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firtatirtal

The.

tninurcial

Iirontrie

INCLUDING

Bank and Quotation Section (Monthly)
Railway and Industrial Section (Quarterly)

State and City Section(Semi-Annually)
Electric Railway Section 1117:arTilres)
(

SATURDAY, OCTOBER 17 1908.

VOL. 87.

Wite Thranicit.

Week ending October 10.
C cartngs at
1908.

PUBLISHED WEEKLY.

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For One Year
$10 00
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•
Subscription includes following Supplements
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Now York.

Published every Saturday mommy by WILLIAM B.DANA COMPANY.
William B. Dana,President; Jacob Seibert Jr.,Vice-Pres. and Sec.; Arnold
G. Dana,Treas. Addresses of all,Office of the Company.

Chicago _
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis -Columbus
Toledo
Peoria
Grand Rapids_
Dayton
Evansville
Kalamazoo
Springfield, Ill _.
Fort Wayne _
Youngstown
Lexington
Rockford
Akron
South Bend
Canton
Quincy
Bloomington_ _
Mansfield..... _
Springfield, Ohio.
Decatur
Jackson
Jacksonville, Ill
Ann Arbor
Adrian
Danville
Tot Mid. West

CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, Sze., indicates
that the total bank clearIngs of all clearing houses of the U.
for week end. Oct. 17 have been $2,697,117,016, against $2,673,386,564 last week and $3,107,255,968 the week last year.
Clearings-Returns by Telegraph Oct. 17.

1908.

1907.

P. C.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,319,422,560
124,462,129
95,565,134
19,255,825
208,573,887
59,209,442
13,071,790

$1,506,253,090
144,628,536
126,580,180
25,123,444
229,106,600
66,558,604
15,797,435

-12.4
-13.9
-24.5
-23.4
-9.0
-11.0
-17.3

Seven cities, 5 days
Other cities, 5 days

$1,839,560,767
412,004,981

$2,114,047,889
478,069,248

-13.0
-13.8

Total all cities, 5 days
All cities, 1 day

$2,251,565,748
445,551,268

$2,592,117,137
515,138,831

-13.2
-13.5

$2,697,117,016

$3,107,255,968

-13.2

Total all cities for week

The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with
Saturday noon, Oct. 10, for four years.
Week ending October 10.
Cleartngs:at,
1908.

1907.

Inc. or
Dec.

1906.

NO. 2260,

1905.

San Francisco__
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Helena
Sioux Falls
Fargo
San Jose
Stockton
Sacramento
San Diego
Fresno _ _ _ _ _ _
North Yakima _ _
Billings
Total Pacific_ _

1907.

Inc. or
Dec.

1906.

1905,

234,465,778 254,185,862
26,217,750 -12.3
22,997,550
17,513,935 -16.4
14,644,617
13,575,928 -7.6
12,545,124
12,345,507 +0.06
12,352,362
8,403,012 -1.1
8,311,410
5,949,100 -14.0
5,118,300
4,348,950 -15.7
3,665,298
3,297,282 -11.5
2,918,647
2,492,594 -16.0
2,094,820
2,056,206 -6.2
1,928,269
2,213,591 -13.3
1,919,836
1,036.09 +12.1
1,161,676
1,023,084 -18.2
837,173
902,484 -15.0
767.421
847,543 +3.4
876,514
673,397 -14.9
572,699
728,248 -18.4
594,119
650,000 -7.7
600,000
532,046 -10.8
474,781
531,061 +22.2
649,392
511,196 +5.0
536,685
513,912 -21.8
402,073
404,992 -9.9
364,882
485,425 -11.9
427,973
463,034 -19.0
374,968
350,835
217,800 +61.1
269,060 -2.0
263,678
172,080
177.039 -2.8
23,312
26,603 -12.4
321,049 Not included in total

219,028,037
24,311,750
17,501,709
12,233,179
11,045,447
7,565,282
5,307,900
4,379,055
3,076,718
2,398,224
2,257,551
1,610,905
986,284
91,4813
854,798
619,284
636,942
672,616
563,643
461,913
454,120
426,268
437,718
416,072
402,920
374,266
198,000
219,766
183,058

4
1
.
208,317,179
24,215,900
16,093,707
12,780,203
9,494,078
7,387,673
4,850,800
4,639,004
3,602,047
2,276,217
1,760,492
1,726,410
835,726
619,998
753,299
618,976
721,979
546,576
554,100
447,650
427,345
310,971
402,404
387,981
474,329
349,057
180,000
287,718
134,000

362,592,737 -8.3
43,306,041 -15.2
36,744,357
11,761.455 -16.5
9,823,534
10,636,303 -7.9
9,796,762
8,920,793 -16.0
7,493,181
6,997,323 -31.6
4,784.697
7,541,128 +6.8
8,055,260
5,038,747 -2.1
4,931,619
2,592,862 -35.2
1,679,679
1,214,460 -13.4
1,051,696
800,000 +25.0
1,000,000
765,924 +24.3
9.51.530
706.157 -22.5
547,048
700,000 -20.0
560,000
992,000 Not included In total
999,600 Not included In total
652,100 Not included In total
347,915 Not Included In total
Not Included In total

319,538,238

305,195,820-

43,725,151
12,124,280
12,533,980
7,524,329
5,825,326
5,948,407
4,640,843
3,595,763
1,148,832
522,369
610,295
288,526

38,990,874
10,302,889
8,454,595
5,663,800
4,755,390
4,320,878
3,724,299

100,981,193 -13.4

98,489,101

78,803,241

+9.9
+3.9
+0.04
-1.5
-1.7
-10.0
+8.1
-5.4
+12.3
+1.3
-0.3
+12.2
+33.0
-19.3
+17.9

30,039,324
28,066,693
11,374,622
8,959,584
7,394,356
4,793,675
2,922,254
2,092,346
1,276.597
1,232,282
1,186,948
955,146
646,243
610,327
572,291
422,930

27,202,413
26,678,471
9,044,760
8,739,402
6,542,770
4,896,835
2,654,730
1,779,208

332,412,272

87,418,763

1,238,773
517,712
834,036

Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines _
Sioux City
Lincoln
Davenport
Wichita
Topeka
Cedar Rapids_ _
Colorado Springs.
Pueblo
Fremont

43,230,245
31,391,915
13,359,605
11,063,711
8,346,383
5,651,580
3,015,028
2,645,201
1,383,764
1,506,494
1,523,530
1,035,862
876,838
986,194
489,710
471,661

39,328,963
32,789,153
12,864.351
11,059,532
8,470,414
5,746,552
3,349,272
2,445,902
1,462,944
1,341,375
1,503,307
1,038,996
781,285
741,663
605,527
399,855

Tot. other Wes

126,977,721

123,929,091

+2.5

102,545,618

9 2,623,281

St. Louis
New Orleans..._ _
Louisville
Houston
Galveston
Savannah
Richmond
Atlanta
Memphis
Nashville
Fort Worth
Norfolk
Augusta
Birmingham
Charleston
Mobile
Little Rock
Chattanooga _
Jacksonville __
Knoxville
Macon
Oklahoma
Beaumont
Austin
Vicksburg

59,664,052
14,656,682
11,161,835
13,439,150
8,275,000
7,164,707
5,740,927
5,267,009
5,475,804
3,144,020
5,418,039
2,456,436
2,000,000
1,950,000
1,532,144
1,290,272
1,693,751
1,550,073
1,505,953
1,520,089
1,036,889
1,121,028
554,268

70,470,945
17,691,531
12,868,507
15,314,296
7,049,500
6,399,871
6,638,662
6,271,951
6,153,041
5,101,530
3,649,142
2,893,286
3,380,733
2,239,065
1,850,000
1,453,142
1,768,356
1,627,311
1,585,707
1,584,542
1,027,016
1,124,354
473,582
Not Included
365,675 Not included

-15.3
-17.2
-13.3
-12.2
+17.4
+12.0
-13.7
-16.0
-11.0
-38.4
+48.5
-15.1
-14.3
-12.9
-17.2
-11.2
-4.2
-4.7
-5.0
-4.1
+1.0
-0.3
+17.0
n total
n total

61,798,113
22,017,830
11,964,529
17,368,186
9,649,500
6,856,941
5,697,118
5,996,225
4,718,302
3,559,223
4,081,014
2,605,379
2,563,776
2,157,187
1,775,508
1,678,878
1.548,737
1,487,083
1,229,059
1,378,742
990,785
972,973
395,000

62,276,156
16,268,955
11,605,146
10,998,272
7,239,500
6,207,251
5,258,191
4,53(1,418
6,688,492
3,505,208
3,031,924
2,380,495
2,853,568
1,883,509
1,681,155
1,106,478
1,261,462
1,487,043
1,271,042
1,233,992
731,681

916,064
1,157,772
742,200
609,422
1772,447
552,545
334,242

$
$
$
%
1,603185,128 1,611,351,889 --0.5 2,101,120,141 1,747,552,391
New York
Philadelphia _ _ _ _
102,614,177 135,444,309 -24.2 139,939,357 135,923,984
46,550,962
50,413,331
Pittsburgh
39,484,096
50,761,704 -22.2
28,645,140
27,424,107
24,432,543
31,768,131 -23.1
Baltimore
7,919,267
7,495,458
+9.6
9,283,400
8,472,386
Buffalo
8,210,738
6,017,630
5,975,378
6,100,138 -2.0
Albany
5,584,483
5,728,467
5,701,019
Washington ____
6,130.458 -7.0
4,085,985
3,444,210
6.4
Rochester
3,374,681
3,605,738
2,171,342
2,009,138
2,295,842
-17.9
2,795,791
Scranton
1,507,836
1,620,189
1,888,645
2,583,921 -26.9
Syracuse
1,303,112
1,403,911
1,262,132
1,450,452 -13.0
Reading
1,437,492
1,203,873
4.9
1,210,179
1,272,600
Wilmington
1,122,614
1,063,636
+8.5
1,382,604
1,274,656
Wilkes-Barre __
415,527
977,824
1,159,581
1,497,092
1,243,021 +20.4
Wheeling, W. Va,
01111
1,000,000
1,104,922
925,205 +19.4
WA1
Harrisburg
782,121
839,278 -6.8
York
608,441
607,067
612,722
642,301 -4.6
Erie
Total Southern 158,518,128 178,616,050 -11.3 172,485,088 153,881,356
358,317
529,035
505,871
574,583 -12.0
Greensburg
496,200 -533,200
486,400
552,900 -11.9
Binghamton ___ _
2,673,386,564 2,806,367,980 -4.7 3,250,883,691 2,805,657,415
428,175 Total all
602,754
453,355 -15.0
385,558
Chester
295,533
366,038
366,038 -14.6
312,799
Franklin
E
,
1,070,101,436 1,195,016,091 -10.5 1,149,763,515 1-- 8,105,024
Outside N. Y
1,165,956 Not included In total
Trenton
324,537 Not included in total
Altoona
Canada
31,031,868
31,149,724
+8.4
31,150,762
33,780,594
1,807,877,309 1,868,531,381 -3.2 2,354,609,296 1,993,251,663 Montreal
22,729,102
+2.9
24,788,311
24,987,357
25,715,433
Toronto
10,288,067
11,043,542 +38.5
12,612,309
15,290,819
139,937,830 149,236,317 -6.2 180,566,516 158,707,137 Winnipeg
,
Boston
1,776,274
4,172,552 +0.9
3,097,136
4,209,025
8,745,900 Vancouver
7,900,200
7,422,300 -15.3
6,283,400
Providence
2,347,937
2,916,562
3,045,875 +17.1
3,567,997
2,966,143 Ottawa
3,484,055
3,464.813 -22.5
2 684,313
Hartford
2,067,695
1,743,153 -3.0
1,691,308
2,630,866 Halifax
2,602,729
2,531,432 +6.7
2:700,000
New Haven
2,129,689
1,144,007 +0.5
1,150,000
2,487,930 Victoria
2,053,491
1,042,144
+1.5
1,971,048
Springfield
1,617,962
+4.4
1,943,871
2,373,052
2,477,507
2,010,790 Quebec
1,985,276
2,264,860 -4.1
2.172,193
Portland
1,512,935
1,800,910
1,741,598 -10.9
1,551,392
1,631,842 Hamilton
1,778,084
1,878.827 -22.7
1,451,345
Worcester
......
1,184,082 4
1,385,298 +0.7
1,395,150
979,382 Calgary
1,120,228
1,019,980 +10.4
1,125,629
Fall River
1,015,349
1,170,989
1,194,472 -6.1
1,122,185
718,280 London
655,968
887,701 -0.8
880,942
New Bedford__ _.
1,149,480
1,251,419
1,162,646 +39.6
1,622,928
490,341 St. John
579,621
539,691 -11.4
478,061
Lowell
815,864
889,573 -25.7
660,412
433,437 Edmonton
490,147
529,463 -6.0
497,610
Holyoke
76,1) .181
86,629.599
86.032,849 +9.5
94,234,750
Total Canada_
160,182,371 171,717,528 -6.7 203,216,315 181,802,054
Total New Eng




1.1PE

970

THE CHRONICLE

THE FINANCIAL SITUATION.
Altogether there is apparently a growing irritation
over what are called Rooseveltisms; they are working
against Taft's success instead of in his favor, and
would insure his defeat if any conservative Democrat had •been nominated—indeed, if almost any
one but Bryan had been nominated. As affairs
stand now Taft seems to be quite certain of election. There will be more than the normal number
of individuals registered that will not vote either
Presidential ticket on this occasion. But in spite
of that, and in spite of the number of disgruntled
Republicans and disgruntled Democrats who will
be found in the woods on the third of November,
the nominee who is satisfied to shine by a reflected
light will squeeze through. What a pity it is that a
man of so many estimable qualities and so thoroughly
equipped to fill any office in the gift of the people
should suffer his nature and gifts to be smothered and
suppressed by a self-conscious person who, wonderful
enough, is habitually concerned about right and
wrong; a right and wrong, by the way, that inevitably
turns out to be his own conception, and nothing
nearer right than what that conception represents.
On the other hand, the next Governor of New York
State seems at the moment likely to be a Democrat.
That is not because of Mr. Hughes's action on the
race-track issue; had his course been otherwise on
that measure, he would have been a beaten man still.
He has grown into the objectionable position of being
head and shoulders above any other individual as the
advocate of government by commissions. His opponent has adopted just the contrary policy on that
point, besides having espoused other conservative
views that are gaining him friends. New York State is
conservative to the core. What gave paternity to
the radicalism it has run into was not a State affair
at all. Roosevelt is a bright, brilliant man, overburdened with self-conceit, and at the same time
possessed to such a degree of peremptory positiveness
in his own mind, and in assertion that he carries along
with himself his less assertive neighbors. The majority
are negligent and remiss in such respects as regards
mental exertion; they are of the kind that trim,
shuffle, blow hot and cold, so that one hardly knows
on which side of a problem such men are drifting.
Thus it may happen at times that an individual of
the over-positive sort becomes 4 useful and agreeable
tonic and a decided relief to any community given
to hibernating half of every year; he easily wakes up
such a population, carries it, of course, to extremes,
which in turn, it is pleasing to note, cures itself under
natural law.
Politicians are making desperate efforts to secure
material and ways for influencing votes. We have
often heard it stated that the moral standard of our
people has been lifted, raised to a much higher level,
since the laws were enacted under which our railroads
are being so largely plucked of their income. P. looks
to us as if the trend had been in the opposite direction;
for wherever a charge is now-a-days made against a
railroad it is always filled up with fearful exaggerations
and in considerable measure with what are obviously
erroneous charges. The newspaper press gave publication Wednesday morning to two such items, one




Lxxxvn.

dating from Denver and the other from Washington,
D. C., the former charging the Southern Pacific
Railroad with a big land fraud aimed at E. H. Harriman; and the other affecting a little country postoffice made conspicuous by inserting the expression
that "the act of discrimination charged wasin favor of a
little office on a large preserve owned by a man named
William,"—who had the misfortune, the item stated,
of being a near relation Of John D. Rockefeller.
We should have remarked above that the Harriman
item closes with the words, "after several consultations with President Roosevelt, orders were issued by
him to go ahead with the prosecution." ,
Hence this last election card was put out by our
Chief Magistrate for no other purpose than to announce to the radicals that he, Mr. Roosevelt, was
still after the rich fellows; what is also notable is that
the issue was made just in time to reach every most
insignificant hamlet, before election day arrives.
Probably the issuer does not know that the first of
the two items contains a good many of what boys
used to call "whoppers." Of course he is not supposed to know that the main line of the Southern Pacific Railroad was built without the gift of an acre of
Government land in aid of its construction. Later the
Southern Pacific became interested in the Central
Pacific and a highly onerous law was passed by
Congress for the settlement of the Government debt
owed by those and other Pacific roads. We say it
was onerous, for every one thought it so when the law
was passed, as it called for the payment of principal
and interest without a dollar's abatement, and up to
that time the interest on the debt above sinking funds
was a very dead asset. Still a complete settlement
was made, the Government got all its money, principal and interest. The moral standard is now so
high that such a transaction is called by the present
Administration a big fraud.
The European war fever has quieted down in a
considerable measure. There is no longer occasion for
excitement and no expectation of immediate results.
Negotiations are taking form slowly under the leadership of Great Britain's unemotional policy with the
concurrence of Turkey, the purpose apparently being
to get a basis of accord between all the European
powers regarding a conference. A better occasion for
a peaceful tendency to assert itself could not have
occurred. When one comes to look at the situation
critically, none of the Powers, little or big, is in shape
for a brush. When the events now transpiring have
passed into a settlement, it will be a highly useful experience. The Berlin Treaty calls for thorough
revision. It was good enough to compose and settle
differences existing when it was entered into; but it
was a mere makeshift at the time and an apple of
discord on many occasions since. Every one in
America, as in Europe, has great confidence in the
peace-making power and influence of King Edward.
He has in that way proved n, striking force in recent
history. In the meantime there are many false
warlike announcements put afloat from day to day
and generally denied the following day. Bulgaria,
for illustration, was reported early in the week to
have fixed a three clays' limit to its forbearance, if its
demands were not more quickly adjusted; again,
Turkish boycotts against Austrian goods and trade

OCT. 17 1908.1

THE CHRONICLE

were cabled as a condition in process'of being executed.
These are simply evidences of fomentation which,
more in prospect than in being, indicate the state of
dislocation which Austria's earlier announcement was
intended to produce. Altogether it is becoming more
and more evident that Europe has a condition before it
that can only be adjusted by the united action of all
the States affected. It would seem, too, that the
longer the interim, the worse the entanglement would
become.

971

further rallied and Americans were in good request;
at Paris there was a decline, due to realizations, but
this was succeeded by a recovery. On Tuesday,
tho ugh restricted because of the semi-monthly settlement on the London Stock Exchange, business was
better and discounts were easy, reflecting the favorable
news from the Balkans; at Paris and at Berlin the
markets were firm. Wednesday London was occupied with the Stock Exchange settlement and the
Paris Bourse was strong. Thursday the situation continued normal; New York exchange had a strong
Caution has been the ruling state of the stock market tone as the result
of last week's liquidation in London
during the week, variableness within narrow limits of American
securities. Unexpectedly Friday mornbeing the course of values. No doubt trade conditions ing a London
cable indicated a disagreement by Gerhave improved. We give below an account of building many in
the progress of the negotiations. It would
operations which evidences expansion and new con- seem that
Germany protested against the manner in
struction work in almost all business centres. Foreign which the
conferences up to that time had been contrade also discloses a decided advance, exports being ducted; the
German Foreign Office emphatically aslarge and in some respects abnormal; the latest reports serting that no
conference should be undertaken unless
with details will be found below. The movement of it was particip
ated in from first to last by all the
wheat and of cotton, so free in September, continues signatory Powers
to the Treaty of Berlin.
large, the former due to an uninterrupted foreign
An incident of the week was that on Wednesday
demand and the latter to the circumstance that in franc cables were
exceptionally strong, indicating a
some sections cotton is more than usually early and resort by remitter
s to this form of exchange instead
the disposition exists to market the product freely. of to sterling cables,
which were scarce. A fall in the
Of course politics remains a doubtful factor, and this rate of exchang
e at Paris on London to 25 francs
induces short ventures so long as the two parties are 10 centime
s caused a rise in French cables to the goldactively engaged in their last special efforts, both export
point to Paris,and it was regarded as probable
claiming everything. Each has the result fully worked that
if inducements were offered by French bankers
out to his satisfaction. As we look at it Mr. Taft's gold would
be shipped hence to Paris. No engagechances, as we .have said, are decidedly the most ments of
the metal were made, however,for Thursday's
promising,and his success is the prevailing opinion on French steamer
. The supply of gold bars in the New
the Stock Exchange, though, of course, there is always York Assay
Office is limited to about 3 million dollars,
the possibility of a miscalculation until the votes are and in the
event of a demand for a larger amount of
all in and counted. Europe does not at the moment gold for
export,coin would have to be taken. There
take any great interest in our market. It has, though, is no need for
gold abroad; it could not be shipped in
its own contentions to compose. The truth is, Europe volume unless
it were attracted by the device of free
has Germany to contend with; we have a similar interest in transit,
and there is nothing at the moment
hereditary line—not in esse but according to Mr. in the Europea
n political situation which would make
Roosevelt's letters of 1906—which controls our desires necessary or
advisable a resort to such device.
and our future destiny most unerringly.
Building construction statistics for September in
The warlike aspect in the Balkans a week ago 1908
for leading cities of the United States furnish
has since had its day of prospective concord, but evidenc
e of improving conditions in that important
the week closes in a fresh spasm of derangement. The industry
and current information seems to point to
initial conference looked towards a settlement of a continu
ation of comparative activity in practically
differences. Negotiations taken at the instance of all sections
of the country. It does not necessarily
Russia transferred the centre of diplomatic interest follow that
from now on the erection of new buildings
from Paris to London. Thereafter Kipg Edward and will exceed
in number or cost the period of the previous
his Ministers were active in forwarding an adjustment year or years
with which comparison is made, but the
through a conference with representatives of other indications are
that the lethargy which had been
Powers. The scope of the questions to be discussed partiall
y apparent in the building trades for a number
was, however, so broad that, while the principles in- of months
is fast disappearing. A single favorable
volved appeared to be clear and unquestionable to exhibit is
not, of course, a safe enough basis upon
the leaders, they called for a consideration of such which to predicat
e the turn of the tide, but when
essential details as to require time and a full conference activity is so
general (after comparative inactivity), as
to settle.
evidenced by the September building statement, there
According to the above, on Saturday last the indi- is reason to
believe that it is more than temporary.
cations were of a speedy ending to the Balkan dis- To be sure, in July
a favorable aggregate exhibit enturbances. Consols in London rose and discounts at couraged hopes
of an immediate resumption of acthat centre remained unchanged, though a movement tivity which did
not hold good. But that revival was
of gold to Egypt began; at Paris, after a feverish specu- due primarily to an
increased outlay at New York.
lation on the Bourse, prices advanced on denials of
Reports now are much more satisfactory; they
alarming rumors from the Balkans. On Monday there really encoura
ge the belief that we have again entered
was a further improvement in London, re-buying of upon. a more
active period of building construction.
stocks that had been previously sold was large, and At the moment
there are numerous favorable features.
there was a renewal of investment purchases; consols Almost everyth
ing that enters into construction work



972

THE CHRONICLE

—labor of course excepted—is ruling at a lower level
than a year ago. Lumber is selling about 20% below
the prices of last year and brick quotations are from
$1 to $1 50 per thousand less than last year. Labor,
as stated, is on the basis of the boom period of 1904-07,
but employers have the advantage, for the time,
of being able to pick their men, and can thus figure
closer on contracts.
Our remarks are predicated on a compilation covering 86 leading cities of the country, returns for 46 of
which were secured by the "Construction News," to
.which we have added results for 40 other important
municipalities. The compilation shows that construction work arranged for in September 1908 entails
an aggregate outlay of $54,354,344, against $49,445,402 for the same month in 1907, or an increase of
9.9%. This statement, moreover, is notable in indicating how general is the increased activity as compared with last year. It shows that of the 86 cities
included, no less than 50 report an augmentation in
construction work in September this year, and in a
number of instances the ratio of increase is very heavy.
Operations in Greater New York, making up nearly
one-quarter of the country's'total, naturally have a
most important bearing upon the exhibit, but it is
to be said that with this city excluded the aggregate
for the remaining municipalities shows a satisfactory
gain over 1907. As regards Greater New York;
construction work arranged for in Manhattan Borough,
for which permits were issued in-September covers an
expenditure about 16% greater than in 1907; in
the Bronx a gain of over 54% was shown; operations
in Brooklyn exceeded those of last year by nearly
28%, and in Queens an outlay 79% more than a year
ago was arranged for, giving for the whole city a
net increase over 1907 of nearly one-third. Conspicuous gains, ranging from 113% to 340 2%, are
to be noted at Denver, Birmingham, Ala., Superior,
Wis., Wilkes-Barre, Washington, Paterson and Norfolk, and 22 other cities, well spread over the country,
exhibit excesses of from 38 to 98%. Where losses
are recorded they are as a rule much less conspicuous
than the gains already referred to.
Combining the results for 50 leading cities for September with those for a like number for the preceding
eight months, we reach a clear idea of the extent of
the decline in building construction work thus far
in 1908. Contemplated expenditures at the 50 cities
for the nine months aggregate only $335,211,000,
against $444,040,000 for the similar period of 1907,
or a decline of 24.5%. Compared with the corresponding interval of 1906 a greater decrease is shown,
but contrast with earlier years is somewhat more
favorable to 1908.
Progress of a decided character marks our foreign
trade statement for the month of September 1908,
issued on Thursday of the current week. Indeed, the
statement furnishes evidence that our commercial
intercourse with the outside world has returned to
what may be termed normal conditions. This does
not apply to imports. For some time prior to the
occurrence of last fall's panic the out ward flow of
merchandise from the United States month by month
was showing gains compared with corresponding
periods of previous years, while there was an even
greater proportionate expansion in imports. But




[VoL. Lxxxvii.

a decided drop in both the inward and outward movement of merchandise quickly followed
the panic. Now again for September 1908 the
movement of exports has developed to such an
extent that the totals exceed those for the corresponding month of any earlier year. Imports, though, are
not as free as in other years, but there is not that
extreme restriction of the movement that was a
monthly feature from January to August 1908, inclusive. Furthermore, as' indicating the better feeling
that prevails, it is to be noted that the importation of
articles that class strictly as luxuries is noticeably on
the increase. This is clearly demonstrated by the
report of the Appraiser of the Port of New York,
which shows that the importations of diamonds and
other precious stones reached a value for the month
of nearly 2 million dollars, a gain of over $600,00&
as compared with August and a decline of only about
half a million from September of last year. Automobiles also are coming in more freely, the value of
those received in the month this year being in excess
of either August or of September in 1907 or 1906.
Asregards the outflow of merchandise for the month,
the total at $139,397,295 contrasts with $135,318,342
for the corresponding period of 1907 and $138,496,954
in 1906. It is thus seen that the current year's aggregate is not only 4 millions of dollars in excess of 1907
but is 1 million greater than the 19,06 total—the
record'up to this time. The advance figures of some
of the principal items of export as a rule compare very
favorably with a year ago. In the breadstuffs division
4
there is a gain of nearly 21 million dollars, due, however, to an important increase in the outflow of.
wheat, the month's aggregate having been 13,427,527
bushels, as against 9,598,235 bushels in September
1907. Corn, on the other hand, moves in restricted
volume, exports for September being but 489,485
bushels, as contrasted with 2,818,348 bushels in 1907
and 3,321,060 bushels in 1906. Cotton exports for
the month are likewise large. It should be said that
this free movement is due to the forwardness of the
crop in important sections. The values are also higher
than in the corresponding period of 1907, the comparison being between 663,291 bales, valued at $32,539,487,and 379,936 bales and $24,285,553;and a contrast with 1906 discloses a very similar situation.
Shipments of mineral oils were much greater this year
than last and only a little below the record outward
movement of July 1908. The outflow of provisions,
on the other hand, covered a value slightly less than
for the month of 1907, the comparison being between
$12,282,149 and $12,381,275, and a small decrease
in the exports of cattle, sheep and hogs is also to
be noted.
The items referred to above give a total value of
exports at $76,154,671, an aggregate 12Wi millions
of dollars greater than for September 1907. But, as
indicated above, the gain in all descriptions of exports was $4,078,953. For the nine months of the
calendar year 1908 the aggregate merchandise exports were $1,230,836,439, against $1,331,588,696 in
the like interval of 1907,or a decrease of 101 millions,
and compared with 1906 the falling off reached 28
millions. The decline from 1907 is covered to the
extent of 20 millions by the leading articles for which
advance figures are issued, and the remaining 81
millions is in large measure accounted for by losses in.

OCT. 17 1908.1

THE CHRONICLE

iron and steel and manufactures, wood and manufactures,and a few other important items, although
declines are quite general throughout the list. In
fact copper and manufactures thereof stand out as
the only leading commodity showing an increase.
Imports for September were, as already stated, also
in excess of the previous month, but as compared with
September a year ago there was a moderate decline.
The inflow of all kinds of commodities aggregated
a value of $98,101,738—the nearest total to 100
millions since November 1907—against $106,365,180
in September 1907 and 102% millions and 102 millions
respectively in 1906 and 1905. It thus becomes
apparent that for September at least the inward movement of goods was upon a nep,rly normal basis, thus
contrasting sharply with earlier months of the year
in which heavy losses were shown. For the nine
months of the calendar year 1908, however, the imports of merchandise reached a value of only $798,243,694, or a decline from the high-water mark of
1907 of 3099 millions, a decrease from 1906 of 149
millions and a loss from 1905 of 73 millions. While
a few minor items of import have come in more freely
this year than last, all important commodities show
losses and in many of the articles the inflow of which is
greatest the falling off is most conspicuous. The
favorable, or export, balance of merchandise for the
month was $41,295,563 against $28,953,163 in September 1907 and for the nine months of 1908, in view
of the fact that the decline in imports for that
period was much greater than the loss in exports, is
of record proportions. It reaches $432,592,745, against
$223,516,397 in 1907 and $289,567,307 in 1906.
The previous record, reached in 1900, was $407,
496,805.

973

pation of a further reduction in reserve and also of a
continued decrease in cash; the borrowing demand_
was, though, not urgent, and commission houses were
disposed to rely,as heretofore,upon the call-loan branch,
of the market. The business reported in time contracts.
was chiefly for the longer maturities. Commercial pa—
per was in moderate supply and only choice names
were in request. Rates for inland exchange on this
city indicate but a slight inquiry for funds, and in some
localities in the grain-distributing section it would seem
that requirements for this purpose have been largely
satisfied.
Money on call, representing bank and trust company
balances, loaned at the Stock Exchange this week
at 2% and at 1%, averaging. about 13/2%; both
classes of banking institutions loaned at 1% as the
minimum. Time loans on good mixed Stock EXchange collateral were 2%@3% for sixty and 334@
33% for ninety days to four months and 3@4% for
five to six months. Commercial paper is quoted at
4% for sixty to ninety day endorsed bills receivable
and 43% for prime four to six months'single names.

The Bank of England rate of discount remains unchanged at 23%. The cable reports discounts of
sixty to ninety day bank bills in London 1%@23/8%.
The open market rate at Paris is 23'3% and at Berlin
and Frankfort it is 3%. According to our special
cable from London, the Bank of England lost
£404,483 bullion during the week and held £36,533,520
at the close of the week. Our correspondent further
advises us that the loss was due largely to shipments
to Egypt. The details of the movement into and out
of the Bank were as follows: Imports, £6,000 sovereigns bought; exports, £350,000 (of which £50,000 to
Buenos Ayres and £300,000 to Egypt), and shipments
The striking,features of last week's bank statement of £60,000 net to the interior of Great Britain.
were the increase in loans and the reduction in surplus
reserve, the average of the latter to the lowest recorded
The foreign exchange market was quite sensitive
since Feb. 29. The expansion of loans amounted, early in the week influenced by the somewhat unexaccording to the statement of condition on Saturday, pected relaxation on Saturday in the political tension
to $21,755,500. This represented loans on securities in Europe which developed last week; this improvethat had been held abroad and were disposed of in our ment in the situation was the result of the intervention
market or in Europe for New York account, because of of England and Russia to bring about a conference
the unsettlement incident to the Balkan troubles; the of the Powers. The large volume of sales of American
increased loans augmented deposits by $17,447,400, securities in the foreign markets last week had created
and, consequently, reserve requirements; while a loss a demand for sterling cables, for prompt remittance,in
of $2,950,600 cash contributed to a decrease of $7,- excess of the supply; the market was, though, some312,450 in reserve,to $31,576,850. The surplus, as what relieved at the beginning of this week by Eurocomputed on deposits less those of $9,244,300 public pean re-buying of securities that resulted in the estabfunds, was $33,887,925.
lishment of new credits against which exchange might
be drawn in settlement of the unadjusted account of
It was officially announced on Monday by Speyer the previous week. The news from abroad, however,
& Co. that negotiations had been concluded for the indicated that there would be some delay in the pacific
purchase by them of the 35 million dollars thirty-five- negotiations and possibly opposition to the plan
for a
year 432% sinking fund gold bonds of the recently conference. Therefore, in view of this uncertainty,
organized Institution for the Encouragement of Irri- bankers were inclined to be cautious in their operations,
gation Works and Development of Agriculture in the and as exchange advanced, in response to a demand
United States of Mexico.
for remittance, speculative selling followed, and rates
on some occasions fell to the opening figures. ExThe reduction in the surplus reserve of the New pectations that sight would be freely bought to reinYork Associated Banks,as above noted, had only a force credits against which cables had been drawn
slight influence upon the market for money on call, were not realized, and the absence of an inquiry for these
the average of transactions being but W of 1% higher latter forms of exchange, incident to the London stock
I
than in the previous week; after the middle of the week, market settlement, was disappointing; subsequently,
however, there was a rise in the maximum rate to 2%. however, a renewal of the demand for cables, not only
Time loans were offered with less freedom, in antici- sterling but francs, imparted a strong tone to the




974

THE CHRONICLE

market, and on Wednesday high rates were recorded
until the close, when there was a recession. One factor
which contributed to derangement in the market was
the pendency of payments in London for the New
York City bonds, amounting to 25 millions, that
will be required in November. It is understood that
the Comptroller has, through the syndicate which
negotiated the bonds, made provision for meeting
these obligations; possibly, however, some of the
bankers who have contracted to deliver the exchange
to the syndicate are still short of the market, and in
that case covering of such shorts will have to be
effected next week. Commodity bills are in moderate supply and chiefly confined to those against
wheat.
Compared with Friday of last week rates for exchange on Saturday were 20 points lower for long at
4 8510@4 8515, 15 points for short at 4 8660@4 8670
and 25 points for cables at 4 8675@4 8685. On
Monday long fell 5 points to 4 85@4 8510, short 5
points to 4 8655@4 8665, while cables rose 5 points to
4 8680@4 8685. On Tuesday long was 15 points
lower at 4 8485@4 8495, short 10 points at 4 8645@
4 8650, while cables were 5 points higher at 4 8685@
4 8690. • On Wednesday long rose 5 points to 4 8490@,
4 85, short 10 points to 4 8655@4 8660, and cables
fell 5 points to 4 8680@4 8690. On Thursday short
was 5 points lower at 4 8650@4 8660 and cables 5
points at 4 8675@4 8685; long was unchanged. On
Friday long was 20 points higher and short and cables
5 points lower.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.

tVoL. Lxxxvit.
October 15 1908.

October 17 1907.

Banks of
Gold.

Silver.

B

"£

England__ 36,533,520
France. 130,496,067
—
Germany _ 37,134,000
Russia _. 120,737,000
Aus.-Hun_ 48,633,000
Spain ___ 15,741,000
Italy
37,035,000
Nethlandn 7,770,500
Nat. Belg_ 4,076,000
Sweden
4,180,000
Switz'iand 4,622,000
Norway _ 1,618,000

Total.

Gold.

£
£
36,533,520 34,676,43
35,544,509 186,040,576 110,800,77
15,353,000 52,487,000 27,243,00
6.847.000127.584,000 124,369,00
12,663,000 81,296,00 45,247,000
33,096,000 48,837,000 15,569,00
4,490,000 41,525,000 34,737,00
3,971,100, 11,741,600 6,26940
2,038,000' 6,114,000 3,223,33
I 4,180,000 4,245,00
2,300,0
4,622,00
1 1,618,000 1,816,00

Silver.

Total.

£

£
34,676,438
37,600.100 148,400,870
11,182,000 38,425,000
5,534,000 129,903,000
11,881,000 57,128,000
25,473,000 41,042,000
4,869,100 39,606,100
5,189,600 11,459,000
1,611,667 4,835,000
4,245,000
2,300,000
1,816,000

Tot. w'k 448,576,087 114.002.609562,578,696 410.495.9411103,340,467 513,836,408
Prey.wee 448,465,967 115,103.713563569,680 409,011,986 103,229,066 512,245,052

THE WARNING OF THE "WAR SCARE."
As was to be anticipated, the violence 'of the
European war scare, on its financial side, reached
a pitch last week such as could not be long maintained. Apparently the extreme collapse of prices,
notably of European government securities, to which
we referred in writing on this subject last week, was
brought about quite as much by the operations of
well equipped bear speculators—always alert and
enterprising in the case of a European war scare—
as by any outright belief among investors that the
worst results of the troublesome Eastern situation
were imminent. As a matter of fact, the news from
diplomatic Europe began to take on better shape
at the moment when the markets were in their worst
demoralization. During the subsequent week, the
situation has so adjusted itself as to give good grounds
of assurance of the outcome, and it is entirely due
to the more peaceful aspects of the situation that
British consols have recovered 1.3i points from the
low record of last week, French rentes
point and
Turkish securities no less than three points. This
visible evidence of returning confidence on the
Frt., Mon., Tues., Wed., Thurs., Fri.,
markets for European government securities has
Oct. 9 Oct. 12 Oct. 13 Oct. 14 Oct. 15 Oct. 16
86
86
86
86
160 days 4 86
86
displayed itself similarly in our own Stock Exchange,
Brown
87H
87%
Sight - 4 87%
87%
87%
Brothers
873
86
86
86
86
160 days 4 86
86
Kidder, Peawhere a decidedly sharp recovery from tile demoral87%
87H
1Sight. 4 87%
873
87H
87H
body & Co
86
86 . 86
86
86
J60 days 4 86
Bank British
ization of last week has been followed by a quiet and
87H
87%
873
87%
873
North America _ __ _1Sight__ 4 87%
86
86
86
86
86
160 days 4 86
Bank ot
unruffled market.
87H
87%
Sight - 4 87%, 87%
87H
87%
Montreal
86
86
86
86
86
MO days 4 88
Canadian Bank
Certain elements which have displayed themselves
87%
87H
87%
18ight__ 4 873
873
873
ot Commerce
86
86
86
86
86
560 days 4 86
Heidelbach, Ickel87H
87%
87H
87%
873
Sight__ 4 87H
during the recent crisis are of distinctly good'omen
heimer & Co
86
86
86
86
86
560 days 4 86
Lazard .. __
Sight - 4 87%
873
873
875
873
873
Freres
for the future. One of these is the self-control,
86
86
86
86
86
560 days 4 86
Merchants Bank
87H
87%
87H
lEight_ 4 87H
87H
873
ot Canada
manifested when the strain was most acute, by Austria,
Greece and Turkey. It was possible, and on several
— The market closed on Friday at 4 85@4 8505 for similar occasions in other years it would have been
long, 4 8645@4 8650 for short and 4 8670@,4 8680 for altogether probable,that Austria would have retorted
cables. Commercial on banks 4 8450@4 8460 and on Servia by declaring war; that Greece would have
documents for payment 4 83%@4 843%. Cotton for openly proclaimed its purpose of maintaining the
payment 4 833%@,4 84, cotton, for acceptance 4 8450@, Cretan annexation by force of arms—it did this very
%
4 8460 and grain for payment 4 84.M()4 843 . thing in defiance of the European Powers in 1897.
It was possible, also, and at one time seemed not all
The following gives the week's movement of money unlikely, that Turkey would declare war on Bulgaria,
to and from the interior by the New York banks. ' or would blockade the harbors of Crete. None of
these results came to pass. Austria maintained a
Net Interior
Shipped by
Received by
Movement.
Week ending Oct. .16 1903.
N. Y,Banks. N. Y. Banks.
dignified' -restraint throughout all the turbulent
$4,530,000 Gain
Currency
$4,554,000
$24,000 'threats of'the Servian GOvernment and people. Greece
850,0001 Gain
908,000
Gold
58,000
•
pains to say, in a diplomatic manner, that it
$5,380,000 Gain
Total gold and legal tenders
$5,462,000
$82,000 took
was not itself responsible for the situation which
With the Sub-Treasury operations the result is as had been brought about in Crete, and that it awaited
the action of the other Powers before ratifying the
follows.
action of the Cretans. Turkey, while calling upon
Net Change in
Out of
Into
Banks.
Bank Holdings. the signatories of the Berlin Treaty of 1878 to protect
Week ending Oct. 16 1908.
Banks.
$5,380,000 Gain
Banks' interior movement, as above_
$5,462,000
$82,000 her rights as they had therein guaranteed to do,
28,650,000 Gain 1,000,000
29,650,000
Sub-Treasury operations
announced at the same time that it would make no belTotal gold and legal tenders
$35,112,000 $34,030,000 Gain $1,082,000
ligerent move until the question had been thus settled.
In these several directions it is easy to see the
The following table indicates the amount of bullion
restraining influence of real conservatism and of real
in the prnicipal European banks.




Om. 17 19081

THE CHRONICLE

975

dislike of appeal to force.l.But the course of events
since the immediate occurrence of the crisis has also LOUISVILLE ctiNASHVILLE AND RAILROAD
disclosed a magnanimity and a conciliatory disposition
CONDITIONS IN THE SOUTH.
on the part of the greater Powers such as has not
In the results disclosed by the annual report of the
been exhibited under circumstances of the sort in Louisville & Nashvil
le Railway Co. we see illustrated
many a year. England, for instance, has shown a the trying conditi
ons under which railroad operations
disposition to waive its personal preferences regarding have been conduc
ted in the South. The situation was
a conference to revise the Treaty of Berlin, and what bad enough in the
years when trade and industry were
is of even more significance, Russia, which at almost still prosperous
and railroad traffic kept steadily
all other times in the long series of Balkan disturbances expanding. With
the shrinkage in traffic and revehas reached, out to grasp some advantage, great or nues which
ensued in 1907-08, the situation besmall, in its own movement towards Constantinople, came highly
precarious, as every one foresaw must be.
has semi-officially declared that it has no selfish wish
the case if the drift towards a steadily diminishing
in the matter, except for what it regards as a legitim- margin
of profit which had been the feature so long
ate review of the provisions regarding passage of was
not changed. We called attention, in reviewing
Russian war ships through the Dardanelles. And, the report
for 1906-07, to the hard times which railas to even this matter, moreover, Russian diplomats road system
s in the South were even then experiencing,
have allowed it to be known that their Government and during
1907-08, for the reason just given, this.
would not insist upon that as an essential part of state of things
was aggravated and intensified.
the program of the new international conference,
The point we made twelve months ago was that the; nor would they force the suggested new arrange- roads had
been called upon to raise large amounts of'
ments in the face of reluctance on the part of the new capital from
year to year,and though tonnage
Turkish Government. In fact, the interchange of and gross earning
s kept expanding in a satifsactory
views among the Treaty Powers, so far as it is .as yet way, yet when the income
account for any given period
known to the public, has been marked by good feeling of twelve months
was made up, there was very little
and astrong disposition to protect the position of Europe. to show in the
way of increased net for the large addiThis reassuring fact does not mean that all the tional outlays
. While in a measure this had come to
difficulties and dangers involved in the revision of be the
situation, of the railroads nearly all over the
the Treaty .of Berlin have disappeared. Even in yes- country
, for some reason the railroads in the South.'
terday's dispatches, it was intimated that Turkey was .appear
ed to be particularly unfortunate in that respect,
dissatisfied with the program of the Powers. Experi- and to
be faring worse.than the roads anywhere else
ence has taught that conflicting ambitions and claims within the
broad domain of the United States. In the
will inevitably arise at such a conference. When year
ending June 30 1905-06,the Louisville & Nashsomething is allowed to one Power, the other Powers ville added
$4,491,926 to its.'gross earnings but only
have invariably submitted demands for compensation $48,483
to its net earnings. In 1906-07 there was a •
to themselves, and it will be strange if something is further additio
n to gross earnings in the large sum of
not heard of these conflicting demands in the present $5,254,949,
while the increase in the net was only
case. The attitude of Germany still remains an $407,110.
In other words, a gain of no less than
awkward uncertainty in the matter, and the best $9,746,875 in gross
revenues in these two years had
diplomatic skill to the Powers admitted to the new been productive
of an addition of only $455,593 to the
International Conference will be needed to avert net. In face
of this state of things, several of the
such acrimonious disputes as marked even the far less State
legislatures in the territory traversed by the
important conference of two years ago over Morocco. road
had undertaken arbitrarily to reduce rates for
All this will possibly be reflected in the markets.
traffic, either of passengers alone or both passengers
On the other hand, it is now becoming rather evi- and
freight, and were engaged in placing other restricdent that the position of Constitutional Turkey is by tions
upon railroad management—restrictions which
no means as seriously injured by the events of last were
'not alone vexatious but which were certain to'
week as at first sight seemed inevitable. The sug- add
still further to the cost of operation,alreadyso high.
gestion that financial compensation be required from
It was under such auspices that the fiscal year whose
Austria and Bulgaria, in return for the surrender
results we are now recording opened, making it ineviof Turkey's provinces to them, may play a considertable that the outcome would be unfavorable,even if
able part; but,even aside from this,the course of events
trade should pursue its normal tenor. Instead, howhas indicated that the feeling at Constantinople is
ever, of a continuance of normal conditions, the course
by no means as hotly directed, towards retaining
of trade became decidedly abnormal, which means
these outlying and much misgoverned provinces that where
previously there had been growth and
of the Empire as might have been supposed. It is expansion,
now there was shrinkage and retrogression.
indeed quite within the bounds of possibility that The financia
l revulsion of last autumn was followed by
the Turkish people in the end will recognize, as the an immedi
ate collapse in trade and the downward
Spanish people did after 1898, that the loss of an movement
has not even yet been entirely arrested.
irritating, expensive and politically useless group In no branch
of industry was the collapse more imof dependencies will inure to the real stability and mediate and
more pronounced than in the iron and
advantage of the Government at home. When steel trade.
When we say this, we make it clear that
financial and political reforms of so extensive scope the Louisvil
le & Nashville was destined to lose very
are pressing upon the new Turkish Parliament, which heavily, since
its lines traverse the mineral districts
convenes next month, it may be found that the loss and connect
with the iron centres of the South.
of these provinces has imparted strength and coherence
The situation which confronted the management of
to the real body politic of the Turkish Empire.
this property, the same as other railroad properties



976

THE CHRONICLE

[VOL. Lxxxvii.

In view of all this it will be no surprise to hear that,
in the South, was that tonnage and revenues had suddenly fallen off, while it was no easy task to curtail owing to the great contraction in net income, the comexpenditures to offset this loss in any very material de- pany did not fully earn the dividends paid on its
gree. Wages could not be reduced,and prices of materials $60,000,000 share capital after making the $1,690,468
and supplies and of all the various things that enter contribution for additions and improvements. A cash
into the operating accounts of a railroad remained dividend of 3% was paid last February calling for
high. About the only means available for cutting $1,800,000, and a dividend of 23% was paid in Augdown the expenses besides the practice of minor ust calling for $1,500,000, making $3,300,000 together.
economies was to reduce the force of employees, and The net income above charges was for the year only
this was necessarily a slow process and required time $2,824,456. For the remainder of the amount needed
to show its effects. Under these circumstances, it is to make up the $3,300,000, accumulated surplus (or
not surprising to find that gross earnings of the Louis- credit to profit and loss) had to be drawn upon. While
ville & Nashville were reduced, as compared with the the result is not startling, it is yet highly significant—
year preceding, in amount of $3,643,664, while ex- we mean significant of the hardships entailed—that a
penses were decreased in a comparatively small sum. railroad property like the Louisville Sz Nashville
From a table in the report, it might seem as if there should with the first serious reverse in trade find
had been a reduction in expenses in the substantial itself unable to earn the full amount of its dividend
sum of $2,187,011, but a footnote to the table explains distribution even at a reduced rate. For in the case
that the figures of operating expenses for 1907-08 do of the Louisville & Nashville we are not dealing with
not include outlays for additions and betterments, a decrepit property. The company is not one which
amounting to $1,690,468, which it has always been the has been obliged to go through repeated bankruptcy
practice heretofore to include in the expense account. and reorganization. It is one of the best railroads in
Allowing for this it will be seen that the real diminu- the South, with a long record of prosperity behind it.
tion in the expenses, instead of being $2,187,011, was Moreover, as we pointed out a year ago, the company
only $496,543. In other words, with a loss of $3,- has never pursued a policy of expansion except in a
643,664 in gross revenues, only $496,543 was wiped very careful and conservative way. Furthermore,
out by lower expenses, leaving, therefore, a loss in net its lines run through the best and most advanced
of $3,147,121, or not far from 25%. At one stroke the sections of the South,as far as population and material
amount of the net has been cut down from $12,482,642 resources are concerned. When, therefore, this propto $9,335,522, the lowest of any year since 1899-1900. erty finds itself so hard hit in the first year of a period
On nearly every page of the report one finds evi- of trade depression, it is tirri for serious redence of the trying conditions which had to be met flection, and for calling a halt to the policy of
and of the poor results to which this led. It should antagonism to railroad interests which has been
be added that the shrinkage in gross revenues followed so persistently pursued in more recent years, and
not alone from the falling off in the volume of tonnage, which is now being attended, as we see, by such
but also—what perhaps would be expected—from a disastrous results.
We have stated above that it had not been found
decline in rates. The remarks in the report are very
brief, as they always are, but the figures need very possible to reduce wages. This remark, however,
little elucidation, they speak so eloquently for them- does not apply to the higher officials. Here there was
selves. The company realized an average of only a drastic cut, and the poor showing of net was made
7.79 mills per ton per mile on its freight traffic, as in the face of such cut. The report tells us that those
against 7.96 mills in the year preceding. This is a charged with the management of the company, bedecline of somewhat over 2%. The volume of the lieving that the depression would continue throughout
tonnage was reduced about 10% as measured by the the year, and that recovery would be slow, began renumber of tons handled and about 83'% as measured ducing expenses as soon as possible after October,
all salaries amounting to $3,000 per annum or over
by the number of tons carried one mile.
As already stated, economies could be introduced being cut and economies being inaugurated in every
only slowly, and as a consequence we find that while department. The favorable feature, and the one
gross earnings from the freight traffic fell off from most promising for the future, is that, towards the
$34,971,261 to $31,334,940, the cost of moving this close of the year, the management got pretty thorough
freight actually increased from $24,999,149 to $25,- control over the expenses and the effort at retrench443,312, with the result that the net earnings from ment and economy began to tell. In the first four
freight revenue trains in 1907-08 were only $5,891,629, months of the fiscal year gross operating revenue
as against similar earnings from the freight trains in increased by comparison with the previous year $1,1906-07 of $9,972,112. Thus there was a contraction 685,090 and operating expenses increased in still
in the net earnings from the freight business in amount larger amount, or $1,796,659. In the last eight
of over 40%. It cannot be urged that there was not months gross earnings decreased $4,856,982 and opdue economy of operations, for we observe that the erating expenses were reduced $1,135,002. In the
number of tons in each train, notwithstanding the month of May gross earnings decreased $791,185 and
unfavorable conditions prevailing, slightly further in- operating expenses were cut down in amount of $480,creased, rising from 230.95 tons to 233.60 tons. This, 026. Since May, we are told, the expense ratio to
however, was insufficient to overcome the many other revenues has been further diminished, thus making
adverse factors. It thus happens that the freight a better showing as to net. It is not possible to institrains earned only 34.233 cents per mile run, as against tute comparison with the previous year of the different
52.394 cents per mile run in the previous year,while the items of expenditures so as to see just how and where
net earnings per mile of road fell from $2,315 to the knife was applied, owing to the fact that a new
classification of expenditures and of earnings had to
$1,355.




OCT. 17 1908.1

THE CHRONICLE

be employed in 1907-08 in pursuance of rules prescribed by the Inter-State Commerce Commission.
The company did not add greatly to its funded debt
during the year. In order to provide the funds for
expenditures which could not be postponed for double
track, grade reductions, new construction and additions to terminals and equipment, $3,000,000 of unified 50-year 4% bonds were sold at a price which
netted the company $2,815,300, and $33,000 of Atlanta Knoxville & Cincinnati division 4% bonds were
also sold; but, on the other hand, $1,450,500 of various
issues of bonds were purchased or redeemed or taken
up, leaving the net increase in the outstanding amount
of bonds during the twelve months only $1,582,500.
New construction expenditures are being rigidly curtailed, work covering about $650,000 previously authorized having been indefinitely postponed, as has
also been the consideration of all additional construction or improvements not deemed absolutely necessary. During the year an aggregate of $4,712,841 was
spent for second track and grade reductions, for new
railroad construction and for terminal additions and
additions to equipment. As a result the balance sheet
for June 30 1908 shows only $3,643,772 of cash, as
against $8,201,191 on June 30 1907. The company,
however, held $16,408,000 of its own bonds in its
treasury on June 30 1908.
THE SOUTHERN RAILWAY AND ITS
ECONOMIES.
The feature in the annual report of the Southern
Railway Company which will attract particular
attention is the way the management succeeded in
cutting down expenses. The road suffered, of course,
severely, the same as other roads, and particularly
those in the South, from the intense depression in
business which came immediately after the events
of last October. In the first four months of the
fiscal year, namely the period from July to October
1907 inclusive, gross revenues continued to expand
in the same noteworthy way as during the whole
of the previous history of the company. For October,
indeed, the aggregate of the gross proved the very
largest of any month of any year, breaking all records
in that respect. For the four months mentioned
the increase in the gross over the large totals of the
corresponding months in the previous year reached
$1,754,950. After that, however, losses kept piling
up month after month at an accelerating rate, the
falling off for the eight months from November 1907
to June 1908 reaching no less than $5,471,228. For
the full fiscal year, therefore, there was a decrease of
$3,716,278. What excites interest is that the management were able to, offset this diminution of $3,716,278
in operating revenues by a reduction of $3,213,825
in operating expenses, thus leaving a loss in net of
only $502,453, though an increase in taxes of $397,232,
or over 24 per cent, swelled the amount of the loss.
in net to $899,685.
The experience of the Southern Railway in thus
effecting so striking a curtailment in its expenses is
so different from the experience of other roads (the
Louisville & Nashville, for instance, whose annual
report we review in a preceding article, having suffered
a decrease in gross not very much different in amount
from that recorded by the Southern Railway, namely
$3,643,664, but having decreased expenses only




977

$496,543) that naturally there is much curiosity to
know the means and agencies by which the reduction
was brought about. President Finley goes at length
into a discussion of the matter and establishes pretty
clearly, as we shall presently show, that the retrenchment has not been at the expense of the physical
standard of the property. Before adverting, however, to his remarks, we wish to point out that in the
case of the Southern Railway expenses in the antecedent
period had run up very much faster and more heavily
than on most other large systems. Comparison
with the 1906-07 results of the Louisville & Nashville
serves to bring out this difference very clearly. In
the year referred to the Louisville & Nashville made
a gain in gross of $5,254,949, which was attended by
an augmentation of $4,847,839 in expenses, leaving
therefore a gain of $407,110 in the net. The Southern
Railway, on the other hand, while having a • gain
of only $3,016,556, showed an augmentation in expenses of no less than $4,926,143, leaving, therefore,
for that year no gain at all in net, but instead a loss
in the large *sum of $1,909,587. The explanation,
no doubt, is that the congestion of traffic which
militated against efficiency of operations was more
serious with the Southern Railway than with other
roads. It follows that in 1908, when traffic was
suddenly reduced, there was correspondingly greater
room for curtailment of expenditures and the restoration of that efficiency which obtains under normal
conditions.
With this fact in mind, we are able to comprehend
how it was that the measures adopted for establishing economies in operation proved so effective. Mr.
Finley points out that up to the late year the problem
was how to provide facilities for handling economically
and promptly an increasing business, the volume of
which had already overtaxed, and nearly overwhelmed,
the operations of the company. Now, a new problem
of management was created, one of retrenchment
of expense of operation in greater proportion than
the decline of revenues. It was realized, he said,
that a saving in expenses merely equivalent to the
loss of gross would not suffice, because of the constant factor of fixed charges. The facilities and
capacity of the company had been built up in recent
years through additions to its funded debt, and this
intensified the problem of maintaining the level of
net earnings necessary to meet the fixed charges so
assumed. The measures adopted were prompt and
that they have proved effective in meeting the emergency
is, of course, evident from the figures we have quoted
above, showing how noteworthy the reduction in
expenses has been.
Retrenchment, it is pointed out, was directed
primarily to what Mr Finley calls the obvious economies—the cutting out of train service gauged to
meet the demands of commerce when at high tide, and
which, after test, was demonstrated to be no longer
necessary; to reduction of forces in shops, at agencies
and in yards, where the amount of labor employed
is regulated by the amount of traffic handled, and to
consolidation of operating divisions, which had been
sub-divided in the past as the volume of traffic handled
had increased. The next step in the campaign of
retrenchment, we are told, was more difficult, as it
was less obvious, namely the reduction of expenses
by the enhancement of efficiency. Efforts were

978

THE CHRONICLE

[VOL. Lxxxvii.

concentrated upon the elements of train haul, car capital expenditures in the year preceding, fixed
distribution, coal consumption, maintenance of sched- charges in 1907-08 increased over three-quarters
ules, handling package freight, increased tonnage of a million dollars ($768,499) and this with the
of package cars and uniform practice. The effect of decrease in net income left the company in a position
these measures was not immediately apparent, but where the balance remaining above fixed charges
in the latter part of the fiscal year their influence on the operations of the twelve months was no more
was made manifest in very noteworthy decreases in than $401,850—obviously a very meagre showing
the monthly totals of expenses. A fact to which for a company whose gross earnings, even in a year
great prominence is given, and deservedly so, is that of such intense trade depression, reached, roughly,
the economies effected have been very largely in the $53,000,000. Mr. Finley lays emphasis on the fact
transportation expenses. It appears that of the total that during the year there was no reduction in the
decrease of $3,213,825 in operating expenses for the rate of wages paid to railroad employes, which had
year, $1,890,765 (or over 58 per cent of the whole) been advanced from time to time with increasing
was in transportation expenses. That, in itself, business in previous years, nor has there been, he says,
as the report notes, was a demonstration of efficiency. any substantial abatement in the unit cost of the
Furthermore, as the most of this was accomplished things which a railroad has to buy in order to carry
in the last six months of the fiscal year, that is, after on operations.
the pressure of necessity was felt, what has been done,
On the other hand, there has not been any comit is intimated, is an earnest of what can be done pensating increase in the price at which railroads
hereafter—which of course, is an encouraging thought. can sell the commodity which they produce—transBesides the reduction in transportation cost there portation. He says with truth that the result of
have also been substantial economies in maintenance advancing operating costs without any compensating
charges, but none, Mr. Finley states, at the expense increase in railroad charges has been to bring about
of the conservative upkeep of the property. Not "an uneconomic relation between revenues and
only has the roadbed been kept up in all respects operating costs." The problem of so changing this
necessary for the safe and prompt movement of relation as to establish a proper margin between gross
trains, but it has been materially strengthened during earnings and operating costs can only be solved,
the year. The depression in business left much he asserts, by 4, reasonable advance in railroad charges,
equipment idle and as to some part of this idle equip- or such a reduction in operating costs as could only
ment repairs were deferred until there appeared be brought about by a general lowering of the wages
to be a reasonable expectation of the approaching of railroad employees, or both. One result of the
need of the surplus equipment. But as indicating lowering of wages would be to reduce the purchasing
that even under such conditions there have been power of railroad employees, and the maintenance of
no undue economies in maintenance expenditures this purchasing power is obviously an important
as compared with preceding years, it is pointed out factor in the general prosperity of the country. On
that for the ten years from 1898 to 1907, the average the other hand, a moderate increase in railroad
charges for maintenance of way per mile were $890.06, charges would weigh heavily on no individual.
while for the year ending June 30 1908 the charge
He argues, therefore, that it would seem fair that
was $1,015.26 per mile. The cost of maintaining the average level of rates should be reasonably adengines per mile run in 1908 was 8.06 cents, as vanced; and he expresses the hope that when
compared with 6.65 cents for the ten-year average. business revives somewhat, it will be generally recogThe average annual cost of maintenance per freight nized that existing conditions are unfair and that
car for the last six years was $71.79 as compared a railroad is entitled to the same consideration of
with $77.03 charged against maintenance of freight equal justice at the hands of the business public
car equipment per car in 1908. The cost of freight which the business public has so clamorously decar maintenance per freight car mile works out 2.11 manded from the railroads. No fault is to be found
cents in 1908 as against 1.22 cents for the ten-year either with Mr. Finley's logic or his facts and what
average. Furthermore, the point is made that, by he says should appeal to all intelligent men and lead
, reason of the increase of efficiency of individual to a modification of the attitude which ,the public,
labor since the curtailment of forces was made last has heretofore assumed towards railroad interests.
winter, a comparison of cost of maintenance is not
necessarily a comparison of the amount of mainA PROPOSED FREIGHT SUBWAY.
tenance accomplished, inasmuch as more work, and
Mr. W. J. Wilgus, who until recently was Chief
better work, is obtained on the track and in the shop Engineer and Vice-President of the New York Centra I,
for a dollar to-day than in the period of pressure lately returned the retainer he had received from the
of heavy business and competitive demand for labor. Public Service Commission, and recalled the prelim iAll this, of course; is very satisfactory. But, as nary report he had made on the matter of the removal
Mr. Finley well says, the problem which faces the of the Central's tracks on the lower west side of the
company has not yet been solved. What is meant city, saying that his investigation of that subject had
by this statement appears when we turn to the income led to the conception of a broader and more pre man ent
account and observe what the final result for the scheme of freight handling, and he desired to be left free
year was. The company, as is well known, has to give himself to that scheme. He has now laid an
discontinued entirely the payment of dividends on outline of that scheme before the Commission, and it
its preferred shares. Despite the economies intro- is indeed a broad one.
duced and the marvelous reduction in expenses
The plan is exclusively for freight. It Propose
effected thereby, practically nothing was earned a four-track subway from Mott Haven along the riverfor the preferred shares. As the result of the new front of the East River and around the Battery up




OCT. 17 1908.]
THE CHRONICLE
979
—
to the foot of West 60th Street on the North River. space is used by twelve foreign lines. On
the East
A cross-town line under 42d Street would cross the River below 44th Street, 10% of
the total linear
Hudson by a tunnel and extend to a "classification" frontage is used by six railroads,
exclusive of ferries.
yard in New Jersey. This subway would, of course, There is no complaint of this, and
when the Erie Canal
connect with the railroad piers, and cartage tunnels enlargement is finished,the canal
interests will call for
would extend under the sidewalks in the business ,more space; but while there is
still unused waterdistrict direct to buildings occupied by receivers and frontage in Brooklyn, it is plain
that the available
shippers of freight. Collecting outgoing and distrib- frontage on the commercial part
of Manhattan is inuting incoming freight within the city is one work; capable of enlargement and
some method of land
bringing it to and carrying it from the city over steam carriage seems needed
which will lessen rather than
lines is another. The new scheme does not contem- increase the need for railroad
space on the water
plate any change in the latter, but to assist distribu- front.
tion and collection.
Here we might remember that while the growth of
For this better handling of freight while in the city, the city during the last forty
years has vastly increased
the classification yard is the principal factor. That the amount of handling and
carting of merchandise,
is closely analagous to the bank clearing house, from there has been no appreciable
change in the methods
which it differs in handling material values instead of of doing it, save that the motor
truck and delivery
evidences of value. Freight is to be sorted there, as wagon have been slowly coming in during
the last four
it arrives, much as packages are now sorted in the years. The Wilgus plan contempla
tes utilizing the
warehouses of the express companies, according to the motor truck in the less congested districts
for collecting
section of the city to which they are to be delivered. and delivering freight, running to and from the
nearest
From the classification yard the freight is to go out point where one of the cartage subways can
be tapped.
for distribution in 10-ton cars,, which are to run di- At such points would be transfer stations,
where the
rectly into the premises of receivers; on the return 10-ton loads could be lifted, car and
contents, by .elemovement freight is to go from shippers, in these vators, and thus be set upon
or taken from the motor
same cars, to the classification yard, to be there shifted trucks which bring or take away
the loads; in some
to the regular cars, which take it out into the country cross streets, where only a single-tra
ck spur is conover the respective lines. Electricity is, of course, templated,the freight movement
would be in one directo be the motive power.
tion in one street and in the other direction in the next
This is an outline of it. Stated in a sentence, the street adjacent. At present,
regular freight cars,
idea is to take freight from the surface and put it under only partly filled, must come
into the metropolitan
ground, where it can neither obstruct nor be obstructed district, and be handled
and stored where space is
by any other kind of movement; also to give it a steadily growing more valuable;
per contra, this plan
faster motion as well as relieve it from enforced proposes small cars filled. Incidental
ly, it is sugstoppages, and to reduce to the minimum the handling gested that instead of carting rubbish and
sweepings
of it and the breaking of bulk. It is difficult to convey through the streets and towing it
out to sea, this plan
in a paragraph the extent to which freight handling will allow its being carried away
beneath the surface,
in the city now obstructs other movement and is to help reclaim the Hackensack
Meadows. No menObstructed in turn. Any New Yorker who notes how tion of snow removal is made, but
there seems to be
pedestrians march in streams along busy downtown no serious obstacle to treating snow
in some similar
streets, and how many passenger vehicles there are manner. An elevated passenger
road along West
which must remain on the surface, can gather. some Street is also suggested, but
that seems rather a result
faint notion of it; he might also notice how many times, than an integral part of the
scheme.
in the course of a week or a day, he is himself halted
Some half-dozen distinct advantages of the plan
at a crossing while some truck or string of trucks are suggested, besides relieving street
congestion,
lumbers past. If he travels in or out by some boat reducing noise and wear of pavements
and cost of
or railroad at the West Side, he clambers over skids disposing of waste products. The most
important
and burrows his way among street traffic; he is so seem to us to be tending to produce direct rail connecwonted to this that it has become only a momentary tions at the water front with industries and
shippers,
irritation. The truckman who has a load for delivery and "releasing docks and piers from railroad
use, thus
at one North River shipping pier and a case or two to permitting their occupation for expanison
of water
be left at another one cannot afford to spend time in traffic and helping commerce."
standing in line in order to dispose of the small fracMr. Wilgus now comes forward as the head of the
tion of his load; so he often turn, his case or two over Amsterdam corporation, and Mr. H. J.
Pierce, lately
to a fellow .truckman who has a full load to leave at .head of the surface systems of the Buffalo
district, has
that place 'and must stay until it is left. Then he associated himself with Mr. Wilgus in this
corporation
goes on with his main burden, and, on the next day, expressly for promoting the huge scheme.
The first
receives his shipping receipts from the other man, difficulty to occur to laymen is likely
to be the fact
being himself ready to return the favor in kind on that the river-front streets are upon made
land and
some other occasion; a sort of clearing-house exchange that tunneling through such unsubstantial material
of courtesies has thus grown into custom, and while it cannot be easy. But the proposed tubes are
of
is irregular and undesirable, it has come about by smaller bore than those already constructe
d, and the
necessity, there being no practical way of avoiding it.
objection seems less serious than it would seem
The projectors of this new scheme tell us that, had not much under-water work already been
acsouth of 72d Street, 30% of the total linear space along complished; it is an engineering problem, and
where'
the North River is used by eight railroads, ferry engineers dare to go the layman need not
fear impossispace not being counted, and that 23% of the total bility. The trucking and lightering interests
will



980

THE CHRONICLE

obviously be menaced,but they are a necessary burden,
and if progress halts them, they must yield as other
worn-out methods have had to yield.
As for the railroads, Mr. Wilgus sees no reason
why they should object, since no known plans of theirs
could be injuriously affected., We might point out
that the Pennsylvania has an unfinished project—less
familiar to the general public than the passenger subway from New Jersey to Long Island, yet of large
foresight and importance—for a "connecting-railroad"
for freight across Brooklyn and the East River to the
main land at or near Port Morris; so there is already
work going on to take freight off the lighter on the'
rivers and the truck on the streets. We should note,
too, the very pregnant suggestion that the Hudson
cannot be advantageously bridged, hence that exclusive freight tubes under the river seem inevitable,
.especially in view of the prospect that in course of
time the turning of passenger travel from the present
Hudson River ferry-boats will make many of those
boats no longer profitable to run, just as has already
happened on the East River. This might relieve
congestion on the river,says Mr. Wilgus and his associates; but then, what would become of the alwaysgrowing traffic in food-stuffs and other freight between
New Jersey and this city?
The problem of congestion in the streets has been
hitherto approached on the assumption that it comes
from passenger traffic; on the contrary, these projectors contend that the vehicular traffic is largely responsible for the crowding and that if the heaviest
part of it is put underground the passenger traffic will
largely take care of itself. There seems to be considerable ground for this contention.
The cost of this scheme is estimated as 80 to 100
millions. The financing of it, the relations of the city
to it, and the ultimate disposition of it, need not be
settled to-day. Application for franchise is not yet
made, and the plan is put out for consideration and
criticism, in the expectation that objections may be
raised, both from those who cry for more passenger
subways as the greatest• need, and from some who
prefer other means of meeting the freight problem.

HOW DEPRESSION AFFECTED BALTIMORE
& OHIO.
business depression has affected adversely all
While
the railroads in the country, none have suffered so
severely as those running through the manufacturing
and mineral districts. This follows from the fact
that it is in these sections of the country that the industrial paralysis and stagnation which followed the
disturbances of last autumn have been most pronounced. Very naturally, also, the slump in traffic
and in revenues has been proportioned to the previous
growth. The Baltimore & Ohio is a system which
was in position to be adversely affected in precisely
this double way. Its lines gridiron large portions of
the iron and coal districts, the system being perhaps
the largest coal carrier in the United States next to the
Pennsylvania Railroad. Furthermore, as the system
comprises a network of roads connecting the seaboard
with St. Louis, Chicago and a number of other points
on the Great Lakes, the course of its traffic and
.revenues is in no small measure dependent upon the
condition of the manufacturing industries in the Middle




[VOL. LXXXVII.

and Central States, which since last October have been
extremely depressed.
As for the antecedent growth and expansion in its
business, the Baltimore & Ohio forms one of the most
conspicuous instances of the kind in the whole country,
as has been noted by us on many occasions in the past.
As an illustration of this growth we may note that
the freight movement in the ten years from 1896-97
to 1906-07 increased from 18,716,655 tons to 58,448,265 tons and the tonnage movement one mile from
3,499,075,760 tons to 11,330,133,482 tons. It is true
that during this period, owing to the absorption of the
Baltimore & Ohio Southwestern and some other lines,
the length of road operated increased from 2,090 to.
4,006 miles, but this was a matter of no very great
consequence, as the added mileage had a relatively
light traffic as compared with the Baltimore & Ohio
itself.
That a property thus situated should sustain heavy
losses in traffic and earnings as a result of the manufacturing and industrial depression prevailing, follows
as a matter of course. As the monthly revenue statements issued by the company during the year had
shown so clearly and unmistakably the downward
course of earnings, the chief value of the present report
lies in the fact that it enables one to see the extent
to which traffic was reduced as a consequence of the
causes enumerated. A very few figures drawn from
the report will serve to indicate the magnitude of this
loss. On the lines directly operated there was a
falling off in freight carried of 8,960,054 tons and on the
so-called controlled or affiliated lines a further decrease
of 1,161,056 tons, making together a shrinkage in the
freight traffic in a single year of over 10 million tons
—10,121,110 tons. In the number of tons moved
one mile the decrease from the previous year reached
the prodigious figure of 1,542,718,149 tons on the
parent system, with a further decrease of 102,570,323
tons on the controlled roads, making the loss for the
combined lines no less than 1,645,288,472 tons. The
falling off was most pronounced in the coal and coke
traffic, but extended through the whole line of mineral
products and of articles of manufacture and merchandise, and also lumber.
In the passenger traffic there was further expansion,
as measured both by the actual number of passengers
carried and the number moved one mile, but revenues
from the passenger department nevertheless fell off,
the decrease on the parent system (we have not the
details for the controlled or affiliated roads) being
$385,790. The report reveals a marked decrease in
the rate received per passenger per mile, the average
for 1908 having been only 1.890 cents, as against
1.952 cents in the year preceding. In other words, a
situation existed where large additional service was
performed without bringing a corresponding increase
in the compensation received. The responsibility rests
on the States of West Virginia, Ohio, Indiana, Illinois
and Pennsylvania in fixing low maximum rates per
passenger per mile.
We also observe that the earnings from the transportation of the mails were diminished by $192,342.
This particular loss, it is stated, was due to adjustments by the Government of the rates of compensation and curtailment in the character of the service.
In the average freight rate received there was likewise
a falling off, but this was very slight. At the same

Odr. 17 1908.:

THE CHRONICLE

981

time taxes, as in the case of so many other roads, were applied in this way for construction, additions and
increased, the addition in this way having been $267,- improvements was $3,000,000 and in 1905-06 the ap503. It should perhaps also be noted that the ex- propriation was the same. For the five years to 1907
penses on account of maintenance of equipment were inclusive the application of income for these purposes
increased $114,879 by reason of the depreciation reached $14,000,000. No such appropriation was poscharge required under the new system of accounting sible in 1908, the surplus remaining above fixed
put in force on July 1 1907 by the Inter-State Com- charges being in fact insufficient to meet the year's
merce Commission. Furthermore, the report speaks call for dividends.
The surplus, we have already seen, was $10,156,788.
of the "increased expenses of dispatching trains, of
yard and switch tenders and interlocking operations, The 4% dividends on the $60,000,000 of preferred stock
due to the increase in wages and to legislation regulat- called for $2,400,000 and the 6% being paid on the
ing hours of labor, the increase from these last men- $152,175,829 common stock called for $9,130,550,
tioned causes being estimated at $800,000 for the making $11,530,550 required and leaving a deficit of
year."
$1,373,762. In other words, in order to meet the
Thus the road was hard hit in a number of different dividends the company had to draw on accumulated
ways, and it should also be remembered that—like surplus to the latter extent. President Oscar G.
the systems which compete with it both to the north Murray makes no prediction as to the immediate future,
and to the south—the Baltimore & Ohio is obliged to but he notes that there exists at this time a hopeful
move traffic at very low average rates. On its soft- view that, with the promising condition of the crops
coal tonnage the rate is only a trifle over 4 mills per and the development of more conservative views, the
ton per mile, and on the entire freight tonnage, in- current year will show a marked reaction and improvecluding the soft coal, the average is no more than ment, if not complete recovery. It should be added
5.69 mills per ton per mile. Such rates can be made that the monthly returns issued for the current year
to pay only when the traffic is very dense and of thus far indicate that the expense accounts are now
enormous. volume. Through prodigious outlays of capi- under control, the result for the three months to Sepi.
tal in recent years, the Baltimore & Ohio has been 30 1908 being a loss of $4,031,695 in gross, attended
brought to a point where it is able to make a profit at by a reduction of $3,521,886 in expenses, leaving only
such figures, but obviously any great diminution in the $509,809 loss in net'.
aggregate volume of tonnage, such as occurred in the
The balance sheet for June 30 1908 reports loans and
late year cuts deeply into the profits. Furthermore, bills payable to amount of $11,660,000, $9,660,000
it is no easy matter in such circumstances to reduce of this representing one-year notes issued last March.
expenses in proportion to the shrinkage in traf- On the other hand, cash in the hands of the Treasurer
fic, or indeed to reduce them at all to any very at the same date was $13,955,494, as against only
material extent, except after long and deliberate $5,914,377 on June 30 1907. The construction and
planning.
betterment outlays—which were on a greatly reduced
Looking now as to the effect of all these adverse cir- scale—aggregated during the year $6,375,922. The
cumstances upon income, we find that gross earnings funded debt was increased during the twelve months
fell off $8,635,140 as compared with the year pr- in amount of $6,243,000.
ceding, while net earnings were reduced hardly less
in amount, namely $7,905,928, expenses having decreased only $729,211. The aggregate amount of the RAILROAD GROSS EARNINGS FOR SEPTEMBER'.
Our early statement of gross earnings for the month
net was reduced from $27,363,831 in 1907 to only
$19,457,902 in 1908. This falling off in the net is all of September makes the best showing of any month
the more significant inasmuch as in the preceding year of the year. The falling off as compared with the
an • addition to gross revenues of $4,851,865 had same month last year reaches, for the roads reporting,
been attended by an augmentation in expenses of only $3,986,202, or but 5.78%. Of course the com$5,364,870, producing a loss in net for that year pilation covers merely the roads which make it a pracof $513,004, to which the large loss of 1908 is tice to furnish preliminary estimates, comprising
83,157 miles of line, or not much more thy one-third
additional.
We remarked a year ago that by reason of the large of the mileage of the country, and these roads are made
capital outlays made upon the property in recent up chiefly of Western and Southern lines. As it
years and the high efficiency of operations attained, happens, Southern roads have had the advantage of
the company was well circumstanced to bear an ad- a larger cotton movement and Western roads the
verse state of things. It is fortunate that it was thus advantage of a larger grain movement. It seems quite
fortified, otherwise it could not have come out with certain, therefore, that when complete returns are
strength unimpaired through a period of business ad- available covering the great bulk of the railroad mileage
versity such as that which distinguished the year under of the country, the ratio of loss will be found to be
review. Owing to the large decrease in net earnings considerably heavier than indicated by our compilathe surplus remaining above fixed charges on the year's tion of to-day, for in the manufacturing and mining
operations was only $10,156,788, as against a corre- sections of the country the falling-off in traffic has
sponding surplus for 1906-07 of $17,445,630. The continued to be large. But at all events the showing
shrinkage, it will be seen, amounts to $7,288,842, or is certain to be much better than in most of the preconsiderably over 40%. With many roads such a ceding months.
shrinkage would have meant bankruptcy. The BaltiThe Western grain movement was of phenomenal
more & Ohio of course had to forego the contribution proportions—at least as far as wheat is concerned.
out of income which had become the usual course in The spring-wheat deliveries in the Northwest were on
preceding years. In 1906 the amount of income a prodigious scale, the high prices prevailing for wheat




982

THE CHRONICLE

having evidently proved a stimulus to the marketing
of the new crop. For the five weeks ending Oct. 3
Duluth received no less than 16,591,689 bushels'of
wheat, as .against only 5,967,788 bushels in the corresponding five weeks of 1907, and Minneapolis received 19,819,500 bushels, against but 5,461,650
bushels. Thus at these two large spring-wheat
markets, deliveries in the five weeks this year aggregated 36,411,189 bushels, as against only 11,429,438
bushels in 1907. At the ten leading Western markets
combined the 'wheat receipts reached no less than
52,027,419 bushels, as against 27,895,419 bushels last
year. It is noteworthy that at Chicago wheat deliveries (spring and winter combined) fell below the
total of a year ago, and it is also a fact that the corn
deliveries at nearly all the markets were decidedly
smaller than in 1907, while there was likewise a loss
in the oats movement. Nevertheless, the grand aggregate of the grain deliveries, comprising wheat, corn,
oats, barley and rye, amounted to 114,556,071 bushels
for the five weeks of 1908, against 99,286,302 bushels
for the corresponding five weeks of 1907-showing
what a substantial gain in traffic the roads must have
derived in that way. The details of the grain movement in our usual form are shown in the table which
follows.
WESTERN FLOUR ANH GRAIN RECEIPTS.
Five weeks
Ending
Oats.
Wheal.
Corn.
Barley.
Flour.
Rye.
(bosh.)
(bush.)
00.3.' (Ws.)
(bush.)
(bush.)
(bush.)
Chicago-1908
1,052,295 2,547,002 9,074,446 11,944,406 5,408,432 211,500
5,866,066 18,040,967 13,689,305 2,451,570 397,497
1907
873,864
Milwaukee
2,584,000 3,880,600 234,000
1908
176,000
1,983,000
263,370
1,755,250 2,834,700 190,800
824,000
1,416,000
1907
327,475
St. Louis
1,642,698
19(18
3,681,800
338,795 2,920,342
418,000
56,441
4,695,820
1907
284,665 2,509,813 3,246,335
256,100
56,774
Toledo
250,900
1908
446,000
572,300
98,000
1907
780,009
696,090
1,080,500
31,200
Detroit
1908
33,500
431,911
186,200
728,200
1907
256,262
473,599
23,100
394,951
Cleveland
19138
7,395
158,291
149,939
840,653
5,998
1907
403,604
75,840
6,700
1,234,936
5,215
/Wan-•
1908
95,500
97,834
1,075,500
1,132,500
314,000
50,000
1907
60,700
149,000
2,258,300
2,124,000
259,000
81,000
Duluth--;
1908
773,750 16,591,689
1,580,297 4,170,398 319,964
•
5,967,788
1907
9,146
473,822 2,432,322 130,435
Minneapolls-19,819,500
1908
354,460
3,269,570 6,516,810 383,240
5,461,650
1907
663,965
2,970,420 4,573,730 490,920
Kansas Clt11--1908
7,031,850
576,400
641,000
5,413,000
1907
999,000
1,165,800
•
Total 01 all
2,564,605 52,027,419 13,486,543 26,974,726 20,714,238 1,353,145
1908
1.576,504 27,895,419 27,614,818 29,584,804 12,812,637 1,378,626
1907 •
Jan. I to
Oct. 3Chicago
7,066,269 15,758,284 71,125,713 72,541,465 16,262,454 1,163,087
1908
7,121,660 20,460,545 102,391,434 70,534,500 12,742,357 1,743,818
1901
Milwaukee-1,965,025 7,554,000 2,222.000 9,274,400 11,590,033 925,800
1908
2,000,230 6,276,458 5,718,435 9,305,350 10,872,700 983,700
1907
St. Louis-1,975,720 14,752,227 18,427,977 20,218,605 1,489,089 278,699
1908
2,144,020 13,267,777 29,561,860 24,504,945 1,622,800 335,064
1907
Toledo
1908
3,557,690
4,046,300 3,402,500
1,000 216,500
1907
4,212,500
6,196,400
4,047,800
83,700
Detroit
1908._ _
2,352,840
164,200 1,510,866
2,213,654
1907
3,449,100
1,289,366
118,200
1,986,689
Cleveland
1908
1,536,752
4,534,176
46,077
4,203,776
126,976
1907._ _ _ _
4,171,617
769,114
43,043
5,468,102
74,397
2,200
Peoria
-1908
782,680 1,258,134 12,889,700 8,261,800 1,170,100 259,000
1907
840.600 12,908,560
630,558
9,977,550 1,767,000 282,900
Duluth1908
1,043
2,376,206 27,190,396
3,544,016 -5,086,123 525,604.
1907
100,599
1,44%540 28,774.368
2,262,784 5,153,383 363,199'
Minneapolis
-1908 •
3,245,460 12,375,690 12,537,630 1,233,087
63,291,864
1907
4,858,005 12,787,090 10,219,241 1,784,495
63,044,466
Kansas City
1908
6,299,500
3,752,200
28.685,607
-1907
26,952,000 10,137,600' 3,497,700
Total of all
-1903
14.379,177 165.095,820 125,144,709 139,788,106 48,269,405 4,601,777
1907
13,506,251 165,887,194 179,493,616 146,372,510 42,451,878 5,579,076

In the cotton movement in the South, too, there was
noteworthy expansion. At the Southern outports the
receipts for the month in 1908 were 932,873 bales, as
against only 586,462 bales in 1907. The shipments
overland were 24,715 bales, against only 14,548
bales.




iVoL. Lxxx

RECEIPTS OF COTTON AT SOUTHERN PORTS IN SEPTEMBER, AND
FROM JANUARY 1 TO SEPTEMBER 30 1908. 1907 AND 1906.
Since January 1.

September.
Ports.
1908.
Galveston
bales. 393,837
Port Arthur, ea
969
New Orleans
86,051
Mobile
35,468
Pensacola. dcc
11,642
Savannah
247,665
Brunswick
24,004
Charleston
36,300
Georgetown
9
Wilmington
60,103
Norfolk
35,913
Newport News, &c
9.12
Total
•

932,873

1907,

1906.

1908.

1907.

1900.

58,228
21,937
548

339,656 1,677,911 1,848,083 1,289,890
52,341
1,492
83,422 105,789
105,909 1,023,573 1,022,883 893,889
99,876 100,871
19,230 155,798
3,213
77,686 104,840
93,008
171,749 654,425 611,756 614,307
71,049
6,039
86,617
94,800
75,003
22,141
62,001
56,629
716
671
477
89,846
29,759 192,807 130,618
220,322
19,812 232,729 254,465
12,565
33,275
5,350
693

586,462

719,693 4,289,497 4,333,526 3,507,273

194,966
1,526
41,093
15,267
1,402
201,093
22,029
28,373

It is also to be remembered that for September we
are comparing with rather moderate gains in previous
years. In 1907 our early statement for that month
recorded only $4,144,749 gain, or 7.95%; in 1906 the
gain was
in 1905 only 6.03% and in 1904 no
more than 4.167 In other months the record of
9.01%,0.
successive gains had been very much more notewofthy. In the following we show the September
totals for the last thirteen years.
Mileage.

GT033 Earnings.

September.

Year Yr.pre- InGiven. ceding. Ce3e.
Year. Roads
1896-- 117
1897 --- 128
1898 --.- 123
1899 ____ 111
1900 __ 101
1901
96
1902
72
1903 73
1904 ____ 66
1905 ---- 55
1906 ---- 68
1907 _55
1908 _-- - 53

Jan. 1
1896 _.1897 ---1898 ---1899
1900 _-__
1901 ____
1902 ____
1903 _-_1904
1905 1906 __.1907 --.1908 ----

Year
Given.

Year
Preceding.

41,561,327
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

42,056,682
43,333,198
44,379,196
53,004,336
57,173,545
59,962,62
56,278,213
63,748,368
59,124,478
58,045,752
73,290,417
52,172,480
08,912,107

Increase(+)
or
Decrease (-).

Miles.
90,456
95,865
91,517
95,700
96,165
101,165
89,680
90,183
83,592
80,859
92,839
73,482
83,157

Miles.
89,696
94,422
90,818
94,503
92,902
99,204
88,083
88,703
81,623
79,023
90,527
72,668
81,908

0.85
1.52
0.77
1.26
3.51
1.98
1.82
1.67
2.41
2.32
2.55
1.12
1.52

to Sep 1.30.
111 88,223
124 95,250
122 91,475
108 95,181
101 96,165
93 100,492
72 89,680
73 90,183
66 83,592
55 80,859
68 92,839
55 73,482
51 82,500

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

0.86 326,003,450 312,929,980 +13,973,470 4 46
1.54 356,545,809 343,560,268 +12,985,541 3.78
0.77 356,283,597 319,888,352 +30,395,245 11.37
1.23 435,131,215 399,525,997 +35,605,218 8.91
3.51 470,582,605 423,590,726 +40,991,879 11.09
1.99 525,841,522 475,815,865 +50,025,657 10.51
1.82 489,256,525 451,747,198 +37,509,337 8.33
1.67 561,854,388 500.075,914 +61,778,474 12.33
2.41 481,650,242 483,274,172 -1,623,930 0.33
2.32 484.597,911 452,258,707 +32,339,204 7.15
2.55 657,972,747 574,286,788 +83,685,959 14.57
1.12 474,839,846 429,640,386 +45,199,460 10.52
1.53 486,667,961 575,319,572 -88,651,611 15.41

$
-495,355 1.18
+6,387,555 14.74
+2,725,898 6.14
+5,678,198 10.71
+1,097,043 1.92
+0,528,832 10.88
+5,376,413 9.55
+4,444,551 6.97
+2,465,08$ 4.16
+3,503,924 6.03
+13,600,266 9.01
+4,144,749 7.95
-3,980,202 5.78

Note.
-Neither the earnings of the Mexican roads nor the mining operations of
the anthracite coal roads are included in this table.

In the case of the separate roads we have this time
some companies which show substantial increases, but
these are practically all roads which were favored
either by a larger grain movement or a larger cotton
movement. Thus the Minneapolis St. Paul & Sault
Ste. Marie has an increase of no less than $424,160,
though it is only proper to say that this follows a decrease in the same month last year. The improvement would seem to be due entirely to the large and
free movement of spring wheat. The Great Northern
at its eastern end must also have been favored by the
phenomenal marketing of spring wheat. It reports
$174,055 gain. This is in sharp contrast with the
great losses reported in preceding months. In the
case of the Northern Pacific the larger wheat movement has not operated to wipe out entirely the losses
in other classes of freight, but that road's loss of earnings this time is very small-$38,802. In the Southwest the International & Great Northern, reporting
$83,000 increase, is a type of a class of roads which
have profited from the larger cotton movement.
On the other hand, the loss of $1,149,841 shown by
the Baltimore & Ohio, of $676,151 by the Illinois Central, of $583,228 recorded by the Southern Railway
(notwithstanding the larger cotton movement) and
of $498,298 by the Grand Trunk of Canada, is evidence that continued trade depression is still leaving its mark on railroad traffic and railroad revenues.
In the table we now give we show all changes for the
separate roads for amounts in excess of $30,000,whether
increases or decreases.

OCT. 17 1908.j

THE CHRONICLE

,
PRINCIPAL CHANGES IN GROSS EARNINGS IN SEPTEMBER.
Increases.
Decreases.
Minneap St Paul de S S M_ 44g4,1410 Cln New
Texas Pac- $122,091
Great Northern (2)
174,055 Mobile & Ohio
121,923
Canadian Northern
143,400 Toledo St Louis de West
99,604
International de Gt North83,000 Yazoo de Mississippi Valley
82,231
Minneapolis & St Louis
61,761 Denver & Rio Grande_ _ _ _
71,000
Alabama Great Southern..
58,857
Representing 6 roads In
Duluth South Shore do Atl
53,519
our compilation
$886,376 St Louis Southwestern_ _
46,976
Decreases. Canadian Pacific
44,000
Balt'more de Ohl)
$1.149,841 Chicago Indianan & Louis
41,271
Illinois Central
676,151 Northern Pacific
38,802
Southern Railway..
583,228 Ala New On & Tex Pac(3)
35,662
Grand Trunk (4)
498,298 Det Toledo & Ironton (2)..
33,941
Louisville & Nashvlille_
289,192 Central of Georgia
31,900
Mo Pacific & Iron Mt (2).....
270,000
Buffalo Rochesteride Ptts_
180,038
Wabash
147,706
Representing 30 roads In
Texas & Pacific
125,596
our compilation
$4,801,827
Note.
-Figures In parenthesis after name of road indicate
the number of
tines or companies for which separate returns are given
in our compilation.

983
Gross Earnings.

Name of Road.

On ec,

1908.

1907.

Mileage.

Inc. (4-) or
•
Dec. (-). 1908. 1907.

$
$
$
Bellefonte Central..___
6,965
4,576
4-2,389
27
28
Buff Roch & Pitts_ _ _
651,129
831,167
--180,038
568
567
Canadian Northern___
901,700
758,300
4-143,400 3,224 2,874
Canadian Pacific
6,307,000 6,351,000
--44,000 9,426 9,230
Central of Georgia_ _ _
1,014,900 1,046,800
--31,900 1,913 1,913
Chattanooga Southern
6,368
12,483
--6,115
105
105
Chicago Great West.._
807,086
800,988
4-6,098
818
818
Mason City & Ft. D.
181,434
162,967
4-18,467
386
386
Wisc Minn do Pacific
80,276
56,541
A-23,735
271
271
Chic had de Loulsv
478,315
519,586
--41,271
616
599
Chic Term Transfer
y98,893
y106,985
--8,092
102
102
Cin N 0 do Texas Pao_
653,956
776,047
--122,091
336
336
Colorado & Southern_
1,251,614
1,269,726
--18,112 1,952 1,952
Denver & Rio Grande 1,960,000 2,031,000
-- 71,000 2,603 2,552
,
Detroit & Mackinac
92,696
108,565
--15,869
344
344
Detroit Tol & Ironton
162,437
190,036
-27,599
392
392
Ann Arbor
179,209
185,551
--6,342
292
292
Duluth So Shore& AU
250,884
304,403
-53,519
595
591
Georgia South dc Fla.._
157,216
173,536
--16,320
395
395
Grand Trunk of Can.
)
Grand Trunk West I
3,551,625 4,049,923
--498,298 4,528 4,528
Dot Or Hay & Mil_
Canada Atlantic...
Great Northern, Inch)
Eastern of Minn....1 5,875,035 5,700,980
4-174,055 6,498 6,289
Montana Central__
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
Illinois Central
4,729,755 5,405,906
--676,151 4,009 4,377
Internet & Gt North_
729,000
646,000
4-83,000 1,159 1,159
Iowa Central
September.
273,231
300,586
1908.
--27,355
1907.
558
1906.
1905.
558
1904. •
1903.
Louisville & Nashville 3,900,085 4,189,277
--289,192 4,365 4,346
Macon de Birmingham
11,249
13,488
--2,239
$
$
105
$
$
105
$
$
Manistique
Canadian Pac_ 6,307,000 6,351,000 6,152,767 4,872,575
3,283
4,554
--1,271
73
73
4,220,876 3,937,001 Mineral Range
Chic Gt West*'_
73,253
68,161
4-5,092
807,080 r800,988
128
880,050
845,884
128
749,399 Mlnneap & St Louis..
712,557
Dul So Sh & At
435,684
373,923
4-61,761
250,884 r304,403
799
285,834
275,443
799
239,412 Minneap St P de S S M
239,151
Gt North Syst_ 5,875,035 65,700,980 5,322,604 4,955,650
1,510,938
1,086,778
4-424,160 2,289 2,262
3,897,794 4,199,149 Mo Pacific & Iron Mt_
Iowa Central__
3,946,000 4,259,000
--313,000 6,100 6,091
273,231
300,586
279,208
249,237
228.761
210,079
Central Branch_
Minn & St L_
192,000
149,000
A-43,000
435,684 r373,923
331,672
388
362,911
388
274,377
269,853 Mobile do Ohio
768,403
&
890,326
Ai 1,510,938 1,086,778 1,293,528 1,148,461
,--121,923
926
772,595
926
736,603
Northern Pac a 6,582,983 6,621,785 6.267,269 5,912,602 4,696,782 4,611,213 Nevada-Cal-Oregon _ _
35,874
35,600
4-274
164
144
Northern Pacific
8,582,983 6,821,785
-38,802 5,649 5,617
Rio Grande Southern_
52,926
Total
53,662
22,042,841 21,540,443 20,812,032 18,622,763 15,042,893 14,952,705 St Louis Southwes
--736
180
180
t_ _ _
897,946
944,922
--46,976 1,470 1,454
Southern Railway.... 4,315,036 4,898,26
4
--583,228 7,294 7,257
Texas Central
83,916
102,683
*Results are based on 111 miles less road beginning with 1905.
--18,767
311
311
Texas ec Pacific
1,176,479 1,302,075
a Proprietary lines not included after June 1906.
--125,596 1,885 1,848
Peoria & Western_
104,207
116,137
b Actual figures of earnings are now used for comparison.
--11,930
248
248
Tol St Louis & West_ _
288,495
388,099
r Figures have been reVised to accord with the new basis of accounting prescribed Wabash
--99,604
451
451
2,351,194
2,498,900
by the Inter-State Commerce Commission.
--147,706 2,515 2,515
Yazoo & Miss Valley_
714,397
796,628
--82,231 1,371 1,264
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
Total (53 roads)- - - 64,925,965 68,912,167 --3,986,
20283.15781,908
Net decrease (5.78%)
1,
September.
1908.
1007.
1906.
1905.
1904.
1903.
Mexican Roads (not In eluded in to tal)
Interoceanic of Mexico
462,060
$
618,935
-156,875
736
736
Mexican International
Buff Roch & P
651,129 r831.167
530,012
683,426
--153,414
746,724
805,815
918
738,634
918
707,342 Mexican Railway. _
Chic Ind & Lou
y371,700
478,315 r519,586
y466,500
--94,800
546,461
321
561,280
514,864
323
503,239 Mexican Southern_ _ _
Cr Ti' of Can)
y72,415
y79,823
--7,408
283
263
(2,634,236 National RR of Mex_ _
GirTr West0 3,551.625 4,049,923 3,813,151
1,106,801
1,332,849
--226,048 1,750 1,701
3,602,185 3,182,972
501,250
Flldalgo & Northeast
D Or B&W
69,606
88,994
--19,388
152
512
l 138,208
111 Central _ _ _ a4,729,755 a5,405.906 4,647,543 3,960,057
4,340,706 4,003,963
Tol Peor & W.
104,207 , 116,137 . 109,332
119,233
121,536
113,534
Tol St L & W. 288,495
y These figures are for three weeks only; fourth week
388,099
340,122
not having been
362,398
359,775
300,179
Wabash
2,351,194 2,498,900 2,421,820 2,162,814 2,609,661 2,239,688 reported.
Wheel & L Erie c558,978 .,558,978
514,488
498,329
408,068
413,524

To complete our analysis we furnish the following
six-year comparison of the earnings of the leading
roads, arranged in groups.

m St

'Vol

I

Total

12,713,698 14,368,696 13,139,641 12,072,111 12,276,216 11,555,16
3

a Includes some large Items of income not previously
included
S Includes Canada & Atlantic beginning with October 1904. In monthly returns.
C Month in 1908 not reported; taken same as last year.
r Figures have been revised to accord with the new basis
of accounting prescribed
by the Inter-State Commerce Commission.

GROSS EARNINGS FROM JANUARY 1 TO SEPTEM
BER 30.
Name of Road.

1004.
1907.
Increase. Decrease.
$
$
• ,
Alabama Great Southern.._
2,418,969 3,091,864
672,895
Ala New On & Texas Pac..
New On & Northeastern
1.974,257 2,371,407
t397,150
EARNINGS OF SOUTHERN GROUP.
Alabama & Vicksburg... 1,064,667 1,181,89
2
117,225
Vicks Shreve 6c Pacific_ _
981,532 1,205,088
1223,556
Baltimore & Ohio
49,133,204 62,913,985
September.
13,780,781
1908.
Bellefonte Central
1907.
1906.
1905.
1904.
46,391
1903.
46,365
26
Buff Roch & Pittsburgh_ _ _
5,314,700 6,798,665
1,483,965
.$
Canadian Northern
6,082,100 6,054,100
28,000
Ala Gt South.... • 287,304 '346,161
331,051
293,256
260,989
49,484,514 55,122,502
259,553 Canadian Pacific
Ala N 0 &T P
5,637,988
Central of Georgia
7,630,116 8,922,566
N 0 & N E'n
1.292,450
r244,606 r228,283
203,050
201,883
109,242 Chattanooga Southern_ ___
63,606
125,674
Ala &
62,068
Li0.)67 r131.095 r114,925
86,433
113,947
5,859,915 6,584,891
99,682 Chicago Great Western_ _ _ _
Vicki; & Shre
724,976
112,636 r138,340 r118,601
Chic Ind & Louisville
62,878
118,176
116,692
3,684,504 4,448,633
Cent of
__ 1,014,900 1,046,800
762,129
973,490 1,018,740
925,168
y1,192,029 y1,239,942
782,683 Chic Term Transfer
CinN 0Ga.&TP..
653,956
47,913
776,047
714,570
694,090
639,538
5,414,935 6,521,971
580,477 Cinc New On & Tex Pac_
Lou & Nashv_b 3,900,085 r4,189,277 3,859,039 3,547,193 3,257,232
1,107,036
3,125,344 Colorado & Southern
10,199,803 10,206,285
Mobile & Ohio_
768,403
6,482
890,326
807,875
703,746
709,352
639,728 Denver & Rio Grande
13,871,634 16,390,720
Southern Ry_ _ 4,315,036 4,898,264 4,571,765 4,456,360 4,289,641
2,519,086
3,865,691 Detroit & Mackinac
845,513
1,027,46
Yazoo & M Val
181,947
714,397 .796,628
693,053
Detroit Toledo & Ironton.. 1,178,240 1.564,81 0
461,739
643,587
582,110
9
386,579
Ann Arbor
1,316,595 1,636,681
Total
12,132,160 13,457,544 12,412,652 11,527,485 11,159,513 10,251,20
320,086•
1,890,415 ' 2,535,272
2 Duluth So Sh & Ati
644,857
Georgia Southern do Fla_ _ _
1,340,174
1,713,806
373,632
Grand Trunk of Canada__ )
b Includes earnings of Atlanta Knoxville & Northern in 1904, 1905, 1906,
Grand Trunk Western__
28,201,088 33,138,124
1907
4,937,036 '
and 1908.
Del Gr Hay & Mllw_
)
r These figures have, been revised to accord with the new basis of accountin
Canada Atlantic
g
prescribed by the Inter-State Commerce Commission,
Great Northern, Inch East-)
'I
ern of Minn
34,564,15.71 42,453,449
7,889,292
EARNINGS OF SOUTHWESTERN GROUP.
Montana Central
Illinois Central
38,272,1871 44,449:055
6,176,868
International & Gt North'n
4,963,023
,989,928
1,026,905
September.
Iowa Central
1908:
•
1907.
1906.
2,154,007 2,321,473
1905.
1904.
1903.
167,466
LoulsVille & Nashville__ _ _ 31,289,239 36,788,593
5,499,354
Macon & Birmingham_ __ _
3,
100,135
120,194
20,059
Colorado &Sou *1,251,614 r1,269,726 1,092,969 1,044,537
Manistique'
43,904
752,602
50,354
789,667 Mineral
6,450
Den & Ito Gr . 1,960,000 r2,031,000 1,811,152 1,742,360 1,524,999
604 795
608 978
1,698,487 MinneapoRangeSt Louis_
4,183
Intern & Gt N.
729,000 r646,000
lis &
_
2,747,186 . 2,977,342
776,515
631,670
655,146
564,346 Minneapolis St P &
230,156
Mo Pac & C'IBr .
4,138,000 4,408,000 4,018,435 3,670,527 4,078,725
SS M. 8,158,385 ' 9,295,144
3,971,048 Mo Pacific & Iron Mtn__ _
1,136,751)
St Louis Sou W
897,946 r944,922
_ _ 29,578,541 35,946,506
864,773
712,519
765,867
649,139
6,367,965
Central Branch
Tex & Pacific_ 1,176,479 r1,302,075 1,194,317
1
892,402 1,030,17,1
0
944,344 Mobile & Ohio
P99.000
6,491,957 8,400,108
1,908,151
Nevada-Cal-Oregon
Total
10,153,039 10,601,723 9,768,161 8,702,915 8,807,510
250,650
214,972
36,678
8,567,031 Northern Pacific
45,747,684 53,301,898
7,554,214
Rio Grande Southern
423,148
455,962
.1 32,814
* For 1908, 1907, 1906 and 1905 includes all affiliated I nes except
St Louis Southwestern_ _ _ _
6,640,077 7,785,399
1,145,322
Brazos Valley RR. For previous years we have combined Colorado &Trinity & Southern Railway
36,153,353 42,953,431
Southern
6,800,078
and Fort Worth & Denver City.
Texas Central
601,702
932,575
330,873
r Figures Wye been revised to accord with the new basis of accounting
9211,964 12.167,892
prescribed Texas & Pacific
by the Inter-State Commerce Commission.
2,955,928
Toledo Peoria & Western..
883,328
966,559
83,231
Toledo St Louis & Western
2,525,803 3,175,176
GROSS EARNINGS AND MILEAGE IN SEPTEMBER.
649,373
Wabash
18,403,031 20,702,796
2,299,765
Yazoo & Miss Valley
6,530,804 7,182,076
651.272
Gross Earnings.
Total (51 roads)
Mileage.
486,667,861 575,319,572
63.764 38,715,315
Name of Road.
Net decrease (15.41%)
88,651,611
Inc.(+) or
1008.
• 1907.
Dec. (-). 1908. 1907. Mexican Roads (not Includ de in total)
Interoceanic of Mexico
5,376,444
5,590,794
214,350
5
$
Mexican International_ _ _ _
$
5,543,341
6,897,252
Ala Great Southern....
1 353,911
287,304
346,161
--58,857
309
y5,496,400 y5,777,800
309 Mexlcan Railway
Ala N 0 & Texas Pae
281,400
Mexican Southern
y919,629 91.000,839
N 0 & Northeastern
81.210
245,676
244,606
4,1,070
196
196 National RR of Mexico...... 11,002,150 12,623,558
Ala & Vicksburg__
1,621,408
120,067
131,095
Hildago & Northeastern_
--11,028
143
143
698,862
740,390
'tricks Shreve & Pac
41,528
112,636
138,340
--25,704
189
189
Baltimore 63 Ohio-- 6,315,2 10
7.465,051 --1,149,841 3,992 4,006
These figures are down to the third week of Septemb
er °Or.




THE CHRONICLE

984

ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S.
—The public sales of bank stocks this week aggregate 130
shares, of which 125 shares were sold at the Stock Exchange
and 5 shares at auction. The transactions in trust company
stocks reach a total of 140 shares. The "rights" from 130
shares of stock of the Flatbush Trust Co., which is to increase
its capital from $200,000 to $300,000, were sold at auction at
55M.
Shares. BANKS—New York. Low.
310
15 City Bank, National
170
*110 Commerce, Nat. Bank of
805
5 N. Y. County Nat. Bank
TRUST COMPANIES - New York.
1323
10 Broadway Trust Co
165
100 Carnegie Trust Co
216
20 Columbia Trust Co
10 Mutual Alliance Trust Co_ - 1563i

High.
310
173
805

Close. Last previous sale.
Oct. 1908— 307
310
1908— 169
Oct
173
805

13231 1323 Sept. 1908— 132
Oct. 1908— 165
165
165
Oct. 1908 — 216h
216
216
15634
156Ji .

[VOL. Lxxxvn.

owned any of
1. Neither John R. Walsh nor J. R. Walsh & Co. ever
bid, these securities having
the securities covered by the Cobe & McKinnon
Clearing-House banks.
been purchased from the three banks by the
Clearing-House banks was
2. The above-mentioned purchase by the
Chicago National Bank, the Equitable
made April 1 1907, and neither the
present financial interest
Trust Co. nor the Home Savings Bank have any
in the price which the securities bring.
constitute a part of the
3. The securities bid for by Cobe & McKinnon
s "Series B," but do not
securities covered by the participation certificate
R. Walsh or J. R. Walsh
cover any collaterals whatsoever owned by John
collateral security to the
ec Co., nor any collaterals whatsoever deposited as
$7,000,000 note of J. R. Walsh & Co.
bid consist of notes
4. The securities covered by the Cobe & McKinnon
bonds and other like
secured by first mortgage on real estate, Industrial
the railroad properties
collateral, but do not cover the bonds of any of
any of these propcommonly referred to as the "Walsh railroads," nor will
transactions in
erties or their securities be Involved in or affected by the
question.

—The New York Produce Exchange has placed itself on
record as opposed to the new uniform bill of lading recommended by the Inter-State Commerce Commission, which
* Sold at the Stock Exchange.
Companies of is to go into effect on November 1. The protest of the
—It is stated that the Committee of Trust
is expressed in the following resolution, unanimNew York City which came into existence at the time of the Exchange
ee was ously adopted at a meeting of its members last week:
panic last year, has been dissolved. The committ
by the
Whereas, The uniform bill of lading recommended for adoption
formed for the purpose of extending aid to Such of those Inter-State Commerce Commission contains in its conditions several clauses
institutions requiring assistance, the principal object of its which are strongly objectionable to the members of the New York Produce
be It
support being the Trust Company of America, to which Exchange; therefore Board of Managers of the New York Produce Exchange
Resolved, That the
the sum of $25,000,000 was advanced. The payment of be requested to make forthwith the following protest to the Inter-State
of these objectionable
this enormous sum in less than a year was announced in this Commerce Commission against the introduction to the various railroad
copies of such protest be forwarded
department Sept. 5. In all, it is said, about $30,000,000 clauses; that
the leading
companies terminating at and serving the port of New York, to
was contributed by the committee. Edward King, Presi- commercial exchanges and boards of trade of the country, and to theSecreof the prodent of the Union Trust Company, was Chairman of the tary of the Grain Dealers' National Association; and that a copy
Exchange for the
test be posted In a conspicuous place on the floor of our
Committee.
perusal and consideration of all its members.
—Henry Coolidge, formerly a partner in the firm of W. L.
The • principal objections to certain provisions of the
Stow & Co. of this city, which failed in April 1907, has been bill, as cited by the Exchange, are in part as follows:
First.—Against that portion of Section 1 which provides that
reinstated to membership on the New York Stock Exchange.
. .
"No carrier shall be liable for differences in the weights of grain
The petition in bankruptcy against the firm was dismissed
caused by natural shrinkage or discrepancies in elevator weights.
in May last by Judge Hough.
that
Second—Against that portion of Section 1 which provides
"For loss, damage . . . caused by fire occurring after forty-eight
—Arguments in the case of the American Bankers'
y with hours . . . after notice of the arrival of the property, at destination,
Association against the American Express Compan
port of export has been sent or given, the carrier's liability shall be
under the or atof warehousemen only."
that
regard to the issuance of money orders, brought
y at
t
We have n , the least doubt that if this clause were to be enforced in
Inter-State Commerce Law, were heard on Thursda
the new "unit rm bill of lading," and if the banking concerns had knowledge
the office of the Commission in Washington.
of Its existence, not one single bank in the United States would lend one
—The sale of certain securities owned by the Chicago dollars' worth of money on such a bill of lading. The same objectiox
of applies to the first part of Section 5 for the same reason.
Clearing-House banks which assisted in the liquidation
m the language of the Inter-State Commerce ComWe therefore differ
December 1905 was approved missi m in its regulatifr report, which speaks of the two different forms of
the three Walsh banks in
,
n
at a meeting on Thursday of the institutions interested. bills of lading, wherein It says of the "order" bill that is generally in use
of grain, that
These securities have a face value of $1,146,000, and were for the transportation meet the requirements of the banking concerns of
"It will, in large part,
of to Cobe & McKinnon at their bid price of $800,- the country which advance vast sums of money upon bills of lading, and
disposed
000. In view of the fact that a number of inaccurrate are entitled to a reasonable measure of protection."
that
Third.—Against that portion of the bill of lading which prescribes
statements have been published with regard to these securperformed
"It is mutually agreed . . . that every service to be
dealing with the matter has been
ities, a correct statement
. . shall be subject to all the conditions, whether printed or written,
furnished us by Messrs. John R. Walsh & Co., which we herein contained, and which are agreed to by the shipper and accepted
for himself and his assigns."
give in its entirety as follows:
All of the 416 roads in official classification territory,
The bid of Cobe & McKinnon for certain securities owned by the Clearin the minds of
ing-House banks has given rise to considerable confusion
extending west to the Mississippi, and south to the Ohio
z nd Inaccurate stateinterested parties, by reason of many conflicting
River, it is announced, have arranged to adopt the new
ments which have appeared from time to time with respect thereto.
month. The
April 1 1907 the Clearing-House banks held a balance of uniform bill of lading on the 1st of the coming
On or about
"
approximately $11,000,000 against the so-called "Walsh securities,
too, are reported to have practically
Western railroads
Trust Co. and
received from the Chicago National Bank, the Equitable
Grand Trunk Ry.
April 1 1907 decided to adopt the new form, and the
the Home Savings Bank in December 1905. Under date of
the Clearing-House purchased outright of Canada is also said to have notified its agents that it
a settlement was made whereby
of securifrom the three banks above mentioned approximately $4,000,000
will use the new bill of lading. It is stated that on and
& Co. purchased
ties, at book value and accrued interest, and J. R. Walsh
the option of shipping
banks, at book after Nov.1 1908 the shipper may have
approximately $7,000,000 of securities from the three
property either subject to the terms and conditions of the
and accrued Interest.
value
Clearing-House
These two purchases wiped out the advances of the
uniform bill of lading, or under the liability imposed upon
of the settlement were rebanks and the balance of assets under the terms
common carriers by the common law and the Federal
turned to the three banks.
securities by effecting a loan and State statutes applicable thereto. If the shipper
J. R. Walsh & Co. paid for their purchase of
over $7,000,000,
from the Clearing-House banks in the sum of something
elects to ship under the terms and conditions of the uniform
secured by certain collaterals appearing in the collateral agreement under bill of lading and shipping order, the rates provided in the
the head of Schedules "A," "B," "C" and "D."
ation and tariffs will apply. If the shipper
Accordingly, when the whole settlement was concluded under date of official classific
new
for the Clearing
April 1 1907, the First Trust dc Savings Bank, as trustee
however, elects not to accept the conditions of the
House banks, held about $4,000,000 of securities as absolute owner, and
shipping order, the property so
uniform bill of lading and
,
also held the note of J. R. Walsh & Co. for about $7,000,000 secured by
provided
carried will be at carrier's liability, limited only as
collaterals as above set forth.
Bank, trustee for the Clearing-House banks, by common law and by the laws of the United States
The First Trust & Savings
subject
In order to give each bank a proper token of-its interest in the settlement,
and of the several States in so far as they apply, but
issued participation certificates to each of the Clearing-House banks,
ns of the uniform bill of lading
showing the percentage of interest which each bank held in the $4,000,000 to the terms and conditio
of securities and in the J. R. Walsh & Co. note.
in so far as they are not inconsistent with such common
The participation certificates covering the $7,000,000 note were desig- carrier's
liability. Furthermore, the charges therefor
nated as "Series A," and the participation certificates representing the
a minimum increase
the Clearing-House banks were desig- will be 10 per cent higher (subject to
$4,000,000 of securities owned by
"Series B."
pounds) than the rate charged for
nated as
of 1 per cent per 100
The bid of Cobe & McKinnon was for certain of the securities owned by property shipped, subject to all the terms and conditions
on
the associated banks and represented by participati certificates "Series
bill of lading and shipping order.
B." These securities have been confused in various published statements of the uniform
with the securities under Schedule "B," attached to the collateral trust
—Instructions bearing on the plan for the grouping of
agreement securing the $7,000,000 note.
national bank examiners into districts, recently decided upon
that:
It is pertinent to observe, therefore,




OCT. 17 1908.]

