The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
GENERAL LIBRARY} UNIV. OP Electric Railway Section State and City Section Railway & Industrial Section Bankers’ Convention Section Bank & Quotation Section Railway Earnings Section Entered at N. Y. Post Office as second class mall matter. Copyrighted In 1910, by WILLIAM B. DANA COMPANY, New York. NO. 2364. NEW YORK, OCTOBER 15 1910. VOL. 91. gtttKttJCtSl. gittftttJCtxl. gittXttCtftl. rHE FARMERS’ LOAN & TRUST Harvey Fisk & Sons COMPANY NEW Foreign Exchange, Cable Trantfert, Letters ef Credit, Payable through¬ YORK BANKERS Government, Railroad THE The Company la a lecal depositary tor moneys paid Into Court* and la author¬ ised to act as Executor, Administrator, Trustee. Guardian. Receiver, and in all other fiduciary capacities. ▲eta aa Trustee under Mortgagee made by Railroad and other Corporations, and Transfer Agent and Registrar of Stocks LIBERTY and Municipal Bonds out the world M1CH4 INVESTMENT SECURITIES NATIONAL BANK OF NEW YORK PHILADELPHIA, represented by JAMES H. CHAPMAN. 421 Chestnut St. CHICAGO, represented by D. K. DRAKE, 218 La Salle St. BOSTON, MASS., represented by JOHN B. MOULTON. 85 Congrees St. ISO BROADWAY as and Bonds. Reoelves deposits upon Certificates of Deposit, or subject to check, Interest on dally balanoes. and allows Manages Real Estate and lends money bond and mortgage. Will act as Agent In the transaction ot on approved financial business. Depositary tor Legal Reserves of State any Banks and also for moneys of the City of New York. Fiscal Agent for States. Counties and Ottles. 16-22 WILLIAM STREET 475 FIFTH AVENUE NEW YORK LONDON PARIS The National Park Bank of New York Organized 1858. Capital $5,000,000 00 Surplus and Profits . .... 12,584,07817 Deposits Sept. 1,1910 . . . 102,028,889 17 RICHARD DELAFIELD, President. JOHN O. MoKEON. GILBERT G. THORNE. Vice-President. Vice-President. JOHN O. VAN CLEAF. Vice-President. MAURICE H. EWER. Cashier. WILLIAM O. JONES. WILLIAM A. MAIN. Asst. Cashier. Asst. Cashier. FRED’K O. FOXCROFT, Asst. Cashier. N.W. HARRIS A CO BANKERS Pint Street, Comer William NEW YORK 85 Federal St.* Boston Receive deposits subject to check and allow Interest on balanoes. Act as fiscal agents for munici¬ palities letters and of Issue corporations. credit and deal In BONDS FOR INVESTMENT LIST ON APPLICATION Members of Richmond and Baltimore Stock Exchangee. John L. Williams & Sons BANKERS Comer 9th and Main Streets RICHMOND, VA. Baltimore Correspondents: MIDDENDORF, WILLIAMS A CO. GARFIELD NATIONAL BANK Fifth Avenue Bonding Comer 8th Ave. and SSrd St.. New York. Capital, $ 1,000,006 Edward B. Smith & Co. THE MECHANICS AND METALS BANKERS NATIONAL BANK INVESTMENT SECURITIES Members New York and Phlla. Stock Exchange SS Wall Street Capital, - - - - $6,000,000 Surplus,. 6,000.000 Chase National Bank Clearing House Bunding A. B. 87 Pine Street, New York Surplus, $ 1,000,000 RUEL W. POOR. President JAMES McCUTCHEON, Vloe-Pres. WILLIAM L. DOUGLASS, Cashier ARTHUR W. SNOW. Asst. Cashier Cap. & Surp.. Sia.706.7T9 PhOadelphle N. E. Cor. Broad & Chestnut Sts.. ORIGINAL CHARTER 1829 THE Francis Ralston Welsh, GALLATIN BONDS NATIONAL BANK Dep., S96.750.27S HEPBURN, President A. H. Wiggin, V.-Pres. C. C. Slade. Asst. Cash. S. H. Miller, V-Pree. B. A. Lee. Asst. Cashier. H.M.Conkey. Cashier. W. E. Purdy. Asst. Cash. A. C. Andrews, Asst. Cashier. OF RAILROAD, GAS AND ELECTRIC LIGHT AND POWER COMPANIES 109-111 SOUTH FOURTH STREET PHILADELPHIA OF THE CITY OF NEW Capital • • Surplus and Profits (earned) YORK $1,000,000 - '*2,450,000 OFFICERS THE EQUIPMENT OF THE FOURTH NATIONAL BANK1 OF THE CITY OF NEW YORK -CORNER NASSAU AND PINE STREETS—IS ESPECIALLY ARRANGED FOR HANDLING MERCANTILE ACCOUNTS. First National Bank of Philadelphia 315 CHESTNUT STREET ACCOUNTS INVITED SAMUEL WOOLVERTON. President ADRIAN ISELIN JR.. Vice-President GEORGE H. LEWIS. Cashier ' i HOWELL T. MANSON. Asst. Cashier DIBICTOBS Alexander H. Stevens W. Stolen Room taft 1 . Obas. A, Peabody Adrian Iselln Jr. Frederic W. Stevens V Samuel Woolvertoa Charles H. Tweed ' Thomas Denny THE CHRONICLE II [VOL. LXXXXi. jgxttfcee* »n4 g*atwer* of Sowetfln gsctumg*. J. P. MORGAN & CO. Maitland, Coppell & Co., Kidder, Peabody & Co DOMESTIC AND F0RE10N BANKERS Wall Street Conner of Broad 52 WILLIAM STREET NEW YORK NEW YORK OREXEL ft CO* PHILADELPHIA Corner of fth and Chestnut Streets MORGAN, GRENFELL ft CO* LONDON Exchange, Ts^rsjWo Tranefere, No. SI Old Broad Street HARJES" MORGAN, ft CO* PARIS Deposits received subject to Draft Securities bought and sold on Commission Interest allowed on Deposits Foreign Exchange. Commercial Credits Cable Transfers Circular Letters for Travelers available In all parts of the world Brown Brothers & Co., NEW YORK. BOSTON. No. SS NASSAU STREET. Members New York Stock Exchange. Bait. Stock Exch’s. vestment Securities on com- Ini/PCfTn pnt Receive accountslUVCSlIUCUl Securities Buy and seU Bills of Exchange and make cable transfers on all points. Issue Commercial and r\f VJICU11 if- Travelers’ Credits, available In au parts of the world. LCttCrS . • 8KOWN, SHIPLEY . CO.. LONDON 00. ft LTD. LONDON J. & W. Seligman & Co.f BANKERS NEW YORK Letters of Credit for Travelers. Available in all Parts ef the World DRAW BILLS OF EXCHANGE AND MAKE TELEGRAPHIC TRANSFERS OF MONEY TO EUROPE AND CALIFORNIA for Travelers . T m BROTHERS Buy and Sell Investment Securities ISSUE LETTERS OF CREDIT favorable terms. Collect drafts drawn abroad on all points In the United States and and drafts drawn in the United States on foreign countries. Including South Africa. INTERNATIONAL CHEQUES. ' CERTIFICATES OF DEPOSIT. ^ Correspondents of BASING Issue Agents and Correspondents of the Messrs. ROTHSCHILD. London, Paris and Vienna. — , LETTERS OF CREDIT BANKERS. mission. on London August Belmont & Co., Connected by Private Wire. Buy and sell first-class In- of TRAVELERS’ LETTERS OF CREDIT Available throughout the Doited State, 59 Wall Street ALEX. BROWN & SONS, BALTIMORE. Moms N. Y., Phlla.. Boston A INVESTMENT SECURITIES. FOREIGN EXCHANGE. & Smiths Bank, Limited. London, Messrs. Mallet Freres & Cie.. Paris, Banco Nackmal de Mexico Andjts Branches. Agents for the Bank of Australasia, the British Gu* aa Bank, Demerara, etc., etc. Union STREET, NEW YORK BANKERS on SI Boulevard Haussmann PHILA. 66 WALL Orders executed for all Investment Securities. Act as agents of Corporations and negotiate and Issue Loans. BiU§ of , 116 DEVONSHIRE STREET BOSTON Available in all parts of the world. Draw Bills of Exchange and make Telegraphic Transfers to EUROPE. Cuba, and the other West Indies, Mexico and California. Seligman Brothers, London Seligman Ereree A Cie., Emtio Execute orders for tfie purchase and sale of Aleberg, Goldberg A Go* Amsterdam Bonds and Stocks. The Anglo and London •Earie Notional Bank of Son Erancieeo, Col. Graham, Vaughan & Co., 44 Pine Street. New York. BANKERS TAILERi© INVESTMENT SECURITIES 27 Pine Street, New York BANKERS 81-38 Pine MEMBERS NEW TORE STOCK EXCHANGE 107 Chestnut Street. Philadelphia. BANKERS Lawrence Turnure A Co. INVESTMENT Members of the New York Stock Exchange 64-66 Wall Street, New York Deposits received subject to draft. lowed Issue drafts and cable transfers Winslow, Lanier & Co., Interest al¬ deposits. Securities bought and sold on commission. Travelers' credits, available through¬ out the United States. Cuba, Puerto Rloo, Mexico, Central America and Spain. Make collections In and on above countries. on London Bankers:—London Joint-Stock Bank. Limited. Paris Bankers:—Heine & Co. 59 CEDAR STREET Produce Deposits Received Subject to Draft. Interest Allowed on Deposits. Securities Bought and Sold on Commission. Foreign Exchange, Letters of Credit Deposits received subject Interest allowed on to cheque deposits. and Members New York Stock Exchange. Securities bought and sold on commission Act as Fiscal Agents. Dealers In High-Grade Investment Securities. Exchange Bank BROADWAY. Corner BEAYER ST. Capital Surplus earned Foreign $1,000,900 - 600,000 • Exchange bought sold. and Graham & Co, Cable BANKERS Transfers. Commercial and Travelers’ Letters of Credit available In all parts of the world. 485 Chestnut Street ACCOUNTS INVITED PHILADELPHIA Kean, Taylor & Co. HEIDELBACH, ICKELHEIMER ft CO. &AXKEB8 S7 William Street. BANKERS. Government and of Municipal Bonds, Railroads, Street Railways and Gas companies Securities of established value. MEMBERS N. Y. STOCK EXCHANGE. STREET, NEW YORK Oeneral Foreign and Domestic Execute orders for purchase and sale of Stocks and Bondi. Banking Business Foreign Exchange Bought and Sold. Dealers in Investment Securities Issue Commercial and Travelers* Credits available in all parts of the world. John Munroe & Co., NEW YORK BOSTON Schulz & Ruckgaber, BANKERS. 15 William Street, Members New - York t. . Stock . Letters o! Credit tor Travelers Bsmmerclal Credits. Foreign Exchange Gable Transfers. MUNROE ft 00., Paris Act Exchange. Correspondents of Messrs. Fruhllng & Goschen, London. John Berenberg-Gossler A Co., Hamburg. BankT&Uk^der <]fesdnS,‘Bank. Bremer Bremen. Commercial ) IssueBuy A Travelers' and Sell Bills of Credits. Exchange. Cable Transfers A Investment Securities as Financial Agents Issue Foreign and Domestic Letters of Credit and Travelers' Ckeeees Knauth, Nachod&Kiihne BANKERS New York „ Bills of Exchange and Cable Transfer*. Lists upon application. BANKERS a of Credit and Travelers' Cheque*, available the world over. NEW YORK NEW TORE Transact Cablet “Afimoao." Letters Bankers SECURITIES 90 FINE Street, New York 084 Fifth Avs.. N. Y. NEW YORK LEIPSXG, GERMANY Members New York Stock Exchange. INVESTMENT SECURITIES Oct. 15 THE CHBONICLE 1910.] gattfuvs. Sattfeevs. ^sntuv*. Millett.Roe & Hagen Lee, Hlgginson&Co. BANKERS Wm. A. Read & Co. BOSTON S3 Wall Street BANKERS. Chicago New York 'if Buildings, Prines’s Strest, Dealers In Investment Securities LONDON. E.C. New York " ■ Members New York, Chicago and Boston Stock Exchanges. HIGGINSON & CO. I Bank iu HIGH-GRADE BONDS Members New York Stock Excdange Boston, 15 Congress Street 25 NASSAU STREET, NEW YORK BOSTON Plympton, Gardiner& Co* BALTIMORE CHICAGO N. W. HALSEY A CO., Baitkars LONDON Members New York sod Chicago Stock Exchanges BONDS FOR INVESTMENT Interest Allowed on Conservative Investments Fiscal Agents Deposit Aoooants tor Cities and Corporations LISTS ON REQUEST 27 William St., New York »2 U Sail* Street. 54 Old Broad Street, LONDON. E. C. CHICAGO Rhoades&Company 40 Wall Philadelphia Street, NEW YORK 8an Francisco Chicago BANKERS 45 WALL STREET, NEW YORK George P. Butler & Bro. Si Wall Street Members N. Y. Stook Exchange High-Grade Bonds Trowbridge & Co. State, Municipal Railroad and NEW YORK RAILROAD AND OTHER INVESTMENT 8E0UBIYIES. BANKERS Members New York Stock Exchange Members New York Stook Exchange; Execute Commission Orders; draft. Deposits received subject to Cor. of WaU and Bread Sts.. New York. Letters of Credit and Travelers’ Checks Bonds and Stocks for Investment Available Throughout the World 111 NEW HAVEN Broadway 134 Orange St. Draw Bills of Exchange and make Cable Transfers to Europe, Asia, Australia, the West Indies, Central and South Amorlc and Mexico. HARTFORD—*6 Read Street NEW YORK H. B. HOLLINS & CO. Issue Utters of Credit for Travelers, avail¬ able in all parts of the world. Goldman, Sachs & Co. BANKERS 60 WALL STREET. NEW SIMON BORG & CO., YORK CHICAQO BOSTON BANKERS Members of New York A Chicago Stock Exchanges Blake Brothers & Co. 5S Exchange Place. 14 State Street, NEW YORK BOSTON Issue Dealers in NEW YORK CITY No. 80 Nassau Btzeet, Commercial and Travelers9 Letters of Credit Ireoeotment DEALERS IN Securities emd Commercial How York - HIGH-GRADE INVESTMENT SECURITIES Paper Wollenbergpr & Co. INVESTMENT SECURITIES Members New York a Boston Stook Exchanges York Stock Exchange Available In all parts of the world. and other KUHIOTPAL BONDS COMMERCIAL PAPER Membert of New Execute orders for purchase and Stocks and Bonds sale of Buy and Sell Foreign Exchange. CABLE ADDRESS, “COLDNESS** BANKERS Zimmermann & Forshay BANKERS Member« New York Stock Exchange. 24 BROAD STREET. '*' Foreign Government Bonds Correspondence Invited. • and 11 Wall Street. New York. BOISSEVAIN & CO. Specialists In 206 U Salle Street - - CHICAGO Orders executed for stocks and bonds for Invest* NEW YORK. ment or on margin. Adolph Boissevaln & Co.. Amsterdam. Holland. TRANSACT A GENERAL BANKING AND STOCK EXCHANGE BUSINESS. LEONARD H. HOLE BIRD S. COLEU Members New York Stook Exchange. Fireip Exchange Bngkt aid Salt W. N. COLER &, CO. Letters at Credit tssaed BANKERS Cable Transfers to all Parts of tin World. 43 CEDAR ST., REW YORK INVESTMENTS BOND & GOODWIN CRAMP, MITCHELL & SHOBER BANKERS BANKERS Corporation and Collateral Loans Commercial Paper 1411 Chestnut St. also qtyestmeht securities Members New York Stock Exchange and Boston Stock Exchange. ' as Congress St. Ill Broadway BOSTON NEW YORK SS4 LaSalle St. CHICAGO Philadelphia Members New York and Phila. Stook Exchanges ! ' New York Cotton Exchange Investment Securities Shoemaker, Bates & Co BANKERS fNew York Members! New York IChloagc “ INVESTMENT SECURITY 37-43 Wal I Street, H«w York WaMorf-Astoria u»4 604 FHthAva.,Nw»Yor* Rm) EitftM Tr. BU|u Phli. THE CHRONICLE I* [VoL. umi. gsnsittKV. gottetgtt. DEUTSCHE BANK BERLIN W Behrenstrasse 9 to 13. CAPITAL - 89 CORNHILL. Telegraphic Address. Udlsoo. London. M. 200.000.000. RESERVE 325.172.898 Reserve Fond Dividends paid during last ten years: 12H per cent BREMEN. DRESDEN. FRANKFORT-O-M.. HAMBURG. LEIPSIO, MUNICH. NUREMBURG. AUGSBURG. WIESBADEN. BRUSSELS, CONSTANTINOPLE and (he (Berlin) London Agency 4 George Yard. NOTICE IS HEREBY GIVEN that the RATES OF INTEREST allowed for money bn deposit are as follows: At CaU. 2K Per Cent. At 8 to 7 Days’ Notice, 1H Per Brandies: Deutsche Bank 2.900.000 35—31 STERLING. M. 105.726.164. II. 11, 11. 11. 12. 12. 12. 12. 12. Lombard St.. LONDON, E. 0. Cent. The Company discounts approved bank and mercantile acceptances, receives money on de¬ posit at rates advertised from time to time, and grants loans on approved negotiable securities. CHRISTOPHER R. NUGENT. Manager. NEW YORK OFFICE, 64 WALL STREET R. Y. HEBDEN. 1 W. A. BOG. VAgents. J. T. MOLINEUXJ The London City & Midland Bank, Limited, and Cable Transfers; grant Commercial and Trav¬ elers’ Credits, available In any part of the world: Issue drafts on and make collections in Chicago and throughout the Dominion of Canada. London Office. 47 Threadneedle St., E. C. F. WILLIAMS TAYLOR. Manager. HEAD OFFICE BANCO ALEMAN TRANSATLANTIC!) With Branches In all the Principal Cities Towns of England and Wales. Merchants’ Bank of Canada and Telegraphlo Address: Cinnabar. London. (Deutsche Ueberseelsche Bank.) SUBSCRIBED CAPITAL (37,142,000) PAID-UP CAPITAL M. 22,500.000. (35.257,000) RESERVE FUND (31.625.000) M. 6.827.000. HEAD OFFICE ESTABLISHED 1R36 SUBSCRIBED CAPITAL, $95,741,700 CAPITAL, 19,946,187 RESERVE FUND, - 17,951,668 PAID-UP Sir EDWARD H. HOLDEN. Bart., Chirman and Managing Director. BERLIN Kanonlerstrasae 20 to 80. Berliner Santiago. Temuoo. Valdivia, Valparaiso. WOOD, GUNDY & CO* Handels-Gesellschaft, Drafts, cable-transfers and letters TORONTO CANADA BERLIN, W«, 64 Behrenstrasse 82-82 and Fransoslseho-Strasse 42 * of credit issued. « London Agents DEUTSCHE BANK (BERLIN) LONDON AG’Y GEORGE Y'D, LOMBARD ST., LONDON. E.C. - MUNICIPAL AND CORPORATION PERU: Arequlpa. Callao, Lima, Trujillo. URUGUAY: Montevideo. SPAIN: Baroelona. Madrid, BiUs tent for collection, negotiated or advanced upon. HEAD OFFICE MONTREAL CAPITAL 36.000.000 Rest and Undivided Profits.....: 4.602.167 NEW YORK OFFICE. 63 and 65 Wall St. W. M. RAMSAY. \Agents. C. J. CROOK A Ll. ) 147 branches in the Provlnoes of Quebec, Ontario, Manitoba, Saskatchewan, Alberta ana British Columbia. Good facilities for effecting prompt col¬ lections in Canada. Buy and sell Sterling Exchange and Cable Transfers. Issue Commercial and Trav¬ elers’ Credits available In any part of the world. London Agents—The London Joint Stk. Bk.» Ltd. Canadian Bonds Brandies: ARGENTINA: Bahla-Blanca. Buenos Aires, Cordoba, Tucuman. BOLIVIA: La Pas, Oruro. CHILI: Antofagasta, Concepcion, Iqulque, Osorno. ft* Head Office—Montreal Rt. Hon. Lord Strathcpna and Mount Royal., G. C. M. G.. Q. C. V. O.—Honorary Presides R. B. ANGUS. President. Sir Edw. Houston. Bart.—V.-Prcs. A Gen. Mgr Buy and Sell Sterling and Continental Exchange 5 Threadneedle Street. London. England. M. 80.000.000. 681,661 44 8.750,000 Paid-Up — - 12,000,000 00 BEST, UNDIVIDED PROFITS, 17.500.000 $47,319,000 Capital Subscribed - - The Union Discount Co. BANK OF MONTREAL (BsUbUsbed 1*17) of London, Limited CAPITAL paid in - - $14,400,000 00 Telegraphic Address—Handelschaft, Berlin. W. GRAHAM BROWNE & GO. MONTREAL ESTABLISHED 1856 CANADA - Csnsdisn Bonds Bought, Sold «nd Appraised Banking Transactions of Every Description Direction der Disconto-Gesellschaft, ESTABLISHED 1851 Capital, Reserve, - - - - - - M. 34,500,000 LONDON. E. C.. VAN OSS A CO. THE BERLIN W„ 48-44 Behrenstrasse BREMEN. FRANKFORT-o-M.. MAINZ. HOOHST-o-M., HOMBURG v. d. H.. POTSDAM. WIESBADEN. ‘govtlgn. U. 110,000,000 HAGUE, HOLLAND Place American Investments in Europe Swiss Bankverein Schweizerischer Bankverein Bankverein Tel. Address, Vooo. Codes: Hartfleld’s Wall St.. W. U. A Lleber. Suisse 53 CorahUl. Basle, Zurich, 8L Rail, Geneva CAPITAL, fully paid, $40,476,200 - Agencies at Rorschach, Chlasso and Hertsau M. 170,000.000. RESERVE M. 60,092.611. LONDON OFFICE, 43 Lothbury, & C. With the unlimited personal liability of the following partners: A. SCHOELLER. M. SCHINCKEL, I Dr. A. SALOMONSOHN, E. RUSSELL. F. URBIG, Brasilianische Bank fUr Deutschland CAPITAL Branches: M. 10 000,000 00 Head office: HAMBURG. RIO DE JANEIRO. SAO PAULO. SANTOS, PORTO ALEGRE. BAHIA. Bank fUr Chile und Deutschland CAPITAL HAMBURG. BRANCHES IN CHILE CHILI iBDOtoM™™ BOUVIANA). CHILE Y ALELA PAZ LONDON AGENTS: DER DISCONTO-GESELLSCHAFT. 58 CORNHILl)e.O DIRECTION Capital paid Surplus, . The up, • Frs.62,800,000 Frs.16,330,000 • . . National Discount Company, Limited 85 CORNHILL LONDON, E. C. Cable Address—Natdls: London. Subscribed Capital Paid-up Capital . Reserve Fond 321.166.625 4.288.325 2,200.000 (850-61 STERLING.) M. 10.000.000 00 WITH BANKING OOBPOBATION Paid-up Capital (Hong Kong Currency) $14,307,764 ..... Hong Kong & Shanghai NOTICE IS HEREBY GIVEN that the RATES OF INTEREST allowed tor money on deposit are as follows: Reserve Fund)In Gold...315.000,0001 \In Silver.. 16.000.000/ Reserve Liabilities of Proprietors... 316.000,000 81,000,000 15.000,000 GRANT DRAFTS, XS8UE LETTERS OF CREDIT. NEGOTIATE OR COLLECT BILLS PAYABLE IN CHINA, JAPAN. PHILIPPINES, STRAITS SETTLE¬ MENTS, INDIA. WADE GARD’NBR. Agent. 86 Wall St. W iener Bank - Vercin ESTABLISHED 1869 CAPITAL (fully paid) - $26,342,000 - (130.000,000 crowns) RESERVE FUNDS - - - (89.000,000 crowns) $7,000,000 HEAD OFFICE VIENNA (AUSTRIA) Austria-Hungary Agram, Aussig a-E., Bielitz-Biela, Branches In Brunn, Budapest, Carlsbad, Czernowitz, Friedek-Mistek, Graz, Innsbruck At Cali. 2 H Per Cent Per Annum. Klagenfurt, Krakau, Lemberg, MarienAt 8 to 7 or 14 Days* Notice. 1H Per Cent. bad, Meran, Pilsen, Prag, Przemysi, fr Approved hank and mercantile bills discounted. Prossnitz, St. Polten, Tarnow, Teplitz, Money received on deposit at rates advertised from time to time and tor fixed periods upon Teschen, Villach, Wr. Neustadt. specially agreed terms. Loans granted oh approved newt able securities PHILIP HAROLD WADS, Manager* Branch In Turkey Constantinople Oot. 15 THE CHRONICLE 1910.] ©aua&latt. T Sxtttuevs. THE CANADIAN BANK OF COMMERCE Mackay & Co., HEAD OFFICE. TORONTO $10,000,000 PAID-UP CAPITAL NEW YORK OFFICE: Edward Sweet & Co. Nos. 16 AND 18 EXCHANGE PLACE Wm. Gray and C. D. Mackintosh, Agents Members N. Y. Stock Exchange *.000.000 SURPLUS <? Buy and Sell Sterling and Continental Ex¬ change and Cable Transfers, Commercial and Traveler’s Credits. Collections made at all points. Banking and Exchange business of every de¬ scription transacted with Canada. Bankers & Brokers 34 PINE STREET LONDON OFFICE—2 Lombard Street. E.C BANKERS IN GREAT BRITAIN. The Bank of England. The Bank of Scotland. Lloyd’s Bank. Limited. Union of London and Smith’s Bank. Limited. . BANKERS Members of the New York Stock Exchange. Dealers in High-Grade Bonds and other Investment Securities. In¬ terest allowed on deposits. NEW YORK National City Bank Building 55 Wall Street ESTABLISHED 1854 NEW YORK The Bank of British North America Established In 1836 Incorporated by Royal Charter In 1840 PaJd-ap Capital ESTABROOK & CO. £1.000.000 Sterling £620.000 Sterling Reserve Pnnd Head Office: 6 Gracechurch Street. London, E.O. New York Office: 52 Wall Street. H. M. J. McMICHAEL.l Agents. W. T. OLIVER. J Buy and sell Sterling and Continental Exchange and Cable Transfers. Grant Commercial and Travelers’ Credits, available In any part of the world. Issue Drafts on and make Collections In all parts of the United States and Canada. BANKERS Eleotrio Members New York and Boston Stock Exchanges we offer. 15 State Street* 24 Broad Street* BOSTON NEW YORK - BALTIMORE J. J. REED. Vloe-Presldent. G. W. FARRELL. Secretary-Treasurer. A. H. B. MACKENZIE. Manager. DIRECTORS: ALFRED BAUMGARTEN O. R. HOSMBR Oapt. D. C. NEWION (Montreal) H. ROBERTSON C. B GORDON MONTREAL Bankers Proven CHICAGO C. Meredith & Co., Limited CHAS. MEREDITH. President. Light, Power and Street Railway Enterprises with records of established earnings INVESTMENT SECURITIES HARTFORD Bud Brokers and Financial Agents FINANCE and Publio R. L. DAY A CO. (Paid-Up Capital and Surplus* $4,900,000) 71 BROADWAY 37 Wall St. 35 BOSTON HIGH BRIBE INVESTMENT BONBS Mflunlolpol and Railroad WILLIAM P. B0NBRI6HT & COMPANY Members New York an* BANKEBS Tucker, Anthony & Co. BANKERS Toronto Montreal Members of the New York Stock Exchange 24 BROAD STNEW YORK S3 STATE 8T., BOSTON NORWICH NEW BEDFORD Members Boston and New York Stock Exchanges. Agents BOND DEPARTMENT Canadian St.. BOSTON BERTR8N, GRISCOM & 1ENKS CANADA 40 Wall Street. Land Title Building. PHILADELPHIA. NEW YORK. INVESTMENT SECURITIES HANSON BROS. Dealers In Canadian Investment Securities <S#nd for our circular ailing Mails All Issues A. H. Bickmore & Co., BANKERS 30 Pina Street* Now York Alfred Mestre&Co BANKERS BANKERS Corporation Bonds MONTREAL James St. Street HEAT A POWER COMPANY Investment Saourltlaa LIMITED Trustees-Transfer NATIONAL LIGHT, BONDS 35 Congress GNQLAND Electric Power Securities GUARANTEED HUNT & CUSHMAN INVESTMENT TRUST CO. London 24 Broad Street NEW YORK A BROKERS London, Eng. THE NEW YORK Congress St. NEW YORK COLORADO DOMINION SECURITIES CORPORATION, LIMITED Securities Correspondence Solicited Colorado Springs CORRESPONDENCE SOLICITED Utility Dealers ELECTRIC ROND & SHARE CO. Boston Stock Exchanges Canadian Investment Securities Investment MONTREAL H. AMY & CO. BANKERS 44 and 46 Wall Street* New York INVESTMENT SECURITIES Bills of Exchange. Letters of Credit. Members of the New York Stock Exchange. Dealers Municipal, Railroad and Equipment Bonds. Interest allowed on deposits Subject to Draft. in 37 Wall St. NSW YORK 130 8.15tb St. PHILADELPHIA H.. THE CHRONICLE IVol. lxxxxi. 2»ttfc*«s and liKotievs ontttxide gtet» 5trek. PITTSBURGH. LOUISVILLE. We Buy end Sell INVESTMENT BONDS J. J. B. HILLIARD & SON (NO STOCKS) LOUISVILLE, KY. BANKERS AND BROKER8 J. S. &W. S. KUHN Pittsburgh, Pa. Junc 8. Kahn, L. L. M’Clelland, President. See. & Treaa. Members * SAN FRANCISCO. LOUISVILLE, KY J. C. WILSON MEMBER!Chicago Board of Trade. HENRY S. FRAZER Local Stocks and Bonds Company investment securities NEW TORK and fNew York Stock Exchange. NASHVILLE. PITTSBURGH, PA. PITTSBURGH NASHVILLE. JOHN W. DICKEY Wm. G. Hopper & Co. Correspondents. Harris, Winthrop & Co., New York & Chicago BARROLL & CO. BONDS Merchants’ Exch. Bldg. H W Heilman Bldg San Francisco. Los Angeles. Lumbermen’s Bldg.. Portland. BROKER STOCK AND BOND BROKERS a South Third Street, PHILADELPHIA AUGUSTA. GA Investments receive our spousal attention. In¬ formation cheerfully furnished ^garding present holdings or proposed Investments. Southern Wakefield, Garthwaite & Co. Securities PACIFIC COAST SECURITIES We Invite J. W. SPARKS &. CO. Philadelphia. Offerings of Southern Bonds f PHILADELPIA STOCK EXCHANGE M EMBERS! NEW YORK STOCK EXCHANGE l CHICAGO BOARD OF TRADE and Stocks AUGUSTA, GA. Specialists In INACTIVE SECURITIES 421 Chestnut St.. Philadelphia. Pa. SAN FRANCISCO Member The Stock and Bond Exchange t " ■ , LOS ANGELES. WILLIAM E. BUSH HUNTOON Requests lor Information lit Nat. Bank Bldg.. WANTED Chestnut and Third Sts.. James H. Adams & Co. CALIFORNIA BONDS MUNICIPAL AND PUBLIC SERVICE ATLANTA. CORPORATION southern E. B. JONES &, CO. They yield the MUNICIPAL BONDS BONDS Building, LOS ANGELES Branch, Coronado Hotel. Coronado Beach. TENN. AUGUSTA. W. G. HOPPER. H. s. HOPPER, Members of Philadelphia Stock Exchange. Morris SAN FRANCISCO Bankers and Brokers 8TOOKS AND BOND8 PHILADELPHIA. A IStock and Bond Exchange. S. F. Private Wire to Chicago and New York. THOS. PLATER & CO. Singer Bldg. INVESTMENT SECURITIES REED BONDS STOCKS AND BONDS INVESTMENT SECURITIES Union Bank Budding. 268 Fourth Ave. Municipal and Corporation PACIFIC COAST SECURITIES A SPECIALTY SECURITIES. H. P. Taylor & NEW YORK. John W. & D. S. Green New Tork and Pittsburgh Stoek Exchanges and Chicago Board of Trade INVESTMENT PHILADELPHIA * STREET RAILWAY SECURITIES A Specialty Correspondents: WALKER BROS.. 71 B’way. N. Y. PAID-UP CAPITAL. $600,000 CHILDS & CHILDS MORRIS BROTHERS PORTLAND. INVESTMENT BONDS Incorporated 0! PORTLAND, ORE. YIELDING 4}i% TO 5M% PHILADELPHIA a higher rate of interest than bonds of merit issued in the East. Correspondence Invited. LOS ANQELES. CAL. same • THE ROBINSON-HUMPHREY GO. NORFOLK, VA. ATLANTA, GEORGIA MOTTU & CO. BANKERS BONDS AND STOCKS Legal Bonds Established 1892. Members Los Angeles Stock Exchange HILLYER TRUST CO. AND BROKERS Capital and Surplus, - - - Joseph Ball Company Orders executed for the purchase and sale of 422-424-486-436-437 SECURITY BUILDING LOS ANQELES $300,000 NORFOLK, VA. ATLANTA, GA. BIRMINGHAM, ALA. DENVER, COL WILLIAM R. STAATS CO. Established 1887 Otto Marx A Co. CALVIN BULLOCK BANKERS AND DENVEB BBOKEB8 OITT TRAMWAY BONDS BIRMINGHAM. ALABAMA. MONTGOMERY. STOCKS AND BONDS MEYER & GOLDMAN ' STOCKS AND BONDS B. W. Strassburger SOUTHERN INVESTMENT SECURITIES Municipal and Corporation Bonds TO YIELD , BUFFALO, N. Y. Government, Municipal and Corporation Bonds SOUTHERN SECURITIES SPECIALISTS IN TENN. . - P0RTLAKD, MAINE EstaUlshed 1854 H. M. PAYS0N & CO. Investment Securities PORTLAND • MCRePayMu Oeo.a.Ptyson .. - MAINE Herbert Payson ANGELES STOCK EXCHANGE JOHN T. STEELE 86 Madison Avsnus, MEMPHIS. . BUFFALO. INVESTMENT BONDS Local Stocks and Bonds. LOS LOS ANGELES. Members Baltimore Stock Exchange JNO. L. NORTON PASADENA INVESTMENT SECURITIES MEMBERS BALTIMORE COLSTON, BOYCE & CO MEMPHIS. Request FIELDING J. STILSON CO. MONTGOMERY, ALA. ALABAMA on LOS ANGELES OFFICES: BIRMINGHAM, 1 MONTGOMERY./ 4% TO 6% Descriptive Circulars 25 PROVIDENCE. Buffalo and Western New York Securities Richardson & Clark ALBANY, N.Y. Exchange Street, Providence, R. I. PETER J. , Bonds, Stocks and Local Securities. Private wires to Boston, Philadelphia and New York. CALLAN INVESTMENT BANKER Local, Listed and Unlisted 8TOOKS AND BONDS REAL ESTATE Oot. 15 1910.] THE CHRONICLE vu Ifctt&etts xu& §tolurs outside §itv* Jganeh. CHICAGO. ST. LOUIS. CLEVELAND. “"*****‘‘‘‘^‘‘avirLrijwifvwifi FRED. S. BORTON T. E. BORTON R. C. ENWRIGHT GREENEBAUM SONS BORTON BANKERS Corner Qark and Randolph Streets. Chicago. High-Grade Investment Securities. Chicago First Mortgages and Bonds for sale. Issue Letters of Credit for travelers, available tn all parts of the World. A General Domestic and Foreign BanklngBuslness. & BORTON INVESTMENT SECURITIES LISTED AND UNLISTED A. G. EDWARDS&SONS STOCKS AND BONDS OF CLEVELAND AND NORTHERN OHIO One Wall Street In St. Louis at 410 Olive Street MEMBERS CLEVELAND STOCK EXCHANGE GUABDIAN BUILDING Correspondence Solicited. Send Jot out latest lists of Securities. Hayden, Miller 6c Co. Sanford F. Harris A Co. Shreveport Bridge & Terminal Co. DIVESTMENT SECURITIES First 5s, due 1955 THE ROOKERY Yield CHICAGO Investment Bonds Citizens’ Building. 5% CLEVELAND. OHIO INDIANAPOLIS. Joseph T. Elliott & Sons A. O. BANKERS & BROKERS 139 MONROE STREET. CHICAGO, Members: Investment Securities Slaughter & Co., ILL. New York Stock Exchange. New York Cotton Exchange. New York Coffee Exchange. {New York Produce Exchange. Chicago Stock Exchange. Chicago Board of Trade. St. Louis Merchants’ Exchange. Allerton. Greene A King THE ROOKERY. CHICAQO Member* WHITAKER on (INCORPORATED.) COMMERCIAL PAPER I. W. Cor. Monroe & La Salle Sts., Chicago. KANSAS CITY, MO. ■AAAAAAAAAASAAASAM^WAARAAASARAAAANMWeeeWWWWW H. McCRUM INDIANA TRACTION SECURITIES Fletcher Bank Bldg Municipal Bonds on I. G. WHITE 6c CO. application 300 N. FOURTH ST. • ST. LOUIS Compton Co Mehta .-Laclede Bldg. ST. LOUIS SOS LaSalle Si OHIO A GO DEALT IN CIRCULARS AND UST ON APPUCATlQt Kansas City Ry. <fe Light Issues. Western Municipals. Local Securities. Edwin White & Co. Sioto Saving. Bonk Bldg.. St. Paul MINNEAPOLIS. Stevens, Chapman 6c Co. BONDS San Francisco, Cal. In vest! cation* and Report* on Electric Railway Qaa, Electric Light and Power Properties, Irrigation Systems. Ac., for Financial Institutions and Investors. Electric Railways, Electric Light and Power Plants, Gas Plants, Financed, Designed and Built. London Correspondents: Jo Go WHITE A CO., LimM, 9 Cloak Lane. Cannon St.. B. C. C. G. YOUNG Engineering and Construction Plant, CINCINNATI. Methods, SIXTY WALL ST., NEW YORK Operation Public Utilities and Industrial* WEIL, ROTH 6c CO. Dealers In Reports for Financing High-Grade Bonds Mem. Am. Soc. C. E. for Investment CHICAGO H. U. WALLACE CINCINNATI ENGINEER Examinations. Reports, Surveys, Supervision of EDGAR FRIEDLANDER Cincinnati Securities CINCINNATI. construction and operation of Electric and Steam Railroads, Power Plants, Transmission lines, Central Stations and Irrigation projects, &o. Ex-Supt. Illinois Central RR.; Chief Engineer DEALER IN ----- OHIO Illinois Central RR.; and Gen’l Manager Chicago Lake Shore & South Bend Electric Railway. Marquette Bldg. CHICAGO ILL. ■dmond C. Van Diest Robert McF. Doble Thomas L. Wilkinson PROVIDENCE. MINNEAPOLIS—ST. PAUL M. St. P. & S. Ste. Marie 4s Moth Missabe & Northern 5s South Dakota Central 6s Minnesota & Ontario Power 6s Exchange Place, NEW YORK Chicago, Ills. MUNICIPAL and other HIGH-CLASS BONDS KANSAS CITY. MO SAINT PAUL Engineers, Contractors 43-49 William R« INDIANAPOLIS \n%lmzx&o To net 43^% to 5% INVESTMENT 00. Twin City Rapid Transit 6s. 1928 Minnesota Transfer Ry. 6s. 1916 St. Paul das Light Co. 6s. 1944 City of St. Paul 4 Hs Twin City Telephone Co. 1st 6s Correspondence Invited on all Northwestern Securities NEWTON TODD 1 WILL BUY AND SELL Application A. G. Becker & Co., W. CO Missouri & Illinois Circular lift 6c High Grade RAILROAD, MUNICIPAL AND CORPORATION BONDS Indianapolis Stock Exchange INDIANAPOLIS American Nat. Bank Bldg.. ALBERT P. MILLER Jr. INDUSTRIAL TRUST CO. BUILDING PROVIDENCE, R. I. Local Securities Associated Engineers Cow Examinations, Reports Construction, Operation Irrigation Enterprises a Specialty 417 Contury Building DKWVKH COLO. Establ sued 1889. WELLS & DICKEY & CO Gas, Electric Lighting & Railway A. L. REGISTER A CO. MINNEAPOLIS. MINN. MUNICIPAL A CORPORATION BONDS Bonds and Stocks ROCHESTER, N. Y. High Class 6% Bonds 60% Write JOHN Stock Bonus for particulars A. BURGESS Member Rochester Stock 104-106 Wilder Bldg. Exchange ROCHESTER N. Y. Successors to Pepper ft Register t * ENGINEERS & GENERAL CONTRACTORS Twin City Rapid Transit System Bonds Minneapolis National Bank Stocks 112 North Broad Street Philadelphia. BODELL & CO. 206 TO 209 BANIQAN BUILDING PROVIDENCE Bonds and Preferred Stocks of Proven Value. fg&ittitts 3gttgta*e«s. H. Mi CHANCE Consulting Mining Engineer end Geologist GOAL AND MINERAL PROPERTIES Examined, Developed, Managed tn Drexcl Bldg I PHILADELPHIA. PA THE CHRONICLE mi (Vol. LXXXJSI ftaniievs and Hvo&evs. ERVIN & COMPANY A. B. Leach & Co., BANKERS BANKERS Members 149 Broadway, NEW Exchange, elpWa 8tock Exchange> BONDS FOR Drexel INVESTMENT. Building, Philadelphia. PHILADELPHIA Assets Cash in Vaults HEAD OFFICE—HAVANA Branches Long Distance Telephone No. L. D. 107. PARKINSON & BURR PRODUCE EXCHANGE. HAVANA CARDENAS. MATANZAS. CIENFUEGOS. SANTIAGO. MANZANILLO. CAIBARIEN, SAGUA LA GRAND*; GUANTANAMO. SANTA CLARA. CAMAGUEY. PINAR DEL RIO. SANCT! SPIRITUS, CAMAJUANI, CRUCES. CIEGO DE AVILA, HOLGUIN. NEW YORK AGENCY—1 WALL ST. BANKERS C I. HUDSON & CO. ■oa. 84-86 WALL ST., NEW YOBK. 900,684 60 8 681,379 19 .... 84 GALIANO ST.. HAVANA. 228 MONTE ST.. HAVANA. 28 State Street, BOSTON Cheetnot ft 4th St, )****** 32 (New York Stock ^pula YORK 140 Dearborn Street, CHICAGO NATIONAL BANK OF CUBA Collections 7 Wall Street 63 State Street NEW YORK BOSTON I embers New York and Chicago Stock Exchanges Specialty. a Sole Depositary for the Funds of the Republic of Cuba Member American Bankers’ Association Cable Address—Banconao 760 Main Street HARTFORD TELEPHONE 8070 JOHN. BANK Miscellaneous Securities E. W. CLARK & CO. in all Markets HAVANA OF 76 CUBA STREET BANKERS, PRIVATE WIRES TO PRINCIPAL CITIES CARLOS DE ZALDO. President JOSE I. DE LA CAMARA. Vice-President PHILADELPHIA 321 Chestnut St. Thomas L. Manson & Co. Members Phila. and New York Stock Exchanges. Interest allowed on deposits. New York Correspondents {National RaS' STOOK BBOKEB& George P. Schmidt Members N. and Boston Stock Y. 100 Broadway, - Frederic Gallatin Jr. Albert R. Gallatin Exchanges. NEW YORK Members N. Y. Stock Exchange 111 PflyaCe Wires to Boston. Hartford. New Haven and Philadelphia MMMBER9 OF N. Y. STOCK EXCHANGE Allow Interest on deposits subject to sight check. Bay and sell on commission stocks and bonds, and Edwin P. Campbel James G. MacLean H. G. WALKER BROS. Campbell & Co. 71 BROADWAY, N. Y. INVESTMEMT William Herbert & Co. Hanover Bank 11 PINE STREET, J. S. Farlee. INVESTMENT Y. and Phila. Stock Exchanges Mem ben Deposits Subject to Check) 1869 New York Stook Exchange. Investment Securities Especial attention given to supplying hlgh-olaat INVESTMENT SECURITIES. on 11 WALL ST., N. V. D. H. Schmidt & Co. . Orders for Stocks and Bonds executed upon al Exchanges In this country and Europe. Interest Allowed SECURITIES HARTFORD. CONN. No. 10 WALL STREET. N. tf WILLIAM STREET NEW YORK. 1910 Jas. B. Colgate & Co. If Wall Street. New York. Members N. T. Stock Ex. facility consistent with good banking. every MELLOR & PETRY Stocks, Bonds, Investment Securities 104 SOUTH FIFTH ST.( Philadelphia NEW YORK STOOK EXCHANGE PHILADELPHIA STOOK EXCHANGE W. S. Tarbeli. Brokers and Dealers in JOHN H. DAVIS &, CO. Members SECURITIES H. L. Finch. Investment Bonds. VICKERS 6, PHELPS Effingham Lawrence & Co. Members N. Y. Stock Exchange Simpson, Pearce & Co. BANKERS III BROADWAY. NEW YORK DEALERS IN Bonds and Guarantssd Stooks Order* Executed In all Markets. WEBB & CO. INVESTMENT SECURITIES 74 BROADWAY W. H. Goadby & Co. Bankers and Brokers HO. 74 BROADWAY, NEW YORK - Established 1,94 Member* New York Stock - - NEW YORK Telephone 2817 Btotot Exchange INSURANCE STOCKS Telephone* 111 BROADWAY 4490-1-2-5-4 Rector NBW YORK Fidelity, Phoenix, Home, Niagara, Continental, fto. 29 Wall Street. New York City. Member* of New York Stock Exchange BONDS Oash orders only in stocks accepted Deposits and Savings Accounts Accounts of Banks, Firms. Corporations and Individuals solicited. We are prepared to furnish depositors MEMBERS NEW YORK STOCK EXCHANGE. NEW YORB BANKERS AND BROKERS. Interest paid on Time MEMBERS J. S. FARLEE & CO. EXCHANGE Building - OFFICERS W. M* Ladd, President. R. S. Howard Jr., Asst.Caab E. Cooklngham, V,-Pre». J. W. Ladd, Asst. Cashier. W. H. Dunckley. Cash. Waiter *1. Cook. Asst. Cash. Members N. Y. Stock Exchange ■eeurltlee Bought ft Sold on Commission MEMBERS N. Y. STOCK General Banking and Stock Exchange Business. a Norman S. Walker Jr. John Y.,G. Walker Ex. Norton U WALL STREET. NEW YORK Members New York Stock Exchange 1850 Capital Fully Paid - - - $1,000,000 Surplus and Undivided Profits $600,000 MEMBERS N. Y. STOCK EXCHANGE GUARANTEED STOCKS BANK OREGON - Established 24 NASSAU STREET Transact & TILTON PORTLAND HENDERSON & COMPANY RAILROAD BONDS Maury G. Campbell LADD Broadway McCURDY, BANKERS NASSAU STREET, NEW YORK. Established 1865 Capital, $1,000,000 HEW YORK CITY M. KIDDER & CO. 5 Acts as Cuban correspondent of American banks and transacts a general banking bu since*. SCHMIDT & GALLATIN Tel. 2500 Rector A J. Prentice Kellogg William A. Larned Chas. H. Blair Jr. John E. Gardm ) Alvin W. KrechlNew York Committee James H. Post J BOUGHT AND SOLD E. & C. RANDOLPH Members Ill New York Broadway, Stock New E. S. BAILEY 89 BROADWA Exchange. EDWIN R. CASE York. Open Market Securities Department HORACE HATCH. Manager. Dealer* in Investment and Other Securities of the United State* and Canada NEW YORK NEW JERSEY SECURITIES No better State No better Securities 15 EXCHANGE PLACE Tel*. S66 and 751 JERSEY CITY Oct. 15 1810.] THE CHRONICLE financial. <&uvxeut IX gxrtxd inquiries. WANTED Site Cumberland Telephone & Telegraph Co. Stock BOUGHT AND SOLD ©iti^jcns Central Ualimial fgatih of gSeu> GOULDING MARR Broker NASHVILLE, - TENN. - 390 BROADWAY La Grange Wat. Lt. & P. Co. 5s Chic. & Milw. Breweries Stock York-Haven Water Power Co. 5s H-0 Co. Subordinate Lien 5s Delaware (O.) Water Co. 6s Omaha Water Co. 5s & Stock Maine Water Co. 5s Public Wat. Sup. Co., Ottumwa Council Bluffs Wat.-Wks. Co. 6s Glens Falls Gas & Elect. 5s Herring=Hall»Marvin Safe Stock H 1 Edwin S. Schenck. President Francys M. Bacon Jr.. Vico-President Albion K. Chapman. Cashier Jesse M. Smith. Asst. Cashier MUNICIPAL RAILROAD ) 4% CORPORATION ) 6% > TO BONDS Specialists In Inactive Bonds. 17 Stole street Boston FOR SALE James McAllister. Asst. Cashier W. M. Haines. Asst. Cashier C. Sptlfter & Co. Selected tor Conservative Investors. Lists Mailed Upon Application Springfield Fire & Marine Ins. Co Waltham Watch Pfd. American Caramel Pfd. Dartmouth Mfg. Com. Pope Mfg. Com. American Glue Com. & Pf Capital $2,550,000 Surplus and Profits $1,600,000 Lawrence Barnum & Co. BANKERS f»-2S PINE STREET. Philadelphia NEW YORK Washington Pittsburgh Sheboygan Lt.. Power ft Ry. 5s Guanaj. Red. & Mines 6s ft Stock Great Northern Ry. of Canada 4s Stone & Webster 14T MUk Street. I Nassau Street NSW YORK BOSTON First Nad. Bask Bids CHICAGO We offer for Investment Securities of Public Service Corporations under the management of our organization to Ft. Smith Lt. ft Traction 5s F.W. MASON & CO. FOR SALE Harrison Bros. & Co., Inc., Stocks Buffalo & Lake Erie Traction 5s WANTED Rhinelander Water Co. 5s Glens Falls Gas & Electric 5s New River Coal Co 5s describing these companies will be sent upon request. HOTCHKIN & CO INVESTMENT SECURITIES 53 STATE ST.. BOSTON Telephone 3448 Main UnionE1 Lt.ft P. Go. of 8t.L. 1st 5s Union El. Lt.ft P. Go. of St. L. Ref. 5s Csclede Gas Go. of St. Louis 1st 6s Laclede Gas Go. of 8t. Louis Ref. 5s Kan. 0. Ry.ft Lt. 5s A Underly. See’s DEALT IN BY O. H. FARNHAM *7 STATE STREET. BOSTON FRANCIS, BRO. & CO. Michigan 214 North 4th Strut, ST. LOUIS (ESTABLISHED 1377) Railroad, Municipal and Corporation Stocks and Bonds Our Manual Coastwise Transportation Boston Sec’s Com. Massachusetts Lighting Co. U. S. Worsted Pfd. Columbian Nat’l Life ms. Co. American Investment Sec’s Pfd. Great Western Power 5s, 1946 Hudson River Elec. P. 5s, 1944 Atlanta Birm. & Atlantic 5s, 1936 Michigan State Telep. 5s ft Stocks Guanaj. Pow. ft Electric 6s ft Stocks Bigelow Carpet United Bys. of St. Louis 4s yield 5% to 654% Douglas Shoe Pfd. Nashawena Mills Bought and Sold WM. HUGHES CLARKE Detroit, Michigan. Union Railway, Gas A Electric Portland Railway, Light ft Power Memphis Btreet Railway ALL LOUISVILLE LOCAL SECURITIES S. C. HENNING & CO. GEORGE L. WARE 63 State Street, BOSTON, HASS. Telephone Main 984 C. B. Van Nostrand 84 WALL STBMET INDUSTRIALS Now York State Railways, common Mohawk Valley Go. 11« So. 5th St.. LOUISVILLE. KY. 71 Broadway NEW YORK CITY Stocks and Scrip. WE OFFER MALCOLM LINDSEY WATER COMPANY First 5s, 1919, Underlying 2d Mtge. Bonds STUART 50 Broadway. NSW YORK Telephone 155 Reetei WANTED Grand Rapids Ry. Co. 1st M. 6% Bonds, duo 1*15 OFFER St. Joseph Railway. Light, Heat & Power Co. 1st Mortgage 5% Bonds. 1937. & Co., Sutton, StrotherStreets Calvert and German BALTIMORE Members ef Baltimore Stock Exchange George B. Atlee & Co. Bankers 119 S. Fourth St. Philadelphia Nevada-California Power Co. bonds and stock Denver & N. W. Ry, •« and stock Northern States Power Co. Denver Gas & Electric 5s Northern Idaho A Montana Power Co. JAMES N. WRIGHT & CO. DENVER, COLO. Specialize in Securities of Bank and Trust Company Stock* NEW YORK AND BROOKLYN BOUGHT AND SOLD CLINTON GILBERT 2 WALL ST.. NEW YORK GEO. B. EDWARDS Tribune Building. 154 Nassau Straot. Telephone 4218 Beckman. NEW YORK. N. Y Temple iron Klots Throwing U S. Lumber Spring Brook Water Pa Coal A Coke Northern Electric New Mexico Ry.a Coal a W. V. R. T. New River Chicago Subway Scranton Railway Scranton Electric Pa. Cent. Brewing Scranton Gas 5 Water Paint Creek Collieries W. B. * Wrs. V. Tree. BROOKS a CO.. HAWKERS EMBERS NEW YORK STOCK EXCHANGE 423 Spruct St., Sec. Nat Bank BWf. Negotiations, I n vestigetiona, Settlements SCRANTON. PA. WILKES-BARRE, PA. In or out of New York City Correspondents' EDWARD B. SMITH a CO.. Satisfactory References ST Pine St.. New York City. Union Utilities Company 1st Mtge. 5s, 1944 Detroit & Pontiac Railway Cons. 4Hs, 1926 Spokane Terminal Railway Co. 1st 5s, 1917 Atlantic City Gas Company Stock SAM U EL K. PH ILLI PS A CO. 421 Chestnut St Philadelphia Members of Philadelphia Stock Exchange. We desire offerings of free of tax bonds in the State of Pennsylvania WU RTS, DULLES & OO. Ul S. FOURTH ST.. PHILADELPHIA Telephone Lombard 1099-1951 J i X THE CHRONICLE Current jVoL gotxd inquiries. Colorado Springs & Cripple Creek District 5s Mobile & Ohio, St. Louis & Cairo Coll. 4s, 1930 Toledo Terminal Railroad 4J^s, 1957 United Electric Co. of N. J. First Mtge. 4s, due 1949 Fort Street Union Depot 4J^s, 1941 Wheeling & Lake Erie Equip. 5s, 1922 Pere Marquette Cons. 4s & Ref. 4s Louisiana & Arkansas 5s, 1927 Gulf & Ship Island 5s, 1952 ' Wabash Equipment 5s, 1921 Green Bay Western Deb. As [ | t Southern Indiana 4s, 1951 Bush Terminal 4s & 5s AND ALL OTHER F. RAILROAD SECURITIES DEALT IN BOUGHT AND SOLD This company serves a population of about 1,000,000, including the cities of Newark, Jersey City, Hoboken, Elizabeth, Bayonne, the Oranges and Montclair. 6. IV. Walker A Co TeL 100 Broad. STREET, Short Chesapeake & Ohio Cons. 5s, 1939 Chicago St. Louis & New Orleans J. USMAN & COMPANY, BROAD 95 Broad 5t.. Now York Atchison Trans-Continental Line 4s, 1958 5s, 1951 SPECIALISTS IN STEAM RAILROAD SECURITIES Members N. Y. Stock Exchange 30 L>XX*I SUTRO NEW YORK Land Title & Trust Go. Building, PHILADELPHIA 39 Pearl Street, HABTFORD BROS. & CO. BANKERS 44 FINE STREET. NEW YORK Mam her* New York Stook Bxekangt Kansas City Ry. & Lt. 6s Wilmington & Northern 1st 5s S. A. L. 3-yr. & 10-yr. 5s, May, 1911 St. P., Chic. & Pac. West. 5s, 1921 LIBBEY&STRUTHERS 55 Cedar Street Automatic^Weighing Machine 6s A. A. LISMAN & CO West. N. Y. & Pa. 1st Choctaw Okla. & Gulf Cons. 5s , 25 Broad St.. New York WE OWN AND OFFER 400 Chestnut Street. Philadelphia. Richmond-Washington Co. 4s Mtge. 5s MEW YORK Tel. 5950 Broad Robt.Glendinning&Co Norfolk & Western Equipment 4s Pennsylvania Gen. Frt. Equipt. 4s Syracuse Rapid Transit 1st 5s Public Service Corp. 3-year Notes New Haven 6s Texas Cent. Houston & Canton (O.) Electric Co. 5s, 1937 Rio Grande West 1st 4s Lansing Fuel & Gas Co. 5s, 1921 Mich. City Gas & El. Co. 5s, 1937 Seattle Lighting Co. 6s, 1920 Idaho Oregon Light & Power 6s Interboro 4s Manufacturers’ Water Co. 1st 5s Ry. 5s WANTED 50 Adams Express 100 American Brass 50 Hood Rubber 100 Lord & Taylor Pfd. 100 Plattsburg Gas & Electric Com. 50 Plattsburg Gas & Electric Pref. Canton (O.) Elect. Co. Pref. Stock H. L NASON & CO Shawmut Bank Building, T. W. STEPHENS & GO BOSTON, MASS. BANKERS 2 WALL STREET NEW YORK. WE BUY AND SELL GEORGIA STATE AND MUNICIPAL INVESTMENT BONDS FREDERIC H. HATCH & CO New York J. H, HILSMAN & CO. Individuals and Harrisburg Gas 5s. 192S Peoria Gas & Electric 5s, 1923 Rochester Gas & Electric 5s, 1912 Syracuse Gas 5s, 1946 Rochester Railway 5s, 1930 Corporations ^EMPIRE BUILDING, ATLANTA. GA. We offer , Vandalia 4s, Series “B” Atchison Adjustment 4s Chicago & Western Indiana 4s FERRIS a WHITE, Tol. 6SI7-8 Hanover 37 Wall St.. N. Y. WE WAN! TO BUY Somerset Coal 5s Fairmont Coal 5s Kansas City Gas 5s Carter Coal & Iron 5s T U. S. Sugar Refining 6s Houston & Texas Central 4s 4. UnitedJBox Board & Paper 6s F Baker, Ayling & Company West End Trust Bldg., Phlla., Pa. Niagara Lockport & Ontario First Mtge. 5% Sink. Fund Gold Bonds due November 1st 1954. Price 90 & int. Yielding 5.60%. Exempt from taxation in New York State Pr.vid.nM Telephones, J Bell-Spruce 21-31. 1 Keystone-Race 205 Chicago & North West. 7s, 1915 Chicago & West. Indiana 6s, 1932 Chicago & Pacific West. 5s, 1921 Oregon Short Line 5s Virginia Midland 5s, 1936 BURGESS, LANC a CO. Private NEW YORK 34 Pin* Street Wire BOSTON 50 State Street BLAKE & REEVES Tel. 1504 John Telephone 2417-8-9 John Whitney Power & Electric Company Investment Bonds First 6s, Yielding 6% Pingree, McKinney & Co. G. K. B WADE Tel. 6744 Hanover 84 Pine Street. New York Mt. Railroad and Other 49 Wall Street. B. & O. 4y2% Notes, 1913 Tidewater Co. 6% Notes, 1913 8 Congress Street, Boston Realty Associates Metropolitan Bank Coal & Iron National Bank BOSTON PhlltMphli Members of the Philadelphia Stook Exchange Power Co. 80 Broadway. New York BONDS REED A. MORGAN & CO.. $25,000 J. H. BECKER a CO. TW. 985 Rooter Congress Street Baldwin Locomotive Works 1st 5s, 1940 Allentown Gas 5s, .1924 Chester County Gas 5s, 1925 accounts of on 50 WE ARE IN THE MARKET FOR— BONDS Interest allowed Boston SO Broad Street CURTIS a SANGER Membete Boston J tf.Y.. Bonon a Chicago Stock Exchange* 49 Wall Street NEW YORK Chicaco i LUTZ & COMPANY (Sank and Trust Co. Stocks. N. Y. Tel. 273 Broad. 25 Broad 8t., O0T. 15 1910.] THE CHRONICLE xi Wnvvent JSoud inquiries. Van Norden Trust Co. Stock General Rubber Co. 4^s, 1915 Cons. Wat. Co. of Utica Gen. 6s, 1930 Mex. Internet. 1st 4s, 1977 (stamped) Practical Investments, • -J. Suitable for the Saratoga Association Stock BANKERS 20 BROAD STREET, V. T. 28 Nassau 5th Ave. A 43d St., New York OFFERINGS WANTED R. M. Stinson & Co. ••NEWROSE*' LOTTlS Guaranteed Lake Shore Bonds Guaranteed N. Y. Central Bonds 33 Evansville Gas & Elect. 1st Mtge. 5s, due 1932 Decatur Ry. & Lt. Co. 1st Cons. 5s, due 1933 Danv. Urb. & Champ. Ry. 1st M. 5s, due 1923 PRIVATE WIRE TO ST Underlying Bonds Street, New York Branch Offices MEMBERS N. Y. STOCK EXCHANGE 60 BROADWAY. N. Y. telephone 4380 Rector. Cable Address. North American Bldg.. PHILADELPHIA Members Philadelphia Stock Exchange ’Phones Bell Walnut 22-90 Keystone Race 4-99 * West. El. & Mfg. Go. Conv. 5s, 1931 Tenn. G. A I., Tenn. Div. 6s, 1917 Westchester Ltg. 1st 5s, 1950 Kings Go. El. Lt.A P. P. M. 6s, 1997 Brooklyn Edison 4s, 1939 6s, ■N. Y. A East River Gas 1st 5s, 1944 PATERSON & CO., MEGARGEL & CO. NEW YORK Tel. 1985-5-7 Rector 30 Broad St.. N. Y Missouri Kans. A Okla. 5s, 1942 California A Pacific 43^s, 1912 Pacific Tel. A Tel. 5% Receipts, 1937 So. Panhandle 4s, Series “G”, 1942 Flint A Pere Marq. Cons. 5s, 1939 Flint A Pere M., Pt. Hur. 1st 5s, 1939 Midland RR. of N. J. 1st 5s, 1940 Keokuk A Des Moines 1st 5s, 1923 EYER & COMPANY Tel. T750 1-2-3 Hanover ST Wall Street NEW YORK v t Chicago & Alton 3s. 1949 New Orleans Mobile & Chic. Bonds & Scrip New Orleans Mobile & Chicago Pref. Stock New Mexico Railway & Coal 5s, 1949-1951 Alabama State 4s. 1920-1955 Phenix National Bank Stock DOUGLAS FENWICK & CO. TM. John 109 4 Ry. Co., Memphis Div. 5s, 1996 * Railway Equipment Issues FREEMAN & COMPANY 31 PINE STREET. NEW YORK Telephone 5059 John The reasonable be made in the Kansas City Southern 5e. 1950 N. Y. Cent.-*—Mich. Cent. coll. 3Ms, 1998 Lehigh Valley Terminal 5s, 1941 New Haven Deb. 4s. 1956 Erie RR.. Long Dock Co. 6s, 1935 Edison Elec. Ilium, of Brooklyn 4s, 1939 N. Y. Lake Erie & Western 7s, 1920 Superior & Duluth 4s, 1936 Northern Ohio 1st 5s, 1945 Worcester Consol. St. Ry. deb. 4Ms, 1920 N. Y. Susq. & Western Ref. 5s. 1937 Erie RR. Consol. 7s. 1920 assurance of large profits to PORCUPINE gold fields make it good business to invest a portion of your surplus in sound enterprises in the camp. WARREN, GZOWSKI & CO. Toronto. 25 Broad Street, New York. Equipment Bonds and Car Trusts Swartwout & Appenzeilar 44 Pin* Street Company NSW YORK. WANT Brooklyn Heights RR. 1st 5s N. Y. N. H. A Hartf. Deb. 4i, 1947 New York A Northern 5s f ? We have GOOD MARKETS In unlisted and in¬ respectfully Invite Inquiries. active securities and .1- K. Rice, Jr. & Phones 7460 to 7466 Hanover. 33 Wall St.,N.Y GILMAN &, CLUCAS Dealers in High-Grade Investment Bonds 1st Nat. Bank Bldg.. NEW HAVEN. CT. 34 Pine Stree NEW YORK Florida East Coast 4J^s, 1959 N. Y. Central Equipments phic. R, I. A Pac. Equipments Missouri Pacific Equipments 27 William St.. N. Y Jersey City Hob. A Pat. St. Ry. 1st 4s Jersey St. Ry. Go. 1st 4s United Electric Go. of N. J. 1st 4s N. J. A Hud. Riv. Ry.A Fy. Go. 1st 4s Bought and Sold LAMARCHE & COADY, W. E. R. SMITH & CO., to Broad Street New Yorfc 25 Broad St.. IV. T. N. Y. New Haven & Hartford Reg. 3J^s, 1954 Pere Marquette Refunding 4s and Deb. 6s Norfolk & Western—Pocahontas Coal & Coke Joint 4s Mason City & Fort Dodge 4s Buffalo New York & Erie 1st 7s Galveston Harrisburg & San Antonio—M. & P. 5s Chicago City & Connecting 5s Hous. & Tex. Cent.—Waco & North 6s Lehigh Valley of N. Y. Reg. 4J^s OFFER City 4J^s Ogdensburg A Lake Champlain 4s American Brass American Caramel Com. Amer. Coal Products Borden's Milk Com. City Investing Com. Eastman Kodak. ComH Illinois Traction Pfd. Lackawanna Steel Nat. Lt.; H. & P. Com. New Yonc Curtain Royal Bak. Pow. Com. Schieffelin & Co. Pfd. May Dept. Stores Com. Sen Sen Chiclet Mohawk Valley Singer Manufacturing Nat. L.. H. & P. Pfd. U. S. Motor Com. Phelps, Dodge & Co. U. S. Motor Pfd. Por. Ry.. L.. H.&P.Pfd. Union Typewriter, Com. Safety Car H. & Ltg. Wells Fargo Express Underwood Type. Pfd. Western Power Pfd. Western Power Com. Western Pacific North CITIES SERVICE CO. Stocks PACIFIC GAS & ELECTRIC CO. Stocks Morris A Essex 7s, 1914 St. Paul A Duluth 4s, 1968 Boston A Albany 4s New York Will Sail NEW YORK CITY Chesapeake & Ohio—Coal River 4s Coffin & Will Buy Adams Express American Chicle Com. Am. Lithographic Com. American Meter Cal. Elec. Generating Childs (Rest.) Co. Com. Cities Service Pfd. Cripple Crk. Cent. Pfd. D. L. & West. Coal H. W. Johns M. Com. H. W. Johns M. Pfd. May Dept. Stores Pfd. Members N. Y. Stock Exchange 20 St. New York. Private win to Philadelphia. RICE, JR. & CO. Tel. 6557 Broad 3«$epb Ulalkera $on$ Broad J. K. WOLFF & STANLEY BANKERS Tel. 5775-6 Broad. MembersNewYork Stock Exchange. Lombard St., London, E. 0 Seaboard Air Line Equipments 34 WALL ST /■ I- * ■ --V) " ’ . of New NEWBORG & CO., 6 Nassau Street ; Guaranty Trust Company York Kentucky Central 1st 4s, 1987 Northern Pacific 3s, Registered Republic Iron & Steel 1st 5s, 1934 Lehigh Valley General 4s, 2003 Westinghouse Convertible 5s, 1931 Ches. A Ohio Cons. 6s, 1939 Sulzberger . Circular No. B-7 will be sent upon request. Telephone 445-0-7 Rector 1916 * $t"r *"■ "V -f 1st—As to the safety of the money Invested, which depends upon the credit of the Company Issuing the obligation and upon the 2nd—As to the continuance of Interest payments, whichunderlying security. depends upon the earn¬ ing capacity of the Company. 3rd—As to his ability to liquidate the Investment before maturity. If necessary, which depends upon the market and the stability of price. We have prepared a list of carefully chosen bonds which we can recommend for personal investment, and which yield at present prices a liberal rate of income. Glide, Wlnintll Sc Co. Schwarzschild & - , Railroad Securities 4s, 1952 Ashland Wat. Co. 1st Ref. 6s, 1929 Eeokee Cons. Coke Co. 1st 5s, 1959 Houston A Texas Cent. 1st 5s, 1937 M. K. & T. -ir1 business man or those who desire to invest surplus funds safely and advantageously, should fulfil certain fundamental requirements. The Investor should have assurance: average *+ Minn. & St. Louis 5s, 1911 St. Louis & San Fran. 4J4s, 1912 WERNER BROS. & GOLDSCHMIDT Teh 4800-1-2-3-4-5 Broad. 25 Broad Street, N. Y. THE CHRONICLE XU [Vob. Ljixxxi face tings. THERDA^RWc8;°PAaN^NDE NOTICE OF ANNUAL MEETING. Nederlandsch Administratie- & Trustkantoor New York, September 10, 1910. To the Stockholders of The Denver & Rio Grande Railroad Company: The annual meeting of the Stockholders of The Denver & Rio Grande Railroad Company will be _ (NETHERLANDS ADMINISTRATION & TRUST COMPANY ) 215 Slngel - AMSTERDAM. (Holland.) , Board of Director** H. WALTER. L. D.. Chairman, Rock & Uyt den Bogaard. Ph. MEES. A. A. H. BOISSEVAIN, Director of Swiss Bankvereln and of Labouchere. Oyens & Co’s Bank. J. A. DUYNSTEE. Telders & Co. F. Th. EVERARD. Banker. P. M. J. GIL1SSEN Arnold GUIssen. AUG. KALFF. Jan Ealff A Co. Acts Acts as as closed for the purposes of the meeting at three o’clock p. m. on Tuesday, October 4th, 1910, and will be reopened at ten o’clock a. m. on the day following the annual meeting or the final ad¬ H. MEINESZ. President. 0. H. DE MAREZ OYENS. Labouchere, Oyena & Go’s Bank. A. L. Q. H PICHOT journment thereof. STEPHEN LITTLE, Secretary Westerwoudt 6t Co. ALLIS-CHALMERS COMPANY. 71 Broadway, New York City. W. M. SCHEURLEER. Soheurleer & Zoonen October 6tn, 1910. To the Stockholders of the ALLIS-CHALMERS COMPANY. The Annual Meeting of the Stockholders will be held at the principal office of the Company In the State of New Jersey, No. 15 Exchange Place, Quardian, Agent, en Jersey City, on Thursday, the 3rd day of Novem¬ ber, 1910, at twelve o'clock noon, for the purpose of electing directors to succeed those whose terms of office then expire, and for the transaction of such other business as may properly come before the meeting. The Preferred and Common Stock transfer books will be closed at the close of business on Thursday, the 13th day of October, 1910, and will remain closed until Monday, the 17th day of October, 1910, at 10 o’clock A. M. W. W. NICHOLS. Secretary. SUtnouS H>uretp Company Homo _ Company, both Common and Preferred, will be R. Meea & Zoonen. Executor, Administrator, Trustee, Trustee of Corporation Mortgages. . held at the principal bfflce of he Company In Denver, Colorado, at 12 o'clock noon on Tuesday, October 18th, 1910. The meeting will be held for the election of Directors and for the transaction of any other business pertaining to the Company that may be properly brought before It. The books for thfc transfer of the stock of the H. MEINbSZ, Pro»ld*ut dc .. Office, 206 La Salle Street CHICAGO RIO GRANDE SOUTHERN RAILROAD CO. Denver, Colorado, September 15 1910. The annual meeting of the stockholders of the Rio Grande Southern Railroad Company for the election of directors and for the transaction of such other business as may be brought before the WRITES ALL CLASSES SURETY BONDS Court—Fidelity—Contract—Miscellaneous meeting will be held at the principal office of the Company In the city of Denver, State of Colo¬ rado, on the third Monday of October next, being the 17th day of said month, at 12 o’clock noon. The transfer books will be closed at 3 o’clock p. m. on October 7th and reopened on the morning of The motto of the Illinois hath in the Surety Company is **JPrompt Service** handling of Us business and the adjustment of its losses Oct. 24th 1910. JOHN B. ANDREWS, Secretary. ISiUmteA. The most conservative bankers, broken and lavMtora have constantly before them BABSON’S REPORTS 6% BONDS Of Electric Railway and Lighting Co. Large City—State C >pltal Earnings about 3 times Interest charges. Dividends on stock. Present price very low. ON Fundamental Conditions For details concerning these Reports or our "Business Barometers’’ (which we Install In banks W. E. HUTTON &. CO. both for their own and customers’ use) address Baboon's Compiling Offices. Wellesley Hills, Mass Member* New York Stock Exchange Established 1818 NEW YORK OFFICE. 24 STONE STREET Largest Statistical Organization n the U. S. 25 Broad Street. - New York Private wires to Cincinnati, Chicago. San Francisco and Los Anaeles. A CHICAGO FIRM. NOW DEALING IN MORTGAGES. WOULD LIKE TO REPRESENT A NEW YORK BANKING HOUSE IN THE SELLING OF HIGH-GRADE BONDS. WOULD ALSO CONSIDER SHARE IN UNDERWRIT¬ INGS FROM TIME TO TIME. BEST REFER¬ ENCES GIVEN. ADDRESS “F. A. L..” CARE COMMERCIAL & FINANCIAL CHRONICLE. P. O. BOX 958, NEW YORK CITY. WANT LOAN OF 3200.000. I have a client that desires a loan of 3200.000. first lien on real estate. City of Scranton, Pa. Title good and clear of liens Security 3350,000 t. *400.000. AP#y «. WATSON. Traders’ National Bank Building. Scranton. Pa. Range of Prices for Stocks and Bonds Man thoroughly experienced in the stock and bond line is desirous of securing an office o» selling position: am capable executive, as well as salesman. Would consider an out-of-town E., care of Chronicle, groposition. 0. Box 958.Address New York. . FROM 1904 to THE AMERICAN MFG. CO. July 1, 1910 MANILA. SISAL AND JUTE Earnings, Fixed Charges and Dividends for Series of Years CORDAGE Hand Book of Securities - New York <3>0trje*txmjetxt Juxcuttlaixt $5 Wall Street Price of Single Copies $1 00 To Subscribers of the Chronicle 75 The Hand-Book is issued to Bankers and Brokers with their cards lettered in gilt on the outside coyer (not less than 25 copies to one P. O. BOX 27 WASHINGTON. D. C. ad¬ OFFICIAL ORGAN OF THE ASSOCIATION OF AMERICAN GOVERNMENT ACCOUNTANTS. dress) at special rates. MAIN OFFICE. 4 MONTHLY MAGAZINE OF INTEREST TO ACCOUNTING AND FINANCIAL OFFICERS OF Commercial & Financial Chronicle front Pint and Dopeyster Streets, WTW YORK. MUNICIPALITIES, bANFS, RAILWAYS AND OTHER PUBLIC SERVICE CORPORA¬ TIONS. TO BE FOUND IN ALL LEADING CERTIFIED PUBLIC ACCOUNTANTS’ OFFICES. 1 tnmyft Copy 15 oonts. Per Annum $1 50 Oct. 15 i»ia>] THE CHRONICLE financial. XIII ^financial. GEORGIA SOUTHERN & FLORIDA RY. CO. California Securities DEALT IN H. M. BYLLESBY & Co. Pacific Gas & Electric ENGINEERS DIVIDEND NOTICE. New York, September 27, 1910. At a meeting of the Board of Directors of the Georgia Southern & Florida Railway Company held In Macon, Georgia, to-day, semi-annual dividends of Two and One-Half (32 50) Dollars per share were declared on the First Preferred and Second Preferred Stocks of the Company, payable at the office of the Mercantile Trust & Deposit Company, of Baltimore, Md., on Novem¬ ber 2, 1910, to Stockholders of record at the close of business October 6, 1910. R. D. LANKFORD, Secretary. COMMON AND PREFERRED Pacific Telephone & Telegraph EXAMINATIONS and REPORTS COMMON AND PREFERRED Western Pacific 218 La Salle STOCK Western Power Co. Street, CHICAGO Portland, Ora. Oklahoma City, Oklahoma. COMMON AND PREFERRED lfohda* Ala. all stockholders of record at the close of business on October 20 1910. Cheques will be mailed to stockholders who have filed permanent divi¬ dend orders at this office. J. D. MORTIMER, Northern Electric of California 5% BONDS Dividends. HERZOG & GLAZIER Members N. Y. Stock Exchange. 24 . Secretary. THE KANSAS CITY SOUTHERN RAILWAY COMPANY Office of H. M. BYLLESBY & COMPANY . BROAD ST.. NEW YORK Tel. 4170-1-2 Rector Engineers Managers Chicago w The Board of Directors of the OKLAHOMA GAS & ELECTRIC COMPANY of Oklahoma City, Oklahoma, declared a quarterly dividend of one and three quarters per cent (1 H%) upon the preferred stock of the Company, payable by check October 15th, 1910, to stockholders of record as of the close of business September 30th, OFFICE OF THE Mexican Northern Railway Co. 82 1910. ROBERT J. GRAF, Assistant Secretary. Mortgage, to extend any or all of such remaining outstanding bonds until December 1st, 1930, and to pay interest thereon at the rate of six per cent during the period of extension. The holders of upwards of three-fourthaof such outstanding bonds have elected to have their bonds so>.extended. The Company will, upon presentation of any of the remaining bonds at its office, No. 82 Beaver Street, New York City, on or before December 1st, 1910, at the holder’s option, either (1) extend same by endorsing thereon the certificate of extension and affixing new coupons covering the period of extension; or, (2) purchase such bonds, paying principal and interest to date therefor. Interest on all bonds not so extended or pur¬ chased by the Company will cease on December 1st 1910, on and after which date such bonds will be redeemed upon presentation at the office of the Guaranty Trust Co. of New York, No. 28 Nassau Street. ROBERT E. SAFFORD, Secretary. LOUISVILLE & NASHVILLE RAILROAD CO. 71 Broadway, New York, October 11th, 1910. In accordance with the terms of the Mortgage of the Evansville Henderson & Nashville Division of this Company, the following One hundred and ten (110) bonds have this day been drawn for the Sinking Fund, viz: 5 191 685 957 1295 1543 1904 2120 132 225 724 974 1303 1547 1925 2123 ■48 265 729 995 1315 1570 1960 2133 ■76 300 735 1027 1316 1573 1984 2133 189 323 798 1039 1339 1584 1997 2178 l92 380 .799 1057 1381 1611 2012 2208 ► 93 408 827 1083 1390 1667 2226 2013 112 430 844 1121 1401 1671 2026 2259 115 487 854 1125 1407 1677 2053 2269 142 517 869 1147 1444 1705 2064 2320 148 528 926 1150 1475 1754 2065 2360 171 587 927 1175 1479 1796 2071 2393 179 645 935 1245 1486 1885 2083 184 656 954 1263 1495 1886 2104 The Interest on the same will cease December 1st, 1910, and the principal of the bonds will be redeemed at this office on and after that date plus ten per cent premium. E. L. SMITHERS, Assistant Treasurer. . H. M. PREFERRED DIVIDEND NO. 44. Office of Office of BYLLESBY & COMPANY Engineers Managers Chicago The Board of Directors of the SAN DIEGO CONSOLIDATED GAS & ELECTRIC COM¬ PANY of San Diego, California, has declared a quarterly dividend of one and three-quarters per cent (1 H%) upon the preferred stock of the Company, payable by check October 15th, 1910, to stockholders of record as of the dose of busi¬ ness September 30, 1910. ROBERT J. GRAF. Assistant Secretary. PORTLAND GAS & COKE COMPANY. Portland, Oregon. PREFERRED STOCK DIVIDEND NO. 3. The regular quarterly dividend of One and Three-Quarters (1 %%) Per Cent on the Preferred Stock of the Portland Gas & Coke Company has been declared for the period ending October 31st 1910, payable on the first day of Covember, 1910, to the stockholders of record at the close of busi¬ ness on October 22nd, 1910, on which date the transfer books will close and reopen on November 1st, 1910. G. F. NEVINS, Treasurer. THE GUANAJUATO POWER & ELECTRIC CO. Hagerman Bldg.. Colorado Springs, Colo. PREFERRED DIVIDEND NO; 9. A dividend of One and One-Half Per Cent (1 H%) upon the Preferred Stock of this Company has been declared, payable November 1, 1910, to stockholders of record on the books of the Company on that date. The transfer books will be closed on October 20, 1910, and reopen on November 1, 1910. LEONARD E. CURTIS, Treasurer. American Telephone & Telegraph Oo. A dividend of Two Dollars per share will be paid on Saturday, October 15th 1910, to stock¬ holders of record at the dose of business on Friday, September 30 1910. WM. R. DRIVER, Treasurer. . _ - and offer Municipal Bonds Issued by Counties, Cities, Towns and Boroughs ... BANKERS si Nassau smsr NEW YORK Secretary.: PREFERRED DIVIDEND NO. 40. Office of the GRAND RAPIDS RAILWAY COMPANY. Grand Rapids, Mich., October 11. 1910.^ The Board of Directors of the Grand Rapfals Railway Co. has declared the regular quarterly dlvdend of One and One-Quarter Per Cent upOn the Preferred Stock, payable November 1, 1910. to stockholders of record at the close of business October 15, 1910. Checks will be mailed. L. J. DE LAMATER, Secretary. OFFICE OF READING COMPANY. Philadelphia, October 8 1910. The Board of Directors has declared from the net earnings a dividend of 2 per cent on the Second Preferred Stock of the Company, to be paid on November 10 1910, to the stockholders of record at the close of business, October 22 1910. Checks will be mailed to stockholders who have filed dividend orders with the Treasurer. W. R. TAYLOR, Secretary. Office of THE CONSOLIDATION COAL COMPANY Baltimore, Md., October 8th 1910. The Board of Directors have declared the regular quarterly dividend of 14 per cent on Its Capita! Stock, payable October 31, 1910, to the Stockholders of record at the dose of business October 24. 1910. The transfer books will be closed at 3 o’clock P. M. October 24, and will be reopened at 10 ■o'clock A. M. November 1. 1910. Dividend checks will be mailed. T. K. STUART, Assistant Treasurer. American Malt Corporation ELECTRIC BOND & SHARE CO. The Board of Directors have declared a SemiPREFERRED STOCK DIVIDEND NO. 22. Annual dividend of ONE PER CENT upon the New York, Octob r 13th, 1910. Preferred Stock of the Company, payable on and The regular quarterly dividend of One and, One- after the 2d day of November, 1910, to stock¬ Quarter (1 H%) Per Cent on the Preferred Stock holders of record at the close of the transfer of the Electric Bond & Share Company has peen books on the Twentieth day of October, 1910. declared, payable November 1, 1910, to stock¬ HENRY EGGERKING, Treasurer. holders of record at the close of business October September 21, 1910. 20, 1910, on which date the transfer books will close and reopen Tuesday, November 1, 1910'. H. M. FRANCIS. Secretary American Zinc, Lead & Smelting Co. COMMON STOCK DIVIDEND NO. 6. New York, October 13th, 1910. The regular quarterly dividend of 2% on the Common Stock of the Electric Bond & Share The Directors of the American ZIno, Lead d# Smelting Company have declared a dividend of fifty oents (50c.) per share, payable October 15th 1910 to stockholders of record at the close of 1910, to stockholders of record at the close of business October 14. 1910. The transfer books for the Common Stock will not close. H. M. FRANCIS, Secretary. business October 1 1910. YORK DOCK COMPANY, New York, September 21st, 1910. The Board of directorshas declared a dividend of (2) TWO PER CENT of the on the Preferred Stock Company, payable October 16th holder* of record, st tfcedose of 1st. 1910. S E. FARWELL, Treasurer. INTERNATIONAL STEAM PUMP CO. OFFICE OF THE NEW to business Stock¬ on Oct. QE0RQBBi SPENCim Tteasuxcr. Office HOMESTAKE MINING CO. Budding. 15 Broad St.. PREFERRED STOCK DIVIDEND NOT4«. 116 Broadway, N. Y. City, October 5,1910. A regular quarterly dividend of One and QneBalf Per Cent on the Preferred Stock of the International Steam Pump Co. will be paid November 1st. The Preferred Stock Transfer Books will dose October 20th and reopen Novem-her 2nd! ARNOLD TANZER, Treasurer. J. G. WH1TF & COMPANY. Incorporated. Engineers—Contractors New York, October 13th, 1910. 43-49 Exchange Place. New York, N, Y. » DIVIDEND NO. 43*. The regular quarterly dividend (30th quarters) Dividend Ifo. 431 of Fifty (50) Cetttlf peesbar* ■of One and One-Half Per Cent has been declared has been declared, payable at the Transfer on the Preferred Stock of this Company, payable Agency In New York on the 25th Inst, Transfer November 1st. 1910, to stockholders of record books October 20, 1910. I Mills R. M. GRANT & CO. The Board of Directors of The Columbus Rail¬ Co. has declared the regular quarterly dividend of One and One-Quarter Per Cent upon the Preferred Stock, pavable November 1, 1910, to stockholders of record at the close of business October 15, 1910. Checks will be mailed. HERBERT M. BURINGTON, IB Exchange Place, Jersey City, N. J. ■ Company has been declared, payable October 15th, own THE COLUMBUS RAILWAY COMPANY. Columbus, Ohio, October 10. 1910. way ELECTRIC BOND & SHARE CO. No. 25 Broad St., N. Y., Sept. 20, 1910. A quarterly dividend of ONE PER CENT (1%) has this day been declared upon the Preferred Stock of this Company from surplus earnings of the current fiscal year, payable October 15, 1910, to stockholders of record at 3 o’clock P. M., Sep¬ tember 30, 1910. Checks for the dividend will be mailed to stock¬ holders at the addresses last furnished to the Transfer Office. G. C. HAND, Secretary. BEAVER STREET. New York, October 14th, 1910. To the Bondholders of the Mexican Northern Railway Company: Of the original issue of 81,660.000 in par value of bonds, all except 8708,000 in par value have been retired by operation of the Sinking Fund provision of the Mortgage. The principal of the remaining 8708,000 will become due on December 1st, 1910. The Company Is willing, pursuant to agreement made between the Company and the Trustee of the We THE MILWAUKEE ELECTRIC RAILWAY & LIGHT COMPANY. 30 Broad Street, New York, October 6 1910. FORTY-FOURTH REGULAR DIVIDEND. The regular quarterly dividend of One and onehalf per cent upon this Company’s Preferred Capital Stock will be paid on October 31 1910 to r t. [VOL. THE CHRONICLE X1Y LXXX11 fftaxttctxt. INVESTMENT SECURITIES $250,000 Union Pacific Railroad Company First Lien and Refunding Mortgage 4% Bonds, Due June 1, 2008 Payable March and September. legal investment for Savings Banks in New York, New Jersey, Rhode Island and New Hampshire. Price upon application, to yield about 4.10 per cent. Interest A $250,000 Southern Pacific Railroad Company First and Refunding Mortgage 4% Bonds, Due January 1, 1955 Interest Price upon Payable January and July. application, to yield about 4.25 per cent. $250,000 Chicago Great Western Railroad Company First Mortgage Fifty-Year 4% Gold Bonds, Due Sept. 1, 1959 Interest Price upon Payable March and September. application, to yield about 4.70 per cent. $250,000 New York Central Lines Four and One-Half Per Cent Equipment Trust of 1910 Interest Payable January and July. Maturities Due January, 1916-1919, inclusive. Price upon application, to yield about 4.50 per cent. $250,000 Atlantic Coast Line Railroad Company Six-Thirty-Year 4% Convertible Gold Bonds, Due November 1, 1939 Interest Payable May and November. Price upon application, to yield over 4.10 per cent. $250,000 Republic Iron & Steel Company Ten-Thirty-Year 5% Sinking Fund Mortgage Gold Bonds, Due April 1, 1940 Interest Payable Price upon April and October. application, to yield about 5 per cent. $250,000 United States Rubber Company Ten-Year 6% Collateral Trust S. F. Gold Bonds, Due December 1, 1918 Interest Price upon Payable June and December. application, to yield about 5.50 per cent. $250,000 Chicago Rock Island & Pacific Railway Co. Equipment Trust 4H% Notes, Series “D” i Interest Payable May and November. Various Maturities due 1912-1925. Price upon application, to yield about 4.80 per cent. giving full descriptions of the above issues, as well as additional offerings equipment obligations and short-time notes, sent on application. Our October circular of railroad bonds, Kissel, Kinnicutt & Co. BANKERS 37 Wall Street, - New York IV h($-i flmtmtriH 'fUhnimde O JDING INCLUDING Bank & Quotation Section Railway Earnings Section VOL. 91. Railway & Industrial Section Electric Bankers* Convention Section State and SATURDAY, OCTOBER 15 1910. Clearings at— F«r One Year For Six Months Subscription—Payable In Advance 6 13 7 £2 £1 00 00 50 14s. 11 a. $U 50 ^postage) stage) iption in London (including postage) Canadian Subscription ^including postage) Subscription includes following Suvplements— (monthly) I State and City (semi-annually) Railway and Industrial (quarterly) I Electric Railway (3 times yearly) Railway Earnings (monthly) | Bankers’ Convention (yearly) B' nk AND QUOTATION Terms of Advertising—Per Inch Space ( Two Months (« times) ) Three Months (13 times) six Months Per Cent. 1909. $1,693,820,691 142,383,043 115,622,909 24,992,159 227,509,152 64,652,603 17,299,414 —30.0 —12.7 —7.3 Seven cities, 5 days Other cities, 5 days $1,748,894,778 535,196,481 $2,286,279,971 529,764,318 —23.5 + 1.0 Total all cities, 5 days All cities, 1 day $2,284,091,259 —18.9 528,317.402 $2,816,044,289 648,235,198 $2,812,408,661 $3,464,279,487 Baltimore 8t. Louis New Orleans Total all cities for week +49.6 —7.1 + 1.0 +7.1 _ 1910. $ New York Baltimore Buffalo Albany. Washington Rochester Scranton Syracuse Reading Wilmington . Wilkes-Barre Wheeling Harrisburg York Trenton Altoona Erie 7,342,720 4.620,497 3,075,443 2,910,917 1,674,575 1,624,526 1,422,290 1,707.728 1,400,000 1,033,519 ... . .... Chester Franklin Total Middle.. 1,793,561 411,566 893,421 676,653 729,200 622,757 301,000 —6.4 —5.6 7,777.755 4,018,234 + 15.0 2,908,514 + 5.7 2,257,239 +29.0 1,613,477 +3.8 1,575,654 +3.2 1,617,846 —12.1 1,776,685 —3.9 1,499,433 —6.6 937,684 + 12.5 1,601,634 + 12.0 415,275 —0.9 813,915 +9.8 462,648 + 46.3 487,200 +49.7 468,538 +32 9 300,000 +0.3 ■ 2,164,697,162 2,708,145,217 Jacksonville, Ill. Ann Arbor Danville Saginaw Lansing Tot. Mid. West San Francisco... Los Angeles Seattle Portland Tacoma Salt Lake City Oakland Helena Sacramento San Diego. Fresno Stockton San Jose North Yakima.. .. Billings Minneapolis Omaha St. Paul Denver St. Joseph Duluth Des Moines Sioux City Wichita 11,876,091 10,456,004 5,880,379 5,600,394 4,500,000 3,465,312. Davenport Lincoln 1908. Topeka Fargo 1907. 102,614,177 39,484,096 24,432,543 135,444,309 50,761,704 31,768,131 8,472,386 6,100,138 9,283,400 5,975,378 5,701,019 3.374,681 2,295,842 1,888,645 1,262,132 1,210,179 1,382,604 1,497,092 1,104,922 782,121 1,165,956 324,537 612,722 505,871 486,400 385,558 312,799 6,130.458 3,605,738 2,795,791 2,583,921 1,450,452 1,272,600 1,274,656 1,243,021 935,205 839,298 _ Cedar Rapids... Sioux Falls Colorado Springs Pueblo Fremont Tot. oth. West St. Louis New Orleans Louisville Houston Galveston Savannah Richmond Memphis Augusta Norfolk .. . Birmingham 642,301 574,583 552,900 453,355 366,038 Little Rock Chattanooga —20.1 1,809,367,802 1,868,531,381 Charleston Knoxville : Jacksonville Mobile Oklahoma Macon Beaumont ... .... .. Portland Worcester Fall River New Bedford.... Lowell Holyoke Total New Eng —4 3 139.937.830 6,283.400 3,297,539 2.268,998 2,637,297 2,477,430 1,241,771 954,611 524.793 636,521 7,918.500 3.898,327 3,1)54,722 2,000,000 1,993,285 1,820,151 1,288,088 995,757 550,503 542.925 —3.6 —.41 —4.7 + 17.3 1,971,048 2,172,193 1,451,345 1,125,629 880.942 478,061 497,610 196,232,959 201,095,407 —2.4 160.105,003 +2.8 + 19.9 +8.0 + 13.4 +32.3 +36.1 2.684,313 *2.622,632 * 149,236,317 7,422.300 3,464,813 | 2,531,432 1,942,144 1 2,264,860 1,878,827 | .1,019,980 887.701 • 539,691 529,463 171,717,528 . 5,671,872 7,725,534 14,818,707 4,417,227 3,804,470 3,089,999 2,865,079 1,813,297 1,642,616 2.475.000 1,648,246 2,499,475 1,339,411 2,477,435 1,600,000 680,000 Wilmington,N.C. 2,022.452 397,546 375.000 635,000 799,677 Total Southern 211,778,761 Austin Vicksburg Meridian Jackson Total all 664^305 658,083 500,947 389.701 500,000 —6.6 —2.2 —8.0 —48.7 —35.6 —18.4 1,370,354 1,010,000 + 2.6 +33.7 + 11.8 + 10.4 —29.6 609.207 611,992 620,559 165,283,934 72,873,428 18,675,748 13,270.064 13,122,390 7,027,500 8,574,417 —6.7 +9.0 —2.6 —5.1 +23.3 + 41.9 +7.3 7,643,009 —9.7 7,847,093 —27.7 —3.0 7,962,014 13,238,675 + 11.9 3,820,762 +2.9 3,736,759 + 1.8 3,510,282 —12.0 2,200,989 +30.2 2,108,858 —14.0 —3.4 1,700,013 2,458,995 +0.7 —3.5 1,708,780 2.088,078 + 19.7 1,603,703 —16.5 2,454,466 +0.9 —7.1 1,722,638 —1.3 689,242 755,235 + 16.8 348,204 + 14.1 337,217 + 5.0 552,000 + 15.0 647,933 +23.5 202,698,492 + 5.5 3,247.162,275 3,779,321,812 —14.1 Outside N. Y..1 ,382,001,0451 ,354,3 14,306 Note.—For Canadian Clearings see 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 2,056.206 2,213:591 1,036,098 1,023,084 902,484 847,543 673,397 728,246 660,000 532,046 531,061 511,196 513,912 404,992 485,425 463,034 217.800 269,060 177,039 26,603 376,000 333,020,321 36,744,357 362,908,737 43,306,041 9,823,534 9,796,762 7,493,181 10,636,303 11,761.455 8,926:793 3,841+28 5,038,747 6,997,323 2,592,862 1,214,460 4,931,619 4,784,697 1,679,679 1,051,696 991,577 999,600 652,100 495,040 547,048 347,915 215,306 +86.1 +8.0 +31.4 + 12.4 +7.7 +9.0 +21.9 + 15.2 l'226'359 . S 234,465,77i 22.997,55C 14,644,611 12,545,12-5 12,352,362 8.311.41C 5,118,30C 3,665,298 2,918,647 2,094,820 1,928,269 1,919,836 1,161,676 837,173 767,421 876,514 572,699 594,119 600,000 474,781 649,392 536,685 402,073 364,882 427,973 374,968 350,835 263,678 172,080 321.049 23,312 287,000 4,0551260 +9.1 +0.3 102,151.662 + 14.5 67.298.750 —4.6 32,265,252 —20.2 16,940,517 +0.7 11,481,716 +3.4 —4.6 10,961,521 7,202,278 —18.3 •7,912,441 —29.2 4,079,984 + 10.3 3,362,910 +3.1 3,347,795 +6.8 1,617,058 +28.9 1,607,551 +7.2 —2.8 1,319,211 675.635 366,326 154,212,929 77,950,725 18,194,564 12,588,879 16,178,313 9,968,000 9,200,237 939,240 979,742 1,127,308 725,187 646,930 —1.5 820,000 527,489 +30.0 800,000 +31.6 723,865 —8.2 561,713 +21.5 413,949 +9.2 465,206 + 19.4 —5.5 472,054 370,000 + 10.0 276,586 + 14.0 315,425 —14.9 426,512 —0.05 32,105 +26.4 357,597 +5.7 597,595 +8.9 included in total +0.4 680.844 6,90 ,000 Fort Worth Atlanta Nashville 1 8.142,000 4.674.488 177,033,149 3,575,509 2,084,582 1,723,193 1,282,152 1,000,000 1,405,000 1,350,000 +3.6 ——3.0 +2.3 +8.8 +6.7 +20.6 +9.9 +24.9 +28.1 10,861.219 5,528,414 6,176,954 5,934,763 3,456,741 1,004,891 1,593,427 1,100,000 815,788 721,714 802,520 576,853 200,000 678.060 54.672.573 26,552,863 17,066,072 9,827,148 6.211.60C 3,987,298 2,991,713 2,572,779 2.391.96C 2,255,434 1,614,572 + 1.C + 12.] + 19.C + 16 7 —11.8 —12.C +5.fc +7.2 + 16.0 +2.5 40,258,263 12.601,212 12,067,854 11,100,833 5,065,695 6,155,910 6,452,096 1,856,408 930,326 1,213,254 979,000 757,755 11,272,805 117,087,193 i Springfield.. 169,377,511 * 12^362,622 1907. $ —2.1 399,485,579 16,138,208 Kansas City.... —,. . Boston Providence Hartford New Haven 401,153,271 50,274,834 —18.8 $ % $ —23.1 1,603,285,128 1,611.351,889 +4.2 +3.8 + 18.2 + 12.5 .. Decatur Jackson Total Pacific.. 1 $ 1,865,161,230 2,425,007,506 160,501.849 154,064,612 53,075,577 51,147,452 35,376,204 29,922,465 11,867,669 10,552,925 6.474,260 6,918,526 Philadelphia Pittsburgh Greensburg Binghamton Inc. or Dec. 1909. Mansfield Springfield, O —18.5 Week ending Oct. 8. at— Quincy Bloomington Pasadena The full details for the week covered by the above will be given next Sat¬ urday. We cannot furnish them to-day, clearings being made up by the clearing houses at noon on Saturday, and hence In the above the last day of the week has to be In all cases estimated, as we go to press Friday night. We present below detailed figures for the week ending with Saturday, noon, October 8, for four years. Clearings Rockford Akron South Bend Canton Spokane. 124,297,001 107,237,581 37,384,276 211,250.564 65,316,349 18,520,464 •hicago • Adrian Lima The following table, made up by telegraph, &c., Indicates that the total bank clearings of all clearing houses of the United States for week ending to-day have been $2,812,408,061, against $3,247,lo2,275 last week and $3,464,279,487 the corresponding week last year. $1,184,888,543 Wayne Youngstown CLEARING-HOUSE RETURNS. Philadelphia Kalamazoo Lexington Company. 1910. 8,658,366 5,463,600 4,219,767 3,205,664 2,994,194 2,450,228 2,337,513 1,566,736 961,177 1,065,224 1,203,602 874,537 710,361 808,050 685,198 1,052,723 664,718 682,310 451,925 555,0 >•* 445,948 407,000 315,260 268,389 426,320 40,587 378,017 651,098 419,866 Not Evansville 22 00 29 00 50 00 87 00 Published every Saturday mornin • by WILLIAM B. DANA COMPANY William B. Dana, Piesident; Jacob Seibert Jr., Vice-Prea. ana Sec.; Arnold •. Dana, Treas. Addresses ot all, Office of the New York Boston 14;300i584 .... Grand Rapids Dayton $4 20 (26 times) (52 times) CHICAGO OFFICE—Pliny Bartlett, 613 Monadnock Block; Tel. Hamaon4012 •ONDON OFFICE—Edwards & Smith, i Drapers’ Gardens, E. C. WILLIAITI B. DANA COMPANY, Publishers, P. 0.10x958. Front. Pme and Depeyster Sts., New York. Twelve Months Clearings—Returns by Telegraph. Week ending October 15. Indianapolis Columbus Toledo Peoria 1908. % 283.960,031 24,715,1(K 19,668,662 15,348,157 24.963.25C 22,053,911 18,258,624 or Dec. $ 278.033.39C Cincinnati Cleveland Detroit Milwaukee Fort Standing Business Cards caros < eianoing .Business t Chicago Springfield, Ill.. ’Jbansient matter per inch space (14 agate lines) 1909. $ $10 00 European Subscription (including postage) ending Oct. 8. Inc. 1910. PUBLISHED WEEKLY. Terms of NO. 2364. Week Jfae CItrcmixIje. Railway Section City Section 700,000 706,157 • 84.608,771 95.715.269 39,328,963 32,789.153 12,864,351 11,059,532 8,470,414 5,746,552 43.230,245 31,391,915 13,359,605 11,063,711 8,346,383 5,651,580 ’ ■ 3,015,028 2,645,201 1,523,530 1,506,494 1,383,764 1,035,862 951,530 876,838 3,349,272 2,445,902 1,503,307 1,341,375 1,462,944 1,038,996 765,924 781,285 1,000.000 986.194 489,710 471,661 399,855 128,929,251 59,664,052 14,656,682 11,161,835 13,439,150 125,295,015 70,470,945 17,691,531 12,868.507 15,314,296 8,275,000 7,164.707 7,049,500 6,399,871 6.638,662 6,153,041 800.000 741,663 605,527 5,740.927 5,475,804 5,418,039 3,649,142 6,271,951 5,101,530 5,267,009 3,144,020 2,785,160 2,456,436 1,856,610 1,693,751 1,550,073 1.532,144 1,520,089 1,505.953 1,290,272 1,121,028 1,036,889 554.268 600,000 365,675 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 ^ ^ 467,000 408,000 603,000 160,150,573 179,219.050 2,676,191,721 2,803,586.980 +2.0 1,072,896,593 1,192,235,091 “Commercial and Miscellaneous News.”- [VOL. LXXXXI. THE CHRONICLE 986 financial affairs view. the founder, editor and owner William B. Dana, cognizant of the type of financial jour¬ Those nalism that WILLIAM B. DANA. ' moral, scruples had been kept out of prevails even “Chronicle,” died at the Hotel Belmont in this comprehend how important it city on Monday afternoon of this week (October 10) States the pioneer should set eighty-second Mr. Dana was of of his age.' year some of Europe will readily of the Continental countries of the in the in at the present day that in the United standard of rectitude absolutely impossible was a which would thereafter make it 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 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 retiring disposition and therefore T* was 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 in the public eye. And this influence has been con¬ was admittedly the most eminent geologist of his time, admitted % tinuously exerted through the whole period of the istence of the paper, for the editorial policy has been that the paper never of the with accordance in conducted ex¬ community. at high such ideals time lost the respect might differ with its any Men views, but the honesty of its purpose has never been by many Obviously a newspaper tenders of large founded hold a high position in public Mr. Dana’s case professional opinion one kind As on “Chronicle” is the with mining schemes of was completely and ner far his character and what was And development of the during his affairs mind and paper marks are of the the prog¬ has two genius he paper and The province of the “Chronicle”, as investor is concerned, has always been to as the to advise him as to the merit of any particular discussions of the day on economic and During the nearly half-century of its existence the part rendered by the “Chronicle” in in¬ fluencing public opinion and promoting sound views been, it will be admitted, think, important. pos¬ Since the close of the Civil War there have been three ways of influencing the public which this able to call both of these attributes to its aid. starting the “Chronicle” we very enduring fame. on a on a was has opposed with all its first rendered in little later the free-silver come the attacks rights of property, upon energy . Its combating greenbackism; came basis of moral worth porations generally. that plane, he set fallacy, and upon wealth, the railroads, and This is a young more re¬ upon the upon cor¬ country, and its a When the “Chronicle” was new * was con¬ to if in starting a newspaper ized countries of the Old World. in this country, and it is generally looked how baneful might have been the result easy see aid paper standard experience is in accord with its youth. For that rea¬ journalism which alone would entitle him son error flourishes here more readily than in the civil¬ always keeping it kept his man¬ absolutely free from entangling financial During Mr. Dana’s life the “Chronicle” cently have ceived, everything > In like has by the excellence of its character or the soundness of financial to the best way to con¬ rendering sendee to the community, that is of its views. and those of the great movements threatening the national welfare A newspaper In connected name even was the founder of the “Chronicle” In the great The sessed. was kind, reverse; throughout its financial questions, Mr. Dana, through his newspaper, skill and ability. rendered services to his country which cannot be over¬ lofty aims he pursued. of its either any the which has attended the paper the duct some stated in these give facts and to allow the investor to form his own It has paper paid him its judgment with the facts thus before him. history of Mr. Dana’s life. indications of what ress honest and He felt that that dignity and high tone maintained in its conduct estimated. were some Aug. 26 1909, the history of the proposition. entire existence is evidence of his The mining propositions of upon but to the end he refused to have his tribute, in commemoration of the eightieth anniver¬ refused are another, if he would give money was columns at the time the staff of the success or of estimation. More¬ propositions. the individual merged in this publication. of his birth, sums his By this test both Mr. Dana and the paper he himself over, in of that fact he had during his lifetime must be judged in the same keep his name absolutely untarnished. the individual, namely by its character and its works. sary reason best kind. questioned. way as and devoted to commercial and upon as a The paper has been leader in matters apper¬ taining to commercial and financial affairs, and at the times named its responsibilities were correspondingly Oct.. 15 THE CHRONICLE 1910.] In judging of the influence exerted by it in its the great. public opinion aright, it must be re¬ membered that fifty years ago the opportunities for gaining education and enlightenment on economic and financial problems by the mass of the public were not what they are to-day. Now, our colleges and univer¬ sities have special courses in railroads and in innumera¬ ble other subjects, but that is a comparatively recent development, and for many years the “Chronicle” stood almost alone in supplying the information, and in formulating views based thereon, with reference to many matters which to-day appear to lie at the very foundation of the country’s industrial life. The present generation can have no idea of the dangers that lurked in the movement for paper-money endeavor to lead inflation. The country in its struggle for life during the Civil War had put out such enormous amounts of paper issues, and such large sums had been made through the over-night rise in values as a result of such issues, that a part of the population very naturally parties to take issue on this great political question, the soundness of popular judgment in this country, in which Mr. Dana had such unbounded faith, was again triumphantly vindicated. The position of the “Chronicle” as a leader of public opinion on such questions was never more clearly demonstrated than at that time. Every mail brought it letters from public speakers, politicians, newspaper writers, and people in all walks of life, asking for facts, figures and arguments with which to oppose the fallacious reason¬ ing of the Bryan silverites. The information was always forthcoming, two Mr. Dana occasions of unerring judgment, and ©n his foresight was almost prophetic. An ex¬ was a man cellent illustration of this was furnished at the time of the enactment of the Silver Purchase Law of when he expressed himself regarding the probable operr ation of this law, which provided for the purchase of 4,500,000 ounces of silver a month, or 54,000,000 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 activity and promote prosperity was to set the printing presses to work and turn out more Government fiats. The notion had an unusually firm hold on the leaders of the opposition party, but a large section of the Republican Party was permeated by the same error, and the task of inculcating sound views on the money question was by no means an easy one. The metro¬ politan newspapers in those days were generally sound and they looked to this newspaper to supply them with facts and arguments which would enable them to the disabuse the minds of those who could not understand from that article. the difference between 1890, to create a rise in price of the metal through speculative operations, but that then there would come a violent collapse. This was precisely what happened. We think it appropriate to give an extract here from his remarks on that occasion. Mr. Dana, though conducting the editorial columns, generally did com¬ paratively little writing himself, contenting himself usually with two or three special paragraphs. But in this instance he prepared a lengthy and very compre¬ hensive article on the subject . Here are some excerpts There is one important particular in which the promise to pay and metal of intrinsic worth. 