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riantint The• ornrk INCLUDING Bank and Quotation Section (Monthly) Railway and Industrial Section(Quarterly) VOL. 87. State and City Section(semi-AnnuaLty) Electric Railway Section(Thrxertzir) SATURDAY, OCTOBER 24 1908. The Threinitte. Week ending October 17. Clearima; at- PUBLISHED WEEKLY. Terms of Subscription-Payable in Advance Chicago Por One Year $10 00 Cincinnati For Six Months Cleveland European Subscription (including postage)0 5000 173 0 Detroit European Subscription six months (inchuling postage) Milwaukee Annual Subscription in London (including postage) 12 14s. Indianapolis _ _ Six Months Subscription in London •(includiiig postage) 21 11..s: Columbits Canadian Subscription (Including postage) 'Toledo $11 50 Peoria Subscription includes,following Supplementskarand Rapids $Dayton 13 %NE AND QUOTATION (monthly) • I STATE AND CITY (semi-annually) RAILWAY AND INDUSTRIAL(quarterly) I ELECTRIC RAILWAY(3 times yearly) Evansville Kalamazoo Springfield, Ill Terms of Advertising-Per Inch Space Fort Wayne Akron Transient matter per inch space(14 agate lines) 10 Lexington c Two Months tt ' (8 limes) RddMord 00 ) Three 29 Montlis (13 times) Standing Business Cards. Yotingstown (26 times) Six Months 50 00 Canton C Twelve Months(52 times) Bloomington_ _ CHICAGO OFFICE-P. Bartlett,513 Monadnock Block; Tel. Harrison8 4012. 0102. 0 South Bend Decatur LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C. Springfield, Ohio WILLIAM B. DANA. COMPANY, Publishers, OW ncv ' Mansfield P.O.Box 958. Front, Pine and Depoyster Sta., Now York. Jacksonville, Ill_ Jackson Published every Saturday morninz by WILLIAM B. DANA COMPANY. Ann Arbor William B. Dana,President; Jacob Seibert Jr., Vice-Pres. and See.; Arnold Adrian G. Dana,Treas. Addresses of all,Office of the Company. Danville 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. 24 have been $2,766.944,254, against $2,772,642,453 last week and $3,386,180,713 the week last year. Clearings-Returns by Telegraph Oct. 24. New York Boston Philadelphia Baltimore ' Chicago St. Louis New Orleans . Seven Cities, 5 days Other Cities, 5 days Total all cities, 5 days All cities, 1 day Total all cities for week , 1908. 1907. P. C. $1,324,627,994 120,139,565 93,199,682 19,840,256 212,071,315 56,511,082 13,467,694 $1,732,456,466 142,791,879 126,952,824 27,038,671 224,965,578 60,614,458 17,283,184 -23.5 -15.8 -26.6 -26.6 -5.7 -6.8 -22.1 $1,839,857,588 • 428,412,284 $2,332,103,060 470,000,219 -21.1 -8.8 $2,268,269,872 498,674,382 $2,802,103,279 584,077,434 -19.1 -14.6 $2,766,944,254 $3,386,180,713 -18.3 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. 17, for four years. Week ending October 17. C'ear trigs at1908. 1907. Inc. or Dec. 1906. 1905. $ $ $ New York 1,631234,903 1,815,268,073 -10.1 2,054,023,101 1,771,998,977 Philadelphia _ _ U7,190,556 151,860,091 -22.8 162,260,162 140,154,098 Pittsburgh 48,705,122 41,208,601 50,452,261 -18.5 52,166,589 Baltimore 23,454,365 30,441,662 -23.0 30,197,286 28,726,562 Buffalo 8,265,451 7,959,526 10,010,857 -17.4 7,115,522 Albany 6,118,500 5,689,163 6,170,158 -0.8 6,041,182 Wilmington 5,768,200 6,185,770 -6.7 5,551,029 5,058,502 Rochester 3,520,321 3,750,720 -6.1 3,582,736 3,198,946 Scranton 2,147,869 2,298,371 -6.6 1,916,829 1,828,522 Syracuse 2,005,660 2,732,237 -26.6 2,033,634 1,950,917 Reading 1,415,000 1,573,617 -10.1 1,317,284 1,103.021 Wilmington 1,357,796 1,282,278 +5.8 1,422,546 1,163,330 Wilkes-Barre 1,119,563 1,180,473 -5.2 1,174,264 1,024,580 1,528,205 Wheeling 1,273,130 +20.0 992,138 1,031,380 Harrisburg 1,175,868 1,140,351 +3.1 1,052,781 803,710 York 890,771 -9.8 663,506 Erie 726,503 -8.7 603,982 695,775 655,646 -27.8 473,763 Chester 461,668 488,697 Binghamton _ _ 504,500 661,000 -10.1 506,300 526,400 Greensburg 514,672 -2.3 502,858 472,185 • 303,199 Franklin 265,905 -7.3 241,379 431,714 282,519 Trenton 1,593,699 Not included n total Altoona 550,649 Not included in total Total Middle__ 1,851,105,564 2,089,234,546 -11.4 2,331,575,086 2,024,537,072 Boston Providence Hartford New Haven Springfield Portland Worcester Fall River New Bedford _Lowell Holyoke 151,618,137 8,873,400 3,538,331 2,622,357 2,112,873 1,591,100 1,766,444 1,266,658 951,321 547,079 411,809 173,547,048 10,818,800 3,480,753 2,672,557 2,182,818 2,334,637 1,875,662 1,320.581 1,121,870 599,622 507,116 -12.6 -18.0 +1.7 -1.9 -3.2 -31.8 -5.8 -r4.1 -15.2 -8.7 -18.8 187,389,991 9,375,500 3,508,105 2,587,663 2,003,162 1,907,073 1,903,508 1,441,052 777,077 629,129 455,848 163,021,445 11,653,800 2,896,983 2,290,695 1,999,838 1,923,679 1,621,369 954,386 750.980 529,666 398,714 Total New Eng. 175,299,509 200,461,364 -12.5 211,878,108 188,041,553 No. 2261. Tot. MId.West. 1908. 1907. 348,809,980 384,695,317 Inc. or I Dec. 1005. ii $ $ $ $ % 246,526,148 269,612,170 -8.6 226,729,718 206,411 24,901,600 27,900,000 -10.8 27,503,250 25,138,1 15,255,295 19,696,306 -22.5 19,188,180 16,333,121 15,116,355 -8.8 13,786,173 13,430,902 13,898,663 13,127,986 --5.6 12,395,316 10,943,278 8,804,068 8,118,176 ,+0.1 8,125,329 6,965,550 7,292,667 5,900,600 -11.8 ' 4,988,800 5,204,000 4,962,600 4,220,379 -17.6 3,478,097 4,126,837 3,962,543 3,1,625 -15.8 , 2,651,460 3,654,708 3,189,146 281,318 2,659,961 4- $' 2,331,114' 2,416,370 1,25,094 2,020,860 - 4.1 2,088,198 1,695,670 2,181,066 2,301,829 -5.2 1,903,765 1,463,146 952,810 1,131,696 -15.8 992,620 ' ' p 910,584 914,312 1,001,408 -8.7 957,179 LI 799,611 811,438 840,919 -3.5 816,067 771,287 715,000 927,000 -22.9 693,692 600,500 605,292 745,911 -18.9 637,157 661,666 612,813 729,336 -16.0 585,886 537,426 955,733 723,711 +32.1 542,812 565,115 659,025 604,162 +9.1 486,742 387,238 536,513 482,348 +11.2 494,501 406,167 667,910 567,910 -2.3 434,804 372,272 419,573 519,637 -19.2 358,380 315,066 452,298 480,394 -5.8 415,633 385,420 587,610 452,960 +29.9 410,060 381,746 334,152 397,401 -15.8 368,222 312,839 273,417 -5.5 258,588 306,720 275,352 309,000 -1.1 305,718 220,000 200,000 146,953 +12.9 165,884 123,193 107,435 31 824 -5.0 30,260 340,062 Not incluaed In total -9.3,331,694,865 47,513,938 -12.9 41,373,467 12,485,702 -12.8 10,886.989 10,868,065 -1.7 10,678,462 9,191,239 -6.3 8,609,387 6,873,311 -21.7 5,998,319 7,444,898 +4.6 7,784,974 5,397,725 -8.9 4,915,919 2,446,876 -29.8 1,717,374 1,414,654 -23.3 1,085,022 832,699 +12.7 938,741 .690,000 +13.1 780,000 706,606 -24.2 535,677 654,023 -14.7 558,000 967,000 Not Included letotal 882,000 Not included In total 634,889 Not Included in total 272,907 Not included In total 218,291 Not Included In total San Francisco_ _ _ LOS Angeles Seattle Portland Salt Lake City Spokane Tacoma Oakland Helena Fargo Sioux Falls San Jose Stockton Sacramento San Diego Fresno North Yairima Billings 1906. 95,862,331 303,555,873 47,059,740 11,293,463 11,714,448 6,795,198 6,488,268 5,643,333 4,776,818 3,576,134 1,198,003 627,182 543,489 318,012 39,398,648 9,881,730 7,543,860 5,535,821 3,984.600 3,938,159 3,609,170 106,519,736 -10.0 931,146 740,450 466,722 100,034,088 76,030,306 Kansas City ___43,822,146 31,746,518 Minneapolis 13,434,859 Omaha 10,085,237 St. Paul 9,178,569 Denver 5,200,480 St. Joseph Des Moines 3,117,067 Sioux City 2,953,807 Lincoln 1,340,264 Davenport 1,162,345 Wichita 1,384,114 Topeka 1,205,443 Colorado Springs802,715 Cedar Rapids 908,710 Pueblo 558,698 Fremont 321,839 39,933,752 37,790,911 13,449,946 10,928,537 10,015,437 5,709,615 3,287,000 2,551,603 1,329,888 1,192,065 1,540,983 1,089,151 853,363 868,586 744,987 452,674 +9.7 -16.0 -0.1 -7.7 -8.4 -8.9 -5.2 +15.8 +0.8 -2.5 -10.1 +10.6 -5.9 +4.6 -25.0 -28.9 31,237,071 28,347,386 11,367,171 9,407,420 7,463,455 4,578,585 2,794,850 2,221,701 1,388,978 1,073,294 1,027,478 929,558 770,884 565,310 539,675 335.067 27,945,127 24,559,476 9,513,167 7,640,845 7,330,317 4,953,878 2,636,713 1,864,154 127,222,811 131,738,498 -3.4 104,047,883 91,369,525 76,693,064 -10.6 68,533,462 19,000,945 -15.5 16,057,051 16,396,177 -5.5 15,501,727 13,924,973 -21.2 10,974,939 7,945,000 +7.0 8,504,500 7,253,406 -17.2 6,013,081 6,587,727 -1.9 6,462,514 6,742,190 -4.6 6,441,387 6,134,891 6,688,621 -8.3 5,203,278 +46.2 7,605,768 6,242,681 -50.0 3,177,349 2,980,242 -21.8 2,331,197 4,215,626 -42.2 2,438,479 2,376,394 -11.5 2,103,217 .1,886,997 +4.7 1,976,334 1,657,817 -19.0 1,341,807 2,054,433 -23.8 1,566,093 1,567,351 +1.1 1,585,308 1,410,494 -6.0 1,325,376 1,599,999 1,484,453 +7.7 1,350,687 -2.0 1,324,129 1,064,796 -13.7 018,516 500,468 +18.7 594,263 803,607 Not Included n total 418,000 Not included in total 61,369,355 25,766,915 17,359,925 12,999,581 10,169,500 8,483,842 6,043,591 5,978,191 5,530,786 4,599,515 3,485,321 2,865,232 2,716,159 2,195,996 1,633,978 1,425,601 1,802,076 1,440,987 2,023,339 1,239,059 1,057,207 1,001,672 340,000 55,852,441 16,877,961 11,034,180 11,987,891 7,376,000 5,002,763 4,076,985 4,882,944 6,639,262 2,939,350 3,207,119 2,263,903 3,000,162 1,868,654 1,388,528 1,432,226 1,117,681 1,352,422 1,669,565 1,200,000 Total Pacific_. Tot. oth.West. St. Louis New Orleans Houston Louisville Galveston Savannah Atlanta Richmond Memphis Fort Worth Nashville Norfolk Augusta Birmingham Little Rock Knoxville Charleston Chattanooga ...._ Mobile Jacksonville Oklahoma Macon Beaumont Austin Vicksburg 1,072,279 1,081,653 652,099 776,718 580.364 569,590 241,145 695,885 361,516 Total all 174,451,387 195,227,820 -10.7 181,547,828 146,227,438 --2:772,751,582 3,108,480,281 -10.8 3,260,777,858 2,829,761,769 Outside N. Y 1,141,116,679 1,292,609,208 -11.7 1,206,754,757 1,057,762,792 Total Southern CanadaMontreal Toronto Winnipeg Vancouver Ottawa Halifax Ouebec Hamilton Victoria London Calgary St. John Edmonton 29,561,230 25,682,518 16,187,091 3,953,456 3,207,281 1,742,283 2,168,175 1,544,253 1,051,829 1,056,932 1,438,368 1,433,343 992,744 Total Canada.-90,019,508 -10.9 +3.3 +32.5 -11.7 -2.4 -13.1 -7.7 -16.0 -17.6 -18.9 +19.2 +21.8 +19.2 26,786,456 22.697,236 10,190,346 2,609,567 2,322,308 1,769,602 1,544,408 1,566,105 1,181,184 1,047,086 1,024,966 1,126,706 645,771 28,395,161 23,615,943 9,704,142 2,166,150 2,676,454 1,900,000 1,620,065 1,500,846 803,262 1,062,475 90,016,460 +0.003 22.521,741 74,674,403 33,165,087 24,870,342 12,214,472 4,477,522 3,286,280 2,004,423 2,350,065 1,839,898 1,276,343 1,316,479 1,206,358 1,176,659 832,532 1,229,905 1048 THE CHRONICLE [VoL. Lxxa,nx. THE FINANCIAL SITUATION. judge from the tendency of the marmay we 11 and America, a very mixed state Europe in kets proved by current events to be been has affairs of the general situation during the of summary correct a most of the past week. Home politics have daily been becoming more intense. Each party is putting forth every effort in raising and expending whatever supplies of new money can be secured through its various devices, while the candidates are exhauStilig the normal power of utterance by incessant speechmaking. In this service the ordinary respiratory organs have proved so inadequate, frequent days of rest have been found unavoidable, and even then all have used up current supplies of strength and had seriously to tax accumulated reserve, At present it is believed each will be enabled to eke out, by his will and his wits, enough force to pull through the intervening period. When, as is the case,in the current controversy, an ' insurance rate is fixed on the ability of the candidates to bear the strain and live to be inaugurated, the affair seems to have reached a time limit for a full stop. The only excuse made for continuance is an assumed necessity for keeping the enthusiasm up to its present level. That may be required. The daily journals seem even to go further in showing the need; they tell us that the swell of the tide quite nearly represents the change in the drifts; now it is toward Taft, next change it may be towards Bryan. Our opinion of the outcome, given a week ago, seems now to be, as then it was, the prospect. Still, judgment on that point is not worth much; the fact is, Bryan's chances have from the first been of a nature that he himself and nobody else could have looked upon with hopefulness. Latterly, his prospect has appeared more promising to his followers. poned, if the ruling idea that no proposal detrimental to Turkey will be accepted unless it can be reached by compromise and general consent. It will be noticed that the German Emperor at the Opening of the Prussian Parliament, alluding to Balkan affairs, made the statement that Oermany was working with other nations for a peaceful and satisfactory solution. It is obvious, also, that the condition of our home markets indicates clearly enough a state of public opinion that assured relief is in prospect. Moreover, not only the markets, but industrial and political incidents, are telling the same story in like and equally affirmative terms. For illustration, compare stodk sales Monday (312,599 shares), Tuesday (538,736 shares) and Wednesday (918,945 shares). Here is a perfect crescendo. No one could read these figures without feeling some sort of assurance that a common cause was at work producing the results. Of course, a man must not draw too heavily on the surface teaching. The market has been more mixed since. It is, theugh, interesting enough to induce study, and study Would in this case inevitably lead in the direction noted above. At the start, analysis shows that the problem concerns two widely separate and highly disturbing centres of influence, each having a sore of its own for treatment and one that in action can keep both in burdensome disquietude. For the time being the trend of these two volcanic centres has evidently been away from the eruptive, explosive state and towards a period of repose. Even President Roosevelt publishes in Thursday's papers a long letter to Senator Knox in which he bestows a consoling wink toward the poor railroads. He also says in the letter that he can do no wrong, and yet during his whole reign he has been pursuing these carriers with 'absolute maliciousness, until they are now compelled to plead for a rise in rates needed to keep a number of them going concerns. The European war scare has a life somewhat like the wild carrot at its seeding time. It is then just in condition where nature wants its head cut off, and the mower does it. One thinks one has thereby squelched the weed, but up it grows again, more firmly than ever. Last week, as we neared its close, it seemed as if an end had come to any peaceful settlement of the Balkan difficulties; Europe was sure to be shortly ablaze, the most fearful of wars was impending. Bulgaria was the centre and source of the special irritation. In its youthful, callow state as a nation, it was apparently ready to run any risk, war with all the signatories to the Berlin Treaty seemed to be reckoned a pastime, if any one or more hindered its purposes. That sort of jaunty self-satisfaction is the part of a patriot whose patriotism is always on exhibition. What were the silent workings of the Powers does not appear; nor does it appear whether it was in and by itself that Russia took the stiffness out of. Bulgaria by merely showing a disposition of its troops that looked like business, and a notification to Bulgaria that unless it changed its attitude, Russian troops would move into Bulgaria with Roumania's consent. However that may be, no more war spirit was obvious in the little province. Since then the course of affairs has been uncertain. There will be no war, however. It may be, perhaps it is likely, that there will be no conference. The whole affair can be adjusted easily by postponing subjects that can as well as not be post- The chief important financial event of the week has been of European origin. We refer to the action of the Bank of France in further increasing its accumulation of gold. In total amount it has added the current week nearly 4 million dollars to its enormous stock. To-day it has £131,276,000 pounds sterling (or, say, about 656 million dollars), whereas on the first of January it had only 107 million pounds sterling, or 535 million dollars. Here is an increase of 121 million dollars in the interval, and it is reported that the limit has not yet been reached. Ten million dollars are said to be to-day in transit from South Africa to London, the larger portion of which, the belief is, will be taken by the French bank. Conjectures are varied as to the cause of this abnormal accumulation of gold. Among them is the enormous listings of near Eastern securities on the Paris Bourse. These include 475 million dollars of the Ottoman Empire (exclusive of 70% of the Ottoman funds), also issues of other near Eastern properties of a total value of about 400 million dollars. France also, it is said, holds more than 75% of the bonds of Servia and Bulgaria and 50% of the Roumanian funds. Moreover, it has large holdings of Russian securities, in protection of which efforts are just now making to refund bonds outstanding with the purpose of taking on new commitments. It would be of interest, in connection with the foregoing, to note the extent of the decline in price of European securities OOP. 24 1908.J THE CHRONICLE 1049 in Paris and London markets. Even in the six days Electric Co. At the same time the Forest City Railof the Balkan crisis—Oct. 3 to 9—Russian fives fell way and the Low Fare Railway—two local opposition Turkish unified 5 points, street railways which Mr. Johnson had been promoting 39, Bulgarian 6s fell 1 —were also taken over and made part of the new comHungarian 4s one-half point and Servian bonds 7J/ points, &c. These are only reminders of the interests bination represented by the Cleveland Railway Co. France represents, and which are affected at the The lines having been united, and all opposition remoment, and hence naturally explain the intense moved, the Cleveland Railway Co. was thereupon feeling in Paris over the Balkan disturbance, and a leased to the Municipal Traction Co., with a capital suggestion of why the Bank of France is taking so of only $10,000, officered and managed by Mr. Johnactive a part in providing against any possible finan- son and a few of his intimates. The latter was to cial deterioration in values. Should actual war be operate the Cleveland Railway lines on a philanthropic the outcome of the situation, the need for these fresh basis in the interest of the city, though it has never accumulations of gold can be easily understood; also been made clear how this small, self-appointed body the control of financial movements ou the Continent could be held to the obligations they had imposed by Paris would, in that case, be a prime factor in upon themselves if they chose to disregard them. giving the Bank• of France the absolute domination of All that is really known about the Municipal Traction • Co. is that it is claimed not to be organized for profit the monetary situation. and that the earnings remaining after paying operating expenses, taxes and charges under the lease (this The sharp fall this week in exchange at Paris on of including 6% per annum on the stock of the CleveLondon to 25 francs 9 centimes caused a revival York land Railway Co.) must be used for improvements rumors of intended exports of gold from New franc and extensions, the object being to return to the pub to Paris, as a direct exchange operation, sight demand The lie all earnings in excess of operating expenses and drafts being at the gold-export p.oint. exof by met offerings fixed charges. On the same day that the lease of for such bills was, however, National the of the bonds of Cleveland Railway Co. to the Traction Co. was change against an installment last Paris in placed that were Mexico made, namely April 27 1008, a city ordinance was Railways of therewas advance in exchange French the passed granting a 25-year franchise with privilege of spring, and there seems if It even checked. improbable that by renewal, and it is this franchise which the voters on should be another rise in French exchange, or in rates Thursday refused to confirm, it being beaten by a for sterling, to the gold-export point, the metal would small majority—though the size of the majority is not be shipped, unless, indeed, there should be an urgent a matter of any great consequence. It is not difficult to understand why the voters of demand therefor. It is understood that there are large American credits that are profitably employed Cleveland declared against the scheme. When last abroad, against which exchange could be drawn should spring the stockholders of the old Cleveland Electric gold exports be threatened, or if it should be unde- Railway Co.,in sporting parlance, threw up the sponge, Mr. Johnson was in the heyday of his power. He had sirable to permit the movement. achieved his purpose, and got control of all the local The defeat of Mayor Tom L. Johnson of Cleveland lines, and was therefore in position to carry out his at the referendum vote on Thursday on the question ideas regarding 3-cent fares, unlimited transfers and of granting a franchise to the Municipal Traction Co., numerous other good things that he had been claiming which operates all the street railways in Cleveland, the local traveling public ought to have. But the is a significant and, as it seems to us, also an exceed- assumption of this power also carried with it the reingly encouraging event. It shows that people in sponsibility of effective use of it. Here is where Mr. this country are quick to learn and that public senti- Johnson failed. It was easy enough to criticize the ment is not so fixed that it will not readily change un- old state of things. It was a totally different matter der the teachings of experience. For seven years or to create a new and better state of things. For years more it has seemed impossible to dislodge Mr. John- he had been denouncing the existing company, allegson as a political power in Cleveland, and he has ing greed and rapacity, charging that the company been repeatedly elected Mayor of that city. Only was over-capitalized and claiming that if the water last year he sustained a signal triumph over an op- was squeezed out of it 3-cent fares would not only be ponent of national fame, who had the backing of the possible, but leave a large margin of profit, and enable Administration at Washington, and who entered the the patrons of the line to get improved facilities and contest with a distinct idea of overwhelming him. better service. Now that he bad control himself,he was His popularity rested almost exclusively on the long called upon to "make good," and was unable to do so. fight he had been carrying on against the local street He made the experiment;, too, under unusually railways operated by the Cleveland Electric Railway favorable conditions, for, as we have seen, he took Co. Now, less than twelve months from the time of over the old lines with the capital stock reduced nearly his most positive triumph, he is defeated on the very one-half. From the start he has had uphill work. issue which had gained for him his popularity. First, he had a strike of the employees of the lines to After his re-election last November, the owners of deal with. Then the traveling public became disthe Cleveland Electric Railway Co. capitulated—evi- satisfied. They had expected increased and improved dently thinking further struggle useless—and he ac- service. Instead, the service proved worse than bequired the property virtually on his own terms. The fore. In the case of the lines to outlying districts, stock of the Cleveland Electric Ry. was given a valua- the accommodations previously enjoyed were greatly tion of $55 per share (par value $100) and $12,870,- curtailed. Instead of unlimited transfers, some of the 000 of stock of the ClevelandlRailway Co. was issued in transfers had to be cut off. A 3-cent fare was finally exchange for the $23,400,000 of stock of the Cleveland established, but subject to numerous qualifications 1050 THE CHRONICLE [VOL. Lxxxvii and conditions, it being the evident purpose to get as the yearly arrivals were below the average, and as a many extra pennies as possible. In the last analysis, rule smaller than in the current year, but after that the situation of the Municipal Traction Co. under time and down to 1908 the totals increased quite philanthropic management and quasi municipal con- steadily, and subsequent to 1900 very heavily, so trol was precisely what that of the old company had that the present comparison is with record figures. been. The one object was to prevent a deficit, and It thus happens that the nine months' aggregate influx every effort had to be bent to that end; for no concern, of only 286,246 in 1908 contrasts with 1,038;603 in unless it has a plethoric public treasury to draw upon 1907, or a falling off of 752,357. In 1906 the arrivals —which was missing in this instance—can continue for the period were 935,628 and in 1905 were 840,000. very long to pay out more than it receives. The local The outward trend of aliens, as we gather from community,which had been taught to expect so much, official sources,showed no important tendency towards saw whither things were drifting and promptly put an abatement in September, although the movement end to an intolerable situation. was in closer conformity with the previous year than The lesson should not be lost on other communities. heretofore in 1908. Steerage passengers to the In this city the situation has been much the same. number of.59,937 departed from the country, in SepThe!-managers of our local transit,lines have been un- tember this year, a total almost identical with that-of mercifully criticized and denounced. We have ,been the month in 1907.; but for the nine months of 1908 told, just as the people of Cleveland were told, that the efflux aggregated 533,622, against. only 309,000 these lines were overcapitalized, And that the water p, year ago. This increase in emigration alone is r no must, be;squeezed out,of them, and that for that pur- ;unimportant item,even with immigration large. But pose it was necessary to disrupt the combination when we bring together the figures of inward and among them. Our State authorities created a public outward movement and discern that this year the body which at once began the disrupting process.1 , departures for the nine months exceeded the arrivals Instead of this process, however, having proved an by 247,376, whereas in 1907 there was a net inflow advantage, it is now seen to be a distinct disadvantage. of 729,603, we realize the extent to which our ability For where previously one could ride all over the city to utilize the foreign laboring element has been curfor a single fare of 5 cents, now, with the lines in the tailed by business depression. Since ' the close of hands of the Courts, it is necessary in many cases to September the outward trend has apparently been less pay two fares and even three fares. We are sure that free than heretofore in 1908, indicating that the if our people were given a chance to declare themselves, recent improvement in the industrial situation is in the way the Cleveland people were, they would in being felt in labor circles. Immigration, however, like manner consign the whole thing to limbo. shows no tendency toward increase, arrivals continuing on a comparatively small scale. That, however, is Immigration into the United States, according to not surprising,as no matter how material an improvethe recently issued report for the month of September, ment in the business situation may take 'place in the while still following restricted lines, was freer than it near future, arrivals in large number can hardly be had been during most preceding months of the current looked for until spring. For the elapsed portion of calendar year. At the same time there was no falling October the arrivals of steerage passengers at New off in the outward movement of aliens, so that for York have been 22,022, or a total approximately the September, as for earlier periods of the year, the efflux same as during the like period of September. appreciably exceeded the inward trend and there was a further net loss in population. Through all ports of There were somewhat important differences between entry the arrivals of immigrants .for the month this the average and the actual changes in loans, cash and year were only 38,238, which makes a.sharp compari- reserve as shown by the bank statement of last week. son with the 98,694 who landed in September of the The loan item indicated a greater average expansion previous year, the 95,341 in 1906 or the 78,941 in by nearly 5 millions than was disclosed by the actual 1905. The details of the current statement, moreover, figures. Average cash gained $237,600, but the actual make no essentially different exhibit than those here- increase was $3,611,400 and the average reserve detofore reviewed in 1908. The arrivals from Austria- creased $3,236,100, though there was an actual gain Hungary in the month of 1906 were 19,296, rising to of $15,450. The actual surplus was $31,592,300; as 20,629 in 1907, but declining this year to only 5,625. computed upon the basis of deposits less those of Italian immigration stood at a little over 19,000 in public funds, it was $33,902,625. The large expanSeptember 1906 and 1907, but this year dropped to sion in average bank loans and in those of trust com4,236. From Russia the influx in 1907 was moderately panies, together aggregating nearly 21 millions, reless than in the previous year, comparison' being flected the operations incident to the financing of • between 17,206 and 22,636; this September the total heavy sales of American securities by Europe in the was only 7,727; and quite generally a situation previous week. Net deposits increased $13,894,800, relatively the same is seen in the statistics for other according to the average statement, to within 4 countries from which our immigrants are drawn in millions of the maximum of the year, which was reany important number. , corded Sept. 12. For the nine months of 1908 the aggregate inflow of aliens appears decidedly meagre as contrasted with The market for money on call was easy after the the movement for identical periods in earlier years. beginning of the week, the minimum falling to 1%. Away back in 1870 immig,ration was in excess of the This was due to the apparent cessation for the season current year and from 1880 to 1890 the totals were, of the autumnal demand for money for crop distribuwith one or two'exceptions, materially greater than tion purposes, as indicated by rates for inland exchange now. During the period from 1894 to 1898 inclusive at interior cities on New York. While there may be 00T. 24 1908.1 THE CHRONICLE 1.051 an inquiry for funds for financing the cotton export of exchange for such payment indicated that. sight movement, it seems probable that requirements for bills would be employed for this purpose and that they that staple and for grain will be met with the proceeds would go forward by this week's steamers. After the of commodity exchange. Though call money was middle of the week the market grew quite dull and easy, time contracts were firm; the reason assigned for without new feature. Compared with Friday of last week rates for exthis condition of the market was that a revival of new the in early change on Saturday were 5 points lower for long at expected is activity genet* business the quote to are 8495@4 85, 10 points higher for short at 4 8650@ 4 unwilling lenders year and therefore loans. time for 5 points for cables at 4 8675(0)4 8685. On and named 8660 4 recently have they rates which for those fell 20 points to 4 8475@4 8480, short request; long good in Monday were maturities longer The borrowers 4 to wanted, not seemingly points 10 were 8645@4 8650 and cables 5 points to periods short resorting to call loans. There was a fairly large de- 4 8675@4 8680. On Tuesday long rose 20 points to mand for commercial paper from banks and trust com- 4 8495@4 85 and short 10 points to 4 8655@4 8660; panies, but the supply was only moderate. cables were unchanged. On Wednesday long was 15 , Money on call, representing bank and trust com- points lower at 4 8480@4 8485; short and cables were pany balances, loaned at the Stock Exchange during unaltered. On Thursday long fell 5 points to'4'8475@ the week at 1%% and at 1%;averaging about 13'%; 4 8485, short 5 points to 4 8650@4 8655 and cables all the lending institutions quoted 1% as the mini- 5 points to 4 8670@4 8675. On Friday long was 15 .• mum.' Time loans on good mixed Stock Exchange and short and cables 10 points'Ihigher. The following shows dailPpti§ted rates. for- sterling collateral were offered at 2%()370 for sixty day, but no business was recorded. The rate for ninety exchange by some of the leading drawers. days to four months was 33j@33'%; with moderate Wed. Thurs., Fri.. Frt., Mon., Tues. transactions. For five to six months the quotation ,Oct. 16 Oct. 19 Oct. '10 Oct. il Oct. 22 Oct. 23 1 was 33% and the demand was good. Choice com- Brown 86 560 days 4 86 86 86 86 86 1Sight_- 4 873 87A Brothers 87H 87% 87% 874 mercial paper was in comparatively light supply and Kidder, 86 160 days 4 86 86 86 Pea86 86 ),Sight_ 4 873 87H body & Co 87% 87% 87H 87A 86 December maturities were scarce. Rates for sixty Bank British 560 days 4 86 86 86 86 86 87H 87H 87A 87% North America ____1Sight-- 4 873 873 86 86 86 560 days 4 86 of 86 86 to ninety-day endorsed bills receivable were 4@. Bank 87% 87% 87% 87% 87H 1Sight. 4 873 Montreal 86 86 86 86 86 560 days 4 86 Bank 43.3% and for prime four to six months' single names Canadian 87 87H 87% 87H 875 of Commerce 1Sight— 4 87% 86 86' 86 86 86 560 days 4 86 Heidelbach, Ickel4M@5%• 87 87% 87H 87H 87H 1Sight__ 4 873 heimer & Co 86 86 86 86 86 160 days 4 86 Lazard 87% 87H 87H 87H 87% 1Sight__ 4 87H Freres 86 86 86 86 86 86 4 Bank days 560 Merchants' The Bank of England rate of discount remains un- of Canada 87H 87% 87H 87H 873 ),Sight_ 4 873 changed at 23/2%. The cable reports discounts of sixty to ninety-day bank bills in London 2@23/8%. The market closed on Friday at 4 8475()4 85 for The open market rate at Paris is 23/870 and at long, 4 8655@4 8665 for short and 4 8675()4 8685 for 4%. According to cables. Commerical On banks 4 84j4@4 843 Berlin and Frankfort it is 2%•(0)27 % and our special cable from London, the Bank of England documents for payment 4 83%@4 84%. Cotton for gained £105,168 bullion during the week and held payment 4 83%@4 84, cotton for acceptance 4 843-1@ £36,638,688 at the close of the week. Our corre- 4 843% and grain for payment 4 84%@4 843 %. spondent further advises us that the gain was due wholly to receipts from the interior of Great Britain, The following gives the week's movement of money exports having largely exceeded imports to Egypt. to and from the interior by the New York banks. The details of the movement into and out of the Bank Net Interior Shipped by Received by were as follows: Imports, £100,000 (wholly from Movement. N. Y. Banks. N. Y. Banks. Week ending Oct. 23 1908. Egypt); exports, £276,000 (of which £101,000 to Currency $914,000 $4,365,000 Gain $5,279,000 249,000 ' 597,000 Gain 846,000 Buenos Ayres, £75,000 to Sweden and £100,000 Gold $4,962,000 Gain $1,163,000 $6,125,000 Total gold and legal tenders inthe to Egypt), and receipts of £281,000 net from terior of Great Britain. , With the Sub-Treasury operations the result is as The foreign exchange market was quiet and generally follows. steady this week. Indications, in the abatement of Net Change in Out of Into Bank Holdings. Banks. Banks. Week ending Oct. 23 1908. friction in the Balkan peninsula, of a settlement, $4,962,000 Gain $1,163,000 $6,125,000 Banks' interior movement as above_ through diplomatic negotiations, of the political differ- Sub-Treasury 28,430,000 Gain 2,211,000 operations 30,641,000 contributed to the Total gold and legal tenders ences between the principal States, $36,766,000 $33.392.000 Gain $3,374,000 maintenance of more normal exchange conditions. The following table indicates the amount of bullion Expectations of a demand for remittance in payment European account securities for in the principal European banks. which had been sold of the by incoming should they delivered be when October 24 1907. October 22 1908. steamers served to keep the market firm, but the Banks of Silver. Total. Total. Gold. Silver. Gold. advancing tendency was held in check by foreign £ £ £ £ 1 £ I X I 1 36,638,688 34,773,314 I 34,773,314 England ! 36,638.688 re-buying of securities and by receipts of commodity France _- -1131,276,2641 35.663,080,166,939,344 111,400,524 37,5715271148,972,051 _ 38,137,000, 15,805,000. 53,942,001 28,659,00 11,760,000 40,419,000 bills in good volume. The report, which was generally Germany Russia _ _ - 120,737,0001 6,847,000,127,584,000 124,369,000 5,534,000 129,903,000 48,678,000 12,644,0001 61,322,000 45,298,1100 11,772,000 57,070,000 Aus.-Hun.. contracted been the had that exchange that credited, Spain _-- 15,748,000 32,974,000, 48,722,000 15,578,000 25,545.000 41,123,000 Italy 37,025,000 4,450,000 41,475,0 0 35,565,000 4,707,800 40,332,800 maturing of the 1 Nov. of payment account on for Neth'lands 7,771,400 3,977,700, 11,749,100 6,633,000 5,115,000 11,748,000 Nat. Belg_ 4,092,000 2,046,000: ..6.138,000 3,241,333 1,620,667 4,862,000 4,244,000 New York City warrants had been secured, appeared Sweden _.\ 4,180,000 1 47180,000 4,244,000 2,329,000 , 10040,000 2,329,000 Switzland . 4,640,000 1,914.000 of to apprehension derangement the 1,914,000 all 1,718,000, allay 1,718,000, to Norway __ , week,450,641,352:114,406,780 56k048,132 414,004,171 103,685,994 517,690.165 market because of this settlement; the absence of Total Prey. week1448,576,087,114,002,609,562,578,690410,495,941 103,340,467513,836,408 1 an inquiry for cables with which to effect remittance 1052 THE CHRONICLE [VOL. rocxxvii. the Danubian provinces, which it regarded as its own REVISION OF THE TREATY OF BERLIN. natural domain. Along with all this there was With the quieting down of the recent excitement, Turkey, ruled .by a crafty and utterly untrustworthy both on the foreign stock exchanges and in foreign absolute sovereign, whose next move in the combinadiplomatic circles, the nature of the situation created tion of States was certain to be governed only by by the recent sudden developments in the Balkan the instincts of an Eastern despot, in whose view States can now be studied with something more of all other European Powers were his natural enemies, precision. As to the exact nature of the conferences to be used or opposed according as they would serve which have been in progress this week and last, be- his purpose of the moment. tween the various European Powers, little of a definite With this picture of the European diplomatic situacharacter has leaked out in the dispatches. What has tion of 1878, let the present relations of the Powers come into public view, however, has been reassuring; it be contrasted. The notion of Russia as a military has shown that whatever the eccentricities of individual Power of the most formidable order has been removed rulers may happen to be, responsible statesmen have by the events of the past few years; the Russia of toaccepted the situation as one which must be dealt day is not only crippled in military and naval prestige with on broad lines, and with a view to the general and resources, but is restrained by the rise of parliainterests of peace and international good order. With mentary government at home. With this double this frame of mind prevailing among the negotiators, handicap, it has openly renounced what were once reit is reasonable to expect real and substantial results garded as its necessary ambitions regarding Constanfrom their negotiations, „ tinople and India, and has taken a place as the close The prospect may be better comprehended by taking and cordial ally of England and France in maintenance the international situation with regard to the Balkan of international peace. Thus, the first arid most seriStates to-day in comparison with the situation which ous motive of distrust on England's part in the negoprevailed at the time of the Treaty of Berlin. That tiations of 1878 no longer exists. Nor, on the other treaty, as every one knows, represented the mutual hand, does the distrust with which Turkey was necescompromise of the European Powers, on the re-align- sarily regarded at that time any longer cut a figure. ment of territory and political authority which was Whatever is to be the future of the Turkish Governinevitable after the Russo-Turkish war. Turkey had ment, it is a new Turkey whose interests are to be been convicted in the eyes of all the nations of out- dealt with in a revision of the Berlin Treaty, and it is rageous persecution and misrule in the two provinces not within the bounds of easy possibility that the old of Bosnia and Herzegovina.. The provinces had re- regime shall be restored. Austria has aohieyed part volted; Russia had intervened in their behalf, and of its legitimate ambitions regarding the Danubian war had been declared between Turkey and Russia. States. As for France and Germany, there is this The result of the campaign was a Russian advance to much to be said, that the Chauvinist spirit which was the neighborhood of Constantinople and the imminence rampant throughout the French people and Legislaof an overwhelming Turkish defeat. ture thirty years ago, has so far disappeared that At this point the European Powers interfered, France, more, perhaps, than any other European England in particular being vitally interested in State, is recognized as the pillar of international peace. preventing Russia from obtaining occupation of Con- At the same time, the rise of Paris as the finanical arstantinople, and in thus preserving its own unimpaired biter of the Continent has created a situation where freedom of transit to the Suez Canal and through the the irritating tendencies of international politics are Dardanelles. The governments which then intervened subject to far greater restraint than was conceivable occupied peculiar relations to one another. Russia at the time of the Berlin Treaty. was a military power of the first importance, whose Such a revolutionary change in the relations of the action in the field of European politics was a matter Powers shows, to begin with, that no such dangers of concern for all other States. England was Russia's and perplexities can possibly surround a reyision of traditional enemy, the English press having for years the treaty of 1878 as surrounded the original drawing been occupied, not only in showing the danger to of that treaty. Furthermore, with the new constiBritish trade if Russia were to seize Constantinople, tutional regime in Turkey itself, it is possible to deal but in pointing out the inevitable conflict which must with that State as with a progressive modern Power. some day occur between England and Russia on the Russia's position being what it is, there is no longer northern border of India. Russia's extension toward need of the particular safeguards which the jealous the Far Eastern coast of Asia was not then discussed, minds of the negotiators at Berlin deemed indispensabut the "inevitable destiny" under which it was ble in the situation of the day. Under such circumassumed that the Empire of the Czars was bound to stances, it appears to be generally conceded that the continue reaching out for a Mediterranean port, and accomplished fact in the matter of Bulgaria's comfor the rich provinces bordering on British India, was plete independence of Turkey, of the transfer of Bosnia one of the political maxims of the day. and Herzegovina wholly to the shelter Of Austria, and Nor was this hostility between England and Russia of the Cretan annexation to Greece, will make imthe only complicating consideration. Germany and possible any return to the status quo. Tha* the matFrance were almost at swords' points. The French ter must be finally arranged on the basis of mutual people, with the Prussian invasion and occupation compensation appears equally probable. What may only seven years back, were apparently hungry for turn out to be a factor far superseding in importance revenge and retaliation; Germany's attitude toward all other considerations is the possibility that a conFrance was suspicious, and in general hostile. Aus- ference on these weighty subjects may result in cetria, on the other hand, looked with extreme aversion menting, instead of straining, the good relations of the at any extension of Russian power or influence into treaty Powers, and of bringing all of them in Nap for a Ocic 24 1908. THE CHRONICLE declaration in behalf of continued peace. Such a result would come with the utmost timeliness at a moment when the Hague conferences have for the present, apparently, approached the limit of practical efficiency. 1053 merely here but everywhere. This drastic demand, which was intended to somewhat compensate for the burden laid on the home companies, was quite within the right of a State to impose conditions on outsiders; but it was also a violation of the spirit of comity, and it promptly led to more of the retaliation which, under THE GUBERNATORIAL QUESTION the misused term "reciprocal," has long existed. IN NEW YORK. Texas passed the Robertson investment law, already The last one of the five parts into which the annual explained, which drove 26 Companies from that State; insurance reports are now divided has made its appear- Wisconsin passed some bad laws which expelled 23 ance this week. Prior to 1906, three volumes,com- companies; and, with 41 legislatures about to convene, prising2,000 pages,sufficed to cover gradually growing the example of retaliation and restriction is liable to requirements; the present laws swell the work to five be followed further. volumes and 3,000 pages, and have made completion In these respects, and in several others which we impossible before October, although the Department have pointed out repeatedly, these laws have showed promises anew to try to complete it hereafter not later their destructive character. They have had two than August 1. The final part now issued is the Life years' trial and have convicted themselves. Their part. It is a more suggestive document than usual, bearing upon the campaign is that an important and it happens that, although the volume receives practical issue which nobody mentions or seems to only the most perfunctory treatment in the news- think of is raised, namely: whether it is wise to vote papers, it contains material for a campaign document'' another term to the author of these laws, who has for persons Who take time to think. Without attempt- distinctly shown that he will prevent any amelioration ing to consider the points which might be found in a of them if he can. costly compend that is now so bulky that the policyThere are two conditions in this campaign which holders who are supposed to be most concerned are are highly unfortunate. One is, that the State more certain than ever to completely miss it, we wish election is joined with and thus affected by a national to quote a little which has a bearing on the present one with which it has nothing whatever to do naturally. gubernatorial campaign. The tariff and other problems of the whole country The Life companies of this State wrote 1,14714 have no natural connection with the sffairs of this millions of new business in 1904, which dropped in State. The man who approves Mr. Taft or Mr. Akan 1905 to 966k, in 1906 the new business was 567% as his voluntary choice,or accepts the one as the escape millions; last year, less than 446M millions. The from the other,is liable to vote the party ticket throughoutside companies operating here wrote 728% millions out because he votes a part of it, thus subordinating in 1904; which in 1905 increased to 761M millions; a the greater to the less. The vote for Governor ought decline to $684,685,000followed in 19b6,and a small to be kept entirely distinct from that of President; further decline to 568M millions in 1907. On the other neither party habit nor indifference ought to weigh hand the amounts terminated in the New York com- one atom. Conscientious and thinking voters— panies rose largely in 1905; and although they have which business men at least ought always to be— fallen somewhat since then,the net movement between should consider the State election as a business question new issues And terminations has been more favorable solely. in the outside than in the New York companies. The The other unfortunate condition is that so many latter have lost during the last three years 175M false issues are purposely raised that the real ones millions in their insurance outstanding; the outside are confused and overlooked. Which candidate for companies have in the same time gained about 620 Governor asks or answers most adroitly questions millions. In the last two years during which the new intended to be embarassing is of no consequence; the laws hate been in operation, the New York com- question is not which man is the better at crosspanies have written 1,255 millions of new business in examination and repartee and all which amuses the round numbers and have terminated 1,014 millions; newspaper reader. The question lies between the the outside companies have written 1,253 millions personal merits of the men and of general governmental and terminated 691 millions. The result under these policies for which they stand; it is not a party question laws has been that the home companies have lost 2413 at all. millions of insurance in the last two years, while the Mr. Hughes is most prominently identified with outside companies have gained 561 millions. three laws: the insurance law, the race-track gambling The point we make here is that the laws have put law and the Commissions law. The first is, unfora discrimination against the companies of this State tunately, forgotten by the general public, because through which their natural work and growth have its evils are not yet undertsood; it must be amended, been and are hampered, while those of other States and it will be; but Mr. Hughes *ill prevent, if he can. gain a competitive advantage. This comparison is The second is on trial, and it will have its fair trial in confined to the last two years, the term since the any event; therefore it is not a real issue, notwithspecial public distrust of the New York companies standing it is adroitly held up as being the controlling excited by the investigation may be supposed to have one. The third has not yet fully demonstrated its spent itself,and in the term in which the laws have character, but it is on trial, and the probability is that been operating. Yet these contrasting figures do not the courts will pass upon its validity in course of the state the whole, for in those laws this State declared coming year, no matter who is elected. The people that no outside company shall do business here unless are not voting upon the question of enacting such a it adopts the New York method of fixing certain scheme; the scheme exists, and the Executive is bound impoyinoti expenses, and makes this adoption not to enforce all existing laws. The people are not voting 1054 THE CHRONICLE upon its retention; the Executive has no power to repeal it, and the general disposition will be, in any event, to await judicial action upon it. In probity of character and earnestness of desire to follow the right, no difference is alleged between Mr. Hughes and Mr. Chanler. The real difference lies in this: that the one is disposed to keep regulative and interfering laws at their;minimum while the other would push them to their maximum. The country has been trying the constrictive process, and apparently has been getting a surfeit of its results during the past twelve months. Whether under Mr. Taft or under Mr. Bryan, the general expectation is that there will come a term of sobering up from the fierceness of attack upon capital and a willingness to give natural conditions a trial once more. If this is expedient, and expected, in the country at large, the like might well be desired and sought in the chief State. What is most needed, in our local campaign is to sweep . aside the confusion of false issues, purposely raised, and confine ou,rithelights to the real one. It is asserted that between an unchecked control of all details of transportation as by the present Commission scheme and a swift and unavoidable trend to govern7, ment ownership of railroads there is no middle ground; this is both untrue and absurb. Most false of all is the sedulous attempt to represent the choice between Mr. Hughes and Mr. Chanler as• one between virtue and morality on one side and vice and general corruption on the other; no such moral issue as alleged exists, notwithstanding the campaign ,on the part of Mr. Hughes and his supporters is placed almost wholly on the claim that the State is now to choose, before the eyes of the whole country, between right and wrong. Such a pretense is really an affront to every thinking man, and it ought to militate against those who dare to make it. The truth which ought to be'plain and to be kept in mind is that the question is between moderation and excess in government, between interfering the least with the natural movement of affairs and centralizing ever more and more. If one does not care to bring in the element of principle, these two policies are distinct on the score of expediency. It is impossible to apply successfully, in the long run, a line of treatment to corporate affairs which would be destructive and be quickly resented in any private business; there seems to be, therefore, a parting of the ways at which the voters of this State must choose. Will they meddle more and more, under the pretense that capital is always wicked and the only safety lies in statutes; or will they meddle less. Or, if not yet convinced that the direction of recent years is mistaken, will they stop awhile and wait for light from results before pushing on further. It would seem that sober business men at least can answer this sole real issue of the State campaign only in one way. NORTHERN PACIFIC RAILWAY—HOW AFFECTED BY DEPRESSION.. The Northern Pacific Railway Co. is one of the few railway companies which are able to show a larger aggregate of gross revenues for the fiscal year ending June 30 1908 than for the preceding year. According to the new accounting methods of the Inter-State Commerce Commission,thet,qtal operating revenue for the twelve months to June ,30: 1908 was $68,235,484. For the preceding twelve months the total, according 'VOL. Lxxxvii. to the same methods (the accounts for that year having been re-cast for the purpose of comparison), the operating revenue was only $67,465,635. There has, hence, been an increase of $769,849. Taking the year as a whole, this must be considered a marvelously good showing, particularly having regard to the prodigious antecedent growth. In reviewing the report for 1906-07 we pointed out that in that and the preceding year gross earnings of the property had risen no less than $17,811,946, an addition for the two years of over 35%. That with, such a noteworthy expansion in revenues in these two years there should have been in 1907-08 at a time of great industrial depression in business throughout the United States no diminution of the total, but rather a further slight gain, is evidence at once of the growth and development of the Northern Pacific property and of the growth of the territory tributary to the lines of the system. The further gain in the late f ydar becomes all the more significant when we bear in mind !that, entirely apart from the influence of business', depression, there were some other adverse factors, tending to reduce tonnage and revenues. Weather conditions again seriously interfered with operations, just as they had in the previous year. The report tells us that during the latter part of May and the early part of June there were unusual rains in Central Montana, which, with the melting snow from the mountains, raised the streams west of the Rocky Mountains to a level never before known. There were very serious washouts, it is stated, on both main line and branches from Helena and Butte west as far as Paradise and also in the Clearwater Valley. There were likewise serious washouts east of Butte and Helena, both in the valleys and on the Butte and Bozeman mountains. As a result no through trains were run between Butte and Helena and Spokane and west for the whole of the period from May 31 to June 23. For part of this time the company withdrew from all through business, its traffic of that nature being detoured over the Great Northern Ry. and the Oregon Short Line. But even though the total of the operating revenue was maintained at the large figure of the previous year, and slightly increased, it is not to be inferred that the company did not suffer seriously, both as the result of trade depression and the interruptions caused by washouts and floods. The truth is, the showing for the twelve months is so favorable entirely by reason of the fact that during the early months of the fiscal year gains had continued on an exceedingly large scale, and that the losses which came the latter portion of the year, heavy though they were, were not sufficient to wipe out these earlier gains. During the first eight months increased receipts were an uninterrupted feature of the monthly returns, and by the end of February the company was $4,826,152 ahead in the total of its gross as compared with the corresponding eight months of the preceding fiscal year. That all but $769,849 of this large gain was extinguished during the four remaining months is evidence of the severity of the conditions with which the road had to contend. Even without segregating the year into parts, there is evidence of the effects of the adverse conditions ruling in many of the results for the full twelve months. Thus, while operating revenues as a whole for the twelve months increased $769,849, the freight revenues 001% 24 1908.1 THE CIIRONICLE 1055 show a decrease of.$1,226,533,'and this:shrinkage is per annum, which is substantially the same thing. not due to any decline in rates but to a falling off in Up to June 1908 $62,881,835 had been paid in on the the quantity of freight moved. In the number of tons new stock, 'being an increase of $48,160,735 as comhandled there. was a decrease of 904,647, or 5.40% pared with June 30 1907, and this doubtless explains and in the number of tons carried one mile a decrease the increase from $159,727 in 1906-07 to $3,106,882 of 348,065,729 tons, or 6.32%. The freight rate im- in 1907-08 in the charges against the year's income proved a trifle, the average per ton per mile having in the item termed "interest and commissions on new been 9 mills in 1907-08, as against 8.66 mills in stock subscriptions." On the other hand, the pay1906-07;. though it is pointed out that this improve- ments on the new stock served'to add to treasury cash ment in the average was due to a decrease in the and gave the company increased amounts to loan out. proportion of lumber and other low-class freight Hence, we find that other income under the head of moved as compared with the previous year, and not "dividends and interest on securities, interest on deto any advance in rates. The loss in freight earnings posits and rentals received" increased from $2,876,for the twelve months was more than overcome by a 798 to $4,003,998. There was a further offset to the gain in the passenger traffic and other sources of charge for interest on the new stock in the fact that, revenue. Passenger business is always the last to be owing to the enormous additions to new eqhipment affected,. by business depression, and the Northern made in recent years, the company, instead of being Pacific's earnings from passengers for the twelve obliged to pay $879,256 for hire of equipment, as tih months moved up $1,812,307, or over 11% on top 1906-07, actually had a credit of $103,491 on hitle ot f of the large gains in previous years. equipment, a difference in favor of the latest year of In'ithe ,matter of net earnings and operating ex- 'hlmost'a million dollars—in exitei figures, $982;747)' penses, the experience of the Northern Pacific has been The final result was that the company had'$i9,893,just like that of most other large systems. Expenses 068 surplus above charges in the latest year, against have run up very materially and accordingly net earn- $2,473,929 in the year preceding. The companyis payings show a very considerable falling off. In the pre- ing'7% dividends on the$155,000,000 of old stock,callceding fiscal year, with $7,311,356 addition to gross ing, therefore, for $10,850,000, over and above which earnings, operating expenses had increased $6,568,884, a balance remained of $9,043,068 in 1907-08, as against leaving only $742,472 gain in net. In the late year, a balance of $12,623,929 in 1906-07. In other words, with $769,849 increase in the gross, there was an aug- in a year of such adverse conditions as that under mentation of $3,143,821 in expenses, thus producing review, the company earned its 7% dividends in full a decrease in net of $2,373,972, which was further aug- and had left over a balance equal to nearly 6% more. mented in the sum of $318,767 by higher taxes, mak- This, too, is independent of the income of the land-de-. ing a total loss in net of $2,692,739. Analysis, how- partment, which yielded $1,039,809 net during the ever, reveals that in this instance the advance in ex- twelve months. This land income is never included penses is not such a serious feature as in some other in the company's income' statement. The policy is cases. Of the whole $3,143,821 augmentation in ex- pursued of applying the net proceeds of the land depenses for the twelve months, no less than $2,657,821 partment in reducing the cost of the company's propis found under the head of maintenance of equipment, erty in the balance sheet.' and there the increase was due to a special cause— Out of the $12,623,929 balance remaining above that is, it was due to monthly charges for depreciation dividends and charges on the operations of 1906-07, of equipment, made in accordance with the new rules the managers had in that year made an appropriation of the Inter-State Commerce Commission, the aggre- for depreciation of equipment of $5,926,753. Out of gate of such estimated depreciation for the twelve the $9,043,068 balance remaining on the operations of months being no less than $2,727,615. In the other 1908, no similar contribution was made (and none classes of expenditure, the increase was only $486,000. would seem to have been necessary, seeing that, under There was evidently further efficiency in operations the rules of the Inter-State Commerce Commission, so far as the matter was within the control of the $2,727,615 for depreciation of equipment was charged management. This would seem to follow from the fact directly to expenses); but a contribution of $2,784,950 that, notwithstanding the interruptions to the running was made to the insurance fund, with a view to raising of trains by floods and washouts, as noted above, the that fund to an even $5,000,000. train-load of revenue freight was again raised, it beThe Northern Pacific furnishes a capital illustration ing increased from 407 tons to 430 tons, while the total going to show what beneficent fertilizing agents our freight load (including company freight as well as large railroad systems are, through their new capital commercial freight) increased from 493 tons to 517 outlays, when their credit remains undisturbed, and tons. means exist for raising the funds for that purpose. If As far as the other items in the income account for the management had not provided in advance for the the twelve months are concerned, there are some note- company's capital needs through the provision for worthy changes on both sides of the account—that is, the issue of $93,000,000 of new stock, we must supboth in the ingoes and the outgoes—but they seem to pose that a large portion of the new construction work be mainly connected with the subscription payments which had been arranged for the late year would have on the company's issue of $93,000,000 of new stock. been put off until some more propitious time in the The new stock was offered to shareholders in January future. As it was, the means for the purpose being at of last year, and subscriptions were payable in in- hand, new work was prosecuted with unabated vigor. stallments extending over, a period of two years, the Not counting the $5,067,040 paid out in the purchase:of last not falling due until January 1909. No dividends the Washington & Columbia 'River Ry., which was a are being paid on the $93,000,000 of new stock, but road already in existence; he hew capital expendithe subscriptions receive interest at the rate of 7% tures of the company during he twelve:montlislreached 1056 THE CHRONICLE [VOL. Lxxxvn. no less than $19,235,632. In addition advances formerly appeared under both receipts and expendiwere made to other roads in course of construction, tures, are now stated simply in their net amount, and in which the Northern Pacific is interested—more and added as a separate item after net revenue from specifically the Spokane Portland & Seattle Ry., the operations has been arrived at. Similarly, in the matClearwater Short Line Ry. and the Big Fork & In- ter of rent the balance paid or received is now alone ternational Falls Ry.—to an aggregate of $10,922,058 shown, whereas before the gross amount of rent remore, making altogether $30,157,690 of new capital ceived and the gross amount of rent paid were both expenditures. A compilation is given in the report included, the one under the earnings and the other showing the increase in capital liabilities and expendi- under the expenses. With these items elithinated, tures during the last two fiscal years, from which it the effect evidently has been to reduce both the totals appears that in these two years the Inige sum of $71,- of earnings and the totals of expenses. However, it 210,729 was spent for new construction and equip- is evident that gross earnings fell off in a substantial ment,and for additions, betterments, right of way and amount, as a consequence of the depression in business terminals, this including the $5,067,040 paid for the which came during the last six months of the year. Conclusive proof on this point isfound in thefact that Washington & Columbia River Ry. The bonded debt of the company was increased dur- the freight earnings in the latest year were only $53,ing the year by only $3,536,363, and $2,620,000 of this 036,305, against $56,516,689 in the previous year, represents the first mortgage bonds of the Washington and here the comparison, we should judge; has & Columbia River Ry. assumed with the purchase of not been very greatly affected by the change in acthat property. In the previous fiscal year the net counting methods. The decrease in this instance, increase in bonded, debt wasbut $357,563. We have it will be seen, is somewhat over 6%—not a very large already stated that during 1907-08 the company re- contraction considering how noteworthy had been ceived $48,160,735 on subscriptions to the new capital the previous growth. The tons of revenue freight stock. This, together with the year's surplus income, moved in the latest year was 24,964,341 tons, as operated to swell very greatly the total of cash in the against 25,471,938 tons in 1906-07, a decrease of treasury, even after the large capital outlays just re- somewhat over half a million tons, and which repreferred to. The balance sheet shows for June 30 1908 sents a shrinkage of not quite 2%. In the number of $34,900,795 of cash on hand and in banks, this com- tons carried one mile, the falling off has reached 513,639,654 tons, which is a shrinkage of 7.16%, indicatparing with only $11,899,998 on June 30 1907. ing that the falling off was mainly in the long-haul QUINCY & REPORT traffic. THE CHICAGO BURLINGTON It is evident, too, from study of the statistics, that Burlington & Chicago Quincy In the case of the Burlington, like most other Western roads, sufto possible the not is the it measure, Railroad Company, too, from adverse legislation—at least as far as suffered a fered, road of the result which precise extent to passenger business is concerned. On their face the other as adverse and depression conditions the business passenger make a satisfactory showing— revenues remain always the will noteworthy. for which the year more from passengers than in the was is, earned with any that measuring precision the in The difficulty year, pretty good for a period which seems preceding the the fact that from arises Burlington loss sustained passenger business is the albeit trade prostration, in that railroads other of all respect, like was & Quincy, of bad times. presence last to the the to reflect its change 1907 always 1 July with accounting obliged methods to conform to the new classification and ac- As a matter of fact, however, the increase in passenger counting of the Inter-State Commerce Commission, revenues has been very small—less than 1%—the and hence many of the items, both in the earnings and total of these earnings for 1907-08 having been $18,in the expenses, are on a different basis, making com- 819,238, as against $18,666,973 in 1906-07. On the parisons with the previous year, when the methods other hand, in the volume of the passenger traffic were so essentially different, faulty, and on some items there was a most noteworthy expansion, the number misleading. Some companies have undertaken to of passengers carried having risen from 16,757,220 to recast the accounts for the previous year to conform 19,214,239, an addition of over 14%, while the numto the new system, so as to admit of comparisons ber carried one mile rose from 900,107,318 to 1,016,between the two years. In the Burlington &, Quincy 454,235, a gain of 12.93%. Thus, the road did 13% case, however, no re-classification of the figures for more service in passenger transportation and derived 1906-07 has been attempted, though footnotes are from it less than 1% addition to revenue. The exappended to the revenue and expense tables calling planation is that it realized an average of only attention to the change in the forms of accounts and 1.85 cents per passenger per mile in 1908, as against saying that this prevents a correct comparison of fig- 2.07 cents in 1907. In the matter of expenses, the difference in accountures in detail for the two years. • Taking the grand totals for the two years just as ing methods also embarrasses comparisons. If we they stand, the gross operating revenue for 1907-08 should disregard entirely the change made in the form was $78,459,063 under the Inter-State Commerce of accounts, it would appear that net earnings for 1908 for 1907. If form of accounts, while gross earnings for 1906-07, were $22,473,838, against $23,568,263 the that mean management would it accurate, under the company's old method of stating the results, this were the loss in gross of bulk the offset to been able had were $82,473,251. Thus we have an apparent loss It is safe to expenses. in reduction a by earnings of, roughly, four million dollars. We should judge, is not comparison accurate. the that however, say, however, that this is larger than the loss would be if we when look at the evident especially This becomes the figures for both years were on the same basis. as is now, (which noted payments the rent on balances One essential difference: between the new system and item, and to or added separate a as stated above, the old system is that "outside operations," which OcT. 24 1908.1 THE CHRONICLE 1057 deducted from net income, instead of being given in loss in traffic because of business depression, the gross amount and included under receipts and expendi- revenue tonnage transported one mile aggregated tures, respectively) and find that this rent item, com- 6,655,887,419 tons. This is an increase of just about bined with income from securities owned and other 100% for the seven years. But the fact to which income and interest, shows a debit for 1907-08 of we wish to direct attention is that this increase of $246,612, as against a credit of $443,262 for 1906-07— 100% in transportation service was accomplished a difference against the latea year of $689,874. In with an actual reduction in freight train mileage, the view of all this it would seem necessary, in order to miles run by the freight trains in 1908 having been get an accurate comparison, to take the net after only 17,552,515 miles, against 19,168,750 miles in allowing for all outside items of both income and 1901. In a word, while in 1900-01 it was necessary expenditures. On this basis the net for 1908 stands for the freight trains to run 19,168,750 miles in order at only $19,758,390, against $21,172,725 for 1907, to move 3,350,000,000 tons of freight one mile, in showing that the Burlington & Quincy suffered to 1907-08 the trains moved 6,655,887,419 tons one mile by running only 17,552,515 miles. The meaning of about the same extent as most other large systems. This loss of net income in its case becomes all the this is that each train hauled correspondingly more more, significant, however, when we recall that in the tons of freight, that is, carried a greatly increased load. preceding two years an almost unexampled growth in In 1908 conditions, of course, were not propitious for traffic had been virtually unproductive of addition obtaining the best operating results and the average of net. Thus in 1906-07 the gain to gross earnings train-load was reduced somewhat, but nevertheless at, had been no less than $8,326,580, while the addition 379 tons it compares with but1 180 tons in 1901. -.The. to net had been no more than $885,235, of which, result of all this is that in face of a considerablemoreover, increased taxes consumed $793,910, leaving decline in the average rate received per ton of freight the actual improvement in net earnings for that year pdr mile,the trains have been able to increase in a very as the result of the $8,326,580 addition to gross but marked way their revenues per mile run. There are $91,325. In the year before (1905-06) an increase no statistics available to show what the trains earned of $8,173,625 in the gross had been attended with an per mile in 1900-01; in 1901-02 they earned only actual loss in net of $1,059,684, and this loss was $1 96 per mile run; in 1906-07, on the other hand,they' raised still further to $1,234,574 by the fact that the earned $3 07 per mile run,and in 1907-08$302 per mile. Notwithstanding this striking development of operacompany was obliged to pay out $174,890 more for ting efficiency and notwithstanding a tremendous taxes. In other words, for these two years combined, in gain gross earnings (of which only a relatively small the result was that an addition of $16,500,206 to gross earnings had left net income above expenses and taxes portion was lost in 1908), net earnings the last three smaller by $1,143,249. That in 1907-08, when depres- years, as we have already seen, have declined. Altosion came, it was not possible to reduce expenses to gether the result in this case furnishes a noteworthy an extent necessary to counterbalance the falling off in illustration of how an important railroad system has gross receipts, and that, consequently, there was a been doing a rapidly expanding business and the further loss in net of $1,414,335,is a striking illustration benefits have accrued not to the stockholders but to of the trying conditions under which railroad opera- the communities served in the lower rates charged for transportation and to the laboring classes (to whom tions have had to be carried on in recent years. strongest most of the expenditures and outlays of the railroads the is Yet the Burlington & Quincy one of the go West, directly or indirectly) in increased wages and in railroad properties and best managed promotion hours of employment. reduced been noteworthy has and in its case there The mean fixed charges have been declining. years—we company's in operations in recent of efficiency the the late year its funded debt had This of is until because came control under property the since the For an been diminishing. 1907-08 these fixed charges, •Great As indicaand Pacific Northern. Northern fund aggregated only sinking that respect, contributions, including been in has accomplished what tion of But the for 1906-07. tabular a $8,017,518 again against here little statement $7,642,902, forward we bring betterfor income to also the adding charged annual $3,225,994 previous company reviews, in given by us 8% and for charges shows for allowing these certain After This ments. table year. latest figures for the small surplus, the a stock, of the company's on traffic last operations dividends the regarding statistics six years and we have also added the figures for two namely, $22,366, remains on the operations of the earlier years (though these latter are notably imper- twelve months. Up to July 1 1907 the Chicago fect) for the purpose of indicating in a graphic way Burlington & Quincy Railroad had been leased to an intermediate company namely the Chicago Burthe progress made. The table is as follows: Average Earns. Rate Tons Allies Tons of & Quincy Railway, but on the date mentioned lington Train- per mile per ton Moved One Run by Revenue was canceled, and during the year under lease that run. mile. Mile. Load. Trains Freight. Year— 1907-08_24,064,341 6,655,887,419 17,552,515 379.20 $3.02 8.0 mill review the property was operated directly by its own 3.07 7.9 " 1006-07_25,471,938 7,169,527,073 18,410,855 389.42 2.94 8.1 " board of directors. A change has also been made in 1905-06-23,627,716 6,347,902,891 17,304,484 364.94 2.73 8.4 " 1004-05.20,901,008 5,241,150,515 16,052,182 326.51 income statement. Previously it was the practice the 2.38 8.6 " 1003-04_20,634,024 5,207,483,649 18,760,861 277.57 2.31 8.7 " 1002-03_20,049,270 4,931,185,014 18,545,775 265.80 from available income the interest for the deduct to 1.96 8.06" 4,001,631,245 18,324,905 218.37 1001-02.. Northern Pacific-Great Northern joint the on year *180.00 *3,350,000,000 19,168,750 1000-01. C. B. & Q. collateral 4% bonds ($200 of these bonds * In part estimated. It was in 1901 that the Burlington & Quincy came having been given in exchange for every $100 of under the joint control of the Great Northern and the Burlington stock) but now the dividends paid BurlingNorthern Pacific. In the year ending June 30 1901 ton & Quincy stock are deducted and no mention is the road had moved, roughly, 3,350,000,000 tons of made of the joint collateral bonds. As these dividends freight one mile. For 1907-08, notwithstanding the are now 8% where before they were only 7%, the 1.058 THE CHRONICLE woavir. 'dividends suffice to pay the interest on the bonds and it pensate the company for the service performed. Acis immaterial how the item is entered in the accounts. cordingly, recourse has been had to the courts, and It may'Demeaned that in October last the Burlington recently, upon application to the U. S. Circuit Court .