THE CIIRONICLE

by Comptroller of the Currency Lawrence 0. Murray, have
been issued by the latter to the examiners, which we reprint
from the New York "Journal of Commerce." The plan was
referred to in this department a week ago, and calls for the
organization of examiners into groups, arranged as nearly as
possible according to the commercial and geographical centres. Mr. Murray's instructions deal with the meetings
which are required to be held under the plan,and the reports,
correspondence, &c., resulting therefrom. We quote the
same herewith:
"I have decided to put into effect a plan for the formation of a dozen districts of national bank examiners, taking Into consideration as much as
possible a convenient arrangement of the geographical and commercial
centres of the United States. Meetings are to be held quarterly in the first
week of January, April, July and October. A convenient day in the first
week of the quarter having been decided upon, the chairman will send notices to the examiners. Every examiner in the district must attend the
meeting and remain until the conclusion or furnish a physician's certificate
that he is physically unable to be present.
"The district chairman will preside at the meeting, and will prepare a
report of the meeting and transmit it to the Comptroller. The report, in
addition to the usual information of time, place, examiners present, &c.,
and the more important matters discussed, is to Include a tabulated list
giving the lines of doubtful paper and the examiners in whose districts it is
found. A copy of the report must be retained by the district chairman.
In addition to a general discussion of methods of examination, each examiner In turn shall briefly report any banks In his district whose condition
Is unsatisfactory, and any lines of doubtful credit that have come to his
notice, furnishing to the chairman a list of such doubtful paper. The meetings are to be held in executive session, only examiners being present, and
the discussions and proceedings are to be considered strictly confidential.
Proper precautions are to be used by the chairman in keeping the files,
reports and correspondence of his district in a locked receptacle.
"The district chairman must use his discretion In reporting to the chairmen of other districts such information as may be of advantage to the examiners in another district. An examiner In one district shall be at liberty
to write to the chairman of any other district for information, and the
chairman must make prompt reply to such inquiries. Each national bank
examiner must adopt for his own use and put at once Into operation a file
system for his correspondence, reports, data, &c., by which all matter relating to one bank shall be placed in a separate file, under the charter number
of the bank In question. If the next examination of the bank Is to be made
by a different examiner, the file should be transmitted to him for his information.
"Correspondence between examiners and the Comptroller's office and
other district chairmen must relate only to one bank. Confine each letter
to one subject. The district chairmen in charge of each district will be held
responsible by the Comptroller for the carrying out of these plans, and correspondence is invited relative to any suggestions tending to their greater
effectiveness."

Following the meeting of national bank receivers held at
Washington a week ago, it was announced that Comptroller
Murray had decided to reduce the salary of practically every
receiver present at the conference—a 50% reduction in some
instances, it is reported, having been made.
—Following the annual Convention of the American Bankers' Association, which was held in Denver last month, a majority of the 2,000 delegates visited Colorado Springs and
Cripple Creek for the purpose of finding out, at first hand,
how the gold which they handle daily over their bank counters, is first caught. At Colorado Springs, in addition to
many scenic trips and drives—to the summit of Pike's Peak,
through the Garden of the Gods, and to the canons and other
scenic resorts in the vicinity—the chief attraction was the trip
arranged by the Clearing-House Association and the Chamber
of Commerce, for a visit to the gold reduction plants; that
of the Portland Gold Mining Company; that of the United
States Reduction & Refining Co., and that of the Golden
Cycle Mining & Milling Co. At these plants the visitors
were shown in detail the various mechanical and chemical
processes, both of the chlorination and cyanide methods,
through which the gold is handled from the time it arrives
from Cripple Creek as grayish-looking rock until it comes out
in heavy gold bricks worth from $10,000 to $20,000 each.
In the Cripple Creek district several of the largest mines
allowed the bankers to inspect their underground workings,
thus giving them a chance to follow the travels of a particle
of gold from the time it is loosened by the miner's pick until
it is ready for shipment to the mint.
These trips were included in those participated in by the
delegates traveling on the "Bankers' Special" of the New
York Central road, which arrived in this city last Saturday.
The arrangements for the tour of the bankers special were
'
,
made under the direction of Charles Elliot Warren, Cashier of
the Lincoln National Bank of this city, the trip to Denver being a direct one;the return trip, however,in addition to covering the above points, also included stops at Kansas City,
Chicago and Niagara Falls. The presentation of loving cups
to George W. Higgins, Passenger Agent in charge of the
Special, and David H. Pierson, Cashier of the Bank of the




985

Manhattan Company,one of the Committee of Arrangements,
marked the course of the return trip.
—Press dispatches from Manila on the 9th inst. announced
the opening of the Agricultural Bank, founded by the Government with a capital of 1,000,000 pesos. Secretary of
Finance G. R. Araneta is President of the institution, and
Insular Treasurer F. A. Branagan is the Manager. According to the despatches, real estate and harvested crops are the
only collateral which will be accepted by the bank, which, it
is believed, will prove an important factor in promoting the
agricultural industry.
—The stockholders of the Empire Trust Co. of this city
on Tuesday ratified the plan to increase the capital from
$500,000 to $1,000,000. The enlarged capital will be provided for through the declaration of a stock dividend of
50 % to stockholders of record November 16 and the taking
by the shareholders of an additional 50% at 150. The
institution reported surplus and profits on August 31 of
$1,120,325. Its deposits, then $12,702,584, have since
increased to $12,917,000. The company's main office is
at 42 Broadway; its branches are at 487 Fifth Avenue and
242 East Houston Street.
—Beverly Chew, Second Vice-President of the Metropolitan Trust Company of this city, has been elected a director
of that institution.
—A large addition to the business of the Irving National
Exchange Bank of this city occurred between Aug. 22 and
the time of its last report made to the Comptroller of the
Currency, namely, Sept. 23. Its deposits increased $7,435,586, or from $16,158,467 to $23,594,052. Besides a capital
of $1,000,000, surplus and undivided profits are $1,374,951. The aggregate resources are $27,893,604. This institution makes a specialty of bill of lading business.
—The good effects of the reorganization of the Mercantile
National Bank of this city, which suffered severely during
the October 1907 disturbances, are now apparent in the institution's business. We observe that there has been a
gradual and continued increase in deposits during the last
three reports made to the United States Comptroller. The
bank's deposits on Feb. 14 1908 were $4,854,687 82,increasing to $6,440,644 30 May 14, to $7,122,102 47 July 15 and
to $7,844,936 01 on Sept. 23, the last bank call. It thus appears that the Mercantile National is working successfully
under the new management to regain its old standing and
position among the banks of this city. Willis G. Nash is
President; William Skinner, William H. Taylor and Miles
O'Brien, Vice-Presidents, and Emil Klein, Cashier.
—Henry P. Mallory, President of the Mallory S.S. Co.,
has been elected a director of the Mechanics' National Bank
of this city.
—A statement with regard to the affairs of E. H. Gay &
Co. of Boston and New York appeared in the Boston papers
of a week ago, following the announcement of the appointment of John P. Reynolds Jr. to act as agent for administering the affairs of the firm. The statement emanates from
Mr. Reynolds, and, as given in the Boston "Financial News,"
is- as follows:
Acting under an Irrevocable power of attorney, I have been managing
the affairs of E. H. Gay & Co. for the past two months. Gay & Co. have a
number of gas, power and traction properties among their assets, several of
which are very good properties. Of these, some must be worked out and
some are complete operating companies to-day. A great deal of progress
has been made In the past month. With one exception, each property has
been visited and examined by well-known experts and the reports thereon
will soon be completed. More than 80% of the creditor banks have either
assented to a six months' extension of their loans or expressed themselves
as favorable thereto, and there is no unfavorable movement by any of the
banks holding Gay & Co.'s paper.
The two properties which have been the heaviest burden for Messrs. Gay
& Co. are the Hudson River Power Companies and the Pittsburgh Binghamton & Eastern RR.
The Hudson Companies cover a valuable water-power and a committee
composed of James R. Hooper, Chairman, Robert Treat Paine 2nd, Horace
E. Andrews, John S. Scully, J. P. Reynolds Jr. and E. S. Webster are making a thorough Investigation of that situation preparatory to reporting a
plan of reorganization which I believe will provide a sound and conservative
basis for the future management of those corporations.
The Pittsburgh Binghamton & Eastern RR. matter will be handled In
the same way, but It Is too early to make any positive statements as to what
course will be pursued, except that railroad men of good standing say the
franchise of the road controls the only remaining available passage through
the mountains to the coal fields of that district, and that the road ought to
be finished and will be a productive property if completed. Steps are under
way through the bondholders' committee and the receivers to have a complete report on the situation and to obtain the necessary capital to complete

986

THE CHRONICLE

the first section (now about half built). provided the Investigation confirms
these preliminary statements.
The atmosphere surrounding the whole situation of Messrs. Gay & Co.'s
affairs has so much improved In the past two months that there Is every encouragement to believe that it will continue.

In connection with the announcement of Mr. Reynolds's
appointment, it is reported that Eben H. Gay and Joseph
Jackson, partners in the firm, executed an agreement granting Mr. Reynolds full power of attorney to enable him to
manage the affairs of the firm, which holds, it is said, securities aggregating about $8,000,000.
—One of New York's latest organized banks—the National Copper Bank, at 115 Broadway—has pulled steadily
ahead notwithstanding the financial and business depression
which has existed almost since the institution started
business, May 1 1907. On September 23 the National
Copper Bank reported total deposits of $23,539,518, recording a gain of $5,497,497 since July 15 —the date of a similar
report to the Washington authorities. With a capital of
$2,000,000, surplus and undivided profits have increased
during the same interval from $2,382,302 to $2,445,511.
Aggregate resources are now $29,120,997, after one year
and four months' business. Charles H. Sabin, formerly
Vice-President of the National Commercial Bank of Albany,
is President.
—Bradford Ellsworth has been admitted to the firm of
Gude, Winmill & Co., bankers, 20 Broad Street, this city.
Mr. Ellsworth is the son of William W. Ellsworth of the
Century Company, and was formerly Secretary of Brewster
& Co., carriage manufacturers, Broadway and Forty-seventh
Street. He is a graduate of Yale, 1903, popular and favorably known in collegiate circles.
—Edward M. Grout, President of the Union Bank of
Brooklyn Borough (formerly the Mechanics'& Traders' Bank)
announces that the second deferred payment(15%), due depositors on Dec. 17, will be paid on Nov. 2. It is further
announced that the institution has canceled, "as unnecessary, the arrangement which it made before opening for a
loan from the Metropolitan Bank." Since the reopening, on
Aug. 17, the bank,according to President Grout, has opened
over 600 new accounts, and has increased its Brooklyn deposits over half a million dollars. The plan of reorganization provided for the payment of 10% with the reopening,
15% in four months, 20% in eight months, 25% in twelve
months and the balance of 30% in sixteen months. A cash
loan of $1,000,000 from the Xetropolitan Bank and the
Empire Trust Company aided in the bank's reopening. The
institution will formally chan0 its name to the Union Bank
on Monday next.
—The stockholders of the National Bank of Commerce
of Rochester, N. Y.,at a meeting on the 6th inst.., approved
a proposition to increase the capital from $500,000 to 8750,000. An addition to surplus of $125,000 will be made
through the issuance of the new stock, the amount being increased from $250,000 to $375,000. The 2,500 shares to
be issued (par $100 each) are to be sold at $150 per share.
Payment on the additional stock may be made at any time
up to January 1 1909, on which date the new certificates
will be issued. The increase in capital and surplus was
deemed advisable and necessary by reason of the bank's
growth; its field can be thus materially enlarged and it
will be better prepared to serve the demands of its patrons
and the public in general. The bank began business about.
two and a half years ago—in March 1906. It then had a
capital of $500,000 and a surplus of $50,000, and in addition to paying 6 0 to its stockholders it has in the interval
accumulated the substantial sum of $200,000, this being
carried to surplus account. Unfler date of the latest call of
the Comptroller of the Currency,the bank reported deposits
of $4,735,582 and aggregate resources of $6,004,772. Plans
are under consideration for the enlargement of its present
quarters, which it has already, it is stated, outgrown;
either the building will be remodeled to accomodate its
growing business, or other means will be devised to care
for it. The officials of the bank are Robert M. Myers,
President; William H. Dunn, and William Deininger,
Vice-Presidents; T. J. Swanton, Vice-President and Cashier;
Edwin W.Burton and Bertram L.Search, Assistant Cashiers,
and Samuel B. Williams, Auditor.
—Inadvertently in mentioning the removal last week
of the Commonwealth Trust Co. of Boston to its new home




[VOL. Lxxxvii.

at 88 Summer Street, we referred to the institution as
the Commercial Trust Co. That the error was due to a slip
of the pen is apparent, as there is no Commercial Trust
Co. in that city. The latest statement of the Commonwealth Trust to the Bank Commissioner, made under date
of September 23, shows deposits of $7,822,086 and total
assets of $9,683,853. The company has a capital of $1,000,000 and surplus and undivided profits of $854,718.
—A.L.Ripley has been elected Presidentof the State NationalBank ofBoston to succeed S.N.Aldrich ,whose death occurred last month. Mr.Ripley advancesfrom the vice-presidency.
—Permission to organize the Central National Bank of
Columbus, Ohio, was granted by the Comptroller of the
Currency on the 5th inst. It is stated that this represents
the nationalization of the American Savings Bank Company
of Columbus, the capital of which is to be increased, with
its conversion, from $50,000 to $200,000.
—Edward B. Smith & Co. announce the removal of
their Philadelphia offices to the northeast corner of Broad
and Chestnut streets. The firm's new Philadelphia offices
are on the first and second floors of the former Girard Trust
Building, now known as the Franklin. Bank Building.
The general quarters have a frontage of about 40 feet on
Broad Street and an equal frontage on Chestnut Street.
The investment and stock departments occupy the second
floor, reached by the firm's private elevator. We understand that the rental paid for these corner offices is the
record price for Philadelphia real estate. This location
stands at the head of the city's business and social activities,
where many of the largest "skyscrapers", hotels and theatres
are situated. The four corners of Broad and Chestnut
streets are considered by many the most advantageous
business locations in the city, because on the corner site where
E. B. Smith & Co's. offices are, Broad and Chestnut streets
form the two leading thoroughfares, only a square or two
from Philadelphia's noted City Hall, the large Broad St.
Terminal Station of the Pennsylvania RR. and the big
department stores on Market Street. The banking house
of Edward B. Smith & Co. was established in 1892, Mr.
Smith having previously been a member of the firm of
Tunis & Smith. Associated with him at the beginning was
Francis E. Bond. George W. Norris later became a member of the concern. The New York offices were opened
10 years ago, with John Story Jenks Jr. as the New York
member of the firm. Mr. Jenks retired January 1st last,
and was succeeded by Osborn W. Bright, who had been
Vice-President of the New York Trust Company,and Charles
F. Bloomer, who had been identified with the firm's business
from its beginning. The firm has been engaged in several
successful reorganizations and has financed numerous
large corporation enterprises. The New York offices
are at 27 Pine Street.
—The Bank of Pittsburgh N. A. of Pittsburgh, Pa., has
recently issued an attractive booklet entitled "In the Year
1810," containing many interesting facts with regard to
Pittsburgh at that period. The illustrations are unique,
showing both old articles of use and the crude ways of a
hundred years ago. A full-page view of the city in 1810, to
indicate how Pittsburgh appeared at the beginning of the
nineteenth century, is also ore of the features of the little
publication. A small space is devoted to a short historical
sketch of the bank which should be of much interest. It
may not be generally known that the Bank of Pittsburgh
N. A. is the oldest bank in the United States West of the
Allegheny Mountains, and that it was in existence when
William the Fourth was King of England and Napoleon
reigned over France. There are three different pictures
of the Bank of Pittsburgh N. A., showing the first building
occupied when started in 1810, the second home of the
bank from 1831 to 1894 and the magnificent building it
now occupies at 226-230 Fourth Avenue. Copies of the
booklet may be had upon application to the bank.
—It is reported that Robert N. Harper,formerly President
of the American National Bank of Washington, D. C., who
was convicted early this year on alleged charges of violating
the food and drug act, announced the withdrawal of his appeal from the Court of Appeals on the 6th inst. The ascused was fined $700, which, it is said, will be immediately
paid.

OCT. 17 190sd

THE CHRONICLE

—The eighteenth annual convention of the Bankers'
Association of the State of Illinois Ilia in Chicago at Music
Hall, Fine Arts Building, on Tuesday and Wednesday
.
of this week (13th and 14th inst. ) The attendance was
large, and the exercises both interesting and profitable. The
retiring President, August Bluth, a Vice-President of the
First National Bank of Chicago, delivered an address on
the financial lessons of the past year which attracted considerable attention. He places the principal blame for the
late panic on the invasion of banking circles in the metropolis
of our Country by a set of unscrupulous speculators whose
methods were utterly foreign to all accepted banking rules.
It is the banker's duty, he said, in every possible way to
restore and strengthen popular confidence, since the people's
interests and those of the banks are absolutely identical.
J. G. Cannon, Vice-President of the Fourth National
Bank of New York, spoke on the subject of "Commercial
Paper," and declared that one of the greatest experiences
of the 1907-08 panic was the splendid liquidation of such
paper throughout the country. He regarded the singlename paper of the leading merchants and manufacturers,
being offered in open market by note-brokers in high standing, as among the best assets a bank can have.
"The selling of commercial paper by first-class concerns has come to
stay," he said. "There are very few large or reputable houses doing
business to-day without borrowing, and I am unable to recall more than
one or two Instances of a firm or corporation of any prominence which
does not borrow directly or use Its credit in some other way.
In the course of time the banks have come to recognize the rote broker
as a necessary adjunct of the banking business. By restricting their
dealings to brokers of standing, the resources of the latter form a bulwark
of guaranty to the purchasing banks throughout the country.
I am not ready to concur In the Idea of forcing the registration of notes,
as has been suggested, not only because the process would be cumbersome
and expensive, but because it would drive a large number of the best concerns from the open market and we would thus be deprived of the privilege
of securing their paper for investment. But what good can such registration accomplish as a guide to the amount of liabilities outstanding unless
the loans made by customersfrom their own banks of deposit be registered
also? It is proposed to enforce such registration,and If not,do the framers
of the scheme ignore the fact that the losses on bought paper are insignificant as compared with the losses on banks' customers?"

Tuesday afternoon 200 automobiles were at the service
of the delegates and their ladies for a trip through the
Chicago park system, and several hundred availed themselves of the opportunity. In the evening the guests of
the Chicago bankers enjoyed a most generous and varied
entertainment at the Illinois Athletic Club—(1)a sumptuous
banquet, with delightful orchestral music and beautiful
souvenirs for both ladies and gentlemen in attendance;
(2) eloquent oratory by Judge Cutting, J. Hamilton Lewis
Esq., and L. P. Hillyer, Vice-President of the American
National Bank of Macon, Ga.; (3) a vaudeville performance and (4) dancing.
The principal address of the second day was by Prof.
J. Lawrence Laughlin of the University of Chicago on
"Guaranty of Bank Deposits," practically the same as delivered by him in Lincoln, Neb., a short time since. It
was listened to with great interest, and its strong points
against the adoption of any such system as proposed by
Mr. Bryan seemed to have the almost unanimous approval
of the audience. Wednesday afternoon the convention
adjourned in a body to Powers's Theatre to witness that
play which has. excited so much interest—Chits. Rann
Kennedy's "The Servant in the House." The officers of
the Association chosen for the ensuing year were as follows:
President, James McKinney of Alcdo; First Vice-President,
Oscar G. Foreman, Vice-President of Foreman Bros. Banking Co., Chicago; Secretary, R. L. Rinamer, Vice-President
of the Illinois State Trust Co. Bank of East St. Louis; and
Treasurer, T. S. 0. McDowell, President of the First National Bank of Fairbury.
—The Globe Savings Bank of Chicago failed in 1897, and,
after" eleven years in receivers' hands, the Chicago Title &
Trust Co. announces to the depositors of the Globe a final
dividend of 3%%, authorized in August, making in all
533/ cents on the dollar. The total dividends paid by the
receiver amount to $232,596 75; while, curiously, the cost of
saving so much for the depositors (which includes receivers'
and attorneys' fees, printing and advertising, taxes, insurance and other miscellaneous disbursements) was $553
more than the salvage, or $233,149 75.
—John L. Haas has been appointed receiver for the
Citizen's Savings Bank of St. Paul, and Thomas Brusse-




987

gaard has been named as Receiver for the State Bank of
St. Paul. The institutions are affiliated and have been
closed since August 28,
—The Federal Trust Co.of St. Louis has been incorporated
with an authorized capital of $500,000, of which $75,000, it
is said, has been paid in. The institution will not engage
in the banking business, but will restrict its operations to
the real estate and trust fields. The following officers have
been elected: W. H. Garanflo, President; Joseph McCoy,
Vice-President; John B. Denvir Jr., Secretary, and Murray
Phillips, Treasurer. The company will commence business
about January 1.
—The formation of a new Kansas City bank is proposed
under the name of the People's National, with a capital of
$200,000. The projectors are G. C. Smith, E. J. Ware,
A. S. Benton, H. R. Connell and Charles E. Sutton.
—The reorganization of the Traders' Bank of Kansas
City, Mo., under the Federal system, whereby it has become
the Traders' National Bank, was recently completed. The
capital was increased with the change from $100,000 to
$200,000. The officers continue as follows: J. R. Dominick,
President; E. J. Colvin, Vice-President and J. C. English,
Cashier.
—The proposition to consolidate the Colonial Bank &
Trust Co. and the Cosmopolitan Bank & Trust Co. of New
Orleans under the name of the Mercantile Bank & Trust Co.,
was ratified at meetings of the stockholders of the two institutions on Sept. 29. Following the meeting, some of
the minority stockholders of the Cosmopolitan sought to
prevent the consolidation and filed a petition asking for the
appointment of a receiver for the institution. The proceedings, however, were subsequently withdrawn and the suit
dismissed. The proposed Mercantile Bank & Trust Co.
is to have a capital of $360,000 and surplus of $90,000.
Under the terms of consolidation the Colonial Bank & Trust
will receive 1,600 shares of the stock of the new company in
exchange for $200,000 of its assets, and the Cosmopolitan
2,000 shares for $250,000 of its assets. The remainder of
the assets in each case will be liquidated.
—An application to organize the Merchants' National
Bank of Billings, Mont.,was approved Sept. 28. The capital
is to be $250,000. T. A. Marlow, President of the National
Bank of Montana, at Helena, is interested in the project.
—P. E. May, previously Vice-President of the National
Exchange Bank of Augusta, Ga., has become President,
succeeding W. B. Young. William K. Young replaces
Mr. May as Vice-President.
ANNUAL CONVENTION OF AMERICAN
ACCOUNTANTS.
A large number of professional accountants will assemble
at the annual meeting of the American Association of Public
Accountants to be held next Tuesday, Wednesday and
Thursday at the Marlborough-Blenheim .Hotel, Atlantic
City, N. J. The twenty-first annual convention this year
will be given under the auspices of the Pennsylvania Institute of Certified Public Accountants and the Society of
Certified Public Accountants of the State of New Jersey.
Leading members in the profession will address the convention. The three principal topics for discussion and
the speakers will be: "Railroad Accounts in relation to the
twentieth section of the Act to Regular Commerce," Professor Henry C. Adams and Arthur W. Teele, C. P. A.;
"Accounting Practice and Procedure," A. LoWes Dickinson,
C. P. A., and "The Accounting of Industrial Enterprises,"
William M. Lybrand, C. P. A.
Many representatives from foreign delegations outside
of the United States have signified their intention to attend
the convention. The visitors will include the President of
the Institute of Chartered Accountants in England and
Wales, a member of its Council; the President and VicePresident of the Society of Incorporated Accountants and
Auditors, officers of the several societies in Scotland, including Richard Brown, well known historian of the profession, and a large delegation from all the socities in Canada.
A special session will probably be arranged to meet and
welcome these guests. Besides the business and literary
sessions, a golf tournament is to be held on the links of the
Atlantic City Country Club, Friday, and the annual banquet
takes place the last evening of the convention.

988

THE CHRONICLE

plonetargifTouxmertiaMnolisitg.eure
(From our own correspondent.)

Lxxxvii.

London.
Week ending October 16. Sat.
Mon. Tues.
Fri
Wed. Thurs.
Silver, per oz
d 23 13-16 23 13-16 23 13-16 23 13-16 23 11-16 23%
Consols, new, 234 per cents_ 84 7-18 84 15-16 8494
85
84 13-16.
8434
For account
8434
85
84 11-16 85 1-16 84 15-16 8434
French Rentes (in Parls)_fr.. 95.00 95.2234 95 2234 95.20
95.35
95.35

London, Saturday, Oct. 10 1908.
The London stock market has again this week been under
the baneful influence of politics. For several weeks past
the extreme ease of the money markets, both at home and
abroad, has induced an active speculation in various markets, and especially in South African mining shares. For a
good while speculation was confined purely to the professional
element. But of late the improvement having been maintained for some considerable time, the speculative public
has come in to a considerable extent, and buying both for
the English provinces and for the Continent has been upon a
very extensive scale. Of course buying of this class is
partly of an investment character, but very largely it is
carried on with borrowed money, and the result of the bombshell in the form of the trouble in the Balkan Peninsula has
led to such a fall in prices that the difficulties to be faced
at the forthcoming settlement next week are so large that
an immense number of operators, in the aggregate, have
found it prudent to close their accounts. This, in turn, has
led to further embarrassments on the part of operators
who are unable to meet their differences, with the result
that some forced sales have already taken place and more
are feared at the settlement. The cable reports from New
York tell us that the Wall Street market has suffered to
some extent from the sales of European holders of American
securities to meet their differences, and the fall in prices has
extended in various directions, consols being a weak market
under 85, the more speculative securities, which were beginning to attract attention, being practically without a market
at any price.
In itself the declaration of independence on the part gonmercial and Wiscellanertus
of Bulgaria would be of little consequence. Bulgaria
has virtually been independent ever since the beginNational Banks.—The following information regarding
ning of the seventies. That the island of Crete should national banks is from the office of the Comptroller of the
take the opportunity to seek annexation to the Greek Currency, Treasury Department.
kingdom is also not very alarming. But what is
APPLICATIONS TO CONVERT INTO NATIONAL BANKS
APPROVED.
really alarming is the extraordinary action of the
The Bank of
Austro-Hungarian monarchy with regard to Bosnia and National Bank Butte County, Chico, California, into "The Butte County
of Chico." Capital, $250,000.
Herzegovina. The action of small States like Bulgaria
NATIONAL BANKS ORGANIZED.
•
might have caused a ripple in the stock market, but could
Certificates Issued from September 28 to October
Ins lusive.
c
not have led to the general alarm which has extended to 9,242—The First National Bank of Carson City, Nev.8 Capital $50,000.
James A. Raycraft, Pres.; P. B. Ellis, Vice-Pres.; .1. P. Marshall
every bourse and stock exchange in Europe. Had trouble
Cashier.
arisen within the confines of Turkey as a result of the re- 9.243—The Farmers'and Traders'National Bank of Hillsboro. Ohio. Capttal, $50,000. A. Matthews, Pres ; J. D. W.Spargur, V.
-P.; Philip
markable experience she has lately gone through, it would
C. Berg, Cashier.
have been most regrettable; but it would have been no more 9,244—The Citizens' National Bank of Wayne, Neb. Capital, $60,000.
A. L. Tucker, Pres.; H. C. Henney, Vice-Pres.; D. C. Main, Cash.;
than many people feared from the outset. But that a great
H. B. Jones, Asst. Cash.
government like that of Austria-Hungary, not driven by 9,245—The Union National Bank of Dallas, Tex. Capital, $200,000.
E. G. Patton, Pres.; Isaac B Walker, Vice-Pres.; Walter 0. Slier.
popular clamor, but calmly and deliberately in the ordinary
Cash. Conversion of the Union Bank and Trust
'
course of business, should seek to embarrass a neighbor 9,246—Albemarle National Bank of Charlottesville, Company of Dallas.
Virginia. Capital,
$100,000. L. T. Hanckel, Pres.: R. T. W. Duke Jr., Vice-Pres.;
who is endeavoring to put his own house in order,by tearing
R.
Conversion of the Bank of Albemarle.
up a treaty over thirty years in existence and to which she 9,247—TheT. Martin, Cashier.Bank of Shenandoah, Pennsylvania. CapCitizens' National
was herself one of the signatory Powers, is most disquieting
ital, $100,000. James Bell, President; Joseph Rynkiewlez, First
Vice-President; J. A. Mandour, Second Vice-President; Geo. H.
and exceedingly regrettable. The aged Emperor Francis
Krick, Cashier.
Joseph, who has this year celebrated the jubilee of his name, 9,248—The Farmers'& Miners'National Bank of Forest City,Pennsylvania.
Capital, $50,000. H. P. Johns, President; Martin Muchitz and
is one of the most honored monarchs in European politics.
E.
He has always been considered a most peaceful sovereign and 9,249—TheA. Bioxham, Vice-Presidents; R. R. Zarr, Cashier. Capital,
First National Bank of Howard, Pennsylvania.
$25,000. S. H. Bennison, President; Abraham Weber. Viceone who would observe punctiliously the governmental
President; Matthew Rodgers Jr., Cashier.
proprieties. That the Emperor is himself responsible for 9,250—The First National Bank of Center Point, Indiana. Capital, $25,000. L. C. Kennedy, President; C. 0. Rentschler, Vice-President,
what has happened no one in Western Europe can bring
S. W. Henderson, Cashier.
himself to believe.
0,251—The First National Bank f Ackerman, Mississippi. Capital, $25,What has really caused the alarm in the stock markets and
000. J. B. F. Sides, President; Jas. W. Norment, Vice-President;
N. A. Perry, Cashier.
the apprehension of the business community generally was
CHANGE OF TITLE.
very aptly explained by Sir Edward Grey,the British Foreign 8,967—The Cortez National Bank, Cortez, Colorado, to "The First NaSecretary, in his speech on Wednesday night to his constitutional Bank of Cortez."
ents in the north of England. Sir Edward said that it
LIQUIDATIONS.
National Bank of
would be hopeless to attempt to restrict expenditure on 7,783—The First liquidation August Lamont, Oklahoma, was placed in
voluntary
31
armaments if the Powers of Europe considered themselves 6,736—The First National Bank of Foss, 1908.
Oklahoma, was placed in voluntary liquidation
at liberty to tear upany treaty into which they had solemnly 7,321—The Coalgate September 10 1908.
National Bank, Coalgate, Oklahoma, was placed in
entered whenever it might suit their convenience to do so.
voluntary liquidation September 12 1008.
These events have, naturally, had their influence upon 8,815—The People's National .Bank of Aspen. Colorado, was placed in
voluntary liquidation September 21 1008.
the money market, and discount rates went at one time 6,450—The City National Bank of Norman, Oklahoma, was placed in
voluntary liquidation October 5 1908.
to over 2 per cent and even in the short-loan market money
was well above 13t per cent. Rates, however, have now
STOCK OF MONEY IN THE COUNTRY.— The followpractically fallen back to the old level. It is of course ing table shows the general stock of money in the country, as
recognized that if there is to be any serious trouble, rates well as the holdings by the Treasury, and the amount in
in the London money market are dangerously low. But, circulation, on the dates given. The statement for October 1
on the other hand, bankers have large deposits upon some 1907 will be found in our issue of October 12 1907, page 899.
of which they have to pay interest and in any case they
—Stock of Money Sept. 11908.— —Meney in Circulation—
Held in
In United
Oct. 1
Oct. 1
must meet the ordinary expenses of business. There is an
Treasurd.d.
States.
1907.
1908.
enormous, supply of lendable capital, owing to the general
$
$
561,956.809
depression in trade. And there is very little demand Gold coin and bullion_*1,643,681,386 185,680,399 615,955,118 640,204,609
Gold certificates a
for it. Consequently, unless the banker or the money Standard silver dollars_ 563,493,982 36,378,105 805,667,764
84,758,166
201.835
75,084,147
460,847,251
broker is willing to allow his money to lie idle it will not Silver certificates:a
475,843,942
12,364,058
Subsidiary silver
be possible to raise rates appreciably unless the course of Treasury notes of 1890. 145,770,000 21,746,013 124,024,077 124,988,237 •
5,700,348
4,767,000
4,750,809
16,191
343,125,625
events should make it imperative.
United States notes
341,190,465
notes____ 346,681,016
5,490,551
584,275,549
635,783,039
notes___ 675,612,327
39,829,288
The India Council offered for tender on Wednesday 60 National bank notes
lacs and the applications exceeded 262 lacs at is. 3 29-32d.
3,380,005,801 301,708,440 3,078,299,361 2,805,854,374
Total
Population orthe
per rupee. Applicants for bills at the price were allotted Per capita, $3504. United States Oct. 1 1908 estimated at 87,852,000; circulation
about 22.9 per cent of the amounts applied for.
* A revised estimate by the Director of the Mint of the stock of gold coin was

gnus

English Financial Markets—Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:




adopted in the statement for Aug. 11907. There was a reduction of $135,000,000
a For redemption of outstanding certificates an exact equivalent In amount of
the appropriate kinds of money is held in the Treasury, and is not included in the
account of money held as assets of the Government.
d This statement of money held In the Treasury as assets of the Government does
not Include deposits of public money in National Bank Depositaries to the credit
th e Treasurer of the.United.States, amounting to $117,926.917 10.

FOREIGN TRADE OF NEW YORK-MONTHLY
-In addition to the other tables given in
STATEMENT.
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our New
York Custom House. The first statement covers the total
imports and exports of merchandise and the Customs receipts for the nine months of the last two seasons:
Merchandise Movement to New York.

1908.

Total

75,330,158
73,356,400
82,462,921
76,197,876
71,928,155
66,852,548
75,554.451
70,293,096
58,833,023

1908.

1907.

47,489,941
44,771,752
52,625,828
53,605,913
50,255,042
50,604,930
49,729,151
59,445,780
58,374,355

January _
February.
March _ -__
April
May
Juno __ July
August_ _
Septembe

Customs Receipts
at New York.

Exports.

Imports.

Month.

1908.

1907.

62,531,690
59,999,716
58,116,795
57,446,144
47,520,637
51,137,522
47,489,381
45,107,352
49,611,985

54,687,930
51,324,211
55,773.585
58,435,873
43,283,112
55,609,847
58,503,816
58,833,707
54,712,748

1907.

14,640,446
15,241,056
14,086,404
13,787,445
12,303,743
13,108,456
14,417,036
14,517,500
17,115,156

19,970,981
18,096,641
18,695,688
18,453,762
16,920,907
17,214,679
19,368,068
19,205,736
17,002,293

57,902,692 850,808,626479,040,222489,144,829'1129,217,242164,928,735

The imports and exports of gold and silver for the nine
months have been as follows:
Silver-New York.

Gold Movement at New York.
Month.

1907.

1908.

1907.

1908.

1907.

Exports.

Imports.

Exports.

Imports.
1908.

68,025 1,367,113
388,410
January __ _ _ _ 7,585,750
335,588
636,087
_ _ 1,300,840 1,230,143
February
7,156
135,985
1,514,662
March
1,025,862
72,395
900,777 2,321,848 11,677,173
April
269,610 25,568,228 2,902,213
1,171,272
May
438,390 7,987,653 21,792,992
989,058
June _
970,776 1,059,656 5,085,668
569,791
July
8,400 2,905,033
522,870
1,100,130
August
506,125
207,075
720,327
1,353,973
September

719,375
24,477
499,947
301,690
351,158
369,790
731,113
442,858
356,605

3,297,516
3,509,414
3,205,044
201,234
3,155,107
3,681,194
4,612,646
3,927,877
3,198,213

17,197,482 8,377,038 47,846,230 34,675,233 3,797,013 28,788,045

Total

BANK NOTES-CHANGES IN TOTALS OF, AND IN
-We give below tables which
DEPOSITED BONDS, &c.
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statement for September
1907 will be found in our issue for Oct. 19 1907, page 984.
Bonds and Legal-Tenders
on Deposit lor
Bank Circulation.

Circulation Afloat Under

1907-08.
Bonds.
Sept. 30___
Aug. 31_ _ -July 31_.
June 30- -- May 29--April 30-- Mch. 31---Feb. 29---Jan. 30.-.Dec. 31.--Nov. 30--- Oct. 31---

989

THE CHRONICLE

OCT. 171908.1

LegalTenders.

Bonds.

LegalTenders.

Total.

632,871,890
631,607,490
629,432,420
628,147,130
629,031,160
628,839,430
632,422,570
636,426,860
648,828,820
646,783,000
618,394,310
586,994,910

48,839,442
59,339,115
66,728,009
75,083,400
73.735,370
72,220,323
67.573,019
63,215,807
53,483,098
46,670.996
46,062,188
47,252,852

628,972,885
825,986,993
625,360,982
823,250,517
824,714,147
625,425,375
628,834,338
632,458,712
841,919,664
643,459.899
810,158,008
582,727,614

48,639,442
59,339,115
86,728,009
75,083,400
73,735,370
72.220,323
67,573,019
63,215,807
53,483,098
46,870,996
46,062,188
47,252,852

875,612,327
885,328,108
692,088,991
698,333,917
698,449,517
897,645.898
696,407,355
695,674,519
695,402,762
690,130,895
656,218,196
609,980,466

The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on Sept. 30.
U. S. Bonds Held Sept. 30 to Secure
Bonds on Deposit
Sept. 30 1908.

Panama Canal
Four per cents, Loan of 1925
Three per cents, Loan of 1908-18Two per cents, Consols 1930
Certificates of indebtedness, 3 %___
District of Columbia 3.65s, 1924State. City and Railroad bonds
Hawaiian Islands Bonds
Philippine Loan
Porto Rico

Bank
Circulation.

Public Deposits
in Banks.

$
$38,424,680
14,945,450
10,057,280
555,508,000
13,936,500

$
$14,838,000
7,258,750
9,270,400
40,069,450

Total
Held.

2,441,000
50,046,747
1,833,000
8,461,000
736,000

353160,680
22,204,200
19,327,660
602,477,450
13,938,500
2,441,000
50,046,747
1,833,000
8,461,000
736,000

141,852,347

Legal-Tenders.

June 1.

July 1.

Aug. 1.

Sep. 1.

Od. 1.

$
$
Deposits by$
$
$
445,865
445.865
555,615
nsolvent banks584,362
433,522
,lquidatIng banks __ ____ 13,788,706 13,914.488 14,260,186 14,398.258 14,398,256
ledueg under Act 011874* 59.362,302 60,735,390 51,912,208 44,494,994 33.795,321
73,735,370 75,083,400 66,728,009 59,339,115 48,839,442

Total

*Act of June 20 1874 and July 12 1882.

FAILURES FOR THE THIRD QUARTER AND SINCE
-The following figures, prepared from Messrs. R.
JAN. 1.
G. Dun & Co.'s statement, show the number of failures in
the United States and Canada during the quarter ending
Sept. 30 1908, and for the nine months ending with the same
date. For purposes of comparison, like figures for the corresponding periods of the preceding year are given:
Third Quarter.
New England States
Middle States
Southern States
Southwestern States
Central Western States
Far Western States
Pacific States

-1908No. of
Amount of
Failures. Liabilities.
289
$2,278,090
824
17,230,800
633
8,461,877
2,774,542
300
544
14,080,189
10,843,972
309
338
1,833,620

-1907No. of
Amount of
Failures. Liabilities.
279
$5,814,795
562
24,749,557
397
3,730,499
205
976,169
501
6,504,722
250
1,297,737
289
3,394,207

$55,302,690

2,483

346,467,686

$3,492,661

297

$4,003,804

$36,228,416

7

$5,041,641

$11,157,534
87,248.556
28.059,938
8,888,666
36,998,355
16,544,459
19,780,015

885
1,937
1,526
705
1,419
842
776

$11,371,126
58,692,152
14,162,038
4,376,583
15,729,851
4,492,440
7,212,158

11,948

$179,677,523

8,090

$116,036,348

Dominion of Canada
1,221
Banking failures in United States
(not included in above)
147

$11,828,386

870

$8,000,128

$116,108,661

29

$12,945,669

3,237
Aggregate United States
340
Dominion of Canada
Banking failures in United States
27
(not included in above)
Nine Months
1,182
New England States
2,979
Middle States
2,274
Southern States
1,182
Southwestern States
2,007
Central Western States
1,081
Far Western States
1,241
Pacific States •
Aggregate United States

The record of failures by quarters for the three quarters
of the last twenty-two years is as follows:
Years1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908

- -Third Quarter
-First Quarter- -Second Quarter
No. Amount of
No. Amount of
No. Amount of
Faitures.Liabilities. Failures.Liabilities. Fallures.Liabilittes
3,007 $32,161,762 1,905 $22,976,330 1,938 $73,022,556
2,948 38,884,789 2,241 29,229,370 2,361 22,114,250
3,311 42,972,516 2,292 22,858,337 2,276 30,227,045
3,223 37,852,968 2,162 27,466,416 2,196 35,452,438
3,545 42,167,631 2,529 50,248,636 2,754 44,302,494
3,384 39,284,349 2,119 22,989,331 1,984 18,059,235
3,202 47,338,300 3,199 121,541,239 4,015 82,469,821
4,304 64,137,333 2,735 37,601,973 2,888 29,411,196
3,802 47,813,683 2,855 41,026,261 2,792 32,167,179
4,031 57,425,135 2,995 40,444,547 3,757 73,285,349
3,932 48,007,911 2,889 43,684,876 2,881 25,601,188
3,687 32,946,585 3,031 34,498,074 2,540 25,104,778
2,772 27,152,031 2,081 14,910,902 2,001 17,640,972
2,894 33,022,573 2.438 41,724,879 2.519 27,119,996
3,335 31,703,486 2,424 24,101,204 2,324 24,758,172
3,418 33,731,758 2,747 26,643,098 2,511 25,032,834
3,200 34,344,433 2,428 32,452,827 2,548 34,858,595
2,344 48,088,721 2,870 31,424,188 2,969 32,168,296
3,443 30,162,505 2,767 25,742,080 2,596 20,329,443
3,102 33,761,107 2,510 28,902,987 2,300 21,998,183
3,136 32,075,591 2,471 37,493,071 2,483 46,467,686
4,909 75,706,191 3,800 48,608,642 3,237 55,302,690

-Among other securities the following, not
Auction Sales.
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H. Muller & Son:
Stocks.
Rights on 130 shares
Flatbush Trust Co.._ _ 5554
$ 100 Amal. Mln. & 011 Co. Sc
41 Amal. Min. & Oil Co.$1
each
6 King Crowther Corp.._
33 Transferable rights in
King Crowther Corp_ $10
25 Mt. Jefferson Min. & lot
Explor. Co. $1 each._
68 Black Oak Gold Mines,
Consol. $1 each
408 Buckeye Consol. Mining
Co. $1 each
868 Mogul Copper Co. $1 ea.
65 Devel. Co. of Cuba, pref. 25
216
20 Columbia Trust Co
5 N. Y. County Nat.Bank.805
10 Mutual Alliance Trust
1563'g
Co. of New York

Stocks.
3 Bond & Mtge. Guar. Co_300
13254
10 Broadway Trust Co
3,975 Imperial Copper Co. of
Arlz. $10 each_...$3 per sh.
165
100 Carnegie Trust Co
1,000 British Guiana Gold Co.
$1 each
5234c. per sh.
25 City Investing Co.,r1ghts
49
on
Bonds.
$2,000 Union FerryCo. Sc. 1920
8436
M. & N
$8,000 New Foundland Syndicate 10-year coll, trust and
$51 lot
convertible 7s
$10,000 Alto Copper Co.of Ariz.
$85
Special Contract 7s
$10,000 Mowry Mining Co. of
Ariz. % Special Bonds..-$90

774,724,237

Breadstuffs Figures Brought from Page 1038.=-The statements below are prepged by us from figures collected by
the New York Produce Exchange. The receipts at Western
The following shows the amount of national bank notes lake and river ports for the week ending last Saturday and
afloat and the amount of legal-tender deposits Sept. 1 and since Aug. 1 for each of the last three years have been:
Oct. 1 and their increase or decrease during the month of
Rye.
Barley.
Corn.
Oats.
Wheat.
- Flour.
Receipts at
September.
Total on deposit Sept. 30 1908.-

632,871,890

National Bank Notes-Total Afloat
Amount afloat Sept. 1 1908
Amount issued during September
Amount retired during September_ •

$685,320,108
$6,839,945
16,553,726
9,713,781

$675,812,327
Amount of bank notes afloat October 1 1908
Lega-Tener Notes
$50,339,115
Amount on deposit to redeem national bank notes Sept. 1 1908
82,468,835
Amount deposited during September
13,168,308
Amount of bank notes redeemable In September
10,699,673
Amount on deposit to redeem national bank notes October 1 1908.- $48,639,442

The portion of legal-tenders deposited (1) by banks becoming insolvent, (2) by banks going into voluntary liquidation and (3) by banks reducing or retiring their circulation
was as follows on the first of each of the last five months:




Chicago
Milwaukee..
Duluth
Minneapolis
Toledo
Detroit
Cleveland _
St. Louis
Peoria
Kansas City.
Tot.wk.'08
Same wk.'07
Same wk.'06

bbls1961bs. bush. 60155. bush. 56 lbs. bush. 32 lbs. bush.481bs. big. 58 lbs.
43,000
968,018
801,400 2,140,500
510,000
236,602
40,500
429,600
440,000
24,000
490,000
68,075
68.105
415,848
439,917
3,943,996
205,750
706,120 123,880
603,000
12.230
4,646,550
9,000
42,000
28,400
39.000
112,500
24,600
10,800
9,600
3,200
62,235
14,000
27,600
2,101
4,000
187,200
622,400
450.074
261,205
85,550
9,000
95,000
15,035
216,000
228,800
16,900
105,000
77,000
979,650
604,578 11,112,905
564,743 6,483,539
507,394 6,936,167

1,471,435
5,098,813
3,187,392

4,783,552 2,802,788
4,875,569 3,654,587
5,534,938 2,275,858

297.285
291,950
251,785

Since Aug. 1
4,725,222 85,936,510 25,080,225 48,098,753 2,608,309 2,220,583
1908
3,811,521 63,353,426 46,239,785 57.430,597 18,107.585 2,069,017
1907
5,163,382 67,392,886 39,158,091 54,879,299 14,099,739 1,478,529
1900

Total receipts of flour and grain at the seaboard ports for

the week ended Oct. 10 1908 follow:
Receipts atNew York
Boston
Portland, Me
Philadelphia
Baltimore
Richmond
New Orleans *
Newport News__
Norfolk
Galveston
Mobile
Montreal

[VOL. Lxxxvu.

THE CHRONICLE

990
Wheat,
Flour,
bbls.
bush.
199,988 1,074,200
160,875
55,798
2,607
47,776
931,066
101,457
197,289
75,052
3,223
94,400
17,045
296,000
23,217
12,105
239,000
7,628
32,520
963,410

Corn,
bush.
97,200
6,300
20,559
46,981
4.000
122,000

Oats, Barley,
bush,
bush.
603,700 115,700
99,324
1,842

Rye,
bush.
42,550
1,070

142,542
61,923
31,000
67,500

DIVIDENDS.
The following shows all the dividends announced for the
future by all large or important corporations:
Dividends announced this week are printed in italics.

50,814
32,102

8,000

Per
When
Cent. Payable.

Name of Company.

Books Closed.
Days Inclusive.

Railroads (Steam).
Atch. Topeka & Santa Fe, common _ _ _
2% Dec. 1 Holders of rec. Nov. 5
Nov. 10
Atlantic Coast Line RR., pref.(guar.).
- 234 Nov. 10 Nov. 2 to
Nov. 2 Holders of rec. Oct. 20
Central RR. of New Jersey (quar.)
2
43,183
43,064
Chic. Mllw. & St. Paul, com,and pref
3% Oct. 20 Holders of rec. Aug. 19
530,640 4,084,016
Oct. 20 Holders of rec. Oct. 2
407,536 1,049,172 168,606 126,566 Clev. Cinc. Chic. dr St. L., pref. (quar.)._
Total week
390,294 3,689,141
683,934 1,085,604
98,866 Delaware Lackawanna & Western (ou.). 2H Oct. 20 Holders of rec. Oct. 2a
68,231
Week 1907
4
Nov. 2 Holders of rec. Sept. 18
Since Jan. 1 1908_13,683,813 81,360,792 31,615,466 35,123,981 3796,696 2165,330 Evansville & Terre Haute, common
2
Nov. 1
Since Jan. 1 1907_15,010,778 86,728,505 74,888,544 43,628,285 3697,736 1569,772 Genesee de Wyoming
Grand Rapids & Indiana
1% Oct. 26 Oct. 18 to Oct. 26
4
Oct. 23
* Receipts do not Include grain passing through New Orleans for foreign ports Grand Trunk, guaranteed
Great Northern (quar.)
on through bills of lading.
1X Nov. 2 Holders of rec. Oct.14a
Missouri Kansas & Texas, preferred
2
Nov. 10 Oct. 21 to Nov. 9
4M Nov. 2 Holders of rec. Oct. 15a
The exports from the several seaboard ports for the week Nashua & Lowell
Extra
34 Nov. 2 Holders of rec. Oct. 15a
Northern Pacific (quar.)
ending Oct. 10 1908 are shown in the annexed statement:
1% Nov. 2 Oct. 16 to Nov. 3
Reading Company, 2d prof
2
Nov. 10 Holders of rec. Oct. 23
Wheal,
Corn, Flour,
Rye, Barley, Peas, Rome
Oats,
Wat. & Ogd., guar. (guar.)
1X Nov. 15 Holders of rec. Oct. 31
bush.
bush. St.
bush.
bush.
Exports frombush.
bbls.
bush.
Louis & San Francisco ,1st pref,(qu.) 1
Nov. 2 Holders of rec. Oct. 9
951,906
1,740
5,702 67,002
New York
12,935 33,633 31,916
1•!all ,avs.
16,848 CapeStreet & .:lectric Ltd.,
Portland, Me_-_. 47.776
2,607
Breton Electric Co.,
pref.(No.5) $3 Nov. 2 Holders of rec. Oct. 21
129,686
Boston
25,885
19,878
Columbus Railway, pref. (guar.)
13( Nov. 2 Holders of rec. Oct. 15
Philadelphia ____ 655,930
30,000
1,100 43,379
East St. Louts & Sub., pref. (qu.)(No. 10) ig NOV. 2 Holders of rec. Oct. 15
331,644
30,011
Baltimore
62 38,864
Georgia Ry. & Elaine, pref. (guar.)
13( Oct. 20 Oct. 16 to Oct. 20
42,000
138 Grand
New Orleans
1,104 17,045
285
13( Nov. 2 Holders of rec. Oct. 15
Rapids Ry., pref. (guar.)(No. 32)
Newport News.
23,217
134 Nov. 14 Oct. 26 to Nov. 14
Ry.,pref. (qu.)(No. 11)
Galveston
334,160
900 Havana Electric& Lt., pref.(quar.)
5,000
4,490
(No.36) 1H Oct. 31 Holders of rec. Oct. 20a
Milw.Elec. Ry.
Mobile
4,496
7.628
(guar.)
2% Nov. 2 Oct. 15 to Nov. 4
Montreal
1,274,407
26,500
42,464 Montreal Street Ry.
24,783
Philadelphia Company. common (guar.). 134 Nov. 2 Holders of rec. Oct. 1
Norfolk
12,105
Twin City Rapid Tran., Minn., corn. (qu.) 13( Nov. 14 Holders of rec. Oct. 24
Port Arthur
80,000
West Penn Rps., pref. (qu.)(No. 12)
13( Nov. 2 Oct. 25 to
Banks.
13,220 146,029 31,916 62,096
Total week--.3,847,509
17,664 260,998
4
Nov. 2 Oct. 22 to
Mount Morris (No. 35)
Week 1907
16,597 17.350 12,185 10,053
3,081,147 448,541 231.087
Miscellaneous.
Amalgamated Copper (guar.)
Nov. 30 Holders of rec. Oct. 22
The destination of these exports for the week'and since American Cnicie, common (monthly)._ 1 Oct. 20 Oct. 15 to Oct. 20
American Dist. Telegrapg of N. J. (guar.) 1
Oct. 22 Oct. 14 to Oct. 21
July 1 1908 is as below:
Nov. 1
Amer. Light & Trac. corn. (guar.)
131 Nov. 2 Oct. 22 to
--Wheat
--Corn-Flour
Preferred, (quar.)
1% Nov. 2 Oct. 22 to Nov. 1
Since
Since American Locomotive. pref.(quar.)
Since
13( Oct. 21 Sept. 22 to Oct. 21
July 1
Week
Week
July 1 American Malting, preferred
Week
July 1
$1 56 Nov. 2 Oct. 23 to
1908. Oct. 10.
Exports for week and Oct. 10.
1908. American Malt Corporation. preferred.. _
1908. Oct. 10.
2% Nov. 3 Oct. 23 to
bush,
bush.
since July Itobbls.
bush.
bush. Bergner & Engle Brewing, preferred
bbls.
$4 Nov. 2 Oct. 25 to Nov. 2
United KIngdom___162.00 1,355,282 1,774,701 17,755,132
224,027 Binghamton Lt. Ht. & P., corn. (guar.)
Oct. 15 Sept. 4 to Sept.'17
Continent
58,454
59,809 694,904 2,053,308 22,866,124
Preferred (guar.)
1H Oct. 15 Sept. 4 to Sept. 17
354
77,984
19,500
9,490 Butte Electric & Power, pref. (guar.)
So. & Cent. Amer
15,261 201,557
13( Nov. 2 Holders of rec. Oct. 15a
16,062
West Indies
358,485 Central Dist. & Print. Teleg. (quar.).__
23,666 412,989
2
Oct. 31 Oct. 25 ta) N'r. 1
Brit. No. Am. Cola.
4,320 Chicago Telephone (guar.)
32,296
2
Dec. 31 Holders of rec. Dec. 23
5,537
1,048
7,002 Commonwealth-Edison (guar.)
Other countries_
232
72,880
134 Nov. 2 Oct. 21 to
Consolidated Ice of Pittsb., pref (guar.). 14 Oct. 20 Oe' 1
to Oct. 22
.
17,464
661,778 Consolidation Coal (guar.)
Total
260,998 2,769,908 3,847,509 40,704,779
14 Oct. 31 Oct 25 to Nov. 1
Total 1907
231,087 3,187,811 3,081,147 35,603,131 448,541 15,172,639 b Crex Carpet Co
2
Dec. 15 Holders of rec. Nov. 28
Distillers' Securities Corp.(qu.)(No. 24)
Oct. 31 Oct. 1 to
The world's shipments of wheat and corn for the week Distilling Co. of America (quar.)
Oct. 30 Oct. 1 to
1
Powd.,pf
of rec. Oct. 15
ending Oct. 10 1908 and since July 1 in 1908 and 1907 are du Pont(E.I.)deNem ours (extra) .(c u.) 1X Oct. 26 Holders of rec. Sept.30
Eastman Kodak, common
2;4 Nov. 1 Holders
shown in the following:
Common (extra)
5
Dec. 1 Holders of rec. Oct. 31
Edison Elec. III. of Boston (qu.)(No. 78) 2% Nov. 2 Holders of rec. Oct. 15
Electric Bond Ar Share ,pref.(guar.)._
13( Nov. 1 Oct. 17 to Nov. 1
Corn.
Wheat.
Electrical Securities Corporation, pref
2% Nov. 2 Oct. 25 to Nov. 11
Federal Sugar Refining, pref. (guar.)
1% Nov. 2 Holders of rec. Oct. 30a
1908.
1907.
1907.
1908.
Exports.
Guana'uato Power & Electric Co., pref _
1% Nov. 1 Oct. 21 to Nov. 1
Harbison-Walker Refractories, pref.(qu.) 1.34 Oct. 20 Holders of rec. Oct. 10
Since
Since
Week
Since
Since
Week
International Nickel. preferred (attar.). _
134 Nov. 2 Oct. 11 to Nov. 3
July 1.
July 1.
Oct. 10.
July 1.
July 1.
Oct. 10.
Internat. Smokeless Powd. & Chem., pref 4
Nov. 14 Holders of rec. Nov. 4
Internat. Steam Pump, pf. (qu.)(No.38) 134 Nov. 2 Oct. 21 to Nov. 3
Bushels.
Bushels. Bushels.
Bushels.
Bushels. Bushels.
Mexican Light & Power, pref
334 Nov. 1 Holders of rec. Oct. 23
820,400 13,334,000 Michigan Ste e Telephone, common(guar.) 1
31,000
North Amer. 5,179,000 56,673,700 46,152,000
Dec. 1 Nov. 19 to Dec. 1
Russian ____ 3,440,000 18,184,000 31,952,000 212,000 4,935,500 9,728.000
Preferred (guar.) (No. 19)
134 Nov. 2 Oct. 21 to Nov. 3
68,000 5,803,500 20,144,000
Danubian _ _ 1,584,000 13,768,000 11,168,000
Preferred (guar.) (No. 20)
134 Feb. 1 Jan. 17 to Feb. 1
868,000 21,902,000 7,552,000 1,759,000 29,658,500 23,800,000 New Central Coal
Argentine
Nov. 2 Oct. 29 to Nov. 2
2
Australian__ 200.000 3,256.000 3,728,000
Oklahoma Gas & Electric, pref.(guar.)__ _ _
13( Oct. 17 Oct. 7 to Oct. 18
0th. countr's 128,000 5.000,000 20,456,000
Pacific Coast Co., common (guar.)
1
Nov. 2 Oct. 24 to Nov. 2
First Preferred (guar.)
13( Nov. 2 Oct. 24 to Nov. 2
. Total ___ 11399000 118,783,700 111,008,000 2,070,000 41,217,900 67,006,000
Second Preferred (guar.)
1
Nov. 2 Oct. 24 to Nov. 2
Railway Steel Spring, common
1
Oct. 22 Oct. 8 to Oct. 22
Rubber Goods Mfg., common (guar.)
1
Oct. 29 Holders of rec. Oct. 22
San Diego Con-sot.
13(
15
The quantity of wheat and corn afloat for Europe on dates Shawinigan WaterGas & Elec., pref. (qu.) 1 Oct. 20 Oct. 8 to Oct. 15
Oct.
& Power
Holders of rec. Oct. 7
mentioned was as follows:
Standard Milling, pref. (No. 11)
134 Oct. 31 Oct. 27 to Nov. 1
Preferred (extra)
34 Oct. 31 Oct. 27 to Nov. 1
Street's West, Stable Car Line. corn.(qu.)
34 Oct. 20 Oct. 15 to Oct. 25
Corn.
Wheat.
United Electric Securities Co., pref
3% Nov. 2 Holders of rec. Oct. 22
U. S. Realty & Improvement (quar.)
1
Nov. 2 Holders of rec. Oct. 20
United
United
U. S. Rubber, 1st pref. (quar.)
2
Oct. 31 Holders of rec. Oct.15a
Kingdom. Continent. Total.
Kingdom. Continent.1 Total.
Second pref. (quar.)
134 Oct. 31 Holders of rec. Oet.15a
Vulcan DetinnIng, pref. (guar.)
Oct. 20
Bushels.
Bushels. Bushels. Bushels. Bushels.
Bushels.
Worthington (H. R.), Inc., pref
3% Nov. 2 Oct. 21 to Nov. 3
Oct. 10 1908_ 15,680,000 17,680,000 33,360,000 5,950,000 6,035,000 11,985.000
Oct. 3 1908._ 15,120,000 16,640.000 31,760,000 6,630,000 5,780,000 12,410,000
Oct. 12 1907- 17,800,000 15,720,000 33,520,000 7,488,000 3,560,000 11,048,000
a Transfer books not closed. b Formerly the American Grass Twine Co.
/.
•
96,000
4,496
10,000

ni

H

44

134

' The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and
Imports and Exports for the Week.
-The following are
83aboard ports Oct. 10 1908, was as follows
the imports at New York for the week ending Oct. 10; also
Corn,
Oats,
Wheat,
Barley
Rye,
totals since the beginning of the first week in January:
bush,
bush.
bush.
bush
bush.
New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Montreal
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Fort William
Port Arthur
Duluth
Minneapcils
St. Louis
Kansaseity
Peoria r
Indianapolis
On Lakes
On Canal and River
Total
Total
Total
Total
Total
Total
Total
Total

1,171,000
136,100
870,000
*713,000
534,000
448,000
311,000
1,635,000
384,000
176.000
4,048,000
377.000
1.702,000
1,417,000
5,333,000
7,980,000
2,608,000
3,238,000
1,000
499,000
3,681,000
390,000

Oct. 10 1908_37,652.000
Oct. 3 1908_34,281.000
Oct. 12 1907_42,012,000
Oct. 13 1906_36,301,000
Oct. 14 1905-23,614,000
Oct. 15 1904..23,419,000
Oct. 17 1903..22,295,000
Oct. 18 1902-27,654,000

72,000

950,000

000
Z.883
221,000

4,000
78,000
79,000
93,000
13,000
423,000
41,00
164,000
1,192,000
6,000

108,000
693,000
498,000
303,000
185,000
476,000

13,000
39,000
63,000
39,000
41,000
623,000
22,000

641,000
1,470,000
762,000
215,000
744,000
280,000
212,000
148.000

3,005,000
3,577,000
4,332,000
3,680,000
4,432.000
4,199,000
8,412,000
2,231,000

Holiday-Last week's OtOCkS.




135,000

78,000

55,000

11V,1108

80,000
84,000
117.000
52,000
16,000

FOREIGN IMPORTS AT NEW YORK.
For week.

40,000
858,000
554,000
663,000

115,000 1,434,000
65,000 1,549,000
32,000
88,000
15,000

9,000

108,000
25,000

463,000
455,000

8,169,000
904.000 6,188,000
7,792,000
795,000 6,090,000
905,000 4,842,000
6,165,000
8,607,000 1,550,000 2,265,000
22,614,000 1,516,000 5,565,000
23,788,000 1,518,000 5,565.000
961,000 4,889,000
7,889,000
7,755,000 1,040,000 3,089,000

Dry Goods
General Merchandise
Total
Since January 1.
Dry Goods
General Merchandise
Total 41 weeks

1908.
$2,663,152
10,28.1,036

1907
$3,001,076
10,318,996

1906.

1905.

$2,982,859
12,206,044

$2,763,098
12,877,349

$12,945,188 $13,320,072 $15,188,903 $15,840,447
$97,640,424 $150,057,172 $127,728,186 $111,480,999
378,523,869 521,586.001 470,375,850 438,329,387
$476,164,293 $671,643,173 $598,104,036 $549,810,386

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. 10 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1908.

1907.

1906.

1905.

For the week
Previously reported

$12,553,827 $14,624,233 $12,402,664 $12,315,588
481,933,637 484,164,554 477,002,621 407,640,205

Total 41 weeks

$494,487,464 $498,778,787 $489,405,285 $419,955,793

991

THE CHRONICLE

OCT. 17 1908.1

for
-in tne case of the Clearing-House banks, the deposits are "net". bothThe
Note.
the average and actual figures; in all other cases "grosii" deposits are shown. $9.Clearing-House actual figures included United States deposits amounting to
Imports.
United Sta Ii
244,300, an increase of $4,100 over last week; averages include
of $9,248,000, an li.crease of $29,000 from last week.
Week. Since J00.1 depoMs
includes, for both trust companies and State banks,not
"Reserve on deposits"
case of trust com$3,691,432 only cash items but amounts due from reserve agents, and in the City City are re1,036,131 panies Includes likewise municipal bonds. State banks lnNew York while outside or
amounting to 15% of. deposits,
24,958 quired by law to carry a reserve
in both cases need not be more
$104,565 4,432%029 New York City only 10% is required, which reserve New York are required to keel)
428,791 than one-half in cash. Trust companies in Greater
2,276
be in cash and 6% more may be in munici8,355 2,278,630 a reserve of 15%, of which only 5% need
the re13,225 2,498,369 oal bonds. while in the case of the trust companies in the rest of the State be in
quired reserve is 10%, of which only 3% need be in cash and 3% more may
$128,421 $14,390.340 municipal bonds.
170,347 8,203,328
The State Banking Department also furnishes the follow5,566,293 87,055,687
outside of

YORK.
EXPORTS AND IMPORTS OF SPECIE AT NEW
Exports.
Gold.
Week.

$47,647,925
$971 34,444,936
2,000 5,890,514

TOVil 1908
Total 1907
Total 1906
Silver.
Great .Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1908
Total 1,907
Total 1906

Since Jan.11
$2,524,737
23,640,879
19,017,343
1,334,500
4,000
1,116,606
9,860

Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

$725,515 $28,948,358
150,000 3,783,600
41,900
255,838
707
3,000
350
$876,222 $33,033,046
794,169 39,688,515
354,715 40,011,189

$974
37,145
27,402
30,888

$60,529
66,584
110,149
156,033
1,294,081
740,394
472,112

$96,409 $2,899,882
340,982 2,641,652
44,587 1,856,778

ing report for State banks and trust companies
Greater New York.

STATE BANKS & TRUST CO'S OUTSIDE OF GREATER NEW YORK.
P.C.01
Week ending October 10 1908.
Res.
Reserve.
Deposits.
Loans.
$78,822,600 $86,439,800 $20,367,800 24.4
State Banks
+147,900
+534,900
+357,100
23,446,200 18.6
120,879,800 130,366,600
Trust Companies
+813,800
+169,100 +1,037,700
+ Increase over last week. -Decrease from last week.

Reports of Non-Member Banks -The following is the
•Of the above imports for the week in 1908, $102„590 were
condition of the non-member banks' for the
gold Coin and $935 American silver coin. Of statement of Oct. 10, based on average daily results:
American
exports during the same time, $__ __ were American week ending We omit two ciphers (00) in all cases.
the
'
were American silver coin.
gold coin and $
Deposit with •
-The
Banks.
Legal
Loans,
Statement of New York City Clearing-House
Tender
Disc'Is
Other. I Net
detailed statement below shows the condition of the New
and
Specie. and • ClearSurCapiBanks.
Banks, Deposits
ending Oct.
ing
Bank
Investplus.
tal.
York City Clearing-House banks for the week
&c.
Notes. Agent.
ments.
averages of
---10. The figures for the eparate banks are the
----the daily results. In the case of the totals, however, a,, de- N. Y. City.
so that in Boroughs of
parture WAS made with the statement for Feb. 8,
i.e-nix.
1,042,0
addition to the Averages for the week the actual figures at Wash.Hghts 100,0 207,5 1,005,0 14,0 112,0 197,0 73,9 2,037,0
157,3
17,2 163,8
145,3 1,571,7
200,0
Century
the end of the week are now given.
420,8 1,081,4 5,374,6
493,6 214,9
3,669.0

500,6
100,0
Colonial ___
517,0 100,0 6,334,0
425,9 5,375,0 448,0 417,0
300,0
Columbia _ _
851,0
22,4
140,0
75,0
908,3
175,2
__
200,0
Specie. Legals. Deposits. Re, Fidelity
118,8 2,927,1
199,1
26,7 308,7
Capital. Surplus. Loans.
673,3 3,302,3
500.0
Banks
Average. t've. Jefferson.._ _
52.0 2,974,0
Average. Average. Average
38,0
541,0
264,6 2,105,0 353,0
250,0
omitted.
Mt. Morris_
003
5,0 4,017,8
625,2
27,1 435,8
317,8 3,385,7
200,0
Mutual _ _ _
----$
$
458,3 928,3 5,159,4
$
54,1 590,9
$
E
470,4 3,627,3
$
300,0
27.0 19th Ward_
4,397,0
2,000,0 3,281,2 22,009,0 4,630,0 1,109,0 21,327,6 51 5 Plaza
398,3 3,204,0 231,0 340,0 1,134,0
Y
100,0
Sank of N
47,400,0
1,943,3
302,1
62,7
2,050,0 3,305,2 27,100,0 22,90,3,0 1,516,0 22,129,0 28.4 23rd Ward_
182,2 1,576,0 176,4
Kanhattan Co_
100,0
2/3,0 1,962,0
6,328,4
609,9
2,000,0 1,661,6 20,146,0 4,
818,9 6,047,7 927,4 300,0
Werchants' _ _ _
Union Exch 750,0
26 6
4,442,4
325,7
58,9 851,0
3,000,0 3,723,9 27,731,0 6,549,0 1,163,0 29,278,0 25 1 Yorkville _
3,335,2
____
393,3
ilechanics'
100,0
782,0 350,0 5,599,0
1,500,0 4,804,2 28,899,9 5,325,3 2,589,6 31,508,4
708,0 4,370,0 909,0 436,0
kmerica
500,0
6,674,0,28.1
265,0
15,0 1,586,0
7,254,0 1,575,0
203,0
578,6
41,0
1,000,0
231,9 1,583,0 124,0
Phenix
New Neth'd 200,0
826,2
31,1
26,8
25,000,0 25,619,3 205,858,5 54,599,0 7,560,0 213,711,0 129.4 Batt.Pk.Nat 200,0
933,4 177,5
142,4
.31ty
3,000,0 5,78:3,7 31,795,1 7,022,2 1,876,6 32,612,1 127.2 Borough of
.1hemical _- _6,995,4 124.9
639,0
6,616,2 1,067,7
506,2
600,0
Kerchants• Ex_
Brooklyn.
7,301,0 126.4
660,2
424,0 242,5 3,657,1
1,000,0 2,445,8 ' 9,288,4 1,246,2
19,7 430,0
3allatin
420,1 2,853,9
150,0
1,900,9 24.7 Broadway
102,9
367,1
2,215,5
'J06,5 157.0 6,676,5
149,2
300,0
3utch. & Drov_
775,2 5,893,8 656,7 134,5
252,0
6,940,2125.3 Mfrs.' Nat _
200,0
6,292,1 1,558,1
729,5
500,0
3reenwich
10,161,3 239,9 1,424,3 1,449,9 358,1 13,380,0
836,1
1,000,0
7,573,0
5,000,0 5,192,0 30,902,9 5,457,5 1,142,8 24,557,8 127.1 Mechanics'
kmer. Exch.._
939,3 6,633,0 317,0 628,0 1,870,0
Nassau Nat. 750,0
5,891,0
25,000,0 15,667,4 175,566,7 26,027,8 14,288,0 162,566,6 ,25.5 Nat. City_ _ 300,0
3ommerce
575,6 4,090,0 121,0 647,0 1,029,0
6,776,5 26.0
522,8
430,7 185,6 2,169,7
134,8 107,3
dercantile ___. 3,000,0 2,490,4 10,794,5 1,210,0
216,7 1,527,7
100,0
3,116,4 27.0 North Side_
625,4
218,2
3,392,0
846,8
500,0
Pacific__
7,499,0 26.2 Jersey City.
891,1 1,066,5
904,0 6,157,3
6,975,9
450,0 1,027,9
Thatham _
400,0 1,214,5 4,048,7 209,8 361,7 2,915,8 445.2 2,478,8
2,087,2 24.2 First Nat.._
54,9
450,2
2,022,2
300,4
467,9
200,0
50,5
Peoples
715,7 2,347,5 149,8
81,713,1 28.5 Hud.Co.Nat 250,0
95,3 2,290,3
469,1
3,000,0 9,932,1 67,402,8 13,870,7 9,207,8 22,669,2 26.2 Third Nat_ _
46,8 147,0
lanover
367,3 1,675,3
200,0
2,550,0 1,381,1 22,351,6 5,568,5 " 321,9
J
- itizens' Cent
Hoboken.
5,301,1 27.6
701,6
762,7
4,793,0
157,3 222,8 2,200,4
8,9
372,9
500,0
gassau
610,6 2,368,9 138,4
220,0
8,723,4 35.7 First Nat.._
53,4 119,4 2,247,9.
7,619,5 1,631,8 1,468,2
55,5
1,599,0
74,3
darket& Ful'n.. 1,000,0
213,1 1,909,0
140,2 11,334,6 27.2 Second Nat. 125.0
2,000,0 1,142,0 11,031,7 2,950,2
Ketropolitan _
6,196,0 6,997,0 51,933,0 25.3 Tot. Oct. 10 7,847,0 12,939,8 89,607,7 6,221,1 8,355,7 16,649,6 5,824,3 110561,2
3orn Exchange. 3,000,0 5,156,3 44,196,0
26,042,0 26.1
1,558,0
:mp.& Traders' 1,500,0 7,308,2 27,598,3 5,205,0 1,198,0 112,325,6 26.7 Tot. Oct. 3 7,847,0 12,939,8 88,388,6 6,354,5 9,227,5 17,259,6 5,444,7 109304,9
8,365,0 16,256,5 5,538,7 108873,
3,000,0 9,583,4 95,363,0 28,742,0
-)ark
1,319,8 27.7 Tot. Sep. 26 7,847,0 12,869,5 88,516,7 5,957,0
152,8
213,0
1,178,6
110,5
250,0
East River_ _ _ _
29,328,0 25.6
3,000,0 3,365.7 27,298,0 4,222,0 3,270,0 11,456,0 26.1
Pourth
293,0
-Below
1,000,0 1,724,4 '10,400,0 2,706,0
3econd
New York City, Boston and Philadelphia Banks.
25.2
10,000,0 16,699,0 125,769,2 30,483,8 1,040,3 125,769,1 25.5
1rst
totals of the Clearing-House
Ex. 2,000,0 1,375,0 18,849,8 3,938,1 1,131,3 • 19,974,8 25.8 is a summary of the weekly
rving Nat
3,250,0
71,0
769,0
1,973,3
783,8
250,0
York City, Boston and Philadelphia. The
3owery
7,933,0 24.4 banks of New
626,7
7,612,9 1,253,6
500,0 1,105,3
ber
41*. Y. County
209,0 ' 3,487,4 24.6 New York figures do not include results for non-mem
653,7
3,818,7
621,2
750.0
r_
lerman-Ame
5,000,0 5,308,5 81,880,5 19,810,3 4,327,5 93,512,6 25.9 banks.
1hase
29.7
100,0 2,053,2 12,133,9 3,160,8 1,072,8 14.223,7 21.3
11th Avenue
We omit two ciphers in all these igures.
3,800,6
660,0
150,0
3,984,7
897,2
200,0
lerman Exch...
5,108,3 26.7
570,8
786,4
4,401,2
967,8
200,0
lermania
898,6 17,682,6 25.8
Capital
1,000,0 1,213,6 15,947,2 3,043,2
Ancoin
7,601,7 29.6
482,2
Specie. Legal*. Deposits. a Circa- Cleartncs.
Loans.
and
7,267,8 1,738,6
1,000.0 1,144,8
Banks.
3arfield
lotion.
3,215,8 24.0
316,6
444,3
3,161,2
453,3
Surplus.
250,0
11th
1,000,0 2,061,9 10,951,9 1,597,3 1,311,0 11,030,3 26.3
detropolls
4,785,0 24.8 New York
264,0
923,0
4,331,0
200,0
777,1
West Side
1,300,280.
1,000,0 1,649,7 21,039,0 5,161,0 1,662,0 25,300,0 26.9 Sept.12_. 287,465.9 1322,730,5 326,511,6 80,496.7 1420.061,9 54.493.1 1,660,226,
3eaboard
582,8 14,742,7 26.0 Sept-19... 287,465.9 1318,152.8 323,694.9 79.664,5 1412,563.5 54,441,6
1,000,0 2,480,3 15,475,3 3,220,4
:Aberty
8,446,4 26.2 Sept.2
152,8
321.194,5 80.328,8 1405,935,0 54.116,5 1,637,474,
2,063,8
7,093,9
287,465.9 1312,020,5
684,6
q. Y.Prod. Ex. 1,000,0
229,0 12,896,0 26.6 Oct. 3_ _ 290,070,1 1312,130,7 311,896,3 79,585,7 1396,771,4 53,756,5 1,644,702,
757,8 10,453,0 3,206,0
1,000,0
Rate
4,733,0 24.1 Oct. 10- 290,070,1 1324,358,0 306,469,5 78,926,0 1402,753,1 53,514,3 1,603,283,
491,2
651,9
294,2
4,647,5
1,000,0
.4th Street__ _ _
196,2 18,653,9 25.2
2,000,0 2,445,5 19,573,6 4,473,1
Boston.
3opper
136.150,
Sept.19.- 41,790.0 210,041,0 24,790,0 3,601,0 260.032,0 10,265.0 120,988.
78,926,0 1402,763,1 27.6. Sept.26_ _ 41,790,0 211,967,0 25,581,0 3,927,0 254,379,0 10,177,
Cotals, Average 126,350,0 163,720,1 1324,358,0 306,469,5
3.968,0 259,089,0 10,191,0 151,657,
Oct. 3_ _ 41,790,0 211,568,0 24,789,0
1333,084,5 303,732,1 80,036,7 1408,767,8 27.4 Oct. 10._ 41,790,0 212,791,0 24,984,0 4,060,4 261,744,0 10,342,0 139,937,
kctual figures Oct. 10.
Phila.
300,950,0 14.977,0 112,598,
83,087,0
and United States Sept.19._ 54,390.0 241,858,0
On the basis of averages, circulation amounted to $53,514,300
297.931.0 14,637,0 108,918,
80.992,0
Oct. 10, circulation, Sept.26._ 54,390,0 243,150,0
deposits (included in deposits) to $9,248,000; actual figures
296,977,0 14,086,0 121,716,:
79,434,0
Oct. 3_ 54,390,0 243,742,0
$53,379,100; United States deposits, $9,244,300.
295,588,0 14,018,0 102,614,'
78,722,0
Oct. 10._ 54,390,0 243,523,0
We omit iwo ciphers (J0) in all cases.

L

310,6

The statements compiled by the State Banking Department, together with the totals for the Clearing-House banks,
both the averages for the week and the actual figures at the
end of the week, are shown in the following table. In the
figures for State banks and trust companies all of these institutions in Greater New York are included.

NEW YORK CITY BANKS AND TRUST COMPANIES.
:
,
Week ending Oclob. r 10 1908.
Reserve on P.C.
Loans and
Deposits. of ReDeposits.
Legal:.
Investments. Specie.
00s omitted.
serve.
$
Clearing-House
1,333,084,5 303,732,1 80036,7 1,408,767,8 383,768,8 27.40
Banks-Actual
+21,756,6 -3,761,2 +810,6 +17,447,4 -2,950,6
Clearing-House
385,395,5 27.66
Banks-Aver-1,324,358.0 306,469,5 78,926,0 1,402,763,1 -6,086,5
+5,981,7
+12,227,3 -5,426,8 -659,7
State Banks
340,771,4 108,492,3 32.4
60,120,0 25,736,0
280,665,7
Average
+6,588,3 +5,348,4
+747.9 +4,483,6 -127,8
Trust Companies
955,651,7 296,020,3 34.1
7,150,7
79,584,3
872,493,4
Average
654.1
+223,4
+1,067,5
+795,7
+3,149,7
State Banks and
Trust Co's-not
85,390,2 15,021,5 1,063,691,0 328,328,3 33.7
in (jlear.-lfause 961,637,2
+608,1
+3,0)9,7
+710,9 +430,8
+3,428,8
+ Increase over last week. -Decrease from last week. from reserve deposibank notes. b After eliminating the Item "Due
a Inchiles
City," deposits amount to
tories and other banks and trust companies in New York figures.
876,052,500, an increksa of $6.358,900 over last week's




Philadelphia the Re
a Including Government deposits, and for Boston and amounted to $9,248,00
"due to other banks." At New York Government deposits $1,603,000 on Octob
against $9,219,000 on October 3; at Boston to
on October 10,
10 and $1,615,000 on October 3.

Aanking and ginancial.
copie
We shall be pleased to furnish to institutions and investors
of our special circular describing
43 RAILROAD BONDS
Listed upon the New York Stock Exchange

Spencer Trask & Co
NEW YORK
WILLIAM AND PINE STS..
Branch offices: Chicago, Ill., and Albany, N. Y

MOFFAT & WHITE
Members New
5 NASSAU STREET.

York Stock Exchange.
HANOVER BANK BUILDING.

DEALERS IN IN VESTMENT SECURITIES.
Commission Orders Executed or Cash Only ,

992

THE CHRONICLE

ittlatxhrrs' (15azette,

Lxxxvn.

$t..Louis,. 25c. per $1,000 discount. San Francisco, 50c.
per $1,000 premium.
State and Railroad Bonds.
-Sales of State bonds at the
Board are limited to $30,000 Virginia 6s deferred trust receipts at 38.
There is little change to note in the market for railway and
industrial bonds. Transactions have averaged a little more
than 33/b millions, par value, per day, and prices have held
steady to firm.
Among the exceptional features are Wabash ref. and
45, which have been dealt in on a much more extensive ext.
scale
than usual on a demand that carried them up 2 points.
This advance was not maintained, however. Convertible
issues have been strong in sympathy with the shares market.
Union Pacifies are 23' points higher, Atchisons over a
Central Leather nearly 3 and Colorado Southern and point,
Colorado Midland over a point.
United States Bonds
.-No sales of Government bonds have
been reported at the Board this week. The following are the
daily closing quotations; for yearly range see third page
following.

Wall Street, Friday Night, October 16 1908.
The Money Market and Financial Situation.
-Owing to
the much more favorable outlook for a peaceful settlement
of affairs in Southeastern Europe which has developed
since our last issue, the security markets at home and
abroad are in a more normal condition. The volume of
business at the Stock Exchange is not large, but prices
have recovered and the market is now maintaining a firmer
tone. Another favorable feature of the situation at the
moment is a more active bond market in which prices are
firm and a decided tendency to advance is noted.
Evidently there is some hopefulness in regard to the
outcome of the approaching election, and perhaps the expected success of Mr. Taft's candidacy is, to some extent,
being discounted in the security market. However that
may be, a good deal of caution is manifested, and in mercantile and commercial, as well as in financial circles, matters
of considerable importance are being held in abeyance
until after election.
Annual railway reports for the fiscal year to June 30,
Interest Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Periods
now being made, show, in practically every case, the enor10
12
13
14
15
10
mous:shrinkage which had been foreshadowed in the regular 2s, 1930
registered Q-Jan *103% *1033 *103% *103% *103% *103%
coupon Q-Jan *104 *104 *104 *104 *104 *104
monthly statements, but traffic reports for September and 2s, 1930
3s, 1908-18
registered Q-Feb *100% *1005j *1 4 *1004 *1004 *1004
the first week in October are generally more favorable.
3s, 1908-18
coupon Q-Feb *101 *101 *101 *101 *101 *101
Call loan rates have been somewhat firmer, but time 38, 1908-18____small coupon Q-Feb *100% *100% *100% *1003 *100% *100%
4s, 1925
registered Q-Feb *121 *121 *121 *121 *x2034 *120%
funds are in ample supply,and as the demand is limited 4s, 1925
coupon Q-Feb *122 *122 *122 *122 *122 *122
rates in this department are barely steady.
Is, 1936_Panama Canal coup Q
-Nov *102% *102% *1029. *1029. *102% *102%
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged * This is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.
from 1% to 2%. To-day's rates on call were 13%@2%.
-The stock market
Commercial paper quoted at 4% for 60 to 90 days endorse- has been much less active the transactions averaging well
below 500,000 shares per'
ments and 4@43% for best single names
day, and there has been a subThe Bank of England weekly statement on Thursday stantial recovery from the depression noted last week.
showed a decrease in bullion of £404,483 and the percentage As mentioned above, the news from abroad was less disturbing and there has been some buying back of the stocks sold
of reserve to liabilities was 51.03, against 50.93 last week.
The rate of discount remains unchanged at 23/2% as fixed last week for foreign account.
The advance this week has been conspicuous in the Pacific
May 28. The Bank of France shows an increase of 6,025,000
stocks-Union, Canadian and Northern-and in Chicago &
francs gold and a decrease of 5,975,000 francs silver.
Alton preferred, amounting in each case to from 4 to 5
NEW YORK CITY CLEARING-HOUSE BANKS.
points. A few other issues have been notably strong, including St. Paul, Missouri Pacific, Chicago & Alton com1908.
1907.
1006.
Averages for
mon and Baltimore & Ohio. Erie and Rock Island preferred
Differences
Averages for Averages for
week ending
from
week ending week ending
have been more steady and Delaware & Hudson and Brookprevious week.
Oct. 10.
Oct. 12.
Oct. 13.
lyn Rapid Transit have shown a tendency to weakness.
$
$
$
$
The industrial group has generally covered a narrower
Capital
126,350,000
129,400,000 118,150,000
Surplus
163,720,100
164,098,300 154,235,000 range. All active issues on this list have advanced modLoans and discounts__ 1,324,358,000 Inc. 12,227,300 1,083,401,900 1,065,657,800 erately, except in the case
of General Electric, which is
Circulation
53,514,300 Dec.
242,200 '51,001,800
46,164,800
Net deposits
1,402,753,100 Inc. 5,981,700 1,026,047,800 1,050,776,000 nearly 5 points higher than last week.
U. S. dep. (Incl. above)
9,248,000 Inc.
33,487,600
29,000
For daily volume of business see page 1002.
30,229,100
Specie 306,469,500 Dec. 5,426,800 198,558,800 202,511,200
The following sales have occurred this week of shares not
Legal tenders
62,608,600
78,926,000 Dec.
659,700
73,207,200
represented in our detailWed list on the pages which follow:
Reserve held
385,395,500 Dec. 6,086,500 261,167,400 275,718,400

25% ot deposits

Surplus reserve

350,688,275 Inc. 1,495,425

•

Surplus excl. U.S. dep.

256,511,950

262,694,000

34,707,225 Dec. 7,581,925

4,655,450

13,024,400

37,019,225 Dec. 7,574,675

13,027,350

20,581,675

-The Clearing House now issues a statement weekly showing the total ot
Note.
the actual figures on Saturday morning. These figures, together with the returns
ot separate banks, also the summary issued by the State Banking Department
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the preceding page.

Foreign Exchange.
-The market was sensitive to various
controlling influences this week, fluctuating at . times
widely, and after more or less sharply declining,as rapidly
recovering; the tone was generally strong at the close.
To-day's (Friday's) nominal rates for sterling .exchange
were 4 86 for sixty-day and 4 873 for sight. To-day's
(Friday's) actual rates for sterling exchange were 4 85@
4 8505 for long, 4 8645@4 8650 for short and 4 8670()4 8680
for cables. Commercial on banks 4 8450@)4 8460 and
documents for payment 4 833%@)4 843 . Cotton for pay4
ment 4 83Y
1@4 84, cotton for acceptance 4 8450©4 8460
and grain for payment 4 84%@4 843%.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 183/s@5 173-a for long and 5 163<I@5 155 8h for short.
/
Germany bankers' marks were 94%©94 15-16 for long and
951
4@95 5-16 for short. Amsterdam bankers' guilders
were 40 33@40 35 for short.
Exchange at Paris on London to-day 25f. 103'c.; week's
range 25f. 11c, high and 25f. 10c. low.
The week's range for exchane rates follows:
----Long------- Short---

Sterling. Actual
High
4 8510
@48515
Low
4 8485
@48495
Paris Bankers' FrancsHigh
5 184
005 174a
Low
5 104
05 184
Germany Bankers' Marks
High
94%
094 15-16
Low
94%
094%
Amsterdam Bankers' GaUdersHigh
88
Low
88

148860
14 8645

@48670
@48650

15 isy,,
15 16%

@5 15%h
@5 16%x

14 8085
14 8670

@48690
04 8680

1 95 5-16d 095 5-16
1 954
C)95k
40 34
40 32

040 36
040 35

Less: a 1-16 of 1%. d 1-32 of 1%. h 3-32 of
1%•
Plus' k 1-16 of 1%. x 1-32 of 1%. y 3-32 of 1%.

The following were the rates for domestic exchange on
New York at the undernrntioned cities to-day: Savannah
)uying, 50c. per $1,000 discount; selling, 75c. per s1,000
premium. Charleston selling, $1 per $1,000 premium.
New Orleans bank, 75c. per $1,000 discount; commercial, $1
1)er $1,000 discount. Chicago, 50c. per $1,000 premium.




STOCKS.
Week ending Oct. 16.

for
Week.

Range for Week.
Lowest.

Highest.

Range since Jan. 1.
Lowest.

Alice Mining
100 $2% Oct 15 $2% Oct 151 $ig
Cent & Sou Amer Teleg_
39 107 Oct 13 107 Oct 13;100
Chicago Term Transfer
20
5 Oct 14 5 Oct 141 1%
Comstock Tunnel
800 29c. Oct 16 30c. Oct 16 20c.
Crex Carpet
100 474 Oct 16 47% Oct 16 47%
Evansv & Terre Haute pf
200 79 Oct 15 80 Oct 16 79
General Chemical, pref..
70 95 Oct 15 95 Oct 15 89
Homestake Mining
100 88 Oct 16 88 Oct 16 67
Nat Mexico, pret tr recta
400 50 Oct 14 514 Oct 16 46
New Central Coal
300 50 Oct 12 50 Oct 12 30
NY & NJ Telephone__ ..
20 116 Oct 10 116 Oct 10 90
Rutland, pref
100 25 Oct 15 25 Oct 15 24
St Joseph dr Grand Jai
100 173 Oct 12 173 Oct 12 13
First preferred
285 45 Oct 12 473 Oct 12 38
Second preferred
100 26% Oct 12 265i Oct 12 21
Standard Mining
1,000 $2 Oct 18 $2 Oct 16 $ut
_

Highest.

Feb $3%
Apr 107%
Feb 8
Bich 44c.
Oct 473
Oct 85
May 99%
Jan 92
Aug 51%
Feb 50
Feb 116%
Jan 30
Ma 18%
May 47%
Ma NM
Feb $2.10

Jan
July
May
April
Oct
MO
June
Aug
Juno
Oct
Sep
Mob
Meh
Oct
Oct
Aug

Outside Market.
-The opening of the week in "curb"
stocks gave promise of a better market; trading was more
active and prices showed an advancing tendency. Later,
trading developed considerable irregularity and was light in
volume, though prices continue steady. Copper and other
mining properties absorbed most of the attention. Boston
Consolidated Copper improved from 133% to 143, moved
back to 13%,'and sold finally at 133 . British Columbia
4
Copper advanced from 6% to 69/8. Butte Coalition gained
a point to 25%, then fell to 243/, but recovered to 243%•
2
Cumberland-Ely sold up from 73/b to 7% and ends the week
at 73 . Greene Cananea, was traded in from 10 to 103'.
%
Nevada Consolidated Copper from 16 eased off to 153 ,then
4
ran up to 169/8, closing to-day at the high figure. Orphan
Copper advanced from 13/i to 23 but reacted to 2. La
%
Rose Consolidated moved up from 63 to 63/ and down to
69/s. United Copper common rose from 103' to 11
weakening subsequently to 11. Goldfield Consolidated from
advanced to 53 . Goldfield Daisy jumped from 84 cents
4
to $1 18 but reacted finally to $1 05. Nipissing sold up
from 83. to 8% and Yukon Gold from 4 1-16 to 4. Bay
State Gas,after advancing from 13 to 2 dropped to 13/2, but
4
recovered to 2)(, ending the week at 2. Standard Oil sold
4
up from 62034 to 62934. Chicago Subway fluctuated between 19 and 193%. In the bond department Allis-Chalmers
5s were active and advanced from 7634 to 763 . Dealings
4
in these bonds were subsequently transferred to the New
York Stock Exehange. Tidewater 6% notes went down
from 999/i to 993 and American Writing Paper Fos from
863j to 85 and up to 853 .
4
Outside quotations will be found on page 1002.
jJj

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGE
-HIGHEST AND LOWEST SALE PRICES
STOCKS
Saturday
Oct. 10

Tuesday
Oa. 13

Monday
Oct. 12

Wednesday
Oct. 14

2'hursday
Oa. 15

Friday
Oct. 16

Sales to
Me
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

111
Range Sims Jan. 1 1908.
On beats of 100-share lam
: LOWeitt

Highest

Range for Previous
Year (1907)
Lowest

Highest

eS
Railroads
6638Nov 10814 Jan
ants Fe 66 Feb 14 9134 Aug29
897
3
4 Ms 88 4 8812 9018 8914 9014 *95 8 9114 9014 9118 45,140 A tch Topeka
7s
8 3 873
8338 Feb 17 9512 Aug31
78 Nov 10158 Jan
240
Do pref
9514 49512 9512
951.
9512 *95
943
* 4 9512 9512 9812 *95
58 Nov 1331s Jan
329 Atlantic Coast Line RR_. 6912 Mch 2 96 J'ly 21
90
*88
88
38
8912 48938 8938 8812 8812 88
*87
90
*87
7538Nov 122 Jan
7612 Feb 10 1017 Sep 10
8
9718 9778 23,800 Illitaltimore & Ohio
0734 97
14 9814 975 9814
3
9538 9578 9612 9778 978
9412 Jan
80 Jan 3 89 Sep 11
75 Nov
,
100 11. Do pref
90
90
*86
90
*86
*86
89
89
90
*86
00
*86
2634Nov . 8358 Jan
14
10.010 Brooklyn Rapid Transit.. 37 Feb 10 5712 Aug 10
4858 4812 49
4712 4814 48
49
4818 4878 4834 4918 48
8534 Feb
74125Jov
6434 Mch 21 6434 Mch21
13uffalo & Susque,
140 Feb 17 179 Oct 3 138 Nov 19512 Jan
Cianadian Pacific pref.13,50
2
, 74; 1751- 1751317634 175 17534
17114 17714 lir fir 1745' 1758 17
6512 Jan
52 Nov
' 54 Mch 4 65 Sep 14
65
vianada Southern
65 *62
$62
65 *62
*62
63 *62
67
63 *62
*62
180 Feb 11 20912 Sep 10 144 Nov 220 Jan
571 Central of New Jersey
199 199
*197 200
196 19918 *197 199 419714 19714
*196 200
56 Jan
2512 Feb 19 4658 M -4 y21 x2314Nov
17,725 Chesapeake &
4258 4214 43
42
43
42
4312 4258 43
4078 4258 43
2712 Jan
818Nov
3912 15,150 Chicago & Alton RR--... 10 Feb 13 41 Oct 1‘
38
39
3812 4014 3634 3912 38
41
3534 0812 39
69 Jan
47 Mch24 70 Oct 13
48 Sep
69
700
Do pref
*64
70
70
69
67
3
4
0334 6334 65
063 66 4 *64
18 Jan
818 Jan 3
318 Feb 8
8Nov
67
14 1,450 Chicago Great Western.._
718 7
733
7
7
7
7 18
7
7
678 7
7
79 Feb
46 Dec
3312 Mch19 6814 Aug 4
60
Do 4% debentures.... _
*50
60
*50
60
*50
60
60
*50
*50
60
*50
713, Feb
21 Dec
1512 Feb 15 31 Jan 6
400
27
Do 5% pref "A"____
27
281.
2812 *27
2812 *27
2812 *27
2812 28
*26
2618 Jan
81455ec
1138 Aug 3
5 Feb 11
Do 4% prat
1034 1078 1038 1033 1058 1058 1012 1012 2:200
*1014 1034 1035 11
9312Nov 15712 Jan
Aug 11
Jan 2
4
13534 13718 1363 13918 53,080 Chicago MIlw & St Paul-- 10312 Jan 3 14738 Aug 6 130 Nov 1651 Jan
13414 13434 13518 13612 13512 13714 13553 137
16034
,
138
835
Do pref
4156 150
15612 1513 4
3
157 157 *156 158
150 156
*152 156
Do corn instailm't ctfs 9812 Jan 3 138 Aug28 -85 Nov 141 Jan
13514 13512 1,325
13234 13318 134 134
1
13212 13213 13234 33
*130 132
149 Jan
3
Do pref installm't ctfs 125 8Jan 2 153 Sep 9 111 Oct
850
4
15234 1523
152 152 *162 153
1511.5 15134 *151 153
*151 152
205 Jan
13513 Jan 2 16412 Sep 9 126 Oct
*15912 16034 161 1613 *1601. 1613 160 16012 160 16012 16012 16012 2,180 Chicago & North Western 4185 Jan 11 215 Oct 12 185 Oct
4
4
234 Jan
233 Do pref
210 215 *210 218 *210 220 *210 220 *210 220
4201 201
170 Jan
500 Chic St P Minn & Omaha 114 Feb 25 140 Aug 7 106 Oct
13734 135 135 *135 138 *135 138
13634 137 *13512
*133 138
165 Jan
14012Jan 3 165 Mayl:, 1371255ec
• Do pref
*155 105 *155 165 *155 165 *155 165 *155 165 *155 165
4 May18
134 Oct
3
3 4 May
58 Apr 3
50 Chic Un Trac ctfs stmpd
*217 3
4212 212 *212 3
3
*2
3
*214 3
*2
17 J'iy
8 Dec
4 Apr 10 1434 May13
100
Do pref ctfs stmpd_
*1012 12
*1014 12
12
*10
12
*10
10
*1012 13
10
9278 Jan
4712 J'ne 17 62 Jan 15 48 Nov
402 Cleve Cm n Chic & St
8
5212 527
53 *5212 5517
453
1081. Jan
*53
531
5312 5312 *5334 65
86 Dec
8518 Feb 19 98 Aug 12
9712
Do pref
9612 *9512 9712 *9512 9712 *9512
*95
08
*94
061. *93
17 Nov
387i Jan
4234 4311 24,533 Colorado & Southern---- 21 Feb 19 4378 Oct 12
4214 43
4338 4158 43
4118 4378 43
4012 41
41 Nov
6912 Jan
3
60 8 Jan 2 67 Oct It
Do 1st preferred -6614 1,260
66
6534 66
60
§6613 61534 66
07
6614 67
*65
12
68 Jan
2912Nov
3934 Feb 19 5938 Oct 16
Do 2d preferred
3
5812 5814 5812 5814 58 4 6834 5958 3,275
14 123580ct
*56
53
4 58
67
2271,Jan
583
167 16712 2,100 Delaware de Hudson.._ - 14112 Feb 10 17478 Sep h 369120ct
16612 16638 *16612 168
167 168
510 - Jan
160 160
167 168
300
elaware Lack & West_ 420 Jan 6 540 May
*510 635
4278 Jan
525 533 *525 633 *510 535 *510 635
*515 522
16 Nov
1414 Feb 19 3014 Oct 13
2912 2812 2914 8,990 Denver & Rio Grande
29
30
2778 3014 29
28
*26
27
8378 Jan
53 Nov
*26
3914 Mch 2 70 May18
1,640
Do pref
69
6814 6814 69
70
8018 Jan
3
67
6814 69 4 68
3134Dec
681 467
*65
3212 Apr 15 42 J'ne30
100 Detroit United
42
4412 *38
42 *38
42 *38
1912 Jan
3912 3912 *39
6140ct
6 Feb 11 1612 Oct 12
1518 1618 4,950 Duluth So Shore & Atlan
3
4
30 Jan
15
1612 1534 1612 1614 1635 153 15 4 2578 257 10.885
6
1
10 Nov
-1.472 . .
1134 Feb 13 28 Oct 12
Do pref
8
2512
24
2714 2612 27
20
4414 Jan
28
24
23
23
:214Nov
12 Mch 6 3278 Oct 7
3134 3078 3158 104,800 Vile
7578 Jan
32
3
32 4 3112 3214 3078 3178 3058
28 Nov
311s 315
2438 Mch 4 4612 Oct 7
4438 5,800 1-Li Do 1st pref
44
4378
4453 4514 4434 4518 4358 4434 *3514 4414 *35 4 37
67 Jan
20 Nov
4334 441
16 Mch 6 3778 Oct 7
1.300
4
363
Do 2d pref
3
36
3714 36
14 37
37
37
4
1893 Van
353.1 353
132 13318 31,370 Great Northern met_ _ 11334 Feb 10 140 Aug 13 107120ct
13112 13212
8
85 Jan
4812 Jan 2 69 J'ly 29
37 Oct
13134 13218 13231 13312 13318 1337 z131 13212
5914 2,550 Iron Ore properties
5914 69
5938 5914 5912 59
59
75 Oct
75 Oct
45912 5912 5812 59
...... Green Bay & W,deb ctf A 71 Mch19 7712 Apr 6
141.; Jan
6340ct
8 Jan 14 16 Aug 10
23
deb ctf B
"
Do
1413
4 15 TS
14
47 Jan
1.17 2
7 1124120ct
20 Mch24 3412 Sep '2
32
11[1 avana Electric
*3012 3218 *30 -8612 Jan
3218
8014 Oct 8
470 Jan
72 Apr
Do pref
......
84
8014 *78
*75
*75
84
May14
63 Nov 114 Mch
*78
...... Hocking Valley tr rects- 62 Feb 10 90 May14
94 Jan
69 Mch19 85
64 Nov
Do pref
a85 ;lir 135
*81 "KE *81
*81 ir ;81.- "g" *81
12212 Feb 17 146 Sep 10 116 Nov 172 Jan
3,550 Illinois Central
3
13812 138 4 138 139
13812 139 *138 139
13812 139
39 Jan
4780ct
138 138
634 Jan 4 1312 Aug 10
n§1012 1012 1012 1012 1034 103
4 1012 1058 1,710 I-nterboro-Metropollta
754 Jan
1012 1012 1058 11
14 Nov
171s Feb 19 3814 Aug 10
Do pref _
3,410
31
3112 3034 3078 31
3258 31
32
2872 Jan
012Nov
3034 3112 3112 32
10 Feb 19 2638 Oct 13
25
2614 6,185 lows Central
25
25
2638 2512 2534
5
25 8
51 Jan
2312 2412 2412 24
29 Dec
271: Feb 19 46 Oct 13
pre'
Do
4514 6,150
4 45
4434 443
44
45
46
44
3
80 Jan
57 Aug 19 70 .lan 13
4334 4334 43 4 45
60 Oct
71
1.120 vC Ft S & M.tr cts pref
*68
71
*68
71
68
*68
66
67
4
55
303 Jan
9312 631
18 Mch
18 Feb 26 20 Sep 10
5,245 111, ansas City Southern
2812 *2712 29
5
28 8 *2612
28
2834 28
4
613 Jan
27
2712 29
27
45 Mch
46 Feb 19 6312 Sep 10
Do pref
740
62
*61
62
6118 6178 *61
2812 Jan
8
617 6173 6114 62
62
*60
3
11 Nov
12 Jan 4 19 4 May16
ake Erie & Western.
1734 173
4 1,400
17
1612 17
16
17
17
16
16
6712 Apr
18
*113
3
39 4Nov
34 May 2 45 hfay12
100 Li Do pref
44
4312 *42
*42
44
6712 Jan
:'f40
45
4312 4312 *42
*42
45
26 Dec
30 Feb 6 47 Aug 7
Long Island
48
50 *40
45 *38
*38
50
*37
44
*37
44
8512Nov 14518 Jan
*37
8714 Feb 19 113 May19
& Nashville
3
3
8
4
146 Feb
10514 10038 106 10612 1053 1073 100 1067 10612 100 4 4,934 Louisville
' 10434 105
80ct
kranhattan Elevated-- 120 Jan 4 13934 Sep 9 1007 Dec
*134 140 *135 140
107 Jan
140 *135 140 *134 140
23
*135 140
500 i`xetropolitan Street
-- 15 Feb 29 43 Aug 16
*2612 28
23 *2612 28 *2612 28
28
28
28
4Nov. 275, Jan
28
*26
123
1412Jan 2 2012 Jan 28
100 Mexican Central
1514 1514
-----1412 May 1 1714 Aug 10
Do Trust Co cents_
6,300
0
58 163 -. 4 "if
15
4
-I514 1512
bu Jan
;lift 18
231. ec
;lb; 1E12
3814 1.310 Minneapolis & St Louis.... 20 Mch 2 381, Oct 10 z6212Dec
3614 3612 3612 37
90 Jan
3
37
*36 4 3712 36
30
3478 35
Feb 29 7112 Oct 16
61
425Do pref
7112
70
70
46812 6812 *69
71
*69
14014 Jan
70
70
60 Oct
75
*68
7914 Jan 2 126 Oct 5
3
123 4 12412 2,710 Minn St P & S S Marie
7
12234 12234 123 8 124
168 Jan
4
122 12278 1233 12414 124 124
12312 Feb 11 14912 Aug 24 110 Oct
700 Do pref
146 146
4458 Mch
147 148 *145 149 *145 149 *146 150
2034Now
8
147 147
Mch 2 333 Sep 9
1712
3
30 4 3118 17,400 130 Kansas & Texas
7231 Jan
3
53 Nov
3013 30 4 3038 3138 3012 3114 3012 31
2912 30
48 Feb 19 6678 Sep 9
Do prat
6512 6558 6534 6512 6614 2,800
9234 Jan
6478 651; 6512 6618 65
4418 Dec
*6312 64
2812 Feb 19 6412 May20
Missouri Pacific
16,500
57
147 Jan
5714 5534 5678 5512 5658 56
55
55
97 Dec
54
5234 53
74
9 3 Jan 2 115 J'ly 23
rash Chatt & St Louis_
*105 115
13434 Jan
9O1 Jan 2 11014 J'iy 22 z8g Dec
*105 115 *105 115 *105 115 *105 115 405 115
10434 10512 6.720 11 Y Central & Hudson
,
631 Jan
8
19340ct
10314 10314 104151 10412 104 30412 10414 10412 10412 10512 *35
N Y Chic de St Louis---- 2412Jan 3 417 J'ly 23
38
38
38 *35
*35
38
38 *35
*35
85 Nov 110 - Jan
38
90 Jan 14 102 May12
*35
Do 1st pref
*S8 100
*88 100
088 100
913, Jan
*8S 100
41 Oct
*85 100
*35 100
60 Feb 8 75 May14
75
Do 2d pref
*65
7
*65
74
*05
74
*05
75
*65
75
6 14512 Sep 14 12738Nov 180 Jan
*65
14434 14513 1,015 N Y N Haven & Hartford 1283s Jan 19 44 Aug 11
14212 144
142 14212 *142 144
3
48 8 Jan
28 Oct
414012 14012 *141 144
4.700 N Y Ontario & Western.... 2918 Feb
4114 4078 41
41
41
41
9214 Jan
41
4114 41
4114 41
66 Oct
40
8
68 Feb 19 757 Sep 1
3,500 Norfolk & Western
74
74
74
7334.
9012 Jan
7314 7414 7334 74
12 7212 73
4
713 72
70 Oct
74 Mch24 8212 Oct 6
adjustment pref___
Do
*8012 85
85
*81
*8012 85
*8012 85
85
18912 Jan
85 *81
*81
8Jan 2 14634 Aug 13 100120ct
1167
4
13012 14138 141 14134 14034 14214 z14034 1413 14114 14214 97,303 Northern Pacific
9112Nov 134 Feb
130 140
103 Feb 10 13538 Sep 9
Do subscrip recta
4
1323 13314 7.970
4
8
133 13314 133 13334 1327 1333 113212 133
13112 132
56 Nov 12418 Jan
65 Sep 22 03/. Jan 14
200 Pacific Coast Co
72
72 *67
*68
70
70
70
*65
76 Nov
62
63
69
65 Nov
*64
90 May20 90 May20
Do 1st pref
11*85 100
*85 100
*85 100
*85 100
125 Mch
*85 100
85 Dec
*85 100
79 Mch 27 97 Jan 13
Do 2d pref
85
*72
85
*72
85
*70
85
*72
8
*72 100
75
*65
10834 Jan 2 12634 Aug 7 x10312Nov 1413 Jan
8
12378 1243 16,000 Pennsylvania
12358
8
78 Jan
51 Oct
12234 12318 12314 12312 1235 12418 12338 12358 *76 124
81
165 Pitts')On Chic & St L.-- 59 Jan 7 78 Sep 4
81
*76
81
81
*76
10512 Jan
7612 7612 7612 *75
*71
60120ct
8118 Mch 3 98 .1'11e
Do pref
500
98
98
9812
*95
*95 100
95
1394 Jan
95
95
*90
70120ct
95
*90
8
9218 Feb 17 1373 Sep 15
8
3 454.010 1141 ending
1303
8
8
92 Jan
.1
8
73 Oct
12878 1297 13014 1313 13018 1315 12914 13118 1203 13114 *87 4 132
78 Jan 2 88 Sep 19
,
110 IA 1st pre
89
88
8714 8714 *87
SS
087
94 Jan
88
67 Nov
*8714 3734 *87
76 Jan 0 8812 Aug 10
2d pref
88
700
83
8814
*85
88
*85
88
3018 Jan
*85
88
*85
87
1114 Nov
*85
1012 Feb 3 2058 Oct 6
7,200 Rock Island Company.._.
8
8 1938 20
6413 Jan
2012Nov
1934 1978 2018 1978 2018 1912 1934 193 195
3 50 Oct ti
1038
2034 Feb
Do pref
4714 4814 93,850
70 Jan
58 Oct
4834 4778 4914 4818 4953 4718 4858 4714 48
47
42 J'ne24 6134 Jan 15
St L Ic San Fr. 1st pref.__
*55 -*52 __ *55
GO
*50
8
488 Jan
GO
24 Nov
*50
*50
57
1914 Feb 19 34 May14
pref
Do 2d
1,550
3012 31
31
31
3112 3112 *30
32
2512 Jan
3114 32
I Nov
32
19 Oct 13
31
10 Mch
1.400 St Louis Southwestern__ _
*1712 19
1812 1812 *1712 10
19
6212 Feb
1714 1712 13
25 Nov
*1712 13
2412 Feb 19 4812 Oct 13
Do pref
700
4
*443 48 8
7
50
9614 Jan
43
631a Oct
4812 4834 4834 *45
4612 47
50
*45
6614 Feb 17 11035 Sep 9
10378 10478 117,120 Southern Pacific Co
8
1184 Jan
10214 1031 10353 10438 10312 10453 10318 1045 10314 10412 118 11812 1,200
10638Jan 2 12512 May13 100 Oct
Do pref
12
34 Jan
11818 11818 118 11814 *11712 11814 11814 11814 22
10 Nov
4118115 118
913 Jan 10 2378 Sep 10
2238 11,230 Southern v tr cfs stamped
2134 2214 2178 2214
9412 Jan
2112 22
2118 213
2912Nov
2112 217
251, Mch 5 55 Sep 10
do
Do pref
8 5314 5314 6,800
5314 537
6212 64
374 Jan
1712Nov
62
5214 5212 521. 5212 63
4
123 Feb 29 2714 Oct 14
12.400 'rexas de Pacific
8 2612 27
2518 2678 2612 2714 2612 267
*24
25
25
16 Nov 123 Jan
25
1512 Mch 2:4 47 Aug 10
3718 38
6,944 I- hIrd Avenue (N Y)- 38
3614 3912 *37
29 Jan
3858 39
3914 40
9 Dec
40
39
612 Oct 9 1514 May 2
& Light
200 Toledo Railways
8
*6
7
7
7
8
*6
,
:• 5
7
812 *612 8
,
1634Deo , 3334 Jan
4.700 Toledo St L & Western... 12 Feb 6 31 Oct 13
3
301/1 3012 30 8 31
31
29
8
547 Apr
2912 2934 31
2614 263
2934Nov
4 27
33 Feb 3 6'212 Oct 5
Do pref
5978 5958 5934 3,350
6034 5812 6912 5912
60
00
7
6834Nov 10812 Jan
53 s 59
58
500 Twin City Rapid Transit. 7814 Feb 7 9214 May19 100 Oct
8834 8834 *8834 90
4
*883 89
89
183 Jan
89
89
89
1
90
*37
8
1687 Sep
11012 Mch 2
8
16414 16612 1643 16714 16658 16818 640,100 I Inlon Pacific
96 May
73 Aug
16218 1631 16312 16534 16518 16614
7914 Apr 2 90 Sep 10
300 1-1 Do pref
8778 8778
4
12
*87
1018Nov . 62 Jan
881 *8714 88
8814 *8612 87 *863 88
*87
450 Unit Rys Inv't of San Fr.. 15 Jan 24 34 Oct 6
33 4
32
3
*32
32
32
7118 Jan
333
20 Nov
4 33 4 33 4 32
3
3
3012 301 *29
2712Jan 22 60 Oct 5
Do pref
200
47
*4512 49
8 Oct
47 *46
*45
1812 Jan
47
47
47
•:45
46
46
634 Mch 3 1414 May21
12 s 127
7
8 1212 1278 2,400 Wabash
3812 Jan
1418Nov
*1214 1212 1214 1212 1234 131g 1234 13
13 Mch 3 2933 Aug 5
2738 7.800 I Y
12 2712 27
27
301. Jan
6 Oct
8
203 2612 2638 2838 2714 28
26 .
14 10 May13
Mch
26
ri ''A rV i/Ind
,
100 W Qterti o Pref
12
121. *11
*11
*105, 12
12
12
10
12
19
*10

-15" 1434

;3o13

r

.10
01514 16

BANKS

AN D

TRUST

-BROKERS' QUOTATIONS
COMPA NI ES

Ask
Bid
Banks
Ask
Bid
Ask
Banks
Hid
Banks
250
485 Ifetroporn¶ 16212 1671! Pacific ¶___ 230
Ranover -_ 475
43712
430
--. Park
___. Mt Morrisl. 200
540
310
ChzIseaEx 11 200__. Fidelity 411.._ 165 175 imp de Trad 175
WI People's 11._ 300
New Yor't
Mutual I...._ 285
185
--- Irving N Ex
Fifth AveT- 3800
160
185 Chemical __ 410 420
150
175
--- Phenix
Aetna
Nassau - 200
180
Jefferson ¶ _ 170
300 350
155 Fifth
626
5'35 Citizens' Ctl 148
610
___ _ _ Plaza 11..
America II- 525
_
-- Liberty---- 500 - New An3st.
725
First
1310
__235 City
(
21 1 Prod Excl I] 155
Amer Exch.. 230
New Neth'd 200
_.
....- - 115 Lincoln ..., 4s5
225 14th St 1
350
340
125 Coal & Iron 215
-- Seaboard
Batte- v Pic_ 11'1
klanhattanil 290 110 NewYorkCo
200 205
--- Fourth
320 335 Colonial 11... 700
Bowery 11
300 310 Second........ 350
New York 3805.
Mark't&Ful 245 250
135
-. Columbia 11.. 400 500 Gallatin - 320 335
BronxBorol 300
N'ht &Dal „..- 260 Sherman
255
Acchanics% 245
_-225
100 ramMerc.. 5170 3173 Garfield __ _ 285_ Mercantile _ 12712 13/1, 19th Ward
..- 500 State ¶..
Bryant Pk T 150
--145
122 Germ Am II 135
___ 300
155 Consort'd- 117
-___ 12th Ward
Butch & Dr 150
170 Northern - - 155
Exch 165
-- Germ'n Ex% 473 500 ‘ferch
.......
220
135 Copper
Century II- 170
Oriental 1._ ____ ---- 23d Ward 6100
165
vterchants'.. 161
Corn Ex 11_ _ 318 325 Germania % 500
:45 20
Chase
..." 375
. kt-tronoll.
13.5 rlzt.chwl.-h 11 2'0 'l''.i
3.,
Rio River. 125
••+00
-_-_
_.....-- .Chatlw,
^ •• • •
•
-anu ngues.
Ex-rights. S Less than 100 shares. I ritate. a nx civiaena
on this day.
-4
,Bid and asiteu prices: no sar.s were made week. h First installment paid. n Sold at private sale at this price.
Sale at Stock Exchange or at auction thiz
Banks




Bid

Ask

Banks

Bid

Ask

Banks

/Ad

Ask

994

BOW York StOCK 10001q Conciuded--Page 2
,T(X

Saturday
Oct. 10

/t'1 AN LI LOW 11'..ST

Monday
Oct. 12

2 uesday
Oct. 13

Wednesday
Oct. 14

Thursday
Oct. 15

Friday
Oct. 16

,ale, 0
he
Week
.Shares.

