 9 0 3 2 ,7 5 0 T l l l o t s o n * W o lc o t t C o ., C l e v e l a n d ......................... 4 ,0 8 9 3 2 ,7 2 6 P r o v id e n t S a v in g s B a n k & T r u s t C o . , C i n e ____ 4 ,0 8 8 3 2 ,7 3 5 N e w F ir s t N a t . B k . , C o l. 4 ,0 8 1 3 2 ,6 8 0 W e s t ’n - G e r m a n B k . , C i n . 4 ,0 8 1 3 2 ,7 3 0 O t is & H o u g h , C le v e la n d 4 ,0 7 0 3 2 ,7 6 5 S t a c y & B r a u n , T o l e d o .....................- 3 2 ,8 6 1 C . E . D e n i s o n & C o . , C l e v .................. 3 2 ,8 3 4 B r e e d & H a r r i s o n , C i n e ................... 3 2 ,7 9 9 W . H o f f m a n , P h e l a n x S t a ................................. - $420 *513 0 * $ 1 ,5 3 8 * S 2 ,0 5 2 * 5 2 ,6 4 4 '4 2 0 1 ,5 2 9 1 ,5 1 0 1 ,5 2 5 2 ,0 4 1 2 .0 1 5 2 ,0 3 5 2 ,6 3 6 2 ,6 2 2 2 ,6 2 0 3 ,1 5 8 3 ,1 4 2 3 ,1 4 0 430 1 ,5 3 3 2 .0 4 6 2 ,6 3 6 3 ,1 5 9 1 ,5 0 5 2 ,0 0 5 2 .5 9 5 3 ,1 1 5 1 ,5 2 5 2", 0 3 5 2 ,6 2 0 3 ,1 4 0 ::::: ::::: N a y & J a m e s , R e g i n a . ............. * $ 1 0 , 4 2 0 | C . H . B u r g e s s & C o . , T o r o n t o $ 1 0 , 1 0 8 N a t i o n a l F i n a n c e C o _________ * 1 0 , 3 2 7 1 C a m p b e l l , T h o m s o n & C o 1 0, 060 B r e n t , ' N o x o n & C o . , T o r ____ * 1 0 , 2 4 1 J a m e s B . N o b l e ................................... 9 ,9 0 0 O n ta r io S e c u r itie s C o ., T o r . . 1 0 ,1 7 7 1 * A n d a c c ru e d In te re st. A b id w a s a ls o r e c e iv e d f r o m T o r o n t o G e n e r a l T r u s t s C o r p o r a t io n . ♦ $ 3,16 8 — '4 2 7 ; ; ; ; Bridgeburg, Ontario.— Debenture Offering.— Proposals will be received until 2 p. m. Oct. 19 by R . A . Land, Clerk, for 810,000 5 % local-improvement debentures, payable in 10 annual installments. Brockville, Ont.— Debenture Sale.— Wood, Gundy & Co. of Toronto were the purchasers of 850,000 4 lighting debentures recently disposed of. Maturity May 2 1930. ::::: '2,6 2 0 * S u c c e s s fu l b id s . T h e T l l l o t s o n & W o l c o t t C o . a n d O t i s & H o u g h b i d o n t h e s m a l l e r is s u e s w i t h t h e ■ cond ition t h a t If t h e i r b id s w e r e a c c e p t e d t h e y w o u l d b e a w a r d e d t h e $ 3 1 ,9 0 0 P o la n d A v c . b o n d s . A l l b id s I n c l u d e a c c r u e d I n t e r e s t . Carmangay School District No. 2087, Alberta.— Debenture Sale.— An issue of 81,000 6 % school debentures was disposed of last month to Nay & James of Regina. Maturity part yearly for twenty years. Zavalla County School District N o. 7, T ex .— Bond Offering. — Proposals will be received at any time by O. A . Mills, County Judge (P. O. Batesville), for 820,000 5 % coupon school-building bonds. Elfros, Sask.— Description of Debentures.— W e are advised that the 83,000 permanent-improvement debentures awarded last month to Nay & James of Regina (V . 