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 timey and the higher it Mr. Dana’s guidance, was not unfriendly to silver. rides in the early months the quicker the spasm will be It then believed that the old ratio between gold and over; in any event its force promises to be mainly spent in a year or eighteen months at the most. silver could be maintained through the concurrent a paper • action of all the nations of the world. But it also recognized that free and unlimited coinage of silver on the part of the United States alone would be inex¬ cusable folly and could only lead to disaster. Not only that, but it felt that the constant injection of new silver issues, either in the shape of silver dollars or • • • w« We have no doubt that the price sustained at the old equivalent if of silver could be the countries ©f Europe would unite with us in sustaining it. But without such a union the world of silver users, silver holders, and even silver producers, will lack faith in the permanency of any advance in the quotation which our enforced consumption may produce. T^he depreciation has been too long continued, it has gone too far, the holders of the old stock have become too muth alarmed and production has got too large for confidence in the metal to be so easily restored. representatives of the same known as silver certificates, would likewise lead to disaster. It conse¬ quently opposed the various measures which were enacted, one after another, tending to debase and But we refrain from pursuing this point further. depreciate the unit of values. Here again both the great political parties became permeated with the We have often of late given abundant reason for be¬ lieving that the action of the United States by itself error; and politicians vied with one another in the could not communicate to the world that faith in desire to “do something for silver.” Finally, when silver restoration which is the sine qua non of perma¬ William J. Bryan appeared on the scene as a Presi- nency in any advance in price. In the absence of ' dential candidate in 1806, aud it became necessary for that confidence, and under the influence of a higher paper • v. . ' •• M 1 s ( - • • • 988 THE CHRONICLE [VOL. LXXXXI. price for bullion which our action will temporarily and which will influence those to whom the paper's produce, consumption must decrease, and a consider¬ editorial policy has now been committed, and to which able portion of the old stock will be dislodged, which, with the increase in new supply sure to follow, will they have steadfastly adhered during the years of Mr. Dana's disability. It is proper to say here, too, inevitably break the market we make. that no outside interests have ever been represented in As showing the accuracy of the judgment here ex¬ the “Chronicle.” Our representatives, in traveling pressed, it is only necessary to point out that after the enactment of the Silver Purchase Law the price of through the country, on occasions bring back reports from the remoter parts of an expression of a belief silver, which in February 1890 had sold at 43 11-16 that the paper is controlled by Mr. J. P. Morgan or pence per ounce in London, advanced to pence in August 1890, and then, after the lapse of just about eighteen months, it began rapidly to decline, and in June 1893 got down to 30K pence, bringing on the panic of 1893. The “Chronicle” has never been a class paper. The Springfield “Republican,” in discussing recently our comments adverse to the proposal of the Statistician of the Inter-State Commerce Commission that all ex¬ by Hill or Harriman interests. barring the writer, no one interest in this paper family connections. the writer in the has save The truth is ever had any that, pecuniary Mr. Dana himself and his The mistake is in supposing, as Springfield “Republican” does, that the “Chronicle” is representative of certain class in¬ our view, Mr. Morgan is a man of trans¬ cendent genius, the greatest constructive force of this a In terests. 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 his endeavors when engaged in work so clearly for the ury, spoke of the “interests represented by the “Chron¬ benefit of the whole icle ” as if this paper, in its editorial country. Similarly we regard utterances, men like James J. Hill as empire builders and have no sought to cater to some special class interests distinct from the interests of the country as a whole. The patience with captious critics who undertake to decry cess of revenue earned “Republican” has by the railroads never been an over a reasona¬ unkindly critic, but its statement in this instance embodies an erroneous conception of our position. From a moral and ethical standpoint, the only interests we have ever represented have been the interests of truth and justice; and from their endeavors. It build up, never to destroy; and tions to the writer was ever was be deviated from in the Mr. Dana's purpose to of the last injunc¬ that this policy should never one slightest degree after he gone. , was . When writing, Mr. Dana generally pursued the vocated any policy or doctrines save such as were in practice of using temperate language, but there were 6ur estimation calculated to promote the advancement times when he would be aroused to deep anger at some flagrant act of injustice, and then he made the and welfare of the whole country. It is true that the “Chronicle” in its news columns language fit the act.* One such occasion was ia gives much space to railroads and financial and com¬ January 1875, when General Sheridan dispersed the Legislature of the State of Louisiana at the point of mercial and investment intelligence, and that thereby the bayonet, and suggested that General it has built up a constituency Grant, our peculiarly its own; but President, should issue a proclamation declaring the its editorial discussions have been in no way con¬ trolled by that fact. If it has championed the inter¬ people of Louisiana Banditti. Mr. Dana characterized a material standpoint we have never consciously ad¬ this in the “Chronicle” ests of investors and railroad properties with great document earnestness, giving the appearance of an excess of zeal, it has been because the Editor has felt that the To ever as the most brutal official written, and added. then, the banditti of our day are a try s continued progress depends upon the growth and community of people who have suffered great indig¬ development of our railroad systems, and that such nities, been deprived of their rights as citizens of a republican government, been ruled and robbed by development cannot be secured under a policy threat¬ imported rogues, and yet have borne it all with ening the stability of present investments in these patience and moderation. We think our readers will properties. With railroad securities outstanding to conclude that under such circumstances the shame is not in bearing the title, but in an uttering it. aggregate of 15,000 million dollars, a blow at the coun¬ integrity of these investments, such as is embodied in some of the policies of the day, would mean disas¬ ter as surely as would have the descent of the country to a just silver basis in 1896. as What is more, wicked and cruel, just as Mr. could made it would be and much downright sum up, Dana exacting in his requirements and not tolerate slovenly work of any kind. He provision against the contingency of his death; was it will have been gathered from what has been above that there will be no said change in the conduct or robbery, as would have been the forced substitution policy of the paper as a result of his passing away. of fifty-cent silver dollars for one-hundred-cent gold Mr. Dana had no children of the flesh. The “Chron¬ dollars. We say icle” these things because they indicate the tives that influenced Mr. Dana in his editorial mo¬ policy, was his child. It will live forever. l.&JJr. Oct. 15 THE CHRONICLE 1910.] 989 striking remark that, whereas railroads have raised money on their credit in the past, now “the credit of Being on the stand on Wednesday at the Inter-State American railroads has been placed in the hands of Commerce Commission’s hearing upon the proposed this Commission; it has been taken from the hands of advance in freight rates by the railroads east of Chi¬ the owners, and it may be impossible to obtain money President cago, President McCrea of the Pennsylvania cited, as in the future under these conditions.” the THE FINANCIAL SITUATION. conclusive for 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 tines 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 reasons an 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 of inability of the Michigan acceptable bids in Europe on an issue 4% bonds, leaving as the alternative the payment of 6% Central to obtain on short-time notes. Following close upon the recent calls of the associated 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 railroad cannot render the service which the and needs. It is about country expects 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 as a statement issued after conference with other important shippers, the head 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-dozen 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 receive no more. Public thoughtlessness apparently coming forward to side with the railroads is another seeks a miracle. of the signs of returning reason. In Mr. McCrea’s opinion, for some years to come the increase in transportation work will be markedly Cotton exports considerably in excess of any former lower east of the Mississippi; growth of business, he year in the opening month of a new season made no thinks, will fall far short of meeting increase in wages uncertain impress upon the volume of our foreign ex¬ and other expenditures. Any properly capitalized port trade in September, being instrumental in giving road should earn at least 7% net, and “any scheme for that month a total value to the shipments of leading of rates which does not provide for that will fall short articles, for which advance statements are issued, of what the country greater than ever before recorded in the corresponding absolutely requires.” Following Mr. McCrea, President Willard of the period. In fact, out of a total value of $81,461,764 Baltimore & Ohio said that a road ought to have represented by breadstuffs, provisions, cattle and hogs, an income sufficient to permit it to put into better¬ oil and cotton, the last-named commodity accounts ments at least one-half as much as goes to dividends. for nearly 55 millions of dollars—an aggregate 8% This is a country of high prices, he said; wages and millions larger than that for September 1909. On the materials are high, but the one exception is transpor¬ other hand, the breadstuffs outflow was 4^ millions tation rates, now the lowest in the world. He made less than a year ago, and smaller than in September of the Simmons Hardware Co. of St. Louis says 990 THE CHRONICLE of any year since 1894 with the exception of 1904, when the total shipments of wheat for the whole year are about to [Vol. precipitate a wild boom, while mm. a majority of responsible bankers still declare that they are were only 13 million bushels. For the decline this antagonistic to any such movement. It may fittingly year wheat is also responsible. Cattle and hogs ex¬ be added that there are now prospects that the ports were in September less than half what they were difficulty in arriving at a settlement of the dispute in the month of 1909; mineral oils exhibited a decrease between our own and European bankers over the of over 2 millions of dollars and in provisions a small financing of the cotton crop will presently be overcome falling off is to be noted. But, as already stated, the through the formation of a company to guarantee gain in cotton is sufficient to overcome all these losses, bills of lading at very small cost.- Furthermore, those leaving the result for September an increase of $826,- who are perturbed over the monetary prospects should 258 over the corresponding period of 1909. not overlook the fact that foreign exchange rates are With this showing it seems safe to assume that the not so very far from the level on which gold could aggregate of all our foreign exports for the month will be imported. approximate close to, if not exceed, the 154 million dollars’ record September total of last year. In the Important events continue to take place on the meantime imports, as judged by the figures for New Continent of Europe, but the bourses have displayed York, have been less free than a year ago. Conse¬ courage in a degree that augurs well for the soundness quently it is probable that the completed foreign trade of the financial position abroad. Neither the revolu¬ statement for September, which should be available tion in Portugal nor the threatened insurrection in next Monday, will show a net export balance of mer¬ Spain have demoralized securities, while an uprising chandise of not far from 35 millions of dollars—the among the railroad and certain other workers in France argest since October last, when cotton shipments were, under the guise of a strike had astonishingly little in¬ as now, the important fluence upon the Paris market, stimulating factor. notwithstanding that the demonstration was described by Premier Briand An unnecessary amount of uneasiness would appear as “an insurrection purely, built upon criminal foun¬ to have been indulged in concerning the monetary dations,” and that in London as well as here there position in the United States. It is true that through¬ were grave fears that the stability of the republic was out the country and also in New York bank loans are threatened. It will be recalled, too, that a succession to-day materially in excess of individual deposits, but of extensive strikes in Britain, including quite recently the disparity is by no means unprecedented—for the trouble among coal miners and the lockout of cotton national banks, as a whole, the excess was greater in workers, did not to any appreciable extent depress the 1907, in 1903, in 1895, in 1894 and in 1893. Had the London Stock Exchange. Incidentally, a similar in¬ present expansion not been duly recognized by bank¬ difference to unfavorable developments has been ers, and had no precautionary measures been instituted consistently displayed by our own Stock Exchange, to avert complications, the outlook the most notable illustration of this having been afford¬ might have been beset with unpleasant possibilities; but the situation ed by a vigorous advance in the price of Steel common was recognized by New York bankers as well as by shares this week in spite of Monday’s official statement those in the West several months ago and curtailment showing that,unfilled orders on hand decreased 379,009 was undertaken in earnest. Judging by the absence tons during September. The conclusion may be justi¬ of acute stringency in interest rates, the position has fiably drawn that at all the principal centres securities been well handled. It is true that the Clearing-House have been pretty thoroughly liquidated. banks reserves two weeks ago got down to $5,000,000 in excess of legal requirements, and that the moderate The restoration of orderly government has bee* gain recorded last Saturday may not, according to gen¬ rapidly achieved in Portugal and there is every prospect eral expectations, be followed by another gain to-day. that the Powers will shortly recognize the new Republi¬ In certain quarters the rise in call money during the last can Administration set up by Theophile Braga and two days to 3%% for the first time since May 19th his influential associates. The Swiss Government has wag interpreted as disturbing, but the movement ap¬ already announced its recognition of the Portuguese pears entirely logical inasmuch as preparations have had Republic and Great Britain has intimated that it will to be made for extensive dividend disbursements to¬ take a similar course as soon as affairs in Portugal have day. A charge of 3% % for call loans in October is surely resumed a normal state. All fears of an attack upon not abnormal; as a matter of fact, higher rates have Lisbon by Provincial Royalists have passed, and King been oftener than once witnessed at this season without Manuel appears to have given up hope of regaining producing any veiy unfavorable impression. Accom¬ his lost throne, an announcement having been made modation for short periods is still obtainable at that he intends to take up his residence in minimum of 4%, while long-term loans are available at as low as 4y2%—charges that are not at all out of the a 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 5which 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 the form of excessive demands for purposes. While admittedly become more active purely speculative the stock market has during the upward movement in prices, there have been no evidences that the public 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, OOT. la 1910.1 THE CHRONICLE 991 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. 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: weaker statesman than Premier Canalejas been at the head of the Spanish Government, the suc¬ francs per diem] to meet the higher cost of living. Second—A retroactive application of the employees* drastic step was First—A Had a 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 m 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 fey evening the movement spread to the State-owned general increase in wages [to a minimum of five pension law. Third—A equitable division of work. granting of one day off in seven for all more Fourth—The 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. the On these the efforts to induce employees to stop work only partially 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 successful. The situation were was 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.. were Five of the most influential leaders unceremoniously arrested in the office of a social¬ where they had spent the night in the istic newspaper, of the Socialistic members of the Chamber 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, company of and there was no further demonstration." Mean¬ while the mobilisation of the railroad reservists, who 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¬ had, of course, thorities would hesitate to act harshly. On the Paris and other stock exchanges apprehen¬ general upheaval abated; the regular report of Thursday's session on the Paris Bourse stated sions of a that “there was an increased demand for railroad stocks on the belief that the strike had been checked." The trouble caused much inconvenience throughout 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 Western Railroad. The Government had evidently being used quite freely on land and tugs and other been well informed as to the intentions of the ring¬ craft for emergency transportation by water. Yester¬ leaders to bring about a general disorganization of day's news from Paris tended on the whole to confirm transportation and industry. At all events, the the view that the Premier's unflinching stand had the 993 THE CHRONICLE . . . ... . LXXXXI. inspired fear among abroad calls for careful handling, and that any marked the rank and file who, it was remarked, did not appear revival in the flotation of new corporate loans or in to resent the imprisonment of the more notable agita¬ speculation on the bourses would probably create com¬ tors. plications that both bankers and business men are anxious to avoid. Briefly, the Bank of England con¬ The President of the Imperial Bank of Germany tinues to lose bullion on a rather large scale, the tension has seen fit to raise a sol men warning against the at Berlin has become more pronounced and Paris is expansion of bank credits throughout the Fatherland, confronted with a very large local municipal loan. The just as in this country Eastern bankers six months discount range in London is about }/$ of 1% lower ago gave notice that curtailment must be rigorously in¬ than it was a week ago, on the basis of 3J4% for sixty stituted—a course justified by the fact that national days' and 3 9-16% for ninety days' spot bills and 3%% bank loans in March, exceeded deposits by $204,000,000, for sixty days' and 3^g% for ninety days’ bills to and were destined, despite the caution exercised, to arrive, with, however, a very firm undertone at the reach an excess of $321,000,000 by September. close. Bills are The accepted less willingly in Paris at utterances of the Berlin authority, made on the occa¬ 2J£%; little favor is shown towards American finance sion of raising the discount rate from 4% to 5%, were bills. The Berlin rate has moved up to 4% for spot not prompted merely by the temporary pressure in¬ bills and 4J/£% for bills to arrive, notwithstanding that variably incidental to the quarterly settlements, for, this week's Reichsbank statement showed a substan¬ as a matter of subsequent record, the customary re¬ tial gain in cash and a notable decrease ($117,000,000) habilitation set in immediately after the opening of the in note circulation, loans and discounts. Amsterdam new quarter—this week's Reichsbank statement shows secured $1,000,000 of the new gold offered in London a gain of nearly $4,500,000 in cash, a decrease of on Monday, yet the quotation there remains the same $23,000,000 in loans, a contraction of $46,000,000 note as a week ago, 3]/g to 4%. Brussels has again eased circulation and a reduction of $47,500,000 in discounts. off slightly, to 3J^%. No changes in official hank President Havenstein’s unusual action was inspired rates have been made this week, nor are rumors that by conditions of more permanent character, as these the Bank of England may raise its minimum to 5% extracts from his address show: accepted seriously by international bankers in this city. The Bank of England, for the second week in suc¬ “The entire development of money market conditions during the past weeks and months indicates that the cession, secured the greater part of the new gold sold present tension is no merely temporary one caused by in the open market on Monday without paying more the monthly settlement, but that we are confronted than the minimum price, 77s. 9d. But, as our special caWe by a prolonged expansion of credit and a lasting from London shows, there were heavy exports, chiefly to stiffening of rates. Especially striking during the past few months has been the pressure at the head Egypt. Thursday's weekly statement disclosed another office in Berlin and the high percentage of long-term shrinkage in bullion on hand of no less than £634,302, bills handed in by the banks. All this shows heavy and since then there have been several shipments of pressure, and is evidence of the fact that the resources of the banks are tied up for a protracted period—a gold from London, including £125,000 to India, thing not to be viewed without concern when we £60,000 to Brazil and smaller amounts to the Conti¬ remember that the demands resulting from the gradu¬ nent although, as a partial offset, £102,000 bar ally improving position of our business life are not very gold was bought by the Bank yesterday. The great and are hot abnormal; and besides this, consid¬ Bank's loans expanded to the extent of £434,081, erable sums of foreign money are on hand here. The reflecting an increase in borrowing for Stock Ex¬ pressure at the Reichsbank on the part of the other banks continues to increase to a serious extent. It change purposes. Total reserve decreased £334,088, would, therefore, be a thankworthy task for the circulation was reduced £300,030, public deposits German banking community to draw the fell off £1,276,130, while other deposits increased cor¬ reins more tightly and to counteract the exaggerated respondingly—£1,357,012. According to our special demands for credit. The Reichsbank cannot do this cable dispatch, the ratio of reserve to liabilities was alone, and it begs the assistance of the banking com¬ munity; it is glad to note that several of the banks thus reduced from 47.68% last week to 46.86% this have already given decisive warnings to their custom¬ week. This figure is still above the average for this ers. The pressure for credit already referred to is by season, but the total amount of bullion on hand, £33,no means sound at every point and of economic advan¬ 778,750, is regarded as inadequate,in view of the gold tage. At present very many long-term credits are in demands that are believed to be impending. Our existence, and the numerous and continuing specula¬ tive credits have caused a further strong increase in correspondent further advises us that the loss was due them." to large exports, principally to Egypt; the takings from Months ago we commented upon the fact that the Bank for shipment to the interior of Great Britain certain German banks had gone deeply into industrial having been more than Qffset by purchases in the open enterprises from which they could not withdraw their market. The details of the movement into and out money promptly, but it had not been thought here of the Bank were as follows: Imports, £400,000, that the general banking position was so extended as wholly bought in the open market; exports, £817,000, the head of the Reichsbank thus indicates. No doubt mainly to Egypt, and shipments of £217,000 net to the interior of Great Britain. 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 overawed the leaders and had . [VOL. Got. 15 lack of on 1910.] THE CHRONICLE 993 inquiry from brokers. However, the animation there was no marked response to this development, Exchange during the last two days, quotations opening on the overnight level and closed the Stock combined with the rise in call loans to 3%%, does somewhat lower both for demand and cable transfeis. suggest that at last more notice may have to be taken The decline had been rapid; whereas 4 86% was paid for of the money market by speculators who heretofore demand on Friday of last week, the rate on Saturday have not been obliged to worry over this phase of the was 4 8634, on Monday it fell to below 4 86, while on situation. On the other hand, the financial institu¬ Tuesday 4 85% was recorded, with cable transfers tions which were apprehensive lest New York would done at 4 86. These quotations caused some discus¬ be called upon to finance the cotton crop, and sion of the which, possibility of gold imports should the output therefore, sought to build up their reserves, may come of cotton bills not abate; but experts expressed the forward as lenders now that an amicable arrangement opinion very emphatically that the Bank of England has been outlined whereby the burden of would not acquiesce in such a movement at this time. supplying the money will not fall upon this centre; at all events, The anxiety to have cotton bills accepted was due, of sentiment will feel relieved even in those quarters course, to the fact that Saturday’s (to-day’s) steamer where hopes of a settlement had always been enter¬ would be the last to reach Europe before the expira¬ tained. Throughout the current week quotations for tion of the arrangement whereby foreign bankers time facilities have scarcely changed a fraction; the guaranteed them. Now a new face has been put upon range for 60 days is 4 @434% and for all periods from the whole controversy, and it remains to be 90 days to six months 4J^@,4%% business seen how latterly exchange will be affected. On Thursday being done at the asking rates. At the close the there was a recovery, but, as already stated, there was principal lenders were inclined to hold aloof, as they no appreciable change in quotations yesterday morn¬ contend that money should shortly become more ing, and as the day progressed a weaker tendency de¬ valuable, particularly if the revival in speculation veloped. should continue. The agricultural exports during September reached Call money on Monday touched 2%%, hut loaned a new high total, $81,461,764, due to abnormally at as low as 13^%; on Tuesday 33^% was reached and heavy shipments of cotton, that commodity alone ac¬ no transactions were recorded under 2%%; when counting for $54,882,811 of the month’s aggregate, business was resumed on Thursday, the firmer tendency against $19,167,248 in August and $46,164,510 in became more pronounced, a maximum of 3%% being September of last year. The full foreign trade returns reported for the first time since the third week in for last month should show an excess of exports over May, while no loans were made below 3%, and the imports, while the final quarter of the year naturally charge for renewals was 3%%. Yesterday the range swells the export balance very substantially. The was 2J^2% t0 3%%, with the final loan made at 2%%. quantity of grain bills on offer is not excessive, while The average ruling rate for the week was 334*%. As we finance bills continue scarce. The drawing of the have explained elsewhere,the mid-October disburse¬ latter, however, may be stimulated by the broadening ments are heavy; hence the mild flurry in day-to-day of speculation and the rise in call loans. Operations rates is not astonishing. But an active bull campaign in exchange have been interfered with this week, in stocks could easily absorb the surplus supply and first by the general holiday on Wednesday and next bring about a higher range than has heretofore pre¬ by the important Jewish holiday on Thursday; but vailed. livelier trading is now expected. Commercial paper is in rather large supply. The Compared with Friday of last week, foreign exchange position may best be explained by stating that the on Saturday was distinctly easier, with demand quoted very choicest offerings are not above normal and can at 4 8620@4 8630, cable transfers at 4 8650@4 8660 usually be placed at 534%, whereas the output of and sixty days at 4 8320@4 8325. On Monday, second-grade names is in excess of the market’s absorp¬ through offerings of cotton bills, demand broke to tive powers. Before call money rates tightened, some 4 8590@4 86, cable transfers to 4 8620@4 8630 and business had been done in prime bills for local account sixty days to 4 83 @4 8310. Demand again declined at 534%; but yesterday more attention was paid to sharply on Tuesday to 4 8570@4 8580, cable transfers the possibility of dearer money; so that the inquiry for to 4 86 @4 8610 and sixty days to 4 8285 @4 83. paper was not quite so keen. The demand for 6% Wednesday was a holiday. On Thursday, on very bills has come mainly from out of town. The range dull trading, demand advanced to 4 8595 @4 86 and of quotations is 5%@5%% for the best four to six cable transfers to 4 8620@4 8625, but sixty days de¬ months’ single-name bills and 5% @634% for less clined to 4 8275@4 8285. On Friday the opening was attractive names, with 5% @5%% quoted for 60 to 90 firmer, but by the close rates declined 5 points for de¬ mand and cable transfers. days’ endorsed bills receivable. The Extraordinary pressure to sell cotton bills caused sterling exchange to break severely during the early part of the week, but when business the Columbus was .. resumed after Day holiday a stronger tone developed, partly through more positive assertions that the con¬ troversy over handling bills of lading would be settled forthwith, assertions that proved substantially correct, inasmuch as at Thursday afternoon’s conference it was agreed that a solution could be found by forming a special company consisting of home and foreign bank¬ ers to guarantee the bills. On Friday, however, following shows the daily posted rates for sterling exchange by some of the leading drawers. Brown Bros. «k Co Kidder, Peabody & Co Bank of British North America Bank of Montreal Canadian Bank of Commerce Heldelbach, Ickelhelmer & Co Lazard Freres Merchants’ Bank of Canada. _. .. Fri., Mon., Oct. 7. Oct. 10 J60 days 4 84 Sight-- 4 87 J60 days 4 84 -ISight.- 4 87 J60 days 4 84^ 4 87H J60 days 4 84 -1 Sight.. 4 87 J60 days 4 84 -ISight-- .ISight.. 4 87 J60 days 4 84 .ISight.. 4 87 J60 days 4 84 -\Slght-. 4 87 J60 days 4 84 -ISight.. 4 87 84 87 84 87 84 87 84 87 84 87 84 87 84 87 84 87 Tues., Wed., Oct. 11. Oct. 84 87 84 87 84 87 84 87 84 87 84 87 84 87 84 87 Thurs., Fri., 12. Oct. 13. Oct. 14. HOLIDAY 84 87 83 H 86 M 84 87 84 87 84 87 84 87 84 87 83 H 86 H 84 87 84 87 84 87 83H S3H 86 H 86 H 84 87 84 87 84 87 THE CHRONICLE 994 It . LXXXXI. 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¬ The following gives the week’s movement of money ship during 1907. It was in February of the ensuing to and from the interior by the New York banks. year that King Carlos and one of his sons were assasinated. The present King, Manuel, then a youth of Net Interior Received by Shippedjby Movement. N. Y. Banks. At. y. Banks. Week ending Oct. 14 1910. eighteen, succeeded to the throne. A coalition Minis¬ $119,000 $5,849,000 $5,730,000 Gain Ourrenoy try was formed, but speedily resigned. The next 138,000 Gold 1,509,000 Gain 1,647,000 Cabinet lived three months; the next one only four Total gold and legal tenders $257,000 $7,496,000 $7,239,000 Gain MB* weeks; and Ministerial government has been possible, With the Sub-Treasury operations the result is as during the ensuing year or two, solely through a suc¬ follows. cession of makeshifts and political compromises. In the meantime, secret societies were multiplying among Into Net Change in OvFof Banks. Week ending Oct. 14 1910. Banks. Bank Holdings. the people, and on the side of the monarchy, which has Banks* interior movement above. $7,496,000 $7,239,000 Gain $257,000 Sub-Treasury operations 24,100,000 29,096,000 Loss 4,996,000 certain arbitrary powers under the Constitution, Total gold and legal tenders $31,596,000 $36,335,000 Loss $4,739,000 tyrannical methods, going as far as domiciliary visits to political opponents, became an urgent issue of the The following table indicates the amount of bullion day. in the principal European banks. Portugal in itself is not a very important member Oct. 13 1910. Oct. 14 1909. of the community of nations. Perhaps its place in the Banks of Gold. Silver. Gold. Total. Silver. Total. affairs of the world at large has more to do with its £ £ £ £ colonial possessions in Delagoa Bay, in India, in parts 33 ,778,75a England33 ,814,932 33,778,750 33,814,932 133 •587.92C 33.486,440167,074,360 144,809,880 35,822,160 180 ,692.040 France 32 .882.45C 13,406,700 46,289,150 34,125,700 11,462,100 45 ,587,800 of China, in Guinea and in the Azores. Germany With even Russia, 145 ,389,OOC 7,247,000152,636.000 132,667,000 7,460.000 140 ,127,000 Aua-Hunb 55 .448,000 12,166,000, 67,614,000 57,385,000 12,176,000 69 ,561,000 well-informed people of our own community, it is Spain.... 16 ,357,000 30,617,000 46,974,000 16,059,000 31,118.000 47 ,177,000 38 ,506,000 Italy, d 3,325,000' 41,831,000 37,250,000 4,000,000 41 ,250,000 probably safe to say that the name of Portugal Neth’lands 10 ,097,000 1,633,900 11,730,900 10,525,000 2,902,700 13 ,427,700 The market closed 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@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. on was • as r a NaABelg.d 5 ,436,667 Sweden -Swits'land 4 ,446.000 6 230,000 2 026,000 .. JNorway .. 2,718,333 8,155,000 4,446,000 6.230,000 2,026,000 4,238,667 4,381,000 4,939,000 1,727,000 2,119,333 6 ,358,000 4 4 1 ,381,000 ,939,000 ,727,000 Total week 484,184,787104,600,373'588.785,160 481.982,179 107,060,293589.042,472 Frev. week.485,529,989105,972,923591,502,912 482.952,453 107,856,247.590,808,700 « The total of gold In the Bank of Russia Includes the balance held abroad—that Is, the amount held for Russian account in other Continental banks. The propor won so held and consequently duplicated in the above statement to about one-eighth of the total this year, against about one-tenth a year ago. bThe Austro-Hungarian Bank statement to now issued in Kronen and Heller ■Instead of Gulden and Kreutser The reduction of the former currency to sterling Founds 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 Uhe Banks of Italy and Belgium to made from the best estimates we are able to obtain; tt is not claimed to be aocurate, as the banks make no distinction in their weekly returns, merely reporting the total geld and silver; but we believe the division we pake to a dose 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 gathered by many people of the Turkish revolu¬ 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 demonstrawas tion in 1908. txbn could not contain the element of permanency. The impression proved erroneous. and on both occasions to be quite In swift succession to the first uncertain perplexing rumors regarding the Portuguese situa¬ 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. Within a day or 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. tion awakens no definite reminiscences save those of Wellington’s celebrated campaign against Napoleon, 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 modem affairs is more important, it is not going too far to say which 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 O0T. 15 THE CHRONICLE 1910.) 995 judged from the veiy notable reaction in French and where drought and other adverse weather developed German political affairs after 1848. The new Portu¬ this year, it is quite generally above the ten-year guese Republic and the new Government so promptly average. Contrasted with 1906, when our previous named at Lisbon are themselves necessarily on trial record com crop was secured; there is a decrease in as a solution of that country's problems. The experi¬ condition of 9.8 points; in the meantime, however, ment will certainly be interesting, not less so when one there has been an augmentation in area of nearly observes that the first move of the new Government 18%, which should much more than compensate for was the drastic measure of expelling the religious the loss in yield per acre. In fact, a crop of about orders. Portugal's neighbor, Spain, made its own ex¬ 3,075,000,000 bushels seems to be reasonably well periment a generation ago with the Republican form assured, that total comparing with 2,772,376,000 of government, and was unable to maintain it; its bushels in the previous year, 2,668,651,000 bushels people yielded as readily to the return of monarchy in two years ago, 2,592,320,000 bushels in 1907 and the early seventies as the English people welcomed 2,927,416,091 bushels in 1906. Charles the Second after the death of Cromwell. The October agricultural report also embraces Even the Young Turks, in the course of their own preliminary estimates of yield of several cereals. remarkable experiment, must be regarded as financially Foremost of these, as an article of food, is spring and politically on trial. There have been many mut- wheat, the average yield of which is placed at 11.8 bushels terings of late from Turkey's best friends in the This is somewhat better than the per acre. European capitals as to certain policies now being September 1 condition report seemed to warrant pursued at Constantinople. expectation of, and indicates an out-turn of approxim¬ Be this as it may—and no general movement ever ately 233,475,000 bushels, or about 57 millions of bushels less than in 1909. Combining this springproceeds without incidental blunders and missteps— it cannot be doubted that the longer outcome of such wheat aggregate with the estimated yield of the winter a wide-spread change in public affairs must make for grain—announced in August as 458,294,000 bushels— the betterment of human conditions. Experience is in¬ gives a total wheat crop~of 691,769,000 bushels fbr variable in its teaching that salutary reforms on a 1910, which contrasts with 737,189,000 in the previous permanent basis are sure to follow. If there were season, 664,602,000 bushels in 1908, 735,260,970 nothing else to come of these episodes, it would still be bushels in 1906 and 748,460,218 in 1901, the last two true that publie unrest and dissatisfaction, whose and 1909 being the only ones in our histoiy exceeding existence cannot in retrospect be denied, have been that of the current The average quality of the year. allowed to express themselves, are known and recog¬ 1910 crop is very high, increasing its food value and nized, and may be sanely and efficiently dealt with. making up in some measure for shortage in quantity. At least there will be left after such a process no The outlook, as regards oats, of the harvest now in smoldering fires to burst out into conflagrations like progress, as the Department's returns present it, is for the French Revolution of 1789. a production of 31.9 bushels per acre, an average exceeded only in 1905 and 1902, and comparing with 24.3bushel 30.3 bushels in 1909. and 25 bushels in 1908. THE CROPS OF 1910. 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 would give This 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 1908. Here too, this year, a higher average quality than usual is reported. Barley is expected to return 22.4 bushelsper 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 a 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¬ of bushels below the record out-turn of 1906. The rye pected. Thus it is that latterly a record production crop, according to the preliminary estimate, averages has seemed to be assured. This expectation the latest per acre, or 32,088,000 bushels for the Department report not only appears to confirm, but it whole area harvested, a total well up to that of last also indicates a record-breaking crop of oats and a year and only moderately below the high-water mark. yield of spring wheat quite a little in excess of what Quality, moreover, is much better than last year and had been looked for. With this prospect, therefore, above the ten-year average. and prospects of a cotton crop materially larger than Altogether, the production of cereals in the United last year, the 1910 agricultural result is certainly States makes a very favorable comparison with earlier assuring. years, as the following compilation, covering leading In the condition of corn, according to the Depart¬ crops, clearly indicates: 1910. 1909. 1907. ment, there was actually an improvement of 2.1 1906. Production of— Bushels. Bushels. Bushels. Bushels. points during September, this contrasting with a slight Com 3,075,000,000 2,772,376,000 2,592,320,000 2,927,416,091 458,294,000 432,920,000 409,442,000 492,888,004 deterioration in 1909 and a drop of 1.1 points in the Winter wheat Spring wheat 233,475,000 290,823,000 224,645,000 242,372,966 Oats 1,696,396,000 1,007,353,000 754,443,000 ten-year average. The average of corn for October 1 964,904,522 Rye 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 158,138,000 170,284,000 153,597,000 178,918,484 73.8 on October 1 last year, 77.8 in 1908 and a tenTotal 5,053,391,000 4,705,995,000 4,166,013,000 4,839,872,900 From the foregoing it will be observed that the 1910 year average of 78.4. Furthermore, it is to be noted that in almost every State of large yield a better total not only exceeds that of 1909 by 34734 millions condition is reported than at this time last year, and of bushels; but is 21334 millions greater than the former record that,except in those localities west of the Mississippi, aggregate of 1906. 996 THE CHRONICLE [Vol. mile of LXXXXI. In this interval train-load has risen from FA VORABLE SHOWING. 201 tons to 237 tons, not including freight material The Southern Railway is one of the few large rail¬ carried for the company’s own use. With this latter road systems which are able to record a substantial added on, the train-load now is 296 tons, against 236 improvement in net earnings as well as in gross earn¬ tons in the earlier year. President Finley tells us in his report that the ings for the fiscal year ending June 30 1910. In other words, the whole of the gain in gross earnings has not property has been well maintained during the year been absorbed by increased operating expenses, as has and is in as good physical condition as is necessary, not happened with so many other important companies. only for the preservation of the integrity of the capital Yet the addition to expenses was very considerable, account but also to make possible efficient operation. and it is only because of the large extent of the addi¬ One may well believe this, seeing what has been tion to gross receipts, through the growth in the volume accomplished in the way of lessening transportation of traffic, that the outcome as to net has been so favor¬ cost per unit of traffic. He says insistent effort able. There was, however, another cause potent to to increase efficiency in operation has been made the same end, namely a further growth in operating looking especially to maintaining a reasonable ratio between efficiency, striking evidence of which is furnished by transportation expenses and gross revenue. the various statistics and tabular statements to be He goes on to add that the continued high cost found in the report. of all the materials and supplies which a railroad Stated in brief, gross revenues increased $5,632,929, consumes, and the increased cost of labor without any operating expenses were added to in the sum of $3,- proportionate increase in the selling price of the one 483,014, leaving, therefore, an increase of $2,149,915 thing the railroad produces and has for sale, namely in net. The report tells us that the gross revenues transportation, has so intensified the problem of suc¬ were the largest in the cessful railroad history of the company, and operation that the opportunity for the increase over 1908-09 reflects the improvement good results is narrowed under existing conditions to in business which occurred during the year. We efforts to increase the volume of business and to might also say that it reflects the continued develop¬ secure improvement in operating efficiency. He ment of the Southern country and likewise the thor¬ points out, furthermore, that late in the year general ough-going way in which the managers of this im¬ increases were made in the rates of pay of employees, portant system have been catering to the needs and and that these will have the effect of adding approxi¬ requirements of the communities tributary to the lines mately $2,000,000 to the annual pay-roll of the movement THE SOUTHERN RAILWAY’S of the We evidence of the way 4,480,000,000. of three years the average system. see one 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 company. If it were not for the which will result great addition to expenses fron^ the higher schedules of wages, the future of the Southern Railway would have to be 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 moved would in itself cause some increase in the main¬ and its products shipped over the lines of the Southern tenance expenditures. As evidence of the saving Railway was reduced no less than 189,500 tons. effected in the cost of conducting transportation, we This loss, fortunately, was made good many times over may note that the increase in the ratio of this class through increases in other items of traffic, reflecting of expenditures was only 4.37%, while the increase in constant growth in population and constant expansion the number of tons of freight carried one mile was in the consumptive requirements of the sections of 11.90% and the increase in the number of passengers country served. carried one mile was 9.18%. There addition to the train-load—so much so was a further that the aver¬ number of tons of freight hauled per train in the (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 age late year 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 regarded as very roseate. 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 the short space of two graphic indication of the transformation 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 years is evident from the fact that in 1908-09 the surwere obliged to run 18,956,436 miles on a freight plus above charges was only $3,589,385 and in 190Y-08 a that has been p : OOT. 15 1910. THE CHRONICLE than $401,850. 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 was no more • welfare.” THE BALTIMORE & OHIO AND BUSINESS REVIVAL. 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 combined 997 were at one bound recovered, raising the point ever reached in total of the gross to the largest the history of the company. In the 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 Yl million tons more freight were carried than in the case year 1908-09, and the creased nearly 2,000 mile in¬ 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 2J^ 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 rend Bred 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 tonnage movement one (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 seem to be that the maintenance outlays, though Commission. Enough is known, however, to warrant liberal, as befitted a year of growing revenues, were the statement that the losses of 1907-08 and 1908-09 not inordinate or excessive. THE CHRONICLE 998 As 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 eommon 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 a rates would seem to be called for in order to preserve equilibrium between revenues on the one hand, and expenditures, interest and dividends on the a proper other hand. The fact that 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. our To meet this situation the board authorized the pur¬ chase of 284 locomotives and 15,000 freight cars— notice the large figures—at 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 a pieces of passenger-train equipment of modern design. Here, therefore, [VOL. LXXXXI. 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 to 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, 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 and stated that before to pay. RAILROAD GROSS EARNINGS 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 Ry., 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 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. amount. The receipts of wheat for the five weeks ending Accordingly, the company put out $10,000,000 one-year 4% gold notes due March 10 1911. It also made an Oct. 1 this year reached only 37,855,209 bushels, issue of $50,000,000 of 4J^% 3-year gold coupon against 45,148,469 bushels in the corresponding five secured notes due June 1 1913. Of these notes weeks of last year. At Minneapolis, which is a spring$10,000,000 are reserved to retire the one-year notes wheat market, the deliveries were of just about the first referred to and the remaining $40,000,000 were same magnitude as last year; but at Duluth they were were OO'IV 15 1910.] THE CHRONICLE only 6,451,805 bushels, against 17,081,167 bushels in the same five weeks of 1909. There was also a large falling off in the deliveries of barley, but the corn 999 Last year our early compilation shown an increase of $6,613,195, or for September had 11.91%. In 1908, of course, there was a loss, the falling off reaching movement and the oats movement were heavier than $3,986,202, or 5.78%. Prior to 1908 the September a year ago. Altogether the receipts of wheat, corn, record of earnings had been one of continuous improve¬ oats, barley and rye combined in the five weeks of this ment, as may be seen from the following, giving the year aggregated only 91,947,457 bushels, against September comparisons for all the years back to 1896: 100,020,849 bushels last year. The contraction is the Gross Earnings. Increase (+) Mileage. more significant as it follows contraction last year, too. September. Year Year Yr. Pre¬ InYear Decrease (—■). The details of the Western grain movement in our usual Given. Given. Preceding. ceding. cr’se. form appear in the following table: Roads Miles. Miles. $ Year. $ S % % 117 1896 90,456 89,696 0.85 41,561,327 42,056,682 —495,355 1.18 909100911 or Five weeks Ending Flour. Wheat. Com. Oats. Oct. (bbls.) {bush.) (bush.) (bush.) 3,646,000 3,055,026 15,165,150 12,294,150 9,619,600 10,016,950 1,973,500 2,378,400 91,000 145,000 1,632,580 1,421,400 937.900 799,200 1,637,200 837,000 1,824,400 2,644,900 583,410 148,000 2.819,857 2,946,512 1,522,160 1,458,850 1,993,835 2,207,500 117,600 192,200 24,326 25,162 613,500 790,000 299,900 325,500 491,250 798,000 381,226 352,770 487,827 240,088 463,480 354,240 129.511 56,944 218,907 371,788 719,907 1,370,046 10,331 9,356 124,000 130,000 1,529,329 1,964,754 725,100 734,585 222,500 142,058 32,792 29,000 6,451,805 17,081,167 227,255 149,610 258,966 1,065,320 2,022,050 4,163,359 32,193 160,003 15,274,430 15,142,550 916,200 445,509 4,554,190 3.211,160 4,366,210 275,030 2,631,409 6,782,300 4,172,100 1,333,400 723,800 557,900 755,500 37,855,209 45,148,469 22,638,028 18,773,249 21,021,428 9,381,541 1,051,251 20,770,530 13,896,483 1,432,118 23.787,700 19,397,292 72,610,350 68,228.771 77,225,400 17,718,900 66,368,026 17,003,293 2,252,405 2,248,683 6,570,050 4,805,105 6,106,830 5,242,200 8,890,950 6,251,100 1.953.355 1,925,210 14,222,039 14,984,412 18,218,072 16,640,500 16,333,250 13,693,465 1— Barley. (bush.) Chicago— 1910 919,886 1909 1,054,698 Milwaukee— 1910 315,900 1909 429,375 St. Louis— 1910 284,975 1909 341,810 Toledo— 1910 1909 Detroit— 1910 25,434 1909 24,156 Cleveland— 1910 7,708 1909 10,477 Peoria— 1910 237,204 1909 287,250 Duluth— 1910 84,175 1909 830,500 Minneapolis— 1910 1909... Kansas City— 1910 1909 Total of all— 1910 1,875,282 2,978,266 Rye. (bush.) 8,633 Toledo— 3,525,000 3,126,400 3,050,500 2,476,600 Detroit— 1,078,018 1,246,307 2,031,137 1,746,045 1,886,276 1,677,874 68,429 47,885 567,437 407,801 3,809,218 3,532,883 4,268,285 6,052,611 95,250 91,475 95,181 96,165 100,492 89,680 90,183 83,592 80,859 92,839 73,482 82,500 77,147 84,254 1.52 0.77 1.26 3.51 1.98 1.82 1.67 2.41 2.32 2.55 1.12 1.52 1.48 3.43 49,720,753 47,105,094 58,682,534 58,270,588 66,491,460 61,654,626 68 192,919 61,589,566 61,549,676 79,890,683 56,317,229 64,925,965 62,138,040 67,702,377 43,333,198 44,379,196 53,004,336 57,173,545 59,962,628 56,278,213 63,748,368 59,124,478 58,045,752 73,290,417 52,172,480 68,912.167 55,524,845 65,214,479 + 6,387,555 +2,725,898 +5,678,198 + 1,097,043 + 6,528,832 + 5,376,413 + 4,444,551 +2.466,088 +3,503,924 + 6,600,266 + 4,144,749 —3,986,202 +6.613,195 +2.487.898 14.74 6.14 10.71 1.92 10.88 9.55 6.97 4.16 6.03 9.01 7.95 5.78 11.91 87,464 93,807 90,776 94,026 92,902 98,531 88,083 88,703 81,623 79,023 90,527 72,668 81,251 76,069 81,503 0.86 1.54 0.77 1.23 3.51 1.99 1.82 1.67 2.41 2.32 2.55 1.12 1.53 1.42 3.37 326,903,450 356,545,809 356,283,597 435,131,215 470,582,605 525,841,522 489,256,535 561,854,388 481,650,242 484,597,911 657,972,747 474,839 846 486,667,961 466,976,509 555,870,669 312,929,980 343,560,268 319,888,352 399,525,997 423,590,726 475,815,865 451,747,198 500,075,914 483,274,172 452,258,707 574,286,788 429,640,386 575,319,572 417,976,108 187,758,708 + 13,973,470 + 12,985,541 +36,395,245 +35,605,218 +46,991,879 + 50,025,657 +37,509,337 + 61,778,474 —1,623,930 +32,339,204 + 83,685,959 + 45,199,460 —88,651,611 + 49,000,401 +68,111,931 4.46 3.78 11.37 8.91 11.09 10.51 8.33 12.33 0.33 7.15 14.57 10.52 15.41 11.72 763,500 907,500 1,038,565 1,903,200 229,188 178,769 over 7,242 8,633 Grand Trunk 10,483,997 6,275 761 1,609,812 1,827,058 307,292 226,000 Chesapeake & Ohio 566,595 1909 2,934,845 Minneapolis— 20,157,384 23,263,192 914,576 1,200,143 5,238,635 2,637,083 6,641,222 5,969,426 363,332 264,219 70,537.490 50,315,330 6,618,921 4,097,025 Denver & Rio Grande Southern Railway Interaat & Great Northern Texas & Pacific 31,802,650 23,648,900 13,066,450 7,920,160 1909 < 4 Total of all— 1910 13,266,990 173,219,502 138,292,759 144,767,051 49,889,892 4,169,594 1909 14,996,062 142,253,519 122,108,958 118,840,249 47,758,130 4,132,696 In the of the cotton movement the shipments 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. From the following case overland for table it will be in seen that the Texas movement of that of excess points there was a ran much but that at all other large shrinkage. a Chicago Great Western 13,801,208 13,781,418 1,314,170 8,769,629 12,465,404 1,679,775 3.395,400 4,405,500 year ago, RECEIPTS OP COTTON AT SOUTHERN PORTS IN SEPTEMBER AND FROM $967,000 349,159 263,663 203,100 195,000 164,711 158,951 152,371 147,593 131,000 decreases. Increases. Buffalo Roch & Pitts Alabama Great Southern__ Cine New Orl & Tex Pac__ Detroit Toledo & Ironton__ 69,037 St Louis Southwestern Colorado & Southern 67,108 58,882 $55,833 48,731 42,647 38,422 37,418 Chicago Ind & Louisville. Kansas City Mex & Orient. _ 36,000 Representing 21 roads In our compilation $3,468,854 "Vlerren 109,904 101,000 71,324 Chicago & Alton Great Northern iwinneap St Paul c/^ ® $608,260 & S S Ml. 451,191 Representing 2 roads in our compilation $1,059,451 complete our analysis we annex the following six-year comparisons of the earnings of leading roads, arranged in groups. To EARNINGS OF September. Canadian Pac. Chic Gt West.* Dul So Sh&Atl Gt Northern.. Iowa Central.. Minn & St L_. M StP &SSM a NORTHWESTERN AND 1909 1910. NORTH PACIFIC GROUP. 1908. 1907. 1906. S $ $ $ $ 9,115,000 8,148,000 6,391,672 980,127 1,042,330 1,127,720 237,717 310,331 321,405 6,208,078 56,816,339 55,861,776 316,939 282,802 311,951 446,697 518,096 544,138 2,183,603 2.053,514 2,504,705 6,423,452 741,466 302,122 5,723,664 300,586 373,923 1,658,952 1905. $ 4,872,575 845,884 275,443 4,955,650 249,237 362,911 1.758,279 6,152,767 843,987 285,834 5,322,604 279,208 331,672 1,912,853 19,670,732 19,605,611 16,446,597 15,524,165 15,158,925 13,319,979 Total 1 Dodge and the Wise. Minn. & Pae. in 1910, *09 & '08. Chicago Division in 1910, 1909 and 1908; for previous years we have combined Minn. St. P. & S. S. M. and Wisconsin Central. * Includes Mason City & Ft. a Includes 6 Actual JANUARY 1 TO SEPTEMBER 30 1910, 1909 AND 1908. or Increases. 11,866,705 11,024.631 City— roads increases still $30,000, whether increases Canadian Pacific Illinois Central Louisville & Nashville Canadian Northern Missouri Pacific Wabash J 1,000 75,282 261,594 of the separate 971,234 1,058,780 Kansas 13.96 PRINCIPAL CHANGES IN GROSS EARNINGS IN SEPTEMBER. 101,650 161,900 4,655 case 2,232.368 1,532,128 1910. 3.81 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 9,024,693 1,083,220 8,323,500 704,900 3,243,650 2,709,200 169,911 119,103 Duluth— . 124 122 108 101 93 72 73 66 55 68 55 51 47 49 94,422 90,818 94,503 92,902 99,204 88,083 88,703 81,623 79,023 90,527 72,668 81,908 76,330 82,163 Note.—Neither the earnings of the Mexican roads nor the mining operations of the anthracite coal roads are included in this table. Cleveland— 1909 Peoria— to Sep t. 30. 111 88,223 In the St. Louis— 95,865 91,517 95,700 96,165 101,165 89,680 90,183 83,592 80,859 92,839 73,482 83,157 77,460 84,994 859,320 Chicago— 6,023,927 111 101 96 72 73 66 55 68 55 53 49 50 Jan. 1 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 12,500 57,000 Jan. I to Oct. I— 1909 6,188,208 Milwaukee— 128 123 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 WESTERN FLOUR AND GRAIN RECEIPTS. figures of earnings are now used for comparison. EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP. Since January 1. September. Ports. 1910. Galveston bales Port Arthur, &c. New Orleans Mobile Pensacola, &o Savannah Brunswick Charleston.. Georgetown Wilmington Norfolk Newport News, Ac... Total 501,054 16,563 45,749 18,211 1909. j 1910. 1909. | 1908. 35 25: 48,221 26,938 74,528; 294 463; 393,837 1,315,223 1,639,343 1,677,911 969 124,420 246,457 83,422 86,051 655,394 971,523 ,023,573 35,468 103,714 176,316 155,798 60,119 11,642 96,277 93,008 247,665 475,200 759,764 654,425 60.428 24,004 161,093 94,800 36,300 74,806 120,131 75,003 9 827 671 1,381 60,103 90,169 189,275 192,807 35,913 206,771 260,914 232,729 912 7,563 15,907 5,350 923,564 1,035,879| 932,873 3,174,634 4,638,411 4.289,497 804 211,160 20,611 33,924 364,148 11,825 67,796 28,312 1908. 697; 326,171 53,955 57,675 50,284: September. Buff Roch & P Chic Ind & Lou GrTr’kof Canl Gr Tr Westy 1910. 1909.’S| $ 899,947 563,377 844,114 525,959 626,939 485,235 771,063 539,760 746,724 546,461 4,107,955 3.949.004 3,534,830 4,049,923 3,813,151 DGH&M| $ 1908. $ Canada Atlj Illinois Central a5,140,738 a4,791,579 a4,830,208 Tol Peor & W. 116,781 105,187 104,526 Tol St L & W. 317,131 292,271 318,538 Wabash 2,710,181 2,545,470 2,319,906 Total a ,13,857,517 Embraoes some 1907. $ 1906. 1905, $ $ 805,815 561,280 $.602,185 i i 5,405,906 4,647,543 3,960,057 116,136 109,332 119,233 388,457 1 340.122 , 362.398 2,498.899 2,421,820 2.162,814 . 13,078,444 12,193,915 13,770,144 12.625.153 11,573,782 large items of income not previously included in monthly returns 1000 THE CHRONICLE EARNINGS September. 1910. Southern Ry.. Ya,aoo A M V. -Total GROUP. 1908. 377,805 8 329,074 286,666 345,552 285,935 151,873 126,558 210,153 1,057,000 2,884,646 807,076 4,531,455 863,865 1,518,638 4,948,998 a769,352 286,110 137,961 125,364 216,484 1,065,000 2,732,275 764,429 4,267,792 838,814 1,543,921 4,839,094 0763,143 245,676 120,067 112,636 154,359 1,014,608 2,302,999 651,988 3,954,648 783,664 1,256,842 4,406,693 a764,601 244.606 1905. 8 341,250 293,256 228,283 114,925 118,601 120,909 973,490 2,144,476 700,181 3,859,039 807,875 1,187,176 4,571,765 693,053 203,050 86,433 62,878 85,513 1,018,740 2,000,285 694,090 3,547,193 703,716 1,201,450 4,456,360 461,739 8 131,095 138,340 171,154 1,046,750 2,541,328 776,525 4,189,277 890,990 1,329,026 4,898,264 796,628 Name of Road. 1906. 1907. S S , 18,533,354 17,909,461 16,055,447 17,499,535.15,861,023 14,814,733 Includes some large Items of income not previously included in monthly returns. 6 Includes Louisville A Atlantic and the Frankfort & Cincinnati in 1910 and 1909. a EARNINGS OF SOUTHWESTERN GROUP. September. ' 1910. $ * I 1,403,600 2,104,900 834,000 2,475,819 4,663,000 972,927 1,318,744 Colorado A So* 1,462,482 Denv A Rio Gr 2,235,900 IntAGtNor.. 935,000 Mo Kan A T.a 62,475,819 Mo Pacific 4,858,000 St Louis S W__ 1,040,035 Texas A Pacific 1,390,068 Total 1 1909. | 1908. 1907 1906. S $ $ 1,099,327 1,811,152 776,515 2,088,369 4,018,435 864,773 1,194,317 1,282,582 1,977,293 725,633 2,371,747 4,106,966 904,253 1,192,888 lxx«u i SOUTHERN 1909. $ Ala Gt South.. AlaNO ATP N O A N E. Ala A Vicks. Vicks Sh A P Atl Birin A Atl Central of Ga. Ches A Ohio.. cm N O A T P Lou A Nash.6. Mobile A Ohio Seaboard Air L OF (Vol. 1,269,727 2,059,321 645,612 2,278,658 4,408,801 944,922 1,302,075 1905. 1910. Detroit Toledo A Ironton. Ann Arbor Duluth So Sh A Atlantic. Georgia Southern A Fla Grand Trunk of Can Grand Trunk Western. ■ Det Grand Hav A Mllw. Canada Atlantic Great Northern Illinois Central Internat A Great Northern Iowa Central Louisville A Nashville Macon A Birmingham Mineral Range Mlnneap A St Louis Mlnneap StP ASSM Missouri Pacific Mobile A Ohio _ _ S 1,044,537 1,742,260 631,670 1,845,950 3,679,527 712,519 892,402 14,397,304 13,772,990 12,561,362 12,909,116 11,852,888 10,548,865 $ 1,057,178 1,297,238 2,250,558 1,564,732 8 248,175 147,600 290,639 155,722 32,349,081 29,545,492 2,803,589 40,542,107 6,882,412 4.552,120 573,624 153,730 5,590,153 47,424,519 46,447,270 6,343,840 2,474,819 39,784,445 98,582 579,219 3,670,445 16,452,932 39,672,740 8,035,743 296,608 456,975 8,103,984 15,127,328 42,773,322 11,248,143 909,577 2,768,388 21,766,892 7,161,697 Rio Grande Southern St Louis Southwestern Seaboard Air Line Southern Railway Texas A Pacific Toledo Peoria A Western. Toledo St Louis A Western Wabash. Yazoo A Miss Valley Increase. $ 1,305,353 1,444,838 2,541,197 1,720,454 _ Nevada-Callfornia-Oregon 1909. 41,895,150 5,770,216 2,321,089 34,194,292 101,160 624,360 3,153,911 14,899,582 35,570,559 Decrease. 8 2,578. 45,141 516,534 1,553,350 4,102,181 798,771 7,236,972 349,565 372,343 52,957 " 84,632 687,035 1,572,420 3,850,541 1,118,296 99,420 7,416,949 13,554,908 38,922,781 10,129,847 810,157 2,586,762 19,916,851 6,856,136 181,626 1,850,041 305,561 Total (49 roads) 555,870,669 487,758,708 68,21 ',637 Net Increase (13.96%) ! | 68,111,961 Mexican Roads (not incl llHorl uded 1in tot all al) — Interoceanlc of Mexico 6,638,819 6,203,474 435,335 Mexican Railway 1/6,163,300 i/5,499,400 663,900 National Rys of Mexico .x. 48,789,865 42,953,388 100,676 n 5,836,477, Now includes Mexican International n both years. V These figures are down to the end of the third week of September, only in both years. * * Includes all affiliated lines except Trinity A Brazos Valley RR. Includes the Texas Central In 1910. 6 Month in 1910 not yet reported; taken same as last year. a ITEMS ABOUT BANES, BANKERS AND TRUST GO’S. —The public sales of bank stocks this week aggregate 89 shares, of which 64 shares were sold at the Stock Exchange GROSS EARNINGS AND MILEAGE IN SEPTEMBER. Gross Earnings. Name oj Road. Mileage. Inc. 1910. 1909. $ Alabama Gt Southern Ala N O & Tex Pac— New Orl & Nor East Ala & Vicksburg Vicks Shrev & Pae_ Atlanta Blrm & Atl__ Bellefonte Central Buffalo Roch & Pitts_ Canadian Northern Canadian Pacific Central of Georgia Chattanooga Southern Ches & Ohio Lines— Chicago & Alton Chicago Great West-Chicago Ind & Loulsv Cine New Orl & T P__ Colorado & Southern. Denver & Rio Grande Denver N W & Pac__' Detroit & Mackinac. _l Detroit Tol & Iront-.j Ann Arbor \ ! Duluth So Atl__| Georgia Sou & Fla Grand Trunk of Can.) I Gr Trunk Western) Det Gr Hav & Mil. ; Canada Atlantic. Great Northern 1 Illinois Central ; Sh% Jj Internal & Gt Nor Iowa Central... Kan City Mex & Or_. Loulsvllle & Nashv.. Macon & Blrm’ham.. Mineral Range Mlnneap & St Louis. Nevada-Cal-Oregon Rio Grande Southern. St Louis Southwest-. Seaboard Air Line Southern Railway Texas & Pacific Toledo Peoria & West Toledo St L & West.. Wabash Yazoo & Miss ValleyTotal (50 roads) Net Increase (3.81%). $ 329,074 377,805 285,935 151,873 126,558 210,153 8,364 899,947 1.279.900 9,115,000 1,057,000 1/4,906 2,884,646 1,305,617 —175 8,148,000 1,065,000 x 195 142 171 642 27 568 3,094 9,426 1,916 —298 99 99 2,224 1,903 998 998 1,487 1,476 807,076 1,462,482 2.235.900 112,368 105,501 190,548 176,233 310,331 200,062 980,127 525,959 764,429 1,403,600 2,104,900 90,561 106,916 152,126 167,168 321,405 188,005 616 336 616 336 4,107,955 3,949,004 + 158,951 4,528 4,528 6,816,338 —608,260 + 349,159 + 101,000 —4,988 + 36,000 + 263,663 7,129 4,551 1,159 4,551 1,159 558 740 558 660 4,590 4,398 105 127 105 129 1,027 3,570 7,170 1,114 1,027 3,423 6,488 1,114 184 180 184 180 1,476 2,995 7,053 1,885 1,469 2,997 7,050 1,885 248 451 248 451 2,514 1,372 2,514 1,371 1,127,720 563,377 6,208,078 5,140,738 935,000 311,951 160,000 4,531,455 12,477 69,506 544,138 2,053,514 4,858,000 863,865 40,075 53,732 1,040,035 1,518,638 4,948,998 1,390,068 116,781 318,538 2,710,181 769,352 67,702,377 4,791,579 834,000 316,939 124,000 4,267,792 12,833 75,866 518,096 2,504,705 317,131 2,545,470 763,143 65,214,479 1910. Alabama Great Southern. Alabama N O & Tex Pac— New Orl & Northeastern Alabama & Vicksburg. Vicks Shrev & Pacific. Atlanta Blrm’m & Atlantic Bellefonte Central Buffalo Rochester A Pitts. Canadian Northern Canadian Pacific Central of Georgia Chattanooga Southern Chesapeake A Ohio Lines. Chicago & Alton Chicago Great Western Chicago Ind A Louisville.. Cine New Orl A Tex Pac__ Colorado & Southern Denver A Rio Grande Denver Northwest & Pac__ Detroit & Mackinac _ _ _ _ $ 3,314,876 1 2,032 2,598 + + 960 + 96,800 + 724,348 TO 1909. $ 321 6,147 6,178 V These Increase. Decrease. $ 3 1,136,118 298,146 131,516 61,553 1,015,300 1,653,984 43,627 277,986 68,376 17,926 5,895,504 883,528 6,761,200 2,868,700 58,316,677 13,986,844 21,012,673 9.392.794 7,846,420 4,096,828 6,026,432 11,047,222 10,059.904 557,715 905,792 figure SEPTEMBER 30. 2,353,762 7,982.060 i/53,786 1,018 361 2,651,908 1,267,634 1,083,676 1,931,970 24,105,124 10,095,772 9,303,574 4,659,647 7,021.711 12,406,494 17,678.708 780,373 949,348 214 347 441 301 593 395 6,961 1,025 654,861 8,810,648 i/76,809 • 2,487,898 84,994 82,163 2,660,015 6,779,032 9,629,900 72,303,521 1,952 2,552 214 360 441 301 605 395 —356 —6,360 + 26,042 —451,191 + 195,000 + 25,051 —17,915 + 29,789 + 67,108 —25,283 + 109,904 + 71,324 + 11,594 + 1,407 + 164,711 + 6,209 4,663,000 838,814 57,990 23,943 972,927 1,543,921 4,839,094 1,318,744 105,187 EARNINGS FROM JANUARY Name oj Road. 195 + 152,371 + 69,037 + 147,593 + 37,418 +42,647 + 58,882 + 131,000 + 21,807 —1,415 + 38,422 + 9,065 —11,074 + 12,057 Now Includes Mexican International in both years, for three weeks only. GROSS 309 3/5,204 Mexican Roads (not In eluded In to tal)— Interoceanlc of Mex__ 617,076 616,116 Mexican Railway f/518,100 1/421,300 Nat Rys of Mexlco.rr. 5,113,254 4,388,906 are 309 142 4-13,912 171 4-1,194 661 —6,331 + 2,563 27 + 55,833 568 + 203,100 3,297 + 967,000 10,276 —8,000 1,916 5,801 844,114 1,076,800 and 25 shares at auction. sold. Shares. $ 4-48,731 286,110 137,961 125,364 216,484 1909. 2,732,275 1,236,580 _ Minn St P & S S M._. Missouri Pacific Mobile & Ohio (+) or Dec. (+). 1910. 828,588 23,023 3,092,451 702,978 1,457,154 562,819 995,279 1.359.272 1,618,804 222,658 43,556 *33 BANKS—New York. Commerce, Nat. Bank of *31 Fourth National Bank 25 Park Bank, National * No trust company stocks were . . Sold at the Stock Exchange. —Two New York Low. . 204 186 186 352 352 x Stock High. Close 202 202 . Last previous sale Oct. 1910— 203 186 Oct. 1910— 186 352 Sept. 1910— 358x Ex-dividend. Exchange memberships were posted for transfer this week for $72,000 and $75,000. last previous transaction was for $70,000. The —With the “Chronicle” of to-day we issue our annual 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 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, VicePresident 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, Viceand Los 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. Oct. 15 1010.) THE CHRONICLE 1001 •W —An adjustment seems to have been arranged of the merce; William Winchester, President of the National Union cotton-bill-of-lading controversy which arose between the Bank of Maryland; Charles T. Crane, President of the American and foreign bankers following the disclosure, with Farmers’ & Merchants’ National Bank, and H. B. Wilcox, the failure last spring of the Alabama cotton house of President of the First National Bank. Knight, Yancey & Co., of the improper use of bills of lading. —The law enacted the present year, intended to govern The matter has been the subject of frequent conferences the business of small private banking concerns in New York here since the arrival in this city last Sunday of Sir Edward State, was declared unconstitutional on the 11th inst. by H. Holden, Chairman and Managing Director of the Justice Bijur of the State Supreme Court. The finding was London City & Midland Bank of London and Chairman had in an action brought through Earnest R. Eckley by of the Foreign Bankers' Committee on cotton bills of James Lee, a curb broker, the latter having been granted an lading. While Sir Edward’s visit has not, it is stated, application for an injunction restraining the enforcement been made specifically in the interest of the committee of the law by the State and county officials. The provisions of which he is a member, he has nevertheless given freely of the law have heretofore been referred to. In the first of his time in conferring with the local committee as to place, it exempts individuals or partnerships engaged in the means for the settlement of the points at issue. Since business of receiving money on deposit for safekeeping orthe English and Continental bankers had declined to accept transmission where the average amount of each sum? the validation plan adopted here on Sept. 1, and had deter¬ received on deposit or for transmission during the year' mined to adhere to their resolution of last July to decline to is over $500. Those coming within its scope are required1 accept drafts against bills of lading after Oct. 31 unless to obtain a license from the State Comptroller, to filer guaranteed through exchange buyers in this country, the with him a statement of their assets and liabilities, to* outcome has been anxiously awaited, more especially in view deposit with him $10,000 in money or in securities, to obtain of the fact that the bankers here maintained that the bills a surety bond for the faithful holdings of money deposited were properly safeguarded in the validation certificate. The with them, to make to the Comptroller four times a reports national banks, moreover, could not in any event guarantee year, &c. Those to whom the law would otherwise apply the bills, and the State institutions have stood by them in may be relieved of compliance with the Act by the filing of a withholding guaranties. The plan which has been accepted bond of $100,000 in cases where business is conducted in a as the only one through which the question could be settled city having a population of 1,000,000 or over, and in the provides for the organization of a guaranty company, to sum of $50,000 elsewhere in the State. A lengthy opinion guarantee the validity of the bills at a moderate charge. A was delivered by Justice Bijur, and in part he said: brief statement as to the conclusion reached was Section 29d of the Act exempts from its provisions five classes, with the given out by William A. Nash, President of the Corn Exchange Bank, first three of which, however, we are not at the moment concerned. The fourth class at the close of the session held at that institution day. on Thurs¬ This statement said: The members of the Committee of the American Bankers’ Association and important cotton men, together with Sir E. H. Holden, met In consul¬ tation to-day and they came to the conclusion that the only possible solution of this difficulty will be the creation of a guaranty company, with adequate capital, to guarantee the validity of bills of lading and to safeguard against forgery at the moderate cost of 6 to 7 cents per bale. We believe that when this company Is formed Its guaranty will be acceptable to the exchange buyers here, and will be made in the form required by the European acceptors. an In addition to the members of the Committee of the American Bankers’ Association and Sir Edward, the meeting attended by Max-May, Vice-President of the Trust Co., and an authority on was Guaranty 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 Ry. 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 H. 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 week. 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; VicePresident, 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¬ exempted comprises private bankers: ‘‘Where the average deposit or for transmission In the ordinary course of business during the fiscal year preceding shall not be less than $500 ” The fifth class consists of private bankers who file with the Comptroller a bond In the sum of $100,000 In cities of the first class or of $50,000 elsewhere. The Injunction Is sought on the ground that the Act Is up constitutional; eight separate reasons for that] claim being put forward. Probably all the serious objections may be summed up In the contention that the Act vio¬ lates Section 1 of the 14th Amendment of the Constitution of the United States, In that It deprives persons of their property without due process of law, and denies them the equal protection of the aws. More specifically; It Is urged that the Act exceeds the police power of the State, and that It imposes unequal conditions and c eates arbitrary classifications. It Is pointed out also that the discretion granted to the State Comptroller to issue or withhold the license Is arbitrary and therefore unconstitutional In the first place, it is to be noted that the Statute distinguishes between persons of different degrees of wealth, and that the conduct of this business is restricted substantially to persons who have a minimum of $20,000 rather than to persons of approved probity or sound judgment, and that a person who can procure a bond of $100,000 can remove himself entirely from the restraints of the Act. This Is a novel standard In our legisla¬ amount of each sum received on . . . . . tion. , ... I have not been referred to any case In which a classification based solely degrees of wealth has been held valid, but I can see that from certain points of view In the banking business, as, for example, In considering the ability to Issue credits, the possession of wealth may be regarded as some guaranty of responsibility and stability; still In the last analysis It Is the Integrity and sound business judgment of the banker which affords to a mere depositor the assurance of the safety of his fund. But I find far greater difficulty in reconciling with the test established by the Federal Supreme Court that provision of the present statute whlqh limits Its application to those bankers whose clients’ deposits are of an annual average of less than $500. There Is nothing to whloh my attention has been called In the report of the Immigration Commission (which In¬ spired this legislation) which directly warrants this distinction. Merely because the Commission has found that a number of small bankers have absconded with funds Intrusted to them by modest depositors, It does not follow that bankers may be lawfully classified under a State statute according to the annual average of Individual deposits, or those enjoying lax-ge deposits be relieved from making public the details of their business, and from the other presumably wisely Imposed burdens of the Act. More¬ over, though this may be of minor Importance, t Is quite evident that the person may have a small deposit with a number of bankers. Finally, I neither find In the report of the Commission, nor In my own experience, evidence that depositors of small sums are of less Intelligence or less able or zealous In protecting their Interests than are other depositors. My Im¬ pressions are rather to the contrary. Moreover, relief Is here sought by the plaintiff, who Is a curb broker. It Is true that the defendants do not concede, In so many words, that the statute covers his case; but the plaintiff so alleges, and It Is not denied; and the argument has proceeded before me on the theory that the provisions of the Act do, Indeed, cover his business. None of the faots adduced by the Commission of Immigration In Its report, none of the considerations relating to Inexperienced foreigners recently arrived, and none of the many other distinctions which correctly or Incorrectly are attributed to Immigrant depositors with private bankers have any relation to customers of brokers I believe, too, that the plaintiff’s objection that the Act Invests the Comptroller with a purely arbitrary discretion Is good. It has occurred to me that It might be urged that the Infirmity of the Act; In so far as Its terms cover the business of brokerage and like occupations; might be removed by the words "Or for any other purpose” after the phrase; "Receiving deposits of money for safekeeping, or for the purpose of trans¬ mission to another.” But, on the one hand, the courts cannot amend legislation by limiting Its scope through the elimination of one or more classes which It plainly describes, nor even If we could hold the Act consti¬ tutional as to bankers, to treat Its provisions as to other occupations as separable. Is there anything In the record before me to warrant the conclu¬ sion that the phrase, without Its obnoxious extension, would be sufficiently descriptive of any one class which the Legislature may have had In mind. on . . . . . . . . . . . . . . . . , . A similar action to restrain the enforcement of the law was instituted by Morris Engel, of Engel & Eckert, this city; 1002 •but in this THE CHRONICLE 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. case —Nathaniel D. Putnam Jr. has been elected an Assistant special meeting of the stockholders of the Farmers’ XiOan & Trust Company of this city will be held on the 26th inst. to vote upon an amendment to the company's charter 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. so as —J. T. Howell assumed his new post as President of the Carnegie Trust Company of this city on LXXXXI. 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. the bank. Mr. Willits is also the Cashier of Mr. Cal well, the new President, has held every 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 executive Secretary of the Guaranty Trust Co. of this city. —A [Voi.. 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. made First Vice-President. —The resignation of John Gill of R. as President of the Mer¬ & 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 Mr. Gill as cantile Trust President. —John T. National who died Shaw, has been elected President of the First Bank; of j, Detroit, succeeding Morris L. Williams, on the 1st inst. Prior to the consolidation of the —The jury before whom William W. Tracy of the failed First National and Commercial National banks in 1908 Stock Exchange house of Tracy & Co. was placed on trial Mr. Shaw was President of the First; in the enlarged bank he on the 4th inst.,on charges of grand larceny growing out of became First Vice-President, Mr. Williams, who had been the suspension of the firm, reported its failure to agree on the head of the Commercial, becoming President of the con¬ 7th inst., and was discharged by Justice O'Gorman in the solidated bank. 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 [From our own correspondent.] had failed to deliver to the plaintiff 500 shares of Goldfield Consolidated stock valued at $5,200, which he had instructed London, Saturday, Oct. 8 1910. them to purchase. The revolution in Portugal came as a complete surprise to —Adolph Rothbarth, the American representative of the the great majority of people, though those in a position to be European house of Rothbarth & Co., dealers in hops, who well inforined respecting what has been going on recently in was indicted last month on a charge of grand larceny in the that country were prepared for a rising. Communication first degree, was sentenced on the 7th inst. to not less than with Portugal has been practically cut off since Monday three nor more than seven years’ imprisonment. The accused evening, even the British Government being dependent upon was charged with defrauding the Mercantile National and from British ships for information respecting Liberty National banks, in having obtained large sums of telegrams the fate of King Manuel. Nobody doubts, however, that money through false statements of the assets and liabilities the Republic has been proclaimed, and that the navy has of his firm. He pleaded guilty to the charge. So, apparently, has a portion gone over completely to it. —Owing to the death of George Ide Malcom, the New York of the garrison of Lisbon. Respecting anything else there is Stock Exchange house of Malcom & Coombe has been dis¬ a great deal of scepticism here. For a long time British solved. The business of the firm will be continued by the holders of Portuguese securities have been selling, and conse¬ surviving partners under the name of T. G. Coombe & Co. The body of Mr. Malcom was found in Long Island Sound on quently very few are now held in this country, with the the 9th inst. He had been suffering from a nervous break¬ result that so far as the Stock Exchange is concerned the Indirectly, however, it down and is believed to have fallen overboard from one of revolution is almost immaterial. ptmuetartj! ©ommcrctaX^tiglislt^jeivs the Fall River boats. He was fifty-two years of age. —Adolph o H. Fischer has been elected President of the North Savings Bank of this eiy, succeeding the late Samuel D. Styles. Mr. Fischer had previously been First VicePresident of the institution, and had been acting President since the death of Mr. Styles last July. John H. Selmes, heretofore Second Vice-President, has become senior VicePresident, and Christian H. 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. River Sheets elected director and Vice-President of the Dr. Sheets is also yice-President of the Denver institution. Chemical Manufacturing Company. The Yonkers National Bank began business in September. was a a —J. Howard Lowery, formerly Assistant Cashier of the Utica City National on the 6th inst. to Bank of Utica, N. Y., pleaded guilty indictment charging embezzlement an of the funds of the bank. He was sentenced to ten years in the Federal prison at Atlanta. The shortage was brought 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. to —Charles S. Cal well the Corn was this week elected President of Exchange National Bank of Philadelphia, succeed¬ ing the late Benjamin Githens. Mr. Cal well advances from the office of First Vice-President, and with his promotion William W. Supplee, heretofore Chairman of the board and affect the Stock Exchange, for French investors have sums both in Spain and in Portugal; and French investors were to become apprehensive respecting rising in Spain, that might react unfavorably upon our may invested immense if a markets. 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 better state of things may follow. But if the Republicans in Spain 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 the 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 Spain is made light of. Concerning purely home interests, the matter of greatest importance has been the settlement of the prolonged dispute in the cotton trade. It has been hoped from the very begin¬ So far as ning that an amicable settlement would there was such stubborn insistence upon public exceedingly^ small^matters be arrived at. Yet what seemed to the that][it ^waaXfearedj^he Oct. 15 THE CHRONICLE 1910.] temper of both sides had got up and that rather than give way they would fight over anything or nothing. Fortu¬ nately, Mr. Ask with, of the Board of Trade, has acted as parties with such diplomatic skill and tact that he has at last brought about a settlement whigh ought to be satisfactory to both sides. George Howe, whose dismissal originated the dispute, is not, indeed, to be restored to his old employment, but he is offered employment on the same terms and at the same wage in a neighboring mill. The question whether the owners of the Fern Mill acted within their rights or not is to be referred to the arbi¬ tration of Mr. Askwith, all parties pledging themselves to abide by his award. And, lastly, Mr. Askwith is to expound officially the true meaning of certain clauses of the Brooklands agreement, all parties agreeing likewise to abide by his decision. The arrangement has been acclaimed through¬ out the country, for a great lockout at this season of the year would have thrown the whole trade of Lancashire out of gear. The mills are to start working again on Monday, and, no doubt, cotton from the United States will be bought eagerly. Moreover, the reports from Egypt continue ex¬ ceedingly favorable. It is now anticipated that the crop will mediator between the two yield at least seven million cantars, the largest picked having been 734 million cantars. The India Council offered for tender crop ever . 1909. Oct. 6. £ Circulation 28,175,910 Public deposits 7,619,052 Other deposits 44,142,295 Governm’t securities 14.980,568 Other securities 29,792,188 Reserve,notes&coin 24,687,142 Coin&bull.,bothrtep 34,413,052 Prop, reserve to lia¬ bilities p.c. 47 11-16 1907. Oct. 9. £ 29,428,645 4,335,780 46,598,788 16,630,533 26,029,026 25,959,358 36,938,003 1906. Oct. 10. £ 29,562,140 6,642,836 45,199,908 15,83i,700 29,657,818 24,139,225 35,251,365 29,279,330 6,168,841 45,363.161 15,956,166 35,116,652 18,289,833 29,119,163 51 1 46* 35* 2* *5 4* Consols, 2* 83* 80* 85 3-16 83* 86 5-16 Silver 24*d. 23 13-16d. 23 15-16d. 29 15-16d. 31^d. Clear.