S10C KS
NEW YORK STOCK
EXCHANGE

LVoI. Lxxxvn.

hanse since Jan. 1 10
On ba.,is 01 100-share toe,

haw, MY Previous
Year t1007)

Lowest
Highest
1.owes
Highest
250 Wheeling & Lake Erie__
412 hlch 7 1053 J'1y3„
Oct
1634 Jan I
550
Do 1st pref
1213 Apr 16 2134 Aug 1
13 Oct
3734 Jan !
1,600
Do 2d pret
Feb 27 1314 May22
8 Oct
2134 Jaw
500 Wisconsin Central
1312 Feb 28 2913 Sep 10
11 Nov
2578 Jan
3,825
Do pref.
33 Feb 19 5112 Sep 19
28 Oct
5112 Jan ;
Industrial&Miscellaneous
*181 ---- *181
*181
___ *181
*181 ____ *181
A dams Express
164 Jan 2 4200 Aug 26 §150 Aug 330 J'ne
1118 113
1 1118 IN
1138 1138 1133 ---311 4 1112 1134 113 ---- - 5,350 IL Ills-Chalmers
4 113
4
5 Itch 6 12 J'iy 22
- Aug
1678 Jan !
343 353
4
! 3512 353. 3518 3518 3512 36 8 3512 36 8
3
3
3614 363
Do pref
4 9.506
14 Mch
2634 Oct 16
7
73 3 7434 7478 757
433 Jan;
14 Nov
4
.
7518 7618 745 7614 7434 76
8
7558 7618 59,600 Amalgamated Conner_
4518 Feb 19 8358 Aug
*27
29
74134 Oct
*2712 2814 2712 2734 2712 2712 *27
12178 Jan ,
12 273 *27
4
273
800 Amer Agricultural Chem_
4
13 Jan 4 2913 Sep lb
0134 40133 9138 *90
*85
2533 Jan.
10 Oct
913.1 *90
913 *90
9134 *90
4
93
12
Do pref
7813 Jan 4 8534 Sep 9
1912 1012 20
95 Feb
2012 20
75 Oct
2013 2038 2138 2034 22
2112 217
8 7.650 American Beet Sugar
*____ 12 *___- 80 *__ 80
912 Feb 10 2418 Apr
2312 Jan
4Nnv
80
73
80 *77
80
80
100
Do pret
*6
61.
65 Jan 23 80 Oct 14
612 77,
75 Mch
3
718 73
to Jan
68 6s
3
5
7
7
8
47
12,135 American Can
7
4 Feb 20
1
733 Oct 13
712 Apr
6518 653. 66
3 Oct
6612 66
6978 68
6913 67 4 6858 67 3 687 18.093
3
5
8
Do pret
49 Jan
40
6978 Oct 13
0012 Apr
4012 4014 40--,8 3953 4012 40
34 Nov
4014 4018
3
410253 1025,, 10212 10212 410134 10134 10112 10112 *10018 4014 4014 40 4 7.150 American Car & Foundry 2512 Feb 13 4214 Aug 7
24380ct
4514 Jan
10314 102 10214
• 574
Do pref
8414 Itch 4 105 Sep 8
35
35
3514 3512 3,
18 Oct
-14 35 8 3518 3514 35
103 Jan
3
3518
3478 35
2,010 American Cotton
2434 Feb 19 363r Aug 2/
*92
02
9212 *90
*90
21 Nov
3612 3'1Y
9212
*90
9212 -----Do pref.
OIL._- 480 Jan 16 9213 Oct 9
*192 202 *192 202 *19212 200 *la- 2 6- *192
70 Nov
00 Jan
6
200 *192- 200 .American Express
812 878
0 Fe 26
2
;17 34 .Fe b 2 4224 Itayl I 175 Oct
6
812 9 8
912 978
3
247 Jan
938 1038
11,810 Imeriren Grass Twine
37 Jan S 103 Oct 19
3
8
0413 5
*412 5
814 Jan
*412 5
*412 6
3 Oct
7 14
4
American Hide & Leather
5 Sep 23
24
*2312 2412 *2312 2414 *23
2..
614 Jan
212N0v
25
*491142 24
24
9512 *23
2412
300
Do pret
1212 Itch 4 '2514 Sep 25
42538 2538 2553 2531 2534 2534 26
3012 Jan
10 Oct
273 *2512 2612 26
4
26
3,165 American Ice Securities
1212 Feb b 317 Aug 11
*97 1114 *912 11
8
8
*978 11
8180ct
88 Jan
8
*97 12
8
*97 11
*97 1012
3
American Linseed
0 bleb 5 1312 Aug b
*2112 25
25
*22
b380ct , 1914 Jan
*2112 25
42312 2312 *22
24
*22
25
50
Do pref
315381612 JFebb 235 2613 May14
7 11a h 5
te
4778 4914 4834 4914 4858 49
36 Jun
16120ct
43
4834 4813 4938 4:.13. 5014 12,835 American Locomotive- _
595 Aug13
8
*109 105 *104 105 *104 105 *104 .105
3214Nov
753 Feb
4
105 105 *104 105
• 100
Do pref
109 Aug
*731 8
83 Oct
ilit, Jan
*73
4
734 734
734 . 734
•73
4 73
924 American Malt Corp..__
4
77
8 78
7
8 Mat 2
853 Sep 16
212J
. 4712 4712 4758 4818 48
371.. Apr
48
*48
49
4818 4818 4814 4812 1,293
Do pref
6112 J an 13 5113 Sep 1/
2
760 F enb 77
81
*80
17 Nov
8078 807 *8012 81
40 Feb
8
8053 8058 8058 8078 8073 81
750 Amer Smelters Sec pref B
8418 Aug 7
8512 8634 863 873
60 Oct
9318 Jan
4
4 8612 8734 86
8712 8638 8712 8738 8814 68;500 AmerSmelting ,30 Refining
107 Aug 7
*10412 10512 105 105 *10412 105
.
5814Nov 3155 :an
10412 1041, 10434 105 *10412 105
J
873 Feb 20 1103 Aug 5
4
800 Do pie)
8
*190 200 *190 200 *19013 200 *19012 200 *19012 200 *19012
tii340ct
11733 Jan
200
American Snuff
180 Aug24 200 Apr 30 150 Oct
*9312 9712 *9312 9712 *9312 9712 *9312 97
205 Jan
*9312 9'J
*9312 99
Do pref
80 Men 23 9712 Sep 17 470 Nov
*29
102 Vile
30
30
30
3014 30
30
30
430
30 *29
30•
1,195 Amer Steel Found (new). 28 Sep 29 3714 Aug 11
*____ 45.
4238 4258
45 *____ ' 45 *____ 45
45
100
Do old pref tr
273 Feb 15 9258 Oct 12
8
-*130 132
13112 13134 *130 132
13112 133
13134 1327 13214 1333 • 7,200 American Sugar rects
8
8
9834 Jan 2 13/34 Aug31
Refining
9234Dcc
*126 130 *126 130 *126 • 130 *126 .130 *126 130 *128
--- 2
1371- Feb
Do pret
105 Feb 18 129 Aug ti r106 Nov 131 Jan
12678 127
12714 12712 12714 12712 127 12712 127 12713 12714 132
1273
4 8,000 American
133 Jan
*93
88 Oct
9334 9312 93 s *93
4
9334 9312 9312 9358 9353 *9313 9334 ,• 800 American Teleph & Teleg 101 Jan 6 1313 Sep 3
,
'Fobs,'(new), pf
9712 J'ly 17
983 Jan.
60 Oct
4
*22
24
§24
24
*22
24
*22
24
2134 22 *2113 24
255 American 1I
72 2 '1 a t) 17 2634 Aug 12
151 Fen 2
3612 Jan
*91
11. Oct
92
*91
*90
95
92
*90
9212 *90
92 *90
9112
Do pref
7014 Feb 19 94 Aug 9
68 Nov 1027 Jan
4214 431s 4318 4312 4314 4378 4312 44
8
4312 4413 44
4414 13,8015 riAnacondeCopper Pa7$25 $2713 Feb 19 $5013 Aug 7 $251sOct
*278 313 *278 318 *273 318
30234 Feb
27
3 318
314 3
14
314 '314
800 aBatopllashiltIng Far $20 162212 n !
Mch 26
$3 Oct
1918 May
*2014 223
2
1
2273 2278 2212 2212 21
4 2212 23
21
20
20
1,400
ethlehem Steel
2434 Aug 7
Jan
1012 Jan
8 Nov
46
*40
46
46
*37
46
4534 45 4 *42
3
46 • 4513 4512
300
do pref
05 Jan
35 Apr 0
55 Aug 7
23 Nov
*138 144 *139 144
13814 13812 *138 142 *138 140 *138 190
200 Brooklyn Union Gas
x85 Feb 21 146 Sep 15
*___ 12
10 Nov 125 May
1214 1.414 *11
53
1212 *1113 1258 *11
1213
100 Brunswick Dock&C Imp.
1318 Sep n
(1 Oct •
19
19 ;15- ..- 2 *1012 2012 42012 2010 2012 2012 217 2178
141.Jan
2617
3
575
Co
410 jeb : 425 Jan 15
6 F
491; Jan
an 4
27 Oct
25
25
2518 2534 2514 2534 2538 2638 2518 2512 2513 2558 5,300 1111 tter!ckLeather
•entral
1513 Feb 10 30 3 Aug ii
3
1178Nov
*9434 9'
4.95 9712 497 07 *9512 9612 *9512 9712 9612 9658
41) Feb
310
Do pref
753 Jan
4
99 Sep 4
68 Nov 102 Feb
3434 3518 3512 3614 3534 3618 35
36
17,175 Colorado Fuel & Iron
1553 Feb 11 37 Sep 8
14 Nov
*19
*19
21
*19
5778 Jan
21
21
*19
21
*3514 2178 *3512 3518
19
35
19
2 7
02
Col & Hock Coal & Iron
1434 Men 6 24 Mayls)
14 Dec
2813 Apr
14514 146
196 14713 146 14612 14413 14612 14512 1463 1447 146
3
8
18.055 Consolidated Gas(N Y)
96 Jan 3 15413 Sep 9
74 Oct
1778 1773 1712 1734 *1712 18
*1712 18 • 1758 1758 *1718 18
14014 Itch
400 Corn Products Refining_
1034 Feb 10 2913 Aug 1
8 Oct
7614 *73
*73
7512 *73
293 'ir*"
4
76 *73
76 • *73
75
75 *73
Do pref
130 Aug
96 Oct
30
30
30
88 Jan
30
30
30
430
30 *2912 3012 2933 30
1,720 Distillers' Securities Col p 2714 Feb 19 31512 Aug -0
5
6an 2
5
25 Dec
78 Feb
*80
*SO
80
80 .*76
97 *76
- *76
85
100 Federal Mining & Smelt'g
94 Aug 10
50 Oct
*79
85
*78 163 Jan
*78
85
85 *78
8434 8434 83
85
83
Do pret
300
6512. 110 10 8834 Aug 7
79 ;e 1r 5
47 Oct
97 Jan
-- Federal sugar lief oi N I 56 fly 20 6012 9 oc2u
71:
,
42 Feb
0212 J'ne
7*H- 95 ! F2- 05 ;55- .
*
;55- 95 ;55- 65'. Do pref
100 J'ly
76 Feb
10o May
141 141
14212 143 *140 14234 142 4 1443 14334 144
14473 145
3
4
2,500 ()eneral Electric
ill Jan '2 14812 J'ly ..3
89120ct
*100 110 *100 110
10434 10434 *100 105 4100 100 *100 105
163 Jan
110 Granby Cons M S & P
7834 Jan 2 10912 J'ly 30
60 Oct
152 Feb
*5412 5512 *5412 5514 *5413 5514 *5412 5512
*5412 5512
nt Harvester BLit tr ars 52 J'sseli
6912 J'ly 10
*10318 103 4 *53 2 303 4 410313 10334 1033 1037 104 104
4
-38
10438 1043
3 1041
4 1,300 3 Do pref sta tr
1136 Aug 3
*6
*6
7
7
*6 3 7
*6
3
*614 7
7
nt her Marine stk tr ctfs
*6
7
j c611
Ainh
9 Mayll
818 J
4.1812 1912 419
1978 1912 1912 *1912 20
1913 1912 *1812 1912
256 Do pref
16 Feb 25 23 May 7
10 Nov
24 'Apr
*0
*9
*9
13
10
10
93 98
3
,
9 8 912 *914 9 4
500 International Paper
3
3
47 Ac r
8 o pb
1214 Jan lb
112Nov
1812 Jan
*52
51
52
52
51
53
52 *50
*50
52 *50
53
200
Do pret
65 Jan It
51 Nov
81 Feb
2712 273
2812 2938 19,500 Internet Steam Pump
4 2778 2814 2712 2858 ,2814 293
8 2878 29
13 Jan 2 2938 Oct 14
8 Oct
41 Jan
82 , 8218 '813 3218 8134 8178 8112 8238 3,460 • Do pre
8112 8178 8112 82
4
65 Jan 10 0312 Sep
Oct
81 Jan ;
an
*67
6834, 6914 *6812 6912 6912 7213 72
*6734 69
69
75
7,010 Mackay Companies
52 Feb 25 75 Oct 16
40 Oct
7514 Jan
69 69
*67
6912 *6713 69
*68
6912 69
6934 70
Do pret
7014 1,410
597 Feb 25 7014 Oct 16
8
50 Oct
71 Jan
8812 8812 *87
8812 *8714 8812 8812 89
*8814 89 *88
8912
600
atlonal Biscuit
68 Jan 3 az Aug 6
8614 Jan
58120et
*116 118 *116 118 *116 11814 *116 118 *116 118 *116 118
Do pret
102 Jan '2 120 J'ly 22
90 Nov 11738 Melte
*91. 1J
*C34 1012 1014 1012 *10
,:l
11
*10
1012 1012 1012
550 Nat Enameleg & Stamp'g
713 Feb 14 1213 Aug 13
618Nov
1533 an
7!)
*76
076
76
79
7618 *7512 78 *75
78 *75
78
450 ' Do pret
470 Feb 25 180 Jan lb 475 Sep
87 Feb ,
3
815 823
3
4 S23 8318 8214 8318 8112 83
8158 8238 8134 8258 17,850 National Lead
16 Feb 10 92 Aug 7
7614 Jan
33 Nov
1031:: 10313 103 103
*102 3 103
7
103 103 *10278 1037 *1027 1033
8
Do pref
8
400
4
8712 j.e27 105 Aug 4
6 Jan6
n
80 Oct
103 Jan
Ms 513
618 518
5
518
5
5
5
5
5
518 4,200 Newhouse hi & &Par $10 $
597g Jan '20
$5 Dec $20.3 Apr
4
920
75
*70
75
7414 7414 7434 77
757 7578 75
8
7734 1,000 New York Air Brake
50 Jan 2 3314 Aug31
4712Dec 14112 Jan
*62
*01
03
0313 63
63
63 63
6318 6378 64
65
1,830 North American Co, new
4213 Itch 5 6634 J'ly 23
8934 Jan
37 Nov
*2412 2578 02434 2612 *25
2612 *25
*25
26
2612 *2412 26
acIfIc Mall.
24 APr27 3313 Ilco24
812 m ei 10
19 Nov
9112 Jan
9513 3351, 9512 9534 9534 9512 9553 9514 9512
*95
eople's G L & C (Chic) 3812 Jan 14 973 Aug 11
95 9512 1,130
4
8
0
n '2
70140ct
*1012 12
1012 101. *10
085 Jan
8
12
11
11
1053 11
1114 1114
600 Pittsburgh Coal Co
143 May19
8
/ Nov
1623 Jan
42
*39
919
42 - *40
43 *40
43 *39
42 *40
45
Do pret
48 Aug 10
6058 Jan
37 Nov
• 13
33 *3212 3314 32 8 32 4 3212 3213 3212 3212 3212 32 8 1,480 Pressed Steel
5
3
7
092
Car.
691714 JanFe17 10 3012 Aug 10
3
1558Nov
57 Jan
94
*92
94
494
94
*92
94
*02
94
*92
94
Do pref
30
39714 Aug t,
9978 Jan
69 Nov
*162 165 *163 165
164 164
163 163
16312 16312 16312 16312
480 Pullman Company
147 Jan 3 16813 J'ly 29 13514Nov 18118 Jan
3V8 38
38
3814 3712 3734 *3618 38
*3618 39
38
38
700
Steel Spring_ _
2334 Feb 8 4038 Aug ti
5712 Jan
21120ct
*90
99
*95
*90
99
99
*90
99 *90
It Do pref
*90
09
99
11%.,
75 Jan 29 10013 Sep 2
9912 Feb
*2112 2212 2233 2238 2214 2214 *2113 2238 , 2238 2238 2214 223
72 Nov
8 1,000 Republic Iron & Steel
1434 Feb 11 2538 Aug 10
12 Oct
7912 7012 80
41 Jan
7934 7934 78
80
79
79
7912 *70
7934 1,3-v
Do pret
0213 Aug lo
50
621. 6212 63
100 Jan
an
6312 6378 64
64
64
6378 64
6312 6313 1,810 4.21088-Sheffield Steel &in] 66 j lie 19 6544 Aug31
13 Jan 2
'
26 Oct
*100 10312 *100 10314 *9914 10314 *9912 10314 *100 10313 *100 10314
773 Jan
4
Do pref
103 Sep 2
80 Oct
4034 41
4014 4112 4034 417
8 40 8 4158 4012 43
7
4238 43
20,050 3TennesseeCopper Pur$25 $2712jn 17 $43 Oct 15 $17 Oct 4107 Jan
85 2 lra b
45 k e
$5113 Mch
73
*68
*68
73
*65
7012 *68
7012 *68
7012 *68
texas Pacific Land Trust
7012
11 7212 Aug 25
42 Dec
85 Jan
8
712 712
8
600
nlon Bag & Paper
4 Feb21
U Aug
818 Jan
9 Oct
-ars -661- ---- -8
100
Do pret
947
8Jan 0 64 Aug 18
3934N0v
61 Jan
;ii- 25 24 2433 2434 - -5 2434 1 - 2434 2514 ;iii3 - 14 1,210 US Cast I Pipe & Foundr 1712 Feb 26 29 May Is
2 -371
EE
4912 Jan
17 Oct
*71
72
*7134 72
7113 7134 7112 7112 *7114 72
*7138 72
410 Do pref
8
665 Jan 2 787 Aug 10
3
89 Jan
49 Nov
90
*75
90
*75
85
*75
*75
00
88
88
*80 100
100 United States Express
70 Feb 18 90 Jan 6
70 Nov 411/ Jan
*50
52
53
54
543
5412 6412 *53
4 5412 5534 54
55
2,815 Ii S Realty & Improvem't 3614 Feb 5 6534 Oct 13
3n Nov
9012 Jan
10
10
10
*8
10
10
*7
*8
10
10
9
9
310 U S Reduction & Refining
4 Feb 21 1514 Aug 8
612Nov
3014 Jan
024
*24
28
*24
28
28
*22
28 *24
28
*22
28
Do pref
16 Feb 10 3) Aug
1814Dee
68 Jan
*31
33
31
31
*3113 32
32
32
31
3112 32
3212 1,270 United States Rubber..... 1734 Feb 10 3712 Aug 7
1312Nov
5212 Feb
101 101
10112 10112 10134 10134 10112 1013 x100 10014 10038 10038 1,679
4
Do1st pref
7e Feb 19 1023 Aug 7
4
62 Oct
1097 Jan
*65
3
69
*65
71
*65
69
68
76912 6912 *65
68
70
200 Do Zd pref
42 Feb 21 74 Aug 7
39 Nov
7108 Jan
46
4638 4612 4714 4658 4714 4638 47
4614 467
8 4612 4673 258,750 United States Steel
25 4 Jan 2 4813 Sep 8
3
80ct
217
5038 Jan '
10E78 109
10914 1097 10938 109 4 10914 1097 10013 1093 10938 10934 11,500
3
8
4
8
Do pref
11212 Aug31
7918Nov 10734 Jan
4114 4112 *4138 413
4112 413 4112 2,300 lUtah Copper_Par $10 ..2 jan 2 3402 Aug
4 4138 4178 *4114 413
8
4 41
1V2 J
1
$3913 Mch
313 Oct
*3212 33
33
33 *32
33
3213 323
3158 3178 1,500 Virginia-Carolina Chem_
8 3114 32
16 Feb 27 3918 Oct 6
*108 109 *108 109
123
8Nov
8
393 Jan
10834 10834 109 110 *108 110 *108 110
1,000
Do pref
110 Aug 8
*56 .50
75 Nov 108 Jan
*57
541
*57
*57
50
*56
59
*57
59
59
Virginia Iron Coal & Coke z8. j n 2 tais Aug 0
43 J a
7
11 Oct
*298 ---- *300-_ _ *280 310 *280 310 *280 310 *280 310
97 Jan
111
4250 Feb 13 300 Oct 5 250 May 300 J'ila
*58
69
45813 5812 • 5813 6034 59
59
50
6014 60
60 8 1.372 'IVes rn r o1on Cn
3
aiTe Fa dn
'I ere
41 Feb 19 62 Sep 10
7312 74
54 Dec
85 Jan
7473 7512 75
7534 76
81
7712 79
79
83
31.020 / estlugh'seEl&Mtg assen
1,‘
2
38 Mel. 11
8914 J'ly 22
*90 100
32 Nov 154 Jan
*93 100
*93 Bs)
98
98
98 *93
99 100
400
nref
no 1st
V • 24 I. 0 Oct ll
00 Dec 6160. May
1
*3
812
*16
1612
814 9
26
28
453.1 4618

*8
1673
10
2712
48

4)
812 81 _ *8
167 *1612 1712 1612
8
10
10
10
10
2712 ;2712 2778 *26
4838 48
48
47

912 *8 •
1612 17
10
10
28
*26
97
12 4712

913 *812
17
*17
1034 *10
27
2612
4814 4714

912
20
11
2612
4714

B

•

N

P

UU

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS
11ank s
Bid
Ask
banks
Ask
BUJ
Trust Co's Btu
Ask
Ask
Trust Co's BUt
I rust Co's BU1
Ask
Ask
[rust Co's Bid
New York
Brookly n
N Y City
--- 400
Fifth Av Tr
Mut All'nct tIZ.613 ---Union Ex, • .73
Brook.yn
-. Aanular'rs' 920
Bankers'
440
441
460 Fulton _ - 240
.....• NY Life&Tr 1025
400
...... Brooklyn Tr 390
Wash WW1 130
___ iechanleall ---- ‘. .
.ivy! Gen 3 .
,..
261) 11(z.. , . 5 340 Guar'ty'-- 465
.
.2n
7
I'r
435 N Ir Trust- 505
125
115
West Side 1 500
-. Citizens'
vlontatili -- 14u
..**. " ' "-- 11 4
'""3
' ---- Guardian Tr 185
..___ Standard Tr 325
'4
260
Yorkville 1, 900 425
Flatbush -_ 240
_
Nassau _ _. '240
270 Carnegie -_ 110 ,
-- Hudson ___ 125
13.5 TitieGu& Tr 395 40.5 JoranklIn -_ 200
- 13rook ly n
Nat City__ 280 120 Central Tr. 1700
--- KnIckerb'kr - _ 300 Tr Co of An, 290 100 .1amilton - 263
275 Borouch 1
104
13
North Side 1 4150
-- Columbia -- 1'216
...... Law T I &Tr 195
-. Union Trust 1000 1075 ,tome
100
110
Brooklyn ." ...--- 115 1
".GPle's...r 150
- Commercial 145
.
185
Lincoln Tr- ,.- .- 190
- - US Mtg &Tr 326
Kings Co _ 435
455
345
Broadway • 370
45. Prosp'etPkTi 150 160 Com'wealth ---. 85
Manhattan- 350
400
Lafayette- 125
Unit States_ 1090 1110
270
First
• 10
Terminal 11
Empire __
359
-- 130
- _ Mercantile _ 750 803
VanN. .
d nTr 260
-0
6
270
t. Is! L 61 Tr 2 -- 270
11.111sidell-_ 11) 130
frust Co's &mit blc Tr '360 37S
.
Metroportn 505
--- 1A'ashington 400
_ - Nassau _- 156
170
Home Bit . _ 11,
25
N l• City
Farm Lode! 1125
qorton Tr_ 420
___ Westchester 135
148 People's _ _ 270 280
Homestead', 10
Xsto/
5
190
Fidelity - • 195 200
310
Mutual ____
95
105
Windsor __ 130
Illiamsb140
100
fr
80
4. Bid and askeu prIces• no sales on Ills day. 4 Less than 100 snares.
5 Ex.rIgiats. S New stock. C Ex-dly. and rights. a Now quoted dollars per snare.
Sale at Stock Exchan:e or at itictIon this week. s Trust Co.certificates.
II Banks marked with a paragraph (11) are State banks.
-.

•---




•_..

New York Stock Exchange=
-Bond Record., Friday, Weekly and. Yearly
OCCUPYING
1St ,N1)...
• N. Y. STOCK EXCHANGE
WEEK ENDINto OCTOBER 16

..

Prtce
Friday
Oct 16

Week's
Range or
Last Sale

Range
Since
January 1

FOUIC
BOND?.
N. Y. STOCK EXCHANGE
WEEK ENDING OCTOBER 16

g

tow
Ilign No
Cent of (la R 11-(Con)
104 Sep 2/e
10313 104%
2d p• et income it Os stamped
104 J'ly'08
04 104 1,,
.3(1 pr's) income g 58....p1 45 Oct
100 101 7
, 3dpref income g 58 stamp°
10112 Sep 'tie
,
100% Aug'08
100. 102
4
Chau Div pun mon g 48.11131 -I/
107 J'ne'02
Mac & Nor Div 1st g 58.1940 J -J
101 12 Fob'"
111012
101 11 101 Li
Mid Ga & Atl Div 58. 1947 J -J
1'20'
4
121 Sep 'lie
L18'212214
Mobile Div 1st g Os
1046 J -J
122
122% set/'08
1203 133¼ )131, It & 13 of(la col g 5s1937
4
10214 1023 1034 Mar'08
;
1034 103% Cent of N J gen'l gold 58.1987 I •.1
Registered
41987
Voreign Government
Ant Dock c•vs Imp an 58..1921 Y- .1
2
1
Imperial Japanese Governm't
Le & HAM R gen gu g 58 1920 J.
9014 52 85
90 Sale 00
F -A o
Sterling •oaii 4 12/3
91%
Leh & Wilks 13 Coal 58..1912
1925 :r • J 4 883 Salt 883
89
4
2
4
45 837 905
,
In series 412s
6
g11110 Q-M
()on ext guar 4%8
80
1931 J -J 1 79% Salt
4 75
79'-2
81
Sterling ioa.n 4s
N Y& Long Br gen g 4s 1941 M-S
103 1023 1027E, 19 11/0 14 10514 Cent Pacific See So Pacific Co
4
Repub ot Cuba 58 eXten debt.. 3198%
98%
8 96 101 CentVermout 1st gu 948.e1920 Q-F
U S 01 Mexico s I g Os of 1899 2.3 " 98%
1054 J -D
95
943 Oct 08
6
Gold 4s of 1904
90% 9412 Chas & say see All Coast Line
'I nese are pr ices on the asis of $3 to L. Ches & Ohio gold Os
a193.1 A-0
State and City Securities
1939 fv1-N
1st consol g 58
98
Alabama curr fund 4s........
J •J
111 Mar'02
Registered
1939 M-N
Dist of Columbia 3-658...J924 E- A 110
'/1-S
11712 J'11°'"
General gold 412s
97
Louisiana new consol 48 1914 .1-J
105 % Dec'04
Registered
1'1. 2 M.s
9
12
New York City
J-D
Big sandy lst 4s
1057 M.N 11r% Sale 1114 112 298 1053 112
New 41
.2s
8
(
)
Craig Valley 1st g 5s
1941
9 01. 1043
4
4
1917 31.N 104% Sale 1044 1043
New 4 13s
It & A Div 1st con g 48 1989 J•J
6
1989 J -J
112% Corporate Stock _1957 M-N Ill% Sale Ill's 1117 212 105 111%
20 CO11901 g 4s
104 105 [0338 104¼
9 102 104"
413% asse.smt bon 8
19 17
Warm Spr Val 1st g 58 191
81
4/ Corporate Stock. _1957 M.14 1023 Sale 1013 1023 315 101%, 1023
02
8
6
6
4
Greenbrier By 1st gu g Is'40 M-N
New York State-Hiway
Chic & Alt 1111 ref g 38 1940 A-0
110 Aug'08
Improvenft 48 ...........358 M.S
109 110
Railway let lien 3128 1950 J -J
4
North Carolina consol 48 191e J -J
98
1001 Apr'07
Registered
1950 J • J
126 Mar'07
Us
1911, A •0 114
chic Burl & Q-DenY D 48 1922 F -A
120 Mar'Ol•
193:1 J -J
So Carolina 412s 20.40
M.S
General 48
95 J'ly'08
Term new settlement 35 1913 .3
9412
J •J
94
116
Illinois Div 3128
92
93 Sep 'Os
113
Virginia fund dent 2-38 100 J • J
00
1914 J -J
194
1
Registered-.
38 Sale 38
38
3u 22% 43
6s deferred Brown Bros
Ilis Div 4s
1949 J.J
Iowa Div sulk fund 58 1919 A-0
[Laill'Oite
A-0
Sinking fund 4s
A Itioatna Cent See So fly
Nebraska Extension 48 1917 M-N
29
..filaba Mull bee At Coast Line
Registered
1927 M-N
e
Albany & Sus See Del& Hui:
Southwestern Div 46.-1921
Allegheny Valley See Penn 11 11
Joint bonds See Great North
Alleg & West See Bull It & P
Debenture Os
1913
51995 Q85
84
82 Oct '08
55
78
Ann Arbor 1st g 4s
Han & St Jos e,ousol 68 1911 M-S
995, 227 957 101%
Ateli T & S b'e-Gen g 48.1995 A-0 99% Sale 99
chic& Kill ref & imp g 45 1955 J.J
3 9512 100
19115 A-0 99 Sale 99
Registered
09
1st CO11801 ft 68
1934 A-0
1 83
9476 05
95
51995 No • 04
90
Adjustment g
General consol 1st 53.-19: 4 31-N
3
37
86 Apr'07
51995 Sm
Registered
Registered
1937 M-N
92
93
51995 31-5
923
8
025 le 82%.
6
summed
Chile & Ind C Hy 1st 68 1936 J -J
97% 251 853 97. Chicago (111 Erie See Erie
1955 J -D 97% Salt 00
4
4
Cony g 4s
1917 J.D 10378 Siut 103% 103% 305 9412104¼ Chic In & Louisv ref 68 1947 J • J
10-year cony g be
9612 Idal'Ors
96% 96.3
Debentures 48 Series11 1910 FA
Refunding gold 58
1011 F -A
9812 Nov'04
Series I
Louisv N A & Cli let68 94 J • J
7
1910
94 NovIni
1913 F -A
Series K
011ie Mil & St P term g 5s 1914 J -J
1928 41 S
074 Oct '0e
05% 98
East Okla Div 1st g 48
954 98
General a 48 series A..e1989 J -J
11512 Sale 95%
05'4 1V:$ 05
Short Line 1st 48 J M recta
95%
Registered
e1980
AU Knox & N oee L &
General g 313s aeries B e1980
94% 93% 01%
Atlantic Coast 1st g 48.511.52 31-S
0412 3 80
06
Chic & L Su Div g 58....1921 J -J
Charles & Say let g 78 1936 J -J 127
Chic & Mo Riv Div 55...1926 J -J
1235
8J'ne'0e
Say If 82 W let gold 08 1934 A-0 122
111k, 124
J -J
Chic & Pao Div Us
1934 A.0 106
81
1st gold 58
1128 an'04
L'hio & P W 1st g 5s
1911 .1 -J
92
Ala 3Iid 1st gu gold bs 1112e 31-N 108
114% No/.'05
Dak & Gt So g 58
1916 J -J
1.13
Bruns& W 1st gu g 4s 193e J•J
Mar'06
Far & Sou assit g 6s
1924 J -J
86
o1052 31-N
86% 863
L & N coil u 48
4
86%
74
887
8
Haat & D Div let 7s
1910 J -J
94
SU Sp Oca & gu g 48 ..191e J •J
j.J
93% 1/13%
9312 Sep 'Os
1st 5s
Atlantic & Dauv See South Ity
LaCrosse & I) 1st 53- 19 0 J -J
9
Austin & N W bee Sou Pacific,
Mineral Point Div 5s
1910 .1-I
Dalt& Ohio prior 1 g 313s.1925 J J
93% 93.4 93%
o 00 94
93%
So Mimi Div 1st 08
Li Registered
/41925 12-J
90 Apt 'l/t
89% 90
J
Southwest Div let Ga
901
19
Gold 4s
141, 29 96%102
1
l4 Sale 99
.
5.194e A-0
Wis & Minn Div g5s
1921 J-J
051 J'ly'08
4
Registered
5194e (7-J
95
913%
Mil & No 1st M L 68
1910 J
Pitts Juno let gold 6s...1922 J J 109
120 yet '01
1st consol Gs
1913 J.D
AS
90
PJ un & M Div 1st g 31281025 31-N
90
2 83
90
Chic & Northw cons 76
1915 Q.F
947 95% 9512
8
P LE& W Va Sys ref 481941 31-N
116
95% 6 87
Extension 4s
1886-1926 F-A
1/1% Sale 1)112
Soutliw Div 1st g 312s...1925 J -J
Registered
1886-1926 F.A
9" Os 83.4 9212
'Registered
Si) Oct'06
51925
General gola 3128
1987 31-N
Dm% Feb'01
-A
Blonon Riv 1st gu g 5s..1919 (-‘j 102
Registered
111987 (7-If
9812
.
109 A pr'Ob
Cen Ohio It 1st o g4 1 28-11134, M-S
Sinking fund Os. .1879-1929 A-0
4
Cl Dor & W con 1st g Os 1932 A-0 106'3
1093 J'nel/i
Registered
1879-1929 A-0
Ohio River RR 1st g 55 11130 J -0 111
1081 Sep 03
4
'
1084 Ill
Sinking fund 58. 1879-1929 A-0
General gold Os
1931 A-0 10212
109 Sep '98
100% 109
Registered
1879-1929 A-0
'04
Pitts()Lev &Tot 1st g(38 1922 A.0 107
11012 mu'
1'109 31-N
Debenture 55
03%
Pitts & West 1st g 48 1917 J -J
881 Oct VI
4
19011 31-N
Registered
Stat 181 By 1st gu g 412s 1943 J -1)
100 Nov'04
1921 A-0
Debenture Os
Bat Creek as S bee Mich Cent
Registered
1921 A-0
Beech Creek See N YO& H
Sinking fund deb bs
.....1933 M-N
Bellew &Car bee Illinois Cent
Registered
1933 ati-N
Bklyn olti Montauk bee Long 1
North Illinois 1st 513
1910 M.
Bruns & West bee All Coast L
Ott 0 le & St Paul let 58 1909 M-S
Buffalo N Y & Erie bee Erie
MU L S & West 1st g 6s 1921 M-N
Butlaio 14 & P gen g 5s 1937 31-S 114%
108 113%
11312 J'ly'08
Ext & Imp a fund g 58 1929 F-A
Consol 4138
195 • M.N 102
101% Man&
10112101¼
Ashland Div let g 68 1925 M-8
99
98 Dec'07
All & West Ist g 4s gu 19ut. A.0
......
Mich Div 1st g Os
1924 J -J
1942 -J 1084
01 & Mali 1st gu g 58
103 J'ly'Ws
103 103
Incomes
1911 M-N
Roch & Pitta 1st g 6s 1021 F -A 119N 122'- 11912 Sep 'OS
114 119% Chile Rock 18185 Pao 612 1917 J •J
Consol 1st g lis
1922 J •0 12212
117 Mar'ue
117 117
Registered
1017 J -J
Buffalo & Southwest See Ern
General gold 4s
1988 J J
89 Sale 88
Bull & Susq 1st ref g 4841951 J
89
87% 91
Registered
1988 1-1
Bur It & N See 0 It I & P
Refunding g 4s
1934 A-0
So Is/ ext 63
1913 J -J 107% Sale 1074 107% 3( 107%111
Coll trust Seriesli 40. 191u
k-i2d Os
1913 Ill-6 10214 Sale 101% 1024
98", 105
J 1s
1912 M-N
Registered
S
1913
1,00.4 May'0i
1.1
1015 M-N
.2arb & Shawn See Ill Cent
.545
1916
Carolina Cent bee Seab Air L
0 4s
1917 ,d-N
Jarthage& Ad See N YC& Ii
1'4s
11)13
Cod It la & N beeliCR& N
Chic B. 1 & Pao RR 46 2002 11-N
Con Branch Ely bee Alo Paz
N
Registered
2002
Cent of Us RR let g 60..p1943 F-A 1123
8
114 Sep 08
112 114
Coll trust gold 5s
1913 31-S
Cousol gold Os
1943 31-12 1033 Salt 1083 100% 02 177¼ 1093
4
4
4
Bur Ced It & Northern
Registered
1945 Al- fi
113 Apr'Ou
Con 1st & col tr g 68 1934 A-0
let pret income g 58....p1945 Oct
64
1- 55
04 Sale 04
73
Registered •
1934 A-0
Stamped
73 J'ly'08
65
73
C,RIb`ds N SV latgu 58 1921 A-0
2u pre: income v
Oct
45",
454 S 45
43
48
54
31 & St List en a 78 1927 -O
4.0 519.11tit4tiii
L.
U 8 2s consol registere(141930 Q-J
U S 2s consol coupon....d1930
k191
US 3s registered
kl9le
F
.0 S 38 coupon
V S 3s reg small boads k191e Q.
U S 38 con small bonds klille Q - F
1905 u- F
S 4s registered
1925 (5-F
U S 45 coupon
US Pan Can 10-30 yr 25.1c1931 Q N

1120

Ash.

103%104
104
100.4 1003
4
101 1004

..1sUELI.A [III Or-' ISO
'greet &Calaway
Brooklyn Rap 'Pr g 5s
1945 A.0
2.1
1st refund cony g
BkOity 1st con 58.1010.1941 I
/3k(4 Co& S con gn g 58.1941
Bklyn Oil El 18t g 4.58.1950 F -A
1950 F.A
Stamped guar 4-58
Kings Co El 1st g 48- 11349 F•A
Stamped guar 4s
1949
Nassau Elec gu a 48.-1951 J •.1
Conn By& Ll8t& ref g 4%8'51 J -J
Stamped auar 4 %s
1951 J -J
Den Con Tr Co 1st g 5s 1932 A-0
Det United 1st con g 4',s 1;'3 J -J
Havana Elec consol g 5s 1952 FA
Inter-Met colt 4 4
2s
A.0
Inter Rap T 3 yi WIN 08.1911 M N
Interua,t Trao cell In 413..194., J -J
Manila Klee 18t & coil 58.1953
S
*No pr.c., Friday; latest price tins




......

Price
Friday
Oct 16

Week's
Range
Range or
Since
Last bale ./C.c iamtary/

ttia

ti wit No Low JiigA
Ask Low
45
45
46
41
53
33 Sep'08 ••.• 27
41
38
3912 Aug'0e
27
40%
89% FelJ'oe
88
89% 89%
1047 Pue'08 •
8
104
100%10418
115 Nov'05
100',
107%
105 Dee'07
105", Salt 1034 1064 14 . ..
1253 Sale 125
8
125% 92 117 12512
1 31
, 4
121 Aug'Oe
120%122
110
110% 110%
107 1102
1011
4
......
100
101
101
1 98 101
100% 1011 1003 100¼
8
*
98% 100%
116
35

88

May'0 1
.

105 Sep /08 .•.. 102 105%
8 [0712116
115', 115N
% Dec'07 .•.• ......
102 SI 101% 102
-.
0•
13 96 102%
104 m uy'uO •...
89
9014 10 Oct'08
.;11/ -1.; 90108
112 Feb'00 ••..
100
10(/ Sale 100
1 .1T12100
93 ta.P13"08 • --• 89
93%
100
'05
113', Wet,
......
05 Sep '08 .•.. 95
95
702
7612 Oct 'us .•.• 673 78
4
733
4
74% 52 60
74%
73.4 74
SOs 518)05
IM/'s Oct 'On •
97 100%
993
;
4 100 128 97 100%
097 Salt 1.90
8
91% 21 86
91
91% Salc
918
s
J'ne'oe
864
89',
863 863
4
4
4
102% YU:I 97%1023
102% Sale 102
.4
1.043 Oct 2./6 •- • 1043 106
4
.
104"4
/8 .
111/7 / /et 2 . • 96 101
8
P104
102
i+81% 102%
1024
1
102
101% Oct '08
101
1011 101%
9
11512
90 Oct'07
101
115 12 116

1024
104% Sale
82
83
123
115.4 117
112%

971 103',
4
... 104% 105%
4
4
5 821 824
122 122
106/ 11534 ,
2
:1 J°e g
11 17/ A ci
1 281 842 b iu t
:1
51
:1
107 109%
102% SeP

13018 1304 128 s '08
109 Oct
1174 130
1094
106 108
103% 104 4
100 102% .
105
1034 106
102 103%
3
100 103 4
11034233 AC'Se ::0°1
10004 -4: u
1 :
91 Sale
2 854 9112
110 ..
112%
119 112 ,
132: °aP9.
11 118cy
9
1
e1
103% 104 104.2 May'Ue
104 1043
4
.18
110% 1113 111 Oct '08
8
10812 111 12
106 Sep
1044 106% .
106',
122%
105%
104% Aug'im
4
102.2 1043
1024
101% Apt'ue
101%101%
4
108 /t May've
,
1083
4
106% 1081
102'-, Oct '08
102%
100% 102%
103%
10278 Sep '08
10014 104% :
102.
4
10:0b 10278
101 10332
100 2 Sep 'tie
.
110
199 10913 ;
105%1051
8,
104 7
8
115 8se p 6
107 4 A pr 8
:
1084 109
10971s 110's 101) Sep 'Os
117
1153 11812
8
100
911 J'ue'0
99
99
9812 Apr'08
98% 983
4
1/5 bep 'ue
11.1
89
95
89
89 Aug'ue
89
111
107%111%
i 11 12May'lt8
110
108/ 110
2
110 Aug'().
108
'0/3
109 /2
106 109%
105%1007 104 Nov'07
6
103
1024 1023
4
1 IOU',1O2g
101.2
100% 10122
iuu J'ne'ue
4
107 1u9-,_ 1083 Oct 9/0
105 11/83
4
103 J'ne'07
113 114 113% 113
I 108% 113%
109 J'ly'ut
107 109
101'2
10114 May'oe
1013 1011
4
4
10(1-4
101% Marue
101% 101%
1207
8
4
1193 Aug'ue
[18 119 4
113
1134 J'iy'Ut
110 1/31
4
142's13'€ 2./2
121%
122
12312
104
101/ sup '03
1154
1 5 itt Oct 'uz;
112 115%
114
1121 115
/
4
90 Sale 09
41, ut 100%
u6 123lay'us
96% 97
87',. (47 83% 894
87 Sale 86%
97 J'ly'94
1/2
9212 Nov'uti
130¼ Jan '01
.Zirty'u4
003 b'eb'01
4
84 Aug'0i
...a Sale 73% • 744 oil 55% 744
132', 03
63 Aug'ue
4
46 % 110 59% 77
75 Sale 743
1143 116.2 118% 116%
4
.
12(11 2Mar'03
111 Nov'0.5

1 106

116%

104%

tin ,ext eatre.

Ntreet
98 101 24 Oct'08 - • 91 102
Met St Hy gen col tr g 58 1997 F-A
78% Oct'08
78la 80
68
85
744 Sale 74 14
71'2 229 6513 77%
Ret g 48
2002 A.0 52
52%
52% 3 40
56
102 May'08 •
9117 102
8
Bway&?WAY lstog50 1943 J -D
3 93 10-2
98 100% 9942 100
91
91
91
Col& 9th Av 1st gu g 53.1993 24-S
92% 92%
94
95
93
06
20 95
99
100 100'-, 99% 1011% 242 9312 102
Lex Ay& P 1st gu g 58 1993 31-S
96
96 Sep '08 ...• 96
98
100 102 J'ly'08
98 102%
Third Ave ItR con gu 4s2()00 J -J
62
61
62% 41 49's 04
811 Sep'08
.,
81% 81%
Cent Tr Co certfs stmpd...
004 ealt
tj0
02
9.3 50
63%
81% 83
bl 4
81%
77
Third Ave Ity 1st g 5s. 1937
83
*11.113
101 106%
106¼ Oct'08
76
10
77
75%
Met W S El(Chic)1st g 40.1113e F•A
2 75
80
LJJ
...... ....9812
95 Mar'OS
95
95
N Orl Ity & Lt gen 412$. 1933 J -J
9012 Sep '11(. .... ......
100%
100% Oct '08
113"2 10(1% St Jos Ity Lt11 & P 1st g 53'37 II-N
98
103¼ Oct 'Uti
95 J'ne'00
st Paul Ulty Cab con g Ls 1937 J--1
1104 Nor'Ot;
2
73
70
70
70
Underground of Lou 5s. 11121; 31.N
09
40
41%
88
IA Jan '08
04
114
71
4%8
193! J -J
70
71
70
71
607 Side 05%
8
67 14 989 497 69%
8
Income Gs
'20
1948
120
120
it 120 129
101', sale I 0112 101%
100 101%. U mon Li (chic) 1st g 58 1943 A-0
101 May2/8
1007 :01
8
61% 64 13 Sep '08
60
435", United 11,Rs San Frsi 40 1927 A-0
735
.
'12
71%
17 513
98 NI Ity'06
United Rys St L let g 48 1934 J -J
......
79,
4
76
e5
791
4
week. al)110 Jan 14 Duo or e Due slay g DUO J
halite J'ly
Dun Aug olnie Oct
p Due Nov s lam,

New York Bond EMCord-Continued-Page 2

990
tioNt),
N. Y. STOCK EXCHANGE
WEEK ENDING OCTOBER 10

z

Price
Friday
Oct 16

Wee/es
Range or
Last Sate

-cs

Range
Since
January I

But
Ask Low
Hill No how 11447/
Chic Rock & Pac-(Con)
/
4
102 Aug'08
10411041
/
4
/
4
; Choc Ok (.4 gen g 5s .019111 J -J 1021
110 109 Oct'08
1952 M-N
Consol gold 5s
109 109
8
1923 A-0 9'73 102 10112Sep'Os
Keok & Des M 1st 5s
9814101¼
Ohio st &N 0 See 111 Cent
Chic St L & Pitts Sec Penn Cc
/
4
/
4
1291 1291 1 121. 1291
/
4
Chic St P 51 & 0 con 6s 1930 j.rt. 1291
/
4
.
03 Deo'03
/
4
5
Cons Os reduced to 31 19311 j j) 92
1271 Ang'05
4
/
4
Ch St P & Minn 1st g 6s 1915 M-N 129
i24 1271
J..j 127
1293 Alar'04
4
!• Nor Wisconsin 1st 6s 1930
8
110 4 Aug'08
,
" St P & 6 City 1st g 66 1919 A-0 1153
1151 1712
/
41
1123 Oct'08
8
Chic& West 1nd gen g 630912 Q-M 113'4
112 113
4
91% 951 943 Sep 'us
/
4
1952 J. J
Consol 50-year 45
91
951
/
4
Chic & W Mich see Pere Marq
Choc()& Gulf Bee C R I db P
'00
113 Oct
/
4
8 1937 J -J
Oin H db D 2d gold 41
96
102 J'ne'U7
1 1st gu g 55 1941 M-N
Cin D
C Fintl& Ft W 18t gu 4s g.'21 Al-r4
'70 Aug'08
70
CinI & W 1st gu g 45.1953 J -J
'70
88
PO
91 Aug'08
90
91
Ind Dec db W 1st g 58 1935 J
1071Dec'02
/
4
1935 J -J
lat guar gold 5s
.
()1St L.& t Sea000db St 1
OthS&U sese c 0 st L
Clearfield & ttah See B B &
961
/
4
4
963
4
963 10 92
98
Olev Cm CI& St L gen g 4s 1993 J
95
98
90 May'08 So 96
90
1918 •.1
. Cairo Div 1st gold 4s
95 sep '07
94
97
,Cm W & 51 Div 1st g 48 1991 J • J
1)61
/
4
90 Oct 'inS
90 90
St L Div 1st col tr g 4s 199(1 11-N
91 Cc:'07
Registered
1090 11-N
94
92 Feb-Os
92
92
• Sior tib Col Div 1st g 46-1940 11-S
92
98 Sep'00
WW Val Div lat g 48 1940 J • J
4
105 J au 4.14
01 St b & C ()ousel 08 1920 M-N 1033
98
97 Aug'08
/
4
951 971
/
4
41130 Q-1
1st gold 4s
1
96
97 out '08
97 97
Registered
k1930
/
4
1061Sep'Or
/
4
1 1)61410614
Cm S & Cl con 1st g 5s..1928 -J 1071
114
1143 Sep'05
4
114 1143
4
1914 J -D
00 Ceo 1 cousolls
1914 J-1)
Consol sink fund 711
125¼ Sep'08
120 1251
General consol gold(16 1934 J -J 125
/
4
Registered
1934 J -J
,
94 J'13 05
94
95
Ind BI & W 1st pret 46 1940 A-0
; 0 Ind & W 1st pi 5s....a1938 Q•J
130
911
4
92
3 85
/
4
921
Peo & East 1st con 46 1944) A•0
401 Oct '05
/
4
1990 Apr 40
35
60
Income 48
Clev & Marietta See Penn RI.
(Rev & Pitts See Penn Co
677 Sale 66
8
1941 J
681 1611 551 681
4
/
4
4
'Col Midland 1st g 45
943 Sale 94'4
8
947b 72 82
Colorado,3b Sou 1st g4s 1921, F -A
941
/
4
871 Sale &Ps
/
4
b7'2 520 73
6s
1936 M-N
, Rotund db ext 41
871
/
4
Colum &Greenv See So Ey
•Cot & Hock Val See Hock Va,
-Col & Tot See Hock Val
•Col Conn ..f4 Term b'ee N & W
:0000.9 Pas Itivs 1st g 48.1943 A.(
91 Apr'Ob
Cuba Rit lat 50-yr 5 g.. .1952 J-J
91
91
01 lax & (.4t So 544C Al Cti St P
!1Jalias & Waco See Al K &
.Del Lack di, Western1177b Sep'08
1141
4118¼
Morris.9 Essex 1st 75 1914 M-N 117%
/
4
1181
/
41201
/
4
lstconsol gnarls
1915 .1-1) 119¼ 1191 119.4 Oct'08
118
127 J'ne'05
1911 J
. Registered
115
2004, J -D
1st ref gu g 312s
8
4
1161 1241•
/
4
/
4
bT Y Lack & W lst Os 1921 J -J 1207 125 1241Sep 'Ott
/
4
108%1121
/
4
1923 F-A 1091 112 112 Aug'ub
; Construction 50
DAN
100
7 97/1013
1
4
4
1923 M-N 10014
Term & improve 4s
192 Feb'03
1103
4
1
4
6
i Warren 1st ref gu g 3/ 200U F- A
4
1211 Apr'08
/
4
12112 123
Del & find 1st Pa Div 78 1917 31•S 1203
149 Aug'ul
1917 NI S 111)
Registered
4
/
4
4
/
4
1943 M-N 1013 Sale 1011 1013 3t• 981 1014.
(
'1st ref 46 wh iss)•
/
4
47 941 102%
/
4
1916 J-D lul Sale 1001 101
• 10-yr cony deb 45
/
4
07 Mar'05
96
97
1922 J -J 1021
1st hen equip g 4 165
.
/
4
/
4
051
/ II 913 983
4
4
8
19411 A-0 943 961 951
• Alb & Sus cony 3128
4
1281 Feb1.18
/
4
1281 1281
/
4
/
4
ttems & Saratoga let 78 1921 M-N 1301
Del Riv RR Bridge See PR 1411
1153 Sale 94
8
953 32 89
8
951
/
4
Deny & R Grist con g 45.1936 J -J
98 Jan'Os
98
1936 J •J
/
4
s
U8
Consol gold 41
98 Sep'08
94 100
Improvement gold 58 1925 .1-1) 981410(1
98 I Feu'0.5
07
08
Rio Or Juno 1st gu g 58 1930 J -D
76 Dec'05
Rio gr So 1st gold 48- 1940 J -J
83 Alar'08
1940 J • J
Guaranteed
85
85
91
931 01
/
4
91
6 831 91
/
4
Rio Or West 1st g 43- 1930 3-3
71
74
70
Alge and col trust 48A 1941 A-0 74
74
97 Jan'92 • • ......
..
Utah Cent 1st gu g 4s all)11 A-C
Des..Moi & lit D See M & St I.
110 Sep '04
-Des Mot Un Ry 1st g 5s 1917 M-N
92 Mar'in
......
• Det 85 Mack 1st lien g 40 1995 3-1)
82
881 Aug'08
/
4
1991 3.1) 88
80
Gold 4s
89
Detroit Southern
83
773 Jan'08
.
773 773
4
4
Ohio Sou Div 1st g 40 1941 M-S
/
4
/
4
102 1033
1st 5s 11/37 A-0 111 1121 1081 J'ne'uti
Dui db Iron Range
8
1061 Mar'or.
6
1931 A-0
1081 1061
Registered
/
4
/
4
11110 J -J
24 Os
Nor Pao
Dul Short Line Se.
/
4112 108 Mar'08
1071
/
4109
g 5s 11131 J•J 1071
Dal So Shore &
• Wast of Minn See StP Al & At
So it)
'1....iast Ten Va .114 Ga See
1083
4
1061 May'08
/
4
1061 1001
/
4
,
Elgin Jot & East 1st g 58.11)41 11-1
/
4
Elm Cori & No See Leh& N
991 May'08
/
4
99 105
194' M-N 10138
Erie 1st ext gold 46
4
1919 11-S 105, 1e74, 10414 Apet03
10114104¼
24 ext gold 5s
1
91) Mar'08
933 109
4
,
s
3d eat gold 41
/
4
1921 M-b 101•4
4
101 May'08 -• 104 1081
1920 A-0 1013
/
4
4th ext. gold .
9
98
98 Oct '08 •
118
6th ext gold 4s
1928 J -D
/
4
1st consol gold 7s
1920 11-S 121 126 12i. Oct'Or ...• 117 1221
120 Jan'os •... 120 12014
1st Consol g Lund 7s
1920 11-S
813
871
/ 87,
4
13 3 80
90
87
Erie 1st con g 48 prior 11/110 J -J
'79
79
79 Jan'Oa.
Registered
1990 J -J
73
73% 64 55
73
74
tat consol gen lieu g 46 19110 3.3
74
851 Feb'07
/
4
Registered
1990 J -J
67/ 841
821Sale 82
821
4
,1
4
Penn coil tr g 4s
/
4
/
4
1951 F-A
'74 115 43
73
50-year cony 43 A
1053 A-0 73
74
76
65 181 40
64
do
Sone& B 1951 A-0 63
64
65
115 118
. Butt N I& Erie 1st 7s-11116 J
115 Aug'08
115
114
20 10814 115
Chic & Erie let gOld 513-1982 rA-N 114,
11131
/
4Jan '03
• Clev & Mahon Vat g 56.1938 J.J 107
981 Apr'05 ...• 9814 981
/
4
Jell RR 1st gu g 5s.....a1001) A-0
/
4
128 Sep'08
121 128
Long Dock consol g tis 1935 A•10 124.
118 Sap '06
Coal& RR 1st cur gu 66 1922 M-N
106 106
Dock & Imp 1st our 68-1913 J•J
107 106 Mar'08
/
4
X 71.9 Green L gu g 38.1946 M N 1031
100 Fel.)'08
100 luu

N. Y. STOCK EXCHANGE
WEEK ENDING OCTOBER 16

.!...,•••4 „t•
- 1 4,
7

Price
Friday
Oct 16

[VOL. Lxxxvu.
_
Wee,c's
Range
Range or
,..."
Since
Last Sate .:Z January 1

Rio
As& Low
Erie--( Con)
Htglt No how High,
S Y Sus & W lst ref 58 1937 J -J
105 Sep'08 ..... 105 105
0
0
24 gold 41
.........10014 Dec'Ot ....
/
4
8
1937 F-A .
General gold Os
93
194o F-A
901 Oct'08 .... 89
/
4
9414
Terminal 1st gold 5s 1941 M-N 1111
/
4
110 Jan 'u8 .... 110 110
Regis 85,000 each 1943 M-N
,
Mid RR of N J lst g 66 1910 A-0 101 Sale 101
101
1 101 1023
6
Wilk & Ea lst gu g 55 1942 J -D
100 Sep'OS
95
.00 101
•;v & Ind lateen gu g 6s 1920 J -J 111
1103 Aug'1)8 .... 108 1131
4
/
4
.
Erie & Pitts See Penn Co
Evans & T /1 1st cons 66 1921 J - J 11112
112 Jan'08 ....t12 112
Istgeneral gold 56,
104 1024jPly'Ob .... 96 103
1942 A-0
Mt Vernon 1st gold 66 1923 A-0 102
114 Apr'05 ....
Sall Co Branch 1st g 56 1930 A-0 871
95 J'ne'us .... 95
95
/
4
Wargo & so See Ch AI (Ss bt 1'
L lint & Pere Al See Pere Mar
Fla C& Penin See Sea Air Line
b'ort St U D Co 1st g 4126.1941 J • J
105 Mar'95.
1ft W & Den (I 1st g 66-.1921 J -D 1131
/
4114 113
113
/
4
1 104 1141
Ft W& Rio Or lst g 4s 1928 J • J
83 sale 83
83
1
74
85
I' Har & 3 A See So Pito00
al
1 Tal H & H of 1882 1st 58.1913 A-0
96 Sep '08 .... 96
96
Georgia &.Ala See Sea A Line
Us car & Nor See sea A Line
Beorgla Pacific ,S'ee so kty
Ulla V 0& Nor See So Pao Co
Bouv & Oswegat See N Y Cent
Brand Rap & Ind See Penn RI(
Bray's Pt Term See St LB W•
98 Sale 971
Lit Nor
-C Bdb Q coll tr 4s 1921 J • J
/ 98 lot 9214100.
4
Registerett.h
1.1121 Q-J
963 961
4
/ 98., 27 921 98
4
/
4
areenbrier Hy See Ches & 0
93 Noy'll,
Gulf&6 I 1st ref & t g 511 51952 J -J
95
114 an & St Jo See C li & Q
1 I ousatonic See N Y N II& H
Hock Val 1stcousol g41 1991) J -J 1051481116 105
10514 1 , 9814 10614.
/
4
6
/
4
1001Sep '08 .... 1001 1001
Registered
2
•
1999 j J
/
4.
9& isiov'ut;
,
Col & ii V 1st ext g 48 1945 A-0 953
4
Col 85 Tol 1st ex 45
titi
98
99
96 4 3'4 1
'
.1z•
96
1951 F- A
I bust ES. W Tex See So Pac
I joust& Tex Can See So Pac Co
/
4
I llinots Central 1st g 46 1951 J -J 10214
1021Aug'ur ... an 1031
/
4
I Registered
107% Ap:'04
1951 J•J 101
92 Aug'ub .... 913 92
4
1st gold 31
921/4
/
4
s
1951 J-J
4
4
913 Aug'08 .... 913 • 913
913
4
4.
Registered
1951 J-J
89 Nov'.1
Extended 1st g 312s
1951 A-0
.....
70 Oct 'I/4
let gold 38 sterling
1951 M-S
102 Aug'u8 .... 97 102
Coil Trust gold 4s
2
195- A-0 99
98 May'.I
Registered
1952 A-0
,
102 102 Sep 'Os .... 38 4 102
L N 0& Tex gold 4s
1953 31-N
97 Aluy'u I
Registered
1953 1I-N
99%
Cairo Bridge gold 4s
11123 Jan 't..7
4
11360 J -D
891
/
4
8831
/
4
LoutsvDiv&Term g312s 1953 J •.i
as Sep 'Ott .... 85
Middle Div reg 58
123 maY'lh•
1921 F-A
1961 F-A
Omaha Div 1st g 35
781 Apr'Up
6
7614 may'ut .... 7614 761
St Louis Div&term g 13 1961 J -J
4,
Registered
1951 J -J
78
80
8912
89 , . 78.; 891
0014 3145
,
1951 J-J
89
/
4
191 soot '141,
'
Registered
1931 4J
Spring Div ist g 31
trN,'utr
/
4
8 1951 3,-J
100
89
98
Western Lines 1st g 4s 195i 8 -A
9714 Aug'u'..
122 Dec'w.,
Bellev S. Car 1st 6s
1923 .1-11 112
Carl)& Shaw 1st g 4s 193- WS 081
/
4
1)7 Sep 'Or .... 97 100
Chic St L & N 0 g 50 1951 J -I) 1151
117
117
4 .121
/
4117.
/
4
Registered
11113 Mat'04
4
1951 .-1)
1
3-1)
Gold 312s
881 Ftib'ui
/
4
1951
•
Registered
1951 3-1)
Mempli Div 1st g 4s. 1951 J-D
lOu Mar'ut . .. .00 100
St .L Sou 1st gu g 4s. 11131 AI-S
98 J'ly 'tit .... 98
98
98
Ind Bb S. West See C0C& St 1.
Ind 111 & Ia 1st g 45
93 Api 't.),, ... 95
1950 J-J
95
98
95
110 190 Oct 'or .... 101 109
lot S. Great Nor 1st g 68 liiit, .11-N
61 Oct 'tit .... 70
24 gold Os
1/01
/
4
.
1019 Al-8 80
3d gold 45
OU Oct 'tr.
1921 11-8
31 10014 109
Iowa Central 1st gold 5s 1935 3-1) 19814 110 109
109
1951 .11-S
751 70
/
4
71)
14, 70
78
751
/
4
0014 45
I etterson RR, See Erie
ii• al A & ti it See .L S & Al 5
man & Mich See Tub & 0(2
k (2 Ft3& Al See St L& r.. F
4
4C&AIR84.13 See St.',8,5S1.
ian 0 8s Pacific See Al K db '1
1 69
72
71
tan City Sou 1st gold 38-1956 A.0 72 Sale 72
63 Oct 'Uu
Registered
11)5. A-0
tentucky Cent bee L& N
Seolc & Des Alo See (2 R l&P
inoxville & Ohio See So ity
/
4112
112 Sep '08 . .. 1081
1 ake Erie & VI 1st g 58 11)31 J -.I 113
1.... 2,1 gold Os
.00 1031
1031tha 'tie
/
4
/
4
1941 J -J 10..3,.
North Ohio 1st gu g 58 1945 A-0 1041
106 Oct'08 .... 105 1051
/
4
r Silo di, Mich 3 See N Y Cent
-eh Val N Y lst gu g 4/ 1941) J -J 1071
/
4108
/
4108 108 Oct 'ub .... 1021
1
4
8
itegisterett
100 108
. .08 108
108
1114u J -J *
rehigh Val(Pa)cons g 43 20U3 m-N1
/
4
933 J'ut'U8 ... 871 95
.
-.OIL V Ter Hy 1st gu g 58 1841 A-0 115
1171Seipur .... 11/8 1171
/
4
/
4
Registered
10'd L Out '1)1.
I
1941 A.-0
reit V• Coal Co 1st gu g 5s.1933 J -J 10814
4.
107/.7'ly '0, .... .00 1073
1
4
reli & N Y 1st guar g4s 11145 .11-5
2
97. At aiy•ot .... 1/51 97
Registered
1041 M-S
Eli'& N 1st pf Os
113 Jan'ut
11/14 A•0 99
Gold guar Os
4Jan '0,
1051
11)14 A-0 983
,
reit & find R See Cent of N J
JOG & Wilkes') see Cent of NJ
reroy & Caney Val b'eebio 1
_mug Dock see Erie
/
4
rong Isi'd-lst con g 5s.h1.031 tt-J
1121 Sep '08 .... LOS 1121
/
4
1st consol gold 4s
h1.1131 Q-J
931
/
4
. 831 94
General gold 48
94 Sep 'tit
/
4
1938 3-1) 94
Ferry gold 412s
102 Nov't).,
1922 M-8
903
4
Gold 45
/
4
991 Oct '0( ....
1931 J -1)
..
Unified gold 4s
9•2/ 92 swot.... ill
1
4
1)3 14
1949 v(-8
Debenture gold 56
1914 .1-12 105 108 110 J 'fte'l)4
97
Guar ref gold 4s.
90 Oct 14. .... 00
... 96
1949 .v1-6
Bklyn & Mont 18D g 68 191l M-6 ,.
102
18(58
'JUN Sep '07 .... ......
1911 M-8 100
N Y 13db 11 B Isteon g 5s 193., A-0 1011
11.0141Sov'uu
/
4
N I& It B let g Os
105 Apetri..
1(12, M'S
..
Nor 311/31stcon ggu5so193% Q-J
10/ Nov'Ou .
953
4
.ouisianit & Ark 1st e Lim 1S127 MS
98 Ain't)
100
BA
98

1

mvs(ELLA,N JA)La" 11011 l)3----uolitinnee on ...est
eitgo.
Gas anti Electric Light
Gas and Electric Light
Atlanta 0 L. Co 1st, g 5s...11.141 J-1)
Lac Gas LotSt List g 58.41919 Q-F
Bklyn U Gas 1st con g 56 1945 M-N 107 Sale 1061 107
21 92141'i
/
4
Ref and ext 1st g os
1934 A-0
Cony deuen 6s
135
140 135
1909 M- S
Milwaukee Gas L 1st 48 1027 M-N
Buttalo Gas 1st gö
00 Oct'OS
1947 A-0 5614
NYGELli
P g 53 1948 3-0
Consol Gas cony deb 65
1461 15 15
/ 1 121 134 1'26
4
14934 146
1901) 3-3
Purchase money g 4/ 19411 F -A
59
%
Detroit City Gas g Os
4
100; 1003 13 931 100
1921 3-3 10012
/
4
Ed El LU 1st cony g 58 11110 M-8
4
Det Una Co con let g 5s 1916 F -A
1383 Sep '08
8
98
9
8% 985
8
1st consol gold 55
1995 J J
RdlillI .SesN YU& ELtiebP
NY&Q El L&P 1st con g 561930 1f-A
IIqULN Ilstcon g53 1932 NI-8 904
90 Mae(4,
90
96
N Y & Rich Gas 1st g 58.1921 M-N
011 Oct '01
/
4
Gas& Elec Berg Co c g 58 19411 3-1)
Pat & Pas tir & E con g 58.1949 NI• 8
/
4
8
Gen Electric deb g 31 1942 FA
83 Oct'05
83
Peo Gas S. 1st con g 68 1943 A-0
/
4
1261 17 ' III 123
10-yr g deb 58
1917 J-D 1261 Sale 125
/
4
in
Refunding gold Os
89
1947 11-S
9
%Fr Rap (.4 A. Co lst g os 1015 F-A ((51
1073 Dec.00
4
Cke 1st gug 53 1937 J • J
Hudson Co Gas 1st g 53 1949
1
102 J'ly'uS
1031
/
4
- 0114102..
Con G Co of eh lst gu g 5s.'3ii J -D
.Kan City(Mo)Gas 1st g 581922 A-0
99 Dec'Ou
............
Mu Fuel bias 1st gu g 53.1947 11-N
Rings Co El L& P g 68 1937 A-0 991
/
4
Syracuse Lighting 1st g 58.'51 J-1)
Purchase money 6s
1.997 A-0 •
103 1111 Trenton (1 S. El 1st g 59 1949 M-•s
111 Sep '118
/
4
Ed El II Bich 1st con k 48 1931. J-J
'08
88 Sep
83
90
Westchester Light'e e 58 1030 J -D
'No price b'rinay; latest Ind and asked this week.11 Due 4an 0 Due cab (Due .i.pr 4Due _day a. Due r -17 to vue




102
102 1021 102
/
4
101 Sep 'u8
8912Set)
Ill/
1
4
102
102 Sale 102
553 Sale 85 • 5.6
4
101
1001 101 101
/
4
/
4
10714 112 1071 Oct'08
80 Aug'05
88
95
/
4Nov'05
' 11)31
9.
104. Nov'05
/
1
4
971
/
4
115 J'ne'023
115
/
4
102 104 1011Sep 'Or
103% 1031
1031
/
4
,
4
1023 104 1023 1023
4
4
100 Aug'05
102
971
/
4
110 Alsy'05
103 J'ly'Ur

99 103
101 101
891 90
/
4
SS 102
75
88
961
/
4130
10714108
89
89
1074 115
4
94 1031
98 104
95 103
92 100
104

a Due Oct q Due ,)CO I Untion 8als

New York Bond Record-Continud-Page
c

Week's
Range or
Last Sale

z

cg

Range
Since
January 1

Li-iobcp>AnLe4iAinc_LL0,_,;.461LOL4L4c-ZOO6O(A
V

__
_
.

wm

••• 0000

'g-c-c4L,4133

$4

•

•

0•4

.-4.4 4om W.aNceodO
,0

p

3.io4ZOVEli6.4)LLImLZi.w6iX‘X

t8.11

A-0
tiVRgihri
1090 A-0
Registered
Stmpd tax exempt 1990 A-0
Bi0K1pt & B V See N V Cent
Hex Cent consol gold 48 1911 -J
1st consol income g 3s.a1939 J'ly
2d consol income g 3s..a1931) J'ly
Hex Internet let con g48.1977
1977 3,1-S
Stamped guaranteed
Max North let gold 613--,-1911 4-0
Mich Cent See N Y Cent
Mid of N J See Erie
Mil L S & W See Chic & NW
bill & North See Ch M & St P
Minn & St L let gold 78 1927 J-D
,
1 109 J-D
lows, Ex 1st gold Is
Pacific Ex 1st gold 68 1021 A-0
South West Ex 1st g la 1910 J-D
1134 M-N
Ist °onset gold 58
1st and refund gold 48 1941 M-S
135 J -J
Des M & Ft D 1st gu 4s .
tilinn do St L gn See B ft& N
5tP&SSMcong4Intgu'38 J -J
1St
hiSSM&A1stg4intga 1926 J-J
Minn Un See St P Di &NI
Mo Kan & Tex 1st g 48-1996 J-D
gi.991 F-A
2d gold 4s
1944 M.14
ext gold 5s
2004 M-S
refund 4s
1st OA
1936 J -J
4145
Gen 5
2001 A-0
St L Div 1st ref g 4s
Dal & We 1st gu g 5s 1940 31-N
Nan C & Pao 1st g 4s 1900 F-A
lio K & llstgtlgiis..J942 A-0
K & Ok lst gu 53
1942 M-IN
111. K & T ot T 1st gu g 68 1942 M-S
Sher Sh & bo 1st gu g 58 1043 J -D
Okla 1st gu g 58 1943 31-S
Tex&
Rio Pacific 1st con gds _1920 31-N
Trust gold 5s staneped.a1917 B.S
Registered
a1917
1st(loll gold 50
1920 F-A
1945 M-S
10-year gold loan 48
1938 Al-N
3d ris extd at'400
/
Cent Br By 1st gu g 40 1910 114
Con Branch 11 P 1st ft43 1948 J•ii
Leroy& OVA List g5s 1926 J -J
Pao Rot Mo 1st ex g 48.1938 F-A
2d extended gold 58 1938 J-J
StL Ir Al& Sgen con g 581931 A-0
Gen con stamp gtd g 561931 A-0
Unified & tot gold 48 1929 J -J
Riv & G Dev 1st g 43 1933 M-N
Verdi V I & W let g 58 1926 M-S
Mob J & K 01st cons g58 1953 J-J
Mob & Ohio new gold 68-1927 J
1st extension gold 6s..h1927 Q-J
.1938 S
Generai gold 48
Montgom Div 1st g 58..1947 F-A
St L & Cairo coil g 4s..61930 Q-F
1931 J-J
Guaranteed g 4s
M & 0 coil 48 See Southern
Mohawk & Mal SeeNYC& H
Monongahela Ely. See B &0
Mont Cent See St P &
Morgan's La & T See S P Co
Morris & Essex See Del L& W
Mash Chat & St L lat 78.1913
1028 A•0
1.1 1st comet geld 5s
Jasper Branch 1st g 68-1923 J -J
M obi 111 W & Al 1st 63 1017 J
1917 J • J
& P Branch 1st
6s...
Nash Iflor & Sher See L& N
/
2
6
Nat of Alex prior lien 41 1926 J •J
1951 A-0
1st consol 4s
New H & D eeNYNkl&H
N J Juno BR See N Y Cent
New & Cln Bilge See Lou& N
N Blau& Man Bole See L I
3.1997 J -J
/
2
N Y Cent& H Riv g 31
1997 J-J
Registered
1934 M-N
Deben g 45
8-1998 F-A
/
2
Lake Shore coll g 31
1998 F-A
Registered
0.-1998 F -A
Mich Cent cell g 31
1998 F-A
Registered
Beech Creek let gu g 48 1936 J -J
1936 J-J
Registered
1936 J -J
2d gu gold 5s
Beecher Ex t latg 31 51951 Ak-0
/
2
3
Cart & Ad 1st gu g 48 1981 2-0

41Pag..-aa..,Mm;s,...p.F4Np_k:EgL,g "

Lotilsv & Nashv gen g 68 1930 4-0
11/37 M-N
Gold 5s
1940 J-J
Unified gold 4s
1949 J -J
Registered
1910 A-0
Sink tund gold 65
1931
Coll trust gold 5s
5-20-yr col tr deed g 48.1923 A.0
E H & Nash 1st g 08-.1919 -D
1s 1931 M-N
2
L Cin & Lex gold 4/
1930 J.J
N 0 & M 1st gold 13s
1930 4-2
M 2d gold Os
N 0&
Pensacola Dlv gold Os. 1921) M-8
1921 M-S
St L Div 1st gold Os
M-S
2*1 gold 3ii
1 /5('
Atl Knox & Cin div 4s 985 M-N
Ati. Knox & Nor 181 a 531940 J D
Hender Bdgelstsl g 68.1931 34-S
Kentucky Nut gold 4s 1987 J -J
S
81945
/
2
L&N&M&M lstg 41
L& N-South M 'mut 48.1952 J -J
, NFla&S 1st gu g 5s 1937 F-A
81945 2.4
/
2
N&C Bdge gen gu g 41
Pens & Atl lat gu g Os 1921 F- A
S (is N Ala con gu g 5s 1936 F-A
L & Jett Edge Co gu g4s 1945 M-S
L N A & Ch See C & L

997

BONI)"
,
Price
Week's
Range
.!'-; --.
N. Y. STOCK EXCHANGE •;.Prinay
Range or
since
•:;:: January 1.
WEEK ENDINn OcTormit 16
Oct 16
Last Sale
4- 3
4 -.
High No Low High N Y Cent & H R-(continued
lila
dish Low
Bid
-High Ao Low High,
AsA Low
1181 Ang'08 .
4
119
1123 1181
8
/
2
Gouv& Oswe 1st gu g 58 1942
110178 J'ne'08
114
1101 11u7
/
2
8
Moll & Mal 1st en g 48..1991
98
9812 100
98 Ala1 106 ....98
4
091
/
2
991 halo 991
/
2
95 100
NJ Juno ft 211 1st 48.-.19S9
9514
105 Oct '112
......
97
/
2
1011J'Iy 106
N I & Harlem g 31s...2000
913
4102
961
/ 9614 :3 964 961
2
/
2
1021
8
105 J'ile108
105 105
N Y & North 1st g iis...1927
103
1071 Ang108
/
2
107210714'
103 Aug'08
1043
4
102 105
N Y & Pie 1st con all ft 4s 1993
100 100
100 Sep 11.18
95
051 95/ 5 88
/
2
951
4
1
2
961
/
2
Nor & Mont 1st gu g 58.1910
1121
/
2
111 Nov'07
Pine Creek reg oiler 68.1932
Not'07
107
118 1•2
2 1037 i2
107 110 104 Mar'08
1031 104
/
2
R W&0con 1st ext5s.h1922
101)14114 11014 1103
81
4
121
122 Oct'08 .... 1153 122
4
102
Oswe & II 2d gu g 5s...e1915
103 105
. 105 Jan 'le,
120 12214
RW,f.OTR1stgug 58.1918
1071 Aug106
4
Rutland 1st con . 418..1941,
-•• /
2
103 103
.._ , 103 Sep'0
105
117 May'07 .
Og&LCham lstgu 4s g1949
.
82 881
/
20ct 1n8
/
2
861
4 814 861
63
622Aug'07
/
1
90
Rut-Cantid lst gu g 48.1940
87
90 Aug'Ot
85
'
1*
931 933 93 Oct'08 .... 86
4
4
931
/
2
St Law & Adir 1st g 5s. 1900
122 Jan'06
105
116 J'Iy'06
1090
2d rold Os
125 125
125 Feb 108
1081.1 an'06
/
2
1007
8
993 993
4
1
Utica & Blk Riv gu g 48.1922
9914 Apr'05
1)0 Sep'08 .... 88 06
95
94,2 Sale 9414
89% 941-A
Lake Shore gold 3128....1997
941
/
2
98
971J'ne'08 . 971 971
/
2
93
/
2
/
2
90 931
Registered
/
2
/
2
1997
9314 931 Sep 08
85
88
84 Sep '98
04
791 87
941 9.1
,
/
2
Debenture g 4s
941 51 #4. 96
1028
/
2
1111
9
11014J11y 108
1101 11014
4
951 053 951 051 52 8814 953
/
2
8
/
2
/
2
1931
4
25-year g 48
98
1073
4
Ka A &G R Istria 56.1938
1061
108
113 Jan'08
4
113 113
109 Oct'07
Mahon VI RR 1st 58..1934
1011
1051
/
2
111 Marto7
/
2
100 May'08
100 100
Pitts & L Erie 21 g 5s.a1928
119
9114 Jan'08
130 Jan'03
011s 9114
PAU McK& I'lstgu 68.1932
112
1934
2d guar 68
108
McKees& B V 1st g 6s 1918
98
973 Sale 973
4
4
104
ec106
073 21 92 991
4
/
2
Mich Cent 1st consol 68.1009
110
105 Dec 107
104 Apr'05 ...•
1931
58
108
981 it 961414)014
98 Sale 98
. 119 J'ne106
/
2
1931
Registered
9718
10014 Jan '07
1940
45
821 21 741 853
/
2
1061 Nov100
/
2
821 Sale 81
/
2
4
.
1940
Registered
/
2
90 Pneiir
18
181 16 Out 108 •.•. 141 201
/
2
/
2
90
1951
J L& S 1st g 31s
/
2
169 171 Ws MO1)6 •.. 10
00 Sep 108
/
2
88 9012
1814
''' 91
1052
lst g 32
/
1
8
8.1'
906 iy 411
Bat C& Stier 1st gu g 38 1989
80 Feb'08 •- -• 80 80
10019 8ale 1001 1003
/
2
4
053
6102
IN Y Chic& St List g 48 1937
901
105 M.ay100
/
21003 100 Sep 108
8
100 100
Registered
1937
92
93 Oct'08
92 93
Debentures 4s
1931
22 98 104
1023 Sale 1021 103
4
/
2
West Shore 181 48 gu...2361
4
1011
/
2102 1013 10114 4 96%102%
Registered
2361
ST Y & Greenw Lake See Erie
1271 Oct'08
/
2
12514 128
1271
/
2
N Y & liar See N Y C & Huti
1011 Aug'08
4
101 103
1011
/
2
N Y Lack & W See D L & W
,
118 Jan 10105
NYLE&W See Erie
11314 Mee05
N Y& Long Br See Cent ot NJ
1051 Sep'08
/
2
100 1051 ST Y N H & H-Conv 68 1948
105%
/
2
1301 Sale 12914 1301 46 11511 13012
/
2
/
2
78
1 79% 82
78
80
9212
931
/
2
935
Cony deben 3195
85
9312,
1956
97 Apr'06
116
112 Mar108
112 112
Housatonic R con g 58..11)37
108
N H & Derby con cy 58.1918
97 102 100 Oct'08 •
967 98
8
N Y & North SeeNYC& H
102 J'ne107
981 Salt 98
/
2
/
2
4
921 991
N Y 0& W ret lstg 4s..g1992
9814
10112J'ne'Ob
Regis 85,000 only
g1992
9914
99 100
991 17 94
/
4
991 N Ydo Put See N Y C& H
/
2
/
2
/
2
851Sale 851 851 1 771 86
/
2
/
2
N Y & R B See Long Island
/
2
1051',late 1051 1051 1 95 106
/
2
/
2
N Y 8 & W See Erie
781 Sah. 78%
/
2
78% '26 747 80
8
N Y Tex & M See So Pao Co
82 Sale 817
8
821 101 71
4
/ Nor & South 1st g 58
2
821
105
9913 J'ne'08
991 991
/
2
/
2
1941
83 Oct 108
128.
82% 84
/
2
128 Oct'Os -• 120 128
801 841 Norf & West gong 6s
/
2
1931
1011
/
2
,
103 Oct'08
128
1171
/
2Jan'08 . • 1171911713
102/105
1
2
• Improvein't & ext g 68..1934
Si)
123.
883 Oct '08.
8
90
87
127 Oct'06
1932
New River 1st g 6s
108 Sale 108
96
14 921 993
108
•
1 1053 108
8
97
4
4
971
4
N & W Ry 1st con g 48.1996
106
106 Oct '08
91 Sep 'Oi
• 102 107
Registered
-1096
93
8
04
931
lu 841 94
/
21061
2 94
/
2
10514 Sale 1047 1051 25 971
/
2
/
2
Div'llatl& gen g 4s...1944
1031
4
100 18J'ne'Ori ." 10014100¼
. 89
8914 77 78
91
8914 80
10-25 year conv 48-.1932
1043 Sep'08 ••-• 10212 1043
1013
4
/
2
90
10 77
4
891 Sale 89
4
90
Pocali C & C joint 48-1941
1141Sale 1131 1141 21 1041
/
2
/
2
109/Feb 105
1
2
......
/
2114
100
/
4
1922
C C& T let ga g 5s
981 981 1 88 1021
97
/
2
/
2
981
/
2
/
28a1e 931 .- 981 10 8712 1)819
/
2
/
2
Solo V& N E lat gu g 48 1989
1041 Feb'07
/
2
North Illinois See Chi & N W
97
971 13 877 98
/
2
8
981 971s
/
2
North Ohio See L Erie & W
/ 743 125 68
2
741 Salo 741
/
2
4
/
2
781 Nor Pac-Prior lien g 48..1.997
1021 Sale 101% 1021 77 09 104%
6
/
2
95 Mar'08 . -• 95
88%
•
05
991Sep 108
/
2
1001
973 102
4
/
2
Registered
1997
85 Feb'08
87
85
' 731Sale 7318
/
2
74
3 138
74
General lien gold 3s....a2047
89%
891 Sep'08
4
831 891
/
2
/
2
.
71 Aug'08
73
0312 71
Registered
a2047
110 Alar'05
95
961
/
2Jan 08....89
961
/
2
St Paul-Dot Div g 4a....1996
991 Feb108 • • 991 9914
4
4
9814101
Dul Short L [sign 5s..191€
112 Dec'07 • --•
0 B& Q colltr4s See GtNor
/
2
/
2
r1:1K
1101
/
21111 1101 1101
4
/
2
1223 116 Aug'08
116 117
P & N P gen g 6s....1923
110 (14% 108
/
2
1101
/
2
mu 1101 StRegistered certific's..1923
120 Oct'08
116 120881
4
863 10 68 67
8
86 87
10814
1171.1113
/
2
007
..
St Paul & Dul lst 5s....1931
87
86 Sale 86
86
37 76
/
2
1021
103/J1ly'08
1
2
[02 1031
2(158
/
2
1917
95
1071 Apr'06
/
2
95
100 J'ly'08
100 100
1st consol gold 48
1968
1/8 Dec'06 •...• ......
9014
93 May'Ou
Wash Cent 1st g4e
1948
1201 123 119 May'08 ...• 113 119
4
11514
..117
117 Aug'08
Nor Pao Ter Co 1st g 68..1933
112
10514 Jan'08 •... 1051410514 Nor Ry Cal See So Pao
84 Sale 84
84
21 821 85
/
2
Nor W18 See C St P M.& 0
1121 Oct 108
/
2
1083
1021
/
21121 Nor & Aiont See N "Y Cent
/
2
4
75 May'08 •
80
75
.
75
r I Ind do W See C C C St L
&
101 Nov104 -•• ......
l../hio Rev RR See Balt & 0
)re & Cal See SoPao Co
)re Short Line See Un Pa,o
)swego & Rome See N IC (1
)CF&StP SeeC&NW
109
2 011210914
109 Sale 109
ao Coast Co lat g 5s....1946
8.0 ot Missouri See Mo Pac
114.4 1151 1141 1141 12 1101
4
4
/
21141 ?enn RR 1st real eat g 48.1923
103
4
103 J'ne1138 ..... 102 105
/
2
111
11014 Oct'Oa
108
......
105 Nov107
Consol gold 5s
1051211214
1919
1161 blay'Oi
/
2
105
/
2
101%10112
1011Jily'08
Consol gold 4s
11)43
1171 Mar'05
/
2
8
1043 Sale 10414 1047 •67 100 1047
4
0
Conaol gold 4s
1948
113 J111104
977 74 911 984
,
977 Sale 973
8
8
4
Convertible g 3 s.
/
1
2
1912
951
/
2
943 Sale 1)414
4
Convertible g 31
/
2
s
943 101 88
4
1015
1001
4
09 1001
100 Sep 108
/
2
......
95
99 J'ne107
Aileg Val gee gu g 4s 1942
8012
'17
831
/
2
831 Sep'08
/
2
D R RR& Bge 1st gu 48g 136
1071 Oct'06
/
2
Phila Bat& W 1st g 48..1943
Sod Bay & So let g 5s...1924
102 Jan'03
10319
11012Sep 104
IJ NJ RE & Can gee 4s.1944
1051
1023
4105%
/
2
-Guar lat g 41
1051 Aug'08
/
2
'enn Co
/
2
8.1921
921 Sale 92
4
92% 57 871 932
101
/
2
Registered
10314 J'ly'07
/
1
1921
01 Sale 91
91
1 881 91
/
2
/
1
5
801
/
2
901 Xne'06
/
2
Guar 32 coll trust reg.1937
/
2
95 Sale 941 05
22 91
Guar 31 coil tr ser B. .1941
/
2
8
871
/
2
951
4
86 4 94%
,
921PI, 08
/ '
2
823 16 75
4
83 83 1 82%
4
98
/
2
Tr Co certirs gu g 31
973
4
98
84
25 921 98
/
2
8.1916
82
82
8734 Sep'08
80% 83
8414 87
853
4
4 73
821
/
2
Gu 315 tr ctts0
/
2
1942
81
971 931 9013 Mar'013
/
2
82 Oct'08
/
2
84
(1:.131s tr ens D
/
2
'741 83
s
1944
76 Apr108
90 9719
83
073 9914 96 Sep'08
4
Guar 15-25 year g 4s
76 76
1931
94
102 Feb'07
.100
110 J an 105
CI & Mar 1st gu g 41
8-1935
/
2
......
102 Mai'04
CI & P gen gag 41 ser A.
1083
4
1081 Aug103
4
/
2
a
142
102
Series B
1071
..
/
2
1942
921
/
2
Series032
1948
982Deo'05
/
1
..
/
1
s
90 90
Serums D3195
1950
90 May'08
9114
Price

Oct 16

.
I

BoNi)N. Y. STOCK EX('H A NG 14;
WEEK ESI)I^B, OCTOBER 16

3

I

Om. 17 1908.]

ISCELI 4.1N RO US BON Dis-Continued on Next Page
(mai anO Iron
Telegraph and Telephone
001 F & 1 Co gen s f g 58..1943 F-A 93 95
91
90 Aug'08
Am Telep & Tel con tr 48 1929 J-J
91
91
1 751 911
$
6
791 90
/
2
Convertible deb g 58....1011 F-A
Convertible 48
77 Aug'08
1936 M-S 923 Sale 9212
4
93% 148 84% 94%
77
50
Col Fuel Co gee gold 68.1919 M-N
1071 Oct'04
/
2
Comm Cable Co 1st g 48 2397
853 Mar'08 .•.. 553 85%
4
90
4
10214 Apr'06
Gr Rev Coal & C 18t g 681919 A-0
9634 J'ly'08
Mich. State Telep. lst 55 1924
921 96%
4
Cleart Bit Coal lsts 148...1040 J -J
95 Apr'02
West Union col tr cur 58 1938 J -J
953
4
1
96
96
84 96
74
ColIndu 1st& coll 5s gu..1034 F-A
741 75
/
2
I'd and real est g 413s 1950 M-N 92 Sale 911 92
/
2
7 81
92
741 117 383 75
/
2
4
Continqa1C lstsf gu 5a g.1952 F-A
1936 MN 843 Sale 843
4
Cony 4$, Series A
10714 Dec104
4
8514 3 75
85%,
Jett& Clear C & List g 50.1926 J -D
Met Un Tel stund6s 191l M-N 95
107 Alay'97
100 Aug'08
100 100
-J
9912
Kan & H C & C lst s fg 58.1951 j
1051 Dec'06
/
2
blanuineturing 4: Industrial
Pleas Val Coal 1st g R f 55.1928 J•J
Allis-k'halmers 1st fis
105 Oct '00
1936 -.I
781 Sale 77
/
2
78% 160 78 78%
Sunday Creek Co g 55....1944 J J
78 Feb'07
Am Ag uhem 1st o 5s(rots)
128
543 Sale 941 943 108 94 9 iv
4
/
2
8.
80
4
Tenn Coal gen 55
1951 J-J
1392
Am Cot Oil ext 41
1915
9912100
9312 933 94 Oct'08
86 94
/
2
5
4
t)919
/
2
1 821100
Tenn Div 1st g 68
al917 A-0 10713
106
106
92
31 75% 92
1 100 106
Am Hide & L let s f g 615-1910 -s 911 92
/
2
92
Birm Div lst cermet 68..1917 J -J 10819111 1071 1081 3 99 108% Amer Ice Secur deb g 66 1925 A-0 70
/
2
/
2
7012 71
581 73.
/
2
Cah C M Co 1st gu g 68.1922 J-D
102 Apr108
91 100
102 103
Am Spirits Mfg 1st g 6s 1915 M-S
99
97 Mar'08
De Bar C & 1 Co gu g 68.1910 F-A 101
103
Am Thread lst col tr 4a., 1919 J -J
SZ 881
4,
103
1 100 103
8814 Sep'08
8814
Va Iron Coal &Colst g 58 1949 M-S 951 38
$
/
2
4
/
2
7 80 1001 Am Tobacco 40-yr g 68
1944 A-0 1081 Sale 108
961
/ 97
2
/
2
10814 97 963 1111
Victor Fuel let a I 5s
1953 J •J
931 Feb'07
77 563 6012 77
/
2
45.
1951 F.A
77 Sale 74%
*No price b'rulay; latest but al:Masked. aDue J an b Due s'eb Due -Aar el Due Apr
Aug 0 Due uct p Due Nov q DueDee Option Sal*.i
Due J'ly lo Due




New

998
DON W..
N.Y.STOCK EXCH A N
Esnixo Oarourat 16
WEEK

York Bond Reoad-Conciuded- Page 4
•11

et,

Price
Pridat/
Oct 16

Week's
Range or
Last Sale

al•-•
No

Range
Since
January

4

BONDS
N. Y. STOCK EXCHANGE
WEBB Exuma OCTOBER 16

•r!..1;

[VOL. Lxxxviu

Price
Fridab
Oct 16

Week's
Range or
.
Last ,S ctle

Range
Xince
January 1.

H tut( No tow IltqS
Bitt
Ask tow
lila
428 Low
High
Low High southern Pao CO--(Continue(1)
Penn co-/ continued./
2
1
122/Aug'08
4
1183
1211212214
92 Apr'07
2
/
911
Morgan's La & T 1st 733 1918 A
Erie & Pitts gu g 312a B.1040 J .1
116 Nov'013
......
110%
4
2
/
011
983 Apr'04
1920 1940 3-J
1st gold 6s
Series C
*,
112 Feb,
108 Sep'06
1938 A-0
2
/
No of Cal guar g533
Gr It& lex 1st gu g4.2311941 J - J 1041
Aug'08
109 103
2106 10212
/
1275 Oct'02
8
109's
Ore & Cal 1st guar g 58 1027 J.J 1031
Pitts Ft W & C lst 7a...1912
2
118, 103
8
1015 A tiglir
4
119 J'ne'06
So P of Ar gu 1st g 6s...el 90)) J -.I 1013
1912 J.J 109
2d 7s
1021 10131
2
/
2
/
103 Sep '08
1031
2
/
119 Apr'04
o t2
c sn9 J
4
1st guar 6s E
6s
/41912 A-0 1053
3d 7/3
2
/
1041 104/
.4'ne'08
191 1
2
1
2
/
A•0 1021
116 May'05
1
..0 Pao of Cal
Pitts V& Ash 1st con 58.1927 -N 100
......
114.2 Dec'04
A-0 101 4.
109 Sep'08
8
lat gold 6s
0612 109
5A...1940 A-0 1073
2
/
PCCSe St Lgu41
110 11111017
8
M-N 1101
8
109 Sep'08
37
:
1st con guar g 5s
1912
1042 A-0 1073
1071 199
4
Series 13 guar
104 104
104 Apt'08
4
11212 J'ne'05
S Pacer N Mex 1st g 63 1911 J.,j 1023
1942 M-N 108..
Series C guar
.....
.• -••-.
2
/
99 Aug'08
99
So Pao Coast 1st gu 4s 2%1937 3-4
119
1945 M.N 1001
Series D 4s guar
107.2Feb'07
2
•103,
91
2
9412
94,
941
2
/
Tex&NOSabDivlst g6s 1912 51-S
90
1949 F.A
2
/
Series E 31 guar g
•
95.4 08'2
96
9812 Apr'08
2
/
Con gold 5s
1943 J - J
1053 3.0 991
, Series F 45 guar
4
4
2
/
95% -Sale 951 953 •421 8714 953
Pac RR 1st rot 44
116 Sep 'L/8
1955 -• ,1
109 .116
' CSt L & P 1st con g 58 1932 A-0 114
2104
/
2
/
Southern-lst con g 58.-1994 J -j 103% Sale 1021 104 125 821
tPensacola & AS See L 61, Nash
100 114 Nov'Ou
Registered
1994 J -J
'Peo & East S'ee C CC & St L
8
763
7012 41) 71
2
/
Develop & gen 4s Ser A 1930 A-0 69 .... . 701
123 te Jan '05
280 .8, Pek (In 1st g 68-.1921 Q.F 106
4
853
75
84
84 Sep 08
Mob 41.3 Ohio colt tr g 48 1938 M-s 83
05 1003 Dec'01
4
51921 M-N
2a gold 412s
116 107
Mem Div 1st g 412.5s-1996 4-3 108 110 107 Sep'O.
109 Apr-02
'Pere Marq-Ch & W M 58 1921 .1 -0
84
69
83
81
84 Sep 'OS
St Louis div 1st g 48-.1951 J -J
2
/
110 Sep '08
110 110
19211 A-0 1091
Flint& PM gds... .....
2
/
108 108
108 Sep'08
1918 J -J 1081
Ala Cen It 18t g 6s
105 105
1931) '41.$ 103 107 105 Sep '08
1st consol gold 55
•
2
/
851
1/6 J'ne'Ou
1048 J
Atl & Danv 1st g 4s
2
100% 1003
4
2
/
1001 Alay'08
Pt Huron Div 1st g 58 1930 A-0 941
81 12
92 J'ne'Ou
J-4
2d 431
431.1031 Le.A
Sag Tus& H lat gu g
99
Atl & Yad 1st g guar 45 1949 A•0
Phil B & W See Penn RR
2
/
111 Feb'07
1916 J.,s 1031
Col & Greenv 1st Os
2
/
1151 Mar'06
PhuIa& Reading cons 734.1911 J•D
100 J'ly
100 100(9
E T Vs Si Ga Div g 68 1930 4-4 10612
97
97
90
4
95
963 Sep'08
1st 30-yr sf 48'37 J -J
Philippine Ry
8 1011% 20 102 110
100
1956 M•N 103
Con 1st gold 58
'Pitts Urn & St L See Penn C
2
/
1021
104 Oct '08
07 103
1938 M.S
E Ten reor lien g 5s
1Pitta Cleve & Tol See B 0
435 Sep '07
1946 A.0
Ga Midland 1st 3s
i•Pitts let W & Ch See Penn Co
2
/
1922 J -J 1151 118 11512 113.. 5 106 117
Ga Pao Ry 1st g 63
'Pitts McKees & Y See N Y Oen
116
107 Ply'08
107 108
10914 110
Knox & Ohio 1st g 6s. .1925 .6• J
110 J'ly'08
:Pitts Sh & E 1st g 5s...1940 A.0 113
8
97
1153 Apr'00
8
31,30& Bit' prior lien g 581945 J J
931 J'ly'07
1943 J -J 105
lat consol gold 5s
78 Oct 08
78
78
.1946 J J
Mortgage gold 48
; Pitts & West See B 0
108
103 108
4
Rich & Dan con g 6s....1915 J.J 108 Sale 108 rne'uti
093 101 93 100
4
2
/
991 Sale 001
1997 J-J
LI ending Co gen g 48
92
, 4
112
92
1927 A-0 1 13
90
95 Aug'08
Deb Os stamped
2
/
971
1997 si
.11A,Registered
75 Oct '08
75
73
N
4
953 .6 86
4
953
98
Rich Si Mock 1st g 4s 1948
96
Jersey Cent coil g ..1951 A 0
97% Apr'us
9512 97%
9712
1919 M-N
So Car Si Ga 1st g 58
4s.
Rensselaer 41:3 Oar See D& H
112 Oct '06
......
Mid see C 68-1916 M-S 103
Virginia
Bich & Dan See South Ely
2
/ Dec'Ot,
2
/
s
192210 M-S 1031 1083 1081 Deo'05
19
Series D 4-55
Rich & Meek See Southern
113
4
M-S 11/03
Series E 68
Rio sr West See Den & Rio Gr
2
/
1011 105(9
10514 Oct '08
1936 M-N 105
General Os
Rooli & Pitts See B It & P
2
/ 1 103 1051
2
2
/
/
1051 1051
1036 M-N
Guar stamped
Rome Wat & Og See N Y Cent
9614 Jail'0
2
/
841
W 0 Si W 1st cy gu 48 1024 F-A
.
Rutland See N Y Cent
106/1001
2
1
2
/
2
/
1031 Sep 'lir
J -J 105
West N C lat con g 69 1914
lag Tus & H See Pere Marq
8
11 5 Sep'08
)()
N
& N Ala See L
82
913
4
t Jo & Grist lat g 48...1947 J
117 J'ly
ok Falls Si Nor 1st g 68.1039 J J
St L & Cairo See Mob & Ohio
102 105
106 bfay'LH,
s
2
1
er A of St L 1st g 4/ 1931) A-0 105
St L& Iron Mount See M P
4
2
/
2
/
1131 Sep '08 . 1091 1131
1st con gold 5s....1894-1944 F-A 114
•StLKO&N See Wabash
07% I 90(9 9712
137
97%
1933 J -J
Gen refund 81 g 4s
13111 Br See T RR A ot St L
• St
111 Dec43u
A-0 10212
St L M Bge Ter gu g 68 1930
fat Louis & San Francisco
115 J'ly OS
113 115
1031 T.J 12112
Tex & N 0 See So Pao Co
General gold 6s
60 99 1131
2
/
113
11312 sale 113
2000
106 Sep'08
103 10812 Tex & Pao 1st gold Os
1931 J • J 106
General gold 5s
.
80
92 Nov 06
92000 Mar 65
90 90
2
/
2(1 gold Inc 533
891 90 Jan '08
St L & S le RR cons g 48-'96 J • J
110 Mar'06
1931 J • J
100 May'08
100 100
2
/
La Div B L lat g 5s
Southw Div lat g 533-1047 A-0 941
2
/
100 1061 Nov'0.1
77% 162 04.4 77%
8
4
1
/
W Min W& NW 1st gu 55'30 F.A
1951 J • J
4877 767
Refunding g
2
/
10912 Aug'08
102 1091
2
/
1935 J • J 1091
US Nov'06
8
Tol Si 0 C 1st g 58.
5-year gold notes 412..11108 JO 1015
'04
111 Al u)
2
/
Western Div 1st g 55. 1935 A-0 1021
134
StL & So East gu 412g1909 J.D
4
971 Marus .... 951 93
2
/
2
/
1936 J-1) 1011
111 114¼
113 Mar'08
General gold 5s
g t3s..11328 M-N 116
K (I Ft 81 & Ai con
88 Sep'08 .... 84
89
1990 A-0 88
75'2 30 603 76
4
Kan & 3f 1st gu g 433
K0FtS& M Ity ref g 4s 1930 A-0 7412 7512 75
96
82
85 Oct '08 .... 763 85
4
Tol P & W 1st gold 48- 1917 3-J
KC& M it& B lstgu 5s.1921. A.0
.• 1
2
/
88
t.8
871
83
•2 80
93
95 Sjp'08
95
95
Tol St L& W pr lien g 3128 1925
Ch 01st gu 5s g.1913 A-0
Ozirk&
784
76
4
753 15 67
75%
1950 A-0 75
-year gold 45
50
St Louis So See Illinois Cent
1)0
95 Dec
2
/
2
/ 921 32 841 031 Tor Ham Si Buff 1st g 48./41940 J -D
92 Sale 911
2
/
2
/
8t L S W 1st g 48 lid n1133.19811 51-N
8
107 Oct 'of3
•1053
103 1073
4
65
2
/ 79
781
79
7/3
80
I I later& Del lst con g 5s 1928 J
inc bond ctfa...p19811 J -J
2dg 4s
133 Sep 'on
75
39 56
1952 A-0 78
8
76
k) 1st refund g 48
1932 .1.13 74% Sale 745
Consol gold 45
2
/
2
/
••9•6-103..
1011 Apr'07
Un Pao RE Si 1 gr g 4s- 1947 4-4 102% sale 1021 102 •
Gray's PtTer 1st gu g 5s 1947 J •0 100
4
1013 J'ly'08 .. 08 1014
1947
Registered
'8t Paul & Dul Bee Nor Pacific
4
1240 943 97
116 Sale ea
103
103
.1/2008 K.
3 1021 1061
2
/
4
1st Si ref 4s(w 1)
St Paul M & Man 241 633 11309 A-0 103
2
1
1027 J-J 10012 Sale 08 / 11.30% 40411 83 10014
8
1201 12912
12912 Sep'08
20-yr cony 4s
1933 J • J 129
1st consol gold Os
9.1,, 23 91
00.2
134 Dec'06
Ore Ry Si Nay con g 46 1946 J -D 99.4 Sale 119
1033 J -J 128
Registered
4
2
/
201Oct '08 .... 115 122
42
-1326 F-A 1201
8
4
Ore Short Lino 1st gds.
8-1933 J •.1 1083 Sale 1083 108% 9 102 108%
2
/
Reduced to gold 41
4-4 113
100 1141
133 Oct 'ye
2
/
116.5 Apr'01
8
1st cousol g 58
1933 J -J 1073
Registered
)
1 414 sal. 1(4',.
2
1
v4/ 70 851 95
2
,
192i J -D
2
/
1051 Sep '08
8
4
7
103'8 1053
Guar refund 4s
1910 M-N 1063
Dakota ext gold Os
b su4 Mat'07
4
991 Out '08
1929 J -D
9914
94
2
/
991
Registered
Mont ext lat gold 431-.1937 .1•13
1.013 oct '07
1908 J • J
100'4 Oct'06
Utah & Nor 1st 76
1937 4-Li
Registered
107/
2107 h
1
4
1926 J -J 1073 109 107 12 Sep'08
Gold 55
E Minn Nor Div lstg 481948 A-0 93's
124 May'05
Uni N J ERSi COO See Pa 13 lt
Minn Union lat g 68.-1922 J -J 107
130 Apr'08
128 130
11337 J -J 128 is
Utah Central See Rio Gr Wes
Mont C lat gu g Os
1301 May'06
2
/
1937 J -J
Utah Si North See tin Pacific
Registered
2
/
1111 Apr'08
1937 J • J 118
1st guar gold Os
1111211114 Utica Si Black R See N Y Cent
93
2
/
941 Oct '07
2
/
.
1151 Dec NM
1,' andalia conaol g 4s .1056 F•A
Will & SF 1st gold 58 193, J • D 11712
98 Sep'06
era Cruz &Plat gu 412811/34• J
P Si Nor Pao See Nor Pao
Ver Val Ind & W dee Mo P
8tP& Six City SeeC St P 31 880
2
/
2
/ 871 30 78
8718
871
2
/
871 Virginia Mid See South Hy
814.db A Pass lstga g4s 1943 4-3
09 110
102 Sep '07
4
973
Va Si Sout.hw't 1st gu 58 2003 J -J 105 110 110 J'ly'08
• 8 Ye Pres Si Ph 1st g Os...1942 .+1•S
2
/
1091 110,1091 110. u2 102 1101
2
/
4
4
2
/
1930
110 Oct '05
i gold5s
,
u
ab2asbi 1sto
P lst sink I g 53.1911 J J
. b'&
5
95 Sale
1,
4 841 96
05
2
/
1930 F-A
gold
Say le & West See AU Coast L
90 J'ne'07
1930 J • J
Debenture series A
: 8431oto Val & N E S'ee Nor db
02 J'ly'08
4-4
37
62
56
1 431 601
2
/
2
/
53
Series B
55
Seaboard Air Line g 4s...11/5U A.0
102
ut,
100 102
1921
2 861 90%
2
/
1st hen equip a fd g 633-1939 M.8
4
903
4
903 Sale 904
1911 M.N
Coll tr refund g 6s
93
Feu'M*u'tlu
1st hen 50 yr g term 45.1954 J
88 Jan'07
Atl-Birm 30.yrlat g 48.e1933 31-S
58
50 Sale
U0'4 330 371 62
1950 -4
2
/
1st ref and ext g 48
92
85 85
85 J'ly'08
Car Cent 1st con g 4s...1041. J •J
100 Apr'u.
IOU 100
Del Si Oh Ext 1st g 58 1941 4-4 103
110 110
2
/
1071 Aug'Uti
Fla Cen Si Pen 1st g 533.191/ J • .1
Nov'04
Des Moin Div 1st g 40 1939
lat land gr ex t g Os...MU 4-4
88 Aug'08
80
A-0
83
83
Om Dm 1st g 31
5
2
/
1143 J -J
10912 Mar'05
Consul gold 5s
1103 J'ne'n
8
90
19
1
Tol Si Ch Div 1st g 4s.. 941 M-S
2
/
951
2
/
951
92
100
Ga & Ala Ry lat con Os 81945 J -J
IOU May'u
St Chas Bridge 1st g 08.1908 A-0
'
102 102
102 Oct 1/8
Ga Car & No 1st gu g 5s 11129
61
49
41
66
Wab Pitts Term 1st g 48 11154 J -D 61 Sale
2
/
971
......
106 Mar'07
192u J -J
deab & Roa 1st Os
2
/
101
8
1/7
10 bale
4
83 19
1954
2d gold 46
Sher Shr & So See 51 K & T
Warren see Del Lao Si West
811 Sp Ocu & (.4 See Atl Coast L
Wash Cent See Nor Pao
8o Car & Ua See Southern
Wash o Si W See Southern
Southern Pacific Co
901 Aug'08
2
/
2
/
901 1.10L2
Wash Term! 1st gu 3/ 1945 F.A
8
2
1
2
/
2
/
911 92
911
92
4 83% 92
Gold 4s(Cent Pao coU) k1040 J •D
75
73
3. 40
79
2
/
West Maryland 1st g 4s 1962 A.-0 751 76
84 J12iel.e7
......
/e1940 J •D
Registered
42 Oct'08
30
42
47
Gen Si cony g 4s
2
/
2
1
97/ Sale 971
99
2
/
071 94 94
Pao 1st ref gu g 43319411 F-A
Cent
2
1
14.36/ Aug'Ou
W Va Cent&
1912 .1- .1
lat g Os 1951'(3 101
8
033 J'ne'OI
1940 F•A
Registered
2.- 108(911014
115
11614
West N Y& Pa lat g 53-.1937 J -J 116 Sale
87
88
87
87
80
Mort guar gold 3125..k19213 J-1) 87
.1 871s 931
2
/
931
93..
931.,
2
/
4
(len gold 3-4s
031
2
/
88
2
/
Through St L 1st gu 48'34 A-0 931 941 13212Oct '03- •34 Feb'u
Nov
101.4 Aug'08
Income Os
4
1013 101%
Ga/ Her S A 1st g tla..191U F-A 103
West No Car See South 4
107 Jau '08 - • 107 107
4 91'31
Mex & Pao lat g 53-.1931 M-N
100 107
106 102 J'ne'0
105 Aug'08
Wheerg Si L E 1st g 5s...1926 A-0
10112105
Gila V (.4, & N lstgu g 65.1924 M-N 103
1/5 J '08
95 103
101 Jan'08
Wheel Div 1st gold 5s..1928 J -J
Eons It & W T 1st g 58.1933 M-N
4
081 Jan '41
1131 981
4
106
2
/
104 Aug'Ou
Exton Si Imp gold 513 .1930 F-A
100 104
1st guar 5s red
1933 M.N
74 Sep'08
00
76
71)
RR 1st consol 4s.........1941) 13-S
4 7 1.0111 112
111 1
2
/
21111 111
/
2
/
H&Telstg5sintgu..1937 .11-4 1101
104 Oct'07
8
1075 Nov'07
20-year equip a f Os .1922 J -J
Consol g Os int guar...1912 A.0 10714
1)3 Oct'08 •
2
/
931 Wilkes Si East See Erie
93
.
37
Gen gold 45 int guar..1921 A.0 03
110 Deo '1.10
Wil elb Sioux F See SIP 31 &
2
/
Waco& N W div lstg 63030 M-ft 1171
8412 55 80
2
/
88
8412 Sale 841
Wls Cent 50-yr 1st von 43, 11341 .1 -.I
10012 Feb 106
A& N W 1st en e os....1941 J -J

"y

.ti 184.43I.1 A N"
HON _S-uolleigided.
)
"
"
Miscellaneous
1048 311.8
Adams Ex col tr g 48
Am SS Coot W Va g 5s
1920 M-N
FerryCo 1stcons g Os'48 F-A
CliieJodk at Yard col g 633.1915 J -J
Det & Mldgr incomes 1911 A-0
Int Mercan Marine 4125 1022 A.0
Int Navigation 1st s f 58 1921. F-A
Man BchiiSiLgong4s 1040 31-N
Newp Ne Ship Si D D Os d111110 J •J
N It Dock 50.yr 1st g 4s 1951 F-A
87 100
Providence sec deb 433.-1957 M.N
921 98% Provident Loan Sec 41
2
/
2
/
5.1921
101 107
2.5.1930 4--s
St Joseph Stk Yds 1st41
134(9 841 St L Ter CuppleskItat'n& Prop
2
/
s
2
/
Co 1st g 41 5-20 year 1917 J-D
86(910214
853 1021
4
4
J -J
Yuba Wat Co con g
89 105
Sp Val Wat Works let 130.111ut
LW
88
U S iied& Ref 1st 41g 68.11131
"No price Friday; latest bid anti asked this week. a Due Jan ('Due Feb 4 Due Apr •Due Ray g Due Vile

Industrial
,Beth Steel 1st ext a f 68..1926 4-4
'Cent Leather 20-year g 55.11125 A.0
• ConsolTobacco 50-yr g 43.1951 k'-A
DistilSecCor cony lat g 58.'27 A.
'Int Paper Co 1st con g 033 1918 F-A
Consol cony 51 g Os
1935 J•J
'Int St Pump 10-yr cony.65'13 J -J
,Lackaw Steel 1st g 58.-1923 A.0
Mfg Co lat g 681920 M-N
NatStarch
Nat Stared' Co 8 I deb 58 1925 J J
N Y Air ',rake 1st cony Os'28 M.N
Repub I.& Slat& coltr 58.1934 A.0
I US Leath Co t deb g6s 1913 es.N
U S Realty& I cony deb g 56'24 J-4
-S coup 41.963 31-N
U S Steel Corp
SI 10-60 yr Os. reg -411963 31.14
Va-Car Chem col ir 5s g 11111. A-0
Westin2house E & .31 s t Os '31 .1.3
Itianti Inettiring




85
5
85
84
1)5 1-i 147
4
95 bale 943
75% 14
2
/
741
'74
6912 83
69 Salt 69
2
/
1011 101 / 100S 1011 ii
4
2
1
82 Sep'08
80
82
98
4
093 58
4
983
9312
2
/
2
/
941 931
8312 Ang'07
85
70 Apr'l/7
100
57
2
/
981 991 119
2
/
1
9614
4
2
/
951 953 951
4
10612 Oct '08
1001
2
/
2
/
2
/ 841
811
2
/
811
2
/
1021 547
1023 Sale 102
8
DP%',Mt 90% 100
25
105 Spit 10414 105
88 232
87 e•ale
4'-i

86
85
2
/
851 99
62
7614
04
2
/
751
101 106
86
78
90
99%
84
95

93
03
13
4
1003 J'ne'132
41 Oct'08
100 Jan '08
47 Apr'013
45
,
05 10)
4
023
4
623 sale
84 Aug'i,
85
50
lid Aug'08
913
1
92
92 'UK 92
85 Oct 'la
85 May'Os
87
10012 sep
94

83

96

100 100
2
/
421 47
72
(13
86
75
96
85

06
92

85

85

112 J'ly'04
11312 VIY
92
78
91 Sep'08
02
84
k Due J'ly p Due Nov 8OptiOn sale

OffIGAGO STOCK EXCHANGE-Stook Record-Daily, Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES
Saturday
Oct. 10

Monday
Oct. 12

Tuesday
Oct. 13

Wednesday
Oct. 14

Thursday
Oct. 15

'Saul
01 the
Friday
Week
Oct 16
Shares

Last Sale 178 Sep'08
180 *170 180 *170 180
Last Sale 3
Sep'08
3
3
*2
*2
3
Last Sale 83
Sep'08
10 *___ 10 *___ 10
4
4212 4212 43
41
41
3912 39
3912 *38
89
20
*19
1914 1914 *1812 1912 *19 _ _
20
*19
Last Sale 4
May'08
---Last Sale 18
July'07
Last Sale 30
Oct'08
"ii
32 ;05O- "ii" ;58f2 "ii"
*30
Last Sale 7112 Oct'08
72
72 *69
72 *69
*70
72 *70
Last Sale 1312 Sep'08
13
*__ 13 *1214 13 *1214 13 *12
43
4234 44 *4J
e__ 45 *_- 45 *..-- 45 *.-_- 45
Last Sale 4612 May'08
Sep'08
Last Sale 14
16
"10"
10
16
Last Sale 4838 Sep'08
50
50 *47
50 *45
50 *47
*47
46
46
46
.._. 46
47 • 47 *46
*45 -- *4514 50
4
2912 293
30
30 *2912 8034 30
307 3118 3012
8
973
9712 977
8 9714 9758 9718 9758 -Virg . 8 9714 9734
*9712 98
June'08
Last Sale 28

*170
e2

180 *170
*2
3
10
39 *38
20 *19

7
7
614 612
7
7
714
7
612 714
614 014
8 6712. 6814
683
6514 6578 6578 6612 6978 6814 6912 68
65
Last Sale 152 Aug'08
*152 158 0152 158 *152 158 *152 158
Oct'08
Last Sale 125
*122 125 *122 125 *122 125 *122 125
51
51
4
4858 48'3 *0'2 40 *4812 483 ' 4812 49 *4912 51
Oct'08
• Last Sale 100
*100 101 *100 101 *100, 101 *99 101
July'08
Last Sale 10
112
112
2
2
2
*112 21.1 *112 214 -;11- -18 ' 512
614
6
9
*8
8
8
10
9
8 9
77
52
51 *98
4912 51
49 *48
49
4934 5014 *__- 49
Last Sale 147 May'08
Oct'OS
Last Sale 1
118 *1
118 *1
118 *1
118
*1
Sep'08
3
Last Sale 4
4 *,___
*3
*312 4
2412
2478 2412 2413 2412
2478
25 *2412 25
*24
25 *24
124
1241.
124 125
12434 12434 12312 125
124 125
12412 125
BlehTS
Last Sale 214
.
-16 *Ho 110 *job - nii" iio" 110 *110 112 *110 . '112
*ioo 1
8
8
10778 10812 10812 1087 1087 109 *10712 10812
10712 10814 108 108
13112 13158 113112 132
13114 132
132 132
*13112 132 132 132
36
34 *34
34
36
*35
3612 *____ 3612 *____ 3578 *34
Last Sale 3114 Nov.'05
Feb'06
Last Sale 80
Sep'08
Last Sale 41
Last Sale 212 June'07
Ju!y'08
Last Sal( 20
90
91 *89
6
89 *8712 8812 - - 89 *89
2
iii "igi; *88
117
*116 117 *110 11612 *116 11612 11614 11612 11634 11634 11634 69
69
70
69 *66
69 *65
69 *65
69 *65
*65
110
110
110 110 *108 110 *108 110 *108. 110 *108 110 534
May'05
Last Sale
9512 958
96
-Oa- "ciii" -on
39 -ai- W37 *37
37 *35
37 *35
*35 "if" *35
91
9114
91
91
92 92
01
*903.1 9112 *90 4 . 9112 91
3
10178 102
10178 102
4
1013 1013 10178 10214 10178 10214 102 102
4
121
120
120 120 *118 120
120 120
*120 125 *120 125
9812 99
99
9818 9818 9818 9818 9818 9818 *98 8 9918 *98
12
*14
12
*3
8
3
8
3
12
8
*3
12
12
8
*3
*14
214
214
214 214
2
2111 218
2
212
212 *2
*2
Sep'08
Last Sale 14
14 *___ 41 *._ 14
*__ 14 *__
Jan'07
Nov'06
May'07
Nev'06

Last Sale 3212
Last Sale 10
Last Sale 16
Last Sale 4

interest

Price
Friday
Oct. 16

Week's
Range or
Last Sate

Highest

Lowest

Railroads
100
---- Chicago City Ry
---- Chicago & Oak Park_100
100
- Do prof
1,488 Chic Rys part ctf "2"___
100
10 Chicago Subway
---- Chic Union Traction_100
100
Do pref
--- Hans City Ry & Lt 100
100
Do pref
_
Metropol W S Elev100
100
Do pref
-181
---- North Chicago Street_100
100
-- -_ Northwestern Elev
100
Do pref
---37 South Side Elevated 10(.1
391 Streets W Stable C L_100
100
380 Do pref
West Chicago Street...100
Miscellaneous
100
4,490 American Can
100
Do pref
1,70
-_ American Radiator_lou
100
Do prat
ii5 Amer Shipbuilding_ _100
"
100
Do pref
-_-Amer Straw Board
100
--iL Booth (A) & Co
100
646
Do prat
71 Cal & Chic Canal &D_100
---- Central Trust Bank-100
--Chic Brew'g & Mait'g____
Do pref
--120 Chic Pneumatic Tool-100
648 Chicago Telephone--100
Do rights
136 Chic Title & Trust__100
716 Commonw'th-Edlson_100
161 Diamond Match
100
55 Illinois Brick
Knickerbocker Ice
00
101)
Do pre(
100
:..-:
- Masonic Temple
_ Milw & Chic Brewing
-... Do pref
100
200 National Biscuit
100
Do pref
131
100
126 National Carbon
100
65 Do pref
__-_ Page Wov Wire Fence
95 People'sGasL&Coke__100
10 Sears-Roebuck com-.100
100
Do pref
182
100
723 Swift & Co
37 The Quaker Oats Co__100
100
Do pref
4,,
50 Unit Box Bd & P Co-100
100
230
Do pref
100
Western Stone
Mining
Bingham Con Mlning. 50
Black Mountain
20
Daly'West
H 11 him rd - Elliott

160 Jan 24 180 J'ly 21
318 Aug31
8
15 Feb 3
7 Mch16 10 Aug 28
38 Oct 3 47 J'ne
15 Feb 10 24 Aug 11
21261c1127
4 May2t.
30 Oct 9
,
68 Sep 2
13 J'ly 14
42 Jan 6
44 May 5
1334 Aug 6
46 Aug lb
42 Aug 21
2612 Apr 10
85 Apr 20
25 Apr 13
4 Feb 13
4112Jan 2
125 Jan 10
116 Apr 22
37 Mch 19
91 Jan 2
10 J'ly 7
112 Sep 15
6 Oct 15
40 Feb 20
147 May I.
1 Oct 6
4 Apr 13
21 Feb 26
106 Jan 3
34 Feb 25
100 Jan 4
80 Jan 3
113 Jan '2
30 Jan 22

46 Jan 14
79 Jan 20
19 Jan 22
54 May18
47 May23
20 Jan 31
56 May14
71 Jan 13
3112 Oct 7
103 J'nel:.
31 May 4

Ewes'

Highest

150 Mch 205 Apr
5 Jan
4
13 Nov
16 Apr
10 Oct
11 Oct
214 Dec
14 Apr
28 Nov
6834 Nov
17 Dec
43 Nov
3412 Apr
20 Sep
58 Apr
60 Nov
26 Oct
95 Apr
20 Mch

3 Oct
714 Oct 13
3412 Nov
6978 Oct 13
152 Aug 25 120 Dec
128 Sep 2.. 112 Nov
5512Jan 16 . '0 Nov
80 Nov
101 J'ne
30 Jan
42 Jan
2a Dec
30 Jan 11
100 ,May1:1
90 Dec
51 Apr 28
45 Oct
197 May 6 165 Feb
118 Aug22
1 Jan
4 Apr 13
5 Asia
301. Aug s
21 Dec
153 Sep 11
85 Oct
234 Feb 21
112 Aug26
15 Oct
109 :Oct It.
77 Oct
137 Aug 31 10812 Nov
39 Jan 14
34 • Nov

4612 Jan
614 Apr
1914 Jan
65 Jan
':Jan
28 Jan
72 Jan
47 J'ly
2510 Jan '
66 - J'ly
90 Jan
34 Jan
99 May
35 Apr
714 Apt
60. Apr
1401,3 Sep
130 Apr
510t2 Jan
109 Jan
40 Atcb
40 inc
111 Feb
54 Jan
165 Feb
1 Jan
61., 'no
51 Feb
13412 Apr
11212 MaY
,
57 8 Oct
12912 May
57 May

19 J'ne23 20 J'ly 24
70 Jan 3 9212 Aug
10134 Jan 2 120 Aug 5
61 Mch 8 7212 Aug22
91 Mch23 112 , Mayle

41 Aug
212 Jan
25 Feb
5818 Oct
91 Nov
50 Nov
4
973 Nov

40 Jan
2l Jan
27 Mch
80 Jan
4
1173 Jan
8414 Jan
120 Jan

8012Jan 3 9712 Aug 11
24 Jan 24 40 May20
72 Jan 16 9212 Sep 10
81312Jan 2 10534 Sep 9
4
1143 Jan 3 134 Jan 29
87 Jan 3 100 Ply 30
4
13 Jan 4
14 n3/ 17
112 J'ly 17 12 Jan 15
14 Apr 25 17 April

12 Nov
20 Nov
67 Nov
7512 Nov
100 Nov
85 Oct
4
3 Nov
6 Jan
10 Dec

0258 Apr
57 Jan
95 Jan
11352 Jan
17312 May
10234 Jan
214 Apr
1234 Apr
30 Feb

3212 Jan

3212 Jan

1614 Apr

20 Jan

38 J'ne 15

46

J'ly

Chicago Banks and Trust Companies

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending October 16.

