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I firiatirtal
The.
animal-tat
INCLUDING
Bank & Quotation Section
Railway Earnings Section
ftrotude
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, OCTOBER 23 1909.
VOL. 89.
The (Chronicle.
1909.
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Published every Saturday mornin r by WILLIAM B. DANA COMPANY
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G. Dana,Treas. Addresses of all,Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates
that the total bank clearings of all clearing houses of the U.S.
for week end. Oct. 23 have been $3,607,769,129, against $3,454,355,302 last week and $2,691,557,409 the week last year.
Clearings-Returns by Telegraph Oct. 23.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
1909.
$1,912,058,428
150,644,389
130,082,773
24,910,722
246,996,923
73,853,180
17,716,662
1908.
%
$1,324,627,994
120,139,565
93,199,682
19,840,256
212,071,315
56,511,082
13,467,694
+44.3
+25.4
+39.6
+25.6
+16.5
+30.2
+31.5
Seven cities, 5 days
Other cities, 5 days
$2,555,993,077
420,278,419
$1,839,857,588
405,497,684
+38.9
+5.1
Total all cities, 5 days
All cities, 1 day
$2,982,271,496
625,497,633
$2,245,355,272
466,202,137
+32.8
+40.2
Total all cities for week
$3,607,769,129
$2,691,557,409
+34.0
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. 16, for four years.
Week ending October 16.
Clearings at
Inc. or
1908.
Dec.
1907.
1906.
$04
$
$
$
2,119,084,243 1,631,634,903 +29.9 1,815,268,073 2,054,023,101
.
143,127,771 117,190,556 +22.0 151.860,091 162,260,152
41,208.601 +14.6
50,452,261
47,239,202
48,705,122
23,454,355 +29.2
30,441,662
30,208,788
30,197,286
8,265,451 +19.1
10,010,857
9,843,769
7,959,526
6,170,158
6,118,500 -11.1
5,438,934
6,941,182
5,768,200 +21.0
6,185,770
6,979,594
5,551,029
3,750,720
3,520,321 +18.4
4,169,387
3,582,736
2,298,371
2,147,869 +8.1
2,321,885
1,916,829
2,732,237
2,111,111
2,033,634
2,005,660 +5.3
1,573,617
11.3
1.571.953 I
1,478,801
1,317,284
1,282,278
1,357,796
1,566,872
1,422,546
15.4
_
1,180,473
1,396,157
1,119,563
1,174,264
24.7
1,273,130
1,886,831
1,528,205
992.138
22.1
1,257,384
1,140,351
1,175,868 +.7.0
1,052,781
1,006,558
890,771
803,710 +25.3
1,870,958
1,593,699 +17.4
745,998
663,506 +12.4
726,503
695,775
476,594
473,763 +0.6
655,646
488,697
439,700
504,500 -12.9
561,000
506,300
502,858 +14.7
576,653
514,672
472,185
241,379 +3.6
250,000
265,905
282,519
550,649 -11.6
486,960
1909.
Total Middle__ 2,384,303,950 1,853,406,865 +28.6 2,089,234,546 2,331,575,086
Boston
178,720,028
Providence
9,760,200
Hartford
3,452.975
2,995,341
New Haven
Springfield
2,800,000
Portland
1,862,092
Worcester
1,885,764
Fall River
1,413,086
New Bedford 1,330,378
Lowell
540,393
Holyoke
609,449
Tote New Eng.
205,169,706
151,618,137
8,873,400
3,538.331
2,622,357
2,112,873
1,591,106
1,766,444
1,266,658
951,321
547,079
411,809
+17.9
+10.0
-2.4
t14.2
23.1
17.0
+6.7
+11.6
+30.8
-1.2
+48.0
173,547,048
10,818.800
3480,753
2,672.557
2.182,818
2,334,637
1,875,682
1,320,581
1,121,870
599,522
507.116
187,389,991
9,375,500
3,508,105
2,587,683
2,003,162
1.907,073
1,903,508
1,441,052
777,077
529,129
455,848
175,299,509 +17.0
200,401,364
211,878,108
NO. 2313.
Week ending October 10.
Clearings at
PUBLISHED WEEKLY.
New York
Philadelphia _
Pittsburgh
Baltimore
Buffalo
Albany
Washington
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-Barre
Wheeling
Harrisburg
York
Trenton
Erie
Chester
Binghamton
Greensburg
Franklin
Altoona
Electric Railway Section
State and City Section
1908.
Inc. or
Dec.
1907.
1906.
s
Itni treld
ic
Jacksonville, Ill_
Jackson
Ann Arbor
Danville
Adrian
$
274,159,831
27,442,700
18,372,229
17,444,823
13,211,258
8,775,775
6,269,100
4,392,429
3,000,853
2,703,316
2,065,269
2,190,899
1,249,242
880,271
987,283
740,000
804,668
772,305
868,373
775,000
554,981
613,072
426,063
501,275
655,000
395,678
336,305
325,000
202,558
329,749
21,534
$
246,526,148
24,901,600
15,255,295
13,786,173
12,395,316
8,125,329
5,204,000
3,478,097
3,078,525
2,281,318
1,725,094
2,181,066
952,810
914,312
811,438
715,000
605,292
612,813
955,733
659,025
536,513
520,403
419,573
452,298
587,610
334,152
258,588
305,718
165,884
340,062
30,260
%
+11.2
+10.2
+20.4
+26.5
+6.6
+8.0
+20.4
+26.3
-2.5
+18.5
+19.7
+0.4
+31.2
-3.7
+21.7
+3.5
+32.9
+26.1
-9.1
+17.6
+3.4
+17.8
+1.5
+10.8
+11.5
+18.4
+30.1
+ 6.3
+22.1
-3.0
-28.8
$
269,612,170
27,900,000
19,696,306
15.116,355
13,127,986
8,118,176
5,900,600
4,220,379
3,654,708
2,650,961
2,020,860
2.301 829
1,131,696
1,001,408
840,919
927,000
745,911
729,336
723,711
604,162
482,348
567,910
519,637
480,394
452,980
397,401
273,417
309,312
146,953
Tot. Mid.West.
391,466,839
349,115,445 +12.1
384,695,629
331,694,865
San Francisco._
Los Angeles
Seattle
Portland
Spokane
Salt Lake City ....
Tacoma
Oakland
Helena
Sacramento
Fargo
San Diego
Sioux Falls
Fresno
Stockton
San Jose
North Yakima Billings
43,711,833
12,794.160
14,141,832
10,839,588
5,681.071
7,569,846
6,448,349
1,885,333
1,015,938
1,166,104
1,153,385
921,000
985,000
640,303
581,033
684,574
481,892
290,184
+5.7
+16.7
+32.4
+25.9
+42.6
+26.2
+31.2
+9.8
-6.3
+20.6
+22.9
+4.4
+26.3
+1.8
+4.2
+27.8
+69.2
+32.9
47,513,938
12,485,702
10,868,065
9,191.239
3,744,898
6,873,311
5,397,725
2,446,876
1,414,654
47,059,740
11,293,463
11,714,448
6,795,198
2,843,333
8,488,268
4,776,818
3,576,134
1,198,003
Total Pacific_
110,887,425
Chicago
Cincinnati
Cleveland
Detrolt
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Kalamazoo
Springfield, Ill
Fort Wayne......
Akron
Lexington
Rockford
Youngstown
Canton
Bloomington_ .._ ..
South Bend
Decatur
Springfield, 0
Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Lincoln
Topeka
Davenport
Cedar Rapids_
Colorado Springs
Pueblo
Fremont
Duluth
Tot. oth.West_
St. Louis
New Orleans_ _ _ _
Houston
Louisville
Galveston
Richmond
Atlanta
Memphis
Savannah
Fort Worth
No.shvIlle
Norfolk
Augusta
Birmingham...
Little Rock
Jacksonville _ _ _ Charleston
Knoxville
Chattanooga _
Mobile
Oklahoma
Macon
Beaumont
Austin
Vicksburg
Total Southern
41,373,467
10,886,989
10,678,462
8,609,387
3,984,974
5,998,319
4,915,919
1,717,374
1,085,022
967,226
938,541
882.000
780,000
634,889
557,837
535,677
272,907
218,291
$
226,729,718
27,503,250
19,188,180
13,430,902
10,943.278
6,965,550
4,988,800
4.126.887
2,651,460
2,331,114
2,088,198
1,903,965
992,620
957,179
816,062
693.692
637,157
585,886
542,812
486,742
494,501
434,804
358,380
415,533
410,060
368,222
306,720
220,000
123,193
31,824
832.699
627,182
690,000
543,489
654,023
706,606
318,012
.
95,037,481 +16.7
102,819.736
97.234,088
93,822,146 +29.1
56,559,439
31,746,518 +3.3
32,807,777
18,554,282
13,434,859 t23.2
10,085,237
12,117,954
20.1
11,021,438
9,178,569
20.1
0,672,035
5,200,480 +28.3
3,690,318
3,117,067 +18.4
2,953,807 -0.7
2,932,508
1,384,114 +111.3
2,925,000
1,340,264 +18.4
1,587,393
1,205.443 +21.7
1,487,203
1,162,345 +25.9
1,462,854
908,710 +23.6
1,122,473
802,715 -13.3
695,714
558,698 +16.6
651,430
321,839 +28.1
412,342
7,293,127 Not included in total
39,933,752
37,790,911
13,449.946
10,928.537
10,015.4:17
5,709 615
3,287,000
2,551,603
1,540,983
1,329,888
1,089,151
1,192,065
868,586
853,363
744,987
452,674
31,267,071
28,347,386
11,367,171
9,407.420
7.463,455
4,578,585
2,794,850
2,221,701
1,027,478
1,388,978
929,558
1,073,294
565,310
770,884
539,675
335,067
152,680,160
74,873,354
21,244,125
14,192,939
/2,654,551
7,747,000
7.433,826
*14,212,892
8,419,056
10,124,596
7,650,000
3,537,952
3,355,556
3,667,755
2,830,508
2,400,669
1,937,357
2,308,478
2,012,367
1,719,376
1,583,635
2,508,639
1,514,924
061,924
906,375
343,368
127,222,811 +20.0
68,533.462 +9.3
16,057,051 +32.3
15,501,727 -8.4
10,974,939 +15.3
8,504,500 -8.9
6,441,387 +15.4
6,482,514 +119.9
6,134,891 +37.2
6,013,081 +68.4
7,605,768 +0.6
3,117,349 +13.5
2,331,197 +43.9
2,438,479 +50.4
2,103,217 +34.9
1,976,334 +21.5
1,599,999 +21.1
1,566,693 +47.4
1,341,807 +50.0
1,585,308 +8.5
1,325,376 +19.5
1,324,129 +89.5
918.516 +64.9
594,263 +11.4
803,607 +12.8
418.000 -17.9
131,738,498
76,693,064
19,000,945
16,396,177
13,924,973
7,945,000
6,742,190
6,587,727
6,688,621
7,253,406
5,203,278
6,242,681
2,980,242
4,215,626
2,376,394
1,886,997
1,484,453
2,054,433
1,657,817
1,567,351
1,410,494
1,350,687
1,064,796
500,468
104,047,883
61,369,355
25,766,915
17,359,925
12,909,581
10,169.500
5,987,191
6,043,591
5,580,786
8,483,842
4,599,515
3,485,321
2.865,232
2,716,159
2,195,996
1,633,978
1,239,059
1,802,078
1,425,601
1,440,987
2,023,339
1,057,207
1,001,672
340,000
209,847,222
175,672,994 +19.5
195,227,820
181,547,828
Total all
3,454,355,302 2,775,745,105 +24.4 3,104,780,593 3,253,977,858
Outside N.Y
1,335,271,059 1,144,110,202 +16.8 1,288,909,520 1,203,954,757
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Total Canada_
29,561.230 +49.0
44,054,867
25,682,518 +30 8
33,600,400
16,187,091 +37.9
22,325,941
3,953,456 +88.7
7,437,835
3,207,281 +13.5
3,640,953
2,168,175 +5.5
2,288,035
1,742,288 +6.9
1,863,780
1,544,253 +18.1
1,823,204
1,394,554
1,433,343 -2.7
2,175.867
1,438,368 +51.2
1,172,000
1,056,932 +11.0
1,431,800
1,051,829 +36.1
1,152,651
992,744 +16.1
869,130 Not included in total
33,165,087
24,870,342
12,214,472
4,477,522
3,268,280
2,350,065
2,004,423
1,839,898
1,176,659
1,206,358
1,316,479
1,276,343
832,532
26,786,450
22,697,236
10,190,346
2,609,567
2,322,308
1,554,408
1,769,602
1,566,105
1,126,706
1,024,966
1,047,086
1,181,184
645,771
90,019,508 +38 1
90,016,460
74,521,791
124,361.687
* This year's clearings considerably increased by out-of-town clearings department.
1030
THE CHRONICLE
[VOL. Lxxxxx
harmful can be prohibited. It does not appear that
the Court went so far as to admit the validity of this
contention, though a number of cases are cited wherein
it was stated that the right to do business is a personal
and inherent right and not a franchise; furthermore,
that banking is a business not unlike that of a grocer
or dry goods merchant. It is quite conceivable, however, that the right to select and name the agencies
through which banking shall be conducted, and to confine it to corporations, might be sustained under the
police powers of the State.
It would be interesting to have the text of the opinTHE FINANCIAL SITUATION.
ion in order to follow the Judges in their reasoning,
If the decision of the Federal Judges in Nebraska, and see how far thy are prepared to go. None of the
rendered last Saturday,shall be upheld by the U. S. newspapers, however, do more than publish the syllaSupreme Court—and there is no good reason for think- bus of the opinion. This establishes what is the most
ing that it will not be upheld—a severe blow will have important point involved, namely the unconstitubeen dealt at schemes for the guaranty of bank deposits. tionality of the feature of the law which makes it comSince Oklahoma originally took up the idea, several pulsory for State banks to join in the guaranty scheme,
other Western States have followed suit. The legis- thus forcing each bank to make payments out of its
lative sessions of the present year have been particu- resources to meet the losses or deficiencies of other
larly prolific in enactments of that kind. • Among the banks. The exact wording of the syllabus on that •
commonwealths that have passed laws of that nature point is as follows: "The Nebraska Act of March 25
in 1909 has been Mr. Bryan's State, Nebraska, and 1909, which prohibits individuals from engaging in the
the measure was enacted at his behest. From the banking business unless they do so through the agency
start the new law has been antagonized by. the banks of a corporation, and which also conditions the right
and banking institutions ofNebraska,who look upon to engage in that business in that form upon the makit as wrong in principle and certain to prove dangerous ing of enforced contributions from time to time to a
in 'practice. The bill was approved by Governor depositors' guaranty fund, to be employed in the payShallenberger on March'25:Jast, and:as itprovided for ment of the claims of depositors of any bank which
the levying of an initial assessment,,to establish, the shall become insolvent, is in conflict with Section 1 of
guaranty fund, sixty days after the law went into the Fourteenth Amendment to the Constitution of the
effect,and the payment of further installments in 1910 United States." It is furthermore declared that, as
and 1911,the banks at once took steps to attack the these void provisions were the inducement to the passage
of the Act, the entire Act is thereby rendered invalid.
validity of the law.
Whether an Act which should leave it optional
Judge Willis Van Devanter
On June 30 last Circuit
Judge_ Thomas C. Munger granted a tem- with a bank to join in the guaranty scheme would be
and District
porary injunction restraining the State Banking Board constitutional presents a question which need not be
from levying the assessment and putting the law into raised on this occasion, for it is obvious that a guareffect. Now these same Judges have handed down a anty scheme which depended upon the voluntary action
decree holding thellaw unconstitutional, and making of the banks would be doomed to failure in advance,
the temporary injunction perpetual. The statute was at least in States having a considerable body of banks
attacked on a variety of grounds, but the main conten- long established. The stronger banks—those having
tion was that it offended against the first section of the no need for a resort to adventitious aids—would stay
Fourteenth Amendment to the Federal Constitution, out of it, and a combination of the weaker banks would
which provides that:"No State shall make or enforce not present the proposition in an attractive or flatterany law which shall abridge the privileges or immuni- ing light. Hence, if all banks cannot be forced into
ties of citizens of the United States; nor shall any State the plan, or at least all banks under State supervision
deprive any person of life, liberty or property without and control, it would seem as if the whole scheme must
due process of law." The fundamental principle un- fall to the ground. There are those who claim that
derlying the new law is the enforced contribution by even a guaranty law with a voluntary provision in it
each bank to a common fund to pay losses of failed could not stand the test of constitutionality. Under
banks. It was argued that in this process the assets the Kansas law, participation in the guaranty on the
of one bank are appropriated to meet the obligations part of the banks is voluntary, and yet this very law
of another, and that this meant the taking of the prop- is being attacked in suits conducted by some of the
erty of one person without compensation to pay an- same lawyers who have just won a victory in the Neother person's debts, a thing which is expressly pro- braska case.
hibited by the Constitutional Amendment referred to.
In financial circles the controlling event this week
The Court sustains this view, holding that in effect this
is depriving a person of his money to pay the debts of has been the action of the Bank of England in making
another, and is taking it from him without due pro- a further advance in its minimum rate of discount,
raising it to 5%. This is the third successive week in
cess of law.
It was also claimed that the law contravened the which the official minimum has been put up. On
provisions of the ,Constitutional Amendment in that Oct. 7 the rate was advanced from 23/b to 3%, on Oct.
it prohibited individuals from engaging in the banking 14 it was raised to 4% and now this week another 1%
business except in the capacity of a corporation. It has been added, bringing it up to 5%. Thus in the
was argued that no business not in itself vicious or short space of two weeks the figure has been doubled.
OUR RAILWAY EARNINGS ISSUE.
We send to our subscribers to-day a new number
of our "Railway Earnings Section." In this publication we give the figures of earnings and expenses for
the latest month of every operating steam railroad in
the United States, big and little, which is required
to file monthly returns with the Inter-State Commerce
Commission at Washington—altogether over 800 roads,
or systems, comprising an aggregate of more than
230,000 miles of line.
OCT. 23 1909.1
THE CHRONICLE
It is needless to say that 5% is a very unusual and a
very high rate for the Bank of England. It is evident
that the Bank is finding drastic measures necessary to
protect its stock of gold, and does not hesitate to take
them. The action does not seem to mean more than
that. We know, of course, that some critics persist
in saying that these successive advances in discount
rates are aimed at American stock speculation and
that the purpose is to check borrowing in Europe on
finance bills. But the argument appears far-fetched
considering that what the Bank is seeking to do is to
reinforce its stock of gold, and New York has not
been taking any gold from London,and by reason of the
state of our foreign trade is in no position to take any.
There is always more or less borrowing abroad
and more or less lending here. Those in need of
accommodation invariably seek the cheapest market,
and hence it would not be surprising if during the spring
and summer there had been quite free borrowing
abroad on the part of American financiers, seeing how
easy money was at the European centres during that
period; but there seems no warrant for the statement
that the needs of these financiers is urgent,or that their
lines of credit have been extended to a greater degree
than usual. It is proper to state, too, that there is
nothing very persuasive in the reasoning of those who
insist that the great rise in security values here during
the last eighteen months is the result of manipulation,
and that those behind the market are in need of
great supplies of loanable funds in order to carry on
their operations. We may grant that prices look
high, but it is equally undeniable that the rise has been
based upon legitimate conditions—the improvement in
railroad earnings, the revival of general trade and the
extraordinary activity of the iron and steel industry,
all circumstances of great promise in their bearing
upon the value of share properties.
If we assume that large operators hold big blocks of
these shares, we cannot close our eyes to the fact that
fully eighteen months ago these operators foresaw
what was coming (or what they themselves intended
to bring about in the way of higher prices), and hence
that they laid in their supplies when prices were still
low. There is nothing violent in such a supposition.
On the contrary, any one at all cognizant of the facts
knows that that is precisely what happened. In the
case of such a market leader as United States
Steel common, large blocks were purchased at
prices barely more than one-third of those prevailing
now. Why should such persons have any greater need
for money to-day than they had twelve months ago,
when quotations were 50 points lower? On this
matter of finance bills Mr. Jacob H. Schiff on his return from Europe this week furnished testimony which
certainly ought to be conclusive. Mr. Schiff expressed
the opinion, according to the daily papers, that the
amount of the country's indebtedness to Europe in the
shape of finance bills drawn by our bankers has been
much exaggerated and that whatever it was it has been
largely reduced, "so that the present volume outstanding is relatively small."
The truth is, London has been suffering from an
excess of loanable capital and a scarcity of gold.
This situation was pointed out in the letter of our
London correspondent written Oct. 2 and published
in our issue of last week. He stated that notwithstanding all the various demands that had been made
1031
upon London the supply of money in the open market
had remained so great that it had been found impossible to raise open market rates to very high figures..
Therefore the belief even then was that not only would:
the Bank of England have to advance its discount.
rates, but to make the high rates effective it would be.
forced to borrow in the open market. The repeated,
advances in the Bank minimum since then show that
this was a correct diagnosis and forecast.
Other countries (but not the United States) have
been taking the new supplies of gold from the mines
which might have gone to reinforce the stock of the
metal in the Bank of England. At the same time the
Bank has been called upon to supply a large demand
for Egypt, South America, Sze., while additional gold
has also at times been needed for internal circulation
in Great Britain. We showed last Saturday that in
four weeks the stock of gold in the Bank had been
reduced no less than $32,486,685. This week there
has been a further loss of $4,525,250, making a decrease
for the five weeks of over $37,000,000. We understand that even now the Bank is obliged to borrow
in the open market to make its rate effective. In
response to this week's advance by the Bank there has
been a sharp rise in foreign exchange here and sterling
is at a point where there is talk of possible gold exports. Our foreign trade situation is such as to facilitate an outflow of the metal, inasmuch as in recent
periods our merchandise imports have actually exceeded the merchandise exports. If the action of the
Bank of England in advancing its discount rate to
such a high figure has had any reference whatever to
American affairs, it must have contemplated this
vulnerable state of our foreign trade and the possibility of getting some gold here by reason of that fact.
On Thursday the "Tribune" of this city followed the
example set some years ago by the "Times" in reducing its price on week days to one cent in the
metropolis and Jersey City, and two cents elsewhere;
the wide column which has so long been a feature of
the "Tribune" is also abandoned, so that only the
heading is at once recognized as familiar. This step
is editorially explained as because "it has so long been
represented to us that the public has come to regard
one cent as the normal local price for a New York
newspaper and that a larger sum is inconvenient to
many persons who would prefer to read the `Tribune'."
Both the "Tribune" and its reading constituency are
to be congratulated upon this change, which ought to
be for the advantage of both. The congratulation
may be carried further to the public which does not
read or directly support that journal. For there are
a number of one-cent papers, and some of them are
purveyors of wretched pictures and mischievous doctrines, finding their constituency among classes who
seldom come in contact with any sounder teaching.
The "Tribune" has always been clean and moral,
standing for order and good society, and it is well to
have it added to the number of reputable dailies at
the minimum price.
We have referred above to the decision of the
Federal Court in Nebraska, declaring unconstitutional
the bank-deposits-guaranty law of that State. Governor Shallenberger of Nebraska has publicly criticized
the decision in terms that ought not to pass without
1032
THE CHRONICLE
notice. As reported in a press dispatch, he said that
the highest court is worthy of confidence but the lower
ones are too often made up by awarding positions in
return for political services; that men without any commanding professional reputation are endowed with
authority to say what is or what is not the law; that
after the people have spoken through the Legislature
all doubts as to constitutionality should be resolved
in their favor and not used to defeat their expressed
will; and that Congress must pass laws to prevent
Federal Courts from nullifying laws intended to
operate only within States and thus end a condition
that "has degraded the legislative branch of government and made it a plaything for politicians and
lobbyists."
This is familiar talk of the usual specious sort, and
it would have more weight if it did not so frequently
happen that the decisions of the lower courts are sustained by the Supreme Court. It is a settled rule with
courts to give a favorable presumption to statutes and
not overthrow them as unconstitutional unless the
conflict is clear. Governor Shallenberger's criticisms
might be passed over as utterances in bad taste and
regrettable rather than harmful; but they show the
spread of a disposition to look with impatience upon
judges who do not render decisions that fit the popular
notions at the time. This disposition is most unwholesome in tendency.
When decisions come, they sometimes disappoint;
and they always will. Some of us think them wrong
as to intrinsic right, as to expediency and probable result, and even as to grounds of interpretation. Any
respectful and restrained discussion of a judicial action
is always within the bounds of proper comment. But
to insist that courts must concur with legislatures, or
must follow the views of the executives who appoint
them, or must give decisions which are expected or
desired, is a far different thing. We have been
treated, of late, to criticisms of courts from high
quarters. To make judicial appointments according
as a man will stand upon some pending matter is bad;
to expect that a judge will reflect the appointing officer
would be worse; to lessen the purity and independence
of the judiciary, in any degree or manner, would be
to strike a blow at the foundations. Judges may
err, being human; but they must be incorruptible
and free from any minor obligation than that to the
whole people. A people whose judges belong to the
king (or to the mob) have reached a stage where revolution is the only remedy. The courts are the last
bulwark of our rights. To browbeat them or in any
way to lessen their carefulness, or their gravity, or
the influences which make towards wisdom in them,
would be the worst of follies.
[VoL. Lxxxix.
sition now brought forward appears for the second time,
inasmuch as publication of the Wilgus plan immediately
brought out (at least, was followed by) appearance of
the other, which made claim to superiority.
This rival plan, now under the title of the N. Y.
Parcel Dispatch Co.,and having Congressman Fowler
of New Jersey as a sponsor, claims franchise rights
descending from an Act as long ago as 1868. At
that date, rapid transit, like some better means than
ferries for getting over the river borders, was only a
dream. This old charter covered transmission of
letters, parcels and merchandise in pneumatic tubes of
not over 54 inches diameter; under it there was constructed the experimental tube of 294 feet, turning
south under Broadway from the cellar of the building
at the corner of Warren, then or soon after (as now)
occupied in the clothing trade. Few persons ever
knew of this bit of tunnel upon which hopes of a rapidtransit scheme were placed; electricity as a real servant
of man had not then been foreseen, and this pioneer
subway still exists, but obscure and forgotten. The
rights granted by the charter were quite comprehensive,
covering construction in both New York and Brooklyn and going underneath the rivers; but only pneumatic power was named, and attempts during twenty
*years following to include carriage of general freight
and passengers failed in one way another. An amendment in 1907 added electricity as optional. The old
charter rights have been handed down, in ways which
need not be particularized, and the scheme now reappears, with only vague details and suggestions as to
the financial backing available for it.
The plan as outlined by Congressman Fowler last
November covered tubes under the main thoroughfares, connecting the great freight-distributing centres
with both wholesale and retail stores,the cars or carriers
having a capacity of one to five tons, and being raised
by elevatorsfrom the,basements to the loading or unloading floors. The originallimit of 54 inches of tube diameter still stands, if this plan is inheritor of the charter
of 1868; whereas the Wilgus plan contemplated 10-ton
loads, with a use of motor trucks as feeders in the less
congested districts. This plan was thus cast upon a
larger scale of collecting and delivering, besides having
a distinctive feature in the proposed general "classification" yard in New Jersey, at which both outgoing
and incoming freight should be sorted in a manner
analogous to the handling of mail in postal cars. The
practicability of this feature was questioned by some
critics at the time, but it had at least a largeness
which seemed appropriate. The estimated cost was
80 to 100 millions.
No visible progress has been made during the year,
but the pressure of congestion is itself a factor towards
forcing some attempt at solution. The city has been
growing all these fifty years past, but the methods of
freight handling have scarcely changed, except that
the motor truck and delivery wagon have,been making
their way in. New means must come, and on a broad
scale. The engineering problems they involve are
for engineers, and in the light of what has been done
in the last decade they need not cause anxiety; the
cost also need not deter, for any feasible scheme which
..
will do the work will prove an economy
The proposition of a year ago for a freight subway
is now recalled to mind by an application to the Public
Service Commission for consideration of a rival plan
to the same end. The proposition of last year—by
Messrs. W. J. Wilgus, former Chief Engineer and VicePresident of the N. Y. Central, and Mr. H. J. Pierce,
formerly at the head of the surface systems of the
Buffalo district—covered an exclusive freight line of
four tracks to skirt the rivers on each side of Manhattan Island, with a crosstown line under 42d Street,
Mr. Thomas R. Ellison of Liverpool issued this
to pass under the Hudson by tunnel and extend to a
yard in New Jersey. The rival propo- week his annual review of the world's cotton supply
"classification"
00T. 23 1909.]
THE . CHRONICLE
1033
and consumption,and the results as cabled to us are I the month reached an aggregate of contemplated
given on subsequent pages. So far as Europe is con- outlay of $14,295,976, against $13,824,396 in 1908,
cerned, Mr. Ellison's investigations indicate a slightly or an increase of only 3.4%, but contrasted with
greater consumption in Great Britain in 1908-09 than in 1907 the gain is 38.2%. Outside of Greater New
1907-08, with the figures for the Continent the same in York the prospective cost covered by September plans
both years, and the stocks at the mills at the close of totals $52,070,011, as compared with $43,622,141 in
the season about the same as on September 30 1907 1908, an augmentation of 19.4%,and contrasted with
—practically of record proportions. Combining with the corresponding period of 1907 the excess is 24.3%.
the total for Europe the consumption in the United The aggregate for all the cities (108 in number) is
States and Canada and amounts of American cotton $66,365,987, against $57,446,537, or .an increase of
shipped to Japan, Mexico, &c., Mr. Ellison reaches 15.5%, and compared with the month of 1907 the
an aggregate consumption of 14,969,000 bales of gain is 27.1%.
Combining the results for 82 leading cities for
500 lbs. net each, of which 12,860,000 bales American.
This contrasts with his aggregate of 14,307,000 bales September with those for a like number for the prefor 1907-08, of which 12,117,000 bales American, or a ceding eight months, we can clearly gauge the activity
gain in all kinds in 1908-09 of 662,000 bales, and in in .building construction that has been so important
American of 743,000 bales. The spinning capacity an industrial features of 1909. Intended outlay at
of mills in Europe was increased by 3,000,000 spindles the 82 cities for the period stated (nine months
in 1908-09, and of the gain 2,000,000 spindles was on from January 1 to September 30) aggregates 616
the Continent. Greatest interest, however, attaches millions of dollars, against 404 millions for the corresto Mr. Ellison's estimate of requirements for the ponding period of 1908, or an excess of 52.6%. Concurrent season (1909-1910, October 1 to Septem- trasted with the estimated cost in 1907 (541 millions)
ber 30), and especially in view of the attempts mak- there is an increase of 13.9%. Operations in Greater
ing to inculcate belief in a considerable shortage New York give a total of 79.5% heavier than in 1908,
in the world's supply of the raw material. In Mr. and 37.9% greater than in 1907. Outside of this
Ellison's opinion Europe and the United States city the gains are 42% and 4.7% respectively.
(including amounts shipped from this country to
The latest London mail advices note the shipment on
Japan, Canada, &c.) will need 15,275,000 bales of
ordinary weights, equaling 14,903,000 bales of 500 lbs. Sept.29 of £500,000 by the Bank of England to Brazil
each to meet consumptive requirements and leave and 2655,000 Oct.2; this week a small consignment was
stocks at mills the same at the close as they were at forwarded from New York for same destination. The
the opening of the season. His estimate allows for only special interest which attaches to either shipment
an increase in consumption in the countries named in lies in the comparatively large amount which Brazil is
1909-1910 of 178,000 bales of 500 lbs.each and requires taking from London; presumedly it goes to pay for
to make good the loss in supply from the United coffee, and in that case a considerable sum may be reStates increased amounts from India, Egypt, &c., quired, for during the season imports of coffee were
where crops are reported better than last year. Of comparatively heavy. In addition to the London
course, it is a question whether in view of the general shipments, Paris sent £400,000 and probably about
movement toward curtailment of production of 2 millions sterling will be shipped altogether, the
goods any increase in consumption should be looked larger part from London. Brazil is, as the mail adfor the current season. Still it is interesting to study vices state, able to take this large amount of gold because her coffee planters are eagerly competing with
Mr. Ellison's estimate.
one another in selling coffee; according to the terms of
Building construction statistics continue in no the valorization agreement, a certain amount may be
uncertain way to furnish evidence of enlarged activity. sold without bearing a heavy tax. Everybody, thereAt the same time (and as was to be expected after fore, is anxious to sell within the limit and consethe magnitude of the operations in earlier months of quently the balance of trade, for the moment, is in fathe year) the work being planned is along more vor of Brazil. Furthermore, the boom in rubber is
moderate lines. In the aggregate, however, the accentuating these favorable conditions for Brazil;
structures for which permits were issued in September hence, she is able to take payment in gold from her
this year covered an estimated cost well above that British and French creditors. The demand for the
for the month of 1908 and make an even better metal at this time is, however,somewhat inconvenient,
comparison with 1907. In fact, of the 108 cities for European supplies of gold are urgently needed for
included in our September compilation, only 40 fail home use. Moreover, the early calculations of the
to show larger totals of estimated outlay for con- season's requirements for gold have been seriously destruction this year than last. On the other hand ranged by these unexpected inroads upon the supplies
there are many instances of work which is being of Western Europe, and this fact is seriously disapvery vigorously prosecuted. Furthermore, plans filed pointing.
in September in New England manufacturing centers
Reports were current yesterday that a comparawithout exception call for expenditures much greater tively large consignment of gold has been shipped hence
than in the month of last year; and there are noticeably for Argentina. Careful inquiry failed to verify the
large percentages of increase reported by a number report, though it was regarded as perhaps true; the
of representative' cities in the West and South. shipment, if made, probably being for speculative
Greater New York's operations, not unexpectedly, effect upon the market. Yesterday 600,000 gold
were less in September than in August, but make a was shipped to Canada and $500,000 was secured for
favorable comparison with earlier years. The con- export to Brazil.
struction work for which permits were issued during
1034
[VoL. Lxxxix.'
THE CHRONICLE
Interest in Spanish affairs, which seemed to be waning after the rioting incident to the execution of Ferrer,
was revived this week by a violent wrangle in the
Chamber of Deputies on Wednesday, members of which
expressed dissatisfaction with General Marina's con:
duct of the war in Morocco. The Government's policy
during the Barcelona disturbances was also called in
question, and the King is said to have reproached
Premier Maura for not having given him opportunity
to exercise his clemency in the case of Ferrer. On
Thursday the Maura Cabinet resigned and a new Cabinet was constituted, with Moret y Prendergast as
Premier.
The bank statement of last week continued to show
liquidation in loans and heavy reductions in deposits.
There was an actual cash gain of about 21 millions
4
and a decrease in deposits of $23,283,500. As the
result of these and other changes, bank reserves increased about 8y millions to $15,538,375.
1
Money on call loaned at the Stock Exchange during
the week at 4% and at 3%, averaging about 4327
0;
banks and all lenders quoted 3% as the minimum.
Time loans on good mixed Stock Exchange collateral
were not in urgent demand; borrowers obtained supplies when rates were sharply advanced last week, and
large offerings were made this week by bankers who
had abundant liquid funds. One feature was the placing
of considerable sums, probably by Steel and Standard
Oil interests, which was reflected in the sharp decline
of 1% compared with the rate at the beginning of the
week. The bid quotation for good mixed loans on
stock collateral running from sixty days to six months
is 43'%; this would seem to indicate at least that long
time money is not in request. There is no discrimination against collateral, as is the case in London.
Commercial paper continues to move slowly at unchanged rates.
The Bank of England rate of discount was advanced
on Thursday from 4% to 5%. The cable reports discounts of sixty to ninety day bank bills in London 43/i
The open market rate in Parisis2%and at
Berlin and Frankfort it was41 @43'%. According to
4
our special cable from London, the Bank of England
lost £905,050 bullion during the week and held n2,909,882 at the close of the week. Our correspondent
further advises us that the loss was due almost wholly
to exports to Egypt and Constantinople. The details
of the movement into and out of the Bank were as
follows:I mports,,E217,000 from miscellaneous source;
exports, £1,265,000 (of which £730,000 to Egypt,
£500,000 to Constantinople and £35,000 to various
destinations), and receipts of £143,000 net from the
interior of Great Britain.
had apparently lost control of the discount market,
had regained it. The statement was made that the
Bank was setting an example of conservatism to
private bankers in London by discriminating against
single-name foreign bills when they are offered for
disaount. One cause for the above-noted early
strength in the exchange market was the fact that
the Bank will shortly be required to remit to Brazil
a large sum in gold to pay for coffee; this new drain
upon the Bank's resources has been somewhat unexpected, as elsewhere noted, and therefore its effect
was the more decided. Commercial acceptances,
representing commodities, were in fair supply, but
they were promptly absorbed as bases for bankers'
bills. The market closed strong with short at the
highest figure since 1907.
Compared with Friday of last week rates for exchange on Saturday were 10 points higher for long at
4 8295@4 8305, 25 points for short at 4 8625@4 8635
and 30 points for cables at 4 8675@,4 8685. On Monday long was 5 points higher at 4 83@,4 8310, short
20 points at 4 8645@4 8655 and cables 5 points at
4 8680@4 8690. On Tuesday long was 10 points
higher at 4 8310@4 8320 and short 5 points at 4 8650
@4 8660, while cables were unchanged. On Wednesday long was 10 points higher at 4 8320()4 8330, short
35 points at 4 8690@4 8695 and cables 50 points at
4 8730@,4 8740. On Thursday the announcement of
the rise in the Bank rate caused a sharp advance in
exchange—long 25, short 50 and cables 60 points. On
Friday the tone was quite strong, especially in the
afternoon, and the market closed near the highest.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.
•
Brown
Brothers
Kidder,
Peabody & Co
Bank British
North America
Bank of
Montreal
Canadian Bank
of Commerce
Heidelbach,
•
Ickelheimer & Co
Lazard
Freres
Merchants' Bank
of Canada
Fri., Mon., Tues., Wed., Thurs., Fri.,
Oct. 15 Oct. 18 Oct. 19 Oct. 20 Oct. 21 Oct. 22
560 days 4 84%
iSight__ 4 86%
560 days 4 843
iSight__ 4 863.
560 days 4 843
ISIght__ 4 86%
560 days 4 84%
ISIght_ 4 86%
560 days 4 84%
ISight__ 4 863
560 days 4 8434
ISIght__ 4 8634
160 days 4 8434
1Sight__ 4 8634
560 days 4 8434
ISight __ 4 8634
84%
86%
843
86%
84%
86%
84%
86%
845
86%
8434
8634
8434
8634
8434
8634
845
86%
843.
863
84%
86%
84%
86%
845
8634
8434
8634
8434
8654
8434
8634
84%
86%
84%
86%
84%
86%
84%
863.
84%
8634
8434
8634
8434
8634
843.4
8634
84%
863.
84%
863
84%
86%
845
863.
84% .
8634
8434
8634
8434
8634
8434
8634
84%
86%
84%
86%
845
865
845
86%
843
8634
8434
8634
8434
8634
8434
8634
The market closed on Friday at 4 8330@4 8340 for
long, 4 8725@4 8735 for short and 4 8790@,4 88 for
cables. Commercial on banks 4 8290@4 83 and
documents for payment 4 829g@,4 833. Cotton for
payment 4 82%@4 823'. Cotton for acceptance
4 8290@4 83 and grain for payment 4 83N@4
.The following gives the week's movement of money
to and from the interior by the New York banks.
Week ending October 22 1909.
Currency
Received by
Shipped by
N. Y. Banks. N. Y. Banks.
$8,858,000
Net Interior
Movement.
$6,533,000 Gain $2,325,000
1,106,000
967,000 Gain
139,000
The foreign exchange market was strong at the Gold
$9,964,000
$7,500,000 Gain $2,464,000
Total gold and legal tenders
opening and all the bills offered were promptly ab_
sorbed. The outgoing steamers were reported as
With the Sub-Treasury operations and gold exports
carrying large blocks of remittances for maturities
the result is as follows:
which will fall due by the end of the month. After
Net Change in
Into
Out of
these remittances had been obtained,the tone continued
Bank Holdings.
Week ending October 22 1900.
Banks. .
Banks.
strong in the expectation of an advance in the British Banks' Interior movement, as above_ $9,064,000 $7,500,000 Gain $2,464,000
Bank rate, which was realized on Thursday. This Sub-Treas. oper. and gold exports_. 29,100,000 28,600,000 Gain 500,000
Total gold and legal tenders
$39,064,000 $36,100,000 Gain $2,964,000
action was foreshadowed on Friday last, when 3%
was quoted as the open market rate of discount for
The following table indicates the amount of bullion
ninety-day bank bills; meanwhile the Bank, which in the principal European banks.
THE CHRONICLE
OCT. 23 1909.
1035
Intimately identified as is the Government of Spain
with the Spanish clergy, resistance by individuals to
Gold.
le, and the chance of
36,638,688 such a system seemed impossib
32,909,882 36,638,685
England_. 32,909,882
166,928,336
145,003,08 35,041,480 180,944,560 131,277,462 35,650,874 55,026,000 reform through the State itself offered no inducements
France
12,500,000
Germany 35,517,85 10,211,600 45,729,450 42,526,000 6,847,000 127,584,000
7,460,000 140,127,000 120,737,000
Russia _ _ 132,067,00
Ferrer took the bull boldly by
12,644,000 61,322,000 even for agitation.
Aus.-Hun. 57,388,00 12,055,000 69,443,000 48,678,000 32,974,000 48,722,000
15,748,000
Spain _ _ _ 16,065,000 31,082,000 47,147,000 37,025,000 4,450,300 41,475,000 the horns, expending, according to all accounts, a
4,000,000 41,250,000
Italy_ _ - 37,250,00
3,977,700 11,749,100
Neth'ands 10,525,000 2,778,700 13,303,700 7,771,400 2,046,000 6,138,000
of half a million dollars in the establishment of
Nat.Belg._ 4,167,333 2,083,667 6,251,000 4,092,000
4,180,000 fortune
4,180,000
4,381,000
Sweden _ 4,381,000
4,640,000
4,974,000 4,640,000
more than one hundred schools, chiefly primary and
4,974,000
SwItzerrd.
1,718,000
1,727,001 1,718,000
Norway __ 1,727,000
of edu566,121,124 grammar institutions, where a modern system
'
105,612,447 588,187,5921455,031,550 111,089,574 563,560,816
Tot. week 482,575,145
452,011,875 111,548,941
Tot. prey. 481,922,459 107,061,453 588,983,9121
cation might be pursued. Needless to say, the teachings of these schools of his rejected mach, perhaps
most, of what has been accepted in enlightened communities as the attitude of educated men toward
PROFESSOR FERRER.
THE EXECUTION OF
Church and State. Nevertheless, the fact of an imOn Thursday of the present week the Spanish Cabireform, achieved through the private resources
net, headed by Senor Maura, resigned from office, portant
would of one enlightened man, remained.
after having for several days protested that it
But it was quite inevitable that an experiment of
not relinquish power in the face of what it called the
this kind, pursued in defiance of a religious oligarchy,
vindictive attacks of the Opposition. This action
in the face of obstacles which had been previously
marks a really important crisis in the affairs not only
deemed insuperable, and with a prospect of something
of Spain but possibly of other nations,and will render
like success, should have brought on the head of its
exceedingly interesting the events which are to folauthor the bitterest opposition to the ecclesiastics
low it.
he challenged. This antagonism was not conAlthough in some degree connected with the hos- whom
its overt demonstration occurred, indeed, long
tility of the Spanish people to the conscription of cealed;
present year. In 1906, when an attempt
citizen soldiers for the war in Morocco, the downfall before the
by a certain Morales to kill the King and
of the Ministry must be primarily assigned to the exe- was made
developed in the police examination
cution of the death sentence on Francisco Ferrer on Queen of Spain, it
been a teacher in Professor FerOct. 13. It is that event which renders the present that the culprit had
Ferrer was thereupon dragged before the
course of events in Spain a matter of world-wide inter- rer's school.
s and accused of complicity in the
est and significance. The case of Ferrer is in many public tribunal
ation. Even in Spain, the absurdity
ways remarkable. He was what would be called in attempted assassin
charge thus based was too manifest to
other nations a "philosophic anarchist"; a man of of the
s of conviction, and Ferrer was
learning and of revolutionary theories, who rejected give any prospect
d.
outright the ordinary ideas of modern communities acquitte
The next action of the sort occurred in connection
State. In this he repreregarding both Church and
Barcelona riots of last July. Of the serious
sented a type of men with which all modern countries with the
popular uprising, including as it did a
are familiar, but which has, as a rule, come in collision nature of that
Spanish troops, there can be no doubt.
with the State only in countries where free speech mutiny of the
actually went, and just what measures
and free thought are suppressed by the hand of gov- How far it
the Government to suppress it, are facts
ernment. It is by no means an accident that, in were taken by
the world is largely ignorant; for
England and the United States, the speeches and the concerning which
of the press, established throughwritings of these philosophic anarchists are received the rigid censorship
which followed the crisis of that
merely as outgivings of mistaken, but certainly not out Spain in the week
closed nearly every source of outside
seriously harmful, people; that in France the careers popular revolt,
Indeed, it may be said that the first
of men of this description have been observed with information.
nt news which outside communiinterested curiosity, and that in Germany they have definite and importa
g the Government's policy in the
almost taken rank as a separate school of reasoners in ties received regardin
the news that Professor Ferrer
both philosophy and politics; whereas in Russia, in matter came with
on trial as an instigator of the
Italy and in Spain they have been consistently held had been placed
up as dangerous enemies of the public safety, and have uprising.
This trial was not conducted before a civil court.
repeatedly been associated, in the minds of the
rtial sat upon the case; the testigovernments at any rate, with outbreaks of public An army court-ma
secret; it is believed to have consisted largely
mony was
•
violence.
day the world at
, was by no means an agitator in the of ex parte depositions, and to this
Ferrer, however
not know on what precise grounds the
sense in which that word is used in most communities. large does
Serious Paris newspapers
He had indeed avowed his purpose to revolutionize prisoner was condemned.
that much* of the evidence was pure
methods of thought and methods of education through- have declared
court would have excluded
out Spain. He found a fruitful field. Dominated by hearsay, such as a civil
and was largely based on mere infera clergy whose attitude towards social questions is peremptorily,
Ferrer happened to be in the
not far advanced beyond that of the Middle Ages, ence from the fact that
the revolt broke out at the time when
the Spanish schools were an absurdity of modern civili- place where
Ferrer replied that he .was visiting
zation. Such education as actually fitted the younger trouble began.
and denied all participation in the outSpaniards for a place in the affairs of modern life was his schools,
his assurances, according to these
obtained in foreign schools;the middle and lower classes, break. Against
there were set such vague declarations as
to whom such recourse was impracticable, grew up accounts,
like Ferrer" had been publicly
with the narrow and distorted teachings of a bigoted that a man "dressed
rioters in the streets, and the defendant was
inciting
ecclesiastical system.
Oct. 22 1908.
Oct. 21 1909.
Banks of
Silver.
Total.
Gold.
Total.
1036
THE CHRONICLE
convicted. His conviction brought forth protests,
remonstrances and appeals from enlightened men in
public and private life throughout the European continent. Some of the most distinguished educators
and writers in France, Germany and Holland transmitted formal appeals to Madrid for pardon or suspension of sentence. A singular story, possibly not
authenticated, has been circulated in the reputable
European press, to the effect that the King of Spain
himself appealed to Premier Maura for an opportunity
to exercise the right of clemency, but was strongly
dissuaded from that act.
The case thus stated brings its own conclusion to
the fair and unbiased mind; what sequel it will bring
to Spain is as yet a matter of conjecture. The episode
has been compared with the famous Dreyfus case in
France; but a moment's consideration shows that the
resemblance is merely in externals. In the one case
as in the other, an unjust sentence by a military
court provoked outspoken horror and indignation
throughout surrounding communities and nations.
But even of the Dreyfus case, with all its injustice and
absurdity, it was to be said that the defendant was on
trial before a military court for a military offence,
and that many people in the community where he was
convicted honestly believed him guilty. Of Ferrer
it is impossible to allege even this, and the verdict of
the civilized world will almost surely be that an excited Ministry and a reactionary clergy seized on
a man whom they hated for quite other causes, to
make a victim of him at a time when other Circumstances made the process feasible. This is a heavy
burden for any Government or nationality to bear
in the eyes of its own subjects or of the outside world.
With Dreyfus, it was possible for France in the lapse of
time, and with a clear and honest recognition of its
own mistake, to make public reparation. The infatuation of the Spanish Ministry has, in the case of Ferrer,
rendered even this impossible.
[VOL. Lxxxix.
deemed correct in principle. The third defect is that
another amendment Will be required (if this is ratified)
for any change in salary hereafter, so that the error
will repeat itself; moreover, judges will have no
constitutional protection against reduction as well as
increase.
The second amendment allows the Legislature to
alter, from time to time, the interest rate payable
on any State debt which has been authorized, provided
that the rate cannot be changed on bonds which have
already been created or issued. This has grown out of
the difficulty the State had in placing 3% bonds
for the new canal during the financial disturbances.
The third amendment merely authorizes the legislature to confer such powers as it may deem expedient
from time to time upon county auditors or other
fiscal officers authorized to audit claims, in counties
which have such officers. Apparently, this amendment is unimportant, but it is too vaguely worded;
the Legislature is authorized to confer powers upon
them at discretion, and no definition or limitation
of those powers is expressed.
The fourth amendment is regarded by most persons
as the most seriously objectionable. It makes a change
as to revenue bonds and water-works bonds, but its
main provision is that it exempts from the ten per cent
limitation all debt hereafter incurred for city property
which is held to be self-supporting (and in the case of
New York City also any indebtedness heretofore
incurred for rapid transit or dock purposes to the
extent that the investment is self sustaining), and
confers on one division of the Supreme Court jurisdiction to determine the facts. Municipal ownership
now put forward as an electioneering claim in the
pending campaign lies at the bottom of this amendment; but as the subject has been repeatedly discussed
in the "Chronicle," we need not go into it again at
length.
In brief, the main objections are that, in a financial
and moral sense, this would be a step of bad faith
THE PENDING CONSTITUTIONAL CHANGES towards present investors in the city's bonds,
and that
IN THIS STATE.
any stretching or enlargement of the constitutional
Four constitutional amendments, having gone borrowing limit would be imprudent and dangerous,
almost unobserved through two successive Legislatures, however popular. The amendment itself also procome before the people of this State for ratification on vides that its operation shall be suspended "during
November 2. The first relates to salaries of up-State any period of time when the revenue aforesaid shall
justices of the Supreme Court, which it would raise not be sufficient to equal the said interest and amortizfrom $7,200 to $10,000. The constitutional provision ation," &c. This means a movable and fluctuating
now is that all judges shall receive "a compensation debt limit, which seems as absurd as that a man
established by law, which shall not be increased or could be at the same time much in debt and wholly
diminished during their official terms." The amend- free from debt. The judgment of sound business men
ment is to "apply to the judges and justices now in —expressed in the Chamber of Commerce last winter,
office and to those hereafter elected," and it specific- and expressed again very recently by some bond
ally abrogates the provision italicized above. The houses—is against this subtle proposition, which may
proposed increase seems reasonable enough, but three prove an entering wedge for trouble.
•
objections at once arise: first, salaries of public officers,
But the manner of obtaining constitutional amendwhich are a matter of administrative detail and ments itself needs bettering. When the voter unfolds •
become fit for change from time to time as circum- his ballot he finds (if he does not fail to see them at
stances change, ought to be "established by law" and all) questions in form like these:
not be declared by the fundemental and comparatively
Shall the proposed amendment to Section 12 of.
fixed constitution of a State. Next, the sole object of Article 6 of the constitution, in relation to the comthis amendment (or at least one object) •is to remove pensation of justices of the Supreme Court, be
present justices from the,limitation and raise their approved?
Shall the proposed amendment to Section 4 of
salaries .now, whereas keeping salaries unchanged
Article 7 of the Constitution, permitting the Legislature
during the tenure of officers already serving was to alter the rate of interest on debts
authorized purplaced in the Federal Constitution and has always been suant to said section, be approved?
OCT. 23 1909.
THE CHRONICLE
1037
Here is contained a bare hint of the topic of the
proposed change, but no indication of its character, THE UNION PACIFIC AND ITS PROSPERITY.
One cannot take up the present annual report of
and the ablest man in the State must vote blindly if
he has not informed himself in advance. In practice, the Union Pacific Railroad Co.—appearing so soon
as everybody knows, the voters have not heard of the after the death of Edward H. Harriman, but covering
amendments, much less have obtained any idea of a period while he was still alive—with the marvelous
their purport and probable bearing. The personal record of prosperity which it discloses, without calling
parts of the campaign get exclusive attention. If a to mind that this great property as it exists to-day,
few of the better newspapers explain the pending with its successful results, its fine organization and
amendments and advise about action upon them, splendid operating and fiscal achievements, stands prethis reaches so little into the campaign that the eminently as the work of Mr. Harriman. It reflects
number of men who vote upon them, as an exercise his ability, his sagacity and his genius in the most
of their individual judgment, is so small as to be .marked degree of all the properties with which he
negligible. In practice, the working is this: the was identified. In the resolutions adopted after
interests (labor unions, for example) which have Mr. Harriman's death the directors used words none
apparently something to gain by proposed amend- too strong or too fulsome when they stated that "he
ments, and the politicians who have something to gain (Mr. Harriman) was more than Chairman of the
for their own ends, carefully instruct the voters on Executive Committee and President, which offices at
whom they can count, so that only the instructed voter the time of his death he held and had long filled—
he was the genius of the new Union Pacific and Southis likely to pass on the propositions at all.
exposure to ern Pacific; and the high state of efficiency to which
Practical escape from this hazardous
unwise amendments is not easy to devise. The time these properties have been brought, the part that is
and manner of submitting the matter to the people are being performed by them in the development of the
left to the Legislature. A special election for the pur- country they serve, and the solid basis upon which the
pose would be costly and would be generally neglected. securities of said companies now rest, are monuments
The text of the propositions, ranging now from 9 to his genius, marvelous energy and untiring work in
to 65 lines of ordinary news type, cannot be put on the interests of these companies."
the official ballot, which is already swollen to over
The report covers the business and operations of
four feet in width; even if the matter were all there, the last fiscal year during Mr. Harriman's lifetime. In
the voter could not stay in the booth to read it, much many respects this was the most prosperous of the long
less comprehend it. The press might enlighten the series of prosperous years that attended his connection
public about it, but they do not perform that duty with the property and its reorganization under his
now, and there is no way of compelling them. "If guidance. That this is not an exaggerated statement
the people shall approve and ratify such amendment of the case will appear from a few figures drawn from
or amendments by a majority of the electors voting the income account, indicating the final results for the
thereon," then the new matter becomes part of the twelve months. The Union Pacific has two sources
constitution. Regardless of how small a fraction of of income, and a definite part of the yearly dividends
the people actually vote "thereon", under the practice of 10% on the common stock comes from each source.
as above sketched, a bare majority of that small yet One of these sources is derived from railroad operations;
legally potent fraction can alter the fundamental law the other comes from investments and outside operaof the State, almost without any general public tions. Under each head there has been improvement
knowledge of what is going on. Is not the weakness over the twelve months preceding—in the case of the
of the case in the two words "voting thereon", and railroad operations very striking improvement. Of
would not the excision of those thoroughly improve the 10% dividends, 6% is charged against the railroad
the case?
operations; after providing for this 6% and all fixed
If the referendum were had at a general election, and other charges, a surplus remains out of the income
as at present, and if favorable action by a majority of the railroad for the year in the large sum of
of all the voters voting at such election were required, $8,073,187. In the previous fiscal year the corresthe situation would be this: any party which desired ponding surplus was only $3,988,576. The other 4%
an amendment would have to educate the whole body of the 10% dividends distributed is charged against
of voters upon it, since ratification by default would the income from investments and other sources. In
be impossible. This would force amendments forward this case the surplus above the dividend requirement is
as active issues in a campaign, and newspapers and even larger, amounting to no less than $9,865,063; this
speakers would have to discuss them; therefore the comparing with ,209,175 in the previous year.
people would have the subject driilled into them.
On the combined operations, therefore, there is a
Plainly, this course would make amendment much surplus above the sum required for the 10% dividends
more difficult; but that would be a distinct merit, in the huge sum of $17,938,250. This exceeds -by
since the entire range of public concern contains $5,749,498 the similar surplus for 1907-08. The
nothing which ought to be undertaken with such aggregate of Union Pacific common stock June 30 1909
deliberation as a change in the fundemental law. was $199,302,300, and this surplus of $17,938,250 is,
Furthermore, it is incontrovertible that any change therefore, equal to 9% on the same. In other words,
really desirable is worth discussing and working for, and while 10% was distributed on the shares, actually 19%
ease of change is the most insidiuous temptation to was earned. But even this does not tell the whole
bad changes. At the general election in 1916 the story. In addition to the income reported in the
people will be called on to pass upon the question of income statement, the company has an independent
holding a constitutional convention, and the change income from its land department, and which is not
included in the general income because it has to be
suggested might then be taken under consideration.
1038
THE CHRONICLE
[VoL. Lxxxix.
devoted to other uses. Under the provisions of the of $2,937,652 in the gross revenues for the twelve
company's First Railroad and Land Grant mortgage, months was shared in by all the different branches
the net proceeds from the sale of lands, after payment of the service, and the volume of the traffic moved
of expenses and taxes appertaining thereto, and all substantially increased, the addition to the number
sums of money received on account of interest or of passengers carried one mile having been 4.56%;
principal of the bonds and for dividends upon the and the freight movement, as represented by the tons
stock of the Union Pacific Land Co., are set apart of revenue and company freight moved one mile,
and held by the trustee as a Cash Improvement and having been added to by 109,926,610 tons, or 1.75%.
The fact that the volume of transportation service
Equipment Fund to reimburse the railroad for any
expenditures for betterments, improvements, equip- rendered was thus heavier than in the previous year
ment or for other properties not paid for out of other makes the reduction effected in expenses all the more
funds or charged to operating expenses or cost of noteworthy. But the same thing has been observed in
maintenance. The amount thus received from the the report of other roads and the causes have been
trustee during the year and applied in the way indi- precisely similar. Of the total decrease of $3,674,439
cated was $2,030,000. This is equal to 1% more on in expenses, $1,512,579 was in cost of conducting
the common stock, and hence the company had income transportation, and here the saving in the item
altogether from one source and another equal to 20% of fuel and further advance in operating efficiency
stand as the main factors in the reduction. In the
on the stock.
As in the case of other large systems, the increased previous fiscal year special reference was made to the
net results from railroad operations have come in greater cost of coal and of fuel oil. In the year under
considerable part from a reduction in operating review there was considerable improvement in that
expenses, though there was also a substantial increase respect, but at the same time there was also enhanced
in gross earnings. This means that, like other com- economy in the use of fuel. This is evident from the
panies, the Union Pacific recovered lost ground in fact that in face of the larger volume of traffic moved
that respect—that is, regained control of its expense in both the passenger and the freight service, there
accounts. In the previous fiscal year, though the was a saving in locomotive mileage of 703,114 miles,
company lost only $233,375 in gross earnings, there or 2.38%. What a difference all this has made will
had been an augmentation of $1,549,416 in expenses, appear when we say that for the latest year the cost
thus causing a decrease in net of $1,782,791. The of fuel for locomotives was only 18.827 cents per
small falling off in gross revenues in that year did locomotive-mile run, against 22.239 cente per mile
not, as was pointed out by us at the time, indicate run in 1907-08.
With the diminution in locomotive mileage, there
that the road had not felt the effects of the unexampled
industrial paralysis which settled over the country has also been a diminution in train mileage. It
following the panic in October and November 1907. follows as a result of the latter that there has been
As a matter of fact, the system sustained very serious another addition to the train-load. This train-load
losses during the later months, but they were almost was high before and the further increase in 1908-09 is
entirely offset by the large gains made in the early really remarkable, having been 36 tons, or over 7%,
months of that fiscal year before the advent of the bringing the average up to the imposing figure of 548
panic. On the other hand, during the year under tons. In the number of loaded cars per train the
2%. There are, as usual, a
review the situation was completely reversed. Con- increase was over 103'
of excellent diagrams in the report depicting
tinued losses in earnings marked the early months, but number
these were succeeded by large gains in the later the growth of traffic, the growth of revenue and the
months, under the revival in trade. As a consequence, growth of operating achievement, and from these it
the year, as a whole, records an improvement in gross appears that in 1898 the average train-load per revenue
receipts in the substantial sum of $2,937,652. At the train mile had been only about 279 tons. The
same time expenses were reduced in amount of advance from this figure to 548 tons in 1909 indicates
$3,674,440. The two combined worked an improve- one of the ways by which Mr. Harriman transformed
ment in net in amount of $6,612,092, the total of the the old Union Pacific, as a bankrupt property, into
net rising from $34,245,261 in 1907-08 to $40,857,353 the new Union Pacific with its fine record of prosperity.
In the maintenance expenses there was a decrease
in 1908-09. The ratio of gain, it will be observed, is
of $891,213 under the head of Maintenance of Equipover 19%.
To the extent of $434,043 the decrease in expenses ment and $1,424,021 under the head of Maintenance
resulted from a change in the classification of operating of Way and Structures. There was a considerable
expenses prescribed by the Inter-State Commerce reduction in repair work in various directions and
Commission, effective July 11908. The sum named presumably less work of that kind was required in
represents the amount of the payments for "equipment view of the large previous expenditures for the same
borrowed" in the previous year and charged to main- purpose. Of the decrease in the outlays for maintentenance of equipment in that year. The charge for ance of equipment $434,043, as already explained, is
that purpose now appears in "hire of equipment" and only a seeming decrease, being due to a change ordered
is deducted from net income as a separate item instead by the Inter-State Commerce Commission in the
of being included in the expenses. The rest of the classification of the expense accounts. The company
reduction in expenses is real, and reflects a further spent only $99 75 per freight-train car, against $116 01
development of operating efficiency, a very con- per car in the previous year, but $3,148 per locomotive,
siderable saving in the item of fuel, and no doubt, against $3,092 the previous year, and $1,188 per
also, improved labor conditions, it having been possible passenger-train car, against $1,085.
The company's financial statement is no less marto get a better grade of labor with the latter in abundscarcity. The increase velous than its income and operating statements.
ance as against the previous
OCT. 23 1909.1
THE CHRONICLE
1039
Whereas, at the end of the previous fiscal year it had had the same effect, though the report does not make
a large mass of floating liabilities, and was at the mention of the sale.
The company's investment operations, it will be
time carrying through financial measures to provide
for the same, the situation the present year is exactly recalled, began with the purchase of Northern Pacific
the reverse. It now holds a superabundance of cash. shares in 1901 at the time of the contest for control of
The balance sheet shows for June 30 1909 $26,990,450 the latter property between Mr. Harriman and the
of actual cash, besides $18,800,000 of cash in demand Morgan-Hill interests. In the harmonizing agreement
loans, making over 45% million dollars together. The subsequently reached with the latter, these Northern
previous year the corresponding total was only Pacific shares were exchanged for stock of the Northern
$4,395,934. It is easy to perceive how this change Securities Co. The Securities Co., however, was afterwas brought about when it is noted that the previous wards declared an illegal combination and had to
year the Southern Pacific Co. owed the Union Pacific go into liquidation. In this liquidation the Union
no less than $45,376,389, but that the whole amount Pacific was obliged to take part Great Northern stock
has been liquidated and paid. But on the other side and part Northern Pacific stock in return for its
of the account there is an equally striking change. surrender of Northern Securities shares. It is worth
On June 30 1908 the Union Pacific itself owed $41,- noting that, with the late year's sales and the sales
189,645 on loans and bills payable. On June 30 since, the company has disposed of all the securities
received by it in the distribution of the assets of the
1909 it owed absolutely nothing in that way.
In view of the company's huge available cash balance Northern Securities Co. and the stock subsequently
at the end of the fiscal year, it is not surprising that acquired by subscription rights—barring only the
rumors should have gained currency after Mr. Harri- 7,249 shares of Northern Securities "stubs" still
man's return from Europe that it was contemplated retained.
The original cost of the Northern Securities investto make further investments on behalf of the Union
Pacific in New York Central and other properties. The ments was $79,459,691. Subscription rights subsereport makes no mention of any such investments quently availed of to new stock issues of the Great
after the close of the fiscal year. On the other hand, Northern and the Northern Pacific companies increased
some intimation of the purpose for which large amounts the total to $89,391,401. The aggregate sum realized
of cash will be required is furnished in certain remarks from the sales made is given as $447,377,341, showing
by Mr. Robert S. Lovett, the new Chairman of the a profit of $58,000,000. The investment is now
Executive Committee. Mr. Lovett says there was (June 30 1909) represented by holdings in other
appropriated during the year for additions, better- railroads—the Illinois Central, the Baltimore & Ohio,
ments, equipment, terminal property and for the the New York Central, the Chicago & Alton, the
construction or acquisition of new lines the sum of Atchison, the Chicago & North Western,the Milwaukee
$48,178,881. The expenditures, however, on account & St. Paul, &c., having an aggregate cost value of
of these appropriations amounted to only $22,637,380, $135,914,017. Since the close of the fiscal year of
he states, leaving $25,541,501 unexpended, which course additional purchases of the same kind may
amount has been brought over into the current fiscal have been made, but the report says nothing on that
point.
year.
It should be mentioned that there was an increase
The report is in the usual elaborate and comprehensive form,with such a mass of details that it would during the year of $4,536,500 in the bonds of "other
be difficult to name any particular in which informa- companies" owned, due to the fact that the Oregon
tion is lacking. Among the statements given are Short Line, as the owner of the $124,200,000 Southern
full lists of the security holdings, and these show no Pacific stock held by the system, in April last exeraddition to the holdings of New York Central shares, cised its privilege to-subscribe at 96% for $37,260,0Q0
and for that matter no additions to any of the other Southern Pacific Co. 4% 20-year convertible bonds,
leading items among the investment stocks owned, of which $32,500,000, face value, were later sold at
except that the company has increased by $2,376,900 prices averaging 98.408%.
As to the company's funded debt,the total of the
its holdings of Illinois Central stock, bringing the latter
First Lien and Refunding 4% bonds outstanding
up to $22,500,000, not counting the Illinois Central
stock represented by the company's shareholdings in was increased during the twelve months by $29,603,432, the most of this representing what had remained
the Railroad Securities Co.
in the investment unissued at the close of the preceding fiscal year
As a matter of fact, changes
stockholdings (with the exception noted) have all been out of the 850,000,000 bonds sold to Kuhn
reductions. The company sold all the remainder of its Loec & Co. in June of last year. The Oregon RailGreat Northern Ry. shares, amounting to $3,578,600; road & Navigation Co. also disposed of $1,751,000
also the remainder of its holdings of Northern Pacific of its consolidated mortgage 4% bonds. On the
shares, amounting to $1,914,400, and its holdings other hand, $6,675,200 of Union Pacific 20-year 4%
of common stock (not the preferred) in the Milwaukee convertible bonds were converted into common stock
& St. Paul, amounting to $4,612,500, and reduced its at the rate of $175 face value in bonds for each $100
holdings of the Great Northern Iron Ore properties par value in stock. The net result of these various
from 77,164 shares to 38,864 shares. Mr. Lovett changes is an increase of $24,676,732 in the company's
states that since the close of the fiscal year the remain- funded debt outstanding and an increase of $3,814,300
ing.shares of Great Northern Iron Ore properties have in its stock. Taking these additions in connection
been sold and $2,933,334 realized from the same. with the sales noted in its investment shareholdings,
This latter obviously must have added still further to and bearing in mind that it had (counting land income
the company's total of available cash. The sale of the of $2,030,000) surplus income for the twelve months
year of almost $20,000,000, and that its capital expenditures
$10,000,000 Atchison stock since the close of
1040
THE CHRONICLE
for the year were relatively not very large, it will be
readily understood how it has come about that such
large amounts of available cash have been collected.
Mainly through the year's surplus earnings, the
credit balance of the profit and loss account has been
increased from $53,978,578 to $83,007,788. Large
as is the total, it indicates only in part the amount
of surplus earnings which have been applied to the
improvement of the physical and financial condition
of the property. A foot-note to the balance sheet
states that from year to year the cost of the company's
property on the books has been written down by
$15,598,252 received from the Improvement and
Equipment Fund and by appropriations from income
account amounting to $16,959,816—a total of
$32,558,068. It should be noted, too, that the profit
of $58,000,000 realized from the Northern Securities
operations is not shown in the balance sheet,since the
practice has been followed, as pointed out a year ago,
of treating the proceeds from the sales of these stocks
as a credit against the cost of stocks and bonds. If the
credit balance to profit and loss of $83,007,789 were
reinforced by the other sums here mentioned, the
final total would be increased to $173,565,857. And
this latter takes no account of the Land Department.
Truly these are marvelous results.
THE ERIE ROAD AND ITS TROUBLES.
The general impression left on the mind after a
study of the Erie report is that the management have
had a trying time with the property under the period
of depression through which the country has passed
and the financial difficulties which have beset the
Erie itself, but that, through the practice of rigid
economy and the finding of new sources of traffic to
offset the severe losses in the old items of traffic,
combined with the skilful handling of its finances, the
company has been put in a positiion where a new era
of prosperity seems to lie ahead of it. At any rate,
the present annual report furnishes a striking and a
pleasing contrast with that for the year immediately
preceding. The difference between the two years
Will appear when we say that in 1907-08 the company
had failed to earn its fixed charges in the amount of no
less than $1,623,422, whereas for 1908-09 there is a
surplus in excess of the charges in amount of $2,947,643. Thus there has been an improvement in the
results for the latest year to the extent of $4,571,065.
•In the main the improvement in net results has been
brought about in much the same way as in the case
of so many other large systems that have transformed
their income yield in the period under review. The
experience of the Erie in 1907-08 had been much like
the experience of these other roads, only in a greatly
emphasized degree—the gross earnings underwent a
shrinkage and at the same time expenses could not be
reduced, but on the contrary showed great augmentation; these two adverse forces working conjointly
caused a frightful loss in net income. Owing to the
changes in the classification of both revenues and expenditures introduced by the Inter-State Commerce
Commission, it is not possible to make true comparisons between the figures for 1907-08 and those for
1906-07. And .yet, imperfect though the comparison
be, it may nevertheless be taken as indicating in a general way the startling nature of the collapse which then
occurred. Briefly, aggregate gross revenue fell from
[VOL. Lxxxix.
$51,194,113 in 1906-07 to $46,746,436, while expenses
rose from $33,579,958 to $36,469,542. Thus the net
revenue was at one clip cat down from $16,171,356
to $10,276,893. The Erie could never boast of any
surplus financial strength and a loss in net income of
$6,000,000 in a single year threatened bankruptcy
and would undoubtedly have landed the company in
receiver's hands except for the financial help extended
at a critical juncture by the late E. H. Harriman, reinforced by similar aid from J. P. Morgan & Co.
In the poor outcome for 1907-OS we have the key
to the much better outcome of 1908-09, since the improvement has followed mainly as a result of the cutting down of expenses, and these expenses in the previous year, as we have seen, were extraordinarily
heavy, furnishing room, therefore, for severe curtailment. The improvement in the gross revenues in
1908-09 was only moderate. After the big drop the
previous year the recovery was only from $46,746,436
to $47,514,858; but the expenses which had risen from
$33,579,958 to $36,469,542 were cut down to $32,694,025. Accordingly, net earnings, after declining
from $16,171,356 to $10,276,893, increased again to
$14,820,833. Owing to the change in the classification and grouping of the expenditures, it is impossible to make comparisons of the details of the expenditures between the last two years and the year preceding, but as between these two years themselves
the grouping and classification is of course identical,
And the decrease for 1908-09 is seen to extend to all
branches and departments of the service. In maintenance of way and structures there was a reduction
of $1,679,006, in maintenance of equipment a reduction of 81,005,762 and in the transportation expenses
a reduction of $1,177,341. With reference to the
contraction in the latter it is pointed out that the
decrease is principally in the items of ties, rails and
other track material, and it is stated that unusually
large expenditures had been made and charged to
these accounts during the previous year.
In explanation of the reduction in maintenance of
equipment we are told that in the previous fiscal year
it was necessary to have an unusually large number
of locomotives repaired at outside shops, while during
the late year a greater proportion received general
repairs at the company's shops. The saving in the
transportation expenses is of course readily understood. The decreases are general in character and
are ascribed to the greater efficiency of facilities and
service. The most noteworthy decrease was in fuel
for locomotives, and in this instance there was a
further favoring circumstance in the reduced rate per
ton paid for fuel during the year.
Allowing for the greater efficiency of operations and
other favoring circumstances, and allowing also for the
fact that labor must have been more efficient (for
reasons many times enumerated in reviewing the reports of other railroads), it is nevertheless evident
that the task of the management in curtailing expenditures to the extent noted could have been no
easy one. It would seem, furthermore, that in the
traffic department, likewise, considerable skill and
ingenuity were required to keep the road on an even
keel. We have already observed that aggregate gross
revenues were increased $768,422. In the passenger
revenues, though, there was a decrease of 8608,814.
In the local passenger traffic there was a small increase,
OCT. 23 1909.1
THE CHRONICLE
but in the through traffic there was a decrease, thus
furnishing an exact repetition of the experience of the
previous year and making it plain that in this branch
of the service the Erie, unlike most roads, suffered
severely from the depression in general business.
The changes, however, which attract most attention
are those in the freight department. Here there was
a decrease of 304,639 tons in the merchandise traffic
and of 527,862 tons in the coal traffic. Yet in both
cases revenues show an increase, the addition in the
case of the merchandise traffic being $768,774, and in
the case of the coal revenue $474,674. This loss in
the number of tons of freight moved, with the coincident increase in revenues, at first seems difficult
to understand. But on examination it appears that in
the number of tons of freight carried one mile there
was a very decided increase, the aggregate rising from
5,661,538,181 tons to 6,008,714,174 tons. Obviously,
there must have been a striking addition to the longhaul traffic, and this view finds confirmation in the
fact that the average length of the haul was increased
from 168 miles in 1907-08 to 183 miles in 1908-09.
With this gain in the long-haul traffic to offset the loss
in the short-haul traffic, there has come also a decline
in the rate realized per ton per mile, the average for
the latest year having been only 5.86 mills per ton
mile, against 6.00 mills in 1907-08 and 6.14 mills in
1906-07.
The conclusion would seem to be that to make up
for the losses in local or short-haul freight, on which
good rates prevail as a rule, the managers reached out
and obtained an increased amount of through freight,
on which low rates have to be accepted. Taking the
number of tons of freight actually handled (not the
movement one mile),the shrinkage in traffic the last
two years has certainly been of noteworthy extent.
From 39,169,617 tons in 1906-07, there was a drop to
33,629,706 tons in 1907-08, with a further decrease in
1908-09 to 32,797,205 tons. In some of the items of
freight, the decrease has been really startling,and we
do not at the moment recall any other instances quite
like it. Thus,in the so-called "merchandise" freight,
usually a very lucrative line of traffic, after a decrease
from 2,929,591 tons in 1906-07 to 2,265,978 tons in
1907-08, there was a further decrease in 1908-09 to
1,958,337 tons. Under this one head, therefore, there
has been a fall in two years of a million tons, or over
33%, comprising, we should judge, freight of the bestpaying kind. The ore tonnage diminished from
2,532,445 tons to 2,151,870 tons and then to 1,995,101
tons. In the coke tonnage, after a decrease in the
previous year from 2,291,282 tons to 1,234,600 tons,
there has now been a recovery to 1,556,382 tons. The
anthracite tonnage gained in both years. On the
other hand, the bituminous coal traffic, which last
year fell from 7,338,700 tons to 7,078,088 tons, has
now got down to 5,955,843 tons. Furthermore, in
the "all other articles," comprising the items of traffic
not specifically enumerated, the shrinkage has been
of extraordinary magnitude, a decrease from 4,333,705
tons in 1906-07 to 3,190,481 tons in 1907-08, being
now followed by a further decrease in 1908-09 to
2,040,765 tons.
We do not understand that the rules of the InterState Commerce Commission have worked any changes
in these statistics, and hence it would seem that either
the industrial depression affected the Erie with par-
1041
ticular severity, or else its financial difficulties occasioned some losses of traffic in addition to those due
to the industrial depression. Whatever the explanation, it is a satisfactory feature that through increases
in the long-haul traffic, and therefore in the aggregate
volume of freight moved one mile, the management
succeeded so well in overcoming the loss in the shorthaul traffic. These increases are found in a whole list
of articles, more particularly agricultural products
(excepting grain), manufactures,lumber, and a number
of miscellaneous and general articles and commodities.
The effect has been to bring the aggregate tonnage
movement one mile, which in the previous year had
fallen away from 6,275,629,877 tons to 5,661,538,181 ,
tons, back again to 6,008,714,174 tons.
With the wonderful transformation in the company's
income showing there has also come a great change in
its financial outlook. Twelve months ago it seemed
as if a complete re-arrangement of the company's
obligations were inevitable. Now the thought is
entertained that through the act of funding the
coupons on certain of the company's bond issues up
to and including those for July 11909, adequate relief
has been provided to carry the company safely
through. No change occurred during the year in the
total of the bonded debt, but $5,000,000 more of collateral gold notes were issued,and the proceeds used in
the purchase of coupons falling due on or before July 1
1909. These coupons were then pledged under the
collateral indenture. President Underwood states
that in addition to the $5,000,000 of 3-year collateral
notes sold during the year, the sale of $3,522,000
additional of these notes has been effected. With the
increased net income of the company, he adds, "it is
hoped that the proceeds of the collateral notes so issued
will be sufficient to meet the company's requirements
until additional funds can be realized from the sale
of its securities already issued and the bonds of subsidiary lines received and to be received, in reimbursement of advances for construction, thereby rendering
the further funding (as originally contemplated) of
the company's interest obligations unnecessary."
This is certainly a gratifying assurance to be able to
convey to the security holders.
RAILROAD GROSS AND NET EARNINGS FOR
AUGUST.
The exhibit of the earnings of United States railroads for the month of August is a very encouraging
one. As previously pointed out by us, these monthly
compilations are now exceedingly comprehensive.
All the railroads in the country are required to file
monthly statements with the Inter-State Commerce
Commission (barring that inconsequential portion
confined entirely within State boundaries), and we
have copies of these statements made for our own use,
and print the figures in a new special monthly supplement entitled our "Railways Earnings Section,"
the October number of which accompanies to-day's
issue of the "Chronicle." In that supplement the
reader will find the August returns in detail for every
railroad in the country which had filed its figures for
that month up to yesterday morning. The summaries
which form the subject of this article are based on
these returns.
Altogether our compilations embrace 724 separate
roads, covering an aggregate of 216,332 miles, or about
THE CHRONICLE
1042
[VOL. LXXXIX.
All the roads here mentioned report further
increases in net the present year. In the case
of the gross, the position of many of the separate
roads is the same as that disclosed by the general
totals, namely that while there is striking improvement over 1908, the amount of this increase falls
somewhat short of the losses of last year. The Pennsylvania Railroad furnishes a typical instance of the
kind. On the lines directly operated East and West
of Pittsburgh there was a decrease in gross last year
of $5,890,900 and in net of $1,532,000. The increase
the present year is only $3,439,881 in the gross and
$1,085,807 in the net.
This remark, however, does not as 4 rule apply to
the leading Western systems. For instance, the Atchison, which last year had only $509,574 loss in gross,this
year has a gain of $1,458,228; the Union Pacific had
only $33,041 decrease last year and this year has $930,386 increase; the Southern Pacific, with $1,622,440
decrease last year, has $1,513,525 increase; the Rock
Island, including the St. Louis & San Francisco and
the Chicago & Eastern Illinois, in August 1908 fell
$1,017,233 behind in gross and for the month in 1909
has improvement of no less than $1,273,820. The
Milwaukee & St. Paul belongs in a class by itself,
having $219,541 increase in gross with $363,965 de- crease in net. Last year, however, the company had
-Increase or Decrease
Amount.
1008.
1000.
August (724 roads)1.24
2,649
213,683 Inc.
216,332
Miles of road
in gross with $80,101 loss in net. In
5225.488,923 $197,928,775 Inc. $27,560,148 13.92 $118,208 gain
'Gross earnings
125,769,151 Inc. 13,839,325 11.00
139,608,476
Operating expenses
the following we show all changes for the separate
585.880.447 572.159,624 Inc. 513.720.823 19.01
tiNet earnings
roads for amounts in excess of $100,000, whether inThe reader is of course aware that prior to 1908 creases or decreases, and in both gross and net.
the record for August was one of continuous improvePRINCIPAL CHANGES IN GROSS EARNINGS IN AUGUST.
Increases.
Increases.
ment in the gross, while even in the case of the net Pennsylvania
$282,275
Y53,439,881 Denver & Rio Grande_ _ _
270,828
1,513, 25 Del Lack & Western_ _ _ _
Southern Pacific
there had been only two exceptions to the rule in the Atch Topeka & Santa Fe 1,458,228 Elgin Joliet & Eastern_
270,255
247,189
1,130,378 Wabash
Baltimore Fc Ohio
whole of the period since 1896. In the following we Great Northern
219,607
1,097,441 Seaboard Air Line
219,541
1,074,309 Chic Milw & St Paul_... _
Northern Pacific
218,989
furnish a summary of the August comparisons of gross Chic Burl F6 Quincy_ _ _ _ 982,199 Atlantic Coast Line
198,685
930,386 Bull Roch 6; Pittsburgh_
Union Pacific
187,721
834,112 Erie
Chicago & No
and net for each year back to 1896. For 1908 we use Rock Island Western
173,568
619,319 Bessemer & Lake Erie__
Railway
the Inter-State Commerce totals, but for the years Southern Hay & Bart.__ 609,683 San Ped Los Ang & St L. 164,992
151,602
599,702 Pere Marquette
N Y New
141,089
563,868
Shore
preceding we give the results just as registered by our LakeCent && Mich SO,,. a563,812 Cent of New Jersey
125,945
Virginian
Hud River__
NY
121,438
550,058 Chic St Paul Minn & Om_
Phila &
tables each year-a portion of the railroad mileage St Louts Reading
120,518
465,808 N Y Chic dc St Louis....
Fc San Fran__
115,918
454,913 Chic & En Ill
Duluth & Iron Range_ _ _
114,084
435.328 Chicago & Alton
of the country being always unrepresented in the Illinois Central
114,075
433,143 Yazoo & Miss Valley_ _ _ _
Boston & Maine
113,113
RR (Penn)
totals, owing to the refusal of some of the roads to Duluth Missabe & No.._ 418,571 Union & Pacific
102,306
385,908 Texas
Norfolk & Western
100,741
Louisville & Nashville...
383,926 Colorado & Southern_ _ _ _
give out monthly figures for publication.
93% of the railroad mileage of the country. On this
extent of road there is an improvement of $27,560,148,
or 13.92%, in gross earnings and an increase of $13,720,823, or 19.01%, in net earnings. This is obviously a very gratifying showing. The gain in gross
earnings, to be sure, does not in amount equal the loss
sustained in August of last year; but the two correspond much more closely than in preceding months,
while the gain in the net runs considerably in excess
.of last year's loss. Our statement for August 1908
recorded about $30,000,000 ($29,909,010) loss in
.gross and $7,269,787 loss in net. The aggregate then
.covered 191,116 miles of road. The Inter-State Commerce Commission, however, has recently issued a
jpamphlet giving the complete results for that month,
'covering 231,219 miles, and from these it appears that
the falling off for the whole railroad system of the
United States for the month last year reached $34,366,578 in gross and .$9,222,389 in net. The roads
not now represented in our compilation will no doubt
add two or three million dollars to the $27,560,148 gain
in gross now shown, leaving it, however, still below
the loss of $34,366,578 actually sustained in August
last year. The present increase of $13,720,823 in net,
even without any further addition, greatly exceeds
the $9,222,389 loss in net recorded last year.
Net Earnings.
Gross Earnings,
Year
Year
Inc. (-I-) or
Year
Preceding. Dec.
Given.
$
$
$
$
Aug.
1896 .. 52,240,197 55,319,991 -3.079,794
1897 _ 66,842.723 58,687,81 +8,154,90:
1898 _ • 77.846,913 76,324,94 +1,521,964
1899. 81,952,795 70,965,451 +10,987,344
.
1900 92,067,423 85,191,125 +0,876.298
1901 _ 108,575,332 96,440,678 +12,134,654
1902 _ 105,390,629 102,111,42 +3,279,20
1903 _ 121,050,739 105,267.44 +15,783,29'
+155,89
1904 _ 119,821,635 119,665,74
1005., 125,099,694 114,112,603 +10.987,091
1906, 137.589,580 122,898,468 +14.691,092
1907'_ 144,913,337 128,178,06 +16,735,273
1008, 206,755,864 241,122,44 -34,366,57:
1909, 225.488,923 197.928,77 +27.500.148
(-).
Year
Given.
17,418.959
24,228,620
27.942,601
29,730,968
33,216,118
40,548,771
35,928,409
41,282,319
43,168,250
43,201,744
48.074,911
45,629,104
75,028,707
85380,447
(+) or
(-).
Inc.
Year
Preceding. Dec.
$
19,023.398
19,592,169
28,189,822
25,200,009
31,032,360
34.210,061
37,778,146
35,747,474
40,913,469
40,480.712
42,719,768
44,849,985
84,251.096
72,159,624
$
-1,604,439
+4,636,451
-247,221
+4.530,959
+2,183,758
+6,338,710
-1,847,737
+5,534,845
+2,254,781
+2,721,032
+5,355,143
+779,110
-9,222,381
+13,720,822
-In 1896 the number of roads included for the month of August was 127;
Note.
n 1897, 135; in 1898, 138; in 1899, 113; In 1900, 129; In 1901, 116; In 1902, 105:
In 1903, 114; in 1904, 100; In 1905, 95; in 1906, 91; In 1907, 86; In 1908, 704; in 1909.
724. We no longer Include the Mexican roads or the coal-mining operations of the
anthracite coal roads in our totals.
349,690
Chesapeake de Ohio
Pittsburgh & Lake Erie_
339,741
325,962 Representing 48 roads in
Cleve Cine Chic & St L
$24,017,969
ou.. compilation
283,599
Michigan Central
-All the figures in the above are on the basis of the returns filed
Note.
Commerce Commission. Where, however, these rewith the Inter-State
turns do not show the total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible to those given
in the statements furnished by the companies themselves.
a These figures cover merely the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate,"a&c.. the
whole going to form the New York Central 'System, the result is gain of
$2,459,933.
y These figures are partly furnished by the company and represent the
Ines directly operated east and west of Pittsburgh, Eastern lines showing
$1,900,200 increase and the Western lines $1,539,681 for all lines owned,
leased, operated and controlled the result for the month is a gain of 53,586,412.
PRINCIPAL CHANGES IN NET EARNINGS IN AUGUST.
Increases.
Increases.
$175,443
$1,095,830 Illinois Central
Southern Pacific
y1,085,807 N Y Cent & Hud River.. al70,299
Pennsylvania
Chesapeake & Ohio
166,528
980.018
Great Northern
164,150
912,505 Seaboard Air Line
Atch Topeka & Santa Fe
183.753
708,804 Buff [loch & Pitss
Union Pacific
182,973
807,215 Chic Burl & Quincy
Northern Pacific
575,846 Cleve Cin Chic & St L_- 155,991
N Y New Haven & Hart_
371,268 Phila & Reading
143,593
Nashville
Louisville &
368,403 Central of New Jersey.._
131,221
Duluth Fc Iron Range_
128,714
343,303 St Louis & San Fran.....
Lake Shore & Mich So_ _ _
126,074
317.929 Bessemer & Lake Erie
Duluth Missabe & No...
113,324)
259,807 Chic & East Ill
Boston Fc Maine
110,891
235,889 Chicago & No Western..
Rock Island
102,073
233,255 Union RR (Penna)
Southern Railway
100,898
225,490 N Y Chic de St Louis....
Norfolk & Western
224,170
& Western_ _ _ _
Del Lack
218,030 Representing 35 roads in
Pittsburgh & Lake Erie_
$11,487,954
214,784
our compilation
Michigan Central
Decrease.
202.199
Baltimore & Ohio
193.883 Chic Milw de St Paul.... $363.965
Elgin Joliet de Eastern...
New York Central
a These figures cover merely the operations of the
itself. For the New York Central System the result is a gain of $1,372,710
y These figures represent the lines directly operated cast and west of
Pittsburgh, the Eastern lines showing $580,400 increase and the Western
lines $505,407 increase. For all lines owned, leased, operated and controlled
the result is a gain of $1,147.638.
With reference to the separate roads, we have an
imposing list of gains both in the gross and the net.
There had been quite a number of increases in the net
even in August last year, due to the fact that the
roads had then succeeded pretty well in getting control
of their expense accounts, and as a consequence some
roads which had sustained losses in gross were able
to report considerable increases in net. Among roads
of this kind last year were the Atchison Topeka &
When arranged in groups, every group shows a gain
Santa Fe, the Southern Railway, the Southern Pacific
Company, the Union Pacific and the Rock Island. in gross and also every group a gain in the net, just
OCT. 23 1909.
1043
THE CHRONICLE
1908-09, appendas a year ago all the groups recorded losses in gross and actual bales and pounds for the year
nt varies ing for the purposes of comparison the figures for
net alike. The percentage of improveme
considerably among the different groups. Our sum- 1907-08 and 1906-07:
Total.
mary by groups is as follows:
Great Britain. Continent.
October 1 to September 30.
SUMMARY BY GROUPS.
Gross Earnings
Inc.(+)or
Dec.(-).
1908.
1909.
$
Augustroads), New England__ 11,179,478 10,004,853 +1,174,625
Group 1(26
Group 2 (133 roads), East & Middle__ 65,243,377 49,201,516 +6,041,861
+4,543,623
Group 3(101 roads), Middle West____ 33,963,284 29,419,661 +3,185,226
Groups 4 & 5(149 rds.), Southern____ 25,079,061 21,893,835
Groups 6 & 7(115 rds.), Northwest___ 53,776,919 46,836,493 +6,940,426
+3,460,311
Groups 8 & 9(145 rds.), Southwest___ 31,905,746 28.445,435 +2,214,076
Group 10(55 roads), Pacific Coast ____ 14,341,058 12,126,982
For 1908-1909.
9,715,000
6,112,000
bales
3,603,000
Takings by spinners
490.9
482
506
Average weight of bales_ _ _ _lbs
1,823,078,000 2,946,167,000 4,769,245,000
Takings in pounds
Section or Group-
11.74
12.28
15.44
14.58
14.82
12.17
18.26
For 1907-1908.
Takings by spinners
Average weight of bales
Takings in pounds
bales
lbs
9,529,000
5,926,000
3,603,000
488.4
479
504
1,815,680,000 2,838,487,000 4,654,167,000
For 1908-1907.
10,283,000
6,269,000
4,014,000
bales
Takings by spinners
486.2
478
499
Average weight of bales_ __ _lbs
225,483,923 197,928.775 +27,560,148 13.92 Takings in pounds
2,003,046,000 2,996,376,000 4,999,422,000
Net Earnings
Inc.(+)or
-Mileage%
Dec.(-).
1908.
1909.
1909. 1908.
$
li
+982,939 28.28
4,465,148 3,482,209
7,446 7,454
No. 1
Group
12.15
26,039 25,692 20,145,190 17,962,793 +2,182,397 10.08
Group No. 2
26,263 26,347 13,110,995 11,010,512 +2,100,483 28.66
Group No. 3
& 5._ 38,273 37,432 8,347,369 6,487,862 +1,859,507 17.74
Groups Nos. 4
+3,242,295
Groups Nos. 6 8.7.._ 58,071 57,532 21,519,884 18,277,589 +1,804,244 19.11
Groups Nos. 8 & 9_ _ 45,434 45,082 11,250,856 9,446,612 +1,548,958 28.13
14,806 14,144 7,041,005 5,492,047
Group No. 10
216.332 213,683 85,880,447 72,159,624 +13,720,823 19.01
Total
NOTE -Group I. Includes all of the New England States. that portion west
Group II. Includes all of New York and Pennsylvania except
Maryland, and
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and
the extreme northern portion of West Virginia.
of Ohio and Indiana; all of Michigan except the northern
Group III. Includes all
of Buffalo and
Peninsula, and that portion of New York and Pennsylvania west
Pittsburgh.
the Southern States south of the Ohio and
Groups IV. and V. combined include
east of the Mississippi River.
of Michigan; all of
Groups VI. and VII. combined include the northern peninsula
Dakoa, and
Minnesota, Wisconsin, Iowa and Illinois; all South Dakota and North
Wyoming and
Missouri north of St. Louis and Kansas City; also all of Montana. line, passing
with Colorado north of a line parallel to the State
Nebraska, together
through Denver.
Arkansas and
Groups VIII. and IX. combined Include all of Kansas, Oklahoma,
Colorado south
Indian Territory; Missouri south of St. Louis and Kansas City; portion of New
and that
of Denver; the whole of Texas and the bulk of Louisiana;
through
Mexico north of a line running from the northwest corner of the State
Santa Fe and east of a line running from Santa Fe to El Paso.
Utah
Group X. includes all of Washington, Oregon, Idaho, California, Nevada,
and Arizona, and the western part of New Mexico.
Total (724 roads)
As stated by us in previous months, we have
changed our system of grouping the roads so as to
conform with the grouping or classification adopted
by the Inter-State Commerce Commission. The only
departure we make from the Commission's arrangement is that we have combined Groups 4' and 5, so
as to bring all the Southern roads together under one
head; also Groups 8 and 9, so as to bring the Southwestern roads together, and have likewise combined
Groups 6 and 7, these latter comprising the systems
running west and northwest of Chicago, the mileage
of most of which spreads over the territory covered
by both groups. We do not include• any of the
Canadian lines in our figures, except of course so
much of the same as lies within the United States and
for which returns are filed with the Commission.
The confines of the different groups are indicated in
the foot-notes to the above table, but it is important
to note that where a road or system covers more than
one group, or overlaps into others, we have necessarily
been obliged to place it in some particular one of the
groups, as no way exists of dividing it up among the
two or more groups where it may be located. Our
plan in such cases has been to place the road or system
in the group where the bulk of the revenues is apparently obtained. In their annual statements to the
Inter-State Commerce Commission, the companies are
required to show the amounts earned in each of the
groups, but of course no such division is attempted in
the case of the monthly returns.
COTTON CONSUMPTION OF EUROPE AND THE
WORLD.
Mr. Thomas R. Ellison's "Annual Review of the
Cotton Trade" was issued in Liverpool on Wednesday
of the current week, and by cable we have received all
the interesting data contained therein, including his
usual estimate of consumption requirements for the
season of 1909-10. As of greatest importance, we
first give the takings of cotton by European mills in
The takings of the mills in Great Britain, it will be
noted, were the same as in 1907-08 as stated in ordinary bales, but expressed in 500-lb. bales they were
a little greater. Continental spinners for the same
period absorbed 186,000 bales more than in the previous season. Consequently, for the whole of Europe
the aggregate takings show an increase of 186,000 bales
as compared with the previous season, but there is a
decrease from 1906-07 of 568,000 bales.
Consumption for the whole of Europe has increased
very slightly, and consequently aggregate stocks of
raw material held by the mills at the close of the season
record a moderate increase over a year ago. The gain
(30,000 bales of 500 lbs. each) is, however, entirely in
Great Britain, Continental consumption being stated
the same as in the previous year. To indicate clearly
the relations existing between different years, we
bring together in tabular form the takings, consumption and stocks, all reduced to bales of 500 lbs. each,
as follows:
Bales of 300 lbs. each.
1908-09.
1907-08.
1906-07.
Great Britain
Stock October 1 (beginning of year)_ _
Deliveries during year
308,000
3,646,000
367,000
3,631.000
233,000
4,006,000
3,954,000
3,720,000
3,998,000
3,690,000
4,259,000
3,892,000
Total supply for year
Total consumption for year
234,000
308,000
367,000
1,046,000
3,892,000
1,089,000
5,677,000
556,000
5.993,000
Total supply for year
Consumption during year
6,938,000
5,720,000
6,766,000
5,720.000
6,549,000
5,460.000
Stock October 1 (end of year)
1,218,000
1,046,000
1,089,000
Stock October 1 (end of year)
Continent
Stock October 1 (beginning of year)_ _
Deliveries during year
The totals for the whole of Europe for the three years
are as follows (in bales of 500 lbs.):
All Europe.
Stock October 1
Deliveries during the year
Total supply
Total consumption
Stock October 1 (end of year)
1008-09.
1907-08.
1908-07.
1,354,000
9,538,000
1,456,000
9,308,000
809,000
9,999,000
10,892,000 10,764,000 10,808,000
9,440,000 9,410,000 9,352,000
1,452,000
1,354,000
1,456,000
The results presented above cover only Great Britain and the Continent, so to arrive at an idea of the
world's consumption, it is necessary to include returns
for the United States, India, Japan, Canada, Mexico,
&c., which we have done below. For the United
States the data wiis fully given in our Annual Crop
Report, issued in September, and it indicated an important augmentation in consumption during the season. In India the cotton-manufacturing establishments, according to the information at hand, have ap.
parently used a little more cotton during the past seaand the same is true of Japan. For those and
son,
other countries we have as yet no later information
than that upon which we based the estimate given in
our crop report. Bringing together the results for
Europe, India and the United States, and adding the
total for Japan, Canada, &c., we practically cover the
world-at least that part of it from which any relia-
1044
THE CHRONICLE
[VOL. Lxxxix.
—The Canadian Bank Act will come before Parliament
ble data are obtainable. Below we give these returns
for revision at the coming session. The Toronto "Globe"
combined for ten years, in bales of the uinform weight
reports that as far as it is known at present it is not the
of 500 lbs.:
World's Con- Great
sumption. Britain.
1899-00
1900-01
1901-02
1902-03
1903-04
1904-05
1905-06
1906-07
1907-08
1908-09
___
____
____
____
____
____
____
____
____
____
Continent.
United
States.
intention of the Government to submit any material amendments affecting the principles embodied in the Act.
All
Others.
India.
3,334,000 4,576,000 3,856,000 1,139,000
3,269,000 4,576,000 3,727,000 1,060,000
3,253,000 4,836,000 4,037,000 1,384,000
3,185,000 5,148,000 4,015,000 1,364,000
3,017,000 5,148,000 3,909,000 1,368,000
3,620,000 5,148,000 4,310,000 1,474,000
3,774,000 5,252,000 4,726,000 1,586,000
3,892,000 5,460,000 4,950,000 1,552,000
3,690,000 5,720,000 4,227,000 1,561,000
3,720,000 5,720,000 4,912,000 1,600,000
Total.
--868,000 13,773,00C
784,000 13,416,00C
905,000 14,415,00C
766,000 14,478,00C
869,000 14,311,00C
990,000 15,542,00C
1,047,000 16,385,00C
1,078,000 16,932,000
1,032,000 16,230,000
1,153,000 17,105,000
According to the above, the world's consumption
rose to 17,105,000 bales of 500 lbs. each in 1908-09,
or a gain of 875,000 bales over 1907-08, and records
an increase of 173,000 bales over 1906-07. Compared
with earlier years increases, of course, are invariably
shown.
Mr. Ellison's estimate of the number of spindles in
Europe, America and India during 1909 has also been
received, and we give it below, adding for purposes of
comparison the figures for previous years:
Spindles.
Great Britain
Continent
United States
East Indies
Total
1909.
1908.
1907,
1906.
55,600,000 54,600,000 52,000,000 50,000,000
39,000,000 37,000,000 35,800,000 35,500,000
27,780,000 26,752,000 25,924,000 24,781,000
5,900,000
5,400,000
5,400,000
5,200,000
-----------------128,280,000 123,752,000 119,124,000 115,481,000
Our cable also states that Mr. Ellison estimates
that Europe and the United States (including amounts
shipped from this country to Japan, Canada, &c.)
will in 1909-10 require for consumption 15,275,000
bales of 487.8 lbs. average weight, making 14,903,000
bales of 500 lbs. each, against 14,969,000 bales of
491.9 lbs. average weight, equaling 14,725,000 bales
of 500 lbs. each in 1907-08. In Mr. Ellison's estimates
the amount needed from America is placed at 12,625,000 bales, 1,300,000 bales are required from India,
950,000 bales from Egypt and 400,000 bales from other
sources of supply. This would seem to indicate that
he is of the opinion that consumption in Europe and
for the United States, Canada, &c., will be about
178,000 bales of 500 lbs. each greater than in the
season just closed. The estimate of requirements and
consumption in detail are as follows:
Estimated. Actual.
1909-10. 1908-09.
Actual.
1907-08.
Requirements—Ordinary bales—
American
East Indian
Egyptian
Sundries
Bales.
Bales.
Bales.
12,625,000 12,860,000 12,117,000
1,300,000
945,000 1,068,000
950,000
912,000
856,000
400,000
252,000
266,000
Total requirements
Average weight
Requirements, bales, 500 lbs
15,275,000 14,969,000 14,307,000
487.8
491.9
488.8
14,903,000 14,725,000 13,987,000
—A New York Stock Exchange membership was reported
transferred this week for $84,500, comparing with $85,000,
the last previous transaction.
—Senator Nelson W. Aldrich, who had been abroad for
several months in the interests of the National Monetary
Commission, of which he is Chairman, returned this week.
In an interview had with him Mr. Aldrich referred but briefly
to the labors of the Commission, being quoted as saying that
"the time is not ripe to' give out any statement of what the
Monetary Commission has been doing, either at home or
abroad, nor can I yet outline what recommendations may be
made to Congress in the line of the establishment in this
country of a central bank of issue." Announcement was made
by him, however, of a proposed educational campaign on
the central bank question to be started by the Commission,
a series of lectures to be given by Senator Aldrich having
been arranged to this end, the first to take place in Chicago
on the 26th inst.
—The Nebraska law providing for the guaranty of bank
deposits is declared invalid in an opinion rendered on the
16th inst. in the Federal Court at Lincoln by District Judge
Thomas C. Munger and Circuit Judge Willis Vanderventer.
The law, passed at the'1909 session of the Nebraska Legislature, was approved by Gov. Shallenberger on March 25,
and a review of its guaranty features appeared in our issue
of April 3. The Act was to have become effective on July 1
1909, but as a result of proceedings brought to test its validity, an injunction temporarily restraining the State Banking Board from putting it into operation was granted on
June 30 by the same Judges issuing the present decree. The
injunction is now made permanent and the Court holds the
law to be unconstitutional on the ground that it is in violation of the Constitution of the United States and that of
the State of Nebraska. The decision is based upon the provision of the law which forbids an individual from engaging
in the State banking business without incorporating and
the section which subjects every banking corporation engaged
in business under the State law to the assessments for guaranty purposes. The syllabus of the case, as given in the
Omaha "Bee," is as follows:
1. Constitutional Law—Due Process of Law. Banking—Restricting
Business to Corporations—Guaranty Fund.
The Nebraska Act of March 25 1909 (Laws Nebraska, 1909, Chap. 10,
p. 68), which prohibits individuals from engaging in the banking business
unless they do so through the agency of a corporation, and which also
conditions the right to engage in that business in that form upon the
making of enforced contributions from time to time to a depositors' guaranty
fund to be employed in the payment of the claims of depositors of any
bank which shall become insolvent, is in conflict with Section 1 of the
Fourteenth Amendment to the Constitution of the United States, which
provides: "No State shall make or enforce any law which shall abridge the
privileges or immunities of citizens of the United States; nor shall any
State deprive any person of life, liberty or property without due process
of law," and is in conflict with Section 3 of Article 1 of the Constitution
of Nebraska, which declares: "No person shall be deprived of life, liberty
or property without due process of law," and therefore is void.
2. Same. Void provision, when inducement to passage of Act renders
entire act invalid.
The provisions of the Nebraska Act of March 25 1909, supra, which
prohibit individuals from• engaging in the banking business unless they
do so through the agency of a corporation, and also condition the right to
engage in that business in that form upon the making of enforced contributions from time to time to a depositors' guaranty fund to be employed in
the payment of the claims of depositors of any bank which shall become insolvent, were the inducement to the passage of that Act,and as those provisions,so coupled together,are void, the entire Act is hereby rendered invalid.
Our readers should of course bear in mind that
these figures are not intended to be estimates of the
yield in various countries, Mr. Ellison confining himself to indicating the extent to which, in his belief,
each source of supply will be called upon to contribute
to the season's consumptive requirements. In other
The case is likely to be appealed to the United States Suwords, he is of the opinion that 15,275,000 bales of
ordinary weight will be necessary in order to leave preme Court.
mill stocks unchanged.
—We learn from the Kansas City "Star" that a question
ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S.
—The public sales of bank stocks this week aggregate 174
shares, of which 107 shares were sold at the Stock Exchange
and 67 shares at auction. The transactions in trust company
stocks reach a total of 30 shares.
Shares. BANKS—New York.
Low. High. Close. Last
•159 Commerce, Nat. Bank of__ 191 % 195
Oct.
192
15 German-American Bank___ 145% 1453g 145% July
TRUST COMPANIES—New York.
20 Lawyers' Title Ins. & Tr.Co 225
225
225
Aug.
10 Trust Co. of America
350
350
Sept.
350
previous sale.
1909— 197
1908— 134 3'
1909— 245
1909— 350
* Of this amount 107 shares were sold at the Stock Exchange.
which has arisen with the failure of the Columbia Bank &
Trust Co.of Oklahoma City affects the of school land funds on
deposit with the institution at the time of its failure. That
paper reports that a demand has been made by the Secretary
of the Oklahoma School Land Board upon certain surety
companies for the payment of $140,000 pledged by these
companies for the safety of $192,000 of school land funds.
The surety companies, it is said, are willing to pay their
obligations, but the stand is taken that the State should be
paid out of the guaranty fund, as in the case of the other
depositors. In the event that the State does not meet the
OCT. 23 1909.1
THE CHRONICLE
1045
A statement issued by the counsel for the receivers in Deobligations, it is stated that at least one surety company
has expressed its willingness to pay its bond, provided there cember last said in part:
"The third class of cases was brought against brokers to compel the
is turned over to it the State's right to a deposit of an amount disclosure of the names of their clients. In several previous cases it had
equal to that of the bond. The company would then be in been decided by the courts that, if the broker had purchased stock for a
new certificates to be issued in the name of a dummy, he
position to demand payment as a depositor, and if payment client and causedto disclose the name of his principal, so that the receive r
could be obliged
forthcoming would bring suit, basing its action on the might look to him for payment of the assessment. In practically all of the
was not
ground that discrimination was shown in the payment of cases where the broker had, after purchasing stock, caused new certificate
to be Issued in the name of a dummy, the brokers have been content to
depositors.
however, the broker s
of
decisions. In a
Young has been authorized to follow these purchased stock large numberandcases,not themselves taken
State Bank Commissioner
had
for a client,
had simply
Co. the certificates to the company and directed new certificates to be issued in
sell bonds and warrants of the Columbia Bank & Trust
had no relations with the
to the amount of about $200,000, the proceeds to be applied the names of dummies; on the contrary, they in his effort to ascertain
company whatever. When, therefore, the receiver
toward paying the depositors. A statement attributed to him the real owners of the stock, inquired of these brokers, they declined to
says that the bank had not sufficient funds to pay its de- furnish the Information, urging that as they had not themselves caused
concealed the
positors, and that the order was asked for because he did not certificates to be issued in the name of dummies, and thus names of their
real names of the owners,they were not bound to disclose the
heavily on the State guaranty fund.
want to draw too
clients. In the opinions just filed in these cases, Judge Holland holds
The Central State Bank of Oklahoma City, which is lo- that, inasmuch as the receiver would be unable to ascertain the names
cated in the quarters of the Columbia Bank & Trust Co., of the real owners unless the brokers were compelled to disclose the names,
and, Inasmuch as the real owners would thereby be enabled to escape the
began business on the 11th inst. President Webster of the responsibility for the assessment, the same ruling should be applied, and
that it is taking over only such paper of the brokers be compelled to disclose the names of their clients, irrespective
new bank, states
of whether they had ever asked the company to issue new certificates.
the closed institution as it desires.
the Mutual Life
—Darius 0. Mills was on Tuesday elected Vice-President
—A settlement in the suits brought by
Insurance Company of this city against its former President, of the Bank of New York, N. B. A., to take the place of the
Richard A. McCurdy, and others, was announced in the late John L. Riker. Mr. Mills has been a member of the
New York "Sun" of the 19th inst. The settlement occurred bank's directorate for a number of years. The 125th annias long ago as last spring, but attention has been directed versary of the opening of the institution occurred in June.
to the matter at the present time through the striking off It was organized on March 15 1784 and began business on
of the case from the court calendar this week. The suits June 9 of that year. One of its founders was Alexander
were compromised for $815,000. The Mutual accepted Hamilton. The bank is the oldest bank in the State and the
$750,000 cash in settlement; the balance was represented by second oldest in the United States, the Bank of North Amera claim against the company for supplies delivered to it ca of Philadelphia being the pioneer.
amounting to a little over $65,000. This was acknowledged
—Edwin Hawley and Thomas De Witt Cuyler are newlyby the company as a valid claim, and its payment was only elected directors of the Mercantile Trust Co. of this city.
held up because of counter claims against those to whom
—The branch of the International Banking Corporation
it was due. The suits were brought in 1906 to recover
by Mr. at Hankow, China, the proposed establishment of which was
money alleged to have been paid out unlawfully
announced last August, was opened this week. A Pekin
McCurdy and other officers of the company. The gross
Robert H., branch of the institution has been in operation since June.
amount claimed from Mr. McCurdy, his son,
al is the first American bank to enter the
his son-in-law, Louis A. Thebaud, former Vice-Presidents The Internation
and Charles W. Chinese capital.
Gillette and Granniss, and L. W. Lawrence
Raymond, was about $6,000,000. The amount involved
—The directors of the Broadway Trust Co. this week dein the action against the senior McCurdy was, it is reported, clared a quarterly dividend of 1%, payable Nov. 1.
$3,371,341. President Charles A. Peabody, in a statement This is at the old rate of 6% per annum, the last payment
made last March with regard to the matter, said that the having been a semi-annual distribution of 3% made May 6
settlement had been recommended by a committee appointed 1907.
by the board of trustees which had Joseph A. Choate as its
—The Germania. Bank of this city has declared an extra
special counsel, the committee deciding that judgments, if dividend of 2% along with the regular semi-annual distriobtained at all, could only be won after long litigation.
bution of 10%, both payable Nov. 1 to holders of record
—The ruling of Judge Holland in the United States Oct. 21.