& Quincy also paid an extra dividend of 6%, this for the Eastern District of Arkansas, a temporary 'being for the purpose of making up the difference injunction was granted restraining the State of Arbetween the 7% dividends paid per annum for the kansas from enforcing the 2-cent rate until the matter ;previous six years and the 8% required in order to can be fully presented, be considered by the Court, and tneet the interest on the joint bonds. This extra the reasonableness of the rate, in view of all circumdividend has not been charged against the year's stances and conditions,be determined. The reduced incothe, but against the accumulated income of previous rates in certain other States are also being contested, years. We observe that accrued interest and sinking this remark applying as well to the freight traffic as fund charges to June 30 1908 have also been charged to the passenger traffic. off against surplus income. Previously it had been the Altogether, as a result of these adverse circumstances practice to:charge the bond interest and sinking fund and conditions, gross revenues were heavily reduced. payments due July 1 against the income of the new year. Furthermore, owing to the inability to curtail the ex-The company in Nov. 1907 Purchased the Sioux penses, the whole of the loss in gross revenues has Westei"n RR:from Sioiijc City to Ashland; counted as a loss in the net. 'Cot of conducting t'iansNeti with a branch to O'Neill, Neb., 229 miles, at,a portation, for instance, actually increased $575,515 in cdgi.: of $5,636,708it also sp'ent $7,913,907 foil' 'face of the diminution in the volume of traffid. The conSttukion and egitiprment, making altogether al 'falling off in passenger earnings was not the result of capital Outlay of $13,550,615; this including the dis- any contraction in the volume of the passenger traffic, count on bonds sold. To obtain the means for this the •number of passengers carried one mile having purpose $16,000,000 of general mortgage.' 4% bong actually increased 4.6%. On the other hand, the of 1958 were sold. Other bonds, however, were pur- company's revenue freight tonnage diminished 11.3%, chased or paid off, leaving the net increase in the and this shrinkage in the volume of transportation funded debt for the twelve months only $14,374,000. services rendered would, under ordinary circumstances, In 1906-07 there had been an actual decrease in the have brought with it lower expenses. The report tells outstanding funded debt in the sum of $5,482,000. us that the increase in cost of transportation was due At the close of the previous year,on June 30 1907,the partly to changes by the Inter-State Commerce Combalance sheet showed a small floating debt in the mission in the classification of operating expenses and shape of $2,000,000 bills payable. This. has evidently partly to the increased cost of labor and prices of maall been paid off as no corresponding item appears in terials entering into the operating accounts. the balance sheet for June 30 1908. ' Disregarding the differences in the accounting meth_ ods in the two years, aggregate gross earnings were reTHE MISSOURI PACIFIC RAILWAY. duced from $48,703,342 to $44,238,702, a decrease of If any roads in the country were particularly $4,464,639. Comparing now net income, after addhard hit during the fiscal year ending June 30 ing revenue from investments and other sources, 1908,it is those in the Southwest. And the Missouri and deducting miscellaneous expenditures (since Pacific belongs pre-eminently in that class. Trade any other method of comparison would be prostration following the financial revulsion of last faulty), it is found that the total of this net income autumn was, of course, an influence of large moment fell from $16,758,978 in 1906-07 to $12,130,905 in with this road, as with all others in the United States, 1907-08, the actual amount of decrease being, hence, but that was by no means the only unfavorable fac- larger even than that in the gross earnings, and reachtor the Missouri Pacific and other Southwestern roads ing $4,628,072. In ratio, the falling off is considerahad to contend against. The crops, both of cotton bly over 25%. It will be recalled that the Atchison and of grain, in the season of 1907 had fallen much be- Topeka & Santa Fe Company, in its annual report, low the exceptionally large yields of the previous sea- showed an equally striking loss in net income. It should likewise be noted that, owing to the unson, and that r -ssarily meant a diminished agricultural tonnage '907-08, the year whose results we toward character of the year, the company was not are now reviev, g. In addition, the legislatures able to realize the benefits expected from the. large and railroad co imissions in the States traversed by purchases of equipment arranged for in the previous the Missouri Pacific lines were peculiarly active in fiscal year. President George J. Gould says that the financial events of last October, and the subsequent reducing rates—of both passenger and freight. The .importance of this last-mentioned factor will depression in trade, commerce and industry, delayed appehr when we note that the report points out that the realization of the results so confidently expected, revenues from passenger traffic for the year decreased and as the greater portion of the new cars was received $1,025,730, or 10.58%, partly on account of the gen- after the business depression began, the management eral depression in business and partly because of the was prevented from accomplishing one of its main obapplication, under protest, in six of the States of the jects, namely the reduction of the balances paid conlow rate of two cents per -mile ordered by the public necting lines in the way of per diem charges on forauthorities. Vice-President Clarke urges With much eign cars. The company paid out during the year force that, considering the sparse population of many $957,555 for hire of equipment. Thus there was an unusual combination of adverse of the districts traversed by the Missouri Pacific lines in the States referred to,"rhore especially the branch circumstances during the year. Only one semi-annual was declared, and that was paid in lines and the new and thus far undeveloped lines con- dividend, of structed by the company in the last three or four years, stock and not in cash. Charging this dividend, howa rate of two cents per passenger per mile does not corn- ever, against income, and allowing for the year's fixed OcT. 24 1908.1 THE CHRONICLE charges, a surplus of only $1,050,506 remains on the operations of the twelve months, a sum which was clearly insufficient to pay another semi-annual dividend at the old rate. It seems unlikely that the situation can become any worse than it Was during the late year. Accordingly, any.rpihange should be for the better. Both President Gould and Vice-President Clarke take a bopeful view of the outlook. Mr. Gould says the crop prospects along the company's lines are very good and a gradual return of confidence and better business conditions are being displayed. Mr. Clarke, on his part, says that the situation has somewhat improved, and with , good ,crop prospects, , natural resources unimpaired and a feeling of confidence which is being gradually sstablished, it is the consensus of opinion that greater activity in all branches of trade , will be realized in the coining year. Mr. Clarke deserves commendation for pointing. that one other thing, Jhowever, is needed. Aside from the increased business expected, it is necessary that the carriers obtain higher rates than now prevail. The large additions to cost of operation forced upop.1 the railroads within the last few years by the higher prices of labor and materials, as well as the many costly exactions of the National and State governments, and the imperative demands of the business public for a more prompt and higher standard of service, have so swelled expenses as to reduce the margin of profit to a figure that is not adequate to meet the financial requirements of the railroads. There is obviously force in this contention, and if the community is desirous of seeing a speedy return of prospreity, there is no better or surer way of attaining that end than by allowing the railroads once more to make favorable income yields• 1059 case 10.40%. The length of road covered is, for 1908, 191,116 miles. It seems likely that, with the New York Central system added, and with the rest of the roads not represented also included,the loss in gross earnings for the whole railroad system of the United States, which comprises 230,000 miles, would reach $37,000,000 to $38,000,000 in gross and probably $12,000,000 in the net. August. (105 roads.) 1908. 1907. Inc. or Dec. January 1 to August 31. (83 roads.) 1908. 1907. Inc. or Dec. Miles of road__ 143,04 144,681 188,771 +2,345 + 1,638 191,116 $ $ Gr.earns,179,781,772209,690,782-29,909,010990,195,587 1178806 14) -188610514 Op.exp_1117,162,558 139,801,781E22,639,223697,215,528 826,656,15 -129440624 Net earl) 62,619,214 69,889,0011 -7,269,787292,980,059 352,149,94 59,169,890 The most encouraging feature, from the standpoint of the security-hoyers, is of course the reduction in expenses. This amounts, on the roads reporting, to $22,639,223 on a decrease in,gross of $29,909,010. In the case of the separate roads,,the saving in the expense accounts is in a number pf instances of such proportions (comparison being with a period last year when the freight congestion prevailing had made expenses very heavy and operations costly) that losses in gross have been converted into gains in net. Among conspicuous cases of this kind may be mentioned the Southern Railway, which, while having sustained $824,404 decrease in gross, reports $255,290 increase in net; the Atchison Topeka & Santa Fe, with $509,574 decrease in gross, has $417,104 increase in net; the Southern Pacific, while having $1,622,440 loss in gross, has $109,078 gain in net; the Union Pacific, with a small decrease in gross ($33,041), has no less than $681,138 increase in net. We might also mention the Rock Island lines, which, combined with the St. Louis & San Francisco and Chicago & Eastern Illinois, though having fallen $1,0170238 behind in gross, are a trifle ahead in their net. There are numerous other cases where, while large losses in gross have not been entirely wiped out, they have been nearly so. For example, the Baltimore & Ohio has $1,352,056 decrease in gross but only $162,735 decrease in net. The Missouri Pacific, with $762,343 loss in gross, has only $151,359 loss in the net. In the following we show all changes for the separate roads for amounts in excess of $30,000. It will be noted there are only two roads reporting increases in gross for that amount, but ten roads which are able to report improved net. RAILROAD GROSS AND NET EARNINGS FOR AUGUST. Our compilations of the earnings of United States railroads for the month of August, make a showing only slightly different from that for July, the falling off again being very heavy. It seems quite likely, however, that subsequent months, and more particularly September, will reveal a decided change for the better. As was pointed out by us in commenting on the July figures, these monthly compilations are now much more comprehensive than before. Owing to the fact that the Inter-State Commerce Commission rePRINCIPAL CHANGES IN GROSS EARNINGS IN AUGUST. Decreases quires monthly comparative returns of the railroads, Colorado ee Southern_ -- Increases. $155,144 Wabash $225,325 118,208 Ph in Balto & Wash Chic Mllw & St Paul__ 203,300 it has become possible to include in our totals some Texas & Pacific 184,828 Representing 2 roads in Mobile & Ohio 182,862 our compilation_ _ _ _ $273,352 Vandalia large and important systems which we were not able 165,583 Pacific Coast 162,844 Decreases. Kansas C ty S,uthern_ _ _ 161,928 previously to include in these monthly summaries of Pennsylvania (2) y$5,890,900 Yazoo & Miss Valley_ _ _ 159,155 1,622,440 Central of Georgia 153,578 Pacific gross and net. Among such roads may be mentioned Southern 1,352,056 Buff Hoch & Pittsburgh_ Baltimore •& Ohio 152,123 Dayton_ Ham & Northern 1,282,157 Cinc Great 147,448 the Chicago Burlington & Quincy, the Great Northern, Northern Pacific 1,160,317 San Pad Los An & S L_ 136,509 & Reading- x1,073,093 West Jersey & Sea Shore 135,000 the Northern Pacific, the Chicago Milwaukee & St. Philadelphia Southern Railway 824,404 St Louis Southwestern__ 821,931 Wheeling & Lake Erie_ _ _ N Y N If & Hartford.. 121:2 30 75 0 Paul, the St. Paul & Omaha,the New York New Haven Louisville 776,707 Nashv Chatt & St Louis& Nashville 116,600 762,343 Duluth South Sh & AtlMissouri Pacific (2) 199 179 0: ,59 056383 0 731,527 Cinc New On do Tex PacErie & Hartford, &c. On the other hand, one very im- St 677,146 Lcng Island Louis & San Fran 669,010 Maine Central & North Chic Western.... 96,045 roads portant combination of previously included is Lehigh Valley 662,670 Chic St Paul Minn & Om_ 649,187 Del Lack & Western Missouri Kansas & Texas month, was in this it missing just as July. We have Chicago Burl & Quincy 634,610 Toledo St Louis & West.. 7 989 71:,88 84459 47 624,220 PereMarquette Pacific 74,429 reference to the New York Central system,together with Canadian 617,959 Rich Fred & Potomac__ Illinois Central 598.579 Hocking Valley Grand Trunk (4) 702 92 0 550,139 Chic Ind & Louisville__ the various controlled roads, such as the Lake Shore, Norfolk & Western 69,367 546,262 Minn St Paul do S S Boston & Maine 60,575 509,574 Wisconsin Central S Fe_ _ _ _ 59,192 the Michigan Central, the Big Four, the Rutland, &c.,' Atch Topeka &Jersey._ 397,188 Alabama Gt Southern.._ Central of New 57,337 375,423 Atlantic Coast Line N Y Ont & Western altogether about 12,000 comprising miles of road. Chesapeake & Ohio 4 55 4:8 272 92 374,455 Chicago Great Western.. _ 365,496 Georgia RR & Hudson 38,809 The companies which have contributed returns to our Delaware 37,917 3 0,A62 L Bangor & Aroostook_ - _ _ Denver & Rio Grande-at2998 Union Pacific 33,041 Rock Island compilations show a loss in the aggregate of $29,909,- Northern $01,900 Central 265,671 Seaboard Air Line • Representing 71 roads $7,269,787 in of the and net. The 010 in gross ratio Duluth & Iron Range 257,302 in our compilation_ _ $29,920,353 Note.-Figures in parenthesis after name of road indicate the number of of falling off in the one case is 14.21% and in the other lines or companies for which separate returns are given in our compilations. 1060 THE CHRONICLE x These figures are for the Railroad Company; the Coal & Iron Company reports a decrease of $761,480. y These fignres cover the lines directly operated east and west of Pittsburgh and Erie. The gross on Eastern lines decreased $3,877,600 and the gross on Western lines decreased $2,013,300. PRINCIPAL CHANGES IN NET EARNINGS IN AUGUST. Union Pacific Atch Top & Santa Fe...._ Southern Railway Chicago & Alton Rock Island Colorado & Southern.- - Southern Pacific International & Gt Nor_ _ Long Island ___ - - - Alabama Great Southern Increases. $681,138 417,104 255,290 149.444 140,154 110,656 109,078 61,615 51,230 32.754 Representing 10 roads in our compilation_ ___ $2,008,463 Decreases. y$1,532,000 Pennsylvania (2) 857.215 Great Northern NYNH & Hartford 646.140 455,228 Del Lack & Westernx454,089 Philadelphia & Reading448.761 Northern Pacific 390.698 Lehigh Valley 289,849 ston & Maine 281,242 Chicago Burl & Quincy276,583 Illin )1s Central 265,842 Central of New Jersey-224,053 Erie 184,016 Miss uri Kansas & Texas Delaware & Hudsln____ 173,602 Duluth & Iron Range-163,649 Baltimore & Ohio 162.735 Missouri Pacific (2) Denver & Rio Grande__ _ Louisville & Nashville__ St Louis Southwestern__ St Louis & San Fran..___ Buff Roch & Pittsburgh.. Grand Trunk (4) Norfolk & Western Chesapeake & Ohio Wabash Texas & Pacific West Jersey & Sea Shore Seaboard Air Line Chicago Milw & St Paul_ Northern Central Central of Georgia Kansas City Southern.._ _ Yazoo & Miss Valley__ _ _ Chicago Ind & Louivsille N Y Ontario & Western_ Chicago & North Western Mobile & Ohio Phila Balto & Wash_-_ Wheeling& Lake Erie_ _ Duluth South Sh & Pacific Coast Rich Fred & PotomacMaine Central Georgia RR Decreases. ;151,359 143,790 136,629 131,130 130,248 130,016 122,879 119,218 113,945 112,957 103,073 89,800 89,222 80,101 79,000 74,882 70,328 63,682 55,884 51,908 49,422 47,643 46,900 46,777 43,094 40,717 38,494 137,726 32,334 [VOL. Lxxxviz. Gross Earnings. Net Earn4sto. Year Year Given. Year I Preceding. Increase or Decrease. Year Given. Year Increase or Preceding. Decrease. Aug. 1896. 52,240,197 55,319,9911 -3,079,794 17,418,959 19,023,398 -1,604,439 1897. 66,842,723 58,687,815 +8,154,908 24,228,620 19,592,169 +4,636,451 1898. 77,846,913 76,324,949 +1,521,964 27,942,601 28,189,822 -247,221 1899. 81,952,795 70,965,451 +10,987,344 29,730,968 23,200,009 +4,530,959 1900. 92,067,423 85,191,125 +6,876,298 33,216,118 31,032,360 +2,183,758 1901. 108,575,332 96,440,678 +12,134,654 40,548,771 34,210,061 +6,338,710 1902. 105,390,629 102,111,428 +3,279,201 35,928,409 37,776,146 -1,847,737 1903. 121,050,739 105,267,446 +15,783,293 41,282,319 35,747,474 +5,534,845 1904. 119,821,635 119,665,743 +155,892 43,168,250 40,913,469 +2,254,781 1905. 125,099,694[114,112,603 +10,987,091 43,201,744 40,480,712 +2,721,032 1906. 137,589,560 22,898,468 +14,691,092 48,074,911 42,719,768 +5,353,143 1907. 144,913,337 128,178,064 +16,735,273 45,629,104 44,849,985 +779,119 1908. 179,781.772209,690,782 -29,909,01 62,619,214 69,889,001 -7,269,787 Jan. 1 to Aug. 31. 1896. 393,203,060,383,273,176 +9,929,884 116,931,633 114,390,911 +2,540,722 1897. 423,330,079409,582,045 +13,748,034132,236,014120.328.688 +11,907,326 1898. 537,835,201491,579,312 +46,255,889170,052,977 154,608,627 +15,444,350 1899. 516,901,578472,605,134 +44,296,444 164,647,998.147,328,809 +17,319,189 1900. 638,873,653566,623,119 +72,250,534 204,436,6241180,439,830 +23,996,794 1901. 669,521,1441605,129,615 +64.391,529229,448.062197,778.641 +31,666,421 1902. 663,069,452,622,441,799 +40.627,653214,936.275.206,847,797, +8,088,47 1903. 774,778,127,673,253,289 +101,524,838243,900,572213,609,764 +30,290,808 1904. 804,883,344'818,686,917 -13,803,573 239,210,616259,144,087-19,933,471 1905. 860,301,3941798,787,761 +61.513,633254,877,9881238.764,943 +16,113,015 1906. 999,415,344 882,613,457 +116,801,887 313,436,359261,052,152 +52,384,207 1907. 1,067,294,105036,737,512 +130,556,593 311,488,075'293,091,129 +18,396,946 1908.1 990,195,587,1178806 101 -188,610,514 292,980,059352,149,94 -59,169,890 • 1 Note.-In 1896 the number of roads Included for the month of August was 127; In 1897, 135; in 1898, 138; In 1899, 113: in 1900, 129; In 1901, 116; in 1902, 105; In 1903, 114; in 1904, 100; in 1005, 95; in 1906,91; In 1907,86* In 1908, 105. We no longer Include the Mexican roads or the coal-mining operations of the anthracite coal roads In our totals Representing :0 roads in our compilation.... 30.238.860 ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S. -The public sales of bank stocks this week aggregate 74 z These figures arc for the Railroad Company; the Coal & Iron Company shares, of which 34 shares were sold at the Stock Exchange reports a decrease of $221,194. U These figures cover lines directly operated east and west of Pittsburgh and 40 shares at auction. The transactions in trust company and Erie. The net on Eastern lines decreased $1,102,000 and the net on 'stocks, all auction sales, reach a total of 175 shares. Three Western lines decreased $430.000. shares of stock of the New York Trust Co. were sold at 547 It is rather noteworthy that, when the roads are ar- -an advance of 97 points over the price paid at the last ranged in groups, every group shows a loss, not only previous public sale, which was made in April. Shares. BANKS-New York. Low. High. Close. Last previous sale. in gross but also in net, notwithstanding the tremen- *34 Commerce, Nat. Bank of..... 170 171 34 171 Oct. 1908- 173 National Bank.... 16334 163 3i 163 3.6 Oct. 1908- 160 Merchants' 8 dous saving effected in the expense accounts. In the 32 Phenix National Bank 157 157 157 Oct, 1908- 155 Southwestern and South Pacific group, however, owTRUST COMPANIES-New York. 165 Carnegie Trust Co 1653, 165 Oct. 1908- 165 ing to the good showing made by the Southern Pacific, 110 123 22J. Hudson Trust Co 123 123 Sept. 1908- 139 & Ins. Tr. Co. 205 205 203 May 1908- 202 the Rock Island, the Atchison and the Colorado & 40 Lawyers'Title 547 3 New York Trust Co 547 547 April 1008- 450 Southern, the falling off in the net is hardly more than * Sold at the Stock Exchange. trifling, amounting to less than 1%. Here is the sum-The Uniform Bill of Lading Committee of the Trunk mary by groups. Line Association this week advised shippers that the use of SUMMARY BY GROUPS. Gross Earnings. Section or Group. August. New Eng.(5). rrk.Lines (8) Anth.Coal (7). E. & Mid.(10) Mid. W.(15). N. W.& N.P (20) S.W.&.S.P. (19) Southern (21) 1908. 0,045,893 33,482,345 13,300,481 4,908,246 11,491,159 1907. Net Earnings. 1908. 1907. :/nc.(+)07 Dec.(-) 5; 10,548,807 3,180,936 4,149,153 -968,217 23.33 42,280,732 11,287,648 13,442,272 -2,154,629 16.03 16,508,687 5,321,545 7,083,097 -1,761,552 24.87 5,845,077 1,702,112 2,027,662 -325,550 16.05 12,900,433 3,010,700 3,279.426 -268,726 8.19 47,805,958 52,922,165 19,112,955 20,431,460 -1,318,505 6.45 39,913,650 19,834.040 44,750,217 13,203,814 13,263,726 23,934,664 5,709,504 6,212,205 Total(105).179,781,772 Mexican (4) 2,384,546 Jan. 1 to Aug. 31New Eng.(2). 1,768,641 Trk. Lines(8).245,030,994 Anth.Coal (5)' 80,623,117 E. & Mid.(9). 33,745,321 Mid. W.(12). 59,757,799 N. W. & N.P (12) 146,776,233 S. W. & S. P.I (16) 269,969,151 Southern (19)i 152,524,331 -59,912 .45 -412,701 6.64 209,690,782 62,619,214 69,889,001 -7,269,787 10.40 2,900,881 + 5,072 .58 886,771 881,699 2,195,102 +48,143 7.07 728,615 680,472 307,060,358 64,701,543 85,602,283-20,900,74024.42 91,968,982 30,610,861 35,084,022 -4,473,161 12.75 37,961,187 8,653,507 9,060,271 -406,764 4.49 71,258,2121 15,546,696 20,289,907 -4,743,211 23.37 168,515,986 51,374,759 57,924,290 --6,549,531 11.31 316,828,098 80,972,904 97,144,061-16,171,157 16.65 183,018,176, 40,391,174 46,364,643 -5,973,46912.88 Total (83)_ 990,195,587,1,178,806,101 292,980,059,352,149,949-59,169,890 16.80 Mexican (4)...1 20,452,3181 23,127,790' 7,541,2611 7,506,781 +34,480 .46 Mileage.-The mileage for the above group is as follows: New England, 5,718 mles in 1908, against 5.632 in 1907; Trunk Lines, 19,881, against 19,812: Anthracite Coal, 5,107, against 5,107; Eastern & Middle, 2,756, against 2,750; Middle Western, 12,747, against 12,570; Northwest & North Pacific, 60,262, against 59,124, Southwest & South Pacific, 54,849, against 54,218; Southern, 29,796, against 29,558; grand total, 191,116, against 188,771; Mexican, 3,553, against 3,536. the old blanks for bills of lading will be permitted in official classification territory until December 31 1908, subject, however, to the provision that these blanks be stamped with a signed notation saying the shipment is subject to the terms and .conditions of the new uniform bill of lading, effective on November 1. The association was moved to this decision because of the inconvenience likely to result to many of the shippers having on hand a large supply of old blanks. The following is the circular issued in the matter by C. C. McCain, Chairman of the Trunk Line Association: To Carriers in Official Classification Territory: It has come to the attention of carriers that a very large number of shippers who supply themselves with bills of lading, shipping receipts and dray tickets, which vary in certain non-essential features from the carriers' standard forms, and were arranged to facilitate their long established requirements, now have a large supply of these forms on hand, and that in numerous instances physical difficulties have been encountered in the preparation, printing and procuring of new forms arranged to conform to the new requirements of the uniform bill of lading prescribed to become effective Nov. 1 1908. Appreciating these conditions,and with a view to affording a reasonable time for shippers to adjust their business methods to meet the new requirements, the carriers in official classification territory will, until Dec. 31 1008, inclusive, receive property and will receipt therefor on such forms of bills of lading or shipping receipts which shippers may now have on hand, provided that all such forms shall be stamped, in legible type, with the following signed notation: "This shipment is tendered and received subject to the terms and conditions of the company's uniform bill of lading, effective Nov. 1 1908. This receipt is not negotiable and If shipment is consigned 'to order' must be exchanged for the company's uniform order bill of lading." By the foregoing action It is not intended in any instance to waive on and after Nov. 1 1908 the application of the terms of the contract and conditions of the new uniform bills of lading, as authorized and published in supplement No. 6 to official classification No. 32, to become effective on that date, nor will it be permissible for carriers to issue bills of lading on other than the new forms. The extension of time is granted solely to permit the use of shippers' present forms with the provision that shipments receipted for on such old form are subject to the terms and conditions of the new uniform bill of lading and with the further understanding that if shippers desire bills of lading, the receipts given on shippers' forms, with the stamped notation thereon, may be exchanged for the company's new uniform bill of lading. On and after Jan. 1 1909, all shippers' forms nust conform to carriers new uniform bills of lading. In August last year the chief feature was the way expenses were running up, the augmentation being so heavy as almost to extinguish a very substantial gain in the gross. Our compilations at that time showed $16,735,273 gain in gross, attended by an increase in expenses of $15,956,154, leaving, hence, only $779,119 improvement in the net. In ratio the gain in gross then was 13.06%, with a gain in the net of but 1.74%. To complete our analysis, we furnish the follwing -The twenty-fifth anniversary of the opening of the New summary of the totals for back years. York Produce Exchange Bank of this city was observed by OCT. 24 1908.1 THE CHRONICLE 1061 a dinneron the 21st inst.tendered to the directors by one of and Frederick R. Eaton of New York, with power to add to its members. their number, John A.Hance, senior member of the firm of That the committee he authorized to confer with the committee to be appointed the board of directors, with a view to the resumption of Jesup & Lamont. Forrest H. Parker, founder and Presi- business byby the bank or the formation of a new bank. That the committee dent of the bank since its opening, was the recepient of a be directed to report to the stockholders at their next meeting such steps very handsome loving cup, presented by the members of the as may be proper to safeguard the interests of the stockholders In the liquidation of the assets, with no power to bind the minority stockholders. board. The presentation speech was made by Mr. Roe, It is understood that the rehabilitation of the bank is who complimented President Parker on the able manner in favored by some of the old directors, including Col. R. M. affairs of the bank which the have always been administered. Mr.Parker,in expressing his appreciation of the gift, thanked Thompson, Charles M. Schwab, William F. Havemeyer the directors for the uniform courtesy shown him, and the and John H. Flagler. It is said that in the event of its conscientious manner in which they discharged their duties re-establishment, C. W. Morse will in no way be connected with the bank. as directors. —The Lafayette Trust Co. of Brooklyn Borough, which —An opinion affecting loans by commercial banks has since its reopening on April 15 last has pursued the policy recently been rendered by the Attorney General of Ohio. His decision, according to the "Cleveland Bulletin" states of meeting its deferred payments to depositors in advance that while ordinarily a bank may not invest more than 20% of their due time, made its seventh payment of 10%, due of its capital and surplus in one stock, security or loan, it November 15, on October 16. The resumption plan procan, nevertheless invest more than that amount in United vided for the payment of 10% monthly, the firstinstallment States, State on municipal bonds, and further that they thirty days after the company's reopening. The enlarged m.ay loan more than 20% of theit capital and surplus in a capital of $800,000, increased from $500,000 by vote of the single loan provided it is protected by United States, State, stockholders on August 25,is to go into effect on November 1. —James H. Perkins, who was lately elected a Vicecounty and city bonds. President and director of the National Commercial Bank of ite.ro —An involuntary petition in bankruptcy was filed in Boston on the 17th inst. against the banking house of E. H. Albany, has been elected to succeed Abel I. Culver,resigned, Gay & Co. of New York and Boston, and on Thursday on the directorate of the Union Trust Co. of that city. —The stockholders of the Investment Company of Philathe 22nd inst., John P. Reynolds Jr. was appointed receiver. As noted last week, for the past two delphia are to meet on Dec. 17 to approve the plan to conmonths Mr. Reynolds has been acting as agent vert their institution into the Independence Trust Co. It in administering the affairs of the firm. The is proposed to authorize the sale of the company's assets petitioning creditors are J. Morris Beardslee, who (except the capital stock it already owns in the Independence obtained a judgment against the firm for $3,087; Elliot Trust Co.) to the Independence Trust Co. for $1,850,000, Norton, who secured a judgment for $387, and Horace E. in exchange for an equal amount of stock of the latter. Farrington, who claims $207 due him as salary. In the After this is consummated, the Investment Co. will be in petition it is alleged that "a general assignment for the possession of $2,000,000 of the full-paid capital of the Indebenfit of creditors was made to John P. Reynolds Jr. on pendence Trust Co. and the stockholders of the Investment August 8; that the concern conveyed or transferred to Co. will be offered the privilege of surrendering their holdings Reynolds the whole or part of the property with intent to for stock in the trust company, par for par. hinder, delay and defraud". Mr. Reynolds, in answer —With a view to preventing further delay in the trial of to the allegations that he has been acting in the interest persons alleged to be involved in the failure of the Farmers' of the larger creditors, states that he has acted exactly as & Drovers' National Bank of Waynesburg, Pa., a committee if appointed a receiver by the U. S. Court, with authority representing the depositors held a conference with President to continue the business, and every act has been performed Roosevelt this week to seek his assistance in directing an with the one object in view of realizing as much for the early prosecution, which the statute of limitations would creditors as a whole in the proportion that the claim of each shortly operate to prevent. The committee, it is stated, bears to the whole. The larger creditors, he adds, never charged that the delay in bringing Cashier Rinehart and suggested any different course, and there was a distinct other alleged guilty parties to trial was due to the influence written understanding at the outset to that effect, and of prominent politicians involved in Rinehart's transactions. it has been lived up to absolutely. The agreement under An investigation by the Department of Justice is said to have which Mr. Reynolds was appointed to manage the affairs been ordered by the President, and U. S. District Court of the firm, entered into last August, followed the passing Judge James S. Young has directed that the trial of Cashier of the interest payment on the bonds of the Hudson River Rinehart be held on Jan. 4 1909. The bank failed on Power Electric Co., one of the properties in which Gay & Dec. 12 1906 and 40% has thus far been paid to the deposiCo. has a considerable interest. A provision in the agree- tors. Cashier Rinehart was indicted nearly a year ago on ment stipulated, it is reported, that in the event of bank- charges alleging misapplication of funds and false entries. ruptcy proceedings against the firm all provisions in the —Plans were recently announced for the consolidation of contract naming Mr. Reynolds as trustee would thereby the Barclay Trust Co. and the Westmoreland Savings & be canceled. Besides its Boston and New York offices, Trust Co. of Greensburg, Pa., under the name of the BarclayGay & Co. also have offices at Philadelphia and Montreal. Westmoreland Trust Co. The first-named institution has a Eben H. Gay and Joseph W. Jackson are the partners in capital of $200,000 and the Westmoreland Trust a capital the firm. It is believed that its liabilities will be between of $150,000. The consolidate d institution, it is understood, $7,000,000 and $8,000,000. On the application of the will have $hipomo capital and $300,000 surplus. David L. firm Louis T. McFadden and John P. Reynolds were this Newill will be at the head of the new organization. week appointed ancilliary receivers for the Pittsburgh —The directors of the First National Bank of Allegheny, Binghamton & Eastern RR., another property which Gay Pa., have elected James S. Kuhn President to succeed F. H. & Co. were interested in financing. Skelding, resigned. Mr. Kuhn was also recently chosen —At a meeting on Wednesday a majority of the stock- as Mr. Skelding's successor in the presidency of the First holders of the National Bank of North America of this city National Bank of Pittsburgh. elected John W. McKinnon as shareholders'agentto conduct —George Schmidt has been elected President of the City the liquidation of the institution. Of the 20,000 shares, Hall Bank of Cincinnati, Ohio, to succeed the late J. H. some 13,000 were represented at the meeting, all of which, Wiggers. Mr. Schmidt has been associated with the bank with the exception of about 300 shares, voted for Mr. Mcsince its organization in 1893. He started with it as bookKinnon. In order to give further opportunity to decide keeper, and in 1896 was chosen Cashier. upon the question of reorganizing the bank, Mr. McKinnon —At a meeting of the directors of the Old National Bank (who is Vice-President of the Assets Realization Company) Grand Rapids, Mich., held on the 19th inst., Willard of will not qualify for another month, the stockholders having adjourned their meeting for that period. A resolution Barnhart was elected President of the institution to succeed bearing on the question of resumption was adopted on James M. Barnett, who died on Sept. 19. Mr. Barnhart was heretofore Vice-President of the bank. Wednesday by the minority shareholders as follows: —The Appellate Court has denied the petition for a reResolved. That a stockholders' committee be appointed, consisting of Joseph U. King of Hartford. Conn.; A. W. Damon of Springfield. Mass., hearing of the case against President Abner Smith and 1062 THE CHRONICLE [VoL. Lxxxvn. Vice-President Gustav F. Sorrow of the failed Bank of Amer- stockholder in the company. He is likewise aVice-President ica of Chicago. Their conviction on charges Of misappro- and director of the Memphis Street Railway Co. and a priating funds of the bank was upheld by the Appellate director of the American • Cities Railway & Light Co. and the Volunteer State Life Insurance Co. Court last July. —Wilson W. Lampert, Auditor of the American Trust & — • Checks in payment of a second dividend of 20% to the Savings Bank, Chicago, has been made an Assistant Cashier depositors of the Neal Bank of Atlanta, Ga., were distributed this week by the Central Bank & Trust Corporation as of that institution. insti—The First National Bank of Carroll, Iowa, was closed on receiver. A• similar dividend was paid in April. The the 20th inst. pending an investigation following the tution closed its doors last December. suicide of its President, W. L. Culbertson. With the news —The option extended to several Western bankers for of the latter's death, the decision to, close the bank for the the purchase. of Charles Sweeny's stock in the Exchange present, the Cashier states, was determined upon by the National Bank and the Traders' National Bank of Spokane, directors as the wisest course, thus avoiding the possibility Wash., has not been exercised, we are authoritatively adof a run and insuring the best possible administration of its vised. The plan included the consolidation of these instiaffairs. The institution was organized in 1868. It has a tutions with a capital stock of $1,000,000 and 'surplus Of capital of $100,000 and deposits in the neighborhood of $200,000. The National City Bank of New York has been $450,000. erroneously mentioned hi the news reports as having' pur—David Williams, formerly President of the Farmers' & chased Mr. Sw(q•ny's holdings'. Merchants' National Bank of Webster, S. D., has recently —Joseph A. Swalwell recently entered upon the duties of become Vice-President and director of the City National Cashier of the National Bank of,Commerce of Seattle, Wash. Bank of Duluth, Minn. The office had been held open for Mr. Swalwell for a year —The Burnes National Bank of St. Joseph, Mo., removed past, Second Vice-President Ralph S. Stacy in the meantime on Wednesday to its own new lisuilding, at Fifth and Felix performing the functions attendant to the post . of Cashier. streets. In its latest statement; Sept. 23, the bank reports Mr. Swalwell comes from the First National Bank of .Everett, deposits of $2,838,037, as against $2,531,827 on July 15. Wash., of which he had been Cashier since its organization In the two months its aggregate resources have risen from sixteen years ago; his delay in taking up his new post was $2,886,763 to $3,199,351. The institution began business occasioned by the absence of the President Of that institution, in 1906; it has a capital of $200,000 and surplus of $50,000. W. C. Butler. Several year's ago Mr. Swalwell served as The management is as follows: L. C. Burnes, President; Chairman of the Executive Committee of the Washington James H. McCord and James N. Burnes, Vice-Presidents; BankerS' Association. George A. Nelson, Cashier; Jno. J. Walsh and I. J. Wein—The First National Bank of Carson:,Nevada,has opened man, Assistant Cashiers. for business as successor, it is stated, to the Nye & Ormsby —At the annual meeting of the St. Louis Union Trust County Bank at Carson, Nevada. The latter closed its doors Co". of St. Louis on the 15th inst. Thomas H. West resigned during the panic of a year ago, but reopened on January 2 as President of the company and was elected to fill the under a deferred-payment basis. It is reported that 95% newly created post of Chairman of the Board of Directors. of its indebtedness has already been liquidated. John D. Filley, a Vice-President of the company, was elected —The organization of the Wyoming Bankers' Association Mr. West's successor in the presidency, and Thomas H. was perfected at a recent meeting held at Cheyenne, with West Jr. was elected Secretary. The latter, now Secretary the adoption of a constitution and the election of thefollowing of the Broadway Savings Trust Co., will take up his new officers: President, A. H. Marble, of the Stock Growers' office on Nov. 1. Mr. West Sr., it is stated, will continue National Bank of Cheyenne; Vice-President, B. F. Perkins, as actively as heretofore in the management of the company. President of the Bank of Commerce of Sheridan; Secretary, He assumed the presidency of the St. Louis Trust Co. with its H. Van Deusen, Cashier of the Rock Springs National Bank organization in 1889, and remained in that capacity with of Rock Springs, and Treasurer, J. De 'Forest Richards, the institution formed through the consolidation of the President of the First National Bank of Douglas. St. Louis and Union Trust companies in 1902. The following —The Swedish-American Bank has been organized in officers of the St. Louis Union Trust Co. have been reFrancisco with an authorized capital of $250,000. The San elected: Robert S. Brookings, Henry C. Haarstick, John F. of the new institution are Leonard Georges, President; officers Shepley and N. A. McMillan, Vice-Presidents; F. V. DuLindblow, Vice-President, and George M. Rudebeck, 0. Erik brouillet,Treasurer; F. X. Ryan, Assistant Secretary; J. S. Treasurer and Cashier. Walker, Assistant Treasurer; Isaac H.'Orr, Trust Officer, Secretary, --The New York agency of the Hongkong & Shanghai and A. C. Stewart, Counsel. Mr. Ryan, the Assistant Banking Corporation, after a tenancy of twenty years at Secretary, has also been appointed Assistant Bond Officer. —The Bank of Commerce of Louisville was recently 50 Wall St., will move on May 1 1909 to the large banking converted to the national system under the title of the offices at 34 and 36 Wall Si. on the same floor with the National Bank of Commerce. The capital is unchanged Gallatin National Bank. Its new offices were formerly at $800,000. Samuel Cassidy continues as President occupied by the City Trust Co. prior to the latter's consolidation with the Trust Company of America. In the new and J. J. Hayes as Acting Cashier. the Hongkong & Shanghai Corporation will have location —John H. Watkins, Vice-President of the Bank of Comand more accessible to merce & Trust Co.of Memphis, Tenn., has announced his in- spacious accommodations, nearer present. The head office of the at than entrance the street in tention of becoming identified with the banking business New York, having decided to open an office in the First Corporation is located at Hongkong, China. It was incorNational Bank Building at 2 Wall Street, for the purpose porated by special ordinance of the Legislative Council of of dealing in municipal and railroad securities. Mr. Watkins Hongkong in 1867. With twenty-six branches and agencies Philipwill not sever his connection with the Bank of Commerce & in China, Japan, India, Java, Straits Settlements, of the in all correspondents the cities principal pines, and Trust, his proposed move being in the nature of an extension proportions. of his Memphis business. His plans, it is understood, will be world, its business has grown to World-wide currency; carried into effect some time during the coming winter. The paid-up capital is $15,000,000, Hongkong fund, During the past ten years following his election (in 1898) as sterling reserve fund, $15,000,000; silver reserve $15,of proprietors reserve liability of with a $14,000,000, City Attorney, Mr. Watkins has attained a prominent posiaccounts were $145,1908 the current 30 000,000. June On Memphis. He the of in became tion commercial affairs deposits $109,962;Vice-President and General Manager of the Memphis Trust 692,871 89 (gold and silver) and fixed of its New York head is at the Gard'ner 187 23. Wade capital of a 1900, the having $200,000. in Co. institution then agency. The capital was gradually enlarged until in 1903, when the Title Guarantee & Trust Co. was taken over, it was increased —A booklet descriptive of the National Bank of Cuba to $700,000. Early in 1905 it became $1,000,000 and about (head office Havana)and prepared in exceptionally good style the middle of that year it was advanced to $1,500,060 with has lately been distributed to the friends of the institution. the absorption of the National Bank of Commerce. Besides A feature of the work is the views of Havana and illustrabeing Vice-President,•Mr.Watkins is also a director and a large tions of the bank's home at the head office. In this struc- 00T. 24 alio. I THE CHRONICLE 1063 ASSETSture, it is noted, particular attention has been given to the LIABILITIESTrust Fund HoldingsTrust Fund Liabilitiessystem of ventilation designed to meet the requirements Gold coin 842,045,869 00 Gold certificates 842,045,869 00' Silver dollars 488,208,003 00 Silver certificates 488,208,00000of the climate. The construction, it is stated, is regarded Silver dollars of 1890_ _ _ 4,767,000 00 Treasury notes of 1890.. 4,767,000 00, as a model for tropical countries, and it is the only building Total trust fund 1,335,020,869 00 Total trust liabilities_1,935,020,869 00 General Fund HoldingsGen.Fund LiabilUicoin Cuba providing modern facilities for offices. The bank Gold coin and bullion_ _ _ 38,680,398 95 National Bank 5% fund 22,504,392 12 has accounts of 16,000 depositors in Cuba,amounting to over Geld certificates 36,378,105 00 Outstanding checks and Silver certificates 12,364,058 00 drafts 11,753,933 63 $16,000,000, which is an increase in six years of $11,000,000. Silver dollars 201,835 00 Disbursing officers' bedbullion 5,389,192 79 BUMS 74,553,309 12 It has fifteen branchesin Cuba,one in each of theleading cities Silver United States notes_ _ _ _ 5,490,551 00 Pert Office Departmeat notes of 1890_ _ 16,191 00 account 3,522,572 63 and two in Havana. The institution's operations are con- Treasury National bank notes__ _ _ 39,829,288 00 Miseellaneotts items _ 3,227,314 16 Fractional silver coin__ _ 21,746,012 82 ducted under a system representing a combination of the Fractional cnrreney__ _ _ 92 66 Total gen. liabilities 115,561,581 66 national bank system of the United States with the branch Minor coin 2,896,358 85 Bonds and interest paid. 9,766 06 banking system of Europe. It has a paid-up capital of Total in Sub-Treas. 169,001,849 83 $5,000,000 in United States currency, its surplus and unIn Nat. Bank DepositariesCredit Treasurer of U.S.- 117,926,917 16 divided profits on July 1 1908 were over $1,000,000, after Credit U.S.dia. officers 11,998,283 01 having paid dividends semi-annually during the seven years Total In banks 129,925,300 17 114 In Treas. of Philippine IslandsCash balance ,fe Remisein which it has been in business at the rate of 6% per annum Credit Treasurer of U.S_ 1,636,604 40 Total cash and until December 1903,and since at the rate of 8% per annum. Credit U.S.dis. officers_ 3,050,500 83 Made up of-reserve__ 329,952,573 27 Available. _ _179,052,573 27 The New York agency of the institution is at Broadway and Total In Philippines 4,687,104 93 and Reserve FundWall Street. Edmund G. Vaughan is President. One of Reserve Fund Holdings-Gold&bull.150.000,000 00 its Vice-Presidents, Samuel M. Jarviq, is a resident of New Gold coin and bullion._ _ 180,000 000 00 Grand total 1,779,635,023,93 Grand total York. 1,779,636,023.93 TREASURY CURRENCY HOLDINGS.-The following -The statement of the Molsons Bank (head office, Mont- compilation, based on official Government statements, indireal) for the year ending September 30 1908, presented at cates the currency holdings of the Treasury on the first of July, August, the annual meeting on the 19th inst.,showsnet profits for the September and October 1908. TREASURY NET HOLDINGS. twelve months of $612,646, as compared with $544,038 for July 1 '08. Aug. 1 '08. Sept. I '08. Oct. 1 '08. Holdines in Sub-Treasuries$ $ the previous year. With the balance of $53,688 at the credit Net 15 $ coin and gold bullion 213,202,241 230.238,004 214,915,576 222,058,504 Net silver coin and bullion of profit and loss September 30 1907,the bank had available Net 317,038,478 19,221,768 19,024,632 17,955,086 United States Treasury notes 13,916 13,211 9,583 16,191 for distribution the sum of $666,334, which was applied as Net legal-tender notes 6,491,178 5,645,634 8,369,090 5,490,551 Net national bank notes 65,902,387 64,772,332 54,692,308 39,829.288 follows: distributed in quarterly dividends at the rate of Net fractional sliver 23,727,308 24,222,649 23,774,263 21,746,013 Minor coin, &c 3,237,412 3,099,067 3,114,133 2,906,217 10% per annum, $337,288; for depreciation in value of Total cash in Sub-Treasuries_ _339,612,7020 347,212,665 320,899,584d310,001,850 bonds and stocks,$100,000; expenditure on bank premises Leaf gold reserve fund 150,000,000 150,090,001 150,000,000150,000,000 at branches,$48,518; business taxes,$16,844,and contribution Cash bal. In Sub-Treasuries.- _ _189,612,920 197,212,665 170,899,584 160,001,850 165,219,319 130,660,745 128,907,343 129,925,200 to officers' pension fund, $10,000, leaving $153,684 to be Cash in national banks Cash In Philippine Islands 3,404,751 3,448,750 6,455,226 4,687.105 placed to the new profit and loss account. The paid-up Net Cash in banks, Sub-Traas_358,236,996 333,322,160 306,262,153 294,614,155 capital,which on September 30 1907 was $3,360,170,on Sep- Deduct current liabilities. 118,678,993 129,693,987 116,372,014 115,561,582 tember 30 1908 stood at $3,374,000, with the rest fund at a Available cub balance 239,557,993 203,628,173 189,890,139 179,052,573 similar figure. The total resources increased during the a "Chiefly disbursing officers' balances. d Includes 15,389,193 sliver bullion and 13,114,133 miner coin, die., not included year under review from $33,739,245 to $34,694 171. William In (statement "Stock of Money." Molson Macpherson is President and James Elliot is General Manager of the bank. IMPORTS A ND EXPORTS FOR SEPTEMBBR. The Bureau of Statistics at Washington has issued the statement of the country's foreign trade for September, and DEBT STATEMENT SEPTEMBER 30 1908. from it and previous statements we have prepared the folThe following statements of the public debt and Treasury lowing interesting summaries: cash holdings of the United States are made up from official FOREIGN TRADE MOVEMENT OF TIIE UNITED STATES. (In the following tables three ciphers (ON) are In all eases omitted.) figures issued September 30 1908. For statement of August 31 1908 1007 1908, see issue of September 19 1908, page 718; that of SepExports. Imports. Excess. Exports. imports. Excess. Merchandise tember 30 1907, see October 5 1907, page 839. $ $ $ $ 3 1 January-March _ 515,461 • -.2_1 • INTEREST-BEARING DEBT SEPTEMBER 30 1908. Amount -Amount Outstanding Interest Issued. Registered. Coupon. Total. Title of LoanPayable. 2s, Consols of 1930 Q.-J. 646,250,150 641,123,250 5,126,900 646,250,150 3s, Loan of 1908-1918_ Q.-F. 198,792,660 40,687,260 23,258,200 63,945,460 4s, Loan of 1925 Q.-F. 162,315,400 97,210,200 21,273,700 118,489,900 28, Panama Canal Loan Q.-N. 54,631,980 54,599,980 32,000 54,631,980 3s, Certif. of Indebtedness Mat. 15,436,500 13,936,500 13,936,500 Aggregate Int.-bearing debt_ _1,077,426,690 847,563,190 49,690,800 897,253.990 Note.-Denominations of bonds are: Of 110, only refunding certificates; of $20, loan of 1903, coupon and registered. Of 150, all issues except 3s of 1908; of 1100, all issues. Of 1500, all except 58 of 1904, coupon; of 11,000, all Issues. Of $5,009, all registered 2s, 3s and 4s: of $10,000, all registered bonds. Of $20,000, registered 4s, loan of 1907; of 150,000, registered 2s of 1930. DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY. August 31. September 30. Funded loan of 1891, continued at 2%, called May 18 1900, interest ceased Aug. 18 1900 132,000 00 132,000 00 Funded loan of 1891, matured Sept. 2 1891 24,500 00 24,500 00 Loan of 1904, matured Feb. 2 1904 72,450 00 72,450 00 Funded loan of 1907, matured July 2 1907 2,804,400 00 2,761,050 00 Refunding certificates, matured July 1 1907 18,10000 18,030 00 Old debt matured at various dates prior to Jan. 1 1861 and other items of debt matured at various dates subsequent to Jan. 1 1861 916,175 211 915,165 26 Aggregate debt on which interest has ceased since maturity $3,867,625 26 13,823,195 26 DEBT BEARING NO INTEREST. United States notes 1346,681,016 00 Old demand notes 53,282 50 National bank notes-Redemption account 42,642,365 00 Fractional currency, less $8,375,934 estimated as lost or destroyed6,862,374 28 Aggregate of debt bearing:no interest RECAPITULATION. September 30 1908. August 31 1908. Classification$897,253,990 00 Interest-bearing debt 8897403,990 00 3,823,195 26 Debt Interest ceased 3,867,625 26 Debt bearing no Interest_ 396,239,037 78 402,405,110 78 $396,239,037 78 Increase(+)or Decrease (-). -1250,000 00 -44,430 00 -6,166,073 00 Total gross debt 11,297,316,223 04 11,303,776,726 04 -16,460,503 00 Cash balance In Treasurys. 329,052,573 27 339,800,138 67 -10,837,56540 $968,263,649 77 Total net debt * Including 1180,000,000 reserve fund. 1963,886,887 37 Total 1,230,837 Gold and Gold In Ore. January-March 3,839 April-June 49,659 July 4,845 August, 6,600 September 3,974 Total 68,937 Silver and Silver is Ore. January-March .. 12.586 April-June 12,928 July 4,931 August 4,138 September 4,198 Total 38,781 798,169 +432,668 510,499 429,951 128450 127,270 135,318 382,703 +127,796 368,576 +61,370 124,622 +3,928 125,806 +1,464 106,365 +28,953 1,331,588 1,108,072 +223,516 17,296 -13,437 9,112 +40,547 2,949 +1,896 4,304 +2,291 4.696 -722 5,703 30,598 7,478 4,597 1,504 11,647 9,822 3,410 3,224 2,759 -5,949 +20,776 +4,068 +1,373 -1,255. 36,357 +30,580 49, 860 30,862 +19,018 10,830 10.311 3,040 3,241 3,303 +1,793 +2,617 +1,891 +897 +895 14,669 14,550 3.955 6,748 6,048 11,385 I1,011) 3.387 4,883 3,823 +3,284 +3,540 +2,568 +1.866 +2,226 33,725 +8,051 47,970 34,488 +13,482: We subjoin the totals for merchandise, gold and silver for nine months since January 1 for six years: Merchandise. Nine Months. 1 23.(41 I • Ex- I ports. 1 Insports. of ExxporSs ports. $ $ 1908_ 1,230,837 798,169,432,668 1907_ 1,331,58 1.IO8,072223.5l6 1906... 1,237,834 948,2671289.567 1905_ ,102,551 872,2721230,279 /904.- 985,469 731,3941234,075 1903_ 989,276 738.7981230.478 $ 68,937 49.880 35,79 42,678 83,040 41,537 Gold. Sneer. Excess lmof Ixports. sports ports, Excess Iraof porn. INxvorta 14 * 1 33,725f8,056 34.48 13,482 32,994I 12,447 24,507 14,936 19,677 19,453 16,601 8,307 38,357 30,580 30,862 19,018 11,776 a75,986 30,340 12,338 68,695 14,345 31,641 9,896 $ 38,781 47,970 45,441 39,443 39,130 24,908 a Excess of Imports. Similar totals for three months since July for six years make the following exhibit: Iferchandt.w. Three Months +14,377.062 40 The foregoing figures show a gross debt on September 30 of $1,297,316,223 04 and a net debt (gross debt less net cash in the Treasury) of $968,263,649 77. TREASURY CASH AND DEMAND LIABILITIES.The cash holdings of the Government as the items stood September 30 are set out in the following: 258,864 +256,597 362,337 263,887 +98,750 103,190 1 16,435 +16,764 110,443 91,181 +19,263 139,397 98,102 +41,295 April-June July August September 19081907... 1906_ 1905_ 1904_ 1903_ Gold. Mier. Exports, Buns Excess , Excess lot- 1 of Ex- i Imof Isletof ports. Iffxper ports, ports. sports ports. porn. sports $ 353,040 391,138 379,992 361,582 311,743 291,624 3 3 275,71St 77,322 356,793 34,34 310,908 69,08 282.331 79,251 243,056 68,686 246,054 45,570 Excess of Imports. $ 4 $ 15,419 11,949 3,470 13,579 9,393 4,186 4,179, 49,238p45.059 2,8t) I 13,73Cra10,884 14,590 20,931 a6,341 10,201 17,665 a7.464 4 4 4 13,267 9,584 3,683 18,751 12,093, 6.658 12,0041 9,317 2,687 14,361 9,333 5,028 12.763 5,902 6,861 7,403; 6,620783 I [VOL. LXXXVII. THE CHRONICLE 1064 In these tables of totals, gold and silver in ore for all years , are given under the heads respectively of gold and silver. The following shows the merchandise balance for each year back to 1875: EXCESS OF1MERCHANDISE IMPORTS OR EXPORTS. I 9 months ending Sept. 303 months ending Sept. 30Imports $44,314,039 Imports $22,518,827 1875 1875 Exports 77,734,462 Exports 27,170,679 1876 1876 Exports 55,260,334 Exports 16,363,921 1877 1877 Exports 209,527,559 Exports 53,673.024 1878 1878 Exports 161,498,336 Exports 46,461,725 1879 1879 Exports 73,798,020 Exports 42,635,426 1880 1880 Exports 121,171,904 Exports 23,171.938 1881 1881 Imports 54,222,267 Imports 14,785,237 1882 1882 Exports 48,130,029 Exports 2,047,010 1883 1883 Exports 17,653,894 Exports 6,898,059 1884 1884 Exports 42,952,033 Imports 12,361,660 1885 1885 Imports 12,591,848 Imports 11,613,110 1886 1888 Imports 45,361,052 Imports 18,270,975 1887 1887 Imports 89,683,704 Imports 28,108,404 1888 1888 Imports 44,216,877 Imports 13,561,121 1889 1889 Imports 54,093,535 Imports 35,372,172 1890 1890 Exports 10,440,816 Exports 23,708,387 1891 1891 Exports 29,204,090 Imports 18,221,322 1892 1892 Imports 22,103,499 Exports 46,696,5221893 1893 Exports 73,028,234 Exports 4,542,162 1894 1894 Imports 43,115,673 Imports 38,380,638 1895 1895 Exports 143,973,601 Exports 69,017,161 1896 1896 Exports 157,483,339 Exports 120,521,440 1897 1897 Exports 393,899,189 Exports 98,618,430 1898 1898 Exports 316,575,102 Exporst 112,001,348 1899 1899 Exports 407,496,805 Exports 134,881,714 1900 1900 Exports 399,841,698 Exports 111,430,180 1901 1901 Exports 241,015,841 1902 59,157,820 Exports 1902 Exports 230,478,235 Exports 45,570,835 1903 1903 Exports 234,074,542 Exports 68,685,998 1904 1904 Exporst 230,278,847 Exports 79,251,258 1905 1905 Exports 289,567,307 Exports 69,083,909 1906 1906 Exports 223,516,397 Exports 34,345,208 1907 1907 Exports 432,668,517 Exports 77,322,159 1908 1908 oiretargiTrintuvercial3Znglishgnus --English Financial Markets-Per Cable, closing quotat1o1i4 GOVERNMENT REVENUE AND EXPENDITURES.Through the courtesy of the Secretary of the Treasury, we are enabled to place before our readers to-day the details of Government receipts and disbursements for the month of September. From previous returns we obtain the figures for previous months, and in that mannner complete the statement for the nine months of the calendar years 1908 and 1907. For statement of September 1907 see issue of 1907 page 899. RECEIPTS AND DISBURSEMENTS (0008 omitted). % 00 njg tem 22W-3 gg a ti rtgi5ing ggn...inkl 4gg' t, r4d54,n1 gzgprsA.,,j liw, -'g RIK 00 ap. H . : raqM co ox ..400• E . 03 . 03v,000. 004 00 1.2 . -4 7-4.0, -. 03.03:C.0. ;:,;w.e. w....300.3=,o..0.m.w.ww. w. .t, y 1 3005.4-0'c,o, .C4 WW 0 .003.0.4.0 CO .03000'0-30 0 .001..00. i. ;o'e. w -4-4,)0 w ..y ..I 000 0 00. .. lia .. W 00.4 0 .400. 400008 30 GS ;A. • .. 'col.n141,D1,3-' :4 14 'o"op:A'QWO W .400,0W a"' OCCW 0 8 g88.... . .i>1 . w .1C9c. .. wwoow w .o. . 4w.poc ....3-40 w : w o3.8-o3.8-voo 'co 03.-4'0030l0800 1.2 ..1.20.30.7. I., ..,.. '0 10 40 lwis, lab, COO Zct V;.125`.2 2 V3E14%124,18 V, '444 t.1 5::: V° 2 cv: 54 Wm :.4:2E no wA .0 co 0"10.000 co w-4. .co w A.-4 w Aw0 03:A30040'05 W 4.0'0 lei -4001,." - 1.741.20"-..0-03 Co 14. 0 08-4 "oo03 gwcp 02 .4 ..4000-40.4 CO 000,000-400 0 .4W0 .. , v,,, woo.'-1030430.400 co .. 6ti.-4.0.440 .05"'0 6.44 'cob ;DI0-3o10. coo cw w o.ocAw. .A. mow COO .0 NO 0 t.-4eocob 00 ....4o.c . .03. qo 3.3 :t-o b3co 030'0 Oct.12 c T 'co .4 .4. c C. A cooN...l000 s.'mA.,tc.... .0000.30,0 4 "VA it 0005 ..47=13' 0.30003 05 7-4-4A61 wcop-4ANIw co .Aw.co-4w N. ... 0 own, . . . 0N 0 0 w 0..c-40.2 '..a Colp-0, ,. bol.a,,ew .'cl:o.'w7.b);.. ow..4c.cc. ? 1 1 P' 1 P l icg ... g for securities, &c., at London, The daily .. N 0 ,... 0 ..4 .00 0 A200 N 0.0 WCW.5 ...I NO .0 0I0J...-.0 as reported by cable, have been as follows the past week: `F London. 8tg al=3... fg :12P. 2g ZIg12=Ve, Wed. Thurs. Fri. Sat. Mon. Tues: Week ending October 23. W. . .CO 0.0 . .. C ...4Arcoo A ..w.-4-4. 23 11-16 23 11-16 23% 24 23% d 23% Cm 0-33003 Silver, per oz W 0404 .A .... - . 14 Consols, New, 2% per cents_ 84 11-16 84 11-16 84% 84 13-16 84 13-16 84 11-16 .14 isD 14. 1.2*-4003v3000o 'coCol4b: VW. N wwoocAwco o ....wA . 0 w 84 13-16 84% 84 13-16 84% COO 84% moo 843 For account TSV g 0. 0308 co AcA-4cwc w 4-204A000008 0, 0044M 95.55 95.55 95.45 95.50 95.35 French Rentes (in Paris)_fr_ 95.35 4-303 44. A 01 Cm 83y, 03030.4 00 C9OA 83% 83% .4..00008 03 MA.00..4 NN Russian Imperial 4s -'CO 7784 80% 823 77% 783-i 40 Cm "c"-4 ACm oa Amalgamated Copper Co-__ 775% 000 , 000-40 WW 9 9% 9% 9% 9 9 bAnaconda Mining Co .00.0W. A .000.W. GO OAA 8 8441 AM .0 94 93% 93% 927's 93 5-3 Atchison Topeka &Santa Fe. 92% . . . A .0 .0 98 9898 98 98 8-4 Preferred CO 88-9 wo0...4.w 0-3 8284 53 N.qcoco.qw CO .ow.wc. .0 .0 101 10I% um% 100 99% 99% 53 Baltimore & Ohio 140. "&cob lc b:c...;-, loCo.:41o7mb "co enle.0040 90 covisi 90 90 90 00 A0 CS cooc.coAw 00.....4wo. Preferred wwwa...c w .A-4Ac0304 CO .cpc .0 NO 11881A 180% 13M 179% 180% 179% 'Canadian Pacific 44% 44% 44% 43 431 433( Chesapeake & Ohio National Banks.-The following information regarding 7( 'Chicago Great Western .7i7' 7 1443414.7 14/ 142% 142 national banks is from the office of the Coin ptroller of the Chicago Milw. .9c St. Paul_ _141% 2934 29% 29% 29 29 Denver & Rio Grande, cons_ 2934 Currency, Treasury Department. 70 70 70 Preferred 7034 ' 3134 3234 a% NATIONALIBANKS ORGANIZED. 31% Erie, common 3134 4534 4534 4534 45 Certificates Issued from October 13 to October 17 Inclusive, 4534 4534 First Preferred 37 3634 37 9,252-The First National Bank of Elberton, Ga. Capital, $60,000. John Second Preferred 3634 117,1 1174% 14334 141% 142 F. Holden, Pres.; M. E. Maxwell, Vice-Pres.; George P. Allen, 142 Illinois Central 11134 11034 111 Cashier; H. P. Hunter, Asst. Cashier. 109 10834 10834 Louisville & Nashville 1834 18 Farmers National Bank of Waseca, Minn. Capital,$50,000. 18 18 1734 -The 9,253 Central 1734 Mexican 31% 3234 31 32 31 R. P. Ward, Pres.; D. S. Cummings, Vice-Pres.; C. H. Bailer, Missouri Kans.& Texas,com.3134 67 Cashier; C. B. Turnaclilf, Asst. Cashier. Conversion of The 68 6734 6734 Preferred 52% 52% 4 8 53 6134 People's State Bank of Waseca. 53 National RR. of Mexico- 10814 10734 109 10834 9,254-The Colquitt National Bank, Colquitt, Ga. Capital, $40,000. 10734 N. Y. Cent. & Hudson Riv 107 4234 4234 4234 4 42 413 W. P. Watson, Pres.; J. A. Bush, Vice-Pres.; W. E. Williams, N. Y. Ontario & Western_- 42 7634 76 76 9,255-TheCashier Norfolk & Western, common 7534 84 Farmers' National Bank of Arcanum, 0. Capital, $50,000. 84 84 84 84 Preferred A. M. Flory, Vice-Pres.; 0. 0. Smith, Cashier; 4% 8 1. 150 149 146 145 145 W. J. Dull, Northern Pacific Asst. Cashier. Conversion of The Farmers' Bank Co. 65 65 64 L. L. Miller,Pres.•. 6334 6334 6334 aPennsylvania % 683 69 6734 6831 of Arcanum. 6734 6734 aReading Company 4534 4534 45 45 4534 45 9,256-The First National Bank of Fairfield, Pa. Capital, $25,000. J. U. aFirst Preferred 4534 45 45 45 45 45 Neely, Pres.; P. Kready, Vice-Pres.; Jas. Cunningham, Cashier. aSecond Preferred .20 20 193 193 193 20 9,257-The Telford National Bank, Telford, Pa. Capital, $25,000. EdCompany % % % Island Rock 111% 110% 11034 win C. Leidy, Pres.; Josiah M. Landis, Jacob C. Wlsner and Henry 10634 10634 10634 Southern Pacific 2234 23 2234 2334 B. Freed, Vice-Pres.; James L. Fravel, Cashier. 223( Southern Railway, common_ 2234 56 First National Bank of Callaway, Neb. Capital, $25,000. 5454 5434 54 5634 55 -The 9,258 Preferred 8 17434 17434 174% 17134 171% 172 William Tyson, Pres.; Thomas Norbury, Vice-Pres.; lidward M. Union Pacific, common 9134 91 90 Warner, Cashier. Conversion of The Seven Valleys Bank, Calla90 90 90 Preferred 4834 47% 493.4 way, Neb. 4834 473.4 U. S. Steel Corp., common- 4734 11334 113 11231 11234 112 11331 9,259-The Millersville National Bank, Millersville, Pa. Capital. $25,000. Preferred 1334 13 13 13 Jacob H. Pickle, Pres.; Milton T. Reeder and Frederick P. Brenner, 1234 1231 Wabash 29 28 2734 28 Vice-Pres.; Isaac N. Witmer, Cashier. 273.4 2734 Preferred 61 6034 61 LIQUIDATIONS, 6034 6034 603-4 Extended 4s City National Bank of Karnes City. Tex., was placed la volun8,565 -The tary liquidation Sept. 29 1908. a Price per share. b £ sterling. 8,543-The First National Bank of Gage, Okla., was placed la voluntary liquidation Oct. 2 1908. 8,928-The Farmers' National Bank of Gatesville, Tex., was placed In voluntary liquidation Oct. 3 1908. 6,040-The First National Bank of Center Point, Tex., was placed In Auction Sales.-Among other securities the following, not voluntary liquidation Oct. 13 1908. INSOLVENT. auction: at were sold Board, recently the at regularly dealt in 4,452-The Farmers'and Traders'National Bank of La Grande,Ore., was By Messrs. Adrian H. Muller & Son: placed in charge of a receiver Oct. 13 1908. Stocks. Stocks. 6,739-The Union National Bank of Summerville,Pa..was placed Incharge 110 Carnegie Trust Co_ _ -165-165% 620 25 Standard Oil Co of a receiver Oct. 16 1908, 25 Phenix Ins. Co. of Bklyn-262% 500 Great Jones Street Realty sh. Co $2 per 16334 27 National Fuel Gas Co 31 Kouwenhoven Realty & Breadstuffs Figures Brought from Page 1.1.09.-The state8 Consol. Gas, Elec. Lt. & $34 lot Impt. Co Pow. Co. of Bait., corn- 2031 ments below are prepared by us from figures collected by Bonds. 8 Merchants' Nat. Bank___ _163 Si the New York Produce Exchange. The receipts at Western 4 Oswego & Syracuse Ry.Co-21631 $1,500 Kick Baking Co.6s,1915 75 $1,000 Hudson Co. Consumers' 32 Phenix National Bank- _157 lake and river ports for the week ending last Saturday and 98 Brew. Co. 1st 6s, 1920 117 4 E. W. Bliss common 125 $600 The Mohican Springs 1st since Aug. 1 for each of the last three years have been: 100 Celluloid Co $55 lot 6s, 1916 62 Public. Serv.Corp. of N.J_ 77.34 & $4,000 Charleston SummerRye. 135 Co Barley. Brewing Corn. Wheat. Oats. 137 Excelsior Flour. Receipts at ville Elec. Ry. Co. 1st 5s. 12 50 Kick Baking Co 1935, April '07 coupons on_$60 lot 56 lbs. Int. . bush.481b5 lbs. 32 lbs. 5 Amer. Exch. Cigar Co. 60 bush. 50 bush. bush. lbs. bbls.196lbs. 25,00( 740,200 pref., $50 each...$32per sh. $500 Interboro. Realty Co. 420,000 877,300 2,286,804 240,117 Chicago Profit-Sharing Deb. Bond 40,50C 398,800 491,200 5 Amer. Exch. Cigar Co. 234,000 26,000 70,700 Milwaukee.. $124 16 $210 paid thereon 59,118 380.478 352,222 corn., $50 each...$30 per sh. 200,000 2,611,492 Duluth $1,000 Interboro. Realty Co. 123 76,750 584,781 384,930 3,675,210 17,010 2234 Hudson Trust Co Minneapolis_ profit-sharing deb. bond, 9,000 55,000 20 U. S. Exch. Bank-..$5 50 per sh. 155,000 49,100 $214 20 Toledo $400 paid thereon 5 Marconi Wireless Teleg. of 112,500 267,936 32,400 7,400 Detroit $12 per sh. $500 Interboro. Realty Co. 75,376 America 13,266 28,484 _ 1,874 _ Cleveland profit-sharing deb. bond,$185 202,800 2,181 617,600 1,010 The Mohican Spring Co. 523,228 114,510 80,810 $110 44 St. Louis__ paid thereon $96 lot 82,000 12,000 179,000 com., $10 each 13,904 281,500 19,950 Peoria $1,000 Interboro. Realty Co. 100,500 38 State Line Telephone Co., 117,700 989,450 City. Kanass profit-sharing deb. bond $11 lot common $360 paid thereon $182 71 10 State Line Telephone Co. 620,851 8,903,546 1,544,004 4,661,132 2,389.059 224,549 Tot.wk.'08 $10 lot $1,000 Leamington de St. Clair preferred 472,332 0,959,520 4,429,288 5,058,517 3,745,923 271,609 Same wk.'07 RR. Co. 1st 4s, 1945, guar., 255,640 15 N. Y. Butchers' Dressed 658,371 7,242,147 3,644,382 5,882,996 2,054,560 Same wk.'06 90 1 A. & 0 • _525 X per sh. Meat Co_ $500 K.0. Mem. & Birm. RR. 0, 320 Mandarin Mineral Paint Co. 1 Aug. Since 5% Income, 1934,March & of Florida,$25 each--__$151ot 5,346,073 94,840,056 26,624,229 52,757,885 4,995,368 2,445,132 1908 8931 & Int. Sept 547 3 N. Y. Trust Co 4,283,853 70,332,040 50,069,053 62,489,114 21,853,508 2,340,726 1907 $50,000 Standard Milling Co. 40 Lawyers' Title Insurance & 5,821,753 74,635,033 42,802,473 60,562,295 16,754,299 1,732,169 1906 I* 30-year 1st 53.1930, M. do N. 85 205 Trust Co 195 25 American Surety Co o wsa- .. • -cg . -00 N% 7634 7634 Comnxercial and Miscellaneousgem Total receipts of flour and grain at the seaboard ports for the week ended Oct. 17 1908 follow: Receipts alNew York Boston Portland, Me Philadelphia Baltimore Richmond New Orleans Galveston Mobile Montreal Wheat, Flour, bush, bbls. 181,552 1,515,900 332,747 54,900 Corn, bush, 38,700 13,067 663,107 260,483 30,994 167,000 187,000 13,000 24,455 11,240 63,000 173,000 4,000 105,946 91,633 6,563 21,046 3,100 26,997 1,618,530 Oats, Barley, bush. bush, 516,100 409,700 13,171 90,154 Rye, bush. 32,400 3,222 94,738 09,419 32,440 65,000 4,000 19,128 42,463 740 21,899 25,998 919,750 452,869 97,953 340,462 491,737 4,855,761 Total week 931,819 43,000 66,961 Week 1907 427,090 3,361,088 1,092,800 Since Jan. 11908_14,175,550 86,216,553 31,955,928 36,043,731 4249,565 2263,283 Since Jan. 1 1907_15,437,868 90,089,593 75,981,344 44,560,104 3740,736 1636,733 * 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. 17 1908 are shown in the annexed statement: Exports from- Wheat, bush, New York 1,190,126 Boston 263,538 Philadelphia ____ 584,136 Baltimore 478,222 .New Oreans ____ 332,000 'Galveston 64,914 !Mobile IMontreal 1,113,784 Port Arthur 80,000 Total week_ _ _ _4,106,720 Week 1907 3,581,764 Corn, Flour, bush. bbls. Oats, bush. Rye, bush. Barley, Peas, bush. bush. 4,814 83,375 7,395 17,107 16,469 23,443 25,885 9,427 19,633 10 32,938 42,857 400 8,571 14,287 441 14,116 575 12,493. ' 3,100 ' 23,652 9,604 41,256 ' 2,249 26,858 74,096 7,000 4,000 8,236 94,510 40,131 43,049 3,000 40,854 110,017 221,198 597,658 241,068 The destinaiion of these exports for the week and since July 1 1908 is as below: Corn Wheal Flour Since Since July 1 F Week Week July 1 Week 1908. Oct. 17 1908. Oct. 17. Exports for week and Oct. 17. bush. bush. bush. bbls. bbls. since July 1 to68,363 United Kingdom__ 90,529 1,445,81 1 1,725,934 19,481,066 26,107 48,059 742,963 2,380,786 25,246,910 Continent 633 77,984 11,746 213,303 So. & Cent. Amer 23,914 44,552 457,541 West Indies 34,189 Brit. No. Am. Cols_ 1,893 97,299 5,539 Other Countries_ _ _ _ 24,419 Total Total 1907 Since July 1 1908 bush. 292,390 84,561 10,123 382,399 4,320 7,002 780,795 119,017 597,658 15,770,297 221,198 2,991,106 4,106,720 44,811,499 241,068 3,428,879 3,581,764 39,184,895 The world's shipments of wheat and corn for the week ending October 17 1908 and since July 1 in 1908 and 1907 are shown in the following: Corn. Wheat. Exports. 1908. Week Oct. 17. Total _ _ 1907. Since July 1. Since July 1. Bushels. 61,247,700 21,024,000 15,288,000 23,694,000 3,984,000 5,120,000 Bushels. North Amer. 4,574,000 Russian _ 2,840,000 Danubian _ _ 1,520,000 Argentine -- 1,792,000 Australian._ 728,000 0th. countr's 120,000 1907. 1908. Week Oct. 17. Since July 1. Bushels. Bushels. Bushels. 924,400 51,024,000 104,000 35,104,000 204,000 5,139,500 12,560,000 178,000 5,981,500 8,032,000 2,345,000 32,003,500 3,880,000 11,336,000 Since July 1. Bushels. 13,878,000 10,112,000 21,296,000 25,320,000 11574000 130,357,700 121,936,000 2,831,000 44,048,900 70,606,000 The quantity of wheat and corn afloat for Europe on dates mentioned was as follows: Corn. Wheat. United Kingdom. Continent. Total. Bushels. Bushels. Bushels. Oct. 17 1908_ 15,680,000 16,400,000 32,080,000 Oct. 10 1908.. 15,680,000 17,680,000 33,360,000 Oct. 19 1907.. 15,840,000 10,040,000 31,880,000 United Kingdom. Continent. Bushels. 5,950,000 5,950,000 7,520,000 Total. Bushels. Bushels. 6,120,000 12,070,000 6,035,000 11,985,000 4,160,000 11,680,000 The visible supply of grain, comprising the stocks in granary at the principal points of accumulation at lake and seaboard ports Oct. 17 1908, was as follows: New York Boston Philadelphia Baltimore New Orleans Galveston Montreal Buffalo Toledo Detroit Chicago Milwaukee Fort William Port Arthur Duluth Minneapolis St. Louis Kansas City Peoria Indianapolis On Lakes On Canal and River_ g Total Total Total Total Total Total Total Total Wheat, bush. 1,759,000 214,000 913,000 530,000 610,000 501,000 572,000 1,978,000 448,000 369,000 4,209,000 335,000 2,397,000 1,934,000 4,961,000 10,018,000 2,637,000 3,414,000 1,000 508,000 3,893,000 294,000 Oct. 17 1908..42,495,000 Oct. 10 1908..37,652,000 Oct. 19 1907_ _42,912,000 Oct. 20 1906..37,165,0W Oct. 21 1905...27,207,000 Oct. 22 1904_ _24,655,000 Oct. 24 1903_ _22,484,000 Oct. 25 1902_29,918,000 Corn, bush. 69,000 23,000 39,000 74,000 120,000 7,000 392,000 33,000 146,000 917,000 6,000 17,000 19,000 39,000 18,000 134,000 Oats, bush. 1,039,000 30,000 98,000 216,000 117,000 134,000 656,000 481,000 238,000 257,000 460,000 883,000 1,607,000 843,000 219,000 746,000 314,000 80,000 233,000 Rye, bush. 48,000 Barley, bush. 82,000 33,000 93,000 1,000 57,000 83,000 107,000 52,000 25,000 59,000 918,000 617,000 702,000 94,000 1,533,000 124,000 1,590,000 124,000 36,000 14,000 6,000 80,000 8,000 409,000 405,000 855,000 6,445,000 2,053,000 8,651,000 904,000 6,168,000 3,005,000 8,169,000 4,379,000 6,530,000 1,000,000 5,623,000 3,739,000 9,088,000 1,485,000 2,795,000 3,802,000 25,270,000 1,565,000 5,524,000 3,440,000 24,435,000 1,651,000 6,052,000 7,324,000 7,622,000 1,020,000 5,052,000 2,488,000 7,835,000 1,153,000 3,102,000 DIVIDENDS. The following shows all the dividends announced for the future by all large or important corporations: Dividends announced this week are printed in italics. 1065 THE CHRONICLE O.24 1908.J When Per Cent. Payable. Name of Company. Railroads (Steam). Atch. Topeka & Santa Fe, common --Atlantic Coast Line RR., pref.(quar.)Central RR. of New Jersey (guar.) Cinc. New Oil. dc Tex. Pac., pref. (quar.)_ Evansville & Terre Haute, common Genesee & Wyoming .rA & Florida, 1st pref Georgia Southe Second preferred Grand Rapids & Indiana Great Northern (guar.) Missouri Kansas & Texas. preferred_ Nashua & Lowell Extra Nortnern Pacific (quar.) Reading Company, 2d pref Rome Wat. & Odg., guar.(guar.) St. Louis & San Francisco ,lst pref. (qu.) Street & Electric Railways. Cape Breton Elec. Co., Ltd., pref.(No.5) Columbus Railway, pref.(guar.) East St. Louis & Sub., pref.(qu.)(No. 10) Grand Rapids Ry., pref.(guar.)(No.32)_ Havana Electric Ry., prof.(qu.)(No. 11) rMexico Tramways Mllw. Elee.Ry.&Lt.,pref.(guar.)(No.36) Montreal Street Ry.(quar.) Ohio Traction, pie!. (quar.) Philadelphia Company. common (guar.). Twin City Rapid Tran.,Minn.,com.(qu.) West Penn Rys., pref.(qu.)(No. 12)____ Banks. American Exchange National City, National (quar.) CForielnelitrhange Germania Greenwich (guar.) Lincoln National (guar.) Mount Morris (No. 35) Pacific (guar.) Trust Companies Farmers' Loan & Trust (guar.) Miscellaneous. Amalgamated Copper (quar.) Amer. Dist. Teleg. of N. Y Amer. Light & Trac. corn. (guar.) Preferred, (guar.) American Malting. preferred American Malt Corporation, preferred B rgner & Engle Brewing, preferred__ Bond & Mortgage Guarantee (guar.) Brill (J. G.) pref. (guar.) Butte Electric & Power, prof.(quar.) Central Dist. & Print. Teleg. (quar.) Chicago Telephone (guar.) Claflin (H. B.) 1st pref. (guar.) Second preferred (guar.) Commonwealth-Edison (guar.) Consolidation Coal (guar.) b (Tex t arpet co Distillers' Securities Corp.(qu.)(No. 24) Distilling Co. of America (guar.) du Pont(E.1.) deNemours Powd..pf.(au.) Eastman Kodak,common (extra) Common (extra) Edison Elec. Ill. of Boston (qu.)(No. 78) _ Electric Bond & Share ,pref. pref..... (guar.).Electrical Securities Corporation, Federal Sugar Refining, prof. (guar.). Guanajuato Power & Electric Co., pref:. _ International Nickel, vreterred (auar.)-Internat. Smokeless Powd. & Chem., pref Internat. Steam Pump. pf. (qu.)(No.38) Kansas City Stock Yards (guar.) Lord & Taylor, corn. (guar.) Mexican Light & Power. pref Michigan State Telephone, common (qu.) Preferred (guar.) (No. 19) Preferred (guar.)(No. 20) Montreal Lt. Heat & Pow.(qu.)(No. 30). New Central Coal New Englaqd Cotton Yarn, pre/. (qu.)__ _ New River Company, pre!. (guar.) Pacific Coast Co. common (guar.) '(guar.) First Preferred Second Preferred (quar-) Pennsylvania Steel, pre! Peoples' Gas Light & Coke (quar.) Procter & Gamble, corn.(guar.) Pullman Company (quar.)(No. 167) Rubber Goods Mfg., common (quar.)__ _ _ Silversmiths Company (quay.) Standard Milling, prof.(No. 11) Preferred (extra) Street's West, Stable-Car Line. corn.(qu.) United Electric Securities Co., pref United States Express (No. 150) U. S. Realty & Improvement (quar.) U. S. Rubber, 1st pref. (quay.) Second pref. (quar.) Warwick Iron & Steel Worthington (H. It.), Inc., lard Books Closed. Days Inclusive. 2% Dec. 1 Holders of rec. Nov. 5 Nov. 10 2)8 Nov. 10 Nov. 2 to Nov. 2 Holders of rec. Oct. 20 Dec. 1 Nov. 15 to Dec. 1 Nov. 2 Holders of rec. Sept. 18 4 Nov. 1 2 2% Nov. 2 Oct. 22 to Nov. 1 254 Nov. 2 Oct. 22 to Nov. 1 1)8 Oct. 26 Oct. 18 to Oct. 26 Nov. 2 Holders of rec. Oct.14a Nov. 10 Oct. 21 to Nov. 9 4% Nov. 2 Holders of rec. Oct. 15a 2 Holders of rec. Oct. 15a 54 Nov. Nov. 2 Oct. 16 to Nov. 3 Nov. 10 Holders of rec. Oct. 23 13( Nov. 15 Holders of rec. Oct. 31 Nov. 2 Holtiers of rec. Oct. 9 1 Nov. 2 Holders of rec. Oct. 21 Nov. 2 Holders of rec. Oct. 15 13( Nov. 2 Holders of rec. Oct. 15 Holders of rec. Oct. 15 Nov. Nov. 14 Oct. 26 to Nov. 14 1 Nov. 1 Oct. 27 to Nov. 1 154 Oct. 31 Holders of rec. Oct.20a 2% Nov. 2 Oct. 15 to Nov. 4 1%, Nov. 1 Oct. 28 to Oct. 31 1% Nov. 2 Holders of rec. Oct. 1 13-4 Nov. 14 Holders of rec. Oct. 24 Nov. 2 13( Nov. 2 Oct. 25 to 83 5 5 4 3 10 2% 2 4 2 Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. -10 Nov. 1 13 2% 84 3 1% 2 2 134 134 1% 2 1 'Si 2% 5 234 2% 134 1)8 1% 4 134 1% 2 3)8 134 134 1% 2 1% 134 3)8 134 3 2 1 1 1)4 3% 2 1 2 1% 3 3% Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Oct. Dec. Nov. Nov. Nov. Oct. Dec. Oct. Oct. Oct. Nov. Dec. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Dec. Nov. Feb. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Oct. Nov. Oct. Oct. Oct. Nov. Nov. Nov. Oct. Oct. Nov. Nov. 2 Holders of rec. Oct. 23 1 Oct. 24 to Oct. 31 2 Holders of rec. Oct. 22 2 Oct. 30 to Nov. 2 2 Holders of rec. Oct..23 2 2 Holders of rec. Oct. 23 2 Oct. 22 to 2 Oct 2 to Nov. 1 2 Oct. 25 to Nov. 1 30 Holders of rec. Oct. 22 15 Holders of rec. Nov. la 2 Oct. 22 to Nov. 1 2 Oct. 22 , to Nov. 1 2 Oct. 23 to 3 Oct. 23 to 2 Oct. 25 to Nov. 2 14 Holders of rec. Nov. 7 2 Oct. 29 to Nov. 1 2 Holders of rec. Oct. 15a 31 Oct. 25 to Nov. 1 31 Holders of rec. Dec. 23 Nov 3 2 Oct. 24 to 2 Oct. 24 to Nov. 3 2 Oct. 21 to 31 Oct 25 to Nov. 1 15 Holders of rec. Nov. 28 31 Oct. 1 to 30 Oct. 1 to 26 Holders of rec. Oct. 15 1 Holders of rec. Sept.30 1 Holders of rec. Oct. 31 2 Holders of rec. Oct. 15 1 Oct. 17 to Nov. 1 2 Oct. 25 to Nov. 11 2 Holders of rec. Oct 30a 1 Oct. 21 to Nov. 1 2 Oct. 11 to Nov. 3 14 Holders of rec. Nov. 4 2 Oct. 21 to Nov. 3 2 Holders of rec. Oct. 15a 2 Oct. 27 to Nov. 2 1 Holders of rec. Oct. 23 1 Nov. 19 to Dec. 1 2 Oct. 21 to Nov. 3 1 Jan. 17 to Feb. 1 16 Holders of rec. Oct. 31 2 Oct. 29 to Nov. 2 Nov. 1 2 Oct. 25 to 1 Holders of rec. Oct. 21 2 Oct. 24 to Nov. 2 2 Oct. 24 to Nov. 2 2 Oct. 24 to Nov. 2 2 Holders of rec. Oct. 17 25 Holders of rec. Nov. 3 14 Holders of rec. Oct.31a 16 Holders of rec. Oct. 31 29 Holders of rec. Oct. 22 16 Holders of rec. Nov. 10 31 Oct. 27 to Nov. 1 31 Oct. 27 to Nov. 1 26 Oct. 15 to Oct. 25 2 Holders of rec. Oct. 22 16 Nov. 1 to Nov. 15' 2 Holders of rec. Oct. 20 31 Holders of rec. Oct.15a 31 Holders of rec. Oct.15a 14 Nov. 1 to Nov. 15 2 Oct. 21 to Nov. 3 a Transfer books not closed. b Formerly the American Grass Twine Co. ----Imports and Exports for the Week.-The following are the imports at New York for the week ending Oct. 17; also totals since the beginning of the first week in January: FOREIGN IMPORTS AT NEW YORK. For week. Dry Goods Delius' Merchandise Total since January 1. Dry Goods General Merchandise Total 42 weeks 1908. 1907. 1906. 1905. $2,432,697 8,863,385 $3,157,450 11,631,380 $2,710,920 11,564,357 $2,621,650 12,430,798 $11,296,082 $14,788,830 $I4,275,277 $15,052,448 $100,073,121 $153,214,622 $130,439,106 $114,102,649 3S7,387,254 533,217,381 481,940,207 450,760,185 8487,460,375 $686,432,003 $612,379,313 $564,862,834 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. 17 and from Jan. 1 to date: EXPORTS FROM NEW YORK FOR THE WEEK. 1908. 1907. 1906. 