91, p. 983) carry interest at the rate of 7 % , and not 6 % as at first reported. Maturity part yearly for fifteen years. A u t h o r i t y , S e c t i o n 7 6 c t s c q . , C h a p t e r 1 2 4 , L a w s o f 1 9 0 7 , a s a m e n d e d In 19 0 9 . D e n o m i n a t io n $ 1 ,0 0 0 . D a t e O c t. 10 1 9 1 0 . I n te r e s t a n n u a lly o n A p r il 10 a t B a te s v ille o r A u s tin . M a t u r it y 4 0 y e a r s , s u b je c t to c a ll a f t e r 10 y e a r s . C e r t i f i e d c h e c k f o r $ 5 0 0 , p a y a b l e t o t h e C o u n t y J u d g e , Is r e q u ire d . N o d e b t a t p resen t. A s s e s s e d v a l u a t i o n 1 9 1 0 $ 9 3 9 ,2 5 0 . Finch Township, O nt.— Debenture Sale.— It is stated that the Dominion Securities Co. of Toronto has purchased 83,8G8 5 % debentures. Maturity part yearly for 10 years. Leslie, Sask.— Debenture Offering.— Proposals will be received until 12 m . Oct. 25 by Edward C. Bamford, Secre tary-Treasurer, for 82,500 6 % 12-year debentures. Lethbridge Protestant Public School District N o. 51, Alberta.— Debenture Offering.— Proposals will be received until Nov. 1 by C. B. Bowman, Secretary-Treasurer, for 875,000 5 % debentures. Date Nov. 1 1910. . Maturity ■ part yearly for 30 years. Nanton, Alberta.— Debenture Offering.— Proposals will be received until N ov. 15 by William Robertson, Secretary. Canada, its Provinces and Municipalities. Balcarres, Sask.— Debenture Sale.— On Oct. 3 the GreatW est Life Assurance Co. of Winnipeg purchased 83,500 6 % 15-year skating and curling rink debentures at par. Barons, Alberta.— Debenture Offering.— Proposals will be received until Oct. 22 by H . E . Hansen, Secretary-Treasurer, for -82,000 6 % 10-year debentures. Berlin, O nt.— Debentures Not to Be Issued at Present.— W e are advised that the 88,300 5 % sewer-extension debentures voted on Aug. 29 (V . 91, p. G05) will not be issued until the spring of 1911. MISCELLANEOUS. MISCELLANEOUS. M ELLO N N A T IO N A L BAN K R e y n o ld s , W a ts o n & C o . Municipal and Corporation Bonds PITTSBU R G H , PA. We offer a very exceptional D R A IN A G E As your reserve depositary, this bank offers you perfect service and liberal interest on your balances. BOND NETTING 6 % 400 Tho Rookery CAPITAL AND SURPLUS, - $ 7 ,0 0 0 ,0 0 0 CHICAGO C h a rle s M. S m ith & Co. CORPORATION AND MUNICIPAL BONDS The Trust Company of America FIRST NATIONAL BANK BUILDING CHICAGO B LO D G ET & CO. 37*43 W A L L 8 T R E E T , N E W Y O R K . BONDS C O L O N IA L B R A N C H i L O N D O N O F F IC E i 222 Broadway, New York. 95 Gresham St. 00 SO S T A T E r i N E S T R E E T , S T R E E T , R O S T O N N E W T O R E . STATE, CITY & RAILROAD BONDB CAPITAL AND SURPLUS $8,000,000 Invites accounts of individuals firm s and corporations. Pays interest on daily balances. Executes trusts of every description M cC O Y & COMPANY Municipal and Corporation Bords 181 L a S a l l e S t r e e t , C h i c a g o F O R T Y O N E S T A T E L E G IS L A T U R E S A N D CONGRESS ARE A B O U T TO CO NVENE For full information as to our system of reporting on proposed or new legislation relating to Transportation, Commerce, Manufacturing, and similar subjects, address T h e ® o r p o r a tn m 37 Wall Street, New York HODENPYL, WALBRIDGE CO. & 7 W a ll St., New Y o r k Railroad, Street Ry., Gas & Elec. Light S E C U R IT IE S O T T O JU L IU S M E R K E L BROKER T r u s t44 ANI) ® VVAL1 . SIREEI. NEW YORK 46 o I N V E S T M E N T S E C U R I T I E S CotTeimondenoe Invited. O c t . 