Circuit Court in the Eastern District of Pennsylvania on
—Theophilus Butts was appointed Second Vice-President
Dec. 28 last, holding that a broker handling orders for stock
of the First National Bank of Hoboken, N. J., at a meeting
not full paid and on which an assessment of the whole or
of the directors on Wednesday.
part of the unpaid portion had been levied, must disclose the
—Eugene R. Wiltbank, former teller of the Second Naname of the real purchaser or broker for whom he acted,
decision of the United States tional Bank of Atlantic City, N. J., who pleaded guilty last
Is rendered effective by a
of the institution's
Supreme Court announced this week. The latter refuses week to the charge of embezzling $7,500
of the lower court, which funds, was sentenced on the 18th inst. to five years' imprisonto grant a review of the decision
e minimum sentence
was later affirmed by the United States Circuit Court of ment in the penitentiary at Atlanta—th
under the statute.
permissible
Appeals.
The case in which the opinion was rendered is that of Ar—Otis S. Northrop was chosen President of the Colonial
thur K. Brown, as receiver of the American Alkali Co. (an Trust Co. of Waterbury, Conn., on the 19th inst., J. H.
unfortunate project which never realized the hopes of its Whittetnore having declined a re-election to the presidency.
founders), against the firm of W. G. Huey & Co., stock- B. G. Bryan has become Treasurer, succeeding Mr. Northrop.
brokers, of Philadelphia, who refused to inform the receiver
—The Oakland National and Gardiner National banks of
of the name of the person for whose account they had pur- Gardiner, Maine, have decided to consolidate their business
chased 1,600 shares of American Alkali Co. preferred stock, through the formation of. a new institution to be known as
which had been carried in the name of a clerk in their office. the National Bank of Gardiner. The present banks will:be
The receiver had been authorized to levy an assessment of placed in voluntary liquidation on Dec. 15, at which time
$2 50 per share on the preferred stock on account of the the proposed bank will begin business. Both the Oakland
amount remaining unpaid thereon, to enable him to pay the
National and the Gardiner National have a capital of $50,000
debts of the company and wind up its affairs. The action each, and it is expected that they will liquidate at from
was one of three test cases brought by the receiver to collect $160 to $165 per share.
the assessment from various persons. The decisions in the
—H. S. A. Stewart has been elected a Vice-President of
three cases establish the principle that a receiver in similar
Alkali Co. may look to the registered the Fidelity Title & Trust Co. of Pittsburgh to fill the vacases to the American
to the death of Robert Pitcairn. Charles L.
•owner first, and if he is not the real owner, and is not able cancy due
the receiver may compel any person Taylor succeeds Mr. Pitcairn on the directorate. Eugene
to pay the assessment,
been chosen to take the place of Joseph A. Knox
who purchased the certificate to disclose the name of the real Murray has
he has discovered the name of the resigned, ,as First Assistant Secretary and Treasurer, an
owner; and, finally, when
has become Second Assistant Secretary and
real owner at the date of the assessment, the receiver may John M. Irwin
Treasurer.
.
.compel him to pay the assessment
1046
THE CHRONICLE
VoL. Luxix. ,
—The depositors of the failed Traders' & MechanicsPank shares of stock, which will be sold at $2504 per 81i:ire,- the
of Pittsburgh, who have thus far received 30%, are to get additional $75,000 over the amount to be.applied to capital
a 10% dividend on Nov. 1. The bank suspended in Janu- account being placed to surplus, thus increasing that item
ary 1908.
from $325,000 to $400,000. The new capital will take effect
.
—The purchase of the interests of Edward Tilden and his on February 8 1910 and stockholders will be entitled to
Chicago associates in the First National Bank of Sioux City, subscribe for same until January 15 1910. We are informed
Iowa, was effected several weeks ago by John McHugh, that the stock has been largely oversubscribed and that
President of the Iowa State National Bank, and his asso- rights are selling at a premium of from $5 to $10 per share.
ciates in the ownership of that institution. As a result the In its statement for September 1 1909 the bank reported
business of the two banks has been combined, the consoli- resources and liabilities of $2,205,600 and deposits of $1,dated business being continued under the name of the First 176,929. John Victor is President of the institution.
National. It is pointed out that the arrangement is not a
—The Japanese Bank of Sacramento, Cal., whose paid-in
consolidation of the two corporations; the Iowa State Na- capital is understood to be $32,350,
was closed on the 14th
tional as a corporation will be retired. The owners of that inst. by'State Superintendent of Banks
Alden Anderson. The
institution became the owners of the First National, and the San Francisco "Commercial News" states
that the bank had
merging of their business was simply to increase that of the been on probation for some time,
rendering a tri-weekly
First National by the amount of the deposits of the Iowa report of its condition to the State Superintendent.
The
State National and the purchase by the First National of all action in closing the institution, was taken,
it is stated,
the assets of the Iowa State National. All the stockholders because of its failure, after ample opportunity had been
given,
of the Iowa State National are given an opportunity to share to obtain satisfactory security for the larger part
of its loans,
in the purchase of the First National Bank stock at its cost and to maintain the required legal reserve.
to Mr. McHugh and his associates, in proportion to their
—Another Sacramento institution, the Nippon Bank,
holdings. The management of the reorganized First Naclosed its doors, voluntarily, it is said, on the 19th inst.
tional is practically the same as that under which the Iowa
—In San Francisco, the Japanese-American Bank, capital
State National had operated, except that W. L. Montgomery, who had been Vice-President of the First National under $200,000, was closed by the State Banking Department on
the former management, and Fritz Fritzson, Assistant the 18th inst. A run on its Los Angeles branch, alleged
Cashier, are continued in their respective posts. The coin_ to have been caused by a rumor that it was connected with
plete roster is as follows: President, John McHugh; Vice- the Japanese Bank of Sacramento, is reported to have
Presidents, W. L. Montgomery, Henry G. Weare and F. A. brought about the suspension. Superintendent Anderson is
McCornack; Cashier, H. A. Gooch; Assistant Cashiers, 0. D. said to have stated that so many of the loans of the JapaneseAmerican Bank were made on worthless securities that it
'Pettit and Fritz Fritzson.
was hardly likely that the depositors could obtain more than
—Philip Allen Jr., Vice-President of the First National
•fifteen cents on the dollar.
Bank of Mineral Point, Wis., which closed its doors on the
—The Ogden, Utah, branch of the Japanese-American
12th inst. with the discovery of alleged forgeries and defalcations, was placed under arrest on the 15th inst. on a war- Bank of San Francisco, was taken charge of by the State
rant charging, it is stated, forgeries and embezzlement to Bank Examiner on the 19th inst. The closing is said to have
the amount of $168,000. He has been committed to jail been due to the suspension of the head bank.
in default of bail fixed at $60,000. On the 17th inst. Cashier
F. E. Hanscom, who was a brother-in-law of Vice-President
Allen, committed suicide. Mr. Hanscom had been con[From our own correspondent.]
nected with the institution for twenty-five years, and had
London, Saturday, October 16 1909.
been assisting the Bank Examiner in straightening out its
The Directors of the Bank of England on Thursday raised
books. John W. Schofield took charge of the bank's affairs their rate of discount from 3 per cent to 4 per cent. The
on the 14th inst. The State of Wisconsin is said to have movement was generally anticipated in the City, for the-Bank
was charging 33 per cent, both for bills and for advances,
had a deposit in the institution amounting to $9,766, which for some days
previously. No doubt, therefore, was felt
Is protected by a bond of $52,500.
that it was the intention to put the rate up on Thursday.
—The City Savings Bank & Trust Co. of Nashville, Tenn., Consequently, during the early part of the week the discount
closed its doors on the 16th inst. for the purpose, it is asserted, rate advanced in the open market. Since the decision of the
directors became known rates
of liquidation. The institution reported a capital of $100,000 But it is doubtful whether the have advanced still further.
4 per cent rate will be effectand prior to June 16 last, when the name was changed to the ive until the Bank of England borrows in the open market
City Savings Bank & Trust Co., had been known as the sufficient to get control.
The Bank directors in deciding to put the rate up so
City Savings Bank. The Nashville "Banner" of October 16
were
quotes Vice-President M. P. Estes of the institution as quickly no doubt and influenced by the very large foreign
demand for gold
the fact that the gold held by themsaying that the liquidation is wholly voluntary and that the selves was about 23 millions sterling less than at the cor%
action had been decided upon in the interest of the depositors responding date of last year. This year trade is greatly
and stockholders, as the institution had been losing money better all over the world than it was twelve months ago.
for some time. He stated that the deed of assignment The prices of commodities as well as of securities are decidedly higher. The demand for gold by foreign countries
would show assets and liabilities of $562,763 and a surplus is much greater. For all these reasons it was incumbent
of $25,468. The deposits are said to have been $302,000 on upon the Bank of England to take action, without delay,
October 14. It appears that before determining upon the to protect its reserve. But it will be useless.to put the
rate up unless the 4 per cent rate is made effective. Therewinding up of the affairs of the institution, its officers made fore, it is
almost universally held in the City that the Bank
known its purpose to the Nashville Clearing House Asso- may wait for a day or two to see how the open market
ciation. The bank was not a member of the Association, will go, but that if necessary it will take every measure
and, it is stated that its liquidation was recommended by required to make the rate effective. The great French
that organization. The institution was started in 1890. banks have been increasing the balances they employ in
London since rates began to rise and no doubt they will
Control was secured by the present interests early in the still further increase those balances as the 4 per cent rate
current year. An attachment for $10,000 against the is made effective. In France itself money is in good demand
institution was secured this week in favor of the Hanover and is likely to continue so, for trade is active and conNational Bank of New York for money loaned on September tidence is stronger than it was. Moreover, numerous issues
are coming out nearly every day. But the good rates in
29. In response to the request for the appointment of a France are maintained largely by the action of the great
receiver made in behalf of the depositors, the Court on the banks, which are employing very large balances abroad.
19th inst. named Cell. Robert Vaughan and W. H. Green It is understood that the balances they are employing in
Germany are very large
as joint receivers.. Gen. Vaughan is Clerk and Master in in London are always indeed. The balances they employ
large and recently they have been
Chancery and Mr. Green was Assistant Cashier of the bank.
increased,and probably now that money is becoming dearer
they will increase the balances they are employing every—The stocl holders of the People's National Bank of
LynchLurg, Va., at a special meeting held on September 15 where abroad.
In Germany the Imperial Bank put up its rate of discount
approved a plan whereby the capital of the institution will
on Monday to 5%. Germany, as already said, is being
be increased from $250,000 to $300,000. The enlargement financed to a very large extent by the French banksand even
will be brought about through the issuance of 500 new by thcBritish banks. Therefore, Germany is largely in debt
AltonetaruiToinnterctatEnglisilltews
OsTr.(.2:1 1909.1
THE CHRONICLE
to foreign countries, and as money was becoming dearer
abroad, it became incumbent on the Imperial Bank to raise
its' rate so as to prevent foreign bankers from withdrawing
the balances, they were employing in Germany. There 'is
much doubti even in Germany, as to whether the Imperial
Bank will raise its rate further, now that the Bank of England
has put its rate up to 4%. It is impossible for any outsider
to form an opinion. Probably if the 4% rate is made effective in London, and thereby the demand for gold for other
qountries is decreased, the Imperial Bank will be satiAed
with the 5% rate. But there are so many considerations to
be taken into account'that nobody can speak with any confidence upon the matter.
'Early this week there was a sharp fall in Consols, and generally in gilt-edged securities; also in British railway stocks
and in South African gold shares. In other departments the
fall was very slight, and since then there has been a decided
recovery. The rise in the Bank rate has rather'been welcomed than the reverse by the Stock Exchange, as it is
hoped that the 4% rate will be made effective. and Will suffice to stop the gold drain. There is much difference of
opinion in the City as to whether the depression in gilt-edged
securities and British railways stocks is due largely to the
State or home politics. Some argue strongly that it is,
others that it is not; that there are other causes which
fully account for what we see. However the fact may be
explained, there is no doubt at all that the public turns
away from purely British securities at the present time
and that the investing public is chiefly, devoting its attention
to sound foreign securities. French investors are buying
here quietly but on a considerable scale and there is a fair
amount, of business done on German account likewise.
Still, markets are not active. The doubt whether the
House of Lords will throw out the Budget and whether,
therefore, we may not be plunged at any moment into a
bitter electioneering struggle is warning all persons to be
careful for the moment.
The India Council offered for tender on Wednesday 30 lacs
of its bills and the applications amounted to 295 lacs at
prices ranging from is. 4 1-32d. to is. 43
-id.. per rupee.
Applicants for bills at is. 4 1-16d. were allotted about 10
per cent of the amounts applied for and applicants for
per rupee were allotted in
telegraphic transfers at is. 4
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Week ending Oct. 22.
Sat.
Mon.
Tiles.
Wed. Thurs.
Fri.
Silver, per oz
d. 23 7-16 235
23 9-16 23%
23% • 23%
Consols, new, 234 percents.. 82 11-16 82 9-16 82%
82 3-16 82 3-16 8231
For account
82%
82 11-16 82%
824
824
82 5-16
French Rentes(in Paris)_ _fr. 97.673. 97.75
98.00
98.20
98.6234 98.55
Amalgamated Copper Co- - _ - 843-a
sog 86% 85%
84%
84%
8 Anaconda Copper Co
94
10
9%
9%
94
9%
Ateh. Topeka & Santa Fe_ 125%
125%
124
123%
1235
123
Preferred
107
107
107
107
107
106%
Baltimore & Ohio
120
120%
119%
119%
119%
1193i
Preferred
97
97
97
97
964
96%
Canadian Paciflc
192
191%
190%
190%
187%
188%
Chesapeake & Ohio
918'
91
90%
90
91
913
Chicago Milw. & St. Paul_ _1653
164
162%
1653
163
1643
Denver & Rio Grande
50
504
48%
49%
493
493
,
Preferred
88
88
88
8734
87%
883
343
Brie
354
3534
33U
354
33%
First preferred
5034
50%
50
50
49%
4934
42
42
Second preferred
42
4134
40%
40%
155
155
Illinois Central
15434
154
153
153
157
157
158
Louisville & Nashville
156
15634
1583
50
61
Missouri Kansas & Texas... 484
49%
49%
4314
79%
80
79
79%
81
Preferred
78
59%
59
593
59
Nat. RR. of Mex., 1st pref„ 59%
58%
2434
244
24
Second preferred
24
24
2414
1383
140
140
138
N. Y.Central & Hudson Itiv 140
13834
49
49
48%
48%
N. Y. Ont. & Western
48%
99
994
Norfolk & Western
98%
984
98
974
92
92
92
92
Preferred
92
92
156%
156%
156
155
15334
154
Northern Pacific
76
754
75%
75%
Pennsylvania
75
7531
85
834
83
85
83
83
a Reading
474
474
474
47j
47
47
a First preferred
514
,. 51
514
51
514
51
a Second preferred
41
42%
41
39%
42%
40%
Rock Island
13334
133
1341i
132
131%
Southern Pacific
1343.
31
314' 31%
32
3234
Southern Railway
324
70%
7234
72%
71
72%
Preferred
71
2094 2084
206%
211n
2074
Union Pacific!
211%
106%
107
105%
Preferred
108
106%
1083
914
92%
944
91%
U. S. Steel Corporation
9011
944
129%
1304
131
130
132
Preferred
1314
19%
19%
204
21%
20%
2011
Wabash
5134
52
51
Preferred
50
51
• 5331
75%
76
E
77
Extended 4s
75
75%
75
47n
a Price per share.
b .£ sterling.
TOM nxritat an raiscellantowsBaus
.ct
Breadstuffs Figures Brought from Page 1095.
-Thestatements below are prepared by' us froM 'figures collected"by
the New York Produce Exchange. The receipts at Wehtern
lake and river ports for the week ending last'Saturday and
since August 1 for each of the last three years have been:
Receipt., at-
I
Flour.
Wheal.
Corn.
Barley,
Eye.
Oats.
bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush.32- lb.l. bush.4818s. bu.56 lbs.
Chicago ____
Milwaukee__
Duluth
Minneapolis_
Toledo
Detroit
Cleveland _
St. Louis
Peoria
Kansas City.
201,418
88,750
11,650
Tot.wk.'09
Same wk.'08
Same wk.'07
040,100
3,366:
1,2151
64,4101
46,2001
I
372,900
387,100
4,066,134
2,715,200
260,000
53,546
11,446
(388,115
24,000
1,115,750
1,298.000
92,400
39,717
80.500
42,000
66,212
27,440
90,225
199,900
:32,120
1,857,200
273,000
295,964
649,400
67,500
114,970
118,270
454,400
166,500
174,000
417,009
620,851
472,332
9,694,191
8,903,546
6,959,520
1,968,514
1,544,004
4,429,288
4,/71,204 2,787,353
4,661,132 2,389,059
5,058,517 3,745,923
49 350
:
65
23,I
96,600
7 000
600,60Q
308,170
776,130
1,000
8,053'
105,300
48,000
3.000
9 9
.•0°
-04/
253,073
224,549
271,699
Since Aug. 1
I
1909
5,625,406 90,322,793 36,097,815 50,371,151 22,122,557 2,405;283
1908
5,346.073 94,840,056 26,624,229 52,757,885 4,995,368 2,445,132
1907
4,283,853 70,332,946 50,669,053 02,489,114 21,853,508 2,340,726
Total receipts of flour and grain at the seaboard ports for
,
the week ended Oct. 16 1909 follow:
•
Receipts atNew York
Boston
Philadelphia
Baltimore
Richmond
New Orleans
Newport Newse_
Galveston
Mobile
Montreal
Flour,
Wheat,
bbl.s.
bush.
201,223 1,215,600
500,341
56,657
119,598
84,070
162,161
72,327
56,680
3,651
1,200
17,530
10,655
60,000
6,626
51,057 1,516,812
Total week
503,796
Week 1908
491,737
Since Jan. 1 1909_12,751,230
Since Jan. 11908.13,811,548
Corn,
• bush.
129,375
46,320
36,857
241,933
39,678
127.300
Oats,
Barley,
bUsh.
bush.
428,350 323,625
96,115
106,251
1,000
26,599
1,000
17,530
70,500
57,000
10,000
28,000
4,500
53,836
Rye,
bush.
r;soo
30,216
4,156
43,177
52,218
3,632.392
716,463
803,651. 377,843
79,149
4,855,761.. 340,462 • 919,750 452,869 97,953
65,468,071 33,095,459 37,359,839 4880,690 887.978
85,899,010 29,095,257 35,171,223 4162,168 2082.140
* Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading. •
The exports from the several seaboard ports for the week
ending Oct. 16 1909 are shown in the annexed statement:„„
.. .
Wheal,
Corn, Flour,
Oats,
Rye, Barley, PawExportsfrombush.
bush.
bbls.
New York
1,048,506
Boston
233,293
Philadelphia ......- 111,936
259,609
Baltimore
New Orleans
12,647
Newport News_
Galveston
16,320
Mobile
1,274,363
Montreal
Total week_ _ _2,956,674
Week 1908
4,106.720
81,540
1,968
8,645
44,457
48,547
99,497
36,410
54,067
61,738
32,645
10,655
13,836
10,000
6,626
37,566
195,157 353,040
110.017 221,198
bush.
7,773
bush.
bush.
50,421
bush;
10,451
12,238
8,386
216
4,500
4,533
50,421
20,659
8,236 94,510 40,131
274138
43,049
The destination of these exports for the week and since
July 1 1909 is as below:
Corn___cuo-
Flour
Since
Sin&
Week
July 1
1Veek
July 1
1909. Oct:
- .1909,
Exportsfortveek and Oct. 16.
• bush.
bush.
since July 1 toWs.
bbls.
United Kingdom__ _218,193 1,504,873 1,774,133 '15,476;112
Continent
70,950 461.841 1,178,541 8,866;159
4,000
124,977
So. & Cent. Amer
18,295 211,451
West Indies
1;675
39,988 397,128
Brit. No. Am. Cols_ 3,399
40,263
Other Countries _ _-- 2,215
5,000
47,038
Week
011. 16.
bush.
103,139
63,654
846
24,524
1,968
1,026
Sittig
Jus34
*1909.
fetish.
630;055
5/Loca
48,602
657800
14,461
;8,226
Total
Total 1908
195,157
119,017
1,971;137
780,795
353,040 2,662,594 2,956,674 24,473,923
221,198 2,991,105 4,106,720 44,811,499
The world's shipments of wheat and corn for the week
ending Oct. 16 1909 and since July 1 1909 and 1908 are
shown in the following:
Wheat.
Exports.
1909.
Week
Oct. 16.
Bushels.
North Amer. 4,743,000
Russian_ _ 7,104,000
Danubian _ - 472,000
'Argentine _. 176,000
Australian__ 256,000
Oth.countr's 136,000
Total
Corn.
1908.
Since
July 1.
Since
July 1.
1909.
Week
Oct. 16.
1908.
Since
July 1.
Since
July.1.'
Bushels. 'Bushels.
Bushel*.
Bushels.
Bushels.
924,400
39,109,000 61,247,700 180,000 1,861,000
64,616,000 21,024,000
42',000 • 5,433,000 5,119,500
32,000 6,569,000 5,381,500
8,840.000 15,288,000
12,040,000 23,694,000 1,980.000 43,497,000 32,003,500
1
2,948,000 3,984,000
21,856,000 5.120,000
12887000 149,409,000 130,357,700 2,234,000 57,360,000 44,048,900
The quantity of wheat and corn afloat for Europe on arewa
s
mentioned was as follows:
Auction Sales.
-Among other securities, the following, not
regularly dealt in at the BOard, were recently sold at auction.
By Messrs. Adrian H. Muller & Son:
Stocks,
Stocks.
5 Acker, Merrall & Condit Co__ 74
500 Amer. & Brit. Mfg. Co., corn.
5 Crocker-Wheeler Electric Co.1004
(ol(1 undeposited stock). _855 lot
10 Chelsea Realty Co, $10 each
10 Stamford Mfg.Co.,$25 ea.$1050 lot
$9 per share
25 Blickensderfer Mfg. Co._ _ _$500 lot
10, Title Insurance Coot N. Y_ ..152
52 Nat. Bank of Commerce •
105
B. B.Co. 2734
20 Lawyers Title Ins. & Tr. Co_225
51 Trow Diree., Ptg. &
10 Marconi Wireless TelegraphCo,
25 Intern. Tr. Co. of N. Y..$10 per sh
$9.75 per sh.
of America
10 Trust Co. of America
350
150 The Pitts. Bess. & L. E. RR.
50 City Investing Co., corn
60
Co. corn,, $50 each _534.25 per sh.
Bonds.
1,20013rooklyn City RR.Co_19434-195% $2,000 Acker, Merrill .4, Condit ('o.
24 National Fuel (3a,Co.-04-18234
_82 &:
1921.J. .)
1/kInterna,t,:Nay. Co. of Penns3,000 N". Y. & Phliadelphi t Brick
sylvania, $53 each.-515 per sb.
Co. in 5s
•>f)
15 Gerinan-Ainerican Bank_ _ -145% , $10,000 N. Y. & Philadelphia Brick
20 Phenix Ins. Co. of liklyn. .233 ! Co. 2d 5s
5
1047
Wheat.
United
Kingdom. Continent.
Oct.
Oct.
Oct.
Oct.
16
9
17
19
1909_
1909..
1908._
1037_
Bushels.
12,720,000
11,840,000
15,680,000
15,840,000
Corn.
Total.
Bushels. Bust:Rig.
16,320,000 29,040,000
15,760,003 27,600,000
16,400,000 32,080,000
16,040,000 31,880,000
United
Kingdom. Continent
Bushels.
6,885,000
5,780,000
5,950,000
7,520,000
Total.
Bushels. Bushels.
5,440,000 12,325,000
5,353,001) 11,135,000
6,1211,000 12,070,000
4,169,000 11,630,000
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
1048
Name of Company.
[VOL. Lxxxuc.
THE CHRONICLE
Per
Cent.
When
Payable.
Books Closed
Days Inclusive
Railroads (Steam).
a Dec. 1 Holders of rec. Nov. 5
Atch. Topeka & Santa Fe, common
Atlantic Coast Line RR., preferred
23% Nov. 10 Nov. 1 to Nov. 9
Baltimore & Ohio— •
Washington Branch RR
5
Nov.
Holders of rec. Oct. 18
Central RR. of New Jersey (guar.)
2
Nov.
Holders of rec. Oct. 22
'Evansville & Terre Haute, common
4
Nov.
Holders of rec. Sept. 18
.Georgia Southern & Florida,first pref. _
Nov. 2 Holders of rec. Oct. 23
Second preferred
Nov. 2 Holders of rec. Oct. 23
-Grand Rapids & Indiana
Oct. 25 Oct. 17 to Oct. 25
Grand 7'runk, guaranteed
2
Sept. 20 to Oct. 20
First preference
Sept. 20 to Oct. 20
23%
-Great Northern (quar.1
1% Nov. 1 Holders of rec. Oct. 18
Mexican Ry., 1st Preference
4e Oct. 23 Oct. 4 to Oct. 21
• Second Preference
1 5-16e Oct. 23 Oct. 4 to Oct. 21
• Missouri Kansas & Texas, preferred
2
Nov. 10 Oct. 21 to Nov. 9
'Nashua & Lowell
Nov. 1 Holders of rec. Oct.15a
Extra
Nov. 1 Holders of rec. Oct.15a
'Norfolk & Western, Common
Dec. 17 Holders of rec. Nov. 30
Northern Pacific (guar.)
Nov. 1 Holders of rec. Oct. 8
.Reading, second preterred
2
Nov. 10 Holders of rec. Oct. 23
.Ttome Watertown & Ogden guar. (guar.) 13% Nov. 15
1
Nov. 1 Holders of rec. Oct. 18
Louis & San Fran., 1st pref. (guar.)
3
Nov. 1 Holders of rec. Oct. 15
'Utlea Chenango & Susq., guar
. Street & Electric Railways.
3
Nov. 1 Holders of rec. Oct. 15
'Cape Breton Elec. Co., Ltd., pref
40) 13% Nov. 1 Holders of rec. Oct, 15
Columbus(0.) Ry., pret.(guar.)(No.
15 Nov. 1 Holders of rec. Oct. 15
East St. L. & Sub. pref. (guar.)(No. 14)_
13% Oct. 20 Oct. 16 to Oct. 20
Georgia Ry. & Elec., pref.(guar.)
Nov. 1 Holders of rec. Oct. 15
Grand Rapids Ry., pref.(guar.)(No.36).
Nov. 13 Oct. 25 to Nov. 13
Havana Electric Ry.,corn.(guar.)(No.4) 1
Nov. 13 Oct. 25 to Nov. 13
Preferred (guar.) (No. 15)
1
Nov. 1 Holders of rec. Oct. 25
'Helena Light & By., corn. (guar.)
Preferred (quarterly)
134 Nov. 1 Holders of rec. Oct. 25
M Oct. 30 Holders of rec. Oct. 30
Johnstown (Pa.) Passenger By. (guar.). _
13% Nov. 1 Oct. 26 to Nov. 1
Mexico Tramways (quarterly)
13% Nov. 1 Holders of rec. Oct. 20
Milwaukee El.Ry.&L.,pret.(qu.)(NO.40)
2
Nov. 2 Oct. 14 to Nov. 2
Montreal Street Ry. (guar.)
1
Nov. 1 Holders of rec. Oct. 1
Philadelphia Company, common (quar.)_
Nov. 1 Oct 21 to
1
Railways Company General (guar.)
to Oct. 31
Nov. 1 Oct.16
Rio de Janeiro Tr., L. & P., Ltd.(No. 1) 1
to Nov. 5
Springfield (0.) & Xenia By., pref. (qu.). 13% Nov. 5 Nov. 1
Twin City Rap.Tr., Minneap., corn.(qu.) IM Nov. 15 Holders of rec. Oct. 20
134 Nov. 1 Oct. 23 to Nov. 1
West Penn Rys., pref. (guar.)(No. 16). __
•
Banks.
5 - Nov. 1 Holders of rec. Oct. 25
Anrrican Exchange National
23% Nov. 1 Oct. 26 to Oct. 31
Chemical National (bi-monthly)
Nov. • 1 Oct. 22 to Oct. 31
5
City, National
4
Nov. 1 Holders of rec. Oct. 22
Corn Exchange (quarterly)
Nov. 1 Oct. 29 to Nov. 1
3
Fidelity —
10 Nov. 1 Holders of rec. Oct. 21
Germania
23% Nov. 1 Holders of rec. Oct. 21
Extra
23% Nov. 1 Oct. 21 to
Mount Morris (guar.)(No.39)
2
Nov. 1 Oct. 20 to Oct. 31
Pacific (quarterly)
Trust Companies.
Nov. I Oct. 22 to Oct. 31
Broadway (guar.)
Nov. 1 Oct. 24 to Oct. 31
10
Fanners' Loan & Trust (guar.)
Nov. 1 Holders of rec. Oct. 25
Hamilton, Brooklyn (guar.)
2
Nov. 1 Oct. 28 to Nov. 1.
Nassau, Brooklyn (guar.)
1
Nov. I Holders of rec. Oct. 30
People's, Brooklyn (monthly)
Miscellaneous.
M Nov. 29 Holders of rec. Oct. 28
Amalga noted Copper (guar.)
Amer. GIs & Eke., pref. (guar.)(No, 11) 13% Nov. 1 Oct.. 23 to Nov. 2
2
Nov. 1 Oct. 21 to Oct: 31
Amer. Light & Tract., corn. (guar.)
23%d Nov. • 15 Oct. 21 to Oct. 31
Commm (extra)
IM Nov. 1 Oct. 21 to Oct. 31
Preferred (guar.)
23% Nov. 3 Oct. 22 to Nov. 11
Amelia in Malt Corporation, preferred_
$1.56 Nov. 1 Oct. 22 to Nov. 11
American Malting, preferred
$4 Nov. 1 Oct. 24 to Nov. 2
Bergner A, Engel Brewing, preferred
3
Nov. 15 Holders of rec. Nov. 6
Bond & Mortgage Guarantee (guar.)
1 % Nov. 1 Oct. 27 to Oct. 31
3
Brill (I. G.), preferred (guar.)
Butte Elec. & Pow., pref.(quar.)(No.33) IM Nov. 1 Holders of rec. Oct. 15
IM Jan.
1 Dec. 21 to Jan. 2
Canton Company
50c. Jan.
1 Dec. 21 to Jan. 2
_ Extra
13% Nov. 1 Oct. 24 to Nov. 2
Claf.in (H. B.)first preferred (guar.).
Nov. 1 Oct. 24 to Nov. 2
Second preferred (guar.)
IM Nov. 1 Oct. 22
to Nov. 1
Commonwealth-Edison (quar.)
Consolidation Coat (guar.)
13% Oct. 30 Oct. 24 to Oct. 31
Dlitillers' Securities Corp.,(qu.)(No. 28)
M Oct. 30 Sept. 30 to Oct. 20
1
Oct. 29 Sept. 30 to Oct. 20
Distilling Co. of America, pref. (guar.)_ _
duPont(E.I.)deNemours Powd.Pret.(qu.) 13% Oct. 25 Oct. 16 to Oct. 25
1
Nov. 1 Holders of rec. Oct.15
Hasten Steamship (guar.)(No. 1)
23% Jan.
1 Holders of rec. Nov. 30
Eastman Kodak, corn. (guar.)
23% Dec.
1 Holders of rec. Oct. 30
. Corn non (extra)
1 Holders of rec. Nov. 30
134 Jan.
Preferred (quar.)
Edison Elec. Ill., Boston (guar.)(No.82) 23% Nov. 1 Holders of rec. Oct. 15
Electrl:al Securities Corporation, pret_ _ _ 23% Nov. 1 Oct. 30 to Nov. 10
Nov. 2
Elec. Bond & Share Prof.(guar.)(No. 18) 134 Nov. 1 Oct. 17 to
13% Nov. 1 Holders of rec. Oct. 29a
Federal Sugar Refining, pref. (quar.). _ _ _
234 Nov. 10 Holders of rec. Nov. 8
Gorham Manufacturing, corn.(quar.). _
Guanajuato P. & El., pref. (qu.)(No. 5) 134 Nov. 1 Oct. 16 to Nov. 1
1
Dec.
1 Nov. 12 to Dec. 1
IntemAtional Nickel, common (quar.)_ _ _
1 Nov. 12 to Dec. 1
Common (extra)
M Dec.
Nov. 1 Oct. 13 to Nov. 1
Preferred (guar.)
Nov. 15 Holders of rec. Nov. 5
Internat. Smokeless Pow. & Chem., pret_ 4
:
Internat. Steam Pump,pref (qu.)(No 42) 13% Nov. 1 Oct. 21 to Nov. 2
Kansas City Stock Yards (guar.)
134 Nov. 1 Holders of rec. Oct.15a
2
Nov. 1 Oct. 24 to Oct. 31
La Belle Iron Works (guar.)
13% Dec. 30 Dec. 17 to Dec. 30
Lan.ston Monotype Machine (guar.)
Mexican Light & Power, Ltd., pref
334 Nov. 1 Oct. 24 to Oct. 31
1 Nov. 19 to Dee. lh
Michigan State Telephone, corn. (quar.). 134 Dec.
13% Nov. 1 Oct. 19 to Nov. 1
Preferred
1 Jan. 19 to Feb. 1
Preferred (guar.)
134 Feb.
Milwaukee & Chicago Breweries, Ltd _ _ _ _ 23%e Nov. 1 Oct. 24 to Nov. 1
Minneapolis Gen: Elec. corn. (q11.)(N0.0) • 154 Nov. 1 Holders of rec. Oct. 22
Montreal Light, Ht. & Pow. (qu.)(No. 34) 13% Nov. 15 Holders of rec. Oct. 30
234 Nov. 1 Oct. 26 to
Nov. 1
Municipal Gas, Albany, N. Y.(quar.).
13% Dee. 15 Nov. 20 to Nov. 23
National Lead, pref. (guar.)(No.72)_ _
3734c. Dee. 31 Holders of rec. Dec. 1
Nevada Consolidated Copper (No. 1)
2
Nov. 1 Oct. 28 to Nov. 2
New Central Coal
Nov. 1 Oct. 16 to Oct. 31
New England Cotton Yarn, pret.(quar.).
13% Nov. 1 Oct. 23 to Nov. 1
Pacific Coast Co.. corn. (guar.)
IM Nov. 1 Oct. 23 to Nov. 1.
(quar.)
: First preferred'
Second preferred (guar.)
13-4 Nov. 1 Oct. 23 to Nov. 1
• 334 Nov. 1 Holders of rec. Oct. 16
Pennsylvania Steel, pref.
1
Nov. 26 Holders of rec. Nov. 4
People's Gas Light & Coke (guar.)
Pope Manufacturing Co., pref. (quar.).... 134 Nov. 1 Holders of rec. Oct. 26
Nov. 15 Holders of rec. Oct.30a
3
Procter ct: Gamble, corn.(guar.)
Public Service Investment Co., pt. (guar.) $134 Nov. 1 Holders of rec. Oct. 22
Nov. 15 Ifodlers of rec. Oct. 30
9
Pullman Company (quar.)(No. 171)
Sears, Roebuck & Co., corn.(guar.)
134 Nov. 15 Holders of rec. Nov. 1
PA Nov. 1 Holders of rec. Oct. 15
Siegel Stores, pref. (guar.)(No. 1)
1
Nov. 15 Holders of rec. Nov. 10
Silversmiths Company (guar.)
Standard Milling, preferred (No. 13)- -13% Oct. 30 Oct. 26 to Oct. 31
Oct. 25 Oct. 15 to Oct. 25
Street's West. Stable-Car Line, com.(qu.) 1
1
Oct. 25 Holders of rec. Oct. 21
Trenton Potteries, preferred
1
Nov. 1 Holders of rec. Oct. 26
United Cigar Mfrs., common (quar.)__
1
Nov. 1 Holders of rec. Oct. 26
Common (extra)
Nov. 1 Oct. 26 to Nov. 1
2
•
United Dry Goods Cos., corn. (quar.)-- -354 Nov. 1 Holders of rec. Oct.23a
United Electric Securities, pref
Nov. 15 Holders of rec. Oct. 29
10
United Fruit (extra)
United States Envelope, preferred
2/
Nov. 15 Nov. 1 to Nov. 15
United Slates Express (No. 152)
3
U. S. Realty & Improvement (guar.)"
154 Nov. 1 Holders of rec. Oct. 20
2
Oct. 30 Holders of rec. Oct. 15a
U. S. Rubber, 1st pref. (guar.)
13% Oct. 30 Holders of rec. Oct. 15a
Second preferred (guar.)
Nov. 15 Oct. 31 to Nov. 15
3
Warwick Iron & Steel
254 Nov. 1 Oct. 16 to Oct. 31
Washington (D. C.) Gas Light (guar.)._ _ _
13% Nov. 1 Holders of rec. Oct. 23
White (J. G.) & Co., pref.(guar.)
334 Nov. 1 Oct. 21 to Nov. 2
Worthington (H. R.) Inc., pre
IM
IM
1541'
Statement of New York City Clearing-House Banks.—The
detailed statement below shows the condition of the• New
York Clearing-House banks for the week ending Oct. 16.
The figures for the separate banks are the averages of the
daily results. In the case of the totals, the actual figures
at the end of the week are also given.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
Capital. Surplus.
Bank of N. Y._ _
2,000,0
Manhattan Co_
2,050,0
Merchants' _ _
2,000,0
Mechanics' _
_ 3,000,0
America
1,500,0
Phenix
1,000,0
City
25,000,0
Chemical
3,000,0
Merchants' Ex
600,0
Gallatin
1,000,0
Butch. & Drove
300,0
Greenwich _ _ _ _
500,0
American Exch. 5,000,0
Commerce
25,000,0
Mercantile --- - 3,000,0
Pacific
500,0
Chatham
450,0
People's
200,0
Hanover
3,000,0
Citizens' Cent _
2,550,0
Nassau
500,0
Market & Fult'n 1,000,0
Metropolitan _ _
2,000,0
Corn Exchange 3,000,0
Imp.& Traders' 1,500,0
Park
3,000,0
250,0
East River— _
3,000,0
Fourth
1,000,0
Second
10,000,0
First
2,000,0
Irving Exch.__
250,0
Bowery
500,0
N. Y. County_ 750,0
German -Amer_
5,000,0
Chase
Fifth Avenue- _
100,0
200,0
German Exch._
200,0
Germania
1,000,0
Lincoln
1,000,0
Garfield
Fifth
250,0
1,000,0
Metropolis _ _ _ _
200,0
West Side
1,000,0
Seaboard
1,000,0
Liberty - N. Y.Prod. Ex. 1,000,0
1,000,0
State
1,000,0
14th Street.. _ _ _
2,000,0
Copper
1,000,0
Coal & Iron_
3,374,4
4,088,4
1,642,1
3,767,3
5,674,1
657,0
29,046,9
6,059,1
532,0
2,468,4
148,0
779,7
5,220,0
15,594,5
2,564,5
898,9
1,025,0
475,4
10,922,2
1,508,6
465,8
1,671,5
1,395,2
5,310,9
7,415,9
9,750,2
103,7
3,324,7
1,845,4
19,023,9
1,441,4
811,7
1,598,3
649,7
6,685,1
2,055,5
886,1
1,040,4
1,373,8
1,148,8
474,4
2,006,9
1,130,0
1,765,3
2,615,2
738,7
825,4
331,0
2,734,3
305,2
Loans.
Average.
Specie. Legals. Deposits. ReAverage. Average. Average. eve.
19,154,0
30,300,0
18,687,0
26,743,0
24,464,4
8,734,0
179,294,0
29,002,2
6,760,3
8,947,3
2,137,3
7,302,1
30,082,7
141,667,7
14,008,5
3,939,7
7,214,8
2,439,0
61,748,6
23,230,5
6,247,1
8,074,6
12,494,7
42,904,0
26,696,0
86,581,0
1,466,3
23,278,0
12,863,0
103,545,6
21,021,6
3,467,0
7,985,3
4,206,9
72,991,2
13,682,5
3,735,6
5,307,1
17,956,0
7,735,9
3,570,8
11,385;7
4,714,0
19,125,0
16,788,4
- 7,815,2
13,323,0
5,507,0
27,620,4
5,498,0
$
$
2,932,0 1,238,0 16,623,0 25.0
7,869,0 1,667,0 35,800,0 26.6
3,469,0 1,298,0 18,766,0 25.4
5,739,0 1,234,0 27,060,0 25.7
4,578,0 1,835,3 25,160,3 25.4
1,662,0
469,0
8,284,0 26.1
36,072,6 6,105,0 167,744,6 25.1
5,109.2 2,080,4 27,707,4 26.0
1,541,6
141,8
6,911,8 24.3
821,6
6,673,5 25.4
877,0
2,064,9 23.7
369,9
120,1
8,123,6 25.0
200,0
1,834,8
4,835,3 1,665,1 23,724,6 27.5
21,528,1 8,752,5 117,725,3 25.8
859,3 10,586,2 26.2
1,922,3
390,9 • 552,1
3,623,6 26.0
7,667,1 25.4
855,3 1,094,3
137,4
405,5
2,336,5 23.2
12,607,3 6,934,8 72,440,6 27.0
322,4 23,267,8 25.4
5,593,8
764,5
986,6
6,899,1 25.3
1,084,5 1,002,0
7,951,1 26.2
3,003,5
223,2 12,802,3 25.2
8,897,0 5,487,0 52,180,0 27.3
4,223,0 2,083,0 24,671,0 25.5
23,603,0 1,185,0 97,944,0 25.2
281,4
103,9
1,430,1 26.9
4,379,0 2,100,0 25,593,0 25.3
3,022,0 • 358,0 13,261,0 25.4
22,842,9 1,902,6 93,937,5 26.3
3,907,0 1,733,
22,199,5 25.4
64,
• 791,0
3,501,0 24.4
8,334,5 26.4
1,471,1
735,
795,0
4,077,0 25.0
227,1
17,827,2 4,550,6 80,973,9 27.6
15,672,4 25.4
2,894,8 1,088,1
• 315,6
3,605,7 20.6
430,8
542,4
6,057,0 23.8
902,5
3,810,8 1,202,
19,888,6 25.2
1.663,8 • 287,1 • 7,822,6 25.0
661,7 • 327,3
3,892,2 25.4
1,290,9 1,55f3,2 11,376,5 25.0
5,245,0 24.8
1,057,0
247,0
4,396,0 1,491,0 22,227,0 26.4
3,066,7
667,0 15,848,8 23.5
253,7 • 9,320,8 25.5
2,125,2
3,755,0
268.0 16,214,0 24.8
_5,814,0 23.2
605,8
685,0
6,700,9
907,7 29,533.3 25.7
6,261,0 22.4
908,0 • 274,0 '
11
1
Totals, average 127,350,0 177,371,8 1243,444,0 251,318,5 70,428,8 1246,824,7 25.8
Actual figures Oct. 16..
1231,411,0 253,795,5 70,504,8 1235,047,7 26.2
On the basis of averages, circulation amounted to $51,938,100 an I United States
deposits (included in deposits) to $1,652,100; actual figures October 10,circulation,
$52,352,700; United States deposits, $1,654,300.
The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New. York City 1(Greater
New York) and those for the rest of the State, as per the
following:
STATE BANKS AND TRUST COMPANIES.
Trust Cos.
Trust Cos.
State Banks
Slate Banks
in
Week ended Oct. 16.
outside of
in
outside of
•
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
Capital as of Sept. 14.... _ _
Surplus as of Sept. 14........
Loans and investments._
Change from last week..
8
61.425,000
38,495,200
163,268,300
*10,316,230
*9,786,676
300,528,000 1,123,853,500
—6,790,600 —25,017,000
87,971,300
+738,900
133,053,60(1
+1,353,100
.Specie
Change from last week..
47,580,600
+57,600
27.237,400
+1,619,600
*7,725,000
122,409,600
—1,966,800
Legal-tenders & bk. notes
Change from last week_
•
•1
*8,598,000
$
8
26,075,000
14,049,500
—66,700
"
s
1)7,range from last week_
888 •
7
342./13,18g 1,111126,
%
1
,
11 12
1401 0 01
0 ,
7
Reserve on deposits
Change from last week..
93,919,100
+1,471,500
142,878,000
—2,537,000
20,182,701
—87,800
18,901,300
—1,488,500
P. C. reserve to deposits_ _
Percentage last week_ _
27.7%
26.8%
15.9%
15.7%
22.1%
22.3%
•14.0%
15.1%
•
. •. a Transfer books not closed. b Declared 6% payable in quarterly installments.
Payable in common stock. e Less income tax. h Correction. i On account of
accumulated dividends.
+ Increase over last week. — Decrease from last week. * As of April 28.
Nole.—"Surplus" includes all undivided profits. "Reserve on deposits" In
eludes, for both trust companies and State banks, not only cash items, but amounts
due from reserve agents. Trust companies in New York State are required by
law to keep a reserve Proportionate to their deposits, the ratio varying according
to location as shown below. The percentage of reserve required is computed on
the aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days. and also exclusive of time deposits not payable within 30 days, represented by certificates, and also exclusive of deposits secured by bonds of the State
of New York. The State banks are likewise required to keep a reserve varying
according to location, but in this case the reserve is computed on the Whole amount
of deposits, exclusive of deposits secured by bonds of the State of New York.
—Stale Banks—
—Trust Cos:—
Of
Total
Of
Total
Reserve Required for Trust Companies
which
which Reserve
Reserve
and Stale Banks.
Required. in Cash.Required. in Cash
Location—
26%
15%
15%
15%
Manhattan Borough
20%
10%
10%
Brooklyn Borough(without branches in Manhat.).15%
15%
%
10%
(without branches in Manhattan) 15%
Other Boroughs
15%
25%
15%
15%
Any Borough with branches in Manhattan
0%
5%
15% •
10%
Elsewhere in State
+ Increase over last week. — Decrease from eat week.
1049
THE CHRONICLE
00T. 23 HO.
-Below is a summary of
Boston and Philadelphia Banks.
Ile Banking Department also undertakes to present
separate figures indicating the totals for the State banks and the weekly totals of the Clearing-House banks of Boston
trust companies in the Greater New York not in the Clearing and Philadelphia.
We omit two ciphers (00) in all these figures.
House. These figures are shown in the table below, as are
the Clearingalso the results (both actual and average) for
Capital
Specie. Legals. Deposits. a Circu- Clearings.
Banks.
Loans.
and
House banks. In addition, we have combined each correlation.
Surplus.
statements,thus affording an aggre- Boston.
sponding item in the two
gate for the whole of the banks and trust companies in the Sept. 25_ 40,300,0 212,206,0 25.643,0 3,907.0 264.329,0 6,996,0 145,830,5
Oct. 2.. 40,300,0 215,389,0 25,099,0 4,496,0 265,224,0 6,979,0 164,972,1
Oct. 9. 40,300,0 215,782,0 24.680,0 4,274,0 269,222,0 7,032,0 177,033.1
Greater New York.
273,934,0 7,064,0 178,720,0
NEW YORK CITY BANKS AND TRUST COMPANIES.
-House State Bank.s de Total of all
-House Clear.
Clear.
Banks.
Trust Cos. not Banks& Trust
Banks.
-H. Aver. Cos. Average
Average. in C.
A clualFigures
Week ended Oct. 16.
Nat. Banks
Sept. 1_ _1
Surplus I State Banks
Sept. 14__
Capital
127,350,000
127,350,000
71,550,000
198,900,000
177,371,800
177,371,800
172,199,700
349.571,500
Loans and investments 1,231,411,000 1,243,444,000 1,221,134,200 2,464,578,200
Change from last week -24,137,800 -29,589,200 -25,208,500 -54,797,700
Oct. 16__
Phila.
Sept. 25_.
Oct. 2._
Oct. 9._
Oct. 16__
40,300,0 218,923,0 24,583,0 4,709,0
56.315,0
56,315,0
56,315,0
56,315,0
a Includ ng Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $2,010,000 on Oct. 16, against 52.013,000 on
Oct. 9.
-The following are
Imports and Exports for the Week.
the imports at New York for the week ending Oct. 16: also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
Deposits
1,235,047,700 1,245,824,700 a1,187,590,500 2,433,415,200
Change from last week -23,283,500 -32,577,500 -28,510,200 -61,087.700
Specie
Change from last week
253,795,500
+1,217,300
251,318,500
-4,416,200
129,270,100
-1,764,900
380,588,600
-6,181,100
Legal-tenders
Change front last week
70,504,800
+1,253,400
70,428,800
+2,015,200
623,'260,600
+48,600
93,689,400
+2,063,800
Aggr'te money holdings
Change from last week
321,300,300
+2,470,700
321,747,300
-2,401,000
c152,530,700
-1,716,300
474,278,000
-4,117,300
23,303,300
-721,700
23,303,300
-721,700
497,581,300
-4,839,000
Money on deposit with
other bks. dr trust cos
Change from last week
324,300,300
+2,470,700
175,834,000
-2,438,090
25.85%
25.38%
17.3%
17.1%
15,538,375
Surplus reserve'
321,747,300
-2,401,003
26.20%
25.59%
Total reserve
Change from last week
Percentage to deposits
requiring reserve- - _
Percentage last week
155.051,2
153,247,1
154,064.8
143,127,8
326,076.0 16,602.0
326,855.0 16,649,0
322,016,0 16,800,0
320,662,0 16,835,0
77,187,0
77,025,0
73,087,0
73,274.0
273,699,0
274,897,0
274,955,0
271,311,0
1
1909.
1908.
1907.
1906.
Dry Goods
General Merchandise
I
I
$2.8.35,169
14,914,177
$2,432,697
8,863,385
83,157,450
11,631,380
$2,710,920
11,564,357
Total
Since Jan. 1.
Dry Goods
General Merchandise'
I
17,749,346 $11,296,082 $14,788,830 514,275,277
For IVeek.
Total 41 weeks
•••
133,158,604 896,481,764 $149,386,866 $127,22.5,884
i 548,040,845 395,305,412 538,277,910 470,944,194
8681.199,449 $491,787,176 $687,664,776 $598,170,078
I
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. 16 and from Jan. 1 to date:
10,291,125
EXPORTS FROM NEW YORK FOR THE WEEK.
1908.
1909.
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City:" with this Item included,
deposits amounted to 81,305,506,300, a decrease of $41,919,700 from last week. In
the case of the Clearing-House banks, the deposits are "net" both for the average
and the actual figures. 0 Includes bank notes. c Of this amount State banks held
$16,071,600 and trust companies $136,459,100.
For the week
Previously reported
tot
Tot 1 41 weeks
1907.
1906.
811,902,786 $12,979,102 $12,234,685 812,608,472
466,604,034 493,129,295 494,897,872 460,296,633
5478,506,820 5501,108,397 8507,132,557 $479,905,105
The following table shows the exports and imports of
specie at the port of New York for the week ending Oct. 16
The averages of the New York Clearing-House banks
1 1909, and for the corresponding periods in
combined with those for the State banks and trust companies and since Jan.
1907:
of the Clearing House compare 1908 and
in Greater New .York outside
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
as follows for a Series of weeks past:
Week
Ended.
Loans and
Investments,.
Deposits.
Aug. 21_
Aug. 28.,
Sept. 4_
Sept. 11_
Sept. 18_
Sept. 25_
Oct. 2._
Oct. 9___
Oct. 16_
3
2,570,714,7
2,580,237,8
2,573,391,2
2,568,181.7
2,552.792,6
2,543.778,6
2,548,179.4
2,519,375,9
2,464,578,2
$
2,611,409,4
2,614,262,2
2,600,054,5
2,578.878,7
2,565,384,6
2,545,711,1
2,541,198,2
2,494,502,9
2,433,415,2
Specie.
$
428,500,3
425,367.2
420.244,8
410,884,4
405,927,4
405,099.3
:398,308,5
380,769,7
380,588,6
Gold.
Week.
Tot. Money Entire Res.
Holdings. on Deposits
Lcgals.
$
98,753,7
99.986.0
98,538,2
95.234,0
95,001,1
94.153,5
92,258,2
91,625,6
93,689,4
$
527,254,0
525,353.2
518,783,0
506,118,5
500,928,5
500,152,8
490.566,7
478,395,3
474,278,0
5
554,242,3
552,476,3
546,731,7
535,304,8
528,412,4
525,896,1
514.587,8
502,420,3
497,581,3
-The following is the
Reports of Non-Member Banks.
statement of condition of the non-member banks for the
week ending Oct. 16, based on average daily results:
We omit two ciphers (00) in all these figures.
Banks.
Coptgal,
8. Y. City.
4oroughs of
$
Ifan.dc Brx.
Wash. 11'ts. 100,0
200,0
3entury ___
riolonial .._. 400,0
. 300,0
;cambia.
200,0
Fidelity _ __
fefferson. _
500,0
%It. Morris
250,0
dutual _ _. 200,0
Plaza
100,0
l3d Ward_ _
200,0
Un.F.x.Nat. 1,000,0
100,0
Yorkville _ _
200,0
New Neth_
3at.Pk.Nat. 200,0
300,0
ketna Nat_
lorough of
Brooklyn.
200,0
3roadway _
252,0
Mrs.. Nat_
&ebonies ._ 1,000,0
Nassau Nat. 750,0
Nat. City- 300,0
200,0
North Side_
Jersey City.
400,0
First Nat'l_
If ud.Co.Nat 250,0
200,0
Mini Nat__
,
Hoboken.
First Nat.. 220,0
1econd Nat, 125,0
Surplus.
Loans,
Disc'ts
and
Investments.
Specie.
Legal
Tender
and
Bank
Notes.
Deposit withClearing,
Agent.
Other
Net
Banks, Deposits.
&c.
$
$
243,1
154,4
283,5
452,9
164,3
657,7
283,8
322,3
410,6
95,4
934,4
456,0
258,4
146,5
316,8
$
1,305,0
1.648,9
5,453,0
5,959,0
1,048,8
3,733,8
2,734,9
3,926,7
4,020,0
1,943,8
8,075,7
4,161,8
2,121,0
1,151,0
2,038,5
$
$
65,0
132,0
28,5 219,5
779,6 461,4
625,0 577,0
86,9
71.6
13,0 444,4
31,4
518,3
25,6 643,0
321,0 584,0
62,1
181,0
970,3 1,120,0
51,0 822,0
70,0
209,0
28,6
242,0
38,2
399,1
$
116,0
60,6
536,1
697,0
115.8
122,9
330,0
346,9
540,0
296,2
100,0
252,2
278,0
63,1
60,4
.
$
1,290,0
97,4 1,832,9
243,8 6,850,8
7,262,0
1,072,9
227,7 3,707,4
77,1 3,494,0
5,2 4,482,4
4,745,0
2,312,2
8,135,1
251,8 5,372,4
15,0 2,272,0
1,131,0
26,8 1,881,3
531,3
787.6
927,7
949,0
593,8
139,7
3,400,6
6,004,8
11,511,0
7,510,0
4,256,0
1,983,3
304,3
22,7 457,5
788,7
591,0 149,9
290,6 1,342,5 1,106,4
956,0
427,0 492,0
625,0
115,0 653.0
166,4
88,4
139,9
166,5 4,074,8
133,0 6,579,7
284,2 14,351,5
7,437,0
169,0 5,406,0
131,2 2,262,4
306,5 2,258,1
41,7
177,2
124.2
380,6
566,0 0,292,8
188,1 2,656,3
17,6 2,277,6
1,222,1 4,528,5
725,8 2,923,9
380,2 2,042,3
309,4
127,6
37,3
15,4
150,4
.58,4 1,975,6
83,7
44,4 235,6 2,712,2
Pot. Oct. 16 8,147,0 12,293,4 98,338,8 6,849,9 8,993,0 10,872,7 2,894,4 111867,3
.
16t. Oct. 0 8,147,0 -12,296,4 98,676,9 6,823,9 9,203,7 12,247,6 3,302,0 114143,5
1'ot, Oct. 28,147,0 12,296,4 97,658,6 6,743,9 8,986,6 12,531,0 3,238,2 112639,6
620,5
232,0
2,411,2
2,445,3
129,5
77,6
Imports.
Ex;.orts.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciplim (00) in all these figures. .
Great Britain
•
France
Germany
West Indies
Mexico
South America
All other countries
Total 1909
Total 1908
Total 1907
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America'
All other countries •
513,958,120
13,881,232
$172
2,071,195
5,000
100,000 43,158,450
• 4,030,695
74,154
23,673
30,613
64,903
810,000
$110,000 $77.104,692
47,647,925
4,472 34,449,458
•
$500,255 $32.714,912
51,300 3,389,750
11,090
108,721
245
44,226
30,712
$660,800 $36,299,411
785,378 33,818,424
927,320 40,615,835
Total 1909
Total 1908
Total 1907
Week. . Since Jan.1
Since Jan.1
$200,239
2,162,863
10,523
678,142
469,425
1,993,266
1,785,456
$193,515 $7,284,Q14
128,194 14,518,534
4
.
22,560 8,2 888
$276
.
2,864
.50,855
8,519
60,233
$219;242
6,613
68,713
108.745
1,809,715
792,810
951,329
$122,747 83,957,167
175,126 3,075,108
'28,7191 2,670,3 5
Of the above imports for the week in 1909, $73,975
were American gold coin and $2,009 American silver coin.
Of the exports during the same time, $110,000 were Ameriwere American silver coin.
can gold coin and $
pattlang and ginancira.
INVESTMENT SECURITIES
Our eight-page circular ,No. 687 describes several issues of sound
investment bonds yielding about 43i to 534%•
Spencer Trask & Co.
NEW YORK
WILLIAM AND PINE STS.,
Branch offices: Chicago, ILL., Boston, Mass., Albany, N. V.
MOFFAT & WHITE
BANKERS
Members New York Stock Exchange
THE ROOKERY
5 NASSAU STREET.
CHICAGO
NEW YORE
Banking and Exchange of every
description in connection with
IMPORTS AND EXPORTS
International Banking Corporation
NO. 60 WALL STREET. NEW YORK.
Special facilities for travelers
Capital & Surplus. $6.600.000
in all parts of the World
Branches at Home and Abroad.
1050
THE CHRONICLE
'ffianittre
azette.
Wall Street, Friday Night, Oct. 22 1909.
The Money Market and Financial Situation.
-Operations
at the Stock Exchange have been further restricted this
week by the peculiar financial situation now existing, especially that in London. Saturday's bank statement showed
that the local Clearing-House banks had added substantially
to the surplus reserve during the week, and money rates
here have not been above normal for the season. The Bank
of England has, however, advanced its rate from 4 to 5%,
a rate quite unusual, as is well known, except in times of
real or prospective stringency, and a rate which undoubtedly
will sooner or later have an effect on the money market.
An immediate result was an advance in foreign exchange
rates, accompanied by more or less discussion as to the probability of gold exports in the near future, a marked decline
in security values to-day and a tendency in time-loan rates
to advance.
Prominent bankers with extensive connections abroad are
reported to be of opinion that our indebtedness in London
has been materially reduced within the last few weeks. If
this is true,it is obvious that the New York markets will be
less disturbed by the Bank of England's course than they
would have been earlier in the season.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 38% to 44
1%. To-day's rates on call were 43®432%.
Commercial paper quoted at 5@53% for 60 to 90 day endorsements, 5%®6% for prime and 4 to 6 months' single
names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of <£905,050 and the percentage
of reserve to liabilities was 47.60, against 44.09 last week.
The rate of discount was advanced Oct. 31 from 4%, as
fixed Oct. 14, to 5%. The Bank of France shows an increase
of 4,825,000 francs gold and 2,975,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1909.
Averages for
week ending
Oct. 16.
Differences
from
previous week.
1908.
Averagesfor
week ending
Oct. 17.
1907.
Averages for
week ending
Oct. 19.
127,350,000
Capital
126,350.000 129,400,000
Surplus
177,371.800
163.720,100 164,098,300
Loans and discounts__ _ 1,243,444,000 Dec. 29,589,200 1,338,433,300 1,076,1346,300
Circulation
51,938,100 Inc.
338,900
53,309,400
51,612,400
Net deposits
1,245,824,700 Dec. 32,577,500 1,416,647,900 1,025.711,400
U. S. dep. (Incl. above)
1,652,100 Dec.
23,000
9,233,300
34,450,100
Specie
251,318,500 Dec. 4.416,200 304,992,500 205,353,300
Legal tenders
70,428,800 Inc. 2,015,200
80,640,600
62,257,200
Reserve held
25% of deposits
Surplus reserve
Surplus excl. U.S. dep_
321,747,300 Dec. 2,401,000
311,456,175 Dec. 8,144,375
385,633,100
354,161,975
267,610.500
256,427,850
10,291,125 Inc.
5.743,375
31,471,125
11,182,650
10,704,150 Inc.
5,737,625
33,779,450
19,795,175
Note.-Tho Clearing House now issues a statement weekly showing the total of
the actual figures on Saturday morning. These figures, together with the returns
of 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 second page preceding.
Foreign Exchange.
-Though London discounts hardened
during the, week, exchange was only temporarily influenced,
sight closing very strong. The Bank of England on Thursday raised its rate of discount to 5%, the highest since 1907.
• To-day's (Friday's) nominal rates for sterling exchange
were 4 843/2 for sixty day and 4 863/2 for sight. To-day's
(Friday's) actual rates for sterling exchange were 4.8330®
4 8340 for long, 4 8725(4)4 8735 for short and 4 8790@4 88
for cables. Commercial on banks 4 8290 ®4 83 and documents for payment 4 82/@4 833/2. Cotton for payment
4 82©4 823/, cotton for acceptance 4 8290@4 83 and
2
grain for payment 4 8331 ®4 833/2.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 20@5 193'a for long and 5 163/d®5 16%a for short.
8
Germany bankers' marks were 94 9-16@949 for long and
95 3-16©953 for short. Amsterdam bankers' guilde,rs were
40 13(4)40 15 for short.
Exchange at Paris on London, 25 fr. 22c.; week's range,
25 fr. 22c. high and 25 fr. 163 c. low.
%
The week's range for exchange rates follows:
--Long
Sterling Actual
High
4 8330
4 8340
Low
4 8295
0 4 8305
Paris Bankers' Francs
High
5 20
0 5 196%
Low
5 206%
0 520
Germany Bankers' Marks
High
946%
0 946%
Low
0 946%
9434
Amsterdam Bankers' GuildersHigh
Low
,--Short
Cables
14 8725
14 8625
0 4 8735
0 4 8635
14 8790
14 8675
15 176%/t
15 176%
0 5 16%
0 5 166%
1
I
1
1
0 9534
I
956%
95 1-16 @ 95 3-16 1
I
1
40 14
40 13
@ 4 88
0 4 8685
0 40-40 161
@ 40-40 151
Lees: a 1-16 of 1%. d 1-32 of 1%. h3-32 of 1%.
Plus: k 1-16 of 1%. x 1-32 of 1%. y3-32 of 1%.
The following were the rates for domestic exchange on New
York at the undermentioned cities to-day: Savannah buying, 50c. per, $1,000 discount; selling, 75c. per $1,000 premium. Oharleston selling, $1 per $1,000 premium. New
Orleans bank, 75c. per $1,000 discount; commercial, $1 per
$1,000 discount. Chicago, 25c. per $1,000 discount. St.
Louis, 15c. per $1,000 premium. San Francisco, 50c. per
$1,000 premium. Montreal, 313c. per $1,000 discount.
State and Railroad Bonds.
-Sales of State bonds at the
Board $12,000 Virginia,68 deferred trust receipts at 47 to 473/2.
Lxxxix.
The railway bond market has been dull, the transactions
on at least two days of the week having fallen below $3,000,000, par value. As in the shares market, the tendency of
prices has generally been downward.
The conspicuously exceptional features are Wabash ref.
and ext. 4s, which have advanced nearly 2 points concurrently with a similar movement of the shares, and St. Louis
& San Francisco gen. 5s, which have been active and are a
point higher. Interboro-Metropolitan 43/2s have also been
active and relatively strong.
United States Bonds.
-Sales of Government bonds at the
Board include $10,000 4s,coup., 1925, at 1173/2,$10,000 45,
reg., 1925, at 1163, and $15,000 3s,reg., 1908-18, at 1013/2.
The following are the daily closing quotations; for yearly
range see third pagefollowing.
Interest
Periods
2s, 1930
registered Q-Jan
2s, 1930
coupon Q-Jan
3s, 1908-18
registered Q-Feb
38, 1908-18
coupon Q-Feb
3s, 1908-18_ _small coupon Q-Feb
4s.'1925
registered Q-Feb
s, 1925
coupon Q-Feb
2s, 1936_Panama Canal regis Q-Feb
2s, 1938..Panama Canal regis Q-Nov
Oct.
16
Oct.
18
Oct.
19
Oct.
20
Oct.
21
Oct.
22
.100% .1006% .1003 .1006% "1006% .1006%
6
.1006% .10034 .100 *100% .10034 *1006%
*1016% .1016% .10114 1016% 1016% *1016%
.1016% .1016% .1016% .1016% .10114 *101%
•11634 .1166% •1166% .1166% 1166% *116
•1176% .1176% 11714 •1176% .1176% .1176%
.1006% •1006% •1006% .1006% .1006% .1006%
•1006% .1006% .10014 *100%1.100A .10034
This Is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.
-The stock market
has again been dull under the influence, as noted above, of
money market conditions. The tendency has from day to
day been towards a lower level, and with a few rare exceptions prices for all active shares are lower. This movement
was accelerated to-day by liberal sales for foreign account
and exchange market conditions.
Among the exceptions is Interboro-Metropolitan, which
was notably strong early in the week, and although a part of
the advance then recorded has been lost, it still shows
a net gain of 1 point. The Wabash issues have been in special request at advancing prices. After participating in the
decline to-day, Wabash common closes nearly 2, and the
preferred over 4, points higher than last week. Missouri
Kansas St Texas sold 5 points higher on Monday than on the
previous Friday, a part of which is retained. Missouri Pacific has also been a relatively strong feature.
On the other hand, Union Pacific has declined over 5
points, Redding nearly 5, Canadian Pacific nearly 4, Northern Pacific over 4 and many other issues from 2 to 4. U. S.
Steel common has been by far the most active stock traded
in, and closes 45%
down, while the preferred, on liinited transactions, is fractionally higher thqn last week.
s
For daily volume of business see page 1060.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
_
STOCKS.
Sales
Week ending Oct. 22. for
Week.
Range for Week.
Lowest,
Chicago Terminal Transf
200 2 Oct
Des aloines & Ft Dodge_
100 11 Oct
General Chemical
200 93 Oct
Keokuk & Des Moines.. _
300 6 Oct
Laclede Gas
6001046% Oct
Manhattan Beach
200 334 Oct
Ontario Sliver Mining._
200 2 Oct
Pacific Tel & Tel, pre_
100 98 Oct
Peoria & Eastern
337 246% Oct
Rutland, pref
102 30 Oct
St Jos & Gr Island
700 156% Oct
First preferred
300 50 Oct
Second preferred
10 296% Oct
StL&SF-C&EIll
new stk trust cents_ _ _
5 6634 Oct
Sears, Roebuck & Co..pf
2001206% Oct
United Cigar Mfrs. pref_
35 1066% Oct
U S Leather, pref
3001276% Oct
Vulcan DetinnIng
3,01. 276% Oct
Preferred
15 74 Oct
Range since Jan. 1.
Highest.
Lowest.
20 2 Oct
16 11 Oct
21 93 Oct
20 6% Oct
16 104% Oct
20 31400t
18 2% Oct
21 98 Oct
18 25% Oct
18 30 Oct
21 16 Oct
20 51 Oct
21 29% Oct
20 2
16 10
21 61
20 5
21 104
20 2)4
21 2
21 98
1 23%
18 28
18 15
21 496%
21 29
19 6634
16 121
18 107
18 128
16 30
20 74
1
2
1
16
18
2
Oct
Oct
Oct
Oct
Oct
Oct
Highest.
Ma
414
Oct 16%
Ja 95
Mc! 10
June 105
Ja
534
Oct 5%
Oct 100
Fe 27
Mc 38%
May 20
Mc 53%
Mc 30
62% Ap 70
101
Ja 121
Jan 110
99
Mch 128
115
Fe 30
Jan 78
45
Jan
Jan
Aug
Aug
June
June
Jan
Oct
June
June
Jan
May
Jan
Apr
Oct
May
Mch
Oct
Sept
Outside Market.
-The improvement in outside securities
noted at the close of the previous week was continued in the
first trading this week, speculation being fairly active and
at a generally higher range of values. Later trading was in
diminishing volume, with prices as a rule weak. Boston
Consolidated moved up from 143 to 14% and then declined
to 137%. Butte Coalition rose 2 points to 27 and reacted to
5
265s. Cumberland-Ely from 7 5-16 reached 7%, receding
/
finally to 7M. Greene-Cananea advanced from 105 to
%
113/2 and reacted to 10%. La Rose Consolidated sold up
from 63 to 73, but drifted back subsequently to 63/2.
%
Nevada Consolidated advanced from 237 to 25 and declined
%
to 24. The company declared an initial dividend of 373/2
cents a share. United Copper common improved from 93/2
to 97%, then fell to 95. Union Mines was heavily traded in
the price going from 2% to 3. Nipissing went up from 113/2
to 113 . Among industrials American Tobacco gained
4
5 points to 455, but fell back to 449. Sears, Roebuck & Co.
common was conspicuous for a striking rise, the stock going
up from 1233/2 to 145. A weaker turn after this carried the
price down to 136. Standard Oil went up 3 points to 703
and down to 696, selling to-day at 700. Chicago Subway
from 73% developed strength and sold up to 93/2, but then
dropped to 7%, with the close to-day at 77%. In the bond
list the new 5% bonds of the International Steam Pump Co.
appeared and sold "w. i." from 9634 to 96%. N. Y. Telem
phone 43/2s,"w. i.," advanced from 967% to 97, then dropped
to 96, recovering finally to 963 . Western Pacific 5s rose
4
from 975/2 to 98, but fell back again to 973'.
Outside quotations will be found on pago NO.
New York Stock Exchanc4e-Stock Record, Daily, Weekly and Yearly
i((CUI'i 17I44 TXV4) 1• 114:KE.
.11 M;'1
A V I)
Saturday
Oct. 16.
Monday
Oct. 18.
uesday
Oct. 19.
IVednescleni
Oct. 20.
,
,,O) 01
l'ItIrES.
7'liztrserty
Oct. 21.
Week
Sluzres.
Friday
Oct. 22.
STOCKS
NEW YORK STOCK
EXCHANGE
Ranoc s:nre Jan. 1 19(5.1
On Owls ol 100-share tots
Lowest
Highest
1
Ilona: tor lief:LOW
Year 11903).
tetra.
Railroads
8
tch Topeka &SantaFe 9778 Jan 13 1253 Oct 2
6
, Fen
12112 122
12078 12212 12034 12134 12058 12118 12013 12114 120 12114 75,900
Do nref
(0014 Jan 20 10634 10.2,
8
8338 Feb
10358 10358 10113 10418 10414 10411 104 10414 10413 1043 1.10418 10412 2,000
8,009 Atlantic Coast Line 0101._ 11)712 Jan 14 14312 Aug12
1:38 138
min, Niel]
13612 13812 137 13814 138 140.34 139 13034 13812 139
WW2 Feb 23 12214 J'ly 2.,
;
7612 Feb
11673 11714 1163 11733 11612 11634 11633 11634 114 1111''. 115 11614 8,200 Daltimore & Ohio
941
:
*J3
50 I'Do pref
9413 9412
1).1- *93
,
94
96 Apr 12
50 Jan
*94
92 Feb
9412 ----- --3
17,475 Brooklyn Rapid Transit_ 67 Jan 0 8273 Joe I
3714 Feb
8 7813 785,, 7712 7833 7..7 78
7838 787
73
7b S
' 7818 70",
78
18'i 18414 5,81.) Clanadian Pacific
z165 Al, 3 189', Oct 5 141 Feb
*186 1863 *18512 18634 18512 18614 18434 18538 183 184
,
,
k ianacla Southern
54 Alell
6014 Jan il (1934 Aug 21
*6812 60!2 *6812 6913 *6812 6912 *61„•2 6912 *6812 69: *CS' Cr'
Central of New Jersey
215 Feb 23 32313 Sep 18 160 Feb
*295 310 *295 310 *295 31(1 1295 305 *295 305 *24,1 300
87
6164 8773 8813 8712 81)
847 84,150 Chesapeake do 01110
8
2512 Feb
83
5538Jan 6 90 Oct 8
8834 8913 8812 90
6.,34 68,
13
6,500 Chicago & Alton RR
, 68
-4
6814 6314
7434 Apr 1
711, 6134 7013
10 Feb
5778 Feb 24
6813 687
8 69
__ 741.,
,
7412 .-- 7112
4
Do pref
.
- 7 Alch
75 *---- 7412
*--- 7412
71 Feb 24 716. I"
:08 Feb
8
21414 1414 31334 1418 31373 1418 2137 1412 1914 1914 11) 1018 4,626 Chic G Wes ctfs der) 3d pd 38 Aug 20 1914 Oct .1
*60
-- *5912 64
*5-12 64
*5912 64
Do 4% deben ars dep_
*5912 64
*5912 65
3312 Me"
100
*26
33
3112 3111 *3112 16
*3012 3212
1613 Feb
*30
Do pret "A" ctfs dep. 27 Aug 16 3534 A115 3)l
33
*3012 35
3
500
*19
*19
11- 31918 1918 227 2:18 2358 2334
'1
20
20
*19
Do pre'"B"ctfs 3d pd 51314 Aug 23 2334 Oct 22
5 Feb
16033 16114 15913 16114 15912 16012 159 15978 1513 151
43 15712 15912 59,4( 1 Chicago Milw & St Paul, 141 Feb 23 16-13 Sep 18 10312 Jan
60,1
175 1762 17514 171
*1763 17714 176 176 1 *176 17613 17512 176
Do pref
15812 Mch 15 131 Aug 6 135 Jan
189 193.3 192 19212 189 19014 188 18912 18712 16' 10,233 Chicago & North Western 17318 Feb 24 19812 Auels 13517 Jan
•
*188 190
*215 225 *216 225 *216 230 •.,•.16 225 *216 226
Do pre!
120S Ateh 13 4230 Aug 7 4135 Jan
Chic St P Minn & Omaha 148 Apr 22 167 Aug 13 114 Feb
-*158 165 *158 165 *158 165 *158 165 *158 165 *158 165
*170 180 *170 180 *170 180 *170 180 *170 189 *170 180
1)o pref
166)2 Jan 30 4180 J'iy 27 14)413 Jan
Chic Un Trac ctfs stmpd
*434 6
*412 534 *412 631 *412'4 *412 4
53 Apr
*412 512
4 J'iy 6
7 Jan 4
1. 13 *1214 1,13 *12
4
*12
1 1,
,
*1212 15
I)o pref ctfs stmpd
*13
15
*1212 15
12 J'ly 12 1814 Jan 27
4 Apr
4,300 Cleve Gin Chic & St L
79
*78
7912 78
7,7
„
77
77
IS Jan 29 7913 Feb lh
7714 7712 77
777
8 78
4712 -1
Do pref
100 Jan 4 106 Meh22
*100 105 *101 110 *101 105 *101 110 *101 110 *101 110
8513 Feb
412 62
460 Colorado & Southern
5214
*5212 5312 *5212 5312 *5212 5.
5318 Sep 10 6814 Jan 8
7174 r n b 2
*5212 5313 53
53
21 Feb
1,451
i1)
7,41 79
7612 Jan 2 86 May 1
71'1 §7814 7814 78
Do 1st preferred
7913 *79
79
791k *79
8Jan
603
74 14 7814
300
Do 2d prefer-ed
*78
79
7814
79
5.113 Jan 7
*78
79
*78
79
*78
3934 Feb
1,650 rIelaware & Hudson
185 18:.13 185 18
375 F ,
1673:. etio 24 200 May14 14112 Feb
1s
18712 188
187 18714 187 187 *186 188
200 I Felaware Lack de West_ 536 Feb
560 669 *550 660 *550 661)
(380 Apr 22 420 Jan
*54712 670 *550 665 *550 565
24,225 Denver & Rio Grande._
4773 4114 4738 4;6
4612
6 54 Apr1.0
48
4834 4853 4913 482 50
1414 Feb
1,710
Do pref
86
86'2 8512 8512 8513
85
8,,
7912 Jan 6 90 Feb 10
3104 Me)
,
8534 8573 8534 86
1:3
4
56 Jan .10 713 Aug13
Detroit United
70 *--_- 6913 ____
3212 Apr
6812
68'2 *67
*67
,
330 Duluth So Shore & Atian 1412 Oct 22 21 Jan 13
4
1412 1412
11 Feb
. *1412 1514 1513 1513 1514 1514 *143 151. *1412 15
100
*28413 30
31
*2712 30
28 1:cb 23 3613 Jan 15
,
612 l t,1 ._
*28
*21.:12 30
e
Do pref
1134 Feb
29
*28
30
29
c8 33
41.) J'ne
3373 3414 3333 3378 3318 3:1,
3:J2 25,71 14 de
'2238 Alchll
,
12 Mel,
3433 3478 3414 35
C,1
,
.
48
5634 Aug
,
4912 4914 4194 4778 4:6•
2438 Mel,
1-'4 Do 1st pref
49
4914 4953 411, 49
3914 3.;1_ *39
Aug
4014 4014 40
500
43
42
40
,
813 Metal
46
*4013 42
*41
16 Mel,
Do 2d pref
4
14712 14634 14714 14814 22,735 Great Northern pret
, 5, Feb 24 15778 Aug i 2 11334 Feb
965 8 o h 12
3 8 ,
15114 152 21495g 15012 14013 1493 14812 149
82
8018 8013 80
81
81
81
10312Aug
80
8034 83
10.700
8214 83
4512 Jan
Iron Ore properties_ _
*14
14
15
15
*14
15
1414 14
*14
*14
15
11 Green Bay & W,deb edit 813418 Feb266 17 Jan 4
83 Jan
7812 7812 *76
7853 *70
*76 ---- X798 -- 3300
39 Feb 1 x793 Oct 22
'10 )1,0
8
avana Electric
71C 8
01) Sep 16 470 Jan
Do pref
iTd *ii
112 • *108 116 *108 116
-120 Hock Val J P & M Co rots 97 May 3 126 Aug 14
12 Feb
*-_
____ 91 *-- 91
___
9112 J'ne 11
-3
,____ 91 *
91
88 Apr 2,*
69 Mch
Hocking Valley pref
91*
15078 15114 15012 15117 14812 14912 *149- 15012 *14812 150
137 Feb 21 16213 Aug12 12212 Feb
-2,0, I Ilinois Central
iiT,2 150
1613 1653 1873 1712 1812 1714 177
(334 Jan
16
17 8 147,192 n terboro- MetropolItan - 1158 Nich 23 19 Jan
7
3 167 173
8
8 17
4
48
4813 49
511.
, 4953 5114 483 5014 4f13 4912 433 497 11,420
3634 !itch 23 5238 J'ne 28
4
1718 Feb
8
Do pref
2934 30
30
3014 3012 307
31)
27 Feb 24 36 Apr 15
2,760 iowa Central
3 3014 30 4 30 . 3012 30
10 Feb
3
2,820
52
6238 5212 53
63
52
5338 5212 6314 52
*52
53
48 Sep 9 62 Apr 15
2712 Feb
Do pref
300 ITC Ft S & M tr cfs, pret 67747384
81
57 Ant
89
80
*80
81
81
b 22 82 Sep 14
b 1
*80
81
*80
81
4412 -7
15r2 --7
445g 4373 4478 6,255 Ilansas City Southern- 37 Feb 23 5014 Aug 18
13- Feb
4514 457
3 4412 4534 4412 4533 44
7( .3, 70
;
1,200
7512 Aug 15
)
Feb
1)o pref
70
70
46 Feb
4
8 70
703 7114 7013 705
*703 71
4
*21
*20
25
1913 Feb 25 291. Aug 2
*21
25
*21
2,4
alte Erie & Western
25
*20
25
*20
25
12 Jan
200 14 I') pret
63
54
54
53
48 .an 23 6478 J'ne I*
*52
60
*52
60
*52
60
*52
60
24 Slav
68
100 Long island
68
*65
6518 6513 *65
69
59 jan 4 7118 May24
30 Feb
*65
68
*65
69
*65
151 15212 18,500 Louisville & Nashville
z121 Oan 20 16212 Aug 12
8714 Feb
163 15518 153 1541r 15314 15534 15314 15312 15214 153
2
14112 142
14114 142
600
142 14218 *142 14218 *141 142
anhattan Elevated..,.. 14014 Aug20 1.534 Jan 4 120 Jan
*141 143
24
*20
24
*20
*20
25
*20
24
18 J'iy 2 42 Jan 5
*20
24
Iva etropolitan Street
15 Feb
553 56 - 5512 56 *55
4
66
*5413 55
5314 5313 66
2,275 Minneapolis & St Louis
53
51 Sep 16 65 Jan 8
20 M eh
*98 100
*84
8811 *84
88
*84
87
*84
87
*84
87
81 5111110 90 Jan 8
Do pref
61 Feb
4
2,200 Minn St P de S S Marie
14012 14
13973 141/3 13934 14073 139 1304 1393 1393 *13/3 139
13212 Jan 2 14912 Jan
4
4
7014 Jan
155 155 *150 156
151) 156
155 157 *154 156
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350
147 Apr 13 16413 Aug 0 12312 Feb
Do ore(
760
0034 0013 9012 9012 9012 9012 9012 9012 90'2 9038 9012
69 J'ly 22 92 Sep 17
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4813 327,475 Mo Kansas & Texas
1112 Atel)
3512 Feb 23 5012 Oct lEi
4718 49
x7512 755 *74
8
78
7712 7814 7734 78
3
77
.e 2 4 7814 Oct 18
Do pref
4)1 Feb
7614 75(4 7514 4,300
65 Fe b 2:
71 1.
7712 Aug 5
2)412 Feb
3 6812 6912 6612 6953 6814 6814 6812 71)*
687 71* 14,500 Missouri Pacific
8
,
69
693
*132 138
132 138 3132 138 *132 138 *132 1311 *132 1311
'Mash Chatt & St Louis_ 12212 Jan 5 139(2 Aug'?
173 Jan
3
300 'at flys of Alex 1st pref 4912 Apr 5 61 Sep lb
5712 573 *561. 5814 *56
68
4
59
*53
5812 *56
*5612 58
2314 24
2314 2312 2313 2312 1314 21358 2234 23
2212 23
2212 Aug 16 265 May22
3,743
,
Do 2c1 pret
13412 1357 13433 137
8
136 13734 13514 13613 1345 1304 134 13512 66,520 N le Central ec Hudson_ 121112 Feb 24 14734 Aug is
8
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1,400 N Y Chic & St Louis
58
4512 )1(1115 59 Joe 1
67
68
5712 57
56
56
5r3 5512 5612 56,3 *52
.
1412 Jan
*102 108 *102 108 *102 104 *102 106 *105 118 *105 118
1(41) Feb 20 1011 Feb 20
Do 1st pref
90 Jan
7614 Apr 6 88 Aug17
*85
89
*85
89
*85
89
*85
89
*85
*85
88
89
Do 2d pref
60 Feb
*170 171(2 170 170
169 169
169 169 *16712 16912 16.) 169
710 N Y N El do Hartford
m h2
6
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47
4614 47
4712 4712
4712 48
4712 463 4714 463 47
4
4
2918 Feb
,
9514 11,81)0 Norfolk & Western
9613 9673 0618 963.1 9513 063
8 9512 964 0514 0514 95
5414 Jan 6 97 Oct 36
53 Feb
91
100
92.2 J'iy 28
. *89
9012 00
1)o adjustment pref.._ $,jlg
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1jj'4 I52 2 15134 11237 151 15173 15014 111-14 14914 151 :!3 14814 153 '2 27,083 Northern Pacific
-4
13314 Feb 24 15913 Aug .2 116/3 Jan
*I
100 Pacific Coast Co
106 106 *105 108 *106 109 *105 110 *104 116 *104 109
76 Mch 3 11114 Oct 7
65 Sep
4 102 110 *102 110 *103 106 *102 110 *102 110 *102 II()
,
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104 115 406 115 *105 115 *104 115 *104 109
*106 115
88 Mch27 111 Oct 7
Do 2d pref
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14712 14734 14713 14814 147 14. 't 14678 14734 1411,I 1473 14618 148 108,063 Pennsylvania
1811182 Feb 13 15114 Sep 29
2
61 a n 5
1)834 Jan
4
9614 *9512 96
9512 95,2 9513 9518 9114 9,
96
95
05
1,700 Pittsb Cin Chic & St L
39 Jan
9612 Oct ,
a____ 116
115 *___. 115 *____ 115
118 *..___ 115
1114 Feb 10 11614 Sep (1
Do pref
8113 N1e1
16414 16558 16273 16558 16234 16414 16134 16314 16114 11312 16 03 163 426,300
,
8
115 Feb 23 1733 Sep '21
1t
lii
9213 Feb
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§11113 9112 9112 9113 9112 92
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92
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943
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78 Jan
pref
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*9912 101
*9914 101
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1
b 229 10434 Niay13
h .
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2d pref
48
3912 413
3 3913 4038 3838 31'33 :3818 31-8 191,4()0 Rock Island Company
4013 4114 3913 41
2(178 Feb 24 4238 Aug 12
1012 Feb
36,400
7814 708 7812 763
Feb
Do pref
4 783 7114 7712 717
8
8038 Aug 16
8 77
777
8 7714 79
2034 Feb
*70
7112 *69
72
71
71
*69
200 4,2t L & San Fr, lat pref.
72
71
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73 J'ly
713 713 *71
4
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4
6,400 6
51:31 573 5812 5712 5814 67
1 Do 2d pref
5712 56'3 67
58
5814 59
35 Feb 23 5034 Sep 16
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3012 3078 2912 31/ 1 2934 2!
29
31
3033 8,140 St Louis Southwestern- 42071122 J05265 3138 Sep 29
3014 303
4 30
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69
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112,100 Southern Pacific Co
3
12934 13133 12878 1307 12913 131/73 129(4 131:4 121.53 130
1. 458 k eb 24 13918 Aug 1
12 i
1
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31
3153 30
3
53,300 Southern v tr etc strnpd3013 31
13013 3118 3034 3213 311 t 32
34 Augll
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7031 7034 69
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7113 7012 71
7,300
Do pref
6913 6873 6934 49
69
do
60 Jail 5 75 Aug 12
251* Styli
24,000 Texas & Pacific
30 Feb 24 4012 Aug 23
7, 3534 3658 3553 3658 3512 3,-,73 35:4 3t, 3 3512 3/
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1234 Feb
21
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1913 20
4,810 I hind Avenue (N VI...- 10 J'ly 2 4212. Jau As
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2113 2073 2113 2012 2,,
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8
Toledo Railways & Light
01, Oct
7 May12 153 Jan 2
53
5.;
6434 64
7,1(10 1011(10 St L & Western
523: 5212 5438 5414 547
52
3 54
43 Feb 26 547 Oct 19
8
12 Feb
7o1, 7013 7014
6913 707
6 6,390
4913 6913 6934 71
71
Do pref
70
6434 Feb 24 7414 iaii 4
23 Feb
108 1.t.
109
10714 1071.•
109 109
735 Twin City Rapid Transit 97 Jan 2 11112 Oct 1
109 100
109 109 *101
7814 Feb
20434 20578 20314 20614 20313 20473 20214 20334 20113 2033 20078 20313 477,60(1 I Mon Pacific
4
17213 Feb 24 219 Aug 16 11012 Met)
10513 10512 103 104
10212 10414 103 103
4,520 k
104 105
10314 104
1)0 pre!
11812 Aug ln
914 Apr
44
*41
*41
*41
43
44
44
400 Unit ilys Inv't of San Fr 130 '1. e b 25 47 Sep 13
*41
4114 42
4212 43
94 Nleh 1
15 Jan
7273 7273 71
713 7134 1,625
4
7258 7233 7212 7234 7234 *7113 73
Do pre,
5014 Feb 25 77 Sep 14
'2712 Jan
19
1914 1912 261 1 1934 21.-. 20
18,5014 W abash
2038 2012 2113 2013 21
3
634 Men
41 Fe b 24 2438 J'ne 16
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Do 2d pret
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131, Feb
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133 Nov
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122 Nov
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105 Nov
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6614 Nov
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69 Dec
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175
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1 Sale 7,1; Stock Exehan35 or at auction this week, 7: First installment paid. n Sold at private sale al this price. e2c1 paid.
Banks
"in
LI :17t Zgrakyf
1052
New York Stock
S2'OCKS-HIONEST AND LOWEST SALE PRICES
Saturday
Oct 16
Monday
Oct 18
Tuesday
Oct 19
Wednesday
Oct 20
Thursday
Oct. 21
Friday
Oct. 22
-Page Zs
Safr3 0
the
• Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Rowe since Jan. 1 MO
02. basts o 100-share lots
Lowest
Iltohest
Industrial&Miscellaneous
*230
_ *230
_ *230
*232
-*230_ *232
A dams Express
190 Jan 20 4225 Aug 20
*1412 1612 143.4 1514 153 15 8 41434 143
8
3
117g *1434 15
- 1434 4
1,245 rx ills-Chalmers
1234 Feb 24 1678 Aug 3
*52
53
5212 5338 53
5334 *52
5314 51
5214 5138 5138 4,100
Do pref
38 Feb 24 5738 Aug 3
8153 8334
4
8314 8434
8314 8014 823 290,150 Amalgamated Copper
8314 8478 83
82
84
65 Feb 26 8918 Aug 12
46
4612 4618 4678 4614 4614 46
46
45
4612 *45
46
1,700 Amer Agricultural Chem_
3312 .Ia n 111335 50 Aug 12
JJc,a
.nn
*101 102 *101 102 *100 102
10112 10112 *101 102 *101 102
100
Do pref
18 103 Aug 3
4712 4712 4712 48
4718 4712 4634 4714 46
4712 48
4658 4,500 American Beet Sugar
2012
9514
4912 Aug 2
*95 98 *95
98 *96 98
963 *95
98 *9614 98 *95
4
Do pref
93 Oct 4
1214 1238 1214 1212 1214 1238 1214 1238 1214 1238 12
5712jeb 23 1418 May21
2 ib 7
1214 3,700 American Can
t
8234 8234 8234 8234 8238 83
8218 8218 8158 8212 8134 82
3,100 Do
Fe 24
Feb 23 86 .1'ne 4
Feb
7012 7114 7012 7112 70
7014 69
1912 7014 69
71
7038 20,700 American Car & Foundry 9411142
prof7
72 Oct 15
*11812 119 41187 1187 11812 11834 *11814 11878 11712 11778 *11714 119
8
8
• 410 Do pref
10712 Feb 23 12434 Aug 3
7434 7778 7712 78z77
7634 7712 76
71.34 78
12 78
77
26,150 American Cotton Oil
4218 Jan 5 7878 Oct 18
4.10312 107
*11
107 107 -- --- )4 108 *104 108 1105 106
141
Do pret
98 Jan 7 107 Oct 18
*230 245 *235 242
250 255 *240 255 *230 250
49
245
450 American Express
'256 Oct 20
812 812 *83
8 9
812
*812 858
818 812 *814 812 1,200 American Hide & Leather 120514 Feb 25 10 Sep 3
6 Feb 5
4612 47
47
*4612 4712 4612 4612 *4014 47
47
4712 47
1,825
Do pref
1
b ,
34 g Feb 3 5178 Aug 3
1,7
*2412 2714 25
*2518 2612 *2514 2612 2538 2612 26
25
4214 Apr 13
Jan
2612 2,000 American Ice Securities
*1612 1714 17
1718 1634 1678 1658 165
8 1612 1658 16
16
1,100 American Linseed
12 Feb 25 20 J'ne 1.1
*4112 433
44 *42
4 4258 43
43
*42
4178 4178 *41 . 43
400 Do pref
4
29 Jan 12 473 J'ne 14
6012 59
5978 58
8 60
60
5834 5814 5834 58
603
2,930 American Locomotive_
59
99 Feb 23 6914 Aug 4
*115 116 *115 116
116 116
11512 116
116 116 *115 11614
550 Do prct
10914 Feb 24 122 Aug 4
*8
9
*812 9
*8
9
4812 812 *3
9
*8
CO American Malt Ccrp
9
612 J'ly 16 1112 'no 1
6414 5412 55
55
55
55
5312 5514 *50
5012 5012 54
1,900 Do pret_
/2 Jan 7 59 Sep 20
9112 *91
9118 9118 *9114 92 *91
9112 9012 9012 *9014 91
400 Amer Smelters qee met B 80 Jan 4 023 Aug 27
8
9634 99
9818 99 8 973 983
5
4
4 9
714 9818 9618 9714 9518 97 56,200 Amer Smelting& Refining 7734 Feb 24 1047 Aug 12
8
112 11214 11134 112
11178 112
112 112 11158 112
11114 11112 2,212
Do pref
4
221 Janb 9 1163 Aug 6
106
2
*250 300 *250 300 *250 300250 300 *250 360 *250 300
280 Aug 5
Amerin Snuff
ca
*10012 104 *10012 104 *10012 104 *10014 104 *10012 104 *10012 104
Do pref
95 Aleh 1 105 may22
61
6178 6134 6134 6033 6112 6012 6012 60 4 60 4 6012 60 4 2,478 Amer Steel Found (new) _ 347 Feb 24 6314
3
3
3
3
-Aug 7
13012 132
13012 13012 *130 132
130 131
13012 13012 12934
3,010 American Sugar Refining 121 J'ne 17 1363 Sep 21
3
*125 130 *126 130 *126 129 *125 130 *126 130 *124 13014
128
120 J'ne 16 )31 ,tor S
Do pref
14218 14212 14134 1421 14134 14214 14112 1417 141 14158 14014 14158 16,100 American Teleph 64 Teleg 125 Feb 1 14518 Sep 29
:
8
*9914 10012 9934 10014 903 10014 10012 10012 9978 10014 997 997
4
8
8 1,220 American Tobac (new),pf 9012 Feb 6 104 Alay3.0
*3612 3778 3614 37
36
3612 3614 3614 3612 37
36 8 383
3
b (
4 4012 Aug 27
923634
i
8 1,300 American Woolen
10312 10334 *103 104
10358 1037 10312 103 *103 10312 1027 10318
8
12
4
1073 J'ne 14
850 Do pref
8
Jan
4712 4814 4778 481; 4758 4838 47 475
1s
8 4612 467
8 46
47
7,825 2 AnacondaCopper Par$25 83734 Feb 26 $52 May 8
*10712 -_ *10712 ---- *10712 ---- *10712 ---- *10712
ssoc Merch 1st pref_
105 Apr 2 114 J'ne 25
---- -Do 2d prof
10112 Feb 17 10412 Feb 19
414 414 *4
*4
41
414 *4
414
4
4
4
4
500 dBatopilas Mining Par$20 $278 Jan 29 $512 .1'ne 30
84
3434 3458 3458 34
3414
3414 3414 3212 33
33
3312 3,100 Dethlehem Steel
1834 Mch 9 3614 Sep 21
*6514 6712 *6512 6712 *6514 C712 *60
0712 *60
6712 6512 6512
100 IP Do pref
97 Feb 24 6912 Sep 3
*14212 145 *14212 145 *14212 145 *14212 145 *14212 145 *14212 145
•
Brooklyn Union Gas____ 118 Jan 28 15112 Sep 1
19
1918 19
19 *1812 19 *18
19 *1.6
10
750 Brunswick Dock & C Imp 13 Jan 13 2118 Oct 4
41814 1814
4.3112 34
82
*3134 34
3412 34
34
3112 34
*3158 3234 1,800 I3utterick Co
8 ay17
2378 Jan 2 347
4714 4918 4714 49
8
4738 49 8 463 4734 4614 4718 453 4718 80,000 ientral Leather
5
8
(
2512 Mch 2 5134 Oct 7
10034 1093 1095 10958 10934 110 *10914 110
*10912 11014 *109 110
4
8
560 VDo pref
9934 Apr b Ill Sep 2
4478 45
45
453, 4434 4512 4478 4614 447 453
8
4 443 45 4 14,500 Coioradb Fuel & Iron
4
3
29 Feb 23 4838 Aug 1
80
81
81
81
81
81
81
81
81
81
7818 80
4,100 Col & Hock Coal & Iron_
2138 Feb 23 81 Sep 1.9
30e 30e
31c 32c
30e 32c
300 32c
ac. 32c.
200 Comstock Tunnel_Par $2 21e Apr
37e Oct 1
14334 1433 14234 144
143 14312 *14234 143
4
14212 14234 142 14212 2,800 Consolidated Gas (N D.. 11412 Feb 24 16514 4/111 4
-4
213 22
4
2178 2214 22
2218 2134 22
217 217
8
8 2112 213
4 5,700 Corn Products Refining_
1612 Feb 21 2612 'no 2
*8418 8412 85
85 *8414 8511 *8414 8512 8414 85 *84
85
800 Do pref
7314 Feb 24 9312 J'no 1
*58
62 *58
62
*58
62 *58
62 *58 (i2
*58
62
Crex Carpet
95 Jan 5 61 May 25
*3512 37
36
363, 36
3612 3578 3714 35 8 373
3
8 3714 3712 4,716 Distillers Securities Corp 3212 Feb 23 4112 Jan 25
4
,____ 80 *.
80 , - 80 *75
1
80 *75
80 *75
80
Federal Mining & Smeit'g 66 Mch 2 9512 Slav 11
*8614 88 4 . 89
65
. 8
ii'l
89 *8712 89
8712 1,713 *853 8
100 Do pref
94 Aug 11
8 712
Federal Sugar Ref of N Y 449 Feb 24 461 J'ly 12
8
5Mch20
;90
98 *90 98
*9.) 98
*90 97 *90
97
Do pref
490 Jan :25 95 Aug 3
1
164 16414 164 16438 163 4 165
16438 16412 163 1633
164 1131
4
1504 Feb 23 1723 Aug 12
4 3,800 General Electric
98
9913 9978 100 *90 102 *95 100 *95 100 *95 100
600 Granby Cons M S & P
91 Itch 12 ;10 Jan
*95
963
4 9612 961
98
! 07
98
9914 9812 983
4 9812 99
4,050 I nt Harvester stk tr ctf) 02 Jan 30 9014 Oct 20
124 12414 *12334 125
124 124
124 124 *124 12414 12414 12512 1,750 1 Do pref stk tr ctfs
10914 Jan 16 12512 Oct 22
*7
712
73
714 714
8 73
8 71;
8 *67
7
714
714 73
8 2,100 Int Mer Marine stk tr ctis
v Jan 2
538 J'ly 9
2334 24
2314 2312 2314 2314 2314 2314 2318 23 8 23
7
2314 3,500 Do pref
1
1832 J'ly 9 2758 J a/. 2
914 6ilb 3
*17
1712 1712 1711 *1612 1714 *17
1712
1612 17
*1612 17
1,16 Intee propti Paper
900 D rnatie
2
1914 Aug 24
*61
63 *6112 6313 1218 6218 62
62
64
6212 6312 *62
973 Mch 18 6934 Aug 3
4
49
49
4812 4812 4814 4814 48
47
48
4778 47
4714 1,950 Internat Steam Pump
8 JanFa 35 5012 Sep 29
36932111222 Feb 2
,
0
8934 8934 8934 9014 9014 0014 *88
8831 88
8834 88
88
1,600 Do pref
91 Sep 20
9312 9312 93 93
90 4 917
3
*9012 9212 *9012 93
8 913 913
1,100 Mackay Companies
4
4
70 Jan 21 04 Sep 29
7638 *74
7618 76
7013 76
*74
76 *74
*74
76
76
580 Do pref
7714 Sep 23
Jan
*11312 117
11614 11612 115 116 *11312 116 *11312 11512 *11312 115
500 Motional Biscuit
8612 Jan 3 120 Sep 27
*12212 12912 *122 12912 *12212 129 *12212 129 *12212 12912 *12212 129
11 Do pref
11812 Jan 11 130 Sep 21
2112 2112 2112 2112 *2012 2112 *20
2114 2078 207
2112 *20
500 Nat Enamel'g & Stamp'g 125 Feb 24 23 Sep 20
8
97
*94
97
98 *94
98 *94
98 *94
98 *94
98
200 Do pref
12 Jan 5 9912 Sep 2
8812 881
8 88 8 8014 8834 8834 8814 8838 8712 88
5
8612 87
5,300 National Lead
7114 Feb 25 94 Aug 13
*10912 111 • *10912 111
11018 11018 *110 111
11012 1103 110 4 1103
4
4
3
610 Do pref
10234 Apr 21 1133 Aug 12
4
*88
90 *89
90 .
91
8918 8918 *89
*89
91
80
100 New York Air Brake_ _- 80 Feb 23 97 Aug 10
89
80
787 7912 7914 79 4 *79
8
79
3
7918 79
*78
79
79
1,200 North American Co, new 72 Jan 13 8712 J'ne 14
38
3718 37
38
375 3934
8
4014 3812 40
712 3718
3
_ 3
7
14,900 Daclflc Mall
2918 Feb 24 4014 Oct 21
5311 53
3
53
4 2,700 1 acIfIc Telep & Teleg- 48 Oct 1 64 Oct 4
5312 5214 5214 5212 523
2
00 4 5612 531, 55
11658 115 8 11518 11534 115 11512 4115 115
5
11412 115
11434 115
3,274 People's G L & C (Chic) 10112 Jan 13 120 Aug 16
20
2058 2012 21
2012 203., 2078 2134 20 4 213
2112 13,700 Pittsburgh Coal Co
3
4 21
241. Aug21
10 Apr 21
*59
61
6012 6012 60
*59
GO
61
6014 61
611* 6113 2,400
Do pref
40 Feb 25 63 Aug 27
;
4734 481 •4734 4878 4818 4858 48
49
3
473 48 2 48
4
48
4,500 Pressed Steel Car
3012 Feb 23 56 Aug 3
10514 10514 4106 10612 1106 106
10612 10612 10614 107
106 106
841
Do pref
96 Feb 26 11134 Aug 11
190 106
19018 19014 190 1903, 191 191 *19012 192
191 192
1,572 Pullman Company
169 Jan 30 200 Aug 6
*412 514
412 412
412 412 *412 5
*412 5
458 453
300 Quicksilver Mining
93 J'ly 6
8
Jan
*612 7
*558 7
*5
53 7
*558 7
*8
714 *6
Do pref
714
"
3
)
10 Nlay13
4658 4712 47
4734 47
47
40
47
4514 4534 45
46
3.500 D atlway Steel Spring_
9718 F h 24 54'2 Aug 4
3212 Mob 8
109 109 *108 109 *108 109
108 108 *105 109 :405 10812
300 lt., Do pref
109 Aug 11
4612 4714 4658 4734 4612 47
40
4612 4512 4678 4612 4C3, 11,700 Republic Iron & Steel
165 Feb 23 4912 Sep 29
8
10612 10678 10518 10534 10514 10514 *105 106
105 10518 105 105
1,500
Do pref
11014 J'ly 28
Feb
*9312 94
9212 9234 92
94
*93
92
9078 9112 9012 903. 1,300 Qloss-Sheffield Steel & Ir 1374 k
68
2
2
1 9158 Oct 4
*119
_ 120 120 *118 __ 120 120
___
... ___ - •
200 0 Do pre
10738 Feb 20 120 Sep 1
3512 1512 *3412 36
35
35 *3412 36 *35 -36
2412 371:
400 aTennesseeCopper Par$25 $3312 Oct 13 $49 Jot 4
*8812 91
*8912 91
*8812 91
8912 8912 *8812 91
8912 893.
300 Texas Pacific Land Trust 8012 Feb 23 937 J'ly 10
8
1334 131, *13
1334 *1212 1334 *1212 1334 *1212 133 *1212 133,
4
100 1 I nion Bag & Paper
914 Feb 24 153s J'ne 18
*75
77 *75
77
*74
76
76
75 *74
75 *74
75
200 V Do pref
66 Jan 8 8114 J'ne 29
*109 110 *10912 110
110 110 110912 110 *10912 11012 *10912 1101:
220 United Dry Goods pt Ws x109 Sep 1 11134 Aug 6
3134 3134 32
32
3212 3234 *3112 3312 3218 3218 32 32
700 U S Cast I Pipe & koundr 2438 Feb 24 3512 2'nu 5
*85
86
86 *85
8638 853s 8512 8512 *85
86
8538 853
420
Do prof
8712 Aug 18
*91
95
*90 100
10312 107
103 103
10518 10514 103 104
2,390 United States Express
80 Feb 2 107 Oct 20
72 M b10
8212 8212 *8112 8212 *81
*8312 84
83
83
8338 83
821:
600 U S Realty & Improvem't 69 Feb 23 87 Sep 17
13 *10
*10
14
14
*10
14 *10
13 *10
*912
14
U S Reduction dc Rel1Wg 10 Mchi2 1712 Xnell
*29
34
*29
CI
29 *28
34
30 30
29
*29
200
34
3912 Aug 12
Do pref
48
48
49
49 *4812 4912 48
4812 4712 4814
4934 49
2,320 United States Rubber- 24 Feb 24 575 Aug19
6
Feb
7F
11912 1191* 11914 11914 119 11914 11912 11912 11812 11834 118 118
12312 Aug 24
1,000 Do 1st prof
*84
851: *84
8414 *84
84
8512 85
85
85 *8412 85
400
07 2j . 25 8912 Aug 23
9
8 Feb1 b
Do 2d pref
9134 93
9014 93
9018 9134 8918 9014 8778 903
4 8778 90 1519340 United States Steel
9473 Oct 4
31
Feb
128 12858 12734 12878 12778 1283 12718 12734 12718 12734 12618 1273 25,390
8
Do prof
107
4114 eb 23 131 Oct 4
48
48
48
471,
481* 4812 4912 47
48
4712 48
47
2,870 dUtah Cqpper___Par $10 83918 Fob 20 $5412 Aug 12
48
4814 4712 4778 *47
48
4753 4678 4714 *46
40
3,500 VIrge bret
47
D inla-Carolina Chem.._ 4078 Feb 24 5614 J'ne 14
*120 122 *120 122 *120 123 *12012 123 *120 122 *120 122
114 Jan 19 12318 Aug 23
7214 *7014 72 *70
*70
70 71
7214 7214 71
73
72
70 Wln ls Fro go ec l o Coke 57 Feb 23 7578 Sep 17
60
0
e ua t arn Coa cas
*366 --__ 435 450
470 475 *4311 500 *400 480 *405 475
475 Oct 19
7812 7812 7712 7858 77
7712 773 775
77
7734 77
7/
8
4,600
F% 21 8138 Sep 14
estern Union Teleg- 31 1 'I
6
86
86
86
8612 8612 *86
86
86
80
87
8518 86
WIToinf h'se et
t
st prEleaMtg 88301174 Feb 24 9() Aug 4
*140 141 *140 141
140 140 *135 141 *135 144 *130 140
2'9101
110 Mch 3 145 Sep 30
IJAN
!tame 707 Previous
Year (100?)
Lowest
111oheet
169 Jan
5 Alch
14 Atch
4518 Feb
13 Jan
1181, Jan
912 Feb
85 Jan
4 Feb
44 Jan
, 512 Feb
i
8414 ARM
2434 Feb
(80 Jan
;170 Feb
234 Feb
1212 Mel/
1212 Feb
Mch
17 WI.
313s Feb
3512 Jan
Alch
21 Jan
70 Jan
5512 Feb
Feb
180 Aug
80 Alch
'28 Sep
3
118 4 Jan
105 Feb
WI Jan
7212 Jan
1512 Feb
7814 Feb
$2712 Feb
4200 Aug
1638 Deo
5234 Deo
8
883 Nov
35 Not
86 Nov
2978 Apr
813 Deo
4
1014 Nov
787 Nov
8
5034 Deo
109 Deo
4434 Nov
97 Nov
(224 tfs4
812 Dec
3734 Deo
3173 Aug
1712 Deo
3014 Dec
8
595 Aug
113 Dec
8r, Sep
,
5.18 Sep
8418 Aug
107 Aug
11018 Aug
',00 Apr
9712 Sep
91 Nov
13734 Aug
131 Nov
13238 Nov
9712 J'ly
3233 pea
97 Nov
5312 Nov
$212 Jan
12 Jan
35 Apr
585 Feb
6 Jan
IV) Feb
1512 Feb
714 Jan
15 3 Feb
,
1434 Mch
200 Melt
96 Jan
1034 Feb
66 Jan
4712 Oct
.
414 Feb
7212 Nov
69 Feb
56 J'ly
7312 Feb
111 Jan
7814 Jan
62 d'ne
99 2'ne
6 Oct
16 Feb
8 Apr
47 Oct
13 Jan
65 Jan
52 Feb
5918 Feb
68 Jan
102 Jan
712 Feb
711 Feb
16 Feb
8712 Jan
50 Jan
4218 Mel'
24 Apr
$5 Meh
3714 Nov
17 Nov
15214 Nov
17 Nov
(26 Jon
33 Dec
102 Deo
42 Dec
2712 Dec
44c Apr
167 Dec
20(2 Aug
80 Aug
494 Oct
!834 Deo
,
99 Aug
81) Nov
6812 J'ne
100 J'IY
16234 Dec
50912 J'ly
6758 Nov
11014 Nov
9 May
2678 Deo
1314 Nov
u5 Jan
397 Deo
8
..114 Deo
78 Nov
70 Nov
4
ts7 Dec
12012 Deo
1514 Deo
08214 Dec
12 Aug
10014 Nov
98 Nov
78 Nov
4014 Dee
80 Jan ,0612 Dec
812 AI ch
8
145 Dec
60 Dec
31112 Feb
46 Dec
1714 Feb
69 Jan 10214 Dee
147 Jan 174 Nov
134 Deo
12 Apr
312 Dec
112 Jan
233 Feb
4
4914 Dec
75 Jan 103 Dec
29 Nov
1434 Feb
li3 Joe 8912 Nov
8134 Nov
1.0 Jan
8712 Jan 11014 Deo
$2512 Feb $521.4 Nov
8412 Dec
43 Feb
ebb Nov
4 Feb
447 Jan
3
663a Nov
1712 Feb
1,57
' Jan
41) Feb
8914 Feb
4 Feb
11 Feb
173 Feb
4
76 Feb
42 Feb
2534 Jan
371., Jan
,20 Jan
16 Feb
r87 Jan
4:1 Jan
'260 Feb
I Feb
..s NIch
s.