4
Range lor I'levious Year
(1907)

Range Since
Jan, 1 1908

STOCKS
CHICAGO STOCK
EXCHANGE

Range
Since
Jan. 1 1908

B'ds
Sold

NAME.

Outstandlag •
Stock
*

Surplus
and
Pro/its
*

Dividend Record
In
1906

In
1907

Per- Last Paid
Lod

8 Q-M Sept '08, 2
8
$2,000,000 $1,343,328
Bankers National
High No.
Low
An. Dec '07, 6
6
100,000
35,816 • 5
Calumet National
American Biscuit 63_1910 F - A
J-J July '08, 5
10
168,081 10
500,000
Chicago City_
'OF mciai
Amer Strawb'd 1st 68_1011 J Q-J Oct '08, 3
12
3,000,000 4,351,738 12
Commercial National
10013Sep'08
58'12 J - J
Cass Av & F (4 (St L)
Q-4 Oct '08, 2
8
8
4,000,000 3,626,902
Continental National
100 May'07
Ohio Board of Trade 481027 J -D
6 Q-M Sept '08, 112
6
3,744
50,000
Cook Co State Savings
1015 10134 65
8
• Chicago City ELY 58-1027• -A
Q-J Oct '08, 3
12
Corn Exchange National 3,000,000 4,991,217 12
103 Apt'04
6s__
J
• Ohio Consol 13r4S3Mit
Q-J Oct '08, 112
6
6
200,000
58,330
Drexel State
55 Aug'07
Ohio Consol Tree 4;is-1939 J Q-4 Oct '08, 212
8
600,000
8
380,606
Drovers Dep National
963441).11'06
• Chic Auditorium ist 5319214 F - A
Q-J Oct '08. 112
6
200,000
8
38,956
Englewood State
0
Chlo Dock Co 1st 48_1929 A 12 Q-M Sept '08, 3
8,000,000 8,071,029 12
First National
.15e
87 Fe13 .
Chic No Shore Elea 68_1012 A - 0
150,000
170,206 10+10 10 Q-M Sept '08. 2
12
First Nat Englewood-J
Ohio & Mil Elec Ry 58-1919 J
511,998 Priv ate I3a nk
Foreman Bros B'k'g CO- 1,000,000
Chic Pneum Tool
Q-J Oct '08, 2
8
432,166
6
Fort Dearborn National_ 1,000,000
70
75
/3
68
70
70
71
a1921 J 1st 54
5
J-J July '08, 212
____
158,125
500,000
Hamilton National
9514 102
8 9934 10
195
_1927 P -A 9012
• Chia Ry Os
8 Q-4 Oct '08, 2
8
968,677
1,500,000
867 9034 Iilbernian B'k'g Assn
8
0014
100 Sale 90
Chic: Rys 4-5s series"A"
J-J July '08, 5
10
110,951 10
200,000
8
190
78 827 Kalmar State Bank
8178 Salo 8138 82
Ohio Rys 4-58 series "B"
__ Q-M Sept '08. 2
402,696 __
12
75 8214 Live Stock Exchange Nat 1,250,000
8 42
4 817
8178 Sale 813
Chic Rys 4-5s series "C"
4
Q-F Aug '08, 1
3
58,719
300,000
a 9734 101 Monroe National
10078 10078
8
:1007 Sale
Chic Rys coil Os_ 1913
44i Jan Jan '08, 412
90,186 ___
25(1,000
Mutual Bank
79 Nov'04
Ohio R 1 & P RR 48-2002 • - N
8 Q-4 Oct '08, 2
6
2,000,000 1,285,034
Nat Bank of Republic
80 Apr'04
Collat Trust g 5s...1913 51- S
__ Q-4 Oct '08, 112
489,046 ___
1,500,000
National City
• CommonWalth-Ed 1son
Aug 26 1907
59,866 Began busine as
250,000
100 10014 National Produce
100 June'08
• Chia Edison deb 681013 J - J 100 - _
65,556 ...... __ Q-J Oct '08. 114
200,000
2
97 100 8 North Avenue State
5
210012 Sale 10012 10012
•
1st g 53 _ _ _July 1920 A Q-J Oct '08, 112
6
6
9,540
50,000
North Side State Savings
1
4
8 9958
983 9934
8
Debenture 5s____ 1926 '11.S 995 Sale 995
6 Q-J Oct '08. 113
6
39,807
100,000
1
Oakland National
102
93 102
102
Comtnonw Elect 585194:1 111 - S 10112 102
83,789
250,000
Prairie National
90 Dec'06
Illinois Tunnel 5s___1928 J -D
8 Q-M Sept '08, 2
500,000
63,197 d38
a "ii" 98
Prairie State
96
98
Ftan City Ry &LtCo 55 1013 M - N "ea' gLici 9012Augal8
4 ____ Jan '08, 2
9,822
250,000
851k 9212 Railway Exchange
_
Keick'b'ker Ice 1st 58..1928 A - 0
Oct 12 1906
_-122,261 Organ 'zed
300,000
8812 Security
so
85 May'08
- J
'Ake St 51-1st 58_1928
Q-4 Oct '08, 112
6
79,011
200,000
South ChIcago Savings54
May'05
16
1925 Feb
. Income Is
8
9+1 Q-4 Oct '08,3
State Bank of Chicago- 1,000,000 1,313,790
Metr W Side ElJ-D J'ne '08, 3
6
6
164,101
250,000
81 Oct'08
8112 82
8013 8814 Stock Yards Savings_
F
1938 J
• 1st 4s
111-N May '08, 3
6
6
42,886
200,000
Union Bank of Chicago71134 Oct'08
7512 85
7712 78
1938
Extension g 48
6
Q-4 Oct '08. 112
6
200,000
62,790
Union Stock Yards State
90 Dee'06
North Chic St 1st 5s 1909 J _J
8
8 Q-J Oct '08, 2
American Trust & Sans- 3,000,000 2,575,820
1916 J • 1st 54
Q
'7 -J Oct '08, 131
'7
2,000,000 1,010,953
Central Trust Co of Ill
1;
ti(
'El' A u- Refunding g 440_1931
112,841 ___ ...._ Q-4 Oct '08, 112
n500,000
Chicago Say Bk & Tr
75 Feb'07
No Chic CityRy4 401927
6
Q-J Oct '08, 112
6
5,000,000 *1,428,335
4 sire 87
86 - 2 Chicago Title 63 Trust
91T18714 23
North West El 1st 48_1911 51- S
3
6,060
3 A -0 Oct '08, 2
50,000
Citizens Trust & SavIngs
90
014 93
8
Ogden Gas 5s
1945 tit - N 90 Sale 90
Q-J Oct '08, 212
10
502,984 10
600,000
Colonial Trust & Savings
99 Aug'08
99 99
Pearsons-Taft 53
1916 J -D
Q-4 Oct '08, 2
6
6
95,269
200,000
Drovers Trust & Savings
94 Sep'08
95
94
M S
4.40s
Apr, 13 1907
1,500,000
148,206 Organ Ized
Farwell Trust Co
96 Aug'08
06
96
N 96
4.609 Series E
2,000,000 1,978,111
9712 Sep'08
712 First Trust & Savings
Series F
9712 9
- N 9713
4.80s
._ Q-J Oct '08, 2
650,140__
Harris Trust & Savings- 1,250.000
117 Sep'08
10912 117
Peo Gas L&C 1st 68_1043 A q
.fOi" 10178 102 20 94 102 Illinois Trust & Savings- 5,000,000 8,351,149 12+4 164-4 Q-J Sept '08, 4
Refunding e 53__1947 51- S
Oct '08, 112
6
44,166 -200,000
12
9712 1033 Kenwood Trust & Savgs
8
Chic Gas L63C 1st 5s1937 J - J 10178 Sale 10178 103
2 Q-4 Oct '08. 114
36,063 -200,000
10011 Sep'08
Lake View Trust & Savgs
9434 101
100
Consul" Gas 1st 58_1936
Q-J Oct '08. 3
12
Merchants' Loan & Tr Co 3,000,000 4,809,548 12
98 100
100 Sep'08
M
Mut'l Fuel Gas 1st581947 j
6
Q-J Oct '08. 112
6
254,104
750,000
92
0612 Metropolitan Trust & Say
6
92
921.
South Side Eley 44s_1024 J _J -5a- 93
8
8 Q-4 Oct '08, 2
1,500,000 1,861,871
93 10038 Northern Trust Co
10038 Oet'08
93
_
SwItt & Co 1st g 58-1914 J -J
4-4 July '08, 3
6
48,424 -.
200,000
Northwest Trust & Savgs
90
90
90 b'eb'08
90
El (Loop) 58-1945 A Union
6
9
J-J July '08. 8
82,048
200,000
People's Trust & Savings
114 Nov'04
Union Pacific cony 48-1911 M - N
Q-J Oct '08. 2
8
k8
182,528
67 Pullman Trust & Savings k500.000 499,811 8
47
: "if" 47 Aug'08
United Box Board col 68'26
8
Q-F Aug 'OS. 2
500,000
90 May'07
------- Royal Trust Co
St 1st 5s___1928 hf:
West Ohio
J-J July '08, 212
5
17.397 -__
200,000
---- -- Stockmen's Trust & Say6812 Sep'05
1909 P -A
Tunnel 1st 5s
_ Q-M Sept '08. 2
1,000,000 1,101,066 ___
Union Trust Co
73 June'07
AI
1914 J :
Debenture 8s
Q-4 Oct '08. 112
6
216,706 6+1
•
7212 8014 Western Trust & Savings 1,000,000
8014 Jne'08
1936
rcts
Consol g 53
Sept 6 1905
46,165 Began busine s.9
200,000
• West Side Tr & Say Bank
87 Dec'06
J
- J
, Wes DivCityRy 4 4481932
6
Q-J Oct '08, 112
6
29,388
200,000
0
70 - ; Woodlawn Tr&Say Bank
8512 Jiv'OS
'Western Stone Co 5s...1909 A dii; all Chicago icji; d prices
c7tWideInterest must b• Note -Accrued
inst tutlons. 2 No pr cc Friday.
24
and
* Bid and asked prices, no sales were made on this day. 1 Sept. 23 for national banks paid Sept. 18 for State Capital Increased from $300.000.,
1906. k
Dec.
of 30%
latest price this week. a Due Dec. 31. b Due June. 9 Includes specialn dividendand surplus to be increased. q Dividends are paid Q-J. with extra
Canital
stock dividend of 33 1-3% being declared In part payment therefor.
Ii
ayments Q-F. v As ot date July 15 1908, 4 As of date Sept. 1 1908.




•

•

-

-N

BOSTON STOOK EXOFI ANcrrl-Stock Record, Daily, Weekly °lid 'Yearly
-NOT PER CRN7UM PRICES
S:IARE PRICES
Saturday
Oct. 10.

Monday
Oct. 12.

Tuesday
Oct. 13.

Wednesday
Oct. 14.

Thursday
Oct. 15.

Friday
Oct. 16.

.•:ates
of the
Week
Shares

Range Since
Jan. 1 1903

1- 1(X KS
BOSTON STOCK
EXCHANGE

Lowest

anoc tar Previous Ica'
(11)07

.31 tohest

Lowest

Railroads
282 Atch Top 3c Santa Fe_100
--Do prof
54 noston E vab en y....-.101
20
i
deleA l ta d
1
100
52 Boston ec Lowell
100
594 Boston & Maine
100
-_ _
Do prof
----_ACM
ion
5 Boston & Providence..1(10
__ii BoAtonpre kurb.an EI Cos.
o Su . . ......
.

IIt
fillest

8
8834 8834 895 8934 *8953 8978 9012 9012 9078 907
! 8734 ;
88
8
6753 Feb 11 0112 Aug 31
1:712.No% 1071. Jan
Last Sale 95
4
8
Oct'08
, *9478 957 *9514 961 *9514 904 *9514 9614
95 4 Sep 4
3
7934 No', 10138 Jaig
.. *218
216 216 *215 216 *213 215 *213
214
$215 217
Jan 2
18911'; l° 3 219 Aug26 110 DC:: 240 Feb I
134 134 *133 134
134 134
134 137 134
i *133 • 134
134
125 Feb 17 140 .lan
11734 Nu', 152 Jan
___ 211 14 21214 *211
__ *211 --1 *212 -__ *212 -___ *212
20014 Feb II 213 Sep 23 200 In
231 Jan ;
121 112
122
122
I 124 12412 124 12412 12212 12414 120 122
120 Oct 14 140 Jan 21
129 No
1/0 Mar
Last Sale 149
Sep'08
---136 Feb it 156 Jan 21 152 Oct 165 Jan I
-0
aid 47_- _ 3 --- *7_7_ 3oO- iiiK itiE - *295 300 ...--- 300
, _- -0
181 Jan 10 304 J'ne 1, 285 Oct 101 Feb ;
; *8
1014 *8
1014 *8
1014
1012 *8
Last Sale 10
Sep'08
9 31(.1) 4
13 Mehl?,
8 J'ly
15 Feb
56
5534 56 *--- 66 *---- 66 *_ _ 56 *____
t *_-- 56
4011 Jan 31 [di Ma3 it
5
2 5
10 Au, 65 Jan
1 *___ 10 *_
10 *_ __ 10 *____ 10
Last Sale 10
Oct'08 -_7 Bostonp& Wor Elec Cos_ .
5_
ne rer
17 Jan 21
16 No',
2834 Jan
50
4978 497
*-- 50 49
7 497 *
4978 4978
50
•
4..78 Oct 10 0012 .1 n
55 No',
80 Jots,
147 147 - ---- -------__ *147 148
-16 Chic June Ry & USY.100 163 Jun 2 150 J'n( 11
; *147 148
261, icb 5
1.
.18 Dec 160 Jan :
118 118
---------------- 118 118
118- 118
148
' 118 118
Do pref.
102 Jan 10 11812 Sep 22
9934 Oct 120 Jan
Lost Sale 16314 J'ne 08 ___ '.'on & Mont. Class 4... 1110
165 Men •
171) Oct 188 Feb
°
°
Last Sale 13314 Oct'08 _-__ Conn & Pass Riv pref_100 13314 Sep 25 1378,
16212 i ly 156 Men
5' J
9
Last Sale 250
Sep'08 -___ Connecticut River. - _100 244 Jan 14 253 Apr 22' 244 Dec 280 Jan .
21.
, *12312 ---_-_ 12512 1231- *12512 ---.. -_ iii- 1112 *_ ___ 123
2
123
123
58 Fitelibure• pref
1
11 ‘, 2
j n
116 No% 135 Jan
106 1117 ,an 27 131 Apr Li
/
7512 76
76
*76
76
7518 7514 *75 1 6
6
*7514 -7
77
253 Ga Ry dc Electric
ec 114 Mcni
100
*81
*80
83
83 *80
82
*81
83
81
85
81
'*80
Do pref
49
71 Oct
88 Mciti
100 81 Oct 16 81 Oct 16
Jay k al 101 Sep.' 7
%Ialne Central.
196 Jan
1617 .
0
.51 1 1
---1
2 ; 2 1Cili -;612 -- 2 -1 2 -- ; Last Sale 1014 Oct'08 --_ _ Mass Electric Cos„....10
-;1;of2 *101- - 51- -1212 .1,in
10° Deg
7 Au
2012 Jan
)0
1( 0
*51
*51
52
52
51
61
52
*51
*5012 5112
61
. 51
60
4814 la
an F 5212 Sep 23.
" 2
Do prat
1.7 Oct
7112 Jan
100
Last Stile 1538 Apr'08
-le
__ _ M exican Central ___ ..i00 15% Apr 25 19 alc1131
253 Jan
4
19 No',
14512 1,233 N Y N fl ec Hartford. 100 128 Jan 6 14512 Sep 11 1271. No', 10012 Jan
144
2
142- 142- 142- 1421- 142- 14212 142 14212 14214 144
NI0rtberb N
Last Sale 140 Aug'08 ___---- ------ -_- ---- ---140 Joe 21) 145 Apr
145 - Dec 100 Jan
Last Sale 200 Apr'08
iNTorw lch &
)id eoibb yWor pref-110000 200 Apr 6 105 Feh ( 205 No% 226 Feb
ife:6 7:::
2
186
*iiEs- ----_ iio- fiii- *igi- f87' *186::.... 4186 187
186
--ii
,5 .lft i 1
111000000 175 .j an 15 189 Sep 11 175 Oct 26014 Jan ,
25
26 *25
26
6
29 Alit' 2
2
*25 - - * 25
195 Rutland prof
25 No',
45 Jan
iiii- iiLast Sale 85-- oJiiig
2
ET5
*8212 85 *8212 *8212 84
82 Au.
70 Feb 17 83!2. Sep Li.
Seattle Electric.
24 Jan
1
*95
95
95
*9412 95
*9412 95
04
94
95
• *94
88 s Jan 2 08 Sep 8
3
Do pref
t 3 4 No', 103 Jan
3
---- --ii
16678 168 14,241 Un11)00n
1101. jcy 2 114
16212 16314 164 16512 16518 16614 16412 16612 164'. 167
Nii ll 9
.
18212 Jan ,
elfic
:0 138
f
10
050
0
*8612 8712
Last Sale 8858 Oct'08 -__
*8612 8712 *8612 8712 *8612 8712
t C
183j
7834 Apr 4
03 Jan
pref
Last Sale 157
_ Vermont & Mass__ 10
Sep'08
0 150 Jan 13 157 Sep 25 14518 No% 170 Jan !
°
0
88
80
89
.
/1;4
05 Jan
-a52 - 1- -Wgi2 *iii- ;ii12 16- i.i6- 90
8912 -172 West End St
/4 Dec
() 76 Jan 2 0112 Sep 10
*10512 103
10512 10512 *10512 10612
___ *10512 ___ 10512 10512
04 No', 110 Mch
8 Do pref
.50 96 Jan 2 166 Sep 14
Last Sat 140
Sep'08 ____ Wore Nash de Rorh„ 0
____ ___ -- ____ ---- ---- ---- ---140 Men3
140 AUL 147 Jan ,
Miscellaneous
*27
12 2734 *2712 2734 27
28
12 2712 27
10 Oct
*2634 273
13 Jan 3 2912 Sep 14
2712
26 Jan ;
600 Amer AgrIcul Chem_ _100
4 28
91
90
91
90
90
91
90
95 Feb ;
721. No',
9134 90
91
91
92
416
Do pref
100 77 MCI)17 9512 Sep 9
6
6
6
6
6
6
812 Mayll,
9 Feb 25
4
5
12
31:i Nov
10
143 Jan i
6
648 Amer Pneu Service
4
Si 6
8
57
57
8
50
33 Jan ;
21 MayB;
1434 1478 143 143
4
1512 1434 15
4 1434 1434 15
912 Oct
15
1514
728 Do prat
50
93 Dec 13714 Feb
130 130
13314 1,279 Amer Sugar RetIn
13114 13112 13012 13012 13112 13234 132 13258 133
100 0914 Jan 2 13712 Aug 31
129 129 *127 128
128 129
12312 129
130 Aug 1(1 105 Dec 131;4 Jan
- 129 129
12914 12911
154
Do pref
100 106 Feb 18
4
12634 127
8914 No% 13412 clan
127 12733 127 '12712' 127 12712 127 12712 12714 1213 1
4 -.081 Amer Telep & Teleg_100 99 Jan 2 1313 Sep 3
3612 Jan
2212 *22
2312 22
; *22
2312 *2214 2312 22
2214 2112 2112
1214 No',
261 American Woolen_ _ _ _ 100 10 Jan 2 '2612 Aug 11
9114 9112 9134 01
91
0112 91
09 Oct 10212 Jan
9112 *9112 9134
91
911.2
305
Do pref
100 7734 Feb 10 1)4 Aug 4
312 J
*3
J'ne'03 ____ Boston Land
4
358 *3
358
358 *3
358 *3
Last Sale 312
3 Meli
3 Jan 7
4 Jan
122
140 Cumber Telep & Tel_10100 0612Jan 11 126 Sep 14
• *120 122
9312 Nov 115 Jan
120 120 *12014 122 *12014 122 *121 122 *121
,
___ Dominion Iron & Steel-*16
1714
11
*16
17
Last Sale 1514 Aug'08
1212 Oct
* 1614 1758 *16
25 Feb
143 Jan 6 1814
17
4
914 Jan
614
Oct 12
612 1,450 East Boston Land
3
313 Oct
6 4 0 4 *314 612
3
7
*6
612 7
*53
4 6
230 230 *225 230 *225 230
13 Edison Elec 1 Ilum _ _ _ 100 20414 11eh 13 250 Sep 1 185 No', 230 Jan
*225 230 .. *225 230 *225 230
1 111c 7
144
145
14212 14312 143 144
239 General Electric
91 Oct 162 Jan
142 143 *141 143
141 Jiob22 148 J'ly 21
10 Actn 3
6658 Jan
54
54
55
55
5412 5412
390 Massachusetts Gas Co810°
5412 55
5312 May
meleenptrbe
-L5- 18 * 64
55
43 Oct
afre_r
00
87
8734 8734 8658 8714 8612 8012
5612 Apr I
87
197 Jan '2 88 J'iy 31
*8714 8812 88
7t
88
75 No',
, - 205
*_ _ 204
3°2
16
Apr
0
i cb1 210 Aug10 185 No', 215 Mch
204 205 *204 20712 *204 206 *204 206 4L-n- -.. -_.100
-I o
1 °
.434 Jan
ii
258 258 *2
Mexican Telephone
3 Oct
2
,
12
114 Dec
234 *214 234 *214 23e
10
6
13 N E Cotton Yarn
60 ;Ls- - *58
• *55
*58
60
60
68
40 J ne
60
60
60
75 J'13
,
100 40 Mch 5 6412 'ly 28
88
88
88
45 Do pref
88
88
88
5 Me1123 88 Oct 3
go Jan 1
88
88
80 Oct
88 *85
. *85
88.
100 7
12178 122
376 N E Telephone
122 122
12112 122
121 122
16 Nos 126 Jan ..;
• 120 120
120 122
100 105 Jan 4 122 Oct 11
251 r cllee uFo
3 tu e nlan ittbb.
0
;47 Jan 2 170 .1. 27 137 No', 182 Jan
16312 164
1y
164 *163 164' 164 16412 10312 16412 *163 164
. 163
100
9 A pr 2
*934 10
10
10
10
9 No',
10
Hole
10 8612 Ja b 10 10 Feb 21
ii Jan ;
9 4 10
3
*934 10
10214
10812 J'ly 31
180 Swift & Co
' 1512 102 10218 102
0 4
6
7612 No% 113 Jan
102 102
102 10214 10214 10212 14218 102
Oct'08 ......_ Torrington Class A_ _ 125 20 Jan 3 23 J'neli
Last Sale 23
*22
24
24
20 J'ne
*22
*22
24
2212 Jan
*22
24
0(
)
26 Sep 12
'23 May2_
Oct'08 _
Last Salf 26
• Do pref
26
2412 No',
26 *25
271, J'ly :
*25
26 *25
25
*25
26
150 Union Cop L'd 8411'g_ 25
2
212.1an kt.
*114 2
112 112 *114 2
67' Jan
1 Oct
8
"
1
114 Mc1123
134
14
*114 134 *114
11412Jan 2 148 'J'ly 14 10112 Oct 120 Dec
864 United Fruit
12311 129
12
r
53
8
129
.1414
12114 1M 1n12 1g9 2 1n78 1, 1
129 130
69 Jan
59
6418 5412 2,210 tin Shoe Mach Corp..1 Fg) 3812 Jan 4 5314 Aug
36 Oct
5
: 5312 54
247 Jail 3 .;9 Sep 19
8
231
Do pref
2338 Nov
2812 2812 2812 2812 2812 2812 2612 2838 2812
29 Jan
' 2814 2814 28
22 Oct
4612 4678 4638 46 8 4612 4678 10,994 U S Steel Corp
5
5038 Jan
4
100 2%, Jan 2 48 Aug it
4618 4614 4612 4718 463 47
4
2 pre p
(
84712 Jan 3 11214 Aug31
2
7912 Nov 1073 Jan
10938 1091 10938 10958 10914 110
109 1095 10938 sepI0li _424_ we D ie ef
4
8
4
108,2 109
10
9 Jan
134 Sep 2
4 Nov
Last Sale 713
I
*612 7
& Teleg_ _ 10°00
*612 7
*7
8
*7
8
60 Nov
82 Jan
59 Jan 9 80 Sep 2
Do pref
75 *___ 75 *. -- 75
75
75
76
80
*75
80
100
' 75
4345508 SepSe p 22
7812 Jan
*
76 Nov
2614
Last Sale 3312 Sep'08 -2_ WetIng E & Mfg._ _ 50
opre
5
..- --_ ---- ------ ---- __ ___
80 Feb
May
11T78fe lt
8
Last Sate 4418 Sep'08 -_Do pref
u
J4'50 3 7 el
---- -- ---- ---- ---- ___ ___
M
612 Feb
1 14
0
% Nov
ii Feb 21 4214
83
818 818
8
8 83
738 8
fav eezure Con
olint
71; 37 4 3 12 3 12 3 3
8
3
7 2 72
84 3 3
7
25
74
9
Aug 19
A
7
20 Oct
7414 Jan
*37
38
38
38
3714 3714 *371
25 24 Apr 23
4218 Dec 121 Jan
19,804 Amalgamated Copper 100 45 Feb 19 8312 Aug 8
761
8
745 7618 7478 76
7438 743 7512 7518 76
4
'3
74
53 Jan ;
19 Nov
24
2314 2414
A'm Zinc Lead & Sm
*23
*23
24
2312 2312 2312 *23
25 2034 Jan 13 30 Joe 2
Aug
75 Feb
26 Oct
-------19010 Anaconda
4312 4312
25 28 Feb 19 5014 Jan 7
6
11
1538 Jan
234 Oct
312 35 --5f2 - 2 - - --- -.1512 - 371
8
1
512
2
,
265 Arcadian
1
25
'7
-.7 5 2 --3..37 --5r -- l
1
2 a;
4
734 Oct
2812 May
A tni elna
:
3338 3134 34
3
33 4 3614 3512 363 14,715 4rlF liteCommereial._ 25 : aPnr 292 363 Oct 16
3312 3334 3212 3414 33
. 4J
13 A
40 Feb 14
2 Jan
iii
Aug'08 ...
Last Sale .70
*.50 .70 *.50 .75 *.50 .75 *.50 .75
25
417
14 ° 1)
8 Apr 22 t t
.35121;et
6
22 Feb .
18
ep
17
17
17
1714 18
18
17 8 177
7
4 17
8 1734 173
612
4
b 0
37 Jan ,
Oct'08
Bingham Con Mtn & S g(5) .19 Oct 3 .743 Jan 27 .35918
Last Sale .35
-153. Bonanza (Dev Co)
.60
.80 Jan .
..
..
:41 --- *.41 .50 *.41
ii
Sep
4:41. ".Ea -.8ii ..7
.85 -3:41 --7
4:41 -10
*2514 Ocr 13 24 oe 26
10 A pt 7 17 J art 1
3314 Jan
14
14
1418 1312 14
8 8 Nov
5
14
1418 14
1418 1.865
• 14
14
14
1114 Apr 14
1712 1812 1838 20 182.,h510 Bi.laou013stutt&moelcoce7rwat,ICco:copia1 &(Srclitt Cl5
1734 1834 1778 1838 1758 1734 1712 1712
1512 Jan 2 30 Aug 4
2514 _2413 19431
3913 Jan
10 Oct
2414 2414 2412 2514 25
7
8
11612 1lb
Feb 20 130 Aug 1
11512
1%34
3ig 1B
Ie
.
89 Oct 198 Feb
11412 113
*115 116
15 Calumet & Heela
660 665
665
C60 660 *655
665 665
*663 670
665 670
25 x565 Melt 5 700 Jan 15 535 Oct 1000 Feb
*3412 3512
868 Centennial •
36
35
343 3434 35
4
3534 *35
35
35
25 21 Feb 10 3612 Aug 10
*34
*.40 .44 *.40 .41
960 Cons Mercur Gold__ _ 1
.40
.40
.45 J'ile
.40 .40
°
.25 Oct .57 Jan
42
1° Oet
.40 .40 *.40 .44
55 Mch 6
2.030 Copper Range Con Co.100 .2518 Feb 18 8112 Aug 6
731g 73 4 73 4 74
8
3
3
4414 Oct 105 Jan
73
73
74
7414 7312 7412 727 73.
380 Da y-W ret
De pesf
7 Jan 3 1114 J'ly 31
l
712 Dec
9
014 914
912
14 914
2012 Jan
*913
8
8 03
93
20
*9
912
9
12 912
Last Sale 51
July'08 -_- Dominion Coal
8
40 Oct
7012 Mch
-.- -_ --_- ---- ---- ---- ---- ---100 475 May 4 5112 May
Last Sale 9838 July'08
__8 1Y
8534 Nov 11112 Jan
100 0412 Apr 22 983 J. 17
. --- ---253 J'ly '48
212
24 115 Elm River
12 2
-ii- -12 *2
F4 *2 -- 4
12 99 Mch 6
*2
214
g(0;r antlin
Apr 22
612
ra b y co
g39
665 OctOct 1259114
12 4 1234 1212 1212
3
1218 1214 1212 13
25
1110
1
100
34
Feb
nsoildated_100 80 Jan 2 110 J'iy 3u
*__ 10112
10018 97 10018 100 100
5 Au
10
(4Jan 2 1318 Au g
1018 10
67
1018 1014 4,762 Greene-Cananea
Apr
1018 1018 1014 10
20
10
1014 10
1% J'ly 2 2618 JJ
Last Sale 134
2221
Oct'08
274
Jan
Guanajuato Consol
5
175%
an
i88 Isle Royale (Copper). 25 173 Feb 17
4
:14 Oct
3612 Jan
3
12 2 Octec
3
2 --' - -' 2
-.25r2 iii- ;5 -5.- 2314 2312 2312 23 4 134
34
-ii5. ii4 -1 r ii2
4
14
1414 14
1414 1,575 Lake Cooper
1412 1113, 1 4
14
25 10 Sep 22 1434Oct 6
. 1 f3
633 La Salle Copper
1
: .4
12„
133
.5 4 .
30 Feb
8 Oct
14
14
25 1214 Jan 2 1714 Jan 14
838 Aug 19
214 Mch 11
014 Jan
233 Nov
25
*5 4 6
3
64 5 4
3
3
51
55
184 Jan
. *.50 ____
25 25 Jan 10 .75 J'ly 30 .90 Nov
.55' fil * 14 *418
1`...-i
4
*52 * 54 .5418 *418
415
cb 15
°
5
5
12
4
300 Mexico Cons M & S- _ 20 . 741, e t 2
*418 412 *Cs 413
1514 Jan
. 15
..
4
53 Nov
ai
1 4 J.lg
12 787 j uy 3:371
5
6 1218 A bi
6
10% 1014 1014 3, 0 uic m l an
5 8 Nit ebig Copper...---35
45 Sep 2
8,34
8
10
1014 1018 1014 1014 1038 101 1014 10
5
Fe
1312 1312 1312 1312 1312 1312
14
94112 Jany
236122 jmaa.ban
*1312 13 s 1312 1312 14
7
4
63 Oct
3,
63
6434
63
64
97 Mohawk
37 Oct
*6212 63
25
12 *63
64
63
0c1t632'08
13
3Jan 24
1 Nov
*.40 .60 *.40 .60 *.40 6
Montana Consol C & C 10 .40 Oct 9
?40 6.60'
3
10 :
17 Aug 8
2012J
534 Nov
Nevada Consolidated_ 5
*15 4 16
16
3
1618 1618 1638 16 8 16 8
3
3
8
13212 833 a North Butte
1 a
8
9
30 Oct 12325112 Jall
86e3 JJ.J aneeibb
0 I.F,ana
3
8
81% 815 . 8212 83
15 403 Feb' n 12 8912 Aug 31
813 8318 8114 8212
4
S 311l .651°12 Oct'08
132a6 4
.1
1
Old Colony
12 Sep
*.60 .75 *.60 .75 *.60 .75 *.60 .75 161t 8a1e . 0
25 .50 Jan 15
4858 4958 tioiii Old Dominion
28 Jan 2 495 j.lY :34
1 8 Oct 1
18 Oct
25
8
4412 443
4412 4614 4512 4614
4 443 45
120
77 Feb 10 12412 Oct 5
11112
464 Osceola
71 Oct
116 116 ' 1.1r4 *118
12
119 11012 119 11912 *118 119
8
1.2s6:14
3
83124
27
*2612 27
2634 2634 27
2634 203
4 22
25 1012 Jan 11 297 J'IY 31
.9g734Aug'4
Jan
Dec
.3.50 1
*.50 1
*.50 .75 *.50 1
1 daLed ii 7712 tig
(
111
,
95
*02
95
*91
23 Quincy
100114
n 25
g 1
70 Oct 147312
*91
03
93
93 93
*92
93
91
4
414
4
4
*4
1 1214 Jan
2 Lich26
5 J'iy 28
150 Rhode Island
2 Oct e74023 .JTaann
*4
*4
4
414
4
414
4
4
Jan
534 *134
178
12
Apr 3 1g1 Jzig 20
1%
134
120 Santa Fe (Gold & Cop) 25
112 Nov
7538
10
% n 4
173 17
13 *13
4 2
13
4 *13
4 13
4 2
24% Jan '
1512 15 4 6,323 Shannon
3
934 Feb 19
718 Oct
3
3
16
14 1612 1512 1534 1512 154 15 3 1512
...... _
283i 7.192 Superior 3
26
5 14 meb 3
5
2612 2614 2614 26
2) 56 A pr 20 2978 Oct 15
1(
2834 28 8 2978 28
524 26
*25
72
72
71
71
51 Oct
79 Aug 5
30 Tamarack
*71
71
71
*71 • 74
*7112 72
73
25
938 No%
18
12 1778 1712 1712 2.435 Trinity
18
25 1218 Feb 19 25 Aug 10
1634 1734 17
17
17
12 1712 18
77 Mch ,
14
*1034 1118
11
200 United Copper
432 Mak 24 1514 Aug 10
7 Dec
100
*1014 1052 *1034 1114 *10 4 11
3
*11
1114
91 May I
Sale 29
SeP'08
Last
22 Oct
28 4 Apr 16 2914 Sep 1;
M3
b 6
1314 Jan !
253_ 4 2534 -If)ii United i aie..s&a170
712 Nov
9 Meh31 28 Aug 10
5
-t
tf
o le
E4
;23 -.
- 0; -i8i4 li- -iES4 - 3- ;iir2 iiiF 25 8 26
70 Jan •
40
2434 Oct
4458 Aug i
3913 40
318 U S Smelt Ref & Mm. so
3912 40
3
8 40
3012 3012 39 8 393
*3912 40
Jan
4434 443
4
45
4412 4412 45
4412 45
649
Feb
Do pret
4414 4478 45
44
4799
2612 Oct
40 4 41
3
2.844 Utah Consolidated_- 51
4012 41
5 7912 n 1
)
1
41
41
4114 4114 4134 4012 4131 41
913 Utah Copper Co__ _ 10 2878 May 8 4712 Aug31
4112 4134 4134 4112 4112 4114 4114 4118 4113 4112 4112
4114
115 Feb 1
8
312 Oct
Oct'08 ____ Victoria
212 Apr IP
Leal Sale 412
*412 6
4.412 5
25
*412 5
*412 5
14 Ja11.1
a12
7
"4 j'IY 27
5
512 *5
512
513
518 518 *518 512
11:11ALuir
330 Winona
51s 512 *518
2V8 Nov
Oct
140
93 Oct 198 Feb,
140
35 Wolverine
149 Sep 15
3137 140 *137 140 *137 140 .137 140 *137 140
2 aa
ig 11 ia n
Jan
2
12 3,755 Wyandnt
25 .50 May26
212 212 *2%
332 Oct 3 .10 Nov
258
233 231 *212 231 2 7-16
3
28 3
illetore pay't ot assess'ta called In 19,07. * Bid and asked prices. d New stock. e Ass't pald. b Ex-stock dlv. S Ex-rIghts. a Ex-dlv. and rights.j

8ec,,,

gg

437893
Arizona... 18

1n 1,T4

,,,11., 111, *ii:4 1v34,
; 18 4
4




121 *
4

ow
68_4 us ury.conesrol

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•

2.0tN

Boston Bond Record.

OCT. 17 1908.1
r
•

.
IP-•
dilf.1
IV eeies
Price
co , ..

t A.
c
,BOSTO N wroc k. 1..xH ct r. I i.
WERE ENti1N(.4 OCTOBER 16 4;4
-

atlier
Range or a
bast Sale zi - January

Priddy
Oct 16

1001

ISO.% IP.
4

,
High A. Low High
Ask how
Bid
s
Am Bell Telephone 48....190. J .J
100 J'ne'08 , . ugis lot)
/
4
/
4
/ 91,1 13: 781 90k.
2
001 Sale 901
4
Ain Telen & Tel coll Jr 4a.1920 J •J
.,
Convertlble 4e. .. .. 1936 m-S 93 Sale 924 ¶931253 807 941
4
...
Am Writ Paper 1st at5s a 1919 J.J
'!783 $783
4
4
4
¶1783 Mar'08
AtonTop& 8 Fe gen g 46..1995 A-0 99
/
2
/
2
.
991 11 961 9113
98%
Adjustment g 4s....J'ly 1995 Nov 92
89%
89/ Sep'08 .... 85
1
2
.
1995 81.N 61
J'ly
Stamped
91 91
91 Sep'W.
Boston L'lect, Light 1st 68.1908 141-S
1,
424 741-5
Consot 58
110 Feb'04.
19113 2 -J
'Boston & Lowell 45
101 Sep'06.
.
1944 ,i j
1
2
8
Boston ob Maine 4/
104 Ply'08
104 104
/
2
1Boston Terminal 1st 313.1947 F -A
11214Jan '03 .
104 Oct'07
1918 J •J
Bur ab Mo MY ex 6s
Non-exempt lis
1918 J -2
102 Sep'05
1910 J -J
Sinking fund 43
981 Apr'Ob
/
4
/
4
97 981
Butte & Boston 1st 68-.1917 A-0
.100 J'ne'lll
Cedar Rap do Mo It 1st 78.1916 M-N
117 J'ne'08 .... 117 117
1909 2.1)
287s
111 18.Ply'05
Dent Vermt lat g48-May1921) Q.F 801 81
/
2
801 801 1 7e. 801
/
2
/
2
;
'0 B & Q Iowa Div 1st 56.1919 A-0
11103 Oct '0'2
, Iowa Div 1st 4s
1919 A-0
981 Ang'08
/
2
4
963 1100 ,,
Debenture 58
1913 M-N
100 Apr'08 .
100 100
,Denver Eaten 43
1922 F-A
961
6
1 981 in)14
/
2
9J'
'Nebraska Exton 48
1927 M.N
963 963
8
t
8
983 Apr'08
B&SWaf 4s
1921 M.S
971 May'07
/
2
. Illinois Div 31s
/
2
1949 J.J
.11873 Ang'08
4
86 1[89
, Joint bonds See et Northern
'Ohio J o By ab Sta Yda lis.1915 .1•J 102
,
4 5 99 1031
1023 1023
4
' Coll trust refunding g 481940 A-0
89
89 Ply'08 .... 85
Oh Mil & SIP Dub 1) 68_192 J -2
'08118 118
118 .Ply
Oh 19. &St I' Wis V thy 681920 J -2 .......
126 Feu'05
'Chic & No Mien 1st go 58.1931 M-N
99
95
981 99 Aug'08
/
4
Ohio & W Mich gen 64321 J-D 99%102 100 Oct'08. .. 97 102
:Concord & Mont cons 48..1920 J -D
91 Dec'07
Conn & Pass It lot g 4s...1943 A-0
1124Jan '03
Current River 1st Oa
104 Nov'06
1927 A-0
827g
80
Det Gr ltap & W 1st 4a...1946 A-0
817 May 08
0
.
90 Fell'0890 90
,Dominion Coal 1st a f 5/3_1940 M-N
.
98 Apr'07 .... ......
Pah- 11441-N
FitOhburg 58
1031
/
2Api'08
1915M-8
. 48
96 96
96 Apr'Oe
1927 NI-13
48
1281 Apr'08128 1281
/
2
{ Frernt Elk & Mo V lat 60..1933 A-0
:
.
...
.
.140 Apr'05 ..... .
1933 A-0
Unstampen lat 6s
4
.
'7 921 ¶993
4
97
963 Sale 963
4
iOt Nor C 13 & Q coll tr 4s 1921 J-J
92
OK%
964
971 Sep '08
/
2
i921 Q-J
, Registered 4s

Price
Friday
Oct 16

1
.
4.
BOSTON STOCK EXc ti'4414. -:;.... E
wicitx ENnibus OCTOBER 16 --.;-,,

hangs

Week's

Range or
Last sob

since
January 1

-

.1t, Low High
H
Ask Low
Thu
Illinois steel deben 58....1910 J -J 100
100 Sep '0,
loll.. .
Non-convert de ben 5s...1913 A-0 1004
1004 took. 1 95 1004
La Falls &Sioux Clst 73..1917 A-0
117 Ape()17 117
Kan C Olin & Spr 1st 5a. 1923 A-0
06 Mar'0
96
,.....OP
Kan C Ft8 els Gull 1st 7es .1908 J -D
101 .."ne't1: .. ton 101
Kan 0 Ft Scott & M 6s....1928 M-N 11314 1151 113 Oct'08 .... 10914 1164
/
4
Kan CM & B gen 4s
1934 M-S 90
8912 swi)'3, .... 4-712 91
Assented income 5s
1934 M-8
87 Sep'08 . 87
881
/
2
Kan C & M Ity & Br 1st 531929 A.0 ......
t. 1001 101
/
4
/
2
1001 100
1st 7s.. 1912 A-0
Islalne Cent cons
113% Nov106
1912 A-0
Cons 1st 45
101 14 Sep'05
a rq Hough & Ont 1st 68.1925 A-0
115 J'ne'0;. .. 413 115
4.xic3n Central cons 43..1911 J-.1
8
1807 Sep '448 •..
74 185
Jan 1939 J'ly
istcons Inc 3s
16 Apr'0- .... PIG
1618
Jan 1939 J'iy
cons inc .3s
4
15 4 Apr'08 .... 1151 154
1917 J- J
Mich Teleplst 58
Minne Gen Elee con g 5/3 1929 J.J
1021 Ang'04 . .. .
/
2
. . ..
New Eng Cot Yarn 5s....1929 F-A
148
9111 981
4
981
/
2
/ 98'. -41 03
4
1908 A-0
New Eng Teleph 6s
100 Feb.0:. ... WO 100
1915 A-0
5g
100½ Jan '07
1916 A-0
.i3.
1001 Sep'08 .... 1001 1001
/
2
/
2
/
2
New England cons g 53...1945 J -2
1939 AM
Boston Term 1st 43
deb 31819511 .14
/
4
1193
N YN li & li con
3 791
/
21193
1193
1924 F-A
9814 J'iy '4,
Old Colony gold 48
9 / 981
81
2
/
2
119614 J'ly'0 .... 11964 11964
Oreg Ry & Nav con g 43. 1946 J-D
1922 F-A
Oreg Sh Line 1st g 68
11107 Sep '0 . . 103 111978
6
102 Aug'0
Repub Valley 1st a f 68...1919 J-J 102 .
. ..... ......
8.1941 J-2
1071 Nov'0". 4 ......
/
2
/
2
Rutland 1st con gen 41
102 Mai'lr.
Rutland-Canadian 1st 4s1949 J-J
98½ May'0
Savannah Elee 1stcons 55.1952 J -J
1930 F.A
1011 Ply'ti: . .. 1001
8
Seattle Elea lat g 5s
/
2101 Li
97 Apr'04
1929 1 -AI
ierre Haute Elec u 55
rorrington 1st g 56
991 Nov'ti
/
2
1918 B-13
Union Pao RR& 1 gr g 43.1947 J•J11028 ¶102 : 1 '99% 11023
3
6
20-year oonv 4s
1927 j
-J .......... 1199 Sep'0 .... 11843
61199
.
Uniten Fruit cony gen 56.1911 51-S
116 Jan'O. .. lid 117
U S Steel Corp 10-60 yr 55.1963 NI-N
11023 ¶102 : i!186 11023
8
8
West End Street Ry 4a....1915 F-A
9614 Feb'0...
961 964
4
Gold 41
/
2
1011
/
2Sep'0: .... 1011
s
1914 M-S
/
210116
(Iola denenture 48
1916 M-N
1023
8.11311'0
Gold 4s
1917 F-A
991 Sep '0.t..
8
/
2
991 9914
Western Teleph & Tel 58.1932 J.J
95
79
95 96
96
97
Wisconsin Cent 1st gen 481949 J-2
¶94½ Sep'05
Wisconsin Valley 1st. 711 .19119 J-J
109% Aug'05

NoTE-Buyer pays accrued ntereat in addition to the purchase price tor all Boston

Bonds.

No price Friday: latest bid and asked.

1 Flat price.

Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Share Pricea--Not Per Contain Price.
Saturday
Oct 10

1
•61
12
10
,•10

iionday
Oct 12
11
1
0
St
1
.1

*44
44 44
46
• 36 .36
36
36
1.9i516 515,
6
6•7,
3
'•25
013
61
/
4
6's 6"4,
803 903
90
4
90
663 67
' 665 613
4
8
8
"S 18
6
/
2
/
4
613 611 611 617
16
6
/
2
• 38, 38% 381 381
/
2
/
2
101 101 101 104
/
2
/
2
221 22% 23%
/
4
22
'0010
4131e 65310313ns
44
44
48
43
44
:..43
497 50
6
497 501
6
/
2
' 86
864 861 871
/
2
/
2
P1111.Aiti4.1.Pil IA

Tuesday
Oct 13

Wednesday
Oct 14

Thursday
Oct 15

21
.20
69% 69% •67
95% 95
*95
95
9514 *95
*61
/
2
*634
*Ws 81 .63
4 8½
/
2
•12
*1214 13 .12
14
.12
14
1
101 .10 101 •10
/
2
*10
101 •104
/
2
/
2
21

*44
437 44
8
36
36
343
91 9%
/
2
97
8
5
*25
•25
618,
6
7
/
2
PO
901 9014
4
663 671 663
4
/
2
17
8
4
13
4 13
61% 62 (3111is
39
39
381
/
2
4
101 10% 103
8
23% 2334
23
65116 633 641116
4
4431
/
2
431 4314 44
4
491 504 504
/
2
874 87
87
Bid

Ask

Sales
ACTIVE STOCKS
ot the
Week (Air Bonds and /nadirs
Stocks see below)
Shares

Priddy
Oct 16
22
69
951
/
4
7i
131
/
4
1014

Baltimore
10 Con.Gas El. L.& Pow
10
Do prat
125 Northern Central
Seaboard(new)
Do 26 pref
United Ry & Electric

!I
I




Lowest
20
65
80
4
10
10

Jan 15
Mar25
Jan 2
Feb12
Feb Is
;Ian

Highest

PHILADELPHIA

Bid

Ask

PHILADELPHIA

Bia

Ask

Range tor .Previous
Year 1907)
Lowest

Highest

271 May13 3314 Jan
/
2
76 Apr23 80 May
/
2
96 Sep 21 781 Nov
8% Aug24 10 Nov
13/J'ly 23 24 Dec
1
2
117 Mar28
8
8% Oct

Philadelphia
172 American Railways
441
/
4
/
2
50 42% Mar 14 46 Angll
*431 441 *44
/
2
45
/
2
8
8
361 *357 36% 36 361 1,194 Cambria Steel
50 267 Feb 10 387 Sep 8
6
8
8
97 97 1,997 Electric Co of America 10 8½ Jan 25 107
6
97
6 97
6
97
8
8J'ne2k
211 Gen Asphalt tr ctfs
6
6
100 314Jan it 7 Aug 6
Do pref tr ctfa
390
28 28
100 19%Jan
291 Aug2
28 28
/
2
81 83143 3,815 Lake Superior Corp. 100 33 Feb29 0 4 Apt 16
/
2
8
81
/
2
8
,
8
791 Lehigh C & Nay tr ctfs 50 784 Jan 2 921
4
903 91
/
22'1y
901 .90 91
/
2
50 52% Feb29 683 Sep 15
663 671 2,006 Lehigh Valley
4
/
2
67
663 67
8
4
2
21 1,830 Marsden Co
/
2
100 1316 Jan 211 • 27 Apr 2s
2
11316
2
8
924 Pennsylvania RR
50 549 Jan2 6314 Aug 7
8
61% 617 611316 62116
62
92 Philadelp'aCo(Pittab) 50 341 Mar 3 411 Apr24
/
2
/
2
381 38% 3876 .381 39
/
2
/
2
8
10% 113 17,108 Philadelphia Elootrict 25 51 Feb27 11%Oct 16
/
2
10% 183 11
4
/
4
23% 231 243
, 237 241 34,816 Phila Rapid Transit
50 d1218.1'ne 9 241 Oct 16
8
/
2
/
2
50 46316 Feb 17 681116 Sep If,
651 64% 65% 66716 661 22,573 Reading
/
2
/
2
50 39 Jan 3 44 Oct 12
43%
Do 1st pref
431
/
2
*43
25
Do 2d pief
50 3712Jan 2 44 4 Oct
•43
44
44
*43
47
2
44
521 517 524. 17,600 Union Traction
513
/
2
8 51
8
50 x4414 J'nel0 564 Apr23
6 876 8814 8,254 Unit1341 Gas Impt
50 7314Jan
4
873
8 871 877
8
89 J'ly 21
Welsbach Co
27
100 25 Pne22 2614 Sep II
*25

Inactive Stocks
Ph & Read 28 58'33.A-0
Honda
Al Val E ext 7s 1910 A-0 103%
Allegheny Val pref. 50
Con Ai 7/3 1911
J-D
50 36
American Cement
96,
9
Ex Imp hi 4814'47 A-0
Alt&LVEleo 4/
8'33.F-A
1
2
100
93%
Am Bye cony 58 1911.2-D
1Amer Pipe Mfg
Terminal 58 g 1941 Q-F
All City 1st 5a g'19.111-N
P W & B col tr 48
Well Telephone(Pa) 100 9814
50
Balls Per 1st 5s 1926.J.D
Portland Ry let 58 1930.
Cambria Iron
Roch Ry& Leon 5s'54J-J
Central Coal & Coke.100
13erg&EBrw 1st 68'21 J-J
Spanish-Am Ir 643'27 J-J
Bethle Steel Os 1998.Q-F 116
,Consol Tree of N J...100
U Trac Ind gen 56'19.J-.1
Choo& Me 1st5s 1949 J-J
[Diamond State SteeL 10
Ch Ok & G gen 5s'19 24
10
Preferred
Un Rye Trolls 413'49J&J
Col St By 1st con 58 1932
United Rya Inv 1steon tr
{Easton Con Electric G 50
/
2
Con Trao of N J 1st 56.'33 1051
/
2
5s 1926
{Elea Storage Batt....100 351 86
151-N
E& A DAM 53 1920
• Preferred
1061
100
/
2
U Trao Pit gen 58'97 J4
Elec & Pen Tr stk tr Otis 92
921
1,1et Wayne &W V
4 Welsbaoh a f 58 1930.J.D
100
Eq Ii Gas 1st g 55 1928
50
'Germantown Pass
-L
Wilts-B G&Econ5a'55J4
H& B Top con 5s'25 A-0
[Indianapolis St
100
BAI'I'hliOlLJt
ndiana Union Tr
Indianapolis Ry 48.1933
100
Inactive Stocks
Insurance Coot N A..10 204 21
Interstate 45 1943 ..F.A 871 38
/
2
Ala Cons coat& Iron 100
Inter Sin Pow & Chem.50
Lehigh Nav 4128 '14.(44
Pret
100
Keystone Telephone -50
1914.14-F
RIts 43 g
Atlanta & Charlotte. 100
Preferred
Gen DI 42 g 1924.Q-b
/
113
50
Allan Coast Line RR 100
fEeystoneWatchCase.100
Leh V C 181 58 g
Atlan Coast L (Conn)100
10 141 16
Leh V ext4s let 1948.J-D '10312
"Lit Brothers
/
2
Canton Co
100
M-S 1041
5
/
2
{Little Schuylkill
2d 78 1910
Cons Cot Duck Corp...
-50
Consol Oa 1923
69
KinehW de Schuyl H 5
/
2
J-1) 1201 1211
/
4
Preferred
50
Annuity da
J-D 146
IN Haven Iron & Stee1.5
Georgia Sou & Fla...100
54 ..
Central
96
Northern
Gen cons 4.3 2003.M-N 98
let pref
100
Lou V 'Fran con 4s'35J-1)
North Pennaylvania 50
......
2d prof
100
50
Pennsylvania Salt
New Con Gas 55 1948 J.D
G-13•S Brewing
100
Newark Pass con 5s 1930
Rennaylvania - eel..100
100 103
NY Ph& No lat43'39 J.J
, Prelerred
Bonds
/
2
Income 4s 1939.
-M-N
Anaeostia do P0168
Phila Co(Pit(s) pref...60 39% 401
NoOlnoTrac conba'19.J-J
A.t1 & Ch ext 41 '10.J4
Phil German ,44, Norria 50
/
2
s
9°', Penn gen 138 r 1910 Var
50 89
Allan C L RR481952M-S
Phila Traction
11
Railway- General
Consol (is r 1919. Var
Atl Coast L(Ct)ctfis 541J-D
Busquen Iron &
Penn & Md Steel con Ga. 110
Ctfa of indebt 4a .J4
Tidewater Steel
11
Pa db NY Can 5s '39.A.0
5-20 yr 48 1925
.14
'• Proterred
10
-A.0
Con 4s 1939
Balt CPaaa lst,58'11 bf-N
61 6% Penn steel let 55'17 244.14
/
2
Tonopah Mining of Nevl
Salt Fundg 58.1916 141•N
104
Union Tr of Ind
People's Tr tr carts 441 '43 96
Exchange 31 1930 J-J
/
2
s
P Co Int& col tr 58'49 M-S 103 104
United NJ Kit & C 101 246
Balt& P lst6smI'll A.0
45
Con& coi It be 1951M-N 993 100
Unit Trao Pitts pref_5(
Balt Trao D4513_129 2.1..N
4
Phil &leo gold trust otfa 1001 101
Warwick Iron & Steel.11
/
2
71
/
2
No Salt Div 581942 J-D
Trust certif8 48
West Jersey & Sea 88.50
Cent'l Ry con581932 141-141
721
/
2
87
P & E gee Si 6 g'20.A-0
Westmoreland CoaL...54
86
Ext& Imp 58.1932 MS
Gen M 46 it 1920 A&O
Wilkes Gas a, Elee 104
Chas City Ry 1st5s'23.T-J
•
*Bid and asked: no sales on this day. ¶ Ex-rights. 9 47.50 paid. t 4 / Paid. I $131 paid. 4 431 paid.
/
2
1121
2

•l

100
100
50
100
100
50

Range Since
Jan 1 1908

35 Jan
85 Jan
97 Jan •
234 Jan
48 Jan
15 J'ne
1

/
1
432 Dec 51 Jan
22 Oct 471
/
2Jan
6
77 Oct 11% Jan
3 Oct
8 Jan
13% Nov 36 Jan
4 Dec 16 Jan
69 Oct 103 Jan
481 Oct 77 Jan
/
2
%Nov 219Jan
x52 Nov 701118 Jan
33% Nov 484Jan
6316 Nov it Apr
/
2
4/12 Z.ov 4261 May
353 Oct 6'"Jan
8
36½ Nov 453
8Jan
321 Oct 47 Jan
/
2
41.7 N44. 603
8
8Jan
661 Oct 96'.Jan
/
2
25 May 30 Feb

BA LTI Most i...

Chas By G & El58'99.361.S
Char'C& A ext 53.'09 J-J
109
..
'2d Is
1910 A-0
City& Sub 1st 5s..'22J-D
City& Sub(Waa)lat58'48
Coal & I Ry let 58'20E-A
Col&Grnv 1st133-1916J4
consol Gas 6a...1910 J-D
100
90
5s
1939 J-D
70 Ga& Ala 1st con 58'452-2
68
Gra Car&N lat5sg'29J4
791 79% Georgia P 1st 6a...'22 J-J
4
1061 (MS°do Fla 1st5a 1945J-J
/
4
76 G-B-S•Brew 3.48 1951111.13
75
2d income 5s 1951 111.N
Knoxy Trae 1st 53'28A-0
LakeR El 1st gu5s'4211.8
MaconIty&Ltlat5s153J-J
80
25
Memphis St 1st 58'45 J4
68
63
Met•St(Wash)lat5s'25F A
Mt Vet Cot Duck 181 58.
Npt N&O P1st 58'38 M-N
206 220
General 56.-1941 81.8
1321 8714
/
2
5% 64 Norfolk St let 58'44..J4
North Cent41as 1925 A-0
2414
23
Series A 5s 1926.....14
Series B be 1926. .J-J
82
78
Pitt Un Tr= 5s 1997.J.J
65 Poto
3 Say Val 1st 5e 1941..24
2
Fla & West5s'34 A-0
Seaboard A L 48 1950 A-0
,
100 1001 Saab & Roan 5s 1926.J-J
99 100 South Bound 1st 58-A-0
4
/
2
8'29 M-N
9414 943 UE1 L&P 1st-41
Un Ry & El 1st 4s'49 81.8
Income 43 1949
78
JD
77
Funding 58 1936...J.D
81
79
Va Mid 2d set 63'11.84.8
101
Sd series Os 1916_31.8
106 108
/
2
971 981 4th ser 3-4-58 1921.31.S
/
2
511. aeries be 1926.51-S
1041
/
2
Va (State) 3a new '32.J.J
101/
Fund debt 2-84 1991.3-3
1131
/
4
West N C eoa Ss 1914 J-J
109
WeeVaCetsP lat6g'11 J-J
WU & Weld 6a..1935.J4
a Iteoeipta. S $226 paid. a $30 paid.

Kid
84
104

Ask
86
105

107, 109
s
101.
100 102
114 116
1031 104
/
2
110/ 111
1
4
98% 99
102 1023
4
114% 116
105 106
2
421 431
/
2
15
151
4
1021 105
/
2
112 114
91
931
/
2
107
75% ;
X;
85
90
......
104
102
1114
1114
104
100
107
54' 54%
4
103', 1044
101 1011
/
2
91
91%
841 843
/
2
4
51% 62
79
791
/
2
102
105 1081
/
2
100
1021
/
2
90
90 ___
107/ 1081
1
4
4
103 104
110
al4t4218 pad

1002

THE CHRONICLE

[VOL.

Lxxxvii.

Industrial and filtsee
bira
sk
Consol Car Heating_100 20
2712
fauns ity LgthRefrig_100
212
Consul Rubber Tire_luu
6
TRAN3ACTIONS AT THE NEW YORK STOCK EXCHANGE
Preferred100 20
2712
DAILY, WEEKLY AND YEARLY.
Debenture 4s 1951 A&O
35
90
._
18
Cons Steamship Lines 100 1-16
Coll tr 4s 1937 rctsJ&.1
11
12
Stocks
Railroad,
Ai6 72"„.
Corn Prod Ref See Stock Exc list
1 U.I
State
Wee' ending
&c..
Ferry Companies
eCrucible Steel
612
10u
Par value.
Shares.
Bonds.
Oct. 16 1908.
Bonds.
Bonds.
42
ePreferred
4212
I, ___.
------ Brooklyn Ferry stock 100
li05
Cemberland Ely Copper ° *75, 7 4
e
231,137 $20,061,200 *1,092,5001
us
Saturday
$10,000
B & NY 1st 6s 1911J•J 192
3
)
,
Wianiond Match Co_1(:II 131 133
00 ,
581,946 53,187,100
Monday
149,000
4,195,0001
N Y de E K Ferry stk_100 40
*7
8
He
DomIteon Copper
60
482,374 43,977,400
40
Tuesday
3,744,500
104,000
1st 5s 1922
M- N
93
5 • *3
Douglas Copper
4
427,188 38,880,300
•Wednesday
3,307,500
212,500
N Y & Bob 5s May 46 .1-D §90
422,221 38,784,600
3,074,000
321,000,
_..._ Econ'y Lt & P (Joliet, Ill)
• Thursday
Hob Fy 1st 5s 1946,11-N 311
1st 21 s I g Is 11)56_J-e I 921 95
557,746 49,164,600
Friday
4,63.3,500
298,000
NY deNJ 55 1946 ____J-J
prtrle Boat
30
10L, 24
11
3
19)3
10th & 230 Sts Ferry_100 2(1 -. - Elee ef crred
luu
55
2,702,612 $244,955,200 $20,047,000 $1,094,500
65
Total
1st mtge 5s 1919__J-D
preferred
10,
Vehicle
3
50
21Electric V
eUnion Ferry stock_ _100 420 "
100
5
90
elst Is 1920
M-N1 80
Week ending Oct. 16.
Sales at
Jan. 1 to Oct. 16.
Empire Steel
100
12
New York Stock
Notes
Short-Term
Preferred
100 /.8
51
1908.
Exchange.
19'7.
1907.
1908.
8
Am Cig son A 4s '11 M-S 4957 061, eFederal Sugar of N Y Se. StkE x list
64
Ser B 4s Aida 15 1251 S 39414 95 eGeneral Chemical-10u 50
-No. shares_ _
2,702,612
Stocks
5,046,299
143,497,313
166,644,160
2
ePreferred
100 031. 93
-See G ,s S,,e
$244,955,200 $451,717,500 $12,406,385,775 $14,422,062,525 killer Light do Tr 6s
Par value
1o012 Goidlidd Ciinsoi MInes_10 *3
1i
57s
$12,500
Bank shares, par
$27,800
$112,700
$318,600 Am Tel & Tel g 58 10 J-J 110014 100
Gold 11111 Copper
49928
12
1
*38
Atlan Coast L Is '10_51-S
Bonds.
Ills 103
1909_M-S ;10014 10058 Greene Cananea
s
Government bonds
$467,620
$53,500
$624,300 Bait do Onlo IsJle 1
410
12
'10J J 11017; 10 1, Greene Consul Gold- 2
Ches do Ohlo 6s
10 .
'
1,1
1,927,000
31,094,500
State bonds
72,274,500
49,777,00
Greene Gold-Sliver
41,012 101
10
666,969,200
20,047,000
RR.and misc. bonds
9,897,500
303,761,400 Chic It I & Pile 6s '00A-() 31 , 14 0).12 Guggenhefin explor' luu *116
165 175
Chic do W Intl Is '10_F&A
t,0 ettackensack Water Co
53
Total bonds
$21,141,5001 611,878,000
3739,711,3201 $354,163,000 Cin Ham dcD4 Yes '08 '11
C C & St L Is, June
84
83
ltt g s Co
v ar4 (d
,
', I a l r lne rfe b 2 o o u0 --10
. 012
2 ..lot
j-t
Consol Gas es 1900- Fe; 4 14P011:: IS8, IapieSignal 1aeeP '1. ' 33
11.
38
DAILY TRANSACTIONS AT TIM BOSTON AND PHILADELPHIA
Erie Os, Apr 8 1911_ A-E
7'
9
Preferred
EXCE1ANGES.
toil
:
- .-115
T g es 1911 M-N 1162 interb
17
20
to
1st g 5s June 1 22_1-1) 50
1 0
55 Meh 1910
55
Hecker-Jones-Jewell M11 100
Kan C So g Is Apr '12J-J 007 vs
Boston.
Ph ladetphia.
1st es 1922
Lack Steel g Is 1909-M-S
Week ending
6
10
4
M-S 1 V2 1 ,534 Berg-Hall-Mar, new_lOu
35
Is g 1910
45
Bond
Listed
Listed Unlisted
Oct. 16 1908.
Unlisted
Bond
4
Lake Sla & M So 53'10 F A 411)03 1011e Hoboken Land & Impluu .._
sales.
shares.
shores. chores.
shares.
e5s 1910
21-N 310jLou & Nash g 5s '10-MS 1611,0000038511 1001
Houston 011
Mcx Cent Is July 1 1010
7
6,598
$35,000
'Saturday
6,282
8,817
Preferred
2,367
10
1,110 28
$15,000 Mich Cent Is 1910
30
F-A
9,140
23,694
120,000
:Monday
24,597
13,944
Hudson Realty
206,430 Minn & St L g Is '11_12
110 •
•.,7
-A
6,994
19,421
88,500
j Tuesday
14,568
e Ingersoll-Hand corn.100 70
7,322
177,912 Missouri Pacific
7,589
20,862
105,000
• Wednesday
ePreterred
20,293
5,874
100 90
73,200
Os Feb10'11)eon von F-A
9712 98
'Thursday
32,659
/29,400
7,897
22,108
5,384
53,840 NatofAlex Is ext to'09 A-0 510
115
Wel4 Internael Bank'g Co_lue 90
',Friday
16,452
28,365
40,500
Sae list
Int'n1 Mer Mar See 519
6,459
23,446
89,800 N Y Cent 5s 1910
.1
F-A 1143 101
1°0 191 105
0
°
)
N Y C Lim:siege 59'10-1u o412% 1 14% Internat'l Nickel_
133,818( 54,670 *524,4001 111,294
100 83
Total
Preferred
41,3501 S616,182 N YNH& le 5s '08-'1 110012
27
1st g Is 1U32___ _Adc0 83
86
Norf & West as 191051-N §1005, 101
A..0
13
15
Pa RR Is Melt 15 '10 51-1, ;101 10118 In tern eternal Salt- _ lu,, 46
Is, 1951
1st g
52
96
StLMS'east 43es '09..J-D 194
7
100
10
St L 'Sc S Fg 4345 '08..J-I) ;100 lUOIp In ternat'l Silver
100 55
Preferred
58 •
9912
, weekly review of the Outside Market will be found on a preceding page. South'n coil tr Is '09_ A-0 496
A
J- 1.1 3104
1st (is 1948
106
South By g Is 1910 F-A 486
88
100 35
36
Southern lty 6s lell.M-N ;98
99 Lackawanna Steel
Street Railways
111e
Bid Ask Tidewater 6s, 1913, guar 44, 14 99:e Lanston NIonotype-ZU *11
Street Railways
Bid Ask
9
100 19712 205
U S Rubber g 55 '09_ M-S 49934 e,014 Lawyers' Mtge Co
Pub Serv Corp N J (Con)
New York City
Wabash Is. May 10 1909 193 'J6 eLeti & Wilkes-11 Coal 50 90 105
20
J C Hob do Paterson•Bleeck St & Ful F stk_100 14
100 120 135
93 Lord & Taylor
5
MN ;70
Westingh Eldc21 es 1910 195
71
4s g 1949
73
ta 1st mtge 45 1950-J-J 63
100 97 100
So J Gas El& Trac_100 118 120
jr.B'y & 7th Ave stk__100 110 128
Railroad
eLorillard. (P). pref-10(1 125 135
M-5 194
95
Gu g Is 1953
L.. e 2d mtge 5s 1914.....1-J 93 100
Madison Sq Garden- U° a 70
Chic Peo & St L pref-100
Al-N
1
0
20 .
No Bud Co Ryes'14 J-J 1107
Con 581043 See Stock Sze list
2d Os 1919
12 112
Deposited stock
5s 1928_-___J -J $105
86
,B'way Surf 1st 55 gu 1924 98 102
M-N
Ext 5s 1924
oi 161- Undeposited stock_-12 112 eManhat Beach Co..-100
erent'l Crosst'n gtk.,_100 90 130
I
Manhattan Translt___ZU
.Prior lien g4 345303145 83
Pat City con 68 '31..J-D 1116
92
e 1st mtge 6s 1922_2,1-N 95 110
18
10 e
Nlitchell Mining
2d 135__1914 opt A-0 1100
Con rtitfe g Is 1930_J&J ,50
60
Cen Plc N & E 11 silt 100 50 100
512 Monongahela li Coal 50 * 43
Income 5s, July 1930
4
e Chr't'r & 10th St stk 100 80 120 So Side El (Chi* See Ch icago list
50 *2512
Preferred
105 -1
1.1- 20
\Col & Ot h Ave 5s SeeStocii Sze list Syracuse R T Is '46.,M &S 101 103 Chic Subway
Trent P & H 55 1043.J-D §95 100
Mortgage Bond Co.,_100 95
Ft W & Den Cy std....1(10 90 100
, Dry I) E B & B96
United Rys of St L€-'
Nat Bank of Cuba___100 95
Nat Rys of Mexico-, e 1st gold 5s 19-13 90
Corn vot tr ctfs____100 1012 20
National Surety
56
IOU 135
-A 30
Pri lien 0340'57(w 1)J-J 490
• e Scrip 5s1014----191
e Preferred
Nevada Cons'd Copper-5 *1614
100 6034 61
Gen 21 4s 11177(w I) A-(j 184
LEIghth Avenue stock_100 200 270
115
Gen 4s 1934_See Stock Sae list
Nev-Utah 211u & Sm_lt) *278 3
North% Securities Stubs_ 112': 125
!"a Scrip 6s 1014_-__F-A 95 105
UnitRys San Fran See Stk Exc list
40
42d & Gr St ry stk_100 215 265
Pitts Bess ec L E
50 *32
53
35 eNew Central Coal____ZU
N J Ter Dock & Imp_10()
liVash Hy & El Co
42d St M & St N Ave_100 30
100 3,112 3412
,
Preferred
50 *60
NY Air thane (is See Stck Exe list
68
Preferred
100 8212 1314 eRallroad Securities Coe 1st mtge 8s 1910_M-S 195
N Y Biscuit es 1911_M-S 100
4s 1951
60
92
Zd Income 6s 1915_J-J
ln-0 stk tr cfs ser A '52 113
82
J-D 81
eNew York Dock
1(e) 29
Inter-Met See Stk Exch tune Ilst
Seaboard Company
ePreferred
100
Gas Securities
45
73
1st preferred
100 30
:Lex Av &PavF 58 See Stk Sac list
N Y Mtge & Secue ty -100 13
i- 143
,Ifetropol St Ity-See Stk Sac list
Corn & 2d pret-See Salt Exc list
N Y Trausportation_20 .3
New York
(Ninth Avenue stock__100 110 150
Seaboard Air Line
4
Niles-Bern-Pond corn_luu
92 Cent UnGas 5s g '27..J&J
92
1,0 100
Coll Is ext May '11 111-S 00
9912 102
!Second Avenue stock _100 45
3
-See Stk Exo list
96 Con Gas (N Y)
, e 1st mtge 5s 1900_M-N 93
Union Pacific 45 See Stk Exch
873
llsttPtssa g Silver
entar1o Mines
100
100 142 155
83 e Mutual Gas
4
73
Consol Is 1948,___F-A
412
Industrial and Miscel
Otis Elevator conx_10u 35
New Amsterdam Gas
eSixth Avenue stock_100 115 130
40
Preferred
100 90
Adams Sap g 4s 1947 J-D §93
1st consol Is 1048....J-J 10012 102
95
85
1-Sou Boulev Is 1945....I-J 160
94
Pittsburgh 13rewIng__-fiu 41834 1878
25 115 125
NY ecERGas 1st 5s'44 J-J 103 1e6 Ahmeek MinIng
95
_A-0 185
'So Fer 1st 58
Preferred
50 *38/s 3938 •
J-J
100 105 115
Alliance Realty
Consol Is 1945
94
ThIrd Avenue-Bee Stock Sac list
98
1910_Pittsburgh Coal..See Stk Esc Ilst
Allis-Chalmers Co 1st mtg
N Y & Richmond Gas 100 35
90
Tarry W P & NI Is 1928 170
88
-M-N 90
S 1 Is 1936-See Stock Exch list Pope Manufacturing_100
Nor Un 1st Is 1927.
YkersStRR5s 1046 A-0 575
85
115
14
1st preferred
100 -211 30
American Book
100 143 147
50 e Standard Gas com-100
75
10
28th & 29th Sts 1st 5s 06
20 preferred
lUu
100 n70 100
100 105 ill
e Preferred
American Brass
• e Twenty-Third St stk 100 254 325
1
3
M-N 1100 104
American Cnicie com 100 195 200 l'ratt & Whitt' pref_100 95 1021'2
1st 55 1930
95
1, Union fly 1st Is 1942 F-A 190
R
Realty Assoc (11klyn) 100 130 135
100 96
Other Cities
Preferred
80
Westchest 1st 5s '43 J-J 465
98
Royal Bak Powd cow luu
Amer Light & Tract-10U 112 114
Am Graphopbone com100
Brooklyn
20
150
1'ft:retied
100 fel
_100 ---Preferred
Preferred
95
• Atlan Ave Is 1909_ A-0 48 100
45
104
11 1')
1)
Col In g 6% notes-A-0 110 115
100 110 1 11- Safety Car Heat & Lt.= 1 13 115
98
Amer Hardware
A-0 193
Con 5s g 1931
f
50
25
Bay State Gas
AmMalting 6s 1914- J-1) 100 105 Seneca Mining
3.7
s 2
55
1-B B & W7 Is 1033-A-0 100 102
Singer Mfg Co
100 940 155
i0 188 195
BinghTn (N Y) Gas Wks
Amer Press Assoc'n _ _100 0
*-Brooklyn City stock
f) LOO
Standard Cordage_ _luu
1st g 5s 1938____ Ah0 93 100
Am Soda Fount corn_100
18
78
Con 5s-Sce Stk Each Sac list
1114
6- 1st M g 5s '31 red_ A-0 2212 2612
1st preferred
Brooklyn Union Gas deb
100 10 -2
'Bkn Hgts 1st Is 1941 A-0 95 IOU
Adjust M 55 Apr 1 1931
e6s 1909 See Stk Exch list
100
20 preferred
. Bkln 0 Co & Sub See Stk Exc list
25
8
2
278
Standard Coupler cons 00 30
1 1,,
4
Buffalo City Gas stock100
512 e Am St Found new_
list
Bklyn Rap Tran-See Stk Sze
30
35
Preferred
10u 100 110
1st Is 1947-see Stock Exc est
90
(38 1935
- &O 5 96 'Jti
A
• e Coney 1st Fe Bklyn_ _100 to
80 Con Gas of N J Is 36-J-J 485
75
Deb 4s 1923 (w1)_F&A 160
90
1st cons g 4s 1948....J-J
62 Standard Milling Co 100 iu
1012
Preferred
IOU
100 Consumers' L II & Pow
50 185 195
American Surety
Brk C & N 55 1939_J-J 90
43
1st 5s 1930
Is 1933
J-D 98
American Thread pref_5 *I
e-s4
: Geptei:LorSt 1st 63_111 &N
83
85
Standard Oil of N J__100 620 630
Elizabeth Gas Lt Co 100 275
_ Am Tobacco Co COM..IOU 33u 350
• Kings C El 4s-See Stock Sac list
Essex Fe Hudson Gas_100 120 124
100
Amer Ty pefders corn -1 00 35
Nassau Elee pref
38 Swift &Co-See Bost Stu Ric list
151 55 1010-1914..-J-J 10)
69
Gas dc El Bergen Co 100 65
_
1()0 9412 97
Preferred
Is 1944
A-0 Ile
1
e Gr Rap G 1st Is 15-1'-A 95 100
Amer Writing Paper_1(10
21, eTexasec Pacific Coal_lUU
. 1st 45 1951-See Stock Sac list
75
85
100 109 114
Preferred
100 17
19 - it tie Ins Coot N Y _WO 105 115
• N Wbgealat 1st ex 41es 101 - Hudson Co Gas
1712 20
1st 5 I g Is 19 op'09-41-.1 8512 2 l'onopah Min(Nevada)_l
'Steinway 1st 138 1922-J-J 4100 103 Indiana Ltg Co (w. l.)_-Nee 67
8
eren Ion Potteries com100
95 (w. 1.)
14
Barney & Smith Car_10
18
Other Cities
4
8
Preferred, new ____100 50
50 25
Indianapolis Gas
100 10- 13.)
40
Preferred
BufTalo Street KY55
1st g Is 1952
A-0 484
Bethl m Steel Corp- -See S tkilow Directory
90
•
let consol 55 1931 F-A 410412 10712
Silgx llst
40
30
Union Pypewri ter coin r° 13
u0
Bliss Company com- 50
96
Deb es 1917
120
A-0 411,311 106 Jackson Gas Is g T7_A-0 §91
67
1st preferred
100
Kansas City Gas
luu 107 110
50 0325 31314)
Preferred
Columbus (0) St Ry_100 9412 98
1
0
1. 0 12
30 preferred
100 110 105 e Laclede Gas
Preferred
99. 7412 so Bond & Mtge Guar_ 100
102 105
Uniretl B ed
t fer rk Note Corp_ i U u *55
100 75 95
e Preferred
_5U
Colum It con 5s-SeePh. la list
,
Borden's Cond Milk_ 100 131
60
I'
Madison Gas Cs 1926-A-0 1100 1(16
50 *52
Preferred
100 102 105
Grosstwn 1st 5s'33 J-D 411.0 103
55
Newark Gas 65 1944 ....(j-J 5127 129
eConn Ety & Ltg com_ 100 65
British Col Copper
5 *614 612 eUnited Cigar Mfg,pf-100 91
66
07
4
Newark Consol Gas., 100 89
ePreferred
Butte Coalition Mining 15 *2412 243 United Copper
74
100 72
11
1,0
11 4
,
55 1948
Preferred
e Con g
J-1) 110312 10412 Casein Co of Am com_100
Grand Rapids Ry
100 40
60
112 3
U S Casualty
Preferred
No Hudson L 11 & Pow
Preferred
200
100 70
78
100
111°
000 25
U eprefe elor com--1000u
S En vrre
A-0 95
5.5 1938
1930 __ Casualty Co of Amer-100 150 12
e Loulsv St 5s-- - - _J &J 4105 107
20
100 90
85 Celluloid Co
Lynn & Bos 1st Is '24 J - I) 11012 102 Pat & Pas Gas& Elec-100 75 95
11)0 125 130
M S 1101 19212 Cent Fireworks com_100
o New On :flys & Lgt_100 123 1314
15
e Con g 55 1949
U SSteel Corporation
8
4
ePreferred
2
100 3012 31
Preferred
St Joseph Gas 5s 1037-J-J 187 9
• Col tr s 1 Is 31 opt '11 1112
113
100 45
60
Gen Mg 4 ees '35 See S tic Ex list
Col tr s f 55 '51 not opt 4111 113
Central Foundry
100
912
112
Telegr & Telephone
North Chic Street See Ch icagu list
Preferred
U S Tit Gu & Indem_100 50
60
100 10
14
Rub Serv Corp of NJ .100 75
70
eUtah Copper Co-See Stk lege lIst
82 eAmer Teleg dc Cable..100 70
Deb es 1919 op '01 M-N
67 eCentral & So Amer_ _100 104 110 Century Realty
Tr ctfs 2% to 6 %perpet 6,1
Waterbury Co, coni-lOu
100 166 190
80 166
90
Coming Un Tel (NY)_25 100
Coll Is g notes '09 M-N 196
Chesebrouge Mfg Co_100
Preferred
97
500
I00 t
1
Westchester le Bronx ; 1ou
North Jersey St 115; 100 30
[Imp & Bay State Tel 100 50 cW" City Investing Co
100 4/
52
100 40
51-N 170
Franklin
1st 4s 1948
130
50 eClaflin (II B), com 100 90 100
Se Mtge Guar
Cons Tract of N J-100 66
68 eGold & Stock Teleg -100 95 100
elst preferrea ..
Western Ice
100 90 95
1st. 53 1933
J-D 110312 10412 Hudson River Teleph 100 37
El a lf B Is s st
106
eZd preferred
40
100 62
975/12 WestWestI n g h Air g rake ee-5U
95
New'kPasity 5$ '30 J-J 110612 10712 eN Y & NJ Teleph_100 110 117 Col & Hock Coal&I pf 100
Sac lIst
*is
Rapid Tran St Ry-100 235 245 eNorthwestern Teleg-_50 95 105
10
14
1st g 55 1917
White Knob Mle
90
82
25 60
• Pacific & Atlantic
1st 5s 1021
A-0 106
10
70
Preferred
Col tr Os Oct 1956 _J-J i 95 10112
*s
5
Southern de Atlantic._25 85
9
Worthing' Pump nref-100 102 10878,
t4,Per share. 1 Buyer Pays accrued int. a Ex-rlghta. b Basis. e Sells on Stk. Ex.. but not very active. 1 New stock. n Nom. s Sale price. zEx-d1v.

Volume of Business at Stock Exchanges

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

Outside Securities

t




-

Electric Companies
Chicago Edison Co See Ch
e Kings Co Si L&PCo 100
Narragan(Prov)'Si Co_50
N Y&Q El L dcPowCu_10
100
Preferred
United Elec of efJ-- _100
J-ID
1st g 45 1949

tlia
cage
125
*8712
9u
6S
'A)

.4sk

list

1•40
92
45

OCT. 17 190b

THE CHRONICLE

1003

Anuestinent anti Ataitroad :intelltgence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular
weekly or
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, monthly returns
and the last two
. columns the earnings for the period from July 1 to and including such latest week or month. We
add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but
covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

July

1 to Latest Date.

Previous
Year.

Current
Year.

3

Latest Gross Earnings.

July 1 to Latest Date.

$

Previous
Year.

Ala N 0 de Tex Pac.
N 0 ec N East__r September
245,676 244,606
669,826
783,802
Ala & Vicksb-r September
120,067 131,095
351,058
382,486
Vicks Sh & Pac_r September
112,636 138,340
327,204
408,347
Ala Tenn &
July
4,130
4,130
3.763
3,753
k Ateh Top do S
August
7,479,316 7.088,890 14,464,716 15,928,445
Atlanta firm & At! Ju y
150,083 155,936
150,083
155,936
Atlantic Coast Line. August
1,575,574 1,050,997 3,317,912 4,005,187
Baltimore & Ohlo-_ September 6,315,210 7,465,051 18,409,566 22,441,261
Bangor & Aroostook August
195,352 233,261.1
376,686
456,471
Bellefonte Central.._ September
17,851
4,576
6,965
14,975
Boston'&Ma, ne---r August _ 3,519,391 4,065,653 6,794,513 7,817,852
Bridgeton & Saco- August -_
11,147
6,537
5,778
11,882
BuffRoch & Pitts_ r 1st wk Oct 135,987 214,358 2,057,211 2,599,543
Canadian Northern_ 1st wk Oct 246,400 182,600 2,624,000 2,659,700
Canadian Pacific__ 1st wit Oct 1,509,000 1,497,000 20,584,838 21,866,451
Central of Georgia__ 1st wk Oct 269,000 258,800 3,027,455 3,225,835
Central of N Jersey.. August
2,159,942 2,557,130 4,136,666 5,100,786
Central Vermont. July
288,491 312,706
288,491
312,706
Chattanooga South .4th wk Sc p
3,435
2,149
23,693
42,192
Chesapeake & Ohio_ August
2.292 904 2,667,359 4,388,036 5,057,511
Chesterfield & Lane. August
4,823
2,636
6,298
9,628
1,150,976 1,129,395 2,208,012 2,128,803
Chic & Alton Ry-_r August
Chic Burl & QuIn__r August -6,918,604 7,553,214 13,189,767 14,447,156
Chicago GreatWest 1st wk Oct 183,280 165,508 2,335,809 2,457,680
80,276
56,541
Wise Minn & Pac September
181,434 162,967
Mason C do Ft D. September
ChicInd & Louisv_ 1st wk Oct 103,215 119,270 1,522,274 1,694,500
Chic Ind & Southern -See New York Cen tral.
5,339,460 5,221,252 9,991,860 10,342,266
Chic Milw & St Paul August
5.770,644 6,439,654 10.985,829 12,404.102
Chic & North West.. August
Chic St Paul M do 0_ August _
1,098,580 1,190,037 2,097,067 2,320,499
Chic Term Tran RR 3d wit Sep
383,945
414,430
Cin Ham & Dayt--r August- 728,444 875,892 1,383,346 1,674,879
Cin N 0&Texas Pac -See Sout hem Rai' way.
Cincinnati Northern -See New York Cen tral.
Clev Cln Chic & St L -See New York Cen tral.
Colorado Mid land - r August -- _
202,023 217,701
395,372
443,601
h Col do SouthSys__ 1st wk Oct 333,487 309,584 4,095,350 3,884,253
Col Newb & Laur__ May
17,457
23,100
275,775
294,013
Copper Range
July
75,800
88,173
75,800
88,173
Cornwall
August
23,467
5,452
10,272
44,859
Cornwall & Lebanon August _- _
42,287
23,533
46,531
83,554
Cuba Railroad
August
127,843 146,268
281,620
298,300
/ Delaware & Hud
August
1,1.67,459 1,931,055 3,042,948 3,798,321
Del Lack do West--r August
2,616,370 3,265,557 5,475,609 6,292,575
Denver & Rio Gr...r 1st wk Oct 437,400 478,700 5,846,624 6,657,299
Det Tol & Iront Sys 4th wit Sep
430,283
55,932
47,336
510,771
Ann Arbor
997,468
53,130
57,463
4th wk Sep
570,962
Detroit & Mackinac 1st wit Oct
28,148
314,892
20,353
365,895
Dul dc Iron Ranger August
940,942 1,198.214 1,922.931 1,990,568
Dui South Sh & At! 1st wit Oct
65,098
755,750 1,032,502
56,202
Erie
August
_ 4,351,791 5,083,318 8,531.876 10,021.156
El Paso & Southw _r June
7,564,105
529.429
Evansville & Ter H. -Sec Rock Island S ystem.
Fairchild & Nor E
1,197
1,681
3,195
August
2,769
Fonda Johns & Gloy August
164,477
94,278
83,200
192,735
Georgia Railroad
205,661 244,470
423,735
August _
478,888
Georgia South & Fla -See Soot hern Ball way.
Grand Trunk Syst
tat wk Oct 827,049 920,606 11,182,566 13,019,354
Gr Trunk West 4th wk Sep 145,022 162,872 1,464,767 1,725.765
Det Gr Ha" & Mli 4th wk Sep
42.713
450,713
47,336
518.464
Canada Atlantic_ 4th wk Sep
59,926
42,908
523,328
615,458
Great Northern Syst September 5,875,035 5,700,980 14,785,999 17,083,662
Gulf & Ship island_ 3d wk May
29,071
45,907 1,903,319 2,215,730
Hocking Valley
615,314 685,736 1,145,835 1,320,675
August
Illinois Central__... .September 4,729,755 5,405,906 13,645,631 15,798,421
Inter &Great North 1st wit Oct 157,000 137,000 1,968,996 1.943,055
a InteroceanIc Mex_ 1st wk Oct 103,431 141,483 1,623,840 1,983,589
Iowa Central
1st wk Oct
50,376
63,010
820,995
869,100
Kanawha dc Mich
August
207,173 214,068
409,080
416,699
Kansas City South.. August
743,917 905,845 1,488,251 1,753,622
Lake Erie & West'n -See New York Cen tral.
Lake Shore & M Sou -See New York Cen tral.
Lehigh Valley -.
August 2,833,933 3,496,603 5,360,384 6,765,645
Lexington & East
- July
36,821
51,761
36,821
51,761
Long Island
August
Dec 97, 068
Dec. 151 ,455
Louisiana & Arkan. June
1,144,521 1,216,837
958,760 997,560 12,188,943 13,739,328
Louisv& Nashville.] at wk Oct
11,249
Macon & Birming- September
13,488
33,906
40,279
797,240 893,285 1,519,549 1,709,475
Maine Central.__
August
September
Manistlque
3,283
4,554
16,059
19,134
Maryland & Penn- August
36,786
37,438
66,309
68,734
a Mexican Central- May
2,794,474 2,995,982 32,860,443 28,492,109
a Mexican Internet_ 1st wk Oct 118,536 167,662 1,800,051 2,408,691
a Mexican Railway.. 3d wit Sep 101,500 149,300 1,546,000 1,805,500
a Mexican Southern 3d wk Sep
23,27]
22,193
276,854
307,849
Michigan Central
,
- See New Y ork Cent al.
Mineral Range
15,411
1st wk Oct
-16,001
234,871
232,794
Minneap & St Louis 1st wit Oct
94,027
85,957 1,183,508 1,168,703
Minn St P & S S M. 1st wk Oct 358,319 297,649 3,780,726 3,501,252
Missouri Kan &
2,200.770 2,288,414 4.069,037 4,512,949
August _
Mo Pac do Iron Mt-o 1st wk Oct 870,000 865,000 12,073,160 13,507,791
Central Branch-o 1st wk Oct
34,000
28,000
498,000
486,000
Total system...
1st wk Oct 904,000 893,000 12,571,160 14,083,791
b Mobile Jack 63 K C %Vk Sep 26
27,696
32,172
314,150
391,692
a Nat RR of Mexico 1st wk Oct 266.177 297,036 3,799,878 4,442,586
Hidalgo & N FL _ let wk Oct
16,342
18,794
236,802
280.377

ROADS.

Week or
Month.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

Nash v Chatt & St L August ___ 878,611 995,211 1,758,910 1,953,049
Nevada-Cal-Oregon 1st wk Oct.
9,099
8,204
114,352
110.762:
N Y C & Hud River June
7,269,868 8,684,260 92,100,769 96,141,438,
Lake Shore ec M S J ne
3,086,055 3,791,103 41,704,152 43,526,818
Lake Erie & West June
356,538 422,895 4,675,068 5,119,967'
Chic Ind & South June
230,744 254,849 2,899,298 2,685,965
Michigan Central June
1,977,246 2,376,125 26,448,406 27,490,423
Cleve C C & St L. June
1,983,163 2,323,844 25,024,012 23,672,162
Peoria do Eastern June
217,164 266,282 2,839,197 3,039,645
Cincinnati North_ June
80,893
82,554
922,472 1 031,769
Pitts & Lake Erie June
835,386 1,386,504 11,958,100 14,476,381
Rutland
236,384 269,300 2,899,635 2,917,835
June
N Y Chic do St L_ June
641.192 821,568 9,851,375 10,237,229
Total all lines
16914633 20679284 221222484 232239634i
June
Nevada Central..__ _ August -_
8,057
5,480
13,923
14,729;
N Y Ont de Western August
844,384 899,256 1,661,297 14726,403
NYNH do Hart-r August
4,528,132 5,350,063 8,929,955 10,379,662.
N Y Susq &
August
2613,490 272.190
496,553
548,083'
Norfolk & Western_ August
2,507,097 3,057,236 4,876,922 5,925,826:
Northern Central
August
956,036 1,257,936 1,825,151 2,435,551
Northern Pacific
September 6,582,983 6,621,785 18,099,176 20,747,035
Pacific Coast Co
August
593,117 755,961 1,173,105 1,493,428
Pennsylvania Co....r August
3,733,766 5,027,135 7,323,786 9,761,805
S Penn-East P & E August
11644799 -15522390 22,926,864 30,122,461,
d West of P &E.. Au-u t
Dec. 2,013,300
Dec. 3,727,400.
Pere Marquette.. r August
1,201,032 1,275,461 2,258,248 2,455,818 .
Phila. Bait & Wash_ August
1,389,227 1,592,527 2.817,905 3,125,305
Pitts Cin Chic dc StL August-2,255,778 2,891,806 4,483,682 5,604,623
Raleigh& Southport August
8,133
10,179
17,836
21,064
Reading Company_ August
3,012,903 4,085,996 5,930.374 7.852,156 •
Coal & Iron Co.. August
2,122,030 2,883,510 4,076,793 5.839.649.
Totalboth cos
- August..... 5,134,933 6,969,506 10.007.167 13,691,805 •
Rich Fred & Potom JulY
174,628 178,258
174,628
178,258 ;
Rio Grande Junc
78,565
72,930
July
72.930
78,565
Rio Grande South
1st wk Oct
13,262
12,078
168,941
177,8951
Rock Island system August
5,334,127 5,647,125 10,013.234 10,726,2861
e St L do San Fran August
3,993,644 4,670,790 7,591,896 9,046,962(
f Evansv & Ter H August
196,956 224,045
382,666
422,7991
Total of all lines_ August
9,524,728 10541961 17,987,796 20,196,048l
St Jos & Grand Isl.. August
149,244 173,613
274,060
320,1971
St Louis Southwest_ let wk Oct 219,383 220,250 2,701,535 2,963,271i
San Fed LA & S L.r August
549.216 685,725 1,072,468 1,374,4801
Seaboard Air Line
August
1,060,634 1,326,305 2,246,987 2,617,166
Sierra Railway... May
35,634
34,094
Southern Indiana.._ August
129,211 160,005
245,57
297,275'
c Southern Pac Co _ _ August9,831,637 11454077 19,552,043 22,878,101.
Southern Railway
1st wk Oct 1,055,521 1,713,730 13,616,061 15,785,474
Mobile & Ohio
1st wk Oct 169,136 182,654 2,403,823 2,904,708
Cln N 0 & Tex P. 4th wit Sep 211,763 264,755 1,953,825 2,313,203
Ala Great South- 4th wk Sep 109,042 121,825
885,230 1,069,788
Geo South & Fla_ 1st wit Oct
35,588
43,607
479,388
577,540
Texas Central
1st wk Oct
25,331
24,859
269,15
322,559
Texas & Pacific.._ 1st wk Oct 288,106 285,832 3,502,512 4,059,983
Tidewater & West.. August
5,715
10,251
11.671
18,739
Toledo & Ohio Cent August
438,224 457,138
876,776
917,146
Toledo Peor & West 1st wk Oct
18,145
23,541
315,807
338,323
Toledo St L & West 1st wk Oct
61,747
88,501
965,506 1,219,831
Tombigbee Valley
July
5,837
4,591
4,591
5,837
Tor Ham & Buffalo August
79,500
61,659
128,145
153,154
Union Facile Syst_ August
6,975, 71 7,008,512 13,725,155 14,242,507
Vandalia
August
745,061 910,644 1,440,987 1,732,922
Virginia & Sou West August -100,785 713.989
193,333
219,515
Wabash
1st wk Ci 548,536 597,766 7,354,685 8,008,827
Western Maryland- June
429,231 512,606 5,648,277 5,600,451
W Jer & Seashore_ _ August
767,250 002,250 1.463,431 1,631,831
Wheel & Lake Erier August
532,070 657,340 1,059,282 1,280,279
Wisconsin Central-r August
669,472 728,664 1,321,121 1,477,589
Wrightsv & Tenn._ August
16,957
21,306
32,800
39,383
Yazoo de Miss Vail_ September
714,397 796,628 1,936,535 2,314,544
Various Fiscal Years.
Bellefonte Central
Jan
1 Delaware & Hudson
Jan
Manistique
Jan
Mexican Railway
Jan
Mexican Southern
Jan
New York Central
Jan
Lake Shore & Mich South__ _ Jan
Lake Erie & Western
Jan
Chicago Indiana & Southern.. Jan
Michigan Central
Jan
Cleve Cin Chic & St Louis._. Jan
Peoria & Eastern
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
Rutland
Jan
New York Chicago & St Lows Jan
Total all lines
Jan
Northern Central
Jan
S Penn-East of Pitts e: Erie__ _ Jan
d West of Pittsburgh and Frie Jan
Phila Baltimore de Washington.. Jan
Pitts din Chicago & St Lou.s
Jan
Rlo Grande Junction
Dc
Texas & Pacific
Jan
%Vest Jersey & Seashore

Period.

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

Current
Year.

Previous
Year.

$46,391
Sep 30
$46,365
Aug 31 11,860.410 13,137.866
Sept 30
43,904
50,354.
Sept 21 5,405,400 5,777,800
Sept 21
1)19,629 1,000,839
June 30 40,662.607 46 930,897
June 30 18,340,216 21,589,537
June 30 2.040,667 2,432,537
June 30 1.304,317 1,499,408
June 30 11,735 281 13.833,980
June 30 11,015.982 12,439.769
June 30 1.270,774 1,441,923
June 30
397,081
479,804
June 30 4,095,748 7,042,044
June 30 1.228,046 1,886,495
June 30 4,606,727 5,221,021
June 30 36,787,446 114297513
Aug 31 7,256,245 8,781,845
Aug 3] 86,947,713 109264113
Aug 31
Dec. 14,941,500
Aug 31 10,558,216 11,303,516
Aug 31 16,708,224 21,540,400
.Tuly 31
488,025
5-:2,954
Oct
7 9,500,072 12,453,726
Aug 31 3,735,883 3.953.183

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
1Veekly Summaries.
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st

week July
week Aug
week Aug
week Aug
week Aug
week Sept
week Sept
week Sept
week Sept
week (let

(44 roads) ......
(41 roa(is)---(39 roads).....
(39 roads).._.
(42 roads).(40 roads).(40 roads)--...
(39 row's)
(42 roads)---11(7 rnnric1

Cuent Yeas Prey's Year Inc. or Dec.
$
12,713,870
8,660,176
8806,024
8,887,875
13,076,076
8,695,381
9,278,704
9,583,859
13,311,956
0.807.808

$
15,323,093
9,872,830
9,973,195
10.118,734
15,626,926
9,678,456
9,932,527
10,009,320
13,830,794
in A1M 708

%

$
-2,609,223 17.03
-1,212.663 12.28
-1,167.171 11.70
-1,230,859 12.16
-2,550,850 16.45
-083,075 10.16
-653,823 6.58
-425,461 4.25
-527,838 3.81
--4118 100 3.18

Monthly Summaries.
.
Month
Month
Month
Month
Month
Month
Month
Month
Month
Month

Dec
Jan
Feb
Mch
Apr
May
June
July
Aug
Sent

Cuent Year Prey's Year Inc. or Dec.
-$
s
s
1907 (123 roads). 174,422,451 184,893,810 -11.471,359 6.20 1
1908 (122 roads) _ 151,758,406 172,283,006 -20,524,600 12.49
1908 (123 roads).. 141,256,206 160,150,610 -18,894,404 11.79
1908 (126 roads). 162,495.089 187,435,350 -24,940,261 13.37
1908 (119 roads) _ 154,137,168 190,046,156 -35,908,988 18.89
1908 (120 roads) _ 153,112,628 198,146,871 -45,034,243 22.67
1908 (113 roads).. 146,270.130 179,397,094 -33,126.1)64 18.47,
1908( 97 roads)_ 156.103,883 183,365,913 -27,262,110 14.87,
8
190 ( 52 roads).. 59,649,837 79,341.817 -10,601,980 15.20
1110/1( 53 roads) 84 021 967i AR 012.187 -3.988.202

a Mexican currency. b Includes earnings of (lief &Chicago Division. c Includes
years. a Covers lines directly operated. e Includes the Chicago 8.. Eastern Illinois in the Houston de Texas Central and Its subsidiary lines in both.
both years. f Includes.Evansville & Indiana RR. h Includes'
earnings of Col. & South. Ft. Worth do Denver City and all affiliated lines, excepting Trinity
&
of Denver Enid do Gulf RR.. Pecos Valley System and Santa Fe Prescott &Phoenix By. 1 These Brazos Valley RR. It Includes in both years earnings
figures do not include receipts from sale of onal.4
o Figures here are on the old basis of accounting-not the new or Inter-State Commerce Commission
method. r These figures are on the new WO
prescribed by tho Inter-State Commerce Commission.
• --..




-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the first week
of October. The table covers 37 roads and shows 3.18%
decrease in the aggregate under the same week last year.
1908.

First Week of October.

1907.

$
$
135,987
214,358
Buffalo Rochester .S1 Pittsburgh
246.400
182,600
Canadian Northern
1,599,000 1,497,000
Canadian Pacific
269,000
258,800
Central of Georgia
183,280
165,508
Chcago Great Western
103,215
119,270
Chicago Indianapolis & Louisv_
333,487
309,584
Colorado & Southern
437,400
Denver & Rio Grande
478,700
20,353
28,198
Detroit & Mackinac
56,202
Duluth South Shore & Atlantic_
65,048
Florda____
35,588
Georgia Southern &
43,607
Grand Trunk of Canada
1
}
GrandTrunk Western
920,606
827,049
Detroit Grand Haven & MIL
J
Canada Atlantic
International do Great Northern
137.000
157.000
Interoceanie of Mexiao
141,483
103,431
63,010
50,376
Iowa Central
Louisville & Nashville
997,560
058,760
167,662
Mexican International
118,536
16.001
Mineral Range
15,411
85,957
Minneapolis ds St Louis
94,027
297,649
Minneapolis St Paul de S S IL__
358,310
865,000
Missouri Pacific & Iron lit
870,000
28,000
Central Branch
34,000
182,654
169,136
Mobile & Ohio
207,036
266,177
National RR of Mexico
18,794
Hidalgo & Northeastern
16,342
8,204
9,099
Nevada-California-Oregon
12,078
13,262
Rio Grande Southern
220,250
219,383
St Louis Southwestern
1,055,521 1,173,730
Southern Railway
24,859
25,331
Texas Central
285,832
288,106
Texas & Pacific
23,541
18,145
Toledo Peoria & Western
88,501
61,747
Toledo St Louis & Western_ _ _ _
597,766
548,536
Wabash

Increase. Decrease.
-------$
$
78,371
63,800
102,000
10,200
17,772
16,055
23,903
41,300
7,795
8,846
8,019

9 697,606 10,015,796

20.000
38,052
12,634
38,800
49,126
590
8,070
60,670
5,000
6,000
13,518
30,859
2,452
895
1.184
867
118,209
472
2,274

322,240
_.

5.396
26,754
49,230
--640.430
318,190

For the fourth week of September our final statement
covers 42 roads and shows 3.81% decrease in the aggregate
under the same week last year.
Increase. Decrease.
1907.
-----$
$
$
$
(38 roads).. 13,176,990 13,692,382 429,454 944,848
Previously reported
1,286
3,435
2,149
Chattanooga Southern
8,59e
55,932
47,336
Detroit Toledo & Ironton
4,333
53,130
57,463
Ann Arbor
6,897
34,915
•
28,018
Texas Central
----13,311,956 13,839,794 433,787 961,625
Total (42 roads)
527,838
Net decrease (3.81%)
Fourth Week of September.

1908.

-The table folNet Earnings Monthly to Latest Dates.
lowing shows the gross and net earnings of STEAM railroads
reported this week
-Gross Earnings- -Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
3

Roads.
Abington & Rockland Elec
3,703
4,396
Lt & Power Co_ b_ _ _ _Aug
31,896
35,884
Jan 1 to Aug 31
Baltimore & Ohio_b_ __Sept 6,315,210 7,465,051
18,409,566 22,441,261
July 1 to Sept 30
z Boston & Maine_ b_ _ __Aug 3,519,391 4,065,653
6,794,513 7,817,852
July 1 to Aug 31
4,576
6,965
Bellefonte CentraL b. _ .. _Sep
46,385
46,391
Jan 1 to Sept 30
776,972
z Chicago Great West _ b_Aug 731,680
1,345,443 1,491,184
July 1 to Aug 31
Chic Milw & St P_b---_A g 5,339,460 5,221,252
9,901,869 10,342 266
July Ito Aug 31_ _
x Chic & Nor ',Vest_ b_ Aug 5,770,644 6,439,654
10,985,829 12,404,102
July 1 to Aug 31
.
X Chic St P Minn & 0 b_Aug 1,098,580 1,190.037
2,097,068 2,320,499
July 1 to Aug 31
556,509
z Chic Ind & Louisv_ b_ _Aug 487.142
940,744 1,055,643
July 1 to Aug 31
23,533
42,287
Cornwall & Lebanon_ _ _ _Aug
83,554
46,531
July 1 to Aug 31
145,268
127,843
Aug
Cuba RR
208,300
281,620
July 1 to Aug 31
503,721
508,131
Cumb Tel & Tel Co_ b_ _ _Sept
4,554,714 4,351,788
Jan 1 to Sept 30
x Duluth & Iron Range b Aug 940,942 1,198,244
1,922,931 1,990,568
July 1 to Aug 31
14,182
15,700
Ed Elcc Co (Brockton) b Aug
119,151
134,844
Jan 1 to Aug 31
33,844
34,162
Fall Riv Gas Wks_ b_ _ _..Aug
247,528
261,987
Jan 1 to Aug 31
z Great Northern_ b_ _ _ _Aug 4,460,471 5,742,628
8,910.964 11,382,682
July 1 to Aug 31
16,381
16,637
Houghton Co El Lt_b__Aug
152.683
147 885
Jan 1 to Aug 31
589,334
580,458
x Internat ec Gt Nor_ b_ _Aug
1,082,960 1,160,955
July 1 to -Aug 31
86,592
87,656
Keystone Teleph Co_a__Sep
23,557
26,229
Lowell El Lt Corp _ b_ _ __Aug.
197,915
217,711
Jan 1 to Aug 31
893,285
z Maine Central_ b
Aug 797,240
1,519,549 1,709,475
July 1 to Aug 31
g Mexican Tel & Tel Co
185,163
106,925
March 1 to Aug 31
67,715
74,411
Minn Gen Elec_ b
Aug
583,133
630,829
Jan 1 to Aug 31
4.670,229
Mo Pacific System.b. _ _Aug 3,007,886
7,529,160 8,782,791
July 1 to Aug 31
37,591
37,237
Nevada-Cal-Oregon_ b_ _Aug
66.958
69,379
July 1 to Aug 31
z Northern Pacific_ b__ _Aug 5,836,668 6,996,985
J ly 1 to Aug 31 -___11,516,193 14,129,750
z Penna Companu_ b._ __Aug 3,733,766 5,027.135
7,323,786 9,761,805
July 1 to Aug 31
685.725
549,216
zSanPcl LA &SL_b__Aug
1,072.468 1.374,480
July 1,.to...A.ug 31




-Gross Earnings- -Net Earnings
-Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
Rdads.
$
265,710
Aug 1,071,902 1,256,730
368,783
x Texas & Pacific. b
2,472,076
456,082
2,037.927
661,421
July 1 to Aug 31
27,909
105,251
20,239
102,091
Toledo Peoria & West_ b Aug
31,277
116,136
33,346
104,207
September
66,306
319,782
80,289
297,662
July 1 to Sept 30
206,993
910,644
233,273
Aug 745,061
Vandalla b
385,109
410,251
1,449,987 1,732,922
July 1 to Aug 31
197,292
150,515
657,340
532,070
Wheel & Lake Erie_ b./lug
x
383,200
345,687
1.059,282 1,280,279
July 1 to Aug 31
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
g These resluts are in Mexican currency.
x These figures are on the basis of accounting required by the Inter-State
Commerce Commission.

Interest Charges and Surplus.

93,557

I

Total (37 roads)
Net decrease (3.18%)

[VOL. Lxxxvn.