-house returns 351,307,000 280,610,000 246,696,000 241,807,000 211,232,000 Bank rate , * Oct. 11. 45* 4 p.c. p. c___ xZ t if Oct. 7. 4 England rate Open Market rate— Bank bills—60 days —3 months —4 months —6 months Trade bills—3 months —4 months Interest allowed for deposits— , By Joint-stock banks By discount houses— At call 7 to 14 days Sept. 23. Sept. 16. 4 3 3 3* 354 354 354 354 3 3 3 3 4 2 5-16 9-16 2* 11-16 2 13-16(3'2* 2 13-16©2* 11-16 3*©3 5-16 3 5-16©3* 11-16 3 5-16©3% 3 5-16©3 8/6 4 4 @4* Sept. 30. 3*@3* 3*@3* 3)4 3)4 2)4 2)4 1)4 2)4 2* 2)4 254 1)4 154 S . Oct. 8. Rates of Interest at— Bank Rate. Market. 3 2% Paris i Berlin. 54 5 4 Hamburg Frankfort Amsterdam Brussels Vienna ...^ St. Petersburg Madrid. 5 4 4 4 4* 3* 4 3 15-16 5 4* Copenhagen Messrs. Open ...5 nom. 4 4 Oct. 1. Bank Open Rate. Market. 3 2% 4* 4% 4* 3% 3 5 5 5 4 4* 4 4* Oats. Peas Beans Indian Flour Sept. 17. Open Bank Rate. Market. Rate. Market. 3 4 4 4 4 3* 2% 4 4 3% 4 4 3% 254 5 3* 3* 4* 2% 4 4 4 3 15-16 nom. 5 nom. Pixley & Abell write 4 4 as 3 2* 435* 5 3* nom. 4* 4 4* 4 5 4 5 4 follows under date of Oct. 6: GOLD.—The demand from the Continent for bar gold was very small this week, while India has taken about £130,000. The balance of the week’s arrivals, which amount to £760,000, has been bought by the Bank at 77s. 9d. Since our last the Bank has received £458,000 In bars. Egypt continues to withdraw sovereigns from the Bank, and has taken £1,760,000 during the week, while £30,000 has gone to Malta. During the last six weeks Egypt has taken a total of £4,772,000, while Turkey has withdrawn £1,423,000 during the past eight weeks, all in sovereigns. Next week we expect £593,000 In bars from South Africa. Arrivals—South Africa, £627,000; India. £110,000; West Indies. £8,500; Brazil. £9,500; West Africa, £4,000; total, £659,000. Shipments—Bombay, £70,750; Calcutta £48,500; total, £119,250. SILVER.—Fluctuations have been small during the past week, but the tendency haR again been better under the Influence of buying for both China and India, and the closing quotations, which are the highest of the week, show an advance of *d. since the date of and our stocks our last circular. are now Last week’s mail to Bombay took out £436,000, reduced to about £1,700,000, while the stock in Bombay stands at 16,200 bars, in value about £1,950,000. One of the principal features of the market Is the moderate amount of sliver on offer even at the advance In prices. At the close the market is firm. The Bombay quotation Is Rs. 63* per 100 tolahs now for the October settlement. Arrivals—New York. £185,000rMexlco, £5,000; West Indies, £6,000; total, £ 196,000.““Shipments—Bombay, £436,000. 24)4 2654 nom. 1908-09. 1907-08. 10,481,500 2,449,500 1909-10. 7,430,700 3,315,900 113,150 1,643,800 130,240 269,060 4,603,100 735,600 3,184,100 835,400 948,600 71,010 168,760 3,288,800 868,100 8,527,400 2,534,200 313,000 cwt. 8,511,500 2,006,800 1,144,100 250,675 corn 107,040 46,670 4,485,800 1,130,200 Supplies available for consumption (exclusive of stock on 1908-09. 1907-08. 10,481,500 835,400 2,328,543 1,603,827 7,430,700 868,100 2,542,107 8,527,400 1,130,200 4,057,549 11,575,643 30s. Id. 30s. 9d. 12,920,727 32s. 9d. 34s. 7d. 10,840,907 31s. 5d. 31s. 4d. 13,715,149 31s. 8d. 31s. 7d. 1910- 1. Imports of flour Sales of home-grown Total Average price wheat, week. Average price, season maize afloat to the United Wheat equal to 1910. 1909. £ £ 53,500,364 55.921,154 51,158,357 58,120,393 50,468,143 follows: Difference. £ Per Cent. +2,420,790 +690,214 +4.5 +1.3 +11.7 52,013,465 49.173.762 +6,106,928 +10,381.697 +23.2 52,030,617 51,600,395 50,316,493 48,411,204 49,476,275 +10,414,631 +2,924,884 —932,031 +3,619,413 +2,124,120 487,311,888 449,787,337 + 37,530,551 +8.3 59.555.459 55,269,179 54,636,758 49,384,462 May June July August September 51,711,874 +22.0 +5.6 —1.8 +7.5 +4.3 exports since Jan. 1 have been as follows: Exports— January February 1909. £ £ Difference. £ Per Cent 28,803,046 28.024,452 +6,000,069 +3,667,418 +20 8 +13.0 34,391.558 35.292.215 33,607,311 34,799,654 38,388,177 38,638,883 36,964,261 31,904,673 28.958,458 29,525,746 29,717,975 35,487,240 32,114,700 32,801,024 +2,486,885 +6.333.757 + 4,081,665 +5.081.679 +8.9 +21.9 +13.8 +17.1 +8.1 + 20.3 318,577,044 277,337,314 April May June July August September Nine months 1910. 34,803,115 31,691.870 „ March The re-exports of foreign and show the following contrasts: _ June 1909. £ 8,147,164 10.184.560 8,443.988 11,858.654 8,294.262 8,383,643 £ 6,687,551 8,473,634 7,540,319 8.631.006 7.251,262 7,965,605 8,221,595 8,099,313 6,808,109 7,374,231 6,990,059 July August September... +2,900,937 + 6,524,183 +4,163,237 +41,239,730 +12.7 +15.0 colonial produce since Jan. 1 1910. Re-exports— May as 1,510,000 170,000 720,000 44,854,648 ______ Nine months.... 1908. 1,155,000 175,000 935,000 imports since Jan. 1 have been Imports— January February The 1909. Last week. 2,195,000 125,000 1,305,000 2,110,000 170,000 1,285,000 qrs. qrs. qrs. Maize March April Kingdom: This week. . flour, 1909-10. cwt. 8,511,500 735,600 Wheat Imported 6,464,143 Difference. £ +1,459,613 +1,710,926 +903,669 +3.227.648 +1,043,014 +418,038 Per Cent +21.8 + 20.0 +12.1 +37.4 +14.3 +5.2 +847,364 +1,109.254 +343,966 +11.4 +15.8 +5.3 Nine months. 78.441,288 67,377,601 +11,063,687 +16.4 Note.—The aggregate figures are official. They Indicate that slight adjustment* have been made In the monthly returns as Issued. 1)4 154 Sept. 24. Bank Open d. 24 13-18 j 1910-11. Imports of wheat Barley .U* rates at the 3 15-16 6 5 4 Sept. 29. IMPORTS. Four weeks— English Financial Markets—Per Gable. daily closing quotations for securities, &c., at London, reported by cable, have been as follows the past week: The as The bank rates of discount and open market chief Continental cities have been as follows: follows: as The following shows the imports of cereal produce into the United Kingdom during the season to date, compared with previous seasons: March April The rates for money have been as follows: Bank of 76 January February Oct. 7. x . reported are SILVER. Oct 6. Sept. 29. j 1 s. d. j | d. London Standard. 77 9 1[Bar silver, fine, oz... .24 16-16 76 5 .25 | [ “ 2 mo. delivery 76 5 .26 15-16 j! Cake silver, oz. 76 5 ‘Mexican dollars .nom. | on 1908. Oct. 7. £ 29,727,545 6,997,596 45,256,393 17,707,300 28,582,646 23,635,795 34,913,340 quotations for bullion GOLD. Oct. 6. s. d. London Standard. 77 9 Bar gold, fine, oz 76 5 U. S. gold coin, oz 76 5 German gold coin, oz. 76 5 French gold coin, oz.. 76 4 Japanese yen The British Wednesday 40 lacs of its bills, and the applications amounted to nearly 45234 lacs at prices ranging from Is. 4 l-32d. to Is. 4 3-32d. per Applicants for bills at Is. 4 l-16d. per rupee and for rupee. telegraphic transfers at Is. 4 3-32d. per rupee were allotted about 9% of the amounts applied for. The following returns show the position of the Bank of England, the Bank rate of discount, the price ol consols, &3., compared with the last four years: 1910. Oct. 5. £ The 1003 London. Week ending October 14. Sat. Silver, per oz. .d_ 25 Consols, New 2 * per cents. 80 5-16 Tuts. Wed. 25 5-16 25* 80 5-16 80 3-16 80 7-16 80 5-16 96.75 96.67* Mon. 25 3-16 8054 80)4 80)4 97.05 97.12)4 68 * Amalgamated Copper Co 6854 5 Anaconda Mining Co. 8)4 854 Atchison Topeka & Santa Fe. 103)4 103)4 Preferred 103 103)4 Baltimore & Ohio 109)4 10954 Preferred 93 92)4 Canadian Pacific 200 * 20054 84 Chesapeake & Ohio. 84 Chicago Great Western 24)4 24)4 Chicago Mllw. & St. Paul.-.126 126* _ For account French Rentes (in Paris).fr. Denver & Rio Grande 33 Preferred 75)4 Erie 28)4 First Preferred 47)4 Second Preferred. 37)4 136 Illinois Central Louisville & Nashville 149)4 Missouri Kansas & Texas 35* Preferred 65)4 Nat. RR. of Mex., lstPref.. 72)4 Second Preferred. 33)4 N. Y. Central & Hudson Riv.117 N. Y. Ont. & Western 42*. Noifolb & Western. .101 Preferred 91 Northern Pacific 122 66* aPennsylvania aReadlng Company 75)4 aFirst Preferred... aSecond Preferred Southern Pacific. Southern Railway Preferred Union Pacific. Preferred U. S. Steel Corporation Preferred Wabash Preferred Extended 4s..._ o Price per share, 45 50 * .118* 25)4 172 * 93)4 ' 71)4 -121* .-.-17* 3854 67 b £ sterling. 96.85 105 103)4 103* 68* 8* 105* 103* 111* 92* 20054 84* 24* 111 111 92* 200* 84* 24* 127* 92* 200* 127 69* 8* 33 34* 34 75)4 28* 76 29 48 76* 2954 48* 37* 48 37 37* 136)4 137 150 36 150* 36 66 73 34 65)4 73 137 151 36* 66 73 34 66* 75* 67* 123* 67* 76* 76* * 94 72 v 173* ■>’ ” . 121* 58 94* » 72* 122 17K r rfl7* 38 67 39 67* 25* 58* 174* 95 74 67 72 34 72 34 118 122* 119* 25* 40* 138* 152* 36* 36* 66* 122* 45 50 120 78 31 52 151 121* 66* 75* 45 50 34* 29* 48* 38* 137* 101 91 91 129 76 101 91 117* 43* 101* 93 84 117* 43* 118* 44 102 91 123 43* 101* 91 67* 77* 45 45 51 122 50* 120* 25* 26* 58 175 94* 7454 4 122* 17* • 122* 17* 39 39 67* 67* 80* 80* 96.87* 70* 854 107* 103* 112* 200* 85* 24* 24* 127* 34* 33% 117)4 42* 118)4 25* 57)4 172* ? 80* 80* 68)4 854 104* 45 50 58 Thurs. Fri. 25 11-16 2554 59 -7 176* 95* 76 123 18* 40 67 1004 ©oraraercial and f^isceUatxjeotts lie ms Breadstuffs Figures brought from page 1046.—The state¬ t ments below prepared by are from figures collected by us 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: Receipts at— Chicago Flour. Wheat. Com. Oats. R ye. Barley. bMs.lMbs. busk. 60 lbs. bush. 56 lbs. bush. 32 lbs. btish.48lbs. fa*.56 lbs. 203,794 428,400 2,116,500 348,000 12,000 1,557,000 80,325 280,110 47,460 517,400 12,240 329,800 25,370 1,915,030 3,407 84,763 740,332 14,513 2,721,420 72,180 652,000 112,540 723,140 29,000 79,100 34,500 1,000 '7'.258 20,224 34,912 84,618 2,074 14,867 32,577 123,111 56,610 467,687 132,250 403,020 5,500 95,200 50,600 23,000 241,350 123,000 60,417 2,200 1,147,400 162,400 76,400 .... Milwaukee.. Duluth Minneapolis. ■’ Toledo Detroit Cleveland St. Louis... .. Peoria Kansas City. 999...888666231———“““PTTehhoeeple’s 9.8654—“"The THE CHRONICLE Total wk ’10 Same wk. '09 Same wk. *08 426,031 530,797 604,578 Since Aug. 1 1910 1909 1908 3,698,801 5,208,397 7,047,138 11,491,325 4,725,222 11,112,905 2,912,136 3,822,275 1,471,435 81,371,790 80,628,602 85,936,510 37,419.254 34,129,301 25,080,225 3,468,212 4,517,489 4,783,552 159,993 316,732 297,285 2,484,489 3,658,179 2,802,786 59,287,917 14,387,589 1,56' fO 46,199,947 9,335,204 2,151 n 48,096,753 2,606,309 2,220, on [VOL- CHARTERS ISSUED TO NATIONAL BANKS Vice-President. National Capital, $100,000. Bank of Edwardsvllle,” Edwardsvllle,Pa. Wm. J. Trembath, President; Fred. Williams, Wm. E. Morris, Assistant Vice-President; R. R. Zarr, Cashier; Cashier. County National Bank of Punxsutawney,” Punxsutawney, Capital, $100,000. W. J. Brown, President; John R. Pantall, Vice-President; J. E. Pantall, Cashier. First National Bank of Ronan”, Ronan, Montana. Capital, $25,000. Stanley Scearce, President; F. S. Lusk, Vice-President; H. A. Weld, Cashier. (Conversion of The Flathead Valley State Bank of Ronan, Montana.) First National Bank of Oxford,” Oxford, Mississippi. Capital, $30,000. J. W. T. Falkner, President; A. B. Morris, Vice-President; O. B. Boone. Cashier. Pa. LIQUIDATION. 2,460—The Grand Rapids National Bank, Grand Rapids, Michigan, was placed In voluntary liquidation at close of business October 1 1910. 2,633—The First National Bank of Baton Rouge, Baton Rouge, La., was placed In voluntary liquidation at close of business October 1 1910. 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%. 3 Wheat, bbls. Corn, Oats, bush. Barley, bush. bush. Rye, bush. 204,743 40,938 61,624 65,720 3,880 16,795 11,502 bush. 681,500 334,100 29,900 20,068 195,772 37,160 103,600 755,875 111,850 2,556 1,000 Receipts at— New York Boston .. . . Philadelphia . . Baltimore _ Richmond New Orleans * . Newport News Galveston Mobile. Montreal . I " 87 711 131,380 154,040 20,866 12,000 13,000 388,216 1,123 1,600 35,219 1,430 26,334 60,000 Clearings 1910. Canada— Montreal Toronto Winnipeg Vancouver Calgary London on 190,062 39,372 639,352 48,440 808,829 Receipts do not Include grain passing through New Orleans for foreign ports through bills of lading. . Exports from— New York Boston Wheaty Corn, Flour, bush. 63.824 bush. Oats, Rye, bbls. Barley, bush. Peas, bush. bush. bush. 147,837 44,930 5,902 60,000 35,281 8,000 11,502 3,080 31,000 7,680 454,085 199,695 196,231 249,330 10,940 11,235 80,816 105,000 297,668 Philadelphia Baltimore New'Orleans Newport News Mobile. Montreal 9,498 210,000 606,666 . Total week Week 1909 1,000 61.600 24.150 1,153,208 “ 100 160 3.000 k“he destination of these exports for the week and July 1 1910 is as below: since -Flour- Wheat Since Exports for week and Since July 1 to— United Kingdom... 120,016 Continent 44,542 Sou. & Cent. Amer. 6,306 West Indies 18,900 Brit. Nor. Am. Cols. 9,931 ^ Other Countries Total Total 1909.. 1910. bbls. 919,850 413,462 247,011 285,776 41,239 31,356 Week Oct. 8. bush. July 1 680,000 473.208 7,567,196 Since 1910. bush. 4,250,851 85,449 Week Oct. 8. bush. July 1 211,000 205,128 1,134,428 890,087 1,222,884 150 396,345 5,000 6,589 5,000 ...199,695 1,938,694 1,153,208 11,908,496 ...249,330 2,309,554 2,034,695 21,517,249 454,085 196,231 3,655,333 1,775,980 The world’s shipments of wheat and corn for the week ending Oct. 8 1910 and since July 1 1910 and 1909 are ] own in the following: Wheat. 1910. Week Oct. 8. Bushels. North'Amer. 2,752,000 Russian.... 7,264,000 Danublan 4,200.000 Argentine 1,008,000 Indian 656,000 Australian. 656,000 Oth. countr’s 416,000 Com. 1909. Since Since July 1. Bushels. 1910. 1909. Since Since July 1. Week Oct. 8. July 1. July 1. Bushels. Bushels. Bushels. Bushels. 23,227,000 34,366,000 487,000 66,352,000 57,512,000 85,000 38.040,000 8,368,000 153,000 15,776,000 11.864,000 5,177,000 16,528,000 2,692,000 10,040,000 121,720,000 J 2,814,000 1 4,223,000 2,565,000 44,646,000 Total.... 16952000 172,777,000 136,522,000 5,902,000 65,403,000 .. .. _ The quantity of wheat and corn afloat for mentioned was as follows: 13,969,000 Europe 1,681,000 5,391,000 6,537,000 41,517,000 55,126,000 on dates Com. United United Kingdom. Bushels. Oct.' 8 1910.. 15,528.000 Oct.' 1 1910.. 14.904.000 Oct. 9 1909.. 11,840.000 Oct.10 1908.. 15,680,000 Oct. 12 1907.. 17.800,000 Continent. Bushels. 25,296,000 23,512.000 15,760,000 17,680,000 15,720.000 Total. Kingdom. Bushels. Bushels. Continent. Bushels. 40,824,000 8,169,000 15,462,000 38,416,000 7,599,000 11,390,000 27.600,000 5,780,000 5,355,000 33,360,000 5,950,000 6,035,000 33,520,000 7,488,000 3,560,000 Total. Bushels. 23,631.000 18,989,000 11,135,000 11,985,000 11,048,000 National Banks.—The following information national banks is from the office of the Currency, Treasury Department: APPLICATIONS TO regarding Comptroller of the ’CONVERT INTO NATIONAL BANKS APPROVED. “The State Bank” into “The First National Bank of Slloam Springs”, SUoam Springs, Arkansas. Capital, $25,000. 1907. $ ? 33,780,594 25,715,433 15,290,819 4,209,025 3,567.997 2,477,507 1.691.30S 1,551,392 1,622,928 1,395,150 936,481 1,122,185 660,412 31,149,724 24,987,357 11,043,542 94,021,231 86,032,849 4,172,552 3,045,875 2,373,052 1,743,153 1,741,598 1,162,646 1,385,298 1,144,007 1,194,472 889,573 1,935,710 1,469,953 1,481,131 1,159,976 681,060 Not include d in tot al. 401,617 Not include d In tot al. Regina Brandon Lethbridge l Total Canada Auction 136,207,647 126,824,779 +7.4 Sales.—Among other securities regularly dealt in at the Board, were the following, not recently sold at auction. By Messrs. Adrian H. Muller & Son: . Slocks. 182 Det. Tol. & Iron.Ry.lst pf_$23 lot 14 Elliott-Flsher Co. common..$18 lot Bonds. $2,000 Det. Tol. & Iron. Rv. Cons. 4Hs. 1980, F. & A 11 • DIVIDENDS. The following shows all the dividends announced by large or important corporations: Dividends announced this week are printed in italics. Name of Company. Per Cent. Railroads (Steam). Atch. Topeka & S. Fe, com.(qu.) (No.22) Central RR. of New Jersey (quar.) Clev. Cine. Chic. & St. L., pref. (quar.) Del. Lackawanna & Western (quar.).. Erie & Pittsburgh (quar.) Evansville & Terre Haute common Preferred .1 Georgia RR. & Banking (quar.). Georgia Sou. & Florida, 1st & 2d pref.. Grand Trunk, guaranteed First and Second Preferred Great Northern (quar.) Kansas City Southern, pref. (quar.) Mexican Railway, common First Preferred Second Preferred \flnn* S P S.M .com Ac pref CNo 15) Missouri Kansas A Texas, preferred Nat. Rys. of Mexico, 1st pref. (extra) N. Y. Central & Hudson River (quar.).. Norfolk <fc Western, preferred (quar.) Northern Pacific (quar.).. Pitts. Cin. Chic. & St. L., com.&pf.(qu.) Reading Co., second preferred St. Louis & San Fran. 1st pref. (quar.). Toledo St. Louis <fc Western, pref. (quar.) Utica Chenango & Susq. Valley, guar Warren, guaranteed Western Maryland, preferred (quar.) Street and Electric Railways.. Auburn A Syracuse Elec. Ry., pref. (quar.) Binghamton (N. Y.) Ry Boston Suburban Elec. Cos., pref. (quar.) Brooklyn City RR. (quar.) Newport & Cov. Lt. &Tr., com .(qu.) Preferred (auar.) Columbus (O.) Ry., pref. (quar.) (No. 44). Connecticut Ry. A Ltg., com. A pf. (qu.). East St. Louis & Sub., pf. (quar.)(No. 18) Fort Smith Lt. A Trac., pref. (quar.) Georgia Ry. A Electric, pref. (quar.) Grand Rapids Ry., pref. (quar.) (No. 40). Havana Electric Ry., com. & pref. (quar.). Manchester (N.H.) Tr.,L.*Pow. (quar.) Mexico Tramways (quar.).. MUuxiukee El. Ry. & Lt., pf. (qu.) (No.44) Montreal Street Ry. (quar.) Northwestern El. RR.. Chic., pref. (qu.). Ottumwa (la.) Ry. & Light, pref. (quar.) Philadelphia Company, common (quar.) Common (extra) Public Serv. Invest. Co., pf. (qu.) (No. 6). Railways Co. General (quat.) Rio de Janerlo Tram., Lt. & Pow. (qu.). Seattle Electric Co., com. (qu.) (No. 8) Toledo Bowl’g Green A Sou. Tr., pf. (qu.) West Penn Traction, pref. (quar.) Cin. Wheat. S % 47,721,890 —1.5 29,999,336 + 18.2 22,090.190 + 6.8 7,746,986 +27.7 3,827,930 + 5.4 2,910,364 —1.5 1,999,469 —1.2 1,985,259 +22.8 1,673,120 —12.2 2,098,492 +30.4 1,753,558 + 10.4 1,302,700 + 12.8 917,045 + 61.5 798,440 4-46.2 1910. bush. 37,807 1908. for the uture Com Since July 1 2,735,683 Inc. or Dec. 1909. stoe'-s. 4 FIdelity-Phenix Fire Ins. Co. a ad $20 69 scrip 281 34 Duauque & Sioux City RR 65 26 Ave-ne Building Co $100 lot 25 Nat. Park Bank..352 1,318 8,068 Week Oct. 8. bbls. 2,438,332 1,469,022 Edmonton 1,318 50,000 2,034,695 2,906,102 1,976,075 Victoria... The exports from the several seaboard ports for the week Ending Oct. 8 1910 are shown in the annexed statement: 1 9,892,929 4,142,320 Quebec 3,500 * $ 43,999,087 34,000,000 21,601,327 Ottawa Total week 1910. 453,300 1,488,713 991,498 1,205,380 118,906 Since Jan. 11910. 13,702,185 52,501.321 31,445,377 39.092,1362,549,541 Week 1909 510,081 3,662,018 527,311 761,787 147,264 Slnce’Jan. 1 1909. 12,247,634 61,835.679 32,378.996 36,556,1584,511,847 . Week ending October 8. at— Halifax Hamilton St. John 2,000 9.498 259,400 3 ,080 49,018 65,669 89,693 17,747 SEPTEMBER 29 TO OCTOBER 1. Farmers and Merchants National Bank of Hamilton", Hamil¬ ton, Virginia. Capital, 825,000. Thomas F. Keen, President; Samuel J. Johnston, Vice-President; Samuel E. Rogers, Second Total receipts of flour and grain at the seaboard ports for the week ended Oct. 8 1910 follow: Flour, LXXXXI When Books Closed. Payable. Days Inclusive. Dec. Nov. IK Oct. 2K Oct. IH Dec. 5 Nov. 2 Mb Oct. 2K Oct. 2K Nov. 2 Nov. 2 K Nov 1K Nov. 1 Oct. IK 2 . H 1 Holders of rec. Nov. 4a 1 Holders of rec. Oct.21a 20 Oct. 1 to Oct. 26 20 10 1 15 15 2 8 8 Holders Holders Sept. 18 Holders Oct. 2 Holdere of of rec. rec. Oct. 3a Nov.30a Oct. 17 to of rec.Sept.15a to Oct. 14 of rec. Oct. 6 Sept. 23 to Oct. 24 to Oct. 24 Sept. 23 1 Holders of rec. Oct. 18a 15 Holders of rec. Sep.30a 4 3 *K 2 1 1 1 K \k IK 2 1 1 3 SK 1 IK 2K SI 2 IK IK IK 1 IK IK IK IK IK 2 IK IK 2K 1 IK IK K IK 1 IK IK IK IK >nt Nov. „»5 Holders of rec. Sent. 30a 10 Holders of rec. Oct 26a Oct. Nov. Nov. Oct. 15 18 1 25 Nov. Nov. Oct. Nov. Oct. Oct. 10 Oct. Oct. Oct. Oct. Oct. Oct. Nov. Nov. Nov. Oct. Oct. Nov. Nov. Oct. Nov. Oct. Nov. Oct. Oct. Nov. Nov. Nov. Nov. Nov. Oct. Nov. Oct. 1 15 1 15 20 Holders Holders Holders Holders of rec.Sept.22a of rec. Oet.31a of rec. Oct.13a of rec. Oct.15a Holders of rec. Oct.22a Oct. 15 to Nov. 14 Holders of rec. Sept. 30a Holders of rec. Oct. 15a Holders of rec. Oct. 6a Oct. 12 to Oct. 19 15 1 15 15 15 15 Holders of rec. Oct. 5a Oct. 5 to Oct. 16 Oct. 1 to Oct. 15 Oct. 1 to Oct. 15 1 Holders of rec. Oct.15a 15 1 Holders of rec. Oct. 15a 15 Holdere of rec. Sept.30a 20 Oct. 16 to Oct.. 20 1 Holdere of rec. Oct. 16a 12 Oct. 23 to Nov. 12 15 Holders of rec. Oct. la 1 Oct. 18 to Oct. 31 31 Holders of rec. Oct. 20 2 9 18 Oct. to Oct. 18 15 Holdere of rec. Sept. 30 1 Holdere of rec. Oct. la 1 Holdere of rec. Oct. la 1 Holdere of rec. Oct.15a 1 Oct. 22 to Oct. 31 1 Holders of rec. Oct. 15 15 Holders of rec. Sep.22a 1 Oct. 21 to Oct. 31 15 Oct. 8 to Oct. 16 Oct. 15 1910. j THE CHRONICLE Books Closed. Days Inclusive. Name of Company. Banks. New York Produce Exchange Trust Companies. Oct. (No. 51)-, 22 29 rec. 2 Oct. Oct. 2 Oct. Holders of rec. Holders of rec. Oct. 15 to Oct. 20 to Oct. 14 to Oct. 14 to Oct. 14 to 1H Broadway (quar.) Nassau, Brooklyn (guar.). 15 Holders of Nov. Nov. to to Oct. 8 Oct. 31 Nov. 1 Miscellaneous. Alliance Realty (quar.) Oct. Agricul. Chem., pref. (No. 23).. 3 Oct. American Chicle, common (monthly)..— 1 Oct. American blst. Teleg. of N. J. (quar.).. 1 Amer. Light A Traction, com. (quar.).i. 2X Nov. Common (payable in common stock).. 2Xstk Nov. Preferred (quar.) — 1 X Nov. American Locomotive, pref. (quar.) IX Oct. Nov. Amer. Malt Corporation, preferred 1 American Malting, preferred 62c. Nov. Oct. Amer. Seeding Machine, pref. (quar.)... IX Amer. Oct. Oct. Oct. Amer. TeleDh. A Telegr. (quar.) Oct. American Type Founders, com. (quar.).'. Preferred IX Oct. American Woolen, pref. (quar.) (No. 46) IX Oct. Anaconda Mining (quar.) (No. 40) 50c. Oct. Associated Gas A Elec., pref. (quar.) 1X Oct. Associated Merchants, 1st pref. (quar.).. IX Oct. First preferred (extra) X Oct. Second preferred (quar.),. — 1X Oct. Second preferred (extra) X Oct. Oct. Bell Telephone of Canada (quar.) 2 Bell Telephone of Pennsylvania (quar.). . IX Oct. Binghamton L.,H.AP,,com. (qu.) (No. 16) X Oct. Preferred (quar.) (No. 23) IX Oct. Butte Elec. A Pow., pref. (quar.) (No. 37) IX Nov. Central Coal & Coke, common (quar.)... IX Oct. Preferred (quar.). IX Oct Oct. Chicago Pneumatic Tool (quar.) 1 Oct. Claflln (H. B.), common (quar.) 2 Claflin (H. B.), 1st pref. (quar.) IX Nov. Second pref. (quar.) lX Nov. Nov. Consol. Gas, El. L. & P., Balt., common 2 Consolidated Ice, pref. (quar.) IX Oct. Consolidation Coal (quar.) IX Oct. Cuyahoga Telephone, preferred (quar.) IX Oct. Del. Lackawanna & Western Coal (quar.) 2X Oct. Detroit Edison (quar.) IX Oct. Distillers’ Sec. Corp. (quar.) (No. 32).. X Oct. Oct. Distilling Co. of America, pref. (quar.).. 1 du Pont(E.I.)de Nemours Powd., Df.(qu.) IX Oct. Eastman Kodak, common (extra) Dec. 10 Edison Elec. 111., Boston (quar.) (No. 86). Nov. 3 Electric Bond A Share, com. (qu.) (No. 6). Oct. 2 Preferred (quar.) (No. 22) IX Nov. Electrical Securities Corp., preferred 2X Nov. General Electric (quar.) Oct. 2 Goldfield Consolidated Mines (quar.) 30c. Oct. Extra 20c. Oct. /Juana;uato Poio. A Elec., pf. (qu.) (No. 9) IX Nov. Harbison-Walker Refrac., pref. (quar.). IX Oct. Homestakc Mining (monthly) (No. 431).. 50cts. Oct. Illinois Brick (quar.) Oct. 2 Intercontinental Rubber, com. (No. 1).. Nov. 1 Inter. But’hole Sew. Mach. (qu.)(No.52) Oct. 1 International Harvester,com.(qu.)(No.3) Oct. I International Nickel, common (quar.).. Dec. 1 Common (extra) X Dec. Preferred (quar.) IX Nov. International Paper, pref. (quar.) • X Oct. Internat. Smokeless Pow. & Chem., pref. Nov. 4 Int. Steam Pump, pref. (quar.) (No.46). IX Nov. La Rose Consolidated Mines (quar.) Oct. 2 Massachusetts Gas Cos., common (quar.) 1 Nov. Massachusetts Ltg. Cos. (quar.) (No. 28). IX Oct. Mexican Lt. & Pow., Ltd. com. (quar.).. Oct. 1 Mexican Light A Power, Ltd., pref 3 X Nov. Mexican Telegraph (quar.) 2X Oct. Michigan State Telehp., com. (guar.) IX Dec. Preferred (quar.) IX Nov. Preferred (quar.) 1 IX Feb. National Biscuit, com. (quar.) (No. 48)_. 1 x |( >ct. National Carbon, common (quar.) IX jOct. National Fire Proofing, pref. (quar.) Oct. l New York Air Brake (quar.) IX ‘Oct. New York Dock, preferred 2 Oct. Niagara Falls Power (quar.) 2 Oct. Niplssing Mines (quar.) 5 Oct Extra 2 X Oct. Northern States Power, pref. (quar.) IX Oct. Nova Scotia Steel A Coal, com. (quar.).. IX Oct. Preferred (quar.) 2 Oct. Oklahoma Gas A Elec., pref. (quar.).. IX Oct. Otis Elevator, common l x Oct. Preferred (quar.) l X Oct. Pacific Coast Co., common (quar.) IX Nov. Common (extra) 1 Nov. First preferred (quar.) IX Nov. Second preferred (quar.) 1X Nov. Second preferred (extra) 1 Nov. Pacific Telep. A Teleg., pref. (quar.) ix Oct. Pay-as-You-Enter Car Corp., pref. (qu.) Oct. ix Pennsylvania Salt (No. 95) 6 Oct. Pittsburgh Coal, pref. (quar.) ix Oct. Pope Manufacturing, pref. (quar.) l X Oct. Portland Gas A Coke, pref. (quar.) (No. 3) IX Nov. Procter A Gamble, pref. (quar.) 2 Oct. Quaker Oats, common (quar.) 2 Oct. Common (extra) X Oct. Preferred (ousr.) ix Nov. Reece Buttonhole Mach, (qu.) (No. 98) Oct. 2 Rhode Isld. Perk. Horseshoe, pf. (quar.) 1 Oct. San Diego Cons. Gas A Elec., pref.(qu.) IX Oct. Shawlnlgan Water A Power (quar.) l Oct. Silversmiths Company (quar.) ix Nov. Southern California Edison, pref. (quar.). IX Oct Southern New England Telephone (qu.) IX Oct. Standard Milling, pref. (No. 15) 2 Oct. Trow Directory Ptg. A Bookbinding 2 Oct. Union Bag A Paper, pref. (qu.) (No. 46). l Oct. United Cigar Mfrs., common (quar.) ix Nov. United Cigar Stores, Corp. of(qu.)(No.5) IX Oct. Extra 60c Oct. United Dry Goods Cos., com. (quar.) 2 Nov. United Electrio Securities, preferred.... S3 50 Nov. United Fruit (quar.) (No. 45) 2 Oct. Extra dividend io Nov. United Gas Improvement (quar.) 2 Oct. United States Express (No. 154) 3 Nov. U. S. Realty A Improvement (quar.) ix Nov. U. S. Rubber, 1st pref. (quar.) 2 Oct. Second preferred (quar.) ju Oct. U. S. Smelt,Refg., A Mining, com. (qu.) 1 Oct. Preferred (quar.) j u Oct. Vlrglnla-Carollna Chem.,p!.(qu.)(No. 60) Oct. 2 Vulcan Dettnnlng, pref. (quar.) ix Oct. Western Electric (quar.).. 2 Nov. Western Union Teleg. (quar.) (No. 166). X Oct. Westinghouse Eleo. A Mfg., preferred., ix Oct. e Extra e3X Oct. White (J. G.)A Co., Inc., pref. (quar.).. IX Nov. American Shipbuilding, preferred (quar.) Amer. Smelt. A Rfg., com. (qu.) (No. 28) . ‘ IX 1 2 1 . Sept. 22 Oct. 21 Oct. 21 to to to Oct. 5 Sept 30 Oct. Oct. Oct. Oct. Oct. Oct. Nov. Nov. 20 28 31 31 31 20 10 10 Holders of rec. 8ept.30a Sept. 18 to Oct. 16 Oct. 1 to Oct. 6 Holders of rec. Sept. 30a Holders of rec. Oct 10a Holders of rec. Oct. 10a Sept. 24 to Oct. 6 Holders of rec. Oct. 6a Sept. 30 to ‘ Oct. 2 Holders of rec. Oct. 7a Holders of rec. Oct. 7a Holders of rec. Oct. 7a Holders of rec. Oct. 7a Holders of rec. 8ep.24« Oct. 6 to Oct. 16 Holders of rec. Sep.30a Holders of rec. Sep.30a Holders of rec. Oct. 15a Oct 1 to Oct. 16 Oct. 1 to Oct. 16 Oct. 16 to Oct. 25 Holders of rec. Oct. 7a Holders of rec. Oct.24a Holders of rec. Oct.24a Sept. 25 to 3 Oct. Oct. 9 to Oct. 20 Oct. 25 to Oct. 31 Holders of rec. Oct. 15a Holders of rec. Oct. la Holders of rec. Oct. la 31'Sept. 29 Oct. 19 to 29 Sept. 29 to Oct. 19 25 Oct. 18 to Oct. 25 1 Holders of rec. Oct. 31a 1 Holders of rec. Oct. 15 15 Holders of rec. Oct.l4a 1 Oct. 21 to Oct. 31 1 Holders of rec. Oct.29a 15 Holders of rec. Sept. 3a 31 Holders of rec. Sept. 30a 31 Holders of rec. Sept. 30a l Oct. 21 to Oct. 31 20 Holders of rec. Oct. 10 25 Oct. 21 to 15 Oct. 6 to Oct. 16 1 Holders of rec. Oct. 15 5 15 Holders of rec. Oct. 15 Holders of rec. Sept.24a 1 Nov. 12 to Dec. 1 1 Nov. 12 Dec. 1 to 1 Oct. 14 to Nov. 1 15 Oct. 6 to Oct. 26 15 Holders of rec. Nov. 5a 1 Oct. 21 to Nov. 1 20 Oct. 1 to Oct. 17 1 Holders of rec. Oct. 15a 15 Holders of rec. Oct. la 15 Oct. 10 Oct. 15 to 1 Holders of rec. Oct. 15 15 Holders of rec. Sept. 30a 1 Nov^ 16 to Dec. 1 1 Oct. 16 Nov. 1 to 1 Jan. 15 to Feb. 1 15 Holders of rec. Sep. 28« 15 Oct. 6 to Oct. 16 15 Holders of rec. Oct. 3 28 Holders of rec. Oct. 6a 1 15 Holders of rec. Oct. 15 Holders of rec. Oct. la 20 Oct. 1 to Oct. 17 20 Oct. 1 to Oct. 17 15 Holders of rec. Sept. 30 15 Holders of rec Sept. 30 15 Holders of rec. Sept. 30 15 Holders of rec. Sept. 30 15 Holders of rec. Sept. 30 15 Holders of rec. Sept. 30 1 Oct. |23 to Nov. 1 1 Oct. 23 to Nov. 1 to Nov. 1 1 Oct. 23 1 Oct. 23 to Nov. 1 to 1 Oct. 23 Nov. 1 to Oct. 15 15 Oct. 1 15 Holders of rec. Oct. 1 15 Holders of rec. Sept. 20 25 Holders of rec. Oct. 15a 31 Holders of rec. Oct.21a 1 Oct. 23 to Oct. 31 15 Sept. 25 Oct. 16 to 15 Holders of rec. Oct. la 15 Holders of rec. Oct. la 30 Holders of rec. Nov. la 15 Holders of rec. Oct. 5 15 Holders of rec. Oct. 4 15 Holders of rec. Sept. 30 7 20 Holders of rec. Oct. 15 Holders of rec. Nov. 10 15 Oct. 1 to Oct. 15 1 to Oct. 15 Oct. Oct. 26 to Oct. 31 17 Oot. 6 Oct. 16 to 15 Holders of rec. Sept. 30a 1 Holders of rec. Oct. 25a 15 Oct. 2 to Oct. 16 15 Oct. 2 to Oct. 16 1 Holders of rec. Oct. 25 1 Holders of rec. Oct.22a 15 Holders of rec. Sept. 27a 4 Holders ot rec. Oct. 24 15 Holders of rec. Sept. 30 15 Nov. 2 to Nov. 15 1 Holders of rec. Oct.20a 31 Holders of rec. Oct. 15a 31 Holders of rec. Oct. 15a 15 Holders of rec. Oct. 3 15 Holders of rec. Oct. 3 to Oct. 16 15 Oct. 1 20 Holders of rec. Oct. 10a 1 Oct. 26 to Nov. 1 15 Sept. 21 to Oct. 12 15 Oct. 6 to Oct. 16 6 to Oct. 16 15 Oct. 1 Holders of rec. Oct.30a books not closed, b Declared 5% payable 2X% Oct 15 1910 and 2X% April 15 1911. e On account of accumulated dividends, declared 8X%• payable 3X% Oct. 15, 3X% Jan. 15 1911 and IX% April 15 1911. a Transfer 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 .of the week are also given. at the end For definitions and rules under which the various items are made up, see “Chronicle,” V. 85, p. 836. We omit two ciphers Banks. 00* omitted. Capital. (00) f» all cases. Surplus. -Loans. A verage. $ Bank of N. Y__ Manhattan Co. Merchants'.... Mech. A Metals America Phenix City Chemical Merchants’ Ex. Gallatin Butch. A Drov. Greenwich American Exch. Commerce Mercantile Pacific Chatham .... People’s Hanover Citizens’ Cent.. Nassau Market AFulton Metropolitan Exchange Imp. & Traders’ .. Corn Park East River Fourth Second First Irving Exch Bowery N. Y. County.. German-Amer Chase Fifth Avenue.. German Exch.. Germania Lincoln Garfield Fifth . Metropolis West Side Seaboard. Liberty N. Y. Prod. Ex. State 14th Street Coal & Iron Union Exch % $ 2,000,0 3,520,3 2,050,0 4,184,5 2,000,0 1,789,6 7.988.0 6,000,0 1.500,0 5,874.2 1,000,0 724,9 25,000.0 31,519,7 3,000,0 6,494,7 600,0 582,0 1,000,0 2,533,2 300,0 158,0 500,0 832,9 5,000,0 4,439,8 25,000,0 16,497,4 3,000,0 2,728,2 500,0 913,1 450,0 1,059,7 200,0 470,3 3,000,0 11,910,1 2,550,0 1,746,7 500,0 538,2 1,000,0 1,720,7 2,000,0 1,478,9 3,000,0 5,254,1 1,500,0 7,545,9 5,000,0 12,524,1 250,0 108,5 5,000,0 5,624,9 2,080,9 1,000,0 10,000,0 20,589,9 2,000,0 1,655,0 250,0 815,9 500,0 1,657,4 750,0 689,5 5,000,0 7,706,8 100,0 2,109,4 200,0 895,2 200,0 1,016,6 1,000,0 1,542,5 1,000,0 1,197,7 499,9 250,0 1,000,0 2,078,2 200,0 1,019,2 1,000,0 1,960,2 1,000,0 2,771,2 1,000,0 757,1 1,000,0 782,2 1,000,0 320,4 1 1,000,0 392,1 1,000,0 952,4 Specie. Leqats. Average. Average $ 20,303,0 33.450,0 19,606,0 Res've. t % % 3,824,0 920,0 1,645,0 999,0 1,192,0 1,848,9 291,0 4,760,0 2,089,3 142,7 510,3 67,1 197,0 1,960,6 6,960,2 1,086,3 490,9 1,080,9 135,1 6,867,5 225,3 904,9 895,7 234,8 4,625,0 2,118,0 1,090,0 110,4 2,300,0 184,0 2,546,7 1,261,6 52,0 8,704,0 4,250,0 52.962.0 25,876.8 7,296,0 Deposits. Average. 10.922.3 4,832,6 1,348,0 174,152,4 32,853,0 28,556,0 5,060,2 6,660,6 1,517,7 8,732,1 1,245,1 2,845,2 413,8 7,582,1 1,829.1 35,048,8 6,478,9 147,361,8 24,917,8 15,063,3 1,809,9 3,580,6 259,9 7,931,8 1,196,0 2,103,7 396,2 65,791,1 12,494,6 21,478,6 5,219,4 980,6 7,184,1 8,612,3 1,152,4 12,396,6 3,140,7 44,642,0 8,332,0 25,449,0 3,551,0 81,900,0 21,082,0 1,471,5 188,6 28,074,0 4,566,0 12,633,0 2.914,0 104,239,3 21,615,9 22,075,4 5,560,5 822,0 3,424,0 7,702,1 1,201,8 4,060,7 760,3 75,696,0 16,833,5 12,905,6 2,659,0 3,987,0 450,2 4,599,3 842,4 17,411,5 3,576,7 8,203,5 1:590:0 3,355,4 579,4 11,023,4 1,177,9 4,265,0 911,0 20,045,0 4,380,0 16,785,8 3,532,0 8,193,1 2,266,3 14,893,0 4,526,0 6,002,7 1,122,1 6,267,0 966,0 8,314,8 1,036,9 18,211,0 26.0 38,800.0 26.6 20,046,0 26.1 50.265.7 24.0 26,214,4 25.4 6,282,0 156,599,2 26,572,7 6,684,5 6,893,3 2,215,5 8,390,5 33,471,1 1)4,980,3 11,426,4 2,916,0 8,442,3 2,151,5 73,972,2 20,744,0 7,973,9 8,278,5 13,012,7 52,081,0 22,611,0 86,094,0 1,329,2 26,857,0 12,249,0 93,223,1 23,907,0 3,535,0 7,551,6 3,856,0 82,598,6 14,537,5 3,840,8 5,251,4 19,235,0 600,8 216,6 4,673,4 1,162,4 467,9 510,9 1,290,1 246,6 295,3 1,407,4 220,0 1,880,0 837,6 213,2 323,0 458,2 761,0 1,000,0 7,948;7 26.7 24.0 27.0 24.8 25.4 21.7 24.1 25.3 25.5 25.3 25.7 26.9 24.6 26.2 26.4 23.6 24.7 25.9 24.5 25.0 25.7 22.5 25.5 25.2 25.9 28.5 24.6 24.3 25.3 26.0 26.2 23.9 25.7 26.2 23.1 25.2 24.3 24.2 26.8 25.9 25.5 3,460,5 10,622,3 4,658,0 23,337,0 16,874,6 9,695,5 18,493,0 26.2 6,309,4 25.0 6,520,0 26.4 8.008,1,25.4 Totals, average 133,350,0 194,250,3 1272,197,0 251,895,7 66,356,6 1249,228,0 25.5 Actual figures 1263,052,0 249,639,7 66,870,3 (Oct. 8... 1238,088,7j25.5 — On the basis of averages, circulation amounted to $48,110,100 and United States deposits (included in deposits) to $1,615,900; actual figures Oct. 8, circulation. $48,187,400; United States deposits, $1,621,900. The State Banking Department also furnishes weekly 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: now returns of the State banks and trust 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. State Banks Slate Banks Trust Cos. in in outside of Greater N. Y. Greater N. Y. Greater N. Y $ Trust Cos. outside of Greater N. T, % $ Capital as of Aug. 31 25,175,000 65,406,000 *9.023,000 Surplus as of Aug. 31 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 + 188,700 100,562,800 + 582,000 144,435,900 + 810,400 Loans and Investments.. Change from last week. Specie ‘Change from last week. 50,465,500 + 493,900 115,834,900 + 1,615,100 Legal-tenders A bk. notes Change from last week. 23,827,800 —689,500 12,947,700 + 104,600 Deposits Change from last week. 349,363,200 1,083,385,800 +2,399,900 —3,088,000 Reserve on deposits Change from last week. 96,985,700 + 542.400 135,356,500 + 1,628,200 21,017,100 +387,400 20,439,200 + 711,900 28.3% 28.4% 16.1% 16.1% 21.6% 21.3% 14.8% 14.3% P. C. reserve to deposits.. Percentage last week.. + Increase over last week. 9,775,000 - — Decrease from last week. *Aa 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! due from reserve agents. Trust companies In New York State are required by law to keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is 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 by 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 tbe amendment of 1910), and exclusive of deposits secured by bonds of the State of New York. —Trust Cos.— —State Bank:— Reserve Required for Trust and State Batiks. Location— Manhattan Borough Companies Total Reserve Of which Total Cf Reserve wh eh Required in Coe) Cash.Required -.15% 25% 15% Brooklyn Borough (without branches in Manhat.) 15% 10% 20% Other boroughs (without branches In Manhattan>15% 10% 15% Brooklyn Borough, with branches in Manhattan.. 15% 20% 15% Other Boroughs with branches in Manhattan 15% 15% 15% Elsewhere In State ...10% 5% 15% in Cash ........ 15% 10% 7X% 20% 15 1006 THE CHRONICLE The Banking Department also separate figures indicating the totals trust companies in the Greater New tiouee. These figures are shown in also the results undertakes to present for the State banks and York not in the Clearing the table below, as are (both actual and average) for the ClearingHouse 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. NEW YORK CITY BANKS Clear.-House Week ended Oct. 8. AND Clear.-Housc Stale Banks A Banks. Banks. ActualFigures Average $ $ Total of all BanksA Trust Cos. Average. Trust Cos. not in C.-H. Aver. % $ Capital as of Aug. 31.. 132,350,000 132,350,000 74,631,000 206,981,000 Surplus as of Aug. 31.. 193,297,900 193,297,900 180,661,300 373,959,200 Loans and Investments 1,263,052,000 Change from last week —15,098,200 1,272,197,000 —13,219,400 Deposits Change from last week 1,115,684,500 2,387,881,500 + 12,647,600 and —571,800 , 249,639,700 —4,515,900 251,895,700 —9,711,900 122,303,100 374,198,800 + 1,639,500 —8,072,400 Legal-tenders Change from last week 66,870,300 +323,500 66,356,600 —1,458,700 621,592,200 + 181,300 87,948,800 —1,277,400 318,252,300 —11,170,600 cl43,895,300 + 1,820,800 462,147,600 —9,349,800 26,956,300 + 643,400 26,956,300 +643,400 170,851,600 +2,464,200 489,103,900 —8,706,400 Aggr’te money holdings Change from last week 316,510,000 —4,192,400 deposit with other bks. & trust cos. Change from last week Loans. Specie. $ $ Surplus. Boston. $ Sept.17.. Sept.24.. Oct. 1.. Oct. 8.. Phila. Oct. Oct. 1.. 8.. 40,200.0 40,200,0 40,200,0 40,200,0 Change from last . 316,510,000 —4,192,400 _ week 206,477.0 318,252,300 —11,170,600 25.57% 25.42% 25.50% 25.82% 6,987,825 17.9% 17.9% 5,945,300 COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN GREATER NEW YORK. We omit two ciphers in all these figures. Deposits. $ $ Aug. 6.. 2.319.167.3 2.299.315.5 Aug. 13.. 2.331.975.4 2,316,350,0 Aug. 20.. 2.339.911.8 2,326,315,7 Aug. 27.. 2.346.781.2 2.331.878.3 Sept. 3.. 2.348.900.4 2.326.474.5 Sept. 10.. 2.355.593.2 2.320.771.3 Sept. 17.. 2.367.842.8 2.328.750.6 Sept. 24.. 2.375.411.8 2,329,379,2 1__ 143,101.0 142,593.5 139.329,0 169,377,5 75,595,0 74,903,0 72.795,0 306,861,0 16,493,0 305,459,0 16,447,0 305,050,0 16,439,0 70,334,0 131,156,7 136,223,7 135,503.9 304,626,0j 16,384,0 160,501,8 are FOREIGN IMPORTS AT NEW YORK. For Week. 1910. Dry Goods General Merchandise Total Since Jan. 1. 1909. 1908. $3,024,p05 15,857,931 $2,897,928 15,854,798 $18,882,536 $18,752,726 1907. $2,663,152 10,282,036 $3,001,076 10,318,996 $12,945,188 $13,320,072 1 Dry Goods General Merchandise $121,826,395 $130,323,435 588,250,842 533,126,668 Total 40 weeks.. - $94,049,067 $146,229,416 386,442,027 526,646,530 $710,077,237 $663,450,103 $480,491,094 $672,875,946 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: Total 40 weeks.. 2.388.453.3 2,330,077,9 2.387.881.5 2.316.630.7 Specie. Legals. % Holdings $ on $ Deposit. $ 93,995,0 499.697.3 508.350.8 421.847.4 421,021,3 412.681.1 401,048,5 397,232,0 392.538.2 382.271.2 374,198,8 92.656.7 90.699.2 535.467.8 512.546,6 512.484.5 502,336,1 489.173,2 485.829.9 481.449.6 471.497.4 462.147.6 539.637.8 537.996.1 528.336.2 - 525,172,3 516.455.2 513.289.9 508.147.8 497.810.3 489.103.9 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: 1908. 1907. $12,553,827 480,576,468 $14,624,233 480,273,639 $510,987,554 $466,604,034 $493,129,295 $494,897,872 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. Exports. Gold. Week. Imports. Since Jan. 1 Week. $32,150,000 Germany 405.702.3 416.194.1 91.463.2 89,655,0 88.124.7 88,597,9 88,911,4 89.226.2 87.948.8 $11,629,554 454,974,480 Great Britain France Tot. Motley Entire Res. I 1909. $16,096,294 494,891,260 Previously reported 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: 8 $ 7,968,0 7,947.0 7,991,0 8,024.0 1910. The Oct. Oct. $ 246,921,0 247,117,0 250,395,0 250,143,0 Imports and Exports for the Week.—The following For the week — Investments. $ 4,728.0 4,967,0 5,696,0 4,554,0 Clearings. the imports at New York for the week ending Oct. 8; also totals since the beginning of the first week in January: | + Increase over last week. Decrease from last week. 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 $1,199,555,900, a decrease of $1,679,600 from last week. In the case of the Clearing-House banks, the deposits are “net” both for the average and the actual figures. 6 Includes bank notes, c Of this amount State banks held $15,112,700 and trust companies $128,782,600. Ended. Circu¬ lation. a a Including Government deposits and the item “due to other banks.” At Boston Government deposits amounted to $3,049,000 on October 8, against $3,051,000 on October 1. a Loans and $ 22,184.0 55,465,0 254,866,0 55,465.0 254,583.0 55,465,0 255,799,0 55,465,0 257.355,0 Deposits, EXPORTS FROM NEW YORK FOR THE WEEK. reserve Week figures. 1 Percentage to deposits requiring reserve Percentage last week.. Surplus Legals. 204,708,0 22,518,0 204,394,0 23,541,0 206,192,0 22,870,0 on Total reserve LXXXX1 Capital Banks. 1,238,088,700 1,249,228,000 al,067,402,700 2,316,630,700 —24,795,500 —27,346,000 + 13,898,800 —13,447,200 Specie Change from last week Money We omit two ciphers (00) in all these Sept. 17.. Sept.24.. TRUST COMPANIES. S [VOL. Since Jan. 1 $13,469,736 3,457,050 4,455 West Indies Mexico South America All other countries. $400 *314 3,289,232 $54,549 9',368,766 107,907 59,106 431 41,900 Total 1910 Total 1909. Total 1908 $400 $44,854,353 100,000 Silver. Great Britain France . Germany West Indies Mexico South America All other countries $221,993 $20,555,186 119,589 7,091,399 128,421 14,390,340 m-ir*-4.ScS5£M 76,994,692 47,647,925 •4 $941,618 $31,253,786 53,800 1,798,600 80,053 558,008 739 68,537 47,825 6,305 1,558 3,997 26,994 26,037 $13,344 1,555 12,374 69,900 1,322,176 1,110,266 1,103,721 $1,082,530 $33,733,061 790,418 35,738.611 876,222 33,033,046 $58,586 44,774 96,409 $3,633,336 3,834,420 2,899,882 6,320 . Total 1910 Total 1909 Total 1908. 458,753 234,380 1,900,083 1.034,870 We omit two ciphers (00) in all these figures. Loans, Legal Tender Disc’ts Banks. Deposit with Capi¬ Sur¬ and tal. Invest¬ and Bank Clear¬ plus. ments. Notes. Agent. Specie ing Other Banks Ac. N. Y. City Boroughs cl Man. A Bn Wash. H’ts - ■ Colonial Columbia.. ... _._i Jefferson... Mt. Morris. Mutual Plaza 23d Ward.. YorkviUe New Neth’d Bat.Pk.Nat. Aetna Nat. .. Borough of Brooklyn. Broadway 200,0 252,0 . Mfrs.’ Nat. Mechanics’. Nassau Nat Nat. City.. North Side. First Nat.. First Nat.. Hud.Co.Nat Third Nat.. Hoboken. First Nat.. Second Nat $ % 270,6 1,298,8 160,2 1,341,7 362,5 5,448,8 751,7 6,186.0 175,5 1,073,5 521,3 3,103,2 313,8 2,560,5 371,3 3,562,8 453,8 3,919,0 106,5 1,893,9 451,8 4,194,9 265,5 2,241 0 156,8 1,412,0 317,7 2,156,4 % 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 $ 55,7 170,0 531,6 505,0 94,9 293,6 32,3 545,2 364,0 47,7 739,4 88,0 38,6 33,9 $ 158,5 83,8 746,4 709,0 147,4 135,1 437,0 269,7 879,0 192,8 296,5 348,0 93,9 32,1 $ 16,9 167,0 573,0 73,0 307,9 84,8 5,3 259,3 5,0 22,3 $ 1,296,3 1,289,0 7,363,9 6,906,0 1,114,8 3,348,5 3,393,8 3,906,7 4,906,0 2,083,5 5,352,2 2,483,0 1,260,5 2,042,6 200,0 300,0 513,3 3,254,2 831,9 5,572,0 815,4 12,961,8 1,010,4 6,981,0 601,8 3,880,0 139,0 2,071,0 611,0 3,397,0 33,1 495,7 356,8 319,8 364,6 1,491,4 621,0 309,0 99,0 527,0 129,8 92,6 344,0 76,0 371,8 817,6 2,719,8 1,562,0 628,0 312,6 401,0 299,9 3,871,5 164,0 6 106,8 519,8 17,938,4 7,569,0 150,0 4,923,0 112,3 2,482,0 38,0 3,117,0 400,0 250,0 200,0 1,251,8 751,9 394,5 5,280,1 3,096,4 2,122,0 279,4 137,5 65,0 345,4 51,2 112,8 3,288,3 282,9 423,9 144,0 108,9 20,0 7,740.5 2,758,1 220,0 125,0 623,3 245,9 3,132,9 2,753,8 138,5 110,3 27,9 82,9 146,1 45,4 159,6 134,1 2,845,1 2,930,1 1,000,0 750,0 300,0 Jersey City. Tot .Oct. $ 100,0 250,0 400,0 300,0 200,0 500,0 250,0 200,0 100,0 200,0 100,0 200,0 200,0 300,0 Century Fidelity Net Deposits. 2,298,8 8 7,497,0 1 8,497,0 12,469,2 94,894,7 6,317,9 7,471,6 15,528,6 3,365,1 13,421,6 102358,2 7,313,8 8,481,0 14,173,6 4,047,4 111327,1 Tot .Sept .24 8,497,0 117131,3 13,421,6 100425,8 7,386,5 8,427,8 14,616,4 3,637,0 115554,0 Tot.Oct. 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. Boston and Philadelphia Banks.—Below i9 a summary of the weekly totals of the Clearing-House banks of Boston and Philadelphia. fPatxhtng and ffimmciaL INVESTMENT SECURITIES Our eight-page circular No.687 describes several Issues of sound Investment bonds yielding about 4H to 5H%. Spencer Trask & Co. 43 EXCHANGE PLACE. NEW YORK Branch offices: Chicago. 111., Boston. Mass., Albany. N. Y. WHITE, WELD & CO. 6 NASSAU Members New York Stock Exchange STREET, THE ROOKERY; NEW YORK CHICAGO BANKING and EXCHANGE of every EXPORTS & International description In connection with IMPORTS Banking Corporation SO Wall St.. New York. CAPITAL & SURPLUS. $6,800,000 BRANCHES and AGENCIES throughout the WORLD. THE INTERNATIONAL BANK Organized under the Laws of N. Y. State. 60 Wall St.. New York Interest paid on Term Deposit?. THOMAS H. HUBBARD. Pre iden Accounts Invited. a Oot. 15 THE CHRONICLE 1910.] ftaxette. 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 The latter are reflected in an money market conditions. 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 1% to 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. 1909. 1908. Averages for week ending 1910. Differences from Averages for week ending Averages for week ending Oct. 8. previous week. Oct. 9. Oct. 10. 8 $ $ 8 132.350,000 193,297,900 Capital Surplus... Loans and discounts 1,272,197,000 Dec. 13,219,400 Circulation 48,110,100 Inc. 920,500 Net deposits 1,249,228,000 Dec. 27,346,000 U. 8. dep. (inel. above) 1,615,900 Inc. 65,500 Specie 251,895,700 Dec. 9,711,900 Legal tenders 66,356,600 Dec. 1,458,700 Reserve held 127,350,000 126,350,000 163,720,100 177,371,800 1,273,033,200 1.324,358,000 51,599,200 53,514,300 1,278,402,200 1,402,753,100 1,675,100 9,248,000 255,734,700 306.469.500 68,413,600 78,926,000 318,252,300 Dec. 11,170,600 312.307,000 Dec. 6,836,500 25% of deposits ■ 324,148.300 319,600,550 385.395.500 350,688.275 1007 Paul, 25c. per $1,000 premium. New Orleans, commercial, 75c. @$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 104% and $1,000 Virginia 6s deferred trust receipts at 43. V 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 63% on Monday to 57% 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 100%. for yearly The following are the daily closing quotations; third page following. range see Interest Periods 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 regis Q—Feb 1938_Panama Canal regis Q—Nov _. Surplus reserve 5,945,300 Dec. 6,349,275 Dec. 4,547,750 4,966,525 4,334,100 4,317,725 34,707,225 37,019,225 Note.—The Clearing House now issues a statement weekly showing the actual condition of the banks 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. on Foreign Exchange.—A violent decline the first two days of cotton bills, has demand sold early on of the week, due to very liberal offerings been followed by a moderate recovery; to-day at 4 86 but closed at 4 85%. 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 82%@4 83 for sixty days, 4 8585@4 8595 for cheques and 4 8620@4 8630 for cables. Commercial on banks 4 82%@4 82% and documents for payment 4 82% @4 83. Cotton for payment 4 82 @4 82% and grain for payment 4 82% @4 83. To-day’s (Friday’s) actual rates for Paris bankers’ francs were 5 21% less 1-16@5 21% for long and 5 18% less 3-32 @5 18% less 1-16 for short. Germany bankers’ marks were 94%@94 7-16 for long and 95 1-16 less l-32@95 1-16 for short. Amsterdam bankers’ guilders were 40 25@40 27 for short. Exchange at Paris on London, 25f. 23c.; week’s range high and 25f. 22%c. low. Exchange at Berlin on London 20m. 45%pf.; week’s range 20m. 46%pf. high and 20m. 45%pf. low. The range of foreign exchange for the week follows: 25f. 24%c. Sterling, Actual— High for the week Low for the week Paris Bankers’ Francs— sixty Days. Cheques. Cables. 4 83 *4 4 82*4 4 8610 4 85*4 4 86 *4 5 21*4 5 21*4 6 18 % less 1-32 5 19*6 6 18*4 less 3-32 5 18** less 1-16 High for the week Low for the week... Germany Bankers’ Marks— High for the week 94*6 Low for the week 94*6 Amsterdam Bankers’ Guilders— High for the week 40 1-16 Low for the week 40 4 8610 96 1-16 94 16-16 95*6 95 1-16 less 1-32 40 29 40 25 40 33 40 29 The following are the rates for domestic exchange at the undermentioned cities at the close of the week: Chicago, par @5c. per discount. San $1,000 premium. Boston, 15c. per $1,000 Francisco, 40cper $1,000 premium. Charleston, buying, par; selling, l-10c. premium. St. Louis, 35c. per $1,000 discount bid; 25c. per $1,000 asked. St. Oct. 10 Oct. 11 *100*4 *10054 *101*4 *101*4 *114*4 *100*4 *100*4 *101*4 *101*4 *114*4 100*4 *10054 *101*4 *101*4 *H4*4 *115 *115 *115 Oct 12 Oct. 13 Oct. 14 *100*4 *100*4 *100*4 *100*4 102 *101*4 Holi¬ *101*4 *101*4 day *114*4 *114*4 *115 *100*4 *100*4 *10054 *100*4 *100*4 *100*4 *115 *100*4 *100*4 *100*4j*100*4 i * 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. Internationll 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 Am Brake Shoe&Fdy, pf Amer Telegraph & Cable Batopilas Mining Buff Rochester <fc Pittsb. Col & Hock C «fc I tr rects Evansville & Terre Hau_ Federal Sugar Refining. General Chemical, pref.. Homestake Mtning Lackawanna Steel Ontario Silver Mining... Peoria & Eastern .... Sears, Roebuck <fc Co... Preferred Range for Week. Range since Jan I.1 for Week. Surplus, exol. U. S. dep Oct. 8 Lowest. j Lowest. Highest. 100126*4 Oct 13 126*4 Oct 13 119 650 82 *4 Oct 10 88 Oct 11 71 800 $2*4 Oet 14 §2*4 Oct 8 82 100104 200 5 267 61 500 38 100 102 200 85 200 34 250 2*4 100 20 1,000 168 13 120 Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct 11104 8, 11 5*4 Oct 13 111 61 111 38 95 4 55 38 July Sept Sept May Septl Highest. 126*4 88 83*4 106 5*4 Oct Oct Jan Jan Oct Oct Oct Mch Feb Oct 11 Sept 61*s Oct 11! Oct 38 14 102 Oct 14 101*4 June 107 Jan 89 Oct 14 81 14j 85 Oct 45 111 38*4 Oct 13| 34 May 14 2 10 Oct. July 2*4 3*4 Feb 14 20 Oct 14 18 Jan Sept 28 10170 Oct 8 150 Junel70 oct 8120 Oct Oct121 *4 Mch 8: 120 Outside Market.—The market for outside securities tinued strong this week, the upward movement on con¬ the Exchange being an added stimulus to trading on the “curb.” As last week, the leading Copper issues were the feature, sub¬ 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 19% to 19% and up to 19%. Chino Copper was one of the most active, and after a loss of over a point to 19%, advanced to 20%, and closed to-day at 20%. 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 10%. Mason Valley improved from 9% to 10 1-16, reacting finally to 9%. Miami fell from 19% to 19%, moved back to 19% and ends the week;at 19%. Ray Consolidated from 19% went down to 19, sold up to 20% 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 10% to 10%, recovered to 10 11-16, the final quotation to-day being 10%. 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 27% and sold up to 30%, the close to-day being at 29, exdividend. Standard Oil went down from 600 to 599%, 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 4jto 5%. In bonds Western Pacific 5s weakened from 94% to 94%, recovered to 94% and sold finally at 94%. Outside quotations will be found on page 1015. / New York Stock Exchange—Stock Record, Daily, Weekly and Yearly OCCUPYING TWO STOCKS—HIGHEST AND LOWEST SALE PRICES. Saturday Monday Oct. 8. Oct. 10. *25 *68 85 72 *25 *68 90 Oct. 11. -85 72 100% 100% lOOf* *100% 100% *100% 115 115 114% 106% 106% 107% 90 Tuesday *88 *25 *68 72% *265 300 91 *65 *34% *.___ *23% 47% 122% *147 147% *203 *135 *145 Oct. 12. Oct, 13. Oct. 14. Shares. *25 *68 300 81% *34% 81% 195 ♦65 *270 *203 *135 *145 165 *2% *5% 3 7 *2% *5% 77 110 56% *72 *99 66% *74 *73 56% 75 75 *74 *73 210 150 165 3 7 77 110 58 75 75 300 *203 *135 *145 81*4 *99 58 •166 *203 *135 *145 3 7 75% 75% *99 5978 76% 75 75 167 *74 *12 14 12 25 25 46 •35 46 3 36 27% 12 25 *12 25 28 *94 95% * 95% *120 140 ♦120 *131% 132% 132% 132% 20% 20% 2012 20% 65% 55% 56% 56% 17% 17% *1714 17% *33 *72 34 *30% 31% 64% 75 *62 *17 20 49 *39 *6712 68% 146% 1447s 145% *24% 25% 146 *42 51 132% 132% *145 *88 150 89 84% 34% 64% 55% *63 55% •135 140 *33 *72 34 75 31% 33 64% 67 20% 20% *38 *42 132 *145 *88 66% 67% 20% 20% . 45 48 61 132 150 89 64 57% 135 34*4 64% 57% *135 *70 90 *83 118% 118% *100 *80 *100 112 *100 *80 *100 110 115 129% 130% *94 *105 96 116 97 48 160 89 *145 *88 35 65 57*4 *62 *59 64 65 40% 24% 56 i f 63 *58 40*4 *29 *66 115 30 70 56 28% 11% 11% *7% 26% 81* 26% *56 57% 113% 167% 168% *91% 91% ' 29 30 58% 60 17 37 16% 26% *46 *68 *5 *10 *6 55 40% *27 *65 115% 24*4 *27% 31% 113 69% 6 12 7 55 *59 *46 *68 *5 *10 6% 54 41% *27 67 113 167% 168% 92 *28 60 16*4 37% 48 32% 115% 115% 24% 2434 55% 56% 28% 28% 11% 11% *7% 8% 26 26% 57% 67% 92 32 60 115*8 24*4 56% 28% 10% *7% 26% 57*4 113*4 168% *92 30 60% 17 17 37% 3734 48 48 69% 5% 11% 6% *6714 5 *10 *6 54 100 *80 ♦98 54*4 150 89 68 110 91 154 148 77% 33% 67 *17 *41 68 147 *145 ♦88 *105 Bta Ask 175 575 230 180 600 100 115 375 300 116 125 195 205 16 » 145 175 44* New York Aetna American..1 Amer Excb. Audubon Battery Pk. BoweryH... Bronx Boro! Bronx Nat Bryant Pk * Butch & l)t gentury Y„ 155 140 170 425 _ 64% 120 100 110 115 115 98 99 32% 32% 65% 64% *59 42 *29 41*4 30 67 65 10 *7 94 03 31 30*4 607fi 17% 38 48 68*4 5 12 7 55% 148 421g 09 60*4 38 48 38% 68*4 5% 11% 6% 70 5% 11% 56 59 Banks Chatham Chelsea ExY Chemical Citizens’ Ctt City Coal & Iron Colonial Y-- Columbia YCommerce Corn Ex Y-. Bta Ask 310 200 425 320 _ _ _ rtrr^' 42*4 99% 425 t201 • 125 175 4750 2.000 300 Do pref........... f ake Erie A Wectern... Aj Do ”i!e6d pref........... Long Island.. 6,100 Louisville A Nashville!!! 1.920 2.400 tnneapolis A St Louis 665 Do pref............. 2,050 Minn St P A S S Marie... Do pref... Do leased line ctfs.... Mo Kansas A Texas..... 12.200 900 Do pref............. 16.500 Missouri Pacific Manhattan Elevated... 350 650 Ghatt A St1st Louis, Nash at Rya of Mex pref Do 1st pref Do 2d pref 300 N Y N H A Hartford ....... 300 Subscription receipts 4.400 N Y Ontario A Western. 2,250 Norfolk A Western..... Do adjustment pref... 41,875 Northern Pacific........ 410 107 110 115 Pacific Coast Co t .... ...... *59 42*4 43% 30*4 68% 117*4 26 58% 29 10% 8% 27% *59 *112 171 93 27% 61 29% 10*4 8% 28% 172*4 93 *59 31% 61 1734 38% 49 70% 6% •a 58% 6*4 69 119 60 113 31% 49 65 30 18% 39% 49*4 71% 6*4 13 7% 59 Highest St L A San Fr, 1st pref.. Do 2d pref......... 3,750 1,300 St Louis Southwestern 600 Do pref 65,200 Southern Pacific Co Southern v tr eta stmpd. 17.900 Do pref 13.250 do 5.100 'I'eras A Pacific 6,016 Third Avenue (N Y) 500 Toledo Railways A Light 3.450 Toledo St L A Western.. Do pref 3.100 450 Twin City Rapid Transit 273.560 900 Do pref 1,200 Unit Rys Inv’t of San Fr Do 1,600 pref. 5,100 117abash 10,350 Yt Do pref......... 3,900 West Maryland Ry Do pref 2,950 1.500 Wheeling A Lake Erie Do 1st pref 600 Do 2d pref 1.200 4,925 Wisconsin Central .... Union Pacific _ ... 198% May25 70 312 92 J’lv £6 neao 113*4 J’ne 143 Sep 137% J’ly £6 . May 24 4% Sep 28 25 Jly Sep 14 70 99 46 70 Aug 149% J;iy 143% 80% - 18% 102 86 May 6 Feb 7 124 Jly 26 89 60 Jly 131% J’ly 123 J’ne3u 23 Jly 26 Jly J’ne e 20 26 -6 26 *6 3 23% J’ly 26 105% J’ly 26 65% May 4 $101 Jly 8 82% Apr 28 149 A143 Feb 2 111% Aug 3 Oct 13 Feb 14 122% Jly 26 105 89 114 Jly 26 McnlO 18% 89 * S3** 11% 30% 19% Mch 2 Jan 8 Jan 6 Jan 6 May23 9 Oct 11 109*4 Jan 21 98 ’94% J’n* Mch Mch Feb Jan Jan 3an 65 Feb 122% Jan 44% Apr Dec 120*2 Feb 48*2 Mch Feb Jan 19 Mch 14 Mch 11 Jan 6 76*4 Apr 1154 Nov 7j147% Dec 42% Feb Mch 21 84% Jan 91% Mch 16 85*8 Mch 145% Jan 3 133% Feb 1I834 Jan 12 76 Mch 118 Jan 3 138% M^h 9 104% Mch 22 116 Mch 1 100 88 23 J’ne 30 13% Jan Jly 59 Feb Feb Mch Feb 207g Feb 67% Feb 65% Mcb 36 Feb 20*2 Feb 47*2 Jan 1145* Feb 22 60 30 Feb Jan Feb 12*4 Dec 7 May . J’neao Mch Mch 126** Feb 86*2 Jan 104 118 89 90 43 Feb 64% Feb 97 Jan 172*2 Feb *94 30 Mch Feb 50'4 Feb jan 15 41 Feb Feb 5 J ly 15% J’ly 6% J'ly a Oct 13 711, 65 90 Feb «57< Jan Aug Deo Deo Apr* Apr Sep, 50*4 Aug 75*2 Aug 29*t Aug 647, J ’n* Oec Apr i *f 100 36 62 82 Mch Sep 147 89 351, 71 21 162*8 25?s 63% 162*2 153% 2 Feb 8 8 Mch Apr 132% Jan 33% Oct 14 Deo Deo 103 100 677* Feb 48 69 *121 J’n* 56% Aug 46 Aug 157% Aug 88*2 Aug 21 Deo 39 Feb Feb 87 155% 92*4 61% 74% 73% 128 68 Nov Feb 28*4 NOV Sep 48 74*4 Feb 145 Jan Oct if ch Feb 137 61 81 139 71 Feb 86 May 84*2 Jan 200 May 680 Apr 64 Apr 90 Feb 71% Aug 21 Jan • — 65*8 137 130% j’ly 26 172% Feb 18 *85 Aug 24 93% Feb 17 87 Jly 16 llo% Jan 3 22% J’ly 26 67% Jan 54 Jly 27 92% Apr 58 Aug 11 73 Jan 60 Jau 34% Aug 2 18% J’ly 26 34% Jan 51% j’ly k6 77% Jan 103% J’ly 26 *138% Jan 18 J’ly 26 °3*4 Jan 43 75 Jan J'ly 26 22% J’ly 26 36*4 Jan 5% J’no l 19% Jan 5% J’ly b 15*4 Jan 12 19 J’ly 26 64% Jan 4 42*4 Jly 28 72% Jan 104 J’ly 26 117% Jan 152% J’ly 26 204*4 Jan 88% J’ly 26 IO334 Jan 23% J neao 42% Jan 47 J’ne3t 72% jan 12% Jly 25 2734 Jan 61 28% J’ly 26 Jan 40 Jly 26 64%Mch 12 67 Aug 16 71*4 Oct 14 3 lo Apr 23 jan 8 4 44 Jan 4 Feb 24 Mch 3 Apr 28 162 J ne lo /1151 50 38% Aug 2 88% J’ly 26 108% 88 66 136% Feb 53*4 Jan 80 Jan Feb 6 Sen 21 36*2 535 28 8 Oct 146 fan 22% Mch 36*2 Mch 28% Mch Mch 8 Jau 3 Jan 4 Mch 22 70% Apr 14 159*4 Jan 5 88*4 14% Nov 80 1 20 Oct 37% Jan 79*2 Jan 3 8 Feb 18 44% Jan 3 71 Jan 4 25*4 Jan 6 62*4 Jan 3 Aug Aug A«g 76*2 Jan 73% Jan 167*4 Feb 64% Jan 20 2 J’neao Oct 1 51 Jan 3 Jan 27 Jan 8 Jan Aug 198% Mch §230 Apr 167 ■v 26% Jan il 627gjan 12 30 165% Sep 1*1 166*2 Jan §180 J iy u Dec 3*2 7 Jan 7*4 Dec 18% Jan> Jan 68 83% Deo Jan 100 105 Mch Jan 4 140 Oct 4 101% J nel4 147 Jan 6 J'neau J’ly ?6 Aug 2 ... 208 148 99 14% J ly 26 41% Jly 26 Feb 158*2 Mch 173% Feb 971. Apr 14 94% Jan 25 Sep Dec 74% Apr 78*2 Mch 37% Dec 6434 peo 58% Dec 141 Men 4 Jan 6 Jan 3 Mch 21 42 96 Apr 827* J’ne 189% Oct 70*4 Nov 31% Dec t Jan i22% J’ly Nov 70 J ne 143*2 AUg 323*9 91U —’ 84% Jan 4 34% Jan 6 62*4 Mch 8 J’ly Aug 10 88% Jau 2U 286% Sep 27 Jly 67 Jly 41 J IV 125 Jly Feb 60 2:6 Jan 16 I8S4 19% Jly 26 J'ly .7 26% J’ly 27 40 114 144 Jan 66 35 w 1 Apr 185 620 62 84 JiF- 15 69 8i 81 23% J ly 62% J’ly 45 J’ly J ly 10 Jly AUg 3 104 490. Jly 68 06*4 Jan 60% Jan Feb 55% Jan 577* Feo 7 3 65% Feb n.b 70 15 25 68 23 4 106*4 lU3i*» Feb 91 ‘ Nov 67 Jan *165 Mch 162% Feb 21 jl7u% Feb 18 5*8 Jan 4 12% Jan 4 92% Mch 18 J’ly 118 45 11 Jan Jan Jan 225 J’ly 17 V/”g Jan Mch 25 ! 25% Oct 100*4 Jan 107*9 Jan 3678 JaO 3 64% Jan 10 158% J an 3 172% Jan 182%Jan 3 J’ly 16 Jne n«27 Apr 23 Apr 25 Jan 82% Mayil 23% J’ly -6 64% J’ne 17 19 40 6 fc 7 Mch Deo Aug Jan. Jan Jan 149*2 Jan 164*2 AUg 94 50*2 peo Oct 78% Oot .8-jg 26% May 147*4 Aug Nov 69 100 Feb Nov 95 174% J’n* h 149*4 Dec 55% J’ne Dec 92% J ly 159*2 Aug 116*9 Dec 106 ‘ Sep 115 Deo 151% Sep 99% Dec 116% Sep 173% Sep 102 96 Aug 117*2 Deo 81 Deo 94*4 Deo 74 Deo 60*4 Sep 35% Deo 82 Dec 139*8 Aug Aug 75*2 40% 42% 15% 547* 74*4 118% Deo Aur Jan < Jan Oct Jan Deo Aug 118*2 Aug 219 47 Sep 77 Sep 27 7g Deo 61% J’n* 12% Jan 25% Jan 15% Jan 63/g Apr COMPANIES—JROKiORS' ^UOfATIONS. .... StY—- Bta Ask Banks But Ask Banks But 300 835 150 350 Ask Irving N Ex 200 210 185 Mutual Y Nassau Y... New Neth'ri NewYorkCo New York. N’ht &Day| 19th Ward. Northern 285 240 210 900 315 200 295 260 260 Pacific!).. 230 Fourth f 186 Gallatin 320 Garfield 290 Germ-Am Y 140 Germ’n ExY 435 Germania Y- 55) Gotham 150 Greenwlcn Y 255 855 155 610 540 JeffersouY-- Liberty.... Lincoln.... .... Hanover... Imp A Trad Aug 2 100 Do 1st pref...... Do 2d pro!.. 1 ... tari" ...... Heading. Banks 430 160 150 385 150 400 3071 East River. 115 Fidelity *[)_. L65 Fifth Avefl 4000 ^ . .......... 18 Pi th First 14 th .... 130% 131% 44.770 Pennsylvania *95 500 Pitt'b «n Chic A St L.. 100% *104 Do pref 115 324.700 149% 151% ...... 100 1st pref........... *86% 89 99 2d pref 1,100 99% 35,575 Rock Island Company... 32% 33 Do pref 3,300 65% 65% 31% 60*4 17% Do pref. 1,850 Illinois Central i 15,600 nterboro-Metro poll tan Do pref.. 19,200 3,345 Iowa Central Do pref 3.400 400 tZ O 3 Ft S A M tr cfs, pref 6.935 IVainsas City Southern.. 148 119% 120% 105 *90 ♦100 11%J 93 59 138 71 ~ *106% 110 *88% 91 154*4 154*4 30 8*2 26% 27% 57% 60% 112% 112% 168% 171% 36% 66% fc* ... 42% 68% 68% 116% 1177g 24% 25*4 56*4 68 28% 29 116% 2478 5612 28% 11% 8 26% 5778 11378 169% .. — 80 34 67 20 49 ...... Do 2d pref 5,520 32% 33% 115% 116% 26,380 N Y Central A Hudson.. *66 220 N Y Chic A St Louis 67*4 99 148% 1501s 86% 86% 65 58 138 *70 bANliS ANL) TRUST Banks 19% 36% 150 89 35% 66% 427g 130% 131% 97% 08 147% 148% *86% 89 98 41% {Zll9 116 98 30 70 98% 108 110 115 3178 64% 63 65 *64 *100 *84 154 148 42 90 98 36 35% 65% 67 58% 13712 137% 70 69% 32*4 83 114% 115% 140 31% 57% 18% 58 J’ly 26 _ pref 7 Feb 8 J’ly 20 65 _ Do pref ctfs stmpd ■360 Mcye Cin Chic A StL___ Do 94 C8% Feb 248 20 137%Jan 119% Jan 100% Sen 87% Sep 10 173- Mch 124% Jan 3 104% jau lu 6 3,900 Chicago A North Western Do pref 203 Chic St P Minn A Omaha 140 Do pref.. §160 200 Chic Un Tree ctfs stmpd 2**» Hocking Valley 135% 21% 21 Lowest 72% Mch 8 90-% J’ly 26 x97 J’ly 1 102% J’ly 26 pref ^blo Gt Wes: trust ctfs.! Do pref trust ctfs 2,800 29,850 Chicago M’lw & St Paul. Do pref. 600 957g 135 67 20 49 Do "2.820 3n 48% Feb 23 60% Electric Havana Do pref.......... *94 347g 65% 130% 130% 96% 97 *105 146% 147% *86% 89 *95 31% 31% 96 116 327g (Canadian Pacific yanada »— . Southern... 400 Central of New Jersey 48.250 Chesapeake & Ohio 100 Chicago & Alton RR *12% 14% *25*4 26% 29*4 31 60% 51% 38% 40% 130% 131% 68% 69 *13% 14 34% 78% 58 3234 ... ... 575 33% 76% 68% 68% 148% 14812 144% 144% 143% 144% 26 29 29% 31% 49 60 50 52% 132% 13278 132 133 119% 120*4 •98 *80 *100 112 110 115 129% 130% 96 *105 146% 147% <86% 88 97 118% 119% 7% 78 76 *515 75 ... 4,600 Colorado A Southern...” 350 Do lrt preferred Do 2d preferred "l‘850 I Delaware A Hudson 200 L'e-awarc Lack A West. 7,810 Denver A Rio Grande... Do pref 2,155 Detroit United... 100 Duluth So Shore A Atlan 500 Do pref 50.930 17,185 Do 1st pref!!!!!!!! 7,400 Do 2d pref........ 15,450 Great Northern pref Iron Ore properties... 7,550 1 Green Bay AW.debctfB 33% 76% 58 14 ... ... 2% 168% 170% 550 Highest Feb 26 25 _ 697g *75 *74 76 Lowest Do pref 43,825 ~tch Topeka A Santa'Fe 610 Do pref 4,350 Atlantic Coast Line RR!! 6,725 LM’ttmore & Ohio 250 Do pref 16,100 Brooklyn Rapid Transit! 13,040 76 110 59% 147 70*4 71 70*4 70% 32% 33% 32% 33 32% 33 113% 114% 114 114% 114% 1147* *64% 65 68 68 $63% 63% *104% 110 *104% 110 *104% 110 *88% 91 *88% 89 *88% 91 *153% 154% 154% 154% *154 155 *147 148 *147 148 ♦147% 148 *41% 42 42 42 41% 42 *98 99 $98 98 98% 98% •88 60% 76% *6712 132% 132% *145 *88 6612 24*4 210 150 165 76 *99 110 75 67 *18 *41 68% *67% 68% 146% 146% 147 145% 145 145% 25*4 26 25% 34% 34% 64 56 135 *70 33 36 2*4 *5% 13312 135 20% 21% 56% 57% 19 19% 85% 35% 75 32% *35 45 *67% 146% 145% 25% 133% 134 “ 20% 20% 56% 56*4 17% 18*4 33*4 35% *72 2*4 7 75% .... 140 36 *203 *140 *150 *90 *.... 957g *120 140 95% *-... 83% 48% 49% 124*4 125*4 150 150% 149 150% 25% 26% 28% 29% 47*2 497g 37% 39 129 130% 57% 58 *13% 147g *94* "" *94 *.... 125 *56 •12 14 25 27% 27% 28% 46% 46% 46% 471Z 36% 36% 36% 37% 127% 128% 128% 129% 57 $57 57% 67*2 14% 14% 127% 127% 56% 56% * 74% 82% '2414 166% 168 550 83 282 1 210 *60 165 2*4 *5 2 167% 166% 166% *49712 625 *505 550 *497l2 §25 82 32 32 33% 32% 33 74 *73 73% 73% $74% 74% *-..01 *57 61 *53% 60 *2414 27% 36 65% 24*4 48% 123*4 125% 149 149*4 147% 149 60% *73 167 82*4 *30 *.... 24 48 110 74% 282 Range for Previous Year (1909) On Oasts of 100-share lots EXCHANGE Ann Arbor 103% 104% 285 81% 210 160 165 *2% *5% 75% 35 70 100% 101 117% 118*4 108% 109% 91 90% 90% 77 77% 78% 195% 194% 195 72% *65 72% *88 77 195 ♦65 280 76% 195*4 72% 81% *34l2 *25 *65 Range Since. January 1. NEW YORK STOCK Rail/oads 100% 101 115% 118 108 108*4 91 76% 35 71 10l7g 10378 36 36 36 65% * 65% *.... 65% 24 *23% 23% 23*4 24 47% *46% 47% 47% 47% 122% 122% 123% 123 124 149 *147 149 *147% 149 147% 147% 147% 147% 147% 210 150 *72 *99 Friday 35 72 *88 72% *265 81% 81% Thursday 101% 101% 101% 100% *100% 100*4 115% 115 115*4 108% 107% 108% 76% 76% 76% 76% 194% 195% 195% 196% *65 Wednesday Sales of the Week PAGES 340 300 150 605 566 155 265 625 560 Manhattauf Mark’t&Pul 626' 400 315 245 Mech&Met’s 235 Mercantile . Merch Exch Merchants'. Metropolis Metro pol ’n Mt MorrlsY 150 160 42V 330 250 245 160 170 180 182 390 200 250 410 210 260 .. __ Park People’s Phenlx Plaza!). f.. .... ... 220 .. .... tiia Ask 160 100 390 165 105 400 425* State Y 12th Ward. Sherman... 135 .... 275 105 240 23d Ward.. Mi)' 275 200 West Side { VorkvtUe Y- 325 215 T352 260 190 Banks Prod Exch \ Reserve seaboard Second Un.>on Exc. 165 Wash H'ts f 275 650 6j0 625 b New stock, 3d Daid. ngats. t/ sr Oot. 15 1910.] New York Stock Record—Concluded—Page 2 STOCKS—HIGHEST AND LOWEST SALE PRICES. Saturday Oct. 8. *250 .... *81a *32*4 661s 10% 34*4 46 105 Tuesday Oct. 10. Oct. 11. ♦250 10 34 66% 46 *100 Monday 10 34 68I4 46*4 *100 3812. 397S *92i2 94i2 *77« 8% 3914 *9212 8I4 68% 48% Thursday Oct. 13. 4251 251 *250 10 *32 10 35 10 35 66*8 46% 665s 4612 .... Wednesday Oct. 12. 67% 46*4 3934 39% 94% 94% 812 8% 87s *68 69 69% 69% 70% 49 48*4 49 48% 50% *114 11412 ♦114 114l2 114% 116% 64 64 65 64% 64% 67% *10312 ♦103% *103% ... *235 270 *4% *2H2 4*4 2212 18l2 12*4 33*4 *18 •11 *31 36*4 103 *4 *235 *4U 21% 418 39 *30% ♦87 6914 70 *10H2 102% .... 10112 44 115% 116 *112 13712 9412 *2912 *9412 40*8 *26 *57 105 5 *4 87 *240 *100 *43 18 12% ♦3012 33% 387* 37% 6 87 4*4 21% ♦11 371* 10314 *102 •30*2 *235 32 88 69% 102 *240 *100 70% 102 33 *5 64 29I3 29% *20 *50 40 67 150*4 150*4 77S 8 99U 9914 122 *6% *60 *29 *20 *54 151 133 11% 30% 34% 105% 33% 61 30% 40 62 772 99 *120 51 *41*4 51 4212 85 *9912 100 93*8 90% *76 64 5l2 *5% 17l8 *16*4 12 *11% *16*4 *11% *83 77 *41% *83 100 87 65*8 *103 20 *74 *66 31 3314 *96 ♦161 *2 8 99 122 *31 87 70 70% 102% 102% 78 68 31 17% 42% 107 93 10% 78% 21 *2 *278 34 93% 177g " 69 34 97 163 3 5 34 99 12% 52% 42% *93 99 499 *31*2 *92*14 3212 94 *31% 33 *92 95 134 90 9 59 *7 *54 10212 102% 135 90% 105 *104 *15 *53 ♦100 *67 *6 1612 57 110 6912 7% *1514 25 *3512 3612 109*4 109*4 ♦70 *15% 36% 110 *70 74 69% 7% 25 36% 110 74 69*4 7018 69% 70*4 118*8 11812 118% 118% 4912 49*4 49% 4978 60 605s 60% 60*8 *12214 124 *122% 124% *48 55 *160 75 165 7U2 *124 75*4 7112 125 *48 160 56 4160% 75% 74% 70 *124 71 125 *90 165 21% 79 79 68*4 317s 32% 42 42% 109% 109% *90% 93 20 *70 *164 166 *2 3 *27s 93*4 33% 95% 54% *105% 36% 137% 5 38% 93*4 34*4 96% 55*4 114% 37% 137% *85 95 36 95 8% * 8% *54 *103 105 16 56 *99 69% *5% *15% 8% 59 104 105 16 56 *54 *102 110 *101 70 *6 70 8 25 20% 70% 35% 36% 96*4 96*4 35% 54 21 68 5 33% 95% 17% 87 60% 104% 104% 166 3 99 97 17% 19% 8% 59 104 *104*4 106% 16% 17 57*4 37*4 110 70 8 *15% 25 37*4 38% 1117s 112% Xl0978 HI 37 38 74 74 *74 75 71% 73% 73% 7578 1187s 120 119% 120% 50 49% 50*4 50% 61% 617b 61% 62 123 ,124% $124% 124% 69 59 165 74*4 *54 165 59 165% 165% 72*4 74% 71% 73 124 124% 75 72% 124% 124% 72 *124% 125 American Beet Sugar.... Do 300 j’ly 5 3 b NOV 10% Aug 67% NOV 5,6% Nov 60 Aug 103 Aug j 250 12% Feb Feb Feb 38 65 49 103 26 27 Jau 190 3 Jan 16 Jan 16 47% Jan 16 J’ly 26 99% Apr > J’fy Jan Jan 64*4 Jan 9034 Jan 65% J’ly 13 35 24 89 pref............ 33i2 Jan 95% Jan 20% Jau 95% J’ne 16 82 49% Aug Oct 15% Nov. 86 J no 76% Nov Jan 98 124% Aug ... 210j American Tobac (Hew) 79% NOV 107% NOV Carpet ....... 2,600 Distillers* Securities Corp 1.000 Federal Mining & Smelt*? Do pref 200 4,100} General Electric dGold field Con M.Por 310 10,930 22,060 tr ctfs Do pref stk stk 5501 tr ctfs... ILI A/4 adriA Int Mer Marine stk tr ctfs Do pref 1,000 3.500 International Paper..... Do pref 3,700 1,860 Internet Steam Pump... Do pref 410 6,760 Laclede Gas (St L) com.. 4.500 Alackay Companies Do pref............. 520 3.300 ...... Do pref 320 ........ 200 Nat Enamel g A Stamp’? Do pref............. 7,560 National Lead..... £nt Jdarvester Ol* ... « A A. ... mm ...... ... National Biscuit ... — Do 190 pref... ..... 17,200 dNev Cons Copper.Par 35 1.025 New York Air Brake 1.200 North American Co, new 1.700 aciflc Telep 3s Tcleg.. 1,630 3.700 People’s G L 0s C (Chic) 600 Philadelphia Co (Pitteb'b) 4,000 Pittsburgh Coal Co..... Do pref 1,300 ........... 1,400 Pressed Steel Car Do pref 730 ........... 1,900 Pullman Company...... quicksilver Mining Do pref 3.200 Pacific Mall..... ... ..... Railway Steel Spring 150 4,800 1,000 2.200 Republic Iron’&’steei!!! Do pref O loss-Sheffield Steel & It Do pref 29! 666 'fTennesseeCopper Par125 700 Texas Co (The) 500 lexas Pacific Land Trust 300 Do pref. 100 United Dry Goods Cos Do pref 100 1,615 U S Cast I Pipe 0i Foundr Do pref 263 Union Bag 09 Paper.... United States Express 500 U S Realty 0i Improvem't U S Reduction 09 Refining Do pref 3,300 United States Rubber-*. Do 1st pref.......... 1,200 700} Do 2d pref 549.475 United States Steel Do pref 75.800 ......... 36,249 dUtah Copper... i0 Vircri n« a-Caro jimllan 14,785 Virgin lisa Chern.. 310 Do pref.. ......... 220 Virginia Iron Coal A Coke Vuloan lie tinning 320 6,200 estern Union Tel eg.. 6,100 vVestlngh'seEt AMtg assen 500 Do 1st oref Par~$ Wells Fargo A Co : 104 }33% J’ly 26 21 Jn63( 49 Aug 10 125 J’ly 26 8 J’n029 28 J’ne b 25% J’ly 26 99% J ty 27 22% J Iy 26 Sep 12 j ly 26 3 322 $54 34 65 517* Aug 42% Apr J’ne 47% J’ne 69% Aug 122 Aug 11% J’ne 59 Sep 92% AUg 1051* Nov 20 116% Aug fS gr*fsg Jan Mch 7 Jan 3 Jan Jan ly 164% Jan 3 3 4 3 109% Mch 8 50 Jan 3 92% Jan 4 Jan 48*4 Jan M 9 * It I- .. J’ly 1 16 41% J’ly 26 71 Jan 3 61% Jan 3 64% Jan 7 90*4 Jan 17 116% Jan 10 86% J’ly 26 78% J'ly 26 9334 J’ly 29 79 _ J’ly 26 98 J’ly 27 Aug b 11834 J’ly 6 Oct 10 78*4 Oct 10 10Q lio 125 Sep 17 85% Mayi3 14 Jan 6 Jan 17 28% Jan PJ« 114% Feb 70 Feb Deo Octi 27% J*n i 19% Jan t W Mch Feb 24 69% J&n yen* Jan 118% «*an 110 gep til 113% Deo 95% Nov 77% Deo UKT Sep 130 Sep 30% Deo 99% Sep Jan Aug 94 113% Aug "97% Nov 87% J’ne 48% Nov Oct Aug AU| 64 , 120 120 1103 9 De< 29% Nov 87% Deo Aug 111% Aug 200 Aug 9% J’ly 10 Maj 64% Aug 56 Aug 109 49% Sep 110% J’iy 94% Oct 120 Sep $49 Jan ‘*93% J?y 131 Oot 15% J lW 81% J’n< 125% Deo 114 Deo 35% J'lM 87% Aufl $111 Dec 87 Sep 171* J n< 39% Aut 57% Aus 123% Aui 89% Aug 04% Oot $67% NOV 50% Deo v 130 Nov 128 9 . May 3 Deo Deo 93% J ne Deo 41% Jan 95% May 94 Aug 172% Aug Feb Jan J’ne 2 geP Sep 63 47% Mch 33% 82% |04 Deo 165% Jan 261* J ne 62 van 109% Jan 0% J ne eo Jau 5% 18% May eo 32% Feb 55 Mch so Feb 150% Sep Aug tip 73% Feb 45 Sep Apr Oct Apr Feb 21% Feb 3 12% Feb 96% Jan 18 82 Jan 48% J’ly 26 89% Jan 4 71% Feb 101*4 j ly 26 110% Jan 17 102*4 Apr $17% J’ly 6 $21% Mayie 59 J’ne 6 95% Jan 3 t'"8o"“FeV 63 J’ly 6 84 Jan 3 72 Jan 22% J’ly 26 43% Jan 4 29% Feb 30 J'ly 25 46% Jan 4 45% NOV 103 J’ly 26 116% Jan 3 101% Jan OH* «u 84 J’ly 6 106% Jan 8 1 99% Dec in Anr 13 J’ly 26 27*4 Jan 6n 10 'Apr 85 60% J'ly 26 Jan 3 40 Feb 25 Jly 26 51% Jan 3 30% Feb 90 J’ly 27 107% Jan 6 Feb 96 155 J’ne29 200 Jan 11 169 Jan 2 Sep 26 i5« Jan 37g Apr 6 27g Aug 2 3 Mch 57s May'Ll 28 J’ly 26 51% Jan 3 321* Mch 290%. Sep 7 107 Jan 17 977* Feb J’ne 4 27 4578 Jan 3 16% Feb 82*4 Jly 26 104% Jan 3 67% Feb 48% J’ly 30 86% Jan 3 68 Feb 114 j’ly 6 118*4 Feb 1 107% Feb 519*4 Jly 26 $40% Jan 3 $33% Oct 134 Oct 7 138*4 Oct 4 83 Feb 8 95 Mayl3 80% FeT> o J’ly 5 13% Jan 10 9% Feb 65 73 Jan 37 Jly 16 66 Jan 96 Aug 2 122 Jan a 115 Oct 99% Aug 11378 jan 4 ItrlOO Sep 14% J'ly 31I 32 jan 24% Feb 49 J’n©28( 84 Jan 10 70 Mch 96% J ly 26 145 Jan 10 82 Feb 64*4 J’ly 26 84% Jan 4 64 Feb 4 J’ne 27 11 Jan 14 10 Mch 13 J’ly 8 ! 29% Jan 3 24 Feb 27 J’ly 26 62% Jan 3 27 Feb 99 J’ly 26 116% Jan 10 98 Jan 84 Jan 3 59% j'ly 27 67i* Feb 91 61% J’ly 26 Jan 3 41% Feb 110% J’ly 26 ; 125% Jan 3 107 Feb J$39% J’ne30 $00% Jan 6 $39i* Feb ai Peh 47 Feb 62% May27 407* Feb 117 J’ly 28 129% Jan 4 114 Jan 60 73 Sep 24 Jan k 67 Feb 16 Feb 6 $25 Jan 16 Feb 152 Feb b al95 Jan 4 300 Jan 56 J’ly 26 64 Feb 78% Mch 49% J’ly 26 82% Jan Feb 74 110 Nov “ 33 160% Jan 11% J*ttS 30 23% Jan 6 70% J IY 26 86*8 Jan 3 55 Apr 20 62% Feb 26 25% J’ly 26 36*4 10 197* Oct 11 60 Mch ««48 Oct 3 88 Jan 134 Jly 26 160% Jan 6 37% Oct 14 $9% Sep 26 *83% Feb 8 125/3 Jan 10 xll7 Augll 129 Jan 4 fflfO 4% Jly 26 7% Jan 6 12% J’ly 26 24% Jan 6 - Dee 18% Jan Nov May 66% 136% 131 1451* 4(8* 107% $64% 30% 69«* 164% J9%* Feb Jan 47 1I8 285 105 104 93*4 $37% Feb 18% Mch 3 Deo Sep 30O 10 la! 143% Feb 24 99% Mch 14 39% Mch 18 WiVS ,p! ... 74% 71 io'eoo 105 Crex 20 *.... 122 *82 60 74.100 Amalgamated Copper... 4,172 Amer Agricultural Chern. Do pref............. 1.300 American Woolen...... 96 Do pref,.. 200 42% 7.100 a Anaconda Copper Par$ 2b 29% 5,800 liethlehem Steel Do pref. 5934 1.100 D 720 Brooklyn Union Gas. 138*4 12 700 Brunswick Term & Ry Set 100 Butterick Co........ 30% 37 14,120 / central Leather .1 1,040 y 10534 ::: do pref... 35% 6.700 Colorado Fuel & lxon... 200 Col * Hock Goal & Iron. 5% 13634 30,030 Consolidated Gas (N Y) 9.930 Corn Products Refining.. 17% Do pref....... 79 800} *75% 78% 112*4 113% 36 114% 36% 37% 136% 136% 74 74% 96*4 54 *105 70% 71% 1181* 118% 49% 60 60% 61% *158 96*4 95 *15% 25 36% 36% *109% 112 123 56 69% *93 33 69% 71* 123 56 19 69 35 *2% 34% 161* *72 97 43 165 *2 57 110 69% 70 122 18 87 15 America^ Sugar Refining 60% 153*4 155% 8 7*4 106 110*4 122% 122% *5% 5% 17% 17% 12% 13% 53% 54% 43*4 44% 85% 85% 102 102% 108% 109 *92% 93% 137 95 9 59 104 105 *6 44 122 *16 *82 94 136 90% *85 *8 8*4 59% *54 102% *103 105% *104 16% *15 57 *62 110 *100 43 97 5 32% 136 5% 17% 12% 52% ^J270 Highest n^HJde * Leather 32% *16% 122 *5% 17% 12% 52*4 /Miscellaneous Lowest 5.450 American Can.... 6% J'noji 13% Jan 3 7% Feb Do pref 3.070 62 j'ly 26 81% Jan 6 71% Feb 8,650 American Car ds Foundry 39% J’ly 26 72% Jan 3 44% Feb Do pref....*.. 1,100 J'neao 120 Mch C 109 107% Feb 4,280 American Cotton Oil 62% 26 Mch 6 j’ly 09*4 42t8 Jan Do pref 100 101 Fed l* 107 Oct 13 .......... Jan 98 27*0 ” American Express...... $235 Aug 3 olj Jan 4 $205 Feb America 4*4 3% Sep 13 8% Jan 5 6% Feb 23% 1.600 19 Sep 8 34 Feb 4/% Jan 8 19 450 American Ice Securities!I 16% J'ly 26 29% Mch t 18% Jan 13 American Linseed ...... 10% J'ly 27 12 Feb 17*4 Jan 3 Do pref 3434 “V.OSO ! 25% J’nO30 29 Jan 4678 Jan 8 40 3.000 American Locomotive!’~ 29 J’ly 26 49 Feb 62% Jan 3 105 Do pref 300 102% Aug 6 115 Jan 7 109% F eb 300 American Malt Corp.... 4% 4 Oct 1 8 Feb -8 5% J’ly Do pref 850| 33% 28% Jne30 48 Mch 21 38 Nov 700 Amer Smelters Sec pref B 87% 82 J’ly 23 so Jan 00% Jan Ck 74% 51.800 Amer Smelting & Refining 61% J’ly 20 104 Jan 3 If 77*4 Feb 104 Do pref 900 98% J’ly 26 112*4 Jan 3 101 Jan 300 277 Apr 4 28$ Apr 27 225 Ml Do pref 101% 95% Jan 13 95 MCL 20 101% Sep 450 Amer Steel Found (new). 45% 38 J’ly 26 66 jan lu $47* Feb U8is 1.900 111% Oct 3 1287, Feb 18 115% Nov 116 800 ila oot 3 ► 124 Feb 28 139% 7.300 American feieplT d» Teieg *55 60% 105% 20% 21% 78 79% 68% 69% 31*4 32% 53 52% 521* 54 •IO5I4 114U *105% 114% *105% 114% 3514 3512 35% 36 35*4 36% 134 *85 *8 *54 *100 *103 *15 *53 ♦WO *67 *6 21 57% 99 94 20 ♦103 97 166 3 *31% 6934 47% 64 32 78% 110*4 H3% 107% 108% 93% 93% 17% 18% 68*4 69 *34 34% 53 f62 32% 43 34% 17 79 64 96 *76 78 68 34 *93 *29% 85% 85% 102% 102*4 105% 20% 20*4 *278 12 30% 122 122 17 87 57 96 163 *2 138*4 59% 59% 152% 153*4 7% 8 103 105% 5% 17% 42 59% 17% 79 *60 42 29 134% 136% 135% 30% 43 1071 *68 34 *95 *161 98 163 3 6 134% 16% 771* 31% 41% 30% Highest .... 3134 36% 36% 36% 105% 105% *105 34% 35% 35% *5 6 5% 34% 31% 31 96 137 12 12 31% 115% 138% 59*4 Lowest ..... 118 29 ♦29% 105 *76 68 35 Range for Previous Year <1009 On basis of lOO-sftare lots _ *44% 95% 41% 136 85 *121 17 *82 56 *103 “ Range Since January X york"stock EXCHANGE AmericSnsn'ufl::::::::: *100 31 58*4 85 122 * 58% 135% 12 104 *240 101% 441* 117% 115% 139% 9334 41 28 121 61% 42% 73% 103 95% 60% 60% 151% 152% 7% 8 99% 103% 5178 42% 434 3234 87% 73% 32% 88 300 97 41 28 36% 39% 105 5 31 64 *5% 17% 78 68U 17% 33U *00 30 5% 17% 12 87 *74 *66 31 92 18 69 138% 94% 30% 19 *11 34 34 39 106 117% 115% 138% 93*4 12 30 347, 104% 33% *5% 1337s 1578 761* 19 103 *240 *100 44 118 116 *4% 22% 12% 32% *87i4 71% 87% 135 12 30 10% 105 *235’ 22% ‘ 10 A dams Express 1249 J'n023 91..inmost 400 <1 Uls-Cbaimers ........ 7% J’ly 27 Do prei 600 17 Aug 5 .. 47 *80 5 33% 33 121 55*8 55% 56 IO5I4 *103% 10334 2014 20% 20% •278 5*8 *33*4 34 *51 39 *103 *4 197s 151% 85 *82 43*4 43*4 10712 107l2 92 *17 *68 33*4 37% 37% *102% 104 *4% 5 100*4 100*4 102% 96% 98 96*4 9678 77 7834 78% 78% *109% 111 *109% 110*4 *109U 111 |122 122 *121 *16U 1712 *16% *82 *11 116 7 6*2 512 133*8 133*4 133% 133% *16l2 1578 *15% 15% *7512 77 *75% 76*4 ■ 18% 12% 101% *100 101% 443% 43% 43% 43% 33 *60 *4% 22% 18% *240 ... *13312 135 4133 1H2 1112 11% *29l2 3OI4 *30 3412 34*8 34% •104l2 105 4105% *120 *18 *11 *31 116*4 *116 118 115% 115% 116 1377* 137% 137% 137% 9412 *93 94% 494% 30 80*4 *29% 30% 96 *94% 96% *94% 4012 40% 40% 40% 28 2812 *26 *27% 5912 58% 58% 58% 33 4*4 22% 107 270 new nuustn.JkC 34% 68% 105 107 *235 270 *4% 21*4 Shares. 39% 39% 3834 39% 94 94% 94% 94 8% 9 9 9% 70% 71 70% 71 50% 52 52 53% 115% 116 *115 116% 66% 67% 67 67% .... 270 35% 68% 47% *85 Oct. 14. *251 *10 10 67% 46% *100 39 *92 Friday Sales of the Week 1009 128 Deo 75% Sep 37% Not 070 Deo 85% Nov 90 145 Mch Aug Sep BANKS AND TRUST CO'-tPANUfiS—^ANKERS' QUOTATIONS. Banks Brooklyn BUI Broadway \ Brooklyn %. Joney Isl’df 375 First .... 290 Hlllsldef Homestead! ... Manufac’rs 415' Mechanics'!: 225 Montauk Nassau .... ---t- 245 Ask Banks BUt Ask 290 150 158 150 305 180 Brooklyn 110“ 155 310 125 115 246 150 270 Nat City,.. North Side !i People’s Prosp’ctPlrii Terminal fl ... N 169 90 .... City ..... Bankers' Tr B'way Tr.. 389 860 020■> 145 S3 ! Bid Ask YCUy Carnegie 100 Tr. 1000 110 275 285 Central Columbia .. Commercial Com wealth Empire I rust Co's N Y A tor trust Co's ... 130 300 310 Fidelity Fulton ... 205 .— 290 1675 210 ...4 Bid Ask 800 8i0 Guardian Tr Hudson 120 150 Equip ble Tr 455 Farm Lo0sl 1650 trust Co's Guarty Tr. 180 180 295 170 285 250 ... Knickerb'ki Law T 10»Tr Lincoln Tr Madison Mannattan Mercantile Metro pol’Pn Mutual.... Mut Al'noe 260 140 frfi . ^ 375 40U 700 740 620 51«) 130 - /; *. tr 130 ■ Ask 1120 660 ! 106 Windsor .. 18 I rust Co's Bid Brooklyn Brooklyn Tr 410 Citizens' 500 335 200 wo .. Nassau . ! WO 1130 People's queens m .. Co. 116 wttdamsb’c -V v ne* 425 140 f 320 \ 226 280 no i auTi 106 .. L 1st L A Tr ♦Bid and asked prices: no sales on ttns T—-*■ day. 4 Less than 100 shares. tBx-rights. b New stock c Ex-dlv and tSale at Stock E .xohange or at auotlon this week, rights, d Now quoted s Ex- stock dividend, f Banks marked with a paragraph fl]) are State baaim! [ 200” ranklln Hamilton Home .... | 1350 ^470 Kings Co 1200 Ask ... 410 Tr Go of Am 315 Union Trust 130J US Mtg0s Tr 460 Unit States. 1175 Washington 375 Westchester 120 * 1 rust Co's Bid N Y Life&Tr 1100 N Y Trust. 625 90 Standardly 400 TitieGu 0» Ti 490 ’ , New York Stock Exchange—Bond Record, Friday, Weekly and Yearly ftin. 11909, the Exchange method of quoting bonds was changed. and prices UlL BONDS N. Y. STOCK EXCHANGE Week Endwo 0(7* 14 l. .*% <«overii(iieiu | Rid U S 2s cousoiregistered.dl930 Q-J 100*4 U S 2s oouaoI coupon....<11930 u-J 100*4 O 8 3s registered £1918 Q-F lol% U S 3s Coupon £1918 Q-F1 101% U 8 3s oou small bonds..*1918 U S 4s registered .....1925 Q*f1 114% US 48 coupon 1926 Q-F 115 U S Pan Can 10-30 yr 2s.£1936 Q-N 100*4 „ Foreign Government ■> Argentine—Internal5sof 1909M-s]t 96*4 Imperial J a panese Governm'tl 944 Sterling loan 4 4s 1925 F-A 2d series 44s .1925 J-J 93*4 89 J-J i Sterling loan 4s .1931 Repub oi Cuba 5s ex ten debt.. M-S i 103 San Pauio(Brazil) trust 5s 1919 j.j *97 U S oi Mexico s t g 6s of 1899 * 97 Gold 48 01 1904 1954 94% n State and City Securities N Y City—4%s ‘.I960 4% Corporate Stock 4% Corporate stock 4 .... New 4 ^s New 4 His *21 hese i960 M-N 1958 M-N 1967 M-N 1017M-N 44% Corporate Stook ..1957 M-N 4 4% assessmt bonds.... 1917 M-N 4% Corporate Stock....1957 M-N N YState—Canal Impt4s.l960 J-J So Carolina 4 4a 20-4o.....1933 w-j Tenn new settlement 3s..1913 J-J Virginia fund debt 2-3s...l99l J*J 9s deferred Brown Bros otts. Week's Price Friday Oct 14 Aste\.Lvie I0l%jloo% High. Ro Low 102 Sep 1014 J’iy ’ 116 >4 114 4 Aug' 115 4 116 4 Sep ’ 101 % 1004 Aug’ Sale Sale 89*4 94 934 94 4 894 974 074 97 4 Oct ’lo 97 4 pr ices o n 974 99% 944 974 the b asu 0/ $5 to 1014 994 99 4 99 4 1084 1084 102 4 Sep ’10 lu3 1084 salt 102 4 103 108 4 103 1024 103% 1064 HO 1024 103% 21* 96 4 100 4 6 1014 106 1034 1034 94% 96 3 1004 Sep’10 994 dale 99% 994 104% 104% '104% ... ...... 104 U/3 96 95% 964 ...... 40 88 4J’ly'ld Out '10 90% Jan *10 43 47 J5. 155 100 101% 78 96 100% 19 964 100 4 L2 105 4109% 03% 4 95% 964 1014 ib*8 4 i.0841 964 1)95 94% Sep ’10 94®b 97 884 92 4 1014 104 103 103 ... are 95% 94*4 944 934 89 4 .... . 9? 97% 964 High 1014 ....Hi004 iot % 1 101% 102% ....11014 103 ....‘102 41024 114% 1164 114 4 115% 100% 100% 102 IO2V10 102 4 1 5 1004 loo4 101 **100% J’ne’10 1014 Sale 994 sale 102 Since January Last bale 90% 90% 40 43 56 Railroad A labama Cent bee So By OLlabaMidl bee At Coast Line Albany & Sosa bee Dei«fc Hud Aiiegneny Valley bee Penn BB Alleg & West bee Bnn BAP Ann Arbor 1st g 4s *1995 Q-J Atob T & S H e—Gen g 48.1995 A-G Series K 1913 F-a Bast Ukia Div 1st g 4s..1928 M- 8 Short JLlne 1st 4s g 1958 J-J » Fe Pres A Pii 1st g 6s. 1942 M-S AtiKnoxAN bee L> A N | Atlanuo Coast 1st g 4s.*1952 M- a Ala Mid 1st gu gold 6s ..1928 M-N Brans A W 1st gu g 4s.. 1938 J - J Charles A Say 1st g 7s..1936 J - J LAN coll g 4S 01962 M-N Say PAW 1st gold 6S..1934 A-u 1st gold 6s 1934 A-O SilSp oca AG gag 4s ..1918 J-J Atlantic A Danv bee south ttyl Austin A N W bee Sou Pacinol L>ait A Ohio prior Ig 3 48.1925* J-J D *1948 A-O *1948 Pitts J two 1st gold 68... 1922 P J on A M Hiv 1st g 3 481925 PLEA W VaSysrel 4sl941 Southw my 1st g 34s... 1925 Begistered ...*1925 Oen Ohio B 1st cg44s..lU30 Cl Lor A W con 1st g 6s 1933 Mouou Riv 1st gu g 6s..1919 Ohio Birer BB 1st g 58.1936 General gold 6s ..1937 Pitts Olev A '1*011st g 6s 1922 Pitts A West 1st g 4s... 1917 Stat isl By 1st gu g 4 4s 1943 Registered ' . . 78 784 994 Q-J J M-N tt-IN J Q M A-O F-A J -u A-O Beech creek bee N 1’ C A H Believ A Car bee Illinois Cent Bkiyu A Montank bee Long i Brans A West bee At! Coast L Boflalo N k A Erie bee Erie Buttalo RAP gen g 6s...1937 M-S Consol 4 4s 195 7 M-N Ail A West istg 48 gu..l993 A-O 01A Mail 1st gu g 5s....1943 J - J Booh A Pitts 1st g 6s...1921 F-A Consol 1st g 6s .1922 J Bufi A Suaq 1st ret g 4s.rtl951 J Bur OBAN bee OB1AP I 1913* J-J Cmn /SO so 6s 1st ext 6a 1913 M-S Registered.............1913 M-S Garb A Shawn bee ill cent Carolina cent bee Scab Air L Carthage A Ad bee N Y C A H Oed R fa 6 A N AmBUKAN Oen Branon Ry bee Mo Pao Cent oi Ga RB 1st g 6s..pl945 F-A Consol gold 6s...........1946 M-N Begistered. .....1945 M-N 1st prei income g 5s....pl945 Oct Stamped 92 92 4 1 119 100 J’ne’10 •••• 92% 10 Jan’10 92 92 4 14 9 105 106% 105 107 314 102% 102% «| 1094 98% Jan’iO 984 Feb'10 96 94 SO 924 93 90 4 98 1014 102 4 96 80 107 107 1044 »«*v 92 96% 92% 92% 30 914 OCt ’09 99 994 96% J’ly ’lo 120 Oct '01 884 87% OCt '10 92 4 92 924 91 91 91 894 Apr’10 103 Mar’10 110 110 no 105% Feb’07 112 Heo’09 110% 112 Noy’UB :li94 MaiJ04 984 Sep '09 100 Noy’04 994 ... **6 7 .... | 95% 108 96 103 116 1144118 06 00 <* *8*7% *8*94 93 80 89 92% 89 4 904 103 103 110 113% 113% 116 4 J’ly’io Aug’10 J’ly’08 J’ne’10 105 96 109 4 99 4 72 103% 1044 103% Oct’10 I0o% 1014 1014 net'10 100% May’07 102 4105% 100% 101% 1st refund conv 1945 A-O g 4s. ...2«0‘4 J-J BkCity 1st con 6s. 1916.194? Bk ci Co A S con gu g J.J 68.1941 M-N Bkiyu UnKl 1stg 4-5S.1950 F-A Stamped guar 4-5S....195U F-A Kings Co El 1st g 4s....1949 F-A Stamped guar 4s ......1949 F-A Nassau Elec gu g 4s....1061 Conn Ry A L 1st A ref g 44s ’61 J-J Stamped guar 44s 1961 J-J Let United 1st oon g 44s. 1032 j.j Havana Elec consol g 6s. 1952 FA Inter-Met 0011 4 4s 1966 A-O Inter Rap T 3 yr conv 6s.l911 M-N 43-year 5s Series A 1962 M-N Internat Trao coU tr 4S..1940 J-J Manila Kleo 1st A coll 6s. 1953 M-S • No prioe Friday; latest this week. Registered 196o Ohio Burl« 14— Leuv D 4s 1922 Illinois LlV 3 48 1949 Registered. ...1949 ills LlV 48 .....1949 Iowa Liv suut fund 5s..1919 87 88 83 84 84 Sale 85 87 87 84 85% 87 Oct’10 2 I . 4 4 84 4 86% 76 76 76 80 87 4 87 4 86% 86 2002 Istg oa.1934 102 84 104 Sale 105 83% Sep *10 84 1014 1014 1014 99 4 Mar’09 10*2% 102% Sale L02 % 102 4 Oct’10 100% 103 81 83 84% Apr’10 82 82 4 82 82 78 Sale 774 78 102 *0*6 3 21 • ••• .... 6 6 101% 106 79% 87 101% 104 09 103 99 % 103 85 84 80 85% 82 76 102% Mar’D IU2%102% 1004...... 101% Aug’l! 1004 102 80 814 80 J’ly’tO 80 82% 94 04 93 96% Apr’IG 81 814 Salt 27;77 83% 814 102% Sale 102 1024 i35 10u% 104 101% 101 % 1014 101% 83 100 103% 65 % 169 ' 67% Mar’lo 67 4 67% 98 May’00 .... .... .... . ••••*• . ••••*- DFlat. aDue Jan M#ee* d Due Apr e Due May on Sep’10 123% Oct ’10 122 4 *>ep’*0 109 Sep ’10 ... „ .... .... 100 4 Sep ’10 100 May’10 ... .... 87 4 Sep’10 Sep’10 00 <04 9o 96% 08% 07 89 93 01 113% 90% 72% 77 714 Sale • 95 72 120% 126 107 109 1064 i‘o’i% 100 100% 85 88 1004101% 1104114% 37 112 4112% 90 1034 t,T 6*7*2 105 4 101% 101% -T V % fP 89 95% 87 89 83 85% 104% 104 eu’od Oct’10 Oct ’09 94 4 00 4 00 <ti 874 9 70 95 77 6 • it** v *•* t 7 094Sep iu 88% 88% 88 Sep'lo 1004100% luo% tUU% 108 4 Oct ’u» 104% 90% 09% 99 •*» Oct ’lb 09% Sale 09% 09% 101% MaPoo 07 97% May* 10 A-O iio l 07 75 ■ 103 125 4 102 Sep '10 Sep’lu 724 T. 102 120 Jan ’09 714 T ••« n2 t T-T i10 .... 09% 88% 90% 884 87 % J-J J-J 93 63% 75 i 93% 864 874 iob 7 08 4 100% ... 804 88 084 100 100% 08 34 07 4 .... 99 101% 1014 101% 1 100 4 1024 101% 97% sale 974 97% 119 97 100 100% 100% 102 100% J’ly'10 82% 83% 83 ©3 7 81 86% 124 4 1274 12 L 121 127 J’ly'10 Sale 112 112 112 i 108% 113 114 Mh>’O0 ib0*a 110% Oct *10 110% 112 .... 86% Sale 80% 86% 124% I264 124% Sep'ly x>uc’u0 114 100 J’neio 91 02 4 94 Apr’io 101% luo % 103 J’ne’10 90 4 10O 99% 99% 103 ** Oct 08 88 88% 83 Oct ’lo 02 4 04 93 93% 106% 107% Mar' lu 84 124 874 4129 4 100 100% 43 .... 107 • ••••• • ••» - ...... •••••• 034 94 103 103 4 L8 08 1004 ...... ...... 0 - 108 4 108 % Oct’10 106*i 107% 1074 uct '10 102 4 103% J’ly’io 110 116% May’10 1044 104 4 Aug’io 100 May’10 100 Nov'09 • ••••• t** ' T T*» t ttt ...... ...... 106% ...... 103% 1104113 94 884 in 110% 105% iOb 105 -u 1U6 107 114% 103% in% 117% . ...... sale —* 95 76 % Sale ...... ' 1054 103 100% 100% 103% 1064 110% 113 064101 05% 95% 87 00 3 ... iio%lll% vt V tfft .... J ly’oe li4% J’ly’io 112% Mar’io 142 4 Ft b’02 123% Ayr’09 1034 wuy’uo 110 uct’lo 109 Aug’10 07% 974 21 93% Feb’io 80% 004 124 105 106 105 100 4 106 107 1064 1064 1114 100 100 «7% J’ly’io 04 4 0dn'lO 04 « « 114% 117% 112% 112% » 74% 754 76% May’lu Ill's lo3 106 i04 1084 101 122% 126 86 98% 86 02 07% 07% 944 May’10 1034 Feb’lu 04% 044 ...... ^..... .... 66% 83% 76% 80% 1 1114114% 254 .... lb .... 106 106 1*04 104 110 108 103% 104 123 125% Oct *10 93 08% 044 .... 1114 Uo4Mar’03 Apr’10 110 109 4 112 109 100 944 99 Dec *09 94% May’10 93 4 Aug’U0 1114116 100 102 loo 80 93% 107% 103 107 110% 106% 108% 1024103% Li6% 110% 104 4 106 100 10U% .... 9 i % said 80% 6 - 100% 108% ill J-J J.J A-O M-N M-N M-N M-N M-N M-N M N A-O A-O A-O J-I> J -J M-N vv- nr % n 100 J.J + + 9 V V* 93% Apr ’09 110% Sep'to 111% AOV’09 iot J’iy '10 106 ........ 86% 014 •••••• t , 103% Aug* lo Max' lo 107 May'10 1064 teo’io 111% 109 Sep’10 iiU * loo% Aag‘10 100% May’10 111 1*2 lOo J’ne 10 95 %0 iy’10 00% 89 4 »9S 99 M-S F-A M-S J-J M-N 127% Dec’03 Next Page. >1 Paul City Cab con g 6s. 1937 J-J Tri-City By A Lt lsts t 68.1923 A-O u nderground of Lon 5s...l92i> M-N 4 4s 1933 Income 6s 1048 U mon El (Chic) 1st g 5s.. 1045 United Rys St L 1st g 4s. 1034 United BBs San Frsf 4s. 1927 Due J’ne Nov'05 Jan ’1 106 101 F-A J-J Street Railway Met St By gen ooi tr g ot.1997 F-A Bef g 4s 2002 A-O BwayA7tkAvlstcg5s 1043 J-D Col A 9th AV 1st gu g 58.1093 M-S Lex Av A P P 1st gu g os 1903 M-S Third Ave BB oon gu 4s 2000 J-J CentTr Cocertfs stmpd... Third Ave By 1st g 5s.. 1937 J-J N Orl By A Lt gen 44s ..1936 J.J St Jos ByLtH A P Istg os *3? M-N a 115 110 102 Oct ’10 J.J CRIP A N W 1st gu 5s.1921 M A St L 1st gu g 7s..1927 Ohoo Ok A G geu g 6s .olbit Consoi gold 5s 1951 Keok A iJcS M 1st 6s....192;: A-O Jhio st x- A N O bee ill cent Jlno St L A Pitts bee Penn C( J-D J-B ------ .... 