397 Deo
8
787 Aug
8
90 Jan
64 Nov
1514 Aug
3') Aug
3712 Aug
10S Dec
7512 Nov
7,83 Nov
4
1108 Nov
55234 Nov
4534 Dec
115 Nov
68 Nov
325 Nov
713 Nov
4
94 Nov
125 Nov
AND TRUST COA PANIES-3ANKERS'. QUOTATIONS
Eta
1414 Ask
Ask
Hanks
Trust Co's Bid
Ask
Ask
tianKs
Ask
Bid
Ask
Trust Co's 814
Trust Co's 1114
trust Co'
Brooklyn
N Y CM)
Brooklyn
Brookivo
Guar'ty Tr_ 680 700 NY Life &Tr 1100 1125
Borough 11. 90 105 North Sides 150
160 Carnogie
174 180 Guardian Tr 161)
420
Brooklyn It 410
N Y Trust_ 070
Broadway 11 375 425
Central Tr_ 1000 10.50
155
146
Eludson
_ 175
Citizens' _ 135
Standard Tr 370
Brooklyn
145 Prosp'ctP1411 150
Lk) Columbia __ 290 300
Knickerb'kr 340 365 TitieGu& Tr 525
Flatbush _- 200 226
280
First
130 Commercial 135 145 Law T I &Tr (225
Permlnal $1.
Franklin _ 210 220
Tr Co of Am 1350
11.111sidc$,_ _ 110
340
Conewealth 130 145 Lincoln Tr_ 165 170 Union Trust 1250 1400 tIamilton
1102
276
265
H mue Bk 11.. 110
125
Empire ___ 300 310
110
Manhattan- 370 390
US Mtg &Tr 430 440 tlome
Homestead',
110
EquIt'b!e 'Pr 470 480
trust Co's
725 750 Unit States. 1230
Mercantile
Kings Co -- 5(10
Manulac're 41(1 430
N
Farm I.o&T 1700 19..0
GUY
Metroporte 530 550
Van Norden 235 E6- 1. 1st f. & 'Pr 310 315
echanics'11 240 230
-Istor
325 340 Pdelity
202 206
Murton Tr_ 500 525
Washlngton 375
410
Nassau ---- 155 165
195
Montauk
Ban kers' Tr 6580
585 Fifth Av Tr 400 415
290
Mutual __ _ 130
138
1
Westchester 130
1 'eople's
'241/
Nassau _
270
B'way 'Fr.. 150 165 Fulton
270
120
130
Slut AR'nc., 1.20 135
Windsor - 133 jar Queens Co
Nat Cltv_-- 295 305
Williamsb'g 80
100
" 131d anti asked prices: In sales on tuis day 4 Lest tuan 100 shares. I Es-rights; o New stock. c
and right.s, if Now q toted doltex3 1/et !/11:.re113ale at Stock Exchange 0:at auction this week. .1 Trust co. certlacates. 11 Banks marked with a paragraph
arc State banks.
•
New York Stock Exchange Bond. Record, Friday, Weekly and Yearly
ne
7
,
Jan. 1 1909, the Exchange 'method of quoting boilis teas elm/lied. ttrii or ries are now a1,--“ani interest"--ezilp; for inc9, and defaulted bonds.
BON D.*
N'. Y. STOCK EXCHANGE
WEEK ENDINA OCT 22
Prte•
Friday
Oct 22
4PN
'11.
N. Y. STOCK EXCHANGE
ENDING OCT 22
"
WE
Range
since
Januaro
tVeeic's
Range or
Last Sale
Price
Prid4-11
Oct 22
!Yee'ea
Range or
Last Sate
Hangs
Since
Januar?, 1
)iii.
Bigh
o Lou .High
iita
48n Low
Ash Lou
Low Righ Cent of eta RR-(Con)
.2101
WO% Oct '09
3d prof income g Is stampe 1
721- 704 Aug'09
80
100,
100%102/
1
4
54
19
1001 103
/
4
9.)11 Sep '09
.
IOU 4 1014 10014 oct 9.
Chau, Div put 11.1011 g 48.1931 J-1' 89
905 90%
8
*110
1013 102 1014 10114 13 101 103%
8
Mae & Nor Div 1st g 58.1946
1047
8,191e 08
10141024 1014 Sop '05
100% 102 4
Mid Oa & Atl Div Is. 1947 J -J 106% 1093 115 Noy'06
4
1004 Nov'08
1101 AI aroti
/
4
194e 4.4 1104
Mobile Div 1st g 58
111)91109
/
4
116 117 1l014 110 14 19 1161 1109 den RR& B of us col g 531037
105 Sep'00
N
'174 1174 11 1179121
1253 1264 1136¼ Oct '011
4
1l74
Cent of N J golf' gold 58.1987 ,I
LOU% 100¼ 101 Mar'OL
125
125 4 125
101 101 18
2 11 19'7 4
0 9 112963
2
Regl8tered
110 1081 Oct '09
/
4
Am Dock & Imp gu 50. 921
.19
4 8
1089110',
Le & Had It gen gu g 58 1920 J -J 101
Foreign Government
95% Sale 964
95% 6; 95
99
100
1 9115 101
Leh &
4
II Coal 58..1912 51.N 100 101 100
Argentine-Internal 68 of 1909 11.
997
1 093 1004
Con est guar 44s-4191c 9-N1 9A 100
997
8
.
imperiai Japanese bloverion.t
4
937 39 903 953
*
N Y& Long Br gen g 4s 1041 NI-S 100
8
4
F -A 1 9:34 933 93%
sterling loan 4 138
.
921% 50 891 '4414 Cent Pacific: See So Pacific: Co
1/13
92
4
1925 J•
5
'2(1. series 41-28
861
/
4
874 864
803 483, CentVermont 1st gu 94.0 81920
.
9015 89 Oct'09
1931 J -J I 86
/
4
801 904
Sterling loan 48
'24 1004 1044 Chas& Say See Atl Coast Line 9-F
103% 104
Repub of Cuba Is exten debt.. 311)4.14 Oct '01:
95L hires & Ohio gold (3s
95
101%1034
1192
102 Sep '129
A-(1 102
Paulo(Brazil)Is tr rects'111 J -J
San
4 L05 312 1004 105
97%
8
Gen funding & impt 58 19111 j.j" 1013 sale ,013
12
4
9/9 1111 .
a1921
et Mexico e I g 53 oi 1890 1)..1 t 9714 97% 073
U
113 14Salt
L 113% 117
934
1st consol g 58
/
4
4
0314 ii 921 95
1964 J -D
1939 o-N 1133 Sal* 11334 114
Gold 45 of 1904
113 11412 Feb'011
Registered
113/114%
1
4
1939 Yt-N
4.7 hese are pr Ices oil the I ad of 433 to B.
, 1, 103 106%
103 Sale 103
103
General gold 448.
State and City Securities
110 Nov'OS
1L12
105 Apr'09
Registered
105 103
'Mat of Columbia 39155.-1924 F- A 107
683
Big sandy 1st 45
95
1054 Dee'04
8
Louisiana new consol 48 1914 J -J
11
-1) 88% Sale 583
. 9 883 91
Craig Valley lat g Os
112 110 blay9/9
)
4
1074 1103
:221 .1 • J
19('(
14
199 ,
New York City1004 Sale 100
/
4
1001 5
Potts Creek Br 1st 48 1946 J-J
90 Jan'0
90 90
99% 101 15
48 when and as issued.1959
11&A Div 18t,con g 48_1989 .1•4
100 116 1.00 103
093 99%
.
994 6 99 1004
4/ Corporate stock -.1958 .11-N 100 sa10 IOU
00
Le5 0811,112%
2d consul g 48
91
4 100¼
117'-. 97
1957 AL-N 108% Sale 1083
964 97
J -J
New 448
104
107
104
Warm Spr Val 1st K58-1941 VI104 104%
1989
1134 Feb'05
1915 N1-N
......
New 44s
0. 1.083 112%
108: Sale 1084 103
/
1
4
Greenbrier By lstgu g4.8 '40 NI-N
924 1414 95 set, 9.,b
s
44% Corporate Stock _1057
104 sale 1043 Sep' ' •. 104 10434 Chic & Alt RR ref g 3s 1949 A-0
77/ 78 Oct'09
1
4
1917
771 80
4
4
01
4 V/0 a8136148M t bouts
937
8
10014 10 100 1031
Railway let lien 34s. 1951)
76
75
75
/
4
11 751 77
100
,
.
41 Corporate Stock. 1957
,
0
1133.J'ne'09
Registered
76 Oot'u
L12% 113%
J•J
75
73
-Highway 45-1956 NIN Y State
963 100 100 Oot
192U
1933 .4 101
/
4
11)29 Jan 'tit: .•.• 102 14 1021 Chic Burl& (4-Deny 1)4s 1952 F-A
9914100%
So Carolina 443 20-40
115%
4
- 90990
953 Feb119
Illinois Div 348
1/0
1943) J J
954 95%
9 90
13
Tenn new settlement 38-1913
Aug'09 ..•
914 94
91.3 Lee'uts
4
Itegistered
1 93
.1
93
1-4
.......
Virginia fund dent 2-38-1901 4.4
47l
45
47
Ills Div 48
371 48
/
4
101/ 1034
47
J J 100%101 100% 101
Os deferred Brown Bros otfs.
11/6120Ct '09
Iowa Div lank fund 551919 A-0 102
9
L055
-94
.106
ItstihroaC
'UV
10U
Sinking fund 4s
99% 1015
4
A.0 9912
9978 slue 908
2 99%10214
Nebraska Estee:Mon 46 19
997
9 111-N
2
A Innamit Cent See So By
101's Mar'
10141014
Registered
1v1-N
laba Midl Bee At Coast Line
93. in)
8
99 sep 'ON
99 100%
9
Southwestern Div 48_21921
Albany 85 Suso Sec Del & Hut:
Joint bonds Bee Great North
Allegiteur Valley hee Penn 1111
1014 W1.), 1015 101% 10 11)1910314
8
Debenture Is
Alleg & West See Run 11 & I
9e-14 LbU US 101
63
837 83
*
1 83
83
11.1905
987 991 957
8
General Is
/
4
Ann Arbor 1st g 4s
873
4
10u
102., Sep O,
102 103%
Ilan 3:5 StJos con8ol 0_19951181
Atoll & S Ife-Gen g 48.1995 A•0 1004 Sale 10014 10.,4 226 100 1017
8
19
,
1001 i 014 Oct '09
564 2. 85
110
804
86
MI5 A•0
Registered
99 1011 Clue& li: Hirer & imp g 48 1955 J -J
/
4
129 Oct '01)
129 137
/t1.005 he. 94 Sale 944
Adjustinent g 4s
1st consul g Os
4 92
A-0 127
954
95
1124Sep 9/1,
112% 115%
93/ 924 Feb 09 . 924 921
1
4
19(
General consol 1st Is - 37 11-N 113
- Registered
/t11115 i; .L\
ji,1,
/
4
94
11.1 a-1.)
114 1144
115
'09
.11-N
94 4 94
Stamped
I' 9218 954
,
Registered
.11-N
1134115
Chic & lad
122 Sep '09
936
1121 122
By 1st 5.3 111137 4 -.1 115 114% 1134 J'Iruv
/
4
Sub recta(full pant)cony 48
11
4
1 11965 .1•1) 1184 Sale 118% 12u3 i';() 102, 2:114 Chicago & Erie See Erie
Cony g 48
I28'
1214 l284
1
118 sale 115
120/ il 105% 123% Chic In & Louisv ref Lis. 1947 J •
1
4
1259sepo k, 4 127 129
1011
10-year cony g Is
99%
1124 1147
997.Sep 'W.
8
Refunding gold Is
1194 997
*
J -J
Debentures 48 Series H 191t, FA
ye L., J1ly 961 .. '3)314 915
984
•..• [01141029
Louisv IN A & Ch lat 68.1947 J J
;
1111:
1913 F •A
Series K
2 4 u(1r
A 1Y
' g:9,.
033 9bPS
4
Chia Ind & Sou 50.yr 45 1956
99
90
In
1)714 97 Sep '01
East Okla Div 1st g 48_1928 VI
/
4
4 933 901 UlhiCllllStSti'teringbs 11114 J - J 103 1054 1041 bey '09
1149 8ah• 93%
104141051
/
4
0414
4
/
4
J •J
Short Line 1st 4s g
/014 1045
8
11014113
General g 4s series A. e19811 J -J 102%103%
8 Fe Pre8 & I'll 1st g 58 1942 .11-b 110 ill 1104 Sep '09
: 0 1t 3
3
3
09 08
Registered
e1959
!Al Knox & N See 1.26 bi
.
8814 891 68
953
0414 11:33
/
4
88
92%
4
. General g 39s series 13.811811 ")
18
9 9 •J
8
5
Atlantic Coast 1st a 48./t1952 NI 8 955 Sale 95%
.10,)
Sep 'te., •
100
03% 95
109 111
25-yr deben 45(w i)
1434 .4
Ala Mid 1st gu gold 58 _1928 Al• N
j3 4 u9
-.
2
90
301
1194
11:0
:
96 J
1
2
‘.
Chic & L Su Div g
064 1161
J-4 : 78 '1074 o83 l04: : 1084 10U%
4
Bruns& W 18t gu g 4s _1038 J -J
4
2 110% 1134
4
11O' 1103
Chic eib Mo am Div 5s...1926 J -4
Charles & Say 1st, g 78_1930 4.3 1323
LII 80
1.014 101%
89% Sale 89%
1014
110
Chic & Pao Div Os
o1952
93'5
J -J
• L & N roll g 4s
4
127 J'ne•09
4
127 1'27
10841104
Chic & P W lat g 58
1911 J -J 1083 1043 1084 Oct '01"
92
Say I'& W 18t gold 68..1934 A -L) 1,7
1:4 1124J.13'4-11i
1013 J ,ry 0 .
3 4 A g;u
104% 106%
112 15 114
Dak & tit So g 5i.
1916 J • J 104
1934 A-L)
1st gold 58
9714 J'ile'M
974
97
Far & Sou £188U g Us
1924 J•
971
/
4
Sil Sp Oca
gu g 4s 191i- J • J
101 102%
Haat & D Div list 7s
1910 J -J luU
4.tlantic & Daily See South lty
O'd
101 101
1st 53
J -J
Austin & B W SeeSeu Pacilii
02 92
4
107
'::
93 Sale 92
107 107
93
95
LaCrosse & D 1st 5s
9111
191 9 J -J 1063 105% 101 A ug
& Ohio prior 1g 348.1025 J -4
o I6:t
U
Cr
a
93 blivev9
91
1004 1015
4
92
93
Mineral Point Div 58. 11110 J J 100
1) Registered
41925 9-4
991. 96 99 1015
1V0', 1004
1004 102
1910 J -J lou
, So Minn Div let 6s
/L11)48 A-0 99 Sale 911
Gold 48
108.4
2 1081 110
/
4
/9
994 994 Oct 9
98 100%
Wis cfc Minn Div g5s
1921 .j 1089 Sale 108
L4•J
Registered
.
4
*,
Mll & No 18t
1.21) ()et VI
L 6s
1910 J•D 100 1013 1013 J'1Y UV .... 1013 101%
Pitts June 1st gold us...1921 J J 106
10 % 3'111,
'09 ...i 107% 107%
4
58
90
N
J -D 105
b0 Oct 9.4
1st cousol 68
88
93
P Jun & M Div 1st g 3481925
931 4. 93
111
13 116%
93
934 9314
Chic &.Northw cons78_19 3 9-F 114
0 5
96
Sys ref 481041 51-14
P L E & NV Va
97 100% 1007
8Oct 9
110% 54 89
89 Sal* 83
/9
100%102
Extension 48
91%
1886.1926 F.A
Southw Div 1st g 348.....1925 .1-4
L00141
993 101
4
1)1
111 Api"09
91
Registered
1886-1926 F-A
Registered
k1921 -•11S9' 94%
11-N
103 J'ne
103 103
General gold 312s
R 1st c g4 48..103(. .11-S 10212
Oen Ohio
934 93%
113 Oct •u11
11014 113%
Registered
,p1987 4-11
19 7
8
01 Lor St W eon 1st g Is 1931. A•0
u k
12 AP111(
r';0i 18:
112 112
lupe Feb '0',
Sinking fund tis...1879-1921.1 A-0 111
Xenon itiv 181 gu g 68-11111, F•A
1113 Oct'09 .... 10N% 109%
8
A-0 110
113 113¼
Registered
Ohio River 1(11 1st g 63 11130 .1-1) /13 114 113 Sep '01:
140
108 1104
Sinking fund 58 18 9 1929 A-0 11/8 s 1lbl 108
1084112
1104 J'110.01
0Os
11135 A-0
87 9 9 9
7 4
General gold Is
4
108% 1. L0 ,42
1( 1,3
1
E 1103 110%
Registered
1879-1921/ 4-0
11914 Mat'04
Pitts Clev St Tot 1st g 6,1 11)22 4-0 119.4
97
.1 ireuu'
.1/01.4 101
984 Sep 9,9
Debenture 58
.1017 J -J
11109 51-N
98
98'-.
Pitts & Weat 18t g
100% May'ua
1005 100%
8
/4
luu Ney9
Registered
448
11)09 NI-N
• Stat 11.1 By 1st gu g48.. 1943 -1)
Lu7 1094
Debenture Os
1921 A-0 IOU 1084, 10714 sep 96)
USt 11
dew% Creek Bee N
'ne'07
iO3
A-0
Registered
Bellev & Car See Illinois Cent
111141114°, 112% Oct'09
111 113%
1 3
2
1
Sinking fund deb 58
Sklyn & Montauk Bee Long 1
)
110 10, J iy '0*
Registered
Stuns & West See Atl Coast L
17
ir'01,
101 101%
171 10
4 10
18
North Illinois 1st 55.-1910 NI-8 190/ , 1 ,, 1(11;, Apl7,4
Sullalo N V & Erie See Brie
1936
13 i17 14 1193
4
4
MILL 5.5 West let g 68 1921 .31-S
Buffalo It & P gen g 6s 1935 P-S 114% 115% 1103 Ang'09
11614117%
lull%
113 Aug-09
113 115
1104.1'1y'09
1115.
109 1101
/
4
Ext & Imp stand g 5s 1929 F -A 11.1-8
Consol 443
1205,
i4218131-u'tn
100
II 100 1001
/
4
Ashland Div let g 65_1925 M.
All ao West. 1st g 45 gu 11100- A.() 100 100% LOU
1231 Apr 9/9
8
122% L234
103 J'ly'08
1943 4-j 1108
Mich Div let g 68
1924 -j 1194
CI & Mali 1st gu g 5s
102
1034 1034
117% Oct '09
11711 119
/
4
Incomes
11)11
Koch & Pitts 1st g 03-1921 F -A 117%
12014 1204 Aug'05
11" 5'2 ")'9 4 L125 1144
92 8 1 ,2
3 " 1%
.
1021. J -1)
118.4 1214 Chic Rock Is'& Pao 08 1917 J J 112
1
Consul 1st g 08
4
52
L 134 Aug'ua
893 May9111
1134 1134
874 CO
Registered
1917 4-4 112
& Susq 1st ret g 48,11951 J J
Bull
99 sal
41 u% Aug 14 11, 98 101%
98
illot.
General gold 45
1988 J -J
Bur C It & N Nee 0 It I P
1051 19 103 107
4
98
99 1004
Registered
1913 j..1 105 1051, 1(15
11139 4-4
.38
San So 1st eat 63
4
94
1
4 1014103
4 101%
Refunding g 4s
A-0 90.8 sale 904
1)0'9 LUC. tO
1913 4.6 1013 hale 1013
-2L1 Is
MOB
1.17 Ply'04
,'
.4. 4,101A
4
Coll trust Seriesli 48 -1934 iel-N
1.(103 518) 07
11
9 ,
Regunered
1171
/
4
97 J'He'ull
97 97
J 4s
1119,1152
1.
0
Carb &Shawn See Ill Ce1 913
941
947 Aug'uv
8
944 947
8
3-1-is
NI-N
Carolina Cent Bee Scab Air L
9414
944 co. 09
933 944
4
N 4s
1916 Ni-1•1
119 1;
Carthago& Ad See N Y C& Ii
113
'33 Aug9
11.34 95
/10 4e
917 .e-N
hod It la b'& N Bee BC
031 96
4
934 Aug'0
934 93%
P45
Con Bronchi Ity Bee Mo Pae
'48
754 824
1
4
Chic It 1 & Pau RR 43_2002 NI-N
77/ Sale 71
115 116%
11614 Feb'Ob
Cent of ("a RR 1st g 58-p11.14; F- A
50
80
Registered
J'Iy'L,I,
N
109% 110 110 Oct'09
1083 11114
8
2002
Cense( gold Is
194;
,
92 iY; 874 944
91 Sale 91
Coll trust gold 58
113 Apr'06
ti
Registered
Bur Cad Ita & Northern 1913
84
1t,s prof income g 58....p1945
79
84
907
8
64
1941'
115 117
Con let & col Erg 58 193.1 A-0 1134 115 115 May'09
84 Oct '09
90
Stamped
84
80
A •I)
Mar'03
Registered
In prei income g b8
84
73 Oct 'in,
75
03
plii
0itlh'92 NW Istgu58.1021
111 Noy'05
1064
1934
2(1 in ef income r 63 stamped
74 net 96:
73
60
84
& St List au g 75_11121 I D
3t1 pre( income c
53
80
'1'241 71 Sep '01)
1.9
b.
U S 23(muse!registered.L1103u (4.3
U S 28 consol 0011900....(11931) •J
/c11116 1-1
U S Ss registered
k1016 •If
U S 38 coupon
U S Ss oeu small bonds k1912- 14-1(
1925 9-F
U 8 4s registered
1025 1i• F
U 54s coupon
US Pan Can 10-30 yr 2s.k193L C4•5
Bid '
y-4
.
•
•• -•
••
10114
• •
.•
Y
..I-Continued on Next Vascoii1sULI,I.A.NE01/8. Ho.
itailway
Brooklyn Bap Tr g 5s
1945 4-0
1st rotund conv g 48- 2002 J -4
Bk City list con 53.1910.1941 J -J
S con gu g 58.11141
111:14 Co&
Bklyn On El let g 4-58.105o F -A
Stamped guar 4-3s....11150
Kings Co EL 1st g 48....1941 F.A
1041. F-A
Stamped guar 48
Nassau Elec gu g 48.-1051 4-4
Conn Ry & L 1st& rot g 44851 J • J
1951 J -J
Stamped guar 44s
Dot United let con g 443.1932 J -J
Havana Bloc consol g 5,3.1952 F -A
19:1 A-0
Inter-Met coll 448
Inter Rap 'V 3.yr cony 03.1011 3/1•N
1952 .11•N
43-year 55 Series A
Internat Trats coil tr 45_11/41. J -4
Manila E1ec lat, coil 53.1053 el-s
t) ,ft
ti‘litY; IttLett tills
107 105% Oct'09
87 119
85 18 /dale 854
103 105 103% J'ly'09
994 994 illar'011
90
103 103% 1(1:)
J.03
1024 105 101 Aug'09
804 87
8714 J'ly
804 874 Sep '09
tio
811(Jet '01,
/
4
81
10218
102 J'ly '01,
/
4
102% 10211
102%
53:.j
83
83..,
84
1)134
02 Oct'09
b2 Salo 824
841 1778
/
4
103 Sale 103
1031 44
/
4
102
102
10-24 21+
721 70 Sop '09
/
4
••-•. 118 418v'Oli
week. 1: elat. a 1)at, JAIL
.-
•-
• -•
•
•-
•.
••
DILid
102%108
814 894
1024105
1199 911 1.2
100% 100
10..0,1044
874
86
88
85
784 84
,
102 1023
4
1013 1023
8
814 85
80
92
85
76
4
103 1043
102 10318
7214
70
r
street Hallway
Met St By gen col tr g 58 1997 F-A
92
81
79
78 Oct'09
78
Ref g 48
2002 A.0 48%
434 03%
48 J'iy'0
Bway& 7th Av late g fei 1943 J -1. .01 4 103
103 1054
035 i034
Coldb11thAv lst gu g 58.1993
100 1024
/
4
1004 00 .111e9),
Lex Ay& P 1st gug 58 1093
1.04 1024
04 Oct '.19
Third Ave RR con gu 4a 2000 J•J
654 7214
uti 4 Oct'09
68
70
Cent Tr Co certfs
67 lAtie 604 (37'4111 634 72%
Third Ave Ry 1st g 64-1937
108
1 108 11512
104 114114 .08
.
N Orl By & Lt gen 445 _1935 J-4
86'-. 1I.j 8318 861
804 Sale $614
St Jo-s lty Lt H & P lat g 5814G 11-N 1(11
08 Nov'Ob
Paul City Cab con g 68.1'331 .1•J
110 1104 N ov'Ob
Tr -City By & 14t lets f 513.1923 A-0 97
98
09
99 I'ly '0199
96
O ntlerground of Lou 55 1020
98 Apr'ul,98
73' 85',
t*
1433 J
448
83 Oet '09
84
374
22
Income 68
,
1948
/
4
324 321 vet '0:
31
Union Al(chic) 1st g 68_11145
84 oct 'us
. 37
83
83
United Rys St L let g 48.11/34 J
834
834
84
79%
72
United Hits San Fr s I 48.1927 A•0
75
75 Oct 'OP
e Due .uav
3AP:14'11e
Alt ad
“ IT
aliot
ir
. •••‘
.•
•..../11
1054
N. Y STUCK
.
EX..Ii A N .4 1..
WEEK E:onm) OcT 12
New York Bond Iteoord—continued—,Page 2
,::,,
.. !,
..
-rice
1
Friday
Oct V9
Weeg
's
Range oi
,
,
S -.-.
Last Sale , .,.
4
Rang,
Since
Jarman; 1
ii()NI.P.
4 '..
N. Y. STOCK EXCH A NG E ,,
.,-,'
,z
.
Nikki; Exuma OCT 22
t.'••••••
[VoL. Lxxxxx.
Prict
trioa.4
Oct 211
:lee Ac•
Range o,
base sale
'gang.
zz
;
.
Alla
47 ,
anuary 1
Yao--( Law
Sid
Ask Low
H tun No bolo High
Erie—( Con)
#1461
Choc OIL & ii eon g 58 ..o.19 19 J -J 11)43
.4.Sft i•OW
lily • .% • ...ow Shell
1,
102 Awed). .
I 1 az Green L gu sr 58.194
Consul gold 5,4
108 Mar'01, .... LOS
,101-N 105
1951. VI- N
111 111 1
6Aug09 .... Ill 1111e
N If Sus & W let ref 53.193; ,J 11)4 105 4 101 Sep .u4 . .. 10314 108
HOWL & lire M 1st 5s....1%2: ,
,
.192: ,•0 104%105 105 Mar'01• .... 103 106
107%
28 gold 419s
lhic St ,.. & N 1) See 1.11Cent
193 • F -A
10014 Dre'0,
General gold Se
Inc St L & Pitts see Penn c.
88
11/4 F• A
8,16
891
/ 1 8919 92
4
•
Terminal 1st gold 5s...194: vi.:s 112
Ihic St P Al ea t) eon 6s...11131, J -L, 127 127.4 127
L .4 14 Dec'0,
.
(' 127 1307
127
,
Regis 313,000 each...194. A.\
Cone Os reduced to 31
/
4
8.193. J .1) .92 •
93 Dec'011.... .... .
.
Mid RR ot NJ let g 68.191. 41, 100 1091. 101 / Ala5 10. .... 10119
Ch St P & Alain 1st g Os 191- YI•N 1283
1
4
1284 Sep 01... .2s14 129..
10219
e
Wilk & Ea 1st gu sr 3s.1114'. J -0 103
Nor Wisconsin 1st 63...1934
11131 4/et '0. .... .01. 10514
/
4
129% May'u.
.1 J 126
12, 1211% ,
.%
:trea lint let con cue tls....192c, .1•J '''
St P ct, :3 City let g 6s...1911 A.., 11319
114 114 Oct '011 .... 1091 115
/
4
114
114
1 (14 119
Erie & Pitts see Penn Co
nue& West lini gen g 6eq193i. Q-Al 111 1121 1121
.2Apr'09 .... 112 1121 Evans &
/
4
/
4
'1: H let cons 65.1921 J -J 112 1154 113 Oct '01,.... (12 11514
Consol 50-year 413
94
195 .1. J
94 Oct '011 ... 94
1)8
lin general gold Sc
194- A-0 101) 102 ... 19319 Aug'0. ... 103 1041
a
hic ea 13 Mica .see Pere Mar.,
,
/
4
Alt Vernon 1st gold 08_192, A•0 106 199 114 A91 't/..,
;hoc0& Gull see (..! it i & P
.
Snit Co Branch 1st g os.193. A -t)
lin FL da Li 2d gold 4 42s...1113. .) J 101
115 J'ne
.U.113 Oat 'Oil
44,arg0 da So See Cli M da St, 1'
Oln I) Jti 1 1st gu g 5.s...1941 A-N 1115 107. 1051 Oct'09 .... 95
4
IOU, 1 lint
.
C Find & Ft W 1st gu 4841.'•.:3 M.14Fla & Pere Al See Pere Mat
C Pe= See Sea Air Lin
.&
,
Chi i & W let en si 414.195: J J
89
88
,
70 Ang•08 ...
eurt
0.194. J • J
Ind Dec 41 W 1st g 68.-1935 J -J 104 106
105 Marl ,
88t2
9642Jan '01, .... 90/ 96 ie Ft WSt U D Co 1st g 44
1
4
ea Rio Ur 1st g 4a....1112i. J -J
88
86
1st guar gold 6s
80
It 85
1935 J-2
1071 Deo 02
/
4
88
, • al Har & b A see So Vac u,
1 181 Ltib l' see C C C db SL .
, lial Hdb Hof 1882 let 58.191: At
e7
J'ly'U. ...
fin S & C sea U C 0 St i
1/7
99
Georgia & Ala See sea A Lin,
learneld & Mail bee It it 3, 1
Gs Car & Nor
Rev Cm C &:A 1,gen g 481993 J -I,
981 99
/
4
9919 27 9719 991 Georgia Pacific .S•se 8ea A Lin,
,
See So ay
Cairo Div 1st gold 4s....11131 tl • J • 941
941 Ang'ut ... 941 97
/
4
/
4
/
4
Gila V Li & Nor aee So eato C.,
Oln W & Al Div 1st g 40.199. 1. J
94 Sep , .... 91
.1
95
Gap/ & tiewegat see N Y Ceui
St 1. Div let col Li g 43..1916 -1•1%.
95 4 95
,
93
l• 95
973 Grand Rap ea Ind See Penn RE
,
Registered
lid 44,
,
91 Oct '07
Gray's Pt Term See St LS ,
A
ff_jpr 43 Coi Div let g 48 194' ,I-S
96
92 Feb 0,,
tit Nor—C li ea Q col. tr 45 192. J J
96 Sale
5%
963 279 953 991
4
W W Val 1..ds let g 4s...194, J J
,
4
4
98 Sep '09
93
Rogletored.n.
192. kt-.1
.7 Oct ',,, .... 10% 99
0 1 St L& C consul 68..192. it•N 106
106 Apru,
(1)6 106
it Pant Al & Man 2865 11)01' A-0
,000,
1.e•,,, .... .007
1st golo 4s
11193, Q 1. NO 102 100
4104
100
8 981
/
4100
let °also' gold Os
193. .1 J 128 133 130 Lan 0, . • .30 132%
Registered
,c193. .4-1
' 98
118 Aug'..11
4.8
,,,..,
Registered
193. 1 • J
i 32 Apt") ... 32 132
Oln S & CI con let g 5s..192, J ..i 10919
10919 Sep '0, .... 10919109/
Reduced to gold 419s 1933 J • J 104/10,1 19, Sep ..1, . . 10719111
1
4
1
4
00 0 1 0°1.6017s
as
1914 .1-1, 1U0
11119J .13
111 11 111
°0U
‘
tlogieLored
1933 J • J 106
196% J'aitiot• .... .08% 1083
C011eollillilt l Lind 78.....1914 4-b
4
Dakota ex t. gold 6s....11110 -'I-N 10119 1011 .01% 0r1 ... .... .0i% 1133'5
General Gummi gold 68 10S,i J -J 125
130 Nov'Or .... ......
Mout ext 1st gold 4s..1937 J -I)
100
148.,
98, i 981101
4
Registered
/
4
1934 J.
Registered
1937 4.1)
11)0', out'..),
13141W 1st pret 4.1 194u A-0
lnd
94 J'ly 10b . ...
K. Al inn NorDiVlet g 40194i- A-0
Us%
Lill -,.Ply 'v. .... 101/101;
0 lnd & W let pi es—all/3, i4-J
1
4
Mum Union let g 6e..11322 J • J 117
i 24 da,'05
Peo do Last let con 48....11:441 A•0 921 93
/
4
9219
9219 3 92% 9619
Mout C 1st gu g 66....11137 J • J /30 132 1301Sep 'th .... 130% 132%
/
4
income 48
nu., %,,,
021 65
/
4
583
4
64
63 40
62
Registered
11137 J • J
136 1 lis,'Ut.,
4
UV da .11itriollit See Penn RI,
1st guar gold 68
1.31 113.:
1937 J • J ,113%
/
4
. .13'4117
'ley & Pals see Peon Co
WIU & S b' 1st go1.153 1113. J-11 116
Ito J'ne t.,', .... ,ill 1193
101 Al Miami let g 4s
4
801 Sale 801
/
4
194. J J
/ 80% 24 80
4
87 19 Greenbrier Ry See Ches & 0
lolorud, do sou let g 4s 11221 F A
97'4 6a1e 973
4
95
?* 9719 99. Gun & s 1 1st ret &
06
9542
58 0193., J -J
1)51 2 95
Iteinno & eat 4198
/
4
1)73 Sale £719
e
1935 VI-N
97%
9d
62 1,64 100 19 IA an & 81. Jo Seet „,, 841
0
c.,1
Ft W ca Den C 1st g Os 1921 J -D
'143 114% Oct '01, .... 114'e 117.- 1
4
1 oudatomo see It Y N 1-1 de 11
loltun ea ureenv Ste au icy
Hock Val laceousol g 44
0.11199 J-4
104% .04
104% 9 .04 109
1014* dock V a, bee iiona Vit.
Registered
19111. J • J
mule Sop '‘,. .... ........
;o1 & Toi bee Hock Vat .
.
Col & It V 1st eXt g 48-194:. A-0
1/8/
1
4
983 Aley'ut, ... Loti% 98%
4
)01 Conn &'kerui see N &',
Col & Toi 1st ex 4s
99
195.:. FA
;ow,& Pas Rays let g 48.194. 4-4,
9919 beu'vt ... 97
9919
Houet L 41 W Tex see So Par
luba RR 181 511-yr 3 g....111.,2 J. 101
J
95 Jan'00 .... 95 95
Hemet& Tex Cen See So Yac Cu
I laic ac lit no ace C Al a, St. 1
1 U nions Central let g 46 1951 J -J 104%
104 Apr 01. .... 03%104
LIatlas as 1A aco see S! 11 41 ,
1 Registered
.
ltioi .1..) ••102
i07', c..• '0.
Del Lack & W einem—
• ....
1st gold 31
/
4
5
v0 Sep '09 ... 8519 94%
1951 .1 -J
Morris ea Essex 161,7e...1914 ,A.N 112%113/ 11319 Ply'09 .... 11319114%
1
4
itegustered
t4 Sep '‘,. . .. 94 94
1951 J-1
93
let consot gnarls
11/15 J.1, 113 1151 1141 Oct '911 ... 11419117%
/
4
/
4
Extended 18L g 3'es
93 ... Algy u. .
1951 A-11
J342 9484
Registered
191., J •1,
127 1'11005
151 gold 34)sterling
du J'ly v. .... 80
1951 .4-6
50
94 Sep..' .
1st ret gu g 3 428
200 J -0
,
93% 96%
Coll Trust gold 48
nay K•l1
102 102 sop ul .... 144019104%,
N Y Lack & W 1st 6s...1921 J -J 111 1a sale 11719 1171
/ 1 117%121
4
Registered
..J J.
ne'‘.r. .... iii)
11/5' A-11
99
Construction Ss
1103 110 Sup •,,L. ... 110 11,3
1921, F•A .;
,
s
lat TeX 48
lin, MN
991 salt, id)
4
99% Ris, 118 4 1011
Term & improve 4s....11)2:s 'A-;:s LIJO `3
2
100 42 11101
/
2
/ I 99 1,, it/0%,
4
5.N 041 Lox gold 4a —11/53 m.o. 10019
ltAl% 1001 u'i 99 101%
Warren lst rel gu g 3428.200i, F-A
10219 14e9'03
U3
Registered
91 Aiay'u,
1110o.
1•N
Del A, Hutt 181 Pa Div 78.191. .,i•S L19 120 120 Sep WV .... 1.29 12'2
Cairo Bridge gold
..1116t, .1 -1
102 100 Apr '01, .... V941100
?
Reinstered
l'il • .1-5
141/ Aug'0.1 .
LontsvDiv&Term g31
214.11,63 .1 • J
stPaut.3,'ul .. 884 92
4.)..
10.yr OoLIV deb 48
3
103 1021
11)1.. J.D
4 103
4., Um 10 s
Middle Div cog 55
19.21 F:A 106
143 .180).
1st hen equip g 4/s.....1112: .1 .1
1
4
4
10319 1031 Oct '014
DA / 1113%
1
4
Omaha Div 1st g 3s
11151 b' A
79 Apr'61,.... 79
let &ref 48
79
101 101
11/43 1A-N
101
a 101 103
St Louie Div&terin g3s.11151 J -.1
79, 1Jell'bt
4
Alb & Sus cony 319s
..
194t, A.0 102 Sao, 102
i62
119 97 107
Registered
79
19°1 J -d
Rens da seriatim,. let 78.1921 8-9' 128
128 Oct '01;
.28 128,
Gold 3195
110 Oct'09 .... 90
90
1951 J -J
Del Riv KR Bridge see
902
/
1
Deny a ii, ur i"co , Pa Ri. j.j
Registered
,
bs•It (014 ut.:1 '141
1951 .1 •• 4
, 48 1u3,,
961 Sale 961
/
4
/
4
961 21. 96
/
4
981
/
4
Spring Div let g 342s 1961 ..,J --1
104)sov'm,
Comm' goid 4198
104 Pne'01,.
193. a •J 111,.4
toll WO
Western Lineslst g 4s 11)51 m -A
1011 it/U.4 Sley'uk) ... WWI 1.0404
/
4
Improvement gold os 191:- J I • 10,4
104 Sep '01,
4
1013 104
4
Bellev & Car 1st Os
£21 Feb •u„
192:. J -D 119%
.21 121
1st di reluutung Zie
93% Sale 931
1955 F.A
/
4
94 1 84 92% 961
4
/
4
Carl,& Shaw 1st g 4s. 1932 8-u
1 13 1 Out '...11 .... 96% 98
1'6
itio Gr J tun teL gu g 60 193: J u
118Fel.P0,
Clue St L41 NO g 6s 11/51 4-1) 117
.19, .,919
1.18% 120
Rio gr So let gold 48„...1044 J J
'78 J'ne'011 ..
70
75
8.)
Registered
1961 .1•D 117 116 1 ld., J'ne'u, . 1163 119
4
Guaran teal
85 Mae°,
11,4, .1 J
Gold 34
2s
1951 .1 -11
et/ Oul.'Ul, .... UU
90
abut West 181 g 4e....193.• J J
9519 96
961
/ 951 1 94% 100,
4
/
4
1
Memph Div 1st g 4s 1951 J -11
...... Wu .14,0.0,
M ge anti cut 1,r ust 4sA.1114: A 0
841 83 Oct '09
/
4
as
87
St L Sou let gu g 48.-11131 -4.6
98 ;Ply '4.,:
Utah Cent.lstgu g 4s a.191, A. t.
96
90
97 Jan 'trz
.—.
lint 131 as West See C(.1(.:& St L
Dee Mold.. Let 1.) see al 0,, dt 1
mil Ill ea la let g 48
195e J • J
98 Sale 98
98
•. 96
Des Mot Uu Ry 1st g 58-191. ...A.
110 Sep '04
981
/
2
I ut 21, Great Nor let g 08-1919 Al-N 110
110
110
t, 1.09 112
Pet & Mack 1st lien 1148.11)9,. .1.1, 93 ..... 951 Oct '01 .... 93
4
95
2,1 gold 38
11-6
11)014 .
100% Adieu:. ... 85 103%
199j J.1
Gold 48
91
1)4
92 J'ly'09 .... 58
92
Trust Co Cents
.... 193 101 105
Lori
6. billa 108
Detroit Southern—
192, .1-5
3.1 gulo 4e
31
43
ed Pue'4,1)
48
Ohio sou Div let g 4s...11/41 .4.8
60
72
80
70% Sep NA, .... 70
82
Lowe Central 1st gold 68-11/38 J -1, 1091 103 -, .0419 Aug'v, ..
/
4
... W51
Dui & Iron Range let 6.4-1113, AA, 110
/
4111%
1111 nett:
/
44
1111 116
/
4
1961 41.8
Gold 4s
77 aim
We '77
Registere..
2
, 14"4 92
193. A•C.. 11
1121 1061 Mar'ut
/
4
/
4
•
„ alAdaUB. See 1... b a, al s
20 tis
191. J -J
Ivan ea Al telt bee Tol clis 0 C
..
..
Dui Short Linn se, Nor Pau
EC Ft *ea Al See St Lt.% S If
Dal So Shore As AU g58..193 J J 110
Sep '09 .... ill) 1101 ii C ea .Ultel, B See stk..% S i.
110
/
4
ii•asi, re mini, sees!,e M .5.4.
man C & Pacific) Ses Al li & 1
Least len Vs & Ga see so 113
Kau City son 1st gold 3s-19bt A •0 71
143 Oct '4,1 ... 71% 7619
73
8
Elgin .1 oi & Last 1st g 68.1941 ..-, 115 Sale 115
115
11 11214 116
Registered
114A, A •0
I . uvl ',..
ELM COrl 04 No ..ee Lek do .,. I
Ref & impt 5t)
(w 1) Apr 1931, .... 100% Salt tut) e 100% 2. 10019101'.
Erse let ex t goat 48
194. s-a 100
991 Mat'08
/
4
.. mammy ,...,eut see L.11 A
28011 mom be
1.91. ..-a 1.,5 4 llki.t LOO1 Oct'Ut ... (05',, 106-19 Autos As Des
,
/
4
,
Alo 'See C R 1411'
90 °et gold 4 he
192. .. - 103',
105 Oct '0. .... 104 %.j L06
mhoxVille‘t, 01110 See So ity
4th est gold Oa
192. A,L 11/03
197 / Aug'ut .... WO 1071 , age Lrie ea W let 51)...11/3.
1
4
,1
/
4
g
J • J 114 1147 t14 Oat'V ... .12%115 li
,
6111 ext. 11018 48
192r a •,.
14919
97 Jul, di
,
O1
97
Ii 28 gold 68
.074 Oct 'v• ... .01 10911
1941 J -J 11173
4
1921 ., ,. ,2.,19 123% 122% 122%
1st eons°. gout Is
4 .21% 125.,
North Uluo 181 gug 68..1114.. A-0
114', 113 J'ly'..1
.121 114N
/
4
let eousoi It tam 78
M. e 8
71:1 124 Aug•tb. .... 122 121
,
i.. Sho & Mich S See N V cent
Erie 1st con 14' 45 prior-101h ,,--J
1(4 4 4. ale
2 4
64 La
66
11 84, 1.11.
1
Leli Val N V 1st gu g 41
8.194.• J -4
/
4
107 ..)S Sep 'u, .. .0819108',
Registei ell
itnn ,4J
87
8d., bi.
8Utu Maf.A.
S,
Registered
107 40 Aug u .... 107 107
1941, 4.4
lat comm. vet, lieu g 48_1916 J -J
754 78
'15
711
92 1241 et/
/
4
Gehign Vai(Pa)eons g 43 2uti3 .81-1.
971 ...... 97',
/
4
Registered
- .
17
199. .1 al
14
85 I-, Feb'11;
'41,
Lou Ter Hy 1st gu g5s.1J41 A•U .115 ..... - -151 Mt'"1
4 1, ,`‘, . .164 118%
Pent,. coo 0 g .44
195, F . A
83-. 85 Sep 08
76% 90
Registered
,,,,,/ ort, 9. ... •
1
4
1941 A-0 -114
50-year cony 4- A
1945:. - t
81 ;tale 81
82. 8. 63
4
Su 4 lAdl V Coal Cu let gu g 33.1.93. J -J •10634
lonN Sep '..1 ... .05% 1011
do
Series 13_11)5. a -C
72 Sale
72
73: L iu 31 / Si)
1
4
/
4
Bun A 141 Lrie isc7s..11)1. a . 1151911,'4 1108AI-440N .... 115 11619 ...li 34 N I let guar g 48-1945 .4.-E ...... 901 964 Sep 'v. .... 96
97
Registered
194.• .d•S
Ohio So Lrie 1st gum 6.4..,198:. .,, l..4/ 116 L157
8.Ply•.,1)
1
4
•
115 18 117'.,
111 4.' & .N 1st pt Os .....1914 A-0 11.12"4
113% Jan '0,
(Nov 41 Aiaiion Vat g bo.111:3.- . .. 112,
..t
.. ill Dee'Oe
Gold guar 5e
i0iks aep '01 ... L0114 1011;1
1914 A•0 10119
Long DOCK C.01180l g 68..11)35 A•C,
...
120 12111 Oct 'id, ..... 26 128-, Len ea Hutt it
/
4
b'ee Cent ot N J
Coal & Kit 1st cur gu 6,1.192'. O-N
113 114 J'ne'01).... 121 120
/
4
Leh & WilkesU see cent ot .NJ
Dock Al In.. 1s1 cur 6.4_191.. J • .1
1021 105 14,31 1031 2 1031 11.)
/
4
/
4
/
4
/
4
Leroy a, 0:Limy Va. Kao A10 P
.1i IF•4:1N.I.I.A
BIM
ea
%to Hoeg. .41
Cia. anti Electric Ligid
I
anti Electric lagial
Atlanta 1, L Co lot g 6s 194 4 -1
103
NYGELH&Pg 58. 14.148 •D
U Gas let Cud v 50 194.
:••• 107%105 k, 1076 Oct '09
8
107/108
1
4
Purchase money g 4s...11141, F -A
Bunaio Ga.
194
iii's 65
68
68
1 60
74
Eli El 111 1st cony g 5s..11110 A.*
Columbus Gas let g 5s
1932 J-J
.......
let consul gold l's
19115 J- J
Detroit %At) '.,..smm os
192.
,101 1 101% 1013
101 1
,
.
190 ,
,
Y251.2 FAL&P let con g 581113u F-A
Del uos Cu con Let g
CA DM 102
9619 Sep 108
N VA, Iticli Oats let ii 56.1921
I.. LA 1 Let Cull g
116 Mae°,
Fat & Pests& H con g 6s.11141,
Gall& Elea Berg Co c g 51).1114: .1•1,
/
4
611out '01
l'eoUas& C let con g 60.194a A.0
Lir Rap Li L Co let g bs 11)1.• F -A
WO
101
Refunding gold 544
2 1111 100
1947 Al•S
Hudson Co Gas 1st. g 58_1941 el•N 104%105 IOU
,
105 J'ly'09
1.5 105
Cht1.1,21,eke lstguir5e 1937 J•
Kau City tblo)kiss lat g 5,3132.. AU
100 IOU May %IV
100 100
ConG Coot Ch 1st
.1 1,
Kings Co tut L& e g 5s
g
iii3 AC
2
1 1 Sep '09
11/1 4 1041.
i
Ind Nat Gas& Oil 30-yr 6,1'30 M-N
Purchase money tis
du, A G 112 120 117½ Aug'09
110 118
.4111 etiel Gas let gu g ds.1114. .1,
Ed Li
lel COO v 45 103. • J
116 bop'08
Syracuse Lighting 1st g 641.'51 J•1,
LaC(Jae LOI
L lstg5a.e1911 ki
104 103
1081
1.123 11,3
/
4
4
I minim Il da Li let sr 38..194.. ,i•
Rot and eat let g Us
1934 'A 1- 1.101 /
1
4
101 Oct'09
1.40 101% Un.on Elec L3,P 1 etg 63.193" Al $
fiwaugee use I. let 43 19
91 Salo
111.
111
91
/
4
1121 Utica El I.& P ist st g 5s. MO J
.
ewark Con Gas g 3s. .. 194- J-D
1081
.
Vs, eetclieelet
1 •L
&Nu orlue n ;sway; 14,4o5t old Add aSiCett this weeg.a Date
an a One ,, co 11 I) IB .9r 81)110 ....ay a out) ty 4 0110.
,
§
1021 102% 1023
,
. 4 10012104;
44t 4• 534 8651
Salo 84
1004 100 Sep '4).
100 100%
110 112
11tP, Ill /.rly'ut
1
4
1
4
IIA / Al tty'ut
97
911%
971 J'iy •09
/
4
100
v7Is 97%
1043 1"y'05
4
20
;2.4
119% 120%
1 "1 4 104
,4969: v949
102 103., I4)3 Oct.'et, 2 ,02324 121
104% .05 1411 Oct '0,
1041
9
102 103 102 Sop 'O.
101%103
91/
94 1,
1013 ,Ply'us
101%101%
4
1011
/
4
101)
99 J •ue'011
19
.10 A11.005
110 -Jan'05
lb
4,00.00
103
11319 105 1.42 tiai
02 4 10219
.
us 0 1/110
Odd
06tion MLS
84
Oar. 23 1909
New York Boa Reoord----Continued-Pa2e
co er a
N.Y. STOCK EX('H A NOE
ocr 22
Wmilt
Long Dock See Eris
Lone IsPd-lst con g 5s h1931
51931
list corm)! gold 48
143, J.D
General gold 4.4
1922
/
4
s
Ferry gold 41
1932 J
Gold 4s
194i. M.S
Unified gold 4s
J.D
Debenture sold 55
19411
193 41.8
Guar ref gold 48...
Bklyn & Mont 1st e 68 1911 M-S
11111 M.S
lstfia
,
NY B&M B 1st con a5s1931 A-0
1927 it
NY&RB 1 st g 8s
1
Nor Sit 13 lid eon su6sol932 4-.
Louisiana& Ark 1st g 68.1927 51-S
Louts./ tia Z.ashy geu g 430 1113t, J
1931
Gold 58
11140 4.4
Unified gold 48
194' J • J
Registered
1910 A•0
Slue fund gold 68
1931
Coll trust gold 58
1911. E H & Nash 1st a 68
8-11131 Al-N
/
4
/
1
4
L Cln L Lex gout 41
1934) J •J
N 0 & Al let void 6s
1930 -.1
N 0.4 M 2.1 wok' Us
Pensacola Div geoids-192o M-8
1921 N1-8
St L Div let gold Us
198( V1-8
2d gold 3s
Atl Knox & Cm div 48 1965 M-N
Atl huox & N or Is) os1144i J L
Render Bilge lets I 4468.1931 A1-5
Kentucky Cent gold 4s 1981 4-4
.4194.',
1
4
Lc% N 80 al 8:5 sl 1st e 4/
L& N•soutli al mut 40.195'.. .1 J
A
K
N Fla & 18t
N&C Mire gen ito g 4/
181114! J • .1
4
Pens .9 Atl 1st itli g 66-11121 e.A
& N Ala con gu a 56-11.13i. kr• A
14-S
L .11 Jed Kaye Co gil y
L .N A & Ch See l; I es L.
alion Coal 6ae LS&MS
LTA anhattan Ity cousoi 45 1991, A-0
4•0
Reeistereli
Strain& tax exerupt 1111;:) A•
191
v
gew pt
.191. .1
Alex Cent cons g 4s.
J'ly
1st cons me g 3.
2tI cons inn x 3.4 trust recta...
1)3)
:
Alex Inter uat 1st eui. 8 48.13, 41- b
Stamped guaranteed .1977 M.
Hex North 1st gold 68.-1910 J D
Rich Cent See N Y Cent
6/141 ot N J See S•rie
N
MIIL13& W bee eine
nil as Norte. bee Ch Al & ML l
Minn & St 1. 1st gold 7s..192. -1Pacific Ex let gold 6s...1921 A •t.,
Booth West Ex 1st g 78.11/1.: J •D
ii
let Conant gem be
let and rotund gold 48 1941. A- a
Des &
Li 1st au 46-'36 J -J
Minn & St L. gm Sftl3Cll.8N
td. MP& SS,11 eon g 4 Int gu'Sn J -J
USSA1 & A 1st g 44111 gu 11126 J • J
ee9tP6l&M
Alltin Un
tilo Kan & 'rex let a 414 1990
21 gold 48
u L91/0
1944
let ext gold As
let & refund 4s
21)04 Al- S
Gen 8 1 41
/
4
8
114311 j.4
200i. A-u
8t 1.. Div 1st rot .4 48
Dal & Wa let gu g 53 11349 .u-N
Kan C 8i Pao let g 48 11.1114, b'•A
K & 1st gu g bs 1942 A•u
1942 M-N
K ‘31401i let gu 56
M K & '1 oi T 181 gug 53 11142 •u-S
Sher 611.35 no 18t iu 66 11143 J -u
Tex& ukia 1st MUM os 1943 .11.*
1920 Al-Pd
Mo Pacific Lit eon a Os
Trust gold 58 stainp.51.a1917
Itegistereo
/slut/ -kJ-3
A
let coil guiti6s
1929
194.,.0-8
40-year gold luau 4s
8d 78(nut at
1933
Cent Br Ity let gu g 48 1919 1: -A
Can Brauch t P 1st st 4 PJ43 J •1,
Leroy &CVA Llstg5e 11)26 J -J
Pao it tat Mo 1st ex 6 46.193s O.A
'Us:" J -J
2r1 extended ROW
StL 1r al& *gen wit g 6811/31 A Gen con stamp Lad g ent 1931 A - t.)
Unified & rot gum 4s 1921. J
liaV At U Div 1st g 4s 1113.,
Verdi V I.9 +iN Lit g 54 192u ...b
Mob J & K C 1st cons g 68 195., -)
Hob & 01110 uew gum 66,1OZ J • U
let eitellai011 MOW 08..41U:4,
.1-a
Genera. gutu 44.
Moutgoin Div Let g 66 194. r -A
St 1.. & Ctufu eau g
193,
Guarantee. g 46
,
,
U coll 48 3er zs.oulneri
k & LL
K011awa db alai age
Monouganeia Nay Ate II.9
.
Mont Cent Jet St 1 Al
114organ'8
& 1 bee 3 1' Co
Morris.9 hoses See Del 1..9 11
ash Chat.9 at Lieu 76 1911 J
A -U
L let 001180, gold As
Jasper Branch 1st g tht 192.,
MOM Al Vt & Al 1st 66 191.
J -J
T & P Brahei, 1st
Nash blur & allot oee 1.61.1
Nat Rys ot 51sx pr 141s 1957 1 -J
/
4
Guar gun 45
Ilf17 •0
Nat ot Alex prior den 4/
1
4
4...1t12u • J
let e011aul 4.
luta A-0
NowLt&u Ace
1 ..\ t, de 14
NJ Juno ith 'tee
COOL
973 11814 983 Sep '01
4
.
,
404 A pr'06
UV
bal.991
/
4
9212100
95, 96
2
24
27
/
4
831 90412 274
/
4
203 251
4
4
1/114 1093
961 Oct 'u
/
4
Aug'0,
26, API
2
'uv
30 J
.0 0311'03
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su
10012101**
.
132¼ 3'a0'01 • ••• 13212132½
'
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'
••-• 1013 1031
/
4
4
.
109., tom 4J'ly stdi .• • i419 11 L2
8 84
Sits
04
944
4
Sil'o92
1111 94% • ol's 91%
/
4
183
1083
4
• 99
99
991 99
/
4
1581
/
4
99 J'ly'09
•••
99
LW
100%
UV
9912 1011
99' ,
1
986 101 4
6
4
993
1. boat 883
97% 3alt. 141114
4
88
/
4
106 1,5o, 10512
1044 1091
/
4
861
...lilt
6
ad 3
8614
1503 salt 9t1.6
92 21, 141
8
-•.cg Apr
891
/
4
88
95.'1
106'
105 bait 195
.05 llu
93
93 Apr'U. •-• 93
113 114%
1131 113 Oct tri
/
4
1071 1 Pa
L07 107 1071 Oct'06
/
4
/
4
lua Ito
4
1051 1003 1.053
/
4
8 LUU -b
• --•
Ill
11014 Apr'in•
1014 110'.
103.4 107
'UP •••• lot 1111%,
112 Oct. uu •-•- 112 116
/
4
1013 10. 1011 Oct '01' ••-• .tw1.1.0.8
/
4
8
8
1041 1100'07 -••
/
4
101 103%
101 1102% 1024 1024
,
/
4
80; at/
,
81
783 351
80
95%
/j'ne'u9 •••
1
4
941 salt 947
/
2
811
96 1-0
8
89 Mavu2
139
91
110 5Lat'0..•
104)/
1
4
10012 Oct '03
115 bop NA.
IL
/
4
luu 1091 tt/J
109
1.0 Ill Sep 't.if •
871 aide
/
4
87 4 11
a7
2)V
4
ud
3812
311
107/ Apr'Ut•
1
4
18
Doc'M.
,221. Ang'09
119% 125
lii 118
111 lin ti73 (Jet
4
1. 3. / 91
uu
0.1
1
4
/
4
39 2
,
.121 112%
/
4
112
2% Oct 'U
alay'ur
In
90 101 Nov'94
103
110
11.7
.
1093 109% 109% 10 10914 1124
1123 112 Oct
,
..2 113%
11*112 May'0,
111 / Alar'u5
1
4
113 J'ly '04
/
1
93 IS Sale 934 94%
/
4
88
8712 Sale 811
102 Ang'01.
1011
/
4
6aate 8312
88'c.
83,
921 96
/
4
ts9
sti
101 103
95
tit/
Price
;
rt.
Priam,
Oct 22
Weeles'
Range or
Last Sale
Range
butes
(votary I
SIn
a Skin & Alan Bch Sep I, i
ASh Low
Bin A• /415' iligFI
91 Salt
Y Cent & H Riv g 3L2a 1997 J.J
, 91
911 2u 9012 1'4'
/
4
881 901 901 Sep 'tli•
lgrr
/
2
Registered
/
4
/
4
933
4
95% Suit
Deben v 4s
44 933 90'2
953
8
8
90
1934 M-N
81
82
11121,
F-A
Lake Shore coil e 31
4
8.3 8512 SIN
/
4
8-19
g
8012 82
Registered
81 Oct'01
199 F•A
,
90% 84%
911 811
/
4
Mich Cent coil g312s
199. F A
Si;.
SO la 843
/
4
4
82
Registered
199. F -A
/
4
82123'ne'th
1-21
52
Seech Creek let gu 48 1931 J • J 100 bale 101.)
100
1 1003 1003
,
4
4
J • J 101.
Registered
102 Mai 04
2d en cold 5s
J -J 107
/
4
Resell Cr Est 1st 31 b11 ).59 A-0 841
/ 199:331
4
s
:t
''Jart (lir Ad let co tr 4e 1931 Jo
971 Apr'0
/
4
971 971
/
4
/
4
'Inov & Orme lstirn a 5s 1942 .1•1)
10014 1001 Sep '01'
Sfoh & Mal let on sr 48-1991 M-8
4
1470 11.104
1,5 'Pr, .4./.
Pt%
• 1 Juno R g-u 1st 48 114sc F.•
91
& Harlem sr 31
961 Oct'0
/
4
/
4
8 2000 M-14
.. 1121 1071 Ang'ilr
• Y& North let g 58 1927 A-0
/
4
/
4
N Y& Po 1st con au e4* 199:1 A-0
100 Sep 'Ur
Nor & Mont let gn 53.1916 A •0
1: 1', 1311
1
Pin.> Creek rev guar 68.1932 JO 12/ 1801 131., fan ',':/
4
/
4
R NV&0con lstext5s.h1922 A-0 109
.03 111
10914 Oa '01.
/
4
1951 105 Jan
Oswe & R 2(1 en g 58...e1915 F.A
11 Wee0T Kist gu g 58.1913
to
h ttane• 1st con a 41 11'4; 34 14t' 1U.114 .03 Sep '4.•
,
5
/
4
8
91
0e41-Chant 1st tru 4s 0194g
93
/
4
931 Ang'in41
93%
911 92 J'ne'ut•
/
4
Hut-Canad 1st en g48.1941. J -J
1103 92
.
St Law & Adlr let a 53 19941 J J
.15 is'eu'uS)
115 116 .
2•1 gold Os
125 Feb'4.3
109.' A-0
Utica & 111k Rtvgn g4s 1922 J -J 101
10314 Dec'Or
/
4
Lake Shore gold 312s
4
4
953
6'
91
1997 J-1) 911 1/13 913
901 901
/
4
Registered
/ 90'4
1997 4.0 90
4%9(1412 1>4%943 sal. 943
4
Debentr -e it 4s
14 ,,
,
4
97
1'123 ai-S
.
311-N
sale
25-year g 4s
11131
193
194 1
2
177%
1943
4
Ka A& U R let go o 58.1933 4.4 112.4
116 109 out '01
Mahon C'l RR let 58..1934 J -J
A•0
•
& L Fale 241 a 51.2192.
.00 May ut
121
1301 Jan '09
Pitts MoK & Y let vu 68 1932
/
4
120',1304
/
4
241 guar 68
1934 4-4 £261
J -.1 :111
/
4
McKees& B lstg 68 1913
101 Feb
Nitch Cent let consul 63 1110:1 ti•S
101 101
115
115 Oct '09
OA55
115 115
112
119 .1 ur'uu
Registered
1199311
3
93
LOU'. Apr'iu•
4a
100 10114
1061 Nav'ut
/
4
-J
J
Registered
9,10 J'ne
L S 1tit g 314s
90 Al-S
11 '
9
.541
1/1
111 12J'iy
911 0312
/
4
let a 31
/
4
8
92
It 911 934
21,
9
/
4
-year deb 4s. .
1 '51' AO 92 Salt 911
192';
Bat & Stur 1st gu g3s 1989 J
/
4
1i/wN Y Chic,* St List g4s 1931 A-0 991 100 100
60 1024
81410 its/ Auglre
.00 1001
Registered
/
4
1937 A-0 99,
91 1 Sep Ot
2
Debentures 45
913 94
6
1931 PA-N
4
West Shore Let 48 tru 23131 J -J 1023 '51&10. 10211 102•', 3- Lol 104% •
/
4
:1
4
/
4
Registered
2361 J -J 1003 /014 tut)1 11/9-4. 14 lu0 103%
N Y & Greenw Lake See 2 61
14:rit
N Y & Han See N Y C& Huo
N Y Lack & W See D L.9 W
N
1, 11; & W Bee Erie
N Y & Long Br See Cent of NJ
N INK & R-Cony 68 11,5 J-J 14214 Sale 142
142'.
.33% 148
1946
8
Cony deben 31/4s.
4-4 107 7 Sale 107% 1419
97%111Y
L181 Decio
/
4
1141
4
itutuiatuulo K con g 5a 11135
N' & Derby con cy 53 1913 441-A
107 Aug'ui
.tn 107
N V & North See NVC&H
N Y 0.9 W ref let g 4s..g1992 At-3
971 Sale
/
4
971 It 97
97
/
4
093
4
/
4
1011J'ne'ut
Regis 65.000 only
g1992 AlN Y & Put See N
C & ft
N Y & kt B See Long Island
A IC 5 & W Sea Erie
N ITex&M See do Pao Co
101
101 04'01:
Nor 4, South let gba
.61 104
1941
/
4
1261 Oct NA
Nor!& West gen g 6s
.
-64128
1931 M-N 125
125 126 129 Mar'or
129 121)
linprovem't & ext g6s 1934
126 12817 1130
27 128%
New River let gds
/' '
4
1932 A-0
'
1,5
N & W Ky let con g 45 11796 A•0 99 80, 09
10012
19
97
Registered
97 97
19116 A-0 93
hale 93
934 3- 93
Div'l let I& gen g 4s 1944 .1-4
95
/
4
lu.1
104 WS 101
10-25 year cony 48
831 lt)31
/
4
/
4
1932
OU 14 904
Pocalt C & C joint 48 11141 J -0
9t14
&As 93
1419%
CC&T.Istrig5s
1922 J -J 105
9131
/
4
Solo V & N Rlstgug4e 1989 Al-P. 90.2 dale 961
/
4
gb 4 981
/
4
North Illmois See Cln& N Vt
Norm Ohio See 1. Erie .11. W
/
4104
/
4
-Prior lien g 48-11497 (44 1021410212 1011 1021 III .011
Nor Pao
/
4
101 103
Registered
1021 Sep
/
4
11197 4-4
.3
4
73 Salt 723
7. 4 75
3
General hen gold 38....a2041
.•
71
72% 74%
721 Oet
/
4
Registered
a2047 !4•F
.1•0
97
11711.
JtJ
St Patu-Dul Div g
971
/
2
19714
DM short I. let gu 56..11.111, M-S
C It & t.t coil tr 46 hes tit.Not
120 Oct
,..Ø 121
St P.9 N 1' gen g 68-.1923 F -A *11812
119 115 Mayo.
.15 120%
Registered certitic's..11023
St Paul .9 Dul let 68.-1931 los-A 110
117'4
1041 Sep 01
2ti 56
.04 1043
/
4
/
4
4
'
1917 A-0 1041
J.D 98
11.t Sep '01.•
let 0011801 gold 48
9712 911
99
Wash cent let g 4.1
VI% 92%
9212 JaU'ut
154
11/4
6
:
Nor Pao Ter Co let g
1,5 118%
115 J'ly
1101
/
4
-Nor tty Cal bee SO Pan
or Vi; us See t;st P
.31, 0
Nor & Mont See N Y Cent
k Inti& W bee
drs st L
• 1nio Kyr ItK ace milt di,
ire as Cal see So Pao co
Ire short Line dee (in Pao
Ames° & Korne See N Y C
One Coast Co let g
'3812112
10914110 109 00t
I ao col Al issotup See Mu Pao
pent] 1114 1st real eel g45 11)2
.1/3 105
04 Oct
103
Cousui goid be
Loa 12 100%
10912 tan '0.
1911
1091
/
4
Cousta guid 48
tUl 104%
101 Sep
1v11.
1114:.
11714105%
Convertible g 3,25
1034 Sal! tus% 1-4.
Convertible g Sias
117 ks
94-14190
117% bale
1916
90.4
Consul gold 48
1041 b. ita% 1U5%
/
4
1041'slue 104
/
4
910 J'ne't,'‘
100
A1105 Va. )(4)11 gu g 4s 194 !
U4
D kt 1111.9 lige let gu 4tsg
Plitht Bid & W 1st g 4s. 1943
10314
104 J'ne'u.
.03:2104
ttrz Jan
11/0
Sou Bay do :so 1st g be 1924
U NJ ilK & Can gen 4s 1944
10312 108 108 J'1,y
tU4 1161
/
4
Decktid 4N hour, I4ONL03.-4iontinueo on Next Page
add Iron
Buff& tilroiq Iron s 1 66.-1932
993
100 May'09
4
98 100
Debenture 66
419.9 Ai973
4
94
96
96
8 96
50
..J e.. r -A
.
Cu.;.
971
9734
/ 9712
4
1 94 100'.
Cellirertlble deo g
I? A
19711.
87
197% 874.1'1,y '09
Indu 18t.fr coil 5. gu..11,34 F.A
Col
84;
81
81% •.11-3 71
811
/
4
ContIn'talC lists t gu5s 8.11/5. F-A
076 Dec'04
8
Gr Ric Coal & C let g tis..1111. A•t) 95 100 10214 Apr'09
1st g 53.192. J-1)
Jell & Clear
107 May'117
Kan&HC&6ldL5IaSlUlll J -J
105% Dec'06
99
Pocah Con Collier 13481 541'3. J -J
89
881 88 Sep '09
/
4
80
Sunday Creel Co g us-.194 L J J
78 FoU'U
1951 J -J 1031 104 104 Oct -U.
/
4
101 104
Tenn Coal gen
all/17 A•0
10134 108 Ang'01.1
/
4
14161 109
Tenn Div 181 a Os
.061 10-i
/
4
/firm Div let 001)8016s..11/1. J -J
lu8 Sep '01.
'
110 Jan 1/1
110 110
Calt CM Co 1st gu g 65.11122 J •0 105
6/1 1910 F -A
103 Nov'Or
De Bar C tfo Co am
1953 J -3
87
87 Atig'ut.
87
Vlotor Fuel 1st a 1 Os
87
8133 Sah, 9d%
4
6 95 100
99
VaIron Coat &Col st .04 19411 M-s
FridAv: latest ow and .I8gs5l. allde J an 0 une cCl3 e Due sit .1 1),
*No once
N. F. STOCK EXCHANGE
Wickr Eno's,: oar 2-2
No toio lity3
48,1 Loto
i126 Sep'99
0
110 112%
99 4
,
97% Sep '09
14714 99
96
971
/
4
104 IOU 12 Apr'0I0/12 1001
/
4
991 Oct '011
177
1/0
.
964 973 IAN
86 96
93
; / Dec'03
041
4
996
44
1)8
98 Oct
97
1904 1172
4
100
10112 Deo'03
11161
/
4
1101N 0v't143
/
4
103 108 LO5
102%
an) IS ov'ne
981 973 Sep '01.
/
4
116
91
117 Oct '0;
115 12111 3
2
115
16 Oot
110 117
4
991 4 9834
99 salt 984
/
4
102',
99% L00 JI1119'oe
100 100.
1003
4
105 J ue'413
/
4
1. 83 1101
4
110% Sep
it
Oct '01.
1.0 -1
111 111
ato
1071 J'ue u9
4
1071 1073
/
4
4
12..1
/
4126 L25
,1...5%1
2 !44
125
4,18.4
120 Juno"
120 120
.06 108 1071 1-1 44010
4 •
.141
/
4
117 MaY. .
04
98
76
71
71
71 MaVoll
94
961
/
4
94
94 •
116 110 J'ly do
10 J
'Ut..
1L0 110
97
97
96
983
4
971
/ 97 /
4
1
4
,03 Dec'ut•
.
10314
. .
91.
4
904 91
1
4
88
110/ Oct 'v.,
1123 13.1,J.13'
4
112%116,
4
01'
103
t1J4
/
4
409 1091
lin, Le
110 114 110 ',Set. '.••
001 115.
/
4
95
94
9414 Oct '0i,
BA.
1.125
8
Ii
od
a.t1.• al
Ranye
Since
January I
Range or
Last bate
Pridat.
Oct Ult
1055
3
retegrapo and Telephone
Am Tele')& Tel cell tr 48 1929 J -J
92% gale 923
911Y 96
6
923
1.
Convertible 45.
1936
104' Salt t04% 106', 66'- 92%107
44
/
1
4
Mich State Teiep let 5a 19:.4 F-A
98 100
1181
178% Oct V/
4
191; J-J
Poe Tel& Tel 'at 6a
98% salt 98
0
98 1 13. 19614 98 4
2
mon cut tr cur 54 193s J -J 10014104 1004 Oct 'M.
1)514102'.
West U
6 ill6i, A-i'.
1
4
I'd anti real eat g 4/
951 944
;
95
3. 934 98g
s
Cony 45. Series A
1936 MN 100 Salt 100
s4 102%
100 L..
Mut (in Tel is fund tis 1911 41-N
95 100
102 100 Mar'01
Iitutuincturtng .ig tuttustria.
Allis.L.halmers let 58
80
1181
1113u .7
/
4
844 gal, 844
85
1:
96 1033
t112s A-0 11/13 1021 102
152
/
4
Am Ag chem let e 5s
178
98 4
3'
Am cut On ext. 4146
1915 4 4-k
971 15712
/
4
9'7'.
15612103¼
.tin Hide & 1. let at g 66-1919
4
/
4
1023 Sale 1021 10:43
4
80
67
73.,
73
Amer Ice secur deb g
7312
A-0
451 100
/
4
Am Spirita Mtg let g6s 1910 at-S
9'/ Oct '0141
16 `2
99% 116
.4,n2 thread 15t cot it 48-1911. .1"-J
93 Oct '01'
93
/
4
4
1113 40 1041 112%
Am Tobacco 40-yr g 6s
1944 A-0 1104 1103 110
81 i
48..
81.11 24t 74
/
4
1951 FA
/
4
801 Saie 80
4 .oir /1, Ow) II 4iJue :Lug • Due o08 a Duo Nov q Dueass *Option
New York Bond Record-conciuded - Page 4
1056
BONDS
N. Y.STOOK EXCHANGE
Weiss ENDtrio OC1T 22
'Vol.. immix.
'3
Zt
Price
Friday
Oct 22
Week's
Range or
Last Sate
g;
Range
Since
January 1
Bid
484 Low
Rigli
Low IItqIi
-Guar 1st g 41 1921 J-J
Penn Co
23
105.104. Oct '09
104 108¼
Registered
1921 J-J
104. May'011
104.104
Guar 312a ooll trust reg 1937 M-S
901
4
90 J'ne'06
Guar 312scoll tr eer 13-1941 F-A
89
90
01 J'Iy'91.1
904 91'-,
Tr Co certif's gu g 3123.1916 51-N
97% 98
97%
978
4
5 90. 98
Gu 3.8 tr etre 0
1942 J -D
91
89
90 Aug'09
59', 90
Gu 312a tr ctfs D
1944 .1-D
89
90% Slay'))!
90. 903
4
Guar 15-25 year g 4(4.-1931 A.0 98. 99
98% Oct '09
98 100
CI & Mar 1st gu g 4128_1935 M-N 109.
110 r au '95
Ol & P gen gu g 4 1•23ser A.'42 J -J 1097b
110% Jan '09
110% 1103
4
Series B
109% Ply'91
109. 109%
1942 A-0
Series C 312s
97
90 A.ug'011
94
P34e 31-N
06
06
Series D 31.2.9
94
90 May'08
1950 F-A
97
......
Erie & Pitts gu g31-28 B 19it, J r
92 Apr'07
91
Series C
94
95% Apr'04
19 10
J
Gr Rd" I ex 1st gu g4128 1941 J J 104
1063 Deo'09
4
Pitts Ft W & C 1st 7s 1912 .1. J
1278 Oct'02
8
2d7e
110 110 May'911
1912 J -J
109.110
3d 78
107 Oct'08
/21912 A•0
110 Feb'01.1
Pitts Y& Ash let con 5)4.1927 M -N 110.
11() 110
8
1077 J'ly
PCC&StLguil2sA...1940 A-0 106.
107%109.
Series B gear
1077
8
8 107%
1942 A-0 1078
107%109
11212J'ne'05
Series C guar
1942
......
100 Aug'09
1.11/8
8
Series D 4s guar
1945 51-N
UM 102
938 95
8
96 Oot
Series E 3¼ guar g
11)41) F -A
94
98
.......
Series I is guar
11)53 J-D 99.
114 Ply'09
C St L & P 1st con g 58 1932 A-0 113.
114 118'
Pensacola & AU See L & Nash
Poo & East See C l;(3 & St L
116 Aug'09
Peo & Pelt tin 1st g 6)3-.1921
116
110 116
2u gold 4128
01921
100 100% Dee'05
Pere Marq-Cli&SI 5s 1921 -D
103 Aug'013
105 106
Flint & P SI g 6s... .....1920 A-0
112. 112 Aug'09
112 115
let consol gold tia
1043 109.
4
196 100.Oct '00
1931)
Pt Huron Dry 1st g 53 19311 A-0 104 111 197 Aug'09
107 108¼
Sag Tus& it 1st gu g 43 1931 F-A
PhilB&W BeePennEB
Philippine By 1st 30-yr a? 4s'37 J -J
90
93 May'09
93
92
96
PRO Urn & St L see Penu Co
Pitts(neve& To! See B & 0
Pitts It W & Ch See Penn Co
Pitts Mcliees & Y See N Y Con
Pitts Sli & L B 1st g 5s 1940 A-0 114 115. 116 J'ly'09
116 116 4
,
1st consol gold Os
931 r'ly '1/7
116
1943 3.)
Pitts& West See B &0
II waling Co gen g 48
093 66 99 101
4
99% Sale 99
1997 J."
IN Registered
987 Oct '01)
1997 3.3
98.100
Jersey Cent coil g 4s 1951 A0
97. '33
1)8
96. 93.
Phila & Read cons 7s 1911 3.1) 103.
102.Sep '09
102. l0214
Rensselaer & Stir See & 14
Rich & Dan Bee South ity
Rich & Beck Bee Southern
Rio Or West See Den& Rio Or
Rooli & Pitts See is 1 & P
.1,
Rome Wat & Og SeeN Y Cent
Rutland See N F Cent
ezag Tus & IL See Pere Marc;
/..7tJo & Gr lel lst g 43 1947 J -J
92
1'6 Sep '06
1.15. 96
97
81 L & Cairo See Mob ea Olin
St L & Iron Mount See M P
StLSlBr See I' RR A of Si I
St Louis & S
Aeng 65.11131 J • J 122 122 123% Sep '09
122.124%
. General gold 5s
109
109
1 1119 111
1931 J - J 199
St L Be S 11 it It cons g
92 Oct '01)
91
lit; J J
91
96.
Gen 15.20 yr 3s
90 231 88
8113 Sale 85%
43..
4
192: MN
91%
Southw Div let g 55_11147 A-0 1004
f
100.Anion
100.191
Refunding g 43
85
84 Sale 84
89
1951 J -J
93, 84
C It & M con glis 19'28 M-N 119.1213 1191250p '011
1111% 190.
4
S& 51 liy ref g 45 11)36 A-0 82% Sale 82. 82% 11 82. 86
KC
K C& St R& B let gu53.11/21) A.0 100
Oe'rk & ChUlst gu 53 g.11113 A-0 97% 937 97 Oct'UV •--• '37
8
08
St Louis So See Illinois Cent
St L S W 1st g 45 lel 00e.1981/ 11.N
93
93 Sale 93
2 92. 95
Rd g 40 inc bond otfs...p1981) J -J
84 Oct'09
84
79
85
85
• Consol gold 45
1932 J
77 1 Sale 77. 77. 33 77. 8114
4
101 18 Apr'07
Gray's PtTer lat gu g 65 1947 J -D
191
......
St Paul & Dui Bee Nor Paeitic
St P Minn & Man See Gt Nor
2'. or Pao See Not Pee
a I.
s'x City beet:St P &(/
891 88
,
92%
88
8 A & A Pass let gu g 4a 1943 J•J
88
88
104 104
14 BeS N P 1st sink I g 53 11/11. J J 104 1t,3 104 Oct'09
Say & West See A tl Coast L
dowto Val & N E See .Nor &
91 Oct '01)
Seaboard Air Line g 4s
W. 91
11051, 11.0
59
Coll tr refund g 58
95.100%
99. 119% Oct'09
1911 M.N
Atl-Birm 31)-yrIst g 4s.e1933 31-S
86 Sep eh)
85
82
86
86
. Car Cent let con g 48 19411 J
92
93. 85 J'1018
Fla Cen & Pen let g 54 11119 J J 101.
10714 Aug'06
let land gr eat g 58
1939 J -J
Consul gold 58
109 12 Mar'05
/
4
1943 J -J 1001
Ga & Ala By 1st con 5801945 J -J
102.100.
100 10612 J'ne'01.)
Os Car & No lst get g 5a 1929 J J
105 106
105 It15 ¼ Mar'09
Scab & itoalat Os
107% J'ne'01)
11/113 1073
4
192e 3.3 106
4
Sher Slir & So hee B K & T
8118p (ice & U Nee AU Coast I.
So Car & (la See Southern
Southern Pacific Co
Gold 4s(Cent Pao coll).k11141. J
903 911 00. 913 28 90
4
/
4
95.
e
Registered
93% Aug'09
k1941 3-1) 86
,
93,,
85
29-year cony 4s
S 1023 Sale 192
g11.129
1u3', 1)I8 97.107
8
Cent Pao let ref gu g 481941) F.A
1/7 Sale 118%
1171 `V, 063 987
8
4
4
Registered
.
11/41) le-A
1/6
974
963 963 Sep '01)
4
Mort guar gold 3.e..1c19211 J -1) 89 Sale 89
93'
89. 3 89
Through St L let gu 45'54 A.0
115
93
93. 04 Oct '01,
Gal Har & S A 1st g 63 1910 F-A
101, Apr'0U
101.101.
4
Mex & Pac 1st g
4
110 112
1931 SI-N 1083 109% 111'2 Apr'01
Gila VG &N 1st gu g5; 1924 M-N 104.
11/43 Sep'09
4
104 104%
Roue B & NV T 1st g 68 1933 M.N 103.105 105. May'09 .... 103 105 14
1st guar Os red
10312 103
103.Apr'02
1933 M-N 103.
H & TC let g Os jut gu 11137 J • J 110
4
110
,1095 110¼
110
Conseil. g 65 int guar 191', A-0 109.110 1075 Nov'07
8
Gen gold 46 ml guar 1921 A-0
96
93 Oot
93
93
Waco& N W div 1st g 63'3u VI-N 116 118 116 1)ec'()6
A & N NV lat gu g 5s
107.Jan 09
107;
1 107 12'
1941 J • J
Morgan's La & T lat 75 1918 AU 117.120 122.Aug'08
......
. 1st gold Us
116 P.Iov'Oti
1920 J.3 114
..
BONDS
N. Y. STOCK EXCHANGE
WEEK ENDING Oar 22
44
!
Price
Friday
Oct 21
Week's
Range or
Last Sate
Range
slues
January 2
14 iii
488 Low
Ft wit A( 1,0,0 2119/b
Southern Pau Co-(Continued,
No of Cal guar g 55
112 Weber
1938 A-0
Ore & Cal 1st guar g 5s 1927 J.J
104 efar01.
104 104
101.Jan '01
101.101.
So Pae ot Ariz 1st icu it 6s.elt)
So Pao of Cal-tis 1& Le 1912 A •0
104..Pne'0
,
A-0
1st gold 6s
114. D99 04
'
1st con guar g Os
M-N
110 Mayeli
8 PacorN Mex 1st g 63_19
104 Apt We
J -J
19911i
So Pao Coast 1st gu 9s g.1937 J.J
90 J'Iy•OU
92
•811¼. ..
Tex&NOSabDivlst g6s.1912 NI -S
102.103
104 103 Oct '011
Con gold Os
J -3 100
98. A pr'08
o Pao RR 1st ref 48
943 sale
8
01% 24 93. 99.
1.141
})51 3-j
4
Southern-let con g 5s....1994 J -J 108 Sale 108', 109 1 3t 10(3 113.
'
Registered
108. 110 May'09
109 110',
1994 J -3
70's sate 79. 80¼ (73 76
Develop & gen is Ser A 1956 A-0
85
89
Mob & Ohio coil tr g 43 1939 M-s
69%
89%
85. 110.
Bern Div 1st g 4,12.5s 19116 J -J 109 111¼ 110.Sep 'Ot'
11012 113%
St Loins div 1st g 4s
4
87. /7.: 1 Aug'01.
87% 91
1951 J J
108 Sep '08
Ala CenR let g 68
J -J Der
Atl & Danv 1st g 4s
192.Sep'09
92', 93
92. 92',
1916 J • J
94 6
214s
87', 878 92 J'ne'06
4
1948 J -J
Atl & Yeti 1st g guar 48 1949 A-0 83
109 i'ne'0
109 1101
;
Col Be Weeny 1st 6s
1916 J J
110% Oct '09
10113 111
E
4
Vs & Ga Div g 53 1939 J J 110
4
Con 1st gold Os
1141 Oct 01
110.114.
1956 51-N 1144
E Ten reor lien g 53
106 107 107 Apr'))'
105 107
1938
54 yet '01
.Ga Midland 1st as
68
04
95
1946 A-0 61
Ga Pao ity 1st g Us Us. 1925
115 Sale 115
115
1143 117
4
1922
g
Knox & Ohio 1st
4
J • J 115 116; 1181 M
11814118',
Bob dl Sir prior(long Os 1945 J
103.
119% Apr'99
Mortgage gold 4s
79
82 Nov'Ob
1945 3-3
Rich & Dan con g Us. .1915 J •J 107%
110 14,1'ne*Ut.
10814 111
Deb Os stamped
92 Pue'09
1927 A-0 107
Rich & Meek 1st g 4s 194b M-N
75 Oct '06
76.
So Car & Ga let g 5s. -1919 NI•N 103
1031
8 103. 4 101.1031%
112 Oct -et.
Virginia Mitt sor C 63 191t al-I'
108. Dec'01
108',
Series D 4-5a
1021 M.
109 J'ly'09
Series E 5s
109 109
1926 .v1.8 107.
109 Aug'09
General 5s
107 110%
108',
1930
109.
Guar stamped
107', 1094
193(4 .Y1-N
e
91
17618 Jan 't)
W0
W 1st oy gu 43-1926 F -A
1 3
4
West 11 C 1st con g 8e 1914 J J
107 1094
107. 107 Oct '01)
& N Ala see L N
Spokeee Internet lat g Os 1955 J - J 1054
1.063 1067
5
4
106', Sep '01
s3r A 01St li ist g 4 23_1939 A -t./ 1004 108% 108 Sep 'MI
101.109
,
1 1st con gold 5s....1894 1944 F-A 115',,
113 117
1143% Oct'09
98 Sale 98
Gen refund 8 1 g 98
2 96
98
93
1953 •., 1
St L
Bge Ter gu g 5s 1930
11014 J'neln
107.
104',•
93
Tex & N 0 See So Pao Co
Tex & Paolat gold 53
112
112 119
2000 3-1) 112 112', 112
Mai
2d gold Inc Os
70
• (15
SO
83
75
La Div .11 L 1st g 58
103 sop '01)
103 105
120 J • J 103
19
931
W Min NV& N W let gu 58 'Jt.) IA 100
106. Nov'04
Col & (.) C lat g 5a
111
4 111 112.
111
1935 3-3 111
Western Div 1st g 5s 1935 A•0 110.112 112 Sep '01,
112 112
General gold 5s
104 Sep 'tr.
1113 105
11135 J
Ban &
91
823 94%
9t ,
,4 5
1st gu g 444
1.24, 03 Sep 'IA
0
1935 A- u
91)
Tot P & W 1st gold 43
03% 94. 93. 93.
1917 J • 3
Tol StL& W pr lien g 3
11()1k Sep '09 . 831 91%
/
4
.3 1925 3-3
1)1
50-year gold 40
A-U
1
.
a .. 1 80
81
88.
813 81%
,
Tor Ham & Butt 1st g 43.AL9/40 J -D
• 1113 913
91% Apr.)1)
4
.,
56
H lster& Del 1st con g 53 1928 J-1)
108 Auge01
107 11/8. 4
'
lat refund g 43
el)
89 Sep '09
89
11152 A-0
Un Pact RR & Lgrg4s..1947 J • J 103% Sale 1.92% 1934 ,C) 1110% 003
v3 1 4
%
101.Oct '01)
Registered
1947 .1-J 101',
20-yr cony 4s
8 1173 1.:'A 102 124%
J-J 115 Sale 1117
4
1st & ref 4s
97 / Sale 97%
1
4
93 1,4 99 100
.
g1927 11-S
20 8
0
wit% 21
95.),
Ore lly & Nay con g 43.1946 •I) 96%
Ore Short Lino 1st g 68..1922 F -A 119
1137 118-)
8
I.1 8.123
:8
9
;4
1st cousol g 58
113.118
1946 J -3 113% ewe 113% 113%
Guar rotund 4s
91 Male
94
1 4
,3.
25 93. MS',
11129 J -D
U4 Jan'09
94
Registered
94
19211 J •D
107is__ 993 Aug'ub
8
Utah& Nor gold 55 1926 J
1.193 100.
5
tJniNJ
& C Co See I'd !tit
Utah Central See Rio or NVee
Utah & North Bee Un Pacific
Utica & Black R. See N Y Cent
andalia consol g 45
US Nov'Ob
1955 F -A
WI Oct'09
v era Cruz &Plat gu 41281934 J J
90
96
90
Ver Val Ind & W see Mo P
Virginia But See South By
110 Oct '01)
110 117.
Va Be Southw't let gu 55.2003 J -J 110
934, Auge09
1st cons 50-year 53
98. 100
98'-, 100
1958 A-U
1./ abash 1st gold 5s
111;8 114 ki
,
1938 31.5 112. sale 112. 1123
V
2(1 gold os
102% 79 101.105
11/39 F-A 10214 .90.14) 102
Debenture series B
86 101
100 101 Ply'01
1939 J • J
1st lien equip a fd g 5s 1921 M-8
102¼ 102.
101 10212 May'ul.
1st lien 50 yr g term 48 1954 3.3
67 May'ut
87
87.
1st ref and ext g 4s
75', 1645 71% 80',
74 Sale
723
4
195t1 J.3
Det & CIL Ext 1st g 5s 1941 3-3 1093
1104 .luge)1,
4
108 1114
Des Mote Div lst g 43-11131) J -J
83
91 ,
,J'neee
88
68% 91.
78 J'ly'91
Om Div 1st g 3.3
76
80
1941 A-0 75. 82
May'u9
83
Vol & Cli Div 1st g 4s 1941 '31-s
1/0
111.
45
49.
42
Wab Pitts Term 1st g 48 1954 J
551
4
43
411 6:53
Trust Co certfs
40 sale
4
8.
1
14 1
9. t.
4
9.sale
2ti gold 4s
1954 .14)
111 05
4
714 14'4
Salt
Trust Co cents
Warren See Del Lac Be West
Wash Cent See Nor Pao
Wash 0& W See Southern
92. 93%
Wash'l'ermL 1st gu 3.8_1945 F -A
91% 92.J'ne'Ot
84
21 32% 88
West Maryland 1st g4s...11 59
83% Sale 83%
/
Oil
61
Aug'Ull
73',
Uendlconvg44
1952
62
73
68 Sep'99
Trust Co cortfs
69
192 102
'iy '0.
10
NV Va Cent & P 1st g 63 1911 3-3
110 117
1
West N Y & Pa 1st g 5s..193'7 -J 111 1133 112. 112%
,
87
103%
Lieu gold 45
I/1 Oct '01
1943 A•U
91
Income Os
34 Feb9)1
41943 Nov
Weat No Car See South By
107 109
Wheel' & L B let g os...1926 A.0 *10814
g
1974 SeD
Wheel Div 1st gold 5s..102S J -J
9y'09
107: 95
1
......
lixteti do Imp gold 5s.. 930 F•A
1U3 Dec'0).
1
1111 let 0011801 45.
8(1 Lfi Sep '0i,
S3° 90
86
1949 1I-S
1)9 Dee qn90-year equip 5 f Os ...1922
97
99
Wilkes & East See Erie
Wil & Sioux F See St P Itt &
94% Sale 94. 04% 1( 89. 96%
Wis Cent 50-yr 1st gen 48 1949 J.J
93
93. 93. 84', 4 92% 95
Sup& Duldiv& term 1st 18'36 N1-5
‘
aHSCELLANEOUS
ilants tact tiring & Induetrini
Armour &(.)1 Istreal est 4.5'39 J.1) 93 Sale 92%
931 155
4
Beth steel 1st est s t Os.. 11126 41-3
88% sele 89. 90 t64
Dent Leather 20-year g 55.1925 A.0 991 Sale 99
100 137
4
Corn Prod Ref s f g 58....1931 M-N
118', 98.Oct '01 .".
Distil sec Cor cony let g 53.'27 A-0 7518Saie 74%
75. 194
Lien bleCtrie tteu g 3.a..1949 F.A
83 Aug'09
83
5.4
10-yr g deb
152. 26
1917 J-D 151 Sale 151
Int Paper Co let con g 68 11/18 F-A 105 Sale 194% 105
10
Consol cony s f g 58
8Oct'09
8312 883 887
4
1935 J -J
Int St Pump 10-yr cony. Os'13 J • J 104%105 103 Sep '01+ ....
Lackaw Steel 1st g 55-.1923 A-0 984 984 983
, i8', 2
N V Air Brake 1st cony as'28 M-N 11212113 112. 113
8
Repub I&S 1st& coltr 55.1934 A.0 101 101% 101 Oct'09 .".
Union Bag & P 1st 51 55 1930 J.3
96
9614 uct
Us Leath Co f deb g ifs-1913
106 1964 106
1
106
'24 J.3
US Realty& I cony deb got)
903 Sale 90%
4
14
91
Lid Red & Bet lets f g 6e.1931 J.J
92% Hale 923
2
92.
4
4
4
U S Rubber 10-yrcoll tr 63.'Iti J -D 1043 Sale 104% 105. 45
g..N o once zentlay; latest bid and asked this week. a Duo Jan
10.N 0,-Ummitood.
Manufactineng & Industrial
5
IJ S Steel Corplceup .41963 31.14 1053 Sale 105 18 105% 461
i
St. 10-09 yr as. tog _4190 MN
105. 1051
, 4
Va•Car Che m 1st 5-yr 55 1993 J -O
1.17% 59
97', 9ale 97.
Westinghouse
& Ms t Os '31 J -J
95 Salo 1)43
95 122
4
Miecellsuleous
s
11149
Adams Ex cot tr g 43
923 92 Oct '0V
,
8.1'1y'01
Bush 'rorininal 1st 43. -1904 A-0 90
1/1% 1913
1055 J'.1
95
Consol 53
96'-, 110.Oct '01)
1915 J • J
011icJc415 t Yard col g 53
105 100 Jan
: I
381
Det M& 111tIgr incomee 1911 A.-0
38
38
Instit for Irrig Wks 412a 1943 NI-N
96
1)5 12 Sep '01 _
71
Int Mercan Marine 1.3_1922 A-0 71
713 37
4
72
81
tut Navigation 1st a f 58.19214 F-A
4
83', Si, 84
96 Atis'OE.
95
Newp .Ne Ship & D D5541990 J -J
OP, 4
N Y Dock SO-yr 1st g 43 1951 I-A
11414 Sale 9414
90 Jan'09
1957 el-N
Providence See deb 4s
113 J'ly'09
Provident Loan Soo 4.3 11121 11-S
112 J'ly'04
Yuba Wat Co con g 65 1923 3-3
o Due e eb a Due Apr •Due ..1 ay
011e A OV
Otis us a Due .i
923 96.
4
t)0'
77
96¼11l1
95 100
73', 787
80
84
136 155;
1
101 106',
89%
85
100 195%
99.
93
108 116.
98 102
913 OS
4
1()4. 1063
6
843 92
4
115
31)
1021 106
4
102.108
101% 108%
93.4 100
110, 96%
4
99
94
93.
90
91. 96.
311¼.. ‘;
.1g
1 .
ir43 1.46.
4
68. 77
64
88.
111
951e
91)
90
15
05
......
Ade
OffICAGO STOCK EXCEIANGE Stook Record-Daily, Weekly and Yearly
-HIGHEST AND LOWEST SALE PRICES
STOCKS
Saturday
Oct. 16.
Monday
Oct. 18.
Tuesday
Oct. 19.
W ednesaay
Oct. 20.
2 nursaay
Oct. 21.
Friday
Oct. 22.
Last Sale 180 Apr'09
..-- ---- _--- ---- ---- ---- ---- --112
112
212 *2
212 *2
212
*2
212 *2
13
4 13
4
*5
10
5
5
8
*7
*7
8
8
*7
*7
8
108 108 *106, 110
*106 110 *106 110 *106 110 *106 110
3512 351.
*35
*3512 36
36
*3512 36
3512 3512 *3512 36
Last Sale 2412 Oct'09
24
*23
*23
24
*23
24
24
*23
Oct'09
Last Sale 9
10
*9
10
*9
10
*9
10
*9
78
5
814
712 814
914
8
5
Eh 9 8
7
814 8 8
73
4 814
41
*39
41
40 *39
*39
40
41
81
4
80 4 10 4 81
3
8034 8034 *803 81
381
*80
81
*80
Last Sale [73
18
*17
4 Sep'09
*16
18
18 *17
*16
18
5212
53 *51
51
63
*52
5314 5338 5312 5112 53
63
Last Sale 20
Aug'09
20 *____ 20 *___ 20 4.-- 20
is
Last Sale 70
68
Aug'09
*67
68
63 *67
*67
68
*67
5114 5114 *50
52
51
51
52
*50
52
*50
52
*50
4333 4314 4312 4314 4312 433 4312 4314 4418
4312 43
8
43
102
10214
*103 104 *103 104 *103 104 *103 104
Sales
ol the
Week
Shares
Itanct. ;or Precious Yell
(1908)
Range sines:
Jan. 1 1909
• STOCKS
CHICAGO STOCK
EXCHANGE
Lowest
Highest
.'a ilroads
Chicago City By
100 180 i Teh 8 190 Feb
)
-558 Chicago de Oak Park.100
112 Oct 22
4 Jan 22
30
Do pref
100
5 Oct 21
15 Jan 22
28 Chic Itys part at "1%- 107 Inc 1 11912 J'ly 28
225 Chic flys part ctf "2"- 3512 Oct 18 4534 Jan 2
-... Chic Rys part at "3"
3411 J..n 29
24 Sep 7
Chic Rys part ett "4"___
9 May 3 1312 Jan 2
9:38 Chicago Subway
434 Oct 7 2914 Jan 2
100
50 [tans City Fly & Lt_.100 35 Feb 24 52 J'ly 7
76
Do pre!
100 79 Jln
4612 May18
-Metropol W S Elev_100 1518 Sep 13 19 Melt 8
.
3i
Do pre(
54 J'ne 3
100 47 Jan i4
--- Northwestern Eley_100 20 Aug 11 25 May 6
D
o pref
100 63
ti 73 May 7
-ifi South Side Elevated100 50 Jar, 25 61 May 1
1,205 Streets W Stable C L_100 2914 Apr 13 5134 .1 'lit' 19
25
Do pref
100 97 Feb 15 13712 J'ne 18
Miscellaneous
1218 12
12
1218 1218 1218 1214
79.; American Can
100
8234 8234 8234 8158 8158 8178 8178
485
Do pref
100
___ *213
Last Sale 21212 Oct'09
_
AmeriJan Radiator_ 100
_ *130
132 *130 132 *13112
Do pref
--I.5
100
*66 If *613
4ff-*
67
6712 66
60 Amer ShIpbuilding _100
*110 111 *110 111 *110 111 *110 111 *111 111 *109 111
8
Do pref
100
14214 14238 14238 14214 14214 14112 14158 14118 14138 14013 14012
14213
825 Amer Telep & Teleg____
June'09
Last 8310 t8
_ Booth (A) tc Co
100
June'09
__ ..
Last Sal< 14
Do prof
------100
-- -----23
2314 1312 2314 1424
23
2358 3,614 Booth Fisheries corn _-314 23 --.
2314 23 21
6434 6514 6412 65
6414 65
6412 6412 6412 641: 6412 6412 2,417
Do pref
Oct'09 _--- Cal & Chic C..nal &D_100
54
*52
54
*52
*52
Last Sall 54
54
54
*52
*1
1Ig *1
118 *1
July'09 ___ Chic 13rew'g & Malt'g
118 *1
_
Las/ Sail 1
118
July 09
3
*2
*2
*2
3
*2
3
Last San 218
3
1)o pre(
*30
31
31
31
32
*39
32
31 *30
31
*30
.1E Claic Pneumatic Tool _100
32
13613 13613 *136 13612 1.13012 137
__
130 Chicago Telephone
13612 13612 *136 137 *136
100
214
Last Seth *11912Mch'08
Do rights
148
"iaL Chic Title de Trust_
Ha ITS" iii" fisii iiti" fil" iii fir *147 148 *147
"
120
12012 121
11914 121
12034 121
387 Commonw'th-Edison_100
12034 121
121 121
2112 21122
22
22
22
2178 2214 22
22
800 Corn Prod Ref Co Com.__
22
22
'0l
127
Last Sail 8614 Oct
-Do
Do Pref
12814 12814 128 12814 *12713 128 *12713 128
128 128
-f49 Diamond Match
100
5912 593
60
4 5914 60
60
60 4 60
3
60
6034 60
6114
1,851 Illinois Brick
100
-_ *43 ---- *43
*43
*43
45
_
25 Nfasonic Temple
45
Last Sal' 218 June'07 ____ Nillw & Chic Brewing_
June'09 -___
21
Do pref
*114 115 *116
ill *115 116 115 115
20 National Biscuit
100
*125 126
125 125
12534 126
125
12614 12614 *125 127
125
121
Do pref
100
99
99
*97
99
9812 9812 08
98
98
*96
98
98
125 National Carbon
100
*118 120 *118 120 *118 120
119 120 *117 119 *117
119
0
Do pref
100
11513 11512 115 115 *11513 116
115 115
11412 115
115 115
1.69 People'sGasL&Coke-100
Last Sal, 11-16 Mch'09
_
Do rights
iiiiIt 116; iiii 13,3 - iai- fif" fa; 139 1423 13618 140 11,382 Sears-Roebuck com_-100
11912 12018 120 120
12078 121/2 121 12134 121 1211 12042 12012
693
Do prof
100
10834 10834 10858 109
10812 10858 10812 10812 10812 1081 10812 109
835 Swift & Co
100
Feba)
Last Sal. 7
Do rights
iiii 149 4147 150
iii fill iii fa 3145 149
148
148
- - - ' The Quake Oats Co-100
5
,
*102 10238 102 102
10212
102 102
102 102 *102 1021 *102
134
Do pref
100
Apr'09 -. Unit Box Bd & P Co_100
Last Sal. 113
Apr'09 _ _
Sal 3
Do Full raid
Last
Apr'09
Last Sal
_
_
Do pref
.._
ii; 15341588ii4 IA iii; 1512 Yik, 1548 151:
63'66 1,1550
8
100
Du Fu11 pad
19
*18
*18
*18
19
*18
19
Last Sal, 27034158
19
____ Western Stone
100
1238 1238 1212 1212 1218
*8212 83
82 8 823
5
4 8234
*21212
*213 .. __ *213
132 132 *130 132 *130
67
6712 67
*67
*67
117 411.7.1 11- *11;
;
Jar
778 Jan 3u
• 7134Jan 0
200 Jan li
123 Jan 21
54!S Anr 21
101 Feb 24
133 Aug:?
18 J'ne 10
14 May22
10 ^(1‘ 24
48 J'ne 16
5114 Jan ,!
1 Apr 21
218 Apr 27
W Nici121
127 Jan 4
1418 May24
83 J'ne 4
21212 Sep 15
132 J'iy 21
0/34 Aug 7
1.12 Sep 13
4
1443 Sep 28
1 J ast 2
5 Jan 5
27 Aug"6
6514 Oct 18
58 rip! 111
1 Apr 21
218 Apr 2:
34 Aug24
140 Sep 23
117 Jan 18 152 Oct -1
107 Ja:: 21 12112 J'ly 1
1713 Feb25 25Ig Aug 3
7014 alch25 8812 May111
111 Jan 9 13034 Aug 13
34 Jan 26 6158 Oct 5
47 Sep 16
2 12jp n 2/
40 : r 5
3
9718 Jan 2
11814 Feb 15
82 Jan 14
110 Jan 15
102 Jc.n 5
12 Feb 25
55 Jan 5
101 Jan 5
10012 k., 0
I.' Feb 5
119 Jan 5
9812 JFaenb
.
5
it'
214 Feb 26
21 .1'ne 28
11911 Sep 27
130 Sep 21
100 Oct 1
120 Apr 1
1197 Aug 16
8
•.‘
1 0,31.1
14414 Oct 20
1213 Oct 2m
4
11414 Aug 6
20 Jan 18
152 :Ply 28
10312 Aug 12
158 Mch 26
318 Nich
01..Jan 4
10 Ni ell.
3
4
•Af
° 1612 Oct 1
15 Feb 16 25 alch 15
Lowest
160 Jan
8
15 Feb
ta.Dec
843 .1 .113.
4
38 Oct
20 Nuv
934 Sep
15 Feb
30 Oct
68 Sep
1214 Nov
42 Jan
1334 Au4
46 A 112
.f2 Aug.
2612 Apr
85 Apr
185 Dec
318 Aug
10 Aug
119 Nov
47 J
28 Dec
1312 Dec
3012 Deo
473.1 Nov
8612 NG,/
19 Jan
,
54 May
22 Dcc
62:3 Dec
11 Jan
34 N
10„
1038
4 Feb
167R Dec
4112 Jan
125 Jan 200 )Jtc
116 Apr 12314 Noy
,
Nov(43
37 Mel
104 Nov
91 Jan
7 Dec
8
3 Dec
41) Jan
100 flay
40 Feb
1 Oct
2 'Nov
20 Dec
106 Jan
34 Feb
100 Jan
80 Jan
• 014 Dec
1+r, Au,
4 A rr
301. A :4*4
153 - Sep
1,24 Feb
116 Dec
110 Oct
113 Jan
30 Jan
J'ne
13/ Au.;
4212 Dec
44; J'ly
19 Joe '20 J'iy
97 Dec
70 Jan
1013 Jan 120 Aug
4
61 7,1e1, 87 Dec
91 life)) 115 Nov
103 Deo
8012 Jan
24 Jan
72 Jan
S812 Jan
56 Dec
102 Dec
1053 Sep
4
1144 Jan
87 Jan
14 J'ly
134 Jan
1€0 J'ly
33 Jan
4
112 J'ly
12
Jan
1134(Set
17
Apr
e
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Oct. 22
InterPrice
CalFrid4y
Period
Oct 22
W eer:
B 'els
Range or • Sold
Last Sal;
Chicigo Banks and Trust Companies
Range
tor
Year 1009
ow
High No. Low High
Amer Stravili'41 1st (18_1'4:11 F - A ----- ----100 Mch'07
_
_
Armour de Co 4 348-1930 J -1) 19.112 Sale
9312 -1 - -4 - -79313
931- 90 8
Aurora Elgin&Chic 5s 1941 A - 0 ___ --- __-_
___•..
Cal & So Chic ity Co
1027 F - A --------102 J'ne'09 ____ 102 10213
1st 51 Is
•
Cass Av do; F G (St L)5s '12 J - J
10114 Oct '09 ____ 101 10114
Chic Board of Trade 451927 J - 1) --------100 May'07
__
Chicago City Ity 5s___1927 F - A 1024 Sale 10234 1034: 143 10i4 105 - 3- Consol Br de Mit Gs___ f - J
Chic
____ 103 Apr'04 ____
Chic Consol Trac 4 Hs 1039 J - I) ____ --- 50 Apr'09 --0
g- -.-5
Chic Auditorium1st 581929 F - A --- ____
9634 Jan'00 __
--- ___
Chic Dock Co 1st 48_1929 A - 0 -- -...._ ------ __
---- ---__ ______ ... Fe0 55 2::
0
.. _
Chic Jc RR 1st Al g 5s_1945 NI - S
,
____
Chic No Shore Elec 6s.1'.;12 A - 0
-3
2
72
4; - - -tii"
:2
Chic Pne Tool 1st 5_a1921 J - J 111- 721- 82
1027 F - A 1007 Sale 1007
Chic By 58
s
8 10114 26 10078 1023
4
951.
8
3
Chic Ry3 4-55 series "A" A - 0 95 8 953
4 95
0312 9614
8512 ' 86
Chic Rys 4-53 series "13" J - D 3512 86
6
8414 8912
9213
91
Chic P.ys 4-5s series "C" F - A 92
01
3
89
9'12
-1013 F - A 110114 -- 10112 Sep,.'0 • ..___ 10138 1023
Chic Itys. coil Gs.._,
8
Chic Rys Fund 038-1013 F - A
10112 July'00 ____ 10112 10238
loi. Oil; 10114 Oct '09 _- 101 10212
Chic Rys Tem'Cti's 1st 51
111193_2002 IN1 - N ..... ____
6612 Aug'08 __
Chic It I 1: P
__ ____
6612 July'08
Cast trust g 58-1913 M - S
Thic Telephone 5s--.1923 J - D tilir 1031; 10318 Oct' 09 ____ 10234 10334
8
13
58_10, Ai, - S 1027 Sale 10258 1027 _2_1 101 10314
Uommonw-Edison
8 .
100 Jne'08
Chic Edison deb 6s_1013 J - J
._..
11st g 58-......July 1026 A - 0 :17X4 :::: 10038 Oct'09
f661- f013
8
4
1005 Aug'09 ---- 10058 10218
8
Debenture 6s..-192.; M - S
21
03 Sep '09 :::::: 102 4 103
Comrnonw Elect 5sb1044 M - S
58
3
---Illinois Tunnel 5s____1023 J - D ----------80 Deca18
-- -_
Kan City By & Light
9834 J'ne'09 ...:....
1013 M - N
Co 53
98
98 4
3
96 Nich'09 ____
58.1923 0796
AIrnIcleb'ker Ice 1st
95
-2
Lake St E'.-lst 53_1028 J - J fir 171- 90 July'00 ....73
91
Income 5^
---- -- 16 MaY' --- -- -1'25 Feb
0,5
detr W Side El1st 4s
8338 13
833
4 83
1938 F - A 83
83
8612
8134 8113 Sept'Ot) _ Extension g 4s
1038 J - J
8112 8414
!Tort!' West El 1st 48_1011 M - S -9-3- 9312 94
9515 '--6 '9214 9612
110 W G-L de Coke Co 55'28 Q - M
9814 Aug'09
98
99
)gden Gas 53
1045 M - N
9512 9512 Oct'09
93
93
98
Pearsons-Tatt 55
1010 J - 0 100 _-_ 10033 alch'09 ......_ 10014 10012
4.903
If - S "9634 _.:... 97 Mch'09 _.._
9634 98
9.60s Series H
NE - N
98 _ _
93 J'ne'09 ..___
997
8
98
0
4.80s Series 1
NI - N
99
__ 100 afeh'00 ___ 100 10018
Peo Gas L&C 1st 68-10-13 A - 0 5-- 121
12134 May'00 ____ 120 122
Retundinp; g 03____1947 M - S 10311 10333 103
1031s
1 103 104
Chic Gas L&C 1st 551937 J - J 10313 10414 104 Oct.09 ___ 10334 105
Consum Gas let 55_1936 5 - 1)310214 Sale 10214 10214
3 102 10234
Mut'l Fuel Gas 1st5s1947 NI - N 5.--- 10212 102 Aug'09 ____ 10112 102
louth Side Elev 4 543_1924 J - J
9412
9413
9412 Sale
3
9412 0631
lwitt & Co 1st g 5s_-_1914 J - J 5100 Sale 100
100
2 100 102
Jnion El Loop) 58-194.; A - () t-_ 93
95 J'ne'09 __
92
96
/Ilion Pacific cony 43_1911 n- N
114 Noy'04 -__
--6- -1:d1-2
7
hilted Box Board ool 68'26
IF- Ill 79
79
20
1 -:-.-1 276
General mtge Os
7512 J0 3 0 -___::
8
8 3 ;05
7 9
78
7014 81
V.e3tern Stone CO 53-1009 A - 0 --.... -....----_ .
i l I
Not:.-Ad,tritcp Interes'. mtist imncIcIedto all Chicago b ond orices.