1905. For the week Previously reported 812.979,102 $12,234,685 $12,608,472 $13,422,697 494,487,464 498,778,787 489,405,285 419,955.793 Total 42 weeks 8507,466,566 $511,013,472 $502,013,757 $433,378,490 1066 ;void. Lxxxvii. THE CHRONICLE 13.XPORTS AND IMPORTS OF SPECIE AT NEW YORK. Experts. Imports. sold. Week. Great Britain France Germany West Indies Mexico South America All other countries Sinee Jan.1 $2,524,737 22,640,879 19,017,343 1,334,500 4,000 1,116.606 9,860 Total 1908 Total 1907 Total 1906 Week. $19,401 29,001 1,859 56,694 21,239 Since Jan.1 $3,691,432 1,055,532 24,958 4,461,030 430,650 2,335,324 2,519,608 647.647.925 $128,194 $14,518,534 84,472 34,449.458 22,560 8,225,888 5.470 5.895,984 4,438,796 91,494,483 Silver. Great Britain France Germany West Indies Mexico South America All other countries $584,215 $29,532,573 200,400 3,984,000 41,900 768, 256,601 3.000 350 Total 1903 Total 1007 Total 1900 $785,378 $33,818,424 927,320 40,615,835 409,295 40,420,484 $4,697 36,838 88,470 45,121 $60,520 66,584 110,149 160,730 1,330,919 828,864 517,233 $175,126 63,075,008 28,719 2,670,371 90,205 1,946,983 Note.-In the case of the Clearing-House beaks, the deposits are "net" both for the average and actual figures; in all other cases "gross" deposits are shown. The Clearing-House actual figures included United States deposits amounting to $9,241,300, a decrease of 83,000 from last week; averages Include United States deposits of $9,233,300, a decrease of $14,700 from last week. "Reserve on deposits" includes. for both trust companies and State banks, net only cash Berne but amounts due from reserve agents, and in the case of trust COM!mica includes likewise municipal bonds. State banks InNew York City City are required by law to carry a reserve amounting to 15% of deposits, while outside oi New York City only 10% Is required, which reserve in both cases need not be more than one-halt In cash. Trust companies in Greater New York aro required to keels a reserve 01 15%, of which only 5% need be In cash and 5% more may be In municipal bonds. while In the case of the trust companies In the rest of the State the required reserve Is 10%, of which only 3% need be In cash and 3% more may be Is municipal bonds. The State Banking Department also furnishes the f011owing report for State banks and trust companies outside of Greater New York. STATE BANKS & TRUST CO'S OUTSIDE OF GREATER NEW YORK. Week ending °ember 17 1908. % of Res. Reserve. Deposits. Loans. State Banks $78,806,500 $85,875,600 $19,822,200 23.9 -545,600 -16,100 -564,200 Trust Companies 121,054,300 130,638,700 24,198,100 19.2 +174,500 +751,900 +272,100 + Increase over last week. -Decrease from last week. Of. the above imports for the week in 1908, $27,865 were Reports of Non-Member Banks -The following is the American gold coin and 85,462 American silver coin. Of statement of condition of the non-member banks for the the exports during the same time, $ were American week ending Oct. 17, based on average daily results: gold coin and $ were American silver coin. We omit two ciphers (00) In all cases. Statement of New York City Clearing-House Banks.-The Loans. Legal Deposit with detailed statement below shows the condition of the New Duets Tender Banks. York City Clearing-House banks for the week ending Oct. Capiand Specie. and ClearOther Net tal. InvestBank leg Banks, Deposits 17. The figures for the separate banks are the averages of menu. Notes. Agent. &c. the daily results. In the case of the totals, however, a deN. Y. City. .• parture was made with the statement for Feb. 8, so that in Boroughs of 'addition to the averages for the week the actual figures at Man.&Brz $ $ 3 $ S $ Wash Hgts 100,0 976.0 15," 108,0 221.0 207,5 __ 1,051,1 the end of the week are now given. Century _ _ _ 200,0 145,3 1,612,4 13,1 204.0 194,8 91,9 _2,146,4 We °nth two ciphers (00) In all cases. Ranks 00r ouriVed. Bank a N. Y._ Manhattan Us. Merchants' _ _ Mechanics' _ _ A nterica, Phenix City Chemical - _ Mechants' lix Gallatin Butch. & Drov Greenwich ,___ Amer. Exch..Commerce Mercantile _ _ Pactfte Chatham __ _ Peoples' Hanover Citizens' Cent _ _ NASSAU Market Psi' Metropolitan _ Corn Exchan, Imp. ee Traders. Park East River_ _ _ Fourth Second First Trying Nat. 111x.Bowery N, Y.°manly_ German-Atuer Chase Fifth AvenueGerman Liza'sCern:untie _ _ Lincoln Garfield _ _ _ _ _ Fitth Metropolis _ _ West Side Seaboard Liberty N.Y.Prod.Ex State 14th Sireeli_ Copper Cavital. Surplus. Loans. Average. Specie. ',eget.. Deposits, ReAverage. Average Average. I've. 6 2,000, 3,281,2 22.368, 4,521,0 1,142,0 21,663,0 26.7 2,050,0 3,305,2 27,750,0 22,737,0 1,489,0 47,800,0 50.6 2,000,0 1,661,6 20.657.0 3,518,0 2,080,0 22,201,0 25.9 3,000, 3,723.9 28,379, 6,188,0 1,347,0 29,678,0 25.6 1,500.0 4,804,2 28,790, 5,832,9 2,595,3 31,899,3 26.4 1,000,0 678.0 268,0 7,173,0 1,579,0 6,603,0 28.6 25,000,0 25,619,3 212,692,3 59,381,0 7,835,0 225,567,4 30.0 3,000,0 6,783,7 32,510,8 7,094,7 1,866,2 33,407,8 26.8 600,0 5011, (1.440,9 1,197,9 639,1 6,964,6 26.9 1.000,1 2,445, 9,389,7 1,219,9 701,0 7,453,3 26.1 492,4 2,246,7 300,0 149, 95,3 2,042,3 28.7 6,456,5 1,574,1 500, 200,0 729.5 7,074,6 25.0 5.192, 31,655,0 5,801,5 1,096,1 25,593,9 27.2 3,00 .1 25,000, 15.667,4 175,072,7 20,216,5 14,303,5 161,442,9 25.2 10,858,4 1,279,3 3.000, 2,490,4 553,5 6,933,5 26.9 500,1 344,5 3.394,3 846. 634,9 3,276,7 29.8 450,1 1,027,1 T,100. 901,7 1,153,8 7,735,8 26.8 200,1 2,020, 457, 465,6 57.4 2,158,5 24.2 5.000,1 9,932,1 66.041,7 9,773,4 9,349,7 76.387,0 25.3 3,550,1 1,381,1 22,651,0 5,721,8 325,5 22,994,5 26.6 500,1 4.853,9 372,9 587.3 830.7 5,348,5 26.5 1,000, 1,590, 7,697,3 1,456,7 1,504,5 8,618,4 34.5 2,000,1 1,142,1 11,150,1 3,028,8 169,8 11,550,0 27.6 3,0003 44,583, 5,150, 6,183,0 7.318,0 52,584,0 25.6 1,500,1 7,308, 27,780, 4,011,0 1,645,0 25,692,2 24.5 3,000,1 9,583, 98,403, 27,822,0 1,174,0 114,371,0 25.4 250,1 110, 1,158,7 224,1 152,9 1,326,0 28.4 3,000, 3,365,7 27,032, 4,463,0 3,161,0 29,184,0 26.2 1,000,1 1.724,4 10,462, 2,830,0 319,0 11,488,0 27.4 10,000,0 16,690,1 126,901,8 31,414,7 1,140,6 128,061,5 25.6 2,000,0 1,375, 18,933,3 4,215,8 1,153,7 20,311,8 26.6 250,0 783, 1,973,9 67,0 754,0 3,240,0 25.3 500,0 1,105, 7,565,3 1,294,7 047,3 8,044,9 24.9 750,0 621, 3,700,1 228,3 667,7 3,417,8 26.1 5,000,0 5,308, 81,399,3 18,219,3 4,454,6 91,548,7 24.9 100,0 2,053, 12,212,8 2,782,5 1,112.0 13,913,7 27.9 200,0 897, 3,942, 635,0 150,0 3,804,8 20.6 200. 967, 4,433,1 596,3 785,1 5,155,1 26.7 1,000,1 1,213, 881,0 18,096,7 26.0 10,232.81 3,791,9 1,000, 1,144, 7,236,9 1,781,5 479,2 7,613,1 30.0 250,0 453, 3,1360.2 344,1 506,0 3,257,9 28.3 1,000.1 2,061, 11,120,6 1,832,0 1,276,8 11,402,1 27.2 200,0 777.1 4,401,0 243,0 914,0 4,820,0 24.0 1,000,1 1,649,7 20,993,0 4,898,0 1,654,0 25,066,0 26.2 1,000, 2,480, 15,384,2 3,254,0 544,9 14,639,7 26.1 1.000, 684, 7,113.7 1,984,6 203,8 8,454,7 25.8 1,000, 757, 10,473,0 8,200,0 229,0 12,901,0 26.5 294, 4,681,7 1,000, 516,6 4,860,9 25.5 723,8 2,000,0 2,445, 19,844,0 4,513,8 220,3 18,998,3 25.1 Colonial __. 100,0 500,6 3,701,8 Columbia _ _ 300,0 425,9 5,442.0 Fidelity 200,0 175,2 913,6 Jefferson._ _ 500,0 673,3 3,296,6 Mt. Morris_ 250,0 264,6 2,096,0 Mutual _ _ 200,0 317,8 3,316,6 19th Ward_ 300,0 470,4 3,607,7 Plaza 100,0 398,3 3,199,0 23rd Ward. 100,0 182,2 1,576,3 Union Exch 750,0 818,9 6,109,4 100,0 Yorkville _ 393,3 3,309,0 Coal &I.Nat 500,0 708,0 4,311,0 NewNethI'd 200,0 231,9 1,591,0 Batt.Pk.Nat 200,0 142,4 947,7 Borough of Brooklyn. 150,0 Broadway _ 420,1 2,877,5 252,0 Mfrs' Nat _ _ 775,2 5,922,6 Mechanics'. 1,000,0 836,1 10,124,0 Nassau Nat. 750,0 939,3 0,388,0 Nat. City- 300,0 575,6 4,113,0 North Side- 100,0 216,7 1,503,8 Jersey City. First Nat- 400,0 1,214,5 4;002,4 Itud.Co.Nat 250,0 715,7 2,382,6 Third Nat_ - 200,0 367,3 1,695,1 Hoboken. First Nat _ - 220,0 610,6 2,357,4 Second Nat. 125,0 213,1 1,910,7 494,1 474,0 74,0 27,4 351,0 25,2 60,6 223,0 182,4 992,3 50,8 890,0 123,0 104,2 231,9 408,5 1,084,5 5,413,2 440,0 098,0 100,0 6,581,0 25,3 133,8 -- 858,1 305,6 205,4 146,4 2,978,1 42,0 1136,0 38,1 3,028,0 439,9 766,7 5,0 4,101,6 589,6 456,0 995,2 5,214,7 333,0 1,182,0 ____ 4,430,0 62,7 298,3 __._ 1,948,7 300,0 724,9 ____ 6,867,2 856,0 292,0 __ _ 4,384,6 220,0 686,0 385,0 5,245,0 41,0 208,1 16,0 1,561,0 22,8 20,0 ____ 771,7 22,1 478,0 387,7 665,7 151,3 826,2 232,9 1,318,3 1,176,4 358,0 715,0 1,403,0 112,0 673,0 929,0 134,6 113,8 371,5 221,7 142,7 54,2 323,1 51,4 128,4 121.6 76,1 9,1 68,5 186,0 165,2 374,9 ..__ 399,0 219,2 3,029,0 6,642,2 12,988,6 7,116,0 5,910,0 2,130,7 2,425,2 1,022,0 6,310,1 201,6 564,2 2,532,6 621,0 95,3 2,435,3 150,5 88,4 222,3 2,207,3 123,0 2,273,2 Tot. Oct. 17 7,847,0 12,939,8 89,280,2 6,301,7 8.251,7 15,712,5 6,232,1 110415,3 Tot. Oct. 10 7,847,0 12,939,8 89,507,7 0,221,1 8,355,7 16,649,6 5,824,3 11051,2 Tot. Oct. 3 7,847,0 12,939,8 88,388,6 6,354,5 9,227,5 17,259,0 5,444,7 109304,9 New York City, Boston and Philadelphia Banks.-Below is a summary of the weekly totals of the Clearing-House banks of New York City, Boston and Philadelphia. The New York figures do not include results for non-member banks. We omit two ciphers in all these (ores. Banks. Capital and Burpins. Loans. Specie. Legals. Deposits. a Circulation. Clearings. New York $ 3 $ Sept.19_ 287,465,9 1318.152,8 323,694,9 79,664,5 1412,503.5 54,441.6 1,060,226,1 Sept.2,i__ 287,465.9 1312,020,5 321.194,5 80,328,8 1405,935,0 54.116,5 1,637.474,8 Oct. 3_ _ 290,070,1 1312,130,7 311,800,3 79,585,7 1396,771,4 53,756,5 1,544,702,4 Oct. 10._ 290,070,1 1324,358,0 :106,469,5 78,926,0 1402,753,1 53,514,3 1,603,285,1 Oct. 17_ 290,070,1 1338,433,3 304,992,5 80,640,6 1416.647,9 53,300,4 1,631,634,8 Boston. Totals, Average 126,850,0 1338,433,3 304,992,5 80,640,6 1416,647,9 27.3 Sept.26- 41,790,0 211,967,0 25,581,0 3,927,0 254,379.0 10,177,0 120,988,7 Oct. 3_ 41,790,0 211,568,0 24,789,0 3,968,0 259.089,0 10,191,0 151,657,7 Actual figures lOct. 17. 1.342,976,3 306.705,2 80,675,0 1423,161,6 27.3 Oct. 10_ 41,790.0 212,791,0 24,984,O 4,060,4 261.744,0 10,342,0 139,937,8 Oct. 17._ 41,790,0 212,645,0 25,652,0 3,779,0 265,229,0 10,296,0 151,618,1 Phila. On the heels of averages. circulation amounted to 853,309,400 and United States Sept.26.- 54,390,0 243,150,0 80,992.0 297,931,0 14.637,0 108,918.4 depositS (Included."' deposits) to $9,233,300; actual Dimes Oct. 17: circulation, Oct. 3_ _ 54,390,0 243,742.0 79,434,0 205,977,0 14,086,0 121,716,3 $53.220,400; United ,Staten deposits, $9,241,300. Oct. 10- 54,390,0 243,523,0 78,722,0 295,588,0 14,018,0 102,614,2 82,615,0 303,475,0 13,971,0 117,190,6 The statements compiled by the State Banking Depart- Oct. 17-- 54,390,0 244,097,0 ment, together with the totals for the Clearing-House banks, both the averages for the week and the actual figures at the end of the week, are shown in the following table. In the figures for State banks and trust companies all of these institutions in Greater New York are included. NEW YORK CITY BANKS AND TRUST COMPANIES. Week maim October 17 1908. Loons and Reserve on P.C. 00s omitted. Investments. Specie. Legals. Deposits. Deposits. of Re serve. 3 Clearing-House Banks-Actnai 1,342,975,3 806,705,2 80,075,0 1,423,161,6 387,380,2 27.39 +0.890.8 +2,973.1 +038,3 +14.383,8 +3,611,4 Clearing-Honse Banks-Aver._1,338,433,8 304,992,5 80,640,6 1,410,647.9 385,633,1 27.39 +14,075,3 -1,477,0 +1,714.6 +13,894.8 +237,6 State BanksKAverage 282,363,8 60,447,4 26,526,8 844,020,2 110,106,0 32.7 +1,698,1 +327.4 +790,8 +3,254,8 +1,1613,7 Trust Companies.* Average 878.977,6 70,040,2 7,285,2 959,178,8 292,374,1 33.6 +55,9 +134,5 14% +6,484,2 +3,527,1 -3,646,2 State Banks and , Trust Co's-noe 85,555,1 15,352,9 1,068,099,0 325,370,1 33.3 in Clean-I/owe 963,473,1 +164,9 +331,4 +6,835,9 +4,408,0 -2,958,2 + Increase over last week. -Decrease from last week. a Includes bank notes. b After eliminating the item "Due from reserve depositories and other beats and trust companies in New York City," deposits amount to $882,424.100, an Increase of $6,371,600 over last week's figures. a Includ ng Government deposits, and for Boston and Philadelphia the Rua "due to other banks." At New York Government deposits amounted to 39,233,300 on Oct. 17, against $9,248,000 on Oct. 10;at Boston to 81.596,000 on Oct. 17 and $1,603.000 on Oct. 10. 50att3ing and financial,. We shall be pleased to furnish to institutions and investors copies of our special circular describing 43 RAILROAD BONDS Listed upon (ho New York Stock Exchanse Spencer Trask & Co. WILLIAM AND PINE STS., NEW YORK Branch offices: Chicago. III., and Albany. N. Y MOFFAT & WRITE Members New York Stock Exchange. 5 NASSAU STREET. HANOVER BANK BUII DING DEALERS IN INVESTMENT SECURITIES. Commission Orders Executed or Cash Only, THE CHRONICLE OCT. 24 190*. I *tankers' (fiazettt. Wall Street, Friday Night, October 23 1908. The Money Market and Financial Situation.-If developments in the security markets may be regarded as a criterion of public sentiment, then the belief that there will be no •war in Bulgaria in the near future and that Mr. Taft will be elected to the Presidency on November 3d is stronger than it was last week. Uncertainty in regard to these matters was doubtless the chief reason for the weakness which was a feature of the markets earlier in the month, and as this uncertainty is gradually being dispelled there is a corresponding increase in the volume of business and market values at the Stock Exchange. Other factors which may have had a similar influence are the rather meagre evidences of awakening activity in general business. These have been so eagerly looked for, however, that their magnitude and importance may easily be overestimated. The currency movements of the week indicate that the demand for funds from the West and South is about over and a return flow may soon be expected. The principal foreign banks again make exceptionally favorable weekly reports and the money markets at home and abroad continue to be very easy. The upk n market rates for call loans at the Stock Exchange during the week on stock and bond collaterals have ranged from 1 to 124%. To-day's rates on call were 13%@ Commercial paper quoted at 4(:)43'% for 60 to 90 (lay ( ndorsements,and 4M()5% for best single names. The Bank of England weekly statement on Thursday showed an increase in bullion of £105,168 and the percentage 4)f reserve to liabilities was 51.70, against 51.03 last week. The rate of discount remains unchanged at 2% as fixed May 28. The Bank of France shows an increase of 19,500,000 francs gold and 2,975,000 francs silver. NW YORK CITY CLEARING-HOUSE BANKS. 1908. Averages for week ending Oct. 11. Difforenees from previous week. 1907. Averages for week ending Oct. 19. 1906. Averages for week ending Oct. 20. $ $ $ $ 120,400,000 119,150,000 126,350,000 Capital 164,098,300 155,176,800 163,720,100 Surplus Loans and discounts.. 1.338,433,300 Inc. 14,075,300 1,076,846,300 1,082,358,500 46,471,700 51,612,400 204,900 53,309,400 Dec. Circulation 1,416,647,900 Inc. 13,894,800 1,025,711,400 1,062,332,600 Net deposits :34,450,100 26,369,000 14,700 9,233,300 Dec. U. S. dep. (incl. above) 304,992,500 Dec. 1,477,000 205,353,300 200,395,700 Specie 71,388,400 62,257,200 80,640,600 Inc. 1,714,600 Legal tenders Reserve held 26% of deposits Surplus reserve 237,600 385,633,100 Inc. 354,161,975 Inc. 3,473,700 267,610,500 256,427,850 271,784,100 265,583,150 31,471,125 Dec. 3,230,100 11,182,650 6,200,950 12,703,200 19,795.175 Surplus excl.U. S. dep.i 33,779,450 Dec. 3,239,775 • Nete.-The 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 skowIng the condition of State banks and trust companies not reporting to the Clearing Douse, appear on the preceding page. Foreign Exchange.-The market was dull and irregular, though generally steady, this week; a rising tendency was held in check by offerings of exchange against credits. To-day's (Friday's) nominal rates for sterling exchange were 4 86 for 60 day and 4 873 for sight. To-day's (Friday's) actual rates for sterling exchange were 4 8475(0)4 85 for long, 4 8655Q4 8665 for short and:4 8675@4 8685 for cables. Commercial on banks 4 843..@4 84% and documents for payment 4 834(0).4 84%. Cotton for payment 4 -839.@4 84. Cotton for acceptance 4 84®4 84% and / 3@4 849. grain .for payment ,4 845 -To-day's (Friday's) actual rates for Paris bankers' francs were 5 17u@5 173!for long and 5 159'h@5 153'a for short. Germany bankers' marks were 94%@94 15-16 for long and 95%@95 5-16 for short. Amsterdam bankers' guilders were 40 310340 34 for shOrt. Exchange at Paris on London to-day 25fr. 103'c.; week'sTangy 25fr. 103c. high and 25fr. 9 c. low. The week's 'range for exchange rates follows: Loaf Sterling ActualHigh 4 86 4 849.5 Low 4 8475 4% 4 8480 Parte Bankers' FrancsHigh 5•17%a 0 6 1734 Low 44 5 1734 5.1834 Germany Bankers, MarksHigh 64 941546 9434 114 Low • o 9434 7•Amstcrdairz Bankers' GuildersHigh Low Cables Short 14 8656 14 8646 0 4 8665 4 8650 15 15345 15 16345 4% 5 1534a 6 1634 14 8675 14 8570 4% '4 8685 4% 4 8675 4% 93 5-16.r 0 95 5-16 1 1 953-1 9531 1 1 40 32 0 40 34 40 31 0 40 33 Less: a 146 of 1%. 5 1-32 of 1%. h 3-32 of 1%. Plus: k 1-10 of 1%. xi 32 of 1%. y 3-32 of 1%. The following were the rates for domestic exchange at New York on the undermentioned cities to-day: Savannah, buying 50c. i)er $1,000 'diseount; selling 75c. per $1,000 premium. Charleston. selling $1 per $1,000 . premium. New Orleans bank 75c. per $1.000 discount.. Commercial $1 per $1,000 discount. Chicacro 10c. per $1.000 discount. St. Louis 10@25c. per $1,000 discount. San Francisco .50c. per $1.000 pre u itt State and Railroad Bonds.-Sales of State bonds at the 4 Board include $10,000 Virginia fund. debt 1991 at 921 and $10,000 Virginia 6s deferred trust receipts at 38. 1067 There has been more activity in the market for railway bonds and in several cases prices are substantially higher. On Wednesday the transactions reported in this department amounted to 5,14 millions, par value, which is much larger than the recent average. Southern Railway issues have been notably strong, closing about 2 points higher than last week. Wisconsin Central gen. 4s have advanced over 10 points and Union Pacific more than 2. Other strong issues are U. S. Steel 5s, Atchisons and American Tobaccos. A few bonds have shown a tendency to decline, including Burlington & Quincy, Rock Island, some of the Eries and Consolidated Gas 6s-the laW r having lost over 3 points. United States Bonds.-Sales of Government bonds at the Board are limited to $4,000 4s reg., 1925, at 120. The following are the daily closing quotations; for yearly range see third page following. Interest Periods Oct. 17 Oct. 19 oa. 20 O. 21 Oct. 22 Oct. 23 *103% *103% *103% *10334 *10334 *103% *104 *104 *104 *104 *104 *104 *100%, *100% *100% *100% *100% *100% *101 *101 *101 *101 *101 *101 *10034 *10034 *100% *10034 *100% *100% *12oy, *120% *120% 120% *120% *120% *122 *122 *122 *122 *122 *122 *102% *102% *102%,*103% *102% *103% registered Q-Jan 2s, 1930 cbupon Q-Jan 2s, 1930 3s, 1908-18 - .-__regIstered Q-Feb coupon Q-Feb 3s, 1908-18 38, 1908-18 - _small coupon Q-Feb registered Q-Feb 48, 1925 coupon Q-Feb 4s, 1925 2s, 1936_Panama Canal coup Q-Nov *This is the price bid at the. morning board; no sale was made. Railroad and Miscellaneous Stocks.--,There has been a considerable increase in the volume of business in stocks this week and the tone of the market has been generally strong. The market was dull and barely steady on Monday, but the transactions had increased to over 900,000 shares on Wednesday and.in some cases the highest prices of the week were then recorded. A few issues have. been. notably strong, including St. Paul which advanced nearly 6 points; Southern Pacific, which moved up nearly ,5 points, and Union Pacific, Northern Pacific, Reading and Pennsylvania which gained from 2 to 5 points. Wisconsin Central has been more active on an increased demand and tile preferred shares have advanced nearly 6 points. To-day's market has been irregular and in several cases the above figures have been modified. Third Avenue was exceptional in a decline of almost 10 points and Missouri Pacific, Canadian Pacific and Brooklyn Rapid Transit showed a tendency to weakness. The copper stocks have :been strong on an advance in the metal. Amalgamated and Smelting & Refining: are each 3 .points higher. The steels are only fractionally higher and General Electric has declined. • For daily plume, of business see page 1075. The following • sales have occurred this week of shares not represented in our detailed list on the pages which follow: Sales STOCKS. Week ending Oct. 23. for Week. Range for Week. Lowest. 100 12 Chic Term Trans, pref. 1,800 22c. Comstock Tunnel 200 95 General Chemical, pref.. 100 88 Homcstake Mining Kan & Mich trust recta- 1,300 40 100 434 Keokuk & Des Moines_ 300 1734 Nat Mex 2d pref tr recta. 200! 50 New Central Coal 40.117 N Y & N .1' Telephone_ St Jos & Grand Island... 200; 1734 1001 27.4 Second preferred t , 1001 114 U 5 Leather, pref • ! Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Highest. Reeve since Jan. 1. Loosest. 21 12 Oct 21 834 17 33e. Oct. 21 20c. 20 96 Oct 21, 89 23 88 Oct 23; (17 17 44 Oct 201 29 21 434 Oct 21 334 17 1834 Oct 2 1734 19 50 Oct 19 30 19 117 Oct 1 00 21 1834 Oct 21 IS 21 2734 Oct 211 21 17 1141k1 Oct 171 96 Highest. Mehl 15 Itch! 44c. Mayl 993.4 Jan; 92 Jan 44 July 10 Sept 1834 Feb 50 Feb 117 May 1834 May 2734 Jan1118 May Apr June Aug Oct Apr Oct Oct Oct Mch Oct Oct Outside Market.----"Curb" market conditions were irregular this week. Business at times assumed large proportions, due for the greater part to special activity in some of the low-priced issues, and again relapsed into dulness. To-day the market was stronger and more active generally, with an upward tendency to prices. During the week Boston Con% to 14%, but fell back solidated Copper advanced from 133 to 13%. Butte Coalition went from 24% to 24, then up to 263 / t, advancing a point further to-day to 2T3(. Cumberland Ely dropped from 7% to 7 2 and rose to 8, with a further advance to-day to 83i. Greene Cananea sold down from 103/i to 9% and up to 109. Nevada Consolidated weakened from 163/b to 16% and rose to 17%, with the final transaction to-day at 173. Nevada Utah improved from 2 15-16 to 3. United Copper common went down from 11% to 103/3, recovered to 11% and closed to-day at 11. First National Copper advanced from 7 to T% but dropped finally to 6%. Goldfield Consolidated eased off from 5 13-16 to 5 11-16 and advanced to 63, with the final quotation today 6 3-16. Goldfield Daisy sold up from 97 cents to $1 09 and down finally to $1 03. Nipissing was firm, advancing from 8% to 10, the close to-day being at 9%. Considerable interest attached to Cobalt Central, sales of some 460,000 shares being reported at from 63 cents to 57 cents and Up to 70 cents. Standard Oil and Bay State Gas were about the only representatives in the industrial list. The former from 625 sold down to 620 and up to 624. Bay State Gas fluctuated between 1% and 2. Chicago Subway improved but reacted to 20. The new Mexican Irrifrom 19% to 20 gation 45/3s, which were offered for subscription to-day at 923/3, sold on the "curb" at from 946 to 933%. Outside quotations will he found on page 10T5. New York Stock Exchange-Stock Record, Daily, Weekly and Yearly OCCUPYING 'MI) PAGES S7 QCKS-H1OHES7' AND LOWEST SALE PRICES 'Saturday Oct 17 Monday Oct 19 Tuesday Oct 20 co4 9078 Wednestlay Oct 21 Thursday Oct 22 ' Friday Oct 23 sates of Me Week Shares 'STOCKS NEW YORK STOCK EXCHANGE Range Since Jan. 11008. On basis 01 100-share lois Lowest Highest Range ior Previous Year (1907) Lowest ilioriet' 9134 9033 0134 25:428 A tch TIO4ailroads 66 Feb 14 9134 Aug29 6633Nov 10814 Jan 9512 9514 9514 1 2 133 Do pref & Santa Fe 8333 Feb 17 9512 Aug31 78 Nov 10158 Jan 92 9212 93 3,800 Atlantic Coast Line RR-_ 5912 Itch 2 911 J'ly 21 68 Nov 13318 Jan 9878 9758 9838 14,729 & Ohio 7612 Feb 10 10178 Sep 10 7538Nov 122 Jan 88 *87 89 300 Baltimore Do pref 80 Jan S 89 Sep 11 0412 Jan 75 Nov 49 49/2 5038 24,370 Brooklyn Rapid Transit_ 8358 Jan 3714 Feb 10 5713 Aug 10 2634Nov 10 Buffalo & Susque. 35034 5934 74125N0v 55934 Oct '23 6434 51ch21 8534 Fel> ITC 115-371 1744 175 i s 176" 1757817418 17434 9,120 rianadlan Pacific prof- - 140 Feb 17 179 Oct 3 138 Nov 19512 Jan *62 63 *62 66 *63 67 *64 67 *64 67 *64 67 6512 Jan Canada Southern 54 Mch 4 65 Sep 14 52 Nov *193 200 199 200 x201 201 205 205 *202 208 203 203 1,213 160 Feb 11 20912 Sep 10 144 Nov 220 Jan 42 4212 42 42 42 4358 4338 4358 4338 4414 4212 4312 21,520 Central of New Jersey Chesapeake & Ohio 2513 Feb 19 4658 3,-; v21 x2314N0v 5(3 Jan 8712 83 3813 3812 3878 3938 3878 3934 3712 3813 38 3814 5.025 Chicago & Alton BR. 271. Jan 818N0v DJ Feb 13 41 Oct 12 *64 67 *64 68 *64 69 *64 69 *65 69 *64 69 Do pre 47 bich24 70 Oct 13 69 - Jan 48 Sep 718 718 *7 714 714 714 714 714 7 714 7 2.150 Chicago Great Western 718 318 Feb is 18 Jan 678Nov 813 Jan 3 *50 *50 60 60 *50 60 *50 60 *50 60 *50 60 Do 4% debentures-331? Iich19 8814 Aug 4 46 Dec 79 Feb *26 *2613 30 30 2638 2638 *26 30 *26 30 *2638 30 100 Do 5% pref "A"....._ 1812 Feb 15 31 Jan (5 21 Dec 713. Feb 1012 1012 1012 1012 1012 1012 1012 1012 1011 1012 1014 101.4 1.730 Do 4% prof_ b Feb 1133 Aug 3 201:; Jan 814Dec 13758 13834 138 13978 140 14314 14234 144 13714 138 14238 14378 149,250 Chicago Milw & St Paul-_ 10312 Ian 11 2 14738 Aug 11 9313Nov 15712 Jan • 157 158 155 165 157 157 15834 15834 *157 15812 3158 158 537 Do pref._ _ 138 Jan 3 16034 Aug 6 130 Nov 1651. Jan - *134 13512 '134 13512 13613 13612 13612 139 139 13918 13834 139 3,710 Do conn nstalim't-ctfs 5812 Jan 3 13918 Oct 22 -85 Nov 141 - Jan 15234 1513; 15378 15378 154 154 *152 15234 152 152 164 154 3.745 Do pref instailm't ctfs 12558 Jan 2 154 Oct 22 111 Oct 149 Jan *158 160 160 164) 16013 16134 16134 16212 162 16214 161 16214 5,200 ThIcago & North Western 135)3 Jan 2 16412 Sep 126 Oct 205 Jan .! *210 220 *210 . 226 *210 220 *210 220 *210 219 216 216 100 Do pref 4185 Jan 11 216 Oct 23 185 Oct 234 Jan ; *134 138 *133 138 913713 13713 *134 138 3128 138 *133 138 100 Chic St P Minn & Omaha 114 Feb 25 14() Aug 7 106 Oct 170 Jan *155 165 *155 165 *155 165 *155 165 *155 165 *155 163 Do pref 14012 Jan 3 165 Mayl • 13712Dec *2 3 106 Jan *214 3 *214 3 *2 3 *2 314 *2 3 Apr 3 Chic Un Trae ctfs stmpd 4 May18 134001 334 May 11 12 11 12 *1014 1212 *10 13 *10 13 *10 12 200 4 Apr 10 Do pref etre strnpd_ 1434 May13 8 Dec 17 J'ly *52 5514 *51 *5113 53 63 *5134 54 6178 5178 53 53 200 Cleve Cln Chic & tit L___ 4712 J'ne17 62 Jan 15 48 Nov 9278 Jan 9614 9614 *95 98 *94/3 9714 *95 9712 *9513 97 *93 99 8518 Feb 19 98 Aug 12 100 Do pref 88 Dec 10812 Jan 4112 4278 4214 4213 42 43 4214 43 42 4278 42 21 Feb19 4378 Oct 12 4278 16,570 Colorado 45: Southern-17 Nov 3S78 Jan. 66 6614 6614 *66 66 6612 6611 67 6678 67 6658 6714 3,270 5033 '2 6714 Oct 2.: Do 1st preferred 41 Nov 691. Jan ; 5834 5938 59 59 5914 6913 5012 5913 *59 5913 5834 5914 1.810 3934 Feb 19 5918 Oct 16 1)0 2d preferred 5813 Jan' 29125ov 16613 16612 167 168 168 16834 16812 169 168 16813 16734 16734 3.200 2271. Jan' Delaware h Hudson.- 14113 Feb 10 17478 Sep 14 12353Oct *515 534 *515 535 *520 634 *525 534 *526 634 627 527 100 aielaware Lack & West_ 420 Jan 6 540 May 8 369120c1 .510 - Jan.' 2814 2814 2731 2814 2313 2812 29 29 *28 2914 *28 2914 1,195 Denver & Rio Grande.._ 1414 Feb 19 3014 Oct 13 16 Nov 4278 Jan'. 681269 6813 69 *63 70 6813 6310 *68 70 3914 Mch 2 70 Mnyl, 5:3 Nov 68 68 810 Do pref 8378 Jan 542 42 *38 42 *38 42 *28 4013 *3973 41 40 3212 Apr 15 4312 Oct 23 43/2 425 Detroit United 31341/00 8018 Jan • 31518 1518 15 15 1414 1414 1413 1412 1413 1413 1438 1412 6 Feb 11 7110 Duluth So Shore & Atlan 1613 Oct 12 Du,Jan 0140ct *2412 25 *24 26 2513 2512 26 26 *25 2612 *24 1134 Feb 13 28 Oct 12 560 26 Do pref 10 Nov 39 - Jan 3013 3034 3033 3118 3012 3114 31 3134 3112 3218 3078 12 80,300 12 Melt 6 3278 Oct 7 :214 Nov 4414 Jan 44 44 4338 4334 4334 4418 44 4412 4414 4434 44 2438 Mch 4 4612 Oct 7 4412 3,800 ErieDo 1st pref 7578 Jan 28 Nov *35 3514 36 3034 3534 36 36 3613 3678 8612 3012 16 Mch 6 3773 Oct 7 67 Jan ' Do 2d pref 20 Nov 800 13114 13177 13134 1327s 13213 13314 13338 13412 13338 13412 13214 38,150 Great Northern pref- 11334 Feb 10 140 A03;13 10713001 13378 18934 Jan *5858 595s 5834 59 5914 6958 6933 6034 6058 6118 6012 6012 4,910 Iron Ore 4813 Jan 2 69 J'ly 29 85 Jan ; _ 37 Oct Green Bay &properties_W ,deb ctfA 71 Mch19 7712 Apr (3 75 Oct 75 Oct IC:: -1-g- 3 Do -.. 118 Jan 14 16 Aug 10 deb ctf 13 141. Jan 6340et *3012 ;51554 ----__ *3012 3134 32 32 20 Itch24 3413 Sep '2 3238 8238 3112 3134 800 Ira avana Electric 47 Jan 24120CE *8014 _ *8014 ____ *8014 ____ *8014 ____ *7834 85 Al Do Aore! 370 Jan 8 8014 Oct 8 8612 Jan.; 72 Apr _ *85 88 *35 88 *85 100 88 85 85 flocking 85 85 Valley tr rects- 62 Feb 10 90 May14 Alch 63 114 Nov -CO - *31 90 85 85 *81 585 210 85 85 90 85 Do pref 69 Mch19 85 May14 64 Nov 94 Jan 138 13814 *138 13912 138 14012 140 14112 13912 14114 13918 140 12.140 Illinois Central 12213 Feb 17 146 Sep 10 110 Nov 172 Jan *10/2 11 031 1012 934 1014 1013 1012 1012 1012 1018 1014 5.508 interboro-Metropolitan 61 Jan 4 131. Aoki° 39 Jan 4780ct 31 31 2812 31 3014 2878 3014 8,900 2813 30 3012 30 Do pref 30 17)8 Feb 19 8814 Aug 10 14 Nov 7514 Jan 25 2514 2514 25-38 2514 2638 2534 2634 26 2638 26 2614 6,235 lovva Central 10 Feb 19 2634 Oct 21 612Nov 287s Jan', 4414 4414 4412 4412 4414 4518 4478 4578 44 4434 42 4,825 44 Do pref 2713 Feb 19 48 Oct 13 51 Jan 29 Dec *68 71 69 *65 68 *65 68 70 68 200 ICC Ft S & M. tr cts prel 87 Aug19 70 Jan 13 68 68 *65 80 Jan.i 60 Oct *27 2878 28 2812 28 28 28 2812 2812 2834 2834 *28 90(3 Ivansas City Southern... 18 Feb 23 29 Sep 10 3034 Jan 18 Mch 6118 6118 *61 6158 6178 6158 62 *61 6113 6158 1,080 6113 62 40 Feb 19 6312 Sep 10 Do pref 6134 Jan. 45 111011 *17 18 *17 17 *15 1712 18 200 r eke Erie & Western. *17 1734 1734 17 18 12 Jan 4 1934 May16 2812 Jan 11 Nov 4312 *41 *41 45 *40 4313 *41 42 4312 4312 4312 *41 100 13 Do pref 34 May 2 45 May12 6712 Apt, 3934Nov *40 48 *40 48 44 48 *38 *38 *40 44 *40 48 Long Island 30 Feb 6 47 Aug 7 6712 Jan,; Dec 26 103 10834 108 10914 10,775 Louisville & Nashville- 8714 Feb 19 113 May19 10534 10534 106 10612 10634 10712 10712 109 851231ov 14518 Jan. 1135 135 137 137 137 137 *135 137 137 137 *135 138 370 1VI anhattan Elevated 129 Jan 4 13934 Sep 9 100730ct 146 Feb' *24 28 *24 28 *24 *2612 28 28 *24 27 • *24 27 131 etropolitan Street--- _ 15 Feb 29 43 Aug 16 23 Dec 107 Jan Mexican Central 1412 Jan 2 2012 Jan 23 1234Nov 2753 Jan1 1634 1718 1714 1712 1714 1738 1758 1734 174 1758 1634 1718 8.650 Do Trust Co certf3 1412 May 1 1734 Oct 21 *3712 39 *3813 39 3812 3834 39 3034 38 38 138 38 710 Minneapolis & St Louis.. 215 31014 2 3934 Oct 21 231271eo 1-ari'l 59 *7213 80 *74 72 75 *71 74 80 80 72 73 73 400 Do pref 61 Feb 29 75 Oct 21 x6212Deo 00 Jan; 123 12312 12238 1233.1 12258 12312 123 12378 12214 12314 *12214 12313 2.400 Minn St P & S S Marie 7914 Jan 2 126 Oct 5 Oct 60 1401 4 Jelll *145 149 *145 149 *145 149 *145 149 *145 149 *145 149 Do pref 12312 Feb 11 14913 Aug 24 110 Oct 168 Jan.I 3138 31 31 30 3014 3014 3013 3038 31 3138 3012 3078 10,160 Ido Kansas & Texas 1712 Mch 2 3338 Sep 9 4458 111013; 2034Nov 6478 6431 6614 *6413 6518 *63 x64 6573 66 6558 66 6518 3,800 46 Feb 19 t9678 Sep 9 Do pref 7234 Jan ; 83 Nov 3353, . 56 5518 5614 5518 5615 5614 5738 56 57 5514 5634 14,975 Missouri Pacific 2815 Feb 19 6412 May20 9234 Jan; 4418Dec *103 115 *105 115 *105 115 *105 113 *105 115 *105 115 wash Chatt & St Louis_ 974 Jan 2 115 J'ly 23 97 Dec 147 Jan% 10438 10433 10412 10434 10458 10558 10512 106 10512 10678 10512 10612 23,010 1.1 it Central & Hudson 90i Jan 2 11014 J'ly 22 289 Dec 13434 Jan. ' *35 *35 38 38 38 *35 38 *35 37 3834 539 $9 6312 Jan 550 N Y Chic & St Louis--- '2413 Jan 3 4178 J'ly 23 1934001 *38 100 *83 100 *88 100 *85 100 *88 10(1 *88 100 90 Jan 14 102 May12 Do 1st pref 86 Nov 110 Jan.. *67 75 69 *68 74 *65 *65 75 *65 75 *68 75 60 Feb 8 75 May14 Do 2d pref 41 Oct 9134 Janl 145 14513 *144 146 ;3,14213 14313 145 146 *14612 14612 *145 148 1,075 N Y N Haven & Hartford 12833 Jan 6 143 Oct 21 12738N0v 189 Jan.; 41 41 41 4112 41 4038 41 41 41 4178 41 4114 7,800 N Y Ontario & Western.. 2913 Feb 19 44 Aug 11 483s Oct 28 Jani 7373 74 *7312 7413 741i 7412 7413 7412 7412 7478 7438 7412 2,200 Norfolk & Western 58 Feb 19 7578 Sep 1 9214 Ja1;; 68 Oct *81 83 *8013 83 *8012 83 *8013 85 583 83 *8012 83 50 74 Mch24 8212 Oct 5 Do adjustment prefU013 Jiff; 70 Oct 14034 14138 14178 14312 14278 14513 14414 14614 14358 1445s 14278 144 184,095 Northern Pacific 11678Jan 2 14634 Aug13 100120ct 18912 Ja131 13214 13312 13314 13514 135 13513 134 13518 13438 13513 14,736 13212 133 103 Feb 10 13512 Oct 21 Do subscrip rects 911231ov 134 Fool *69 *67 70 70 72 *68 72 *70 72 75 100 Pacific Coast Co *6812 7312 65 Sep 22 '2312 Jan 14 56 Nov 12413 Jan. *85 100 *85 100 *85 100 *85 100 *85 100 *8312 9813 90 May26 90 May26 Do 1st pref 65 Nov 76 NOir; *72 85 *72 85 *72 *72 85 85 *72 85 *7012 8312 79 Atch27 97 Jan 13 Do 24 pref 85 Dec 125 Mob; *12313 124 12312 12414 12334 12438 12412 12534 12578 127 12558 12678 82,400 Pennsylvania 10834 Jan 2 127 Oct 22 r10312Nov 14138 innl 81 *76 7712 7712 7713 771.- 78 7812 *76 *76 80 81 750 Plttsb Cin Chic & St L.-_ 69 Jan 7 702 Oct 21 78 dart 51 Oct *96 9814 *95 98 9814 9814 *95 100 *95 100 *95 100 100 Do pref 8118 Itch 3 9814 Oct 20 10512 Jail 60120ct 130 13133 13038 13112 1:3034 13218 13218 13378 133 13412 13214 13378 eading 9213 Feb 17 13738 Sep 15 70120ct 13918 Jail' *87 90 *87 8813 *8812 92 90 88 8812 8812 *8712 8812 534.7001-‘) 590 1st pref 78 Jan 2 8813 Oct 22 92 Jan 73 Oct *8613 88 87 87 *35 88 88 8813 88 x86 1,400 86 88 2d pref 76 Jan 6 8812 Aug 10 94 Jan (37 Nov 19 1914 1938 1938 *1914 1934 1958 1934 1938 1912 1913 1934 52 Rock 801s jet: 1:3 1114 Nov slraenr3 Company... 1012 Feb 3 2053 Oct 6 100 p islandi p 4533 47 4634 4714 4658 4758 48 4914 4678 48 4618 4314 2034 Feb 3 60 Oct 6 8412 Jet • 26/2Nov *53 - *52 .._ *52 _ *52 ___ *52 *52 -_ Ft L & San Fr. 181 pref42 J'ne24 6134 Jan 15 70 .11113' 88 Oct *30 31 *2914 *30 32 3012 3112 2953 3012 2934 30 2,150 Do 2d pref 4833 Jan 1914 Feb 19 34 May14 24 Nov *1712 19 *1712 19 *1714 1834 1834 19 *1713 19 19 1918 500 St Louis Southwestern... 10 Mch 7 1918 Oct 23 2513 Jati 1 Nov 30 *45 *45 49 50 60 *45 2,000 50 4734 4814 4734 49 Do pref 6212 el) '2412 Feb 19 50 Oct '23 25 Nov 10278 10312 10318 10418 10358 10512 10618 10814 10712 10858 10658 10818 227,199 Southern Pacific Co 63140et 6614 Feb 17 11033 Sep 9 9614 Jan, 11814 11338 11818 11811 11818 11813 11814 11838 11811 11838 11818 11814 2,790 Do peel 10838Jan 2 12512 May13 100 Oct 1181s Jan 2131 22 11.400 Southern v tr cfs stamped 2134 22113 2153 2258 2218 2258 2178 2258 2112 22 34 Jar" 10 Nov 91s Jan 1)) 2373 Sep 10 63 53 *52 7,325 5312 53 5458 54 5478 54 5412 5313 54 2913Nov Do pref 9412 Jaal '251313.10h 5 55 Sep 10 do *26 2612 2614 263s 2638 263,3 2612 2714 2614 2678 2638 2612 4,160 Texas & Pacific 3713 Jill! 1712Nov 1234 Feb 29 2714 Oct 14 3634 37 2912 3714 2712 3013 2913 3078 30 3013 37,739 L bird Avenue (N 3012 27 1512 Itch 23 47 Aug 10 16 . Nov 128 Jabl *6 8 *6 9 712 712 *713 812 500 Toledo Railways & Light 773 778 8 8 9 Dec 612 Oct 9 1514 May 2 29 Jad. *2913 3134 3012 31 30 2 1:100 S078 3038 31 200 'Coleo 3078 31 338,4 Jadi 31 31 p dopSrterL & Western 12 Feb 6 81 Oct 13 1634De0 59 5914 5778 5913 5758 5834 *5712 59 5834 5834 5712 5713 5478 Apil 33 Feb 3 6212 Oct 6 2934Nov *88 90 *38 90 9113 1,000 Twin City Rapid Transit. 7814 Feb 7 1)214 May19 *88 00 89 00 9034 90 89 6834N0v 10812 Jan' 16518 16658 16618 16758 16634 16878 16918 17034 16918 17053 16858 17014 587,120 I rnionoP D narceifflf 11013 Itch '2 17034 Oct 21 100 Oct 188 JO 1 873, *8612 8 1,612 88 8634 87 89 83 1../ 89 89 8312 83 12 734 96 gioi /5 AMC 7914 Apr 2 90 Sep lo *32 3334 32 32 33 3334 *31 32 *30 3178 3178 32 600 Unit Rys inv't of San Fr_ 018Nov 62 Jan3 15 Jan 29 34 Oct 6 *45 47 44 4613 47 46 46 47 47 *44 48 4734 1:2 poprh 271,Jan 22 60 Oct 5 Ti's Jail el 0 Nov 300 0 wahas 1213 1213 1234 1234 *1212 1234 1234 13 1234 1234 1238 1238 1813 Jan', 8 001 634 Mch 3 1414 May21 *2658 27 2712 5,160 27 2714 2733 2814 2738 2778 27 2712 *27 8815 Jad' 1418N0v Do pref 13 Itch 3 2933 Aug 5 123s *11 14 *11 *1213 14 1238 12 301.Jail 800 Western Marvilnd 14 14 1213 14 (5 Oct 5 Itch 14 16 Mav18 8953 9014 9038 9514 9514 *95 -91" 88 9013 90 9614 9634 9714 9731 9718 *86 88 *86 90 *88 4833 4858 4714 4878 4778 9118 9538 92 9814 90 4812 9078 95 9113 9833 88 4812 9112 9512 9312 99 88 4914 9118 0512 92 98 88 4858 Jan -fe- ------ r BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS Bid Banks Ask Ask Ask Bid Banks Bid Bid Ask Ask Banks BUJ Banks Banks Hanover __ 475 443 Ifetropol'nn 10212 16712 Pacific 11-__ 230 New York 175 Imp do Trad 540 ChelseaEx 11 200 - Fidelity 11.._ 165 430 _ .... Park 560 Mt Morrisn_ 200 175 Aetna 180 Chemical __ 415 _ Irving N Ex 175 4-25- Fifth Avell.. 3800 800 30-0 People's 11 Mutual 11--- 285 185 America 1... 530 550 Cltizens' Ctl 148 Fifth 300 350 Jefferson 11 _ 170 155 1157 _-__ Phenix 180 Nassau I1__ - 100 Amer Each_ 230 235 City 725_ Liberty__ BOO 3121. First 308 Plaza II_-.., 610 __ ____ AmstNew Batten y Pk_ 113 125 Coal & Iron 215 225 14th St 1 _ 1-75 LIncoln ___ 485 - New Neth'd 2-00 - 2-1-0 Prod Excii 11 155 _ Fourth En 205 335 Colonial 31_ . 700 Bowery I/ -3 320 Seaboard 340 Manhattann 300 3-1-0 NewYorkCo 750 Bronx BoroT 300 ,.. Columbia II_ 400 51iii Gallatin Ntark't&pul '245 295 320 335 New York _ 300 3-10 Second -- - - 350 Bryant Pit 11 150 285 1-6-0 Commerce - 1170 11711Garfleld __ - - Mechanics'_ 25212 262/2 N'ht deDayn - 260 Sherman .. 135 155 150 Butch & Dr Consort'd_ 117 122 Germ Am 114 135 1--5 Mercantile _ 12713 13212 19th War 240 ..-..... 500 State n 170 220 185 Copper _, _ _ Germ'n Exl 475 Century 11 600 Iterch Exch 165 ___ 170 Northern __ 155 ...... 121h 1Vard T 245 260 Corn Ex II Chase 320 33-0 Germania n 500 ___ Merchants'_ 116312 -_ Oriental 1_ --__ -_ 23d Ward li 51-00 Chatham 300 310 East River_ 125 135 Greenwich II 250 265 Metropolis 1; 3/5 ____ . . ._. .. .. . --1 .....1. eta Is Timcer Y sin and asked prices: no sales were made on this day. XHx.rIgnts. S Less th8fl 100 shares. -. 1 utaee nanies. a z.x aiviuenu 1USU Ll5U• '1 Sale at Stock Exchange or at auction this week. h First installment paid. n Sold at private sale. at this price. I Banks .. Bid A8/41 • 260 . 440 310 ' .....3' 626, 1 161; 3 ts -.4 ---1 ..... 309,3 7..1 Om. 24 1908. Vow York StOCIC lieCOrd.-Conciuded-Page 2 1069 S1'OCK8-111(illh'ST AND LOWEST BALE PRICES Sato 81 STOCKS Range Since Jan. 1 1008 Range 707 P7MOUS NEW YORK STOCK On tra.its ol 100-share lots Saturday Monday Year (1907) Tuesday Wednesday Thursday Friday Week EXCHAN GE Oct 19 Oct 17 Oct 20 Oct 21 Oct 22 Oct 23 Shares. Lowest ighest 70----Lowest Highest *812 912 *512 012 *812 912 *812 912 814 814 *312 912 100 Wheeling & Lake Erle_-_ 412 Mch 7 108 J'ly 30 *18 20 *17 20 *17 20 *18 6 Oct 1634 Jan 21 *1712 20 *18 20 Do pref 1st 121,3 Apr 16 2134 Aug I 10 33734 Jan 10 0 973 13 Oct 9 034 934 1034 10 1012 914 912 3,300 Do 213 pref Feb 27 *26 1314 May20 27 27 2718 *2614 2712 2773 2813 7812 2573 23 8 Oct 2134 Jan 2104 3,875 Wisconsin Central 1312 Feb 25 2912 Sep 10 48 48 4812 49 48 4812 4818 52 11 Nov 2573 Jan 52 6414 61 5258 17.250 Do pref 33 Feb 19 5414 Oct 12 28 Oct Jan 51I . ti Iri du stroll& Miscelianeous *181 _ *181*181 *181 *181 *181 A dams Express 164 Jan 2 4200 Aug2.5 3150 Aug 3330 J'ne *1114 11-34 1153 11-34 1138 Ifis *1114 114 1153 11-58 *1 14 11-34 Ills 5 Mch -Chalmers 12 J'ly 22 3573 3573 *3413 3512 9412 au Aug 1678 Jan 3512 3658 3614 3634 3614 3658 4,200 Do pref 14 Mch 6 2134 Oct 16 7514 75$2 7518 75 14 Nov 4334 Jan 7138 7634 7714 7812 z7753 7078 7834 8012 157,310 Amalgamated Copper 451,3 Feb 19 Kii,3 Aug 2712 2712 *27 24134 Oct 23% *2634 2734 *27 12173 Jan 2734 *27 2734 *2613 2734 110 Amer AgrIculturs! Chem_ 13 Jan 4 2012 Sep 15 *34 0311 *54 10 Oct 0314 *84 2533 Jan 01 *90 03 *90 9314 *90 9314 Do pref 7812 Jan 4 i' ,534 Sep 1) 2034 2034 2034 21 75 Oct 21 21 135 Feb 2114 2113 21 2114 2034 21 1,500 American Sleet Sugar__.... 73 Nov 912 Feb 10 2473 Apr 3 *75 80 *75 231., Jan 80 *75 80 *75 80 *75 80 *75 80 Do prat 75 Mall 65 Jan 23 80 Oct 14 (334 634 634 973 80 - Jan 634 7 718 713 7 7 053 634 2,500 American Can 4 Feb 20 738 Oct 13 . 6612 6734 6612 6712 6612 6833 6712 6833 6714 68 712 Apr 3 Oct 0634 073, 5,420 Do pref 44 Jan 4 6978 Oct 13 , 4014 4014 4013 4013 4014 4038 4033 34 Nov L012 Apr 4033 4138 4034 4138 11,5(0) American Car 413 8 110218 10213 *101 1028 3103 103 & Foundry 2513 Feb 13 4214 Aug 7 24330ct 4514 Jan 102 10218 *10112 10314 102 102 455 Do prat 8414 Mch 4 105 Sep b 3134 3434 3434 3434 25 103 Jan 78 Oct 35 3533 3512 3513 3534 3414 3514 4,318 American , *9013 9212 *90 2434 Feb 19 8633 Aug 28 Cotton Oil_ 21 Nov 9212 *90 9212 *90 3612 J'1Y 9212 9212 93 *92 100 200 Do pref 880 1,192 200 *192 200 *102 200 *100 200 *1* Jan 16 93 Oct yo Jan 22 Nov 70 94012 200 00 434 204 5 2* 078 100 A merican Express 1176 Fiecbti26 0 I 6 42213413 AugA.113 i8 *413 5 1 175 Oct 478 478 *434 5 247 Jan 411 434 4.40 A inerican 234 Feb 2E Hide & Leather *23 5 Sep 23 614 Jan 212Nov 24 2314 2314 24 24 2414 241 2 *24 2414 25 2414 1,000 Do pref 1212 Men 4 2514 Sep 25 3-012 Jan *2512 26 10 Oct 26 26 2453 24 2412 2234 2353 231,3 2318 2.670 105 me n Izieus *078 1012 1012 1013 *973 2512 Seeecduritles„ 1213 Feb 88 Jan 3178 Aug II 8130ct 1112 *1012 12 *1012 12 *1012 12 American *2112 25 638Oct *2112 25 1914 Jan *22 25 *2112 25 Do pref 17 Mob 2812 May14 49 36 Jan 10120ct 49 49 50 4913 4912 4912 1034 *4 20513 10,970 Anuricparne 29 29 234 2 55 213 5 033 *4 g 3138 Feb 25 5253 Aug 13 3,104 105 *104 106 *104 106 *104 7534 Feb fLocomotive 3214Nov 106 *104 10612 *10131 10512 8512 Jan 3 11.0) Aug 4 778 778 83 Oct 778 8 111'2 Jan 8 734 773 *773 8 8 *8 .. 900 American*Malt Corp-3 Mob 2 554 Sep 16 2122110 4712 Apr *48 49 49 49 49 4933 4914 104 *_,„ 4612 *45 4612 700 Do pref 21 Jan 13 5113 Sep 17 • *8013 81 40 Feb 17 Nov 8013 8033 *80 8112 81 8112 8178 1,250 Amer Smelters Sec 8114 8114 813 8 70 Jan 17 8418 Aug 7 93'8 Jan 8633 8738 8678 8713 87 60 Oct prat B 897 8 9118 89 90 02 122,300 8914 9034 AmerSmeiting & Refining 5512 Feb 17 107 Aug 7 §105 105 5814Noy z155 Jan 10114 10414 10412 10412 10414 5.086 4 10.118 10413 10412 105 oriup arnef 8734 Feb 20 11033 Aug 5 *19012 200 *190 200 *19012 200 *19013 1053 814Oct 11733 Jan 200 *M13 200 *g1,9 : l 20 00 31 00 712 American Snuff 150 Aug24 '200 Apr 30 150 Oct *9313 07 205 Jan *9312 97 *9312 9712 *9313 07 Do pref 80 Mc1123 3 9 473 j AeFyg3 31124 S 1101 .7 *29 170 Nov 102 J'Ila 30 30 30 30 • 30 12912 2912 80 13q) 2913 2934 836 AmerS ul t , e iep i r F eo r und (new) *-__ 45' +__ 45 45 4,438 48 45 *38 48 Feb 20 Nov 12213 13232 *132 133 4j1 Jan 13212 13338 133 13414 13214 13414 13278 13074 0,250 American Sugar 2151 9 13/34 Aug 31 13234 Dec Refining 23,44 *123 132 *120 132 *126 135 *128 132 13112 Feb 12858 129 *128 132 200 Do pre!' 29 Aeupg 6 134 s 3 3100 1.4ov 131 Jan 5 J 101 Facu ), 13 b 10 12713 12714 127 12738 12713 12753 12714 12733 12718 12733 127 12718 6,025 American Teleph 88 Oct 133 Jan . 03 93 0312 0212 9313 037 94 0473 94 0434 9378 93;8 3,410 American Tobac & Teleg 60 Oct 9834 Jan (new). Pf 7212 Jan 2 0712 J'1Y 17 *22 24 *2184 2312 *2114 24 *2113 25 2312 24 *2212 2412 800 American Woolen 1512 Feb 17 2634 Aug 12 11 Oct 3612 Jan 01 01 92 *00 *00 92 *00 9112 *90 9112 *00 9113 100 Do pref 7614 Feb 10 04 Aug 4 68 Nov 1027 *4:314 4334 4312 4418 4314 4412 4434 45 8 Jan ) 45 46 4514 4633 26,225 dAnacondaCopper Par$25 $2713 Feb 19 55012 Aug 7 $25180ct 3 3 30234 Feb *3 318 318 1,650 dBatopilasMinIng 273 :3 312 273 318 313 1318 cg li 27 Par $20 6 534 lAdu 2 84 *3 Oct 1918 May 21 21 21 21 *20 22 2013 21 *2014 2214 neth dlu 600 ehpr er Steel 12 Jan 2133 b Nov 2012 Jan *45 4534 *4358 4534 4534 40 *4618 51 *461,3 51 300" 35 2)2 j Aapur 8 55 Aug 7 23 Nov 65 Jan *15i- 14-i 1.38 142 *137 142 139 140 *139 140 *138 140 600 Brooklyn Union Gas z85 Feb 21 146 Sep 15 80 Nov 125 May . 1214 1214 1218 1218 1214 1214 12 *1113 1238 1214 1214 12 800 Brunswick Dock 64C Imp. 6 Jan 3 1303 Sep 6 Oct 1412 Jan 42133 2138 •*19 22 *1912 2113 821 21 *1012 22 *19 21 25 Butterick Co 410 Feb 7 425 Jan 11 27 Oct 4913 Jan ,*-11 2531 251i 251e 25 2514 25 2533 23 2533 2434 25 4,700 antral Leather 1512 Feb 10 30-51 Aug 1 1173 Nov Feb 40 *9512 0612 9534 06 *9512 98 06 9812 9614 9614 496 06 1.460 Do pref 7534 Jan 2 99 Sep 68 Nov 102 Feb 3512 3512 n534 36 8514 3512 35 8653 811 3678 3018 3734 83,700 Colorado Fuel 6: Iron 1558 Feb 11 3'734 Oct 23 5778 Jan 14 Nov 2012 *10 *10 21 1033 1933 20 2031 20 20 *1103 21 Col & Hock Coal & Iron_ 1,000 1434 Mch 6 '24 May10 14 Deo 2838 Apr 14412 145 145 14714 146 14734 145 14611 14334 14514 10,700 Consolidat 145 145 96 Jan 3 15413 Sep 5. ed Gas(N Y) 74 Oct 14014 Mch 1713 1712 1714 1733 1718 1738 1713 1712 *1714 • *1712 18 18 • 1,000 Corn Products Refining 1034 Feb 10 2012 Aug 1 8 Oct 2434 Jan *73 73 75 73 *7213 74 *73 75 74 74 74 74 500 Do pref 56 Jan 2 80 Aug • 68 Jan 40 Oct *47 48 50 43 *45 60 *45 50 *45 20 447 si 47 dteiriC 120 C Foreie i i irruspiesnteinc 4713 Oct 18 43 Oct 10 _3034 32 8013 3112 *30 3014 3013 3112 3033 3012 3014 3014 4,200 ec uritlesC 25 Deo eory 85 g 1714 Feb 19 2812 Aug b *76 *76 78 Feb 85 *76 85 *76 85 *76 85 *76 85 Mining b8 434 Aug 17 0 5 9 u 10 J:elY Smelt 50 Oct 7 55 912 k *78 163 Jan *78 85 8412 *80 85 *80 8412 *80 8412 8412 *80 Do prat g7 Jan 47 Oct ..-Federal Sugar Ref of N Y 55 J'ly 28 6812 J'ne2u 42 Feb 6213 2'no ,7,52 16- .TC)I 95 ;1,5:2 WDo pref 7312 Feb 3 100 J'ly 7 70 Feb 144 114-12 14413 145 100 May 14413 14513 14413 14512 14433 145 143 14313 2,401) 15 Granby0e neral C P: uln 111 Jan 2 14812 J'IylS a:til e & an 89120ct *95 103 *95 102 163 VD 100 *08 103 *99 103 *08 102 5 72 834 j Ja ,un,„12 S 911j J:liy v3 00 1 15 10 0 60 Oct 5514 5114 *5412 5512 *5434 55 152 Feb *5414 55 *5434 55 *5434 55 100 I ut Harvester 811 tr eta 1104 10414 10334 104 104 10453 10438 10473 10 .,5 102 107 06 412 107 5 *1* 473 1,2 300 0 rsituke s trtkctr fsu_t_f_fi 49 J'ne 11 1013 Aug 3 *614 7 *614 7 612 612 612 612 nt DidoerPMrear 813 Oct 20 9 Mayll --4726Z1- - bl ;Fa *1813 1938 *1812 1931 *1878 1102 *10 20 *1812 20 *1814 20 Do pref 16 Feb 25 2334 May 1 10 Nov 24 Apr *9 912 938 938 914 914 *9 100 International Paper 912 *9 912 *914 9'2 8 Apr 1 1214 Jan la 1812 Jan 7t2Nov *51 53 *5 53 5114 5114 5038 5112 5033 5033 5112 5113 800 Do pref 47 Oct 1 65 Jan it 51 Nov 81 Feb 29 2912 2834 20 2853 2912 2912 3014 2934 3034 2913 801g 23,510 Internat Steam 13 Jan 2 304 Oct 22 Pump 8 Oct 41 Jan ' , 82 8233 8214 8233 4.80 82 81 8113 8153 8153 8114 8114 1,229 Do pref 2312 Sep 65 Jan 10 50 Oct 81 Jan • 74 74 7334 7334 7313 7312 73 1,000 Mackay Companies 73 73 73 *7212 74 52 Feb 25 75 Oct 16 40 Oct 7514 Jan *13712 . 70 6034 0934 (0) 69 *67 6912 70 70 000 *69 Do pref 0958 5978 Feb 25 7014 Oct 16 50 Oct 71 Jan *88 89 8913 88 *87 9934 *8813 8934 8878 8914 8078 89 800 68 Jan 3 92 Aug 8614 Jan 5812Oct 0*110 118 *11618 113 *11613 118 *11614 113 *11614 15734 11712 11712 102 Jan 2 120 J'ly 22 80 Nov 1173s 010n , *10 1012 *10 1013 *10 1 0 Na)Nat Enamel'g Sc 11 : 78 10 1014 1013 *10 19 11 712 Feb 19 1213 Aug 13 1538 Jan, (*Nov Stlinalfg . +75 78 *75 78 *75 78 *75 *75 80 Do pref 80 *75 80 470 Feb 25 480 Jan 18 475 Sep 87 Feb '. 8112 82 8078 8134 81 83 83 28,110 National Lead 8373 83 8414 83 84 36 Feb 10 92 Aug 33 7614 Nov Jan 140273 10378 *10273 10313 *10273 10378 *103 10378 *10278 10373 10378 10378 110 Do pref 8713 Jan 5 105 Aug 4 80 Oct 103 Jan 5 5 5 518 5 5 412 478 410 6,450 Newhouse M Sc S_Par 410 VI 412 8 ,43i3 Oct 21 $973 Jan st *5 Dec Apr $2034 *75 77 77 77 70 77 7712 7734 74 1,100 New York A1r 7012 *75 77 bu Jan 2 6214 Ang31 4712Dec 14112 Jan 8434 6533 6413 6518 6434 6514 6533 6534 6512 0534 6134 0612 3,410 North American Co. new 4213 Mch 5 6634 J'ly 23 8924 Jan 37 Nov 825 25 *25 23 25 25 25 2614 *0 2512 0 91718 2 0 u c 26 i p 538 0 26 a lle c,2M 51328 1,80 20 pe Mall, u L 24 Apr 20 2313 Me71271 19 Nov 4113 Jan ` *95 03 *95 96 9534 9534 0573 9614 & C (Chic) /SO Jan 9734 Aug 11 9858 Jan 7014001 ; *1013 1112 *10 12 *10 12 *10 11 *9 11 *10 1112 -____ Pittsburgh Coal Co 1312 Alch17 1438 May19 7 Nov *40 Nes Jan 43 40 41) *30 43 *40 43 *40 43 *40 43 100 pre 3613 Feb 14 48 Aug 1.0 6063 Jan 37 Nov ; +32 33 432 3212 3212 3213 83 3253 33 3358 3314 34 8,842 • 1714 Feb 10 3612 Aug 10 Dsosedprseel ef Car_ 1558Nov 57 Jan *92 04 19378 0378 *92 94 *02 *93 95 95 494 94 4 Do pref 69 Jan 2 59714 Aug 9978 Jan 64 Nov *162 16413 *162 18412 16212 1621z 182 16212 *109 16412 *162 16412 620 Pullman Company 147 Jan 3 16813 J'ly 29 13514Nov 18118 Jan z *37 8712 *37 89 *3712 38 88 8812 38 88 3773 88 1,000 l_tialiga uy S prtefl Spring__ '2334 Feb 8 4638 Aug ii 21120ct '490 6712 Jan 99 *90 99 *90 09 *90 99 *00 99 *90 99 75 Jan '29 10013 Sep 2 72 Nov 9912 Feb 2214 2214 *2112 2212 *2112 2212 2212 23 23 2313 2234 2313 (3,100 Republic Iron 63 Steel__ 1434 Feb 11 253,3 Auglo 12 Oct 41 Jan 12' 7.9341 7938 *7812 7912 7914 7014 7914 7912 7012 7078 7934 80 3,300 Do prat 63 J'nel(I 13212 Aug 10 100 Jan 8212 6278 *63 6412 63 50120ct 6313 6414 6434 6414 6078 (10 6678 4,775 loss-Sheffield SteelecIrn 36 Jan 2 6673 Oct 22 7734 Jan 20 Oct *100 10314 *9914 10314 10314 10314 *1(12 104 10312 10312 *102 10412 200 Do pref1 0312 Oct 2 _ 80 Oct §107 Jan 4512 4478 4618 4434 41578 4412 45 4273 4414 44 4412 4514 68.000 dTennesseeCopper Par$25 22 Feb 711;j an 1. 7 $4613 Oct 85 35312 Mali 817 Oct *68 • *68 73 *6)8 *138 73 73 73 *08 73 *438 73 " 'texas Pacific Land Trust 45 Feb 11 7212 Au325 85 Jan 4,2 Dec 8 812 712 712 1,000 Hilton Bag Sc Paper 4 Feb 21 1)Aug 24 818 Jan • 4 Oct Do pref 4473Jan 11 64 Aug18 61 Jan 31)34 Nov 2:113 1418 ;24- 16 12518 1513 "ir ii" 2334 2334 2334 2334 ---Zo5 Ii S Cast 1 Pipe Sc Feb 26 29 May18 Foundr 1712 Oct 17 4912 Jan ,+71 72 *70 72 *70 72 7013 7151 79 72 *68 70 500 Do pref 5653Jan 2 7878 Aug 10 89 Jan 49 Nov , *80 100 *80 100 *75 95 *75 95 *75 100 *80 100 United States Express 70 Feb 13 90 Jan 6 Nov 4117 Jan . 70 55 *52 ,. 5478 5473 55 54 5312 5312 54 54 *5312 5412 400 U S Realty Sc Improvem't 3614 Feb b 5534 Oct 13 99t2 Jan 30 Nov 873 878 *7 9)4 914 *8 10 *9 11 *8 11 10 300 S Reduction Sc Refining 4 Feb 21 1514 Aug 512Nov 3014 Jan • : 31,22 28 *22 28 *22 28 *22 28 *23 *24 29 28 D pref 16 Feb 10 39 Aug 8o 1814Deo Jazz; 68 32 32 3213 3212 03 3412 3853 351s 3313 84 33 34 6,350 United States Rubber... 1734 Feb 10 3712 Aug 7 1312Nov 5212 Feb *9933 10033 10014 1001 1 10013 10013 10014 1007 100 100 100 10038 1,200 8 Do 1st prat 76 Feb 19 10234 Aug 7 10978 Jan .! A 62 Oct ; *65 70 §6712 6712 *65 69 *85 *64 87 70 *61 71 80 Do I'd ._ 42 Feb 21 74 Aug 7 7818 Jan , 39 Nov 4614 4612 4618 4658 4638 4713 4713 4712 4713 4778 4733 4813 250,487 United States 251 Jan 2 4813 Sep 8 pref_Steel 5038 Jan 21780ct 10834 10018 10573 109 109 11033 110 11014 110 11014 11018 11053 24,350 Do pref 7108Nov 10734 Jail 7'2 Jan 2 11212 Aug31 , 4138 4138 41 4114 4112 42 4212 4238 4273 43 42 4434 12,105 clUtah Copper_Par $10 .20 Jan 2 $4612 Aug 10 $13 Oct $,3912 Mcti " 3114 3114 31 31 3114 313, 3173 8234 3212 32-2 3258 3233 2,800 Virginia-Carolina Chem 16 Feb 27 8418 Oct 8 3938 Jan 1233Nov +105 110 *108 110 110 111 111 112 1111 11134 1111g 11112 2,621 Do prof z8( Jan 2 112 Oct 21 75 Nov 108 Jan • 59 *57 .357 59 *67 59 *57 59 5812 5612 58 158 150 inla Iron Coal Sc Colt43 Jan '1 [513 Aug 8 97 Jau • 31 Oct *280 310 *280 310 *250 310 *280 310 *285 310 *290 ells Fargo Sc Co 4250 Feb 13 300 Oct 5 250 May 800 J'ru5 *59 503s 5314 5813 59 60 5978 60 501, 60 5073 8-078 - 3,579 astern Union Teleg 41 Feb 19 62 Sep 10 85 Jai; 54 Dec 8334 8114 84 • 81, 8112 83 82 814 83 8214 80 134 19.240 Westingh'seEl &Mfg assen 38 Itch 11 8914 J'ly 22 32 Nov 164 Jan 100 100 100 100 *98 100 ' *96 100 *93 100 *08 9912 Do 131 ore? 200 55 Meh24 1..0 Oct 16 60 Dec 4160 May - ------ NattponoalBri p est ult • S U W BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS Bid A814 Banks Banks Ask AIM Trust Co's Bid Trust Co's Bid Ask Ask Trust Co's Bid Ask Trust Co's Bid Ask New York Brooklyn N Y CUL Fifth Av Tr Mut Alrnce _ . 15212 Brook.i/n • Unlon Ex,: 1 175 Manufac'ro. 420 440 440 Bankers' 460 Fulton ____ 240-- 430 Life&Tr 10i5 NY Brooklyn Tr 390 400 Wash ii'ti V 230 • McchanlosA __._ 250 Bowrg Oen 325 340 Guar'ty Tr_ 465 4-3-b - N Y Trust- 1647 -------. Citizens' __ 115 121 • West Side V 1500 Montauk _ 140 145 13'way Tr__ 1130 135 Guardian Ti 185 --. Standard Tr 325 .... Flatbustt - 8200 yorkville 11 400 4-2- - Nassau__.. 240 270 Carnegie .._ 4165 t1651, Hudson -_ 1123 TItleGu& Tr 395 405-- Franklin _ 200 Brooklyn Nat City__ 280 320 Central Tr_ 1700 4_ Knickerb'kr 3-00- Tr Coot Am 300 __ Hamilton .._ 260 Borough 11 _ 100 275 North Side I .140 110 175 Columbia.. 218 2-2Law T 1&T, il6S Union Trust WOO 1075-- Home 100 110 Brooklyn 11. 145 People's-- 150 _-__ Commercial 145 1(5 Lincoln Tr_ 185 1-7-5-- US Mtg 64Tr 3:0 350 Kings Co 435 455 Broadway 1. 375 - 45 1 ProspictPle0 140 100 Cona'wealth Manhattan_ 350 85 Unit States_ 400 1100 Lafayette_ 125 : 2:.,0 VIM:. 275 rerminal 11. ---- 130 Empire ___ .ii. ) - - ......... Mercantile - 750 i ,10 , VanN'd'nTr 230 id- L 1s1 L Sc Tr 2-6-0 800 - 271 IIIIIsisle11.-- 110 130 Trust Co's 0:quit Me Tr __ Afetroportn 505 ___. Washington 400 . 14i_ Nassau 155 170 Iliinie 131c V_ 111) )25 N Y CRY Farm Lo641 1125 Morton Tr_ 420 ....... Westchester 135 70 0 280 toupilae. n348. 6_g_ 28 HbnleateadT 10 ) 135 290 Astor 310 Fidelity __ 195 i65-- Mutual ____ 105 _. Windsor .._ 130 140 ‘PNe, 100' * Bid and asked prices; no sales on this day. 4 Less than 100 shares. 4 Ex-rights. b New stock. Ex-ellv. c and rights. d Now quoted dollars per shit:* 44ale at Stock Exchange or at auction this week. s Trust Co. certificates. 0 Banks marked with a paragraph (1I) are state banks. , Friday, Weekly and Yearly New York Stock Exchange-Bond Recordn'Es OCCUPIrl BON IIN.Y.STOCK EXCIIA NG E WEEK EstuNn OCTOBER 28 Price Oct P3 Week's Range or Last Nate en 1001111t Range Since January 1 Rig/1 Ask Low hid U. M. s.overtiment 4 / 10215 1041 E3 25 consul reeistered.d1930 ..5 103%104 11/4 Sep P0104 104's 104 J'ly'08 U S 28 consol coupon. 6193)) -J 104 100 101% -F 1004 10034 1014Sep 11 S 3s registered 10034 102 /61918 Q•F 101 11)134 10034 Aug'08 US 35 coupon 107 J'ne'02 U 8 35 reg small bonds k1918 Q-F 4 101% / 1011 Feb'08 .4 100) 101% k1018 bonds small Q-F cou 5 U 3s F 1204 121 120% 1205, 4 118%12214 1925 U 8 48 registered 4 / 120% 1231 122% Sep'08 1925 1•F 122 U S 4s coupon 1034 108', 1024.102% 1034 Mar'08 US Pan Can 10-30 yr 2s.k1036 Forelan Cloveriiment Imperial Japanese Governtn't 11 85 911 4 / 90 89% 1925 F-A ; 89% 90 Sterling loan 4.5s 843% Salt 88', 8834 43 837, 90% 1025 2d series 4,2s 81 75 3 79 i 80 794 -J 80% J 1931 45 Sterling loan 4 103 10234 10'2% 7u 100', 1054 Repub ot Cuba 55 exten debt., M.13 41023 90 101 ,Oct '08 08. 0534 U s of Mexico s 1 g 5s of 1899 Q-J 4 / 1)0k 941 944 94% Oct '08 1054 J-D Gold 45 of 1004 t hese are, pr lees on the o Ws of $5 to 2. State and City Securities 111 Mar'02 98 Alabama curr fiuni 4s _JODI -J 117% J'Ile'0(' 1924 F-A 110 Dist of Columbia 3-65s 07 105% Deo'04 Louisiana new consol 4s 11)14 4-2 New York City8 1957 11-N 1117 Sale 11178 112 127 105% 112 New 4 L's 101410434 1917 M-N 104 10434 104% Oct'08 New 4 Lis Sale 111% 1111 I Ill, 105 112 4% Corporate Stock 1957 M-N 111% / 41 4 / 1041 102 1043; 1917 M-N 104 10434 104 4150A. asseisnit bouts 102% 170 101% 102% 102 4% Corpora° Stock. 1957 M.N 1024 Sale New York State-Highway 110 Aug'08 109 110 1958 M.8 45 1004 Apr'07 ...... 98 Nom,Carolina consol 48 1910 J -J 114 126 Mar'07 1919 A-0 63 120 Mar'Ou 1933 4.J 102 4s 20-40 / So Carolina 41 94%, 95 J'Iv'OS 96 94 Tenn new settlement 38 1913 J-4 921 92 fu 90 93 4 Sale 92 / Virginia fund dent 2.3s 1991 J -J 10 22% 43 38 87% 38 • 8s deferred Brown Bros otfa. U Price N. Y. STOCK EXCHANGE Oct 23 WEEK ENCINO OCTOBER 23 ;Peek's Range Range or ince Last Sate 33:'t January 1 Rsoli No Ask Low 45 Oct'08 41S 130 809'08 SS 89% Aug'08 8958 Feb'Or 88 1047 J'ne'08 104 116 Nov'05 4 / 1001 105 Dee'07 4 / 1071 106 105 4 Oct Ws 125% Sale 125% 125% 31 123 124 121 Aug'08 111.115 Oct '08 4 / 1101 102% 101 bet'08 101 , 11 , 1006 10058 1011 4 1006 / -3 116 Cent of Ga RR-(Con) 2d pier income g 5s stamped 30 pt-et income g 58....p1945 Oct 3d prof income g 55 stampeo. Chan Div pur mon g 43.1951 :1*-1; Mac & Nor Div 1st g 58.1946 J -J Mid Oa & All Div 58-.1947 J -J 1046 .1 -3 Mobile Div 1st g /53 Cell RR & Rot Oa col g Citi 1937 11.:4 Cent 0C NJ gen'l gold 55.1987 J -J Registered -.1 21 JQ 4 98 Am Dock & Imp gu '53..1 410 Le & Hutt It gen gu g 5s 11)20 3-4 e eW N Le SeBr C ztilg ke Nif--m e%& 2( 4oal 10 91 i98.. , 5%.1 Ufa Low high, 44 63 27 41 4 / 401 27 , 89% 805 100.5 104 74 ...... 02 106% 117 125% P2018 122 107 110% 08 101 100% Y & Long 13r gen g 48 1941 Cent Pacific See So Paoitio Co CentVermont 1st gn 94s.61920 Q-11' Chas & Say See Ati Coast Line 102 1O5' 1% 8% li 5 16 16 18 3. bale 10 a : °7 tiel '06 '0 P a1911 A-0 10 Chas & Ohio gold 6a 107% 116 1939 M-N let consol g 58 ...... .. 101% Dec'07 1039 M-N Registered , 102', 1)(3 10278' 813 102 &Lie 102% M-S 1992 4.23 gold General . ...... ' d 10A isYlni 1902 M-8 Registered t3 .i3t,, 08 ' 0tdO,c 99 93 904 0 894 00 1944 -D 8 Big Sandy 1st 4s 108 -J J 1940 Craig Valley 1st g 59 ct:01 91 4101) Fe4 97 100 1100 9 O R 8o A Div lat eon g4s 1989 J 89 93% 2d consol g 4s 34 0 76 Vet:'5 , , 4 3 6 1 17 10.3 1 S j M41 99 9 Warm Spr Val 1st g5s 19 09 113 , 7 ' 95 5,, Sep7 115 73,,, 74 Greenbrier By 1st gnats'40 11-N 1 6734 78 Clue & Alt RR ref g 30 19411 A-0 76% '77 741k du 4 3-4 1950 06 Railway let lien 3, 80.8 May'05 1950 3-4 Registered 100 101 101) 07 1004 Ohio Burl& Q-Denv D 48 1022 F-A 100 100 218 07 10°k 100 Sal., int 1038 General 4s ttil 106 86 9134 Salt 91% 04 .• Illinois Div 3.28 90 8034 86% J • J 1 1 49 B4 Registered.... 6'398 10 8 1'11 101354 97.8 103 8 Sale 11)25 Ills Div 4s 104% 106 0 105 A.j )j 41) -19 91 Iowa Div sink fund 531 11 00 101 1919 A-0 100 Railroad Sinkingfund 4s 4 / 102% 984 1021 1110 902 4 13c11t0020'01 % 943 8 4 / Nebraska Extension 48 1927 M-N 994 A lattama Cent See So Ry '08 101%101% 101% Oct Registered '07 Illaba Midi See At CoastLine Oct 1)5% 90 1 1 1 . 1 1847 Southwestern Div 4s Albany & Sus° me Del& Hun Joint bonds See Great North M-51 1024 Allegheny Valley See Penn RD , t:08 ueep 9714 1631 8 S 2% 1104 1918 Debenture 15s Alleg & West See Burt R & I' 4 105% / 1041 104% 86 Ilan & St Jos consol 63 1911 M-8 83 85 78 8434 82 Oct '08 h1995 Q-J 81 83 Alin Arbor let g 48 88 824 83 5-4 1965 4s g imp & ref 92 Ill 8 E 101 957 99% Chic& 99% A-0 401.1995 g 99% -Gen e If On Atoll T & S 122 122 2 Aug'08 20 ale 11 1934 A-0 Ott'0 09 O 95% 10ii let oonsol g Os 1995 A-0 98 Registered 20 100%116 10 5 S. 1937 M-N 12 941. 10 83 95 General consol 1st6s 1.1995 Nov 94k Sale 94 Adjustment g 4s 11512 Feb'06 M-N 115 1037 86 Apr'07 Registered . Nov /41995 Registered 112% 107 10934 107 Ply'OS 82% 93 92%, 9278 Ohio & Ind By 1st 58 1936 J-J 93 41995 M-N Stainued 984 344 85% 9834 Chicago4 Erie h'ee Erie 1958 .1 -D 9834 Sale 0634 130 onv g 41. 130 130 3 117% 130 J.J 194/ Us. rig 489 Loulay 4 / 8, In 94%1041 4 , Sale .,10412 104% 103 J-1) Chic 1917 8 0-year cony g Ss 106 108 .' 108 Sep '08 96 t.j 1947 J-J 109, Refunding gold 53 1/6% 96% Debentures 45 Series H 1910 F-A 1011 410434 10234 Aug'08 / 100 10214' 981 4 Nov'04 / Loulay N A & Oh 1st 06 1910 J-4 11)558 1911 F-A Series I 103 4 100,1 4 Sep'08 104 J -4 Noy'06 glis term 1914 P St 94 & Mil Ohio 1913 Series K 103%. 1034 103% 100 103% 4 J-J '08 97', Oct 954 98 08 General g 43 series A_61980 97 East Okla Div 1st g 4s 1928 44 Oct'00 1 / 4, 01 .....] 9.0., sale 19 084 393 95 61989 964 4 Sam 954 / 961 Short Line let 43 JPM recta s 1, . 9 79 . B series 8 1 4 61989 / e41 3 r e tg ai is Rneegr Ge 4t1 Knox & N See I, do N 18 80 96 1 J-4 1103s- - 1164 Oct'08 10 62 10 I/9 M.S 94% Sale 04k Cho Se L Su Div giis....1 112 , ..•• 110 LiJantlo Coast 1st g 4s.h1952 -J 1'49 4 J-4 Div Riv 5s...1926 Mo & Ohio Qharles at Say 1st g 76 1936 t8 ••- 104 104%. 9. 0 0 1L2 2 0 11100 fr.: 286, 1 8 110,1 4 314 di° S 1 ;4% 43. 10 -J 1 12358.7'lle'08 4 124 / 1111 Ohio & Pis)Div Os Say If' & W 1st gold 6s 1934 A-0 123% 1083,, 111%' 91 19 1 J•J 11258 Jan'04 26 Chic & P W lst g Os 1934 A-0 108 let gold 55 4 / •••• 1044 1061 J•J 5s g 108 01 So 51 1148 Gt & 14-N C Dak 'O5 Mid 1st ra gold Se 1928 97% 13 'Os9 481 )) 4 / 691 -J diar'06 Os 94 g 1924 Far & Sou atom & W 1st an g 4s -1938 J -J 1-0V/166111 4 / 8634 86% 12 7 1910 J -J 105'5 Sale 105% I951 HstS,D Div DAM 88's o1952 M-N 86% Sale N cell g 48 •••• 101% 10144' 98% SeY '08 1910 J -J st 53 , 8111 Sp Oca &0 gu g 4s ..1918 J-4 04 4 / 101)4 1 98 0 alcul -.• 10034 1051 AMP 1% LaCrosse & D 1st 68.-1910 J -J 1027 Atlantic & Danv See South Ry 8 102% Oct '08 ..• 1003.102%i J-4 6s Div 1910 Point Mineral Pacific Son See W N 8 tistin 4100'4 104641, 11/378 103% J.J 4 933 Ms 11 4 983 984 5.4 1910 90 let Div 68, 94 Minn So 1037 alt& Ohio prior 1g8Las.1926 4 1 101 103/ go Apr'08 * 91'g 891 4 90 / Southwest Div let 68.-1909 1.1.1125 Registered 4 / t 418 108 1091 -35% 271 6 00 19 4 99% 82 90k 102 / 3 J.4 110% 011 192 Wis & Minn Div g 53. .1 h1948 A.0 91)'s Sale 901 , Gold 4s 8 Apr'08 •..• 10541051 , 105 1064 -D J L 8 95 1V0 68.-1910 lat J' 9514 No & 96% dill 41948 018 4 109 ' Registered ...• '01 J-D yet 120 •4 1st consol (is Pitts Juno 1st gold 6a...1922 M-N 4 / 19 1. 'Y588?A 2 115%1181 7% 1" 18 11 88 00 °CVOS 1916 (4-F 11 83 00 Ohio & Northw cons 7s Jun & M Div let g 8%81925 99 , 99 Vno'Ob •.•• 119 951.2 Oct'08 94% ado 12 16 199 886:11 76 b'-A 100.8 87 00 Extension 4s L R&WVa Sys ref 431941 M-N 98% .•. 08% P-A 91 92 914 9188 01. 8834 921 4 / Registered 4s...1925 J -4 1 thw Div let g 3/ 95 -.I 59 1):198 )-., 119/ '2 49i. 4 1 96% 94 11-N 1)4 89 Oct'00 General gold 31214 1.1925 Registered 80 Aug'08 •••• 89 89 •1 10578 Feb'07 3)1987 Q-Ir A 102 Registered i 4tonou Riv lst km g 55-191b May'08 107%1111 4 / ..•• Ill1 109 Apr'05 Sinking fund 6s...1879.1929 A-0 Can Ohio R 1st o g44a..193t, M•B 98% 110 Aug'Os ..•- 108'a 110 879-192 A-0 107% 10934 J'he'07 19 Registered '01, •••• too lot)is J'iy 01 Lor & W con lst g 5s 1931 A-0 10 1 1 18: 0 lie 10913 A-0 112 08 -1) 1084 8.51?' 1084 111 Sinking fund 5s 1879-19211 Ohio River RR let g 56 1936 A.(I 104 Nov107 .••• 190 109', 109 Sep '08 9 A-0 105% 1879-1 26 100% 109 Registered------1879-1929 1937 General gold 58 kt 10234 Oct '08 •••• 107 190 11-N 11915 Mar'04 Debenture fie Pitts Clev &Toilet g tls 1922 A-0 93, 1190 4 J'ite'lib -••• 10014101', 13 , 7 100 1 5I-N 884 Oct )07 Registered Pitts & West 1st g 48 1017 J-4 0 4 10834 Oct '08 -•-• 106 108% Nov'04 A-0 5s.. IOU -I) Debenture 1043 44m g gn. Stet lel IV 1st 103 J'ne'07 .... 13211921 A-0 4 1 Bat Creek & S See Mich CeAt 113 114 1134 113) rendd deb 5s 1033 illiegtfeu eg Sill nk Beech Creek SeeN Y CO:, II 10)) J'ly 'tie .... 107 109. 011-N tere1933 Illinoiss Cent Registered Bellev & Car See Illinois 10134 101tt M-S 1st 6a 1910 No jaklyu dr Montauk See Long I 1. 218311,:, Sale 11" 111 : Y119z' ...I 101%101% e0 01 Ml 9 Ott 0 F & St Paul let Ss 1900 Bruns & West See AU Coast L 11934 Aug'08 .... 118 11934 M-N let g West 6s 1921 & LS Mil Erie Buffalo N IC & Erie See 4 / 1134 J'Iy'08 .... 110 11131 108 118¼ 1134.Ply'08 Ext& Imp afund g 6e 1929 F.A Buffalo it & P gen g 53 1937 11-8 11411 ..... 101% 1011 4 / Ashland Div let g t3e 1925 . 101% Mar'08 1957 M-N 104 Consol 415s -14 • J Dee'ln 95 g 1st Div 6s llt, 1924 A-0 Mich All & West 1st g 48 gu 1008 9°3 24 1 0 180 92 :..... .. e' bb:0 ,6617:28 8ale 10 3 92 '.1.11 Sk:p 11 249 103 J'ly '013 103 103 1911 M-N 11 108% 1941; Q1 & Mali 1st an g5s .... 1 . 170; 114 119'2 Chloli Set.4)8 Incoorkeral & Pao tie 1917 J• J Rooli & Pitts 1st g 6e 1921 F-A 11978122% 110% ....... 112% 115 01 : y t l e 4 1.3 1T 1 1 . 1144 J-J 45 117 d la e e 117 r Mar'08 g ste ai 1917 122% erl 117 J eg e R Ge 1922 Consol 1st g Us 0 94 911 1001 4 119 90) 98'4 •J 1988 Buffalo & Southwest See Erie 91.1% in 116% May'08 87% 91 Registered 89 Cot'08 1988 J -J 88 Butt & Susq 1st ref g 48.61051 J-J 87 4 iiii 133', 894 86% 1934 A-0 Refunding Bur C It & N See C It I & P .... '04 . J'iy 97 M-N esli 4s 1910 le 4 43 107, / er4 1071 ColtrustSg 8111 1913 J.J 107% Sale 107 So lat ext 63 92% 2 lgov'tni .... ...... 1.12, 1912 M-N 4 9434 105 102 J 4e 4 102 / 101%1021 1913 O k.)2(1 55 .... ...... Jan '07 90.4 M-N May'07 100% di 4s 1913 M-I3 Registered 93 lifty'04 .... ...... # 11119919)1187451 M-N .N 43 Oarb & Shawn Bee Ill Cent 11034 Feb107 04e Carolina Cent Bee SeaU Air L .... 84 Aug'07 M.11 P48 7387(i9 ..5 Carthage & Ad See N Y 0& 11 4 , 72.8 ' 6 " . 2002 11-N 724 Sal Chic R I Si Pao RR,48 200 Oectit Ia E&N See BO R&IN 65 Aug'08 .... Oa MN Registered con Branch Ity See Mo Pao 06 751 4 / 77 1 4 / 60.4 741 11-13 Sale 75 1913 53 gold 112 114 114 Ser08 C Cent of Ga RR let g 5s..p1945 F-A 11234 1634 974 109% 109% Oct '08 Bur Cod 11 & Northern1045 M-N 101)58 Cowl gold 513 116', 3 1.0(i 116 6::11634 110 14 118 Apr'06 Con lat & col tr g fie 1934 A-0 10 1945 11-11 Registered 120% Mar'08 .... ...... A-0 1994 Registered 55 78 64 Oct'08 let pref income g 5s....p1945 Oct * 66 111 Nov'05 .... ...... 53 1921 A-0 letgu NW '08 65 Ply 78 • ORI-F& • 78 63 Stamped 6 45 45 54 & St L 1st gn g 78 1927 •D 127 45 46 2u pret income g 5s....p1945 Oct i r&uns I ..•. 10%) 62,, itlISUELLANEOUS Bo r &J.-Continued on Next Page. Street Railway 21 91 102 08 98 Brooklyn nap Tr g 5s 1045 A-0 /4Y5 306 6519 77% 411,4 Sale '7954 let refund cony g 4s 2002 5-4 ?1 9978 102 102 May'08. 131stlity 1st con 55.1916 1941 j-J 4 / 91 Oct'08 ..„ 92% 921 Bk Q Co Si S con gug 56 1941 M-N 12 93% 102 100 09 BkIyiu On El 1st g 4-56 195( F-A 991 4 100 / 102% 98 .... 102 J'Ir08 100 Stamped guar 4.3s 1950 F-A 814 Sep'08 81% 805 Kings Co El 1st g 4s 1041) F-A 5 77 83 Sta,mpeit guar 4s 81% 82% 8158 82 194t 4 On 75, 75 .. 80 77 70 Nassau Elea g-u g 4s 1951 -J 95 Mar'08 95 'J5 4 / Con-n Ry& List& rota 4%8'51 J-J .181 4100% / 100% Oct'08 .... 831 Stamped I.:nu 4133 1951 J -J 1001 4 / 95 J'ne'00 ...... Den Con Tr Co 1st g 5s 1933 A-0 7o Oct'08 Det United 1st con g 4%8 11132 -3 71% 9 4 94- Jan'08 79 61.: 9 88 Havana Eke consol g 55 1952 F.A 80 07 467 49% 697 53 1956 A•0 661 4 Salo 66's / Inter-Met coil 4, 1014 73 100 10178 4Sale 101 / Inter Rap P3 yr cony 68 1911 M.N 1011 60 135% 4 64 Sep'08 / (341 Internat Trac roll tr 43 1949 .4 98 May'lle. ...... Manila Eiec let & coil 5s 1953 M.s d Due Apr 6 Due slay *No•prloo Friday: latest price this week. aDue Jan Street Railway Met St By gen col tr g 53 1997 F-A 2002 A.0 BeXg4s Bway& 7th AT late g 5s 1943 J -D Col& 9th Av let gu g &Lana Lex Av & P lstgu g 58 1903 Third Ave RR con gu 4s 2000 Cent Tr Co'nate etmpd... Third Ave By lat g 53 1937 3:11 Met W S El(Clue)let g43 11138 F -A N On By & Lt gen 4193 11133 J-4 St Jos RyLtH 8o P let g 55'37 11-N St Paul City Cab con g 65.1937 -J Underground of Lou 5s 19-20 M-N 4118. 1933 J•J 1948 Income 6s Union El (Chic) let g 6a 1945 United RRs San Fre f 4e 1927 A•0 United Rys St L 1st g 43 1934 J -J &Ode k Due Aug g Otto 11-s 15 79 Sale 78 62% 52% Oct'08 ) 087s • -119878 95 Oct'08 04 05 '08 96 97'4 96 6104 34 611% Sale 60 011% 80 59.8 sale 50 1 100 110 106 0313 J'Iy 100 00 L2 Sew 'Ott 1034 Cot' 013 .••• 98 4Nov'013 •••• 1 110/ 79 62 '73 72 224 20% 101 May.08 731w 73 7815 73 7914 79'4 79.5 82 °Dee Oct p Due No, 22 Sale 20 fi 24 7 44 100781011 2t1 59 6 70 80 Mott daft 70 New York Bond Record-Continued-Page 2 OCT. 21 1908. HON Dr.. N. Y.STOCK EXCHANGE WEER ENDING OCTOBER 23 Ohio Rock I. & Pac-(Con) Olio° Ok 61 0 gee g 58.o1919 1952 Consol gold 58 Kook & Des 3.1 1st 1993 58... 111Cent Ohio L & N 0 See Ohio St L & Pitts See Penn Cc Chic St P M & 0 con 6s 11130 Cons Os reduced to 31 / 45 193u Ch St P & Minn 1st g Os 1918 Nor Wisconsin 1st 6s 1930 St P & S City 1st g 0s 1911, Chic & West Ind gen g tis ql932 Consol 50-year 4s 1952 Chic & W Mich See Pere Mare Choc0& Gulf See R I tee P Cm Ii D 2d gold 4/ 1 4s 11131 Oin D & list gu g 5s 1941 ()Find & Ft W gu 4s g.'21) Cin I & W 1st gu g 48.1953 Ind Dec & W 1st g 58-1930 1st guar gold 58 1935 0 I St L & (1 See000&StL Cin S & 0 See 0 0 St L Olearfteld & Mali See B P Clev Cm C & St L gee g 4s 1993 Cairo Div 1st gold 48-.19317 Cm W & 51 Div 1st g 48.1991 St L Div 1st col tr g 48-10110 Registered 199i, Spr db Col Div 1st g 48 1940 W W Val Div 1st g 4s 1941. 0 1 St 14 & C eonsol 08 192u lat gold 48 .k1936 Registered 0106 Om )3& Cl con let g 53..1928 0(1 C & 1 consol7s 1914 Consol sink fund 7a 1914 General eensol gold 63 1934 Registered 1934 lad BI 61) W 1st prof 48 1940 O lnd & W 1st pf 5s...111938 Peo & East 1st con 48-1940 Income 4s 10110 Olev & Marietta See Penn Rif Olev & Pitts Nee Penn Co 1947 Col Midland 1st g 4s Oolorado & Sou 1st g 4a 1929 1935 Refund & ext 41 / 4s Oolain & Ureenv See So Ity (Jot .41, Hock Val See Hock Va. Col& Tot See Hock Val Col Conn & Term See N & W Conn & Pan Rive 1st g 48.194; _1952 Cuba RR 1st 00-yr 5 M& NE. 1.• ink & (it do bee(J g.. JJallas & Waco See M K & Del Lack & WesternMorris& Essex 1st 7s 1914 1915 1st consol guar Is Registered 11115 2006 1st ref gu g 310 NY Lack & W 1st 6s 1921 Construction Os 1923 Term & improve 4s 11323 Warren 1st ref gu g 3/ 1 48 20011 Del & liud 1st Pa Div 78 1917 Registered 1917 let ref 48(wit Ws) 1943 10-yr cony deb 48 1916 let lien equip g 4/ 1932 1 48 Alb & Sus cony 31 / 4s 1940 Rena & Saratoga 1st 78 1921 Del Ely RR Bridge See Pa Rif Deny & it Grist con g 48 11136 consol gold 41 / 48 11131, Improvement gold 58-192s Rio Or Juno 1st gu g 68.1939 Rio gr So 1st gold 48-1940 Guaranteed " V Rio Or West 1st g Mge and col trust 4sA.10411 Utah Cent lstgu g 4s al1117 Des Mot & Ft 1) ,SeeM,alitL pea Moi Uu Ry let g 68 1017 Del & Mack 1st lien g 48 19115 11415 Gold 4s Detroit SouthernOhio Sou Div 1st g 4s 1941 Dal & Iron Range let53 1937 Registered 1937 1.1)16 2d Os Dul Short Line Oe. Nor Pao Dal So Shore 6. Att g 5s-11137 Limit of Minn Nee StP M & See So Ity 114ast Ten Va & Elgin J ol & East 1st g 58 11)41 Elm Cort & No Bee Leh& N I 11147 Erie 1st ext gold 4s 1919 2d ext gold 58 1923 / 48 8:1 ext gold 41 11120 4th ext gobti 5s 5th ext gold 48 1928 1920 1st eonsol gold Is 1st consoi g fund Is 1920 Erie 1st con g 4s prior-101in Registered 19110 1st eousol gen lien g 4s 1011t, Registered lIllIc Penn coil tr g 4s 1051 50-year cum- 4. A 1953 do Series B 1953 Butt N Y & Erie 1st 7s 1016 Chits & Erie 18t,gold 5s 11)82 Cloy & Mahon Vat g 53 11738 ell RR 1st gu g 5s....a11109 Long Dock conuol g 08_1935 Coal& RR 1st cur gn 68.11122 Dock & Imp 1st cur 08 1912 11 1 & Green L gu g 56 11146 44. .PrIce Friday Oct 23 Week's : .1 , Range Range or g-8 Since Lcu+t Sale ,i cr.: January 1 BOND!. N. Y. STOCK EXCHANGE WEEK ENDLNO OCTOBER 93 .Price Friday Oct 23 1071 Week's Range or Last Sale Range . Since Jannary Rio Ask 1024 108 110 3 97 Low High No how hiigh Erie-(Con) Hid High No tow High Ask Low 102 Aug'08 1041 / 4 1041 / 4 N Y Sus & W 1st ref 53.1937 J-J 102 .17.. 105 Sep'08 103 105 , 109 Oct '118 109 101) 2d gold 41 F-A 10014 Dec'06 / 48 1937 1011 / 4Sep'08 913¼l01',, General gold 58 95 113 1141 / 4 11; 89 19411 F- A • 93 941 / 4 Terminallst gold 58 1943 M-24 1121 110 Jan '03 / 4 110 110 Regis 85,000 each...11)43 M-X 1291 / 4129781291 / 4 0 121 1291 / 4 1291 / 4 MiditRotNJ lstglis.1910 A-0 10118 101 Oct'08 101 10238 03 93 Dec'03 ...... Wilk & Ea 1st gu g 58.1942 J-1) 991 / 4 100 Sep '08 100 101 12934 19714 Aug'08 124 1274 v& Ind lat eon gn g 63..1926 J -J 111 11034 Aug'08 1134 108 1271 / 4 129% Mar'04 Erie db Pitts See Penn Co 116 11634 Aug'08 115/ 1 4 1171 / 4 Evans & T H let cons 68.1921 .1 •.1 1111 / 4 112 Jan'OS 112 112 1134 11238 Oct 'VS 112 113 1st general gold Os 104 10212;Ply'08 06 103 1942 A-0 9538 9154 Sep'08 9514 91 Mt Vernon 1st gold 68..1923 A-0 102 114 Apr'05 Sull Co Branch let g 68.1930 A-0 871 / 4 115 J'nelks 93 1,5 I.4,argo & So See Ch 51 & St 113 Oct.'00 I lint & Pere AI See Pere Mar 06 102 J'ne'07 lelaC& Perim See Sea Air Line Fort St U 1) Co 1st g 41 105 Elar'98 / 48.1941 J -J 70 '10 70 Aug'08 Ft W & Den C 1st g 68....1921 J-D 114 1131 / 4 114 6 11/4 114',, 19) 91 88 921 / 4 91 Aug'08 W & Rio Or lat g 48...1928 3 83 83 83 Oct'05 74 85, 1071 / 4 Deo'02 +al Har & A See So Pao Co ,lral 11 & H 011882 1st 58.1913 A-0 1)6 Sep 'OE 96 ; Georgia & Ala See Sea A Line Ga. Car & Nor See Sea A Line 974 Sale 964 071-. (19 92 99 Georgia Pacific See So Ry 95 96 96 May'08 116 08 Gila V 0& Nor See So Pao Co ...... 94 110 05 Sep '07 C4ouv & Oswegat See NY Cent 5 111.) 06% Sale 9634 96% 196% Grand Rap & Ind See Penn RH 91 Oct Gray's Pt Term See St L S N1 92 112 1)4 02 Feb q18 98 Sale 9734 (it Nor-C B& Q coil tr 4s 19'21 981 / 4 277 924100 92 ...... 08 Sep '116 9118 Sale 117 Le Registered.): 97:i, 921 / 4 118 1e21 10334 105 Jan '04 Greenbrier Ry See Ches ea 0 './1) 99/ 11918 1 4 9514 931 / 4 Gulf &SI Dare &tg 581)1952 J -J 95 96 95 g 95 115 97 Oct 'Os 116 97 97 LI an & St Jo See C B Q 1061 / 4 Sep 'Oa 1061 / 4 LA ousatonie SeeN Y II& 11 / 4 1061 1071 / 4 115 11131 114 11434 Hock Val 1stconsol g410.1999 J -J 106 Sale 1054 106 / 4 11434 Sep 'OS 35 1)814106', Registered 1001 / 4Sep'0, H101 / 4 1001 19011 .1- J / 4 125 1251 1.20 125¼ / 4Sep'08 19514 Nov'ut; Col & II V list ext g 48 1948 A-0 95% 97 Col &'rot let ex 4s Od J'ly'Ob 99 F-A 1955 J'13"08 04 95 114 Roust E & W Tex See So Pae Roust& Tex Con Set So Pac Co 94 92 99.4 Illinois Central 1st g 48..1951 9114 Oct 'Ob 85 2-2 1024 / 4 Aug'08 1021 102 103',. 40 40 lb OA '05 00 35 L Registered 101 107% Apr'07 1951 J 1st gold 3/ 1124 1 4a 02 Aug'08 •• 9134 92 1 1951 J.J Registered P.1 9134 Aug'08 11)51 91% 9134 68 68 2t) 551 68 / 4 6814 Extended 1st g31 89 Nov'o4 / 4s 1951 A-0 89% 951 / 4 Sale 94% 05 1.13 89 951 / 4 1st gold 3s sterling 70 Oct '04 M-8 1951 87% bale 874 5776 ltC 73 877, Coll Trust gold 45 1902 A-0 99 102 Aug'08 •--• 97 102 i • May'('. Registered 1952 A-0 L N 0& Tex gold 4s ...1953 11-N 102 102 Sep 'Us •.. 13814102 1 97 blay'u7 Registered 1953 51-N 09% Cairo Bridge gold 4s....1950 J-D 10234 Jan '07 ...... 884 Sale 884 LoutsvDiv&Term g3/ 8814 1 4s.1050 J 91 Apr'08 91 91 Middle Div reg 5s 123 MaY'119 1921 F-A 781 / 4 Apr'LA; Omaha Div let g 32 1061 F- A 701 4 5lay'us St Louis Div&term g 38 1951 J -J • 791 / 4 81 Registered 1961 J -J 11778 1171 / 4Sep '08 1144 1181 891 / 4 891 / 4 Oct'08 . Gold 31 / 48 1951 J.J 119% 1191 / 4 1191 / 4 1181 / 41201, 101/ 1 40ct itegistered 1951 -J 118% 127 J'ue'05 ill/ is 100 Nov'liu Spring Div 1st it 3/ 1 48 1951 2.7 95 973, Aug'07 9814 Western Lin.ss 1st;48..1951 F-A 12138 12484 1241 / 4 Sep 't))) •.•- 1161 / 4 1241 112 / 4 Bellev & Car 1st Us 12'2 Dee'95 1923 11014 112 112 Aug'08 108%1124 97 Sep Carl)& Shaw 1st g 48 1932 M-8 9)6'2 97 100 1 1011 / 4 101% 101% 971 / 4101% / 4 117 Oct 'US Chic St L & N 0 g 58...1961 J-1) 1171 112%117 1 90% 102 Feb'03 J-D Registered 4 Mai'04 1193 1951 12134 124 1211 / 4 Apr'08 1211 / 4123 8874 Feli'07 Gold 3/ 1 48 1901 .1-D 1411 A.ug'01 111)14 Registered 1951 J-D 101.68 102 1.01% 102 141 984 10178 Memph Div 1st g 4s. .1951 7-0 101) Mar'Os 100 10Q71 .1001 / 4101 100¼ 101 21 941 / 4 102% St L Sou let g.tt g 4a. .1931 M-111 116 98 98 J'Iy'ub 1021 / 4 97 Mar'08 96 117 lad B1 & West Sege° & St L 9151 / 4 Sale 95% 97 53 91% 11838 lad Iii & Ia let g 48 95 Apr'08 05 98 1950 J.J 95 96 :s 0 1301 / 4 1281 / 4Feb'08 •. 1281 / 4 1281 / 4 Int & Great Nor 1AL g(94-1919 M-N 108 110 106 Oot'Ws 101. 109 1 2d gold 58 81 Oct '(18 1909 51-5 80 . 70 901, 8 95.32 08 97 28 80 97 3d gold 4s 00 00 Oct'04 1921 11-8 • 98 Jan'08 •..• 98 98 Iowa Central 1st gold 54..1938 J-1) 1991 / 4 Sale 1091 / 4 109½ 100 10P3t '08 Sep 98 •..• 94 100 91314100 Gold 48 74; ()CVOS •••• 70 m's 76 • 1951 79!S 1/8 Fen'Os •..• 97 1)8 Jefferson RR See Erie 70 Dec'05 •••• I/ al A & G R See L & M 6 85 Mar'Ob •..• Man (3, Mich Bee Tot lib (4 (1 135 914 02 92 111 4 8-3 12 92 KOFtS&M Ben St L & S Ili 76 Sale 76 1 70 76 lted.MR&B beeSt.L&SF 97 Jan'02 Kau C & Pacific f M K&T Kau City Sou let gold 38-1950 A-0 72 72 72 73 10 69 74 110 Sep '04 Registered as Oct'00 1900 A-0 ...... -71 90 92 Mar'07 Kentucky Cent See L & N 891 / 4 Aug'08 88 92 80 891 / 4 ii001L & Des bio ivce 0 It I&P Knoxville & 01110 See So Ity 84 Sale 84 84 7734 84 I ake Erie & W 1st g 5s-1937 J-J 113 112 Sep '08 1001 / 4112 1 111 112 1121 / 4 13 102 112½ .1.A 2d gold os / 4 1941 J -J 1031 1.00 10311 10314 Oct '06 1061 / 4 Mar'4)b 1001 / 4106/ North Ohio let gu g 5s..1945 A.-0 104. 1 4 100 Oct'Oa 105 10514 L Sho & Mich 16 See N Y Cent Lou Val N Ylst gu g 41 / 48.1940(J- J 108 108, 2 108 Oct'08 10214108 1081 / 4112 108 Mar'08 D4778 109 Kegietered 108 Oct'08 1040 J -J 10)3 108 Lehigh Val(Pa)cons g48.20113 M-N 93% 1'ne'08 8712 95'1 Len V Ter Ry 1st gu g 58.1941,4-0 1151 / 4 11712 Sep 'us 108 1171 ! 108% 1061 / 4 May'08 1061 / 41061 / 4 Registered 1091 / 4001 '111./ 1941 A-0 Leh V Coal Co 1st gu g 58.1933 J -J 1081 'us 1 4J'ly 107/ iii6 / 4 102 991 / 4 May'08 09 105 Leh & N Y lat guar g 48..1945 AI-S 9838 97 May'ut 441 10514 1071 / 4 104 iv Apr'08 1011 / 41041 / 4 Registered 1945 51-S 09 Mat'08 1014 13335100½ El C & N let pi Os 1137,Jan'06 1914 A-0 102 10434 104 May'Ut 104 1001 Gold guar 68 / 4 1914 A-0 11814 105)4 JAR N •. 97 98 Uct '08 •..• 1/8 98 Leh&HudE See Cent ot J 123 124 121 Oct 'Os ...• 117 1221 / 4 Leh to Wilkesb oS68 Cent of NJ •121 124 121 1 120 121 Leroy db Caney Val See Mo P 87 80 87 110 14 80 Long Dock b'ee Erie 79 79 Jan'08 79 Long Isl'd-lst con g 58./:1931 Q-J 112, 4 1121 / 4Sep '08 7210 Sale 7214 73 2911 55 74 18L,consol gold 48 1:1931 (1-J 934 851 / 4 Feb'07 (ieneral gold 4s 193b J D 90's 94 Sep '08 84 82 82% 31 67% 841 / 4 Ferry gold 4148 110, 4 1922 M-8 102 Nov'lib 72 71 • 71 72 20 43 (3old ha 74 994 Oct '06 1932 J-1) 64% 6314 04% 51 40 65 Unified gold 40 9214 19411 M-S 024 94 9214 115 11514 A.ug'Ut, 116 118 Debenture old 5s 1934 .1-1) 110 J'ne'04 11.34 115 115 2 1084 116 Guar ref gold 4s. 00 1941) Pii• 8 96 Sale 9534 1161 107 / 4Jan'05 Bklyn & Mont lat g 08..1911 1A102 981 / 4 Apr'08 9814 1)81 / 4 • 1.8t 68 19118%-S 101 1130¼ 10014 1 128 Sep'08 124% 121 128 N IB&MBlstoongbelU13b A-0 102 11014Nov'0ti 118 Sep'06 ...... N Y&RB let g 58 1927 M-S 105 Apr'07 107 106 Alai'08 Nor Sh13 Lawn g gu5s01932 Q-J 100 10t1 100 109 Noe'lle 100 Ifeb'08 1115 Louisiana & Ark lst. g 58.1927 51-S 100 100 100 98 Apr'Li 111SCELLANEOWN 1141141)-41onunuen on Seat ra,.0 . .135 . 1)51 / 4 rrti Gays and Electric Light Gas and Electric Light Atlanta I L Co let g 5s...1947 J -D Lac Gee LotSt List g 58.41919 Q•F 102 102 Oct'OS Bklyn U 1st con g 58 1945 M-N 106 Ref and ext 1st g 58 921 107 Oct'08 / 4 107 14134 A-0 101 Rep 105, Cony deben Os 10M, M13212 138 135 Oct'08 3111watikee Gas L 1st 48-11127 M-14 91% 119 139 891 / 4 bep'0 ..... 891 / 4 94) Buitalo iBis let gus 194, A-0 66% 57 54 n01, NYUEL & P g 58...11148 4-0 102 102', 102 50 Oct '08 102 24 88 10k' Consul Gas cony deb de 1900 J -J 1461 / 4 Sale 146 / 4 45 103 1543,, 1481 Purchase money g 4s...1949 F-A 85 857 6 86 86 1 8 i 76 Detroit City Gins g be 1923 J -J 101 13314100% Ed El Ill 1st cony g 56..1910 M-8 101 1021 / 4 Oct 'Os 1001 '08 '0818 12 1 / 4 101 Oct 98.14180' Dot.lias Co con 1st g ba 1918 F -A 101 1st conaol gold Os 98% U83 1996 J-J 10714112 107¼ Oct '08 , 1.1835 sep '08 107¼10S EdE 111 448.914 YU418ELII&P NY&QE1L&P lstcong6111930 F-A 9,1 Aug'08 88 89 95 EqO lN Y lat con g 68 1932 M-8 9834 N Y d. Rich Gas let g 58.1921 M-N 06 . 96 Diar'Os . . 96 . .1 11. 10378 N ov'05 one& Elec Berg Co c g 65 1942 4.1) vat & Pas G& It con g 58.11149 M/ 4 Oct'01 011 10484 Nov'05 97'2 Electric deli g 3128 11142 F A lien 83 79 Peo Gaff & C let con g 66.1943 A-0 115 g3 83 Oct '08 115 J'ne'08 Mil iiii.) ; 10-yr g deb 58 1917 J -D 126141291 / 4 1201 Refunding gold Gs / 4 127 71. 10612 121) 1947 / 10212102% 1021 4 1021 / 4 t., 94 11 11 Or Rap ti L Co let g 65 1916 F -A I'S',, 1074 Dec'00 Ch(.4-L & Oke 1st,gu g 58 1937 -4 10368105 103% 11/3% ....... 1 98 Hudson Co Gas lot g 68 1949 rd-N 1031 / 4 1112 J'ly'US Con 3Coot Oh 1st gu g 56.136 J-D 19234 1031 10114102 96 10 1 / 4 102% Oct''0 Kau City(510)0a/41st g Be 1922 A-0 145 90 Deo'U6 Mu Fuel Gas lot gu g 58.1947 LOO Aug'OS 102 92 10 Kings Co El L P g 5s 1937 A-0 9912 Syracuse Lighting let g 58.'51 J 971 / 4 Purchase money Oa i.997 A-0 111 Sep '118 103 111¼ Vrenton G& El let g 5s..1949 110 fany'Ob Rd El 1113k: 1,4 Comm ir4); 11)31 85 88 Sep '08 Westchester 83 Light'g g 58.1951 J-D *103 90 103 J'ly'Or lial 'Roprieek'rI'I'i.ui'.st Matt ol Raked thus week.a Due J au QDaeFeb dpueApr 8.1.)tie atay it Due J'ly k Due Aug o Due Oct a Da.ireo a Option !,34‘14,41.j 4 1072 New York Bond Record --Continudd.