THE CHRONICLE

1004

1,594
13,493
2,365,594
6,889,242
1,262,486
2,252,476
2,753
8,324
179,188
292,971
2,048,431
3.825 689
2,205,264
4,069,685
350,208
682,145
170.462
311,762
5,431
10,513
42,978
106,442
219,411
1,912,677
675,128
1,391,004
7,489
56,695
17,001
100,466
1,441,285
2,851,725
7,364
68,375
100,662
149.405
44,784
10,764
82.163
308,984
536,725

645
10,648
2,432,136
7,399,051
1,552,334
2,751,456
1,207
13.697
195,014
350,596
2,128,532
4,102.361
2,254,686
4,265,724
333,560
688,938
226 347
408.805
20,357
39,156
38,414
• 89,040
197,466
1,650,489
838,777
1,358,344
6,322
48,850
14,421
98,096
2,298,500
4,576,924
7,167
• 72.619
39,047
41,193
41,457
9,491
79,498
346,710
671,947

88,934
39,097
333.284
1,307,600
2,487,701
20,341
37,074
2,601,295
5 177,733
1,646,724
3,136.074
179,104
304,776

81,147
32,835
296,974
1,458,050
2,560,878
22,247
37,802
3,050,056
6,226,475
1,928,646
3,588,628
163,523
308,278

-Int., Rentals, ecc.- -Bat, of Net E'ngs.Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Roads.
Abington do Rockland Elec
Aug
Lt & Power Co
Jan 1 to Aug 31
Sept
Bellefonte Central
Jan 1 to Sept 30
Cornwall & Lebanon.. __Aug
July 1 to Aug 31
Aug
Cuba RR
July 1 to Aug 31
Sept
Cumb Tel & Tel Co
Jan 1 to Sept 30
Ed El Co (Brockton)- _ _Aug
Jan 1 to Aug 31
Aug
Fall Riv Gas Wks
Jan 1 to Aug 31
Aug
Houghton CoEl Lt
Jan 1 to Aug 31.._.....
Lowell Elec Lt Corp_ __Aug
Jan 1 to Aug 31
Aug
Minn Gen Elec Co
1 to Aug 31
Jan
Nevada-Cal-Oregon ......Aug
1
July 1 to Aug 31
Aug
Tol Peoria & West
September
July 1 to Sept 30

354
2,156
217
2.353

431
2,470
7
323
2,70

3,538
7,068
32,263
64,525
74
43:866
341,846
2,543
14,565
2,354
12,581
4,308
29,584
4,051
27,752
32,091
233,603
4,046
8,002
8,092
24,649
23,628
71,624

3,638
7,261
28,326
56,658
40,424
354.676
354'676
1,143
8,756
2,001
11,963
3 462
24:174
8
1 43°
23:5°
26,653
176,086
3,880
24,235
23,508
71,352

1,240
11,337
2,496
6,011
w3,329
03,562
10,715
41,917
175,645

214
6,169
904
10 970
x1.7;607
z32,289
10,085
32,382
157,042
5 173
1,295 819
:

1,5740:803461
87: 33
40 095
0
12,420
3,056
38,791
0,713
64,411
7,906
90.591
r17,464
t31,138
x4,293
x9,649
£12,376

37 5
48:445
°
6,001
67,960
123,Z
£19,502
£33,088
x136
£14,576
r11,661

x After allowing for other income received.

STREET RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.

Week or
Month.

Jan. 1 to latest date.

Previous
Current Previous Current
Year.
Year.
Year.
Year.
-------$
$
240,740 270,084 2,110,191 2,235,385
920,528
935,620
150,597
153,895
42,793 45,570
172,532 185,770 1,408,135 1,405.716
83,603
83,235
16,515 17,327
74,219
49,240
6,838
10,279
159,816
155,327
22,958 23,970
472,249
498,693
68,836 75,401
506,770
475,180
63,803 64,437
467,251
493,767
62,724 67,747
190,468
102,712
32,132 35,125
04,738 94,294
130,913 132,539 5,414,437 5,480,068
670,447
642,153
17,717 16,940
174,381 193,744 1,317,827 1,383,318
342,601
317,440
41,300 42,131
247,990
232,601
37,060 34,794

AmericanRys Co_ _ _ _ September
cAur Elgin & Chic By August _Bangor By do Lice Co August
Birm Ry Lt & Power August
Brockton do Ply St Ry August _
August _
Camaguey Co
Cape Breton Elec Co_ August
Central Penn Trac_ _ _ August
Chariest Con By G&E August ___
dChicago & Oak Park July
Cleve Palnesv & East August _
Dallas Electric Corp._ August
/Detroit United By.. 1st wk Oct
Duluth Street By__ _ 1st wk Oct
Bast St Louis & Sub.. August
August
El Paso Electric
Fairm& Clarksb TrCo August __ _
Ft Wayne & Wabasn
811,890
856,257
125,587 125.118
Valley Traction Co. August _
700,864
101,708 99,467
685,893
August
Galv-Hous Elec Co
89,899 91,558
Co September
Grand Rapids By
34,518 34,166 1,473,950 1,383,585
Havana Electric By.. Wk Oct 11
Honolulu Rapid Tran
239,566
250,079
30,565 29,679
August ___
& Land Co
165,830
173,563
25,952 25,337
Houghson Co St By.._ August _ _ _
359,753 341,598 2,615,543 2,377,516
Traction Co.._ August
Illinois
261,631
282,463
34,695
36,271
Jacksonville Eiec Co.. August
Kansas City By & Lt August _ -- 537,499 523,641 4,042,354 3,905,060
394,249
373,066
54,856
40,246
Knoxville Ry & Lt Co August _ _ _
401,514
386,267
78,827 83,554
Lake Shore Electric.._ June
361,588
402,540
63.246 59,085
Lex & Inter Rys Co.._ August __ _
409,781
441,162
54,653
56,868
Little R'k By & El Co August
Memphis Street Ry_ _ August -_ - 141,192 144,515 1,056,721 1,057,772
Metrop West Side EL September 107,031 211,468 1,900,492 2,014,335
337,966 337,439 2,531,747 2,495,290
Milw Elec By & Lt Co August
565,721
542,033
Milw Lt Ht & Tr Co.. _ August - _ - 104,718 100,706
60,628 2,833,075 2,761,633
Montreal Street By.... Wit Oct 10 70,071
127,706 131,106 1,015,783 1,001,275
Nashville By & Light August
369,413
410,887
51,907 46,545
NJ & HR By & Fy Co September
209,742 216,146 1,247,877 1,274,443
North Ohio Trac & Lt August
92,503 97,930
North Texas Elec Co_ August
Norf do Portsm Tr Co August _ _ 1174.872 307,487 11,232,205 1,681.686
68,355
8,706
9,559
76,529
No Westchester Lt Co August _ _ _
Northwestern Elev.... September 158,550 146,170 1,408,471 1,261,949
170,661
26,732
177,000
28,616
Oklahoma City By.... August
108,992
107,473
16,864
16,760
Peekskill Light & RR August _
2,563,966
365,849 359,347 2,848.82
Portland Ry L & P Co August
227,762
243,152
35,427 29,483
Rico Rys Cc- - - August __ _
Porto
Rio de Janeiro Tram
641,807 556,784 4,595,811 4.088,614
Light de Power.. _ _ August
st Joseph (Mo) By Lt
650,564
672,230
04,991
80,641
Heat & Power Co.. _ September
179,921 168,903 1,501,294 1,357,177
Sao Paulo Tr Lt & P.. August
339,089
335,840
33,455 55,452
Electric Co July
Savannah
Seattle Electric Co...._ August _ _ _ 382,742 365,531 2,914.272 2,636,679
South Side Elevated. September 174,735 177,484 1.586,677 1,459,131
89,426
88,953
15,512 16,666
Sou Wisconsin By Co July
Springfield Ry&Lt Co August __ _
62,620 66,440
814,044
843,488
Syracuse Rap Tr By.. August __ _ 106,198 107,982
340,898
362,623
45,474 45,021
Tampa Electric Co
August .._ _
212,318 221,261 1,841,930 1,670,636
Toledo Rys & Light_ August _
Toronto Railway_ _ _ _ Wk Oct 10 68,657 66,171
Twin City Rap Tran_ 1st wk Oct 123,989 119,338 4,884,589 4,657,005
k Underground El Ry
of London
29,495 £461,065 £286,810
Three tube lines..... Wk Oct 3 £11,860
£8,092 £358,414 £311,349
Metropolitan Dist.. Wk Oct 3 19,602
1.6,728 £268,902 1266,184
United Tramways.. Wk Oct 3 17,572
United REts of San Fr August
_ 576,700 317,769 4.486,909 3,013,295
United Rys of St L _ August --- 911,516 956,240 6.973,280 7,185.730
231,788
226,519
29,417 31,606
Whatcom Co By & Lt August _-c These figures are for consolidated company. a These are results for
main line. I No earnings for Detroit Jackson & Chicago By. for Jan. 1907
included in these figures. k Does not Include tho Charing Cross Euston
& Hampstead By. for first six months of 1907. 1 Decrease due to JaMeatown Exposition last year.

00T. 17 1908.)

THE CHRONICLE

Street Railway Net Earnings.
-The following table gives
the returns of STREET railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Oct. 3 1908. The next
will appear in the issue of Oct.31 1908.

1005
INCOME ACCOUNT.
1907-08.
1906-07.

Net earnings
19,457,902
Add divs. and Int. and
miscellaneous receipts 4,354,743

27,363,831

1005-06.

1904-05.

27,876,835

22,979,394

4,035,016
3,647,734
2,976,998
Total
23,812,645 31,398,847 31,524,569 25,956,392
Deduct net Washington
Branch, &c
184,580
249,051
375,894
-Gross Earnings
441,590
- -Net Earnings
Current
Previous
year
Current
Previous
Available Income__ 23,628,065 31,149,796 31,148,675 25,514,802
Year.
Year.
Year.
Deduct
Roads.
$
$
Interest and rentals__ 11,165,423 10,828,699 10,558,036
9,978,142
Brockton & Plymouth_ b _Aug
16,515
17,327
7,240
8,248 Taxes
2,027.298
1,759,795
1,448,364
1,376,885
Jan 1 to Aug 31
83,603
83,235
19.296
28,708 4% dlv. on pref. stock
2,400,000
2,400,000
2,400,000
2,400,000
Div. on corn. stock__ _ _(6)9.130,550(6)9,130,190(53)6851478(4 %)5592042
Cape Breton Elect Co_b_Aug
22.958
23,970
11,072
11,644
Jan 1 to Aug 31
159,816
3,000,000
155.327
3,000,000
64 547
53,009 Additions and improv'ts
2,500,000
Miscel. Improv'ts, &c
278,556
1,115,672
1,077,975
Dallas Elect Corp. b._-_Aug
485,779
94,738
94,294
30,843
31,186
El Paso Elect Co- b
Aug
41,399
Total
42,131
25,001,827 28,234,356 25,335,853 22,332,848
10,510
9,680
Jan 1 to Aug 31
342,691
317,440
def.*1,373,762sr.*2,915,440sr.*5,812.822sr.*3,181,954
72,611 Balance
93,095
Galv-Houst Elect Co_ b_Aug
101,708
99,467
48,569
46,607
Jan 1 to Aug 31
700,864
685,893
272,158
274,883
*The difference in the balance for the year as shown here and In the
Grand Rapids Ry Co----Sep
89,899
91,558
52,170 pamphlet report is due merely to a difference In the method of charging the
49,282
common
Houghton Co St Ry_b--Aug
25,952
25,337
13,180 . 12,855 pllcity. stock dividends, the above method being used for the sake of slmJan 1 to Aug 31
173,563
165,830
65,766
70,873
Jacksonville Elect Co_ b_Aug
36,271
GENERAL BALANCE SHEET JUNE 30.
34,695
14,600
17,129
Jan 1 to Aug 31
282,463
261,631
103,800
102,017
1908.
NorthernTex Elect Co.b.Aug
1907.
1906.
92,503
97,930
42,833
38,973
Assets$
$
Oakland Traction Co---Aug
238,459
243,666
121,322 Cost of road, incl. securities pledged.. _347.703,165 339,672,194 328,459,256
129,290
Jan 1 to Aug 31
1,847,463 1,810,600
887,216 Rolling stock
966,700
47,219,500 47,219,390 48,872,029
Marine equipment
Seattle Elect Co- b
1,095,762
Aug 382,742
1,095,762
1,025,233
160,861
163,082
365,531
Gas and electric plants
Jan 1 to Aug 31
723,114
711,948
2,914,272 2,636,679 1,117,708 1,041,445 Real estate
696,928
7,581,846
7,462,337
Tampa Elect Co- b
7,458,560
Aug
45,474
45,021
10,553 Securities to retire old bonds, &c_ _ _ _
15,751
246,482
248,425
Jan 1 to Aug 31
252,910
362,623
340,898
84,511 Due by other companies for adv's
112,253
16,903,351 15,817,777 34,291,638
Whatcom Co St Ry_b__Aug
on hand, &c
29,417
31,696
12,149
15,010 Cashfrom
13,960,818
5,920,138
8,890,730
Due
Jan 1 to Aug 31
agents
231,788
226,519
94,504
96,559
2,743,314
4,515,182
3,633,987
Traffic balances
1,254,779
1,578,841
1,670,739
Due by individuals and companles
27,204,981 27,490,340
a Net earnings here given are after deducting taxes.
9.176,274
Bonds of B. & 0. Co
17,471,379 17,829,379 15,433,955
b Net earnings here given are before deducting taxes.
Bonds of sundry companies
2,459,109
5,568,109
3,138,117
Stocks of B. & 0. RR
1,217,920
1,215,845
1,022,029
Interest Charges and Surplus.
Stocks of B. & 0. Equipment Co--_. 1,000,000
1,000,000
999,000
34,011,632 30,231,815 30,128,819
-Int., Rentals, ctc.- -Bal. of Net E'ngs.- Stocks of sundry companies
Materials on hand
4,514,054
Current
6,371.072
Previous
Current
5,348,930
Previous
Miscellaneous accounts
2,936,994
1,480,659
Year.
Year.
Year.
777,965
Year.
Roads.
$
$
$
$
Total assets
530,248,200 515,428,213 491,307,100
Brockton & Plymouth__Aug
2,213
2,411
Liabilities
5,027
5,837
Jan 1 to Aug 31
17,073
16,671
2,223
12,037 Preferred stock
60,000,000 60,000,000 60,000,000
Cape Breton Elect Co-_Aug
4,969
152,175,829 152,174,829 124,580,060
4,878
6,103
6,766 Common stock
Jan 1 to Aug 31
37,645
36,423
26,902
10,201,294
16,586 Subscriptions to common stock
Bonds (see "By. & Ind." Section) __255,532,430 249,290,430 246,849,430
Dallas Elect Corp
Aug
28,329
27,071
2,857
3,772 Ground rent liens
1,222,730
1,082,280
1,033,889
El Paso Elect Co
Aug
7,076
5,994
3,434
3,686 Real estate mortgages
20,000
20,000
Jan 1 to Aug 31
53,467
42.695
39,628
29,916 Old bonds and stocks not deposited_
127,741
128,901
132,527
Galv-Houst Elect Co__ _Aug
M. Riv. RR. car trust warrants
20,527
59,000
109,000
19,281
159,000
26,080
27,288 Monon. River RR.
Jan 1 to Aug 31
Co.
151,335
700,000
700,000
138,150
700,000
123,548
134,008 W. Va. & Pittsb. RR.1st M. bonds_
Co. 1st M
4,000,000
Houghton Co St Ry_ _ _ _Aug
4,000,000
4,000,000
4,603
4,826
8,577
8,029 Schuyl. Riv. E. S. RR, Co. 1st M. 5,000,000
5,000,000
Jan 1 to Aug 31
5,000,000
35,097
35,560
35,775
30,197 Due to Wash. Br., Incl. annuities _
466,
45,626
1,176,564
Jacksonville Elect Co_ _ _Aug
9,231
7,718
7,898
6,882 Pittsb. & West. equipment trusts - ----55,000
_-132,000
Jan 1 to Aug 31
65,222
44,141
36,795
59,659 Pay-rolls and unclaimed wages
2,679.674
3,343,610
3,055,955
Traffic balances
Northern Texas Elect __Aug
1,047,203
1,715,586
17,434
1,236,394
13,830
21,539
29,003 Interest
3,701,251
3,652,321
Oakland Traction Co--Aug
3,669,641
45,943
46,757
83,347
74,565 Dividends
5,837,724
5,833,221
Jan 1 to Aug 31
4,998,129
367,204
346,977
599,496
540,239 Accrued taxes and ground rents_
27,378
32,439
539,692
Seattle Elect Co
B. & 0. Relief Department
Aug
94,834
83,902
68,248
2,121,784
76,959
2,385,111
2,286,382
Jan 1 to Aug 31
4145,393
539,249
472,315
502,196 Audited vouchers and bills and accounts payable
13,577,856
Tampa Elect Co
2,817,989
3,317,615
Aug
4,388
1,587
11,363
8,966 Miscellaneous
4,105,039
Jan 1 to Aug 31
3,002,328
17,060
2,394,886
10,761
95,193
73,750 Profit and loss
17,865,442 19,739,542 15,823,643
Whatcom Co St Ry__Aug
7,976
7,710
4,173
7,300
Jan 1 to Aug 31
60,011
Total liabilities
56,152
34,493
40,407
530,248,200 515,428,213 491,307,100
-V. 87, p. 285, 224.
zAfter allowing for other income received.

Southern Railway.
(Report for Fiscal Year ending June 30 1908.)
The report of President Finley, together with the balance
Annual Reports.
-An index to annual reports of steam sheet,
railroads, street railways and miscellaneous companies which lished income account, operations, and other tables, are pubon
have been published during the preceding month will be compiled subsequent pages. The comparative tables below
for the "Chronicle" show the results of operagiven on the last Saturday of each month. This index will tions
of the company for four years.
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
OPERATIONS. EARNINGS AND EXPENSES.
of Sept. 6. The next will appear in that of Oct. 31.
Note.
-The figures in 1907-08 having been compiled according to the

ANNUAL REPORTS.

requirements of the Inter-State Commerce Commission, comparisons with
previous years are inaccurate. In order to make comparisons of 1907-08
with 1906-07 figures, the company has made adjustments between the
two years through the item "balance from outside operations," &c. See
a subsequent page.
x Equipment1907-08.
1906-07.
1905-06.
1904-05.
Locomotives
1,592
1,536
1,430
1,281
Passenger cars
988
995
956
908
Freight cars
55,077
-56,225
47,925
41,162
Road service cars
1,297
1,292
1,233
987
Tugs,barges, coal boats,
steamers. ece
24
24
36
35
Operations
Average miles operated..
OPERATIONS, EARNINGS AND EXPENSES.
7,489
7,547
7,374
7,199
Passengers carried
14,678.241 12,842,914 11,863.550 10,863,440
1907-08.
Pass. carried 1 mile
1906-07.
1905-06.
622,301,726 599,161,080 549,518,645 545,795,683
1004-05,
Mlles operated June 30_
3,992
4,006
4,030
4,026 Rate per pass. per mile_ 2.300 cts.
2.451 cts.
2.413 eta.
2.285 eta.
Operations*Freight (tons) carried_ 22,654,389 24,167,048 23,518,071 20,973,564
Tons freight carried*__ 49,488,211 58,448,285 55,335,102 47,285,183 *Fr't (tons) car'd 1 mi1e_3489959
469 3816420,059 3886314.181 3365362,765
Tons fr't carried 1 miles 0787415333 11330133482 10719407836 8933514105 Rate per ton per mile_
0.979 cts.
0.979 eta.
0.930 cts.
0.944 cts.
Av. rate per ton per mile 0.569 cts.
0.570 cts.
0.560 cts. 0.566 cts. Av. train-load (rev.).tons
192.27
201.33
204.23
194.30
Passengers carried
18,774,688 17,468,320 16,145.306 15,518,372 Earns, per fr't train mile
$1.882
$1 971
$1.899
31.834
Pass'rs carried 1 mile_726,039,006 723,438,594 682.972,139 705,493,811 Earns. per pass. tr. mile
81.106
$1.083
51.030
$1.013
Av.rate per pass. per m. 1.890 cts.
Earns, per mile of road_
1.956 eta.
2.006 cts.
$7,069
1.959 cts.
$7.507
$7,274
$6,688
Av. train-load (tons)
408
433
420
399
Earnings$
Earns, per pass. tr. mile
$1.018
80.961
Passenger
14,315,961 14,683,005 13,259,114 12.471,572
Earns, per rev.frt. tr. m.
$2.3208
52.4540
Freight
34,171,329 37,368.095 36,141,547 31,775,328
Gross earnings per mile_
$18,437
$20,529
$19,204
$18,813 Mail
1,714,942
1,828,345
1,900,916
Earnings Irom1,828,962
b
$
$
Express
$
1,619,920
1,677,878
1,458,632
Freight
1,274,319
55,681,786 64,208,671
Miscellaneous
1,119,564
1,100,671
881,230
Passengers
794,928
13,736,107 14,121,897
Mail
1,211,505
1,403,938 77,392,056 67,689,997
Total
52,941,716 56.657.994 53,641,439 48,145,108
Express
1,453,720
1,459,212
Expenses
Miscellaneous
1,525,573
1,050,203
Transportation expenses 20,773,253 22,664,0191
Total earnings
73,608,781 82,243,922 77,392,056 67,689,097 Traffic expenses
1,300,233
1,277.581j 20,810,940 18,195,504
Way and structures
Operating Expenses7,109,173
7,660,188
•
7,122,355
6,458.859
Malnt. of equipment-. 9.138.378
Maintenance of way, &c. 10.802,062 10,944,598
9,576,042
8,588,451
7,456,736
General
Maint. of equipment_- 12,584,073 12,993,723
1,533,685
1,890,738
1,752,355
1,589,815
Traffic expenses
1,669,405
1,053.081k 49.515,221 44,710,604
Total
Transportation expenses 27,763,097 27,891,035
39,854,722 43,088,547 38,274,102 33,700,714
P. C. of exp. to earnings_
General expenses
1,242,242
(75.28)
(76.01)
1,397,654
(71.35)
(70.00)
Net operating revenue
13,086,994 13,589,447 15,367,337 14,444.394
Total expenses
2,027,967
54,150,879 54.880,091 49,515,221 44,710,604 Taxes
1,630,735
1,499,037
1.381,801
P.c. of exp. to earnings_
(73.57)
(66.73)
(63.98)
(66.05)
Operating income
Net earnings
11,059,027 11,958,712 13,868.300 13,062,593
19,457,902 27,363,831 27,876,835 22,979,394
L. *Revenue freight only.
x Including narrow-gauge cars. *Not ncluding company's freight

Baltimore & Ohio Railroad.
(Report for Fiscal Year ending June 30 1908.)
On subsequent pages will be found the report of President
Murray for the year 1907-08 and also the general balance
sheet in detail.
The comparative, statement of operations, earnings,
charges, Stc., for four years is as follows:




INCOME ACCOUNT.
1906-07.
1907-08.
11,059,027
Operating income
Balance from outside operations (see remarks
652,043
on a subsequent page)

11,958,712

Income from operat'n 10,406,984
Income from investm'ts 2,441,392

11,809,593
1,788,093

13,868,300

1904-05.
$
13,062 503

13,868,300
1,589,000

13,062.593
1,612,840

1905-06.

140,120

12,848,376 13,597,686 15,457,300 14,675,433
Total Income
Deduct
9,200,433
9,853,358
Fixed charges and rentals 11,849,056 11,080,556
1,056,549
999,827
536,334
122,707
Improv'ts & betterm'ts_
233,369
374,876
226,808
597,470
Miscellaneous
*(2%)1500000 (5)3,000,000(5)3,000,000
Div. on preferred
Total
Balance, surplus

[VOL. Lxxxvii.

THE CHRONICLE

1006

12,569,233
279,143

13,343,698
253,987

14,228,061
1,229,239

13,580,351
1,095,082

,
*Also 136% paid from the accumulated surplus June 30 1907. See
profit and loss account below.
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED JUNE 30 1008.
$6,242,163
Balance at credit of account June 30 1907
270,142
Income for the year
169,880
miscellaneous credits
Net

1905-08,
$
15,639,420

1904-05.
$
13,599.780

6,537,697
7,791,863
964,483

5,702,533
6,348,098
931,610

Op. exp., excl. taxes_ 33,594,291 35,781,302 30,933,464
P. c. op. exp. to earns
(68.77)
(74.14)
(75.29)
Net ea.nings
11,025,990 12,482,643 12,075,533
INCOME ACCOUNT.
1907-08.
1005-06.
1906-07.
Receipts
11,025,990 12,482,643 12,075,533
Net earnings
c43,061
Outside operations (net)

26,490,021
(68.77)
12,027,050

11,069,051
1,393,760

12,482,643
1,208,611

12,075,533
1,141,515

12,027,050
985,365

9,675,291

11,274,032

10,934,018

11,041,685

1,277,607

1,561,755

1,566,776

1,627,491

1907-08,
1906-07.
$
$
Operating ExpensesTransportation expenses 16,196,685 117,972,348
Traffic expenses
1,056,279 J
Maintenance of way, &c. 6,291,109
8,065,808
Maintenance of equIpm't 0,020,127
8,709,611
General
1,033,446
1,030,091

Taxes
Operating Income_ _ _ _
Income from investm'ts,
rents and miscellane's

1904-05.
12,027,050

10,952,898 12,835,787 12,500,704 12,669,176
Total income
Disbursements
5,934,598
5,358,042
5,882,252
5,601,934
Interest on bonds
118,061
118,061
118,061
118,061
N. & D. RR.rent
38,582
235,874
50,179
$6,691,185 Other rents
Total
241,084
192,990
251,792
241,850
Sinking fund
Deduct
9,733
$900,000 General interest
Dividend on preferred stock, lA %, paid Oct. 17 1907
52,040
130,452
104,424
Cr.103,416
To S. &N.A
43,676
42,590
35,970
$5,791,185 Res.for doubtful accts_
Credt balance June 30 1908
Additions & betterments
(included in operating
BALANCE SHEET, JUNE 30.
1,690,468
expenses)
1007.
1908.
1906
,
(5%)3,300,000 (6)3,800,000 (6)3,600,000 (6)3,600,000
Dividends
$
$
Assets324,664,640 318,243,457 308,7/6,222'
Cost of road
9,752,418
0,442,135
Total disbursements__ 11,428,442 • 0,085,205
48,743,260 47,796,466
Cost of equipment
D.475,544 5.2,850,522 S.2,748,376 S.3,227,040
9
57
,8/0:61,0 Balance for year
Securities pledged or held for control_ 85,533,351 64,095,281 4
8,652,000
mtge.'bonds
5,565,000
DeVelopm't & gen.
6,600,221
3,356,732
5,859,037
Securities owned
S Miscellaneous gross earnings In 1907-08 include $266,729 revenue from
3,463,507
4,304,400' operations other than transportation.
4,610,815
Materials and supplies
2,682,608
3,293,850
New steel rail '
c Outside operations In 1907-08 are derived as follows: Revenues,
1,277,996 $363,450; expenses, $320,389; balance net revenues, $43,061.
1,403,971
1,865,421
Bills receivable, deferred434,955
547,963
519,361
Insurance fund
2,050
500
1,000
GENERAL BALANCE SHEET JUNE 30.
Sinking funds
4,340,882
3,470,694
9,816,961
Cash on hand
1905.
1906.
1907.
1908.
1,132,596
1,244,454
1,057,749
Cash In transit
$
$
$
Assets
1,475,936
1,827,373
Due from agents, conductors, &c__ _ _ 1,361,991
152,451,526
477,560 Road, equipment, &c_ _168,510,650 166,667,129 160,354 363
418,047
476,467
from U. S. Post Office Dept
Due
1,018,521
1,102,734
1,038,815
563,763
1,612,472 Timber, quer.lands, &c_
2,557,430
Due from other transporation co's_ _ _ 2,807,766
5,314,336
4,751,180
4,364,689
4,446,102
1,110,538 Stocks owned
1,403,370
Due from individuals and companies_ 1,013,045
3,755,708
3,520,557
3,485,057
6,155,940
• 44,982 Bonds owned
194,582
2,924,404
Bills receivable, current
Stks.& bds. In trusts, ecc 21,870,306 21,870,306 21,879,308 22,380,306
1,302,035
3,116,458
2,613,478
Advances to subsidiary companies_
Bills & accts reedy. In.
Net discount on securities sold, to be
3,767,926
4,467,154
5,700,415
dlv. & cos., agents,&c. 5,127,818
1,991,375
1,655,537
charged off
3,245,759
5,460,005
6,471,927
5,745,870
1,067,873 Materials, fuel, &c
1,291,734
1,606,009
Sundry accounts
601,038
8,245,552
8,204,192
x3,643,772
Cash
3,283,553
3,613,508
4,608,718
486,212,105 475,187,193 452,584,007 Advances to subsid. cos_ 5,772,964
Total assets
2,349,460
3,367,298
3,469,784
Improvements ec bett'ts. 1,457,240
Liabilities
4,309,935
3,771,849
4,010,880
120,000,000 120,000,000 120,000,000 Miscellaneous & contLI. 5,409,420
Common stock
60,000,000 60,000,000 60,000,000
Preferred stock.
228,712,866 220,987,712 220,542,517 202,568,068
assets
Total
5,670,200
5,670,200
5,670,200
Mobile & Ohio stock trust certificates228,701,000
Liabilities
202,349,800 175,631,900
Funded debt
60,000,000 60,000,000 60,000,000 60,000,000
32,349,000 32,358,500 32,358,500 Stock
Outst'g secur's of leasehold estates
500,987
1,056,109
2,667,250 Bonded debt (see "Ry.
Obligations for steel rails
130,116,500 128,549,500 120,153,500 114,346,500
& Ind." section)
for Tenn.
Unmatured obligations
6,500,000
2,750,000 3-year 5% gold notes.. 6,500,000
Central prior lien bonds
2,026,511
2,288,274
2,247,129
2,146,249
Interest and rents
Equip't obligations, Southern Ry__ 17,565,267 20,577,487 24,033,216 Dividends
1,840,692
1,556,809
1,850,638
1,845.384
&
Unmatured balance on Virginia
304,094
355,359
421,047
545,947
Traffic balances, &c_
1,493,000
Southwestern Ry.stock
4,349,212
4,705,105
4,190,163
1,750,000 Pay-rolls, vouchers, &c.. 2,828,153
of indebtedness
Certificates
Bills payable for Mem107,000
_
107,000
107,000
Nor. East.RR.of Georgia purchase_
120,000
phis passenger station
2,532,532
4,369,723
3,254,548
Reserve funds
319,707
A389.803
58,541
544,000
•
772,285
606,324 Reserve funds
673,225
Taxes accrued, not due
4,482,245
4,197,586
4,372,076
Taxes, misc. & conting't 5,390,719
1,744,231
1,719,131
1,400,616
Interest and rental accrued, not due_
19,015,050 20,827,513 18,130,046 14,899,106
2,841,986
2,817,680
2,676,809 Profit and loss
Interest and rental due and unpald
121,541
141,522
127,635
Freight claims
228,712,868 229,087,712 220,542,517 202,588,068
Total liabilities
3,288,637
4,084,673
3,132,813
Audited vouchers
1,500,000
Reserve for dividends
x The decrease In cash In 1908 is accounted for by authorized expenditures
1,584,285
2,244,738
2,026,619
Uupald wages
company's treasury will eventually receive
817,100
1,217,227
1,158,077 for a material part of which the
Due other transportation companies_
-V. 87, p. 936, 475.
172,823
804,758
843,177 bonds.
Materials and supplies In transit
253,036
563,023
120,200
Due Individuals and companies
1,176,370
6,521,874
2,260,714
Bills payable
Chicago & Alton Railroad.
175,359
222,637
166,752
Miscellaneous accounts
8,242,163
x5,791,185
8,341,744
Profit and loss
for Fiscal Year ending June 30 1908.)
486,212,105
Total liabilities
x See profit and loss account above.
546,475.
-V. 87, p.

75,187,193 452,584,097

Louisville & Nashville Railroad.
(Report for Fiscal Year ending June 30 1908.)
The annual report of the Board of Directors (Mr. H. Walters, Chairman, and Mr. M. H. Smith, President), is given
at length on subsequent pages; also the income account and
balance sheet.
The statistics for four .years have been compiled for the
"Chronicle" as below:
ROAD AND EQUIPMENT.
1905-06.
1906-07.
1907-08.
1904-05.
4,131
4,306
4,348
3,826
Average miles operated_
Equipment
745
865
806
705
Locomotives
535
572
515
559
Passenger cars
36,633
39,528
40,589
33,241
cars
Freight, &c.,
1,289
1,452
1,503
1,149
Roadway cars
Operations
10,641,341 10,908,545 10,666,500
9,518,705
Passengers carried
Pa mgers carried 1 mile445,151,339 432,827,035 362,745,003 370,084,220
2.347 cts.
Rate per pass. per mile_ 2.379 cts.
26,093,798 24,553,832
Freight (tons) carried *_ 23,256,502 4395620480 3925707333 21,041,000
3505899658
Freight (tons) care. 1 m_4020348604
0.796 cts.
0.770 cts.
Rate per ton per mile..
230
231
229
234
Av. train-load(rev.) tons
Earnings per revenue
$1.2746
$1.3473
train mile
passenger
Earnings per revenue
$1.8374
$1.8207
freight train mile_ _
$11,098
$10.263
Gross earnings per mile_
*Not including company's freight.
EARNINGS AND EXPENSES.
-The figures In 1907-08 having been compiled according to the
Note.
new system of accounts prescribed by the Inter-State Commerce Cimmission, comparisons with previous years are inaccurate.
1006-07.
1905-06,
1904-05.
1007-08.
$
$
$
Earnings from$
941 35,235,787 31,538,207 27,732,625
51,384.
Freight
8,985,216
8.619.650
10,590,948 10,417,470
Passengers
883,434
890,520
007,330
831,530
Mall
1,078,600
858,772
958,386
1,124,056
Express
415,504
621,849
648,654
b738,806
Miscellaneous
Total gross earnings




44,620,281

48,263,945

43,008,996

38,517,071

(Report
President T. F. Shonts says in substance:

-For many reasons the improvements made during the
Improvements.
fiscal year ending June 30 1908 were not so extensive as those made In
since 1000. Nevertheless they were not inconsiderable. The
any year
Air Line between Iles and MurrayvIlle (V. 85, p. 857) was completed and
put into operation Sept. 28 1907. On Nov. 17 1007 the fast limited trains
loetween Chicago and Kansas City were put upon this shorter route via
Springfield and the Air Line,and at the same time that the route for these
trains was shortened five miles, the schedule time between Chicago and
Kansas City was shortened one hour.
The grade reduction on the Springfield-Peoria line has been completed
so that north-bound trains operate on a virtual 0.3%,or 16 feet to the mile,
grade. This Is the same grade that now obtains on the Air Line and from
Bloomington to Chicago, and which it Is Intended shall ultimately obtain
from Roodhouse and the coal fields In Sangamon and Macoupin counties,
III., to Chicago. Against tills grade tile heaviest Alton freight engines
regularly drag a net train-load of 3,400 tons. •
The iron work of the two east spans of the Mississippi River bridge was
re-placed by modern steel spans. This work finished the entire renovation
In
of this bridge, all of the Iron work of the original bridge which was built
1873 having now been re-placed by more modern structures.
Three trestles, which made up a total length of 1,700 feet, have been
filled In with earth.
The prosecution of the track elevation work at Joliet and at Western Ave.
and California Ave., Chicago, has been held somewhat in abeyance, but
they will be carried out as soon as conditions warrant. The improvements
contemplated for the ensuing year, besides the track elevation work,
Include, with others, the. extension and reconstruction of the terminal
in
freight houses and yards and the construction of an office building
Chicago; also building of both a new freight and a new passenger station
on new sites at Jacksonville.
fA table shows expenditures for new construotion. add.tions, Improvements and new equipment to a net total of $180,175, charged to "cost of
road," during the year, viz.: Construction of new main line, Des to Murrayvine, $91,796; additional side tracks, terminal yards, &c., $46,999; widening cuts and fills, $9,342; protection of banks, $46,306; change of grade
between Springfield and Grove, $48,960; bridges, trestles and culverts,
$18,814; ballast, $12,070; track elevation, $9,030; miscellaneous, $32,965:
total, $316,372. Less credit item on account of main track, $88,956. and
sundry adjustments affecting cost of road this year applicable to prior
years, $47,241; net addition to cost of road, as per balance sheet, $180,175,
-Ed.1
Readjustment of manifest freight trains saving 134 train miles daily
has been made without in any way Impairing the service; tonnage rating
on dead freight trains increased from 10 to 20%, and when we are in
position to proceed with the grade reductions and double track between
Bloomington and Atlanta, we will increase the tonnage of trains 1,000 tons
between those points.
-Of new rail 1,350 tons, of re-laying
Maintenance of Way and Structures.
rail 3,472 tons, were placed In the main track, making a total of 38.6 miles
of track re-laid during the year. In connection with this work, 263,882
cross-ties were placed in the main track, equal to 93.71 miles, and 3,493
lineal feet of bridge flooring was renewed. One overhead bridge was built,
180 lineal feet of pipe culvert, 2 abutments and 2 piers.

OCT. 17 1908.1

THE CHRONICLE

RAIL, BALLAST, BRIDdES, &C., IN MAIN LINE AND BRANCHES
OWNED ON JUNE 30.
Total.
80-lb. 75-1b.
1. Rail70-lb. 65-lb. 60-lb. 56-lb.
1908, miles
846.06 61.71 113.70 56.56 42.52
6.60 1,127.15
1907, miles
6.60 1,092.81
811.61 61.82 113.70 56.56 42.52
Soil.
Total.
2. BallastStone. Gravel. Cinders. Slag.
819.55
Main line, miles
86.87 51.15
573.30 108.23
209.77 97.83
Branches, miles
55.99 28.88
40.12
84.78
Total, miles
613.42 193.01 142.86. 80.03 1,029.32
997.94 94.87
Total June 30 1907
612.11 147.69 158.16 70.98
,
-Aggregate Length of Bridges (ft)--- Overhead Cross'as (No)
Trestles. Highway. Railway.
3. Bridges,&c.Stone.
Wood.
Steel.
8
36
25,553
640
1908
304
27,113
8
36
25,086
1907
640
26,947
304
Maintenance of Equipment.-Thc average repairs per locomotive was
$2,551 (against $2,599 in 1906-07); average cost of repairs per passenger
car was $486 (against $794 In 1906-07); average cost of repairs per freight
car for the entire equipment was $42 68 (against $52 98 for 1906-07).
Between June 18911 and June 1908 the total tractive power of the locomotives in service has been increased from 2,874,520 lbs. to 6,665,214 lbs.,
or 131.87%; the total capacity of the freight equipment in service has
been increased from 131,890 tons to 385,983 tons, or 192.66%, and the
average capacity per car has been increased within this period from 21.52
tons to 37.13 tons, or 72.54%.
OPERATIONS AND FISCAL RESULTS.
1907-08.
1904-05.
1906-07.
1905-06.
098
915
Miles June 30
970
970
Operations, &c.
$11,942
Receipts per mile of road
$12,906
Tons rev, freight carried 7,855,315
6,812,469
8,358,294
6,090,883
Tons rev.fgt. car 1 mile 1256931872 1386988037 1174692281 1009501642
Fgt. rects per train mile
$2.48
$2.42
Fgt. rects. per ton per m. 0.610 cts.
0.587 cts.
Rev. passengers carried_ 3,427,982
3,286,969
3,061,216
3,109,318
Rev, pa s. carried 1 mile189,430,982 180,768,202 165,985,535 241,920,399
Recta. per pass. per mile 1.854 cts.
2.054 cts.
Rects. per pass. tr. mile
(incl. mail & express) _
$1.39
$1.34
Av. rev. tr. load (tons)412.59
406.01

1007

Kansas City Southern Railway.
(Report for Fiscal Year ending June 30 1908.)
The full text of the remarks of President J. A. Edson, also
the income account and balance sheet, will be found on subsequent pages. Below we give various statistics of interest.
ROLLING STOCK JUNE 30.
Locomotives.
Pass. Cars.
Freight Cars.
Miscell.
210
89
7,148
894
89
180
7,285
859
88
168
6,918
815
STATEMENT FOR YEARS ENDING JUNE 30.
1907-08.
1906-07.
1905-06.
1904-05.
Miles operated
827
827
827
839
OperationsGross earnings per mile_
$10,170
$10,548
Net earnings per mile__ $3,518
$4,345
x Tons carried
2,968,145
3,135,712
2,776,747
2,472,811
z Tons carried 1 mile-..927,699,200 997,916,269 877,542,261 744,258,043
Av. per ton per m.
7.23
6.99
(m1118)
Freight receipts per mile
$8,107
Fr't rec. per rev. Cr. mile
$2.29652
$2,31937
8 43
5
Rev, train load, tons_
289.02
331.76
317.75
267.87
x Passengers carried.._ _ _ 1,557,058
1,509,935
1,121,124
072,031
x Pass. carried 1 mile
56,851,140 56,436,653 39,717,925 34,741,195
Aver, per pass. per mile_ 2.315 cts.
2.377 cts.
1908
1907
1006

!INCOME ACCOUNT.-INTER-STATE COMMERCE CLASSIFIN
Inc. (-4-' or
1907-08.
1906-07. Dec. (-).
Gross Receipts$
$
$
Freight
6,692,308
6,970,079 -277,771
Passenger
1,328,795
1,302,737
-26,057
Mall. express, &c
763,884
+25,211
738,673

Total receipts
8,758,929
9,037,547 -278,618
Operating Expenses
Maintenance of way and structures_ _
917,667
-5,260
922,927
Maintenance of equipment_ - _.
+119,641
1,080,839
1.200,480
Transportation expenses
2,854,614
3,095,791
+241,177
Traffic expenses
268,550
+32,254
236,296
INTER-STATE COMMERCE COMMISSION CLASSIFICATION.. General
expenses
271,832
+12,390
259,442
1006-07.
Operating revenues1907-08.
Total operating expenses
5,754,321
$8,137,403 $7,671,477
5,354,118
+400.202
Freight
3,712,036
3,683,428 -678,820
3,004,608
3,511,410 Net cunt.), s.
Passenger
840,622
904,848 Per cent ot expenses to earnings
(59.24)
Mall, express and miscellaneous
(65.70)
+6.46
Interest, dise,unt, &c
133,598
170,131
-36,533
$12,690,061 $12,087,735
Net Inc:me
3.138,206
3,853,559 -715,353
Expenses
Deduct
$1,496,066 $1,406,246
Maintenance of way and structures
283,138
1,560,796 *1,524,430 Taxes
183,849
=
+99,289
Maintenance of equipment..
Interest i n bonds
900,000
900,000
483,767
465,800
Traffic expenses
16,743
30,611
3,804,311 Miscellane us
3,997,838
-13,868
Transportation expenses
84,051
75,780
313,135 Interest Ln equipment notes
-8,271
308,371
General expenses
I terest oi+ c 11. g Id notes
249,273
199,708
+49,565
y840,000
y840,000
Total operating expenses
*7,828,872 $7,621,890 Dlv. on pref. st,ck, 4%
Net operating revenues
$4,861,189 $4,465,845
2,364,934
2,238,220
T tal
+126,714
Other income
9,240
1,615,339 -842,067
Bala ce, surplus
773,272
Total net income
$4,475,094 --x Revenue freight onlyDeduct
.
Taxes
y Char,led agal.ist profit and less account but here deducted from income.
$356,733
Hire of equipment
44,779 account.
Rentals paid
144,206 OPERATIONS OF SUBSIDIARY PROPERTIES OPERATED SEPAInterest on bonds
1,891,684
RATELY.
Interest on collateral notes
300,000
Gross.
Net(overtax.) Int., &c.
Balance.
Interest on equipment notes(net)
175,756 Arkansas
West. fly. 1907-08_$67,720
*25,265 $37,327 def.$12,062
Dividends on guaranteed stocks (rentals)
241,024
1906-07_ 88,297
d
44,715
37,841
a5,712
Dividends on prior lien and participating stock (5%)
g, 43,965 K.C.Sh.&GulfHo
Term. 1907-08_ 25,456
7,212
6,000
1,212
Dividends on preferred stock (4%)
781,760
do
1906-07_ 25,150
d'
9.171
6,000
surp.3,171
Dividends on common stock (1%)
195,428
Pt. Ar. Can. & Dock 1907-08_ 42,267
dcf.38,974
50,000
def.88,974
do
do
1906-07_ 87,106
def.1,254 b50,000 bdef.57 ,377
$4,175,335
Total deductions
Balance, surplus
$299,759
a After deducting miscellaneous adjustments, $1,162.
--b After deducting miscellaneous adjustments, $6.123.
* Maintenance of equipment in 1907-08 Includes depreciation $221,083,
and renewals $26,496; in maintenance of way and structures, also, including
ASSETS AND LIABILITIES .1 UNE 30
$5,824 depreciation of work equipment.
1908.
1907.
1908.
1907.
BALANCE SHEET JUNE 30.
Assets
-$
Railways, equip.,
Preferred stock_....21,000,000 21,000,000
1907. 1
1908.
1907.
1908.
securities of terCommon stock_ _ _30,000,000 30,000,000
AssetsLiabilities$
$
$
$
minal cos.,
073,162 81,070,452 1st mtge. bonds ..30,000,000 30,000,000
Road, fran., &c. 98,171,3911111,595,592 Capital stock__ _ 39,966,100 39,966,100 Improv'ts dr&c....81,
5% notes of 1912_ 5,100,000 4,806,000
reEquipment ___a13,247,5581
Guaran. stocks.. 3,693,200 3,693,200
habilitation ___ 7,873,416 6,206,490 Equip. trust notes 1,560,000 1,764,000
Stocks & bonds
Funded debt_ .._ 67,595,000 67,350,000 Agts. & conduc'rs_
168,622 Unpaid coupons.._
126,339
144,578
137,650
pledged
x10,217,893 10,230,892 Equip. tr. notes. 4,096,209
4,686,564 Cash
a1,052,672 1,432,311 Accrued interest__ 238,210
236,205
Real estate and
Coll, trust notes. 6,000,000 6,000,000 Material & supplies 922,323
800,064 Traffic balances__
145,511
184,123
other invest'ts
947,172
Real est. notes,
872,229
Loans receivable
Pav-rolls, &c____ 1,098,841
621,004
Deposit to reJuly 1 1909-580,244
580,244
13111 p • yabl • -.
(sec. by N. Y.
80,000
Coll. tr.4% notes
deem 4% coll.
Stk. Ex. collat.) 250,000 1,000,000 Taxes, not due..._
131,286
94,235
(paid July 1
trust notes_
*610,000
Bills recevable
129,920
140,000 Renewal, replaceb3,098,801
Current assets
1907)
2,955,038
*610,000 Traffic balances
250,514
ment & reserve
388,850
Vouchers & pay91,524
Depos. for equip
Individ'is dr cos
531,150
funds
628,776
590.738
Prepaid insurrolls
987,850 U. S. Governm't_ 471,058
972,966
31,093
30,452 Pref. dlv. payable
20.535 Traffic balances.
37,199
ance, &c
332,307 Wells F.&Co.Exp.
250,607
31,909
840,000
35,354
210,000
July 15
133,795 Divs. declared__
Unadjust. accts.
986,740 Inv. & advances to
022,025
Miscellaneous
89,143
105,604
Cos. and indivU. S. Trust Co.,
67,576
proprietary cos_ 1,237,298
822,605 Profit and loss._
3,149,709 2,376,438
Int, and rentals
trustee, Miss.
Miscellaneous .._ _ _
126,350
129,683
acc'd (not due) 888,444
339,298
River Bridge
194,000 Agents' drafts_
Co. mortgage
136,259
Total assets_ _ _ _93,576,055 92,756,032
Tot. liabilities_ _93,576,055 92,756,032
183,000
Taxes accrued__
Disc, on secur.
183,000
4,000
Called bonds.._
(to be charged
3,000
a The item of cash, $1,052,672, includes reserve for dividend, $210,000;
Res. for est. liato profit and
reserve for coupons unpald, $144,578, ava,lable for other purposes, $698loss loan equal
blilties
95,364
094.-V. 86, p. 1224.
instailment)_
,
517,185 Miss Xis .13ridge
Disc. on collat.
Co. bond reCanadian Pacific Railway Co.
equip. notes
demp.account
(less propor176,477
(see contra)..
written
tion
356,819 (Report of President at the 27th Annual Meeting of the Share267,479
Equip.replace.fd
off)
422,595
12,656
Fire in.sur. fund_
28,683
holders Held at Montreal Oct. 7 1908.)
884,011
z787,976
Profit and loss.._
Total

126,234,131 127,129,2651 Total

126,234,131 127,129,265

*Paid July 11907.
a Equipment cost value (estimated) as at July 1 1007, the additions during the
year 1907-08, $66,807, being charged to replacement fund.
b Current assets In 1908 include: material and supplies, 3691,191; traffic balances
receivable, $254,148; agents and conductors' balances, $472,976; companies and
individuals, $551,564; U S. Govt. P. 0. Dept., $61,948; unadjusted freight
'
claims, $153,712; an aggregate of $2,185,539, less reserve for bad and doubtful
accounts, $200,607,to which is added cash,31,113,868, making a total of $3,098,801.
x Included in stocks and bonds pledged are: C. & A. RR.Co.3 50-year refunding
gold bonds,$8,000,000; Kan.City St L. dr Chic. RR.Co. preferred stock,$3,000,000;
Kan. City St. L. & Chic. RR.Co. common stock, $157,100; La. & Mo. Riv. RR. Co.
pref. stock, $989,300; La. & Mo. lily. lilt. Co. common stock, $2,268,800; Union
Depot Co., Kansas City, stock, $45,000; Miss. River Bridge Co. bonds, $51,000;
total face value, $14,511,200; total book value, $10,217,893.
y Investments include stocks and bonds unplcdged: Joliet & Chicago RR. Co.
guaranteed stock, 35,000; Peoria liy. Terminal Co. stock, $500,000; Peoria fly.
Terminal Co. bonds, $1,500; Terminal fly. Assn. of St. Louis stock $205,800; Kansas City St. Louis & Chic. RR. Co. common stock, $500; La. & Mo. River RR. Co.
pref. stock, $9,100; La. & Mo. River RR. Co. common stock, $25,700: C. & A.
RR. Co. 4% prior lien and participating capital stock, $10,600; Kansas City Term.
fly. stock, $57,500; total face value, $815,700; total book value, $283,580.
Profit and loss surplus on Juno 30 1007, 3884,011, was credited wtih the surplus
for the year 1907-08, 31,320,912, and miscellaneous adjustments, and then reduced
to $787,976 by charging off the following items, aggregating $1,417,250, viz.: Installment for fiscal year ended June 30 1908 of discount on securities, $106,840;
depreciation accruing prior to July 11007, $45,631; ()Addends paid during 1907-08,
$1,021,153; sundry adjustments applicable to former Years (net),3243,626.-V. 87,
p1936,11873
•




The President, Sir Thomas G. Shaughnessy, at the annual
meeting on October 7 said in substance:

-The estimate of the Western crops made a
Results for Year 1907-08.
year ago was not far astray as to quantity, but the quality was seriously
affected by bad weather, and therefore the amount realized by the producers was much below the average. About the end of October there
was a disarrangement of business affairs approaching a panic in the United
States, and the feeling of distrust reached Canada in a less pronounce4
form, resulting in a drastic contract!-in of bank credits and a consequent
shrinkage of general business activity. These conditl-ois had a serious
effect on your business, but more particularly on your westbound and
local traffic, with the result that your grass income showed important
decrease month by month, without any possiblitiy of making reductions
that were at all conmmensurate In the cost of transportati^n.
Your directors, convinced that the depressi^n was but temporary, did
not feel warranted in changing their policy by curtailing the expenditure
for the mai tenance of the railway and equipment. As a consequence.
your grass income was $833,000 and your net revenue $3,500,000 below
the previous year.
Outlook.
-The crop just harvested is bountiful and of excellent quality,
and we have every reason to believe that there will be an early return of
sound and active business conditions.
-Fair progress has been made during the year with all the
Construction.
works of construction and improvement that were In hand, but it Is desirable
that the several railway lines now being built should be completed before
other works of a like character are undertaken, and therefore your directors have decided to restrict operations In this respect, for the present
at any rate.
New Stock.
-As explained In the annual report (V. 87, p. 743) you will
eiasked.to_sanction ani ncrease.in,theprdlnary.capital_stocklfro mi$150',

000,000 to $200,000,000, and to empower your directors to utilize the
additional stock in such amounts from time to time as may be desirable
In connection with the company's capital requirements.
It Is not easy to designate with any degree of particularity the purposes for which money will be required, excepting in the matter of rolling
stock. In the six years, 1902 to 1908, there was an increase in your equipment of 659 locomotives, 842 sleeping cars and day c'aches and 25,190
freight cars, at an approximate cost of $37,000,000,and yet the prospects
are that within the next six weeks the demand for freight cars will be in
excess of the supply. It is to the best interest of the company that no
effort should be spared to meet the reasonable requirements of shippers,
and therefore we must continue to build or purchase lucomotives and
cars as quickly as the development of traffic may warrant.
In the ordinary course of events the volume of traffic on your lines
should increase with a fair degree of rapidity and an expansion of traffic
necessarily involves not only additional cars and locorntives, but enlarged accommodations to care for it at many new places over your 9,500
miles of railway, and in providing these, large sums of money are quickly
absorbed. You will recognize the desirability of having your financial
arrangements in such shape that your directors can, without avoidable
delay, secure funds for your purposes at intervals as circumstances may
ustify or require.
Dividend from Land Interest.
-The distribution from the land interest
account will be the same in the current year as in the last, namely, 1%,
In two semi-annual installments of X of 1% each.
-V.87, p. 935, 812.

Western Union Telegraph Company.
(Report for Fiscal Year ending June 30 1908.)
President Robert C. Clowry says in substance:
-The number of messages decreased 12,433,264 and the
General Results.
revenues of the company decreased $4,274,194. due to the depression in
business and to the strike of Operators, which began early In August and
lasted until Nov. 7 1907. The average tolls per message transmitted
were the same as the previous year, but the cost was increased by the strike
to such an extent that that branch of the business showed a small loss for
the year. This loss ceased as soon as conditions became normal. Notwithstanding the abnormal expense during the strike, the expenses for
the year were reduced 51,352,981, which left the net loss in revenue $2,921,213, as compared with the previous year. The decline in gross receipts
is proportionately less than that which followed the panic of 1893, the
low receipts of which period were succeeded by many years of growth.
This, it is hoped, will be the case in the present depression, and there are
at this writing indications of improvement manifested by demands from
many different sections of the country for help to handle increasing traffic.
Stock.
-The capital stock outstandng is $99,817,100, of which $30,132
belongs to and is in the treasury. During the year the amount outstanding was increased from $07,370,000 by the distribution to the stockholders
of $2,447,100 in two stock dividends of 1 X% each.
-During the year there was issued $2,800,000 of the 4%
Bonded Debt.
convertible redeemable bonds due Nov. 1 1936, authorized by the stockholders Nov. 23 1906, and $30,000 collateral trust bonds in exchange
for a corresponding amount of the capital stock of the Washington & New
Orleans Telegraph Co., upon which, under the lease of that company,
interest was being paid at the rate of 6% per annum.
Improvements and Additions.
-For the past six years liberal appropriations have been made for the maintenance of the company's lines. The
plant is, therefore, in good condition. Much of the work of improving the
property had been completed before June 30 1907. There has followed, as
anticipated, a material decline in the demands for such work, which has
permitted a substantial reduction in expense.
The net growth of the plant was: In poles and cable, 2,831 mlles; in
wire, 38,231 miles; in offices there was a decrease of 907. due principally
to the fact that railroad companies have closed many small telegraph
offices in consequence of the enactment of laws shortening the hours of
labor. At most of such places messages are accepted and telephoned to
an office of this company to be forwatded to destination.
Of the total of 1,359,430 miles of wire at the close of the year 485,801
miles were of copper and 873,629 of iron; an increase in copper of 66,351
and in Iron a decrease of 28,120 miles.
The automatic printing telegraph, owned by the company and mentioned in my last report as having been put in operation at many of the
principal cities, has been further extended to \Vashington, Cleveland,
Cincinnati, Kansas City, St. Paul, Omaha, Denver and Nashville.
The cost of construction was $1,138,507, which was $1,734,444 less than
last year.
Contracts.-Contracts covering 3,113 miles of railroad were closed during
the year with the following-named companies:
Santa Fe Central By.,
Missouri & North Arkansas RR.,
Pittsb. Shawmut & Northern RR..
Wisconsin Central Ry.,
New York Chicago & St. Louis RR., New Westminster Southern Ry.
Santa Fe Prescott & Phoenix By., Vancouver Victoria & Eastern Ry. &
Navigation Co.,
Prescott & Eastern RR.,
Crow's Nest Southern By.,
Arizona & California By..
McCloud River RR.,
Bradshaw Mountain RR.,
Vancouver Westminster&YukonRy.,
Maryland Electric Rys.,
Western Arizona By.,
Toledo Peoria & Western RR.,
East Tennessee & Western North
Virginia & Truckee By.,
Great Northern By. (Kalispell: Carolina RR.
Somers Line),
RECEIPTS AND DISBURSEMENTS.
1906-07.
1907-08.
•$
28,582,212 32,856,406
Revenues for the year
Expenses
Operating F0 general expenses & taxes 19,069,813 19,257,622
1,545,571
1,546,182
Rentals of leased lines
5,278,293
4,139,358
Maintenance and reconstruction
450,710
423,862
Equipment of offices and wires
Total expenses
Profits
Disbursements
For Interest on bonds
Cash dividends
Total disbursements
Balance
Surplus July 1 (beginning of year)

25,179,215
3,402,997

26,532,196
6,324,210

1905-06.
30,675,654
17,191,039
1,553,288
4,422,060
437,784
23,605,071
7,070,583

1,420,061
1,732,250
1,327,975
(1 X)1,714,571 (5)4,868,096 (5)4,868,089
3,446,821
ef.43,824
_ 16,884,781

Total
Stock dividend, 23%

16,840,957
2,447,100

6,288,157
6,106,064
sur.36,053 sur.874,519
16,848,728 15,974,209
16,884,781

Surplus June 30 (end of year)____ 14,393,857 16,884,781
Miles of Miles of No. of
Receipts.
offices. Messages.
Year.
poles (to cables, wire.
5,879,282 $6,568,925
85,291 2,565
1866-67 ____ 46,270
1879-80 ____ 85,645 233,534 9,077 29,215,509 12,782,894
1892-93 __189,936 769,201 21,078 66,591,858 24,978,443
1902-03 ____196,517 1,089,212 23,120 '69,790,866 29,167,687
1903-04 __199,350 1,155,405 23,458 '67,903,973 29,249,390
1904-05 ____200,224 1,184,557 23,814 .67,477,320 20,033,635
1905-06 ____202,959 1,256,147 24,323 '71,487,082 30,675,654
1906-07 ____205,646 1,321,199 24,760 '74,804,551 32,856,406
1907-08...,_.,208,477 1,359,430 23,853 *62,371,287 28,582,212

16,848,728
16,848,728
Profits.
$2,624,920
5,833,938
7,496,037
8,214,472
7,887,475
7,188,065
7,070,583
6,324,210
3,402,996

'Not Including messages sent over leased wires or under railroad contract.
BALANCE SHEET OF JUNE 30.
1908.
,
1908.
1907.
1907.
Liabilities$
Assets$
$S
$
Telegraph lines_123,139,624 122,031,118 Capital stock__ 90,817,100 97,370,000
Funded debt.._ 38,645,000 35,815,000
Stocks and bonds
leased cos__ 8,645,000 8,615,000 Gold Stock Telegraph Co-_ 1,946,592
Stock not leased
1,946,592
companies ___ 16,497,865 14,493,190 Accts. payable__ 3,755.072 3,764,415
5,088,359 5,088,359 Surplus prior to
Real estate
1881
1,598,184
Suppl. & mat'ls_ 1,137,475
1,096,890
1,598,
184
14,393,856 16,884,781
Accts. receivable 2,368,746 2,889,799 Surplus
3,278,733 3,164,615
Cash
160,155,804 157,378,972
Total
-V. 87, p. 681




[VoL. Lxxxvii.

THE CHRONICLE

1008

Total

160,155,804 157,378,972

Colorado Fuel & Iron 'Co.
(Report for Fiscal Year ending June 30 1908.)
President J. F. Welborn, Denver, Sept. 24 1908, writes
in substance:
The gross earnings from operation were $22,099,880, being $1,692,419
less than the previous year, a decrease of 7.1%; the operating expenses
were $19,322,064, being $1,611,806 less, a decrease of 7.7%; and the
net earnings from operation $2,553,367, a decrease of $42,678, or 1.6%.
The net income from all sources was $2,880,494, being $111,604 less than
the previous year, a decrease of 3.7%. After providing for all fixed
charges, sinking funds, rentals, &c., there remains a surplus, carried to
the credit of profit and loss, of $294,365.
The improvements referred to in the last annual report were completed
early in the year, and the expenditures for maintenance at all of the properties have been on a liberal basis, with the result that their physical
condition has been improved, and the company is now able to do a much
larger business than ever before. It can safely be said that, with a renewal of the demand for the company's products sufficient to permit
of full operations, the gross earnings will exceed those in former times.
and the ratio of net Income to gross earnings will be increased.
Tonnage Statement for Years ending June 30.
Tons, 2,000 lbs.
1905-06.
1907-08.
1906-07.
Coal
5,056,378
4,276,095
4,844,461
Coke
1,095,133.
789,989
992,661
Iron ore
*803,384
647,269
893,454
Limestone
369,921
391,128
417,612
steel
Iron and
2,077,231
1,900,168
1,904,410
Totals

8,181,713

0,142,508

0,224,984

'Exclusive of 72,992 gross tons of iron ore purchased from Lake Superior.
-Used by Company Year 1907-08
--Sales year
Plants at Min- On hand
Mines.
Coke ovens. nequa.
June30'08
Tons, 2,000 lbs. 1907-08.
156,968 1,385,409
2,203,278
530,850
2,950
Coal
26
145,463
640,531
4,237
Coke
37
647,311
Iron ore
391,128
Limestone
1,927
1,678,681
51,126
Iron and steel____ 388,499
STATEMENT OF EARNINGS AND EXPENSES.
1907.08.
1906-07.
1905-06.
$
Gross Earnings
13,175,747 13,927,108 12,454,643
Iron department
9,454,223
9,409,317
8,486,080
Industrial department (fuel)
438,047
410,967
366,085
Denver retail department
Total gross earnings
Net Earnings
Iron department
Industrial department 'fuel)
Denver retail department
Total net
Less management
Total net earnings

22,090,880

23,792,299

22,320,046

1,833,166
014,949
29,700

1,747,071
1,083,595
27,762

1,570,964
1,235,044
23,855

2,777,816
224,449

2,858,428
262,384

2,829,863
270,834

2,553,366

2,596,044

2,559,029

INCOME ACCOUNT FOR YEAR ENDING JUNE 30.
1905-06.
1907-08.
1906-07.
$
$
$
2,559,029
2,553,366
2,506,044
Net earnings from operation
4o6,991
234,305
259,028
Add-Income from securities
48,709
02,822
Interest and exchange
137,026
2,880,404
Total net Income
Deduct
•1,054,305
Bond interest
177,127
Taxes
a144,107
Sinking funds, &c
"Sociological department"
10,475
b240,869
Loss on Colorado Fc Wyoming By_ _ _ _
c26,825
Loss on Crystal R. RR
Rentals (Colorado Industrial Co. prop.) 899,659
32,760
Proepecting

2,992,098

3,064,729,

1,056,214
160,691
120,976
11,286
149,537
24,264
959,182
39,855

1,050,411
157,025
102,885
11,344
76,400
26,016
959,834

2,586,129
294,365

2,522,006
470,092

2,392,917
671,812

Total deductions
Balance, surplus

'Colorado Fuel Co. general mortgage bonds $28,400; Colorado Fuel&
Iron Co. general mortgage bonds $268,675; Colorado Fuel & Iron Co. convertible debentures, $703,350; interest on first mortgage bonds of Grand
River Coal & Coke Co., subject to which this company holds title, $53,880.
a Includes real estate $62,551, personal .njury $16,094, and lire insurance
$65,462.
b Includes traffic contract guaranty at $25,000 per month ($300,000)
less earned from traffic, as per contract for year, $59,130 in 1907-08, $150,463 in 1906-07 and $223,600 In 1905-06.
c Includes traffic guaranty at $3,000 per month ($36,000), less earned
from traffic as per contract for year ($0,174 In 1907-08, $11,736 in 1906-07
and $9,984 in 1905-06.)
BALANCE SHEET JUNE 30.
1008.
1907
$
Assets$
Real estate (properties and securities) 14,901,272 14,866,141
*26,653,870 26,663,344
Equipment Iron department
Water supply
133,035
130,670
Equipment-miscellaneous
244,071
243,842
Equipment-hospital
12,858
9,666
Equipment-sociological
3,013,222
1,548,378
Cash on hand
5,351.044
5,341,939
Securities-stocks and bonds
866,850
676,883
Bills receivable
2,800,288
2,570,517
Customers and others
1,070,559
561,587
Colorado Industrial Co
120,204
152,031
Rocky Mountain Coal & Iron Co
872,214
1,632,476
Iron department-supplies
728,370
Iron department-manufactured stks 1,261,168
206,262
235,275
Iron department-miscel. accounts....
308,030
363,972
Industrial department-supplies
85,582
01,219
Coal and coke on hand
246,542
193,184
Sunrise & Chic. stripping & ore deveR
20,263
22,601
Royalties on leased lines paid In affv_
106,008
Uncollected dividends and interest..._
4suu
1
330,835
Miscellaneous accounts, &c
1,077,196
1,229,932
Profit and loss
58,628,356
Total assets
liabilities
34,235,500
Common stock
2,000,000
Preferred stock
Funded debt (see "Ry.& Ind." sec.)_ 19,945,000
302,794
Unpaid general and freight vouchers_
432,372
Unpaid pay and time checks
78,175
Colorado Supply Co
423,331
Bond interest-accrued but not due_
100,000
Fund for payment of taxes
152,116
Colorado & Wyoming Railway Co.._
21,570
Fund for emergencies
Sinking fund-equipment Iron dept
738,563
Sinking fund-real estate
19,027
Iron lands development fund
179,008
Re-lining furnaces, insur. fund& misc.
Total liabilities

58,628,356

59,031,875

1906.
$
14,850,815
23,674,382
840,900
131,634
244,512
12,857
685,611
6,950,494
131,110
2,042,509
290,992
128,162
1,231,144
1,600,720
219,312
315,606
70,173
32,468
189,455
200,625
1,203.236
_
55,136,719

676,012
26,177
211,812

30,133,000
2,000,000
19,938,000
427,810
558,027
81,827
423,347
100,000
257,153
66,401
216,442
610,800
30,296
284,617

59,031,875

55,136,719

34,235,500
2,000,006
19,045,000
508,197
531,041
74,904
422,976
100,000
255.553
44,703

*The item of water supply (known as Minnequa Land & Water System),
Is now included in equipment-iron department.
-V. 86, p. 1045.

OM. 17 1908.1

THE CHRONICLE

1009

The New River Company.
(Report for Fiscal Year ending March 311908.)
President Samuel Dixon, Aug. 1 1908, wrote:

Through ownership of all the bonds and stock of the Ellsworth Power
Supply Co., It c ntr Is this company, which has just oompleted an hydroelectric power development (of 2,100 h.p.) on the Union River at Ellsworth; transmissiun lines run thence to Bar Harbor and are almost completed to Veazie.
The power fur the street railway, as well as for the electric lighting and
The company's fiscal year has been changed.to terminate March 31,
industrial power service, for Bangor and vicinity, is generated at Veazie.
to correspond with the customary coal year.
The New River Company Is a holding company, owning the stock of the about 4% miles above Bangor on the Penobscot River, where the comNew River Fuel Co., and has no liabilities except its outstanding capital pany has an hydro-electric development of 2,100 h.p., which Is capable of
stock, which on March 31 1908 was: preferred, $5,625,700 and common, considerable increase, and a steam reserve of 2,000 h.p. capacity.
The installed capacity of the present hydro-electric development Is 4,100
$11,426,400. The preferred stock corresponds substantially with the
outstanding stock of the New River Fuel Co., the discrepancy of $33,500 h.p., and of the steam reserve 3,000 h.p., a total of 7,100 h.p. An addiMarch 31 1908 being due to the fact that a few shares of New River Fuel tional 2,700 h.p. Is contemplated at Ellsworth, and an ultimate development In the vicinity of 10,000 h.p. Is possible.
Co. then remain d unexchanged for stock of the New River Co.
Issued Capitalization of Bangor Ry. & Electric Co. System.
The figures herein given are of the liabilities, assets and earnings of the
New River Fuel Co., constituting the financial statement of the New Capital stock of Bangor Ry. & Electric Co.
$1,500,000
River Co. through its ownership of stock of the New R ver Fuel Co.
Funded debt (aggregating $2,647,000)
The Treasurer's report shows that the New River Fuel Company's
First consolidated mortgage 5s (authorized ($2,000,000)-___ *$1.822,000
proportion of the earnings of the operating subsidiary companies was as
Public Works first mortgage 5s, due April 1 1929
600,000
follows: For the three months ending March 31 1907, $121,012 being a
Bar Harbor Electric Light Co. 434s, due May 1 1921
100,000
sum equal to 9.96% per annum on the average amount of the preferred
Ellsworth Water Co. 5s, due August 1 1909
100,000
stock ($4,857,233) of the New River Co. outstanding during the period
Ellsworth Electric Illuminating Co. first mortgage 5s, due
and for the year ending March 31 1908, $518,938, or equal to 9.86%
August 1 1909
25,000
on the average amount of preferred stock outstanding for that period,
exceeding by $203,157 the 6% preferred dividend heretofore paid, as
*The remaining $178,000 bonds of this Issue are reserved to be Issued
against an excess of $182,000 for the calendar year 1906.
at not exceeding 85% of cash cost of extensions, &c., including
The output of coal for the fiscal year April 1 1907 to March 31 1908 soon to be issued against cash expenditure of $92,000, representing $78,000
balance
was 1,757,777 tons as compared with 1,614,220 tons for cal. year 1006.
of cost of Ellsworth development and transmission lines.
There are no bonded obligations outstanding on the company's properties.
Earnings of the Bangor Railway & Electric Co. and Controlled Corporations
for Year ending June 30 1908.
Output and Earnings of Subsidiary Operating Companies and Amounts
thereof belonging to New River Fuel Co., Year ending March 31 1908.
Gross receipts
$528,282 Bond Int. constituent cos_- $40,750
Net (after taxes & rentals)-$239,666 Int. on $1,822,000 first conProportion to
Total.
Output
solidated 5s now out
91,100
Gross tons.
Net profits. New R.F'l Co
White Oak Fuel Co
--. $99,981
$104,147
444,936
Balance, surplus
Collins Colliery Co
$107,816
51,875
52,934
213,790
The Bangor Ry. & Electric Co. has paid regular dividends at the rate of
Macdonald Colliery Co
37,892
37,892
83,849
Cranberry Fuel Co
93,275 5% per annum since Oct. 1905, shortly after its incorporation.
93,275
158,367
The bonds of this issue are a first mortgage on 50 h miles of street railDunn Loop C. & 0. Co
34,348
63,607
162,940
Harvey Coal & Coke Co
59,960 way mileage and upon the electric light system in Old Town, also, through
84,450
119,672
Beckley Coal & Coke Co
48,847 deposit of securities, upon practically the entire hydro-electric development
48,847
142,522
Prudence Coal Co
26,399
10,560 at Ellsworth, with Its high tension transmission lines. Subject to $825,000
88,629
61,851
14,936
Mabscott Coal & Coke Co
14,936 underlying bonds, they are a mortgage on the entire remaining property
Price Hill Fuel Co
31,612 of the company.
91,540
31,612
The franchises for electric lighting, power and street railway business
59,097
24,847
Stuart Colliery Co
22,382
130,584
(loss))329 are liberal and without limitation of time, excepting only one which covers
(loss)329
Kanawha properties
12 miles of track In Bangor and Brewer, expiring in 1912, but which conWhite Oak Coal terminals
13,620
13,620
tains extremely favorable terms of renewal.
-V. 84, D. 338.
1,757,777
$518,938
$596,237
Total
Boston & Maine RR.
-New
Note.
-The net proportion of earnings of $518,938 is arrived at after
deducting $81,479 by way of depreciation and adjustment of Inventories;
and is equal, after considering all losses from bad accounts, losses in live
stock, and depreciation, to 9.86% upon the average stock outstanding
of the New River Fuel Co. during the year. No depreciations have been
written off White Oak Fuel Co., Stuart Colliery Co., Cranberry Fuel Co.'
and Price Hill Fuel Co., these plants being substantially new or in the
development stage.
Investment of New River Fuel Co. in Stock of and Loans to Operating
Subsidiary Companies, also in Lands, March 31 1908.
Acres No. of
Tons loa
Stock.
Loans.
coal land, mines. unmined.
White Oak Fuel Co- _1,334,329
56,272
Stuart Colliery C
511,888
134,109
Mabscott C. & C. Co_ 157,020
36,871
Collins Colliery Co_ _ _ 422,800
400
Cranberry Fuel Co_.._ 1407,090
450,576
Price Hill Fuel Co..___ 290,811
72,583
Macdonald Colliery Co. 366,979
14,968
Great Kanawha Col.Co. 76,000
5,579
Beckley C. & C. Co__ 401,000
27,488
Eureka Colliery Co__
35,472
30,000
Harvey C. & C. Co_ _ _ 245,098
2,300
Dunn Loop C. & C. Co. 166,840
300
Prudence Coal Co_ ___ 120,091
5,213
White Oak Coal Co
20,000 deb.176,156
Reserve coal and timber lands
Owned In fee
478,410
Held under lease
13,974
Mossy C. & Land Co. 76,133
2,653
Dillon C. & Land Co. 233,800
4,058
White Oak By. Co_ _ _ 160,000
75,000
365,437
Piney River & Paint
Creek RR. Co
29,979
z150,000
•

Total
5,661,263
1,143,102
Total of all investments
6,804,365

5,681
3,921
479
1,036
6,255
2,767
862
2,959
3,789
2,202
1,627
917
1,036

5
3
1
1
4
2
1
1
1
2
1
2
1
1

100,000,000
31,000,000
31,000,000
65,000,000

10,061
3,294
2,896
6,133

55,915

52,400,000
39,900,000
3,900,000
2,800,000
61,800,000
26,000,000
2,900.000
10,000,000
39,800,000
10,900,000
5,900,000
2,800,000
4,900,000

25

402,800,000

z Stock owned by New River Fuel Co. In Cranberry Fuel Co. $557,000
deduct $150,000 for stock of P. R. & P. C. RR. Co., owned by that com'
pany; balance, $407,090 as shown above.
NEW RIVER FUEL CO. BALANCE SHEET MARCH 31 1908.
Assets$
Liabilitiesb
Cash
65,067 Capital stock issued
5,659,200
Subscriptions (payable In
Capital stk. paid but not
monthly installments)_ _ A ,233,630
Issued
10,756
2,790 Cap. stock subscribed for_ _1,233,630
Notes receivable
649 Notes payable
Accounts receivable
972,759
Invest. In sub-co's, &c__6,804,365 Accounts payable
34,449
857 Profit and loss
Miscellaneous
196,564
Total
8,107,358
Total
Compare V. 84, p. 1491; V. 85, p. 866.-V. 87, p. 617.

8,107,358

GENERAL INVESTMENT NEWS.

-The shareholders,on
Bonds.
Oct. 14 rescinded the authorization Oct. 9 1907 of $6,000,000
bonds and authorized the issuance of $12,000,000 bonds to
take up floating debt and to provide for new equipment
and other additions. They also authorized the sale of the
Boston & Lowell RR. terminals at Lawrence, Mass., to the
city (V. 87, p. 475.)
New Directors.
-The shareholders at the annual meeting
on Oct.14, by the unanimous vote of 228,095 shares out of
302,926 outstanding, elected nine new directors, four at the
request of John L. Billard of Meriden, Conn., who recently
acquired nearly 110,000 shares of Boston & Maine stock
from the New York New Haven & Hartford RR., and the
other five nominated by the old executive committee after
consultation with Mr. Billard. The list of directors follows:

Retained.
-President Lucius Tuttle, Brookline; Samuel C. Lawrence,
Medford; Richard Olney, Boston; Alvah W. Sulloway, Franklin, N. H.;
Joseph H. White, Brookline; William Whiting, Holyoke, and Amos Williams, Brookline.
New Members.
-John L. Billard, Meriden, Conn., a retired business man;
Samuel Hemingway,President of the Second National Bank of New Haven,
Conn.; Charles F. Linsley, Secretary of the Bradley & Hubbard Mfg. Co..
Meriden, Ccnn.; Frank T. Brown, attorney, Norwich, Conn.; Frederick
C. Dumaine,Concord, Mass., Treasurer of the Amoskeag Mills, Manchester,
N. H.; Edwin F. Greene, Wayland, Mass., Treasurer of the Pacific Mills,
Lawrence, Mass.; J. M. Prendergast of Boston, director of Boston Elevated
By.; Fred E. Richards, Portland, Me., President of the Union Mutual Life
Insurance Co. of Portland, and Edward P. Ricker, South Poland, Me.,
director of the Maine Central RR.
Not Re-elected.
-Walter Hunnewell of Wellesley, Mass.; Henry F. Dimock,
New York; Alexander Cochrane, Boston, and Thomas P. Beals, Boston.
Compare V. 87, p. 935. 932.

Buffalo Rochester & Pittsburgh Ry.-Listed.-The New
York Stock Exchange has listed $235,000 additional consol.
mortgage 4% bonds due 1957, making the total amount
listed to date $3,235,000, and; has authorized the listing of
$1,500,000 additional bonds on notice that they have been
sold and distributed, making the total amount authorized to
be listed $4,735,000.
The $235,000 bonds have been sold In order to provide for paying off
certain real estate mortgages. The remaining $1,500.000 bonds are to be
sold from time to time to take up the "construction and improvement"
434% notes maturing Aug. 1 1909.-V. 87, p. 812, 485.

Central of Georgia Railway.
-New Director.-Judge R. S •
Lovett of New York, general counsel of the Union Pacifio
RR., has been elected a director in place of Stuart R. Knott.
The board now includes:
W. C. Bradley, Columbus, Ga.; J. W. Castles, New York; William
Nelson Cromwell, New York; J. W. English, Atlanta; John F. Hanson,
Atlanta; Joseph Hull, Savannah; C. E. James, Chattanooga; Samuel R.
Jacques, Macon; R.S. Lovett, New York; Alexander R. Lawton,Savannah;
G. B. McCormack, Birmingham; George J. Mills, Savannah; J. G. OglesbY,
Atlanta; R. E. Steiner, Montgomery; W. A. Winburn, Savannah.
V. 87, p. 740.

RAILROADS INCLUDING ELECTRIC ROADS.
Bangor (Me.) Railway & Electric Co.
-Bonds Sold.
Central Park North & East River RR.
-Joint Rates with
Official Statement.-Spencer Trask & Co., New York and Third Avenue RR.
-V. 87, p.
-See that company below.
Boston, and Perry, Coffin & Burr, Boston, offered on 346, 165.
Oct. 6 jointly at 971 6 and interest, and it is stated have
/
Central Vermont Ry.-Report.-For year ending June 30.
sold, $500,000 first consol. mortgage 5% gold bonds dated
Gross.
0th. Inc.
YearNet.
Charges. Bat., sur.
April 1 1905 and due July 1 1935, but redeemable on any 1907-08
$3,740,760
$13,840
63,533
$700,380
$710,667
interest date at 107M and interest on twelve weeks' notice. 1906-07 •
3,833,088
1,814
13,840
688,381
700,407
Abstract of Letter from President John R. Graham, Bangor, Oct. 1 1908.
The company owns and operates (1) all the city and suburban electric
railway in and around Bangor, comprising about 6234 miles, and connecting Bangor with the towns of Brewer, Kenduskeag, Corinth, Charleston,
Veazie, Orono, Stillwater, Great Works and Hampden, and with the
city of Old Town; (2) the commercial electric lighting and power system
in Bangor (this city having its own electric plant for lighting streets and
municipal buildings) and the commercial and municipal electric lighting
no, Veazie and
and power business in Old Town, Brewer, Milford, Or,
Hampden;
(3) the water works of Veazie, Old Town, Stillwater, Milford,
Great W irks and Brewer.
Through ownership of all the bonds and practically the entire Issue
of stocks (there is deposited with the trustee practically all of the preferred and common stocks), it controls the Bar Harbor & Union River
Power Co., which does the electric light, power and water business of
Ellsworth, and the electric light and power business of Bar Harbor and
other parts of Mt. Desert Island. There are outstanding however, $225,000 bonds of the constituent companies absorbed by the Bar Harbor &
'
Union River Power Co.,of which $125,000 fall due August 1 1909 (see
"capitalisation" below.)




-V. 85, p. 1005.

Chicago & Alton RR.
-Equipment Trusts.
-An issue of
$2,000,000 equipment notes has been authorized, deliverable to the Standard Steel Car Co. on receipt of equipment
recently ordered. The car company, it is understood, has
already arranged for the sale of the notes. Compare V. 87,
p. 873, 936.
Report.
-See "Annual Reports" on a preceding page.
-V.87, p. 936.
Chicago Burlington & Quincy RR.
-The results
-Report.
for the year ending June 30 last are given below, the comparison with the previous year being inaccurate, owing to
the new classification prescribed by the Inter-State Commerce
Commission, effective July 11907.

THE CHRONICLE

1010

Balance,
Dividends
Total Net DU. & Sk. BetterTotal
Fiscal
on Stock.
Surplus.
ments.
Funds.
Year- Oper. Rev. Income.
1907-08_ 878,459,064 $19,758,390 $7,642,902 $3,225,993 (8%)$8,867,128 $22,367
(7%) 7,758,737 5,396,470
1906-07.. 82,473,251 21,172,726 8,017,519
-V. 87, p. 677.

-See CommonChicago City Ry.-Contract for Power.
-V. 87,
wealth Edison. Co. under "Industrials" below.
p. 677.
Chicago Milwaukee & St. Paul Ry.-Company Resumes
-The management has reMonthly Reports of Earnings.
sumed the issuance of monthly statements of gross and net
earnings and these will be found from time to time in our
earnings department, replacing the reports from the InterState Commerce Commission which are not in the form with
-V. 87, p. 674, 543.
which the stockholders are familiar.
Chicago Railways.-Interest Payment Contemplated on
Series 1 Certificates.-The directors on Oct. 9, it is stated,
definitely decided to declare a semi-annual dividend of 4%
on Series 1 certificates as soon as certain legal requirements
can be complied with, possibly late this month. Compare
"Chicago Economist" of Oct.'10.
-For six months ending July 31:
Earnings.
Int. 5% Bal. To City To Co.
45%.
on Inv. Divisle. 55%.
8
i908.......5,280,617 1,620,482 1,584,185 826,980 757,205 416,462 340,743
1907.- _ _5,185,348 1,537,843 1,538,897 771,417 747,930 411,024 336,604
-V. 87, p. 677.
Six
Mos.

Gross
Income.

Net
Earns.

30% of
Gross.

-Hearing Adjourned.
Chicago Terminal Transfer RR.
The hearing on the application of the minority stockholders'
committee (V.87, p. 479, 107) to intervene in the foreclosure
suit was, on Oct. 5, at the request of counsel,adjourned by
Judge Kohlsaat in the United States Circuit Court to Nov. 18.
It was stated that the parties have been endeavoring earnestly and
diligently to arrange a compromise,but,owing to the circumstances,have
so far failed. Further conferences will be held and it is hoped that there
will be some change In the situation before long.

-G. W. Kellogg and W. G. Adams have
N ew Directors.
been elected directors in place of A. C. Emery and McClay
Hoyne, and J. L. Nichols and W. E. Faithorn have been
elected to succeed other directors whose terms had expired.
-V.86, p. 479, 226.
Cleveland Cincinnati Chicago & St. Louis Ry.-Listed.The New York Stock Exchange has listed $1,083,000 additional general mortgage 4% bonds due 1993, making the
total amount listed to date $23,986,000.
Of the additional bonds $83,000 have been Issued to retire a like amount
of Cincinnati Indianapolis St. Louis & Chicago general first 4% bonds,
The remaining $1,000,000 have been sold to pay for new equipment, construction, betterments and additions to property.

-For 8 months ending Aug. 31 1908:
Earnings.
Gross earnings
Net earnings
Other Income
Total net income

Deduct
$15,457.215
8585,000
3,403,039 Taxes
52,897 Interest on bonds,rentals,
2,698,233
3,455,036
Balance for dividends..
172,703

-V. 86,p. 1529.

Colorado & Southern Ry.-Listed.-The New York Stock
Exchange has listed $1,072,000 additional "refunding and
extension" 43'% bonds, due 1935, and has authorized $3,928,000 additional to be added on notice that they have been
sold, making the total amount to be listed $25,000,000.
Purposes for which the $5,000,000 2d Mtg. 5s Additional Bonds Are Issued.
For $150,000 5s of Colorado Springs & Cripple Creek District Ry.,
$150,000
retired by sinking fund
For reimbursement of treasury (to meet capital expenditures pre482,053
viously made out of income)
For betterments and Improvements for 1908 ($111,601 having
already been appropriated for additional tracks, structures,
for future expend's). 945,909
machinery and bridges, and $834,308 held
For acquiring the following securities of other lines:
$800 stock and $903,000 1st mtg. 6% bonds of Denver & In865,446
terurban RR
326,148
$600 stock and $347,000 1st mtg. 5% bonds of Colorado RR_ 136,486
$256,000 1st mtg.6% bonds of Wichita Valley RR
153,958
$315,000 1st mtg. 6% bonds of Abilene & Northern By
30,222
1st mtg.6% bonds of Wichita Falls & Oklahoma By...
$84,000
33,241
391,400 stock of the Gilpin RR
457,728
$386,936 stock of Fort Worth & Denver City By
$4,000 stock and $1,335,000 1st mtg. 65 of Trinity & Brazos
1,418,808
Valley By.(V. 87.1). 950)
-V. 87, p. 930, 949.

[VoL. Lxxxvii.

following telegram from J. P. Cooper, the Secretary of the
Council, who went to Quito to effect an arrangement with
the Government of Ecuador and the company:
Contract has been signed. We have secured practically all our requirements with the exception of majority on the new board of directors.
-v. 86, p. 1529.

-PresiHudson Companies, New York.
-Financial Plan.
dent W. G. Oakman, under date of Oct. 10, has sent to the
a circular outlining what is yet to be
preferred stockholders
done to complete the enterprise, the agreement of settletfient
lately made with the Hudson & Manhattan RR. (see also
that company below), the resources available for meeting
the requirements thereof, and the particulars as to the
-year 6% collateral loan, for which the pre$5,000,000 3
ferred stockholders are offered the right to subscribe at par
until Oct. 19, with bonus of 100% in common stock of the
railroad company. The circular says in substance:
-For convenience, we designate
"Grand Circuit" to be Completed at Once.
as the "Grand Circuit" the lines of railroad of the •allroad company now
constructed or In process of construction except what Is yet to be built
north of 27th St., the 0th St. branch and the Dey St. Footway, in New
York, and the Newark branch beyond Barrow St. In Jersey City. It is
a complete system of tunnel railroads connecting New York uptown
and downtown with the three principal railroad stations and the street
railroad systems In Jersey City and Hoboken; and it Is that part of the
entire system from which the railroad company will derive the bulk of
its traffic. It includes, of course, the power house and the Church St.
terminal with the Terminal Buildings.
-In lieu of the further performance of the obligations of this
Settlement.
company under Its contracts with the railroad company, the latter will
payment of $7,379,681, to be used by It to complete the construcaccept
tion and equipment of the "Grand Circuit"; and upon such payment
all such obligations of this company will be discharged, and this company
will be entitled to all the bonds and stock receivable by It upon full performance of Its original contracts and also to like bonds for $2,055,000.
The sum to be paid to the railroad company was fixed as the amount
needed to complete the construction and equipment of the "Grand Circuit"
by July 1 1909. The engineers are confident that, with money available
as needed, the work will be completed by that time.
Careful comparison of (a) the cost of what this company was to be relieved from doing under the original construction contracts (outside of
the "Grand Circuit") and (b) what It was entitled to for what It had done
and was to provide for beyond the obligations of said contracts (work
undertaken lay request of the railroad company, not covered by said
contracts, but greatly Increasing the earning power of the system), showed
a balance In favor of this company,for which. It was agreed this company
should receive bonds of the railroad company at 073 -that is, bonds
to the amount of $2,055,000, as above stated.
Cash Requirements and Resources of Hudson Companies under this Plan
up to July 1 1909.
To be paid to RR. Co__ _ _$7,379,681 Resources therefor (incl, proposed loan)
$582,325
Cash on hand
interest charges
Estimated
1,027,881 Sale of real est. Interests__ 3.000,000
and expenses
Proposed $5,000,000 loan. 5,000,000
$8,582,325
Total
$8,407,562
Total
The real estate Interests are represented by the stock of the ManhattanHudson Realty Co. (V. 87, p. 350, 419, 616) to which this company has
conveyed the block of land on 6th Ave. between 32d and 33d Sts., and
other real estate, some near this block, some near the Church St. terminal
and some In Jersey City. Through negotiations pending, It Is deemed
safe to assume that at least $3,000,000 will be realized from these Interests
In time for use In meeting said requirements.
In the above statements figures are as of Sept. 1 1908.
-This company, after making the
Status After Proposed Payment.
proposed payment to the railroad company, will have nothing further to
except to realize upon its assets when and as It may best do so, so far
do,
as necessary to pay Its debts, and, after Its debts are paid, to distribute
Its assets remaining among its stockholders. Since the bonds and stock
of the railroad company will then have behind them a complete railroad
system In full operation, connecting by tunnel railroads New York City
uptown and downtown with Jersey City and Hoboken, the value of these
securities will soon be demonstrated, and It shbuld be easy for this company to so finance as to defer selling them until satisfactory prices can be
obtained.
•
Status Under this Plan of Hudson Companies as of July 1 1909.
Value.)
Liabilities
Assets-(Par
Notes due July 1 1900__..$2.7l3,000
H. & M. RR. 1st M.4 A%
26,087,000 Notes due Aug. 1 1910._ _ _ 2,832,000
bonds
H. & M. RR. pref. stock_ 2,229,200 Proposed notes due Oct.15
1911 for renewals, &c_ _ 1,030,000
H. & M.RR.corn. stock_ _27,186,203
Proposed notes clue Oct.15
N. Y. & J. RR. Co. 1st M.
1911 offered to preferred
15,000
5% bonds
5,000,000
shareholders
175,000
Cash

11,575.000
Total
The $1,030,000 "proposed notes due Oct. 15 1011 for renewals, &c."
are to be Issued In renewal of or to pay notes and bills payable now outstanding which are due before July 1 1009. No difficulty Is anticipated
in making this substitution, especially If the success of the proposed loan
may be assumed.
Completion of Other Lines.
-After the completion of the "Grand Circuit",
the railroad company should find it easy to provide for the completion of
contemplated additions-the extension of its line of railroad above
- the St., the 9th St branch, thy Dey St. footway and the Newark exDry Dock East Broadway & Battery RR., New York.
27th
-See Metropolitan Street Ry. below. tension. Loan.
Abolition of Transfers.
-The proposed loan is to be raised by selling at par and
Proposed
-V. 86, p. 1224.
Interest this company's 3-year 6% notes to the amount of $5,000,000.
These notes (and others which may be issued under the same agreement)
-J. P. Morgan
-Purchase of November Coupons.
Erie RR.
are to be secured by pledge, under a trust agreement with the Standard
& Co:announce that they will on or before Oct. 31 purchase Trust Co. of New York of bonds of the railroad company, the aggregate
notes so
150% of the aggregate
principal
at par for cash the coupons due Nov. 1 from the $2,482,000 secured. of which equalsto be redeemable at the principal of thecompany
The notes are
option of the
• New York & Erie RR. first mortgage 4% bonds and from at par and accrued Interest on any Interest day, after notice as provided
privilege
the $1,100,000 New York Lake Erie & Western Coal & RR. In the agreement, and the holders of the notes are to be given the thereof,
of taking, in lieu of money,In payment of any or all of the principal
-V. 87, p. 873, 740.
first mortgage 6s.
when they are redeemed or become due, bonds of the railroad company
the price of 85% of the principal of said bonds and accrued interest.
Gainesville (Ga.) Electric Ry.-Receivership.-Judge New- at These notes are first offered until Oct. 19 to preferred stockholders.
man in the United States Court at Atlanta on Oct. 12 placed who will receive therewith, as bonus, common stock of the railroad comSubscriptions
equal at par to the principal of the
this property in the hands of Samuel C. Dunlop of Gainesville pany be made In any amounts, multiples ofnotes so taken: be reduced. In
$500, but may
may
as receiver on application by the 'Knickerbocker Trust Co. of case of oversubscription, so as to permit each preferred stockholder to take
(62 Cedar
rata share.
New York, as trustee under mortgage made in 1905 to'secure his pro follows: 25%Subscriptions will be payable at th s officecalls of not
upon subscription, and the remainder on
as
$400,000 bonds. Of these bonds some $250,000 are said to St.) than the same amount at Intervals of not less than 30 days. Transmore
certificates will
upon payment
be outstanding with coupons in default. The company at ferablewill carry Interestbe g vonper annum; uponof the first Installment,
at 6%
payment of subsequent
which
last accounts was operating 8 miles of electric railway con- Installments,notes will be delivered for the amounts so paid for; and upon
be
final payment, the remainder of the notes and the stock will fulldelivered.
necting Gainesville and New Holland.
and shall
But any subscriber may at any time pay his subscription In
,
Certificate ;
Ry.-Report.-For the year thereupon receive the notes and stock subscribed for by hlm. of June 15
Georgia Southern & Florida
Issued for stock deposited under the voting trust agreement
ending June 30:
In
1008 may be delivered In lieu of stock. Scrip may be delivered In lieu of
proper
Int. on Dividend
Other
Bal., notes for lesss than $500, exchangeable for notes when presented
Fiscal
Gross
Net
Income. Bonds,&c. Paid. Surplus. aggregate amounts. [The Hudson Companies has outstanding $16,000,000
YearEarnings.
Earns.
- _$2,171,837 $385,598 $12,551 $288,751 $88,400 $20,008 preferred and $5,000,000 common stock.]
1907-08
290,440
88,400
875
15,580
1906-07 ____ 2,273 345
393,135
Abstract of Letter from W. G. McAdoo. President of Hudson &
20,
Dividends include yearly 5% ($34,200) on first preferred stock and 5%
Manhattan RR.. October 7 1908.
($54,200) on second preferred. From the balance as above in 1907-08 was
deducted $16,528 for additions and betterments, leaving 84,470.-V. 85,
I hand you herewith letter of Mr. Charles M. Jacobs, Chief Engineer of
Hudson Companies, dated Oct. 7 1908, In which he estimates that the
1082.
p.
traffic of the tunnel system, completed, will be 77000,000 passengers per
-The "Council annum; also letter from Mr. Hugh liazelton, Electrical Engineer of Hudson
110 Railway.-Agreement.
Guayaquil & Q .
of foreign bondholders" in London recently received the Companies, dated Oct. 7 1908. From my own study of the situation




OCT. 17 1908.)

THE CHRONICLE

1011

I am convinced of the conservatism of Mr. Jacob's and
figures. 1 snould put the estimate of traffic considerablyMr. Hazeiton's operation over the Continental Divide, crossing the highest point of the
higher.
road at an elevation of 8,152 feet. It is expected to
The Hudson Terminal Buildings, located on Church St., one
block of the system in operation by next spring.—V. 87, have over 1,000 miles
west of Broadway, between Cortlandt and Fulton
p. 97, 37.
office buildings in downtown New York. Our totalSts., are the largest
Kansas City Terminal Ry.—Purchase.—See Kansas City
schedule
buildings, fully rented, is $1,811,000. Notwithstanding the for these
depression and the fact that tunnel trains are not yet running business Belt Ry. above.—V. 85, p. 405.
into
buildings, our total rents from these buildings for the year ending the
Lehigh Valley Transit Co., Allentown, Pa.—Extension. of
1909 will be more than $925,000. We are satisfied that there will May
difficulty in keeping the buildings fully occupied after the tunnel be no
Voting Trust.—The voting trust agreement expires on Nov. 3
trains
begin to run.
1908,and the management, with the approval of large interEstimate of Annual Income.
77,000,000 passengers per annum (estimate of Charles
ests in the company, are asking the certificate holders to
M.
Jacobs and Hugh Hazeiton, being 60% of the probable ferry
send their assent to a 3-year extension thereof to the Lehigh
traffic-128,000.000 passengers—of the Penn. RR., Erie
and D. L. & W. for next year at 5 cents per passenger__ __
Valley Trust & Safe Deposit Co. of Allentown, Pa., by
$3,850,000
Cost of operation a I., taxes, at 40% (estimate of H. Hazeiton)
-_ 1,540,000 Nov. 3. The following voting trustees, who have served
up to this time, will act for the extended period:
Net earnings from passenger traffic
$2,310,000
Net Income from Terminal Buildings
George H. Frazier of Brown Brothers & Co., Philadelph
1,200,000
Estimated income from baggage, advertising in
Smith of Edward B. Smith &Co.. Philadelphia; Will am F. ia; Edward B.
cars
Harrity,
stations, news-stands and other privileges, per annum and
300,000 delphia; Arthur E. Newbold of Drexel do Co., Philadelphia; Harry C.PhilaTrexler, President of Lehigh Portland Cement Co., Allentown; Tom
L. Johnson,
Total per annum
$3,810,000 Mayor of Cleveland, Ohio; George 0. Albright, manufacturer and banker.
,Deduct—Interest on $53,500,000 Hudson &
Allentown.—V. 86, p. 918, 795.
Manhattan RR.
first mortgage 45 (this amount estimated
,
0
to be outstanding
on completion of "Grand Circuit") and $5,000,000
Louisville & Nashville RR.—Called Bonds.—In our adNew
York & Jersey RR.5s
2,657,500 vertising columns

will be found the numbers of $75,000
Evansville Henderson & Nashville Division bonds which
have been called for payment at the company's office, No.
71 Broadway, at 110 and interest on Dec. 1.—V. 87, p. 936,
808.
•
•
f)
Metropolitan Street Ry., kew York.—Further Reduction of
Transfers.—The receivers under instructions from Judge
La,cotnbe gave notice cutting, off transfers at midnight on
Saturday last with the Grand Street'crosstown electric line
Ito Canal and Grand streets ferries and the Avenue
B
cars, both operated by Receiver Whitridge of the DryhorseDock
East Broadway & Battery RR., except at certain points
where transfers will be honored under conditions specified in
the, notice.—V. 87, p. 813.
Milwaukee Electric Railway & Light Co.—Bonds Sold.—
The company recently sold to Spencer Trask & Co.
and
Hudson & Manhattan RR.—Financial Plan.—Sce Hud- N. W. Harris & Co., jointly, $1,000,000 refundin
g 43%
son companies above.
bonds, due 1931, to provide for the payment of a like
Construction.—President McAdoo is quoted as saying:
amount of Milwaukee City Ry. 5s due Dec. 1 1908. The
There is only a short gap in Cortlandt and Fulton streets yet
bonds, a majority of which have been re-sold, are offered at
to complete the tunnels from the Erie RR, station through to be built
the
sylvania RR. station to the Hudson Terminal Buildings in New Penn- 95 and interest (compare V.86, p. 282).—V.86, p. 1467, 286.
York.
This work Is progressing very rapidly. Work under Cortlandt
Minneapolis St. Paul & Sault Ste. Marie Ry.—Listed.—
ceeding at the rate of 12 feet of tunnel per day. The Fulton St. Is proSt. tunnel
is already near the bulkhead line, the bottom being in rock and the progress The New York Stock Exchang
e has liste-I $1,680,000 addithere is, for this reason, slower. The length of the Cortlandt and
St. gaps is about 1,100 feet. There is another gap of about 1,200 feetFulton tional first consol. mortgage guaranteed 4% bowls,due 1938,
the Erie and Lackawanna yards, which is being rapidly closed up. under making the total amount
listed to date $43,285,000.
Is proceeding on all of these tunnels for the full 24 hours in each Work
day.
Surplus
$1,152,500
Extract from Letter of Hugh Hazelton, Electrical Engineer,
October 7 1908.
I estimpte that the cost of operation will be about 12 cents
per car mile,
based on the operation of the Interboro
ugh, Subway and Manhattan
elevateg. Which is from 10 to 11 cents per car mile.
The present operation
over tile Hudson & Manhattan RR. shows about
eight passengers carried
per car mile. and the gross earnings are
almost twice as
the Subway and Manhattan elevated lines—the Hudsongreat as those
of
& Manhattan
earning 40 cents per car mile as against 2134 cents
for, the Subway and
21 cents for the Elevated. The reason for this
is that the Tunnel has to
carry a passenger a much shorter distance between termini than is
case with the Subway and elevated roads. This also explains why the
the
percentage of operating cost to gross earnings In the case of the Tunnel
company is so low.
Letter of William Barclay Parsons, 60 Wall Street, New York, Oct. 10 1908.
The Hudvn-Manhattan Railway, when completed to the Cortlandt St.
terminus, should carry at least 80,000,000 passeng-ers per annum, with a
material increase when the line Is extended t)33d St. In view of the short
haul and the fact that the traffic will be passing' In both directions, the net
profits on the 5-cent fare should be 60%. V. 87, p. 614, 346.
—

The bonds were issued at $20,000 per mile on 84 miles of
As soon as these two gaps are finished, the main line of the Hudson tunnel
new road
sidvanin
system, namely,
the Lackawanna staionl yityanj oeHudson extending from Drake, N. D. westerly through the County of McHenry
statonsIn ierse
in Hoboken tothe to Max In
Veaidenn
McLean County, N. D.,
erly through the counties of Stearnsand from Brooten, Minn., northeastTerminal Buildings in New York, can be put in operation. It Is expected
and Morrison to a point on the Mississippi River in Morrison county.—V. 87, p.
that these lines will be operating about June 1 1909.
813.
The power house Is 90 % completed, and will be put In operation about
Missouri Kansas & Texas Ry.—New Co-Trustee.—Benj
Jan. 1 1909.
min F. Edwards of St. Louis has been appointed one of aThe Hudson Terminal Buildings above grade are entirely finished
and
the
75% of the office space is already accupied by such tenants as the American trustees of the general
mortgage dated Jan. 1 1906 to sucLocomotive Co., the General Electric Co., the United States
the Erie RR. Co., Southern By. Co., all the subsidiaries of Post Office, ceed the late Jacob C. Van Blarcon. He will act in conthe United
States Steel Co., Railway Steel Spring Co. and others of similar import- junction with the New York
Trust Co.,trustee.—V.87, p.737.
ance and character.
The downtown station of the Tunnel Company is In the basement of
Missouri River & Northwestern Ry.—No Reorganization
these buildings. Work on this station is rapidly progressing; It will be
as Yet.—We have been favored with the following:
finished in the course of ninety days.
The plans for the company's 33d St. terminal station were approved
The road
by the Public Service Commission yesterday. (Compare V. 86, p. 37.) ceivership. has not yet been sold and is still being operated under a reThe property was offered for sale
—V.87, p. 614. 37.
price of $350,000, but there were no bidders. last summer at an up-set
Since the failure of the
Illinois Central RR.—Car Order.—The company has placed attempted sale, negotiations have been pending between the various parties
road looking
an order for 681 steel gondola cars with the Cambria Steel Co. interested in the tion has been towards a reorganization, but as yet no
plan of reorganiza
formulated and it Is likely that the road
New Director.—Chicago advices state that John G. Shedd, will continue In the hands of a receivership indefin tely. Batley 6: VoorPresident of Marshall Field & Co., has consented to accept hees of Sioux Falls, S. D., are cow sel for the receivers.—V. 87, p.936, 167.

a position on the board of directors.—V. 87, p. 939, 932.
Kansas City Belt Line Ry.—Ownership Passes to Terminal
Ry.—On Oct. 13 H. L. Harmon, President of the Kansas
City Terminal Railway Co., was elected President and a
director of the Kansas City Belt Railway Co. The directors
also, it is stated, ratified the contract "by which the stock
of the company was transferred to the Kansas City Terminal
Railway Co."—See V. 85, p. 405.
Kansas City Mexico & Orient Ry.—Notes Offered in
London.—In London recently Foster & Braithwaite on
behalf of the International Construction Co. and the 'Union
Construction Co., the contractors for the building of the
railway, offered at par and interest £200,000 secured 6%
5-year convertible sterling notes of £100 each, due Aug. 15
1913, but subject to call at 103 on or after Aug. 15 1911
company's option; interest payable F. & A. 15, office at
of
trustee, An advertisement says:
The notes are a direct obligation of the railway company and are to
secured by deposit with the Electric & General Investment Co., Ltd., be
of
London, as trustee, of 4% first mortgage 50-year gold bonds of the railway
(1951) to the extent of $1,000 par for each 2100 principal money secured by
each note. There is also to be deposited with the trustees an amount of
cash equivalent to 2 years' interest at 6% on the notes as sold, calculated
to Aug. 15 1910.
The holder of each note will have the option on any interest date during
Its currency of exchanging it for 4% first mortgage 50-year gold bonds of
the railway (1951) at the price of 80%; i.e.,2160 In notes per $1,000 bond,
as per conditions endorsed on the note. $10,100 of these notes had
been
sold privately at par prior to the public offer.
Abstract of Letter from President A. E. Stilwell
1908.
Earnings are already showing satisfactory increase, Sept. 14 being
August
estimated at $90,177, or at the rate of over $1,000,000 per annum.
All the
material for the 69 miles between Benjamin and the Red River
Is
ground or ordered, and work is progressing rapidly. The Red River on the
bridge,
2,800 feet In length, is finished, and about one-half of the track between
Benjamin and the Red River is now laid' the whole section should
be
ished In a few weeks, when good traffic will immediately result. The fintowns along the line In this section are growing very rapidly, and the new
territory is settling up quite fast.
We now propose to at once finish the track south of Sweetwater to San
Angelo, 65 miles, which Is all graded. Nearly all the sleepers are
and part of the track material. This gap will be finished shortly on hand
after the
first of the year, giving us 514 miles of connected track in the United
States.
In Mexico, the large 24-span bridge over the Conchos River has
just been
completed, opening up the new copper, lead and sliver territory
Chihuahua. West of Chihuahua the track is finished and trains east of
are In




Municipal Traction Co.—Stock Trustees.—The stock trustees will consist of a board of not less than 7 nor more than
11 ,together with any mayor and city-solicitor hereafter elected
during the terms of their offices.

The following trustees were named on Monday
(100 shares) of outstanding stock was transferred: to whom the $10,000
Shurtleff and H. H. McKeehan, and 7 directors of F. H. Goff, Geo. K.
the company, Mayor
Tom Johnson, City Solicitor Baker, A. B. du
Stage, Ben. T. Cable and William Greif. The Pont, F. C. Howe, C. W.
trustees re-elected the old
board of directors. None of the new trustees
became directors and the
management will remain unchanged. The terms
trust were given at length In the "Cleveland Leader"of the declaration of
of Oct. 11. Compare
V. 87, p. 936, 873.
N0W York City Belt Line Subway for Freight

.—Plan
Outlined.—A report was recently presented to the Public
Service Commission of New York by W. J. Wilgus, Presiden
t
of the Amsterdam Corporation, and formerly Vice-President
of the New York Central & Hudson River RR., outlinin
g
a plan for improving the freight-handling facilities of the
city by means of a subway belt line for freight, extending
along the North River from 60th St. to the Battery and along
the East River from the Battery to some point on the north
side of the Harlem River. This report is the subject of an
illustrated article in the "Engineering News" of New York
for Oct. 15.
Norfolk & Western Railway.—Authorized.—At the recent
annual meeting the shareholders approved:
The purchase of the property and franchises of the
burg Belt Line & Connecting By. Co., the Poe hontas & subsidiary Lynchthe Caretta By. Co., the West Virginia Southwestern Western RR. Co.,
Stony Ry.Co.; also, It is stated, the purchase of the By. and the Big
railroad of the Big Sandy East Lynn & Guayan RR. Co.right of way and
Compare V. 87,
p. 682. 674.

Pennsylvania RR.—Liisted.—The New York Stock Exchange has listed $20,000,000 of the $40,000,000 consol.
mortgage 4% bonds loan of May 11908, due 1948, offered
by Kuhn, Loeb & Co.in April last (V.86, p 1043, 1101.)
'
The principal and interest of the $20,000,000 bonds listed (denomina
$1,000 each) are payable at the office of the company In Philadelph tion
at its agency in New York, N. Y., In United States gold coin. The ia, or
remaining 20,000 bonds are In the denomination of 1200 each.—V.87,
p. 813. 535.

Pittsburgh Binghamton & Eastern RR.—Status.—See
statement regarding affairs of E. H:Gay & Co. under heading

. 1012

THE CHRONICLE

on a
of "Items about Banks, Bankers and Trust Cos."
previous page of this issue.—V. 87, p. 678, 227.
Rhode Island Company.—Tentative Plan of Merger.—The
entire capital stock of the Rhode Island Company ($5,381,
ncy
000)is owned by the Providence Securities Co.,a depende
and forms
of the New York New Haven & Hartford RR., eed 4%
the basis for an issue of $19,900,000 of guarant for the
e plan
debentures of the Securities Co. A tentativ underlying
merger of the Rhode Island Company with its
Buckland
properties has been outlined by Vice-President as
of the New York New Haven & Hartford RR.Co. follows:

[VoL. Lxxxvn.

Chairman; G.
committee consisting of Charles Remsen,
David B.
Howland Leavitt and William Manice with invites all
Kirby, Secretary, 55 William St., N. Y. City, Knickerholders of said bonds to deposit their bonds with
nt.
bocker Trust Co., under the terms of a deposit agreeme
—V. 87, p. 615, 416.
Line
Third Avenue RR., New York.—Joint Rate with Belt , on
.—The Public Service Commission, First District put
Ordered
Wednesday ordered Receiver Whitridge to arrange and
joint
in force by 10:30 on Monday next through routes and Park
fares with the 59th Street crosstown line of the Central lines
North & East River RR. The Third Avenue RR.
connect with the latter at Third Avenue and at Broadway.

RR. Co. Is considering the adThe New York New Haven & Hartford an issue of preferred stock of
visability of making an offer to exchange
of the United TracIsland Company for the stock ($8,000,000)
the Rhode
tion & Electric Co., share for share.
is to pay a 5% dividend, to
The Rhode Island Company preferred stock
and to be preferred in liquidabe guaranteed by the New Haven Company,
ding that there is to be no
tion over the common stock, with the understan
vote of the preferred
a
increase of such preferred stock except by majority
ers voting by themselves.
stockhold
the New Haven Company in this respect is merely by
The intention of
, to wit, the United
g
either dissolving or merging the underlyin companies the Union RR Co.
Ry. Co.,
Traction & Electric Co., the Pawtucket Street
By, Co., to consolidate them all into one
and the Rhode Island Suburban
shall honestly
company, whose capital stock and funded and floating debt
represent the financial status of the company. the New Haven Company to
for
In this connection it would be necessary 1933)
the United Traction
retire the bonds ($8,894,000 5s, due in 1st 45, of 1950) of the Rhode
due
& Electric Co- and the bonds ($4,682,000
be retired
Island Suburban By. Co., and it is likely that these bonds would
Company, guaranteed as
by the first mortgage bonds of the Rhode Island
the New Haven Company, the new bonds bearto principal and interest by
ing the same rate of interest and maturing at the same time as the bonds
which they are Issued to retire.
The New Haven Company will not, under any circumstances for this
or indirectly
Purp ac, Increase the fixed charges for which it is directly
liable.
the
It is thought that the preferred stock will have an advantage over
Cornstock of the United Traction & Electric Co. because the Rhode Island
It not only all the interests of the United Traction &
pany will have behind
Electric Co., but also the added value given by the Woonsocket Street By.
Street
Co.. the Providence & Burrillville Street By. Co. and the Columbian of the
By. Co., all of which have been merged into and have become a partHaven
New
Rhode Island Company. Furthermore, the guaranty of the some States
Company will make this stock a savings bank investment in stock to be
and give it a materially broader market than is possessed by the
retired.
be to retire
If the plan is carried out as contemplated, the effect would and of the
Co.
the underlying bonds of the United Traction & Electric place the first
In their
Rhode Island Suburban By. Co. and to substitute two series bearing 5%
mortgage bonds of the Rhode Island Company (in
by a first lien upon all of the propand 4% interest, respectively), secured Company,and guaranteed, principal
erty and franchises of the Rhode Island
Company. The bonds of the Rhode Island
and Interest, by the New Haven
over either of the other two ci asses of
Company would have an advantagemortgage bonds, whereas the bonds of
bonds because they would be first
collateral trust bonds,secured
the United Traction & Electric Co. are only and the Pawtucket St. Ry. Co.
Co.
by the deposit of stock of the Union RR.
Providence, have issued a circular opposing the
St
[Edgar M. Dexter & Co.,
plan.]—V. 87, p. 873.

at the time
If unable to agree, the two companies must show cause
rate of 5 cents
named,(1) Why the Commission should not establish a joint unreasonable,
per ioassenger, or, if such joint fare would be unjust and To what porwhat joint fare should be established and put in force. (2)
company, respection of said joint fare the receiver and the said railroad
portions of
tively, should be entitled. (3) In what manner the respective
should be paid and secured to the said receiver and the railsuch joint fare
road company.—V. 87, p. 937, 347.

Additional Transfers Abolished.—See Metropolitan Street
Ry. above.—V. 87, p. 937, 347.
Underground Electric Railways Co. of London, Ltd.—
New Securities Ready.—The following announcement is
made to the holders of the "5% profit-sharing secured notes":
6% 'ncome bonds to which the holders
The 414% bonds of 1933 and the entitled are now ready for delivery.
of the "profit-sharing notes" are
New York, for notes
receipts Issued by the Guaranty Trust Co. of s,
Deposit
the notes themselve must be presented
payable in the United States, or
Co., 28 Nassau St., New York City, The
for exchange at Guaranty Trust schedules per day. (See plan V. 86,
Trust company will receive fifty
p. 983.)