•
NAA1E
Outstandiny
Stock
1
Surplus
and
Front:
1
Dividend Record
1901
In Per - Last Paid
1908
Calumet ;National
5100,004;
$39,06S
An Dec '08. 6
Chicago City
500,300
186,242 10
10
J-J July '09,5
1 Commercial National_ 7,000,000 3,343,646
Oct. '09, 2 .
Continental Nationa,_ n4,000,000 3,963,006
8
Oct, '09,2
Cook Co State Savinzt
6
6 Q-M July '09, 112
Corn ExchanTe Nationa, 3,0?)?) 01 5,281,
,
0
5113 12
12
Q-J Oct. '09, 3
Drexel State
'200,000
27,714
A-0 Oct.' 09,5
6
6
Drovers' Delo National_
600,003
409,369
8
934 Q-J Oct. '09. 2
12
31,906
Englewood State
200,000
6
6
Q-J Oct. '09, 112
First National
8,000,000 8,220,177
12
12 Q-M Sep 30'09.4
Frst Nat Englewood_
150,000
162,1,8 10
10 Q-M Sep 30'09 212
Foram in Bros B'k'g Co_ 1,000,000
542,835 Priv ate Ba nk
Fort Dearborn National 1,000,000
418,357
8
8
Q-J Oct. '00, 2
Hamilton National_ __ _
500,000
152,092
6
J-J July '09, 212
Hibernian B'leg Ass'n
1,500,000
807,640
8
8
Q-J Oct. '09,2
Kaspar State Bank
121,561
200,000
10
J-J July '09, 5
10
[Ave Stock Exch'ge Nat 1,250,000 • 432,415
10+2 Q-M Sep 30'09,1:12
Monroe National
300,000
4
63,864
4
O-F Aug 1 '09, 1
Nat Bank of Republic
2,000,00(1 1,134,917
8
8 (2-1 Oct. '09, 2
,
National City
509,923
1,500,000
3
Q-J Oct. '09, 112
National Produce
Q-J Oct. '09, 1
North Avenue State_ _
ng:0
6
(70
IV:R2
(
2H Q-J Oct. '09, 112
North Side State Say' s
g
50,000
15,949
6
6
Q-J Oct. '09, 112
North West State
200,000
Pra rie National
250,000
70 970
8 657
:
Prairie State
500,000
49,940
8
8 Q-M Sep '. 112
09
Railway Exchange
250,000
12,173
4
2
Jan '08, 2
Security
300,000
153,426
South Chicago Savings_
200,000
78,211
6
112
Oct.
. - State Bank of Chicago
1,500,000 1,465,411 9+1
11
Q-J Oct. '09, 3
Stock Yards Savings_ _
250.000
174,589
J-D Sep 30'09,2
7
Union Bank of Chicago
200,000
46,883
6
6 M-N May '09, 3
UnionStock Yards State
200,000
65,310
6
6
Oct. '09, 112
American Trust & Says.: 3,000,000 2,755,558
8
8
(4-.1 July '09,2
Central Trust Coo- Ill_ 2,000,000
812,430
7
Q-J Oct. '09, 134
:Mawr° Say Bic & Tz___ n500,000
89,160
Q-J Oct. '09, 112
Chicago Title & Trust__ 5,000,000 r1,208,619
6
6
Q-J Oct. '00, 112
Citizens Trust & Savings
4
5,331
3
A-0 Oct. '09, 2
50,000
8+2 Q-J Oct. '09, 212
506,621 10
Colonial Trust & Savings
900,000
97,307
6
Drovers Trust & Savings
200,000
734 Q-J Oct. '09,2
__ Q-J Oct. '09, 112
215,582 ____
Farwell Trust Co
1,500,000
First Trust & Savings
2,000,000 2,990,694
Q-M Sep 30'09, 4
Guarantee Trust & Say_
200,000
10,254 f1CO-p orated 1908 V.87,9.1138
- r
t
;fed
Harris Trust & Sayings_ 1,250,000 1,140,070 _
Q-J Oct '09, 212
Illinois Tru:t & Savings 5,000,000 8,297,291 16+4 16+4
6
Oct. '09,4
200,000
Kenwood frust&Savgs_
44,201
6
6
Q-J Oct. '09, 134
200,000
LakeVIew TrIst.7.,Savgs
39,04
2
Q-J Oct. '09, 114
Merchants' Loan & TrCo 3,000,000 5,036,106 12
1P Q-J Oct. '09,3
4
Metropolitan Trust&Sav
750,000
Q-J Sep30'09,112
1,500,000 2,113119
Northern Trust Co
41
8
8
6
Q-J Oct. '09, 2
North-Western Tr&Say.
200,000 , 55,011
6
6
J-J July '09, 3
11,A1
200,000
People's Trust & Savgs _
6 Q-J Oct' '09,2
1:
0 21
18
Pullman Truat & Say .14_
8
Q-J Oct. '09, 2
Sheridan Tr & Say Bank
2
1,2235, 5451 Beg. b us.J'iy 12'O 9 V.89,9.141
620 0
:
0000
Stockmen's Trust dc Say zi,000200:000000
J-J July '09, 212
5
Union Trust Co
8 Q-M Sep 30'09, 2
TrustdcSavings 1,110 000
Weitern
0:
201,660 -716
Q-J Oct. '09, 112
West Side Tr&Sayllanic
64,803 Began butane sa Se pt 5 1908
Woodlawn Tr&SavIlank
200,000
38,514
6
6
Oct. '09, 112 '
a
•13Id and 4iskcd,prIce3, no sales were made on this day.
1 Sept...
.
1 (close of businCss) to. nationa, banks all' S"Dt. 2. (opening of business) for State
lustittitluns.!. ;No pice Friday: latest_price this week. aDue Dec., 31. aDue June . k Also stock dIvIdent ot 33 1-3%. liCapItal and surp.us to
b increased, aDlyidendi are said Q-J with'extra payments Q-F. r Al of date Dec. 31 1903. s Ban'lers and Commercial National
banks merged
Wee name of Cdniercia' National, with $7,000,000 capital: V.89, p. 571. 3 Capitatto be increased.
nt
BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and -Yearly
SHARE PRICES
-NOT PER cE1VTU.11 PRICES
Saturday
Oet 16
Monday
Oct 18
Tuesday
Oct 19
Wednesday
Oct 20
22 ursda2
Oct. 21,
Friday
22,
Sates
ol 111.4
Week
;hares
STOC KS • 222.2:2.
BOSTON STOCK
EXCHANGE
Range sta. Jan. 1.
1909.
Lowest
112152;41
,.ange lor P-eesous Ye'
.1008)
Lowest
flohest
Railroads
12134 122
12153 1221.- *12034 121 *12058 12078 12053 12118
•
12114
380 Atch Top & Santa Fe_100 :is Jan 13 12518
*10312 104121*10378 1047, 310418 10518 *10378 1047 *10414 1051 121
10114 Dec
6758 Fel
Oct 2
8
4 10412 10412
100
Do prei
100 003 222 15 MO 2 Ile 4
4
*231 232 .231 231
8212 Mc. 50414 Dec
232 232
231 231
231 232
229
230
96 Boston & Albany
100 •a5 J212 1 2
131 131
914 Am* 2 in.!? Jan :30. Deo
131 13112 13012 13012 130 13012 3130 131 *130
131
34 Boston Elevated
•
100 12414 Jan : 13212 Apr"
229 *_ 229 8_2_ 229 *__ 229
I21'2 Den 140 Jan
Last Sale 229 Oct'09 _2- Boston & Lowell
100 274.T::n 1•. 225 ,1 52.1
121 . a
15012 15012 15012 151 *150 151
.
,
'22214 Fel, 228 Deo
150 150
150 150
150
150
74 Boston & Maine
5.51 Oct 1:2 ill Oet
140 Jan
Last Sale 152 J'ly '05 .2.22
Do rwci
100 151 - Feb 26 1(5(1 Aor
299 160 *205- 166- 4555-136 Feb
156 Jan
*555- :::: *29u
*299
10 Boston & Providencc_100 295 Sep 14
*.___ 1714
1712 14
15
201 Nov
254 Jan
16
16
1612 17
*1712 18
184 Boston Suburban El Cos. 1134 Ja2 2 301 J rtn
72
72
72
73
22 Feb
7314 73
13 Mel,
9 me
7312 74
73 2 73
,
7414
6
48
Do pre •
*1012 - 21012- 2.1012 1112 *10
41 Jan
18 Nov
13
Lest Sale 10
02022 ..-- Boston& Wor Elec Cos -- 1017 Jan 5 /6I. Feb 1.2
*52 15 2.._ _ _ - -- *_.. 54
I,
'••.,
10 May10
54
- 21.2 Ni,,
17 Jati
*50
55
La.:1 Sate 54
Oct'01
Do pre
__ 157 157
52 Ja2 2
4712 De(•
5 Oct 7
0012.12n
14
33 '1112 June Ely & USY -100 143 :an 2- 122 ,.
22
118 118
126 Jan
15114 Dee
*Hi cll- 117 11712 *117 fur
2Do
1011
Mch
102
125112 Deo
.._ Lel Sr e 170 July'05 ---- Con & pref Class 4-100 116 Ja2. 1 1 .23 J'ly . 1113 .1
Mont,
*134
170
22 1/3 -.2.1
65 men
Dec
L'S Sale 13912 June'01. ---- Conn &
Pass Ely pref _100 222 Jan 2 14212 Licht!.
13314 Sep
132 2,5,r
LOdi Sale
*130 131- 455- -:- 155- 130 130 130 130 130 270 Oct'OU -- Connecticut River _10(3 267 J2n 52 175 Meh
:
:44 Jan '263 Dec
130
130
50 Fitchbur2, pre
100 129 J'ly 29 136 Feb ' ill Jae
*98
991 *98 - - *98
0212
0012 *98 9912 Last Sale 98 Oct'O• -__ Ga fly & Electri •
132 Nov
100 75 J22
, 5 98 Oct 12
65 Apr
80 Dec
86
86
86
86
*86
____
10
Do pre)
*198
8212 Sep 15
25 Dec
21 Oct
Last Sale 195
Oct'09
- Maine Central
1 00 195 .1-n '.1
9
0 79 Oct 11 9554 .,ail ,3 193 No: 193 Nov
*1712 -18 1734 -18 -174 17 4 *17 1712 *17 .1712 17
-317
l Mass Electric Cos
101) 1114 J7.11 12
*81_ 81
59 Oct 1 • 214 Jan
8112 8012 81
133 222
4
8012 8012 80
80
80
80
341
Do pre(
*121 111
1 170 171
83 Sep 29
40 Jan
169 170
(54 A ov
169 16912 169 170
169
170
677 N y N H
100 58n
7425,10e t
1
IR Nov
2-2
128 Jan
Last Sale 149 Aug'01 ---- Northern & Hartford_199 .57i .10 2:'
2222
N El100 146 Feb I i29 Aug I. 540
145 Apr
Last Sede '210 Oct'00
Norwich & Wor prof -100 200 Apr 13 215 Sep '2 '00 Jar
255- 206- *555- :::: 455- ::::•
As,
155 Feb
200 200 200
20()
Old Colony
10) 194 Jan 5 *0013 Ja2
*3312 361
19612 Dec
_
5 /5 Ja5
Last Sale 37
Oet'01 --- Rutland prof__ _100
*113 114 *11312 11418 *11312 1 - 4 *11312 115
45) J'ne
20 Apr 27
34 Dec
-143'Si Jan
Last Sale 114
Oct'02
-cattle Electric
100 2014'Meh •_ 11712 Anal •
104 104 *__ 104 *____ 104 •
15 Deo
70 Fel
103 104 *103
104
104
92
Do prof
100 9712 Apr 5 07 Aug 3
205 205
20512 203 _ 20378 2041. 20238 20238 20178 20312 20158 20152
883 Jan .02 Dec
3
750 Union PacItle
100 r1;278 Feb '26 21834 Aug t.
*10514 1061 *10378 10478 *10438 10532 *10318 10418
51012 Mc
Last Sale 101. Sep'09 --1855 Nov
8
8
Do pref
172 172
172 172
)J728 Nov
100 9312 Mch 2
Aug
/834 Api
6 Vermont & Mass_ 100 ,65 Jan 25) 1 1714 Apt 115
/5
*94
95
94
Li
04
150 Jan
161 Nov
-04- 1-- -94- 14
.
4
-- ;55- 94
93
94
31 West End St
9253 Apr 2.
50 88 Ja"
*103 -2_ 1()312 1031* 103 10312 103 103
9112 Sep
/6 Jan
10412 10417 *104 105
220
1)o pref
5
12 Apr 2,
:10 Dec
123 Jan
Last Sale 145 July'Of -- Wore Nash & Boch-100 102 Oct 12
149 252:012 146 May I
238 J'Iv 140 Men
Miscellaneous
4014 461
46
4: "I 4618 4634 40
46
46
46
45
4512 1,492 Amer Agrlcul Chem.. 100 2314 Jan 2 5014 Aug 12
101 1011 10112 10134 10112 102
35 Nov
13 Jan
10112 102
10112 102
102
102
282
Ilo pre
100 04 Jan IN 105
77 2159
96 Nov
9
8
13 87
8
834 9
812 9
9
9
1,725 Amer Pneu Service_ 5
83
4 9
1313 Feu
12 Dec
2134 22
5 1 Jan 2i,
5
2114 22
4 Fet
2134 22
2114 22
*2112 22
2112 2134 1,586
Do pref
50
22 J'nel.
1:4 Jan 1
23 Dec
02 Fe)
13078 132
131 131
13012 1303 130 131
130 13112 130
4
130
947 Amer Sugar Retin_100 12112 J'ne22 ,38 Apr
127 127
12612 1261* 126 127
:1914 Jan
1.3753 Nov
12612 12217 12612 1263 12634 12712
4
350
i)o pref
100
14218 1425 14178 1421, 14134 142i2 14118 142
132, Nov
14118 14152 14033 14112 6,052 Amer Telep & Tele25_100 120 J'ne22 52) Am I, 022 Fel
12514 Feb 1 54518 Sep 2';
1321. Nov
37
37
*361 361 *36
99 Ja2
37
*36
*36
37
:37
*36
37
10 American Woo!en___ _100 2712 Feb 5
4018 Aug 27
10312 1031 103/2 1033 10312 104
323; Dec
:
16 Jan
4
10312 104
103 10312 103
103
979
Do prof
*712 55, *712 51
100 1)317 Jan 1.2 •108
•. 5,
*712 55,, *7 2 8
0612 NOV
"5734 Fe)
Last Se1e
,
,
Oet'0£
--- Boston Land
10
14314 1431 14314 14314 14314 14314 14314 144 2 14412 14412 712
8 Oct III
4
33 Apr I
2 Jan . 412 Dec
14412 145
-311 CuMb Telco & Teleg_100 126 Jan 25 4812 'iy 29
6014 601. *6012 61
11612 j4.11
*59
60
1228 Nov
*5212 5912 5814 5814 *5612 5712
:
600 Dominion Iron & Steel__
1312 •itin 11
2114 Dec
0014 Oct
143 Jan
4
912 01:
9
12 912
4
914 23
4
912
1% 2 912 *914 912 *91.
,
320 East Boston Land
.2 3(2 'ne
.
250 250
7 Jan 4
246 250
8" Nov
2
250 252
411 202
252 25214 251 252
252
252
219 Edison Elec Illum__100 245 .lan 2 60 Apr
16414 1641 16414 16412 164 164 *16312 16412 164 164
01 .12.•' 253 Nov
'
16378 16378 :271 General Electric
100 15033 Feb
173 Aug .
70
701
70/2 71
162 De.:
71
7114 7112 73
73
74
75
76
5,902 MassachusettsGasCos 100 29 Jan 24 76 Oct 22 111 Jan
•
9114 941
95
95
no Dec
94
9418 9434 9434 9434 9478 95
95
281
Do prof
100 29 Jan , o7 Apt
21212'$213• 214 *213.14 214
,
510 Nov
77. Jan
21312 21312 214
213. 213
214
3 Mergenthaler Lino
100 :0212 Nie012 • 2u 2'2*3
592 "pi '2
212 212
- 14
Nov
3
212 212
3
3 14 *3
31
484 Mexican Te1ephon2._ 10
•2 Jan 5
214 Oct 11
12212 1221. 12.1' 12212 12133 12312 122 124
3 Oct
1 Mc
11912 121
3
116
12012 1,595 N E Co';ton Yarn
100 Os Apr 24 124 (let 54
11712 118
117 117
40 . Me,
58 Nov
116 116
110 11614 116 116 *2.- 115
437
Do prof
100 93 Jan
*136 137
118 Oct IC
75.- Mc
93 Dec
136. 1361. 13s, 136
135 136
13512 13512 *134
13512
82 N E Telephone
100 12614 Jan
1.9 Sep 2n
*1071:
105 Jan
128 Nov
105 42.- 105
Last Sale
107
Pacific Coast
102
108
i.55 190 100 190 191 191 190 190 190 19012 100 Oct'09 -HO Fullma2 Co Power_ IOU 76 Feb 6 192 Oct 123 5112 .111 89 Dec
190
192
168 Jan w
Aug
147 Jan
17412 Nov
*11
12
1112 1134 ,1112 1112 *11
*11
1112 *1114 12
1112
8'1 Reece Button-Hole_ 10
12 SOP 21.11
934 Jan 1
9, An
1012 Nov
109 1091 10112 109
108 10834 108 10812 10812 10834 10834 1083
52; Swift & Co
4
100 100 Jan 9 11412
*24
8812 Jan
50812 J'iy
25
2412 241: *2412 25
24
2434 *2412 2434 *2412 2434
Aug 12
68 TorritigtOn, Class A
25 2012 May21 '2.3 Aug
*27 .._ *27
20 Jan
24 Oct
*2612
20
*2612 ____ *27
26
___
1
Do pref
25 2414 Jan 211
28 Oct 9
2612 Dec
222 Mk
Last Sale
Union
25
J-k pi •
0 Mel
4
162 162
Eii2 162 16134 16212 162 01 102 16212 1% Oct'09 827 UnitedCop L'd & M'g_ 100 I Jar. 22
2)2 Jan
2
16212 165
Fruit
167 Sep 20' 11412.1an
12612 Jan
6914 6914 0773 6914 683 683
148 J'ly
69
693
6918 6834 69
8 69
4
4
1,657 Un Shoe Mach Corp_ 25 r54 Mehl. 71 Oct 't
31
31
3221 3078 3012 30 4 3012 30 4 30's 31
6238 Nov
3312 Jan
3
3034 31
3
787 'Do prof
25 2813 Jan Ii 3114 Sep 21
9134 927
1018 6273 0013 913
8Jan
217
20 Nov
4 8914 9014 88
9012 8773 9038 47,692 U S Steel Corp
100 4134 Feb 2, 947 Oct 4
12778 1281; 12838 12:" 12734 128
3
22 Jill)
5834 Nev
127 12712 127 12758 12718 12712
148
Do pref
100 :117 Feb 23 131 Oct
*1012 11
41012, 11 . • 1012 1010 1012 1012 •10
•.
2.•
14 Nov
1012 10
10
83 West Telep & Teleg...100
1%34 Stay
618 Jan 11
*88
91., Nov
• k'el
so
*88
89
28
88
88
88
88
88
*88
89
18
Do pref
100 16 mch
90 J'ly
8014 Dec
2 Jan
.
Mining
534 134
514 :13
4
5
5
514 514
5
5
5
784 Adventure Con
5
25
'
5 Oct 19 1012 1 222
*2018 60
1214 .2:12
112 Fet
591. 6912 59
59
18
58
*55
57
55
55
365 Allouez
21 34 Jan ze 62 Oct 1
.112 Nov
Ap,
8134 835
834 8434 8314 8432 8313 8358 8218 8314 8524 821, 33,100 Amalgama
2
ted Copper 100 65 Feb '25
45 Fet.
2872 Aug t.
8 115 Nov
,
3312 331
3412 351
3514 3614 3534 363
8 3514 313
4, 3514 35 4 6,430 Am Zinc Lew'. 6; Sm..- 25 23 21c1127 2038 Oct 255
3
:2) 4252
A2,4 Jan
4f3 46 4
4
3
10 Anaconda
25 3818 Feb 26
'
•.
4
Fel,
23 Nov
4417 4334 14
45 "15
- 447 45
-4412
4214 IS- 4,540 Arizona Commercial
- 4234 43l
25 30 Feb 22 4814 Sep 20
5-5 Jan
405s Dee
*.75 .99 *.76 .99 *.75 .99 3 .75 .99
Lt..4 Sale 1
Sep'09
Arnold
25 46 Feb 17
•2) rely
1 leo,
.20 Att2
12
121, 111
112 1012 1012 1078 1078 10
10
1012 11
-Fro Atlantic
25
8 J'ly 16 18
a:.
Ap.
1912 Nov
*.50 .60 * .501' .60 *.52 .55
.52 .52 4.52 .55
.50 .50
1,700 Bonanza (Dev Co)_..
•15 Feb 16 80 May •
.25 Oct
.75 Nov
1414 143 .1414 1412 1414 1414 *1418 1433 *1418 143
14
14
1,350 liostonCon C&G (rctsi 11
1034 Mch 15 1714 May •
1014 Ap.
*2018 201 *20
1818 Nov
2014 20
20 *1934 2014 193 19 8 20
20
4
7
1346 flos&Corbeop&S1121.2 5 5718 fly 14
2253 Jan 1 1114 Apr
25 Nov
25
220 '2222 2634 26 8 2712 2024 27
5
2612 2678 2612 27 22,170 Butte Coalition
15 2138 Feb 24
, )5b,Jan
28 May 2
30 Aug
9912 9012 9221 100
00 100
98 100
99 100
98
100
671 Calumet & Arizona
10 9614 May 3 110 Jan 4
03 Feb 130 Aug
*650 ____ 660' 620 602 662
665. 665
620 660
040
050
96 CalUmet & Hecla
25 585 Feb 23 698 AUg13 '165 21(2
*39
*3:22 40
40
40
/00 Jan
40
3912 3812 3812 *37
39
59
295 Centennial'
25 29 Feb 1
4412 Sep 3
* .15 ,20 3 .15 .20 :15 .10 .20 2,15 .20
21 Fob
3614 Nov
.15 .15 4.10
'.15
300 Cons Mercur Gold
1 .10' J'ne
al 12
8012 8012 8014 8014 8123 8018 7912 80
7912 80
25 2152
.25. .1215:
7912 80
1,384 Copper Range Con Co 100 6812 Feb 26 • 35
5518 Feb
26 2614 Aug
8
8
*712 8
83/2 Nov
*712 8
712 712
712 8
*712 • 8
170 Daly-West
2
712 May25
12 Men in.
1114 1114 1114 1114 2114 1114 11 • 11
7 Jan
1172 Nov
11
11
11
11
805 East Butte Cop Min
10
165 Apr 2o
8
*114 It
712 Feb I
*114 11; *114 112 *114 112
834 Dec
10 Dec
Last Sale 112
Oct'09
___ Elm River
12
138 Aug 0
212 Jan
913 Mei.
1612 17
172 17
234 No
1612 1234 16
1612 16
25 13 Feb '25
17
1612 1612 2,278 Franklin
19 Aug :1
612 Apr
1012 Nov
83
4 84
3
824 9
3
8 4 27 2 6 4 8 8
8 ' 3
7
4 9
83
84
3
"1 2;945 ,Browt Consolidated_ 5
73 Joe 16 1013 Aug •
8
*95
*95 . 100
*9612 100
*962 97
2
06
97
96 4 97
3
75 Granby Consolidated_10
Feb 25) 110 Jan
nIl .1 an90
J'Iy•
1012 107
2932 11,, 1073 1112 112 11,
11
11
10 4 11 24,343 Greene Cananea
3
23
(.;8 Jan
9 Feb 26
1318 Aug
*11
12 4 Jan
ill' 11
3
111
11 .11
*11
2. 11
11
' 200 Hancock Consolidated 25
1214 J'112 I'
-3314 Sep 11
678 67
*6t4 012
64 6 8
7
612 612 .614
61'
4
871 Helvetia Copper
- .14
5
712 Aug
25
o J'ly 21
2412 2612 2422 25
25
25
24
2434 24
2434 2412 25
2,615 Isle. Royale (Copper) _ 25 2218 Apr 27 3314 Feb I
1734 Feb, 2614 Jan
9
92
93
,
9
9 14
4 018
83
87
3 87
8
84
3
87 5,215 Kerr Lake
8
712 Apr 30
5
938 Auglit
36.2 3018 *381C 3612 3534 30
3734 36
3514 35 4 3412 3618 3,815 Lal2e Copper
3
25 16 Jan 30 39 Augl•
.0 Sep
2414 Deo
1434 143' 1422- 1434 *1412 15
1412 1458 1412 1412 1412 1412
248 La'Salle Copper
25 1034 J'ly it 1634 Feb it'
1214 Jan
612 61,
17'4 Jan
61 • 0
6
614
6
6
,512 53
4 *512
6
1,295 Malts Consol
25
414 Mch
1814 Ni2,222
838 Aug
*.50 .79
'214 Meh
50 L.70 *.50 .70 K .50 .70
Last Sale .60
Oct'09 .2___ Mayflower
25 .30 Apr 29 /0 J'ly '2
.75 J'ly
.28 Jan
513 514 .5
513 514
5
518 5i8
514
5
5
685 Mexico Cons 51 •& S.,. 10
312 Apr 16
31., Dec
8 Jan
1533 1.2.
1214 1514
1214 1514 1514 1538 1514 1512 1518
514 May10
1512 2,015 Miami Copper
5 1234 Feb 26 Ili, Aug 5
1512 Dec
28- Sep
4
618 Vs
014 614
6/2 61
614 614
618 618 *6
612 2,427 Michigan
25
*60
1512 Nov
4
60 , 00
61
13 Oct 15 1314 Mob 4
591
59
714 Feb
.59, 59
59. 59
5912
59
318 Mohawk
*.20 .301
25 35712 J'ly 16 7013 Jan 2
73 Nov
reb
.20 .30 4 .2152 .30
.20 .30,
Last Sale .20
Oct'09 -.2.•- 212ntana Conilo C
24
Deo
222
13 Jan
.2
2434 25
2434 2478 2452 2478 2412 2434 2412 243.1 7,105 Nevada Consolidat& C 10 19 Feb 11 40 Apr (.
ed_ 5 1612 Feb 211
,03 Nov
. 4
,
1112 111
2512 Aug 12
Ai Jan
1133 1112 1158 115
8 1112 1112 1112 113
4 1112 1112
847 Nipissing Mines
5
973 Oct 8 13 Sep 21
5914 607 20
605
5712 5812 68
5812 5712 5734 5714 5712 13,491 North Butte
15 4/14 J'ly ill 3514 .8..
6634
4034 Fob
73
4 8
153 77 • 714 714 . _•714 77
8
73
8 314
73
4
'814 9,180 North Lake($8 paid). 25
412 Meh22 3178 Aug 11
*.50 .02 *,5o .65 * .50 .65 * 2.0 . .65 8
Last Sale .60
Sep'09 .2_ Old Colony
'
25 40 J'ne2.1 .75 Aug 6
3 J'IY
51
.60 Jan
52
62
5214 5212 5212 61
51
50. 51
49
50
1,575 Old Dominion
25 4714 Feb 24 59 • Augll
156 158
28 Jan
6012 Dec
155 158
156 167
156 157 15154 150 *154
158
183 Osceola
25 122 Feb 25. 160 Oa 4
31
77- Feb 13512 Dec
31
3012 3072 307 307
3
8 3012 31
3012 3012 3012 3012
660 Parrott (Silver & Cop) 10 26 Feb 1
3614 J'ne10
1012 Jan
3118 Dec
*88 --•- 88
89
89
89
88
88
86
86
59 Quincy,25 85 Feb I
88
86
*12 2
3
39 Jan 4
*.17
8 2
77 Feb WO Aug
.178 .178 4.178 2
*178 2
178
178
300 Santa Fe (Gold 6: Cop) 10
278Jan 2
134 Oct 12
1158 157
15 Apr ' 33 Nov
8
1552 1534
1512 1534 1553 1558 1512 1612 1558 1558
8
877 Shannon
10 1312 Feb 26
59
177g Jan
591
504 6012 5914 593
934 Feb
1914 Nov
4 583 5834 58
4
4 573 3,678 Superb513
4 573
4
25 34 Jan 5 6212 Aug
1412 141,
14- Apr
1478 141r 2412 1412
3612 Nov
1412 1412 *1412 1458 1412 1412
510 Superior&Boston Min 10
15
1812 Ma‘ 25
14 Alch24
151/ 2518 1512 1514 1512 1514 1514 15
1518 15
15
2,431 Superlor&PItts Copp_ 10 1278 Apr 21
67
67
1812 J'ly I
*25: 711
nig Nov
1418 Oct
70
08
70 *65
68
70,
70
'78 Tamarack
25 62 J'ly is 3)0 F&'2'
11
12
11, 11
66i Mr
2 Nov
10342 11
1012 1052 1012 1012 10
1012 1,655 "rrItiftv
21 10 Oct 22
3733.1;151 2.
*9
93
*9 3 10
3
1213 re):
'
*912 10
Aug
*918 9
53
Lest Sete 212
Oct'09
United Copper
3714 371, 3712 3814 3778 381
101,
100
814 J'ne21
45 \ ,•
3
2,12 Nov
3758 3778 3714 38
3734 3734 4,641 United StatesCoal&OU 25 28 Jan 12
52711f.6i
3814 Oct 18
:2.34 Nov
5512 561,
557 551
8
55
5618 55
5134 55
5512 8,557 2: 8 Smelt Ref & Mln_ 50 39 Feb 25 59 Sep
53,
53
53
53
28 5 , 2.
4673 Nov
5314 5314 53
53
53
53
5314 53
1,164
Do prof
60 44 Jan 8 54 Oct 4
412 41: *414 412
458 43
47 Nov
4
37 ; Feb
412 412
41.
2 412
414
414
1891) 5Jtah- Apex
43
413 Sep 28
43
4312 4334
1)341511 2.
7 Nov
4334 4321 43
A11131115 ' 50
438 Sep
43
42
43
4212 423
952 Utah Consolldate
4
*4734 481:
5 3714 Feb 24 4812 Augll
4225 491) 4712 4712 48
2
2912 Jan' 61) Aug
4712 4712,
48
105 Utah Copper Co
*334 4
10 3934 Feb 26 14 Aug
4.4 .04 *0'4 41
'2873 Ail, 53 Nov
*3 4 418 *312 134
3
245 Victoria
34
3
34
3
353 Jan 6
25
7
612 May 5,
*62, 71
7
212 Apr
7
7
6 Nov
7
7
7
612 634 *612
264 IVInona
434 Apr 3u
25
*147 150 3_2- 150
(734Nov
147 • 150 k _150 144 146
38 Sop 25)
3
42 Jan
186 Wolverine
^5 139 Mehl, 152 Aug 12 I I212Jan
.
238 215,
155 Nov
233 238
214 22.
21. 4 214
2
214
1,756W vand ot
"5
2 Oct 0
Oct
.1:25) t.
C Lle•ar pay't Of assess'ts called in 11)02. • 1831 arm asked prices. a New
stock. e Ass't paid. S Ex stOCW diV
11 Ex-21E1n3. a 122-dtv. and rent.
Boston Bond ,Record
Oar. 13 1909.11
1059
r
..
BOSTON WFOCK EXCH'OE -... E
Walla END1No Oar 22
.F.
prida,i,
Oct 22
Week's
Range or
bast hale
As. Low
Ewa
Btu
93
Lai Teter & Tel coil It 48.1929 J.j 98 Sap. 4/954
OonvertIble 4a. ......11136 ts.g 1U5' Salo 1.14% 1063
1.
Len Writ Paver 1st 6 t ds v 1919 j../
83 Mae()
Iris Corn Cop 181 cony 68 19.8 ALS ...... .. . .190 Sep 09
.
/
4
Lien Top &1,3 Fe gen g 48-1905 A•0 100 1(iit 4 i 004 1001
AdJustment g 46....J'Iy 1995 No
94 Oct Nil.
96
94
Stampen
.J'17 11195 M-N
94% 019 '09
96
04
-year °env 46
50
1955 j.D
115 .. Oct
,
10-year cony 56
l'20' Aug'ob
1917 J •D 113
'i 1
LB Gull & W 1 SS Linea 511.'59 J • J
704 Salt 70
Boston Elect L coueo. 58.1924 U.S
110 FelP114
Beaton & Lowell 45
101.14 Mar'00
1916 J -J
Boston co Maine 4 hs
104% Oct '08
1944 J-J
Beaton Terminal 1st 3423.11147 F.A
112¼ Jan '03
102 Oct 'OP
Bar & M o Lim ex 66
1915 J -J
102 Sep '05
1018 J - J
Non-exempt 66
119 4 Jan '09
1910 J.J
Sinlung Lund 45
Butte & liostoll 1st 60....1017 A-0100 J'ne'01
...... ....
117 .1' ne'013
3eclar Rap & Mo li lst 78.1916 M-N
1114.1'1y'05
1901) J-D
2478
89
89
69
3ent Vermt let g 4,4_51 ayl920 (./. V
'103 Oct'07
3 B & (./ Iowa Div lst 55.1910 A-0
1911) A-0
9. 5 Ply 04.
8
IOWA DIY 1St 4s
100 Apr'ub
1913 M-N
Debenture os
:00 Oot'0.
1922 FA
Denver Exton 48
102 A tWoil
1927 M-N
Nebraska Exten 48
1921 NA- S
09 Oct 'o
B& SW 8 1 48
1949 J • J
Illinois Div 348
8J% Oct 'u
Joint bowie ktee et Northern
,
Jhie J 0 ity & etk Yoe 56.1915 J -J 101 4 101% 10142 1913
93 Oct 01
1.2
C011 I rust rel uniting g 4811140 A-0
...... 1184 Feb 'a.t.
3h Mil & St P Dub 1) 68..11121) J •J
.
126 b'eu'ut.
31i M db St P Wit V (tiv 6619211 j J
103 '-..-i 'Ott
l)hiG & No Mien let itu 56.1931 M-N 102%
106 rly'of',
Ohio & W M nib gen toi....1921 .1•0
91 )ii-c'071
Dont:writ & blunt cons 46-11120 .14)
112¼ Jan '031
Donn & Pass ft let g 46...i94., A40
116 Fel)'01),
147 A-0
Ditrrent Paver let 56
1. , 1
1.0%
Dot Or hap di W let 48-1946 A-0 91 Sale
1)6-2 Aug'0'
Dominion Coal 1st e f 158_1040 .A.1:
1915 M.8
t03'e Apt '07)
rat:int/uric 48
1921 .9.8
116 Apt'Ur'
46
133 blaC01.
rremt Elk & Mo V 1st 68..1933 A.0
1933 A-0
140 At!!'05
Unstaniped let 6s
1164 salt 96 15
at -8 ot 0 13 Jai./ con Lr 48 1921 J • J
0 4
0
9414
nee l ti-J
Registered 45
954.....16I4
ziarir,--atiyor pays accrued nieroet. in
WWI 1.1011
Range
hints
Januar!' .
&)
A.,
.
b3
.
Lou Bleb
915 96 4
4
,
924 107 4
83
83
130 190
1. 100 101 1..
112% 1145
8
94¼
93
1024 119
10741204
59
73
4
/
4
1001 100,
102
102
• 9J4, 99".
-
U0%
81
8
995 1004
9414 100
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98% 99
8.1.07 92
8
3
1014 104
114
91
110141184
:01 10
lo2 106',
...... •
1)6
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1.16
0'2 ;
1
1.17
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964 984
1
to the Duren:I.( prioo tor all
BOND?
,
(7,...
BOSTON STOCK ICICCH'GE -2, .c
WEEK ENDING 00r 22
..!...,..
Illinois Steel tieben 5s....1910 3-J
Non-convert deben 56-1913 A-0
la Falls &sioux (1st 7...1017 A-0
ken C Olin & Spr 1st 5s...1925 A-0
Kan c Ft 8& Gulf ext 68..1911 J -D
Kan C Ft Scott & M 68.-1928 M.N
Kan C 41 es B gen 4s
1934 M-S
Assented income 5»
1934 M.8
Kan C & Al Hy & lir lst 5819211 A-0
Maine Cent cons let 78...1912 A-0
Cons 1st 415
1912 A-0
AI Aro Hough & Ont Let 66.1925 A-0
Mass Gas 4¼. (rectei
1929
Mexican Central cons 46..191) 3.4
let cons Inc 3s
Jan 1930 J'ly
4.6 cons me .38
Jan 1939 J'ly
Al ich Teleplst 56
1917 3.3
Mince Gen Klee con g 56 1921) j•J
New Eng Cot Yarn 5s....1929 F -A
New Eng Teleph 5b
1915 A40
58.
1910 A-0
,New Env lard cons g 58.. 1945 J -J
taoston Term 1st 4s
1939 A-0
N Y N H & H con deb 3%a11'56 1.4
Cony deb ((s (ells)
1943 .1•3
010 Colony gold 48
1924 F-A
urea Ay & Nav eon g 48_1946 .1-1)
ureg Sh Line 1st g tie
11122 F-A
Reim') Valley lst a 1 66 1911/ J -J
i4.utianu let con gen 4%s 1941 J -J
Rutland-Canadian let 481949 J -J
savannah Liec 1st eon.511.11382 4.4
Seattle Elea 1st g 5s
1031) FA
a erre nitrite Eiec. v 58.. 1929 .1-4
Torrington 1st g 56
1915 51-8
Union Pac it It &let g 48.11147 J •J
20.year cony tie
1921 3.3
Unite() ktuit gen a t 4 414.19:3 J•.1
U S Coal & Oil 1st s t Us..103b M N
U s Steel Corp 10-60 yr 58.1963 11-8
W est, End Street By 48. . 1915 F•A
(3016 4¼.
1914 M'S
Gehl oeuenture 46
1019 M-8
Gold 48
1917 F-A
V% eaten' Teleph db Tel 58,1932 J .J
%%isconsic Cent 1st ten 4819411 J -J
1051011
.1-rtce
Iriclat
Oct 22
'
heaps
If rew's
.Sanve or ;
. 8 104
1/
I
January 1
Lao Nal. '
Kw
.., Loa+ ti gilt,
ft tip
46n ,..ua,
100
101 Oct 'II .... 11104 101
1 004101%
4 I. 0114
1O1,1(11 ,(.05
117 Apr')'
u7,. :64
96..
1 94
97
100 Sep '01 .... 100 101
1114 ¼ 119, :1181 1204
8
,
4
1)87
143
94
... ..4)
94
93
94
91
92
92
142
1 864 924
1114 J'ne 09.... 103%104
103%
1135 Nov 100 ... ...... --.
101¼ sep '05
....
115 l'ne'08
96%
99', 24 984100
88 Mann,.... 844 88
4.16 Apt '0..
. 15% (191'0
.
1024 Anv414
1044 11 102% 104%
104% Bale 104
102 Feb'o .... 102 102
1004 see Ito'
......
109.4 Oct 0, .... 97%1094
1414 sop '06 .... :34 141%
2
10. Apr'09 . _ 401 101
037 Sep '04 ..„ 9% 987
8
8
8
(J,
118% .9..1 .... 1187 1191,
105 liee'0,(074 .,.''
9...
102 NI at'01.
96% Mar'01.4
1044 104.4
1 a 04 106%
1.1. Apt V.
102 Ang'1111 ... 102 102
io25 Ani 'tot ... Uri,ki 103%
.
I lu 4 J'ne'40. . .0 %11U¼
99... 2
16%
95% 97
(50 Oct 'ii
(20 155
095%
02
, 3 /0214 108'1
101/4 Apr'01).... :004100%
1015 .1' in.') 9 .... 1004 1024
4
1),(4 Sep '. 0 .. 904 1004
(004 Oct 't.9 .... 994 1005
8
149
9
111/4 'i : 9 luoy
1)5% Ai.'I) .... 03% 954
No price Friday • &atom ow 11111
!,t
44.10
,1
Philadelphia and Baltimore Stook Exchanges-Stook Record, Daily, Weekly. Yearly
snare **races
-Ant Vor Cotillion liriCes
liaturday
Oct 16
411 onv a
Oct 18
1 veso.as
Oct 19
et.iteso at,
Oct .0
ttitrattas
Oct 41
/natio
Oct 22
Sated
AUTIVE STOCKS
o/ the
Per Bonds and inactive
Week (
stocks see below
shares
40
.35
*51
83
834 83% 38
83
1054 105% 10.•% 1055 •105 106
112614 '105¼
196 2111134
,
,
4
18
.17
.17
.17
19
*17
'17
.35
36
87
354 354 '35
86
.35
184 13%
134 13-'4 •13% 14
*18%
O.O.E....•
•
404 404 40
40% 40
40',
41
*45% 46 . 4 46
45% *45% 46
455
405 463
4
46% 47
4
464 464
47
12% 12%
12
12% .124 12% 12
60% 004 60% 00
go
60% 60
11312 28
*225 '23
23
4
'23
23
73
73, 72',, 724 724 72%
,
73
*72
124 124 .
124 125
4
29
294 29
'29
29
29
29
20
117 117 •1174103
117% 117% 117 11.74
4
98% 99% 974 99
bItt 09%, 1175 9:).,
78% 74
734 74518 73% 74
734 '23%
43
48
48% 4.
48
tib
,ks *4114 48
13% 1.56
13
13
13%
13%
13% 13.1
27% 27% 26
284 28'. 47% 27%
III
11273.8 82% 81% 8:.:(S. 51510 84% 81
615
8
6 1.
9
8
ti% 67
euie
4
0% 63
8 52% 53
63
53
534 501
53
5$4
Ina..
201 904 1104 14o
1.10
4
901
4 90
440
45%
47%
124
.60
1•1111.401.i.rislA
Inactive Mucky
bileglieny Val pret....5U
50
Ilinerican Cement
lilt)
Amer Pipe Mfg
Roil Telephone(Pa) 100
ou
Oambria Iron
Central Coal & Coke.IOU
!Tree ot N J...100
State dteel..10
Preferred
10
Masten Con Electric 0.5t)
Mee Storage Batt.....100
Preferred
100
in Wayne 415W V
101)
BermeII to wn Pass
51
Incliattapolia St
100
Inthana Union Tr....100
Inaurance Coot N A...11)
Later Stu Pow & Cliera.50
Keystone Telephone _50
Preterreu
60
LeystoneWatcheasie.10t)
Lit Brother.
It)
Little belluylicill
50
IlLinehill & Schuyl 11_50
N Haven iron & stee1.5
Northern Central
5(
North Pennsylvania-5u
ennaylvania salt
50
eximiyivania st eel..100
Preterred
100
Phila Co(Pitts) pref...50
Phil German& Norrus.50
60
Phil& Traction
10
Railway, Oenerat
Buy/nen Iron & Steel .5
10
Tidewater Steel
10
Proierrett
Thnopah liming of Neil
100
Union Tr ot lad.
United N J RR as C-1011
Unit Trac Pato pret_50
Warwick Iron & Steei.lt
Weal J ereey & SoaS1i.50
Westmoreland Com....50
:Wilkes 1i 101 A. MO ..10
,
Bill I Alit
40% 40%
456 455
8
.
464 46%
,
12 , 12%
594 60
22% 227
8
73
.72
.124 12%
28 '28%
117% 1173
4
484 1/9
38
9
48
13%
'265
..
811028
52 ,
,
90
11,A1Piul.l'/I IA
Prices are all "and
interest."
40%
... Al Val E ext 713 1910 A-0
Alt &I.)/ Klee 4 1 03133.F-A
.
46% 40% Ain Bye eouv 58 1011.4.D
Atl City lat 58 g
Berg& EBrW let 68'21 J.J
78
Betlite 81e431 65 1998.41.9
(lhm& Me 1st58 1.9411J
Ch Ok & G gen 53'1U J -J
001St By let con 5e 1932
59% 60
Con Traci ot N J let 523.'33
E& A lst 21 Oa 1920M..8
Klee & Peo 'Fr stk It °tie
Eq 11 (las-h 1st g 58 192s
intininapolla By 48.1933
22
22% interstate 4811143
Lehigh Nay 44s '14.Q.J
16
1914.4,).1
Rite 4s g
124 13
Gen 16 4¼.g 11124.Q.i.
116
Leh V C 1st os g
Leh V ext 45181 1948.J.1)
51.8
57
24 7s 1910
34)
61
Comm 6s 1923
4-1)
Annuity tie
Gen cons 48 2003.51-N
look,
Leh V 'Frau eon 4s 135J.1)
109
Now Con(las 65 1948 J.1)
Newark Pass con 55 1930
116% NY Phdbliolet4s'39J-J
434 44%
Income 48 1939...51-N
No0hioTrac conoe'll).J
90
91
Penn gen Os 1910 .Val
.
U's 10
Consoi 6. 1019
Val
Penn & 516 Steel con 68.
4 Pa 33 NY Can 56'39.A.0
Con 4t 1939
A-0
6%
Penn Steel let 56'17 51-N
People's Tr tr <sorts 4a '43
260
P Co lin& col tr 55'49 M-8
Con& col tr 5.195151-N
114 P1111 Lieu gold trust Otte
Trust certife 48
4.7% P sts b.. gen 51 5 g '20.A.0
74%
'74
ben M s g 1920..A&O
'Bid and asked; no sale.en this day.
1$7.60 paid
g=ni,
4.0
....
Lowest
lialtsinere
Von. Gas EL L. 32. Pow.100 30 Mar ti
69
Do pret
100 76 51ariti
80 Northern Central
50 100 Jan 4
seaboard(new)
100 11% Feb
00
Do 26 ire!
100 22% FeU24
179 United
db Electric
Ou
1,3 Feb 2
4
.attge ,or Previous
l'ear 191)8
111(11468'
Lowest
424 May a
MO May is
ill Jan 1%
214J'nel4
41 Ata.,15
14% Awl%
Jan
Mat
Jan
4 Fe%
10 lee
10 Jan
20
65
(1 41111851
30 Dee
51% Dec
1)eo
15 Dec
26 Deo
12 Nov
Philadelphia
471 American Cement
8
50 377 Apr13 43 jan
324 Mn 43 Dec
IA) wor,uttu Hallways__ 50 445 J'ly
45% 4a5
8
8
46%
42% Ma. 46'. Nov
2,110o cam Lim Steel
47
46
50 32% re./23 19 130p21 26% Feb 40% Dec
124 1.25 1,014 Electric Cool America 10.e10% Jan 20
8
84Jan 114 Dec
85t. Klee Storage Battery-1 e0 43 Jan so 034J ly
69¼ 61)
24 4 Feb 40., Dec
*224 225
4
Aspiiait It cue
10u 15 4Jan . 255 Feu
4
3% Jan 711% Dec
73
450
*72
Do prod It cite
63
au
76 Oct 4 10%.at 59% Deo
*124 18
20 Keystone Tonerhone
50 94 aau .1 15 ,ti.' 111
9 May
aan
274 264 2,425 Lake supertor Corp.1 1Uo 14% Jan
33%May 8
3% beu 17 Deo
301 Leiugh C & N av tr cif& 50 116
lid net.,
Jan 5 1214 Augl. 7a', Jan 97% Dec
1)8lt 1007 2,921 Lehigh Valley
,,
50 67 Veb23 113 sep 21 525 Fen 765 Dec
4
8
50 034 Feb24 75 2 Sep 21. 59 28 Jan 66%8 Deo
78in 7 3 5,11:5 Pennsylvania lilt
.
4
,
221 Plulattelp'aUo(Pitlau) Si' 41) 2 OU_4 411% A 4..11‘ 34.2.9si 44% 1)60
45
45
,
13
13% 6,9/0 PhIladelplita butetriot 25 11% Feb211 13. Oct 1.
8
642 Fen 12% ..\ov
25% 265
Phila Bawd Transit
50 24%Jan 5 36 2
4
,
2- 212 %./.9. 25'. Dee
8028 bl.
Ileatiing
9,5
50
k'elvz3 e6', Sep 2. 46518Feb i11118 Dec
3i(1. Tonopah Mining
1
1 5:4 Jan
6% 63
4
4 Apr
' Murat,
3% Jan
7 318
524 52% 5,140 nom II:auntie50 tu%Jan 5 58%May a .444.1
504 Apr
89% 904 6.232 United Oas
8
511 845 40..13
ben 1.2
94% Deo
41.1an
.40
7
8
•41%
13
25',
u%
05
8
52
90
hanqe htnce
Jan I 19,1)
Btu
44.44
1011
4
'J4
107
1174
113 115
103', 1053
4
109 110
112
112%
166
55
86
554
101)
109%
119
149
1)
121
974
100
08
1,05
1.)7
98
102% 103
61,, 76
1
1,i111.ADELPillA
PS es Ream 26 58'33.A.0
Con DI 78 1911
J-D
Ex Imp M 48 g'47 A.0
Teriumai 56 g 1041 4/.1
P W & 11 cot It 46'21.J -J
Portland By 1st us 1.931.1.
Itocll Hy& Leo,,58'54J -J
SpaniszAm 1r us '27 J-J
U 'Frac Intl gen 58'19..1-.1
U ft Rye Tr oils 46'49J &../
United By.Inv 1et coil to
lug 11./26
51.N
U Traci Pit gen 58'97 4..1
Weis baeli a t 58 1930.J.1)
W112.6-13uabE con573 55J-J
.
11A111`1,11twe,
Inactive P‘tuclia
Ala CPUS (.loal& liou 101)
Pret
100
Atlanta'.'. Charlotte-100
Allan Coadt L (Com3)1()()
Canton Co
100
Cone Cot Duck Corp .50
Prelerred
SO
Georgia Son ck. Fla 100
100
let prof
26 prof
100
(i.B.S Brewing
100
Bonds
Prices are all "and
into est."
A nacoetui & Pot 5,3
ext 44s '10.4-4
Atl &
Atlau U L RE4s195251-S
AU coast L(Ctictfe5e.1.1)
CM 01 indebt 4s....J-J
J -J
5-20 yr 4s 1925
lialtePass 12458'11 M-N
Balt Fundg 56.1016 /31-N
Exchange 3%I 11.130 -J
Balt& P let68 ra 1'11 A-0
B PdbC at4'28'63F-A
Salt Tram let 5s..'29 M.4
No Salt Div 55 1942 J-D
Cent'l By cou5s1932 M-N
kat tiv Imp 58.1932 MS
Eta
48*.
11.41.11 311111
Chas city kty 1st 58'23J -J
104',, 106
Chat/ Ily ti &
56'91,51.8
Chart C& A 211'i
1201 CitY& Sub lot
.
'22 J -D
Citi& buti(Was)list 58'48
100 100
Coat'S I By ist 58'20E-A
10(1
Col&121ruv let68.1016J .J
lt)3
consul Wu 66...11110.1-1)
51
..1939 J -1)
tie& All let con be '45.1.3
tia car doN let 56 g'293-J
85
lieotgla lat 6s...'22 J -J
uaSodb Fla let 5s 1945J -J
86
ti-13-5 Brew 3-4)4195151-8
26 income 55 11151 51-N
Knoxv Trac
58'28A.0
LakeR El 1st gu58'4216.51
36
macouRy&Litict53'5:
40
.44
Mewphis St let 58'45 J-J
155
.51 etSt( Wash)let55'25 I A
325 340
Mt Ver Cot Duck let 55.
1)74 93
pt Nacu P 1st 5ti'35 51.-N
Norfolk St let 513'44-J-J
6
7
20
North Cent4ics 1925 A.()
21
33
series A 513 1926 .3-.I
38
95
Series ki 68 1926. .J-J
97
75
Pitt Un Tree 58 1097.J.J
'2%
Polo Val let be 1941...14
Sate Fled:West 5'8'34 A-0
Seaboard A. L 4s 1050A-0
Seal)& Roan 56 19241.4,)
South Bound 1st 56..A.0
U El L&P 1614%8'211M-1N
Un By'S Ell/P.46'49 16-s
95% 96
105
Income 481949
J
87
Funding be 1936. .J-D
90
92
Va Mid 26 tier 68'11.31.6
94
36 serum 6e 1916-M-b
ItiuN .01.
105 106
4th tier 3.4.56 1921.51.b.
98
5th series fot 1926.51.8
98%
101% tO.i
Va (State) 38 new '32.J-J
03
93
Fund debt 2.361991.J-3
109 110
West N Coon tis 1914 .1-J
113 114
WeaVa C&P 1st 6g'11 J-J
109%11.9 110
Wil & Weld 56-11135.J4
112
Btu
Ask
1024
90
92
101'.
11),
1034 1)14',
1(41% 02.‘s
108 109
100% 100%
110 1114
104% 105
1044 105
4
111)
109 169
44
44%
13
14
105
112% 1134
95
96%
1.19 100
10?',
4.4 78
911
96
105
105
111
112
108
10.5 108
1084 109%
)39
91
107%
100 107
92%
87 -if;;
58
584
84
84%
102 102%
1011 112
105
Itn3
110
904
lo6 108
Id % 102
1.12 114
• ••••
• ONO.,
•
L2 1,$ paid. t $13% paid. *1P35 paid. a Receipts. I) $23 paid. o$30 paid. d $124Psi&
1060
[VOL. Lxxxnr. •
7
THE CHRONICLE
Volume of Business at gtook Exchanges
Telegraph & Telephone Bid
e Amer Teieg is Cable_ 100 80
e Central is So Amer_100 112
Comm'l Cu Tel (NY)_ 25 110
Emp is Bay State Tel_100 65
Franklin
100 43
e Gold is Stock Teleg..100 110
NY &NJ Teleph-See St Ic Exc
e Northwestern Teleg. 50 108
Pacific is Atlantic
25 70
Southern is Atlantic.._ 25 92
'Ask
85
117
120
75
50
120
list
115
80
93
IndustrIa. and Misce%
Bid Ali
Consol Rubber Tire--100
a
5,
Preferred
100 19
St
Debenture 4s 19s1 A &O 32 80
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Con Steamship Lines..100
DAILY. WEEKLY AND YEARLY.
Coll tr 9s 1057 rcts J &J I 20 ii
pCorn Prod Ref-See Stock Exc list
Stocks.
Railroad
c Crucible Steel
100 14
Week ending
State
a Preferred
&a.
U. S.
1
100 8414
Oct. 22 1903.
Shares.
Par value.
Bondi.
Bonds.
Bonds.
Cumberiand-Ely Copper.5 4
714
a Diamond Matoh Co_100 127
Saturday
593,213 557,183,800 $1,760,500
$26,000
5 *114 111
Douglas Copper
Monday
1,035.987 99,371,200
72,000
3,834,000
Econ'y Lt is P (Joliet, Ill)
Ferry Companies
Tuesday
828,433 78,403,650
85,000 $10,000 B is N Y 1st 6s 1911_J-J
3,289,500
91
96
1st M..^ f g Os 1956_J-D 96 98
Wednesday
780,947 72,981,300
90,000
5,000 NY &ER Ferry stk_100 34 38 Electric Boat
2,876,500
22
100 17
Thursday
191,500
k,627,000
822,798 77,209,800
20,000
65
1st 5s 1922
M-N
Preferred
Friday
149,500
3,211,500
886,705 81,993,375
NY&Hob 5s May '45A-D 98 10) Empire Steel
100
00
HobEy 1st 5s 1946 M-N 106 107
Preferred
100
Total
4.048.083 5467.146.12s 817.599.000
5614.000 535.000 NY is NJ is 1946_J-J 117 103 eFedcral Sugar of NY-See
iiis1
-42 eGeneral Chemical_ _ _100
10th is 231 Sts Ferry. 100 38
95
67
72
1st mtge 5s 1919__J-D
e Preferred
100
Sates at
Jan. 1 to Oct. 22.
Week ending Oct. 22.
31
e Union Ferry stock_ _100 29
--7
61
Goldfield Consol Mines..10
New York Stock
0
:
111
1st 5s 1920
81-N 951 97 Go.d Hill Copper
1
Exchange.
1909.
1903.
1008.
1908.
11
Greene-Cananea
20
220
Guggenheim Explor'n 100
Short-Term Notes
Stocks
-No. shares __
4,948,083
172,881,077
3,294.877
146,792,100
Par value
$467,146,125 $305,693,825 $15,832,116,625 $12,712,079,600 Am Cig ser A 4s '11_ _M-S 98 99 elfackensack Water Co
98
91
Ser B 4s Mch 15'12 M'S 07
Ref g 4s 'Slop '12 _J&J 89
$70,100
Bank shares, par
$3,400
$116,100
55
Am Tel is Tel g 5s '10_J-J 100 1001: Hall Signal Co
100 50
Bonds.
812 10
titian Coast L is '10_111-:-. 10014 10034 Havana Tobacco Co_ _100
$4,000
$35,000
5531,700
Government bonds
$471,620
15
25
63
Preferred
10(1
614,000
'08 M-S / 61
557,500
31,320,900
State bonds
72,832,000 Cin Ham&D4
68
Col tr g 4s 1013_ _ _J-.1 96
1st g is June 1 '23_J-D G3
11
5 9718
17,500,000 18,970,500 1,062,447,100
RR.and misc. bonds
685,930,700
C C C & St L 5s, June '11 10012 101
Hecker-Jones-Jewell MIII
1st Gs 1022
14-5 10612 10812
$18,248,000 $19,532,000 $ 1,094,299,700
Total bonds
$759,243,320 Erie Gs, Apr 8 1911_ A-0
45
Interb It T g Gs 1011 111-N 103 1131-2
new 14N 35
l_ 10O
MC Ity&Light 6s '12_M-S 98 99
Hoboken Land &I mp _100
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
Lack Steel 5s g 1010..M-S 093 09 4
-- 8
0978
3
e 5s 1910
EXCHANGES.
Lake Sh&M So 5s '10 F-A 100 10014 Houston Oil
812 8 4
3
100
Lou is Nash g Os '10_111-S 10014 10034
3012
Preferred
100 37
Boston.
Philadelphia,
111eX Cent 58 July 1 1910 100 100. Hudson Realty
100 110
Week cndinn
Mich Cent Os 1010
F-A 100 10014 e Ingersoll-Rand com_100 75
00
Oct. 22 1909.
Listed 1 Unlisted
Bond
Bond
Listed !Unlisted
90
Minn is St L g 5s '11 _F-A 9834 99.
e Preferred
shares. I shares.
shares.
shares.
sales.
sales.
N Y Cent 5s 1910_
-A 100 10014 Internat'l I3ank'g Co_100 145 155
0 3)
N Y C Lines Eqp 5s '10-27 0412% 4.20 Internat'l Men Mar-See S tic Ex list
Saturday
$18,500 NYNH&H 53'10-'12 10012 10212 International Nickel 100 130
13,854
39,7971
13,465
4,430
$72,000
_
Monday
30,719
20,514
49,200 Norf is West Is 1910 M-N 10014 10012
29,674
84,000
8,727
Preferred
100 87 -110 • •
Tuesday
13.728
24,3431
41,200 Pa RR is Mch 15 '10 M-S 10014 10012
23,538
87,000
13,130
1st g•5s 1932
A &O 90 92
Wednesday
35,4271 16,906
199,000
19,715
21,933
60,800 Public Service Corp 5s See St 11;s International Salt____100
912 1012
Thursday
26,3301 15,381
69,000
30,326
23,122
86,600 St L is San Erg 59,11 JisJ 081^ 091r
1st g Os 1951
A-0 /45 55
30.9551 13,692
Friday
80,000
21,769
16,954
58,800
712 1112
4 56%g notes'12op FOcA c512 9612 International Sliver. 100
,
South By g 5s 1910_ _F-A 9978 10018
Preferred
100 08 100
187,5711 93,796 $591,000 100.315 126,857 8315,100 Southern By es 1911_111-N
Total
1st Cs 1048
J-D 100 Ill
--Tidewater 6s, 1013, guar 10178 10212 intern t Smelt is Refg100 135 140
,
,
Westinglee El&M 6s 1010 10014 100 8 Jones is Laughlin Steel Co
113102
1
1st s f g is 1030__M-N 10112 102_
Lackawanna Steci
Railroad
100
1812 19
Atch Top is Santa Fe
All bond on es are n
,3v "snd inter :st" except where marked "f."
Lanston Monotype_ 20 it 10 611.2
Convert 45-See Stock Exc list
Lawyers' Mtge Co
100 248
Chic Gt West com(w 1)100 28 23 'Leh is Wilkes-B Coal 50 125
Bid Ask'
Bid Ask
Strect Railways
Street Railways
57 Lord is Taylor
Preferred (w ____100 55
100 100110
Pub Serv Corp N J (Con)
New Y rk
3
phic Peo is St L pref__100
Preferred
100 08
Bleccli St & Ful stk_100 18 25
Rapid 'Fran St By.
.100 240 250
Deposited stock
eLorillard (P) pref
100
65
o 1 >t mtgc 4s 1950_J-J 60
1st 5s 1921
A-0 106
Undeposited stock..__ _
---- Madison So Garden_100 25 16•B'y & 7th Ave stk_ _100 140 155
J 0 Hob is Paterson
Prior lien g 4 Ms'30111&S /
2(1 Os 1010
M-N 80 100
c ed mt, 55 1914_34 98 101
e
79
4s g 1049
-1
ht-N 78
Con mtg g Os 1030_J&J 48
Manhattan Tran.:It___ 20
Con 551043-See tz,toel( Exc st
So J Gas El&Trac_100 132
Income 58, July 1030
Mitchell Mining
10
B'way Surf 1st 5s gu 1024 102 104
Cu g 5s 1053
M-S 99 100 Chicago Subway
8 -- - Monongahela It Coal
814
100
50
.14 14
22
•Cent'l Crosst'n stk_100
:
2
No Hud Co By 6s'14 J-J 10412 s- Ft W is Den Cy std_ _100 9712 102
Prefeued
50 * 31: 2232
10512 Kansas City Sou is Apr 1
-J-J 104
-g• 1st mtge Cs 1022_M-N /
5s 1028
Mortgage Bond Co_ .._100
•Con PlcN is S R stk_100 30 40
*200
Ext 5s 1020
M-N 100 103
1050 (w -See Stock Exc list
Nat Bank of Cuba_ _100 s104538 110
e
90
& 10th St stk 100 80
Pat City con 6s 31_J-D 119 122 Nat Rys of Mexico-See S tit Ex list
Nat'l Surety
....100
Col &Oth Ave 5s See Stock Exc. list
2412
331 Cs opt 1014__A-0 100
North'n Securities Stubs_ 120 135 Nevada Cons'd Copper 5
Dry D 5 13 & 13-43 Side El (Chic) See Ch lcago ist Pitts Bess is L E
33414 Nev-Utali Min is Sm.. 10 *112 Ps
50
c 1st gold is 1932....J-D 971, 100 Syractve R T 5s '46.M &S 10212 104
72 eNew Central Coal__ 20 40 00
Preferred
50 *68
c Scrip 53 1914____F-A / 42 50 erent P is H 53 1943_J-D 95 100 eRaliroad Securities Co
NY Air Brake 6s-See Etic Exc list
Eighth Avenue stock_10( 250 300 United Rye of St LIll C stk tr cfs ser A '52 90
N Y Biscuit Gs 1011_111-S /100
c Scrip ez 1310
7-A 95 100
Corn vot tr ctfs
2112 Seaboard Company
45
100 21
2 New York Dock......100 36
e 42d & Gr St F'y stk_100 200 220
c Preferred
100 6912 603
1st preferred
e Preferred
4
100
100 73 81
42(1 St M & St N Avc_100
Gen 4s 1934-See Stock Exc list
N Y Mtge is Security_100 235
Corn is 2d pret-See Bal tHxc list
e 1st mtgc 6s 1910_M-S 17;- fUT UnitItys San Fran See Stk Exc list Seaboard Air LineN Y Transportation... 20 *4
2(1 income Gs 1015...1,7 1 50
Wash By is El Co
100 4014 4612
Co3 55 ext May '11 141-S 6834 9914 Niles-nem-Pond com_100 104 108
Inter-Met
-See St: Exch ..nge list Preferred
100 9314 0:334 Union Pacific 4s
-See Stk Exc 111:: NIplssing Mines
5
Lox Av &PavF Is Sea 5th Exc '1st
4s 1051
s
8
J-D 8712 8812 West Pac 1st is '33_ M-S 973 973 c Ontario Silver
10G
11111 6
Metropol St 11:,--See Stk Sac 1st
1r
Otis Elevator com
100 *5
Industrial and 1111scel.
Ninth Avenue stook_ _1•00 160 170
Gas Securities
Preferred
100 3)0
20
18
2
New York
4
°
Cecond Avenue stsc1:_10C
Adams Exp g 48 1947 J-D f 033 9412 Pittsburgh Brewing
50 *2334 9334
95 *220 $22a
61st mtge 5s 1009_M-N 06 100 Jent Un Gas is '27_ _J-J 102 1(13 Ahmeek Mining
Preferred
60
77 Con Gas (N Y1-Sce Stk Exc list
44
/ 74
4 4
4
Alliance Realty
Consol is
11)0 115 120 Pittsburgh Coal-See Stk .: 2(C ( 3
e Sixth Avenue sto2k..106 115 130 e Mutual Gas
100 147 ---- Allis-Chalmers Co 1st mt0
)
g
PopeNife:Co com(new) 100
Sou Boulev 5s 1945___J-J 60 85 New Amsterdam Gas
Preferred (new)_ _100 80
0kSee Stock Exc list
is consol 5s 1048 J-J 103 10112 Am frican 036
se 6s 1 13o
84
So Fer 1st 55 1919___A-0 89 93
100 15
0 155 Pratt is Whitney pref _100 100 105
,
Third Avenue-Sec Stock Exc i1st NY&ERGa 1st 5s '44 .1-3 103 105 American Brass
118 Producers Oil --__ _ -100 125 130
Consol Is 1945
Tarry W P & M 5s 1923 /50 80
J-J 96 99 American Chicle com_10 224 233
Realty Assoc (13klyn)_100 133 138
0 115
1
95 N Y is Richmond Gas 100 30
41
Preferred105 108
YkersStRR5s 1046 A-0 85
Royal Bak Powd com_100 163 170
2801629th Sts Is '06A-0 21) 25 Nor Un 1st 5s 1927__M-N 98 100 Am Graphophone corn 110 11
0
Preferred
100 107 110
•Twenty-third St stk_100 200 250 • Standard Gas corn..
7 19155
.100 30
Preferred
00 2
0
10 632 - 2 Safety Car Heat is Lt_100 131
Union By 1st is 104'_ F-A 100 102
e Preferred
100 60 80 Amer Hardware
134 Seneca Mining
25 *75
75
Westchest 1st 5s '43 J-J eo
M-N 102 106 Am Malting Os 1014.._J-I)
1st 5s 1030
111.112 Singer Mfg Co
141-2
100 410 485
Bmoklun
Other Cities
Amer Press Assoc'n 100 95 105 South I is S com(w 0_100 1112
Atian Avenue RR,
Am Gas is Mee corn.. 50
46 Am Soda Fount com_100
18
Preferrtd (w I)
100 4912 5112
1
3
Con 5s g
Preferred
08 101
30 *43 45
29, "SE" Standard Cordage.._ _100
1st preferred
25
BB&WE 5s 1033__A-0 95 100 Amer Light is Tract 100 x265 268
2d preferred
g 5s '31 red:A-0 /20
1st
188
5
Brooklyn City Stock_ 10 193 107
Pre erred
'Adjust 51 5s Apr 1 1031 / 3
100 x10412 106 Am St Found new-See s tic gm list
Con 5s-See Stk Exch n zc list Bay State Gas
JA,
1 101 1114 Standard Couples corn 100 20 30
50
Os 1033
7
s 1
100
102 Bingh't'n (NY) Gc.,:; Wks
BkInHgts 1st 58 1041 A-0
70
72
Preferred
Deb 4s 1923
1812
Bkln Queens Co & Sub1st g 5s 1038
(0 10
0
)
0
Standard Milling Co-0
50 21. 12
5 24 4
A &O 95 90 American Surety
s 1st g 5.'41 op '16_J-J 07 101 Brooklyn Un Gas-SeeStic Exc list
Preferred
American Thread pref
66
list Buffalo City Gas stk_ _100
87
Con guar 5s-Sec Stock
81-N 83 67
5
612 Am Tobacco Co com 100 445 455
1st Is 1030
1st 5s 1047-See Stock Exc list
Bkiyn Itap Tran-See Stk Ex:: list
Amer Typshlers com_100 45 60 Standard Oil of N J_ _100 605 701
on Gas of N 5s '3G_J-J44
Coney 1st is Bklyn_100 85 100
10034 04
Preferred
100 07 101 Swift is Co-Sec Bost Stk Exc list
3100
95 Consumers' L II is Pow
.1-Z
4
1st sc,ns g 4s 191(1_3-, 85
1st Os 1010-1213_10
3
Amer Writing Paper 100
1. 1 165
.
ti 485
____J-D 100
76
2712 Texas Company
Os 1938..
Con g 4s 1955-__J
Preferred
600
1
81) eTexas is Pacific Coal_100 69
I-411st s f g 58'10 op '001-3 87
Brk C is N 58 1939 J-J 95 109 Denver Gas is Elec___100
2'112
Gr'p't&I.orSt 1st es &N
Gen f: 5s 1049 op_h1-N 95 9612 AtiGf&WIndSSLines_100 10
11 Title Ins Coot N Y....100 153 158
list Elizabeth Gas Lt Co__100 275
Kings C E: 4s
-See Sion
27 Tonopah Min (Nevada) 1 * 6 111e
Preferred
103 1
j
.
5
10
...-Nassau Etc pref
Essex is Hudson Gas_100 134 137
Col tr g 55 1050._
100
72 Trenton Potteries corn 1 JO
100
76 Barney is Smith Car.
53 1940
Preferred. new _-_100 55 65
A-0 1(13 107 - :;a3 is El Bergen Co-100 74
.100 40 60
_ 101
a Cr Rap 1st Is '15_F-A
Preferred
1st 4s 1051-See Stock Ex.
Troy' Directory
s
100 100
i
95 Hudson Co Ga"
100 4
100 fi 133 13ethi'm Steel Corp-See Ur Ex i1st
N W'bg&Fla: 1st ex 4,s 90
Union Typewriter com1 0 --- 69
113 :512
2
17
30 Bliss Company corn
Steinway 1st 6s 1022-J-J 102 106 Indiana Lighting Co 100 28
1st preferred
50 125
153
70
1
100 *12 155
3736
2(1 preferred
Other Ciller
4s 1058 op
F-A 68
Preferred
40 Bond is Mtge Guar
50 25
Indianapolis Gas
Buffalo Street RyIN Mg :.7'712 United I3k Note Corp.. 50
55
1st g is 1050
Preferred
1st csnsci Is 1031_7-A 106 109
A-0 80 00 Borden's Cond Milk -100 120 123
50 *53
110
United Cigar Mfrs___ _100 81
Deb 6s 1017
84
1-0 116 108 Jackson (.7:1 is g' 37_A-0 95
Preferred
63 e Preferred pc_
4014 tc nittree(fiec,rl.Dd
4
Columbus (0) St ty_100 9514 1614 e Laclede Gas
100 10414 10412 British Col Copper
, 10
100 106 110
105
_100 97 100 Butte Coalition Mining106 *2614
Preferred
15 1
02
e Preferred
100
100
Colu:n By con 5s-5sePhl a 1131
Madison Gas 13s 1926_A-0 103 108 Casein Co of Am com_100
.
.
212
100 27 _31!
CI U S Casualty
Cros. Vvtr. 1st 5.• '33 J-D 103 106 Newark Gas Os 1044 Q-J 130 132
.
100 55
Preferred
100 215
78 Newark Consol Gas 100 100 ,
0 Conn It./
Ltg com_100 74
01 Casualty Co of Amer 100 120 130 U S Envelope corn..
55
.100 52
e Preferree
133
15
a Con g 5s 1040 _J-D 1061: 10712 Celluloid Co
10e 80
Preferred
100 110 113
1st is ref 4 3 -See Stk
0
list No Hudson L H is Pow
00
Cent Fireworks com-100 136
U S Finishing
100 115
Grand Rapids By
100 55 70
Is 1938
A &O 106
Preferred
100 104
Preferred
100 110 ffi"
Prefe_•red
85,1, Pacific Gas is 5,com-100 57
F1312 Central Foundry
4 U S Steel Corporation
100
Louis / i3t Is 1930 JOJ
,
5
108 13
100 9
0 9112
-- 10714
17
Preferred
Preferred
4
Col tr s I 5s '51 opt '11 1143 11518
Lynn & 13os 1st 5s'24 J-D 106 107 Pat is Pas Gas& Elec_100 93 97
-Deb Gs 1910 op'01_M-N 68
72
4
Col tr s f 5s '51 not opt 1143 11518
0 New On Rys is Lgt-100 2312 2334
60
c Con g 5s 1049-..M-S 101 10212 Chesebrough Mfg Cu 100 570
U S Tit Gu is Indem-100
58 St Joseph Gas 5s 1037-J-J 03 97 City Investing Co
c Preferred
100 5718
10013 60 14 cUtah Copper Co-See Stk Exc list
Gen ht g 3s'35 SeeS tit Ex list
100 08 103
Preferred
Waterbury Co com-100
eCiatlin (H B) com
Pub Serv Corp of N 3.100 104 106
100 102
100 -7-Preferred
Electric Companies
Tr ctfs 2% to 67operpet 04 95 Olkica4o Edis n Co-See C Wag o list
elst preferred
100 90 "6.)
' 0
Westchester is Bronx 111t
Coll 5s g notes '09-M-N 0978 10014 . Kings Co El L&P Co 100 130 134
155
e2d preferred
100 90
is Mtge Guar
*92 94 Col is Hock Coal &I pf 100 78 05
North jersey St Ry.100 50
_
,
Tagan(Prov) Si Co_ 50
Wesangh'so Air 13rake_50 *14112 fir
40
1st r: Os 1017
1.1-N 70 1st 45 1943
81 NY&Q El I.hPowCo_100 37
J-J 90 05 I West El is Mfg 5s-SeeStl: Exc list
Col In 63 Oct 1050 J-J 98 104
Cons Tract of N J I00 76 77
73
Preferred
100 70
10
0
Whlto Knob Mln
`4? 105 106 United Elec of N J. 100 75
1Consol Car Heating _100 271. 30
111 Is 1033
Preferred
110
741 Co:..-. fly Lgt&Refrig_100
New":Pasltv 5s '30 -1
,
13t s; 4s 1113.0
J-D 78
Worthily: Pump pre_100 106 fir
• Per sham. a 15x.1ighta. b Basis. c Sells on Stk. Ex., but not vol:- u.etivc i Flat price. n No1n. s Sr. 0 price. x
.
y
e Now stock.
Outside Securities
*4e
(3
2,
1231
1061
THE CHRONICLE
OCT. 23 1909.1
ILnuesttneut and Eattroad intettigencc.
We%
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly rebrns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period The mourns ol the street railways are brought together separately on a subsequent page.
ROADS.
Latest Gross LartifilOg•
'itly 1 to Latest 1)a:e.
----le,cous Current
Previous
Guirm
Year.
Year.
Year.
Year.
Weelc or
Month.
1
5
3
Ala N 0 & Tex Pa?
286,110 245,676
789,966
060,826
N 0 & N East__r September
137,961 120,067
390,237
Ala & Vicksh_r September
351,058
125,364 112,636
Vicks Shr & Pac.r September
342,012
327,204
4,638
Ala Tcnn 40 North.. Au ust
11,261
8,768
k Atch Top & S Fe_ August ___ 1,959,839 7,499,685 16,702,111 14,508,507
Atlanta Birm & At! 1st wk Oct
48,111
633,039
43,020
478.269
Atlantic Coast Lint. August ___ 1,794,562 1,575,574 3,657,603 3,317,912
Baltimore & Ohio__ September 7,767,836 6,668,412 22,221,337 19,613,003
195,352
.Bangor & Aroostook August...... 216,09
445,135
376,687
Bellefonte Central__ September
0,963
5,801
14,375
17,851
Boston & Maine_ -r August --- 3,032,534 3,519,391 7,674,900 0,794,514
Bridgeton 6: Saco R August
5,778
5,008
10,963
11.147
_
Buff Roch Fe Pltts_r 2.(1 wk Oct 199,52.5 172,70, 2,835,208 2,269,978
1
Buffalo & Susq_ _ _r Au;ust --- 224,875 181,600
426,978
351,733
Canadian Northern_ 'd -sk Oct 300,600 265,300 3,328,200 2,889,300
Canadian Pacifle___
wk Oct 2,138,000 1,611,000 17,028,015 22,195,838
Central of Geoeia._ ..d wit Oct 267,900 250,400 3,333,883 3,278,035
Central of New Jer_ August
2,297,931 ;,151,942 4,493,041 4,316,666
Central Vermont..-r August
668,774
_ 341,790 333,745
622,237
Chattanooga South_ 3d wk See
1,311
1,716
Chesapeake to Ohio_ 2d WIC Oct 814,952 536,497 8,041,869 7,770,031
Chicago & Alton By 1t1 wk Oct 302,368 305,992 4,073,630 3,957,580
Chic dull & Quincy August __ _ 7,900,803 5,918,604 14,726,611 13,189,767
Chicago Great We?,t 1th wIc Aug 262,415 273.421 1,370,888 1,393,277
Chic Ind & LouIsv_ 2d wk
120,101 108,877 1,734,774 1,631,151
-Sea
ork ( fl tra..
Chic Ind & Southe;
.
Chic Milw & St Paul August __ _ 5,559,001 5,339,460 10,769,458 9,901,869
Chic & Nor West..-r August ___ (1,604,750 3,770,641 12,501,020 10,985.829
Chic St P M & 0__r August
1,220,01 1,093,580 2,343,904 ',097,088
Chic Term TransRR June
91,084
86,082 1,091,817 1,095,518
Cio Ham & Day.
..r August _ _ _ 820,450 741,564 1,575,499 1,406,387
Cley Cin Chic & St L - e New
org Cen tral.
Colorado Midland .r August _ _ _ 192,110 102,023
301,190
395,372
h Colorado & South 2d wk Oct 332,733 321,702 4,698,327 4,402,715
Colum Newp & Lau August __ _
22,408
20,687
42,321
37,930
Copper Range
July
77,021
75,800
77,921
75,800
Cornwall
August __ _
15,117
27,090
5,452
10,271
Cornwall & Leban_ August __ _
38,471
551
46.532
,
Cuba Railroad
August
325,631
163,200 127,843
281,029
3,248,916 3,063,143
1Delaware 63 Hud.._ August -_ 1,661,778 1,577,11
Del Lack & West_.t lugust
_ 2.887,198 2,616,37t, 6.055.424 5,475,510
Deny & Rio Grande 2d wk Oct 507,800 454,500 7,135,690 8,301,124
259,350
341,385
19,652
Denver N W & Pac_ 1st wk Oct
25,174
436,523
465,063
38,372
80,287
Det To! & front syst 1st wIc Oct
497,320
40,022
1st wic Oct
534,761
36,327
Ann Arbor__
26,127
366,238
21,715
Detroit & Mackin?,c 2(1 wk Oct
336,603
Del & Iron Itange_r August _ _ _ 1,395,856 940,943 2,710,162 1,922,932
70,516
814,888
59,138 1,062,124
Dui Sou Shore & At! 2d wit Oct
_ 582,850 502,433 1,180,084 1,059,710
El Paso & Sou W__I August
August ___ 4,55P,734 4,338,692 8,839,283 8,502,349
Erie
land Svst
Evansville h Tt.'re Saute -See Itoctc
Fairchild & Nor E. August --1,839
1,681
3,623
3,245
Fonda Johns & Glov August ___
85,734
79,3:10
157,630
170,961
Georgia Railroad _ August
210,250 205,661
423,735
427,943
( .3f•fla South & Pia
Soul been Ral .vay.
Grand Trunk Syst_ _ 2d wk Oct 914,860 840,583 13,237,102 12,006,643
Cr Trunk \Vest... 1st wk Oct 122,490 100,800 1,093,132 1,575,378
Dot Cr Hay & Mil 1st wk Oct
39,346
485,420
542,888
30,737
Canada Atlantic. 1st wk Oct
49,230
580,241
30,761
154,133
Great Northern Syst September 6,547,668 5,801,777 17,420,519 14,772,742
Gulf & Ship Island_ August ___ 157,928 131,657
313,858
262,771
Hocking Valley__ _ _ August
644,181 615,314 1,175,447 1,145.835
Illinois Central _ _ _ _ September 5,014,564 1,830.208 14,689,094 13,745,084
Intcrnat de Gt Nor.. 2d wk Oct 187,000 190,000 1,312,982 2,162,959
a InteroceanIc Mex_ 2(.1 wk Oct 124,486 120,520 1,808,677 1,788,619
2a wk Oct
01,031
Iowa Central
85,740
040,565
891,706
Kanawha & Mich.. _ August _-.
238,213 207,173
452,207
409,080
Kansas City South_ Septembe:
734,164 689,132 2,150,773 2,177,384
K C Mex 40 Orient_ 2d wk Sek;
23,144
17,838
Lake Eric to \Vesta -N?./ York ( ,n trr .
August ___ 2,926,370 2,833,933 5,680,709 5,360,384
LehIgh Va.ley
Lexington 63 East... August _ _
41,402
77,344
35,867
72,680
Long Istand
Inc.12 1,196
August ___
ine.23 3,913
85,686
Louisiana & Arkan. Aguust
206,149
100,058
181,058
102,499
87,725
Louisa Hend & St L August
,
186,404
165.174
Louisville to Nashy.. 11 wk Oct 1,045,605 957,32( • ,155,712 13,220,036
13,329
12,854
34,521
Macon & Birming'm September
35,571
Maine Central_ _ _ _r August --- 847,768 707,110 1,641,604 1,519,540
September
10,189
3,449
ganistique
3,283
16,059
69,069
66,309
30.780
Maryland & Penn.._ August ___
37,376
a Mexican Internat. 2(1 wk Oct 119,752 143,880 2,117,482 1,951,764
a Mexican Railway_ 4th wk Sep 168,500 150,800 1,935,100 1,725,300
312,035
312,995
32,925
30,521
a Mexican Southern 4th wit Sep
ark
Mic:i a (intra.
tr t .
250,732
257,380
15,861
2d wit Oct
Annual Ilange
15,316
Mianeap & St Louis 2d wk Oct 137,651 101,837 1,509,175 1,303,642
16 6,475,616
2d wk Oct 581,439 516,310 7,321,8,
Minn St P & S S
Cbteago D.visionJ
Missouri Kan & Tex August -2,179,350 1,100,770 4,093,223 4,009,037
Mo Pac Fe Iron Mtl
1,17.1
Central Branch_ J 2d wit Oct 1,056,000 910,000 15,354,199 13,40,
37:5,069
23,417
342,567
31,051
b Mobile Jack & K C Wk Oct 2
Nashv Chnt Fe St L_ August - 030,019 878,611 1 ,847,003 1,758,900
a Nat flys of Mexico 2d wit Oct 919,287 870,378 13,253,344 12,832,487
9,336
172,040
Nevada-Cal-Oregon 2d wk Oct
123,688
12,337
5,480
11,582
5,275
t%.ittrat_ _
August
13,023
N 0 Great North__ August __
100,813
43,759
101.364
82,120
Lates Cross Earnin7s.
ROADS.
Wee:c or
C. Larerat
Year.
-ply 1 to La:ce: name
Prcoici.. 3
Year.
-------
1 wen.
Year.
Previous
Year.
S
eNYCS:. Hutt Riv_ August
8,359.572 7,791,865 18,311,887 14,885,463,
Lake Shore & M S August
1.278.626 ,714,731 3,216,975 6,979,147
n Lake E & West August
497,434 420,067
888,110
816,475
Chic Intl & South August
268.811 224,950
416 810,
537.041
Michigan Central August
2,428,089 2,144,490 4,694,751 4,085,678
Cleve 0 C & St L_ August
2,620,031 3,294,069 4,917,735 4,383,023
Peoria & Baste? August
,
291,254 238,391
531,048
455,278
Cincinnati Nor:. August
118,837 110,302
207,168
102,497
Pitts & Lake Erie August
1,460,846 1,130,105 2,919,325 2,125,836
Rutland
August
300,525 266,674
581.132
513,084
IT Y Chic & St L.. August
876,322 755,804 1,710,120 1,448,545
Total all !Ines_
_ August
21509 542 10097 275 11,518,275 36,301,847
N Y Ont to Western August
857.337 850,737 1,718,423 1,673,643
NYNH& Hart_ _r August ___ 5,127,834 1,528,132 10,197,938 8,929,955.
N Y Sttsq & West
August
241,23r
265.731
485,742
495,171
Norfolk & South....r August
207,43
178,101
362,021
423,898
Norfolk & Western.. August
2,893.00, 2,507,097 5,174,307 4,876,922.
Northern Central... August
1,048,336 956,035 2,024,151 1,825,151
Northern
August
5,910,977 5,836,668 13,608,956 11,516,193
Pacific Coast Co...... August
822,785 593.117 1,557,369 1,173,108.
Pennsylvania Co__ August
1,698,002 3,733,766 9,104.179 7,313,787
d Penn-E of P & E August
13544 999 11844 799 "6,450,784 22,926,864
d West of P & E.. August
inc.1,53 9,700
inc.2,50 4,900
Pere Marquette_ __r August
1,352,634 1,201,032 2.558,030 1,258,248
Phila. Bait 6: Wash.. Auvust
1,510,927 1,389,227 3,018,805 2,817,005.
Pitts Cln Chic & Sti September .,914,635 2,397,665 8,126,621 6,881,347
Raleigh & Southp'rt August ___
8,133
11.915
23,403
17,836.
Reading Company_
Plana & Reading.. August
3,510,4'4 1,012,903 8,602,863 5,030,375
Coal & Iron Co__ August
1,780,184 2,122,030 3,377,259 4,076,794
Total both cos_ _ August
5,290.628 5,134,933 0,980,122 10,007,168
Rich Freder So Pot.. August
152.906 118,283
337,633
292,911
Rio Grande June__
85,520
72,970
85,520
72,970
,
Rio Grande South__ .1 wk Oct
13,165
5,406
182,106
129,734
Rock Island System August
1,977,132 5,334,127 1.1,393,734 10,013,234
St L & San Fran_ August
3,650,2111 3,171,900 6,055,631 6,022,645
Chic &East III_.... August
970,080 854,162 1,823,210 1,628,028
I Evansv & Ter H A
ut
233,582 196,956
382,665.
424,836
Total of all,lines.. August
10831057 9,557,237 20,507,412 18,047,473
St Jos & Gr Island_ August'."gust
154,408 149,244
174,060
296,496
St Louis Southwest_ I wc
k 255,8158 222,852 3,140,395 2,027.431
San Pod LA de SL_r August
714,207 549,215 1,483,291 1.072,467
Seaboard Air Line_r August
1,280,241 1.060,634 2,550,206 2,146 988
Atlanta to 131rm_r August
84,459
72,030
162,271
142,267
Florida West Sh.r August
6,603
5,501
13,003
11,650
Southern Indiana_r August
121,267 113,430
225.504
215,383
C Southern Pac CD_ _ August
11310746 3,831.638 22,115,315 13,552,043
Southern Railway.._ 2d wit Oct 1,210,140 1,103,117 16,244,720 14,689,567
Mobile & Ohio__ 2(1 wk Oct 204,854 192,143 2,866,696 2,630,534
Cin N 0 & Tex P_ 2d wk Oct 173,733 141.213 2,434,829 2,243,130
Ala areat South.. 2d wk Oct
75,78r
60,210 1,059,232 1,008.089
Geen-e:a So & Fla_ 1d wk Oct
41,93
38,681
605,422
526,130.
Texas Central
1st wk Oct
20,961
25,331
248,431
260,154
Texas to Pad f
2d wk Oct 323,569 323,031 4,126,207 3,3,
13,9:35
Tidewater & West_r August
_
5,715
13,041
11,871
Toledo 83 Ohio Cent August
394,481, 433,224
876,777
722,862
'Col& a Peor & West td wk Oct
22,977
23,781
332,054
330.003
Toledo St L tc West 1st wk Oct
72,261
63,335 1,006,187
972,869,
Tombigbee Valley_ _ August
6,217
1,466
10,057
12,621
Union Pacific Syst_ August _- _ 7,948,614 3,975,471 15,483,468 13,725,155
Vandalia
August --- 801,666 745,061 1,527,581 1,449,987'
Virginia & Sou West September
102,443 111,191
305,077
304,549We..ash
2d wk Oct 603,878 546,258 3,648,246 7,872,206
Western Maxgland r August
_
577,598 529,028 1,122,655 1,005,778
West Jer & Seash_ _ August ___ 820,450 767,250 1,583,031 1,463,431
Wheeling to L
_r August ___ 615,264 532.070 1,205,829 1,059,282'
White Riv(Vt)2 wks end Sep 25
735
Wrightsville to Tenn August __ _
16.957
113
19,
4573
35,437
32,800
Yazoo & Miss Vail.. September
781.443 764,601 1,102,691. 1,986,799
Various Fiscal Years.
Period.
Bellefonte Central
Jan
I Delaware & Hudson
Jan
Manistique
Jan
a Mexican Railway
Ian
a Mexican Southern
Jan
eN Y Central & Hudson River.... Jan
Lake Shore & Michigan South Jan
n Lake Erie do Western
Jan
Chicago Indiana & Southern.. Jan
Michigan Central
Jan
Cloy Cin Chicago & St Louis Jan
Peoria & Eastern
Tan
Cincinnati Northern
i'an
Pittsburgh & Lake Erie
Jan
Rutland
Jan
N Y Chicago & St Louis
Jan
Total all lines
Jan
Northern Central
Jan
a Penn-East of Pittsb h Erie_ _ Jan
d West of Pitts & Erie
Ian
Plana Baltimore & Washington_ Jan
Pitts Gin Chicago & St LOUli. _ _ Tan
itio Grande Junction
Dec
Texas h Pacific
,Ten
West Jersey & Seashore
I.Jan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to.
to
to
Sept
Aug
Sept
Sept
Sept
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Seat
July
Oct
Aux
Curren:
Year.
Year.
43,627
30
46,392
31 12,473,593 11,880,608.
30
31,454
43,905
30 5,637,200 5,667,200
30 1,005,822
932,042
31 58,888,637 53,196,052
31 28,462.033 24,805,737
31 3,055,452 2,772,59231 1,963,724 1,702.224
31 17,185,120 15.416.587
31 17,425,757 15,233,752
$1 1,867,399 1,719,362
31
588,411
731,708
31 8,701,067 8,213,551
1,051,187 1,746,575
31 6,331,602 5,957,564
31 143714726 12935235..
31 7,735,245 7,256,445
31 18,603,713 36,950,013
Inc.7.30 1,000
31
31 11,494,016 10,558,010
30 21,768,381 19,105,890
583,409
.11
188,065
14 10,714,374 9,844,544
31 3.981,483 3,735,783
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Ireekig Summaries.
?Tient Year Prey': Year
Inc. or Dec.
%
-
n
11,555,701
10,920,086
11,780,990
16,740,145
11,521,265
12,317,210
12,030,035
17,285,767
13,209,000
12,988,255
s
S
+904,990 9.10
10,1300,774
+988,877 0.05
0.931,209
10,745,592 +1.035.398 0.63
15,107,527 +1,632,618 10.84
10,434,381 +1,086.887 10.43
11,229,009 +1,087.610 9.69
11,508,456 +1,428,179 12.41
15,185,925 +1,099,842 13.82
11,535,835 +1,673,115 11.55
11,513.741 +1,450,511 12.70
MonGilt/ Summaries.
.7ur'nt Year Prey': Yea; Inc. or Dec.
-,------
3'.
a
S
3
25 week Aug (46 roads)---Month Dec 1908 (793 roads). 205.116 431 193.731.145 +11,424,835 5.90
ad week Aug (33 roa(is)____
Month Jan 1903 (891 roads) _ 183,223.014 173,500,903 +9.626,111 5.54
ad week Aug (47 roads)...
Month Feb 1009 (893 roads).. 174,497,310 161.053,607 4-1:3,438,712 3.34_
411 v:.if.•.1( Aug (44 roads)....-Month Mch 1909 (890 roads).. 205,703,310 135,453,9U 3 i- 22,254,413 11.13
14`. w?eit Sep (42 roads).Month April 1009 (895 roads). 197,011.530 1 7.5.: 75, N.
5 73 1 (2, i
; ,
,
-24 week Sep (45 roads)
Month May 1909 (893 roads). 201,525.122
' .1(,)
.i( al 13,
5
,
3d week Sept (15 roads)._
Month Juno 1902 (893 roads).. 210,357,226 183,033,811; +2.0,373,397 14.33
roads)____
4th week Sept (43
Month July 1909 (816 roads) _ 193,463,220 175,393,726 +22,566,503 12.83
1st week Oct (42 roads)____
Month Aug 1000 (724 roads). 225,433,923 197,023,773 +27,500,118 13.92
2d week Oct (38 roads)........
Month Sept 1009 (40 roads) _ 62,138,010 55,524,845 +8,513,195 11.91
U .1(.7cjelyi currency. b Includes comb T3 of Gulf I. Cillca:to Division. c Includes the Moulton & Ter. C..m':ral an:I its sult:illiary lin?s in both years.
-as
4 Cot ers lines directly operated. e Includes the New York & Ottawa. th3 St. Lawretee & Adironclac:c and the Otta- va & Nov York ity., the latter of
.
'which, being a Canadian road, does not make returns to the Inter-State Commerce Commission. I Includes Evatisvii43 & Indiana RR. la Include&
earnings of Colorado it southern, Fort Worth to Denver City and all affiliated Ilti3s, exesptinz Trinity & Brazos Valley Rif. k Includes in both yeara
earnings of Denver Enid & Gulf RR., Pecos Valley System and Santa Fe Prescott to Phoenix fly. 1 these figures do not include receipts from sale ot
'coal
n Includes the Northern Ohio RR. C Figures here are on the old basis of accounting-not the new or Inter-State Commerce ComInission method
,
r These figures are on the new basis prescribed by the Inter-State Comtnerce Commission.
1062
THE CHRONICLE
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the second week
of October. The table covers 38 roads and shows 12.76%
increase in the aggregate over the same week last year.
Roads.
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Bridgeton & Saco Riv_bAug
5,778
2,357
5.068
2,634
July 1 to Aug 31
10.963
11,147
5,196
5,046
Buffalo Roch & Pitts_ b_Aug 815,208
321,744
616.522
157.990
Second Week of October.
1909.
Increase. Decrease.
1908.
July 1 to Aug 31
669,321
1,611,793 1,270,094
361,218
Canadian Northern
$
Aug 807,100
747,400
204.400
$
$
186,100
$
Alabama Great Southern
July 1 to Aug 31
434,000
1,650.600 1,475,900
75,788
389,000
60,210
15,578
Buffalo Rochester & Pittsburgh
199.525
172,704
26,821
Canadian Pacifica
Aug 7,426,985 6,385.957 2,964,058 2,578,899
Canadian Northern
300,600
265,300
35,300
July 1 to Aug 31
14,567,015 12,678.838 5,443,929 4,853,472
Canadian Pacific
2,138,000 1,611,000 527,000
Central of Georgia
267.900
250.400
17,500
Central of New Jersey_ b_Aug 2,297.931 2,159,942 1,072,530
924,962
Chesapeake & Ohio
614,952
536,497
78,455
July 1 to Aug 31
4,493.941 4,316.666 2,021,462 1,800,225
Chicago & Alton
302,368
305.992
3,624
Chattanooga South_aJune
5.738
def1,772
def2,552
6,611
Chicago Indianapolis & Loulsv_
11,224
120,101
108,877
July 1 to June 30
80.578
def3,627
105,788 de142,684
Cinc New On & Texas Pacific
141,213
32,520
173,733
Colorado & Southern
11,031
332,733
321,702
Chesterfield & Lane_ b_ _June
3,083
3,392
17
823
Denver & Rio Grande
454,500
53,300
507,800
July 1 to June 30
54,246
62.552
19.949
15,016
Detroit & Macklnac
26,127
21,715
4,412
Colorado Midland_a__Aug
192,119
202,023
Duluth South Shore & Atlantic_
19,918
46,079
11,378
70,516
59,138
July 1 ,to Aug 31
392,190
395 372
Grand Trunk of Canada
55,418
97,038
Grand Trunlc Western
840,583
914,860
74,277
Colorado & Southern_ b_Aug 1,372.058 1,269,881
531,943
452,571
Det Grand Haven & Milw
July 1 to Aug 31
2,651,867 2.510,255
978,896
924.748
Canada Atlantic
Copper Range_ b
July
75,800
77.921
41,938
Georgia Southern & Florida___
36,545
38,684
3,254
22,777
187,000
190,000
International & Great Northern
3.000 Cuba RR
Aug 163.209
127,843
51,094
42,978
124,486
126,529
Interoceanic of Mexico
2,043
July I to Aug 31
325,638
281.629
100.112
106,442
65,740
Iowa Central
61,031
4,709
Delaware & Hudson___
1,662.778 1.577,115
r697,276
r688,438
1,045,605
957,320
Louisville & Nashville
88,285
Jan 1 to Aug 31
12,473,593 11.880,606 r4,708,503 r4.483,424
129,762
143,880
Mexican International
14,118
15,316
Mineral Range
15.861
545 Denver & Rio Grande_a_Aug 2,046.674 1.764,400
074.144
587,301
July 1 to Aug 31
Minneapolis & St Louis
137,651
104,837
4,037,190 3,449.224 1,378.150 1,188,461
32,814
Minneapolis St Paul & S S M__
Duluth So Sh & Atl_b__Aug 308.440
225.549
110,595
60,632
Chicago Division
581,439
516,310
65,129
July 1 to Aug 31
593,674
448,664
192,540
122,383
Missouri Pacific & Iron Mtn
Erie_a
Aug 4,559,734 4,338.692 1.286,239 1,202,851
Central Branch
1,056,000
910,000 146,000
July 1 to Aug 31
8,839,283 8,502,349 2,404,095 2,295,950
Mobile & Ohio
204,854
192,543
12,311
Fonda Johns & Glov_a_Aug
National Railways of Mexico
85.754
919,287
870,378
48,909
79,380
53.801
48,825
July 1 to Aug 31
Nevada-California-Oregon ____
12,337
9,336
3,001
170.961
157.630
107,412
95,789
Rio Grande Southern
7,759 Georgia RR_b
5,406
13,165
Aug
226,250
205,661
44,238
5,929
St Louis Southwestern
222,852
33,006
255,858
July 1 to Aug 31
427,943
423,735
70,481
21,222
Southern Railway
1.210,149 1,103,117 107,032
Grand Trunk of Canada
Texas & Pacific
323,031
538
323,569
Toledo Peoria & Western
22.977
23,781
Grand Trunk By
804
Aug 2,939.366 2.623,044
846,771
807,839
Wabash
546,258
57,620
603,878
July 1 to Aug 31
5,659,849 5,143,514 1,557,280 1,515,915
---Grand Trunk West___Aug 576,681
517,310
206,340
194,660
Total (38 roads)
12,988,255 11,518,744 1,501,404
31,893
July 1 to Aug 31
1,047,282
985,964
326.543
266,685
Net increase (12.76%)
1,469,511
Det Gr II & Milw____ Aug
172,761
150,862
41,852
37,959
July 1 to Aug 31
323,136
299,777
68,861
84,677
Canada Atlantic
190,230
Aug
192,227
For the first week of October our final statement covers 42
21.413
22,386
July 1 'to Aug 31
339,681
374.233
11,193
43,312
roads and shows 14.56% increase in the aggregate over the
Gulf & Ship Island_b___Aug
157,928
131,657
39.421
17,600
same week last year.
July 1 to Aug 31
313,858
262,771
78,584
32,170
Hocking Valley_ b
Aug 644,181
615,314
265,446
244,760
• July 1 to Aug 31
1,175.447 1.145.835
466 831
First Week of October.
454,297
1909.
1908.
Increase. Decrease.
Illinois Central _a
Aug 5,105,185 4.662.619
857,120
704,723
$
$
$
$
July 1 to Aug 31
9,674,530 8,915,876 1,279,783 1,383,530
Previously reported (32 roads)._ 11,940,778 10,360,454 1,609,742
29,418 y Interoeeanic of Mex__ _Aug
541,874
165,327
513,916
152,957
Chicago Ind & Louisville
112,082
103,215
8,867
July 1 to Aug 31
1,112,121 1,058.357
354,117
310,436
Detroit Toledo & Ironton
30,267
38,372
8,105
Iowa Central_a
Aug 270,859
265,676
578,441
Ann Arbor
563,075
36,327
40,022
3,695
July 1 to Aug 31
523,598
497.388
/494,237
h127,010
Denver Northwest & Pacific
25,174
19,652
5,522
Georgia Southern & Florida__ _
38,684
2,523
41,207
Kanawha & Michigan_a_Aug
238.213
80,564
207,173
40,473
Grand Trunk of Canada
July 1 to Aug 31
452,207
153,724
409,080
104,680
Grand Trunk Western
917,338
85,407
1,002,745
Kansas City Southern_ b Sept 734,164
689,132
249,099
247,084
Det Grand Haven & Milw
July 1 to Sept 30
2,156,773 2,177,384
695,784
830,345
Canada Atlantic
Long Island
Toledo Peoria & Western
2,272
18,148
Aug
20,420
Inc. 121,296
Inc. 101,565
Jan 1 to Aug 31
Inc. 589,905
Inc. 518,346
Total (42 roads)
41,218 Louisiana & Arkansas_ b.Aug 100,058
13,209,000 11,535,885 1,714,333
85,686
29,134
17,553
Net increase (14.66%)
1,673,115
July 1 to Aug 31
206.149
184.068
69,146
44,529
Maryland & Penna_a___Aug
37.376
36,780
13,485
13,731
July 1 to Aug 31
69,069
66,309
23,157
20,497
Net Earnings Monthly to Latest Dates.
-In our "Railway g Mexican Internat'l____Aug 670.031
594,913
315,870
250,735
July 1 to Aug 31
1,277,344 1,151.503
595,423
447,306
Earnings" Section, which accompanies to-day's issue of the
76,301
72,380
15,908
16,343
"Chronicle" as a special Supplement, we print the August re- Mineral Range_ b 31 Aug 149,966
July 1 to Aug
146.207
26,723
29,272
turns of earnings and expenses(or in the absence of the August Minneap & St 1-ouls_a__Aug 373,729 340,783 k122,168 k117.201
figures those for the latest previous month) of every steam
742,489
July 1 to Aug 31
653,797
k244,082 k208,477
operating railroad in the United States which is obliged to Minn St Paul & S SM_ _ _July 1,144,522 950,109 487,474
393,301
659,262
Chicago Division
283,036
July 718.412
247,151
make monthly statements to the Inter-State Commerce ComMissouri Kan & Tex_ b.. _Aug 2,179.360 2,200,770
809,383
716,222
mission at Washington.
July 1 to Aug 31
4,093,223 4.069,037 1,343,314 1,132,615
The Inter-State Commission returns are all on a uinform Missouri Pactfle_b
July 4,008,199 3,621,274 1,022,020 1,180,101
basis, both as to revenues and expenditures, and possess Nashville Chatt&StL.b_Aug 936,019 878,611
245,836
227,813
July 1 to Aug 31
1.847.003 1.758,909
special utility by reason of that fact. In a number of in467,250
435,458
of
stances these figures (Per from, those contained in the 0 National RysAugMex__Aug 3,837.928 3,743,810 1,468,623 1,405,324
July 1 to
7,712.908 7,384.829 2,969,061 2,521.635
monthly §tatements giN'ren out by the companies themselves, Nevada-Cal-Oregon 31
b___Aug
44,722
25.159
37.237
20,341
for publication,- and in which the accounts are prepared in
Jan 1 to Aug 31
88.550
69,379
50,938
37,074
accordance with old methods of grouping and classification
Central_b
AugNevad
5,275
5.480
302
1,471
July 1 to Aug 31
11.582
13,923
1,215
4,467
pursued in many instances for years. We bring together
York
here (1) all the roads where there is a substantial difference New Apr 1 & Penna_bto June 30
25,685
27,009
4,976
4,055
between the two sets of figures, so that those persons who
Jan 1 to June 30
53,659
11,178
54,545
11,588
July 1 to June 30
109,812
22,898
109,079
23,497
for any reason may desire to turn to the company statements
Ont
Western_a__Aug 857,337
357,648
850,737
332,412
will find thud readily available. We also give (2) the re- N Y July & to Aug 31
1
1,718,423 1.673,643
678,864
627,599
turns of such roads (even where the figures correspond ex- N Y Sus(' & Western_a_Aug 241,233
84,031
50,698
265,731
July 1 to Aug 31
actly with those in the Inter-State Commerce reports) which
12,115
485.742
1,
119.552
495.171
go beyond the requirements of the Commission and publish Norfolk & Western_b___Aug 2,893,006 2,507,097 1.251,473 1,025.083
July 1 to Aug 31
5,474.307 4,876,922 2,261,218 1,984,837
their fixed charges in addition to earnings and expenses. We
Central_
240,876
285,276
1,048,830
956,036
likewise include (3) the few roads which operate entirely Northern1 to Augb 31 Aug 7,735,245 7,256,445 1,442,692 1,638,892
Jan
within State boundaries, and therefore do not report to the Pacific Coast
235,096
107,517
Aug 822,785
593.117
July 1 to Aug 31
431,714
172,754
1,557,369 1,173,106
Federal Commission, and (4) Mexican and Canadian companies. We add (5) the roads which have issued their own Pennsylvania-Lines directly operated
East of Pitts & Erie_ b Aug13,544,999 11.644.799 4,679,070 4,098,670
statements for August, but have not yet filed any returns
Jan 1 to Aug 31
96.603.713 86.950,013 27,134,924 23,963,224
for that month with the Commission. Finally (6) we give
West of Pitts & Erie_ b Aug
Inc. 1,539.700
Inc. 478,200
Jan 1 to Aug 31
Inc. 7,396,000
Inc. 1,979,600
the figures of such roads as have already submitted their
Pitts Cin Chic & St L_a_Sept 2,914,635 2,397,665
984,280
765,941
September statements of which the Baltimore & Ohio and
Jan 1 to Sept 30
21,768,381 19,105,890 5,571,645 5,204,115
the Kansas City Southern are conspicuous examples.
Phila Balto & Wash_ b__Aug 1,510,927 1,389.227
393.326
404,726
Jan 1 to Aug 31
-Gross Earnings- -Net Earnings
11.494,016 10,558,016 2,749,920 2,355,520
Current
Current
Previous
Previous
Reading CompanyRoads.
Year.
Year.
Year.
Year.
Phila & Reading_ bAug 3,510,464 3,012,903 1.203,638 1,135,197
8
July 1 to Aug 31
6,602,863 5,930,375 2,208,640 2,236,284
Ala Tenn & Northern_ _ Aug
3,385
6,466
4,638
2,550
Coal & Iron Co-b---Aug 1,780,164 2,122,030 def61,926 def30,786
July 1 to AUf; 31______
11,261
5,794
4,666
8,768
July 1 to Aug 31
3,377,259 4,078,794 def156,166
29,036
Atch Top & Santa Fe_ b_Aug 8,959,839 7,499,685 33,747,055 32,836,849
Total both cos_ b
Aug 5,290,628 5,134,033 1,141.712 1,104,411
July 1 to Aug 31
16,702,111 14.508,567 36,460,667 35,475,553
July 1 to Aug 31
• 9,980,122 10,007,168 2,142,474 2,265,320
Atlantic Coast Line_a _ _ _ Aug 1,794,562 1,575,574
218,766
296,003
Reading Company ___Aug
147,859
119,837
July 1 to Aug 31
3.657,603 3,317,912
673,240
540,057
July 1 to Aug 31
293.367
250,951
Baltimore & Ohlo_b___Sept 7,767,836 6,668,412 2,963,584 2,493,258
Total all companies_ __Aug
1,289.571 1,224,248
July 1 to Sept 30
22,221,337 19,643,093 7,911,210 7,399.799
July 1 to Aug 31
2,435,841 2,516,277
Bangor & Aroostook_b_Aug
226,092
53,347 Rio Grande Junction___July
195,352
95,429
85.520
n25,656
n21,891
72,970
July 1 to Aug 31
445,135
376.687
103,642
177,321
Dec 1 to July 31
583,409
488,065 n175,022 n146,419
Bellefonte Central_b___Sept
5,801
6,965
1,396
2,753 Rio Grande Southern_b_Aug
49,134
51,144
18,130
20,919
43,627
Jan 1 to Sept 30
46,392
8,325
2,648
July 1 to Aug 31
94,257
102,753
30,989
-1,1,357
(101r. 23 1909.1
THE CHRONICLE
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Rock Island_b
Aug 5,977,132 5,334,127 2,148,821 1,869,009
11,393,734 10,013,234 3,905,707 3,021,73
July 1 to Aug 31
989,217
St Louis & San Fr_ b_Aug 3,650,261 3,171,990 1,119,897
6,955,631 6,022,645 2,172,718 1,795,456
July 1 to Aug 31
267,841
381,170
854,162
970,080
Chic & Eastern Ill_ b_ _Aug
502.352
681,170
1,823,210 1,628,928
July 1 to Aug 31
85,743
114,416
196,956
233,582
Evansv & Terre II_b_Aug
160.153
191,634
382,666
424,836
July 1 to Aug 31
3,764,306 3,211,819
Total all lines_ b
Aug 10,831,057 9,557,237
20,597.412 18,047,473 6,951,230 5,479,099
July 1 to Aug 31
38,884
63,626
149,244
154,408
Aug
St Jos & Gr Isl_ b
106,324
81,763
274,060
296,496
July 1 to Aug 31
243,213
153.915
St Louis Southwestern_aAug 854,155 • 807,100
452,008
294,840
1.652,948 1,584,207
July 1 to Aug 31
Aug 11,310,746 9,831,638 4,497,858 3,430,762
Southern Pacillc_a
22.125.315 19,552,043 8,514,766 7,072,360
July 1 to Aug 31
25,305
83,213
13,133
79,393
Aug
Texas Central_a
159,907
13,229
39,071
155,672
July 1 to Aug 31
156,947
145,162
438,224
Toledo & Ohio Central_a Aug 394,489
334,158
876,777
235.056
722,862
July 1 to Aug 31
31,030
104,526
28.350
Toledo Peor & West_b_ _Sept 101,187
297,982
80,952
292,166
80,694
July 1 to Sept 30
2,441
6,217
5,466
1,861
Aug
Tombigbee Valley
3,454
12,621
10,057
4,160
July 1 to Aug 31
Ally 7,948,614 6,975,471 4,182,655 3,471,10
Union Pacific a
15,483,488 13,725,155 8,026,221 6,834,478
July 1 to Aug 31
111,191
35,238
51,102
Va & Southwestern_b__Sept 102,443
305,077 - 304,549
131,709
103,208
July 1 to Sept 30
399,161
767,250
417,661
:
WestJerseye. Seashore b Aug 820,450
,
863,755
3,981,483 3.735,783 1,117.955
Jan 1 to Aug 31
755,437
637.647 def28,456 def(37,654
Yazoo & Miss Valley_a_Aug
1.411,252 1,222,108 def112,092 def202,347
July 1 to Aug 31
1063
IrmusTilim. COMPANIES.