-Page 3 BON Ds Week's Price Range Range or Since Friday N. Y. STOCK EXCHANGE Sale 4eco January 1 Last 23 Oct 23 WEEK ENDINO OCTOBER * 44. 110 high Low High Ask Low Bitt Ask Low Bid „High No Low High N Y Cent & H R-(Uontinuedi 120 112141211 Gouv& Oswelstgug 58 1942 J-D 120 08 98 Mat'08 • 98 12 101 118 Louisv & Malay gen g 68.1930 J-D •119 11075 J'ne'08 Mob & Mal 1st gu g 4s..1991 F.A 110;110% 1937 M-N 115 105 Oct'02 Gold 5s 95% 4 / 99; 99; 991 NJ Juno A gu 1st 43...1986 9938 38 95 100 1940 J-J 9614 0614 '08 Oct 9614 1U2 Unified gold 48 92 97 101 18Ply'06 N Y & Harlem g 312s...2000 M-N 103 1941 J -J 10712107; 10712 Aug'08 • Registered 105 105 105 J'ne'08 2 / N Y dlo North 1st g 58-1027 A-0 06 1910 A-0 1021 100 100 100 Sep '08 Sink fund gold 68 A•0 1993 4s g gu 105 1112 con 107 NY & Pa 1st 103 Aug'08 1931 NI-N Coll trust gold 58 4 / 88 961 95;Oct 08 Nor & Mont 1st gu g 58.1916 AO 118; 5-20-yr cot tr deed g 48 1923 A-0 96 107 Nov'07 112% Pine Creek reg guar 08.1932 3-0 111 Nov'07 1919 J 10878112 H di, Nash 1st g 68 110% 11034 Oct 'OS 4 104 / 1031 R W&Ocon latext5s.A1922 A-() 109% 104 Mae(*) 105 105 Jan '08 105 102 • L Cin & Lox gold 412s-1931 M-N 107 115% 122 °ewe & R 2d KU g 5a...e1915 F•A 122 Oct'08 1930 J -J 121 N 0 & M lat gold 6s M-N 58.1918 ...... g gn Mar'00 1st .1..1 120 RW.11,0TR . 1930 12214 103 103 N 0 & M 2d gold 68 103 Sep'08 Rutland 1st con g 4148..11141 J - J 4 Aug'06 / 1071 82 88; Pensacola Div gold 63-1920 M.S 100 2 Oct'08 / 4 881; 801 / 861 ...... 117 May'07 Og&LChaiu 1st xru 4s g1948 J -J 1921 M•S 90 85 1(0 Aug'08 St L Div 'fit gold 6a 88 84 -J J 40.1049 g gu Aug'07 1st S 63 M. Rut-Canad 6212 1980 '00 2d gold 3s Jan 122 J-2 St Law deAdir 1st g 53.1996 2 9334 241 86 93% / 933 9378 931 125 125 Feb'08 Atl Knox & Cin div 48 1955 M-N 125 ...... 2,1 gold 65 116 J'Iy006 9934 0934 Ati Knox & Nor let g 581940 J •0 106 9934 Apr'08 996 3-3 101 is 1922 Utica& Blk Ittvgug48.1 10812Jan '06 Render Bdge lat Big 63.1931 M-S 94; 11 89% 9414 Sale 9378 99; 06; 1 88 96; Lake Shore gold 3;8.-1997 3-D 0412 9612 2 / 931 90 Kentucky Cent gold 48 1987 .J• J Sep '08 03 2 / 931 97; 9712 Registered 971.4rne'08 96 L&N & & 51 1st g412a 1945 NI-S 98 9414 6 84 1.14.12 Sale 94 70; 87 84 Sep '08 Debenture g 4s 88 85 4 357 953 8 883 L& N-South M joint 43.1952 J -J 95% 2 / 951 Salo 95; N S D i j N M 1 9 387 4 2 1 / 19) 19 11014 1101 25-year g 48 ....... 11014J'ly'08 N Fla & f3 lat gn g 58 1937 F-A 111; KaA&GRlatguo5s 1938 J-J 110 98 108 • N&C Bdge gen gu g 41231945 J -J 109 Oct '07 -r 3 1034 118 151 56 113 '08 Jan RR C'l Mahon 113 100 100 100 May-08 ; Pena & Atl 1st gu g 6s 1921 F- A 106; Pi!ts & L Erie 2d g 5s.a1928 A-0 10112 111 May'07 & N Ala con gu g 58 1936 F-A 10518 130 Jan'03 , 9112 91 12 Pitts McK & Y latgu 63.1932 J-J 119 2Jan'08 / 911 112 L Jeff Bdge Co gu g 43 1945 M-13 t3a 2d guar L 108 L A & Ch SeeC 1 3 4j 18 McKees& B V latg 6811) 99 ahon Coal See L 8 (15 M 104 Dee'06 9734 14 02 99; Mich Cent 1st consul 63.1909 NI-S 1121 9734 9734 4 / anhattan Ay consol4s.1990 A-0 97 10t. Dee'07 ...... M-S '06 1931 Apr 104 5s 1990 A-0 Registered 106; 119 J'ne'06 4 ...... 981 97% 47 .961410014 1931 Q-M • Registered 981 4 / 98 A-0 1990 981/4 Stmpd tax exempt 10034 Jan '07 ...... 43 Nov100 106; • Pdoll'pt et, B V See IS I Cent J j m 411 11 82 . 4 9 853 741 1 Registered 2Sale 81 12 / 811 90 rne-08 30 90 &lex Cent consol gold 48 1911 J -J 4 20; 173 14; g S 312s L 1st J & 4 173 19 18 J'ly 91% 90 Sep'08 88 90; let consol income g 38.a1939 2 / 181 1634 10 1634 lat g 312s 18 17 D 2d consolincome g 3s..a1939 J'13r J34 '01 21 559 998 119 9068.Ply Bat C & Stur latgug3f4 1 8 9514102 101 Mex Internet 1st con g48.1977 31-S 80 Feb'08 •..• 80 80 L lat g4a 1937 A-0 101 Sale 8 100% 11 Cliio 100 100 1003 100 Sep '08 . Stamped guaranteed....1971 NI•S 105 liday'01/ -• ...... Registered 02 'J3 Oct'08 93 92 Hex North 1st gold 68.-1910 J -D Debentures 4s 30 98 104 102;Sale 102; 103 Mich Cent See N Y Cent 4s 1st West Shore 101; 10134 4 11618102; • 'Mid of N J See Erie 102; 1 I: 3 16 A J ' 3 7 2 Registered 'Mil S & W See Chic & N W N Y & Greenw Lake See Erie •Mil db North SeeChM&StP 4 128 / 1251 127;Oct'08 N Y (lb ar See N Y C & Hull Minn di. St L 1st gold 78 1927 J-D 127's 103 4 1 4 / Aug'08 101 1011 Y Lack & W See D L & W 1909 J-D 101 Iowa Ex 1st gold 78 118 Jan '07 105 ILE&W See Brie Pacific Ex 1st gold 6s 1921 A-0 4 / Mar'05 1131 & Long Br See Cent of NJ Y N 13134 144 115;13134 South W,it Ex 1st g 78 1910 J-D 106 100 105 12 NINH& 11-Cony 68 1948 J-J 13134 Sale 180 105;Sep'08 1934 NI-N 9434 13 85 9434 11312 1st consol gold 5s 94% 00 '08 Ot.t 82 79% 78 1956 2.3 1171 deben 312s 78 Cony 79 M-S 1949 112 112 4 112 Mar'08 1st and refund gold 48 Nt-N '06 Apr 97 1937 58 g con It Housatonic 4 108 , • Des M & Ft D 1st gu 48-'35 J-J M-N con oy 58 1918 H & N Derby N & It 0 B See gu fdinn & St L 9678 98 97 102 100 Oct'08 N Y & North See N Y C & II 6 02; 99; 09 98 biStP&SSMcong4intgu'38 J -J 102 J'ne'07 NYO&W ref 1st g 48.41992 M.B 98 99 10114 U8SM&Alstg4intgul926 J -J S g1902 Regis $5,000 only &NI I'M Minn Un See St 2 1 / 12 99 9912 9912 04 YO&H N 4 See 100 Put 091 & Y N Mo Kan & Tex 1st g 4s 1990 J-D 85 4 1 77% 86 / 8512 85; 851 NY&RB See Long Island p1990 F-A 2d gold 48 4 23 95 10614 N Y 8 W Sea Erie / 1061 1944 Ni-N 106 107 106 1st eat gold 5s 16 79 41 2 / 747 0 781 80 Salt 79 N Y 'Tex & M See So Pac1C90 2004 ICS 99;j'ne'08 ••.. 99; 09; 105 1st & refund 48 M-N 821 4 40 71 / 82; Nor & South lat g 4 8a1t, 81% 1 82/ 1936 J 12834 12834 2 120 12834 Gen a I 4125 M-N 129 83 Oct'08 ...• 8018 84; Nonf & West gen g Os 1931 831 82 A•0 2001 2 / 1'281 1171.4 Jan'08 ••.• 117;117; •St L Div 1st ref g 48F-A '08 • Oct 103 ext g & 10214105 68-1934 Improvon't 105; 4 / 127 Oct'00 Dal & Wa 1st gu g 5s 1940 31.-N 903 8858 Oct '08 2 A-0 1231 36 , 19 87 90 . New River 1st g Os 26 9214 9934 08 Kan (1 & Pao 1st g 48-1990 F-A 107 108 Oct'08 •... 103%108 N & W Ry 1st con g 48 1996 A-0 118 hall, 97 A-0 91 Sep '07 Mo K & lat gu g 68-1942 M-N A-0 2 / 4 1081 108; 102 108 Registered 10614108½ 1942 8414 94 '08 93; Oct 94 94; M K & Ok lat gu 5s • J J 107% 107 105 Div'I 1st l& gen g48-1944 97;107% 91 8038 4 / 78 901 K&TofT lstgug58 11142 1932 3-1) 811; 00 1001 21001 / 2 / 1031 10014 J'ne'08 4 / 10-25 year cony 4s 12 77 91; Sher Sh & loo lat g-u g 50 1943 J -D 107 12 Sale 107 91 Bale 00 1)114 J-D 107; 11 1041 4s joint 102; C '2 & C 107 Pocah M-S 100 109; Feti'06 Tex& Okla lstgug os 1943 11-N -J J 115 32 104;115 114 1922 114.2 C & T 1st gu g 5s 2 / 971 93;Oct'08 .• 8712 3812 Mo Pacific tat con g 68 _1921 2 9914 08; 98; 8 88 1021 / 2 / Solo V& N E 1st gu g 48 1989 S 981 Trust gold 58 stamped a1917 31-S 104;Feb'07 ...• North Illinois See Cld & N W a1917 Registered 0712 981-2 97;Oct '08 ...• 8778 98 See L Erie & W Ohio North F-A 1920 5s gold 102 102% 4 / 09 1041 1st(soli 74; 52 68 910 19 7 Q. 102 Sale )7 78; Nor Pac-Prior lieu g 4s-1 74; 74 1045 M-S 74 2 11 9734 102 / 100; 11)01 100; 40-year gold loan 48 05 lidar'08 ...• 95 95 Registered 1938 31-N 8812 7312 74 08 73 73' 73's 3d 78 extd at 4% 85 Feb'08 20 87 a 4 4 0 7 85 3s....a gold lien General -A 11 1919 48 g gu 1st 71 71 71 Aug•08 08; Cent Br Ity 4 Sep'08 •. / 891 83; 8914 Registered -1) 80; 89 00; 915;Jan 08 Ceu Branch U P lat g 48 1948 110 Mar'05 St Paul-Dul Div g 413-.1999 J D •Leroy& OVA Llstg58 1926 J-J Feb'08 .• 991 go 4 1st 983 4 101 ; 991 4 L / 58_1916 991 Short Dul F-A 48.1038 g ex Pao It of Mo 1st '07 Dec 112 Nor See 48 Gt colltr Q B& C 116 117 4 116 Aug'08 2d extended gold 58-1938 J -J 11114 Sale 11012 11114 •Yi . 1. 61;.. StP&NP gen g68....1923 F-A 117;1223 116 120 120 Oct '08 St.L Ir NI& Sgen con g 581931 A-0 110 Oct '08 100 110; 110; Registered certitio's..1923 Q•F 116; 11714 Ply'07 8 1085 Gen con stamp gtd g 5s1931 A-0 F•A 1 80 86 1 7 1 3 9 1 1st 87 58.....1 87 4 Dui (38 801 & St Paul 102 103; '08 'ly J 103 Unified & ref gold 48 1929 J -J 102; A-0 4 24 76 / 8714 87;Sale 8018 871 2d 5s 100 100 Riv So u• Div 1st g 48 1933 M-N 95 100 100 J'ly'08 1968 J 107;Apr'00 let conaol gold 4s Muy'00 113 Verdi VI & W 1st g 58 1926 M-S 9014 Dec'06 98 1948 48 g Wash Cent 1st J -J Aug'08 112 117 117 115% Mob J &K Olstconsgfis 1953 J 10 113 122 122 121 125 122 Nor Pao Ter Co 1st g 68 1933 1-41 Mob & Ohio new gold 68 1927 -0 112 105123an'08 .•.• 105; 1051 2 Nor By Cal See So Pao / 1st extension gold 68..h1927 Q-J 6 85 85 0 & 85 2 / 82; 841 Nor Wia See C St P General gold 4s.1938 M-S 102; 112;Oct'08 ...• 102;112; Nor & Mont See N Y Cent Montgom Div 1st g 5s 1947 F-A 80 75 75 May'08 •... 75 It.Ind&W /See C C & St L St L & Cairo coil g 48..e11130 Q-F 101 Nov'04 Rix 1111 See Halt ,fa U 1931 J -J Guaranteed g 43 Ore do Cal See SoPao Co & 0 colt 48 See Southern Ore Short Line See On Pao Mohawk & Mal SeeN Y C& H Oswego & Rome See N 10 Monongahela Riv See B &0 001'dbStP SeeC&NW 4 3 1011410934 / 1091 Mont Cent See St P & 4 10034 109 / 194b J-D 1001 Vac Coma Co 1st g bs Morgan's La & T See S P Co ac of Missouri See Mo Pan 102 105 Morris & Essex See Del L& W 103 J'ne'or 103 M-N g 1 48.11123 est real 1st 114; 110;314; RR 11412 Penn 11414115¼ Mash Chat & St L 1st 78.1913 J-J 110 105 Nov'O. 1911 31-S 109 10514112¼ Consol gold 58 11038 Oct 'Or 1928 A-0 101;101; lat consol gold 58 101;J'ly'OS 105 48 gold May'07 Consoi 110½ -J J 1923 6s g WO 105 Jasper Branch 1st 94 19 1 3 M-N 48 N 10434 Sale 104 12 105 "CA 11714 Mar'05 Con8o1 gold 45 9814 66 9114 9834 • Moll NI W & Al 18t 60 1917 J -J 98 981 4 9778 / Convertible g 3128 113 rly'04 1917 J -2 95; 2 234 88 / T &,P Branch 1st 6s 05 Sale 04; 951 g 3 ;8 Convertible N & 911 J'ne'07 Nash /nor & Shot See L 2 / 99 1001 8 115 52 Smji-ID14 12 94 4 / 1001 100 Sep'08 Alleg Val gen gu g 46_11) Neter Mex prior lien 410.1926 J -J 92 F-A 83' 77 8012 81 83;Sep '08 D RR R& Bgelstgu4sg.'39 1951 ...... 1st consol 48 107;Oct 'Ot. Piffle Bal(fa W lstg4s.j943 Nl-N 102 Jan'03 New H & D S'eeN N Ho),11 Sod Bay de So 1st g 5s 1924 J J '04 2Sep 1101 N J Juno RE See N Y Cent 103; U N J RR & Can gen 48 1944 M-8 . 1057s 2 102 4 105% 1057 Now & Cin Bdge See Lou & N Penn Co-Guar let g 410 11121 •.1 1(1514 10378 Jily'07 101 N Y Bkln & Man Bch See hi 11,971 Registered 92% 35 87; 9314 9258 Sale 9238 J'ne'06 NY Cent& H Riv g 310.1997 J-4 90; 80; 88; 91 91 Oct'08 Guar 3128 coil trust reg 1997 J -J Registered 1.1212J'ly'OS 86'4 9414 95; 91 9512 Guar 3128coll tr 8er B. 1941 F-A 87; 1)514 Salo 9514 1934 M-N 02; 08 Deben g 45 Oct '08 118 118 31-N 1016 2 gu ssar g s e g i 831. yt t 3128 if pc ec 84 75 83 .ttit 48 3o4e iruC rG 8 84 g 3128-1998 F•A 83, 8414 8734 Lake Shore . 8714 Sep'Or 1942 J -D 853 8214 73 9 82 83 89 81 F-A 1998 Registered 4 90 4j Mar'06 / 87; 931 821 4 821 / 4 10 74; 83 / 1998 F-A 82 84 • Mich Cent coll g 312s .90.."ViLi 100 90 Sep'08 D A:O 1j 34 4 4s. 119 76 76 76 Apr'08. a3rL2l85 ' elii G 83 191)8 F-A Registered 110 Jail'05 1935 M-N 4128 g gu 1st 99 99 09 6 Mar 93 Cl & Sale 1.19 -J 3 Beech Creek 1st gu g 48 1936 -J 1011 10814 Aug'03 J '42 A ser 412s g gu '04 gen Mai 102 do•P CI 1936 J -J Registered 1942 A-0 19734 Series B 1930 J -J 102 2d gu gold 55 98;Dec'05 1948 N1-N 9434 Series C 3428 Beech Cr Ext 1st g 3;a 81951 A-0 90 May'08 .... 90 90 1951 If- A 94 D3128 Series • Cart & Ad lat gu g 4a 1981 J-0 MISCELI kiNEOUS IION Ds-continued on Next Page BON.108N.Y.STOCK EXCHANGE WEEK ENDING OCTOBER 23 Price Fridao Oct 23 Weelc's Range or Last Sale Range Since January Telegraph and Telephone Coal and Iron 9112 30 7512 91: 9114 9114 1 7912 94 04 Am Telep & Tel coll tr 4s 1929 J-J 4 94 / Ool F & I Co gen a f g 58..1943 F-A 94 Sale 94 93 1513 841 1936 M.S 9234 Sale 9238 Convertible 48 56 77 77 Aug'08 Convertible deb g 58....1911 F•A 8314 Mar'08 .... 8534 85: 48 2397 4.„1 g 90 1st Co Cable '04 81 COM 107;Oct Col Fuel Co gen gold 68.1919 M-N 1831 9214 , J'ly 9614 F-A Telep. 1st 58.1324 Mich, State 10214 Apr'06 90 Or Riv Coal & C 1st g 651919 A-0 '06... 2 7 84 / 2 941 / 941 90 95 Apr'02 • West Union col tr cur 58.1938 J -J 92: Olearf 13It Coal lat s f 43_1940 J -J 112¼ 15 81 NI-N 4120-1950 est In g Sale real O214 101 76 and la 383 4 74 75 74; 75 85: Clol'nailed, cell 53 gu..1934 F-A 8534 70 75 1936 id N 853 Sale 85 Cony 40, Series A 10714 Deo'04 Oontin'talC 1stsI gu 5s g.1952 F-A 100 Aug'08 .... 100 100 95 Mut On Tel 8 fund 68. 1911 Pol-N 107 May'97 fell& Clear C & I 1st g 58.192(3 3-1) A: new .. Ilnoularte ludwariat Dee'06 105; 79 0012 Kan& HO & 01st s f g5s.1951 J•J 79 355 78 7834 Sale 78 .MI6 J-J Allis.,'flamers 1st 55.... 105 Oct '00 • pc Pleas Val Coal lat g a f 58.1928 .1•J 9414 115 94 4 / 78 Feb'07 .•Am Ag uhem let c 5s(rota)'28 .... 9414 Sale 941 80 94 7 80 3unday Greet( Co g 53-.1944 J • J 94 94 8a1,, 94 412s Q-k ext 1915 Oii 100 cot 14 Ain 8214100 100 1951 J-2 *100 821 73; 24 Cann Coal gen 5s 112; 92 8 931 4 Am Hide & Lists t g 63 1919 M-8 0114 / a1917 A-0 107 108 107; 107; 2 100 1071 2 73114 1 1 6. / Tenn Div 1st g 68 7034 4 / 701 71 4 109 12 t 90 109; Amer Ice Seciir deb g 68 1025 A-0 70 / 111 1091 Birm Div let conaol 6s..1917 J •J 07 Mar'08 .... 91 1110 99 108 11 102 108 Am Spiral, Mfg 1st g tis 1915 M'S 108 S3 .. 881 '08 Cah C 31 Co 1st gu g 68.1922 J -D 107; Sep 8814 8314 IMO 103 Am Thread let col Er 48.,.1919 .1•3 • 10.1 Oct'08 . Do Bar0& I Co gu g 68.1910 F•A 101 4 (12 90 1, 1 1 1 , / 1944 A-0 ow sal,- 10814 1091 80 m Tobacco 40-yr g lis 9514 95 tra Iron Coal dbColst g 58 1949 M•B in; 98 60-. ;tit ,. , 728 70 703 Sale 78 A F1931 93¼ Feb'07 --------------51953 J •J Victor Fuel 1st a f 58 4,iv q Due 0e0 St uttou 1 p Due / .1' "No price Friday; latest bid and asked. aDne Jan b Due tieb c Due Aar a Due A pr h Die IV1 Due .1.1.16t o Due Oct New York Bond Record-Concluded-Page 4 OdT. 24 1908. RON D.. N. Y. STOOK EXCHANGE WEEK ENCINO OCTOBER 23 4a, Price Pridaw Oct V3 ara Range Weeies Since Range or gTo• Last Sale 4'4 January Low High No Low High Penn Co-(Continued) 92 Apr'07 911 / 4 1 48 B 1940 J J Erie & Pitta gug / • 911 / 4 9834 Apr'04 ...... 1940 J-J , Series C 108 Sep '06 ...... / 481941 J.J 10414 Gr R & I ex 1st gu g 41 12788 Oct'02 Pitts Ft W & C 1st 7s 1912 . 10988 ...... 1091 / 4 119 J'ne'06 1912 2d 7s 1 107 107 107 107 / 4 /11912 A-0 1051 3d 78 116 Mar05 Pitts Y& Ash let con be.1927 31-N 109 109 Hop '08 / 4 1061411)9 P00&StLguelusA...11140 A-0 1071 109 Sep '08 10724109 Series B guar 1942 A-0 10738 112/ 1 4.1'ne'05 / 4 1942 M-N 1081 Series 0 guar ...... 99 Aug'08 / 4 1045 31-N 1001 99 99 Series 1) 48 guar 941 / 4Oct '08 90 Series E 31 1949 F -A 95 / 4 guar g 0414 Series F 4s guar 1063 J-D 100 11418 11(3 • Sep '08 i'dd. no C St L 61 P let con g 55 1932 A-0 Pensacola & ALI See L & Nash Peo & East BeeCCO& St 12318Jan '05 Peo pek Un 1st g 65-.1921 Q- F 106 / 4 Deo'05 . 08 1001 2a gold 412s b1921 M-N 100 Apr'02 Pere Marq-Oh & W'31 58 1921 J-D 09 110 Sep '08 / 4, 116 110 Flint & PM g 6s... .....1920 A-0 1091 let coneol gold Se 106 106 1931 301-1C 103 107 105 Sep '08 1001 Pt Huron Div 1st g 5s 1939 A-0 05 1001 / 4 100/ / 4 MaY'98 1 4 Sag Tus & H 1st gu g 48 1931 F-A Phil B & W See Penn RR / 4 Afar'06 Pulls & Reading cons 7s.1911 J.D ...4.• ...... 1151 961 / 4 Sep '08 95 Philippine By 1st 30-yr 51 4s'37 J -J 97 97 96 Pitts Uin & St L See Penn Co Pitts Cleve & Tot See B & 0 Pitts Ft W & Ch See Penn Co Pitts McKees & Y See N YCen Pitts 811 & L E let g 5s 194( A-0 1141 110 J'Iy'08 / 4 10914 110 1st consul gold 55 931 Ply'97 105 1943 J Pitts & West See B & 0 / 4 100 170 93 100 g Co gen g 48 9934 Sale 091 1997 J -J / 4 991 / 4 95 Aug'08 90 971 Registered 1997 J -J 5 86 96 98 96 Jersey Cent coil g 48. 1951 AO 951 / 4 96 Rensselaer & far Sea Li& H Rich & Dan See South By Rich & Meek See Southern Rio Or West See Den & Rio Or Hoch & Pitts See 11 R&P Rome Wat & Og See N Y Cent Rutland See N Y Cent H See 911 / 4Sep '08 so / 4 911 82 StV1 4rse.. ! 1 ilan7 J.J 18(4&r ; fi o St L & Cairo See Mob & Ohio St L 83 Iron Mount See M P St L K 0& N See Wabash St L DI Br See T RR A ot St L St Louis & San Francisco115 3,13,08 1931 J.J 122 . General gold Be 11$ 115 100 Sep'08 1931 J • J 106 General gold be / 4 103 1081 891 / 4 90 Jan'08 SF RR eons g 45-'96 J -J L&St 90 90 / 4 100 May'U8 , Southw Div let g 5s 1947 A-0 921 10() 100 761 / 4 Sale 761 1951 J -J ' Refunding g 48 / 4 77 100 641 / 4 '771 / 4 • 5-year gold notes 41 / 4 1908 J -D 10188 98 Nov'06 ...... StL 31,1b So East gu 442g1909 J -D * 04 & M con 110 g Ft 8 M•N 66 1928 118 Mar'08 ,K0 / 4 Lii 1141 KOFt8&MRvretg451936 A-0 75 Sale 7434 75 38 661 / 4 76 K 095 M Rabliletgu5s.1921) A-0 Oz'rk & Ch lat gu 58 g.1913 A-0 95 95 Sep'08 93 95 et Louie So Bee Illinois Cent L S W 1st g 45 bd et1a.1989 31.-N 02 Sale 02 9214 21 841 / 4 031 / 2 Inc bond Otis..p1989 J-J '79 2d g 48 80 781 / 4 Oct '08 79 65 ()onset gold 45 / 4 Sale 7434 60 56 1932 J-D 741 76 76 Gray's PtTer latga g 58 1047 J -D 100 / 4 Apr'07 1011 ...... et Paul & DM See Nor Pacific et Paul M & Man 2d 6s 1009 A-0 1031 108 Oct'08 10214 1064 / 4 let consul gold Os 1291 / 4 Sep'08 1261 / 4 1291 / 4 1033 J -J 130 Registered 184 Dec'08 1933 J.J 129 Reduced to gold 44/s 1933 J -J 1081 1081 .. 1081 / 4 Oct'03 / 4 / 4 Registered 11618Apr'01 / 4 1933 J-J 1071 Dakota ext gold Os 1051 / 4 Sep'08 1051 / 4 1910 M•N 107 / 4 / 4 991 / 4 991 , Mont ext 1st gold 4s / 4 991 94 991 / 4 1937 J -1) 991 100L4 Oct'06 Registered 1937 J -D 96 E Minn Nor Div 1st g 481948 A-0 031 / 4 124 May'05 Minn Union 1st g 6a 1922 5-2 107 180 Apr'08 Mont C let gu g 6s 128 1116 1937 J.J 129 13614 May'06 , Registered 1937 J-J 1181 / 4 114 1st guar gold 66., 1111 / 4 114 1937 J.J 114. Will & 8 F let gold 5s 1038 J -D 1171 11612 Dee'06 / 4 ...... et P & Nor Pao Bee Nor Pao OLP & S'x City Beet)StP M &O 4.& A Pass lstgu g 4s 1943 2-3 871 8784 48 78 '781 / 4 / 4 Sale 87 Fe Prea & Ph 1st g 5s 1942 31-S 100 102 Sep'07 8$'& N P let sink f g 56 1919 J 110 Oct '05 Say F & West Bee Atl Coast L /Moto Val & N It Bee Nor & W Seaboard Air Line g 45 _1950 A-0 56 1 431 55 55 / 4 60% Coll tr refund g 5s 1911 M-N 9084 Oct '08 861 / 4 91.1e4 Atl-Birm 30-yrlst g 45 31933 M-S 88 Jan'07 ...... 92 Car Ceut let con g 48 19411 J -J 85 Ply'08 86 85 Fla Cen & Pen let g 55 1918 J -J 1071 / 4 A-ug'06 110 110 „ let land gr ext g 5s 1930 J -J 1943 J -J 1091 / 4 Mar'06 r Consul gold Ss ...... 100 951 / 4Iday'08 Ga & Ala Ry lateen 68o1945 J-J 92 951 / 4 102 Oct'08 Ga Car & No let gug 6s 1029 J -J 102 102 071 / 4 8eab & Roe lst 55 1926 J -J 106 Mar'07 .. & So See DI K & tihr T Sher BilSpOca&U Bee Ail Coast L Bo Car & Us See Southern Southern Pacific Co/ 4 911 Gold 4s(Cent Pao coll) k1949 J-D 9114 911 45 831 / 4 92 / 4 92 Registered 84, Pne'07 k1941) J-D 0712 Sale 971 Cent Pao 1st ref gu g 48 1949 F-A / 4 971 / 4 ."9"4.. 99 Registered / 4 95 2 941 1949 F-A 95 Stab 941 / 4 95 • Mort guar gold 31 86% 88 87 Oat'08 / 45..k1929 J 80 87 • Through St L 1st gu 48 '54 A-0 931 / 4 931 / 4 941 / 4 U31 / 4 1 88 9514 Gal liar & 8 A 1st g 65 1910 F -A 1031 / 4104 1011 / 4 Aug'08 101 01:105 0134 Mex & Pao lat g 55 107 M-N Jan '08 1931 107 107 Gila VG& N lstgu g 53 1924 M-1, 105 Aug'08 1 101 Roue E & W T let g 58 1033 M-N 101 Jan'08 let guar 58 red 104 Aug'06 1033 401.14 100 104 & T let g 5s int gu 1937 J -J hl 111 111 1 10914 112 CO11801 g 611 int guar 10788 Nov'07 1912 A-0 1071 / 4 4s int gold Gen guar 1921 A-0 95 Sale 041 / 4 95 8 87 95 Waco& N W div 1st g 68'30 M-N 1171 / 41221 / 4 116 Deo'06 N W lot Fru g 58.-1941 J-J 107 A 1091 / 4 Feb'06 R / BON IP, N. Y. STOCK EXCHANGE WEEK ENDING OCTOBER 23 1073 Price Friday Oct V3 Week's Range or Last Sate Range Since .j January 1, Bid. Righ No Low Hig4 Ash Low southern Pao Co-(Cont(nued) 1211 1221 / 4 1221e= / 4 Aug'08 Morgan's La & T 1st 75 1918 A o 11834 ...... 116 .Nov'06 let gold 68 g 81 J.J 31014 9 i)( 112 Felierz No of Cal guar Se A-0 115 ..... / 4166 1021 102 103 / 4Aug08 Ore 83 Cal let guar g 58 1927 J.J 1031 1021 / 4 1011 / 4 Aug'08 9814103 ,1 SO P of Ar gu latg Os.. c1909 / 4+ 10214 1031 103., Sep '08 1st guar g Os 01910 J-J 103)4 1011 / 4J'ne'08 Pao of Cal-Os E & F....1 1041 / 4 1O4' 1,1 912 A-0 103 / 41/W04 1141 A-0 10114 1st gold 6s / 4 116 May'07 1st con guar g 5s 1937 34-N 1101 104 104 104 Apr'08 8 Pao of N Mex 1st g 68 1911 j.j 10234 So Pao Coast 1st gu 48 g 1937 3-2 1071 / 4 Feb'07 Tex&NOSabDivlat 10(3 1912 M-S 96 981 / 4 Apr'08 Con gold 58 1943 J -J 954 sale 931 9538 / 4 8• 7.g 9534 o PAC RR let ref 4s 1955 J -J 1 4 Sale 10314 1051 821 / 4 1061 / 4 / 4' 8outhern-let con g 55 1994 J -J 1((5/ 114 Nov'06 Registered 1994 J -J .100 721 / 4 171 71 76881, Develop & gen 4s Ser A 1956 A-0 7134 Sale 70 / 4 83 4 75 84 84 85/ 1 4 Mob cc Ohio coil tr K 43 1938 31-S 841 110 107 Sep 'OS 96 107 , • Mein Div 1st g 41 / 4-5s-1996 831 / 4 85% 831 / 4 834 1 69 84 St Louis div 1st g 4s 1951 J -J 108 Sep'08 / 4 108 108 Ala Con B 1st g 6s 1918 J.J 1081 / 4. 06 J'ue'06 Atl & Danv 1st g 4s 1948 J-2 861 J.J 811 / 4 92 J'ne'06 2d Atl & Fad let g guar 48 19 94 48 9 A-0 / 4 111 Feb'07 Col & Greenv 1st 65 1916 J.,r 1061 107 100 J'ly 100 1001 / 4' E T Va & Oa Div g 533 1930 110 10931 Oct'08 102 110 2 Con 1st gold 58 1956 31-N m.g 1021 / 4 104, Oct '08 97 105 =i E Ten reor lieu g 5s 1938 115 Sep '07 Oa Midland let 38 1946 A-0 / 4118 1i5120ct'08 106 117 ua Pao By 1st g Os 1922 J -J 1151 117 107 117 . Knox & Ohio let g 64 1925 J.,' 117 Sale 117 97 11538 Apr'06 slob 61 Sir prior lien g 5s1945 J -J 78 Oct '08 • . .. Mortgage gold 4s .1945 J.J 108 Oct 'Oe / 4 103 108 , Rich & Dan con g 6s....1915 J.,1 1081 92 J'ne'08 92 92 Deb 58 stamped 1927 A-0 96 '08 75 Oct 75 75 Rich & Meek 1st g 4s 1948 M-N 80 9788 Apr'08 951 / 4 97% / 4 So Car & Ga let g 5s 1919 M-N 971 112 Oct'06 Virginia Mid ser C Os. 1916 fel-1, 103 Dec'Oti 1081 / 4 1031 / 4 Series D 4-15s 1921 113 Dec'05 Series E 5s 1926 M-S 10034 1051 / 4 Oct'08 1011 M-N 105 / 4 105/ 1 4 General 56 1054 Oct'Oe 106 1051 Guar stampert / 4 19 93 36 M-N 9618 Jan '07 / 4 W 0& W lat cy gu 43 1924 F-A 841 1001 / 4 Sep'08 West N C 1st con g 60 1914 J -J 105 1061 / 4 1061 / 4 S & N Ala See L & 117 J'ly'00 ok Falls & Nor 1st g 0 / 1 4.1939 J J A-0 May'lle 1061 105 / 4 110 •er A of St L 1st g 41 102 105 / 40 1939 1131 / 4 Sep'08 • l094 1131 1st con gold 5s....1894-1944 F-A 114 / 4 97 901 Gen refund erg 45 / 4 971 1933 J -J 11814 9731 Oct'08 / 4 1021 / 4 111 Deo'06 St LM Bge Ter gu g 5s 1930 A-0 Tex 83 N 0 See So Pao Co 7 99 115 Tex & Pao 1st gold 5s 2000 J-D 115 118 1144 115 80 92 Nov'06 2d gold Inc 55 g2000 Mar 65 110 Mar'09 La Div B L lat g 5s 1931 J • J / 4 Nov'04 10() 1061 W Kin W& NW latgu 55'30 F-A J -J 1091 / 4 109)4 Aug'08 102 1091 / 4 Tol & 00 lat g 5s / 4 111 May'04 Western Div 1st g 5s 195 915 A-0 1021 974 May'Oe / 4 2-1) 1011 951 / 4 98 General gold 55 881 / 4 881 / 4 84 89 .Kau & let gu g 433 B9 30 5 A-0 88 8434 85 Oct'08 .•• 7634 85 , 82 Tot P61 W 1st gold 48 1917 J • J 89 90 80 89 89 89 , Tot St L& W pr lien g 3/ 1 48 1925 J -J / 4 35 67 761 / 4Sale 75% 50-year gold 4s 78/ 1 4 1951 A-0 761 95 Dee'ou For liam & Buff1st g 4s.h194( -I) 90 '08 107 Oct 103 10784 I 'later& Del 1st con g 5s 1928 .1-1) 109 93 Sep'06 1st refund g 4s 1952 A-0 78 / 4 102/ 1 4 92 99 103 , Un Pao RR & 1 gr g 4s 1047 J -J 10234 Sale 1021 1011 / 4 10114 15 98 10184 Registered 1947 -1-2 / 4 Sale 06's 964 .300 9434 97 let & ref 4s(w 1) .g2008 M-8 961 102/ 1 4 4620 83 102% 20-yr cony 4s 1927 J-J 10218 Sale 100 991 / 4 11 91 Ore Ry & Nay con g 4s 1946 .1-1) 9938 sale 99% 991 / 4 1 4 12088 10 115 122 Ore Short Line 1st g 6a 1922 F-A 12038 Sale 120/ / 4 114)4 114)4 1st consol g 6s 106 1141 1916 J.J 1141 / 4 9438 09 851 114'4 eine 94.4 Guar refund 4s / 4 95 1929 J-D 8734 Mar'07 Registered 1920 J-D 100 Oct'07 , Utah & Nor 1st 7a 1908 J 1071 / 4 Sep'08 Gold Si 1074 i071 / 4 1926 J •J 10734 Uni N J RR &0Co 8es Pa RR Utah Central See Rio Or Wes Utah & North See Un Pacific Utica & Black R See N Y Cent 941 / 4 Oct'07 V andalia °ousel g 4s 1955 F-A 03 118 Sep'06 era Cruz &Plat gu41 / 4s1934 J•J Ver Val Ind & W See !do Virginia Mid See South By 1081 / 2 6 99 110 Va & Southw't 1st gu 50 2003 J-J 108 Sale 108 / 4 1101 / 4 1101 IV abash 1st gold 65 / 4 II 102 1101 1939 M-N 1101 / 4 95 VT 2d gold 5s 17 841 / 4 06 1939 F-A 96 Sale 93 90 1'110'07 Debenture series A. 1939 J -J 62 Ply'08 Series B 37 1939 J -J 02 102 Feb'Ob 100 102 1st lien equips fd g 58 1921 M-8 93 Mar'06 let lien 50 yr g term 45 1954 J -J 591 / 4 63 59 Sale 59 lat ref and ext g 4s 1956 S-J 100 Apr'Oe Det & Ch Kit let g 55 1941 2-2 10514 97 Noy'04 Dee Mein Div let g 45 1939 J -J 83 Aug'08 83 88 Om Div let g 3/ 1 45 80 1941 A-0 9638 J'ne'07 Tot & Ch Div 1st g 4s 1941 M.S 90 ...... •,•••••• LOU May'07 St Chas Bridge let g 66 1908 A-0 . 61 41 56 Wab Pitta Term 1st g 46 19 95 54 J -D 4988 Sale 493 J.1) 81 84 10 2d gold 4s 8/ 1 4 19 / 4 Sale 81 Warren See Del Lao & West Wash Cent See Nor Pao Wash 061 W See Southern 901 / 4 Aug'08 Wash Term!let gu 81 / 45-1945 F-A 00/ 1 4 901 / 4 / 4 784 174 49 '79 West Maryland let g 4e 1952 A-0 .;f1 .Sale 751 42 Oct'08 A-0 42 Gen & cony g 45 30 47 1061 / 2Aug'06 WVa Cent & P let g 195 1912 1 2-2 101 116 / 4 1 1081 110 West N Y & Pa let g501937 J -J 1161 / 4 116% 1331 / 40ot '08 (lea gold 3-4s 1943 A-0 98 871 / 4 981 / 4 34. Feb'07 Income 56 81943 Nov West No Car See South By WheePg & L E 1st g 5s. 1.926 A-0 100 107 106 102 J'ne'08 95 J'ly'Oe Wheel Div let gold 55-1928 J-J 96 103• . Mr. 9814 Jan'08 Exten & Imp gold 5s...1930 F -A ::: / 4 981,5 981 74 Sep'08 RR let consul 4.8......1049 1949 M-8 60 76 104 Oct'07 20-year equip a f 5s .1922 4-t Wilkes & East See Erie Wil & Sioux F See SIP M&M Wis Cent 50-yr let gen 4s 1049 3•4 85 Sale I 841 / 4 854 95 80 88 Sf 100 100 ANEOUS BONDS-Concluded. induntrial Manufacturing Miscellaneous Beth Steel let ext et 50-1926 .14 85 Bale 85 Adams Ex col tr g 48 1948 M-8 813 4 85 85 nt Leather 20-year g 50.1925 A-0 9412 95 Am 88Co of W Va g 5s 1920 M.N 0484 95 114 851 / 4 99 13'kl'n FerryCo Ditcons g 55'48 F-A neol Tobacco 60-yr g 4s.1051 F- A 77 77 77 1 62 latiltiecCor cony let g 66.'27 A-0 69% Sale 09 751 / 4 Chic Jo 61st Yard wig 53.1815 J-J 69% 60 64 Dot MIS K ld gr mcomes 1911 A-0 Int Paper Co let con g 6a 1918 F-A 101 102 10114 1011 / 4 4 101. 106 1935 J -J Consol cony s f g 58 Int Korean Marine 41 / 45 1922 A-0 82 Sep'08 78 86 80% 82 Int St Pump 10-yr cony.6a '13 J -J 9e38 sale 98 9934 lut Navigation let ci 55 1929 F-A 083e 44 90 1.,ackaw Steel 1st g 50.-1923 A-0 9334 Sale 93/ Man Bch H & L gen g 45-1940 11-N 1 4 96 9334 73 84 NatStarch Mfg Co 1stg Os 1920 M-N 85 Newp Ne Ship & D D 58(11990 J-J 831 / 4 Aug'07 N Y Dock 50-yr let g 45 1951 F-A Nat Starch Co a t deb 58 1925 J.J 70 Apr'07 1011 / 4 87 1011 / 4 Providence Sec deb 46.-1957 M-N N I.' Air Brake 1st cony Os'28 M-N 101)4 Salo 09 Repub I 618 1st 83Coltr 56.1934 A.0 • 941 / 4 / 46.1921 2.1-S 921 951 / 4 98% Provident Loan Soo 41 / 4 Oct '08 St Joseph Stk Yds let4195.1930 101 107 ,11.1 8 Leath Co ttlob ges 1913 M-N 106411091 / 4 100)4 Oct '08 841 / 4 Sale 841 St L Ter CuppleaStat'n& Prop 20 6442 te5 / 4 85 U Realty& COB V deb g158'24 J-J / 4 Sale 10238 1031 Co 1st g 4les 5-20 year 1917 .1-11 / 4 904 8514103)4 S Steel Corp--1 coup .81963 31-N 1031 / 4 Sal. 100 1001 / 4 6 8534 1021 Si 10-60 yr be. reg ..d1963 51-N 1001 / 4 S Yuba Wat Co con g68 1923 3-2 Sp Val Wat Works let 63 1906 it-s Va-Car Chem col tr (5e g 1912 A-0 1041 10 89 105 105 100 / 4 Westinghouse E & Ms t 58 '31 2-S 88 ewe 87 881 / 4 293 67 88% U 8 Red & Ref let s f g 68 1931 .No price Friday; latest bid and asked this week. a Due Jan 8 Due Feb 4 Due Apr e Due May g Duo J'ne ro 96 92 92 11183 100/ 1 4j'ne'02 41 Oct'06 10" loo 100 Jan'08 4231 47• 47 Apr'08 45 641 / 4 Sale 133 641 / 4 127 438 72• 76 86 85 84 Aug'08 60 Feb102 96 Aug'08 .96.. 96 86 9 92 Oot'08 921 / 4 85 Oct '07 86 . .. 85 May'08 87 10014 Sep'06 94 112 113/ 1 47'4000 92 1 7. ) 3 90 / 4 90 84* 901 Du Nov itORUOtt A Due J'11 CHICAGO STOCK EXCHANGE-Stook Record-Daily, Weekly and Yearly STOCKS-HIGHEST AND LOWEST SALE PRICES - esatieraay Oci. 17 xi CITIWlill Oct. 19 .1 74,7U46y Oct. 20 .1 aursaay Oct. 22 ry GUTICJUAR/ Oa.21 .1,riaay Oct. 23 • sates of the Week Shares STOCKS CHICAGO STOCK EXCHANGE Range Since Jan, 1 1008 Lowest Railroads 175 Last Sale 178 Sep'08 __-- Chicago City Fly 100 3 Last Sale 3 Sep'08 --- Chicago & Oak Park-100 10 Last Sale 834 Sep'08 Do pref 100 4414 44 4512 45 46 2-k4-3 Chic Rys part cif "2"--2012 *1912 2012 1934 134 125 Chicago Subway 100 Last Sale 4 May'08 -- -- Chic Union Traction_10(1 --.. ---- -__- ---- --_- -___ --_- ____ Last Sale 18 July'07 --. Do 100 pref 1 *3112 - *3112 ---- 3212 36 *3312 35 36 37 *36 40 202 cans City Ry & Lt.. 1U0 __ *70 *6978 *70 75 *70 75 72 72 *73 76 1:. Do pref 100 *1214 13 *____ 13 *1214 13 *1214 13 Last Sale 1312 Sep'08 ______ Metropol W S Elev 100 *___ _ 43 *_ 43 *42 4278 *4212 4278 Last Sale 4234 Oct'08 Do pref 100 LaV Sall 4612 May'08 - .__ North Chicago Street_100 *_ _ 16 *____ 16 *_ 16 *____ 16 Last Sale 14 Sep'08 -- __ Northwestern Elev_100 *47 50 50 *47 *ii 50 *47 50 Lail Sale 4833 Sep'08 Do pref 100 *4518 46 *4518 46 *4518 46 *4518 46 Last Sale 46 Oct'08 South Side Elevated 100 2938 2934 *2912 3013 *2914 3012 2912 2912 30 *24 30 30 42 11 7 Streo DetspIV fre Stable C L-100 9734 9812 9838 9878 98 9712 98 9858 9833 9834 9812 987g 100 Last Sate 28 A. Wm eset Chicago Street 100 Miscellaneous 7 718 634 7 673 7 Us 7 634 7 634 1,006 63 4 rican 100 Can 6814 6712 6838 6714 68 6612 6712 6673 6712 67 6714 6712 1,812 Do prof 100 *152 158 *152 158 *152 153 *152 158 160 160 *1?6 162 5 American Radiator_100 123 123 *120 125 *122 125 20 125 *120 127 *120 123 1. Do prof 100 *5112 -_- *5112 ----53 53 62 53 53 53 *33 56 305 Amer Shipbuilding_100 *10014 102 *100 102 *10014 102 *100 ____ Last Sale 100 Oct'08 ---Do pref 100 ------- ---- ---- ---- ---- ---- ---Last Sale 10 July'08 Amer Straw Board *112 2 112 112 *114 112 *1 2 *1 2 *112 2 " Booth (A) & Co 100 6 614 534 614 578 578 6 6 *5 6 6 6 It) Do pref 100 *48 4912 5012 5112 5112 52 *5113 5112 5213 5212 53 53 198 Cal & Chic Canal &D.100 Last Sale 147 May'08 ---. Central Trust Bank 100 *1 118 *1 118 *1 113 113 *1 Last Sale 1 Oct'08 ---- Chic Brew'g & Malt'g---*___ 3 *..3 *---3 *---3 Last Sale 4 Sep'08 ChDo pref 24 24 *23 *2414 25 25 *23 25 24 24 *23 2312 -ii io Pneumatic Tool-100 124 12412 12412 12412 12412 12434 12412 12434 124 12412 124 124 451 Chicago Telephone-100 _ ..._Last Sale 214 Mch'08 Do rights iiii- fid- *110 123 iiii" 116- *110 111 *110 112 *110 112 --i: Chic Title & Trust_-_100 104 110 109 109 108 10912 *107 10812 108 10814 108 103 44 Commonw'th-Edison_100 10812 1,1 132 132 13134 132 132 132 *13112 132 132 132 *13112 132 Diamond Match 100 *34 34 34 3.5 *34 3512 *34 *33 36 33 *33 36 20 Illinois Brick Last Sale 3114 Nov'05 __- Knickerbocker Ice 00 1) 10 Last Sale 80 Feb'06 Do pref 100 Last Sale 41 Sep'08 ----.---- Masonic Temple --- --- ---- ---- ---- ---- -- --__ Last Sale 213 June'07 ---- Milw & Chic Brewing __- --- ____ ___---- ---- ---- --__ Last Sale 20 July'08 Do pref 89 *8812 8914 *88 89 89 8914 90 8934 8934 89 89 -iii; National Biscuit 100 11612 117 11612 11613 *11612 11713 *11612 117 *11612 117 11634 11738 153 Do pref 100 *68 69 *68 69 *08 70 *68 70 Last Sale 69 Oct'08 --- National Carbon 100 *110 --__ *110 ____ *110 ____ *110 Last Sale 110 Oct'08 Do pref 100 Last Sale 534 May'05 --- Page Wov Wire Fence 34 951', 951', -9812 951; -oEig I57g *96 ' -04 -6-6. 97 961$ 9638 -13S People'sGasL&Coke__100 *37 38 38 40 *37 38 38 38 38 38 *37 40 264 Sears-Roebuck com-_100 i*01 9112 9112 9112 91 91 91 91 91 91 9112 9112 150 100 Do pref 102 102 10178 102 10178 102 10173 10218 10214 10212 102,8 10212 418 Swift & Co 100 *118 120 *114 119 *114 119 *114 118 Last Sale 121 Oct'08 ._iii Theo D Quparkee fr Oats Co-100 %*9812 99 9812 9812 9812 9812 *9712 9814 *98 9812 *9812 981s 100 *1,1 f *32 12 12 *38 12 *14 12 *38 12 12 214 34 1,800 Unit Box Bd & P Co_100 218 218 218 218 214 214 *2 .214 212 212 4 2,352 Do prof 100 Last Sale 14 e...- 14 *__. 15 *_,.... 15 *___- 15 Sep'08 _ Western S 100 intiotrifieng _. __. ____ __ ___ ____ Last Sale 3212 Jan'07 Bingham Con Mining- 50 Last Sale 10 Nov'06 Black Mountain May'07 20 Daly-West Hubbard-Elliott *160 175 *160 *2 3 *2 .-, *8 10 *8 ,. 4218 43 4213 1912 1912 *1912 175 *160 3 *2 10 *_ _ 4231 43 2012 *1912 175 *160 3 *2 10 9._ _ 44 4338 2012 *1912 Chicago Bond Record • BONDS CHICAGO STOCK EXCHANGE • ( Week ending October 23. inferPeriod Prize Friday Oct. 23 Week's Range or Last Sate Low Range lor Previous Year (1907) Highest 160 Jan 24 180 J'ly 2l 138 Feb 3 318 Awic31 7 Mch16 10 Aug 28 33 Oct 3 47 J'ne 3 15 Feb 10 24 Aug 11 212Mch27 4 May25 30 Oct 9 46 Jan 19 68 Sep 2S 79 Jan 20 13 J'ly 14 19 Jan 22 42 Jan ti 54 MaylZS 44 May 3 47 May2:5 1334 Aug 6 20 Jan 31 46 Aug 1S 56 May14 42 Aug 21 71 Jan 13 2612 Apr 16 3112 Oct 7 85 Apr 20 103 4110 1:, 25 Apr 13 31 May 4 4 Feb 13 4112 Jan 2 125 Jan 10 116 Apr 22 37 Mehl9 91 Jan 2 10 J'ly 7 112 Sep 15 534 Oct 10 40 Feb 20 147 May 1 Oct 6 4 Apr 13 21 Feb 28 106 Jan 3 34 Feb 25 100 Jan 4 80 Jan 3 113 Jan 2 30 Jan 22 38 J'ne 15 Lowest Highest 160 Mch 134 Nov 10 Oct 205 Apr 5 Jan 16 Apr 11 Oct 214 Dec 14 Apr 29 Nov 6914 Nov 17. Doc 93 Nov 3412 Apr 20 Sep 58 Apr 6() Nov 28 Oct 95 Apr 20 Mch 4612 Jan 614 Alm 1914 Jan 65 Jan •Tall 28 Jan 72 Jan 47 J'ly 2612 Jan 66 J'ly 00 Jan :!4 Jan 99 May 35 Apr 714 Oct 13 :1 Oct 6973 Oct 13 :1412 Nov UM Oct 12 120 Dec 128 Sep 2. 112 Nov 5512.1an 16 ..1) Nov 101 J'ne 85 Nov 42 Jan 30 Jan 30 Jan 11 ln Dec 100 Mayl:, VO Dec 63 Oct 23 45 Oct 147 May 6 165 Feb 113 Aug22 1 Jan 4 Apr 13 5 Aug 3012 Aug S 21 Dec 153 Sep 11 5 Oct 234 Feb 21 :5 Oct 112 Aug26 110 Oct 1 • 77 Oct 137 Aug31 10812 Nov 34 Nov 39 Jan 14 714 Apr 60 Apr 14013 Sep 130 Apr 8012 Jan 100 Jan 91) Mob 40 J'ne 111 Feb 54 Jan 165 Feb 1 Jan 612 J'ne 51 Feb • 13412 Apr 41 Aug 212 Jan 25 Feb 581s Oct 91 Nov 50 Nov 9734 Nov 46 Jan 212Jan 27 Mch 86 Jan mai Jan 8414 Jan 120 Jan 46 J'ly 19 J'ne23 20 J'ly 24 70 Jan 3 0212 Aug 6 10134Jan 2 120 Aug 5 51 Itch 3 7212 Aug 22 91 Mch23 112 May19 9712 Aug 11 8012.1an 24 Jan 24 40 May20 72 Jan 16 9212 Sep 10 8812Jan 2 10534 Sep 11434 Jan 3 134 Jail 20 87 Jan 3 100 J'ly 30 14 J'ly 17 134 Jan 4 112 J'ly 17 12 Jan 15 14 Apr 23 17 Apr 11 11212 May 8733 Oct 12912 May 57 May 12 Nov 9258 Apr 20 Nov 57 Jan 67 Nov 05 Jan 7512 Nov 11312Jan 100 Nov 17312 May 85 Oct 1023.1 Jan 34 Nov 214 Apr 6 Jan 1234 Apr 16 Dec 30 Feb 3212 Jan 3212 Jan 1614 Apr 2u Jan Chicago Banks and Trust Companies D'cl.1 Sold Range Since Jan. 1 1908 High No, Low NAME. Outstanding Stock Surplus and Profits Dividend Record /n 1906 In 1907 Per- Last Paid iod $2,000,000 31,343,328 High Bankers National 8 Q-11 Sept '08, 2 8 American Biscuit 6s_1910 F - A 100,000 Calumet National 35,816 5 6 An, Dee '07, 6 100 Mcls'07 f Amer Strawb'd 1st 6s..1911 J - J 500,000 166,081 10 Chicago City_ 10 J-J July '08, 5 10012 58'12 J (St J & L) F G Av Sep'08 !Cass 1)912 11)11, Commercial National 3,000,000 4,351,738 12 12 Oct '08, 3 Q4 100 May'07 'Chic Board of Trade 431927 J - D Continental National--- 4,000,000 3,626,402 8 Q-J Oct '08, 2 10134 10134 Clitca-fo Clty By 5s___1927 P - A 947 102 9 50,000 Cook Co State Savings 3,744 6 Q-M Sept '08, 112 Br&MIt 6s____ Consol .1 J Apl'04 Chic 103 Corn Exchange National 3,000,000 4,991,217 12 12 Q-J Oct '08, 3 55 Aug'07 'Cific Consoi Trac 455s-1939 1 - D 200,000 Drexel State 58,330 6 6 Q-J Oct '08, 113 .)1alc Auditorium 1st 551929 F - A 9634 Jan'06 600,000 380,606 8 ---- Drovers Dep 8 Oct '08, 212 Chic Dock Co 1st 4s_1920 A- 0 200,000 38,956 ---- ---- Englewood State 3 Q-J Oct '08, 113 Chic No Shore Elec 65_1912 A -0 87 Feb71;8 8,000,000 8,071,029 12 First National --12 Q-M Sept '08. 3 , Chic & Mil Elec Ry 5s-1919 J - J First Nat Engle\.•ood---150,000 170,206 10+10 10 Q-M Sept '08, 213 Chic Pneum ToolForeman Bros B'k'g Co 1,000,000 511,998 Priv ate Ba nk a1921 J - J 16158 Sale 6953 70 6 1st 55 68 75 FortDearborn National- 1,000,000 432,166 8 Q-J Oct '08, 2 _1927 F -A 10138 Sale 10134 1017S 50 Chic fly 5s 9514 102 Hamilton National 500,000 138,125 J-J July '08, 212 5 "A" series o078 118 9058 Sale 00 Chic Rys 4-68 8478 9073 Hibernian B'k'g Assn- 1,500,000 968,677 8 8 Q4 Oct '08, 2 8134 8412 372 84 Sale • Chic flys 4-5r, series "B" 8412 Kmpar State Bank 78 200,000 110,951 10 10 July '08, 5 J-J 44 185 Sale . 8212 85 ' Chic Rys 4-53 series "C" 75 85 Live Stock Exchange Nat 1,250,000 402,606 Q-M Sept '08, 213 9734 101 t10078 Sale 10078 10073 16 Chic Rys colt 6s_1913 Monroe National 300,000 58,719 Q-F Aug '08, 1 'Chic Ft 1 & P RR 4s__2002 11- N 79 Nov'04 Mutual Bank 250,000 90,186 43 Jan Jan '08, 412 80 Apr'04 , Collat Trust g 5s...._1913 M - S Nat Bank of Republic 2,000,000 1,285,034 8 Q-J Oct '03, 2 • C,ommonw'aith-EdistmNational City 1,500,000 489,046 Q-J Oct '08, 113 100 June'08 , Chic Edison deb 681913 J - i 100 10014 National Produce 250,000 59,866 Hegan bushuc as Aug 26 1907 2 10068 10038 10058 1st g 5s __ _July 1926 A - 0 97 North Avenue State--200,000 65,556 Oct '08, 114 Q-J Debenture 9953 10038 13 _ _1926 31 - S 9834 10038 North Side State Savings 50,000 9,540 6 Q-J Oct '08, 112 10134 10134 5s_-501943 NI - S (n Commonw Elect 2 93 102 Oakland National 100,000 39,807 6 Q-J Oct '08. 112 90 Dee'06 ;Illinois 'runnel 5s_ -__1928 J - D Prairle National 250,000 83,789 !Kan City Fly &LtCo55 1913 M - N 96 Oct'08 -55- 96 Prairie State 500,000 63,197 d38 8 Q-M Sept '08. 2 Ignick'blier Ice 1st 5s-1928 A - 0 9012Aug'08 8513 9212 Railway Exchange 9,822 250,000 4 Jan '08, 2 85 May'08 Lake St El-lst 55 ___1928 J - J 80 8812 Security 300,000 122,261 Organ iced Oct 12 1(106 16 May'05 1925 Feb I Income 58 South Chicago Savings 200,000 79,011 5,1 6 Q4 Oct '08, 112 Illistr W Side ElState Bank of Chicago 1,000,000 1,313,790 8 9+1 Q4 Oct '08, 3 84 Sale 8314 8414 20 1st 4s 1938 F - A 8613 8814 Stock Yards Savings-250,000 164,101 6 J-D J'ne '08, 3 6 78 78 ' Extension g 4s 1938 J - J :78 Sale 6 Union Bank of Chicago 7512 85 200,000 42,880 6 10-N Nov '08, 3 90 Dec'06 f North Chic St 1st 53-1909 J - J Union Stock Yards State 200,000 62,790 Oct '08. 112 Q-J t 1st 5s 1916J -3 American Trust & Savgs- 3,000,000 2,575,820 8 8 Q4 Oct '08,2 79 Al;a3 . Refunding g 430_1931 A - 0 Central Trust Co of III- 2,000,000 1,010,953 7 7 Oct '08, 134 Q4 75 Feb'07 • No Chic CityRy455s1927 AI - N n500,000 Chicago Say Bk & Tr 112,841 _ (14 Oct '08. 112 8718 8718 16 North West El 1st 4s...1911 M • S tS64 87 9012 Chicago Title & Trust 8(3 5,000,000 *1,428,335 6 6 Q4 Oct '08, 113 8014 11 Ogden Gas 5s 1945 1,1 - N tiOis Sale 90 8014 93 50,000 CitizensTrust & Savings 6,960 3 3 A -0 Oct '08, 2 99 Aug'08 1Pearsons-Taft 55 1916 J - D 09 99 Colonial Trust & Savings 600,000 502,984 10 Oct '08, 213 10 Q-J 94 Sep'08 , 4.40s 95 94 11.- 5 Drovers Trust & Savings 200,000 95,269 6 6 Q-J Oct '08,2 ____ 96 Aug'08 ' • 4.608 Series E II - N 96 96 96 Farwell Trust Co 1,500,000 148,206 Organ tzed Apr, 13 1907 9712Sep'08 ' 4.80s Series F M - N 9712 First 9712 9712 2,000,000 1,978,111 Trust & Savings117 Sep'08 iPoo Gas L&C 1st 6s_1943 A - 0 10912 117 Harris Trust & Savings- 1,250,000 650,140 Oct '08,2 .. Refunding g 102 Oet'08 _ _1047 M - S f..- 102 94 102 Illinols Trust & Savings_ 5,000,000 8,351,149 0 4 Sept '08, 4 ..so , Chic Gas L&C5810234 10178 Oet'08 1st Ss 1937 J - J 9712 1033t, Kenwood Trust & Savgs 200,000 Oct '08, 113 44,166 6 10012Sep'08 Consum Gas 1st 5s..1936 J - D *103 9434 101 Lake View Trust & Savgs 200,000 36,063 2 04 Oct '08, 114 Mut'l Fuel Gas 1st5s1947 11 - N - 100 Sep'08 98 100 Merchants' Loan &'Pr Co 3,000,000 4,809,548 12 12 Q4 Oct '08, 3 uth Side Eley 450_1924 J - J i5214 9-412 9212 oot.os 92 9612 Metropolitan Trust & Say 750,000 254,104 6 0 Q4 Oct '08, 116 Swift & Co 1st g 5s___1914 J - J R9014 "81_ 10038()twos 93 10038 Northern Trust Co Oct '08, 2 1,500,000 1,861,871 8 8 Q-J Union El (Loop) 5s_1945 A - 0 90 Feb.08 90 90 Northwest Trust & Savgs J-J July '08, 3 200,000 48,424 6 Union Pacific cony 48_1911 M - N _ 114 Nov'04 People's Trust & Savings J-J July '08, 3 200,000 6 82,048 6 United Box Board col 6s'26 Aug'OP, 47 47 -6-1- Pullman Trust & Savings k500,000 -47 k8 182,528 Q4 Oct '08, 2 8 West Chic St 1st 53___1928 M - N 90 May'07 Royal Trust Co 500,000 Q-F Aug '08, 2 499,811 8 ., Tunnel 1st 5s 6812 sep'05 1909 F - A Stockmen's Trust & SavJ-J July '08, 219 5 200,000 17,397 Debenture Ss : 1914 J - D 73 June'07 Union Trust Co 1,000.000 1,101,066 Q -M Sept '08, 2 6014 Jae'08 s! Canso! it 55 rats_ _ _1936 M - N 7212 8614 Western Trust & Savings 1,000,000 6 4 7i Q-J Oct '08. 113 216,706 5' Wes DivCityRy 4-5481932 J - J 87 Dec'06 West Side Tr & Say Bank busine Sept 5 1905 Began 200,000 46,165 Co Stone 53_1909 A - 0 Western 8512 Jtv'08 d70 85)- Woodlawn Tr&Sav Bank 200,000 29,388 88 Q-J Oct '6.1. 112 NoCe.-Accrued interest must 1;e-icicle-di; all Chicago -1;;On. prices * Bid and asked prices no sales were made on this day. 1 Sept. 23 for national banks and Sept. 24 for Stato inst tutions. 2 No price Friday: test mice this week. a Due Dec. 31. b Due June. a Includes special dividend of 30% pald Dec. 18 1906. k Capiti,1 increased from $300,000 stock- dividend of 33 1-3% being declared in part payment therefor. n Capital and surplus. to be increased. q Dividends. are paid_ Q-J, with extnt. Rescs_rternth Q-F. v.As 01 data Jiffy 15,1908. 5 As of date.Sept. 1 1908. l OCT. 24 1908.} Volume of Business at Stock Exchanges TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE DAILY, WEEKLY AND YEARLY. Stories. Week ending Oct. 23 1908. 1075 THE CHRONICLE Rallrocul, drr.. Bonds. State Bonds. Bid Electric Companies Chicago Edison Co See Ch I cago e Kings Co El L&PCo 100 126 Narragan(Prov) El Co_50 *90 NY &C) El L dcPowCu_10) 40 100 tiS Preferred United Eiec of N J-100 60 J-D S0312 1st g 4s 1949 U. S Bonds •Vii2 Ask 2712 212 6 2712 40 14 1214 Ilat 7 47 8 132 1 312 Ferry Companies 12 Brooklyn Ferry stock 100 B & NY 1st 6s 1911J -J 592 $64,000 190,572 $16,464,700 $1,692,500 Saturday 40 stk_100 N Y &ER Ferry 182,000 312,589 28,823,900 2,234,000 , Monday M-N 40 1st Is 1922 102,000' 538,736 50,142,225 2,936,500 Tuesday 40,000 $4,000 N Y & Bob 5s May 46 J-D §90 918,945 82,892,000 5,316,000 Wednesday Hob Fy 1st 55 1946M-N 3103 78,000 731,366 62,974,100 3,728,500 Thursday 95 NY &NJ 5s 1946 ____J-J 59) 91,500 602,669 64,396,900 3,063,000 Friday 30 • 10th & 23d Sts Ferry_100 20 65 ". 360 1919__J-D 18t mtge 55 $4,000 $557.500 3,294.87715305,693,825 $18,970,500 Total 3 eUnion Ferry stock__100 21 5 80 m-N elst 55 1920 Jan. 1 to Oct. 23. Week ending Oct. 23. Sales al 12 New York Stock " Short-Term Notes 50 1907 1908. 1908. Exchange. 1907. Bet Am Cig ser A 4s '11 M-S 5961. 63 49412 15 12M S Ser B 48 Mch 171,810,720 146,792,190 Stocks-No. shares__ _ 5,166,560 3,294,877 100 Amer Light & Tr 6s-See Gas $14,882,427,850 ($14 Par value $305,693,825 $460,3i5,3'5 $12,712,079,600 10 J-J 51001F $333,600 Am Tel & Tel g Is $116,100 Bank shares, par $3,400 $15,000 7-16 Atian Coast L 5s '10_M-S 49938 1013 Bonds. Bait & Ohio Is 1909_M-S 510038 $668,300 $471,620 Government bonds__ $44,000 $4,000 38 51017$ 54,509,800 Ches & Ohio(is Jivl 72,832,000 18 4,792,500 State bonds 557,500 510012 320,791,600 Chic It 1 & Pac Gs '09A-0 11J638 685,939,700 175 RR.and misc. bonds 18,970,500 17,030,200 Chic & W Ind 5s '10..F&A 50 Cin Ham &D4 '08 MS $376,029,700 $759,243,320 88 Total bonds $19,532,000 $21,866,700 C C C & St L Is, June '11 510038 a grilsoac l0 Co 100 34 39 Consol Gas 68 1900--F-A 510014 co Co_ _10u 7 9 DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA Erie 6s, Apr 8 1911 A-0 Preferred 22. J 1 U b U 1.7 0 19 10114 5101 interb R g 6s 1911 M-N EXCHANGES. 1st g Is June 1 55 9912 Is Mch 1910 MS S09 Kan C So g 5s Apr '12_J-J 59631 904 Hecker-Jones-Jewell Milt . 92 14 2 , g . 54al11 M-b 100 Philadelphia. Lack Steel g Is 1900.14I-6 4'434 034 aelrs,t Boston. ar, new..100 35 "4" Is g 1910 tveek ending M-S 492 Bond Unttsird Listed Lake Sh & Al So 5510 F A 510034 1014 Hoboken Land & ImplOu Bond Listed Unlisted Oct. 23 1908. e5s 1910 shares. sharer. sales. Lou & Nash g Is '10-M-S 3100.% 10078 :hares. :hares. Houston 011 7 Mex Cent 58 July 1 1910 39812 i00 Preferred $67,300 Mich Cent 55 1910_F-A 510034 101 11111-0001: 0 i, 9,599 1,333 C6 20 0 30 1 $59,500 5,610 13,118 Saturday 52,800 Minn & St L g 5s 11-F-A 595 Hudson Realty 7,684 1,831 100 100 110 76,000 8,633 07 24,562 Monday 41,750 elngersoll-Rand com _100 70 15,355 3,777 150,000 Missouri Pacific11,425 25,538 Tuesday ePreferred 86,300 5,165 19,597 377,500 es Feb10'10 ccnvop F-A I 97 17,439 99 47,823 Wednesday ' . Bank'g Co_1 68,240 NatofMea 58 ext to'09 A-0 5100 10014 Internat 100 0 9 s0 3 93 17,444 6,756 91,000 22,688 30,690 Thursday Int'n1 Her Mar See Stk 11,051 10,711 Esc list 100,300 30,216 N Y Cent 5s 1910 F-A 410034 101 48,931 Friday.. -,---N Y C Lines Eqp 5s10.19 8412% 414% intenaat'l Nickel____100 92' 101. Preferred 29,573 $403,790 NINH&HIs'08-'12 510012 10178 80,730 96,011 $854,300 190,662 Total 1st g 54 1932____A&O 81 85 Norf & West 38 1910111-N 510034 101 A 4 16 4 16 Pa RR 58 Mch 15 '10 M-S 5101 10114 International Salt__ -lt 1st g Is, 1051 52 97 StLMS'east 4 54s '09_J-D ;94 J 1 0 . 01, 0 Internat'l Silver 51057 4 3 10 St L &SFg4;is '08.J-I) 3100 1001, Preferred 58 South'n coll tr Is'09-A-0 499 100 1st Os 1948 A weekly review of thc Outside Market will be found on a preceding page. South Ry g Is 1910 _F-A 592 106 114 Lackawanna Steel__100 35 37 09 Southern 1ty Os 1911.M-N Lanston Monotype__2() *11 1112 100 But Ask Tidewater 65, 1913, guar Street Railways Bid Ask Street Rail wa ys U S Rubber g Is '09_M-S 50978 15014 Lawyers' Altge Co____1(10 19112 205 Pub Serv Corp N J (Con) New York City eLeh & Wilkes-B Coal 12 90 2 105 96 Wabash Is, May 10 1909 593 20 J C Hob & PatersonBleeck St & Ful F stk_100 14 Lord & T Taylor IOU 135 98 §70 7034 Westingh El&M 65 1919 596 4s g 1949 73 e 1st mtge 4s 1950-J-J 63 Preferred 100 97 100 So J Gas El& Trae_100 118 119 e B'y ec 7th Ave stk....100 110 128 eLorillard (P), pref__100 125 135 Railroad M-S Gu g Is 1953 e 2d mtge 55 1914__J-J 93 100 Madison Sq Garden_100 10 20 Chic Peo & St L pref-100 93 712 No Bud Co Ry6s'14 J-J §110 Con 5s 1943 See Stock Sac list 20 es 19111 1,1-N n 70 86 112 Deposited stock J-J 5104 Is 1928 B'way Surf 1st 5s gu 1924 98 102 1122 11: ellanhat Beach Co-100 Undeposited stock_ Ext 5s 1924._ __M-N § 93 101 e Cent'l Crosst'n stk__100 90 130 Manhattan Transit____20 *233 92 Prior lien g•4 §is'30M-&S 83 Pat City con Os '31-1-D 5116 _. _e 1st mtge 6s 1922_M-N 93 110 10 14 514 50 60 Mitchell Mining Con mtg g Is 1930_J &J 2d 6s_ _1914 opt A-0 5100 Cen Pk N & F. R stk 100 50 100 512 Monongahela li Coal__50 * 412 Income 5s, July 1930... c Chr't'r & 10th St stk 100 SO 120 So Side El (Chic) See Ch lcago 50 *2 h 2658 2924 iti Chic Subway 105 103 _M '46 T Is Col & 9th Ave 58 See Steel; Elm list Syracuse R Mortgage Bond Co__ _Wu 95 Ft IV & Den Cy std 10U 90 100 Trent P & H 5s 1043.J4) §95 100 Dry D S B & BNat Bank of Cuba___100 95 too Nat Rys of MexicoUnited Rys of St L96 e 1st gold 58 1932__J-D 99 National Surety 100 135 9212 7 Pr. lien (w 1)J-J 19 20 100 45-4s'1 Com etfs vot tr 50 e Scrip 5s 1914-A 30 '12 125541, NevadaCotiti'd 1714 *17 Can M 4s 1977 (wI)A-0 100 5312 60 e Preferred Eighth Avenue stock_100 200 270 *21516 3 Nev-Utah 112.;. North'n Securities Stubs_ Sac list Stock Gen _See 4s 1934_ 102 95 __F-A 1914_ eNew Central C& e Scrip 6s 0 5 4U oa -ri° C°S iP _ mP _ _-e.. 53 *32 50 L E Pitts Bess & Sac list Stk See SanFran 265 UnitRys 215 C 42d & Gr St F'y stk_100 N J Ter Dock & Imp_1(10 50 *00 Preferred 35 100 34 -- Wash Ely Jr. El Co 42d St 81 & St N Ave_100 30 N Y Air Brake 6s See Stck Eq-c- GE 31 34 eltallroad Securities Co100 83 Preferred 08 c 1st mtge 65 1910 _h1-S 196 N Y Biscuit 6s 1911-M-S WO l i631:380: 83 A '52 Ill C stk cfs ser 13 tr 82 J-D 4s 1951 50 eNew York Dock___100 29 2d income 6s 1915 _J-J 40 Seaboard Company1UU Inter-Met-See Stk Each ange list ePreferred 73 is 1st preferred 100 30 Gas Securities Lea Av .5cPavF 5s See Stk Sae list N Y Mtge & Security-100 iii- 140 Corn & 2d pref-See Balt Esc Metropol St Fly-See Stk Esc list N Y Transportation_20 *3 4 Seaboard Air LineNew York Ninth Avenue stock__100 110 150 com-lou go :files-Beat-Pond 100. Coil Is eat May '11 M-S 92 Cent UnGas Is g '27_J&J 99 101 Second Avenue stock_100 45 Nipissing Mines 3 934 Union Ex ° 0 c h l9is2t Stk 48 Stk Pacific See -See Sac list Y) (N Gas 06 Con e 1st tntge 58 1909-M-N 93 11.10 eOutarlo Silver 100 142 155 314 414 79 e Mutual Gas Consol 55 19415.-13-A 73 Industrial and Miscel Otis Elevator cona-luu 35 40 New Amsterdam Gase Sixth Avenue stock-100 115 130 Preferred 100 90 94 • Adams Sip 1947J-D g 45 94 102 59312 101 1948-J-J consul Sc 1st 85 Sou Bouiev 5s 1945-J-J 460 .50 .5 Pittsburgh Brewing.. *183 4 1914 Ahmeek Mining s,15 125 NY&ERGas 1st 5s'44 J-J 100 1..5 95 A-0 585 So Fer 1st 58 1910 50 Preferred *40 41 100 105 110 Alliance Realty J-J 90 95 Consol Is 1945 Third Avenue-See-Stock Etre list Pittsburgn Coal_See Stir. Sac list Allis-Chalmers Co 1st mtg 38 N Y & Richmond Gas 100 35 90 Tarry 1V P & M 58 1928 570 s I Is 1536-See Stoik Each list Pope Manulacturing_10u 95 Nor (in 1st Is 1927__M-N 90 85 YkersStRit5s 1946 A-0 575 IOU 1st preferred 20 3014 100 140 150 American Book 75 10 e Standard Gas com-100 10 28th & 29th Sts 1st Is '96 100 20 preferred 3 1 100 105 112 American Brass e Preferred 100 is 70 100 e Twenty-Third St stk 100 250 325 & Whitn pref_100 95 10212 1st 5s 1930 M-N 5101 10412 American Calcle com.100 195 200 Pratt 95 Union ay 1st 53 1942 F-A 590 100 (13klyn) Realty Assoc 130 135 100 98 Preferred 115 Other Cities 80 565 '43 J-J 1st Is Westchest 20 Royal Bak Pow)own 100 140 151) Am Graphophone com100 Amer Light & Tract-100 x110 112 Brooklyn lu. 162 104 • Preferred 100 60 Preferred 100 x9212 94 Preferred Atlan Ave Is 1909-A-0 198 100 s Se an feetca yC sar tinH inegat & Lt-100 113 115 ' 11)0 112 Amer Hardware 111) Col tr g 6% notes-A5 0 0 110 1 78 112 5 98 593 95 1931 A-0 Con 5s g 56 AmMaiting es 1914..J-l) 105 100 Bay State Gas 10i1 455 '6,5 B B & W 5 Is 1933 A-0 100 102 Singer Mfg Co Amer Press Assoc'n 100 90 100 Brooklyn City stock.. 10 183 195 13inghTn (N Y) Gas Wks .100 Standard Cordage__ com-100 Am Soda Fount 7 8 114 98 1st g Is 1938__A&O 94 list Sac Exch Con 59-See Stk 1st M g 53 '31 red_ A-0 2212 2612 100 10 1st preferred Brooklyn Union Gas deb Bkn Hgts 1st 5s 1941 A 0 95 99 Adjust Ai 5s Apr 1 1931 258 27s 100 2d preferred 2 e6s 1909 See Stk Each list Bitin Q Co L'oe Sub See Stk Sac list combo() 30 uu 729 35 • 2 30 Standard Coupler - -1Buffalo City Gas stock100 4 512 e Am St Found new Bklyn Rap Tran-See Stk Esc list luu 100 110 Preferred 68 1,35 91.; _-A&O 90 1st Is 1947-See Stock Exc list 90 *Coney 1st & Bklyn__100 60 1.0 01,,0 0 1054 1112 13 1 Deb 4s 1023 (wit_F&A 560 62 Standard Milling Coyu 80 Con Gas of N J 55 '36_J-J 185 1st eons g 4s 1948__J-J 25 Preferred 41 43 50 3195 American Surety Brk C &N Is 1.939_J-J 90 100 Consumers' L H & Pow1st 55 1930 434 84 85 American Thread pref., 5 *1 J-D 5 98 59 1938 Gr'pt&LorSt 1st 6s_M ecN --- -_ Am Tobacco Co cum _100 520 340 Standard 011 of N J__1(e) 621 625 Elizabeth Gas Lt Co_100 275 Kings C El 43-See Stock Ears- list 33 Swift & Co-See Bost Ste Esc list Essex de Hudson Gas_100 120 1-274 - Amer Typefders com _1 00 34 Nassau Elec pref___100 1st Is 1910-1914__J-J 10014 100 94 Preferred 69 97 Gas & El Bergen Co_ 100 55 55 1044 A-0 -116 85 Amer Writing Paper_100 112 212 eTexas& Pacific Coal-100 75 0 tel 1st 45 1051-See Stock Esc list. e Or Rap G 1st 5s 15-F1-A0 Title Ins Co of N Y _100 105 115 100 Preferred 17 19 Co Gas 19 1 8 0 Hudson 113 1111 -N W'bg&Flat 1st ex 4 40 Tonopah Min (Nevada)_1 *718 73s 1st s f g 55 19 op'09_J-J 85 • 86 17 19 Steinway 1st 6s 1922-J-J 5100 103 Indiana Ltg Co (w. 1.) --Potteries combo ,52 Trenton 4 8 Barney Ac Smith Car.100 60 48 (w, 1.) 54 58 Other Cities Preferred, new 50 55 100 IP- 120 Preferred 50 25 40 Indianapolis Gas • Buffalo Street Fly100 Trow Directory 40 A-0 584 1st g 5s 1952 90 Bethl m Steel Corp--SeeS tk Ex list Union Typewriter com100 30 let consol 5s 1931.._F-A 410412 10712 53 57 Bliss Company COM.. 50 115 120 Jackson Gas Is g '37-A-0 591 96 Deb 68 1917 A-0 41033 10e 100 107 109 1st preferred 50 110 120 Preferred 100 Kansas City Gas Columbus (0) St Ry_100 9412 98 2d preferred 100 103 106 ' 100 7412 1;6 Bond & Mtge Guar_ _100 310 100 99 105 e Laclede Gas Preferred United Bk Note Corp__50 *55 iii 00 Borden's Cond Milk_100 130 _100 80 c Preferred _ 90 Coium fly con 5s-SeePh: la list Preferred 55 100 102 105 Preferred ----5103 107 Madison Gas 631926-A-0 Crosst'wn 1st 55'33.1-D 4100 103 17 5 *61. 634 eUnited Cigar Alfg,p1_100 90 Newark Gas 6s 1944 Q-J 5127 129 British Col Copper 66 eConn Fly & Ltg corn.100 65 United 100 2712 90 Butte Coalition Mining 15 *27 1034 1114 Newark Consol Gas_100 89 100 72 74 ePreferred 100 --dferrCeocipper 112 3 J-D 510312 10412 Casein Co of Am com-100 e Con g 55 1048 60 100 40 Grand Raplds Ry U S Casualty 100 200 100 SO Preferred 60 & Pow78 No Hudson L Preferred ----100 71) U S Envelope com_-100 1E_ Casualty Co of Amer-100 120 130 A-0 5 95 58 1938 e Loulsv St 581930--J&J 5105 107 100 94 ePreferred 10 Celluloid Co 125 139 Elec-10() 75 85 Pas Gas& tk 110012 102 Pat Lynn & Bos 1st 53 '24 JU S Steel Corporation8 15 M S 5101 10212 Cent Fireworks com 100 e Con g Is 1949 New Orl Rys & Lgt-100 1234 13 Col tr s f 5s 51 opt '11 4112 113 Preferred 100 45 60 90 e Preferred..100 2912 3034 St Joseph Gas 5s 1937-J-J 535 Col tr s f 5s '51 not opt 5111 113 214 Foundry 100 Central 234 tk S Si See list Gen M. g 41.0 '35 U S Tit Cu & indern,luu 50 90 Telephone Cc Preferred 100 Telegr 15 13 North Chic Street See Ch icago list 65 60 eUtah Copper Co-See Stk Etre list Deb 6s 1919 op '01,11-N 72 85 eAmer Teleg ec Cable_100 70 Pub Serv Corp of NJ _100 75 Waterbury Co. com-10u Century Realty 100 Amer_100 104 108 :Central & So . %perpet 68 70 'Tr ctfs 2% to 6 Preferred 100 80 ° 4 15 9° 0 10 Chesebrougn Mfg Co-100 4 97 Comm'l Un Tel (N10_25 100 Coll 5s g notes '09_ Af- N 596 Westchester Jr. Bronx liulut so Etnp & Bay State Tel 100 50 -00 City Investing Co....100 45 North jerSey St Fly 100 30 Guar 150 Ai tty,•e & 100 100 90 corn_ eClailln (H B), 100 50 40 370 71 Franklin 111-N 1st 4s 1948 100 Western Ice 100 9.) 95 elst preferren 69 eGold & Stock Teleg _100 98 102 Cons Tract of N J__100 67 106 9112 Westiugh Air 13rake___50 100 92 e2d preferred__ 40 Hudson River Teleph 100 37 J-D 5103 104 :st Is 1933 1ot Sic list West El & Mfg 3s-Sre S 75 115 120 Col & Hock Coald,I pf 100 65 New'kPasIty Is '30 J-J 410612 10712 eN Y & N J Teleph *18 14 White Knob Min 00 J-J 82 1st g Is 1917 Rapid Tran St Ry _100 235 248 eNurtlivrestern Teleg__50 05 105 4..5, 10 Col tr 65 Oct 1956.._J-J 5 95 1011: Preferred 25 6i) 70 Pacific & Atlantic A-0 100 1st Is 1921 oref _10U 10'2 108 Pomo Worthine 85 04 _25 Sbn thern & Atlantic Nom. s Sale price. ..Ex-div. Per share. 1 Liuye, pays accrued int. a Ex-rights. b Basis. c Sells on Stk. Si., but not very active. 1 New stock. n Shares. Par value. Outside Securities 101 GE-- 4%1 - BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly SHARE PRICES-NOT PER CENTUAt PRICES Balurdsy Oct. 17 Monday Oet. 19 Tuesday Oct. 20 Wednesday Oct. 21 Thursday Oct. 22. Sates O Pa rid .27. of the Week Shares STOCKS BOSTON STOCK EXCHANGE Range Since Jan. 1 1008 Lowest Highest hange for Previous Year (1907 I Highest Lowest Railroads *90 9014 9012 9012 *9078 91/8 9114 9114 9112 9112 *9078 9118 235 Atch Top & Santa Fe_./00 6758 Feb 11 9113 Aug 31 6712NovJa jan n. 06 *9518 9618 *9478 9578 *9514 9614 *954 9612 96 95 95 11 Do pref _ 100 8312 Mch 3 96 Oct .3 7934 Nov 1100131; 215 215 215 215 214 214 21313 215 215 21512 215 216 226 Boston & Albany_-....100 18112 Jan 2 219 Aug26 180 Dec 240 Feb 133 133 133 133 *133 134 133 133 134 134 *---- 134 24 Boston Elevated_____100 125 Feb 17 140 Jan 20 11734 Nov 152 Jan ; 21214 21214 *21214 213 *21212 ____ *212 _ __ *212 __ *212 ____ 4 Boston h Lowell 100 20014 Feb 11 213 Sep 23 200 J'ne 231 Jan 120 12014 119 120 120 120 121 122 114 120 11612 118 270 Boston & Maine 100 114 Oct 22 140 Jan 28 129 Nov 170 May 149 149 10 Do pref 100 136 Feb 13 156 Jan 22 150 Oct 165 Jan.. ipio." icki - *:::: i66- *72: 166 295 297 *7_7, isio- *::::: i667 Boston & ProvIdence_100 284 Jan 10 300 J'ne lb 285 Oct 301 *812 1014 00.2 1014 *812 10 *812 1014 Last Sate 10 Bep'08- Bostoe D pref_nSub ch 4 13 Mch27 El Cos.. 9 Mch *____ 56 *__ 56 15 Feb 8 J'ly 56 66 *--- 56 *--56 5845 Jan 31 56 May19 50 Aug 65 Jan *____ 10 *..- 10 4.____ 10 *__ 10 94 10 *--10 100 Boston & Wor Elec Cos 912 Oct 12 17 Jan 25 16 Nov 2834 Jan : *..__ 50 _ *4978 ____ 51 51 *503 6112 5114 5114 *51 ---- . 125 Do pref 9978 Oct 10 6012Jan It 55 Nov 80 Jan, 146 146 *_-_- 147 *_ _ 147 ---- ___15 Chic June Ry & VSY.100 126 Jan 2 150 J'ne 16 128 Dec 160 Jan ____ lifi 11812 iiii2 nil; : iii- iii 118 118 124 Do pref 100 102 Jan 10 11812 Sep 22 9934 Oct 120 Jan last Sale 16314 .714e.08 ____ Con & Mont, Class 4 100 16314 bich 5 165 Mch A 170 Oct 188 Feb • --- --- si3 -4 *:::: 5.! -Last sate 13314 Oc1'08 ...._ Conn & Pass Riv pref-100 13314 Sep 25 138 Apr 21 152 J'ly 156 Mch •_ *253 :::: -- _. Last Sale 250 Sep'08 ___ Connecticut River- 100 244 Jan 14 253 Apr 22 244 Dec 280 Jan 12014 12014 *120---_ HO- 1211 2 HO- 122 -_ 12014 12014 *120 ____ 28 Fitchburg pref 100 117 Jan 2 131 Apr 21 116 Nov 135 Jan 76 *75 76 76 75 75 7612 -7612 7612 7612 7(334 7634 175 Ga Ry & Electric Apr 67 100 27 79 Jan '17 *80 6913 Dec 114 Mch 82 81 *80 *80 83 *80 82 *80 82 81 81 5 Do pref 100 81 Oct 16 81 Oct 18 73 Oct 88 Mch Last Sale 190 Sep'07 :___ Mettle Central 100 190 Aug 198 Jan -1-0-- _-_:: -fo"" "" -11- -i.e ' . Tii" Last Sale 1014 Oct'08 _ Mass Electric Cos-___100 814 Jan 2 1212 Jan 8 7 Dec *5112 51 *___ 51 2012 Jan ' 51 51 50 50 30 50 50 Do pret 51 -71 121 , 2 Sep 28 5 1 40 538 2 Jan 2 5 37 Oct 7112 Jan _ Lot Bale 1538 Apr'08 Mexican Central.--__1109(9) Alch31 14 Nov 2534 Jan 2 iiii4 al- iii fili- 145 14514 145 2 iiii2 ailfa146 -68 N Y N H & Hartford'.100 128 Jan 6 196 Oct 23 12712 Nov Last Sale 140 Aug'08 ____ Northern N H 140 Jne 29 145 Apr 1 195 Dec 100 Last Sate 200 Apr'08 _ Norwich & Wor pref_100 200 Apr 6 205 Feb '..6 205 Nov 2 16 2613 1 jj Faaean b. *Rte.. iir iii" lid- iii" 1-Eii- lk- fif *186 187 *186 187 -19.0 Old Colony 100 175 Jan 11 189 Sep 15 175 Oct 20014 Jan 25 ---------------------- -25 15 25 90 Rutland pref 100 26 .Jan 15 29 Apr 2 25 Nov 45 Jan .12 8 *8212 85 2 2 2 87i 8212 85 ;i2 i . 3 Seattle 813 Electric 100 70 Feb 17 b413 Oct 20 82 Aug 1031 0512 0512 *9513 97 an 9. Jan *95 96 *9513 97 96 *9512 07 95 27 Do pre! 8334 Nov 100 8838 Jan • 2 98 Sep 8 17014 14,322 UnDionn pP 16534 16634 16638 16738 16678 16878 16912 17012 1694 17014 160 re a7cific 100 11013 Itch 2 17012 Oct 21 10012 Oct 18212 Jan ; *8712 8812 *8712 8812 87 87 *8812 8912 *8814 8914 7834 Nov 100 7834 Apr 4 bb58 Oct ti 93 Jan • 1Li-- SCIP:'65 y irgtioEnntd& stM .. .18.1s ( .._:____.31 0 ) 150 Jan 13 157 Sep 26 14518 Nov 170 Jan "W. ici- -iii- -/ii1 - -ii5- "g" "iie- liir 89 89 8912 8912 "iii 76 Jan 2 9112 Sep 19 74 Dec 95 Jan • *10512 ____ 10512 10512 10512 10512 10512 106 10512 10512 *105 106 42 Do 04 NOV 110 Mch 50 96 Jan 2 100 Sep 14 Last Sale 140 Sep'03 __ Worc N A ias r , 140 Aug 13 hc d : ann n Jaa 413344 JJ Rioem 4 17 nn 0 138 J'ly 9 140 Mch3 ..10 ch . -.. Miscellaneou ellaneous s 2712 *27 2714 2714 2738 2712 *27 2712 2712 2712 *2834 2712 320 Oct Jan • 6 2 9 • 92 90 92 92 90 90 90 90 90 92 91 • 91 o ref 518 Der ' ' 0 ' 0 4 11 fl a:h13 tv 5 Feb; 578 6 5'4 578 5 531 512 512 534 *512 812 May19 4 Feb 10 312 Nov 634 389 Amer nets Service 5 1434 1434 1434 1413 1458 *512 1434 1434 13 1412 1413 *14 899 F 1434 JFae enb b 25 Do pref 466 128 1133 MeA ti 201134 s apgy130 Jan 33 j 9 192890184 911143 cttv o tvv 211132036318542076411111423231.1 214ONND Occ000e jj aaaaa ,:. 60 10912 13212 133 23212 133 13214 133 133 134 13278 13278 133 13334 1,0.45 Amer Sugar Relln 93 Dec 13714 Feb 100 994 Jan 2 13712 Aug31 *12812 120 128 129 129 129 *12812 129 128 129 129 129 120 .le Deor,pref ee& , 127 12738 127 12738 127 12734 127 12778 127 12738 127 12718 8,344 A 1 Jan & Teleg-_ 10 90 9 , *22 2312 2214 2214 *22 2312 *2112 2213 22 22 *2113 2312 58 American oolen Jan 1214 Nov 100 18 Jan 2 2612 A11211 9113 9034 9112 91 91 9113 9012 91 90% 9112 91 911 Do pref 265 1181, 734. 1. 3 17 Jan 1; 9 93412 J'neAug 4 69 3 0 11c ell 100 73 • *3 358 *3 338 *3 358 *3 358 Last Sale 313 ___ Boston Land J'ne'0 122 1.22 . 122 122 122 122 122 122 *12178 124 *121 37 Cumber, Telep & Te1.10 124 14,34 an 11 125126 12j Sep 14 Jan 1 9312 Nov 10 9 96 *16 1718 *164 1634 *1614 17 *16 17 Last Sale 1514 Aug'08 Dominion Iron & Steel814 Apr 15 25 Feb ; 1213 Oct 614 634 612 634 634 634 678 678 *658 74 *612 678 -iii East Boston Land Oc p t 12 Jan. 32 230 230 230 230 *230 __-- 235 245 23712 240 235 235 111 Edison Elec Ilium.. 100 3 1 1851-:111 o 4 ta lo ci l1 .37 2570 145 145 145 145 145 14518 145 14512 *144 145 143 General 143 111 Jan 2 148 J'ly 22 72 Electric Jan 16 6 85 2 8 •*54 5512 *54 55 56 56 *55 67 *55 56 55 65 125 Massachusetts Gas Cos1 190 09 49 hIch23 6812 Maylb 43 Oct 87. 87 8714 8734 88 8834 8812 8812 8812 8813 88 88 116 4 meD rg oenpreaf 8612 Apr _100 77 Jan 2 &34 Oct 20 75 Nov 206 206 *2034 204% 203 20412 204 204 20312 204 204 204 th ler Lino-100 192 Apr la 210 Aug 11) 185 Nov 215 Mch ; *2 213 2 2; 2 2 213 213 212 212 *214 ---Mexican Telephone 1 Mch 2 225 3 Oct 10 8 114 Dec 434 Jan *58 60 60 60 *58 60 4.__ 58 58 68 *--.. 17 6ND EnCoptrteorn Yarn58 100 40 Mch 5 6412 J'iy 28 46 J'ne 75 J'11 , *88 88 *85 88 *85 88 *25 88 *85 88 x88 88 75 Mch23 88 Oct 3 100 80 Oct *1.2112 12178 12134 122 12134 12178 12134 12178 12134 122 121 121 410 N E Telephone 200 105 Jan 4 122 Oct 12 96 Nov 12 9 19 6 1 • 164 164 *16312 164 162 16312 16313 16312 164 16212 163 1641 147 Jan 2 170 J'ly '17 137 Nov 18 451 Pullman te nor.; 100 12 3 j : *934 10 *934 10 *934 10 *034 10 Last Sale 10 Jjja Oct'0 9 Apr 10 10 Feb 21 aaa nnnn * nAllole__ 10 9 Nov Jan : 10214 10214 102 102 102 10238 10218 10213 10238 10238 'jig swift &co_ ,,1',. 102 102 -100 8812Jan 2 10812 J'iy 31 7613 Nov : 24 24 *24 25 *24 25 *24 25 *24 25 *24 20 Jan 3 24 Oct 17 25 Torrington 24 Class A.25 20 J'ne 2213 Jan *25 26 *25 26 *25 26 *25 26 *25 26 26 26 23 lelay212 26 Sep 12 50 Do pre f 113 112 *114 134 *114 112 *114 112 *114 112 --50 Union Cop L'd & M'g_ ig 114 Mcb23 212 Jan 28 672 Jan i 1 Oct 22878 120 129 129 12814 129 12812 129 12818 129 129- 129 514 United Fruit 100 11412 Jan 2 148 J'ly 14 1011. Oct 1 o. il; jjj nna 703,43 120 6 20 0 le 54 5334 54 54 5413 5412 6412 5412 54t2 5412 5314 54 872 Un Shoe Mach Corp 25 38,2 Jan 4 604 Aug 6 36 Oct • *2814 2813 2814 2812 2812 2812 2812 2812 2813 2812 2814 2812 Do pref 305 25 2478Jan 3 29 Sep 19 2358 Nov • 4614 4612 4614 4612 4614 47 474 4712 473g 4734 4712 4818 22,937 ti S Steel Corp 2s.', Jan 2 484 Oct 2J 22 Oct 100 209 10938 109 10912 110 11014 10913 12014 10912 110 11018 11038 870 Do pref 2812 Nov 100 8'712Jan 2 11214 Aug31 7 *612 7 *612 7 7 7 7 *612 7 *512 7 145 West Telep & Teleg 100 ..‘, Feb 3 834 Sep 2 9 Nov 9 Jani 80 75 *75 75 *70 75 75 75 *70 75 *70 75 35 ow Jan lo 80 Sep 2 Do 50 Nov 82 Jan 4 ....-- --__ __-- ---- ---- -_41 41 200 Westing 1978Feb lb pref_ El & Mfg_ 195 41 Oct 22 2614 Jan 1 so 90 7812 Nov _-_- --Last Sale 4. 41-41-- Se-p'08 _ Do preflining 50 344 Feb 19 4913 Sep la 76 May 80 012 Feb' 40, ---.71381 37A 71: 3712 *3, 7 758 37 .: 77 1 37% 38 734 ra V 1214 Aug 19 113 Feb 21 oiein ez ture Con 58 Nov 25 • *37 38 38 *37 Jan, 20 Oct 25 24 Apr 23 4014 Aug 7 7812 37734 79% 79 7538 7612 77 7514 7512 7515 76 8013 30,171 Amalgamated Copper 100 46 Feb 19 8312 Aug 8 4213 Dec 1274114 : *2312 2412 *2212 24 *23 24 2414 *2312 24 *__-24 2034 23 100 Am Zinc Lead & Sul_ 25 Jan 13 30 J'ne 2 19 Nov 63 Jam $ Last Sale 4313 Oct'08 Anaconda 20 Oct _, Feb 19 5014 Aug 7 25 28 75 Feb 1 Wsii -I3-4 -Ws -Ili -;g2 -3-3=1 -;art -1371 *312 334 *312 -; 29 Apr 6 334 "iio Arcadian Jan lb 314 234 Oct 25 1538 Jan ; ; 3453 3514 3418 3512 34 36 3434 3638 34 35 34 3.438 5,871 Arizona Commercial-. 25 .14 Jan 2 3634 Oct 16 734 Oct 2812 May .3.50 .75 *.50 .75 *.50 .75 *.50 .75 Last Sale .70 40 Feb 14 .90 Aug 7 Aug'08 Arnold 25 .35 Sep 2 Jan. 1834 1812 .1 1714 1758 1734 1834 1812 194 1834 1914 18 8 Apr22 1812 : 19 14 9-1_72. Atlantic May19 25 613 Oct 22 Feb Last Sale .35 Oct'08 634 Jan 20 BIngham Con 12in & S 50 .19 Oct 2 413 37 Dec Jan! .iti- sj.:46" :EC *"..ii." :16" 4.:ii" 71-6- . .41, Lad Sate .41 Oct'08 _ Bonanza (Dev Co)...._ 10 .25 Oct 7 .7412 Feb 27 .35 Sep .830314 jan Jan; : 1313 1334 1353 1358 1354 1334 14 1414 14 1414 14 1418 -903 BostonConC&G (mt.') Cl 1014 API' 13 17 Jan 2 • 858 Nov 1 1914 1934 1834 1038 1878 1938 19 1913 18 1814 1018 13,635 Dos &Corb Cop & Sil M 5 1.114 Apr 14 20 Oct 16 19 ;„ , 2434 2434 2414 2412 2414 2414 2414 26% 2618 2678 2673 2734 14,769 Butte Coalition 15 1312Jan 2 30 Aug 4 10 Oct 3913 Jan: 11034 121 117 117 118 119 r 218 119 122 120 12112 120 1,122 Calumet & ArIzona 10 93 Feb 20 130 Aug 1 80 Oct 108 Feb ; 665 665 1. OM 660 660 660 665 665 860 65712 660 660 62 Calumet & Heel& 25 x56.5 Mch 5 700 Jan 15 535 Oct 1000 Fe121 *34 3512 35 35 35 35 35 3478 3478 35 3512 1.39 Centennial 25 21 Feb 10 3612 Aug 19 16 Oct 47 Feb., 4,.40 .44 .40 .40 .40 .40 *.37 .40 .40 .40 *.37 .40 2.000 Cons hierear Gold 1 .25 Mch 6 .45 J'ne 9 .25 Oct .52 Jan. 1 !, 73 74 7312 7312 734 7434 7334 7434 7478 7634 6,518 Copper Range Con Co.ln 554 Feb 18 8112 Aug 6 7213 73 944 Oct 105 Jan4 L *9 912 94 918 *918 912 *94 912 *918 012 918 J'ly 31 911 7_5 .DaDo lyDec JuirO8 __ Dominion Coal Last Sal 51 9 ; .100 4 45 8 .1 ---13 34 Ap 11 9533 ary22 1114 47012 Last Be 9833 JuirOS f :ret W en 100 iaep : 7318 j 3 :4 3156! 17 85 Nov 1 -ii 2 - -ir . -1 3 ; ---------4 *2 214 *2 Mch 6 214 -60 Elm River 258 J'ly 9 9 28 12 •• 34 Nov i 2214 1214 1214 1214 124 1213 1213 1212 1224 13 13 2,260 Franklin 14 2;114 ilcb11 12 Apr 22 15 Aug10 6 25 6 Oct 100 100 41.*_.._ 100 *_ 100 98 98 100 100 172 Granby Consoildatecl_100 80 Jan 2 110 J'iy 30 100 Febb 65 Oct t gig 1014 10 104 978 10 61 Jan 2 134 Aug 3 1014 1038 1033 1034 14,728 Greene-Cananea 934 1012 20 514 Oct Last Sale 134 _ Guanajuato Consol Oct'08 278 Jan 22 1% J'ly 2 514 Jan., 5 2 Dec ii- -i..3- Wig -ii1-2 iiI2 2232 2312 23 't -ii2 -23'13 -iiir2 -__ 2314 2-..iii6 Isle Royale (Copper)- 25 1734 Feb 17 2614 Jan 2/ 1112 Oct - 1414 1414 1334 1334 1378 14 1418 1418 14 14 1414 1414 681 Lake Conner 25 10 Sep 22 1434 Oct 5 •• *1313 14 4 4.1gl : i 1t14 . 1,K4 , 1112 13 5,3 1 1 1212 15 4 1414 14 14 315 La Salle Copper____ 25 1214Jan 2 17'4 Jan 14 8 Oct 30 Feb. i *612 63 63, &33 582 1.(il1: iDgn. C ) o wnesroI _ 984 Jan'i 838 Aug 19 2.5 214 Mch 6 233 Nov *.80 .60 .60 * .60 __ 25 .25 Jan 10 ,75 J'1y 30 .90 Nov 134 Jan 5 5 735 i• 412 434 432 -473-4 *414 413 *414 458 --ii72 -11-2 Mexico Cons 10 4 Ora lb 8 18 Jan Jan 1614 Nov 634 i 10 101s 1018 1033 1018 1038 1012 1034 1058 1058 1034 1118 9,078 VlIsml Copper.........--. 5 834 Sep 22 124 Aug31 ;• 1312 1334 134 1312 1312 1312 134 1312 1312 1312 1312 1334 714 450 Feb Michigan 1514 _Aug31 ----26 Jan, 634 Oct l 83 63 6212 6213 6212 6212 6212 6412 6412 6412 6434 86 943 Mohawk 71 J'1y 31 25 Al OctFeb 1 37 Oct 9 26 411 ;1,40 .60 ('.40 .60 *,40 .60 *.40 .60 Oct'08 Last Sale .45 • Montana C0712010 tb0 10 138 Jan 24 1 Nov 31* May i 1614 1614 2632 1612 1638 1658 1634 164 1634 1634 17 1734 6:iii Nevada Consolidated- 15 Nov I 82 8358 8234 8178 8234 82 8212 8234 84 85 14 21.653 North Butte 8314 8458 1 E 40 eb! 17 4 ta 9fi. 9,i,A1 3044 120 Jan 29 2::j j an . ii1..60 .75 *.60 . *.60 .65 *.60 .76 *.60 .66 .66 .65 25 .60 Jan 15 100 Old Colony_ 1 J'iy 31 12 Sep ; 49 5014 4813 5014 484 4912 4914 50 4978 5134 21,878 Old Dosninion 4834 50 63 Feb 25 28 Jan 2 5134 Oct 23 18 Oct i 118 118 11814 11712 117 11778 116 118 117 118 484 Osceola /17 118 25 77 Feb 19 12413 Oct 5 71 Oct 281 Feb 1, 2712 2712 2713 2712 27 2818 23 288 2,440 Parrot (Silver &Copp) 10 1013Jan 11 2978 J'1y 31 2734 2734 2838 28 35 Jan 834 Oct ;*..60 1 *__ 12 Mchli Aug'08 ..i 1 Last Sale .90 1 *---.t.is Phoenix Consolidated 25 1 *_114 Jan 26 a Jan 12 Dec . ,.1 91 91 81 91 0334 95 90 *93 90 94 92 94 25 77 Feb 19 100 Aug 1 Feb b en F Jjana 70 148 Oct 334 334 t 334 4 414 414 *4 *4 414 412 412 *4 496 9 Ru hlondeY 2 Mch26 e Island..--- 25 J'ly 28 6 2 Oct i.y3): 11k1.913544 134 134 *PI 2 *134 2 *134 *134 2 2 300 Santa Fe (Gold dt•Cop) 10 1% Apr 3 258Jan 20 14 Nov 12 1514 1514 1518 1514 1514 1513 1514 1512 1514 1634 3,640 Shannon 2438 Jan . 10 _934 Feb pi. 11 3 ) .:;;221 Aug 1g i Vs Oct 2734 2778 27 2713 27 2814 2734 284 2734 2812 1.330 Superior--_----- 25 14 28 28 *72 i *71 74 74 72 72 73. 76 78 75 72 72 412 Tamarack.._,....., 25 58 Mch20 79 Aug 6 s 17 17 17 1734 1733 1712 1734 1813 13 1812 18 18 3.015 'reality Jan 25 1213 Feb 19 26 Aug 10 11--N macmI)2! 2 7 : 4j 7 40 93•3 i5Otv 17 i *1053 11 1073 11 *1034 1114 *1034 11 1114 1114 1034 11 60 United Copper.._.._ iN 4% Itich24 1514 Aug 10 7 Dee Last Sate 29 Sep'08 _ _ 3 Do pref 9 41 j Mitag 2334 22 Oct 9 A mpr en3 11 6 28 914 i. -itii4 71 iiir4 ju.:.3-4 -iii4 2612 2634 27 2513 261; 1.298 United StatesCotd&01119 1314 Jan] 2g 712 Nov S Aelfg 10 3012 40 . *3913 40 39 4012 4012 41 *40 3034 40 40 Ll. U S Smelt Ref & Min_ -Jim 44 4413 4412 44 44 4412 45 4412 45 45 4413 45 ;42 u 14 Jan 825 1 Do pref it 41 40 12 4014 41 4034 40 41 4012 4034 4012 4114 5,162 Utah Consolidated-- 5 2912 Jan 't 41 79 Jan 4233 4234 4814 4458 4.093 Utah Copper Co.._ -_ 10 2873 May . • 4134 4134 4114 414 4134 42 42 425 712 Aug42u9:371 8 : 9 4 412 *4 413 45 412 *4 412 413 44 *414 434 256 Victoria 312 Oct 1138 Fell 2.5 634 J'ly 27 212 Apr 16 5 534 5,8 512 *5 514 518 514 54 512 14 Jan , weinivoertnane 514 413 Nov 514 560 58 W /712Aug 7 25 412Jan 2 141 141 141 141 141 241 141 • 240 140 *140 141 *_ eitil Fa 354 J 25 11512 Jan 2 149 Sep 15 93 Oat 198 214 214 233 235 28 214 214 212 213 238 212 238 900 Wyandot 25 60 May26 s . s.t,a 338 Oct 3 .10 Nov Ae Before part at asseseta called in 1907. •Bid and asked prices. a New stock. Id. 5 Ex-stock &v. 8 11z-nglita. a Ex-dly. and light& I • iTi22 Sep 1t, 4i2 :i6- J.i, ir&s..._ -2-ii-, 267. If218 L44'.7\1127.5 Oct . 00T. 24 1908.] flO,N BOSTON STOCK EXCIVOK WEEK ENDum OCTOBER 23 Boston Bond Record, z Price Priddy Oct 23 Week's Range or Last Sale ,c .ts'72 Erg, Range Since January 2 Btd Ask Low Nigh Low High Am Bell Telephone 48....1908 2.2 100 J'ne'OS 0818100 Am Teter;& Tat coil tr 48.1929 3.2 90% Sale 904 345 904 784 904 Convertible 4s.. .....1936 M.s 9214 Sale 92 11934 313 807p 9414 Am Writ Paper 1stst5sg 1919 2.2 1784 Mants J78341'17834 Atoll Top & S Fe gen g 48..1995 A-0 99 9958 9918 964 093, 9914 Ad)ustment g 4e Ply 1995 Nov 93 8914 Sep'Os 85 894 Stamped J'ly 1995 hl-N 91 12 91 Sep '06 91 91 Boston Elect Light 1st 68.1908 111.S Consol bs 1924 121-S 110 Feb914 Boston & Lowell 45 1916 _J 101 Sep '06 ••-• Boston & Maine 41 / 48 1944 ..... 1044 1044 104'i 1 ,04 Boston Terminal 1st 3128 1947 F -A 1124 Jan '03 Bur & !do Riv ex (la 1918 J -J 104 Oct'07 Non-exempt 68 1918 J J 102 Sep'05 ...... Sinking fund 48 1911) 2. 084 Apr 08 97 981, Butte & Boston 1st 63.-1917 A•0 100 J'ne'01 .. Cedar Rap & Molt 1st 78 1916 NI•N 117 J'ne'08 117 117 2d 78 1909 J-1) 111 18 Ply '05 (lent Vermt 18t g4s-May192t) 801 / 4 811 / 4 8014 81 1 ."fd.. 81 0B& Iowa Div 1st 58 1919 A-0 11103 Oct '07 Iowa Div 1st 48 1919 A-0 984 Ang'08 963411001; Debenture 58 1913 100 Apr'llb 100 100 Denver Exton 4s 1922 F-A 9914 Sale 994 9914 1 984 9914 Nebraska Eaten 48 1927 M-N 100 14Sale 1904 10018 98l0014 BA,SVist 4s 1921 M-S 9712 May'07 ...... Illlnois Div 348 1949 118734 Aug'OS Si; 1189 Joint bonds See Ot Northern J -J Ohio r o By & Stk Yds 58.1915 2.2 / 4 IS 99 10314 Coll trust refunding g 481940 A-0 1024 Sale 1024 1021 89 Ply'08 85 89 Oh Mil & St P Dub D 68 1920 118 Ply'03 118 118 Ch M & St P Wie V div 6819'20 J -J J•J 126 Feo'05 Chic & No Mien lst gu 58.193i PA-N 98¼ 09 Ang'08 95 99 Chic & W Mich gen 58......21 99% LOU 100 1 97 102 Concord 80 Mont cons 48_1920 J -D J 91 Dec '07 Conn 61) Pus it 1st g 48-1943 A-0 11214Jan '0: ...... Current River 18t 58 1927 A-0 104 Nov'06 Det Or Rap (ft W let 48.-1946 A-0 81% May'08 80 8178 Dominion Coal lat,s I 5s-1940 M-N 90 Feb'08 .90 90 Fitchburg 5s 190s 98 Apr'07 4s 1915 M-S 10318 Apt'06 48 1927 M-S 90 Apr 96 96 Fremt Elk & Mo V 1st A-0 1284 Apr'08 128 1284 Unatampea 1st (i8 1933 A-0 140 Apr'05 ...... G t N or 0 B & con tx 48 11121 J • J 96 9658 14534 024%99% 97 11, Registered 45 1921 1,24 9534 974 Sep '08 92 9814 1077 BONDS BOSTON STOCK EXCWGE WEEK ENDING OCTOBER 23 4t. Price Prtdati Oct 23 Week's Range or Last Sale Range Since Januarg 1 Bid Ask 1,ow Jhgh Ao Low H4g4 Illinois Steel deben 5s.1910 100 Sep '08 Non-convert deben 5s...1913 J -J 100 9714 100 A-0 10018 Sale 10018 10018 1 05 10014 La Falls &Sioux Clat 76..1917 A-0 117 Apr'0117 117 Kan C Clin & Spr 1st 55. .1925 A-0 96 Mar'OS Kan C Ft S & Gulf 1st 78..1908 90 96 101 J'ne'08 ... 100 101. Kan C Ft Scott & M 68.-1928 J-D M-N 113411512 113 Oct '08 .... 1091 gs.n C & 13 gen 48 / 411614 1934 M-S 90 894 sep '06 .... 874 91 Assented income 5s 1934 87 Sep '08 .... 87 Ban C & M By & Br 1st 581929 M-S 884 101 1 10014101 Maine Cent cons 1st 78-1912 A-0 1004 102 101 A-0 11358 Nov'06 Cons 1st 48 1912 A-0 1014 Sep '05 Maro Hough & Ont lat 6E3.1925 A-0 115 rne'08 115 115 Mexican Central cons 43..1911 J-J 1180% Sep 9)8 74 '1185 let cons Inc 38 Jan 1939 1116 Apr'Os 1116 111614 '2d cons inc 38 Jan 1939 J'ly %15 14 Apr'08 1115 14 1115 14 Mich Teleplst 55 -.1917 J- 2• Minns Gen Elec con g 58 1929 2.3 1024 Aug'04 New Eng Cot Yarn 58....1929 10'4 Sale 984 93% '2 93 9834 New /Dag Teleph Os 1908 A-0 100 Feb'08 100 100 Z1a 1915 A-0 10018Jan '07 Xs,. 1916 A-tY 10012 Sep 'OS 1004 1004 New Regland cons g 5s...1945 J•.i lio,ston Term 1st 48 1939 A-0 N YN FI & H con deb 3481956 J -J 1193 Oct'08 79121193 Old Colony gold 48 1924 F-A 9812 J•ly 'us 984 984 Dreg By & Nay con g 46_1946 J-D ¶9614 J'ly'OS 9614119614 Dreg Sli Line 1st g 68 1922 F-A 111978 Sep '08 103 111914 Repub Valley 1st 8 I 6s 1914.3 J-J 102 14)2 A ug'u7 Rutland 1st con gen 4128.1941 J -J 1074 Nov'05 Rutland-Canadian 1st 481949 J 102 Max'02 Savannah Elec lateens 58.1952 J -J 9812 May'06 Seattle Elec 1st g 5s 1930 F-A 1014 Ply'08 100%101% Verre Haute Bloc g Is. .1929 J -J 97 Apr'07 ...... Torrington 1st g 58 1918 991 / 4 Nov'06 Union Pac BRA 1 gr g 48.1947 110214 Oct '08 11997,1102% . ..0-year cony 4s 1927 -.....- 1199 Sep 'OS ¶84381199 Uniten Fruit cony gen 53.1911 116 Jan 'u8 116 117 U S Steel Corp 10-60 yr 58.1963 M-N 10314 10314 1186 10314 West End Street Ry 48. .1915 F-A 9914 Feb'08 .... 9614 964 Gold 414s 1914 M-S 1014 Sep '08 .... 101141.0114, Gola deoenture 48 1910 M-N 102 Jan'06 Gold 48 1917 F-A 98 3 98'4 '3914 1(814 Western Teleph & Tel 58.1932 J -J 96 Sale 95 96 14 79 97 Wisconsin Cent 1st gen 481949 J-J 11944 Sep'05 Wisconsin Valley 182 78..1909 -J 109% Aug'05 Nara-Buyer pays accrued interest In addition to the purchase price for all Boston Bonds. No price Friday; latest bid and asked. %Flat price. Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Week ly, Yearly share Prices--.Not Per Ccuttim Prices Satan/am Oct 17 .11onctay Oct 19 7uetady Oct 20 Wednesaav Oct 21 69 95 69 69 69 95 95 05 .95 •64 • 712 7 7 7 7 *121 / 4 131 / 4 •121 / 4 13 *121 / 4 13 1234 13 •10 101 / 4 .10 10¼ *1.0 101 / 4. 1034 2'hursaag Oct 22 Priddy Oct 23 20 .67 .95 95 95 7 .7 7 1234 12% 9.234 *10 / 1034 *101 4 22 69 96 714 134 1.014 Sales ACTIVE STOCKS of the Week (For Bonds and Inactive Stocks see below) • Shares Baltimore Con.Gas EL L.& Pow.100 22 Do pref 100 55 Northern Central 60 420 seaboard(new) 100 300 Do 20 pref 100 United By & Electric.. 50 Range Since Jan 1 1908 Lowest 20 65 80 4 10 10 Jan 15 Mar25 Jan 2 Fee 12 Feb 18 Jan Highest Range tor Previous Year(1907) Lowest 274 May13 334Jan 76 Apr23 80 May 96 Sep 2 i 7812 Nov 814 Aug24 10 Nov 13'-sJ'1y23 24 Dec 1178 Mar2s 8% Oct Rip/test 35 Jan 85 Jan 97 Jan 234 Jan 48 Jan 15 J'ne Philadelphia •44 441 / 4 30 American Railways.... 56 4234 Mar 9 46 Atzgll 434 Dec 51 Jan 3614 364 3614 3634 4,658 Cambria Steel 60 8 Feb10 3878 Sep 22 Oct 47'.Jan 01516 914 (Asia osi, 41ri Electric Co of America 10 267 812 Jan 25 1078J'ne22 7% Oct 1138Jan 61 6% 614 361 Gen Asphalt tr ctis 04 100 34Jan 9 7 Aug 6 3 Oct Jan 29 *284 29 29 346 Do pref tr ctfs 100 197 8Jan 814 2912 Ang2 133 4 Nov 36 Jan 716,,, "8 814 1,436 Lake Superior Corp.-10U 358 Feb29 914 4 Dec 16 Jan 91 91 91 0114 312 Lenigh C & Nav tr ctts. 50 78.4Jan 2 914 Apf. It; / 4 661 921 / 4 -Ply 22 69 Oct 103 Jan 07 67 (i73e 6714 4,702 Lehigh Valley 50 5238 Feb29 6814 Sep lb 484 Oet 7678Jan 2 2110 •2 218 400 Maraden Co 100 1518Jan 20 278 Apr24 61,316 62 6134 624 1311314 623i 38 Nov 624 62314 6278 53118 63 2',Jan 6334 2,964 Pennsylvania RR 13814 30 50 Jan2 63 716 384 38¼ .384 31) Oct S49 22 x52 Nov Oil Jan *38111 39 .384 30 384 38¼ 30 Philadelp 'aCo (Pittab). 50 3412 Mar 3 41,2 Apr 2,1 3334 Nov 48',Jan 11 111e 11 11 11 1114 1 1/ 1114 1 4 11 111 / 4 11, 13,667 1114 Philadelp 4 hia 2.Clectnct. 25 5/ 1 41 Feb 27 11 12 Oct 21 6316 Nov 9 23 2334 22% 231, 234 2334 234 23% 2214 2314 2234 23 22,472 Phila Rapid Transit 50 d1218.1'ne 9 2440ct 10 d12 Nov 264 Apr 65116 1151 / 4 651'i8651126 65716 66118 0014 6678 664 May 67316 6014 66% 26,327 Reading 50 4631 .Feb17 681118 Sep 15 3538 Oct 69% Jan .43 44 Do 1st pref 50 39 Jan 3 44 Oct 12 304 Nov 4538Jan "43 44 *43 44 44 44 431314 44 44 44 "423 4 4314 108 Do 2d pief 50 371 2Jan 5114 2 5078 44 12 Oct 1 3212 Oct 47 Jan 3014 614 514 5114 514 52 5034 5114 5118 51 12 9,165 Union Traction 50 x444J'nel0 5614 Apr23 4178 No, 6038Jan 674 874 87 (37'., 87's 87¼ 871 / 4 874 8714 8734 7L4 8734 2.228 United Gas Impt 50 734Jan 2 81) J'ly 21 664 Oct 9618Jan 25 .25 25 '27 25 Welabach Co 100 25 J'ne22 264 Sep 11 25 May 30 Feb Bid Ask PHILADELPHIA .M8 Ask PHILADELPHIA Bid Ask BALTIMORE Rid Ask Inactive Stocks Bonds Ph & Read 2d 58'33.A-0 Chit/3E3,08;E158'99 51-8 84 Allegheny Val pref. 50 Al Val 11 ext 78 1910 A-0 10334 86 Con 51 7s 1911 J-D 109 1093 Char! 4 C & A ext 58.'09 J4 105 Arnerlliall Cement 50 Alt &LVElec 4/ 061 / 4 1 46'33.F-A Ex Imp M 4s g'47 A-0 20 78 Amer Pipe Mfg 100 1910 A-0 Am Dys cony 5s 1911.2-D Terminal Sag 1941 4-F 1181 95 / 4 City& Sub 1st 58.2223Bell Telephone (Pa).100 99 109 D 1091 Atl City 1st Os g'19.61-N / 4 P WA B col tr 48 '21..14 101 102 City& Sub(Wals)lst 58'48 101 1021 Cambria Iron 50 46 Balls Ter 1st 5s 1920.3-D / 4 Portland Ry 1st Ss 1930. Coal & I Ry 1st 58'20E-A 100 102 Central Coal & Coke.100 Berg& Ellrw 18168'21J-I Roch Ity& L con 58'54J4 Col&Grnv 1st68.1916J-3 111 Consol Trae ot N J...100 684 16 Betide Steel Os 1908.Q.Ir 116 SpanishAm 1r Os '27 J-J 100 , 4 Consol Gas 6s 1910 J-D 1031 Diamond State Steel..10 / 4 104 Choc& Moist581949 J-J Trac Ind gen 58'11.1.J-J 90 be Preferred 1939 J. 111 12 10 Ch Ok & G gen 58'10 3-.1 Un Rys Tr otf8 48'49J&J 72 Ga 45 Ala 1stcon 5s'45J4 99, Easton Con Electric 0.50 4 99% Col St Ry 1st con 58 1932 United Rya Inv lstcolltr GaCar&Nlst5ag'29J-J 1024 03 Elm)Storage Batt....100 .36 37 Con Trac of NJ 1st 38.'33 1034 8118 1926 M-N 7914 793 . Georgia P lst 68...'22 J-J 114 Preferred 100 17 & A 1st M 58 1920 SI-N 10612 U '1'rac Pit gen 55'97 J4 106 (laSo& Fla 1st 58 1945J4 105 Ft Wayne &W V 100 06 Elec & Peo Tr stk tr Otis 112 924 Welsbach s f 58 1930.J.D 74 75 0-B-18 Brew 3-48 195161.8 4212 43% Germantown Pass.....50 Eq II Gas-L 1st g 58 1928 Wlks-11 G&Econ5s'55J4 29 income 58 1951 61-N Indianapolis St 100 14 16 B Top con 58'25 A-0 KnoxvTraolat 58'28A-0 102 Indiana Union Tr..,.100 BALTI110ILE Indianapolis By 48.1933 85 LakeR El 1st gu58'42M-S 112 Insurance Co of N A..10 Inactive Stocks 2014 20% Interstate 48 1943 ..F.A 88 / 4 Ala Cons Coal& Iron 381 Macon Ry&LtIstbs'53J4 90 Inter Sin Pow & Chern.50 100 29 85 Lehigh Nav 44s '14.Q4 Memphis St 1st 56'45 J4 911 Keystone Telephone _50 Prat 100 60 64 7 / 4 92 68 RRs 4s g 1914.Q.F MetSt(Wash)lst58'25FA 109 Preferred Atlanta & Charlotte 100 50 Gen 4148 M g 1924.Q..b KeystoneWatchea8e.1011 Mt Ver Cot Duck 1st 58. 76 1., 77 Atlan Coast Line II11 100 Leh V C 1st 5s g '33..J4 109% NptN&O Atlan Coast L (Conn)100 205 225 P 1st 58'38 M-N Lit Brothers 87 10 141 / 4 16 Leh V ext 48 lat194.8.J-D 1031 / 4 General 58-.1941 1.1-6 Canton Co Little Schuylkill 50 100 b2/ 1 4 874 2d 7s 1910 M-S 104', Cons Cot Duck Corp...50 Mlnohlll & Schuyl H..50 611 / 4 1051 / 4 / 1 4 6% Norfolk St 1st Os'44..J.4 1041 Consol Os 1923 J-11 12034 Preferred North Cent 4',s 1925 A-0 106: N Haven iron & 6tee1.5 ...... 