15 1 9 1 0 . the c h r o n ic l e lrejism-cr, for $6,000 electric-light and $1,500 fire-protection o % debentures, repayable in 20 annual payments. Bids for these debentures were rejected on Sept. 6, as stated in V . 91 p. 750. 1055 of issuing the $15,000 5 % 10-year loan debentures (V . 91, p. 903) was rescinded. Punnichy , Sask. — Debenture Sale.— This village sold $800 New Hamburg, Ont.— Debenture Sale.— G. A . Stimson & &/o permanent-improvement debentures last month to Nay James of Regina. Maturity part yearly for 10 years. Co of Toronto, it is reported, recently purchased $8,000 Red Deer, Alberta.— Bids.— The following bids were redebentures. Maturity part yearly for 30 years. ™ ^ i, P r ^ / Fai a Ils’ ,9 n t.— Debenture Sale.— An issue of $15,7JO 44 o % local-improvement debentures was recently awarded to Wood, Gundy & Co. of Toronto. Maturity part yearly for twenty years. Nilrem School District No. 2081, (P. O. Amisk), Alberta.— Debenture Sale.— An issue of $700 6 % school-improvement debentures was awarded on Sept. 9 to the Western Supply Co of Regina at par. Date Sept. 9 1910. Interest annual. Maturity Sept. 9 1920. Ontario County (P. O. Whitley), Ont .— Debenture Election. — An election will be held, it is stated, on N ov. 29 to vote on the question of issuing $20,000 4 % 20-year bridge debentures. Pincher City, Alberta.— Debenture Sale.— Nay & James of Regina were the successful bidders last month for $2 000 8 % permanent improvement debentures, due part yearly for ten years. J c J Pobeda School District No. 1604 (P. O. Vegreville) Alberta.— Debenture Sale.— 1 his district has sold $500 0 % T 5-year debentures to Worth & Holden at par. “ nd aCCTUC<l interest- Imperial B f106 C° ..............$21,057|H. O’Hara & Co., Toronto..$20,711 arU H runt Noxnn*rW~m----- 21.032 C. H. Burgess & Co., Toronto 20,674 urent, i\oxon & Co.. Toronto 21,019[Nay & Janies. Regink........ _. 20.372 A bid of $25,986 for $27,000 debentures was also received from Aemilius Jarvis & Co. of Toronto. Reston School District, Man .— Debenture Election.— An election will be held, according to reports, on Oct. 29 to vote rn o nov.fbi^U Sto n ° f is?uf °n ing $2 ' 500 5% repayable in 20 annual installments. ®,e .y.elf toke« B - C .— Debenture S a le— An issue of $50,000 o /o oO-\ear debentures has been awarded to Aemilius Jarvis & Co. of Toronto, it is stated. Stratford, Ont. Debenture Offering.— Proposals will be received until Oct. 19 by W . H . Trethewey, Secretaryiieasurer, for S /,0 0 0 4 j ^ % 30-year debentures. received: “ & C o ., l o r . . D jstrict> M an.— Debenture Sale.— An issue debentures was recently awarded, it is stated, The following bids of ^ ^ . 