Roads.
Companies.
--int.. Rentals. OEc.--- --Boa. of Net
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Cumberi Tel & Tel Co_ _Sept
Jan 1 to Sept 30
43,484
382,421
43.766
340,858
190,348
1,656,202
175,645
1,595,832
c After allowing for net miscellaneous debit to income.
h Fixed charges include taxes amounting to $80,000 for Aug. 1908,
against $114,700 in 1908, and additions and betterments of $47,618 this
year, against $27,527; from July 1 to Aug. 31 taxes were $160,100 in 1909,
against 3179.352; additions and betterments were $60,618 for the same
period, against 350,514 the previous year. Prior to July 1907 it was the
practice to Include these Items in the expenses.
d These figures are after allowing for other income and for discount and
exchange. The sum of $10,000 is deducted every month from surplus and
placed to the credit of the renewal fund.
After allowing for other income received.
STREET RAILWAY AND TRACTION COMPANIES.
Name of
Road.
_Latest Gross Earnings.
Week or
Current Previous
Month.
Year.
Year.
-
Jan. 1 to latest date.
Curried
Year.
Privtous
Year.
American Rys Co___ September 255.598 240.752 2.201.787 2,109.912
cAur Elgin & Chic RI ieptembtx 149.141 137,387 1,158.406 1,057,915
Binghamton St. Ry_ _ August ___
34,348 32.892
230.721
211.134
Birm Fly Lt & Powel August ___ 181.979 172,008 1,458,461 1.404,375
Brockton & Ply Still August ___
17,912 16,516
91,070
83,003
Camaguey Co
August ___
11,288 10.279
87,372
74,223
Cape Breton Elec Co_ August ___
22,005 22,958
148,388
159,838
Carolina Pow&Lt Co. August ___
17.159
Central Penn Tree _ _ ieptember
62,979 60,868
5 5 87
164:7742
2
533,118
Chariest Con Ry G&F September
60,008 58,125
570,095
564,896
Chicago Railways Co. August ___ 1088,209 980,166 8,068,552
Cl ye Painesv & Eas. •eptember
31,361
27.971
2.206
225,229
Dallas Electric Corp_ August ___ 128,749 94,739 6,00 532 6, 28,919
877
54 63
:
713,571
4
TNDUSTRIAL COMPANIES.
Detroit United 11y _ st wk Oct 152,175 130.4a3
Duluth-Superior 0 August _ _ _
92,236 84.733
636.384
-Gross Earnings- -Net Earnings
578,151
Fast St Louis & Suu_ ,
eptember 176,402 170,0'. 1,0 1.078 1,487,855
,
Current
Previous
Current
Previous
El Paso Electric
August ___
46,447 41,399
376.374
Year.
Year.
342,691
Year.
Year.
Fair & Ciarksb Tr Co. August ___
39,221
37,908
270,270
.
Companies.
$
247.990
5
$
$
508,130
219.411 Ft Wayne & Wabash
233,83.2
Cumber' Tel oc 'L'el Co.b.Sept 533,329
Valley Traction Co August ___ 133,412 125,587
905,614
856,257
4,757,620 4,554,715 2,038,623 1,9:16,690
Jan 1 to Sept 30
Galv-Hous Elec Co_ August ___ 111.295 101,708
793,768
700.864
97.626 89,89'
Grand Rapids By Co_ September
776.022
708,569
a Net earnings here given arc after allowing for taxes.
Havana Electric 11y_ Vic Oct 17 37,769 33,850 1,621,921 1,507,809
b Net earnings here given arc before allowing for taxes.
Honolulu Rapid Tran
g These results are in Mexican currency.
& Land Co
July
34.525 36,637
232.209
219.513
It For August 1009 additional income is given as showing a deficit of
4273
3 2.729 3 5:2952 2.6 43 2.263:7 5
32.925 2
6
213
4 .9 7
.69
176690
5
$3,212, against $107 deficit in 1908, and for period from July 1 to Aug. 31 Houghton Co Trac Co August
Illinois Traction Co__ July
there was a deficit of $5,327, against a credit of $3,200 last year.
38,782 36,271
312,211
282,463
J The company now includes the earnings of the Denver Enid & Gulf RR., Jacksonville Elec Co. August
31.213 30,084
166,428
156,837
Pecos Valley system and Santa Fe Prescott ik: Phoenix Ry. in both ye; re. Kansas City-Western June
130,993 119,674
726.854
083,136
For August taxes and rentals amounted to $277,118, against 8306,672 In Lake Shore Elec Ry.. August
51.373 54,14;
266,513
269.048
1008; after deducting which, net for August 1909 was 83,469,937, against Lex & Inter Rys Co _ . lune
Milw Elec By
374,680 337,966 2.747,439 2,531,747
$2,530,177 last year. For period from July 1 to Aug. 31 taxes and rentals Mliw Lt Ht & Lt Co August
& Trac Co August
106,994 104,718
606.308
565.721
were $555,914 in 1909, against 5613.395 in 1908.
Oct
k For August 1900 additional income was 812,930, against $19,927 in Montreal Street Light August 16 77,674 70,483 3,076,647 2,904,691
Nashville Fty &
137,255 125,941 1.103,101 1,008,528
1908, and for period from July 1 to Aug. 31 was $27,965 In 1900, against North Ohio Tr & Lt__
September 202,156 172,67 1,634,172 1.420,552
$32,707 last year.
North Texas Elec Co_ August
109.422 92.50'
805,290
682,359
n These figures represent 30% of gross earnings.
Northwestern Elev Co September 169,066 159.151 1.523,278 1,409,084
r For Aug. 1009 net from Coal Department was a loss of $21,497, against Nod
Purtsm
164.511 d164.527
923,527 d875,520
a credit of $78,797 last year, and from Jan. 1 to Aug. 31 was a credit of Oklahoma City Tr Co June
Rv
,
July
41,468
26,781
228,194
148.384
$537.359 in 1909. against $805,345 in 1008.
Paducah Tr & Lt Co_ August
19,930
19.852
147,729
151,355
Pensacola Electric Co August
22,205 19,562
162,401
135,959
Interest Charges and Surplus.
Portl'd(Or)RyL&PCo September 420,778 373.288 3,547,647 3.222,103
-Int., Rentals, he.- -Bat. of Net E'ngs.- Rio de Janeiro Tram
Light & Power_ ___ September 642.731 643,347 5,607,495 5,239,158
Previous
Current
Current
Previous
St Joseph MG) Fly Li
Year.
Year.
!toads.
Year.
Year.
Heat & Power Co_ September
88,286 94,991
722,808
$
672,232
Ilatwor h Aroostook. __Aug
84,632
81,678
x22,348 xdef19,175 Sao Paulo Tr Lt & P_ September 200,496 180,886 1,776,271 1,682,180
53,931
51,514
402,294
387,392
July 1 to Aug 31
161,446
, 164,883
x36,520 zdef37,460 Savannah Electric Co August
Seattle Electric Co_ August
610,810 382.742 3,808.176 2,917.185
Bellefonte Central
Sept
243
257
1,153
2,496 Sou Wisconsin Fly Co September
13,471
13,551
120,785
116,483
Jan 1 to Sept 30
2,187
2,313
6,012 Tampa Electric Co__ August
461
48,468 45,474
389,145
362,624
Brileton & Saco Riv_Aug
635
593
1,722
2,041 Toledo Rys & Light_ August
235,643 212,318 1.763,698 1,641,930
1,270
1,186
3,926
3,860 Toronto Railways__ Wk Oct 9_
uly 1 to Aug 31.....„__ ,
75,515 68,657 2,910,927 2,675,721
527,881
556,222
544,649
368,740 Twin City Rap Tran_ 1st wk Oct 136,414 123,989 5,306,527 4,884,589
Oentral of New Jersey,._Aug
1,067.753 1,092,901
953,709
767,324 Underground El By
July 1 to Aug 31
of London
31,350
Aug
31,350 cdef25,461
Colorado Midland
c6,315
Three tube lines__ Wk Oct 9_ £12,725 £11,705 £501,285 £460,980
62,700
62,700 cdef33,808
July 1 to Aug 31
c18,011
Metropolitan Dist_ Wk Oct 9_ 110,010 19,784 £391,263 (360,436
United Tramways_ Wk Oct 9_
271,093
16,097 £7,253 £248.358 £274,748
c333,294
Colorado & Southern-Aug 253,552
c231,679
506,810
c541,262
516,520
July 1 to Aug 31
c484,708 United Rys of St L._ September 929,329 887.344 8.226,385 7,860,625
of San Fr August
642.120 587,733 4,832.778 4,497,944
11,977
24,566
July
11,938
Copper Range
10,839 United RRs& Pow Co June
179.625
Virginia fly
1,014,195
956,396
34,996
32,263
Aug
16,098
Cuba RR
• 10,715 Wash Balt & Annap_ September
58,789 55,938
64,525
, 69,992
30,120
July 1 to Aug 31
41,917 Whatcom Co Fly & Lt'Augu,t _._
36,841
29,417 • 260,354
231,789
417,001
325,750 d314,116 d319,579
Denver & Rio Grande ..Aug
821,475
641,016 d696,216 d700,447
July 1 to Aug 31
c These egures are for consolidated company. d Includes earnings of
87,894
x23,107 vief19,529 the Norfolk County Ferries.
Duluth So 511 & 4tlan_Aug92,440
- 187.081
178,053 ,x13,268 xclef37,807
July 1 to Aug 31
Street Railway Net Earnings.
60,068
54,713 xdef6,310 zdef33.952
Aug
-The following table gives
Georgia RR
120,256
110,077 zdef31,099 zdef65,827 the returns of STREET
July 1 to Aug 31
railway gross and net earnings
36,015
Aug
35,805
x4,353 zdf.17,885 reported this week. A full
Gulf & Ship Island
detailed statement, including all
72,618
72,019
x7,754 xdf.38,485
July 1 to Aug 31
115,876
118,953 z190,993 x166,152 roads from which monthly returns can be obtained, is given
Aug
Hocking Valley
230,239
237,181
x322,245 x305,134 once a month in these columns, and the latest statement of
July ,1 to Aug 31
26,020
23,082
x60,524
x22,365 this kind will be found in the issue of Sept. 25 1909.
Kanawha & Michigan _Aug
The
51,281
46,162 x112,537
x61,689 next will appear in the issue
July 1 to Aug 31
of Oct. 30 1909.
18,917
24,922
z11.473
Louisiana & Arkansas__ Aug
x2,680
-Gross Earnings- -Net Earntngs36,958
48,430
x35.681
x15,791
July 1 to Aug 31
Current
Previous
Current
Previous
3,958
3,959
9,526
Maryland & Penni
Aug
9.773
Roads.
IhNsr.
Year. Year.
Year.
7,917
15,240
7,917
Aug 31
12,580
July 1 to
$
$
$
$
12,810
x2,794
13,132
,..Aug
Mineral Range
x3,555 Aurora Elgin h Chic__ _Sept
149,141
137,387
74,673
66,583
25,588
x366
26,394
July 1 to Aug 31
x3,706
July 1 to Sept $0
4809e.53
440,030
251,642
225,842
x230,804 1143,645 Brockton & Plym St Ry_Aug
Missouri Kan & Texas.. Aug 8582,656 8575.897
17,912
16,515
6.717
7.240
x213,103
July 1 to Aug 31
81,138,450 81,123,770
120,390
Jan 1 to Aug 31
91.070
83,603
28,373
20.720
22,483
4,046
__.Aug
3,594
17,464 Central Pmsna Tr Co_ _ _Sept
62,979
60,868
18.934
14,290
Novada-Cal-OregonJuly 1 to Aug 31
45,533
8,092
7,172
31,138
Jan 1 to Sept 30
564,747
533,118
146,108
110,519
New York & Mann60,008
58,125
Apr 1 to Juno 30_ _. _ .
18,005
def 947
5,015
5,002
17,856
def 39 Chariest'n Cons RyG&E a Sep
Mch 1 to Sep 30
451.425
445,096
Jan 1 to June 30 __
166,130
def1,300
12,888
11,222
159,125
def 44
July 1 to June 30_ _ _ _
def1,637
25,134
22,914
del 16 Caeve Palnesv & Wn_a_Sept
31,361
27,971
9,229
Jan.! to Sept 30
242,206
225,229
__Aug
NIIY Oat &
234,045
98,367
95,762
261,886
Western_July 1 to Aug 31
193,930
433,669
182,703
176,402
189 0828
170.028
496,161 East St Louis & Sub_ b_Sept
17 7
1 38
886867
92 53
,
Jan 1 to Sept 30
1.481,078 1,487.855
Aug
Norfolk & Western
663,072
463,127
788,346
438,726
587,257
706,616
926,587
July 1 to Aug 31
877,787 1,334,631 1,107,050 Gary & Interurban
4.149
Sept
1,890
23,977
Mch 1 to Sept 30
Aug 880,000
Reading Company
6,875
409,571
873,541
350,707
1,760,000 1,747,083
July 1 to Aug 31
675,841
172.675
769.188 North'n Ohio Tr&LtCo_ _Sep 202.156
99,166
81,025
1,634,172 1.420.552
Jan 1 to Sep 30
July
8,333
746,442
Rio Grande Juno
17,323
8,333
598,511
13,558
66,666
Deo 1 to July 31
66,666
108,356
643,347
79,753 Rio de Janeiro Tr L&P a Sept 642,731
276,556
260,105
5,607,495 5,230,158 2,221,803 1,979 870
Jan 1 to Sept 30
.Aug
19,148
zdef981
Rio Grande Southern..
18,937
x2,069
38,229
July 1 to Aug 31
37,816 zdef2,939
180,886
z10.909 Sao Paulo TrainLt&P_a Sept 200,496
120,948
104,658
Jan 1 to Sept 30
1,776,271 1.682,180 1,104,259 1,064,097
Southwestern_ _Aug
172,688
165,967 x112,810
St Louis
x35,287
344,167
53,931
July 1 to Aug 31
239,704 1191.513
51.544
17,546
138.310 Savannah Electric Co_ '."_ Aug
402,294
Jan 1 to Aug 31
387,392
3,669
141,146
Aug
Texas Central
9,464
1i4,IN
(
)
3,702
21,603
7,104
July 1 to Aug 31
7,128
6,125
31,943 Underground Bice Rys-London,
Metropolitan District_ _Sep
£49,743
£48,819
46.307
£21,125
Toledo & Ohio Central-Aug
x114.740 1113,900
£20,435
39,941
Baker St & Waterloo_ _Sep
£13,685
114.610
£6,538
93,153
July 1 to Aug 31
17,241
80,326 z169,920 1256.013
Gt Nor & Picad'y&B_ _Sep
1,23,517
£23.400
£9,693
19,204
24,162
Toledo Peoria & West __Sept
23,321
x6,688
110,407
Charing Cr Eus &Ham Sep
£16,756
£15.338
16,678
£5,642
72,746
July 1 to Sept 30
71,316
x13,387
113,135
London United Tram. _Sep
£27,792
£32,200
£7,561
£13,731
[VoL. Lxxxix.
THE CHRONICLE
1061
-Gross Earnings- -Net Earnings
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
$
$
$
$
887,344
339,972
333,180
United Rys of St Louis a Sept 929,329
8,226,385 7,860,625 3,008,681 2,787,557
Jan 1 to Sept 30
Roads.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat. of Net E'ngs.Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Roads.
27,624
Aurora Elgin & Chic__ _Sept
29,413
July 1 to Sept 30
83,027
87,663
2,213
Brockton & Plym St Ry_ Aug
1,661
18,498
14,705
Jan 1 to Aug 31
13,817
13,917
Charl Con RyG&E Co_ _Sep
96,541
97,416
Mch 1 to Sept 30
8,131
8,784
Cleve Painsv & East'n_ _Sept
72,394
75,605
Jan 1 to Sept 30
48,216
49,345
East St Louis & Suburb_Sept
436,645
445,111
Jan 1 to Sept 30
42,927
43,412
Nor Ohio Tr ec Lt Co_ _ _ _Sep
394,743
393,342
Jan 1 to Sep 30
17,435
17,502
Savannah Electric Co_ _ Aug
136,841
139,473
Jan 1 to Aug 31
232,132
234,380
United Rys of St Louls_Sept
2,101,632 2,097,332
Jan 1 to Sept 30
x After allowing for other income received.
45,260
163,979
5,056
13,668
4,088
68,714
6,299
46,021
39,733
217,961
56,239
353,100
111
1,673
107,840
907,040
38,950
142,815
5,027
2,226
4,039
62,584
1,098
26,259
34,651
269,971
37,613
203,768
3,184
def12,382
98,800
690,225
ANNUAL REPORTS,
Union Pacific Railroad.
(Report for Fiscal Year ending June 30 1909.)
On subsequent pages is given the report of the board of
directors, signed by Robert S. Lovett, Chairman of the
Executive Committee; also the Comparative income account
for two years on the new basis prescribed by the Inter-State
Commerce Commission, the balance sheet for two years, and
other tables. Below are the principal traffic statistics, and
comparative income account for three years, compiled for the
"Chronicle."
TRAFFIC STATISTICS.
1907-08.
1905-06.
1908-09.
1906-07.
5,781
8,062
5,645
5,404
Aver. miles of road oper.
Equipment
1,088
881
1,051
1,088
Locomotives
643
580
703
711
Passenger cars
25,377
23,637
25,488
26,470
Freight cars
2,929
2,454
3,599
3,728
Road service equipment
Passenger Traffic
4,803,094
5,663,828
6,450,286
No. of rev. pass. carried 7,217,853
Passengers carried 1 m_ _795,199,750 760,532,906 680,278,509 642,544,422
Receipts of pass. trains
$3,054
$3,376
$3,563
$3,633
per mile of road
Receipts of pass. trains
$1.67
$1.77
$1.71
$1.77
per rev, train mile
Freigh1 Traffic
Tons comml fgt. carried 13,726,025 13,089,163 14,089,649 13,048,346
5266658054 5271939813 5704061535 5353374076
Tons carried one mile_
4,517,608
4,798,854
4,663,995
Tons company fgt. carr_ 4,891,895
Tons miles per mile of
1,203,174
1,086,611
1,185,367
road (all freight) _ _ _ _ 1,054,427
$9,067
$9,147
$9,710
$8,908
Receipts per mile of road
$3.84
$3.80
$4.31
$4.63
Rec. per rev, train mile*
Tons per rev. fght. train
474.97
509.71
512.07
548.49
mile-all freight' _ _
• Based on revenue passengers and freight and all mixed train miles.
INCOME ACCOUNT.
1906-07.
1907-08.
1908-00.
Revenues$17,672,357 316,719,364)
Passenger
3,883,884374,656,152
4,354,717
Mail and express
54,000,195 52,885,213
Freight
934,3161
1,333,160
Switching, rentals, &c
1,652,446
1,616,448
1,390,032
Outside operations-revenue
Total revenues
Operating Expenses
Maintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
Outside operations-expenses
Taxes
$78,750,461 $76,039,225 $76,308,598
$7,682,146
7,434,599
1,563,031
17,914,909
1,908,391
1,442,009
2,570,562
$9,106,1681
8,325,8121
1,399,556 $38,628,100
19,427,4881
1,918,4911
1,516,520
1,520,478
2,070,045
2,444,726
$40,515,647 $44,138,761 $42,225,523
Total expenses and taxes
Revenue over expenses and taxes_$38,234,814 331,900,464 $34,083,075
Fixed Charges
Interest on bonds in hands of publIc_313,331,368 $11,245,899 $8,640,608
12,013
12,013
12,013
Sink. fund Utah & Nor. Ry. cons. M..
1,389,483
1,487,123
1.357.781
Hire of equipment-balance
Rentals (net) for lease of road, joint
Cr.360,058 Cr.544.280 Cr.634,117
tracks, &c
$14,372,806 $12,200,755 $9,376,285
$23,862,008 319,690,708 $24,706,790
Surplus above fixed charges
$3,981,760 $3,981,764 33,981,764
Div. on preferred stock (4%)
Div. on common stock, 6% (not including the 4% paid from sources •
other than tran3portation, making
11,806,996 11,729,274 11,723,824
total of 10% (see below)
Divs. on Oregon RR. & Nay, pre232
94
64
ferred stock outstanding, 4%
$15,788,820
Surplus from transportation oper_ _ _ _ $8,073,188
Income Other than from TransportationInt. on bonds of companies other than
Ore. Sh. L. RR.and Ore. RR. & N. $1,119,156
Divs. on stocks of companies other
than Oregon Short Line and Oregon
14,711,807
& Nay. Co
304,800
Rentals from steamships
2,576
Sales of unpledged lands & town sites
59,762
Miscellaneous receipts
Bal. of int. on loans and on open accts
1,556,660
other than with auxiliary. cos
def.18,367
Miscellaneous expenses
$15,711,132 $15,710,820
$3,988,576 $8,995,970
$1,143,064
$258,844
15,370,873
249,132
506
11,563,105
136,231
14,926
def.540,226 def.477,389
def.203,658 def.25,587
$17,736,393 $16,019,692 $11,470,131
Total
Dividends on common stock, 4%
(additional to the 6% front trans..'
7,819,316
' 7,871,331
7,819,216
portatIon)
_ •
Surp. other than from transport'n_ '39,865,062 $8,200,176 $3,650,915
$17,938,250 $12,188,752 $12,646,885
Total surplus.frorn all
_
1,950,002
Appropriated for betterments.1:1.:.
Net surplus
-V. 89, p. OWL 920, •
$17,938,250 $12,188,752 $10,687,883
•
Chicago Rock Island & Pacific Railway.
(Report for the Fiscal Year ending June 30 1909.)
Below are a comparative income account and various
statistics from the animal report. Further data and comparative balance sheets for two years will he given another
week.
ROCK ISLAND SYSTEM-MILEAGE AND TRAFFIC STATISTICS.
1906-07.
1907-08.
1908-09.
Equipment and Operations7,780
7,970
8,026
Average miles of road operate&
1,343
1,386
1,410
Locomotives
878
899
897
Passenger cars
41,261
39,581
37,448
Freight cars
2,956
3,162
3,280
Service cars
17,412,333
15,877,646
17,145,657
Tons moved (rev. freight), No
4,536,407
4,698,062
5,086,522
Tons moved (co. freight), No
Tons moved 1 m.(rev. ft.), No_4,160,828,170 4,019,704,681 4,281,228,365
535,873,495
535,757,216
Tons moved 1 m.(co. ft.), No... 569,193,324
15,382,399
16,960,747
18,743,022
Passengers carried, No
725,233,506
Passengers carried 1 mile, No.. 952,679,666 881,991,344
$0.0094
*0.0094
30.0094
Earnings per ton per mile
32.402
, 32.500
32.490
Earnings per train mile
266
255
265
Tons per train per mile (rev.fgt.)
33.31
33.96
36.19
Tons per train per mile (co. fgt.)
5.022
5.018
3.018
Earnings per pass. per mile_ __ _
Earnings per train mile (includ51.178
31.218
$1.295
ing mail and express)
44.54
54.20
53.05
No. of passengers per train mile
37,729
$7,338
$7,623
Total earnings per mile of road_
INTER-STATE COMMERG'E COMMISSION CLASSIFICATION.
Inc.(+) or
Dec. (--).
1907-08.
1008-09.
$
$
$
Earnings39,158,053 37,899,356 +1,258,697
Freight
17,883,379 16,693,111 +1,190,268
Passenger
+234,404
2,822,357
3,056,761
Mail and express
+18,480
701,801
720,281
Miscellaneous
367,572
366,413
-1,159
Other than transportation
58,484,197 +2,700,690
61,184,887
Total
Operating Expenses
8,078,026
+973,804
0,051,830
Maintenance of way and structures
7,512,889
7,358,500
+154,299
Maintenance of equipment
-45,259
1,486,473
1,441,214
Traffic expenses
-752,290
22,848,052 23,600,342
Transportation expenses
+46,760
1,612,749
General expenses
1,659,510
Total
42,513,495 42,136,180
+377,315
Net earnings
18,671,392 16,348,017 +2,323,375
1,789,805
2,270,865
+480.970
Taxes
Operating income
16,400,527 14,558,122 +1,842,405
-53,474
def146,201
def92,727
Outside operations
+100,163
def812,116 def912,279
Hire of equipment
1,169,788
+36,148
1,133,640
Other income
128,634
211,471
+82,837
Total
16,611,098 14,686,756 +1,925,242
Total income
Deduct
8,413,222
+448,001
8,861,223
Interest
1,567,067
+22,735
1,545,232
Rentals
16,577
10,199
+6,378
Betterments, leased lines
+234
3,929,785
3,930,019
Dividends(53%)
+477,348
14,375,786 13,898,438
Total charges
788,317 +1,447,895
2,236,212
Balance, surplus
-V. 89, p. 992, 918.
Erie Railroad.
(Report for Fiscal Year ending June 30 1909.)
Extracts from the report of President Underwood, together with the income and profit and loss accounts and
balance sheet, will be found on subsequent pages. Below is
published the usual comparative statement for several years
of the operations, earnings, charges, Scc., and the balance
sheet.
OPERATIONS AND EQUIPMENT.
-Many of the statistics of operation for the last two years arc not
Note.
with the figures for previous years, the data for the last
true comparisons
two years being compiled in accordance with the classifications prescribed
by the Inter-State Commerce Commission.
,5.
20 1
1906-1 7
0
2,7.
1905-1 6
0 1
2,5.
1907-1 81
1908-09.
2,231
Miles operated
Equipment
1,410
1,384
1,415
1,419
Locomotives
1,061
1,098
1,178
1,193
Passenger equipment__ _
52,825
51,514
55,105
51,137
Freight equipment
1,573
1,955
2,259
Scrv. cars,snow plows,&c
493
461
418
400
Floating equipment_ _
Operations
23,684,283 • 23.654,436 24,190,723 22,816 022
Passengers carried
Pass. carried 1 mile_ __ _597,317,739 639,524,474 639,702,610 598,655,755
1.500 cts.
1.484 cts.
1.478 cts.
Rate per pass, per mile_ 1.487 cts.
32,797,205 33,629,706 39,169,617 36,355,328
Freight (tons) carried
5,944,379
6,275,630
5,661,538
Freight (tons)card 1 in • 6,003,714
0.598 eta.
0.600 cts.
0.614 cts.
0.586 cts.
Rate per ton per mile
454
472
469
465
Av. ten-load(rev.) tons..
31.211
$1.214
51.174
$1.229 •
Earns, per pass. tr. mile
32.710
*2.897
52.717
32.787
per fr't tr'n mile_
Earns,
$22,065
$23,801
$21,531
Gross earns, per mile_ _ $21,399
000s omitted.
EARNINGS AND EXPENSES.
-The operating expenses for 1907-08 have been somewhat revised
Note.
in order to afford a correct comparison, the amount, 58,752,540 as below,
comparing with $8,918,571 as appearing in last year's report, a difference
of $166,031. The figures for 1907-08 after operating income not being given
in this year's report, we have changed the item of "rents, &c., received"
from $2,086,177 to $2,252,203 In order to strike the proper balance for
the year.
1907-08. Inc. (+) or
1908-00.
3
Dec.(-)
3
Earnings.
20,777,945 20,009,171
+768,774
Freight
853,083
834,189
+18,897
Milk
14,411,844 13,937,170
+474,674
Coal
8,880,634
9,489,449
-608,815
Passenger
469,485
+2,903
466,582
Mail
1,204,579
+64,202
1,140,377
Express
917,285
+47,787
869,498
Miscellaneous
+708,423
-111,497
Earnings-railroad
Earnings
-other operations
47,514,859
2,926,303
46,740436
8,037,800
Total earnings
.
ExpensesMaintenance of way, &c
Maintenance of equipment
Transportation expenses
Traffic expenses
General expenses
Taxes
50,441,162
49,784,236
+056,026
4,232,407
9,048,980
16,616,181
1,124,621
1,071,836
1,369,523
5,911,414
10,654,742
17,793,522
1,068,846
1,041,018
1,111,535
-1,679,007
-1,005,762
-1,177,341
+55,775
+30,818
+257,988
Expenses-railroad
-other operations
Expense!
34,063,548
2,840,737
37,581,077
3,450,61P
7-3,547,529
,
-H-609,882
Total expenses
Ratio of expenses to earnings
Net cardi iv-railroad
Net earni igs--all op,rations
36,904,285
(73.15)
13,451,311
13,536,876
•
41,031,696
(82.42)
0,165,350
3
8,752,5 40
-4,127,413
-(9.211
+4.285,952
-1-4,784,33d
THE CHRONICLE
OCT. 23 19094
INCOME ACCOUNT.
ReceiptsNet earnings
Interest on securities
Rents, &c., received
1908-09.
$
13,536,876
2,537,451
738,552
16,812,879
Total net income
Deductions
9,660,733
Interest on bonds
520,327
Interest on coll. notes
983,587
Rentals of leased lines
1,170,051
Hire of equip't and joint facilities
733,164
Interest on car trusts
Penn. Coal Co. sink, fund and miscel. 779,373
381,927
Additions and improvements
Inc.(+) or
Dec.(-)
•
1907-08.
$
8,752,540 +4,784,336
664,290 +1,873,161
2,252,208 -1,513,656
11,669,038
+5,143,841
9,662,561
+7,172
+520,327
-1,166
+358,652
+10,521
-322,731
-193,877
9847753
- -- 820,399
722,643
1,102,104
575,804
+378,898
14,247,162 13,868,264
,-' Total
sur.•2,565,717def.2,199,226 +4,764,943
Balance
stocks
• In addition to $1,199,646 income from dividends declared on
owned or controlled, $945,000 was received from the earnings of the Eric
Coal Companies during the year in payment of advances heretofore made,
with interest thereon. The principal of this indebtedness has been credited
to capital account and the interest direct to profit and loss.
CONDENSED GENERAL BALANCE SHEET JUNE 30.
• 1907.
1908.
1909.
$
$
$
Assets388,813,904 388,680,846 381,998,255
Cost of road and equipment
1,745,154
Replacement of equipment account_
Securities in treasury held for con4,750,000
struction purposes
8,959,990
506,831
617,798
Securities held for general purposes
578,926
578,926
578,926
Securities to be pledged under cons. M
Pledged under coll. Indent. Apr.8 '08 17,931,509 12,969,509
5,748,900
5,748,900
5,748,900
N. Y. Sus. & W.common stock
6,262,400
6,262,400
6,262,400
do preferred stock
do
5,088,275
4,061,772
3,591,817
Materials and supplies
500,000
Securities for insurance fund
1,796,002
2,282,721
bonds redeemed__ _ 2,817,975
Penn. coll, trust
6,517,499
2,576,420
3,200,420
Cash
1,475,179
953,257
1,154,996
Cash in transit from agents, &c
1,020,014
991,020
1,064,971
Due from agents and conductors_..
120,117
39,021115,818
Due from U.S. Government
2,369,802
3,078,292
Due from companies and individuals_ 3,774,406
2,135,578
2,893,547
4,318,500
Due from subsidiary companies
4,606,598
5,717,797
Due from subsId. cos., acc't constr'n_ 8,640,405
300.413
199,14477,483
Miscellaneous
448,755,092 439,240,695 434,227,948
Total assets
Liabilities
Stock, 1st pref., non-cumulative_ _ _ 47,802,400 47,802,400 47,892,400
16,000,000 16,000,000 16,000,000
do 2d pref., non-cumulative. _
112,378,000 112,378,900 112,378,900
do common
175,128,400 175,128,400 173,798,400
Bonded debt, Erie RR. Co
23,535,500 23,535,500 23,535,500
do
do leased lines
12,300,000 12,300,000 12,300,000
do
do Chic. & Erie RR. Co
613,424
672,618
623,813
Construction obligations
647,350
780,448
780,448
Mortgages on real estate
6,500,000
5,500,000
10,462,000
Collateral trust notes
628,017
Replacement of equipment
14,432,997 17,585,793 13,347,400
Equipment trusts (new)
352,060
183,389
93,942
N. Y. P. & 0. RR
do
2,035,224
2,182,461
Int. and rentals accrued, not due_ _ _ _ 2,108,007
Interest coupons pledged under coll.
5,000,000
indentures of April 8 1908
787,000
274,730
Bills payable
9
676
- - - - 778.
261,637
55,740
Miscellaneous reserve fund
2,000,559
2,520,963
3,098,564
Penn. Coal Co. sinking fund
1,850,863
1,872,206
2,369,427
due and unpaid
Interest
196,900
203,080
210,599
Rentals due and unpaid
1,597,848
Dividends
118274
Fund for improvements
1,883,236
1,744,781
1,730,587
Pay-rolls
2,017,459
2,734,755
2,169,609
Audited vouchers
831,298
905,323
906,248
Due connecting lines
332,000
Equip, trust certs. due and unpresen'd
20.488
91,129
91,994
Miscellaneous
16,061,170 13,979,909 13,633,577
Profit and loss
448,755,092 439,240,695 434,227,948
Total liabilities
-V. 89, p. 286, 224.
Kansas City Southern Railway.
(Report for Fiscal Year ending June 30 1909.)
The full text of the remarks of President J. A. Edson will
be found on subsequent pages. Below we give various statistics of interest.
L.
ROLLING STOCK JUNE 30.
,
Locomotives. Pass. Cars. Freight Cars. Miscellaneous
688
6,908
87
208
1909
694
7,148
89
210
1908
659
7,285
89
180
1907
STATEMENT FOR YEARS ENDING JUNE 30.
1905-06.
1906-07.
1907-08.
1908-09.
827
827
827
827
Miles operated
Operations
$10,548
$10,170
$10,103
Gross earnings per mile_
$3,509
$3,944
Net earnings per mile
2,776,747
3,135,712
2,968,145
3,095,274
x Tons carried
a! Tons carried one mile_889,119.698 927,699,200 997,916,269 877,542,261
6.99
7.23
7.49
Av.per ton per m.(mills)
$8,435
$8,107
$8,053
Freight receipts per mile
$2.31937
$2.29652
2.65040
Fgt. rec. per rev. tr. mile
289.02
331.76
317.75
353.67
Rev, train load, tons_
1,121,124
1,509,935
1,557,058
x Passengers carried_ __ _ 1.644,918
x Pass. carried one mile_ 57,743,041 56,851,140 56,436,653 39,717,925
2.377 eta.
2.315 cts.
Avge. per pass. per mile 2.289 cts.
x Revenue freight only.
-INTER-STATE COMMERCE CLASSIFICATION.
INCOME ACCT.
Inc.(+) or
1907-08.
Dec. (-).
1908-09.
Gross Receipts-$53,888
$6,638,420 $6,692,308
Freight
1,302,738
+3,341
1,306,079
Passenger
762,872
+64,594
827,466
Mall, express, &c
+$14,047
$8,771,965 $8,757,918
Total receipts
Operating Expenses
$889,448
+$71,152
Maintenance of way and structures_ _ _ $960,600
1,214,166
1,006,698
-207,468
Maintenance of equipment
3,084,629
2,779,583
-305,046
Transportation expenses
268,526
+3,067
271,593
Traffic expenses
303,490
+28,091
331,581
General expenses
$5,350,056 $5.760,259 -$410.203
Total operating expenses
$3,421,909 $2,997,659 +$424,250
Net earnings
-(4.78)
(65.77)
(60.99)
Per cent of expenses to earnings
97,813
134,609
-36,796
Interest, discount, &c
$3,519,722 83,132,268 +$387,454
Net income
Deduct
$322,279
$283,138
+$39,141
Taxes
900,000
900,000
Interest on bonds
21,689
15,825
+5,864
Miscellaneous
66,600
75,780
-9,180
Interest on equipment notes
249,273
255,000
+5,727
Interest on collateral gold notes
77,498
Cr.5,020
+82,518
Hire of equipment
9840.000
9840,000
Dividend on preferred stock, 4%
$2,483,066 $2,358,996 +$124,070
Total
$773,272 +5263.383
$1,036,655
Balance, surplus
9 Charged against profit and loss account but here deducted from income
- -.
account.
1065
OPERATIONS OF SUBSIDIARY PROPERTIES OPERATED
SEPARATELY.
Balance.
Gross. Net(over tax). Int ,eoc
$22,211 $36,209 def.$13,998
Arkansas West. Ry_ _ _1908-09_ _561,634
38,793 def. 12,063
26,730
do
1907-08_ _ 67,720
do
563
6,000
6,563
K. C.Sh. & Gulf Ter_ _1908-09_ _ 26,184
1,212
6,000
7,212
do
1907-08_ 25,456
do
50,000 def. 54,211
Pt. Arth. Can.& Dock_1908-09__ 41.612 def.4,211
50.000 def. 88,974
do
1907-08_ 42,267 def.38,974
do
ASSETS AND LIABILITIES JUNE 30.
1908.
1909.
1908.
1909.
AssetsPreferred stock_ __21,000,000 21,000,000
Rys., equip., secur'es of ter(81.073,162 Common stock_ _ _30,000,000 30,000,000
1st mtge. bonds_ _30,000,000 30,000,000
minal cos., &c a89,135.269(
Impets & rehaI 7,873,416 Advance payments
acc't $10,000,000
J
bilitation
ref. Sr imp. bonds
Cash to redeem gold
issued July 1_ _ _ 5.100,000
notes pd. July 1 5,100,000
Ag'ts & condue'rs 150,797
126,339 5% notes pd.July 1 5,100,000 5,100,000
Cash
b1,564,349 1,052,672 Equip. trust notes 1,356,000 1,560,000
144,578
147,589
Material &supplies 797,310
922,323 Unpaid coupons__
238,210
233,595
Loans receivable
Accrued interest.._
145,511
165,871
(sec. by N. Y.
Traffic balances__
1,151,620 1,098,841
Stk. Ex. collat.)
250,000 Pay-rolls, &c
80,000
93,677
Bills receivable__
178,665
129,920 Bills payable
131,286
154.455
Traffic balances__ 329,626
250,514 Taxes, not due_ _ _
Individ's & cos__ 389,387
471,058 Renewal, replace10,009
U.S. Governm't__
ment & reserve
31,093
628,776
28,203
462.963
Wells F.drCo.Exp.
31,909
funds
in
Inves.ments
Pref. div. payable
210,000
& advances to
210,000
July 15
89,143
proprietary cos_ 1,289,550 1,237.298 Miscellaneous
94,105
159,830
Miscellaneous
126,350 Profit and loss_ -_ - 3,863,209 3,149,709
Total assets_ _ _ _99,133,084 93,576,055
Tot. liabilities_ _99,133,084 93,576,056
a Includes cost of properties, $81,130,049, and improvements and rehabilitation, $8,555,759, less value of equipment, buildings and tracks
destroyed or abandonedwhich, 1333 salvaga, has been charged to operating
expenses, $550,540.
S The item of cash, $1,564,349, includes reserve for dividend, $210,000;
reserve for coupons unpaid, $147,589; available for other purposes, $1.206,760.-V. 89, p. 103 42.
Wisconsin Central Railway.
(Fiscal Year ending June 30 1909.)
President E. Pennington, Minneapolis, Sept. 20 1909
says in substance:
-The funded debt has undergone a net inc. of $1,784,510.
Funded Debt.
Obligations issued: "Superior & Duluth division and terminal"
mtge. bonds, $500,000; trust equipment contracts, $1,first
375,200; received from trustees for improvements, first gen$1,921,200
eral mortgage bonds, $46,000; total
Obligations retired: W. C. RR. first series bonds, $42,000; Dickinson trust equipment bonds, $34,000; equipment contracts,
136,690
$60,690
On April 13 1909 the stockholders voted to issue a "first and refunding
mortgage" securing $60,000,000 4% gold bonds due April 1 1959. There
N% ere no bonds issued under this mortgage during the fiscal year ending
June 30 1909. (V. 88, p. 824.)
Land Department.
-The gross cash receipts from lands, lots, timber,
royalties, deferred payments, interest on deferred payments, rents, &c.,
were $213,408; the expenses of the land department, Including taxes, were
$96,888; the gross land sales of the land department for the year were 4,318
acres and one lot for $25,705; timber sales amounted to $235,326; town lot
sales amounted to $100. The royalties accrued during the year from iron
ore mined from the company's land amounted to $92,780. The land, timber and town lots sales increased $154,603. The total number of acres
remaining in the grant on June 30 1909 was $431,580; number of acres
under contract of sale, $13,495; number of acres unsold, $418,085.
-For the year there was an increase in earnings on genGeneral Results.
eral freight of $185,585 and a decrease of earnings on iron ore of $75. There
was a decrease in passenger earnings of $24,650 and an increase in mail,
express and miscellaneous earnings of $26,184. The increase in total gross
earnings was (2.56%) $187,044. There was a decrease in expenses of
$36,136. Net earnings increased 10.25%, or $223,180. There was an
increase in taxes of $32,248, a decrease in rentals of $30,544, a decrease in
hire of equipment of $39,893 and an increase in interest on bonds of $148,489.
During the year 2,487 tons of new steel rails (85 lbs. to the yard) were laid,
releasing 2,209 tons.
Expenditures for Main and Branch Lines.
1909. 1908.
1909. 1908.
Repairs per locomotive_$1,777$1,695
Maintenance of way and
44
707
566
pass. car_ _ _
structures per mile of
44
37
freight car_
$954
"
$871
road
The decrease here shown in average repairs to freight cars arises through
the addition of 2,650 cars to the freight equipment between the dates of
Dec. 23 1908 and Jan. 27 1909.
-Credit balance June 30 1908, $297,015;
Equipment Replacement Account.
value of equipment destroyed ($132,074) and depreciation of locomotives
and of cars ($104,461). $236,535; less equipment purchased and rebuilt
and charged to this account, $184,984; net addition to this fund during
year, $51,552; total credit June 30 1909, $348,567.
Additions and Betterments.
-The charges to additions and betterments
during this fiscal year amounted to $206,260, which is held subject to reimbursement from proceeds of bonds to be issued under the "first and refunding mortgage."
Lease.
-At a special meeting April 13 1909 the stockholders ratified a
lease of the railway to the Minneapolis St. Paul & Sault Ste. Marie Ry. Co.
The lease became effective April 1 1909 and continues for a period of 99
years. (V. 88, p. 232, 626, 824, 1003, 1199; V. 89, 780.)
Last Separate Report.
-Subsequent reports for the Wisconsin Central fly.
Co. will be incorporated with the reports of the lessee.
Below are comparative statements:
OPERATIONS, EARNINGS,EXPENSES,ETC.
1905-06.
1906-07.
1907-08.
1908-09.
977
1,018
976
1,023
Average miles operated_
Operations
4,343,279
4,397,462
4,418,135
Total tons carried
4,735,885
Tons carried one mile_ _ _835,885,906 792,278,054 809,246,821 804,040,467
0.661 cts.
0.693 cts.
0.672 as.
Av. rate per ton per mile 1.659 cts.
325.46
308.19
290.73
287.29
Av. rev, tons per tr. mile
$2.15
$2.14
$1.95
$1.89
Earns. per fgt. train mile
1,456,856
1,235,596
1,613,863
No. of passengers carried 1,592,870
No. pass. carried 1 mile_ 87,452,600 85,341,123 78,035,864 70,100,795
2.02 cts,
2.00 cts.
1.80 cts.
1.72 cts.
Av. earns. per pass. p. m
99.55 cts.
Av. earns, per pass. tr.m 99.95 cts. 103.04 cts. 103.47 cts.
$7,442
$7,285
$7,145
$7,681
Gross earnings per mile_
INCOME ACCOUNT.
1908-09. 1907-08.
1908-09. 1907-08.
Earnings
5,509,441 5,323,931 Net earnings_ --2,399,848 2,176,668
Freight
350,627 318,380
Passengers_ _ _ _ _1,583.514 1,608,165 Taxes
Mall,express and
Oper. Income_2.049,221 1,858,288
miscellaneous_ 401,400 375,215
Other income__ _
50,570
34,724
7,494,355 7,307,311
Total
Total income_2,083,945 1,908,858
Expenses
DeductMaintenance of
way & struct_ 850,366 821,966 Int. on bonds__ _1,245,237 1,096,748
111,944
72,050
Maint. of equip_1,019,772 1,051,147 Hire of equip_ _ _
252,573 Accrued rentals_ 318,615 349,157
Traffic expenses 282,346
•250,826
Conduct. transp.2,705,385 2,760,804 Pref. dlv
236,638 244,153
Gen. expenses
1,886,728 1,557,849
Total
5,094,507 5,130.643 Balance,sur____ 197,217 351,009
Total
(70.21)
P.e.exp.to earns (67.98)
Bal., net earns_ _2,399,848 2,176,668
RV Includes dividends Nos. 1 and 2(1%,or $112,672 each), paid Dec. 1908
and March 1909, and $25,482 on account of dividend No.3,1%.paid July'08
1066
THE CHRONICLE
CONSOLIDATED BALANCE SHEET JUNE 30.
Assets1909.
1908.
1907.
Road and securities
$58,614,237 $57,315,263 $54,327,922
Equipment
6,611,148
5,191,546
5,108,823
Company's stock in treasury
2,586,160
2,586,279
2,586,279
Stocks and bonds owned
455,489
488,743
239,161
Trustees
6,
1,411
78,038
Reserve and improvement funds-----------85,101
396,861
Land department
76,670
592,416 . 595,847
Current assets
691,911
2,028,029
1,604,331
Cash
929,004
1,291,478
1,717,668
Miscellaneous
67,167
31,188
50,529
Total assets
$70,723,447 $69,611,455 $66,705,459
Liabilities
Common stock
$17,500,000 $17,500,000 $17,500,000
Preferred stock
12,500,000 12,500,000 12,500,000
Bonds (see "By. & Ind. Section") _ _ _ 36,283,921 34,450,105 31,929,795
Real estate mortgages
82,500
Current liabilities
629,646
1,599,363
1,782,351
Equip., &c., replace't & renewal funds
553,242
141,649
413,187
*Other reserve funds
1,116
1,331
175,669
Land department
1,140,393
888,530
741,118
Profit and loss
2,115,127
2,258,940.
1,852,377
Total liabilities
Great Northern Ry.
(Report for Fiscal Year ending June 30 1909.)
Below we give a comparative statement of results for the
late year. Further data will be given next week.
RESULTS OF LINES OPERATED AS GREAT NORTHERN RY. AND
THOSE INDEPENDENTLY OPERATED: IOWA & GREAT
NORTHERN RY. AND MINNEAPOLIS WESTERN RY.
Note.
-The operating expenses for 1907-08 have been somewhat revised
in order to afford a correct comparison, the amount, $36,146,236 as below,
comparing with $36,158,056 as given in last year's report, a difference of
$11,820. The figures for 1907-08 after operating income not being given
in this year's report, we have changed the item of "rents, hire of equipment, &c.," from $909,585 to $897,765 in order to strike the proper balance
for the year.
1908-09.
1907-08.
1906-07.
Average miles operated
6,808
6,594
6,362
Operations
Passengers carried (number)
7,195,386
6,956,966
6,199,222
Passengers carried one mile_ _ _ _ 490,393,926 493,009,745 461,722,684
Average rate per pass. per mile_
2.239 cts.
2.270 cts.
2.393 cts.
'Freight (tons)
18,007,264
19,268,175
21,923,343
'Freight one mile
4.841,973,201 5,164,024,158 5,426,950,685
'Average rate per ton per mile_
8.151 cts.
7.806 cts.
7.782 cts.
'Average train-load (tons).
502
509
539
Earns, per pass. train mile
$1.498
$ 1.493
$1.472
Barns, per freight train mile__ _
$4.09
$3.98
$4.19
Gross operating revenues
Expenses
Maintenance of way, doe
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
1907-08.
1908-09.
$
$
10,977,948 11,189,553
39,464,811 40,311,420
3,017,703
2,711,100
226,982
217,560
Inc. (-I-) or
Dec.
(-).
211,605
848,600
+306,603
+9,422
53,687,444
54,429,633
9,797,370
6,173,847
745,847
14,822,546
1,013,877
9,588,747
+208,623
8,170,109 -1,996,262
731,337
+14,510
16,652,134 -1,829,588
1,003,909
+9,968
--742,189
Total expenses
32,553,487
P. c. of oper. expenses to oper. rev._
(60.64)
Net operating revenue
21,133,957
Outside operations
-net
249,198
36,146,236
(66.41)
18,283,397
333,744
-3,592,749
-(5.87)
+2,850,560
-84,546
Total net revenue
Taxes accrued
21,383,155
2,570,372
18,617,141
2,288,179
+2,766,014
+282,193
Operating income
General interest
Divs. and int. on securities
Profit on sale of assets
Rents, hire of equipment, &c
18,812,783
1,098,540
1,016,900
817,502
820,858
16,328,962
2,173,122
172,459
592,169
897,765
+2,483,821
-1,074,582
+844,441
+225,333
-76,907
Gross corporate income
22,566,583
Deduct
Rentals paid
230,890
Bond interest accrued
4,726,536
Deficit under guar. of Int. on Kootenay By. & Nay, deb. stock
121,723
Interest accrued on subscriptions for
$60,000,000 additional stock
Dividends on stock,7%
14,697,473
20,164,477
+2,402,106
*1,347,436
3,670,865
-1,116,546
+1,055,671
Total deductions
19,776,622
Balance, transferred to fund for permanent improvements and renewals 2,789,961
155,862
-2,038,427
+4,214,418
17,695,645
+321,129
• Rentals In 1907-08 include $1,179,988 paid to the former St. Paul
Minneapolis & Manitoba By. (now merged) under lease from July 1 to
Oct. 311907.-V. 89, p. 847, 162.
Gulf & Ship Island Railroad.
(Report for Fiscal Year ending June 30 1909.)
President J. T. Jones, Gulfport, Miss., Sept. 30 1909,
wrote in brief:
General Results.
-The depression in business which began in November
1907 continued In a lesser degree through the fiscal year ending June 30
1909, resulting in a considerable decrease in gross operating receipts.
Operating expenses, however, show a much larger percentage of decrease
for the year than the gross operating receipts, so that the net result of operation is much more favorable, the percentage of operating expenses and
taxes to gross operating revenues being 78.39, as compared with 83.71 for
the previous year.
It will be noted that in some instances the earnings and operating expenses for 1908, as shown in these reports, do not agree with those shown in
last year's report. This is caused by some changes In the classification required by the Inter-State Commerce Commission, and to obtain a basis for
comparison it has been necessary to re-distribute 1908 statements to agree
with this year's classification.
Conditions In southern Mississippi at this time are favorable to renewed
activity in all branches of business along the line of your road. Most of the
sawmills, which have been idle a considerable part of the time for the last
eighteen or twenty months, are now in full operation, and we therefore
predict a steady increase in business, which should result in large increases
in both gross and net revenues for the current fiscal year.
Stock -During the fiscal year $500,000 of new capital stock was issued
and sold to stockholders at par, increasing the stock authorized and issued
from $6,000,000 to $6,500,000.
Hurricane-Permanence of Harbor, &c.
-The West Indian hurricane
which passed over the entire Gulf coast on Sept. 20 1909 caused no damage
along the line of the railroad. The pier, anchorage basin and channel also
weathered the Storm without damage, and the loading of ships continued
as usual the following day.
1,407,218
(75.12)
465,978
61,217
404,761
7,702
Total income
Deduct
Interest
Sinking fund
Hire of equip., rents, &c.
Total deductions
Balance for year
Dividends, 4%
_
2,066,878
2,483,545
2,136,639
1,771,272
1,360,452
1,683.925
1,771,272
1,360,452
(81.47)
382,953
46,334
(71.32)
712,273
38,955
(63.67)
776,187
39,685
336,619
27,064
673,318
26,826
736,502
27,731
412,463
363,683
700,144
764,233
331,487
49,840
26,478
310,547
49,840
11,064
259,243
49,840
73,580
256,538
49,246
57,174
395,266
278,440
15,899
630,819
86,794
508,3851
345,416
15,710
712,954f
101,4601
407,805
sur.4,658
242,300
371,451
def.7,768 sur.317,472 sur.401,275
(
240 000
382 672
240,000
227i:00 i
3 918
• Not including company's freight.
CONDENSED BALANCE SHEET JUNE
1909.
1908.
Assets
LiabilitiesRoad and equip't_14,796,544 14,727,044 Capital stock
Materials & supp_
151,101
165,602 Funded debt
Cash
22,129
25,386 Securities due for
Cash in transit_ _ _
25,872
21,968
construction _ _
Cash, !Man. agls. 129,245
126,800 Car trust notes_ _
Bills receivable_ _
5,240
36,340 Unpaid pay-rolls.
Agts. & conduc'rs
9,481
15,8911 Int. due on bonds_
Acc'ts receivable_
135,714
136,923 Accr'd Int. on bds_
Unexpired insuece
8,980
10.094 Vouchers dr acels_
Sinking fund
284,718
222,144 Bills payable
Unearned interest
Accrued taxes.. _
on ear tr. notes_
2,251 . 10,816 Unpaid dividends_
Miscellaneous
7,698
11,345 Sinking fund
Res, for est. Habil.
Maintenance res've
Surplus
Miscellaneous
Total assets_ ...i5,578,075 15,510,448
-V. 88, p. 1620.
30.
1008.
1909.
$
6,600,000 6,000,000
5,750,000 6,000,000
1,240,000 1,240,000
379,804
255,424
56,257
71,514
128,150
126,890
11,250
15,000
180,872
142,500
25,000
30,000
21,765
16,700
500
1,000
309,638
247,064
117,792
91,
801,814
902,221
338,434
62,764
7,775
17.341
Total liabllitles_15,578,975 15,510,448
Chicago Terminal Transfer Railroad.
(Report of Receiver for Fiscal Year ending June 30 1909.)
Receiver John N. Faithorn, under date of Chicago, Sept.
28 1909, says in substance:
Receiver's Certificates.
-Receiver's certificates, bearing6% Interest, to the
amount of $200,000.were issued and sold to pay, in part,for track elevation.
Of this amount, $50,000 has been paid, leaving $150,000 now outstanding.
Additions.
-Additions to the property aggregated $625,971, notably for
track elevation at Chicago, $418,182; subway at Marshall Boulevard, $17,560; equipment, $45,525: dock property in Canal Addition to Chicago
acquired from the Sanitary District, $114,640.
Tenants.
-The lease arrangements with these companies have remained
unchanged during the year, each being for a long period of years.
Elevation of Tracks.
-The work of elevation of tracks has been actively
prosecuted during the fiscal year covered by this report, such elevation of
tracks being required by ordinances of the City of Chicago, and by the end
of the calendar year 1900 there will have been practically completed
such elevation of tracks and yards and correction of alignment, from
Canal St. to Rockwell St., and from 14th St. and Western Ave. to 26th
St., an aggregate distance of about 4.25 miles.
INCOME ACCOUNT.
1908-09. 1907-08.
+2,080,977
2,468,832
1,873,196
-34,139
2,038,427
10,483,055
Total oper. revenue_ _
Operating Expenses
Maintenance of way, &c.
Maintenance of equip't_
Traffic expenses
Transportation expenses
General-expenses
Operating income_ _ _
Other Income _
• "Other reserve funds" Include "maintenance" fund in 1907; this is not
ncluded in later years.
-V. 89, p. 995, 780.
EarningsPassenger
Freight
Mail, express, &c
Other than transportation
OPERATIONS AND FISCAL RESULTS.
1908-09: • 1907-08.
1906-07.
1905-06.
Average miles operated_
307
307
307
284
Operations
Passengers carried
479,084
571,246
669,732
440,169
Passengers carried 1 mile 11,551,519 14,439,262 18,347,549 12,210,543
Rate per pass, per mile_ 3.046 cts.
2.964 cts.
2.849 cts.
2.903 eta.
Tons freight moved__
1,115,663
1,197,331
1,449,404
1,361,094
Tons freight moved 1 m.• 81,972,402 91,406,165 107,817,374 100,600,107
Rate per ton per mile._ 1.715 cts.
1.697 cts.
1.662 cts.
1.650 cts.
Av. train load,rev.(tons)
257
254
258
245
Earn, per pass. train m_
$0.93
$1.50
$1.09
$1.37
Earn.per freight train m.
$4.38
$4.28
$4.36
$4.04
Gross earnings per mile_
$6,102
$8,090
$6,733
Gross Earnings5
$
$
$
Freight •
1,405,593
1,830,109
1,518,881
Passenger
351,882
428,008
522,670
2,136,839
Mail, express and misc
82,623
85,9281
130,766
Other than transporta'n
33,096
34,0605
Total
Per cent of oper. exp. &
taxes to Oper. revenue
Net earnings
Taxes
$70,723,447 $69,611,455 $66,705,459
• Company's freight excluded.
[VOL. Lxxxix.
1908-09. 1007-08.
$
78,278 42,317
180,005 169,677
------Oper. Income, deficlt.101,727 127,360
Rents Joint facilities.......689,093 666,580
9,319 8,317
Miscellaneous Income..
--- -596.685 547,537
Gross corporate ine
Deduct
8,958 19,950
hire of equipment
382
Rent-Joint facilities- 3.731
657,800 657,800
Interest on bonds
Int. on receivers' Ws.._ 11,141 11,996
Rev, from transp'n.1,004,601 1,000,232 Total net revenue
0th. than trans. rev_ 87.215
95,286 Taxes accrued
Total oper. rev.... A,001,817 1,095,518
Oper. ExpensesMalnt. of way, &c__ 161,523
Maint. of equipment 288,025
Traffic expenses_ _
.
9,625 1,060,983
Transportation exp. 507,771
General expenses.._ 55.975
Total expenses _1,022,919 1,060,983
Net oper. revenue__ 68,898
34,535
Outside operations...
9.380
7,782
Total net revenue_
78.278
Total deductions
42,317 Balance, deficit
681.630 690,137
84,945 142,600
BALANCE SHEET JULY 1.
1908.
1909.
Assets$
1
Property and franchises
48,669,190 48,043.219
Cash (including for coupons)
57,813
23,052
Accounts receivable
351,948
357,913
Accounts receivable (disputed)
279,065
268.131
Agents and conductors
62,913
58,060
Suspense account-balance
17,38
1,417
Treasury securities
33,775
33,775
Materials on hand
186,251
252,031
Miscellaneous
2,706
Profit and loss deficit
615,024
530,070
1007.
5
47,340,896
32,723
402,357
232,237
83,578
5,086
33,775
325,170
1
387,479
Total
Liabilities
Common stock
Preferred stock
Funded debt (see "By. & Ind." see.)
Vouchers and pay-rolls
Interest matured and accrued
Taxes accrued
Traffic balances payable
Receiver's certificates
Contingent reserve fund dc miscel__ _
50,276,523
49,568,577
48,852,301
13,000,000
17,000,000
16,239,000
199,230
3,036,308
80,761
61,017
150,000
510,206
13,000.000
17,000,000
16,239,000
223,732
2,430,708
83,140
99,892
200,000
292,105
13,000,000
17,000,000
16,239,000
390,220
1,824,827
89,392
54,581
50,000
204,281
Total
-V. 89, p. 992.
50,276,523
49,568,577
48,852,301
THE CHRONICLE
OCT. 2319O9.1
Atlantic Coast Line Co. of Connecticut.
(Balance Sheet of June 30 1909.)
This company owns (see details below) a majority of the
capital stock of the Atlantic Coast Line Railroad Co., namely,
$24,157,000 of its $48,537,600 common stock and $1,009,300
of its $1,596,600 preferred stock; also sundry other securities
as shown below. It will be noted that the company now has
a profit and loss surplus of $18,729,776.
We have been favored with the balance sheet of June 30
1909, which we compare with those of June 30 1908 and
1907:
BALANCE:SHEETMUNE 30.
1907.
1908.
1909.
Assetsb
$
$
Securities deposited with Safe Deposit
& Trust Co. of Baltimore
all,500,000 all,500,000 all.500.000
528,700
Railroad bonds
834.200
5528,709
Other bonds
1,632,000
1,494,000
c1,418,000
Railroad stocks
(125,241,906 25,341,006 25,341,906
1,410,024
Other stocks
e1,415,023 e1,415,023
Other assets
2,373,622
12,810,182 12,810,182
Bills receivable and advances
764,213
949,809
325,359
Real estate & building, Wash., D. C..
75.000
75,000
75,000
278,678
Investment renewal rail fund
244,412
162,794
Deposits for interest and dividends_ _
161,750
161,513
Cash
71,419
59,988
290,887
727,710
606,425
Dividends accrued
724,710
Total
44,491,289
Liabilities
Capital stock
12,600,000
Certificates of indebtedness, 5% _ _ _ _ 5,000,000
Certificates of indebtedness, 4%....
5,000,000
Debenture certs. of indebtedness. 4% 3,000,000
Bills and accounts payable
Deposit renewal rail fund
_,..
Div. on stock & int. on certs. unpaid__
161,513
Profit and loss surplus
18,729,776
45,492,705
44,866,070
12,600,000
5,000,000
5,000,000
3,000,000
1,317,075
303,390
161,750
18,110,489
12,600,000
5,000,000
5,000,000
3,000,000
750,000
291,722
162,794
18,061,559
44.491,289
45,492,705
44,866.075
Total
Securities Owned June 30 1909.
a Securities deposited with Safe Deposit & Trust Co. of Baltimore, as
security for $10,000.000 certificates of indebtedness of 1897-1000:
Atian. Coast Line RR.Co. 1st con.4% bonds at par.$1,150,000
Atlan. Coast Line RR. Co. of S. C.4% bonds at par. 1,550,000
Atlantic Coast Line RR.Co.4% certificates at par_ _ 8,800,000 511,500,000
S Railroad BondsPar.
Book Value.
South Carolina Pacific By. Co. 1st 6% _ _
$81,600
$65,751
Col. New. & Laur. RR. Co. 1st 3%
_
318,000
201,958
North Western RR. Co. of S. C.4% _ _ _
285,000
261,000
528,709
c Other Bonds.
Et
Dutton Phosphate Co. at par
$566,000
Other phosphate companies at par_
852,000 51,418,000
d Railroad Stocks
Northwestern RR. Co. of South Caro__
$50,000
$50,000
Atlantic Coast Line RR. Co. 5% pref__ 1,009,300 1,009,300
.
do
class 'A"_
do
115,100
115,100
do
do
common_ _24,041,900 24,041,900
Nashville Chattanooga & St. Louis Ry_
30,000
25,606 $25,241,906
e Other Stocks
Old Dominion Steamship Co
$120,000 $150,000
Sundry other stocks
1,569,000 1,240,023
Westinghouse Air Brake Co
25,000
25,000 $1,415,023
f Other AssetsAtian. Coast Line RR. Co.4% certs_ _ _52,632,700 $2,341,660
Charleston & Western Carolina By. sec..
467,250
Col. Newb. & Laur. 5% certificates_
1,272 $2,810,182
-V. 87, p. 1083.
Pullman Company.
(Report for Fiscal Year ending July 311909.)
RESULTS FOR FISCAL YEARS.
1908-09.
1906-07.
1907-08.
1905-06.
Passengers carried (No.) Not given. 18,603,067 18,020,379 16,253,947
Total revenue
$33,801,155 $31,620,241 $32,186,013 $29,588,642
Disbursements
Operating expenses__ 418,517,341 $18,001,759 $17,388,741 $15,344,740
Deprec'n of cars, &c__ _ 3,794,323
3,362,238
2,609,422
2,421,597
Paid other sleeping car
associations
541,290
467,320
749,342
744,421
dlv. on capital stook 7,999,070
7,998,356 *7,476,878
5,919,984
Total disbursements_$30,852,024 $29,829,673 $28,036,559 $24,618,567
Surplus
52.949,131 51.790,568 54,149,455 54,970,075
•Also in Nov.'06,36% in stock to distribute surplus. V.83, p. 1174, 1233.
BALANCE SHEET JULY 31.
1908.
1909.
1909.
1908.
s
LiabilitiesAssets9
Cars, real est. &
Capital stock...._100,01)0,000 100,000,000
opor. supplies 73.363,976 70,257,773 Accts. payable_ 3,860,706
1,617,875
Cash
1,999,652
11,018,522 9,054,320 August dividend
Securities
10,559.895 10,535,530 Res. for dep'n &
Mfg. dent
adJust't accts. 8,808,849 5,509,025
23,251,374 23,251,374
Accts. receivable 3.871.706 3,074,343 Surplus July 3E 9,995,919 7,046,787
Total
122.665,473 116,173,339
-_
.
P. 1563
Total
122,665,473 116,173,339
.
Etitstiironvw !
Corporation.
Distillers' Securities
(Report for Fiscal Year ending June 30 1909.)
President E. J. Curley, Sept. 30 1909, wrote in brief:
The plants have been maintained in a state of high efficiency, and the
cost (5225,195) of additions, maintenance and repairs has been charged
against earnings.
Accounts and bills receivable and bills payable are all current and
represent the trade receivables and payables of the companies. All
accounts between the company and its constituent companies have been
eliminated, so as to show the net figures.* During the year the current
liabilities have been reduced by $1,251,102. Of the item "bank and other
loans" (54,218,487) $1,464,183 are bank loans and the balance,52,754,303,
represents loans from its controlled companies; against which are current
assets of $19,119,440 gross and $14,312,707 net. Since June 30 1909 bank
loans have been further reduced by $350,000, the total amount now owing
to banks being $1,114,183.
The item of securities-$5,521,859-represents investments in various
distributing and other companies. Their value, taking the investments in
the distributing companies on the basis of their net current assets, consisting of cash, merchandise, receivables, &c., amounts to $7,561,676 or
$2,039,817 more than that at which these securities are carried on the
books. They form a part of the actual working capital, which row
amounts to $14,312,707.
Dividends have been paid during the fiscal year at the rate of 34 of 1%
quarterly or a total of 2% for the year.
Every department of the company's business shows a material increase in
profits over the same period of the preceding year, and, while the improvement has been gradual, It has been constantly maintained. The business
of the current fiscal year thus far shows the same steady increase in earnings
and betterment of general conditions.
1067
EARNINGS. EXPENSES, CHARGES, ETC.
1908-09.
1906-07.
1907-08.
Gross profits
2,683,237
DeductInt. on notes and loans_
321,294
Taxes
104,470
Rentals
79,239
Insurance
84,595
Reserve fund
Additions and maint_ _ _
225,195
Administration, &c.,exp. 344,620
Total
Net earnings
Interest on bonds
Dividends
Total int. and divs_
Balance
1905-06.
4,541,696
4,054,815
406,968
106,264 '
81,460
80,809
327,195
79,018
85.377
94,992
303.789
341,115
245,912
367,815
290,084
109,905
83,590
112,521
32,181
220,118
332,346
2,454,391
1,320,406
1,159,413
1,180,745
1,200,309
1,523,824
1,133.985
2,874,071
3,341,387
790,054
789,617
750,007
782,620
(2)679,695(4)1,306,215(5)1,634,309(4)1,327,036
1,469,312
sur54,512
2,416,929
2,096,269
def962,284 sur924.458
2,077,043
sur797,028
BALANCE SHEET JUNE 30, SHOWING ASSETS AND LIABILITIES
OF DISTILLER'S SECURITIES CORPORATION AND OF
ITS CONSTITUENT COMPANIES.
1906.
1907.
1909.
1008.
Assets$
$
$
Properties of const. cos. 39,987,140 39,360,399 39,022,672 38,613,670
Bonds held by American
Spirits Mfg.Co.,trustee
11,000
11,000
Cash
1,017,742
1,200,862
1,304,027
1,068,568
Accts. & bills receivable. 9,574,114 11,343.506 12,185,164 11,041,075
Mat. & supplies (at cost) 2,822,605
2,898,733
2,857,538
2,618,991
zSecurities of other cos. 5,521,859
5,439,203
5,698,472
5,667,362
Total assets
p59,106,580
Liabilities
Capital stock issued
30,766,997
Stock with Mercantile Tr.
Co. agst. outstdg. stock
of Dist. Co. of Amer.
and Its constituent cos. 1,711,843
Bonded indebtedness..
15,933,000
Unclaimed dividends
264
Accts. & bills payable
y4,806,733
Reserve accounts
157,345
Surplus account
5,730,398
Total liabilities
p60,369,678 p60,809,217
58,980,228
30,726,538
30,722,959
30,435,943
1,752,302
15,938,000
1,755,881
15,947,000
541
y5,510,840
233,826
6,638,171
2,042,896
15,771,000
712
4,774,022
241,942
5,713,713
y59,106,580 y60,369,678 y60,809,217
58,980,228
8
y6,057,834
• 219.110
5,675,886
x Principally stocks in companies owned by the parent or constituent cos
y Totals in 1907, 1908 and 1909 differ from those in company's report
For purposes of comparison with previous years, the "accounts and bills
payable" are shown above under liabilities: in the report for 1907, 1908
and 1909 they are deducted from current assets and omitted under liabilitles.-V. 88, IL 3
76•
Pacific Coast Company.
(Report for Fiscal Year ending June 30 1909.)
Extracts from the report of H. W. Cannon, Prcsident
t
and Chairman of the Board, and J. C. Ford, Vice-President
and General Manager, will be found on another page.
Statistics.
-The earnings and expenses, income account
and balance sheet have been as follows:
EARNINGS AND EXPENSES FOR YEAR 1908-09.
Gross
Expenses
Net
DepartmentEarnings.
& Taxes.
Earnings.
Pacific Coast Steamship Co
$3,405,585 $3,184,736
$220,849
Rail Lines
Pacific Coast Railway Co
207,691
160,463
47,229
Columbia & Puget Sound RR. Co.._
621,146
373,393
247,753
Coal department
2,082,534
1,720,879.
361,655
Lumber, grain, rentals and miscell
263,551
96,207
167,343
Taxes and general
85,340 def.85,340
Total
$6,580,507
$5,621,018
$959,489
INCOME ACCOUNT
-ALL COMPANIES.
1908-09.
1907-08.
1906-07.
Gross earnings
$6,580,507 $7,272,958 $7,406,495
Operating exp. and tax_ 5,621.018
6,220,625
5,986,616
1905-06.
$6,308,413
4,935,994
Net earnings
Other income
$1,372,419
82,963
$959,489
13,154
$1,052,332
18,812
$1,419,870
69,794
Total net income_ __ _
$972,643 $1,071,144 $1,489,673 $1,455,382
Deduct
Interest on bonds
$250,000
$250,000
$250,000
$240,767
14,448
General interest
8,479
5,634
Improv't, equip't, &c
10,813
8,091
5,110
Loss on steamships
64,356
16,978
Depteen, &c., written off
16,419
23,650
"Exhaustion fund"
23,217
24,491
17,720
76,250
76,250
76,250
Div. on first pref. (5%)76,250
Div. on second pref_ __ (4)160.000(53()2l0.000 (6)240,000 (6)240,000
Div, on common
(4)280,000(5 X)367,500 (6)420,000 (6)420,000
Total
Balance, surplus
$826,960
5145.683
$1,027,035
$44,109
$1,018,832
5470,841
$999,847
5455,535
CONDENSED BALANCE SHEET J UNE 30
-ALL COMPANIES.
1907.
1908.
1909.
Assets
$
Property (including stocks and bonds
of proprietary companies)
19,409,967 19,180,938 18,736,725
Oasis (including deposit with trustee)_
335,157
848,673
880,469
Agents and conductors, &c
804,129
80,279
66,826
Companies and individuals
:160,293
782,204
678,564
Land notes and contracts
211,441
163,851
Coal and lumber inventorles
716,526
1,412,438
Prepaid accounts
234,559
a215,895
Claims against underwriters
169,675
118,530
Miscellaneous accounts
33,824
38,817
6,219
Materials and supplies
253,692
290,131
772,087
22,524,794 22,717,194
Total assets
Liabilities
Stock (see "By. & Indus." Section)_ _ '12,525,000 12,525,000
First mortgage bonds
5,000,000
5,000,000
Due companies and individuals
Unpaid vouchers
• 413,031
904,778
Unpaid pay-rolls
154,443
152,353
Dividend Aug. 1
129,062
129,062
20.833
Interest on bonds
20.833
Taxes accrued
5,208
43,940
128,190
"Exhaustion fund"for coal lands_ __ _
147,090
5251,113
Other reserves
203,310
138,495
101,421
Collections for traffic not yet earned_
437,500
437,500
Globe Navigation Co
29,727
29,038
Employees hospital fund
Surplus fund of proprietary companies
deposited with Pacific Coast Co_ __ _
26,843
Traffic balances and miscellaneous....
18,467
3,207,715
Profit and loss
3,062,032
Total liabilities
22,524,794
22,717,194
21,559,922
12,525,000
5,000,000
16,914
182,451
149,061
20,833
13,020
107,803
27,162
499,755
3,017,923
21,559,922
a "Prepaid accounts" include insurance paid in advance, $199,110; taxes,
$6,861, and rentals, $9,923.
b "Other reserves" include reserve for pilotage, $59.733, and reserve for
improv'ts, replacem'ts and inventories, $191,380.-V. 80, p. 999.
THE CHRONICLE
1068
American Type Founders Company.
(Report for the Fiscal Year ending August 311909.)
President and General Manager Robert W. Nelson Oct. 16
1909 wrote in substance:
The year has shown a marked improvement in every respect. The sales
have been larger and the net profits about $68,000 in excess of the previous
year. In the East and Middle West there has been an important revival
in business during the last eight months, while trade remained below
normal in the South and on the Pacific Coast until recently, when our
sales in these sections have shown an increase.
When trade is below normal, competition is always keen and pricecutting severe. This situation has existed in the type trade to a greater
extent than usual during the past year. Notwithstanding this situation
and it may continue and even grow more acute until lousiness assumes
normal conditions-the company has made good progress in both sales
and profits compared with tile previous year.
The economies resulting from the further consolidation at the central
plant of the foundries of the company, and the profits through increased
volume of business, enabled the company to make earnings sufficient to
meet the regular dividend requirements and carry a small addition to the
surplus account. We have completed during the year another addition
to the central plant and extended both wings, and have begun work upon
another bay and the further extension of one of the wings, both to be
finished within three months. The result will be further economies, together with even better service to our customers.
The confidence shown by the printers of the country in the products and
business methods of the company is one of its best assets, and the new
type faces which have been brought out have therefore met with large
sales. The type sales largely exceed the combined type sales of all outside
concerns, and its operations the past year have aggressively expanded and
developed its trade. It now has the largest type-founding plant in the
world, and is the largest merchant in type and printing supplies. The
demand of the printing trade for the products of the company not only
required further enlargement of the central plant but the building of new
special machinery and the training of a large force of apprentices. The
concentration at Jersey City of the formerly segregated foundries and the
resulting manufacture in larger quantities enabled promised economies to
be worked out, and places the company in a commanding trade position.
In March of this year the directors presented a plan for funding the
floating debt by the issuance of $2,000,000 debenture bonds, $800,000 of
which were to be held in the treasury subject to exchange for $800,000
of the original issue still outstanding, the balance ($1,200,000) being offered
to stockholders under terms set forth in circulars (V. 88, p. 627). In
connection with this issue of bonds, scrip to the amount of 2% on the
common stock, amounting to $80,000, was issued from the existing surplus,
this scrip being applicable to the amount of 8% upon account of subscriptions to the bonds at par. This plan met with approval and nearly $1,000,000 bonds were subscribed and paid for in connection with the scrip certificates, and the balance promptly sold for cash, thus enabling the company
to largely reduce its notes payable, and placing it in a strong financial
condition.
It is believed the coming year will show a material increase in the business
.of the company in all sections of the country.
RESULTS FOR YEARS ENDING AUGUST 31.
1908-09.
1907-08.
1906-07.
1905-06.
1
Not
Not
Not
f $585,742
Gross earnings
Stated.
Stated.
1 139,829
Interest charges
j Stated.
$306,759
$160,000
140,000
Net earnings
'Common stock city., 4%_
Preferred stock div.,7% _
Balance for year
$237,962
$160,000
140,000
$461,043
$160,000
140,000
$445,913
$160,000
140,000
sur.$6,759 def.$62,038 sur.$161,043 sur.$145,913
BALANCE SHEET A UG UST 31.
1999.
, 1998: ,
1909.
1908.
AssetsLiabilities$
S.
$
s
Plant
4,192,047 4,037,619 Capital stock, com__4,000,000 4,000,000
Merck. & raw mat'1_2,562,759 2,462,885 Capital stock, pref__2,000,000 2,000,000
Miscellaneous
131,067 109,944 Debenture bonds___2,000,000 839,800
Acc'ts receivable
807,262 731,779 Accounts payable__ 209,756 202,033
Bills receivable
673,573 676,684 Bills payable
650,000 1,554,000
'Cash
269,327. 391,387 Scrip
11,658
9,363
-Stocks and bonds__ _ 990,7'61 993,521 Surplus
755,383 828,624
-Total
., _9,626,797 9,433,820
Total
9,626,797 9,433,820
,
--V. 88, p. 627.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
-Decision Allowing Company
Albany & Susquehanna RR.
-The United States
Benefit of Refunding.Finally Effective.
Supreme Court on Monday denied the petition of the Delaware & Hudson Co. for a writ of certiorari to review the
• decision of the United States Circuit Court of Appeals in
June last, which affirmed the decision of the lower court in
favor of the Albany & Susquehanna for $1,107,923, repre-senting the saving of interest by the refunding of bonds.
Under the decision the Delaware & Hudson will in the future
be compelled to increase its rental payments by the sum
of $120,750, or about 33Y. on the $3,500,000 stock, which
o
has been receiving 9% dividends yearly. The dividend rate
will be accordingly increased. Compare V. 88, p. 1497,
1196, 938; V. 86, p. 284.
New Directors.
--The'following changes in directors have
-been made:
[VOL. Lxxxnc.
The notes issued in exchange for shares will be 4% 10-year coupon notes
dated Dec. 1 1909, with interest payable semi-annually, in denominations
of $1,000, $500 and $100, with a provision fbr their retirement on any
interest day on 60 days' previous notice at 105, if called at any time before
Dec. 1 1914, or at 1023 if called at any time after Dec. 1 1914. These
notes will not be specially secured, but will be simple obligations of the
trust.
The tenders are to be opened by the trustees at a meeting with the shareholders' committee on Oct. 28 1909, and acted upon not later than 3 p. m.
Nov. 5 1909.
The "Boston News Bureau" says: It is probable that about 15,000
shares each of preferred and common stock will be retired. At the present
market price one share of preferred and one share of common combined
are worth about $90. In addition to reducing the share capital commensurate to the value of property sold, the company will save tile payment
of $135,000 in back dividends on the preferred stock retired and place the
remainder of that issue in a position to receive 4% per annum in dividends,
beginning with the next declaration. At present there are 50,619 shares
of preferred and 51,469 common shares outstanding, and with the retirement of 30,000 shares equally divided between preferred and common
.stock, therq will be only 35,619 preferred and 36,469 common shares.
Compare V. 88, p. 1126.-V. 89, p. 846, 720.
Canadian Pacific Ry.-Option to Subscribe for New Stock.
As foreshadowed in the remarks of President Sir Thomas G.
Shaughnessy at the recent annual meeting (V. 89, p. 989),
the company is offering by advertisement on another page
to ordinafy shareholders of record Nov. 15 1909 the privilege
of subscribing at 125 until 3 p. m. Jan. 5 for $30,000,000 of
new ordinary stock to the extent of 20% of their respective
holdings. Subscriptions are payable at the Bank of Montreal, London, New York or Montreal, in five equal installments in 1910, viz.: Jan. 5, March 9, May 9, July 8 and
Sept. 7. Interest at 6% will be paid in July on installments
up to and including that of May 9 1910, if paid on or before
due dates. All shares on which installments have been paid
in full on the due dates will rank with the existing stock for
the full dividend accruing for the half-year ending Dec. 31
-V.89, p. 989.
1910. For further particulars see circular.
Chesapeake & Ohio Ry.-Acquisitions.-The stockholders
voted on Oct. 19 to purchase the property of the Coal River,
Raleigh & Southwestern and Virginia Air Line railways, as
stated in V. 89, p. 720.
Chicago Cincinnati & Louisville RR.
-Sale of Notes
Authorized.
-Judge Lacombe of the United States Circuit
Court on Oct. 20 authorized John W. McKinnon,as agent
for the shareholders of the National Bank of North America,
to sell, for $263,000 cash, sixteen notes of the company,
aggregating $374,000, held by the bank, to Newman Erb.
-V. 89, p. 224.
-Homer
'Chicago & North Western Ry.New Directors.
A. Miller and John V. Farwell have been elected directors to
succeed S. F. Barger and E. E. Osborne, who resigned.
-Current reports state that the company is
New Stock.
likely before the end of the year to offer to shareholders the
right to subscribe for perhaps $20,000,000 new common
-V. 89, p. 992, 669.
stock, probably at par.
-See "Annual Reports."
Chicago Terminal Transfer RR.
Baltimore & Ohio's Reputed Purchase of C. B. ct Q. Interest.
-The "Chicago Record-Herald" of Oct. 17 said:
The Baltimore & Ohio has purchased a controlling interest in the stock
of the Chicago Terminal Transfer RR. Co. from the Chicago Burlington &
Quincy, the deal having been closed in New York last week. Official
announcement of the sale, It is said, will not be made until certain plans
of the Baltimore & Ohio shall have been completed. That the purchase
has been made, however, can be stated positively, and the Burlington
will therefore become an equal partner in the $25,000,000 depot and terminal plan which the Pennsylvania is perfecting for Canal St.
Control of the terminal property has cost the Baltimore & Ohio approximately $21,000,000 and the company will have to pay the Burlington
about $5,500,000 for approximately $16,000,000, par value, of stock, half
each common and preferred. It is understood that payment is to be made
to the Burlington by short term notes bearing 4% interest. The deal will
get the Burlington out whole, as the Baltimore & Ohio must pay the Burlington all that it has invested in the property, together with interest at 6%.
The proposition was one to buy or sell which was made by the Burlington
some months ago when the Court controversy was at its height.
-V.89, p.992.
Cincinnati Hamilton & Dayton Ry.-Bonds Sold.-Speyer
& Co. and Kuhn Loeb & Co. have concluded a negotiation
covering $12,500;000 "first and refunding mortgage' 50-year
4% gold bonds. These bonds are unconditionally guaranteed, principal and interest, by the Baltimore & Ohio RR.
Co.
-V.89, p. 918, 469.
-The
Coney Island & Brooklyn RR.
-Bonds Approved.
Public Service Commission has approved the issue of $107,-Edward F. Beddall, E. K. Beddall and John F. 000 consolidated 4% bonds on account of betterments and
New Directors Elected.
McCulloch of New York; Atwood Collins of Hartford; Edward D. Pearce of
improvements.
-V. 89, p. 102.
Providence and W. L. M. Phelps of Albany.
-G. L. Shearer, Henry E. Howland, A. W. ButOld Directors Retired.
Cuba Eastern Ea.
-Successor Company.-See Guantanler, John H. McClement, H. E. Cooper and William A. W.Stewart.
-V.88,
p. 1497.
amo & Western RR.
-V. 89, p. 285.
Anderson (S. 0.) Traction 0o.
-Sold.
-At the receiver's
-See Albany & Sus-Decision.
Delaware & Hudson Co.
-sale on Oct. 12 the property was bid in by E. W. Robertson quehanna RR. above.
-V. 89, p. 847.
of Columbia, S. C., one of the receivers, for $154,750.-Detroit & Mackinac Ry.-Report.-For year ending
V. 89, p. 102.
.June 30:
Ann Arbor RR.
-Report.
-For year ending June 30:
Net
Other
Fiscal
Gross
Interest, Pro'. Div, Balance,
Operating Operating
Fiscal YearRevenues,
Income,
1908-09
$1,708,480 $390,450
1907-08
1,882,782
370,760
-V. 89, p. 777, 528.
Total
Other
Balance, YearEarnings. Earnings. Income. Tares,&c. WO.
Income. Deductions. Surplus. 1908-09____$1,148,974 $352,930 $15,875 $321,304 $47,500
$101,488 $473,847 $18,091 1907-08._1,186,006
378,731
18,314
370,054
47,500
413,495
98,120
55,385 -V. 88, p. 100.
Deficit.
321,40
Detroit Toledo & Ironton RE.
-Report.
-For year ending
Boston Suburban Electric Companies.
-Reduction of Share June 30:
'Capital.
-At their meeting on Sept. 30 1909 the shareholders
Balance,
Operating
Operating
Other
Total
-authorized the trustees to acquire for cancellation on the Fiscal
Deficit.
Year.
Revenues.
Income.
Income.
Deductions.
5685,257
$166,956
3890.689
$38,476
most favorable terms offered such amount of preferred 1908-09__ _$1,525,126
575,101
1907-08__ 1,623,266
42,405
915,343
297,836
shares and not more than an equal number of common -V. 89, p. 528, 224.
shares as can be purchased by the use of "funds of the trust
Georgia Southern & Florida Ry.-Report.-For year endto an amount of not exceeding $600,000, and notes of the ing June 30:
-trust to an aggregate amount of not exceeding $2,000,000. Fiscal
Operatin7 Operating Other Interest, Divs. Balance,
Accordingly, Treasurer A.E. Viles will receive tenders of pre- YearPaid. Surplus.
Revenues. Income. Income. &c.
$1,996,937 347.1,365 548,553.5322,830 $88,400 $111,888
ferred and common shares for cash and for notes at the 1908-09
20,998
1907-08
1,963,515 243,971 194,745 329,318 88,400
Boston Safe Deposit & Trust Co. until 3 p. In. Oct. 27.
Dividends include yearly 5% (334,200) on first preferred stoek and 5%
THE CHRONICLE
OCT. 23 1909
1908-09 was
($54,200) on second preferred. From the balance as above in in 1907-08,
deducted $9,695 for additions and betterments, against $16,528
87, P. 1083.
leaving $102,193 in 1908-09, against $4,470.—V.
Great Northern Ry.—New Director.—E. T. Nichols, VicePresident, has been elected a director to succeed W. R. Begg.
—V. 89, p. 847, 162.
Guantanamo & Western RR.—Reorganized Company.—
This company has been incorporated under the laws of Maine,
with $5,750,000 capital stock in shares of $100 each ($2,750,000 being first preferred stock, $250,000 second preferred
and $2,750,000 common stock), to succeed the Cuba Eastern
RR., per plan in V. 88, p. 294.—V. 89, p. 285.
Illinois Central RR.—Directors.—H. W. deForest and
R. S. Lovett have been elected to the board, succeeding
Charles M. Beach and the late E. H. Harriman.—V. 89,
p. 993, 1001.
Inter-State Railways, Philadelphia.—Four Offers for Purchase of Properties—Payment of Coupons.—The 'Philadelphia
Financial Bulletin" on Oct. 27 said:
Interests close to the Earle committee stated yesterday that the delay
in declaring the reorganization plan operative was due largely to the fact
interests for
that four offers had been received from Influential corporateof the system
the purchase of the properties, three of which were for a part
being
and the fourth for the properties as a whole. The propositions area part
considered by the management and there is a possibility of one or
unnecessary.
of them being accepted, which would make a reorganizationpayment of the
In the meantime announcement has been made for the
interest on Nov. 1 on the bonds which Interest was defaulted Aug. 1.—
V. 89, p. 721. 528.
Missouri Kansas & Texas Ry.—Director.—James Campbell of St. Louis has been elected a director and a member of
the Executive Committee, succeeding James Brown Potter
of New York, who resigned.—V. 89, p. 993.
New Mexico Central RR.—Financial Agreement.—A press
dispatch from Albuquerque, N. M., on Oct. 12 said:
As the result of a conference here between officers of the railway and
'
representatives of its principal creditors, a statement was issued this afternoon that the creditors have agreed to waive their claims and through a
committee will assist in devising ways and means to complete the road to
Albuquerque and the Hagan coal mines.
President Harrison Nesbit, Secretary Francis J. Torrance of Pittsburgh,
and Chas. C. Murray, Treasurer, who is receiver of the Enterprise and Fort
Pitt national banks of Pittsburgh, attended the conference here, as did
J. B. Finley of Pittsburgh, Chairman of the Executive Committee of the
company.
The gentlemen state that the legal difficulties have been adjusted and
there is good prospect of the immediate resumption of work on a project
which will give Albuquerque and Central New Mexico a competing railroad,
and tap the richest coal deposits in the territory.
the
[On Oct. 14 at Santa Fe, N. M., former President Robert Law asked
be appointDistrict Court for a rule to show cause why a receiver should notis insolvent
the company
ed for the company. The plaintiff claims that
and owes him $28,000 for back salary. Hearing was set for Oct. 28 by
Judge McFle.)—V. 89. p. 721. 287.
New York & Long Island RR.—Suit Brought by City Dismissed.—The Court of Appeals at Albany on Oct. 21 dismissed the suit brought by the city to obtain possession of
the tunnel on the ground that as the action involves the
legal status of the franchise, which emanates from the State,
the suit should have been brought by the State and not by
the city. Compare V. 88, p. 624.
Chief Judge Cullen, who writes the opinion, says:
The legal status of this franchise and the rights of the trustees of the
company to the property and structures created in the execution of the
franchise should be determined only in litigation between the people of the
State from whom the franchise sprang and the defendant, wherein a determination will be binding and conclusive on everybody. . . .
When the Legislature enacted that the powers of the corporation should
cease it intended thereby that In the same contingency the franchises
conferred on the corporation should cease. What possible benefit would
accrue from the dissolution of a corporation for failure to exercise its
franchises in time if the franchise itself is to continue for the benefit of the
stockholders, who might form a new corporation and to it transfer the
franchise? It may be that public convenience and advantage will be best
subserved by allowing the defendants to complete and operate that portion
of their road which has been in process of construction. It may be that
for the permanent protection of defendants' privileges a general statute is
necessary. What the legal status is of a railroad partially constructed
where the company falls to complete it within the prescribed period has
not as yet been determined by the courts of this State. Treating the case
from the point of view of the Appellate Division, the statement of facts
was inadequate to enable the Court to render any judgment.—V. 88,1). 824.
New York Susquehanna & Western RR.—Report.—For
year ending June 30:
Operating
Fiscal
Revenue.
Year—
1908-09 __ __$3,252,745
1907-08 __ _ 3,260,075
1297.
—V. 87. p. -
Other
Net (after
Taxes.) Income.
$1,046,272 $78,627
64,200
746,560
Fixed
Charges.
$1,004,712
895,066
Bal., Sur.
or Del.
sur.$120,187
def.84,306
St. Louis & San Francisco RR.—Sale of Bonds in Germany.
—James Speyer, of Speyer & Co., New York, who was in
Europe for several months during the summer, was instrumental in concluding negotiations with Lazard SpeyerEllissen, of Frankfort-on-the-Main and the Deutsche Bank,
-20-year 5% gold bonds.
covering $6,000,000 general lien 15
It is understood that these bonds are to be brought out in
the Frankfort market in due course. Last July Speyer &
Co. sold $10,000,000 bonds of the same issue to Paris bankers. The amount of the issue in the hands of the public is
now $42,500,000. Compare V. 89, p. 105, 287; V. 88, p.
1198, 54.—V. 89, p. 994, 779.
Seaboard Air Line Ry.—Receivership to Terminate Nov. 4.
—Judge Pritchard at Asheville, N. C., on Oct. 18 signed a
final decree authorizing the termination of the receivership
on Nov. 4.
" Receivers' Certificates of Indebtedness, Series A, B and C,
Called.—These issues of receivers' certificates have been
called for payment on Nov. 6 1909 at the Continental Trust
Trust Co., Baltimore, or,at the option of the holders,at the
office of Blair & Co., 24 Broad St., New York.—V. 89, p.
994, 840.
Union Pacific RR.—See "Annual Reports."
New 011icers.—On 'Thursday the directors of the Union
Pacific and Oregon Short Line elected Robert S. Lovett
1069
President of both companies to fill the vacancy caused by
the death of Mr. Harriman. Judge Lovett is now both
President and Chairman of the Executive Committee.
Three additional Vice-Presidents were elected—J. C. Stubbs,
Traffic Director; Julius Kruttschnitt, Director of Maintenance and Operation, and William Mahl, Comptroller of
the Union Pacific and itssubsidiary properties.—V.89, p.995.
Western Maryland RR.—Directors.—Geo. R. Gaither,
Benjamin A. Richmond and Alexander Robertson have been
elected directors to succeed John W. Gates, F. S. Landstreet
and the late E. L. Fuller.
Receiver's New Certificate.—Receiver Bush was authorized
by the United States Circuit Court for the District of Maryland to issue his certificate for $600,000, to be used in partially meeting the interest due on Oct. 1 on the first mortgage
4% bonds. The certificate is dated Oct. 1, bears 2% interest
(for the six months) and matures on or before March 30 1910.
In other respects it is identical with similar eertificatesheretofore issued.—V. 89, p. 995, 920.
Wisconsin Central Railway.—See "Annual Reports."
Bonds Offered in London.—The Bank of Montreal, London,
as authorized by the original purchasers of the bonds,
announced on Oct. 8 that it would receive subscriptions
until Oct. 12 at £198 per bond of $1,000 (£205 6s. 9d.) for
$2,500,000 "first and refunding mortgage' 4% gold bonds.
These bonds are part of a series secured by trust mortgage of April 1909
and limited to $60,000,000 (including $36,459,000 bonds reserved for
retirement of prior obligations). Interest payable A. & 0., at the Bankof Montreal, Montreal, or at the Agency of the Bank In New York, or, at
the holder's option, at the Bank of Montreal, London, England. Both
principal and Interest are payable at the fixed rate of $4 87 per f,; makingthe equivalent of each $20 coupon say E4 2s. 154d. and of each $1,000'
bond 1205 6s. 9d.—V. 89, p. 995, 780.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Ajax-Grieb Rubber Co., Trenton, N. J.—New Stock.—This
company, incorporated in New Jersey Sept. 11 1906 with$400,000 stock of $100 each, has filed a certificate increasing
the limit of the authorized issue of stock to $1,000,000..
The company manufactures automobile tires.
American Alkali Co.—Decision Favorable to Collection of
Assessments Not Disturbed by Supreme Court.—See "Items
about Banks, Bankers and Trust Companies" on another
page.—V. 88, p. 102.
American Clement Co., Philadelphia.—Right to Subscribe.—
Shareholders of record Oct. 15 are offered the privilege of
subscribing for securities of the Norfolk Portland CementCorporation as follows: (a) For $300,000 first mortgage 6%
bonds at 95 to the extent of 15% of the amount of their
respective holdings in the American Cement Co.; and (or) for
000 7% cumulative preferred stock at
$250,000 of the $350)
2
$90 a share (par $100) to the extent of 123/% of their present,
holdings, a bonus of 20% in common stock to be given with
the preferred. The remaining $100,000 preferred stock was
issued to the American Cement Co. in exchange for $100,000.
of the latter's stock. Compare V. 89, p. 722.
American Ice Co., New York.—Reduction of Stock.—The
common stock having been reduced from $25,000,000 to
$7,500,000, holders are notified to surrender their common
stock certificates for cancellation at the office, Broadway
and 28th St., N. Y. City, receiving in exchange therefore
the certificates to which they are entitled under the
re-arrangement of capital. The reduction is made to give
the company a more conservative capitalization. Compare
V. 89, p. 349, 920, 995.
Bitter Root Valley Irrigation Co., Ravalli County, Mont.—
Bonds Offered.—The Trowbridge & Niver Co., Chicago, is
offering at 101 and interest, by advertisement on another
page, first mortgage 6% bonds of the Bitter Root Valley
Irrigation Co. part of an issue which will not exceed $1,500,000. A circular says in substance:
The company owns one of the largest irrigated fruit land projects in the
world. Its investment to date approximates $2,500,000. In addition,
there are 30 miles of canal still under construction which will cost about
$200,000. The men back of the project are wealthy and experienced.
The land consists of about 50,000 acres of the finest fruit land, especially
adapted to apple culture, located 11 Havant County, Molt., on a branch of
the Northern Pacific RR. in a belt which includes Hood River, Yakima
and Wenatchee. the most famous apple regions. The Bitter Root
Valley, extending from Missoula to Hamilton, has a population of 33,000
people; a large part of it has for many years been under Irrigation. There
are records of 1,200 bushels of potatoes, 180 bushels of oats. 80 bushels of
wheat and 900 crates of strawberries per acre. The average is about half
this yield. Every form of farm produce Is high, the tillable area being
limited, while the populous mining sections close by are in unproductive
regions. The new trans continental line of the Chicago Milwaukee &
Missoula. The
St. Paul Ry. passes through the north end of the valley atto be multiplied
transportation facilities, which are excellent now, promise
near future.
in the
The production of apples has
America Is suffering from an apple I '
28,000,000 barrels average for
decreased from 69,000,000 barrels in 1
two years. The land in this alley is fitted for general farming,
the past
but the bench lands which form the main part of the project are too valuable
for anything except the raising, of apples. The yield is from $200 to
$2,000 per acre, according to the land and the age of the trees. Fifteen
thousand acres of the land belonging to the company have been sold within
the past year to actual residents. During Sept. 1909 the company sold
$800,000 worth of the land and the minimum price is at present $250 per
acre. The selling price has ranged froin $165 to $400 per acre, of which at
least 40% is paid down
The main source of water supply for this land is Lake Como, owned by
the company—a natural reservoir 3 miles long and 134 miles wide, at an
elevation of 464 feet above the valley, and fed by Rock Creek, draining a
water-shed area of 55 square miles. To make assurance doubly sure the
company has secured control of the water supply'of the adjacent stream and
water-shed of Lost Horse Canyon, having a dtainage area of 56 square miles,
The supply is still further augmented by the flow from Skalkaho and Willow
Creeks. It is estimated that the total water available is three times the
amount received.
These bonds are secured by a fIrst mortgage on the entire Irrigation
system, including Lake Como, with tributary creeks and reservoir development, 47 miles of canal now In opsration and 30 additional mil2s of canal
1070
THE CHRONICLE
now under construction. Moreover, the first mortgage liens given by the
farmers to the company to secure the deferred payments on their water
rights are deposited with the trustee, The First Trust & Savings Bank of
Chicago, to the aggregate extent of one and four-tenths times the amount
of the bonds. During the life of the bonds this ratio of deposit must be
maintained, under the terms of the trust deed. Therefore, as security for
each 51.000 bond, the trustee holds $1,400 first mortgages; the average
price of the unimproved lands since the commencement of the project has
been around $2()0 per acre, while the bond Issue is limited to $30 per acre.
The mortgages draw 6% Interest, and are payable in annual installments.
These annual payments create a fund from which the bonds will be paid
off at or before maturity.
The bonds are dated July 1 1909. Principal and interest (J. & J.)
payable at First Trust do Savings Bank, Chicago, or First National Bank,
New York, at option of holder. Denomination $1,000, except $200,000
of 1919 maturity, which are $500 denomination. Principal due in annual
installments on Jan. 1 as follows: $100,000 1914: $100,000 1915; $150,000
1916; $150,000 1917; $250,000 1918; remainder 1919. Bonds due in
1914 and 1915 are not optional. Those due in 1916, 1917 and 1918 are
optional at 103 and Interest any interest day on or after July 1 1915. All
bonds due In 1919 are optional at 103 and interest any interest day.
Butterick Co. New York.
-New Stock-Acquisition.
-The
shareholders on Oct. 19 authorized an increase in the capital
'
stock from $12,000,000 to $15,000,000 to provide for the
purchase of the Ridgway Publishing Co., publishers of
"Everybody's Nlagazine,"capital stock $1,000,000, on which
of late dividends of 10% per annum have been paid.
-V.89,
p. 921.
Canton Company, Baltimore, Md.-Extra Dividend.
-On
Oct. 14 there was declared a dividend of $1 50 per share and
an extra dividend of 50c. per share, payable Jan. 1 1910 to
stockholders of record Dec. 20 1909. The earlier dividends
this year were $1 50 per share on Jan. 2 and the same on
July 1. In 1908 $1 25 a share was paid Jan. 1 and $1 50
July 1. Compare V. 89,p. 409.
Central Leather Co.
-Time Extended to Oct. 25 to Exchange
Remaining U. S. Leather Preferred Shares.
-The holders of
the small amount of preferred shares of the United States
Leather Co. which have not been acquired by the Central
Leather Co., only about 3,000 in number at last accounts,
are offered the privilege until Oct. 25 of selling the same on
the same terms as those who were parties to the agreements
with Colgate & Co. Compare V. 89, p. 921, 849, 780.
Chicago Pneumatic Tool Co.
-Results.
-For eight months
ending Aug. 31:
Period
Net
Deprec'n,
Profit.
(rex.
- Covered8 mo. end. Aug.31'00_$276,335
$82,112
Yr. end. Dec. 31 '08_ 289,625
99,062
-V. 88, p. 508.
Bond
Interest.
$78,916
119,050
Sinking
Fund.
$33,333
50,000
overdue loan of $283,000,secured by pledge of the $350,000
. first mortgage bonds. Mr. Woodruff has offered to sell the
water-works to the city for $100,000. The city recently
arranged to make a bond issue for water-works. Compare
V. 89, p. 849.
Great Lakes Engineering Works,Detroit, Mich.
-Proposed
Plant.
-See "Ashtabula, O.," in State and City Department
on another page.
-V.81, p. 729.
International Steam Pump Co.
-Bonds Offered.
-William
Salomon & Co., New York and Chicago, and the London
County & Westminster Bank, Ltd., London, and Boissevain
Brothers, Amsterdam, received subscriptions yesterday at
963/i and interest, yielding 5.30% on the investment, for
the unsold portion, a large amount having previously been
placed, of the present issue of $8,500,000 "first lien 20-year
5% sinking fund gold bonds", dated Sept. 1 1909, due
Sept. 1 1929, but redeemable on any interest day at 103
and interest. Tax-exempt in N. Y. State. The bonds were
quoted yesterday on the curb at 963/-97.
2
Coupon bonds, $1,000, $500 and $100 denominations, may be registered
as to principal or exchanged for fully registered bonds, $1,000,
and $10,000 denominations, which may be re-converted into coupon$5,000
form.
Standard Trust Co. of New York, trustee. Principal and interest payable
in New York City in U. S. gold coin and abroad at the following rates of
exchange: London, 4.86 per pound Sterling; Amsterdam, Fl. 2.48.
[Holders of the $3,500,000 6% debentures, which have been called for
redemption on Oct. 28 at 105 and interest, it Is announced, will be
given preference in making allotments of the new first lien 5s, for which the
debentures will be accepted in payment.-Ed.i
New Director.
-William Salomon, of William Salomon &
Co., has been elected a director to fill a vacancy.
-V. 89,
p. 596, 414.
Massachusetts Gas Companies, Boston.
-Earnings of Controlled Companies.
-Net earnings of the subsidiary companies
for September and the three months ending Sept. 30:
-September- 3 Mos. end. Sept. 30.
1909.
1908.
1909.
1908.
Boston Consolidated Gas
$85,485
$63,670 $186,780 $148,133
New England Gas & Coke
25.833
36,947
76.970
97,756
Chelsea Gas
1,897
2,651
6,353
5,755
East Boston Gas
3,958
4,991
13,262
11,618
New England Coal .Se Coke
31,306
2,309
86,239
29,588
Citizens' Gas Lt. Co. of Quincy
724
538
1,076
743
Newtown & Watertown Gas L.Co. 8,048
8,774
Balance,
Total
Surplus. -V. 80,
p. 47.
$81,974
21,513
Mergenthaler
Cluett, Peabody & Co., Troy, N. Y.
-New Stock.
-This
company filed at Albany on Oct. 1 a certificate of increase of
capital stock from $7,000,000 to $18,000,000, increasing the
common from $3,000,000 to $12,000,000 and the total
authorized issue of 6% cumulative preferred from $4,000,000 to $6,000,000. Par $100. President F.F.Peabody writes:
The increase in our preferred stock is occasioned by the growth of our
business and it will be issued in blocks of probably $500,000 as dividends
on common stock, instead of paying out cash dividends. It means largely
the conversion of surplus into preferred stock through dividends on common. None of the new preferred stock will be issued before the first of
January.
The increase in the common stock has all been issued by giving the
holder three new shares for each one of the old that he held. The increase
In our common stock was made to bring the common stock up to an amount
commensurate with our business. The common stock has remained a
very small amount while our business has increased several fold during the
last ten years.
[The company has factories at Troy, N. Y., Rochester, N. Y., and Leominster, Mass.; and salesrooms in Baltimore, Boston, Buffalo, Chicago,
Cincinnati, Cleveland, Kansas City, Minneapolis, New Orleans, New York,
Philadelphia, Pittsburgh, San Francisco, St. Louis, Seattle and Troy.
E. Harold Cluett is Secretary.-Ed.j
VOL. LXXXIX.
$157,252
$111,107
$379,456
$293,505
Linotype Co., New York.
-Report.
-For
year ending Sept. 30:
1908-09. 1007-08.
1006-07.
1905-06.
Total net profits
$2,642,468 $2,426.716 $3,171,571 $2,733,752
Dividends paid (15%) about 1,735,483 1,649,400 1,649,400 1,649,362
Balance, surplus
-V. 88, p. 948.
$906,985
$777,316 $1,522,171 $1,084,390
Metropolitan Steamship Co.
-The Supreme Court of the
United States on Monday denied the application by the
American Trust Co. of Boston, as trustee for the bondholders,
for a writ of certiorari to review the'decree of the United
States Court of Appeals handed down at Boston in favor of
the construction lien of the W. & A. Fletcher Co. of Hoboken
against the steamers Yale and Harvard for about $150,000.
Judge Putnam in the United States Circuit Court at Portland, Me., sustained the priority of the lien of the Fletcher Co. for building the turbine
engines of the two steamers, and the recent foreclosure sale of the company's
vessels was made subject to the final result of the appeals taken against
the judgment awarding priority. It was held by the lower courts that the
building of the vessels at Hoboken subjected them to the statute of New
Jersey, which gave a lien upon the Yale and Harvard, and that this lien was
enforceable by the United States Court in Maine.
-V.89, p. 781.
Minneapolis General Electric Co.
-6% Dividend Rate on
Common-Period Changed to Quarterly.
-The company has
declared a quarterly dividend of 1M% on the $1,500,000
common stock, payable Nov. 1 to stockholders of record
Oct. 22, comparing with 2% paid semi-annually from
Feb. 1906 to Aug. 1909 inclusive. The dividend rate is
thus increased from 4% to 6% yearly. V. 87, p. 1536.
Montreal Light, Heat & Power Co.,
-Rival Enterprise.
See Canadian Light & Power Co. V.89, p.848.-V. 89,p.229.
Nevada Consolidated Copper Co.
-Dividend.
-The directors have declared an initial quarterly dividend of 373' cents
per share, payable Dec. 31 on stock of record Dec. 1.V. 86, p. 984.
New England Cotton Yarn Co.
-Proposition to Lease.
-A
meeting of the shareholders, it is understood, will shortly be
called to vote on a proposition to lease the property at 73/2%
President, F. A. Hardy of Chicago; Vice-President, A. H. Marks; Secretary, W. B. Miller; Treasurer, A. H. Noah, all of Akron; 0. C. Barber, on the $3,900,000 common stock
to a new consolidated comE. H. Hardy and R. C. Lake of Chicago.
-V. 84, p. 1370.
pany, the Union (knitting) Mills. The last-named corporaEastman Kodak Co. of New Jersey.
tion is to be organized with "$2,500,000 of free assets and
-Extra Dividend.
The directors have declared an extra dividend of 234% on no debts" as a consolidation of the Union Mills and the
common stock, payable Dec. 1 to holders of record Oct. 30.
Royal Gem Mills Co., with plants at Hudson, Mechanicville,
Herkimer and St. Johnsville, N. Y. New England Cotton
Extra Dividends (Per Cent) On Common Stock.
Yarn com. is now receiving 6% per annum.
(In addition to the 10% per annum paid regularly since Oct. 1 1902.)
-V.89, p. 724.
Year. Year. Feb.
Oct. Nov. Dec. Feb. Apr. July. Sept. Dec.
1905. 1907. 1908. 1908. 1908. 1908. 1909. 1909. 1909. 1909. 190(k
New Haven (Conn.) Water Co.
-New Stock.
-This com10
934
5
234
234
5
234
5
5
5
234 pany's capital stock is $2,500,000 (par $50) and it is quoted
Compare annual report V. 88, p. 880.
at $95 per share bid, $97 asked. On April 14 1909 an issue
Federal Mining & Smelting Co.
-Report.