1134 1124 Jan 'It 102% sale 102 4 192% 102 loi% J’ne’ lb 93% Malt 03% »-3% 894 89 Apr’10 83 85% J’ne'lO 105 104 4 Sep 10 .....1917 J-J g 4s 1934 Coll trust Senes J 4s. ...1912 M *8 1915 N 48 1916 O 4s 1917 High Ro, Low High. 100% 100 8i Since January l 9n% Sep ’09 111% 112 4 112 1921 A-O Refunding BONDS—Continued 89 * Registered .j»19s7 Q-F Sinking iunu 6S...1879-1929 A-O 1879-1929 A-O Registered Sinking fund 6s...1879-1929 A-O Registered 1879-1929 A-O Registered 87 80 Q-F A-O «jl9»9 Q-J Begistered . *95** “““ General g 3 4s senes R.slbdO J-J 1334 J-J 25-yr deuen 40 cine A l sn Biy g 6s....1921 J-J C/UO (to Mo RlV LlV 6a... 1926 J.J Clue A P W iStg 6S 1921 J-J Bak A Gt SO g 6s 1916 J-J Far A son assn g 6s 1924 J-J Lacrosse A 1> 1st os....1919 J-J Mineral Point Biv os.... 1910 J-J So Minn Biv 1st 6s 1910 J-J Wia A Minn Biv g 5S....1921 J-J MU A NO 1st M L 6s....1910 J-B 1st consol 6s .....1913 J-B Ohio A Northw cons 7s 1916 Q-F Extension 4s 1886-1926 F-A Registered 1886-1926 F-A General gold 3 4s 1987 M-N BurU R A N— .... Q-M Range Last sale 98% 100 4 M-S 1921 A-O 1933 M-N 1933 M-N fa , or 104% Jne08 100% 102% 1034 123 4124 122% 125% 106 108% - MU L S A West 1st g 6s 1921 Ext A imp sfund g 6s 1929 Ashland Biv 1st g 6s.. 1926 Mich Biv 1st g 6s 1924 incomes 1911 Ohio Rock isl A Pac 6S...1917 91 80 103 4 103% Nebraska Extension 4*.i92 j M-N Registered .....1927 M-N Southwestern i>iv 48....1921 M-S Joint bonus bee Great North Beoenture 5s 1913 M-N General 4s 19o8 M-S Han (to st J os cousoi 6S..1911 M-S Clue A e ill ret m imp g 4s 1955 J.J 1st cousoi g 6s 1934 A-O General consol 1st 6s.... 193? M-N Registered. 1937 M-N Chic A inu c Ry 1st os.i93b J-J Chicago A Erie bee Erie Ohio Gt Western 1st 4s...1959 M-S blue iU<K A»UiOV lot 00...194 ( J 4 Refunding gold6s.......1947 J.J LouibV N A A Ch 1st 6s.l9lo J.J Chio Ind A Sou 50-yr 4s..1966 J-J Chic Mil A St x* term g os X914 J.J General g 4s series A..«1989 J-J os Week's Range ' ask Low Bia j-i> j-j j-j j-j M-N J-J 1919 A-O ChlO B 1 A Pao BB 4s..2002 U24 Pne’10 U24U34 109% 106% 110 107% 107%I 2 103% 109 113 108 Apr’06 91 01 1 10 82 924 01 0]% i 91 84 03 90% Oct’10. 90% | Rateway 1st lien 3 4s...i960 J-J 117 72 I& J-J M-N Registered 1939 M-N General gold 4 4s 1992 M-S Registered 1992 M-S Convertible 4 4s (whis), i960 F-A Rig dainty 1st 4s i.944 J-D coal Riv Ry 1st *,u 48 ..1940 J-B Craig Valley istg 5s....1940 J-J Potts Creek Br 1st 4s.. 1946 J.J R A A LlV 1st con g 48..1989 J.J 2U consol g 4S ....1989 J-J Warm Apr Vai 1st g 6s.. 1941 M-S Greenbrier Ry lstgu g 48 ’40 M-N Chic (to Ait RR rei g 3s...1949 A-O 1164116% MISCELLANEOUS - Con ext guar 44s....gl9l0 N Y A Long Rr gen g 4s 1941 Cent Pacino bee So Paciiic Co CentVermont 1st gu g 4s.el920 Chas A aav bee Ati Coast xune Cues <to duo golu 6s al9il Gen funding A impt 6s. 1929 1st cousoi g os .1939 Registered 115 72 Mar’10 j 93 Price Frinav Oct 14 /U987 Q-J Registered Sinking xund deb os Registered 1154116% li64 Sep’lo 73 90 074 Street iinihvay Brooklyn Rap Tr g 5s Registered hsf Am Hock <te imp gu 58..1921 J-J Le A nud r gen gug 5s 1920 J-J Leii & Wilks B Coal 6s.. 1912 M-N Debenture H6%1ll64J,ly’lO ,105 06 *5*6 *974 1*00*4 sale ioy *89*’ **95*4 1*1*2** il*2** ■ 2u prei income g 6a....pl045 Oct 2d pi et income g 6s stamped .... 3a prei uioome g 6s....pl945 Oct 3d prei income g 6s stamped.1.... Cent oi Ga rr—( cont Cliatt iuv pur mou g 48.1951 Mac A N or L>iv 1st g os. 1946 Mid Ga A aci Hit 5s.... 1947 Mobile Liv 1st g os 1946 Geu R it A is oi Ga ooi g 5s 1937 Cent oi N J geu’i gold os.1987 Registered ... 87% 91% 122% 974 94% 10741094 ..... 1U% 94% 117 984 97 934 safe*’ *92% **" 93*4 83 J’ne’09 1224 127 1104...... 112 Mar’10 95 4.... 96 J’iy’lOj 99 100 96 92 109 128 ...... 98 88 92 89 106 100 98 92 964 Oct’10 Sep ’09 964 J’ue’09 964 1064 834 974101 98% 98% 97 Apr’10 93 4 Oct ’10 94% 74 79 lo4% 122% 108 4 11841094 1074 J’ly'lo A-Oj 109% J -J J *B 98 92 93% 784 78 994 Sale 974 914 924 nl925 Q-J Begistered Gold 48 N. Y. STOCK EXCHANGE Week ending Oct 14 8inking loud4s Registered. 1995 A-O Adjustment g 4S.......*1995 Not Registered...........&1005 Nov Stamped..............*1995 M-N 9*14**92% Cony 4s issue of 1909... 1965 J-JL) * 1054 Conv g 4s 1955 J-D 1064 sals Cony 4s (lull pd recta).. 1960 J-XI 1024103 10-year couv g 5s ly 17 J-D loo 4 sale Debentures 4s Series J. 1912 F-Ar l 1 BONDS Range Range or all—“and interest"— except for income and defaulted bonds. are now ADue J’ly J.J 80 484 ...... i btf 96 88 37% AO J-J A-O teDue Aug 74% Sep’10 48% Sep ’10 100% 1024 luU 06 97% 100 06 00 97 403 57% Sale 57 % 68 107 107% 86 4 84% H8 i 97 101 Sal** 38 80 96 Nov’Ob ... 28 7 Oct ’08 80 Aug’10 o7% [***8 oDae Got p 102 964 99 *1*2 67% 694 55 1549 68% 2 1054108% 84% 87 Oct’10 84 67 82% 54 934102 Sep ’lo J’iy *10 Apr 10 63 63% 107 4 107% Dec’00 96% Oct’10 98 Apr’00 88 87% 37% 37% 67 % Sale 74% 46 Due Nov 00 83 80 314 40,. *• s 96 *•••* 794 83 65 74 Option Sale OOT. 15 New York Bond 1910.1 ■ 4’ U2 ts BONDS N. Y. STOCK EXCHANGE Wkkk Kndino OCT 14 Hui >—( Cli St P A Minn 1st g Os 1918 M.-N Nor Wisconsin 1st 6s...1930 J-J St P A 8 City 1st g Os...1919 A-0 Clue* WestIn<1 treng6a</lQ*M Consol 50-year 4s 1952 J. J Chic A W Alien see Pore Marq Choc O A Gulf See CRIAP ' Cin HAD 2d gold 44S...1937 J -J Cin 0*1 1st gu g 5s...1941 C Find A FtW)stgn4s«.'23 M-N Cin 1 A W 1st jra v 4s.1953 J-J Ind Dec A Wist «r5s,..l»35 J-J 1st guar gold 5a 1935 J-J O 1 St L A C see COCA St Li OinSAC See C C C St L Olearlield A Mali See BBAP1 Olev Cin C A st L gen u 4s 1993 J-D Cairo Div 1st gold 4a....1939 J ~ Cin W A Al Div Istg4s.l99l J Low 123 112 108 92 AO High Low Sale 1114 1144 88 804 102 Sep’10 107 4 Deo’02 1st i’o*8 85 874 1014107 .... 944 944 944 9U4 92 95 1^5 loo 90 904 97 .— 'at Har ASA see So Pac Co Tal HA Hoi 18821st 5s. 1913 A-0 Georgia A Ala See oea A Line 1064 1094 Dec’09 . 69 73 ... .... 105 4 1054 964 984 86 2 103 98 108 .... .... rrn J’ly *08 ...... ...... •••••••* 914 92 65 67 *8*9** *94*4 6 0 704 94 934 95 4 9&3< Sale 98 974 9«4 U24II4 113 Oct 'lo ' 63 07 28 7 69 70 65 93 94 4 814 974 99 1114U4 1084 112 4Sep’lG 1084 127 J ne’oo 94 Sep *03 Sep 10 86 Uc4 107 4 117 bale 85 no F-A 7 120 19 100 103 90 4100 4 122 91 974 ’79 91 9l 97 Jan’02 110 «4 sep'04 89 Jiy’lo 74 Oct’10 ...... 90 92 74 72 1084 • 2d Os 1910 Dal Short Line See Nor Peo Dai So Shore A All g 5s..1937 J-J L/asioi Minn see St P Al * Ai lYaat Ten Va A Ga See so Ry Sep’lu lo7*« Aug’Hi 9 874 83 .... .... 4 100 ^ 103 loo 103 4 9/ 5Ul ext gold 48 1928 J NYLEAW LSI g (d 78.1920 M Erie 1st cou g 4s prior..1990 J-J Registered 1990 J 1st oonsoi gen hen g 4sl990 J - J Registered 1996 J-J Penn coil tr g 4s 1961 F 60-year conv 4 > A ....i960 A do series 8.1953 A ... 118 fcS'u bti4 85 704 Sale 87 77 Oct ’10 119 J’ne’lO 119 100 1004 Mario 103 Aiar’lo 1U04 Jan ’lu 994 Feb’lo 764 85 87 88 Sale Saie 1 70 1004107*4 1 . J M- J« 86 M- . 11841224 nr- 100 1U3\ 103 1004 1004 094 994 i 118 118 80*4 87 4 5 27 Feb’ov 87 0 77 4 160 714 104 .... 07 70 4 83 4 04 50 67 83 73 4 1134 ll3 4 110 115 . 1004 1004Dec’0o 89 1074 89 108 J’neTO 108 .... 2 ib? 120 114 114 103 4 1034 99 104 4 * .*1 i‘o*i*‘ *1*0*24 Aug’10 Sep ’10 99 j£D7 J’ly'09 884 92 .... 87 84 904 181 944 974 7 944 9b4 904 99 9.3 100 Sep’io 125 4128*4 1254 1244 1274 J’iy 19 132 Apr’09 1064 BalV* 1064 1904 *20 103*4 *10*7*4 964 Sale :::: ioi'4Mar’iO 89 1 lu8 1 93 1084 |ioi4l014 496% 964 J-J J-J J-J J-J J-J M-N 1084 J’ne’oo 1004 Sep *10 100 96 J-D 98 J-D A-0 J-J J -J J-J J-J J-D 1U041014 9e 1004 98 Aug’10 100 4 Get '00 95 4 9y4 Jan To 1144 Feb’10 1124 1264 1274 125 Aug’10 1304 v.hv'OO 110*« 1134 110 J’ly’lO 112 .110 J’ne’ob 994 99*4 1144 126 ’ 129 - li3 .... 89 89 J-J 874 Apr’10 944 1 Han A St JoSeeSeeU OY Bag ousatomo N HA H Honst A Tex Cen See So PacCo 1 llinois Central 1st g 4s..1951 J-J A Registered 1961 J-J 1st goiu 34s.... 1961 J-J Registered 1951 J-J Extended 1st g 3 4s 1951 A-0 1st gold 3s sterling 1951 [M-S Coll Trust gold 4s 1952 A-O 1st rel 48 L N O A Tex gold 4s 1952'A-O M-N 1965 Omaha Div 1st g 3s 1961 St Louis DivA term g 38.1951 Registered 11*61 Gold 3 4s 1951 Registered _ - 87 4 974 99 84 4 Dock 115 90 , 95 M-N M-S 101 uoug 117 4 May’10 99 ijeu’10 110 Aug’10 118 MarlO 90 Out *09 9/4 Mar’lo J-D M-S 73 Ry 92 99 1004 90 97 4 994 1004 874 884 774 774 884 89 95 98 98 99 95 May* 10 107 4 Sep'10 110 103 18 4 May’lo 104 17 1044 1044 ...t 734 118 118 974 9/4 95 98 107 4 1104 1004112 103 4 10 103 Oct'10 74 10 03 OoC 'OU 10L4 101 1014 1124 18 4 35 102 734 Oct *10 74 99 ...1144 119 J’ly'08 107 *714 11741174 694 lu04 774 714 74 *994 i03* 11041104 1104 Oct *10 107 100 4 MarlO A W 1st g 5s..1937 Laxe Erie 5s 2d gold 1941 106*# 90 •••••••• 89 Feb’10 101 4 Oct ’99 NOV’00 100 95 Oct *10 89 * .".*" 110 112 *80 A-O i960 A-O A-O Apr 1950 Kentucky Cent see L A N Reok a Des Mo see C R 1AP Norm ulno 1st gug os.. 1945 L Shu A Mien s see N Y Cent LeliV&lN 1* 1st gug 4 4s. 1940 Registered 1940 ijehigh Vai (Pa; cons g 4S.2003 Leh V Ter Ry 1st gu g os.1941 Registered 1941 Leh V Coal Co 1st gu g 5s. 1933 Leh A N k 1st guar g 4s.. 1945 Registered 1945 Ei C A N 1st pt Os .....1914 Gold guar os 1914 Leh A Hud R see cent oi N J Leh a Wlikesb see centoi N J Leroy a caney Vai see Mo P 9*6’ 774 Mar’10 79*4 Dec’08 104 see so 93 98* Sep 10 93 City sou 1st gold 3s..1950 104 J'ne’ou 97 May'07 100 Apr *09 87 4 May'lo 123 iUay'99 102 M-S J-D M-S Knoxville A oiuo 99 97 4 954 Regis tereu Rel A impt 5s •••a 994 Oct *10 1*9 85 J-J J’ne’lO Sep'09 934 May *09 80 j ’iy *09 994' J-J J-D J-D 954 94 F-A J-D M-S J-D J 994104 95 1074 Ap:*o7 92 Aug410 91 87 874 J 4 4 104 ••«••• J-J 1024 1004 Sep ’ua 95 4 May’10 994 teu’UU 93 92 F-A J-J J-J 1951. estern Lines 1st g 4s’~1951 Bellev A Car 1st Os 1923 Carb A Shaw 1st g 4a...1932 Clue St L A N O g 5s...1951 Registered ....1951 Gold 3 4s ...1951 Meuipii Div 1st g 4s...1951 St L Sou 1st gu g 4a....1931 ind Ri A West See C C C A St L ind 111 A la 1st g 4s 1950 lut A Great Nor 1st g os..1919 2d gold 5s 1909 Trust Co certfs 3a guia 4s iyjii Iowa Central 1st gold 5s.. 1938 Gold 4s 1961 it ai A A G R see L S <fc M 8 IVhu a Alien see Tol A O C KCFtSAM see St L A S F K C A M R A see s\> L A S F an C A Pacino see MEAT 1024 1024 1024 994 ...1953;M-N Registered...... 1963 M-N Cairo Bridge goal 4S....1950 J -*> LomsvDivATerm g3 4s. 1953! J - J Middle Divreg 5s.......1921’" F-A 10841124 A-O 105 ill 109 Mar’10 1004 107 4 108 4 112 J-J J-J 105 107 1054 J’ne’lO 1054 108 4 M-N A-O A-O J •J 974 1124 114 107 103 4 114 M-S; lot» 4 93 4 M-S A-0 A-0 102 100 Q-J 1094 Aug'09 e7 114 J’ne’lO 109 4 Oct ’99 108 Nov’09 y7 50 4 934 Mar’10 9c 974 1164 114 934 96 1014 F’eb’io 1014 oep ’09 1014 1014 112 112 see Kne uoiig Isl’u—istcon g 5s./il931 1st consol DllOClUiliANBOUh gold 4s General gold 4s Ferry gold 4 4s Gold 4s U uiiieu gold 4a Debenture gold 5s BON Dai—Continued on Next /(1931 u 1938 1922 M-S 1932 J-D 1949 M-S .... Feb’10 112 101 93 4 97 94 98 984 98 93 97 90 94 Oct ’10 93 97 . 974 1004 994 Oct ’06 934 Mar’10 1044 Dec*081... 93 4 1014 9941034 ... ... 1934 J-D 96 Page. Gas and Electrio Light J-D 1014 105 41004 71-N A-O 01 J-J 106 4 Oct ’10 97 105 rt-8 3-D F-A ,31-N A-O *9*8** i*o*i*’ 964 Sep 'ob 105 4 Sep’It 014 Get ’ol LOO Oot ’09 L02 Sep ’Id 97 Mar’ll. 103 101 1134117 114 Aug’10 102 97 Oct *!(' 804 884 9U Mar’i j 102 4 Sale 102 4 1024 99 4 Oct’1C 99 100 904 91 Apr’li * L05 004 Sep ’10 ioo** i’o’i** .01*" Apr'15 J F-A Kings Co Ei LAP g 6a...193) A-O Purchase money Os a 99 < A-O Ed El 11 Bku Istcon g 4s 193; J-J Lac Gas L 01 St L 1st g 6s.el91; 1084 No price Friday; latest bid and asked this week, 74 111 100*4 loo 4 r “j. 1114 Sep io 121 Dec’08 1244 Sep TO 111 Apr TO 1U3 4 0CI *09 93 103 4 T034-an lo 1004 lu3 ilOOS, 1004 >| *98 ioa * 91 iOU 118 118 86 4 SO 81 Nov’09 lil4 112 113 122 41244 1094 1004 • Rel and ext 1st g os 1934 AO Milwaukee Gas List 4s.. 13'A-h Newark Con Gas g os 194b J-D 974 94 88 72 100 .... 744 70 714 109 1164 1134 Max’ 10 ►! - 94 ia 844 Dec’09 113 11941204 J ■ St Paul M A Man 4a....1933 1st consol gold Os......1933 Registered 1933 Reduced to gold 4 4s 1933 Registered 1933 Dakota ext gold Os....1910 Mont ext 1st gold 4S..1937 Registered 1937 B Minn Nor Divlst g 4sl948 Minn Union 1stg6s..1922 Mont C 1st gu g Os. ...1937 Registered. 1937 1st guar gold 5s 1937 Will A S F 1st gold 6s 1938 Greenbrier Ry See Ches A O Gull a s 11st rel a t g 5s 01952 an 1074 g 6a. 1941 See l>eb A N Yi Gas and Electric Light Atlanta G L Co 1st g 5s...1947 Bklyn U Gas 1st cou g 68.1945butiaio Gas let g 5a.......194 i Columbus Gas 1st g 6s.... 1932 Detroit Oily uae g os 192o Det Gas Co cou 1st g 6s...l9ir Bq G LN Y 1st con g 6s.. 1931 as A Elec Berg Co c g 6S.1945 dr Rap G L Co 1st g 6a...l91o Hudson Co Gas 1st g 5s.. 1949 Kan City (Mo) Gas 1st g 6s 1922 944 004 100 4 Aiai'b© ••••• 10641094 107 Bigin Joi A East 1st FF* 105 100 ..t. y24 Oct’io 84 Oot ’10 65 Des Moi A Ft D See M A St L Des Mol Un Ry 1st g 6s.. 1917 MDet A Mack 1st hen g 4s. 1995 J* Gold 4s. 1996 •* ■ 924 974 1034 104 4 4 .... Dec '09 Mar’o* 78 85 ...... 1234 1304 .... 94 4 95 101 ** 104 4 Mar’10 IOO 101 101 Sep’lo 924 sale 924 924 98 Feb'oa gu 12i>4 4102 9 944 Sale Rio Gr so 1st gold 4s. ..1940 J Guaranteed 1940 J Rio Gr West 1st g 4s....1939 J 90 .... 39 4 99 934 944 934 94S 1224-~... 123‘sSep’lu Dock A Imp 1st cur Os..1913 N i A Green l gu g ds.1946 N Y Sus A W 1st ret 6S.1937 2d gold 448..... 1937 Generai goiu 5a 1940 Terminal 1st gold os...1943 >• ••• J’ne’08 67 96 •« sale 184 99 4 1921 Q-J Registered 117 1074 U04 974 101 .... 984 yy4 loo4 Sep io 99 4 Sale Del Riv RR Bridge BesPaRR DenvA R Grist cou g 48.1930 J- 113 .... 102 4 Feb’03 liO ’Oct ’10 149 Aug’Ol 120 984 Sale 1004 101 JJ• 10341114 112 1144 .... 1074 J’ly’lO 984 »» - 99 M S M 1 1084 Ill 1915 J■ 1st re( gu g 3 4s 2000 J • N Y Lack AW lst0s..U92l J- See St L S W lstoonsolg 4 48.1999 J-J Registered 1999 J-J Col AH V 1st ext g 4s..1948 A-O Col A Tol 1st ex 4s 1955 F-A Houst E A W Tex see So Pac - Olev A Mahon Vai g 5s. 1933 J-J ti tan 1 Hock Vai i!r DakAGtSo Pallas A WacoamC See M MA A P| K St TI Del Lack A Western— I Moms A Essex 1st 7s...1914 l Gray's Pt Term Registered./i see Penn RR 01ev A Pitts See Penn Co Col Midland 1st g 4s 1947 J - J Kim Cort A No Low Oct ’09 See sea A Line Georgia Pacitio See So Ry Gila VGA Nor See so Pac Co Gouv A Gswegat See N Y Cent Grand Rap A Ind see Penn RR GtNor—CBA<jcolitr4s 1921 J-J .... •.«»»« 93 Sale 944 96*« 894 .... 125 67 904 964 90 .... ioa 94 Poo A East 1st cou 4s...1940 A Warren 1st ret gn g 3 4s.2000 Del A Had 1st Pa Div 7s.l91? Registered 1917 1916 10-yr conv deb 4s 1st lien equip g 44s ....1922 $ 964 Since January 1 1094116 116 Deo '09 101 1014 1014 J’ne’10 Apr *05 J 1 .... 1054 Feb’lo 984 A-“«M0 90 Aug 10 I08 121 6 944 1044 1934 J-J 4S.1940 A-0 O ind A W 1st pi 5s...dl938 Q-J Registered... U4 86 J Range © High A 0 A I May’10 90 1044 . 944 Aug’uB 91 Sep ’10 94 4 Sep’10 91 oc; 07 96 Gee *09 944 Registered i Week’e Range or Last Sale Ga Car A Nor inaBlAW 1st prel Colorado A Son 1st g4s...1929 FReinnd A ext 4 4s 1936 M Ft W A Den C 1st g Os..3921 J Colam A Greenv see so Ry i Col A Hock Val See Hock Val Col A Tol See Hock Val Col Conn A Term see N A W I general gold 5s 1942 A-O Mi Vernon 1st gold 0S..1923 A-0 Soil Co Branch 1st g 5s. 1930 A-0 L argo A So see Ch M a St P r ant A Pere M See Pere Mar Fla C A Penln See sea Air Line Fort St U D Co 1st g 448-1941 Ft W A Rio Gr 1st g 4s... 1928 • . 1u5«b 0s.. 192 6 J Erie A Pitts See Penn co Evans A r H 1st cons Os. 1921 J-J 93 4 i i*oi 2 » Price tridau Oct 14 Bid Ev A Ind Istcon gug 1084112 Oot ’00 105 864 N. Y. STOCK EXCHANGE W«kk Esuino Oct 14 < High 127 123 92 n Sep’10 113 106 87 4 89 lu2 104 Oin S A Cl con 0 C C A 1 consol 7s 1914 J Consol sink (and 7s....1914 J General consol gold Os. 1934 J-J Olev A Marietta i Since January 108 4 J’ly’lO 934 105 B #1936 1st g 5s. .1928 ss or BDNDS Range J’ly’lO 1274 1294 May’U9 1U»4 Aug’10 112 8pr A col Div 1st g 48..1940 M-S W W Val Div 1stg4s...1940 J-J Registered Range Lout* Saie jlSh 122 122 «••••<» 0 1 St L A C consol Os.. 192 1st gold 4s ...S1930 Weeedt Price Friday Oct 14 US 1011 Record—Continued—Page 2 a Due Jan 004 l NYGELHAPg 5S...1948 1074 07 Ol’* i’0‘1*** ”0*14 i*054 iul 4 1034 97 00 101 1104 116 87 4 90 1004 100 97 99 91 101 924 b Due Feb Purchase money g4s...l949 Ed El ill 1st cons g os..1995 N VAC El LAP 1st con g 5sl93o N Y A Rich Gas 1st a os. 1921 Pacific G A Elec Co Cal G A E Lorp unifying A ref 5s rt*3. J-D FA J-J F-A Apr «Due May 84 4 Sale 85 4 S Due j ’ly 85* 102 854 25 9 11041114 1104 Oct ...... 101 d-N M-N Peo das ac d iat cou g ub.194u A-O Refunding gold 5s 194i M-S Ch G-L A Cke 1st gu g 6s 1937 J-J Cou G Co o( Ch 1st gu g os.’3u J-0 Ind Nat Gas A Oil 30-yr 5s ’30 M-N M u Fuel Gas 1st gu N g 6s. 194. Philadelphia Co conv os ..1919 F-A Syracuse Righting 1st g 6s.’5i J-D Trenton G A Ei 1st g os..194; d-8 Union Elec LA P 1stg6s. 1932 4 S Westchester Light*g g 6s.l95i i-C d Due 102 92 sale H04 1U4 1004 1014 92 92 116 4 Aug’10 91 92 1184119 lot 4104 Sep lu 4 Sep ’10 1014 1014 944 Aug’OO 101 Mai’ln 00 98 08 Sep ’10 UO 994 k Due Aug q BO 100 Aug’ln Mu>’Oo Jan *08 J’ne’li Due Deo * - lo24 1044 1004 102 99 io\4.roTC ' UO 102 102 102 41034 104 1004 103 88 90# 67 80 *10 1004 .viar’lo 97 4 J’ly ’09 tot ;10i; 99 1103 98; too 100 too Option Oulfe J 1012 New York Bond BONUS N. Y. STOCK EXCHANGE Wkkk Ending qct 14 Long Island—(-Con; A N&shv gen g Gold 6s Unified gold 4s _ Registered.. Week's Friday Oct 14. Last Sale \Bta Gnar ret cold 4s.... 1949 Bklyn A Mont 1st g 68..1011 1st 5s. 1911 N X B A M B lstoon g 6s 193b 2* Y A R B 1st g 6s.....1927 Nor ShB lstoon ggu6sol032 Louisiana A Ark 1st g 6s. 1927 liornsv Price M-8 M-8 j M-S A-O M-8 2:5! 6s. 1930 J-D 1937 M-N 1940 J-J 1940 J-J 1910 A-O 1931 M-N Rink hind gold 6s Coll trust gold 6s EH A Nash 1st g 6s. ...1019 LOln A Lex gold4>08...1031 NOAM 1st gold 6s....1930 N O A M 2d gold 6s 1930 Pensacola Div gold 6s. ..1020 St L Dlv 1st gold 6s 1921 2d gold 3s 1980 J-D M-N J-J J-Jl M-8 M-S M-S! Range .... M-8 Stamped guaranteed , ... . ••• . Jan '09 120 105 V HI 113%.... 68 ... 107V Mar'10 ... 113 Sep ’10... 107 V 110 V 113 114 71 May’09 06V 93 V Sep ’10... 116 J’ly 06!... 101% 103 110 Jan'00... 95 05V 95 V Oct ’10.... 102 105 V 102 Sep’1C ... .... ... nov 94V 105 V 89 V 92 *‘iibv ubv iiov 109 V 114 68 V 90 V OUVSep’iO... 99 V Sale 90V *26 76 130 111 77 80 Mar’10 Feb’08 100 May’10 iuo%JTy’io 31V 75 77 131 Jan ’07 107 V ii>«V 107 Oct ’10 70 %Sale 70V 7uV 02 87 Mario 99 27 V ibo* loo" May’10 131 118 99 V 06V 131 ,100 V 101 .— -...fjl02v 109 67V 81V 01V 87 06 V100 08 V 08 V 98V 07V 97% Sale J-D 0x990 P-A1 84 V Sale 84Va 85 1944 M-N 102 104 103V SeP 10 80 V 89 62 oot ’10 2004 M-S 96 V100 82 87V 100 105 78 V 86 V 83 V 00V . let A refund 4s Gen s f 4Vs 1986, St L Div 1st ref g 4S....2001 Dal A Wa 1st gu g 6S...1940 Kan C A P&o let g 4s...1990 Mo K A E 1st gu g 6s...1942 M K A Ok 1st gu 6S 1042 M K A T of T 1st gu g68.1942 SherSh A bo 1st gug 68.1943 Tex A Okla 1st gug 5s—1943 Mo Pacific lstoon g6s ...1920 Trust gold 6s stamped stamped.«1917 86 V Oot ’10 88 Apr’09 J-J A-O M-N, F-A A-O M-N K-S J-D ...... f-A ex g 48.193d gold 6s... 193b St LlrMASgen con g 681931 Gen oon stamp gtdg 6s 1931 Unified A ref gold 4s..1920 Riv A G Div 1st g 4s..1933 Verdi V1A W 1st g 68.1026 Mob J A K C 1st cons g6s.l053 Mob A Ohio new gold 0S..1027 1st extension gold 6s..A1827 General gold 4s.... 1930 J-J A-O 2d extended Montgom Dlv 1st A-O J-J M-N g 6s..1947 St LA Cairo ooil g 4s..«103(J Guaranteed g 4s 1934 MAO ooii 4s See Southern Mohawk A Mai tieeH k'CAH Q-J 114 V U« 86 00 F-A 100 60 110 04 06 Q-P J *J 105 Rep ’10 lip 101 Oot *10 Illli ibs” 101V J107 ioa 111 4 100 102V ] 90V 09V 100 102V 81V 4! 76 25 *96 89 01V 06 86 87V 08 .... 1ST ...JllO 15 106 V 110 6 81 186 S3! 82*« j87V ....!jl02V102V il 117 %Oot ’lu 114 V Sep ’10 116 121V 114V117V 86%Sep’rO 86 V 90 107 108V 108 V H»>V 76 May’08 04 V Oot *10 ’••••• rnmmmm 04 V 06 Monongaiieia Rhr bee a A O Mont Cent bee St P M A M Morgan's La AT bee S P Oo Morns A Essex bee Del LAW' oon TAP Branch 1st 6s....1917 J Nash D ior A She! bee LAN. 109V. - J 1 A-O ...... 106 V 106V Oot *10.... 108V110V 8 108 V 110 v no no 116VMay’07 .... 117 V 113 Mar’05 J'ly’04....1 »*>• 04V 48 94 V Rale 91V Rale J-J A-O 91V 01V lUOVSep’10 84 V Sep ’10 6 .... — , Registered. 199di 106V ' 84 V ‘ Oct’10 07 Mai’04 96 08% 105 Ocl *02 I 03 Aug’10 108 OCt *00 I 06V Oct'lu 07 03 103 05 84 V J’ly’10 io*7** iio” 83 Sep ’10 02 J'ue’00 J ’llfc’09 Feb’08 101% 102 V 80% 01V 'IU‘7 105 V 106 Jan '03 104 J’ue’10 102 V Feb'10 84V ! 115 125 10t» 100 104 Sep’10 J-J J-J M-N F<A F-A 89 V 87 89V 89V 18 80% J’ly'10 ...J 04% Sale | 03V 04V 6 82 V Oot ’10 61V 62 80 V 1 70 Sep ’lu ....I 90V 88 V .... J.D M-S 96 88 .... .... F-A 08% F-A OoUndulstA coil 5s gu..l934 F A 77 iContin’talClstsf gu5sg.l052 F-A Gr Riv Coal A U 1st g 68..1919 A-O UTeff A Clear C A 11st g 6s. 1926 J -D jKan&HC A C 1st sf g5al9ol J.J 07 Pocah Con Collier 1st s f 6s.’57 J-J 'Sunday Creea Co g 5s ....1944 J J fcann Coal gen 6s 1961 J.J 101 Penn Div 1st g 6s «19l7 A-O 104% Birm Div 1st consol 6S..1917 J-J 104% Cah C 61 Co 1st gu g 68.1922 J-D 106 De B«r C A 1 Co gu g 08.1010 F-A victor Fuel 1st s 16s 1053 J - J y a iron Coal A Col at g 6s.l940 M-8 08 *No price Friday; latest bid and asked, 100 00 30 6 104 102 02 V 02 14 88 02 53, 02 0o\ 90 09 87 89 00 05V _ ...... Wi 02V *j 07 V100 V 7 16 90 09 V 24 02 102 V 06V1OOV 130V 135V 06V 103 V 112 V116 ...... 97V1 06 98 NYARR See Long island NYSAW Am Ene See So Pao Co M-N M-N F-A A-O A-O A-O Dir'i 1st l A gen g 4a... 1944 J-J 10-26 year eonr 4s.... 1032 J-D Pooah C A C Joint4e..1941 J-D O O A T 1st gu g 6s 1022 J - J 8010 V A N R 1st gug 4a 1989 M-N North Illinois bee Chi A N W North Ohio bee L Erie A W Nor Pao—Prior lieu g 4a..1097 Q J Registered. 1997 V-J General lien gold 3s....a2047 Q-F Registered a2047 Q-F 8t PauLDal Dir g 4S....1996J-D Dal Short L 1st gu 6s.. 1916 M-8 C BA uoolitr4s AMGtNor! StPAN P gen g6s....1923 F-A Registered certifio’s..1923' Q- F Rt Paul A Dal 1st 6s....1931 F-A 2d 6s ......1917 A-O 1st oonaol gold 4s .1068; J -D Wash Cent 1st g 4s 1948 U-M Nor Pao Ter Co 1st g 6s..1933 J-J Nor Ry Cai bee So Pao NorWis beeCStPMAO Nor A Mont bee N Y Cent 4 | And A W bee G O O A St L| vh10 Rir RR bee salt A O Ore A Cai bee So Pao Co ore short Line bee U n Pao Co 1st gSee ...1046 Fac ol Coast 6s.Mo Missouri Pao 100% May’10 ...100 101% 123 VSep’10 126 V 122V 128 126 Mar’10 ...124% 120% 120 •» 125 123 May’10 128 124V 90 90% 00 V 80 V 14 96 V100 126 ...... 101 126 126 j 07 — Apr’IO 93 v Bale | 93% 03 V *8 100% dale lOOV DU 498 88% 80V 88V <X*’10 06 ...... 100V101 90% 71% sale 70 106 04 116 119 Apr’IO 93V 99 102% 08V 101 60 V 74 6J 72 V 96V 97V Mar’10 Feb’10 116 VSep’10 11/ Feb’10 HO J’ne’10 lo3 103 97 01 104V 108 94 06V J’ly’10 69 101 Oct ’10 84 71% 71V 70 Sep’10 09 97 04% 108 V 86% 00 V 101 100 97 90 V 90 09 1116V 118V ...'ll 17 117 107V ...!110 110 108 1 103 103% 03 j 96 V Apr’IO ...I 00V 97V 02 .....J 02VJaa’O0 nov novAug’ro no v nov 112 . ...... J-D 104 V Sep’10 103V Penn RR 1st real est Consol gold 6s Consol gold 4s Convertible g 3 Vs. g4s.l023 M-N 101% 1019 M-8 105 no 1943 M-N .1012 M-N 99 V 8a!c 1015 J-D Convertibleg3Vs 96V sale Consol gold 4s 1048 M N 102 % sale 98V 96V Aiieg Vai gen gu g 4s... 1942 M-8 *0j% 87 V 92V DaaaA Bge 1st gu 4s g.’36 F-A 04 Plula Bai A W 1st g 4s.. 1043 M-N 100V102V 101V 86 ' 8od Bay A So 1st g 6S...1024 J - J 10 0 82 U N J RR A Can gen 4a.1944 M- 8 Penn Co—Goar 1st g4Vs. 192D J-J 101 V bale" Registered 1921 J-J 102 87% 92 Goal 3 Vs coll trust reg. 1937 M-8 88 V 86% 90V Guar 3 Vsooli tr ser B... 1941 F-A1 92 96% Tr Co oerLTs gu g 3 Vs.1916 M-N" % 98V 79 V 82 V Gu 3 Vs tr ctfs C.........1942 J -D 90 78 80 VI Gu 3 Vs tr ctfs D..1944 J-D 1 88 V 89% ...... ...... »V 90 MISCELL 4NKOUS BONDS—Continued , 03 V *0*5 V *9*8 V 131V Jan *09 106V1U8 09% '••••a on 102 Aog’10 1U0V Jau’00 102 V uct ’1J 00 06 V 102% 100 .... 08 08% 70 i.07% Deo’04 100 101 90V 82% 102% Apr’06 107 May’97 ibo 106 V Dec’06 83 J’ne’10 73 Feb’07 82 - 103 Male 106 102 104% 104 L10 100 86 V 09% a Due 96 93 70 87 00% Jan 83 Sep’lo 102 103 1<>4V Sep ’10 J&n’Ou 104 V 107 103% 107 ioo” ibo” Jan '10, Auj’091 b Dae Feb 83 8 s 94 V100 Dae Am Spirits Mfglstg0s.. 1915 Am Thread 1st col tr 4s..1019 Am Tobacco 40-yr g 0s.... 1944 4a 1961 deth Steel 1st ext sf 6s.. 1026 Jent Leather 20-year g 6a 1926 Cons'll Tobacco g 4s Corn Prod Ref s 1 g 1st 25-year st 6s. J.J 79 A-O 103 V 98 u-F J2- 8 A-O M-S ... Oot '10 ... 103VM*F’10'.... 104 104V! 1U3V Fsb’10 00 07 87 81 07 101 90% 98 106 Sals 80 V bale F-A w-J 86% Sals 80V bait 78% 94% 9i% 96 97 Sale 74 82% 88 Due Oot p 79 108 1 108 .... Aug’10'.... 80VGS4 *10 V] 08% 80V 72 j-j 1934 M-N Cuban-Amer Sugar coll trie’16 *-0 Distil beo Cer oonv 1st g 6s.’27 A-O EI duPontPowder 4 Vs..I93i| J-D • 84V 68% 08 102V102% 103 V Deo’00 ....*! lttts Jan'03!.... 102 A-O A-O 1951 F-A M-N 6s....l93i May g Due J’ne h Due J’ly MDue Aug Sals 193 V 102% 108 00V- 181 00 V 102 , 0»V 170 04% 97V 102% 20 101V 104% .... Ssp’10.... Aug’10.... Deo’001.... Next Pago Allis-Chalmers 1st 6S.....1936 Am Ag Ohem 1st c 5s..... 1028 Am Cot Oil ext 4 Vs 1915 Am Hide A L 1st s f g 0s.. 1910 Amer Ice secur deb g 0s.. 1026 ’102 „ Manufacturing A Industrial 09 V Nov’09 94 Deo’09 101 Sep ’10 90 V J’ne’10 79 79 102 V108% .... Coal and Iron Buff A Suaq Iron s 15s....1932 Debenture 5s a 1826 Coi 3 Co 1 Co gen s t g 6s.. 1943 Convertible deb g 6s....1911 79 V 08V j 07 V Apr’09 92 9LV 92 91V 1997 J-D 80V Sals 89 V 89 V Debenture g 4s 04 1928 M-8 93V Sale 93% 25-year g 4s 1931 M-M 03 V 03 V 93V Sals A A G R 1stIfgu gu o 5s. 1938 J-J 110V Mahon C*1 RR 1st 5s.Il034! J- J 107 ...... 109 Oot ’07 Pitta A L Erie 2a g 5s.al028'A-O 100 100 Dec’00 PittsMoKA Ylstgu68.1932 J-J 122 V 130 V Jan’00 2d guar 6s 12U 1034 J-J McKees A B V lstg 6s 1918 J-J 107 Mich Cent 5s 1931 M-S 109V 112 115 Oct ’00 108 V Registered 1031 110 Jue’06 4s.... 95 00 < 00 1040 Jan’lo 08 V1 98 Deo *09 Registered. 1940 J-J J L A R 1st g 3 Vs.....1951 M-8 j 90 J’neos M-N 83 lstg 3 Vs 1962 87 Apr’IO 20-year deb 4s 1029 A-O 01V 92V 01V 01V Bat C A Stur 1st gu g 3s.l080! J -O NY Ohio A St L 1st g4s 1937! A-O 99V100V 00 V 00v 08 V Registered 1037'A-O 100 Dec’00 Debentures 4 s 00 1931 M-N 01 01V 01 West Shore 1st 4s gu...2361 J-J 101 101V 101*4 Registered 99 2361 J-J 99V 09 V 09 V N Y A Greenw Lake bee Ene N Y A Har bee Fi Y C A Hud N Y Lack AW bee D L A W N X L E A W bee Erie N Y A Long Br &MCentofNJ N Y N H A H-—Oonv 6a.. 1048 J-J 134% Sale 134% 136 Cony deben 3Va 101 1956 J-J oale lOt 101V Hoosatomo R oon g 6s..1937 M-N 112 112 V Oct ’10 N H A Derby oon cy 68.1018 M-N 100 v 107 Aug’00 N Y A North bee N Y O A H N Y O A W ref 1st g 4a..pl992 M-S 06V 06% 97 Regis 45,000 only pl992 M-8 101V J’ue’Uti N Y A Pat bee N Y O A H _ Jixab 82 V 79V Registered _ Low 78 llllll III” j * *0*8 V J’ne’l o A-O J-J J-D Hujn Ao 80V Oct’10 79 V Aug’l U 08 102 J-J J-J ao 106 V Jasper Branch 1st g 6s.. 1923 J-J, 116 V McM M W A A11st 6s..1917 J-J! 106 V Nat Rys of Mexpr 14 Vs 1967 Guar gen 4s 1977, NatotMexpnor Uen4Vs.l026 let oonaol 4s 1951 New HAD bee N Y N H A n N J June HR bee N Y Cent N Y Bkln A Man Bell bee L1 NY Cent AH Rivg3Va.l997 Registered 1997 Deben g 4s 1934 iAke Shore coll g 8 VS...1998 96 Since January 2 Oswego A Roms bee NY O Nash J- J St L6s1st 78.1013 1st Chat solAgold 1928 A-O i Rfit-Canad lstgu g 4s. 1940 NY Tex AM 99%Mar’lo 101VSep ’lu 78 V 78% 96V Nov’00 03V- 98% 91 VSep '10 87 VNaj’lO 110 Mar’06 06 07 99 May’10 110 V112V 110 Rep ’10 108 V107 V 199 111 Sep’09 6V 86 V V sale 90 V V sale 86V SOV 102 V J*a’lO 98 Dec’06 M-8 J-J J-D 117 V121 M-8 „ St Law A Adlr 1st g 5s. 1906 2d gold 6s 1996 Utica & Bik Rlvgug4s.l922 Lake Shore gold 3 Vs. 1907 ...... . Pao R of Mo 1st 81V 79V s * £ North Hkrtem g 3 Vs...2000 M-N N Y A 1st g 6s...1027 A-O N Y A Pu lstoon gu g4s 1093 A-O Nor A Mont lstgu g 68.1916 A-O Pipe Creek reg guar 68.1932 J-O R W A Ooon 1stext5s. A1022 A-O Oswe A R 2d gu g 6e...el915 F-A R W A O T R 1st gu g 68.1918 M-N Belaud let eon g 4%a..l941 J-J OgALCham 1st gu 4s gl948 J-J 106 106 J’ne’10 105 Nor A South 1st g 6s 1041 00 02 V 90 Rep'10 03 V Norf A West gen g 6a 1031 *10 18 106 113 109V HU 110 Improrem'tA ext g 6s..1034 io7v 108 V Sep 10 ....103 108 V New Hirer 1st g 6s ..1032 102 106 V 104 V Sep ’10 100 V105 V N A W Ry 1st oon g 48.1006 lluv Apr’00 ....jUOOV ...... 100 Registered. 1096 100 69 V M-8, ----.-109 M-N 107 Up M-S 101V ....ol9l7 M-S Registered letooll gold 6s 1920 F-A 78V 40-year gold loan 4s 1945 M-S] 8d 7s extd at 4%.........l038 M-N’ 98V 08 V Sat*! 1st A ref conv 6s i960 M S Cent at By 1st gu g 48.1910 F *A 91V 03V OenBranchUP 1stg4s.l94h J-D 64V 86V LeroyAC V ALlstg5s 192C J-J • 04 V Oct *10 99 Minn Un bee St P M AM Mo Kan A Tex 1st g 4s... 1990 gold 4s 1st ext gold 6s 03V 98V 3i% May’LO 25 V Apr’00 06V ask Low ...... Range 5® JQwQ ...... 07 V Oct *10 .... 104 Apr'06.... 99 V 99 V, ' 97V 97 V Sep’10 98V Jan ’lu 8 S M A A 1st g 4 Int gu 1926 J-J J-J eStPASSMcong4intgu’38 2d 9?V 102 loavJ’iy’io*... 06V 97V 99 9*1” *95 V 00V Dot '10 ... 106 V Aug’lOj..., 106V 111 1977 M-8 Mex Northlet gold 6s.... 1910 J -D Mich Cent bee N Y Cent Mid of N J bee Ene MU LB AW bee Chic A N W MU A North Am Oh M A St P* Minn A St D 1st gold 7s..1927 J-D Paoifio Ex 1st gold 6a...l921 A-O South West Ex 1st g 78.1010 J -D 1st oonaol gold 5s 1934 M-N 1st and refund gold 4s..1949 M-8 Des M A Ft D 1st gu 4a..’35 J-J Minn A St L gu AmBORAN . ... SSu» 2d cons ino g 3s trust roots.. Mex Internalist oon g 4s. 1977 Nov’06 Nov’UP 03 06 115 % 116 Sep'10. ill 12 V 116V 113 Sep '10. 1112V114 32 08% Sale 98% »8% 96V 100 V 98V 98 Hi 100 May’00 ... 100 V Dec'09 ... lbs*’ III 107%6ep’l<.... 107 110 112 109V J’ly’iO.... 111V 112 104 >4 104% 103 Apr'10 ... 103 106 121 124 Mar’10... 124 126 V , y ahou Coal bee L S A M S lYLanhattan Ry consol 4s.1990 A - O, Registered 1990 A-O Stmpd tax exempt..l09O A-O McK'pt A B V bee N Y Cent Mex Cent cons g 4s.......1911 J*J 1st cons luo g 3s al939 J’ly 109 97 116 112 V Jl Oct bxa F-A F-A J-J J-J J-J Beech Cr Eit 1st g 3 Vs 51951 A-O Cart A Ad 1st gu * 4s... 1981 J-O Gout A Oswe 1st gu g 6s 1942 J-D Moh A Mai 1st gu g 4s..1001 M-8 NJ JunoR gu 1st 4s... 1086 F-A Week’s Range or Last Sale Friday it Jixgn Ao, Low tixgfi N Y Cent A H a—(Con) 96V 8 94 V 100 Mich Cent coll g 3Vs....1998 Registered 1008 101V Deo'08. Beech Creek Istgug4s.l036 llOVEov’06Registered. *....1936 105 Apr'07 . 2d gu gold 5s 1936 ..... » Price Wkre Ending oct 14 96V Atl Knox A Cm dlv 4s.. 1966 M-N? AU Knox A Nor 1st g6sl940 J-D Render Edge 1st s f g 6s. 1931 M-8 Kentucky Cent gold 4s.. 1987 J-J N A M A M 1st g 4 Vs 1045 M-S IA N-South M joint 48.1952 J-J ! NPlaAS 1st gug 6s...1937 P-A N A C Bdge gen gu g 4 Vs 1945 J-J Pens A AU 1st gu g 6s..1921 P-A nov S A N Ala con gu g 6s.. 1936 F-A 100 V 114 00V 02 L A Jell Bdge Co gu g 4a..1945 M-S LNAACh See 0 I A L L llll or [Von. lxxxxi. 3 •« bonds N. Y. STOCK EXCHANGE Lou A 8k 96% Sale 103 101 101 Record—Continued—Page 79% 102% 88V 08 V Oot ’10 68 Sep ’10 100% -00% 80V S*» ’10 106% idi 80% 80% 85% 88 V 09% 90% 80% 80% 94% 94% 04% 04% oeVF’ly'lO 78 V Y4 86 J’ly’10 Due Nev f Dot Deo 104 108 103V 108% 00 00 88 91% 05 97% 3 96 4 Oot. 15 New York Bond 1910.] BON DM N. Y. STOCK EXCHANGE Week Endwo OCT 14 si !i Week?* Price Friday Oct 14 Range or Senes 0 1940 Gr B A I ex 1st gu g 4 ^s 1941 Pitts Ft W A O 1st 7S...1912 2d7s 1912 8d 7s.... A1912 Pitts YA Ash 1st oon 68.1027 P O O A St L gu 4>as A... 1940 AO Senes B guar 1942 A-O Senes O guar 1942 M-N Series D 4s guar 1946 M-N Series £ 8Hi guar g....l949 f-a Series F 4s guar ......1963 J-D O St Li A P 1st oon g 68.1932 A-O Pensacola A Atl bee L A Nash Peo A East be* O C O A St D Pso A Pek Uu 1st g 6s....1921 2d gold 4 >38 61921 Pere Marquette—Bef 4s.. 1956 Oh A W M5s 1921 Flint A P At g 6s 1920; A-O 1st consol gold 6s 1939 M-N Pt Huron Div 1st g 6*. 1030 A-O SagTus A H lstgug 48.1931 FA Phil B A W Sec Penn BB Philippine By 1st 30-yr s 14s’37 J-J Pitts Cm A St L See Peuu Co Pitts Cieve A Toi bee BAG Pitts Ft W A CU See Penn Co Pitts McKees A V See N Y Cen Pitts Sh A Li B 1st g 6a... 1940 A-O 1st consol gold 6s 1943 J-J Pitts A West Sec BAG |> eading Co gen g 4s 1997 lABegisterea. 1997 Jersey Cent coil g 4s...1961 tteussemer a Sar See DAB fctioii A Dan bee South By Bich A Meek bee Southern Bio Ur West bee Den A Bio Gr Book A Pitta See £ B A P Borne Wat A Og See N Y Cent Butland bee ti Y Cent 103 Last Sale .... 90 90 92 .... .... .... y*2 104*4 104*4 104*a 104*4 107 J-J St D A Cairo See Mob A Ohio St D A Iron Mount bee M P StDMBr See T BB A of St JL St Dorns A S F— jeug Os. 1931 J-J General gold 6s 1931 J-J 8t D A S F BB cons g 4a..’06 J-J Gen 16-20 yr ds 1927 M-N Southw Div 1st g 6s..1947;A-O Refunding g 4s 1951J-J K C Ft S A M con g 6S..1028 M-N K C Ft S A M By ret g 4s 19301 A-O K C A M B A B lstgu 6S.1929 A-O Os’rk A ChC lstgu 6s g.1913 A-O St JLouis So See Illinois Cent St Li S W 1st g 4s bd otfs.1989 M-N 2d g 4s ino bond ctfs...j>l08U J-J Consol gold 4s 1932 J-D Gray's PtTer 1st gu g 6s 1947 J-D St Paul A Dui See Nor Pacino St P Minn A Man See Gt Nor St P A Nor Pao bee Nor Pao StPAS’xCity SeeCStPM AG 8 A A A Pass 1st gu g 4s... 1943 S F A N P 1st sink 1 g 6s.l9l9 Sar FA West bee AU Coast L Scioto Vai A N K bee Nor A W Seaboard A D g 4s stamped *60 A-O Coil tar refund g 6s ......1911 M-N Adjustment 6s AU-Birm 30-yrlst ol949 F-A g 4s.«1933 M-S Oar cent 1st oon g 4s...1949 J-J! 10a Cen A Pen 1st g 6S.1918 J - J 1st land gr ext g 5s 1930' J J Consol gold 6s 1943 Ga A Ala By 1st oon 6s ol945 GaOar A No lstgug 6s 1929 Scab A Boa 1st 6s 1920 Sher Slir A So bee M K a T SiiSpOcaAG See Ati Coast L Southern Pacific Co— J J J J J J J-J 20-year 106*» 106*3 108 .... 97*4 min 92*3 ref gu g .... yl020 M-8, gu 4s '54 AOV vO«• jLvvA 158.1033 6s g 6s Ut goldN guar 8 Pao oon Oot'10 106 *3 Sep *10 98»* Oct '10 94 J’ly'10 112 *3 Sep '10 112 Feb *10 106*3106 89 1912 A-O 1937 M-N of Mexistg us.,1911 J-J So Pao Coast 1st gu 4s g.1937 J • J Tejufc-NOSabDivlat gOe.1912 M-S Con gold 6s 1943 J-J M«t»» ••••• ••• 104% 105% i*0*9** i*o*9** 107 .... 107% K>3 % 107% 100% 106% 97% 08% 94 iii‘% i‘12% 112 ¥!' T 100 102% 108% 112% .... «... 101 101 .... ,2 88 .... May’10 'ly '97 §T* 104% 100 • ••• • *6 106 112 • 112 89%J’iyio 112 ««•••» *91 sees — 86 •*•••• .... 101 106 00 112 112 07 05 05 100 93 % J 99*3 Sale 98*4 99% 98% 97 *3 Sep '10 97*4 Sale 97*. 97*4 83 .... 3 08% 08% Price «j8 Friday 66 89 89 1 89 94 Sid be Pac RR 1st ref 4s 1955 J-J Southern—1st Con g 5s....l99i J-J 1994 J - J gen 4s Ser A. I960 A-O Mob A Ohio coll tr g 4s..1938 M-S Mem Dir 1st g 4*s-5s...1996 St Douis div 1st g 4s....1961 Ala Cen B 1st g 6s 1918 Atl A Danv 1st g 4s 1948 2d 4s i1948 Atl A Yad 1st g guar 48.1940 Col A Greeny fsf Os..... 1910 E T Va A Ga Div g 6s..1930 Con 1st gold 68........1950 K Ten reor lien g 5s 1938 Ga Midland 1st 3s.......1940 Ga Pao By 1st g OS 1922 Knox A Ohio 1st g 6S...1025 Mob A Bir prior lien g6s 1945 Develop A Mortgage gold 4s 1945 g 6s....1915 Bioh A Dan oon Deb 5sstamped.*......1927 Bich A Meek 1st g 4S...1948 So Oar A Ga 1st g 6a....l919 Virginia Mid ser C 0S...1916 Series D 4-6s 1921 Series E 6s 1926 General 5a 1936 Guar stamped 1936 W G A W 1st oy gu 4s.. 1924 West N C 1st oon g 6s..1914 SAN Ala bee LAN Spokane Internal 1st g 5s 1965 ' I er A of St L 1st g 4*38.. 1939 1 lat oon gold 5s....1894-1944 Gen refund srg «s 1953 St D M Bge Ter gu g 5s. 1930 Tex A N O See So Pao Co Tex A Pao 1st gold 6s 2000 2d gold ino 6s o2000 Da Div B D 1st g 5s 1931 W Min W A N W 1st gu 5s ’ JO, Toi & G O 1st g 6s 1935 J • J Western Div 1st g 6s...1935 A-O General gold 5s 1935 J -D Kan A M 1st gu g 4s....1990 A-O To!PA Wist gold 4S....1917 J-J Toi St D A W pr lien g 3 *98.1925 J * J CoU tr 4s K Ser A 1917 F-A Tor Ham A Bud 1st g 4s. A1946, J *D Ulster A Dei 1st 117*s 120 106 89 120 107 105 90 60 84 91*3 b7*4 Salt 99 82 Sale 95 96*4 98% 91*3 91*4 Bale 76*s 77 95 87 87*3 100*4 Apr’10 ..... 86*3 Sale 114 117% 76% 82% .... _ .... 91% 80 80 76% 76* io1 1 06% 07 88 70 03% 82 72% 70% 101 *« Apr’07 Oot’09 ...» 83% 88% 32 81% 86% ’ 85 *» Sale 84*4 99 7. 99’3100 70*4 Sale 81*4 6 70*3 84*4 87 91 101 91 - - 00 94 2 84*« 103 80 01 103 .... 87 01% 103 iob% iob% 104 .... 100 92»t 1 98 97 90*4, 19 89 86 * 08% Sale !lU4 Apr’10 90 99*3 Sale 98 100% 60% 76% 100*3 .104 100 90 < 104% 104% 106 95 90 4o7 65 02% 100% 04% 08% .... 07 07 87% 90 j.... 01% 04 '.... 103% 100 - 101 110 109 *4 93 lid 102 1 106 103*4 Aug’lC 110*3 110 Sep’ic 110 *3 109 *3 Not’UI !•**• 96*3 92 Ang le j—— 122 119 *4 Maflt L... 107*3 Janoj ; 103% i05% 100% 110% '••••«• #••••• ! 02 08% 119% 119% •MS •••• 12 100 ...... \1 00 • Mi .... 107*4 84 . 110 93 90 ...... 100 100 !#••••• ■■•••• . sees .... 102 Registered..... 1929, J -D Utah A Nor gold 5s.. 1926 J*J Uni N J BB A Utah Central Utah A North Utica A Black MM ibi% ibT*. MMSS Sale 108*3 109 Sale 86*3 107*9 ; 85 106 80 70 106 106 Since January 1 Low Hign No Low Hiqb 95 % 136 93% 96% 95 109 109 110 May’09 70, 76% "73“ 86% Oct *10 85 90% 2j(l03%Ul% iiT 108 86 85 108 93 92 i*oT 110% 112 100 Range $3 * *76% ’ W itf a*,100 "8*i% 93 93% Feb'10 Oct *10 100 109 Feb’10 114% 100 106 Sep '10 85 no 80% 87 1 Sep *08 Sep'In J’ne'00 109 110 111 100 65 J’ne’OH Nov'09 „ 110 iu% i 13% 118*4 Sep’10 114. Sep " 0 105 70 114 114% 115% Apr'00 82 103% 108 103% 71 103% 105% ioT Nov’OS !|106%106% 100% Apr’10 106s* May’10 75 103 112 103*4 105*, Oot '08 ;.io» 107% Sep'10 ! ibT’ i04** Get '06 108% Dec'06 107** Deo'09 105% J'ly TO 105 107 91 *86** 104 106% Dec'09 FCb’10 ••• _ 91 106% May’lo 100 106 104 109 111 *97*s 108*4 109 111 66 •••••• 106 • ••••a' 101% 88 •••••• 01% 93% 87% • 76 77 81 80 86% 103 107 84 101*3 Salto 87 70 80% 87% J’ne’10 100 101*4 69 ”e*9% Oot Ok TO. iu ...J 98% •- 3U3 101 104% 97% 96% 93% 93% 95 30, 90 81 .. 86% 91 106 io:T 101% 116% 98% 94% 98% Si 113% 117 Jl 198% 113% 20 91 94% 96 90 Jan ’09 94 70 90% 94% 92 93% J’ne’10 97% 98%- % 81 90*3 98% 96% 116% 109% ibT 112% **9*9* Sep TO AugTO 77% Oct TO 116 L16 115% 115*« 112% 112% 112 % Got ’10 93% 94 70 03 87 101% •...'#•* 108% 112% 112 toep ’00 90 Aug’10 04% Mar’10 103 97% Sale ...... 109 96 109 Sep TO 81 89 103 80 »«S 91 107% 107% 111% 100 104 *3 • 70 Mar’lo 103 Sep ’00 106 % Nov’04 107% 109% 108 •m 106% 106* 100*4 Sep '09 107% Apr’10 109 AugTO 98% Get TO 109 May’10 111% 111 60% 98% 107% Dec'09 CCo SeePaRB See Bio Gr Wes See Uu Pacifio B See ti Y Cent Vandalia consol g 4s ....1956 J-J F-A eraCruzAPlstgu4*9Sl934 Wabash 1st5s.... gold 5s 2d gold 1939;M-N .1939 F-A 1939 J - J Debenture series B 1st ilen equip s fdg &s..1921'M-8 1st hen 60 yr g term 4S.19&41 J - J 1st ref and ext g 4s ....I960 J-J Det A Oh Ext 1st g 5s..1041 J* J Des Mom Div 1stg 4s..1939] J-J Om Div 1st g 3*as 1941'A-O Toi A Ch Div 1st g 4s...1941 M-8 Wab Pitts Term 1st g 4s. 1954 J -D Trust Co certfs ___ 2d Last Sale state 85 . gold4s 1964 J-D Trust Co certfs Warren bee Dei Dao A West Wash Cent See Nor Pao Wash G A W See Southern Wash Term! 1st gu 3*38.. 1945 West Maryland 1st g 4s...1962 Gen A oonv g 4s ........1962 Trust Co certfs...... WVaCentA P litgOs 1911 WestN ¥ A Pa 1st g 6s.. 1937 Gen gold 4s 1943 Inoome 6s 41943 West No Car bee South By F-A A-O 110% 105 J’ly’io 166 94% 95 2 94 94% 91% 109 % sale 108*4 6 107 199% 99% sale 16 98 99% 100 100 80 86 J’ly TO 98*4 100 J’ne’lo 100 86% 90 MarTo 00 65% Sale 63 60 208 56% 105%...... 106 J’ly TO 105 76*" **77** 83 44% bale 44 Sale 6% 0% Sale 89 89% 86% Sale Wheel Div 1st gold 6s..1928' J-J Exteu A Imp BB 1st oonaol gold 6s...1930 F-A 4s.... ....1949 M-S 20-year equip s f 6s ...1922 J-J Wilkes A East See Erie Wil A Sioux F See St P M A M Wls cent 60-yr 1st gen 4s 1949 J-J SupA DuidivA term 1st 4s'30 M-N Telegraph and Telephone Am Teisp A Teiooiltr 4s 1929 J-J Convertible 4s Mich State Telep 1st 1936 M- 8 6s ..1924 F-A Telep 1st A gens 14%s.’30 M-N Pao Tel A Tel let 6s ......1937 J-J West Union col tr cur 6s.l938 J-J Fd and real est g 4*9*...I960 M-N Conv 4s, Ssriss A 1936M-N 83 Deo’09 • 110% 111 87 82 85 93% 93% Sale 5%SepT0j..J 6% 6% 98 89% Oct’IOT... 80%l&14 80 34 Feb’u7 105 104 102 82 09 JauTO J’ue’10 Oct TO Deo’08 105% 96 96 97% 97% 09% 00 101% 101% 102 4 4 a% 88% 00% !!'* 104 99 91% 41 104% 970 AugTO 06 99% Sale 77% 107% 101% 105% 00% Sale 90% 103% sals 103 98% sale 97% eaie 80 102 90 109% 110% 80% 92 25 93% 103% 68% 74% 100% Nov’09 no J’ue’lO 93% 99 93 98% 113% ••«••• _ 86% Sep To 103% 90% 108 74% Sep TO 72*3 77 83 Sep TO 83 90 41% 44% 33 39 44% 382] 32 71%Feb’10 73 *3 Apr TO .... A-O Nov Apr’10 105 A-O J-J J-J Nov’OS 98 96 Wheel’g A D B 1st g 5S...1926 A-O 191% N Y ***i 100% 101 102 100 ...... 1— . 100*% 100** 6s 1928 J -D oon g 1952 A-O 1st refund g 4s UnPaoBBA 1 gr g 4s.. .1947! J-J Registered 1947 J-J 20-yr couv 4s 1927: J-J 1st A ref 4s.... p2008 M-S Ore By A Nar con g 4s. 1946 J-D Gre Short Dine 1stg6s..1922 F-A 1st consol g os 1946 J-J Guar refund 4s 1929 J-D Ver Vai Ind A W Sec Mo P Virginia Mid bee South By Va & Southw’t 1st gu os.2003 J - J 1st cons 60-year 5s 1958 A-O 86’. 104 00 100% 100% 8 78*3 85 78% 7 100*4 Dec'Ou 91*3 124 108% 01% i Sep 10 117 86*3 98*4 • 82*4 82’ 116*3 78*3 Sale 80 Apr’10 Sep ’lo 91% Get To Week's Range or Oct 14 60-year gold 4s..........I9601 A-O 88*4 1013 E-S Hied 94% 99 94 101 Sep'10 108*3 Sep '10 103*3,.-. 101 Aug’10 103 .... .... 90% Sep 10 BONDS N. Y. STOCK EXCHANGE WEEK Ending Oct 14 Beglstered Oot '10 A-O Gila V G A N let gu g 6s. 1024 M-N Hoos a&W T 1st M-N 1st guar 5s red 1033 M-N B ATGlstg6slntgu..l037 J-J Consol g 6s lnt guar...1312 A-O Gen gold 4s uut guar.. 1921 A-O Waco* N W div 1st g Us ’30.M-N A AN W 1st gu g 5S....10411 J • J Morgan's Da A T 1st 7s. 1918 A- o 1st gold Us 1920 J-J No of Cal guar g 6s 1938 A-O Ore A Cal 1st guar g 6s. 1927 J-J So Pao of Cal—Us A & S .1912 A-O t 107 - 90 4s 1949 F-A: May’10 January l 1 Oct '08 107 109 107 108*« Since No Low 109*4 J’ly’OO 96 Aug’09 90 May’08 91 Sep '10 98*4 Apr'04 104*3 Got *08 104*3 Oct'10 101% Aug’10 . W A 100 1040 Through St D 1st AAA 100 Sale 92* Sals F-A1 Mort guar gold 3 *as.. tel929 J -D] Beglstered..... .... 97*s.... 11234 104% tel949 J -D conv 4s Cent Pao 1st ..... 103 103 *s Gold 4s (Cent Pao ooU).gl949, J-D Beglstered .... .... 2:5 Sag Tus A HUl 1st bee gPere Marq t Jo A Ur 1947 4s... ib*0% Range aqCQ ASM Low Blah Pennsylvania Co—(Con) ! 88 98 Guar 16-26 year g 4s....1931 A-O * 98 110 CIA Mar 1st gu g4*ss..l935 M-N 100*4... Jan *05 103 Cl A P gen gu g 4 %s ser A.'42* J * J HO®* Jan'<>9 Series B 1942 A-O Series O 8%s 1948 M-N Senes D 8*38 1960 F-A Erie A Pittsgug3%s B.1940 Record—Page 4—Concluded 104 102 77 87% 90 00 96 04 80% 93 08 96 106% MK 08% S' 8* 07 100% 06 93 97% 100 97% Sep’10’.... 100% 102% M18CBLUNBOOS BUNDS—Concluded. Uanuiacturlug «Ss Industrial Gen Electric deb g 3%s..l042 F-A 10-yrg deb6a....,.......l917 J-D lnt Paper Co 1st con g 6S.101& F-A Consol conv s f g 6s 1935 J-J lnt St Pump 1st s 1 &S....1920 M-S Lacksvr steel 1st g 6a 1023 A-O Nat Enarn A stpg 1st 6s.. 1020 J-D N Y Air urake ist oonv 6s ’28 M-N By Steel Spgs 1st s 1 5S...1921 J -J Bepnb IAS 1st A ooltr &s. 1934 A-O Union Bag A P 1st si 6s..l03u J. J .Stamped J » i^eath Co sf deb g6s..1913 J 8 Realty AI oonv deb g 6s’24 J S Bed A Bef 1st sf g 6«. 1931 7 S Rubber 10-yrcoli tr68.T8 7 S Steel Corp—j coup .41963 M-N J-J J-J j.d M-N SI 10-60 yr As. treg.. 41963 M-N * No price } 80 82 Jan *10 82 82 149 148% Sale 145 1L2 130 149 101% I06 101% 101% 1 100 106 84 85% 85 Oct *10 82% 89% Sale 92 92 92 *2 92 06% 97 96% 1 96% 96% 100 96 99 ...... 94 Sep TO 97% 104 Sale 104 104 *121 100 114% 98 H 97 97 J’ly’lC 96% 93% 102 H 102 102 OOt TO 102 104 91% 93 May TO 93 96% 93 :::::: 00 May’10 93 96% 101*3 105 Sale 87 84 103 88 Sale 104% Sal® 103 104% AugTO 104% 105 86*4 #7% 13 86% 94% 87% Oct TO 86 90% 102% 103 66 101% 104% 104% 104% 210 101% 105% 104 104% 1 101% 105% manufacturing 6s Industrial Va-Car Chem 1st 15-yr 6s 1923 J.D Westinghouse E A Ms f 5s *31 J-J Miscellaneous Adams Ex ooitr g 4a......1948 Armour A Co 1 st real est 4 %s’30 Bush Terminal 1st 4s.....1952 Consol 6s..,..,...., 1956 Ohio Jo A - t Yard ool g 08.1916 Det M A M Id gr incomes.. 1911 institfor Irrig Wks 4%s 1943 lnt Moreau Marine 4%s..l922 lnt Navigation 1st s f 6S.1929 M-8 J-D A-O J-J U M-N A-O F-A A DD6sdl990 J-J Newp No Ship N Y Deck 5o-yr 1st g a Sale 93 Sale 91% Sale 92% Sale 87% 80 Dae F’ne ti Due J’ly M-N M-S J-J J 100 35 95 60 78 ..... ...... Sale 91% AugTu . J’ue’lO May’lo 35 90 65% 98 ew.jp «Hs4^e' 104 96% tOOit 91% 02% 02% 88 *1% 79 ‘88% •8% 100% 08% 92% *05*1; 105 4S..1961 F-A Provident)# Seo deb 4S....1967 Provident Loan Seo 4%s.l921 S Yuba Wat Co cen g 8S..1923 Wash Water Fow 1st 6s..1939 latest bid and asked this week. 6 Due Feb d Due Apr • Due May 100 Sep TO 06 79 Dee *09 90%Oct TO 90 Sep TO 96 118 193 teDasAug oDue Oct J’ly*09 J'ly *04 AugTO y Dae Nov sOption Sala * ” CHICAGO STOCK EXCHANGE—Record-Daily, Weekly and Yearly STOCKS—HIGHEST AND LOWEST SALE PRICES Saturday Monday Oct. 8 i Oct. 10 155 * Oct. 11 6714 15*4 *ll2 *57 y-8 Thursday Oct. 12 4U *20 *70 *17 *60 *18 67 97b 50 814 68*4 8I4 68*« 131 67 157« 1612 Friday y oct. 13 STOCKS Oct. 14 414 41ft 23 73 20 70 22 60 57 * 79 1081* *77 108 414 5 23 73 18 70 22 60 58 10 52 *20 *70 18 *62 *18 *—. 58 9*4 *9*4 *50 812 8l4 69 *250 71 18 10 418 51 812 69 Sale 185 Mch’10 Sale 112 July’10 Sale 4 July* 10 75 72 73 r 17 18 1734 18l2 *9 10 812 9 Last Sale 4l2 Sep'10 5 5l2 5U 65* Last Sale 23 Oct'10 Last Sale 7H4 Sep* 10 *18 20 *1912 21 *60 62 64 70 Last Sale 20 Sep’10 *60 • 65 60 60 58 58 58 65 10 10 10 10I2 *50 55 *50 60 v 8S4 6978 * 9 70 *250 131 79 108 * 131 79 79 *108 *32 *62t2 *48 35 64 50 *1 Hr *2 3 39*4 120 g 108i2 m 35 63l2 *48 *1 *2 35 64 50 34*4 lift 3 41»8 43 120 120 401?120 34*4 *62 *48 *1 *2 145 145 120 PQ jjj)a 12018 *144 116*4 11634 0Q lift 3 43 ' 14514 14514 11612 116*4 < Q 64 60 4278 9 9I4 71 Last Sale 250 71 Oct* 10 Last Sale *77 79 *108 110 Last Sale Last Sale Last Sale *32 35 *60 62 Last Sale Last Sale Last Sale 43 43l2 120 I2OI4 Last Sale 145 145l2 *13712 13812 *13712 13812 *137l2 138l2 YTfir 9 7034 7012 0 145 116*4 116*4 126 79 108 EXCHANGE Lowest 8612 87 59 5912 6912 *98 110 *121 *124 *119 87 59 6912 9912 21 110 122 125 120 8812 59 59*8 *98 * 5914 59*4 99 99 12512 127 11912 119l2 10714 10714 . — „ 21 *121 127 *119 122 127 120 10712 IO8I4 10812 10914 16714 168 10414 .91* 91* 16 10414 10412 9 * 104 9 16~ Sl2 878 Aug’10 Apr* 10 Sep’10 4212 9 .. 914 87s Last Sale 15 100 ctf ‘ l" ctf * 2" ctr ''3'' ctf 4" - • Inter¬ Price est Friday Period Oct. 14 Bid 123 _ . . „ 93 102 pref 791 Diamond Match ~ 382 Illinois Brick Masonic Do 100 .... 9 Apr’09 IO2I4 .... .... .... .... .... .... .... .... .... .... rnmmeum* .. .... , .... .. .. .... .... .... .... .... .... 102U 16 . . .... ' . .... -*■ .... _ Nat* ,w Vcrue<1 ’nterest ir. ^ .. ^ 100*8 1003, _ 1 5 100*8 10314 IOOI4 102/s IOO14 iooi4 100 10012 .... .... .... .... 100 „ .. . 82 82 77 97 9434 75 4 1 ... J-6 2 . . . 70 65 J-ne’10 . •.. 9812 _ «... 1 .... .. .. . .... 98*2 . 10034 103I4 103 10412 IOOI4 1021, 10ll2 10H2 2 m'mrnm . 9ttl2 97 97 .... - 96*4 .... . .... ... 93(4 9614 99 96*2 .... 91*4 AprU Nov*04 84 80 9334 99 92*2 . 5 .. 103 88 114 80 76 88 . IOOIr Oct'lO must ?>e added to all 94 * 94*4 9434 1 9812 Mch'10 9 Hi 1023j .___ .... Feu'lu IOOI4 Sep’10 101* Sep’10 National City National Produce...... North Avenue State North Side State Sav*gs North West State People's Stk yds State. liaTway ...... Exchange..._ Security South Chicago Savings. South Side State.. state Bank of Chicago.. StooK Yards Savings Colon Bank of Chicago Washington Park Nat’l 121*4 Mav'09 IOU4 Oct'lO 103 , 1*1— — May 05 77 First National First Nat Englewood... Foreman Bros B k’g Co. Fort Dearborn National Hibernian B k’g Ass’n K as par state Bank.... La Salle St National Live Stock Exch’ge Nat vlonroe National.. Nat Bank of Republic uPralrle National Prairie State _ 10214 Apr' 10 93 93 1003s Mch'09 9612 Mch'10 . .. 9714 101‘8 9714 98 .. Dec'08 86 91 901? - 1 yy t .... 88 75 15 9034 Oct'lO 93)4 U6U .... ^ 8734 101*5 951* 96 -T - _ . 8414 12 .J.. • .. • 9434 July’ 10 9434 9434 75 Sep’ *0 .... . 101*8 103l4 10018 Aug’io .... .... Contl’tal A Comm Nat Corn Exchange Natlona Drexel State Drovers* Dep National Knglewnnil State • IOH4 100(4 Aug’lO lOfaU Sep’10 10oj>* Aug’oy .... .... Chicago City .. .. IOU* 80 86i2 May J9I2 Dec J Tv Dec 59 25 73 61 54! 103 van Jan Feh 7*8 Jan May May May Dec Dec Jan 11 i* J no i4 M*»v 3934 Jan 1. Mav l Apr 1 25>2 JTy 2b Sep 23 41 i37 FeD Jan 3 127 163 Men K 117 107 Mavi? 2 J’ly 22*4 9 82 . 148 _; r Feb 101 91 46 J an Mch 2- Mch Jan 42 Dec 140 Sep Jan 152 Oct Jan 12D2 JTy Mrh 117 38 Jan 43 Jan 20 Nov 7 Jan 7 Jan i; Oct 10 Men 30 Jan 13034 Aug 88>2 Dec Jau ~ 47 97 7r Jan 118»4 Feb 82 110 102 . SU>« 119*4 Sep 130 Sep 108i? Dec 124 Nov 1197* Aug 1 Mch 169>2 Dec jau Jan Jan i? FeD 7 170U Oct Mch lt2 55 101 1005* Jan looi2 Jan 186 nei. 9 May 26 JTy 1., 106 Jau fa 6U Apr 28 lOSg Jan 3 j’uejo £27* Apr 1 15 701, fa 8 8 fc Feb ,9 J l Apr 212 Nov 17*5 Feb ‘ 8 m 11612 Aug 8 101 Sep 16 155 JTy 27 0 .an llo 125 127 121 1 lfa-'ij Feu 24 Feo 10 J’ly 26 m Feh Dec 5*-» Dec 68 ~ Apr . 60rj May2o 1023., Apr 20 it Aug 3 J’ly 11 103 ^ Mch I t J’ne 20 i Sep Nov Jan *0 2'* Apr Jan 12 Jan 8 J2/ 112 145 i J’nc 51>4 Jan 12U2Jan li :o yij Apr 101 118 104 112 ^ 10 48 3 74 56 82i2 Sep 20 53 J’ly -0 „ 6 4 “ 22514 Oct 132 JTy 8l>* Deo Feb Aug 101 139 14218 Mch Feu 40 93 86 Jan Jaa 54i* Apr Sep 23 1319 ]j*4 Nov J’ne 7134 Jan 1 91*4 100 88 94 1007s 88 . 70" Apr' 10 . . .. Chicago h ond 70 65 65 85i2 Julv Oi . prices. .v endei, otate .... Central Tru*t Co of III.. Chicago Sav Bk A Tr Chicago Title A Trust Citizens Trust A Savings Jolonla Trust A Savings Cont A Comm Tr A Sav. Drovers’ i rust ASa vlngs Karweli Trust Co First Trust A Savings.. Guarantee Trust A Sav. Harris irust A Savings. Illinois Trust A Savings Xenwood Trust A Savgs Lake View Trust ASa vgs Merchants' LoanATr Co Metro pollta n Trust ASav Northern Trust Co ... North-Western TrASav Pullman Trust A Savgs. Sheridan Tr A Sav Bank Standard Tr A Sav__ Stockmen s trust A Sav w Outstand¬ Surplus ing Stock and Profits t T UOU.OOu ^934 ? 100)8 6612 06i? July’OS National 94l2 --i-rr • Calumet j934 . J’ne’ld 79 Mch to 97i2 Sep’io Ap.’lj Aug’08 97*2 MTU 52 Dec Jan 200 126 3 100 100 90*4 •••• 9ui2 _ • High _ 2i Apr’09 7812 .... • 102l2 88 Dec Nov 97 oan 13*2 Jan 2Ul4 Jau 29*4 Apr b 4 Jan Feb 1? Feb ^ , NAME i — 85i2 Sep’10 M734 9818 mm mm ' .. 6 9412 Dec’09 87 Feb’OO .... .... Low 9634 Jan*Uj .... 112 Aug’J U4Jah Co.. 100 Do pref Western' j-tone „ Range for Apr’04 .... j ne22 2 Jan 30 15i« Sep 47 17 63 50 l$>8Jan It 82 Jan 1601s Sep 22 135 Apr 4 84 May 12 Aug 26 1081* J’ly 27 pref.. . _ .... May’07 103 50 .... 30‘ 78 0 £.4^ Jau 142 100 100 Mllw 6s Chic Brewing.... Do pref 447 National Biscuit 100 Do 117 pref 100 5;> National Carbon 100 Do 10 100 pref 870 People's Gas L6sCoke. 100 Do rights 6,616 Sears-Roebuck com.. 100 Do 236 prel 100 308 Swift 6s Co 100 133 i he Quaker Oats Co..100 Do rights Do 201 pref iOO 925 Unit Box Bd A P Co.100 J’ne’O > 100 tXil « 104 7 fa J’ne J’ne no Tempie 230 Medium-Dowell IOH4 Oct’09 .... Feb 31 56 47 uo Year 1910 .... - « 773, Mch 30 J’ne:.! J’ne 22 J ne 24 Jne.l 26 72 23 66 72U Do Do 10914 .... 93 .... 3'J c 107 Aug 13114 J'ly 30 rights 165 Chic Title 6s Trust 100 Common 455 w'th-Edison. 100 Do rights Corn Prod Rel Co com 17012 B'ds Sold High No. mj34 Menu .... 3*4 Dec 65* J’nejL 62t2 J’ly 26 Apr .6 J’ly 19 Chicago Telephone...100 _ June’10 Ask Low Amor Strawb’a 1st 6s. 1911 1* - A Armour & Co 4^s .1939 J - D Sale Aurora Elgln&Chlc 5.1941 A • O Cat db So Chic Ry Co 1st M 5s .1927 P A Cass Av As F G (St L) 5s T2 J - J Chic Board of Trade 4sl927 J -D Chicago City Ry 5s 1927 F - A IO2I4 102l2 J • J Chic cousoi Br 4s Mlt 6s Chic Consol Trac 4 Hs 1939 J - D Chic Auditorium Ist5sl929 F - A Chic Dock Co 1st 4S..192J A - 0 Chic Jo HR 1st M g 5s. 1945 M- S Chic No Shore Elec 6s.1912 A • O Chic Pne Tool 1st 5s.al921 J - J 8512 88 Chic Ry 5s 1927 F - A 97i2 Sale Chic Rys 4-5s series “A" A - 0 87 90 Chic ttys 4-5s series “B" J - D 78l2 Sale Chic Rys 4-5s series “O' F - A »3 Chic Rys coll 6s 1913 F - A 97i2 97*8 Chic Rys Fund 6s 1913 f - A Chic Rys Tem Ctfs 1st 5s Chic R 1 & P RR 4S..2002 M- N Oollat trust g 5s—1913 vl - S Chic Telephone 5s....1923 J - D 10214 Sale Commonw-Edison 5s. 1943 d - s 101i8 ion4 Chic Edison deb 6S-1913 j - J 1.... 1st g 6s July 1926 A - O Debenture 5s 1920 .VI - s Commonw Elect 5sbl943 d - b Illinois Tunnel 5«_.__1928 J - D Kan City Hy As Light Co 5s 1913 d - N 95 U 961 ?> Knick’b ker Ice 1st 5s 1928 A - 0 19434 Sale Lake St El—1st 5s—.1928 J J 75 Income 5s l92i» Feb Metr W Side El— 1st 4S_. 1938 F - A 82 Sale Extension g 4s....1938 J * J 76 77 Morris & Co. 1939 J - J North West El 1st 43.1911 M- S 96l4 No W G-L As Coke Co 5s 28 Ogden Gas 5s 1945 d - N 193 Sale Pearsons-Taft 5s 1916 J - D 9812 M- S 4.403 95 4.60s Series E M- N 96 M- N 4.80s Series F 9712 Peo Gas L As C 1st 6s. 1943 A - O Refunding g 5s....1947 M- S 101 10U2 Chic Gas LAC 1st 5sl93? J - J 103 - Sale Consum Gas 1st 5s. 1930 J - D MutT Fuel Gas Ist5sl947 AI - N IOU? South Side Elev 4 ^s.1924 J - J 9134 93 Swift & Co 1st g 5s 1914 J - J tlOJift Sale Union El (Loop) 5s.. 1945 A - U Union Pacific conv 43.1911 d* N United Box Board col 6? 26 57 75 General mtge 6s J - J 57 65 Western Stone Co 5s. 1909 4 O fa 614 Aug 10 iiwi? J’ly 45*4 Jaa j an Jan 119 12134 (Jet 114 >4 Aug Jan M8i2 Jan 162 Dec 105 Dec ap Feb 3*4 Mch 15 15* Mch Feb ‘ Mch 25 Chicago Banks and Trust Companies Weekfi Range or Last Sale o ‘J»* Ja Feb 17 Jan 14 Feb 7 Apr 1 240 1.6 72 - BONDS CHICAGO STOCK EXCHANGE Week ending Oct. 14 1 Jan 2 Jan 1< Feb Jan Jan 190 4 15 Oct 97's Dec 3 Jan Mch U? Oct kiay^,4 imy3i 55*4 J’ly 6 7 J’ly 28 40 J’ly ib 212 .'outb Side Elevated..100 375 Streets W Stable C L.lOo Do 100 pref ...-100 5 J ne*y Aug 20 69 16 51 15 63 .... Chicago Bond Record .. Highest 3 • Dec IOU Dec 8 Dec 3 mmrnm 180 iOU 30 16 MaV2u 8 2,160 Chicago SubWay..„._100 Kans City Ry & Lt..l00 Do prel ..*.100 217 .ietropol W s Kiev 100 W5 Do pref .........100 Northwestern Elev._.10o 25 Do pref.. 100 Mch V i>l2 Jau 26 7i2Jan 7 185 li2 J'ly 28 4 J’ly ;.8 6038 Sep .8 1II4 Sep 13 .... 120 I68I4 11914 Last Sale 7*4 16 Do pret 425 ;hic Rys part 3,397 Chic Rys part 150 Chic Rys part Jhic Rys part - Mch 7 185 _ 35 64 120 120 121 103 1033s 103 10314 *150 169 172 174 Last Sale S34 June’10 104 104 103 103 10412 *-„-- June'09 June’09 10914 16712 168*4 1201* 119 119 102*8 10212 10212 103 1027g 103U 174l2 * 174l2 *170 172l2 *104 10812 Last Sale 11-16 Mch’09 _ 169 x • • 59 59 59 59 Last Sale 45 Aug* 10 59 59 *59 60 *98 99 *98 99 Last Sale 218 June’07 Last Sale 20 Nov’09 111 11278 11234 113 122 12134 122 122(9 *127 128 *127 128 *119 120 *119 120 11012 noi2 _ 167 1201* *119 16H2 17012 *119 59*8 * 9H2 90i2 9912 21 111 121 *110 121 107*8 10712 88l2 58l2 91 59 m 2U Feb’OS 14512 14512 117 117l2 Feb’10 13g 1M2 Oct* 10 79U Apr* 10 *91 "92 Last Sale Last Sale Last Sale Lowest Miscellaneous 13734 Oct’10 11634 117 Chicago City Hy 100 Chicago A Oak Park..100 ' 885 American Can. _„ioo Do pret 100 American Radiator.. 100 Do pref 100 27 Arner Shipbuilding...100 52 Do pref. 100 Amer Teiep A Teleg... Booth (A) 6s Co 100 Do pref „ion 180 Booth Fisheries com.. 520 Do pref Cal 6s Chic Canal A D.100 Chic Brew'g 6s Malt'? Do pret 1,083 Chic Pneumatlo Tool-lOo 79 *32 *60 47 1 3 42 120 Highest Ka, roads 505 July* 10 *8 14 Range for Previous Year (1909) Range for Year 1910 CHICAGO STOCK Week Shares Last Last Last 71 ✓ 212 *8 ♦4 8 9*4 61 *ll2 *6 69 4l« 23 73 20 70 22 60 58 155 2l2 *7 *4 41r *4812 *250 *___. *77 •108 157s 8 41« *20 *70 *6 ♦66 67l4 15*4 *7 ♦4 *17 *61 *18 155 212 *0 ■ Wednesday ' *112 • Sates of the _ 500.00u 20,000,000 3.UOO.OOO 200,00O 600,000 200,000 399,499 36,85 200,000 14j,88j 251.086 490.626 65,108 1,214 618 404,524 83.064 950.430 68.756 26,2«>9 18.498 105,12^ 62,310 80,077 23,268 186,033 250,000 600,000 250,000 300,000 200,000 10 10 12 12 87,000 6 944 6 12 An J-J 200,000 600,000 200.000 1,000,000 200.000 Union Trust Co....... 1,200,000 vWest’n Trust A Savings »1,000,000 vVest Side TrASav Bank 200,000 W’oodlawn TrASav Ban 200,000 % Dec *09, 6 loly '10. 5 Oct *10 i 212 Q-J Oct 10,4 Q-J July TO ll2 9 in O-J not *111 11* 6 Q-J Oct 12j Q-M Sep 30*10,31) 10 10 Q-M Sep 30T0,212 Pnv ate Ba nk 8 8 Q-J Oct TO, 1 8 8 Q-J Oct TO,' 2 10 10 J-J July TO, 5 deg b A. M yU V.9J, p.f277 10 + 2 10 Q-M Sep 30*10 2l2 4 4 4 Q-F Aug. T0.1 " 8 8 Q-J Oct TO, 2 3 6 Q-J Sep30 10. Hi 3 Q-J Oct TO. 112 2h 6 6 8 2 Q-J Oct Q-J Q-J Oc Oct Q-M Oct Jan TO, 1*4 " Q-J Oct 6 None IH Q-J 6 Q-J 6 11.065 Beg. b 11 1.742.9U7 - 186.241 Last Paid iod. J 7 us Sep 12 8 6 TO, llg , TO, I TO. 2 Oct Oct TO, 2 89, p. 817 Q-J TO, 3 Q-M Sep30T0.2 M-N day TO, 3 C ’09 V. 6 47.899 7,814 See V. 90, p. 159 6,57u 6 Q-M i >#»(*:« 872)807 7 7 6 6 4 4U,365 5.840.079 221,455 2.327.738 64.494 224.584 *23.013 250,000 32,754 1,190,520 132,692 107,552 53,442 4H TO. He *08,2 TO) U2 Oct «500,000 116.352 1H 5,000,000 11,643,80* 6 7,188 4 60,000 600,000 454,135 8+2 8+2 3,000,000 427,869 7h 200,000 115.219 8 1,500,000 18J.92y 3 2,600,000 3,113.260 13 14.619 Incorp orated 200,000 1,250,000 1.456,828 6 9H 5,000,000 8,444,429 16+4 16+4 6 200,000 53,526 6H 200,000 3,000,000 750,000 1,500,000 per¬ 9.6^.2.319 192,377 625.37* 383,692 2,000^000 In 1909 0 5,437,074 22,1*6 150,000 1,000.000 1.5JO.OOO 1,500,000 200,000 1,500,000 250,000 200,000 100,000 oO.OOO In 1908 v.43,541 224.197 io.ooo;ooo 10.836)569 1,000.000 1.250.000 300.00J 2,000,000 1,500,000 250,000 200,000 60,000 200,000 300,000 Did dend Record . ‘ Q-J Q-J Q-J A-O Q-J Oct Oct Oct. tis 11. TO, TO, TO, Apr9, TO, Oct TO, 2 11» 2 3 2lf Q-J Oct TO. 2 Q-J Oct. 'JO, u2 Q-M Sep30'10, 4 1908 V.87 p.1138 Q-J Oct *' 10. 8 Oct TO, 4 / Q J Oct TO. 1*4 Q-J Oct TO. U2 Q-j Oct TO, 8 Q-J Sep 30 10,112 Q-J Oct TO, 2 » iy TO. 3 J-J Q-J Oct TO. 2 6 12 6 8 6 8 Beg b ua J'lv 12 0 9 V 89 n 141 Comm eneed bus. Sept 6 1910 6 6 J-J i.Iy TO, 3 8 *8 + 2 Q-M Sep30'10.2 6 6 Q-J Oct TO, 112 12 6 8 6 8 6 6 Q-j Sep 30T0.2 July TO. 2 Bid and Asked prices; no sales were made on this day. t Sept. 1 (close of business) for national banks and Sept. 2 (opening of business) for State institutions. 1 No price Friday; latest price this week, a Due Dec. 31. b Due June, k Also 20% in stock. « Capital and surplus to be increased, a Dividends are paid Q-J. with extra payments Q-F. s In addition the equivalent of 4% more came from First Trust A Savings Bank, t July 311910. v In addition the equivalent Of 1% came from Fiwt Trust 4; Savings Bank. » Prairie Nat. Bank and Western Trust 4c Sav. Bank to be merged and capital of latter to be Increased to $1,250,000; V. Ml, p. 314. fa Bee V. 91, p. 72, 17, z July 1 1910. . tfa Oot. 15 1910.] THE CHRONICLE Volume of Business at Stock Exchanges 'i'UArta.WilON Electric Companies l\SK. BU Edison Co—See Ch. -'ago list Gr't West Pow 5s '46.J-j 87 83 * Kings Co E: L5bP Co 100 1:2 124 Narragan (ProV) El Co. 50 * 80I2 -8 NY&Q E1 L dsPow Co 100 50 Preferred 78 ...100 73 United Elec of N J...100 75 1st g 4s 1949 76 J-i) ft' Western Power com. 100 34 35 Preferred ......... 100 60 oJ Chic THE NEW lOrtA rfi'OOk EXCHANGE j A1 DAILY. WEEKLY A TP YEARLY Stocks Week ending Oct. 14 1910 Railroad, Ac., Par value. Shares. Saturday Monday Tuesday.... ... Bonds. $8,112,900 18,038,900 37,257,600 89,929 195,439 400.101 State Bonds. $996*0001 U. S. Bonds $103,000 66,000 77,000 1.678.500! 2.456.500; 1015 Telegraph and Telephone Amer Teieg 5s Cable. 100 Central 5b So Amer..lOo 63.609,0501 3.146.500 61,000 1,000 Comm'l UnTel (N Yl. 25 985,850 90.346.500 3.732.500 86,500 Emp 5b Bay State Tei.lOi) Franklin 100 2,369,697 $21/,364,950l $11,910,000 $393,500' $6,000 e Gold 5b Stock Teieg. 100 e Northwestern Teieg. 50 Paciilc 5e Atlantic.... 25 Week ending Oct. 14. Jan. 1 to Oct. 14. •Pac Teiep 5b Teieg pf .100 Southern 5s Atlantic.. 25 1910. 1909. 1910. 1909. HOLT Wednesday Thursday... Friday „,... LY $5,000 e e 698.378 85 117 88 118 Inuusfria and A1 scei Bit Couso1 Rubber Tire 10J 3V Preterrel 10. LO Debenture 4s 1051 A C 1 33 ? Crucible Steel 10 121. • Preferred 105 77*1 OavL-Da'y Copper Co.?. Diamond TotfL Sales at New York Stock Exchange. 3.369.6971 Stocks—No. shares Par value Bank shares, par Bonds. Government bonds... State bonds RR. and mlsc. bonds.. 4,421,785 135,776.9721 167,933,894 $217,364,950 $410,397,750 $12,092,164,250 $15,364,970,500 $4,b00 $2,500 $895,600 $143,650 « Week ending Oct. 14 1910. 1Usted Unlisted shares. Whores. Saturday Monday Tuesday Bond sales. LUted shares. 8,695 15.270 15.883 3.400 7,145 12,282 $16,000 54.000 63.000 29,196 36.785 16,344 20.611 191,000 50.000 16,354 16.045 104.829 59.7821 $374,000l 65,785) ....... ..... .... Wednesday. Unlisted shares. 7,749 15.161 10.476 1,327 4,015 5.202 HOLI DAY Thursday Friday Total.. Bond sales $13,000 19,900 23,100 ’ll',856 ‘*50.165 . 17,869 19,000 40,269 $125,100 Outside Securities Ail bond prices are now Street Kai’ways Bid New York Civ Bleeck St & Put F stk.100 1st mtge 4s 1950.. J-J B'y 5s 7th Ave stk ...100 2d mtge 5s 1914 J-J Con 5s 1943—See Stock B’way Sun 1st 5s gu 1924 Cent'l CroiSt’n stk 100 1st Mand interest*' mtge 6s 1922 Cen Pk N 5b E R stk ..100 Cbr*t*r 5b 10th St stk..100 Col 5b 9th Ave 5s See Stock 15 52 Ask t 115 98 Exc 102 t 80 15 80 EXC 20 00 140 100 1st 105 90 85 30 90 USt Dry D E B 5b B— 1st gold 5s 1932 J-D 95 Scrip 5s 1914 F-A Wf 30 30 Eighth Avenue stock.lOo 250 Scrip 6s 1914 F- \ I 9c 42d 5b Ur St F*y stk ..10u 200 42d St M 5s St N Ave. 109 1st mtge 6s 1910.M-i2d income 6s 1915.J-J ( 25 Inter-Met—See Stk Excn 4 age Lex Av 5b PavF 5s See Stk Exc Metropol St Ry—See Stk Exc Ninth Avenue stock.. 100 155 Second Avenue stock. 10u 10 1st M 5S*09 ext'lv-.M-fs yu-L Consol 5s 1948 F-A / 50 eSixth Avenue stock.. 1U( il5 Sou Boulev 5s 1945—J-j 60 So Fer 1st 5s 1919 A O 88 Third Avenue—See Stock Exc Tfcrry W P 5b M 5s 1928 / 60 YkersStRR5s 1946 A i 75 28th 5b 29th Sts 5s '96 A-0 • 15 Twenty-third St stk 100 190 Union Ry 1st 5& 1942. F-A 100 YV«stcnest 1st 5s '43 J-j 05 .... 100 40 34) 10!) 220 ---• list list list 180 16 60 130 80 92 •1st 80 80 30 215 102 75 Brooklyn Atlan Avenue RR— Con 5s g 1931 A-O B B 5b W E 5s 1933..A-0 Brooklyn City Stock..10 101 9/ 10O Con 5s—Sse Stk Excb ange Bkln Hgt* 1st 5s 1941 A-O 97 Bkln Queens Co 5s Sub— e 1st g 5s '41 op ’16.J-j 97 cist con 5s '41 op*16 M N 96 Bktyn Rap Trau—see Stk Exc Coney 1st 5b Bklyn lOu 60 1st cons g 4s 1943..J-j 78 Con g 4s 1955 J-J 75 Brk C 5b N 5s 1939.J-J 95 Kings C Ei 4s—See Stock Exc Nassau Elec pref 10U 5S 1944... A-O 103 1st 4s 1951—See Stock Exc N YV bg 5b Flat 1st ex 4 87 Steinway 1st 6s 1922..J-J 103 103 102 170 list except where marked Street Railways Pub Serv Corp N J (Com Cons Tract of N J..100 1st 5s 1933 J-D New'k PasRy 5s '30 J-J Rapid Tran St Ry-.100 1st 5s 1921 A-O “f,* Bid Ask 72 78 1031? 10412 106 235 103 J C Hob & Paterson— 48 g 1949 M-N 75 So J Gas El & Trao.100 130 Gu g 5s 1953 M S 97 No Hua Co Ry 6s 14 J-J 102 5s 1928 J-J 102 Ext 5S 1924 M-N 98 Pat Ry oon 6s *31..J-D 115 2d 6s opt 1914.. A-o 100 So Side El (Chic) —See Ch icago Syracuse R T 5s *46..M-S lbi Trent P & H 5s 1943.J-D 97 United Rys of St L— Com vot tr ctfs 100 • Preferred 100 Gen 4s 1934—See Stock UnitRys San Fran See Stk Wash Ry 6s El Co....100 Preferred 100 4s 1951 ..J-D 8I4 40 EXC Exc 32 88*8 8314 107 245 76 981j 'ffir- •1st 8*4 4>jl4 list list 33 89 83 ;2 New 100 EXC 158 100 102 98 40 102 list 166 102 104 luO 50 99 1UU2 98 100 60 75 102 65 9J 40 75 29 99 30 65 z7 95 _■ Railroad Chic Gt Woom tr cttsXSee StOC 8 : Preferred ir ctfs../ list Chic Peo 5b St L— Pnor hen g4 Hs‘30. M-S / 85 Con mtg g 5s 1930..J-J / Income 5s. July 1930.. J .... Chicago Subway 100 5 Kan 5sCol Pac 6s 1938.F-A 110 Nat Rys of Mexico—see S t Exc Nortb’n Securities Stubs. 95 Pitts Bess 5b L E 50 *30 Preferred 50 *6212 e Railroad Securities Co— III C stk tr ctfs ser A 52 90 __ 106 Seaboard Company— 1st preferred 100 721? Com 5c 2d pref—See Bai t Exc Seaboard Air Line— Coll 5s ext May 'll.M-S S97« West Pac 1st 5s '33..M-S 9i% Industrial and Miscel Adams Exp g 4s 1947 J-D / to Ahmeek Mining 25 *185 Alliance Realty loo 120 American Book -.100 150 American Brass 100 1<0 American Chicle com. 10b 220 Preferred lOu ys Am Graphophone coin 100 5 Preferred 100 1&I4 Amer Hardware 100 117 Am Malting 6s 1914._J-D ioo Amer Press Assoc’n__100 95 Am St Found new—See s tk Ex 6s 1935 A-O 100 Deb 4s 1923 .F-A 6J American Surety 50 20J American Thread pref 0 *4!2 Am Tobacco Co com..10c 413 Amer Typefdera com.lOu 38 Preferred 10u ys Deo g 6s 1939 .Al-N 97 Amer Writing Paper..100 2 Preferred— 100 231* 1st s t g 5s '19 op *09 J-J 87»£ A'lGf&WIndSSL nes.100 y Preferred... 100 19 Col tr g 5s 1959 J J 65I2 85 65 88 40 6 12 59 103 35 «05 45 8 "9978 • 5s 1910 ..Aid.! Houston Ol 10b Preferred .........10o Hudson Realty lOv s Ingersoil-Rand com.lOu 65J, 40 lib 93 • Preferred .10 100 mtercontin't'l Rubber.lOo 28l2 mteruat'i Bank'g C0.IO0 95 lntemat” Mer Mar—See s |tk Es international Nickel..ioo 135 Preferred lOo 89 1st g 5s 1932 A-o 90 international Salt....100 3 1st g 5s 1951 ...A-G 47 international SI ver._Ujo 50 Preierred 100 1(<7 1st 6s 1948 _.J-G 110 Lnternat Smelt 5b Refg 100 131) nternat lime Record.10b 176 Preferred loo 107 Jones 5s Laughiln Steel Co 1st s f g 5s 1939..M-N 10118 ^Lackawanna Steel 100 32 e 1st con 5s 1950...M‘E 85 s Deb os 1915..; M-s 9U2 i^inston Monotype... 1Q0 8jt2 Lawyers Mtge Co .100 237l2 wen 5e Wlikes-B Coal. 50 225 e LortUard (P) pref.__lO0 135 Madison Sq Garden 10<> 35 2d 6s 1919 M-in 85 Manhattan Transit 20 *1*8 Exc Mononganela RCoai.. 50 *9 Am Cig ser A 4s ii__M s> 997s 10018 Ser B 4s Mch 15 *12 M-S 98 9Si2 Balt5BOnlo ^s 191. .J-D 9o78 a9% Jethieh steel 6s 'U..M-N 95 yo*2 Ohio 5b Alton 5s *13..M-S 9£*4 yyij Jin Ham 5b D 4s 1913. J J 97*4 97-J.i 0 C C 5b St L 5s, June 'll 100 100*2 Hudson Companies— 6s Oct 15 1911 A-0 97 99 6s Feb 1 1913 F-A 97 h 99 interb RTg 6s 1911.M-N lJltjs ibUa K C Ry 5: Light 6s 12. M-8 9812 99 Minn 5b St L g 5s '11.F-A 99 99-38 NYC Lines Eq 5s 10 22 64.60 4.3; 4^3 Jan 1911-1925 64.60 4.3b N Y N H 5b H 5s '10-12 100 .01 St L & S F 4Hs'12 op.F-A 97‘2 98 5s Mch 1 1913 M-S 96 w7i2 South Ry g 5s 1913..F-A 98U 99 Tidewater 6s 1913 guac 1003s 100*4 Wabash 4 191....M-N 97 West'Teiep 5s T 5s '12.F-A 99!2 00 WestiQgb'e El 5bM 63 1913 9978 10J«2 5% notes Oct 1917.A-0 , ISO 190 “V" , 95 a4 8U *8 2u# iecker-Jones-Jewell Mtt 1st 6s 1922 d ier'g-Hall-Mar new.lOu do00ken Land 5b Imp 100 97 101 ..... Preferred 50 .100 lOu 10U ... (Mortgage Bond Co Nat Bank of Cuba Nat'l Surety... e Nevada Cono'd Copper o 6>2 Nev-Utah Ml a 5b Sin. lo • New Central Corn 2o Hat NY Air Brake 6s—See Stk N Y Biscuit 6s 1911.A\-o 105 • New, York Dock 35 .100 • Preierred 100 1212 Y Mtge 5b Security-loo N Y Transportation 20 Niles-Bem-Pood com.lOu 75 Nipissing Mines o list Jhlo Copper Co. ,1b e Ontario S lver ...100 Gtis Elevator com 100 ..100 Preferred 94>2 10b 50 5 Pittsburgh Brewing.. 5o Preferred 5b Plttsourgu Coai—See Stk Po pe All g Co co m 1 Ob 91 190 :2o 153 123 225 Preferred 10b Pratt 5b Whitney prei-100 Producers Oil loo Realty Assoc (Bkiym.lOb Royal Bak Powd com.lOu Preferred lOu Safety Car Heat 5b Lt.lOu 101 .... 120 lc2 .^eneca Miu ng 102 71 .oi 514 415 • $1* 29 105 ISt 140 92 93 8 52 80 113 112 140 200 112 9214 85*4 ->42i2 275 145 45, '"Vi 21U no 100 265 115 105 272 *2078 ♦1 ^0 Exc II4 1*8 60 list ioo 25 7J 195 35 83 >05 5 102 *4 97 ♦10l2 *2he 'Bs 49 92l2 ■*-318 -40-s Exc 55 .5 loO 145 116 193 104 126 ” 105s 23i« 2*2 52 94 23U Ust’ 60 80 05 t59 20 19> 107 128 2o lOu lOu lOu Singer Mfg Co 105 '1st 212 fe2 150 i .... Preferred 100 1st g 5s June 1 '22 J-I) 28 .... 10-12 Copper iuggenheim Expior'u lOo' Hackensack Water Co Ref g 4s *52 op '12..J-J dali Signal Co com 100 iavaua Tobacco Co 10>> • 97 • Gas Securities York Cent Un Gas 5s 1927 .J-J Con Gas (N Yt—See Stk s Mutual Gas 100 New Amsterdam Gas— 1st consol 5s 1948..J-J NY&ERGas 1st 5s '44 J-J CoUSOI 5s 1946 .J-J N Y ds Richmond Gas. 100 N Y & WestchesterL ht'g— Deb g 5s 1954 guar.J-J Nor Un 1st 5s 1927..M-N • standard Gas com..100 • Preferred 100 1st 5s 1930 M-N 93 20 53 121s 78 Preferred .10 1-314 Gold 4 Hs 1936...J-i | 84 88 Electric Boat.... .10 24 Preferred 10 70 Empire Steel __10u ; iJ 16 Preferred 10 65 General Chenvcal_._10j *90 IOO • Preferred 10 »00 l 4 Goldfield Con Ylmes See S tk Ex list ireene-Caoanea 95 100 Vf • 60 90 4 • Gold Hill il2 Short-lcrm Notes A Philadelphia. 5J 112 100 103 Ferry Companies 5b N Y 1st 6s 1911.J-J N Y 5c E It Ferry stk. 100 1st 5s 1922 M.-N \'Y5cHob 5s May '46.J-D $6,000 $9,500 $333,200 $496,700 Hob Fy 1st 5s 1946 M-N $393,500 $572,000 36.6J3.950 30,706,900 V Y 5b N J 5s 1946 J-J 11,910.000 16,624,500 471,267,700 1,044.848.100 10th 5c 23d Sts Ferry. 100 1st mtge 53 Total bonds....... $12,309.5001 $17,206,000 1919..J-U $508,224,8501 $1,076,051.700 9 Union Ferry stock.. 100 DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA e 1st 5s 192 J M IS EXCHANGES Boston. 105 65 40 91 145 JuPontlEDdeNemPj Iff. * ..... *214 - Match Co.lOj e Ank 200 3*dd‘ south Iron 5b S com 9 11 Preferred 18 21 Standard Cordage....10 1st Mg 53 '31 red_A-C 15 Adjust M 5s Apr 1 1931 ;3 5 Standard Coupler com lOu 40 Preferred lOo loo' standard Milling Co-.lOb 16 *18 Preerred lOo 52 1st 5s iy30 M N 84 88’ Standard Oil of N J..100 600 603 Swift 5s Co—See Bost Stu Exc list 1st 5s—o'-e Cute St »ck, Ex- list Texas Company—See Stk JExch list • Texas 5c Pacific Coal luO lUJ 105 Title Ins Co of N Y...100 130 137 Other Cities " iu2 Am Gas & Elec com.. 50 ♦41 45 100 Preferred 100 50 ♦102 41l2 j 93 Amer Light & Tract..100 z_75 .80 251? list Preferred 100 xlOO 102 89“ 75 Bay State Gas. 50 *4 *8 10 83 Bitigh ton (N Y> Gas YVks i >3., 80 1st g 5s 1938 95 A-O 98 69U 100 Brooklyn Un Gas—See Stk EXC list Barney 5b Smith Car.. 100 40 fonopah Min (Nevada) *8U ■1st Buffalo City Gas stk.. 100 3u 5 Preferred _10u 90 Trenton Potteries com 100 ioo 4 1st 5s 1947—See Stock Exc list Beth 'm Steel Corp—See s tk Ex isc Preferred, new 100 45 55 105 Cities Service Co 62 lo. 65 Bliss Company com.. 50 1^4 13J Trow 20 Directory.. 100 30 Il8t Preferred........ loo 83 85 Preferred. 5o 113 22 Underwood Typew pi 100 99 92 Con Gas of N J 5s ‘36.J-J 10012 93 96 Bond 5b Mtge Guar...100 ^35 Union Typewriter comlOU 245 50 52 106 Consumers' L H & Pow— Borden's Cond Mlik_.10o 113 1st preferred U4 100 104 108 5s 1938 J-D 110 Preferred lUu iu3 2d 1. Other CUtes 4 105 preferred .10b 102 Denver Gas & Elec 100 190 British Col Copper... 5 */*k Buffalo Street Ry— 7*8 Un ted Bk Note Corp- 60 *4212 46 Gen g 5s 1949 op M-N 90 92 Butte Coalition Mining 15 *19 2 20 1st consol 5s 1931..F-A Preferred 50 ♦50 103 52 105 Elizabeth Gas Lt Co..100 300 Casein Co of Am oom.100 Deb 0s 1917 *i2 3>2 United Cigar Mfrs....lOo 67 A-O 103 105 Essex & Hudson Gas. 100 136 67*4 139* Preierred 100 56 • Preferred 65 Columbus lOi St Ry..10u lOo 100 L<8 91*4 Gas 5b El Bergen Co..100 77 80 Casualty Co of Amer*. 100 125 140 United Copper.......100 Preferred lOu 100*4 10U2 « Gr Rap 1st 5s ‘15.F-A 412 4*4 95 102 Ceilulo d Co... 100 127 Preferred Colum Ry con 5s—See Ph a list DO lou 17 20 Hudson Co Gas 100 135 138 Cent Fireworks com..l00 U S Casualty........lOo 215 Crosst'wn 1st 5s '33 J-D 100 102^ Indiana Lighting C0..IO0 33 35 Preferred .....10c U S Envelope com...100 c Conn Ry 5b Ltg oom.100 50 73 75 4s 1958 op 64 F-A 65 Central Foundry Preferred .........100 105 • Preferred .......loo lOu 112 77 79l2 Indianapolis Gas 50 13 Preferred U S Finishing .........100 1st 5c ref 4 Hs—See Stk Exc list lOu 96 100 1st g 5s 1952 A O 79 85 6s Deb 1919 Grand Rapids Ry pref .100 Preferred 35 40 op ’01.M-N / .........100 106 88 111 91 Jackson Gas 5s g '37.A-O / 88 921* Chesebrough Mfg O0..100 700 e Louisv St 5s 1930...J-J 1st g bS 1919 J-j 1J0 105 • Laclede Gas 104*4 105 100 10214 l0_*4 City Investing Co 62 100 67' Con 5s 1929 x .J-J 95 Lynn 5s Bos 1st 5s *24 J-D 104 10512 LOO e Preferred lOu 80 102 Preferred U S • New Orl .100 10) Steel 108 Corporation— 23G Bys 5b Lgt-100 23*4 Madison Gas 6s 1926. A-O 103 108 s Clatiin (H B> com..100 Col tr s f 5s ‘51 opt ‘li 114 e Preferred 10 > 106 100 115 Newark Gas 6s 1944..(J-J 128 68*8 59 130 • 1st preferred.....ioo 90 Gen M g 4 4s *35—See S tk Ex Col tr a f 5s *51 not op: 114 5 116 1st Newark Consol Gas..100 96 98 • 2d preferred .....100 94 98 U S 5b Pub Serv Corp of N J.I00 107 Tit Gu Indem..l00 85 109 105 • Con g 5s 1948 J-D lo3i2 104 h Coi 5b Hock Coai5bI pt 100 Tr ctfs 2% to •Utah Copper Co—See Stk Exc 9* list 100 6%perpet No Hudson L H 5s Pow— 1st g 5s 191/ North Jersey St Ry.loo J-J Westchester 5b 1 • 1 • / Bronx Tit 60 5s 1938 a-u 110 Col tr 6s Oct 1956..J/ 45 1st 4s 1948—...M-N 5b Mtge Guar. ...100 180 170 75 77 Pacific Gas 5; E, oom.100 62 63 Consol Car Heating...100 39 42 .Vestlngh'se Air Brake.50 *141 Preferred 100 86 88 5b West El r 1 Mtg 6s—SesStk EXC Pat 5b Pas Gas 5s Eieo.100 88 92 Worthing Pump pref. 100 „lil5 • Con g 6s 1949.._M-> 100 102 St fo<M»ph <»*« 5- 1937 v. 1 90 •)»w t j * Per share, b Basis, e Sills oa stk. Ex., out not very active f nat pnoe. nnce. X t n Nominal. n,x-div. »y Rx-rtcrntfi. m Mow ■tank 100 42 mmmm. f ... .... ..... ..... ....... ....... ....... ... ..... 45* 1 • • itf* -- 1 *5iT • • BOSTON STOCK EXCHANGE—Stock Record, Daily, Weekly and Yearly SHARE PRICES—NOT PER CENTUM PRICES Saturday Monday Oct. 8. Tuesday 10. Oct STOCKS Sales the Week Shares Oct. 11. Wednesday Thursday Oct 12 Friday Oct 13 Oc* 14. Lowest ♦220 ♦128 ♦215 220 128 *210 133 *288 129 135 ♦280 290 ♦131* ♦70 ♦.... 15% 74 10*2 ♦150 110 *13*2 *13*2 .... 19*8 :195s 190 ♦845$ 154 101 *150 85 85 101 101 *45 46 IOU2 *5*4 ♦151* 116 115 w% 28 *103 16 102 *5 ♦143 8*4 6 150 9 "*5*“* *107 ♦108 ♦132 ♦92 162 220 6 110 101*2 *15*2 117 116 116 138 *30 95 *9 *19 *5 10 1984 6 150 151 85 92*2 93 *.... 220 925* 57b 109 *108 110 ..-.*132*4 13484 31 29 197 196*2 67*4 5784 28 96 162*2 163 121* 1212 1021* 102*2 ^•301* 133 *92 14 *—— 196 28 28 848* 93 219 6 109 110 96 14 ♦3012 196*2 58 28 31 29 198 59 28 90 77b 13 ♦4412 8 131s 45 8*4 127b 9 13 45 45 66*2 27*4 66*4 17 17*2 178« 684 27 8 ♦.50 14*4 5*4 ♦19*4 59 550 20 • .06 68 4>6 7*2 - ♦1H2 7*4 27 7 .60 14*4 5*4 20 5984 550 21 .10 59 *550 21 *.06 ♦4% 7*2 7*2 .15 12 78g 29 23 ♦195s *484 50 20 5 10*2 305s 85s 8*4 ♦ .25 40 ♦129 1312 ♦73*2 198g *1% 1034 ♦17b .40 .45 10*2 31*4 85s 8*2 74 8I4 13*6 8*4 138s 49 38* 23*2 59 8 52 49*2 2*2 129 *1% . 74 *184 6U4 8*8 8*2 129 1384 11 23 ! 39*2 11 6 38s 23*2 .25 130 *1% 39*2 39*4 4834 3*8 49f 20% 58* 10*2 31*4 884 8*4 198* 184 13 *58 57b 3984 39*2 "♦2*2 "3" 129 5 50 19 11 2*8 .40 .45 *4*2 1384 7384 23 2*8 8*4 13*4 58 6 40 39*8 4834 38* 23 495g 2*2 8*2 130 B * .40 .40 195s *4% 50 10% 31 8*2 8*4 .26 39*2 128 *13*4 ♦73% 19*8 1*2 1084 *17* 51 8*8 13 *58 *5*2 3984 39*4 48*2 *3*4 23 4984 *2*2 8 ♦125 ♦1% 31 95% 50 36 166 103" 103% 73% ..... .. 223 1.326 347 25 Oct’lO 90 3 J’ly 28 J’ly 38 Apr 14 Ja<; 2e J’ly .6 Feb 6 May 16 Jan 4 Jau 3 Sep 22 Aug 3 Mch 22 J ’ne3u 11% Jan 15 100 Jan 24 28 27 MchJv Jan lb Torrlngton.... 75% 14.198 120 94 153 25 Do ; pref.... 23 United Fruit.. 100 Un Shoe Mach Gorp.. 25 25 U S Steel Carp 100 Do pref 100 West Telep A Teleg._l00 Do pref. 100 165% Jan 16 46% J’ly 25% J’ly 9 . .... Oct 11 Oct 14 Mayo- 2i> % 88 01% J’ly 2b J’ly 26 111 14 Feb i. 81 Aug 15 4 J’ly 13 Sep 21 J’ly 13 Oct 3 Apr < 162% Mch 14 14t% Aug25 212 Men,; Jan / Jan 8 Jan l Mch :oo 35 116 106 ~ 46 8*4 12 46 20 6O84 10 .40 .... 74 19*4 5 60 21 19% *1H 1% io7s 2*8 36 11 5 50 *.25 40 130 14 73 40 23*4 678 3% 19% 10*2 31% 8% 8*2 .25 2% 19% 5 130 778 .50 .36 20% 10*2 3134 884 8*4 7*2 10% .35 5 50 5 16 10*4 195g 68*4 ,16 35 * 5*4 10*2 32% 8*2 8*2 .50 40 131 14 76 19% 1*4 11*8 11 21-16 21-16 51% 52 51 8*4 8% 13 59 13 69 6 *5*2 40*2 39*4 48*2 3% 23*4 40 39 48*2 3% 23*4 49*4 2% 8*2 4978 3 8*4 128 128 I7a ,~.1% • a,a 25 10 ...25 280 __ 68*2 27*4 31 8 27 67b 3% .50 .40 Con! 3.084 Adventure 2.080 Aifom&h Mining 8% 13% 60 6 40% 40 49 3*2 23% 60 Butte-Balaklava Cop. 10 20 6I84 Feb 17 3% Sep 28 6% J’ly 13 .05 Oct 11 9*2 J'ne^» 6 J’ly 26 58 $ J’ly 6% Sep 29 14% J ly 19 20 2?i >Sfi 5 5 50*4 51% 21 21% 5*4 10% 1.500 Nlpissing Mines..... 5 33*2 20,865 North Butte ..... 15 900 North Lake.. 25 395 OJlbway Mining 8% 25 5*4 10*2 32*2 8*2 *.25 40 131 14 76 .30 40 131 14 8 13% 59 6 40 39*4 48% 3% 23% 984 129 3 10% 134 *1% 220 650 96 116 269 Old Colony.. 25 Old Dominion Co--.- Osceola ........ Parrot Silver A Cop. pnoes. 13*2 May 3 Sep 1 J’ly 7 28% J’ly 15 0 J’ly 33 xQ 3 4% Men « .40 AugJo .30 J’ly 19 17 J ly 18 378 J’ly 12 43 12 66 J’ly 6 J’ly 6 15*4 J’ly 1 1% Sod 29 8% J’ly 6 1% J’neso 36 j’ly 19 7% J’ly 14 9 J’ly 5 45*2 J’ne22 4% J’ly 18 ..... .... 835 Victoria 1,796 Winona 10 25 25 25 59 50 5 5 10 25 ,25 33 ... Mch31 33*2 J’ly 20 45% J ly 20 2*2 J ly 22 18*2 J’neso A39*4 J’ne30 * 2*2 J’ly 22 - , ... J Ty 2t> 17% J’ly 5 3% J’ly 13 y%jau 17 18 J’nejO 0% J’lv 13 5 Sep 7 .25 Aug 9 29% Jne *5 114 j’ly 27 UJUlncy Kay COnsol Copper., 107 Wolverine 60 Wyandot ( New .toon. . 1%» J’ne 12 10' J’ly 18 2 ........ Santa Fe Golid A Cop. Shannon 100 South Utah M AS... 62 865 Superior............ 8 624 Superior A Boston Min 1312 2.982 Superior A Pitts Copp. 61 182 Tamarack ........... 6 105 Trinity 40% 4.682 UnitedStatesCoal AOH 40 1.895 U S Smelt Ref A Min. 49 Do 1.153 pref.* 3% 1.800 Utah-Apex Mining... 23*2 1.023 Utah Consolidated... 195 Utah Copper Co..... 61% 3 140 Michigan 25 321 Mohawk 25 3,824 Nevada Consolidated. 5 345 New Arcadian Copper 25 77*f 20*8 4.242 30 1*4 11% 2,227 19% ♦1% 11% 9% 1% 155 J ne3o Mch May 4 5*8 Oct 4 15% J*ne3u 44*4 J’ly 12 500 J’ly 6 13*2 J’ly 15 .04 J’ly 6 15 940 Butte Coalition 704 Calumet A Arizona 10 555 660 6 Cal a met A Hecia.... 25 630 Centennial 25 22*s 23*2 Cons Mercur Gold.... 10 1 Aug* 10 *842 Copper Range Con Co 100 681* 68% 295 Daly-Wost 20 4% 7*2 7% 1.498 Bast Butte Cop Min., lo .15 .15 2,895 Elm River 12 120 Franklin 11% 25 11*4 8 5.555 Giroux Consolidated. 5 32 1,841 Granby Consolidated. 100 Greene Oananea 20 8*8 6.973 27 3.430 Hanoock Consolidated 25 565 Helvetia Copper..... 25 2*4 1534 2,035 Indiana Mining 25 23 23*4 2,011 isle Royale Copper.. 25 Kerr Lake 5 67b 67g 1,115 200 Keweenaw Copper.__ 25 ”33% 36 6,911 Lake Copper Co 25 11 11 295 La Salle Copper 25 9*4 25 10*4 6.320 Mass Consol.. *.40 .50 100 Mayflower .* 25 .40 .40 350 Mexico Cons MAS.. 10 19% 19*4 1,040 Miami Copper....... 5 19% 60*4 3 130 Bonanza Dot Co 6*920 BosACorbCop&SUMg 55% J’ly 12 19% J’ly 26 36 J’ly 13 12% May 4 5 6 J’ly 13 25 102 J’ly 12 2S* 1% j’ly 26 AmTp^I. Yet-WooH dlv. „ Highest Jau 98 10034 Jan 125‘s Oct J'ne 239*4 Apr 135 Deo 235 Mch 103% Jan 95% 3 Jan 1/ Mch o Feb 10 48?a Jan H. 105 Sep 26 87g Feb 24 127% 124 - Jan u 8% Jan li 152% Mch 11% Jan 3 , Oct 10 160*2 Jan u 65% Oct 7 97 Men lb 270 220% Feb 2c 6% May 10 124 115 Jan 3 Jan 11 138% Mch 11 100 200 Jan 5 Febli 14 Oct 3 10984 Jan 10 34% Jan 3 31 May 0 200 Sep 10 71% Apr lb 31 Jan 4 90*4 Jan 3 125% Jan 0 lo% Sep 30 94 jau a 10 Feb 1 124% Jan 223% Dec 132% 296 Feb oo% Jan 3 40% Jan 3 53*4 Jan 3 60% Jan 3 12*4 Jan 14 .70 Mch 2b 24% Jan 13 18*4 May zb 28% Jan 3 103 G85 38 .16 85 Jan 143 115 267 Jan 3 Jan 3 Jan 3 Jan 10 Jan 3 9%Mch28 13*4 Jan 3 2% Feb u 22% Mch 12*2 Jan lo 111% Jan 3 117s Jan 3 3G 162 123 jan 275 136 lb 79 195 Jan 103 Jan 88*2 Sen 195% Jan Oct 11% Jan 58*2 Jan ♦ 153 Nov 146 200 190 26 Feb Apr Dec Apr Jan 102 Oct 94 Nov 125% Feb 27% Feb 93% Jan 4*2 Apr 15% Apr 334 Apr 125 Jan 7 Jan 108 J’ne 12% 31% 8*4 147% 13% Oct 245 Jan 260 150% F'eb 178 59 89 Jan 2 68 93 Jan 257g Mch 7 1284 Jan 14 1% Feb 1 55 166 Jan 3 Jan 3 2184 Jan 3 92 Mch * 2484 Mch s 284 Jan 3 Jan 3 18 384 Jan 19 68% Jan 14 18 Jan 12 16*8 Jan 1U 78 jan 11*8 Jan 41% Oct 56 6 3 1 Jan 3 63*8 Jan 5% Jan 3 3 46 3 Jan 00% Jan 3 584 Jan 11 15 -50 Jan 14 Jan 3 3% J an 14 Hx ngm. a 83 *4 97 Sep Aug Nov J’ne Apr Aug Deo Apr 220% Deo 3% Oct Apr Jan 126% Jan 75 Feb 168 Jan 984 Jan 100 Jan 20% May 24% Jan 126% Jan Mch x54 28*2 Jau 4134 Feb 107 Feb 125 Oct 118 Oct Sep Oct 139 108 199 12 Aug Sep 114% Aug 34 35 170 Dec NOV Deo Oot 31% Sep 94% Oct 71 131 12 96 6% Jan Mch 4*t Oct Oct Dec Deo 10% May 34 Jan 62 65 23 Feb 96% NOV 40% Deo Mcb 38*8 Feb 54 Feb 30 8 46 J *y 8 Sep .80 24 119 695 J'ne .35 12 Oct Feb 2*2 Jan Aug 12% Nov 110% Deo Feb 14% Nov 38 33% Feb 9% Aug «7*4 D60 74% Deo 19*8 Dec 18*4 May 1 6 J ly F"eb 30 Dec 4% Mch 6«4 Nov Feb Deo Dec Nov 8*8 Deo 13 Sep 85% Jan 11% Aug 14% Dec y% Oct 122 19 83 Doo Nov 28*8 DOO 13% Mch 70% Jan Oct J ne Deo 7% Aug Jan 47% Feb Mch 19 .312 Nov .40 Jan 16% Apr 2*2 May 47 Jan Aug 86*4 Nov 7% J’ne 90 Feb 9 May Deo 44% Sep 68*2 Feb 7% May 7% Feb 1 13 Deo 11% Deo 33% Nov 21% Feb 96% May 585 Feb 29 Feb 10 Oct 51*4 Deo ig Jan Feb 17*8 J’ly Apr Feb Ma y/b Jan 3 145% Sep 40*8 Aug Jan 202% Men 76 Apr 131 ,117 Apr 12 50 J’ly 9% Feb 22% Nov 136 Apr 6% Jau Jan Nov 3% 12*4 684 x57% 16*2 27*2 Jan 11 10% Jan 12 50*4 Aug 105 13 rll4 30 Jan 22 Apr 98*g Apr Apr Jan Jan Jan 8% Jan 21 Aug 112 33% Jan i'sJau 13 75 J'ne 176 Jan 1084 J’*y 4% Mch i 4 40 117*2 Aug 93% Mch 165 88 16 5 Aug Sep 200*8 Jan 2I8S4 Aug 117% Aug ’9 29 174% J’**e 149 215 107 94% Jan 22 *4 Oct Nov 19 84 90*4 Mch 97*2 Apr 22*8 Apr 7*2 Apr 10% Oct 13 J'ne Jiy Mch Feb Dec 128*2 Nov 3 Jan 5 6*4 Jan 14 Jan 77% Nov 14*2 Mch fc5% Oct Nov 8% Sep 5% Deo 11 22 Jau Jan 12 578 Jan 4 44*4 Mch 9 28% Jan Nov Jan Feb 153 301 Sep 11% Jau 60% Jau 10 May 46*2 Dec 14% Sep 16 58 Jan 225 ii Feb li Mch 2 Mch 143% Feb 24 ,39% Mchl'j 104% Mch 23 11% Jan 7 28 106 3 *172% Feb 204% Jan 109 99% 129*2 AUg 17 N E Telephone 100 Pacific Coast Power 100 258 Pullman Co.. 100 80 Reece Button-Hole.. 10 143 Swift & Co 100 133% Jan Sep 26 J’ly 6 Mch *8 Mayiu 7 16 jau 3 Jan io Jan Mch lb 270 108 111% Oct 3 127*4 J’ly 26 26 J’ly 7 91 J'ly 1 loo lu% Sep 30 48 150 118 Apr 2i Oct 111 t Feb -4 Feb l Jan 2t Jan 3 Apr 7 118 Apr Boston Land 4** 10 Cumb Telep ds Teleg.100 138*2 270 Bast Boston Land.. 7*8 109 Edison JB»ec Ilium 100 A289 98 General Electric 100 135 2,520 MaasacbusettsGasCos 100 76% Do 89 294 pref 100 12 Mergenthaler Lino... 100 214% 2% 381 Mexican Telephone.. 10 107 19 N E Cotton Yarn.... 100 pref Aug-9 Sep 16 J’ly 27 98*4 Mch<*> 4% Aug 2 14 J’ly 15 Atl Gulf ds W I S S L.100 Do pref ...100 Do Moh—v 98*4 Auv 2 163*4 J’ly 26 89% J’ly 26 47% 2.565 Amer Agricul Chem..l00 462 Do pref 102*4 100 340 Amwr Pneu Service... 50 5*4 Do 730 pref.... 50 15% 118 337 Amer Sugar Refln 100 Do 116 294 pref.........100 139% 3.462 Amer Telep & Tel eg.. 100 American 31 89 Woolen....100 Do 96 326 jprel 100 vr 76 , 99 42 57 J’ly 21 201 50 "l03 208 16 Feb 10 162 83 165% 46 .15 12 S3 36*8 II 10% piy t ,1 a aaii-M cue! in 138*4 8% IO84 7% 29*4 7% 26*4 2*g 4 5 118 116 4 J ’ne lo 202 10 658 20% 1512 Oct Jan lu 130*% Jan 90 bo .10 12 23 5 100 100 . 6 22/ 152 Marl 181*4 Sep 14 25 May 103 Aug 18 ve^onfS'uVs:;:;;,^ - 234 Aug J*lF *7 Sep 18 210 . 289 West End St °° 24 J’neio h 5 68*4 4% 7*8 47* 7*2 20*4 Electric...... 7 14% J’ly -6 75 J’ly 1 149 Apr 28 139% Mchll Do pref.........100 890 Union Pacific 100 44 Miscellaneous 47% 101% 8% 11% 660 21 21 Last Sale 21*2 6*2 19% .25 52 57b 3984 39*2 61* *3*2 365*1 34*4 IO84 *10*4 10 10*8 130 52 ♦58 23 6*2 *312 3584 10*4 98s Rutland pref Seattle 3 104% Jan Jau 10 197* 11** 11*2 7*4 75ji 2984 31 78* 784 2412 26*2 2** 2*4 16 16*4 7% 154*4 123% Jan Au* 2 104 85 AUoue*............. 25 68*4 69% 6.458 Amalgamated Copper 100 27** 27*4 1*841 Am Zinc Lead A Sm.. 25 Last Sale 397, Anaconda 25 % Oct’lO 17% 18 17*4 17% 4*285 Ariaona Commercial. 25 8 Atlantic 25 8*8 565 7% 8 59 *550 .10 23 *38*2 198s I84 .05 154% 14% .08 68 2*8 16*2 10*2 3084 884 8*4 1312 .06 68 85 Last Sale .50 Oct'lO 15 15 15% *5 5*4 5% 5*4 14*2 5*4 197b 555 21*2 84 85% 73% 11 Connecticut River... 100 182 Fitchburg, pref 100 345 Ga Ry & Electric.... 100 Do 60 pref... ...100 Maine Central.. 100 2~040 Mass Electric cos 100 DO 636 pref.. 100 473 N Y N H dt Hartford. 100 Northern N H .100 Norwich & Wor pret.lOO 51 Old Colony.........100 v May*10 19*4 20% J’lY 26 Oct 3 Oct 13 260 124% Sep 21 31 67*4 27*4 712 484 7i* 24 19*2 45 59*2 2*8 16*2 5 .50 40 131 1912 "7*2! 8*2 11% .60 59 *550 .15 30 20*4 5 18 *5 * 29 *48 20*4 1784 *6*2 *141* 113* 7*2 .40 *.35 5 67*4 2784 128 118 90 Atch Top & Santa Fe.100 91*2 l>o pref_-_. 100 97% Boston & Albany....100 218 Boston F.levated 100 *122 Boston & Lowell 100 20J Boston 6s Maine ...100 132 Boston & Providence. 100 265 Boston Suburban £2 Cos. 14 Do ‘"20 70 prel_. Boston at Wore Elec Cos. 8 Do 35 pref Chic June Fty ds USY.100 139 Do 23 100 109 pref... 343 150 134 106 24 44 5 Mining 87* 66I2 268* 260 .... 116 71*2 13 45 *.50 5*4 19*2 59*4 7*4 197b 50 684 11*2 7% e24 6% 6*8 384 384 86*2 3684 ♦IO84 11 914 978 ♦ .35 ♦ .35 18 555 21 .08 67*2 68 .20 23 * *2 66*2 .60 14 5*4 19*4 4%l 16*2 22*2 12 *44 Oct'lO *112 *255 128 118 90 204 120 120 120 Last Sale 19 90 ♦88 *85 00 86* 27 *.50 14 68*4 7*4 227b 2*8 I684 ’*88 90 66*4 27*4 ♦7 ♦ *88 Sept'10 Last Sale 31 Oct'lO Last Sale 30 8ept'10 198 198 197*2 197% 58 58 58 58% 28 28 28 28% 6884 70 697| 705^ 705* 71*4 *118*4 118% 1177b 118 H864 119 *17 19 ♦18*4 19 *18*4 19 90 74 Oct’lO 85% 166% 166 13% 13% 1027b 103*2 1031S ♦...« 29 198 58 28 58 6 150 9 133*2 14 103 Sept* 10 10*2 IS? 134*2 292 Last Sale 10 Oct'lO *19 19*4 Last Sale 5 July’10 Last Sale 143 Sept’10 9 8*2 8*2 884 270 x266 266*2 153 153 154 155% 84 84 84*4 x83% 93 93 93*2 93*2 *220 222 *220 6 “V 6 *584 109 109 *107% 112 *108 110 110 111 1331* 133*2 *133% 134 Last Sale 95 Aug’10 16212 165 102*2 103 *3012 31 134*2 290 15 *70 128*4 *101% 139*2 ♦30*2 31*2 95 95*2 270 219 *5*2 *94 115 138 I984 “8484 847g 94 163 16 117 116 10 270 223 215 85*2 101*2 10134 5** 5*8 15*2 15*44 117 117*2 5*«i 95*2 *8*2 884 270 *107 *108 102 31 ♦144 220*2 128% —— 4684 47*2 137*2 138*4 3012 95*4 104*2 100*4 210 84 85*4 ♦101*2 467* 5*8 116*4 269 151 152 84% 847* ♦9212 931* 160 85 ♦101*2 5 16 884 270 ♦269 152 *150 85 100% Last Sale 140 Sept'10 Last Sale 210 June* 10 182 182 184 185 Last Sale 27 Oct'lO Last Sale 103 Aug* 10 102 *100 102 102 1691* 1707b 171% 172% Last Sale 91% Sept'10 Last Sale 163 June'10 169*4 169*4 *91*4 9284 101*4 ioiTb 95 *9 *19 *6 *144 84 *104 197b 154*2 15484 102 46*2 13714 *29*2 8384 15412 .... 46% 116 115 116 *19“ ’l9” 101 *15*2 116 137*2 1377b 29*2 29*2 95 95*4 85*2 5 ♦19% 186 *-.-. 27 160 46 20 *182 *102 168 160 118 *19*2 8334 103*4 ♦167*2 I68*g 168*8 ♦90*4 915* *91*4 92*2 ♦150 74 1012 118 *87 *206 186 *26*2 *103*2 •SP 103 103 225 135 *134 *288 292 Last Sale 71 71 Last Sale Last Sale Last Sale 112 112 260 260 128 128 *118 118*2 *88 Last Sale 12712 127*2 117 220*2 128% 128*2 *147 156 *110 112 *---. 265 112 186 220 *210 *36*2 *19*2 20 ♦8384 154*4 154*2 154" 154*2 102 102% *100*4 101*4 15*8 *70 160 117 *87 *206 102 101 221 128 210 135 292 * 1012 127*2 127*2 117 ♦182 *15*8 74 *150 *110 127*2 210 *134 *288 134 ♦36*4 110 ♦115 ♦87 ♦206 220 129 *70 ** *36*4 IOH4 *100 220 128 Lowest Highest Railroad* ■ ♦100*4 100*4 100% 101 *9984 101*4 *100 IOO84 Range for Previous Yeas (1909) Range Since Jan. 1 BOSTON STOCK EXCHANGE of .90 59 170 Dm Aug Dec 36% J’ne 99 Jan " i% Nov 13*2 Feb 2% Jan" 17% Jan Jan 13*8 Nov 67 34 18% J'ly Feb 17% Jan 39*2 Nov ef’Nr 9% Deo 90 Jan Feb Jan Oot 69 54 28 39 44 4 66 Oct 4*4 Apr Mob 139 Sep Oct 684 Jan 49*4 Nov 37% Feb 3984 Feb 3 Dm 18*2 May 6 NOV Dm <13% Dm 153 ■■ 4 Ant jam ; Oox. 15 i 1910.1 Boston Bond Record BO* *M* Price Friday Oct 14 BOSTON STOCK KXOH’GE WftBK KNDUtfa OCX 14 u Am Agrioul Ohem 1st 5s.. 1928 Am '1 eieu 4 Tei coll tr 4a. 1929 Convertible 4e.. ........1936 Am Writ Paner let s 16s g 1919 Am Zinc LA 8 deb 6s.... 1915 Aria Com Cop 1st conv 6s 1920 A ton Top A B Fe gen g 4s.. 1996 A-O j -J 1024 8ale 014 Sale m-8 J. j m-N 104 Bta J-D a-O Adjustment g 4s—J’ly 1996 Not Stamped J’ly 1996 M-N [ f 1956 J -D 60-year oonr 4s 10-year oonv 6t 1917 j-D iAUGxUl AWI8SLmes58.’59 j.j At/e Lois Sale • Boston Elect L oonsoi 684 6s. 1924 M-S ^Boston A Lowell 4s 1916 J.J Boston eb Maine 44»......1944 J-J iBoston Terminal lat 3 4s. 1947 F-A Bor A Mo Bit cons 6s 1918 J • J fButte A Boston 1st 6s....1917 A-O Butte Elec A Pow 1 st g 6s. 1961 J -D Cedar Bap A Mo B 1st 7s.l9l6 M-N (Cent Vermt 1st g 4s..May1920 Q-F ; O B A a Iowa Dit 1st 6S.1919 A-O Iowa Dit 1st 4s 1919 A-O Debenture 6s 1913 M-N Denver Eaten 4s 1922 F-A Nebraska Eaten 4s 1927 M-N BAS Waf 4S 1921 M-S Illinois Dit 84» 1949 J-J ’’Ohio 40 By A Sta Yds 6s. 19161 J - J r Coil trust refunding g 481940 A-O 'Oh Mil A St P Dub 1> 6s..1920 J-J Ob M A St P Wis V div 6*1920 J.J Obie a No Mien 1st gu 6s.l98i M-N I Ohio A W Mlob gen os....1921 J-D ; Concord A Mont cons 4s..1920 J -D 'Conn A Pass B 1st g 4S...1943 A-O Last 90 4 Sale 09 V lOOt* 91 93 91 9S t 69" .... |’22i| Weekft Range l§<g(| Since Sale to January 1 Range 102 91 104 87 V 112 89 or So Jjow 20 HxgK 1024 914 104 | Sep’io 112 I -20!2! 90*4 82 99V 13, 99V 92 4 Oct ’10 994 1«« 874 87V 97 89 98 112 934 101V 884 94* 924 Sep 10 92 4 94V 102 4 J’ly’10 1024 102 4 11174 Feb’10 11741174 11 684 69 63 73 110 Feb’04 1004 Mar’09 ,104 4 Oot ’08 ,1124 Jan *03 103 Feb’lO: 103 103 IlOO J’ne’OI il 3 4 M'aV’10 ■ 1134 Hi 87 4 Sep ’lot 85 H103 Oct’07! 984 J’ne’lO 101*4 MarlO, 99 4 Sale 994 994 99 Mar’10 99 Oct ’09 88 984 984 1014 101V 994 100 99 99V * 87 V Sep’10 ..‘I 86V 88 V 1014 1014 lol4| 8 100 101V 111 89 „.! 904 90 4 92V ...'1154 Jan TO. -.1164 1154 ...126 99 1024102 4 102 'Current Biver 1st 6a 1926 A-O l DetGr Bap A W 1st 4s... 1946 A-O Dominion Coal 1st a 16a..1940 M-N 1916 M-S Fitenbnrg 4s 4s .'. 1927 M-8 Promt Elk A Mo V 1st 6s.. 1933 A-O Unstamped 1st 6s 1933 A-O GiNorC B AgooUtr481921 J-J Begistered is .1921, Q-J i Feb*05. May* 10. .J! 99 1004 8 100 104 1024 91 Dee’071. 1124 Jan *03 1004 Aug’00 99 99 99 Anr’10!. 89 Mar’10. 89 * 90 934 964 J’ne’lO. 984 98V . Cudahy Pack(The)lstg5sl924 M-N . 88 98 '1034 Api ’06 96 Apr'08 . . 133 Mar’09. 140 Apr’06 964 96V 63 j . 96 V Sale 984 Nora—Buyer pays accrued interest in addition 964! tfOAOb BOSTON STOCK EXCH’GE Week Ending Oct 14 . , „. •85 Price 11 Friday Utah 1004103 89 934 Bl| 1017 94 4 9? 