00 4 3 8 ,0 2 6 1 O n t a r io S e c u r . C o ., T o r o n to a°°rU d interost' The fo,lo" in« O D i S i n t o l 's S l i S - c i - r r ^ f l J o l w i A “ “ ^ “ i c j 00........ The above bidders are all of Toronto. forG10Ayears o o il, G u n d y sch° o1 debentures, ^ ^ aw< !tn,Albe(rta‘~ £)f 6f i^ re Sale-~ O n Oct. 4 the $11,500 Qi nS o S m and fire aPParatus debentures described y Toronto’ JV a A ^ a, arded to R - C. Matthews & Co., of w Date Sept. 5 Port Arthur, Ont.— Debenture S a l e . - On Oct. 3 the thir teen issues of 5 % debentures, aggregating $431,340, pro posals for which were received on Oct. 1 (V . 91 n . 9034 were sold to the Dominion Securities Corporation’ L td., of iS o 't c e iv J S ? for. the six issues of 5 % debentures aggrega ting $22,000, described in V. 91, p. 606: & C° ' ° f r ° ronto- Maturity part yearly 4 2 0 ,’ 6 0 7 AS f d Disc tr|ct N°- 2176> (*• O. Queenstown), Alberta.— Debenture Sale.— An issue of $1,000 6 % deben- An offer was also received from G. A . Stimson & Co. of Toronto. J b(ien awarded to H . O’ Hara & Co. of Winnipeg at Preston, Ont.— Debenture Election Rescinded.— The election j ^ n eS iaST , O'™ Interest annually in August. Maturity part yearly which was to have taken place Oct. 10 to vote on the question | for 10 . years. J ACCOUNTANTS. MISCELLANEOUS. OFFICE OF THE L Y B R A N D , R O S S B R O S A L N IC M T A IN U A C C M A Y TAT UUL S RNE O PN. & M O N T G O M E R Y C e rtifie d P u b lic A c c o u n t a n t s , N ew .... » W M Y o rk , J a n u a ry 2 1st. 19 10 . t . « » « . O to jr C= . tMamo « (Pennsylvania) NEW YORK, 165 Broadway P H IL A D E L P H IA , Land Title Bldg P IT T SB U R G H , Union Bank Bldg CH ICAG O, First National Bank Bldg T o t a l M a r in e P r e m i u m s . I ---------------------------------- -------------- --------------------------------------------- - ---------------------------------------$ 4 , 4 7 7 , 1 0 3 9 5 P r e m iu m s m a r k e d o ff fr o m 1 s t J a n u a r y . 1 9 0 9 . t o 3 1 s t D e c e m b e r . 1 0 0 9 .............................................. $ 3 , 7 9 1 , 5 5 7 0 5 I n t e r e s t r e c e i v e d d u r i n g t h e y e a r _____________ R e n t l e s s T a x e s a n d E x p e n s e s ...................... - . . . " A L L L ™ L o s s e s p a id d u r in g th e y e a r w h ic h w e r e e s tim a te d a n d p r e v i o u s y e a r s ................................................................ J A M E S P A R K C O & L o s s e s o c c u r r e d , e s tim a te d a n d CERTIFIED PUBLIC ACCOUNTANTS In ;;; t->2 Z o a r , a a 1 4 5 ,*0 79 g2 19 0 8 u o j o 2B p a i d I n 1 9 0 9 ................ Z Z Z Z Z Z Z Z l ! l 4 M 5 9 M L e s s S a l v a g e s --------------------------------------------- $ 2 4 9 , 8 9 1 0 7 R e - I n s u r a n c e s --------------------------------------------- 2 3 5 , 5 2 0 4 8 New York, Chicago, Cincinnati, and London, England. AUDITORS FOR FINANCIAL INSTITl TIONS, INDUSTRIAL AND MINING COMPANIES Investigation*. Financial Statement*. Periodical Audita and Acrauntlnt 1160 T h e R e t u r n s o f P r e m i u m s ..................................... S ta te s In su ra n c e L ife C o . IN THE CITY OF NEW YORK Issues Guaranteed Contracts JOHN P. MUNN, M. D ., President. Finance Committee WM I jF IPO^TEREP ? « Y A,Pre* TUle °U.ATr.C* MD ^TOWNSPNn’ p es Chemical National Ban) ■U. TOWNSEND. Pre*. Imp. <t Trader* Nat. Bk Good men. whether experienced In life ln*uran« •r not. may make direct contract* with this nany for a limited territory If de.lred an j . ^ n for themielve*. In addition to flr*t year’s rnm.nt. ■Ion. » renewal Intereit Insuring an Income future. Addre** the Company®at It* Homo Offlw No. 277 Broadway. New York City W ANTED CHRONICLE ISSUES Jan. 16 and 30; Feb. 13; April 3, 1909 Jan. 29, 1910 Will pay 20 cents a copy. Commercial & Financial Chronicle | . 138 Front St., New York 4 8 5 ,4 1 1 5 5 « fi0 n e w s p a 'p e 'r s , U f d v e r t f s e m ^ n t s ^ 1^ * S. t - ^ . < | i1^ k L ^ ^ ^ l ^ b X nA S ^ [ 0} i e} 7 j } ASSETS. & S ta te of N ew Y o rk Speciai deposits in Banks 8cTrustCos.*l ,’0 0 0 R e a l Estate cor. Wall & WllllamSts.. & Exchange Place.$4,299,426 0 4 O t h e r Real Estate & c la im s d u e th e c o m p a n y ______________ , 3 5 0 1 3 .. 94 L IA B I L IT IE S . c u r lU e s 0 t y ’ U a n k a u d o t h e r S e- 1900 U n ite d $ 1 ,9 7 8 ,8 3 7 7 5 $ 1 ,4 9 3 ,4 2 6 20 U n ite d S t a t e s MISCELLANEOUS. $ 4 6 7 ,7 2 6 28 ~ 10 000 00 000 00 7 5 ,0 0 0 0 0 4 ,3 7 4 ,4 2 6 04 P r e m iu m n o t e s a n d B ills R e c e iv a b le C a s h In t h e h a n d s o f E u r o p e a n B a n k e r s t o p a y l o s s e s u n d e r p o l lc le s p a y a b l e In f o r e ig n c o u n t r i e s . C a s h I n B a n k ................ ................................... ... 1 .2 1 3 ,0 6 9 68 E s tim a te d L o s s e s a n d L o s s e s U n s e t t l e d ................................................................ P r e m iu m s o n U n te r m in a t e d R is k s . C e r tific a te s o f P r o fits a n d In te r e s t U n p a i d _________________________ R e t u r n P r e m i u m s U n p a i d ___ * C e r tific a te s o f P r o fits O r d e r e d R e deem ed. W ith h e ld fo r U n p a id P r e m i u m s __________________ ____ C e r tific a te s of P r o fits O u ts ta n d i n g ____________ R e al E s ta te R e serv e FundZZZZ*” $ 2 ,3 9 3 ,2 9 7 0 0 6 8 5 .5 4 6 9 0 2 6 3 ,4 6 8 9 5 1 2 0 ,5 6 9 4 2 22,353 49 7,404,890 00 370,000 00 2 3 9 948 04 6 3 3 ,4 0 5 13 Aggregating.......................... $12,921,890 89 Aggregating........................... Ill.z e o ^ B 7^ h ld| h H x ,d$ ° o f F e b ^ By order of the Board. n S x td t 0 th° Q. STANTON FLOYD-JONES. Secretary TR U S T E E 3 . F R A N C IS M . B A C O N , W A LD R O N P. BR O W N . V E R N O N H . BR O W N . JO H N N . B E A C H . JO H N C L A F L IN , G E O R G E C. C L A R K , C L E V E L A N D H. D O D G E, C O R N E L IU S E L D E R T . R IC H A R D H . E W A R T , P H IL IP A . S. F R A N K L IN H E R B E R T