-For the year of $500,000 new stock was offered at $75 per share (150%)
ending Aug. 31:
to stockholders of record May 20; payments to be made as
Fiscal
Net
Deprec.& Pref. Div Com.Div. Balance, follows: $25 July 8 1909, $25 Jan. 8 1910, $25 July 8 1910.
Year
Earnings. Development. (7%).
(134%). Deficit.
Colorado Fuel & Iron Co.
-Directors
-New Secretary.
John D. Rockefeller Jr. of New York and Joseph Chilberg
of Denver have been elected directors to succeed Judge
D. C. Beaman and the late E. H. Harriman. L. M. Bowers
was elected Chairman of the Board and Richard C. Hart
will succeed Judge Beaman as Secretary of the company.
-V. 89, p. 777.
Diamond Rubber Co., Akron, 0.
-Dividends.
-The directors on Oct. 19 declared a cash dividend on the $5,000,000
capital stock and also a dividend of 100%, payable in new
stock of the company, thereby increasing the capital to
$10,000,000. The cash dividend is unofficially reported as
10% and again as "5% quarterly, increasing the rate from
a 10% to a 20% per annum basis." The directors (and
officers) are:
1908-09
1907-08-V. 88, p. 1064.
$1.185,947
1,067,037
$285,657
184,666
$839,027
839,023
$89,894
89,894
$28,631
46,546
Interest at 5% is to be paid on these payments. These part-paid shares
are quoted at about $41 each. The company has outstanding $500,000
4% convertible debentures convertible into stock at par July 1 1915 and
convertible after July 1 1 910 at the option of the directors. The Charles
W.Scranton Co., New Haven, deals in the company's stock.
-V.80, p. 424.
• Georgia Manufacturing & Public Service Co., Marietta,
Ga.-Sold.-At judicial sale in Marietta on Oct. 12 this
Nicholson File Co., Providence, R. I.
-Dividend.
-The
property, including paper mills and public service plants, shareholders on Oct. 1 received for the quarter ending
was bid in for $299,000 by Ernest Woodruff, President of the Sept. 30 a dividend of $4 a share, or 4%. .This increases the
Trust Co. of Georgia, Atlanta, which, it is stated, holds an rate to 16% per annum.
OCT. 23 1909.1
THE CHRONICLE
1011.
Annual Dividend Record (Per Cent).
'88 to '92. '93.'94 to '98. '99. '00. '01. '02. '03. '04. '05. '06. '07. '08. '09.
1/
6 yriy. 4
6 6
10 14 x58 8 12 14 10
6 yrly.
7
Dividend Record Since 1894.
1895.
1896 to 1900.
1907,
1901. 1902 to 1906.
0
3 yearly.
5
3A
4 yearly.
—V. 89, p. 1000, 48.
x8% and 50% extra out of surplus (V. 79, p. 1333). y April 1909,
2%%; July, 3 .i%; Oct., 4%; total to date with one quarter yet to end,
10%. Stock increased from $400,000 to $500,000 In 1891; to $1,000,000
in 1899; to $2,000,000 in 1901; to $5,000,000 in 1904. Par of shares
changed from $50 to $100 In 1901. No bonds or mortgage. Has plant at
Providence and branches in Philadelphia, Beaver Falls, Pa., Paterson, N.J.,
Anderson, Ind., and Port Hope, Ont. Pres. and Gen. Mgr., Samuel M.
Nicholson.—V. 86, D. 1104.
United States Finishing Co., Norwich, Conn.—New Stock.
—The shareholders at the annual meeting this week voted to
increase the authorized issue of common stock from $2,000,000 ($1,500,000 outstanding) to $3,000,000. There is also
$3,000,000 preferred stock outstanding.
Report.—For year ending June 30:
Norfolk (Va.) Portland Cement Corporation.—Securities
Offered.—See American Cement Co. above.—V. 89, P. 724.
Old Dominion Co. of Maine.—Re-Hearing Denied.—The
Massachusetts Supreme Court on Oct. 21 denied the application of Albert S. Bigelow for a re-hearing in the suit in
which judgment was recently awarded against Mr. Bigelow
in favor of the Old Domining Mining & Smelting Co. of New
Jersey for about $2,000,000. Compare V. 89, p. 999.
(The) Ontario Power Company of Niagara Falls.—Stock
Increase.—Output.—A stockholders' meeting has been called
for Oct. 30 to vote on an increase of stock from $5,000,000
to $10,000,000 and on the question of letting contracts for
an increase of the company's plant. Contracts for power
for future delivery largely in excess of the company's present
capacity have been entered into and work has commenced
upon a second conduit with a view of ultimately somewhat
more than doubling the present capacity of the plant.
Output for the quarter ending Sept. 30 was 65,921,400
kilowatt hours, as against 38,481,800 kilowatt hours last
year, an increase of 71%.—V. 89, p. 999.
Republic Iron & Steel Co.—New Director.—John F. Harris,
of 'hulls, Winthrop & Co., has been elected a director to
succeed Harry S. Black, whose term expired.—V. 89, p. 781.
Richelieu & Ontario Navigation Co.—Charter Amendments.
—Notice is given that an application will be made at the
next session of the Parliament of Canada for an Act to amend
the charter as follows:
(a) To increase the capital stock and add to the powers of owning real
estate; (b) to amalgamate with, control and manage other companies incorporated for any similar purposes; (c) to obtain further powers to pass
by-laws; (d) to construct and establish terminals; (e) to carry on the
general business of common carriers on land and water.—V. 88. p. 3
81.
Salem (Mass.) Electric Lighting Co.—Change in Control.—
The directors, in a circular, announce that a majority of the
stock (total issue 2,750 shares of $100 each) which was
pooled, has been sold at $275 a share to Charles H. Tenney
of Boston, who agrees to purchase at the same price on or
before Jan.15 1910 any remaining stock offered prior to Nov.1.
Mr. Tenney states that the purchase is made as an investment, that no
holding compnay will take over the control,!and that no changes In capitalization are proposed. Besides the $275,000 stock there were outstanding
June 30 1909 $74,078 notes and accounts payable; but no bonds. Annual
dividend rate, 8%, 1907 to 1909, with 10% extra in cash Oct. 1 1909;
Earnings year ending June 30 1909, gross, $170,518: net. $60,876.
Mr. Tenney and associates now control: Concord (N. H.) Electric Co.,
Haverhill Electric Co., Maiden Electric Co., Maiden & Melrose Gas Light
Co.;Springfield (Mass.) Gas Light Co., Salem Electric Lighting Co., Suburban Gas & Electric Co., Fitchburg Gas ,& Electric Co., People's Gas &
Electric, Oswego, N. Y
.—V. 74, p. 1143.
Siegel Stores Corporation.—First Dividend on Preferred.—
The company has declared an initial quarterly dividend of
18 % on its $2,000,000 preferred stock, payable Nov. 1 to
4
stockholders of record Oct. 15. Compare amalgamation
plan V. 88, p. 1563.
Standard Milling Co.—Report.---For year ending Aug. 31:
Fiscal
Year—
1908-09
1907-08
—V. 89. p. 781.
Net
Interest
Dividends on
Profits. on Bonds.
Pref. Stock.
$749,884 $159,433 (4%)$275,728
801,691
175,350 (3%) 206,763
Balance,
Surplus.
$314,723
419,578
Tidewater Steel Co.—Sale Stands.—Judge Johnson, at
Media, Pa., on Oct. 4, confirmed the sale of the plant on
Sept. 14 for $305,100. On Oct. 16 he declined to accede to
the request of stockholder David S. B. Chew that the confirmation be revoked. The property is said to have been
bid in for Henry Powell Winchester of New York City,
representing Youngstown (0.) capitalists.—V. 89, p. 724.
Trenton (N. J.) Potteries Co.—Dividends Resumed.—The
company announced yesterday a dividend of 1% on the $1,250,000 preferred stock, payable Oct. 25 on stock of record
Oct. 21. Dividends at the rate of 2% quarterly were paid
from about 1900 to July 25 1907, when the last payment
was made.—V. 85, p. 1085.
United States Envelope Co., Springfield, Mass.—Dividend.—The directors on Thursday declared a dividend of 2%
on the $3,750,000 7% preferred stock on account of the accumulated dividends. This is the second payment this year
on account of accrued dividends, the first, of 1 4%, having
3
been declared in May. With the present payment the
amount of accrued dividends, it is understood, is reduced to
104%. The regular dividend rate has been 6% per annum
since September 1906, being 3% payable each March and
September .—V.88, p. 1139; V. 89, p. 467.
United States Express Co.—Dividend Increased from
4% to 6% Basis.—The company has declared a semi-annual
dividend of 3% on the $10,000,000 capital stock, payable
Nov. 1 to stockholders of record Oct. 15. This increases
the annual rate to 6%, contrasting with 4% from November
1901 to May 1907 and from May 1908 to May 1909 all
inclusive. In November 1907 at the behest of dissatisfied
stockholders a (semi-annual) dividend of 3% was paid, but
the following May the former rate of 2% for six months was
restored.
Fiscal
Gross
Year—
Receipts.
1908-09__$5,558,727
1907-08__ 4,467,726
—V. 89, p. 781.
Net
Receipts.
$863,918
488,401
1908.
4
1909.
5
Interest
Pref. Div. Com.Div. Balance,
on Bonds. (7%).
Surplus.
(2%).
$176,700 $203,000 $30,000 $454,218
179,000
182,000
127,401
Wilkes-Barre (Pa.) Gas & Electric Co.—Underyling Bonds
Called.—Notice is given by advertisement on another page
of this issue that all the underlying bonds, some
$603,500, have been called for redemption on and after
Nov. 1, interest ceasing on or before Nov. 22, viz.: Wyoming
Valley Electric Light, Heat & Power 5% bonds at the
People's Bank, Wilkes-Barre; and Gas Co. of Luzerne
County first 5s at the Wyoming Valley Trust Co., WilkesBarre.—V. 89, p. 605.
Worcester (Mass.) Electric Light Co.—Old Management
Continued—Four New Directors.—At the annual meeting on
Oct.13 the directors' protective committee, having acquired
a majority of the stock, with voting and selling powers for
60 days from Oct. 1, reported that it was unanimously
opposed to selling the stock, and was in favor of the old
administration remaining in control.
Four new directors were elected—Matthew J. Whitten, Rockwood H.
Bullock, John A. Denholm and Charles E. Hildreth. Directors A. B. R.
Sprague, George T. Dewey, Frank L. Coes, John C. MacInnes and Edgar
Reed were re-elected.
The protective committee consisted of Gen. A. B. R. Sprague, Col. A.
George Bullock, Matthew J. Whittall, F. H. Dewey and John Q. MacInnes,
an of Worcester.
The Treasurer's report for the year ending June 30 1909 showed earnings
of $349,743; expenditures of $171,968; net earnings, $177,766„—V. 89,
p. 850.
—Investors and dealers throughout the country are perhaps not generally aware that the Fidelity Trust Company
of Newark, N. J., has added a bond department to its banking
facilities. On account of the trust company's pre-eminent
position in the State of New Jersey and its large financial
affiliations, its bond department is placed in close touch with
investment opportunities there and elsewhere. For instance,
a few of the New Jersey issues which the company will buy
and sell are: Public Service Corporation of New Jersey stock
and perpetual interest-bearing certificates; Consolidated
Traction Co. of New Jersey stock and bonds; Newark Consolidated Gas Co. stock and bonds; Hudson County Gas Co.
stock and bonds; South Jersey Gas, Electric & Traction Co.
stock and bonds; Newark Passenger Ry. 5s, 1930; North Jersey Street Ry. 4s, 1948; Jersey City Hoboken & Patt rs-oh
e
Street Ry. 4s, 1949; United Electric Co. of New Jeitsey 4s,
1949; Essex & Hudson Gas Co. stock and all other underlying securities of the Public Service Corporation of New
Jersey. The bond department's telephone is "1932 Market."
—The attention of conservative investors is this week invited to the $7,000,000 offering of bonds which is advertised in to-day's issue of the "Chronicle" by J. & W. S.
Kuhn Inc., investment bankers of Pittsburgh, Chicago and
Philadelphia. These securities, offered to the public subject
to prior sale and change in price, include four issues of first
mortgage 6% bonds guaranteed by the American WaterWorks & Guarantee Co., of which the firm states that "during
its business of twenty-seven years no investor in any of the
securities which the American Water-Works & Guarantee
Co. has guaranteed has sustained a loss of any kind, nor has
there been a default in either interest or principal." The
list also includes $1,000,000 United Coal Co. of Pittsburgh
6% bond secured coupon notes, guaranteed, and $50,000
West Penn Railways Co. first mortgage 5% bonds. See the
advertisement for price and other details.
—Louis Lubin, certified public accountant, is now established in business for himself at 115 Broadway, room 901,
Trinity Bldg. Mr. Lubin has had fourteen years' experience in public accounting with some of the leading firms
of accountants in this city, having been connected with Price,
Waterhouse & Co. for eight years. He has recently completed a special examination for the Public Service Commission,
and also had engagements from District Attorney Jerome's
office. Mr: Lubin and staff are directing their attention to
the accounting business of bankers and brokers. His firm is
thoroughly conversant with the accounts of railways and industrial enterprises.
Tucker, Hayes & Co., bankers and brokers, 8 Congress
St., Boston, have issued a capitalization table of the McAdoo
securities, showing the relative financial positions of the
Hudson Companies and the Hudson & Manhattan RR.,
together with explanatory remarks bearing on the value
of the several issues of securities.
—Richardson, Norton & Co., members of the New York
Stock Exchange, 74 Broadway, have opened a branch office
in the Tribune Building under the personal direction of
Everett W. Little.
. —Reynolds, Watson & Co., The Rookery, Chicago, have
issued a circular describing the 6% water extension bonds
of the town of Snyder, Okla. They offer the bonds on a
5% basis.
_111
[VOL. Lxxxix.
THE CHRONICLE
1012
ftwarts anti glom-nods.
UN ION PACIFIC RAILROAD COMPANY.
TWELFTH ANNUAL REPORT
-FOR THE YEAR ENDED JUNE 30 1909.
New
York, October 5 1909.
To the Stockholders of the Union Pacific Railroad Company:
The Board of Directors submit herewith their report of the operations and affairs of the Union Pacific Railroad Company and its Auxiliary Companies for the fiscal year ended June 30 1909.
The combined operations and affairs of the Union Pacific RailroadCompany, the Oregon Short Line Railroad Company
and The Oregon Railroad & Navigation Company are herein designated for convenience by the term "Union Pacific Rail
road and Auxiliary Companies."
PROPERTIES AND MILEAGE.
The Union Pacific Railroad and Auxiliary Companies owned or controlled by ownership of stock or by lease on June 30
1909 the following railways and water lines:
Additional
Main
Track.
First
Main
Track.
Companies.
Mileage of Railways owned by:
Union Pacific Railroad Co
Oregon Short, Line Railroad Co
Oregon Railroad and Navigation Co
3,305.82
1,178.10
1,142.23
Mileage of Lines belonging to Companies whose Capital Stocks are entirely owned by the Union Pacific
Railroad and Auxiliary Companies but which are operated under leases to them:
Oregon Short Line Railroad Co
Oregon Railroad and Navigation Co
Total owned
1,206.20
366.25
197.27
470.29
4.58
375.60
195.22
,
6,196.97
Mileage of Lines operated under leases or trackage rights from other Companies:
Union Pacific Railroad Co
Oregon Short Line Railroad Co
Oregon Railroad & Navigation Co
Sidings.
474.87
28.20
6,229.86
6,056.71
Increase
Decrease
474.87
382.09
1,894.18
1,813.70
173.15
Total Juhe 30 1909
Total June 30 1908
195.00
28.20
32.89
Leased
195.00
69.59
26.67
1,865.98
27.46
2.89
2.54
Water
Lines.
92.78
80.48
195.00
258.00
63.00
The details of mileage of the railway and the water lines are shown in Table No. 1 of the Comptroller's report.
The railway.of the South Omaha & Western Railroad Company, extending from South Omaha to Lane, Nebraska, a
distance of 11.61 miles, whose stocks and bonds were already owned by the Union Pacific Railroad Company, WfIS taken
over during the year and its operations are included in this report.
The additions to miles of railway owned or operated and the changes during the year in first, second ,and additional
main tracks of the respective companies and companies organized in their,interest were as follows:
Additions.
First
Main
Track.
Union Pacific Railroad:
Lutherville to Oshkosh, Nebraska, built, opened for traffic August 21 1908
Carr to Corlett, Nebraska, built, opened for traffic December 6 1908
Speer to Borie, Wyoming, built, opened for traffic June 13 1909_
Nebraska Division
Utah Division :
Built
Transferred from side tracks
Additional
Main
Track.
Addi na
,
Main
Track.
8.28
11.67
5.37
16.00
46.10
.73
---
Missouri Pacific Railway: Kansas City to Leavenworth, Kansas, trackage rights
Atchison Topeka & Santa Fe Railway at Valley Falls, Kansas, trackage rights
Leavenworth. Depot and Railroad at Leavenworth, Kansas, trackage rights
Gunn Qneaiy _Coal Co.: Gunn Branch, trackage rights
Parkdale Fuel Co.: Puritan Branch, trackage rights
4.0.13
19.94
.57
.15
3.79
3.01
Oregon Short Line Railroad:
Ogden, Utah, to McCammon, Idaho, remeasurement
Shoshone to Ketchum, Idaho, change of starting point
Granger, Wyoming, to Huntington, Oregon, remeasurement
Change of Line in Salt Lake City Yard
Nampa to Junction II. C. Ry. & T. Co., Idaho, remeasurement
Cache Junction, Utah, to Preston, Idaho, remeasurement
Logan Junction to Wellsville, Utah, remeasurement
.10
.15
-
- -
Boise City Railway & Terminal Co.:
Junction 0. S. L. RR. to Barber Lumber Co. Mill, Idaho, remeasurement
.01
.01
.01
.01
.01
.05
10
Wyoming Western Railroad:
Glencoe Junction to Elkol, Wyoming, built, opened for traffic June 1 1909
Yellowstone Park Railroad:
St. Anthony, Idaho, to Yellowstone, Montana, built:
Opened for tarffic July 6 1908
Opened for traffic June 1 1909
Deductions.
First
Main
Track.
3.62
4.76
49.20
53.96
Oregon Railroad & Navigation Co.:
Elgin to Joseph, Oregon, built, opened for traffic January 1 1909
62.69
Total
173.30
92.83
Net increase
173.15
.05
92.78
.15
During the year there was a net increase in sidings of 80.48 miles.
The average number of miles of railway operated for the year, for which the accompanying statements of revenues and
expenses are submitted, was 6,062.13 miles.
INCOME FOR THE YEAR.
The'grogi•elienues and expenses of the Union Pacific Railroad and Auxiliary Companies, after excluding .all offsetting
accounts between them, were as follows:
•
1073
THE CHRONICLE
OCT. 23 1909.1
TRANSPORTATION OPERATIONS.
+280.72
5,781.41 ,
6,062.13
Average miles of railway operated during the year
Increase (+) or
Decrease (-).
1908.
1909.
+12,937,652 55
-226,415 91
$77,360,429 36
1,390,032 19
174,422,776 81
1,616,448 10
$78,750,461 55
$76,039,224 91
+12,711,236 64
$36,503,075 95
1,442,009 61
2,570,561 89
$40,177,515 62
1,516,519 67
2,444,725 87
-$3,674,439 67
-74,510 06
+125,836 02
Total expenses and taxes
$40,515,647 45
$44,138,761 16
-$3,623,113 71
Revenue over expenses and taxes
$38,234,814 10
$31,900,463 75
+16,334,350 35
$13,331,368 07
12,013 33
1,389,483 26
$11,245,899 39
12,013 33
1,487,123 40
+12,085,468 68
$14,732,864 66
$12,745,036 12
+11,987,828 54
Gross operating revenues
Outside operations-revenues
Total revenue
Operating expenses
Outside operations-expenses
Taxes (rail lines and property dealt with as outside operations)
Fixed Charges.
Interest on funded debt outstanding in the hands of the public
Sinking fund, Utah & Northern By. Co. Consolidated Mortgage
Hire of equipment-balance
Total
Less-Rentals for lease of road, for joint tracks, yards and other facilities, viz.:
$734,551 13
Collections ______________________________________ _ ____________
374,492 74
Payments
-97,640 14
Application of Surplus.
Dividends on stocks of Union Pacific Railroad Co.:
4 per cent on preferred stock
6 per cent on common stock
Dividends on stocks of the Oregon Railroad & Navigation Co. in the hands of the public:
4 per cent on preferred stock
544,280 59
-184,222 20
$12,200,755 53
+12,172,050 74
$23,862,007 83
Surplus after payment of fixed charges
360,058 39
$14,372,806 27
$19,699,708 22
+14,162,299 61
•
$3,981,760 00
11,806,996 33
-$4 00
+77,722 33
$3,981,764 00
11,729,274 00
OTHER THAN FROM TRANSPORTATION OPERATIONS. Lnd Oregon
Interest on bonds owned of companies other thin Oregon Short Line Railroad
Railroad & Navigation Cos
Dividends on stocks owned of companies other than Oregon Short Line Railroad and Oregon
Railroad & Navigation Cos
Balance of Interest on loans and on open accounts other than with Auxiliary Co ipanies
Rentals from steamships
Net income from lease of unpledged lands and town lots
Miscellaneous receipts
94 00
-3000
$15,711,132 00
+177,688 33
$8,073,187 50
Surplus after payment of dividends
64 00
$15,788,820 33
$3,988,576 22
+14,084,611 28
$1,119,155 80
$1,143,063 81
-$23,908 01
" INCOME
-659,066 78
15,370,8'73 50
14,711,806 72
1,556,65964+1,556,65964
+55,668 40
249,131 60
304,800 00
+2,070 70
505 70
2,576 40 •
+59,761 52
59,761 52
$17,754,760 08
Total _
Less-Balance of Interest on loans and on open accounts other than with Auxiliary r.lompanles_
Miscellaneous payments
$16,763,574 61
+1991,185 47
$18,366 65
$540,225 73
203,657'33
-$540,225 73
-185,290 68
318,366 65
Total income other than from transportation operations
Deductions:
Dividends on stock of Union Pacific Railroad Co.:
4 per cent on common stock
Surplus income other than from transportation operations _
Total surplus from transportation operations and from other income after payment 4 dividends
$743,883 06
-1725,516 41
$17 736,393 43
$16,019,691 55
'+11,716,701 88
7,871,330 89
7,819,516 00
'+51,814 89
$9,865,062 54
$8,200,175 55
.+$1;664,886 99
$17,938,250 04
$12,188,751 77
+15,749,498 27
The expenditures for "Betterments" (enlargements or improvements of the existing roadway, structures, equipment,
or other facilities) amounted to $1,652,817 58; and the expenditures for "Additions" (additional roadway, structures,
equipment, or other facilities not taking the place of anything previously existing) amounted to $3,208;946 45, a total
of $4,861,764 03, which was charged to Capital Account. The details of these expenditures are shoWn.in Table No. 25.
The results of the year's operations, compared with those of the preceding year, were as follows:•
Per
Cent.
Decrease.
Increase.
- Av erage miles of railway operated
Go>ss operating revenues and revenues from outside operations
Op crating expenses and expenses of outside operations
Ta IECS
venue over expenses and taxes
In :ome other than from transportation operations
To ;al surplus
Fl .ed charges
Su 'plus over fixed charges
280.72
12,711,236 64
$3,748,949 73
125,836 02
6,334,350 35
1,716,701 88
8,051,052 23
2,172,050 74
5,879,001 49
4.86
3.57
8.99
5.15
19.86
10.72
16.80
17.80
16.46
The effect of the general business depression which set in during the fall of 1907 continued to the close of November
1908, and the first half-year ended December 31 1908 closed with a decrease in the gross operating revenues of $279,207 88
against the half-year ended December 311907. The recovery from this depression, which was first evidenced in a slight increase in the revenues for December, increased the gross operating revenues in the second half-year ended June 30 1909
$2,990,444 52 over the second half-year ended June 30 1908. The net gain in gross operating revenues for the year was
$2,711,236 64, or 3.57 per cent over the preceding year.
The details of the transportation revenues and expenses are fully dealt with under "Transportation Operations."
The details of the fixed charges for the year are shown in Table No. 15 and of the interest and dividends collected
on bonds and stocks owned in Tables Nos. 16 and 17.
From the Trustee of the Union Pacific Railroad Company's First Railroad and Land Grant Mortgage there was received during the year the sum of $2,030,000, proceeds from sale of lands and money received on account of interest or
principal of bonds of the Union Pacific Land Company, as shown in detail in Table No. 18. Under the provisions of the
mortgage, this sum was applied to the payment for betterments, improvements, equipment, etc, not otherwise paid for.
The total sum received from the Trustee to June 30 1909 amounted to $13,357,036 56.
CAPITAL STOCK.
Stocks of the Union Pacific Railroad and Auxiliary Companies outstanding in the hands of the public at the beginning
of the year, viz.:
$195,508,000 00
99,547,510 00
$295,055,510 00
Common Stock
Preferred Stook
Issued during the year
Union Pacific Railroad Company Common Stock issued in exchange for $6,675,200 par value Union Pacific Railroad
Company Twenty-Year 4% Convertible Bonds converted at the rate of $175 per share of $100 par value....
3,814,400 00
$298,869,910 00
Deduction-For Union Pacific Railroad Company Preferred Stock acquired but included in statement of stocks owned
by Union Pacific Railroad and Auxiliary Companies
Amount of stock outstanding in the hands of the Public June 30 1909, viz.: _
__________________________________ _
Common Stock
Preferred Stook
100 00
$199,322,400 00
99,547,410 00
1298,869,810 00
Increase during the year ____________________________________________ _ ________ ___ _ ________________________________________
$3,814,300 00
The total amount of stocks issued and outstanding and the amount owned by the Union Pacific Railroad and Auxiliary
Companies are shown in detail in Table No. 7.
1074
THE CHRONICLE
[VOL. lax=
FUNDED DEBT.
Bonds of the Union Pacific) Railroad and Auxiliary Companies outstanding in the hands of the Public at the beginning of the ye.ar_-$298,109,067
04
Sold during the year
Union Pacific Railroad Company:
First Lien and Refunding Four Per Cent Bonds:
U. S. Dollar
$16,500,000 00
Sterling (converted into U. S. gold at $4 85
13,103,432 06
)
$20,603,432 06
Oregon Railroad & Navigation Company:
Consolidated Mortgage Four Per Cent Bonds
1,751,000 00-31,354,432 06
Deduction-Bonds converted, acquired or canceled during the year:
Union Pacific Railroad Company:
•
Twenty-Year Four Per Cent Convertible Bonds converted into Common Stock at the rate of $175 face value
••
in bonds for each $100 par value in stock
Utah & Northern Railway Company First Mortgage Extended Four Per Cent Bonds canceled
Oregon Short Line Railroad Company Income "A" Bonds acquired but included in statement of bonds owned by
Union Pacific Railroad and Auxiliary Companies
*320,463,500 00
$6,675,200 00
2,000 00
500 00-6,677,700 00
Amount of bonds outstanding in the hands of the Public June 30 1909
$322,785,800 00
Increase during the year
$24,676,732 06
The discount on $29,603,432 06, face value, Union Pacific Railroad Company First Lien and Refunding Mortgage
Four Per Cent Bonds sold during the year, the discount on $1,751,000, face value, Oregon Railroad & Navigation Company
Consolidated Mortgage Four Per Cent Bonds, and the expenses in connection with the extension for a period of twenty-five
years at the reduced rate of 4 per cent per annum of $4,993,000, face value, Utah & Northern Railway Company First
Mortgage Seven Per Cent Bonds which matured July .1 1908, amounting in the aggregate to $2,130,316 84, were written
off to Profit and Loss.
The total amount of bonds issued and outstanding,and the amount owned by the Union Pacific Railroad and Auxiliary
Companies are shown in detail in Table No. 8.
ASSETS AND LIABILITIES.
The assets and liabilities of the Union Pacific Railroad and Auxiliary Companies are shown in detail in Table No.5.
The securities of the Auxiliary Companies owned by the Union Pacific Railroad Co. and of the proprietary railways which
are operated as an integral part of the system,and owned by the Union Pacific Railroad and Auxiliary Companies, as well
as all offsetting accounts between the companies, are eliminated, thus dealing only with the securities in the hands of the
public, the assets collectible from the public and the liabilities payable to the public.
The increase or decrease in assets and liabilities since last report, briefly stated, is as follows:
Increase in Assets
Cost of railways, equipment and appurtenances as shown in detail under "Capital Expenditures"
Cash
Demand loans and time deposits
$7,26,154 39
2
$22,594,516 16
18,800,000 00
41,394,516 16
Loans to San Pedro Los Angeles & Salt Lake Railroad Company
Loans to Utah Light ec Railway Company
$474,063 36
2,362,440 10
2,836,503 46
Expenditures for the construction of new lines and for terminal properties
Roiling stock
$8,202,871 62
2,388,226 09
10,591,097 71
670,940 10
93,925 04
Due from Proprietary Companies
Unadjusted accounts
Total
$62,813,136 86
Deduction
Demand loans Southern Pacific Co
$45,376,389 27
Stocks and bonds owned: proceeds from sale of stocks and bonds after deducting cost of stocks and bonds acquired
during the year. as shown In Tables Nos. 9, 10 and 11
8,198,715 38
Current cash accounts
1,261,766 04
.
Material, fuel and supplies
1,148,984 60
55,985,855 29
Net Increase in Assets
$6,827,281 57
Decrease in Liabilities:
Loans paid oft
$41,189,645
Due to Proprietary Companies
210,090 09
•
•
06
$41,400,545 00
Deduction
Increase in capital stock
Increase in funded debt
Current cash accounts
•
Reserve for depreciation of steamships and equipment
$3,814,300 00
21,676,732 06
332,485 98
375,119 54
29,198,617 58
12,201,928 32
Increase in assets in excess of increase in liabilities (gain In Profit
and
Loss)
$19,029,209 89
The Oregon Short Line Railroad Company, owning $124,200,000, par value, Common and Preferred Capital Stock
of the Southern Pacific Company, exercised the piivilege to subscribe at 96 per cent for $37,260,000 Four Per Cent. Twenty
Year Convertible Gold Bonds of the Southern Pacific Company. Subscription receipts for bonds, when issuable, to the
amount of $32,500,000, face value, were sold at prices averaging $984 08 per bond.
Since the close of the fiscal year the remaining shares of Great Northern Iron Ore Properties have been sold, and
$2,933,334 18 realized from the sales. With the exception of 7,249 shares (par value $100 each) of Northern Securities
Company "Stubs," the company has sold all the stock of the Northern Securities Company, of the Great Northern Railway
Company and of the Northern Pacific Railway Company received in the distribution of the assets of the Northern Securities
Company and the stocks subsequently acquired by subscription rights. The sum realized from these sales amounted to
$147,377,341 62.
The following statement shows the transactions growing out of the original investment in the 824,918 71 shares of the
capital stock of the Northern Securities Company and the re-investment of the proceeds received from the sale of the respective stocks:
Stocks Acquired.
Company.
Stocks Sold.
Shares.
Cost.
Shares.
Amount
Realized.
Stocks on Hand Unsold.
June 30 1909.
,
Shares.
Northern Securities Co
(a) 824,918.71 $79,459,691 36 100,000.18 $16,880,010 46
Great Northern By. Preferred
73,589.60
7,358,960 00 290,709.89 65,541,736 66
" Subscription Receipts
2,600
281,837 50 2,000.60
255,940 98
Great Northern Iron Ore Properties
00,364
(b)
3,725,342 80 38,864
51,500
Northern Pacific R
281,82882 54,986,401 91
"
YSub. Receipts (50, 62 ji and 75% paid). -- - 34,516
3,054,509 50
2,290,912 50 34,516
Northern Securities Co. "Stubs"
56 13 7,249
.1871
Total Northern Securities investment
$89,391,401 36
$144,444,007 44
Atchison Topeka .53 Santa Fe Preferred
Baltimore .5? Ohio Preferred
.
Cumum
Chicago Milwaukee dG St. Paul Preferred
Common
& North Western By. Common
Chicago & Alton RR.Preferred
Illinois Ce.ntral RR
New York Central & Hudson River RR
Railroad Securities Preferred
Common
Total Northern Securities re-invcstment
Total
100,000
$10,395,000 00
72,064
6,665,929 00
323,342
38,801,040 00
18,450
1,845,000 00
72,800
9,765,187 74 72,800
32,150
5,946,673 94
103.431
8,946,781 50
231,415.65 37,692,256 21
6,415.65
142,857
19,634,279 93
19,359
1,956,184 26
34,829
4,979,687 62
Cost.
Average
Cost per
Share.
(b)
(b)
100,000 $10,305,000 00 103.93
72,064
6,665,920 00 92.50
323,342 38,801,040 00 120.00
18,450
1,845,000 00 100.00
$9,982,186 03
32,150
103,431
948,805 73 225,000
142.857
19,359
34,829
5,046,673 94
8,046,781 50
36,743,450 48
19,634,279 93
1,950,184 26
.4,979,687 02
$146,628,011 20
$10,030,992 36
$135,914,017 73
$236,019,412 56
$155,374,999 80
184,97
86.50
163.30
137.44
101.05
142.08
$135,014,017 73
(a) For 724,918.71shares of Northern 'Securities Co. stock there were received in eichange 216,520.8940 shares of Great
Northern Railway Co.
stook. 281,828.8215 shares of Northern Pacific Railway Co. stock and 7,249.1871 shares of Northern Securities Co. "Stubs."
(5) Included in the 679,459,691 38 original cost of Northern Securities Co. stock.
OCT. 23 1909.1
THE CHRONICLE
1075
In Table No. 5 the proceeds from the sales of the above stocks are treated as a credit against the cost of
stocks and
bonds.
The stocks and bonds owned, other than stocks and bonds of the Union Pacific Railroad and Auxiliary Companies,
tand charged at the close of the year with $209,974,387 06. This charge includes not merely the above stocks and bonds
But also the other stocks and bonds, shown in detail in Tables Nos. 9, 10, and 11.
b The details of the stocks and bonds of the Union Pacific Railroad and Auxiliary
Companies are shown in Tables Nos. 7
d 8. From Table No. 8 it will be seen that the Companies own bonds, unpledged, to the amount of $84,976,000 00 face
analue.
CAPITAL EXPENDITURES.
The charges to capital account, other than for stocks and bonds in companies other than the Union Pacific
R.anroid
and Auxiliary Companies, were as follows:
Expenditures for account of the construction of railways taken over into cost of railways, equipment
$150,027 a.,
Oost of railways purchased In eXCed3 of amount inc,uded in previous reports under cost of railways. and appurtenances
equipment and appurtenances, viz.:
South Omaha & Western Railroad
$2,156,073 44
Less credits
Leavenworth Kansas & Western Railway
$8,787 04
Topeka & Northwestern Railro
ad.1
00
8,788 04
2,147,285 40
Expenditures for account of extensions and cost of extensions transferred from deferred
assets, viz.:
Union Pacific Railroad Company
Grant Mine to La Salle, Colorado
81,466 20
Greeley, Colorado, eastward
156,704 81
Onaga to Marysville, Kansas
12,495 37
O'Falions to Northport, Nebraska
384,476 15
Rock Springs to Coal Fields, Wyoming
352 00
Sand Creek to St. Vralns, Colorado
224,110 43
$779,604 96
Oregon Short Line Railroad Company
Kemmerer to North Kemmerer, Wyoming
5,479 94
Oregon Railroad & Navigation Company
Elgin to Joseph, Oregon
$655,834 32
St. John's to Troutdale. Oregon
2,722 13
*658,55645
Less credit:
St. John's Extension, Oregon
362 38
658,194 07
•
Roadway, Track and Appurtenances.Ballast
...
Bridges, trestles, culverts and grade crossings
Changes in line, revision of grades and widening e.nbankments
Interlocking, block and highway crossing signals_
Main tracks
Real estate, right-of-way and grounds, and fencinr right-of-way
Sidings and passing tracks
Telegraph and telephone lines
1,443.278 97
$24,069 72
260,440 66
786.412 06
178,866 23
1,932,938 42
204,759 76
246,335 05
82,467 46
$3,716,289 36
Buildings, Structures and Appurtenances
Engine houses, shops, machinery, tools and appurtenances
Roadway, buildings, machinery, tools and appurtenances
Station buftlings, terminal yards and appurtenances
Water stations and water supply
$304,476 65
70,5e8 73
729,519 82
31,969 47
1,145,474 67
4,881,764 03
$8,602,356 08
Equipment transferred e-irom deferred-assets; viz.:
37 passenger train cars
$381,216 14
484 freight train cars
497,021 10
20 road service cars
53,546 59
Cost of equipment charged to replacement accounts in txce s of the a,nounts to the credit
of the several replacement
accounts
48,978 21
Additional charges on equipment transferred In preccdi. g year
7,311 94
988,073 98
Improvements to Northern Pacific Terminal property and Pintsch Gas Plant,
Portland, Oregon
12,414 83
Total charges
$9,602,844 84
Credits
Amount received from the Trustee of the Union Pacific Railroad Company's First Railroad and Land
Grant
In pay nent for expendit fres for betterments, improvements, equipment,,&c., not otherwise provided Mortgage,
for
$2.030.000 00
Adjustmen ii amount deductod from cost of railways, equipment and appurtenances on account of the difference
the f
value of stocks and bonds of auxiliary companies and the prices at which they were taken over between
247,794 83
Adjustment In accounts taken over under reorganization
98,895 62
2,376,69045
Net expenditures for capital account
$7,226,154 39
The details of,the expenditures for additions and betterments are shown in Table No 25
LAND DEPARTMENT, I
Under the provisions of the Union Pacific Railroad Company's First Railroad and Land Grant Mortgage,
the net proceeds from the sale of lands after payment of expenses and taxes appertaining thereto, and
all sums of money received on
account of interest or principal of the bonds, and for dividends upon the stock of the
Union Pacific Land Company, are set
apart and held by the Trustee as a Cash Improvement and Equipment Fund to reimburse
the Railroad Company for any
expenditures for betterments, improvements, equinment, or for other properVes not paid for
out of
to operating expenses or Cost of maintenance. The amount received from tae Trustee during the other funds or charged
year and thus applied
was $2,030,000.
The transactions in respect of the above-mentioned lands for the year were as follows:
Number of acres sold
Total amount of sales (cash and principal of deferred payments) after deducting expenses
Interest on deferred payments and other collections
184,068.78
$321,568 70
469,127 43
•
$790,696 13
$2 17
1,172,841.39
$1,205.032 02
$5,777,069 67
Average price received per acre
Number of acres of land remaining unsold June 30 1900
Estimated value of lands and town lots remaining unsoll June 30 1909
Land contracts outstanding June 30 1909
the year's
18, 19,20
"lois!The details of and 21. transactions and th, account with the Trustee in respect of said funds are shown in Tabloll
ADDITIONS AND BETTERMENTS_
The expenditures for Additions and Betterments amounted to $4,861,764 03, which were charged to
tures. The details of these expenditures are shown in Table No. 25. The changes in line completed or in capital expendicourse
tion, and other principal additions and betterments to the roadway, track and appurtenances were as follows: of construcNew Lines.
Charges in Line.
Union Pacific Railroad
Carr, Colorado, to Bone, Wyoming
Carr, Colorado, to Cheyenne, Wyoming
Kansas City to Topeka, Kansas
St. Vrains to Grants Mine, Colorado
Oregon Railroad et, Navigation Company
Troutdale to Bonneville, Oregon
Maximum Grade, Feet per Mile.
Length of Distance' Saving in
Track.
Curvature.
Saved.
(Miles.) (Miles.)
(Degrees.)
13.30
10.74
14.75
4.90
13.17
.75
.12
.10
671.43
492.10
2.00
1.30
22.89
.20
1,360.00
East or North
Bound.
Old
I New
Line. I Line.
84
84
79
71
26.9
I
1
West or South
Bound.
Dale Opened
to the Public
for Traffic.
Old
Line.
New
Line.
a
53
19
11
95
95
79
53
63
63
10
37
June 13 1909
Dec. 6 1908
June 1 1906
In progress
26.4
28.4
26.4
Feb. 18 1909
a Descending grades for the entire distance. b Excludes 7.93 miles of the Carr to Bork line, whiTh will form part of the new Carr to
Cheyenne line.
[VOL. Lxxxix.
THE CHRONICLE
1076 .
Wooden
Wooden
Wooden
Wooden
replaced
replaced
replaced
replaced
with
with
with
with
Oregon
RR. cfe
Navigation
Company.
28.83
28.83
"Track ballasted with gravel (track miles)
structures
structures
structures
structures
Oregon
Union Pacific Short Line
Railroad
Railroad
Company.
Company.
Total.
ROADWAY. TRACK AND APPURTENANCES.
775.00
1,544.00
155.00
49.00
1,504.00
Total concrete and steel structures put in place (lineal feet)
45.00
65.00
1,317.00
486.00
674.00
2,092.00
155.00
123.00
205.00
5.00
112.00
564.00
775.00
2,092.00
I beam concrete structures replacing wooden structures (lineal feet)
I beam concrete structures replacing embankments (lineal feet)
"Steel structures built replacing wooden structures (lineal feet)
Steel structures built replacing embankments (lineal feet)
Steel structures replaced with heavier structures (lineal feet)
564.00
155.00
123.00
1,644.00
5.00
265.00
Total wooden structures replaced (lineal feet)
205.00
155.00
4.00
122.00
3,252.00
steel structures (lineal feet)
I beam concrete structures (lineal feet)
culverts (lineal feet)
embankments (lineal feet)
600.00
584.00
928.00
153.00
40.00
40.00
36.00
360.00
456.00
852.00
155.00155.00
4,112.00
1,815.00
8
- - 64-1, - - .65
7,591.00
2.59
0.59
3.18
28.80
48.70
102.76
178.26
60.18
60.18
6,677.00
6,677.00
9.70
24.39
54.88
88.97
3.06
2.85
13.76
19.67
1,221.55
1,221.55
108,000.00
820.00
4,040.00
112,560.00
12.5212.52
1,358.00
1,158:ii
1,08001.
4,303.73
Stone, concrete or brick arch culverts (lineal feet, transversely to track)
Iron pipe culverts (lineal feet, transversely to track)
Concrete culverts (lineal feet, transversely to track)
Masonry used In bridges, trestles and culverts (cubic yards)
• Right of way fenced (track miles)
Automatic electric block signals built (track miles)
Main track built (miles)
Material moved In revision of grades (cubic yards)
Sidings, passing tracks and yard tracks built (miles)
Sidings, passing tracks and yard tracks taken up (miles)
Telegraph and telephone wire strung on existing poles (miles)
Material moved widening cuts and embankments and filling trestles (cubic yards)
Roadbed widened (miles)
Excess weight of new rails used in renewals (tons)
EQUIPMENT.
The changes in the equipment during the year were as follows:
Condemned,
Destroyed,Sold
or Transferred
and Credited to
Replacein't Accts
Replacement
Accounts.
6
2
2
3
Locomotives
Baggage cars
Baggage and mall cars
Baggage and passenger cars
Baggage, mall and passenger cars
Business cars
'Chair cars
Composite cars
Dining cars
Motor cars
Passenger cars
Postal cars
Box cars
Caboose cars
Flat cars
Furniture cars
Gondola cars
Gondola cars (drop bottom)
Gondola cars (hopper bottom)
Refrigerator cars
Stock cars
Tank (oil)
Work equipment
Amount credited or charged
Added and Charged to
Union Pacific
Equipm't Ass'n.
Free
Assets.
Capital
Account.
7
3
3
3
2
3
2
2
2
1
•1
10
1
1
7
1
649
14
59
139
300
11
8
49
141
Total.
3
•7
65
2
450
•50
1,498
10
50
•45
•1
*40
•20
•13
100
*1404,414 17
$1,900,828 87
1
1
50
11
43
120
178
89
20
307
$559,454 55
a$605,530 75
7
$747,565 79
2
1,963
11
51
50
11
*3
120
149
308
$2,849,511 24
of the amounts to the credit of the several replacement accounts
a There is included in this amount the sum $48,978 21, cost of equipment in excess Inter-State Commerce Commission, effective July 1 1909, proThe classification of expenditures for Additions and Betterments as prescribed by the "Equipment;" therefore the afore-mentioned sum was in adjustcharged directly to
vides that equipment retired be credited and equipment acquired be
• Credit.
ment charged to "Equipment."
98.50 tons
The locomotives added during the year averaged 104 tons total weight of engine without tender and
drivers. The freight train cars added during the year averaged 48.92 tons capacity.
-upon
The locomotives and cars owned and their.capacity at the close of the year were as follows:
This Year.
LLocomotives,standardgargteige
narrow
(Standard Gauge.)
Total weight, excluding tender (tons)
Average total weight, excluding tender (tons)
Total weight on drivers (tons)
Average total weight on drivers (tons)
Per Cent.
1,088
89,701
82.52
73,980
68.06
89,808
82.54
74,182
68.18
702
1
710
1
Passenger train Trs standard gauge
narrow gauge
Increase.
1,087
1
•
1,088
Total
Last Year.
1,087
1
.
107
.02
202
.48
.12
.02
.27
.71
8
1.14
711
Freight train cars, standard gauge
narrow gauge
703
8
1.14
26,470
6
Total
25,482
6
988
3.88
988
3.88
984,923
37.22
901,862
36.01
83,061
1.21
9.21
3.36
3,728
3,598
130
3.61
25,488
26,476
Total
Total capacity of standard gauge cars (tons)
Average capacity of standard gauge cars (tons)
Work equipment
during the year, the capaThe equipment owned by the respective companies is shown in Table No. 24. The changes
-eity, and the service of all equipment are shown in Tables Nos. 29, 30 and 31.
TRANSPORTATION OPERATIONS.
The results of the year's transportation operations compared with those of the preceding year are as follows:
This Year.
Last Year.
I
Increase.
Decrease.
Per cent
6,082.13
5,781.41
280.72
4.86
Revenues
Passenger, including extra baggage
Mall and express
Freight
Switching, rentals and all other sources
$17,672,357 06
4,354,717 19
54,000,195 46
1,333,159 65
$16,719,364 35
3,883,883 48
52,885,212 92
034,316 06
$952,992 71
470,833 71
1,114,982 54
398,843 50
5.70
12.12
2.11
42.70
Total revenues
Outside operations-revenue
$77,360,429 36
1,390,032 19
$74,422,77681
1,616,448 10
$2,937,652 55
$78,750,461 55
$76,039,224 91
$2,711,236 64
Average miles of railway operated
Total revenues
$226,415 91
3.95
14.01
3.57
THE CHRONICLE
OCT. 23 1909.1
16'17
This Year.
$7,682,146 16
7,434,599 27
1,563,030 85
17,914,908 92
1,908,390 75
Total rail lines
Dutside operations-expenses
$9,106,167 77
8,325,812 27
1,399,556 22
19,427,488 20
1,918,491 16
$36,503,075 95
1,442,009 61
Operating ExpensesNfaintenance of way and structures
Maintenance of equipment
rraffic expenses
Fransportation expenses
General expenses
Last Year.
$40,177,515 62
1,516,519 67
Increase.
.,
Per Ct.
•
Decrease.
1,512,579 28
10,100 41
15.64
10.70
11.68
7.79
0.53
$3,674,439 67
74,510 06
9.15
4.91
$1,424,021 61
891,213 00
$163,474 63
$37,945,085 56
$41,694,035 29
$40,805,375 99
Total expenses
Gross revenues over total expenses
$34,345,189 62
$6,460,186 37
18.81
6,450,286
760,532,906
$3,563 71
$1 71
117.91 miles
767,567
34,666,844
$69 84
$0 06
11.90
4.56
1.96
3.51
6.56
Passenger Traffic
7,217,853
Revenue passengers carried
795,199,750
Revenue passengers carried one mile
$3,633 55
Revenue from passenger trains per mile of road
$1 77
Revenue from passenger trains per revenue train mile (a)
110.17 miles
kverage distance
carried_
,
Freight Traffic (Way-bill Tonnage)13,726,025
Cons of revenue freight carried
5,266,658,054
Cons of revenue freight carried one mile
$8,907 79
Revenue per mile of road
$4 63
Revenue per revenue train mile (b)
383.70 miles
1verage distance carried-all freight
$3,748,949 73
7.74 miles
13,089,163
5,271,939,813
$9,147 46
$4 31
402.77 miles
8.99
636,8624.87
5,281,759
0.10
$239 67
2.62
7.42
$0 32
4.73
19.07 miles
(a) Revenue passenger train and all mixed train miles. (b) Revenue freight train and all mixed tralnlmlles.
Compared with the preceding year, the per cent of operating expenses (including expenses of outside operations) to
the gross revenues (including revenues from outside operations) was as follows:
Rail Lines
Rail Lines Only. and Outside
Operations.
For "Maintenance" (Maintenance of Way and Structures, and Maintenance of Equipment)
For "Operation" (Traffic Expenses, Transportation Expenses and General Expenses)
19.54
27.64
Total this year
47.18
48.18
Total last year
53.99
54.83
The transportation revenues and operating expenses for the year distributed among the respective primary accounts
provided for in the classification of the Inter-State Commerce Commission are shown in Table No.26. The details of passenger
and freight traffic are shown in Tables Nos. 27 and 28.
There was a decrease in the operating expenses for the half-year ended December 31 1908, of $4,690,678 04, but in the
second half-year ended June 30 1909 the operating expenses increased $941,728 31, making a net decrease for the year of
$3,748,949 73, or 8.99 per cent. A part of the increase in expenses for the scond half-year resulted from expenses incident
to the greater amount of traffic moved; the remainder was for the usual repairs and renewals, which increase as the volume
of traffic handled increases.
In the following statements, the operating expenses, although distributed as provided for in the classification of the
Inter-State Commerce Commission, have been combined under comprehensive titles of accounts so as to present the year's
expenses in a concise form.
MAINTENANCE OF WAY AND STRUCTURES.
This Year.
Average miles-first, second and additional main tracks
Last Year.
Increase.
Decrease.
Per Cent.
+5.60
---r-27.14
-11.51
-7.91
-5.95
$43,099 91
1,879,794 61
376,332 67
890,055 70
$11,695 50
216,439 56
29,778 02
52,942 46
$3,189,282 89
3,442,235 11
532,501 34
1,292,424 20
15,618 44
52,976 71
529,916 59
25,639 09
25,573 40
$310,855 54
472,421 49
140,047 58
449,080 90
3,177 72
$7,682,146 16
$9,106,167 77
$1,424,021 61
-15.64
$1,185 26
Total
6,133.76
$2,878,427 35
2,969,813 62
392,453 76
843,343 30
12,440 72
65,155 04
475,021 88
19,507 53
25,982 96
Total material for roadway and track
Repairs of roadway and track
Bridges, trestles and culverts
Buildings, grounds and appurtenances
Snow and sand fences and snow sheds
Electric power, telegraph and telephone lines
Superintendence
Stationery and printing
Other expenses
6,477.27
$31,404 41
1,663,355 05
346,554 65
837,113 24
Ballast
Ties
Rails
Frogs, switches and other track material
.
$1,48 60
$299 34
-20.16
Cost per mile-all main tracks
343.51
$12,178 33
54,894 71
6,131 56
409 56
-9.75
-13.72
-26.30
-34.75
-20.35
+22.99
-10.36
-23.91
+1.60
The weight of rails per yard in main lines and branches at the close of the year was as follows:
Miles of Main Tracks Operated,Excluding
Mileage Operated Under Trackage Rights.
Total.
90-1b.
85-lb.
80-lb.
75-lb.
70-16.
67-1b.
60-1b.
56-lb.
Less than
56-1b.
Main tracks
Branches
4,044.78
2,534.24
893.69
.02
37.11
1,625.19
.02
604.20
144.02
880.36
386.69
.58
27.73
3.51
1,138.83
.14
567.44
267.49
Total
Per cent of total miles of track
Per cent last year
6,579.02
100.00
100.00
893.71
13.59
10.58
37.11
.57
.64
1,625.21
24.70
26.00
748.22
11.37
9.59
1,267.05
1926.
21.12
30.31
.46
.50
1,142.34
17.35
18.56
567.58
8.63
9.25
267.49
4.07
3.76
At the timber-treating plants of the Companies, 1,491,356 cross-ties and 11,864 switch ties were burnettized and 65,745
cubic feet of piling and other timber were creosoted.
MAINTENANCE OF EQUIPMENT.
This Year.
Locomotives
Passenger train cars
Freight train cars
Work equipment
Equipment borrowed
Shop machinery and tools
Superintendence
Other expenses
Total
Last Year.
$3,385,883 31
733,720 84
2,561,688 94
96,855 42
222,503 51
370,140 91
63,806 34
$3,261,738 39
739,755 90
3,073,240 94
156,472 16
434,043 62
271,101 93
316,796 16
72,663 17
$7,434,599 27
$8,325,812 27
Increase.
Decrease.
Per Cent.
$6,035 06
511,552 00
59,616 74
434,043 62
48,598 42
8,856 83
+3.81
-.82
-16.65
-38.10
-100.00
-17.93
+16.84
-12.19
$891,213 00
-10.70
$124,144 92
...
53,344 75
$434,043 62 of the above decrease resulted from a change in the classification of operating expenses. In the classification of operating expenses as prescribed by the Inter-State Commerce Commission, effective July 1 1908, payments for
"Equipment Borrowed" were eliminated as an item chargeable to operating expenses. These payments now appear as
"Hire of Equipment" in the Income Account.
The remaining decrease in expenses has been principally in repairs to freight train cars, resulting from a decrease in
payments to foreign roads for repairs of the Company's cars while on foreign lines; also in an increase in the collections
from foreign roads for the repairs of their cars and from a change in the methods of alloting repairs of cars under the
clearing house plan referred to in the annual report for the year 1905.
The companies have not made any charge for "Depreciation" of equipment as contemplated by the new accounting
regulations of the Inter-State Commerce Commission, but, as in the past, have charged to operating expenses the record
value (as appraised at the time of the reorganization), less salvage, of all equipment condemned, destroyed, sold or vacated
from any cause during the year. The amount thus charged is shown under the charge to "Renewals" in Table No. 26,
and amounted to $237,969 05 against $228,344 81 last year.
[VoL. Lxxxix.
THE CIIRON1CLE
1078
The average number of serviceable locomotives and cars owned, and the average cost of repairs (including renewals),
per locomotive and per car, per annum, were:
Average Serviceable Number.
Including Charge for Locomotives and Cars Condemned, Destroyed or Sold.
This Year.
1,088
706
25,682
Locomotives
Passenger train cars
Freight train cars
Last Year.
1,073
680
25,545
Average Cost per Annum.
Last Year.
This Year.
$3,092 12
1,085 62
116 01
$3,148 78
1,188 86
99 75
The equipment owned by the respective companies Is shown in Table No. 24, and the capacity, the service, and the
average cost of maintenance, are shown in Tables Nos. 29, 30 and 31.
TRAFFIC EXPENSES.
Per Cent.
Decrease.
This Year.
Last Year.
Increase.
$622,207 55
449,303 48
312,236 75
179,283 07
$610,977 97
370,936 34
286,105 71
131,536 20
$11,229 58
78,367 14
26,131 04
47,746 87
+1.84
+21.13
+9.13
+36.30
$1,563,030 85
$1,399,556 22
$163,474 63
+11.68
Outside agencies
Advertising
Superintendence
Other expenses
Total
TRANSPORTATION EXPENSES.
This Year.
Last Year.
$5,440,119 54
3,763,862 88
2,910,282 64
3,733,702 98
1,119,721 37
779,737 26
167,482 25
$6,587,582 87
3,927,581 21
3,002,463 61
3,829,343 50
1,121,383 47
759,442 35
190,691 19
$17,914,908 92
Total
Increase.
$19,427,488 20
Locomotives, fuel for
Locomotive service, other than fuel
Train service
Station and terminal service
Injuries, loss, damage and other casualties
Superintendence
Advertising and printing, and other
Per Cent.
Decrease.
$1,147,463 33
163,71833
92,180 07
95,640 52
1,662 10
-17.42
-4.17
-3.07
-2.50
32,208 94
+2.67
-16.13
$1,512,579 28
-7.79
$20,294 91
The greater part of the decrease in these expenses was the result of a reduction in the cost of fuel per ton and a reduction in locomotive mileage because of the better train loading. There was an increase in the number of loaded cars per
train of 10.51 per cent and in the tons per train of 7.11 per cent.
The work done by the transportation department of the rail lines is shown in the following table:
+ Inc. or - Dec.
Gross operating revenues
Transportation expenses
Revenue passengers carried one mile
Mileage of passenger cars
Locomotive mileage with passenger trains, including helping
Tons of revenue freight carried one mile
Tons of revenue and company freight carried one mile
Mileage of freight cars
Locomotive mileage with freight and mixed trains, including helping
Total locomotive mileage in service for which the attendant expenses are charged to "Transportation Expenses"
P. C.
3.05
7.79
4.56
6.40
3.70
.10
1.75
3.57
3.08
2.38
+$2,937,652 55
-1,512.579 28
+34,666,844
+4,901,981
+418,190
-5,281,750
+109,926,610
+13,705,380
-540,583
-703,114
Tht average number of tons of freight per train, and loaded cars per train (excluding caboose), and the tons per loaded
ar for the respective companies for the year were:
c
Tons per Loaded Car.
Loaded Cars per Train.
* Tons per Train.
Per Cent
of Loaded Car
Mileage
To 7'otal Car
Mileage.
Per Cent.
+ Increase.
- Decrease.
+ Increase.
- Decrease.
+ Increase.
-Decrease.
Revenue and Company Freight
(Way-Bill Tonnage).
Cars.
Tons.
Cars.
Tons.
Tons.
Per Cent.
Tons.
+44.85
+43.34
-18.58
8.85
8.24
3.61
27.05
22.03
21.08
+3.08
+1.63
+ .45
12.85
7.09
2.18
72.05 +1.34
70.38+ .66
81.14+ .96
20.39
25.85
23.53
-.75
±06
-1.42
3.55
.23
5.60
548.49
Average all lines
Per Cent.
551.01
569.61
496.13
Union Pacific RR. Co
Oregon Short Line RR Co
Oregon Railroad & Navigation Co
+36.42
7.11
25.14
+2.39
10.51
75.14 +0.84
21.81
-.70
3.11
• Ton miles per revenue freighttrain and all mixed train miles.
The cost of fuel for locomotives per locomotive mile in revenue service and in non-revenue service for which the expenses are charged to transportation expenses was 18.827 cents per mile run against 22.239 cents in the preceding year
and for the entire "Transportation Expenses" 62.000 cents against 65.637 cents in the preceiding year.
GENERAL EXPENSES.
•
Salaries and expenses of general officers
Salaries and expenses of clerics and attendants
Law expenses
General office expenses
Stationery and printing
Insurance
'
Other expenses
Total
1
This Year.
Last Year.
Increase.
$240,833 56
809,910 42
261,779 50
01,415 47
156,192 74
145,083 21
203,175 85
$224,830 82
800,057 90
278,629 46
127,137 81
126,411 72
162,445 13
198,978 32
$1,908,390 75
$1,918,491 16
Per Cent.
$16,002 74
9,852 52
Decrease.
$16,840 06
35,722 34
29,781 02
17,361 02
4,197 53
$10,100 41
+7.12
+1.23
-6.05
-28.10
+23.56
-10.69
+2.11
-.53
GENERAL.
There was appropriated during the year for additions, betterments, equipment, terminal property, and for the construction or acquisition of new lines, the sum of $48,178,881. The expenditures for account of these appropriations amounted
to $22,637,380, leaving $25,541,501 unexpended, which amount has been brought over into the current fiscal year.
In addition to the completed lines of railway reported under "Properties and Mileage," construction is progressing
on the following lines:
Length of
Projected Line.
Miles.
Union Pacific Railroad
Hershey to Northport, Nebraska
Watson's Ranch to North Platte, Nebraska
Sand Creek to St. Vrain, Colorado
St...Vrain to La Salle, Colorado
Greeley to Briggsdale, Colorado
Clover to Hungerford, Colorado
Onaga to Carden, Kansas
Minidoka & Southwestern Railroad
Twin Falls to ten miles south of Hollister, Idaho
Northwestern RailroadBiakes to Homestead, Oregon _ _
Lake Creek & Coeur d'Alene Railroad
Lockwood, Washington, to Farmington Lodge, Idaho
Total
h
52.63
88.25
17.52
22.05
26.16
13.16
32.44
Track
Completed.
Miles.
46.38
Grading
Completed.
Miles.
Grading
Progressing.
Miles.
13.10
8.88
20.00
6.24
3.00
1.48
10.40
4.42
14.07
6.00
6.92
14.00
21..01
4.77
20.00
.37
7.61
58.00
39.61
13.86
2.55
12.36
.33
1.87
10.16
352.47
The Insurance Fund shows a lose in the year's transactions of $48,243 22, the result of a reduction in the rate of pren ium on the insurance carried by the Company and of an increase in payments of premiums to outside companies. The
eperations of this fund from its commencement to June 30 1909 are shown in Table No. 23.
TIIE CIIRONICLE
OCT. 23 1909.
1079
The
Under the pension system put into effect on January 1 1903 there are carried on the pension rolls 153 employees.
to them for the year amounted to $40,105 13.
payments
a
The receipts of the Hospital Fund for the year amounted to $194,732 12; the expenses were $183,105 38, leaving
monthly
of $11,626 74. The accumulated surplus on June 30 1909 was $93,678 77. This fund is maintained by
surplus
contributions from the employees of the Companies.
It is with sorrow announced to the stockholders that Mr. William D. Cornish, who had been Vice-President of this
Rogers,
Company since its incorporation, and a Director since June 1905, died on November 7 1908; and that Mr. Henry H.name is
who had been a Director since October 1901, died on May 19 1909; and that Mr. Edward H. Harriman, whose
inseparably connected with this company, died on September 9 1909. The Board of Directors by suitable resolutions
promptly recorded their appreciation of the character and services of each of these distinguished men; and a copy of those
relating to Mr. Harriman are appended to this report.
The accompanying report of the Comptroller shows in detail the property of the Union Pacific Railroad and Auxiliary
Companies, and their combined financial and other transactions.
By order of the Board of Directors,
ROBERT S. LOVETT, Chairman of the Executive Committee.
EDWARD H. HARRIMAN.
New York, September 13 1909.
At a special meeting of the Board of Directors of the Union Pacific Railroad Company held at the office of the Company
in the City of New York on Monday, September 13th, 1909, the following proceedings occurred:
Vice-President Lovett, presiding, said:
of a great
- "Gentlemen we meet to-day in what, to each of us personally and to all these corporations, is the shadow man of his
bereavement. One of the most remarkable men this country has ever produced, and certainly the greatest
generation, passed beyond when, at three thirty-five o'clock last Thursday afternoon at Arden, Mr. Harriman died. To-day
him
the whole world recognizes his genius and acclaims his great achievements. But we who were intimately associated with man
know what the world does not—that there never was a kinder heart, a more sympathetic nature, a truer friend, or a
more loyal to his business associates and fellow workers. I am sure you wish to make some record of your appreciation of
this extraordinary man."
Thereupon, on motion a special committee composed of Directors Hughitt,Frick and Peabody was appointed to prepare
and report suitable resolutions. The Committee retired and later reported the following resolutions, which, on motion,
were unanimously adopted, viz.:
RESOLVED, That the Board of Directors of Union Pacific Railroad Company with deep sorrow records the death of
Edward Henry Harriman at his country place at Arden, New York, at 3.35 o'clock on the afternoon of September 9th,
1909, in the sixty-second year of his age. He was more than Chairman of the Executive Committee and President, which
offices, at the time of his death he held and had long filled—he was the genius of the new Union Pacific and Southern
Pacific; and the high state of efficiency to which these properties have been brought, the part that is being performed by
them in the development of the country they serve, and the solid basis upon which the securities of said companies now
rest, are monuments to his genius, marvelous energy, and untiring work in the interest of these companies.
It is impossible to here record any adequate expression of appreciation of Mr. Harriman's work for the American Railroad System, for it must form a large and important chapter in the history of our times. But we who were intimately
associated with Mr. Harriman appreciate even more the qualities which were less conspicuous to the public. The kindness
of his heart, the strength of his friendship, the quickness of his sympathy, and his loyalty to all his associates were traits
of his character so marked as to inspire the devotion of all who knew him well, and his happiness in his home circle was
tender
an inspiration and delight. We deeply mourn his loss as a personal friend and as the head of these Companies, and
to his family our profound sympathy.
'That an engrossed copy of these resolutions be transmitted by the Secretary to Mrs. Harriman.
RESOLVED FURTHER,
ALEX. MILLAR, Secretary.
A true copy.
UNION PACIFIC RAILROAD AND AUXILIARY COMPANIES.
NO. 2.—INCOME FROM TRANSPOhTATION OPERATIONS YEAR ENDED JUNE 30 1909.
Gross operating revenue and revenue from outside operaOperating expenses and expenses of outside operations as
$78,750,461 55
tions as shown in detail in Table No. 26
$37,945,085 56
shown in detail in Table No. 26
2,570,561 89 Rentals from joint tracks, yards and terminal facilities—
Taxes
324.493 32
balance
49.594 43
$40,515,647 45 Miscellaneous rentals—balance
Total expenses and taxes
Table No. 15 13,331,368 07
Interest on bonds in hands of public as shown in
12,013 33
Sinking fund requirements
1,389,483 26
Hire of equipment—balance
14,029 36
Rentals for lease of road—balance
Dividends on preferred stock of Union Pacific RR. Co.:
1.990,880 00
2 per cent paid April 1 1909
1,990,880 00
2 per cent payable October 1 1909
Dividends on common stock of Union Pacific RR. Co.:
2,933,056 32
1,34 per cent paid January 2 1909
2,935,272 39
134 per cent paid April 1 1909
2,949,133 12
134 per cent payable July 1 1009
2,980,534 50
-134 per cent payable October 1 1909
Dividend on preferred stock of Oregon RR. & Navigation Co.
In hands of public:
64 00
4 per cent paid February 20 1909
8,073,187 50
Balance to profit and loss (No. 4)
$79,124,549 30
$79,124,549 30
NO. 3.—INCOME OTHER THAN FROM TRANSPORTATION OPERATIONS. YEAR ENDED JUNE 30 1909.
Dividends on common stock of Union Pacific RR. Co.:
1 per cent paid January 2 1909
1 per cent paid April 1 1909
1 per cent payable July 1 1909
1 per cent payable October 1 1909
Balance to profit and loss (No. 4)
Interest on bonds owned of companies other than Oregon
Short Line and Oregon RR. & Navigation Co. (Table
$1,955,370 89
;1,119,15580
No. 16)
1,956,848 26
1,966,088 74 Dividends collected or declared on stocks owned of companies other than Oregon Short Line and Oregon RR. &
1,993,023 00
14,711,808 72
Navigation Co. (Table No. 17)
9,865,062 54 Interest on loans and open accounts other than with auxiliary
1,556.659 64
companies—balance
304,80000
Rentals from steamships
2,376 40
Net income from unpledgcd lands and town lots
$59,761 52
Miscellaneous receipts
18,366 85
Miscellaneous. payments
Less:
41.394 87
$17,736,393 43
$17,736.393 43
NO. 4.—PROFIT AND LOSS FOR THE YEAR ENDED JUNE 30 1909.
$63,978,578 80
Balance June 30 1908
Discount and commission on-7329,603,432 06 face value
Balance income from transportation operaUnion Pacific RR. Co. First Lien and Refunding Four Per
$8,073,187 50
tions (No. 2)
Cent Bonds and on $1,751,000 00 face value Oregon RR.
Balance income other than from transporta& Navigation Co. Consolidated Mortgage Four Per Cent
9,865,062 54
tion operations (No. 3)
Bonds sold and delivered during the year and for the ex17,938,250 04
of $4,993,000 00 face value Utah & Northern By.
tension
$2,130,316 84 Difference between $6,675,200 00 face value Union Pacific
Co. First Mortgage Bonds
RR. Co. Twenty-Year Four Per Cent Convertible Bonds
Reserve for depreciation of equipment owned and leased to
retired and canceled and $3,814,400 00 par value com120,935 38
other companies
2,860,800 00
mon stock issued in exchange therefor
28,670 35
Cost of Surveys written off
Sinking fund contributions and income from sinking fund
June 30 1909, viz.:
Balance
22,712 50
investments
Income account
$82,034,192 82
$108,106 43
Miscellaneous collections
973,595 87
Sinking funds
87,118 50
LessrMiscellaneous payments
83,007,788 69
20.987 93
$273,320 33
Collection of old accounts
2,829 02 — 270,491 31
Less: Payment of old accounts
192,050 80
Adjustments in accounts
3,839 88
Proceeds from sale of unpledged lands and town lots
$85,287,711 26
$85.287,711 26
[VOL. Lxxxxx.
THE CHRONICLE
1080
-ASSETS AND LIABILITIES JUNE 30 1909.
NO. 5.
(Excluding stocks and bonds owned of Auxiliary and Proprietary companies and all offsetting accounts, between them.)
June 30 1909.
June 30 1908.
•$382,375,786 37
12,458,378 80
209,974,387 06
225,962 43
$605,034,514 66
$385,907,655 61
1,700,355 17
218,173,102 44
328,563 86
$606,109,677 08
.
$3,099,371 69
2,371,370 00
26,990,450 56
18,800,000 00
924,164 59
259,897 05
4,845,863 25
1,788,787 32
468,532 30
3,000 00
11,083,491 02
$70,634,927 78
$45,376,389 27
$2,625,308 33
8,929 90
4,395,934 40
$39,927,685 99
5,119,723 10
9,646,501 53
1,302,651 46
503,062 96
$56,499,625 04
$33,013,620 92
5,126,796 58
7,258,275 44
6,771 43
9,824 27
$45,415,288 64
$1,551,819 56
968,188 60
3,117,300 66
$5,637,308 82
$1,457,894 52
790,487 19
3,542,429 21
$5,790,810 92
$93,925 04
177,701 41
$737,806,376 30
$731,404,223 28
$6,402,153 02
$199,302,300 00
99,544,000 00
$195,487,900 00
99,544,100 00
$3,814,400 00
20,100 00
3,41000
$298,869,810 00
20,100 00
3,41000
$295,055,510 00
$3,814,300 00
322,785,800 00
$621,655,610 00
298,109,067 94
$593,164,577 94
24,676,732 06
$28,491,032 06
ASSETS.
Capital Assets
Cost of railways, equipment and appurtenances
Cost of extensions
Stocks and bonds as detailed in Tables Nos. 9, 10 and 11
Trust funds
Current Assets
Demand loans, Southern Pacific Co
Loans to San Pedro Los Angeles & Salt Lake RR.Co
Loans to Utah Light & Railway Co
Cash
Demand loans and time deposits
Agents and conductors
Traffic and car service
Income accrued to June 30 on securities owned
Individuals and companies
U. S. Government transportation
Deposits against matured or called bonds
Material, fuel and supplies
_
Deferred Assets
Advances for the construction and acquisition of new lines
Ocean steamships "Manchuria" and "Mongolia"
Rolling stock
Land and miscellaneous property
Individuals and companies
Contingent Assets
Unadjusted accounts
Due from proprietary companies
Land and town lot contracts
Total assets
Increase.
Decrease.
$3,531,869 24
$10,758,023 63
8,198,715 38
102,601 43
$1,075,162 42
$45,376,389 27
$474,063 36
2,362,440 10
22,594,516 16
18,800,000 00
1,014,043 59
89,879 00
259,897 05
3,590 00
747,532 54
581,060 12
4,849,453 25
2,536,319 86
1,049,592 42
3,000 00
1,148,984 60
$3,453,518 86
12,232,475 62
$74,088,446 64
$6,914,065 07
$7,073 48
2,388,226 09
1,295,880 03
493,238 69
$11,084,336 40
$425,128 55
$153,502 10
LIABILITIES.
Capital Liabilities
Union Pacific Railroad Company:
Common stock
Preferred stock
Stocks of Auxiliary Companies in hands of the public, viz.:
Oregon Railroad & Navigation Co.:
Common stock
Preferred stock
Total stocks
Funded debt (excluding bonds of Auxiliary and Proprietary Companies
owned), Table No. 14
Current Liabilities
Traffic and car service
Coupons matured but not presented
Coupons due July 1
Interest accrued on bonds and loans to June 30
Dividends due but uncalled for
Dividends payable July 1st and October 1st
Bonds satisfied of mortgage
Loans and bilis payable
Vouchers and pay-rolls
$100 00
4,863,303 41
$22,089,571 07
$100,749 09
149,145 15
4,028,005 00
1,392,039 38
38,836 00
11,765,277 00
3,000 00
41,189,645 90
4,112,357 27
$62,779,054 79
$1,109,448 33
89,754 68
$1,199,203 01
$1,085,066 52
81,878 63
$1,166,945 15
$368,263 19
1,728,889 14
3,244,314 34
58,559 47
1,336,876 73
3,117,300 66
$9,854,203 53
$416,506 41
54,027 45
97,683 39
1,353,769 60
1,736,885 11
53,559 47
3,060,205 96
3,542,420 21
$10,315,066 60
$375,119 54
1,507,429 23
5,000 00
$83,007,788 69
$63,978,578 80
$19,029,209 89
8164,491 65
3,973,120 00
1,150,634 51
32,833 00
11,902,188 50
3,000 00
•
Deferred Liabilities
Taxes assessed but not due
Hospital department
Contingent Liabilities
Insurance fund
Trust accounts
Equipment replacement funds
Reserve for depreciation on steamships and rolling stock leased
Union Pacific Coal Co
Union Pacific Land Co
Due to proprietary companies
Principal of deferred payments on land and town lot contracts
Balance to credit of profit and loss (Table No. 4)
$100,749 09
$15,346 50
54,885 00
241,404 87
6,003 00
136,911-50
41,189,645 90
750,946 14
540,689,483 72
$24,381 81
7,876 05
$32,257 86
$48,243 22
54,027 45
97,683 39
1,723,329 23
425,128 55
$460,863 07
55 An9 155 09
V7.11 AAA 99.1 951
Rnit A71150
Total liabilities
• From year to year this cost has been written down by $15,598,252 12 received to date from the Improvement and Equipment fund and by apropriations from "Income Account" amounting to $16,959,816 24-a total of $32,558,068 36.
-STOCKS OF THE UNION PACIFIC RAILROAD, OREGON SHORT LINE RAILROAD, OREGON RAILROAD & NAVIGATION
NO. 7.
COMPANIES AND PROPRIETARY COMPANIES,JUNE 30 1909.
COMPANY
Total Issued
and
Outstanding,
June 30 1009.
Amount
in Hands of
Public,
June 30 1909.
Owned by Union Pacific Railroad and Auxiliary Companies.
Union Pacific
Railroad
Co.
Oregon
Oregon RailShort Line
road & MotRailroad Co.
Lion Co.
-
Of the Total Owned there are
Total.
Pledged.
Unpledged.
Union Pacific Railroad Co.
$2,000 00
$2,000 00
$199,304,300 00 $199,302,300 00
$2,000 00,
Common stock
25,300 00
25,300 00
99,544,000 00
99,569,300 00
25,300 00
Preferred stock
Oregon Short Line RR. Co.
27,460,100 00
27,460,100 00
27,350,700 00
27,460,100 00
$109,400 00
Capital stock
Oregon RR. & Nay. Co.
600 00
24,000,000 00
20,100 00
$500 00 23,979,900 00 $23,979,300 00
23,979,400 00
Common stock
129,790 00
11,000,000 00
3,41000
10,873,690 00
122,900 00 10,906,590 00 10,866,800 00
Preferred stock
& Term. Co
Boise City. By.
22,000 00
22,900 00
22,900 00
22,900 00
Capital stock
Cascades Railroad Co.
*300,000 00
300,000 00
300,000 00
300,000 00
Capital stock
Columbia & Palouse RR.Co
1,000,000 00 *1,000,000 00
1,000,000 00
1,000,000 00
Capital stock
Columbia River & Oregon
Central Railroad Co.
50,000 00
50,000 00
50,000 00
50,000 00
Capital stock
Columbia Southern By. Co.
300,000 00
300,000 00
300,000 00
300,000 00
Capital stock
Malad Valley Railroad Co.
40,000 00
40,000 00
40,000 00
40,000 00
Capital stock
Malheur Valley By. Co.
56,400 00
56,400 00
56,400 00
56,400 00
Capital stock
Mill Creek Flume & Mfg.Co.
200,000 00
*200,000 00
200,000 00
200,000 00
Capital stock
SlinIdoka & S. W. RR. Co.
85,000 00
85,000 00
85,000 00
85,000 00
Capital stock
St. Anthony Railroad Co.
50,000 00
50,000 00
50,000 00
50,000 00
Capital stock
Salmon River Railroad Co.
150,000 00
150,000 00
150,000 00
150,000 00
Capital stock
Snake River Valley RR.Co.
750,000 00
750,000 00
750,000 00
750,000 00
Capital stock
Spokane Union Depot
125,000 00
125,000 00
125,000 00
125,000 00
Capital stcck
Walla Walla & Columbia
River Railroad Co.
*700,000 00
700,000 00
700,000 00
700,000 00
Capital stock
Wyoming Western RR. Co.
50,000 00
50,000 00
50,000 00
Capital stock
50,000 00
Yellowstone Park RR. Co.
12,500 00
12,500 00
12,500 00
Capital stock
12,500 00
$365,225,500 00 $298,869,810 00 828,603,000 00 $35,429,290 00 $2,323,400 00 $66,355,690 00 $37,046,100 00 $29,309,590 00
Total 1909
361,386,100 00 295,055,510 00 28,577,900 00 35,429,290 00 2,323.400 00 66,330,590 00 37,046,100 01. 29,284,400 00
Total 1908
Increase
13,839,400 00
$3,814,300 00
$25,100 00
• Pledged as muniment of title to railways forming an integral part of the lines of the 0. R. R.& N. Co.
•
$25,100 00
125,100 00
1081
THE CHRONICLE
OOT. 231909.1
UNION PACIFIC RAILROAD AND AUXILIARY COMPANIES.
No. 8 -BONDS OF THE UNION PACIFIC RAILROAD, OREGON SHORT LINE RAILROAD, OREGON
COMPANY AND PROPRIETARY COMPANIES, JUNE 30 1909.
COAIPA NY
Total Issued
and
Outstanding,
June 30 1909.
RAILROAD &
NAVIGATION
Owned bg Union Pacific Railroad and Auxiliary Companies.
Amount
in Hands of
Public,
June 30 1909.
Of the Total Outted there are
Union Pacific Oregon Short oregon RR. &
Line AR. Co. Navigation Co.
RR. Co.
Total.
Pledged.
Union Pacific. RR.Co.
1st M. RR. and Land
5100,000,000 00 3100,000,000 00
Grant 4 %
34,902,000 00
54,902,000 00
57,802,000 00 52,900,000 00
1st Lien & Refund. 4%_
67,080,800 00 67.086,800 00
20-Year 4% Convertle
Orevn Short Line Rli.00.
12.328,00000 12,328,000 00
Corsol. 1st Mtge. 5 %. _ _
6,853,000 00 52,564,000 00
;330,000 00 54,291,00(1 00 2,564,000 00
7,185,000 00
Non-Curt u. income A_
Coll. Trust Non Cumt:•
14,804,000 00
37,000 00 )4,804,000 00
14,341,000 00
lative income P.
53,000,000 00
100,000,000 00 45,000,000 00 65,000,000 00
4% Refunding- Oregon Short Line fly. Co.
14,031,000 00 19,031,000 00
1st Mortgage 5 %
Utah & Northern By. Co.
4,991,000 00
4,991,000 00
1st Mortgage 4 n__
1,802,000 00
1,302,000 00
consoi. Mtge. 5 %
Oregon RR. & Nay. Co.
4 % Cons. Mtge., Gold_. 23,380,00(1 00 23,380,00)) 00
Columbia & Mouse Rail
road Co.
2,829,000 00 •2,829,000 00
$2,829,000 00
2,829,000 00
1st Mortgatrd 6% - - Columbia River & Oregon
Central RR. CO.
894,000 00
894,000 00
804,000 00
1st Mortgage 6 %
Columbia South'n Ry. Co.
700,000 00
700,000 00
700,000 00
1st Mortgage 5 %
Malad Valley RR. Co.
400,000 00
400,000 00
400,000 00
1st Mort:rage
_
Malheur Valley RY. Co.
180,000 00
160,000 00
160,000 00
1st Mortgage 6%
Minidoka & S. W. RR.Co.
850,000 00
850,000 00
830,000 00
1st Mortgage 6%.St. Anthony RR. Co.
450,000 00
450,000 00
430,000 00
1st Mortgage 6%.
Salmon River RR. Co.
750,000 00
750,000 00
750,000 00
1st Mortgage '3;
Snake River Val. RR. Co.
1,500,000 00
1,500,000 00
1,300,000 00
1st Mortgage 6 %
Wyc,ming West. RR. Co.
275,000 00
275,000 00
275,000 00
1st Mortgage 6 %.
Total 1909
Unpledged.
34,1102,000 00
19,291,000 00
14,804,000 00
55,000,000 00
894,000 00
700,000 00
400,000 00
160,000 00
850,000 00
450,003 09
750,000 00
1,500,000 00
275,000 00
$413,154,800 00 3322,783,800 00 $76,489,000 00 310,351,000 00 33,529,000 00 $90,360,000 00 $5,393,000 00 881.976,000 00
385,968,567 94 298,109,067 94 77,988,500 00
Increase_.___
827,686,232 06 324,676,732 06
$1,499,500 00
Decrease
5,449,000 00
3,022,000 00 87.359,500 00
5,393.000 00 81,966,500 00
$4,902,000 00
Total 1908
$3.009,500 00
$3,009,500 00
$393,000 00
* Pledged as munlment of title of railway!! forming an Integral part of the lines of the Oregon Railway & Navigation Co.
-STOCKS OWNED OF OTHER COMPANIES, JUNE 30 1909.
No. 9.
COMPANY
Owned bti Union Pacific Railroad and Auxiliarb Companies .
Total Issue and
Outsiandlng
Total.
+ Inn tease.
Oregon RIZ.
June 30 1909. Union Pacific Oregon Short
- Decrease.
de Nov. Co.
Line RR. Co.
RR. Co.
Caliente & P oche RR. Co
Capital' Stock
Gray's Harbor & Puget
Sound RR. Co.
$10,000 00
Capital Stock
Green River Water Works
Co.
225,000 00
Capital Stock
Ilwaco Railroad Co
152,500 00
Capital Stock
Kansas City Term. Ry.Co.
1,000,000 00
Capital Stock
Leaven. Fc Topeka By. Co.
50,000 00
Capital Stock _
Leaven. Depot & By. Co.
150,000 00
Capital Stock
°cold. & Oriental SS. Co.
10,000,000 00
Capital Stock
Ogden Union By. & D.Co.
300,000 00
Capital Stock
Oregon Fc Wash. RR. Co.
1,000,000 00
Capital Stock
Pacific Express Co.
6,000,000 00
Capital Stock
Pacific Fruit Express Co.
10,800,000 00
Capital Stock
Rattlesnake Cr'k Wat'rCo.
78,300 00
Capital Stock
St. Joseph & Grand Island
Railroad Co.
4,600,000 00
Common Stock
5,500,1)00 00
Frst Preferred Stock___
3,500,000 00
Second Preferred Stock_
San Pedro Los Angeles &
Salt Lake RR. Co.
Capital Stock
25,000,000 00
Short Line Land Fc Improvement Co.
Capital Stock
100,000 00
Topeka Iron Co.
Capital Stack
110,000 00
Union Depot & Railway
Co. (Denver).
Capital Stock
400,000 00
Union Depot Co. (Kansas
City).
Capital Stock
500,000 00
Union Land Co.
10,0:0 0
Capital Stock... ______
Unlon Pacific Coal Co_ ___
5,000,000 00
Capital Stock
Union Pac. Equip. Ass'n.
100,000 00
Capital Stock
Union Pacific Land Co__ _ _
100,000 00
Capital Stock
Union Pacific Water Co.
500 00
Capital Stock
Utah Light & By. Co.
2,052,125 00
Common Stock
3,996,500 00
Preferred Stock
Total, 1009
Total, 1908
Of the Total Owned !here are
--------Pledged.
UnPledged.
-315,0(0 00
$10,000 00
$10,000 00
310,000 00
225,000 00
225,000 00
225,000 00
152,500 00
152,500 00
152,500 00
100,000 00
100,000 00
100,000 00
25,000 00
25,000 00
25,000 00
50,000 00
50,000 00
50,000 00
8,750,000 00
8,750,000 00
8,750.000 00
150,000 00
150,000 00
099,300 00
099,300 00
150,000 00
099,300 00
- 700 00
2,400,000 00
2,400,000 00
2,400,000 00
5,400,000 00
5,400,000 00
5,400,000 00
78,300 00
78,300 00
78,300 00
9,900,000 00
932,200 00
1,250,000 00
2,900.000 00
032,200 00
1,250,000 00
2,000,000 00
932,200 00
1,250.000 00
$12,500,000 00
12,500,000 00
12,500,000 00
50,000 00
50,000 00
50,000 00
55,000 00
55,000 00
55,000 00
240,000 00
240,000 00
240,000 00
45,000 00
95,000 00
45,000 00
10,000 00
10,000 00
10.000 00
5,000,000 00
5,000,000 00
5,000,000 00
100,000 00
100,000 00
100,000 00
100,000 00'
100,000 00
599.400 00
600 00
500 00
500 00
1,8-19,45000
3,837,875 00
328,972,800 00 $18,237,325 00
2,073,5O0 00 18,250,750 00
500 00
1,849,45000
3,837,875 00
+ 1,57500
1,849,450 00
3,837,875 00
--314.125 00
09,400 00 $47,110,725 00
$99,400 00 47,124,850 00
$47,210,125 00'
47,224,250 00
[VoL. Lxxxix.
THE CHRONICLE
1082
UNION PACIFIC RAILROAD AND AUXILIARY COMPANIES.
-INVESTMENT STOCKS OWNED, JUNE 30 1909.
No. 10.
Owned by Union Pacific Railroad and Auxiliary Companies.
COMPA N Y
Union Pacific
Railroad
Co.
Oregon Railroad
& Navigation
Go.
Oregon
Short Line
Railroad Co.
Total.
Atchison Topeka & Santa Fe Railway Co.
Preferred Stock
$10,000,000 00
Baltimore &Ohio Railroad Co.
Common Stock
32,334,200 00
Preferred Stock
7,206,400 00
Chicago & Alton Railroad Co.
Preferred Stock
$10,343,100 00
Chicago de North Western By Co.
3,215,000 00
Common Stock
Chicago Milwaukee & St. Paul
Railway Co.
Common Stock
Common Stock (65% paid)
1,845,000 00
Preferred Stock
Great Northern Railway Co.
Preferred Stock
Iron Ore Properties, 38,864
shares *
Illinois Central Railroad Co.
22,560,000 00
Capital Stock
N.Y.Central&Hud.Riv.RR.Co.
Capital Stock
14,285,700 00
Northern Pacific Railway Co.
Common Stock_
Common Stock (75% paid)
NorthernSecurities Co.
Stubs
724,900 00
Railroad Securities Co.
Common Stock
3,482,900 00
Preferred Stock
1,935,900 00
Southern Pacific Co.
Common Stock
90,000,000 00
Preferred Stock
34,200,000 00
Total, 1909
Total, 1908
Of the Total Owned there are
I
I
+increase
-Decrease
Pledged.
Unpledged.
-
$10,000,000 00
$10,000 00
32,334,200 00
7,206,400 00
32,334, 00
7,206, (0
10,343,100 00
10,343,100 00
3,215,000 00
3,215,000 00
-$1,340,000 00
-3,272,500 00
1,845,000 00
1,845,000 00
--3,578,600 00
+2,376,900 00
22,500,000 00
22,500,000 00
14,285,700 00
14,285,700 00
--112.800 00
--1,801,600 00
724,900 00
724,900 00
3,482,900 00
1,935,900 00
3,482,000 00
1,935,900 00
00,000,000 00
34,200,000 00
y$90,000,000 00
y18,000.000 00
16,200,000 00
3232,073,100 00 -- $7,728,600 00 $108,000,000 00 $124,073,100 00
239,801,700 00
108,000,000 00 131,801,700 00
$38,261,900 00 $193,811,200 00
35,885,000 00 203,916,700 00
* Par value of shares not stated n certificate; 38,300 shares sold during the year. y Deposited as collateral under Oregon Short L no Railroad Co.
4% Refunding Mortgage; of the total $100,000,000 outstanding bonds, 355,000,000 are a free asset In the treasury of the Union Pacific Railroad Co.
NO. 11.
COMPANY.
Tctal Issued
and
Outstanding Union Pecifit
June 30 19e9.
Railroad
Co.
Atchison Union Depot &RII.Co
$31,500 00
Second mortgage 5%
Cheyenne County, Colorado.
Refunding %
Chicago & Alton Railroad Co.
Debenture A%
Green River Water Works Co.
198,000 00
First Mortgage 6 %.
Idaho Northern Railroad Co.
875,000 00
First Mortgage 5%
149,000 00
Second Mortgage 5%
ilwaeo Railroad Co.
305,000 00
First mortgage 6%
Leavenworth & TopekaRy.Co.
250,000 00
First mortgage 4%
Leavenworth Depot de RR.Co.
150,000 00
First mortgage 5%
Northern Pacific Terminal Co.
3,470,000 00
First mortgage 6 %
Ogden Union By. & Depot Co.
326,000 00
First mortgage 5 %___
Payette Valley Railway Co.
44,000 00
First mortgage 5 %
Rattlesnake Creek Water Co.
146,000 00
First mortgage 6%
San Pedro Los Angeles & Salt
Lak Railroad Co.
,
40,000,000 00
First mortgage 4%
Southern Pacific.
81,814,000 00
4% 20-year Convertible
Utah Light & Power Co.
Consolidated Mortgage 4%_ 1,115,000 00
Utah Light & Railway Co.
1,415,000 00
Consolidated Mortgage 5%
300,000 00
Collateral Trust 6%
Union Pacific Coal Co.
•5,000,000 00
First mortgage 5 %--Union Pacific Land Co.
6,506,000 00
First mortgage 4%
Total 1909
1018.1 1908_
BONDS OWNED OF OTHER COMPANIES, JUNE 30 1909.
Owned by Union Pacific Railrozd and Auxiliary Companies.
Of the Total Owned there are
Oregon RR
Oregon
& NavigaShort Line
lion Co.
Railroad Co.
Total.
+Increase.
-Decrease.
$4,500 00
Unpledged.
$4,500 00
26,200 00
Pledged.
26,200 00
$4,500 00
26,200 00
-$147,000 00
198,000 00
198,000 00
198,000 00
875,000 00
149,000 00
875,000 00
149,000 00
305,000 00
305,000 00
305,000 00
125,000 00
125,000 00
125,000 00
875,000 00
149,000 00
+732,000 00
+149,000 00
63,000 00
63,000 00
63,000 00
58,000 00
$116,000 00
163,000 00
174,000 00
-7,000 00
174,000 00
163,000 00
163,000 00
314,000 00
146,000 00
44,000 00
.
20,000,000 1,0
20,000,000 00
4,760,000 00
4,760,000 00
+4,760,000 00
2,000 00
2,000 00
+500 00
993,000 00
41,000 00
993,000 00
41,000 00
3,61,5,000 00
3,695,000 00
6,596,000 00
6,596,000 00
612,403,70o 00 325,840,000 00 $116,000 00 $38,359,700 no
12,620,700 00 21,079,500 00 123,000 00 33,823,200 00
44,000 00
146,000 00
146,000 00
20,000,000 00
4,760,000 00
2,000 00
993,000 00
41,000 00
-147,000 00
3,695,000 00
..
-804,000 00 36,596,000 01)
----- -------+34,536,500 00 36,590,000 00 $31,763,700 00
7,400,000 00 26,423,200 00
• $1,305,000 held by Union Pacific Coal Co. sinking fund.
-RECAPITULATION OF STOCKS AND BONDS JUNE 30 1909.
NO. 12.
Total
Issued and
Outstanding,
June 30 1909.
Union Pacific Railroad and Auxiliary Companies:
Stocks (Table No. 7)
Bonds (Table No. 8)
Total Union Pacific Railroad and Auxiliary Companies
Owned by Union Pacific Illt. and Auxiliary Cos.
Amount
in Hands of
Of which There And There rePublic,
are Pledged. mains Unprged.
Total.
June 30 1909.
$365,225,50000 $298,869,810 00 $66,355,690 00 $37,046,100 00 $29,309,500 00
5,303,000 00 84,976,000 00
413,154,800 00 322,785,800 00 90,369,000 00
$778,380,300 00 3621,655,610 00 $156,724,600 00 $42,430,100 00 $114,285,590 00
Stocks of other companies (Tables Nos. 9 and 10)
Bonds of other companies (Table No. 11)
$279,283,225 00 3108,009,400 00 $171,183,82500
38,359,700 00
6,596,000 00 31,763,700 00
Total stocks and bonds other companies carried on books at $209,974,387 06 (Table No. 5)
3317,642,925 00 3114,695,400 00 3202,947,525 00
'9 -A new bond firm has been formed in Cleveland under
-The Washington Investment Co., Frick Building, Pittsthe name of the Tillotson & Wolcott Co., the members of burgh, Pa., has published a series of schedules showing the
which are E. G. Tillotson and Frank B. Wolcott. Mr. Tillot- millage necessary to be levied under Pennsylvania laws for
son is President and General Manager of the Cuyahoga Tele- county, municipal, school and similar bonds bearing various
phone Co.,and was formerly Vice-President of the Cleveland rates of interest and maturing in from ten to thirty years,
Trust Co. Mr. Wolcott has been Manager of the bond de- both tax-free and taxable. Copies will be sent gratis to
partment of the Cleveland Trust Co., in which post he is municipal, school and other public officials by the Washingsucceeded by P. T. White.
ton Investment Co. upon request.
10S3
THE CHRONICLE
Oar. 23 1909.1
ERIE RAILROAD COMPANY.
FOURTEENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30 1909.
COAL.
New York, October 19 1909.
The total coal tonnage for the year was 16,843,417 tons,
To the Bond and Share Holders of the Erie Railroad Company: a decrease of 527,862 tons, or 3.04 per cent less than the
The following report of the operations of your Company previous year.
The revenue from the transportation of this commodity
for the year ending June 30 1909 is respectfully submitted
increased $474,673 96 or 3.41 per cent.
by the Board of Directors:
The anthracite tonnage was 9,331,192 tons, an increase
MILEAGE.
of 272,601 tons, or 3.01 per cent over the previous year.
The bituminous tonnage was 5,955,843 tons a decrease of
Table No. 1 shows in detail the mileage controlled or 1,122,245 tons, or 15.86 per cent less than the previous year.
during the fiscal year ending June 30 1909, from
operated
The coke tonnage was 1,556,382 tons, an increase of
which you will note that the Company:
321,782 tons, or 26.06 per cent.
1,680.44 Miles
controls by ownership of entire stock
Owns in fee or
The coal tonnage of the Company was 51.36 per cent of
159.61 "
Controls by ownership of over a majority of stock
279.20 "
the total tonnage transported.
- ---- - ______________________________
Leases
_ 111.57 "
Has trackage rights over
2,230.82
109.20
15.12
2.35
37.87
Total mileage operated'
Has restricted trackage rights, over
Owns and leases to other companies
Leases and re-leases to other companies
Controls lines operated independently
164.54 "
2,395.36 "
Total mileage controlled but not operated
Grand total
-of which 894.97 miles, or 37.4 per cent, have second track,
16.52 miles have third track and 16.48 miles have fourth track.
The increase of 19.42 miles of track owned is due to the
construction of Penhorn Creek RR., Bergen, N. J., to Fish
Creek, N. J., 1.12 miles; changes in Newark & Hudson RR.,
2.56 miles, construction of a connection with the Buffalo
Rochester & Pittsburgh RR., at Brockwayville, Pa., .75
miles; remeasurement of the Toby Branch, .73 miles; rearrangement of tracks, Lakewood, N, Y., to Niobe Junction,
N. Y., 1.36 miles, and opening of the Columbus & Erie RR.,
New York State Line to Columbus, Pa., 12.90 miles.
The increase of 1.64 miles in track controlled is due to
changes in New York & Greenwood Lake Ry. to connect
with Penhorn Creek RR.
The increase of 38.60 miles in trackage rights is on account
of the use of the tracks of the Erie & Jersey RR. between
Highlands Mills and Guymard Junction.
The increase of 61.68 miles second track is due to the
construction of additional second track as follows:
Penhorn Creek RR., Bergen, N. J., to Fish Creek, N. J.,
1.12 miles; New York & Greenwood Lake Ry., 1.64 miles;
•Arden Junction, N. Y., to Vails Gate, N. Y., 3.70 miles;
Erie & Jersey RR., 38.60 miles; Buffalo Rochester & Pittsburgh RR. between Carman and Brockwayville, 9.96 miles,
and Lakewood, N. Y., to Niobe, N. Y., 8.30 miles; less decrease in mileage of Newark & Hudson RR., 1.64 miles.
GENERAL FREIGHT TRAFFIC.
The total revenue freight traffic of the Company during
the year, including both merchandise and coal, was 32,797,205 tons, a decrease of 832,501 tons, or 2.48 per cent.
The number of tons carried one mile was 6,008,714,174,
an increase of 347,175,993 ton miles, or 6.13 per cent.
The total revenue derived from the transportation of
freight was $35,189,788 82, as compared with $33,946,340 67
for the year 1908, an increase of $1,243,448 15, or 3.66
per cent.
The general average freight rate per ton per mile was
.586 cents, as compared with .600 cents the previous year,
a decrease of .014 cents, or 2.33 per cent.
In addition to the above tonnage, 3,672,187 tons of
Company's freight were hauled, making the total tonnage
handled 36,469,392 tons.
In hauling this tonnage 12,810,396 train miles were run,
an increase compared with the previous year of 632,402
train miles, or 5.19 per cent.
The revenue per freight train mile was $2 75, as compared
with $2 79 the previous year, a decrease of 4 cents, or 1.45
per cent. The average train load of revenue freight was
469.05 tons, an increase of 4.15 tons, or .89 per cent. Including Company's freight, the average train load was
516.86 tons as against 501.13 tons last year, an increase of
15.73 tons, or 3.14 per cent. The average carload of
revenue freight was 20.51 tons, an increase of .21 tons, or
1.03 per cent. Including Company's freight, the average
carload on the system was 22.60 tons, an increase of .72 tons,
or 3.29 per cent more than the previous year.
PASSENGER TRAFFIC.
OPERATING REVENUE AND EXPENSES.
The total number of passengers carried during the year
The following statement shows the gross operating revenue, was 23,684,283, an increase of 29,847 passengers, or .13
income of the entire system per cent.
operating expenses and operating
for the fiscal year:
The number of passengers transported one mile was
REVENUE.
597,317,739, a decrease of 42,206,735 passenger miles, or
Increase (+) or 6.60 per cent.
1908.
1909.
Decrease (-).
The decrease in gross revenue therefrom was $608,814 41,
$20,777,944 77 $20,009,170 58
+$768,774 19
Merchandise
14,411,844 05 13,937,170 09
+474,673 96 or 6.42 per cent.
Coal
9,489,448 73
8,880,634 32
-608,819 41
Passenger
The average fare received from each passenger per mile
466,582 59
469,485 22
+2,902 63
Mall
1,140,376 72
+64,202 12 was 1.487 cents, an increase of .003 cents, or .20 per cent.
1,204,578 84
Express
+18,897 56
834,188 86
853,086 42
Milk
The average distance traveled was 25.22 miles, a decrease
869,498 33
+47,786 79
917,285 12
Miscellaneous
of 1.82 miles, or 6.72 per cent.
+$768,422 84
$46,746,435 00
Revenue-Rail Oper_ _ _$47,514,858 74
The average revenue received from each passenger was
-111,496 96
3,037.799 97
Revenue-Outside Oper. 2,926,303 01
37.50 cents, a decrease of 2.6 cents.
88
+$656,925
Gross Oper. Revenue_$50,441,161 75 $49,784,235 87
In handling the traffic 9,850,939 train miles were run, an
increase of .5 per cent.
EXPENSES.
The revenue per passenger train mile was $1.174, a
Increase (+) or
Decrease (-).
1908.
1009.
decrease of 4.53 per cent.
Maintenance of Way and
The average number of passengers in each train was 60.64,
Structures
$4,232,407 48 $5,911,419 08 -$1,670,006 60
Maintenance of Equipment 9,648,979 96 10,654,741 75 -1,005,761 79 a decrease of 4.60 passengers, or 7.05 per cent.
+55,775 15
1,068,846 32
1,124,621 47
Traffic Expenses
The average number of passengers in each car. was 16.50,
16,616,180 82 17,703,522 08 -1,177,341 26
Transportation Expenses
1,041,017 98
+30,817 55 a decrease of .95 passengers, or 5.44 per cent.
1,071,835 53
General Expenses
The volume of the business increased .13 per cent, the
Operating Expenses
$32,694,025 26 $36,469,542 21 --$3,775,516 95 revenue decreased 6.42 per cent and the train mileage
Rail Operations
Operating Expenses
3,450,619 01
-600,882 00 increased .5 per cent.
2,840,737 01
Outside Operations_
Of the total number of passengers carried, 23,048,716 were
22 -$4,385,398 95 local and 635,567 were through passengers, the local traffic
Total Open Expenses__ _$35,534,762 27 $39,920,161
1,111,534 78
+$257,988 21
Taxes
1,369,522 99
showing a small increase in volume but a slight deftease in
Total Operating Expenses
1 axcs
a$38,004,285
the average revenue received per passenger per mile. A
26 $41,031,696 00 --$4,127,410 74
considerable decrease occurred in the volume of through
Operating Income
$13,536,876 49 $8,752,539 87 +$4,784,336 62 traffic transported, but the average revenue received per
passenger per mile shows a substantial increase.
Ratio of Operating Expenses and Taxes to
19,172,561 passengers were carried by the Pavonia Ferry
82.42%
-9.26%
Operating Revenue.._
73.16%
over the Hudson River, a decrease of 188,975 from last year.
Ratio of Operating Expenses to
Revenue
Operating
70.45%
80.19%
MERCHANDISE FREIGHT.
-9.79%
MAIL.
The increase in revenue from the transportation of the
The merchandise tonnage for the year was 15,953,788 tons, United States Mails was $2,902 63, or .62 per cent.
a decrease of 304,639 tons or 1.87 per cent.
The increase in revenue from the transportation of merEXPRESS.
chandise freight was $768,774 19, or 3.84 per cent more than
The revenue from the transportation of Express during the
the previous year.
The commodities transported are shown in detail in Table year amounted to $1,204,578 84,an increase of $64,202 12, or
5.63 per cent.
No.. 17 herewith.
1084
THE CHRONICLE
[VoL. Lxxxix.
MILK.
ADDITIONS AND BETTERMENTS-ROAD.
The revenue from the transportation of Milk was
The Company's Capital Account Additions and Better$853,086 42, an increase of $18,897 56, or 2.27 per cent.
ments for the year is charged with $651,528 07, representing
a portion of the expenditures for additions and betterments
MISCELLANEOUS.
The revenue derived from miscellaneous sources was made to the property. These improvements consist chiefly
of:
$917,285 12, an increase of $47,786 79, or 5.50 per cent.
Land, Elimination of Grade Crossings, Additional Tracks
and Sidings, Yards, Stations and Buildings, Coaling and
OPERATING EXPENSES.
Water Stations, Docks and Piers.
MAINTENANCE OF WAY AND STRUCTURES.
From December 1st 1895 the date of the organization
The expense of Maintenance of Way and Structures shows of the Company, to June 30th 1909, $15,621,988 97 has been
a decrease of $1,679,006 60, or 28.40 per cent less than the expended in additions and betterments to the property and
previous year. This decrease is principally in the items of charged to Capital Account, as follows:
ties, rails and other track material, there having been Elimination of Grade Crossings
$1,889,826 53
Yards, Stations and Buildings
3,130,488 69
unusually large expenditures made and charged to these Reducing Grades and
Re-locating Tracks
1,129,782 48
accounts during the previous year.
Additional Tracks and Sidings
2,565,302 56
139,763 23
During the year 60 bridges were reconstructed or are in Signals and Interlocking
Goshen Railroad
62,570 45
course of reconstruction.
Coal Storage Plants
928,384 85
97,032 32
1,769 tons of new 100-pound, 14,196 tons of new 90-pound, Coaling and Water Stations
Development of
557,675 24
-pound manganese and 1,312 tons of new Docks and PiersCoal Property
17 tons of new 85
310,182 92
-pound steel rail were laid during the year, with the Bridges and Culverts
80
248,119 07
Land
3,319,024 00
necessary frogs, switches, &c.
Telegraph Line
6,092 45
756,326 cross ties and 3,249,161 feet of switch timber Additional Machinery
1,000,829 01
Electrification of Rochester Division
236,915 17
were used in the track with 317,969 tie plates.
50.886 miles of track were fully ballasted and 65.065 miles
Total
515,621,988 97
of track were partially ballasted.
47 miles of new right-of-way fences were built.
ADDITIONS AND BETTERMENTS
-EQUIPMENT.
7 miles of passing and other Company's sidings and 8
miles of industrial side tracks were constructed.
Capital Account has been charged during the year with
New passenger stations were erected at Hohokus, N. J., $241,822 37 for additional equipment as follows:
Lancaster, N. Y., and Winfield, Ind.; and new combined 15 Locomotives
$242,795 82
passenger and freight station at Burbank, 0. Extensive Balance on 3,000 Coal Cars
1,000 00
additions were made to ice house at East Buffalo, N. Y.,
$243,795 82
and Storehouse at Meadville, Pa. Station platforms of Less adjustment in cost of material used on freight cars in previous years
1,973 45
cement and stone were built at various stations.
New water stations were erected at Hancock, N. Y.,
Total
$241,822 37
Niobe, N. Y., and Columbus, Pa.
From December 1 1895 to June 30 1909 $41,451,437 72 has
been expended for new equipment charged to Capital Account
MAINTENANCE OF EQUIPMENT.
The expense of Maintenance of Equipment was $9,- and represents the purchase or partial payment on account of
507 Locomotives
$8,240,176 97
648,979 96, a decrease of $1,005,761 79, or 9.44 per cent as
15,500 Box
compared with the previous year. This decrease is largely 15,500 Coal Cars
Cars
500 Refrigerator Cars
accounted for by the fact that during the fiscal year ended
184 Flat Cars
29,886,156 51
June 30th 1908 it was necessary to have an unsually large
100 Furniture Cars
20 Caboose Cars
number of locomotives repaired at outside shops, while
6 Milk Cars
during the current year a greater proportion received
500 Low-side Gondola Cars
general repairs at your Company's shops.
165 Passenger Cars
1 Parlor Car
11 worn-out locomotives were retired from service and the
2 Dining Cars
difference between their depreciated and scrap value charged
8 Baggage Cars
52 Sixty-foot Express Cars
1,950,419 26
to Operating Expenses.
16 Horse Express Cars
The tractive power of locomotives is 45,248,807 pounds,
1 Business Car
3 Combined Express, Baggage and Mall Cars
an increase of 272,716 pounds.
6 Motor Cars and Equipping 6 Trailer Cars with Lights
The total number of locomotives at the close of the fiscal
and Heaters
7 Derrick Cars
year was 1,419, an increase of 4 as compared with the
1 Rotary Snow Plow
96,869 18
previous year, 15 new locomotives having been received, and
2 Lake Steamers
3 Ferry Boats
11 old locomotives disposed of, as stated above.
1,021,547 80
3 Tug Boats
The average age of the locomotive equipment is 13 years
257 Canal Boats
20 Barges
7 months, an increase of 9 months over the previous year.
•_,
253,239 76
10 Open Lighters
The average mileage made by locomotives (including
Miscellaneous Equipment
3,028 24
electric motors) was 22,171 miles, a decrease of 196 miles,
Total
$41,451,437 72
or .88 per cent.
Your Company's floating equipment in New York Harbor
and on the Great Lakes has been fully maintained.
ADDITIONS AND BETTERMENTS-INCOME.
The changes in equipment during the year are indicated in
During the year $381,926 73 has been expended for
the Inventory of Equipment, Table No. 13.
additions and betterments to the property and charged
TRAFFIC EXPENSES.
to the Income Account. [For details see page 11 of pamTraffic Expenses increased $55,775 15, or 5.22 per cent phlet report.]
over the previous year. This is partially explained by
EQUIPMENT TRUSTS.
increase of forces at various outside agencies, increase in
expenses of traffic and line associations and increased exOf the Trusts assumed from the New York
penditures for printing tariffs.
Pennsylvania & Ohio Railroad Company,
TRANSPORTATION EXPENSES.
There was a balance on June 30 1908 of.._ _ _
$183,380 57
The decrease in Transportation Expenses amounts to Upon which payments have been made to
89,447 70
June 30 1909 of
$1,177,341 26, or 6.62 per cent less than the previous year.
Leaving a balance on that date of
593,941 87
It will be observed from the details of Operating Expenses,
as shown in Table No. 9, that the decreases are general in
Of the Equipment Trusts created prior to this
character and are due to the greater efficiency of facilities fiscal year,
and service. The most noteworthy decrease is in fuel for There was a balance on June 30 1908 of____517,585,702 87
locomotives, but in this item the difference is due to the Upon which payments have been made to
June 30 1900 of
2,884,515 27
reduced rate per ton paid for fuel during the year.
Leaving a balance of
The number of tons of freight moved decreased 2.48 per
14,701,277 60
an Equipment
cent and the number of passengers carried increased .13 During the year Locomotives Trust was made covering21
15 Passenger
$101,157
been made to
per cent.
Upon which payments have
June 30 1009 of
127,437 84
The number of tons of freight carried one mile increased
per cent. The average distance each ton was moved
6.13
Leaving a balance of
63,719 37
during the current year was 183.208 miles, an increase of
Making the total Equipment. Trusts outstanding as of
8.83 per cent as compared with the previous year.
June 30 1909
$14,858,938 84
TAXES.