50 2234 24 Annuity Os J-D 146 Series A 5s 1926. .J -J 111 1.2 Georgia Sou & Fla...100 Northern Central 54) Gen cons 45 2003 M-N 98% 981 / 4 Series pref B 58 1st 1114, North l'ennitylvania..50 100 8'21 Leh V 'Iran con 4s'35J-I) / 4 85 2d pref Pennsylvania Salt . 581 50 / 4 62'-, Pitt Un Trac 55 1997.J-J 104% New Con Gas 58 1948 J-D G.13-S Brewing Pennsylvania steel..100 100 234 3'-, Poto Val 1st 5s 1941...14 100 Newark Pass con Is 1930 Say Fla& Weat58'34 A-0 105 Preterreil 100 9914 NY Ph& No 1st4s'39 J-J Bonds Seaboard A L 48 1950 A-0 544 541 Phila Co(Pitts) pref...50 4014 40% / 4 Income 4s 1939...51-N Anacosti a & Pet58 Seab 100 & Roan 58 1920.J.J 105 107 1001 / 4 Phil German & Norris.50 No0hioTrac con56'19.J4 Atl & Ch ext 41 / 4s '10.J-J 100 South Bound 1st 5s..A-0 101% 102 Phila 'Traction 91 50 90 Penn gen 08 r 1910 Var Allan C L 1M481952 51-8 944 941* U El LAP 1st 448'29 M.N Railway, General 91 9214 10 5 i8 Consol Os r 1919. Var At!Coast L(Ct)etfs54J-D Un ay& El 1st 48'49 Succinct' Iron ets Steel..5 86 864 Penn & M41 Steel coil 98. 110 Ctfet of indeht 76 76 48 1949......J.D Tide wa t er Steel 51-SIncome 5234 58 10 Pa at NY Can 98'39.A-0 5-20 yr 4a 1925 J4 82 Funding 56 1936....J-D 84 Pr,aerred 7914 80 11) Con 48 1939 A-0 Balt CPass lat 58'11 M-N 101 Va Mid 2d ser Tonopah Milling of Nevl '11-31-6 102 • 7', Penn Steel bit 58'17 M-N Bait Fundg 55.191651-N 108 110 3d series (3s 1916. M-S 105 Union Tr of lini 100 People's Tr tr certs 48'43 0634 97 Exchange 314s 1930 J-J 994 100 4th ser 3-4-58 1921.51.S 103 United N J RR & C-100 248 P Co 1st& col is 58'49 M-6 104 105 Balt& Plst6smI'll A-0 102 5th series Cal 104 1920.M-6 Unit Trac Pats pref..50 Con& col tr 58 1951M-N 45 99¼ 9934 Salt Traz 1st58. '29 M-N 110 Va (State) 3s new '32.J4 90 Warwick Iron & Stee1.10 Phil Elec gold trust Mts 1001 7', 8 / 4 101 No Bait Div 531942 J-D 112 Fund debt 2-381991 West Jersey & Sea 811.50 901 4 Trust certif8 48 Cent'l Ity con5s1932 61-N 110 DT' West N C con 981914.J-1 107/ 721 / 4 73 Weatmoreland Coal....50 106 J-J PM E gen M 6 g'20.A-0 119 1201 / 4 Ext Imp & 58.1932 M-S WesVa CAP 1st &gill J4 104 104% Wilkes (4a8 & Elec.„100 Gen M 48 g 1920..A&O Chas City Ry 1st58'23J4 100 104 WI!& Weld 503-1935.J4 110 112 * Bid and asked: no sales on this day Ex-rights. 11 87.50 paid. 41124 Pal ($1314 Paid. 4 135 paid- alte1111013. b 4125 Paid. c$30p524. di642%Pat& *431 / 4 30 *934 *54 .25 85 '904 6638 441 / 4 36 10 6 441 / 4 36 *934 *54 '28 84 9012 66 444 36 3578 3t3 10 •91310 10 64 6 6 28 28 28 84 We 8 904 904 90-4 ON 664 608 364 3614 213039iS Om 11'15 281 / 4 28-s, 818 84 901 / 4 01 6678 671 / 4 [VOL. Lxxxviz. THE CHRONICLE 1078 ntelligtuce. lnutstment and Xaitroad RAILROAD GROSS EARNINGS. The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns , can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other period. The returns of the street railways are brought together separately on a subsequent page. Latest Cross Earnings. ROADS. Week or Month. Current Year. Previous Year. Latest Gross Earnings. July 1 to Latest Date. Current Year. Previous Year. 4 Ala N 0 Sc Tex Pac. 783,802 669,826 245,676 244,606 N 0 & N Eastr September 382,486 351,058 120,067 131,095 Ala do Vicksb___r September 408,347 327,204 112,636 138,340 Vicks Sh & Pac_r September 7,508 8,767 3,753 4,637 Ala Tenn & North.._ August k Atch Top do S Fe_ August _- 7,479,316 7,988,890 14,464,716 15,928,445 155,936 150,083 150,083 155,936 Atlanta Birm Sc Atl Ju y 1,575.574 1,950,997 3,317,912 4,005,187 Atlantic Coast Line. August Baltimore Sc Ohio__ September 6,315,210 7,465,051 18,409,568 22,441,261 450,471 376,686 195,352 233,269 Bangor Sc Aroostook August _ _ _ 14,975 17,851 4,576 6,965 Bellefonte Central__ Sentember Boston &Ma ne......r August __ _ 3,519,391 4,065,653 6,794,513 7,817,852 11,882 11,147 0,537 5,778 Sc Bridgeton Saco__ August 2,813,901 Buff Roch Sc Pitts r 2d wk Oct 163,642 214,358 2,220,853 2,887,800 Canadian Northern.. 2d wk Oct 265,300 208,100 2,889,300 23,367,451 Canadian Pacific__ 2d wk Oct 1,611,000 1,501,000 22,195,838 Central of Georgia__ 2d wk Oct 245,900 282,900 3,273,355 3,508,735 2,159,942 2,557,130 4,316,666 5,100,786 Central of N Jersey.. August 312,706 288,491 • 288,491 312,706 Central Vermont __r July 47,907 27,216 3,141 1,824 Chattanooga South_ 2(1 wk Oct 2,292,904 2,667,359 4,388,035 5,057,511 Chesapeake & Ohio. August 9,628 6,298 4,823 2,636 Chesterfield Sc Lane August 3,901,952 Chic Sc Alton Ry_r 2(1 wk Oct 298,943 332,451 3,885,715 14,447,156 6,918,604 7,553,214 13,189,767 Chic Burl Sc Quincyr August 2,619,552 Chicago Great West 2(1 wk Oct 193,650 161,872 2,529,450 56,541 80,276 Wise Minn Sc Pac September 162,967 181,4,34 September D.. Mason C Sc Ft Chic Ind Sc Loulsv_ 2 d wk Oct 108,877 114,972 1,631,151 1,809,472 Chic Ind Sc Southern -See New York Cen tral. 5,339,480 5,221,252 0,991,869 10,342,266 Chic Mliw Sc St Paul August 5,770,644 6,439,654 10,985,829 12,404,102 Chic Sc North West_ August Chic St Paul M Sc 0_ August _ _ _ 1,008,580 1,100,037 2,097,067 2,320,490 527,182 494,597 36,505 34,953 Oct wk 2(1 Chic Term Tran RR 728,444 875,892 1,383,346 1,674,879 Gin Ham Sc Dayt__r August Cid N 0&Texas Pac -See Sout hem Rai' way. Cincinnati Northern -See New York Cen tut!. Clev Gin Chic Sc St L -See New York Can tral. 395,372 443,501 202,023 217,701 Colorado Midland- r August h Col Sc Sou System 2d wk Oct 312,274 311,454 4,407,624 4,195,717 275,775 294,013 23,100 17,457 Col Newb Sc Laur-- may 147,020 87,785 175,958 71,200 August --Copper Range 23,467 10,272 44,859 5,452 ___ August Cornwall 42,287 46,531 83,554 23,533 Cornwall Sc Lebanon August --281,629 298,300 127,843 145,268 August Cuba Railroad 1,931,955 3,042,948 3,798,311 1,568,459 August --Delaware Sc Mud Del Lack Sc West__ r August --- 2,616,370 3,265,557 5,475,609 6,292,575 6,301,124 7,114,099 Denver Sc Rio Gr..-r 2d wk Oct 454,500 456,800 41,331 469,255 552,102 38,972 Det Tot Sc Iront syst 1st wk Oct 537,850 42,934 613,897 40,381 1st wk Oct Ann Arbor 338,607 23,817 389,712 21,715 Oct wk 2(1 Meckinac Sc Detroit 940,942 1,198,214 1,922,931 1,900,588 Dui Sc Iron Range_r August 814,888 1,005,610 63,108 59,138 Dul South Sh Sc Atl 2d wk Oct August ___ 4,351,791 5,083,318 8,531,87G 10,021,153 Erie 7.564,104 529 422 El Paso Sc Southw_r June Evansville Sc Ter 1-1 -See Rock Isiaa S ystere. 1,197 3,195 1,681 2,760 August E.._ Nor Fairchild Sc 164,477 94,278 83,200 192,735 Fonda Johns Sc Gloy August 423,735 205,661 244,470 478,888 Georgia Railroad _- August Georgia South Sc Fla -See Soot hemn Hall way. 13,954,986 Grand Trunk Syst__ 2(1 wk Oct 849,270 935,632 12,031,836 1,866,509 Gr Trunk West__ 1st wk Oct 106,683 140,744 1,571,450 480,783 35,545 30,070 554,009 Oct wk 1st 5111 Sc Hay Gr Det 553,661 49,112 664,570 30,333 Canada Atlantic.. 1st wk Oct Great Northern Syst September 5,875,035 5,700,980 14,785,900 17,083,662 45,907 1,903,319 2,215,730 29,071 Gulf Sc Ship Island_ 3d wk May 615,314 685,736 1,145,835 1,320,675 , Hocking Valley__ August 15,798,421 Illinois Central__ September 4,729,755 5,405,906 13,645,631 2,106,955 Inter Sc Gt Northern 2d wk Oct 183,000 183,000 2,151,969 1,737,560 2,121,493 a Interoceanic Max.. 2d wit Oct 113,711 137,904 881,827 937,986 68,866 60,832 2d wk Oct Iowa Central 409,080 416,699 207,173 214,068 ugust Kanawha Sc Mich 689,132 900,885 2,177,383 2,654,507 Kansas City South_ Sebtember • Lake Erle Sc iSest'n -See New York Cen trai. 'Lake Shore Sc 51 Sou -See New York Cen tral. 8,287,205 10,010,951 Lehigh Valley ----r September 2,926,821 3,245,306 51,761 36,821 51,781 36,821 'Lexington Sc East- Jthy Dec. 151 ,455 Dec 97, 068 August Long Island 1,144 521 1,216,837 Louisiana Sc Arkan_ June 14,784,843 Louisv & Nashville_ 2d wk Oct 936,165 1,045,515 13,125,108 40,279 33,906 13,488 11,241) Macon Sc Birmlng__ September 797,240 893,285 1,519,540 1,709,475 Maine Central........r August 19,134 16,059 4,554 3,283 September Manistique 66,309 66,734 37,438 36,780 Maryland Sc Penn.... August --7,794,474 2,995,982 32,889,443 28,492,109 May a Mexican Central a Mexican Internat_ 2(1 wk Oct 135,563 179,657 1,935,614 2,588,348 1,992,200 a Mexican Railway_ 4th wk Sep 146,300 186,700 1,692,300 308,935 335,787 27,938 32,081 a Mexican Southern 4th wk Sep al. Centr ork 'Y New Michigan Central- See 250,732 14,468 247,282 15,861 2c1 wk Oct Mineral Range 97,442 1,284,062 1,266,145 Minneap Sc St Louts 2(1 wk Oct 100,554 300,892 4,141,084 3,802,144 380,338 Minn St P Sc S S M_ 2d wk Oct Missouri Kan Sc rex August ___ 2,200,770 2,288,414 4,069,037 4,512,949 12,997,180 14,548,791 Mo Pac Sc Iron Mt_o 2(1 wk Oct 924,000 951,000 533,000 33,000 519,000 35,000 Central 13ranch_o 2d wk Oct Total system.. o 2d wk Oct 959,000 984,000 13,530,160 15,067,791 32,827 375,257 465,547 30,074 S Mobile Jack Sc K C Wk Oct 10 a Nat RR of Mexico 2(1 wit Oct 262,396 311,506 4,042,274 4,754,092 253,562 20,988 301,363 18,760 Iildalgo&No.East 2(1 wk Oct ROADS. Week or Month. Previous Year. Current Year. July 1 to Latest Date. Current Year. Previous Year. $ 4 1,953,040 Nashv Chatt Sc St L August ___ 878,611 995,211 1,758M 118,526 7,784 123,6811 9,336 Nevada-Cal-Oregon 2d wk Oct 14,729 13,923 8,057 5,480 Nevada Central__ -- August 7,269,888 8,684,260 02,100,760 06,141.438 N Y C Sc laud River June 3,086,055 3,791,103 41,704,152 43,520,818 Lake Shore Sc M S J ne 356,538 422,805 4,675,068 5,119,967 Lake Erie Sc West June 230,744 254,849 2,809,298 2,685,965 Chic Ind Sc South June 1,977,246 2,376,125 26,448,406 27,490,423 Michigan Central June 1,983,163 2,323,844 25,024,012 25,672,162 Cleve C C Sc St L_ June 217,164 286,282 2,830,197 3,030,645 Peoria & Eastern June 80,893 82,554 922,472 1 031,769 .Cincinnati North_ June 835,386 1,386,504 11,958,100 14,476,381 Pitts & Lake Erie June 236,384 289,300 2,899,635 2,917,835 June Rutland 641.192 821,568 0,851,375 10,237,220 N Y Chic Sc St L.. June 16914633 20679284 221222484 232239634 Total all lines_ _ _ _ June 844,384 899,256 1,861,297 1,726,403 N Y Ont Sc Western August 4,528,132 5,350,083 8,929,055 10,370,6132 August NYNH& 490,553 266,490 272,190 548,082 N Y Susq Sc West_ _ August 2,507,097 3,057,236 4,870,022 5,925,828 Norfolk & Western_ August 958,036 1,257,036 1,825,151 2,435,551 Northern Central _ _ August Northern Pacific_ _ _ September 6,332,983 6,621,785 18,000,176 20,747,035 593,117 755,061 1,173,105 1,493,428 Pacific Coast Co-.... August 3,733,766 5,027,135 7,323,786 0,761,805 Pennsylvania Co--r August 11644799 15522399 22,926,864 30,122,464 d Penn-East P Sc E August Dec. 3,727,400 Dec. 2,013,300 d West of P Sc E_ Au- u't 1,201,032 1,275,461 2,258,248 2,455,818 Pere Marquette- _ r August 1,389,227 1,592,527 2.817,005 3,125,305 Phila Bait Sc Wash_ August Pitts Gin Ch Sc St L.. September 2,397,665 2,906,098 6,881,347 8,510,721 31,163 27,314 10,099 9,478 Raleigh Sc South p't September 3,012,903 4,085,096 5,930,374 7,852,158 Reading Company_ August August 2,122,030 2,883,510 4,076,793 5,839,649 Coal Sc Iron Co Total both con_ - - August-5,134,933 6,969,506 10,007,167 13,691,805 367,231 292,011 Rich Fred Sc Potom August _.- 118,283 188,973 78,565 72,930 78,565 July 72,930 Rio Grande June_ 191,609 182,106 13,714 13,165 Rio Grande South... 2d wit Oct 5,334,127 5,647,125 10,013,234 16,726,286 Rock Island system August 3,993,644 4,670,790 7,591,896 9,046,962 e St L Sc San Fran August 422,799 382,666 196,956 224,045 rEvansv Sc Tar H August 9,524,728 10541 981 17,987,796 20,196,048 'fetal of all lines_ August 320,197 274,060 St Jos Sc Grand 1st_ August ...... 149,244 173,613 St Louis Southwest- 2d wk Oct 226,456 230,221 2,927,991 3,193,492 549,216 685,725 1,072,468 1,374,480 San Pad LA Sc S L.r August 1,060,634 1,320,305 2,246,987 2,617,166 Seaboard Air Line...- August 297,273 245,570 129,211 180,005 August Southern Indiana 0,831,637 11454077 19,552,043 22.878,101 c Southern Pac Co.... August Southern Railway.... 2(1 wk Oct 1,096,086 1,195,162 14,713,047 16,980,636 2t1 wit Oct 172,562 190,972 2,578,385 3,095,680 Mobile & Ohio_ Gin N 0 Sc T P...... 2(1 wk Oct 141,213 176,401 2,243,180 2,660,358 73,143 1,008,089 1,215,189 .2(1 South.. 80,210 wk Oct Great Ala 621,147 515,060 43,607 35,672 Geo South Sc Fla_ 2d wit Oct 322,559 269,154 24,859 I st wk Oct 25,331 Texas Central 4,375,759 3,819,143 315,776 316,631 nd _ _ _ Pacific_ wk Oct Texas Sc 18,739 11,671 10,251 5,715 Tidewater Sc West_ August __ _ 876,776 917,146 438,224 457,138 Toledo Sc Ohio Cent August 366,745 339,588 28,422 2d 23,781 West Sc wit Oct Toledo Peor 965,506 1,219,831 88,501 61,747 Toledo St L Sc West 1st wk Oct 12,383 10,057 6,546 5,466 August Tombigbee Valley 153,154 128,145 79,500 61,659 _ August Tor Ham & Buffalo 6,975, _71 7,008,512 13,725,155 14,242,507 Union Pac.fic Syst_ August r August __ _ 745,001 910,644 1,449,987 1,732,922 Vandalla 219,515 193,353 August _ 100,785 113,989 Au Virginia Sc Sou IS 543,694 603,590 7,898,379 8,612,417 2(1 wk Oct Wabash 0 5,848,277 5,600,451 5(3 20 02:6 01 1 5 250 7:23 769 42 Western Maryland.. June 1,463,431 1,631,831 August W Jar Sc Seashore 532,070 657,340 1,050,282 1.280,279 Wheel Sc Lake Erier August 869,472 728,664 1,321,121 1,477,589 Wisconsin Central-r August 39,383 21,306 $2,800 16,957 Wrightsv & Tenn_ _ August 714,397 796,828 1,936,595 2,314.544, Yazoo Sc Miss Van_ September Various Fiscal Years. Period. Jan Bellefonte Central Jan 1 1 Delaware & Hudson Jan 1 Manist1que Jan 1 Mexican Railway Jan 1 Mexican Southern Jan 1 New York Central Jan 1 Lake Shore Sc Mich South Jan 1 Lake Erie Sc Western Chicago Indiana Sc Southern.. Jan Jan Michigan Central Jan 1 Cleve Cin Chic Sc St Louls Jan 1 Peoria Sc Eastern Jan 1 Cincinnati Northern Jan 1 Pittsburgh Sc Lake Erie Jan 1 Rutland New York Chicago Sc St Louis Jan Jan 1 Total all lines Jan 1 Northern Central Erie__ _ Jan 1 a Penn-East of Pitts Scand File Jan 1 d West of Pittsburgh Phlia Baltimore Sc Washington_ Jan 1 Jan 1 Pitts Gin Chicago Sc St Louls Dec 1 Rio Grande Junction Jan 1 Texas Sc Pacific Jan 1 West Jersey Sc Seashore to to to to to to to to to to to to to to to to to to to to to to to to to Current Year. Prostotes Year. $46,365 $46,391 Sep 30 Aug 31 11,860,410 13,137,866 50,354 43,904 Sept 30 Sept 30 5,642,700 5,964,500 951,710 1,028.777 Sept 30 June 30 40,662,607 46.930,897 June 30 18,340,216 21,580,537 June 30 2,040,667 2,432.537 June 30 1.394,317 1,499,498 June 30 11,735.281 13.833,980 June 30 11,015,082 12,439,769 June 30 1.270,774 1,441,923 479,804. 397,081 June 30 June 30 4,095,748 7,042.044, June 30 1.228,046 1,386,496. June 30 4,606,727 5,221,021 June 30 96,787,446 114297513 Aug 31 7,256,245 8,781,845 Aug 31 86,947,713 109264113 Dec. 14,941.500 Aug 31 Aug 31 10,558,216 11,303,516 Sept 30 19,105,889 24,446,498 542,954 488,025 July 31 Oct 14 0,816,703 12,769,503 Aug 31 3,735,883 3,959.183 AGGREGATES OF GROSS EARNINGS-Weekly and Monthly. Weekly Summaries. 1st 2d Id 1th 1st 2d. 3d 4th 1st m week Aug (41 roads)_..,... week Aug (39 roads)____ week Aug (39 roads)____ week Aug (42 roads)..... week Sept (40 roads)._ week Sept (40 roads)._ week Sept (39 roads)._ week Sept (42 roads)--week Oct (44 roads)---week Oct (40 roads)_ Cuent Year Prev's Year Inc. or Dec. $ 8,660,176 8 806,024 8,857,575 13,076,076 8.695,381 9,278,704 9,583,859 13,311,956 10,291,971 in AAA 1172 $ 0.872,530 9.973,195 10.118,734 15,026,926 9,678,456 9,932,527 10,009,320 13,839,704 10,673,871 10 849.128 % 3 -1,212,663 12.28 -1,167.171 11.70 -1,230,859 12.16 -2,550,850 16.45 -983,075 10.16 -653,823 6.58 -425,461 4.25 -527,838 3.81 -371,990 3.48 -445 1NR d in Monthly Summaries. Month Dec Month Jan Month Feb Month Mch Month Apr Month May Month June Month July Month Aug llfenth Cent Gwent Year Prey's Year Inc, or Dec. % $ $ $ 1907 (123 roads). 174,422,451 184,893,810 _11,471,359 6.20 12.49 _20,524,500 172,283,006 151,758,406 (122 roads). 1908 1908 (123 roads). 141,256,208 160,150,610 -18,894,404 11.79 1008 (120 roads)._ 162,495,089 187,435,350 -24,940,261 13.37 1908 (119 roads). 154,137,168 190,040,156 -35,908,988 18.89 1908 (120 roads). 153,112,628 198,146,871 -45,034,243 22.57 1908 (113 roads).. 1413,270,130 179,397,094 -33,126,964 18.47 1908( 97 roads). 158,103,883 183,365,903 -27,262,110 14.87 -29,909,010 16.64 1908 (105 roads). 170,781,772 200,690,782 RR 1112 1 R7 -3,986,202 5.78 A.4 nIR astR inns t Rfl mr..i, subsidiary lines In both Includes earnings of Gulf Sc Chicago DIvIsion. c Includes the Houston Sc Texas Central and its a Mexican currency.. Sc Indiana RR. h Includes years. L.: Covers lines aireetly operated. e Includes the Chicago Sc Eastern Illinois In both years. r Includes Evansville In both years earnings Includes k RR. and all Sc Trinity City Valley Brazos excepting affiliated lines, earnings at Col. Sc South., It. Worth Sc Denver from sale of coal. of Denver Enid Sc Gulf RR., Pecos Valley System and Santa Fe Prescott &Phoenix Ry. I These figures do not include receipts on ,the new bails o Figures here are on the old basis of accounting-not the new or Inter-State Commerce.Commission, method. r These figures. are prescribed by the Inter-State Commerce Commission. OCT. 24 1908.] TEE CkRONICLE 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 40 roads and shows 4.10% decrease in the aggregate under the same week last year. 1079 -Gross Earnings- -Net Earnings-Current Previous Year.Current Previous Year. Year.Year. Roads. 3 3 $ $ x Chia ec Nor West_ b__ Aug 5,770,644 6,439,654 , 2,205,264 2,254,686 July 1 to Aug 31 10,985,82 12,404,10 Second week of October. 9 2 4,069,685 4,265.724 1908. 1907. Increase. Decrease. Cinc New Orl & Tex Pac-See under Southern By System below. z Chic St P Minn & 0b..Aug 1,098,580 1,190,037 $ $ $ $ 350,208 Alabama Great Southern 333,560 60,210 73,143 July 1 to Aug 31 12,933 2,097,068 2,320,499 682,145 Buffalo Rochester & Pittsburg 688,938 163,642 214,358 50,716 xCinc Ham & Dayt_bAug 728,444 Canadian Northern 875,892 195.941 265,300 208,100 208.892 57,200 July 1 to Aug 31 Canadian.Pacific 1,383.346 1,674.879 1,811,000 1,501,000 110,000 318,904 365,822 Central of Georgia Colorado Midland_a-__ _Aug 245,900 282,900 202,023 37,000 217,701 46,079 45,211 Chattanooga Southern July 1 to Aug 31 1.824 3,141 395,372 443,601 1,317 97,038 108,247 Chicago & Alton 298,943 332,451 33,508 Colorado & South_b----Aug 1,269,880 1,114,736 Chicago Great Western 452,570 341,914 193,650 161,872 July 31,778 1 to Aug 31 2.510,248 2,304,980 Chicago Ind & Louisville 924,740 725:2 159 186 108,877 114,972 6,095 Columb Newb & Lau-a-May Chicago Terminal Transfer 17,457 23.100 34,953 def2,753 36,505 1,552 July 1 V) May 31 Cinc New On ec Texas Pacific275,775 294,013 141,213 176,401 8,236 26,638 35,188 Colorado & Southern Copper Range.b 312,274 Aug 311,464 810 71,220 87,785 10.934 32.490 Denver & Rio Grande July 1 to Aug 31 454,500 458,800 147,020 2,300 175,958 33,711 78,175 Detroit & Mackinac 21,715 23,817 2,102 Comwall_a Aug 5,452 Duluth South Shore & Atlantic_ 23,467 356 13,370 59,138 63,108 3,970 July 1 to Aug 31 10,272 Georgia Southern ec Florida__ 44,859 655 26,453 35,672 43,607 7,935 Cornwall & Lebanon__ __Aug Grand Trunk of Canada 23,533 42,287 July 1 to Aug 31 Grand Trunk Western 46,531 I 849,270 83,554 935,632 0,5 3413 15 86,362 1 3 29, 73 156 Detroit Grand Haven&MIlw.' Cuba RR Aug 127.843 145,268 42,978 38,414 Canada Atlantic July 1 to Aug 31 281,629 298,300 106,442 International & Great Norther , 89,040 183,000 163,000 20,000 Delaware & Hudson_ b_Aug 1,566.459 1,931,955 Interoceanic of Mexico r677,782 r851.384 113,711 137,904 24,193 Jan 1 to Aug 31 11.860,410 13,137.866 r4,495,345 r5,061,533 Iowa Central 60,832 68,866 8,034 Louisville & Nashville x Delaware Lack & W_ b_Aug 2,616,370 3,265,557 1,081,717 936,165 1,045,515 109,350 1,536,945 Mexican International July 1 to Aug 31 5.475.609 6.292,575 2,324,250 2.884,728 135,563 179,657 44,094 Mineral Range 15 861 Deny & Rio Grande_a__Aug 1,764,400 2,120,262 14,468 1,393 Minneapolis & St Louis 587,301 731,091 100,554 97,442 July 3,112 1 to 3,449,224 4,147,599 1.188,461 1,472,491 Aug 31 Minneapolis St Paul & S S M_ 360,338 300,892 59,446 Detroit & Mackinac_aAug Missouri Pacific & Iron Mtn__ 97,240 119,432 28,837 924,000 30,364 951,000 27,000 July 1 t , Aug 31 Central Branch 201,843 229,182 65,405 35,000 33,000 49,931 2,000 Mobile & Ohio172,562 190,972 18,410 z Duluth & Iron Range b Aug 940,942 1,198,244 675,128 838,777 National Railroad of MexicoJuly 1 to Aug 31 262,396 311,506 1,922,931 1,990.568 1.391,904 1,358,344 49,110 Hidalgo & Northeastern____ 16,760 20,986 4,226 Dul So Shore & Atl_b__Aug 60.632 Nevada-California-Oregon 103,726 9,336 7,764 1,572 July 1 to Aug 31 222,54 448,664 93 63 131 63:059 Rio Grande Southern 122.383 210,573 13,165 13,714 540 Erie_a St Louis Southwestern Aug 4,351,791 226,456 5,08 3,318 230,221 1,214,087 1,438.140 3,760 July 1 to Aug 31 Southern Railway 8,531,876 10.02 1,156 2,321 ,104 2.951.127 1,096,086 1,195,162 99,070 Texas & Paciftc Fairchild & Northe'n- b-Aug 316,631 315,776 855 1,681 245 def1,525 Toledo Peoria & Western July 23,781 1 to Aug 31 28,422 4,641 319 ,1;16 5 997 27 540 def1,294 Wabash 543,694 603,590 59,890 Fonda Johnst & Glov_a-Aug 83,200 94,278 48,824 -----------------July 1 to Aug 31 164,477 192,735 Total (40 roads) 10,403,972 10,849,128 288,166 733,321 95,785 13 734 11: 32 8 Georgia RR-b Net decrease (4.10%) Aug 205,661 244,470 5,929 445,150 38,263 July 1 to Aug 31 423,735 478,888 21,222 57,678 For the first week of October our final statement covers Georgla Southern & Fla-See under Southern Ry system below. Trunk of Canada44 roads and shows 3.48% decrease in the aggregate under Grand Grand Trunk Ry___ _Aug 2,668,789 3,146,192 860,884 996,659 July 1 to Aug 31 the same week last year. 5,231,001 6,242,259 1,604,972 1,861,923 Grand Trunk Western Aug 516,336 595,173 183,028 126,042 July 1 to Aug 31 984,980 1.134,381 207,313 182,007 First week of October. 1908. 1907. Increase. Decrease. Det Gr Hay & Milw_Aug 149.401 191,740 33,335 57,425 July 1 to Aug 31 298,316 357,687 76,160 78,351 $ $ $ $ Previously reported (37 roads)_ 9,697,606 10,015,70 Canada Atlantic Aug 193,687 209,259 322, 6. 29,929 640,430 240 37,472 Alabama Great Southern July 1 to Aug 31 377,640 63,286 408,298 72,866 54,261 9,580 53,531 Chattanooga Southern 1,699 2,574 875 z Great Northern_b____Aug 4,460,471 5,742,628 1,441,285 2,298,500 Chicago ec Alton 267,222 July 203,119 1 to Aug 25,897 31 8,910,964 11,382,682 2,851,725 4,576.924 Chicago Terminal Tran.sfer.. 32,696 34,976 2,280 Hocking Valley-a Clue New Orl & Texas PaciffeAug 615,314 685,736 224,106 150,109 170,275 252,735 20,166 July 1 to Aug 31 Detroit Toledo & Ironton 1,145,835 1,320,675 413,838 38,972 41,331 468,524 2,359 Illinois Ann Arbor Central_a 40,381 42,934 Aug 4,662.619 5,280.578 2,553 704,723 981,306 July 1 to Aug 31 8,915,876 10,392,515 1,383,530 2,090,606 Total (44 roads) 10,201,971 10,673,871 322,240 704,140 z Internat & Gt Nor_ b_Aug 580.458 Net decrease (3.48%) 589.334 100,662 39,047 July 1 to Aug 31 371,900 1,082,969 1.160.955 149.405 41,193 1 Interoceanic of Mexioo_Aug 513.916 617,407 152,957 151.295 July 1 to Aug 31 Net Earnings Monthly to Latest Dates.-The following 1,053,358 1.223,171 310.437 293,693 Central_a Aug shows the gross and net earnings to latest dates of all STEAM IowaJuly 265,675 259,893 878,440 h77,143 1 to Aug 31 497,388 505,504 8129,009 8139,328 railroads furnishing monthly statements. The compilation Kanawha & Michigan_ a_ Aug 207,173 214.068 46,473 22,292 includes every road from which we can get returns of this July 1 to Aug 31 409,080 416.699 104,880 52.5 24 character, and in that form is given once a month. Early Kansas City South_a_-_Sept 689,132 900,885 218,275 331,269 July 1 to Sept 30 2,177,384 2,654.508 returns are published from week tq week, as soon as issued, 741,761 966,071 Valley_ b Sept 2,926,821 3,245,308 1,109,287 1,213.853 but for the convenience of our readers all the roads making Lehigh July 1 to Sept 30 10.010,951 3,050,346 4,008,245 returns are brought together here in the week in which we Lexington & Eastern_ b_July 8,287,205 36,821 51,761 10,186 19,289 publish our monthly article on net earnings-say about I land_b Aug Dec 97,068 the LongJan Inc 51,230 20th of the month. 1 to Aug 31 Dec 241,341 Inc 549,319 Louisv & Nashv_b Aug 3,849 ,746 4,426,453 1,217,389 1,354,018 -Gross Earnings-- -Net Earnings July 1 to Aug 31 7,330 ,098 8,552,490 2,526.792 2,497,136 Current Previous Current Previous z Maine Central_b Aug 797,240 Year. Year.Year.Year. 893,285 308,984 348.710 Roads. July 1 to Aug 31 3 $ 1,519,549 1,709.475 $ $ 536,725 671,947 Alabama Great Southern-See under Southern Ry system SlanIstolue_ b Sep 3,283 4,554 def.2.353 def.5,699 below. Jan 1 to Sep 30 Ala Tenn & Northern_ _ _Aug 43.904 50,354 def.2,711 def.7,287 4,637 3,753 1,776 Maryland & July 1 to Aug 31 Penna_a_Aug 8,767 7,506 36,780 37,438 4 2:6 56 50 6 3,672 13,731 14,408 July 1 to Aug 31 Atch Top & S Fe- b Aug 7,479,316 7,988,890 12,827,346 12,410,242 66,309 66,734 20,497 21,337 July 1 to Aug 31 14,464,716 15,928,445 15,456,260 15,028,967 g Mexican Central May 2,794,474 2,995.982 989,438 897,031 r Atlanta Birm & Atl_a_J ly July 1 to May 150,083 31 155,936 32.869,443 28,492,109 9,940,929 8,576,542 44,831 33,188 Atlantic Coast Line_a--Aug 1,575.574 1,950,997 218,766 235,270 g Mexican International_Aug 594,912 789.073 250,734 244,962 July 1 to Aug 31 3,317,912 4,005,187 July 1 to Aug. 31 540,057 1,151,503 1,557,603 524,233 447,305 473.393 Baltimore & Ohio_ b____Sept 6,315,210 7,465,051 2,365,594 2,432,136 Mineral Range_ b Aug 72,380 76.294 July 1 to Sept $0 18,343 21,720 18,400,566 22,441,261 6,889,242 7,399.051 July 1 to Aug 31 146.207 148,632 29,272 Bangor & Aroostook- b_Aug 36.802 195,352 233,269 47,490 Minneap & St Louls_a__Aug 340,783 July 1 to Aug 31 346,009 k117.201 k107,754 376,686 456,471 1053:47 36 342 102,593 July 1 to Aug 31 653,797 708,823 Bellefonte Central_ b__ -_Sep k208,477 k236,731 6,965 4,576 2,753 1,207 Minneap St P & SS M_b_Aug 961,380 1,021,935 Jan 1 to Sept 30 46,301 355,268 46,365 368,257 8,324 13,697 July 1 to Aug 31 1,911,469 2,118,825 z Boston & Maine_b---_Aug 3,519,391 4,065,653 748,569 774,692 1,282,488 1,552,334 Mo Kans & Texas_b_ July 1 to Aug 31 --Aug 2,200,770 2,288,414 6,794,513 7,817,852 2,252,476 2,751,456 716,222 900,238 July '1 Bridgeton & Saco Riv_ b_Aug to Aug 31 4,069,037 4,512,949 1,132,615 1,825,332 5,778 6,537 2,992 Mo Pacific July 1 to Aug 31 System_ b__ __Aug 3,907.886 4.670,229 1,307,800 1,458,9 11,147 11,882 2 5,6 0 3 4 3 5 5.465 59 Buff Roch & PItts_b-__Aug July 1 to Aug 31 616,523 7,529,160 8,782,791 2,487,701 2,569,878 768,646 157.990 288,007 July 1 to A ug 31 1,270,095 1,554,018 Mobile & Ohio-See under Southern Ry system below. 361,219 604,815 Canadian Northern.--Aug 747,400 835,600 186,100 218,400 Nash Chatt & St L_b___Aug 878,611 995,211 July 1 to Aug 31 197,813 211.031 1,475,000 1.718,800 July 1 to Aug 31 389,000 437,300 1.758,910 1,953,049 405,458 Canadian Paciftr_a _ _ __A .g 6,385,957 7,010,177 439,056 2,578,899 2,570,275 R11 of Mexico.Aug 1,198.138 1,406,976 July 1 to Aug 31 12,678,838 14,018,450 4,853,472 5,077,128 g National 470.450 463,557 July 1 to Aug 31 2,406,900 2,812.701 Central of Georgia_a____Aug 943,796 812,203 912.450 965,871 115,884 190,706 Hidalgo & North Mt. Aug July 1 t Aug 31 77,580 1,743,555 1,920,235 87,425 12,630 357,805 21,885 390,530 July 1 to Aug 31 Central of New Jersey_ b_Aug 2,159,942 2,557,130 150,854 272,589 22,999 37.865 924.962 1,190,804 Nevada-C July 1 to Aug 31 al-Oregon_ b_ _Aug 4,316,666 5,100,786 1,860,225 2,346,164 37,237 37,591 20,341 22,247 July 1 to Aug 31 x Central Vermont_ b_ _ _July 89.379 66,958 288,491 37,074 312,706 37,892 55,144 68,205 Nevada Central -b Chattanooga South_ - _a July Aug 5,480 8,057 11,146 1,491 15,081 575 1,142 July 1 to Aug 31 1,042 13,923 14,729 Chesap ak. & Ohl s .b__A g 2,292,904 2,667,359 4,468 731 946,860 1,060,805 NY Cent& Hud RIv_ _ _June 7,269.868 July 1 to Aug 31 8,684,260 4,388,036 5,057,511 1,777,312 1.914,106 2,174,884 2,562,594 Jan 1 to June 30 40,662,607 46,930,897 8,887,483 9,530.381 Chesterfield & Lane_ b_ _Aug 2.636 4,823 det 185 1,355 Lake Sh & Mich Sou-June 3,086,055 3,791,103 J ly 1 t Aug 31 6,298 9,628 886,714 302 856,658 3,142 Jan 1 to June 30 18,340,216 21,589.537 4,857,699 5,276,264 Chicago & Alton -a Aug 1,150,976 1,129,395 3530,652 3381,208 LakeErie & Western_June July 1 to Aug 31 356,538 2,208,012 2,128,803 51,016,642 422,895 49,978 107,700 3665,357 Jan 1 to June 30 2,040,667 2,432,537 z Chicago Great West _ b _Aug 237,933 731,680 591,420 776,072 170,188 195,014 Chic Ind & Southern_June July 1 to Aug 31___ 1,345,443 1,491,184 230.744 254,849 56,522 292,971 93,542 350,596 Jan 1 to June 30 1,394,317 1.499.498 z Chic Burl & ‘Juincy. b_Aug 6,918,604 7,553,214 403,776 519,932 2,483,470 2,764.721 Michigan Central_ _ _June 1,977,246 2,376,125 July 1 to Aug 31 13.189,767 14,447,156 4.517,028 5,276.609 572,511 399,595 Jan 1 to June 30 11,735,281 13,833,980 2,552,220 2,502,558 z Chic Ind & Louisv- b_.. Aug 487,142 556,509 170,462 226 347 Clev Cin Ch & St L__ -June 1,983,163 2,323,844 July 1 to Aug 31 940,744 1,055,643 536,149 709.414 311,762 408.805 Jan 1 to June 30 11,015,98 Chic Mil's, & St P.b....--Aur 5,339,460 5,221,252 2 12,439,769 2,008,385 2,723,061 2.048,431 2,128,532 Peoria & Eastern_ __June 217,164 111July 1 to Aug 31 9,901,869 10,342,266 3,825,680 4,12,361 266,282 40,299 50,041 Jan 1 to June 30 1,270,774 1,441,928 181,077 317,545 1080 -Gross Earnings- -Net Earnings-nt Previous rer. rent Cu a Previous Current Year. Year. Year. $ $ $ $ Roads. N Y Cent & Hud RIv-(Con)10,390 82,554 15,602 80,893 0IncInnatt Northern_ _ June 38,990 75,328 397,081 479,804 Jan 1 to June 30 313,589 169,947 835,386 1,386,504 Plttsb& Lake Erie___June 1,595,167 878,278 7,042,044 4,095,748 Jan 1 to June 30 75,728 78,976 269,300 236,384 June Rutland 382,918 290,549 1,228,046 1,386,496 Jan 1 to June 30 185,997 128,198 821,568 641,192 N Y Chic & St Louis-June 974,725 1,136,655 4,606,727 5,221,021 Jan 1 to June 30 June16,914,633 20,679,284 4,708,080 5,365,251 Total all lines 96,787.,446 114,297,513 21,297,453 24,614,891 Jan 1 to June 30 2,199,626 zN Y N H & Hartford_ b_Aug 4,528,132 5,350,063 1,553,486 8,546,961 8,929,955 10,379,662 3,048,397 July 1 to Aug 31 405,199 353,291 899,256 844,384 Western_a__Aug N Y Ont & 728,346 868,736 1,661,297 1,726,403 July 1 to Aug 31 54,918 84,733 266,490 272,190 West_a____Aug N Y Susq & 140,518 143,403 548,082 496,553 July 1 to Aug 31 1,145,201 1,025,983 Norfolk & Western_ b_ _Aug 2,507,097 3,057,236 4,876,922 5,925,826 1,984,837 2,250,040 July 1 to Aug 31 364,276 285,276 956,036 1,257,938 Northern Central_ b____A g 7,256,245 8,781,845 1,638,692 1,723,892 Jan 1 to Aug 31 2,601,205 3,050,056 x Northern Pacific_ b_ _ _ _Aug 5,836,668 6,096,985 5 177,733 6,226,475 J ly 1 to Aug 31 -11,516,193 14,129,750 1,646,724 1,928,646 5,027,135 3,733,766 b____Aug Company_ z Penna 3,136,074 3,588,628 9,761,805 7,323.786 July 1 to Aug 31 Pennsylvania-Lines directly operated. East of Pitts & Erie_ b Aug11,644,799 15,522,399 4,098,670. 5,200,670 86,947,713 109,264,113 23,971,524 29,590,024 Jan 1 t Aug 31 Dec 430,000 Dec 2,013,300 West of Pitts & Erie__Aug Dec 2,529,500 Dec 14,941,500 Jan 1 t. Aug 31 387,535 381,284 Aug 1,201,032 1,275,461 xPere Marquette_ b 629,105 685,493 2,258,248 2,455,818 July 1 to Aug 31 451,626 404,726 Philo, Balto & Wash_b__Aug 1,389,227, 1,592,527 10,558,216 11,303,516 2,355,720 2,247,220 Jan 1 to Aug 31 842,894 765,941 Pitts C n Chic& St L_a_Sept 2,397,665 2,906,098 19,105,889 24,446,498 5,258,968 5,824,34 1 Jan 1 to Sept 30 1,687 9,478 2,356 10,099 Raleigh & Southport-a-Sept 27,314 7,843 7,250 31,163 July 1 to Sept 30 Reading CompanyPhila & Reading_ b___Aug 3,012,003 4,085,996 1,135,197 1,580,286 5,930,374 7,852,156 2,236,283 3,122,326 July 1 to Aug 31 190,408 Coal & Iron Co_ b__ __Aug 2,122,030 2,883,510 def30,788 337,824 29,036 4,076,793 5,839,649 July 1 to Aug 31 Aug 5,134,933 6,969,506 1,104,411 1,779,694 Total both cos_ b 10,007,168 13,691,805 2,265,320 3,460,150 July 1 to Aug 31 119,837 126,142 Reading Company- Aug 250,951 256,791 31 Aug to 1 July 1,224,248 1,905,836 Total all companles___Aug 2,516,271 3,716,941 July 1 to Aug 31 16,431 188,973 54,925 118,283 RIchFred& Potomac___Aug 87,085 367,231 109,379 292,911 July 1 to Aug 31 n21,891 78,565 n23,569 72,930 Rio Grande JunctIon___July n146,410 n162,885 542,954 488,025 Dec 1 to July 31 20,919 52,996 18,152 51,444 Rio Grande Southern_b_Aug 44,387 112,155 44,009 102,753 July 1 to Aug 31 Aug 5,334,127 5,647,125 1,673,714 1,533,560 Rock Island_a 10,013,234 10,726,286 2,673,686 2,629,350 July 1 to Aug 31 1,130,463 1,260,711 St Louis & San Fran.a.Aug 3,993,644 4,670,790 2,047,637 2,371,871 7,501,896 9,046,962 July 1 to Aug 31 224,045 76,714 196,956 70,710 Evansv & Terre H_a__Aug 422,799 142,083 382,668 126,061 July 1 to Aug 31 10,541,961 2,880,891 2,864,081 Aug 9,524,728 Total all lines_a 17,987,796 20,196,048 4,863,406 5,127,282 July 1 to Aug 31 685,725 179,104 549,218 163.523 x San Pecl L A & S L_ b__ Aug 1,072.468 304,776 1.374,480 308,278 July 1 to Aug 31 173,613 149,244 63.626 83,389 b_Aug Island_ Grand St Jos & 320,197 106,324 274,060 148,134 July 1 to Aug 31 153,915 937,405 807,100 Aug 285,045 St Lo is Southw_a 294,839 1,584,206 1,798,090 531,077 July 1 to Aug 31 212,855 1,326,305 302.077 x Seaboard Air Line_ b__Aug 1,060,634 522,684 2,246,987 2,617,166 550,410 July 1 to Aug 31 Aug 9,831,637 11,454,077 3,430,761 3,321,683 Southern Pacific-a 19,552,043 22,878,101 7,072,360 6,747,022 July 1to Aug 31 Southern Railway_ b-___Aug 4,099,167 4,923,571 y1,326,349 y1,071,059 8,246,404 9,713,480 y2,678,183 y2,009,360 July 1 to Aug 31 206,173 253,816 921,980 739,118 Aug Mobile & Ohlo_a 396,658 488,725 1,466.284 1,831,728 July 1 to Aug 31 74,224 41,470 361,640 Alabama Great Sou _a_Aug 304,303 143,398 110,471 723,627 597,926 July 1 to Aug 31 198,276 178,998 766,221 666,688 Cln N 0 63 Tex Pac_a_Aug 319,220 387,527 1,299,889 1,537,156 July 1 to Aug 31 e22,685 e51,481 146,622 174,481 Georgia Sou & Fla_ b_Aug e56,779 e82,670 360,397 286,584 July 1 to Aug 31 28,106 25,305 104,310 83,213 Aug Central Texas 48,204 30,071 195,017 159,907 July 1 to Aug 31 368,783 265,710 1,256,730 1,071,902 Aug z Texas & Pacific_ b 661,421 456,082 2,037,927 2,472,076 July 1 to Aug 31 1,936 373 10,251 5,715 Tidewater & Western_ b_Aug 2,943 738 18,739 11,671 July 1 to Aug 31 142,147 457,138 156,947 438,224 Toledo & Ohio Cent_a__Aug 298,887 334,158 917,146 878,776 July 1 to Aug 31 33,346 31,277 116,136 104,207 Sept b West_ & Peoria Toledo 66,306 80,289 314,782 297,662 July 1 to Sept 30 p123,527 p111,493 401,338 321,429 Tol St Louis & West-a__Aug p211,647 p204,996 743,231 615,264 July 1 to Aug 31 2,040 2,140 6,546 5,466 Aug Tombigbee Valley 3,810 3,153 12,383 10,057 July 1 to Aug 31 Aug 6,975,471 7,008,512 3,471,105 2,789,967 Union Pacific-a 13.725,155 14,242,507 6,834,479 5,831,950 July 1 to Aug 31 206.993 233,273 910,644 Aug 745,061 z Vandalla b 385,109 410,251 1,449,987 1,732,922 July 1 to Aug 31 45,936 43,151 113,989 100,785 Virginia & Sou West--b-Aug 80,607 82,307 219,515 193,358 July 1 to Aug 31 915,152 1.028,109 2,602.303 Aug 2,376,978 Wabash_ b 4,454,955 4,912,161 1,542,644 1,778,086 July 1 to Aug 31 24,039 55,938 Wash Balt & Annap____Sept 50,878 151,545 July 1 to Sept 30 399,161 488,981 902,250 767,250 & West Jer Seashore_b_Aug 863,755 918,455 3,735,883 3,959,183 Jan 1 to Aug 31 133,697 512,606 191,435 Western Maryland-a- --June 429,231 5,648,277 5,600,451 1,870.043 1,870,477 July 1 to June 30 150.515 197,292 657,340 532,070 z Wheel & Lake Erie_b_Aug 345,687 383,200 1,059,282 1,280,279 July 1 to Aug 31 268,467 728,664 266,184 z Wisconsin Central_ b__Aug 669,472 514,682 578,442 1,321,121 1,477,589 July 1 to Aug 31 2,593 4,37. 221,306 Tennille_b_Aug 216,957 Wrightsv & 4,670 8,214 239,383 232,800 ' July 1 to Aug 31 def.87,654 def.3,972 796,802 Valley_a__Aug 637,647 Yazoo & Miss 1,222,108 1,517,916 df.202,347 def.18,102 ' July 1 to Aug 31 a Net earnings here given are after deducting taxes. b Net earnings here given arc before deducting taxes. e After allowing for net revenue from outside operations and deducting [VOL. Lxx xvii. THE CHRONICLE taxes, operating income is $45,560 in Aug. 1908, against $17,599 last year. and from July 1 to Aug. 31 Is $70,712 in 1908 and $46,738 In 1907. 0 These results are in Mexican currency. h For August 1908 additional income showed a deficit of $197, against a credit of $9,564 in 1907, and for period from July 1 to Aug. 31 was $3,200 In 1908, against $19,879 last year. .1 The company now includes the earnings of the DenverEnid & Gulf RR., Pecos Valley system and Santa Fe Prescott & Phoenix By. In both years. For Aug. taxes and rentals amounted to $306,321, against $233,270 In 1907; after deducting which, net for Aug. 1908 was $2,521,025, against $2,176,972 last year. For period from July 1 to Aug. 31, taxes and rentals were $612,642 in 1908, against $480,980 In 1907. k For Aug. 1908 additional income was $19,928, against $14,695 In 1907. and for period from July 1 to Aug. 31 was $32,708 in 1908, against $29,436 ast year. n These figures represent 30% of gross earnings. p For August miscellaneous charges and credits to Income was $13,341. against $9,467 In 1907, and for period from July Ito Aug. 31 was $20,596 In 1908, against $18,825 in 1907. r For August 1908 net from Coal Department was $78,797, against $63,961 last year, and from Jan. 1 to Aug. 31 was $005,345 In 1908, against $736,644. s After allowing for miscellaneous charges and credits to Income for the month of August 1908; total net earnings were $450,793, against $399,802 last year, and for period from July 1 to Aug. 31 were $908,657 this year. against $690,436. V In accordance with the contract of June 30 1908 between the Atlantic & Birmingham Construction Co. and the Atlanta Birmingham & Atlantic RR. Co., the Construction Co., as the part of expenses chargeable to It on account of the unfinished condition of the work and the Interference by Its work with the operation, pays each month to the Railroad Co. such portion of the operating expenses as equals the excess of the total operating expenses above 70% of the total operating revenue. x These figures are on the basis of accounting required by the InterState Commerce Commission. V After allowing for net revenue from outside operations and deducting taxes, operating income Is $1,175,194 In Aug. 1908, against $916,659 last year, and from July 1 to Aug. 31 Is $2,371,969 in 1908, against $1,707,857. 2 Includes $67 other income for Aug. 1908, against $85 in 1907, and for period from July 1 to Aug. 31 Includes $98 In 1908, against $187 last year; the earnings of the Dublin & Southwestern RR. are Included In both years. Interest Charges and Surplus. -Int.. Rentals, &e.- -Bet, of Net E'ngs.Current Previous Previous Current Year. Year. Year. Year. $ Roads. x12,443 68,276 zdef19,175 81,678 Bangor & Aroostook___Aug 214,215 139,143 zdef37,480 161,446 July 1 to Aug 31 904 2,496 303 257 Sept Bellefonte Central 6,011 10,970 2,727 2,313 Jan 1 to .Sept 30 2,399 2,040 593 593 Bridgeton & Saco RIver_Aug 4,278 3,858 1,187 1,187 July 1 to Aug 31 576,783 368,740 614,021 Central of New Jersey-__Aug 556,222 767,324 1,120,091 1,092,901 1,217,073 July 1 to Aug 31 c4,902 c6,315 30,647 31,350 Aug Colorado Mldland c30,530 c18,011 61,294 62,700 July 1 to Aug 31 c125,561 c231,878 253,809 Colorado & Southern.--Aug 271,092 c286,283 c484,708 482,877 516,519 July 1 to Aug 31 20,053 12,437 def.1,003 Aug 11,937 Copper Range 53,300 9,836 24,875 23,875 July 1 to Aug 31 £17,607 x3,329 3,638 3,538 Cornwall & Lebanon----Aug 232,289 7,261 31 z0,562 7,068 July 1 to Aug 10,085 28,329 10,715 Aug 32,263 Cuba RR 32,382 41,917 64,525 56,658 July 1 to Aug 31 d418,894 322,970 d319,579 Denver & Rio Grande -Aug 308,190 635.897 d700,447 e1900,715 605,977 July 1 to Aug 31 94,926 zdf.19,528 Aug z18,505 92,897 Duluth So Sh 6: At! 192,257 zdf.37,306 x36,532 185,130 J tly 1 to Aug 31 61,402 zdef33,951 zdef21,877 54,713 Aug Georgia RR xdef54,212 113,158 110,079 zdef65,826 31 Aug July 1 to x248,880 79,879 x166,151 Aug 90,224 Hocking Valley x444,090 153,935 z305,133 181,697 July 1 to Aug 31 z22,552 z22,365 21,176 23.082 Kanawha & Michigan___Aug z38,980 z61,689 43,074 46,162 July 1 to Aug 31 10,422 9,752 3,986 Aug 3,979 Maryland & Penna 13,378 12,538 7,959 7,959 July 1 to Aug 31 x9,864 x3,555 11,955 Aug 12,810 Mineral Range x13,653 z3,706 24,591 25,588 July 1 to Aug 31 x363,097 z143,646 8561,754 Aug 1i575,807 Texas & Kans Mo x20,390 x760,886 81,123,770 81,116,649 July 1 to Aug 31 57,738 46,818 153,293 Aug 150,995 Nash Chatt & St L 130,142 103,468 308,914 301,990 July 1 to Aug 31 #10,502 #17,464 4,046 3,880 Nevada-Cal-Oregon ----Aug t33,088 #31,133 7,753 8.092 July 1 to Aug 31 331,459 261,888 73,740 91,405 N Y Ont & Western-Aug 585,068 31 496,181 Aug 172,575 143.278 July 1 to 715,660 587,255 Aug 438,728 429,541 Norfolk & Western 877,787 852,747 1,107,050 1,397,293 July 1 to Aug 31 1,035,004 355,623 Aug 870,742 868,625 Reading Company 779,021 1,975,457 1,737,250 1,741,484 July 1 to Aug 31 15,236 13,558 8,333 8,333 Rio Grande Junction_ -July 96,219 70,753 66,666 66,666 Dec 1 to July 31 z2.069 zdef.2,871 21,129 18,908 Rio Grande Southern___Aug x8,972 z10,009 41,057 37,754 July 1 to Aug 31 235,287 2167,352 175,341 165,967 St Louis Southwestern__Aug x302,171 x36,310 336,594 339,704 July 1 to Aug 31 25,522 2,584 - 22,721 2,584 Aug Texas Central 43,036 33,903 5.168 5,168 July 1 to Aug 31 z126,406 z113,900 38,795 30,941 Toledo 80 Ohio Central__Aug x246,158 x256,013 80,006 80,326 July 1 to Aug 31 £14,576 c9,649 23,508 23.628 Sept Tol Peoria & West #11,661 .12,376 71,824 71,352 July 1 to Sept 30 def.1,130 25,169 Wash Bait & Annap__-_Sept def.24,392 75,271 July 1 to Sept 30 C After allowing for miscellaneous charges and credits to income. and d These figures are after allowing for other Income and for discount exchange. The sum of $10,000 Is deducted every month from surplus and placed to the credit of the Renewal Fund. h Fixed charges Include taxes amounting to $114,700 for Aug. 1908, this against $53,150 In 1907, and additions and betterments of $27,527 in 1908, Year, against $80,343; from July 1 to Aug. 31 taxes were $179,352 same the for against $105,724; additions and betterments were $56,514 the period, against $155,038 the previous year. Prior to July 1007 It was practice to Include these items In the expenses. z After allowing for other Income received. Miscellaneous Companies. -Gross Earnings-- -Net Earnings Previous Current Previous Current Year. Year. Year. Year. Companies. Abington & Rockland Elea 4,396 Lt & Power Co-b- --Aug 35,884 Jan 1 to Aug 31 Sept Buffalo Gas Co July 1 to Sept 30 Cumb Tel & Tel Co_ b_ Sept 508,131 4,554,714 Jan 1 to Sept 30 68.776 Cuyahoga Telephone Co_Aug 10,325 Co Elec Aug Demerara 79.278 Jan 1 to Aug 31.-- 3,703 31,896 503,721 4,351,788 65,875 9,901 77,857 1,504 13,403 21,077 44,225 219,411 1,912,677 37,173 4,688 33,637 645 10,648 39,544 197,486 1,650,489 29.607 4,472 32,519 THE CHRONICLE OCT. 24 1908d -Gross Earnings- -Net Riarnings-Current Previous Current Previous Year. Year. Year. Year. Companies. i $ $ 6,322 7,489 15,700 14,182 Ed Elec Co (Brockton) b Aug 48,850 134,844 11,9,151 56,695 Jan 1 to Aug 31 14,421 33,844 17,001 34,162 Fall Riv Gas Wks_ b-- _Aug 98,996 261,987 247,528 100,466 Jan 1 to Aug 31 7,167 16.381 16,637 7,364 Houghton Co El Lt_b__Aug 72,619 147 885 152,683 68,375 Jan 1 to Aug 31 12,734 28,795 28,025 14,594 Houston Lt & Power_a-May 70,011 75,617 Jan 1 to May 31 155,390 141,529 27,226 Hud Riv Elec Pow Co a July 84,262 98,323 26,064 256,183 Jan 1 to July 31 703,343 640,599 320,266 41,457 Keystone Teleph Co_a__Sep 87,658 86,502 44,784 9,491 Lowell El Lt Corp_ b_ _ __Aug 26,229 10,764 23,557 79,498 Jan 1 to Aug 31 217,711 107,915 82,163 g Mexican Tel & Tel Co81,147 March 1 to Aug 31 196,925 88,934 185,163 Minn Gen Elec-b 32,835 Aug 74,411 39,997 67,715 296,974 Jan 1 to Aug 31 630,829 333,284 583,133 Pacific Coast 107,517 148,234 Aug 593,117 755,961 July 1 to Aug 31 263,679 172,754 1,173,105 1,493,428 Victor Fuel Co_ b 47,613 Aug 25,038 155,837 227,616 July 1 to Aug 31 95.050 330,685 456,178 62,990 a Net earnings here given arc after deducting taxes. b Net earnings here given are before deducting taxer. g These results are in Mexican currency. Interest Charges and Surplus. -Int., Rentals, eee.- -Bal. of Net E'ngs.Previous Current Current Previous Year. Year. Year. Year. $ $ $ $ Companies. Abington & Rockland Elec Lt & Power Co Aug 354 431 Jan 1 to Aug 31 2,479 2,156 Cumb Tel & Tel Co 40,424 Sept 43,766 Jan 1 to Sept 30 354,676 341,846 Cuyahoga Telephone Co_Aug 11,250 11,283 Ed El Co (Brockton) _ _ _Aug 1,143 2,543 8,755 Jan 1 to Aug 31 14,565 2,354 2,001 Fall Rlv Gas Wks Aug 11,063 12,581 Jan 1 to Aug 31 3,462 4,308 Aug Houghton CoEl Lt 24,174 29,584 Jan 1 to Aug 31 3,375 3,785 Houston Lt ec Pow Co-May 16,875 18,810 Jan 1 to May 31 3,490 4,051 Lowell Elea Lt Corp._ _ _Aug 21,538 27,752 Jan 1 to Aug 31 32,091 26,653 Aug Minn Gen Eleo Co 233,693 176,086 Jan 1 to Aug 31 Aug 16,795 19,404 Victor Fuel Co 33,890 38,829 ki July 1 to Aug 31 z After allowing for other income received. 1,240 11,337 175,645 1,570,831 25,890 4,946 42,130 14,647 87,885 3,056 88,791 10,809 56,806 0,713 54,411 7,906 99,501 x13,478 x39,882 214 8,169 157,042 1,295,813 18,357 5,179 40,095 12,420 87,033 3,705 48,445 9,359 53,138 6,001 57,960 6,182 120,888 x34,964 x69,671 1081 Street Railway Net Earnings.-The following table gives the returns of STREET railway gross and net earnings reported this week. A full detailed statement, including all roads from which monthly returns can be obtained, is given once a month in these columns, and the latest statement of this kind will be found in the issue of Oct. 3 1908. The next will appear in the issue of Oct. 31 1908. --Gross Earnings- -Net Earnings Previous Current Previous Current Year. Year. Year. Year. Roads. $ $ $ $ Birm Ry Lt & Pow_a__Sept 198,578 55,625 71,751 177,891 Jan 1 to Sept 30 548,102 541,884 1,586,026 1,604,295 Duluth St Ry Co. b 38,959 31,021 Sept 74,398 76,869 Jan 1 to Sept 30 254,687 316.048 625.672 653.261 East St L & Suburban_ _Sept 105,507 82,866 170,027 199,578 Jan 1 to Sept 30 746.252 706,616 1,487,854 1,582,896 Little Rk By & El Co _a_Sept 30,267 27,315 54,656 57,020 Jan 1 to Sept 30 233,491 240,909 495,818 466,801 Memphis St By Co _a_ _ _Sept 143,044 57,239 54,073 140,902 .Tan 1 to Sept 30 460,031 439,446 1,198,765 1,198,675 Portland Ry L & P Co_ _Sept 373,288 174,822 199,946 361,582 Jan 1 to Sept 30 3,222,109 2,925,548 1,624,982 1,261,727 Savannah Elec Co_ 19,618 51,544 __Aug 20,686 54,417 142,391 Jan 1 to Aug b_387,393 31 115,819 393,506 341,723 United Rys Co of St L_a_Sept 887,344 333,180 930,606 Jan 1 to Sept 30 7,860,625 8,116,337 2,787,557 2,817,322 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. Previous Current Year. Year. Roads. Birm Ry Lt & Pow..__Sept 42,388 43,617 Jan 1 to Sept 30 351,871 394,772 Duluth Street Ry Co_ ___Sept 17,922 18,916 Jan 1 to Sept 30 159,807 166,750 Little Rk Ry do El Co__Sept 8,674 10,605 Jan 1 to Sept 30 75,738 90,796 Memphis Street By._ --Sept 34,435 35,532 Jan 1 to Sept 30 314,969 301,494 Savannah Elect Co Aug 15,835 15,249 Jan 1 to Aug 31 1116,532 108.500 United Rys of St Louis_ _Sept 234,380 232,404 Jan 1 to Sept 30 2,097,332 2,083,732 -Bal. of Net E'ngs.Current Previous Year. Year. 12,008 153,330 12,105 87,937 16,710 150,113 18,541 124,477 4,851 def 713 98,800 690,225 29,363 190,013 21,037 156,241 21,593 147,753 22,804 158,537 4,369 33,891 109,319 733,590 x After allowing for other Income received. STREET RAILWAY AND TRACTION COMPANIES. Latest Gross Earnings. Name of Road. Week or Month. AmericanRys Co____ September cAur Elgin & Chic Ry August ___ Bangor Ry & Elec Co August ___ Birm Ry Lt & Power September Brockton ec Ply St By August ___ Camaguey Co August ___ Cape Breton Elec Co_ August ___ Central Penn Trac August ___ Chariest Con Ry G&E August ___ dChicago & Oak Park .Tuly Cleve Painesv & East August Dallas Electric Corp_ August fDetrolt United By.. 2d wk Oct Duluth Street Ry__ 2d wk Oct East St Louis ec Sub_ September August _ El Paso Electric Fairm& Clarksb TrCo August ___ Ft Wayne & Wabash Valley Traction Co. August ___ Galv-Hous Elm Co August ___ Grand Rapids Ry Co_ September Havana Electric Ry_ Wk Oct 18 Honolulu Rapid Tran August ___ & Land Co Houghson Co St By.. August __ August ___ Illinois Traction Co Jacksonville Elec Co_ August ...._ Kansas City Hy & Lt August ___ Knoxville By & Lt Co August ___ August ___ Lex & Inter Rys Co Little Rk By & El Co September Memphis Street Ry September Metrop West Side El_ September Milw Elec By & Lt Co August ___ Milw Lt lit & Tr Co- August -__ Montreal Street By.. Wk Oct 10 Nashville By & Light August -__ NJ & HR Ry & Fy Co September North Ohio True & Lt August __ North Texas Elec Co_ August ___ Nort & Portsm Tr Co August ___ No Westchester Lt Co August ___ Northwestern Elev.- September Oklahoma City By.. August __ Peekskill Light & RR August ___ Portland By L & P Co September Porto Rico Rys Co_ _ _ August _ Rio de Janeiro Tram August ___ Light & Power St Joseph (Mo) By Lt September Heat & Power Co Sao Paulo Tr Lt ec P_ August -__ Savannah Electric Co August ___ August ___ Seattle Electric Co South Side Elevated. September Sou Wisconsin By Co July Springfield Ry&Lt Co August Syracuse Rap Tr By. August Tampa Electric Co__ August Toledo Rys & Light.: August Toronto Railway__ Wk Oct 17 Twin City Rap Tran_ 2d wk Oct k Underground El Ry of LondonThree tube lines___ Wk Oct 10 Metropolitan Dist _ Wk Oct 10 United Tramways_ Wk Oct 10 United RRs of San Fr August ___ United Rys of St L._ September urt....•,..,,v,.. O., la., A. T. A ....or Current Year. 856,257 811,890 125,587 125.118 700,864 685,893 101,708 99,467 89,899 91,558 33,859 32,795 1,507,809 1,416,380 30,565 25,952 359,753 36,271 537,499 49,246 63.246 54,656 143,044 197,031 337.966 104,718 70,071 127,796 51,907 209,742 92,503 1174,872 9,559 158,550 28,616 16,864 373,288 35,427 29,679 25,337 341,598 34,695 523,641 54,856 59,085 57,020 140,002 211,468 337,439 100,706 69,628 131,196 46,545 216,146 97,930 307,487 8,706 146,170 26,732 16,760 361,582 29,483 250,079 173,563 2,615,543 282,463 4,042,354 373,066 402,540 495,818 1,109,765 1,909.492 2,531,747 565,721 2,833,975 1,015,783 410,887 1,247,877 11,232,205 1,681,686 76,529 68,351 1,408,471 1,261,940 177,000 170,661 107,473 108,092 3,222,109 2,925,548 243,152 227,762 Chicago Burlington:A:Quincy Railroad. (Report for the Fiscal Year ending June 30 1908.) The annual report of this company for the fiscal year 1907-08 is given on sebsequent pages, embracing the remark of Mr. George B. Harris, the President, and the base e sheet and income account. The results for four years are given ;below. 80,641 • 672,230 168,993 1,501,294 54,417 387,393 365,531 2,914,272 177,484 1,586,677 16,666 88,953 66,440 107,982 843,488 45,021 362,623 221,261 1,641,930 65,445 114,249 5,009,515 51 Ana 650,569 1,357,177 393,500 2,636,679 1,459,131 89,420 814,049 340,898 1,679,630 4,771,254 951 955 99R MC c These figures are for consolidated company. d These are results for main line. I No earnings for Detroit Jackson & Chicago By. for Jan. 1907 Inelliaed in these figures. k Does not include the Charing Cross Euston & Hampstead By. for first six months of 1907. I Decrease due to Jamestown Exposition last year. Northern Pacific Railway. (Report for Fiscal Year ending June 30 1908.) The report of President Howard Elliott will be found on subsequent pages, together with the income account, profit and loss account, balance sheet and traffic statistics. Comparative traffic statistics for four years are given below. The comparative income account for several years and condensed balance sheet for two years were.given in the "Chronicle" of Oct. 10, page 930. • OPERATIONS. 1904-05. 1905-06. 1906-07. 1907-08. Equipment1,005 915 1,314 1,255 Locomotives 749 808 923 893 Passenger cars 35,135 36,097 42,320 Freight cars 42,171 3,316 4,046 6,129 Miscellaneous cars 5,935 Operations5,315 5,401 Average miles operated_ 5,444 5.633 5,142,891 5,920,280 6,953,424 Passengers carried 7,880,333 Passengers carried 1 m1le794,351,948 722,745,259 659.050,227 488,522,472 2.23 cts. 2.09 cts. 2.28 cts. 2.26 cts. Rate per pass. per mile_ Revenue freight carried_ 15,836,823 16,741,470 15,356,312 13,036,789 1 mile_5156378369 5504444098 5245260080 4359664201 do do 0.832 cts. 0.828 cts. 0.866 cts. Rate per ton per mile_ _ - 0.900 cts. -V. 87, p. 930. £9,745 1472,770 1296,551 £11,705 £9,705 £8,370 £368,119 £319,719 £7,253 £6,274 £276,155 2272,458 576,700 317,769 4,486,909 3,013,295 887,344 930,606 7,860,625 8,116,337 90 d17 Annual Reports.-An index to annual reports of steam railroads, street railways and miscellaneous companies which have been published during the preceding month will be given on the last Saturday of each month. This index will not include reports in the issue of the "Chronicle" in which it is published. The latest index will be found in the issue of Sept. 6. The next will appear in that of Oct. 31. 239,566 165,830 2,377,516 261,631 3,905,060 394,249 361,588 466,801 1,11)8,675 2,014,335 2,495,290 542,033 2,761,633 1,001,275 369,413 1,274,443 641,807 556,784 4,505,811 4,088,619 94,991 179,921 51,544 382,742 174,735 15,512 62,620 106,198 45,474 212,318 68,560 124,926 ANNUAL REPORTS. Jan. 1 to latest date. Previous Year. -4---3 $ $ 4 240,740 270,084 2,110,191 2,235,380 920,528 935,62C 153,895 150,597 42,793 45,570 177,891 198,578 1,586,026 1,6-01,295 83,603 83,235 16,515 17,327 74,219 49,24C 10,279 6,638 159,816 155,327 22,958 23,970 472,249 408,693 68,836 75,401 475,180 506,770 63,803 64,437 493,767 467,251 62,724 67,747 192,712 190,468 32,132 35,125 94,738 94,294 129,212 132,813 5,543,650 5,612,882 16,758 688,786 659,370 17,808 170,027 199,578 1,487,854 1,582,896 41,399 42,131 342,691 317,440 247,900 232,601 37,060 34,794 Current Previous Year. Year. OPERATIONS AND FISCAL RESULTSComparls-tu with previous years are inaccurate, the figures In 1907-08 complied having been according to the new system prescribed,* the Int State Commerce Commission.g OP1 (Including'Marrow-Gauge •• '1 1904-Os. 1905-06. 1907-08. i„,..1906-07. 8,879 9,282 8,927 Miles operated June 309,134 Equipment1,703 1,468 '1'604 11,36 Engines. 1,208 1,241 11;219 1,1 Passenger equipment,53,156 50,743 48,869 51,662 Freight cars 3,257 6,543 6,444 Work equipment 6,860 OperationsPassengers carried (No.) 19,214,239 16,757,220 15,494,723 14,929,079 1016,454,235 900,107,318 801,883,902 810,793,257 Pass.(rev.) 1 mile 1.96 cts. 1.85 eta. 2.07 cts. 2.05 cts. Rate per pass. per mile_ Fr't (rev.) carr.(tons).. 24,964,341 25,530,631 23,627,716 20,901,008 Tons freight 1 mlie_6655,887.419 7169879,492 6347902891 5241159,515 0.79 cts. 0.84 cts. 0.81 cts. 0.80 eta. Rate per ton per mile__ $1.49 3E44 $1.50 $1.40 Earn, per pass. train m_ $3.07 $2.73 $3.02 2.94 Earn, per fr't train mile 389 326 379 365 Aver. train-load (rev.)-- 1082 THE CHRONICLE STATISM:111NT OF EARNINGS AND EXPENSES. 1907-08 1906-07. 1905-06. 1904-05. Earnings3 Frelght 53,036,306 56,516,689 61,168,339 43,863,893 Passenger 18,819,239 18,666,973 16,400,104 15,898,243 Mail and miscellaneous_ 6,603,519 7,289,689 6,569,228 6.210,909 ----Total 78,459,064 82,473,251 74,146,671 65,973,045 Operating ExpensesMain. of way, doe 14,603,477 14,445,867 11,312,712 9,090,499 Maint. of equipment 12,501,461 14,723,632 13,639,941 9,788,194 Transportation exp's__ - 25,507,2711 25,224,272 22,354,707 19,352,056 Traffic expenses 1,555,1801 General expenses 1,817,836 4,509,217 4,156,282 3,999,583 Total 55,985,225 58,904,988 51,463,642 42,230,332 Net operating revenue 22,473,839 23,568,263 22,683,029 23,742,713 Outside operations (net) *15,195 Net operating revenue_ _ 22,489,034 Taxes 2,484,031 23,568,263 2,838,800 22,683,029 2,044,390 23,742,713 1,870,000 20,005,003 20,729,463 20.638,639 21,872,713 1906-06. 1904-05. 20,638,139 410,682 21,872,713 1302,202 Operating income_ INCOME ACCOUNT. 1907-08. ReceiptsNet earnings Other income 1906-07. 20,005,003 *(Dr3246,612 20129,463 443,262 Laxxx.vn. CONSOLIDATED INCOME ACCOUNT OF MISSOURI PACIFIC AND ST. LOUIS IRON MOUNTAIN & SOUTHERN, INCLUDING ALL LEASED AND OPERATED LINES. 1908. 1907. 1905. 1906. $ $ $ $ Net earnings 12,592,415 16,188,272 14,284,416 13,036,391 Misc. Inc., divs., int., &c 2,875,298 3,283,283 3,037,882 8,558,011 Total 15,467,713 19,471,555 17,843,327 16,073,273 DeductInt. on bonds ec rentals_ 9,145,189 9,060,875 8,101,983 8,936,792 Taxes 1,644,057 1,483,949 1,388,344 1,457,924 Sundry accounts 1,692,751 1,228,628 1,060,768 1,110,596 Divs, Mo. P. stk__•(2;01,935,210(5)3,890,875(7 34)5,836,305 (5)3,890,867 Total 14,417,207 15,664,327 17,350,617 14,531,962 Surplus . 4160 881,p5. 41i3 vidend of 234 ro pad-nil:51108 13 n.gg..2 1gc. stock; V. The statements of the Missouri Pacific Ry. system and of the St. Louis Iron Mountain & Southern Ry. system, separately, are given below for four years: MISSOURI PACIFIC BY. PROPER-EARNINGS AND EXPENSES. Miles operated end of period EarningsPassengers Freight Mall, express and miscellaneous 1907-08. 3,491 1906-07. 3,491 $4,128,771 14,838,594 1,079,245 $4,637,8091 16,695,777 1,756,285 1005-06. 3,491 Total 19,758,391 21,172,725 21,048,821 22,174,915 Total $20,946,611 $23,089,871 Not DeductExpensesI reported. Interest on bonds 6,966,891 7,308,208 7,353,951 7,431,004 Transportation $8,700,166 $8,639,4329 Sinking funds 676,011 709,310 721,954 expenses Traffic 722,483 543,468 638,632 Betterments 3,225,994 Maintenance of way 3,130,727 2,920,361 Other charges 230,486 216,650 Maintenance of equipment 2,660,115 3,363,883 Dividends on Stock (see General 646,546 007,141 note below) __(8%) 8,867,128(7)7,758,737 (7)7.758,737(7) 7,758.737 Total $15,681,002 $16,369,645 Total deductions_ _ _ _ 19,736,024 15,776,255 16,065,128 16,128,874 Net earnings $6,265,609 36,720,226 35,611,715 Balance, surplus 22,367 5,396,470 4,983,693 6,046,041 INCOME ACCOUNT. 1908. 1907. 1906. *In former years "outside operatinos" and "rents balance," Included Receipts3 In other income in 1907-08. were Included in operating revenue and operNet earnings 6,265,609 5,611,716 0,720,226 ating expense figures. Dividends, interest, rents, &c 1,361,900 1,508,480 2,902,703 Note.-Of the company's $110,839,100 capital stock $107,613,000 is Div. on St. L. I. Mtn. & Sou. stock 2,216,829 4,433,539 4,106,955 owned jointly by the Great Northern and Northern Pacific Ry. Cos. and has been pledged to secure their $215,228,000 joint 4% bonds. For this Total net income 8,844,337 12,662,254 12,621,374 reason and as a matter of "convenience", the company's Disbursementsincome account for several years prior to 1907-08 was charged with the Interest o n .the Interest on bonds, &c 4,154,637 4,191,554 4,078,078 joint 4s and dividends to the extent that these were paid to ou tsid Taxes 895,545 813,392 807,951 holders: in other words $8,609,000 for interest on the joint 4s and $225,800 Rentals 213,559 179,008 188,730 for dividends paid on stock held by public. In the present report this Equipment association 339,401 301,122 method is abandoned, the Interest nth() joint bonds is left out of account. Hire of equipment 388,665 and instead of this, the amount disbursed as dividends on the entire stock Sundry items 407,942 202,149 246,534 is shown. We have revised our figures for back years to conform, with Dividends (se, above) (2 A)1,935,210(5)3,890,875(73.)5,836 ,305 the new method of accounting. As to 6% "equalizing dividend' paid in Oct. 1907 ($6,650,346) eaarged against sec imulatLd c gotta', see V.85. Total disbursements 8,032,476 9,513,290 11,524,893 p. 699. Surplus for year 811,861 1,096,481 3,148,964 ST.LOUIS IRON MOUNTAIN ct. SOUTHERN RY.-EARNIN OOMPOBITH BALANCE SHEET JUNE 30. GS AND EXPENSES, P 1907. 1906. 1908. 1908. 1907. 1906. Miles operated end of period Assets$ $ $ 2,599 2,504 2,459 Cost of road and equipment Earnings from 358,832,115 345,281,500 337,755,200 -$ $ $ Securities of controlled roads 4,156,740 4,169,213 4,125,125 Passengers 4,370,142 4,704,942 4,022,598 Sundry investments 14,444,716 14,190,912 9.603,387 Freight 15,500,783 17,649,220 15,777,881 Materials and supplies Mall, 6,013,344 6,415,610 express and miscellaneous 4,984,451 1,913,369 1,632,858 1,409,297 Sinking funds 18,274,260 17,262,788 16,276,243 Sundry available securities 294,800 Total earnings 461,800 562,400 21,793,294 28,987,020 21,209,777 Accounts and bills receivable ExpensesCash on hand 5,273,702 6,316,092 14,423,240 Transportation 7,933,764 7,409,8811 7,4/8,57U Traffic 510,783 509,13591 .' =--1 , 14-II Total assets 407,704,416 393,683,176 387,730,136 Maintenance of way 3,265,978 2,710,326 • 2,430,037 LiabilitiesMaintenance of equipment 2,631,718 3,390,548 2,467,040 Capital stock 110,839,100 110,839,100 110,839,100 General 653,443 1,041,961 955,160 Bonds (see "Ry. de Indus." Section)- 183,064,000 168,690,000 174,172,000 Relief department fund 102,020 129,256 Total expenses 14,995,688 15,062,374 13,330,817 140,894 Fire Insurance fund 671,473 609,158 592,500 Per cent of expenses to earnings (68.80) (62.79) Mit(62.85) Accrued interest on bonds 3,068,508 2,243,064 6,797,606 2,411,459 Net earnings 8,924,646 7,878,960 Accrued sinking fund payments 289,508 INCOME A., ACCOUNT. Bills payable 2,000,000 1901 1907 1906,t Vouchers and pay-rolls 6,053,593 7,387,359 6,030,906 Receipts$ $ $ Sundry current aoco nts 10,793,894 2,842,883 1,501,496 6,797,606 8,924,646 7,878,966 Sinking funds 29,127,441 27,590,565 26,067,339 Net earnings 1,505,557 1,918,765 1,710,439 Renewal fund 10,000,000 10,000,000 10,000,000 Divs.. Int., prem. on bonds & mise Income account 39,405,890 47,023,299 41,649,537 Total net income 8,303,163 10,843,411 9,589,309 Profit and loss 14,288,651 14,328,492 14,334,904 Disbursements-1 1--A Interest on bonds 4,577,455 4,452,571 4,314,517 Total liabilities 407,704,416 393,683,176 387,730,136 Taxes 635,863 669,274 538,020 -V. 87, p. 1009, 677. Rentals 156,519 103,137 50,270 Hire of equipment 514,443 Sundry items, &c 60,731 Missouri Pacific Railway. 644,067 558,820 Dividends 2,219,556 4,438,992 4,114,588 Rate per cent (5%) (Report for Fiscal rear ending (14%) (10%) June 30 1908.) Total disbursements 8,164,567 10,208,041 ' 0,574,215 The remarks of President George J. Gould and Vice- Balance, surplus 138,596 '835,370 1115,184 President C. S. Clarke will be found on subsequent pages 86,p. 1409. of the "Chronicle." Wisconsin Central Railway. Below we give results of operation for several years. The (Report for Fiscal Year ending June 30 1908.) comparison of earnings with previous years is somewhat The remarks of President W. A. Bradford are given ill full inaccurate, the accounts in 1907-08 having been made up according to the new method prescribed by the Inter-State on subsequent pages. Below are comparative statements for four years: Commerce Commission. OPERATIONS AND FISCAL RESULTS OF MISSOURI PACIFIC AND ST. LOUIS IRON MOUNTAIN & SOUTHERN, INCLUDING CENTRAL BRANCH RY., &C. 1908. 1906. 1907. 1905. Miles operated, average_ 6,479 6,276 6,375 6,205 OperationsPassengers carried 10,361,498 7,876,244 9,496,531 6,641,776 Pass:"•Carrled 1 mile 462,374,569 432,547,733 397,478,879 453,946,487 Rate per pass. per mile_ Not rep'ted. 2.202 cts. 2.242 cts. 1.935 cts. FreIght(tons)carr. (rev.) 16,920,741 18,302,155 17,685,750 15,743,340 do carr. 1 mile (rev.)3970413543 4475852756 4197333656 3691020738 No. rev, tons in train_ _ _ 285.0 295.9 309.6 275.3 Earns, per fgt. train mile $2.25598 $2.45588 Earns. per pass. tr. mile. 50.83678 $1.11133 51.02101 $1.32240 Gross earns. perm. road $6,828 $7,640 $7,101 $6,618 Earnings$ $ $ From freight 31,423,577 36,509,589 32,563.507 29,261,894 From passengers 8,814,164 8,763,141 9,696,064 8,783,054 From malls 1,400,101 1,519,794 1,377,245 1,375,074 Froth express 957,492 974,211 946,405 916,286 From miscellaneous 8"4,856 1,003,685 927,523 730,974 Other than from transp_ 788,513 Total earnings 44,238,703 ExpensesTransportation 17,084,872 Traffic 1,037,667 Maintenance of way_ _ _ _ 6,649,883 Maintenance of equip't. 5.479,486 General 1,344,379 48,703,343 44,566,821 41,067,282 16,509,3561 17,141,984 1,085.7441 6,378,125 5,906,121 5,781,532 6,998,863 1,980,764 2,014,985 16,977,765 Total expenses 31,646,288 32,515,070 Ratio of operating expenses to earnings (71.54) (66.7 .6) Net.earnings 12,592,415 r 16,188,273 4,852,580 4,470,340 1,722.207 30,282,405 28,031,892 (67.05) 14,284,416 (68.26) 13,035,390 OPERATIONS. EARNINGS, EXPENSES. &C. Note.-The figures in 1907-08 having been compiled according to the requirements of the Inter-State Commerce Commission, comparisons with earlier years are somewhat inaccurate. 1907-08. 1906-07. 1905-06. 1904-05. Average miles operated1,023 1,018 977 977 OperationsTotal torn carried 4,418 ,135 4,397,462 4,343,279 4,213,6V _.792,278 mile_ Tons carried one ,054 809,246,821 804,040,467 740,632,320 Av. rate per ton per mile 0.672 cts. 0.693 cts. 0.661 cts. 0.666 cts. Av, rev, tons per tr. mile 290.73 308.19 317.45 825.46 Earns. per fgt. train mile $1.95 $2.14 $2.12 $2.15 No.of passengers carried 1,613,863 1,456,856 1,164,869 1,235,596 No. pass. carried 1 mile.. 85,341,123 78,036,864 70,100,795 67,058,539 Av. earns, per pass. p.m 1.80 cts. 2.00 cts. 2.00 eta. 2.02 cts. Av.earns.perpass.tr. m_ 103.04 cts. 103.47 cts. 95.73 cts 99.55 cts. Gross earnings per mile$7,145 $6,807 $7,442 $7,285 Earnings-$ $ 34 Freight 5,323,931 4,936,220 5,610,733 5,317,237 Passengers 1,608,165 1,406,126 1,627,492 1,481,174 Mall,express and misc 375,216 308,538 338,954 320,165 Total ExpensesMaint. of way and struc_ Maint. of equipment Traffic expenses Conducting transport'n_ General expenses 7,307,311 7,677,170 7,118,576 848,054 1,040,762 252,587 2,764,502 224,738 843,192 812,851 859,723 806,606 6,660,884 'II 866,203 776,650 2,858,094 215,056 2,618,434 258,663 2,466,141 265,343 Total P. c. of exp. to earns Balance, net earnings_ Other income 5,130,643 (70.21) 2,176,668 56,659 4,730,093 (62.43) 2,847,086 35,127 4,542,476 (68.81) 2,676,100 85,107 4,374,337 (65.77) 2,276,547 42,837 2,233.327 2,882,213 2,06l,207_ 2,319,384 Total net income THE CHRONICLE OCT. 24 1908.1 DeductTaxes accrued Interest on bonds Rentals accrued Hire of equipment Miscellaneous Total Surplus 1907-08. 1906-07. 1905-06. 1904-05. 318,380 1,096,748 $49,157 111,944 6,089 313,283 1,119,273 378,556 289,678 1,138,234 376,826 264,351 1,127,239 370,347 7,645 54,280 1,604 1,882,318 *351,009 1,818,757 1,063,456 1,850,019 802,188 1,763,541 555,843 *The profit and loss account was charged during 1907-08 with $60,000 reserved to retire Series F equipment trust bonds maturing July 1 1908, $37,196 for depreciation pricr to July 1 1907 on equipment sold or destroyed during the year and $725 premium on bonds purchased. a total of 297,921, and credited with sundry amounts to a total of $153,475, making the accumulated surplus June 30 1908 $2,258,940, against $1,852,377 in 1907; CONSOLIDATED BALANCE SHEET JUNE 30. 107. 1906. 1908. $ Assets57,315,263 54,327,922 51,518,910 Road and securities 5,167,513 Equipment 5,191,546 5,108,823 113,811 Material in private tracks 2,585,020 Company's stock in treasury ., 2,586,279 2,586,279 198,413 Stocks and bonds owned 488,743 239,161 78,038 Trustees 78,038 594,972 Sinking fund 392,797 Reserve and improvement funds 396,861 85,101 2,443,622 Reserves and funds for construction_ 549,350 Land department 595,847 592,416 31,915 United States Pcst Office 522,347 Fuel, supplies, &c 1,604,3311 i 2,028,029 382.525 Agents and condutrs 322,101 Individuals and companies 609,216 Cash 1,717,668 1,201,478 57,317 Miscellaneous 50,529 32,599 Total assets 69,611,455 66,705,459 LiabilitiesCommon stock 17,500,000 17,500,000 Preferred stock 12,500,000 12,500,000 34,450,105 31,929,795 Bonds (see "Ry. & Ind." Sec.) Construction loans 82,500 Real estate mortgages Vouchers and pay-rolls 1,782,3511 1,590,363 Individuals and companies Interest on funded debt, accrued 141,649 Equip., &c., replace't & renewal funds 413,187 1,331 175,669 *Other reserve funds 741,118 888,530 Land department 1,852,377 2,258,940 Profit and loss } 65,567,868 17,500,000 12,500,000 30,946,485 1,199,000 123,500 757,903 162,472 573,201 134,316 258,480 549,350 863,160 69,611,455 66,705,459 65,567,868 Total liabilities _ *"Other reserve funds" include "maintenance" fund prior to 1908; this sinot Included in latest year.-V. 87, p. 1013, 481. Great Northern Ry. (Report for Fiscal Year ending June 30 1907.) 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. 1906-07. 1907-08. 6,362 6,594 Average-miles operated Operations6,199,222 6,956,966 Passengers carried (number) 461,722,684 493,009,745 Passengers carried one mile 2.270 cts. 2.393 cts. Average rate per passenger per mile 21,923,343 19,268,175 *Freight (tons) 5426950,685 5164024,158 *Freight one mile 7.806 cts. 7.782 cts. *Average rate per ton per mile 509 539 *Average train-load (tons) $1.495 $1.472 Earnings per passenger train mile $3.97 $4.19 Earnings per freight train mile *Company's freight excluded. EarningsPassenger Freight Mall, express, &c Other than transportation $ 11,048,927 42,231,322 2,808,580 178,309 56,267,137 Gross operating revenues ExpensesMaintenance of way, &c 8,710,478 Maintenance of equipment 8,545,020 Traffic expenses 692,815 Transportation expenses 16,747,574 General expenses. 939,617 35,635,504 Total expenses 20,631,633 Net operating revenue Net revenue from outside operations, viz.: Sleeping and parlor igcars ($316,968), dining cars (def. $10), eating-houses and Wrestaurants ($16,786) Total net revenue Taxes accrued 11,189,553 40,311,420 2,711,099 217,560 54,429,632 10,030,877 7,917,389 731,337 16,713,473 764,979 36,158.056 18,271,577 333,744 18,605,321 2,288,179 16,317,142 Operating income Other income, viz.: Rents received ($512,293), hire of equipment balance ($379,207),' dividends on stocks owned ($57,524), interest on bonds owned ($114,935), general interest ($2,173,122), profit on securities sold.($592,169), miscellane3,847,335 ous income ($18,085) 20,164,477 Gross corporate income *1,347,436 Rentals paid 3,670,865 Bond interest accrued Deficit under guaranty of interest on Kootenay Ry. & Navi155,862 gation debenture stock Interest accrued on subscriptions for $60,000,000 add'l stock__ 2,038,427 10,483,055 Dividends on stock, 7% __--___ 17,695,645 Total transferredfund __ renema-s. 2,468,832 ____-- ior Balance,deductions_______________ permanent *Rentals paid include: To St. P. M. & M. By. Co., under lease, July 1 to Oct. 31 1907, inclusive, (1) for accrued Interest on bonds, $1,171,246; (2) accrued dividends on stock not owned by G. N. By., $6,700; maintenance. of organization, $2,042; total rental St. P. M. 4c M. By., $1,179,988, stherjentals. $167.448; total rentals paid. $1,347,436.-V. 87, p. 936, 740. Atlantic Coast Line Co. of Connecticut. (Balance Sheet of June 30 1908.) This company owns (see details below) a rnajoritY of the capital stock of the Atlantic Coast Line Railroad Co. namely, $24,257,000 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 nowlhas a profit and lose surplus of $18,110,489. 1083 We have been favored with the balance sheet of June 30 1908, which we compare with those of June 30 1907 and 1906: BALANCE SHEET JUNE 30. 1907. 1906. 1908. $ Assets$ $ Securities deposited with Safe Deposit & Trust Co. of Baltimore al1,500,000 al1.500,000 al1,500,000 8834,209 528,709 Railroad bonds 528,709 1,632,000 1,531,000 Other bonds c1,494,000 d25,341,906 25,341,906 24,194,156 Railroad stocks 1,289,924 e1,415,023 1,410,024 Other stocks 12,810,182 2,241,872 2,373,622 Other assets 764,213 949,809 1,156,551 Bills receivable and advances 75,000 75,000 75,000 Real estate & building, Wash., D. C. Land457 244,412 268,381 Investment renewal rail fund 278,678 162,794 Deposits for interest and dividends 161,750 162.458 59,351 59,988 71,419 Cash 727,710 658,845 606,425 Dividends accrued 45,492,705 Total Liabilities12,600,000 Capital stock Amount paid on subscriptions to $3,100,000 new stock, bal. due Sept.10 5,000,000 Certificates of indebtedness,5% 5,000,000 Certificates of indebtedness,4% Debenture certs. of Indebtedness,4% 3,000,000 1,317,075 Bills and accounts payable 303,390 Deposit renewal rail fund 161,750 Div. on stock & int. on certs. unpaid_ 18,110.489 Profit and loss surplus 44,866,075 43,666,711 12,600,000 10,500,000 5,000,000 5,000,000 3,000,000 750,000 291,722 162,794 18,061,559 1,072,950 5,000,000 5,000,000 3,000,000 1,075.000 280,501 162,458 17,575,802 45,492 705 44,866,075 43,666,711 Total Securities Owned June 30 1908. a Securities deposited with Safe Deposit & Trust Co. of Baltimore, as security for $10,000,000 certificates of indebtedness of 1897-1900: Atian. Coast Line RR.Co. 1st con.4% bonds at par.21.150,000 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 $11,500,000 b Railroad BondsPar. Book Value. South Carolina Pacific By.Co. 1st 6 %-$65,751 $81,600 Col. New. & Laur. RR.Co. 1st 3% ____ 318,000 201,958 North Western RR.Co. of S.C.4% __ 285,000 261,000 Atlantic Coast Line RR.cons. mtge.4% $834,209 205,500 325,000 c Other BondsDutton Phosphate Co. at par $612,000 Other phosphate companies at par 882,000 21,494,000 d Railroad StocksNorthwestern RR. Co. of South Caro $50,000 $50,000 Atlantic Coast Line RR.Co. 5% pref... 1,009,300 1,009,300 do do class "A"115,101 115,100 common 24,141,900 24,141,900 do do 25,606 225,341,901 30,000 Nashville Chattanooga & St. Louis Ry_ e Other Stocks$120,000 $150,000 Old Dominion Steamship Co Not stated 1,240,028 Sundry other stocks 25,000 $1,415,023 25,000 Westinghouse Air Brake Co f Other Assets$2,632,700 ;2,141,660 Atlan.Coast Line RR.Co.4% certs_ 467,250 Charleston & Western Carolina Ry.sec1,272 $2,810,182 Col. Newb. & Laur. 5% certificates-V. 86, p. 545. Georgia Southern & Florida Ry. (Report for Fiscal Year ending June 39 1908.) President W. W. Finley, Macon, Ga., Oct. 8 wrote: Traffic continued to Increase without interruptioa until November 1907, since which time there have been decreases, aue to the general business depress on, but there is every indication that a healthy growth will be resumed and will continue. Analysis shows that, while the tonnage in forest products is decreasing from year to year, due to unabated cutting of timber, the increase in other lines of traffic has been rapid. The largest tonnage in forest products handled was in the fiscal year ended June 30 1903, viz., 547,075 tons, or 63.64% of the total tonnage, whereas for this fiscal year forest products amounted to 371,756 tons, or 42.85% of the total tonnage, a decrease, as compared with 1902-03, of 175,319 tons, or 32.05%. The rapidity with which agriculture, stock raising and manufactures are following the saw mills Is Indicated by the fact that during this fiscal year, as compared with 1902-03, there was an increase in the movement of agricultural products of 67,674 tons, or 48.12%; products of animals, 10,062 tons, or 80,59%; manufactures, 64,691 tons, or 46.35%; a total Increase In these three items of 142,427 tons, or 48.66%. All the territory served, from Macon, Ga., to Jacksonville and Palatka, Fla., is productive; the soil is especially adapted to cotton and to the raising of peaches, melons,strawberries, potatoes, lettuce, cucumbers,cabbage, onions, &c., and sugar cane. New lands axe being continually put unde cultivation. Much fruit and vegetables are shipped to distant markets. An important factory for canning sweet potatoes is nearing completion at Cordele, Ga., and another for the manufacture of syrup from sugar cane is about to be put into operation on the terminal line in Jacksonville, Fla. There is no finer cane raised than along the line of the Georgia Southern & Florida Ry. The grazing lands along-the line south of Valdosta, Ga., are particularly adapted to the raising of live stock, and this industry is steadily increasing. Cotton factories, cotton-seed oil mills, fertilizer plants and plants for the manufacture of vehicles, sash, doors and blinds, crate material, &c., are being profitably operated, and the growth of this section will require additional industries of this kind OPERATIONS, EARNINGS. &c. 1904-05. 1905-06. Operations1906-07. 1907-08. 395 Average miles operated_ 395 395 395 561,510 721,237 627,833 Passengers carried 689,266 26,672,641 26,711,286 23,600,066 22,413,985 Pass. carried 1 mile 2.38 cts. 2.53 cts. 2.50 cts. 2.58 cts. Rec'ts per pass. per mile 739,034 859,561 990,996 867,510 Tons freight carried_ _ _ _ Tons freight carried 1 m. 96,489,411 106,249,360 86,869,039 75,924,542 1.211 cts. 1.200 eta. 1.170 eta. Rate per ton per mile_ _ _ 1.127 cts. $ $ $ $ Earnings1,243,533 910,967 1,051,779 1,087,611 Freight 688,652 534,243 596,906 666,084 Passenger 341,160 296,261 269,492 418,142 Mall, expreSs & miscell_ 2,171,837 Total ExpensesMaintenance of way_ _ _198,988 427,914 Maintenance of equipmi 961,366 Conducting transport'n_ 197,970 General exp. and taxes.. 2,273,345 1,944,946 1,714,702 334,108 447,355 923,392 175,355 275,956 392,293 691,044 160,367 248,903 322,652 589,723 151,108 1,786,238 (82.25) $85,599 12,550 1,880,210 (82.71) 393,135 15,580 1,519,660 (78.13) 425,286 18,579 1,312,386 (76.54) 402,316 17,594 Total P. c. of exp. to earns__ _ Net earnings Other income 398,149 419.910 408,715 443,865 Total Deduct270,975 270,050 270,050 270,050 Interest on bonds 17,776 14,183 20,390 13,656 Interest on car trusts 34,200 34,200 34,200 34,200 Div.on 1st pref. stk., 5% Div. on 2d pref. stk--- (57)54,200 (5%)54,200 (4%)43,360 (4%)43,360 16,528 Additions and bettermets Total Balance,surplus 393,679 4,470 378,840 29,875 361,266 ,82,599 361,793 38,117 1084 THE CHRONICLE CONDENSED BALANCE SHEET JUNE 30. 1908 1907. 1908. 1907. Assets$ $ Liabilities$ $ Road & equipt___ 9,874,263 9,767,024 Stock (see Ry. & Trust equipment__ 333,000 458,693 Ind. Section)___ 3,768,000 3,768,000 243,332 Securities owned__ 256,332 Bonds (see Ry. & Materis &supplies 142,716 153,914 Ind. Section)__ 5,838,000 5,801,000 Cash (Incl. for Int.) 205,430 227,319 Equip. obligations 333,000 458,693 19,701 Agla & conduct'rs 47,549 Taxes not due_ _ 46,285 38,554 16,485 16,582 Reserve funds____ 121,392 U. S. Gov't (mall) 86,706 Individuals, comInterest and diva panies, &c 118,494 97,247 84,5001 due and unpaid_ 99,537 72,634 Leased rail 78,479 Audited vouchers_ 123,145 102,911 Miscellaneous 88,476 40,825 Pay-rolls (June)__ 56,943 70,806 Miscellaneous ____ 61,693 21,041 Profit and loss_ 668,826 683,970 Total 11,114,532 11,131,219 -V.87. p _1010. Total 11,114,532 11,131,219 National Railroad Company of Mexico. (Report for Fiscal Year ending June 30 1908.) Below are the earnings, charges, &c., in detail. Further data will be given next week. EARNINGS AND EXPENSES (Mexican Currency) 1908. 1907. 1906. EarningsFreight Passenger Baggage Express Mall Telegraph Miscellaneous 1905. 11,106,800 3,276,632 33,493 914,717 13,753 6,807 11,518,432 3,173,499 29,579 834,295 12,8R6 9,069 296,899 10,324,850 2,590,495 28,602 716,237 13,792 10,450 354,876 8,578,353 2,218,381 25,685 828,436 14,357 12,296 302,616 Total 15,601,310 ExpensesMaInt. of way & struct's 1,659,096 •Maint. of equipment 1,944,923 Conducting transport'n_ 5,648,359 General 662,781 15,874,669 14,039,303 11,780,124 1,686,574 1,934,191 5,899,622 631,451 1,425,892 1,642,223 4,945,630 612,305 1,085,072 1,281,170 4,899,138 540,214 10,151,838 5,722.831 2,861,416 8,026,050 5,413,253 2,706,627 7,805,594 3,974,530 1,987,265 Total Net earnings (Mex. cur.) Net earnings(U.S. cur.) g49,107 9,915,159 5,686,151 2,843,076 INCOME ACCOUNT FQR, YEAR ENDING JUNE 30. (U. S. Currency.) 1907-08. 