L . G R IG G S . C L E M E N T A . G R IS C O M . AN SO N W . H A R D . L E W IS C A SS L E D Y A R D C H A R L E S D . L E V E R IC H . L E A N D E R N . LO V E LL, G E O R G E H . M ACY, C H A R LE S H . M A R SH A LL N IC H O L A S F . P A L M E R . H E N R Y P A R IS H . A D O LP P A V E N ST E D T . C H A R LE S M . P R A T T , D A LL A S B. P R A T T . . G E O R G E W . Q U IN T A R D . A . A . R A V E N , JO H N J. R IK E R , D O U G L A S R O B IN S O N , G U STA V H . SCH W A B . W IL L IA M SLO A N E . IS A A C S T E R N , W IL L IA M A . ST R E E T . G E O R G E E. T U R N U R E . A . A . R A V E N , President. C O R N E L I U S E L D E R T . Vice-President. § ’ C O B B , 2 d Vice-President. JO H N Vice-President. 4th Vice-President. H . JO N E S ST E W A R T . (V L L X X O. XXl THE CHRONICLE 1050 Q x n s t ©xmxpaixics. gxxxst © m p n n U z . xr l i t e i states Tnist Gom ot sew m , pany Chartered 1353 4 5 a n d 4 7 W A L L S T B E E T $ 2 ,0 0 0 ,0 0 0 .0 0 C A P I T A L , .................................................................................... $ 1 3 ,8 5 6 ,5 7 0 .8 3 SU R PLU S AN D U N D IV ID E D PROFITS T h is Com pany a c ts as E x e c u to r, A d m in is tr a to r , G u a r d ia n , T ru s te e , C o u rt D e p o s ita ry a s t j e r r e c o g n iz e d t r u s t c a p a c it ie s . I t a llo w s I n te re s t a t c u r r e n t r a te s o n d e p o s its . . r e a l o r p e r s o n a l, fo r e s ta te s I t h o ld s , m a n a g e s a n d In v e s ts m o n e y , s e c u r itie s a n d o th e r p r o p e r t y , r e a l o r Manhattan Trust Company s o r p o r a tlo n s a n d In d iv id u a l* . E D W A R D W . S H E L D O N , President W IT 1,1AM M K I N G S L E Y . V .-P re s. H E N R Y E . A H E R N , Secretary. W I L F R E D J. W O R C E S T E R , A s s t. Sec. C H A R L E S A . E D W A R D S , 2d Asst.Sec. TRUSTEES. J O H N A . S T E W A R T , Chairman of the tioara. W B a y a r d C u ttin g . W illia m R o c k e f e lle r . A le x a n d e r E . O rr, W illia m H . M a e y J r . . W illia m D . S l o a n e . G u sta v H . S c h w a b . F ran k L y m a n . J a m e s S t lllm a r J o h n C la llln , J o h n J . P h e lp s . L e w is C a ss L e d y a r d . L ym an J . G age. P ayn e W hU ney. E d w a r d W . S h e ld o n . C hauncey K eep G e o r g e L . R lv e a . A rth u r O. Jam es, W illia m M . K in g s le y . W illia m S t e w a r t T o d . O g d e n M ills . E g e r t o n L . W ln t h r o p Temporary Offices U 3 B R O A D W A Y WA L L ST REET F id e l it y T r u st C o m p a n y CORNER NASSAU N EW ARK, N. J. Resources Over $29,000,000 Capital, Surplus and Undivided Profits, Over $9,500,000 A c ts as Executor, Trustee, A d m in istra to r and in all fiduciary capacities. T a kes entire charge of Real and Personal Estate s. Guarantees Titles of UNI TED STATES MORTGAGE & TRUST COMPANY N EW YORK Real E state th roughout N ew Jersey. General B a n k in g and S a v in g s D epartm ents. B o n d Departm ent for purchase and sale of m unicipal and public utility securities. Safe D e p o sit CENTRAL TRUST COMPANY of NEW YORK. 54 Wall St reet SURPLUS, $ 2 ,0 0 0 ,0 0 0 .0 0 Departm ent. CAPITAL, $ 4 ,0 0 0 ,0 0 0 .0 0 Invites Personal and Business Accounts. Acts as Trustee, Ex ecutor, Administrator, Guard ian and in all Fiduciary Capacities. Certifies Muni cipal and Corporation Bonds. 