The total payments account of Equipment Trusts made during the year amounted to
53,101,400 81
The payment for Taxes, including both rail and outside
CAPITAL STOCK AND FUNDED DEBT.
operations, amounts to $1,369,522 99, an increase of $257,No change has been made in the outstanding Capital
988 21. The increase in taxes is due to additional special
franchise taxes imposed by the State of New York under Stock, which is as follows:
Issued.
legislation, the legality of which is being questioned; to
Authorized Issue.
00
First Preferred_ __ _
00
payments on account of certain New Jersey Taxes heretofore Non-cumulative 4% Second Preferred__ $48,000,000 00 547,892,400 00
16,000,000
Non-cumulative 4%
10,000,000
153,000,000 00
involved in litigation, and to a somewhat general increase Common
112,378,900 00
in the tax rates in the States of New York and New Jersey.
$217,000,000 00 $176,271,300 00
Total
OCT. 23 1909.1
THE CHRONICLE
1085
There has been no change in the status of the Company's
An increase of $577,601 17 in the account"Accrued Sinking
First Consolidated Mortgage Bonds, the total issue thereof Funds" represents 10 cents per ton on coal mined from the
being:
mines of the Pennsylvania Coal Company during the fiscal
Prior Lien Bonds
$35,000,000 00 year, together with interest on the bonds purchased by the
General Lien Bonds
45,342,000 00 Trustee
and held in the Trust Account.
All of the securities for construction purposes turned over
The statements published herewith show in detail the
Company's entire funded debt, rentals of leased lines and by the Erie Reorganization Committee have been converted
into cash, as follows:
other fixed obligations as of June 30 1909.
INCOME ACCOUNT.
Gross Operating Revenue
Operating Expenses and Taxes
$50,441,161 75
36,904,285 26
Operating Income
Income from Securities Owned, Rentals, etc
$13,536,876 49
3,276,002 80
Gross Corporate Income
Interest, Rentals, etc., paid
$16,812,879 29
13,865,235 44
Value as placed
on the Books
Cash Realized
January 1897.
from Sale.
$115,200 00 Buffalo & Southwestern RR. 2d Lien Bonds.._ $126,720 00
405,000 00 Erie Railroad Company Prior Lien Bonds__ _ _
414,000 00
364,055 22 N. Y. & Greenwood Lake By. Prior Lien Bonds 385,570 22
1,034,400 00 Erie Railroad Company General Lien Bonds__ 1,214,908 93
630,000 00 Delaware & Hudson Exclusive Car Trust Ctfs_
630,000 00
202,000 00 Car Trust of New York Certificates
202,000 00
$2,750,655 22
$2,973,199 15
In addition to these securities there have been certified
by the Trustee of the Erie Railroad Company Fir t ConsoliBalance to Credit of Profit and Loss
'$2,565,717 12 dated Mortgage Deed and turned over to your Company,to
reimburse it for expenditures already made, $5,000,000 Erie
• See note on next page.
Railroad Company Prior Lien Bonds and $9,000,000 Erie
Railroad Company General Lien Bonds; and by the Trustee
FINANCIAL.
of the Erie Railroad Company General Mortgage $22,000,000
The General Balance Sheet, Table 4, shows the financial Erie Railroad Company Convertible Bonds.
Of these securities the following have been converted into
condition of the Company at the close of the fiscal year.
cash:
The Company's Bonded Debt remains unchanged.
During the year $5,000,000 of Collateral Gold Notes were
Cash Realized
Par Value.
from Sale.
issued and the proceeds thereof used in the purchase of $5,000,000 00 Erie Railroad Company
Prior Lien Bonds__ $4,539,884 27
various interest obligations falling due on or before July 1
3,000,000 00 Erie Railroad Company General Lien Bonds 2,484,111 11
21,015,000 00 Erie Railroad Company Convertible Bonds_ 19,215,000 00
1909, which obligations were pledged under the Collateral
Indenture of April 8 1908. From the proceeds of the sale $29,015,000 00
$26,238,995 38
of securities pledged under the indenture, the Trustees
leaving still owned by the Company:
redeemed and canceled $38,000 of notes, making a net
Erie
Bonds
$6,000,000 00
increase in the amount of Collateral Gold Notes outstanding Erie Railroad Company General LienBonds
Railroad Company Convertible
985,000 00
of $4,962,000.
From December 1 1895 to June 30 1909 your Company
The account "Erie Railroad Properties including Leased
Lines," shows a decrease of $760,292 40 due to cerediting has received cash from all sources for Construction and
the account with $60,292 40 received from the sale of certain Equipment purposes as follows:
$500,000 00 From sale of Erie & Wyoming Valley Railroad stock.
property and $700,000 00 received from the Pennsylvania
500,000 00 Cash received in settlement with the National Transit
Coal Co. in settlement of cash advanced to that Company
Company on account of an old claim.
4,343,850 13 Cash turned over by the Erie Reorganization Committee.
in May 1901.
2,973,199 15 Cash realized from the sale of securities turned over by the
The increase of $651,528 07 in "Additions and BetterErie Reorganization Committee.
7,023,095 38 Cash realized from the sale of securities obtained from the
ments
-Road" and $241,822 37 in "Equipment" have been
Farmers' Loan & Trust Company, Trustee.
planned.
19,215,000 00 Cash realized from sale of securities obtained from the
Standard Trust Company of New York, Trustee.
The account "Securities Held for General Purposes" shows
2,500 00 Received from sale of P. C. & Y. RR. Bonds turned over
an increase of $110,96726,due to your Company having purto the Erie Railroad Company by the Receivers of the
chased New York & Greenwood Lake Railway First and
New York Lake Erie & Western Railroad Co.
457,867 50 Cash realized from the sale of Capital Stock of the Northern
Second Mortgage Bonds at maturity and received Chicago
Railroad Company of New Jersey, originally paid for by
& Western Indiana Railroad Bonds and other miscellaneous
the Erie Reorganization Committee from Construction
Funds, and sold June 1 1899 by the Erie Railroad Co.
securities less a small amount of securities disposed of during
200,000 00 Amount received account of sale of the Union Dry Dock
the year.
franchises, etc.
107,989 22 Amount returned June 14 1901 by the English Government
The amount invested in materials at the close of the year
account of Special Tax Deposit by the Erie Reorganizashows a decrease of $469,955 26.
tion Committee.
230,227 05 Amount received to enable the Company to purchase Erie
The increase in the account "Chicago & Western Indiana
& Wyoming Valley Railroad Equipment.
Sinking Fund" is $1,313 38, and in the account "Cash with
Trustees of Sinking Funds" $31,018 64, both items repre- $35,554,628 43
senting increased balances in the hands of the Trustees over
This amount has been used to partially reimburse your
the amounts held at the close of the previous fiscal year.
Company for the following expenditures:
As Trustees of the Pennsylvania Collateral Sinking Fund,
$457,867 50 For purchase of Northern Railroad Company of New Jersey
Messrs. J. P. Morgan & Company purchased during the year
Capital Stock, as explained above.
13,145,991 22
$604,000 00 par value of Erie Railroad Company Pennsyl- 29,664,643 25 New Construction.
New Equipment.
vania Collateral Four per cent Gold Bonds at a cost of $535,1,729,611 68 Old New York Lake Erie & Western Car Trusts.
65,000 00 Payment of Mortgages on Real Estate.
253 361 which explains the increase in the account "Penn348,377 50 Disbursed on account of Union Steamboat Company in
sylvania Collateral Trust Bonds Redeemed." The total
liquidatiou of its affairs and in building or acquiring
additional . property.
par value of the redeemed bonds at the close of the year is
111,241 84 Liquidating Receivership New York Lake Erie & Western
$3,139,000 00.
Railroad Company.
The increase of $1,000 in the account "Line, Traffic
Association and Agency Funds" is on account of your Com- $45,522,732 99
pany having made necessary increases in the working funds
Your company has therefore expended from its current
on deposit with certain Traffic Associations.
cash for liquidating the Receivership of the New York Lake
The increase of $1,424,952 48 in the account "Due from Erie & Western Railroad Company and for construction and
Subsidiary Companies" is amply secured.
equipment purposes from December 1 1895 to June 30 1909
In the account "Due from Subsidiary Companies account $9,968,104 56, for which it is,for will be,entitled to be reimConstruction" there is an increase of $2,922,607 64, and bursed from the sale of either Erie Railroad Company General
represents additional advances made by your company to Lien Bonds or Erie Railroad Company Convertible Bonds.
The amount stated as having been expended for new
the Penhorn Creek RR., Erie & Jersey RR., Genesee River
RR.and other subsidiary companies for construction purposes. Equipment includes payments amounting to $11,228,551 85
The increase in the account "Erie Railroad Company Col- made on cars and locomotives, which are covered by new
Equipment Trusts.
lateral Gold Notes" has been explained.
A decrease of $48,805 93 is shown in the account "ConConstruction expenditures on properties covered by Pennstruction Obligations, Erie Railroad Company" which is the sylvainia Collateral Trust Indenturefiave been kept separately
amount paid the City of Buffalo for grade crossing work in and to June 30 1909 there has been expended on these
excess of the City's charges during the year.
accounts $1,490,461 71 $1,439,461 14 has been realized from
At the close of the year the credit balance in the "Replace- the sale of securities obtained from the Trustee of the Indenment of Equipment Account" was $628,01713,due to credits ture, leaving $336,000 Pennsylvania Collateral Trust Bonds
made on account of equipment retired from service and owned by the Company. Your Company has therefore
accrued depreciation on existing equipment less cost of equip- expended from its current cash for construction purposes to
ment charged to this account during the year which was pur- June 30 1909 $51,000 57, for which it is or will be entitled
chased for replacement purposes.
to be reimbursed from the sale of Erie Railroad Company
The account "Equipment Trust Outstanding" has been Pennsylvania Collateral Trust Four Per Cent Bonds.
heretofore explained.
The total amount for which your Company has notlyet been
A decrease of $512,269 55 has been made in the account reimbursed from the sale of bonds for expenditures made
"Bills Payable",due to the payment and cancellation of short- under the terms of the First Consolidated Mortgage Deed, the
term notes amounting to $787,000 less short-term notes out- General Mortgage and the Pennsylvania Collateral Trust
standing at the close of the year amounting to $274,730 45 Indenture is $10,019,105 13.
issued in settlement of certain obligations of the Company.
In accordance with the usual practice, your Company's
A decrease of $205,897 32 is shown in the account 'Mis- accounts for the year have been examined by Messrs. Haskins
cellaneous Special Reserve Funds" which was principally & Sells, Certified Public Accountants, and the result of this
caused by the settlement during the year of taxes due the examination is stated in the Accountants' Certificate pubState of New Jersey accruing during the previous fiscal year. lished in the pamphlet report.
Net Income
Expended for Additions and Betterments
$2,947,643 85
381,926 73
VOL. Lxxxix.
fin CHRONICLE
1086
GENERAL REMARKS.
Additions and Betterments to the property and equipment
of the Company aggregating $1,275,277 17 have been made
during the year, of which $893,350 44 has been charged to
Capital Account as shown on pages 9 and 10 and $381,926 73
has been paid from the Company's Income as shown on
page 11 of this report.
The Erie & Jersey Railroad, the low-grade line between
Highland Mills and Guymard, N. Y., with the revision of
that portion of the existing road between Highland Mills
and Newburgh Junction, was practically completed and put
in operation on the first of the present calendar year. The
results obtained thus far from the operation of this line have
been highly satisfactory. The capacity of your Railroad
has not only been materially increased thereby, but further
economies in operation have been effected, the train load
east-bound (the direction of the volume of traffic over this
portion of the line) having been increased over two hundred
and thirty per cent.
The Suffern Railroad Company has been merged into the
Erie & Jersey Railroad Company, but no material progress
has been made during the year in the construction of this line.
The Erie & Jersey Railroad has been leased to the Erie
Terminals Railroad Company,which has also acquired by purchase and merger of its capital stock the Edgewater & Fort
Lee Railroad Company, which owned a line of railroad extending along the Hudson River between Weehawken and
Fort Lee, N. J., and has also acquired trackage rights over
the New York Susquehanna & Western Railroad between
Edgewater and Passaic Junction, N. J.
The Columbus & Erie Railroad, the low-grade line between
Niobe, N.Y., and Columbus, Pa., with the improvement of
the existing line between Lakewood and Niobe, N. Y., was
completed and put in operation on December 2d 1908.
Thus far the operation of the new line has proven entirely
satisfactory, inasmuch as the capacity of your Railroad has
been materially increased as well as operating economies
effected.
Satisfactory progress has been made with the construction
of the Genesee River Railroad, the low-grade line between
Hunts and Cuba, N. Y., and the improvement of the existing
line between Cuba and Olean, and between Hornelland Hunts
to be used in conjunction therewith, and it is expected that
these improvements will be completed and put in operation
early in the ensuing calendar year.
Satisfactory progress has also been made with the construction of the Penhorn Creek Railroad, the four-track line
through an open cut in the Bergen Hill, connecting the lines
west of the present tunnel with the existing tracks east of the
tunnel at Jersey City, and it is expected that the improvement will be completed and put in operation early in the ensuing calendar year. This will afford access to the Jersey
City Station through the medium of six main tracks both
east and west of the open cut.
A subway connection between the passenger station at
Jersey City and the,underground station of the Hudson &
Manhattan Railroad was completed and put in operation
on August 1st, 1909, thus making partially effective the
agreement with the Hudson & Manhattan Company, referred
to in the annual report of 1907.
$20,860,261 19 or 56.53% of the total Operating Expenses
was paid by the Company direct to labor, being distributed
among 36,324 employees.
The $2,800,000 Jefferson Railroad Company Five Per
Cent Gold Bonds which matured on January 1st 1909 have
been extended until April 1st 1919 at the same rate of
interest.
In addition to the sale of $5,000,000 Three-Year Collateral
Gold Notes for cash, referred to in the last annual report,
and the pledging under the indenture securing these notes
of a corresponding amount of coupons and interest obligations of the Company, the sale of $3,522,000 additional of
these notes has been effected, on account of which $1,027,000
coupons and interest obligations, $409,000 Car Trust Certificates and an additional $1,000,000 of General Lien Bonds
of this Company have been pledged as additional security.
With the increased net income of the Company, it is hoped
that the proceeds of the Collateral Notes so issued will be
sufficient to meet the Company's requiremeats until additional
funds can be realized from the sale of its securities already
issued and the bonds of subsidiary lines received and to be
received in reimbursement of advances for construction,
thereby rendering the further funding of your Company's
interest obligations unnecessary.
The Board announces with deep regret the death, on
September 9 1909, of one of your Directors, Mr. E. H.
Harriman, and has expressed by resolution the loss which
it feels has been sustained.
Mr. George W. Perkins was on June 30th 1909 elected
a Director to fill the vacancy in the Board caused by the
resignation of Mr. James N. Hill.
Mr. E. H. Gary was on June 30th 1909 elected a Director
to fill the vacancy in the Board caused by the resignation
of Mr. Alexander E. Orr.
Mr. L. F. Loree was on June 30th 1909 elected a Director
to fill the vacancy in the Board caused by the resignation of
Mr. Louis L. Stanton.
Mr. R.S. Lovett was on June 30th 1909 elected a Director to fill the vacancy in the Board caused by the resignation
of Mr. William C. Lane.
The improved results of the year are due to the hearty and
loyal work of the officers and employees of the Company,
and the Board takes pleasure in publicly announcing its
appreciation of their efforts,and thanks them for their faithful
service.
Respectfully submitted by order of the Board,
F. D. VNDERWOOD,
President.
TABLE 2.-INCOME ACCOUNT (ENTIRE SYSTEM) FOR THE YEAR
To Operating Expenses
Rail Operations
Maintenance of Way and Structures
Maintenance of Equipment
Traffic Expenses
Transportation Expenses
General Expenses
Outside Operations
Water Routes
Shipping and Coal-Storage Plants
Miscellaneous
Total Operating Expenses
To Taxes
34,232,407 48
9,648,979 96
1,124,621 47
16,616,180 82
1,071,835 53
$32,694,025 26
$2,262,226 55
203,370 65
375,139 81-2,840,737 01
$35,534,762 27
1,369,522 99
$36,904,285 26
Total Operating Expenses and Taxes
To Deductions
Interest Accrued on Bonds (see Table 5)_ _ $9,669,733 22
520,327 34
Interest Accrued on Collateral Gold Notes_
733,163 82
Interest Accrued on Equipment Trusts__ _
40,218 02
Interest Accrued on Mortgages
22,322 82
Interest Accrued on Construction
96,831 42
Other Interest
Rents Accrued for Lease of Other Roads
983,586 94
(see Table 6)
Other Rents
426,671 20
Hire of Equipment (Balance)
718,001 03
Joint Facilities
34,378 46
Miscellaneous Rents
475,001 17
Sinking Funds Accrued
145,000 00
Other Deductions
ENDING JUNE 30 1909.
By Operating Revenue
Rail Operations
Merchandise
Coal
Passenger
Mall
Express
Milk
Miscellaneous
Outside Operations
Water Routes
Shipping and Coal-Storage Plants
Miscellaneous
$53,717.164 55
•$2,947,643 85
Net Income for Year
381,926 73
Additions and Betterments Charged to Income
Balance for Year Transferred to Credit of Profit and Loss_ $2,565,717112
$2,143,218 73
398,968 63
384,115 65-2,926,303 01
$50,441,161 75
Gross Operating Revenue
By Other Income
Dividends Declared on Stocks Owned or
$1,100,646 43
Controlled
Interest Accrued on Bonds Owned or Con463,587 31
trolled
Interest on Other Securities, Loans and
874,217 46
Accounts
15,000 00
Rents Accrued from Lease of Road
500,376 00
Other Rents-Joint Facilities
217,175 60
Miscellaneous Income
3,276,002 80
Total Other Income
13,865,235 44
2.947,643 85
Total Deductions
To Net Income
$20,777,944 77
14,411,844 05
8,880,634 32
460,485 22
1,204,578 84
853,086 42
917,285 12
$47,514,858 74
$53.717.164 55
• In addition to $1.199,646 43 income from dividends declared OD stocks
owned or controlled, your Company has received $945,000 from the earnings
of the Erie Coal Companies during the current year in payment of advances heretofore made, with interest thereon. The principal of this indebtedness has been credited to Capital Account and the interest direct
to Profit and Loss.
TABLE 3.-PROFIT AND LOSS ACCOUNT YEAR ENDING JUNE 30 1909.
Miscellaneous Debits
Discount on sale of this Company's securities $82,491 56
Settlement of claims for damages to property
and other losses occurring in the years
31,159 22
prior to 1902
3,745 28
Loss from sale of miscellaneous securities.. _ _ _
Difference between cost or record value and
of equipI, depreciated value on July 1st 1907
ment destroyed or sold during the current
772,184 18
IF* year
Cancellation of bills account of bed debts, etc. 43,737 50
18,360 56
Various small debits
TolBala nee
$13,970,909 14
By balance June 30 1908
2,565,717 12
Balance for year transferred from Income Account
Interest received from Erie Coal Companies accrued in pro •
245,000 00
vious years
$951,678 30
16,061,169 64
Miscellaneous Credits
Amount recovered during the current year
for payments made in previous years and
charged either to Operating Expenses or
$187,952 78
Revenue
Amount recovered account damages to prop11,249 52
erty which occurred in the year 1903
23,019 38 -222,221 88
Various small credits
$17,012,847 94
$17,012,847 94
THE CHRONICLE
OCT. 23 1909,1
1087
-CONDENSED GENERAL BALANCE SHEET (ENTIRE SYSTEM), COMPARATIVE-JUNE 30 1909 AND JUNE 30 1908.
TABLE 4.
ASSETS.
June 30 1908.
$245,449,920 27
65,794,850 00
6,000 00
20,010,000 00
1,240,000 00
14,970,460 90
41,209,615 35
1,745,153 75
506,83075
578,926 00
12,969,50887
June 30 1909.
Cost of Road and Equipment as Reorganized
Erie Railroad Properties, including Leased Lines
Securities pledged under 1st Consolidated Mortgage Deed
Securities pledged under Erie Railroad General Mortgage
Securities pledged under Pennsylvania Collateral Trust Deed
Securities pledged under Chicago & Erie 1st Mortgage Deed
$244,689,627 87
65,794,850 00
6,000 00
20,010,000 00
1,240,000 00
$331,740,477 87
Additions and Betterments since December 1 1895
Road
__________
Equipment ------------ --
$15,621,988 97
41,451,43772
Total Cost of Road and Equipment
Replacement of Equipment Account
Securities Held for General Purposes
Securities to be pledged under 1st Consolidated Mortgage Deed
Securities Pledged under Collateral Indenture of April 8 1908
Stocks and Bonds
Interest Coupons
57,073,426 89
$388,813,904 56
617,798 01
578,926 00
$12,931,508 87
5,000,000 00
17,931,508 87
6,262,400 00
5,748,900 00
4,061,772 25
17,124 53
15,515 53
2,282,721 38
29,256 96
2,893,547 21
5,717,797 39
15,586 27
2,576,419 67
953,257 32
991,020 40
115,817 79
31,078,292 19
New York Susquehanna & Western RR. Capital Stock
Preferred
Common
$6,262,400 00
5,748,900 00
12,011,300 00
3,591,816 99
18,437 91
46,534 17
2.817,974 74
30,256 96
4,318,499 69
8,640,405 03
103,915 28
Materials and Supplies on Hand
Chicago & Western Indiana Sinking Fund
Cash with Trustees of Sinking Funds
Pennsylvania Collateral Trust Bonds Redeemed (Par Value $3,139,000 00)
Line, Traffic Association and Agency Funds
Due from Subsidiary Companies
Due from Subsidiary Companies Account Construction
Insurance and Expenses Paid not Accrued
Current Assets
Cash in hands of Treasurer
Cash in transit from Agents and Conductors
Due from Agents and Conductors
Due from United States Government
Due from Companies and Individuals
$3,200,419 72
1,154,996 26
1,064,970 75
39,020 78
3,774,405 90
0,233,813 41
$448,755,091 62
$439,240,694 78
LIABILITIES.
$47,892,400 00
16,000,000 00
112,378,900 00
Capital Stockist Preferred Non-cumulative
2d Preferred Non-cumulative
Common
175,128,400 00
23,535,500 00
12,300,000 00
Bonded Debt
Erie Railroad Company
Leased Lines
Chicago & Erie Railroad Company
5,500,000 00
672,618 47
780,448 50
WM,
17,585,792 87
183,389 57
1,717,449 14
121,653 66
162,73580
8,793 77
57,483 76
114,345 06
787,000 00
261,636 96
2,520,963 14
1,872,205 99
12,607 59
70,953 26
5,286 75
203,079 60
2,281 37
1,744,781 34
2,734,755 58
905,323 46
13,979,909 14
$47,892,400 00
16,000,000 00
112,378,900 00
$176,271,300 00
$175,128,400 00
23,535.500 00
12,300,000 00
210,963,900 00
10,462,000 00
623,812 54
780,448 50
628,017 13
Erie Railroad Co. Collateral Gold Notes
Construction Obligations, Erie Railroad Co
Mortgages on Real Estate
Replacement of Equipment Account
Equipment Trusts Outstanding
Erie Railroad Company
New York Pennsylvania & Ohio Railroad
$14,432,996 97
93,941 87
14,526,938 84
Interest and Rentals Accrued Not Due
Interest on Bonded Debt
Interest on Construction
Interest on Equipment
Interest on Mortgages
Rentals of Leased Lines
Miscellaneous Interest and Rentals
$1,717,449 14
129,57204
124,58688
8,974 90
21,831 57
195,592 01
2,198,006 54
5,000,000 00
274,730 45
55,739 64
3,098,564 31
Interest Coupons Pledged Under Collateral Indenture of April 8 1908
Bills Payable
Miscellaneous Special Reserve Funds
Accrued Sinking Funds
Current Liabilities
Interest on Bonds Due and Unpaid
Interest on Construction Due and Unpaid
Interest on Equipment Due and Unpaid
Interest on Mortgages Due and Unpaid
Rentals of Leased Lines Due and Unpaid
Miscellaneous Interest and Rentals Due and Unpaid
Equipment Trust Certificates Due and Unpresented
Pay-Roll Account
Audited Vouchers
Due Connecting Lines
$2,369,427 24
14,404 44
70,021 73
5,286 75
210,598 60
2,281 37
332,000 00
1,730,587 29
2,169,609 05
906,247 56
7,810,464 03
16,061,169 64
Profit and Loss
$448,755,091 62
$439,240,694 78
-ANALYSIS
TABLE 15.
OF TRAFFIC REVENUE AND EXPENSES (ENTIRE SYSTEM) FOR THE FIVE YEARS ENDING JUNE 30.
1905.
Mileage of road operated
2,150.937
1906.
2,150.937
1907.
2,150.937
1908.•
2,171.160
1909.*
2,230.814
Freight Traffic
15,844,429
15,953,788
19,377,350
20,911,586
16,258,427
Number of tons of general freight carried
15,717,194
16,978,032
17,371,279
16,843,417
18,258,031
Number of tons of coal carried
31,561,623
36,355,382
32,797,205
33,629,706
39,169,617
Total number of tons of all freight carried
5,944,379,550
6,008,714,174
5,661,538,181
6,275,629,877
Total number of tons of all freight carried 1 mile 5,163,595,295
163.508
163.604
183.208
160.217
168.349
Average distance hauled per ton
$35,555,937.87
$32,181,378.48
$35,189,788.82
$33,946,340.67
838,550,092.47
Total freight revenue
.598
.58
Cents
Cents
.623
Cents
Cents
.600
.614
Cents
Average revenue per ton per mile
$16,530.14
$15,774.42
$14,961.56
$17,922.46
$15,635.12
Freight revenue per mile of road
82.74697
82.71945
82.56982
82.89707
82.78751
Freight revenue per train mile
454.65
469.05
412.34
471.62
464.90
Average number of tons of freight in each train
Average number of tons of freight in each
484.30
516.86
504.84
440.58
501.13
train, including company's material
20.51
18.75
19.57
17.70
20.30
Aver. No. of tons of freight in each loaded car_
Passenger Traffic
Number of Passengers carried
Number of passengers carried one mile
Average distance per passenger
Total revenue from passengers
Average revenue per passenger per mile
Total passenger train revenue
Passenger train revenue per mile of road
Passenger train revenue per train mile
Average number of passengers in each train
Average number of passengers in each car__ _ _
20,755,414
568,318,144
27.382
$8,397,367.62
1.478
Cents
$10,022,500.78
$4,659.60
81.11451
63.20
17.62
22,816,022
598,655,755
26.238
$8,982,810.52
1.500
Cents
*10,807,374.53
$5,024.50
$1.21195
67.13
18.62
24,199,723
639,792,610
26.438
$9,458,281.67
Cents
1.478
$11,218,098.25
$5,215.45
81.21429
69.25
18.72
23,654,436
639,524,474
27.036
$9,489,448.73
1.484
Cents
$12,054,020.13
$5,551.88
81.2297.
65.24
17.45
23,684,283
597,317,739
25.220
$8,880,634.32
Cents
1.487
$11,565,227.52
$5,184.31
81.17402
60.64
16.50
Revenue and Expenses
Freight and passenger revenue
Freight and passenger revenue per mile of road_
Gross revenue, all sources
Gross revenue per mile of road
Gross revenue per train mlie
Operating expenses
Operating expenses per mile of road
Operating exenses per train mile
Net revenue
Net revenue per mile of road
Net revenue per train mile
$40,578,746.10
$18,865.61
$43,321,646.92
$20,140.83
82.01351
$29,722,189.02
$13,818.25
81.38143
$12,608,810.38
$5,862.01
58.603
Cents
$44,538,748.39
$20,706.67
$47,461,401.99
$22,065.45
$2.15812
$32,059,129.05
$14,904.72
$1.45776
$14,384,767.49
$6,687.67
65.409
Cents
$48,008,374.14
$22,319.75
$51,194,113.45
$23,800.84
82.27075
$33,579,958.52
$15,611.78
81.48946
$16,171,356.59
87,518.28
Cents
71.729
$43,435,789.40
$20,005.80
$46,746,435.90
$21,530.63
82.13252
$36,469,542.21
$16,797.26
81.66370
$10,276,893.69
$4,733.37
46.882
Cents
$44,070,423.14
$19,755.31
$47,514,858.74
$21,299.34
82.10273
$32,694,025.26
$14,655.65
81.44684
$14,820,833.48
$6,643.69
65.588
Cents
• Many of the statistics for the years 1908 and 1009 are not true comparisons with the figures for previous years, as the data for the years 19
with the classifications p"-scribed by the Inter-State Commerce Commission effective July 1st 1907, and with
and 1909 are gtmted
rules for compiling train statistics also prescribed by the Commission.
tOSS
THE CHRONICLE
[VOL. Lxxxix.
THE PACIFIC COAST COMPANY.
EXTRACTS FROM THE REPORT FOR THE YEAR ENDING JUNE 30 1909.
PACIFIC COAST RAILWAY.
New York, September 15 1909.
Gross Earnings (Increase)
517,919 67
To the Stockholders of The Pacific Coast Company:
Operating Expenses (decrease)
151 23
There has been no change in the Funded Debt or Share Net Earnings (Increase)
18,070 90
Capital.
.Freight earnings were increased by shipments of pipe and
From the statistics furnished, it appears that in comparison machinery for development of oil fields.
with last year the earnings of all subsidiary companies, toPassenger business was substantially increased by operagether with the rentals of The Pacific Coast Company for the tion of electric line between Santa Maria and Guadalupe.
year, are as follows:
A considerable decrease in cost of locomotive repairs was
Gross earnings (decrease)
$692,451 05 effected during the year through treatment of boiler water
Operating expenses (decrease)
599,608 26 with Kennicott Water
Softening system.
Net earnings (decrease)
92,842 79
Grain warehouses show an increase in earnings and a deThe net earnings of the Pacific Coast Steamship Company
crease in operating expenses.
increased $393,949 58.
The principal additions made to the property during the
The net earnings of the Pacific Coast Railway Company
year aggregated $53,697 70. See pamphlet report.
increased $18,070 90.
The net earnings of the Columbia & Puget Sound RailPACIFIC COAST COAL COMPANY.
road Company decreased $19,482 03. There was charged off
COAL DEPARTMENT.
to operating expenses in this company,to cover depreciation Gross Earnings (decrease)
$471,819 10
of equipment, $45,316 10, as against $26,749 72 last year, Operating Expenses (increase)
54,882 81
526,701 91
and there was also an increase in taxes paid of $15,944 37. Net Earnings (decrease)
The total output of mines during the year was 660,121
It will be observed that these two items explain the increase
tons; a decrease of 38,703 tons compared with previous year.
in operating expenses and reduction in net earnings.
The total amount of coal sold at all depots was as follows:
The net earnings of the Pacific Coast Coal Company decreased $526,701 91. The decreased demand for coal, as From Company's mines
629,861 tons
Other domestic coals
27,913 "
compared with the previous year, caused an increase in com- Foreign coal
106,311 "
petiton and lower prices, two disastrous fires occurred during
Total
764,085 "
the year, one in the Company's coal bunkers at San Francisco
and the other in the Company's Gem Mine at Franklin, taxes
As compared with previous year, this shows a decrease of
were increased, the cost of mining coal was increased owing 33,296 tons in sales of coal from Company's mines and 35,847
to development work, the demand for coal has steadily im- tons of purchased coal.
proved since the close of the fiscal year, and it is expected that
There was a marked decrease in the demand for coal, as
profits will be considerably increased during the present year. compared with previous year. The decreased demand caused
Since the close of the fiscal year business in the Puget increased competition and consequent lower prices. San
Sound country has largely improved and the earnings of Francisco depot was particularly unfortunate in having on
your Compny are gradually increasing.
hand a large stock of coal purchased during 1907, when prices
averaged about $2 per ton higher than during the past year.
H. W. CANNON,
President and Chairman of the Board. The bulk of this coal has been disposed of and any additional
stock purchased will be at figures admitting of reasonable
profit.
REPORT OF VICE-PRESIDENT AND GENERAL MGR.
The average cost of coal at Company's minesincreased over
last year 14.6 cents per ton. This was partly due to advanced
Seattle, Wash., September 1, 1909.
Result of operations, all companies, for year endng June development work but principally to increased taxes.
Of the increase in operating expenses, $41,185 88 was paid
30 1909, shows decrease in earnings as follows:
The Pacific Coast Company for rental of coal yards and bunkGross Earnings (decrease)
9.5%
Operating Expenses (decrease)
9.6% ers at Portland, San Francisco and Seattle. The balance
Net Earnings (decrease)
8.8% of the increased expense was for outside storage space rented
It will be observed that, commencing with March, 1909, at San Francisco and for extra labor moving coal at that
there has been a gradual improvement in earnings. There is point during the fire which occurred in October 1908.
Two disastrous fires occurred during the year; one in which
reason to expect the improvement will continue through the
the Company's bunkers at Beale Street in San Francisco
ensuing year.
were totally destroyed and the other in the Gem mine at
PACIFIC COAST STEAMSHIP COMPANY.
Franklin.
Gross Earnings (decrease)
$287,804 37
The total loss at San Francisco was $111,618 75; insurance
Operating Expenses (decrease)
681,753 95
Net Earnings (increase)
393,949 58 collected, $83,391 16. The loss on account of the fire in
The Company has been fortunate in not having had any Gem mine will probably amount to $10,000 to $12,0007
--no
insurance. The mine is still closed down, but can be reserious accidents during the year.
There was expended for repairs to the fleet and charged opened whenever the output is required.
While driving rock tunnel on second level in the South
to Operating Expenses, $271,236 50, as against $502,652 29
Prairie mine at Burnett last March, a new seam of high-grade
last year.
, Ordinary repairs and renewals cost $222,430 20 and Ex- coking coal was discovered, which adds to the value of that
traordinary repairs, $48,806 30. Of the above Extraordinary property.
The principal improvements made during the year cost
repairs, $10,803 41 was for additional state rooms, to increase
$68,679 50. See pamphlet report.
passenger accommodations, on the S. S. "Spokane."
The Alaska-Yukon-Pacific Exposition opened under favorLUMBER D EPARTM E NT
.
able conditions on June 1 and is resulting in a heavy increase Gross Earnings (decrease)
$18,106 20
1.083 35
Operating Expenses (decrease)
of passenger travel on the Pacific Coast.
17,020 85
Net Earnings (decrease)
RAIL LINES.
The demoralization in lumber business, mentioned in last
COLUMBIA & PUGET SOUND RAILROAD.
year's report, continued in the State of California through
Gross Earnings (decrease)
$158 12 most of this year. An improvement was noticeable during
Operating Expenses (increase)
19,323 91
Net Earnings (decrease)
19,482 03 April, May and June.
There was charged to "Operating Expenses" and written
THE PACIFIC COAST COMPANY.
off to cover depreciation of equipment, $45,316 10 this year,
The principal improvements during the year cost $31,745 46
as against $26,749 72 last year. There was also an increase
ADDITIONS.
of $15,944 37 for taxes. These two items alone more than
Portable coal conveyor, San Francisco, Cal
$1,350 00
explain the increase in. operating expenses.
Extension of wharf, Portland, Oregon
6,416 81
'Three new first-class coaches and one combination car were Sidewalk, lot 5, block 4, Maynard's addition, Scattin
54 75
Spur track, Occidental Ave., RR. way, Seattle
408 00
purchased during the year, to replace old equipment.
Perfecting title, block 30, McGlivra's addition, Seattle
6 00
A little over eight miles of main line between eattle and Assessment for street improvements, Seattle, lots 1 and 2, Maynard's addition, paving
323 23
Black River was relaid with 85
-pound steel rails.
grading
50 25
Four new passing tracks are being constructed to accom- Central Seattle lots, grading 26th Ave
McGlivra's Replat,
streets
18,699 07
173 84
modate additional traffic caused by operation of Chicago Maynard's Plat, lot 5, block 4, cluster lights
Milwaukee & Puget Sound trains between Seattle and Maple Lake Washington shore lands, tract 144, MeGilvra's addition_ _ _ 4,06351
Valley.
$31,745 46
Total
A large breakwater is being constructed near Elliott station
DEDUCTIONS.
$11009
Credit, construction steamship "Governor"
to protect against encroachments of Cedar River.
163 96
Credit,
Trestle bridge No. 10-A, 96 feet high and 410 feet long, Lumberconstruction steamship "President"
116 05
yard buildings, Nipomo
3,922 49
has been filled, and is now permanent roadbed.
Store at Burnett
537 25
The principal improvements and additions made to the Meat Market at Burnett
property during the year amounted to $72,821 31. For
Total -----------------------------------------------$4849 84
details, see pamphlet report.
J. C. FORD, Vice-President and General Manager.
There was added to Equipment and charged to Replace(Tables of comparative statistics are given on a preceding page under
ment Fund during the year 36 box cars-$29,073 81.
Annual Reports.)
THE CHRONICLE
OCT. 23 1909.1
1089
THE KANSAS CITY SOUTHERN RAILWAY COMPANY.
-FOR THE FISCAL YEAR ENDED JUNE 30 1908.
NINTH ANNUAL REPORT
Kansas City, Mo., September 15 1909.
To the Stockholders of the Kansas City Southern Railway Co.
The ninth annual report of the affairs of your Company,
being for the fiscal year ended June 30 1909, is herewith
presented.
Company, as the owner of all the Capital Stock of the Kansas
City Shreveport & Gulf Terminal Company.
THE ARKANSAS WESTERN RAILWAY COMPANY.
Standard-gauge line from Heavener, Oklahoma, to Waldron,
Arkansas, 32.33 miles, together with rights of way, buildings,
MILES OF RAILROAD.
appurtenances, &c., controlled by The Kansas City Southern
The track mileage of your Company on June 30 1909 was Railway Company as the owner of all the Capital Stock and
bonds of The Arkansas Western Railway Company.
as follows:
Main Line
Kansas City, Mo., to Belt Junction, Mo
Grandview, Mo., to Port Arthur, Texas
11.97 miles
765.29 "
777.26 miles
Branches
Spiro, Okla., to Fort Smith, Ark
Janssen, Ark., to Bonanza Mine
West Lake, La., to Lockport, La
DeQuincey, La., to Lake Charles, La
16.47 miles
2.79 "
4.05 "
22.59 "
GLENN-POOL TANK LINE CO.
45.90 miles
Yard, Terminal and Side Tracks
North of Belt Junction and in and around
72.40 miles
Kansas City
All other Yard, Terminal and Side Tracks_ _ _265.58 "
337.98 miles
"
5.57
Miles of Second Track
1,166.71 miles
Total owned or controlled
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.
11.03 miles
Length of Track so used
Operated under Lease
3.66 miles
Yard Track to plant of Armour Packing Co
Total Miles in System
1,181.40 miles
MILEAGE IN STATES.
285.19 Oklahoma
71.41 Louisiana
197.01 Texas
Missouri
Kansas
Arkansas
THE K. C. S. ELEVATOR COMPANY.
One first-class elevator of capacity 650,000 bushels, situated
at Kansas City, Missouri.
175.48
322.37
129.94
Three-quarters of the Capital Stock of the Glenn-Pool
Tank Line Company, owning 141 tank cars, the remaining
one-quarter of the stock being owned by the Midland Valley
Railroad Company.
The Railroad lying within the State of Texas, the mileage
of which is included in the operated mileage of The Kansas
City Southern Railway Company, is operated separately
by its owner, the Texarkana & Fort Smith Railway Company,
which Company has its own general offices and books of
account at Texarkana, Texas in accordance with the Texas
law.
For the sake of completeness, however, the reports of that
Company are included in those of The Kansas City Southern
Railway Company in so far as is necesasry to show the
results of the operation of the whole line from Kansas City
to the Gulf.
EQUIPMENT.
Total
1,181.40
The Rolling Equipment owned or otherwise controlled on
During the past fiscal year the total track mileage of the June 30 1909 consisted of:
system was increased from 1,177.02 to 1,181.40, making a
OtherAcquired
net addition of 4.38 miles, which consists of the following
wise
under
AcEquipitems:
LocomotivesOwned. gutted.
Passenger Equip.
- Owned.Trusts
Additions-Extension of Fort Smith Branch to new Depot
.31 miles
Extension of Bonanza Spur to accommodate
mines
.27
Net Additions to Operated Yard, Terminals
and Side Tracks
11.44
Total Additions
Deductions
Abandonment of White Cliffs Branch, the
same not being available for operation_ _
Sidings of same not available for operation.. _
Abandonment of sidings on Bonanza Spur
not needed
Abandonment of Siding on Lockport Branch
not needed
Passenger
Freight
Switch
12.02 miles
6.07 miles
.81 "
.34
.42
Total Deductions..
Net Increase in System Mileage
7.64 miles
4.38 miles
Of the total system mileage, the following was not operated
by your Company during the year ended June 30 1909, viz.:
Bonanza Coal Mine Spur-Operated by the Central Coal &
Coke Co. under contract
Lockport Branch-Operated by Edgewood Land & Logging
Co. under lease
Total
143
Cabooses
55
Freight Equipment
In Commercial Service
Box
2,543
Furniture
192
Stock
278
Tank
99
Coal
1,526
Convertible Coal and
Ballast
Flat
621
Total
5,259
In Work Service
Box
311
Water
1
Coal
24
Flat
71
Ballast _
183
6.41 miles
Total
5.12 miles
Grand Total
Total not operated by The Kansas City Southern Railway Coil.53
mile
20
103
20
Coaches
48 Chair
17 Coach and Baggage.. _
Coach and Mail
65 Baggage, Coach do Mall
10 Baggage
Express and Mall_ _ _ _
Excursion
955 Office and Pay Cars
22
12
5
4
1
10
5
5
6
4
99
Total
99
Work Equipment
596 Outfit Coaches
Outfit Flat
100 Water
Derrick
Steam Shovels
1,649 Slope Levelers
Ditchers
Pile Drivers
Lidgerwoods
69
18
1,649
33
2
6
1
2
7
4
4
3
2
4
590.
5,849
Total
RESULTS OF OPERATION.
Therefore, the total mileage operated by your Company
The following statement shows the results of operation of
during the year was:
The Kansas City Southern Railway for the year ended
788.29 June 30 1909, compared with corresponding results for the
Main Line
39.06
Branches
preceding year:
Total Main Line and Branches Operated
Miles of Second Track
Yard, Terminal and Side Tracks
Total Mileage Operated
827.35
5.57
336.95
1,169.87
During the past fiscal year the total operated track mileage increased from 1,158.12 to 1,169.87, making a net
addition of 11.75 miles, which consists of the following items:
Additions
Extension of Fort Smith Branch to new Depot
Net Additions to Operated Yard, Terminal and Side Tracks
to Improve Service and Secure Traffic
1.55 miles
In and near Kansas City
At Various Other Points
9.89 '
.31 miles
11.44 miles
Total Increase in Operated Mileage
11.75 miles
In addition to the railroad property, its rights of way,
real estate, buildings, equipment, appurtenances, &c., your
Company on June 30 1909, 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.
Inc. (±), or
Dec.(-).
1908-1909. 1907-1908.
Operated Mileage
Mlles of Main Line
788.29
788.29
Miles of Branches __
39.06
38.75
+ 0.31
Miles of Spurs and Sidings
336.95
325.51
+11.44
Miles of Second Main Track
5.57
5.57
Gross Earnings From Operation
Freight Revenue
$6,638,419 78 $6,692,308 01 -53,888 23
Switching Revenue
396,660 54
319,496 74 +177,163 80
Passenger Revenue
1,306,078 81 1,302,737 53 -3,341 28
Excess Baggage Revenue
15,206 58
13,278 83 -1,927 75
Special Service Train Revenue.
+59 40
8,788 88
8,729 48
Other Passenger Train Revenue
111 35
151 67
-4032
Mail Revenue
115,000 35
+3,334 75
118,335 10
Express Revenue
188,318 21 -23,547 45
L
164,770 76
Miscellaneous Transportation
Revenue __ _ ..
7,916 50
9,390 00
+1,473 50
Revenue from Operation Other
114,203 59
109,981 11
than Transportation
+4,222 48
$8,771,965 39 $8,757,918 43 +114,046 96
Total
Operating Expenses
Maintenance of Way and
5960,600 23
$889,447 94 +371,152 29
Structures
1,006,697 80 1,214,166 05 -207,468 25
Maintenance of Equipment
271,593 55
Traffic Expenses
268,526 14
+3,067 41
2,779,583 51 3,084,629 12 -305,045 61
Transportation Expenses
331,581 15
General Expenses
303,489 94 +28,091 21
35,350,056 24 $5,760,259 19-3410,202 95
Total
$322,279 42 $283,138 48 +139,140 94
Taxes
Net Earnings-Taxes not De3,421,909 15 2,997,659 24 +424,249 91
ducted
Net Earnings-Taxes Deducted 3,099,629 73 2,714,520 76 +385,108 97
Ratio of Operating Expenses to
Earnings
60.99%
65.77%
-4.78%
Ratio of Operating Expenses and
Taxes to Earnings
64.66%
-4.34%
69.00%
-Last year's figures re.classlfied for comparison.
Note.
Union Depot property at Shreveport, La., including its
real estate, buildings and 1.06 miles of yard and terminal
On account of the comparatively great commercial activity
track, controlled by The Kansas City Southern Railway that prevailed during the first part of the preceding fiscal
1090
THE CHRONICLE
year, the Gross Earnings of your road during the first part
of the year ended June 30 1909 showed heavy decreases as
compared with the same months of the previous year until
on December 1 1908 these decreases reached the maximum
aggregate of $595,739 45.
For the first week in December 1908, however, the increase
over the same week of the previous year was $4,842 33, and
from that time on the monthly increases continued without
interruption until on June 30 1909 the large decrease to
December 1 1908 was overcome and an increase of $14,046 96
over the previous fiscal year was reached.
No revenue charge is made against Company Freight.
It will be observed that while the Gross Earnings were
nearly the same, the operating ratio for the year ended
June 30 1909 is 4.78 per cent less than for the preceding year.
The increase of $39,140 94 in Taxes is principally due to
increases in Oklahoma.
On account of the unsettled commercial conditions that
prevailed during the year, it was though best to suspend
improvement work, except that necessary to complete
improvements that could not be left unfinished; to construct
certain industrial tracks needed to protect the traffic and to
increase the length of passing tracks in order to accommodate
the longer trains resulting from the use of heavier locomotives
over improved track.
Under this plan there was expended during the year:
For Improvements—
Road, Bridges and Buildings
Equipment
Real Estate
$556,467 98
1,734 68
7,141 05
$565,343 71
Preparatory, however, to making needed additions to
up-town tea m track facilities at Kansas City, there was
purchased during the latter part of the year the necessary
real estate at a cost of $117,000.
During the fiscal year 11.44 miles of new yards and side
tracks were constructed, including service to twenty-three
industrial establishments not heretofore reached by your rails.
The total expenditures for Additions and Improvements,
therefore, were $682,343 71, as shown by the Auditor's
•
statements.
With a view to improving and protecting the business of
your Company, contractual alliances were made during the
latter part of the year with important connections at Kansas
City and at Southern points which should considerably
increase the traffic of your road, and which will at the same
time protect your Company from interests that might become inimical in the future.
In order to facilitate the maintenance and operation of the
track between Belt Junction and Grandview, belonging to
the St. Louis & San Francisco Railroad Company, but used
by your Company as a part of its main line, the joint track
agreement of January 3 1902 was amended in June 1909
so as to allow The Kansas City Southern to take direct
,
charge of the maintenance. Under this nel,V arrangement
about $36,000 will be expended at once by the Se. Louis
& San Francisco Railroad Company in relaying about seven
miles of this track with new 85-pound rail, widening cuts and
fills and ballasting, upon the cost of which your Company
will pay three per cent, or $1,080 per annum.
The Missouri & North Arkansas Railroad Company having
completed its road from Helena, Arkansas, to Neosho,
Missouri arrangements were made in June for that Company
to operate its trains between Neosho and Joplin over the
tracks of The Kansas City Southern from and after July 1
1909 under satisfactory terms that had been substantially
agreed upon in December 1907, and which will yield your
Company interest rentals aggregating $12,500 per annum
until terminated by twelve months' notice.
During the year preliminary arrangements were made by
your Company for establishing Union Freight and Passenger
Depots at Joplin, Mo., in connection with the Atchison
Topeka & Santa Fe Railway Company and the Missouri &
North Arkansas Railroad Company, each of the three interested companies to have an equal interest.
—The New York and Philadelphia Stock Exchange firm
of Newburger, Henderson & Loeb announce that they have
opened a branch office opposite the Waldorf-Astoria at 22
West 33d St., under the management of W. L. MacLellan
and A. E. Foran. This new office is located in a banking
and brokerage district which is fast becoming known to
traders as the "Uptown Wall Street." The main offices of
the firm are at 100 Broadway, New York, and 527 Chestnut
St., Philadelphia, with branch offices at 125 South Broad
St., Philadelphia, and the Steel Pier Block, Atlantic City,
N. J.
—An interesting booklet of 25 pages has been issued by
Lawrence Barnum & Co., 27 Pine St., entitled, "The Small
Independent Railway from the Investors' Standpoint." The
booklet sets forth briefly the sound basis for investment
presented by some of the smaller railroad properties.
—C. G. Young, formerly of the engineering firm of J. G.
White & Co. has opened offices at 60 Wall St., this city, and
is prepared to undertake engineering, construction examinations and reports for bankers, investors, financial syndicates,
managers and owners in any part of the world. Mr. Young's
professional service covers sixteen years of the general ex-
Lxxxix.
Joplin is one of the most promising cities on your road; a
considerable railroad center, and the• new Union Depots
there, which it is proposed will be finished during the ensuing
year, will give to your Company a greatly increased advantage in securing and handling competitive business.
For reasons stated, the relaying of the track between Texarkana and Shreveport with new 85-pound rail was suspended
November 30 1908. Arrangements, however, were made in
June 1909 for this work,together with certain grade reductions
incident thereto, to be completed about November 11909.
This, with the improvement of the joint track between Belt
Junction and Grandview, already mentioned, will give to
your trains a standard track with heavy rails for practically
the entire distance of 560 miles from Kansas City to Shreveport.
Your Directors, desiring to take advantage of the pre§ent
favorable opportunity to refund permanently the outstanding
Collateral Gold Notes,aggregatinc $5,100,000, and realizing
,
the impossibility, because of the constantly and rapidly
growing business of the Company,to adequately provide for
the enlargement of the .capacity of your railway and the
development of your facilities out of surplus earnings alone,
believed it to be prudent and desirable that provision should
be made,so far as possible,for the future financial needs of
the Company.
Accordingly, at a Stockholders' Meeting held June 29th
1909, at which there was represented a large majority of
the stock of your Company, a resolution was unanimously
adopted authorizing an issue, limited to $21,000,000, of
Refunding and Improvement Gold Bonds, and the immediate sale of $10,000,000, •par value, of same, to hear
5 per cent interest per annum and to be dated July 11909,
due April 1 1950. The remaining $11,000,000 of Refunding
and Improvement Bonds to be issued at such time and at
such rate of interest not exceeding 5 per cent, as occasion
may require.
Arrangements were made with the Purchasers of the
$10,000,000 Refunding and Improvement Mortgage Gold
Bonds for a cash advance of $5,100,000 on June 30 1909
to be used for the redemption of the • total outstanding
amount of Collateral Gold Notes which had been duly called
for payment July 1 1909.
This $5,100,000 in cash was at once deposited with the
Trustee under the Collateral Trust Indenture covering the
Collateral Gold Notes; the $6,000,000 Improvement Mortgage Bond which had been held as security for the Collateral
Gold Notes, and which was the only bond issued under the
$10,000,000 Improvement Mortgage of April 2 1906, was
surrendered and cremated, and the Improvement Mortgage
was duly satisfied, all on June 30 1909, and as authorized
at the Stockholders' Meeting of June 29 1909.
The $10,000,000 of Refunding•and Improvement Mortgage
Bonds authorized to be issued July 1 1909 are to be generally
applied as follows:
To pay discount on sale of Bonds
To pay off the Collateral Gold Notes on July 1 1909
To reducing grades to one-half of one per cent on three full
operating divisions, aggregating 41 per cent of the total
length of the line
To re-arranging four division terminals to permit of better and
more economical operation under the sixteen-hour law and to
provide more adequate facilities for taking care of power
and traffic
To ditching, ballasting, new rail, improvements to tracks and
bridges
The balance to be used for the improvement of terminal facilities
at Kansas City and Port Arthur; for facilities for securing new
business and for other corporate purposes
$375,000
5,100,000
1,250,000
1,000,000
1,000,000
1,275,000
$10,000,000
Measures were taken at once to make these improvements,
the work upon which will be prosecuted vigorously and in a
manner calculated to give to your property the greatest
benefits within the shortest time.
The appended balance sheets and statistical statements
give full detailed information concerning expenditures for
improvements and results of operation.
By order of the Board of Directors.
J. A. EDSON, President.
[For statistical tables. see under Annual Reports on a preceding page.]
perience of J. G. White & Co. in the engineering and financing
field. Mr. Young has recently returned from a long trip in
the Philippine Islands, China, Japan, Siberia and Europe,
where he made important examinations and reports.
—Charles H. Carruthers has severed his connection with
the firm of Chas. G. Carroll & Co. and is now a member of
the new firm of Charles H. Carruthers & Co., which was
organized on the 16th inst. and began business at 55 Wall
St., National City Bank Building. Charles H. Carruthers
& Co. will make a specialty of bank, trust and insurance
company stocks. The firm invites inquiries and correspondence from any one interested in buying or selling
stocks of that description. Its telephone numbers are 5110
and 5111 Broad.
—Attention is called to the offering by the First National
Bank of Chicago of $308,000 St. Louis & San Francisco
equipment gold 5s, Series I. The bonds are dated Jan. 1
1907 and mature in installments semi-annually up to Jan.
1917; they are guaranteed, principal and interest, by the
American Car & Foundry Co.,and are secured by equipment
costing 33% more than the total of bonds outstanding. See
advertisement on another page.
OCT. 23 1909.]
1091
THE CHRONICLE
The Tomutertiai • Wint,a.
COMMERCIAL EPITOME.
COTTON.
Friday Night, October 22 1909.
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
450,899 bales, against 442,783 bales last week and 418,615
bales the previous week, making the total receipts since
Sept. 1 1909 2,406,810 bales, against 2,154,454 bales
for the same period of 1908, showing an increase since
Sept. 1 1909 of 252,356 bales.
Friday Night, Oct. 22 1909.
Despite the recent advance in rates for money at home
and abroad, business continues to increase. Spurred by a
steadily quickening demand, iron and steel have advanced,
and sales of dry goods and other manufactures show a tendency to increase. Bank clearings seem to indicate that
Wed. I Thurs. Fri. I Total.
Mon. Tues.
Receipts atSal.
the trade of the country is rather above than below the average aggregate, despite a certain backwardness in some de- Galveston
18,328 11,860 32,230 14,,C144 14,111 1,4,734 105,307
7,653
___
9,342 8,311
partments. Prices are generally firm and the outlook is con- Port Arthur..&c.
iiiio ---------1,800
Corp. Christi,
sidered hopeful.
New Orleans_ _ _ _ 14igg 1,1in
,715
8,331 13,676 15,038 10.770 1F 7,
LARD on the spot has been dull but firmer, owing to the Gulfport
ja'i 1,862 14,047
Mobile
.
1,896 3,138 2- 299 2;66 1.
12,712
151
6,750
5,811
strength of the live-hog situation. Prime Western 12.75@ Pensacola
920 1,275
164
191 ____
city 12%@ Jacksonville, &c.
12.85c., Middle Western 12.60©12.70c. and
19,219 20,154 26,011 16,504 16,333 16,887 115,108
firm; Continent Savannah
3,500
Brunswick
12Me. Refined lard has been dull and
0
74
)(
32
2,748 3,622 1;020 3,011 1,848 13,g3 N: 80
13.25c., South America 13.80c. and Brazil in kegs 14c. Specu- Charleston
29
29 _
active. Despite Georgetown _ _ _ _
lation in lard futures at the West has been
74;565 13- iii 4,118 3,127 4,3""ii. 3,7 37 26,611
,
Wilmington
6,789 6,742 10,519 4,360 3,992 4,713 37,115
at times, the under: Norfolk
heavy liquidation and some irregularity
289
289
Newp't •News,&c
tone of the market has been firm, reflecting the strength of, New York
177
83 ____
94
67
55
12
the hog situation. Shippers have made purchases of lard Boston
2-j3iiir1 2,589
• Baltimore
against export sales.
Philadelphia_ _ _ _
-- DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Tot. this week 72,478 70,093104,963 60,719 54,151 88;495 450,899
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
12.20 12.30 12.523 12.60 12.55
12.17%
October delivery
November delivery_ _ 11.77% 11.75 11.7734 11.95 11.9734 12.0234
The following shows the week's total receipts, the total
10.9234 10.9234 10.9234 11.05 11.10 11.10
January delivery
since Sept. 1 1909, and the stocks to-night, compared with
Mess $25 75 last year:
PORK on the spot has been quiet and firm.
@$26, clear $24@$26 and family $26 50. Beef firm and
Stock.
1908.
1009.
fairly active. Mess $11Q$11 75, packet $12 50@$13, famReceipts to
ily $13 75@$14 50 and extra India mess $20@$21. Cut
This Since Sep This Since Sep
October 22.
1908.
1909.
Week. 1 1909. Week. 11908.
meats stronger, with moderate sales. Pickled hams, regular, 12%@12Ac.; pickled bellies 143@15c.; pickled ribs Galveston
793,682 156,893 835,830 199,124 158,674
105,307
6,904
2
133/@14c. Tallow dull but firmer on small stocks; city Port Arthur
17,653 24,700 6,904
8,314
9,979 4,694
1,800
Christi,
6/c. Stearines have advanced with trade quiet; oleo Corp. Orleans &c. 74,897 248,154 68,708 275,327 150,684 143,930
Ncw
2
2c.; lard 133/@1434c. Butter more active and Gulfport
18®18/
2,439
2,439
2,439
14,047 74,859 15,734 84,311 42,962 51,567
Mobile
firmer; creamery extras 31()31%c. Cheese quiet and Pensacola
12,712 26,222 8,000 17,388
firmer; State, f. c., Sept., fancy, 164c.; Oct., best, 15%c, Jacksonville, &c.. 1,275
6,347
871
5,977
115,108 666,256 80,691 524,817 221,354 150,441
Savannah
Eggs firmer; Western firsts 25M@263'c.
7,028
22,700 110,024 9,482 51,201 14,298
Brunswick
16,084 112,349 14,102 76,646 41,567 28,622
-Linseed has been firm and fairly active; City, raw, Charleston
OIL.
139
80
254
29
61@62c.; boiled, 62@63c.; Calcutta, raw, Georgetown __
American seed,
26,611 163,899 25,055 146,638 42,867 37,525
Wilmington
Norfolk
75c. Cocoanut firm; Cochin 9c.; Ceylon 8@83ic. Olive Newport N., &c_ 37,115 158,805 25,151 110,568 31,451 24,252
1,614
114
1,465
289
at 85c.@$1 40. Peanut quiet; yellow 65@70c. New York
steady
54 86,187 69,867
____
1,081
177
3,424
2,315
1,268
287
558
67
Lard strong; prime $1@$105; No. 1 extra 58@60c. Cod Boston
6,885
4,125
67,03
5.850 2,755
2,589
Baltimore
firm and fairly active; domestic 38c.; Newfoundland 40c.
379
3,352
3,599
100
257
Philadelphia
COFFEE on the spot has been more active and firmer;
450,899 2,406,810 419,621 2,154,454 842,972 685,567
Total
1@87 c. West
4
Rio No. 7, 83'g@83lc.; Santos No. 4, 8Y
India growths quiet and steady; fair to good Cucuta 9®10c.
In order that comparison may be made with other years,
Speculation in future contracts has been active at times.
ports for six seasons:
Prices have shown some irregularity, owing to realizing, we give below the totals at leading
but the undertone of the market has been firm. Local, Receipts at
1904.
1905.
1907. 1906.
1908.
1909.
Wall Street and foreign houses have been good buyers on
Galveston _ _ _ 105,307 156,893 66,766 172,991 105,834 109,022
unfavorable crop reports from Brazil and reduced crop esti- Pt.Arthur,&c. 19,453 11,598
1,217
9,996
149
8,386
mates.
New Orleans_ 74,897 68,708 58,842 91,703 47,607 100,231
9,991 14,715
9,389
14,047 15,734 14,761
Mobile
Closing prices were as follows:
58,057 91,005
6.15c. Savannah __ _ 115,108 80,691 91,378 88,363
6.05e. I June
5.80c. February
2,560
4,822
October
9,641
9,482
4,618
22, 00
Brunswick_ _ _
6.10e.1July
6.20c. Charleston.&c 16,113 14,182 15,637
5.85c. March
November
6,823 12,875
8,623
6.25c. Wilm'gt'n, &c 26,611 25.055 34,723 25,701 18,359 20,827
6.15c. August
5.00e. April
December
6.15e. September
6.25c. Norfolk
6.00c. May
January
37,115 25,151 27.147 31,392 22,053 31,048
279
169
169
114
289
-Raw has been firm and more active. Centrifu- N'port N.,_&c 19,259 12,013
SUGAR.
8,749 12,539
8,560
1,796
All others_ _ _
gal, 96-degrees test, 4.30c.• muscovado, 89-degrees test,
'
3.80c.; molasses, 89-degrees test, 3.55c. Refined has been Total this wk. 450,899 419,621 315,986 454,749 292,460 896,318
fairly active and firm. Granulated 4.95@5.05c. Teas and Since Sept. 1_ 2,406,810 2,154,454 1,564,437 2,158,482 2,227,763 2,647,209
spices have been in 400d demand and firm. Wool has been
firm, though less active. Hops quiet and steady.
The exports for the week ending this evening reach a total
-Refined has been easier, owing to a of 309,362 bales, of which 123,356 were to Great Britain,
PETROLEUM.
decline in raw at the wells. Trade active. Barrels 8.15c., 65,875 to France and 120,131 to the rest of the Continent.
bulk 4.65c., cases 10.55c. Gasoline has been active and firm; Below are the exports for the week and since Sept. 1 1909:
/
86-degrees, in 100-gallon drums, 1830.; drums $7 50 extra.
Weekending Oct. 22 1909. From Sept. 1 1909 to Oct. 22 1909.
Naphtha steady; 73©76-degrees, in 100-gollon drums, 1694c.;
Exported to
Exported todrums $7 50 extra. Spirits of turpentine easier at 60 Mc.
Exports
ContiGreat
ContiGreat
from
strained $4 25.
Rosin firm; common to good
Total.
Britain.Fence fleet. Total. Britain. France. nent.
TOBACCO.
-Domestic leaf in the local market has been
Galveston __ 55,49046,064 37,192138,746 180,343172,497 234,951 587,790
dull. Cigar manufacturers everywhere continue busy, how- Port Arthur_ _ _ 8,311 ____ 9,342 17,653 8,311 1,11 I 15,389 24,700
4,676 4,676
1,8
1,811
ever, and it is believed to be only a matter of a short time Corp.Chris.,&c.
59,08: 35,072 32,404 126,564
10.8.1 3,211 14,011
when purchases of leaf must increase. The executive board New Orleans_
23,827
4,146 19,681
Mobile
6,581 27,372
of the Burley Tobacco Society has been in session at Win- Pensacola _ _ 6,750 ____ 6,581 13,331 iO.7I 10,031
Gulfport
chester, Ky. canvassing the pooling pledges for the 1909 Savannah _ _ 18,698 ___ 18,437 32,135 83,317 47,248 161,925 292,490
51,44! 69,370
crop received by it from Burley tobacco growers. It is an- Brunswick..._ 11,602 ___ 13,228 24,830 37,920
'
43,212 55,032
10,065 10,065 11,820
nounced that 140,000 acres of tobacco have been pooled. Charleston_
7.111 15,850 22,950 50,033 7,100 61,893 119,031
Wilmington.
This is about 72% of the estimated crop planted. About Norfolk
32 1,532
1,500
1,511
1,500
60,000 acres remain out of the pool, but at least 10,000 more Newport News
New York_ _ 8,358 1,911 2,203 12,472 46,965 8,319 43.312 98,596
are expected to be signed up voluntarily. Sumatra has been Boston
72 10,093 43,062
6,161 50,123
10,021
1,500____ 2,100 3,600 5,529 502 9,394 15,425
more active. There has been a good 'demand for Havana. Baltimore
1,126 8,480
5,397 13,877
Philadelphia _ 1,126
Latest advices from Cuba show that the recent storm did Portland, Me_
4,100
4,101
very little damage to young plants. Prices generally have San Francisco_
50
698
50
698
Seattle
been firm.
Tacoma
in the local market has in the main been firm, Portland, Ore_
COPPER
Pembina
though of late some lowering of prices has been reported for Detroit
deliveries covering the remainder of the year. Sales have
123,356165,875120,131309,362 552,186401,450 681,5731,535,203
Total
as a rule been limited to small lots. Lake 12%@13c.; elecA
4,c. Lead quiet at 4.321 @4.400. Spel- Total i908... 62,974147,689127,945238,608 474,436203,293 704,9281,382,657
trolytic 12%®123
ter dull at 6.05@6.15c. Iron has been active in all branches
In addition to above exports, our telegrams to-night also
of the industry, with prices strong. Of late the sales have
been confined mainly to comparatively small lots, but steel give us the following amounts of cotton on shipboard, not
plants and pipe works are negotiating for large tonnages. cleared, at the ports named. We add similar figures for
New York.
No. 1 Northern $18 75@$19 50; No. 2 Southern $19 25.
1092
THE CHRONICLE
On Shipboard, Not Cleared for
-
Great
GerOther CoastOctober 22 at
- Britain. France many. Foreign wise.
New Orleans_ _ 17,032 6,451
6,716 7,608
Galveston _ _ 54,392 28,956 23,806 14,046
Savannah ___.. 1,900
__' 14,842 7,417
Charleston_ __ _
5,000____.
Mobile
5,666 3,950 7,700
____
Norfolk
5,392
2,500
New York_ __ _
-400 -660 2,700
Other ports_ _ 18,000 1,500 20,000 2,000
--Total 1909._ 104,816 41,257 78,664 33,771
Total 1908_ _ 74,422 31,879 89,369 53,968
Total 1907_.. 79,732 32,073 62,829 32,005
Total.
Leaving
Stock.
_
1,787
___
3,000
2,200
19,928
37,807
122,987
24,159
8,000
19,450
25,320
6,200
____ 41,500
112,877
76,137
197,195
33,567
23,512
6,131
79,987
28,143
26,915 285,423
28,200 272,438
30,535 237,174
Oct. 16 to Oct. 22Middling uplands
Sat.
13.95
Mon. Tues. Wed. Thurs. Fri.
13.95 14.00 13.90 14.05 13.95
NEW YORK QUOTATIONS FOR 32 YEARS.
13.95
9.40
11.45
11.25
10.40
9.95
10.00
8.70
1909_c
1908
1907
1906
1905
1904
1903
1902
1901_c
1900
1899
1898
1897
1896
1895
1894
8.38
9.56
7.38
5.50
6.12
7.94
8.62
5.88
1893_c
1892
1891
1890
1889
1888
1887
1886
8.44
8.38
8.44
10.25
10.50
9.75
9.62
9.25
1885_c
1884
1883
1882
1881
1880
1879
1878
9.81
9.88
10.56
11.06
11.50
11.19
11.25
9.88
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday_ _
Monday__ _
Tuesday _ _
Wednesday
Thursday _
Friday...._ -
Futures
Market
Closed.
Quiet, 5 pts. adv__
Quiet
Quiet, 5 pts. adv
Quiet, 10 pts. deo_
Quiet, 15 pts. adv
Quiet, 10 pts. dec
Firm
Barely steady
Barely steady
Firm
Barely steady
Steady
Total_
FUTURES.
-The ,highest, lowest and closing prices at
New York the past week have been as follows:
g
Sales of Spot and Contract.
Con- ConSpot. sum'n. tract.
300
Total.
-586
300
7,166 7,100
800
800
900
900
3,500 3,500
---- 3,500 3,850
390
15,800 16,450
tk
00
00
557,549
413,129
489,140
Speculation in cotton for future delivery has been somewhat less active and prices have been irregular, ending slightly
higher for the week. An effort was made to put the May
option to 14 cents. It got to 13.97 cents, and then the whole
list encountered so many selling orders that a reaction occurred. Ellison's figures on the consumption were construed by many as bearish. He states that the world's consumption of American cotton last year was 12,860,000 bales.
His preliminary estimate last year, it appears, was 12,400,000. This year he puts it at 12,625,000, or a decrease of
235,000 bales. This for the moment had considerable effect, especially as the market had evidently become over
bought. Its influence died out, however, when aggressive
buying orders were put in the market. Besides many were
inclined to believe that his figures were too low. '
Some Liverpool dispatches expressed the conviction that this was the
case, and that his computation of spinners' stocks has been
too high. But aside from all this, the crop movement has
continued liberal, the spot demand at Liverpool has fallen
off, both English and Continental spinners showing greater
caution in buying at the high-record figures for the season,
and besides Liverpool has been a heavy seller here. Wall
Street, Southern and Western houses have also sold freely.
The advance in the Bank of England's rate of discount to
5% has had a certain effect. It is argued, too, that with
cotton in the neighborhood of 14 cents, a very high level has
been reached, a level which in the estimation of a good many
people sufficiently discounts, for the time being, at any rate,
anything that may be reasonably termed bullish in the situation. Many believe the crop is being greatly underestimated. On declines, however, it is to be noted that liberal
buying has taken place. Some of this has been mere support
by bullish interests. But in many instances commission
houses have executed waiting orders to buy by those who
recently took profits. Step-loss orders have not been encountered to the extent expected when prices have receded. The National Ginners' Association states that the
quantity ginned up to Oct. 18 was 5,384,000 bales, or something like 600,000 bales less than is generally looked
for in the Census Bureau report which will be issued on
Oct. 25. The association also states that 79.6% of the crop
has been picked, as against 54% a year ago. December
has at times shown unexpected strength, owing to covering
of shorts. Fall River reports have been favorable. The
exports continue large. Some interior points report smaller
receipts. On the other hand, bulls are less aggressive. The
stock here has increased materially during the present month
and some fear that Texas cotton of unsatisfactory staple
may be shipped to this market for delivery at some time in
the future on contracts. To-day prices were irregular. The
weather was generally favorable and Liverpool's spot sales
were only 5,000 bales, while prices there were disappointing.
Southern hedge selling, persistent talk of curtailment, liberal
receipts and heavy selling by Liverpool against purchases
across the water were noteworthy features. Later on, bull
support, strong spot markets, covering, and decreasing receipts at some interior points, with the posting of storm
warnings for the Gulf coast, caused a rally in which an early
decline of about 10 points was mostly recovered. Large
spot interests bought heavily on the decline. The National
Ginners' Association figures on the ginning up to Oct. 18
were reduced to 5,320,000 bales, but the move ment into sight
was enormous, and instead of decreasing, has been increasing
for some weeks past. Spot cotton here has been quiet.
Middlin* upland closed at 13.95c., an advance for the week
of 5 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
[VOL. Lxxxix.
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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 as the 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 22Stock at Liverpool
Stock at London
Stock at Manchester
1909.
bales. 627,000
9,000
33,000
1908.
374,000
16,000
22,000
1907.
568,000
21,000
37,000
1906.
251,000
10,000
21,000
669,099
11,000
125,000
175,000
2,000
8,000
15,000
3,000
412,000
20,000
114,000
70,000
4,000
13,000
14,000
10,000
626,000
18,000
129,000
102,000
4,000
11,000
18,000
34,000
288,000
22,000
85,000
70,000
4,000
4,000
32,000
1,000
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
339,000
245,000
316,000
218,000
Total European stocks
1,008,000
India cotton afloat for Europe
31,000
Amer. cotton afloat for Europe
865,417
Egypt,Brazil,&c.,aflt.for Europe.. 36,000
Stock in Alexandria, Egypt
98,000
Stock in Bombay, India
100,000
Stock in U. S. ports
842,972
474,240
Stock in U. S. interior towns
52,398
U. S. exports to-day
657,000
41,000
746,005
27,000
102,000
178,000
685,567
550,556
45,117
942,000
73,000
414,765
54,000
104,000
327,000
726,314
362,728
30,320
506,000
49,000
106,170
63,000
106,000
390,000
861,761
340,277
34,471
3,508,027 3,032,245 3,034,127 3,016,679
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
184,000
bales. 544,000 266,000 472,000
Liverpool stocks
29,000
17,000
27,000
17,000
Manchester stock
315,000
184,000 222,000 161,000
Continental stock
865,417 746,095 414,765 666,170
American afloat for Europe
861,761
842,972 685,567 726,314
U. S. port stocks
550,556 326,728 340,277
474,240
U. S. interior stocks
34,471
45,117
30,320
52,398
U. S. exports to-day
Total American
East Indian, Brazil, &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
Total East India, &c
Total American
3.121,027 2,494,245 2,257,127 2,264,679
83,000
9,000
6,000
24,000
31,000
36,000
98,000
100,000
108,000
16,000
5,000
61,000
41,000
27,000
102,000
178,000
96,000
21,000
8,000
94,000
73,000
54,000
104,000
327,000
67,000
16,000
4,000
57,000
49,000
63,000
106,000
390,000
378,000
777,000 752,000
538,000
3,121,027 2,494,245 2,257,127 2,264,679
3,508,027 3,032,245 3,034,127 3,016,679
Total visible supply
6.12d.
6.19d.
Middling Upland, Liverpool
7.37d.
5.04d.
10.65c.
10.95c.
9.40c.
14.05e.
Middling Upland, New York_
10 Md.
8%d.10 11-16d.
Egypt, Good Brown, Liverpool_ _1011-16d.
8.50d.
12.00d.
8.15d.
8.75d.
Peruvian, Rough Good,Liverpool
4
5 1 d.
5•Md.
6 13-16d. 4 13-16d.
Broach, Fine, Liverpool
55id.
6 ..d. 4 11-16d. 5 9-16d.
Tinnevelly, Good, Liverpool
Continental imports for the past week have been 190,000
bales.
The above figures for 1909 show an increase over last week
of 369,971 bales, a gain of 475,782 bales over 1908, an
increase of 473,900 bales over 1907, and a gain of 491,348
bales over 1906.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year-is set out
in detail below.
..dxwriotwoow44000,Tviggt-lm
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8
1093
THE CHRONICLE
OCT. 23 1909.J
Closing Quotations for Middling Cotton onWeek ending
October 22.
Galveston
New Orleans_ _ _
Mobile
Savannah
Charleston
Wilmington_
_
Norfolk
Boston
13altImore
Philadelphia _ _ _
Augusta
Memphis
St. Louis
Houston
Little Rock..
Sarday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
1338
1331
1331
1331
1331
13%
1331
13.90
1331
14.20
1331
l3%
l3%
13 11-16
1331
1331
130%
1331
1331
1331
1331
13%
13.95
1331
14.20
13 9-16
13'%
1331
13%
1331
13 11-16
1331
130%
1331
1331
1331
13%
13.95
13'%
14.25
13 9-16
1331
1331
13%
1331
13 11-16 13 11-16 13 11-16
13
1334
1331
13 9-16 13 9-16 13 9-16
1331
1351
1331
13
1331
1351
13 31
1351
1331
13 11-16
13%
1331
14.05
13.90
14.00
1331
1331
1331
14.15
14.20
14.30
1331-9-16 13 %-9-16 13 9-16
1331
13%
13%
1331
133j
1331
13 11-16 13 11-16
1331
1331
1334
1334
NEW ORLEANS OPTION MARKET.
-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sarday. Monday, Tuesday. Wed'day, Thurscry, Friday,
Oct. 16. Oct. 18. Oct. 19. Oct 20. Oct. 21. Oct. 22.
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Movement to October 22 1909.
Week. I Season.
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Movement to October 23 1908.
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---The above totals show that the interior stocks have increased during the week 73,009 bales and lare to-night 76,316
bales less than at the same time last year. The receipts
at all the towns have been.42,771 bales less than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE SEPT. 1.
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:
_ ® _ _ ® _ _ ® ____ _ @ ____ _ ®
_ ® ___
13.48-.50 13.52-.54 13.56-.58 13.56-.58 13.56-.58 13.57-.58
13.38-.61 13.57-.70 13.63-.71 13.55-.70 13.57-.6 13.53-.67
13.58-.59 13.60-.61 13.65-.66 13.69-.70 13.64-.65 13.65-.66
13.57-.73 13.68-.83 13.75-.84 13.65-.79 13.65-.7 13.63-.77
13.71-.72 13.72-.73 13.75-.76 13.79-.80 13.74-.7 13.76-.77
_ @ _ ____ @ •._ _ @ ____ _ @ _ _ @ _ ___ @ _
13.81-.83 13.82-.83 13.85-.87 13.89-.90 13.84-.8 13.86-.88
13.80-.93 13.89-.03 13.94-.03 13.84-.98 13.85-.9 13.83-.96
13.91-.92 13.92-.93 13.95-.96 13.98-.9 13.93-.9 13.94-.95
13.90-.99 13.97-.08 14.00-.10 13.93-.04 13.92-.04 13.89-.02
13.98-.99 13.99-.00 14.01-.02 14.06-.07 14.00-.01 14.01-.02
- @ -14.03-.13 14.04-.13 13.99-.11 13.99-.07 13.92-.07
14.05-.07 14.04-.05 14.05-.06 14.11-.12 14.04-.05 14.07-.08
Firm. Steady.
Steady. Steady. Quiet. Steady.
Steady. Very sty. Steady. Very sty. Steady. Steady.
EXPORTS OF BREADSTUFFS, PROVISIOND, COTTON AND PETROLEUM.
-The exports of these articles
during the month of September and the nine months, for
the past three years, have been as follows:
1908.
1907.
1909.
Exports
from
United Slates. September. 9 Months. September. 9 Months. September. 9 Months.
Quantities.
Wheat „bush 6,710,386 26,218,98613,427,527 67,502,77' 0,598,23- 44,629,170
Flour ___bbLs 1,161,394 6,245,877 1,086,616 9,368,72 1,206,91. 11,062,077
wheat* _bush 11,936,659 54,325,43218,317,299109,662,02 15,029,36: 94,408.516
974,993 25,193,717
489,485 25,766,53 2,818,34. 69,927,777
Corn----bush
Total bush_ 12,911,652 79,519,14918,806,784135,428,55 17,847,71 164,336,293
Values.
$
$
$
8
$
$
Wheat & flour 12,802,840 60,623,98 18,557,727110.658,36'14,651,00 83,780,706
771,761 18,984.18
463,370 18,014,37 2,092,94 40,206,954
Corn and meal
117,041
889,035
81,251 1,243,961
Oats and meal
45,345885,67
2,118,993
413,593 1,904,205
562,271 1,990,13'
581.75
Barley
148,27
38,305
250,135 302,349 1.943,69
723,454
Rye
Breadstuffs 14,143,540 82,651,55219,931,062133,492.24 17,555,231 128,074,068
..iince
t,i60
.
Sg
1.
Provisions
9,326,116 103,549,2 12,261,061 122,127,39: 12,381,27 138,377,567
Cattle Sr hogs 1,392,138 11,644,379 1.952,95t, 19,367,821 2,181,83 26,534,775
46,168,510 n9,647,53532.485,791 245,176,18 24,285,55' 262,780,166
Cotton
PetroleumAc 9,609,146 75,089,422 9,456,326 80,967,15 7,199,42i 65,121,918
16,810
50
3,318
1,954
3,846
2,841
39,033
Total value 80,639,450 512,582,13876,087,19,', 101,130,80 63,603,31 320,888,494
11, 42
77
2
6,915
10,491
10,910
* Including flour reduced to bushels.
Note.
-All the above figures are based on the monthly preliminary returns issued
by the Bureau of Statistics, and cover about 96% of the total exports of breadstuffs, 91% of provisions and cattle and hogs, 99% of cotton and 92% of petroleum.
30,199
75,560
46,746
129,625
2,833
107
• 723
7,746
1,280
6,776
3,142
217
597
8,410
3,150
5,688
WEATHER REPORTS BY TELEGRAPH.
-Our telegraphic advices from the South this evening indicate that
the weather has been favorable during the week. Rain has
been quite general in Texas, with the precipitation moderate
or light at most points. Conditions have, on the whole,
favored the rapid picking and marketing of the crop.
Galveston, Texas.
-There has been rain on one day of the
week, the precipitation reaching eighteen hundredths of
an inch. The thermometer has averaged 66, the highest
being 78 and the lowest 54.
-Rain has fallen on two days during the
Abilene, Texas.
week, to the extent of one inch and thirty-four hundredths.
The thermometer has averaged 68, ranging from 48 to 88.
-There has been rain on one day during
Brenham, Texas.
the week to the extent of one inch and two hundredths. The
thermometer has ranged from 63 to 93, averaging 78.
-We have had rain on one day of
Corpus Christi, Texas.
the week, to the extent of four hundredths of an inch.
Average thermometer 74, highest 82, lowest 66.
-We have had rain on two days of the past
Cuero, Texas.
week, the rainfall being sixty-two hundredths of an inch.
The thermometer has averaged 81, the highest being 98 and
the lowest 63.
-There has been rain on one day during
Dallas, Texas.
the week, the precipitation reaching seventy-one hundredths
of an inch. The thermometer has averaged 70, ranging
from 49 to 90. „
-We have had a trace of rain on two
Henrietta, Texas.
days of the past week. The thermometer has ranged from
42 to 92, averaging 67.
Week.
14,384
6,287
200
3,208
1,685
2,793
1,642
Total gross overland
Deduct shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South
Total to be deducted
19081 ,1
7 i
e
9
3,663
15,802
3,056
17,24c
26,536
Leaving total net overland •
59,758
42,790
112,377
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 26,536 bales, against 42,790 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 52,619 bales.
1909
/n Sight and Spinners'
Since
Takings.
Week. Sept. 1.
Receipts at port3 to Oct. 22
450,899 2,406,810
Net overland to Oct. 22
59,758
26,536
Southern consumption to Oct. 22_ __ 52,000
390,000
1908
Since
Week. Sept. 1.
419,621 2,154,454
42,790
112,377
44,000
312,000
Total marketed
Interior stocks in excess
506,411 2,578,831
96,830
435,361
520,435 2,856,568
73,009
391,077
Came into sight during week_
Total in sight Oct. 22
603,241
_602,444
3,247,645
North. spinners' takings to Oct. 22_ 66,146
275,756
3,014,192
107,540
382,065
Movement into sight in previous years:
Bales.
456,799
576,453
411,734
535,261
Since Sept. 11907
-Oct. 25
1906-Oct. 26
1905
-Oct. 27
1904-Oct. 28
Bales.
2,282,681
2,857,835
2,998,451
3,493,507
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
- 13.34-.50 13.50-.60 13.58-.61 13.50-.59 13.51-.58- @ Closing13.46 -13.49-.51 13.58-.60 13.58-.59 13.54-.56 13.55-.57
November
Range
Closing
December
Range
Closing
January
Range
Closing
February
Range
Closing
March
Range
Closing
May
Range
Closing
July
Range
Closing
Tone
Spot
Options
1909Since
Sept. 1.
31,453
14,014
829
9,189
3,565
7,464
9,046
October 22ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Week1907
-Oct. 25
1906
-Oct. 26
1905
-Oct. 27
1904-Oct. 28
October
Range
1094
Huntsville, Texas.
-We have had heavy rain on one day
of the week, to the extent of one inch and seven hundredths.
Average thermometer 75, highest 88, lowest 61.
-We have had excessive rain on one day
Kerrville, Texas.
during the week, the rainfall reaching one inch and seventy
hundredths. The thermometer has averaged 72, the highest
being 95 and the lowest 49.
Lampasas, Texas.
-There has been excessive rain on one
day during the week, rainfall reaching one inch and seventyseven hundredths. The thermometer has averaged 69,
ranging from 48 to 90.
Longview, Texas.
-We have had rain on one day of the
week, the rainfall being forty-five hundredths of an inch.
The thermometer has ranged from 60 to 87, averaging 74.
Luling, Texas.
-We have had rain on two days of the week,
to the extent of.two inches and eleven hundredths. Average
thermometer 74, highest 87, lowest 61.
-There has been rain on one day of
Nacogdoches, Texas.
the week, the precipitation reaching thirty-seven hundredths
of an inch. The thermometer has averaged 74, the highest
being 88 and the lowest 60.
-There has been rain on one day during
Palestine, Texas.
the week, rainfall reaching ninety hundredths of an inch.
The thermometer has averaged 73, ranging from 60 to 86.
Paris, Texas.
-There has been rain on one day during the
week to the extent of thirty-five hundredths of an inch.
The thermometer has ranged from 52 to 88, averaging 75.
San Antonio, Texas.
-We have had excessive rain on one
day of the past week, the rainfall being one inch and fifty-four
hundredths. The thermometer has averaged 76, the highest
being 92 and the lowest 60.
Taylor, Texas.
-Rain has fallen excessively on one day
during the week, to the extent of two inches and sixty-six
hundredths. The thermometer has averaged 82, ranging
from 54 to 90.
Weatherford, Texas.
-We have had rain on one day of the
past week to the extent of eighty-eight hundredths of an inch.
The thermometer has ranged from 40 to 88, averaging 164.
New Orleans, Louisiana.
-Rain on two days of the week
with precipitation of two inches and fifty-one hundredths.
Average thermometer 74.
-We have had rain on one day
Shreveport, Louisiana.
during the week, the rainfall reaching sixteen hundredths of
an inch. The thermometer has averaged 72, the highest
being 85 and the lowest 60.
-We have had rain on two days
Vicksburg, Mississippi.
during the week, the rainfall being seven hundredths of an
inch. The thermometer has averaged 71, ranging from
56 to 84.
-Picking lively. We have had rain
Helena, Arkansas.
on two days of the week, the rainfall being fifty-five hundredths of an inch. The thermometer has ranged from 44
to 80, averaging 64.8.
Little Rock, Arkansas.
-The week's rainfall has been
twenty-six hundredths of an inch. Average thermometer
66.5, highest 82, lowest 51.
Memphis, Tennessee.
-Picking and marketing continue to
make good progress. We have had rain on one day during
the week, the rainfall reaching thirty-eight hundredths of
an inch. The thermometer has averaged 65.5, the highest
being 79.2 and the lowest 49.8.
-It has rained on one day of the
Nashville, Tennessee.
week, the rainfall reaching four hundredths of an inch. The
thermometer has averaged 63, ranging from 44 to 81.
Mobile, Alabama.
-Cotton picking is nearing completion
in many sections. We have had rain on one day of the week,
the rainfall being thirty-four hundredths of an inch. The
thermometer has ranged from 42 to 78, averaging 60.
-Rain on one day of the week,
Montgomery, Alabama.
with rainfall of thirty-five hundredths of an inch. Picking
has not yet been finished, but only a little is left to gather.
Farmers are rushing picking and selling. Average thermometer 69, highest 83, lowest 48.
-There has been rain on one day of the
Selma Alabama.
week, the precipitation reaching four hundredths of an inch.
The thermometer has averaged 66.5, the highest being 80
and the lowest 48.
Augusta, Georgia.
-Rain has fallen on two days during the
week, to the extent of two hundredths of an inch. The
thermometer has averaged 61, ranging from 44 to 81.
Savannah, Georgia.
-There has been no rain during the
week. The thermometer has ranged from 52 to 78, averaging 67.
Charleston, South Carolina.
-We have had rain on one day
of the past week, the rainfall being nineteen hundredths of
an inch. The thermometer has averaged 65, the highest
being 78 and the lowest 52.
Charlotte, North Carolina.
-Farmers are selling rapidly.
There has been rain on one day during the week, the precipitation reaching eleven hundredths of an inch. The thermometer has averaged 58, ranging from 44 to 77.
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
(Vora. Lxxxix.
THE CHRONICLE
Above
Above
Above
Below
Above
• Above.
zero
zero
zero
zero
zero
of
of
of
of
of
Oct. 22 1909.
Feet.
5.2
6.2
7.3
3.7
4.2
gauge_
gauge_
gauge..
gauge_
gauge_
Oct. 23 1908.
Feet.
3.9
3.7
6.8
•0.4
2.3
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and since
Sept. 1 for the last two seasons, from all sources from which
statistics are obtainable, also the takings, or amounts gone
out of sight, for the like period.
Cotton Takings.
Week and Season.
1909.
Week.
1908.
Season.
Week.
Season.
3,138,0561
Visible supply Oct. 15
2,722,292
Visible supply Sept. 1
1,931,022
1,714,982
American in sight to Oct. 22
602,444 3,247,645 603,241 3,014,192
Bombay receipts to Oct. 21_
19,000
55,000
7,000
43,000
Other India ship'ts to Oct. 21.._
41,000
3,000
2,000
54,000
Alexandria receipts to Oct. 20
32,000
31,000
117,000
83,000
Other supply to Oct. 20 •
28,000
7,000
5,000
37,000
Total supply
•
3,797,500 5,419,667 3,374,533 4,946,174
Deduct
Visible supply Oct. 22
3,508,027 3,508,027 3,032,245 3,032,245
Total takings to Oct. 22
Of which American
Of which other
343,288 1,913,920'
286,288 1,496,929;
56,000
417,000.
289,473 1,911,640
236,473 1,580,640
53,000
331,000
&c.
INDIA COTTON MOVEMENT FROM ALL PORTS.
• Embraces receipts in Europe from Brazil, Smyrna, West Indies,
October 21.
1909.
Receipts at-
, Since
Week. 1 Sept. 1.
19,000
Bombay
1
from-
,
1908.
1907.
Since
Week.1 Sept. 1.
Since
Week. Sept. 1.
I
55,000
7,000
I
For the Week.
43,000 12 000
i '
Since September 1.
Great Conti- Japan,
Great
Britain. nent. &China Total. Britain.
Continent.
Bombay
1 AR)
1
1908 ---------------------------1907
2,000
___ 2,000
Calcutta
1909
__. ....__
____
1,000
1908 --------1,000
1
1,000
1907 -------------------1,000
Madras
1909
1908
1,000
1907 ___ 1,000 4:000
1,000
___ 5,000
All others
1909 __
___ 2,000
2,000
___ 2,000
1908
2,000
__ 2,000
2,000
1907 -------- 5,000
____ 5,000
3,000
Total all
1909 _____ 5,000
1908
3,000
1907 ___ 1,000 11,000
61,000
1,000 6,000
___ 3,000
____ 12,000
Japan
dc China. Total.
23,000
43,000
72,000
10,000
24,000
24,000
34,000
67,000
96,000
3,000
6,000
5,000
4,000
7,000
6,000
4,000
5,000
7,000
1,000
1,000
5,000
7,000
8,000
30,000
35,000
21,000
3,000
2,000
32,000
40,000
26,000
4,000 60,000
4,000 89,000
5,000 105,000
11,00
75,000
28,000 121,000,
26,000 136,000
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
-Through arrangements made with Messrs.
COTTON.
Choremi, Benachi & Co. of Boston and Alexandria, we
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and shipments for the past week and for the corresponding week of
the previous two years:
Alexandria, Egypt,
October 20.
1909.
1908.
230,000
881,837
Receipts (cantars)This week
Since Sept. 1
240,000
624,150
1907.
380,000
1,319,606
This Since
This Since
This Since
Week. Sept. 1. Week.'Sept. 1. Week. Sept. 1.
Export (bales)
To Liverpool
To Manchester
To Continent
To America
5,250 19,787
6,250
6,500 30.757
400 2,735
2,500 9,719 8,750 33,127
6,081 6,750 24,985
4,500 26,9871 7,70j 32,570
800 2,798
800 2,916
.
12,150 59,5291 7,800 45,615 24,050 93,599
Total exports
1
1
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market is
firm for yarns and quiet for shirtings. Manufacturers cannot sell. We give the prices for to-day below and leave
those for previous weeks of this and lastlyear for comparison.
1908,
1909.
32s Cop
Twist.
d.
Sept
10 9 7-16 ©
17 9%
@
24 9%
@
Oct.
1934 (4)
8934
@
15 10
0
10% 0
834 lbs. Shirt- Corn
tngs, common Mid.
Upl's
to finest.
d. s. d.
s. d.
32s Cop
Twist.
d. d.
834 lbs. Shirt- Corn
thus, common Mid.
to finest.
Upl's
d. s. d.
s. d.
d.
6 83 7 15-160
1034 5 1 ©9 6
6.93 8
10.4 5 1% ©9 6
54
10% 5 2 ©9 7% 7.31 8%
64
4 10 ©8 0
5.47
9 4 10%08 1% 5.59
9% 5 1548 434 5.33
1034 5
10% 5
1034 5
10% 5
9% 5
934 5
9% 5
9% 5
3 09
3%09
4 ©9
4%09
9
9
9
9
7.29 8% 0
7.27 8 11-160
7.41 8 11-160
7.37 8% 0
1%©8
1%08
1%08
1 08
4%
9%
6
6
5.13
4.96 •
4.99
5.04.
ELLISON'S ANNUAL COTTON REVIEW FOR THE
SEASON OF 1908-09.
-In our editorial columns will be
found an article in which we give the figures from Mr. Ellison's annual review of the European cotton trade for the
season of 1908-09 as received by us this week by cable.
Reference is also made thereto in the Financial Situation.
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 309,362 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
OUT. 23 1909.1
THE CHRONICLE
1095
Total bates.
NEW YORK-To Liverpool
-Oct. 15
-Arabic, 2,302 upland, 292
Sea Island_ _ _Oct. 19-Caronia, 2,000
4,594
To Manchester-Oct.20-Calderon,3,714 upland,50 Sea Island 3,764
To Havre-Oct. 16-La Gascogne, 1,700_ __Oct. 20
-La Bretagne, 190 upland, 21 foreign
1,911
To Bremen-Oct.20-Bremen,700
700
To Hamburg-Oct. 15-Kaiserin Augusta Victoria, 1_Oct.
20-Pennsylvania, 366
367
To Antwerp-Oct. 15-Vaderland, 949
949
To Naples-Oct. 20-Moltke, 187
187
GALVESTON-To Liverpool-Oct. 16-Musician, 10,644.... Oct.
18-Lovaine, 8,179_ __Oct. 20-Custodian, 22,373
41,196
To Manchester-Oct. 15-Victoria de Larrinaga, 14,294
14,294
To Havre-Oct. 14-Blythewood, 2,806_ _ _Oct. 15-Miramichl, 9,270_ _Oct. 16-Toftwood, 9,864___Oct. 21-Armenian, 21,924
43,864
To Dunkirk-Oct. 14-Blythewood, 2,200
2,200
To Bremen-Oct. 14-Kingsgate, 5,491; St. Tillans, 6,834_
Oct. 16-131Ibster, 7,463; Crown of Castile, 10,502
30,290
To Hamburg-Oct. 14-Kingsgate, 100.._ _Oct. 18-Eger,
2,080; Hercules, 606
2,766
To Rotterdam-Oct. 18-Hercules, 400
400
To Antwerp-Oct. 14-St. Fillans, 3,736
3,736
PORT ARTHUR-To Liverpool
-Oct. 18-Dora Baltea, 8,311_ 8,311
To Bremen-Oct. 16-Holmeside, 9,342
9,342
TEXAS CITY-To Mexico
-Oct. 16-Norhelm, 1,800
1,800
NEW ORLEANS
-To Havre-Oct. 20-Guatemala, 10,800
10,800
To Genoa-Oct. 18-Dinnamare, 3,211
3,211
PENSACOLA-To Liverpool-Oct. 15-E. 0. Saltmarsh, 6,750
6,750
To Bremen-Oct. 15-Crosby, 6,581
6,581
SAVANNAH-To Liverpool
-Oct. 16-Drumeldrie, 15,250._ _Oct.
21-Boliviana, 3.448
18,698
To Bremen-Oct. 15-Mendibil Mendi, 11,103___Oct. 21Khalif, 8,284
17,287
To Antwerp-Oct. 18-Clematis, 950
950
To Hamburg
-Oct. 21-Khalif, 100
100
BRUNSWICK-To Liverpool
-Oct. 15-H111glade, 11,602
11,602
To Bremen-Oct. 21-Bedouin, 13,228
13,228
CHARLESTON-To Bremen-Oct. 14-Mulrfleld, 10,065
10,065
WILMINGTON-TO Havre-Oct. 18-Nanette, 7,100
7.100
To Bremen-Oct. 16-Hiliglen, 15,850
15,850
NORFOLK-To Liverpool
-Oct. 16-Savannah. 1,500
1,500
BOSTON-To Liverpool-Oct. 15-Sachem, 499_ _ _Oct. 18-Ivernia, 6,093_ _ _Oct. 19-Cymric, 3,429
10,021 •
To Yarmouth-Oct. 15-Prince Arthur, 72
72
BALTIMORE-To Liverpool-Oct. 20-Templemore, 1,500
1,500
To Copenhagen-Oct. 11-Louisiana, 2,100
2,100
PHILADELPHIA-To Manchester-Oct. 15-Manchester Merchant, 1,126
1,126
SEATTLE
-To Japan-Oct. 21-Aymeric, 50
50
the crop, putting it at 560,000,000 bushels, or 139,200,000
bu shels more than the last one. The world's shipments,
moreover, for the week were very heavy, reaching no less
than 15,104,000 bushels, against 14,160,000 in the previous
week and 11,712,000 last year. Russia alone contributed
6,712,000 bushels, against 2,784,000 for the same week last
year. The exports from the Danubian provinces were
some 700,000 bushels more than in the same week last
year. Liverpool prices have fallen under the weight of
these big shipments, and also of liberal offerings of Pacific cargoes.
Paris and Berlin prices have fallen
sharply. The world's available supply increased last week
10,781,000 bushels, against 7,564,000 for the same week last
year. Stop-loss orders have been encountered on the way
down. Large Western interests have been reported as selling freely. Australian and Argentina crop reports have been
favorable, and the same may be said as to the outlook in
other foreign countries, to say nothing of the United States.
The decline in Liverpool was partly due to increased offeringsof new wheat from Australia and Argentina. What with
large receipts, increasing world's supplies and an absence of
foreign demand for American wheat, prices, as already
stated, have taken a downward course. It is true, however,
that the decline has not been very marked. The mills at
the Northwest continue to grind at their full capacity.
There has been an active cash demand at the Northwest from
domestic millers, where the flour sales continue liberal.
Moreover, the idea is so well nigh universal that present
prices are incompatible with the conditions of supply and
demand throughout the world that a large and somewhat
unwieldy short interest has been formed. On Tuesday
Buda-Pesthprices advanced equal to 23.c. on a squeeze of
the shorts. And some are unable to rid themselves of the
idea that after the pressure of foreign wheat is off the European markets,higher prices will be seen. They believe that
Total
309.362 all the available wheat in this country will be wanted and
LIVERPOOL.
-By cable from Liverpool we have the fol- that not impossibly the domestic trade alone may be able
lowing statement of the week's sales, stocks, &c., at that port: to take care of it. To-day prices advanced. The market
Oct. 1.
Oct. 8.
Oct. 15.
Oct. 22. had become oversold, and when shorts tried to cover, they
Sales of the week
66,000
51,000
48,000
41,000 found the offerings small.
The cash demand was more
Of which speculators took.._ 1,000
.._ __
1,000
1,000
Of which exporters took_ _.... 1,000
1,000
2,000
1,000 active, the receipts at the Northwest decreased, the cables
Sales, American
58,000
42,000
36,000
31,000
were better than expected and the Argentine shipments did
Actual export
5,000
4.000
3,000
7,000
Forwarded
71,000
66,000
65,000
99,000 not equal the estimate of the previous day.
Total stock-Estimated
Of which American-Est
Total imports of the week_
Of which American
Amount afloat
Of which American
623,000
545,000
23,000
22,000
198,000
170,000
596,000
513,000
44.000
28,000
315,000
282,000
602,000
627,000
522,000
544,000
73,000,
67,000
112,000
340,000
358,000
311,000
326,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P.M.
Saturday.
Monday.
Dull.
Quiet.
Tuesday. Wednesday. Thursday.
Dull.
Quiet.
Easier.
Friday.
Dull.
Mid. Upi'd
7.43
7.46
7.47
7.47
7.44
7.37
Sales
Spec.&exp
8,000
500
7,000
300
7,000
500
5,000
400
8,000
500
5,000
500
Futures.
Market
opened
Market,
4
P.M.
Steady at
203 pts.
decline.
Steady at
6 points
advance.
Steady at
2®3 pts.
decline.
Steady at
2 points
decline.
Steady at
4®5 pts.
advance.
Quiet at
1®2 pts.
advance.
Steady at Quiet at Steady at Quiet at
Easy at
Easy at
1%04 pts. 63408 Ms. 101% pts.
®5 pts. 104 pts. 3 pts.dec.to
decline.
advance. advance.
decline.
decline. 34 pt. adv.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red winter, f. o. b
Nom. Nom. Nom. Nom. 121
122%
December delivery in elevator
11234 1123.4 111K 111% 112
112%
May delivery in elevator
11234 11234 11134 111K 111K 112
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator
10634 10534 104
10434 10434 105%
May delivery inelevator
106% 1064 10434 105% 10454 105%
July delivery in elevator
99% 99K 9834 9854 983i 98 %
Indian corn futures have been irregular. Here the market
has been nominal. At the West trading has been active.
Sentiment is bearish in the main, owing to the belief in a
heavy yield. There is a tendency to oversell, however, and
rallies from declines have been frequent through the overdoing of the short side. The country has sold rather freely
in the Chicago market. Cash interests have also sold. A
large movement is expected in the near future. The weatherhas been favorable for husking most of the time. Today prices advanced, owing to a sudden rise in wheat,
lighter offerings and active covering of shorts. The short
interest still outstanding is believed to be extensive.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN
NEW YORK.
Sal. Mon. Tues. Wed. Thurs, Fri.
Cash corn
The prices of futures at Liverpool for each day are given December delivery in elevator_ _ _ _ 70K 70K 69
7054 70
70
6934 70% 8934 70K 6934 69 %.
below. Prices are on the basis of upland, good ordinary
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
clause, unless otherwise stated.
Sal. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_
5854 5934 5854 59'4 59K 5934
May delivery in elevator
61% 61 34 6034 6134 61 % 6154
Sat.
Mon.
Tues.
Wed.
Thurs.
Fi 1.
July delivery in elevator
6054 6034 6034 61
6034 61
Oct. 16
- _ .
to
Oats for future delivery in the Western market have been
12% 1234 12% 4 12% 4 12% 4 12% 4 12% 4
Oct. 22. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. pan. p.m. p.m. quiet with a downward
tendency much of the time. Stocks
of contract grade at Chicago are heavy and a material ind.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d. 6.
Dctober__ ____ 7 20% 24% 28 26% 29 27 25 28 21% 19 1834 crease in the crop
movement is expected in the near future.
Oct.
-Nov_
7 13 4 18
21
20 224 20 18 19% 14 12 11 A
Meantime the cash demand is light. Elevator interests have
Nov.
-Dec.....„ 7 11% 15 18% 17 19% 164 14% 16% 11% 10 0934
Dec.-Jan_ _-__ 7 11
14% 18 17 19 16 144 16 11% 09% 09% been the principal sellers during the
week. There has been
Jan.-Feb_
7 10 4 14% 18
165 19 16 14 16
1134 09% 0934
Fcb.-Mch. _.._7 09% 13% 174 15% 18% 15 13% 154 1134 09% 09% scattered liquidation. Some sold on a bearish Russian crop
Vich.-Apr. ____ 7 0954 13% 17% 154 1834 15 1334 1554 11 % 094 09% estimate. To-day prices advanced
on the rise in otherkpr.-May. ____ 7 0934 1334 1734 1534 1854 15 1354 1534 1134 0934 0934
Way-June ____ 7 0934 13 17 1534 184 15 134 15 1134 0934 09% cereals and covering of shorts.
rune-July ____ 7 0854 12 1654 1434 1734 14 1234 1431 11 09 09
DAILY CLOSING PRICES OF OATS IN NEW
YORK.
July-Aug_ ____ 7 0534 09% 1354 12 15 11
10 12 09 07 07
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
kug.-Sep_ ____ 6 86 91
94 34 93 96 91% 9134 92 89 87% 87% Natural white
43-46 43-46
43-46
43-48
43-46
iep.-Oct _ ____ 6 49 51
57 55 58 54 5534 55 52 52 5234 White, clipped
45-49 45-4834 45-4854 45-4834 45-4834 43-46
45-4834
3ct.-Nov_
6 34 363442 41
43 40 41 4 41 39 38 3934
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_ _ _ _ 40
40
393-4 40
3934 3954.
May delivery in elevator
42K 42% 42
42K 42 4 423i
BREADSTUFFS.
July delivery in elevator
40
40
3934 40
3954 3954
Friday, Oct. 22
1909.
Prices for wheat flour in the local market have risen, following advances at the large milling centres. An occasional
sale of a car lot of spr ng-wheat flour has been reported during the week, but in the main trading has been very quiet.
Buyers as a rul adhere to the policy of buying as sparingly
as possible. Stocks here are increasing. Large sales continued to be made at the principal spring-wheat milling
points, and ,the output of the mills there is still very heavy.
Rye flour and corn meal have been quiet and steady.
Wheat has declined, owing partly to large receipts. Cash
premiums in the Southwest have been reduced. Export
trade, too, remains in abeyance. Also some figures about
the Russian 0•onhive had a more or less depressing effect.
,
The Russian Ministry has issued a provisional estimate of
The following are closing quotations:
Winter. low grades____$4 40
Winter patents, new___ 5 75
Winter straights, new__ 5 35
Winter clears, new____ 5 00
Spring patents
5 50
Spring straights
5 15
Spring clears
4 70
FLOUR.
$4 60 Kansas straights,sacks_55 10@$5 35
6 10 Kansas clears. sacks___ 4
® 4 60
5 60 City patents
6 40
6 70
5 25 Rye flour, bbis
4 15
4 45
5 75 Graham flour
4 15
4 40.
5 40 Corn meal, kiln dried
3 35
3 40
4 90
GRAIN.
Wheat, per bushelCorn, per bushelCents.
N. Duluth. No. 1
$1 15
No. 2 mixed
elev. 70
N. Duluth, No. 2
1.13
No. 2 yellow
f.o.b. 7054
Red winter, No. 2-- _f.o.b
1.2254
No. 2 white
f.o.b. Nominal
Hard "
____
1.2234 Rye, per bushel‘
A
Oats, per bushelCe t .
No. 2 Western _
f.o.b. 7634
Natural white
State and Jersey
43@46
Nominal
White clipped
45(a4854 Barley-Maitlng
Nominal
101•crii
Nominal
Feeding. c. 1. f.. N. It_ 60®62
For other tables usually given here see page 1047.
Total Oct. 16 1909__10,350,000
Total Oct. 9 1909- 7,982.000
Wheat,
bush.
25,070,000
10,350,000
Total Oct. 16 1909_35,420,000
Total Oct 9 1909__30,488,000
Total Oct. 17 1908_42,495,000
Total Oct. 19 1907_42,912,000
Total Oct. 20 1906_37,165,000
Total Oct. 21 1905_ _27,207,000
Total Oct. 22 1904-24,655,000
242,000
89,000
225,000
63,000
SUMMARY,
Ca's,
Corn,
bush.
bush,
3,493,000 13,380,000
242.000
59,000
3,552,000
2,978,000
2,053,000
4.379,000
3,739,000
3,802,000
3,440,000
Barley,
bush.
63,000
1,000
1,000
128,000
11,000
44,000
625,000
1,000
71,000
14,000
71,000
24,000
47,000 1,118,000
156,000 1,076,000
22,000
4,000
9,000
43,000
9,000
710,000
290,000
56.7,000 3,977,000
513,000 3,601,000
Rye,
bush.
51,000
Barley,
bush.
34,000
51,000
34,000
74,000
Ea -ley,
Rye,
bush.
bush.
567,000 3,977,000
34,000
51,000
618,000 4,011.000
13,622,000
6/5,000
513,000 3,
13,535,000
855,000 6,445,000
8,651,000
6,530,000 1,000,000 5,623,000
9,088,000 1,485,000 2,795,000
25,270,000 1,565,000 5,524,000
24,435,000 1,651,000 6,052,000
THE DRY GO4)DS TRADE.
New York, Friday Night, October 22 1909.
The movement to curtail operations in the cotton mills
of the United States has received somewhat of a set-back
because final action on the curtailment proposition was not
taken at this week's meeting of the Arkwright Club in
Boston. Consequently the proposed curtailment to the
extent of 224 working hours was deferred, and is held in
abeyance. Progress making towards this curtailment had
apparently had some effect in changing the attitude of
buyers of cotton goods, which may perhaps have been the
reason for the postponement of further action by the club.
It seems that in both primary and secondary markets for
cotton goods during the past week more business has been
done than for some time past; demand has broadened
materially and there has been more snap to the trading.
While the improvement in business for prompt and nearby
delivery is noted with much satisfaction by sellers, the
increased call for goods to cover future needs, that is for
delivery in the first three months of next year, is considered
significant and more encouraging. Prices have ruled
strong and some lines of cotton goods have continued to
display an advancing tendency. Sellers of bleached goods,
for instance, have brought their prices up to a parity with
14c. cotton for this year's deliveries and hesitate, as a
rule, to accept contracts tendered for next year's shipment
at this level. In the primary market the principal activity
has been in print-cloth yarn construction goods; mills have
booked a substantial volume of business for deliveries
beginning in January and extending through March; in fact,
in some quarters it is thought that the total volume of such
orders is larger than is commonly supposed. That some
mills are now conservative in accepting further orders for
delivery in the first quarter seems to strengthen that belief.
Many users of goods are still cautious in making fresh
commitments, but their number is growing less, and recent
developments indicate that buyers as a whole are coming
to realize more fully the necessity and possibly the advantage of covering prospective requirements at present price
levels. Reports state that, owing to the recent improvement in demand for next year's delivery, Fall River
manufacturers are less inclined to favor the plan. Among
jobbing houses trade has been steadier and of larger proportions, thus bearing out predictions of a late buying
season. Retailers have been buying on a more extensive
scale, both for this and next year's delivery, and the freedom
with which some large jobbers are purchasing additional
goods would seem to show that they themselves have been
getting a substantial forward business. Buying of cotton
yarns has shown material improvement, considerable business
having been placed for delivery throughout this year some
orders calling for delivery beginning in December. Export
trade with the Far East is at a standstill, and trade with
miscellaneous ports has not been large. No important
developments have been noted in the men's wear market;
demand for dress fabrics, especially stock goods for prompt
delivery, has been well maintained.