4 I! 944 964 Illinois Steel deben 5a....1913 A-O la Falls ASioax ClSt 7*.. 1917 A-O Kan C Clin A Spr 1st 6s...1925 A O Kan C Ft S A Gull eat 6s.. 1911 J-D Kan C Ft Scott A M 6s....1928 M-N KanO M A B gen4a.......1934 M-S Assented income 6s 1934 M-S Kan C A M By A Br 1st 5sl929 A-O Marne Cent eons 1st 7s...1912 A-O Cons 1st 4s ...1912 A-O Maro Hough A Ont 1st 6s. 1925 A-O Mass Gas 44s ,.. 1929 J-J ! But 98 V 117 92 93 104 High 994101 .... •v[!‘ * 98 V Salt 98 4 97 1024 102 4 102 1004 1024 Salt New England cons g 6s...1945; J-J Boston Term 1st 48.....1030 A-O N ew River (The) conv 6s. 1934 J - J N Y N H A H con deb 3 4S1956! J • J Conv deb 6a (ctfs) 19481 J.J Old Colony gold 4s 1924 F-A Oreg By A Nar con g4s.. 1946 J -D 98V Ang’lu Ang'04 163 97 97 3 99V 994 7.,100 4 105 Feb’09 Sep *08 .1 75 134 Oreg 8h Line 1st g 6s 1922; F-A PereMarquette deb g 6s.. 1912| J-J Repub Valley 1st s 16s...1919 J-J Rutland 1st con gen 4 4s. 1941 J-J * No pnoe so. Low 1 l‘34Mai’10 ...J 93 4 »7 99V Feb’lO 99V 90V 117 Sep Mo ....*113 118 93 93 j 31 924 934 91 Sep’10 ! 91 92 102 4 Sep ’loi .,..<102 103 113 V Nov’061 1014 Sep *o6i 116 J’ne’0,3 ••**ir**** 1918 A-O to the purchase prloe for all Boston Bonds. H ty/l! Oct M.O Apt *08 Low ,100 Since January 1 .... 90 91) 102 ...1917J- J 6s 1929 J.J New Eng Cot Yarn 6s....1929 F-A New Eng Teiepk 6s 1915 A-O Rutland-Oanadian 1st 4s 1949 j.j Savannah Elec 1st cons 6a. 1952 J-J Seattle Eleo 1st g 6s 1930 F-A Shannon-Aru 1st g 6s.... 1919 M-N Terre Haute Eleo g 6s....1929 J-J Torrington 1st g 6s 1918 M-S Union Pao BB A1 gr g 4S.19J7 J-J 20-year oonv 4s 1927 J-J United Fruit gen s 14 48.1923 J-J U S Coal A Oil 1st • f 6a.. 1938 M-N U S Steel Corp 10-60 yr 6a.1963 M-N West End Street By yia 4a.... 1915 F-A Gold 44a ....1914 M-8 Gold dd oenture 4a 1916 M-N Gold 4a 1917 F-A Weatern Teleph A Tel 58.1932 J.J W isconsin Cent lat gen 4sl949 J-J Lange II or Last Sale ASK 98 V M ich Teleplst 6s. Mlnne Gen Eleo eon g 6s. Wee/c’s Range Oct 14 99 Sep ’10 134 4 Sep’10 101 Apr’09 98 V Sep ’09 113 V Aug’10 99 Mar’lo 103 4 Sep *10 136 ioTv:::::: 107 4 No* *05 102 75 794 96 V 102 ....1131 Mat’02 103 4 964 97 Sep *10 78 4 784 103 1044 96 .... 101 88 110 ::::hioov ioov v Apr’07 100®, Mar’10 1014Oct TO 108 V Apr’10 971 974 99 V1014 IU8V 109V 23 964 974 ... 159 160 1044 1044 984 J’ly’io 101V J’ne’09 984 Apr TO 97 954 8&1» 135 ..J 113V H6V 984 99 ...•10341034 784 Apr’10 1084 i'05* 95 V Sale 974 158 160 1 Oct ’to 954 8 146 166 6 10141054 I 97 984 ... Aug’ 10( 96 94V Jan TO Friday; latest bid and asked. 18 98 4 97 994 944 94V 99 99 94V 1| Flat price. Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly share Price#—Not Per Oeanm Prices Monday Tuesday Oct 10 Oot 11 Wedneeday Thursday Friday Oct 13 Oct Id Oct 12 *60 *90 126 126 126 * 14V •19 43 14V •114 •48 29 49 29 V 75 *234 94 80 754 24 94 81V axis., ai.. 16 64 46 4 8V 14V 194 194 43 424 11V •42 40 • 424 *114 484 29 V 76 4 43 424 24 >24 43 43 424 42V 11V nv liv 60 60V 314 814 764 77 ’*24** *24V 24 934 81 *934 81 934 81V 664 65*18 S\ 73V 744 b4 84 44 82V 4 484 434 624 82 4 PHILADELPHIA Rid inactive shock* Amai Asbee loe Cory. 100 Preferred 100 American Milling 10 Amer Pipe Mig 100 Beil Telephone (Pa). 100 Cambria Iron 50 Central Coal A Coke. 100 Oonsoi Tree of NJ...100 Easton Con Electric o.60 Ft Wayne AW V 100 60 Germantown Pass Indianapolis St. 100 Indiana !)mon Tr....lUU Insurance Co of N A..10 Inter Sm Pow A Chem.60 Keystone Telephone ..50 Preferred ...50 Key a tone Watch Case, loo Leh VaU Tran v 10...60 Preferred v t c 60 Lit Brothers.. iO Little Schuylkill 60 Mlnehill A Schuyl H..50 N Haven iron A steei.5 Northern Central......60 North Pennsylvania..60 *19 *144 14 V 8 20 43 43 § Bcj CD o 5 20 *20 43 *434 43 4 43V *114 12 604 61 31 31V 77 77 1LV UV 604 61 81 314 *244 ‘24V bV 24 4 24V 93V 8ov 664 93V 82 V 65V 46 V 46 V 15V 15V „ 18V 74lis 194 76 8 8«w 434 43 4 83 82V 46 94 94 81V 82V 65 4 46 15V 19 76 84 Bethle Steel 6s 1998.U-F Choc A Me 1st 6s 1949 J-J Ch Ok A G gen 5sT9 J-J Col St By 1st eon 6s 1932 Con Trao of N J 1st 5a.’33 E A A 1st M 5s 1920 M-N Elec A Peo Tr stk tr otfs 464 15V 19V 75tiie 8V 434 43*% 83 83V 834 mmmmmm 99 ...... 114 -r 6 16 1264 180 1064 98 42 4 160 83 10 2434 Interstate 48 1943 ..F-A 60 IOOV 104 114 36 37 624 96 •••••• •Bid and asked; no sales on this J-D 4s 2003.M-N Gen cons Leh V Tran con 4s ’35J -D lat series B 5a 1935.M-S N ew Con Gas 5s 1948 J -D Newark Pass con 5s 1930 N Y PhA No 1st4s *39 J-J Income 4s 1939...M-N N ochioTrac con5aT9A-J Penn Cons 5s 1919.. Var Penn A Md Steel con 6s. Pa A N Y Can 6s ’39.A-O Ooh 4s 1939 A-O Penu Steel 1st 6s T7 M-N day. P Co IstA ooi tr 6a’49 M-S ConA ooi tr 5s 1961M-N Phil Eleo gold trust otfs. Trust oertifa 4s......... P A E gen M 5 g *20.A-O Gen M 48 g 102O..AAO U Ex-rights. 11913 paid, below J ...... PHILADELPHIA Con M 7s 1911 J-D Ex imp M 4s g ’47. A-O Terminal 6s g 1041.Q-F P W A B col tr 4s’21.J-J Portland By 1st 6s 1930. Koch RyA Lcon6s’64J-J Spanish-Am Ir 6s '27 J-J ITTrac Ind gen6a’19.J.J Un Bys Tr otfs 4s’49J AJ United Bys Invlstoolitr Sf 5s 1926 M-N U Trao Pit gen 5s *97 J-J Weisbacli s f 6s 1930.J-D Wlks-B GAE oon5a’55J-J BALTIMORE Inactive btsoka Rid I Ask Pret. ...... 116V 118 1464 97 974 *••••• 101 90 r •••••• •••*•' •••••» 984 1014 724 814 73 82 89 4 Preferred 60 16 - *••••• 102 4 102V 94V 96 101V 764 1004 102 764 107V 100,1 t *12 4 paid. 120 6 18 feorgia Son A Fla...l 1st pref 1 2d pref..............li h-JB-S Brewing 1' Beads Prices are all “ and •••••• 89 100 Balt Fundg 68.1916 M-N •••AAs Balt A P 1st 6a ml’ll A-O B S P A C 1st 4 4* ’63F-A Balt Trao lst6s..’29 M-N No Balt Div 6s 1942 J-D Cent’i liv con5*1932 M-N ExtA 1004 104 924 • A'AAA A 1913 4 paid. — 904 •AAAAA *934 ...... 924 98 106 109 103 110 •••••• Imp 6s. 1932 M-S Chas City By 1st 6a’23 J-J Chaa By G A El is’99 M-S ...... •••Add interest Anaooeua A Pot 5s.. AU Coast is Ct)Ot4s 6s J-D Otis of indetot 4s....J-J 6-20 yr 4*1926 J-J Balt CPaes 1st 6s *11 M-N Exchange 34s 1939 J-J r rT - T Feb Feb Feb 28 Jan 60 Jan 3 6 26 Dec J’iy 534 Jan 10 Feo 124 Jan 14 *10VJ»n 64 4 M&rll 344 Jan 29, 844 wan lo! 13 *anio 44 V 32 V 43 Jan id 4 Jan Jan 53 94 Jan 284 Jan 3 Jan I4v Jan 7 96 Jan 67 Feb 63 4 Feb 404 Fee 123 1214 Marla 69*m Mar 9 634Jan 8 164 MaiTS 2*4Jau 3 36 Feb la 91^6 May 13 52V <au c 95 4 Jan 10 114 Fob 24 V Jan 59 4 Feb 5*4 Jat 50V Jan 84 V Ma> BALTIJIDMM 284 Deo 48 Dee 14 4 Deo 43 48 Jan Deo 49 V 12 4 Dee «*•»•» !! J’ly 63 4J’iy 834 Deo 844 Deo 15 Apr 33 V May 126 4 Deo 113 Sep 76 V Sep 51V Dee 14 4 Dec . 36 4 Apr 86V Sep 71V0 Mar 954 Dee Rid Consol Gas 5a..1939 J-D Ctfs indebt 4 4s J-J Cons G E A P 4 -tts ’35.j-J Fair A CxTr xSt5a*38.A-0 ••*••• 116 «••••• • Mar 48 Dee Mar 89 May Jan 1214 Deo 1014 101V City A Sub 1st 5s..*22 J-D 99 V City A bub( Wasllst 5s’48 Coal A 1 By 1st os’20F-A 1164 ColAGruv 1st 68.1916 J-J •••Add 1004 ...... 109V •••••• I Highest Lowest Chari C A A 2d 7s*10 A-O 230 •••wed Highest 17 4 Sep 19 41®, J’iy 21 404 J’ly 26 114 J’iy 29 — — Year(1909/ Lowest •••••• People’s Tr tr certs 4s ’43 •••••a •••••• 88 ...... Lehigh Nav 44s ’14.Q-J KBs 4s g 1914.U-F Gen M 44s g-1924.U-F Leh V C 1st 6s g *33..J-J Annuity 6s T---^ 103 87 tee 2,079 Eleo Storage Battery.. 100 42 J’neio 6,837 Gen Asphalt tr eus ....100 194 J’ly 2b Do 2,017 prel tr ctfs ....100 64 JTy26 80 Keystone Telephone... 50 7 J’ly 6 2.3 >6 Lake superior Corp.... 100 154 J’ne JO 316 Lehigh O ANavtrctfs. 60 86 J’ne3u 16,(67 Lehigh Valley...... 50 62 4 J’ly 21 1,861 Pennsylvania BB...... 50 61uwJTy3to 836 Piuiadalp’aCo (PittaU). 60 42 J’ne3v> 3.165 Philadelphia Electric 26 113 V t*eu 3 9,518 Phils Rapid Transit... 50 16 Apr 28 6,160 Beading ................ 60 66 4 J’ly 2e 63o Tonopah Mining 1 6 4 Jan 2 6,5 J8 union Traction........ 60 41V J’iy 26 2,889 United Gae lmpt 60 79 J’ly 2o Ask Eq 11 Gas-L 1st g 5s 1923 By 4s. 1933 Leh V ext 4s 1st 1948. J -D 2d 7s 1910..... M-S Consol 6s 1923 J-D 60 65V Bid Stocks 16 American Cement...... 50 67 American Railways.... 60 2,611 Cambria Steel.......... 50 60 Electric Co of America 10 44 77 Range tor Previous Jan 1 Philadelphia 21 44 BergAEBrw 1st 6s’2i J-J 4V 16V 110 42 UV 764 84 Range Since (For Bonds and Inactive Baltimore | ...... Con. Gas El. L. A Pow.100 Mar21 60 46 May23 30 1 Do pref 100 80 Marti 90 J’ly 14 76 1,027 Northern Central 60115 Jan « 132 Feu23 100 Seaboard (new) 100 JSVJ’ly 29 27 4 Jan 3 11*4 Do 2d pref 100 41 J’ly 27 47 Jan 8 22V 1,420 United By A Electric.. 50 12 V May 3 16 4 J’ly 16 UV 20 40 14V the | Shares Week 62 92 127 *39 Bonds Prices art all “ and interest." Alt ALV Eleo 4 4s’33.F-A Am Gas A Elec6s*07.F-A Am Bys oonv 6s 1911. J -D Ail Cltar 1st 6s g T9.M-N 19 Vl 20 Preferred 100 Phila Co (Pitts) pref...60 Phil German A Noms.60 Tidewater Steel 10 Prei erred 10 Union Tr of ind 100 United N J BB A O.. 100 Unit Trao Pitts pref..60 Warwick Iron A Steel. 10 loo WelsbaohCo.... West jersey A SeaSh.50 Westmoreland CoaL...60 Wilkes Gae a Eiee..l00 126 *84 *b*V Indianapolis 1064 *194 20 PHILADELPHIA 72 4 Pennsylvania salt 60 Pennsylvania &ieei..loo Railways General 10 Suaquen Iron A Steel..5 127 Ask Pennsyi BB receipts.... Phila Traction 126 464 46V 16*4 15V 194 19V 1&V 19V r3V 73V' '8 126 1264 *194 204' *884 43 * 16 ACTIVE STOCKS I Sales o/ Saturday Oct S 0 mm | Ask *»«(•« 106 4(107 1004T014 99VT004 1064 1074 107V 1084 *88V ‘*844 96V 974 1044 Ga co Aia 1st con os ‘4uJ -J 104 GaCarAN lst6sg’29JJ 1044 106 112 116 107 109 41V 424 6 7 102 104 Georgia P 1st 6s...’22 J -J Gabo A Fla 1st 5s 1945J-J G-B-S Brew 3-4s 1951M-S 2d income 5s 1951 M-N Knoxv Trao 1st 6s ’28A-C LakeB El 1st gu6s’42M-S Macon ByA Ltlst6s’5oJ-J Memphis st 1st 5s’45 J-J MetSH Wash)lsi6s’25F A Mt Ver Cot Dues 1st 6s. N pt N AO P 1st 5s’33 M-N Nor APorTr ist6»*J6J-D Noriout ai 1st 5s ’44..J-J North Cent 4 4s 1925 A-O Series A 5s 1926....J-J Senes B 6s 1926....J-J Pitt Un Trao 5s 1997.J-J Poto Vai 1st 5s 1941..J-J Sav Fla A West 5s’34 A-O Seab A Roan 6s 1926.J-J South Bound 1st 6s.. A-O U El LAP 1st44**29 M-N Un By A El 1st 4s ’49 M-S income 4s 1949 J-D Funding 6s 1986..-J-D VaMid2d ssr 6s ’ll.M-S 3d series 6a 1916..M-S 4th ser 3-4-6* 1921.M-S 6th series 6a 1926.M-S Va (state) 3a new ’32.J-J Fuad debt 2-3* 1991-J-J West N O con 6a 1914 J 4 Wee Va CAP 1st da’ll J-J WU A Weld 6a..l»36 98 99 72V 73 106 105 100 101 105 108 i06"‘ 106 106 106 8941 904 85 62 854 624 844 84V 1004101 102 103 104 86 86 106 10041 106 ^ AAAAAS 1935 paid. •Beoeipta. 6 625 paid. « $30 paid. 4$4t4pili» 1018 THE CHRONICLE [VOL. LXXXXI. Imrestmciit and Hlailtraad Intelligence. Grt OSS KAlLKOAD EAHNUnGS.- ■; * The following Can be obtained. table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns The first two columns of figures give the gross earnings for the latest week or month, and the last two columns the earnings for the period from July X 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 brought together separately on a subsequent page. Latest Gross Earnings. ROADS July 1 to Latest Date. Week or Current Month. Year* Previous Year. $ $ • Ala NO* Tex Pa< NO 4 Nor East. September Current Year. - Previous _ Chic Burl ft Quincy pChlc Great West.. jJuly August ... September August .... ... Cornwall August Cornwall ft Leban.. August Cuba Railroad August Delaware ft Hudson August Del Lack ft West.. [August ... Deny ft Rio Grande 1st wk Oct Denver N W ft Pac. 4th wkSept Det Tol ft Iront Sys 4th wkSept Ann Arbor. 1st wk Oct Detroit ft Mackinac 1st wk Oct Dul ft Iron Range.. August Dul Sou Sh ft Atl__ 1st wk Oct El Paso ft Sou Wes; August Erie August Fairchild ft Nor E.pAugust ... Fonda Johns ft GlovfAugust Georgia Railroad August Georgia South ft Fla —See Sout Grand Trunk Syst.. 4th wkSept Grand Trk West. 4th wk Sep Det Gr Hav ft MV 4th wk Sep Canada Atlantic. 4th wk Sep Great Northern Sysl September Gulf ft Ship Island. July ... ... ... .. ... August Illinois Central.... September Internat ft Gt Nor. 1st wk Oct Hocking \ alley. Interoceanlc Mex. 1st wk Oct 1st wk Oct Iowa Central Kanawha ft Mich.. July Kansas City South. August K C Mex ft Orient.. 4 th wkSept a Manlstique Maryland ft Penna. a Mexican Railway. Michigan Central Mineral Range Mlnneap ft St Louis Minn St P ft S S Ml Chicago D.vls on Mississippi Central, Mo Kan ft Texas. Mo P~c ft iron MU Central Branch./ Nashv Chatt ft St L a Nat Rys of Mex t. u Nevada-Cal-Oregon Nevada Central N O Great Northern N O Mobile ft Chic. N Y Ont ft Western August July August 136,047 93.650 445,135 443.384 22,278 14,375 7,953.596 7,674,901 11,272 10,963 2,752,717 2,642,454 2,212.437 2,298,977 3.923,900 3,025,600 29,482,546 24,890,015 3,354.444 3,086,438 4,810,607 4,493,941 623,816 668,774 21,544 18,227 9,134,875 8,367,968 4,248,862 3,865,773 15,454,409 14,726,611 3,449,342 3,108,906 1,705,300 1,544,491 5,998,307 5.559,001 11,339,843 10,764,459 1,170,652 698,683 2,312,724 6,662,990 6,604,756 13,067,212 12,501*026 1,435,815 1,220,019 2,704,770 2,343,995 902,307 820,450 1,706,745 1.575.499 York Cen tral. luly Lexington ft East.. Long Island Louisiana ft Arkan. Loulsv Hend ft St L § Loulsv ft Nashv. Macon ft Blrm’ham Maine Central " 6,048 5,068 1st wk Oct 205,091 186,547 June 200,947 204,579 1st wk Oct 325.900 298,200 1st wk Oct 2,243,000 2,175,000 1st wk Oct 305,600 280,800 August 2,493,099 2,297,931 August 349,487, 341,790 3d wit Ser 1,474 1,710 1st wk Oct 612,206 583,091 1st wk Oct 311,609 274,444 8,366,838 7,900,803 August 1st wk Oct 269,428 249,612 4th wk Sep 167,521 154,557 -See New York Cen tral. Colorado Midland.. Tuly Colorado ft South.. 1st wk Oct Lehigh Valley 93,650 226,092 August Chlo Ind ft Loulsv. Chic Ind ft Southern Chlo Mil ft St Paul. August Ch MU ft Pug Sd. August CSilc ft North West. August Chic St P M ft Om. August Cin Ham ft Dayton August Clev Cln Chle ft St L —See New Copper Range ' 5,801 4,202,366 3,952,534 ... ... 136,047 229,224 8,364 200,071 344,921 157,346 328.377 70,733 77,920 15,927 15,11? 35,965 36,470 206,870 163,209 1,893,663 1,662,778 3,081,996 2,887,197 496,300 485,800 26,642 23,018 53,877 47,853 47,169 38,362 20,780 24,594 1,260,381 1.395,856 72,133 76,529 602,064 582.85U 5,328,526 4,559,734 2,118 1,839 97,403 85,754 240,673 226,927 157,346 4,617,754 70,733 34,255 72,848 440,310 2,500,674 6,089,933 6,982,347 351.276 530,200 537,004 339,896 2,455,435 1,030,926 1,187,023 10,003,780 4,199 193,149 459,215 200,071 4,400,388 77,920 27,990 75,581 825,638 3,248,915 6,055,424 6,627,890 316,491 406,634 501,745 340,111 2,750,162 991,608 1,189,084 8,839,283 3,624 170,961 429,274 hern Rail way. 1,237,013 1,179,150 11,172,900 11,319,597 156,701 149,01? 1,423,018 1,568,723 51,060 52,904 460,581 501,192 57,877 48,324 463,036 527,952 6,208,078 6,816,336 17,876,108 17,689,189 151,726 155,930 151,726 155,930 755,458 673,148 1,415,650 1,231,419 5,140,738 4,791,579 15,076,856 13,992,468 182,000 185,000 2,489,379 2,210,030 135,343 143,479 2.215,111 2,086,061 72,294 75,725 932,740 912,832 266,196 213,994 266,196 213,994 756,581 1,699,74? 1,422,608 854,280 53.000 44,000 3,137,999 2,926,370 6,014*216 5,680*769 40,985 35,852 40,985 35,852 Inc. 59, 725 ... July August 105,211 1st wk Oct 1,030,580 September 12,477 859,421 3,408 42,822 144.900 August August August N Y N H ft Harft. August eNYCft Hud Rlv August Lake Shore ft M S August n Lake E ft West August Chic Ind & South August Michigan Central. August Cleve C C ft St L_ August Peoria ft Eastern August Cincinnati North. August Pitts ft Lake Erie August Rutland August N Y Chic ft St L. August Toledo ft Ohio C. August Tot all lines above August N Y Susq ft West.. August Norfolk Southern. August Norfolk ft Western. August Northern Central-. August Northern Pacific August Pacific Coast Co August Pennsylvania Co August d Penn—E of P ft E August d West of P ft E. August Pere Marquette.... August Phi la Balt ft Wash. August Pitts Cln Ch ft St L. August 6,594,806 242,064 1,385,515 6,740,407 AugU8t August 151,164 4,437,970 123,816 4,093,223 75,451 66,251 2,297,490 2,179,360 207.608 1.530,248 1st wk Oct 1,104,000 1.075,000 14.827,694 14,321,123 August 953,549 936,019 1,883,213 1,847,003 1st wk Oot 1,243,601 1,069,950 16,821,991 14,449,108 10,907 wkbept 4th 15,666 113,804 146,540 June 6,016 7,385 60,096 75,388 145,860 August 101,363 293,474 206,813 Wk Oct 1 36,838 31,052 419,509 348,552 971,416 August 857,337 1,912,872 1,718,423 ... .. or ... ... ... ... _. _ Raleigh ft Southport August Reading Company Phila ft Reading. August Coal ft Iron Co.. August Total both cos August Rich Fred ft Potom July Rio Grande June.. July ... .. Current Year. July 1 to Latest Date. 10,809,576 10,197,988 17,454,586 16,314,867 8,700,126 8,216,976 5,539,943 5,127,834 9,126,107 8,359,672 4,670,284 4.278.627 497,435 548,433 263,335 268,811 2,769,358 2,428,089 2,821,754 2,620,032 342,662 291,254 136,229 118,838 1,604,261 1,469,846 333,419 300,624 958,360 876,323 410,483 505,640 24079992 21920034 309,716 241,233 233,198 207,430 3,155,833 2.893.006 1,126,836 1,048,836 6.257.749 6,910,977 768,781 822,785 5,337,536 4,698,063 974,811 509,841 5,281,240 5,197,835 611,279 237,981 3,132,837 626,752 1,847,330 968.813 45,543,433 604,520 464,125 6,070,198 2,098,651 12.505,085 1,584,385 10,115,090 27,756,564 Znc.1,68 2,824,152 3,514,205 #,807,57u 24,278 14478 399 13544 999 ... Previous Year. Current Year. Previous Year. lnc.1,06 3,400 1,451.642 1,352,633 1,800,327 1,510.927 3,132,017 2.772,598 11,915 12,542 888,112 537,040 4,694,750 4,917,737 531,048 207,169 2,919,325 581,131 1,710,130 751,298 42,269,583 485,742 423,898 5,474,307 2,024.151 13,608,955 1,557,367 9,104,480 26,460,764 6,800 2.568.029 3,028,805 5,211,986 23,403 3,689,908 3,510,464 7,058,673 6,602,862 1,900,105 1,780,164 3,399,769 3,377,259 5,590,013 5.290.628 10.458,442 9,980,122 193,453 184,727 184,727 193,453 89,736 85,820 89,736 85,520 Rio Grande South. 4th wk Sep 17,553 118,200 7,759 163,313 Rock Island Lines.. August 6,099,280 5,977,132 11,410,219 11,393,734 St Jos ft Grand Isl. August 165,591 296,495 154,407 306.813 St Louis ft SanFran August 3.641.549 3.607,765 6,985,212 6,862,670 Chic ft East Ill.. August 1.123.749 970,080 2,033,743 1,823,210 / Evansv ft Ter H August 272,192 233,582 497,236 424,836 Total of all lines. August 5,037,491 4,811,428 9,516,192 9,110,717 L St Rky Mt ft Pac. June 180,967 144,952 1,974.244 1,439,046 St Louis Southwest. 1st wk Oct 264,535 251,437 3,175,235 2,877,312 San Ped L A ft S L. August 636,495 714,207 1,263,315 1.463.291 beaboard Air LJne.i Atlanta ft Blrrn.. 4th wkSept 450,831 438,701 4,565,862 4.285.291 ... ... ... ... ... .. Florida W Shore j Southern Indiana.. Southern Pacific Co Southern Railway.. Mobile ft Ohio Cln N O ft Tex P. Ala Great South. July August 149,759 104,328 149,759 11748658 11310745 22.963,930 1st wk Oct 1,253,899 1,259,275 16,017,006 1st wk Oct 175,118 218,330 2,795,395 1st wk Oct 184,653 176.646 2,569,487 1st wk Oct 77,828 71,359 1.195.654 Georgia So ft Fla. 4th wkSept 70,148 583,845 57,270 Texas ft Pacific.... 1st wk Oct 326,196 314,897 4,143,663 Tidewater & West. August 7,19? 6,524 14,381 Toledo Peor ft West 1st wk Oct 21,889 20,862 355,307 Toledo St L ft West 1st wk Oct 73,948 74,759 1,045,572 Tomblgbee Valley.. August Union Pacific Syst. August Vandalla August Virginia ft Sou West August Wabash Western Maryland. W Jersey ft Seash.. Wheeling ft Lake E WrlghtsvMe ft Tenn Yazoo ft Miss Vail. Various Fiscal 3d wk Sept —See New York Cen tral. 1st wk Oct 15,602 16,232 1st wk Oct 139,240 124.929 1st wk Oct 511,502 587,738 * Week Month. Inc. 170, 403 106,091 113,377 106,091 102,499 201,496 186,405 1.053,025 14,330,902 13,271,052 12,833 35,558 35,774 847,768 1,619,133 1.641.604 3,547 6,691 6,740 37,376 76,837 69,069 123,100 1.960,500 1.778.500 113.377 ROADS. Year. 863,621 789,966 285,935 286,110 Ala & Vicksburg. September 436,233 151,973 137,961 390,237 Vicks Shrev ft P. September 125,364 384,413 342,012 126,558 Ala Tenn ft North. August 15,479 8,590 6,466 11.261 August 9,069,359 8,959,839 17,090,898 16,702,111 4 th wk Sept 65,544 64,945 653,143 594,731 Atlantic Coast Line August 2,069,750 1,794,503 4,217,814 3.657.603 0 Baltimore ft Ohio August 7,652,169 16,097,793 14,744,310 8,550,060 B & O Ch Ter RR Bangor ft /’■oostoofc Bellefonte Central.. Boston & Maine... Bridgeton ft Saco R Buff Roch ft Plttsb. Buffalo ft Susq. Canadian Northern. Canadian Pacific... Central of Georgia.. Central of New Jer. Central Vermont... Chattanooga bouth. Ches ft Ohio Lines. Chicago ft Alton... Latest Cross Earnings. 104,328 .2,125,315 15,099,602 2,662,567 2,264,202 985,733 528,233 3.826,576 13,041 317,029 1,039,117 * 6,893 6,217 14,298 12fft21 8,479,474 7,948,614 16,396,129 15,483,468 1,002,315 805,665 1.822.654 1,527,581 111,433 100,518 202,88? 202,633 1st wk Oct 664,159 651,614 8,475,746 8,059,616 i uly 635,116 545,05? 545.057 635,116 920,950 August 820,450 1,767,931 1,583,031 615,263 August 697,170 1,327,966 1.205,828 20,061 August 19,573 38,210 35,356 September 769,352 763,143 2,160.894 2,150,042 ... ... Years. Current Year. Period. Bellefonte Central............ Jan Jan Delaware ft Hudson Jan Manlstique Jan a Mexican Railway.. eNY Central ft Hudson River. Jan Lake Shore ft Michigan South Jan n Lake Erie ft Western... Jan Chicago Indiana ft Southern. Jan Jan Michigan Central Cleve Cln Chicago ft St Louis Jan Jan Peoria ft Eastern Jan Cincinnati Northern Jan Pittsburgh ft Lake Erie Jan Rutland New York Chicago ft St Louis Jan Jan Toledo ft Ohio Central Jan Total all lines Jan Northern Central d Penn—East of Plttsb ft Erie. Jan Jan d West of Plttsb ft Erie Phila Baltimore ft Washington. Jan Plttsb Cin Chicago ft St Louis.. lan Rio Grande Junction.......... Dec Jan Texas ft Pacific— Jan West Jersey & Seashore ..... ......... 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 to to to to to to to to to to to to to to to to to to to to to to to to to Sept 30 Aug Aug Sept Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug Aug July Oct Aug 31 31 14 31 31 31 31 31 31 31 31 31 31 31 31 31 31 31 31 31 31 31 7 31 Previous Year. $61,558 $43,627 13,135,927 12,546,282 28.417 28,005 6.163.300 5.499.400 64,425,384 58,888,638 32,413,254 28,462,084 3,545,692 3,055,453 2,435,599 1,963,723 19,268,644 17,285,119 19,379,102 17,425,759 2,203,037 1.867.400 827,947 731,709 11,416,456 8,701,967 2,103,096 1,951,187 7,296,853 6,381,603 3,134,502 2,380,834 168449566 149095566 8,289,045 7,735,145 108180 513 96,603,813 Znc.ll, 066,600 12,596,616 11,494,016 22,599,261 18,802,086 ‘ 645,553 583,409 11,574,339 10,444,744 4,367.883 3,981,483 ~ ,5 ; AGGREGATES OP GROSS EARNINGS—Weekly and Monthly. Cur nt Year Prev’s Weekly Summaries. $ 4th week July 1st week Aug 2d week Aug 3d week Aug 4th week Aug 1st week Sept 2d week Sept Bd week Sept 4th week Sept 1st week Oct ■ 1V (42 roads).... (43 roads).... (43 roads).... (42 roads).... (39 roads).... (41 roads).... (39 roads).... (40 roads).... (46 roads).... (30 roads).... " Year Inc. or Dec. $ 17,393,199 16,676.649 12,874.219 13,330,857 11 968,289 13,462,769 19,342,788 13,436.925 13,898,196 12.132,599 12,283,880 16,765,742 12.381.354 13,014,025 14,164,775 13.566.355 19,035.149 18,221,030 12,717,41 F 12,384,726 . % $ + 716,550 4.29 4-905,930 7.94 + 1,198.258 9.87 + 1,178.889 9.60 + 2,577,046 15.37 + 1,055,571 +884,171 + 598,420 + 814,119 + 332,685 8.52 6.80 4.41 4.47 2.69 Monthly Summaries. Current Yr. Previous Y . $ Mileage Curr.Yr. Prev.Yr. $ Dece nber ..237,189 231.699 222,006,184 205,155,121 January ...236,758 February ..236,852 March .....235,925 April 237,569 May 237 560 June ... July August Septe nbcr 238,108 221,164 81,879 84,994 231.362 231,652 230,841 232,463 232,494 232,054 217,466 78,874 210,302,219 202,258,490 237,533,005 225,225,596 234,310,642 182,649,825 174,159,723 -04,916,997 196,595,911 Inc. + or Dec. % 16.5*51,063 08.03 +27,652,394 15.14 + 28,098,767 16.15 + 32,616.008 15.92 + 28,629,685 14.56 201,069,381 +33,241,261 16.53 237,036,159 209,270,887 *■ 27,765,272 13.27 217,202,265 205,879,959 + 11,322,306 5.50 62,005,137 56,405,033 + 5,600,104 9.90 82,163 67.702,377 65,214,479 + 2,487,898 3.81 latter of which, being Canadian road, does make returns the Inter-State Commerce Commission Includes Evaflsvll’e ft d Cover' operated,Ry. elaIncludes Adirondack fri.YtKy.lrhc J* **e*l®*a currency s finesLora^la directly the New York ft theOttawa, the St.OhioLawrence ftIncludes and the MasonOlty Ottawa ft 'evciand ft Wheeling both n Includes Northern RR. earnings a ft Ft Dodge and Wise Minn, ft Pacific, not s fades the Mexican International from July to years, r p o. Includes LouUvIlle ft Atlantic from July 1 1909 and the Frankfort ft Cincinnati from Nov- 1 1909. 1910. u Includes the Texas Central In 1910. Hn» THE CHRONICLE Oot. 15 1910.1 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 2.69% increase in the aggregate over the same week last year. 1910. First week oj October. Alabama Great Southern— Buffalo Rochester & Pittsburgh Canadian Northern Canadian Pacific Central of Georgia — . Chesapeake & Ohio. Chicago & Alton Chicago Great Western Cln New Orleans & Texas Pac. Colorado & Southern Denver & Rio Grande Detroit & Mackinac Detroit Toledo & Ironton— ' Ann Arbor *_ Duluth South Shore & Atlantic. International & Great Northern Interoceanlc of Mexico— Iowa Central Louisville & Nashville Mineral Range _ Minneapolis & St Louis Minneapolis St Paul ASSM..1 Chicago Division / 1909. 3 77,828 205,091 325,900 Increase. Decrease. £ 6,469 18,544 27,700 68,000 24,800 29,115 37,165 19,816 8,007 20,780 $ 71,359 186,547 298,200 2,175,000 280,800 583,091 274,444 249,612 176,646 344,921 485,800 24,594 47,169 72,133 182,000 135,343 75,725 1,030,580 15,602 139,240 511,502 38,362 76,529 185,000 143,479 72,294 1,053,025 16,232 124,929 587,738 8,807 1,104,000 175,118 1,243,601 264,535 1,253,899 326,196 21,889 73,948 664,159 1,075,000 218,330 1,069,950 251,437 1,259,275 314,897 20,862 74,759 651,614 2,243,000 305,600 612,206 311,609 269,428 184,653 328,377 496,300 Total (30 roads) Net Increase (2.69%). * 12,717,411 12,384,726 p For August misceUaneous charges to income were 517,153, 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 Previous 5 Companies. June 1,284,302 Co.b MiJuly 1 to June 30 1,175,769 15,316,010 13,921,872 Amer Tel & Tel (Associated; Cos.a-Jan 1 to Aug31 -.108,095,687 16,544 Previously reported (25 roads) _ Ala New Orleans & Tex Pac— New Orleans & Northeastern. Alabama & Vicksburg Vicks Shrev & Pacific Atlanta Birmingham & Atlantic Chesapeake & Ohio Lines Chicago & Alton Chicago Great Western Denver Northwestern & Pacific. Detroit Toledo & Ironton Ann Arbor Duluth South Shore & Atlantic. Georgia Southern & Florida Grand Trunk of Canada Grand Trunk Western Detroit Grand Haven & MUw Canada Atlantic Kansas City Mexico & Orient.. Mineral Range $ 15,139,233 14,470,082 3,814 Interest Charges 4,396 3,000 8,136 3,431 22,445 630 14,311 76,236 29,000 43,212 173,651 13,098 Companies. Year. 5 Bellefonte Central Sept 236 Jan 1 to Sept 30 2,124 Bridgeton & Saco River. Aug 598 July 1 to Aug 31 1,196 Centralof New Jersey. Aug 522,605 July 1 to Aug 31 1,051,910 __ April 1 to June 30 Jan 1,237,013 1,179,150 57,863 184,600 £ 220,518 19,175 3,088 9,806 599 6,480,199 *3,069,668 *3.602,631 12,958,223 *6,790,874 *4,565,251 Nevada-Callfornla-Oregon Seaboard Air Line Toledo St Louis & Western AprU 1 to June 30 Total (46 roads) Net increase (4.47%) Sep 0 1,350 4,759 261,979 Net Earnings Previous Year. £ $ £ $ 8,364 5,801 3,053 1,406 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 5,150 11,272 10,963 5,196 Centralof 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 & Alton.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 & Louisv.b---Aug 613,737 531,300 250,908 215,954 July 1 to Aug 31 1,141,924 1,018,532 425,650 389,843 Chicago Milw & 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 MUw & 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 1,893,664 818,315 1,662,779 697,276 Jan 1 to Aug 31 .13,135,928 12,546,283 5,145,803 4,781,194 Minn St P & S S M.a.-.Aug 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 Division_a---Aug 729,867 811,065 225,980 267,385 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 2,168,849 8,583,123 2,534,958 Nashv Chatt & St L-b.-Aug 953,549 936,019 245,836 224,894 July 1 to Aug 31 1,883,213 1,847,003 445,195 467,250 N Y Central & Hudson Riv.b— AprU 1 to June 30 24,223,405 22,273,933 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 BeUefonte Central-b---Sept Jan 1 to Sept 30 New York & Ottawa.b— April 1 to June 30 48,806 Pacific Coast Aug 768,781 July 1 to Aug 31 1,584,385 St Joseph & Gr Island.b. Aug 165,591 July 1 to Aug 31-----306,813 St Lawrence & Adirondack.b— 43,893 2,574 5,274 822,785 1,557,367 202,774 399,474 235,096 431,713 154,407 296,495 25,278 39,023 38,883 81,762 155,389 131,690 Seaboard Air Line.a Aug 1,544,978 1,379,820 July 1 to Aug 31 3.047,224 2,741,370 Tol Peo 6s Western.b Sept 116,781 105,187 July 1 to Sept 30 335,307 296,166 TolStL & Western.a-.-Aug 364,744' 343,025 t July 1 to Aug 31 653,086 647,227 Wabash Jv-.Aug 2,756.975/ 2,624.167 ,i July *1 to Aug 31 5,101,406-, 4,862,532 78,111 371,482 702,457 40,026 AprU 1 to June 30 . 32,297 82,736 pl20,lll p213,261 993,013 1,571,606 Net earnings herelgiven are after deducting taxes, b Net earnings here given are before deducting taxes. a 354,562 690,942 32,434 84,778 *>130,092 p229,414 981,938 k *43,498 *def 14,094 *9,356 *11,030 *17,729 *18,391 allowing for other Income received. INDUSTRIAL COMPANIES. —Int., Rentals. &c.— —Bal. o1 Net Earns.— Current Previous Current Previous Year. 8 Year. 8 Year. 8 Year. 8 Companies. Amer Tel & Tel Cos._Jan 1 to (Associated) Aug 31 7,560,171 Amer Tel & Tel (Holding) ' Co..Jan 1 to Sep 30 3,836,296 RAILWAY AND - 7,147,184 25,027,741 23,887,359 5,428,761 19,895,314 16,066,680 TRACTION Week or Month. Current Year. 8 Earnings Monthly to Latest Dates.—The table fol¬ lowing shows the gross and net earnings of STEAM railroads and of industrial companies reported this week: Roads. 54,530 23,861 72,445 American Rys Co September cAug Elgin & Chic Ry August 759 Current Year. 35,717 25,941 74,217 COMPANIES. Jan. 1 to latest date. Latest Gross Earnings. Net Previous Year. After Name of Road. 73,174 Earnings 16,235 *defl4,475 *defl0,75l • 9,000 19,035,149 18,221,030 1,076,098 814,119 Gross Current Year. * 2,523 12,130 17,197 St Lawrence & Adirondack— ELECTRIC 39,923 10,507 29,851 3,624 6,024 4,029 44,000 25,462 15,666 438,701 Year. 8 1,163 471 1,722 3,926 544,649 953.709 6,674,611 Toledo Peoria & Western _ 53,000 24,112 10,907 450,831 72,415 Previous Year. 8 2,817 10,909 2,403 3,954 529,043 937.499 1 to June 30.--__.13,172,459 April 1 to June 30...... £ 889.670 12,878 Current Year. $ 243 2,187 635 1,270 527,881 1,067,753 New York & Ottawa— 12,545 57,270 —Bat. of Net Earns.— July fil to June 30--....26,410,236 26,048,297*16,012,772*11,948,976 811 70,148 and Surplus. N Y Central & Hudson River— 11,299 1,027 119,110 54,961 50,364 64,945 868,575 297,825 238,647 23,018 47,853 51,418 100,809 96,699,882 32,587,912 31,031,543 —Int., Rentals, &c.— Current Previous 5,376 99,935 51,873 40,558 65,544 908,498 308,332 268,498 26,642 53,877 55,447 98,286 164,490 1,842,685 26,310,511 23,325,410 23,731,610 21,495,441 Boston.Sep 371,949 201,006 165,635 331,324 1,030,984 878,736 535,151 July 1 to Sept 30 420,886 Increase. Decrease. $ Year. $ 76,269 2,232,373 Edison El Ill Co of 10,500 517,285 332,685 1909. Previous Year. $ Amer Tel & Tel (Holding) Co..Jan 1 to Sept 30. July 1 to Sept 30 1910. Current Year. s Year. 9 Adams Express For the fourth week of Septemoer our final statement covers 46 roads and shows 4.47% increase in the aggregate over the same week last year. Fourth week oj September. Net Earnings Current . Missouri Pacific Mobile & Ohio National Railways of Mexico St Louis Southwestern Southern Railway Texas & Pacific : Toledo Peoria & Western Toledo St Louis & Western Wabash 1019 1,644,790 Bangor Ry & Elec Co August Baton Rouge Elec Cc August Binghamton St Ry.. July Blrm’ham Ry Lt & P July Brockt’n & Ply St Ry August Previous Year. ... Honolulu Rapid Tran 4b Land Co.... Houghton Co Trac Co Illinois Traction Co_. JdCKSonvUle Elect Cc Kans City Ry & Lt Co Lake Shore Elec Ry Milw El Ry & Lt Co. Milw Lt Ht & Tr Co. Montreal Street Ry.. Nashville Ry & Light New Orleans Ry & Lt North Ohio Trac & Lt North Texas Elec Co. Northwest Elec Co. Norf & Portsm Tr Co Oklahoma City Ry.. Paducah Tr & tL Co Pensacola Electric Co Port (Ore) Ry.L&P Co 2,939,780, 163,698 57,593 8,681 34,910 183,187 17,912 26,669 1,099,888 - 1,276,482 82,15 188,228 154,349 91,070 162,014 141,318 554,910 573,925 7,635,344 235,734 501.768 506,979 6.961,458 210,844 917,809 6,983,215 71 823,731 5,916,586 .167 636,384 1,756,761 1.481,078 376,374 298,746 - 405,486 46,44 42,864 383,960 140,625 124,764 111 ,81 * 133,412 111,295 998,040 99.838 755.64? 678,396 44,583 35,478 1,668,677 1,548,117 37,866 523,558 29.701; < 905,614 793.768 855,991 221.557 210,740 213,693 462,266 3,874.962 3,415,017 37V,«1<. 4.867.429 798,655 312,212 4,470,524 3,054,818 2,747,439 606,308 34,689 32.92i 197,684 August 47,043 38, ?8i August August August August August August August August August 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 24,177 490,209 173,989 591,111 130.993 374,680 106.994 355,230 138,195 470.530 231,062 109,422 169,156 174,211 37,533 19.930 22,205 420,777 194,383 1,284,72b 3,547,647 1.230.931 1027,931 673,220 6,381,840 4,964,764 674.715 1,889,744 416,58a 634,522 1,575,775 402,295 — September August May August ._ August September August ... — 698,078 2,863,033 1.178.5 ~ 4.135.5 1,612,504 923,376 726,855 2,557,704 1,110,785 3.978,930 1,432,015 805,290 1,640,044 1,523.423 227,916 149,144 " 176,200 4,106,489 ”i62'40i August 89,773 90.524 August August August August August 258,704 56,870 479,573 17,103 50,346 1,939,233 1,763,698 3*0,934 193,203 53.931 610,816 14,430! 48,468 235,644 333,223 2,767,3:8 2,477.310 185,141 172,577 5,612,9141 5,170,113 August — 238,733 .. August City Rap Tran. 4th wk Sep Underground El Ry Metropolitan Dlst. United Tramways. UnionRy,G6cECo(ill> United RRs of San Fr Whatcom Co Ry 4b Lt 1,496,11 56,696 August .. Twin of London— Three tube lines 343,166 62,500 367,377 70,9461 46,89» June August Puget Sound Elec Co August Rio de Janeiro Tram Light & Power Co. St Joseph (Mo) Ry Lt Heat & Power Co. Sao Paulo Tr Lt & P. Savannah Electric Co Seattle Electric Co._ Sou Wisconsin Ry Co Tampa Electric Co.. Toledo Rys 4b LightToronto Hallway Co. 9 2.715.092 1,009,265 Year. $ 323,566 178,730 37,330 216,505 16,057 Cape Breton Elec Co. August 30,777 Carolina Pow & Lt Co September 17,402 17,545 Central Penn Trac— August 78,790 70,031 77,085 67,798 Chattanooga Ry & Lt August 1192,827 1077,694 Chicago Rys Co July Cleve Palnesv & East August 36,389 40,275 Dallas Electric Corp. AUTUSt 118,25*: 112,802 Detrolt United Ry 4th wk Sep 241,425 188,472 i Miliith-Suoerior TrCo August 93,23 101.9*; East St Louis & Sub. September 211,249 176,402 Valley Traction Cc August Galv-Hous Elect Co. August Grand Rapids Ry Co. August Havana Electric Ry. WklOct Previous 350,519 58,065 9,155 El Paso Eleciric August Falrm & Clarks Tr Co August Ft Wayne & Wabash Current Year. Wk Oct Wk Oct Wk Oct August 8 8 8 - July August £12,640 £10,739 £6,774 232,494 618,635 32,470 £12,725 £10,010 £6,097 219,083 621,753 36,841 " i'19’216 414,236 £507,120 £427,296 £258,020 1,895,832 4,373,49 265,50 '106.938 389,146 £501,285 £390,558 £246,834 1,792.412 4,190.658 260,355 cThese figures are for consolidated company. Electric Railway Net Earnings.—The following table gives railway gross and net; earnings reported this week. A full detailed statement, Jncliiding all roads from which monthly returns can be obtained, is given once a month in these columns, and the latest statement of the returns of ELECTRIC 1020 THE CHRONICLE this kind will be found in the issue of Oct. 29 1910. Carolina Power & Lt Sept Jan 1 to Sept S0-. East St Louis 4s Sub.b.Sept Jan 1 to Sept 30 Illinois Traction Co.a— Aug Jan 1 to Aug 31 Portl (Ore)Ry Lt & P.b.Sept Jan 1 to Sept 80 Toledo Rys & Lt Co.b_.Aug Jan 1 to Aug 31 Wash Balt & Annap.b.Sept July 1 to Sept 30 * 17,402 154,249 211,249 1,756,761 523,558 3,874,962 490,209 4,106,489 238,733 1,939,233 68,659 190,406 The Net Earnings Current Previous * 17,545 141,318 176,402 1,481,078 462,266 3,415,017 420,777 3,547,647 235,644 1,763,698 58,789 6,296 62,803 109,260 830,010 228,809 1*582,672 267,627 2,339,220 80,533 739,074 39,442 103,463 7.450 53,373 89,078 663,072 207,310 1,444,185 227,340 1,896,419 107,781 751,428 25,629 Charges and Surplus. —Int., Rentals, &c.~ —Bal. oj Net Earns.— Current Previous Current Previous Roads. Year. Year. Year. Year. $ $ $ $ East St Louis & Sub Sept 48,394 49,345 60,866 39,733 Jan 1 to Sept 30. 450,695 445.112 379,315 217,960 Portl (Ore) Ry Lt & P__Sept 150,627 128,924 117,000 08,416 Jan l to Sept 30 1,246,965 1,111,335 1,092,253 785,084 Toledo Rys 4s Lt Aug 78,189 75,643 *2,550 *32,614 Jan 1 to Aug 31. 612,518 576,719 *128,512 *176,549 * After allowing for other Income received. Other road rentals Rent of track, yards, &c Hire of equipment, balance Separately operated properties Discount on securities sold Federal corporation tax Interest on funded debt CReport for Fiscal Year ending June 30 1910.) 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 Ry., the Staten Island Rapid Transit Ry. and the Baltimore & Ohio Chicago Terminal RR.), 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: TRAFFIC STATISTICS. Gross earnings per mile— • Inc. (+) or Dec. (—). —20 1908-09. 4,460 $20,048 +11,587,584 +1,975,302,682 $17,133 —0.004 cts. +1,210,568 +42,690,027 +0.017 cts. +14 +$0.0534 +$0.0678 +$2,915 Revenue freight only.—V. 90, p. 1361. Southern Railway. (.Report for Fiscal Year ending June 30 1910.) remarks of President Finley, together with the The de¬ tailed comparative balance sheets and traffic statistics for two years, and the profit and loss account, are published on subsequent Freight - Mall, express and miscellaneous Total operating revenues Expenses— Total operating expenses Net operating revenue. Outside operations (net) 1908-09 7,170 1907-08. 7,489 $38,161,392 $34,376,619 $34,171,329 14,918,253 13,778,513 14,564,993 4,214,863 4,032,975 4,205,294 $57,294,508 $52,188,107 $52,941,716 Maintenance of way and structures.. $6,635,725 Maintenance of equipment i 9,876,729 Traffic expenses 1,436,776 Transportation expenses 18,934,426 General expenses 1,752.090 $6,016,661 8,193,753 1,252,329 18,348,507 1,757,731 $7,109,173 9,138,378 1,300,233 20,773,250 1,533,685 $38,635,746 $35,568,981 $39,854,722 $18,658,762 $16,619,126 $13,086,994 18,980 136,963 21,263 Net revenue $18,677,742 $16,756,089 $13,108,257 Taxes accrued (not Incl. Fed. tax)... 1,979.722 1,916,701 2,027,967 - - r — Rentof tracks,yards, &c Hire of equipment, balance.. Income from investments... Interest, commissions, Ac... Total gross income $16,698,020 $14,839,388 $11,080,290 $346,026 ' $334,237 Tu $308,773 149|346 1,999.139 684,625 9^482,835 711,715 226.808 78,285 31,290 827,940 226,808 122,707 213,292 OPERATIONS AND EQ UIPMENT. 1909-10. Miles operated Equipment— equipment cars, snow plows, &c 1008-09. Passengers carried Passengers carried . __ 1907-08. 2,227 2,231 2,171 1.436 1,170 48,488 2,129 1,419 1,193 51,137 2,071 355 1,415 1,178 55,105 2,259 400 418 25,277,263 25,277,268 23,684,283 23,654,436 one mile 627.788,837 627,788,837 597,317,739 639,524.474 Rate per passenger per mile 1.507 cts. 1.487 cts. 1.484 cts. Freight (tons) carried 36,763,600 32,797,205 33,629,706 38,763,600 Freight (tons) carried one mile* 6,414,732 6,008,714 5.661.538 Rate per ton per mile * 0.599 cts. 0.586 Cts. 0.600 cts. Average train-load (revenue) tons... 495 469 465 Earnings per passenger train mile $1,257 $1,174 $1,229 Earnings per freight train mile $2,963 $2,747 $2,787 Gross earnings per mile. $23,273 $21,299 $21,531 . . . . 000s omitted. EARNINGS AND EXPENSES. 1909-10. 1908-09. $ $ Earnings— 1907-08. 14,295,370 9,459,963 20,777,945 853,086 14,411,844 8,880,634 431,803 1,437,272 1,225,625 $ 20,009,171 834,189 13,937,170 0,489,449 469,485 1,204,579 917,285 1,140,377 Earnings—railroad— Earnings—other operations— 51,830,720 3,035,470 47.514.859 2,926,303 46,746,436 3,037,800 Total earnings Expenses— Maintenance of way, &c Maintenance of equipment 54,866,190 50.441,162 49,784,236 5,217,451 9,455,981 17,422,952 1,295,876 1,062,509 1,374,757 4,232,407 1,124.621 1,071,836 1,369,523 5,911,414 10,654,742 17,793,522 1,068.846 1,041,018 1,111,535 Freight 24,114,760 - Milk Coal 865,927 Passenger Mail - Express Miscellaneous ^ Transportation expenses Traffic expenses.. General expenses Taxes - - —— - 9,648,980 16,616,181 466,582 860.498 v Expenses—railroad Expenses—other operations 35,829,526 3,270,806 34,063,548 2,840,737 37,581,077 3,450,619 Total expenses Ratio of expenses to earnings Net earnings—railroad Net earnings—all operations 39,100,332 36,004,285 (71.26) (73.16) 13,451,311 13,536,876 41,031,696 (82.42) * 16,001,194 15,765,858 9,165,359 8,752,540 INCOME ACCOUNT. Increase Receipts— Net earnings-Interest and dividends Rents, &c., received 1909-10. $ 1908-09. (+) or Decrease(—). 15,765,858 securities.- 3,527,091 806,929 13,536,876 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 lines 980,646 Hire of equipment and Joint faculties 1,562,300 Interest on car trusts 598,852 Penn. Coal Co. sinking fund and misc. 643,388 Additions and improvements 737,087 16,812,879 +3,286,999 9,669,733 520,327 733,164 779,373 381,927 +44,428 +273,661 —2,941 +383,249 —134,312 —135,985 +355,160 14,247,162 2,565,717 +783,260 +2,503,739 --_ on Total 15,030,422 Balance, surplus.., —V. 91, p. 945, 393. 5,069,456 983,587 1,179,051 Wabash Railroad. (Report for Fiscal Year ending June 30 1910.) Delano, Sept. 1, says in substance: President F. A. INCOME ACCOUNT. Passenger ldmV.oio (Report for Fiscal Year ending June 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. pages. 1909-10. 7,050 121,101 103,515 358.662 $14,172,510 $14,226,599 $13,567,624 $5,704,646 $3,511,100 $279,143 The balanoe of Income over charges for the year 1909-10, $5,704,646, was transferred to the credit of profit ana loss—see profit and loss account, (table No. 4) on a subsequent page.—V. 91, p. 946, 718. The comparative income account for three years is given below. Miles operated, average Revenues— 10,481,501 605,377 226,808 52,373 92,688 $1,351.860 759,103 19,493 81,464 535,214 Total deductions.... Balanc , surplus Baltimore & Ohio Railroad. Tons freight carried* 62,797,745 51,210,161 Tons freight carried 1 mlle*12,024,583,527 10,049,280,845 Av. rate per ton per mile._ 0.577 cts. 0.581 cts. Passengers carried 21,107,120 19,896,552 Passengers carried 1 mile__- 763,448,759 720,758,732 Av. rate per pass, per mile_ 1.897 cts. 1.880 cts. Av. train-load (tons)* 442 428 Earns, per pass. tr. mile._ $0.9473 $0.8939 Earns, per freight tr. mile* $2.5534 $2.4856 $1,351,504 814,810 Operations— 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 Oc£. 29. Operations— 47,382 Floating equipment.. 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 4,434 1908-09,3gl907-08»B 116,462 266,806 Passenger equipment Annual 1909-10. $31,959 1,381,504 869,650 ” Miscellaneous Service . ... Locomotives ANNUAL REPORTS, Miles operated June 30 .... Interest on equipment obligations.. Dlvs. on M. 8s O stk. tr. ctfs Additions and betterments... Freight On # | Erie Railroad. Net earnings here given are after deducting taxes, are before deducting taxes. b Net earnings here given Interest 1909-10. Deduct— Southern Ry. In Miss, def Gross Earnings— Current Previous Year. Year. Roads. a Sept. 24 1910. F [VOL. LXXXXI. ’ f :*dW>,'7a 1.94l',i26 !‘ 27m,270 622,948 330,634 $10,877,156 $17,737,699 $13,846,967 General Results.—The gross revenue from operation for the late fiscal year was $28,886,056, an Increase of $3,018,022 over the previous year, and an increase of $1,453,582 over 1906-07, which was the year of greatest business In the history of the company. The gross operating expenses were $20,536,223, an Increase of $1,779,038 over the previous year, and of $1,031,075 over the year 1906-07, already referred to; leaving a net revenue of $8,349,833, an Increase of $1,238,984 over operating the previous and of $422,507 over the year ending June 80 1907. After deducting taxes, $851,323 59, hire of equipment, year $744,379, and miscellaneous deductions from Income (which Includes $61,044 for additions 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 be able to report that the earnings have so materially Increased; but discouraging that the net results are 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 strike 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 durtng the first nine months of the fiscal year and not resumed until April. The total amount charged to depreciation and credited to replacement fund during the fiscal year was $163,634, as against $551,146 lo the year previous The amounts charged against operation and Income In the last ft years In excess of the amounts actually expended for equipment, renewal and re-1 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 and Oct. 15 THE CHRONICLE 1910.) to-day excellent, comparing favorably with any previous year; and while the amounts charged against operation for depredation of equipment have been smaller than In recent years, the amount actually spent on equipment maintenance has been considers biy greater. Exchange oj Debenture Bonds.—All of the debenture “A” bonds, amounting to $3,500,000,and $25,233,000 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 1910 only $1,277,000 bonds in the hands of the public. ■ - * OPERATIONS, EARNINGS, AC. Pass, carried 1 mile Rate per pass, per mile. 2,516 662 657 426 22,126 436 23,465 668 439 622 441 23,860 24,401 5,889,189 5,812,545 5,772,570 5,250,493 374,619,200 355,979,515 364,637,151 369,294,716 1.889 cts. 1.797 cts. 12,556,220 a2,950,014 Rev. train-load (tons) Earn, per fr’t train mile. Earn, per pass, train m_ Gross earns, per mile Earnings— Passenger Freight Hall, express, Ac Total 1.866 cts. 13,540.584 03,322,315 0.573 Cts. 361 0.556 cts. 360 353 352 $2.0651 $2.0494 19,473,373 2,337.369 $1.1369 $10,287 $ 6,395,775 17,176,709 2,295,549 $2.0714 $1.0988 $10,235 $ 6,470,678 17,103,693 2,165,702 $2.0002 $1.1332 $10,904 $ 6,891,289 18,465,286 2,075,898 28,886,056 25,868,033 25,740,074 27.432,473 3,600,739 3,112,598 3,966,180 $1.1796 $11,487 $ 7,075,314 Expenses— Maintenance of way, Ac. Maint. of equipment Traffic expenses 1.775 cts. 12,304,460 02,983,467 0.582 cts. ~ General 1906-07. 2,515 Freight (tons) carrled.a 14,002,722 Freight (tons) car. 1 m.b a3,325,804 Rate per ton per mile... 0.o85cts. Transportation 1907-08. 2,515 Locomotives Passenger equipment— Freight equipment Operations— Passengers carried (No.) 1908-09. 1909-10. 2,515 Road operated June 30. Equipment— 4,117,109 928,784 11,056,061 833,530 836.493 10,024,796 817,117 2,679,179 2,747,667 4,348,774 859,9131 3,915,262 10,219,567/ 12,153,324 736,314 688,894 Total 20,536,223 18,757,184 18,843,747 P. c. oper. exp. to earn. (71.09) (72.51) (73.21) Net earnings 8,349,833 7,110,849 6,896,326 a Revenue freight only, b Three ciphers (000) omitted. *('• INCOME ACCOUNT, 1909-10. 1907-08. 1908-09. 19,505,147 (71.10) 7,927,326 $ 6,896,326 878,504 $ 7,927,326 Net earnings 8,349,833 874,172 7,110,849 1,137,445 9,224,005 8,248,294 7,774,830 8,869,854 851,323 1,669,565 1,215,209 809,637 1,582,486 983,818 727,470 1,469,609 932,534 883,551 918,472 419.530 1,700,000 3,736,097 3,375,941 4.872.353 4,291,612 3,129,613 4,645.217 4,058.351 3,921,553 4,948,301 4,011.636 580,741 (6)210,000 (2)530,000 586,866 (3)105,000 (1)265,000 936,665 (6)210,000 (1)265,000 Invest., rentals, Ac.-*. Total Deduct— Taxes Track A bridge rentals. Additions and mlscell-. Approp. new . equipment Applicable to Interest. - 1906-07. 5.487 908 3,672,189 1,815.719 A (6)210.000 1.(4)1,060,000 942,528 Balance sur.545.719 def.159,259 sur.216,866sur.461,665 Note.—For the two years 1907-08 and 1906-07 the company charged the Interest on the outstanding first refunding and extension bonds ($799,360 In 1907-08 and In 1906-07 $383,160) against profit and loss, to which was also credited dividends received on Series “Af* and “B” debentures owned ($328,550 In 1907-08 and $411,091 In 1906-07) out of the totals of $370,000 and $475,000 paid on said debentures In each year as shown above. Had the Income account embraced these several Items, the result would have shown an actual deficit. $253,944 In 1907-08 and an actual surplus of For the years 1909-10 and 1908-09 the method em¬ $489,596 In 1906-07. was different. “Interest on bonds” Is now a net Item and includes the ployed full Interest on the outstanding ** first refunding and extension bonds (amount outstanding on June 30 1910, $38,615,587 and on June 30 1909 $31,476,243), after deducting an amount equal to that portion of the Interest paid on the A and B debenture bonds which reverted to the company as owner of the major portion of such debentures. BALANCE SHEET JUNE 30. Assets— Road and equipment.. Additions, &c., through Income Supplies and materials Cash on hand Stocks and bonds.. Accounts collectible-... Loans and bills receivable 'Advances and miscellaneous Cost of equipment in suspense Debit to profit and loss. Total assets LiabilitiesCommon stock Preferred stock Bonds Interest Vouchers and pay-rolls Individuals and railroads. Taxes accrued Hospital account. Loans payable Bills payable Unexpended appropriations 1909. 1910.. 1908. $ $ $ 174,927,896 172,765,046 171,216,676 425,490 1,275,178 1,080,483 952,868 2,315,838 2,424,827 2,353,593 22,889,719 16,857,716 26,750,736 2,537,927 2,111,312 2,771,803 5,774,862 5,677,165 5,675,389 2,367,577 3,210,720 3,403,696 5,344,000 6,265,000 7,078,680 *2,930,213 3,045,119 355,594 220,788,700 213,437,389 220,559,036 Additions and betterments through Income since June 30 1907 Det. A Chic. ext. 1st M. bds. redeem’d Miscellaneous 53,189,293 53,141,453 52.427.153 39,189,293 38.427.153 39,141,453 115,156,496 110,286,152 118,047,233 1,615,119 1,775,665 1,760.429 3,999,103 4,428,139 3,562,967 587,923 390,384 597,584 487,261 527,013 510,413 5,516 6,422 6,028 1 280,000 450,000 1,050,377 104,500 174,000 \ 371,180 807,614 387,662 252,748 425,490 51,000 4,241,880 3,419,247 2,503,781 Total liabilities.... 220,788,700 213,437,389 220,559,036 * After charging to profit and loss $495,692 discount on sale of treasury securities, Ac., and other Items aggregating $32,598, and crediting Chicago A Indiana sinking fund payments of $977477.—V. 91, p. 652, 277. Seaboard Air Line Railway. for Fiscal Year ending June 30 1910.) (Report Pres. N. S. Meldrum, New York, Sept. 22, wrote in brief: General Results.—The gross revenue increased 13.78%, operating ex¬ penses and taxes 7.79% and operating Income 30.24%. The operating expenses of rail lines, exclusive of taxes, were 65.55% of the gross revenue, as compared with 69.28% the previous year, and In¬ cluding taxes 69.28% of gross revenue as compared with 73.22% for the preceding year. The foregoing statement and all tables in this report for the year ended June 30 1910 include the result of operations under the receivership from July 1 to Oct. 31, as of which latter date their accounts were taken over by the railway, your property having been delivered by the receivers on Nov. 4 1909. The figures for the previous year, shown for comparison, represent receivership operations. For comparative and statistical pur¬ poses all tables herein include for the full period referred to the operations of the various subsidiary lines conveyed to your company during the year, the accounts of which were merged on Nov. 1 1909. Merger.—The subsidiary lines whose property was taken over during the year were Atlanta A Birmingham Air Line Ry. (incl. trackage, 19.11 m.) ,233.79 miles Florida West Shore Ry. ««02 — Tallahassee Perry A Southeastern Ry_-i..- Plant City Arcadia A Gulf Ry Catawba Valley Ry 38.83 — - 18.88 21.43 ‘ “ “ ‘ . 1031 The property of the Atlantic Suwannee River A Gulf RR.Co., the mile¬ of which (56.76 miles) had theretofore been Included in the Seaboard Air Line Ry., was also transferred to your company during the year. The total mileage in operation on June 30 1910 was 3,015, against 2,986.88 on age June 30 1909. Funded Debt.—Of the new adjustment mortgage bonds, $24,979,500 were issued, as provided in the plan of reorganisation, 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 company, 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 oar. 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 depreda¬ tion, which was credited to reserve for accrued depreciation. 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 mail and baggage cars. 3 passenger - rvloe 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 Lidgerwood unloader. For this equipment, $1$4,209 was paid in cash and 5% 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 19 miscellaneous. There were also purchased 2 steam shovels. Maintenance of Bay, Ac.—Roadway, track and structures were main¬ tained at a cost of $2,733,961, or $912 per mile of road. Net increase in 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 miles of new 75-lb. steel rail were laid in main line track, and there was charged net to operating expenses $48,102 god to capital account $37,433; 201,351 cublo yards of gravel, stone and slag ballast were put under main¬ line track at a cost of $132,173, ail of which was charged to capital accounts; 8,522 feet of wooden trestles were filled in, the cost, $52,457, including culverts, being charged to operating expenses. During the year work has been done on 42 bridges, replacing with steel or strengthening for heavy traffic; of these 26 have Deen completed and the remaining 16 will be completed by June 30 1911. The cost, $588,224, was charged $408,787 to capital account and $179,437 to oper. expenses. Miles of Steel Rail in Main-Line Tract—Total, 3.015 Miles (* “Resawed.”). Miles 39 85 124 80 1.045 207 187 75 70 68 19 60 27 600 43 339 325 65 63.5 6Q.5 60 760 58 56Ao New Extensions in Florida.—There have been completed In the sections served by the Starke-Wannee branch 10.51 miles; also Early Bird to Dunnelion (incl. 3 H m. purchased) 18.29 miles. There has also been practically completed an extension from Edison Junc¬ tion to McDowells and Agricola, 12.34 miles, at which points are located plants of the Armour and Swift companies; and there are under construction extensions from Dunnelion to the vicinity of Hernando, 15)4 miles, and from Nichols to Mulberry, 5)i miles. The above extensions reach phosphate districts. Construction has also been commenced on an extension from Fruitvllle to Venice, 18 miles. OPERATIONS AND FISCAL RESULTS. Pounds 1909-10. 1908-09. 1909-10 1908-09 Av. miles oper. 2,997 2.993 Tons car. 1 mile 1224884629 1090736611 Pass, car’d (No.) 4,103,749 3,668,292 Av. rate per ton Pas. car. 1 mile. 196,914,704 174,536,521 1.133 cts. 1.118 cts. per mile Av .rate per pass. Av. tons per tr. 2.162 cts. mile 222.81 per mile 2.159 cts. (No.)._. 205.86 Earns, per pass. Earns, per fr’t train mile train mile $1.09649 $1.03498 $2 52 $2 30 Tons car’d (No.) 8,131,402 7,195,182 Earns, perm.rd. $6,697 $5,892 . INCOME ACCOUNT. 1909-10. $ Oper. revenue— 1908-09. 1909-10. $ Passenger Freight 4,251,395 3,773,730 13,879,059 12,192,137 Mail, express, Ac. 1,938,318 1,668,629 Total 20,068,772 17,634,496 Operating exp— Maint. of way, Ac. 2,733,961 Matin, of equipm’t 2,757,616 Traffic expenses._ 689,028 Transp. expenses. 6,381,397 General 594,071 expenses. 2,566,738 2,452,074 605,921 6,009,770 582,300 Total 13,156,073 12,216,803 Net earnings 6,912,699 5,417,693 Income from rents 85,454 71,587 Other income 41,562 38,701 Total Income... 7,039,715 * 1908-09. Deductions— $ Interest— Funded debt... 3,055,338 Receivers ctfs.. 141,701 Adjustm’t mtg. bds., 8 mos__ Eq. tr. obliga’ns Other interest Taxes Rents lease of road Rents oth. prop’ty Hire of equipment Outside operations Disc, on adjustm’t mtge. bonds... $ 3,373,617 300,149 832,650 287,331 37,501 748,406 51,000 108,220 9,177 33,356 313,808 201,638 694,729 48,925 105,456 39,842 13,682 *105,000 Total deductions 5,409,680 5,527,981 Balance, surplus.. 1,630,035 5,091,846 436,135 Eight months’ proportion of annual allotment. BALANCE SHEET JUNE 30. [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 as required by the Inter-State Commerce Commission, comparisons with many items in earlier years are inaccurate.] 1910. A$SGt$~~~ $ Road, equipment, Ac 1909. $ 1908. $ al50,179,934 130,156,762 128,959,019 5,959,018 5,828,174 140,166 198,007 1,105,900 1,105,900 496,600 496,600 Securities owned 52,160,821 Leased rail and material 316,897 Preferred stock in treasury 1,105,900 Common stock in treasury. 496,600 Leasehold interest in Wilmington Ry. Bridge (contra)- ..... Atl. A B. A. L. Ry. 1st M. (contra).. Cash (incl. in transit A with fiscal ag’ts) 1,620.260 Traffic balances and miscellaneous.. 855,274 Agents and conductors. Materials and supplies on hand Claims in suspense.! Due from subsidiary companies Unextinguished disct. on securities.. Other deferred assets Receiver’s special account Profit and loss. Total 318,396 1,100,746 245,000 195,331 6,195,000 604.984 108.500 5,760,000 108,500 5,760,000 3,213.294 1,165,074 256,532 1,170,812 3.551.826 1,166,206 298,343 1.064,736 470,853 286,545 6.694.276 6,155,199 " ’ 78^870 409,662 287,274 69,958 2.293.256 2,669,758 165,385,143 159,561,512 157,924.108 Liabilities- Common stock 37,516,000 Preferred stock.. 25,000,000 Bonds (see “Ry. A Ind.” Section).. 89,282,500 Receivers’ certificates Seaboard Air Line Ry. A. A B. first mortgage bonds (contra) — Ry. Bridge bonds (contra) Equipment trust notes Wllm. 6,178,000 Audited vouchers Pay-rolls and salaries Accrued interest not due Matured Interest Reserve funds... Int. on acc’ts A mtges. subsld. cos.. Due proprietary companies.. Reserved for stock proprietary cos.. Open acc’ts. accrued taxes A mlscell. ( ,1,... Notes payable Profit and loss.. Total a After deducting $797,963 685,446 652,788 1,269,388 789,496 495,804 _ _ 39,960 936,692 c2,539,575 37,516.000 25.000.000 64.871,000 7,510,000 37,516,000 25,000,000 64,884.000 3,260,000 5,760.000 108,500 5,853,000 6.785.000 1,338,503 2.280.409 *’!» 576.286 714,377 ?a:i8i 2,205,616 751,885 1,668.385 1.267.416 2,266,455 1,966.630 1.564.952 1.241,351 39,96<~ •-*Vf 884.87 *'$!**$» 2,4*1,67^ ..165,385,143 159.561,512 157,924,108 for accrued depredation of equipment. reserve 1022 THE CHRONICLE & Securities owned include in 1910 those of proprietary, affiliated and controlled companies pledged, $641,862, and unpledged, $211,679, add other securities pledged, $1,048,979 and unpledged $248,300. c After writing off 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. Re-valuation, Ac.—Early In the year 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-ia, $2,597,374, net.j z: the executive committee appointed , 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.—The dividend has been continued at 3% ion of the directors, no change should be made in this because, in the opin¬ 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 be 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-construction, repairs, Ac.$25,764,4051 $23,193,966 $25,179,215 $26,532,196 Taxes „ 849,898/ Total -.$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., Ac 1,135,092 Incl. in “Revenues for 1 the Year.” Net profits $7,274,900 Disbursements— For interest on bonds.. $1,687,830 Cash dividends 2,989,696 Rate per an. 3%. $7,347,107 $3,402,997 $6,324,210 $1,732,250 2.739,436 2H%. $1,732,250 1,714,571 1 H%. $1,420,061 Total disbursements.. $4,677,526 Balance sur.$2,597,374 Surp. July 1 (beg. year). 18,867,462 $4,471,686 $2,875,421 15,992,041 Total Stock dividend, 2 34 % _ Adjustments . 3. 4,868,096 5% • $3,446,821 $6,288,157 def.$43,824 sur.$36,053 18,482,965 18,446,912 $21,464,836 $18,867,462 $18,439,141 $18,482,865 2,447,100 IIIIIIII 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 $2,624,92 1879-80. 85,645 233,534 9,077 29,215,509 12,782,894 5,833,93 1892-93. -..189,936 769,201 21,078 66,591,858 24,978,443 7,496,03 1903-04. ...199,350 1,155,405 23,458 *67,903,973 29,249,390 7,887,47 1904-05. --.200,224 1,184,557 23,814 *67,477,320 29,033,635 7,188,06 1905-06. ---202,959 1,256,147 24,323 *71,487,082 30,675,654 7,070,58 1906-07 -.-205,646 1,321,199 24,760 *74,804,551 32,856,406 6,324,21 1907-08 _._208,477 1,359,430 23,853 *62,371,287 28,582,212 3,402,99 1908-09 --.211,513 1,382,500 24,321 *68,053,439 30,541,072 7,347,10 1909-10 214,360 1,429,049 24,825 *75,135,405 33,889,203 7,274,90 .. ... * 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 approximate appraisal of Its replacement cost, new, and incl. properties controlled by stock ownership or held under perpetual leases and merged In the Western Union system $127,978,618 on an _ _ Real estate Patents "I Amount recoverable on expiration of long-term "lease " In "re^ spect of obligations assumed thereunder 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) Not leased Miscellaneous Investments I.IIIIIII _ Purchase-money notes and obligations _ _ Material and supplies Bills and accounts receivable, Incl. managers’, Ac., Ac. (less reserve for doubtful accounts) I_II II~ balances^ 5,908.446 102,108 1,180,000 4,699,623 4,478,678 355,339 20,500,000 2,752,090 3,198,119 banks, Ac 1,415,069 Liabilities (Aggregating $172,568,090). Capital stock (authorized Issue, $125,000,000) — Issued, $99,817,100; less held In treasury, $30,130 Capital stock of subsidiary companies not owned by Western $99,786,968 Union, viz.; Companies controlled by perpetual leases, ,H?428’®,25’ by 8tock ownership, $458,100; total 3,906,125 4 funding and real estate mtge. 50-year 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 subsidiary companies assumed or 000,000; less held In treasury, $3,043,000guaranteed, $7,z3,957 000 1 emporary loan secured by deposit of treasury bonds 1,500 000 Acoounts Treasurer’s balances, Incl. cash at . payable. Accrued taxes (estimated) *noomoanIc«ranteeC* IIIIIIIIIIIIIIIIIIIIII <^vs* accrue<2 on bonds and stocks of sub. Unpalcl dividends Unci. _ dlv. of $747,531 75 payable July 15 r10) Includes, It 12,382,901 2,500,000 7,733,692 Is understood, Gold A Stock Telegraph Co. 4K% deben¬ tures due May 1 1915, $500,000; Mutual Union Telegraph Co. 1st M. 6s, $1,957,000, and Northwestern Telegraph Co. 1st M. 4 Hs due Jan. 1 1934, $1,500,000.—Ed. Edward J. Hall, Jacob H. Schtff and Henry A. Bishop 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 fiscal 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 $1,927,000, al¬ though in fact It has been reduced $2,000,000 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 miles are copper. Contract with American Telephone & Telegraph Co.—On Dec. 15 1909 a contract was made with the American Telephone A 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 LXXXXI. 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... Western Union Telegraph Co., New York. (Report for Fiscal Year ending June 30 1910.) President Robert C. Clowry writes in substance: (VOL. 2 179 688 850 000 787)761 BALANCE SHEET OF JUNE 30 1909 AND 1908 {OLD BASIS). 1909. 1908. 1909. 1908. A. sscts $ $ Liabilities— $ $ Telegraph lines. 124,086,920 123,139,624 Capital stock... 99,817,100 99,817,100 Stocks & bonds— Funded debt... 38,645,000 38,645,000 Leased cos 8,645,000 8,645,000 Gold & StockTeleCos. not leas’d 17,798,672 16,497,865 graph Co 1,946,592 1.946,592 Real estate 5,088,359 5,088,359 Acc’ts payable. 3,040,710 3,755,072 Supp. A mater. 1,243,472 1,137,475 Surplus prior to Acc’ts receivable 2,295,537 1881 2,368,746 1,598,184 1,598,184 Cash 3,158,903 3,278,733 Surplus 17,269,278 14,393,856 Total 162,316,864 160.155.804 Total Report of Chartered Accountants on 162,316,864 160.155,804 Property and Business. Price, Waterhouse & Co., New York, Oct. 4 1910, present foregoing balance sheet as of June 30 1910 and the income account for the year 1909-10, and say in substance: the Balance 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, offer the following comments: Property Account.—The cost of telegraph lines, equipment, Ac., as shown 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 A 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 difference 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 tn. se of a number of com¬ panies which are merged for operating purposes vith 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 we 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 unexpirea 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 we on no reliable quotations have been available. In the {irlces where valuations atter except the adopted are conservative. cases 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 off and provision made for doubtful items. Deferred Non-Interest-Bearing Liabilities.t— Under leases of the Gold A 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 above-mentioned leases in 1981 will be payable to the respective lessors as follows: Gold A 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 termination 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 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¬ 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 therefor serve been required in the surplus account, the more important being: Reduction of book value of telegraph lines and equipment to estimated appraisal value $5,595,089 Liability to Gold A 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 on re-valuation of investments 1,709,546 Reserves required at June 30 1909 for bad and doubtful accounts, Ac., and for accrued liabilities 1,706,634 Reserves for depreciation on cables to date 2,000,000 Reserves for contingencies 500,000 Revenue Account.—The revenue account for the year as submitted here¬ with (see above) shows a surplus of $2,597,374, after paying dividends and interest on bonded debt. These figures, however, are approximate for the reason that the classification of accounts has been imperfect and it has been impracticable clearly to differentiate between items belonging to the revenue account for the vear and others applicable to periods prior thereto. We believe, however, that the variation Is not material. System of Accounting.—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 the system which we 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. Oot. 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 $2,014,926 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 $109,429 for contingencies. These are the largest earnings In the his¬ tory of the company. Earnings by Quarters. First quarter Second quarter. ^.$l,410,906|Third quarter 1,406,3611 Fourth $1,133,685 1,007,111 quarter 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% 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 X%, amounting to $1,802,192, 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 either upon the basis of actual purchase or producing cost or on the low market values of Aug. 31 1910, whichever figure was the lower. Reserve Funds.—(a) During the year we have set aside out of profits $500,000 for the depreciation and renewal of plants; $227,613 was used, leaving an unexpended balance Aug. 31 1910 of $272,387. (b) The balance In the reserve for contingent liabilities account on Aug. 31 1910 was $122,286, which is fully sufficient to cover all contingent and unsettled claims, (c) The fire insurance fund covering certain risks was Increased to $83,389. Unfilled Orders and Contracts.—The total of unfilled orders and contracts on Aug. 31 1906 to 1910 (tons) was: 1910.115,936 1909. 91,498 1908. 72,984 1907.101,910 1906.106,243 Financial Condition.—On Aug. 31 1909 there remained $758,000 of bank¬ ing obligations. During the year this Indebtedness and the $200,000 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 3,378; common, 1,635; total, 5,013. on Aug. 31 1910 was, preferred, EARNINGS FOR YEAR ENDING JULY 31.v 1910. 1909. 1908. $ $ $ Gross earnings 18,782,729 12,121,651 8,928,030 Expenses 14,649,898 9,917,908 8,807,283 Depreciation 609,429 208,335 649,231 Net earnings— Other Income 3,523,402 *12,480 1,995,408 *19,518 Bal. for dividends sr.3,535,882 sr.2,014,926 Preferred dividends.a(7 X) 1,802,192(2 X)549,821 Balance def.528,485 1907. $ not given. vestigated. The problem is no greater than those which have faced other mines and been successfully overcome. The amount of ore Is very great, and the problem well justifies large expenditures to effect a solution. Dividends.—The usual dividends on the preferred stock, the sum of $839,027, were paid on the common stock. not given. *8,460 Extracts from Report of General Manager. Production.—There were mined at ail of the properties 741,650 tons (wet weight) of ore, of which,, 17,599 tons were first class. There were milled 702,600 tons (dry weight) of ore, an average of 58,550 tons per month.. There were produced during the year 107,826 tons of concentrates and shipping ore, averaging 44.66% lead and 25.98 ounces silver per ton. Of this total 17,599 tons were first-class or shipping ore, which carried from 32.85% to 58.55% lead and averaged 40%. There was shipped from the; Omaha lease 6,116 tons, averaging 31.24% lead and 70.33 ounces silver, not included in the above 17,599 tons from Federal properties proper. Prices.—During the year the average price for silver received by us was 52.47 cents per ounce; for lead $3,885 per 100 pounds. There was a falling off in the sliver contents of the ore from the Wardner mines equal to X ounce per ton milled. The decrease averaged .625 ounce per ton on all ore and concentrates shipped, and In value amounted to about $35,000. Development.—The development work for the year at the producing mines, amounted to 16,061 feet, as against 11,837 feet last year, of drifting, raising, sinking and cross-cutting. - After deducting In 1910 $1,245 for interest on purchase money mtges. (against $10,000 In 1909 and 1908) and $12,218 for dividend scrip. a Also 10% scrip dividend—see below. BALANCE SHEET AUGUST 31. 1910. 1909. | 1909. 1910. Assets— $ $ | Liabilities— $ $ Real estate, plants, | Preferred stock.. .24,436,500 24,436,500 Ac 45,825,663 45,523,3961 Common stock...24,578,100 24,578,400 Investment secur. 191,690 272,0441Dividend scrip... 2,443,650 Accounts and bills |Accounts payable 1.119,733 864,449 receivable. 2,265,457 2,355,5581 Bills payable 758,000 Cash 791,299 644,3081 Int., Ac.j accrued 39,341 20,380 Taxes, insurance, | Depreciation, Ac. 272,387 Ac., advanced. 56,670 55,0531Insurance fund 83,389 51,583 Inventory 6,412,947 5,301,952! Reserve for contin. 122,286 85,000 |Purch.,&c., mtges. 200,000 | Profit Aloss, surp .x2,448,040 3,157,999 55,543,726 54,152,311 \ After deducting the 10% scrip dividend sued June 30 1910.—V. 91, p. 947. 874. Total Total value of product Deduct— Cost of production on the preferred stock is¬ Federal Mining & Smelting Go. {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 comnany was 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: (1) In January fire destroyed the ore bins and equipment at the mouth of No. 6 tunnel at the Mace mine, cutting off production for some time and causing a net loss at this mine of $4,000 for January,as against a profit of $55,000 for the preceding month. (2) In February a disastrous snowslide occurred at Mace, killing some 40 people, including the Superintendent of the mine. The entire force was employed in rescue work for several days; railroad shipments were blocked for some time. Profits for February amounted to only $2,180. March shows the effect of the fire and snowslide to have been practically over¬ come, the net earnings for that month at Mace being a little over $50,000. (3) In August the district surrounding our mines was swept by the most disastrous forest fires In the history of Idaho. Millions of dollars’ worth of timber was destroyed, and for some time the entire force at Mace and Wardner were engaged in fighting fires. Our actual fire loss, exclusive of pay¬ roll of the men engaged in fighting fire, was only about $15,000. Morning Mine.—The operation of the Morning Mine has proven a dis¬ appointment, resulting in a loss. The character of the ore has been changing and the change has destroyed the profit of concentration. The amount of lead and silver in the raw ore has not materially changed (although the quantity of sliver is somewhat less), but the company for the last year has been afre to save but from 53-60%, as against over 80% at its other mines. If the Morning Mine could make the same percentage of saving in concen¬ tration as is made at Mace and Wardner the net profits per ton would be increased practically $2 and the mine instead of making a loss each month would be making a profit of approximately $50,000 to $60,000. The new “Macquiston tube process” of concentration is now being tried* the laboratory tests promise excellent results, but practical demonstration ,s yet to be had. Two other methods of concentration are also being In¬ $4,757,469 $2,173,341 Development expenditures 200,898 Smelter freight & treatm’t 1,638,176 Net profits Rentals Interest $745,053 18,334 23,362 8,210 35,050* Miscellaneous Divs. from Investments. _ Total deductions Total $4,012,416 General expenses (including $49,296 litigation expenses). $830,009 86,201 Net earnings carried to surplus account COMPARATIVE STATISTICS FOR $743,808; YEAR ENDING DIVIDENDS, SURPLUS, cfee. 1909-10. Tons mined, total Concentrates and shipping ore Metal contents—Lead, in tons . . Surplus from previous year _ _ «. _ .. -. Exploration expenses, uncollectible accounts and depletion of ore res’ves Total surplus at end of year AUG. 31- 1908-09. 1907-08. 832,568 122,764 56,904 3,111,931 89,894 599,850 93,811 43,983 2,803,628 $882,371! $839,023 89,894 $95,220 1,761,416 $28,631 1,790,047 $46,546 1,836,593 $1,666,196 $1,761,416 $1,790,047 741,650 107,826 about48,155 Silver, in ounces about2,801,319 Net earnings $743,807 Dividends on preferred stock (7%) $839,027 Dividends on common stock (1^%)- 651,086 $1,015,110 $900,290 $839,027 A - - - $1,761,416 $1,790,047 BALANCE SHEET AUGUST 31. 1910. Assets— $ Mine and equip’t.. 18,000,000) Investments a396,280J Material and sup¬ plies Acc’ts receivable.. Cash Total 1909. $ Liabilities— 1910. $ 1909. $ 18,895,125 Common stock 6,000,000 6,000,000 Pf.stk.(7% cum.) 12.000,000 12,000,000 Acc’ts payable 259,468 239,130 126,246 128,133 Divid’ds payable. 209,757 209,757 171,441 265,938 Surplus 1,015,110 1,761,413 790,367 921,106 19,484,334 20,210,302 Total .... 19,484,334 20,210,302 Investments include Bunker Hill & Sullivan stock at par, $280,000, and Ft. Steele M. & S. Co. stock, $116,280 (par value $581,400).—V. 90. p. 1365. a Massachusetts Gas Companies, Boston. {Report for Fiscal Year ending June 30 1910.) Pres. C. Minot Weld, Boston, Oct. 11, wrote in substance: .55,543,726 54,152,311 ($2,443,650) . DETAILS OF INCOME ACCO UNT FOR YEAR ENDING A UG. 31 1910. Total def.520,025 sr.2,672,160 (1)244,365 (6)1,466,190 amounting toNo dividend has been year. The last sales of Bunker Hill stock were at over $50 per share, per share. and the stock Is generally held at $60 per share. It is at present paying dividends at the rate of 30 cents per share per month, or $3 60 per year. During the year a trial of the so-called taillngs-debris suits was had, the case of the Bunker Hill Co. being selected as a test case. The result was a technical victory for this company. All the mines have now combined for the purpose of attempting a settlement with the farmers on the river. The claims of the Government for timber used by the company in mining have, with one exception, been recommended for settlement by the U. S. officers in charge of the matter, on a basis of $17,091, which sum was included in profit and loss last year. General.—The management has paid careful attenlton to the enforceing of economies during the last fiscal year. It is believed now that all ex¬ traordinary expenses, with the exception of the settlement of the debris litigation, can be cut off. The operating staff has been reduced to at minimum. Deficit for year sur.l,733,690 sr.1,465,105 def.764,390 sr.1,205,970 x paid during the Litigation.—The litigation with the Bunker Hill & Sullivan Mining & Concentrating Co. was finally settled as authorized at the special stock¬ holders’ meeting in April of last year. The 27,000 shares of capital stock of the Bunker Hill Co. acquired in exchange for our Wardner property, after exhaustion of the ore by us, and the thousand shares of stock in that company previously held, are carried by this company at par value of $10 • Total 1023 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.). Property Accounts.—On Sept. 1 1909 the Boston Consol. Gas Co. and the Chelsea Gas Lt. Co. sold their electric departments to the Ed. El. Ill. Co. of Boston, and on the same date your trustees purchased all the capital stock of the Newton & Watertown Gas Lt. Co., which company sold Its: electric department to the Ed. El. Ill. Co. of Boston, and purchased the gas deoartment 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. $ Owned. *Outst’g. Stocks— Stocks— $ $ New England Gas New Eng.CoalACoke Co.499,000 & Coke Co 17,500,000 17,500,000 Federal Coal A Coke Co.497,000 Bos. Con. Gas Co. 15,110,600 15,124,600 Bonds— EastBost. Gas Co. ar567,700 575,000 Federal Coal & Coke Co. Newton & Water1st M. (see below) 471,000 town Gas Lt. Co. 560,000 560,000 Federal Coal A Coke Co. Citizens' Gas Light 2d mortgage 251.000 Co. of Quincy.. 38,300 38,300 * Supplied, not In report, *Oulst’g. $ 500,000 500,000 471,000251,000 Par of shares $25; other shares $100.—Ed. 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 to pay its entire floating debt, both held by the Massachusetts Gas Cos. (V. 91, 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. ' x Federal Coal & Coke Co.—In - The profit from the sale of securities shown in the financial statement of $4,350 is the difference between the cost of $29,000 1st 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 the remaining outstanding bonds, being the difference between the cost and redemption price of the bonds owned by the Massachusetts Gas Cos., viz., 471 1st M. bonds and 251 2nd M. bonds. The change in the Indebtedness of the Federal Company will make a substantial reduction In its fixed charges. 1024 THE CHRONICLE ■'% > yui. Shipments during the year were seriously Interfered with, due to a car shortage lasting for practically six months on the B. & O. RR. 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 fiscal year end¬ ing June $0 1911 will show & 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. Floatlno 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 floating debt, and at this date the Massachusetts Gas Cos. have no outstanding loans. Boston Consolidated Qas 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. Ill. 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 stood on the books. The surplus account on June 30 1910 was $267,712, after providing for dividends and all other charges. East Boston Gas Co.—In this report the financial statement of the Chelsea Gas Light Co. and the Ea3t Boston Gas Co. are consolidated. The Chelsea Gas Light Co. sold its electric department to the Edison El. Ill. Co. of Bos¬ ton on Sept. 1 1909, and on Jan. 1 1910 it3 gas department was consolidated with the East Boston Gas Co. The price of gas was reduced on Jan. 1 1910 to 90c. net per 1,000 cu. ft., this being a reduction of 10c. net in the terri¬ tory supplied by the East Boston Gas Co. prior to Jan. 1 1910 and of 5c. [VOL. EAST BOSTON GAS CO., NEWTON & WATERTOWN GAS LIGHT CO., CITIZENS' GAS LIGHT CO. OF QUINCY, NEW ENGLAND COAL & COKE CO., FEDERAL COAL & COKE CO.—YEAR ENDING JUNE 30 1910. *E. Boston Newton & Citizens’ N. E. Coal Fed. Coal Gas Co. Wat.G. Lt. Gas Lt.Co. «k Coke Co. dkCOkeCo. Gross income $315,931 250,201 $344,931 279,602 $72,314 48,156 $65,730 2,413 $65,329 $24,158 2,905 314 ...$68,143 $68,234 $24,472 $3,349 63,250 $10,449 45,600 $15,895 7,660 $73,319 50,000 $31,380 $66,599 $56,049 S.$l,543 £.$12,185 $23,555 $123,319 $31,380 Expenses Net income from oper Miscellaneous income.. Net earnings Deduct— Interest Dividends ft., an Total Balance Accounts receiva¬ ble Bond disc, suspense the net addition in street mains was 13,070 ft. Newton & Watertown Gas Light Co.—The net gain in meters set was 733 and the net addition in stret mains was 39,714 ft. The total output of gas gared with 3% in the preceding year. As the business of the New England oal & 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 thre%fugs and seven barges, which fleet 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 vlrtaully April 1 1909, and in the year ending June 30 1910 shipped approximately 1,800,000 tons of coal. Through the 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, daily, weekly or monthly, as desired;, and we 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. MASSACHUSETTS GAS COMPANIES—YEAR ENDING JUNE 30. 1909-10. Int. on bonds, notes, &c. Dividends received Profit on sale of securities Total earnings Deduct— Expenses Interest Divs. on pref. shares, 4% Total deductions 1908-09. 1907-08. 1906-07. $ 155,620 1,946,960 $ 29,934 1,791,745 $ 24,466 1,633,894 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 1,358,006 1,227,709 874,871 926,002 1,065,525 756,154 912,418 Deb.39,999 Cred.7,430 1,056,975 601,385 1,074,013 Deb.12,980 1,760,874 (3)750,000 1,676,002 (3)750,000 1,662,418 (3)750,000 $ 250,927 2,134,041 4,350 Balance, surplus 1,031,312 Surplus from prev. years 1,010,874 Adjustments Cred.9,612 Total Divs. on 2,051,798 com. shares. (4%) 1,000,000 Balance 1,051,798 1,010,874 926,002 * 912,418 The net undivided earnings of the constituent companies from the opera¬ tions of 1909-10 (see the several statements below) show a deficit 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 Additions to Street Alains. Boston Consolidated Gas Co 118,963 Chelsea Gas Light Co 113,070 East Boston Gas Co j Newton & Watert’n Gas Lt. Co_ 39,714 Citizens’ Gas Light Co 32,242 YEAR 1909-10. Gas to Consumers Total Cubic Feet. Increase. 4,540,531,000 2.39% 300,072,000 13.81% 335,793,000 52,679,000 8.79% 36.82% OPERATIONS OF BOSTON CONSOLIDATED GAS CO. FOR YEARS ENDING JUNE 30. Reported by Public Accountants - _ J ^ Gas purchased (cubic feet) Gas manufactured (cubic feet) „ as Required by Sliding Scale Act. 1908-09. 1909-10. 2,274,349,100 2,270,273,000 2,917,359,000 2,634,062,000 Total 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)— Gas purchased 30.10 Cts. 30.50 cts. Gas manufactured 23.53 cts. 29.87 cts. Gas sold 27.22 cts. 30.99 cts. Cost of distribution, management, &c 21.35 cts. 21.73 cts. ... Total cost of gas sold (excluding interest, depreciation and reserve) BOSTON CONSOLIDATED 1910. Gross income Expenses GAS CO.— YEAR 48.57 cts. ENDING 1909. $ $ 3,880,116 3,946,625 2,527,769 2,688,199 Net Income __1,352,347 1,258,426 MIsc. income 7,884 7,339 52.72 cts. JUNE 1910. $ Net earnings ...1,360,231 Deduct— Interest Dividends 30. 1909. $ 1,265,765 62,250 68,734 1,361,214 1,361,214 Total 1,423,464 1,429,948 Net earnings.1,360,231 1,265,765 Balance, deficit. 63,233 164,183 In addition to the net earnings above stated there was credited to profit and loss account during the year 1910 $334,720 profit on sales of electric department and certain real estate. NEW ENGLAND GAS «fe COKE CO.—YEAR ENDING JUNE 30. 1910. 1909. 1910. 1909. $ $ Production 2,766,426 2,509,157 Gen. exp. & man. Oper. expenses.1,998,853 1,863,911 Taxes and ins.. Net Inc. from op. Miscel. Income.. 767,573 26,209 645,246 29,566 Total Income. 793,782 674,812 Interest Dividends $ 82,124 55,378 35,661 612,500 Total deduc’ns 785,663 Balance sur.8,119 . $ 84,990 55,132 16,222 525,000 681,344 def .6,532 $220,707 240,372 $130,598 D.$19,665 $130,598 £>.$19,665 £.$7,279 £>.$51,045 S.%917 •Incl. the operations of Chelsea Gas Light Co. for six months ending Dec. 31 1909. BALANCE SHEET OF MASS ACH USETTS GAS COMPANIES JUNE 30. 1910. 1909. 1909. 1910. Assets— $ $ Liabilities— $ $ Property account.54,310,614 52,900,307 Preferred stock 25,000,000 25,000,000 Cash in banks 50,077 333,865 Common stock...25,000,000 25,000,000 Notes receivable.. 3,559,528 4,234,140 20-year bonds 5,881,000 6,000,000 Sink. fd. 20-yr. bds. 3,138 Notes payable 417,504 Accounts payable. 2,887 Total 58.318.340 57,888,954 Total (From Report to State) Boston Consol. Gas Co. Assets— Property accountMaterial Cash and debts recelv'le 1910. 1909. 58,318,340 57,888,954 125,581 $794,524 $1,927,821 40,160 128,652 923,971 153,530 42,276 23,959 $15,124,600 $15,124,600 1,508,013 2,373,379 $575,000 19,415 Moneys receivable 4,747 83,333 750,000 1,010,874 East Boston. N.E.C.& C. 1910. 1910. $25,185,996 $25,824,063 458,113 534,356 178,405 158,839 40,000 ...... 300,000 2,209 Pref. div. accrued. 83,333 Res. for com. div. 1,000,000 Surplus 1,051,798 395,234 supplied by the Chelsea Gas Light Co. prior to Jan. 1 ’10. of gas to consumers of the two territories was 300,072,000 The net gain in meters set was 1,528 and increase of 13.81%. 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 Quincy.—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^urlng the year paid a dividend at the rate of 3 H %, as com- $900,724 770,126 „ net in tne territory The total output cu. LXXXXI Liabilities— Capital stock. Debts & accts. payable. Depreciation reserve Guaranty fund Profit and loss-. Total each side —V. 91, p. 792, 521. 158,839 $500,000 2,216,876 97,759 151,530 8,986,021 282,546 165,809 $25,981,354 $26,637,530 $900,919 $2,980,444 9,189,896 23,957 GENERAL INVESTMENT NEWS RAILROADS, INCLUDING ELECTRIC ROADS. (Kan.) Railway, Light & Power Co.—New Stock. Atchison —The shareholders of the capital stock on Oct. 4 voted to authorize the increase 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 Ry.—Listed.—The New York Stock Exchange has listed $13,625,000 4% convertible bonds, issue of 1910, due 1960, with authority to add $30,061,000 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 RR.—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 We may be big wage increases recently granted our working forces. obliged to show a deficit this year after the payment of 6% on common stock, but we can later on make It good In the meantime, the work of Improvement and rehabilitation V. 91, p. 945, 864. will be pushed forward vigorously.— British Columbia Electric Ry.—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. m. Oct. 29 for £600,000 of additional share capital, divided as follows: 200,000 5% cumulative perpetual pref. sharesof £1 each, at Is. premium; 200,000 pref. ordinary sharesof £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 Thurs¬ day up to and lncl. Feb. 2 1911. There were listed on the London Stock Exchange as of Sept. 30 1910: £600,0Q0 def. ord. stock, £600,000 pref. ord. stock and £600,000 cum. perpetual pref. stock. Also £230,800 4 H% 1st M. debentures; £210,600 Vancouver Power debenture 4 Hs and £1,330,000 4 H% perpetual consol, debenture stock. Compare V. 91, p. 945. Buffalo Rochester & York Stock Exchange solidated mtge. 43^% amount listed to date Pittsburgh Ry.—Listed.—The New has listed $177,000 additional con¬ bonds due 1957, making the total $6,198,000. Of the bonds, $60,000 were Issued to pay the last outstanding mtge. on real estate owned and $67,000 to acquire the 1,200 shares (entire stock) of the Silver Lake Ry., Perry to Sliver Springs, Wyoming Co., N. Y., 6.84 miles, as authorized by the Public Service Commission.—V. 91, p. 392, 400. Chicago & Alton RR.—Acquisition.—The company has acquired the Toluca Marquette & Northern RR., extending from Rutland to McNabb, Ill., 20.8 miles; McNabb toward Granville, Ill., 4.28 miles; Broadus to Henry, Ill., 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 RR.—Exchange of Bonds.— 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. RR. 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 11011 and hold It to maturity, or leave It attached to hfs bond and have It at date of exchange discounted at 4%. For the face of the Han. & St. Jos. bond the holder will receive a C. B. & Q. gen. mtge. 4% bond car¬ rying the coupon due March 1 1011, and 010 In cash. The company re¬ serves the right of changing these terms at any time without notice.— V. 01, p. 517, 276. 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 55% 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¬ Railways franchise of 1907. Nothing therein is to be construed as being a grant to the Chicago Railways Co. extending beyond Feb. 1 1927, but the new ordinance 1 s amendatory of and supplemental to the ordinance cago of Feb. 11 1907. The purchases by the Chicago Railways Co. linclude 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 Railways system as provided in the ordinance of 1908 apply to the new ordinance. The 128 miles of the old Consolidated system, which ramifies 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 Railways 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 Railways ordinance of 1907. “At the earliest practicable moment” 215 new double-truck cars are to be placed in operation. The Chicago Railways 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 16 feet In width. Receiver’s Income Account.