1906-07. Net earnings 2,843,070 2,861,416 Income on Investments, &c 660,340 747,638 Total net income 3,503,416 3,609,054 DeductTaxes 36.285 28,653 Rental Michoacan & Pacific 25,207 24,055 Interest on bonds and notes 2,502,350 2,435,600 Interest on loans 45,368 30,000 Dividend on preferred stock (1%)288,329 (2)576,658 Proportion cost extending 5% gold notes 304,692 68,769 Other interest, discount, &c 55,347 13,892 Total 3,257,580 3,177,627 Balance, surplus for year 245,836 431,427 BALANCE SHEET JUNE 30. (U. S. Currency.) 1908. 1907. 1906. Assets$ $ $ Railroad properties 89,278,414 87,844,121 87,997,475 Additions and betterments2,285,411 2,937,632 312,689 Bonds and stocks owned 28,542,897 28,542,658 28,538,037 Mexican Government bonds 22,660 22,660 22,660 Material and supplies 993,473 1,326,436 562,202 Agents, conductors and employees 417,718 462,809 450,232 Traffic balances 90,560 82,841 132,164 Discount on bonds sold 969,091 630,106 712,767 Individuals and companies 252,177 236,688 154,797 Bills collectible 289,756 276,139 158,495 31,232 Notes receivable 46,847 State of Michoacan 19,000 25,000 31,000 State of Queretaro 1,500 Texas-Mexican By. Co. advances on account of change of gauge, &c 13,141 13,141 37,112 Miscellaneous 19,947 23,644 25,507 Cash 739,433 1,037,136 2,069,643 Total 123,944,910 123,507,858 121,206,281 LiabilitiesCommon stock 289,100 304,100 424,100 Deferred stock 11,020,300 11,015,300 10,075,300 Second preferred stock 22,040,600 22,030,600 21.950,600 28,832,925 28,832,925 28,832,925 Preferred stock 57,740,000 55,890,000 55,800,000 Funded debt and notes 396,742 Loans 1,627,656 Interest on bonds and loans 907,440 917,494 887,316 Vouchers and pay-rolls 420,167 758,188 465,559 Div. on pref. stock, payable August_ 288,329 288,329 288,329 Traffic balances 154,050 260,211 220,174 M. & P. By.(special) 12,635 12,635 12,635 Individuals and companies 279,628 246,205 318,211 Reserves and miscellaneous 150,923 178,088 192,649 Profit and loss, balance 1,402,016 1,156,181 748,481 (Guaranty of Mexican International RR. Co. first consols, $6,501,000.) Total -V.86. p. 286. 123,044,910 123,507,858 121,206,281 Toledo Peoria & Western Railway. (Report for Fiscal Year ending June 30 1908.) President E. N. Armstrong, Peoria, Ill., Sept. 9 1908, wrote: [VOL. Lxxxliv. receipts from this source decreased $13,579, under the operation of the two-cent fare law. The net amount of car per diem and mileage received was $54,979, of which $38,123 was credited to Income account and $16,856 to maintenance of equipment, a decrease of $22,061 for the year, caused by a reduction In the per diem rate and to a larger number of idle cars. There is a decrease of $36,607 in maintenance of way; this does not take Into account $44,901 expended during the year for additions and betterments charged to income account, heretofore charged to operating expenses. There were 1,044 tons of new steel rail and 74,514 cross-ties used in the renewals, 1.16 miles of track were ballasted with gravel and 5.91 miles with cinders. INTER-STATE COMMERCE COMMISSION CLASSIFICATION. 1907-08. 1906-07. 1907-08. 1906-07. Oper. Revenue. $ Other Income. $ Freight revenue_ 810,047 799,465 litre of equip't__ 38,123 78,685 Pass. revenue__ 353,499 367,078 Tot. net income_ 200.585 42,147 Mall, exp., &c__ 57,934 54,988 Deductions195,800 lint, on fund. d't 195,800 1,2 1,480 1,221,530 Int. on equip. tr. Op. Exp. & Taxes. 10,299 7,816 obligations_ _ _ Maint. way & str's 232,082 24,412 268,689 Int. on bills pay.. 24,922 Maint. of equip_ 261,808 9,964 277.470 Rentals 7,277 Traffic expenses 22,000 22,252 Equip. tr. exp 1,002 Transp. expenses 456,602 408,737 Add'ns & bett'ts 44,901 General expenses 37,661 33,916 Taxes 48,856 47,005 240,475 Tot. deduc'ns 281,718 $ Tot. oper. exp. and taxes_ _1,059,018 1,058,069 Oper. Income_ 162,462 163,462 I Net Def81,133 Sur1,672 GENERAL BALANCE SHEET JUNE 30. 1908. 1907. 1908. 1907. Assets' $ Liabilities$ $_. Road and equipl; 9,419,839 9,419,839 Capital stock 4,076,900 4,076,000 Material & supplies 89,765 86,675 First mtge. bonds_ 4,895,000 4,895,000 Due by other cos__ 48,645 57,902 Interest 99,942 100,500 Due by agents_ _ _ _ 17,293 . 22,797 Vouchers and acCash counts 83,807 97,709 180,750 178,935 Miscellaneous .26,619 Equip't replacem't . 28,468 45,919 Securities oth. cos. 103,000 103,000 Bills payable and Balance, deficit 350,170 269,037 • equipm't obligs 842,476 826,244 Total 10,140,987 10,077,579 -V. 85, p. 406. Total 10,140,987 10,077,579 Pacific Coast Company. (Report for Fiscal Year ending June 30 1908.) Extracts from the report of H. W. Cannon, President 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: _Zan EARNINGS AND EXPENSES FOR YEAR"1907-08. , Gross Expenses Net Earnings. and Taxes. Earnings. Departments. $ $ Pacific Coast Steamship Co 3,693,389 3,866,490 def.173,100 Rail LinesPacific Coast Railway Co 189,771 29,158 160,614 Columbia & Puget Sound Railroad Co.... 621,304 354,069 267,235 Coal department 2,554,353 1,665,096 888,357 Lumber, grain, rentals and miscellaneous_ 214,140 81,432 132,706 Taxes and general 92,024 def.92,024 Total 7,272,958 6,220,626 1,052,332 INCOME ACCOUNT-ALL COMPANIES. 1907-08. 1906-07. 1005-06. $7,272,958 $7,406,495 $6,308,413 Gross earnings Operating exp. and taxes 6,220,625 5,986,616 4,035,094 1904-05. $6,199,276 4,866,161 $1,052,332 18,812 $1,333,115 27.624 Net earnings Other income $1,419,879 69,794 $1,372,419 82,963 Total net income $1,071,144 $1,489,673 $1,455,382 $1,360,739 Deduct$250,000 Interest on bonds $250,000 $240,767 $222,300 General interest 8,479 Improve't equip't &c 10,813 8,091 5,110 10,793 Loss of steamships, &c *80,775 "Exhaustion fund" 23,217 24,491 17,720 18,400 Dividend on 1st pref --- -(5) 76,250 (5)76,250 (5)76,250 (5)76,250 do 2d pref- -(5)i1210,000 (6)240.000 (6)240,000 (5)200,000 common (5X)367,500 (6)420,000 (6)420,000 (5)350,000 do Total Balance, surplus $1,027,035 $44,109 $1,018,832 $470,841 $999,847 $455,535 $877,743 $482,996 * Loss of steamships, &c., $80,775, Includes worthless accounts written off, $16,419; loss on sale of steamship "Schome," $22,818; and loss on sale of Steamship "Pomona." $41,538. CONDENSED BALANCE SHEET JUNE 30-ALL COMPANIES. 1907. 1908. 1906. Assets$ $ $ Property (including stocks and bonds of proprietary companies) 10,180,938 18,736,725 18,042,718 (including deposit with trustee) Cash 335,157 880,469 1,416,896 Coal and lumber agents, &c 804,129 66,826 620,229 Companies and individuals 360,293 782,204 699,480 Land notes and contracts 211,441 Coal and lumber inventories 1,412,438 Prepaid accounts a234,559 Claims against underwriters 169,675 Miscellaneous accounts 5,661 33,824 6,219 Materials and supplies 542,625 290,131 772,087 Total assets 22,717,194 21,559,922 21,327,609 LiabilitiesStock (see "Ry. and Ind." Section) 12,525,000 12,525,000 12,525,000 Comparisons of the year's operating revenues and expenses with those of First mortgage bonds 5,000,000 5,000,000 5,000,000 the preceding year cannot be made In detail, owing to the adoption July 1 Due companies and individuals 26,516 16,914 1907 of the revised classification prescribed by the Inter-State Commerce Unpaid vouchers 83,641 904,778 182,451 Commission. The decrease in gross revenue ("total net Income."-Ed.), Unpaid pay-rolls • 121,480 152,353 149,061 $41,562, or 17.1%, is chiefly due to the charges made during the year to Dividend Aug. 1 129,062 operating expenses for depreciation of equipment, there being a credit bal- Interest on bonds 20,833 20,833 20,833 ance in the replacement funds of $45,919, after charging thereto the cost Taxes accrued 16,550 5,208 13,020 of 50 coal cars purchased for renewals In October 1907. "Exhaustion fund" for coal lands 84,500 128,190 107,803 The freight traffic increased 1,620 tons, or 0.16% (and amounted to Other reserves 5203,310 1,001,589 tons). The average earnings per ton mile were 12.4 mills, an Collections for traffic not yet earned 101,421 Increase of 1-10 of a mill, and the average cost was 10.4 mills, a decrease of Globe Navigation Co 437,500 23,036 27,162 5-10 mills. The earnings per freight train mile were $2 46, an increase of Employees hospital fund 29,038 ,..1 16 cents, as compared with the preceding year, and the average cost was Surplus fund of proprietary companies depos ted with Pacific Coast Co_ 822,492 499,755 $2 07, an increase of 4 cents. (Average revenue per ton per mile, 1.24 cts., Traffic balance and miscellaneous.. 18,467 Increase 0.81%.-Ed.) loss 3,017,023 2,603,561 3,062,032 The number of passengers carried was 815,923, an increase of 112,065 (or Profit and 15.02%.-Ed.). The earnings per passenger per mile w r 1.96 cts., as Total liabilities 22,717,194 21,559,922 21.327,609 compar d with 2.30 cts. In th pr ceding year, and the earnings per passenger train mile were 95 cents, as compared with $1 02 in the preceding year. a "Prepaid accounts" include insurance paid In advance, $180,142; taxes, The cost per passenger train mile was 88 cts., an Increase of 2 cts. There $42,975, and rentals, $11,442. has been no material change In passenger train service In the year, the "Other reserves" include reserve for pilotage, $44,071, and reserve for S mileage of trains having Increased 12,663 miles (3.07%.-Ed.), and while Improven1entS. replacements and inventories, $159,239.-V. 87, p. 1014, the number of passengers and the miles traveled by them increased, the 420. OM.24 1908.] THE CHRONICLE (The) Rio de Janeiro Tramway, Light & Power Co., Ltd. (Report for Fiscal Year ending Dec. 31 1907.) President F. S. Pearson, Toronto, Can., Aug. 18 1908, writes in substance: 1085 erected. The gross Income from this service shows a* constant and satisfactory growth. When the new plant is completed, It will be possible to considerably increase the gross income. At present gas is used almost exclusively for illuminating purposes. While the manufacturing plant is of obsolete type and uneconomical, the distribution system is in good condition, and with additional high-pressure mains can be adapted for a much larger consumption. As the city feeder grows, there will be required an annual expenditure for extensions. New Bond Issue.-Thls company was originally organized with a capital stock of $25,000,000 and a first mortgage bond issue of $25,000,000. Further large expenditures being necessary, your board on March 29 1908 authorized the issue of £3,500,000, or 88,060,000 frs. of 50-year 5% mortgage bonds, dated April 1 1908. Notwithstanding the financial crisis, the construction work in Rio has been continued without interruption, largely with funds provided through loans from banking institutions. The company has sold 22,500,000 frs. of the new Issue In Paris and in Belgium, and a further £900,000 in England. (Compare V. 86, p. 1101, 1285, 1410 V. 87, p. 97, 740.) The proceeds are being used in payment the of the floating debt, the completion of the work in hand and further construction. The company still has in the treasury about £1,700,000 of this second issue, the proceeds of which will be applied to the electrification of the tramways, the reconstruction of the gas works, the extension of the telephone, light ahd power systems and other works of construction. Guaranteed Loan.-In connection with the purchase of the Villa Isabel tramway and telephone systems, to secure a loan of $3,500,000 (which amount was guaranteed by this company), the entire Issue of the bonds of the Villa Isabel Tramway Co., amounting to $6,000,000 par value,has been deposited, and on account of advances made by this company In connection with this purchase and the guaranty above mentioned, this company will be entitled to the proceeds remaining from the sale of these bonds after the payment of the above-mentioned loan. Earnings.-So far as the gas, telephone and tramways are concerned, the Rio Company controls these properties through the ownership of shares and bonds of these companies,.and in consequence their earnings do not appear in the financial statements of this company. As this company was passing through Its construction period, It was agreed with the subsidiary companies to operate same separately until Dec. 31 1907. The net earnings of these companies were retained by each company and devoted by them to various construction purposes, thus relieving this company of the necessity of providing funds for such construction. From Jan. 1 1908 the company receives the entire earnings from all these properties in virtue of agreements made with the company by the subsidiary companies. The general financial conditions of Brazil are good, and since the new monetary legislation providing for the fixation of exchange was passed, the rate has been almost constant at a fraction above 15 pence per milrels. Concessions.-The matter of greatest Interest dealt with during the past year was the revision of the concessions of the Sao Christovao, Carris Urbanos and Villa Isabel tramway companies, heretofore operating under different conditions and each with its own gauge of track. By a new contract with the Municipal Council the three companies operate under similar conditions and the concessions have been extended until 1970, and until 1940 these companies will have the monopoly of the tramway service in a large area of the city, comprising about three-fourths of the urban part of the Federal District, and embracing that portion where the development for residential and manufacturing purposes will be greatest. The three systems will have a standard gauge of 4 ft. 8M inches, the same as that at present used on the Villa Isabel lines. The taxes and payments to the municipality have been consolidated for the entire period of the concession, and Instead of the company maintaining pavements as heretofore, it is to contribute for this purpose 45 cents per lineal metre of track, or about $750 per mile, the payment being calculated on the total track mileage on Jan. 1 and July 1 of each year. The company has also obtained a new municipal power concession whereby the exclusive rights granted under the former power concession until 1915 were confirmed, and the period of concession extended from 1950 until 1990. The transmission line, terminal station and distribution systemn within the Federal District of Rio de Janeiro is constructed under the terms of the municipal power concession granted by the State of Rio de Janeiro under a general law authorizing the President of a State grant concessions for the utilization of water powers. The company ownstothe marginal lands controlling the development of the water power at the falls of Sapucala, the River Parahyba, situated about 100 miles from the city of Rio on de Janeiro, at which point at least 100,000 h. p. can be developed, but as this company, through the municipal power concession, acquired another valuable water power at Rio des Lages, situated about 51 miles the city, it was considered advisable to develop the latter power forfrom present needs, and hold the former for future requirements. Another concession granted by the State of Rio de Janeiro gives the right to divert the waters of the River Parahy into the valley of the River das Lages, by means of which the capacity of the Rio das Lages station can be greatly enabling the company to supply at least 100,000 h.-p. from increased, this point when required. Hydro•Etectric Development.-At Rio des Lages there is a in the river of over 1,000 feet in a short distance, and a concrete damfall has been constructed 115 feet in height, with both sides and bottom on a solid GENERAL BALANCE SHEET DEC. 31 1907. granite ledge, backing the water up the river for about 16 miles, thus impounding Assets7,220,000,000 cubic feet of water in a natural reservoir. Two steel pipe 1 Liabilities-$ Properties, franchises and lines 8 feet in diameter conduct the water to the power station, which is Capital stock 25.000,000 concessions, including situated about 1,000 feet below the reservoir. The power house is of steel, First mtge. bonds, 5%, hydraulic installation, concrete and brick, and contains six generators directly connected to due Jan. 1 1935, $25,transmission lines, electurbines of an aggregate capacity of 52,000 h.-p. This hydraulic develop000,000,less in treasury. tric light and power canment is nearly completed, there remaining only the completion of the $956,600 24,043,400 alizations in the city of erection of the last generator and a general cleaning Loans & adv.from banks_ 2,203,333 addition, up. In Rio de Janeiro 37,819,293 Bills payable surveys and plans have been completed for the diversion of the Pirahy into 1,088,977 Stocks and bonds of subthe Lages reservoir. Current accounts 1,633,196 sidiary cos. (cost) (See The high tension transmission line from Rio das Lages to the centrally Accrued Interest on bonds list below) 15,324,633 located fireproof terminal station at Rio de Janeiro, 51 miles, consists of and loans due Jan. 1 746,821 two independent lines of steel towers located on our private right of way Accounts receivable 1908 639,332 717,492 each carrying two 3-phase circuits and each having a capacity sufficient to Cash in hand transmit the total output of the station. Two independent telephone Total 54,608.239 lines control the operation of the station from the city. Total 54.608.239 Light and Power Distribution.-The underground system consists of conduits laid in concrete of which about 1,300,000 meal feet have been laid; EARNINGS OF THE CONTROLLED TRAMWAY, TELEPHONE. GAS, ELECTRIC LIGHT AND POWER SERVICES. the high tension feeder cables are installed therein. The low tension distribution system consists of a network of armored cable laid under the 1907. 1906. 1905. 1904. Gross Earningssidewalks. The duct work is practically completed, and the greater part $ $ $ $ of the light and power lines for distribution in the city will be completed Carris Urbanos Tramway 1,205,272 1,069,660 1,142,882 1,045,522 Villa Isabel Tramway__ 1,072,089 during 1908. 815,859 704,395 654,071 The demands for power to date are fully up to expectations, there being SaoChrlstovao Tramway 1,209,877 1,185,686 1,098,909 1,040,690 connected to the company's lines: Total gross tramways. 3,487,237 Dec. 1 1907. Aug. 1 1908. Add Ordered. 3,071,206 2,946,186 2,740,283 Telephone Motors 2,776 h. p. 116,2081 6,141 h., p. 4,515 h., p. 188,261 (not available).-Ed. L ght and power Arc lamps, public 473 " 306,8571 566 94 ' Gas Company Arc lamps, private 744 " 2,375,897 1,088 " 2,081,311 1,912,160 2,077,333 Incandescents (16 candle-power).16,635 " 27,087 " 4,648 " Total gross Ventilating fans 435 " 6,286,201 5,340,778 x4,858,346 x4,817,616 585 " Net EarningsThe company is now in negotiation with various parties for further contracts aggregating over 12,000 h. p. In addition the company is supplying Carris Urbanos Tramw'y 416,929 341,784 290,776 312,204 for light and power 4,000 h. p. for the National Exhibition now being Villa Isabel Tramway 529,196 346,039 234,441 219,024 Sao Christovao Tramw'y held at Rio de Janeiro. 414,553 381,763 331.021 272,395 Tramway Service.-The company controls three systems of tramways in Total net tramways Rio de Janeiro, 4. e., Sao Christovao, Villa Isabel and Carris Urbanns, 1,360,678 1,018,579 907,246 803,623 making a total of 128 miles of line. It also owns the Corcovado steam Telephone 47,7581 39,905 (not available.-Ed.) Light and power railway, a scenic line about 3 miles in length. 229,5991. (1) The Companhia de Sao Christovao has a share capital of 12,000 Gas company 489,690 404,146 376,836 366,148 contcs of reis (about $3,695,625) and owns a concession extending until 1970 (exclusive until 1940) under which about 40 miles of track are operated Total net 2,127,726 1,462,630 x1,184,082 x1,169,771 by mules and 5 miles (Tijuca) by electricity in the northern section of the city. The Rio Company owns a fraction under 99% of the shares. x Not Including any earnings from telephone or electric light and power. (2) The Companhia Carris Urbanos has a share capital of 6,000 Note.-For the half-year ending June 30 1908 the gross earnings from contos of reis (about $1,847,813) and it has outstanding about $1,618,869 7% all services were 83,339,915; net, $1,206,706. debentures. Its concession extends until 1970 (exclusive until 1940), "Acquired Securities" (at Par Value) Owned by Company Dec. 31 1907. under which about 35 miles of track are operated mules In the business centre. The Rio Company owns a fraction underby Share Capital Bonds Owned by Company. 92% of the shares. (3) The Companhia Ferro Card' de Villa Isabel Nameissued. outstandki. Shares. concession Bonds. owns a extending until 1970 (exclusive until 1940) under which about miles of 48 track are operated in the northern section of the city: 37 miles are operated Villa Isabel Tr'y Co. (Maine)_6,000.000 6,000,000 6,000,000 a6,000,000 electrically and 11 miles by mules. All the shares (except six) are owned Sao Christavao Tramway Co_3,695,625 None. 3,657,437 by Villa Isabel Tramway Co. (a Maine, U. S. A., corporation) and all Carris Urbanos Tramway Co_1,847,813 1,618,869 1,699,064 shares of that company ($6,000,000) are owned by the Rio Company. the Rio de Janerio Gas Co. (Maine)6,000,000 6,000,000 6,000,000 6,000,000 (4) The Corcovado Fly.,2.33 miles in length, carries pleasure parties up Rio deJancrio Tel. Co.(Maine)1,000,000 1,000,000 1,000,000 a1,000,000 the Coreovado Mt. over 2,00 feet in height, affording views of world-wide Companhia Ferro Carril Carioca 769,922 77,000 334,454 77,000 fame. The company owns a hotel near the summit. The line, when Corcovado Fly. property (no electrically equipped, will prove profitable. securities Issued) Cost 888,000 (5) The Companhia Carioca has a share capital of 25,000 shares of 100 milreis each (about $766,000) and a mortgage debt of about $77,000. The Total par value 18,890,955 13,165,000 Rio Company owns 10,866 shares of the capital and the entire mortgage All of the securities owned except those referred to in the next paragraph debt. This company has a small system in the Santa Theresa bill district, have been deposited with National Trust Co.. Ltd., Toronto, the trustees and earns Its operating expenses and all fixed charges. for the bondholders. Tramway Earnings.-The Villa Isabel System since its equipment for a These bonds are pledged to secure the $3,500,000 loan guaranteed electrical operation has shown a most satisfactory Increase In the gross in connection with the purchase of the Villa Isabel tramway and telephone and net income, and it is felt that with the electrification of the other two systems. systems a corresponding increase is expected. The electrification of the b The Corcovado Railway property has been transferred direct to the remaining mule lines is under way, and it is expected that the greater Rio Company. portion of these lines will be operated electrically by Dec. 31 1909. The and dividends payable on the bonds and shares of the subDunn the year 10 new 10-bench cars have been added to the equipment, sidiary interest companies not acquired by the Rio Company, as shown by the and contracts have been placed for 110 cars. above schedule, Interest on the $3,500,000 guaranteed loan referred Telephone Service..-This service is operated under a concession granted to in connection and with the purchase of the Villa Isabel tramway and teleby the municipality of Rio de Janeiro to Brasillanische Elektricitats Ge- phone systems, which are payable by this company for the year 1908, sellschaft, a German company, the entire capital stock of which is owned based on the present rate of exchange, will be approximately $355,000. by the Rio de Janeiro Telephone Co. (a Maine corporation) with a capital This amount should therefore be added to the fixed charges of the Rio stock of $1,000,000. The entire capital of the last-named company is company.-V. 87, D. 740. owned bylthe Rio Company. During the past year the reconstruction of the buildings and plant, after the destructive fire at the central office, was Distillers' Securities Corporation. completed. The entire overhead system was also practically reconstructed and there has been Installed 64,081 feet of underground cable, greatly (Report for Fiscal Year ending June 30 1908.) Improving the service. There is a constant and satisfactory growth of the business. In the new central station a switchboard for 4,900 lines has been President E. J. Curley, Sept. 30 wrote in substance: provided. Four branch exchanges have also been installed. Maintenance.-The plants have been maintained in a state of high effiGas Service.-This company controls the gas service in Rio de Janeiro through the ownership of the entire capital stock of the Rio de Janeiro Gas ciency, and the cost ($303,789) of additions, maintenance and repairs has Co.(a Maine corporation),which in turn owns over 90% of the securities of been charged against earnings. Balance Sheet.-Accounts and bills receivable and bills payable are all the Societe Anonyme du Gaz de Rio de Janeiro, a Belgian corporation, the owner of the concession and plant in Rio de Janeiro. The concession gives current and represent the trade receivables and payables of the companies. All accounts between the companies have been eliminated. Merthe exclusive right to supply gas until 1945, including the lighting of the streets; also, the right to supply electric energy for lighting, with a monop- chandise, materials and supplies aggregating $2,898,733 have been taken oly for public lighting until 1045 and for private lighting until 1915, after at actual cost, including: Whiskies and spirits, $1,846,310: goods in process, which the concession for private electric lighting continues without exclusive $99,757; grain, $118,603; manufacturing supplies, $615,039; repair materials, general merchandise, horses, wagons, &c., $219,024. rights until 1045. The item of securities ($5,698,472) represents investments In various Negotiations for a modification of the concession, It is expected, will be concluded in the near future, in which case a new and modern gas plant distributing and other companies. Their value, taking the investments In can be conStructed and completed within the year 1909. In the mean- the distributing companies on the basis of their net current assets, consisting time, to provide for the increasing demand, additional retorts are being of cash, merchandise, receivables, &c., amounts to $7,252,500, or $1,554,028 more than that at which these securities are carried on the books ' 1 10S6 They form a part of the actual working capital, which now amounts to 314,951,946. D4vidends.-D1vIdends have been paid during the first two quarters of the fiscal year at the rate of 1 yi% quarterly, and during the last two quarters at the rate of %.of 1% quarterly, or a total of 4% for the year. The directors have followed the policy of distributing by way of dividends what has been deemed consistent with prudent business management. On July .1 1907 the companies had an actual surplus of $6,638,171, an amount amply large to justify drawing on the same to the extent necessary for the payment of dividends declared during the year. Effeel of Panic.-Since the panic of October 1907 to June 30 1908, the business of ths company has been transacted under abnormal conditions. October. November and December (the most profitable period of our business) marked the acute stage of the financial panic, and the severe recession In commercial activity . affected the business operations of this company with great severity. In addition the company was confronted with an enormous Increase in the price of grain on account of which the management deemed it wise to reduce to a minimum Its production of fine whiskies, a branch of business which has always been, and in normal times will continue to be. a profitable source of income, Whiskey requires an average of four years to mature. When manufactured it is put Into bonded warehouses and the warehouse receipts are purabased by and are current among the trade during the period required for maturity. By reason of the curtailment of credit the trade, as necessity required, withdrew from bond maturing whiskey, thereby reducing the stocks to the lowest point known In the history of the business. The figures compiled by the Commissioner of Internal Revenue show not only the sharp failing off in production for the year 1908 but the gradual increase in the volume of business in keeping wth the increase in population and growth of the country. The 1908 production was only about 5,000,000 gallons less than the average for ten years and 36% greater than In 1899. The figures are as follows: Country's Productitm of Manned Spirtts-Withdramals of Spirits from Bond (gallonl -00,000 omitted.) 1908. 1007. 1906. 1005. 1904. 1903. 1902. 1901. 1900. 1890. Aver. 127,0 168,6 145,7 147,8 134.3 141,8 128,6 124,5 103,5 97,0 132,1 Production Withdrawals _120,0 131,0 122,6 116,0 116,0 112,8 103,3 99,2 93,4 83,7 110,1 The consumption of spirits Is reflected directly in the withdrawals from bond during the same ten-year period. In 1908 the withdrawals were nearly 10.000,000 gallons greater than the average annual withdrawals during ten years. While the production was greatly reduced, the consumption as Indicated by the withdrawal figures did not show any equivalent falling off. A large part of the difference between production and withdrawals Is due to shrinkage In bond by evaporation, and this shrinkage is allowed for in figuring the quantity on which the tax Is payable. The same tendencies arc reflected In the figures which apply to fine whiskey. The production of whiskey in Kentucky during the year 1906-07 amounted to 38,155,918 gallons; the withdrawals from bond amounted to 27,774,472 gallons. During the year 1907-08 the production in Kentucky amounted to only 16.972,836 gallons, but there were withdrawn from bond 26,035,110 gallons. Thus, while there were produced in Kentucky 21,183,082 gallons less than were produced during the preceding year, there went into consumption only 1,721,362 gallons less. The continuation of the average consumption, in the light of the tremendous curtailment In production, has resulted In greatly reducing the supply of Kentucky whiskey, and correspondingly increased its value. The inventory value of the stock on hand of the constituent companies does not take into consideration this substantial Increase In market value. Commercial conditions are now gradually, though slowly, Improving and in our trade an increased activity Is noticeable. These conditions warrant the justify the judgment that the net earnings of the company will continuation of the payment of dividends without further recourse to the surplus, and that as business resumes normal conditions the net earnings et the companies will compare favorably with those of the past years. ISALUVINGS, EXPENSES..CHARGES, ETC. 1905-00. 1906-07. 1907-08. $2,454,391 34,541,696 34,054,815 Grosspro profits Deduct$327,195 $290,084 $406,068 Interest on notes and loans 79,018 106.264 109,905 'faxes 85,377 81,460 83,590 Rentals 94,092 80,809 112,521 Insurance 32,181 -, Reserve fund 303,789 245,912 220,118 Additions and maintenance 341,115 367,815 332,346 Administration, etc., expenses Total Net earnings Interest on bonds Dividends a Total Interest and dividends Balance $1,320,406 $1,200,309 $1,180,745 $1,133,985 $3,341,387 ;2,874,071 782,620 790,054 750,007 (4%)1,306,215(5)1,634,309(4)1,327,036 -$2,098,260 $2,416,920 52,077,043 def$962,284 sur$924,458 sur$797,028 a Dividends In 1907-01 Include 134% paid July 1907; Oct. 1907, 1 crel Jan. 1908, ;5%; April 1908, 3-4%. BALANCE SHEET JUNE 30, SHOWING ASSETS AND LIABILITIES OF DISTILLERS' SECURITIES CORPORATION AND OF ITS CONSTITUENT COMPANIES, 1906. 1908. 1907. Assets-Properties of oonstituent companies_ _339,360,303 $39,022,672 $38,613,670 Bonds held by American Spirits Man11,000 11,000 ufacturing Co., trustee 1,304,027 1,017,742 1,068,568 Gash 11,343,506 12,185,164 11,041,075 Accounts and bilis receivable 2,857,538 2,618,991 2,898,733 Materials and supplies (at cost) 5,439,203 5,667.362 5,698,472 z Securities of other companies u$60,369.678y360,800,217 $58,980,228 Total assets Liabilities$30,726,538 $30,722,959 330,435,943 Capital stock issued Stock with Mercantile Trust Co. against outstanding stock of Distilling Co. of America and its con2,042,806 1,755,881 1,752,302 stituent companies 15,088,000 15,947,000 15,771,000 -Bonded indebtedness 712 541 8 Unclaimed dividends 4,774,022 y0,057,834 U5,510,840 Accounts and bills payable 233,826 241,942 219,110 Reserve accounts 5,713,713 6,638,171 5,675,886 Surplus account Total liabilities p$60.369,678y$00,809,217 $58,980,228 x Principally stocks In companies owned by the parent or constituent cos. y Totals In 1007 and 1908 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 and 1908 they are deducted from °assent assets and omitted under ilabilltlea.-V. 85, p. 1048. Edison Electric Illuminating Co. of Boston. (Report for Fiscal Year ending June 30 1908.) President Charles L. Edgar says in substance: General Resulis.-Tke Increase in connected load during the past year has been as great as during the preceding year, which was, up to that time, by far the largest In the histery of the company. Owing to the times, the earnings show a somewhat smaller, growth than during the three or four years preceding. The year's operations, however, have resulted In an increase In tuxiivided profits of somewhat mcre than ;I of 1 % upon Abe capital stock. P‘The number of lamps connected to the company's circuits compared with the previous Mr.e years is shown In the following table: Incand. Motors Arc Arc Motor, Incund. • June 30- amps. Lamps. (11.P.) June 30- Lamps. Lamps. (H.P.) 9,867 3.).422 1906 __ -788,560 10,534 30,431 1908 -----938,870 1907863,313 10,339 $5,036 1905 - -708,384 10,102 26,416 Reduction in Mlles.-The Gas and Electric Light Commission having recommended that the retail price of electricity be reduced train 15 cents to 12 cents perkilowatt hour. the new pricelist 'sput into effect on July 1 1908. It is confidently expected that thls reduction will result In still larger increase in the business than followed the decrease in the rate from 18119 15 cents In June 1906. jVoL. Lxxx vii. THE CHRONICLE Tungsten Lamps.-DurinT the past two or three years great improvements have been made In the manufacture of Incaniescent amps. Whereas the carbon lamp consumed 3.1 electrical watts a ener4y for every candle power, the new "tungsten" lamp c:nsumes only 1.25 watts per candle power. This result has been achieved by two or three intermediate steps, and your company Is now using lamps tf 3.1, 2.75,2 and 1.25 watts per candle power. All these Improvements are in the customer's favor; the tungsten lamp, for example, giving nearly three times as much light for the same energy, and, therefore, for the same net bill as the old carbon lamp. Unfortunately the tungsten lamp cannot yet be made in small canole power, neither can it be bought at a price which will enable us t, furnish It to our customers without charge. Both of these difficulties will, In the nature of things, disappear In time. Power.-The new turbine station on yuur South Beaton property has been completed, and the 12,000 kilowatt (16,000 horse-power) steam turbine referred to in the last annual report Is in commercial operatien. The price of c pper having dropped to Its normal level.the transmissica lines between Woburn and Boston and Medfield and Besten are now under construction, and it is hoped to shut dawn the steam stations supplying these two districts during the coming year. All of the electricity furnished by your company will then be manufactured either at the Atlantic Ave. station In Boston (capacity 14,000 horse-power) or at the L Street station in South Boston (capacity 68,000 horse-power). Our lines now extend over a district 40 miles long by 15 miles wide, Including 32 municipalities. In two of these the distribution system is owned by the municipalities themselves and in three others it Is owned by private companies, which purchase our electricity. A plot of land at the corner of Prince and Salem Sts., has been purchased for a sub-station to take care of the business In the north end et the city. A plot of land has also been acquired adjoining the sub-station on Scotia St., but it will probably not be necessary to make any expenditure upol this property for two or three years. OPERATIONS FOR THE LAST FOUR FISCAL YEARS. • 1904-05. 1900-07. 1005-06. 1907-08. Gross'earnings Expenses, incl. taxes 4,229,239 2,658,929 4.020,621 2,564,658 8,780,011 2,410,485 3,346,027 2,143,106 Net earnings Miscellanecus profits- _ __ 1,570,310 38,442 1,450,943 41,340 1,370,426 49,257 1,202,921 33,286 1,236,207 1,492,303 1,419,683 1,008,752 94,021 102,417 78,906 54,988 11)1,390,706(11)1,304,284(10)1,148,810(10)1070,770 Net earnings Interest Dividends 1,445,784 162,967 Undivided profits 1,406,701 85,602 1,164,791 71,416 1,227,770 191,907 BALANCE SHEET JUNE 39. 1903. 1008. • 1907. $ Assets12,843,600 Capital stock Installation and 18,937,010 18,028,261 First mtge. bonds_ 341,000 property 1,144,000 Consol. bonds Unfinished Instal1,037,804 1,411,787 Premium on stock. 0,601,170 lation 61,419 72,854 1,585,897 Accounts payable_ Cash In banks.. 1,647,000 Cash at office 5,000 Notes payable_ _ 45.500 Stock on hand 529,846 458,766 Coupon notes Notes receivable 66,827 1,511,802 1,455,626 Accr'd int.& taxes 442,526 Accts. receivable_ 363,806 392,0631Dividends Sundry open accts. 107,381 78,859 Reserve for maint_ 235,036 Cash in sink. funds 15,324 26,129 Replacement acct. 29,428 247,218 Profit and loss__ Total 23,490,621 23,442,3881 -V. 87, p. 938, 742, Total 1907. 12,643,600 342,500 1,142,500 6,501,170 119,101 1,6:34,000 49,000 64,133 442,526 238,432 24,312 241,108 23,400,621 23,442,381 Standard Milling Co. (Report for Fiscal Year ending Aug. 31 1908.) The results for the year ending Aug. 31 1908 compare with those of previous years as follows: . Standard Milling Co_ _ _ _ N. W. Con. Milling Co__ H. J.Jewell Co Dul. Sup. Mills Co Daisy Roller Mills South-West. Milling Co_ 1906-07. 1907-08. 546,078 370,057 230,408 270,008 373,452 409,819 44,402 3,126 1,416 46,665 loss 15,662 1905-06. 3120,010 89,299 243,453 0,388 1904-05. $102,704 92,430 288;661 loss 72,056 Net profits Interest on bonds 3801,691 175,350 $688,572 175,350 $468,150 179,850 .__ $391,746 180,209 *513,222 $028,341 Balance 0)206,763(2%)172,274 Div, preferred stock_ _ (37 $288,300 (2)137,795 3211,537 (2)137,757 3340,948 3150.501 573,7110 Balance, surplus 4419,578 BALANCE SHEET AUG. 91. 1903. 1908. 1907. 1 $ Liabilities$ AssetsPreferred stock_ _ _ 6,900,000 Plant, trade-marks, good-will, tke__- 7,711,344 7,875,444 Common stock_ _ _ 4,600,000 104,941 45,195 First mtge bonds.a3,317,000 Cash 58,700 85,000 Interest accrue& _ Bills receivable Insurance reserve.. 283,077 Accumulated earns. due from sub-cos. 2,086,757 1,776,418 Surplus earnings 2,311,67(1 account , Net available assets 61,788 383,236 Miscellaneous ____ at branches_ _ - 163,206 /14,500 52,500 Investments 533112 Insurance fund_ _ 8558,077 183,198 387,569 Miscellaneous Securities covered by 1st M.bonds_x6,464,558 6,358,358 51,289 Sinking fund Total 17,532,241 17,292,400 Total 1907. $ 6,900,000 4,600,000 3,567,000 59,450 258,112 1,892,097 - 15,801 17,632,241 17,292,460 a Authorized Issue, $6,250,000; issued, $5,910,000; held is treasury to take up outstanding II. J. J. M. Co. and N. W. C. 11. Co. bonds, 52,278,000; canceled sinking fund), $315.000; balance outstanding, $3,317,000. Ellicott Warehousing Co. stock, 34,000; mIscellaneotto, 8500. • k cash, $156,077; securities. $402,000. Hecker-Jones-Jewell Co. of N. J. 1st U. Os, $1,052,000 (out of $2,500,000 nt (2) $1,000,000 Hecker-Jones-Jewell Milling Co. of IC Y. (oat of $1,000,000), valued at 23,537,105. (3) Northwestern Consol. Milling Co. pref. stock, 9897,450 (total Issued), at par; common stock, $1,145,000 (total issued), valued at $229,090. (4) Duluth-Superior Ming Co. stock, $250,000 (total amount), at par. (5) Southwestern Milling Co. stock, 1,000 shares (total amt.), vaittod at 8388,913. (6) Hecker Cereal Co. stock, $10,000, at par. (7) Daisy Roller Nillis stock, $100,000, at par.-V. 87, p. 816. American Typefounders Company. (Report for Fiscal Year ending Aug. 31 1908.) President and General Managcr Robert W. Nelson, Oct. 20 1908, wrote in substance: While the year, for eleven out of the twelve months, has been a period prosperity of unusual business depression, the company's steadily growing has not been substantially disturbed or interrupted. The company show. lessened sales and conseq,uent lessened net profits, but it has been more fortunate than many other industries in the maintenence of its business and Its recuperation, the improvement having been material in the last four months of the fiscal year. At the same time It has been possible to effect Important economics, owing to improved methods of production, which were largely the result et consolidating much of the manufacture at the °elitist' Foundry In Jersey cur. ()cf. 24. 1908 THE CHRONICLE The not profits, after paying, dividends on the preferred stock, arc somewhat short of the amount heretofore paid as dividends upon the common stock. The company has, however, In its prosperous years accumulated a large surplus from undistributed earnings, and it was thought proper to draw upon that surplus for the small amount necessary to make up Its regular dividends, rather than Interrupt the usual course at a time of extraordinary but temporary depression. The indebtedness was reduced $273,937 during the past year, and there will be a considerable further reduction during the current year. Although collections have been somewhat slow, and temporary extensions had to be granted In many cases, yet the losses were less than 1%. The company during the year paid $21,400 into the sinking fund, as required by the trust agreement, but the reduction in bonds outstanding does not appear in the balance sheet, as the trustee was not able to secure the bonds for oancellatIon until shortly after the close of the fiscal year. During the past year the company has enlarged its Central Foundry by the addition of another large casting bay and an extension ot Its north wing of three stories and two large storage rooms, thus permitting further consolidation of Its manufacturing plants, which will result In additional economy. At no time in the history of the company has it been so well equipped as now for economical production. RESULTS FOR YEARS ENDING A UG. 31. 1907-08. 1906-07. 1905-06. 1904-05. Gross earnings Not Not $585,742 $434,471 5 Interest charges J stated. stated. 1 139,829 104,956 Net earnings $237,962 $461,043 $445,913 $329,514 Glom. stock div., 4% $160,000 $180,000 $160,000 $180,000 Pref. stock dlr.,7%- - - 140,000 140,000 140,000 127,708 Balance for year def.$62,038 sur.$161,043 sur.$1.13,913 sur.$41,800 BALANCE SHEET AUG. 31. 1908. 1907. 1907. 1908. AssetsPlant 4,067,619 3,996,520 Cap.stock,com _4,000,000 4,000,000 Merch.&raw mat2,462,885 2,791,506 Cap.stock, pref_2,000,000 2,000,000 Miscellaneous_ _ _ 100,944 98,331 Debenture bonds 830,800 839,800 Aoo'ts receiv'bie 731,779 954,184 Acc'ts payable-. 202,033 289,720 Bills receivable_ 676,684 782,896 Bills payable__ -1,554,000 1,740,250 Gash 391,387 383,547 Scrip 0,363 9,363 Stocks and bonds 993,521 762,811 Surplus 828,624 800,662 Total...- ..',..9,433,820 9,769,795 -V. 85, p. 1141. Total 9,433,820 9,769,705 Massachusetts Gas Companies. (Report for Fiscal Year ending June 30 1908.) President (J. Minot Weld, Boston, Oct. 13 1908, wrote: Dividend on Common Stock.-During the year the trustees voted to set aside $750,000 from the accumulated earnings for the payment of dividends upon the common shares, and that out of that sum a dividend of 1% be paid on Aug. 1 1908. (The same amount was set aside in 1905-06 again In 1906-07 for the same purpose, dividends at the rate of 3% per and annum having been regularly paid Aug. 1, Dec. 1 and April 1 since .Aug. 1906.-Ed.) Guaranteed Notes.-In addition to the liabilities shown I the balance sheet, the Massachusetts Gas Companies have guaranteed by endorsement, or otherwise, notes of the New England Coal & Coke Co. aggregating $1,500,000. 1087 good coal properly located In the United States. After experments extending over many months with coals from a large number of mines, aa option was obtained for the control of the Federal Coal & Coke Co. located at Fairmont, W. Va., the coal therefrom giving better results than any other coal tested. The preperty consists pi about 5,500 acres, with 8-foot seam of good coal, easy to work. The estimated amount of coalan Is about 70,000,000 tons, and It was purchased on the basis of about 2 cents per ton In the ground. The capital stock Is $500,000,consisting of 5,000 shares, and your truste s purchased of that capital 3,555 shares; and also all of the first mortgage bonds outstanding, consisting of $500,000, and $73,000 of the second mcrtgage bonds out of a total of $251,000. (Compare V. 86,p. 1347.) Although coal had been taken from the property for a number cf years, the property was not properly developed, and the mining was dcne under many disadvantages. The company has already iet contracts modern equipment, both on the surface and In the mine, and by Aprilfor 1909 the 1 production Is expected to be increased from about 800 tens per day, as now, to 2,500 tons per day. Undoubtedly the company will later consider it desirable to cpcn up one or two additional operations on the coal lands, and thereby increase the production to at least 5,000 tons per day. MASSACHUSETTS GAS COMPANIEB-YEAR ENDING JUNE 30. 1907-08. 1906-07. 1905-06. Interest on bonds, notes, certificates, $29,934 324,469 3333,384 Dividends received 1,791,745 1,633,894 1,522,386 Total earnings DeductExpenses Interest Dividends on preferred shares, 4% $1,821,679 $1,658,360 $1,855,964 Total deductions Balance,surplus Surplus from previous years Adjustments 61,065,525 $1,056,975 $1,100,305 $756,154 $601,385 $755,656 912,418 1,074,013 916,506 Cred.7,430 Deb.12,980Cred.151,851 Total Divdend on common shares 3% $1,670,002 $1.662,418 $1,824,013 750,000 750,000 730,001 535,658 29,967 1,000,000 $43,648 13,327 1,000,000 $62,575 37,733 1,000,000 Balance -$926,002 5012,418 31.074,013 The net undivided earnings of the cstituent companies from operations of 1907-08(seethe several statements below)show a deficit of $11,593the foot-note to Boston Consolidated Gas Co. below), against an aggregate surplus(see of $127,309 in 1906-07 and $66,272 In 1005-06. Operations col Sub-Companies During Year 1907-08. At/di/tom to -Gas to Consumers Street Mains, TotalCubteFt. Increase. Boston Consolidated Gas Co 115,964 4245,806.000 9.54% Chelsea Gas Light Co 12,280 114,972,000 8.86% East Boston Gas Co 10,817 136,242,000 20.54% Citizens' Gas Light Co 113,233 28,958,000 45.24(.; BOSTON CONSOLIDATED GAS CO.-YEAR ENDING ICA E 30. 1908. 1901. 1908. 1907. 5 5 6 $ Gross Income 3,841,555 3,810,342 Net earnings 1,091,117 1,199,694 Expenses 2,761,881 2,625,546 DeductInterest 37,718 18,995 Net income 1,079,674 1,184,796 Dividends 1,209,968 1,058,722 Miscellaneous income 11,443 14,898 Employees'fund_ 50,000 "Properly Aeconni."-This Includes the following securities. Net earnings 1,091,117 1,199,694 Owned. Total *Issued. 1,247,726 1,127,718 Owned. *Issued. StocksBalance def.*156,609 sur.71,976 Stocks*In addition to the earnings above stated there was credited to profit and loss New England Gas New Eng.Coal&Colte Co_125,000 125,000 account during & Coke Co the year $488,318 profit on sales of real estate. 17,501,000 17,500,000 Federal Coal & Coke Co_355,500 500,030 Bost.Cons.Gas 0o_15,110,600 15,124,600 BondsNEV ENGLAND GAS db COKE CO.-YEAR ENDING JUNE 30. East Bost.Gas Co_ 269,800 275,000 Federal Coal & Coke Co. 1908. 1907. 1908. Chelsea Gas Lt. Co. 295,700 1907. 300,000 first mortgage 500,000 500,000 Citizens' Gas Light Federal Coal & Coke Co. Production 2,564,103 2,413,176 General exp. & man_ _ _ 80,211 75,085 Co. of Quincy.. 33,000 33,000 second mortgage 73,000 251,000 Operating expenses_1,839,194 1,739,824 Taxes and insurance_ _ _ _ 51,283 52,817 *Supplied, not In report.-Ed. Interest on New England Gas et Coke Co.-The net earnings are the largest for any Net Inc. from oper__ 725,309 673,352 Dividends mortgage ___ 16,989 11,120 525,000 525,009 one year In the company's history,having increased from $233,245 frl9O3. Miscellaneous income 39,401 19,147 04 to $633,216 far 1907-08. The company spent during the year about Total deductions 073,483 664,022 $120,000 for construction to facilitate the handling of coal In large quantiTotal Income 764,710 692,499 Balance, surplus 91,227 28,477 ties on an economical basis. When this new construction work is comCHELSEA GAS LIGHT CO. -EAST BOSTON CO-YEAR GAS 1907-08. pleted, early in 1909, the company will have by far the best coal-handling plant In the East, consising of a pier with 25 feet of water at low tide; Chelsea. B.Boston. ekeleca. E.Boston discharging, facll t es for about 1,000 tons per hour; two large coal pockets, $ a total storage capacty of over 100,000 tons of coal, and 15 miles of rail- Gross income 185,158 191,421 i Deduct-• road connecting with two steam railroads. These improvements will be Expenses 126,890 148,468 . Interest utilized by our subsidiary, the New England Coal & Coke Co. We have Dividends 30,000 Net income from opera'n 58,268 43,153 Extraord.(Chelsea fire). 8,403 29,875 added one new freight engine and 15 freight cars to our rolling stock. 541 181 Boston Consolidated Gas Co.-The company's net addition in street mains Miscellaneous income___ for the year was 115,064 feet. The total output of gas to consumers ini Total 46.990 32,946 Net earnings 58,809 43,333 I Balance, surplus oreased (luring the first five months 13.29%, but, owing to the subsequent 11,819 10,387 .general depression In business, the increase for the whole year was only CITIZENS' GAS LIGHT CO. OF QUINCY-MASSACHUSETTS STEAMSHIP 5.54% The company paid the 8% dividend for the year, which It was CO. AND NEW ENGLAND COAL & COKE CO.-YEAR END.JUNE 30'08. legally entitled to do under the "sliding scale" Act, having reduced Citizens' M.S.S. Citizens' M.S.S. maximum price of gas on July 11006 to 85e. per 1,000 cubic feet. As the the Gas. Co.,,fea. Gas. Co., cte. company again reduced the maximum price of gas on July 1 11107 to 80c $ Per 1,000 cubic feet, they can legally pay a dividend at the rate of 6 0% Gross income 38,789 281,505 Net earnings 9,944 101,480 (luring the year ending June 30 1909. Expenses 28,999 180,025 • DeduciDuring the three years ending June 30 1008 the company has spent Interest t. 18,010 61,832 $2,505,416 in new construction work, of which over $2,200,000 has Net income from opera's 9,790 101,480 spent for plant account and street mains. The cost of this new workbeen has Miscellaneous income_ 154 Total 16,010 61,832 to the extent of $1,519,845 been paid for from the pr gieeds of sale of real Balance det.8,066sr.39,64$ estate. During the present year the benefit of these Improvements should Net earnings 9,944 101,480 be shown In increased net earnings. The real estate in question was sold for $488,318 in excess of the value at which It stood on the books of the BALANCE SHEET OF MASSACHUSETTS GAS CrOMPANIES JUNE 30. company. The new water-gas plant (which was started about two years 1908. 1907. 1908. 1907. Assetsago), having 11,000,000 cubic feet of gas per day capacity, will be put In $ Liabilities-$ S $ Property account_52,353,521 51,430,412 Preferred steek___35,000,000 25,000,000 commission next month. Cash in banks_ While the output of the constituent properties during the year 1904-05 ___ 168,196 316,937 Common stock __ _25,000,000 25,000,00$ amounted to 3,281,104,000 cublo feet and the net earnings to $1,292,093, Notes receivable__ 17,100 Notes payable_ 775,000 with the maximum price of gas at $1. the total output for the late year Accounts racerAccounts payable_ 10,572 1,598 • able amounted to 4,245,806,000 cubic feet and the net earnings to $1,091,117, 5,691 Pref. div., accrued 83,333 83,333 with the maximum price of gas at 80 cents. As the price of gas for the Res. for corn. dry_ 750.000 750,008 ending June 30 1000 will be the same as It was for the preceding year,year Surplus 926,002 912,418 It Is r expected that a substantial increase In the net earnings will result. Chelsea Gas Lights Co.-The net additi„ n In street mains for Total 52.544,908 31,747,349 Total 62.544,908 51,747,349 was 12,280 feet. The total output of fres to consumers showed anthe year BOSTON CONSOLIDATED GAS CO. BALANCE SHEET JUNE 30. Increase of 8.86% and it would have been much larger had not that city 1908. 1907. 1908. 1907. afflicted with a lire on April 12 1908. The company, however, was been Assets$ able Lla6tlittes---71 $ $ $ to, pay Its dividends and nave a satisfactory surplus. The business since Real estate ' 1 1 5,811,110 Capital stock 15,124,600 15,124,600 the fire has grown rapidly and by the end of the present fiscal year Machinery, mains125.395,19 94 should Notts 1 589,092 1 have regained the 1 at ground. ) 118.194,589 Accounts payable., 1 223,430 East Boston Gas Co.-The net addition In street mains for the 493,027 642,104 Deposits was Materials, &c ____ 11,960,1041 133,075 10,817 feet. The total output of gas to consumers increased year 20.54 %. Cash, debts reedyTaxes accrued_ _ _ _ I I 48,523 During the year the company earned net, $43,334; paid its regular dividend able &c 380,465 370,414 Employees' mil fdl ut 84,124 of 10% and an extra dividend of 2%. Office furniture 42,417 Stock premiums 8,893,265 Citizens' Gas Light Co.-The net addition In street mains for the year was Profit & loss, del_ 35,495 Profit and loss 0,183,587 113,233 feet. The t tal output of gas to consumers showed an increase of 45.24%. The company has spent during the two years that it has been Total 26,268,691 25,096,109 , Total 26,268,691 25,096,109 owned by the Massachusetts Gas Companies $328,000 and has laid 214,000 (Tills balance sheet was furnished to the Ilas&achusetts authorities, but does not feet of mains, built a new 500,000 cubic-feet holder, meter house, &c. appear in the report.) While the late year shows a deficit of $8,066, your trustees believe that OPERATIONS OF BOSTON CONSOL. GAS CO. FOR YEARS END. JUNE 30 the current fiscal year will show a surplus available for dividends. Reported by Publie Accountants as Required by Sliding Scale Act. Massachusetts Steamship Co.-New England Coal de. Coke Co. -To facilitate the operating of the three steam colliers which were originally built 1907-08. 1906-07. by the New England Coal et Coke Co., It was decided to organize the Massa- Gas purchased (cubic feet) 2,361,444,200 2,169,049,300 chusetts Steamship Co., which company has a share capital of $1,500,000, Gas manufactured (cubic feet) 2,395,108.000 2,233,726,000 of which $1,499,000 Is owned by the New England Coal & Coke Co. It Is believed that a profitable coal business can be done by the New England Total 4,756,552,200 4,402,775,300 Coal & Coke Co. when It begins to operate, owing to the exceptional facili- Gas sold during year (cubic feet) 4,512,607,535 4,233,255,645 ties for mining, transportng by water, and discharging the coal on our own Cost of gas in holder (per 1,000 cubic feet)property to sell to manufacturers throughout New England a regular Gas purchased 30.45 ets. 29.95 eta. supply of. coal. The earnings shown herewith do not c over a full period Gas manufactured 30.06 ete. 31.30 ate. of 12 months, the three steamers having been on charter for an average Gas sold 32.63 eta. 31.81 ems, of only 6.0 months. The New England Coal & Coke Go. had no gross Cost of distribution, management, kc 23.01 cts. 23.91 ems. earnings. Federal Coal tt Coke Co.-The various manufacturing Plants controlled Total cost of gas sold (excluding interest, depreby the MassochumetteGas Companies require about 700,000 tons of coal a ciation and reserve) 36.04 eta. 55.72 eta Year, and for nate time it has been thought desirable to obtain control of -V. 87, p. 290. loss THE CHRONICLE Granby Consolidated Mining, Smelting & Power Co., Ltd. (Report for Fiscal Year ending June 30 1908.) President J. Langeloth, New York,Sept..28 1908, writes in substance: [VoL. Lxxxvn. INCOME ACCOUNT YEAR ENDING JUNE 30. 1907-08. 1906-07. 1907-08. 1906-07.1 $ $ I $ 0 677,992 01 40 :0 Gross receipts 4,467,726 4,840,584 Net 177,500 Cost of production_.3,234,285 3,393,343 Interest on bonds__ 1479 earnings8 8 I Net earnings 309,401 500,492 1,233,441 1,447,2411 Balance Other Income 36,407 51,1051Pref. div. (7%)____ 182,000 182,000 1Special depreciation_ 127,401 203,330 Total earnings_1,269,848 1,498,346 None. 115,162 Main. and gen.exp. 781,447 820,354 Balance to surplus__ Surplus forward...._2,000,000 1,884,838 Balance 488,401 677,9921 1 Total surplus____2,000,000 2,000,000 The mechanical devices now In operation, such as hoists, shafts, beltconveyors, mine cars and electric locomotives, are able to handle about 5,000 tons of ore daily. The mines shipped to the smelter a total of 858,432 tons during the past year, against 644,549 tonsduring the previous year. The grade of ore mined was not as good as In the previous year, carrying about 1 lb. less of copper and 10 to 12c. less per ton of ore In gold and silver. The extraction per ton of ore on the average was 23.42 lbs. copper, 0.2865 oz. silver and .0454 oz. gold; as compared with 24.43 lbs. copper, 0.3088 oz. silver and .0503 oz. gold In 1906-07; and 24.30 lbs. 9E BALAN1C .T JUNE 30. .T 07S copper, 0.3107 oz. silver and .0513 oz. gold In 1905-06. During the 1908. 1907. 1908. summer months a lower-grade ore was shipped, due to mining the Glory $ $ 1 Liabilities$ Assets$ holes on the surface, which are low grade and which cannot be mined Plants 1,000,000 Common 1,000,000 7,655,820 stock_ 7,634,921 during the winter months. Consequently the ores will average richer in Sterling Improve-. 2,600,000 'Preferred 2,600,000 stock__ winter and spring and poorer in summer and fall. The quantity of ore • ment Co. stock_ 175,000 175,000'Bonds outstanding 2,951,000 2,987,000 developed by diamond drilling has been larger than the ore extracted. Inventories 1,339,980 1,374,941 Notes payable_ _ _ _ 1,325,000 1,285,000 During the past year improvements were made at the smelting plant Cash 210,091 352,189 Accounts payable_ 229,099 461,727 (also numerous improvements at the mines. These and others proposed Accounts receive-. 118,000 1July div.& coupon 120,500 are mentioned seriatim in the printed report.-Ed.) ble 891 642,141 613,971 Sinking fund 269 You,' board has thought it wise to write off about $205,000 during the Cash In sink. fund_ 269 2,000,000 2,000,000 8911Surplus year for depreciation. dry 882,611 to The total tonnage of Granby and foreign ore amounted Total 10,225,868 10,200,9821 Total 10,225,868 10,200,982 tons, against 665,915 tons In the previous year, and there were produced Bonded Debt June 30 1908Redeemed. Outstand'g. Total. 21,126,926 lbs. of copper, against 16,403,497 lbs. The cost per lb. of U. S. F. Co. 1st M. 5%, due July 1919 $394,000 $1,356,000 $1,750,000 copper produced, after deducting the value of gold and silver, was 0.1024c., Sterling D. & F. Co. 1st 5s 1926 500,000 500,000 against .1014 and .0835c. In the two previous years. Silver Spring B. & D. Co. 1st 6s 1910 445,000 55,000 500,000 During mid-summer of 1907 the smelter still suffered greatly from a U. S. F. Co. cons. B.5%, due July 1 1929 650,000 3,500,000 "s" shortage of coke. From Nov. 15 1907 to Jan. 1 1908 the entire plant was shut down. At that time an adjustment of wages in harmony with those "y" Reserved for retirement 61 above underlying issues, $2,301,000; reserved for ruling in neighboring camps was effected. account of U.S.F.Co. 1st M. bonds in sinking fund,and underlying bonds,$245,000; Early In August a disastrous tire, laying waste an area some 70 miles x bonds In treasury available for issue, $304,000; outstanding consolidated bonds, 5 to 10 miles,did great damage to the properties of the Crow's Nest Past $650,000. Coal Co., from which we receive ourcoke,and in which we are large stocks The total number of stockholders June 30 1908 was 617,H Preferred, holders. The supply of coke for a period of two to three weeks was cut 480; common. 137.-V. 87, p. 1014. off, necessitating the closing down of one-half of the furnaces. Since Sept. 1 the smelter is again in full operatl U. Keystone Telephone Company of Philadelphia. Owing to the severe panic last fall,the price for copper fell from about 25c. to close to 12c. and showed very-little recovery during the first six (Report for Fiscal Year ending June 30 AN) months of the present year, due to the great falling off In the home demand. Fortunately, Europe was a continuous buyer, thereby preventing large President N. T. Folwell, Philadelphia, August 12 1908, accumulations of stock. Of late the home demand has shown great improvement, and if this continues,a further improvement in prices may be says in substance: hoped for. Merger.-During the past year the Keystone State Telephone & TeleThe decline In the price of copper and the marked Influence on the cost graph Co. (one of the subsidiary companies) has been merged with the by reason of the difficulties with which the smelter had to contentl per- Keystone Telephone Co. of Philadelphia, effecting a substantial saving 1907 30 Sept. 3% of one viz.: dividends, mitted the declaring of only two In operating expense. (Compare V. 84, p. 218.) and one of 2% June 30 1908. Improvements.-A large amount of work has been done In the way of increasing toll facilities-In some cases over private right-of-way. AdRESULTS FOR YEARS ENDING JUNE 30. ditional conduits have been constructed in Philadelphia and Camden. 1906-07. ' 1905-06. The capacity of the cable system has been greatly Increased in both cities. 1907-08. The total switchboard capacity in all exchanges now amounts to 26,000 *$3,790,184 $4,521,549 $4,751,059 Gross Income from sales The conduit system consists of 12,463,000 duct feet of conduit lines. smelter, and Working exp. at mines 2,442,456 2,697,165 located in over 320 miles of street and containing 2,400,000 feet of telefght., refining, selling and gen. exp- 3,013,306 154,156 230,277 phone cable, the average capacity being over 100 pairs. There are now 170,266 Foreign ores purchased 335 miles of toll lines and over 3,000 miles of toll circuit. $3,183,662 $2,596,612 $2,927,442 On June 30 28,455 telephones were In service. While the net increase Total expenses $606,522 *1,924,937 $1,823,617 In telephones was small, owing to the general business depression, the Net profit new business taken was at prices above the average rates. All delinquent Deduct1 *76,918 $20,753 or unprofitable subscribers were disconnected. Exploration expenses $23,100j Funded Debt.-The amount of first mortgage 5% bonds outstanding Bonus to emipoyees (5)675,000(12)1,620,000 (6)810,000 was Increased by $605,000, making a total on June 30 of $5,312,000, of Dividends paid 228,999 which $720,000 is pledged as collateral security for $600,000 3-year 6% Depreciation fund collateral trust gold notes due March 1 1910. $927,099 $1,696,918 $830,753 Total deductions The total of 8% collateral trust bonds was reduced to $251,000 through D.$320,577 S.$228,019 S.$992,864 the retirement of $19,000 bonds. Surplus or deficit for year 2,547,739 2,775,758 1,554,875 Maintenance.-No reasonable expense has been spared to keep the Surplus from previous years property In the most effective condition. Improvements In operating $2,455,181 $2,775,758 $2,547,730 methods have enabled us to reduce the ratio of operating coat to gross Total net surplus June 30 earn ngs from 52.4% for the year 100710 51.3% in 1908. Reserve Fund.-The accumulated reserve on June 30 aggregated $367,212. * Includes $21,126,926 lbs. copper fine at an average of $0.1333; 300,593 Conclusion.-In view of the severe panic with the resulting business 40,139 gold oz. fine at $0.5662; an of average average oz. silver fine at an depression, It is highly gratifying that the company was able to increase of $20. its income available for interest, reserves and other charges more than There was expended In the last fiscal year in new construction, equipment $38,000 over the previous year. At the same time improvements of a at the mines and smelter, $242,574; for additional mining properties, substantial character have been made and the service extended, fore$23,743; total, $266,317. All development work, renewals and repairs shadowing a most successful future when normal conditions return. have been charged to working expenses. Mine development, 9,338 lineal feet; diamond drill development, 3,129 lineal feet. PROFIT AND LOSS ACCOUNT FOR YEARS ENDING JUNE 30. Granby ore smelted, 858,432 dry tons: foreign ore smelted, 24,179 dry [Keystone Telephone Co. of Philadelphia, the Keystone Telephone Co. Net cost per lb. of copper, after deducting value of gold and silver, (of tons New Jersey), the Keystone State Telephone & Telegraph Co. (merged $0.1031. in K. T. Co. of Phila.), and the Eastern Telephone & Telegraph Co.1 BALANCE SHEET JUNE 30. 1906. 1907. 1908. $995,752 a$830,049 $1,051,072 1908 1907. Gross earnings 1908. 1907. Including charges, LiabilitiesOper. and malnt. $ ALUM-$ 458,955 522,036 539,123 Capital stk. tssued.13,500,000 13,500,000 taxes and prov'n for doubtful accts Real estate, mach., bldgs. & equIp__15,238,437 15,180,914 Accounts & bills $371,094 $473,716 $511,949 Net earnings payable 896,895 783,765 Stocks, bonds and $79,643 $100,346 *100,000 895,675 Divs. coll. on liquiReserves for renewals bills receivable_ 1,008,013 214,233 265,630 313,113 853,281 1,323 dator shares_ 884 Interest charges Cash & copp.on h'd 421,625 2,455,181 2,775,758 Fuel & store sum,. 185,324 • 130,537 Surplus $77,218 $107,740 $98,836 Net profit for the year 346,143 423,361 6503,436 16,853,399 17,060,406 Surplus of previous year 16,853,399 17,060,406 Total Total -V.86. D. 1412. $423,361 $531,101 $602,272 Total surplus end of year United States Finishing Co., Norwich, Conn. •(Report for Fiscal Year ending June 30 1908.) Pres. J. H: Wright, Norwich, Conn., Oct. 15 1908, wrote: a As the Eastern Company was not taken over until April 1906, its Income for the last quarter of the year only is included. S After deducting sundry adjustments made In 1008, but pertaining to 1907, aggregating $27,666. COMBINED BALANCE SHEET JUNE 30. [Keystone Telephone Co. of Philadelphia, The Keystone Telephone Co. of New Jersey, the Keystone State Telephone & Telegraph Co. and the Eastern Telephone dr Telegraph Co.] 1907. 1908. , 1908. 1907. LiabilitiesAssetsCap.stk.K.T.Co.ofN.J.Cost of property, Preferred, 6%__ 1,936,850 1,936,850 includ4 stocks_13,411,381 12,810,417 Common 5,000,000 5,000,000 K.T. Co. of Phila. Bds.(1)K.T.Co.orPhila.1st 5s pledged as 1st M.5% bds 5,312,000 4,485,000 827,000 collateral 1st M. 6% coll. 130,022 Materials & supple 124,339 270,000 454,732 trust bonds 251,000 133,221 Cash 122,649 3-yr.6% coll. tr. Acc'ts & notes rec. 171,067 600,000 76,442 notes 600,000 76,441 Renewal res. fund250,000 E.T.& T. 1st 5s 250,000 39,096 40,613 Accrued assets Acc'ts payable,res. & other current 296,402 463,211 liabilities 271,822 Renewal reserve_ - 367,212 531,101 602,272 Surplus General Results.-During the year the company finished 254,303,909 yards of goods (equivalent to 144,542 miles), a decrease of 35,237,174 yards from the previous year. The gross income from production was $4,467,726, a decrease of $372,859; the cost of production was $3,234,285, a decrease of $159,058, and the charges for maintenance and general expenses were $781,447, a decrease of $38,906: It will be noted that the gross business of the company was over 92% of the business of the previous year, and that, through a saving of $159,058 In the cost of production, the falling off in gross earnings was only $213,801. But as compared with the first year of the new company (ending June 30 1905), the result is an increase of $127,333 over the gross earnings of that year. This showing Is highly gratifying in view of the trying period through which this country has been passing. Disbursements for the maintenance and renewal of buildings, machinery, &c., are included in the charges for maintenance and general expenses, and there Is also included under this head the sum of *102,078 for interest on current bills payable. The net earnings were $488,401, and from this amount there have been paid interest on the outstanding bonds and also dividends aggregating 7% on the preferred stock, leaving an excess of $127,401, which has been appropriated for special depreciation, leaving the surplus of $2,000,000 unchanged. 14,782,545 13,841,175 Total 14,782,545 13,641,175 Taal Bonds.-During the year $100,000 of the consolidated mortgage 5% -V. 87, p. 680. bonds In the treasury were sold, and $70,000 of Silver Spring Co. Series A $500,000) of issue were paid. 6% bonds (all that remained of the original The sinking fund also acquired $60,000 of 5% underlying bonds,so that the net reduction In the bonded debt was $36,000. Additions &Renewals.-The liberal policy of previous years concerning RAILROADS, INCLUDING ELECTRIC ROADS. Improvements and reconst uction made it possible the past year to somewhat reduce expenditures for these purposes, but all needed changes have & Aroostook RR.-Director.-At the annual Bangor been made and the cost of production has been further reduced. During meeting on Oct. 20 the following directors were elected, the - \this period additions and renewals have been made amounting to $303,868 as w $106,502 added to the .. compared with $375,180 last year), of which board being enlarged by the addition of the four lastl'riamed: t lant account and $197,366 was charged to operating expenses. The F. W. Cram, P. R. Todd, F. H. Appleton, T. U. Coe, C. A. Gibson, special depreciation Item of $127,401 already referred to covers the $106,502 so added to the plant account, and $20,899 more, the net result be- Edward Stetson, Bangor; John Crosby Brown, New York; T. H. Phair, ing a reduction in the book value of the plants, notwithstanding the ex- Presque Isle; W. C. Spaulding, Caribou; John Watson, Houlton4and George E. Wicks, Bangor. penditure of $303,868 in additions and renewals. GENERAL INVESTMENT NEWS. THE CHRONICLE 00T. 24 1908.1 Report.-For the year ending June 30: Gross Fiscal Earnings. Year-1907-08 ___$2,844,082 1906-07 ___ 3,221,606 --V. 85, p. 1206. Divs. Net Other Interest, Earnings. Income. 7axes,&c. (4%). $937,342 $97,040 $1,044,261 794,301 71,840 1,088,401 $2,191 Bal., Surp. $9,879 224,451 1089 quarter. That plan would enable us to keep on giving 3-cent fares. . I do not wish to say now just how we will resume the war for 3-cent fare by taking over the Cleveland Electric lines when their franchises expire and adding them to the original 3-cent lines. I do not want war. We should have peace, and the best way to secure it is to negotiate for a new security grant acceptable to the people, and a new lease. The Municipal Traction Co. will continue operating the lines until compelled to give them up. I expect to keep 3-cent fare in effect just as long as possible.' Boston Elevated Ry.-See West End Street Ry. below.Earnings.-For August and September 1908 the gross V. 87, p. 872. earnings are Canadian Northern Ry.-Report.-For year ending June 30 and the net reported as $135,950 and $113,454,respectively, over the rental to the Cleveland Ry. $5,407 and Balance, Net Miles oper. Gross Fixed Fiscal $10,607, respectively, the total deficit after payment of the Surplus. June 30. Earnings. Earnings. Charges. Year$642,348 rental for the five months ending Oct. 1 being $43,035. 2,894 $9,709,463 *3,032,687 $2,390,339 1907-08 1,043,545 2,639 8,350,198 1906-07 2,482 1905-06 -V. 87, p. 935, 872. 5,903,755 2,926,034 2,229,023 1,882,489 1,509,448 719,574 Chesapeake & Ohio Ry.-Bonds Sold.-The company has sold to Moffat & White of New York and Montgomery, Clothier & Cuyler of Philadelphia (1) $300,000 Potts Creek Branch 4s due July 1 1946, making $600,000 out;(2) $300,000 Coat River Ry. first mortgage 4s due June 1 1945, guaranteed by the C. & 0., making the amount of that issue outstanding $2,100,000.-V. 87, p. 752, 736. Chicago Rock Island & Pacific Ry.-Sale of Bonds.Speyer & Co. announced on Wednesday that they had concluded negotiations with the company covering the purchase of about $9,000,000 of "first and refunding mortgage" 4% gold bonds maturing 1934, part Of which had been under option to them. The bonds will probably be offered later for public subscription, making about $75,000,000 of the issue outstanding,-V. 87, p. 479. Cincinnati Indianapolis & Western Ry.-75% of Bonds Deposited-Penalty after Nov. 5.-The bondholders' committee, William A. Read, Chairman, announces that more than 75% of the "first and refunding mortgage 4% bonds of the Cincinnati Indianapolis & Western Railway Co. and of the first mortgage 5% bonds of the Indiana Decatur & Western Ry. Co. have been deposited, and that after Nov. 5 no deposits will be received by the Bankers' Trust Co., 7 Wall St., New York, except with the approval of the committee, and upon payment of a penalty of 1% of the face value. -V.87, p. 285, 37. Cleveland Ry.-Security Franchise Not Ratified at Special Election.-See Municipal Traction Co. below.-V. 87, p. 936, 873. Delaware 8s Hudson 0o.-New Bonds Ready.-The new "first and refunding 4% mortgage gold bonds" dated May 1 1908 are now ready for delivery at the Farmers' Loan & Trust Co. upon the surrender of interim certificates -V.87, p. 480, 166. , East St. Louis & Suburban Co.-Listed in St. Louis.-The St. Louis Stock Exchange has listed $1,581,000 additional collateral trust 5% bonds, making the total listed $8,000,000. Compare V. 87, p. 812. Haverhill & Amesbury Street Ry.-Protective Committee for $200,000 Five-Year 6% Notes Due Dec. 1 1911.-A protective committee consisting of Frederick J. Bradlee, Arthur Wainwright and William C. Williams urges the holders of these notes "which were in default of interest on June 1 1908" to deposit their notes with the Boston Safe Deposit & Trust Co., 87 Milk St., Boston, depositary.-V.84, p. 450. Illinois Central RR.-Electrification.-The stockholders at the annual meeting authorized the directors to proceed with the electrifying of all tracks within the city of Chicago. New Director.-John G. Shedd, President of Marshall Field &Co.,has been elected a director to succeed J.B.W.Cutting. -V. 87, p. 1011, 939. Mexican International RR.-Report.-For the year ending Juno 30: Net rev. Other Int. on Balance, Total reels Net rev. Fiscal surplus. (Mez.cur.) (Mex.cur.) (U.S cur.) income. bonds. Year1907-08____ $8,281,566 $2,631,588 $1,315,794 83,323 $754,570 $564,547 1906-07..___ 8,572,770 2,817,707 1,408,854 12,911 731,470 690,295 -V.85,p. 1139, 1149. Monterey & Pacific Grove Railway.-0ffering of Guaranteed Bonds.-C. E. Hovey, San Francisco, not long ago ,offered at 92 and interest $25,000 first mortgage 6% sinking fund gold bonds dated July 1 1907, due July 1 1937. Interest Jan. and July 1 at Mercantile Trust Co., San Fran.cisco, trustee. "Optional at any interest period at $110." A circular said. V. 87, p. 1101, 936. ' New York New Haven & Hartford RR.-Annual Meeting. -A press dispatch quotes President Mellen as saying at the annual meeting on Oct. 21: I do not look for any steady Improvement in conditions before the end of the present year. The business of the road showed a little Increase for August. For September there was quite a gain, but for the part of October already passed there is little increase over last year. I think that I can safely say that this is the worst year in the history of the company, and the only way I know of to meet the conditions is to keep a strong hold on the expenditures till business shows improvement. The New Haven road has never owned directly a share of the Boston & Maine stock. The shares were sold at 125 and the proceeds went into the treasury of interests which are friendly to your road. [Compare remarks and table of security holdings in V. 85, p. 859, and V. 87, p. 97; also see B. & M., V. 87, p. 1009.1 [The stockholders authorized the President to vote the stock of the New England Navigation Co., which Is owned by the New Haven road, in approval of the sale of 1,000 common shares of the New England Investment & Security Co. at par, to eight individuals, directors of both companies.Ed.J-V.87, p. 869,678. Roanoke (Va.) Traction 8s Light Co.-Bond Issue.-This new company (V. 86, p. 1530), having taken over by purchase the property o! the Roanoke Water Power Co., the Bedford Power Co. the James River Water Power Co. and the Roanoke Heat.' Light & Power Co., and the entire $500,000 capital stock of the Roanoke Ry. & Electric Co. (see "Electric Railway" Section), has made a mortgage to the Baltimore Trust & Guaranty 'Co., as trustee, to secure an issue of not exceeding $3,000,000 "first mortgage and collateral trust" 5% gold bonds dated Aug. 1 1908 and due Aug. 1 1958, but subject to call, all or any, when drawn by lot on any interest day (F. & A.) at 105 and interest. Bonds ssuable forthwith $1,250,000 Reserved to retire $750,000 bonds of Roanoke Ry. & Elec. Co. dated 1903 and due 1953 750,000 Reserved for extensions, additions and improvements, but issuable to an amount not exceeding 85% of the value of such extensions, &c 1,000,000 Annual sinking fund payable Feb. 1 1919 to 1928, an amount equal to 1% of outstanding bonds: 1929 to 1958, 1% annually. The mortgage covers all property, real and personal, now owned or hereafter acquired, and 80% of the capital stock of the Roanoke Ry. & Electric Co., it being provided that the lien of the indenture shall not cover shares or other securities of any corporation now owned or hereafter acquired unless these be actually deposited with the trustee. Capital stock all of one class and all outstanding, $1,000,000; par, $100. Pres., Jas. P. Woods; Sec. Jas. C. Martin, both of Roanoke. The control, it is understood, is held by the Philadelphia syndicate represented by Chas. R. Miller and F. H. Shelton (Pennsylvania Bldg.), which controls also the Suburban Gas Co. of Phila., Chester, Media and Darby, Pa.; Jenkintown & Cheltenham Gas Co., Wyncote, Pa.; the Coatesville (Pa.) Gas Co., Coatesville, Pa.; Montgomery County Ice & Cold Storage Co., Wyncote, Pa.; the Petersburg (Va.) Gas Co.; New York & Richmond Gas Co., Staten Island, N. Y.; Lynchburg (Va.) Traction & Light Co.; Wilkes-Barre (Pa.) Gas & Electric Co.-V.87, p. 491. Rutland RR.-Circular.-Cummings & Co., 20 Broad St., New York, have sent a circular to the holders of the preferred stock urging that proxies for use at the annual meeting be sent to Tompkins C. Delaran and Chas. Gregory (with 2 cents per share for expenses)in order that renewed efforts may be made to secure from the New York Central interests representation on the board and the declaration of dividends on the pref. shares. The combined minority interest represented at the last annual meetingamounted, it is stated, to a par value of $1,387,500.-Y. 86, p. 852. Savannah Augusta & Northern Ry.-Status.