Listed.—The New York Stock Exchange has listed
£1,000,000 5% prior lien bonds, £3,000,000 432% bonds
347.
and £5,200,000 6% income bonds V. 87, p. 416, lyn, Mills,
Offering of Debenture Stock of Sub-Company.—G
Currie & Co., London, until Oct. 7 received subscriptions at
of
9732% for £550,000 4% prior lien debenture stock, part
the new issue of £750,000, ranking ahead of existing debenture stock, and redeemable at option of company, in whole
or part, on or after Dec. 31 1920 at 105%; interest M. &N.
(V. 86, p. 549.)—V. 87, p. 347, 227.
Union Pacific RR.—New Mortgage.—The shareholders on
Oct. 13 duly authorized the making of the proposed "first
lien and refunding mortgage" to the Equitable Trust Co. as
'
trustee, as recommended in circular of Aug. 13 (see V. 87,
p. 546). They also authorized the purchase of the South
a Nebraska line. An authoritative
e Omaha & Western RR.,
Second Avenue RR., New York.—Foreclosure.—Th statement follows:
now covers the
ngs to
By this action, the "first lien and refunding mortgage" of main track
Guaranty Trust Co., as trustee, has begun proceedi
mileage, as a first lien upon 1,178.09 miles
foreclose the first consolidated mortgage, authorized amount company's entire of other track, and a lien, subject to the "first and land
1 and 146.63 miles, upon remaining 2,090.10 mles of first track and 1,366.37
grant mortgage"
$7,000,000, outstanding $5,631,000, with coupons of Aug.
miles of other track.—V. 87, p. 741, 546.
1908 in default.—V. 87, p. 814, 740.
United Traction & Electric Co., Rhode Island.—See
RR.—Bond Offering.—Kuhn, Loeb &
Southern Pacific
—V. 81, p. 1725.
Co. and the National City Bank, all of New Rhode Island Company above.
Speyer &
Vandalia RR.—Listed.--The New York Stock Exchange
this week, at 9432% and interest, as per adYork,
Co., offered
mortgage 4% bonds,
vertisement on another page, and, it is announced, have has listed $3,000,000 consolidated purchased by Speyer &
$14,000,000 "first refunding mortgage 4% gold series B, due Nov. 11957, recently (V. 86, p. 1531.)
sold,
a part.
bonds" due Jan. 1 1955, but subject to call, all or any part, Co., and of which they offeredto recoup the treasury for expendiThe additional bonds were issued bonds have heretofore been Issued,
at 105 and interest, on Jan. 1 1910 or any interest date
account, for which no
capital
thereafter. Principal and interest unconditionally guaran- tures on 30 1908, as follows: Indianapolis 8: Vincennes RR. 1st M. bonds
to June
adFeb. 1908, $1,700,00
teed by endorsement by the Southern Pacific Company. matured second1 track St. Louis 0; T. H. & Ind. RR. bond, $1,000; and
division, $84,741; additional sidings
ditional
Bonds of this issue are listed on the New York, London, other facilities, $199,350; 8 additional locomotives, $123,981; additional
total, $2,571,689; and
Berlin, Hamburg,Frankfort and Amsterdam stock exchanges freight cars, $462,617;ion to be undertaken in to provide for additional
the near future.
construct
The Londs embraced in the above offering are part of the second track
Earnings.—For 6 months ending June 30 1908:
-sold block of $14,300,000, including $7,300,000
recently
Deduct—
$3,653,920
from the treasury of the Southern Pacific Company and Gross earnings
$512,794
737,091 Fixed charges
Net(over taxes)
1
1,725 Dividend, 2.1 4%364,670
$7,000,000 new bonds,which increase the amount of the issue Other income
138,648
738,816 Balance, deficit
income
ding from $88,489,000 to $95,489,000.
Net
outstan
New York, Oct. 9 1908. —V. 86, p. 1531.
Abstract of Letter from President E. H. Harriman,
President.—Henry H.
by mortgage on 3,286 miles of owned'main track
These bonds are secured
Virginian Ry.—Mr. Rogers Elected
and property appurtenant
of railroad lines, together with the franchises
has been elected President, succeeding W. N. Page,
by the company in the
thereto, being all of the railroad property owned and New Mexico at the Rogers
during
s of Arizona
State of California and the Territorie will also cover any property acquired of Ansted, W. Va., who has acted in that capacity
date of the mortgage. The mortgage of th s Issue. The "first refunding the construction of the road. Compare V. 86, p. 1287.
of any of the bonds
with the proceeds
(of which $36,663,500
-mortgage" provides that none of the prior I en bonds of only about $11,000
Washington Baltimore & Annapolis Electric Ry.—iVew
bonds are now outstanding, being at the average rate additional bonds be
extended at maturity, nor may any
Stock.—The shareholders voted on Oct. 9 to authorize the
per mile) will be
refunding mortgage 4%
to
"first
Issued under these mortgages, so that themortgage on the entire railroad directors to increase the capital stock from $5,250,000
a first
gold bonds" will eventually become
$6,000,000.—V. 87, p. 546.
property of the company above stated.
track in Arizona,
of main
393
They will become a first mortgage on 00 miles
bonds due March 1 1910:
West End Street Railway, Doston.—To Vote on Sale.—
upon the redemption of the ($4,000,0 "B")
upon the redemption Of the The shareholders will vote Oct. 28 on selling the property
New
on 167 miles of main track in 1911;Mexico,
subject only to $4.127,500 con1
($4,180,000) bonds due Jan.(being atand rate of less than $2,200 per mile) and franchises to the Boston Elevated Ry. Co., for the purthe
solidated mortgage 5% bonds California, upon redemption of the ($5,111,ating the companies. The Legislature, it
on 1,911 miles of main track inThey are now a first mortgage on 24.56 miles pose of consolid
that
000) bonds due April 1 1912.
is stated, will be asked to amend the merger Act so End
Cal.
from Stockton to 1411ton,
d by the Southern Boston Elevated second preferred, for which West
The principal and interest of the bonds is guarantee
bond.
exchanged, shall carry 8% instead of 7%
Pacific Company by endorsement on every
mortgage is $160,000,000, of which common is to be
The total authorized amount of the
$38,000 have been retired by the
dividends after June 10 1922. See Boston Elevated
$88,489,000 bonds are now outstanding, 00 are reserved as follows: $36,- annual
sinking fund and the remaining $71,473,0 of prior lien bonds; $8,492,000 Ry., V. 86, p. 917, 342.—V. 86, p. 920.
663,500 to refund or redeem a like amount
e Texas
balance for other purposes; $26,to refund or redeem prior lien bonds any ts, additions, &c., .n compliance
Wichita Falls & Southern Railway.—Bonds.—Tha valua317,500 bonds for construction, bettermen
Railroad Commission has been requested to make
with the provisions of the mortgage.
issuing bonds on 55
RR. Co. for Fiscal Year ending tion of the property preliminary to
Result, of OperatiOns of Southern Pacific
Falls and NewJune 30 1908.
miles of road in operation between Wichita
and other charges
controlled by the
Net income applicable to the payment of fixed
castle, Young County. The company is Northwestern.—
$16,846,250
(after payment of operating expenses and taxes)
_ *7,015,155 same interests as the Wichita Falls &
Interest on funded debt, rentals, s nking fund payments, &c___
—V. 87, p. 937.
(V. 85, p. 1403.)
rge J. Gould,
Southern Ry.—Report.—See "Annual Reports."
Wisconsin Central Ry.—New Directors.—Geo
E. II. Gary a Director.—Chairman E. H. Gary of the Newman Erb, J. A. S. Graves and C. C. Dickinson, all of
United States Steel Corporation has been elected to the New York, were on Oct. 13 elected directors to succeed
board to succeed the late Samuel Spencer.—V. 87, p. 546, Mark T. Cox, John F. Hill, George A. W. Dodge and Carl G.
475. •
Rasmus, whose terms had expired. The "New York
'Tarrytown White Plains & Mamaroneck Railway.—Bond- Summary" Oct. 13 said:
in the road, has reNewman Erb, who was formerly largely interested
holders Committee.—Default having been made Sept. 1 on
l amount of stock. C.C. Dickinson, President of
the payment of interest on the first imortgage bonds, a purchased a substantia




Our. 17 1908.1

THE CHRONICLE

the Carnegie Trust Co., Is the represen
tative of other stockholders. These
new interests have purchased stock
In the open market, as well as a portion
of the holdings of the synidcate
which obtained control about three years
ago. It is understood that the new Interest
s have an option on an additional
amount of the Bradford-Chadbourne-Fernal
d syndicate stock, and it is
possible that the Bradford syndicat will relinqui
sh its control. The new
interests, It Is stated, are working Ineentire harmon with
the present management, representative of the Bradford syndicat y
e.

Report.
-The results for the fiscal year ending June 30 were:

Year1907-08
1906-07

Gross.
$7,307,311
7,577,178

Net.
Other Inc. Charges. Bal., sur.
$2,176,668 $26,718 $1,871,062
$332,324
2,847,085
30,404
1,814,033 1,063,456

Equipment Bonds.
-An issue of $1,500,000 4% 7-year
equipment trust bonds has been created in connection with
the ordering of 2,366 freight cars from the Haskell-Barker
Co. of Michigan City, Ind.
-V. 87, p. 481, 261.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Allis-Chalmers Co.-Bonds Listed-Official Statement
to
Stock Exchange.
-The first mortgage 5% 10-30-year sinking
fund gold bonds were listed this week on the New York
Stock
Exchange. In connection with the application
to
bonds the company prepared a very full statement list the
the same,with other data,and this statement we giveregarding
on a subsequent page. Compare annual report at length
in V. 87,
p. 934.
American Can Co.
-Sale of Stock by Leeds Estate.
-The
"New York Times" of Oct. 14 said:
The holdings of the estate of W.
B.
amounting to about 40,000 shares, haveLeeds in the American Can Co.,
consisting of D. G. Reid, J. H. Moore, been taken over by a syndicate
W.
others identified with the management. H. Moore, W. T. Graham and
(Another account says that
D. G. Reid purchased most of the
same syndicate has taken
over the Leeds estate's holding of stock.) Thel trust
the collatera
bonds of the Rock
Island.
--V. 86, p. 796.

1013

Consolidated Steamship Lines.-Foreclosur
e Decree.
Judge Putnam in the United States Circuit
land, Me., on Oct. 9 ordered the foreclosure Court at Portsale as one parcel
of the stocks pledged (V. 85, p. 1272)
to secure the issue of
4% bonds, on which there is due
for princip
$63,038,200. The reorganization plan was al and interest
in V. 87, p. 287.
The Eastern Steamship Co.is likely
to pass
but the Metropolitan Line as well as the out of the system,
four Southern lines,
it is thought, may be retained.
Sale of Property of Controlled Compa
ny.
-See Eastern
Steamship Co. below.
-V. 87, p. 287.
Orex Carpet Co.
-New Name.
-See American Grass Twine
Co. above.
Eastern Steamship Co., Boston.-Sale.
-Judge Putnam in
the United States Circuit Court at Portla
having declined to delay the proceedingsnd, Me., on Oct.9,
bondholders' committee of the Consol as desired by the
Lines, which owns $2,856,300 of the $3,000idated Steamship
ordered that the property be sold at receive,000 capital stock,
r's sale
upset price $1,250,000, unless the stockholders at Bangor,
by Nov. 24
provide sufficient funds to meet outstanding claims
.
There are at least three bidders In the

market
Co. They are the Assets Realization Co., the for the Eastern Steamship
creditors' protective committee (In conjunction with the Maine interests,
represented by William
T. Cobb-V.87, p.874), and certain directors of the
old Eastern Steamship
Co. The Assets Realization Co. and the old-time director
s are in reality one
interest-the Morse interest. They are prepare
d to purchase the company
on terms which provide for the retireme
nt of the
about $1,300,000, and the payment of substant entire floatin,g debt of
a
ial bonus to the Consolidated Steamship Lines Co. far its
bonus is estimated at from $8 to $10 Eastern Steamship Co. stock. This
000. The creditors' committee is per share, or say at the outside $300,stands ready to buy the company a syndicate of Boston bankers which
and
the same terms as the If orse Interests finance its floating debt on much
the property, it Is, of course, possible . If these three fact ors compete for
may get more than $10 per share for that the Consolidated Steamship Lines
its stock.
The Eastern Steamship Co. has about
$400,000 cash on hand. Against
this there are $115,000 of receiver's
certificates outstanding, Nov. 1 interest on the first mortgage 5% bonds and
various current bills, 5') that It is
figured that the upset price at the foreclos
to cover current floating debt (V. 86, p. ure must be at least $1,250,000
1103, 33D). Net earnings of the
Eastern Steamship for the first nine months
owing to operating economies; gross rece.pts of this year are ahead of last,
are no greater than a year ago.
-V.87,p.874.

American Grass Twine Co.-Stock
Reduced-Name
Changed-Dividend Declared.-Agreeably with the recommendation of the board, the stockholders on Wednesday
Voted to reduce the capital stock from $15,000,000 to $3,000,000 and to change the name of the company to the
Crex Carpet Company. The directors have declared
dividend of 2% on the reduced capitalization, payabla
Guanajuato (Mex.) Power
Dec. 15 to holders of record Nov. 28, being the first distrib e
u- Springs Co.-First Dividend. & Electric Co., Colorado
tion to the shareholders since Jan. 1903, when 2347
-An initial dividend, 1A%,
0 was has been declared on
paid. Compare circular, V. 87,
the $1,500,000 6% cumulative
P. 741.
ferred stock payable Nov. 1 to shareholders of record Oct.preAmerican River Electric Co., Oalifornia.20.
Earnin3s.
Report.
-For fiscal year ending August 31 1908 and 1907:
C. E. Hovey of San Francisco,who recent
ly offered at 87 Fiscal
Gross
Net
Fixed Balance
Power Power Delivered
and interest a block of the $854,000 outsta
nding first mort- Year- Earn'gs. Earn'gs. Charges. Surplus Con. Aug31. during Aug.
gage 5s due July 11923, reported:
1907-08 __ _441,312 341,656

103,494
1906-07 __ _352,566 267,490 91,654 238,162 9,964 h.p. 2,504,031 k.w.h.
175,836 8,123 h.p. 1,744,254 k w.h.
Balance Sheet August 31 1908.
Assets-($5,629,921)
Liabilities-($5,629,921)
Plant, franchise, &c____$4,655,117
Common stock
$2,000,000
Cash
152,492
American Shipbuilding Co.-Report.
1,500,000
--The results for the Bills & accts. receivable.._ 196,512 Preferred stockp 40)
Bonds (V. 83,
1,485,000
fiscal year ending June 30 were:
Int. acc'd on bills receiv_
4,745 Current liabilities
88,789
Inactive accts. receivable_
Fiscal
Net
10,716 Ma1nt. & contIng. fund
Depreciarn, Pref.
Common
Balance,
34,775
YearEarnings. add'ns, &c. 'divs.
7,638 Sinking fund
dividends. surplus. Suspenses of other co
9,900
Securiti e
1907-08
_
$1,713,008 $387,061 $553,000 (6%)$456,000 $316,94
s._511,457
602,700 Surplus
7 -V. 83, p. 40; V. 85, p. 796; V. 84
1906-07
2,307,779
701,334
p. 628..
553,000 (6%) 456,000
597,445
1905-06
2,443,217
806,844
553,000 (6%) 456,000
Hudson River Electric Power 0o.
627,373
-Status.
-See
Gross earnings 1907
$140,774 Fixed charges
$44,105
Net earnings
80,119'Balance, surplus
36,014
Capital stock, $2,500,000. Bonds authoriz
ed, $1,000,000; issued
$854,000. Hydro-electric plant has
a capacity of 6,666 h.p.; steam
turbine plant at Stockton, 2.000 h.p. Compare
V. 82, p. 1498.

New Director.
-W.C. Carpenter has been elected a director in place of F. W. Hart.
-V. 87, p. 228.
American Telephone & Telegraph Co.
-Payment
$3,000,000 Western Electric Stock Made in 4% Convert for
ible
Bonds.
-The company on Oct. 15 availed itself of the option
obtained under offer of December last to pay
$3,000,000 of the assenting minority stock of the for some
Wester
Electric Co. of 'Chicago (manufacturers of Bell teleph n
and electric apparatus) at $250 for $100 share in convertones
4% bonds, calling for the issue of an additional $7,500 ible
of said bonds,and making about $107,500,000 of the ,000
issue
of $150,000,000 outstanding. The American Telephone
&
Telegraph Co. now owns about 80% of the $15,000,000 stock
of the Western Electric Co.(V. 85, p. 1522; V. 87, p. 164)
Earnings.
-For the first nine months of 1908 and 1907:

Nine Months ending Sept. 301908.
1907
Income from dividends
Interest and other revenue from associated and $10,034,016 $8,945,710
licensed companies
7,297,154
5,020,000
Telephone traffic (net)
2,981,608
2,743,143
Real estate
120,134
58,328
Other sources
566,415
282,494
Total Income
$20,999,329 $17,040,677
Expenses
1,571,755
1,529,850
-Net earnings
$19,427,573 $16,410,826
Deduct interest
3,714,638
5,272,
Dividend for 9 months,(6%)April. July and
Oct- - 9,289,624
7,893,084
Balance, surplus
$4,423,312 $3,254,082
-V. 87, p. 937, 741.

statement regarding affairs of E. H. Gay & Co. under
"Items about Banks, Bankers and Trust Co.'s" on heading of
a previous
page of this issue.
-V. 87, p. 616, 350.
Independent Brewing Co., Pittsburgh.-New Directo
rs.
The board has been enlarged by the addition
of
Mulert, John A. Beck and S. Zoch.-V. 86, p. 483. Justus
Institution for Encouragement of Irrigation Works
and
Development of Agriculture in the United States of
(Cala de Prestamos para Obras de Irrigacion y Fomen Mexico
to de la
Agricultura, S. A.).
-Sale of $25,000,000 35-year
Gold Bonds Guaranteed by the Government of Mexico. 43%
-Speyer
& Co.announced on Oct. 12 that, in conjunction with Speyer
Bros., London; Lazard Speyer-Ellisen, Frankf
ort;
Deutsche Bank, Berlin, and 'Teixeira de Mattos Bros., the
Amsterdam, they had concluded negotiations coveri
ng $25,000,000 35-year 43/2% sinking fund gold bonds,the principal,
interest and sinking fund of which are unconditionally
guaranteed by the Mexican Government by endorsement on
each bond. The National City Bank of New York has
joined Speyer & Co. in the purchase of these bonds.
underwriting, it is stated, has been in large demand here The
and
in Europe. An official statement describes the enterprise
tentatively as follows:

The above bond issue Is limited to $25,000,000
pesos), or the equivalent thereof In foreign money, U. S. gold (50,000,000
and, In pursuance of the
law of June 17 1908, the bonds are unconditionally
guarant
cipal, interest and sinking fund, by the Mexican Governm eed, as to prinent by endorsement on each bond. The bonds will be dated
Nov. 1 1943; interest payable May 1 and Nov. Nov. 1 1908 and mature
1.
ing issue, but not any part, may be redeeme after The entire outstandd
and interest at any time upon three months' notice. Nov. 1 1918 at 101
After Nov. 1 1918 a
cumulative sinking fund of not less than
Issued becomes operative, the bonds to 1 % of the total amount of bonds
be drawn at
added to the sinking fund. Principal and interest par and interest and
Mexican taxes, the institution assuming any taxes. will be free from a 1
This institution is organized under concession
of
capital of not less than $5,000,000 U. S. gold (10,000 Sept. 3 1908 with a
,000
to make loans for the encouragement of irrigation and pesos), fully paid.
agricult
and stock raising, and, In exceptional cases, for the develop ural works
ment of combustible minerals, and to advance funds to metallur
such loans must either be secured by mortgage or be gical enterprises. All
guaranteed by a bank
operating under a Federal concession, or by a company
chartered by the
Federal Government to undertake works falling
concession. The amount which may be loaned within the sphere of this
exceed 80% of the appraised value of the propert on mortgage may never
y pledged
directors shall consist of 15 members, and no action can . The board of
be
the three representatives of the Government interposes his taken if one of
further issue of bonds can be made without the veto.
No
of the Mexican Congress, and the paid-up capital stock express authority
must never
than 20% of the amount of the bonds guaranteed by the Mexican be less
Government. Of the net profits, 10% are set aside each
year as a reserve fund,
until such fund shall amount to one-half the capital
stock.

Chicago (Bell) Telephone Co.
-Bonds Author
-The
stockholders at the adjourned meeting on Oct.ized.
13 unanimously authorized the making of a mortgage to secure
an
issue of bonds, of which $5,000,000 have been sold
to a
syndicate composed of the First Trust & Savings Bank,
Merchants' Loan & Trust Co. and Lee, Higginson & Co.,
all
of Chicago. Compare V. 87, p. 814, 742.
Commonwealth-Edison Co., Chicago.-Power Contract.The Chicago city authorities have , been asked to
the contract agreed to between this company and the approve
Chicago
City Ry. Co. in accordance with which the latter, will
buy
of its elect:ric power until June 1 1918 from the Commo
nwealth-Edison Co. on a basis that will, it is estimated, bring
in a revenue ranging from $800,000 or $900,0
00 for
part of the ten-year period to $1,300,000 or $1,400 the first
before the close of the ten-years. The railwa,000 just
y,
abandoning its producing plants,will retain its distribwhile
uting
Lebanon (Pa.) Iron & Steel Co.-Sale Dec. 22.
plants.
-V. 87, p. 937.
-The
"Philadelphia Financial Bulletin" Oct. 12 said:



1014

TIIE CHRONICLE

on Dec. 22 to satisfy a first mortgage
The plant will be sold at auction 0 6% 20-year bonds, on which the
$200,00
given to secure an issue of
1.
interest was defaulted on May

-Time for Deposits
Michigan Lake Superior Power Co. lders' committee,
Limited.-The first mortgage bondho considerably more
that
John Pitcairn, Chairman, announces ge bonds having been
mortga
than a majority of the first number having been pledged,
deposited and an additional
up to and including
deposits of bonds will be receivedbonds will be accepted
Nov. 30 1908, after which date no
tee may impose.
except upon such terms as the commit
, Pa.,
Depositaries: Commercial Trust Co., Philadelphia
York. Compare report of
and Guaranty Trust Co., New 87, p. 934, and see V. 86,
Lake Superior Corporation in V.
p. 1526.
.ngs
Monterey County (Cal.) Gas & Electric Co.-Earni Ry.
-See Monterey & Pacific Grove
Guaranteed Bonds.
V. 81, p. 1104.
under "Railroads" above. V. 77, p. 630;
-The New York office
-New Oflice.
Co.
National Lead
the 19th floor of
has been moved from 100 William St. to
-V. 86, p. 1412.
111 Broadway.
-Annual Meeting AdOsceola Consolidated Mining Co.
olders
the
journed-Appeal-The annual meeting of 27. stockh
was again adjourned on Thursday to Oct.

[VOL. Lxxxvii.

to accept in
Life Insurance & Trust Co. had each agreed bonds and
of their claims 50% in convertible
settlement
company. The notes
50% in new assenting stock of the 000. Subsequentlyit
is said,aggregate $1,050
in question, it
institutions holdwas reported unofficially that Pittsburgh
thesame
notes had agreed to a settlement on greatly
ing $1,075 000
will
committee feels that this action 475,815.
terms. The
V.87, p
strengthen the modified plan. Compare

ated with Fred-James K. Rice Jr., until recently associ ly Secretary of
eric H. Hatch; Raymond J. Chatry, former Day of William
M.
the Trust Company of America,and Irving new inveatment
M. Clarke, have this week organized the Wall Street, New
banking firm of J. K. Rice Jr. & Co. at 33
deal in guarYork. The company is specially equipped to unlisted and
anteed stocks, bank and trust company stocks, nership are
inactive securities. The members of the copart
district, and
young and favorably known in the Wall Street town. Mr.
of
have good connections in this city and outic H. Hatch of
Rice, prior to his identification with Freder ted with the
30 Broad Street, was for twelve years connec Chatry is a
Farmers' Loan & Trust Co. of New York. Mr.-Mr. Day is
director in several New York corporations, and y, Park Nathe son of Edwin B. Day, Cashier of the Batter
of this city.
on the decision rendered last week (V. 87, p. 038) tional Bank
to-day's
Jud,e Knappen's order
s that the Injunction be continued
-A. M. Kidder & Co., bankers, 18 Wall St., in Scott &
was filed on Wednesday, , It provide d within ten days. the complainant
Fort
pending appeal, which Is to be perfecte in the Appellate Court to advance issue offer, subject to prior sale, Kansas City
make application
and payable
to file an agreement to
Memphis Railway Co. 4% preferred stock, due the St. Louis
-V.87, p. 938. 271.
the case on the calendar.
teed by
-For years ending June 30:
at par in 19'21. The dividend is guaran lled by the Chicago
-Report.
c Coast Co.
Pacifi
Balance,
Total
Total
Other
Net
& San Francisco RR., which is contro s City Fort Scott
Gross
Fiscal
Income. Charges, &c. Divs. Surplus.
Earnings.
Earnings.
Island & Pacific RR. The Kansa
Year
332 $18,812 $373,285 $653,750 $44,109 Rock
ly, they state,
1907-08 _$7,272,958 $1,052,
736,25() 470,841 & Memphis independently earns annual
282,582
60,794
1,419,879
7,406,495
the stock has not sold at the
(5%) on first preferred yearly
1906-07The dividends, as above, include $76,250 d and common stock ($210,000 surplus over dividends, and
preferre
1900. At present price
and in 1907-08 5 II,% each on second
on each of the two stocks last present low market since March
and $367,500 respectively), against 6% respectively.
4
the investor 53 % on cost, with an additional 30%
for $240,000 and $420,000
named, calling
it pays
telephone call
.-W. B. Thomas of Boston, President of the in 13 years if held to maturity. The firm's
New Director
•
ng Co., has been elected a director is 2780 Rector.
American Sugar Refini
broker, has
--V. 87, p. 420, 100.
-J. C. Wilson, the well-known San Francisco
to succeed H. A. Tucker, who resigned.
-C. E. recently been elected a member of the New York Stock
-Bonds, &c.
Palace Hotel Co., San Francisco. recently offered at Exchange, and also of the Chicago Board of Trade. Mr.
and
Hovey, 332, Bush St., San Francisco,
ge gold bonds, Wilson has been a member of the San Francisco Bond
d
102 and interest $100,000 6% first mortga
$2,000,000, Stock Exchange for a great many years, but has now decide
present issue
also
total authorized issue $3,000,000,
r says:
open up offices as well in Los Angeles. He has o.
A circula
reserved for future needs $1,000,000. Optional at any Interest to
cted for a direct private wire to New York and Chicag
Aug. 1 1928.
Bonds dated Aug. 1 1908. Due par. (It is estimated that It will not contra
and bonds.
after five years from date at inside of at least ten years from date, A specialty will be made of local California stocks
period
these bonds
Building,
be practical to redeem
F.& A. at Mercantile Trust Co., San The San Francisco office is located in the Mills
If at all, before maturity). Interest
floor of the
Capital stock, $5,000,000,. The prop(the mortgage trustee). Market St., and a depth 345 feet.; the while the Los Angeles offices are on the ground
Francisco
on
erty has a frontage of 275 feetan eight-story Class "A" building, to be Hotel Alexandria.
t
company Is erecting thereon
work of which is now nearly
-The attention of investorsis directed to the advertisemen
the New Palace Hotel, the brick
known as
$3,000,000; value of building (when comcompleted. Value of land,ng and fixtures, $1,000,000; total investment, of Trowbridge & Niver Co., Chicago, offering "Idaho Irrigapleted). $3,000,000; furnishi
bonds mature from 1909 to
issue and title to property has been ap$7,000,000. The legality of the attorney at law, San Francisco; also by tion District" 6% bonds. The
the Chase National
proved by M. F. Michel, Esq.,
the Mutual Life Insurance Co. 1927, principal and interest payable at
attorney for
levied
W. H. Chickering, Esq., as purchased $1,250,000 of these bonds. [Other
have
Bank, New York. Payment is secured by taxesan area
of New York City, who
sing
Life Ins. Co., $250,000; Pacific Mutual
reported purchasers, Equitable
against the real estate of the "District," comprivalue of $75
$100,000.-Ed.1
e
Life, $200,000; E. F. Searles,taxes on property, making these bonds tax
of 37,000 acres, having an estimated averag advertisement
The company is to pay all
the benefit of the bondholders not less
exempt and will keep in force for
an acre. Full particulars are given in the
than $500,000 fire insurance.
-Jose, Parker & on another_ page.
-Earnings.
this week
Portland (Me.) Electric Co.
-John H. Maugham and Arthur E. Lee have am & Lee,
:
name of Maugh
Co., Boston, report
1907. Increase. formed a copartnership under the
1008.
concern
Year ending Aug. 312 25%
$304,952
$289,736
Broad St. and 67 Exchange Place. The new
Gross earnings (elec.)
144,246 24.84% 20
180,080
negotiate loans. It
Net earnings
67.01% will deal in investment securities and
44,191
73,803
business in
Surplus over fixed charges
offers special facilities for the transaction of
-V. 83. p. 382. 100.
ntance -See United Water & Latin-American countries, where it has a wide acquai close
Co.
Shreveport (La.) Water Works
possesses
and with the business methods of which it
1045.
Light Co. below.-V. 82, p.
- familiarity.
Francisco.-Decision.
Third
Spring Valley Water Co., SanStates District Court on
-Chas. C. Harrison Jr. & Co., bankers, 136 South
Farrington, in the United
sale, $140,000
Judge
g final deter- Street, Philadelphia, own and offer, subject to 97 and intertion pendin
1916 at
Oct. 7.granted a temporary injunc
the Board of Supervisors Pennsylvania Co. 3% gold loan duePennsylvania. Circumination of the suit, restraining
the est, to net over 4.30%, free of tax in
to be charged for
are members
from enforcing the rates fixed by them
lar upon request. Chas. C. Harrison Jr. & Co.
1908.
year beginning July 1, collect rates 15% In excess of those fixed by of the New York and Philadelphia Stock Exchanges.
have orThe company is allowed to
by consumers it seems to have a claim
-Frederick L. Lutz and S. Campbell Littleton St., to
the Superviscrs (or if not paid
excess of 15%), but Is required to pay all
Littleton, 25 Broad
against the consumers for the
Into banks named as deposi- ganized the new firm of Lutz &
rates fixed
investment
money c llected In excess of the$100,000 to protect rate payers until the
and trust company stocks and partnership
of
taries and to execute a bondJudge Farrington, it is stated in newspaper handle bank
ds the old
final decision is rendered.
In 1903 In another securities. The new concern succee
Judge Morrow, made
Oct. 9.
accounts, takes the valuation of adds the amount expended since then,
of Ashmore & Lutz, which was dissolved on members of the
case, about $25,000,000, and
value, as against something over
-Wrenn Bros. & Co., 24 Broad Street,
making $27,532,500 the present
that the shareholders
y,and holds
mortgage bond of
$53,000,000 claimed by the water compan amount.
-V.87, p.351.
that
New York Stock Exchange, offer a first
are entitled to a net Income of 5% on
idated Gas Co.
-Thomas one of the companies controlled by the Consol
-New Director.
York.
by Mr. James,
Union Ferry Co., New
County Trust Co., has been Particulars will be furnished on request
Blake, Secretary of the Kings
W. Quintard.-V. 87, Manager of the firm's bond department.associated with the
elected to the board to succeed G.
-Charles T. Atkinson has become
Railway Exp. 229
of Farson, Son & Co. at its office in the
-For year ending June 30:
United:States Finishing Co. on Divs. on Special Balance, firm e Building, Chicago. Mr. Atkinson has for a number
Int.
chang
Net
Gross
Fiscal
.
stock, bond and grain busiEarns. . Bonds. Pf.stk.,7 %. Deprec. Surplus
Receipts.
YearNone. of years been identified with the
$182,000 $127,401
$4,467,726 $488,401 $179,000 182,000 203,330 115,162
1907-08
ness in Chicago.
677,992 177,500
4,840,584
moved into more
1906-07
-Harrison & House, Baltimore, have
-V.86,p. 803.
-See American Telephone spacious offices on the ground floor at 10 St. Paul Street
Western Electric Co., Chicago.
local correspondents
near Baltimore Street. The firm are the
& Telegraph Co. above -V.87, p. 164.
-See "Annual of Spencer Trask & Co. of this city.
Telegraph Co.-Report.
Park and Hospital
Western Union
-Essex County, N. J. 40-year 4%
Reports."
offered by Mason, Lewis & Co.,
l Morton, President of the Equitable _bonds dated Oct. 1 1908 are elphia. See particulars in adNew Directors.-Pau
Philad
been
Life Insurance Co., and Robert M. Gallaway have and Boston, Chicago and r page.
vertisement on anothe
rs to succeed the late Morris K. Jesup
elected directo
nce the retirement of
-Roosevelt & Son of this city annou
J. D. Layng.-V. 87, p. 681.
the firm and the admission
-Leading John E. Roosevelt as a member ofof their W. Emlen.
cturing Co.
iRooseWestinghouse Electric 8; Manufa
elt, son
-The readjustment of George Emlen Roosev
Financial Instil ution.3 Accept Plan.
is Chairman, announced velt, as a partner.
se, in this issue,
committee,of which James N.Jarvie
-Tobey & Kirk, 25 Broad Street, adverti
National
theylare prepared.toldeal.,2
on Oct. 13 that the National Park Bank, the Chase
rce and the New York a list of securities in,.which
Bank, the National Bank of Comme




OCT. 17 1908.1

THE CHRONICLE

1015

ports and Altionarat5.
THE BALTIMORE & OHIO RAILROAD COMPANY.
EIGHTY-SECOND ANNUAL REPORT-FOR THE FISCAL YEAR ENDED
JUNE 30 1908.
Office of the Baltimore & Ohio Railroad Company,
Baltimore, Md., October 8 1908.

To the Stockholders of the Baltimore & Ohio Railroad Company:
The President and Directors submit the following statement of the affairs of the Company
for the year ended June 30
1908:
The results from operation on the entire system were:
Percentage
Miles,
Earnings.
Expenses.
Net Earnings. of Expenses to
Earnings.
The Baltimore & Ohio Railroad, including Baltimore & Ohio Southwester
n RR-- 3,992.42 $73,608,781 21 $54,150,879 38 $19,457,901 83
Controlled or Affiliated Lines
73.57
. 455.53
5,768,570 08 4,053,227 26
1,715,342 82
70.26
I-Grand Total
'4,447.95 $79,377,351 29 $58,204,106 64 $21,173,244 65
73.33

The general distribution of the earnings and operating expenses of the Baltimore & Ohio
Railroad Company was as
follows:
OPERATING RESULTS OF THE BALTIMORE & OHIO RAILROAD COMPANY FOR
THE YEAR ENDED JUNE 30 1908, IN COMPARIS
ON
WITH THE YEAR ENDED JUNE 30 1907.
1908.

Total Expenses

$82,243,921 57

$10,892,061 77
12,584,072 88
1,669,404 81
27,763,097 47
1,242,242 45

Expenses
For Maintenance of Way and Structures
For Maintenance of Equipment
For Traffic Expenses
For Transportation Expenses
For General Expenses

$64,208,671 41
14,121,897 14
1,459,212 41
1,403,937 89
897,329 67
152,873 05

$73,608,781 21

Gross Earnings

*1907.

$55,681,785 68
13,736,106 97
1,453,720 10
1,211,595 24
978,226 32
547,346 90

Earnings
From Freight Traffic
From Passenger Traffic
From Express Traffic
From Transportation of Malls
From Miscellaneous Transportation
From Operations other than Transportation

$10.944,597 85
12,993,722 65
1,653,081 17
27,891,035 49
1,397,653 69

Increase.

$80,896 65
394,473 85

Decrease.
$8,526,885 73
385,790 17
5,492 31
192,342 85

$8,635,140 36

$16,323 ii

$52,536 08
409,649 77
127,938 02
155,411 24

$54,150,879 38

$54,880,090 85

$729,211 47

$19,457,001 83

$27,363,830 72

$7,905,928 89

73.57

Net Earnings from Operation

66.73

Percentage of Expenses to Earnings

6.84

* Note.
-The earnings and expenses of the fiscal Year 1907 in total agree with the figures published
n
partially re-distributed to admit of comparisons, as far as practicable, with the earnings and expenses the Annual Report for that year, but have been
of
scribed by the Classifications of Operating Revenues and Operating Expenses, adopted by the Inter-State the current year, which are stated as preCommerce Commission and made effective
July 1 1907 under the authority of the Act of Congress to Regulate Commerce, approved June 29 1906.

The lines included in the foregoing table of operating results, and their respective mileage, aggregatin
g 3,992.42 miles
appear in detail in Table 28 of this report, with the omission of the
Valley Railroad of Virginia,
Cleveland Terminal & Valley Railroad,
Ravenswood Spencer & Glenville Railway,
Cleveland Lorain & Wheeling Railway,
Ohio & Little Kanawha Railroad
for which lines a summarized table follows:
OPERATING RESULTS OF THE FOLLOWING LINES CONTROLLED BY OR AFFILIATED IN INTEREST
WITH THE BALTIMORE & OHIO
RAILROAD SYSTEM FOR THE YEAR ENDED JUNE 30 1908, IN COMPARISON WITH THE
YEAR ENDED JUNE 30 1907.
1908.
Miles.
Earnings.

•
Valley Railroad of Virginia
Ravenswood Spencer & Glenville Ry
Cleveland Terminal & Valley RIt
Cleveland Lorain & Wheeling Ry
Ohio & Little Kanawha RR

62.12 $193,855 68 $131,364 79
$62,490 89
32.40
52,86583
65.040 53 Defj2.174 70
92.72 1,083,528 50
808,621 70
274.906 80
194.03 4,159,554 36 2,769,130 78 1,390,423 58
74.28
278.765 71
279,069 46 Def. 303 75
455.53 $5.768,570 08 $4,083,227 26 $1,715,342 82

The gross earnings of the Baltimore & Ohio Railroad Company for the fiscal year ended June 30 1908 were $73,608,781 21, a decrease from those of the preceding year of $8,635,140 36. The first month of the current fiscal year showed
greatly increased earnings over the same month in 1906,
and comparative increas( s continued until the month of
December, when, owing to shrinkage in business, the earnings fell $1,065,348 short of those of the same month the
previous year. The widespread depression in business continued throughout the remainder of the fiscal year. The
first six months of the year showed an increase of $1,113,945 64, the decrease occurring in the last six months amounting to $9,749,086.
The distribution of the decrease for the year indicates
that the loss in freight earnings was $8,526,885 73, and in
tonnage carried 8,960,054 tons; the average rate per ton
per mile was .569 cents, as against .567 cents in 1907. The
falling off in coal and coke shipments was 3,586,121 tons,
the loss in coke alone being 2,191,983 tons. The decrease
in shipments of iron and steel products, machinery, &c.,
was 2,243,297 tons, with losses in ores of 854,646 tons, in
stone, sand and lime 847,240 tons, and in forest products
488,756 tons. The statement of commodities carried,
Table 17, indicates small increases in live stock, meats and
packing-house products and in household goods and furniture.
The passenger earnings show a decrease of $385,790 17.
A marked decrease occurred in the rate received per passenger per mile, the average in 1908 being 1.890 cents and in
1007, adjusted for comparison, 1.952. The number of pas-




Expenses.

Net Earnings
from
Operation.

Comparison of Net Earnings with 1907.
Percentage of
Expenses
Increase.
Decrease.
to
Earnings.
$9,429 80
4,922 55
9,334 33

67.76
123.03
74.63
$417,511 37 66.57
47,89924 100.11
$441,723 93 _ 70.26_

sengers carried increased 1,306,368, and number of passengels carried one mile increased 3,200,412, indicating a large
additional service performed, unaccompanied with any corresponding increased compensation, the res•ilt, chiefly, of
legislation in the States of West Virginia, Ohio, Indiana,
Illinois and Pennsylvania in fixing low maximum rates per
passenger per mile.
The earnings from express traffic show a decrease of $5,492 31 and from the transportation of mails $192,342
65;
this last-named reduction is due to adjustments by the
Government of the rates of compensation and curtailment
in the character of the service.
The earnings from miscellaneous transportation, and from
operations other than transportation, show an increase of
$475,370 50. This increase is largely due to a change in
the method of accounting, the full receipts from sundry
sources being reported under the new classification, instead
of the net receipts, as heretofore, and also the receipts from
car service (demurrage), $201,132 50, and rent of buildings
and property, $21,234 98, which were last year respectively
treated as a credit to transportation expenses and income.
There were actual increases, also, in earnings from other
sources, such as chair cars, the carriage of milk, switching,
special train service, station and train privileges, storage on
freight, parcels and baggage, aggregating $113,030 83.
The expenses of operation show a decresae of $729,211 47,
of which amount $52,536 08 was in maintenance of way and
structures; $409,649 77 in maintenance of equipment; $127,938 02 in transportation expenses; $155,411 24 in general
expenses; while there was an increase in traffic expenses, of

1016

THE CHRONICLE

[VoL. Lxxxvii.
$10,150,787 93

From this Net Income for the Year
$16,323 64. The percentage of expenses to gross earnings
the following amounts have been deducted:
was 73.57 per cent, as against 66.73 per cent in previous Dividend2 on Preferred Stock, 2%, payable
$1,200,000 00
March 1908
year, an increase of 6.84 per cent.
Dividend on Preferred Stock, 2%, payable
1,200,000 00
Sept. 1 1908
In a general way the notable items of increase in mainteStock, 3%, payable
on
nance of way and structures were: tunnels, $53,395 52; Dividend 1908Common
4,565,274 87 6,965.274 87
Sept. 1
bridges, trestles and culverts, $304,092 22; signals and interProfit and Loss__$3,191,513 06
Leaving
locking plants, $25,797; while under the operations of the Amount Surplus,which has been•carried to 30
to Credit of Profit and Loss June
$19,739,542 02
rail and tie program there was a net decresae in these items
1907
on Common
of $4,697 77. There were large expenditures during the Deduct Dividend March 2 1908 $4,565,274 87
Stock, 3% paid
year on the Thomas and Bristol tunnels and the Susquehanna, Deduct Sundry Adjustments,
500,337 98 5,065,612 85 14,673,929 17
Net Debit Balance
and other Philadelphia Division bridges, and the trans$17,865,442 23
ferring to this account of the maintenance of joint tracks,
to Credit of Profit and Loss June 30 1908
Amount
yards and facilities, under the revised classification, increased
its comparative expenses to the extent of $90,784 90.
The General Balance Sheet, Table 2, shows an increase in
The expenses of maintenance of equipment were increased
$6,243,000_00
Capital Liabilities of
114,879 59 on account of depreciation of equipment, and
as follows:
omparatively $24,662 56 account maintenance of joint explained
In exchange
equipment at terminals, an additional charge under the re- Additional Common Stock Issued Debentures$1,000 00
for Ten-Year Gold Convertible
vised classification, and were reduced by credits from the There were Issued for Improvements, Betterto the exas provided In the
ments and Extensions,
new accounts of equipment borrowed and loaned
respective Mortgages securing such bonds:
1.000,000 00
tent of $239,904 75; there were reductions in the repairs of
First Mortgage 4% Bonds
passenger and
Pittsburgh Lake Erie & West Virginia
locomotives, $99,767 68, and in repairs of
5,243,000 00
System 4% Bonds
freight cars, $224,318 31.
$6,244.000 00
Traffic expenses would have shown a marked decrease
Total Issues
were it not for the charge to this account of customary payments made to steamship agents on immigrant traffic, from which deduct:
Gold Convertible Debentures con1,000 00 $6,243,000 00
$50,182 23, which payments were formerly charged against Ten-Year into Common Stock
verted
revenue.
Transportation expenses were increased to the extent of
In "Capital Liabilities Assumed" there is a net increase of
$422,067 58 by the transfer of car service (demurrage) to $14,289 99, the result of further payments on the equipment
under
earnings, and hire of equipment balance to income,
trusts of the Monongahela River Railroad and the full paythe provisions of the revised classification. The charges to ment and extinguishment of that of the Pittsburgh &
by the expenses of
this account have also been increased
Western Railroad; a reduction in the outstanding undepossundry services, whose net earnings were formerly trans- ited old securities, and additions account Ground Rent Liens
the operation of
ferred to revenue; the increased cost of
existing on property purchase
Washin*ton Terminal; the loss of credits formerly made
"Loans and Bills Payable" have increased $11,660,000,
income; and the infrom joint facilities, now credited to
is made up of B. & 0. One-Ye: r Notes, dated March 1
trains, of yard and switch which given for purchase of Preferred and Common Stock of
creased expenses of dispatching
s, due to the increase in 1908,
tenders and interlocking operation
the Cleveland Lorain & Wheeling Railway Co., $3,660,000;
wages and to legislation regulating hours of labor, the in- B. & 0. One-Year Notes dated March 2 1908, $6,000,000,
causes being estimated
creases from these last-mentioned
and loan of $2,000,000 from United States Trust Co., New
at $800,000 of the year. There were substantial decreases York.
to property. With the
in injuries to persons and damages
"Capital Assets" show an increase in Cost of Road, $4,acfalling off in traffic there have been reductions in other
772,925 06, and in Stocks and Bonds held by Trustees as
11.
countsas will be noted in Table
Security for funded debt, $3,258,046 56;total, $8,030,971 62.
The 'General Income Account of the Company shows the The increase in Cost of Road, account of Construction exafter the payment of interest on
net income of the year,
penditures for the year, $5,676,326 25, was subject to certain
the funded debt, taxes and all other fixed charges, to have credits aggregating $903,401 19, mainly from sale of timber
decrease from that of the year 1907
been $10,156,787 93, a
lands in West Virginia, the transfer of property to other acof $7,288,841 89. Against the net income there were counts and sundry adjustments. The increase in Stocks
4% on the preferred and 3% on the
charged dividends of
and Bonds held by Trustees is by reason of deposit with
common stock, the dividend of 3% on the common stock Trustees, under the provision of the several mortgages, of
1908 having been charged against the surpayable March 2
securities acquired during the year, notably General Mortplus as of June 30 1907, leaving as the surplus of the year gage Bonds of the Cleveland Lorain & Wheeling Railway
to be carried to the credit of Profit and Loss
$3,191,513 06,
Company, $3,050,000, taken in payment of indebtedness
account.
Company for advances, and the retirement at maand Loss credit as of June 30 1907 was $19,- of that $190,000 outstanding Pittsburgh Junction Terminal
The Profit
of
this amount was charged during the year with turity
739,542 02;
Bonds.
$5,065,612 85, made up of the 3% dividend on the common
"Real Estate" has increased during the year $119,508 53,
March 2 1908, $4,565,274 87, the remainder, representing the purchase of additional properties, subject to
stock paid
98, being the result of charges for discounts on minor sales and other adjustments.
$500,337
bonds sold and sundry adjustments during the year, leav"Equipment" shows an increase of $1,110, due to an ading the total to the credit of Profit and Loss account June justment from last *year. In compliance with the order' of
42 23.
30 1908 $17,865,4
the Inter-State Commerce Commission, effective July 1 1907,
GENERAL INCOME ACCOUNT OF THE BALTIMORE Fe OHIO the former practice of your Company of reducing the Capital
RAILROAD COMPANY (INCLUDING. BALTIMORE & OHIO
SOUTHWESTERN RAILROAD COMPANY), YEAR ENDED
Account of Equipment to the extent to which equipment
JUNE 30 1908, IN COMPARISON WITH THE YEAR
was depreciated or put out of service by sale, condemnation
ENDED JUNE 30 1907.
l
Inc. (1-) or
or casualty, and of increasing Capital Account as additiona
Dec.(-).
1907.
1908.
equipment was built or purchased, was suspended, and dur$
$
$
ion and the
73,608,781 21 82,243,921 57 --8,635,140 36 ing the past year the amounts of such depreciat
Gross Earnings
54,150,879 38 54,880,090 85 -729,211 47 value of equipment taken from service, less salvage, have
Operating Expenses
72 -7,905,928 89 been credited to the several equipment replacement and reNet Earnings from Operation-19.457,901 83 27,363,830
Other Income- •
newal accounts, which accounts have been charged with
Interest on SeFurther
Dividends and
+853,952 48 the cost of equipment acquired during the year.
24 3,047,182 78
3,901,135
curities Owned
WesternUnion Telegraph Comexplanations as to the status and treatment of the equip60,000 00
60,000 00
pany Annuity
ment are made on pages 13-15. •
General Interest and Discount
547,208 11 -547,208 11
-The ledger value of the bonds owned
"Securities Owned"
(Net)
us
$3,467,000; the
House Rents and Miscellaneo
53
67 by the Company, Table 5, has decreased
+5,651
380,625
386,277 20
Receipts
+7,33095 result of the sale of holdings of your Company's own issue
7,33095
(NetCredit)
Hire of Equipment
Southwestern Division
+319,726 99 of Prior Lien, First Mortgage and
4,354,743 39 4,035,016 40
the
bonds during the year; together with the transfer to
7,586,201 00
23,812,645 22 31,398,847 12 Gross Income
Trustees of $3,050,000 General Mortgage bonds of the Cleveas a
Deductions from Income
land Lorain & Wheeling Railway, which were carried
Net Earnings (included in
System Earnings)
treasury asset on June 30 1907; and the cancellation, through
249,050 66
-96,205 10
152,755 56
Washington Branch
redemption, of Cleveland Terminal & Valley Railroad lease
Winchester & Strasburg
+31,824 28 warrants, $27,000; Pittsburgh & Baltimore Coal Company
31,824 28
RR
Interest on Bonded Debt, paybonds, $18,000, and Union Stock Yards Company bonds,
able by B. as 0. RR. Co.
+194,624 99 $14,000, owned by your Company, less an increase in Treas10,644,102 79 10,449,477 80
Table 1
Ground Rents and Interest on
ury holdings of your Company's own issue of Pittsburgh
Real Estate Mortgages
117,274 80
+1,077 00 Lake Erie & West Virginia bonds.
118,351 80
Table 1
Car Trust Interest Payable by
The ledger value of stocks owned by the Company,Table 4,
12,276 69
-5,701 73
6,574 96
B. & 0. RR. Co.
-Table 1_
has increased $3,781,891 64, due to the purchase of addiMiscellaneous Rentals. &c.
249,669 77
+61,472 68
311,142 45
Table 1
tional stocks of the Cleveland Lorain & Wheeling Railway
General Interest and Discount
+85,250 82 (17,183 shares preferred and 12,127 shares common stock),
85,250 82
(Net)
+267,503 14 which
2,027,298 58 1,759,795 44
Taxes
completes your ownership of the stock of that ComMiscellaneous Improvements
few remaining shares, for the
265,950 38 1,099,981 00 -834,030 71 pany, with the exception of a
Table 7
Topographical and Right-ofacquirement of which measures are pending; also, your sub-3,085 38
15,691 05
12,605 67
Way Surveys and Maps.-scription for 5,000 additional shares of the stock of the Wash1.3,655,857 29 13,953,217 30 --297,360 01 ington Terminal Company, and the cancellation of 3,750
holdings_of,stock in the Gauley Company,
10,156,787 93 17,445,829 82 -7,288,841 89 shares of your
Net Income




OcT. 17 1908.j

THE CHRONICLE

by redemption, owing to the sale of its plant and the partial
liquidation of its assets; together with some minor fluctuations during the year.
In "Current 'Assets" there is an increase in the item of
"Due by Other Companies for Advances" of $1,085,574 05,
the principal items being an increase of $873,866 02 advanced
the Baltimore & Ohio Equipment Company for purchase
of equipment, and additional advances to the Cleveland
Terminal & Valley Railroad, Ravenswood Spencer & Glenville Railway and Washington Terminal Company,
less
some adjustments and minor changes.
CONSTRUCTION AND BETTERMENTS.

1017

service; the extension of the fourth track to Weverton and
the reconstruction of the Weverton interlocking plant will
be completed curly in the next fiscal year.
Washington—The joint coach and engine yards, located
north of New York Avenue extended, between
Florida Avenue and Langdon, have been practically comple
were put into service November 17 1907, togethe ted, and
round house, shops, machinery, interlocking, r with the
tioned in the report of last year. There remain&c., menbut a few
small items to complete this entire work.
Washington to Germantown—New automatic signals
have
been constructed.
The aggregate expenditures for Construction
and Betterments
Relay to 12th Street Tower, Washington—New
for the twelve months have been
auto$6,375,922 43 matic signals
For the twelve months ended June 30 1907 they
have been constructed.
were
9,022,768 38
Georgetown—Additional right of way for the line
A decrease of
from
$2,646,845 93 K Street to the
District of Columbia Line has been
chased, and an extension of the charter secured from purThe detail of the $6,375,922 43 expended is shown
Conin the gress. The construction
statement of "Analysis of Construction Charges
," Table 6, during the coming fiscal of this line will be undertaken
which gives the character of the expenditures
year.
and the
Evitts Creek—New interlocking completed.
at which they were made. The general distribution points
as to
South Cumberland Stock pens and siding constru
locality was:
Rowlesburg— Interchange track with the Morgan cted.
New York DivisionC
town and
redit
$44 33
Philadelphia Division
754,586 42 Kingwood Railroad, joint track scales and additional tracks
Baltimore Division
1,516,902 54 have been constructed.
Cumberland Division
21,067 75
8 00
Shenandoah Division
Buckhannon—Revision of line at Little Buckhorn wall
Credit
Monongah Division
254,089 13 has been undertaken and is well advanced.
Wheeling Division
Ohio River Division
Parkersburg—Terminal and yard facilities The track
Credit 681h 73
372
3
71 work,
5
Connellsville Division
coal tipple, sand house, single ashpit and under-grade
Pittsburgh Division
1,035,623 10 crossing at East Street
New Castle Division
have been completed, with the excep886,094 8
7 tion of
Cleveland Division
some finishing up at East Street, which has been
316,348 77
Newark Division
de156,904 03 layed by opposition of other interes
Chicago Division
ts, but will be completed
158,029 94 during the
Southwestern Division
coming fiscal year.
223,284 64
Clarksburg—New building for medical examiner,
Total
$6,375,922 43
additional coach track, grading and paving drivew
ay and shed,
Which amount was charged:
were completed.
Capital Account, Cost of Road
Wheeling—Passenger and Freight Terminals—Th
$5,676,326 25
ese imRailroads in General Account
099,596 18 provements, detailed in the report of
last year, have been
Total
almost completed, and will be occupied and put into
$6,375,922 43
use
during the vext fiscal year; the construction of a part early
of the
In addition to the foregoing, there was charged direct
to freight facilities has been postponed for the present.
the Income Account of the Company during the
Glovers Gap—Additional water supply constructed.
year the
sum of $265,950 38, and to the Railroads in General
Benwood Junction—New building for medical examiner
Account
$54,755 41, the character of such expenditure,
and the lo- completed.
cality being given in statement of "Analys
Hyndman and Sand Patch—Increased water supply comis
Improvements Charged to Income," Table of Miscellaneous pleted.
7.
Philadelphia Division
Connellsville—Extending passenger station, grading for
$394 87
Baltimore Division
129,906 60 extension of yard, paving team tracks, additio
Cumberland Division
nal arc lights
32,720 45 in yard,
Shenandoah Division
and other facilities, completed.
207 09
Monongah Division
Greene Junction to Mount Braddock—A portion of
Credit
152 33
Wheeling Division
the
13,482 24 second track
Ohio River Division
being constructed between these points has
Credit
240 90
Connellsville Division
4,917 43 been completed and put into use, and the remain
Pittsburgh Division
der, together
. 2,302 02 with the interlocking
New Castle Division
at 0. & B. Junction, will be completed
1,467 40
Cleveland Division
54,647 40 during the next fiscal year.
r
Newark Division
10,874 48
Uniontown—Enlarging freight office, warehouse and
Chicago Division
42,282 88
platSouthwestern Division
27,886 26 forms, completed.
Palatine Branch—Extension of this line for a distance of
Total
$320,705 79
3,000 feet now under way.
Philadelphia—The new engine terminal and classification
Quemahoning Branch
yard at East Side have progressed steadily during the year, Mines Nos. 2 and 3 has —Extension from Boswell to Jenner
been completed; a further extension
and the track work and structures referred to in the
to Jenner Mines Nos. 4 and
last
port as under way, namely: the 25-stall engine house, re- and will be put into service 5 is nearly ready for operation
early in the next fiscal year.
the
water treating plant, interlocking plant, two signal
Bidwell and Sipes—Construction of 5,000 feet of main line
towers,
water supply and fire protection, and filling, have
been com- of the Connellsville Uniontown & Wheeling Railroad, from
pleted and put into service during the year.
Bidwell westerly, and 500 feet of the Frostburg branch of the
•
At Piers 62 and 63 the construction of a new
steel transfer Connellsville Uniontown & Wheeling Railroad, from Bidbridge is in progress.
well easterly, has been almost completed.
At 58th Street the terminal facilities have been abando
Layton—Extensions
ned
and the machinery transferred to East Side and other points. have been completed. of passing sidings and yard tracks
The old buildings, which were worn out, have been dispose
d
'Vista—Extension of sidings completed.
of, and the property not required for railroad purpose
s has
McKeesport-30 crossing gates and 10 elevated watch
been sold for industrial development.
houses to protect grade crossings have been erected.
The bridge over the Susqueahnna River, built at the
time
McKeesport to Wheeling Junction—The progress on the
of the construction of the Philadelphia Division, is being
reconstructed and double-tracked. The work has been some- construction of the third and fourth tracks between these
points has been retarded on account of difficulty in securing
what retarded pending concurrence in plans for
spans by the .United States Government, approvathe river the necessary ordinances, although considerable progress has
l thereof been made during the fiscal year. The interlocking
by the Secretary of War being had on July 27
plants
1908.
at Demmler and McKeesport are nearing completion and
Between Philadelphia and Baltimore various pieces
of those at Demmler and Wheeling Junction are well under
additional right of way have been purchas
ed.
way.
Baltimore—Track connection has been made at
Glenwood—The installation of additional tools and
ton Avenue with the Maryland & Pennsylvania HuntingRailroad. chinery in the power house and shops has been finishe maAdditional property has been purchased for the
d.
enlargement
Pittsburgh—Additional property has been purchased for
and extension of Camden Yard, and for proposed new
line the Try Street yard; also for the 33d Street and Liberty Avefrom Hamburg Street to Curtis Bay Junction.
nue yard and team delivery yard at 33d Street.
The Riverside terminal referred to in the last report
has
Wildwood—Two new reservoirs completed.
been completed, and new office for engine dispatcher erected
.
Youngstown—A part of the property has been purchased
A new Y. M. C. A. building, commodious and perfect in all
for the additional freight house and track facilities.
details, has been finished.
Akron—Additional right of way has been purchased for
Locust Point—The work on new Pier 8, referred to in
re- the "Gulch Line," mentioned in the report for last year.
port of last year, has been resumed.
Sterlin
Mount Clare—The grain elevator in Camden Yard having points, g to Nova—The second track between these two
together with the necessary sidings, stations, interbeen destroyed by fire August 8 1907, the erection of anothe
r locking, &c , has been about completed, the westbound
was 'deemed imperative, and a new location at Mount
Clare track being put into operation January 26 1908 and the eastwas determined upon. A concrete grain elevator with
a bound track on April 19 1908. There still remain to be concapacity of 250,000 bushels is now well under
way at that structed, freight house, platforms and some track work
point.
at
Sterling, and interlocking plants at Homer, Lodi and
Hollofield and Davis—This new double-track improv
Stere- ling; all of which will be finished during the next fiscal year.
ment, previously reported, has been completed.
Cleveland—The improvement reported last year as nearBrunswick—The extension of the Brunswick Yard,
referred to in the last report, has been completed and putAint ing completion were completed and put into operation during
o this fiscal year,




[VOL. LxxxvIi.

THE CHRONICLE

1018

Freight and Work cars.

cars and 63
ne No. 2 has been 3 Passenger purchase from the Fairm nt C al
and for the
to the terms
Lorain-New ear dump coaling machi
Company of 1,700 cars, subject
383,150 86
ing for medical examiner erected.
completed and new build
of an Equipment Trust
locking plant completed.
Weiant-New inter
l and Replaceing and other improveBalance to credit of Renewa
$1,064,635 67
Newark-Engine house, office build year, have been finment Accounts
ments, mentioned in the report of last
as of June 30 1908:
Equipment
ished.
885 Passenger cars,
bus & New- 1,387 Locomotives,
The construction of third track on the Colum been com- 9 Electric Motors, 60,762 Freight and Work cars.
46,154,864 39
on on Equipment Record of
in the report of last year, has
with valuati
$47,219,500 06
ark line, mentioned
pleted.
, tracks,
ion of units. 1 Passenin Electric Motors due to separat
Chicago Junction-The-new engine house, shops
Note.
been completed. ger car-Increase Work car during the year.
changed to
&c., mentioned In report for last year, have
EQUIPMENT COMPANY.
THE BALTIMORE & OHIO
Also a new building for medical examiner. the line at this
Annual Report,
Gary-The changing of the location of plant, has been
Referring to table 18 (p. 52), Eighty-first service June 30
point, made necessary by the new steel
it will be noted that the entire equipment in
completed and put into operation.
being con- 1907, comprised:
$15,114,451 50
Additional track and yard facilities are now
249 Locomotives and 9,700 Freight cars
Gary, Pine and Indiana Harbor.
by this Company
structed at
point is There has been purchased t in 1,700 coal cars
this
during the year an Interes
Indiana Harbor-A new bascule bridge at ocking, etc.,
acquired from Fairmont & Somerset Equip-$1,544,646 00
, interl
about completed, except the power plant
ment Co
329,220 00
and 300 coal cars from Fairmont Coal Co
now being erected.
1,873,886 00
which are
New shop machinery installed.
Chillicothehighway
$16,988,317 50
ead
Making General Ledger value as of June 30 1808
Greenfield-Wagon scales and new overh
during
bridge constructed.
Freight cars
track com- 13the year, bywere "put out of service"a book
and
reason of wreck, with
Washington-Extension of freight house
$9,698 40
value of
9 54
pleted.
The equipment was depreciated during the year 371,71
eted.
-Extension of freight house and track compl
Flora
$381,417 94
eted.
Enfield-New interlocking plant compl
ed at Washing- which amount was credited to the
During the year stations have been erect
ng,
Renewal and Replacement Accounts,
, Belington, Flushing, Adams, Homer, Sterli
ton Grove
od, and
ial
Sullivan, Belmont, Standley and East Norwosky and and (less salvage charged Mater
Lodi
ns at Mount Vernon, Cambridge, Sandu nearing Account) charged to Operating Exthe statio
year as
penses.
Fostoria, mentioned in the report of last
etion, have been completed.
compl
The Renewal and Replacement Acis
power
The work of strengthening bridges for heavy
counts have been charged with cost
.
steadily progressing, as indicated in the tables ted; 31,889.22 of 2 freight cars
1.98000
There were 1,102.05 miles of road ballas the yard; and
added during the year
to
tons of steel rail laid of 100 and 85 pounds ruction.
e to credit Renewal and Replace- $379,437 94
Balanc
2,342,468 cross-ties used in renewals and const track, 27.43
ment Account
of main
123.95 miles of sidings, 29.93 miles third track, and 5.20
Equipment as of June 30 1908:
of second track, 15.39 miles of
miles
249 Locomotives and 11,689 Freight cars, with
year.
$16,608,879 56
valuation on Equipment Record of
miles of fourth track were built during the
$16,988,317 50
INAL.
WASHINGTON TERM
,
MARINE EQUIPMENT.
any at Washington
The passenger service of your Comp
of
amount at debit June 30 1907, representing the value(p.
Washington Terminal Station
l Balance Sheet
D. C., was transferred to the station located at New Jersey The
Marine Equipment as shown on Generawas
$1,095,762 20
first Annual Report,
the old
20) of the Eightyon October 27 1907;
abandoned, and has since
Avenue and C Street, N. W., was ia Baltimore & WashingThere has been credited to the Liability ReReplacement accounts:
been demolished. The Philadelph
commenced the use of the newal and
ton Railroad and the tenant lines 17 1907. The construc- For depreciation of equipment during the year $25,000 00
(charred to Operating Expenses)
500 00
new terminal station on November
aggregate $15,342,731 37, For book value of Barge 58-P, sold
tion expenditures to June 30 1908 done.
$25,500 00
additional work yet to be
with some
accounts there has been charged
has subscribed for at par
14,800 00
76-P
During the year your Company The Washington Terminal Against which
payments account purchase of Car Float
onal shares of stock of
5,000 additi
s, par
l and Replacement
ngs 17,500 share
Balance to credit Renewa
$10,700 00
Company, making your total holdi
accounts
Equipment as of June 30 1008: 2 Pile Drivers,
value $1,750,000.
14 Steam Lighters and Tugs, 1 Wharf Boat,
EQUIPMENT.
125 Barges, Floats and Scows, Record of
1,085,062 20
ent
was
$1,005,762 20
year the following new rolling equipment cars with a valuation on Equipm
• During the
service: 3 Passenger cars, 2,052 Freight
added to your
June 30 1908
ment as of
ACCOUNTS.
RENEWAL AND REPLACEMENT
and 2 Work cars; the total equip
disposed of-_$1,854,713 47
account depreciation and equipment equipment disbeing
on
1,929 Credits
over book values
Locomotives.
Passenger car equipment
Freight car equipment
Work car e .uipment

1,170
83,807
2,978

carried in the following accounts:
Baltimore
Baltimore
Baltimlre
Affiliated

& Ohio Railroad
& Ohio Equipment Co_
& Ohio Southwestern RR
Lines

Cars
Locomoflees. Passenger. Freight.
58,686
885
1,306
11.689
_
249
8,840
188
173
4,592
'97
111
1,929

1,170

Work.
2,076

-6:6
253
2,978

83,807

table 18 of this report.
as further explained below and in
RAILROAD COMPANY.
THE BALTIMORE & OHIO

51), Eighty-first Annual
Referring to table 18 (pp. 50 and
noted that the entire equipment owned
Report, it will be
1907, comprised:
by the Company in service June 30
1,405 Locomotives,
7 Electric Motors,

890 Passenger cars,
cars, $47,218,390 06
61,920 Freight and Work

this ace unt
There have been charged to
g the fiscal year
durin
restored to service-

but
8 Freight cars reported sold last year
as of June 30 1908
Making General Ledger balance

7 Passenger cars,
18 Locomotives,
1,230 Freight and Work cars,
$352,773 71
value of
having a book
0
the year 1. 05,021 82
The equipment was depreciated during
$1,447,795 53

which amount has been credited to
Acthe Renewal and Replacement to
counts, and (less salvage charged
Material Account) charged to Operating Expenses.
The Renewal and Replacement
Accounts has been charged with the
cost of equipment added during the
year as follows:




10,742 86
4,655 00

-Equipment acquired during the year
Debits
1908
General Ledger Balance at Credit June 30

$1,870,111 33
309,939 86
$1,470,171 47

HWESTERN RAILROAD
THE BALTIMORE & OHIO SOUT
COMPANY.

Report,it is stated
In table 18,(p. 53), Eighty-first Annual
30 1907, comthat this entire equipment in service June
prised:
188 Passenger Cars,
176 Locomotives,
9,791 Freight and Work cars,
the year,
There were put out of service during sale and
through wreck, condemnation, fire,
3 Locomotives
destroyed on foreign roads,
and 305 Freight and Work cars
during the year
The equipment was depreciated

$5,003,774 17

$76,970 00
115,28820
$192,258 20

1,110 00

$47,219,500 06

of serThe following equipment was "put out
condemnation.
vice" during the year through foreign roads
wreck ,sale ,fire and destruction on

Credit account excess
posed of
Balance June 30 1907

which amount was credited to the Renewal and Replacement accounts,and
(less salvage charged to Material Account)charged to Operating Expenses.
The Renewal and Replacement Accounts were charged with cost of 3
Work cars added during

565 00

the year
eBalance to credit of Renewal and Replac
$191,693 20
ment Account
Equipment as of June 30 1908:
Cars, 9,488
173 Locomotives, 188 Passenger valuation on
Freight and Work cars, with
$4,812,080 97
5,003,774 17
Equipment Record of
ENT ACCOUNT.
RENEWAL AND REPLACEM
$192,258 20
ls
565 00
Credits account depreciation and renewa year
-Equipment acquired during the
Debits
Balance June 30
B. & 0. S. W. RR. Co. General Ledger
$191,603 20
1908

•

OCT. 17 1908.1

THE CHRONICLE

INSURANCE FUND.
The estimated value of the Insurance Fund June 30 1907
was $902,360 09, and on June 30 1908 was $865,407 73,
including $100,000 of the original appropriation made in
1901, $150,000 having been returned during the year. The
character of the assets of the fund and its investment will be
found in table 8 of this report.
RELIEF DEPARTMENT.
The report of the Relief Department for the twelve months
ended June 30 1908 will be printed for distribution to members, as customary. The operations of the Department,
covering the Relief, Savings and Pension features, will be
found in table 9 of this report. The Pension feature is maintained by the Company and not from contributions of its
employees.
GENERAL.
The general business situation throughout the country
which was so promising in the early part of the fiscal year,

1019

was subsequently seriously disturbed, and the diminished
traffic and consequent earnings of your Company, as reflected in this report, illustrate the extent of the widespread
depression which has marked all branches of industry and
trade
There exists at this time a hopeful view that, with the
promising condition of the crops and the development of
more conservative views, the coming year will show a marked
reaction and improvement, if not complete recovery.
The President and Directors take great pleasure in acknowledging the faithful and efficient services of the officers and
employees during the past year.
By order of the Board,
OSCAR G. MURRAY,
President.

TABLE 2.
-GENERAL BALANCE SHEET YEAR ENDED JUNE 30 1908.
Comparison with June 30 1907.
CAPITAL ASSETS.
Increase.
Decrease.
Cost of Road, Including Bonds and Stocks Pledged with
Trustees as
Security for Funded Debt Issued:
Cost of Road
$169,830,853 53
$4,772,925 06
Bonds and Stocks Held by Trustees
177,863,311 67
3,258,046 58
$347,703,165 20
Real Estate:
Miscellaneous
$6,998,441 46
119,688 53
Property at Washington, D. C
583,404 54
$180 00
7,581,848 00
Gas and Electric Plants
723,113 66
11,165 85
Equipment:
Rolling Stock
$47,210,500 06
1,110 00
Marine Equipment
1,095,762 20
48,315,282 28
Total
$404,323,387 1
Securities Owned:
Bonds:
Baltimore & Ohio Railroad Co
$17,471,370 27
338,000 00
Sundry other Companies
2,459,109 11
3,109,000 00
$19,030,488 38
Stocks:
Baltimore & Ohio Railroad Co
$1,217,919 82
2.074 64
B. & 0. Equipment Co
1,000,000 00
Sundry other Companies
34,011,632 39
3,779,817 00
36,229,552 21
Total
56,160,040 5
New Bonds and Stocks Held to Retire Old Securities.
246,481 97
Insurance Fund
1,943 24
870,750 4
13,528 12
Materials on Hand
4,514,053 9
1,857,017 40
CURRENT ASSETS.
Cash in Hands of Treasurer
$13,955,494 00
8,041,116 13
Cash on Deposit with Fiscal Agents to Pay Coupons
5,324 20
435 50
Due by Other Companies for Advances:
B. & 0. Equipment Co
$14,988,317 52
873,866 02
Other Companies
1,915,033 94
211,708 03
16,903,351 46
Due by Individuals and Companies
27,204,981 14
Traffic Balances
285,359 18
1,254,77939
Due from Agents
324,061 72
2,743,314 27
Loans and Bills Receivable
1,771,867 89
382,165 54
376,449 79
Miscellaneous
1,884,075 59
1,093,412 64
Total
64,133,485 591
$530,248,199 66114,819,987 00
'
ompartstin totth June 30 1907.
CAPITAL LIABILITIES.

AMID

Ittcrease.

Capital Stock:
Preferred
Common

$60,000,000 00
152,175,829 00
$212,175,829 0

Funded Debt:
Prior Lien Three and One-half Per Cent Bonds
First Mortgage Four Per Cent Bonds
Pittsburgh ;unction and Middle Div. Prior Lien 3;i% Bonds
Southwestern Div. Three and One-half Per Cent Bonds
Ten-Year Gold Con. Debenture Four Per Cent Bonds
Pitts. Lake Erie & W. Va. Four Per Cent Refunding Bonds
New York Div. & Terminal Four Per Cent Bonds

$75,000,000 00
74,000,000 00
13,810,530 00
45,000,000 00
139,000 00
42,582,900 00
5,000.000 00

•

Decrease.

11,000 00

1,000,000 00,
11,000 80
5,243,000 00
255,532,430 0

Capital Liabilities Issued
Monongahela River RR. Co. First Mtge. 5% Bonds
West Va. & Pitts. RR. Co. First Mortgage 4% Bonds
Schuylkill River E. S. RR. Co. First Mortgage 4% Bonds
Ground Rent Liens
Real Estate Mortgages
Old Bonds and Stocks Not Deposited Under Plan
Monongahela River RR. Co. Car Trust Warrants
Pittsburgh & Western Ry. Co. Equipment Trusts
Capital Liabilities Assumed

$700,000 00
4,000,000 00
5,000,000 00
1,222,730 40

Loans and Bills Payable
Funds and Accounts of Controlled Companies:
Miscellaneous_
Washington Branch, Including annuities
Traffic Balances
Matured Interest on Bonds Unpaid
Accrued Interest on Funded Debt
Dividends on Stock Unpaid:
Declared, but not due
Due, but not called for
Accrued Taxes and Ground Rents
Relief Departments
Equipment Renewals and Replacements
Miscellaneous'
Total
Profit and Loss

140,449 99
20,000 00
1,160 00
50,000 00
55,000 00

127,740 97
59,000 00
11,109,471 $

Total
CURRENT LIABILITIES.
Accounts Payable for Current Expenditures:
Audited Vouchers
Pay Rolls and Unclaimed Wages

1467,708.259 0

$478,817,730 $7
1,
$1,017,857 26
2,679,674 09

900,131 78
663,035 97

$4,597,531 35
11,660,000 00

11,660,000 0

1,868,689 03
466,218 79

231,186 8
120,592 93

2,334,907 82
1,047,202 75
97,099 891
3,604,150 65

668,383106
1,762.67
50,692 011

$5,765,27487
72,449 55

1,470,171 47

30 0
4,473 92

5,837,724 42
27,378 17
2,121,784 11

1,470.171 4

767.076 43

5,06109
263,326 41
597,749 44

33,565,027 06
17.865,442 23

1,874,09979

2530.248,199 66 114,819,987 00

The above General Balance Sheet presents an accurate and true statement of the Accounts
of the eompany as of June
33 1908.
H. D. BULKLEY, Comptroller.




[VOL. Lxx Km.

THE CIIRONICLE

1020

LOUISVILLE & NASHVILLE RAILROAD COMPANY.
FIFTY-SEVENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1908.
Louisville, Ky., October 7 1908.
To the Stockholders of the Louisville & Nashville Railroad Co.:
The Board of Directors of your Company respectfully
submits the following report for the fiscal year ended June
30 1908:
MILEAGE.
-Lines Owned and Operated.
1.
Miles. Mites.
3,356.68

1
(1)1Owned
(2)Operated but not Owned
(a) Operated as owner of entire Capital Stock
(8) Operated under lease
(c) Operated for account of owners
(a) Operated under trackage arrangements

463.00
118.98
221.92
204.62

Total operated
Average mileage operated during the year, 4,347.80.

1,008.52
4,365 20

Operated Under Their Separate Organizations in which this Company Owns a Majority of the
Capital Stock or is Interested as Joint Owner or
Lessee.

-Lines
11.

Nashville Chattanooga & St. Louis Ry., less mileage used
by L. & N. RR. under trackage arrangements (a majority of the Capital Stock owned)
Central Transfer Railway & Storage Co., Louisville (onehalf of the Capital Stock owned)
Georgia RR. and Dependencies (Interested as joint lessee)_
ChicagoIndianapolis & Louisville By. (a majority of the
Capital Stock owned jointly with the Southern Ry.)
Louisville Henderson & St. Louis By., less mileage of
L. & N. RR. operated under trackage arrangements (a
Purnajority of the Capital Stock owned)
Frankfort & Cincinnati Ry. (all of the Capital Stock owned)
Woodstock Se Blocton Ry. (one-half of the Capital Stock
owned)

925.44
.67
571.00
617.08
181.70
40.00
7.73

2,343.62
7.73
-Mileage used by this co. under trackage arrangements
Less
2,335.80

111.-Lines Owned by this Company but Operated
by other Companies.

Paducah & Memphis Division (leased to Nash. Chatt. &
254.20
St. L. Ry. at 5 per cent on cost of Road)
5.46
-Mileage used by this co. under trackage arrangements
Less
•
248.74

Clarksville & Princeton Branch-Gracey, Ky., to Princeton, Ky. (leased to Ohio Valley By. Co. at $12,039 70
per annum)

20.70
269.44
6,070.53
6,890.57

Total mileage
Total mileage June 30 1007

70.96

Increase
Accounted for as Follows
Additions:
Frankfort & Cincinnati Railway
Swan Creek Railway
Acton Branch
Other additional lines and extensions operated
Additions to lines controlled not operated

40.00
17.10
7.60
4.34
17.32
86.36

Deductions:
Sundry net deductions

6.40
79.96

GENERAL RESULTS.
The General Results, as given in detail in Table No. I,
are here summarized.
Operating Revenues
Less Operating Expenses, 75.29 per cent

$44,620,281 16
33,594,291 05
$11,025,990 11
1,393,760 39

Net Operating Revenues, 24.71 per cent
Taxes

$9,632,229 72

Operating Income
Other Income
From Rents
From Investments
From Outside Operations

6397,044 27
880,563 20
43,060 81
1,320,668 28

Total Income
Deductions from Income
Interest on Bonded Debt
Rents
Interest
Additions and Betterments
Sinking Funds
Reserve for Doubtful Accounts

$10,952,898 00
$5,882,251 80
353,936 05
9,73341
1,690,468 42
251,791 67
43,676 28
8.231,857 63

$2,721,040 37
103,416 05
South & North Alabama RR. deficit (included in above)$2,824,456 42
Net Income carried to Profit and Loss Account
The balance to credit of Profit and Loss Account amounts to $19,015,050 20.
For details see Table No. II,

GROWTH OF TRAFFIC.
The growth of traffic for the past ten years is shown by the following table:

1898-1899
1899-1000
1900-1901
1901-1902
1902-1903
1903-1904
1904-1905
1905-1906
1906-1907
1907-1008

Average
Miles.
Operated.

Operating
Revenues.

Operating
Expenses,

Net
Operating
Revenues.

Operating
Revenues.
Per Mile.

Operating
Expenses
Per Mile.

2,988.16
3,007.35
3,169.27
3,326.75
3,438.93
3,618.19
3,826.31
4,130.91
4,306.33
4,347.80

Years.

*823,750,485 69
*27,742,378 89
28,022,206 90
30,712,257 37
35.449,377 84
36,943,792 73
38,517,070 72
43,008,906 23
48,263,945 20
44,620,281 16

*815,731,587 68
*18,603,406 02
18,233,033 50
20,902,437 84
23,970,812 44
25,141,548 27
26,490,020 97
30,933,463 71
35,781,302 54
z33,594,291 05

$8,027,898 01
9,138,972 87
9,789,173 40
0,809,819 53
11,478,565 40
11,802,244 48
12,027,049 75
12,075,532 52
12,482,642 66
11,025,990 11

*87,951 21
*9,224 85
8,841 84
9,231 91
10,308 26
10,210 57
10,066,37
10,411 50
11,207 67
10,262 72

*85,264 64
*6,185 97
5,753 07
6,283 14
6,970 43
6,948 65
6,923 12
7,488 29
8,309 00
7,726 73

Net Operating P.C. of Exp.
to Operating
Revenues
Revenues.
Per Mite.
66.21
82,686 57
67.06
3,038 88
65.07
3,088 77
68.06
2,948 77
67.62
3,337 83
68.05
3,261 02
68.77
3,143 25
71.92
2,923 21
74.14
2,898 67
75.29
2,535 09

*Freight on Company's property included.
this year.
x Does not Include Additions and Betterments, heretofore Included in Operating Expenses, which amount to $1.690.468 42 for

ADDITIONS AND BETTERMENTS.
Expenditures for additions and betterments to the property charged to Income Account instead of to Operating
Expenses, under the heading of Improvement Account, as
heretofore, are as follows:
Right of way and station
$220,207
grounds
7,962
Real estate
84,687
Widening cuts and fills
5,626
Protection of banks
Grade revisions and changes
55,184
of line
53,744
Tunnel improvements
Bridges, trestles and cul109,833
verts
118.749
Increased weight of rall
2,118
Ballast
52,770
Additional main tracks-- -Sidings and spur tracks.--- 291,776
109,512
Terminal yards
16,971
Fencing right of way
Track elevation, elimination
12,126
dm_ _ _
of grade crossings,
24,247
Interlocking apparatus_ ___

Block and other signal ap166,117
paratus
Telegraph & telephone lines 37,161
99,749
Station bldgs. and fixtures_
Shops, engine-houses and
63,207
turn-tables •
14,852
Shop machinery and tools_
65,420
Water and fuel stations_ _ _
3,003
Dock and wharf property.._
84,314
Miscellaneous structures-- Reconstruction of road pur132
chased
Total for year ended June
30 1908
$1,690,468
*Total for the year ended
1,862,010
June 30 1907
$171,542

Decrease

*Included in $2,965,528 75 amount charged to Operating Expenses for
Equipment. Improvements and Additions to Property that year.

BONDED DEBT.

$4,157,000

Less Redeemed
For Sinking Funds
Evansville Henderson & Nashv. Div. GoldGeneral Mortgage Gold
Pensacola & Atlantic RR. First Mtge. GoldPensacola DI:Vision First Mtge. Gold
Matured:
Louisville Cinc. & Lexington Second MtgeTotal redeemed

886,500
$1,465,500

Bonded Debt June 30 1908, total issue




$16,408,000
30,308,000
1,424,000
48,230,000

Total Increase of Bonds outstanding in hands of public) $1,582,500
Accounted for as follows:
Bonds Sold
$3,000,000
Unified Fifty-year 4 per cent Gold
33,000
Atlanta Knoxv. & Cinc. Div. 4 per cent Gold
$3,033,000
Less
Bonds Matured
886,500
Louisville Cinc. & Lexington Second MtgeBonds Redeemed and Purchased for Sinking Funds $70,000
Evansville Henderson & Nashville Div. Gold__
416,000
General Mortgage Gold
18,000
Pensacola Division First Mortgage Gold
14,000
N. Rd. Co.6 per cent Sink. Fd. Mtge. Gold_
L. &
46,000
Henderson Bridge Co. First Mortgage Gold
000

",'3 . •-!

iii

$1,450,500

$1,582,500
Total increase ______________________________________
Year 5% Unsecured Gold Notes
a This does not include $6,500,000 Threeof this Company.
payment not presented.
x Includes $97,500 o4bonds matured or drawn for

PAYMENTS TO BE MADE ON ACCOUNT OF SINKING
FUNDS, 1908-1909. 1008
$14,000

July 1
Newport & Cincinnati Bridge Co
8,400
August 1 1908
Henderson Bridge Co
September 1 1908__ 21,000
Pensacola Division
20,000
-October 1 1008
-South & North Ala,RR.Trust deed
L.& N.
82,500
Evansville Henderson & Nashv. Division-December 1 1908
February 1 1909-- 81,40()
Pensacola & Atlantic Railroad
495,000
Juno 1 1900
General Mortgage
$722,300
Total

$70,000
418,000
70,000
21,000

Net Increase over last year

1178.444.00

a Total Outstanding Bonded Debt in hands of public
x$130,214,000
June 30 1908
Total Outstanding Bonded Debt in hands of public
128,631,500
June 30 1907

• 4

(Including Collateral Trust Bonds.)
$175,752,500
Bonded Debt June 30 1007, total issue
1907,
Total thereof outstanding in hands of public June 30
$128,631,500.
Bonds Issued:
_51,615,000
Unified Fifty-year 4 per cent Gold
Atlanta Knoxville & Cinc. Div. 4 per cent Gold__ 2,542,000
Total Bonds issued

Brought forward
Less
Owned.
In Treasury
Deposited in Trusts as Collateral
Held in Sinking Funds

2,691,500
$178,444,000

GUARANTIES.
The Company has guaranteed, be endorsement or by agreement, the following obligations of other Companies:

Issued. Annual Charge.
South & North Alabama RR. Co. Consolidated
Mortgage 5 per cent Gold Bonds
Endorsement covers principal and interest-$8,000,000 00 $400,000 00
L. dc N. Term. Co. 1st Mtge. 4% Gold Bonds
Endorsement, joint with Nashv. Chatt. &
St. L. Ry., covers principal and Interest
101,400 00
2,535,000 00
of bonds issued
Nashville & Decatur RR., Rent Dividend
Under lease of this property the payment
of 7M % annual dividend to stockholders
is guaranteed as rent. Amount of
266,531 25
Capital Stock $3,553,750
Terminal Railroad Association of St. Louis
One-fourteenth of interest on $19,800,000
General Mortgage 4% Gold Bonds now
outstanding-one year's interest, $792,000; L. & N. RR. Co.'s proportion, one• 56,571 43
fourteenth
Georgia Railroad Lease
The Company is liable jointly with the Atlantic Coast Line RR. Co. for the yearly
rental, under the lease of the Georgia RR.,
amounting to $600,000 in the proportion
of one-half each. This company's pro300,000 00
portion, per annum
Notes bearing interest at 5% per annum,issued
for the creation of Union ]Passenger Station
facilities at Memphis, Tenn.
Notes payable July 1 1908, issued for the
creation of Union Passenger Station facilities at Memphis, Tenn., made jointly
with the Chic. R. I. & Pac. By., III. Cent.
RR. Missouri Pac. By., Nashv. Chatt.
& St. L. By.. St. L. & San Fran. RR.,
'
St. L. Iron Mt. as Sou. By.,St. L.Southwestern By.,Southern By. and Yazoo &
Miss. Vail. Ry., each road signing as
principal for one-tenth, and as surety for
the other nine-tenths; total Issue $1,200 ,000, one-tenth of which, or $120,000, is
carried as bills payable, and the other
nine-tenths of which, or $1,080,000, is
54,000 00
1,080,000 00
carried as a contingent liability
These notes were renewed on June 30 1908
by the Issue of twenty-four new notes in
the amount of $50,000 each, payable
July 1 1909..

EQUIPMENT.

.

1021

THE CHRONICLE

00T. 17 1908.1

CHARGES TO OPERATING EXPENSES CREDITED TO REPLACEMENT ACCOUNTS.
Depreciation
$387,603 37
Locomotives
69,482 19
Passenger Train Cars
1,304,376 81
Train Cars
Freight
38,772 34
Work Equipment
$1,800,234 71
Renewals
$12,265 36
For ten (10) Locomotives destroyed
10,318 75
For five (5) Passenger Train Cars destroyed...
For one thousand and seventy (1,070) Freight
258,796 56
WitTrain Cars destroyed
10,091 04
For seventy-four (74) Work Cars destroyed291,471 71
$2,091,706 42

Total Credits to Replacement Accounts

Locomotive repairs, per mile
Passenger car repairs, per mile
Freight car repairs, per mile

Brought forward
12.091.706 4,
Charges to Replacement Accounts for Equipment Bought,
Built, or Otherwise Acquired
For eighteen (18) Locomotives
$272,447 73
For nineteen (19) Passenger Train Cars
119,196 85
For two thousand two hundred and forty-n ne
(2,249) Freight Train Cars
1,644,414 27
For Work Equipment as follows;
Two (2) Wrecking Cranes
$25,110 08
One (1) Pile Driver
7,700 00
One (1) Ditcher Plow
3,311 75
36,121 83
2,072,180 68
Balance unexpended to credit of Replacement Account__
$19,525 74
SOUTH & NORTH ALABAMA RAILROAD COMPANY.
Depreciation
Locomotives
$27,510 63
Freight Train Cars
8,992 15
$36,5027
Renewals
For three (3) Freight Train Cars destroyed
1,82604
Total Credits to Replacement Accts., So. & No. Ala. RR
Chargesto Replacement Accounts for Equipment Bought,
Built, or Otherwise Acquired
$339,614 56
For twenty-three (23) Locomotives
3,452 95
For five (5) Freight Train Cars

$38,329 72

343,067 51
Amount expended in excess of amount to credit of Replacement Accounts, and charged to "South & North Ala$304,737 79
bama RR. Co., Cost of Road-Equipment"
-The difference between amounts shown as charged to Operating
Note.
Expenses on account of Renewals and the amount shown as Renewals in
Table IX is due to credits to Renewal Accounts for Salvage from cars
destroyed, and on account of charges to other companies for cars destroyed
on their lines.
Locomotives.
L. & N. RR.
On handJuly 1 '07
Bought and built_
Changed

Passenger
Cars.

Roadway
Cars.

Freight
Cars.

838
18

559
19

-Changed
Destroyed or sold_

856 ----1
10
5

1,452
39,282
4
2,249
129
8
578 -----41,539 ----- 1,585
8
128
74
82
6 1,070 1,198

Onhand

848

572

So. & No. Ala. RR.
On hand July 1 '07
Bought and built_

27
23

40,341
246
5

50

251

50

248

Destroyed
On hand

1,503

a

MAINTENANCE OF EQUIPMENT.

The average cost per ii ile for repairs to equipment for the
past ten years has been as follows:

1
1898-1899. 1890-1900. 1900-1901. 1901-1902. 1902-1903. 1903-1904. 1904-1905. 1905-1906. 1906-1907. 1907-1908.
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
----7.771
9.090
9.102
6.560
6.962
6.747
6.226
6.043
6.187
5.563
1.546
1.542
1.646
1.410
1.290
;
.267
1.429
1.401
1.853
1.412
.918
865
1.049
.800
.820
.889
.700
.712
.675
.659

The number of freight cars equipped with air brakes is
All the equipment of the Company is provided with both
air brakes and automatic couplers, except freight equip- 39,777, or 98.00 per cent.
The following table shows the equipment on hand at the
ment, which is equipped complete with automatic couplers
close of each of the past ten fiscal years:
only.
Louisville 414 Nashville Railroad and Operated Lines.
1898-1899. 1809-1000. 1900-1901. 1901-1902. 1902.1903.1903-1904. 1904-1905. 1905-1906. 1906-1007. 1907-1908.
745
165
705
896
676
605
589
563
557
546
572
535
559
515
501
471
462
456
447
450
40 589
33,241
36,633
$9,528
30,905
28,118
24,880
23,663
23,402
21,285
1,289
1,149
1,452
1 503
779
705
586
534
525
519

Locomotives
?assenger cars
Freight cars
Roadway cars

CINCINNATI-ATLANTA LINE.

The reduction of grades and building of double track
between Saxton and Livingston, mentioned in last year's
report, have now been practically completed,and the greater
part of the new roadbed has been put in operation. A.
further improvement of this line has been made by the enlargement and relining of Grant Tunnel, about twelve miles
south of Cincinnati.

track, grade reductions, new construction and additions to
terminals and equipment, a sale of $3,000,000 00 Unified
Fifty-Year 4 per cent Gold Bonds was made early in 1908
at a price which netted the Company $2,815,300 02. The
discount, $184,699 98, has been closed into Profit and Loss.
NEW CONSTRUCTION AND ADDITIONS.

On July 1 1907 there remained unexpended appropriations for double track, grade reductions, new construction
and new equipment, $5,989,803 25. During the year the
OPERATING REVENUES AND EXPENSES.
The general business depression first seriously affected the following amounts were spent:
$2,065,955 25
revenues of the Company in the last week in October 1907. For second track and grade reduction
1,779,974 76
New railroad construction
The management, believing the depression would continue Terminal additions
562,173 71
304,737 79
throughout the year, and that recovery would be slow, Additions to equipment
began reducing expenses as soon as possible after October.
$4,712,841 51
All salaries amounting to $3,000 00 or over were reduced, Thus leaving unexpended a balance on June 30 1908 of about
and economies were inaugurated in every department. The $1,276,961 74. Work covering about $650,000 00 included
following figures show important changes during the year:
in this was indefinitely postponed, as has also been the conGross Operating Revenues in the first four months of the sideration of all additional construction or improvements
year increased, by coin parison with previous year, $1,685,- not absolutely necessary.
090 95, and Operating Expenses increased $1,796,659 34.
UNIFORM SYSTEM OF ACCOUNTING PRESCRIBED BY THE
INTER-STATE COMMERCE COMMISSION.
In the last eight months of the year the Gross Operating
On July 1 1907 the new system of accounting prescribed
Revenues decreased $4,856,982 48 and Operating Exby the Inter-State Commerce Commisson became effective.
penses decreased $1,135,002 68.
In the month of May gross Operating Revenues de- The principal changes caused by the orders of the Commission
creased $791,185 14 and Operating Expenses decreased were:
1. The elimination of Expenditures for Additions and
$480,026 49. The revenues and expenses for June are not
Betterments from Operating Expenses, and
shown because certain adjustments to conform to the Inter2. The inauguration of formal Replacement Accounts for
State Commerce Commission's requirements had to be
Depreciation and Renewals of Equipment.
made in the last month of the year, which exaggerate the
The changes wrought by the new system of accounting
net revenues for that month. Since May operating expense
ratio to revenues has further decreased, thus showing should be borne in mind in making corn parisons of tables in
this year's report with those shown in reports of previous
better net results.
years.
SALE OF UNIFIED BONDS.
Attention is called to the report of the Comptroller for the
To provide the necessary funds to complete authorized
expenditures which could not be postponed, for double details of the year's business.




1022

THE CHRONICLE

The Board acknowledges the fidelity and efficiency with
which the officers and employees of the Company have served
its interests.
For the Board of Directors,
H. WALTERS, Chairman.
M. H. SMITH, President.
New York, September 28 1908.
Henry Walters, Esq., Chairman of the Board, Louisville ct
Nashville Railroad Company, 71 Broadway, New York:
We have examined the books and accounts of the Louisville & Nashville Railroad Company for the fiscal year ended
June 30 1908, have verified all cash and security balances
by count, by comparison with receipts and certificates of
deposit, and have examined carefully all details of revenues
and expenses and all charges to capital accounts, and
We hereby certify that the accompanying General Balance
Sheet and statements of Income and Profit and Loss are
correct, and truthfully set forth, respectively, the financial
condition June 30 1908 and the results from the operation
for the period shown.
HASKINS & SELLS,

Certified Public Accountants.
TABLE NO. I.
-INCOME ACCOUNT.

33,594,291 05

Net revenues

$11,069,050 92
1,393,760 39
$9,675,290 53
$12,039 70
206,530 04
122,667 56
55,806 97

13,616 56
38,316 64
246,786 23
387,434 08
85.377 57
95,831 98
85,209 53
6,885 38
600.000 00

ASSETS.

$16,422,948 57
Stocks of Other Companies
In Treasury
In Trusts

$101,355 59
224,571 50
26,416 67
430,656 00
12,000 00
34,176 52
51,386 92
$880,563 20 .
1,277.607 47

From Which Deduct:
$10,052,898 00
Charges against Income
Interest on bonded debt
$5,882,251 80
Rents paid for lease of roads
Guar. div. on Nashv. &
Decatur RR. stock .8118,061 25
Rents of other roads_ _ _ 41,524 48
150,585 73
Rents for tracks, yards, and other
facilities (net)
194,350 32
$6,236,187 85
Sinking Fund Charges
Direct payments for
which no bonds are
received
$125,400 00
Accrued premiums on
bonds drawn for sink53,300 00
ing funds
Accrued interest on Company's bonds in sink73,091 67
ing funds
251,791 67
9,733 41
1,690,468 42
43,676 28
$1,995,669 78
8,231,857 63
$2,721,040 37
103,416 05

Net income transferred to the credit of Profit and
Loss Account
$2,824,456 42

-PROFIT AND LOSS ACCOUNT.
TABLE NO. II.
CREDITS.
•
Balance to credit of this account June 30 1007 $20,827,512 88
Sinking Fund Payments for which no bonds
125,400 00
are received, charged to Income Account-73,091 67
Int. accrued on Co.'s bonds in Sinking FundsFor profit arising from operation of the Louisville Property Company, on capital furnished by the L. & N. RR Co
51,068 19
For interest to July 1 1907 on net expenditures made prior to that date account of
Atlanta Joint Terminals
107,162 47
Unpaid amounts on Audited Pay-Rolls and
Vouchers prior to July I 1903, closed off
22,837 33
7,274 07
Sale of lands in State of Alabama
For complete settlement of this Company's
claim against the State of Florida under
land grant made to Pensacola & Atlantic
.
Rd. by Act of Legislature, March 4 1881_ _
109,996 25
Adjustment of accounts, representing material in private sidings
9,967 10
sundry credits and 'amounts realized from
various sources
25,243 07
---Net surplus transferred from Income Account 2,824,456 42
$24,184,009 45

$4,446,102 30
11,612,305 85

Advances to Subsidiary Companies
Material and Supplies
4
Material in Private Sidings
Uninvested Sinking Funds and Deposits with Mtge. Trustees
Stock in Loulsv. Prop. Co. held in Trust for Stockholders__
Current Assets
Cash on hand
$3,526,216 17
Cash on deposit to pay coupons and divs_
111,556 24
Cash on deposit to pay matured bonds
6,000 00
Remittances in transit
Due from agents and conductors
Traffic balances due from other companies
Bills ree'le, less res've for doubtful notes_
Accts. rec'le, less res've for doubtful accts.

397,044 27




184,749 98
100,000 00

616,058,408 15

43,060 81

South & North Alabama Railroad Company deficit
for year included in above

16,591 60

Cost of Road, Equipment, &c. (Table VI.)
8168,510,650 38
Real Estate, Quarry and Timber Lands
563,763 10
Improvements and Betterments
1,457,249 12
Investments (Table V)
Bonds of Other Companies
In Treasury
$6,155,948 57
10,267,000 00
In Trusts and Sinking Funds

Net operating revenues,24.71 per cent
$11,025,990 11
Outside Operations
Revenues
$363,450 29
Expenses
320,389 48

Interest, general
Additions and betterments
Reserve for doubtful accounts

5976 53
7,093 17

-GENERAL BALANCE SHEET.
TABLE NO. III.

Total operating expenses, 75.29 per cent

Income from Investments:
Louisville & Nashville Term'l Co.bonds
Chic. Ind. & Loulsv. Ry. stock
Jackson Lumber Company bonds_
Nashv. Chatt. & St. L. Ry. stock-_ Charleston Terminal Company bonds_
Louisville Property Co., int. on bonds
Sundry Bonds and Stocks

Reserve for depreciation of mine tracks_ __
Judgment, Interest, costs, &c., on account of
Northern Div. Cumberland & Ohio RR__
Sundry net rentals accruing prior to July 1 '07
'
Amount of this Co.'s proportion of deficit from
operation of Georgia RR. Lease, including
taxes for prior years on Securities held__ __
For amt. of charges accruing prior to July 1
1907 on various Addition and Betterment
Accts., properly chargeable to Oper. Exp_
Second track and reduction of grades, Aulon
to Leewood, Tenn
New passenger station. Frankfort. Ky
Chenia Branch Extension
Sundry debits from various sources
Dividend of 1% on $60,000,000 of L. & N.
RR. Co.'s stock, paid Feb. 10 1908, In
stock of Louisville Property Company_
For cash dividend 3% payable
February 10 1908
$1,800,000 00
For cash dividend 234 %) payable August 10 1908
1,500,000 00

Dr.

Total operating revenues
$44,620,281 16
Operating ExpensesMaintenance of way and structures__ _ $6,291,108 30
Maintenance of equipment
9,020,127 01
Traffic expenses
1,056,279 45
Transportation expenses
16,106,685 04
General expenses
1,030,091 25

Operating income
Income from Rents:
Clarksville & Princeton Branch
Paducah & Memphis Division
Equipment
Various sources

DEBITS.
Bonds purchased by Trustee of Sinking Fund
brought to par on Ledger
Taxes for prior years paid this year
For net amount of charges made during the
year 1908 on account of Equipment placed
in service prior to July 1 1907
Discount on bonds sold during the year
Unified 50-year 4% gold bonds.$184,600 98
Atlanta Knoxville & Cincinnati
Division 4% bonds
50 00

3,300,000 00
Balance to credit of Profit and Loss Account_ 19.015,050 20
$24,184,000 45 •

Operating Income:
Rail Operations
Operating Revenues
Revenue from transportation
$44,353,552 19
Revenue from operations other than
transportation
266,728 97

Total net revenues
Taxes

[VOL. Lxxxvn.

32,481,356 72
5,772,963 90
4,895,082 15
850,787 98 •
36,439 80
57,000 00

*$3,643,772 41
627,184 46
853,617 53
305,720 70
650,795 01
2,681,501 41

Accounts Awaiting Distribution
Unadjusted Claims, less Reserve for this Co.'s Proportions_
ContingentAssetsSouth & North Ala. RR. Co. 5% Consol.
Gold Bonds outstanding endorsed by
Louisville & Nashville RR. Co
$3,247,000 00
-Endorsed by L.&N.RR.Co.
Bills payable
7,000 00
Notes Issued for Creation of Union Pass'gr
Station Facilities at Memphis, Tenn
1,080,000 00

8,771,591 62
928,730 58
53,250 86

4,334,000 00
$228,712,866 10
LIABILITIES.
Capital Stock
Full shares outstanding
$59,916,500 00
Fractional shares outstanding
720 00
Original stock and subsequent stock dividends unissued
82,780 00
$60.000,000 00
Bonded Debt Outstanding (Table IV)
130,116,500 00
Three-Year 5% Gold Notes, due March 1 1910 (unsecured)
6,500,000 00
Outstanding Scrip Account of Dividend payable in stook of
the Louisville Property Company
56,157 00
Current Liabilities
Bonds due and unpaid (Table IV)
$97,500 00
Agents' drafts
lra,278 43
Pay-rolls
June 1908 audit unpaid-_$1,504,014 77
May 1008 and prior audits
184,866 63
unpaid
1,778,881 40
Bills payable-Issued for Creation Untrn
Pass. Station Facilities, Memphis,Tenn.
120,000 00
Vouchers and accounts payable
1,047,272 06
Interest and rental due and unpaid
1,374,708 79
Interest and rental accrued but not due
805,141 67
Int. accr'd but not due on 3-yr. Gold Notes
108,333 33
Dividends due and unpaid
56,809 10
Dividends payable August 10 1908
1,500,000 00
not paid
Taxes accrued but
642,545 22
Unpresented mileage and excess baggage
coupons
137,688 63
Traffic balances due to other companies
355,359 55
Other accounts accrued
7,550 00
Reserve Account
Balance unexpended
Reserve Acct.-Deprec'n of Mine Tracks amt.unexpended
Contingent Liabilities
South & North Ala. RR. Co. 5% Consol.
Gold bonds outstanding endorsed by
Louisville & Nashville Railroad Co__ 3,247,000 00
Bills payable-Endorsed by L.&N.RR.Co.
7,000 00
Notes Issued for Creation of Union Pass'r
Station Facilities at Memphis, Tenn__ 1,080,000 00

0,158
8,1,

144,000 72
400,000 00

4,334,000 00
Profit and Loss
Excess of assets over liabilities

19,015,050 20
$228,712,866 10

The Balance Sheet does not include bonds of the Company's issues which
are free in Its Treasury-for details see Table V.
*The decrease in cash on hand, as compared with June 30 1907, is accounted for by large expenditures for second track and reduction of grades,
redemption of bonds, additional advances to subsidiary companies, and
other authorized expenditures, for a material pert of which the Company's
Treasury will eventually receive bonds.

OCT. 17 1908.1

THE CHRONICLE

1023

SOUTHERN RAILWAY COMPANY.

FOURTEENTH ANNUAL REPORT—FOR THE YEAR ENDED JUNE 30
1908.

New York, October 12 1908.
The next step in the campaign of retrenchment was more
To the Stockholders of the Southern Railway Company:
difficult, as it was less obvious, namely, the reduction of
The Board of Directors submit the following report of the expenses by the enhancement of efficiency. In transporaffairs of the Company for the year ended June 30 1908:
tation a campaign was begun upon the elements of train
haul, car distribution, coal consumption, maintenance of
INCOME STATEMENT.
schedules, handling package freight, increased tonnage of
Inc.(+) or package cars and uniform practice. The beneficial effect of
1908.
1907.
Dec.(—). •
Miles of Road Oper., Aver_
7,489 13
7,546 86
—57.73 these educational measures could not be expected at once,
and they scarcely became apparent until the results of operaGross Operating Revenues.$52,941,716 51 $56,657,994 39 --$3,716,277 88
tion for March 1908, when,in the face of a decrease of $692,Total Operating Expenses_ 39,854,722 13 43,068,547 29 --3,213,825
16
015 in gross earnings, as compared with March 1907, there
Net Operating Revenue-__$13,086,994 38 $13,589,447 10
--$502,452 72 was shown a decrease in operating expenses and
Taxes
taxes of
2,027,967 35
1,630,734 03
+397,232 42
$929,355, resulting in an increase of $237,340 in net earnings.
Operating Income
Operating,
$11,059,027 03 $11,958,712 17 --$899,685 14 But .meanwhile the great
and sudden reduction in gross
Outside
Joint
Facilities, Hire of Equiptold its story of unpreparedness in December January and
ment, &c
652,042 76
149,119 53
February, when the operating ratios were 81:75, 89.14 and
Income from Operation_ _..$10,406,984 27 $11,809,592 64 —$1,402,608
respectively. In March this ratio was reduced to
37 86.66,
Income from Other Sources 2,441,391 71
1.788,09279
+653,29892 75.70, and was there substantially held during the remainder
Total Income
$12,848,375 98 $13,597,685 43 —$749,309 45 of the fiscal year. That these economies have been so largely
accomplished in transportation expenses is most creditable.
Interest and Rentals
$11,849,056 06 $11,080,556 36
+$768,499 70 Of the total decrease of $3,213,825 16
in operating expenses
Other Deductions from Income
597,469 99
226,808 00
+370,661 99 for the year, $1,890,765 66, or 58.83 per cent, was in transTotal Deductions
$12,446,526 05 $11,307,364 36 +$1,139,161 69 portation expenses, and to that extent is in itself a demonstration of efficiency. But that most of this was accomBalance over Fixed Chgs. $401,849 93 $2,290,321 07 —$1,888,471 14 plished in
the last six months of the fiscal year, that is to say,
Dividends on Pref. Stock:
after the pressure of necessity was felt, is earnest of what
No. 19, 2A %, paid in
April 1907
$1,500,000 00 —$1,500,000 00 can be done hereafter. This effort
at efficiency, as well as
Balance
$401,849 93
$790,321 07 --$388,471 14 the hectic conditions which were experienced during the
Additions and betterments
122,707 37
536,334 29
--413,626 92 year, can perhaps best be appreciated by a comparison
of the
variation of the percentage of transportation expenses
Balance carried to credit
of Profit and Loss-$279,142 56
$253,986 78
+$25.188 78 during the first and the last six months of the year, respecA statement of the financial operations of the Company tively.
During the first six months of the fiscal year gross earnings
during the year, in the usual detail, will be found in the
increased 3.65 per cent and operating expenses increased
report of the Comptroller hereto annexed.
The accounts of the Company ha\re been examined, as 8.06 per cent, of which increase in expenses 27.49 per cent
usual, by Certified Public Accountants, Messrs. Patterson, was in transportation expenses, or a total increase in transTeele & Dennis,.and their certificate is made a part of this portation expenses of 4.32 per cent as compared with the
same period of the previous year.
report.
During the last six months of the fiscal year gross earnBUSINESS CONDITIONS DURING THE YEAR.
ings decreased 16.76 per cent and operating expenses deThe problem upon which stress was laid in tile last annual creased 21.46 per cent, of which decrease in expenses 48.22
report, of providing facilities for handling economically per cent was in transportation expenses, or a total decrease
and promptly an increasing business the volume of which in transportation expenses of 19.20 per cent as compared
had-already overtaxed, and nearly overwhelmed, the opera- with the same period of the previous year.
tions of the Company, continued to be the apparent and
There have also been substantial economies in maintepalpable problem of management for only a month after nance charges, but none, it is believed, at the expense of
the date of the last annual report. The financial panic conservative upkeep of the property. Not only has the
of October 1907 had its effect in an immediate business de- roadbed been kept up in all respects necessary for the safe
pression which was startling in its sudden contrast to the and prompt movement of trains, but it has indeed been
conditiOns which had crowded upon all American industry materially strenghtened during the year. The depression
for several years. This was felt as keenly in the industrial of business, of course, left much equipment idle, and as to
South as in any part of the United States. The operating some part of this idle equipment, repairs were deferred until
revenues of this Company had steadily increased for ten years there appeared to be a reasonable expectation of the apuntil they had their culmination in earnings of $5,547,203 35 proaching need of the surplus equipment in service. But,
for the month of October 1907, which was the largest month as indicating that, even under such conditions, there have
of gross revenue in the history of the Company. But with been no undue economies in maintenance expenditures as
November the recession began. The average daily earnings compared with previous years, it may be pointed out that
for the fourth week of October had been $199,393, while, for for the ten years 1898-1907 the average charges for mainthe four weeks in November they were $184,522, $176,263, tenance of way per mile maintained were $890 06, while for
$172,704 and $161,140, respectively. A similar steady the year ended June 30 1908 the charge was $1,015 26 per
decrease continued during December and into January until mile maintained, or an increase of 14.07 pet cent over the
the first low level of what may be considered the panic con- ten-year average. The cost of maintaining engines per mile
dition was reached, with daily average earnings of $131,487 run in 1908 was 8.06 cents, as compared with 6.65 cents for
for the second week in January 1908. After that there the ten-year average. The average annual cost of mainwas some slight fluctuating improvement, followed by a tenance per freight car for the last six years was $71 79, as
still lower stage of business at the end of May.
compared with $77 03 charged against maintenance of freight
There was thus created a new problem of management, car equipment per car in 1908. The cost of freight car
one of retrenchment of expense of operation in greater pro- maintenance per system freight car mile shows 2.11 cents in
portion than the decline of revenues. It was realized that 1908, as against 1.22 cents for the ten-year average.
a saving in expenses merely equivalent to the loss of gross
In this connection, it will
would not suffice because • of the constant factor of fixed reason of the conservative be of interest to note that, by
method by which this Company
charges. The fact that the facilities and capacity of the has replaced obsolete
Company had been built up during recent years through of all equipment on equipment in the past, the book value
June 30 1908 was $1,628,794 32 above
additions to its funded debt now intensified the problem':its capital value,
after $10,Q13,520.72 had been written off
of maintaining the level of net earnings necessary to meet for depreciation.
the fiked charges so assumed.
•It is believed further that, by reason of
The Measures adopted were prompt, and have proved ef- factory increase of efficiency of individual the most satislabor since the
fective in meeting the emergency.
curtailment of forces was made last winter, a comparison of
They were directed primarily to the obvious economies— cost of maintenance is not necessarily a comparison
of the
to cutting out train service which had been operated to amount of maintenance accomplished, as there
meet the demands of commerce at high tide, and which, but that more work and better work is obtained is no doubt
on the track
after test, was demonstrated to be no longer necessary; to and in the shop for a dollar to-day
than in the period of
reduction of forces in shops, at agencies and in yards, where pressure of heavy business and
competitive demand for
the amount of labor employed is regulated by the amount labor.
of traffic handled, and to consolidation of operating divisions
This successful practice of economy, accompanied by
which had been subdivided in the past as the volume of evidence of increased efficiency, has
been most gratifying to
traffic handled had increased.
the management, and the officers
It was soon found that for a time at least traffic might be faithful and unremitting labor, and men, who, by their
expected about on the level of 1904-1905, and, with that deserve the approval of the securityhave brought it about,
index, what may be called the fixed expenses of operation of the immediate results obtained, holders,not only because
but because the discipline
were limited to the basis which had obtained in those years.
and stimulus of the education of this year upon the rank




1024

THE CHRONICLE

[VOL. Lxxxvn.

Of the $20,000,000 of Development and General Mortgage
and file of the service, officers and employees alike, cannot
bonds pledged for the Convertible Notes, $12,341,000 were
to be of lasting benefit to the property.
fail
during the fiscal year under the
But this has not yet solved the problem which faces the taken into the Treasury of that mortgage, and this, with
Company. There has been no reduction during the year in operation of the provisions
le Notes themselves, and the operation of the
the rate of wages paid to railroad employees, which, it will the Convertib
of the First Consolidated Mortgage with
be recalled, had been advanced from time to time with in- refunding features maturing underlying securities, resulted
er3asing business in previous years, nor has there been any respect to certain
of $26,351,200, but by
substantial abatement in the unit cost of the things which a in a net increase of the funded debt ent bonds remained
railroad has to buy in order to operate. On the other hand, reason of the fact that the Developm
the net increase of fixed charges.
there has not been any compensating increase in the price as pledged Treasury assets, , Equipment Trust and Miscellaat which the railroad can sell the commodity which it pro- on Funded Debt, Leasehold
The details of these
duces—transportation. The result of advancing operating neous Obligations was $768,499 70. the note appended to.
in
costs without any compensating increase in railroad charges transactions will be found stated
has been to bring about an uneconomic relation between Table 2 and in Table 3 hereto annexed.
revenues and operating costs. The problem of so changing
CONSTRUCTION.
this relation as to establish a proper margin between gross
earnings and operating costs can only be solved by a reasonMuch of the construction described in the last annual
able advance in railroad charges or such a reduction in op- report, which it was contemplated would be completed
erating costs as could only be brought about by a general during the year, was suspended when the unsettled conditions
lowering of the wages of railroad employees, or both. One of general business were apparent. The double track beresult of the lowering of wages would be to reduce the pur- tween High Point and Spencer, North Carolina, a distance
chasing power of railroad employees, and the maintenance of of 32.1 miles, and the hitherto uncompleted portion of the
this purchasing power is an important factor in the general double track between Knoxville and Morristown, Tennessee,
prosperity of the country. On the other hand, a moderate namely, the line between Mascot and Jefferson City, a
increase in railroad charges would weigh heavily on no indi- distance of 14.3 miles, have been, however, completed and
vidual. It would seem fair, therefore, that the average put in operation, thus affording the full benefit of what
level of rates now in effect should be reasonalby advanced, were perhaps the most needed facilities. The financial
and it is hoped that, when general business has somewhat details of the construction work accomplished are set forth
revived, it will be generally recognized that existing condi- in connection with Table No. 1 hereto annexed.
tions are unfair, and that a railroad is entitled to the same
VIRGINIA Sr SOUTHWESTERN RAILWAY.
consideration of equal justice at the hands of the business
public which the business public has so clamorously deAt the close of the fiscal year the final payment upon the
manded from the railroads.
of the Virginia & SouthAttention is invited to the report, hereto appended, of purchase price of the capital stock made. This important
the Vice-President and General Manager, giving the cus- western Railway Company was
be operated under the
tomary details showing results of operation, and to the charts traffic-developing line will continue to
graphically the fluc- direction of its own officers, but in closer harmony with the
also appended hereto which illustrate
heretofore. Its lines penetuations in earnings and expenses which have created the Southern Railway System than of Wise County in southtrate the rich coal-bearing region
conditions discussed herein.
west Virginia, where important coking plants are in operaNEW CAPITAL.
tion, and whence a high quality of coal is shipped to Southern
in this territory will, it is believed,
the
It was necessary to deal further, during the year, with or markets. A foothold
at
greatly strengthen the Southern Railway System in a parobligations upon Capital Account which were assumed
in which it was hitherto incomplete.
about the time the Development and General Mortgage ticular
in
was created. These consisted, as has been explained
payTENNESSEE CENTRAL RAILROAD.
previous reports, of contracts for construction, for the
ment of a portion of the deferred installments of the purchase
With the close of the fiscal year this Company ceased to
price of equipment acquired under equipment trusts, and operate the .Eastern Division of the Tennessee Central
properties, notably the stock of
for the acquisition of other
Railroad, which it had held under option for the past three
the Virginia & Southwestern Railway Company. It was years. It was found by experience, after the most earnest
the maturity in June 1908 of
also necessary to provide for
effort at development of traffic, that the earnings reasonably
$3,000,000 of Sterling notes which were placed in London to be expected from this property would not, for a long time
the ,Treasury for the drafts which
in 1906 and to reimburse
to come, support the additional interest charge which would
had been made upon current cash for Capital Account. have been involved in the exercise of the option, and the
ent and General Mortgage contemThe plan of the Developm
subsequent expenditures upon the line necessary to put it
plated the funding of all these obligations through the into condition for economical operation. While the Comthat indenture, but it was not
imsale of bonds issued under
pany regretted to withdraw from direct service in the
found practicable to sell Development and General Mortgage portant City of Nashville, it was deemed that the manageon terms which would be fair to the
bonds during the year
ment should concentrate its energies in upbuilding the lines
Company. Resort was accordingly had again, as in 1907, which are already a permanent part of the system.
m notes, as a measure of temporary
to the issue of short-ter
dgments of the Board and of the stockThe
finance, pending the contemplated sale of Development holders acknowle all officers and employees for the faithful
are due to
Mortgage bonds.
and General
during the year.
In May 1908 the Board of Directors authorized the cre- discharge of their duties , by order of the Board,
Respectfully submitted
issue of Southern Railway Company Three Year
ation and
W. W. FINLEY,
Six Per Cent Convertible Notes in the aggregate sum of
President.
$15,000,000, and these notes were sold on fair terms for
delivery in installments during the calendar year 1908.
As security for these convertible notes there were pledged
under an indenture dated May 1 1908 $20,000,000 of the
PATTERSON, TEELE & DENNIS,
Development and General Mortgage bonds which were availCertified Public Accountants.
normal and contemplated operation of that
able under the
certain other bonds which were Treasury
New York and Boston.
mortgage, and also
assets, the details of which, so far as the transaction had
30 Broad Street, New York, Sept. 3 1908.
gone at the end of the fiscal year, are set forth in Table No. 9
Company:
report. The provisions for conversion of To the Stockholders and Bondholders of the Southern Railway
attached to this
of the Southern
We have made an examination of the books and accounts
are as follows:
these new notes
and have veriof notes have the right at their option Railway Company for the fiscal year ending June 30 1908, Accounts pubThe holders
and Loss
upon five days' previous notice, to convert fied the Balance Sheet and Income and Profit
at any time,
their notes at par into the pledged Southern Railway lished herewith.charged to Capital Accounts for expenditures during the
The amount
Development and General Mortgage Four Per Cent
opinion, proper.
Bonds, Series A, at the following rates: Until and in- year is, in our owned have either been produced or we have obtained cerThe securities
May 1 1909, at 80 per cent; thereafter until and
securities.
cluding
from the various Trustees or Depositories holding the
including May 2 1910, at 823 per cent; and thereafter tificates
fully borne out
The valuation of the equipment in the Balance Sheet is
and including May 1 1911, at 85 per cent, interest in by the rolling stock on hand and the provisions made for replacement.
until
.
the material and
each case, and upon both notes and bonds being allowed
The method of arriving at the valuation placed upon
and adjusted. Subject to the prior exercise of the fore- supplies on hand has been carefully examined, and the results reached In
going option, as stated in the Trust Indenture, the Rail- former inventories Justify the present valuation.
sources cited in the
way Company has the right at any time to withdraw any
The amounts due to the Company from the various
or all of said collateral by payment therefor in cash at the Balance Sheet are believed to be'collectible,due provision having been made
following prices: Southern Railway Development and Gen- in the reserves for such as are of doubtful realization.
from the Deposieral Mortgage Four Per Cent Bonds, Series A, at the
Cash has either been counted or certificates obtained
same prices and for the same periods as provided above for tories.
reserves exist for
All known liabilities have been stated, and sufficient
conversion of the notes: Tennessee Central Prior Lien
Mortgage Four Per Cent Bonds at not less than 85 per such as have not yet been determined.
e of Way and
The charges against the year's Income for the Maintenanc
cent; Virginia & Southwestern First Consolidated Mortgage
in our opinion, sufficient for the
Five Per Cent Bonds at not less than 90 per cent, with Structures and Equipment have been, y submitted,
Respectfull
accrued interest in each case. Such cash is to be applied upkeep of the capital.
PATTERSON, TEELE & DENNIS,
by the Trustee to the purchase or redemption of the notes
Certified Public Accountants.
as provided in the Trust Indenture.