—For years 1909-10. Gross earnings Operating expenses ending May 31 1910: 1908-09. 1907-08. ___$2,525,892 2,207,128 $2,347,120 1,947,127 $2,073,053 1,826,439 $318,764 1,732 $399,993 2,830 $246,614 $320,496 $104,479 $402,823 $328,661 Net earnings Other income. 82,047 '*■ Gross Income Less taxes, interest on rec. certs., &c_ Expended for betterments, right of way, Interest &c on 116,773 662,511 bonds Deficit —V. 91. p. 945. 517. $563,267 Oper. Net Power Rev. Inc. Purch. issue, $5,500,000 (closed mtge. at $21,000 per mile); deben¬ 1920, $1,523,000; stock, 7% rental, $7,857,600.— V. 90, p. 54. Detroit Toledo & Ironton Ry.—Sale of Collateral under Notes of 1905.—Herbert L. Baker,as special master, will on Nov. 25, by Adrian H. Muller & Sons, auctioneers, sell at auction at the Exchange salesroom, 14-16 Vesey St., 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. tures due The sale Is to take place 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. The bonds will be first offered In 50 separate lots of 100 bonds each and an entirety, and the stock in separate parcels of 1,000 shares each, and then as a whole.—V. 91, p. 870. as Forty-Second Street Manhattanville & St. Nicholas Avenue RR., N. Y.—Foreclosure Sale Adjourned.—The foreclosure sale has been again adjourned to Dec. 15.—Y. 91, p. 790, 518. Grand Trunk Railway Co. of Canada.—Proposed Changes 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: as to (a) The holding of one ordinary general meeting in each year instead of two, and the making up of accounts annually, instead of semi-annually. (b) 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. (e) To acquire, hold, guarantee, pledge and sell, or otherwise dlsposeof, stocks, bonds or other securities of the Montreal & Southern Counties Ry .Co. (/) To guarantee interest at 4% upon an Issue of 1st M. bonds of the Grand Trunk Western Ry. Co., payable 50 years from date thereof. (g) To Issue such additional Grand Trunk consolidated debenture stock as may be necessary in the exercise of the powers conferred by the Act now applied for and by the Grand Trunk Act 1910. (W Repealing certain inconsistent provisions of former Acts.—V. 91, p. 518. 397. Great Northern Ry.—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 RR.—Extension of Time to Begin Work on Extension to 42d St.—The Public Service Commis¬ sion on Tuesday granted an extension of 6 months to April 28 1911 to __ ... Chicago & Milwaukee Electric RR.—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 1035 begin work on the extension from 33d St. to the Grand 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 Broadway, 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 line.—V. 91, p.790. Indianapolis & Cincinnati Traction Co.—Sale Nov. 10.— Central Int.on Balance, Rec.Ctjs. Sur.orDep Illinois Division..$261,015 $57,930 $20,2031$24,500 $31,325/sur.$20,599 Wisconsin Dlvis’n 129,792 28,896 9.297J \def. 19,097 3 Mos. to Aug. 31. 331,970 150,695 (?) $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. The balance sheet of June 30 shows outstanding car trust certificates, Illinois, $143,161, and Wisconsin, $37,632; total, $143,161.—V. 91, p. 518. The foreclosure sale is advertised for Nov. 10 at the Court¬ house of Marion County, Ind.; upset price, $l,045.oo0. Included in the sale are the company’s 55.2 miles of street andpntmrban Chicago Railways.—New Ordinance—Purchase Authorized by City —See Chicago Consolidated Traction Co. above. Rehabilitation.—The supervising engineers report: Stock June 30 1910. Taxes. Value of properties as stated by Traction Valuation Commis¬ sions, including Chicago Railways Co. land Chicago City Railway Co., as of June 30 1906; Calumet & South Chicago Ry. Co., Feb. 1 1908, and Southern St. Ry. Co., Aug. 1 1908_$55,775,000 Additions and Improvements Chicago Railways Co., Chicago City Ry. Co. and Calumet & South Chicago Ry. Co. to Jan. 31 1909. 25,491,744 Additions and Improvements all companies year end. Jan. 31 ’10 17,263,234 Total value of property Jan. 31 1910 (not including current assets, $3,523,177) $98,529,978 Additions (and Improvements) Since Reorganization, Aggregating $42,754,978 and Total Valuation, $98,529,978, Jan. 31 1910. Additions to Jan. 31 ’10. Toted Vaiue. Organization Additions to Jan. 31*10. T otal Value. $3,831,456 Shop tools Amach. $184,753 5782,611 and Cars—revenue... 5,833,589 11,519,527 superintendence $4,170,750 4,170,750 Elec, equip, of cars 3,264,496 6,095,055 Track (exclusive of Mlscell. equipment 315,302 582,985 paving) 10,357.503 23,486,045 Interest & discount 1 697,700 1,697,700 Paving 3,651,798 4,947,472 Miscellaneous Cr.l 1,384 11,300,595 Elec, line constr’n 4,617,334 7,741,541 Tunnels 397,596 1,338,886 Real estate (used Horses 24,992 58,292 in oper. of road) 485,491 4,210,944 Material & supplies 1,196,533 2,158,285 Bldgs. <fe fixtures. 4,503,458 8,577,630 Fill 59,916 101,177 Investm’t real est. 226 1,083,460 Subways 2,618 4,427 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 Ry., Cal. & So. Chic. Ry. and So. St. Ry. (See Chic. Rys. separate report in V. 90, p. 1099, and Chicago City Ry., V. 90, p. 767.) Receipts from passengers, &c. (lncl. advertising, $174,540; sale of power, $225,663; Int. on deposits (net), $67,018,&c.)$22,832,883 Operating expenses and taxes ($1,144.777) 15,983,018 Proportion due Southern Street Ry 124 433 Engineering Net receipts from operation Deduct Interest on capital Invested at 5% $6,725,432 4,432,808 Net receipts divisible: (City of Chicago, 55%, $1,276,253; to companies, 45%, $1,016,371).. $2,292,624 —V. 91, p. 716, 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. 91, p. 518, 462. Concord & Montreal RR. (Boston & Maine RR.).—Bonds Offered.■—Lee, Higginson & Co., N. Y., Boston and Chicago, are offering, at 99 and int.,yielding over 4.05%, $500,000 consol, (now 1st) mtge. 4% bonds dated 1890 and due June 1 1920. Legal invest, fof savings banks in Mass., Conn., N. H. and Me. Capital as of Jan. 2 1911: Consols, incl. this 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 46.3 miles of electric railway.—V. 91, p. 945, 518. Kansas City Mexico & Orient Ry.—Bonds.—The London 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 Ry.—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 RR.—Directors.—Frederick W. Van¬ derbilt, H. W. Cannon and Wm. C. Brown have been elected to 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 made, 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 Ry.—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, Ky. Compare V. 91, p. 589. Louisville & Nashville RR.—Called 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 RR.—Listed.—The New York Stock Exchange listed $2,000,000 Southern lines 1st mtge. 4% bonds, 1939.—V, 91, p.717, 276. has due Manistique Ry.—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. THE CHRONICLE 1026 1908- Mexican Northern * Ry.—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 have been retired by the sinking fund. The remaining $708,000 will become due on Dec. 1 1910. The company is willing (per agreement in V. 88, p. 1437, 1500) to extend the outstanding bonds until Dec. 1 1930 at 6% Interest. The holders of upwards of three-fourths of such bonds have elected to have their bonds so extended. The company will at its office, 82 Beaver St., N. Y., on or before Dec. 1 1910, at the holder’s option, either (1) extend same or (2) purchase such bonds, paying principal and Interest to date therefor. All bonds not so extended or purchased will be redeemed at the 190-_$,637 Guaranty Trust Co. of N. Y., 30 Nassau St.—V. 89, d. 1280. Mexican Ry.—Dividend on Ordinary Shares.—The direc¬ tors have declared a dividend of % of 1% per annum on the £2,254,720 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 */\% on the second preference shares.—V. 88, p. 944. Michigan Central RR.—Financing.—See New York Cen¬ 91, p. 276. Michigan United Rys.—Report.—For year end. April 30: tral & Hudson River RR. below.—V. Fiscal Gross Revenue. Year— 1909-10 —V. Net Rev. Other PJ. Divs. Balance, Inc. (6%) Sur. $15,451 $360,736 $60,000 $143,863 5,667 365,891 60.000 92,747 $1,233,439 $549,223 1,021,128 452,971 90, p. 914. Int. & Taxes. Minneapolis St. Paul & Sault Ste. Marie Ry.—Listed.— The NewYork 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, Aitken Co., Minn., northwesterly through Aitkin, Cass, Hubbard, Bel¬ trami, 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 2^ 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 Fiscal Year— Operating Net (a)ter Other Revenue. Taxes). Income. year ending June 30: Interest, Dividends Balance» Rents, &c. Paid. Surplus• $2,902,902 $229,88 0 $2,580,196 *$242,824 $309,762 9,727,727 2,865,976 2,631,146 202,608 *301,030 136,408 1908-09. * 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.—W. 90, p. 1614. . . Montgomery (Ala.) Traction Co.—Franchises.—The city on Sept. 19 granted a franchise to Charles E. Wood¬ ward of Boston, who is understood to be associated with Council other interests, to construct a road within the city limits, work to be begun within six months. See also Citizens’ Light, Heat & Power Co. under “Industrials” below.— Y. 88, p. 375. Newport & Richford RR.—Guaranteed Bonds Offered.— Lee, Higginson & Co., New York, Boston and Chicago, are placing, at 111% and int., yielding 4.30%, the total auth. issue of $350,000 1st M. 5% gold bonds, guaranteed, prin. and int., by the Connecticut & Passumpsic Rivers RR. Co. (Boston & Maine RR. system). Bonds, par value $1,000 c*, dated Jan. 1 1911 and due Jan. 1 1941. Int. J. & J. at Boston. Legal invest, for savings banks in Maine and N. H. Boston Safe Dep. & Trust Co., trustee. Issued to retire $350,000 1st M. 5s due Jan. 1 1911. A circular says: A closed 1st M. on the entire property and guaranteed, prin. and int., by Connecticut & Passumpsic Rivers RR. Co., which is leased until 1986 to the Boston & Maine RR., the last-named company assuming all expenses, taxes and Interest charges of the Connecticut & Passumpsic Rivers RR. Co. (lncl. Interest on these bonds) and 6% dividends on the Conn. & Pass. Riv¬ ers RR. Co. $2,500,000 stock. The Newport & Richford owns 22 miles of road extending from Newport and Richford, Vt., to the Canadian boun¬ dary, and connecting with the Montreal & Atlantic Ry., to which it is leased until 1980. The entire N. & R. capital stock ($350,000) is owned by the Conn. & Pass. Rivers RR. Co —V. 91, p. 946. New York Central & Hudson River RR.—Improvements— Financing.—President W. C. Brown at Washington on Oct. 13, in his statement before Examiner Lyon of the Inter-State Commerce Commission, contending that freight rates must be advanced if the railroads are to be able to finance the im¬ provements which are necessary in order to provide adequate facilities, said in substance: The result of this wage-arbitration and other Increases made necessary by it added approximately $3,595,000 to the payroll of the New York Cen¬ tral alone, all of which, under one of the provisions of the agreement, be¬ 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 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 first 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 tne work, as shown in the following table (tabulated by the “Chronicle”): Approximate Cost oj Improvements Now in Progress on N. Y. Central Lines. on • .. w , __ _ Total Cost. |. N. Y.C. & H. R $155,000,000 Lake Sh. & M. Sou, 61,000,000 Mich. Central RR.. * 14,200,000 Pitts. & Lake Erie, 9,150,000 C. C. C. & St. L 7,300,000 ,■ Exp. Prior to 1910. $75,000,000 30,000,000 9,700,000 4,500,000 660,000 Est. Outlay Year 1910. Balance Subs. Years. $42,000,000 $38,000,000 19,000,000 12,000,000 3,500,000 3,400,000 6,300,000 1,000,000 1,250,000 340,000 LXXXXI As soon as details can be agreed to with the authorities of the City of New York, our 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 are: (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 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, ln t0 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 ln this country and ln 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 ln any security market. It has been impossible, however, to se¬ cure any bid which could be considered. The best was one recently made of the 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 RR.—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 RR.—Report.—For year ending June 30: Fiscal Year— 1909-10 1908-09 - Operating Revenue. $3,474,360 — — — 3,252,745 - » —V. 91, p. 95. Net (after Taxes.) Other Income. $1,074,935 1,046,272 $130,938 Fixed Charges. $1,016,119 78,627 1,004,712 — * » -I''* - I- — — Balance, Surplus. $189,754 120,187 . Norfolk & Southern Ry.—Receivers’ Certificates Called.— The $1,000,000 of receivers’ certificates dated Dec. 29 1908 have been called for payment at par and int. on Nov. 10 1910 at the Manhattan Trust Co.. N. Y.—V. 90, p. 1239. Norfolk & Western Ry.—Authorized,—The stockholders Oct. 13 authorized the directors (1) to create at their dis¬ , RR.—Report.—For [VOL. on 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 Ry. and the lease of the Norfolk Terminal Ry. Compare V. 91, p. 463, 712, 722. Northern Central Ry.—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 firm 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 way of stock dividends, stock riehts, &c., which, the firm 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 firm contends that it can be compelled tOjpay that amount notwithstanding opposition by a controlling Interest. Meeting Adjourned.—The meeting called for yesterday to on the lease was adjourned until Nov. 2 in order that stockholders might have ample time to study the contract. More than 90% of the minority stock, it is stated, would vote have been cast in favor of the lease had the vote been taken. —V. 91, p. 871, 790. Ocean Shore Ry., California.—Franchise through Rich¬ mond, &c., Districts Lapses.—The board of supervisors at San Francisco on Oct. 3 by a vote of 8 to 7 declined to renew the company’s 5-year franchise (which expired Oct. 5 1910) to build a line in the Richmond Oceanside and Ingleside districts connecting with the main line to Santa Cruz.— V. 91, p. 871, 519. Old Colony RR.—New Stock.—The stockholders, accord¬ ing to newspaper reports, have authorized an additional amount of stock, or will shortly vote thereon. There is now outstanding $20,364,000 stock.—V. 90, p. 1597. Oregon Short Line RR.—New Stock.—The shareholders on Oct. 12 voted unanimously to increase the capital stock to $100,000,000. New Directors.—Marvin Hughitt of Chicago has become a director, succeeding P. A. Valentine.—V. 91, p. 871. Overton County RR.—-Receivership.—In the latter part of September the Continental & Commercial Trust & Savings Bank of Chicago, acting as trustee under the first mortgage securing an issue of $250,000 1st M. bonds, filed a bill in the Circuit Court of the United States for the Middle District of Tennessee, Northeastern Division, to foreclose said first mtge., the April 1910 coupons being in default. On Oct. 1 1910 George A. Clark, of Nashville, Tenn., was appointed temporary receiver.—Y. 84, p. 104. Pennsylvania RR.—Bonds Offered.—White, WeM & Co., New York and Chicago, have purchased, and are placing at 100% and int., a block of about $1,000,000 of the Allegheny Valley Ry. gen. mtge. gold 4s, tax-exempt in Pennsylvania. Authorized and outstanding, $20,000,000. A circular says; A closed 1st M. on 263.70 miles of road from Pittsburgh northerly to City and Driftwood. 132 miles of which forms the southern half of Pennsylvania main line from Pittsburgh to Buffalo. Endorsed with unconditional guaranty as to prin. and int. of the Pennsylvania RR. In April 1910 was merged with that company.—V. 91, p. 946, 655. Oi the the Co. Pere Marquette RR.—New Director.—Frederick H. Prince, of Boston, has been elected a director to succeed A. Patriarche, who, however, remains a Vice-President.— V. 91, p. 946. Rio Grande Ry.—Re-Sale Ordered.—Judge Burns in the Federal Court on Oct. 3 on application of minority stock¬ holders ordered a re-sale of the property. The road was sold for $48,000 ln July last, but the minority stockholders objected to the confirmation of the sale, claiming that the property is Oot. 15 THE CHRONICLE 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 re-sale a sum not less than $125,000 will be bid. In default of the bond the original sale of $48,000 will stand confirmed—V. 91, p. 337, 276. Rome & Clinton RR.—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>6% 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 deficit caused by the payment of the tax. It Is expected the usual 3 H% will be paid Jan. 1 1911. South Buffalo (N. Y.) Ry .—Decision.—Justice Pound Supreme Court at Buffalo, in a suit brought by one Ives, a switchman, recently sustained the constitutionality of Chapter 674 of the N. Y.. laws of 1910 amending the labor law in the 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 fixed seal of compensation without establishing that the defendant was at fault. 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 RR.—Listed.—The New York Stock Ex¬ change has listed $7,620,000 additional first refunding mtge. guaranteed 4% bonds due 1955, making the total amount listed to date $117,002,000. Purposes Jot which $7,620,000 Bonds Have Been Issued. To retire $3,926,000 of the $4,000,000 outstanding Southern Pacific RR. 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, Sec. 4 1,992,000 Against the expenditure of $1,642,400 to construct additional new lines, and for betterments and additions Earnings.—For Fiscal year Gross 1,642,000 ending June 30: Net Other Charges, Balance, Bamings. Income. Taxes,Ac. Surplus. $51,118,906 $22,247,130 $2,254,643 $9,568,941 $14,932,832 43,829,941 18,342,437 1,789,458 9,347,288 10,784,607 —V. 90, p. 850. Year— 1909-10 1908-09 Earnings. Toluca Marquette & Northern RR.—Sold.—See Alton RR. above.—V. 89, p. 1598. Tonopah & Goldfield RR.—Report.—For Chicago & year ending Interest and Balance, surplus. $27,734 26,529 June 30: Fiscal Year— 1909-10 1908-09. . Operating • Net (ajter revenue. taxes). $789,205 910,019 $167,830 182,585 Other income. $3,772 3,165 charges. $143,868 159,221 Twenty-eighth & Twenty-ninth Streets Grosstown RR.— Foreclosure Sale.—The foreclosure sale, which was to have taken place on Oct. 3, has been indefinitely postponed. The sale will be re-advertised, in all probability to take place in Nov. or Dec.—V. 90, p. 1556; V. 91,p. 96. Union Pacific RR.—New Director.—Mortimer L. Schiff has been elected a director to succeed P. A. Valentine.— V. 91, p. 872, 791. Wabash-Pittsburgh Terminal Ry.—Negotiations with Wab¬ ash RR.—The first lace is Chairman mortgage committee of which J. N. Wal¬ announces that: “The contemplated report of this committee to the holders of certificates of deposit will be deferred for the present in view of the nature of the committee’s negotiations now in progress with a com¬ mittee recently appointed by the board of directors of Wabash RR. Co. Compare V. 91, p. 791, 718. The committee of Wabash directors consists of Gen. Thos. H. Hubbard, Robt. M. Gallaway and Edward B. Pryor.— V. 91, p. 652, 39. Washington Alexandria & Mt. Vernon Authorized.—The plan of consolidation was Oct. 12 by the stockholders.—V. 91, p. 947. Ry.—Merger approved on West Penn Traction Co.—Bonds Offered.—J. S. & W. S. Kuhn (Inc.), Pittsburgh, Pa., Philadelphia, New York, &c., are offering at 97 and int. $350,000 1st M. 5% gold bonds, tax- free in Pennsylvania, dated June 1 1910, due June 1 1960.— V. 91, p. 39, 398, 590. Wisconsin Minnesota & Pacific RR.—Agreements Assumed by Reorganized Chicago Great Western Company.—Judge San¬ born in the United States Circuit Court at St. Paul on Oct. 12 signed a decree incorporating the provisions of an agreement between the company, Chicago Great Western RR. (the new reorganized company) and the Mercantile Trust Co., as trus¬ tee, to protect the rights of the holders of the company’s 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. W. Ry. (old company) was sold to and purchased by the C. G. W. RR. (the new company). The new C. G. W. company assumes all leases and traffic agreements entered Into between the old company and the W. 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 W. 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 W. M. & P. The surplus net earnings at the time of the conveyance of the C. G. W. properties to the new company amounted to $357,507. The agreement provides that In respect to this surplus of $357,507, as well as any surplus net earnings derived from the operation of the W. M. & P. 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. Compare O. G. W. report, V. 73, p. 566.—V. 84, p. 694. INDUSTRIAL, GAS AND MISCELLANEOUS. Albemarle & Chesapeake Canal Co.—Sale.—The fore¬ closure sale ie set for Nov. 10 at Portsmouth; No upset price. 1027 The bondholders’ committee now consists of James M. Edwards of R. T. Wilson & Co., Chairman; R. L. Harrison (59 Wall St., N. Y.), 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. See also V. 91, p. 947. 1908- Amalgamated Asbestos Co., Montreal.—Dividend Not pref. Declared.—The October dividend on the $1,875,000 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: 190- 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 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 only on payment of a second 20% on the bonds. Comparatively few of the bonds it Is under¬ stood were placed. Ed],—V. 91, p. 277. a American Dock & Trust Co., New York.—Earnings.— Earnings for the 12 months ending Aug. 31 1910: Gross earnings Net earnings $216,323 1 Deduct—Taxes 155,8411 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. RR., on Staten Island, adjoining the Municipal Ferry. Pouch & Co., New York, recently offered the 1st M. 5s. See full statement In V. 91, p. 872. American Shipbuilding Co.—Report.—The fiscal year ending June 30 were: Fiscal Year— 1909-10 Net Deprec’n, PreJ. Divs. Common add'ns,Ac. (7%) dividends. *$1,980,654 $543,332 $553,000 (4%)$304,000 1,257,722 379,643 553,000 1,713,908 387,961 553,000 (6%) 456,000 278. earnings, 1907-08 —V. results for the 91, p. . Balance, surplus. $580,322 325,078 316,947 American Tobacco Co.—Assigned for Re-Argument Jan. 3. 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 Nov. 14. —The It is expected that be filled in order to by the time named the two vacancies In the court will The case permit of hearings before the full Court. against the American Tobacco Co. is to be given preference.—V. 91, p. 1364. American Window Glass Co.—Plan Fails.—The amount of pref. stock deposited under the plan of April 20 failed 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 V. 90, p. 1427, 1172. American Zinc, Lead & Smelting Co.—Report.—For year: to reach the Fiscal Year end June SO. 1908 09 Net Earnings. $359,325 360,380 General Int. on *Expenses. Bonds. Ac. $89,007 $61,433 58,583 57,351 Dividends (4%). $80,520 Balance Surplus. a$128,365 a244,445 * General expenses include commission for underwriting debenture bonds Amount in 1908-09 not stated. amounting to $30,000 in 1909-10. a From tbe surplus as above, $128,365 In 1909-10, was deducted $25,000 transferred to special reserve fund for additions and betterments to proper¬ ties, against $162,016 in 1908-09.—V. 90. p. 1241 Associated Oil Co., Los Angeles.—Oil Contract.—A con¬ tract between the company and the Independent AgencyOct. 5, placing, it is said, practically California outside of that handled by the Standard Oil Co. in the hands of one marketing agency for the next three years. The “San Francisco News Union Oil Co. was signed all the oil produced in Bureau” of Oct. 6 says: The contract provides for the marketing of the agency’s vast amount of ' unsold oil through the Associated, but no price Is mentioned, and aligns all the powerful factors In the California oil Industry, except the Standard, In harmonious co-operation. Of the total oil production of California, approximately 215,000 barrels per day, the Union-Independent Agency produces 100,000 barrels. The Associated Is the next largest factor In the oil production. The Union-Independents are to retain all their present business. The 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 Union-Independents until such a time as the volume of sales of the latter equal the volume of sales of the Associated. Thereafter the business, which Is to say the contracts for the sale of oil. Is to be divided equally between the Union-Independents and the Associated. The Associated Is to receive a commission of 10% on all sales of oil for the Union-Independents.— V. 90. p. 1484. Bethlehem Steel months Corporation.—Earnings.—For the eight ending Aug. 31 1910: “Total Income” of the corporation and its subsidiaries, being the net manufacturing profits, together with interest on invest¬ ments, rents, &c $2,732,566 Deduct interest on bonds and notes. 1,111,949 Balance, surplus, for the eight months $1,620,617 It is expected that the net earnings for the full year 1910, after charging 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 offer 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 75% 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 offering 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 this 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 plao to Increase the capital¬ ization so that outstanding capital obligations will more nearly equal prop¬ A leading director states that for the year the 8% common erty assets. dividend will not be fully earned. The current 12 months has been one of Continued depression for the packers, and In this Chicago Junction will naturally share. The common dividend will, of course, be paid* a the 1028 THE CHRONICLE <• |Yol.uoxxi. oompany has abundant surplus and In norma! years earns from 10% to 14%oh Its$6,500,000 oommon.—(“Boston News Bureau/’)—V. 80, p. 101ft. confiwned 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¬ granted by the City Council to Richard Tillis ports” Western Union Telegraph Co.—V. 90, p. 1365. Citizens’ Light, Heat A Power Go. of Montgomery, Ala.— Franchise to Other Interests.—Mayor Gunter on Oct. 3 signed * the franchise 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 fire limits of the city and to at least half of the residence section.—V. 91, p. 792, 466. Columbus & Hocking Coal A Iron Co.—Plan.—'The re¬ 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 A Power Co. of Balti¬ more.—Earnings.—For Fisca Year— 1909-10 Gross year ending June 30: Fixed PreJ. Com. Divs. Bal., Taxes). Charges. Divs. (2%). Earnings. Sur. $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 A Steel Co., Ltd.—Listed in London.—The London Stock Exchange has listed a further £200,000 5% consols, making the total amount of sterling bonds listed £1,400,000.—V. 90, p. 1673. Federal Coal A Coke Co.—Bonds, &c.—See “Annual Re¬ ports,” Massachusetts Gas Companies.—Y. 87, p. 1090. General Motors Co., New York.—Notes—Further Particulars—Merger.—The $15,000,000 6% 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 $15,000,000 1st M. 6% five-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 The notes of the General Motors Co. of Michigan trustee. 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 Co. and the McLaughlin Motor Car Co., Ltd., 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 first mortgage notes will be part of an authorized issue of $20,000,000,and If 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. SeealsoV. 91, p. 947. Great Western Power Co.—Earnings.—This company, whose present capacity is said to be 53,000 h.p. reports: Compare V. 89, p. Gross. $509,940 492,151 Over. Exp. $155,899 171,177 The following towns have requested the Commission for estimates: on 2,500 h.p.; Belleville, 3,200 h.p.; Deseronto, 300 h.p.; Brockvllle, 500 h.p. to 1,000 h.p.; Oshawa, 500 h.p.; Cobourg, 900 h.p.; Bowmanyllle, 600 h.p.; Plcton, 500 h.p., and Durham, 2,000 h.p. Ralston Welsh, Philadelphia, recently Issued an interesting Kingston . description of the plant, business and bonds of the Ontario Power Co. Compare V. 91, p. 720. 792. Pacific Coast Fiscal Year— Co.—Report.—For Gross Net (ajter Taxes). years Other ending June 30: Total Total Balance, Earnings. Income. Chgs., &c. Divs. Surplus. $7,903,148 $1,512,479 $21,808 $490,204 $928,750 $115,333 6,580,507 959,489 13,154 310,710 516,250 145,683 The dividends, as above, Include $76,250 (5%) on first pref. yearly, and In 1909-10 7H% 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. 1909-10 1908-09 _ J ^ . Net (aj*er Earnings for— Seven months ending July 31 1910.. Seven months ending Dec. 31 1909._ Ontario Power Go., 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. Net. $354,041 320,974 1283, 1485. Harrison Bros. A Co. Incorporated, Philadelphia.—New Directors.—James Dobson and W. Frederick Snyder, both of Pierce, Butler A Pierce Manufacturing Co. (Steam and 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: Hot Water Dividends Q.-J. Redeemable as a whole but not In part prior to July 1 1913 at 110 and accrued div., and thereafter at 115 and accrued div. on 60 days’ notice. Pref. both as to assets and divs. Capitalization (There is no bonded debt)— Authorized. Outstanding. 7% cumulative preferred stock-$2,000,000 $1,385,000 Common stock3,000,000 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 extend to all parts of the plant. Has organized and controls 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 Jot Fiscal Years Ended Jan. 31. gauge tracks the Century 1910. Heating apparatus Plumbers’ 1909. 1908. 1907. 1906. $1,103,938 $856,521 $1,090,445 $973,458 $943,475 supplies..- 1,029,810 706,696 792,778 882,506 677,517 as oj Jan. 31 1910, ajter Sale oj the New Pre/erred Stock, but without Allowance J or Patents, Goodwill, Ac. Assets ($3,425,700) Liabilities, incl. surp., ($3,425,700) Real estate, equip., &c—$1,000,593 Preferred stock $1,385,000 Cash 415,298 Common stock 1,500,000 Accts. & bills receivable.. 1,031,215 Accts. & bills payable 145,106 Bonded debt Inventory 609,106 None. Sundry assets 3,028 Surplus 395,594 Securities 366,460 [Net quick assets, $1,910,513.] Balance Sheet The issue of pref. stock will provide substantial working capital, and effect 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 the following statement of net sales and profits. Net Projits 1910. $244,115 Jot Years Ended Jan. 31 (For Year 1909-10 $2,226,130 and Gross Projits oj $536,828). 1909. $162,279 1908. $247,546 1907. $242,040 on Net Sales 1906. $324,407 of Avg. 5 Yrs. $244,077 Annual div. 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, and if such impairment shall continue for 12 months, or two consecu¬ tive dividends shall be in default, the exclusive voting power will become 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, 50% 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, Vice-Pres., 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. Philadelphia, have been elected directors.—V. 90, p. 1046. Plaza Operating Co., New York.—Mortgage.—This com¬ Ingersoll-Rand Co., New York.—Plan Approved.—The pany, which on Oct. 1 paid off its 3-year 6% collateral trust stockholders on Oct. 4 voted (1) to permit the holders of notes secured by an issue of $4,500,000 2d M. bonds (now the $4,800,000 pref. stock to exchange their stock, in so far canceled), has made to the Metropolitan Trust Co. a $1,000,as they desire to do so, for common stock, share for share; 000 5% 5-year 1st M., dated Sept. 30 1910, thus increasing (2) to authorize the sale for not less than par to employees the amount of the 1st M. held by the Metropolitan on the other than directors of $354,200 common stock, which will be Plaza Hotel to $6,000,000. Compare V. 91, p. 876. received in exchange for pref. stock now in the treasury. Portland (Ore.) Gas A Coke Co.—Bonds, Earnings, &c.— Compare V. 91, p. 719. The Milwaukee (Wis.) Trust Co. is offering at a price to yield Madison (Wis.) Gas A Electric Co.—Payment of Deben¬ over 5% a block of “first and refunding mtge.” 5s, dated tures .---The $100,000 10-year 6% debentures due Oct. 1 are Jan. 11 1910. A circular reports: being paid through Emerson McMillin & Co., N. Y. Most Earnings for Year ended July 31 1910. of the $400,000 stock is owned by the American Light & Gross earnings $850,5501 Ann’l int. on bonds outst’g-$152,950 Traction Co. There are also $400,000 1st M. 30-year gold $210,889 $363,8491 Surplus 6s, Net (after taxes) Outstanding capitalization: Common stock, $3,000,000; pref. stock, 7% due 1926, int. A.&O.10 at office of said firm.—V. 72, p.725. cum. (total auth. $1,500,000), $1,100,000; first and refunding mtge. 5s, Massachusetts Gas Companies.—See “Annual Reports.” $2,811,000; Portland Gas Co. 1st M. 5s, $404,000. See also V. 90, p. 1176. Boston Tow Boat Co.—On or about Sept. 20 a new Boston Rockingham Power Co.—Not Sold.—No bids were received Tow Boat Co. was organized under the laws of Massachu¬ at the auction sale on Oct. 5. The upset price was $1,000,setts, with its $400,000 stock substantially all owned by the 000. Compare V. 91, p 657. Mass. Gas Co., to take over most of the property of the former Salisbury Steel A Iron Co., Utica, N. Y.—New Stock— Boston Tow Boat Co. Compare V. 91, p. 521, 792. Convertible Bonds.—The shareholders will meet at the office, Montreal Water & Power Co .—Listed Abroad.—The Lon¬ 115 Genesee St., Utica, N. Y., on Oct. 22, to authorize: don Stock Exchange has listed a further 1. An increase in stock from $1,000,000 to $2,000,000 In $100 shares. £25*000 4^% 2. The issuing of mtge. bonds to the extent and amount of $500,000, for 1st M.„ prior lien gold bonds. Compare Y. 90, p. 1175; the purpose of refunding the bonds now outstanding and for other purposes. V. 91, p. 462. It is proposed tomake the said bonds convertible Into the stock of the com¬ pany If the directors shall so decide, according to the statute. Edward L. New York & Albany Transportation Co.—Sale Confirmed. Wells Is Pres, and Wm. H, Switzer Sec.—V. 84, p. 1432. —Judge Hough in the United States Circuit Court on Oct. 13 For other Investment News see page 1040. Oct. 15 1910. THE CHRONICLE 1029 HUpm'ts and Qvtnmmls. ERIE RAILROAD COMPANY. FIFTEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDING JUNE 30 1910. New York, October 11, 1910. of the Erie Railroad Company: The following report of the operations of your Company for the year ending June 30 1910 is respectfully submitted by To the Bond and Share Holders the Board of Directors: MILEAGE. Table No. 1 shows in detail the mileage controlled or oper¬ ated during the fiscal year ending June 30 1910, from which you will note that the Company: Owns In fee or controls by ownership of entire stock Controls by ownership of over a majority of stock.. Leases Has trackage rights over.. 1,680.31 miles Total mileage operated— Has restricted trackage rights over Owns and leases to other companies Leases and re-leases to other companies Controls lines operated Independently ‘ 176 109.20 15.12 2.35 37.87 ‘ * ' 4 164.54 “ 2,391.57 “ Railway. The decrease of 1.58 miles in track leased is due to the dis¬ continuance of the operation of the Brock Railroad. The decrease of .74 miles in trackage rights is due to curve revision of tracks of the Buffalo Rochester & Pittsburgh Railway between Clarion Junction, Pa., and Eleanora Junc¬ tion, Pa. The increase of .10 miles of second track is due to the ex¬ tension of the line of the PenhornCreek Railroad 3.31 miles, and changes in Newark & Hudson Railroad, .01 mile, less changes in Arlington Railroad, 1.16 miles, New York & Greenwood Lake Railway, 1.34 miles, and revision of curves Buffalo Rochester & Pittsburgh Railway between Clarion Junction, Pa., and Eleanora Junction, Pa., .72 mile, . following statement shows the gross operating revenue, expenses and operating income of the entire system operating for the fiscal year: 39 $20,777,944 77 86 14,411,844 05 21 8,880,634 32 15 469,485 22 44 1,204,578 84 83 853,086 42 05 917,285 12 Increase (+) or Doctchsb ( ) +$3,336,815 62 —116,474 19 +579,328 89 —37,683 07 +232,693 60 +12,840 41 +308,339 93 Revenue—Rail Oper. .$51,830,719 93 $47,514.858 74 Revenue—Outside Oper. 3,035,470 02 2,926,303 01 +$4,315,861 19 +109,167 01 Gross Operating Revenue_$54,866,189 95 $50,441,161 75 +$4,425,028 20 Express Miscellaneous 1909 . . EXPENSES. Increase 1910. Maintenance of Way and Structures $5,217,451 67 Maintenance of Equipment 9,455,981 32 Traffic Expenses.... 1,295,875 77 Transportation Expenses.. 17,422,951 73 General Expenses 1,062,508 85 1909. $4,232,407 48 9,648,979 1,124,621 16,616,180 1,071,835 (+) or Decrease (—). 96 47 82 53 Operating Expenses— Rail Operations $34,454,769 34 $32,694,025 26 Operating Expenses— Outside Operations.__ 3,270,805 92 2,840,737 01 Total Operating Taxes-. +$985,044 —192,998 +171,254 +806,770 —9,326 19 64 30 91 68 +$1,760,744 08 +430,068 91 Expenses_$87,725,575 26 $35,534,762 27 +$2,190,812 99 1,374,757 17 1,369.522 99 +5,234 18 Total Operating Expen¬ ses and Taxes $39,100,332 43 $36,904,285 26 +$2,196,047 17 Operating Income +$2,228,981 03 $15,765,857 52 $13,536,876 49 Ratio of Operating Expen¬ ses and Taxes to Operat¬ ing Revenue Ratio of OperatingExpenses to Operating Revenue - Company tonnage transported. was 49.35 per cent of freight traffic of the Company during both merchandise and coal, was 38,763,600 tons, an increase of 5,966,395 tons, or 18.19 per cent. The number of tons carried one mile was 6,414,731,680, an increase of 406,017,506 ton miles, or 6.76 per cent. The total revenue derived from the transportation of freight was $38,410,130 25, as compared with $35,189,788 82 for the year 1909, an increase of $3,220,341 43, or 9.15 per cent. The general average freight rate per ton per mile was .599 cents, as compared with .586 cents the previous year, an increase of .013 cents, or 2.22 per cent. In addition to the above tonnage, 3,914,190 tons of Company’s freight 71.26% 73.16% —1.90% 68.76% 70.45% —1.69% were handled 42,677,790 tons. hauled, making the total tonnage In hauling this tonnage, 12,962,537 train miles were run, compared with the previous year of 152,141 train miles, or 1.19 per cent. The revenue per freight train mile was $2 96 as compared with $2 75 the previous year, an increase of 21 cents, or 7.87 per cent. The average train load of revenue freight an increase 494.87 tons, an increase of 25.82 tons, or 5.50 per cent. average train load was was Including Company’s freight, the 540.70 tons as against 516.86 tons last year, an increase of 23.84 tons, or 4.61 per cent. The average carload of revenue freight was 20.37 tons, a decrease of .14 tons, or .68 per cent. Including Company’s freight, the average carload on the was 22.25 cent less than the ' tons, a decrease of .35 tons, previous year. or 1.55 per PASSENGER TRAFFIC. The total number of passengers ccarried during the year increase of 1,593,000, or 6.73 per cent. The number of passengers transported one mile was 627,788,837, an increase of 30,471,098 passenger miles, or 5.10 per cent. The increase in gross revenue therefrom was $579,328 89, or 6.52 per cent. The average fare received from each passenger per mile was 1.507 cents, an increase of .02 cents, or 1.34 per cent. The average distance traveled was 24.84 miles, a de¬ crease of .38 miles, or 1.52 per cent. The average revenue received from each passenger was 37.42 cents, a decrease of .08 cents. The passenger train mileage was 9,835,971 train miles, a decrease of .15 per cent. The revenue per passenger train mile was $1,257, an in¬ crease of 7.11 per cent. The average number of passengers in each train was 63.83, an increase of 3.19 passengers, or 5.26 per cent. The average number of passengers in each car was 17,13, an increase of .63 passengers, or 3.82 per cent. The volume of the business increased 6.73 per cent, the revenue increased 6.52 per cent and the train mileage decreased .15 per cent. Of the total number of passengers carried, 24,613,433 were local and 663,850 were through passengers, the local traffic showing a considerable increase in volume and a slight increase in the average revenue received per passenger per 25,277,283, mile. * 43.38 per cent. The total revenue the year, including was REVENUE. Milk or system OPERATING REVENUE AND EXPENSES. 1910 tons, the total re-arrangement of main line New York & Greenwood Lake Passenger The coke tonnage was 2,231,558 tons, an increase of 675,- The coal tonnage of the The decrease of 1.34 miles of track controlled is due to the Mall, COAL. 2,227.03 lington Railroad, .83 miles, and abandonment of track Erie Breaker. Pa., to Edgerton Breaker, Pa., 2.50 miles. ..$24,114,760 14,295,369 9,459,963 431,802 1,437,272 865,926 1,225.625 shown in detail in Table tonnage for the year was 19,128,796 tons, an increase of 2,285,379 tons, or 13.57 per cent more than the previous year. The revenue from the transportation of this commodity decreased $116,474 19,or .81 per cent. The anthracite tonnage was 8,707,251 tons, a decrease of 623,941 tons, or 6.69 per cent less than the previous year. The bituminous tonnage was 8,189,987 tons, an increase of 2,234,144 tons, or 37.51 per cent more than the previous year. —of which 895.07 miles, or 37.4 per cent, have second track, 18.06 miles have third track and 16.48 miles have fourth track. The decrease of .13 miles in track owned is due to the ex¬ tension of the line of the Penhorn Creek Railroad 3.33 miles, less changes in Newark & Hudson Railroad, .13 miles, Ar¬ Merchandise Coal._ are GENERAL FREIGHT TRAFFIC. Total mileage controlled but not operated. Grand total The transported Tht total coal “ “ “ 158.27 277.62 110.83 - The commodities No. 17 herewith. an A substantial increase is shown in the volume of as well as in the average rate received per passenger per mile. through traffic transported MAIL. MERCHANDISE FREIGHT. The merchandise tonnage for the year was 19,634,804 tons, increase of 3,681,016 tons, or 23.07 per cent. The increase in revenue from the transportation of mer¬ an chandise freight was $3,336,815 62,or 16.06 per cent than the previous year. more There was a decrease in revenue from the transportation of United States Mails of $37,683 07, or 8.03 pet cent. Although the Company is required to maintain expensive facilities for the transportation of United States Mails, and" the cost of the service is increasing from year to year in keeping with the general increase in all other transporta 1030 THE CHRONICLE expenses, it will be noted that the earnings therefrom show a decrease. Such decreases are liable to be constant under the present method of fixing the compensation to be paid for the facilities and service. Inasmuch as the statutes now place in the hands of the Inter-State Commerce Commission the regulation of rates for transportation of every other character, it is, argued that rates for the transportation of mail should be made in the same manner and it is hoped that the necessary legislation to accomplish this can be effected. [VOL. The number of tons of 6.76 per The 83, of Express during increase of $232,- MISCELLANEOUS. The derived revenue $1,225,625 05, an from miscellaneous increase of $308,339 93, or sources was 33.61 per cent. OPERATING EXPENSES. MAINTENANCE OF WAY AND STRUCTURES. The expense of Maintenance of Way and Structures was increase of $985,044 19, or 23.27 per cent more than the previous year. The principal items composing this increase are ties, station and shop buildings, snow re¬ moval, revision of grades, docks, dredging and signals and interlocking plants. During the year 99 bridges were reconstructed or are in $5,217,451 67, the course an of reconstruction. 3,139 tons of 100-pound, 19,597 tons of new new 90-pound during and 993 tons of new 80-pound steel rail were laid the year, with the necessary frogs, switches, &c. 1,097,528 cross-ties and 2,911,714 feet of switch timber were used in the track, with 283,567 tie-plates. 221.626 miles of track were fully ballasted and 35.531 miles of track were partially ballasted. 89 miles of new right-of-way fences were built. 7 miles of passing and other Company's sidings and 4.5 miles of industrial side tracks were constructed. New passenger stations were constructed at Pompton, N. J., Oatka and Collins, N. Y.; new combined passenger and freight stations at Monsey, N. Y., Mountain View, N. J., Pine Island, N. Y., Columbus, Pa., Millers, Pa., Freedom, O., Martel, O., and Disko, Ind.; a new freight station and waiting shed at Arden House, N. Y., and a new freight house at Dayton, O. New water stations were erected at North Newark, N. J., East Lake Junction, Avoca, Rock Junction and Forest City, Pa., and Akron, O. MAINTENANCE OF EQUIPMENT. Maintenance of Equipment expenses were $9,455,981 32, a decrease of year. $192,998 64, or 2 per cent less than the previous More extensive repairs were made to all classes of equipment than during the previous year. The cost of to locomotives, however, shows a material decrease, owing to improved efficiency at the several shop plants. 42 locomotives were retired from service, and the difference between their depreciated and scrap value charged to repairs Operating Expenses. The tractive power of locomotives is 46,872,904 pounds, an increase of 1,624,097 pounds. The total number of locomotives at the close of the fiscal 1,436, an increase of 17 as compared with year, 59 new locomotives having been received, 42 locomotives disposed of as stated above. year was previous 11 the and The average age of the locomotive equipment is 13 years months, increase of 4 months over the previous year. The average mileage made by steam locomotives was 23,093 miles, an increase of 1,001 miles, or 4.5 per cent. The average mileage made by electric motors was 35,541 miles, a decrease of 5,255 miles, or 12.9 per cent. 10 covered barges were purchased. 1 side-wheel ferry¬ boat and 54 canal boats were sold during the year. The other floating equipment, both in New York Harbor and on the Great Lakes, was fully maintained. The changes in equipment during the year are indicated in the Inventory of Equipment, Table No. 13. an TRAFFIC EXPENSES. The increase in Traffic Expenses was $171,254 30, or 15.23 per cent over the previous year. The soliciting forces at various agencies were enlarged and a number of new agencies established, the cost of which, together with the increased expense for printing tariffs, explains the principal increase in this account. The Company's Capital Account Additions Transportation Expenses show an increase of $806,770 91, or 4.86 per cent over the previous year. The details of this actount are shown in Table No. 9, and indicate that the in¬ creases are general in character, due to increased business and to increased rate of wages paid employees. The number of tons of freight moved increased 18.19 per cent and the number of passengers carried increased 6.73 per cent. and Better¬ ments for the year is charged with $998,823 65, representing a portion of the expenditures for additions and betterments made to the property. These improvements consist chiefly of: Interlocking & Signal Apparatus, Elimination of Grade Crossings, Yards, Stations and Buildings, ^ , Dock and Wharf Property, Grade Reductions & Changes of Line From December 1st 1895, the date of the organization of the Company, to June 30th 1910 $16,620,812 62 has been expended in additions and betterments to the property and charged to Capital Account, Land Grade Reductions and Changes of Bridges, Trestles and Culverts Additional Tracks and Sidings Elimination of Grade Crossings as _ follows: 387 298 83 _ Llnel 11111111111111111 Interlocking and Signal Apparatus. Telegraph and Telephone Lines Yards, Stations and Buildings Shop Machinery and Tools l|460|l48 81 252,703 92 2,579,619 58 2,081,957 01 206,613 15 10,493 06 2,894,479 67 1,011,304 35 96,429 69 407,721 09 359,381 96 236,922 34 1,635,739 16 . _ . Water and Fuel Stations Grain Elevators and Storage Warehouses Dock and Wharf Property s. Electric Power Transmission . _ _ Development of Coal Property Total $16,620,812 62 ADDITIONS AND BETTERMENTS—EQUIPMENT. Capital Account has been charged during the $217,370 78 for additional equipment as follows: 30 Slxty-foot 1 Box Car Express Cars year with .$164,750 47 l ,070 00 21,346 96 30,203 35 Partial Payment on 5 Locomotives. Partial Payment on 3 Car Floats Total ..$217,370 78 From December 1 1895 to June 30 1910 has been expended for new equipment Account, and represents the purchase account or of $41,668,808 50 charged to Capital partial payment on 512 Locomotives 15,501 Box Cars 15,500 Coal Cara 500 184 100 20 6 500 165 1 2 8 82 16 1 3 6 $8,261,523 93 Refrigerator Cara Flat Cara Furniture Cara Caboose Cara.. Milk Cara Low-side Gondola Care }• 29,887,226 51 Passenger Cars Parlor Car Dining Cara Baggage Cars Slxty-foot Express Cara Horse Express Cara \ 2,115.169 73 Combined Express Baggage and Mail Cara Motor Cara and Equipping 6 Trailer Cars with Lights 1 and Heaters. J 7 Derrick Cara \ 96,869 18 i f 1,021,547 80 Open Lighters.. 1 v Car Floats.. 283,443 11 j 1 2 3 3 257 20 10 3 Business Car Rotary Snow Plow / Lake Steamers Ferry Boats. Tug Boats i } Canal Boats Barges Miscellaneous Equipment 3,028 24 Total $41,668,808 50 ADDITIONS AND BETTERMENTS—INCOME. During the year $737,086 83 has been expended for addi¬ appropriated from tions and betterments to the property, Income and charged as follows: Right of Way and Station Grounds. $6,404 12,554 45.085 67,578 20,129 143,620 50,396 22,471 135,660 39,983 35,603 804,948 592,591 21,163 136,027 21,750 of Line Bridges, Trestles and Culverts Increased Weight of Rail Improved Frogs, Switches and Track Fastenings... Grade Revision and Changes Additional Ballast Main Tracks, Sidings and Yards Station Buildings and Fixtures Shop Machinery and Tools Grain Elevators and Storage Warehouses Miscellaneous Structures. 50 Locomotives Equipping Freight Cars with Steel Underframes 1 Gasoline Car and Engine Combined Partial Payment on 20 covered Lighters Miscellaneous .87 The taxes for the year on both rail and outside operations were $1,374,757 17, an increase of $5,234 18, or .38 per cent. TRANSPORTATION EXPENSES. . or ADDITIONS AND BETTERMENTS—ROAD. transportation of Milk was $865,increase of $12,840 41, or 1.51 per cent. an $9,326 68, TAXES. from the revenue mile increased GENERAL EXPENSES. The decrease in General Expenses was per cent less than the previous year. MILK. *926 one The average distance each ton was moved during the current year was 165.483 miles, a decrease of 9.67 per cent as compared with the previous year. EXPRESS. The revenue from the transportation the year amounted to $1,437,272 44, an 693 60r or 19.32 per cent. freight carried cent. LXXXM Equipment 25 19 57 63 40 19 59 78 09 34 26 42 49 04 90 58 $2,155,968 72 Less credits account sold as equipment destroyed $83,548 08 Locomotives Freight Cars Passenger Cars Other Equipment Total or follows: — 1,172,085 01 125,051 82 38,196 98 > 1*418,881 89 . - ---Tf737,086 83 Oot. 15 THE CHRONICLE 1910.] EQUIPMENT TRUSTS. additional Of the Trusts assumed from the New York Pennsylvania ic Ohio Railroad Company, there was a balance on June 30 1909 of $93,941 87, wnich amount was paid during the year, payments having been completed in May 1910. Of the Equipment Trusts created prior to this fiscal There was a balance on June 30 1909 of year, $14,764,996 97 Upon which payments have been made to June 30 1910 of Leaving a 2,680,054 08 balance of! .$12,084,942 89 — During the year Equipment Trusts have been made covering: 30 Express Cars SO Locomotives $147,960 90 729,052 10 $877,013 00 Leaving Making the a 147,960 90 balance of total 729,052 10 Equipment Trusts outstanding June 30 1910 The total during the as of $12,813,494 99 payments account of Equipment Trusts made amounted to $2,921,956 85. year CAPITAL STOCK AND No change has been which is as follows: FUNDED DEBT. made in the outstanding Capital Stock, Authorized Issue. Non-cumulative 4% First Preferred Non-cumulatlve 4% Second Preferred Common Total.. Issued. $48,000,000 00 $47,892,400 00 16,000,000 00 153,000,000 00 16,000,000 00 112,378,900 00 $217,000,000 00 $176,271,300 00 Of the Prior and General Lien Bonds secured by the First Consolidated Mortgage Deed, an additional $1,000,000 00 General Lien Bonds have been issued during the year. The total amounts of bonds issued under that mortgage, now outstanding, are: Prior Lien Bonds General Lien Bonds ___._$35,000,000 00 46,342,000 00 The statements published herewith show in detail the Com^ pany's entire funded debt, rentals of leased lines and other fixed obligations as of June 30 1910. INCOME ACCOUNT. $54,866,189 9539,100,332 43 Operatlng Expenses and Taxes Operating Income— Gross Corporate Income Interest, Rentals, etc., paid r $15,765,857 52 4,334,020 49 $20,099,878 01 14,293,334 76 Net Income Appropriated for Additions and Betterments Balance to Credit of Profit and Loss $5,806,543 25 737,086 83 $5,069,456 42 FINANCIAL. The General Balance Sheet, Table 4, showing the financial condition of the Company at the close of the fiscal year, is in the form prescribed by the Inter-State Commerce Commission. The figures for the fiscal year 1909 have been re-stated in the same form for purposes of comparison. The Prior Lien Bond issue is unchanged. Your Company has received from the Trustee $1,000,000 of General Lien Bonds, being the tenth million of the $17,000,000 of General Lien Bonds reserved for construction purposes. The increase in the amount of Collateral Gold Notes out¬ standing is $2,015,000, due to the issuance of additional notes, explained under the heading “General Remarks” in the last Report, less notes redeemed and canceled from the pro¬ ceeds of sale of securities pledged under the Collateral Inden¬ ture of April 8 1908. The statements of charges to “Additions and Betterments” shown herein explain the increases in the accounts “Invest¬ ment since June 30 1907 and “Miscellaneous Investments, Physical Property.” The, increase of $1,123,945 87 in “Reserve for Accrued Depreciation-Cr.” represents the depreciation on existing equipment accruing during the fiscal year. During the year $80,000 Chicago & Western Indiana Rail¬ road Company bonds were acquired and pledged under the Collateral Indenture of April 8 1908, which explains the in¬ crease in the account “Securities of Proprietary, Affiliated and Controlled Companies—Pledged, Funded Debt.” as The increase of $1,000,000 in “Securities Issued or As¬ sumed—Pledged, Funded Debt” is due to General Lien Bonds received during the year in reimbursement for construction expenditures, which bonds were pledged under the Collateral Indenture of April 8 1908. The increase in “Miscellaneous,” $1,552,000, represents,various interest coupons to the amount of $1,215,000 and $337,000 Equipment Trust Certificates pledged under the Collateral Indenture of April 8 1908. In the account “Securities of Proprietary, Affiliated and Controlled Companies—Unpledged,” the increase in “Stocks,” $200, represents additional shares of capital stock of the Jefferson Railroad Company purchased by your Company; andthe increase in “Funded Debt,” $29,000, is on account of The increase of $2,158,351 13 in “Advances to Proprietary, Affiliated and Controlled Companies for Construction, Equip¬ ment and Betterments” represents additional advances made your Company to the Penhorn Creek Rairoad. Under the heading “Miscellaneous Investments” the follow¬ by ing changes will be noted: Increase in “Physical Property,” $3,930 51, on account of expenditures for development of coal property; decrease in “Securities Pledged, ”$1,879,143, occasioned by the sale of stocks and bonds held by the Trustee of the Collateral Indenture of April 8 1908. Increase of $41,297 90 in “Securities Unpledged,” due to your Company having received during the year additional notes of the Mutual Terminal Company of Buffalo and other miscellaneous securities acquired. on miscellaneous notes promissory notes, less a small amount of acquired. The amount invested in materials at the close of the year shows an increase of $233,879 38. The account “Temporary Advances to Proprietary, Affili¬ ated and Controlled Companies” shows an increase of $519,860 39, caused principally by additional advances to the Erie & Jersey Railroad, Genesee River Railroad and Erie Terminals Railroad. The decrease of $73,205 03 in “Working Funds” is due to reductions having been made in amounts advanced to the Erie Despatch, Commercial Express Line and other mis¬ cellaneous funds. The account “Special Deposits” shows an increase of $1,640 on account of cash deposited during the year with the State of New Jersey, account construction work on Paterson & Hud¬ son River Railroad. , The increase of $617,263 52 in the account “Cash and Se¬ curities in Sinking and Redemption Funds” is due to increased balances in the Akron & Barberton Belt Railroad and the Pennsylvania Collateral Sinking Funds, and a small reduction in the Chicago & Western Indiana Railroad Company Sinking Fund. The increases in Mortgage Bonds, Collateral Trust Bonds and Equipment Trust Obligations have been heretofore explained. The account “Miscellaneous Funded Obligations” shows decrease of $24,408 50, account of payments made on real estate mortgages and for grade crossing construction to the a City of Buffalo. Gross Operating Revenue Income from Securities Owned, Rentals, etc Chicago & Western Indiana Railroad Company bonds received and held in the Treasury. The decrease in the account “Miscellaneous Marketable Securities” is due to settlements received during the year Upon which payments have been made to Jane 30 1910 of 1031 The decrease in the account “Loans and Bills Payable,” $274,730 45, is due to the payment of obligations of that amount. The increase in the account “Deferred Credit Items” is due principally to the purchase of various interest and equipment trust obligations maturing on or before July 11909 which have been pledged under the Collateral Indenture of April 8 1908. The increase of $581,279 21 in the account “Reserves from Income or Surplus Invested in Sinking and Redemption Funds” represents 10 cents per ton on coal mined from the mines of the Pennsylvania Coal Company during the fiscal year, together with interest on the bonds purchased by the Trustee and held in the Trust Account. All of the securities for construction purposes turned over by the Erie Reorganization Committee have been converted into cash, as follows: Value as placed the Books ' on ■ • > January 1897. $115,200 00 Buffalo & Southwestern Railroad Second Lien ’ Cash Realized from sale. Bonds $126,720 00 405,000 00 Erie Railroad Company Prior Lien Bonds 414,000 00 364,055 22 New York & Greenwood Lake Railway Prior Lien Bonds 385,570 22 1,034,400 00 Erie Railroad Company General Lien Bonds 1,214,908 93 630,000 00 Delaware & Hudson Exclusive Car Trust Cer¬ tificates 630,000 00 202,000 00 Car Trust of New York Certificates 202,000 00 - $2,750,655 22 $2,973,199 15 In addition to these securities there have been certified by the Trustee of the Erie Railroad Company First Consolidated Mortgage Deed, and turned over to your Company to reim¬ burse it for expenditures already made, $5,000,000 00 Erie Railroad Company Prior Lien Bonds and $10,000,000 00 Erie Railroad Company General Lien Bonds; and by the Trustee of the Erie Railroad Company General Mortgage $22,000,000 00 Erie Railroad Company Convertible Bonds.. Of these securities the following have been converted into cash: Cash Realized Par Value. from sale. $5,000,000 00 Erie Railroad Company Prior Lien Bonds $4,539,884 27 3,000,000 00 Erie Railroad Company General Lien Bonds. 2,484,111 11 21,015,000 00 Erie Railroad Company Convertible Bonds._ 19,215,000 00 * $29,015,000 00 $26,238,995 38 leaving still owned by the Company: Erie Railroad Company General Lien Bonds Erie Railroad Company Convertible Bonds. $7,000,000 00 985,000 00 From December 1 1895 to June 30 1910 your Company has received cash from all sources for Construction and Equipment purposes, as follows: $500,000 00 From sale of Erie & Wyoming Valley Railroad Stock. 500,000 00 Cash received in settlement with the National Transit Com¬ pany on account of an old claim. 4,343,850 13 Cash turned over by the Erie Reorganization Committee 2,973,199 15 Cash realized from the sale of securities turned over by the Erie Reorganization Committee. 7,033,995 38 Cash realized from the sale of securities obtained from the Farmers’ Loan & Trust Company, Trustee. 1032 THE CHRONICLE 10,215,000 00 Cash realized from sale of securities obtained from the Standard Trust Company of New York, Trustee. 2,500 00 Received from sale of P. C. & Y. Railroad Bonds turned the Erie Railroad Company by the Receivers of the New York Lake Erie & Western Railroad Co. 457,867 50 Cash realized from the sale of Capital Stock of the Northern over to under the terms of the First Consolidated LXXXXI. Mortgage Deed, the Trust General Mortgage and the Pennsylvania Collateral Indenture is $12,400,211 04. GENERAL REMARKS. Railroad Company of New Jersey, originally paid for by Erie Reorganization Committee from Construction Funds, and sold Jflne 1 1899 by the Erie Railroad Co. 200,000 00 Amount received account of sale of the Union Dry Dock [VOL. the franchises etic 107,989 22 Amount returned June 14 1901 by the English Government account of Special Tax Deposit by the Erie Reorganiza¬ tion Committee. 230,227 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 Company for the following expenditures; your $457,867 50 For purchase of Northern Railroad Company of New Jersey Capital Stock, as explained above. 14,169,285 40 New Construction. 31,012,517 01"New Equipment. 1,729,611 68 Old New York Lake Erie & Western Car Trusts. 65,000 00 Payment of Mortgages on Real Estate. 348,377 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. Additions and Betterments to the property and equipment Company aggregating $1,953,281 26 have been made during the year, of which $1,216,194 43 have been charged to Capital Account, as shown on pages 9 and 10, and $737,086 83 have been appropriated from the Company’s income, of the shown on page 11 of this report. The Genesee River Railroad, the low-grade line between Hunts and Cuba, N. Y., together with the improvement of the existing line between Hornell and Hunts, was completed and put in operation on October 1 1910. The improvements of the line west of Cuba are nearing completion, when the entire line, Hornell to Salamanca, via Hunts, the Genesee River Railroad and Cuba, will be as brought to the established grade, viz: .2 per cent eastbound and .3 per cent westbound, over which can be moved a trainload eastbound 40 per cent and westbound 52 per cent greater than over the old line between Hornell and Salamanca. The construction of the new open cut through Bergen Hill by the Penhorn Creek Railroad, described in the last report, $47,893,900 93 Your Company has therefore expended 'from its current cash for liquidating the Receivership of the New York Lake Erie & Western Railroad Company and for construction and equipment purposes, from December 1 1895 to June 30 1910, $12,339,272 50, for which it is or will be entitled to be reim¬ bursed from the sale of either Erie Railroad Company General Lien Bonds or Erie Railroad Company Convertible Bonds. The amount stated as having been expended for new Equipment includes payments aggregating $9,904,949 68 for cars and locomotives, which are covered by new Equip¬ ment Trusts. Construction expenditures on properties covered by Penn¬ sylvania Collateral Trust Indenture have been kept separately and to June 30 1910 there has been expended on these ac¬ counts $1,500,399 68; $1,439,461 14 has been realized from the sale of securities obtained from the Trustee of the Inden¬ ture, leaving $336,000 Pennsylvania Collateral Trust Bonds owned by the Company. Your Company has therefore expended from its current cash for construction purposes to June 30 1910 $00,938 54, for which it is or will be entitled to be reimbursed from the sale of Erie Railroad Company Pennsylvania Collateral Trust Four Per Cent Bonds. The total amount for which your Company has not yet been reimbursed from the sale of bonds for expenditures made has been practically completed. Three of its tracks are now in operation and the fourth track will be ready for use before the close of the current calendar year. The result of the operation of this improvement has been very satisfactory and great benefits are being derived from its use. For the Use of its proposed new low-grade line, described in previous reports, the Erie Terminals Railroad Company has commenced the construction of a new draw-bridge over the Hackensack River near the present bridge of the Paterson & Hudson River Railroad. $22,648,771 55,or 57.92%,of the total Operating Expenses, was paid by the Company direct to labor, being distributed among 38,332 employees. The Board announces, with deep regret, the death, on January 11 1910, of one of your Directors, Mr. Hamilton McK. Twombly, and has expressed herein by resolution the loss it feels has been sustained. Mr. Charles A. Peabody was, on November 23 1909, elected a Director to fill the vacancy in the Board caused by the death of Mr. Edward H. Harriman. The thanks of the Board to the officers and employees for their efficient services are hereby tendered. Respectfully submitted by order of the Board, F. D. UNDERWOOD, President. TABLE 2.—INCOMB ACCOUNT (ENTIRE SYSTEM) FOR THE YEAR ENDING JUNE ToIOperating Expenses— 1910. By Operating Revenue— Rail Operations— Rail Operations Maintenance of Way and Structures Maintenance of Equipment Traffic Expenses Transportation Expenses General Expenses 30 * $5,217,451 67 Merchandise 9,455,981 1,295.875 17.422.95» 1,062.508 32 77 Coal 73 Mail Passenger 85 $34,454,769 34 Outside Operations— Water Routes. $24,114,760 14.295.369 9.459.963 431.802 1.487.272 865.926 1.225,625 Express Milk Miscellaneous $2,663,599 77 Shipping and Coal Storage Plants 39 86 21 15 44 83 05 $51,830,719 93 225.988 33 381,217 82 Miscellaneous 3,270,805 92 Total Operating Expenses. $37,725,575 26 1,374.757 17 Outside Operations— Water Routes $39,100,332 43 Miscellaneous ... TO Taxes Total Operating Expenses and Taxes To Deductions— Interest Accrued on Bonds (see Table 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 ob 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 50 349.963 61 344,304 70 3.035,479 93 Gross Operating Revenue $54,866,139 9ft By Other Income— „ Total Deductions To Net Incoms. $2,341,201 71 Shipping and Coal Storage Plants 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 Rents Accrued from Lease of Road Other Rents—-Joint Facilities Separately Operated Properties Profit--.14,293,334 76 5.806,543 25 Miscellaneous Income 935.550 23 15,000 582.167 52,800 206.961 .. 00 29 26 90 . Total Other Income * 4,334,020 49 $59,200,210 44 $59,200,210 44 Net Income for Year $5,806,548 25 Appropriated for Additions and Betterments 737.086 83 Balance for Year Transferred to Credit of Profit and Loss.. $5,069,456 42 TABLE 3.—PROFIT AND LOSS ACCOUNT YEAR ENDING JUNE 30 1910. Miscellaneous Debits— Difference between cost or record value and depreciated value on July 1 1907 or equip¬ ment destroyed or sold during the current . year Adlustinent of charges made In previous years against Subsidiary Companies Cancellation of bills account of bad debts, &c_ Various small debits. To Balanoe. By Balance June 30 1909 Balance for year transferred from Miscellaneous Credits— Profit from sale of Miscellaneous Various small credits $574,698 31 Income Account $16,061,169 64 5,069,456 42 Securities..$113,139 04 5,976 23 119,115 27 64.195 28 17.252 39 4,002 31 $660,148 29 20,589,593 04 $21,249,741 33 $21,249,741 39 THE CHRONICLE OOT. 1§ 1910. j 1033 TABLE 4.—CONDENSED GENERAL BALANCE SHEET (ENTIRE SYSTEM), COMPARATIVE—JUNE 30 1910 AND JUNE 30 1909. ASSETS. Jane 30 1909. PROPERTY INVESTMENT— Road and Equipment— Investment to June 30 1907 $294,634,517 24 lavestment since June 30 1907— Equipment _ __ - _ June 30 1910. . . _ $294,634,517 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 2,354,999 74 $301,286,339 03 $30,683,650 00 35,562,200 00 _ _ Securities Issued Funded Debt Miscellaneous or 66,245,850 00 Assumed—Pledged—_ $11,778,000 00 6,552,000 00 18,330,000 00 Securities of Proprietary, Affiliated and Controlled Companies—Unpledged— Stocks Funded Debt -- __ _ $295,488 44 __ 169,430 10 1,938,663 03 __ 4,097,014 l6 __ Physical Property. Securities—Pledged Securities—Unpledged 1,635,739 16 21,132,540 00 12,903,313 24 - __ 35,671,592 WORKING ASSETS— Cash ,355,415 98 Marketable Securities— Stocks Miscellaneous Traffic and Car-Service Balances Due from Other Companies Net Balance Due from Agents and Conductors 3.570.920 91 Miscellaneous Accounts Receivable Materials and Supplies ______ __ _ $8,103,904 98 _ 22,116 17,982 1,138,094 1,383,462 3,550,228 3,788,345 _ _ 27,451 00 464,918 54 Other Investments— Advances to Proprietary, Affiliated and Controlled Companies for Construction, Equipment and Betterments Miscellaneous Investments— ACCRUED INCOME NOT DUE— Unmatured Interest, Dividends and Rents Receivable DEFERRED DEBIT ITEMS— Advances— Temporary Advances to Proprietary, Affiliated and _ 18,604,132 82 _ _ Controlled Working Funds __ 4,371 00 _ Companies __ __ _ $11,557,691 82 95,391 52 _ Rents and Insurance Paid In Advance _ Special Deposits Cash and Securities in Sinking and Redemption Funds _ — 11,653,083 36,754 9,940 3,499,910 34 85 00 34 300 00 93,751 50 __ _ Cash and Securities in Insurance and Other Reserve Funds. Other Deferred Debit Items _ 00 18 33 01 15 17 _ _ _ _ _ — ' ’ 3450.041.162 87 . . . $459,397,957 98 LIABILITIES. STOCK— Capital Stock— Common First Preferred Non-cumulatlve__ ' __ $112,378,900 00 47,892,400 00 16,000,000 00 * Second Preferred Non-cumulatlve _ . $176,271,300 00 MORTGAGE. BONDED AND SECURED DEBT— Debt— Mortgage Bonds Collateral Trust Bonds Funded 1 $174,264,400 00 50,176,500 00 12,476,994 99 1,379,852 54 — __ if Equipment Trust Obligations. 1,404.261 04 274,730 1,723,953 3,900.196 117,277 2,668,060 45 43 34 50 79 4 Miscellaneous Funded Obligations _ _ 238,297,747 58 WORKING LIABILITIES— Loans and Bills Payable Traffic »nd Car-Service Balances Due to Other Companies. Audited Vouchers and Wages Unpaid Miscellaneous Accounts Payable Matured Interest, Dividends and Rents Unpaid - $1,857,529 73 4,258,672 37 769.758 67 3,081,481 66 8.967,442 42 ACCRUED LIABILITIES NOT DUE— Unmatured Interest, Dividends and Rents Payable DEFERRED CREDIT ITEMS— Other Deferred Credit Items 5,057,594 01 APPROPRIATED SURPLUS— Additions to Property since June 30 1907 through Income— 957,730 37 Reserves from Income or Surplus Invested In Sinking and Redemption Funds. 3,098,564 31 2,221,486 24 2,242,895 84 8,654,318 42 31,694,817 20 3,679,843 52 5,374,660 72 PROFIT AND LOSS— Balance 16,061,169 64 20,589,593 04 3450,041,162 87 TABLE 3459,397.957 98 15.- -ANALTSIS OF TRAFFIC REVENUE AND EXPENSES (ENTIRE SYSTEM) FOR THE FIVE YEARS ENDING JUNE 80 1906, 1907, 1908, 1909 AND 1910. 1906. Mileage of road operated 1907. 2,150.937 Freight Traffio— Number of tons of general freight carried - - 2,150.937 19,877,350 Number of tons of ooal carried 16,978,032 Total number of tons of all freight carried 36,355,382 Total number of tons of all freight carried 1 mile. 5,944,379,550 163.508 Average distance hauled per ton Total freight revenue 335,555.937.87 Cents .598 Average revenue per ton per mile Freight revenue per mile of road. Freight revenue per train mile. Average number of tons of freight In each traln. Average number of tons of freight In each train, Including company’s material. Average number of tons of freight In each loaded 1908/ 1909/ 2,171.160 20,911,586 18,258,031 39,169,617 16,258,427 15,953.788 17.371,279 33,629,706 6,275,629,877 5,661,538,181 16,843.417 32,797,205 6,008.714,174 160.217 838,550.092.47 Cents 816.530.44 .614 168.349 833.946.340.67 Cents 817,922.46 32.89707 32.71945 454.65 .600 1910.* 2,230.814 2,227.032 19,634,804 19,128,796 38,763.600 6,414,731,680 183.208 165 .488 335.189,788.82 Cents 315.635.12 .588 $38,410,130 .25 Cents 815,774.42 82.78751 1 .599 $17,247 .23 32.746911 471.62 464.90 469.05 $2 .96316 494 87 484.30 504.84 501.13 516.86 540.70 18.75 19.57 20.30 20.51 20.37 car Passenger Tra Jic— Number of passengers carried Number of passengers carried one mile 22,816,022 598,655,755 Average distance Revenue and Expenses— Freight and passenger revenue. Freight and passenger revenue per mile of Gross revenue, all sources rail operations Gross revenue per mile of road Gross revenue per train mile Operating expenses Operating expenses per mile of road.. Operating expenses per train mile Net Net Net • revenue revenue per revenue per 810,807,374.53 35.024.50 31.21195 39.458,281.67 Cents 344.538.748.39 320,706.67 347,461,401.99 822.065.45 — 332,059,129.05 814,904.72 1.484 312,054,020.13 35.551.88 31.22976 65.24 17.45 848,008,374 14 322,319 75 843.435,789, 40 320,005. 80 846,746,435. 90 321,530, 63 851,194,113 323,800 45 84 82 27075 833,579,958 815,611. are not true the classifications prescribed by the Inter-State Commerce Commission 27.036 39.489.448.73 Cents 25,277,283 627.788.837 25.229 24.836 38.880.634.32 Cents 1.467 $9,459,963.21 Cents 311,565.227.52 35,184.31 1.507 $12,368,328.25 $5,553.73 31.174021 $1.25746 63.83 60.64 16.50 844.070.423. 17.13 14 $47,870,093 $21,495 $51,830,719 $23,273 319,755, 31 347,514.858. 82. 13252 52 836,469.542 78 316,797, 31.45776 31. 48946 81 314,384,767.49 816,171,356. 59 310,276.893 36,687.67 37,518, 28 34.733 Cents 65.409 71. 729 Cents Cents 46, 1909 and 1910 23,684,283 597,317,739 69.25 18.72 82.15812 — 1.478 311,218.098.25 35,215.45 31.21429 67.13 18.62 - Manv of the statistics for the vears 1908 1.500 23,654,436 639,524,474 26.438 38,982,810.52 Cents road. mile of road train mile/ 24,199,723 639,792,610 26.238 per passenger. Total revenue from passengers Average revenue per passenger per mile.... Total passenger train revenue Passenger train revenue per mile of road..,. Passenger train revenue per train mile Average number of passengers In each train. Average number of passengers In each car... 82 102731 21 332,694,025. 26 314,655 66370 31 69 314,820.833 37 36.643 882 65 Cents comparisons with the figures for previous 74 321.299, 34 $2 28042 26 65 $84,454,769 34 $15,471 .18 44684 48 69 588 46 02 93 45 $1 .51592 „ „ $17,375,950 .59 Cents .29 $7,802 76 years, on aocount of the .450 changes In 1034 THE CHRONICLE [Vol. lxxxxi SOUTHERN RAILWAY COMPANY. , SIXTEENTH ANNUAL REPORT—FOR THE YEAR ENDED JUNE 30 1910. Washington, D. C., October 6 1910. of the Southern Railway Company'. The Board of Directors submit the following report of the affairs of the Company for the year ended June 30 1910: To the Stockholders INCOME STATEMENT. 1910. Milea of Road 1909. Increase (+) or Decrease (—). Operated. Average 7,050.17 7,170.80 —120.19 Qron Operating Revenues.857,294,508 34 852,188,100 84 Total Operating Expenses. 38,035,745 94 35,508,980 00 +85,100,401 70 Net Operating Revenne.818,058,702 40 810,019.120 04 Outside Operations—Net —Revenue... 18,980 30 130,903 39 +82.039.030 30 Net Revenue Taxes Accrued... +81.921,653 33 +63,020 68 +3,000,705 34 . 818.077.742 70 810,750,089 43 1,979,722 33 1,910,701 65 Operating Income Other Income - ...510,698,020 43 814.839.387 78 +51.858,632 65 3,179,135 72 2,898,311 70 +280,824 02 Total Gross Income.—818,877,156 15 817.737.699 48 Interest on Funded and Equipment Obliga¬ Total Deductions of Income 314.120,137 54 514,148,314 06 —5852 74 —27,323 78 —528,176 52 over 55,757.018 61 Charges Additions and Betterments ■ +52,139,456 67 Debt tions—511,313.686 11 511.314,538 85 Other Deductions from To¬ tal Gross Income 2,806,451 43 2,833,775 21 Balance *—117,983 03 53.589,385 42 +82.167,633 19 52,372 91 78,285 18 —25,912 27 Balance carried to Credit of Profit and Loss 55.704.645 70 83,511,100 24 +52,193,545 46 There was at the close of this fiscal year a balance to be absorbed of $7,684,604 46 in discount on securities, resulting principally from the large sales of Development and General Mortgage bonds in the year ended June 30 1910. In trans¬ ferring the balance of income over charges for the year ended June 30 1910 to the credit of Profit and Loss, the Board of Directors deemed it proper to charge $2,831,459 89 of this discount to Profit and Loss, thus reducing the amount still to be absorbed to $4,853,144 57. The net balance remaining to the credit of Profit and Loss as of June 30 1910, after such credit and debit, was $8,685,959 91. (See Table 4 of this Report.) THE CAPITAL ACCOUNT. Important changes have taken place in the capital account during the year. The property investment has been in¬ creased $14,061,558 29, of which$3,923,593 70 was in road and $10,137,964 59 was in equipment. The increase in the road account was due to additions made during the year (p. 20 report), but the increase in the equipment account is largely a readjustment made necessary to better meet the requirements of the new uniform system of accounting pre¬ scribed by the Inter-State Commerce Commission. There were, however, actual net additions to equipment during the year costing $844,772 15. (See page 21 pamphlet report.) Equipment obligations amounting to $2,528,402 48 ma¬ tured and were paid during the year. On April 1 1910, a new equipment trust (Series N) was created, under which equipment costing $6,532,535 was contracted for and new equipment obligations amounting to $5,2Q0,000 were issued and sold, the balance of cost being paid in cash. This in¬ crease in equipment obligations brought the total of such obligations outstanding on June 30 1910 to $18,208,791 84, which is $2,368,695 13 less than the total of such obligations outstanding on June 30 1907. In the three years since June 30 1907 there have matured and been paid equipment obligations amounting in all to $9,324,911 30, or more than the total of the new obligations now assumed. This reduc¬ tion in the amount of contracted and fixed obligations for the purchase of equipment, which must be financed currently, and the necessity of additional engines and cars of larger power and capacity to handle an increased volume of business with reasonable economy, were the justifications for the creation of the Equipment Trust, Series N. THE FUNDED DEBT. On January 1 1910 there were drawn and taken into the Treasury $5,000,000 of Development and General Mortgage bonds, which, under the terms of that mortgage, could be so drawn to reimburse the Treasury for its advances made for construction during the calendar year 1910. In likemanner there were drawn and taken into the Treasury during the fiscal year $1,766,000 of Development and General Mortgage bonds to reimburse the Treasury for the proportion of equipment obligations paid during the year, which, by the terms of the Development and General Mortgage, was to be charged to capital account. By reason of these drawings the total amount of Develop¬ ment and General Mortgage bonds free in the Treasury on June 30 1910 was $7,536,000. This discount is being charged off partly by proportionate charges to Income during the life of the securities;and partly by extraordinary charges to Profit and Loss. The charge to Profit and Loss this year will result in substantial reductions in such charges to Income during subsequent years in dis¬ On November 1 1909 the Three-Year Convertible Six per posing of the balance now in the account. Statements of the accounts and statistics of the Company, cent notes of 1911 amounting to $11,105,000 were redeemed. in the usual detail, will be found in the tables hereto annexed. These notes were the outstanding balance of the entire issue The accounts have been examined, as usual, by Certified of $15,000,000 which were called during the Spring of 1909, Public Accountants, Messrs. Patterson, Teele & Dennis, and when the debt was permanently financed in the manner explained in the annual report for the year ended June 30 their certificate is made a part of this report. THE OPERATING CONDITIONS. The income statement reflects the improvement in business during the year. Freight revenues increased 11.97 per cent passenger revenues 9.92 per cent and total operating revenues 10.90 per cent. The gross operating revenues were the largest in the history of the Company. But, while this is gratifying it must be observed on the other hand that the increase in total operating expenses during the year almost kept pace with tne increase in revenues, being 9.91 per cent. The operating ratio, excluding taxes, was, however, 67.43 per cent, as compared with 68.04 per cent last year and 76.01 per cent in 1907, the improvement in the three years being largely the Tesult of the improved transportation conditions under the wage scale heretofore in effect. The property has been well maintained during the year and is in as good physical condition as is necessary, not only for the preserva¬ tion of the integrity of the capital account, but also to make possible efficient operation. Insistent effort to increase efficiency in operation has been made, looking especially to maintaining a reasonable ratio between transportation ex¬ penses and gross revenue. 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, viz., transportation, has so intensified the prob¬ lem of successful railroad operation that the opportunity for good results is narrowed under existing conditions to efforts to increase the volume of business and improvement in operating efficiency. £fi ?■■**'& Particular attention is invited to the General Manager's report,hereto annexed, for a statement of some of the most important results which have been accomplished during the year in those respects. ■ Late in the year general increases were made in the^rates of pay of employees, which will have the effect of adding approximately $2,000,000 to the annual pay rolljfcof the Company. 1909. On February 1 1910 the $15,000,000 of Three-Year Five Per Cent Notes which redeemed. were Of this debt issued in 1907 matured and were $5,000,000 was paid off in cash with treasury funds, and the balance was renewed by the creation and isstre of $10,000,000 of new Three-Year Five Per CentNotes due February 1 1913. On January 11910 there matured the three issues of bonds of the Atlanta & Charlotte Air Line Railway Company, amounting in the aggregate to $5,500,000. These bonas had been extended from vne to time in the past, and during the last three years hadDjrne interest at the rateof 43^ percent. The contract by which this Company operates the property of the Atlanta & Charlotte Air Line Railway Company provides for a perpetual right of possession and operation of that property, conditioned, among other things, upon the payment of the interest upon this bonded debt. Provision was accordingly made in the First Consolidated Mortgage for the acquisition of these bonds, and the maturity on Janu¬ ary 1 1910 was financed by the {purchase of all the Atlanta & Charlotte Air Line Railway Company bonds, which were thereupon further extended at 4^ per cent for ten years, or until January 1 1920, and as so extended Were pledged under the First Consolidated Mortgage against the issue and deliver ery of a like amount, at par, of First Consolidated Mortgage Five Per Cent Bonds reserved in the custody of the Trustee for that purpose. $5,000,000 of the First Consolidated Mortgage Five Per Cent Bonds so issued were sold at a price approximately sufficient to reimburse the Treasury for the cost of the acquisition of the $5,500,000 Atlanta & Charlotte Air Line Railway Company bonds, thus leaving free in the Treasury of the Company $500,000 of First Consolidated Mortgage Five Per Cent Bonds. On January 1 1910 there matured the $400,000 of First Mortgage Five Per Cent* Bonds of the Richmond York River & Chesapeake Railroad Company. These underlying bonds upon property of this Company were redeemed with treasury funds, and a like amount of First Consolidated Mortgage Five THE CHRONICLE Oox. 15 1910. Per Cent Bonds, which had been reserved in the custody of the disastrous fire in the new tunnel while still incomplete and in and taken charge of the contractor. This delayed the completion of the work beyond the time predicted, but it is now expected that $282,500 of the new double-track line through Lynchburg from Monroe, the Charlotte Columbia & Augusta Railroad Company First Va., to Sycamore, Va., 38.14 miles,will all be in operation Mortgage Five Per Cent Bonds, Ext-ended, which had not by this Fall. The double track operated on the main line has been in¬ previously been acquired by this Company in exchange for creased during the year by the completion of the second track First Consolidated Mortgage Five Per Cent Bonds under the between Spencer, N. C., and Concord, N. C., 24.07 miles; provision in that respect of the First Consolidated Mortgage. These matured bonds were redeemed by this Company with between Harrisburg, N. C., and North Charlotte, N. C., treasury funds, and there were issued and placed in the 8.27 miles, and north from Greensboro, N. C., 1.80 miles. The heavy work on the 13.67 miles of revised line and treasury, to represent the disbursement, a like amount of First double track between Citico, Tenn., and Ooltewah, Tenn. Consolidated Mortgage Five Per Cent Bonds. By reason of these refunding operations and the sinking (the approach to Chattanooga, Tenn,, from the east), has fund in respect of the underlying bonds upon the Charlottes¬ been prosecuted throughout the year and is nearing com¬ Trustee against such redemption, were issued into fch.6 Treasury On July 1 1909 there matured the balance of Rapidan Railroad and the Franklin & Pittsylvania Railroad, there were taken into the Treasury in all during ville & First Consolidated Mortgage Five Per Cent Bonds aggregating $1,212,500, which, with the $65,300ofsuch bonds reviously held in the Treasury, amount to $1,277,800 of outhern Railway First Consolidated Mortgage Five Per Cent Bonds, which were free in the Treasury on June .30 1910. Advantage was taken of market conditions during the year to acquire a number of the underlying 6 per cent bonds .the maturity of which is approaching. These acquisitions were made by the issue in exchange on an agreed basis of First Consolidated Mortgage Five Per Cent Bonds reserved for that purpose. The underlying bonds so acquired and retired, with a consequent immediate saving in the interest charge, the year pletion. INDUSTRIAL PROGRESS. There were 855 new industrial plants completed on the lines of this company during the year ended June 30 1910, classified as follows: Brick Works Cotton Seed Oil Mills Fertilizer Works Flour and Feed Mills— Furniture Factories Iron Industries Lumber Mills Stone Quarries* Coal .and Textile Mills Total werei Columbia & Greenville First 6s of 1916 Richmond 8s Danville Consolidated 6s of 1915 Virginia Midland Serial 6s of 1911 -Western North Carolina Consolidated 6s of 1914-- $27,000 --- 194,000 271,000 56,000 The result of all of these financial operations in respect of the funded debt has been that, despite the accrual this year of a full year's interest on the $41,333,000 of Development and General Mortgage bonds issued during the year ended June 30 1909, the amount paid for interest on Funded Debt and Equipment Obligations was less in the year ended June 3d 1910 than in the previous year, as will be noted from the Income Statement. The net increase of $29,147 26 in the charges accrued during the year for Interest on Funded Debt, Equipment Obligations and Rents Accrued for Lease of other Roads, which items include all the Company's fixed charges as stated on page 26 (report), was due to an arbitrary increase during the year of $30,000 in the rental paid the Atlantic & Danville Railway Company under the provision of the lease made in 1899. CONSTRUCTION. No new construction of importance was undertaken during the year, but the work in progress as described in the last annual report has been prosecuted. The benefit expected to be derived from the operation of the revised line through Lynchburg, Va., was postponed by a — >■ 30 other Mines 36 ... existing plants during the year aggregated 163. THE SERVICE OF EMPLOYEES. to It is proper to record, with appreciation, the industry, loyalty and efficiency of the officers and employees of all ranks during the year. The future success of the Company under existing economic conditions depends largely upon its relations with the public, who are its customers, and these relations depend largely upon two things which the officers and employees can and will and do give for the Company increasing degree. These two things are Solicitation The Company has during .the year met the expectation of its employees in respect of increased wages, because of the increased cost of their individual living, but in so doing it has heavily increased its own cost of living, and in ever and Service. its officers and employees to justify such in¬ by securing for the Company, through proper relations with the public, effective solicitation and efficient service, such net revenue as will promote its welfare. *. Respectfully submitted, by order of the Board, W. W. FINLEY, it relies upon crease President, JUNE 30 1910 AND JUNE 30 1909. June 30 1910. $46,330,776 20 10,137.964 59 $299,778,593 If $56,468,740 7(1 12,050,132 83 Accrued Depreciation on all equipment In service 44,546,192 79 Leasehold Estates: $31,558,607 31 1,540 392 69 Road 330.808.607 1.340.392 69 Equipment TOTAL LEASEHOLD ESTATES (Per Contra) THE PURCHASE OF EQUIPMENT. EQUIPMENT TRUST. SERIES N —— — 32,349,000 00} 4372,752.192 19 $13,306,634 97 30,296,872 21 DEPOSIT WITH TRUSTEE FOR 23,313,703 20 10,774,697 05 67,691.907 43 33.099,000 f# UNDER TOTAL NET ROAD. EQUIPMENT AND LEASEHOLD ESTATES— COST OF SECURITIES PLEDGED OR HELD FOR SPECIAL PURPOSES— Pledged under First Consolidated Mortgage (See Table 7> : * Pledged under Development and General Mortgage Pledged or deposited under Various Indentures Unpledged, held for Special Purposes----------- (See Table 8)-. 