-Judge Emory Speer in the United States District Court at Mount Airy, N. C., on Aug. 7 issued an order restraining the company from disposing of any of its property pending a hearing in the receivership suit of the W. J. Oliver Construction Co. of Knoxville, based on the claim that only $60,000 had been paid on the contract price for grading the first 57 miles of the line, leaving due a balance of $286,516, which is represented by a mechanics' lien. No receiver has yet been appointed. A hearing was had on Aug. 12 and the case continued until the next session of the Court, in November. A press dispatch to the "Atlanta Constitution" of Sept. 18 quoted Cecil Gabbett of Savannah as follows: Capital stock, $600,000; bonds authorized, $300,000; issued at present, Mr. Gabbett stated that the President (W. H. Lynn) and other pro$100,000; reserved for betterments, carefully restricted, $200,000. Sink- moters of the road, are very sanguine regarding the financial outlook, and ing fund In case of issuance of all the bonds will amount at maturity to stated positively that the coming winter would w tness the resumption of $267,000. The road consists of six miles of newly constructed and equipped the active work of construction, and there would be no further let-up electric railway, extending from Del Monte through Monterey to Pacific until the line was completed from Chattanooga to tidewater at Savannah Grove with branch from Monterey to the Presidio of Monterey, one of the (380 miles).'The panic last fall was not altogether responsible for the disfinest mlitary camps in the world. The capital stock is owned by the continuance of the work of constructing the road," said Mr. Gabbett. Monterey County Gas & Electric Co., which controls the gas and electric "The panic played Its part, but the depression would !not have businesssof Monterey and Salinas, and guarantees the principal and interest seriously retarded the work had the London bankers who were furnishing of railway bonds. The railway has been In operation for four years, and a large percentage of the money not withdrawn their finanical support toward the enterprise following the legislation war on corporate interests." earnings are rapidly increasing. Earnings for 1907. Railway Co. and Monterey County Gas & Electric Co [The track has beea laid on 25 m les of the line.-EJJ-V.85, p. 723. M. C. G. & M.C. G. & Seaboard Air Line Ry.-Time Extended.-The bondholders' RV. Co. E. Co. E. Co. Ry. Co. $2,670 x$27,330 committee, William Salomon, Chairman, announces that a $111,757 interest Gross recelpts_$41,597 52,322 Bal., surplus 11,331 24,992 majority of the Atlanta-Birmingham first mortgage 4% Net receipts____ 14,001 x Includes "taxes".-Compare V. 84, p. 1552; V. 85, p. 346. Municipal Traction Co., Cleveland.-Security Franchise Not Ratified by Electors.-At the special election on Thurs-day the electors, by an adverse majority of 605 in a total vote,ofiabout 76,000, declined to ratify the "security" fraiAchise granted on April 27 last. Compare V. 87, p. 677,227, and editorial remarks on a preceding page. See also editorial in "Electric Railway" section of Sept. 26 last. Mayor Johnson, In a statement given out yesterday, said that he is In ;favor of a "new security franchise stipulating 7 tickets for a 30-year bonds have been deposited under agreement of Sept. 2 1908,and that the time for the deposit of bonds has been extended until 3 p. m. Nov. 4. Compare V. 87, p. 814, 679, 615. West End Street Ry., Boston.-Proposed Change in Consolidation Law.-The motion on which the shareholders,will vote Oct. 28 follows: That the directors be and hereby are authorized and directed to petition the Legislature for an amendment to Chapter 551 of the Acts of 1908, so that said Act as amended shall provide that from and after the time fixed in the lease from' this company to the Boston Elevated Railway Co. for the THE CHRONICLE 1090 termination of said lease, namely, June 10 1922, the dividend to which the second preferred stock provided for In said Act, to be given in exchange for the common stock of this company, shall be entitled, shall be at the per annum as originally provided in rate of 8% per annum instead of 7 said Act, and to take all action necessary In the premises. (The directors voted on October 2 to recommend that the shareholders at their imetln,g on October 28 authorize the consolidation of the company with the Boston Elevated By. Co. under terms of Act of 1908 provided that said Act be so amended that after June 10 1922 the second preferred st ick ta be Issued In exchange for the common stock shall be entitled to 8% per annum. One of the directors opposed this recommendation on the ground that, In hls opinion, the new second preferred stock should be entitled to 8% per annum from the date of the consolidation.]—Ed. —V.87, p. 1012. Western Maryland RR.—Roport.—The report of receiver Bush, presented to the shareholders at the annual meeting on Oct 21 it is stated, shows: Operating revenue Operating expenses Resalls for Years ending June 30. 1907-08. Inc. or Dec. 1906-07. $5,648,278 35,464,055 Inc. $184,223 3,589,884 3,438,179 Inc. 151,705 Net operating revenue $2.058,394 32,025,876 Inc. 332,518 Net Income from other departments 534,737 818,094 Dec. 278,357 and sources Total net Income —V.87, p. 874, 286. $2,593,181 $2,838,970 Dec. $245,839 INDUSTRIAL, GAS AND MISCELLANEOUS. American & British Mfg. Co., Providence.—Mortgage Diseharged.—The mortgage made July 3 1907 td the Union Trust Co. of Providence, as trustee, to secure $300,000 of 5% bonds due July 1917, has been discharged of record. Owing to the business depression the company decided that there was no need for additional working capital.—y. 87, p. 411. American Grass Twine Co.—Exchange of Stock.—The name of the company having been changed to the Crex Carpet and the stock reduced from $15,000,000 to $31000 000 t the New York Trust Co., 26 Broad St., as transfer agents, are ready to issue new stock at the 'ratio of one share of the new for five of the old stock. See-V. 87, p. 741, 1013. American Light & Traction Co.--Earnings.—The results for the 9 months ending Sept. 30 were: iv.Lxxxvi Provision Is made for the sale under certain conditions of the stocks and bonds by the trustees under the agreement for the benefit of the creditors. The purpose of the scheme Is to avoid unnecessary sacrifice of the securities under adverse circumstances, by a premature sale. The trustees are W. W. Edwards, E. H. Cody, G. %V. Close and W. P. Bowman, and the debtors or obligors Ed. L. Barber, Herbert A. Barber, Addle L. Barber and SOphie H. Barber.—V. 87. p. 616, 547. Colorado Fuel & Iron Co.—New Directors—Rockefeller Interests Again Paramount—Several Gould Alen Retire.—The following changes have been made: New directors representing the Rockefeller Interests—Frederick T. Gates, Star J. Murphy, H. E. Cooper, all of New York, and D. C. Beaman and J. A. Writer of Denver. Old directors retained—Geo. J. Gould, E. T. Jeffery, J. H. McClement, Edwin Hawley, B. H. Harriman, Willard P. Ward, J. le. Welborn, L. II. Bowers. Directors retired—Edwin Gould, Winslow S. Pierce, Alvin W. Hrech, Benjamin Nicoll and E. W. Oglebay, Vice-President L. M. Bowers has been elected also Chairman of the Executive Committee, George J. Gould retiring from that posItion.—V. 87 p. 1008. Consolidated Steamship Lines.—Sale Nov. 25.—The foreclosure sale "as one parcel" of the shares of stock pledged to secure the 4% bonds is advertised for Nov. 25 at Portland, Me. Compare V. 87, p. 1013, 28. Dominion Iron & Steel Co.—Bond Redemption.—The company on October 1 redeemed the fourth annual installment of $250,000 of its 6% second mortgage bonds, leaving only $1,500,000 outstanding.—V. 87, p. 815. Federal Coal & Coke Co.—See "Massachusetts Gas Conipanics" under "Annual Reports" on a preceding page. Federal Mining & Smelting Co.—New Directors.—Joseph Glendenin and Edgar L. Newhouse, both of New York, have been elected directors to succeed G. M. Borden and T. J. Phillips, as representatives of the Guggenheim interests.— V. 87, p. 934. Frost-Johnson Lumber Co.? St. Louis.—New Stock— Merger.—This company filed in Missouri on Sept. 29 a certificate ncreasing its capital stock "full paid" from $1,500,000 to $10,000,000 (par $100), and showing assets of $12,000,000 and liabilities of $900,000. e bond offering V. 86, p. 723). The "St. Louis Glob! Democrat" of October 2 said: Nine Earns.frotu Older Net Pref. Div. Common Balance, Mos. Sub. Cos. Income. Profits. (4 %). Diridend. Surplus. 1908_31,669,277 $182,529 $1,815,805 $640,629 (5%)$345,476.3829,700 1907_ 1,521,356 174,778 1,663,134 640,629 (43( %) 287,330 735,175 Note.—From the surplus for the last nine months In 1908 was deducted $504,500 for "reconstruction reserve fund", leaving a surplus of $325,200, The Frost-Johnson Lumber Co, of St. Louis, which this week increased against a surplus of $230,676 for the corresponding period of the previous Its capital stock from 31,500,000 to $10,000,000,for the purpose of taking year.—V. 87, p. 937, 287. over several yellow pine lumber companies in Texas and Louislan owned by men associated with the main esimpany, aas elected the following American Strawboard Co.—Mr. Mitchell Continues as a officers: E. A. Frost, Shreveport, La., President; C. D. Johnson, St, Louis, Receiver.—Judge Grosscup on Oct. 20 denied the petition of First Vice-Pres.; F. T. Whited, Shreveport; A. J. Peavy, Mansfield, La.: S. Prestrldge, Camptl, La., Vice-Prests.; H. H. Wheless, Alden minority shareholders for the removal of Sidney C. Mitchell George Bridge, La., Sec. and Treas. The board of directors Is increased from as one of the receivers. Compare United Box Board & five to thirteen members and include, besides the six officers, E. W. Frost. Texarkana, Tex.; George Lock, Lake Charles, La.; C. W. Mansur, C. W. Paper Co in V. 87, p.229.—V. 87, p. 99. Nelson, Nelson W. McLeod, St. Louis; F. W. Scott, Huttlg, Ark.; R. T. Mansfield, La. American Water Works & Guarantee Co.,ittsburgh.— Moore, The company yesterday gave out the "The Frost-Johnsoa Offering of Guaranteed Noteg.—See United Water & Light Co. Is a Missouri corporation authorized to following: do business in Louisiana, and owns 670,000,000 feet of standin.? timber In Livingston Parish, La. Up below.—V. 87, p. 417. to the present it has acquired the Dixie Lumber Co. of St. Louis, the FrostArnold Print Works.—Sale Authorized.—Judge Lowell, Trigg Lumber Co. of St. Louis and Shreveport and the plants and all assets of Whited & Wheless, Ltd., Alden Bridge, La. The Frost-Johnson in the United States Circuit Court, has ordered the sale of the Co. will handle the products of the following mills: Union Saw Mill Co.. property at receiver's sale. Huttig, Ark.; Red River Lumber Co., Frostville, Ark,; Blenville Lumber pt1, La.; Star & Crescent The Court has also authorized the Receiver to pay the claim of the National Co., BlenvIlle, La.; Black Lake Lumber Co., Cam Lumber Co., Mansfield, La.: Bank of Commerce of New York In full, using for that purpose the special Lumber Co., Montiose, La.; De Sato Land & will open company an office in Chicago La. Noble The Noble, Co., Lumber deposit of 32,191,956 kept at the bank, and, in addition, $9,694 from the In charge of J. C. MeLachiln. The new stock has been entirely subscribed general funds. Compare V. 87, p. 348, 478, 814. and Is not for sale. Compare V. 86, p. 723. Big Horn Basin Development Co., Wyoming.—Receivership for Irrigation Project.—Charles F. Dickson of Chicago has been appointed receiver. A circular issued by a Chicago house early in the year offering for sale $150,000 bonds, the unsold portion of $750,000 first mortgage gold 6s, dated Jan. 1 1905 and due Jan. 1 1920 (First Trust & Savings Bank, Chicago, trustee), says: Capital stock, $8,000,000. Total authorized bond Issue, $750,000. The company's assets Include 245,000 acres of fine Irrigable land, with perpetual water rights, Insured under the Carey Act, situated in the central part of the famous Big Horn Basin. In Big Horn County, Wyoming, about 60 miles east of the Yellowstone Natural Park. This irrigation system, which utilizes the Oregon Basin, a natural storage reservoir, Includes over 300 miles of main canal and laterals and Is rapidly nearing completion. President Wiley resides at the town of Wiley and is In personal charge of the construction work. A colony of Lutheran Germans has been successfully farming about 5,000 acres of land under the Bench Canal, part of this Company's system, for about six years. The Bench Canal and its laterals are over 100 miles In length, supplying water to about 15,000 acres of land comp ng the eastern end of this company's tract, all of which, including the'canal and laterals, except the 5,000 acres above mentioned heretofore sold to the Germans, are Included in the 245,000 acres pledged to secure these bonds. Compare V. 82, p. 282. J. G. Brill CO., Philadelphia.—Dividends on Common Stock Suspended.—It was announced on Wednesday that the directors had decided not to pay any dividend on the $5,000,000 common stock at this time, believing it best to husband the company's resources until the business uncertainty is terminated. The first four quarterly distributions were 1%, the last two ,1,6 of 1% each. The regular quarterly dividend of 1%.% was declared on the $4,580,000 pref. stock, payable Now. 2 on stock of record Oct. 28.—V. 86, P. 1045,1102. Central Home Telephone Co., Louisville.—Pooling Agreement.—Under the creditors' and bondholders' agreement referred to Sept. 5 (page 616) the holders of the stocks and bonds of the companies named below (who are termed "creditors") which are held as collateral for sums due them, are asked to extend the time of payment of the several obligations due to Dec. 31 or until such further time as the agreement may be extcrided: Central Home Telephone Co. Long Distance Tel. & Tel. Co. Mobile Home Telephone Co. Indiana Long Distance T. & T. Co. Paducah Home Telephone Co. Springfield (Tenn.) Home Teleph.Co. Russellville Horne Telephone Co. Huntington lentea/ Telephone Co. Tiffin Home Telephone Co. Utica Home Telephone Co. Elkhart Home Telephone Co. Piqua Home Telephone Co. Rome Home Telephone Co. Herkimer Telephone Co. Napoleon Home Telephone Co. Bloomington Home Telephone Co. Gottlieb-Bauernschmidt-Straus Brewing Co.—Interest on Income Bonds.—The directors have declared a semi-annual interest payment of 1% on the $3,500,000 second mortgage income ' bonds payable Nov. 1. This distribution, with the 4% for the year 1908, con4 3 of 1% last May, makes 13 trasting with 3%, the rate heretofore maintained. Compare V. 86, p. 1103. Hudson River Electric Power Co.—Notice to Holders of First Mortgage 5% Bonds Due Jan. 2 1944.—The bondholders' committee, James R. Hooper, Chairman, snakes the following announcement under date of Oct. 15: The committee, representing more than a majority of the bonds of this company, has been making, through experts, an exhaustive examination of the Hudson River Companies. Stone & Webster report that the earnings, although large, at present are not sufficient to pay the entire bond interest, and feel that some reorganization is inevitable. Niles & Niles have made a careful report on the books of the company up to July 31 1908, and find that they appear to be a complete record of the business of the companies. The situation, however. Is so complex, embracing eight separate corporations (see V. 86, p. 1097), that it will take a considerable time to recommend a definite plan. For the preservation of your interests, will you kindly deposit your bonds with either of the following trust companies: The New England Trust Co., Boston; Standard Trust Co., New York City; Fidelity Title & Trust Co., Pittsburgh, Pa. Bondholders thus depositing their bonds will not render themselves liable for any assessment for the expenses of the committee, but may, If the final plan does not meet with their approval, withdraw their bon a witnin ten days after written not cc that 51% In face value of depositors have adopted the final plan.— V. 87, p. 616, 1013. Indiana Lighting Co.—Mortgage.--This company, successor of the companies formerly controlled by the Ohio & Indiana Consolidated Natural & Illuminating Gas Co.(V.86, p. 984, 1534, and V. 84, p. 871) has filed a mortgage for $5,000,000 with the Central Trust Co. of New York, trustee. The bonds are 4s, $1,000 each, dated Aug. 1 1908, and due Aug. 1 1958, but subject to call on any Interest day (Feb. & Aug.) at 105.—V. 87, P. 938, 419. Institution for Encouragement of Irrigation Works and Development of Agriculture in the United States of Mexico. —Offering of $20,000,00 35-year 434% Gold Bonds,Guaranteed by the Government of Mexico.—Speyer & Co. and the National City Bank of New York are offering at 92%7 0, by advertisement on another page, in conjunction with Speyer Bros., London; Lazard Speyer-Ellisen, Frankfort; the Deutsche Bank, Berlin, and Teixeira de Mattos Bros., Amsterdam $20,000,000 of the total issue of $25,000,001) 35-year 434% gold bonds, with principal, interest OCT. 24 1908.i • THE CHRONICLE 1091 and sinking fund unconditionally guaranteed by the Mexican Pillsbury-Washburn Flour Mills Co., Ltd.—StockholdersGovcrnment by endorsement on each. bond. Full p irticu- Committee—Notice to Stockholders.—The English shareholders' lars regarding this issue of bonds and also the close r,..lations committee asks the co-operation of the American sharesustained by the Institution with the Mexican Government holders, saying under date Oct. 19: Following the appointment of receivers, the undersigned, holding or were givcn in last week's issue (p. 1013). A cireular says: representing The United States of Mexico 5% "external consolidated gold bonds of 1899" are selling at about 101% % and Interest, notwithstanding the fact that after July 2 1909 their sinking fund may be increased or the entire loan may be paid off at par and interest on three months' notice. The 4% gold bonds of 1904 are selling at about 0$ and Interest, yielding an income of only 4-35%. The above 35-year 4%% sinking fund gold bonds, at 92 34 , % and interest, yield about 5% per annum, which yield would be increased by redemption [at 101 and int.] before maturity. Not only have these bonds the unconditional guaranty,')ui to principal, interest and sinking fund, of the Federal Government of the United States of Mexico, but they have, as additional security, the credit of an institution with a paid-up capital of $5,090,000 U. S. gold, organized under the auspices of four of the largest banks in Mexico and operating practically under the supervision of the Mexican Government. Official Comparison Showing the Growth in the Revenue of the Mexican Government for a Series of Years (Mexican Currency). 1907-08. 1906-07. 1904-05. 1905-06. Ordinary rev. in cash $111,214,900 $114,286,122 $101,972,624 $92,083,887 Ordinary exp. in cash 92,258,100 85,076,641 79,466,912 79,152,796 both classes of shares, have consented to act as a committee for the protection of the shareholders. In view of the admitted insolvency of the company, brought about by grave irregularities in the American management, the interests represented by your committee have become satisfied that independent action is essential. The committee has accordingly intervened in the receivership proceedings and secured the appoint ment of an additional receiver. The committee already represents about two-thirds of the preference shares and about one-half of the ordinary shares held in Great Britain. All American shareholders desiring to co-operate are invited to execute an agreement, copies of which can be had on application to John Cross, Secretary, care Wm.C. Taylor, £7 Wall St. N.Y. City. [Signed by the committee: Right Hon. Lord Avebury. Chitirman; Sir William J. Crump, Lestoco R. Erskine, B. Graves, A. G. Pollock, Hewitt Skinner, Clement H. Thomas, Charles Lock.1-1r. 87. p. 938, 93r,.T. Seattle (Wash.) Lighting Co.—Bonds Offered.—H.' T. Holtz & Co., Chicago, are offering at 99 and interest the unsold portion of a block of $100,000, the remainder of the total issue of $450,000 ten-year 6% 'debenture gold bonds. dated July 1 1904 and due July 1 1914, but redeemable Surplus of revenue $18,956,800 $29,209,481 $22,505,712 $12,931,091 on any interest date •at 101. Denomination $1,000. InNote.-1907-08 is partly estimated.V. 87, p. 1013. terest J.& J., at Central Trust Co. International Mercantile Marine CO.—Official Statement.— Chicago. Burgess, Lang Sr. Co. offer of Illinois. Trustee. In connection with the issue noted below of £1,250,000 43-% in Boston. The following particulars a block of the bonds are furnished: first mortgage debentures by the company's subsidiary, the FINANCIAL STATEMENT. Oceanic Steam Navigation Co. (White Star Line), an official Capital stock Issued ($1,000,000 pref. and $3,000,000 common)_34,000,0ou First mort. 5s, due 1944.outstanding (V. 84. p. 1000)_1,722.000 statement has been given out saying: First mort. 5s, reserved to retire Seattle Gas & Electric light Four new immense vessels have been ordered for the White Star Line first 6s, due July 1 1912 720,000 and are now building, at an estimated cost of 13,600,000. The steamers are to be paid for ultimately out of net earnings available for investment in First mort. 55, issuable only for 80% of the cash cost of permanent extensions and additions, provided the net earnings new property. In the meantime the International Mercantile Marine Co., for the preceding calendar year shall have been equal to twice Instead of issuing additional 4 bonds at a market price under 70, has the bond interest 549,000 availed itself of the privilege accorded subsidiary companies to issue debentures to the extent of 75% 'of the cost of new property, and the Total first mortgage 5% authorized $3,000,000 Oceanic Steam Navigation Co., Ltd. has sold £1,250,000 debentures at Ten-year 6% debenture bonds bonds 450,000 97%, and the entire proceeds will be used in new property. While in any Earnigns for Year ending July 31 1908. event the security behind the 434% bonds would be increased to the $560,325[Int. on snort. bonds extent of 25% of the value of the new property purchased, In this case the Grass earnings $124.073 present issue is only one-third the cost of the new steamers, so that if, as Net (after ins. and taxes)__$252,695[Int. on debentures 27,000 expected, the balance of cost Is met out of earnings, the security behind Balance, surplus the 4%% bonds will be increased by nearly $12,000,000. The two steam$101,622 ers building for the New York-Channel service will be the largest In the Net earnings for years ending June 30: 1907-08, $252,287; for 11)06-07, $218,972. world, with a gross tonnage of 44,000 tons each.—V, 86, p. 1586. of Letter from President Rufus C. Dawes, Chicago, Sept 4 1908 Knickerbocker Ice Co.—Dividend Again Deferred.—The Abstract The Lighting Co. operates under a perpetual franchise in Seatti dir,;ctor.4 on Oct. 21 again decided to defer payment of the and theSeattle franchise in the suburb of Ballard runs for 50 years from Aug. 1 semi-annual dividcnd of 3% on the $3,000.000 preferred 1901. The company does the entire gas business In Seattle and suburbs, a population estimated at 220,000. The company has recently stock, due July 1 last. President John S. Field is quoted: serving completed a thoroughly modern gas plant with a gernerating capacity In view of the fact that the $1,431,000 collateral notes of thecompany of over 2,000,000 cubic feet of gas per day, while the present consumption mature next February, the direct )rs have thought It prudent to delay the of gas per day Is 1,600.000 cubic feet. payment of the dividend until arrangements are completed for renewal of The company Is earning a large surplus over all bond interest, Including Such notes. the arrangements are now substantially finished, and when this issue. A dividend of 6% on the 31,000,000 preferred stock is completed the dividends, which have been fully earned, will be paid. being paid, but no dividend has been paid on theof$3,000,000 common Compare V. 87, p. 100. stock, the surplus having been put back into the property for its development and betterment. There Is an equity In the property over and above Latrobe-Oonnellsville Coal & Coke Co.—Called Bonds.— all the first mortgage bonds outstanding of approximately $1,500,000, First mortgage 20-year 5% gold bonds dated June 1 1905, which equity stands as security for this issue of $450,000 debenture bonds' aggregating $81,000, have been called for redemption on —V. 86. p. 289. Sheffield Coal & Iron Co.—Modification of Plan.—UnderDec. 1 1908 at 105 and interest at the office of the Commercial writing.—The reorganization committee, E. C. Converse, Trust Co., trustee, Philadelphia.—V. 85, p. 1146. Mergenthaler Linotype Co., New York.—Report.—For Chairman, announces that in view of the pledge of subscriptions for over $350.000 of the cash called for under year ending Sept. 30: the original plan of March 1 1908,it has been arranged to 1907-08. 1906-07. 1905-06. 1909-05. Total net profits $2,426,716 $3,171,571 $2,733,752 $2,204,520 cover the balance amounting to $150.000 by an underDividends paid (15%)...1,049,400 1,640,400 1,649,362 1,524,888 writing, the entire amount • of which has been promised. Balance, surplus $777,316 $1,522,171 $1,084,390 $679,632 A modified plan following largely the outlines of the original —V. 85, p. 1142. plan has accordingly been adopted. Circulars dated Oct. New England Cotton Yarn Co., Boston.—Earnings.— 15 say in substance: The net profits for the late fiscal year are announced asfollows, Circulars Addressed to Bondholders. There is a substantially small departure from the terms of the proposed with the declaration of the regular quarterly dividend of plan of March 1. (V. 86, p. 671.) Depositing bondholders of both the *134% on the $2,000,000 preferred stock, payable Nov. 1 Steel Company and the Iron Company are to receive the same securities as before proposed. Except in minor details, the principal changes relate on stock of record Oct. 24. to the underwriting, the time for payment of subscriptions and a Net Profits for Fiscal Year ended Sept. 30 1907-08. 1906-07. 1904-05. proposed Issue of three-year [5%) collateral trust notes [amounting to 1905-06. or so much thereof as may be required . Said notes, the plan Net profits $736,000 $1,498,000 $510,000 $150,000, $930,700 From the profit3 f.)• 1905-07, 1 498,000, th,r wz.r.) deducted: provides, may be secured by an equal amount of the new $750,000 first Charges, $201,015; pref., div. (6%) $120,000; corn. div. (6%), mortgage 20-year 5% gold bonds.—Ed.) The collateral notes are to be 3234.000; sink. fund, $57,000; renewal and impt. accounts. 3231.000: used so far as may be necessary In the acquisition of claims for floating debt of the Steel and Iron Companies and subsidiary companies not acbal., sur., 3574,985.—V. 87, p. 229. quired for cash at a concession from face. Practically all of the Northern California Power Co.—Exchange of Stock.—The bonds were deposited under the originaltheir plan: withdrawals from the plan shareholders voted Oct. 12 to exchange their stock,share for must be made if at all on or before Nov. 6 1908. Circular Addressed to Stockholders. share, for that of the Northern California Power Co. ConBusiness conditions have materially improved, and with the cash resolidated. Compare V. 87, p. 938. quirements provided for, the plan as modified should be susceptible of prompt completion. It may, and will, be necessary to foreOceanic Steam Navigation Co. (White Star Line).-0fier- close the mortgages of the Sheffieldprobably Coal & Iron Co. and the Sheffield Iron & Steel Co. [The modified plan, however, provides for the ing of 43% First Mortgage Debentures.—Glyn, Mills, Currie Coal payment of accrued Interest to July 1 1909 on the bonds of both com& Co., in London, as bankers of the company, offered last panies in 6% non-cumulative preferred stock of the total issue of $750,000. week in London at 973. £1,250,000 43% first mortgage On July 11000 the new bonds will begin to carry interest.—Ed.) Competent engineers have estimated that the company's ore lands condebentures, par £100 (c&r), part of an authorized issue of tain between 5,000,000 and 6,000,000 tons of brown ore of quality £2,500,000, which will be secured by a trust deed creating a and the equipment for mining this should, with Moderate good expenditure, be sufficient to supply two of the three furnaces owned by the company, specific first charge upon twenty-three vessels of the com- the operation of the third never having been contemplated pany's fleet, valued at £4,850,000, and upon four additional The company also controls In Virginia coal lands estimated heretofore. to contain tons of coking coal and 250 coke ovens, which should now vessels to be built for the company by Harland & Wolff, Ltd., 25,000,000 be developed with the money furnished by this plan a point sufficient at the estimated cost of £3,600,000. The company is a to supply the two furnaces with coke. The furnacesto located at Sheffield will require the expenditure. of a portion of the money provided, but they dependency of the International Mercantile Marine Co. (see are reported in good condition and should be capable of producing upward that company above and in V. 86, p. 1586; V. 74, p. 888, of 400 tons of iron per day,or,say, conservatively,120,000 tons per annum. Over $3,000,000 have already been expended upon the properties. The 1093). An advertisement says: committee ha8 secured, subject to the successful completion of the plan, On Dec. 31 1013 and on each succeeding Dec. 31 up to 1921, the company a competent Man to become the executive head of the company, and will redeem £125,000 of the debentures by purchase at or under, or by devote his entire time on the ground to its management. drawings at, par. The balance of the debentures will be redeemed on The modified plan extends the same terms to subscribing stockholders June 30 1922 at par. The company reserves the right at any time after as in the original To assure the success of the plan some of the Dec. 31 1913 to anticipate the date of redemption for all or any of the largest stockholdersplan. will underwrite the subscriptions of about $150,000 debentures on giving six months' prevous notice, and paying off such in addition to subscribing their own pro rata to the new capital. Any debentures at par. The interest will be paid June 30 and Dec. 31. Trus- stockholder who desires a participation In this underwriting_ may mortgage debenture first the for Algernon holders: tees H. Mills, promptly communicate with the secretary of the Hon. committee. [UnderK.C.. both of London; and F. C. writers of the $150,000 will receive Right Hon. Alfred Lyttelton, the cash which they pay 100% Danson, Liverpool. Directors of company: J. Bruce Ismay (Chairman), in new bonds and 375% In oommon for stock and for the liability assumed Harold A. Sanderson Right Hon. Lord Pirrie and 25% in preferred stock. Subscriptions for the *500,000 cash are payable Net Profits for 10 Years ending Dec. 31 1907 as certified by Price, 25% Nov. 15 1908, 25% Jan. 1 1909; 25% April 1 1909 and 25% July 1 Waterhouse de Co. [000 omitted.] 1909.—Ed.) 1907. 1906. 1005. 1904. 1903. 1902. 1901. 1900. 1899. 1898. Avge. Further deposits of stock and subscriptions by stockholders who have Year year year year 13 mos. limos. year year year year 10 yrs. not already subscribed will be received at the Bankers' Trust Co. on or £848 £803 £713 £503 £652 £452 £454 £781 £445 024 7618 before Nov. 2. Recognizing that there are a few stockholders who are unable to conThe net profits are here shown "after charging all outgoings, Including repairs and renewals and all expenses of management, but before charging tribute in cash to the modified plan, the committee has reserved sufficient interest on borrowed money and income tax and before providing for [of the 32,500,000] common stock to give all stockholders Who deposit their certificates of stock under the plan on or before Nov. 2 1908, without depreciation." [The whole of the debentures offered for subscription had been under- making a cash subscription. 25% of their present holdings In common • stock of the new company at par.—V. 87, p. 742. written by Greenwood & Co. for a commission of 2%.] 1092 THE CHRONICLE [VoL.L;xxxvii. Standard Milling Co.—New Director.—A. P. Walker of which $12,000,000 have been sold to Blair & Co. and HallNew York has been elected a director to succeed William garten & Co. An advertisement says in substance: Lanman Bull. To authorize an issue of bonds in the aggregate principal sum of $15,000,James P. Lee and Henry A. Murray, who were elected directors by the board several months ago to take the place of T. A. McIntyre and I. Howard Latham, were also elected. Report.—See "Annual Reports" on a preceding page. —V. 87, p. 815. United States Express Co.—Earnings.—The directors on Thursday declared a semi-annual dividend of 2% on the $10,000,000 capital stock, thus continuing the rate that has been maintained since November 1901, except for the half-yearly distribution of 3% made in November 1907. The management has given out the following: Results for Year ending June 30 1908 (compare V. 85 p. 476; V. 86 p. 916.) $16,983,638 Net from transportation. Gross earnings $37,734 16,945,904 Other income Expenses 469,930 —Beginning on Nov. 11 a course of lectures on banking and investment topics is to be given during the winter before the West Side Branch of the Young Men's Christian Association at 320 West 57th Street. The lectures will take place on Wednesday of each week, and will extend through to May of next year. Among those who are to lecture are the following: Albert Strauss of J. & W. Seligman & Co.; George Garr Henry, Vice-President of the Guaranty Trust Co. of New York; Arthur M. Harris of N. W. Harris & Co.; George TJnited States Finishing Co.—Stock Increase.—The stock- W. Hodges of R. L. Day'& Co.; John Harsen Rhoades of holders at the annual meeting on Oct. 15 authorized an Rhoades & Co.; Floyd W. Mundy of James H. Oliphant & amendment to the company's certificate of incorporation Co.;N. W. Halsey of N. W. Halsey & Co.; Henry A. Schenck, increasing the capitalization to $5,000,000, of which $3,000,- President of the Bowery Savings Bank; Frederick A. Cleve000 shall be preferred stock and $2,000,000 common stock. land, Ph. D., author of "Funds and Their'iUses," &c.; An authoritative statement says: Frank A. Vanderlip, James G. Cannon, William A. Nash, As the present outstanding stock Is $2,600,000 preferred and $1,000,000 common, this action places In the treasury $400,000 preferred and $1,000,- Charles A. Conant, Alexander D. Noyes, Soren° S. Pratt, 000 common stock. The $400.000 preferred will be sold immediately, and Harvey E. Fisk of Fisk & Robinson, Edward L. Suffern of lttis believed that many of the present stockholders will take advantage of this opportunity to Increase their holdingsof a stock showing an annual Suffern & Son, Certified Public Accountants, and William return of 7%, free from taxation, amply protected as to principal by the M. Kingsley, Vice-President of the United States Trust Co. value of the assets and in dividends by excess of earnings. —The banking house of Isidore Newman & Son, 25 Broad Report.—See "Annual Reports" on a preceding page.— St., New York, and 212 Carondelet St., New Orleans, inV. 87, p. 1014. United Water & Light Co., Pittsburgh.—Offering of vites correspondence from conservative investors desiring 6% Guaranteed Collateral, Bond Secured, Gold Notes.—J. S. bonds yielding a return of 6%. The firm is prominently in& W. S. Kuhn, Incorporated, of Pittsburgh (successors to terested in public service corporation issues in large cities Municipal & Corporation Securities Co.), are offering at par in this country, secured by direct mortgage on growing propand interest $500,000 6% "collateral, bond secured, gold erties operating under perpetual or long-time franchises. notes" guaranteed by American Water Works & Guarantee These companies are owned and controlled by a holding comCo. of Pittsburgh. Tax-free in Pennsylvania. Dated pany which has no indebtedness. The properties have an Oct. 1 1908. Par, $1,000c*. Coupon interest, A.& 0., equity represented by dividend-paying stock and are located at Farmers' Loan & Trust Co., the trustee, New York. in a section of the country having large growth. They are Mature $50,000 annually on Oct. 1 from 1909 to 1918, supervised by a prominent engineering firm. The bonds now offered by the bankers are probably to underlie future both inclusive, without option of prior payment. Abstract of Letter from President 11. R. Lynn, Pittsburgh, Pa., Sept. 28 1908. issues covering the cost of additional property. The firm Company controls and operates water works properties located in Marin- of Isidore Newman & Son was established in 1868, and ette, Wis., Merrill, Wis., Keokuk, Iowa, North Platte, Neb., Kearney, enjoys a record of success in public service enterprises. Neb, Wichita, Kan. (V. 85, p. 606), Wellsville, N. Y., Guayandotte, —George Eustis Robertson, for the past seven years with W. Va., Mt. Vernon, Ind. (Mt. Vernon Water Co.—Ed.), Kokomo, Ind., Louisiana, Mo., Joplin, Mo. (V. 79, p. 503), and Shreveport, La. (V. 82. the Northern Trust Co. of Chicago as Manager of its departp. 1045.); also the electric lighting properties at Wellsville, N. Y., (Wellsville El. Lt. Heat & Pow. Co.—Ed.), and Mt. Vernon, Ind. (Mt. Vernon ment of publicity, and for six years previous private secreElectric Light & Power Co.) During the past year necessary improve- tary to President Harper of the University of Chicago, has ments were made and several small Issues of bonds against the subsidiary plants were retired; accordingly the company has taken out as authorized resigned his position with the bank and embarked in the by its deed of trust to the Farmers' Loan & Trust Co., trustee, N. Y. real estate and bond business. He has formed a partnerCity. Its "first mortgage and refunding 5% bonds" (V. 84, p. 1556) and now holds in its treasury over $600,000 of these bonds, guaranteed p. & I. ship with Benjamin W. Carlow, formerly of Boston and Worcester, Mass., a successful dealer in real estate investby the American Water Works & Guarantee Co. The additional Improvements, extensions of pipe lines, &c., earn 15%, The style of the new firm is Robertson, to 25% on the additional investment. This has led our directors to author- ment securities. bond collateral, secured, gold notes" securing same by Carlow & Co., with offices at 1210 Corn Exchange Bank ize $500,000 6% the deposit of ;625,000 of our first mortgage 5% gold bonds, due May 1 Bldg., Chicago, and they are exclusive selling agents for 1947. No additional notes can be issued, except as additional water works bonds, guaranteed by the American Water Works & Guarantee Co. the bonds and lands of the Elko Realty & Development Co. are deposited with the trustee in the ratio of 125% of bonds for every of Elko, Nevada. Mr. Robertson has been appointed Sec100% of notes Issued. It Is further provided that should any additional notes beyond the present $500,000 be issued, they shall mature In equal retary of that company. amounts from Oct. 1 1909 to 1918, inclusve, and that the total issue of —Hornblower & Weeks, members of the New York and notes sail in no event exceed $2,000,000 and the ratio of 125% of bonds for every 100% of notes Issued must always be maintained. Boston stock exchanges and Chicago Board of Trade, now Capital stock (fully paid), all owned by the American Water Works & occupy the entire third floor of the Central Trust Bldg., Guarantee Co., $500,000. Authorized bonded debt (V. 84, p. 1373, 1556), $3,000,000; bonds outstanding, $939,000; bonds held by trustee for re- 152 Monroe Street, Chicago. Quotation boards have been improvements, $2,061,000. funding and installed, and in addition to their investment and bond busiThe earnings of the companies controlled for the year ending April 30 1908 were: annual revenue from all sources, $553,483; interest charges ness they are prepared to execute orders for stocks on margin. $455,082; net $98,401 [no proper comrevenue, and operating expenses. Edward Clifford, resident manager, is a member of the Chiparison is _possible with earlier years; as the United Company now controls the Wichita Water Co., the Joplin Water Works Co. and the Shreve- cago Stock Exchange. not were Included in previous statement. the port Water Works Co., which —Swartwout & Appenzellar, Bankers, 44 Pine Street, The Wahoo, Neb., property is not now me I ned.(V. 84, p. 1556.)—Ed.] Population of cities served In 1900 was 155,578, now estimated at over have issued a new wall card, revised to date, showing out200,000. Seven of our properties have up-to-date filtration plants; at the standing short-term securities of 79 companies, amounting to others filtration is not required, five of the plants being suppled by driven wells. Pipe mileage, about 350 miles; number of fire hydrants, 2,268. $760,131,168, viz.: 16 industrial, $78,350,000; 19 public Total daily pumping capacity of plants, 75,250,000 gallons; the filtration utility, $121,353,400; 44 railroads, $560,427,768. The plants have a combined daily capacity of 22,800,000 gallons. Private card will be sent to bankers and investors upon request. consumers number 24,108. The American Water Works & Guarantee Co., of which James S. Kuhn —The Scherzer Rolling Lift Bridge Co. of Chicago (New Is President, William S. Kuhn, Vice-President and Treasurer. and J. H. Purdy, Secretary and General Manager, was organized in 1882. It Is York office 220 Broadway) has published a handsomely not a contracting nor manufacturing concern. It Is an operating comin pany, deriving Its earnings from the surplus of the various plants whose illustrated volume regarding its roller lift bridges, now capital stock it owns. It has a paid-up cash capital and surplus of $4,- such favor, including "the longest span the widest, the most 000,000 (stock, $2,000,000 (par, $100); surplus, $2.000.000.—Ed.). Annual railway net earnings exceed $600,000, and It has paid dividends In excess of 6% active and the most important railroad, electrical annually since 1889. Its plants are all of modern construction and equip and highway movable bridges ever built." meat. Most of the companies have been doing busness for from 16 to —The Bank Audit Department of Marwick, Mitchell & 38 years. Each plant, having its own charter, is able to issue Its own bonds, secured by mortgages on all Its franchises, properties, pipe lines, Co. (chartered accountants), has issued a leather-bound revenues, &c., and the American Water Works & Guarantee Co. guar antees, unconditionally by endorsement, the 'prompt payment of both pocket manual containing excerpts bearing on the duties principal nad interest. During the 26 years of the company's existence and responsibilities of directors and officers of financial there has not been a day's delay In the payment of either princpal or Interest. The company has no obligation of its own outstanding, and it institutions under the banking laws of New York State, never guarantees the securities of any corporation except such as it owns as revised in 1908. and operates. The statement of the company as of April 30 1908, in—Walter A. Graff has been elected a director and Treasurer cludes bilis and accounts receivable of $1,455,282 and cash in banks $504,198; the only direct liability at that time was current accounts payable of the banking and bond house of MacDonald, McCoy & Co., $25,794. The company has also recently built the works of the Twin Falls North Side Land & Water Co. In Idaho (V. 86, p. 340), and through .Chicago, and will hereafter be actively connected with that the great success of that project has largely increased its profits and assets. company. He was for a number of years Manager of the (The Amer. W. W. & Guar. Co. now controls and operates 32 water comChicago office of Rudolph Kleybolte & Co. panies. Compare V. 85, p. 602* V. 87, p. 417.)—V. 84, p. 1558, 1373. —Halsey & Halsey of Louisville, Ky., stock and bond Virginia-Carolina Chemical Co.—New Mortgage to Secure 15-Year 5s.—The shareholders will vote Nov. 17 on author- brokers, announce their removal to the United States Trust izing the issue of $15,000,000 15-year 5% gold bonds, of Company Bldg., 104 Fifth Street. $37,734 Total net income $507,664 Net from transportat'n "As will be observed the net earnings have been Insufficient to justify an additional 1 % dividend such as was paid a year ago. The express business has suffered severely from various causes. The requirements of commissions created by national and State governments have cost the company during the past year over $250,000, equal to 2 % o the capital of the company. An ther Important item is the continually increasing charges for railroad transportation. These, taken together with the general decrease of business and the Increased cost of labor and supplies, have absorbed nearly all of the profits of the company's business"—V. 87, p. 756, 484. J 000, of which $3,000,000 shall not be issued, for three years from the date of the mortgage or deed of trust securing said bonds. The proceeds of such Issue, so far as necessary, to be used to retire the outstanding bonds issued under the trust agreement dated Oct. 1 1902, and now amounting to $4,500,000, and the balance to be used for working capital and general corporate purposes. And to authorize the execution of a mortgage or deed of trust to secure the said bonds upon all the property of the company and all shares of other corporations•owned by this company, Including those which are now pledged for outstanding bonds. Said bonds to be payable in 15 years from their date, to bear Interest at the rate of 5% per annum, payable semi-annually, and to be redeemable at the option of the company after notice at any date on which interest Is payable,and before maturity, at 105 and interest. The mortgage shall provide for the retiring each year of $300,000 bonds secured thereby, with the privilege to the company to call them in for this purpose at 1023i and Interest. And to authorize the issue, sale and disposition of said bonds.—V. 87, p. 952, 283, 161. OCT. 24 1908.1 THE CHRONICLE 1093 ports anti 11)ottnnerxi*. NORTHERN PACIFIC RAILWAY COMPANY. TWELFTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30 1908. Office of the Northern Pacific Railway Co., PASSENGER BUSINESS. St. Paul, Minnesota, Passenger revenue was $18,133,238 52, au increase October 6 1908. of To the Stockholders of.the Northern Pacific Railway Company: $1,812,377 29, or 11.10 per cent, over the previous year. Mail revenue was $995,320 42, a decrease of $42,735 68, The following, being the Twelfth Annual Report, shows the result of the operation of your property for the fiscal or 4.12 per cent. Express revenue was $1,280,619 43, an increase of $50,year ending June 30 1908. 855 32, or 4.14 per cent. INCOME ACCOUNT. Excess baggage and miscellaneous passenger revenue was Inc.(+) or $265,036 40, an increase of $49,153 31, or 22.77 • 1907. 1908. Dec. (-). The total revenue for persons and property per cent. $ $ $ Revenue from Transportation: carried on Freight 47,650,369 73 46,423,836 33 -1,226,533 40 passenger trains was $20,674,214 77, an increase of $1,869,Passenger 16,320,861 23 18,133,238 52 +1,812,377 29 650 24, or 9.94 per cent, over the previous Other revenue from transThe number of passengers carried was year. . portation 3,002,968 07 3,124,314 81 +121,346 74 7,880,333, an increase of 926,909 over the previous year, and the numb-r of Totals 66,974,199 03 67,681,389 66 +707,190 63 passengers carried Revenue from Operation other one mile was 794,351,948, an increase of than transportation 71,606,68 9, 491,435 68 or 554,094 51 9.91 +62,658 83 per cent. The miles run by revenue passenger trains Total operating revenue_ _67,465,634 71 68,235,484 17 were 0,061,82S. +760,84946 an increase of 160,839, or 1.81 per cent. Per mile (average) 12,393 41 12,112 82 The --280 59 rate per passenger per mile w.as, .02283 and .02258 Operating Expenses: last year. Maintenance of way and structures 0,331,395 61 8,984,355 86 -347,039 75 Maintenance of equipment_ 5,778,045 30 8,436,766 89 +2,657,821 59 Traffic expenses 734,653 79 808,447 56 +73,793 77 Transportation expenses_ _ _19,901,787 54 20,743,429 22 +841,641 68 General expenses 974,429 44 -82,395 67 892,033 77 Totals 36,721,211 68 39,865,033 30 +3,143,821 62 Per mile (average) 6,745 67 7,076 64 +330 97 Net operating revenue_ 30,744,423 03 28,370,450 87 -2,373,972 16 Per mile (average) 5,647 74 5,036 18 -611 56 Outside Operations: Sleeping, parlor, observation, dining and cafe cars, and restaurants 530,569 40 +110,356 46 640,925 86 Total net revenue 31,274,992 43 29,011,376 73 -2,263,615 70 Taxes Accrued 2,398,719 00 2,717,485 67 +318,766 67 Per mile (average) 440 64 482 39 +41 75 Operating income- ...._ _28,876,27 3 43 26,293,891 06 -2,582,382 37 Other Income: Dividends and interest on securities, interest on deposits and rentals received 2,876,798 61 4,003,998 21 +1,127,199 60 Gross Income 31,753,072 04 30,297,889 27 -1,455,182 77 Deduct: Hire of equipment 879,256 24 Rentals paid 245,539 16 Interest on funded debt- - - - 6.994,620 01 Interest and commissions on new stock subscriptions 159,727 20 Dividends on stock 10,850,000 00 Totals Cr.103,491 23 302,522 13 7,098,907 50 -982,747 47 +56,982 97 +104,287 49 3,106,882 75 +2,947,155 55 10,850,000 00 19,120,142 61 21,254,821 15 +2,125,678 54 Net Income for the year_ _12,623,929 43 9,043,068 12 -3,580,861 31 Less amount appropriated for depreciation of equipment 5,026,753 00 Less amount appropriated for Insurance fund --5,926,753 00 Net surplus for the year_ - - 6,697,176 43 2,784,950 28 +2,784,950 28 OPERATING EXPENSES. MAINTENANCE OF EQUIPMENT. The charges for maintenance of equipme wore $8,436,766 80, an increase of $2,657,821 59, or nt per cent. The increase was due to monthly charges 45.99 for depreciat ion of equipment made in accordance with the rules of the Inter-State Commerce Commission, amounting for the year, as shown below, to $2,727,615 30. LOCOMOTIVES. Total number of engines on active list June 30 1907 Additions: Purchased (or acquired): Pacific type passenger locomotives Mallet compound freight locomotives Consolidation freight locomotives Ten-wheel freight locomotives Eight-wheel freight locomotives Heisler geared freight locomotive Four coupled and trailer switch locomotive Six-wheel switch locomotives 0 8 2 I 1 20 -- 60 1,315 1 Deductions:-Sold Total number on active list June 30 1908 1,314 In addition to one locomotive from active list *here were seven locomotives sold or scrapped from the superannuated list, leaving thirty still on that list. HAULING CAPACITY. The capacity of all engines on the active list as compare d with last year is shown approximately by the following statement of total weights: Total Weight on Drivers. 163,924,173 11,046,100 Total Weight of Engines. 218,645,787 12,622,200 174,970,273 71,550 231,267,987 71,550 1,314 174,86 9.86,92 7% 3 231,196,437 59 4.70% 10,974,550 12,550,650 6,258,117 84 -430,058 59 Ratio of operating expenses to total operating revenue_ _ _ _ 54.43% 58.42% +3.09% Ratio of taxes to total operating revenue 3.56% 3.98% Note.-Thls Income account, and Its ancillary statements herein, have been prepared in accordance with the classifications promulgate d by the Inter-State Commerce Commission as of July 1 1007, the accounts for the previous year having been recast for the purpose of comparison. 10 16 Number 1,255 60 -1,315 1 Assignment June 30 1907 Added during fiscal year Sold during the fiscal year Assignment June 30 1908 Net increase Percentage of increase 5.74% MILEAGE OPERATED. On June 30 1907 the Company owned 893 passenger train Changes have taken place in the mileage operated during cars, including 103 sleeping cars owned jointly with the the year as follows: Pullman Company;.on June 30 1908 923 passenger train There were addedcars, including 103 sleeping ,cars owned jointly with the Bay Front Line in Superior, Wisconsin, constructed .68 Pullman Company, a net increase of 30. The number and Lake Park to Hawley, Minnesota, constructed 12.85 kind of cars owned is shown in table Lapwal Branch, extended Cul de sac to Vollmer, Idaho on page 38, pamphlet 23.05 Washington as Columbia River Railway, acquired 167.65 report. Tunnel line in Seattle, Washington, constructed 2.26 Total additions 206.49 Deductions --Red Lake Falls Branch, Minn., transferred to sidings Main Line in Washington, transferred to yard tracks Corrections by re-chaining Total deductions .64 4.75 .29 5.68 Net additions Mileage operated June 30 1007 Mileage operated June 30 1908 Average mileage operated during the year 200.81 5,448 32 5,640.13 5,633.33 EARNINGS, FREIGHT BUSINESS. Freight revenue was $46,423,836 33, a decrease of $1,226,533 40, or 2.57 per cent, from, the previous year. 5,156,378;369 tons of revenue freight were moved one mile,a decrease of 348,065,729 tons one mile,or 6.32 per cent from the previous year. The rate per ton per mile increased from .00866 to .00900. This increase was due to a decrease in the proportion of lumber and other low-class freight moved last year as compared with the previous year. The rovrnile train-load increased from 407.48 to 430.87 ton,;. FREIGHT EQUIPMENT. Comparative number and capacity of freight cars: ----1907 1008---Inc.( +)or Dec.(-) Capacity Capacity Capacity (Tons). No. (Tans.) No. (Tons.) 855,118 24,480 848,710 -530 -6,399 12,395 465 11,725 -28 -670 22,680 953 23,655 +62 +975 No. 25,010 493 891 Box Furniture Refrigerator Fruit Stock 2,254 Flat 8,747 Oil 77 Coal 3,989 Ballast and Ore__ _ _ 859 Totals Percentage Average capacity per car 59,465 2,192 285,070 8,442 1,310 12 152,210 4,777 34,255 850 52,825 276,890 330 190,955 34,000 -62 -6,640 -305 --8,180 -65 -980 +788 +38,745 --9 -255 42,320 1,422,503 42,171 1,439,099 -149 +16,596 -25% +1.17% 33.6 34.1 +.5 In addition to equipment shown as on hand Juno 30 1908 the following are due and will be received by the end of the year: Passenger train cars Freight train cars ,. r. DEPRECIATION OF EQUIPMENT. 30 1,013 1,043 In accordance with the rules of the Inter-State Commerce Commission, promulgated July). 1907, the following amounts have been charged to operating expenses on aecount,of estimated depreciation of equipment, viz.: 1094 Maintenance of way and structures: Work cars Maintenance of equipment: Locomb Oyes Passenger cars Freight cars Floating equipment [VOL. Lxxxvit. THE CHRONICLE ROUND HOUSES. Additions to roundhouses have been completed as follows: $852,784 76 Mandan, N. D., 8 stalls; Dickinson, N. D. 10 stalls; 312,075 25 Glendive, Mont., 13 stalls; Forsythe, Mont., 8 stalls; Living1,554,938 73 7,816 56 ston, Mont., 11 stalls; Helena, Mont., 14 stalls; Missoula, 2,727,615 30 Mont., 19 stalls (frame); Pasco, Wash., 7 stalls (frame); $2,773,684 36 Ellensburg, Wash., 10 stalls. New hot-air heating plants have been installed in roundMAINTENANCE OF WAY AND STRUCTURES. Dickinson, D., Mandan, N. D.Are, The charges,for Maintenance of Way and Structures were houses at: Jamestown, N. N. D., Helena, Mont. /e $8.984,355 86, a deeretthb 'of $347,039 75, or 3.72 per cent. COAL DOCKS. The property was well maintained and improved, as Ncw three-track coal docks have been completed at shown by the following: Staples and Lake Park, Minn.; Brackett and Beach, N.' D.; PERMANENT WAY. miles 15.58 rail 85-pound with laid Custer, Missoula and Garrison, Mont. line main New 70.24 New second track laid with 85-pound rail 218.19 " CHARGES TO CAPITAL ACCOUNT. Main line re-laid with new 85-pound rail 13.17 " Second track re-laid with new 90-pound rail 18.16 " Upon requisition of the Executive Officers, approved by Second track re-laid with new 85-pound rail 145.94 " Sidings and spur tracks constructed the Board of Directors, expenditures have been made during 208.01 " Track ballasted 70.10 " the past fiscal year for: Embankment widened $46,060 06 1,801,728 ties Cross-tie renewals, main line 907,949 ' Cross-tie renewals, branch lines Timber bridges replaced by permanent structures and em2.3 miles bankments, 79 In number, equal to 84 • Timber bridges renewed 258 Timber culverts replaced in permanent form 110.7 119.7 miles New stock fence constructed_-__ --, 23.0 " New snow fence constructed BRIDGES. During the year 163 bridges Were replaced and 7 eliminated , ‘ by, lines "Changed and 'abandoned. 84 were replac( d by hatirriber stiiictures-laYittS.permanent And 71 timber struci lir,, were replaced in pettAkiiient form h8 follows: 61 bridges, 11,094 lineal feet. Replaeed by embankment , Replaced by plate girder and 18 " " 1,049 I-beams • -2.30 miles 79 " " 12,143 Total Real estate, right of way and terminals at: $104,316 60 Superior. Wisconsin, real estate 271,738 14 Paul, Minnesota, real estate 58,987 55 Como, Minnesota, real estate 248,481' 19 Minneapolis, Minnesota, real estate 11,68590 Paradise, Montana, real estate 9,717 54 Spokane, Washington, real estate 10,572 00 Seattle, Washington, real estate 440,777 tla Tacoma, Washington, real estate 17,500 00 South Tacoma, Washington, real estate_ _ _ _ 91,616 41 Bellingham,'Washington, real estate 110,401 82 Dilworth, Minnesota, terminals, &c 329,282 34 Laurel, Montana, terminals, &c 351 07 Paradise, Montana, terminals, &c_., 477 46 Sand Point, Idaho, terminals, &c Seattle, Washington, terminals, tunnel and 349,083 92 passenger station Seattle, Washington, filling tide lands, im7,457 48 &c provements. 407 30 Sundry items $2,060,854 40 84 timber bridges, 11,285 lineal feet, have been r,,newed. 280 timber culverts were rebuilt, 22 in temporary and 258 in permanent form. There are now under construction on operated lines 10 steel bridges. The large steel viaduct at Valley City, North Dakota, has been completed, except painting, and has been put in operation. • The two large draw spans over the St. Louis River at Duluth have been put in operation. There still remain two end piers to be placed under these spans, it being necessary to do this work during the closed season of navigation. Branches line changes, grade revisions and ' main track: second St. Regis to Paradise, Montana, new line_ _ _ _$1,641,723 05 White Pine Hill, Montana, grade revision-__ 1,1)42,834 97 217,293 51 Tacoma-Tenino Line, Washington 84,937 54 Gray's Harbor & Columbia River Ry., Wash. 11,641 52 Tacoma Tide Flats Branch, Washington 7,638 87 Sundry surveys and line changes Wisconsin, Avenue, Central Superior to 241,157 27 second main track Wadena Junction to Lake Park, Minnesota, 182,441 84 second main track Lake Park to G.yndon, Minn., second main 803,131 85 track__ Minnesota, second Glyndon to Moorhead, 1,92689 main track Haggart to Casseiton, North Dakota,second 3,287 20 track main 30 JUNE 1908. EXIST THEY BRIDGES AS Casselton to Wheatland, North Dakota, -Aggregate Length74,538 00 second main track Lineal Feet. Miles. No. Wheatland to Buffalo, North Dakota, 66,201 12.55 492 bridges Steel, iron and stone permanent 54,807 80 main track second Timber and combination Iron and tim064,299 56 Alta to Berea, N. D.,second main track_ 421,782 2,711 79.88 ber structures Livingston to Muir, Mont.,second main track 620,648 56 West End to Bozeman, Montana, second 3,203 488,053 92.43 Totals 263,903 05 main track The total length of timber structures replaced by steel Garrison to Missoula, Montana, second 07 3,193,951 track main bridges, embankment, or in other permanent form, from Auburn to Meeker, Washington, second 101,876 39 July 1st 1885, when the work'was commenced, to June 30th main trcak Vancouver to Kalama, Washington, second 1908, has'been 111.10 miles. 953,070 32 main track BUILDINGS. Brainerd, Minn.-New shop buildings and additions to present shop buildings were completed February 1908, as follows: Brick lavatory, two-story brick machine shop, brick boiler house, brick coal shed, brick store house and platform, 'additions to blacksmith shop. The installation of additional machinery in these shops has also bun completed. Superior, Wis.-A brick passenger depot at Nettleton Avenue is now being built and will be finished this autumn. St. Paul, Minn.-A two-story brick freight-house and office building 48x460 feet in rear of the General Office Building, the first floor being used as a local freight house and office, the second floor as general offices, was completed during the autumn of 1907. Staples, Minn.-Stock yards and barn with water supply have been constructed, which will facilitate the handling of stock to St. Paul and Chicago. Detroit, Minn.-A brick passenger depot with platforms and crossings will be completed this autumn. Dilworth, Minn.-The new division terminal buildings have been completed and put into service. Dickinson, N. D.-A brick passenger depot has been erected and is in use. Billings, Mont.-A brick passenger depot and brick lunch buildings are under construction and will be completed early in 1909. Laurel, Mont.-A forty-stall roundhouse, shops and other division terminal buildings are being erected and will, be ready for operation by October 15 1908. Livingston, Mont.-New shop buildings and additions to present shop buildings have been completed as follows: Power house, transfer pit, tool room, addition to machine shop, including installation. of necessary tools. Garrison, Mont.-A frame passenger station was completed dtiriiig the year and will be put into operation as soon as double track and grade revision work between Garrison and Missoula is completed. Pasco, Wash.-A frame lunch building is being erected at this station. Lewiston, Idaho.-A briek passenger depot is pnder cont ruction. South Tacoma, TI7ash.=12-New shop buildings and extensions have been completed'as follows: Brick blacksmith shop, brick coal and iron store house, addition to transfer table pit, 'brick addition to machine shop. , . Additions and betterments: Right of way Change of line and grade Widening embankments, ballast, &c Increase in weight of rails and fastenings.. _ _ _ Spur tracks Passing tracks. Sidings, wyes and crossovers Yards and terminals Interlocking and other signals Telegraph and telephone lines Bridges, trestles and culverts Right-of-way fencing Snow fences and sheds Cattle guards, crossings, &c Passenger depots Freight houses and appliances Other station houses and stock yards Docks, wharves and coal bunkers Fuel and water stations Machinery department buildings and facilities Miscellaneous structures 11,364,909 26 $22,900 71 00,254 33 106,842 94 164,741 51 73,881 12 277,806 60 138,014 77 389,721 25 18,283 30 41,866 43 754,181 85 16,884 06 1,151 37 17,009 91 40,612 99 67,526 87 55,037 28 23,215 41 219,276 88 855,339 90 173,207 22 Purchase of Washington & Columbia River Railway New Equipment: $975,060 38 Locomotives 247,872 14 Passenger cars 1,032,170 30 Freight cars Total for the year 3,554,765 50 5,067,040 33 2,255,102 82 $24,302,872 31 In addition to the above amount added to the cost of the Northern Pacific Estate, advances have been made to sundry companies as follows: $9,418,975 41 Spokane Portland & Seattle Railway Company Clearwater Short Line Railway Company Big Fork & International Falls Railway Company Total 1,132,035 93 371,046 75 $10,922,058 09 CAPITAL STOCK AND DEBT. There was no change in the capital stock of the Company (luring the year. The amount received on subscriptions to new capital stock authorized, as explained lathe last Annual Report, was,on $62,881,835 97 June 30 1908 As shown by statement in the report of the Comptroller, the $3,536,383 32 bonded debt of the Company Increased WASHINGTON & COLUMBIA RIVER RAILWAY CO. As explained in the re port for the year ending June 30 1907, all of the property of this Company was sold on July 1 1907 to the Northern Pacific Railway Company and the first mortgage bonds of $2,620,000 00 assumed by the latter Company. Since then $2,197,000 00 of these bonds have been purchased. This road is 167.65 miles long,in a very fine wheat country in Southeastern Washington and Northeastern Oregon. 'HIE OCT. 24 1908.1 , CHRONICLE 1095 The cost to your Company, including the $2,620,000.00 of Alta to Berea, 9.40 miles.-This new line, which runs north first mortgage bonds assumed, was $5,067,040 33.. of Valley City, N. D., was completed for freight operation BIG FORK & INTERNATIONAL FALLS RAILWAY CO. in May 1908. The entire work will be finished early in the This road, which was under construction at the beginning fall of 1908. The maximum grade on new line is 0.3 per of the fiscal year,has been completed ,and is now in operation. cent in each direction. The present line through Valley It extends from the end of the Minnesota & International City, with grades of 1 per cent east and 1.2 per cent westRailway at Big Fork to International Falls, Minnesota, bound, will be continued in operation for local freight 34.01 miles. Owing to the business depression the develop- business. This work will complete the, ,revision of grades between ment of the water power and the building of pulp, paper and Berea, North Dakota, and Staples, Minnesota, to threelumber; mills at the .latter place has ban delayed, but the prospects for the resumption of work on the power plant are tenths grade east-bound and four-tenths west-bound, with the exception of the helper grade from Oriska to Alta, a good. The Northern Pacific Railway Company has advanced distance of 4.5 miles. MONTANA. for the construction of this road $682,190 92. Livingston to Muir 11.5 miles.-The grade revision and JOINT LINES WITH THE UNION PACIFIC RAILWAY double-track work between ' Livingston and the east end of COMPANY, the tunnel on the Bozeman Mountain has been completed The road mentioned in the last annual report, between with the exception of the tunnel, Texas Ferry, Washington, on the Snake River, and Grange- been lined, and it is expected to the walls of which have complete the roof by early ville, Idaho, is still under construction. autumn. Distance is.reduced 1,142 feet and curvatures 642 The rdad between Texas Ferry and Lewiton, Idaho; degrees, west-bound grade reduced from 2.2 per cent to 1.8 which is bring built under the direction of the Union Pacific per cent and maximum.curves from 8 degrees to 3 degrees. Railroad Company, was finished to a connection with the West End to Bozeman, road of the Northern Pacific Railway Company near Lewis- parallel to present main line11.8 miles.-The second track has been completed. ton duriny the year. The necessary arrangements for joint Garrison to Missoula, 69.1 miles.-Grade revision and station faeilities at Lewiston are now being made and will ;second-track work. The heavy flood§ in Montana during,the be completed shortly. Airst week of June 1908 did The road between Cu! de ''ac •and Grangeville, Idaho, is will cause some delay ip its muchwage to this wor4c. and completion. being constructed under the direction of the Northern Pacific To the end of the fiscal year 55.70 miles,of main track had Railway Company. From Cul de sac to Vollmer, Idaho, been laid and 2.54 miles of side track. 23.05 miles were completed during the fiscal year. Track St. Regis to Paradise, 21.8 miles.-Grading is practically has been laid from this point to Lawyer's Canon, 27.12 miles. completed and track has been laid for 10 miles out of St. At this point there is a steel viaduct 1,489 feet long and 286 Reis and will probably be completed by the 1st of Decemfeet high.. The erection of this large viaduct has been very ber 1908. slow, owing to a large amount of stormy weather, but it is De Smet to St. Regis, 72.0 miles.-This work consists of now finished and the road should be completed to Grange- revision and repairing of the Coeur d'Alene Branch from ville by November 1 1908. De Smet (6 miles west of Missoula) to St. Regis on a 0.5 per SPOKANE PORTLAND & SEATTLE RAILWAY. cent grade line and present location. Work will be comThe road between Kennewick and Vancouver, Washing- pleted late this fall. White Pine Hill, 28.4 miles, change of line and grade.-All ton, 220.6 miles,.has been completed. Work has continued on the lines east of thc, Columbia grading is completed and track laid. Bridges and ballasting will be completed in October. Grade revisions at Noxon, River. From Snake River Junction to Pasco, Washington, 26.09 miles, the grading and erection of wooden bridges is Heron and Cabinet Hills have been completed. completed and track laid and about 15 miles ballasted. WASHINGTON. From Snake River Junction to Spokane, 119.01 miles, Auburn to Meeker, 7.5 miles.-This work is completed to grading is practically completed from the Junction to a point about 0.2 miles east of the bridge across the Puyallup Cheney, Washington, and 38.90 miles of track laid. There River about one mile from Meeker, and will be completed also remains to be completed steel viaducts at Cow Creek, this fall. and at Box, Wilson, Bouvey and Burr Canyons along the Vancouver-Kalama second main track and revision, 29.9 Snake River. miles.-All grading is completed except for some of the Between Snake River Junction and Riparia, 40.6 miles, all second-track work. To date 24.9 miles of main track have grading has been completed and work on the few bridges been laid and ballasting is in nrogress. and track laying is now in progress. During the fiscal year ending June 30th 1908 there were All these lines should be completed this winter. moved on important pieces of work under construction on VANCOUVER-WILLAMETTE BRIDGES. Northern Pacific road: The bridges across the Columbia and Willamette rivers the 2,310,235 cubic yards of earth, 3,589,614 " and intermediate sloughs are practically completed, some " " hard pan, &c.. 2,043,291 " " solid rock. work remaining to be done on the operating machinery. Total number of cubic yards of material moved 7,943,140 On the Spokane Portland & Seattle during the PORTLAND TERMINALS. . same period there were moved: The two freight houses at Portland are completed. Work 7,982,118 cubic yards of earth, is under Way on warehouse and tracks on the Company's 7,039,767 " hard pan, &c., water-front property on the Willamette River. 6,469,042 " " " solid rock. Total number of cubic yards of material moved 21,490,927 DOUBLE TRACK, GRADE REVISIONS AND LINE Grand total of material moved on construction work on the CHANGES. Northern Pacific and Spokane Portland 64 WISCONSIN. Central Avenue, Wye to Fourth Street, Superior., 4.1 miles.Second main track and revision of present grade, 0.75 per cent to 0.5 per cent west bound, begun in June 1907, is completed. Superior to Central Avenue, 3.9 miles.-Second main track begun in May 1907 is completed. MINNESOTA. St. Paul to St. Cloud.-On the Great Northern Line from Northtown Junction to East St. Cloud, 61.65 miles, on which the Northern Pacific has secured trackage rights and which it took over for operation July 1st 1906, 20 miles of 90-pound rail and ballasting of the entire track has been authorized. Work is now under way and will be completed in the fall of 1908. Wadena Junction to Lake Park, 54.8 miles.-The work of double-tracking and revising grades on this part of the line, which was begun in April 1906, was completed in the fall of 1907, with the exception of the grade revision of the old main line from Oak Lake to Audubon, which is under way and will be completed this autumn. Lake Park to Glyndon, 26.83 miles.-Work of doubletracking on new location begun in May 1906 will be completed late in fall of 1908. NORTH DAKOTA. Casselton to Wheatland, 6.06 miles.-This double track work, which was begun in 1907, was completed in the fall of 1907. Wheatland to Buffalo, 11.2 miles.-This grade revision, which was commenced in 1906, is nearing completion and will be finished in the fall of 1908. Part of the surplus material taken from the cut was used in revising the eastbound grade at mile post 38, two miles east of Buffalo. The remainder of the excavated material is being used in making grade for second track from Wheatland west. 41 & Seattle railways 29,434,067 GENERAL. Dur;ng the autumn of 1907 the volume of business offered to the Company was in excess of its capacity in the district between Trout Creek, Montana, on the west, and Billings, Montana, on the east, and there was serious congestion and delay in handling business on this part of the road, which in turn caused delay cast of Billings and west of Trout Creek. The construction work, which is approaching completion at various points between Billings and Spokane, will give a largely increased capacity to this part of the railroad. During the latter part of May and early part of June there were very unusual rains in Central Montana, which, with the melting snow from the mountains, raised the streams west of the Rocky Mountains to a level never before known. There were very serious washouts on both main line and branches from Helena and Butte west as far as Paradise, and also in the Clearwater Valley. There were also serious washouts east of Butte and Helena,both in the valleys arid on the Butte and Bozeman mountains. As a result no through trains were run between Butte and Helena and Spokane and west from May 31st to June 23rd. Part of this time the Company withdrew from all through business. Part of the time its business was detoured over the Great Northern Railway and the Oregon Short Line. On the 23rd of September 1907 the Company was enjoined by the United States Circuit Court for the District of Minnesota, in a suit brought by Charles E. Perkins and David C. Shepard, stockholdemt. from putting into effect the tariffs provided by an Act or the Legislature of Minne sota, approved April 18 1907,creducing the Company's rates upon grain, coal, lumber and livestock. The suit brought by Perkins and Shepard also prayed for an injunction restraining the Company from complying with the Minnesota law fixing passenger rates at two cents a mile, and from corn- 1096 LVoL. Lxxxvii. THE CHRONICLE plying with the order of the Railroad and Warehouse Commission of Minnesota reducing the Company's rates upon merchandise. The Company had complied with the passenger rate law and with the Railroad Commission's order before Perkins and Shepard brought their suit. Because of such coMpliance the Circuit Court declined to issue a temporary injunction as to those rates. The suit is now in process of determination upon its merits,and involves the legality of the two State laws and of the Railroad Commission's order referred to above. More than thirty days prior to November 1 1907 the Company filed and posted a tariff to become effective on that date, raising the rates upon lumber and shingles from points of production in Montana, Idaho, Washington and Oregon, to St. Paul, Minneapolis and Duluth and to Missouri River points. This new tariff proposed to increase the rates on fir lumber from the Pacific Coast to St. Paul from 40 cents to 50 cents per hundred pounds; and to Omaha and other Missouri River points from 50 cents to 55 cents per hundred pounds; and to increase the rate on shingles to St. Paul from 50 cents to 60 cents per hundred pounds, and to Omaha and other Missouri River points from 60 cents to 65 cents per hundred 'pounds. . •Complaints against these proposed rates were filed by Western lumbermen with the Inter-State Commerce Corn"mission. After a lengthy trial the Commission fixed, to be-come effective October 15 1908, the following as the maximum rates, to continue --for two years: 45 cents per hundred pounds. Pacific Coast to St. Paul, fir lumber • 55 cents per hundred pounds. Pacific Coast to St. Paul, shingles Pacific Coast to Omaha and other Missouri River 50 cents per hundred pounds points, fir lumber Pacific Coast t Omaha and other Missouri River 60 cents per hundred pounds_ points, shingles This Company, believing that the rates fixed by the Coinmission are unjustly low, has begun a suit in the Circuit Court of the United States for the District of Minnesota to enjoin the enforcement of the ratesifixed by the Commission as stated above. On July 1 1907 the law passed by the State of North two Dakota reducing passenger rates from three cents to and one-half cents a mile became effective. of The Report of the Comptroller gives further details the transactions of the Company. By order of the Board of Directors, ELLIOTT, HOWARD President. - INCOME ACCOUNT FOR THE FISCAL YEAR ENDING JUNE $O 1908. Cr. Operating Revenues: $46,423,836 36 Freight 18,133,238 52 Passenger 3,678,409 32 Other $68.235,484 17 Outside Operations: 18 $417,266 Sleeping cars 83,441 06 Parlor and observation cars 54,866 74 Dining and care cars 89 85,351 Restaurants 640,925 86 984,842 49 Rentals Received 5,531 18 Miscellaneous Income Dividends and Interest On securities owned and interest on. 3,117,115 77 deposits *72,983,890 47 Dr. Operating Expenses: Maintenance of way and structures Maintenance of equipment Traffic expenses Transportation expenses General expenses $8,984,355 86 8,436,766 89 808,447 56 20,743,429 22 892,033 77 30,865,033 30 Taxes: State and county Interest and Rentals: $7,098,907 54 Interest on funded debt Interest and commission on new stock sub3,106,882 75 scriptions 301,343 56 Rentals of leased roads and terminals 1,178 57 Other rentals 2,717,485 67 10,508,312 38 Dividends: Nos. 40, 41, 42 and 43 Appropriation for Insurance Fund Balance carried to credit of Profit and Loss below 10,850,000 00 2,784,950 28 6,258,117 84 672,983,899 47 PROFIT AND LOSS ACCOUNT JUNE 20 1903. ToBalance of sundry accounts written off Balance _ _ . $242,460 34 50,611,364 53 $50,853,824 87 ,By$44,595,707 03 Balance to credit June 30 1907, as per annual report Balance of Income for year ending June 30 1908, brought down 0,258,117 84 , $50,853,824 87 By- • 53 Balance to credit of Profit and Loss, as per balance sheet_ __$50,611,364 PASSENGER, FREIGHT AND MISCELLANEOUS STATISTICS 1906-1907. Passengers, Miles, Twas, etc. 1907-1908. Passengers, Miles, Tons, Amount, etc. Rate, etc. -5,633.33 Increase. Per Cent. Decrease. Amount. Rate, etc. --5,443.67 Average .mileage for the year Traffic 926,909 13.33 Passenger 7,880,333 6,953,424 Number of passengers carried 71,606,689 9.91 704,351,948 722,745,259 3.1 2.98 Number of passengers carried one mile 100.8 passenger 103.1) each by Average miles traveled $18,133,238 52 $1,812,377 29 11.10 --------$16,320,861 23 2.31 95 57,272 Passenger revenue------------5 2.540,076.2 2,483,703 30 Other passenger train revenue 20,674,214 77 1,869,650 24 9.94 18,804,564 53 .05. 2.13 Total passenger, train revenue passenger 2.30 2.35 .00025 1.11 Average amount paid by each .02283 .02258 215 59 6.24 98 Average rate per passenger per mile 3,669 39 3,454 , Passenger train revenue per mile of road (average mileage) 904,647 5.40 Freight Traffic15,836,823 16,471,470 6.32 348,005,729 Number tons revenue freight carried 5,156,378,369 carried one mile 15,504,444,098 3.2 .97 Number tons revenue freight ton 325.6 328.8 2.57 $1,226,533 40 AveraTe distance haul of one $46,423,836 33 547,650,360 73 --------------Freight revenue$64,073 79 12.34 -, 56 583,338 77 519,264 2.41 $1,162,459 61 Other freight train revenue 47,007,174 89 48,169,634 50 .08 2.81 Total freight train revenue 2.03 2.85 .00034 3.93 Average receipts from each ton of freight .00900 .00866 $504 27 5.70 Average receipts per ton per mile revenue freight 8,344 47 8,848 74 Freight train revenue per mile of road (average mileage) _ 1.011 63 8707,100 Total Train Traffic66 $67,681,389 $66,974,199 03 288 68 2.35 Revenue from freight and passenger trains 12,014 45 12,303 13 .23 7.69 Revenue per mile of road (average) 3.22 2.99 15.24 .25 1.89 Revenue per train mile 1.64 .02 1.48 1.33 Expenses per train mile 1.35 Net Traffic revenue per train mile 1.81 160,830 Train and Car Mileage9,061,828 8,900,989 Mileage of revenue passenger trains 10,097 1.96 Mileage of locomotives employed in "helping" passenger 504,804 514,901 .21% trains 5.57% 5.78% 124,747 17.15 Percentage of "helping" to revenue train mileage 852,340 727,593 1,665,846 13.03 Mileage of revenue mixed trains 11,115,133 12,780,078 ,1 Mileage of revenue freight trains 767,349 26.90 Mileage of locomotives employed in "helping" mixed and 2,076,019 2,843,368 3.70% • freight trains 17.35% 21.05% . mileage 11,968 train revenue to "helping" 50.57 Percentage of 11,697 23,665 1,392,227 6.21 Mileage of revenue special trains 21,040,998 22,433,225 732,533 30.09 Total revenue train mileage 1,701,791 2,434,324 1,538,252 2.46 Mileage of non-revenue trains 60,979,767 62,518,019 .34 5.24 Mileage of passenger cars 0.15 6.49 6.74 5.06 Average number of passenger cars in train 80.12 75.06 train in 1.47 12.72 Average number of passengers 13.03 11.56 35,918,939 11.61 Average number of passengers in each car 273,358,841 309,277,780 5,022,069 7.18 Mileage of loaded freight cars 64,978,992 70,001,961 1,499,613 11.80 Mileage of empty freight cars 11,205,528 12,705,141 42,441,521 10.83 Mileage of caboose cars 349,543,361 301,084,882 159,955 68.16 Total mileage of revenue freight cars 74,707 234,662 97,565 64.73 Special service car mileage, freight 53,153 150,718 257,520 66.82 Special service car mileage, passenger 127,860 385,380 5.27 mileage Total special service car 243,010 4,857.769 4,614,759 .05 .22 Non-revenue service car mileage 22.84 22.89 .25 4.83 Average number loaded freight cars in train 5.43 5.18 train in .20 .71 Average number empty freight cars 28.27 28.07 f Average number freight cars in train (excluslveo cabooses) lusi in rs pt ttal car i .78% Percentage of 19.21% 18.45% 23.39 5.74 of cabooses) ---------------------------430.87 407.48 1.06 5.96 Average number ions revenue froifitiE in trainloaded car__ 18.86 17.80 295,823 6.06 Average number tons revenue freight in each 4,583,856 4,879,679 10.14 117,227,083 "jompany freight, tons carried 33 1,038,983,5 1,156,210,616 4.99 21.61 jompany freight, tons carried one mile 517.68 493.07 1.12 5.20 rons per train, company and commercial 22.66 21.54 roils per loaded car, company and commercial for the previous year with the rules of the Inter-State Commerce Commission, the Items Note.