THE CHRONICLE

()CT. 17 1908.1

1025

-COMPARATIVE BALANCE SHEET, JUNE 30 1908 AND JUNE 30 1907.
TABLE 1.
June 30 1907.

ASSETS.

$287.425,400 33
$287,425,400 33
$25,678,535 88
25,678,535 88
$30,818,057 31
1,540,442 69
32,358,500 00
20,577,486 97
$366,039,923 18
$13,306,634 97
3,003,758 06
39,153,610 53
8,631,27787

$287,425,400 33
6,430,632 63

TOTAL COST OF ROAD
COST OF EQUIPMENT
Cost of Southern Railway Equipment to June 30 1907
Cost of Equipment charged to Capital during the year

$25,678,535 88
3,959,06474

TOTAL COST OF EQUIPMENT
LEASEHOLD ESTATES--Road
Equipment

$435,700,204 61
$4,610,815 71
317,231 06
4,928,046 77

$293.856,032 96

29,637,600 62
$30,808,607 31
1,540,392 69

TOTAL LEASEHOLD ESTATES (Per Contra)
Southern Railway Trust Equipment (Per Contra)
TOTAL COST OF ROAD, EQUIPMENT AND LEASEHOLD ESTATES
COST OF SECURITIES PLEDGED OR HELD FOR CONTROL
Pledged under First Consolidated Mortgage (See Table 7)
Pledged under Development and General Mortgage (See Table 8)
Pledged or deposited under various Indentures (See Table 9)
Unpledged, held for control or as muniments of title

64,095,281 43
5,565,000 00 SOUTHERN RAILWAY DEVELOPMENT AND GENERAL MORTGAGE BONDS

$9,816,961 11
1,244,453 79
476,466 73
1,827,372 80
2,557,429 57
1,403,369 77
2,924,403 87
2,256,300 00

June 30 1908.

COST OF ROAD
Cost of Southern Railway Properties to June 30 1907
Additions during the year

32,349,000 00
17,565,266 80
$373.407,900 38
$13,306,634 97
3,347,088 06
61,238 702 65
7,640,925 05
85,533,35073

COST OF ROAD, EQUIPMENT AND SECURITIES HELD AS STATED
MATERIAL AND SUPPLIES ON HAND
RAIL AND FIXTURES LEASED

$440,628,251 38 TOTAL CAPITAL ASSETS
1,100,432 03 MISCELLANEOUS SECURITIES OWNED-In Treasury Unpledged
1,865,420 84 BILLS RECEIVABLE-deferred but secured
2,613,478 36 ADVANCES TO SUBSIDIARY COMPANIES
163,697 61 INCOME ACCRUED, NOT DUE
616 04 INSURANCE PAID, NOT ACCRUED
547,963 39 INSURANCE FUND (Per Contra)
1,000 00 SINKING FUNDS-Uninvested Balance In hands of Trustee
3,293,849 51 NEW STEEL RAIL
1,655,537 08 NET DISCOUNT ON SECURITIES SOLD-to be charged off during life of Securities
810,189 33 SUNDRY ACCOUNTS
CURRENT ASSETS
Cash in hands of Treasurer, Banks and Financial Agents
Cash in Transit from Agencies
Due from United States Post Office Department
Due from Agents and Conductors
Due from Other Transportation Companies
Due from Individuals and Companies
Bills Receivable-Current
Miscellaneous Current Securities
22,506,75764

$458,941,251 11
$3,463,50733
365,871 61
3,829,378 94
$462,770,630 05
1,044,921 24
1,403,970 68
1,362,035 04
160,531 63
377 45
519,361 00
500 00
1,991,375 09
1.079,228 97
$3,470,694 25
1,057,748 79
418,047 37
1,361,990 74
2,807,765 79
1,013,044 65
194,582 35
5,555,300 00
15,879,173 94

$475,187,193 21

$486,212,105 09

LIABILITIES.
CAPITAL STOCK
Common
$120,000,000 00
Preferred
60,000,000 00
$180,000,000 00
TOTAL
$180,000,000 00
5,670,200 00 SOUTHERN RAILWAY MOBILE ,,S3 OHIO STOCK TRUST CERTIFICATES
5,670,200 00
202,340,800 00 FUNDED DEBT (See Table 5)
228,701,000 00
32,358,500 00 OUTSTANDING SECURITIES ON LEASEHOLD ESTATES (Per Contra)
32,349,000 00
EQUIPMENT OBLIGATIONS (Per Contra)
$212,000 00
Car Trusts, Serie A
510,000 00
Equipment Trust, Series B
$170,000 00
1,145,000 00
Equipment Trust, Series C
687,000 00
1,062,000 00
Equipment Trust, Series D
708,000 00
2,205,000 00
Equipment Trust, Series E
1,911,000 00
206,190 00
Equipment Contract, Series F
120,870 00
501,600 00
Equipment Contract, Series G
313,500 00
3,600,000 00
Equipment Trust, Series H
3,150,000 00
2,380,000 00
Equipment Trust, Series K
2,100;000 00
8,400,000 00
Equipment Trust, Series L
7,800,000 00
355,696 97
Miscellaneous Equipment Contracts
604,896 80
20,577,486 97
17,565,266 80
UNMATURED BALANCE OF PURCHASE PRICE OF NORTHEASTERN RAIL107,000 00 ROAD OF GEORGIA
107,000 00
UNMATURED BALANCE OF PURCHASE PRICE OF VIRGINIA do SOUTH1,403,000 00
WESTERN RAILWAY COMPANY STOCK
7,790 50 UNMATURED BALANCE ON HARTWELL, IND., BRANCH
6,366 71

$120,000,000 00
60,000,000 00

$2,412,581 79
694,602 36
59,493 91

$2,817,680 15
6,521,874 41
141,521 80
2,244,737 70
4,084,673 33
1,217,227 22
563,022 84
804,757 80
655,082 00

$442,563,777 47 TOTAL CAPITAL, FUNDED AND LIEN LIABILITIES
RESERVES
For Maintenance of Way
For Maintenance of Equipment
Miscellaneous
3,166,678 06
1,719,130 71 INTEREST AND RENTALS ACCRUED, NOT DUE
673,224 67 TAXES ACCRUED, NOT DUE
UNMATURED OBLIGATIONS FOR NEW STEEL RAIL AND BRIDGES PAY1,056,109 45
ABLE ON AND AFTER JULY 1 1909
547,963 39 INSURANCE FUND (Per Contra)
167,569 38 SUNDRY ACCOUNTS
CURRENT LIABILITIES
Interest and Rentals Due and Unpaid, including amount due July 1
Bills Payable
Freight Claim Authorities Outstanding
Unpaid Wages, including June Pay-Rolls
Audited Vouchers
Due Other Transportation Companies
Due Individuals and Companies
Material and Supplies in transit, not vouchered..
Reserve for Undetermined Liabilities
10,050,577 34
6,242,162 74 PROFIT AND LOSS
$475,187,193 21

$464,398,833 51
$73,355 90
719,931 94
94,293 07
887,580 91
1,744,230 96
772,284 93
500,987 53
519,361 00
216,270 48
$2,841,986 50
1,176,370 43
121,54082
1,584,285 58
3,288,63732
817,100 47
253,036 38
172,822 78
1,125,590 27
11,381,370 55
5,791,185 22
$486,212,105 09

Brought forward
11.204,989 62
Additional Yards, Extensions and Improvements atMontview, Va
33,090 38
$293,856,032 96
Asheville, N C
114,628 02
287,425,400 33
Charlotte, N C
281,113 13
Canton, N. C
32,094 50
Net Increase during the year
$6,430,632 63
Hickory, N. C
21,962 97
High Point, N.C
20,549 91
Spencer, N. C
27,191 85
The Additions during the year were as follows:
Branchville,S. C
6,01968
Real Estate purchased at various
Hamburg, S. C
24,606 78
$59,339 53
points
Inman Yard, near Atlanta, Ga
27,727 99
40,805 65
Less-Real Estate sold
Toccoa, Ga
21,541 23
$18,533 88
Birmingham, Ala
105,753 43
Jasper-French Lick Line
455,353 08
Louisville, Ky
25,977 81
Okolona-Big Creek Line in Mississippi
1,402 35
Various points on:
Stevenson, Ala., Extension: Stevenson, Ala.,
Charlotte Division
272 25
to Chattanooga, Tenn
520,684 12
Danville Division
2,871 35
Reconstruction of Line, Huntingburg, Ind.,
Knoxville Division
306 50
to Jasper, Ind
36,847 00
Mobile Division
4,348 24
Miscellaneous New Branches and Spurs on:
Mississippi Division
1,213 46
Birmingham Division
6,803 78
Norfolk Terminal
5,185 34
Charleston Division
2,761 00
Second Main Track and Revisionof Lines on
Charlotte Division
3,339 53
Asheville Division
627 84
Coster Division
2,725 60
Atlanta Division
74,910 29
Danville Division
34,573 59
Danville Division
2,057,299 70
Knoxville Division
26,345 95
Knoxville Division
807,693 63
Mobile Division
85,047 44
St. Louis Division
092 04
St. Louis Division
10,572 30
Washington Division
3,977 33

•

FINANCIAL CONDITION.

Cost of Road
The Cost of Road on June 30 1908 was
of Road on June 30 1907 was
The Cost




1026

THE CHRONICLE

$4,906,945 25
Brought forward
99,877 87
New-Passenger Stations
NewFreight Stations and Additional Facilities 120,182 90
61,521 25
Miscellaneous Station Buildings
369,002 96
New Shop Buildings, Tools and Machinery.._ _
6,912 68
Improvements to Docks and Wharves
New Coaling and Water Stations, Roadway
83,850 28
and Other Buildings
Interlocking and Block Systems
65,124 15
222,504 76
New Steel Bridges
19,446 41
Overhead and Undergrade Crossings
20,763 20
Filling Trestles
4,879 60
Track Scales.
• Net Cost of Passing, Side and Industrial Tracks 366,060 78
Miscellaneous
83,560 54
AK,
Net Increase
$6,430,632 63
Cost of EquipmentTheCost of Equipment-on June 30 1908 was
The Cost of Equipment on June 30 1907 was

$29,637,600 62
25,678,535 88

[VoL. Lxxxvm

Brought forward
$31,000 00
Southern Railway Company 3-Year 6% Convertible Notes,
issued to reimburse the Company for construction expenditures (total authorized issue, $15,000,000)
14,000,000 00
Southern Railway Company Mobile & Ohio Coll. 4% Bonds;
issued to acquire an equal amount of Mobile & Ohio RR.
Co. General Mortgage 4% Bonds
5,000 00
Southern Railway Company Development and General
Mortgage 4% Bonds, Series A, issued for the following
purposes:
TO reimburse the Company for advances
$318,000 00
to Subsidiary Lines
For improvements and betterments and
for the acquisition of new property,
during calendar years 1907 and 1908,
10,000,000 00
as provided for in the mortgage
For proportion of equipment expendi2,013,000 00
tures charged to Capital
For the purchase, redemption or acquisi10,000 00
tion of divisional prior lien bonds
12,341,000 00
$26,377,000 00

Total Additions

Net Increase

$3,959,064 74
The Reductions during the year were:
Charlotte Columbia & Augusta RR. 1st Mtg.
5% Bonds, Extended, retired
Charlottesville & Rapidan RR. 1st Mtg. 6%
Bonds, retired

This increase represents payments on new and additional
equipment charged to capital as follows:
68 Locomotives
$1,104,941 70
19 Passenger-Train Cars
134,617 24
1,621 Freight-Train Cars
1,234,633 92
1 Derrick Car
12,698 56
1 Motor Boat
879 00

23,800 00

Total Reductions

25,800 00

Net Increase

$2,487,770 42
Adjustment of depreciation on equipment to
a basis of 3% per annum to June 30 1908:
Inventory of equipment as
of June 30 1908
$58,586,750 88
Less depreciation to June
30 1908
10,013,520 72

$26,351,200 00

Outstanding Securities on Leasehold Estates:
The Outstanding Securities on Leasehold Estates on June 30
1908 amounted to
$32,349,000 00
On June 30 1907 they amounted to
32,358,500 00
Decrease during the year
Which decrease represents the retirement at maturity.
Feb. 15 1908, of the 1st Mtg. 6% Bonds of the Blackville Alston & Newberry RR. Co

Net depreciated value at
June 30 1908
$48,573,230 16
Equipment capitalized,
less reserve for depreciation and replacem't- 46,944,435 84
Depreciated value of equipment in excess of capitalized value

$2,000 00

Equipment Obligations
Equipment Obligations outstanding on June 30 1908
amounted to
$17,565,266 80
There were outstanding on June 30 1907
20,577,486 97

1,628,794 32

Total Additions
$4,116,564 74
Less
-Cost of 210 Freight Cars transferred to
Replacement Account
157,500 00
Net Increase as shown

Net Decrease during the year

$8,959,064 74

Funded Debt
The Funded Debt outstanding on June 30 1908 (including
$25,441,300 bonds owned by the Company, as follows:
$35,300 First Consolidated Mortgage 5% Bonds,
17,906,000 Develop. and Gen. Mtg.4% Bonds,Series A
1,500,000 Memphis Div. 2d Mtg. 5% Bonds,
5,500,000 3
-Year 6% Convertible Notes,
• 500,000 Knoxville & Ohio 1st Cons. Mtg.4% Bond,
$228,701,000 00
$25,441,300), was
The Funded Debt at the close of the previous year (includ49,821,300 First Consolidated Mortgage, Developing
ment and General Mortgage, and Divisional Mortgage
202,349,800 00
Bonds owned by the Company) was
Net Increase during the year

$26,351,200 00

The Additions during the year were.'
Southern Railway Company First Consolidated Mortgage
5% Bonds
Issued for the following purposes:
For retirement of an equal amount of
Charlottesville de Rapidan RR. 1st Mtg.
$24.000 00
6% Bonds
For retirement of an equal amount of
Charlotte Columbia de Augusta RR. 1st
Mtg. 5% Bonds, Extended
2,000 00
For retirement of an equal amount of
Franklin & Pittsylvania RR. 1st Mtg.
5,00000
6% Bonds

$9,500 00

*3,012,220 17

The Additions during the year were:
Miscellaneous Equipment Obligations issued in part payment for 58 locomotives purchased during the year,
payable in monthly and quarterly installments, final
payment due in April 1912
The Reductions during the year were:
Payment of Obligations as matured, viz.:
Car Trust, Series A (Final Payment)--212,000 00
Equipment Trust, Series B
340,000 00
Equipment Trust Series C
458,000 00
Equipment Trust, Series D
354,000 00
Equipment Trust, Series E
294,000 00
Equipment Contract, Series F
85,320 00
Equipment Contract, Series G
188,100 00
Equipment Trust, Series H
450,000 00
Equipment Trust, Series K
280,000 00
Equipment Trust, Series L
600,000 00
Miscellaneous Equipment Contracts
444,985 09
Total Reductions

•

3,700,405 09

Net Decrease
$31,000 00

$69418492

$3,012,220 17

The total Equipment Obligations outstanding on June 30
1008, amounting to $17,565,266 80, represent unmatured
balances on contracts covering the following equipment, viz.:
726 Locomotives.
29,375 Freight-Train Cars,
196 Convertible Ballast Cars,
10 Work-Train Cars.
The contract price of which was
$34,974,681 02
Of which there has been paid to July 1 1908
17,409,414 22
Balance unmatured as stated

$17,565,260 80

TABLE 5.
-FUNDED DEBT JUNE 30 1908, COMPARED WITH JUNE 30 1007.

CLASS OF BONDS.
uthern Railway-First Consolidated Mortgage Bonds
Development and General Mortgage Bonds, Series A
East Tennessee Reorganization Mortgage Bonds
Memphis Division First Mortgage Bonds
Memphis Division Second Mortgage Bonds (Owned by Southern Railway Company)
Aiken Branch First Mortgage Bonds
St. Louis Division First Mortgage Bends
Mobile & Ohio Collateral Bonds
Collateral Trust Five-Year Bonds
Three-Year NotesThree-Year Convertible Notes
Louisville
Nashville-Southern Monon Collateral Joint Bonds-Total outstanding June 30
1908, $11,827,000. Southern Railway Company's proportiop, one-half, or
Atlantic Tennessee & Ohio Railroad-lst Mortgage Bonds
Alabama Central Railroad-lst Mortgage Bonds
Atlantic de Yadkin Railway-1st Mortgage Bonds
Charlotte Columbia & Augusta Rallroad-lst Mortgage Bonds, Extended
2d Mortgage Bonds _
_________ Columbia & Greenville Railroad-4st Mortgage Bonds
East Tennessee Virginia & Georgia Railway-lst Mortgage Bonds
Consolidated Mortgage Bonds
Georgia Pacific Rallway-lst Mortgage Bonds_
Knoxville & Ohio Railroad-lst Mortgage Bonds__
1st Consolidated Mortgage Bond (Owned by _________ Railway Co.)
Richmond de Danville Railroad-Consolidated Mortgage Bonds
Debenture Mortgage Bonds
____________ Richmond York River do Chesapeake Ratiroad-ist Mortgage Bonds
2d Mortgage Bonds
Virginia Midland Railway- Serial Mortgage Bonds, Series B
"
D
" E
" F
General Mortgage Bonds
Charlottesville & Rapidan Railroad-lst Mortgage Bonds
Western North Carolina Rallroad-Ist Consolidated Mortgage Bonds
Washington Ohio & Western Rallroad-lst Mortgage Bonds

&

Total as per Balance Sheet

Interest.
Principal
Due.

Due.

1994
1956
1938
1996
1996
1998
1951
1938
1909
1910
1911

J.
A.
M.
J.
A.
J.
J.
M.
A.
F..
M.

1952
1913
1918
1949
1909
1910
1916
1930
1956
1922
1925
1953
1915
1927
1010
1910

J.
A.
J.
A.
J.
A.
J.
J.
M.
J.
J.
J.
J.
A.
J.
M.

1911
1916
1021
1926
1931
1936
1913
1914
1924

M.
M.

J.

o.
S.

az
az

J.
0.
J.
J.
S.
0.
A.
N.

4%
5%
5%
5%
4%
4%
4%
5%

az

J.
0.
J.
0.
J.
0.
J.
J.
N.
J.
J.
J.
J.

4%
6%
6%
4%
5%
7%
6%
5%
5%
6%
6%
4%

J.
N.

az

M.
M.
M.
M. az
J.
J.
F.

Rate.

5%
5%
%

S.
S.
S.
S.
S.
N.
J.
J.
A.

6%
6%
5%
5%
5%
5%
6%
6%
4%

Amount Outstanding.
June 30 1908.

June

ao 1907.

a$50,136,300 00 b$50,105,300 00
c37,906,000 00 d25,565,000 00
4,500,000 00
4,500,000 00
e6,883,000 00
6,883,000 00
1,500,000 00
1,500.000 00
150,000 00
150,000 00
12,500,000 00 12,500,000 00
8,097;000 00
8,102,000 00
16,000,000 00
16,000,000 00
15.000,000 00 15,000,000 00
114,000,000 00
5,913,500 00
150,000 00
1,000,000 00
1,500,000 00
1,037,500 00
500,000 00
2,000,000 00
3,106,000 00
12,770,000 00
5,660,000 00
2,000,000 00
500,000 00
5,997,000 00
3,368,000 00
400,000 00
500,000 00
1,900,000 00
1,100,000 00
950,000 00
1,774,000 00
1,310,000 00
4,859,000 00
172,700 00
2,531,000 00
1,025,000 00

5,913,500 00
150,000 00,
1,000,000 00
1,500,000 00
1,039,500 00
500,000 00
2,000,000 00
3,106,000 00
12,770,000 00
5,660,000 00
2,000,000 00
500,000 00
5,097,000 00
3,368,000 00
400,000 00
500,000 00
1.900,00000
1,100,000 00
050,000 00
1,774,000 00
1,310,000 00
4,859,000 00
106,500 00
2,531,000 00
1,025,000 00

$228,701,000 00 $202,349,800 00

a ['winding $35.300 owned by the Company. b Including $1,956,300 owned by the Company. c Including $17,906,000 owned by the Company,
d Including $5,563,000 owned by the company. e Including $300,000 owned by the Company.
f Including $5,500,000 owned by the Company.




OCT. 17 1908.1

THE CHRONICLE

1027

-INCOME ACCOUNT FOR YEAR ENDED JUNE 30 1008.
TABLE 2.
COMPARED WITH YEAR ENDED JUNE 30
1907._
.
1908.
OPERATING REVENUES
$37,368,094 67
Freight ----------------------------------------------------------------- $34,171,329 17
14,683,005 65
Passenger
.256,422 73
14,315,961 38
Miscellaneous Passenger-Train Revenue
1,828,344 80
Mail
249,031 40
,
1,677,878 14
-----1,714,942 31
Express ----- - - - -- _ ---------------------------- - ---------------------260,212 29
1,619,920 17
Other Transportation Revenue
668.676 36
584,036 11
Other Revenue from Operation
$56,657,994 39
301,552 72
OPERATING EXPENSES
552.931,716 51
$7,660,168 08
Maintenance of Way and Structures
9.576,041 88
$7,109,173 22
Maintenance of Equipment
1,277,580 81
9,138,378 02
Traffic Expenses
22,664,018 83
1,300,232 93
Transpoktation Expenses
1,890,737 89
20,773,252 97
General Expenses
43,068,547 29
1,533,684 99
39,854,722 13
$13,589,447 10 NET OPERATING REVENUE
1,630,734 93 TAXES
$13,086,994 38
2.027,96735
$11,958,712 17
OPERATING INCOME
$11,059,027 0$
FROM WHICH DEDUCT
Balance from Outside Operations, Rents of Tracks, Yards and Terminals.
Hire of
149,119 53
Equipment, &c
652,042 76
$11,809,592 64
INCOME FROM OPERATION
$10,406,984 27
INCOME FROM INVESTMENTS
$224,571 50
Dividends on Chicago Indianapolis & Louisville Railway Company Stock
283,630 00
$224,571 50
Dividends on Mobile & Ohio Railroad Company Stock
226,904 00
103,500 00
Dividends on Alabama Great Southern Railroad Company Stock
12,600 00
103,500 00
Dividends on Old Dominion Steamship Company Stock
12,600 00
10,000 00
Interest on Charleston Terminal Company Bonds
10,000 00
41,640 00
Interest on St. Johns River Terminal Company Bonds
44,480 00
6,750 00
Interest on Lancaster & Chester Railway Company Bonds
6,750 00
Interest and Dividends on Georgia Southern & Florida Railway Company
Bonds
104,835 00
and Stock
104,835 00
5,400 00
Interest on United States Government Bonds
5,400 00
77,625 67
Interest on Northern Alabama Railway Company Bonds
80,900 00
15,100 00
Interest on Kentucky & Indiana Bridge & Railroad Company Bonds
15,240 00
323,813 34
Interest on Mobile ec Ohio Railroad Company General Mortgage
Bonds
324,006 67
368,040 83
Interest and Dividends on Sundry Bonds and Stock
968,082 58
210,496 65
Miscellaneous Interest and Commissions
314,121 98
$1,788,092 79
TOTAL
$2,441,391 71
MISCELLANEOUS DEDUCTIONS FROM INCOME
Dividends accrued on Southern Railway Mobile & Ohio Stock
Trust
226,808 00
Certificates
$226,808 00
Miscellaneous Deductions
370,661 99
$226,808 00
TOTAL
597,469 99
1,561,284 79
NET INCOME FROM INVESTMENTS AND OTHER
SOURCES
1,843.921 72
$13,370,877 43
TOTAL AVAILABLE INCOME
Interest on Funded Debt, Leasehold, Equipment Trust and
$12.250.905 99
Miscellaneous Obligations
11,080,556 36 (See Table 3)
11,849,056 06
$2,290,321 07
BALANCE OF INCOME OVER CHARGES
FROM WHICH DEDUCT
$401,84093
1,500,000 00 Dividend No. 19 (2A %) on Preferred Stock
1907.

$790,321 07 BALANCE
536,334 20
Additions and Betterments
$253,986 78 BALANCE CARRIED TO CREDIT OF

INCOME ACCOUNT.

$401,849 93
122,707 37
PROFIT AND LOSS FOR THE YEAR

Charged5for Renewals
Chargedtfor Depreciation

INCOME FROM OPERATION.

$279,142 56

1908.
1907.
$321,697 05 $1,433,806 88
1,421,080 64

The impracticability of adjusting the operating accounts
Total
$1,742,777 69 $1,433,806 88
' in detail for the previous year to the Operating ClassifiIncrease as stated
cations- promulgated by the Inter-State Commerce Com$308,970 11
mission effective July 1 1907 prevents an exact comparison
of operating income items; hence, while those items for the
MISCELLANEOUS DEDUCTIONS FROM INCOME.
current year are stated in accordance with the prescribed
Tile item "Miscellaneous Deductions." amountin
g to
classifications, those for the previous year are herein shown $370,661 99,
for which no corresponding charges were made
as,they were reported in the annual report for last year, in the
previous year, consists of:
the adjustments being made through the item "Balance
sale
from Outside Operations, Rents of Tracks, Yards and One year's proportion of net discount on1907,of securities
which discount was, beginning July 1
spread over '
the life of securities sold, to be charged off through
Terminals, Hire of Equipment, &c.", thus producing like
annually (the profit or loss during previous years Income
having
comparison in the total item "Income from Operation."
been charged direct to Profit
Income from Operation for the year ended June
30 1908
Income from Operation for the year ended June 30 1907 was $10,406,984 27
was 11,803,592 64
Decrease

1008----Debt:Bal. Credit Bal.
Terminal Operations
Greenville, Miss., Tipple Operations.... 12,118 91 $35,788 70
Dining and Cafe Car Operations
12,407 23
Separately Operated Properties
103,515 30
Rents and Taxes paid for Joint Track,
Yard and Terminal Facilities_ _
535,530 74
Hire of Equipment
$172,297 60
Less net balance of depreciation on equipment interchanged with other
lines
51,196 80
121,100 80
Rents from Outside Properties
63,189 10
Rents from Rail and Fixtures Leased
22,011 20
Sundry Items
1,641 04
$052,042 76

. Items from shnilar sources, for the previous year, were
included in Operating Revenues, Operating Expenses and
Income.
The method heretofore followed by the Company in
providing for depreciation on and retirement of its equipment was changed July 1 1907 to comply with the requirements of the Inter-State Commerce Commission. This
change resulted in an increased charge to Maintenance of
Equipment for the year amounting to $308,970 81 as
follows:




and Loss)

$358,661 99
12,000 00

Total as stated

6370,661 99

$1,402,608 37

The adjustment item for the current year stated as "Balance from Outside Operations, Rents of Tracks, Yards
and Terminals, Hire of Equipment, &c.", amounting to
$652,042 76, consists of the following:

Net Debit Balance as stated

Other Miscellaneous Deductions

INTEREST ON FUNDED DEBT,LEASEHOLD,EQUIPMENT TRUST
AND MISCELLANEOUS OBLIGATIONS.
•
Charges for the year ended June 30 1908 amounted to
$11,846,055 06
Similar items for the previous year amounted to
11,080,556 36
Net Increase during the year
$768,499 70
I
•
The Increases dating the year were due:
To the sale or exchange of
$1,952,000 1st Cons. Mtg. 5% Bonds
$113,837 50
300,000 Memphis Division 1st Mtg. Bonds.. 27,097 22
8,500,000 3-Year 6% Cony. Gold Notes
36,656 66
. 5,000 Mobile & Ohio Coll. Tr. 4% Bonds
193 33
To,inereased rate of Interest on Atlanta & Charh)tte Air Line Income and First Preference
Mortgage Bonds from 4% to 4;i %, twelve
months this year as against six months last
year
3,125 00
To one year's Interest on $13,652,000 Development and General Mortgage 4% Bonds, Series
A, as against various periods of previous year 258,088 00
To one year's Interest on $250,000 St. Louis
Division First Mortgage 4% Bonds as against
five months and eighteen days of previous year
5,361 11
To one year's Interest on $15,000,000 Three-Year
5% Notes, as against five months of previous
Year
__ 427,266 94
Total
6871,685 76
The Decreases dart g the year were as follows:
Interest on Certificate of Indebtedness paid Aug. 25 1906
616,333 34
Decrease in Interest on Atlanta &
Charlotte Air Line First Mtg. Binds
from 7% to 434 % from Jan. 1 1908_ 53 ,125 00
Interest on Equipment Trust Obligations retired
31,663 97
Sundry Items
2,013 75
Total
Net Increase as above

103,136,06
3768,499 70
MZX

I Vcm. Lxx

THE CHRONICLE

1028

-STATEMENT OF INTEREST ON FUNDED DEBT, LEASEHOLD, EQUIPMENT TRUST AND MISCELLANEOUS OBLIGATABLE S.
TIONS FOR YEAR ENDED JUNE 30 1908, COMPARED WITH YEAR ENDED JUNE 30 1907.

1907.

1908.
Interest on Funded Debt;
Southern Railway Company:
First Consolidated Mortgage
Development and General Mortgage, Series A
East Tenn. Reorganization Mortgage
Memphis Division First Mortgage
'Aiken Branch First Mortgage
St. Louis Division First Mortgage
Mobile & Ohio Collateral Bonds
Collateral Trust Five Year Bonds
Three-Year Notes
Three-Year Convertible Notes
-Southern Monon Collateral Joint Bonds
L. & N.
Charlottesville & Rapidan Railroad Bonds
Atlantic Tennessee & Ohio First Mortgage
Alabama Central First Mortgage
Atlantic & Yadkin First Mortgage..
Charlotte Columbia & Augusta First Mortgage Ext
"
Second Mortgage
Columbia & Greenville First Mortgage
East Tenn. Va. & Ga. First Mortgage
Cons. Mortgage
Georgia Pacific First Mortgage
Knoxville e• Ohio First Mortgage
Richmond & Danville Cons. Mortgage
Debenture Mortgage
Richmond York River & Chesapeake 1st Mortgage
2d Mortgage
Midland Serial Mortgage, Series B
Virginiaa
411

Rate,
1908.

Various ___ Various _ $50,101,000 00
12 months
20.000,000 00
12
12 months 4,500,000 00
Various _ _ _ Various
6,883,000 00
_
12 months 12 months
150,000 00
"
12
Various _ _ _ 12,500,000 00
"
12
8.102,000 00
"
12
12 months 16,000,000 00
5
"
12
15,000,000 00
Various
8,500,000 00
12 months 12 months 5,913,500 00
"
12
12
172,700 00
12
12
150.000 00
12
12
1,000,000 00
"
12
12
1,500,000 00
"
12
12
1,037,500 00
12
12
500,000 00
12
12
2,000,000 00
"
3,106,000 00
12
12
"
12,770,000 00
12
12
"
5,660,000 00
12
12
"
2,000,000 00
12
12
"
5,997,000 00
12
12
3,368,000 00
"
12
12
"
400,000 00
12
12
500.000 00
12
12
1,900,000 00
12
12
1,100,000 00
12
12
950,000 00
12
12
1,774,000 00
12
12
1,310,000 00
12
12
4,859,000 00
12
12
2,531,000 00
12
12
1,025,000 00
12
12
14

46

611

118

44

61

Id

111

Interest Accrued.

Obligations
Outstanding
June 30 1908.

Period.
CLASS.

11

44

de

66

G$

64

66

61

General Mortgage
Western North Carolina First Cons. Mortgage
Washington Ohio & Western First Mortgage

411

5%
4%
5%
5%
4%
4%
5%
5%
6%
4%
6%
6%
4%
5%
7%
6%
5%
5%
6%
6%
6%
5%
5%
,
456%
6%
6%
5%
5%
5%
5%
6%
4%

1907,

$2,474,716 67 $2,360,879 17
541,912 00
800,000 00
225,000 00
225,000 00
313,302 78
340,400 00
6,000 00
6,000 00
494,638 89
500,000 00
323,813 34
324,006 67
800,000 00
800,000 00
322,733 06
750,000 00
36,666 66
4
236:5- 1C65
236,540 00
13,400 00
12,000 00
9,000 00
9,000 00
60,000 00
60,000 00
60,000 00
60,000 00
52,275 00
51,875 00
35,000 00
35,000 00
120,000 00
120,000 00
155,300 00
155,300 00
638,500 00
638,500 00
339,600 00
339,600 00
120,000 00
120,000 00
359,820 00
359,820 00
168,400 0
168,400 00
20,000 00
20,000 00
22.5000'22,500 00
0
114,000
114,000 00
66,000 00
66,000 00
47,500 00
47,500 00
88,7000'88,700 00
65,500 00
65,500 00
242,950 00
242,950 00
151.8600'151,860 00
41,000 00
41,000 00
$9,482,835 00 $8,616,12424

Total
Interest on Leasehold Obligations;
Atlanta eo Charlotte Air Line 1st Mtge. Pref. Ext
.•
"
1st Mtge. Extended
"
Income Mtge. Eat
Stock
Organization Expenses
Atlantic & Danville Railway Rental
Blackville Alston & Newberry First Mortgage
Georgia Midland First Mortgage
Mobile & Birmingham Railroad Rental
'North Carolina Railroad Rental
Richmond & Mecklenburg Railroad Rental
South Carolina & Georgia First Mortgage
Spartanburg Union & Columbia First Mortgage
Sumter & Wateree River First Mortgage
Transylvania Railroad Rental

500,000 00
4,250,000 00
750,000 00
1,700,000 00

G.

"

$22,500,00
191,2500'
33,750 00
119,0000'
2,500 00
188,000 0
356 25
49,500 0
113,904 0
286,000 0
12,600 00
262,500 0
40,000 00
5,000 00
25,000 00

6%
3%

5,250,000 00
1,000,000 00
100,000 00

41

4%
434%
4%
7%

--1,650,000ioo

12 months 12 months
"
12
12
"
12
12
"
12
12
12
"
12
12
12
12
73.5
12
'
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12

411

4%
5%

4.

14

.1

6.

.1

$21,250 00
244,375 00
31,875 00
110,000 00
2,500 00
188,000 00
570 00
49,500 00
113,004 00
280,000 00
12,600 00
262,500 00
40,000 00
5,000 00
25,000 00

$1,351,860 25 $1,402,074 00

Total
Interest on Equipment Trust Obligations;
_
Car Trust, Series A __
Equipment Trust, Series 13
Equipment Trust, Series C
Equipment Trust, Series D
Equipment Trust, Series E
Equipment Contract, Series F
Equipment Contract, Series
Equipment Trust, Series H
Equipment Trust, Series. K
Equipment Trust, Series L

170,000 00
687,000 00
708,000 00
1,911,000 00
120,870 00
313,500 00
3150,000 00
2,100,000 00
7,800,000 00

di

46

.4

44

66

64

.6

$2,826 67
13,600 00
39,693 34
36,580 00
94,815 00
5,698 66
14,117 98
153,562 50
90,533 34
360,000 00

$843,091 46

4%
4%
4%
4%
434%
%
43%
4%
4)4%

Total
Interest on Miscellaneous Obligations;
Certificate of Indebtedness
Tennessee Central Railroad:
Interest on General Mortgage Bonds
Interest on Prior Lien Bonds

$18,406 67
27,200 00
58,013 33
50,740 00
108,225 00
8,684 86
20,701 45
173,812 50
87,845 92
289,461 73

$811,427 49

4 months 12 months
"
12
12
"
12
12
"
12
12
12
12
12
12
12
12
12
12
12
12
12
12

$16,333 34

6%

1 in. 25 d.

$95,893 32
107,040 00

Total

95,803 32
107,040 00

$202,033 32

12 months 12 months
"
12
"
12

$219,266 66

$11,849,056 06 $11,080,556 36

Total (see Income Account, Table 2)

-PROFIT AND LOSS ACCOUNT FOR YEAR ENDED JUNE 30 1008.
TABLE 4.
Balance at Credit of this Account June 30 1907___________________________________________________________________ $6,242,162 74
Add
$270,142 56
Credit Balance of Income for the Year
'
169,879 92
Net Miscellaneous Credits
449,022 48
$6,691,185 22
Deduct:
Dividend No. 20, One and One-half Per Cent, on Preferred Stock paid October 17, 1907

900,000 00

Credit Balance June 30 1908
-FUNDED DEBT JUNE 30 1908, COMPARED WITH JUNE 30 1907. (See page 1026.)
TABLE No. 15.

$5,701,185 22

TABLE 6 -OUTSTANDING SECURITIES ON LEASEHOLD ESTATES JUNE 30 1908, COMPARED WITH JUNE 30 1907.
NAME OF SECURITY.

Principal
Due.

•
Interest.Amount Outstanding.
June 30 1908.
June 30 1907.
Rate.

Due.

Atlanta & Charlotte Air Line Railway
1st Mortgage Preference Bonds, Extended
1st Mortgage Bonds, Extended
Income Mortgage Bonds, Ext
Stock

1910
1910
1910

J. &
J. &
J. &
M. &

Atlantic & Danville Railway
1st Mortgage Bonds
2d Mortgage Bonds

1948
1948

J. & J.
J. & J.

4%
4%

1946

A. & 0.

3%

1945
1945

J. & J.
J. & J.
J. & D.

5%
4%
4%

J. 4%%• $50000000
J. 4%% 4,250,.000 00
750,000 00
J. 4%
1,700,000 00
S. 7%

$500,000 00
4,250,000 00
750,000 00
1,700,000 00
*7,200,000 00

$3,925,000 00
775,000 00

$3,925,000 00
775,000 00
4,700,000 00

Georgia Midland Railway
1st Mortgage Bonds
Mobile & Birmingham Railroad
Prior Lien Bonds
1st Mortgage Bonds
• Preferred Stock

4,700,000 00
1,650,000 00

1,650,000 00
$600,000 00
1,200,000 00
900,000 00

$600,000 00
1,200,000 00
900,000 00

*7,200,000 00

2,700,000 00
North Carolina Railroad
Stock
Richmond & Mecklenburg Railroad
1st Mortgage Bonds
Southern Railway-Carolina Division
General Mortgage Bonds,Sluthern Railway-Carolina Division
1st Mortgage Bonds, South Carolina & Georgia Railroad
1st Mortgage Bonds,Spartanburg Union & Columbia Railroad_
1st Mortgage Bonds, Sumter & Wateree River Railroad
1st Mortgage Bonds, Blackville Alston & Newberry Railroad
1st Mortgage Bonds, Transylvania Railroad
Total as per Balance Sheet




•

1948

M & N

4%

1952
1919
1995
1919
1908
1956

J.
M.
J.
A.
F.
J.

4%
5%
4%
5%
6%
5%

&
&
&
&
&
&

J.
N.
J.
0.
A.
J.

2,700,000 00

4,000,000 00

J. •S• J.

4,000,000 00
315,000 00

315,000 00
$5,000,000 00
5,250,000 00
1,000,000 00
100,000 00
434,000 00

$5,000,000 00
5,250,000 00
1,000,000 00
100,000 00
9,500,00
434,000 00
11,784,000 00
*32,340,000 00

11,793.500 00
$32,358,500 00

OCT. 17 1908.)

THE CHRONICLE

-STATEMENT OF SECURITIES OWNED BY SOUTHERN
TABLE 7.
,
.
RAILWAY CO., AND BY IT PLEDGED UNDER I ,.6 1 11ta'r
CONSOLIDATED MORTGAGE AS OF JUNE 30 1908.
June 30 1908.
Name of Security.
Par Value
Railroad Bonds$1,355,275 00
Income
Alabama Central Railroad Co
1st Mtge. 5%- 1,051,000 00
Danville do Western Railway Co
150,000 00
1st Mtge. 7%_
Elberton Air Line Railroad Co
High Point Randleman Asheboro to Southern
402,000 00
1st Mtge. 6%_
Railroad Co
500,000 00
1st Cons. Mtge. 4%_
Knoxville to Ohio Railroad Co
801,000 00
1st Mtge. 8%_
North CarAina Midland Railroad Co
500,000 00
1st Mtge. 6%Piedmont Railroad Co
2d Mtge. 6%_
500,000 00
Piedmont Railroad Co
1st Mtge. 5%_ 3,000,000 00
Southern Railway Co.in Kentucky
200,000 00
1st Mtge. 5%.
Southern Railway Co.In Mississippi
1st Mtge. 6%_ 1,325,000 00
Western North Carolina Railroad Co
225,000 00
Washington Ohio to Western Railroad Co_ 1st Mtge. 4%_
1st Mtge. 6%615,000 00
Yadkin Railroad Co
$10,624,275 00

Total

Railroad Stock
$1,725,000 00
Preferred
Alabama Great Southern Railroad Co
4,540,050 00
Ordinary
Alabama Great Southern Railroad Co
999,300 00
Atlantic do Yadkin Railway Co
212,500 00
High Point Randleman Asheboro to Southern Railroad Co__
880,400 00
Mobile to Birmingham Railroad Co
Common
Mobile to Birmingham Railroad Co
20,500 00
Preferred
787,600 00
North Carolina Midland Railroad Co
30,000 00
Ore Belt Railroad Co
Southern Railway Co. In Kentucky
998,200 00
Yadkin Railroad Co
464,450 00
Total
Other Securities
Chesapeake Steamship Co
Chesapeake Steamship Co

$10,658,000 00
$400,000 00
250,000 00

Capital Stock
Certificate of Indebtedness-

Total

$650,000 00

Total Bonds, Stocks and Other Securities

$21,932,275 00

TABLE 8.
-STATEMENT OF SECURITIES OWNED BY SOUTHERN
RAILWAY CO., AND BY IT PLEDGED UNDER ITS DEVELOPMENT AND GENERAL MORTGAGE AS OF JUNE 30 1908.
June 30 1908.
Name of Security.
Par Value.
Railroad Bonds-Registered
Carolina do Tennessee Southern Railway Co.
$581,000 00
First Mortgage 4%
548,000 00
-Registered First Mortgage 4%
Cumberland Railway Co.
1,045,000 00
Delta Southern Ry.-Registered First Mortgage 4%
-Registered
Carolina Southern Railway Co.
Tennessee to
1,171,000 00
First Mortgage 4%
$3,345,000 00
Total
Railroad Stock
Augusta Southern Railroad Co
Augusta Southern Railroad Co
Augusta do Summerville Railroad Co
Carolina do Tennessee Southern Railway Co
Central Transfer Railway & Storage Co
Chattanooga Terminal Railway Co
Cumberland Railway Co
Danville to Western Railway Co
'Delta Southern Railway
Georgia Midland Railway Co
Norfolk do Portsmouth Belt Line Railroad Co
Richmond to Mecklenburg Railroad Co
Sievern do Knoxville Railroad Co
State University Railroad Co
Tallulah Falls Railway Co
Tallulah Falls Railway Co
Terminal Railroad Association of St. Louis
Tennessee to Carolina Southern Railway Co

$294,800 00
296,000 00
49,900 00
59,400 00
24,800 00
59,500 00
99,500 00
367,700 00
49,500 00
998,900 00
7,200 00
299,400 00
139,500 00
16,800 00
199,500 00
Common
16,400 00
Preferred - -205,600 00
199,500 00

Common
Preferred

$3,383,900 00

Total
Other Stock
Atlanta Teriminal Co
Augusta Un on Station Co
Birmingham Terminal Co
Charleston Union Station Co
Chattanooga Station Co
Durham Union Station Co
Gulf Terminal Co. (Mobile, Ala.)
Meridian Terminal Co
New Orleans Terminal Co
Total

$25,000 00
24,800 00
2,300 00
24,700 00
24,700 00
8,100 00
2,200 00
4,80000
998,500 00
$1,115,100 00

Other Securities
Southern Railway-Carolina Division-4% Certificate of Indebtedness
Total Bonds, Stocks and Other Securities

$9,500 00

$7,853,500 00

1029

TABLE 9.
-STATEMENT OF SECURITIES OWNED BY SOUTHERN
RAILWAY CO., AND BY IT PLEDGED OR DEPOSITED UNDER
VARIOUS INDENTURES AS OF JUNE 30 1908.
June 30 1908.
Name of Security.
Par Value.
Under Southern Ry.MemphIsDivision First do Second Mtges.Memphis do Charleston Ry. Co
1st Mtge. 6% Bonds_
$900,000 00
Sheffield Machine Works
1st Mtge. 6% Bonds..
75,000 00
Memphis-Chattanooga Ry
Capital Stick
250,000 00
Under Southern By. St. Louis Division First Mortgage
Southern By. Co. of Indiana
1st Mtge. 5% Bonds_ 5,000,000 00
Southern Ry. Co. of Indiana
Stock
999,300 00
Under SouthernRy. Mobile to Ohio Collateral Trust Indenture
Mobile & Ohio Railroad Co
Gen. Mtge. 4% Bonds.. 8,102,000 00
To Secure Southern By. Mobile to Ohio Stock Trust Certificates
Mobile & Ohio Railroad Co
5,670,200 00
Stock
Under Louisville to Nashville-Southern Monon Collateral
Trust Indenture
Chicago Indianapolis to Louisville Railway Co. (Monon)
Preferred Stock, Southern Railway Co.'s proportion
one-half of $3,873,400
1,936,700 00
Chicago Indianapolis to Louisville Railway Co. (Monon)
Common Stock, Southern Railway Co.'s proportion
one-half of $9,796,900
4,898,450 00
To Secure Southern By.Five-Year 5% Collateral Trust CertsMiscellaneous Securities
26,086,324 60
Under North Carolina Railroad Lease
United States 4% Bonds
135,000 00
To Secure Southern Ry.Three-Year6%Convert.Gold Notes
-Development and General Mortgage
Southern By. Co.
4% Bonds
17,886,000 00
-Prior Lien Mortgage 4%
Tennessee Central Railroad Co.
Bonds
2,500,000 00
-First Consolidated
Virginia do Southwestern Railway Co.
Mortgage 5% Bonds
2,000,000 00
-The Equitable Trust Co. of
Under Agreement Jan. 1 1907
New York, Trustee
-Capital Stock
Charleston Union Station Co.
100 00
$76,439,074 60
Total Bonds and Stock
TABLE 14 -TRAFFIC STATISTICS. YEARS ENDED JUNE 30 1908
07
AND 19.If
Percentage
of Inc.(+)
1907.
1908.
or Dec.(-)
Locomotive and Train Mileage17,622,105 18,361,889
-4.03%
Miles run by freight locomotiVes
15,255,484 16,047,312
-4.93%
Miles run by passenger locomotives
1,391,711
1,256,206
-9.74%
Miles run by mixed locomotives
25.614
Miles run by special locomotives
9,082,447 -16.38%
7,594,395
Miles run by switching locomotives
Total revenue locomotive mileage
Miles run by non-revenue locomotivesMiles run
Miles run
Miles run
Miles run

by freight trains
by passenger trains
by mixed trains
by special trains

Total revenue train mileage
Miles run by non-revenue trains
Car Mileage and Statistics
Mileage of loaded freight cars
Mileage of empty freight cars
Mileage of caboose cars

41,753,804

44,883,359

-6.97%

1,204,116

1,577,004 -23.65%

16,900,210
14,932.635
1,251,320
25,614

17,564,725
-3.78%
15,657,396
-4.63%
1,391,711 -10.09%

33,109,779

34,613,832

1,204,118

-4.35%

1,577,004 -23.65%

240,560,033 257,858,637
95,540,428 80,067,732
16,885,032 17,528,839

-6.71%
+19.32%
-3.67%

Total mileage of freight-train cars-352,985,493 355,455,208

-0.69%

Mileage of passenger cars
34,979,877
Mileage of sleeping, parlor and observation cars
13,755,307
Mileage of other passenger-train cars- 25,752,625

35,182,987

-0.57%

14,861,354
28,301,214

-7.44%
-9 01%

Total mileage of passenger-train cars 74,487,809

78,345.555

-4.92%

Mileage of special cars
Mileage of non-revenue cars

169,337
4,117,609

Average number of loaded cars In each
freight train
Average number of empty cars In each
freight train
Average number of cars in each freight
train
Percentage of loaded cars in each
freight train
*Average number of passenger cars In
each train
Average number of baggage, mall and
express cars in each train
Average number of cars In each passenger train
z Comparison impracticable by reason
effective July 1 1907.
1908.

5.368,143 --23.30%

13.25

13.60

-1.57%

6.19

5.15

+20.19%

19.44

18.75

+3.68%

68,16

72.53

-6.03%

3.01

2.93

+2.73%

1.59

1.66

-4.22%

4.60
4.59
+0.22 %
of chaige in Classification

1907.

rercentage off
lncrease(+) o
Decrease (-)•

-0.76%
7,546.86
7,489.13
Average miles of road operated
Passenger Traffic
+14.29%
14,678,241
12,842,914
Number of passengers carried
+3.86%
599,161,080
622,301,726
Number of passengers carried one mile
-9.11%
46.65
42.40
Average distance hauled per passenger (miles)
i
$14,683,005 65
$14,315,961 38
-2.50
Total revenue from passengers
-6.16%
Cents
2.451
2.300
Cents
Average receipts per passenger per mile
-3.13%
$18,479,147 59
$17,899,855 26
Total passenger-train revenue
-2.39%
$2,448 59
$2,300 11
Passenger-train revenue per mile of road
+2.04
$1 08388
$1 10602
Passenger-train revenue per train mile
+9.42%
35.14
38.45
Average number of passengers in each train
+6.68%
11.97
12.77
* Average number of passengers in each car
Freight Traffic (Revenue Freight)
-6.26%
24,167,048
22,654,389
Number of tons carried
-8.55%
3,816,420.059
3,489,959,469
Number of tons carried one mile
157.92
-2.45%
Average distance hauled per ton (miles)
154.05.
-8.55%
$37,368,094 87
$34,171,329 17
Total freight-train revenue
0.979
Cent
0.979
Cent
Average receipts per ton per mile
-7.85%
$4,951 48
$4,562 79
Freight-train revenue per mile of road
-4.50%
$1 97126
$1 88256
Freight-train revenue per train mile
-4.50%
201.33
192.7
Average number of tons of freight In each train
-1.96%
14.80
14.51
Average number of tons of freight in each loaded car
All Freight (Including Company's material hauled free)
-6.16%
28,295.518
26,551,053
Number of tons carried
-7.53%
4,480,161,286
4,142,913,656
Number of tons carried one mile
-3.43%
236.34
228.24
Average number of tons of freight in each train
-0.86%
17.37
17.22
Average number of tons of freight in each loaded car
Revenue and Expenses
$55,847,242 26
-6.76%
$52,071,184 43
Passenger and freight train revenue
$7,400 06
-6.04%
$6,952 90
Passenger and freight train revenue per mile of road
$58,657,994 39
-6.56%
$52,941,716 51
Gross revenue
$7,507 49
-5.84%
$7,069 14
Gross revenue per mile of road
$1 63686
-2.31%
$1 59898
Gross revenue per revenue train mile
$44,699,282 22
-8.30% 1
$41,882,689 48
Operating expenses and taxes
$5,922 90
-5.58%
$5,592 47
Operating expenses and taxes per mile of road
11 29137
-2.04
$1 26497
Operating expenses and taxes per revenue train mile
$11,958,712 17
.-7.524
$11,059,027 03
Net operating income
$1,584 59
-6.81%
$1,476 67
Net operating Income per mile of road
$0 34549
-3.32%
SO 33401
Net enerntlnir Income ner revenue train mile
observation ears.
* Includes sleeping, parlor and
11 The data In this Table for the current fiscal year are complied in accordance with the Operating Class fications promulgated by the Inter-State
Commerce Commission, while those for the previous year are complied on basis of the Classifications used by this Company prior to July 1,1907.




1030

THE CHRONICLE

[VOL. Lxxxvi

THE KANSAS CITY SOUTHERN RAILWAY COMPANY.
EIGHTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED.'
JUNE 30 1908.
Kansas City, Mo. October 11908.
To the Stockholders of the Kansas City Southern Railway Co.:
The eigh annual report of the affairs of your Company,
6th
being for the year ended June 30 1908,is herewith presented.

Yard, Terminal and Side Tracks
North of Belt Junction and in and around
Kansas City
70.85 miles
All other Yard. Terminal and Side Tracks_ _ _ _ 257.26 "
328.11 "
5.57 "

Miles of Second Track

MILES OF RAILROAD.
Total owned or controlled

The track mileage of your Company on June 30 1908 was
as follows:
Main Line
Kansas City, Mo., to Belt Junction, Mo
Grandview, Mo., to Port Arthur. Texas
Branches
Spiro, Okla., to Fort Smith, Ark
Janssen, Ark.,to Bonanza Mine
Wilton, Ark., to White Cliffs, Ark
West Lake,La.,to Lockport,La
DeQuincey, La., to Lake Charles, La

11.97 miles
765.29 " -777.26 miles
16.16
2.52
6.07
4.05
22.59

miles
"
"
"
" - 51.39

1,162.33 miles

Operated under Trackage Rights
Between Belt Junction, Mo., and Grandview, Mo., the
tracks of the St. Louis & San Francisco Railroad Co.
are used by The Kansas City Southern Railway Co.
under trackage contract.
Length of Track so used
Operated under Lease
Yard Track to plant of Armour Packing Co
•
Total Miles in System

41

11.03 "
3.66'
"

1,177.02 miles,

SAME BY STATES.
Owned by The 4. C. S. By. Co. and Subsidiary Companies.
STATE.
Main Line.
Missouri
Kansas
Arkansas
Oklahoma
Louisiana
Texas

Second
Main Track.

Branches.

5.57
.. - --

___

____

9:ii
15.04
26.64

92.34
49.50
41.52
29.97
70.73
44.05

5.57

51.39

328.11

174.48
18.38
152.92
127.59
222.79
81.10
.

Total

777.26

Operated
Under
LeaseYard Track.

Yard Track
and Sidings.

.

.83
2.83
____
_-__
-- - 3.88

Operated
Under
Trackage.
Rights.
_
11.03
___
__
- ----11.03

Total.
284.25
70.71
204.15
172.60
320.16
--1,177.02

Of this total mileage, the following was not operated by track',controlled by the Kansas City Southern Railway Coin-,„
the Kansas City Southern Railway Company during the past pany as the owner of all the Capital Stock of the Kansas
City,,
fiscal year, viz.:
Shreveport & Gulf Terminal Company.
Wilton White Cliffs Branch
Not in operation on account of closing the Cement
•,Works at White Cliffs, in behalf of which the
branch was built by the Kansas City Pittsburgh
& Gulf Railroad Company.
Main Branch
6.07 miles
Sidings
.81
Bonanza Coal Mine Spur
Operated by, the Central Coal as Coke Co. under
contract.
Main - Branch
2.52 miles
3.96 "
Sidings
Lockport Branch
Operated by Edgew Rod Land & Logging Co. tinder
•
lease.
4.05 inlies
Main Branch--.
,
1.49
Sidings

THE ARKANSAS WESTERN RAILWAY COMPANY.

6.88 miles

Standard Gauge Line from Havener, Oklahoma, to Waldron. Arkansas, 32.33 miles together with rights of way,
buildings, appurtenances, dc., controlled by the Kansas
City Southern Railway Company as the owner of all the Capital
Stock and bonds of the Arkansas Western Railway Company .
THE K. C. S. ELEVATOR COMPANY.

In September 1907 the Kansas City Southern Railway
Company purchased the total Capital Stock of the K. c. S.
Elevator Company, amounting to $25,000, and thus secured
control of a first-class elevator of capacity 650,000 bushels,
situated on its tracks in the East Bottomsin Kansas City, Mo.

6.48

GLENN-POOL TANK LINE COMPANY.

5.54 "

In May 1908 the Kansas City Southern Railway Company
Total not',operated by The Kansas City Southern Ry. Co 18.90 "
purchased three-quarters, or $37,500, of the Capital Stock
Therefore,,the total mileage operated by your Company of the Glen-Pool Tank Line Company, the Midland Valley
Railroad Company purchasing the remainder of such stock.
during the year was:,
.1•
By this means the two companies secured control of 141- tank
Main Line
788.29
Branches
38.75 cars for use between the Oklahoma oil fields and Port Arthur,
of which they were greatly in need.
Total Main Line and Branches Operated
827.04
Mlles of Second Track_ .
5.57
The Railroad lying within the State of Texas, the mileage
Yard, Terminal and Side Tracks
325,51
of which is included in the operated mileage of the Kansas
Total Mileage Operated
' 1,158.12 City Southern Railway Company, is operated separately
by
its owner, the Texarkana & Fort Smith Railway Company,
EQUIPMENT.
general offices and books of atThe Rolling Equipment owned or otherwise controlled on which Company has its own
count at Texarkana,Texas,in accordance with the Texas law.
June 30 1908 consisted of:
For the sake of completeness, however, the reports of that
OtherAcquired
wise
under Company are included in those of the Kansas City Southern
AcEquip
far as is necessary to show the reLocomotives- Owned. quired. PassengerEquip.
- Owned. Trusts. Railway Company in so
Passenger
20
Coaches
24
5 sults of the operation of the whole line from Kansas City to
Freight
105
48 Chair
12
7 the Gulf.
switch
2017 Coach and Baggage....
5
-- -- Coach and Mall
145
65 Baggage
Express and Mall
58
10 Excursion
Office and Pay Cars- -._

Total
Cabooses

4
10
5
5

6

Freight Equip.
In Commercial Service
Total
71
2,653
Box
973
==1.
201
Furniture
Work Equipment
291 "100 Outfit Coaches
Stock
6
97
100 Outfit Flat
Tank
1
1,589
Coal
399 Water
4
Convertible Coal and
Derrick
100 Steam Shovels
Ballast
--- 4
645
Sipe Levelers
Flat
4
-- -- Ditchers
5,476 1,672 Pile Drivers
Total
In Work Service
Lldgerwoods
Box
293
4
Water
Coal
25
Fiat
72
Ballast
199
Total

593

Grand Total

6,069

2
4

18

__ __
___ _

-1,672

Total

35

In addition to this railroad property, its rights of way,
real estate, buildings, equipment, appurtenances, &c., your
Company on June 30 1908 controlled, by virtue of its ownership of securities, all the property of the following corporations, viz.:
PORT ARTHUR CANAL & DOCK COMPANY.

Lands,slips,docks,wharves,warehouses,one grain elevator
(capacity 500,000 bushels), &c., all at Port Arthur, Texas.
This property is controlled by the Kansas City Southern
Railway Company as the owner of all the stock and bonds of
the Port Arthur Canal & Dock Company.
KANSAS CITY SHREVEPORT & GULF TERMINAL COMPANY

Union Depot property at Shreveport, La., including its
real estate, buildings, and 1.06 miles of yard and terminal




RESULTS OF OPERATION.

The following statement shows the results of operation of
the Kansas City Southern Railway for the year ended June
30 1908, compared with corresponding results for the preceding year:
inc. +)or
(
.1907-1908.
Operated Mileage1906-1907,
Dec. (-).
788.29
Miles of Main Line
788.29
38.75
Miles of Branches
38.75
325.51
Miles of Spurs and Sidings _
293.24
+3 27
-21.
5.57
Miles of Second Main Track5.57
Gross Earnings from Operation
46,602,308 01 $6,970,078 64 -$277,770 63
Freight Revenue
310,496 74
Switching Revenue
284,594 63
+34,902 11
1,302,737 53 1,328,794 91
Passenger Revenue
-26,057 38
13,278 83
Excess Baggage Revenue...
12,858 52
+420 Cl
8,729 48
Special Service Train Revenue
5,319 00
+3.410 48
Other Passenger Train Reve
nue
151 67
+72 50
79 17
Mail Revenue
4. 115,000 35
-2,72386
117,724 21
Express Revenue
188,318 21
+9,253 92
179,064 29
Miscellaneous Transportation
Revenue
7,916 50
-4,83450
12,751 00
Operation
Revenue from
Other than Transportation
-15,290 87
110,991 38
120,282 25
Total

$8,758,928 70 $9,037,546 62 -$278,617 92

Operating Expenses
Maintenance of Way and
Structures
$917,667 02
Maintenance of Equipment... 1,200,480 19
Traffic Expenses
268,550 31
Transportation Expenses... 3,095,791 23
General Expenses
271,832 12
Total

$922,927 03 --$5,260 01
1.080,83871 +$119,641 48
+32,254 60
236,295 71
2.854,614 46 +241,176 77
259,442 53
+12,389 59

$5,754,320 87 $5,354,118 44 +1400,202 43

Taxes
$283,138 48 $183,849 08 +$99,289 40
Net Earnings
-Taxes not Deducted
'3,004,607 83 $3,683,428 18 --$678,820 35
Net Earnings
-Taxes Deducted$2,721,469 35 $3,499,570 10 -$778,109 75
Rati^ -f Operating Expenses to
Earnings
+6.46%
50.24%
66.70%
Ratio of Operating Expenses
and Taxes to Earnings
68.03%
61.28%
+7.85%
Note.
-Last year's figures re-classified for oomparlson.

--

OCT. 17 1908.1

THE CHRONICLE

1031

From July 1 to Nov. 14 1907 the gross earnings of your
No revenue charge is made against Company Freight.
road increased $808,152 53 over the gross earnings for the
EQUIPMENT TRUSTS.
same period of the preceding year. ,
The total Equipment Trust obligations outstanding
June 30
1907 was
The commercial depression, however, which commenced
$1,764,000 00
during the latter part of October 1907, began to show its ef- Less paid during year as provided In Trust Agreements...-. 204,000 00
fect during the week ending Nov. 21 1907, when the gross
Outstanding June 30 1908
' $1,560,000 00
earnings fell $5,066 64 below those for the same week of
NEGOTIABLE GOLD NOTES.
the preceding year.
The total proceeds of the 5% Negotiable Gold Notes has
From this time the earnings fell off with such rapidity that
from July 1 1907 to May 31 1908 the gross earnings showed a been expended for improvements as originally contemplated.
The disposition of such proceeds has been as follows:
decrease of $23,616 07 as compared with the same period of
the preceding
and on June 30 1908 the total decrease Total Authorized Issue, par value
$5,100,000 00
Deduct Discount and Commissions
for the year was $278,617 92.
384,438 15
year,
In the meantime, the high prices of materials and labor,
$4,715,561 85
Expenditures to June 30 1908
which were prevalent in October 1907, did not show correLabor and Material Used for General Improvements:
sponding decreases, and this was particularly true of the
New 80-pound Rail and Fastenings
$63,198 37
Labor laying new 80-pound Rail
14,582 39
price of labor, so that while every effort was made for reNew 85-pound Rail and Fastenings
610,491 20
trenchment, it was impossible to prevent the decrease in net
Labor laying new 85-pound Rail
183,983 00
New Water Stations
earnings shown in the report.
14,396 74
New Telegraph Lines
40,500 68
There was a change in the direction of the preponderance
New Fences
14,786 70
New Buildings for Transportation Departof freight movement from north to south, and this, with the
ment
80,252 41
large increase in empty mileage northbound, due to the reNew Buildings for Road Department
1,341 92
adjustment of the freight car situation throughout the counNew Round Houses and Shops
494,162 60
New Miscellaneous Buildings
59,761 39
try, added much to the cost of movement.
New Machinery and Tools
127,041 97
The operating ratio for the year shows an increase of 6.46%
New Side Tracks
770,550 77
New Bridges and Culverts, Reinforcing,&c. 566,102 93
over that for the preceding year, but the operations for July
Masonry
1,215 60
and August have been upon a basis of 60.57%, and it is
New Frogs and Switches
2,011 29
Ballasting under new 85-pound Rail
366,989 68
believed that the operations for the remainder of this year
Ballasting under other Rail
314,164 41
can be kept upon a similar economical basis.
Widening Cuts and Fills
68,268 86
Right of Way
The large increase in Taxes is due to increased valuations
73,638 61
New Interlocking Plant and Signal System_
862 35
In Missouri, Kansas, Arkansas, Louisiana and Texas, and to
Changing Grade and Alignment
137,873 10
Miscellaneous
about $83,000 in State, County and School Taxes for Okla99,620 18
homa, which were not payable under the territorial govern$4,105,797 15
Equipment
ment.
415,593 52
Real Estate
10,620 59
The increasing traffic continued to require additional fa- Port Arthur Canal & Dock Co.
-Advances for
Improvements
cilities, so that the work of improving the property was prose183,550 59
$4,715,561 85
cuted vigorously until it became evident that large decreases
in business might be expected, after which time only such
In the course of Improvements made with the proceeds of
work was carried forward as was necessary to complete im- the Negotiable Gold
Notes, there were taken out of service
provements that could not be left unfinished.
considerable
The new shops at Pittsburgh, Kansas, were finished in available as old Track and Bridge materials, which became
a fund for further improvements, and whieh
October 1907, and during the fiscal year 28.61 miles of new
yard and side tracks were constructed, including service to was denominated Extraordinary Improvement and Replacement Fund 1906-07, as explained in previous Annual Re41 industrial establishments.
The total cost of all improvements and additions made ports.
The materials taken out of service were as follows:
during the year was $1,666,925 66.
Maintenance of Way expenses were considerably increased 28435-2002/ 2240 Tons 60-pound Steel Rail- $703,714 26
219-1386 2240 Tons Scrap Rail
3,196 88
by charges for betterments in connection with the large con- Fastenings
51,239 10
Bridge Materials
33,884 90
struction program.
$792,035 14
Under the program of deferred renewals, $63,000 were
spent in repairs to locomotives, $17,000 in repairs to passenAll of these materials were used directly, or after converger cars, $99,000 in repairs to freight cars, and charged to sion into cash,in making
the following improvements:
expenses.
Station Buildings, &o
$14,578 97
During the year the purchase of 10,000 tons of new 85- Fuel and Water Stations
926 05
Miscellaneous Buildings
17,252 87
pound rail was arranged, and 2,610 tons laid. The balance New Sidings and Passing
Tracks
329,568 40
will be placed in track by the close of the calendar year. This Bridge Superstructures and Culverts
44,105 36
extends the district in which heavy rail is laid to Shreveport, Fencing
1,982 05
Ballasting
82,705 10
La.
Changing Grade and Alignment
132,074 15
In December 1907 a contract was made with the Armour Widening Cuts and Fills
27,921 18
Compound
13,125 62
Packing Company giving to your Company the exclusive SimplingHea lights Engines
Electric
5,713 73
privilege of doing all switching to and from that Company's Car for Vice-President
12,096 31
extensive plant at Kansas City, including the lease of 3.66 Advanced Port Arthur Canal & Dock Company
for Improvements
107,094 35
miles of siding owned by the Packing Company.
Miscellaneous
2,891 00
The results of operation under this contract, notwithstand$792,035 14
ing the general business depression, have been satisfactory.
The appended balance sheets and statistical statements
In order to bring the equipment, up to the requirements
of the traffic that was being offered, 21 new road locomotives give full detailed information concerning expenditures for
and 9 switch engines, valued at $525,660, were acquired from improvements and results of operation.
By order of the Board of Directors.
the Baldwin Locomotive Works through the Equitable Trust
Company of New York,and delivered in January and FebruJ. A. EDSON,
ary 1908. Whether this arrangement shall be continued or
President.
the Trust paid and discharged has not yet been determined. (For statistical tables, see under Annul
Reports on a preceding page.)
ALLIS-CHALMERS COMPANY,

OFFICIAL STATEMENT TO THE NEW

YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING
OF THE FIRST MORTGAGE FIVE PER CENT TEN-THIRTY-YEAR SINKING FUND BONDS:

New York, October 11908.
Application is hereby made for the listing of $10,325,000,
par value (of an authorized issue of $15,000,000), of the First
Mortgage Five Per Cent Ten-Thirty-Year Sinking Fund
Gold Bonds of Allis-Chalmers Company; also to list from
time to time $2,603,000 additional of said bonds on notice
that they have been sold and distributed, making the total
amount applied for $12,928,000 included in Nos. 1 to 12,928.
The bonds are of the denomination of $1,000 each, and
are issued under a mortgage executed by the Company to
The American Trust & Savings Bank, Chicago, as r
frustee,
dated July 2 1906. The bonds are of coupon form and may
be registered as to principal. They are dated July 2 1906,
and are payable July 11936. The principal and interest at
the rate of Five Per Cent per annum (payable semi-annually
on the first day of January and the first day of July in each
year) are payable at the Company's office or agency in the
City of New York in gold coin of the United States of th
present standard of weight and fineness, without deductio




for any tax or taxes which the Company, its successors or
assigns, or the Trustee, may be required to pay or to retain
therefrom under any present or future 'law of the United
States or of any State or County or Municipality therein.
On any interest date after July 1 1916 these bonds may
be redeemed at One Hundred and Ten Per Cent of the face
value and interest accrued to the date of redemption, specified in a notice of redemption to be published for four successive weeks, and all bonds thus redeemed are to be canceled by the Trustee.
These bonds were offered to the holders of Common and
Preferred Stocks at Eighty Per Cent, par value, and bonds
not subscribed for were sold to a syndicate which was dissolved January 11908.
Article Three of Indenture of Mortgage provides as follows:
Beginning with the year 1912 and annually on or before the 1st day of
July in each year, until all the bonds hereby

secured shall have been
or satisfied, the Company will deliver to the Trustee an amount of paid
faoe
value of bonds issued hereunder and then outstanding, with all =matured
coupons appertaining thereto, which will make up the total amount of
$12,000,000 principal as shown in the following table

1032

SCHEME OF SINKING FUND FOR PAYMENT OF $12,000,000
BONDS.
Amount of
Amount of
Bonds (Face
Bands (Face
Value) to Be
Value) to Be
Conceled.
Canceled. Year
Year$251,000 Brought forward
$4,454,000
1912
474,000
264,000 1925
1913
277,000 1926
498,000
1914
291,000 1927
523,000
1915
306,000 1928
540,000
1916
321,000 1929
576,000
1917
337,000 1930
605,000
1918
354,000 1931
635,000
1919
371,000 1932
667,000
1920
390,000 1933
700,000
1921
410,000 1934
736,000
1922
772,000
430,000 1935
1923
452,000 1936
811,000
1924
Total
$4,454,000
$12,000,000
Carried forward
If and when any of the $3,000,000 bonds reserved under Section 3 of
Article One of this Indenture shall be Issued, the amount of bonds annually
deliverable for cancellation to the Trustee under this Article Three shall be
Increased by such a proportionate amount annually as will, on or before
July 1 1936, according to the scheme set forth in the foregoing table,
provide for the cancellation of all the bonds which may at any time have
laeen issued and outstanding hereunder. The Company agrees that It will
annually deliver bonds to be canceled hereunder to the amounts set forth in
the column headed "Amount of Bonds (face value) to be canceled" In the
foregoing table on or before the dates therein set forth for such delivery and
cancellation. If in any one year the Company shall deliver to the Trustee
more bonds than the face account above required, any surplus amount of
bonds so delivered may at the option of the Company be applied In reduction or satisfaction of the deliveries to be made for any succeeding year or
years until such surplus shall have been absorbed. All bonds so delivered
to the Trustee shall be regarded as fully paid and shall forthwith be canceled
and delivered to the Company.

The following exhibits in detail the status of the issue:
To be Issued under Section 2, Article One, of the Mortgage, in
order to reimburse the Treasury for capital expenditures al$12,000,000
ready made, and to Increase the working capital
To be held by the Trustee and issuable only under restrictions
3,000.000
defined by Section 3, Article One, of the Mortgage
Total authorized Issue

$15,000,000

$10,325,000
Bonds outstanding
$2,398,000
In the treasury
To be Issued by the Trustee under Section 3, Article
205,000
One, of the Mortgage
2,603,000
Withdrawn and canceled under Section 1, Article Seven, of the
131,000
Mortgage
Total amount to be Issued

$13,059,000

The $15,000,000 bonds were authorized July 16 1906 by
vote in person or by proxy of more than three-fourths of
the holders of the Preferred Capital Stock of the Company
under the provision of its Articles of Incorporation, $3,000,000 were reserved for "improvements, extensions, enlargements or betterments or additions of or to the then existing
property, of Allis-Chalmers Company." Of this amount
$1,059,000 will have been issued by the Trustee, subject to
the above restrictions. The purpose of the issue is to reimburse the Treasury of the Company for expenditures made
and to be made in connection with the extension and equipment of the works at West Allis; the purchase and extension
of the Bullock Electric Works and other equipment at Cincinnati, and to increase the working capital of the Company.
The plants of the Company in operation on which this
Mortgage is an absolute first lien are as follows:
Floor
Land
Space,
Area
Square(Mined.
Feet.
Acres.
121,500
4.92

Location.
Name of WorksChicago, Ill
Chicago Works No. 1
machinery.)
(Crushing and cement
375,000
11.6
Chicago, Ill
Chicago Works No. 2
(Mining machinery.)
18.21
Reliance Works including South Fdry_ _Milwaukee Wis_ _ 720,000
(Saw and flour-mill machinery and
hydraulic turbines.)
7.00
Scranton, Pa -- _ 240,000
Scranton Works
(Sugar machinery.)
680,000 113.22
West Allis,
Works
West Allis
(Completed and placed In operation in
1902. Corliss engines, hoisting engines, pumping engines, etc.)
West Allis, Wis_ 760,000
West Allis extensions
(Steam turbines, gas engines, electric
generators, etc.)
2,896,500 154.95
Total

All of the above property is owned by the Company in
fee. The Cincinnati works, located at Norwood, Ohio,
comprising a floor space of 327,000 square feet, and a land
area of 18M acres, belong to The Bullock Electric Manufacturing Company, an Ohio corporation controlled by AllisChalmers Company, which owns all the Common Stock, and
guarantees the Six Per Cent dividend payable on the Preferred Stock, $1,170,000 outstanding. The Common Stock,
$1,500,000, is included in the property conveyed and
assigned to the Trustee.
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR
ENDING JUNE 30 1908.
$229,816 95
Balance June 30 1907, as per last Annual Report (deficit)
Profit on operations of the fiscal year after deductand selling, diviing expenses of manufacturing
dends on Preferred Stock of The Bullock Electric Manufacturing Company, and ordinary
$2,573,000 93
provision for doubtful accounts
Charges for maintenance, repairs and
renewals on buildings, machinery.
$778,476 64
plant, tools. etc
Depreciation on buildings, machinery,
313,778 60
tools, etc
plant,
Interest on bonds, loans and notes
805,891 45
payable
Special reserve to meet shrinkage in
60,000 00
certain bills receivable
1,958,146 60
Net profit for the year
Surplus June 30 1908, as per balance sheet




Lxxxvn.

THE CHRONICLE

615,814 24
$385,997 29

CONSOLIDATED BALANCE SHEET JUNE 30 1008.
. ASSETS.
•
Capital assets
•
Real estate, buildings, plant, machinery, patterns, draw$37.028,120 60
ings, good will, etc., as at June 30 1907
Additions thereto during the year ending June 30 1908,
consisting of West Allis extensions and additions to
468,766 70
other works
$37,406,887 30
$255,000 00
Investments (at cost)
Current assets:
Notes and accounts receivable (less reserves).$4,922,234 08
Stocks of merchandise, material and work in
6,220,512 92
process, at cost
1,949429 07
Cash
13,091,876 97
Developments and patents account:
For the development and purchase of rights
for the manufacture of new lines of apparatus, Including steam and hydraulic turbines, gas engines and other machinery,
$1,115,742 42
as at June 30 1907
Further expenditures during the year ending
225,349 51
June 30 1008
1,341,001 93
Deferred charges:
2,564,615 00
and commission on bonds
Discount
$54,740,371 20
LIABILITIES.

Capital liabilities:
Allis-Chalmers Company:
Preferred Stock
$16,150,000 00
(Dividends at the rate of 7% per annum
accumulated from Feb. 1 1004.)
19,820,000 00
Common Stock
$35,970,000 00
The Bullock Electric Manufacturing Co.:
$1,170,000 00
Preferred Stock
(Dividend at 6% per annum, guaranteed
by the Allis-Chalmers Co.)
700 00
Common Stock
(The $1,499,300 remainder of the total
authorized issue of 81,500,000 is owned
by the Aills-Chalmers Co. and deposit-.
ed with The American Trust & Savings
Bank, Chicago, Trustee, under the
mortgage securing the bonds of the
Allis-Chalmers Co.)
1,170,700 00
$12,854,000 00
First Mortgage 5% Gold Bonds issued
$2,398,000
Less-In treasury
Redeemed and canceled_... 131,000 2,529,000 00
10,325,000 00
Current liabilities:
$3,574,848 04
Loans and notes payable
1,809,396 41
Accounts payable
5,384,244 45
1,513,429 46
Reserve-For depreciation
385,997 29
Surplus, Balance June 30 1908
$54,740,371 20

The Registrar of the Bonds, appointed by the Board of
Directors, is Howard W. Hall, Assistant Treasurer and
Assistant Secretary, at 71 Broadway, New York City.
The principal office of the Company is 15 Exchange Place,
Jersey City, N. J.
The Board of Directors consists of: Edward D. Adams,
New York, N. Y.; Alexander F. Banks, Chicago, Ill.; Edmund C. Converse, New York, N. Y.; Mark T. Cox, East
Orange, N. J.; Joseph S. Neave, Cincinnati, 0.; Henry
Woodland, Milwaukee, Wis.; Charles Allis, Milwaukee,
Wis.; George Bullock, New Vork, N. Y.; Herman W. Falk,
Milwaukee, Wis.; William V. Kelley, Chicago, Ill.; Max
Pam, Chicago, Ill.; Walter H. Whiteside, Milwaukee, Wis.;
William W. Allis, Milwaukee, Wis.; 'Allman F. Bower,
Milwaukee, Wis.•, Elbert H. Gary, New York, N. Y.;
Charles MacVeagh, New York, N. Y.; William A. Read,
New York, N.Y.; Cornelius Vanderbilt, New York, N.Y.
The Officers of the Company are: Walter H..Whiteside,
President; Lahman F. Bower, First Vice-President; Henry
Woodland, Second Vice-President and Treasurer; W. W.
Nichols, Third Vice-President and Secretary; W. A. Thompson, Comptroller.
Respectfully submitted,
ALLIS-CHALMERS COMPANY,
By W. W. Nichols, Third Vice-President.
The Committee on Stock Lists recommends that the
above-mentioned $10,325,000 First Mortgage Five Per Cent
Ten-Thirty-Year Sinking Fund Bonds, due 1936, included in
Nos. 1 to 1,502, 1,523 to 2,399, 2,401 to 2,590, 3,510 to
5,757, 5,777 to 10,334, 10,633 to 10,770, 10,786 to 10,792,
10,797 to 11,300 and 11,336 to 11,677, for $1,000 each, be
admitted to the list; also that this Committee be empowered
to add to the list from time to time, but prior to July 1 1909,
$2,603,000 additional of said bonds on notice of sale and
distribution, making the total amount authorized to be listed
$12,928,000.
WM. W. HEATON, Chairman.
JOHN C. BURNS, Assistant Secretary.
Approved by the Governing Committee October 14 1908.
-B.F. Tyler, Walter 0. Loomis and Guy A. Loomis have
formed the new firm of B. F. Tyler & Co.at 25 Broad Street,
this city. Mr. Tyler has been well known in Wall Street
and newspaper circles for the past twenty years. Besides
conducting a general commission business in stocksand bonds,
the new concern will devote special attention to investment
and curb securities.
-Sylvan L. Waitzfelder, formerly stock manager of Ladenburg, Thallman & Co., 25 Broad Street, New York, has
opened for business under his own name at 81 New Street.
Mr. Waitzfelder will transact a business in curb stocks and
investment securities.

OCT. 17 1906.1

THE CHRONICLE

'1"`Ixt 41)".ounazrttatm
e•-•

-•

COMMERCIAL EPITOME.
Friday Night, October 16 1908.
Though warm weather has somewhat interfered with
business in seasonable goods, the trend of trade in this
country is undoubtedly towards improvement, in which
cotton goods, which at one time lagged somewhat, have
latterly taken a more conspicuous part. The feeling in general may be described as conservatively confident and the belief of many is that things will more plainly
improve after the Presidential election,now so near at hand.
LARD on the spot has been easier, owing to a decline in
the future market at the West .and larger offerings. Of
late the demand has improved somewhat, but sales for the
week have been only moderate. Western 9.773'c. and
City 93/20. Refined lard has also declined, with trade quiet
at the lower prices. Refined Continent 10.40c., South
America 11.25c. and Brazil in kegs 12.75c. Speculation
in lard futures at the West has been active at declining
prices. Depressing factors have been increasing receipts
of live hogs, the absence of an active cash demand for
product and rather heavy liquidation at times. The
decline was checked by investment buying.
DAILY CLOSING PRICES
Sat.
9.65
9.35
9.2734

October delivery
January delivery
May delivery

OF LARD FUTURES IN CHICAGO.
Thurs. Frt.
Wed.
Tues.
Mon.
9.40
9.45
9.55
9.35
9.10
9.10
9.20
9.15
9.3234 0.05
9.1234 9.15
9.0734
9.2734 9.00

1033
COTTON.

Friday Night, October 16 1908.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
370,763 bales, against 343,617 bales last week and 338,816
bales the previous week, making the total receipts since
the 1st of September 1908, 1,734,833 bales, against 1,248,451
bales for the same period of 1907, showing a decrease since
Sept. 1 1908 of 486,382 bales.
Receipts at-

Sat.

Mon.

Tues.

Wed.

Thurs.

Fri.

Total.

Galveston
13,412 19,164 37,559 25,046 14,250 30,000 139,431
_
Port Arthur__
------------------iiii
Corp. Christi,&c.
______
_
iiti
6,175 9,244 16,035 12,057 8,624 12,043 64,178
New Orleans
2,566 2,637 2,36'7 4,20'7 1,886 1,968 15,631
Mobile
Pensacola
100
____
____
100
Jacksonville, &c.
98
-----_
211
____
1,089 1,398
Savannah
15,737 12,851 18,212 12,902 11,321 10,729 81,752
Brunswick
4,218 4,218
2'
Charleston
i1
24 1,242 2,2'78
2,264 10,886
Georgetown --------------___
---- 50
_
50
Wilmington
4,905 6,136 6,530 4,698 3,257
7 1,;85 28,211
Norfolk
449 4,823 6,89
,
2
899 22,599
N'port News, .Scc
---------------------178
-178
New York
__
----------58
Boston '
0
163
Baltimore
-------------_
---__
1,739 1,739
Philadelphia__ _
____
____
---•
--------Tot. this week 47,604 57,176 89,336 63,473 44,113 69,061 370,763

The following shows the week's total receipts, the total
PORK on the spot has been easier for mess at $16.25® since Sept. 1 1908, and the stocks to-night, compared with
$16.75 and firmer for other grades, clear being $20®$22 last year:
and family $21®$21.50. The demand for all grades has
1908.
Stock.
1907.
Receipts to
been light, but offerings have also been small. Beef has
October 16.
This Since Sep This Since Sep
been quiet and firm with supplies light. Mess $13.50®
week.
11008. week.
1908.
1 1007.
1907.
$14, packet $15®$16, family $16.75®$17.50 and extra
Galveston
139,431 678,937 51,087 333,125 133.004
67,445
India mess $24@$25. Cut meats have been irregular Port Arthur
but changes have been slight as a rule. Trade has been CorpusChristi,&c.
249
3,620
394
2,269
quiet. Pickled hams 12 JA ®12Uc., pickled shoulders New Orleans ____ 64,178 206,619 37,744 118,481 106.443 102,001
68,577 13,939
15,631
Mobile
45,864
38,140
26,961
734@7y and pickled bellies, 14®10 lbs. 11 4®11Yo. Pensacola
4e.
1
100
9,388 9,017
10,269
5.476
331
Tallow hag been quiet and steady; city 6®64c. Stearines Jacksonville, &c_ 1,308
860
81,752 444,126 82,800 404,536 135.060 109.425
Savannah
have been quiet and steady; oleo 12®13c. and lard 12c. Brunswick
4,218
41,719 4,386
44,803
6,225
13,584
Butter' has been quiet and steady; creamery extras 27® Charleston
10,886
62,544 14,107
63,691
36,196
31,037
50
59
273/2e. Cheese has been dull and steady; State, f. e., small, Georgetown
28,211 121,583 30,159 144,671
Wilmington
25,560
43,430
fancy, 13c.; large 12.3'c.., Eggs have been quiet and firm; Norfolk
85.417 22,899
22,579
76,341
21,894
25,811
NewportNews,&c.
178
1,500
247
1.066
Western firsts 24®26c.
54
New York
56,857 149,721
-Cottonseed has been dull and easier; winter 40® Boston
OIL.
163
981
____
391
3,028
3,160
Baltimore
1,739
3,954
698
1,575
1,894
461
44c. Linseed has been easy with trade quiet and sales Philadelphia
279
65
1,937
509
3,639
limited to small lots to local jobbers. City, raw, American
Total
370,763 1,734,833 267,873 1,248,451 567,138 576,675
seed, 42®43c., boiled 42c. and Calcutta raw 70c. Lard
has declined, owing to the fall in the raw material. Trade
In order that comparison may be made with other years,
has been 'dull at the' lower prices. Prime 74®78c. and'
No. 1 extra 54®56c. Olive has been dull and firm; yellow we give below the totals at leading ports for six seasons:
95c.®$1.25. Cocoanut has been dull and firm with sup- 1908.
1907.
1906.
1905.
1904. I 1903.
plies still small. Cochin 73j®73%c. and Ceylon 6U® Receipts at
--- -6"Nc. Peanut has been quiet and steady; yellow 55®80c. Galveston _ 139,431 51,087 150,900 124,800 110,318 103,532
249
394
447
6,927
1,984
1,424
Cod has been in light request and steady; domestic 38® Pt.Arthur,&c. 64,178 37,744 62,942 44,384 95,632 67.634
New Orleans_
40c. and Newfoundland 40®42c.
Mobile
15,631
13,939
8,833
11,487
13,045
14,105
_
COFFEE on the spot has been quiet and steady. Rio Savannah _ _ _ 81,752 82,800 73,728 71,935 81,526 71,818
Brunswick_ _
4,218
5,873
4,386
8,183
6,823
7,188
No. 7, 6®63'c. and Santos No: 4, 8®834c. West India Charleston,&c 10,936 14,107
9,121
8,042
11,791
7,773
growths have been in moderate request and steady. Fair Wilmington_ 26,211 30,159 31,968 14,706 27,095 23,784
1,740
to good Cucuta 83.®03c. The speculation in future con- NorfolkN., &c 22,579 22,899 26.872 29,240 35,460
247
178
123
N'port
107
468,
138
10,111
3,400
851
1,928
tracts has been on a small scale, with slight changes in prices. All others__
9,132
5,779
In the main, however, the tone has been easier, owing to Total this wk_ 370,763 267,873 371,658 321,919 393,639 324,280
large receipts at the Brazilian ports, liquidation by tired
holders, dulness of the spot trade and selling against pur- Since Sept. 1_ 1.734,833 1,248,451 1,703,733 1,935,303 2,250,891,1,580,629
chases in Brazil. The closing prices were as follows:
The exports for the week ending this evening reach a total
5.55c. Febraury
October
5.25c. Juno
5.2 c.
5.35c. March
November
5.25c. Juy
5.30c. of 263,181 bales, of which 93,541 were to Great Britain,
5.350. April
December
5.25c. August
5.30c. 21,307 to France and 148,333 to the
rest of the Continent.
5.300. May
January
5. Sc. September
5.30e.
-Raw has been firmer. There have been rumors Below are the exports for the week and since Sept. 1 1908.
SUGAR.
of large sales of Javas but they have lacked confirmation.
Week ending Oct. 16 1908.
From Sept. 1 1908 to Oct. 161908.
Exported to
Centrifugal, 96-degrees test, 3.96®3.98c., muscovado, 89Exported to
Exports
degrees test, 3.46®3.48c. and molasses, 89-degrees test,
Great I
Contifrom
Great
ContiBritain.'Fr'nc nent. Total. Britain. ranee. nazi.
3.21®3.23c. Sales of refined have been light and so have
Total.
withdrawals on old contracts. Granulated 4.90c. Teas Galveston _ --- 34,863 15,160 40,788 90,811 209,285 90,87 196,467
496,630
have been moderately active and generally steady. Spices Port Arthur.
51
51
have been steady with a fairly active jobbing trade. Hops Corp.Chrls„&e.
New Orleans__ 33,598
- 11,645 45,243 48,287 17,509
48 574 114,370
have been dull and steady. Wool firm and in good demand. Mobile
4,882
7,550 12,432
7,863 24,082
8,287 7,932
100
100
8,075
1,82
PETROLEUM.
9,903
-Refined has been active and steady. Pensacola _ - ....
Fernandina
Refined barrels 8.50c., bulk 5c. and cases 10.90c. Gasoline Savannah
13,770 6,147 38,749 58,666 31,385 32,34
139,789 203,514
6,042
8,072 8,072
has been in brisk demand and steady; 86 degrees in 100- Brunswick..
24,639 30,681
10,00
10,00
gallon drums 19c.; drums $8 50 extra. Naphtha has been Charleston
Wilmington_
27,072 27,072 25,926
73,886 99,812
3,600
fairly active and steady; 73®76 degrees in 100-gallon drums Norfolk
3,600
Newport News
16c.; drums $8 50 extra. Spirits of turpentine has been New York____ 3,802 ...._ 4,908 8,710 35,460 5,580 46,033 87,073
more active and firmer at 403'c. Rosin has been quiet and Boston
537
537 30,816
2,430 33,246
4,300
Baltimore _
1,300
7.999 9,299
10
20,859
16,459
steady; common to good strained $2 80.
Philadelphia __
5,289
789
1,350 2,139
2,560
7,849
-Some improvement has been reported of late Portland, Me_
TOBACCO.
San Franc sco_
400
400
in the demand for cigars, and it is expected that this will be Seattle
100
100
100
100
reflected sooner or later in larger sales of leaf. During the Tacoma
100
100
Portland,
past week, however, the actual transactions in domestic leaf Pembina Ore_
have continued small. Havana has been in light request. Detroit
Prices have been steady as a rule.
Total
93,54121,307 148,333263,181 410,505 154,339 577,4261,142,270
COPPER has ruled steady with trade dull. Lake 13®
A
135 c. and electrolytic 13q®13Y3c. Lead has been quiet Total 1907....._ 99,892 18,693 65,917 184,502 379,521 95.697 334,014 809,232
•
and weaker at 4.323®4.37Mc. Spelter has been quiet and
steadier at 4.773/2®4.823'c. Tin has been 'Filet at 29Y
In addition to above exports, our telegrams to-night also
4c.
for Straits. Iron has been firmer with more inquiry though give us the following amounts of cotton on shipboard, not
actual sales have been small. No. 1 Northern $16 50® cleared at the ports named. We add similar fignres for
$17 25 and No. 2 Southern $16 75®$17 25.
New York.




THE CHRONICLE

1034
On Shipboard, Not Cleared for
Great
GerOther CoastOctober 16 at Britain. France many. Foreign wise.
New Orleans- _
Galveston _
Savannah _ _
Charleston_ ___
Mobile
Norfolk
New York- __ _
Other ports __

806
5,537 13,585 9,686
27,199 27,419 25,349 17,092
12,061
3.636

Total,

452
2,273
2,500
11.000
2,200
12,000

Leaving
Stock.

30,086
99,332
18,197
11,000
9,500
15,500
6,100
24,000

Total 1908.. 46,405 37,856 64,395 34.614 30,425 213,695
45,560 15,749 55,912 22,473 29,548 160,242
Total 1907_
103,351 36,061 70,790 50,859 31,740 292,801
Total 1906

353,443
407,433
397,549

FUTURES.
-The highest, lowest and closing prices at
New York the past week have been as follows:

4,100
800

1,800

1,600
10,000

2,200
2,000

4"

el
@I @I @I @I 0 @I @I @I @I TI
4
II II
w l °I °I °I °I °I II PI II
NN
00
"" 2 ON I I 010 I I NN
oco
.
00 oice; 00
0000
oo
.6 WW
Id
10

Ro.
Wo

Speculation in cotton for future delivery has been quiet,
but the tone, for one cause or another, has been firmer.
The idea of many is that present prices discount the adverse
features of the general situation. Some advance is thus
recorded for the week. This has taken place in the teeth of
very large receipts at the ports, an enormous movement into
sight and predictions that the arrivals at the big cotton
markets of the South will continue large for some time to
come. The rise has taken place, too, in spite of threatening
rumors regarding the political situation in Southeastern
Europe and the failure of all efforts thus far to end the Lancashire strike. It is to be attributed partly to some improvement in the.state of the cotton goods trade in this country,
a hope amounting latterly almost to a belief that war will
be avoided in Europe, reports that efforts are being made
to end the labor troubles in Lancashire and to the fact that
prices are already considerably lower than they were a year
ago and that some who were at one time more or less aggressively bearish are now inclined either to proceed more cautiously on that side of the market or else to purchase for a
turn. Much of the trading of late has been in what are
called "swaps." That is to say, certain large spot interests
have been steadily buying December and January and at
the same time selling March, May and July. January has
been the strongest month, partly because of the influential
buying mentioned and partly for the reason that there has
been a good deal of buying of it to cover shorts, while the
impression prevails that the January short interest is still
large. Moreover, there is said to be a considerable short
interest in December. And at the prevailing rather heavy
discounts on the spring and .summer months, many deem
it unduly venturesome to sell such deliveries for a decline.
Although Liverpool and the South have been selling March
and May pretty steadily, it is no less true that there has been
some general buying of those months by outside interests,
including, it is said, Wall Street and Chicago. It is maintained that many of the American and English spinners
are carrying small supplies of the actual cotton. It is added
that the crop this year seems to be of a very desirable spinning grade and of excellent body and staple, something, it is
assumed, which will, sooner or later, stimulate buying by
the cotton-manufacturing interests at home and abroad.
The Continent is understood to. be buying even now more or
less freely at the South, and here we find another explanation of the steadiness of the market of late in the comparatively firm spot quotations at the South on most grades.
The better descriptions have at times weakened somewhat.
Large sales of print cloths at Fall River and a reported better
condition of the yarn markets at various centers have also
helped to sustain prices. To-day prices advanced, mainly
owing to covering of shorts, January taking the lead with
reports that the Lancashire strike will shortly be settled,
and that trade is increasing. Spot cotton has been quiet.
Middling uplands closed at 9.30c., an advance for the week
of 30 points.
The rates on and off middling, as established Sept. 9 1908
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
,Fair
e..1.75 on
Strict mid. falr___.1.50 on
Middling fair
1.25 on
Strict good mid_ _ _ .0.75 on
Good middling--_0.50 on
Strict middling_ _ _0.25 on

Middling
Basis
c
Strict low mid
0.30 off
Low middling _ _1.00 oft
.
Strict good ord_ __ _1.62 off
Good ordinary_ __ 2.56 off
Strict g'd mid Aid _0.35 on

Good mid. ting'd c_ Even
Strict mid.tinged...0.20 off
Middling tinged _ _ _0.20 off
Strictlow mid.ting.1.00 off
Low mid.tinged _ _2.25 off
Middling stained _ _1.00 off

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Oct. 10 to Oct. 16Middling uplands

Sat.
9.10

Mon. Tues.
0.20
9.15

Wed. Thurs.
9.20
9.20

Fri.
9.30

NEW YORK QUOTATIONS FOR 32 YEARS.
1908..c
1907
1906
1905
1904
1903
1002
1901

9.30
11.75
11.25
9.95
10.35
9.90
8.70
8.56

1900_c
1899
1898
1807
1896
1895
1894
1893

10.06
7.25
5.38
6.31
7.94
9.38
6.00
8.56

1892_c
1891
1890
1889
1888
1887
1886
1885

8.00
8.50
10.31
10.56
9.69
9.50
. 9.31
9.81

1884_0
1883
1882
1881
1880
1879
1878
1877

9.94
10.56
11.44
11.56
11.19
10.62
10.12
11.31

MARKET AND SALES AT NEW YORK.
Spot Market
Closed.

Futures
Market
Closed.

Saturday-- Quiet, 10 pts. adv._ Steady
Monday._ - Quiet, 10 pts. adv... Steady
Tuesday -- ulet, 5 pts. dec._ _ Steady
Wednesday ulet, 5 pts. adv___ Steady
Thursday _ uiet
Steady
Very steady _
Quiet
Friday
,Total




Sales of Spot and Contract.
Con- ConExport sum'n. tract.

Total.
-

295

295

295

295

II 21 11 21 II 41 11 II

21 c71 %I gl

78,377
33,672
117,763
25,196
28,640
5,594
50,757
14,644

1,400
3.500
1.500
12,000

[VOL. Lxxxnv.

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THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well a sthe afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But -to make the total the complete figures
for to-night (Friday), we add the item of exports from
the United States, including in it the exports of Friday
only.
October 16
Stock at Liverpool
Stock at London
Stock at Manchester

1908. 1
bales. 320,000
12,000
24,000

1905.
624,000
24,000
32,000

629,000
18,000
81,000

277,000
22,600
38,000

680,000
17,000
190,000

51,000
4,000
14,000
12,000
10,000

Total Continental stocks

1906.
239,000
16,000
22,000

356,000
20.000
78,000

Total Great Britain stock_ _ _ _ _
Stock at Hamburg
Stook at Bremen
Stock at Antwerp
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste

11907.
563,000
24,000
42,000

86,000
4,000
11,000
19,000
34,000

26,000
4,000
4,000
15,000
1,000

53,000
3,000
7,000
14,000
3,000

189,000

Total European stocks
India cotton afloat for Europe_ _
American cotton afloat for Europe
Egypt,Brazil,&c.,afloat for Europe
Stock in Alexandria, Egypt
Stock In Bombay,India
Stock In U.S. ports
Stock In U.S.Interior towns
U.S.exports to-day

253,000

110,000

287,000

545,000
46,000
789,828
27,000
79,000
206,000
567,138
453.726
28,600

882,000
52,000
469,600
58,000
81,000
340,000
576,675
292,930
24,370

387,000
53,000
611,625
54,000
88,000
416,000
690,350
291,520
41,585

967,000
82,000
506,000
48,000
70,000
415,000
913,865
401,743
53,349

Total visible supply
2,722,292 2,806,584 2,633,089 3,546,957
Of the above, totals of American and other descriptions are as follows:
American
bales. 216,000 471,000
Liverpool stock
547,000
173,000
Manchester stock
16,000
34.000
29,000
18,000
Continental stock
126,000
157,000
59,000 250,000
769,828
American afloat for Europe
469,600 611,625
506,000
U.S. port stocks
567,138
566,675 690,350 913,865
U.S. Interior stocks
453,726
292,930 291,529 401,743
U.S. exports to-day
28,600
24,379
53,349
41,585
Total American
East Indian, Brasil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock In Alexandria, Egypt
Stock In Bombay, India

2,177,202 2,025,584 1,885,089 2,700,057
104,000
12,000
8,000
63,000
46,000
27,000
79,000
206,000

92,000
24,000
8,000
96,000
82,000
58,000
81,000
3.0,000

r
4:sgs
3,000
RA:883 N:833
54
1803
88',Ng
416,000 415,000
6g 888
:
1
4,000

Total East India, &c
Total American

545,000 781,000 748,000 756,000
2,177,292 2,025,584 1,885,089 2,700,957
supply
Total visible
2,722,292 2,806,584 2,633,089 3,546,957
upl an d , N vIvrp 0lk_
Middll ng Upla nd, LIe e y00r _....
l
5.42d.
6.33d.
6.54d.
4.90d.
M d dling
10.40c.
11.50o.
11.75c.
9.30c.
Egypt, Good Brown, Liverpool
10%d.
81d.
8 gid.
10'id.
Peruvian, Rough Good, Liverpool
9.05d.
8.50d.
12.00d.
8.15d.
Broach, Fine, Liverpool
554d. 5 7-16d.
4 13-16d. 5 15-16d.
Tinnevelly, Good,Liverpool
5 gd.
5iicl.
4 11-16d.
544d.

Continental imports for the past week have been 100,000
bales.
The above figures for 1008 show an increase over last
week of 254,411 bales, a loss of 84,292 bales from 1907,
a gain of 89,203 bales over 1906, and a loss of 824,665
bales from 1905.

THE CHRONICLE

Oar. 17:1908.)

1035

AT THE INTERIOR TOWNS the movement-that is
QUOTATIONS FOR MIDDLING COTTON AT OTHER
the receipts for the week and since Sebt. 1, the shipments MARKETS.
-Below are the closing quotations of middling
for the week and the stocks to-night, and the same items cotton at Southern and other principal cotton markets for
each day of the week.
for the corresponding period for the previous year-is set "7out in detail below.
Closing Quotations
for Middling Cotton on Week ending
October 16.
,sat'aay. monday. Tuesday. Wed'day. Thursd'y.
Friday.

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New Orleans_ _ _
Mobile
Savannah
Charleston
Wilmington
Norf .1k
13estr,n
Baltim re
,
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rock

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894
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9.45
834
834
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8 15-16
8(
891
894
894
9
9.20
9%
9.55
8 15-16
9
9
9 1-16
834

Sarday. Monday, Tuesday, Wed'day, Thursd'm Friday,
Oct. 10. Oct. 12. Oct. 13. Oct. 14. Oct. 15. Oct. 16.

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891
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9.40
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834
834
834
834
834
834
9
9
9
9
9
9
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834
831

NEW ORLEANS OPTION MAR KET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:

09

co

9
8 13-16
8 11-16
8 9-16
84
8%
834
9.00
9
9.35
8 13-16
834
9
9
834

October
Range
Clos ng
NonmberRan • e
Closing
December
Range
Closing
January
Range
Closing
February
Range
Cl sing
March
Range
Closing
May
Range
Closing
Tone
Spot
Options

8.57-.70 8.72-.84 8.75-.80 8.77-.80 8.79-.83 8.80-.96
8.69-.70 8.80-.82 8.79-.80 8.78-.80 8.84-.85 8.89 __@____@____@_____@____@___@__
8.47-.51 8.59-.63 8.60-.63 8.62-.65 8.72-.75 8.76nom
8.35-.45 8.47-.55 8.42-.52 8.48-.74 8.50-.58 8.50-.70
8.43 - 8.50-.51 8.51-.52 8.53-.54 8.55-.56 8.66-.67
8.31-.41 8.44-.52 8.37-.46 8.41-.47 8.41-.4 8.42-.58
8,39-.40 8.46-.47 8.45-.46 8.45-.46 8.46-.47 8.55-.56
_ @ ___ _ @ _ _ (3, _ _ @ _ ___ ®
a
_ ® _
8.37-.41 8.44-.48 8.41-.47 8.42-.46 8.43-.47 $.53-.55
.
8.30-.40 8.43-.50 8.38-.45 8.40-.45 8.39-.4 8.42-.56
8.39-.40 8.46-.47 8.44-.45 8.44-.45 8.44-.4 8.53-.54
- @ -- ® - 8.55 - 8.48 - 8.43-.46
8.45-.57
----.8.54-.56 8.45-.49 8.44-.46 8.54-.55
Steady. Steady. Quiet. Steady. Steady. Firm.
Steady. Easy. Steady. Steady. Steady. Steady.

WEATHER REPORTS BY TELEGRAPH.
-Telegraphic
reports to us from the South this evening indicate that the
?no,
••
weather has been quite favorable during the week. Dry
00
al
N
NM.4..WWWW
weather has prevailed at most points, and where rain has
000000.0.0000.0 NUWO4OGOON4rON .CA
7
:10
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.
:01. 0
. 60
1
4WIRIA 9 4
°
09i00'3w0000.0001.m4.w00c4w000.0000.000000.1e.
fallen the precipitation has been light in the main. Light
o0m00aco0
0114N04000400-0.41N00.00.0.0440000.0000w1010000000.0
- - -frosts were reported early in the week in some districts.
The above totals show that the interior stocks have increased during the week 85,570 bales and are to-night 160,796 Picking has made excellent progress on the whole under the
bales more than at the same tin e last year. The receipts favoring conditions, and the marketing of the crop has been
at all the towns have been 127,094 bales more than.the.same very free.
week last year.
Galveston, Texas.
-We have had no rain during the week.
OVERLAND MOVEMENT FOR THE WEEK AND The thermometer has averaged 66, the highest being 84 and
the lowest 48.
SINCE SEPT. 1.
-We give below a statement showing
Brenham, Texas.
-It has been dry all the week. The therthe overland movement for the week and since Sept. 1, as mometer has ranged from 46 to 85, averaging 66.
Corpus Christi, Texas.
-We have hird no rain the past
made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years week.. Average thermometer 70, highest 80, lowest 60.
Cuero, Texas.
-There has been no rain during the week.
are as follows:
The thermometer has averaged 67, the highest being 88
-----1908
1007
---- and the lowest 46.
October 16Since
Since
Dallas, Texas.
Shipped-We have had no rain the past week. The
Week. Sept. 1.
Week. Sept. 1.
Via St. Louis
15,423
32,333
4,794
16,285 thermometer has averaged 62, ranging from 37 to 86.
Via Cairo
11,187
22,223
Fort Worth, Texas.
7,903
3,907
-It has been dry all the week. The
Via Rock Island
50
725
22
256 thermometer has ranged
Via Louisville
2,349
from 38 to 82, averaging 60.
7,923
6,026
787
Via Cincinnati
1,308
4,961
Henrietta, Texas.
2,201
294
-There has been no rain during the
Via Virginia points
3,017
6,645
1,316
3,158 week. Average thermomet
Via other routes, doe
er 63, highest 87, lowest 38.
2,283
8,069
2,048
7,319
Huntsville, Texas.
-There has been no rain the past week.
Total gross overland
35,687
82,879
13,168
43,148 Thermometer has averaged 62, highest
Deduct shipments
being 84 and lowOverland to NewYork, Boston, &c.1 902
5,268
763
2,475 est 39.
Between Interior towns
349
2,933
248
697
Kerrville, Texas.
-It has been dry all the week. The
Inland, ecc., from South
627
5,091
1,846
10,892
thermometer has averaged 61, ranging from 40 to 81.
Total to be deducted
2,878
13,292
2,857
Longview, Texas.
14,064
-It has been dry all the week. Average
Leaving total net overla nd_ a_ - - -32,809
thermometer 61, highest 81, lowest 40.
69,587
10,311
29,084
--Luling, Texas.
-There has been no rain during the week.
a Including movement by rail to Canada.
The thermometer has averaged 63, the highest being 85 and
The foregoing shows the week's net overland movement the lowest 50.
has been 32,809 bales, against 10,311 bales for the week
Palestine, Texas.
-We have had no rain the past
last year, and that for the season to date the aggregate The thermometer has ranged from 42 to 80, averaging week.
61.
net overland exhibits an increase from a year ago of 40,503
Paris, Texas.
-There has been no rain during the week.
bales.
Average thermometer 61, highest 84, lowest 38.
San Antonio, Texas.
-There has been no rain the past
1908
1907
/n Sight and Spinners'
Since
Since week. The thermometer has averaged 66, the highest being
Takings.
Week. Sept. 1.
Week. Sept. 1. 84 and the lowest 48.
Receipts at ports to Oct. 16
370,763 1,734,833 267,873 1,248,451
Taylor, Texas.
Net overland to Oct. 16
-There has been no rain during the week.
32,809
69,587
10,311
20,084
Southern consumption to Oct. 16- _ 42,000 263,000
49,000 336,000 The thermometer has averaged 69, ranging from 44 to 84.
Weatherford, Texas.
Total marketed
-There has been no rain during the
445,572 2,067,420 327,184 1,613,535
Interior stcoks in excess
85,570 338,531
54,942
212,347 week. The thermometer has ranged from 39 to 82, averaging 61.
Caine Into sight during week
531,142
382,126
Total in sight Oct. 16
Memphis, Tennessee.
2,405,951
-We have had no rain during the
__ 1,825,882
North'n spinn's takings to Oct. 16__ 99,367 274,525
3- ,090 168,855 week. Thermometer ranged from
0
44 to 78, averaging 67.
Movement into sight in previous years:
Mobile, Alabama.
-Weather in the interior clear and
Weekcool, with occasional light frost. Cotton picking is making
Since Sept. 1Bales.
Bales.
1006-Oct. 19
500,686 1906-Oct. 19
2,281,382 good progress. We have had rain on four days of the week,
1905-Oct. 20
441,001 1905-Oct. 20
2,586,717 to the extent of
1904-Oct. 21
four inches and thirty hundredths. Average
554,950 1904-Oct. 21
2,058,246
1003-Oct. 23
-445,787 1003-Oct. 23
2,123,306 thermometer 63, highest 80, lowest 49.
0

N,

1...,..

4

NNNN.0 .4.M

wa.colomw .
0.14A1
4000lr,00N00




09N...1000-

CD00

[VOL. Lxxxvn

THE CHRONICLE

1036

-We have had rain on one day
Montgomery, Alabama.
hs of an
during the week, the rainfall reaching two hundredt
being
inch. The thermometer has averaged 61, the highest
77 and the lowest 47.
of the week,
-It has rained on one day
Selma, Alabama.
therthe rainfall reaching fifty hundredths of an inch. The
mometer has averaged 60, ranging from 45 to 76.
-Dry all the week. The thermometer
Helina Arkansas.
has ranged from 38 to 81, averaging 60.
-There has been no rain the past
Little Rock, Arkansas.
from
week. The thermometer has averaged 61, ranging
43 to 78.

COTTON.
WORLD'S SUPPLY AND TAKINGS OF
The following brief but corn prehensive statement indicates
at a glance the world's supply of cotton for the week and since
which
Sept. 1, for the last two seasons, from all sources from
stat st cs are obtainable, also the takings, or amounts gone
out of Eight, for the like period.
1907.

1908.

Cotton Takings.
Week and Season.