5,797,848 03 $383,094,049 09 $18,806,636 97 20,260,472 21 23,319,317 11 6,872,608 78 ----- SPECIAL DEPOSIT WITH FINANCIAL AGENT TO REDEEM ON NOV. 1 1909 CONVERTIBLE SIX PER CENT NOTES. DUE MAY 1 1911 11,105,000 00 SOUTHERN RAILWAY DEVELOPMENT AND GENERAL MORTGAGE BONDS $451,549 099 62 $3,995,255 50 380,212 4l TOTAL NET ROAD, EQUIPMENT AND SECURITIES MATERIAL AND SUPPLIES ON HAND (See Table 22)... RAIL AND FIXTURES LEASED HELD AS STATED ----- - $4,215,870 H 712 620,659 500 7,797,010 1,534,968 $11,124,664 97 1,117,014 74 125.307 26 515,961 41 3,093.271 11 966,652 53 583.064 561 824,300 00 — - - _ 16,359,236 58 $490,239,800 02 - - $454,152,984 16 , 391,513 51 m 4,607,383 62 $458,760,367 4.061.052 574,929 1,078,584 446.821 TOTAL CAPITAL ASSETS- MISCELLANEOUS SECURITIES OWNED—In Treasury Unpledged BILLS RECEIVABLE—deferred but secured ADVANCES TO SUBSIDIARY COMPANIES INCOME ACCRUED—not due INSURANCE PAID—not accrued INSURANCE Fund (Per Contra) SINKING FUNDS—Uninvested Balance In hands of Trustee NET DISCOUNT ON SECURITIES SOLD—to be charged of* prior to the Securities SUNDRY ACCOUNTS CURRENT ASSETS— Cash in hands of Treasurer, Banks and Financial Agents Cash In Transit from Agencies.. Due from United States Post Office DepartmentDue from Agents and Conductors Due from Other Transportation Companies Due from Individuals and Companies.Bills Receivable—current Miscellaneous Current Securities. 69,258,935 97 1,800,000 00 4,375,467 91 $455,924,567 4,015,569 595,479 925.622 473,572 44,413,607 96 $344,197,201 06 EQUIPMENT. TOTAL NET ROAD AND 355 — — — Equipment: Investment to July 1 1909. Additions during the year.. $340,403,192 19 -----103 - - $295,854,999 40 3,923,593 70 Less: Reserve lor 16 >—■— — j —- — PROPERTY INVESTMENT— R>Md: Investment to July 1 1909. Additions during the year-. 20 1,783,583 4| * — ASSETS $295,854,999 40 $48,3$0,77f . The number of industrial plants under construction at the close of the year was 72, ana the number of additions made TABLE 1.—COMPARATIVE BALANCE SHEET, June 30 1909. ■- >--- . Woodworking Plants Miscellaneous Plants— 28 21 3 21 7 21 69 — -—----- jj 807 700,610 - maturity of 4,853,144 1,153,696 $8,728,256 71 1,269.872 401 116,359 450,220 2,973,420 1,047,014 96 4f< 75 34 602 085 14 7,013,800 00 - 22,201,029 $493,881.064 43 1036 THE CHRONICLE June 30 1900. LIABILITIES. CAPITAL STOCK— Common Preferred 1120.000,000 00 60,000,000 00 3180,000,000 5,670,200 234.002.400 32,349,000 |VOL. June 30 1910. 3120,000,000 00 60,000,000 00 00 TOTAL CAPITAL STOCK 00 SOUTHERN RY, MOBILE & OHIO STOCK TRUST CERTIFICATES... 00 FUNDED DEBT (See Table 5> 00 OUTSTANDING SECURITIES ON LEASEHOLD ESTATES (Per 3J80,000,000 00 5,670,200 00 230,197,300 00 33,099.000 00 .... Contra). EQUIPMENT OBLIGATIONS— Equipment Trust, Series C 3220,000 354,000 1,63 7,000 35,550 125,400 2,700,000 1,820,000 7,200,000 Equipment Trust, Series D Equipment Trust, Series E Equipment Contract, SeriesF Equipment Contract, Series G Equipment Trust, Series H Equipment Trust, Series K Equipment Trust, Series L Equipment Trust, Series M Equipment Trust, Series N Miscellaneous Equipment Contracts $1,323,000 00 2,250,000 1,540,000 6,600,000 1,260,000 5,200,000 00 00 00 00 00 35,791 84 j 394,213 07 14,475,163 07 LXXXXI .... 18,208,791 84 UNMATURED BALANCE OF PURCHASE PRICE NORTHEASTERN RAIL¬ 107,000 00 ROAD OF GEORGIA 6,113 71 UNMATURED BALANCE ON HARTWELL, IND., BRANCH 107,000 00 6,113 71 ... $466,609 876 78 TOTAL CAPITAL, FUNDED AND LIEN LIABILITIES RESERVES— For Maintenance of Way and Structures For Maintenance of Equipment 3161,783 108,049 78,788 3467,288,405 55 3122,320 64 127,223 24 77,145 78 Miscellaneous 348,621 1,988,435 752,113 990,940 620,659 265,472 65 89 83 21 10 15 326,689 66 INTEREST AND RENTS ACCRUED—not due TAX LS ACCR UED—not due UNMATURED OBLIGATIONS FOR NEW STEEL RAIL INSURANCE FUND (Per Contra) SUNDRY ACCOUNTS CURRENT LIABILITIES— Interest and Rents Due and Unpaid, Including amount due July 1. Rills Payable, including current obligations for new steel rail Freight Claim Authorities Outstanding 32.751,421 05 982,336 97 100,955 25 1,825,752 61 1,812,980 34 807,305 47 700,610 56 316,988 50 $2,876,246 25 1,724.536 25. 91,028 97' 1,873,480 31 Unpaid Wages, Including June Pay-rolls 2,636,019 34 852,008 93 288,914 95 319,284 15 1,743.986 71 Audited Vouchers. Due Other Transportation Companies Due Individuals and Companies Material and Supplies in Transit—not vouchered Undetermined Liabilities awaiting adjustment* 11,500,679 96 2.866,538 1,161,828 487,986 676,125 1.880,989 40 04 00 63 13 APPROPRIATED SURPLUS—Additions to Property since June 80 1907 through 200,992 55 Income i 6,962.007 81 PROFIT AND LOSS (See Table 4).__ 13,638,758 98 253.365 46 8,685,959 91 3490,239,800 02 $493,831,064 43 Note.—For statement of guaranty of Bonds of other Corporations, see Table 9. TABLE 2.—INCOME ACCOUNT YEAR ENDED JUNE 30 1910, COMPARED WITH YEAR ENDED JUNE 30 1909 1909. 1918. 334,376,619 13,510,791 267,721 1,495,202 1,491,643 758,344 287,784 13 49 31 44 68 00 59 $6,016,660 8,193,753 1,252,328 18,348,507 1,757,730 64 44 45 08 99 OPERATING REVENUES— Freight s. Passenger Miscellaneous Passenger-Train Revenue- 338 161,391 93 14,639,160 76 279.092 78 1,375,681 64 1,620,028 34 845.782 71 373,370 18 Mail Express . Other Transportation Revenue Other Revenue from Operation $52,188,106 64 TOTAL OPERATING REVENUES. OPERATING EXPENSES— Maintenance of Way and Structures Ma’ntenance of Equipment Traffic Expenses 357.294,508 34 36,635,724 9.876,728 1,436,776 18,934,426 1,752,089 Transportation Expenses General Expenses 35,568,980 60 58 58 24 56 98 TOTAL OPERATING EXPENSES. 38,635,745 94 $16,619,126 04 NET OPERATING REVENUE 136,963 39 OUTSIDE OPERATIONS—NET REVENUE. 318,658,762 40 18,980 36 $16,756,089 43 NET REVENUE 1,916,701 65 TAXES ACCRUED (Federal Corporation Tax Excluded)... 318,677,742 76 1.979,722 33 $14,839,387 78 OPERATING INCOME. $16,698,020 4$ OTHER INCOME— Rents Accrued from Lease of Road Hire of Equipment—Balance Rents Accrued from Joint Tracks, Yards and Terminals. Miscellaneous Rents Miscellaneous Income Income from Investments Miscellaneous Interest and Commissions $21,000 00 199,185 80 114,051 73 1,941,125 92 622,948 25 2,898,311 70 315,499:98 149,345 71 195,510 13 135,016 29 89,395 14 1,999,138 71 595,229 76 TOTAL OTHER INCOME. $17,737,699 48 TOTAL GROSS INCOME 3,179,135 72 DEDUCTIONS FROM TOTAL GROSS INCOME— Southern Railway Company In Mississippi, Income from operations, Alabama State Line to Columbus, Miss Rents Accrued for Lease of Other Roads (See Table 3) Rents Accrued for Joint Tracks, Yards and Terminals $1,351,504 00 769,094 52 19,493 39 45,714 79 Hire of Equipment—Balance Miscellaneous Rents Separately Operated Properties Discount on Securities Sold—Proportion charged to Income Federal Corporation Tax Miscellaneous Deductions. 81 463 71 535,214 44 31,290 36 2,833,775 21 $19,877,156 15 _ 331,958 56 1,381,504 00 808,656 56 60,993 80 116,462 04 266,806 19 47,382 02 92,688 26 ; TOTAL 2,806,451 43 $10,376,016 21 $14,903,924 27 TOTAL AVAILABLE INCOME 711,714 64 226,808 00 11,314,538 85 INTEREST ON FUNDED DEBT (See Table 3) INTEREST ON EQUIPMENT OBLIGATIONS (See Table 3) DIVIDENDS ACCRUED ON SOUTHERN RY., MOBILE & TRUST CERTIFICATES - OHIO STOCK ._ TRUST $10,481,500 80 605,377 31 226,808 00 11,313,686 11 $3,589,385 42 BALANCE OF INCOME OVER CHARGES. 78,285 18 ADDITIONS AND BETTERMENTS $3,511,100 24 BALANCE $17,070,704 72 35,757,018 61 52,372 91 CARRIED TO CREDIT OF PROFIT AND LOSS FOR THE YEAR. 35.704,645 70 TABLE 4.—PROFIT AND LOSS ACCOUNT FOR YEAR ENDED JUNE 30 1910. Balance at Credit of this Accoont June 30 1909 Add—Credit Balance of Income for the Year *. _.— Deduct— Discount on Securities charged to Profit and Loss during the year Tennessee Central RR. Accounts written off Net Miscellaneous Debits _ $12,666,653 51 $2,831,459 89 - ; 404,648 92 744,584 79 _ .... Credit Balance June 30 1910 ..... ... $6,962,007 81 5,704,645 70 3,980,693 «0 $8,685,9594)1 THE CHRONICLE Oot. 15 1910.1 1037 TABLE 12.—TRAFFIC STATISTICS FOR YEARS ENDED JUNE 30 1910 AND 1909. 1910. AVERAGE MILES OF ROAD OPERATED PASSENGER TRAFFIC— Number nf Pjiasenpers Carried Number of Passengers Carried One Mile Average Distance Hauled per Passenge’* (Miles) Total Revenue from Passengers. Average Receipts per Passenger per Mile (Cents) Total Passenger-Train Revenue. Passenger-Train Revenue per Mile of Road Passenger-Train Revenue per Train Mile Average Number of Passengers In Each Train 7.050.17 __ _ _ _ 7,030.38 _ _ 42.80 42.07 $14,639,160 76 $13,317,925 23 _ _ _ _ $16,542,236 79 $2,352 97 $1.15689 $17,913,963 52 $2,540 93 $1.14843 . _ FREIGHT TRAFFIC— Revenue Freioht— Number of Tons Carried Number of Tons Carried One Mile Average Distance Hauled per Ton (Miles) Total Freight-Train Revenue. _* Average Receipts per Ton per Mile (Cents); Freight-Train Revenue per Mile of Road 25,204,297 3.985,563.001 . _ 163.45 $38,161,391 93 $34,081,052 51 Freight-Train Revenue per Train Mile Average Number of Tons of Freight In Each Train Average Number of Tons of Freight In Each Loaded Car All Freioht (Incluilnn Company's Material Hauhd Free): $4,847 68 $2.27368 $2.06047 237.46 14.53 Number of Tons Carried Number of Tons Carried One Mile 217.10 14 19 30,183 606 268.49 17.55 296.10 18.12 r , + 15.49 + 11.90 + 10.28 +3.25 26,135,269 4.440,969,266 4,969,652,728 Average Number of Tons of Freight In Each Train Average Number of Tons of Freight In Each Loaded Car + 14.72 + 10.99 —3.25 + 11.97 +0.84 + 11.66 + 10.35 +8.00 + 2.39 0.949 $5,412 83 _ + 0.07 —2.26 21,970,066 3,590,900,091 158.13 0.957 _ —0 73 43.03 13.73 43.06 13.42 •Average Number of Passengers in Each Car +7.33 + 9.18 + 1.74 + 9.92 +0.65 +8 29 + 7.99 2.165 2.179 _ +0.28 14,623,136 615,252,906 15,694,486 671,732,143 _ Per Cent o Inc <+) or Dec (—). 1909. REVENUES AND OPERATING EXPENSES— Passenger and Freight-Train Revenue Passenger and Freight-Train Revenue per Mile of Road Gross Operating Revenue Gross Operating Revenue per Mile of Road Gross Operating Revenue per Revenue Train Mile Operating Expenses (Taxes Excluded) Operating Expenses per Mile of Road Operating Expenses per Revenue Train Mile.. Net Operating Revenue Net Operating Revenue per Mile of Road Net Operating Revenue per Revenue Train Mile • Includes Sleeping, $56,075,355 45 $50,623,289 30 $7,200 65 $51,661,570 44 $7,348 33 $1.73341 $35,152,731 60 $5,000 12 57,953 76 $57,294,508 34 $8,126 68 $1.82991 $38,635,745 94 $5,480 11 _ _ _ _ _ $1.23397 $1.17949 $18,658,762 40 $2,646 57 $0.59594 $16,508,847 84 $2,348 21 $0.55392 + 10.77 + 10.46 + 10 90 + 10.59 + 5.57 + 9.91 +9.60 +4.62 + 13.02 + 12.71 + 7.59 Parlor and Observation Cars. THE BALTIMORE & OHIO RAILROAD COMPANY. EIGHTY-FOURTH ANNUAL REPORT—FOR THE YEAR ENDED JUNE 30 1910 Office of the Baltimore & Ohio Railroad Company, Baltimore, Md.; 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. 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. The statements OPERATING RESULTS FOR THE YEAR ENDED JUNE 30 1910, COMPARED WITH THE YEAR ENDED JUNE SO 1900.. 1910. Rail Operations. 1909. 4,434:39 Miles of Road Operated Earnings— From Freight Traffic From' Passenger Traffic From Express Traffic 1 From Transportation of Mails From Miscellaneous Transportation From Operations other than Transportation Decrease. 4,459.90 1 $69,408,112 68 14,485,585 09 1,715,156 97 1,176,843 75 Gross Earnings Increase. 1,327,726 42 787,827 46 $58,355,111 83 13.551,238 28 1,523,617 39 1,255,966 57 1,038,036 69 688,885 52 $88,901,252 37 $76,412,856 28 $11,661,409 75 $9,694,559 96 11,810,507 06 1,717,388 14 25,51 $11,053,009 85 934,346 81 191,539 58 $79,122 82 289.689 73 98.941 94 1 $12,488,396 09 • Expenses— For Maintenance of Way and Structures For Maintenance of Equipment For Traffic Expenses For Transportation Expenses For General Expenses * Total 16.873.775 93 1,877,203 56 29.738.992 09 1,682,419 46 - Expenses - $51,168,980 87 68.99 66.96 $27,567,451 58 $25,248,875 41 Outside Operations— Total Revenue Total Expenses , 4.563.268 159,815 3.392,022 87.862 26,346,969 16 1,594,556 55 $61,333,800 79 Percentage of Expenses to Earnings Net Earnings from Operation - $1,966,849 79 $1,262,148 72 1,861,782 42 $1,150,593 67 1,689,843 03 87 42 93 91 $10,169,819 92 ~ * .- • . , 2.03 $111,555 05 171,939 39 $599,633 70 Def. $539,249 36 $26,967,817 88 2,469,964 17 $24,709,626 05 2.271,575 72 198,388 45 Operating Income $24,497,853 71 $22,438,050 33 $2,059,803 38 Def. $60,384 34 $2,258,191 83 •' * -/ * ; 1 1 Def. '•* •••■ $2,318,576 17 Total Net Revenue Taxes Accrued Net Revenue ■ — The roads and mileage 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 $88,901,252 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 this year. The earnings from passenger traffic were $14,485,585 09, an increase over preceding year of $934,346 81. The total number of passengers increase of 1,210,568, and the carried was 21,107,120, 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 an 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 $6,530,118 66. Transportation expenses increased $3,392,022 93, other being $159,815 42 in traffic expenses and $87,general expenses. Table 8, of this report, shows the expense items in detail and more particularly the sub-accounts making up these inincreases 862 91 in 1038 THE CHRONICLE creased expenditures, which were largely incident to increased volume of traffic handled during the year, the more liberal 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 were 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. RR. 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 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 new 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 eonditions 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 on the preferred and six per cent on the common stock $11,474,212 79, showing surplus earned over for the year of $4,357,613 63. GENERAL INCOME ACCOUNT OF THE BALTIMORE & OHIO RAILROAD. YEAR ENDED JUNE 30 1910. IN COMPARISON WITH THE YEAR ENDED JUNE 30 1909. 1910. Total Operating Total Increase (+) or Decrease (—). 1909. Revenue.._88.801?252 37 76.412?856 28 +12t4is.396 09 Operating Expenses...61,333,800 79 51.183.980 87 +10.169.819 92 Net Operating Revenue..*27,567,451 58 25,248.875 41 Outside Operations— Total Revenue Total Expense?? Net Revenue +2.318,576 17 1,150,593 67 1,689,843 03 +111,555 05 +171,939 39 def.599.633 70 def.539,249 36 def. +60,384 34 26,967,817 88 24,709,626 05 2,469,964 17 2,271,57572 +2,258,191 83 + 198,388 45 24,497,853 71 22,438,050 33 +2,059,803 38 1,262,148 72 1,861,782 42 ... Total Net Revenue Taxes Accrued Operating Income Investment" Baltimore & Ohio Equipment Company Equipment $16,988,317 50, and sundry other adjustments to conform to Other Income— Rents: Joint Facilities—Total Re¬ ceipts Miscellaneous Rents—Total Receipts 495,521 00 466,973 88 Dividends on Stocks Owned. 1,541,777 41 Interest on Bonds Owned 202,968 26 Other Interest 1,381,863 42 Western Union Telegraph Company—Annuity 60,000 00 Miscellaneous Income.. 68,794 04 4.217,888 01 548,172 58 500,527 1,453,851 205,899 526,076 —33,553 +87,925 —2,931 +855,787 80 60,000 00 52,728 77 + 16,065 27 79 64 02 3,347,256 85 +870,641 06 .28,715,751 72 25,735,307 23 +2,830,444 44 . Hire of Road> and accounts credited, viz.: Equipment Accounts, particularly referred to under caption Equipment, $8,516,160 35 and Appropriated Surplus, Additions to Property, $10,965,168 91. ADDITIONS TO ROAD AND EQUIPMENT. Much of the country dependent as yet upon your lines for transportation is rich in natural Equipment—Net ments Miscellaneous Rents—Total Payments 437,653 06 210,137 95 +227,515 11 853,377 04 923,990 05 —70,613 01 170,298 43 146,098 50 on Funded Debt ible i) .10,644,867 67 10,180,463 05 other Interest (Table !) 353,003 16 587,420 01 Deductions amount Other 8,966 33 Subsidiary Lines.. 1,192 08 rest +24,199 93 satisfactorily the business already offering, it was essential provision for additional equipment and other facilities. To meet this situation your Board authCrized the purchase of 284 locomotives and 15,000 freight cars, +7,774 33 _ 12,468,164 69 12,049,301 56 Net Corporate Income....16.247.587 03 13,736,005 Deduction for Additions and Betterments expended dur¬ ing the year.. approximate cost of which is $28,000,000 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 snows 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 415,780 61 +418,863 13 72 +2,511*581 31 549,572 24 —133,811 63 BalanceNetCorporate Income 15,831,828 42 13,186,433 48 +3,643,392 94 Balance Net Corporate Income.. .315,831,826 42 Preferred—Marchl l910,2%.31,177.848 80 Sept. 11910,2%.. 1,177.826 09 —« Common—March 11910.3%.34,559,125 06 Sept* 11910, 8%.. 4,559,412 84 32,355,674 89 9.113.537 99 11,474,212 79 Amount to Credit of Profit and Loss June 30 1909 318*126,681 3T Add Sundry Adjustments due to incorporat¬ ing Subsidiary Lines, deferred Interest and other Items, Net Credit Balance.. 898,895 33 S4JS7.613 63 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 19.019.486 70 Amount to Credit of Profit and Loss June 30 1910 and there is every to make immediate +464,404 62 —234.417 85 „ resources 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 Total Deductions from In¬ come classification. more Deductions from Gross Corporate Income— Rents: Balance Joint Facilities—Total Pay¬ new IMPROVEMENTS CHARGED TO INCOME. 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 —52,651 58 68 62 90 40 LXXXXI. 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 maintenance expenditures rendered practicable by the increased earnings, and the increased rates of pay which cent [VOL. 323.377,100 33 expenditures for equipment and construction. Note.—For purpose of comparison, the Income Account of 1808 has been re-stated by eliminating debits and credits account of Interest on bonds and dividends on stocks of own Issue, In treasury, to a coord with ruling of Inter-State Commerce Commission. CONSTRUCTION AND BETTERMENTS. Much of the work during the year, and previously undertaken was completed the remainder, together with extensive General' Balance Sheet, Table 2, is presented for this additional work undertaken, has been vigorously prosecuted. year in the form prescribed by the order of the Inter-State The improvements started during the year are in pursuance Commerce Commission, effective June 15 1910. This of a general scheme for the betterment of the line to facilitate change prevents the showing of parallel comparisons with the the handling of traffic and render the operations more general balance sheet of the preceding year. effective and economical. In addition, to meet presentThere has been, however, an increase in the total footings conditions, it has been necessary to undertake extensive compared with June 30th 1909, of $78,593,661 85. work for the elimination of grade crossings, more particularly Tne principal changes in liabilities are as follows: in the cities of Baltimore, Md., Columbus, Ohio, and Chicago, Increase in Common Stock of $41,000, issued in exchange for like amount of Ten-Year Gold Convertible Debenture Ill.; also to continue the rebuilding and strengtehning of bridges on the system for heavier power. 4% Bonds of the Company. Increase in Mortgages and Some of the more important improvements completed secured debt of $53,041,014 36, due to issue of $40,000,000 during the year were: Three-Year Gold Secured Notes; the issue under The new double-track bridge over the Susquehanna River provisions of the First Mortgage of $1,000,000 Four Per Cent Bonds and completed and put in use January 6 1910. $12,041,014 36, the net increase incident to taking into the The viaduct, known as Bridge 68, at Cumberland, referred General Balance Sheet the funded debt of to in previous report as being widened and reinforced to Lines, Subsidiary viz.: $19,689,100, interest payments on which have hereto¬ carry heavier power, finished in November 1909. The . , * Oot. 15 1910.] THE CHRONICLE 1039 .To relieve the Wheeling Division and facilitate the of traffic westbound, a connection, including handling sufficient capacity to carryjthe heaviest locomotives. The bridge over the bridges on the line from Philadelphia to Grafton and on the Monongahela River, was constructed between Haywood, Pittsburgh and Chicago Divisions will be completed in 1910; W. Va., on the Monongah Division,and Lumberport, W. Va., remainder of program will be carried out as promptly as 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 conditions permit. This plan makes heaviest power where needed and the loads. Work has begun on elimination of grade corssings in the cities of Baltimore, Md., Columbus, Ohio, and Chicago, Ill. That at Baltimore and Chicago will extend over a period of years; that at Columbus will be finished during the following fiscal year. The aggregate expenditures for Construction and Better¬ ments for the twelve months have been $5,549,819 56, which, in accordance with the classification prescribed by the InterState Commerce Commission, has been Listie, Pa., Fair- point and Warren, Ohio, and Gary, Ind., the last mentioned being owned and operated jointly with the Lake Shore & Michigan Southern Railroad Company. * Following 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: ADDITIONS TO TRACK AND BETTERMENT OF 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 about 5 miles, giving continuous third track from Cacapon, Heagesville 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 1 ^ mile siding near Bond to relieve west¬ bound movement of freight on Seventeen Mile Grade. Extension of third track, 2 ^ miles eastward from Swan ton, 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 Rodemer, about 4 miles, including elimination of tunnels at McGuires and Rodemer. 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 necessaiw relief where the traffic heretofore has been restricted by the single track gauntlet through Kingwood Tunnel. possible the use of the handling of maximum charged to “Property Investment, Road." EQUIPMENT. ROLLING EQUIPMENT. The equipment of this report. of the Entire System is shown in Table 14 The Book Value of an equipment at June SO 1900 During the following. 16S there year Locomotives, was —$70,849.029 40 was added to the equipment the 44 Passenger cars, 2 Work cars, - 7.020 Freight cars, at a cost of "... 8,963.SI9 78 The title to 163 locomotives and 7,000 freight care the Baltimore & Ohio Equipment Company. is in 879.S12.849 18 During the year the following equipment was put out of service through condemnation, wreck, fire and sale, viz.: 17 Locomotives, 3,892 Freight cam, having a book value of which amount was charged * 17 Passenger cam, 804 Work cars, $876,596*08 — Expenses i (less salvage Account) and Capital Account Equipment. There was charged to Operating Ex¬ Material penses and credited Depredation Construction of third track West End to Hardman, 6 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. Extension of third track between Foley and Mance, and Sand Patch and Keystone, approximately 5 miles, to aid Accrued ] * to Operating charged to credited to , to Reserve for 81.931,401 41 ; 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 movement on Sand Patch Grade. the rolling equipment Of the Company, Extension of second track and additional passing reported the Book Value at June 30 1909 J3| sidings between Rockwood and Somerset, required by increased as higher than the appraised value by traffic on Somerset & Cambria Branch. $8,516,160 35. ; Extension of Quemahoning Branch RR., 9 On recommendation of the Executive miles, from Jenner to connection with the Somerset & Cambria Branch Officers and approval of the Board, this at'Somerset, to care for coal traffic oflFered by operations in amount was charged -to Appropriated this held. The line also develops additional coal territory. Surplus and accounts credited, viz.: Construction of second track in open cut, To Capital Account Equipment.... including elimina¬ $7,141,713 28 * tion of single track gauntlet 1,500 feet Reserve for Accrued Depre^ through tunnel at Toelation... $1,374,447 07 Bakerstown, Pa., thereby making second track continuous 8,018,310 from Sand Patch Tunnel to Hamler, on the Chicago Division. g Making Book Value of Rolling at Equipment June'801010.$71,794,538 Extensions of second tracks with grade revisioris, additional IMARINE EQUIPMENT, passing sidings and yard tracks between Wheeling and Lorain, to meet requirements in $1,110,076 handling the heavy business on this The BookSValuelof'all equipment at June 30 1909 was portion of the line during the Lake season. During the year there was added to - .; j • ' . ^ It 98 ... single track Division. ADDITIONS AND EXTENSIONS OF YARDS FACILITIES. on AND the Chicago TERMINAL Brunswick, Md.—New roundhouse, extension of engine and engine pits to handle additional power now tracks required on this Division. Grafton, W. Va.—Extension of terminal, including new receiving and forwarding yards, necessary for the present business and to provide for increase. Tunnel, W. Va.—New receiving and forwarding yard, with small engine house, wye, engine tracks and ash pits necessary in conjunction with new to relieve the Wheeling Division ofLumberport connection, part oi the westbound business from Fairmont Region. Benwood, W. Va.—New roundhouse, with requisite tracks, water supply and power plant to replace facilities which had the equipment the following: •llTug Bor*' 'a'eost of.. i 2 Car Floats; 1 Launch; 49,201 81 _ Sale was made^of the Value of \ - v $1,159,278 20 ..... tugboat "Cyclops" having a* Bookie, te —8,992 10 which amount was charged to Operating Expenses (less salvage from sale) and credited to Capital Account SL Equipment, : Making Book Value of Marine Equipment at June 30 1910. $1.152,286 20 * ■ Construction of 21 miles of second track between Wellsboro and McCooIs, on the Chicago Division, necessary on account of existing traffic. With the completion of this work there will remain only eighty-six miles of 49 SUMMARY. ValueTof (RolUng?Equlpment June 30 1910... Valued of. Floating Equipment June 30 1910 Total BoofeTValue Less Reservetfor Accrued | $71,794,538 98 1,152,286 20 *72,946,825 18 Depreciation—Cr. (Equipment).. NetJValuelotlEqulpment 6,048,981 51 -$66,897,843*7 CHICAGO TERMINAL. Negotiations were concluded during the year whereby inadequate on account of increase in size of power. your Company secures its own entrance into Chicago and Somerset, Pa.—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 &c., to facilitate the classifying and weighing of coal from Baltimore & Ohio Chicago Terminal Railroad Company, all the Somerset Region. the stock of which is owned by your Cothpany, 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 miles of; increased business. railway lines, 84 of which are owned and the remainder held become TIE RENEWAL OF BRIDGES AND ELIMINATION CROSSING8. OF GRADE Progress was made during the year onthe general plan for the renewal and strengthening of such bridges as are not. of under permanent lease. The Baltimore & Ohio Chicago Terminal Railroad Company has made a mortgage, dated April 1 1910, to secure an authorized issue of $50,000,000.First Mortgage Four Per Cent THE CHRONICLE Bonds, due April 1 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 treasuiy of the Terminal Company. INSURANCE FUND. A summary of the operations for the year ended 1910 and a statement of the assets and liabilities pared with previous year, are shown in Table 6. RELIEF DEPARTMENT, LXXXXIt The operations of the department, covering the Relief, Savings and Pension features, will be tribution to members. found in Table 7 of this report. * * * * * The President and Directors take pleasure in acknowledg¬ June 30 ing the faithful and efficient services Of the officers and as com¬ emlpoyees during the past year. By order of the Board, DANIEL WILLARD, The report of the Relief Department for the twelve months President. ended June 30 1910 will be printed, as customary, for dis¬ ‘ * TABLE 2.—GENERAL BALANCE SHEET YEAR ENDED JUNE 30 1910 ASSETS. LIABILITIES. Property Investments— Hoad and Equipment Stock— Investment to June SO 1907— Road. 9203,192.080 29 62,942,410 01 3200.134,502 90 i ' - - ' Equipment — 'Investment since June 30 1907— Road 911.033,358 30 10,004,408 57 29,740 94 Equipment.. General Expenditures . 21,007,513 87 9287,202,010 77 0,048,981 51 Reserve lor Accrued Depreciation—Or. (Equipment). 9281.153.035 20 Total. Securities * 1 Stocks ‘ 943,122.870 20 120,740,878 87 5.905.583 01 9175,709.332 08 Funded Debt Miscellaneous Securities of Proprietary, Affiliated and Controlled Companies—Unpledged— Stocks.. 97,984,352 47 Funded Debt 1,330,024 21 9,314,370 08 - -9185,083.708 70 Total Other Investments: 9102.148,843 30 Company, by Com¬ 59,983,954 00 9212.132,797138 Stock Liability for Conversion of Outstanding Securities of Constituent Companies... 86,990 81 ... Total. 9212,219,787*97 Mortgage, Bonded and Secured Debt— 93,790,045 34 Physical Property Securities Pledged Securities Unhedged 3,477,472 44 .......T. - Assumed Held Treasury—(Book Value)— or Stocks Funded Debt - Marketable Securities— Stocks Funded Debt — 953,941,401 78 .3520,173,145 >0 Property and Other Investments Working Assets— Issued Collateral Trust Bonds—Held by Com¬ pany, 35,048,300 00; Not Held by Company, 944,951,040 00.-.-.-.... Plain Bonds, Debentures and Notes— Not Held by Company, 940,098,000 00 Miscellaneous Funded Obligations—Not Held by Company, 91.145.057 00 50,000.000 00 40,098,000 00 ■ ~ 1.145.057 00 Total 321,309,137 — 911.755,951 34 in 7,419,285 80 9890,121 49 807,408 04 Total Loans and Bills Payable 910,000.000 09 Traffic and Car-Service Balances Due to Other Companies. . 305,709 08 Audited Vouchers and Wages Unpaid. 6,212,343 88 Miscellaneous Accounts Payable. 912,988 48 Matured Interests, Dividends and Rents Unpaid 180,437 89 Working advanoes due to Other Companies 1,703,590 13 39,029,892 89 402.951 31 2,575,890 52 8,871,782 00 7,520,259 81 979.945.009 92 Deferred Dibit Items— Advances: 320,109,170 49 9109.405 30 00,000 00 9229.405 30 dash and Securities in Sinking and Redemption Funds Cash and Securities in Insurance and Other Reserve Funds. Cash and Securities in Provident Funds Other Deferred Debit Items Total 280.000 32 1,075,472 59 99.107 20 379.274 71 32.069.380 12 Grand Total....... 9002.193.135 84 99,773,858 88 Deferred Credit Items— Liability on Account of Provident Funds 91.287,019 89 790,387 84 Other Deferred Credit Items 1 Total . 32,077.40719 Appropriated Surplus— ^ Additions to Property through Income— Prior to June 30 1907 910,905.108 91 Since June 80 1907 1,280,038 84 Reserves from Income or Surplus—Invested in Other Re¬ serve Funds.. 1,075,472 99 Total Other Advances 2,437,037 90 Total Accrued Liabilities, Not Due— Unmatured Interest, Dividends andfRents Payable 91,220,340 09 0,192,939 77 Loans and Bills Receivable Traffic and Car Service Balances Due from Other Companies Vet Balance Due from Agents and Conductors Miscellaneous Accounts Receivable Materials and Supplies .... Working Funds 3533,528,923 08 Working Liabilities— 40,073,284 00 ... Total Total Mortgage Bonds—Held by Company, 91.144.050 00: Not Held by Com¬ pany. 9228,921,430 00—**. ..9230,000,080 00 Total Capital Liabilities Miscellaneous Investments— Cash Securities Company, Company, Funded Debt: Securities of Proprietary, Affiliated and Controlled Companies—Pledged— „ Capital Stock: Common Stock—Held by 9230.401 10; Not Held by 9101.912,442 20 Preferred Stock-Held by 91.108,095 30; Not Held pany, 958,875.258 70 313,320,08014 Profit and Loss— Balance.. 923,377,100 98 Grand Total 3002,199,135 84 The above General Balance Sheet presents an accurate state- men^ of the Accounts of the Company, as of June 30 1910. G, W. BOOTH, Comptroller. Standard Oil Go. of New Jersey.—Re-Argument on Jan. 3. Weils Fargo ft Go., New York.—New Directors.—The fol¬ —See America* Tobacco Co. below.—V. 91, p. 965. lowing new directors are announced: L. F. Loree to succeed Union Switch A Signal Go., Pittsburgh, Pa.—New Stock— F. Y. S. Crosby, who resigned, and Vice-Pres. E. A. StedPart for 60% Stock Dividend—The shareholders will vote man to succeed (on the board only) the late Dudley Evans.— Dec. 14 on increasing the capital stock from $2,500,000, of V. 90, p. 564. >■ which $500,000 is preferred, to $5,000,000, the new stock to be all common. —“The Bond Dealers’ Association” has been organized Pittsburgh advices state that $1,500,000 of the new shares will be distributed as a stock dividend of in the city of Denver, Colo., for the purpose of securing high 60% on account of accumulated earnings, and that the re¬ standards of business and protecting both themselves as maining $1,000,000will be reserved for future requirements. bond dealers and the investment public from fraudulent or —Y. 90„p. 1618, 624. questionable enterprises. The membership consists of 22 Gas ft Electric Go. of N. J.—For year end.Aug.31 bond houses, including 6 banks, which buy or sell bonds. Such an association must have a very considerable influence Fiscal Surplus Other Fixed Balance, Preferred Year— Sub. Cos. Income. Dividends. Charges. Surplus. in creating confidence in the investment market by the pro¬ 1909-10 9464.317 956,538 991.075 958,605 3371,175 tection it will give. Untied , 1908-09 357,199 —V. 87, p. 292. 00,620 .... 89,613 58,605 269,001 —The October number of the Manual of Northeastern United States Lumber Go., Scranton, Pa.—Extra Divi¬ Pennsylvania Securities has been issued by Brooks & Co., dend.—An extra dividend of 1% was paid Oct. 3 on the $6,Scranton, Pa. It- is a pamphlet of 150 pa^es, describing a 000,000 outstanding stock (auth. issue $7,000,000). regular rate is 1%% Q.-J., or 6% per annum. Gross sales. Net earnings. Results for Calendar Year 1909. 91,469,618 Selling, admin., Ac., exp. 9343,066 Int. on bonds, Ac Add—Rental, Ac. (net).. 144,709 0% on stock Accr’d on investments. Total net.. — . The large number of companies more or less identified with North¬ eastern Pennsylvania, in the securities of which section Brooks & Co. specialize. 3145,170 110,715 360,000 133,751 9621.526(Balance, surplus 95,641 .Ul®, balance sheet of Dec. 31 1909 shows: Timber lands and real estate, 34,618,856; plants and RR. equip., 31,508,981; stock of Great Southern Lumber Co., 8389,600, and Mississippi Central RR.. 8895.351; bonds Miss. *29,170: current assets (incl. cash, 8259,852, and Inventory, 3340,519), 81.255,101: misc., 832,513; total assets, 88,729,573. Offsets: cap. stock, 96,000,000; bonds of subsidiary cos. (835,000 J. J. Newman Lumber Co. 1st 5s due July 1 1914 and 8812.000 Scranton Lumber Co. 1st M.0s due semi-annually Oct. 11911 to April 1 1913), 8847.000; current liabllltes (lncl. Jan. 1910 dividend), 8205,478; deferred liabilities. 823.001; accumulated surplus, 81,593,494.—V. 88, p. 1503. —Herzog & Glazier, 24 Broad St., invite dealings in 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. Pacific Gas & Electric and Pacific .—Kissel, Kinnicutt & Co. advertise in this issue of tht “Chronicle” an attractive.^ list of securities to which tht attention of investors is invited. Descriptive circular will be mailed on application. OOT. 15 191#. THE CHRONICLE 1041 COTTON. Tlx* dPommjemal jinxes. 1910. Though transactions may not have increased greatly, there evidently a more confident tone in business. The financial is situation is considered better. General trade shows dency to slowly increase. a ten¬ The political tone of the times seems to be less mimical 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. LARD on the spot has been easier. Trade has been dull but supplies continue light. Prime Western 13.12 >£c. Middle Western 12.75c. and City steam 12^gc. 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. At 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. DAILY CLOSING PRICES OP LARD FUTURES IN NEW YORK. Sat. Mon. Tues. Wed. Thurs. Fri. October delivery 12.80 12.60 12.50 12.50 12. 0 November delivery 12.00 11.00 11.75 Holl- 11.08 12.10 January delivery 10.05 10.80 10.85 day. 10.00 11. 0 DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. October delivery .12.62 H 12.55 12.70 Holl- 12.70 12.87 H November delivery .11.65 11.57 H 11.57 X day. 11.62 X 11.75 January delivery .10.55 10.50 10.45 10.52 h 10.65 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— OIL.—Linseed has been firm with a fair demand for mod¬ erate-sized lot*. City, raw, American seed, 97@98c.; boiled 98@99c.; Calcutta, raw, $1 03. Cottonseed has been moderately active and firmer; winter 8.50@ 11c.; summer white 8.75@llc. Lard has been quiet and firm; prime $1 02@$1 05; No. 1 extra 63@65c. Cocoanut has been quiet and firm, with supplies light; Cochin 11 J^c.,Ceylon 9J^@10c. Olive quiet and steady at 90@95c. Cod in good demand, with prices firm; domestic 41 @43c.; Newfoundland 44@46c. COFFEE the spot has been quiet and easier. Rio No. 7, 10J^@llc.; Santos No. 4, ll^@12c. West India growths have been easy, with trade quiet. Fair to good Cucuta 12%@12$^c. 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 French 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: on October 8.75c. January ..8.88c. April— November _8.75«. February .8.85c. May December .8.80*. March _ 8.87c. June 8.8 8c. July 8.92c. 8.90c. August 8.93c. .....8.91c. September 8.94c. SUGAR.—Raw has been quiet and easy. Centrifugal, 96-degrees test, 3.90c.; muscovado, 89-degrees test, 3.40c., and molasses, 8§-degrees test, 3.15c, Refined has been quiet and easy. Granulated 4.90@4.95c. Teas have been in fair demand and generally firm. Spices have been mod¬ erately active and firm. Wool has been, quiet and steady. PETROLEUM.—-Refined has been firm, with a further improvement in trade. Refined, barrels 7.40c., bulk 3.90c. and cases 9.40c. Gasoline has been in good demand and firm; 86 degrees in 100-gallon drums 18%c.; drums $8 50 extra. Naphtha moderately active and firm; 73 @76 degrees in 100-gallon drums 16Me.; drums $8 50 extra. Spirits of turpentine steady at 78@78^c.,-with -trade fairly active. Rosin firm and more active; common to good strained $6 40. TOBACCO.—The situation in domestic leaf has shown no essential change of late. Trade has continued quiet, but as sales of cigars have noticeably increased recently it is expec¬ ted by many that the demand for leaf will expand materially sooner or later. Sumatra has been in .moderate demand. Havana has been quiet. “ Prices have generally been firm. COPPER has been easier, though without marked change. Lake 12^£@12%c.; electrolytic . 12J^@12^c. The sales Of 12.65@12.70c., and casting copper have latterly increased, though this is traceable partly to speculative buying. Lead has been* steady and in moderate demand; spot 4.50c. Spelter has been quiet and steady at 5.50@5.60c. Tin has been less active but firmer; spot 38c. Iron has been steady; No. 1 Northern $15 75@$16; No. 2 Southern $15 25@ $15 75. There has been an increased demand for iron from ove works of late. Pipe works have been in the market for air-sized lots. Finished material has been more active. 15,427 Mon. Tues. 27,469 50,137 *• Wed. Thurs. 20,885 22,695 Fri. Total. 23,093 159,706 “ _____ 10,255 5,880 2,770 — 3,159 1,725 7,180 2,022 — 897 . ._ 9,613 2,006 6,228 1,244 11,152 35,858 11,201 3,798 1,434 " — Jacksonville, Ac. ’*39 195 Savannah 18,661 Brunswick — Charleston — — 15,318 11,833 — — _ 3,205 Georgetown Wilmington 14,281 14,784 5,685 1,337 _ ‘4,021 3,068 ‘"40 274 14,302 89,179 14,569 18,910 14,569 1,594 . ‘ . . _ ^ 2,444 2,957 Norfolk 8,129 4,577 N’port News, &c 2,154 5,460 „ New York Boston Baltimore 3,615 5,581 , . 6,499 3,536 _ _ ' * _ ^ 4,524 6,015 188 27,365 28,126 188 ' „ i 8 ... Philadelphia — Total this week. 47,578 70,583 The following shows since Sept. 1 1910, and last year: — - 92,275 This week. — — 56,684 59,007 3,508 3,508 — — 73,962 400,089 1909. Since Sep 1 1910. Galveston 159.706 Port Arthur Texas City, Ac.. 11*452 New Orleans 35,858 Mobile 11,201 Pensacola 274 Jacksonville, &c_ — 53 the week's total receipts, the total the stocks to-night, compared with 1910. Oct. 14: — . 44 Receipts to This Stock. Since Sep 1 1909. week. 789,663 141.308 6,857 28,289 1,629 103,215 58;059t 40,823 16,497i —J 1910. 1909. 688,375 7,047 8,179 138.087 242,143 173,257 60,812 13,510 46,391 30,624 93,762 31,569 124,105 18,075 41,445 167,545 17,285 37,818 39,921 31,774 89,179 14,569 18,910 9,500 3.013' 1,625 397,403 110,724 38,748 21,800 73,194 18,010 85 100 225 27,365 28,126 115,173 73,702 188 24,530 35,585 482 54,308 20,714 New York Boston j 176 137,288 121,690 1,176 53 Baltimore 98 51 1.628 904 491 3.508 1,220 1,074 4,946 3,261 75 77,084 1,128 5,462 257 7,102 73,011 1,991 3,939 3.098 400,089 1,676,499 442,783 1,955,911 564.525 743,832 Savannah..’. Brunswick —... Charleston Georgetown Wilmington .... Norfolk Newport News.&c Philadelphia — Total ...,- 4.702 551,148 87,324 96,265 — -«»«»«■«» In order that we comparison may be made with other years, give below the totals at leading ports for six seasons: Receipts at— Galveston Pt. Arthur, &c. New Orleans. Mobile Savannah Brunswick Charleston, &c Wilmington.. 1910. 1909. 1908. 159,706 11,152 35,858 11,201 89,179 14,569 18,910 141,308 139,431 51,087 1906. 1905. 150,900 124,800 6,927 249 394 447 110,724 21,800 37,744 13,939 28.126 18,110 24,530 35,585 188 10,936 28,211 22,579 14,107 30.159 22,899 62,942 8,833 73,728 5,873 9,121 176 178 247 3,835 123 197 14,365 3,400 10,111 851 1,928 400,089 442,783 370.763 267,873 371,658 321.919 27,365 N’port N., &c All others. Since 1907. 64,178 15,631 81,752 4,218 Norfolk Total this wk. 1,629 58.059 16,497 82.800 4,386 31,968 26,872 44,384 11,487 71,935 8,183 8,042 14,706 29,240 Sept. 1. 1,676,499 1,955,911 1,734,833 1,248,451 1,703,733 1,935,303 The exports for the week ending this evening reach a total 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. of Week ending Oct. 14 1910. Exported to— from— Great ContiBritain. Fr’nce: nent. From Sept. 1 1910 f Oct. 14 1910. Exported to— Great - . Galveston Port Arthur Texas City, Ac. New Orleans.. Mobile Pensacola Femandina Savannah Brunswick Total. 54,82816,181 35,745 106,754 . 1,200 1,563 226 226 16,725 8,840 25,565 14,233 59,177 7,348 6,000 28,728 3,863 18,156 107,666 215 350 400 215 17.620 3,201 4,738 6,132 1,300 2,050 1,300 2,050 ‘5,666 5,000 14,233 ..... ~ 14,293 Boston .... Philadelphia , — — 2,501 350 . Portland, Me.. -IT - San Francisco. Seattle 1,597 24,224 226 . _ .... - - - ..... —-- 19,369 62.758 5,000 4,700 6,000 29,232 21 600 4* — - — - " U - ^ ^ - „ .----- „ „ — 34,574 — — _ ------ 61,048 2,025 12,856 1,455 850 ------ — — —-- ----- Portland, Ore. Pembina Detroit 6 857 - 2,023 - Newport News Baltimore 201,720 .4* —^ — — 23.708 44,554 2,029 Total, 535,504 6,857 25,305 70,801 2,265 ------- 131,304 12,048 17,000 57.960 21 2*03,222 19.645 18,444 7,587 3,990 2,950 ------ - - - - 3,990 2,950 ------ ■ ---- Total...... 122,835 22,731 , — — — *• — 4» — — — — 54.552200.118 - 563.001 140,233 411,659 1.114,893 86.407148,806 102,311237,524 426,814236,044 561,1131.222,971 In addition to above exports, our telegrams Total 1909.... to-night also give us the following amounts of cotton on shipboard, not cleared, at the ports named. We add similar figures for New York. ; ' Charleston.... New York nent. 255,367 78,417 - 10,255 12,763 .. Wilmington.-- Conti- I Britain. France. ••• 10,255 10,000 ■• light. @$20 and extra India mess $30 50. Cut meats have ruled quiet and generally steady. Pickled hams, regular, 14@ 15c.; pickled bellies, clear, 16@18c.; pickled ribs 15J^@17c. Tallow has been quiet and firm at 7j|c. for City. Stearines have been quiet and firm; oleo 12^@ 13c. and lard 13^@ 14c. Butter has been quiet but firmer, with supplies mod¬ erate or light; creamery extras 29^c. Cheese quiet and firm; State, whole milk, colored or white, small, average fancy, 15>^c. Egg* quiet and firmer; Western firsts 26@27c. Sat. Galveston Port Arthur Texas City, &c__ New Orleans Mobile Pensacola PORK on the spot has been quiet and generally steady. Mess $21 @$21 50, clear $22 @$23 50 and family $25. Beef has been firm. Sales have been small, but supplies continue Mess $15 50@$16, packet $17@$17 50, family $19 50 1910. 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 as ■ COMMERCIAL EPITOME. Friday Night, Oct. 14 Friday Night, October 14 THE MOVEMENT OF THE CROP ‘ [VOL THE CHRONICLE 1042 On Shipboard, Not Cleared Britain. France Ger¬ many. Other Leaving Coast¬ wise. Foreion New York the Stock. Total. rH New Orleans.. 107 7,413 18,867 3,864 15,671 14,000 8,060 4,779 9,019 1,280 2,000 5,875 3",201 8",o6o 3'.666 l",200 23,000 3,000 21,000 2,000 Total 1910. 79.889 Total 1909. 90,172 Total 1908.._ 46,405 24,279 66,007 37,856 63,463 81,392 33,880 64,395 34,614 Galveston Savannah Charleston. Mobile Norfolk New York Other ports 3,013 29,941 . _ 2,550 1,000 1,000 1,500 13,373 4,700 2,000 5,728 "§66 21 704 OB 27,215 62,039 95,065 19,176 76,048 29,040 5,000 16,304 13,100 49,000 14,320 7,341 63,984 37,075 19,530 221,041 33,665 £82,940 30,425 213,695 343,484 460,892 353,443 13 373 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 I X | ©I 00 SI II x MB 36,445 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 advancing quotations. Cheerful reports in this regard have come from New England and Philadelphia as 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 interior towns 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. highest, lowest and closing prices at past week have been as follows: FUTURES.—The Jor— Oct. 14 at— Great LXXXXI @| © @| X @| © X CO w 21 21 HO OB>© < I Tf I ce @| J 21 21 x r» OB 00 r-I T*Tf KB ©OB x*Tf* ®| @| @| ©| @| — ©| @| @| CO © rH OB II 21 21 21 rn<o I M Tf X IS rjo I r-i CM II 21 21 id id id id id te id ;*Tf ww rH rH rH »-l 3 th. ©IN ©I ©| XX ©ITf ©I© ©I ©I© ©I ©IrH ©I ©> ©Tf ©X NCO oo© ©O rH ©rH ■d Tf TfTf Tf X X XX NH CO KB O© X o- oo r- CMX oo o* ©00 ©00 rH© rH© Tf 1* Tf Tf Tf Tf Tf Tf XW KB KB tO ► 00 _ £,0 KB KB «Wi • I* rHrH rH . rH KB ►► TfTf Tji Tf © 11 I I II 15 2S rH rH © ©| @| ©|rH ©| @| ©| ©I© ©| ©| fslCM K3N KB CO XTf KB© KBIT CM CM KBPS ©Tit TfX ► ► ©I ©I 00 rH Tf M TT I «m | rH H ~ XX ©a o ~ ww l kb | rH rH rH ©I ©I TfX © Tf« 3© O© id id KB KB KB* KB rHrH rH rH rHrH ©O ~ 1 I In I" ga |o KB Tf tote o© xx TfTf TfTf © | go @f © ©| Tf X XX Tf X TfTf TfTf TfTf ©X XX X Tf © ©OB X ©© Tf Tf Tf TfTf rH rHrH w< vH © ©| ©| ©| ©frH ©I* ©|X ©| ©rH OX rH x ©rH N© ► XX |§ TfTf I rHrH I XX x xm MO ©00 TfTf TfTf Tf TfTf TfTf TfTf TfTf X Tf* rH X X Tf Tf rHrH XX ©X O ox © ©I ©I ©I ©I ©ICM Tf ©IX ©I► ©I© ©I ©I XTf X XX ► XTf W*3 XTf CM X X Tf XTf Tf X Tf X X XM ► TfTf TfTf TfTf TfTf Tf* TfTf |2 ► X to X rH CM Tf rH I" Tf XTf Tf MX MX ► Tf* I © IT.0O rHrH ©I CM l . <0 TfTf XX XTf © I-. © © Tf XX rHrH & ►X X*T XX OX X Tf X© mo oeoo TfTf XX > n ► ©x «x ►X Tf TfTf rH rHrH rH XX XX OB ©OB TfTf Tf TfTf rH rHrH TfTf XTf I I @| ©| ©I ©| ©|© ©| ©|X ©| ©I© ©| ©| ►© OX It. CM XX MX XX XTf TfTf XX TfTf TfTf Tf Tf TfTf* rHrH rHrH rHrH rHrH © Sf ©$$ SoS ©I? X M00 00 00 OB X X0B I I Tf* TfTf* 1 Tf TfTf | rt rHrH | Tf TfTf © Sf ©£? ©5? © XX TfTf ©5? rHrH rH ©5? ©Sf | rH I I I © © | rHrH | © | Sf bis SS SS l S)S 6S 6S t«S 6S I boS b«S 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 THE VISIBLE SUPPLY OF COTTON to-ni Jit, as effect that damage has been done this season in Mississippi, made oreign up by cable and telegraph, is as follows. Alabama and Arkansas by boll weevil. On the other hand, stocks, as well as the afloat, are this week's returns, and the bill of lading controversy has not yet been settled, and there has been some talk about the possible effects of the consequently all^ foreign figures are brought down to Thurstk big railroad strike in France, talk which might have had day evening. But to make the total the complete figures for to-night (Friday), we add the item of exports from the more effect but for the fact that in spite of it the stock United States, including in it the exports of Friday only. markets have been advancing. Liverpool people have been 1909. October 14— 1910. 1908. 1907.1 selling to some extent, the South has sold against the actual Stock at Liverpool 320,000 602,000 bales. 269.000 563,000 cotton, and not a few think the advance, especially at so early Stock at London 4,000 12,000 12,000 24,000 15,000 42,000 Stock at Manchester 35,000 24,000 a stage of the season, has been unduly rapid and marked. They think that the crop is being under-estimated and that 288,000 629,000 Total Great Britain stock 649,000 356,000 20,000 10,000 11,000 18,000 with such weather as the South has latterly had, the yield Stock at Hamburg 71,000 81,000 Stock at Bremen 92,000 78,000 may ultimately turn out to be far larger than is now gen¬ Stock at Havre 55,000 149.000 86,000 51,000 at Marseilles 2,000 2,000 4,000 4,000 erally expected. In any case they maintain that present Stock Stock at Barcelona 7,000 9,000 14,000 11,000 prices discount anything at all bullish in the situation. As Stock at Genoa 12,000 19,000 17,000 8,000 3,000 34,000 2.000 10,000 already intimated, however, the bullish sentiment has been Stock at Trieste predominant and the believers in a still further rise insist Total Continental stocks 164,000 273,000 189,000 253,000 that it has been the spinner rather than the speculator who has been the backbone of the advance thus far. To-day and spinning interests, buying also by large bull operators, covering of shorts and talk of a further buying by spot West Indian storm which may possibly reach the Gulf Coast caused a further advance. Spot cotton has been quiet and for the firmer. Middling closed at 14.90c., an advance 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 de ivered on contract, are as follows: Fair Strict mid. fair Middling fair Strict good mid Good middling Strict middling c. 1.50 on Middling •_ Basle Good mid. tlnged.e Even 0.25 off Strict mid. tinged..0.15 off 1.30 on Strict low mid Low middling 0.60 off Middling tinged.. .0,25 off 1.10 on 1.05 off Strict low.Mid.ting.0.60 off 0.66 on Strict good ord 1.75 off Low mid. tinged...1.50 off 0.44 on Good ordinary 0 22 on Strict g*d mid. tgd.0.35 on Middling stained.. .0.75 off The official quotation for middling New York market each day for the past Sat. Oct. 8 to Oct. 14— Mon. upland cotton in the week has been: Tues. Thurs. Wed. Fri. Hoi. 14.90 14.90 NEW YORK QUOTAT:[ONS FOR 32 YEARS. Middling uplands _C 1908. 1903. 14.65 14.90 1902 13.95 1901 C 9.20 12.00 11.30 10.10 10.35 1900 1899 1898 1897. 1896 9,70 1895 14.65 6.06 1894.-C-.. 1893 1892 8.00 1891 8.50 ...10.38 1890 1889 ...10.62 7.94 1888 9.68 9.50 9.19 1887 8.80 8.56 ...10.44 7.25 6.38 6.38 .. ... ... .. ... ... ... 14.75 ... ... ... ... ... 1886.c 1885 1884 1883 1882 1881 1880 1879 9.81 MARKET AND SAL SS AT NEW YORK. Futures Market Closed. Spot Market Closed. Sales oj Spot and Contract. Con- Spot. sum’n. Saturday Mdnday Steady, 15 pts. adv. Steady Quiet Steady Quiet at 10 pts. adv. Firm HOLIDAY Quiet at 15 pts. adv. Steady Friday.. * Total. Quiet Total. Egypt,Brazil,&c.,aflt.for Europe. Stock Stock Stock Stock U. S. In Alexandria, Egypt In Bombay, India in U. S. ports in U. S. Interior towns exports to day 452,000 55,000 922,000 820,000 657,273 779,584 769,828 52,000 88.000 27,000 84,000 101,000 290,714 401,231 453.726 38,164 36,409 28,600 743,832 Total American 65,000 4,000 5,000 Liverpool stock Continental stock India afloat for Europe Egypt, Brasil, &c., afloat Stock in Alexandria, Egypt.. Stock in Bombay, India 576,675 292.930 24,379 2,806,68^ follows 471,000 34,000 157,000 469,600 566,675 292,930 24,379 2,755,056 2,177,292 2,025,584 1,885,676 1 Brazil, Ac.— London stock Manchester stock 58,000 81,000 340,000 567,138 Total visible supply 2.423,676 3,138,056 2,722,292 Of the above, totals of American and other descriptions are as American— Liverpool stock bales. 204,000 622,000 216,000 10,000 16,000 27,000 Manchester stock 245,000 126,000 Continental stock 121,000 657,273 779,584 769,828 American afloat for Europe 657,273 564,525 667,138 743,832 U. S. port stocks 453,726 290,714 401,231 U. S. interior stocks 36,409 28,600 38,164 U. S. exports to day >East Indian, 469,600 79.000 206,000 82,000 232,000 564,525 882,000 52,000 645,000 46,000 43,000 55,000 52,000 82,000 232,000 80,000 12,000 8,000 28,000 32,000 38,000 94,000 101,000 92.000 24,000 104,000 12,000 8,000 63,000 8,000 96,000 82,000 58,000 81,000 340,000 46,000 27,000 79,000 206,000 Total East India, &c. 781,000 383,000 545,000 538,000 588,000 1,885,676 2,755,056 2,177,292 2,025,584 Total visible su 2,423.676 3.138.056 2,722,292 2,806,584 6.54d. 7.41d. 18.90c. 8.75d. 8.15d. 12.00d 7**d. 6 13-16d. 5 15-16d 7%d. 6 J^d. 4 13-16d. 4 ii-ied. Peruvian, Rough Good, Liverpool1 Broach, Fine, Liverpool 66 s Tinnevelly, Good, Liverpool 8<25d. 14.90c. 13d. 10.50d. 10Hd. 4.99d. 9.30c, 11.75C, 10«d 8Hd. , 5«d, ""Continental imports for the past week have been 131,000 1,500 1,009 — _ _ ^ ^ [Steady 1 Con¬ tract. Total European stocks India cotton afloat for Europe Amer. cotton afloat for Europe.. . — 1,009 r — m rr nr 1,500 1,009 800 800 ,1,700 1,700 4,000. 5,009 bales. ; 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, and a loss of 382,90S bales from 1907. THE CHRONICLE 151910*] AT THE INTERIOR TOWNS the movement—that is, the receipts for the week and since Sept. 1, the shipments for the week and the stocks" to-night, and the same items for the corresponding period for the previous year—is set out in detail below. 1043 Closing Quotations /or Middling Cotton Week ending ve*. Sat-day 4 14 M 14 14 14 14 14 Wilmington Norfolk 14 uh UH Baltimore 14 H 14.90 14 7-16 14 H 14 7-16 14 H 14.00 14 H Mobile Philadelphia Augusta. Memphis St. Louis JPI| i I i i • i * i i i i i « i i • i i « • i i i i t • i • < i i • i i i i i i • I « • I I t • I I I I i # * i < » i • i I i I » « I « I I * i i a9 « i i « i i • « » t i t i i iiiiiiii (• i « i * • i i « • • i i • iiiiiiii I I I 4 I I i 1 I ( I I 4 I I I I I I • ■ « ■ I I I I I i i i I i • i i i i • i i i i i i i i i i ■ i » i ■ i i i i i i • t i i « i i i i i i i i t • t * I I I I i i Sat'day, Oct. 8. I « I I I I I I I k I I I I I I I I I I CdibenNcn Closing __ _ Range Closing -aoe-joiH^oioo^i-joi-aoi ® iU « O ® a* o» I* cock co ©M* Cl CO O <0 60 M» M 00 Vl 60CO ao en « cx ex 4h o I* to itn id. 00 H*VlVj© to 00 CO o to to -o I-4 i-i ««oft « e oo ®®o»Qo»i-i*titH.iUoto-oi-io»i-i^tooiooq>oicioq»®co®ik..uq>6oo>to to O SMM CO to iU ® to to to tototon-to itHOlHi iis >Me*o*oeototoik.iiH«oo»to«ociiMi«ooo>oiM«o«]eotoo>cneo®cociito»M ck to o» o ao ® co co o ® iu ® iU mi a* ® a* co hm hi to iU i(h eo oe to o o Ob mi to en M d cn o ® a* mi qo o oo en co to to mi «• oo mi mi a* o ® oo oi oo a* o o *o oi to to a* 00 Ml •a to to i(h iU to HlikMMOlHlMO HOM6N Ml to © to Ml ©© to to ©© 00 Ml <*OI*Mh) Ml H*MM M* 0* © 4k. 4* 60 SI © © -0 «I 9* 60 tO ■»! © © to 00 to 60 to 60 © ® « O 00 © 00 »©©©©©©©o©©©«4©t«©©©©»M©©o©©©M*Mi©Mt©©© ©©**©►* § to © Ml COM4 IM MICH tO<HtOlUO«OWltitOO«MI *MMM«otD**< i5§>MtlkCtQ>1®CO^po0,^O>lCn,8nBM © Ml Ml OMMOMmmO O M©«lt*©©©»© Ml OMM MM mo| MMOOmdmmomom close is pal ©60 V* © V) © © © © o ©V* © © © © © © © oh mi © Vi ©^ Vie* © © o © o cd Mito©©©o«!e©©©coeo©o©©i)oo©oo©«e©©©©oto©to ©N «©©*!©© 9© »©Ml>4©©O«0&©O©OMI©©©©«OC>ONO OVERLAND MOVEMENT FOR THE WEEK AND SINCE SEPT. 1.—We give below a statement showing the overland movement for the week and since Sept. 1, as made up from telegraphic reports Friday night. The results for the week and since Sept. 1 in the last two years are as follows: Via Rock Island 1. Oct. 10. Oct. 11. Oct. 12. — — @ 14.41 — * — 14.48 Oct. 13. ® — ® 14.60 * 14.84 — * — — — Steady. Steady. Steady. Steady. — — — Steady. Steady. Firm. Firm. more Friday, Oct. 14. @ — 14.67 — — • — Quiet. Steady. Steady. Steady. favorable. Galveston, Texas.—We have had rain 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. -1010Week. Sept. Monday, Tuesday Wed? day, Thursd'y 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 b»Vi to ©a* w © o © © © © m © <d o © m e © © © © o oo © « 00 © October 14— Via St. Louis Via Cairo MARKET.—The highest, has fallen in most localities during the week, the precipi¬ tation as a whole has been moderate or light. At some ii©eo©oi.co»©©p©»Mic0ii»©to^jeo©®®®©©®©c0eo©1b.cH •4 14K ram MM ©*-• UH TELEGRAPH.—Telegraphic reports to us from the South this evening indicate that, while eo«S009Mtl»MHl«0 o*®MiOh.c*toooeooVi6*o*OBto«V)aio»«0Vi®ViVitoobBo«Vioio»OMi1k> © 15 14 13-16 WEATHER REPORTS BY to M* © © 60 *M© Hi 60 60 Mh|0h|W*MO*OHi0MOiM*4MOIM Ml to H* 6* UH UH Nominal. HM 60 15 UH 14 9-16 14 H 15.00-.03 14.94-.07 15.03r-.06 —a@a— 1S.13-.26 15.14- .28 15.04-.06 14.05- .07 15.05-.07 15.20- .21 15.18-.10 15.22-.24 Spot Options M*>jsio®Oik.co©co®©cnw©o©a*©o©cooo>ooo»MiMio<H^co *0MMM UH 15.15 14 H UH Tone-*- 3? boo6o®6*o*otooei*®o0«0®ooi-toto©VitoVjp»to^.VioooVto»Ok o <h toocn oo o* w onj oh co to o*©eooa» co a«®o>iU® ooo* mich o*o^iao to © UH _ 15 14.89-.08 14.75- .95 14.71-.06 15.02-.21 15.05-.18 15.03-.22 14.02 — 14.83-.84 14.95- .06 15.09-.10 15.07-.08 15.11-.15 Closing CO mi mi M* OMM 14 11-16 15.15 14 13-16 14.77-.87 14.62-.83 14.59-.85 14.90-.09 14.02-.05 14.89-.il 14.81-.82 14.72-. 73 14.83-.84 14.97-. 08 14.95-.06 15.01-.02 May— Range Closing July— Range M*©*S ifHCTItO-OVtOOOtOOIOtO Q^<60O«000^IOOM*OiU.CX®Mi^|^)q>t0C0O0B»>C00OMiC"O®0>0»O-Jkl © Mi^l — e* © ~ UH UH J Range ©tv»Qe>B©©oiU©-<i*i© •ua*OBoeo«H®MOC)tMiitHCKiUiUMiM4a<iU®to®«MicnMiooocxtoc)to*a i ® • UH 14 H 14.44-. 53 14.31.54 14.29-. 53 14.62-.77 14.62-.77 14.57-.80 14.48-.49 14.41-.42 14.53-.54 14.68-.60 14.65-.66 14.72-.73 Closing to iu UH 14 H 15.00 14 H 14 H OPTION 14 11-16 14 0-16 14 0-16 UH 14 13-16 14 H UH March— o»®o» oootoooo»oeo»i»H^jMieoo>.ij*iitH-OM* to mi to — — Mm ® O CO CO CO 14H 14 9-16 14 H January— 14.55-.66 14.42-.64 14.40-.65 14.70-.89 14.72-.86 14.68-.91 Range Closing—... 14.60-.61 14.51-.52 14.63-. 64 14.77-.78 14.75-,76 14.81-.82 February— @ — Range @ — @ — @ — ® — @ — 14.64--66 14.54-.56 14.66-.68 14.78-.80 14.79-.80 14.85-.86 Closing Nk *4 60->J to 00 O oi CO o >-i 00 itH o VlOOt OH too* 60^1 CO «0 to o6* CO O oo ® - 14 5-16 14 H 14 H 14 & 14 H December— Closing to 1-**-* @ 14.40 — Range H»H* 14 K 14 H UH UH November— 5 ^ CI.MOOO»»MO®N«®®WOW'Ji>-OOlUNHOMOOO®M»®M 0*00OO&*«4^OOiUtv»0BMe0O>O0pt^i-iOO0ao«^^10e)to.O0BCaO(^O 0* H H 5-16 UH UH UH 14.38-.47 14.30-.54 14.35-.53 14.67-.80 14.70-.85 14.77-.83 14.40-.42 14.42-. 45 14.51-.53 14.67-.68 14.73-.75 14.75-.77 Kanee M*©WGs®O0Mi©Mi©aDMi - »i*toiOMOMCoaiHioioioo)M*ioooi ©OOMtvJHi to 00 iU «4 iU it*. 14 5-16 October— M SI6* M • ORLEANS i IIIIIIII M* • HI* ®h*©©© * ii 14M lowest and closing quotations for leading options in th eNew Orleans cotton market for the past week have been as follows: a i • 1087—Oct. i NEW 9-16 H 14 H 14 H 14 1-16 UH 14 H Houston Little Rook.... 14 : Monday. Tuesday, Wed'day. Thursday.* Friday. 14K 14 X 14 H 14 H Galveston New Orleans Savannah Charleston FQ on- it. ' Oor. -1909Sept. 1. 8,066 17,060 4,661 7,727 Week. 7,293 7,032 17,053 10,213 375 625 217 620 8.011 1.540 5.087 4.146 5,754 2,830 0,267 2,516 1,053 1,582 2,162 5,981 1,880 4,671 7,404 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 the rainfall reaching nineteen hundredths of an mch. week, 13,470 Average thermometer 66, highest 96 and lowest 35. 28.513 60,115 45,361 21,157 Huntsville, Texas.—Rain has fallen on one day during the Deduct Shipments— week to the extent of twenty-one hundredths of an mch. Overland to N. Y., Boston. A 7,240 3,561 1,852 4,013 Between Interior towns. 604 136 The thermometer has averaged 66, the highest being 89 and 1,173 3,450 602 Inland, &o.. from South. 12,085 1,030 6,053 the lowest 43. fjty Total to be deduoted 4.857 4,857 22,784 12,139 3,018 KerrviUe, Texas.—-There has been rain on one day of the The Leaving total net overland* .23,656 23,656 33,222 week, .the rainfall being nine hundredths of an inch. 37,331 18,139 thermometer has averaged 59, ranging from 42 to 76. Inoluding movement by rail to Canada. Lampasas, Texas.—There has been rain on three days of The foregoing show's the week’s net overland movement the week, the precipitation reaching one inch and forty-nine has been 23,656 bales, against 18,139 bales for the week last hundredths. The thermometer has ranged from 40 to 97, . . I Via Virginia points I . . * year, and that for the land exhibits in an season to increase date the aggregate net over¬ over a year ago of 4,109 bales. 1010.. Since Sight and Spinners' Takings. Week. Sept. 1. Receipts at ports to Oct. 14 400,089 1,676,400 Net overland to Oct 14 23,656 * 37,331 Southern consumption to Oct. 14. 45,000 218,000 _ .468,745 - Total in sight Oct. 14. Movement into Week— 1908—Oct. 17 18— 10 1005—Oct. 20 1009 Since Week. 442,783 18,139 52,000 1,931,830 512.022 230,936 70,522 67,182 .535*027 Sept, l 1,055,911 33,222 338.000 2,327.133 316,066 592,444 2,171,766 4 70,224 sight in previous 243,039 2,645,201 60,736 200,610 years: Bales. SinoeSept. 1— .532,142 1008—Oct. 17 882,128 1007—Oct. 18 ..500*888 1908—Octo 10. .^441,001 1005—Oct. 20 Bales. 2,410,951 1 825,882 2,281.382 2,588,717 QUOTATIONS FOR MIDDLING COTTON AT OTHER MARKETS.—Below are the closing quotations of middling cotton at Southern and other principal cotton markets for each day of the week.' averaging 69. Longview, Texas.—There has been no rain during the Average thermometer 70, highest 91 and lowest 48. Luting, Texas.—We 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. 4 Nacogdoches, Texas—We have had no rain during the week. The thermometer has averaged 71, ranging from week. 49 to 92. Palestine, Texas.—-We have had no rain during the week. 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. The thermometer has Average thermometer 69, highest 94 and lowest 44. Weatherford, Texas.—It haa 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 ail week. The ther¬ ranged froih 43 to 96, averaging 70.. HoldenviUe, Oklahoma.—Dry all the week. Average thermometer 66, highest 43, k>west 40. mometer has 4 1044 THE CHRONICLE AlexandriaLouisiana.—Rain has fallen 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 62 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 86, averaging 67. Helena, Arkansas.—Rain has fallen lightly on two days during the week, the rainfall reaching seventy-five hundredths of an inch. Average thermometer 64.7, highest 82 and (VOL. I on one lowest 49. Little Rock, Arkansas.—Receipts are picking up rapidly. Rain has fallen on two days of the past week, the rainfall LXXXXI. Exports (bales) - This Since Week. Sept. 1. 6.250 18,860 15,000 24.426 To Liverpool. To Manchester To Continent To America 8,500 7.250 1.000 _ Total exports 23,000 This Since Week. Sept. 1. 5”.750 5,500 2,849 61,135 11,250 This Since Week. Sept. l. 14,492 6.250 23.968 2,307 2,000 3,000 3.500 7,249 6,081 22,433 700 1,998 47,017 9,200 87,761 WORLD'S SUPPLY AND TAKINGS OF COTTON. Cotton Takings. Week and Season. 1910 Week. Visible supply Oct. 7 Visible supply Sept. 1 American In sight to Oct. 14 Bombay receipts to Oct. 13 Other India shlp’ts to Oct. 13 Alexandria receipts to Oct. 12. Other supply to Oct. 12_a 1909. Season. 2,140.531 535.927 3,000 4,000 32,000 9,000 __ _ Week. Season. 2,789,959 1,495,514 2,171,760 24,000 28,000 103,000 40,000 1,931,022 2,645,201 ; 36,000 13,000] 2,000 39.000 82,000 86,000 5,000 23,000 692,444 being ninety-six hundredths of an inch. The thermometer has averaged 63, the highest being 78 and the lowest 48. Total supply. 2,730,458 3,862,280 8,484,403 4,760,223 Memphis, Tennessee.—Rain has fallen on one day of the Deduct— week, the rainfall being ninety hundredths of an inch. Visible supply Oct. 14. 2,423,670 2,423,076 8,188,050 3,138,056 The thermometer has averaged 65, ranging from 49 to 82. Total takings to Oct. 14 306.782 1.438.604 296,347 1,622.167 Nashville, Tennessee.—We have had rain on one day during Of which American t 227.782 1.079,604 254,347 1,344,167 the week, the precipitation reaching thirty-two hundredths. Of which other 79,000 42 000 359.000 278,000 The thermometer has ranged from 52 to 82, averaging 67. Embraces receipts In Europe from Brazil, Smyrna, West Indies, die. Columbus, Mississippi.—There has been rain on one dav MANCHESTER MARKET,—Our report received by cable during the week, the precipitation being one inch and seventy- to-night from Manchester states that the market is firm for five hundredths. Average thermometer 70, highest 89 and both yarns and shirtings. The demand for china is good. lowest 50. We give the prices for to-day below and leave those for Vicksburg, Mississippi.—We have had rain on one day previous weeks of this and last year for comparison: during the week, the precipitation reaching fourteen hun¬ 1910. The thermometer has averaged 71, dredths of an inch. 1909. ranging from 49 to 85. 8H lbs. Shirt- CoCn 8N lbs. Shirt- Corn 32s Cop Mid. ings, common 32s Cop ings, common Mid. Mobile, Alabama.—Favorable weather in the interior and Twist. to finest. Twist. to finest. Upl’s UpTs picking and marketing are progressing well. We have had d. d. d. rain on three days of the past week, the rainfall being fortyd. 6. d. d. s. d. s. d. d. \ue eight hundredths of an inch. The thermometer has averaged 26 10N @ 11N 5 6N@10 8 8.14 9 3-16 @ 4 11 4 9N @9 6.73 73, the highest being 87 and the lowest 59. 2 10N 11N 5 6 @10 8 7.97 9 5-16 @ 10 5 0 5 @9 6.88 Montgomery, Alabama.—We have had rain on two days 9 10 4 CO HH 5 5N(al0 7 4 8.01 9 7-16 @ 10N 5 1 @9 6 6.83 of the past week, the rainfall being thirty-two hundredths 16 10W <0 11N 5 6 @10 7H 7.98 9N m 10N 5 IN© 9 6 6.93 __ * : s. of an inch. The thermometer has averaged 72, the highest being 86 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 inch. 76. The thermometer has ranged an from 66 to 85, averaging Atlanta, Georgia.—We have had rain on two days of the East week, theTherainfall being two inches and69,twenty-nine undredths. thermometer has averaged the highest being 81 and the lowest 56. 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 60. Greenville. South Carolina.—Rain on one day of the week to the extent of one inch and forty-five hundredths. The thermometer has averaged 65, the highest being 81 and the lowest 49. Charlotte, North Carolina.—Cotton is being marketed rapidly. Rain has fallen on two days of the wreek, the rain¬ fall being one inch and sixty-two hundredths. The ther¬ mometer has averaged 63, ranging from 52 to 82. INDIA COTTON MOVEMENT FROM ALL PORTS. October 13. 1910. Receipts at— . 1909. Since Week. Bombay... 3,000 Week. 24,000 13,000 Since Sept. 1. Week. 36,000 Sept. 1. 7,000 6 6 109-160115-16 5 10N @115-16 5 10N 114 5 @ 111-160 11N DOMESTIC TURES.—We 36,000 @10 TN @10 7H 7 @10 9 7 H"> 11 0 5 Exports from— Since September 1. Conti¬ Japan Great Britain. nent. &China Total. Great Britain. Japan nent. A China. 23,000 3,000 5,000 .... .... 74,000 20,000 43,000 1,000 1,000 1,000 1,000 3,000 3,000 5,000 - - - - 1,666 1,666 1,000 1,000 1,000 3,000 4,000 5,000 3,000 3,000 2,000 3,000 1,000 2,000 2,000 2,000 29,000 1,000 6,000 1,000 10,000 3,000 4,000 4,000 - .... 2,666 .... .... 1,000 1,000 1,000 .... Total all— 1910 1909 1908 2,000 25,000 1,000 4,000 5,000 .... 3,000 1,000 26,000 5,000 9,000 — • - w _ - — .... 10,000 9,000 24,000 Total. 85,000 30,000 67,000 4,000 4,000 6,000 1,000 3,000 5,000 7,000 20,000 28,000 33,000 3,000 21,000 30,000 38,000 100,000 55,000 86,000 10,000 10,000 28,000 1,666 113.000 69.000 118,000 ALEXANDRIA RECEIPTS AND SHIPMENTS. Alexandria, Egypt, October 12. 1910. Receipts (cantars)— This week _i Since Sept. 1 r 240,000 -776,176 1909. 250,000 , 651,782 1908. ' @ 10N 5 10N 5 2 3 10N 5 10N * 3N@9 4 @9 @9 <« 9 7N 7.31 9 7.29 9 9 7.27 7.41 Quantities of Manufactures of Cotton Month ending Aug. 31. 8 Months ending Aug.31. (iColored and Uncolored) 1910. 1909. 1910. Exported to— 1909. United Kingdom. yards Canada Central Am. States & Brit. Hond’as Mexico Cuba Other West Indies and Bermuda.. Chile. Colombia Other South America Aden Chinese Empire British East Indies British Oceania. Philippine Islands Other Asia and Oceania Other countries... 1,160,184 1,429,489 7,985,049 6,018,330 15,809.989 20,015,502 1,223,747 1,262,052 6,012,612 15,382.139 23.141.459 31.679,966 6,045,625 5.816,008 10,941,890 10,501,069 10,001,082 13,782,943 5,766,250 15,115.820 56,014,438 135,211,300 5,527,226 6,903,899 4,949,247 5,256,956 34,142 £13 7,334,259 1,802,327 1,811,117 6,372,435 10,455,383 31,916,842 47,222,316 196,896,373 287,976,232 82,147,817 82,848,663 $13,316,783 $17,153,636 10.673 $0.6034 $.0676 $.0596 Total yards of above.. Total values of above. Value per yard. Value of Other 200,702 265,986 1,264,144 575,127 3,301,874 2,680,385 119,902 116,371 886,100 1,757,786 3,929,650 7,653,132 545,831 437,717 1,230,628 1,065,629 1,005,554 1,807,243 942,000 2,143,770 9,582,788 25,069,380 592,065 286,236 762,753 479,359 5,181,960 969,123 686,464 206,732 1,684,427 1,708,340 Manufactures of Cotton Exported— Wearing Apparel: Knit goods ... Total Waste, cotton. Yam All other 8186,403 414,815 $112,632 355,636 $936,882 3,293,648 8601.218 168,635 98,554 418,542 $468,268 133,653 53,999 283,917 $4,229,530 2,296,914 395,771 $584,667 2.644,052 $3,228,719 1,276,741 334,234 3,023,800 2,366.390 83,434,766 $3,788,500 $23,262,798 $24,359,720 - Bombay— 1910 1909 1908 Calcutta— 1910 1909 1908 Madras— 1910 1909 1908 All others— 1910 1909 1908 7.88 9N 8.25 10 @ OF COTTON MANUFAC¬ 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: ; EGYPTIAN Conti¬ @ a Total manufactures of. For the Week. 7.8: 9N 7.61 9N EXPORTS give below All other 1908. Since Sept. 1. 23 30 Oct 7 14 s. 165,000 382,505 COTTON CROP.—Ad vices to Fr. Jao Andres, Inc., of Boston, under date of Alexandria, Sept. 24, are as follows: Continued complaint of damage by fogs In the Delta and the shedding of bolls come to us by reliable parties, but our people consider the damage insignificant as the first picking this season is assured, while last season, the first (with sometimes no second) and the third were picked together. Some planters have already picked two to four cantars per feddan. Calculating that the yield, under the circumstances, will be one cantar per feddan more than last season, or 1,690,000 cantars, and the ginning yield 3% to 4% better than last season, we come to the conclusion that, providing we have seasonable weather for the next two or three weeks, cur crop cannot be under 6M to7 million cantars. SHIPPING NEWS.—As shown on a previous page, the exports of cotton from the United States the past week have reached 200,118 bales. The shipments in detail, as made up from mail and telegraphic returns, are as follows: Total bales. NEW YORK—To Liverpool—Oct. 7—Celtic, 11,040 upland and 53 foreign 11,993 To London—Oct. 7—Minneapolis, 1,000 1,000 Hull—Oct. To 13—Galileo, 1,300 1,300 To Bremen—Oct. 11—Prlnz Friedrich Wilhelm, 710 710 To Antwerp—Oct. 7—Lapland, 250 250 To Copenhagen—Oct. 11—Oscar II., 200— 200 To Genoa—Oct. 7—Berlin, 1,600 l ,600 To Naples—Oct. 7—Ber In, 353 353 To Trieste—Oct. 7—Carpathla, 300. 300 To Leghorn—Oct. 7—Perugia, 100 .i. * 100 To Venice—Oct. 11—Alice, 800 •_ 300 To Piraeus—Oct. 13—Patrls, 50 50 OOT. 15 1910.1 THE CHRONICLE Total bales. . •ALVESTON—To Liverpool—Oct. 10—Inventor, 19,304. __Oct. 11—Christopher, 10,120..-Oct. 13—Chancellor, 10,922 40,406 To Manchester—Oct. 10—Gloria de Larrinaga, 14,422 14,422 To Havre—Oct. 11—Tronto, 5,504 Oct. 12—Montank, 10,017 10,181 To Bremen—Oct. 7—Koln, 14,502 Oct. 13—Monadnock, 11,691 20,193 To Hamburg—Oct. 7—Rameses, 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—Kings ton lan, 200 200 To Havre—Oct. 11—Kingston lan, 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 Havre—Oct. 10—Duart, 5,000 5,000 WILMINGTON—To Liverpool—Oct. 8—Hlllbrook, 14,233 14,233 BOSTON—To Yarmouth—Oct. 4—Prince George, 215 215 BALTIMORE—To Liverpool—Oct. 7—Vedamore, 2,501 2,501 - a To Havre—Oct. 7—Mackinaw, 350 350 350 400 To Hamburg—Oct. 7—Bosnia, 350 PHILADELPHIA—To Antwerp—Oct. 13—Manltou, 400 SAN FRANCISCO—To Japan—Oct. 6—Chlyo Maru, 700 11—Asia Oct. 600 1,300 2,050 SEATTLE—To Japan—Oct. 8—Sado Maru. 2,050 Total ..200,118 LIVERPOOL.—The week's sales, stocks, &c.: Sept. 23. Sales of the week bales. 30,000 Of which speculators took.. 1,000 Of which exporters took 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 35,000 Amount afloat 148,000 Of which American 109,000 Sept. 30. Oct. 7. 33,000 1,000 1,000 26,000 3.000 46,000 275,000 197,000 53,000 46,000 246,000 210,000 62,000 1,000 Oct. 14. 70,000 3,000 2,000 56,000 3,000 74,000 269,000 204,000 65,000 2.000 53,000 3,000 56.000 280,000 207,000 62,000 53.000 350,000 315,000 63,000 430,000 369.000 The tone of the Liverpool market for spots and futures day of the past week and the daily closing prices of spot cotton have been as follows: each Spot. Saturday. Monday. Good Large business doing. demand. Tuesday. Wednesday. Thursday. Friday. Market, 1 12:15 P.M. J Mid. Upl’ds 8.06 8.01 8.00 8.15 8;18 8.25 12,000 15,000 15,000 500 10,000 500 8,000 500 500 500 7,000 1,000 Sales Spec.&exp. Futures. Steady at Steady Market 1 6@9 pts. unchanged opened j advance. to 1 pt. dec. Good demand. Steady at 1@2 pts. advance. Good demand. Good Inquiry. Moderate demand. Strong at Quiet Steady 14@18 pts. unchanged unchanged advance. to 1 pt.dec. to 1 pt.dec. and the at 1045 offerings of wheat from that country have increased Liverpool prices have succumbed un¬ rapidly increasing volume of supplies on both sides declining prices. der the of the water. Quotations at Paris and Berlin have also de¬ The world’s shipments of wheat for the week reached clined the large total of 16,952,000 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. Wed. Thurs. Fri. No. 2 red winter 102*102 100* 99* 99* December delivery In elevator..-.105 * 105 * 103* Holi- 102* 102 * May delivery In elevator 110* 109 * 108 day. 107 107 DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. December delivery In elevator 98 * 97% 95 * 94 * 94 Vi May delivery In elevator ...104* 103 * 101 * Holl- 100 * 100 H July delivery in elevator 99 * 97 * 98)4 day. 96 * 90 * Indian corn futures in the local market have been nominal. At the West the speculation has been active at a decline in prices. report Depressing factors have been a bearish Government the 10th inst., dulness and weakness on the spot, increased country offerings, hammering by cash and provi¬ sion interests and general liquidation. The weather in most sections has been very favorable. Cutting is actively under way and considerable of the crop is in shock. The Govern¬ on ment stated the condition as of Oct. 1 at 80.3%, against 78.2% in the previous month and 73.8% in October last year. The indicated crop is about 3,075,000,000 bushels, against a final yield last year of 2,772,376,000 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 Cash corn. 59)4 59* 59* 57» 58^ December delivery In elevator 57 * 57% 56% Holl55% 55% May delivery In elevator 61 % 61 % 59% day. 57% DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Sat. Mon. Tues. W ed. Thurs. Fri. December delivery In elevator 49 % 49 48 % Holl47* 47% May delivery In elevator ,52 % 52 51 50* day. 50 July delivery In elevator 52 % 53 51 % 51 50* .. . Market, Strong and ► lrreg. at 16 J @17pts.ad. 4 P. M. Quiet at 9*@14 pts. dec. Quiet Quiet at Steady at Barely st'y unchanged 16*@19* % pt. dec. 1 pt. dec.to to 1 pt.dec. pts. adv. to 6 pts.ad. % pt. adv. The prices of futures at Liverpool for each day are given Prices are on the basis of upland, good ordinary clause, unless otherwise stated. below. Oct. 8 to Sat. Oct. 14. 12* 12* p.m. p.m. October. Oct.-Nov_ Nov.-Dee. Dec.-Jan_ Jan.-Feb. Feb.-Mch. _ Mch.-Apr. Apr.-May. May-June June-July .... July-Aug. 7 7 7 7 7 7 7 7 7 7 7 Mon. Tues. Wed. Thurs. Fri. 4 12* 4 12* 4 12* 4 12* 12* 4 p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. 83 * 77* 74 76 74 77 69 70* 66 66 74 67 62* 65* 62 74 67 62* 65* 62 74 * 67 62* 65* 62 76 68 63 * 66 * 63 78 70 65 67* 64 78 70 65 67* 64 79 70* 65* 68* 65 77 • 68 * 03 * 66 * 63 76 67* 62 65* 62 90* 93 * 94 83 78 79 79 80 * 84 85 79 80 79 79 79 79 80 79 * 81 81* 80* 80* 81* 81 82 81*81 80 * 80 79* 79 78 * 77 99 * 88* 82* 81 * 81 * 82 82 82 82 80 78 03 00 91* 85* 84* 84 * 87* 81 * 80* 80 * 85 81 85* 85* 85* 83 * 81* 81 81 81 79 * 77* 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 1,096,396,000 bushels, as compared with an indicated crop in September of 1,055,466,000 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 Holl38 % 37 % No. 2 white 40 40 39 % day. 39 38 DAILY CLOSING PRICES OF OATS FUTURES £N CHICAGO. Sat. Mon. Tues. H ed. Thurs. Fri. December delivery In elevator .32 % 32% 31* Holi- 31 30* May delivery in elevator 36 % 35% 35% day. 34 % 34 % The BREADSTUFFS. Friday, 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 though it is said that some of the 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. At the Northwest the markets have been rather quiet, but at some points in the Southwest the demand has latterly increased, Rye flour and corn meal have been quiet and easier. Wheat, following the line of least resistence,. has resumed have been reported here, business has been put 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. World’s stocks within aweek have increased 13,173,000 bush¬ 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 691,769,000 bushels, against 737,189,000 last year, 664,602,000 in 1908 and 634,087,000 in 1907. Furthermore, the weather and crop reports from Argentina have been distinctly cheerful, following are Winter patents Winter straights Winter clears Spring patents Spring straights Spring clears Wheat, closing quotations: FLOUR. 33 00 @53 60 Kansas straights, sack.54 5 0 Kansas clears, sacks 4 80 4 4 65 City patents 4 40 6 4 0 > 4 40 Rye flour 3 5 40 5 70 Graham flour 4 5 15 Corn meal, kiln dried.. 3 5 00 Winter, low grades ... 4 00 4 50 75 00 00 90 15 10 @ GRAIN. bushel N. Spring, No. 1 N. Spring, No. 2 per Corn, per bushel— 51 18 Red winter, No. 2. Hard winter. No. 2 Oats, per bushel, 11,K % 99% 1 03 * Cents. No. 2 mixed No. 2 mixed No. 2 white Rye, per Cents. elev. _f.o.b. f.o.b. bushel— new— No. 2 Western f.o.b. Standards State and Jersey 37% No. 2 white 38 Barley—Malting ^ No. 3 white 3 7 Feeding, c.l.f., N. Y__ For other tables usually given here, see page 000. 57% Nominal E80 Nominal 76 @83 Nominal AGRICULTURAL DEPARTMENT’S OCTOBER RE¬ PORT.—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. Corn Buckwheat Potatoes Tobacco Flaxseed Rice Oct. 1 1910. Sept. 1 Oct. 1 1910. 1909. Oct. 1 1908. Oct. 1 10- Yr. Av. Percent. 80.3 81.7 71.8 80.2 47.2 88.1 46.4 Percent. Percent. 78.2 82.3 70.5 77.7 48.3 88.8 46.8 Percent. 73.8 79.5 78.8 81.3 84.9 81.2 43:9 77.8 81.6 68.7 84.1 81.2 87.7 48.4 Percent. 78.4 83.3 75.6 83.0 *83.4 86.1 Apples * Seven-year average. f 53.8 THE CHRONICLE [VOL. LXXXXI. \ The demand for brown sheetings and drills shows some improvement, and difficulties are encountered in the way of buyers filling all their requirements. 1910. 1909. 1910. 1910. There are some few goods to at be had previous prices, but the general tendency Bush. Bush. Bush. Bush. % % Bush. of the market is shown by advances made both in 86.2 94.1 11.8 15.8 13.7 Spring wheat 233,475 290,823 sheetings All wheat—— 14.2 15.8 93.1 14.1 737,189 691,769 and drills up to a quarter cent per yard. Shortening of dis¬ 86. i Oats 31.9 30.3 93.8 29.5 1,007,353 1,096,396 counts on denims, tickings and other coarse, colored cottons 88.1 86.9 22.4 24.3 25.7 Barley 158,138 170,284 have also been followed by advances in quotations, these on some leading makes showing one-quarter cent per yard. The visible supply of grain K comprising the stocks in Any doubt as to the course of the market for bleached cottons granary at principal points of accumulation at lake and has been dispelled by all-round advances on ticketed goods seaboard ports Oct. 8 1910, was as follows: this week ranging from Mc- to Me. per yard. The effect AMERICAN GRAIN STOCKS. Rye, Barley, Wheat, upon buyers is shown by a material increase in the number Corn, Oats, bush. bush. bush. bush. bush: and volume of orders coming forward this week, a good busi¬ New York 11,000 76,000 1.992.000 283.000 453.000 ness having been done. Some unticketed goods are on sale Boston 17,000 43,000 3.000 at old prices, but this has no effect Philadelphia 272,000 13,000 56,000 upon the general bleached Baltimore 85,000 1,000 1,210,000 162,000 748,000 ~oods situation. In dress cottons, such as prints and gingNew Orleans 43,000 108,000 167,000 Yield per Acre. Crops. Production (000 omitted.) Quality. 10- Yr. Aver. 10- Yr. 1909. Aver. _ Galveston Buffalo Toledo 213,000 1.687,000 1,698,000 249,000 Detroit Chicago 6,341,000 - Milwaukee 293.000 4,492.000 Minneapolis 7,808,000 St. Louis 2,181,000 Kansas City 4,292,000 Peoria 12,000 Indianapolis 596,000 On Lakes 619,000 On Canal and River... 392.000 * Duluth 4,000 712,000 80,000 200,000 318,000 105.000 33,000 74,000 242,000 238,000 28,000 330,000 1,126,000 323,000 233,000 1,542,000 398,000 157,000 7.241,000 474,000 935,000 3,250,000 477,000 219,000 1,776,000 157,000 366,000 323.000 20,000 11,000 19,000 15,000 4,000 49,000 176,000 6,000 18,737,000 406,000 353,000 513,000 2,630,000 2,444,000 3,601,000 Barley, 75,000 1,096.000 399,000 12,000 619.000 119,000 ihK-Mgi Total Oct. 8 1910...34,309.000 Total Oct. 1 1910...34,968.000 1.Total Oct. 9 1909-.22,506,000 4,422,000 6,041,000 2,915,000 18,801,000 13,310.000 CANADIAN GRAIN STOCKS. Wheat, Montreal _ — Fort William Port Arthur Other Canadian £ k L _ _ . Com. Oats, Rye. bush. bush. bush. bush. 691,000 4,649,000 2,522,000 1,212,000 121,000 728,000 9,077,000 6.897,000 7,982,000 121,000 167,000 63,000 bush. 38,000 ' Total Oct. 8 1910Total Oct. 1 1910- L Total Oct. 9 1909- . . _ 38,000 39,000 74,000 728,000 656,000 225,000 SUMMARY. ? Wheat. Oats, Rye, Barley, bush. bush. bush. bush. 34,309,000 9,077,000 4,422,000 121,000 18,737,000 406,000 2,630,000 38,000 Oet. 8 1910-43,386,000 Oct. 1 1910— 41,865,000 Oct. 9 1909-30.488,000 Oct. 10 1908- 37,652,000 Oct. 12 1907— 42,012,000 Oct. 13 1906— 36,301,000 4,543.000 6,208,000 2,978,000 3.005,000 4.332,000 3,680.000 19,465,000 19,457,000 13.635,000 8,169.000 6,165,000 406,000 353,000 513,000 904,000 905,000 2,688,000 2,483,000 8,607,000 1,550,000 American Oanadlan Total Total Total Total Total Total Com, bush. 728,000 3,675,000 6,168,000 4,842,000 2,265,000 ams, the week’s business has been without notable feature, but cotton linings are showing somewhat less irregularity than a week ago. Print cloth yarn fabrics have again been in good demand, on an ascending price scale, and at the close holding 38 M inch 64 squares for 5%c., against 5Me- a week ago. Cotton yarns are firmer after the closing out of some low-priced lots, and spinners are asking advances on practically all counts. WOOLEN GOODS.—When the new season’s prices were named, showing material reductions on men’s wear worsted fabrics for both plain and fancy, it was then intimated that they were so close to cost of production that a higher level as the season progressed was much more probable than the granting of any further concessions. This has been borne out by the action of the leading makers of serges and other worsteds raising prices this week, advancing goods under a the mills are dollar per yard 2Me. and over a dollar 5c. per yard. Some lines of woolens are also dearer, with leading makes of cassi- quoted 5c. higher. The demand has naturally been by the holidays, but under the prevailing conditions is regarded as satisfactory. The call for woolen and worsted dress goods has been somewhat more liberal, but sellers com¬ plain of the low level of prices on which they have to take the business coming forward. FOREIGN DRY GOODS.—A generally quiet market is reported for men’s wear woolen and worsted fabrics, and dress 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. With holidays in Calcutta, the burlap market here has been quiet, but prices are firmly maintained. meres affected THE DRY GOODS TRADE. New York, Friday Night, Oct. 14 1910. A typographical error made the second sentence in last Importations and Warehouse Withdrawals of Dry Goods. week’s report read “the last Government report on cotton The importations and warehouse withdrawals of dry goods «rop conditions appears to have ‘wakened,’ if not altogether at this port for the week ending Oct. 8 1910 and since dispelled, hopes,” &c. This ought to have read that the Jan. 1 1910, and for the corresponding periods of last year Government report appeared to have “weakened,” &c. With the continued strength in the cotton market, this re¬ are as follows: O t* 06 OWNWh mark can be repeated with increased emphasis as the result OOOhoO O NOOOrt HONOH of the developments in the cotton-goods division this week. t* NOOhO A material increase in the volume of business registered has m* o" n* 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¬ o © plished during the preceding week, and as was the case then 00 o 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¬ to O ent is running but indifferently. The orders coming in from 00 ©* r-* OOeOtf the jobbing trade in nearly all instances, where seeking for spot or near-at-hand goods, are urgent in requesting earliest 06 06 a o o o n to CM 00 to 00 CO 06 06 CO to to o » o r- o "f a o tr to CM O CM to 00 06 # IH H ri CM tf tO to to 'O' T* ao 00 tO tf H 00 to eo co « n to «-* to to to to rf « CM to to 06 to to 00 O TJ rt tf N CM N tO CM {>ossible ofdeliveries, a fair centres. indicationFurther stocks held andinarejobbing of the continued than this, owness DOMESTIC COTTON GOODS.—The exports of cotton goods from this port for the week ending Oct. 8 were 8,064 packages, valued at $632,149, their destination being to the points specified in the table below: 1910 Since WNew York to Oct. 8— Groat Britain.— Other Europe China India Arabia Africa west Indies Mexico Central America.. South America other countries Week. 60 „ — - Jan. 1. 6 1,599 722 --- 57,051 1.922 1.482 100 971 14 506 71® - - Total 2,314 11,735 11,418 5.703 22.508 1,547 9,738 36.383 36.866 —.*.064 195,270 1909— Since Week. Jan. 1. 34 1,475 17 825 5,620 659 160.941 218 754 27 138 628 405 13,256 23,974 12,762 32,136 1,307 10.972 41,525 14,849 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. CO to *-< to f- to t* «o to o 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. some O O 00 05 00 CM tO •O N rt 00 tO »-« Tf tO t" CO ft TH tO CO to 00' 06 ft 06 ri CM cm tf *0 CM CO CM NniOWtO £ © © tO CO CM CO N CO CM_ to © ©^ tO t-* tC © 06 l*» © r- co 00 © <-t CM Hi^oooe oO » Tf eo 00 CM tO H lO N to to lO Tf OOT 15 1910.' THE CHRONICLE State aw® City Detawtmewt, News Items. Arkansas.—Official Vote Constitutional Amendments.