-The exports of cotton
ODOMESTIC COTTON GOODS.
goods from this port for he week ending Oct. 16 were 4,347
packages, valued at $328,913. their destination being to the
points specified in the table below:
4,347
Total
------1908---
1,125
460
1,382
10
425
595
1,236
Since
Jan. 1.
684
964
18,550
9,754
25,414
8,142
21,546
1,303
12,475
32,995
17,554
5,512
149,381
Week.
29
51
199
318,369
The value of these New York exports since January 1 has
been $17,289,143 in 1909, against $9,379,381 in 1908.
Bleached goods have shown a stronger tendency and
leading lines are now held at prices on a level with the present
cost of cotton for this year's delivery; an active demand has
come forward from cutters, and jobbers have placed substantial orders for future delivery on these as well as on
other domestics. Staple prints and also low-count printed
wash fabrics have been in better request, Western consumers
especially having operated more freely for various deliveries;
printers as a rule are unwilling to go very far ahead at current
prices, preferring to await developments in the gray goods
market; some lines of percales have been sold up and practically withdrawn. The demand for fancy prints has also
quickened. Staple ginghams have continued to move
quite freely and are firmly held. Linings generally have
shared in the upward price movement but trade as a whole
is rather quiet. Retailers have purchased sheetings and
other domestics on a larger scale than for some time past,
many orders being accompanied by urgent requests for
prompt delivery. A fair business is reported on heavy
colored cottons,and while many buyers still hestitate to pay
the higher prices asked for denims, tickings and other
cottons, the time is rapidly approaching when it is believed
they will be obliged to enter the market to cover actual
needs. The print cloth market has continued active, with
a good volume of business reported done; regulars have
displayed more strength and are now quoted at 4c. asked;
/
standard wide goods are still firmly held at 53 0. 41,4
-The improved demand for dress
WOOLEN GOODS.
goods has been well maintained, and stocks available for
prompt delivery have been drawn on steadily by cutters,
which reflects an active call for ready-to-wear suits. Leading factors in the primary mark et report a somewhat more
encouraging distribution on spring lines. In men's wear,
light-weight carded-wool goods have continued in active
request and there has been an increased call for woolen
suitings and overcoatings for quick delivery. Demand for
woolen fabrics for spring shows no abatement, satisfactory
orders having been received from wholesale clothiers.
-Further good orders for
FOREIGN DRY GOODS.
imported woolen and worsted fabrics, especially the former,
have been placed for spring and fall.
Importations and Warehouse Withdrawals of Dry Goods.
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133,158,604
3,493,000 13,380,000
Total Oct. 16 1909__25,070,000
2,915,000 13,310.000
Total Oct. 9 1909...22,506,000
CANADIAN GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush.
bush.
bush.
242,000
59,000
1,276,000
Montreal
4,554,000
Fort Wil lam
2,650.000
Port Arthur
1,870,000
Other Canadian
Rye,
bush.
6,000
-----1909
Since
Jan. 1.
1,489
873
160,941
14,031
775
24,024
50
L
12,872
110
32,775
639
1,327
20
11,160
188
42,219
694
16,658
1,809
Week.
14
48
134,582,190
New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toledo
" afloat
Detroit
Chicago
Milwaukee
Duluth..
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
On Lakes
On Canal and River
AMERICAN GRAIN STOCKS.
.Oats,
Corn,
Wheat.
bush.
bush.
bush.
945,000
135,000
1,148,000
9,000
152,000
103,000
39,000
23,000
229,000
535,000
199,000
475,000
220,000
196,000
111,000
45,000
161,000
1,473,000
262,000
1,781,000
405,000
50,000
1,013,000
96,000
193,000
156,000
287,000
4.480,000
908,000
1.455,000
408,000
110,000
293,000
944,000
23,000
6,966,000
1,267.000
47,000
2,412,000
371,000
125.000
1,667,000
435,000
184,000
2,121,000
1,078,000
40,000
14,0410
290,000
126,000
450,000
111,000
-712,000
3,959,000
171,000
329,000
New York to October 16Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
473,244 107,797,705
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports, Oct. 16 1909 was as follows:
American
Canadian
Lxxxix.
THE CHRONICLE
1096
0
s
0
2
0 MA
gi4Vai
40
On
.
ON
THE CHRONICLE
OCT. 23 1009.1
STATI7. ;iND CITY 13F-TIMITIV/ENT,
News Items.
-The
-Park Bonds Declared Invalid.
Cincinnati, Ohio.
State Supreme Court on Oct. 19 declared invalid the $1,000,000 park and boulevard bonds. See V. 88, p. 1451. The
bonds were submitted on May 11 and carried by a large majority, but not by a two-thirds vote. The Court holds that
the issue must be governed by the Longworth Act, which
provides that bonds issued in excess of 1% of the assessed
valuation in any one year, or in excess of 4% in the aggregate,
must be ratified by two-thirds of the voters voting on the
proposition.
-According to
-Bonds Declared Void.
So. Caro.
Florence,
the Charleston "News and Courier" of Oct. 17, the State Supreme Court, in an opinion written by Chief Justice Ira B.
Jones, enjoins the city from issuing the $80,000 water and
sewer bonds voted in May. V. 89, p. 1331. The validity of
the issue was attacked on the ground that the question of issuing bonds for the two purposes named was submitted to
the voters as a single proposition. The Court holds that the
purposes and the amounts to be used for each should have
been voted on as separate propositions.
-Certain notes
-Town Notes Forged.
Framingham, Mass.
recently presented for payment have been pronounced by the
town officials as forgeries. Charles S. Cummings, Edward
A. Mead, Boston brokers, and John B. Lombard, Town
Treasurer, have been arrested in connection with the case.
The former two are held for the Grand Jury on the charge of
larceny of $24,122 from the Franklin Savings Bank of Boston, that sum being paid to them by the institution for $25,000 notes. The Town Treasurer pleaded not guilty to the
charge of forging $50,000 notes and was held in $20,000 bonds
for the Superior Court. The notes in question bear the names
of William H. Walsh and Frank P. Stockwell, members of
the Board of Selectmen, whose terms expired last year, both
of whom have denied their signatures. An examination of
the town accounts failed, it is said, to disclose any trace of
the notes.
-Referee's Report on City's Debt Limit
New York City.
-The Court of Appeals yesSustained by Court of Appeals.
terday handed down its decision in the controversy over the
city's debt limit. According to press dispatches, the prevailing opinion of the Court sustains, with two exceptions,
the findings of General Benjamin F. Tracy, who, acting as
referee in the suits brought to restrain the letting of contracts for the Fourth Avenue Subway, reported the borrowing capacity of the city on July 1 1908 as $106,205,714 66.
These exceptions are,first: the Court holds that there should
be included in the debt the estimated amount for the performance of contracts which are to be paid for by the issue
of city bonds. This amount was estimated at slightly over
$54,000,000 on July 1 1908, but Referee Tracy included in his
report only $2,553,933 92, representing what had been
earned on outstanding contracts up to that date. Second,
special sinking funds held for the redemption of bonds which
are not included in the general indebtedness should not
be deducted from such general indebtedness or be deemed to
diminish it. The method used by the referee in determining
the borrowing capapity of the city was explained in the
"Chronicle," April 10, page 955.
The decision apparently reduces the borowing capacity
of the city on the date in question (July 11908) to somewhere
in the neighbohood of $50,000,000.
-Injunction
St. Francis Levee District, Clay County, Ark.
-We are advised under date of Oct. 19 that the
Dissolved.
injunction granted by Chancellor E. D. Robertson restraining the issuance or delivery of the $325,000 repair and $40,000
refunding 5% coupon bonds to Weil, Roth & Co. or the
Western German Bank, both of Cincinnati (V. 89, p. 490),
has been dissolved. The basis of the injunction was the
contention that the $30,000 allowed the purchasers as commission or brokerage was exorbitant.
Bond Calls and Redemptions.
St. Louis County School District No. 1, Mo.-Bond Call.
Payment will be made on Nov. 1 of bonds Nos. 9 and 10.
They are in denominations of $1,000 each and are dated
May 1 1905.
Thayer School District (P. 0. Thayer), Oregon County,
-This district called for payment on Oct.16
Mo.-Bond Call.
a $500 5% bond numbered 5 and dated Oct. 16 1899.
-InVernon County (P. 0. Neva da), Mo.-Bond Call.
bonds Nos. 6, 7, 8, 9 and
terest ceased on Oct. 15 on 4
10 for $1,000 each. They are dated Aug. 22 1898 and were
Issued Sept. 1 1898.
-The following bonds
Wheeling, W. Va.-Bond Call.
of the loan of 1881 have been drawn for payment Nov. 1
at the Bank of Ohio Valley in Wheeling:
Bonds of *100 each-Nos. 107, 448, 257, 489, 455, 501, 383, 351, 230,
389. 703, 394, 681, 292, 548, 375, 184, 390. 204, 116, 364, 301, 322, 238,
735. 680. 77. 47, 285, 422, 717, 138, 51. 617, 648, 65, 19, 249, 884, 604, 169
and 35. Bond No. 558 for $500 and bonds Nos. 842, 834 and 833 for
*1.000 each.
1097
Bond Proposals and Negotiations this week
xe,ve boon as follows:
-The
Aberdeen, Brown County, So. Dak.-Bond Sale.
Citizens' Trust & Savings Bank of Aberdeen recently purchased $42,000 4% 10-year refunding bonds at par and
accrued interest. Denomination $500. Date Nov. 15 1909.
Interest semi-annual.
-Bond Offering.-ProAckerman, Choctaw County, Miss.
posals will be received until Nov. 2 by J. M. Harris, Town
Clerk, for the $35,0006% coupon water and light bonds voted
(V. 89, p. 945) on Sept. 30.
Authority, Chapter 99, Code of 1906. Denomination $1,000. Date
Nov. 2 1909. Interest semi-annually in Ackerman. Maturity Nov.2 1929.
Certified check for 5% of bid, payable to the City Treasurer, is required.
Bonded debt, not including this issue, $12,500. Assessed valuation, $464,000.
Akron, Ohio.
-Bond Offering.
-Proposals will be received
until 7:30 p. m. Oct. 26 by W. A. Durand, Secretary Sinking
Fund Trustees, for the following bonds, aggregating $53,250:
public-improvement bonds dated May 15 1909. Maturity
$2,000 on May 15 1911 and $1,500 on May 15 1912.
4,400 4% Dodge Avenue paving bonds dated Aug. 1 1909. Maturity
$1,000 yearly on August 1 from 1910 to 1913 inclusive and
$400 on August 1 1914.
24,000 4%% Bowery Street paving bonds dated Aug. 16 1909. Maturity
$5,000 yearly on Aug. 16 from 1910 to 1913 inclusive and
$4,000 on Aug. 16 1914.
4,800 4)i% Grand Avenue paving bonds dated Aug. 16 1909. Maturity
$480 yearly on Aug. 16 from 1910 to 1919 inclusive.
1,800 4% Ladd Street paving bonds dated Aug. 16 1909. Maturity
$360 yearly on Aug. 16 from 1910 to 1914 inclusive.
6,250 45% Kling Street paving bonds dated Aug. 16 1909. Maturity
$1,000 yearly on Aug. 16 from 1910 to 1913 inclusive and
$2,250 on Aug. 16 1914.
1,586 43.6% Stanton Avenue sewer bonds dated Aug. 1 1909. Maturity
$500 on Aug. 1 in each of the years 1910 and 1911 and *586
on Aug. 1 1912.
1,204 4;i% Long Street sewer bonds dated Aug. 1 1909. Maturity $400
on Aug. 1 in each of the years 1910 and 1911 and $404 on
Aug. 11912.
3,000 4;4% Martha Avenue sewer bonds dated Aug. 1 1909. Maturity
$1,000 on Aug. 1 in each of the years 1910, 1911 and 1912.
2,110 Oi% Marcy Street sewer bonds dated Aug. 1 1909. Maturity
$700 on Aug. 1. In each of the years 1910 and 1911 and $710
on Aug. 1 1912.
000 434% Palmer Street sewer bonds dated Aug. 16 1909. Maturity
$200 on Aug. 16 in each of the years 1910, 1911 and 1912.
Interest semi-annual. Bid to be made on each issue separately, on a
blank form furnished by the Sinking Fund Trustees. Certified check on
some bank located In the State of Ohio,for 5% of bonds bid for, is required.
The securities will be delivered within 10 days from the date of sale. These
are not new issues but bonds held by the Sinking Fund as investments.
$3,500 5%
-There is talk of issuing
-Bonds Proposed.
Albany, N. Y.
"about $700,000" public-improvement bonds in the near
future.
-Bonds DeAshe County (P. 0. Jefferson), No. Caro.
feated.
-On Oct. 16 this county, according to Richmond,
Va., papers, defeated a proposition to issue $250,000 railroad-aid bonds.
-This city has made the
Ashland, Ore.
-Bond Sales.
following sales:
$15,000 6% street-paving bonds awarded on Sept. 17 to E. D. Briggs
of Ashland at 101.10. Denomination $500. Date Sept. 1
1909. Maturity "5 or 10 years."
5,000 5% 4-year refunding bonds awarded on Sept'.21 to E. V. Carter,
Cashier of the United States National Bank at par and accrued
interest. Denomination $1,000. Date July 1 1909.
Interest semi-annual.
-Bonds Voted.
Ashtabula, Ashtabula County, Ohio.
An election held Oct. 14 resulted in a vote of 2,916 "for" to
44 "against" a proposition to issue $390,000 bonds. It is
said that the proceeds will be used to straighten the river
so as to make accessible the site chosen for the $1,000,000
plant which the Great Lakes Engineering Co. proposes to
locate at this point.
-Bond Election.
-It is rumored that an
Asotin, Wash.
election will be held in this town within two months to vote
on the question of issuing $35,000 water-system bonds.
Avoca Independent School District (P. 0. Avoca), Jones
-Proposals will be received
-Bond Offering.
County, Tex.
for $10,000 5% 10-40-year (optional) school-house bonds.
J. C. Williams is Secretary of the Board of Trustees.
Bartlesville School District (P. 0. Bartlesville), Washington County, Okla.
-On Oct. 15 the $25,000
-Bond Sale.
5% 20-year coupon bonds described in V. 89, p. 945, were
awarded to John Nuveen & Co. of Chicago at 100.42 and
accrued interest. Following are the bids:
John Nuveen & Co., Chtcago.$25,105 Woodin,McNear&Moore.Ch."125.000
S. A. Kean & Co., Chicago__ 25,025 Farson Son& Co., Chicago .a25,000
Commerce Trust Co
25,024 Well, Roth .66 Co., Cincinnatix25,000
PIP Less $240 for attorney's fees. a less $250, for attorney's fees. x less
$500 for attorney's fees.
All bidders offered accrued Interest in addition to their bids.
-A.B. Leach
-Bond Sale.
Batavia, Genesee County, N.Y.
& Co. of New York City were the successful bidders on Oct. 15
for the $375,000 registered or coupon sewer-system bonds
described in V. 89, p. 869. Maturity $15,000 yearly on
July 1 from 1914 to 1938, inclusive. The price paid was
100.21.
-Bond Sale.
-On Oct.21
Bayonne, Hudson County, N.J.
the $60,500 4M% 20-year school bonds described in V. 89,
p. 1023, were awarded to R. M. Grant & Co. of New York
City at 102.93-a basis of about 4.281%.
-Bond Sale.
-ReBeaumont High School District, Cal.
ports state that an issue of $18,000 bonds has been disposed
of to the Riverside Savings Bank & Trust Co. of Riverside
for $19,649-the price thus being 109.161.
-An
-Bond Election.
Bee County (P. 0. Beeville), Tex.
election will be held Nov. 6 to vote upon the question of
issuing $65,000 4% 10-40-year (optional) court-housebuilding bonds. Interest semi-annual.
1098
THE CURONICLE
Bellevue, Campbell County, Ky.-Bond Election.
-An election will be held Nov.2 to vote on propositions to issue $8,000
Taylor Creek culvert-repair and $37,000 Fairfield Avenue
reconstruction 4% 20-year bonds.
Belpassi School District (P. 0. Modesto), Stanislaus
-We have just been advised that
County, Cal.
-Bond Sale.
an issue of $6,000 5% school-building bonds was awarded
on July 13 to James H. Adams & Co. of San Francisco for
$6,235, the price thus being 103.916.
Denomination $1,000. Date July 13 1909. Interest annual.
$1,000 yearly on July 13 from 1914 to 1919 inclusive.
Maturity
Berkshire County (P. 0. Pittsfield), Mass.
-Note Offering.
-Proposals will be received until 12 m. Nov. 3 by Henry A.
Brewster, County Treasurer, for $35,000 4% coupon notes.
[VoL. Lxxxix.
Camden County (P. 0. Camden), N. J.
-Bonds to Be Offered Shortly.
-Papers state that the County Board of Freeholders has decided to advertise for proposals for $67,000
road-improvement bonds.
Campbell County (P.0. Rustburg), /a.
-Bonds Proposed.
-A proposition to issue $200,000 road bonds is being considered, it is stated, by this county.
Carbondale, Lackawanna County, Pa.
-Bond Offering.
Proposals will be received until 7 p. m. Oct. 26 by H. G.
Likeley, City Clerk, for $13,000 4% coupon re-paving bonds.
Denomination $1,000. Date Nov. 1 1909. Interest semi-annually at
the City Treasurer's office. Maturity 1922. Certified check (or cash)for
$500, payable to the City Clerk, is required.
Cass County (P.0. Walker), Minn.
-On Oct.
-Bond Sale.
5 the $90,000 432% funding bonds described in V. 89, p. 869,
were awarded to the Commercial Investment Co. of Duluth at
par. Maturity $6,000 yearly on Dec. 1 from 1910 to 1924,
inclusive.
Cass Township School District, Ohio.
-On
-Bond Sale.
Sept. 21 an issue of $1,600 5% school-house bonds was awardBerlin School District (P. 0. Berlin), Green Lake County, ed to the Arcadia Bank & Savings Co. of Arcadia, 0. at
Wis.-Bond Sale.
-The $20,000 school-building bonds voted 100.375.
Denomination $800. Date Oct. 1 1909. Interest semi-annual. Maon Sept. 28(V.89, p. 946) have been disposed of to the State. turity $800 on April 1 1910 and $800 on Oct. 1 1910.
Bernalillo County (P. 0. Albuquerque), New Mex.-Bond
Cecil, Paulding County, Ohio.
-The Farmers'
-Bond Sale.
-Proposals will be received until 10 a. m. Oct. 25 Bank of Paulding, offering par, was the successful and only
Offering.
by A. E. Walker, Clerk of the Board of Commissioners, for bidder on Oct. 2 for the $1,250 5% 1-5-year (serial) coupon
$100,000 bridge-building bonds, issued in accordance with sidewalk bonds described in V. 89, p. 869.
an Act of Congress approved February 6 1909.
Chatham Township School District (P.0. Chatham), MorBerrien Springs School District (P. 0. Berrien Springs), ris County, N. J.
-A $4,000 school-building
-Bond Election.
Berrien County, Mich.
-Bond Offering.
-Proposals will be bond election will be held Oct. 26.
received until 7:30 p. m. Oct. 27 for $5,000 coupon school
-On
Cheboygan, Cheboygan County, Mich.
-Bond Sale.
bonds. George Kephart is Secretary of School District.
Sept. 21 an issue of $4,000 VA% refunding bonds was
Bloomington, McLean County, Ill.
-Bond Offering
.- awarded to the Farwell Trust Co. of Chicago.
Denomination $1,000. Date Oct. 1 1909. Interest semi-annual. Maturity
Proposals will be received until 5 p. m.Oct.28 to be opened Oct. 1 1929.
(
10 a. m. on Oct. 29) by Robert Maxton, City Comptroller,
Chelan County School District No. 12, Wash.
-Bond Sale.
for $50,000 4% coupon water-works-improvement bonds.
These bonds represent the first installment of an issue of -On Oct. 16 an issue of $10,000 5% school-building bonds
was awarded to the State of Washington at par. Interest
$150,000.
Authority election held Sept. 14, vote of 1,221 "for" to 826 "against." annual. Maturity 20 years, subject to call after 1 year.
Denomination $1,000. Date Nov. 1 1909. Interest semi-annually at
Cherokee, Alfalfa County, Okla.
-Bond Election.
-Reports
the City Treasurer's office. Maturity 20 years, subject to call after Nov. 1
1919. Certified check for 5% of bid, payable to the Mayor, is required. state that an election will probably be held in this place to
Official notice states that the city has always paid principal and interest vote upon a proposition to
issue $30,000 bonds for the purof all previous issues promptly and has no litigation or controversy pending
or threatened concerning the validity of these bonds, the boundaries of the pose of putting in operation an electric-light plant.
municipality or the titles of the officials to their respective offices.
Chickasha, Grady County, Okla.
-Description of Bonds.
Boerne Independent School District (P. 0. Boerne), The $190,000 water and sewer-extension bonds recently sold
Kimball County, Tex.
-Bond Sale.
-The $15,000 5% 10-40- (V. 89, p. 1023) carry 5% interest, payable semi-annually
year (optional) school bonds registered on Sept. 11 (V. 89, at the Harris Trust & Savings Bank in Chicago. Denominp. 946) have been sold.
ation $1,000. Date Oct. 1 1909. Maturity Oct. 11934.
Boone County (P. 0. Lebanon), Ind.
-Bond Offering.
Christoval Independent School District (P.0. Ohristoval),
Proposals will be received until Nov. 15 for $200,000 33/2% Tom Green County, Tex.
-Bond Offering.
-The San Angelo
court-house bonds. This county has no debt at present.
Bank & Trust Co. of San Angelo, Tex., is offering at private
Boulder, Col.
-Description of Bonds.
-We are informed sale the $7,000 5% coupon 20-year bonds registered by the
that the $5,000 bonds of Improvement District No.4 awarded State Comptroller (V. 89, p. 870) on Sept. 15.
Denomination $500. Date June 1 1909. Interest annually at the State
on Oct. 6 to the National State Bank of Boulder at 100.60
at the First
of Chicago, at option of
and interest (V. 89, p. 1023) carry semi-annual interest at Treasurer's office or is Secretary National Bankof Trustees of the school
of the Board
buyer. James Ford
district.
the rate of 6%.
Denomination $500. Date Oct. 1 1909. Maturity 1921, but subject
Cincinnati-Cheviot, Ohio.
-Election on Annexation.
-At
to call before that time.
the general election Nov. 2 the voters of Cincinnati will be
-Bond Sale.
-On Oct. 18 the $57,500 5% given the opportunity of
Brainerd, Minn.
deciding whether or not.they are in
water-works bonds described in V.89, p. 946, were sold to the favor of having the village of Cheviot annexed to, their city.
Wells & Dickey Co. of Minneapolis for $60,510-the price
Clermont County (P.0. Batavia), Ohio.
-Bond Sale.
-The
thus being 105.234. Maturity part yearly on Nov. 1 from
$23,000 4% coupon road bonds described in V. 89, p. 946,
1919 to 1929, inclusive.
were awarded on Oct. 18 to Breed & Harrison of Cincinnati
Brown County (P. 0. New Ulm), Minn.
-Bond Sale.
- for $23,007 50 and
The $70,000 6-15-year (serial) ditch-construction bonds 100.032. A bid of accrued interest, the price thus being
$23,010, less the
printing bonds,
described in V. 89, p. 946, were sold on Oct. 19 to the Union was also received from Seasongood & cost of of Cincinnati.
Mayer
Investment Co. of Minneapolis at 101.392 for 43.s. . FolMaturity $1,000 yearly on Sept. 1 from 1911 to 1926, inclusive, $2,000
in each of the years 1927 and 1928 and $3,000 in 1929.
lowing are the bids:
-On
College Hill, Hamilton County, Ohio.
-Bond Sale.
Union Invest, Co., Minn_$70,975 00 Woodin, McNear & Moore,
Wells & Dickey Co, Minn.. 70,790 00
Chicago
$71,932 00 Oct. 11 the $2,324 40 6% coupon Woodward Avenue imN. W. Halsey & Co.,Chtc_ 73,594 50 Ulen, Sutherlin & Co., Chi 71,771 00
Central Invest. Co., Fargo 72,875 63 Security Trust Co., St. P_ 71,421 00 provement assessment bonds described in V. 89, p. 946, were
C. E. Denison & Co., Cleve 72,387 50 S. A. Kean & Co., Chicago 71,295 00 awarded to Seasongood & Mayer of Cincinnati for $2,421 10
John Nuveen & Co., Chic_ 72,254 00 First Nat. Bank, Cleve_ _ _ 71,772 00
T. J. Bolger Co., Chicago_ 72,100 00 C. H. Coffin, Chicago_ _ _ 71,011 CO (104.16) and accrued interest. An offer of $2,382 55 was
The first two bids were made for 4 A% bonds, while the remaining ones also received from Well, Roth & Co. of Cincinnati. There
were made for 5s.
were five other bids, but we are informed that they were
Bryan, Brazos County, Tex.
-Bond Offering.-Proposals irregular. Maturity $464 88 yearly on Nov. 1 from 1910
will be received until Oct. 30 by J. T. Maloney, Mayor, for to 1914 inclusive.
$10,000 5% coupon city-hall bonds.
Columbus, Ohio.
-Bond Sale.
-The sixteen issues of 4%
Denomination $500. Date Sept. 1 1909. Interest semi-annually in
Bryan, Austin or In New York City. Maturity 40 years, subject to call bonds, aggregating $515,000, described in V. 89, p. 1023,
after 5 years. Certified check for $1,000, payable to the Mayor, is required. were awarded on Oct. 19 as follows:
Denomination $5 000. Date Nov. 1 1909. Interest semi-annually at
the National Bank of Commerce in Boston or at the Pittsfield National
Bank in Pittsfield, at the option of holder. Maturity on Nov. 1 as
follows: $5,000 in 1911 and $10,000 yearly from 1912 to 1914 inclusive.
The issue is exempt from tax. Certified check on a national bank or
trust company for $500, payable to the County Treasurer, is required.
Notes will be certified as to genuineness by the City Trust Co. of Boston,
who will further certify that the legality of the issue has been approved
by Ropes,Gray & Gorham of Boston.
Bonded debt, including this issue, $70,500.
valuation $1,866,495.
No floating debt.
Assessed
Burlington, N. J'.--Bond. Offering.
-Proposals will be
received until Nov. 2 for $25,0004% 10-30-year water bonds.
Thomas S. Mooney is City Clerk.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Caldwell, Sumner County, Kan.
-Bond Offering.-Further
details are at hand relative to the offering of the $30,000
432% coupon water and light improvement bonds mentioned
• in V. 89, p. 1023. Proposals will be received at any time
by J. R. Swartzel, City Clerk.
Authority Chapter 101, Laws of 1905. Denomination $500. Date
Oct. 1 1909. Interest semi-annually at the State Treasurer's office in
Topeka. Maturity Oct. 1 1929. Bonds are exempt from all taxes.
Certified check for $100, payable to the City Clerk, is required.
Hayden, Miller & Co. of Cleveland: $150,000 High Street viaduct refunding bonds for $150,915; $90,000 grade-crossing bonds for $91,678;
$25,000 engine-house bonds for $25,418 50; $9,000 Linwood Avenue bonds
for $9,036 27; $13,000 Yale Avenue bonds for $13,052 39; $9,000 Main
Street bonds for $9,036 27; $12,000 McAllister Avenue bonds for $12,048 36;
$13,000 Siebert Street bonds for $13,060 19: $11,000 Kimball Place Avenue
bonds for $11,050 93 and $13,000 Mithoff Street bonds for $13,060 19.
Barto, Scott & Co. of Columbus: $14,000 Mohawk Street bonds for
$14,057 50.
The Fifth-Third National Bank of Cincinnati: $11,000 Hawthorne Avenue bonds for $11,067 10 and the $25,000 Central Avenue bonds for $25,196.
The New First National Bank of Columbus: $50,000 public-improvement
No. 18 (city's portion) bonds for $50,211 and the $20,000 Dublin Avenue
bonds for $20,093.
The Ohio National Bank of Columbus: $50,000 public-improvement No.
17 (city's portion) bonds for $50,330 95.
Purchasers to pay accrued interest. These are not new issues but bonds
held by the Sinking Fund as an investment.
-On Oct. 11
Colusa, Colusa County, Cal.
-Bond Sale.
-29-year (serial) water and the $50,000 1-40the $50,000 5
year (serial) sewer 5% gold coupon bonds described in V. 89,
Calexico, Imperial County, Cal.
-Bond Sale.
-The Wm. p. 870, were awarded to the Colusa County Bank of Colusa
R. Staats Co. of Pasadena is reported as having purchased at 102. The following bids, all of which are said to be
$37,500 bonds at 102.74.
"conditional," were also received:
OCT. 23 1909 I
THE CHRONICLE
0. E. Woodside & Co.. Los
Jas. H. Adams & Co., Los
Angeles
1103,3071 Angeles
$101,150
Barroll & Co., Los. Angeles_ 101,110
Cooke County (P. 0. Gainesville), Tex.
-Bonds Voted.
Dispatches state that the $125,000 434% 10-40-year (optional) court-house bonds were favorably voted at the election
V. 89, p. 947) held on Oct. 16.
Continental, Putnam County, Ohio.
-Bond Offering.
Proposals will be received until 12 m. Nov. 6 by R. W.
Kissell, Village Clerk, for $2,000 6% funding bonds.
Authority Section 2701, Revised Statutes. Denomination $500. Date
Oct. 1 1909. Interest annual. Maturity part yearly on Oct. 1 from 1910
to 1914 inclusive. Certified check on a bank in Putnam County for 10%
of bonds bid for, payable to the Village Treasurer, is required. Purchaser
to pay accrued interest.
Corning Union Free School District No.13(P.0. Corning),
Steuben County, N. Y.
-Bond Sale.
-The $4,500 5% school
bonds described in V. 89, p. 738, were awarded on Sept. 18
to Adams & Co. of New York City for $4,961, the price thus
being 110.244. Maturity $2,000 on Sept. 1 in each of the
years 1947 and 1948 and $500 in 1949.
Corpus Christi, Nueces County, Tex.
-On
-Bond Sale.
Oct. 14 the $90,000 5% 10-40-year (optional) coupon waterworks bonds described in V. 89, p. 947, were awarded to
Coffin & Crawford of Chicago for $91,500, the price thus
being 101.666.
Cuba Union Free School District No. 1 (P. 0. Cuba),
Allegany County, N. Y.
-Proposals will be
-Bond Offering.
received until 3 p. m. Oct. 27 by F. C. Saunders, Village
Treasurer for $39,500 coupon (with privilege of registration)
school-building bonds.
Denomination $500. Date Nov. 1 1909. Interest (rate to be named in
bid) payable semi-annually at the National City Bank in New York City.
Maturity on Nov. 1 as follows: $1,500 yearly from 1910 to 1915 inclusive,
$2,000 yearly from 1916 to 1929 inclusive and $2,500 in 1930. Certified
check, cash or bank draft for 2% of bonds, payable to the Village Treasurer,
is required. Total debt, at present, $15,000. Assessed valuation 1909,
$764,050.
Ouster County School District No. 12, Mont.
-Bond Sale.
-The Union Bank & Trust Co. of Helena purchased $1,500
6% 5
-year bonds on Oct. 1 at par. Denomination $500.
Date Oct. 11909. Interest annual.
Cuthbert, Randolph County, Ga.-Bonds Voted.
-The
question of issuing $20,000 water and light-improvement
bonds was favorably voted upon Oct. 12. The vote was
140 to 13.
Dade County (P. 0. Miami), Fla.
-Bond Election.-Reports state that an election will be held Nov. 23 to
vote on the question of issuing $150,000 funding and rockroad bonds.
Dallas County (P.0. Dallas),Tex.
-Bond Sale.
-Wade B.
Leonard of Dallas recently purchased the $600,000 viaduct
the $175,000 bridge and the $100,000 road 4% coupon bonds.
See V. 89, p. 947.
1099
Dickinson School District (P. 0. Dickinson), Stark
County, No, Dak.-Bonds Voted.
-An election held Oct. 16
resulted in favor of a proposition to issue $30,000 4% highschool-building bonds. The vote was 108 "for' to 2
"against." It is expected that these bonds will be purchased by the State of North Dakota.
Dobson Township (P. 0. Dobson), No. Car.
-Bond
Election.
-An election will be held to-day (Oct. 23) to allow
the voters to determine whether or not $35,000 30
-year
railroad-aid bonds shall be issued. Rate of interest not to
exceed 6%.
Dome Independent School District (P. 0. Donie), Freestone County, Tex.
-Bonds Registered.
-The State Comptroller registered an issue of $3,000 5% 5
-20-year (optional)
bonds on October 13.
East Palestine, Columbiana County, Ohio.
-Bond Offer-Proposals will be received until 12 m. Oct. 25 by 0. L.
ing.
Butts, Village Clerk, for a $1,200 6% water-plant-extension
bond.
Authority Ordinance No. 229, passed Sept. 8 1909. Date Oct. 1 1909.
Interest annual. Maturity one year. Purchaser to Pay accrued interest.
Ellis County Road District No. 1, Tex.
-Bond Sale.
The $250,000 5% 10-40-year (optional) road-construction
bonds described in V. 89, p. 796, were sold on Oct. 2 to the
Texas Trust Co. of Houston at 100.02.
Denomination $1,000. Interest Oct. 1. These bonds were registered
by the State Comptroller on Oct. 4.
Exeter, Tulare County, Cal.
-Bonds Voted.
-Reports state
that a proposition to issue $30,000 high-school bonds carried
by a vote of 110 to 7 at a recent election.
Fairbury, Livingston County, Ill.
-Bonds Voted.
-Bond
Offering.
--The election held Oct. 14 (V. 89, p. 948) resulted
in favor of the proposition to issue $2,000 5% sidewalk
bonds. The vote was 187 "for" to 46 "against". Maturity
part in each of the years 1922 and 1923. Proposals for
these bonds will be received until Nov. 3.
Fairview School District No. 13(P.0.Fairview), Dawson
County, Mont.
-Bond Sale.
-A $1,000 6% 10-year schoolbuilding bond was disposed of at par on Oct. 8 to H. B.
Palmer & Co. of Helena. Date Aug. 1 1909. Interest semiannual.
Fayette County (P.O. Connersville),Ind.
-Bond Offering.
-Proposals will be received until Nov. 5 by S. E. Dehaven,
County Treasurer, for the following 4% gravel-road bonds:
$5,605
00 Orange Township bonds. Denomination $280 25. Date June 10
1909. These bonds were offered without success (V. 89, p.678)
on Sept. 8.
2,133 33 Fairview Township bonds. Denomination $106 57. Date Sept. 1
1909.
4,266 67 Posey Township bonds. Denomination $213 33. Date Sept. 1
1909.
Interest semi-annual. Maturity one bond of each issue every six months
from May 1910 to Nov. 1919 inclusive.
Festus, Jefferson County, Mo.-Bonds Voted.
-Of a total
of 204 votes cast at an election held Sept. 25 only 6 were
against the issuance of $8,000 5% 10-20-year (optional)
electric-light-improvement bonds.
Fisher County Common School Districts, Tex.
-Bond
Dayton, Ohio.
-Bond Offering.
-Proposals will be re-Wade B. Leonard of Dallas has purchased the followceived until 12 in. Nov. 15 by Edward Philipps, City Auditor, Sale.
ing 5% coupon school-house bonds, aggregating $11,300,
for the following 5% coupon bonds:
$2,200 storm-water-sewer bond. Date Oct. 1 1909. Maturity Oct. 1910. registered by the State Comptroller on Sept. 17. (V. 89,
4,000 Wayne Ave. improvement bonds. Denomination $1,000. Date p. 871. )
The former issue will be dated Nov. 10 1909, while the latter two issues
will be dated Sept. 10 1909. Interest April 10 at the County Treasurer's
office in Dallas or the State Treasurer's office in Austin or the Chase
National Bank in New York. Denomination $1,000. Maturity 40
years.
subject to call after 10 years.
Oct. 1 1909. Maturity $1,000 in each of the years 1913, 1915,
1917 and 1919.
1,400 Richmond Ave. sewer bond. Date June 1 1909. Maturity June 1
1910. Certified check on a national bank for $70, payable to the
City Auditor, is required.
11,300 Sewer District No. 4 bonds. Denomination
$1,000, except one
bond of $1,300. Date Oct. 1 1909. Maturity
$1,300 on Oct. 1
1910, $1,000 yearly from 1911 to 1918 inclusive and
8,500 general street-improvement bonds. Denomination $2,000 in 1919.
$1,000, except
one bond for $1,500. Date Oct. 1 1909.
Maturity $1,500 on
Oct. 1 1910 and $1,000 yearly from 1911 to 1917
inclusive.
Interest semi-annually in New York City. Purchaser to pay
interest. Certified check on a national bank for 5% of each issue accrued
bid for,
payable to the City Auditor, is required.
Dayton Independent School District (P. 0. Dayton),
Liberty County, Tex.
-Bids Rejected.
-The following bids
both of which were rejected, were received on Oct. 15 for the
$10,000 5% 10-40-year (optional) coupon school-building
bonds described in V. 89, p. 947.
S. A. Kean & Co., Chicago-par, less commission of $250.
J. H. Causey & Co., Denver-Par, less commission of $500.
Bonds will be readvertised.
Denver, Colo.
-East Denver Park District.
-Bonds Proposed.
-There is talk of issuing $2,000,000 improvement
bonds.
Depew, Erie County, N. Y.
-Bond Offering.-Proposals
will be received until 8 p. m. Nov. 1 by Newell McDonald,
Village Clerk, for $25,000 registered sewer-construction
bonds at not exceeding 5% interest.
$1,000 bonds of District No. 4. Assessed valuation for 1908, $100,000.
Real value (estimated) $235,000.
600 bonds of District No. 15. Assessed valuation for 1908, $98,745.
Real value (estimated) $220,000.
800 bonds of District No. 22. Assessed valuation for 1908, 198,000.
Real value (estimated) $240,000.
3,900 bonds of District No. 24. Assessed valuation for 1908, $810,000.
Real value (estimated) $457,000.
1,600 bonds of District No. 29. Assessed valuation for 1908, $70,000.
Actual valuation (estimated) $196,500.
800 bonds of District No. 33. Assessed valuation for 1908, $115,000.
Actual valuation (estimated) $275.000.
1,100 bonds of District No. 41. Assessed valuation for 1908, $80,000.
Actual valuation (estimated) $207,000.
1,500 bonds of District No. 43. Assessed valuation for 1908, $105,000.
Actual valuation (estimated) $207,000.
None of the above districts have any other debt. Denomination $100.
Date Aug. 25 1909. Interest annually on APril 10 at the Consolidated
National Bank in New York City. Maturity Aug. 25 1929, subject to call
after Aug. 25 1919.
Flint, Genesee County, Mich.
-Bond Sale.
-The $49,700
paving and the $33,000 sewer 4% coupon bonds, offered on
Sept. 13 and described in V. 89, p. 678, have been bought
by the Genesee County Savings Bank of Flint at par and
accrued interest.
Fort Worth, Tex.
-Bonds Voted.
-Propositions to issue
the following 20-40-year (optional) bonds at not exceeding
43/2% interest were favorably voted upon at an election held
Oct. 12:
$65,000 bonds for erecting fire-halls. Vote 447 to 38.
135,000 bonds to improve the streets and thoroughfares. Vote 458 to 43.
150,000 bonds to extend the sewer system. Vote 462 to 39.
Authority Chapter 414,Laws of 1897 and Acts
including Chapter 64,Laws of 1909. Denomination amendatory thereof, 275,000 bonds to extend the water system. yote 467 to 34.
$500. Date Nov. 1
25,000 bonds to extend the lighting system. Vote 458 to 42.
1909. Interest semi-annually in New York or in some other city in New
Interest semi-annual. These bonds were voted at the election held
York State. Maturity $1,000 yearly on Nov. 1 from 1910 to 1934 inclusive.
Aug.
Certified check on an incorporated bank or trust company for 2% of bonds same 19 (V. 89, p. 550) but the Attorney-General refused to approve the
on the grounds that the ballots were not properly worded. The
payable to the Board of Trustees, is required.
bid for,
second election was held in order to remedy these defects.
Des Moines, Polk County, Iowa.
-Bonds Delivered.
-The
$350,000 4% city-hall bonds awarded on June 16 to Geo. M.
Bechtel & Co. of Davenport (V. 89, p. 59) were delivered
and paid for on Oct. 15. The price paid was par and $1,925
accrued interest.
Diamond Hill School District (P. 0. Fort Worth), Tarrant
County, Tex.
-Bonds Registered.
-On Oct. 14 the State
Comptroller registered the $20,000 5% 15-40-year (optional)
coupon school bonds sold on Sept. 10 to James H. Causey &
Co. of Denver. V. 89, p. 795.
Galveston County (P. 0. Galveston), Tex.
-Bonds Voted.
-According to reports, this county on Oct. 12 voted to issue
$500,000 good-roads bonds.
Garfield Borough Special School District (P. 0. Garfield),
Bergen County, N. J.
-Bond Sale.
-On Oct. 15 the $54,050
5% coupon school-building bonds described in V. 89, p.
948, were awarded to N. W. Harris & Co. of New York at
103.62 and accrued interest. The other bids were as follows:
N. W. Halsey & Co., N. Y103.278 R. M. Grant & Co., N Y
101.26
Maturity $4,050 on July 1 1915 and $2,000 yearly from 1916 to 1940
inclusive.
1100
-Bond Election
Garvin County (P.0.Pauls Valley), Okla.
-An election which was to have been held to
Rescinded.
vote on the question of issuing $100,000 bridge bonds has
been called off.
-The City Council
-Bonds Proposed.
Gloucester City, N.J.
has passed on its first reading an ordinance providing for the
issuance of funding bonds.
Grand Forks, Grand Forks County, No. Dak.-Warrant
-The City Auditor informs us under date of Oct. 15
Sale.
that the $100,000 ("more or less") 6% coupon paving assessment warrants offered on Oct. 4,and described in V. 89, p.
871, are being disposed of at par to local banks and investors
and to the contractors who are doing the work. Maturity.
$5,000 yearly on Dec. 10 from 1910 to 1929 inclusive.
-Reports state that
-Bond Sale.
Grand Junction, Colo.
on Oct. 13 $42,500 high-school-building bonds were purchased
by James H. Causey & Co. of Denver for $45,000-the price
thus being 105.882.
-Bond Offering.
Grand Ledge, Eaton County, Mich.
Proposals will be received until 6 p. m. Nov. I by F. B.
Whipple, City Clerk, for $50,000 4% coupon bridge building
bonds.
Authority Local Acts 1893. Act 322, Chapter 8, 17, 20 and 22. Denomination $1,000. Date Nov. 10 1909. Interest semi-annually In
New York City. Maturity $5,000 in each of the years, 1913, 1915, 1917,
1919, 1923, 1925, 1927, 1929, 1931 and 1933. Bonds are exempt from all
taxes. Certified check for 5% of bonds bid for, payable to the City Clerk,
is required. Bonded debt, including this issue, $70,000. Floating debt
$4,000. Assessed valuation $1,546,080.
-Bond Offering.Grand Rapids; Kent County, Mich.
Proposals will be received until 4 p. m. Oct. 25 by James
Schriver, City Clerk, for $87,000 street-improvement and
$12,000 sewer-construction 43/% coupon bonds.
Denomination $1,000. Date May 1 1900. Interest semi-annually at
May 1 in
the City Treasurer's office. Maturity one-third of each issue on all taxes.
each of the years 1912, 1913 and 1914. Bonds are exempt from
Certified check for 3% of bonds bid for, payable to the City Treasurer, is
required. Purchaser to pay accrued interest. Official notice states that
the city has never defaulted in the payment of any bond at maturity and
that the legality of a bond issue has never been questioned.
Grand Rapids, Wood County, Wis.-Bids Rejected
Bond Oftering.-All bids received on Oct. 14 for the three
issues of 4% coupon bonds aggregating $65,000, described
in V. 89, p. 871, were rejected. Bids at par and accrued
interest will be received at any time. The city will allow
the purchaser to cost (which must not exceed $300) of
preparing the bonds. They will be delivered $30,000 immediately after awarded, the balance to be taken by the
purchasers, at their pleasure, on or before June 1 1910.
-The
-Bonds Registered.
Greenville, Hunt County, Tex.
$50,000 5% electric-light bonds sold in July to Woodin,
McNear & Moore of Chicago (V. 89, p. 302) were registered
on Oct. 13 by the State Comptroller.
Greensville County (P. 0. Emporia), Va.-Bond Offering.
-Proposals will be received until 12 m. Nov. 15 by W. R.
Cato, agent, care E. Peyton Turner, Clerk Board of Supervisors, for the $80,C00 5% permanent improvement road
bonds. These bonds were offered as 4 2s on Oct. 18.
V.89, p. 1024.
Hagerman,("haves County, N. Mex.-Bond Sale-Reports
state that on Oct.12$25,0006% water bonds voted on Sept. 14
were sold to John Nuveen & Co. of Chicago at 104.
-On Oct. 19
-Bond Sale.
Hamilton, Butler County, Ohio.
the three issues of 4M% improvement bonds, aggregating
$26,093 10, described in V. 89, p. 871, were awarded to the
First National Bank of Cleveland as follows:
$12,037 80 Market Street bonds
12,743 10 Wood Street bonds
1,739 20 Court Street Alley bonds
Maturity one-tenth yearly from 1910 to 1919, inclusive.
by J. E. Lewis, Secretary Board of Directors(P.O.La Junta),
for $650,000 6% irrigation bonds. Interest semi-annual.
Maturity 11 to 20 years.
Jasper County (P. 0. Carthage), Mo.-Bonds Defeated.
An election held Oct. 14 resulted in a vote of 1,469 "for" to
4,466 "against" a proposition to issue $250,000 bonds.
-Bonds Not
Jefferson County (P. 0. Steubenville), Ohio.
-Reports state that, owing to pending litigation,
Awarded.
coupon
no award was made on Oct. 15 of the $35,000 4
Bloomfield and Smithfield Free Turnpike bonds described
in V. 89, p. 948.
-A proposition to issue $50,000
Joplin, Mo.-Bonds Voted.
-20-year (optional) public-sewer bonds carried by a
5% 5
vote of 1,554 to 284 at an election held Oct. 5. They will
be placed on the market about Nov. 1.
-Proposals will be reKenosha, Wis.-Bond Offering.
ceived until 12 m. Nov. 1 by the City Clerk, it is stated, for
$50,000 4% school bonds due part yearly from one to ten
years inclusive.
-Hayden,
-Bond Sale.
Kent, Portage County, Ohio.
Miller & Co. of Cleveland were the successful bidders on
Sept. 28 for the $21,000 5% I-10-year (serial) South Water
Street improvement bonds described in V.89, p. 796. They
paid $21,812 or 103.866-an interest basis of about 4.205%.
-Bond Sale.
Kilmichael, Montgomery County, Miss.
On Oct. 5 the $6,000 6% 5-20-year (optional) coupon schoolbuilding bonds described in V. 89, p. 551, were awarded to
E. A. Lay and J. H. Townsend at 102.
-Bond Sale
Knox County (P. 0. Mt. Vernon), Ohio.
-We are informed that the sale of the $20,000
Postponed.
-6-year (serial) coupon bridge fund bonds, which was
5% 2
to have taken place Sept. 18, was "enjoined by the court."
See V. 89, p. 551, for a description of these bonds.
-On
-Bond Sale.
Lester Prairie, McLeod County, Minn.
Oct. 16 the $4,500 6% water-works bonds described in
V. 89, p. 949, were awarded to J. B. Johnson, a local farmer,
at 106. The bids were as follows:
101.638
101.635
101.636
-Bond Sale.
Hamilton County (P. 0. Chattanooga), Tenn.
-Seasongood & Mayer of Cincinnati are reported as having
purchased at par the $150,000 43% 20-year school bonds
recently declared valid by the State Supreme Court. See
V. 89, p. 1022.
Harper School District (P. 0. Harper), Gillespie County,
-Up to Oct. 17 no award had yet
-Bonds Not Sold.
Tex.
been made of the $1,400 5% 40-year school-house-co mpletion
bonds voted on July 1. See V. 89, p. 302. They are dated
Aug. 1 1909 and have been approved by the State Attorney.
-Bond Sale.
Harrison Township, Allegheny County, Pa.
The $20,000 5% coupon improvement bonds offered on
Oct. 4 (V. 89, p. 872) were awarded on that day to E. S.
Wheeler of Pittsburgh at 105.913-a basis of about 4.381%.
Denomination $500. Date Oct. 1 1909. Interest semi-annual. Maturity $5,000 on Oct. 1 in each of the years 1914, 1919, 1924 and 1929.
-Bids Rejected.
Harris County (P. 0. Houston), Tex.
All bids received for the $500,000 43% 10-40-year (optional)
road and bridge bonds offered on Oct. 11 (V. 89, p. 872)
were rejected.
-Bond Election.
Hemet Union High School District, Cal.
-We see it stated that an election will be held Oct. 30 to
vote on the issuance of 810,000 bonds.
Hendersonville School District No. 22 (P. 0. Henderson-Proposals
-Bond Offering.
ville), Colleton County, So. Car.
will be received until 8:30 p. m. Oct. 25, by G. E. H. Moore,
Secretary Board of Trustees, for $2,500 5% coupon schoolimprovement bonds.
Denomination $100. Interest annual.
check for 5% of bid is required.
Maturity 20 years.
Certified
-Bond
Holbrook Irrigation District, Otero County, Colo.
-Proposals will be received until 10 a. m. Nov. 3
Offering.
[VOL. LXXXIX.
THE CHRONICLE
J. B.Johnson, Lester Pele_$4,770 00
State Bank of Lester Pete_ 4,750 00
F. B. Magraw, St. Paul__ 4,625 00
Minn. L. Fc Tr. Co., Minn__ 4,620 00
Union-Invest. Co., Minn__ 4,607 50
State Bank of Morgan_ _ _$4,570 00
N. W. Halsey & Co., Chic_ 4,505 50
U. M.Stoddard & Co., Mina4,505 00
neapolis
4,505 00
Security Trust Co., St. P
,
6
a For 53 % bonds.
A bid of $4,505 for 5s was also received from U. M. Stoddard & Co.
of Minneapolis. Maturity $500 yearly on May 1 from 1912 to 1920, Inclusive.
-O'Connor & Kahler of New
Lexington, Ky.-Bond Sale.
York City purchased on Oct. 19 $25,000 4%% sewer bonds
at 104.279.
MaDenomination $1,000.
turity Dec. 1 1948.
Date Dec. 1 1908.
Interest semi-annual.
These bonds were awarded last February to the Harris
Trust & Savings Bank of Chicago but were subsequently
refused by them.
-Bond Offering.
Lincoln County (P. 0. Chandler), Okla.
Proposals will be received until 1 p. m. Nov. 8 by Geo. F.
Clark, Chairman Board of County Commissioners, for
$150,000 5% Road Improvement District No. 1 bonds.
Maturity 25 years. Certified check for 5% of bid is required.
J. E. Rea is County Clerk.
Linwood & Auburn Levee District.(P. 0. Dumas), Desha
-This district has disposed of
-Bond Sale.
County, Ark.
$50,000 bonds at par through the Bank of Commerce &
Trust Co. of Memphis.
Livermore Falls Water District (P. 0. Livermore Falls),
-E. H. Rollins &
-Bond Sale.
Androscoggin County, Me.
Sons of Boston were awarded, according to reports, an issue
of $39,000 4% 20-year improvement bonds. Date Feb. 1
1909.
-An issue of
-Bond Sale.
Logan, Hocking County, Ohio.
$10,700 4% paving bonds has been disposed of at par as
follows: $5,700 to the Rempel National Bank of Logan and
$5,000 to the National Bank of Logan.
-Bond Offering.
Logan County(P.0. Bellefontaine), Ohio.
-Further details are at hand relative to the offering on Nov.5
of the $35,000 43% ditch-construction bonds mentioned
in V. 89, p. 949. Proposals will be received until 1 p. m.
on that day by W. S. Jones, County Auditor.
at the
Denomination $500. Data Nov. 5 1909. Interest semi-annually
months
County Treasurer's office. Maturity $3,500 each sixrequired.from July 1
Purchaser
to Jan. 1 1915 inclusive. Cash deposit of $250
1910
states that the county
to pay accrued interest. Official advertisement interest.
has never defaulted in payment of principal or
-Proposals will be re-Bond Offering.
Long Beach, Cal.
ceived until Oct. 29, it is reported, for the $245,000 432%
municipal water-frontage bonds voted on Sept. 3. See
V. 89, p. 679.
-An election will be
-Bond Election.
Los Angeles, Cal.
held Jan. 26 1910, according to local papers, to vote on
propositions to issue $3,000,000 harbor-improvement and
$3,500,000 electric-power bonds.
Los Angeles City School District, Los Angeles County,
-On Oct. 11 the $240,000 4% I-40-year
-Bond Sale.
Cal.
(serial) gold school bonds described in V. 89, p. 872, were
awarded $218,000 to the Southern Trust Co. of Los Angeles
and $22,000 to the State Board of Examiners at Sacramento.
Los Angeles City High School District, Los Angeles
-The $480,000 4% I-40-year
-Bond Sale.
County, Cal.
(serial) gold school bonds described in V. 89, p. 872, were
awarded on Oct. 11 as follows: $352,000 to the Southern
OCT. 23 1909.1
THE CHRONICLE
1101
Denomination $1,000. Date
Authority,
Trust Co. of Los Angeles and $128,000 to the State Board of Nov. 1 1909. election held Oct. 12 1909.the City Trust Co. of Boston.
Interest semi-annually at
Examiners at Sacramento.
Maturity on Nov. 1 as follows: $6,000 yearly from 1910 to 1920 inclusive
Bonds are exempt
-On and $5,000 yearly from 1921 to 1929 inclusive. national bank or from
-Bond Sale.
Loudonville, Ashland County, Ohio.
taxes in Massachusetts. Certified check on a
trust
Sept. 13 the $8,035 70 432% coupon Water Street improve- company for $1,000, payable to the Town Treasurer, is required. Bonds
be certified as
Boston,
the City Trust
V. 89, p. 679, were awarded to the will further certify to genuineness by of the issue hasCo. of approvedwho
ment bonds described in
will
by
that the legality
been
Farmers' Bank of Loudonville for $8,353 18-the price thus Ropes, Gray & Gorham of Boston,a copy of whose opinion will be delivered
basis of about 3.85%. Maturity part each without charge to the purchaser.
being 103.95-a
Mountain View (P. 0. Knoxville), Knox County, Tenn.
six months from March 1 1910 to Sept. 1 1919 inclusive.
-An election will be held Oct. 30 to vote upon
- Bond Election.
-Bond Offering.
Ludlow, Hampden County, Mass.
a proposition to issue $20,000 53'% 30-year street bonds.
Proposals will be received until 4 p. m. Oct. 27 by C. S.
Browning, Town Treasurer, for the $40,000 4% coupon
Mt. Oliver, Allegheny County, Pa.
-Bonds Not Sold.
school-house bonds mentioned in V. 89, p. 949.
There were no bidders on Oct. 18 for the $75,000 4% coupon
Authority election held Oct. 11 1909. Denomination $1,000. Date sanitary sewer bonds described in V. 89, p. 1025.
Jan. 1 1909. Interest semi-annually at the City Trust Co. in Boston. Maturity $2,000 yearly on Jan. 1 from 1910 to 1929, inclusive. Bonds are
Mount Pleasant, Titus County, Tex.
-Bond Election.
exempt from taxes in Massachusetts. They will be certified as to genuineness by the City Trust Co. of Boston, which will further certify that the le- Dallas papers state that an election is to be held in this
Boston.
gality of the issue has been approved by Ropes, Gray & Gorham of
place for the purpose of presenting to the voters a propo-Bond Offering.-Further sition to issue $32,000 school-building bonds.
Luling, Caldwell County, Tex.
details are at hand relative to the offering on Nov. 8 of the
Mt. Vernon, Westchester County, N. Y.
-Bond Sale.
$10,000 5% coupon school-building bonds mentioned in On
Oct. 19 the $40,000 27-30-year (serial) sewerage-loan and
V. 89, p. 1025. Proposals will be received until 2:30 p. m.
the $25,000 20-year highway-repairing 43.% bonds described
on that day by A. E. Holland, City Secretary.
in V. 89, p. 950, were awarded as follows: the former issue
Authority Article 486, Revised Statutes of 1895. Denomination $250.
Date Oct. 1 1009. Interest annually in Austin or Luling. Maturity to Adams & Co. of New York City at 105.94-an interest
Oct. 1 1949, subject to call after Oct. 1 1914. Certified check or cash for basis of about 4.144%-while the Yonkers Savings Bank of
5%, payable to the "City of Luling", is required. Total debt, this issue.
Yonkers purchased the latter issue at 105.78-an interest
Assessed valuation $660,500.
-On Oct.5 basis of about 4.075%. Purchasers to pay accrued interest.
-Bond Sale.
McKinley, Oscoda County,Minn.
the $5,000 6% improvement bonds described in V. 89, p. Among the other bidders were:
$40,000
$25,000
873 were disposed of to F. B. Myers of Biwabik, Minn. Mabonds.
bonds.
Parkinson & Burr, New York
$42,285
$26,133
turity part yearly on Oct. 3 from 1910 to 1914 inclusive.
Spitzer & Co., Toledo
42,212
26,086
-No W. N. Coler & Co., New York
-Bonds Not Sold.
42,059
Madison, Madison County, Fla.
26,025
Dominick & Dominick, New York
42,048
26,042
award has yet been made of the three issues of 6% 5-30-year O'Connor & Kahler, New York
41,908
25,939
(optional) bonds, aggregating $45,000, offered on Sept. 22. A. B. Leach & Co., New York
41,828
25,892
N. W. Halsey & Co., New York
41,516
25,718
V. 89, p. 488.
See
Kountze Bros., New York
---- 68,679 ----Bonds Not Sold
Mankato, Blue Earth County, Minn.
Nashville, Tenn.
-Bonds Voted.
-An election held Oct. 14
Bond Ofiering.-No award was made on Oct. 15 of the resulted in favor of a proposition to issue $500,000 43/2%
$40,000 4% 20-year refunding water bonds described in sewer bonds. The vote was 2,910 "for" to 2,068 "against."
V. 89, p. 949. A bid of par less $1,100 for attorney's fees Maturity Jan. 1 1940.
and other expenses was received from E. H. Rollins & Sons
Nelson, Nuckolls County, Neb.-Bond Sale.
-The $36,000
of Chicago. These bonds are now being re-offered as 4
5% 5-20-year (optional) water-works-erection bonds voted
and proposals for the same will be received until 7:30 p.
on Sept. 3(V.89, p. 873) were offered on Oct. 15 and awarded
Nov. 1.
to N. W. Halsey & Co. of Chicago at par. There were no
Authority, Section 3, Sub-Chapter V of Chapter 47, Special Laws of 1891.
Denomination $1,000. Date Nov. 1 1909. Interest June 1 and Dec. 1 in other bidders. Denomination $1,000. Date Oct. 1 1909.
$1,500 is required.
Chicago. Maturity 20 years. Certified check for
Interest annual.
-Bond Offerings.
-ProMarion, Marion County, Ohio.
Newark Township School District (P. 0. Newark),
posals will be received until 12 in. Nov. 11 by Harry S. Licking County, Ohio.
-Bond Offering.-Proposals will be
Elliott, City Auditor, for $1,350 4% Prospect St. improve- received until 12 m. Oct. 29 by J. B. Courtney, Clerk, for
ment bonds.
$2,300 5% coupon Cherry Valley School improvement
Denomination $450. Date Sept. 1 1909. Interest semi-annual. Ma- bonds.
turity $450 on March 1 1012, $450 Sept. 1 1012 and $450 March 1 1013.
Certified check for $200 is required.
In addition to the above, proposals will also be received
until 1 p. in. Oct. 26 by the Sinking Fund Trustees, S. H.
De Long, Secretary, for $6,000 4% refunding bonds.
Denomination $500. Date Sept. 1 1908. Interest semi-annual. Maturity $2,500 on Sept. 11911, $2,000 on March 1 1912 and $1,500 on Sept. 1
1912. Bonds are tax-exempt. Certified check on a local bank for 2%
of the bonds, made payable to the Secretary Sinking Fund Trustees, is
required. This is not a new issue, but bonds held by the Sinking Fund as
an investment.
-Warrants
Marshall County (P. 0. Guntersville), Ala.
-Warrant Offering.
-No award was made on
Not Sold.
Oct. 14 of the $14,000 5% registered jail-building warrants
described in V. 89, p. 949. Proposals are again asked for
and will be received, this time, until Nov .1.
Massillon School District (P. 0. Massillon), Ohio.
-Boned
-An election will be held Nov. 2 to vote on proElection.
positions to issue $80,000 high-school-building and $20,000
grade-school-building bonds.
-Price Paid for Bonds.
-We are advised
Memphis, Tenn.
that the price paid for the $581,000 6% 1-5-year (serial)
street-improvement assessment bonds awarded on Oct. 5
to the Bank of Commerce & Trust Co. of Memphis was
102.258 and not 100.388 as reported in V. 89, p. 949. Denomination $1,000. Date Aug. 1 1909. Interest semiannual.
-Bond Offering.
Mercer County (P. 0. Celina), Ohio.
Proposals will be received until 10 a. in. Nov. 6 by T. A.
coupon Eichler
Weis, County Auditor, for $22,000 4
road-improvement bonds.
Authority V. 94, p. 06, Laws of 1000. Denomination $500. Date
Dec. 1 1900. Interest semi-annual. Maturity $2,000 yearly on Dec. 1
from 1910 to 1915 Inclusive and $2,500 yearly from 1916 to 1919 inclusive.
A deposit of $100 in money is required.
-Bond Offering.
Middletown, Middlesex County, Conn.
Proposals will be received until 4 p. m. Oct. 26 by James P.
Stow, Town Treasurer, for the $340,000 4% coupon Air
Line refunding bonds mentioned in V. 89, p. 614.
Authority, Act of Legislature approved May 20 1909. Denomination
$1,000. Date June 1 1909. Interest semi-annually at the City Trust Co.
in Boston. Maturity June 1 1929. Bonds are exempt from taxes in Connecticut. Certified check on a national bank or trust company for $1,000,
payable to the Town Treasurer, is required. Bonds will be certified as to
their genuineness by the City Trust Co. of Boston, who will further certify
that the legality of the issue is approved by Ropes, Gray & Gorham of
Boston.
.
Milan County (P. 0. Cameron), Tex.
-Bond Election
-An election which was to have been held Oct. 12
Rescinded.
the question of issuing $40,000 road bonds was
to vote on
called off.
-Bond Ofiering.-ProposMilton, Norfolk County, Mass.
als will be received until 4 p. m. Oct. 25 by J. Porter Holmes,
Town Treasurer, for $111,000 3%% school bonds.
Denomination $1,000, except one bond of $300. Interest semi-annually
at the Township Treasurer's office. Maturity on Oct. 29 as follows: $1,000
in each of the years 1910 and 1911 and $300 in 1912. These bonds were
awarded on Sept. 7, but we are advised that at that time the Board had
not complied with the law and the sale could not be consummated.
New Castle Independent School District (P. 0. New
Castle), Young County, Tex.
-Bond Offering.-Proposals
will be received until 2 p. m. Nov. 15 by the President of
the School Board for $11,000 5% coupon school-building
and equipment bonds.
Authority Chapter 124, Laws 29th Legislature, as amended by the 31st
Legislature. Denomination $1,000. Date Sept. 1 1909. Interest semiannually in Austin or in New York City at holder's option. Maturity 40
years, subject to call after 20 years. Certified check for 2% of amount bid,
payable to the President of the Board, is required. The district has no
debt at present. Assessed valuation 1909, $337,465.
Northampton School District (P. 0. Northampton),
Northampton County, Pa.
-Bonds Not Sold.
-No sale was
made on Oct. 6 of the $70,000 coupon school-building bonds.
The bonds carried 4% interest, not 5% as reported in V.89,
p. 874. We are informed that it has been decided to issue
new 41
4% 30-year bonds dated Dec. 1 1909.
North Attleborough, Bristol County, Mass.
-Bond Sale.
The $122,000 4% coupon sewer bonds offered on Oct. 19
and described in V. 89, p. 1025, were awarded, according to
reports, to N. W. Harris & Co. of New York, at 102.201.
Maturity on Nov. 1 as follows: $9,000 yearly from 1910 to
1919 inclusive and $8,000 yearly from 1920 to 1923 inclusive.
Oakesdale, Whitman County, Wash.
-Bond Offering.
Proposals will be received until Nov. 1 for $11,000 15
-year
water works bonds. Rate of interest to be named in bid.
Authority vote of 107 to 12 at election held Sept. 28.
Olean, Cattaraugus County, N. Y.
-Bond Sale.
-This city
has sold the following bonds:
$25,300 4% 20-year sewer bonds, proposals for which were asked until Sept. 1,
See V. 89. p. 489. •
25,000 5% paving bonds. Maturity part yearly from 1910 to 1924 inclusive.
Interest April and October.
Omaha, Neb.-Bond Election.
-Propositions to issue the
following 20-year bonds at not exceeding 5% interest will
be voted upon Nov. 2: $150,000 for fire engines, $50,000
for parks and $75,000 for a library.
-Price Paid for Bonds.
Ontario, Malheur County, Ore.
The First National Bank of Ontario paid par for the $22,000
5% 10-20-year (optional) bridge building and funding bonds
recently awarded them. See V. 89, p. 950. Denomination
$1,000. Date July 1 1909. Interest semi-annual.
Orchard Mesa Irrigation District (P. 0. Grand Junction),
-Bond Offering.
Mesa County, Colo.
-Proposals will be
received until 2 p. m. Nov. 8 for $175,000 bonds at not
exceeding 6% interest. Bonds will be sold in three lots,
namely: two of $50,000 each and one of $75,000.
1102
THE CHRONICLE
Authority, Act of General Assembly approved May 3 1905. Denomination $500. Certified checks for 1% of each issue are required. No bids
for less than 95% of the face value of the bonds will be considered. Geo.
Smith is Secretary of the Board of Directors.
Palm Beach County (P. 0.WestPalm Beach), Fla.
-Bond
Election Postponed.
-A $200,000 road bond election which
was to have taken place Oct. 19 was postponed until some
time in December. This county was recently formed from
the northern portion of Dade County, assuming 50.3445%
of its indebtedness.
.
Paw Paw Township (P. 0. Paw Paw), Sequovan County,
Okla.
-Bonds Not Sold.
-Up to Oct. 18 no award had yet
been made of the $5,000 6% 10
-25-year (optional) coupon
road-improvement bonds offered on Oct. 1 and described in
V. 89, p. 874.
Pawtucket, R. I.
-Temporary Loan.
-A loan of $250,984 96, due in four months, was negotiated on Oct. 21 with
a local bank at 3Y% discount.
Paxton Township (P. 0. Bainbridge), Ross County, Ohio.
-Bond Sale.
-The $2,500 5% 8-12-year (serial) coupon
town-hall bonds described in V. 89, P. 950, were sold on
Oct. 18 to Seasongood & Mayer of Cincinnati at 105.04 and
accrued interest
-a basis of about 4.373%. A list of the
bidders follows:
seasongood & Mayer, Cinc_$2,626 00 James I. Boulger
$2,586
Rockhold, Brown & Co_ _ _ _ 2,620 50 Head & Spargur
Hayden. Miller & Co., Cleve 2.618 00
2,565
Pensacola, Escambia County, Fla.
-Bids Rejected.
-Bond
Offering.
-All bids received on Sept. 29 for the $100,000
47% gold coupon paving bonds described in V. 89, p. 680,
were rejected. The issue is being re-advertised.
Pine Island, Minn.
-Bond Sale.
-An issue of $3,000 5%
city-hall-building and jail bonds was sold on Oct. 1 to the
Citizens' State Bank of Pine Island and the State Bank of
Pine Island at par.
Denomination $500. Interest annually in April.
yearly on April 15 from 1910 to 1912 inclusive.
Maturity $1,000
[VOL. Lxxxzx
water-main-extension bonds offered on Oct. 5. See V. 89.
p. 874.
-Bonds Voted.
Riverside, Cal.
-Propositions to issue
$110,000 city-hall and $5,000 fire-protection 47% bonds
were authorized by a vote of 552 to 276 at an election held
Oct. 5.
Roanoke, Va.-Bonds Authorized.
-The Common Council
of this city on Oct. 13 voted unanimously in favor of issuing
the following bonds: $100,000 school, $45,000 fire-department, $70,000 sewer, $300,000 public building and $285,000
for streets.
Rockwall County Common School District No. 2, Texas.
-Bonds Registered.
-The State Comptroller registered $25,000 5% 20-40-year (optional) bonds on Oct. 14.
Rosebud County School District No. 16, Mont.
-Bond&
Not Sold.
-No bids were received for an issue of $3,000 6%
bonds, offered on Oct. 7.
Salina, Saline County, Kan.
-Bond Election.
-An election
will be held Nov. 2 to vote upon the question of issuing
$202,749 bonds for the purchase of the water plant.
San Angelo Tom Green County, Tex.
-Bonds Voted.An election held Oct. 12 resulted in favor of a proposition
to issue $15,000 5% fire-station bonds. The vote was 94
"for" to 18 "against." Maturity 40 years, subject to call
after 20 years.
San Bernardino City School District (P. 0. San Bernardino), San Bernardino County, Cal.
-Bond Sale.
-On Oct.
11 the $35,000 5% gold school bonds described in V, 89, P.
874, were awarded to the American Savings Bank of Los
Angeles at 107.517 and accrued interest. Following are
the bids:
American S. Bk., Los An_$37,631 00
Jas.H.AdamsecCo.,LosAn. 37,315 50
State Board of Examiners 37,216 00
Barroll & Co., Los Angeles 37,138 50
N.W.Halsey&Co.,LosAn437,135 00
W.R.Staats&Co.,Los An 37,113 80
C.E.Woodside&Co.,LosAn 36,957 00
San Bernardino County
Say. Bank, San Bern__ 36,505 00
All bidders offered accrued interest in addition to their bids. Maturity
part yearly on Sept. 20 from 1919 to 1928 inclusive.
Pittsburgh, Pa.
-Bond Offering.
-Proposals will be reSan Francisco, Cal.
-Water Bond Election Proposed.
ceived until 3 p. m. Oct. 29 by E. S. Morrow City CompAccording to the San Francisco "Chronicle," at a meeting
the following coupon or registered bonds:
troller, for
of the Water Committee and the Board of Supervisors at
$384,100 43% filtration-system-extension bonds. Date May 1 1908.
Interest semi-annually at the City Treasurer's office. the Mayor's office on Oct. 15,it was decided to hold a bond
Maturity $16,700 yearly on May 1 from 1916 to 1938 election between Dec. 22 and Dec. 31 to vote bonds in conInclusive.
36,500 4% Sandusky St. improvement bonds. Date April 1 1909. nection with the proposed municipal water system. As
Interest semi-annually at the Colonial Trust Co. in, Pitts- stated in V. 87, p. 1494, the voters on Nov. 12 favored a
burgh. Maturity $1,200 yearly on April 1 from 1910 to
1934 inclusive and $1,300 yearly on April 1 from 1935 to municipal water works, the source of supply to be Lake
Eleanor, the Hetchy Hetchy Valley and the waters of the
1939 inclusive.
15,000 4% Ninth St. improvement bonds. Date April 1 1909. In- Tuolumne River in Tuolumne County. The estimate of
terest semi-annually at the Colonial Trust Co. in Pittsburgh. Maturity $400 yearly on April 1 from 1910 to the total cost is placed in the neighborhood of $43,000,000.
1929 inclusive and $700 yearly on April 1 from 1930 to
San Marcos, Hays County, Tex.
-Bonds Registered.
-The
1939 inclusive.
350,000 4% South Side water-Improvement bonds. Date Jan. 1 1909. $25,000 5% high-school-building bonds mentioned in V. 89,
Interest semi-annually at the Pittsburgh Trust Co. Ma- p. 798,
were registered on Oct. 13 by the State Comptroller.
turity $11,600 on Jan. 1 every even year from 1910 to 1928
inclusive, $11,700 on Jan. 1 every odd year from 1911 to
Seagoville Independent School District (P. 0. Seagoville),
1929 inclusive and $11,700 yearly on Jan. 1 from 1930 to
Dallas County, Tex.
-Bond Sale.
-The $8,000 5% 5
-40-year
1939 inclusive.
240,000 4% Latimer Ave. and Negley Run bridge bonds. Date Dec. 1 (optional) brick-school-house bonds registered by the State
1908. Interest semi-annually at the Pittsburgh Trust Co.
Comptroller on July 24 (V. 89, p. 304) have been bought
Maturity $8,000 yearly on Dec. 1 from 1909 to 1938 inclusive.
by Wade B. Leonard of Dallas.
$1,000 if coupon in form and in
Denomination $100 or
denomination to
suit purchaser if registered. Certified check on a national bank for 2% of
bonds bid for, payable to the City Treasurer, is required. With the exception of the filtration bonds, the issues are all exempt from State tax.
All bonds except the South Side water improvement bonds will be certified
as to genuineness by the Columbia Trust Co. of New York. Bids must be
made upon blanks furnished by the Comptroller. Purchaser to pay accrued interest.
Denomination $200. Date June 1 1909. Interest annually on April 10
at the County Treasury in Dallas or the State Treasury in Austin. Bonded
debt, this issue,. Assessed valuation 1908, $252,.550.
Actual valuation
(estimated), $400.000.
Sherburne County (P. 0. Elk River), Minn.
-Bond Sale.
The Bank of Elk River purchased on Oct. 14 the $8,000 5%
2
-9-year (serial) ditch-construction bonds described in V.
89, p. 951. The bonds sold at 100.875 and accrued interest.
Bids were also received from the following: Kane & Co., the
Minnesota Loan & Trust Co. and U. M. Stoddard & Co. all
of Minneapolis, the Security Trust Co. of St: Paul and John
Nuveen & Co. and N. W. Halsey & Co. both of Chicago.
Silvis, Rock Island County, Ill.
-An issue
-Bond Sale.
of $10,000 5% water works bonds was awarded in July to
the Thos. J. Bolger Co. of Chicago at 101.05.
-Moorhead Sub-School District.
Pittsburgh, Pa.
-Bond
Election.
-An election will be held Nov. 2 to vote upon the
question of an increase in indebtedness in the sum of $145,000.
-Bond Election.
-An
Pontiac, Oakland County, Mich.
election will be held Nov. 1 to vote upon the question of
issuing $82,000 47% water-improvement bonds. Maturity
as follows: $2,000 in 1919 and $5,000 from 1920 to 1935
inclusive.
-Bond Sale.
Portland, Ore.
-Of an issue of $160,523 04
Denomination $1,000. Date
1909.
improvement bonds offered on Oct. 11, $2,000 was sold to ber. Maturity part yearly fromAug. 1 to 1919 Interest in June and Decem1910
inclusive.
Joseph Simon, Mayor, at par and accrued interest and
Smith Township (P. 0. Beloit), Mahoning County, Ohio.
$158,523 04 was disposed of to the Lumberman's National -Bond Offering.
-Proposals will be received until 10 a. m.
Bank as follows: $25,000 at 104, $50,000 at 103.90, $50,000 Nov. 15 by R. C. Young, Township Clerk, for $17,000 47%
at 103.80, $25,000 at 103.70 and $8,523 04 at 103.59. Pur- coupon road-improvement bonds.
chasers to pay accrued interest. Following are the bids:
Authority Sections 4686-1 to 4686-25, Garrett Law, Revised Statutes.
$25,000
50,000
I
Lumbermen's National Bank. 50,000
25,000
10.523 04
Joseph Simon, Mayor, $2,000
W. F. White (for all)
Ladd & Tilton, Portland ($100,000)
Security Savings & Trust Co., Portland ($100.000)
United States National Bank,Portland f$50,000
1 25,000
Water Department ($26,000)
H. Teal f$12,000
1. 13,000
A. W. Dotson ($15,000)
A. McMaster ($3,000)
F. Bammoror ($1,000)
E. S. McCoy ($1,000)
All bidders offered accrued interest in addition to their bids.
104
103.90
103.80
103.70
103.59
par
103.25
103.25
102.0625
103.06
102.91
103
102.52
103.076
102.50
103.50
103
101.50
-Bond Sale.
Portsmouth, Scioto County, Ohio.
-On
Oct. 18 the $12,000 4% coupon sewer bonds described in
V. 89, p. 951, were awarded to the Security Savings Bank &
Trust Co. of Portsmouth at par and accrued interest. Maturity $4,000 on Oct. 1 in each of the years 1914, 1915 and
1921.
-Up to Oct. 16 no award
-Bonds Not Sold.
Rayne, La.
had yet been made of the $25,000 5% 22-year school and
Denomination $500. Date Nov. 15 1909. Interest March 15 and Sept. 15
at the Township Treasurer's office in Sebring, 0. Maturity $1,500 yearly
on Sept. 15 from 1912 to 1922 inclusive and $500 Sept. 15 1923. Bonds
are exempt from taxes. Certified check for $500, payable to E. L. Stanley,
Township Treasurer, is required. The township has no debt at present.
Assessed valuation, $1,720,000.
Solano County (P. 0. Fairfield), Cal.
-Bond Offering.
Proposals will be received until 10 a. m. Dec. 6 by G. G.
Halliday, County Clerk and ex-officio Clerk of the Board
of Supervisors for the $250,000 5% court
-house bonds voted
(V. 89, p. 875) on Sept. 18.
Denomination $1.000. Interest annual. Maturity $10,000 yearly from
1910 to 1934 inclusive. Certified check for 2% of bid is required.
Spokane, Wash.
-Bond Offering.
-In addition to the
8500,000 bridge bonds to be offered at 11 a. m. Nov. 22,
proposals will also be received at the same time by the Sinking Fund Commission at the office of Robert Fairley, City
Comptroller, for $500,000 water-extension and funding gold
coupon bonds at not exceeding 47% interest.
Date July 1 1909. Interest semi-annually at the fiscal agency of the
State of Washington in New York City. Maturity 25 years. Certified
check for 2% of bid is required. These bonds were offered as 4s (V. 89, p.
742) on Sept. 15.
THE CHRONICLE
OCT. 23 1909.1
Official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Spottsylvania County (P. 0. Spottsylvania), Va.-Bond
Election.
-According to reports,a $60,000 road bond election
will be held Nov. 2.
-Bond Sale.
Stevens County (P. 0. Colville), Wash.
On Oct. 16 the $200,000 10-20-year (optional) coupon funding bonds described in V. 89, p. 875, were awarded to N. W.
Halsey & Co. of San Francisco at 100.59 and accrued interest for 43s. The following bids were received:
N. W. Halsey & Co., S. F_a$201,180 Woodin, McNear & Moore,
55206,250
Chicago
E. H. Rollins & Sons, Den.. a200,250
5203,500
Geo. H.Tilden & Co., Seat. a200,000 Otis & Hough, Cleveland
5203,025
Union Trust Co., Spokane_ 5206,400 Farson, Son & Co., Chic
S. A. Kean & Co., Chicago_ 6202,200
a For 4;i% bonds; for 5% bonds.
-There is talk
-Bond Election Proposed.
Stockton, Cal.
of holding an election to vote on the question of issuing about
$325,000 bonds.
-Bonds Voted.
Stonewall County (P. 0. Aspermont), Tex.
-This county has voted to issue $50,000 court-house and jail
and $30,000 bridge bonds. Up to Oct. 12, however, no
action had yet been taken looking towards the issuance of
the same.
-Bond Offering PostTahlequah,"Cherokee County, Okla.
-The date for opening bids for the $60,000 waterponed.
works-purchase and the $30,000 sewer-construction 5%
25-year coupon bonds described in V. 89, p.. 742 has been
changed from Oct. 4 to Oct. 29.
Tallahatchie Drainage District (P. 0. Clarksdale), Coa-The -$500,000 6% 10-30-Bond Sale.
homa County, Miss.
year (optional) drainage bonds mentioned in V. 89, p. 951,
were disposed of on Sept. 27 to J. W. Cutrer of Clarksdale at
par and accrued interest. Purchaser to pay cost of preparing, engraving and delivering bonds. Denomination
$1,000. Date July 1 1909. Interest semi-annual.
Tarboro School District (P. 0. Tarboro), Edgecombe
-Bond Sale.
-On Sept. 27 C. E. Denison
County, No. Caro.
& Co. of Cleveland purchased $35,000 5% 30-year school
-a basis of about
bonds at 102.61 and accrued interest
4.835%.
NEW LOANS.
1103
Denomination $1,000. Date Oct. 1 1909. Interest semi-annual. These
bonds were offered without success as 45s (V. 89, p. 491) on Aug. 16.
Taylor County Common School District No. 39, Tex.
Bonds Registered.
-On Oct. 13 the State Comptroller registered an issue of $10,000 5% 20-40-year (optional) bonds.
Toledo, Ohio.
-Ordinances author-Bonds Authorized.
izing the issuance of the following 5% coupon assessment
bonds were passed on Oct. 11:
$5,910 17 Harrison St. No. 1 paving bonds. Denomination $600, except
one bond of $510 17. Date Oct. 16 1908. Maturity $510 17 on
March 16 1910 and $600 each six months from Oct. 16 1910 to
Oct. 16 1914 inclusive.
1,431 20 Huron St. No. 2 re-paving bonds. Denomination $150, except
one bond of $81 20. Date Nov. 3 1909. Maturity $81 20 on
March 3 1910 and $150 each six months from Oct. 3 1910 to
Oct. 3 1914 inclusive.
1,192 77 Orange St. No. 5 paving bonds. Denomination $125, except
one bond of $67 77. Date Oct. 21 1909. Maturity $67 77 on
March 21 1910 and $125 each six months from Oct. 21 1910 to
Oct. 21 1914 inclusive.
10,946 60 Robi ,wood Ave. No. 7 paving bonds. Denomination $1,105,
except one bond of $1 ,001 60. Date Oct. 15 1909. Maturity
$1,001 60 on March 15 1910 and $1,105 each six months from
Oct. 15 1910 to Oct. 15 1914 inclusive.
Interest semi-annually at the Northern National Bank of Toledo.
Bond Offering.
-The City Auditor will shortly advertise
for sale the $300,000 4% Cherry Street bridge bonds described
in V. 89, p. 952. It is expected that bids will be received
until Dec. 1.
Toppenish, Wash.
-Bonds Voted.
-Bonds to the amount
of $24,000 to install a water system were authorized by a
vote of 38 to 18, it is stated, at an election held recently.
Tripp, Hutchinson County, S. D.
-Bond Sale.
-The $10,000 5% 20-year coupon water-works bonds offered on Sept. 16
and described in V. 89, p. 681, have been purchased at par
by P. J. Hofer for the State Permanent School Fund. Purchasers to furnish blank bonds.
Union County (P. 0. Marysville), Ohio.
-Bond Sale.
On Oct. 16 an issue of $40,000 5% road bonds was awarded
-the price
the First National Bank of Cleveland for $41,343
thus being 103.357. Denomination $500. Date Oct. 1 1909.
Interest semi-annual.
-Proposals were asked for
Utica, N. Y.
-Bond Offering.
until 12 m. Oct. 26 by Fred. G. Reusswig, City Comptroller,
for the following 41 2% registered improvement bonds mention of which was made in V. 89, p. 952:
NEW LOANS.
NEW LOANS
$500,000
$500,000
$25,000
CITY OF BURLINGTON, N.J. CITY OF SPOKANE CITY OF SPOKANE
WATER BONDS
25-Year
Bridge Construction & Repair Bonds
The City of Burlington, New Jersey, invites
proposals for $25,000 in 4% Water Bonds, 10-30
Sealed proposals will be received by the Sinking
years, with Sinking Fund provision. Opened on Fund Commission of the City of Spokane, WashNovember Second, 1909. Particulars furnished ington, at the office of the City Comptroller, of
on application to
said city, up to 11 O'clock A. M. of the 22d Day
THOMAS S. MOONEY,
of November, 1909, for the purchase of all or any
City Clerk.
portion of a $500,000 bond issue of said city.
Said bonds are issued by the said city to pay
for the construction and repair of bridges across
the Spokane River, and bear date of July 1, 1909,
and payable 25 years after said date, and draw
interest at a rate not to exceed 43i% annually,
payable semi-annually at the fiscal agency of the
State of Washington in New York City.
Said Commission reserves the right to reject
any and all bids, and each offer must be accomt
Members New York Stock Exchange
panted by a certified check for 2% of the amounof the bid, and must be for at least par and
accrued interest.
ROBERT FAIRLEY,
City Comptroller
HUNT, SALTONSTALL & CO.,
Investment Securities
60 STATE STREET
BOSTON
PERRY, COFFIN & BURR
1`0311,1Z,1
-4
25-YEAR
WATER EXTENSION BONDS
JOHN H. WATKINS
MUNICIPAL
- sz co.
r
BANKERS
Municipal and Seasoned
Corporation Bonds
AND
Investment Bonds
RAILROAD BONDS
60 State Street, Boston
No. 2 WALL STREET, NEW YORK
FREE OF TAX
PHILADELPHIA. PA.
421 CHESTNUT ST..
Blodget, Merritt & Co.
BANKERS
WEBB & CO.,
INVESTMENT SECURITIES
McCOY & COMPAN1
Formerly MacDonald, McCoy
63 Co.
Municipal and
Corporation Bonds
74 BROADWAY, NEW YORK
181 La Salle Street, - Chicago
CANADIAN
MUNICIPAL AND RAILROAD
60 STATE STREET, RoST0N
30 PINE STREET, NEW YORK
STATE. CITY it RAILROAD BONDS
MUNICIPAL {
4%
RAILROAD
to
CORPORATION 6%
BONDS
Selected for Conservative Investors,
MUNICIPAL BONDS
BONDS.
LIST ON APPLICATION
MAYER
W. A. MACKENZIE & CO., SEASONGOOD &Building
Mercantile Library
TORONTO. CANADA
•
Sealed proposals will be received by the Sinking
Fund Commission of the City of Spokane. Washington, at the office of the City Comptroller of
said city, up to 11 o'clock a. m. of the 22nd day of
November, 1909, for the purchase of all or any
portion of a $500,000 bond issue of said city.
Said bonds are issued by said city for the purpose of paying off outstanding warrants issued
against the Water Extension Fund and constructing a force main to be used in the general water
system, and bear date of July 1, 1909, payable
25 years after said date, and bear interest at a.
rate not to exceed 43i% annually, payable semiannually at the fiscal agency of the State of Washington in New York City.
Said Commission reserves the right to reject any
and all bids, and each offer must be accompanied
with a certified check for 2% of the amount of
the bid, and must be for at least par and accrued
interest.
ROBERT FAIRLEY,
City Comptroller.
CINCINNATI
Lists Mailed Upon Application.
Lawrence Barnum & Co.
BANKERS.
27-29 PINE STREET. NEW YORE
Philadelphia
Washington
Pittsburgh
1104
[VOL. Lxxxix.
THE CHRONICLE
$20,000 Miller St. school-enlargement bonds.
Denomination $1,000.
Date Aug. 1 1909. Interest semi-annual. Maturity $1,000 yearly
from 1910 to 1929 inclusive.
80,000 Second Ward school-building bonds. Denomination $4,000 or
smaller to suit buyer. Date Sept. 1 1909. Interest semi-annual.
Maturity $4,000 yearly from 1910 to 1929 inclusive.
18,000 storm-sewer -construction bonds. Denomination $1,000.
Date
Sept. 1 1909. Interest semi-annual. Maturity $1,000 yearly
from 1912 to 1929 inclusive.
Bid to be made on each issue separately and be accompanied by a certified
check for 1% of bonds bid for, made payable to the City Treasurer. Bonds
will be certified as to genuineness by the Columbia Trust Co. in New York.
Purchaser to pay accrued interest. Bla k forms for bids furnished by city.
0.
Wilkes-Barre School District (P.
Wilkes-Barre), Luzern° County, Pa.—Bond Sale.—N. W. Harris & Co. of
New York City have purchased $500,000 43% coupon
school bonds at 102.761 and interest.
Denomination $1,000. Date Nov. 1 1909. Interest semi-annual. Maturity part yearly from 1913 to 1936, inclusive. These bonds were offered
without success as 48 on Sept. 27.
0.
Wilkinson County (P.
Woodville), Miss.—Bond Sale.—
The First National Bank of Natchez purchased $4,500 5%
Vernon (P.
Rockville), Tolland County, Conn.—Bonds 5-20-year (optional) bridge and refunding bonds on Oct. 4
Authorized.—Bonds amounting to $60,000 were authorized, at par.
Denomination $500. Date Oct. 1 1909. Interest semi-annual.
it is stated, by this town on Oct. 18. The bonds will bear
4% interest and be dated July 1 1910, maturing in 15 years.
Winchester, Ky.—Bond Election.—Reports state that the
Wadsworth, Medina County, Ohio.—Bond Sale.—On question of issuing $40,000 city-building and $65,000 sewer
Oct. 14 the six issues of 5% coupon sanitary district sewer- bonds will be voted upon at the November election.
construction bonds aggregating $26,770 described in V. 89,
Winchester, Frederick County, Va.—Bond Sale.—This
p. 875, were sold to Hayden, Miller & Co. of Cleveland for city has sold
$50,000 4% coupon sewerage-system bonds
$27,117—the price thus being 101.296. Maturity part of proposals for which were asked until June 23. See V. 88,
each issue yearly on Sept. 1 from 1910 to 1914 inclusive.
p. 1460.
Warrenton), Ga.—Bonds Defeated.
Warren County (P.
Winston-Salem), No. Caro.—Bond Sale.—
Winston (P.
—On Oct. 12 the voters of this county defeated a proposition We are informed that the 4M% 30-year railroad-aid reto issue $20,000 court-house bonds.
funding bonds voted on Oct. 12 (V. 89, p. 1027) were sold
Wellsville Union Free School District No. 1 (P.
Wells- on the same day to a local firm. The vote was 264 to 5.
ville), Allegany County, N. Y.—Bond Offering.—Proposals The bonds are dated Nov. 15 1909. The amount of the issue
will be received until 7 p. m. Nov. 1 for $18,600 5% build- is given as $40,000 instead of $140,000 as first reported.
ing bonds.
Winthrop, Suffolk County, Mass.—Bond Sale.—The
Authority. Chapter 16, Educational Law. Denominations: 3 bonds of $40,000 4% coupon municipal bonds described in V. 89, p,
$1,200 each and 15 bonds of $1,000 each. Date Dec. 1 1909. Interest
annually at the Citizens' National Bank of Wellsville in New York ex- 952, were sold on Oct. 15 to N. W. Harris & Co. of Boston
change. Maturity on Dec. 1 as follows: $1,200 yearly from 1910 to 1912 at 101.64 and accrued interest. The other bidders were:
inclusive and $1,000 yearly from 1913 to 1927 inclusive. Certified check
for 10% of bid, payable to Geo. E. Brown, Clerk, is required. Bonded Estabrook & Co., Boston___101.57 I Blodget, Merritt & Co., Bos_101.317
0.
the
0.
0.
0.
debt at present, $7,000.
Assessed valuation, $1,750,920.
White Plains, Westchester County, N. Y.—Bond Sale.—
On Oct. 20 the $25,000 fire-department bonds described in
V. 89, p. 952, were awarded to Geo. M. Hahn of New York
City at 100.17 for 432s.
Wilbarger County Common School District, Tex.—Description of Bonds.—The $12,500 5% 5-20-year (optional)
school-house bonds registered by the State Comptroller on
July 29 (V. 89, p. 367) are dated May 18 1909. Interest
annually on April 10.
INVESTMENTS.
R. L. Day & Co., 13oston____101.559 E. H. Rollins & Sons, Bos___101.177
Kountze Bros., New York_ _ _101.480 Crocker & Fisher, Boston_ -_101.0333
Maturity part yearly on Oct. 1 from 1 910 to 1919 inclusive.
Wise County Common School District No. 23, Tex.—
Bonds Registered.—An issue of $2,000 5% 10-year bonds
was registered on Oct. 14 by the State Comptroller.
Woodward School District No. 1 (P.
Woodward),
Woodward County, Okla.—Bond Sale.—On Oct. 5 the $70.000 5% 25-year coupon school bonds described in V. 89, p.
876,were awarded to the Grey Realty Co. of Woodward at
100.27.
0.
ACCOUNTANTS.
MISCELLANEOUS.
P. J. GOODHART & CO.,
Bankers
T. W. STEPHENS & CO
. NEW YORK
57 BROADWAY
Telephone 2240 Rector
320 Walnut Sc., Cincinnati
Arthur Young & Co.
Bank and Trust Co. Stocks
Investment Bonds
Certified Public Accountants
WE OWN AND OFFER
(ILLIN(IS)
MUNICIPAL BONDS
New York, 30 Pine Street
Milwaukee. 033 ‘v ells Bldg
Chicago, 1315 Monadnock Block
Kansas City, 1106 Commerce Bldg.
Tax Exempt Anywhere In the United States
Write for Particulars
2 WALL STREET, NEW YORK,
DIEN SUTHERLIN & 00.
617 First Nat. Bank Bldg,CHICAGO.ILL. Charles M. Smith & Co.
ESTABLISB ED 1885
CORPORATION AND
LYBRAND
H. C. Speer & Sons Co.
ROSS BROS &
MUNICIPAL BONDS
First Nat. Bank Bldg.,Chicago FIRST
MONTCOMERY
NATIONAL BANK BUILDING Certified Public Accountants
CITY, COUNTY
CHICAGO
AND SCHOOL BONDS
(Pennsylvania)
Land Title Building
PHILADELPHIA.
Adrian H. Muller & Son,
City Investing Bldg., 165 Broadway
NEW YORK,
C. B. VAN NOSTRAND
Union Hank Building
AUCTIONEERS.
PITTSBURGH,
Regular Weekly Sales
30 WALL STREET
STOCKS and BONDS
INDUSTRIALS
JAMES PARK & CO.
CERTIFIED PUBLIC ACCOUNTANTS
New York,Chicago, Cincinnati and
EVERY WEDNESDAY,
London, England.
Office, No. 55 WILLIAM STREET,
Corner eine street.
1559
1909
The United States Life
Insurance Co.
BLACKSTAFF & CO.
IN.ITHE CITY OP NEW YORK
INVESTMENTS
Issues Guaranteed Contracts.
1332 Walnut Street
PHILADELPHIA
JOHN P. MUNN, M.D., President
4-1
LIST OF SPECIALTIES ON REOUEsT
Bank and Trust Company Stocks
NEW YORK AND BROOKLYN
BOUGHT AND SOLD
•
CLINTON GILBERT,
2 WALL, ST., NEW YORK.
Finance Committee
Leather
:AMES R. PLUM
CLARENCE H.K ELSEY.Pres.TItle (In. & Tr. Go.
Wit. H. PORTER. Pros. Chemin National flank
Good men, whether experienced in life insurance
or not, may make direct contracts with this Corn.
PanY. for•limited territory if desired, and scours
for themselves, in addition to first year's commielion. a renewal interest Insuring an income for the
future. Address the Company at its Horne otnoe;
No 177 Broadway, New York City.
AUDITORS FOR FINANCIAL INSTITUTIONS, INDUSTRIAL AND
MINING CONIPANIES
Investigations, Financial StatfInenta,
Periodical Audits and Acoountine.
ALFRED ROSE & CO.,
CERTIFIED PUBLIC ACCOUNTANTS
56 Pine Street, - NEW YORK
Telephone 4261 John.
LOOMIS, CONANT & CO.
CERTIFIED PUBLIC ACCOUNTANTS
30 Broad Street, New York
Tel. 4958 Broad.
OCT. 23 _909. 1
THE CHRONICLE
1105
Canada,its Provinces and Municipalities.
part yearly for 20 years.
Blind River, Ont.-Debenture Offering.
-Proposals will
be received by John Muncaster, Municipal Clerk, for $12,000
5% debentures. Maturity part yearly for 20 years. T. E.
Williams (P. 0. Thessalon, Ont.) is Town Solicitor.
Fort William, Ont.-Debenture Offering.
-Proposals will
be received until 2 p. m. Oct. 30 by Wm. Phillips, City
Treasurer, for the following 4% debentures:
Nelson, B. C.
-An issue of $10,000 5%
-Debenture Sale.
local-improvement debentures was recently disposed of to
the Dominion Securities Corporation, Ltd., of Toronto.
Maturity part yearly for 10 years.
St. Boniface, Man.
-Bids.
-The following bids were received Sept. 24 for the $100,000 5% 20-year coupon bridge
debentures awarded, as stated in V. 89, p. 954, to W. A.
MacKenzie & Co. of Toronto.
$13,500 electric-street-car debentures. Maturity 15 years.
6,000 high-school debentures. Maturity 30 years.
32,000 telephone debentures. Maturity 15 years.
4,000 Central Fire Hall improvement debentures. Maturity 20 years.
66,000 water-works debentures. Maturity 30 years.
73,000 public school debentures. Maturity 30 years.
100,000 Grand Trunk Pacific debentures. Maturity 30 years.
Interest Feb. 1 and Aug. 1, on the street car and Grand Trunk Pacific
issues at City Treasurer's office, on other debentures at the City Treasurer's
office or at the Bank of Montreal in Montreal, Toronto, or in London.
Bids must be made upon forms furnished by the city. Purchaser to pay
accrued interest.
Guelph, Ont.-Debenture Sale.
-The Ontario Securities
Co. of Toronto was the successful bidder on Oct. 11 for the
following debentures described in V. 89, p. 953:
$20,000 434% sewerage debentures. Maturity 20 years.
10,000 434% Winter Fair Building debentures. Maturity 20 years.
25,000434% public-school debentures. Maturity 30 years.
Hamiota, Man.
-Debenture 011ering.-Proposals will be
received until 8 p. m. Nov. 5 by Jos. Andrew, SecretaryTreasurer, for $13,000 4% telephone debentures. Interest
semi-annual. Maturity July 1 1928.
Hochelaga School District (P. 0. Hochelaga), Que.Debentures Not Sold.
-No award was made on Oct. 12 of the
$55,000 41
4% coupon school-building debentures described
in V. 89, p. 953. The following bids were received:
Hanson Bros.. Montreal
J. F. Lacasse
98.511R Wilson Smith
96.75
97
G. A. Stimson & Co., Toronto_96.629
Kingston, Ont.-Debenture Sale.
-On Oct. 8 the $33,400
4% local-improvement debentures described in V. 89, p. 953,
were awarded to Wood, Gundy & Co. of Toronto.
Nanaimo, B. C.
-Debentures Voted.
-This place has voted
to issue $30,000 water-works and $6,000 bridge debentures.
Nanton, Alta.
-Debenture Offering.
-Proposals will be
received until Nov. 1 for $16,000 5% debentures. Maturity
Wm. Robertson is Secretary-
Ireasurer.
W.A.MacKenzie & Co., Tor_$104,0781Dominion Sec. Corp., Tor_ 4101.860
Aemilius Jarvis & Co., Tor_ 103,0001G. A. Stimson de Co., Tor__ 101,600
E. T. Bartlett
102,61010ntario Securities Co., Tor_ 101,301
Wood, Gundy & Co., Tor
102,1001
St. Lambert, Que.-Debentures Authorized.
-Reports state
that a by-law was recently passed providing for the issuance
of $7,000 50-year debentures. Interest at a rate not to exceed 5%, payable semi-annually.
Saskatoon, Sask.-Debenture Sale.
-Wood, Gundy & Co.
of Toronto recently bought $68,250 5% 30-year debentures.
South Vancouver, B. C.
-Debenture Offering.-Proposals
will be received until 12 m. to-day (Oct. 23) by G. H. Pea,ke
(P .0. Hillcrest) for the $225,000 5% 50-year water-works
debentures mentioned in V. 89, p. 1028.
Starbuck School District No. 1150, Man.
-Debenture
Election.
-If the reports in local papers are correct, an election is being held to-day (Oct. 23) to ascertain whether or
not the voters are in favor of issuing $12,000 53.1% 20-year
debentures.
Strathcona, Alberta.
--Debenture Offering.
-Proposals will
be received until 12 m. Nov. 1 by Raymond R. Houghton,
Secretary-Treasurer, for $15,000 telephone debentures. The
issue is guaranteed by the Provincial Government,
Swift Current, Sask.-Debenture Offering.
-Proposals
will be received for $10,000 6% 10-year debentures. G. W.
Bilbrough is Town Clerk.
Unity, Sask.-Debenture Sale.
-The $8,000 532% fire and
local-improvement debentures offered on Sept. 20 (V. 89,
p. 744) have been sold to Brent, Noxon & Co. of Toronto.
Maturity part year y for 15 years.
.••••••,".
MISCELLANEOUS.
MISCELLANEOUS.
OFFICE OF THE
ATLANTIC MUTUAL INSURANCE COMPANY. A. B. Leach & Co..
New York, January 21st, 1909.
The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs
on the 31st of December, 1908.
Premiums on Marine Risks from 1st January, 1908. to 31st December, 1908
$3,307,807 24
Premiums on Policies not marked off 1st January, 1908
743,389 01
Total Marine Premiums
$4,051,196 25
Premiums marked off from 1st January, 1908, to 31st December, 1908
BANKERS,
149 Broadway, NEW YORK
$3,333,483 55
$307,823 39
142,032 22
Interest received during the year
Rent less Taxes and Expenses
$449,855 61
Losses paid during the year which were estimated in 1907
$420,655 46
and previous years
1,274,822 22 $1,695,477 68
Losses occurred, estimated and paid In 1908
Less Salvages
Re-Insurances
$279,988 33
199,555 37
$51,930 45
JOHN MOODY
INVESTMENT ANALYST
LIABILITIES.
Estimated Losses and Losses Unsettled
$2,310,433 00
Premiums on Unterminated Risks_
717,712 70
Certificates of Profits and Interest
Unpaid
260,822 35
Return Premiums Unpaid
121,473 60
Certificates of Profits Ordered Redeemed, Withheld for Unpaid
Premiums
22,339 35
Certificates of Profits Outstanding
Premium notes and Bills Receivable 1,377,905 06
7,363,410 00
Real Estate Reserve Fund
Cash In the hands of European
270,000 00
Bankers to pay losses under poli399,031 95
cies payable In foreign countries_
420,050 18
Cash in Bank
$12,824,105 23
Aggregating
$11,066,191 05
A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the second of February next.
The outstanding certificates of the issue of 1903 will be redeemed and paid to the holders thereof,
or their legal representatives, on and after Tuesday the second of February next,from which date al/
Interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent Is declared on the net earned premiums of the Company for the yeas
ending 31st December, 1908, for which, upon application, certificates will be issued on and aftei
Tuesday the fourth of May next.
By order of the Board,
G. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
GUSTAV AMSINCK,
HERBERT L. GRIGGS,
NICHOLAS F. PALMER.
FRANCIS M. BACON,
CLEMENT A. GRISCOM,
HENRY PARISH,
JOHN N. BEACH,
ANSON W. HARD,
DALLAS B. PRATT,
WILLIAM B. 13OULTON,
LEWIS CASS LEDYARD,
GEORGE W. QUINTARD.
VERNON II. BROWN,
FRANCIS H. LEGGETT,
A. A. RAVEN,
WALDRON P. BROWN,
CHARLES D. LEVERICII,
JOHN L. BIKER,
LEANDF.R N. LOVELL,
JOHN CLAFLIN,
DOUGLAS ROBINSON,
GEORGE C. CLARK,
GUSTAV H. SCHWAB,
GEORGE H. MACY,
CLEVELAND H. DODGE,
CHARLES H. MARSHALL,
WILLIAM SI.OANE,
CORNELIUS ELDERT,
W. II. H. MOORE,
ISAAC STERN,_
RICHARD H. EWART
WILLIAM A. STREET,
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
SANFORD E. COBB, 2d Vice-President.
CHARLES E. FAY, ad Vice-President.
JOHN H. JONES STEWART, 418 Vice-President.
421 Chestnut St., PHILADELPHIA
$344,266 85
ASSETS.
United States & State of New York
Stock, City, Bank and other Se$5,442,792 00
curitles
Special deposits in Banks &TrustCos. 800,000 00
Real Estate cor. Wall & WIlliamSts.,
& Exchange Place44,299,426 04
Other Real Estate &
claims due the company
75,000 00 4,374,426 04
Aggregating
28 State St., BOSTON
479,543 70
$1,215,933 98
Returns of Premiums
Expenses, Including officers' salaries and clerks' compensation, stationery,
newspapers, advertisements, etc
140 Dearborn St., CHICAGO
Expert Analyses, Examinations
and Reports on Railroads and
other Corporations for Bankers,
Brokers, Financial Institutions
and Private Investors.
Inquiries Invited
35 Nassau Street
New York
Telephone, 1299 Cortlandt
ghe Government Agg.ountant
P. 0. BOX 27, MAIN OFFICE
WASHINGTON, D. C.
OFFICIAL ORGAN OF THE ASSOCIATION OF
AMERICAN GOVERNMENT ACCOUNTANTS.
A MONTHLY MAGAZINE OF INTEREST TO
ACCOUNTING AND FINANCIAL OFFICERS
OF MUNICIPAL/TIES, BANKS. RAILWAYS
AND OTHER PUBLIC SERVICE CORPOATIONS.
TO BE FOUND IN ALL LEADING CERTIFIED
PUBLIC ACCOUNTANTS' OFFICES.
Sam ple7.
.opy 15 cents. Per Annum $1.60
1
R. T. Wilson & CO.
Bankers & Commission Merchants
WALL STREET
NEW YORE
[VOL. Lxxxrx.
THE CHRONICLE
1106
n5t TOmpanies.
WritSt TOUWanteS.
Union Trust Company
Meg Stain TIM Compaq of low tut
OF NEW YORK
CHARTERED 1864
Chartered 1353
45 and 47 Wall street.
.
CAPITAL,
SURPLUS AN) UNDIVIDED PROFITS,
$2,000 000.00
$13,510,605 04
This Company acts as Executor, Administrator, Guardian, Trustee, Court Depositary and In
other recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or personal, for ef tates,
corporations and individuals.
EDWARD W. SHELDON, President.
WILLIAM M. KINGSLEY, V.-Pres. HENRY E. AHERN, Secretary.
WILFRED J. WORCESTER, Asst. Sec. CHARLES A. EDWARDS,2d Asst.5ec.
TRUSTEES.
JOHN A. STEWART, Chairman of the Board.
John Clatlin,
William D. Sloane,
John J. Phelps,
Gustav H. Schwab,
John S. Kennedy,
Frank Lyman,
D. 0. Mills,
George F. Vitor,
James Stillman,
Lewis Cass Ledyard,
W. Bayard Cutting,
Charles S. Smith,
William Rockefeller,
Alexander E. Orr,
William H. Macy Jr.,
Lyman J. Gage,
Payne Whitney,
Edward W. Sheldon
Chauncey Keep,
George L. Rives,
Arthur C. James.
Strongest in Working Capital
CENTRAL TRUST COMPANY
of NEW YORK
54 Wall Street
80 BROADWAY
Branch 425 Fifth Avenue, Corner 38th Street
With Modern Safe Deposit Vaults
Capital $1,000,000
Surplus (earned) $8,000,000
ALLOWS INTEREST ON DEPOSITS.
Acts as Executor, (Ward an, Trustee &c
Administers "Institutional" and Other
Fiduclar, Trusts
Rece.ves Securities for Safe Keeping and
Collection of Income.
TRUSTEES
Walter P. Bliss,
H. Van Ft. Kennedy,
Amory S. Carhart,
James Gore King,
Ales. S. Cochran,
W. Emien Roosevelt,
Amoq F Eno,
N. Parker Shortridge,
Frederic deP. Foster,
Jqmes Speyer,
John V. B. Thayer,
Harrison E Gawtry,
Charles H. Tweed,
Rol•ert W. Goelet,
Richard T. Wilson,
Adrian /Bolin Jr•g
James T. Woodward.
Augustus W. Kelley,
William Woodward.
OFFICERS
AUGUSTUS W. KELLEY, Vice-President
JOHN V. B. THAYER, Vice-Prest. & Sec.
EDWARD R. MERRITT, Vice-Prest.
GEORGE GARR HENRY, Vice-Prest.
C. C. RAWLINGS, Trust Officer.
HENRY M. POPHAM,
r. W. HARTSHORNE, }Asst. See'ys.
3ENRY M. MYRICK,
Capital and Surplus, $18,000,000
(of which $17,000,000 has been earned)
Authorized to act as Executor, Trustee, Administrator
Manhattan
Guardian.
Receives Deposits, subject to check, and allows Interest on Daily Balances.
Acts as Transfer Agent, Registrar and Trustee under Mortgages.
or
Trust
Company
illinoisTrust&SavingsBank
20 Wall Street
CHICAGO
Capital and Surplus
013..3()0,000
Corner Nassau
Pays Interest on Time Deposits, Current and Reserve Accounts
Deals in Investment Securities and Foreign Exchange
Transacts a General Trust Business.
NEW YORK
CORRESPONDENCE INVITED
UNITED STATES
MORTGAGE & TRUST
CONITA.N.Y
Witt Torporattrat 1:rust To,
NEW YORK
37 Wall Street, New York, maintains the most
complete system in existence for the organization
'SCAPITAL,
$2,000,000.00
of corporations in every State.
Receives deposits subject to check'
and allows interest. Acts in all
fiduciary capacities, issues foreign and domestic letters of
credit, prepares and certifies
municipal bonds.
Information regarding the corporation laws and
practice furnished without charge
NATIONAL LICHT,
THE AMERICAN MFG
HEAT & POWER CO,
GUARANTEED
BONDS
All Issues
A. H. Bickmore 8c Co.
30 Pine Street,
Now York
011110=10
CO.
MANILA, SISAL AND JUTE
55 Cedar St.
B'way & 73rd St.
8th Ave, lk 125th St.
CORDACE.
i5 Wall Street
BANKERS
SURPLUS,.
$4,000,000.00
-
New Yori
B. W. Strassburger
SOUTHERN INVESTMENT SECURIIIES,
710N1GOJI En Y, ALA.
@FedFRASER