65 Cedar Si. Capital and Surplus, $18,000,000 (o f which $ 1 7 ,0 0 0 ,0 0 0 has been earned) Authorized to act as Executor, Trustee, Administrator or Guardian. B’ way A 73rd St. In d u s tr ia l T r u s t C o m p a n y Providence, R. I. Receives Deposits, subject to check, and allows Interest on Daily Balances. A cts as Transfer Agent, Registrar and Trustee under Mortgages. 125th St. & 8th Ave. ________________ S3.000.000 CAPITAL s u r p l u s : : : : : : : ....................................................3 .0 0 0 .0 0 0 O F F IC E R S . G y r u s P . B r o w n , P r e s id e n t A r t h u r L . K e lle y . V ic e -P r e s id e n t H M a r tin B r o w n , V ic e - P r e s id e n t O t is E v e r e t t , V ic e - P r e s id e n t J o s h u a M . A d d e m a n , V ic e -P r e s id e n t W a r d E . S m ith , T r e a s u r e r C h a s. H . M a n c h e ste r. S e c re ta ry H . H o w a rd P e o p e r , A s s t.T r e a s . F r e d e r ic k B . W ilc o x .A u d it o r CHARTERED 1864 U nion T ru st C om p a n y o f N ew Y ork M AIN OFFICE: 80 BROADW AY. U p tow n O ffic e : 425 F ifth A ven u e, co r n e r 3Sth S tr e e t, W ith M odern Safe D eposit V au lts Capital $1,000,000 Surplus (earned) $7,737,000 ALLOWS INTEREST ON DEPOSITS. A c t s as E x e c u to r , G uardian, T ru stee, A d m in is tr a to r and In a ll F id u cia ry C ap acities on beh a lf of In d ivid u a ls, I n s titu tio n s o r C orp ora tion *. B O A R D O F D IR E C T O R S , tjn m n e l P C o l t H erb ert N . F en n er o t o T in m a n J . M ilto n P a y n e W illia m R . D u p e e U b c n N . L ittle fie ld R iu h a r u A . ~ o b e r t s o n R , -----O tis E v e r e t t m c u aid C . P r e s c o tt K n ig h t Josh u a M . A d d em an J e s s e H . M e tc a lf Jam es M . S c o tt_ _ J o h n J . W a ts o n J r. W illia m H . P e r r y C h a r le s H . A lle n A r t h u r L . K e lle y Joh n B . B ran ch H M a r t in B r o w n W illia m P . C h a p in G eo rge F . H a te r A n g u s M cL eod G eo rg e M . T h o rn to n E z r a D ix o n C y ru s P . B ro w n H o w a r d O . S tu r g is C h a s . C . H a r r in g to n E d w a rd D . P earce L o u is H . C o m s t o c k E n g le h a r t C . O s tb y t p tx s m jc x a l. IIlinoisTrtist&Savings Bank CHICAGO $13,600,000 & Son , R e g u la r W e e k ly S a l e s O F Pays Interest on Time Deposits, Current and Reserve Accounts. Deals in Investment Securities and Foreign Exchange. Transacts a General Trust Business. H . M u lle r A U C T IO N E E R S . Capital and Surplus CORRESPONDENCE A d r ia n IN V IT E D . S T O C K S and B O N D S EVERY W EDNESDAY Office. No. 55 W IL L IA M STREET. Corner Pine Street.