— general election held in this State on Sept. 12 show that of the two constitutional amendments submitted, No. 10, 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 on The official returns from the the voters: That Section 1, Article 5, of 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 Representa¬ tives, 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 approve 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 filed 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 filed with the Secretary of State not more than ninety days after 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 of the State shall be had at the biennial regular general elections, except wiun 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 of 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 papers, was as on the amendments, according to local 1047 Items aggregating $2,377,905 13, so as apparently and falsely to reduce the net debt to $13,322,397 78. The plaintiff 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, Adding this amount to the excess of Indebtedness, being $2,216,000. $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 are legal, 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 $15,538,397 78, this being $513,858 48 above the constitutional limit, or $1,997,858 28, as maintained by the plaintiff in his claim that the and damages of the widenings will amount to $3,700,000 instead of $2,216,000. 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 widenings would be in contravention to even costs of the Constitution. Portland, Ore.—Sale of Bridge Bonds Enjoined.—A tem¬ 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. Virginia—West Virginia.—Hearing In Debt Case Post¬ poned.—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. Wagoner, Wagoner County, Okla.—Commission5Form of Government Adopted.—On Oct. 4 this city adopted, it is stated, a commission form of government by a vote of 250 “for” to 35 “against.” porary Bond Proposals and Negotiations this week have been as follows: Abilene, Dickinson County, Kan.—Bond Sale.—This place, according to reports, has sold to local investors an issue of $40,000 5% paving bonds. Andover, Essex County, Mass.—Bond Sale.—OnlOct. 4 an issue of $9,000 4% water bonds was awarded to Geo.^A. Fernald & Co. of Boston at 104.31. Denomination $1,000. Date April 1 1910. Interest semi-annual. | Ma¬ turity $1,000 yearly on April 1 from 1927 to 1935 Inclusive. 4 Ashboro, Randolph County, No. Car.—Bond Sale.—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 follows: 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 1910. Interest semi-annual. to carry. Boulder, Boulder County, Colo.—Election on the Com¬ Ashland, Jackson County, Ore.—Bond Offering.—Pro¬ mission Form of Government.—At the general election Nov. 8 posals will be received until 5 p. m. Oct. 25 by M. F. Eggles¬ the voters, it is stated, will decide whether or not their city ton, City Recorder, for $25,000 5% gold coupon electricshall adopt a commission form of government. light-construction and improvement bonds offered without California.—Legislature Adjourns.—The Legislature of this success on Aug. 2. V. 91, p. 600. Denomination $500. Date July 1 1910. Interest semi-annually at the State, which convened in special session on Oct. 3 (V. 91, City Treasurer’s office or at a designated banking house in New Vori City, 893), Oct. at the p. adjourned 5, after making several changes in option of the holder. Maturity 20 years, subject to call after 10 the proposed constitutional amendment providing for the years. Certified check in favor of the city for $300 is required. segregation of State and local taxation and for the taxation Ashtabula, Ashtabula County, Ohio.—Bonds Authorized.— of public service and other corporations. This amendment Ordinances authorizing the following bonds were passed by as passed at the regular session was given in full in V. 91, the City Council, it is stated, on Oct. 3: p. 975, and the changes made at the special session just ended $3,300 Martin St. grading bonds. Denomination $1,100. 2,200 Mill and Strong St. sewer bonds. Denomination $450. will be recorded in these columns upon the receipt of copies 4,400 South St. sewer bonds. Denomination $880. of the same from the State Department. 12,000 Main St. paving bonds. Denomination $600. 24,000 Lake St. paving bonds. Denomination $800. Georgia.—Constitutional Amendment Adopted.—Returns 2,550 Kinsman St. paving bonds. Denomination $255. from the general election held in this State on Oct.5 are said Atlantic City, N. J.—Bond Sale.—On Oct. 8 the six issues to indicate that the three proposed constitutional amend¬ of 43^% gold coupon (with privilege of registration) bonds, ments submitted on that day carried. Two of the amend¬ aggregating $377,000, described in V. 91, p. 894, were ments adopted allow counties to levy taxes in support of awarded to Blodget & Co. of New York City. With the high-schools and increase the salaries of Superior Court exception of the issue of $9,000 bonds, which is due in 1920, judges in certain counties. Another allows the city of the bonds mature in 1945. Augusta to become bonded outside the limit now prescibed Bonds Not Sold.—A bid of 101.135 was submitted by for protection against floods. This last amendment was Gilman & Clucas of New York City for the 152,000 5% taxprinted in full in V. 91, p. 599. arrearage bonds also offered on Oct. 8. See V. 91, p. 894. Los Angeles, Cal.—Bonds Declared Valid by Superior No award was made of this issue, however, it being alleged Court.—A decision was rendered on Oct. 6 by Judge Monroe that the sale would be irregular. of the Superior Court upholding the validity of the $3,Avis School District (P. O. Avis), Clinton County, Pa.— 500,000 power-plant and $3,000,000 harbor-improvement Bond Offering.—This district is offering for sale at par 4J^% bonds voted last April. See V. 91, p. 667. $14,000 4% coupon school-building bonds. Lynn, Mass.—Commission Plan of Government Adopted.— Denominations $100 and $500. Interest semi¬ Date Oct. 1 1910. At a special election held Oct. 11 a new city charter was 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 adopted providing for the commission form of government from State tax. Z. H. Peters Is Secretary of the School Board. Pittsburgh, Pa.—Litigation.—A friendly suit has been Ballston Spa, Saratoga County, N. Y.—Bond Sale.—This filed, it is said, by Chas. A. Schuldice, a property owner, to village has sold $4,000 4^% 5-8-year (serial) registered restrain the sale of $81,000 bonds to purchase the mains of highwa5^-irnprovement bonds dated Aug. 1 1910. Interest the Monongahela Water Co. in the former boroughs of Esplen semi-annually at the Village Treasurer's office. and Elliott and for the purchase of the mains of the South Barberton, Summit County, Ohio.—Bonds Defeated.—A Side Water Co. in any section of the city served by it (V. 90, proposition to issue $50,000 park bonds was defeated at an p. 1697); to restrain the city from taking any further steps election held Oct. 3. to widen Diamond St., Oliver Ave. and Cherry Way, and Bond Election.—Another election has been called for from in any manner increasing the indebtedness of the city Nov. 8 at which the question of issuing $40,000 park bonds until the existing debt shall have been reduced within the will be voted upon. limit fixed by the constitution. Bayonne, N. J.—Description of Bonds.—The $532,000 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 bonds disposed of last July to the Mechanics’ Trust Co. of valuation Is $15,024,539, the last sum being the maximum beyond which Bayonne (V. 91, p. 287) answer the following description: the Constitution does not allow any new debt without the assent of the necessary t . doctors. It Is alleged that the statement of debt filed In the office of the Clerk •f Courts wrongfully deducts, In addition to the bonds In the sinking fund, $234,000 5% paving bonds. 298,000 4 school bonds. Interest January and July. Maturity July 1 1830. 1048 THE CHRONICLE Bay St. Louis, Hancock County, Miss.—Bonds Proposed.— drainage this city. Beecher, Will County, HI.—Bond Sale.—The $5,000 5% 3-7-year (serial) water-plant bonds voted on Aug. 22 (V. 91, p. 600) were sold on Sept. 30 at prices ranging from 100.50 to 102.95. Denomination $500. Date Sept. 15 1910. An issue of $75,000 electric-light-plant, sewerage, and street bonds is being considered, it is stated, by Interest annual. Bee County (P. O. Beeville), Tex.—Bonds Not Sold.—Up to Oct. 10 no sale had yet been made of the $75,000 4)^% 10-40-year (optional) court-house bonds, a description of which was given in V. 91, p. 600. .Briarcliff Manor, Westchester County, N. Y.—Bond Offer¬ ing.—Proposals will be received until 4 p. m. Oct. 26 by William H. Coleman, Village Clerk, for $20,000 registered water-works bonds at not exceeding 5% interest. Denomination $1,000. Interest from Sept. 1 1910, payable semi-annually in New York exchange. Maturity $1,000 yearly on Sept. 1 from 1915 to 1934 inclusive. Certified check or cash for 5% of bid is required. The official notice of this bond offering will be found among the advertisements elsewhere in this Department. Buffalo County (P. O. Gann Valley), So. Dak.—Bond Sale. —The $5,000 5% warrant-funding bonds offered without success on May 31 (V. 91, p. 50) have been sold. Maturity $2,500 on July 5 in each of the years 1915 and 1920. Camden, Camden County, N. J.—Bond Sale.—This city has sold $10,000 park and $15,000 water 4% bonds. The park bonds mature July 1 1935 and the water bonds are due July 1 1940. Interest Jan. and July. Carlisle, Cumberland County, Pa.—Bond Election.—An election will be held Feb. 21 1911 to vote on propositions to issue $50,000 sewerage, $29,000 South Side drainage and $20,000 North Side drainage bonds. Celina, Mercer County, Ohio.—Bond Sale.—On Oct. 10 the $6,000 4)^% water-works-extension bonds offered on that day (V. 91, p. 817) were awarded, it is stated, to S. J. Vining of Celina at 104.816. The following bids were received: S. J. $6,289 60 New First N. Bk., Colum_.$6,201 00 Vining, Celina Stacy & Braun, Toledo 6,256 25 S. A. Kean & Co., Chicago. 6,186 00 Weil, Roth & Co., Cincin.. 6,226 50 Commercial Bank Co.,Celina6,025 00 Denomination $1,000. Interest annually in September. Maturity part yearly from 1925 to 1930 inclusive. Champaign County (P. O. Urbana), Ohio.—Bond Offering. Russell, County Auditor, will sell at public auction to. Oct. 20 an issue of $13,080 4% coupon ditch —C. E. at 10 a. bonds. Denominations: $200, $300, $340, $1,140. Date Oct. 20 1910. semi-annually at the County Treasurer’s office. Maturity part April 20 and on Oct. 20 in the years 1911, 1912 and 1913. Bonds exempt from all taxes. terest In¬ on are Chanute, Neosho County, Kan.—Bond Sale.—The Com¬ Trust Co. of Kansas City, Mo., has purchased $40,000 20-29-year (serial) water-improvement bonds at 102.025 for 5s—a basis of about 4.858%. The following bids were also merce received: Thos. J. Bolger Co., Chlc_$41,400 H.C.Speer & Sons Co.,Chic. 40,800 Spltzer & Co., Toledo 40,547 Cutter, May & Co., Chlc__; 40,128 00 Neosho Vail.Bk.,Chan._*$10,101 50 00 R. N. Allen, Chanute *10,101 00 00 First Nat. Bk., Chanute._*10,101 00 50 *»For $10,000 bonds. The above bids were all made for 5 K% bonds. A bid was also received from Woodln, McNear & Moore of Chicago. The bonds are dated Nov. 1 1910., Chicago, Ill.—Rond Election.—City Council on Oct. 10 passed an ordinance providing for the submission to the voters on Nov. 8 of a proposition to issue $3,500,000 4% bonds to pay for the new city-hall. Denomination $1,000. Interest payable at the Date Nov. 16 1910. Illinois Trust & Savings Bank. Maturity $230,000 yearly on Jan. 1 from 1916 to 1929 inclusive and $280,000 Jan. 1 1930. Chicago Junction School District (P. O. Chicago), Huron County, Ohio.—Bond Offering.—Proposals were asked for until 10 a. m. yesterday (Oct. 14) by Adah H. Brown, Clerk, for $20,000 5% coupon school building and improvement bonds mentioned in V. 91, p. 741. Authority, Sections 7625, 7626, 7627 General Code; also election held Denomination $500. Date Oct. 14 1910. Interest semi¬ Sept. 12 1910. 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. Circleville, Pickaway County, Ohio.—Bond Offering.— Proposals will be received until 12 m. Oct. 18 by Fred. R. Nicholas, City Auditor, for $15,000 4)^% coupon sanitarysewer-extension bonds. Authority, Section 2835, Bates’ Revised Statutes. Denomination Date Sept. 1 1910. Interest semi-annually at the City Treasurer’s $500. 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. Cleveland, Ohio.—Bond Sale.—On Oct. 10 the following 4.10% coupon bonds described in V. 91, p. 818, were sold to the Tillotson & Wolcott Co. and Otis & Hough, both of Cleveland: $200,000 bonds at 101.1335, $150,000 at 101.134, $50,000 at 101.134 and $12,000 at 100.758. The first three mentioned issues mature Oct. 1 1940 and the $12,000 bonds The following bids were received: are due Oct. 1 1930. $200,000 City-Hall bonds. $150,000 $12,000 Hospital Park bonds. bonds. Tlllotson & Wolcott Co.,1 $202,267 00 $151,701 and Otis & Hough, Clev.J Hayden, Miller & Co., Clev. 202,170 00 151,630 C. E. Denison & Co., Clev. 202,127 75 151,367 Cleveland Trust Co., Clev. 201,754 00 151,315 New First National Bank.l 201,655 00 151,257 Columbus J $50,000 Market bonds. 00 $50,567 00 $12,091 00 00 75 50 00 50,544 50,556 50,438 50,457 00 75 50 50 12,064 00 12,083 25 12,060 50 12.053 50 [VOL. LXXXXI Bond Nov. 7 Offering.—Proposals will be received until 12 m. by H. B. Wright, City Auditor, for $250,000 4 1-10% coupon tuberculosis-hospital bonds and $400,000 4% coupon grade-crossing bonds Denomination $1,000. Interest from Oct. 1 semi-annually at the American Exchange National Bank in New York City. Maturity Oct. 1 1940. Certified check for 5% of bonds bid for, payable to the City Treas¬ urer, is required. Bids to be made on blank forms furnished by the Auditor. Cleveland, Bradley County, Tenn.—Bonds Defeated.—A proposition to issue $35,000 sewer bonds was defeated on October 4. Cold water, Branch County, Mich.—Bond Sale.—This city $5,274 50 4% coupon West Chicago Street Paving District assessment bonds described in <• V. 91, p. 601. has sold to local investors the Denomination $527 45. Interest March 1 and Sept. 1. Maturity $1,054 90 yearly on March 1 from 1911 to 1915 inclusive, being subject to call, however, after March 1 1911. Coldwater School District (P. O. Coldwater), Ohio.—Bond Sale.—On Oct. 4 an issue of $1,000 5% refunding bonds was awarded to received. Josephine Hageman at Denomination $500. No other bids were Date Oct. 4 1910. Interest semi-annual. years 1921 and 1922. Ma¬ par. turity $500 in each of the Columbus, Ohio.—Bond Sale.—The seven issues of 4% disposed of on Oct. 11 bonds described in V. 91, p. 896, were follows: as $320,000 grade-crossing bonds due Oct. 1 1947, awarded to the Provident Savings Bank & Trust Co. of Cincinnati at 100.17; $300,000 refunding sewer bonds due April 1 1930, awarded to Breed & Harrison of Cincinnati at 100.10; $110,000 garbage-disposal-works bonds due Sept, 1 1936, and the $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 (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¬ can Trust & Savings Go. of Zanesville at 100.10 and the $15,000 police sub¬ station bonds due Oct. 1 1939, awarded to the Brighton-German Bank Co. of Cincinnati at 100.25. Purchasers to pay accrued Interest. These are not new issues, Fund as an investment. but bonds held by the Sinking Comanche County Common School District, Tex.—Bond Sale.—The $1,500 5% 20-year bonds registered by the State Comptroller on Aug. 15 (V. 91, p. 540) have the Comanche County .School Fund at par. been sold to Concord, Mass.—Temporary Loan.—A loan of $10,000 14 1910 has been negotiated, it is stated, with Perry, Coffin & Burr, of Boston, at 3.49% discount. Coming, Tehama County, Cal.—Bonds Voted.—The pro¬ positions to issue the $46,800 water and the $22,000 sewer 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 yet determined. Corydon, Wayne County, la.—Bond Sale.—Reports state that the $15,000 sewer and $30,000 water 4)^% bonds offered on Oct. 3 and described in V. 91, p. 818, were awarded to J. K. Green, Cashier Wayne County State Bank of Cory¬ don. Maturity 20 years, subject to call after 10 years. Crawford, Oglethorpe County, Ga.—Bond Offering.— Proposals will be received until 5 p. m. Nov. 1 for $5,000 6% school-building bonds. due Nov. 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), Iowa.—Bond Election. —Reports state that the voters have been asked to authorize the issuance of $25,000 bonds for a new institution for the care of the poor. Crowley, Arcadia Parish, La.—Bids Rejected.—All bids on Oct. 8 for the $75,000 5% coupon Sixth Ward Drainage District bonds described in V. 91, p. 896, were rejected. Dark Hollow Drainage District No. 1, Pulaski County, Ark.—Bond Sale.—On Feb. 15 this district issued $40,000 6% bonds to the S. R. H. Robinson & Son Constructing Co. received of St. Louis. Interest semi-annually at the Commercial-National Bank in Chicago. Maturity part yearly until Feb. 15 1939 inclusive. Davidson County (P. O. Nashville), Tenn.—Bonds Author¬ ized.—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 when issued will carry 4% interest and mature in 30 years. Dayton, Ohio.—Bond Sale.—The following bids were 4)4% coupon bonds received on Oct. 11 for the five issues of described in V. 91, p. 896: $10,500 bonds. a$10,922 a$8,854 10,920 8,852 10,875 8,755 10,701 8,670 10,650 8,620 _ New First Nat. Bk. R. Kleybolte Co. Ii Breed & Harrison, a $8,500 bonds. Columbusl. $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 Successful bids. Bonds Authorized.—This city has authorized the issuance $79,800 5% coupon street-improvement bonds. of Authority, Sections 3839 and 3946, Revised Code. Denomination $1,000. Date Oct. 1 1910. Interest semi-annually in New York. Bonds are exempt from all taxes. Bonds Proposed.—Local papers state that this city is con¬ sidering the issuance of $600,000 water-supply bonds. Delaware, Delaware County, Ohio.—Bond Offering.— Proposals will be received until 12 m. Oct. 29 by I. E. Martin, 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 1910.’’ Maturity $165 yearly on Sept. 1 from 1912 to 1921 inclusive. OCX. 15 1910.1 THE CHRONICLE >0,000 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¬ clusive: 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.—Bonds Voted.—At an election held Oct. 8 a favorable vote was cast, it is stated, on the question of issuing $50,000 water-works-system- improvement bonds. Du Page County School District No. 46 (P. O. Elmhurst), Ill.—Bond Offering.—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. 977, Proposals will be received until 8 p. m. on that day by O. G. Fischer, Secre¬ tary of Board of Education. Authority Section 195, School Law. Denomination $1,000. Date Oct. 1 Interest semi-annually at the Elmhurst State Bank. Maturity $2,000 In even and $3,000 In odd years on April 1 from 1912 to 1919 In¬ clusive. Certified check for $500, payable to the Board, is required. No debt at present. Assessed valuation 1909, $850,557. 4 1910. Durham, Butte County, Cal.—Bond Election.—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.—Bond Election.—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. 26. 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.—Bond Sale.-— On Oct. 3 the $2,500 4}^% 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: k $2,500 $11,918 62 Bonds. Bonds. $195 00 Hayden, Miller & Co., Cleveland $9 00 H. C. Dlllman, Eaton Tillotson & Wolcott Co., Cleveland Davies-Bertram Co., Cincinnati. 10 9 7 3 3 50 62 50 75 50 179 191 76 151 157 137 96 00 78 38 00 06 Stacy & Braun. Toledo Seasongood & Mayer, Cincinnati Weil, Roth & Co., Cincinnati Breed & Harrison, Cincinnati. .* 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. 4131 ■ i *£ Ellensburg School District No. 3 (P. O.1fEllensourg), Kittitas County, Wash.—Description of Bonds.—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.896) of $500 each and are dated Oct. 1 are 1910. in denomination Interest semi¬ annual. Ellis County (P. O. Waxahachie), Tex.—Bond Offering.— 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 Ydrk City, at option of holder. Maturity 40 years, subject to call after 10 years. Certified 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.—Bond Offering.—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. Denominational,000. at the fiscal agency Date April^lS lgiO.^flnterest^semi-annually in New York City. Maturity 20 years. Bonds are tax-exempt. Certified check for $2,000, payable to F. T. Stacirnnle. City Clerk, is required. Evanston, Cook County, Ill.—Bond Offering.—Proposals Nov. 1 by N. G. Iglehart, City Comptroller, for the following 4% coupon bonds mentioned in V. 91, p. 289: will be received until 2 p. m. $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 fire-department 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. 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. Leach & Co., Chic $128,513 Weil, Roth & Co., Cin $126,750 N. W. Halsey & Co., Chic.. 127,575 E. H. Rollins & Sons, Chic. 126,677 Devitt, Tremble & Co., Chic. 126,917 Thos. J. Bolger Co., Chic.. 126,255 Fort Worth, Tex.—Bonds Proposed.—The Superintendent of Water-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.—Bonds Voted.—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, Ill.—Bond Sale.—On $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: Oct. 10 the Harris Tr. & S. Bk., Chic $8,7191 Well, Roth & Co., Clnclnnati_$8,625 Emery, Peck & Rockwood,Chic. 8,652) Fulton Township Bonds Voted.—The School District (P. O. Swanton), Ohio.— question of issuing $18,500 bonds was favorably voted on Oct. 5, the vote being 137 “for” to 136 “against.” Galesburg, Knox County, Ill.—Bond Sale.—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 4.15% basis. Maturity June 1 1930. Garland, Dallas County, Tex.—Bonds Voted.—This town it is stated, to issue $15,000 school-building-im¬ provement bonds. Garnett, Anderson County, Kans.—Bond Sale.—The following coupon bonds offered on Sept. 26 (V. 91, p. 819), have.been sold to Weil, Roth & Co. of Cincinnati: has voted, $20,000 5% 20-year sewer-improvement bonds dated Nov. 1 1910, awarded at 97. 30,000 6% 1-10-year special sewer-improvement bonds dated Jan.l 1911, disposed of at par. Gloversville, Fulton County, N. Y.—Bond Offering Again Postponed.—The offering of the $66,000 4% registered sewerconstruction 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.—Bond Election.—At the coming November election a proposition to issue $40,000 4% school-building bonds will be voted upon, according to local papers. Greenfield, Mass.—Bond Sale.—An issue of $50,000 4% 1-10-year serial sewer bonds, dated Nov. 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.—Note Sale.—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 3.95% and interest. These notes are dated Nov. 1 1910 and mature $3,750 yearly beginning in 1911. Harrison County (P. O. Gulfport), Miss.—Bond Offering. —Proposals will be received until Nov. 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.—Bond Election.—The electors of this county will decide, it is of issuing $40,000 road and bridge stated, on the question bonds. Hastings, Jefferson County, Okla.—Bond Offering.— Proposals will be received until 12 m. Oct. 24 by J. A. Marley, Chairman of Board of Trustees, for $30,000 6% bonds. Denomination $1,000. Date Sept. 1 1910. Interest semi-annually at the fiscal agency of Oklahoma in New York City. Maturity Sept. 1 1935. Certified check, bank draft or cash for 5% of bonds bid for, is required. Assessed valuation 1910 $335,000. Hastings-on-Hudson, Westchester County, N. Y.—Bond Offering.—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. Authority, election held July 14 1910. Denomination $1,000. Date Jan. 1 1911. Interest semi-annual. Maturity $3,000 yearly on July 1 from 1912 to 1926 Inclusive. Certified check on an incorporated bank or trust company for $1,000, payable to the Village Treasurer, Is required. Bonds will be delivered Jan. 3 1911. Frederick G. Zinsser Is President and Joseph E. Murphy Is Clerk. Bonded debt. Including this Issue, $50,000. Assessed valuation 1910, $3,306,770. The village has never defaulted In the payment of principal or Interest, according to the official statement. Eveleth, St. Louis County, Minn.—No Bond Election Proposed.—The City Clerk informs us that there is no truth Hester School Santa Clara County, Cal.—Bond in the reports that steps are being taken looking towards Sale.—On Oct. 4 District, the $6,000 5% coupon bonds described in the holding of a $20,000 sewer bond election. V. 91, p. 819, were awarded, it is stated, to the Garden City Falls County (P. O. Marlin), Tex.—Bonds Voted.—Accord¬ Bank & Trust Co. of San Jose at 100.421. Maturity $3,000 ing to reports, this county has voted in favor of issuing the in 1 year and $3,000 in 2 years. $18,000 bridge bonds mentioned in V. 91, p. 742. Hickory, Catawba County, No. Car.—Bond Sale.—An Fenton, Broome County, N. Y.—Bond Offering.—Pro¬ issue of $25,000 6% 30-year coupon street-improvement posals will be received until 10 a. m. Oct. 18 by E. P. Hol¬ bonds has been disposed of. comb, Town Supervisor, P. O. Port Crane, for $9,000 4}^% Date July 1 1910. Interest semi-annually In Hickory. Bonds are exempt from all taxation. registered bridge-construction bonds. Denomination $500. Date Oct. 18 1910. Interest annually on March 1 Hopkins County Common School Districts Nos. 3 and 86, at the County Treasurer’s office in Binghamton. Bonds are exempt from Tex.—Bond Sale.—The $1,340 5% 20-year bonds registered all taxes. Certified check for 10% of bid, payable to the Supervisor, is required. No debt at present. Assessed valuation 1909, $609,750. by the State Comptroller on Aug. 18 (V. 91, p. 541), have Flathead County (P. O. Kalispell), Mont.—Bond Sale.— been sold to the Hopkins County Permanent School Fund at On Oct. 4 the $125,000 10-20-year (optional) refunding bonds par. Denomination $100. Interest annually in April. Kirkwood, Ga.—Bonds Voted.—It is reported that $60,000 bonds were authorized by the electors of this place on Oct. 4. Libby, Lincoln County, Mont.—Bonds Voted.—An issue of $16,000 electric-light-plant bonds was, it is stated, recently voted by this city. Logan County (P. O. Bellefontaine), Ohio.—Bond Sale.— On Oct. 10 the $19,000 434% ditch-construction bonds de¬ scribed in V. 91, p. 898, were awarded to Barto, Scott & Co. water and sewerage of Columbus at 101.057 and accrued interest. Maturity six months from July 1 1911 to Jan. 1 1916 inclusive. $2,000 July 1 1916 and $2,000 Jan. 1 1917. Following are the bids: $1,500 every Barto, Scott & Co., Colum__$19,201|New First Nat. Bk., Colum..$19,185 19.176 Seasongood & Mayer, Clncln. 19,1961 Davles-Bertram Co., Clncln Breed & Harrison, Clncln 19,1901 Bellefontaine Nat. Bk., B f t e 19,104 Long Beach, Cal.—Bonds Not Sold.—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 434% 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 time.” Longmont, Boulder County, Colo.—Purchasers of Bonds.— purchasers of the two issues of gold coupon water-works bonds, the sale of which was mentioned in V. 91, p. 978, The were as [VOL. THE CHRONICLE 1050 follows: $165,009 4 34 % (flrst series of 1910) bonds disposed of to the Farmers’ National Bank of Longmont at 98.535. 35,000 SH% (second series of 1910) bonds awarded to James H. Causey & On. of Denver. Up to Oct- 8 only $30,000 of these bonds had been Issued. Lorain, Lorain County, Ohio.—Bond Sale.—The following were received on Oct. 8 for the $30,000 434% coupon bids sewer bonds described in V. 91, p. Barto, Scott & Co., Col..$30,311 00 Hayden,Miller* Co.,Clev.$30,262 00 Breed & Harrison, Cln 30,311 00 Otis & Hough, Cleveland. 30,251 00 West. Ger. Bk., Cin 30,303 33 C. E. Denison Co., Clev__ 30,237 75 Davles-Bertram Co., Cin. 30,303 00 Stacy & Braun, Toledo.. 30,231 75 Provident Savings Bank Tillotson & Wolcott Co., & Trust Co., Cm 30,123 00 Cleveland 30,276 00 New First Nat. Bk., Col.. 30,264 00 898. Maturity $2,500 March 15 and $3,000 Sept. 15 each year from 1912 to 1916 Inclusive and $500 yearly on Sept. 15 from 1917 to 1921 inclusive. Louisville, Ky.—Bonds Authorized.—An ordinance au¬ thorizing the issuance of $1,000,000 hospital bonds was, ac¬ cording to local papers, unanimously passed by the Board of Oct. 7. Lower Merion Township Aldermen on School District, Montgomery Gounty, Pa.—Bond Sale.—On Oct. 12 the $80,000 434% 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: 00) Chas. C. Harrison Jr. & Co., Philadelphia 80) $82,911 20 40| Wurts, Dulles & Co 82,088 00 00 Newburger, Henderson & 82,082 55 Loeb, Philadelphia 00 00 Wm. A. Read & Co., Chic. 82,672 00 Ervin & Co., Philadelphia. 82,610 00 81,605 00 Philadelphia83.288 00 Graham & Co., Phila Chas. S. Forsyth 83,200 00 Edw. V. Eane & Co..Phila 81,520 00 Brown Bros. & Co., Phila. 83,015 92 Merion T.&Tr.Co.,Ardmore80,560 00 A bid for 4.40% bonds was also received from Fairshaw, Cadwallader & Co. Maturity $20,000 on Oct. 1 in each of the years 1925, 1930 and 1935 and $20,000 on April 1 1940. Drexel & Co., Phila. $84,408 E.H.Rollins & Sons.Chic. 83,812 J.S.&W.S.Kuhn Inc.,Pitts 83,742 A. B. Leach & Co., Phlla. 83,576 N. W. Harris & Co., Phila. 83,552 N. W. Halsey & Co., Phila 83.488 Lawrence Barnum & Co., Lucas County (P. O. Toledo), Ohio.—Bond Sale.—On Oct. 8 the $16,918 66 434% Stone Road No. 29 repair bonds described in V. 91, p. 820, were awarded to Spitzer & Co. of Toledo at 102.583. The following bids were received: new LXXXXI. issues but bonds held by the Sinking Fund as an invest¬ ment. Memphis, Tenn.—Bond Sale.—On Oct. 11 the $275,000 $300,000 434% 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 and & Co. of Boston. Middletown, Orange County, N. Y.—Bond 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.—Bond Sale.—J. S. & W. S. Kuhn Inc., of Pittsburgh, are reported as having purchased $50,000 434% coupon school-building bonds. These securities were offered without success as 4s (V. 91, p. 978) on Sept. 19. Milwaukee, Wis.—Temporary Loan.—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.—Bond Sale.—The $9,500 434%coupon bonds offered on Sept. 30 and described in V. 91, p. 898, have been awarded to Wm. 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.—Descrip¬ tion of Bonds.—We are advised that the $1,100 6% school- improvement bonds disposed of last month to the Bank d Fergus County in Lewistown at 100.20 (V. 91, p. 978) mature Sept. 2 1930, but are subject to call after Sept. 2 Denomination $100. 1925. Date Sept. 2 1910. Interest annual. Morton School District No. 65, (P. O. Morton), Renville County, Minn.—Bond Sale.—On Oct. 4 the $6,000 4% 6-17year (serial) refunding bonds voted on July 19 (V. 91, p. 417), awarded to the State of Minnesota at par. Mt. Airy (P. O. Cincinnati), Ohio.—Bond Election.—An election will be held Nov. 5 to vote on a proposition to issue were $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.—Bond Sale.—This district has sold $10,000 4/4% building bonds to a local investor. Mount Vernon, N. Y.-—Rate of Interest Decreased.—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 434% to 4%. For other details of bonds see V. 91, p. 979; also advertisement on a subsequent page. Mulvane, Sumner County, Kans.—Bond Sale.—The $30,000 5% water-works bonds voted on Sept. 12 (V. 91, p. 821) have been disposed of to local investors at par. Interest May and November. subject to call, however, before that time. Denomination $500. years, Maturity twenty Murray (Town) School District No. 6, Orleans County, $8,000 5% 1-16-year (serial) re¬ gistered school-building bonds described in V. 91, p. 821, were sold on Oct. 10 to John J. Hart of Albany at 102.34— a basis of about 4.664%. This district has no other debt. Assessed valuation for 1910, $173,561 80. Muskegee County, (P. O. Muskegee), Okla.—Bond Sale.— Maturity $1,918 66 in 1912 and $1,500 yearly from 1913 to 1922 inclusive. An issue of $80,000 5% funding bonds was recently awarded McPherson, McPherson County, Kan—Rond Election.— to A. J. McMahon of Oklahoma City at par. Denomination Propositions to issue $7,000 electric-light and $3,000 water¬ $1,000. Date Oct. 1 1910. Interest semi-annual. Ma¬ works bonds will be submitted to a vote of the people on turity Oct. 1 1930. Nov. 8, according to local papers. Newark, N. J.—Description of Bonds.—The $100,000 4% Mahoning County (P. O. Youngstown), Ohio.—Bond water bonds awarded on Sept. 29 to the Sinking Fund Election.—An election will be held Nov. 8 to vote on the Commission at par and accrued interest (V. 91, p. 899) bear date of Sept. 1 1910. question of issuing $25,000 experimental farm bonds. Interest semi-annual. Maturity Mammoth Irrigation District (P. O. Hartman), Prowers 1940. and Kiowa Counties, Colo.—Bond Offering.—Proposals will New Bern, Craven County, No. Car.—Bond Sale.—The be received until 2 p. m. Oct. 29 by Charles B. Flynn, $50,000 5% 30-year street-paving bonds offered on Oct. 4 and described in V. 91, p. 821, were awarded to the WesternDistrict-Secretary, for $3,296,900 bonds. Manhattan, Riley County, Kan.— Bonds Voted.—The German Bank in Cincinnati at 101.622 and accrued interest. Purchaser also to furnish blank bonds. The other bids re¬ voters on Oct. 4 approved the issuance of $20,000 5% bonds ceived were as follows: to aid in the extension of an electric railway to Fort Riley. Premium. Premium. Spitzer & Co., Toledo $437 10 Provident Savings Bank & Trust Co., Cincinnati $377 29 Farson, Son & Co., Chicago. 428 04 Stacy & Braun, Toledo 412 75 Davies-Bertram Co., Cinc-.t. 363 00 Dayton Sav.B.&Tr.Co.,Day_ 395 00 Merchants’ & Clerks’ Savings Bank, Toledo 301 00 Seasongood & Mayer, Cinc__ 394 09 Breed * Harrison, Cincinnati 382 36 Hayden, Miller & Co., Cleve. 262 00 Western German Bank, Cinc_ 251 11 Citizens’S ife Deoosit & Trust Co., Toledo 381 05 N. Y.—Bond Sale.—The , The vote was Boston 550,8071Cutter, May & Co., Chicago..$50,00 50,00 Seasongood & Mayer, Clnc__ 50,010|0tls & Hough, Cleveland E. H. Rollins & Sons, 605 to 319. Marietta, Cobb County, Ga.—Bond Election.—It is stated that an election will be held to vote on the question of issuing sewer bonds. Marion, Ind.—Bids.—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 $15,000 are awarded. Marion, Marion County, Ohio.—Bond Sale.—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 Braunfels, Comal County, Tex.—Bonds Proposed.— 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. Newberg, Yamhill County, Ore.—Bonds Voted.—By a vote of 159 to 119, this city on Oct. 4, it is stated, authorized the issuance of sewer bonds. New Orleans, La.—Bonds Not Sold.—The $7,000,000 4% New bonds offered on Oct. 4, and described in V.91, to attract any bidders. Norfolk County (P. O. Dedham), Mass.—Note Sale.— On Oct. 11 an issue of $16,000 4% notes for the purchase of coupon sewer p. 292, failed land for a district court-house at Quincy was awarded to Oox. 16 THE CHRONICLE 1910.] 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.—Bond Election.—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, Wis.—Bond Offering.— 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 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. thereto. Oneida, Madison County, N. Y.—Bonds Proposed.—We 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.—Bond Offering.—Pro¬ posals will be received until Oct. 24 for $10,000 5% water¬ works system bonds. are 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. Brooking Is Town Clerk. Orange, Orange County, Cal.—Bond Sale.—On Oct. 3 the $16,000 1-16-year (serial) outfall-sewer and $5,000 1-10-year (serial) Plaza paving 5% gold coupon bonds voted on Sept. 1 (V. 91, p. 745) were awarded, it is stated, to a local bank at 101.79. Orangeburg, Orangeburg County, So. Caro.—Bond Elec¬ tion.—An election will be held in this city Oct. 25, it is to vote on the question of issuing $20,000 railroad-aid stated, bonds. Orange County (P. O. Goshen), N. Y.—Bond Sale.—On Oct. 7 the $65,000 4^% 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.—Bond Sale.—An 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, Wis.—Bond Sale.—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.—Bond Sale.—We $13,500 4% are advised that this town awarded (serial) 1-15-year 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.—Bond Election Proposed.— 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. —Bond Election Proposed.—Papers state that this district proposes holding an election shortly to vote on the question of issuing school-building bonds. Pineville, Rapides Parish, La.—Bond Election.—It is re¬ ported that a vote will be taken Nov. 15 on a proposition to issue $9,000 street-improvement bonds. Pleasanton, Alameda County, Cal.—Bonds Awarded in Part.—Of the $40,000 4*^% 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 This 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 i910. Pleasant Ridge, Hamilton County, Ohio.—No Bond Elec¬ tion to be Held.—A proposition to issue sewer bonds which was to have been submitted to the voters at the fall election has been dropped, it is stated, for the time being. Port Chester, Westchester County, N. Y.—Bond Offering. —Proposals will be received, it is stated, until 8p.m. Oct. 17 by William C. Ling, Village Clerk, for the following 5% bonds: $20,000 Denomination $1,000. bonds. Maturity 1 from 1914 to 1933 inclusive. 35,000 macadam road bonds. Denomination $1,000. yearly on Oct. 1 from 1911 to 1945 inclusive. sewer Oct. 1,500 fire-apparatus bonds. Denomination $500. $1,000 yearly on Maturity $1,000 Maturity $500 yearly on Oct. 1 from 1914 to 1916 Inclusive. Date Oct. 1 1910. Interest semi-annual. Certified bid is required. check for 5% of Portsmouth, Va.—Bid.—A bid of 92.75 and interest has $250,000 4)^% 30-year street-improvement bonds. Water Bond Election Proposed.—On Oct. 11 the ordinance committee of the City Councils reported favorably regarding the proposed election for the submission to the voters of the question of issuing $600,000 5% water-plant bonds. This proposed election was inadvertently reported last week under the head of Norfolk,Va. Presidio County (P. O. Presidio), Tex.—Bonds Registered. —On Oct. 3 the State Comptroller registered $11,378 5% 5-20-year (optional) refunding bonds. Quincy, Norfolk County, Mass.—Bond Offering.—Pro¬ posals will be received until 12 m. Oct. 17 by John Curtis, City Treasurer, for the following 4% registered bonds. been received from Mottu & Co. of Norfolk for $6,000 sewer bonds Aug. 1 from 4,000 sewer bonds Aug. 1 from Issued under 1911 to 1916 issued under 1911 to 1914 Act of 1905. Inclusive. Act of 1902. Inclusive. Maturity $1,000 yearly on Maturity $1,000 yearly on 1051 Denomination $1,000. Date Aug. 1 1910. Interest semi-annual. Bonds are tax-exempt in Massachusetts. These bonds will be certified as to genuineness by the Old Colony Trust Co. of Boston, which will further certify 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.—Bond Offering.— Proposals will be received until Nov. 7 for $50,000 4^% 20-30-year (optional) court-house and jail-construction bonds. Bids are requested for bonds bearing 4J^%, 4%% and 5% interest. Authority, Chapter 257, Acts of the Legislature of 1908. Interest, com¬ mencing from the 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. These bonds were offered but not sold on Oct. 3. See V. 91, p. 746. Reading (P. O. Cincinnati), Ohio.—Bond Offering.—Pro¬ posals will be received until 12 m. Nov. 7 by W. F. Klopmeyer, Village Clerk, for $2,500 4J^% water-works and electric-light-plant extension bonds. Authority, Section 3939, General Code. Interest Date Nov. 1 1910. semi-annually at the Reading Bank Co. in Reading. Maturity 20 years. Purchaser to pay accrued Interest. Reno School District (P. O. Reno), Washoe —Bonds Voted.—This district Oct. 1 voted to County, Nev. issue, accord¬ school buildings. ing to reports, $250,000 bonds for three new The vote polled was 494 to 399. Richardson County Drainage District No. 1, Neb.—Bond Sale.—The $205,000 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 3.—Bond Township (P. O. Westwood), Bergen County, Offering.—Proposals will be received until 8p.m. Oct. 22 by Edwin A. Havers, Town Clerk, for $4,500 5% coupon funding bonds. N. Denomination $500. Date Oct. Interest semi-annually at Bonds are exempt from Keoser, Chairman Town¬ Bonded debt at present, $29,000. Assessed 22 1910. the Westwood Bank. Maturity Oct. 22 1915. taxes. Certified check for $250, payable to Julius ship Committee, Is required. valuation, $437,000. Roscce, Washington County, Pa.—Bond Election.—An on the question of issuing $24,000 20-year street-improvement bonds. Roseville School District (P. O. Roseville), Muskingum County, Ohio.—Bond Election.—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.—Bond Sale.— 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.—Bond Offering.— Proposals will be received by L. L. Bays, Committee for Board of Supervisors, for $25,000 5% coupon road-improve¬ election will be held Nov. 8 to vote 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 $5,000 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, Vt.—Bond has sold $15,000 4% coupon street bonds. Sale.—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¬ St. Charles, Saginaw County, Mich.—Bids Rejected— Bond Sale.—All bids received on Oct. 10 for the $14,000 4%% (serial) electric-light-plant-construction 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 2-15-year bonds described in V. 91. p. also received from E. B. Cadwell & Co. of Detroit. St. Paul, Minn.—Bid Rejected.—Only one proposal was submitted on Oct. 10 for the $150,000 4% 30-year school bonds described in V. 91, p. 980. This offer was rejected. The City Comptroller informs us that he will now endeavor was to dispose of the bonds “over the counter.” Salem, Columbiana County, Ohio.—Bonds Authorized.— An ordinance providing for the issuance of $10,000 refunding bonds was passed by the City Council, according to local papers, on Oct. 4. Salem, Ore.—Amount of Bonds Voted.—We are advised that the amount of bonds voted on Aug. 15 for the purchase and extension of the Salem Water Co.’s plant (V. 91, p. 539) was $480,000. Salmon Independent School District No. 1 (P. O. Salmon), Lemhi County, Idaho.—Bond Sale.—The $40,000 coupon school-building bonds offered on Sept. 1 and described in V. 91, p. 543, have been awarded to State Board of Land Commissioners of Idaho at par for 5s. Salina, Salina County, Kan.—Bond Offering.—Proposals will be received until 8 p. m. Oct. 17 by A. W. Godfrey, City Clerk, for $53,960 5% street paving improvement bonds. Denominations: 50 bonds of $1,000, 9 bonds of $400 and one bond of $360. Interest April 1 and Oct. 1 at the Kansas fiscal agency in Topeka. Maturity $5,360 Oct. 1 1911 and $5,400 yearly on Oct. 1 from 1912 to 1920 inclusive. According to the official circular, there has never been any de¬ fault in the payment of principal or Interest on the city’s debt. Santa Barbara, Santa Barbara County, Cal.—Bond Sale.— On Oct. 6 the $40,000 4*^% 1-40-year (serial) water-works tunnel bonds mentioned in V. 91, p. 823, were awarded to the State of California at 100.025 and accrued interest. THE CHRONICLE There were no other bidders. Denomination $1,000. Oct. 1 1910. Interest semi-annual. Date Santa Paula, Ventura County, Cal.—Bond Sale.—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 <fc Co. pf Los Angeles at 102.50. # ■# P Sapulpa, Creek County, Okla.—Bonds Withdrawn from Market.—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.—Bond Offering.—Proposals will be received until 12 m. Nov. 14 by Wm. 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 “day 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. During September.—The following bonds, aggregating $117,797 04, were sold during September: Bonds Sold $11,527 48 7% grading and curbing bonds dated Sept. 1 1910 and due Sept. 1 1915. 8,557 58 7% paving bonds dated Sept. 6 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.—Bond Election. —At the general election in November there mitted to the voters, it is said, a proposition to will be sub¬ issue $20,000 bridge-building bonds. Seward, Seward County, Neb.—Bonds Authorized.—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 pf $1,000 and mature two each year. Silverton, Hamilton County, Ohio.—Bond Election.—An on the question of issuing $8,500 water-system-construction bonds. South Bend, St. Joseph County, Ind.—Bond Offering.— Proposals will be received until 11 a. m. Oct. 20, it is stated, for $20,000 4% 20-year street-improvement and refunding Denomination $1,000. bonds. Date Nov. 1 1910. Spalding County (P. O. Griffin), Ga —Bond Election.—An election will be held Nov. 8 to vote on the question of issuing $80,000 5% 6-25-year (serial) gold coupon court-houseelection will be held Nov. 8 to vote erection bonds. Denomination $1,000. Date Dec. 1 1910. Interest semi-annual. Staples, Todd County, Minn.—Certificates Awarded in Part.—Of 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. O. Big Timber), Mont.—Bond Offering.—Proposals will be received until 12 m. Nov. 12 by J. A. Bailey, Clerk Board of Commissioners, for $85,000 4}/2°fo gold coupon refunding bonds. 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 sura 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. —Bond Offering.—The Board of Supervisors will sell on Nov. 7 $3,000 bonds of this district. For further particulars [VOL.LXXXXI $10,000 portable-school-bunding bonds described In V. 88, p. 1158. Ma¬ turity Aug. 2 1919. > 5,500 school-improvement bonds described In V. 89, p. 875. Maturity Oct. 14 1919. 76.700 refunding bonds described In V. 89, p. 875. MaturityNov. 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, Bonds Not Sold.—No sale has yet Costilla County, Colo.— 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.—Bond Sale.—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.—Bond Sale.—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.—Bond Offering.— Proposals will be received until 8p.m. Oct. 24 by Stuart H. 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. B. Nixon, City Treasurer, Is required. Union (P. O. Weehawken), Hudson County, N. J.—Bond Offering.—Proposals will be received until 8 p. m. Oct. 24 by Emil Bautz Jr., Town Clerk, for $80,000 4>£% gold coupon or registered school bonds. These securities are part of an issue of $250,000 bonds. Interest semi-annually at the Treasurer’s office. 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 payable Denomination $1,000. to the Town Treasurer, Is required. The official notice of this bond offering will be found among the advertisements elsewhere in this Department. Union County (P. O. Elizabeth), N.J.—Bond Sales.—On Oct. 11 John D. Everitt & Co. of New York City purchased $110,000 4J^% 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 43^% refunding road bonds due in 1920 has also been sold. District No. 1, Iroquois County, Ill.— Sold.—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. Union Drainage Bonds Not Denomination $100 or multiples thereof. Date Oct. 15 1910. Interest annually on July 15 In Watseka. 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. Total debt, this Issue. . Vallejo School District (P. O. Vallejo), Solano County, Cal.—Bonds Voted.—At it is stated, to issue in V. 91, p. 747. a recent election this district voted, the $60,000 high-school bonds mentioned Vancouver, Wash.—Bond Election.—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.—Bids Rejected.—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. Denomination voted (V. 91, p. 543) on Aug. 15. Date Jan 2 1911 Interest semi-annually at the County Treas¬ urer’s off.ce. Maturity $3,000 yearly from 1912 to 1936 inclusive. These bonds were $1,000. Vernon Parish (P. O. Leesville), La.—Bond Offering.— Proposals will be received until Oct. 26 for $40,000 5% school bonds, subject to call after 20 years. W. L. Ford is Parish Superintendent. Victoria Independent School District (P. O. Victoria), Victoria County, Tex.—Bond Sale.—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 The new bonds are In the following denominations: $174,000, $80,000, school-house bonds described in V. 91, p. 824. Interest is $26,000, $12,000 and $6,000. Date Sept. 1 1910. Interest semi-annually at the State Treasurer’s office. payable in Austin or Victoria. Total debt, including this Assessed valuation $4,026,700. Thornton Township High School District, Cook County, issue, $57,000. HI.—Bond Offering.—Proposals will be received until 8p.m. Wall, Allegheny County, Pa.—Purchasers of Bonds.—We Nov. 2 by the Board of Education at the Bank of Harvey, are informed that Lawrence Barnum & Co. of Philadelphia were the purchasers of the $35,000 5% street-improvement Harvey, Ill., for $140,000 4% building bonds. bonds recently disposed of. See V. 91, p. 981. Denomi¬ Maturity part yearly on Nov. 1 from 1912 to 1927 Inclusive. Certified check for 2 of bonds bid for, payable to W. H. Miller, President of the nation $1,000. Date 1 1910. Interest semi-annual. Oct. Board, Is required. The district has no other debt. Torrance County School District No. 6 (P. O. Willard), Maturity Oct. 1 1940. Warrenton, Fauquier County, Va.—Bond Sale.—Reports N. Mex.—Bond Offering.—Proposals will be received at once for the $1,500 6% school-completion bonds mentioned in state that the $15,000 5% 10-30-year (optional) coupon reservoir bonds offered on July 1 and described in V. 90, V. 91, p. 823. Authority vote of 30 to 1 at the election held Oct. 1. Maturity 1940. p. 1699, were disposed of at private sale on Sept. 1. Trenton, N. J.-—Bond Sales.—The following 4% bonds Washington County (P. O. *Washington), Pa.—Bonds have been sold: Awarded in Part.—Of the $100,000 4% coupon (with privilege apply to W. M. Woodward,Chancery Clerk (P. O. Oxford.) Texas.—Bonds Refunded.—Chapter 20 of the General 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. O0T. 15 1910.] 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 Oounty, 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: Hayden, Miller & Co., Clev_a$270 24 Well, Roth & Co., Clncin £$243 75 Seasongood & Mayer, Cln._ a204 64 S. A. Kean &Co., Chicago.. £103 76 New First Nat. Bk., Colum. ol35 00 For $6,528 42 bonds, x Bridgewater, Plymouth County, Mass.—Note Sale. —Reports state that $7,500 4% 5-29-year (serial) notes have individual investor at about par. (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) an West Seneca 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.—At an city Sept. 30, an issue of $6,000 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 4.46% 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% 14 % 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. election held in this ... Woodbury County (P. O. Sioux City), Iowa.—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. Interest annually on Oct. 15. from 1915 to 1919 Inclusive. of Wooster 24th Day of October, 1910, eight o’clock p. m., at the Town Hall, at the southwest corner of Palisade avenue and Lewis street, in the Town of Union, in the County of Hudson, New Jersey. Bidders to state prices on bonds bearing Interest at the rate of four and onehalf per cent per annum, payable semi-annually. All proposals to be directed to the Town of Union, In the County of Hudson, New Jersey, and shall be accompanied by a certified check for the ^amount of sixteen hundred ($1,600) dollars drawn on any National Bank or Trust Company doing business In the County of Hudson, New Jersey, and made payable to the order of the Town of Union, in the County of Hudson, New Jersey. The Board of Council of the Town of Union, in the County of Hudson, New Jersey, reserves the right to reject any and all bids if deemed In the Interest of the town so to do. By order of the Council. Dated Town of Union, N. J., October 3rd. A. D. 1910. EMIL BAUTZ, JR., Town Clerk. FUKKK- I A VJO. as follows: $2,200 Qulnby Ave. sewer bonds at 100.90. Maturity $440 yearly on Aug. 1 from 1911 to 1915 inclusive. 25,925 Qulnby Ave paving bonds at 101.54 Maturity $2,592 50 yearly on Sept. 1 from 1911 to 1920 Inclusive. 4,400 Madison Ave. paving bonds at 101 53 Maturity $440 yearly on Aug. 1 from 1911 to 1920 Inclusive. ^Yonkers, N. Y—Bond Sale—On Oct. 11 the $80,000 4J^% 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: 102.403 Spitzer & Co., New York Farson, Son & Co., N. Y 102.267 N. W. Harris & Co., N. Y...102.199 Chisholm & Chapman, N. Y.101.94 E. H. Rollins & Sons, N. Y_.101.91 Estabrook & Co., New York.101,875 N. W. Halsey & Co., N. Y__ 101.821 W. N. Coler & Co., N. Y 101.78 Please take notice that sealed proposals will be received at the office of the Clerk of the Village of Briarcliff Manor, Westchester County, State of New York, up to the hour of four o’clock In the afternoon on the 26th day of October, 1910, for the purchase of all or any part of twenty bonds of the Village of Briarcliff Manor, each In the de¬ nomination of $1,000 00, numbered consecutively from one to twenty, Inclusive, payable Interest and principal in New York City exchange to registered follows No. 1 due and payable Sept 1st 1915, and one thereof In each year until Sept. 1st 1934. Interest on said bonds will be paid semi-annually on the first days of March and September, said bonds will be sold to the person or persons who will take them at the lowest rate of Interest, and Interest will be adjusted as of September 1st 1910. The Village reserves the right to reject or reduce the amount of any proposal, and no proposal for the purchase of said bonds for less than par value nor at a rate of Interest exceeding five per centum per annum will be considered. A deposit by certified check or to 5% of amount of bid will be cash equivalent reqnl ed as se¬ curity for the completion of the purchase, to be applied on the purchase price If Did lo accepted In whole or part and returned if bid be iejected. Interest will be adjusted as of Sept. 1st 1910. WILLIAM H. COLEMAN, Village Clerk, Briarcliff Manor, N. Y. Further particulars will be forwarded on appli¬ cation to the Clerk, or William Woodward Bald¬ win, Attorney, No. 2 Rector Street, New York City. Dated, O ober 11th 1910 F. WM. KRAFT LAWYER Specializing in Examination of Municipal and Corporation Bonds 1313 FIRST NATIONAL BANK BLOO.. OHIO AGO, ILL. MUNICIPAL AND RAILROAD BONDS LIST ON APPLICATION SEASONGOOD & MAYER 93 WALL STREET Mercantile Library Building CINCINNATI CITY OF MOUNT Westchester VERNON, County, N. Y.f FIRE AND POLICE DEPARTMENT BUILDING BONDS The Common Council of the City of Mount Vernon will, at Its chambers In the Lucas Bulld¬ og, Depot Place, In the City of Mount Vernon, N. Y., on the 18TH DAY OF OCTOBER, 1910, at 8 o’clock p.m., receive sealed proposals for the purchase of bonds, to be denominated "Fire and Police Department Building Bonds”, numbered consecutively from 101 to 120, both inclusive, each bond to be for the principal sum of one thousand ($1,000) dollars. The said Common Council will then and there open such proposals and accept the most favorable thereof, unless it deem It for the best interest of the city to reject any and all of said proposals. These bonds will be for the principal sum of $1,000, with interest coupons attached, and will bear interest at the rate of four (4 per centum) per centum per annum, payable semi-annually at the office of the City Treasurer of the City of Mt. Vernon. They will be dated the 1st day of Oct¬ ober, 1910, and payable as follows: $5,000 thereof on the 1st day of October, 1933. 5,000 thereof on the 1st day of October, 1934. 5,000 thereof on the 1st day of October, 1935. 5,000 thereof on the 1st day of October, 1936. The bonds will be delivered to the purchaser on or before the 25th day of October, 1910. Each bid for said bonds must be accompanied by a certified check for the sum of One Thousand ($1,000) Dollars as a security for the performance of such bid, as liquidated damages in the event of the failure of the successful bidder to accept and pay for said bonds. Bonds will be engraved under the supervision of and certified as to their genuineness by the United States Mortgage & Trust Company and their legality approved by J. H. Caldwell, Esq., of New York City, whose opinion as to legality will be furnished to the purchaser. By statute the bonds cannot be sold for less than par and accrued Interest. By order of the Common Council, October 4th, 1910. EDWIN W. FISKE, Mayor of the City of Mount Vernon. A. W. REYNOLDS, City Clerk. MUNICIPAL BONDS Safest Investments known. R. T. Wilson & Co. NEW YORK 820,000 Municipal and Corporation Bonds BANKERS [ Ml Cbestnat St.. PHILADELPHIA. PA. A. B. Leach & Co., N. Y 101.779 Kountze Bros., New York 101.741 John J. Hart, Albany..^: 101.732 Adams & Co., New York 101.71 C. E. Denison & Co., Boston_101.68 Rhoades & Co., New York..101.64 Morgan, Llvermore&Co., N .Y. 101.57 Perry, Coffin & Burr, Bos 101.278 NEW LOANS. County, N. Y„ WATER WORKS BONDS owner as April 15 Wooster, Ohio.—Bond Sale.—On Oct. 1 the three issues 4^% coupon assessment bonds described in Y. 91, p. 825, were awarded, it is stated, to the Citizens National Bank Village of Briarcliff Manor, Westchester on ** 820,000.00 County, N. J., Maturity one-fifth yearly of 880,000 TOWN OF UNION, SCHOOL BONDS at page 96. Denomina¬ Interest March 1 and Sept. 1 at the Date Nov. 1 1910. County Treasurer’s office Maturity $5,000 each six months from March 1 1911 to Sept. 1 1915 Inclusive. Certified check on a bank In Bowling Green for $1,000 Is required. Purchaser to pay accrued Interest. Official ad¬ vertisement states that this county has never defaulted In the payment of principal or Interest on Its Indebtedness. tion $1,000. NEW LOANS. Public notice Is heseby given In accordance with a resolution of the Board of Council of the Town of Union, In the County of Hudson, New Jersey, passed at a regular meeting of said Board on the third day of October, nineteen hundred and ten, that sealed proposals for the purchase of school bonds by the Town of Union, In the County of Hudson, New Jersey, In the amount of eighty thousand ($80,000) dollars, the same being a part of an Issue of two hundred and fifty thousand ($250,000) dollars school bonds, the part of said Issue of said eighty thousand ($80,000) dollar school bonds to be known as Series A; each of said bonds to be of the denomination of one thousand ($1,000) dollars, to bear Interest at and after the rate of four and one-half per cent per annum, said Interest to be payable semi-annually, said bond to be payable In the following manner, to wit: Ten of said bonds shall become payable in six years from their date and ten of said bonds shall thereafter become payable annaully until the whole of said Series A shall have been fully paid off and satisfied. Said bonds to be registered or coupon, at the option of the bidder. Bids will be received at the regular rneeting of the Board of Council, to be held on the Date Oct. 3 1910, Wolf Creek School District No. 27 (P. O. Wolf Creek), Josephine County, Ore.—Bonds Not Sold.—No bids were 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. NEW LOANS Hudson $1,000. Authority, Act passed April 4 1900, 94 Ohio Laws, For $6,063 bonds. West been awarded to of Kansas City. Denomination Interest semi-annual. Yielding fr®444 AQL fn /X) Write for Circular. ULEN, SUTHERUN & CO; BANKERS CH1CAQO ESTABLISHED 1885 H. C SPEER & SONS CO. First Nat Bank Bldg., Chicago SCHOOL, COUNTY AND MUNICIPAL BONDS Youngstown, Ohio.—Bond Sale.—A list of the bids sub¬ seven issues of 5% bonds described mitted on Oct. 10 for the in V. 91, p. 826, follows: 14.000 $31,900 Bondi. Bonds. j $420 $1,495 Bonds. Bonds. $1,995 Bonds. Firemen’s Pension Fund, Gilbert Plains), 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. Brickbum School District No. 998 (P. O. Man.—Debenture Sale.—The $10,000 6% $3,080 Bonds. $2,670 Bonds. NayA James, Regina „ *$32,862 32,829 Hayden .MillerACo. ,Clev. 4,092 32,809 SeasongoodAMayer.Cln. 4,092 32,750 4,090 Barto, Scott A Co., Col. Tlllotson A Wolcott Co., 32,726 4,089 Cleveland Provident Savings Bank 32,735 4,088 ATru8tCo.,Clnc 32,680 New First Nat. Bk., Col. 4,081 32,730 Weet’n-German Bk. ,Cln. 4,081 32,765 Otis A Hough, Cleveland 4,070 & Stacy Braun, Toledo. 32,861 C.E .Denison & Co.,Cley 32,834 Breed A Harrison, Cine 32,799 W. Hoffman, PhelanxSta Well, Roth A Co., Cine. * [Vol. lxxxxi. THE CHRONICLE 1054 National Finance Co . - - 2,041 2,015 2,035 2,636 2,622 2,620 3,158 3,142 420 1,529 1,510 1,525 430 1,533 2,046 2.636 3,159 - - - - - Brent, Noxon A Co., Tor * And accrued Interest. A bid was also received from Toronto 427 2.595 3,115 1,525 2,035 2,620 3*,i40 Bridgeburg, Ontario.—Debenture Offering.—Proposals will Oct. 19 by R. A. Land, Clerk, for $10,000 5% local-improvement debentures, payable in 10 annual installments. Brockville, Ont.—Debenture Sale.—Wood, Gundy & Co. were the purchasers of $50,000 4J/£% lighting recently disposed of. Maturity May 2 1930. of Toronto debentures 2,620 Successful bids. The Tlllotson A Wolcott Co. and Otis A Hough bid on the smaller issues ^condition that If their bids were accepted they would be awarded the All bids Include accrued Interest Poland Ave. bonds. General Trusts Corporation. be received until 2 p. m. - 2,005 10*1771 Ontario Securities Co., Tor.. 3,140 1,505 *$10,42010. H. Burgess A Co., Toronto$10,108 *10,3271 Campbell, Thomson A Co— 10,060 *10,241 James B. Noble 9,900 - with the $31,900 Carmangay School District No. 2087, Alberta.—Debenture Sale.—An issue of $1,000 6% school debentures was disposed of last month to Nay & James of Regina. Maturity part Zavalla County School District No. 7, Tex.—Bond Offering. —Proposals will be received at any time by O. A. Mills, County Judge (P. O. Batesville), for $20,000 5% coupon school-building bonds. yearly for twenty years. Elfros, Sask.—Description of Debentures.—We are advised that the $3,000 permanent-improvement debentures awarded Authority, Section 76 et seq., Chapter 124, Laws of 1907, as amended In last month to Nay & James of Regina (V. 91, p. 983) carry 1909. Denomination $1,000. Date Oct. 10 1910. Interest annually on April 10 at Batesville or Austin. Maturity 40 years, subject to call after interest at the rate of 7%, and not 6% as at first reported. 10 years. Certified check for $500, payable to the County Judge, Is re¬ Maturity part yearly for fifteen years. quired. No debt at present. Assessed valuation 1910 $939,250. Finch Township, Ont.—Debenture Sale.—It is stated that the Dominion Securities Co. of Toronto has purchased Canada, its Provinces and Municipalities. $3,868 5% debentures. Maturity part yearly for 10 years. Leslie, Sask.—Debenture Offering.—Proposals will be Balcarres, Sask.—Debenture Sale.—On Oct. 3 the GreatWest Life Assurance Co. of Winnipeg purchased $3,500 6% received until 12 m. Oct. 25 by Edward C. Bamford, Secre¬ tary-Treasurer, for $2,500 6% 12-year debentures. 15-year skating and curling rink debentures at par. Lethbridge Protestant Public School District No. 51, Barons, Alberta.—Debenture Offering.—Proposals will be received until Oct. 22 by H. E. Hansen, Secretary-Treasurer, Alberta.—Debenture Offering.—Proposals will be received until Nov. 1 by C. B. Bowman, Secretary-Treasurer, for for $2,000 6% 10-year debentures. Berlin, Ont.—Debentures Not to Be Issued at Present.—We $75,000 5% debentures. Date Nov. 1 1910. ^Maturity part yearly for 30 years. are advised that the $8,300 5% sewer-extension debentures Nanton, Alberta.—Debenture. Offering.—Proposals will be voted on Aug. 29 (V. 91, p. 605) will not be issued until the until Nov. 15 by William Robertson, Secretary. received spring of 1911. MISCELLANEOUS. MISCELLANEOUS. Reynolds, Watson & Co. MELLON NATIONAL BANK Municipal and Corporation Bonds PITTSBURGH, PA. We offer *7,000,000 exceptional BOND NETTINd 6% 400 The - very DRAINAGE As your reserve depositary, this bank offers you perfect service and liberal interest on your balances. CAPITAL AND SURPLUS, a Bookery CHICAGO Charles M. Smith & Co. CORPORATION AND MUNICIPAL BONDS FIRST NATIONAL BANE BUILDING The Trust CHICAGO Company of America 37-43 WALL BONDS LONDON OFFICEi COLONIAL BRANCHi 222 BLODGET & CO. 8TREET, NEW YORK. 95 Gresham St. Broadway, New York. CAPITAL AND SURPLUS $8,000,000 Invites accounts of individuals firms and Pays interest on daily Executes trusts of every corporations. #0 STATS STREET, BOSTON SO PINE STREET, NEW YORK STATE, CITY ft RAILROAD BONDS McCOY & COMPANY balances. Municipal and Corporation Bords description. 181 FORTY ONE STATE LEGISLATURES AND CONGRESS ARE ABOUT TO CONVENE as to our system of reporting on proposed legislation relating to Transportation, Commerce, Manufacturing, and similar subjects, address For full information La Salle Street, Chloaga MODENPYL, WALBRIDGE & CO. 7 Wall St., N.w York Bailload, Street By., Gaa A Klee. Light SECURITIES or new Ipte Corporation Trust Co. 37 Wall Street, New York OTTO JULIUS MERKEL BROKER 44 AND 44 WALL STREE1. NEW YORK INVESTMENT SECURITIES Oananindew Invited. THE CHROKtCLE Oci?. 15 1910. 1053 Treasurer, for $6,000 electric-light and $1,500 fire-protection of issuing the $15,000 5% 10-year loan debentures (V. 91, 5% debentures, repayable in 20 annual payments. Bids for p. 903) was rescinded. these debentures were rejected on Sept. 6,asstated in V. 91, Punnichy, Sask.—Debenture Sale.—This village sold $800 p. 750. 6% permanent-improvement debentures last month to Nay New Hamburg, Out .—Debenture Sale.—G. A. Stimson & & 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 re¬ debentures. Maturity part yearly for 30 years. ceived on Oct./I for the six issues of 5% debentures aggrega¬ Niagara Falls, Ont.—Debenture Sale.—An issue of $15,- ting $22,000, described in V. 91, p. 606: 790 44 5% local-improvement debentures was recently National Finance Co $21,057|H. O’Hara & Co., Toronto--320,711 Bank 21,032 C. H. Burgess & Co., Toronto 20,674 awarded to Wood, Gundy & Co. of Toronto. Maturity Imperial Brent, Noxon & Co., Toronto 21,0191 Nay & James, Regina 20,372 part yearly for twenty years. A bid of $25,986 for $27,000 debentures was also received Nilrem School District No. 2081, (P. O. Amisk), Alberta.— from Aemilius Jarvis & Co. of Toronto. Debenture Sale.—An issue of $700 6% school-improvement Reston School District, Man.—Debenture Election.—An debentures was awarded on Sept. 9 to the Western Supply election will be held, according to reports, on Oct. 29 to vote Co. of Regina at par. Date Sept. 9 1910. Interest annual. on the question of issuing $2,500 5% school debentures, Maturity Sept. 9 1920. repayable in 20 annual installments. Ontario County (P. O. Whitley), Ont.—Debenture Election. Revelstoke, B. 0.—Debenture Sale.—An issue of $50,000 —An election will be held, it is stated, on Nov. 29 to vote on 5% 50-year debentures has been awarded to Aemilius Jarvis the question of issuing $20,000 4% 20-year bridge debentures. & Co. of Toronto, it is stated. Pincher City, Alberta.—Debenture Sale.—Nay & James Stratford, Ont.—Debenture Offering.—Proposals will be of Regina were the successful bidders last month for $2,000 received until Oct. 19 by W. H. Trethewey, Secretary8% permanent improvement debentures, due part yearly Treasurer, for $7,000 4J^% 30-year debentures. for ten years. Tabor, Alberta.—Debenture Sale.—On Oct. 4 the $11,500 Pobeda School District No. 1604 (P. O. Vegreville), Alberta.—Debenture Sale.—This district has sold $500 6% 5% water-system and fire apparatus debentures described in V. 91, p. 903, were awarded to R. C. Matthews & Co., of 5-year debentures to Worth & Holden at par. Date Sept. 5 Toronto at 96.852 and accrued The following interest. 1910. Port Arthur, Ont.—Debenture Sale.—On Oct. 3 the thir¬ teen issues of 5% debentures, aggregating $431,340, pro¬ bids posals for which were received on Oct. 1 (V. 91, p. 903), sold to the Dominion Securities Corporation, Ltd., of Toronto at 102.07 and accrued interest. The following bids were received: Wood, Gundy & Co., Tor.. 438,026[Ontario Secur. Co.. Toronto 420,607 An offer Toronto. was also received from G. A. Stimson & Co. of Preston, Ont.—Debenture Election Rescinded.—The election was to have taken place Oct. 10 to vote on the question which received: 811,1381 W. A. MacKenzle & Co 11,1101 Wood. Gundy & Co 811.037 10,927 The above bidders are all of Toronto. Wadena School District, Man.— Debenture Sale.—An issue were Dom. Sec. Corp.,Ltd., Tor.8440,2691 Aemillus Jarvis & Co., Tor.8427,760 Osborne & Francis. Ltd., Tor 439,421) Brent, Noxon & Co., Tor 425,077 were R. C. Matthews tc Co Dominion Securities Co of $1,500 6% debentures was recently to G. A. Stimson & Co. of Toronto. for 10 years. awarded, it is stated, Maturity part yearly Willard School District No. 2176, (P. O. Queenstown), Alberta.—Debenture Sale.—An issue of $1,000 6% deben¬ tures has been awarded to H. O’Hara & Co. of Winnipeg at 100.50. Interest annually in August. Maturity part yearly for 10 years. ACCOUNTANTS. MISCELLANEOUS. OFFICE OF THE LYBRAND, ROSS BROS & MONTGOMERY Cirtlflid Publlo Accountant* (Pennsylvania) NEW YORK, 165 Broadway PHILADELPHIA, Land Title Bldg PITTSBURGH, Union Bank Bldg CHICAGO, First National Bank Bldg ATLANTIC MUTUAL INSURANCE COMPANY. I New York. January 21st. 1910. The Trustees, in conformity with the Charter of the Company, submit the following statement of its affaire on the 31st of December. 1909. Premiums on Marine Risks from 1st January. 1909, to 31st December. 1909 ..83.759,391 25 Premiums on Policies not marked oil 1st January, 1909 717,712 70 Total Marine Premiums 34,477,102 05 Premiums marked off from 1st January, 1909. to 31st December, 1909...... Interest received during the year Rent less Taxes and Expenses 8322,046 46 145,679 82 .... ... 83,791,557 05 3467,726 28 Losses paid during the year which were estimated In 1908 JAMES PARK a CO. and previous years Losses occurred, estimated and paid In 1909 3829,378 19 ..1,149.459 56 31.978,837 75 Less Salvages Re-lnsuranoes OBRTIFXBD PUBLIC ACCOUNTANTS 3249,891 07 235.520 48 New York, Chicago, Cincinnati, and 31,493,426 20 London, England. AUDITORS FOR FINANCIAL INSTTIT TIONS. INDUSTRIAL AND MINING COMPANIES Investigations, Financial Statements, Periodical A edit* and Aoravotiti 185# IN THE CITY OF NEW YORK Issaes Guaranteed Contracts JOHN P. MUNN, M. D., President. Finance Committee CLARENCE H. KELSEY, Pree. TitleGu.&Tr.Oe WM. H. PORTER, Pree. Chemical National Bank ■D. TOWNSEND, Pree. Imp. A Traders Nat. Bk Good men. whether experienced In life Insurant not, may make direct oontraots with this Com paay, for a limited territory If desired, and secur* for themselves. In addition to first year's eommlt Mon, a renewal Internet Insuring an income for th* future. Address the Company at Its Home Otfle* Ne. 277 Broadway. New York City er WANTED ISSUES Jan. 16 and 30; Feb. 13; April Jan. 29, 1910 3, 1909. Will pay 20 cents a copy. Commercial & Financial Chronicle 138 Front 8t., New York ASSETS. United States A State of New York curities The United States Life Insurance Co. 360,285 14 - settled 35,461,042 00 - Real Estate cor. Wall A WlLllamSts., A Exchange Place.34.299,426 04 Other Real Estate A claims due the com¬ pany 75,000 00 4,374,426 04 Premium notes and Bills Receivable Gash In the hands of European Bankers to pay losses under poli¬ cies payable In foreign countries. Cash In Bank .......... Aggregating 8356,913 94 LIABILITIES. Estimated Losses and Losses Un¬ Special deposits In Banks ATrustGos. 1,000,000 00 1*09 CHRONICLE Returns of Premiums a Expenses, Including officers* salaries and clerks* compensation, stationery, newspapers, advertisements, etc Stock, City, Bank and other Se¬ MISCELLANEOUS. 485.411 55 14113.069 68 Premiums on Unterminated Risks 82.393.297 00 _ 685.546 90 Certificates of Profits and Interest Unpaid Return Premiums Unpaid Certificates of Profits Ordered Re¬ deemed, Withheld Premiums Certificates of for 263,468 95 120,569 42 Unpaid 22.353 49 Profits Outstand¬ ing Real Estate Reserve Fund.... 7,404,890 00 370,000 00 239,943 04 633,405 13 812.921,890 89 Aggregating ...............8114160,135 76 A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid to the holders thereof, or their legal representatives, on and after Tuesday the first of February next. The outstanding certificates of the Issue of 1904 will be redeemed and paid to the holders thereof, or their legal representatives, on and after Tuesday the first of February next, from which date all Interest thereon will cease. The certificates to be produced at the time of payment and canceled. A dividend of Forty per cent Is declared on the net earned premiums of the Company for the year ending 31st December, 1909, which are entitled to participate In dividend, for which, upon appli¬ cation, certificates will be Issued on and after Tuesday the third of May next. By order of the Board. FRANCIS M. BACON. WALDRON P. BROWN, VERNON H. BROWN. JOHN N. BEACH, JOHN CLAFLIN, GEORGE O. CLARK, CLEVELAND H. DODGE, OORNBLIUS ELDERT, RIOHARD H. EWART. PHILIP A. S. FRANKLIN. HERBERT L. GRIGGS. G. STANTON FLOYDkIONES. Secretary. TRUSTEES. CLEMENT A. GRISCOM. ANSON W. HARD. LEWIS CASS LEDYARD, CHARLES D. LEVERICH. LEANDER N. LOVELL. GEORGE H. MACY, OHARLES H. MARSHALL. NICHOLAS F. PALMER. HENRY PARISH, ADOLF PAVENSTEDT. DALLAS B. PRATT. GEORGE W. QUINTARD, A. A. RAVEN. JOHN J. RIKER, DOUGLAS ROBINSON. GUSTAV H. SCHWAB. WILLIAM SLOANE, ISAAC STERN. william a. Street. GEORGE E. TURNURB. OHARLES M. PRATT. A. A. RAVEN, President. CORNELIUS ELDERT, Vice-President. HANFORD E. COBB. 2d Vice-President. CHARLES E. FAY, 3d Vice-Prertdent. JOHN H. JONES STEWART. 4th Vice-President. fVoL. LXXfcSl THE CHRONICLE 1056 3S*ttst ©jcmtjratxie*. gmst ©ormprawtes. unites states net company of lev M, Chartered IMS 45 and 47 WALL STREET CAPITAL, $2,000,000.00 $13,856,670.83 - SURPLUS AND UNDIVIDED PROFITS - - Tills Company acts as Executor, Administrator, Guardian, Trustee. Court Depositary and In •tljir recognized trust capacities. It allows interest at current rates on deposits. It holds, manaees and Invests money, securities and other property, real or personal, for estates Mrporatlons and Individuals. EDWARD W. SHELDON, President WILLIAM M. KINGSLEY, V.-Pres. HENRY E. AHERN, Secretary. WILFRED J. WORCESTER, Asst. Sec. CHARLES A. EDWARDS, 2d Asst.Sec. TRUSTEES. JOHN A. STEWART. Chairman ot the rtoara. W Lewis Cass Ledyard. Lyman J. Gage. Gustav H. Schwab. Frank Lyman. Bayard Cutting, William Rockefeller, Alexander B. Orr. 71111am H. Macy Jr., William D. Sloane, Payne Whitney. Edward W. Sheldon. Chauncey Keep James Stlllmar John Clafltn, John J. Phelps. George L. Rives, Arthur C. James, William M. Kingsley William Stewart Tod. Ogden Mills. Egerton L. Wlnthrop Fidelity Trust Company NEWARK, N. J. Resources Over $29,000,000 Capital, Surplus and Undivided Profits, Over $9,500,000 Acts as Executor, Trustee, Administrator and in all fiduciary capacities. and Personal Estates. Guarantees Titles of Takes entire charge of Real Real Estate throughout New Jersey. General Banking and Savings Departments. Bond Department for purchase and sale of municipal and public utility securities. Safe Deposit Department. CENTRAL TRUST COMPANY of NEW YORK 54 Wall Street Capital and Surplus, $18,000,000 (of which $ 17,000,000 has been earned) Authorized to act as Executor, Trustee, Administrator or nnanfem. Industrial Trust Company Receives Deposits, subject to check, and allows Interest on Daily Balances. Acts as Transfer Agent, Registrar and Trustee under Mortgages. Providence* R. I. CAPITAL .18,000.000 S.OOOjOOO SURPLUS OFFICERS. 1 CHARTERED 1864 Union Trust Company of NewYork MAIN OFFICE: 80 BROADWAY. Uptown Office: 425 Fifth Avenue, corner 3Sth Street,' With Modern Safe Deposit Vaults Capital $1,000,000 Surplus (earned) $7,737,000 ALLOWS INTEREST ON DEPOSITS. Acts as Executor, Guardian, Trustee, Administrator and in all Fiduciary Capacities on behalf of Individuals, Institutions or Corporations. Cyrus P. Brown, President Arthur L. Kelley, Vice-President H. Martin Brown, Vice-President Otis Everett, Vice-President Joshua M. Ad deman, Vice-President Ward E. Smith, Treasurer Chas. H. Manchester. Secretary H. Howard Pepper, Asst.Treas. Frederick B. wlleox.Auditor BOARD OF DIRECTORS. Samuel P. Colt Herbert N. Fenner Olney T. Inman J. Milton Payne William R. Dupee Richard A. Robertson Joshua M. Addem&n James M. Scott William H. Perry Arthur L. Kelley H. Martin Brown George F. Baker George M. Thornton Cyrus P. Brown Chas. C. Harrington Louis H. Comstock Eben N. Littlefield Otis Everett O. Prescott Knight Jesse H. Ifetosu John J. Watson Jr. Charles H. Allen John B. Branch William P. Chapin Angus McLeod Ezra Dixon Howard O. Sturgis Edward D. Pearce Englehart O. Ostby gfrraiKJCial* CHICAGO Capital and Surplus $13,600,000 Pays Interest Deals in Time Deposits, Current and Reserve Accounts# Investment Securities and Foreign Exchange. on Transacts a General Trust Business* CORRESPONDENCE INVITED. Adrian H. Muller & Son, AUCTIONEERS. Regular Weekly Sales OF STOCKS and BONDS EVERY WEDNESDAY Office. No. 85 WILLIAM STREET. Corner Pine Street. Oct. 15 THE CHRONICLE i9io.] XT Svttst The NEW ENGLAND TRUST COMPANY OLD COLONY TRUST COMPANY BOSTON, BUSS. BOSTON, MASS. APITAL. *1,000.000 SURPLUS. J2.000.000 Safe Deposit Vaults Authorised to act as Executor, and to receive and hold money or property in trust or on deposit from Courts of Law or Equity Executors. Capital and Surplus ' Administrators. Assignee* Guardians, Trustees. Corporations and Individuals. Also acts as Trustee under Mortgagee and as Transfer Agent and Registrar of Stocks and Bonds. on Deposits Subject to Check OFFICERS DAVID R. WHITNEY, President CHARLES P. CHOATE, Vice-President ALEXANDER COCHRANE, Vice-President NATHANIEL THAYER. Vioe-President JAMES R. HOOPER. Actuary HENRY N. MARR. Secretary Interest allowed FRED. W. ALLEN. Asst. Sec. A Treas. THOMAS E. EATON. Asst. Treas. FRANCIS R. JEWETT, Trust Officer CHAS. E. NOTT, Mgr. Safe Dep. Vlts. BOARD OF DIRECTORS William Endloott, Chairman James G. Freeman Walter C. Baylies Alfred Bowdltoh Morris Gray 8. Parker Bremer James R. Hooper Ernest Lovering Timothy E. Byrnes Charles F. Choate Henry H. Proctor Alexander Cochrane James M. Prendergast Herbert M. Sears Philip Dexter William Endloott Jr. Lawrence M. Stockton Francis W. Fabyan Nathaniel Thayer William Farnsworth Eugene V. R. Thayer Frederick P. Fish David R. Whitney George Wlgglesworth The Trust Company of North America John S. Bartlett Samuel Carr B. P. Cheney - Sl.000.00t - HENRY G. BRENGLE, President. JOS. S. CLARE. Vice-President. CHAS. P. LINE AWE AVER, Seo. A Treas. ADAM A. STULL, Chairman of Board. DIRECTORS. Henry G. Brengie. Crosby Brown. John Cadwalader. James E. W. Clark Jr.. Eckley B. Coxe Jr., Edwin S. Dixon; Eugene L. Ellison. Joseph C. Fraley. J. Levering Jones. Malcolm Lloyd. John Mcllhenny. Richard Wain Mein, Clement B. Newbold. John W. Pepper. William F. Read. Adam A. Stull. Edward D. Toland, Harry C Francis. Henry L. Gaw Jr., Joseph R. Wain wrlght, Howard S. Graham. William D. Wlnsor. Samuel F. Houston. Reginald Foster George P. Gardner Hon.T^efTersonCoolldge Edwin Famham Greene Robert F. Herrick Laurence Minot Maxwell Norman Hon. Richard Olney Robert T. Paine 2nd Henry Parkman Andrew W. Preston Henry S. Howe Walter Hunnewell Richard S. Russell Charles W. Whittier Galen L. Stone Nathaniel Thayer Lucius Tuttle H. O. Underwood Eliot Wadsworth Stephen M. Weld Sidney W. Winslow PRESIDENT. PHILIP STOCKTON. Vice-Presidents, WALLACE B. DONHAM Treasurer. FREDERIC G. POUSLAND JULIUS R. WAKEFIELD Cashier. GEO. W. GRANT Manager Credit Dept., ELMER E. FOYE. Secretary. CHESTER B. HUMPHREY Trust Officer. F. M. HOLMES Authorized Reserve Agent for Trust Companies in Maine, Massachusetts and Rhode Islands Valley Trust Co. Girard Trust Company. Mississippi Fourth & Pine Sts., St. Louis. Capital and Surplus, $10,000,000 CAPITAL, SURPLUS CHARTERED 1338. Acts and PROFITS Executor, Administrator, Trustee. Assignee and Receiver. Financial Agent for Individuals or as Interest Allowed on Individual and DIRECTORS. Assumes entire charge of Real Estate, Safes to Rent in Burglar-Proof Vaults. E. B. MORRIS, President. W. N. ELY. 1st Vice-President. A. A. JACKSON, 2d Vice-President. C. J. RHOADS, 3d Vice-Pres, and Treasurer. E. S. PAGE, Secretary. MANAGERS: Edward J. Berwlnd, Randal Morgan, Edw. T. Stotesbury, John A. Brown Jr., John B. Garrett, William H. Gaw, Francis I. Go wen. Geo. H. McFadden, Charles E. Ingersoll, John S. Jenks Jr., Henry B. Coxe, Henry TatnaU. Edgar C. Felton, William Isaac H. Clothier, Thos. DeWltt Cuyler, C. Hartman Kuhn, James Speyer, aaa j*°‘04u»uuu BUSINESS TRANSACTED. Corporation Accounts. Acts as Trustee of Corporation Mortgages. Depositary under Plans of Reorganization, Registrar and Transfer Agent. Effingham B. Morris, 1«q A GENERAL FINANCIAL AND FIDUCIARY Corporations. T. EUlott, W. Hlnckle Smith, B. Dawson Coleman. John I. Beggs, President Milwaukee Light Sea* a Traction Co. Wilbur F. Boyle, Boyle A Priest. James E. Brock, Secretary. Murray Carleton, President Carleton Dry Good? Or. Charles Clark. Horatio N. Davis, President Smith & Davis Mfg.Or. John D Davis, Vice-President. David R. Francis, Francis, Bro. & Co. S. E. Hoffman, Vioe-President. Breckinridge Jones. President. Wm. G. Lackey, Vice-President and Bond Offloer W. J. McBride, V.-Pres. Haskell & Barker Car Co Nelson W. McLeod, Vice-President GraysooMcLeod Lumber Co. Saunders Nor veil. President Norvell-Shaplelgs* Hardware Oo. Robert J. O’Reilly. M. D. Wm. D. Orthwein, President Wm. D. Orthwetu Grain Co. Henry W. Peters, President Peters Shoe Co. H.C.Pierce. Chairman Board Waters-PieroeOl) Ce. August Schlafly, August Schlafly & Sons. R. H. Stockton. President Majestic Mfg. Co. Julias S. Walsh. Chairman of the Board. RoUa Wells. Broad and Chestnut Streets, pmT.AnW.PHTA ffifirltim. Rhode Island Hospital Trust Company L. F. DOMMERICH & CO. PROVIDENCE, R. I. CAPITAL SURPLUS Frederick P. Fish T. Jefferson Coolidge Jr. Charles E. Cotting AJvah Crocker 503-505>507 Chestnut St.. Philadelphia CAPITAL $12,500,000 DIRECTORS. T. JEFFERSON COOLIDGE JR., Chairman Executive Committee GORDON ABBOTT, Chairman of Board. FRANCIS R. HART, Vice-Chairman. Charles F. Adams 2nd Philip Y. DeNormandie Henry C. Jackson Philip L. SaltonstaH F. Lothrop Amea Philip Dexter George E. Keith Herbert M. Sears Oliver Ames Gardiner M. Lane George A. Draper Quincy A. Shaw O. W. Amory Frederic C. Dumalne Col. Thos. L. Livermore Howard Stockton William Amory William Ehdlcott Jr. Arthur Lyman Philip Stockton Charles F. Ayer Wllmot R. Evans Charles S. Mellen Charles A. Stone 33.000.000 33.000.000 DIRECTORS. NEW YORK Royal C. Taft, Howard O. Sturges, Robert H I. Goddard, Stephen O. Metcalf, Robert I. Gammell, Walter R. Callender, William B. Weeden, Edward D. Pearce, Robert Knight. John W. Danielson, Herbert J. Wells, Lyman B. Goff, Rowland G. Hazard. Nelson W. Aldrich., Samuel R. Dorranoe, Edward Holbrook, General Offices, 57 Creene Street James E. Sullivan, Benjamin M. Jackson John R. Freeman, Charles S. Mellon. SOLICIT MERCANTILE ACCOUNTS TO FINANCE Robert W. Taft. Webster Knight, Stephen O. Edwards. DISCOUNT AND GUARANTEE SALES Frank W. Matteson. R. H. Ives Goddard Jr. HERBERT J. WELLS. President. EDWARD S. CLARK, Vice-President. HORATIO A. HUNT. Vice-President. WILLIAM A. GAMWELL, Secretary. PRESTON H. GARDNER, Trust Offioei CYRUS E. LAPHAM, Asst. Seo'y. JOHN E. WILLIAMS, Asst. Seo’y. HENRY L. SLADER, Asst. Sec’r. G. A. HARRINGTON. Asst.Tr.Ottlo CARRY NO GOODS FOR WILLIAM RAY A CO. PHILADELPHIA. COTTON BROKERS. 43 Cotton Exchange, New York. CENTRAL Orders for delivery oontracta executed TRUST COMPANY the New York and Liverpool Cotton Exchanges. R. H. ROUNTREE & CO., OF ILLINOIS - $2,500,000 CHARLES G. DAWES, President. A. UHRLAUB, Vloe-Preeldent. EDWIN F. MACK, Vice-President. WILLIAM T. ABBOTT. Vloe-Preeldent. WILLIAM R. DAWES. Cashier. L. D. SKINNER. Asst. Cashier. WILLIAM W. GATES, Asst. Cashier. JOHN W. THOMAS, Asst. Cashier. ALBERT G. MANG, Secretary. MALCOLM MoDOWELL, Asst. Secretary. WILLIAM G. EDENS. Asst. Secretary. JOHN L. LEHNHARD, Asst. Trust Offloer. BANKING, SAVINGS AND TRUST DEPARTMENTS. on NEW YORK. Liverpool Correspondents* FREDERIC ZEREGA A CO. Bremen Correspondents: MCFADDEN BROTHERS A CO. Havre Correspondents: SOCIETE D’lMPORTATION ET DE COMMIS’N Commission Merchants. CHICAGO Capital and Surplus Bro., COTTON MERCHANTS COPELAND & CO.. future OWN ACCOUNT Geo. H. MSFadden & Successors to GEO meNTS"aSd'oTHEr’s COTTON, GRAIN, PROVISIONS and COFFEE COTTON EXCHANGE BUILDING. NEW YORK. GWATHMEY A CO. COTTON MERCHANTS 22 Exchange Place, - - NEW YORK ROBERT MOORE A CO. 66 Beaver Street, New York. ORDERS FOR FUTURE DELIVERY EXE¬ CUTED IN NEW YORK AND LIVERPOOL 8XCHANGES. OOTTON PURCHASED FOR SPINNERS’ USE. Siegfr. Gruner & Co. COTTON MERCHANTS 17 South William Street, NEW TORE. Mason Smith & Co., OTTON COMMISSION MERCHANTS NEW ORLEANS, LA. KUBMPHIS, TKfcN. DALLAS TKX. B uyers of Spot Cotton. Orders for Contracts E xe outed In New Orleans, New York, Liverpool and Havre Markets. [Vou. LXXXJl THE CHRONICLE XVI ©OttOTl. financial. WOODWARD & STILLMAN COTTON MERCHANTS 16 to 22 WILLIAM STREET, E. H.ROLLINS & SONS Fyersz 6 Company AMERICAN COTTON OP ALL GRADES SUIT¬ ABLE TO WANTS OF SPINNERS. Established 1876 bankers] „ NEW YORK financial. RAILROAD MUNICIPAL PUBLIC UTILITY BONDS Negotiate and Issue Loans for Rail¬ Corporations. Buy and sell Bonds suitable for roads and Established Investment. Established In 1850. Henry Hentz & Co. 16 206 LA SALLE ST. CHICAGO Fiscal Agent COMMISSION MERCHANTS to 22 William Street, New York. Execute Orders for Future Delivery COITON It the New York, Liverpool and New Orleans Cotton Exchanges. Also orders for COFFEE At the New York Coffee Exchange GRAIN AND PROVISIONS at the Chicago Board of Trade and GRAIN AND COTTON-SEED OIL At the New York Produce Exchange Hubbard Bros. & Co. for Cities and Corporation# List CHICAGO CITY MORTGAGES. HIGH-GRADE INDUSTRIAL BONDS. CHICAGO REAL ESTATE BONDS. CORPORATION J RAILROAD BONDS. COFFEE EXCHANGE BUILDING on Application BOSTON NEW YORK CHICAGO DENVER SAN FRANCISCO SEND FOR CIRCULARS. HANOVER SQUARE. PEABODY, N0II6HTELING & CO. NEW YORK COTTON MERCHANTS Liberal Advances Made on Cotton Consignments. 181 La Salle Street, F. H. PRINCE & CO. CHICAGO. nawmEim [Established 18654 Hopkins, Dwight & Co. COTTON BOSTON, MASS. GEO. H. BURR & CO. and COTTON-SEED OIL. Room 52 Cotton Exchange Building, NEW YORK. i.SETMAN, STERN & CO., Limited, New Orleans, LEHMAN BROS. Nos. 16-22 William Street, New York. Members o) the Stock, Cotton, and Produce Exchanges, New Cqfjee York, HIGH-GRADE INVESTMENTS BANKERS COMMISSION MERCHANTS Commercial Paper 43 Exchange Place Chicago - Boston Philadelphia New York COTTON MERCHANTS, 82-92 Beaver Street, • New York City SMITH &. HAYNE Frank B. Hayne (In Commendum) Cotton Brokers, COTTON EXCHANGE BUILDING, NEW ORLEANS, LA. Kansas City Sullivan Brothers & Co {Municipal and Corporation Bonds BONDS FIRST NATIONAL BANK BLDG., CHICAGO 42T Members MUNICIPAL & COR¬ PORATION BONDS 182 LA SALLE STREET, BONOS FOR INVESTMENT The Audit Company of New York City Investing Building FIRST NATIONAL BANK BLDG., CHICAGO PHILA. NATIONAL BANK BLDGPHI LADELPHIA Philadelphia “ “ BANKERS AND BROKERS Broadway, - New Yarl MEMBERS OF NEW YORK STOCK BXCHANGB. HOLLISTER, FISH & CO BANKERS Members Now York Stock Exchange Investment Securities Naaaau & Pina Streets, N. V Broadway, New York Telephone 6780 Cortland. New York Life DominicK & DominicK Building, Chicago H. T. HOLTZ & CO. Audits and examinations. Appraisals of values of lands, buildings, machinery, etc. Financial and cost systems of accounts. FIRST NATIONAL BANK RICHMOND. VIRGINIA Capital and Earned Surplus, Correspondence Invited 116 BROADWAY Members New York Stock Exchange. MUNICIPAL AND CORPORATION RONDS ' $2,000,000 JOHN B. PURCELL, President JOHN M. MILLER JR., V.-Prest. & Cashier FREDERICK E. N0LTING, 2d Vloe-Prest [New York 8t®ck I W. T. HATCH &, SONS 71 Devitt, Tremble & Co. STREET [Established 1868.] OHIOAOO financial. ,165 CHESTNUT —- PHILADELPHIA, PA. Chas. S. Kidder & Co. RDERS FOR FUTURE DELIVERY EXEOUTED IN NEW ORLEANS.NBW YORE AND LIVERPOOL MARKETS. (Other cotton cards on preceding page.) Stock Exchangm San Francisco BOSTON, PHILADELPHIA, PROVIDENCE Liverpool, WELD A CO. Bremen. ALBRECHT, WELD A> CO. on St Louis Orders executed on the above Exchanges, as well In New Orleans, Chicago and foreign markets. Stephen M. Weld & Co., Kern her* of New York and Bo Correspondence Invited 171 LA SALLE STREET, OHIOAOO United Bank Note Corporation Stocks DICK BROTHERS &, CO. BANKERS AND BROKERS. SO Broad St., • • * • New York. Members of N. Y. and Phlta. Stock Exohanget New York. New Orleans and Liverpool Cottea Exchanges, New York Coffee Exchange and Chicago Board of Trade.