Season.
Week.
Season.
Week.
9-2,685,913
2,467,881
Visible supply Oct.
2.291,844
1,714,982
Visible supply Sept. 1
531,142 2,405,951 382,126 1,825,882
American ins! ht to Oct. 16_ 49,000
5,000
36,000
7,000
ambay receipts to Oct. 15
28,000
1,000
47,000
4,000
Other India ship'ts to Oct. 15_ _
125,000
40,000
51,000
receipts to Oct. 14._
22,000
Alexandria
45,000
7,000
30,000
7,000
Other supply to Oct. 14_a
-------4,284,933 3,021,039 4,364,726
supply
3,039,023
Total

-We have had rain on one day of
Nashville, Tennessee.
hs of an
the week, the rainfall being thirty-four hundredt
78, averinch. The thermometer has ranged from 42 to
aging 60.
-There has been no rain during the
Ardmore, Oklahoma.
Deduct
37.
2,722,292 2,722,292 2,806,584 2,806,584
Visible supply Oct. 16
week. Average thermometer 61, highest 84, lowest
have had rain on one day of
-We
Oklahoma, Oklahoma.
316,731 1,562,641 214,455 1,558,142
Total takin s to Oct. 16
hs of an inch.
277,731 1,20 ,641 169,455 1,139.142
Of which Amer can
the past week to the extent of two hundredt
422,000
45,000
39,000
357,000
g 61,
Of watch other
The thermometer has ranged from 40 to 81, averagin
-Dry all the week. Average
Alexandria, Louisiana.
a Embraces rece pts In Europe from Brazil. Sinyrnti7West Ind1c.
thermometer 62, highest 84, lowest 39.
-There has been no rain during • ALEXANDRIA RECEIPTS AND SHIPMENTS OF
Shreveport, Louisiana.
44 to 81,
made
with Messrs.
arrangements
-Through
the week. The thermometer has ranged from
COTTON.
averaging 62.
Choremi, Benachi & Co., of Boston and Alexandria, we
-There has been no rain during now receive a weekly cable of the movements of cotton at
New Orleans, Louisiana.
the week. Average thermometer 68, highest 79, lowest 57. Alexandria, Egypt. The following are the receipts and
-We had rain on one day during shipments for the past week and for the corresponding week
Columbus Mississippi.
the week,the rainfall being forty-four hundredths of ah inch. of the previous two years:
The thermometer has averaged 61, ranging from 39 to 82.
-There has been a trace of rain on
Meridian, Mississippi.
Alexandria, Egypt,
1906.
1907.
1908.
October 14.
one day during the week. The thermometer has averaged
42 to 79.
60, ranging from
Receipts (cantars)330,000
300,000
165,000
-We have had no rain the past
This week
Vicksburg, Mississippi.
890,602
040,465
382,505
Since Sept. 1
ter has ranged from 45 to 79, averweek. The thermome
aging 62.
-There has been no rain during the
This Since
Eldorado, Arkansas.
This Since
I This Since
38,
I week. Sept. 1. week. Sept. 1. week. Sept. 1.
Exports (bales)
week. Average thermometer 60, highest 82, lowest
-has been no ram during the
-There
Madison, Florida.
2,000 7 249 8,750 24,472 13,000 29,603
To Liverpool
6,081 8,500 18,086 5,500 14,011
ter has ranged from 51 to 81, aver3,000
To Manchester
week. The thermome
3,500 22,433 7,250 24,868 7,500 26,476
To Continent
aging 67.
750 1.820
400 2,091
700 1,998
To America
-It has been dry all the week.
-Tallahassee, Florida.
9,200 37,761 24,900 69,517 26,750 71,910
Total exports
62, highest 76, lowest 45.
Average thermometer
-We have had rain on one day of the
Atlanta, Georgia.
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
Note.
ve hundredths of an
past week, the rainfall being ninety-fi
thermometer has averaged 62, the highest being
COTTON CONSUMPTION AND OVERLAND MOVEinch. The
-Below we preMENT FOR MONTH OF SEPTEMBER.
76 and the lowest 47.
-Rain has fallen on one day during the sent 41 synopsis of the crop 'movement for the month of
Augusta Georgia.
extent of eighty-three hundredths of an inch. September for three years:
week to
61, ranging from 43 to 77.
The thermometer has averaged
1906.
1907.
1008.
-There has been rain on one day of
Savannah, Georgia.
reaching fifteen hundredths of
23,497
14,548
24 715
the week, the precipitation
,
Gross overland f r Sepiember- -_ _bales
16.870
6,451
18,/70
63, the highest
an inch. The thermometer has averaged
Net overland f r September
587,437
720,891
934,487
P.rt receipts in September
378,664
424,646
584,262
being 74 and the lowest 51.
Exp'as In September
413,244
406,104
459,845
-There has been rain on one Port st cks • n Sept. 30
Charleston, South Carolina.
78,865
102,632
90,387
of two hundredths of an Northern spinners' takina's in September
205,000
196,000
166,000
day during the week to the extent
_
S•Althern c nsumptl n in September_(infrom 52 to 77,averaging
inch. The thermometer has ranged
Canada in September
Overland ti
1,402
1,786
2,891
cluded in net • verian.1)
65.
__
N. rth and S uth
-There has been rain on two Burntat N rth. Interi r in September_ 30
11,400
8,108
9,194
Greenwood, South Carolina.
markets Sept.
Stock
1,274,257
868,888 1,019,761
hs Came In sight durlmr September
days during the week, rainfall reaching seventy hundredt
10,712,941 12,530,999
Came in sight balance seasJn
11,581,829 13,550,760
an inch. The thermometer has averaged 60, ranging Total cr p
of
521.51
515.94
520.32
Average gross weight of bales
from 40 to 74.
498.51
402.94
497.82
-Weather favorable for Father- Average net weight of,bales
Charlotte, North Carolina.
on one day during the
ing the crop. There has been rain
The Alexandria General
inch and fifty-two hunEGYPTIAN COTTON CROP.
week, the precipitation reaching one
month of September is as
The thermometer has averaged 60, ranging from Prouuce Association report for the
dredths.
follows:
41 to 77.
the weather was less favorable
-Rain has fallen on two days
Raleigh, North Carolina.
During the latter half of September
30th was too cold and hindered the
sixty-eight hundredths of The temperature from the 20th to thecorrespondents agree that sufficient
during the week, to the extent of
opening of pods. However, all the
58, ranging from
this for the second picking. The first
an inch. The thermometer has averaged
warmth during October can rectify
, and is producing considerably less
picking Is now being made everywhere return per feddan is impossible to
40 to 76.
than last year. However, the probable
The
has only just begun. the third picking looks lk
as picking
weather during October.
depends on
- estimate,
ALL PORTS.
being normal, but everything have been reported In Lower Egypt, but
INDIA COTTON MOVEMENT FROM
the last report some fogs serious damage. From all sides, however,
Since
have done
they do not appear to
boll-worms. The ginning outturn is
1906.
1907.
complaints are heard of damage by
1908.
Association therefore cannot yet form
October 15.
reported as very varying, and the from the Delta. From Upper Egypt
return
Since
Since
Since
a definite estimate of the
and during September fogs have cauied
Receipts at
oi
reports are generally less favorable,
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
The ginning outturn is slightly
----considerable damage In certain localities.
to the answers received the present cotton
36,000 lower than last year. According
49.000 10,000
36,000 5,00
7,000
last year.
Bombay
crop promises to be smaller than

the

For the Week.
Exports from

Bombay
1908
1907
1906
Calcutta
1908
1907
1906
Madras
1908
1907
1906
All others
1908
1907
1906
Total all
1908
1907
1006




Great ContiBritain. nent.

Total.

Since September 1.
Great
Britain.

Continent.

Total.

5,000
1,000
8.000

1,000

1,000

1,000
1,000
1,000

45,000
70,000
63,000

43,000
70,000
64,000

5,000
5,000
3,000

6,000
6,000
3,000

5,000
3,000
3,000

5,000
1,000
8,000

6,000
3,000
3,000

3,000
1,000
4,000

2,000
3,000
1,000

33,000
16,000
23,000

35,000
19,000
24,000

9,000 9,000
2,000 2,000
12.000 12,000

4,000
4,000
2.000

6,000
94,000
92,000

90.000
98,000
9 ,000

3,000
1,000
4,000

. Our report received by
MANCHESTER MARKET
er states that the rr arket is
cable to-night from Manchest
. The demand for both
quiet for both yarns and shirtings
prices for to-day
yarn and cloth is poor. We give the
of this and last
below and leave those for previous weeks
year for corn parison.
1907.

1908.

8y, lbs. Startings, common

323 Cop
Twist.

to finest.
d. s. d.

Sep.
4 7%
11 715-160
0
188
25 8% 0
Oct.
2 8% 0
9 8 11-1661
16 8 11-10 0

3. d.

Cot'n
Mid.
('pt's
ii

323 Cop
Twist.
d.

8( lbs. Shirt- Cotn
ing:, common MI'd.
to finest.
d. s. d.

68
9 07 10% 5.25 11% 0 12% 67
5.47 10% (a) 124
10 (a80
5.54 10It 12. 66
10
114 5.33 10 11-160 123. 65
1 08 4)
0 11% 6 4
9% 5 1%08 4% r.13 104 0 11% 6 4
4.96 10 9-16
5
4.99 10 9-160 11% 6 3
9
45 14@8 6
8%
9
9
9%

4
4
4
5

6.

iq

s. d.

d.

010 5
,
t 10 4
6'10 3
010 2

7.51
7.10
6.91
6.60

010 1
Q10 0
010 0

6.53
11.52
0.54

OUT. 17 1908.]

THE CHRONICLE

COTTON MOVEMENT AND FLUCTUATION 1903-1908.
Latham, Alexander & Co., New York (Thirty-fifth Annual
Edition.) In typogt•aphy, binding, &c., the thirty-fifth
annual iss e of Mess s. Latham, Alexander & Co.'s pablication "Cotton Movement and Fluctuation" leaves nothing
to be desired. And in addition to its handsome get up it
can be truthfully said that the work contin ,es a most
invaluable book of reference. The statistical side of cotton
is thoro 'ghly treated, compilations corverin* acreage,
production, movement, cons..mption and ptices being
important features. A comprehensive review of the last,
cotton s-ason in the United States by the p tblishers themselves and the us .al article by Messrs. Ellison & Co. on the
course of trade in E irope are features of the book. Special
articles appear under the capitions "Increase in Cotton
Trade Since the 0 ganization of the (New York) Cotton
Exchange", B siness and Speculation", "Legislation for
the Farmer", World's Production of Cotton", "The Functions of the New York Cotton Exchange", "The Legality
of Cotton Contracts", and "Cotton Contracts or Cotton
for Future Delivery." The book also contains some excellent ilk strations.
JUTE BUTTS, BAGGING, &c.
-The market for jute
bagging has been dull the past week. Prices are as last
quoted, viz.: 7 cents per yard for 2-lb. domestic bagging and
63 cents per yard for re-woven and inferior foreign. Jute
butts also dull at 2@3 cents per lb. for bagging quality.
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 263,181 bales. The shipments in detail, as made
up from mail and telegraphic returns, are af sollows:

1(137

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good or ordinary
clause, unless othc rwise stated.
The prices are given in pence and 100ths.
Sat.

Mon.

Thus; 4.67 means 4 67-100d.

Wed.
Fri.
Thurs.
Oct. 10
12g 1234 1251 4 1231 4 12% 4 12% 4 1251 4
to
Oct. 16. p.m. p.m. P.m. P.m. P.m. P.m. P.m. p.m. P.m. P.m. P.m. Pm.
d.
October...
-Nov.
Oct.
-Dec.
Nov.
Dec.
-.Jan_
-Feb_
Jan.
Fe.-Mch.
-Apr.
MO.
-May
Apr.
May-June
June-July
July-Aug_
Aug.
-Sep

4
4
4
4
4
4
4
4
4
4
4

Tues.

d.
d.
d.
d. I d.
d.
d. I d.
d.
d.
67 76 75 74 73 74 74
77 34 73 75
5734 6834 64 34 6354 63 64 6334 68% 64 66
53 61
59 58 5734 58 5734 61
57 59
52% 60 58 X 5734 75 57 57
60 5634 58
52 503458 57 5634 56% 56 5934 5534 57
52% 60 58 57 5634 56% 56 5934 55 57
53 60 58 57 5654 56 55% 5734 54 34 56
5334 6034 58 57 5634 56 55 57 53 34 56
54 6034 5734 57 56 56 5434 5634,5234 55
54 61
573-4 57 56 56 5434 563415234 55
53 59 5634,56 55 5434 53 55 5134 54

d.
76
68
60
59
58
58
57
56;4
56
56
54%

BREADSTUFFS.

Friday, Oct. 16 1908.
Prices for wheat flour have shown only slight changes as
a rule during the past week. Trade in the local market has
been dull much of the time, the sales being limited to small
Jobbing lots. Buyers as a rule show no disposition to abandon the policy of purchasing on a hand-to-mouth basis, the
idea apparently being that supplies can be secured to better
advantage later in the season. At the large milling centres
at the Northwest and the Southwest new business has been
Total bales.
less active of late, but withdrawals on old contracts have
-To Liverpool-Oct. 14-Arabic, 3,182 upland, 270
NEW YORK
3,452 been
Sea Island
large and the mills continue to run on full time. Rye
350
To L talon-Oct. 9-Mesaba, 350
400 flour and corn meal have been quiet and steady.
To Bremen-Oct.9-Barbar ssa, 400
To Hamburg
-Oct. 14-Kalserin Augusta Victoria, 1
1
To Antwerp
-Oct.9-Flniand, 700
700
Wheat advanced for a time, owing largely to war rumor,
To Gen a-Oct. 9-K,,nig Albert, 2,632- -_ -Oct. 14
-Re
d Italia, 600
3,232 from Europe, with some attendant advance in the European
To Naples-Oct.9-K fig Albert, 200
200
To Syra.-Oct. 10-Themist cles, 175
175 markets, and also to drought in the Southwest, especially
To Piraeus-Oct. 10-Themist cies, 200
200
GALVESTON-To Liverp, 1-Oct. 13-Ini'lana, 21,817
,
21,817 in Kansas. The dry weather gave rise to an impression that
To Manchester-Oct. 13-Miguel de Larrinaga, 13,046
acreage may be considerably reduced
-Oct. 9-Memphian, 15,160
To Havre
15,160 the winter-wheat
To Bremen-Oct. 8
-Wittenberg, 5,053____Oct. 15
-Corby,
unless the drought is broken in the near future. Further8,6/1; Cr nvn of Castile, 8,422
22,146
To Christiana-Oct. 13-Rauma, 500
500 more, the receipts at the Southwest have been light, and
To Barcel na-Oct. 10-Federica, 4,910_ -Oct. 10-F. S.
C ampa, 1,486
6,396 althougli the arrivals at Northwestern markets during most
To Gen a
-Oct. 12-F. S. C ampa, 8,707
8,707
To Trieste-Oct. 10-Federica, 3,039
3,039 of the week have been very heavy, some decrease has ocNEW ORLEANS-To Liverp , i-Oct. 10
-Californian, 11,000
-- -Oct. 14-Custldian, 20,000_ __ _Oct. 15-Imaum,2,598.. 33,598 curred within a day or two, a fact on which the believers in
To Antwerp-Oct. 15-Virril, 1,400
1,400 an ultimate advance to a considerably higher level of
To Barcel na-Oct. 9-Juan Forgas, 4,775
4,775 values have laid no little
stress. But latterly the drift of
To Malag•a-Oct. 16
-Marianne, 1,000
1,000
To Trieste-Oct. 16
4,470 prices has been downward, mainly because of the more
-Marianne, 4,470
MOBILE-To Liverpool
4,882 peaceful outlook in southeastern Europe. Another bearish
-Oct. 10-Madrileno, 4,882
To Bremen-Oct 9-Duffield 7,550
7,550
PENSACOLA-To Trieste-Oct, 10
100 factor, however, has been rains in the Pacific slope, which
-Auguste, 100
SAVANNAH-To Liverpool
-Obi, 5,750_ ___Oct. 13-Oct. 10
it was hoped or believed might gradually work down into
Warri^r, 7,370
13,120
To Manchester
650 the winter-wheat belt of the Southwest. Besides, the export
-Oct. 10
-Ohl, 650
-Sahara, 6,147
6,147 demand has fallen off and the statistics which have appeared
-Oct. 12
To Havre
7 To Bremen-Oct.9-Ghazee, 250_ __ _Oct. 14
-Harlow, 8,777;
28,119 during the week have been of a kind to encourage those who
Sir cc', 11,279; Sternberrer, 7,813
in To Hamburg
-Oct.9-Ghazee,980
980 think that prices have gone high enough and indeed should
To Antwerp-Oct. 9-Ghazee, 400
400
To Reval-Oct. 0-Ghazee, 300_ ___Oct. 14-Sternberger 600
900 take a downward turn, at least for a time. The world's
To Barcel-na-Oct. 14-0 lumbia,6,350
6,350 exports, in other words, have been very large and the availTo Venice-Oct. 14-Columbia, 900
900 able stocks in the world increased no less than
8,402,000
r" To Trieste-Oct. 14-Columbia, 800_
800
' To Fl me
-Oct. 14-Columbia, 300
300 bushels for the week, as against an increase for the same
BRUNSWICK
-To Bremen-Oct. 0-Woodfield, 8,072
8,072 time last year of 1,967,000 bushels. The world's stocks of
WILMINGTON-To Bremen-Oct. 10 Putney Bridge, 12,170
____Oct. 14-Hyndf rd, 14,902
27,072 American wheat are 60,740,000 bushels, or about 2,500,000
BOSTON-To Liverploi-Oct. 9-Cymric, 371
• 371 more than a year ago, though 3,800,000 less than that of
To Manchester-Oct. 9-Iberian, 166
166
BALTIMORE To Liverpool-Oct. 14-Ulstermore, 1,300
1,300 two years ago. The total of the world's wheat stocks is
To Bremen-Oct. 14-Rhein,7,999
7,999 stated at 128,739,000 bushels, or, roughly, 8,000,000
PHILADELPHIA To Liverpool-Oct. 16-Friesland,789
789
-Pisa, 600
To Hamburg-Oct. 10
600 bushels less than a year ago and 11,200,000 less than that
To Antwerp-Oct. 15-Manitou, 750
750 held in 1906. It is recognized also by many that it is too
-Oct. 13-Iyo Maru, 100
SEATTLE-To Manila
100
early to assume that the winter-wheat acreage is going to be
Total
263,181 seriously curtailed. On the contrary, it is maintained that
LIVERPOOL.
-By cable from Liverpool we have thefol- there is still plenty of time to plant a big area,with prospects
lowing statement of the week's sales, stocks, &c.,at that port: of an average yield. Cash markets at the Northwest have
Sept. 25.
Oct. 2.
Oct. 9.
Oct. 16. latterly been strong, with a fair domestic demand, and
Sales of the week
bales_ 25,000
25,000
26,000
28,000 indeed there are those who maintain that the domestic wheat
Of which speculators took
1,000
1,000
Of which exporters took..._. 1,000
1,000
1,000
2,000 situation in this country is strong enough of itself to sustain
Sales, American
24,000
21,000
19,000
23,000 prices regardless of European affairs. Crop reports from
Actual export
13,000
2,000
2,000
2,000
Forwarded
38,000
41,000
40,000
41,000 Australia and India have been very favorable, however,
Total stock-Estimated
269,000
293,000
274,000
220,000 and the European markets have latterly receded. To-day
Of which American-Est__ 192,0_
174,000
169,000
216 000 prices advanced on frost in Argentine, less favorable EuroTotal imports of the week_ _
17,000
46,000
38,000
89,000
Of which American
14,000
23,000
20,000
84,000 pean political news, better cables than expected, and active
Amount afloat
218,000
115,000
289,000
30,000 covering of shorts.
Of which American
195,000
07,000
265,000
284,000
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
The tone of the Liverpool II arket for spots and futures
,
Sat. Mon. Tues. Wed. Thurs. Fri.
each day of the past week and the daily closing prices of No. 2 red winter
110
108
1073410754 10734 10.154
spot cotton have been as follows:
December delivery In elevator
11054 11054 10954 11054 10954 110
May delivery In elevator

Spot.

Saturday.

Monday.

Market,
12 15 I
P.M.

Dull.

Dull.

Tuesday. Wednesday. Thursday.
Dull.

Dull.

Dull.

Friday.
Quiet.

Mid. Upl'ds

4.96

5.04

5.02

5.02

5.03

4.99

Sales
Spec.&exp.

2,000
200

5.000
300

5,000
1,000

5,000
200

4,000
200

6,000
200

Futures.
Quiet at Steady at Quiet unch. Quiet,
Steady at Steady,
Market 1 304 Ms. £3010 pts. to 1 pt. unchanged 34 @154 unchanged.
opened
advance.
J decline.
decline.
pts. adv.
Market, 1 Sty.at 34pt Barely sty. Barely sty. Quiet,2 pts.Easy at 2 Steady at
4
dec. to X at 33468 at 13402 dec. to 1 2pts.dee.to 23404 pts
P. M. 3 pt. adv.
pts. adv. pts. dec.
pt. adv. 34 pt. adv pts. adv.




11154 111
11054 11034 10 % 11034
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery In elevator
10154 10034 10054 101
9i54 10034
May delivery in elevator
104% 10354 103% 10334 10254 103%
July delivery n elevator__98% 99
9834 9951 9851 9834

Indian corn futures have declined, owing mainly to the
fact that the crop is maturing and drying rapidly, pointing
to an early movement to market. Farmers are apparently
satisfied with current prices and large receipts are expected
sl ortly. The crop is believed to have escaped any serious
frost damage and most reports go to show that the quality
i. good. Cash prices have been weak. Moreover, the
Argentine shipments have increased and large exports
are expected from that country shortly. Liverpool has

shown weakness at times. The cash demand has been
light. Elevator interests at the West have been free sellers
and there has been heavy liquidation at times. To-day
prices were higher on prospects of wet weather, light offerings, covering by leading bears and commission-house
buying.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
84
84
83
81%
8%
843
Cash corn
76
75% '75
763
December delivery in elevator....
73% 733
72% 723
7134 71%
May delivery in elevator
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
5
6434 64 4 64
December delivery in
63% 63A 63
6434 6434 6334 63i 63
May delivery in elevator
6334
6 34
2
6334 63 34 62% 6254 623
July delivery n elevator

Oats for future delivery in the Western market have
declined in sympathy with the rest of the list. There has
been scattered liquidation. The cash market, moreover,
has been dull, and cash interests have sold at times against
purchases in the country. Of late, however, the market
has shown a tendency to rally, owing mainly to covering
by prominent shorts. There has also been a certain amount
of new buying by commission houses and the receipts have
continued light. To-day prices were firmer with wheat
and corn. Receipts and offerings were light and cash
interests bought.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Wed.
Tues.
Thurs.
Sat.
Mon.
Fri.
No. 2
mixed_
-

LxXxvir.

THE CHRONICLE

1038

52-53

52-53

52-53

52-53

52-5234

5234-53

White

clipped,
32 to 34
54-55
ibs ___54%-5534 6434-5534 5434-5534 54-5554
54-55
DAILY CLOSING PRICES OF OATS IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
48
December delivery in elevator..___ 4934 49% 48% 48% 48
5134 51
5034 5034 5034 50;
May delivery in elevator
47
4634 4634 46
46
46
July delivery in elevator
The following are closing quotations:
, UR.
1 1.0
$3 40@$3 9 Kansas straights
$ 75Th 5 00
4
Low grades
5 306 5 40
3 3514) 3 60 Blended clears
Second clears
6 20 , 6 60
4
® 4 60 Blended patents
Clears
:5 a) '70
5 004) 5 35 Rye flour
Straights
3 00 6 3 25
5 25 ,p, 6 00 Buckwheat flour
Patent, spring
3 906 4 .0
4 8 ,1. 5 1) Graham flour
,
Pai.ent. winter
3 70® 4 '15
4 10 ® 4 40 Corn meal
Kansas clears
GRAIN.
Corn (new), per bush.c.
c.
Wheat, per bush.
No. 2 mixed
7834
112
N. Duluth, No. 1
No. 2 yellow
Nominal.
100
N. Duluth, No. 2
No. 2 white
Nominal.
t.o.b.10934
Red winter, No. 2
Rye, per bush.
109
Hard
f.o.b. 77
No.2 Western
Oats, per bush.
State and Jersey
Nominal.
32J54
Natural white
61 668
Barley-Malting
No. 2 mixed_ _. _ ___ _ _ 52% 653
Feeding
54 a 55
57@6134
Natural white Hipped
For other tables usually given here see Daze 990

The value of these New York exports since January 1 has
been $9,138,191 in 1908, against $8,815,168 in 1907.
A firmer tendency is noted on some ticketed lines of brown
goods and other domestic cottons, more interest being shown
by jobbers,especially in goods available for prompt shipment.
Occasional orders for delivery next year have been reported,
but the general disposition is to cover only this year's requirements. Bleached goods, sheetings and drills are beginning to reflect a gradual growth in the demand; there is
still much room for improvement, however, in the volume
of business. Napped cottons in bordered patterns have
continued in steady request, while the call for linings for
quick shipment has been of fair proportions, and prints
with sideband effects have met with a ready sale. In ginghams demand shows no abatement and leading lines are
reaching a well-sold-up condition. On print cloths certain
narrow as well as wide goods are held slightly higher than a
week ago; regulars remain unchanged at 3c., but standard
wide goods are quoted at 43/5c.
-Trade in men's wear staple woolen
WOOLEN GOODS.
and worsted goods has been fairly active, but notwithstanding
the difficulty encountered by purchasers in securing desirable goods in many lines, buying has been confined for the
most part to small lots to fill immediate needs. A few
duplicate orders on light-weight fancy worsteds have been
received, but spring trade is still backward. The demand
for desirable heavy-weight fabrics for the 1908 season has
been maintained and, owing to sold-up conditions, higher
Prices have been secured in many instances. Orders for
worsted and woolen dress goods for spring show no material
increase either in number or quantity called for, although
one or two mills are reported to be well under order on fine
worsted fabrics for spring. Trade generally, however, in
this division is irregular and spotty, with much difference
of opinion on all sides as to the probable course of the demand
during the next few months.
-The call for imported lines
FOREIGN DRY GOODS.
of dress goods and men's wear as well as silk piece goods
has been only moderate, but silk ribbons have continued
active, with slight advances on certain numbers for spring.
Demand for linens has been well maintained, especially for
housekeeping goods, while numerous orders continue to be
received on dress goods for spring. Trade in burlaps has
2
been small; 10Y ounce burlaps are somewhat weaker, being
quoted at 5.25c. to 5.30c., but light-weights rule strong.

r4

611,294 150,057,172

639,055 145,779,194

r.
r4

100,154,265

.4 0

C)

DURING SAME PERIOD.

119,286,575

1 1908 .A1N13 1907.

Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
THE DRY GOODS TRADE.
at this port for the week ending Octt. 10, 1908, and since
New York, Friday Night, Oct. 16 1908.
'
and for the corresponding periods of last year,
In some quarters of the cotton goods division the tone of Jan. 1 1908,
the market, has shown further improvement, especially on are as follows:
• n 04 000
NO
0
goods suitable for converting and manufacturing purposes.
002.0 00 .4 C.
1
00 4 44 HD 00
ON
.10 '00)
n.
00
.
..
.
0'
...
e0
In print cloths certain constructions have displayed a firmer
0.4'O
cS0S
OC:01.:h
.13
OhohN
000000 as 00
h00
tendency, as the result of a slightly better demand and
40.0.
'
S Cs
- !,
.
40004
10211i.14.1 00
efforts of sellers to bring prices up to profitable levels. Con00
N.
n.
verters and printers have been operating a little more freely
04
'00)0)-4
0..hOn .0.
0 e5 00
n.
but their purchases in most cases have represented merely
.1 02
0
)nc000,4 00
n 04 '0 0)
0 RC:
000.04 Nh
..
.
oh
Zi .40.444.4. C.
the covering of immediate requirements, as the disposition
44
vfed
.
n00020. NO
400.h 40
.N .. 000
of manufacturers to demand higher prices has caused buyers
.44.405 h0
e4 0,
,r
.
1 ..0
E;
to hesitate in placing contracts running into next year.
rn
NOh.n
,
N
n.1 0.402 nn 0
1
Id 000.hh NO
There has also been moderate and steady purchasing of other
hnh00
02 rNh00 No
,
2!n4. N'-'
• 10•
S":
cotton goods for prompt shipment, but in most sections of
" '11
.4o CS
dmwt
,
:4 OM. 00
cSo
0
.4000 .0
00
.0
ereD0401 .400
the market more or less conservatism prevails in the matter - ZO- .4... 00.
h.
c
,
of forward contracts, buyers apparently preferring to await
on
4
hI on
the result of the Presidential election. Efforts have been Cl) •
C4 NO)00 00 C1.4
tel t4 .4 0
00000,0
404N4 et•
e4 00 000 NO
orders for cotton goods .
000400 NO
made to induce sellers to accept
• h 04, 00
r
OhNo. .S
▪
OO honcy4
contingent upon the election, but without much success.
Hice
a OW
a,
receive numerous small <4
Jobbing houses have continued to
a4
O
have made
.00000 hh
0.4O,r4 Wh
orders for current needs,.which in the aggregate
O00000 00
CS 00
00 04
erhM.W 0
.0 073,1.0 n=
.
4.1 v300 Os %
1
a fairly satisfactory volume of business. More inquiries B.
4.1
co
01.;000
MO
division from China, Red
have been received in the export
0,•400
oOoto,
r
ha,
OW
"e3
as
44.4.4.4
010000 00 00 0
Sea and India; actual transactions, however, failed to show
hnneD0 4
• nd000 44
o
N.
Nh 0
much increase,as prices named in these offers were as a rule
lower than sellers were willing to accept. South American Ii
.omano
.0.14o 04
n
4401.c
• 0coNNn
nn
‘T
.
4
0
trade, on the other hand, improved somewhat. Demand
<4
n
• o406.:C4 hn
for stock goods in men's wear for near-by needs has continued
n
,
.411 On
1,1
c0 . 400.1..1 4 n
.4
Nn
quite satisfactory and desirable lines are reported to be
04
C)
comparatively scarce. Conditions in the dress goods market
0 O
000MM 4M
C.
ON
C.*
4,000 N h
44
C4
Sqn00 SR
are irregular, with little improvement in the demand for
0S 1
,
000.0h
g)
-worsted and woolen fabrics for spring.
HD
-'a
• o02000h
.4
4
DOMESTIC COTTON GOODS.
-The exports of cotton
on
on
4.1
P4
14
goods from this port for the week ending Oct. 10 were 3,746,
Id
00
4 e4 00 0 000 00
C/)
CS
m0 n
1.4 00 0
packages, valued at $201,479, their destination being to the
00
O
.
n4.4=
N'0.-0'0,0 M 11 `S.
points specified in the table below:
Na 0
0
'-'CS

CS 'S
C,
'0.-'

,4

r4 0

Total




8155
45
280
2,150
158

20:309
'
1 294
12,269
32,770
16,226

3,74611145,945

--1907Stnce
Week.
.

Jan.46
1 1.

22

1,066

481
1,390
30

16, 68
8 029
8
23 140
5 10

634
24
279
581
120

18,380
1,916
10,723
37,279
21,538

3,613

1.48.801

1

C4
0
94

0
a
94

8
a

4752 5 oi
'
0 O.'gC.37)r.(
. A
'
'
X
X

Total marketed

New York to October 10Great Britain
Other Europe
Chide
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries

--1908
Since
Week. Ja 1.
Jan.
663
20
924
16
13,401
9
9,854
250
25.432

Co

9.

8

0 a
3. 3
g

OOP. 17 1908.

THE CHRONICLE

C

LI

News Items.
Dallas County (P. 0. Buffalo), Mo.-Decision Rendered by
U. S. Circuit Court in Railroad Bond Suit.
-The following
concerning iltigation over old railroad bonds issued by this
county is taken from the Kansas City "Star" of Oct.7:
Springfield, Mo., Oct. 7.
-Judge John C. Pollock in the United States
Circuit Court here gave a decisi n to-day in favor of John C. Henders on Jr.
of Washington in his suit against Dallas County to revive a judgment on
the old railr.oad bonds. The claim of Henderson amounts to mire than
*1,000,000. Dallas County opposed the reviving of the judgment on the
ground that there was an error in the summons served on the County Clerk
of that county eight years ago, the summons having been dated the same
as the date set f r the county to appear in court.
Judge P II ck held .that the technicality In the summons did not Invalidate it. Steps are to be taken In November looking to a final disposition
of the Dallas County bonds.

1039

cancellation of said bonds with like amount, rate of Interest, time of maturity with legal validity and liability when issued by said cities and towns,
as said coupon bonds, and said cities and towns be authorized and empowered to issue certificates of stock when desired by the purchasers of coupon
bonds. In lieu of said coupon bonds, and register all such certificates of stock
in the names of the holders In a book or books kept for the purpose, and on
such terms as said corporate authorities may require, not Inconsistent with
law.

Bond Calls and Redemptions.
Denver, Colo.-Bond Call.-Lewis C. Greenlee, Cit.
Treasurer, calls the following bonds for payment on Oct. 31:
STORM SEWER BONDS.
South Capitol Hill Storm Sewer District No. 1, Bond No. 29.
SANITARY SEWER BONDS.
East Side Sanitary Sewer District No. 1, Bonds Nos. 1 to 10 inclusive.
Harman Special Sanitary Sewer District No. 1,'Bond No. 15.
Highlands Special Sanitary Sewer District No. 8, Bond No. 11.
SIDEWALK BONDS.
South Broadway Sidewalk District No. 2, Bond No. 17.
IMPROVEMENT BONDS.
Ash Street Imrpovement District No. 1, Bonds Nos. 6 and 7.
East Capitol Hill Irnprivement District No. 1, Bond No. 58.
Eighteenth Avenue Improvement District No. 1, Bond No. 52.
South Br'adway Impnvement District No. 2, Bond No. 36.
South Capitol Hill Improvement District No. 1, Bonds Noe. 12 to 22
inclusive.
South Fourteenth Street Improvement District No. 1, Bond No. 22.
Nineteenth Street Improvement District No. 1. Bond No. 18.

As stated in the last issue of the State and City Supplement" (May 30 1908)a judgment was granted in 1893 by the
U. S. States District Court against Dallas County for $710,000 of unrecognized railroad bonds.
Indiana.
-Special Session of Legislature Adjourns.
-The
Legislature of this State which convened in special session
on Sept. 18 (V. 87, p. 694)adjourned Sept. 30.
McKees Rocks, Allegheny County, Pa.
-Temporary Injunction.
-:The Pittsburgh "Dispatch of Oct. 8 has the following to say in reference to an injunction issued by the
Upon the request of the holders of any
Common Pleas Court restraining the School Board from con- bonds received 10 days before the expirationof the above
of this call,
tinuing the construction of a new building:
the City Treasurer will arrange for their payment at the
Judge Miller yesterday granted a preliminary Injunction restraining the Mercantile
Trust Co., New York City, but not otherwise.
members of the McKees Rocks School B oard and C ntractor H. L. Krcusler
from continuing w
n the new $145,000 school building until a final
Hamilton County (P. 0. Cincinnati), Ohio.
-Bond Call.
hearing, when, the C urt Intimated, a clear case will have to be made rut
showing that the c ntract price for the building is not a present liability This county has called for payment Nov. 1 $25,000 Longon the district, If he permits the work to fro on.
view Asylum improvement bonds dated Oct. 30 1888.
The plaintiffs charred that the net indebtedness of the school district
was $80,000, and that, with the c st of the new building, It would be In- Denomination $500.

creased bey nd the c nstituti nal limit of 2% of the assessed valuation of
the pr'perty with ut the c nsent of the electors. The members of the
board tried to sh w the Court that even if the indebtedness was increased
beyond the legal requirements, It would so arrange the c ,ntract that only
such porti on ef the w rk would be done on the building consistent with
the m ney n hand t pay it.
The Secretary , the School Board testified that the tax levy did not show
.1
a levy of any milia.o3 f r school building purp ,
ses, this testim ny tending
to refute the claim f the board that It had certain assets Cr new c,,nstruction. Att racy Marr n c ntended that the c ntract was a present liability even if a supplemental contract had been drawn for the contractor
to build as he was given m ncy.
Judge Miller, In granting the restraining order, told the School Board
they would have to sh w him a clear case if they expected to go ahead with
the building. The case will be taken to the Subreme Court for final decisi. n.

Bond Proposals and Nedotiations this week

have bean as fotlows:

Afton School District (P. 0. Afton), Ohenango County,
N. Y.
-Bond Sale.
-On Sept. 21 an issue of $20,000 4% 1-20
year (serial) school-building bonds was awarded to Church
& Hill of Afton at par. Denomination $1,000. Date Oct. 1
1908. Interest semi-annual. ,
Akron, Ohio.-Bond Offering.-Proposals will be reSouth Carolina.
-Constitutional Amendment.
-Prior to the
adjournment of the 1908 Legislature of this State, provision ceived until 7 p. m. Oct. 23 by W. A. Durand, Secretary
was made for a prop_osed amendment to Section 7 of Article 8 Sinking Fund Trustees, for the following 5% bonds:
• of the Constitutiodirelating to municipal bonded indebted- $1,800 Portage Path grading bonds dated August 15 1908. Denomination
$360. Maturity $360 yearly on August 15 from 1909 to 1913
ness to be submitted to the voters at the general election
inclusive.
on Nov. 3. By this proposal the debt limitations now'im- 1,700 S .uth High sewer bonds dated August 15 1908. Denominations:
$600 and $500. Maturity on August 15 as f. llows: $600 in each
posed by the above section and Section 5 of Article 10 of the
of the years 1909 and 1910 and $500 in 1911.
Constitution shall not affect the bonded indebtedness in- 5,400 Alm n Street impruvement bonds dated August 15 1908. Den minati ns: $1,000 and $400. Maturity on August 15 as follows:
curred by the Town of Gaffney when the proceeds of said
$2,000 in each of the years 1913 and 1914 and $1,400 in 1915.
bonds are applied solely and exclusively for the building, 3,100 Portage Path sewer bonds dated Sept. 1 1908. Maturity on
Sept. 1 as follows: $1,000 in each of the years 1909 and 1910
erecting, establishing and maintenance of water-works,
and $1,100 in 1911. Denominations: $1,000 and $100.
electric-light-plants or sewerage system, provided the ques- 16,400 Switzer Avenue Paving binds dated Oct. 1 1908. Denominations:
$1,000 and $400. Maturity $3,000 yearly on Oct. 1 from 1909
tion of incurring such indebtedness is submitted to the voters
to 1912 inclusive and $4,400 on Oct. 1 1913.
of said municipality. The cities of Columbia, Rock Hill, 7,450 Akr n Street improvement bends dated Oct. 1 1908. Denominations: $1,000 and $450. Maturity $2,000 yearly on Oct. 1 from
Charleston, Florence, Georgetown, Bennettsville and Green1913 to 1915 inclusive and $1,450 on Oct. 1916.
ville have already been granted a somewhat similar privilege. 3,700 Byers Avenue paving bonds dated Oct. 11 1908. Denomination
$740. Maturity $740 yearly on Oct. 1 from 1909 to 1913 inclusive.
The Constitutional limitations as to the indebtedness of 8,000 Cr, shy Street and Hyde
Avenue yoaving bonds dated Oct. 1 1908.
counties, municipalities, &c., provide that the bonded debt
Den ;minatirn 5800. Maturity $1,600 yearly on Oct. 1 from
1909 to 1913 inclusive.
of any county, township, school district, municipal corporastorm-water sewer bonds dated
tion or political division or sub-division of the State shall 10,680 $890. Maturity $2,670 yearly onSept. 15 1908. Denomination
Sept. 15 from 1914 to 1917
never exceed 8% of the assessed value of all the taxable
Inclusive.
property therein; and no such debt can be created in any
Interest on the last-mentioned issue is payable semicity or town without submitting the question to the qualified' annually, while on all other issues it is payable annually
voters.
at the National Park Bank in New York City. Certified
Future Issues of School Bonds Exempt from Taxation.
-The check on a national bank for 5% of bonds bid for is re1908 Legislature also passed an Act, which was approved quired. Bonds to be delivered within ten days from time
Feb. 14 1908, exempting from taxation all bonds hereafter of award.
issued by school districts for the erection of school buildings,
Allentown School District (P. 0. Allentown), Pa.
for equipment, for maintaining public schools,or for paying .Offering.-Proposals will be received until 5 p. in. -Bond
indebtedness of such districts. The Act in full is given here- by T. P. Wenner, District Secretary, for $41,000 4% Oct. 28
coupon
with:
school-building bonds. Denomination $500. Date Nov. 1
Section 1.
-Be It enacted by the General Assembly of the State of South 1908. Interest semi-annual. Maturity on
Nov. 1 as folCarolina that all bonds hereafter Issued or sold, or to be hereafter issued
or sold by the•trustees of any school district, or school districts, pursuant lows: $7,500 in 1923; $8,000 in 1928; $9,500 in 1933, and
to the vote of the majority of the qualified voters of such school district, or $16,000 in 1938.
Bonds are exempt from taxation. Certischool districts, voting at an election heretofore or hereafter held for the
erection of buildings, for equipment, for maintaining public schools in such fied check for 5% of bid, payable to the District Treasurer,
district or districts, or for paying Indebtedness of such district or districts, is required.
shall be exempt from all taxation for State, county, municipal or school
Applecreek, Wayne County, Ohio.
-Bond Offering.
purposes.
Proposals will be received until
Municipal Corporations May Issue Certificates of Stock.
- Langell, Village Clerk, for $7,00012 m. Nov. 7 by Tilden
4% water-works bonds.
An Act to amend Article VI., Chapter XLIX, of the laws of
this State relating to municipal corporations was passed by Denomination $350. Date Nov. 1 1908. Interest semithe recent session of the Legislature. This amendment, annual. Maturity $350 yearly on Nov. 1 from 1910 to 1929
which will create a new section, to be known as Section inclusive. Certified check for 5% of the bonds bid for, pay2022a, authorizes the authorities of any incorporated city able to the Village Treasurer, is required. Purchaser to pay
or town of this State to exchange certificates of stock for accrued interest.
Ashland, Ky.-Bond Sale.-This city sold $9,000 bonds
any coupon bonds which have heretofore been,or which may
hereafter be, issued in accordance with the provisions now on August 10. The Merchants' Bank & Trust Co. of Ashset forth in Sections 2008, 2015, 2021 and 2022 of the Code land was the successful bidder, paying par and accrued
of Laws of South Carolina. The Act in full is as follows. interest.
We print it just as given in the Statutes at Large, including
Atlantic County (P. 0. Mays Landing), N.3,
-Bonds to be
Issued Shortly.
-On Nov. 1 this county will issue the $30,000
punctuation marks.
4% registered "Dorset Place bridge bonds" mentioned in
Section 2022a.
-That the city authorities of any Incorporated city or
town of this State shall be, and are hereby, authorized and empowered to V. 87, p. 763. Interest Jan. and July at
the County Colexchange certificates of stock for any coupon bonds which have heretofore
been Issued by said cities or towns, or which they may hereafter Issue, by lector's office. Maturity $5,000 yearly from 1911 _to 1916
virtue of Sections 2008, 2015, 2021 and 2022. for the like amount on inclusive. Bonds are tax exempt.




THE CHRONICLE

1040

Augusta, Kans.-Bond Offering.-Proposals will be
received by Timothy Sexton, City Clerk, for $30,000 5%
Authority Chapter 101,
coupon water-works bonds.
Session Laws of 1905. Denomination $500. Interest
Jan. 1 and July 1 at the State Treasurer's office in Topeka.
Total debt, not including this issue, $18,500. Assessed
valuation $1,068,000.
Aylesbury School District No. 2127 (P. 0. Aylesbury),
Sask.-Debenture Sale.-Nay & James of Regina have
bought $2,000 debentures.
-Temporary Loan.-A loan of $15,000 has been
Bath, Me.
negotiated, it is stated, with Loring, Tolman & Tupper of
Boston at 3%% discount. Loan matures in four months.
-On Oct. 6 the City
-Bonds Authorized.
Bayonne, N. J.
Council passed an ordinance providing for the issuance of
$265,000 5% 20-year high-school bonds.
Beamsville, Ont.-Debenture Sale.-Negotiations have
been completed with A. E. Ames & Co. of Toronto for the
sale of the three issues of 5% tax-exempt debentures, aggregating $15,668 27, offered without success (V. 87, p. 631)
on August 10. The debentures will be sold for $15,500.
-Bond Election.
-An election will be
Beaumont, Tex.
held Oct. 22 to determine whether or not $50,000 5% 2040-year (optional) wharf bonds shall be issued.
-We have just been
-Bond Sale.
Benton Harbor, Mich.
informed that on August 14 an issue of $30,000 4% 30year bridge bonds dated July 1 1908 was disposed of at
private sale to the Harris Trust & Savings Bank of Chicago
-An election will be held'
-Bond Election.
Bisbee, Ariz.
Oct. 24, according to reports, to allow the voters to determine whether or not $230,000 road and water-works-systemimprovement bonds shall be issued.
Bonner Springs, Wyandotte County, Kans.-Bond Sale.
-During the month of September the following bonds were
purchased by the H. P. Wright Investment Co. of Kansas
City:
$25,000 5% water and electric-light-plant bonds voted (V. 87, P. 179)
on July 6 at 100.20. Maturity Sept. 1 1928.
18,000 6% sewer-system-Installation bonds at par. Maturity part
yearly on Sept. 1 from 1909 to 1918 inclusive.

[VOL. Lxxxvii.

McDonald,
Chesley, Ont.-Debenture Offering
Town Clerk, is offering for sale 4% 30-year debentures.
Interest annual.
-Bond Sale.
Choctaw County School District No. 18, Okla.
-The Oklahoma Bond & Trust Co. of Guthrie was recently
awarded an issue of $1,200 6% bonds of this district at par.
Date Aug. 1 1908. Interest Jan. 1 and July 1 at the fiscal
agency in New York. Maturity $400 on July 1 in each of
the years 1918, 1923 and 1928.
-An ordinance was
Cincinnati, Ohio.-Bonds Authorized.
passed by the City Council on Sept. 21 provil ing for the
issuance of $4,500 4% 5-year coupon Nassau Street retainingwall-construction bonds. Denomination $500. Date Oct.
15 1908. Interest semi-annually at the American Exchange National Bank in New York City.
•
Clinton County (P. 0. Plattsburgh), N. Y.
-Bond Sale.
The issue of $110,000 5% 3-year coupon tax-exempt goodroad bonds for which bids were asked until Jan. 15 have
been sold. Soe V. 86, p. 122, for a description of these
secur:ties.
-Bond OfferCoahoma County (P. 0. Olarksdale), Miss.
-Proposals will be received until 2 p. m. Oct. 24 by C.
ing.
W. Clark for $25,509 56 Fishing Bayou Drainage District
and $55,680 64 Hopson's Bayou Drainage District 6% bonds.
Interest semi-annual. Certified check for 2%,payable to
the respective districts, is required.
-Proposals will be reOhio.-Bond Offering.
Columbus,
ceived until 2 p. m. Oct. 20 by the Sinking Fund Trustees,
Martin A. Gemunder, Secretary, for the following bonds:
$175,000 4% water-purifyinfr and supply ben-is dated June 10 1907 and
due Oct. 1 1947. Interest April 1 and Oct. 1.
50,000 4% public•impr wement (city's p rti n) b- n Is dated April 15
1908 an I due March 1 1919. Interest March 1 an I Sept. 1.
n
40,000 43.5 % water main•extensi , bonds dated July 15 1908 and due
Sept. 1 1938. Interest March 1 anI Sept. 1.
25,000 4% % Markis ,n Avenue main-sanitary-sewer b n is dated March 1
1908 an I due March 1 1933. Interest March 1 an .l Sept. 1.
33,000 4% Fult ,n Street impr ,vement bln is date I Au,. 1 1.)0/ and due
Sept. 1 1918. Interest March 1 anl Sept. 1.
is datel April 10 1908 and
17,000 4% Davis Avenue impr ivement b
due March 1 1919. Interest March 1 an I Sept. 1.
vement bln is dated May 20 1908 a ml due
28,000 4% M ler Street impr
March 11919. Interest March 1 ant Sept. 1.
22,000 4% Claren I'm Avenue impr vement b ,nds dated May 20 1908
ant due March 1 1919. Interest March 1 an I Sept. 1.
18,000 4% CHU )11 Avenue Impr ivement b n ,s dated April 10 1008 and
due March 1 1919. Interest March 1 and Sept. 1.
12,000 4% Fl rat Avenue impr vement b n is dated May 20 1908 and
due March 11919. Interest March 1 an Sept. 1.
25,000 4% Sandusky Street impr ,vement b rids dated Sept. 16 1907 and
due Sept. 1 1919. Interest March 1 and Sept. 1.
10,000 4% Deshler Avenue impnvement h nds d ated Oct. 31 1907 and
due Sept. 1 1919. Interest March 1 and Sept. 1.

Denomination $500. Date Sept. 1 1908. Interest
semi-annual.
-Bond Sale.
Boone County (P. 0. Lebanon), Ind.
According to reports, $3,800 gravel-road bonds were recently
sold to the Home National Bank of Thorntown at par.
Denomination $1,000. Interest payable at the office of
-Bond Election.
Bowie County (P. 0. Boston), Tex.
Dallas papers state that an election will be held Nov. 24 to the City Treasurer. Certified check on a local bank for 2%
vote on the question of issuing $250,000 road and bridge of the bonds bid for, payable to the Sinking Fund Trustees,
is required. The securities mentioned above are not new
bonds.
-This place has sold issues, but those held by the sinking fund as investments.
-Debenture Sale.
Brandon, Man.
-We are advised that
Colton, So. Dak.-Bonds Not Sold.
$8,000 5% 20-year sidewalk debentures to Wood, Gundy
the highest bid received for an issue of $8,000 bonds offered
Co. of Toronto.
one of 100.625 for 7s. This offer was not
Bristol, Washington County, Va.-Bond Sale.-The on Sept. 29 was
$60,000 5% 20-30-year (optional) court-house, city-hall accepted. School District •(P. 0. Oorunna), Mich.
-Bond
Oorunna
and jail bonds, proposals for which were rejected on July
-On Oct. 10 the $75 000 432% coupon bonds offered
20 (V. 87, p. 364), were recently awarded to the Fifth- Sale.
day (V. 87, p. 962) were awarded to the BumpusThird National Bank of Cincinnati "at approximately 1% on that Co.of Detroit at 101.101 and accrued interest. PurStevens
premium."
blank bonds and coupons at their own ex- chaser to furnish also received from Devitt, Tremble &
-Note Offering.
Bristol County (P. 0. Taunton), Mass.
pense. Bi-'s were
will be received until 10 a. In. Oct. 20 by William Co., the Harris Trust & Savings Bank; Woodin, McNear &
Proposals
It. Black, Clerk Board of County Commissioners, for $100,- Moore, Farson, Son & Co., all of Chicago, and E. B. Cald000 43'% bridge notes. Authority Chapter 462, Acts of well & Co.and W.E. Moss & Co., both of Detroit.
1903. Denomination $20,000. Date Oct. 22 1908. InCovina Union High School District, Cal.-Bond Sale.
terest semi-annually at the First National Pank in Boston
on Oct. 5 was awarded,
desired. Maturity Oct. 22 1910. Notes An issue of $60,000 bonds offered Examiners for $63,670,
or by check if so
it is stated, to the State Board of
are exempt from taxation.
the price thus being 106.116.
Brooke County (P.0. Wellsburg), W. Va.-Bond Election.
-Bond Offering.-ProCrookston, Polk County, Minn.
-A proposition to issue $300,000 10-34-year (optional)
p. m. Oct. 20 by A. M. Childs,
road bonds at not exceeding 43% interest will be sub- posals will be received until 8 57 coupon bonds: $6,000 for
City Clerk, for the following 0
mitted to a vote of the people on Nov. 3.
repairing the city jail, the City Council chamber and the fire
-Bonds Voted.-An election held Oct. 5 department headquarters, and $7,500 ("or a less amount at
Tex.
Brownwood,
.resulted in favor of a proposition to issue $25,000 street- the option of the City Council") for bridges. Denomination
improvement and school-building 5% 40-year bonds. The $500. Interest is payable at the City Treasurer's office.
vote was 210 to 24.
Maturity ten years. Bid to be made on each issue separately
-W.C. and to state whether the bidder wishes the interest paid
Buck Eye School District, Sask.-Debenture Sale.
purchased $1,200 debentures of this annually or semi-annually. Certified check for 5% of bid
Brent of Toronto has
district.
is required.
-Bond Election.
Canandaigua, Ontario County, N. Y.
-Bonds Registered.
Dallas County (P. 0. Dallas), Tex.
A proposition to issue $35,000 water-works-pumping-plant- An issue of $2,800 4% 5-20-year (optional) bri ge-repair
extension bonds will be voted upon, according to reports, on bonds was registered on Oct. 9 by the State Comptroller.
Oct. 24.
-Bond Offerinj.-Proposals will be reDayton, Ohio.
Carnegie School District (P. 0. Carnegie), Caddo County, ceived until 12 m. Nov. 9 by Edward Philipps, City Auditor,
Okla.
-Bond Sale.-School-building bonds to the amount for the followiniz 5% coupon bonds:
$12,500 Ludlow Street paving bonds. Denomination $1,000, except
of $12,000 were recently sold.
one bond of $1,500. Maturity on Nov. 1 as follows: $1,500 in
Carter County (Okla.) School Districts.-Bond Sales.
1909, $1,000 yearly from 1910 to 1916 Inclusive and $2,000 in
each of the years 1917 and 1918. A certified check for $525
The Oklahoma Bond & Trust Co. of Guthrie recently puris required.
chased the following 6% school district bonds:
8,300 Salem Avenue paving bonds. Denomination $1,000, except one
$4,000 School District
Aug. 22 1908.
2,500 School District
Aug. 25 1908.
8,000 School District
Sept. 25 1908.
2,000 School District
Aug. 19 1908.
1,000 School District
Sept. 28 1908.

No. 4 bonds at 102.

Denomination $500.

Date

No. 5 bonds at 101.

Denomination $400.

Date

No. 20 bonds at 102.

Denomination $500.

Date

bond of $1,300. Maturity $1,300 on Nov. 1 1911 and $1,000
'yearly on Nov. 1 from 1912 to 1918 Inclusive. Certified check
for $415 Is required.

The above bonds are dated Nov. 1 1908. Interest semiannually in New York City. Bid to be made on each issue
No. 24 bonds at 101. Denomination $500. Date separately. The certified checks in the above amounts must
be unconditional and drawn on a national bank and made
No. 41 bonds at par. Denomination $500. Date
payable to the City Auditor. Delivery Nov.9 1908.
De Borgia ge.hool District No. 38 (P. 0. De Borgia),
Jan. 1 and July 1 at the fiscal agency in New York
Interest
-Bond Sale.-The $2,500 5-10Missoula County, Mont.
City. Maturity July 11928.




THE CHRONICLE

OCT. 17 11)(13.1

1041

year (optional) bonds offered on Sept. 15 and described in
V. 87, p. 632, have heen sold to the State Board of Land
Commissioners as 53's.
Dekalb County (P. 0. Decatur), Ga.-Bond Election
-This county proposes to hold an election to vote
Proposed.
on the issuance of $300,000 road bonds.
-An issue
-Bond Sale.
Derby, New Haven County, Conn.
of $60,000 4% 20-year refunding bonds dated Oct. 1 1908
has been sold to Hicks Bros. & Co.of Bridgeport. The price
paid was 99.25 and interest. Denomination $1,000. Interest semi-annual.
Dexter School District No. 8, Chaves County, New Mex-Proposals will be received until 10
ico.
-Bond Offering.
a. m. Oct. 24 by J. S. Lea, County Treasurer (P. 0. Roswell), for $1,600 6% coupon school-house bonds. Authority
Section 1542, Compiled Laws. Denomination $500, except
one bond of $100. Maturity 30 years, subject to call after
10 years. Interest Jan. 1 and July 1 at the County Treasurer's office.
.
-On Oct. 5
Dickson City School District, Pa.
-Bond Sale.
this district awarded the $50,000 5% coupon bulling bonds
described in V. 87, p. 890, to Forrest & Co. of Philadelphia
at 100.615. The following proposals were submitted:

Bids.
-The following bids were received for the $2,800
4M% Fremont Street improvement bonds offered on the
same day:

Well, Roth & Co., Cin__ _$15,673 0010115 & Hough, Cleveland 315,582 00
Seasongood & Mayer,Cin. 15,622 141C. E. Denis m & Co., Clev- 15,560 75

Date Aug. 22 1908. Maturity July 1 1928.
1,000 School District No. 23 bonds at par. Denomination $500. Date
Aug. 15 1908. Maturity Jan. 11928.
1,000 School District No. 39 bonds at par. Denomination $500. Date
Sept. 1 1908. Maturity Jan. 1 1928.
1,500 School District No. 50 bonds. Denomination $500. Date Sep. 12
1908. Maturity Jan. 1 1928.

Barto, Scott& Co.. Columbus-$2,8031W. R.Todd & Co., CincinnatiHayden, Miller & Co.,Clev.
par I

par

Bond Offering.-Proposals will be received until 12 m.
Nov. 5 by T. Yant, City Auditor,for $1,7504% Columbus
Avenue improvement bonds. Authority section 2835 of
Revised Statutes and section 53 Municipal Code. Denominations $500 and $250. Date day of sale. Interest semiannual. Maturity $500 on Sept. 1 from 1909 to 1911 inclusive and $250 in 1912. Certified check for 3% of the bonds
bid for, payable to the City Treasurer, is required. Purchaser to pay accrued interest.
Freeport, Harrison County, Ohio.
-Bond Sale.
-The
$1,800 4% 1-5-year (serial) coupon street-piking bonds
offered on Sept. 5 (V. 87, p. 560) have been sold to Wm.
Smith and S. K. George of Gilmore for $1,820-the price
thus being 101.111-a basis of about 3.607%.
Fruitvale School District, Kern County, Cal.
-Bond Sale.
-On Oct. 10 the $3,000 5% school-building bonds described
in V. 87, p. 891,were awarded to the Bank of Bakersfield
for $3,035-the price thus being 101.166.
-Bond Election Proposed.
Gadsden, Ala.
-Local papers
report that the City Council has decided to call an election
Forrest & Co., Philadelphia_100.615 'First Nat. Bk., Cleveland_ 18
X
• ar to vote on the question of issuing $50,000 water-works
A. B. Leach & Co., PhIla_ _ _ _100.57 'Emery, Anderson & Co., Clev.
*tar bonds.
Lamprecht Bros.& Co., Clev.100.20 'Providence Bank, Scranton_
* "For a part of the issue."
Galion, Ohio.
-The 434% coupon bonds
-Bond Award.
A bid was also received from C. E. Denison & Co. of offered on Oct. 5 (V. 87, p. 891) were awarded on Oct. 8 as
Cleveland. Maturity $25,000 in 1918 and $25,000 in 1928. follows:
$56,000 sewage and disposal-plant bonds due $3,000 yearly on Sept. 1 from
-An issue
Dominion of Canada.
-Sale of Inscribed Stock.
1909 to 1926, inclusive, and $2,000 on Sept. 1 1927, awarded to
Field, Longstreth & Co. of Cincinnati nr $58,250, the price thus
of £5,000,000 3% inscribed stock offered by popular subbeing 104.017.
scription up to Oct. 5 was taken at par by the underwriters. 21,235 West Main Street Improvement assessment bonds due $2,000 yearly
on March 1 trim 1910 to 1919, inclusive, and $1,235 on March 1
Advices.from the Bank of Montreal in London to the Toronto
1920, awarded to Seasongood & Mayer for 321,708 50, the price
"Globe" state that 25% of the loan has been purchased by
thus being 102.229.
the public at par. Interest Jan. 1 and July 1. Maturity 13,639 West Main Street paving assessment bonds due $639 on March 1
1910 and $1,000 yearly on March 1 from 1911 to 1923, inclusive,
July 11950, subject to call after July 1 1930.
awarded to the City Savings 63 Loan Co. of Mansfield, for $14.064 50, the price thus being 103.119.
-An election held Oct. 3 reDouglas, Ga.-Bonds Voted.
Galveston, Tex.
-Bonds Registered.
-The State Comp
sulted in a vote of 252 to 0, it is stated, in favor of the question of issuing $35,000 bonds for additions to the school build- troller on Oct. 5 registered the $25,000 5% 20-40-year
(optional) public-school-house bonds awardel on Sept. 30
ings and the water plant.
East Cleveland (P.0. Station J., Cleveland), Ohio.
-Bond to E. A. Toebelman of Galveston (V. 87, p. 963) at 100.935
-On Oct. 12 the $15,500 4% 193/-year coupon water- and accrued interest.
Sale.
2
Garvin County (Okla.) School Districts.-Bond Sales.
main-extension bonds described in V. 87, p. 962, were
awarded to Weil, Roth & Co. of Cincinnati at 101.116 and The following 6% School District bonds have been bought
accrued interest-a_basis of about 3.918%. The bids were by the Oklahoma Bond & Trust Co. of Guthrie:
as follows:
31,250 School District No. 22 bonds at par. Denomination $500 and $250.
East Wawanosh Twp.,(P. 0. Belgrave), Ont.-Debenture
Offering.
-Proposals will be received until Oct. 29 by F.
drainage debentures. Interest
Anderson, for $2,500 5
annually on Dec. 31. Maturity part yearly on Dec. 31 for
twenty years.
Elbert County (P. 0. Elberton), Ga.-Bonds Defeated.
The proposition to issue the $20,000 bridge-construction
bonds, mentioned in V. 87, p. 890, was defeated at an election held Oct. 7.
-Bonds Not to be Re-Offered
Elizabeth City, No. Caro,
at Present -We are advised that the $40,000 5% coupon
market-house bonds bids for which were rejected on August
25 (V. 87, p. 632) will not be placed on the market again
for some time.
Elizabeth City Graded School District (P. 0. Elizabeth
City), No. Caro.-Bonds to be Offered Shortly.-D. B.
Bradford, Treasurer, is about to offer for sale $20,000
graded-school bonds. These securities are part of an
authorized issue of bonds "a large portion" of which has
been purchased by local investors.
-Bond Offering.
Enterprise, Wallowa County, Ore.
Further cietails are at hand relative to the offering on Oct. 20
of the $30,000 5% water-works bonds mentioned in V. 87,
p. 962. Proposals will be received until 12 m. on that day
by W. E. Taggart, City Recorder. Denomination $1,000.
Date Oct. 1 1908. Interest Jan. and July at place to be
agreed upon between the purchaser and the city. Maturity
Oct. 1 1928, subject to call after Oct. 1 1918. Bonds are
free from city taxes. Total debt, this issue. Assessed
valuation $480,000.
Findlay School District (P. 0. Findlay), Ohio.
-Bond
-On Oct. 15 the $12,000 4% 8-19-year (serial) coupon
Sale.
school-building-repair bonds described in V. 87, p. 962,
were awarded to Seasongood & Mayer of Cincinnati at 100.66.
Fostoria, Ohio.
-Bond Sale.
-On Oct. 12 the $11,000
Centre Street, the $10,000 County Line Street and the $7,800
Street 44% improvement bonds, described in
East High
V. 87, p. 962, were sold as follows: The first issue to the
Security Savings Bank & Trust Co. of Toledo at 100.75 and
the other two issues to Hoehler & Cummings of Toledo at
100.425 and $7,827 (100.346) respectively. Purchasers to
pay accrued interest. The following bids were also received:
C. E. Denison & Co., Cleveland
Otis & Hou7h, Cleveland
Well, Roth do C)., Cincinnati
Hayden, Miller 63 )., Cleveland
tt
C Aumbus
Barto, Sc, &
W. It. Todd & Co., Cincinnati




4$10,000
bonds,
bonds.
7800
$7,824 25
7,821 50
7,820 00
7,82000
7,81600
7,807 50

$10,033 25
10,02/ 50
10,037 50
10,025 00
10,037 00
10,017 50

$11,000
bonds.
$11,047 50
11,030 00
11,055 00
11,028 00
11,021 00
11,035 00

Interest Jan. 1 and July 1 at the fiscal agency in New York
City.
Gates, N. Y.
-Bond Sale.
-An issue of $26,000 5% Jay
Street lateral sewer assessment bonds was disposed of at
par on Sept. 30 to the Roc-ester Trust & Safe Deposit Co,
of Rochester. Date Oct. 1 1908. Interest semi-annual.
Maturity Oct. 1 1916, subject to call, however, on Oct. 1
as follows: $5,000 in 1909, $4,000 in each of the years 1910,
1911 and 1912 and $3,000 in each of the years 1913, 1914
and 1915.
Glenfield, Pa.
-Bond Sale.
-On Oct. 5 the $30,900 5%
bonds described in V. 87, p. 829, were awarded to the
Washington Investment Co. and Karl F. Miller of Pittsburgh. Bonds are redeemable $5,000 in ten years, $3,900
in fifteen years, $5,000 in twenty years, $7,000 in twentyfive years and $10,000 in thirty years.
Goderich, Ont.-Debenture Sale.
-Local improvement debentures aggregating $8,262.80, bearing 5% interest and
due in twenty years, were purchased recently by G.A. Stimson & Co.of Toronto.
Greene County (P. 0. Greensboro), Ga.-Bond Election.
Propositions to issue $25,000 road and $25,000 bridge 4%
bonds will be voted on at an election to be held Nov. 3.
Maturity from "1929 to 1939."
-Notes Authorized.
Greenfield, Mass.
-This town has
authorized the issuance of notes for the following purposes:
$10,000 for a library, $4,000 for schools and $2,500 for grade
crossings. They will mature Oct. 15 1909 and we are
advised will be disposed of loc,ally as the money is needed.
Green Township, Mahoning County, Ohio.
-Bond Sale.
The $3,500 5% coupon school-house-improvement bonds,
describel in V. 87, p. 891, were sold on Oct. 10 to to O.W.
Hulin for 33,515-the price thus being 100.428. Bids were
also received from Hayden, Miller & Co. of Cleveland and the
Canfield Bank. Maturity $500 each six months from April
15 1909 to April 15 1912 inclusive.
Guyandotte, Cabel County, W. Va.-Boni Offering.
Proposals will be received until 12 m. Oct. 19 by V. H.
Crites, Village Recorder, for $26,000 5% coupon publicimprovement bonds. Authority Chapter 8, Acts of 1908.
Denomination $500. Date May 11908. Interest annually
at the First National Bank of Cincinnati. Maturity May 1
1918. Certified check for $500, payable to the "Treasurer
of the Town of Guyandotte", is required. Bonded debt,
this issue. Assessed valuation 1908, $650,445.

1042

THE CHRONICLE

[VOL. txxxvii.

-According to local bonds dated Oct. 1 1908 and described in V. 87, p. 830,
Hamilton, Ont.-Debentures Proposed.
papers, the Finance Committee proposes to issue $50,000 de- were sold on Sept. 30. The securities were bought by John
bentures for pumps and motors for water works.
Nuveen & Co. of Chicago at 102.
-Bond Sale.
-On Oct. 9 the $254,800
Harrisburg, Pa.
Lockport Township School District (P. 0. Lockport),
4% 18-24-year (serial) coupon (with privilege of registration Will County, 111.
-At an
-Bonds Voted-Bond Offering.
as to principal) tax-exempt bonds described in V. 87, p. 891, election held Oct. 3, 31 votes were unanimously cast in favor
were awarded to H. F. Bachman & Co. of Philadelphia for of a proposition to issue $50,000 5% high-school-building
$260,403 06 (102.199)and accrued interest-a basis of about bonds. Interest semi-annual. Maturity $21000 yearly
3.847%.
from 6 years to 10 years inclusive from date of issue, $3,000
Harrison County (P. 0. Gulfport), Miss.
-Bond Election.
- yearly from 11 years to 15 years inclusive and $5,000 yearly
We are advised that the election to vote on the question of from 16 years to 20 years inclusive from date of issue. Bids
issuing the $50,000 general road-improvement and bridge for these bonds will be received by Wm.W. North, Secretary
bonds will be held on Oct. 20 and not Nov.3,as was reported Board of Education.
in V. 87, p. 963.
Lockridge Independent School District (P. 0. Lock-Bond Election.
-On Oct. 24 this district
Hedrick, Keokuk County, Iowa.
-Bond Sale.
-An issue ridge), Iowa.
of $1,200 6% judgment bonds was recently disposed of to will vote on the issuance of $3,000 10-year school-house
local investors at par. Denomination $600. Date Sept. bonds at not excdeding 6% interest.
7 1908. Interest annual. Maturity Sept. 7 1910, subject
-Bond Sale.
Logan, Ohio.
-On Oct. 12 the First National
to call at any interest-paying period.
•Bank of Logan paid par for the $7,000 4% sewer-construction
-Bond Offering.
Helena, Mont.
-J. A. Mattson, City bonds described in V. 87, p. 963. Maturity $1,000 yearly
Clerk, will offer at public auction at 12 m. Nov. 16 the $600,- on March 5 from 1911 to 1917 inclusive.
000 5% gold water bonds voted (V. 86, p. 1241) on April 25.
Lone Tree School District, Kern County, Cal.-Bond
Denomination $1,000. Date Oct. 1 1908. Interest semi- Sale.
-On Oct. 10 the $10,000 6% 11-15-year (serial) schoolannually at the City Treasurer's office or in New York City building bonds described in V. 87, p. 963, were awarded to
at option of the purchaser. Maturity on Oct. 1 as follows: the Bank of Bakersfield at 112.05.
$100,000 in each of the years 1918 and 1923 and $400,000 in
-Bonds Voted.-According to reports
Lone Wolf, Okla.
1928. Certified check for $10,000, payable to Frank J. this town has unanimously voted to issue $20,000 schoolEdwards, Mayor, is required.
building bonds.
Henderson, Sibley County, Minn.
-Bond Sale.
-On Oct.
Lorain, Ohio.-Bonds Defeated.
-We see it stated that a
7 $5,000 5% 10-year coupon refunding electric-light bonds proposition to issue $65,000 bonds for the construction of
were awarded to the Union Investment Co. of Minneapolis an undercut crossing at Tenth Avenue was defeated by a
at 103.20 and accrued interest--a basis of about 4.598%. vote of 458 "for" to 604 "against" at an election held
Following are the bids.
Sept. 22.
Union Invest.Co. Minneapolls$5,1601Kane & Co., Minneapolis
$5,080
2
% 33/2-year
-Papers state that $22,500 0/
Bond Sale.
First Nat. Bk., dhak .pee____ 5,150 Minnesota Loan & Trust Co.,
First Nat. Bk., St. Peter_ -- - 5,100
Minneapolis
5,035 (average) sewer bonds have been disposed of at private
Denomination $1,000. Date Oct. 1 1908. Interest sale to Lamprecht Bros. & Co. of Cleveland.
-Bond Sale.-The
semi-annually in New York, Chicago or St. Paul.
Lucas County (P. 0. Toledo), Ohio.
Highland Park School District No. 5, Henrico County, $20,000 5% 1-5-year (serial) road-building bonds described
-An election will be held on Oct. 27 in the "Chronicle" of Oct. 10 attracted the ,following list
Va.-Bond Election.
to vote on the question of issuing $30,000 school-building of bids on Oct. 14:
First Nat. Bk., Cleveland.$20,485 00 I Seasongood & Mayer, Cin.$20,452 00
bonds.
Hoehler & Cummings,Tot. 20,481 50 Hayden, Miller&Co., Clev. 20,428 00
See.Sav.B1c.& T.Co., Tol. 20,481 00 Well, Roth & Co., Cincin. 20,425 00
-Bonds Authorized.
Holyoke, Hampden County, Mass.
The Board of Aldermen recently authbrized the issuance of C. E. Denison & Co., Clev. 20,466 25 Cent.Tr.dc Safe D.Co.,Cin. 20,360 00
Marcellus, Onondaga County, N. Y.
-On
-Bond Sale.
$5,000 school-building-addition bonds.
the $25,000 5-29-year (serial) registered water-works
-The Mayor has chosen Oct. 12 described by
Houston, Tex.
-Bond Election.
us
Oct. 22 as the day upon which to submit to a vote of the bonds, Co. of New Yorklast week, were awarded to W. N.
Coler &
City
100.116
people the proposition to issue the following 43% 20-30-year for 43-s. Bonds are dated at 11908. and accrued interest
Oct.
(optional) bonds,mention of which was made in V. 87, p
Mason County School District No. 61, Ill.-Bond Sale.
830; $225,000 for constructing permanent drainage sewers;
$225,000 for constructing permanent sanitary sewers; $100,- We have just been advised that on July 1 $10,000 4% school
000 for constructing and extending the water mains and building bonds were bought by the Farmers' National Bank
$150,000 for constructing wharves and slips on Buffalo of Pekin. Denomination $500. Date July 1 1908. Interest semi-annual. Maturity $1,000• in .1915 and $1,500
Bayou. Intcrest SCE!'i-annual.
-The $100,000 5% 20-30-year (optional) yearly from 1916 to 1921 inclusive.
Bonds Registered.
Massac County (P. 0. Metropolis), Ill.-Bond Election.
coupon street-repair bonds awarded on Sept. 17 to Mac
Donald, McCoy & Co. of Chicago at 106.010 (V. 87, p. 830) An election will be held Nov. 3 to vote on the question of
were registered on Sept. 25 by the State Comptroller.
issuing $50,000 bonds at not exceeding 5% interest.
-It is reported in local
Janesville, Wis.-Bond Sale.
-Bonds Authorized.
Maury County (P.0.Columbia),Tenn.
papers that the $45,000 4% coupon main-outlet-sewer -It is stated that on Oct. 5 the Quarterly Court voted to
bonds, bids for which were rejected on Oct. 1 (V.87, p. 963), issue about $150,000 4% funding bonds.
have been sold to the Rock County. National Bank of JanesMedina, Orleans County, N. Y.
-Bond Sale.
-On Oct.9
ville at par. Maturity $2,500 yearly on July 1 from 1910
the $30,000 registered village-hall-construction bonds deto 1927 inclusive. "
scribed in V. 87, p. 892, were awarded to N. W. Halsey
Kelowna, B. 0.
-Debenture Sale.-This place has sold & Co. of New York City at 100.05 and accrued interest for
6% 20-year school debentures to W. C. Brent of 4.25s. The bids received were as follows:
$5,000
Toronto.
$30,018
N. W. Halsey & Co., New York (for 4.258)
Co., New York (for 4.30s)
30,027
-Debenture Sale.
Kincardine Township, Can.
-The On- J. S. Bache & & Co.,
New York (for 4.35s)
30,065
N. W. Harris
tario Securities Corporation of Toronto has purchased $2,400 W. J. Hayes & Sons, Cleveland (for 4.40s)
30,007
Otis & Hough, Cleveland (for 4.50s)
30,000
5% 10-year school debentures of this township.
30,015
O'Connor & Kahler, New York (for 4.75s)
King County School District No. 46, Wash.
-Bond Offer- Maturity $2,000 yearly on Aug. 1 from 1913 to 1927 ining.-Proposals will be received until 11 a. m. Oct. 26 by clusive.
Matt H. Gormley, County Treasurer (P.O.Seattle) for $11,-In
Mercer County (P. 0. Celina), Ohio.
-Bond Sale.
000 coupon school-house bonds. Authority vote cast at
election held July 14 1908. Denomination $500. Interest addition to the $21,000 432% coupon Wolf Road bonds
(rate not to exceed 6%) payable annually at the County offered on Oct. 10,and described in V. 87, p. 892, proposals
Treasurer's office in Seattle or at the fiscal agency of the State were also received on the same day for the following 432%
of Washington in New York City at option of purchaser. bonds:$9,500 for the Rutledge Road,$11,500 for the Linnger
Maturity 15 years, subject to call after 7 years. Certified Road, $5,500 for the Martz Road and $6,000 for the Harb
check or draft for 1% of the bonds, payable to the County Road. The purchaser was the Cleveland Trust Co. of
Treasurer, is required. Bonds will be ready for delivery on. Cleveland, paying 102.131 for the lot. Following is a list
Nov. 15 1908. This district has no debt at present. As- of the bidders and the premiums offered by the same:
Cleve. Tr. Co., Cleveland_$1,139 55 Otis & Hough, Cleveland__ $998 00
sessed valuation 1.908 $298,348. Warrant debt $728 23.
.
Seasongood & Mayer, Cin_ 1,120 10 IField, Longstreth & Co., Cln. 971 00
1,105 60 Well, Roth
Hoehler
La Grande, Ore.
-On Oct. 7 the $160,000 5% Citizens'& Cummings, Tol_ 1,093 00 New First & Co., Cincin__ 960 00
-Bond Sale.
Bank
Banking Co
10-20-year (optional) coupon Beaver Creek pipe-line bonds C. E. Denison & Co., Cleve_ 1,066 101 ColumbusNational
909 50
260 00
Hayden, Miller & Co.. Clev. 1,035 00 IW. R. Todd & Co. Cincin_
offered on that day (V. 87, p. 830) were awarded to John
be reNuveen & Co. of Chicago at par. Interest is payable semiMeriden, Conn.
-Bond Offering.-Proposals will
annually.
ceived until 1 p. m. Oct. 31 by Silas B. Hall, Town Tri as-.
Lebanon, Ohio.
-Bond Sale.
-On Oct. 1 an issue of $1,500 urer, for $350,000 4% coupon bonds. Authority Section
5% 22-24-year (serial) trunk-sewer-construction bonds 1931, General
Statutes. Interest May 1 and Nov. 1 at the
was disposed of. The securities were bought by J. Lee
Maturity on
Thompson & Son of Mason for $1,615 (107.666) and $6.25 Fourth National Bank in New York City.
accrued interest. Denomination $500. Date Sept. 11908. May 1 as follows: $10,000 yearly from 1912 to 1924 incluInterest annual.
sive and $20,000 yearly from 1925 to 1935 inclusive.
The official notice of this bond offering will b3 found a inong
Lenoir City, Tenn.
-Bond Sale.
-The $10,000 streetimprovement and the $5,000 school 6% 30-year coupon the advertisements elsewhere in this Department. .




OCT 17 1908.1

THE CHRONICLE

Miamisburg, Montgomery County, Ohio.
-Bond Sale.
On Oct. 10 the $8,760 4% 1-10-year (serial) coupon Central
Avenue improvement bonds described in V. 87, P. 892,
were awarded to the First National Bank of Miamisburg at
100.171 and accrued interest. Following are the bids:
,First Nat. Bk., Miamisburg_18,7751Seasongood & Mayer, Cm.
Dayton Sav.& Tr.Co., Dayton 8,761

cinnatl

48,760

1043

elusive. Certified check or cash for $500, payable to the
"Village of North Pelham," is required. Delivery on or
before Nov. 15 1908.
Oakland, Md.-Bond Issue Withdrawn.
-We are advised
that an issue of $60,000 5% bonds which it was proposed to
offer on Oct. 19 "has been withdrawn for the present.'
Olustee School District No. 35 (P. 0. Olustee), Jackson
County, Okla.
-Bond Sale.-During the month of September
$22,000 6% 20-year school-building bonds were awarded to
the H. P. Wright Investment Co. of Kansas City at par.
Denomination $500. Date July 1 1908. Interest semiannual.
Oskoloosa School District (P. 0. Oskoloosa), Kans.Bond Sale.-The H. P. Wright Investment Co. of Kansas
City bought $4,000 5% school-building bonds during the
month of September at 101.25. Denomination $500.
Date July 1 1908. Interest semi-annual. Maturity $500
yearly on Jan. 1 from 1910 to 1917 inclusive.
Ossining Union Free School District No.1(P.O.Ossining),
Westchester County, N. Y.
-Bond Sale.
-The $12,000 5%
18-19-year (serial) coupon high-school-building-addition
bonds described in V. 87, p. 964, were sold on Oct. 15 to
N. W. Halsey & Co. of New York City for $13,151-the
price thus being 109.591.
Otero County School District No. 4, New Mexico.
-Bond
Sale.-The First National Bank of Barnesville, Ohio, bought
$2,500 6% 10-30-year school-building bonds on August 24
at 101.04. Denomination $500. Interest March and
September.
Parry Sound, Ont.-Debenture Sale.
-W. A. MacKenzie
& Co.of Toronto paid 101.268 and accrued interest on Oct. 5
for the $16,000 5% school-building debentures described
in V. 87, P. 893. A list of the bids received follows:

Midland, Ont.-Debenture Sale.-This„ place has awarded
.$12,000 5% 10-year electric-light-extension debenturesto W.
A. Mackenzie & Co. of Toronto.
Milford, Mass.
-Bond Offering.-Proposals will be re.ceived until 3 p. m. Oct. 20 by Clifford A. Cook, Town Treasurer, for $50,000 4% coupon sewer bonds. Authority election held Aug. 17 1908. Denomination $1,000. Date Nov.
1 1908. Interest semi-annually at the City Trust Co. of
Boston. Maturity $2,000 yearly on Nov. 1 from 1909 to
1933 inclusive. Bonds are tax-exempt and will be ready for
,delivery Nov. 1 1908. A certified check for 1% of bonds
bid for, drawn on any national bank or trust company, and
made payable to the 'Town of Milford," is required. Bonds
will be certified as to their genuineness by the City Trust Co.
of Boston who will further certify that their legality has been
approved by Storey, Thorndike, Palmer & Thayer of Boston,
'
a copy of whose opinion will be delivered to the purchaser.
Official circular states that no bonds have ever been contested and that the interest has always been promptly paid.
Moranville Township, Roseau County, Minn.
-Bond
•Offering.-Proposals will be received up to and including
Oct. 29 (to be opened at 1 p. m. Oct. 30) by John Hanson,
Town Clerk (Warroad), for $2,300 road-grading and $12,000
funding 6% bonds. Interest semi-annual. Maturity ten
years.
Momington Township, Can.-Debenture Sale.
-G. A.
•Stimson & Co. of Toronto have bought $3,500 4% 10-year W. A. MacKenzie & Co____$16,203 Ontario Securities Co
U5.807
Geo. A. Stimson & Co
16,011 A E. Ames & Co
school debentures of this place.
15.710
Wood, Gundy & Co
15,916 Dominion Securities CorporMurray County School District No. 25, Okla.
15,829
-Bond Sale. W. C. Brent
atIon, Ltd
15.560
-An issue of $1,000 6% school bonds was recently disposed
The above bidders are all from Toronto. Maturity part
of at par to the Oklahoma Bond & Trust Co. of Guthrie. yearly on Dec. 15 for thirty years. This town will soon be on
Denomination $500. Date Aug. 17 1908. Interest semi- the market with $14,000 light and water debentures.
annually at the fiscal agency in New York City. Maturity
Paterson, N. J.
-Bond Offering.-Proposals will be reJuly 1 1928.
ceived until 4 p. m. Oct. 22 by John J. Brophy, City Clerk,
MUtual(P.O. R.F.D. No.5,Urbana), Champaign County
Ohio.
-Bond Offering.-Proposals will be received until 12 m. for $200,000 "4% or 4%" coupon school bonds. DeOct. 26 by W. H. Goul, Village Clerk, for $1,200 6% coupon nomination $1,000. Date Nov. 1 1908. Interest is paysidewalk assessment bonds. Denomination $100. Date able semi-annually. Maturity Nov. 1 1933. Certified check
Oct.261908. Interest semi-annually at the National Bank of for 5% of bid, drawn on a national bank
or a duly incorUrbana. Maturity $100 yearly on Oct. 26 from 1909 to 1916
inclusive And $200 on Oct. 26 in each of the years 1917 and porated State bank, and made payable to the City Treasurer,
1918. Bonds are free from all taxes. Purchaser to pay is required. Purchaser to pay accrued interest.
accrued interest. The village has no debt at present.
The official notice of this bond offering will be found among
New Albany, Ind.
-Bond Sale.-This city has sold the the advertisements elsewhere in this Department.
-$38,000 6% street
-improvement bonds mentioned in V.. 87,
Peoria, Ill.-Bond Sale.
-On Oct. 12 the $50,000 4%
p. 892.
coupon bridge bonds described in V.87, p. 965, were awarded
Newark, N. J.
-Amount of Issue Decreased.
-According to N. W. Halsey & Co. of Chicago at par.
to advices received from the City Comptroller, the amount
Phoenixville, Chester County, Pa.
-Bond Sale.-Wurts,
of the 4% 40-50-year (optional) registered or coupon school Dulles & Co. of Philadelphia are reported as having purbonds awarded on Sept. 22 to Kountze Bros. of New York chased the $50,000 4% paving and refunding bonds
City (V. 87, P. 831) has been reduced from $1,361,000 to described in V. 82, p. 832,at 100.18. Purchaser to furnish
$1,286,000.
blank bonds. Securities will be dated Nov. 19 1908 and
New Liskeard, Ont.-Debenture Election.
-An election mature on Nov. 1 as follows: $15,000 in each of the years
will be held to-day (Oct. 17) for the purpose of ascertaining 1923 and 1933 and $10,000 in each of the years 1928 and
whether or not the voters favor a proposition to issue $15,000 1938.
.5% water-works-system-completion and extension bonds
Point Grey, B. C.
-Debenture Sale.-Aemilius Jarvis Sr Co.
maturing part yearly for thirty years.
of Toronto were the successful bidders for $25,000 5% 20Newport, Ky.-Bond Election.
-On Nov. 3 the people will year water-works debentures of this place.
vote on the question of issuing $85,000 water-works bonds.
Pontotoc, Miss.
-Bonds Not Sold.
-Up to
These securities take the place of the $100,000,4% 30-year had yet been made of $25,000 .”i% 20-year Oct. 6 no sale
public-schoolmentioned in V. 87, p. 831.
water-works bonds
house bonds offered on Sept.25. Denomination $500. Date
New York City.-Sale of Revenue Bonds.
-During the Aug. 1908. Interest annually in February.
past week this city has disposed of several million dollars
Portage la Prairie, Man.
-Debenture Sale.-Consolidated
worth of revenue bonds. The bonds were placed with debt debentures to the amount of $57,000 have
been sold to
various banks and private banking houses at rates of interest Wood, Gundy & Co. of Toronto.
ranging from 3 8% on four months bonds to 4% on those
Prince Edward County (P. 0. Picton), Ont.-Debenture
running for one year. As previously stated,the city issued
-Further details are at hand relative to the offering
$13,460,000 of these securities in September at interest, Offering.
good-road-construction
rates ranging from 2% to 23/8%. These low rates of in- on Oct. 22 of the $35,000 4
terest were due, however,.to the fact that the bonds then debentures mentioned in last week's issue. Proposals for
placed run for a much shorter period than those just dis- these debentures will be received until 10 a. m.on that day
by D. N. Bongard ,County Treasurer. Date day of issuance.
posed of.
Interest annually on Sept.
Ninety-Six School District No. 13 (P. 0. Ninety-Six), real of Canada. Maturity 28 in Picton ,at the Bank of Montpart yearly on Sept. 28 from 1909
Greenwood County, S. 0.
-Bond Sale.
-The $12,000 6% to 1928 inclusive. Present debt $29,400
20-year school-building bonds described in V. 87, p. 832, assessed valuation for 1908, $7,304,469. 17. Equalized
were awarded to C. H. Coffin of Chicago for $12,241, the
Rainy River, Ont.-Debenture Sale.-This place. it is statde
price thus being 102.008.
has awarded $7,551 5% 20-year local-improvement debenNorfolk, Va.-Bonds Proposed.
-On Oct. 2 the Finance tures to W. C. Brent of Toronto.
Committee voted to report to the City Council that an ordiRensselaer, Rensselaer County, N. -Bond 0/faring.nance providing for the issuance of $20,000 school-building Proposals will be received until 10 a.Y.
in. Oct. 19 by P. J.
annex bonds be adopted.
Gomph, City Treasurer, for $8,500 fire-department-imNorth Pelham, Westchester County, N.Y.-Bond Offering. provement and $6,000 fire-house and site 4
registered
-Proposals will be received until 8 p. in. Oct. 26 by Charles bonds. Denomination $500. Date Oct. 30 1908. InA. Dickenson, Village Clerk, for $55 000 registered sewerage. terest semi-annual. Maturity $500 of each issue yearly
bonds at not exceeding 5% interest. Authority election beginning October 30 1909. Certified check for 2% of the
held Sept. 15 1908. Denomination $2,200. Date Nov. 15 bonds bid for, payable to the City Treasurer, is required.
1908. Interest semi-annually at the Village Treasurer's
Revelstroke, B. 0.
-Debenture Sale.-This place has sold
office or at such place as may be designated by purchaser. $18,300 5% 25-year electric-light, park and local-improveMaturity $2,200 yearly on Nov. 15 from 1913 to 1937 in- ment debentures to W. A. Mackenzie & Co. of Toronto.




1044

THE CHRONICLE

[VoL. Lxxx

-An issue Date Aug. 13 1908. Interest April 10 in Austin or New York
Rex School District, Sask.-Debenture Sale.
of $1,000 debentures has been sold to W.C. Brent of Toronto. City.
-Bond Offering.-Proposals will be re..
Syracuse, N. Y.
-N. W. Halsey & Co. of
Rockford, Ill.-Bond Sale.
,
ceived until 1 p. m. Oct. 20 by R. I. Shanahan, City CompChicago have been awarded $58,400 4% bonds.
troller, for the following 432% registered bonds:
-Bond Offering.-Proposals will be $215,000 local-Improvement bonds. Denominations: $5,000, $2,500
St. Joseph, Mich.
and $1,500. Maturity $21,500 yearly on Sept. 1 from 1009 to
received until 5 p. in. Oct. 21 by Harry L. Murphy, City
1918 inclusive.
Clerk, for $30,000 "4% or 432%" coupon bridge bonds.
25,000 local-Improvement bonds. Denomination $1,000. Maturity
$5,000 yearly on Sept. 1 from 1909 to 1913 Inclusive.
Denomination $500. Date Nov. 1 1908. Interest semi.
annual. Certified check for $1,000, payable to the "City
Authority Chapter 473 Laws of 1906 and Chapter 684
of St. Joseph", is required.
Laws of 1905 and the Acts amendatory thereof and supple- mentary thereto. Date Sept. 1 1908. Interest semi-Bond Sale.
St. Marys, Pottawatoraie County, Kan.
The $32,000 10-20-year (optional) coupon water-works- annually at the office of the Columbia Trust Co. in New
system construction bonds described in V. 87, p. 634, were York City: Securities are exempt from taxation and
sold during the month of September to the H. P. Wright will be delivered on October 27 1908. Bids mu'st be un-•
on
Investment Co. of Kansas City, Mo., at 100.50 for 5s. Dur- conditional, made and a printed form furnished by the
accompanied by a certified check
ing the same month the $15,000 5% 10-20-year (optional) City Comptroller bid for, made
payable to R. I. Shanahan,
electric-light-plant-construction bonds mentioned in V. 87, for 2% of bonds
to pay accrued interest.
p. 698, were also bought by this firm at 100.50. Denomina- City Comptroller. Purchaser
Bonds will be certified as to their genuineness by the Columbia
tion $500. Date Sept. 1 1908. Interest semi-annual.
Trust Co. of New York City and their legality approved by
St. Thomas, Ont.-Debenture Sale.-This city, it is stated, Storey, Thorndike, Palmer & Thayer of Boston, a copy of
recently sold $20,000 water-works-extension and $10,000 whose opinion will be delivered to purchaser.
bridge 4% 20-year debentures to the Dominion Securities
Talmage, Otoe County, Neb.-Bond Election.-Reports.
Corporation Ltd. of Toronto.
state that an election will be held on Oct. 20 for the purpose
-Bond Sale.
- of voting on the issuance of electric-light bonds.
Salina School District (P. 0. Salina), Kan.
On Oct. 6 $50,000 coupon school bonds were disposed of to
Tempe Union High School District, Maricopa County,
the State School Fund.
-The price paid for the $50,000,
Ariz.-Price Paid for Bonds.
Diego County, Cal.
-Bond Sale.
-On 5% 20-year gold coupon Union High School building bonds
San Diego, San
Oct. 5 the six issues of VA% bonds aggregating $272,658 45, purchased on Oct. 5 by MacDonald, McCoy & Co. of Chicago
described in V. 87, p. 894, were awarded to the Merchants' (V. 87, p. 966) was 100.10.
National Bank of San Diego for $273,908 45-the price
-The Sinking Fund during
-Bond Sales.
Toledo, Ohio.
thus being 100.458. A bid of $272,660 95 was also re- the third quarter ending September 30 purchased at par the
Rudolph Kleybolte Co., Inc. of Chicago. following 5% coupon bonds:
ceived from the
1908.
Part of each issue matures yearly.
$1,473 78 alley improvement No. 37 bonds. Date Sept. 2515 1908.
-construction No. 1026 bonds. Date Sept.
1.252 32
Sarnia, Ont.-Debenture Sale.-This town recently award- 2,290 65 sewer Avenue No.3 Improvement bonds. Date Sept. 27 1908
Eastern
No. 1014 bonds dated June 15 1908.
ed to Wood, Gundy & Co. of Toronto $4,000 5% 20-year 4,807 68 Sewer No. 1015 bonds dated June 15 1908.
9,082 80 Sewer
pavement debentures.
8,299 54 Fulton St. No. 4 bonds dated Sept. 11 1008.
366 31 GorrIll St. No. 1 bonds dated August 4 1008.
Seminole and Hughes Counties (Okla.) Joint School DisInterest semi-annually at the Second National Bank of
tricts.-Bond Sales.-The Oklahoma Bond & Trust Co. of
Maturity part each six months from March 1
Guthrie was recently awarded the following 6% bonds at par: Toledo.
11913.
1908. Denominations: 1909 to Sept.
$1,250 School District No.12 bonds dated Sept. 21
2 bonds of $500 and one-bond of $250.
Toledo School District (P. 0. Toledo), Lucas County,.
bonds dated Sept. 3 1908.
1,250 School District No. 21
-On Oct. 9 Otis & Hough and Seasongood.
-Bond Sale.
Ohio.
Interest Jan. 1 and July 1 at the fiscal agency in New York & Mayer, both of Cincinnati, made a joint bid of 101.634 for
City. Maturity July 1 1928.
the $150,000 4% school-property-improvement bonds, de- scribed in V.87, p. 895. This offer was accepted. Maturity
Seminole County (Okla.) School Districts.-Bond Sales.
The following 6% School District bonds were recently award- on Oct. 9 as follows: $50,000 in each of the years 1923, 1928ed to the Oklahoma Bond & Trust Co. of Guthrie:
and 1933.
-The
$1,000 School District No. 2 bonds dated Aug. 1 1908 at par.
Tolna, Nelson County, N. Dak.-Bonds Not Sold.
bonds dated Sept. 1 1908 at 101.
2,500 School District No. 4
Village Treasurer advises us under date of Oct. 12 that the
1,000 School District No. 9 bonds dated Sept. 3 1908 at par.
1,000 School District No.14 bonds dated Sept. 1 1908 at par.
issue of $2,000 6% gold coupon bonds offered on Sept. 1
Denomination $500. Interest Jan. 1 and July 1 at the (V. 87, p. 564) is still for sale. The bonds are to be issued
fiscal agency in New York City. Maturity July 1 1928.
for the purpose of making improvements and paying existing
-Bond Sale.-This indebtedness.
Seneca, Oconee County, So. Caro.
Trenton, N. J.-Bonds Authorized.-:Notwithstanding
town has sold the $18,000 5% 20-40-year (optional) coupon
electric-light bonds offered without success (V. 87, p. 635) the Mayor's veto, the Common Council on Oct. 6 passed an
ordinance providing for the issuance of $125,000 30-year
on August 1.
-The Rudolph Kleybolte coupon or registered water-improvement bonds at not ex-Bond Sale.
South Bend, Ind.
Co., Inc., of Chicago bought $20,000 4% 20-year coupon ceeding 434% interest. Securities will be dated Oct. 11908.
hose-house and park bonds on Sept. 29 at 103.30-a basis Interest semi-annual.
Bond Offering.-Proposals were asked for until 12 m. yesof about 3.764%. Purchaser to furnish blank bonds.
Denomination $1,000. Date Oct. 1 1908. Interest semi- terday (Oct. 16)for $42,000 432% registered refunding bonds.
annually at the National Park Bank in New York City. Denomination $100 or multiples thereof. Date Nov. 2 1908.
Interest semi-annually at the CRY Treasurer's office. MaBonds are exempt from all taxes.
-Debenture Sale. turity Nov. 2 1918. The result of this offering was not
South Rossendale School District, Man.
to us at the hour of going to press.
-G. A. Stimson & Co. of Toronto have been awarded $2,000 known Sale.-Proposals were asked for until 12 m. yesBond
6% 20-year debentures of this district.
terday(Oct.16)for $42,000 432% registered refunding bonds.
- Denomination $100 or multiples thereof. Date Nov. 2 1908.
-Bond Election.
Spirit Lake, Dickinson County, Iowa.
to issue $22,000 water-works and $2,000 elec- Interest semi-annually at the City Treasurer's office. MaPropositions
tric-light plant 5% bonds will be submitted to a vote of the turity Nov. 2 1918. These securities were bought by N. W.
people on Oct. 20.
Halsey & Co. of New York City at 103.79-a basis of about.
Springwater Township (P. 0. Luverne), Rock County, 4.036%.
-On Oct. 10 the $1,500 6% coupon
-Bond Sale.
Minn.
-On Oct. 15 this city disposed
-Bond Sale.
Troy, N. Y.
bridge-building bonds described in V. 87, p. 965, were of $37,000 447 1-20-year (serial) coupon or registered
0
of Luverne at 100.80. public-improvement bonds to J. S. Bache & Co. of New
awarded to the Farmers' National Bank
Bids of par were also received from the First National Bank York City at 104.036-a basis of about 4.025. Denominand the Rock County Bank, both of Luverne. Maturity ation $1,850. Date Oct. 15 1908. Interest semi-annually
8300 yearly on Jan. 1 from 1910 to 1914 inclusive.
at the City Treasurer's office. Bonds are tax-exempt.
-It is reported that W.
Steelton, Ont.-Debenture Sale.
-On Oct. 12 the $30,000 5%
-Bond Sale.
Tulsa, Okla.
C. Brent of Toronto has purchased $9,348 43% 18-year 20-year coupon sewer bonds, a description of which was
town-hall debentures.
given in V. 87, p. 835, were awarded to Spitzer & Co. of
- Toledo at 101.32 and accrued interest-a basis of about
-Bond Sale.
Steubenville, Jefferson County, Ohio.
The $60,000 432% coupon La Belle View Sewer District 4.89%. The bids were as follows:
No. 2 bonds described in V. 87, p. 966, were sold on Oct. 14 Spitzer & Co., Totedo....„$30,306 00 S. A. Kean Chicago ---$30,030 00
-& ---Cin.
Western
to the Rudolph Kleybolte Co., Inc., of Cincinnati at 102.385. Devitt, -German 13k.,Co., 30,351 50 Rudolph Kleybolte
30.005 00.
Tremble &
Chicago
Maturity on Oct. 15 as follows: $12,000 in 1910 and $6,000
30.225 00
Chicago
yearly from 1911 to 1918 inclusive.
United States of Mexico.-$25,000,000 Bonds of the
-The $6,000 6% Institution for Encouragement of Irrigation Works and DevelopStrassburg, Sask.-Debenture Sale.
-The Governdebentures for fire protection, fire hall, Council Chamber, ment of Agriculture,Guaranteed by Government.
drainage, sidewalks and present indebtedness(V.87, p. 834), ment of the United States of Mexico has guaranteed the
were disposed of on Oct. 1 at par. Maturity part yearly on principal, interestand sinking fund on an issue of $25,000,006
Jan. 1 from 1910 to 1929 inclusive.
4% 35-year gold bonds just placed, of the Institution for
-Bond Sale.
-H. N. Encouragement of Irrigation Works and Development of
Swisher County (P. 0. Tulia), Tex.
Swain of Austin writes us that on Aug. 13 he bought the Agriculture in the United States of Mexico. See item
$60,000 4 9% 15-40-year (optional) court-house bonds under that head in our "General Investment News" on a
voted (V. 87, p. 499) on Aug. 8. Denomination .$1,000. preceding page.




OCT. 17 1908.1

THE CHRONICLE

Urbana Park District (P. 0. Urbana), Ill.—Bond Sale.—
The Harris Trust & Savings Bank of Chicago was awarded
$34,000 .44% 1534-year (average) bonds on Sept. 3. The
securities are dated Sept. 1 1908.
Velasco Drainage District (P. 0. Velasco), Erazoria
County, Tex.—Bond Offering.—The County Judge is offering
for sale an issue of $50,000 5% coupon drainage-improvement bonds. Authority Chapter 40, General Laws of the
Legislature of 1907. Denomination $500. Date Aug. 20
1908. Interest annually at the County Treasurer's office.
Maturity Aug. 20 1948, subject to call after Aug. 20 1928.
Venice School District (P. 0. Venice), Sevier County,
Utah.—Bond Sale.—This district on Aug. 1 sold $2,500
5% 5-20-year (optional) school-building bonds to the Utah
State Board of Land Commissioners at par. Denomination
$500. Date August 1 1908.
Wappingers Falls, Dutchess County, N. Y.—Bond Offering.—Proposals will be received until 12 m. Oct. 21 by Frank
Hasbrouck, Village Clerk, for $10,000 coupon (with privilege
of registration) bonds at not exceeding 5% interest. Denomination $1,000. Date Jan. 1 1909. Interest (rate to be
named in bid), payable annually on July 1 at New York,
Poughkeepsie or Wappingers Falls. Maturity $1,000 yearly
on July 1 from 1913 to 1922 inclusive.
Westfield, N. Y.—Bond Offering.—Proposals were asked
for until 9 p. m. yesterday (Oct. 16) by J. A. Riley, Village
Clerk, for three issues of 4
bonds aggregating $6,600.
Denomination $100. Date Oct. 20 1908. Interest annually
at the Village Treasurer's office. Maturity on Oct. 20 as
follows: $1,600 in 1909; $1,500 in each of the years 1910,
1911 and 1912 and $500 in 1913. The result of this offering
was not known to us at the hour of going to press.
Weston, Ont.—Purchaser of Debentures.—Papers state
that W.C. Brent of Toronto was the purchaser of the $14,000
5% 15-year local-improvement debentures sold recently.
White Plains, Westchester County, N. Y.—Bond Offering.
—Proposals will be received until 8 p. in. Oct. 26 by the
Board of Village Trustees for $4,000 434% water bonds.
Denomination $1,000. Date Nov. 1 1908. Interest semiannual. Maturity Nov. 11938. Certified check on a State

NEW LOANS.
$200,000
City of Paterson, N. J.,

1045

or national bank or trust company for 5% of the bid is
required.
Bond Sale.—On Oct. 12 the $139,000 and the $16,000
434% 30-year water bonds were awarded to N. W. Harris
& Co. of New York City at 105.284—a basis of about 4.19%;
while O'Connor & Kahler of New York City bought the
$28,000 434% 5-year tax-deficiency bonds at 100.375 and
accrued interest—a basis of about 4.411%. The $139,000
bonds mentioned above take the place of a like amount of
bonds awarded on August 3 to Wm. A. Read & Co. of
New York City (V. 87, p. 371), but which were subsequently
refused by them. See V.,87, p. 967, for a description of
these securities.
Wilmington, Del.—Bond Sale.—The $25,000 4% 13-year
coupon or registered water-supply-system-completion bonds
described in V. 87, p. 836, were sold on Oct. 12 to A. B.
Leach & Co.of New.York City at 100.17 and accrued interest.
Following are the bids:
A. B. Leach & Co.. N. Y_100.17 IN. W. Harris & Co., N. Y__ 99.581
N. W. Halsey & Co., N. Y_ 99.818 IKountze Bros., N. Y
Biodget, Merritt & Co., N. Y. 99.782 IF. D. Lackey & Co.,W ,m'ton 99.281
99.013
Equit. Gu.&Tr.Co.,Wilm'ton. 99.60 I

Wilmot, Roberts County, So, Dak.—Bond Sale.—On
Sept. 29 this town accepted a bid at par and accreud interest
submitted by the First State Bank of Wilmot for the $1,400
5% 10-year refunding bonds described in V. 87, p. 836.
Woodland, Yolo County, Cal.—Bond Sale.—This city
on Sept. 21 awarded $7,162 03 6% street-improvement
bonds to J. E. Roth at 101. Denomination $1,000, except
one bond of $162 03. Date Sept. 19 1908. Interest Jan. 2
and July 2. Maturity part yearly for ten years, being
subject to call, however, at any time.
Woodstock, Ont.—Debenture Offering.—Proposals will
be received until 12 m. Oct. 31 by G. C. Eden, City Treasurer, for $30,656 08. 434% debentures. Maturity as follows: $7,610 76 due Dec. 31 1924 and 1925, $7,045 32 due
Dec. 31 1936, $6,000 due Nov. 30 1937 and $10,000 due
Oct. 311938.
Worcester, Mass.—Bond Sale.—The Sinking Fund Commissioners have purchased $27,000 4% 10-year bonds at
103.33—a basis of about 3.60%.

NEW LOANS

NEW LOANS.

$28,000

CITY OF SHERMAN,TEX.

$50,000
City of St. Paul, Minn.

SCHOOL BONDS.

434 PER CENT BONDS.

Four Per Cent 30-Years Water Bonds

4 per cent or 434 per cent.

Sealed bids will be received by the City of
Sherman, Texas, at the office of Henry Zimmerman, City Secretary, until OCTOBER 19. 1908,
7:30 p. m., for the purchase of $14.000 00 4)4%
1-28-year (serial) Water-Works Bonds and
$14,000 00 4)4% 1-32-year (serial) Electric
Light Bonds (original issue of Electric Light
Bonds $16,000 00, first four bonds of this
retained for city funds). Date of bonds ofissue
this
Issue October 1, 1908. Principal and interest
payable
National Park Bank, New
jork. All
Vs must
accompanied by
eck
for $1,000, payable to C. E. Craycroft, Mayor.
The right is reserved to reject any and all bids.
C. E. CRAYCROFT,
Attest:
Mayor.
HENRY ZIMMERMAN,
City Secretary,

Irc Sealed proposals will be received by the Board of
Finance of the City of Paterson, up to 4 o'clock
P. M., on Thursday, October 22d, 1908, for all
or any part of $200,000 worth of 4 per cent or 4M
per cent School Bonds of the City of Paterson,
N. J. Said bonds to be of the denomination of
$1,000 each, dated November 1st, 1908, and to
mature November 1, 1933, with coupons payable
each May and November until the principal shall
be due.
Said bonds are to be paid at maturity out of the
Sinking Fund of said city, as provided by law.
All proposals to be accompanied by a check,
payable to the order of the City Treasurer of the
City of Paterson, N. J.. for 5 per cent of the
amount bid, duly certified by a National or duly
incorporated State bank. Accrued interest on
the bonds to be paid by the purchaser.
No proposals shall be withdrawn after the same
shall have been accepted by said Board of Finance,
unless the bond Issue or any of the procedings
connected therewith shall be shown to beillegal.
In the event of failure of the successful bidder to
accept said bond Issue for any reason other than
illegality as above, the checks accompanying said
proposal shall become forfeited and the money
represented thereby shall become the absolute
property of the said City of Paterson as liquidated
damages.
These bonds will be delivered at the office of the
City Treasurer, Paterson, N. J.
The Board of Finance reserves the right to re,
ject any or all bids.
Address Proposals to
WILLIAM BERDAN,
JOHN J. BROPHY, Clerk.
Chairman.
City Treasurer's Office, Paterson, N.J.

SAUNDERS SE JONES
Connecticut Traction Bonds
35 WALL ST. - - NEW YORK

NATIONAL LIGHT,
HEAT & POWER CO.
GUARANTEED I
All Issues

BONDS

A. H. Bickmore & Co.,
BANKERS
30 Pine Street,
New York




Blodget, Merritt & Co.
BANKERS

STATE, CITY
AND

RAILROAD BONDS
6o State Street, - Boston
36 Nassau Street, New York

SEALED PROPOSALS
Will be received at the ofice of the City Comptroller by the Sinking Fund Committee until it
o'clock, noon, on October 21, 1908, and opened
at that time, for the whole or any part of $50,000 00 of Bonds of the City of St. Paul. These
bonds are issued for extending, enlarging and Improving the St. Paul Water Works, and will be
In coupon form. They will be Issued in denomi,tio s 1 500 r $1,000 a Ii, a th purchaser may desire, and shall bear Interest at the
rate of four per cent (4%) per annum, payable
semi-annually, principal and interest payable at
the Financial Agency of the City of St. Paul In
the City and State of New York. These bonds
are authorized by Ordinance No. 2778, passed by
the Common Council and approved September
19, 1908. and by Section 34, Chapter 9, of the
Charter of said City. Bonds will be dated November 2nd, 1908, and mature November 1st.
1938.
A certified check payable to the City Treasurer
of the City of St. Paul for two per cent (2%) of
the par value of the bonds bid for must accomeach
wIll
Comptroller'so
Bondsto lTe
r.Ou
el eci talatt
Pt
l
h
office,
must be made.
The Committee reserves the right to reject any
and all bids. All coupon bonds of the City of
St. Paul can be exchanged for Registered bonds.
Proposals to be addressed to
LOUIS BETZ,
City Comptroller.
-

c ie

HUNT, SALTONSTALL & CO.,
Members of New York Stock Escheats

Investment Securities
DU PONT POWDER CO. SECURITIES
INTERNAT'L NICKEL CO SECURITIES
BANK AND TRUST COMPANIES'STOCKS
And all Unlisted and Inactive Stocks and Bonus.

00 STATE STREET
BOSTON

S. H. P. PELL & CO.
Members New York Stock

Exchange
43 EXCHANGE PLACE. NEW YORK
WM. WHEATLEY, M.INVESTMENT DEPT.

MUNICIPAL AND RAILROAD

BONDS.
LIST ON APPLICATION.

SEASON GOOD & MAYER,
IBercantile*Library Building
,

CINCINNATI.

Albert Kleybolte & Co.,
409 Walnut Street,
CINCINNATI, 0.

Municipal,
County, State,
and High•Grade Public Service
Securities
Correspondence Solicited.

Lxxxvn.

THE CHRONICLE

1046

-Bond Offering.-ProposWyomissing,Berks County,Pa.
als will be received until 3 p. m. Oct. 22 by H. Y. Stoner,
Chairman Finance Committee (P. 0. Reading), for the
$40,000 4% coupon bonds voted on Sept. 8. The proceeds
of these bonds will be used for the following purposes:
$13,000 for the purchase of land and the erection thereon
of
of a town hall and engine house; $4,000 for the purchase
land and the erection thereon of a storage building; $5,000
g
for improving the water supply, and $18,000 for improvin
the streets. Authority an Act of the Assembly approved
April 20 1874 and the Acts amendatory thereof and suppleDate
mentary thereto. Denominations $100 and $500.
National
Nov. 2 1908. Interest semi-annually at the Penn $1,300 in
Bank in Reading. Maturity on Nov. 1 as follows: $8,500
1913, $3,200 in 1918, $5,500 in 1923, $8,000 in 1928, State
in 1933 and $13,500 in 1938. Bonds are free from
will be
tax. The bonds maturing in 1913, 1918 and 1923
delivered
delivered about Nov. 2 1908, while all others will be required.
about May 11909. Certified check for 2% of bid is
-Bond 0 tering.-Proposals will be
Youngstown, Ohio.
Auditor,
received until 2 p.in. Nov.2 by Wm.I. Davies, City
for the following 5% bonds:

Maturity $1,000 yearly on
17.300 Improvement (city's portion) bonds. $1,300 on Oct. 1 1016.
Oct. 1 from 1910 to 1915 Inclusive and
Maturity 31.000 on
Wick Ave. widening and improving bonds. $500 in 1912.
2,500
Oct. 1 fn each of the years 1910 and 1911 and
1,000 crosswalk bonds due Oct. 1 1910.
yearly on Oct. 1
33.650 West Federal St. repair bonds. Maturity $6,730
from 1910 to 1914 inclusive.
32,085 yearly on Oct. 1 from
10,425 VVIck Ave. paving bonds. Maturity
1910 to 1914 Inclusive.
$109 yearly on Oct. 1 from
545 Garlick St. grading bonds. Maturity
1010 to 1914 Inclusive.
sewer bonds. Maturity $390 yearly on Oct. 1 from
1,950 Woodland Ave.
1910 to 1914 inclusive.
IN
yearly on Oct. 1 from
1.475 Garlick St. paving bands. Maturity $295
1910 to 1914 Inclusive.
Oct. 1 from
880 Cleveland St. sewer bonds. Maturity $172 yearly on
1910 to 1914 Inclusive.
Maturity $438 yearly on Oct. 1 from
2,180 Mt. Pleasant St. sewer bonds.
1910 to 1914 inclusive.
1 from
850 Edwards St. grading bonds. Maturity $130 yearly on Oct.
1910 to 1914 inclusive.
1 from
1.805 Lydia St. sewer No. 4 bonds. Maturity $361 yearly on Oct.
1910 to 1914 Inclusive.
Oct. 1 from
475 Highview Ave. sewer bonds. Maturity $95 yearly on
1910 to 1914 inclusive.
yearly on Oct. 1 from
1.470 Whitney Ave. sewer bonds. Maturity $294
1910 to 1914 Inclusive.

NEW LOAN5.
$350.00

Town of Meriden,Conn.,
COUPON BONDS

4,115 Glenwood Ave. sewer bonds. Maturity $823 yearly on Oct. 1 from
1910 to 1914 inclusive.
3,580 Broadway sewer outlet bonds. Maturity $716 yearly on Oct. 1
from 1910 to 1914 inclusive.

The above bonds will be dated Nov. 9 1908. Interest semiannually at the office of the City Treasurer. Purchasers
must be prepared to take the bonds not later than Nov. 9,
the money to be delivered at one of the banks in Youngstown
or at the City Treasurer's office. Each bid must be made
on each block of bonds separately and must be accompanied
by a certified check on a national bank for 2% of the bonds
bid for, payable to the City Treasurer.
In addition to the above, proposals will also be received
until 2 p. m. Nov. 9 by Wm. I. Davies, City Auditor, for
the following 5% bonds:
Mahoning National Bank,
315,290 00
Youngstown
Seasongood ec Mayer. Cin. 15,270 64
Davies-Bertram Co., Cino. 15,270 00
Barto, Scott ec Co.,Colum. 15,283 24
Field, Longstreth & Co..
15,282 00
Cincinnati
C. E. Denis° n & Co., Clev_ 15,260 75
Savings Bank &
Security
15,257 50
Trust Co., Toledo

Well, Roth & Co., Cinc___315,252 00
Hayden, Miller & Co.,
Cleveland
15,247 50
Breed & Harrison, Cinc_ 15,245 48
Firemen's Pension Fund,
Youngstown
15,229 00
Otis & Hough Cleveland_ 15,210 00
First National Bank,Cleveland
15,201 00

The above bonds will be dated Nov. 16 1908. Interest
semi-annually at the office of the City Treasurer. Purchaser
must be prepared to take the bonds not later than Nov. 16,
the money to be delivered at one of the banks in Youngstown
or at the City Treasurer's office. Each bid must be made
on each block of bonds separately and must be accompanied
by a certified check on a national bank for 2% of the bonds
bid for, payable to the City Treasurer.
-On Oct. 12 the $14,800 5% 2-6-year (serial)
Bond Sale.
W. Woodland Avenue paving bonds described in V. 87, p.
968, were disposed of to the Mahoning National Bank of
Youngstown at 103.31-a basis of about 4.095%.
Mahoning N.Bk., Young'n$15,290 00
84
Seasong'd & Mayer, Cin- 15,270 00
Davies-Bertram Co., Cin_ 15,270 24
63
Barto, Scott & Co., Colum.15,2
Field, Longstreth & Co., 15,262 00
______
Cincinnati__
15,263 75
C. E. Denison & Co., Clev.
Sec.Sav.B.&Tr.Co.,Toled. 15,257 50

Well, Roth & Co., Cin____$15.252 00
Hayden, Miller & Co..Clev.15.247 00
Breed & Harrison, Cin___ 15,245 48
Firemen's Pension Fund,
Youngstown _ ______ 15.229 00
Otis & Hough, Cleveland. 15,210 00
First National Bank,
'1
15,201 00
Cleveland

All bids include accrued

interest.

MISCELLANEOUS.

Wilkinson, Reckitt, Williams & Co.
CERTIFIED PUBLIC ACCOUNTANTS

The undersigned will receive proposals until 1 o'clock p. m. on SATURPHILADELPHIA
CHICAGO
NEW YORK
DAY, THE THIRTY-FIRST (31st) OF
Mutual Life Bldg..
Marquette Biqa'.
52 Broadway
for the purchase of three
OCTOBER,
dollars
hundred and fifty thousand
LONDON, ENGLAND
($350,000) bonds of the Town of MeriLeadenhall Bldcfs,
den, Conn. These bonds will bear
interest at the rate of 4% per annum,
coupons being payable semi-annually
on May 1 and November 1 each year at
the Fourth National Bank, New York BLACKSTAFF & CO
Cuban Securities
City. The bonds are issued pursuant
A SPECIALTY
INVESTMENTS
to Section 1931 of the General Statutes
1332 Walnut Street
of Connecticut.
Members N. Y. Stook Exchange
PHILADELPHIA
Said bonds shall be payable at the
office of the Town Treasurer, Meriden,
43 Exchange Place
Telephone 6444 Hanover
Conn., as follows: $10,000 shall be
payable on May 1, 1912, and $10,000
BRANCH OFFICE
G. K. B. WADE
on the first day of May in each year H. B. WADE
iristoi Building, 5th Ave. and 411d mt.
Telephone 1658 Bryant
to and including May 1, 1924,
thereafter
WADE &COMPANY
and $20,000 shall be payable May 1,
$20,000 on the first day of INVESTMENT SECURITIES
1925, and
May in each year thereafter to and
43 EXCHANCE PLACE
Perry, Coffin & Burr,
including May 1, 1935.
NEW YORK
No bids can be accepted for less than
par. The town of Meriden reserves the
right to reject any or all bids.
60 State Street,
SILAS B. HALL,
INVESTMENT SECURITIES.
Treasurer of the Town of Meriden.
BOSTON

FRANCKE, THOMPSON & ROBB

LIST OF SPECIALTIES ON REQUEST

INVESTMENT BONDS.

WEBB & CO.,

74 BROADWAY. NEW YORK

MacDonald, tilcOoy & 0o.,
MUNICIPAL

AND CORPORATIOA

BONDS.
T81 La Salle Street,




Established 181153.

ET. C. Speer 8c Sons Co

First Nat. Bank Building, Chicago
CITY COUNTY
Chicago
AND TOWNSHIP

BONDS

,Weatiitg & To.,
Wall Street

NEW YORK

BANKERS
Investment Securities