-This statement has been prepared In accordance being recut rot purposes of comparison. 1,203,184 12 39,484,863 89 7,000,000 00 984,055 36 1,352,847 33 Total F.490,263,317 22 $34,900,794 91 7,099,797 59 6,113,388 17 17,274,569 71 30,563,498 70 CAPITAL STOCK— Common stook -Subscription receipts issued for new capital stock MORTGAGE DEBT— Prior lien bonds Less, bonds canceled General lien bonds St. Paul-Duluth Division bonds Less, bonds canceled $10,241,000 00 2,339,000 00 $215,226,000 00 107,613,000 00 PROFF.T AND LOSS. • 7,902,000 00 107,613,000 00 210,000 00 *8,021,000 00 1,000,000 00 2,000,000 00 1,000.000 00 500,000 00 2,620,000.00 2,239 32 1,955,409 41 0,375,720 02 1,707,61241 2,714,354 50 9,416,028 28 Total $5,000,000 00 65,498 87 Total .. 3155,000,000 00 , 62,881,888 07 282,499,500 00 s--'593,580,563 26 50,611,364- 3 5,065,498 87 22,169,124 57 'rota 8515,734,575 29 15,353,239 32 Capital Liabilities Issued500,381,335 97 12.712,500 00 1,854 50 $536,786 66 1,170,825 75 CURRENT LIABILITIES. TAXES ACCRUED ON RAILWAY .(partly estimated) PAY ROLLS, VOUCHERS AND MISCELLANEOUS ACCOUNTS INTEREST ON MORTGAGE DEBT— Accrued Matured, including interest due July 1 1908 DIVIDENDS U1S1PAID— Common stock dividend No. 43, due August 1 1908 Unpaid dividends St. Paul & Duluth Railroad Company RESERVE ACCOUNTS— For Improvements and for replacement of equipment, etc CONTINGENT LIABILITIES. Balance June 30 1908, as per statement_ LIQUIDATION ACCOUNT— Reserve for possible liabilities in connection with purchase of Northern Pacific Railroad Company and St. Paul & Duluth Railroad Company INSURANCE FUND ACCOUNT Capital Liabilities Assumed Indebtedness of other companies assumed by Northern Pacific Railway Company— St. Paul & Northern Pacific Railway Company general mortgage bonds St. Paul do Duluth Railroad first mortgage bonds St. Paul & Duluth Railroad second mortgage bonds St. Paul & Duluth Railroad 1st consolidated mortgage bonds Taylor's Falls & Lake Superior Railroad bonds (guaranteed by St. Paul & Duluth Railroad Company) Duluth Short Line Railway bonds (guaranteed by St. Paul & Duluth RaUroad Company) Washington Fc Columbia River Railway first mortgage bonds St. Paul & Duluth Railroad car trust notes Northern Pacific-Great Northern joint bonds—total issue Less, Great Northern Railway Company's proportion *111,650,000 00 4,60.500 00 *106,984,500 00 60,000,000 00 CAPITAL LIABILITIES. NORTHERN PACIFIC RAILWAY COMPANY—GENERAL BALANCE SHEET JUNE 30 1908.CAPITAL ASSETS. $6,812,512 94 157,034 00 30,453 00. *37,138.636 07 2,255,102 82 91,125 00 $332,327,240 88 $1,039,800 66 165,374 46 .$333,532,425 00 NORTHERN PACIFIC ESTATE— 5311,573,980 51 Balance of this account June 30 1907 To which add— New mileage, grade revisions and second track constructed since.$11,304,90.9 26 Cost of Washington & Columbia River Railway (exclusive of .4.975,915 33 equipment) 2,060,854 40 Real estate and terminals purchased since _3,554,765 50 Additions and betterments since 21,956,444 49 Less-Net proceeds of Land Department Sale of sundry property EQUIPMENT— Balance of this account June 30 1907 New equipment purchased or built since Washington & Columbia River Railway equipment purchased PROPERTY LEASED TO PROVINCE OF MANITOBA— Value of road and appurtenances Value of equipment Value of materal and supplies CASH IN HANDS OF TRUSTEES OF SINKING FUNDS SECURITIES IN HANDS OF TRUSTEE of St. Paul-Duluth Division Bonds as collateral 1733,398 11 1,553,471 54 2,119,994 12 361,000 00 7,000,000 00 2,775,000 00 291,375 00 221,279 94 2,127,200 00 32,001 00 59,850 00 $6,908,679 41 191,118 18 CURRENT ASSETS. COST OF SECURITIES IN HANDS OF TRUSTEE of Northern Pacific-Great Northern Joint bonds as collateral (1,076,130 shares C. B. & Q. RR. capital stock—Northern 109,114,309 76 Pacific Railway Company one-halt owner) CASH ASSETS— Cash on hand and in banks Accounts receivable Bills receivable Material on hand TREASURY SECURITIES— $983,000 Northern Pacific Railway general lien bonds 1,552,000 Northern Pacific Railway prior lien bonds 2,154,000 Northern Pacific-Great Northern joint bonds 361,000 St.-Paul-Duluth Division bonds 7,000,000 Northwestern Improvement Company bonds 2,775,000 Northwestern Improvement Company stock 315,000 Washington Central Railway bonds 1,000,000 Washington Central Railway stock 2,127,200 Clearwater Short Line Railway stock 71,800 Lake Superior Terminal & Transfer Railway stock 39,850 St. Paul Union Depot Company stock $26,514,893 28 3,366,414 50 682,190 92 5,000,000 Ou CONSTRUCTION ADVANCES TO RAILWAY COMPANIES— Spokane Portland & Seattle Railway Company Clearwater Short Line—joint line Big Fork & International Falls Railway Company INSURANCE FUND ASSETS— Cash, bonds, etc 2,365,196 98 Total 103,317,246 04 LAND DEPARTMENT— Balance of Land Department cumnt assets !•.."593,580,563 26 THE CHRONICLE 00T. 24 1908.] 1098 THE CHRONICLE [VOL. Lxxxvri. CHICAGO BURLINGTON & QUINCY RAILROAD COMPANY. FIFTY-FOURTH ANN UAL REPORT-FOR THE YEAR ENDED JUNE 30 1908. Chicago, July 1 1908. To the Stockholders of the Chicago Burlington & Quincy Railroad Company: Following, the practice of previous years, the figures given below cover both the operated and controlled roads; whereas the tables furnished by the:General Auilitor, and made part of this report, are taken from the hooks of the Chicago Burlington & Quincy Railroad Company and do not include the results of the operations of the controlled roads. REVENUE & EXPENSES OF ALL ROADS OPERATED & CONTROLLED FOR YEARS ENDED JUNE 30. •Increase (+) or 1007. 1908. Decrease (-)• Earnings of Passenger Trains 523,312,839 87 523,369,281 82 5+56,44! 95 Earnings per Passenger Train Mile $1.49 $1.50 +50.01 Earnings per Passenger per Mile 50.0207 50.0185 -50.0022 Total Trains. Mileage of Freight and Passenger Trains 34,035,031 33,108,253 --.-926,778 Earnings from Freight and Passenger Trains $79,829,529 15 $76,405.587 66 -$3,423,941 49 Earnings per Train per Mlle $2.35 $2.31 -$0.04 Expenses per Train per Mile $1.73 -50.01 $1.60 Net Traffic Earnings per Train per Mile $0.62 $0.62 OPERATING REVENUE. 1907. 556,516,689 28 18,666,073 13 2,412,206 56 2,000,149 34 2,877,232 60 1908. 553,036,305 84 18,•19,238 60 2,338,179 48 1,925,606 53 2,339,733 17 Freight Passenger _ Mail Express Miscellaneous $82,473,250 91, Total $78,459,063 62 OPERATING EXPENSES. CAPITAL STOCK. The Capital Stock of the Chicago Burlington & Quincy Railroad Company. at the date of the last report was 5110,839,100 00 There have been no changes during'the-year. -'• ' FUNDED DEBT. . The Funded Debt of the Cliicag6 Burlingtdn 47 Railroad Company at the date of the last report (See Note A). $14,445,866 77 Maintenance of Way and Structures 14,725,632 48 Maintenance ,of Equipment Traffic Expenses 25,224,271 77 Transportation Expenses 4.509,21683 General Expenses $14,603,476 62 12,501,460 87. 1,555,180 36 $168,6000)90 (10 25,507,270 80, was 1,817,836 11 The additions during the year were as follows: $58,904,987 85 Total 555,985,224 78 B. ec M. R. RR. in Neb. Consol. 523,568,263 06 Net operating Revenue Mortgage 6% bonds of 1918 sold $46,000 00 $22,473,83886 C. B. & Q. RR. General Mortgage General Note.-The Inter-State Commerce Commission' prescribed forms 4% bonds of 1958 sold 16,000,000 00 of accounts, effective July 1 1907, necessitating changes in classifications and names of accounts. This prevents a correct comparison of figures,in • $16;046,000 00 detail for the two years shown above. Re-classification of figures for year The reductions ended June 30 1907 has not been attempted. year Note A.-The new classification of Operating Expenses re-distributed the during the primary accounts under the general heads and also the items charged to the were as follows: primary accounts. "Traffic Expenses" was made a new general subPurchased for division. sinking fundsand 1907. 1908. $23,568,263 06 NetlOperatIng Revenue $22,473,838 86 canceled: O. B. & Q. Iowa DiOUTSIDE OPERATIONS-NET. vision 4% bonds of 1919 5234,000 00 (See Note A.) C. B. dc Q. Iowa DiRestaurant Service (earnings) vision 5% bonds of $1,545 58 Stock Yards (earnings) 1919_ 1,000 00 38,565 78 Dining Car (loss) 24,016 44 C. B. & Q. Nebraska Extension 4% bonds Total of 1927 291,000 00 $15,194 92 Tarklo Valley RR.7% 2,838,799 54 Taxes bonds of 1920 11,000 00 2,484,031 28 Nodaway Valley RR $20,729,463 52 Operating Income 7% bonds of 1920_ _ 10,000 00 $20,005,002 50 Cr. Rents balance, income from securities owned Dr. $547,000 00 $443,262 16 and other income and Interest $246,612 39 Paid at maturity: (See Note B). Atchison & Nebraska 521,172,725 88 $19,758,390 11 RR. 7% bonds of 1,125,000 00 1908 • CHARGES: 1,672,000 00 14,374,000 00 $7,308,208 59 Interest on Bonds $6,966,890 52 709,309 92 Sinking Funds 676,011 46 Total Funded Debt of the C. B. & Q. RR. Co. on June 30 $183,064,000 00 1908 $8,017,518 51 Total Charges 57,642,901 98 For detailed statements of which see pages 20 and 21 of pamphlet report. Betterments charged to Income 3,225,993 57 58,017,518 51 Total 510.868,89555 $13,155,207 17 Net Corporate Income 7,758,737 00 Dividends $8,889,494 56 8,867,128 00 55,396,470 17 Surplus $22,366 56 Note A.-DurInq year ended June 30 1907, "Outside Operations" were included In Operating Revenue and Operating Expense figures. Note B.-During year ended June 30 1907, Rents were included in Operating Revenue and Operating Expense figures STATISTICS OF FREIGHT & PASSENGER TRAFFIC ON ALL ROADS, OPERATED AND CONTROLLED FOR YEARS ENDED JUNE 30. DESCRIPTIONFreight Traffic. Mileage of Freight Trains-_ Mileage of Mixed Trains_ _ _ 1907. 17,029,144 1,381,711 Total Mileage of Loaded Freight Cars Mileage of Empty Freight Cars 18,410,855 17,552,515 -858,340 408,200,650 379,465,223 -28,735,427 Total Car Mileage Tons of Revenue Freight Carried Tons of Company Freight Carried Total 1908. 16,223,742 1,328,773 Increase (+) or Decrease -805,402 -52,938 (-). 148,606,023 159,219,447 +10,613,424 556,806,673 538,684,670 -18.122.003 25,471,938 24,984,341 7,204,369 7,415,179 +210,810 32,676,307 32,379,520 -296,787 -507,597 Tons of Revenue Freight One Mlle 7,169,527,073 6,655,887,419 -513,639,854 Total Tons One Mile 8,189,539,684 7,797,638,061 --391,901,823 Earnings from Freight Traffic $56,516,689 28 553,036,395 84 -$3,480,383 44 All Cars Hauled per Freight Train Mile .30.69 30.24 +.45 Tons Revenue Freight Hauled per Train 379.20 389.42 _ *-10.22 Tons Revenue Freight Hauled per Loaded Car. 17.54 17.56 -.02 Earnings per Freight Train Mlle $3.02 $3.07 -$0.05 Earnings_per Ton Mile_ _ _ _ 50.0080 50.0079 -50.0001 Passenger Traffic. Mileage of Passenger'I rains 15,555,738 15,624;176 -68,438 Number of Passengers Carried 19,214,239 +2,457,019 16,757,2p, Passengers Carried One 111:1 Mile 900,107,318', 1,016,454,235 +116,346,917 CONSTRUCTION AND EQUIPMENT. Expenditures for Construction during the year ended June 30 1908, on the Chicago Burlington & Quincy Railroad and Branches, on Lines East of the Missouri River, were as follows: New Second Track-Amazonia, Mo., to Nodsway, Mo $110,780 86 New Second Track-Armour, Mo., to Rushville, Mo 93,315 57 New Second Track-Curzons, Mo.,to Napier, Mo. 134,806.90 New Second Track-Waldron, Mo., to Murray's Mo 300,247 3 New Second Track-Weston, Mo., to latan, Mo. 96,287 97 Chicago, Ill., land for additional terminal facilities 55,583 03 Galesburg, Ill., new yard 34,255 61 Galesburg, Ill., tie-treating plant 178,266 67 Hawthorne, Ill., additional yard facilities 213,746 39 Murray's, Mo., new yard 128,264 38 New side and passing tracks 263,531 84 New buildings and waterworks 67,522 90 New interlocking and signal apparatus 77,114 43 Land and right of way 109,020 21 Miscellaneous construction 16,547 51 51,579,291 66 On Lines and Branches West of Missouri River: New Line-Ashland to Sioux City $108,740 61 New Line-Worland to Gebo 410,795 64 New Second Track-Fortescue to Napier 33,857 45 Gillette, Wyo., new reservoir 28,583 77 Lincoln, Neb., add tional facilities 21,130 65 Monarch, Wyo., additional tracks 33,673 24 North Platte, Neb., land for add tional facilities 24,084 14 Omaha, Neb., land for additional tracks 17,501 25 New side and passing tracks 188,848 25 New buildings and waterworks 44,726 73 New tools and machinery 22,269 41 Land and right of way 26,187 06 New fencing 16,291 47 construction Miscellaneous 5,345 32 Purchase of branch stock 17,000 000 090,034 99 52,870,326 85 Total Add balance at Debit of Premium and Discount on Bonds "410 1.036,405108 sold and purchased Total amount charged to'Construction Account during year.$3,914,731a73 Cost of New Equipment paid for during the year and charged 3,999,175f,48 Equipment Account Purchase of Sioux City & Western Railway Total $7,913.907 21 5,836.708 02 513,550,615 23 THE CHRONICLE OCT. 24 1908.1 EQUIPMENT. There were added during the year to the Equipment of the Chicago •Burlington & Quincy Railroad Company: 99 Locomotives Passenger Cars Coal Cars Other Freight Cars 2,000 304 The Equipment of the Chicago Burlington & Quincy Railroad Company on June 30 1908 was as follows: 1,703 Locomotives Passenger EquipmentPassenger and Combination Cars Baggage ,Mall and Express Cars Other Passenger Cars 786 292 130 1,208 Freight EquipmentBox and Furniture Cars Refrigerator Cars ' Stock Cars Coal Cars Flat Cars Ore Cars Way Cars Other Freight Cars _ 25,163 1,743 7,587 15,343 2,573 82 634 31 1099 INCOME ACCOUNT. DebitOperating Expenses Taxes $55,268,407 48 2,455,988 13 Betterments Outside Operations and Rents Balance, and Miscellaneous Income Interest on Bonds of C. B. & Q. RR. and controlled companies Cash Paid to Sinking FundsC. B. & Q. 4 and 5 per cent Bonds of 1919. $232,530 00 C. B. & Q 4 per cent bonds of 1921 43,000 00 C. B. & Q. 4 per cent bonds of 1922 79,680 00 C. B. & Q. 4 per cent bonds of 1927 293,801 46 Lincoln & Northwestern RR. 7 per cent bonds of 1910 6,000 00 Nodaway Valley RR. 7 per cent bonds df 1920 10,000 00 I. Tarkio Valley RR.7 per cent bonds of 1920 11,000 00 $57,724,395 61 3,186,414 61 215,666 94 6,966,890 52 676,011 46 DividendsOctober 1 1907 January 1 1908 April 1 1908 July 1 1908 $2,216,782 00 2,216,782 00 2,216,782 00 2.216,78200' 8,867,128 00 111,654 38 Balance at credit of Income Account 53,156 $77,748,161 52 Work EquipmentSteam Shovels Steam Cranes and Derricks Other Work Cars _ 22 29 3,206 3,257 57,621 59,324 Grand Total Cars Grand Total Cars and Locomotives CreditFreight Revenue Passenger Revenue Other Operating Revenue $62,568,751 78 18,637,278 96 6,542,130 78 $77,748,161 52 Balance for year 111,654 38 GENERAL REMARKS. Balance June 30 1907 47,023,298 87 The lease under which the railroads and properties of your $47,134,953 25 company we're op•rated by the Chicago Burlington. & Quincy peductlozis from IncomeDividend No. 152,6 per cent , $6,650,346 00 Railway, Company was canceled on July 1 1907, and during „ Extra Accrued, not yet payable (see Note A)'OA 328:712 48 the figbal' year just closed they have been maintained and • Bond Interest to June 30 1908 Sinking Funds to June 30 1908 ' -250,004 98 operated under the direction of'your Directors. 7,729.063 46 The length of road operated and controlled on June 30 $39,405,889 79 1908 was 9,282 miles, against 9,134 miles on June 30 1907, Balance at credit of Income Account, June 30 1908 General Note.-The figures on these pages cover the roads actually and the average for the year 1907-08 was 9,236 miles, against operated by the C. B. & Q. RR. Co., whereas the figures on a previous an average of 9,122 miles in 1906-07. page:toyer also roads controlled through ownership of stock. The Gross Earnings per mile were $8,494 92 in 1907-08, Note A.-The Bond Interest and Sinking Fund payments due on July 1 each year have been charged in June account, but vk ith these exceptions against $9,041 14 in 1906-07. The Operating Expenses, of charges have not heretofore been made on basis of accruals. including Taxes, per mile in 1907-08 were $6,330 58, BALANCE SHEET JUNE 30 1908. against $6,768 67 in 1906-07. The percentage of Operating Expenses, including Taxes, to Gross Earnings, 1907-08, Assets$358,832,115 23 Cost of Road and Equipment was 74.52 against 74.87 in 1906-07. Cost of Investments in Controlled Roads: The number of revenue tons moved one mile decreased Davenport Rock Island & Northwestern $1,896,944 15 Ry. Co 7.16 per cent, as compared with 1906-07, and Freight Earn2,272,269 16 Narrow-Gauge Railroads ings decreased 6.16 per cent. Passengers carried one 'mile 4,169,213 31 14,444,715 89 increased 12.93 per cent and Passenger Earnings increased Sundry Investments Trustees of Sinking Funds, showing the cost of uncanceled 0.82 per cent. The percentage of Operating Expenses to securities and cash awaiting investment, held in Sinking Funds 18.274,259 46 Gross Earnings decreased 0.06 per cent. Material and Supplies 6,415,609 62 The total amount at the credit of Sinking Funds on June Sundry Available Securities 294,800 00 5,273,702 21 30 1907 was $27,590,564 87. This amount was increased Cash on hand during the year by the sum of $1,536,876 08, of which $676,$407,704,415 72 011'46 was paid directly from the earnings of the.year, and Liabilitiesthe remainder, $860,864 62, was the accumulation of interest Capital Stock $110,839,100 00 on bonds held in the funds. The bonds purchased for the Funded Debt 183,064,000 00 Matured Coupons, not presented 60,073 50 Sinking Fund during the year amounted to $1,543,000, of Accrued not yet payablewhich $547,000 were canceled and $996,000 remain unInterest on bonds 3,008,434 98 Sinking Fund Payments 289,844 98 canceled in Sinking Fund Investments. Unpaid Vouchers and Payrolls 6,053,593 23 The extension of the Frannie line from Worland, Wyo., to Relief Department Fund 102,020 67 Fire Insurance Fund 671,472 72 Kirby, Wyo., was completed and opened for business on Sundry Accounts Balance 10,793,894 29 September 3 1907. Renewal Fund 10,000,000 00 $9,405,889 79 In November 1907 the Sioux City & Western .Railroad, Income Account Profit and Loss from Sioux City to Ashland, Nebraska, with a branch to Sinking Funds,showing the total of payments to and accre- i4.i5. 61 tions of Sinking Funds forO'Neill, Nebraska, 229 miles, was purchased. The line C. B. & Q. 4 and 5 per cent bonds of 1919 between Sioux City and Ashland has a very low grade and $5,805,766 60 (Iowa Division) 2,089,720 61 C. B. & Q. 4 per cent bonds of 1921 so is able to handle traffic economically, and as there is a, C. B. & Q.4 per cent bonds of 1922(Denver good movement of grain from the Missouri Valley to Minne3,784,229 96 Extension) apolis in connection with the Great Northern,from Sioux C. B. & Q. 4 per cent bonds of 1927 (Ne5,027.087 32 braska Extension City, this road has done a profitable business since its purB. M. R. RR.in Nebraska 6 per cent bonds chase, and as all cat's going to Minneapolis with grain can 7,990,690 98 of 1918 B. & M. R. RR. In Nebraska 4 per cent be quickly loaded with flour over our road to Chicago,and 3,445,041 60 bonds of 1910 there again loaded with general merchandise for the West, Republican Valley RR.6 per cent bonds of 1919 578,352 68 it is a valuable acquisitiOn. Lincoln & Northwestern RR. 7 per cent For further details relating to the affairs of the company, bonds of 1910 364,551 20 Nodaway Valley RR. 7 per cent bonds of reference is made to the report of the General Auditor and 1920 20,000 00 the following statements. Tarklo Valley RR.7 per cent bonds of 1920 22,000 00-29,127,440 95 By order of the Board of Directors. $407,704.415 72 GEORGE B. HARRIS, President. THE MISSOURI PACIFIC RAILWAY COMPANY. TWENTY-EIGHTH ANNUAL REPORT-FOR YEAR ENDED JUNE 30 1908. New York, Sept. 30 1908 To the Stockholders of The Missouri Pacific Railway Company and Branch Lines, The Central Branch Railway Company, and the St. Louis Iron Mountain & Southern Railway Company: I transmit herewith the Twenty-eighth Annual Report of The Missouri Pacific Railway Company, giving the results of operations and the conditions of the property for the fiscal year ended June 30 1908. The following statement gives a summary of the results of operations for the year: Gross Revenues Operating Expenses (71.5% of Gross Earnings) $44,238,702 99 31,646,287 57 Net Revenues Add Income from Other Sources $12,592,415 42 2,875,297 91 Total Income $15,467,713 33 Less Charges as followsTaxes Interest on Bonds Rentals paid for Leased Lines Equipment Trust Expenses Hire of Equipment Sundry Other Charges $1,644,056 73 9,007,369 20 137,820 00 65,110 98 957,555 38 670,084 57 12,481,996 86 $2,985,716 47 Leaving amount applicable to Dividends From which has been declared Dividend No. 58-2 4% on 774,084 Shares of Capital Stock outstanding, paid Jan. 30 1,935,210 00 1908 Surplus from the year's operations $1,050,506 47' Dividend 58, referred to in the,foregoing, was fully earned during the first six months' operations of your properties, but because of the severe business depression which began in the latter part of October,- and the probabilities of its 1100 THE CHRONICLE LxxxvIi. continuance throughout the remainder of the fical year,your EXTRACTS FROM THE VICE-PRESIDENT'S REPORT. Directors deemed it prudent to reserve the cash for future RESULTS OF OPERAT ION. contingencies, and pay the dividend in capital stock of Increase (+) or 1906-07. 1007-08. The Missouri Pacific Railway Company. Decrease (-)• Mileage Operate& 6,479.02 6,375.17 +103.85 The re-classification of accounts by the Inter-State Com- Average Operating Revenuesmerce Commission, and the desirability of conforming sub- Freight $31,423,577 35 $35,509,588 71 -$4,086,011 36 Passenger 8,670,333 46 9,696,063 50 -1,025,730 13 stantially thereto, make comparisons with former years Passenger-Other 143,830 27 +143,830 27 difficult in certain items of revenue and expenditures, as, Mall 1,519,794 37 1,400,101 17 -119,093 20 Express 974,210 89 -16,719 04 957,491 85 for instance, that hereinabove of $957,555 38 for "Hire of Miscellaneous TransportaEquipment." Heretofore nearly all of this, if incurred, tion 1,003,684 99 -148,828 36 854,856 63 Revenue from Operations would have appeared in Operation Expenses (designated.as other than TransportaCar Mileage or Per Diem charges), whereas now it stands as a tion +788,512 26 788,512 26 • charge against Income, the same as interest on Funded Total Revenues --$4,464,639 56 $48,703,342 55 $44,238,702 99 Debt, Taxes, Rentals, etc. A year and a half ago, anticiOperating Expenses. of Way and pating heavy balances in per diem charges or "Hire of Equip- Maintenance Structures +$743,762 90 43 $5,906,120 53 ment" against your Company, because of the encouraging Maintenance of Equipment $6,649,883 5,479,485 72 6,998,863 18 -1,519,377 46 growth of tonnage and revenues, the management arranged, Traffic Expenses +1,922 65 1,087,667 16 1,085,744 51 Expenses +575,515 30 17,084,871 83 16,509,356 53 as explained in the last Annual Report, for important in- Transportation General Expenses -670,605 88 1,344,379 43 2,014,985 31 creases in motive power and freight equipment, in conseTotal Expenses $31,646,287 57 $32,515,070 06 --$868,782 49 quence of which about 7,000 new freight cars were received during the fiscal year. The financial events of last October, Net Operating Revenues_ 412,592,415 42 $16,188,272 49 -$3,595,857 07 Other Income 2,875,297 91 -407,984 93 3,283.282 84 and the subsequent depression in trade, commerce and industry delayed the realization of the results so confidently Total Income $15,467,713 33 $19,471,555 33 -$4,003,842 00 expected,and as the greater portion of these cars was received $1,644,056 73 $1,483,048 94 +3160,107 79 after the business depression began, the management was Taxes Equipment Trust Expenses and Sundry Other Charprevented from accomplishing one of its main objects, viz: ges 1,692,750 93 1,228,627 90 +464,123 03 the reduction of balances paid connecting lines in the way Net Income 312,130,905 67 $16,758,978 49 -34,628,072 82 of per dieni charges on foreign cars. Under the Equipment Trust agreements referred to in the last Report, initial Fixed Charges and Rentals $9,145,189 20 $9,060,875 40 +$84,313 80 payments ($785,650 00) were made during [the fiscal Dividends Paid and Declared (235 , % In 1007-08 year, which, together, with regular quarterly and semiand 5% In 1906-07) 1,935,210 00 3,800,875 00 -1.055,665 00 annual:payments, $2,806,000 00, aggregated $3,591,650 60, Net Surplus 1,050,506 47 3,807,228 09 -2,756,721 02 in addition to interest on outstanding equipment trust Operating Revenues per securities. Mile of Road $6,827 99 $7,639 54 -$811 55 The Kansas & Colorado Pacific Railway Company, the Operating Revenues per Revenue Train Mile._.. 1 02.039 1 81.319 -0.10.720 lines of which Corporation form an important part of your Operating Expenses per Mile of Road 4,884 42 5,100 27 -215 85 . System authoriZed an issue of not exceeding $50,000,000 Expenses per First Refunding Mortgage Thirty-Year Gold Bonds, and, Operating Revenue Train Mlle_ 1 29.707 1 28.208 +0 01.499 Net Operating Revenue Per for the purpose of adjusting its indebtedness to The Missouri Mlle of Road 2,539 27 -595 70 1,943 57 Pacific Railway Company, which accrued through a number Net Operating Revenue per Revenue Train Mile_ __ _ of years, authorized the immediate issue of sufficient bonds 0 51.612 -0 12.219 0 63.831 Cent of Operating Exfor this purpose. The amount due The Missouri Pacific Per penses to Operating RevRailway Company, after crediting its indebtedness to the enues 71.54% 66.76% +4.78% Kansas & Colorado Pacific Railway Company, was $19,686,Fixed charges and Rentals for the year ended June 30th 998 26, to cover which bonds of this amount par value were 1908, as compared the year ended June 30th 1907, intnrned over to The Missouri Pacific Railway Company and creased $84,313 80 with and is explained as follows: placed to the Credit of Profit and Loss. The remainder of The Missouri Pacific Railway 4% Cold Loan „Inc. $139,786 67 the authorized issue, about $30,000,000, is reserved by the Bonds certified by Trustee upon deposit of Capital Stock Louis Iron Mountain & Southern Railway Co. Kansas & Colorado Pacific Railway Company, to be issued The St. Missouri Pacific Railway Two-Year Collateral and from time to time, if and when occasion requires. In view Convertible Gold Notes, issued Feb. 10th 1908 Inc. 128,636 67 Account retirement The MissoUri Pacific Railway Oo. of this addition to Profit and Loss account, and, after due Two-Year Gold Notes, as shown b 1 w. consideration by your Board of Directors, it was deemed St. Louis Iron Mountain do Southern Railway Unifying and Refunding Mortgage proper to write off certain items that had been carried for Inc. 1,200 00 Imp',etc., Pfeiffer Q arry Spur-458,480 00 some time in the accounts and also the discounts on various St.Account Louis Iron Mountain & Southern Railway River and securities, as shown in the report of the General Auditor, Gulf Divisions Mortgage Ric. 130,013 33 Account construction White River Railannexed hereto (see pages 34, 35 and 36), amounting to way improvements, ballast etc $139,750 26 $12,267,095 33. Account construction Memphis Helena & Louisiana Line improvements, ballast, $6,000,000 00 of two-year 6% Collateral and Convertible 350,831 14 etc Gold Notes of The Missouri Pacific Railway Company were Account construction St. Louis Valley By. 339,467 54 Terminals, second main track, etc issued in place of the two-year 6% Gold Notes due February Account construction Eudora-Gilbert Line 10th 1908., which were retired. $487,000 00 of these have improvements, etc 31,584 72 Account construction 1.79 Mlles Springsince been exchanged for a like amount of Kansas &Colorado field Southwestern By 53,700 00 Pacific Railway Company bonds, at par value. Account construction Springfield Southwestern By., Improvements, etc There were issued during the year $8,000,000 00 par 374,038 19 construction Herrin Account & Johnston value of the Forty-year 4% Gold Loan Bonds of The Missouri City By., improvements, etc 9,818 75 Pacific Railway Company; and, to reimburse the St. Louis Account construction 5.87 miles M. & H. By.. M. & J. C. By. and Coal Belt Ry 176,100 00 Iron Mountain & Southern Railway Company for expendiAccount construction Marion & Harrisburg tures account of construction of new lines and additions and By., Improvements, etc 11.000 oó Account construction Marion & Johnston improvements thereto, there were issued $1,826,047 18 of City By., Improvements, etc 87,700 09 River and Gulf Division First Mortgage 4% Bonds and Account construction Coal Belt Railway Co. improvements, etc 107,769 33 $58,120 00 of the St. Louis Iron Mountain & Southern Accotint construction .43 miles and ImRailway Company Unifying and Refunding Bonds. provements,etc., Wabash Southern By. 144,287 25 The fiscal year opened with a better promise of business $1,826,047 18 than that realized the previous year,and the first four months Rentals and Trackage Dec. 154,047 04 showed the substantial increase in gross earnings of $1,304,- The Missouri Pacific Railway Third MortgageFour months Interest on $3,828,000 00 at 4% against 071 74; but the depressed business conditions which set in 7% previous year ,_Dec. 88,280 00 throughout the country the latter part of October, and pre- The Missouri Pacific Railway Two-Year Gold Notes, rebec. 116,666 66 tired Feb. 10th 1908 vailed during the remainder of the year, affected the traffic Retired by exchange for Collateral and Convertible Gold Notes, as shown above. of the Company most seriously. This, coupled with reducLouis Iron Mountain & Southern Railway Consolidated tions in freight and passenger rates by Legislatures and Rail- St.Mortgage Dec. 6,329 17 road Commissions in six of the States traversed by your Lines, Account of Trustee having purchased and retired $62,000 00 St. Louis Iron Mountain & Southern Railhad the effect of decreasing the gross receipts from operation way General Consolidated Railway and Land Grant by $4,464,639 56, as compared with the previous year. , ReBonds from Land Department Funds. cently, the United States Circuit Court for the Eastern DistMILES OF RAILROAD. rict of Arkansas, temporarily enjoined the Arkansas Railroad The total operated mileage on June 30th 1908 was as Commissioners from continuing the reduced freight and passenger rates within that State. Litigation is also being follows: Miles. proceeded with as to the reasonableness of the low rates pre- The Missouri Pacific Railway, Math Line and Branches 3,491.68 scribed by the public authorities of other States. The Central Railway Branch 388.19 Railway, St. and Louis Iron Mountain & Southern Branches 2,599 15 The crop prospects along your lines are very good and a gradual return of confidence and better business conditions Total mileage operated, including duplication of 1.89 miles_ _ _ -6,479.02 are being displayed, which it is hoped will result in much Actual mileage operated 6,477.13 Average mileage operated during fiscal year ending June 30 1908_6,479.02 better earnings the ensuing year. in The the miles System Net 5.48 Increase, Mileage, For full details of the business and operations of your Lines for the past year, you are referred to the reports of the operated at June 30th 1908, as compared with that operated at June 30th 1907, is analyzed as follows: Officers of the Company, which follow herewith. To the St. Louis, Iron Mountain & Southern Railway Respectfully, mileage there was added on July 1st 1907, 5.48 miles on account of trackage rights obtained from the New Orleans GEORGE J. GOULD, & Northwestern Railroad Co. between Clayton Junction, President. La., and Ferriday, La. OCT. 24 1908.1 THE CHRONICLE 1101 CONSTRUCTION. Much work of a betterment character has been done during White River Division-All work suspended since Jan. 15 1908. the yearin ballasting road bed,replacingexistingsteel bridges There was expended account this line prior to July 1 1007 $10,235,993 04,which amount, added to an expenditure of with heavier structures, and replacing frame bridges with $54.240 94 Incurred during the year, makes the total cost steel; substituting heavier rail; filling culverts and trestles, to date $10,290,234 88 There was expended in completion of division yard and ditching and widening cuts and fills to secure better drainage engine facilities at Cotter, Ark., during the year $1,259 74, for the roadbed; the erection of new stations and other which makes the total cost to date 146,004 50 There was expended during the year $35,671 23, which structures, and building and improving water and fuel stamakes the total cost to date 54,180 56 tions. Memphis Helena & Louisiana Railway Division (Ark.)There was expended on this line during the year $113,Charges were made to Betterments during the fiscal year 520 18, which, added to the previous expenditure of as follows: *3,713,222 30, makes the total cost to date 3,826,742 48 Memphis Helena & Louisiana Railroad Division (La.)To Equipment $31,727 43 There was expended on this line during the year for balTo Property 2.073.128 94 lasting, $108,546 50, which, with the previous expenditure The principal item of improvement to Equipment consists of $1,274,323 00, makes the total cost to date 1,472,869 50 Eudora-Gilbert Branch-There was expended $14,186 76, of $27,673 76 applying air brakes to freight cars. which makes cost so far as completed 616,146 61 (Details of additions to property are given at,length in the Gurdon & Fort Smith Railroad-There was expended account this line during the year $70,146 90, which, with the expamphlet report.) penditure of $1,328,592 18 previously incurred, makes the total cost to date MAINTENANCE OF EQUIPMENT. • Gurdon Port Smith Northern 14151-Say-There was expended 1,398,739 08 The expenditure on this account was $5,479,485 72, a during the year, for ballasting, side tracks, station buildings and water station, $51,661 80, which, added to the decrease of $1,519,377 46, as follows: previous expenditure of $83,328 52, makes the total cost Repairs and Renewals of Locomotives to date $1,155,055 45 134,990 32 " Passenger Cars Springfield Southwestern Railway-From Crane, Mo., to 160,411 37 Freight Cars Springfield, Mo., 35.18 miles. During the year first and 494,076 67 second main tracks were constructed through the city of Other items of increase and decrease leave the net decrease Springfield, Mo. A brick freight station, house and team as above. tracks, and a passenger platform were constructed west of Main Street, and an interlocking plant installed at crossing This decrease is due to large reduction of forces in .alt with the F loco Railroad. Between Crane and Springfield dpeartments brought about by the general depression of main track was ballasted and station buildings, section houses, stock pens and right-of-way fences completed. business. There was expended account this line during the year $300,585 81, which, with the previous expenditure of t TRANSPORTATION. I• $1,290,122 47, makes the total cost to date 1,500,708 28 The expenditure charged to this gebbfirit increased $57(1.Dupo 'Yard-Located on the Illinois Division between Dupo and Bixby. There was expended account this work during 515 30, which was due partly to changes by Inter-State'Comthe year $92,907 70, which, with the previous expenditure merce Commission in classificatiOn in Operating Expenses. of $709,041 03, makes the total cost to date 801,948 73 IVabash Southern Railway-A continuation of the Zeigler and due partly to increased cost of labor and price of mateExtension of the East and West Illinois Line northeasterly rials entering in the operations of the properties. to Benton, Ill., 9.45 miles. During the year track was completed and nearly all ballasted with stone, and line LAND DEPARTMENT. turned over to Operating Department Jan, 1st 1008. The receipts from the Land Department!durkeethe year Track Is laid with new 85-lb. steel rail. During the year there was expended $25,660 33, which, with an expenditure ended June 30th, 1908, were: of $407,318 34 ',rev( usly Incurred, makes the total cast to date 432,978 67 Cash $l5,12032 Coal Belt Railway Extensions-There was expended account Notes 76,884 11 of work during the year $76,541 88, which, with the There was sold during the year 24,176.9 acres of the Comprevious amount of $100,303 36, makes the total expended on this line since its acquisition 176,845 24 pany's lands in Missouri and Arkansas, at an average price Herrin ee Johnston City Railway-An expenditure during the of $5.48 per acre. year of $2,005 97, making total cost of this line to date 118,707 22 Marion c*. 'Harrisburg Railway-Diverging from Coal Belt On June 30 1908 there was unsold of the Company's lands El ctr c Railway west of, and extending easterly through in Missouri, 3,356.4 acres; Arkansas, 527,280.9 acres. the city of Marion, Ill., 1.05 miles, was completed at an expenditure of $7,235 18, making Its total cost to date._ During the year there was purchased and retired by the 93,062 02 Marion do Johnston City Railway-A continuation of the Land Grant Trustees $62,000 00 of the General Consolidated Marion & Harrisburg Railway northwardly towards Johnston City, Ill. Main track was extended 0.93 miles, Railway and Land Grant Mortgage Bonds and $30,580 32 making total of 6.8 miles, and 1.8 miles of spur transferred to the Railway Company's Improvement Fund. constructed to various coal mining properties. tracks There was expended account this property during the year PASSENGER TRAFFIC. $42,422 66, which, with the previous expenditure of $133,060 17, makes a total to date of The revenues from passenger traffic for the year decreased 175,482 83 St. Joseph & Central Branch Railway-There was expended $1,025,730 13,or 10.58 per cent; partly on account of the account this line during the year $30,421 17, which, with an expenditure of $555,030 43 previously Incurred, makes general depression in business and partly by the application the total cost as far as completed 585,451 60 under protest, in six of the States, of the low rate of two Natchez & Western Railway---Work of re-constructing and cents per mile ordered by the public authorities. Conimproving this line, which was changed to standard gauge in the previous year, was suspended Dec. 6th 1907. There sidering the sparse population of many of the districts trawas expended during the year $34,157 90, which, with the versed by your lines in the States referred to, more especially previous expenditure of $83,640 71, makes the total expenditure for reconstruction 117,807 61 the branch lines and the new and thus far undev.e,lopod lines Little Rock Union Station' and Passenger Yard-The main constructed by your company in the last three or four years, building of new Union Station has been practically completed. Steel work for midway over tracks has been a rate of two cents per passenger per mile does not coiApensate delivered, but erection and all grading work deferred. the Company for the service performed. There was expended account this work $181,450 37, which amount added to the previous expenditure of $222,163 44, Upon application to the United States Circuit Courtfor the makes the total cost to date for lands and construction 403,613 81 Eastern District of Arkansas and after a full hearing., a temGrading of passenger yard was about 40% completed; work was suspended Dec. 11th 1907. There was this porary injunction was granted restraining the State of Arkanexpended to June 30th 1908 21,406 73 sas from enforcing the low rate of two cents per mile until Wichita Yard-Freight yard and engine facilities at the east city limits, Wichita. Kan., were completed. There the matter can be fully presented, be considered by the Court, expended account this work during the year $30,743 was 02, and the reasonableness of the rate,in view of all circinostances which, with the previous expenditure of $92,806 61, makes its total cost 123,549 63 and conditions, be determined. The reasonableness of the reduced rates in certain other States traversed by your lines OPERATING EXPENSES. is also being contested, and it is hoped that the courts will Maintenance of Way and Structures increased $743,762 90 12.58% hold that these reduced scales of rates are inadequate comMaintenance of Equipment decreased 1,519,377 46 21.70% Traffic Expenses increased 1,922 65 0.18% pensation. Transportation Expenses increased 575,515 30 3.48% General Expense decreased FREIGHT TRAFFIC. 670,605 88 33.28% Total Operating Expenses decreased $868,782 49 2.67% MAINTENANCE OF WAY AND STRUCTURES. Total Expenditures charged to Maintenance of Way during fiscal year 1007-08, 6,479.02 Miles ($1,026 37 per mile of road) Total Expenditures charged to Maintenance of Way dur.ng$6,649,883 43 fiscal year 1906-07, 6,473.54 M les ($912 34 per mile of road) 5,906,120 53 Increase ($114,03 per mile of road) 90 Increased mileage of 5.48 due to operating over N. 0. & $743,762 N. W. RR. between Clayton Junction and Ferriday, La. MILEAGE OF RAIL LAID DURING THE YEAR. The Missouri Paola*, Railway and Branches The Central Branch Railway St. Louis Iron Mountain ec Southern Ralway Total New 85-lb. Old Steel Steel Replacing Replacing Old Old Steel. Iron. 109.56 16.25 115.80 225.36 16.25 The new eighty-five pound steel rail laid on Main Lines of the Missouri Pacific and St. Louis Iron Mountain dr Southern Railways between Leeds and Martin City; Leoti and Eads; Baker and Hiawatha; Palls City and Auburn; Iron Mountain and Hogan; Cleera and Columbia; Simms and Alexandria, releasing an equivalent mileage of steel rail of a lighter weight per lineal yard. ADDITIONS AND IMPROVEMENTS AND WORK IN PROGRESS. Work has been continued on the improvements reported in progress last year. The freight earnings for the past year were $31.423,577 :15, which was a decrease, compared with those Of 'the previous year, of $4,086,011 36. The financial disturbance in October produced 3 depression in the general business of the country from which the industrial and commercial interests have not yet recovered. Merchandising, manufacturing, mining, the lumber business and other trades and industries suffered severely and products of the farm were held, owing to the uncertainty of markets. The situation, however, has somewhatimproved, and with good crop prospects the natural resources unimpaired and a feeling of confidence which is being gradually established, it is the consensus of opinion thatgreateractivity in all branches of trade will in the coming year be realized. Aside from the increased business, however,it is necessary that the carriers obtain higher rates than now prevail. The lam additions to cost of operation forced upon the railroads within the last few years by the higher prices of labor and materials, as well as the many costly exactions of the National and State Governments,and the imperative demands of the business public for a more prompt and higher standard of service, have so swelled the expenses as to reduce the margin of profit to a figure that is not adequate to meet the financial requirements of the railroads. The unceasing attention of the Traffic and Law Officers is necessarily directed toward securing such reasonable rates for the service performed as will prove compensatory. Suits are now pending irt the courts for the restoration of the rates reduced by Art-: of 1102 THE CHRONICLE [VOL. Lxxxvii Legislatures and Railroad Commissions of States traversed zations throughout the districts where lands can be thus reclaimed. by the Company's Lines. INDUSTRIAL DEPARTMENT. The work of educating farmers in the various kinds of This Department as well as the others suffered during the field work is still being carried on with trained experts, and year from the financial disturbance yet a substantial progress by lectures and practical demonstration. Several hundred is shown in the industries erected and capital invested demonstration farms have been already instituted in comthroughout the System. munities served by the Companies' Lines, and the State and For the year there were established 330 industries of National agricultural bureaus, which freely co-operate with various kinds in which were invested a capital of $17,359,- the representatives of the Company, are, through their ex700 00,and which promised the Company 136,780 carloads of perimental stations, doing untold good in advanciAg agriculfreight annually. tural interests. Among the Industries there are 25 cement, brick, stone, LAW DEPARTMENT. roofing and other plants, 89 saw mills and wood-working The many difficult questions in' corporate and transportaplants; 15 coal mines and 8 lead and zinc mines. tion law, together with the elucidation of the true relationship Expert examinations of the iron producing sections of between the public and the carriers, growing out of recent Missouri were conducted last year and as a result three com- Federal and State legislative enactments and the rulings and panies have been organized and chartered to carry on iron orders of railroad commissions, have greatly increased the mining operations. and duties of the Law Department, and at times have Commercial clubs are being organized at many points to labors greatly taxed its principal officers. The probabilities are co-operate with the Company toward the establishment of that this important work will increase in volume until preindustries in their respective localities, and all are meeting cedents are established by judicial decisions. sufficient in with success. and broad enough in scope to guide the, management Attention is still being directed to the drainage and re- number conducting.the commercial affairs of the COmpany. clamation of swamp lands adjacent to the Lines in Arkansas in C. S.,CLARK], :Ind Louisiana. Engineers from the United States DepartVice-Pres ( )1 t ment of Agriculture have been making surveys, -and land [Tables of comparative statistics are given on a preceding page under owners and leading citizens have established drainage organi- "Annual Reports.'] .a.. THE PACIFIC COAST COAST COMPANY. EXTRACTS FROM THE REPORT -FOR THE YEAR ENDING JUNE 30 1908., The side-wheel steamer "Sehome" was sold, entailing a loss of $24,468 37, which amount was charged off. This vessel, build in 1889 and filled with old machinery, could not be used for any purpose and was sold for the best price obtainable RAIL LINES. COLUMBIA & PUGET SOUND RAILROAD. The gross earnings decreased $16,006 84, the operating expenses increased $37,472 05 and the net earnings decreased $53,478 89. $26,749 72 of the increase in operating ex!rises is made up of amounts written off to cover depreciation of equipment, in compliance with a new ruling of the Inter-State Commerce Commission. Nearly all of the balance of the increase is on account of riprapping embankments to protect against encroachments of the Cedar River. Three new steel bridges crossing Cedar River have been completed. The steel bridge across Black River, near Renton, $133,537 05 is being put in place. Gross earnings (decrease) 60 234,009 Operating expenses (increase) Improvements and additions were made to the property 367,546 65 Net earnings (decrease) during the year to the amount of $200,073 12. For details, The largest decrease in gross and net earnings is shown by see pamphlet report. The Pacific Coast Steamship. Company. PACIFIC COAST RAILWAY. The Columbia dr Puget SoUnd Railroad Company, the The gross earnings decreased $50,434 42, the operating exPacific Coast Railway Company and the Lumber Yards in penses decreased $15,766 34 and the net earnings decreased California also show decreases in gross and net earnings. $34,668 08. The earnings of this road have been decreased The business depression following the panic of the autumn. on account of light crops and general business depression. of 1907 was severely felt by your Company, and the reducThe new electric line from Santa Maria to Guadalupe has tion in receipts and profits for the last six months of the completed and is doing a profitable business. fiscal year, viz.,from Jan. 1 to June 30 1908, were very large. been The new electric line to the'sugar factory at Betteravia, Labor conditions on the Pacific Coast, from an employers' replacing worn-out steam spur, has been completed. Five standpoint, continue unsatisfactory. hundred tons of beets per day are being transported over the Freight rates could not be increased, or the price of coal new line to the sugar factory. advanced, to meet the higher cost of service, material and Additions made to the property during the year aggresupplies. gated $54,540 65. See pamphlet report. It is hoped and expected that there will be a considerable PACIFIC COAST COAL COMPANY. revival of business in the Puget Sound country during the During the year the above Company was organized and present fiscal year, and that the earnings of your Company the coal and lumber business of The Pacific Coast Company will gradually increase. transferred to it. Board. and President the of CANNON, Chairman H. W. Gross earnings of the coal business for the year increased increased $41,658 12. REPORT OF VICE-PRESIDENT AND GENERAL MG1?. $138,773 96. Operating expenses Net earnings increased $97,115 84. Total output of mines, Seattle, Washington, Sept. 11908. • 698,824 tons, a decrease of 190,098 tons as compared with PACIFIC COAST STEAMSHIP COMPANY. year. The gross earnings decreased $179,471 03, the operating previous The principal gains in the coal business occurred during the expenses increased $148,541 43 and the net earnings defirst six months of the year. Business decreased durin the creased $328,012 46. owing to mild weather and general business Steamship operations during the year have been very un- last six months, satisfactory, owing to the greatly increased cost of labor and depression. to the domestic coal mined and sold, the ComIn addition the impracticability of increasing rates to correspond. Since during the year 125,078 tons of foreign coal, Jan. 1 freight shipments have decreased materially. Pas- pany handled and Australian; 103,085 tons domestic coal mostly Welsh senger business has been fairly good. companies, and 3,620 tons of coke. There was expended for repairs to the fleet, and charged to purchased from other Improvements were made to the property during the year operating expenses, $502,652 29, as against $480,318 78 last costing $62,177 03. See pamphlet report. year. THE PACIFIC COAST COMPANY. Ordinary repairs and renewals cost $164,448 07. ExtraThe principal improvements made during the year and ordinary repairs cost $338,204 22. The steamers "Queen," "Senator" and "State of Califor- charged to "Property Account" of The Pacific Coast Comnia" have been given extensive repairs and are now in service. pany are as follows: $17,509 30 King Street wharf The steamers 'President" and "Governor" are in operation. Completion 14,878 83 King Street warehouse 1,197 93 between San Francisco and Seattle, giving excellent satis- Filling back of sea wall, King Street 13,074 64 wharf Street freight ramps, King Three faction. 3,682 47 Storage shed connecting with King Street wharf 14,479 74 Upon the evening of March 17 1908, the steamship Fifth story added to General Office Building 24,054 56 Black Diamond Barge No, 1 "Pomona," bound from San Francisco to Eureka, California, Street 10,842 90 Improvements, Seattle 4,650 62 struck an uncharted rock about two miles off shore, near Fort Property transferred by,Alaska Southern Wharf Company- _ - _ 5,139 80 Ross. The vessel was badly damaged and was headed for Other miscellaneous items shore. When about one hundred yards off shore, it stranded $100,510 79 Total additions upon a submerged reef and became a total loss. $41,538 15 J. C. FORD, Vice-President and General Manager. has been charged off on account of this loss. There was no [Tables of comparative statistics are given on a preceding Page under loss of life. Annual Reports.] New York, September 15. 1908. To the Stockholders of the Pacific Coast Company: There has been no change in the Funded Debt orr,'Share Capital. •A subsidiary corporation, known as the Pacific Coast Coal, Company, has been organized since the last report, to operate coal mines, deal in coal and other commodities. I present herewith the report of your Vice-President and General Manager at Seattle, giving details of the operations of the subsidiary•companies and of this company. In connection with the report will be found a condensed general balance sheet of this Company and subsidiaries, and statistical information furnished by our General Auditor at Seattle. From the statistics furnished, it appears that in comparison with last year the earnings of all subsidiary companies, together with rentals of The Pacific Coast Company for the year, are as follows: OCT. 24 1908.1 TIIE CIIRONICLE 1103 WISCONSIN CENTRAL RAILWAY COMPANY. NINTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30 1908. The following report of the operations of the Company for the year ending June 1908 is submitted: GROSS EARNINGS. From freiglfl From pasterigers From mall, express and miscellaneous $5,323,931 33 1,608,164 69 375,215 33 Total Operating expenses(70.21% of the gross earnings) $7,307,311 35 5,130,643 09 Net earnings Other Income $2,176,668 26 50,560 67 Total Accrued taxes $2,227,237 93 318,379 62 Balance $1,908,858 31 Hire of Equipment $111,943 39 Accrued rentals 349,157 15 Accrued rentals, 349,157 15 Accrued interest on bonds 1,096,748 34 'Total fixed charges 1,557,848 88 Surplus Surplus brought forward from last Year Total Surplus June 30th 1908 Sundry Credits $351,009 43 1,852,377 08 $2,203,38651 153,474 85 .--Tatal Credit to Profit and Loss Account $2,356,861 36 Appropriations from aboveReserved to retire Series "F" Equipment Trust Bonds, maturing July 1st 1908 $60,000 00 Premium paid In purchase of W. C. RR. First Series Bonds 725 00 Depreciation prior to July 11007 on Equipment sold or destroyed during the year 37,196 20 Total Debit, to Profit and Loss Account 97,921 20 Net Surplus to be carried forward $2,258,940 16 The promulgation of new accounting methods by the Inter-State Commerce Commission, effective July 1st 1907, affects the results for this fiscal year, as follows: Operating Expenses are Increased by Depreciation Accounts In the amount of • $146,419 51 and in turn are decreased by charging Income Account instead of Operatiag Expenses with debit balances for Car Service to the extent of 111,943 39 Making a Net Increase In the Operating Expenses of $34,476 12 In addition, certain items formerly credited to Miscellaneous Revenues under Gross Earnings are credited direct to Income Account under heading of "Outside Operations," the effect of which is to decrease Gross Earnings $10,197 09 without affecting Surplus Account'. Miles of Road Operated 1,022.74 CAPITAL STOCK. The capital stock issues at the end of the fiscal year remained the same as shown for the previous fiscal year. PASSENGER EARNINGS. 1908. 1907. 1906. Passenger earnings $1,608,164 69 $1,627,492 43 $1,481,174 53 Number of revenue passengers carried 1,613,863 1,456,856 1,235,596 Number of revenue passengers carried one mie 85,341,123 78,035,864 70,100,795 Number of revenue passengers carried one mile per mile of road 83,444 76,639 71,748 Average distance carried 52.88 miles 53.56 miles 56.73 miles Average rate per revenue passenger per mile 1.80 cents 2.02 cents 2.00 cents Earnings per passenger train mile 11.0304 11.0347 $0.9955 FREIGHT EARNINGS. Freight earnings $5,323,931 33 $5,610,732 98 $5,317,236 64 Number of tons revenue freight carried 4,418,135 4,397,462 4,343,279 Number of tons of revenue freight carried one mile 792,278,054 809,246,821 804,040,467 Number of tons of revenue freight carried one mile per mile of road 774,662 794,758 822;935 Average distance hauled 179.32 miles 184.03 miles 185.13 miles Average rate per ton carried_ $1.2050 $1.2759 $1.2242 Average rate per ton per mile .672 cents .693 cents .661 cents Earnings per freight train mile_ $1.95 $2.14 $2.15 Average tons per freight train 308.19 290.23 325.46 Average tons per loaded car.. 16.40 16.37 16.21 OD f During the year 3,881 tons of new steel rails (85 pounds to thetyard) were laid, releasing 3,137 tons of lighter weight. The property and equipment have been well maintained and the expenditures for Main and Branch Lines were: 1908. For•Maintenance of Way and Structures, per mile of road $95431 Repairs per Locomotive 1,695 73 ' Passenger Car 707 49 Freight Car 44 29 1907. $967 91 1.53906 654 10 44 25 EQUIPMENT REPLACEMENT ACCOUNT, Credit Balance June 30 1907 $47,605 25 Value of Equipment destroyed during the year, and credited to this fund $61,696 53 Value of eleven Sleeping Cars sold 42,500 00 Depreciation of Locomotives 38,120 57 Depreciation of Passenger Train Cars 9,000 52 Depreciation of Freight Cars 94,514 91 Depreciation of Work Cars 3,889 84 Total Credits $249,722 37 LessTwo Flat cars re-built during year and charged to this account 313 00 Net addition to this fund during year Total credit June 30 1908 248,409 $7 1297.014 82 ADDITIONS AND BETTERMENTS. The charges to these Accounts during the year amounted to $541,637 28, of which $456,535 84 was provided for by FUNDED DEBT. The following changes in funded debt have occurred during bonds released by the trustees under Section 4, Article 1. of Wisconsin Central Railway First General Mortgage, leaving the year: a balance held subject to reimbursement from further proObligations IssuedSuperior & Duluth Division and Terminal First ceeds of bonds of $85,101 44, shown in detail on ,page 16 of Mortgage Bonds $1,732,000 00 pamphlet report. Dickinson Trust Equipment Bonds 120,000 00 Received from Trustees for Improvements, W. C. fly. First General Mortgage Bonds 795,000 00 ----Total Increase $2,647,000 00 Obligations RetiredMarshfield & Southeastern Division P. M. Mortgage Bonds $6,000 00 (Amount remaining outstanding $411,000) Reserve created in Profit and Loss Account for payment of Series "F" Equipment Trust Bonds of 1902, due July 1 1908 60,000 00 (Amount outstanding not provided for, $235,000 00) Equipment Contracts of 1905 60,690 00 GENERAL REMARKS. The previous Annual Report made mention of the loss of the Company's Minneapolis freight station, and• suggested an increase of the freight facilities in that city. During the past year a reinforced concrete station has been constructed, four stories high, facing on Hennepin Avenue, which is absolutely fireproof and the largest and finest freight terminal in ith. r of the Twin Cities. The work on the Duluth extension is progressing rapidly to completion, the road being finished into Superior and our Total Retired 126,600 00 terminal facilities at that point are practically completed. ----Net Increase in Funded Debt $2,520,310 00 Our contracts for the use of the Lake Superior Terminal & Transfer Company's tracks through the City of Superior and The total Funded Debt June 30 1908 was $34,450,105 00 crossing the Grasse Point Bridge over the Northern Pacific Real Estate Mortgages, $82,500 00, shown in previous re- for tracks have been made, and the tunnel to our Duluth terport, were all paid and discharged during the year.' minals about one-half completed. All of our property at LAND DEPARTMENT. both terminals, Duluth and Superior, has been fully paid for. The gross land sales of the Land Department for the The Company has withstood the business depression excepyear were 2,280.80 acres and two lots for $18,339 95 Less cancellations tionally well. Without cutting expenditure for Maintenance 300 00 $18,030 05 of Way or Equipment, we show` a substantial surplus, and it The average sale price per acre being $7 87 Timber sales amounted to $88,387 51 can be safely said the property is in better physical condition Town lot sales amounted to $400 00 to-day than it was a year ago. The royalties accrued during the year from Iron ore mined from the company's land amounted to In anticipation of the opening of the Duluth line and taking $85,690 38 The gross cash receipts from lands, lots, timber, royalties, deadvantage of the low prices prevailing on account of the ferred payments, Interest on deferred payments, rents, &c., were $234,074 75 panic, the Company has recently purchased ten new engines The expenses of the Land Department,Including taxes and cost and two thousand six hundred and fifty freight cars which, of caring for the property, were $77,985 25 with our other freight equipment, will be ample to dike care The total number of acres remaining in the grant on the 30th of June 1908 was $434,974 81 of the increased mileage. Number of acres under contract of sale $12,572 05 Number of acres unsold --$422,402 78 The land, timber and town lot sales decreased $124,739 39 • Statements and statistics relating to the business of the COMPARISON OF EARNINGS AND EXPENSES OF THE YEARS Company, as well as a balance sheet showing the condition ENDING JUNE 30TH 1907 AND 1908. of the Company at the end of the year, will be found atDecrease In earnings on general freight $270,616 52 Decrease in earnings on iron ore 16,185 13 tached. Reference is made to these for more particular information. Total decrease in freight earnings $286,801 65 Decrease In passenger earnings By order of. the Board of DiNctors. $19,327 74 Increase in mall, express and miscellaneous earnings 36,262 08 Decrease in gross earnings (3.56%) Increase In expenses (8.47 !f)) Decrease in net earnings (23.55%) Increase in taxes Decrease In rentals Decrease In Interest on bonds ., $269,867 31 $400,550 08 $670,417 39 $5,096 25 $29,398 31 i 122,1124 98 W. A. BRADFORD, Wit President. Chicago, October 13 1908. (For statistical tables, see under Annual Reports on a preceding page.] [VOL. LXXXVII. THE CHRONICLE 1101 COTTON. Trinrutertial COMMERCIAL EPITOME. Friday Night, Oct. 23 1908. Slowly but steadily improving conditions are noted in the leading branches of trade on this Continent,with prices well sustained. The export business in wheat and cotton has been large and weather conditions have been more favorable for business over Most of the country. The drought in the winter-wheat sections has been practically broken, crops are bountiful and the outlook is considered promising. Speculation is for the most part in abeyance, a, fact which bears witness to the conservative spirit of the times. LARD on the spot has been moderately active and firmer, owing to a strong market for live hogs and an advance in future quotations. The'offerings have been light. Western 9.85c. and City 9%c. Refined lard has ruled steady, with trade quiet and confined to local jobbers. Refined Continent 10.30c. South America 11.25c. and Brazil in kegs 12.75c. in lard futures at the West has been active at ' speculation advancing prices. Stimulating factors have been strength in live hogs, foreign buying, support from packers and a good investment demand. Selling has been mainly to secure profits. DAILY CLOSING PRICE OF LARD FUTURES IN Mon. Tues. Wed. 881. 9.57% 9.373i 9.35 9.30 9.35 9.10 9.02M 9.10 9.0734 9.1234 9.37 0,00 October delivery January delivery May delivery CHICAGO. Fri. Thurs. 9.50 0.60 9.273,6 9.20 0.3.M 9.25 Friday Night, October 23 1908. THE MOVEMENT OF THE CROP as indicated by our telegrams from the South to-night is given below. For the week ending this evening the total receipts have reached 419,621 bales, against 370,763 bales last week and 343,617 bales the previous week, making the total receipts since the 1st of September 1908, 2,154,454 bales, against 1,564,437 bales for the same period of 1907,showing an increase since Sept. 1 1908 of 590,017 bales. Total. Wed. Thurs. Fri. Mon. Tues. Sat. Receipts at1.7,403 22,538 51,302 23,592 22,480 19,578 150,893 Galveston 6 904 6,004 ---Port Arthur__ _____ 4,694 4,694 Corp.ChIrsti.,&-c. iiiiii 18,664 12-,46. 7,841 b,160 68,708 11,-8:19 New Orleans 2,413 15,734 2,008 839 5,592 3,008 1,874 Mobile 8,000 8,000 Pensacola 871 180 122 569___ ---Jacksonville, &c. 80,691 12:379 12,i5/3 4 2 12,653 14,9 17,063 11,374 Savannah 9 482 9,482 Brunswick -.50 1.468 2 917 14,102 :oi 2,1 2ii 2 Charleston 80 -------80 --_ ---Georgetown ---5,360 3,55-6 5,125 3,875 3,760 3-66 25,055 Wilmington 2,686 3,639 4,935 25,151 3,181 4,374 6,336 Norfolk 114 114 N'port News, &c _ New York 287 50 118 107 ___Boston12 2,755 ---2-X51i ------Baltimore 100 50 50 - _ Philadelphia_ _ ---Tot. this week 53,384 63,145 104,537 58,382 61,612 78,561 419,621 The following shows the week's total receipts, the total PORK on the spot has been steady. Trade has been quiet and confined to local jobbers.• Offerings have been since Sept. 1 1908, and the stocks to-night, compared with light. Mess $16 25@$16 75, clear $20@$22 and family last year: $21@$21 50. Beef has declined, owing to increased receipts fit9ck. 1007. 1908. of cattle at weaker prices and larger offerings of products. Receipts to This Since Sep This Since Sep October 23. Trade has been dull at the decline. Mess $12@$13, packet 1007. 1908. 1 1908. week. 1 1907. week. $13 50©$14 50, family $15 50@$17 and extra India Mess 89,323 156,893 835,830 66,766 399,891 158,674 $24 50@$25. Cut meats have declined, owing to increased Galveston 6,904 6,904 Arthur Supplies and offerings and dulness of trade. Pickled hams Port 2,418 149 8,314 CorpusChristl,&c. 4,694 4@10%c. and New Orleans - - - - 68,708 275,327 58,842 177,323 143,930 153,625 10%@11c., pickled bellies 14©10 lbs. 93 40,179 51,567 60,625 84,311 14,761 15,734 Mobile 2@7c. Tallow has been dull and steady Pensacola pickled shoulders 6Y 10,209 8,000 17,388 871 1,270 419 6,347 at 6@6Yie. for City. Stearines have been weak for oleo Jacksonville, &c_ 80,691 524,8/7 91,378 405,914 150,441 143,033 and steady for lard,with a larger demand for oleo at the Savannah 17,302 9,482 7,028 51,201 '4,618 Brunswick 49,421 28,632 14,102 2 )12c. and lard 12c. Butter has been Charleston 28,622 79,328 76,646 15,637 decline. Oleo 113/ 80 __ 139 quiet and'easier; creamery extras 26®263'c. Cheese has Georgetown 57,079 37,525 Wilmington _ _ _ _ 25,055 146,638 34,723 179,394 29,799 24,252 been quiet and steady; State full cream, small, fancy, 13c.; Norfolk 25,151 110,568 27,147 103,488 169 1,614 114 1,235 large 123c. Eggs dull and easier; Western firsts 233'©25c. NewportNews,&c. 09,867 151,745 54 New York OIL.-Cottonseed has been steady and more active. Boston 4,914 3,424 434 43 1,268 287 3,136 6,885 2,802 6,709 1,227 2,755 Winter yellow 41@44c. Linseed has ruled steady and been Baltimore 7,547 3,352 616 107 100 379 Philadelphia in better demand, dealings of late having included sonic 419,621 2,154,454 315,986 1,564,437 685,567 726,314 Total large lots. City, raw, American seed, 42@43c2, boiled 42c. • and Calcutta raw 70c. Lard has been easier with a small jobbing trade. Prime 73()76e. and No. 1 extra 54©56c. In order that comparison may be made with other years, Olive has been dull and firm on small stocks; yellow 95e.© we give below the totals at leading ports for six seasons: $1 25. Cocoanut has been quiet and steady; Cochin 1903. 1905. I 1904. 1900. 1907. 4e. and Ceylon 6M0,6:Mc. Peanut has been quiet Receipts at- 1908. 7M@73 and steady; yellow 55(00c. Cod in moderate demand Galveston ___ 156,893 66,766 172,991 105,834 109,022 145,364 3,327 1,217 9,906 8,386 149 and steady; domestic 38@40c. and Newfoundland 40@42c. Pt. Arthur, &c 11.598 92,771 47.607, 100,231 58,842 ' 91,703 68,708 New Orleans_ • COFFEE on the spot has been quiet and firm. Rio No. 7, %labile 16,436 14,715 9,991, 9,389 14,761 15,734 64,174 01,005 58,057 88,363 6N@6Hc., and Santos No. 4, 8@)831c. West India Savannah 91,378 80,691 • 7,368 2,560 4,822 0,641 4,618 9,482 Brunswick-.._ growths have ruled steady with a small jobbing trade. Fair jharleston,&e 12,875 6,823 8,623 13,581 15,637 14,182 in speculation future con- WilmIng'n,&c 25,055 34,723 25,701 18,359 20,827 24,215 to good Cucuta 834@pY2c. The 23,200 31,048 22,053 31,392 27,147 25,151 tracts has been more active but prices have weakened under Vorfolk 162 279 169 169 114 N., &c large receipts at the Brazilian ports, selling by Spot interests ‘Pport 8 354 12,539 8,749 8,560 1,796 12.013 All others against purchases in Brazil and liquidation by tired hOlders. 419,621 315,986 454,740 292,460 396,318 308,952 Moreover, the European markets have shown weakness at rota' this wk_ -------times and there has been More or less foreign selling. The Since Sept. 1_ 2,154,454 1,564,437 2,158,482 2,227,7832,047,209 1,079,081 interests. spot local by principal buying has been The closing prices were as follows: The exports for the week ending this evening reach a total 5.100. June 5.10c 5.40c. February October ______ Great Britain, 5.10c. of 238,608 bales, of which 62,974 were to 5.10c. July 5.150. March November 5.10c 5.111c. August 5.15c. April 47,689 to France and 127,945 to the rest of the Continent. December 5.15c: 5.10c. September 5.100. Mr.v January Below are the exports for the week and since Sept. 1 1908. SUGAR.-Raw has been stronger and more active, large !Week ending Oct. 23 1908. 1 Front Sept. 1 1008 to oa. 23 1908. sales having been made to refiners of late. Centrifugal, 96Exported toExported todegrees test, 4.03c.; muscovado, 89-degrees test, 3.53c., , Exports ConttGreat and molasses 89-degrees test, 3.28c. Refined has been irCont4Great i frdmTotal. ',tend. 1BrUaln. Fr'ncel nent. I Total. Birtain. France regular at 4.89©5.10c. for granulated. Spices steady, with a moderate jobbing demand. Teas firm and in good de- Galveston --- 44,8'7336,714 35,302110,949 254,158127,59 231,828 613,578 6,904 6,904 inand for small lots. Wool active and strong. Hops quiet P rt Arthur_ _ __ ____ 6,1)0 6,904 51 51 Crrp.Chrtsti,&c 143,496 26,41 52,792 and steady. 64,2S9 27.346 New Orleans__ 3,548 '7,641 16,157 7,863 24,082 8,287 7,93' PETROLEUM.-Refined has been steady, with an active Mobile 17,903 15,27 --_ 2,628 800 ___ 7,200 8,000 Pensacola demand for domestic and foreign account. Refined, barrels, Fernandina __ -. 3,334 32,401 35,735 31,385 35,67 . 172,190 239,249 8.50c.; bulk 5e. and cases 10.90c. Gasoline has been steady Savannah 24,639 30,985 ____ 12,346 6,304 6,304 and in good demand; 86-degrees, in 100-gallon drums, 19c.; Brunswick 22,154 26,454 _ 4,301 12,154 14,454 4 Charleston 80,782 112,70S ___ 12,806 25,926 drums $8 50 extra. Naphtha, has been moderately active Wilmington----------- 12,890.-_ 3,600 3600 and steady; 73@76-degrees, in 100-gallon drums, 16c.; Norfolk Newport News. -----------------------,580 48,504 89,990 drums $8 50 extra. Spirits of turpentine quiet and easy New York 446 -__ 2,471 29171 3, 2,430 :35,550 __ 2,304; 33,120 at 39©393,6c. Rosin quiet and steady; common to good Boston ---- 21 17,809 22,200 101 4,300 -------- 1,350 1,350 Baltimore 8,698 3,010 ___ 5,688 strained, $ 2 80. 849 450 __ 399 Philadelphia TOBACCO.-Trade in domestic leaf has been quiet. Portland, Me______ _(ifo _(160 1,000 1,000 Francisco_ San 100 100 Some further improvement in the sales of cigars is reported, Seattle -___ --- ---100 100 ,. -___ but as a rule manufacturers show no disposition to abandon Tacoma - --__ ____ ___ ____ __ Ore_ Portland, the policy of buying leaf on a hand-to-mouth scale. They Pembina ___ --- --._ are believed to hold small supplies, however, and if the con- Detroit sumption of cigars continues to expand, a larger demand 62,97447,689127,945'238,608 474,43 203,293 704,9281,382,657 for leaf Is expected. Havana has beeu quiet. Prices steady. Total 52,160 27,033, 58,909.138,102 431,040,122,731 392,923 047,593 1907--. COPPER has been firm and more active; lake 133@ Total 1 1 1 I Lead has been dull 139 te. and electrolytic 13%@1314c. to-night also telegrams our exports, In addition to above and easier at 4 223©4 27Mc. Spelter has been quiet and steady at 4 77%@)4 8234e. Tin has been quiet and firm give us thc following amounts of cotton on shipboard, not at 29 . for Straits. Iron moderately active and steady; No. cleared at the ports named. We add similar figures for 1 Northern 816 50(017 and No. 2 Southern$16 75@$17 25. New York. THE CHRONICLE OUT. 24 1908.1 On Shipboard, Not Cleared forCoast.Ger- Other many. Foreign wise. Great October 23 at- Britain. France Total. Leaving Stocic 1105 FUTURES.-The highest, lowest and closing prices at New York the past week have been as follows: g New Orleans_ _ Galveston _ _ _ _ _ Savannah Charleston_ _ _ _ Mdbile Norfolk New York_ _ _ _ Other ports__ _ 9,543 13,914 14,595 5,526 40,296 14,036 41,663 16,401 3,592 15,472 _ 1,:too -666 3,1166 6,000 1,000 18,000 2,700 5,000 8,000 7,800 12,500 2,000 15,000 3,500 4,000 43,578 115,096 24,064 8,000 18,800 18,500 7,400 37,000 Total 1908_ _ 74,422 31,879 83,969 55,968 28,200 272,438 79,732 32,073 62,829 32,005 30,535 237,174 Total 1907... Total 1906_ _ 117,013 65,185 89,292 51,135 39,925 362,550 100,352 43,578 126,377 20,622 32,787 5,752 62,467 21,214 413,129 489,140 499,211 Speculation in cotton for future delivery has been more active,, at some advance in price. The rise was predicated largely on considerations affecting the legitimate trade. That is to say, it is traceable not only to more active and stronger spot markets at the South,.at least so far as most grades are concerned, but also to large Sales of print cloths at Fall River, something which is taken as the herald of better times in the cotton-manufacturing business of this country. Meantime, powerful speculative interests in and out of Wall Street have taken up bull speculation. Some of those who have been foremost in historic speculative campaigns in the past- are now supposed to be buying cotton for a rise, if with more caution than they showed in the excitement of other. years. Some large spot interests, too, have been buying December and January while selling March, May and July. Wall Street, people, have been buying January, March and May, and of late New Orleans shorts have covered here on quite a liberal scale. As to the Southern hedge selling which is a necessary part of the trading at this time of the year, it has had of late far less than the usual effect. Ordinarily it has a tendency to depress prices, beacuse it is continuous and persistent, whereas speculative buying may be more or less spasmedic. But those who incline to the view that an advance in prices is in prospect maintain that not only is there ti, better demand for the actual cotton and for the manufactured product, but that the price of the raw material is so low that it discounts anything of a bearish nature in the general situation'. The bearish facters are considered to be the large receipts', both at the ports and the interior towns, the rapidity with which visible supplies are increasing, the fact that the Lancashire strike has not yet been settled, the comparative quietness of trade in some branches of the Cotton goods business, the favorable weather at the South, and the lack of any broad, general outside speculation in cotton. Moreover, the speculation being, after all, so comparatively narrow and professional, fluctuations are somewhat erratic, moderate advances being succeeded by reactions of the same scope,and on the whole, whatever strength may be claimed for the general situation, the net advance for the week is comparatively small. To-day prices,after advancing for a time,receeded under heavy realizing, coincident with a big movenient into sight, while the Census Bureau's report of the ginning on Monday is expected to be bearish. Spot cotton here has been quiet. Middling uplands closed at 9.40c.,. an advance for the week of 10 points. The rates on and off middling, as established Sept. 11 1907 by the Revision Committee, at which grades other than middling may be delivered on contract, are as.follows: Fair e_1.75 on Strict mid. fair_ -1.50 on Middling fair 1.25 on Strict good mid _ _ _0.75 on Good tniddling- 0.50 on Strict middling__ _0.25 on Middling c Basis strict low mid 0.30 off Low middling ___-1.00 off Strict good ord____1.62 off Good ordinary_ _2.50 oft Strict g d mid.tid_0.30 on Good mid. ting'd c_ Even Strict mid.tinged _ _0.20 off Middling tinged ... _0.30 if Strict low mid. ting.1.00 if Low mad.tinged___2.25 if Middling stained _1.00 off The official quotation for middling upland cotton in the New York market each day for the past week has been: Oct. 17 to Oct. 23Middling uplands , Sat. 9.30 Mon 9.20 Tues. 9.25 Wed. Thurs. 9.10 9.30 Fri. 9.40 NEW YORK QUOTATIONS FOR 32 YEARS. The quotations for middling upland' at Now York on Oct. 23 for each of the past 32 years have been as follows: .98_c 9.1011900_c 11.30 1890 1907 1900 11.15 1898 1906 10.50 1897 1904 . 1806 1903 10.10 1895 1902-- --- 8.70 181)4 8.38 1893 1001 9.44 7.31 5.44 6.12 8.00 8.62 5-.94 8.38 8.38 1892 1891-------8.44 10.25 1890 10.50 1889 9.75 1888 9.62 1887 9.25 1886 9.81 1885 1884..c 1883 1882 1881 1880 1879 1878 1877 9.88 10.56 10.88 11.50 11.19 11.38 9.75 11.38 MARKET AND SALES AT NEW YORK. The total sales of cotton on the spot each day during the week at New York are indicated in the following statement. For the convenience of the reader we also add columns which show at a glance how the market for spot and futures Closed on same days. Spot Market Closed. Saturday__ Quiet Monday_ _ _ Quiet 10 pts dec-.- Tuesday _ _ Quiet 5 pts adv - - - Wetines :ay Quiet 5 pts adv Thursaay _ Quiet 10 pts adv iQuiet Friday_ Total Futures Market Closed. Very steady_ Steady Very steady Steady Wry steady. Easy Sales of Spot and Contract. Con- ConExport sunen. tract. 100 300 Total. -166 --gio ____ 300 100 200 100 850 150, 700 ---'--650. 000 1,550 1 tv , 5,) 1 A ow• oz2ozz-tc - -4jgc4i,towanzgowFoeciwF'ow, , 02olgto ,,oPIE7PloP167FmoPP6P16P.16P18.m1 ao ao ,n am aolaolno 011.1,n ,1 A AI A mo A ao A mo 0A n' n vO 6, 1° 70 01° n n II II ww o-L 1® WM II 1® 1® H I I I I 1 i 1® I@ TO 00 00 I I@ mm I I I@ I@ I 1 1 I@ I@ II mm 1 I@ ool 6i.., WN .(0 I 6 00 MM 21 mM 001 1 1 6.m 000 o l 1 mm 1 I mm m1 ii: 14'4 0000 bb .F..c Fcw 00 00 0000 A•o7=. mt. C.., -6 ,....cso I@ I@ I@ MM M WM oP.4 001 N 66 W.../ . I WM 0, I ene... 0000 II 11 I® deo, 00 0., I IO .A.c, g I OO wee cow mt cp 00 cam I® I®Ts1(0 in mt. .eO OM MW 0a :1. WO 1(0 WM 1.1 CO0 00-0 WM WM .1 CO WM CO 0000 1(0 1(11 000000 *gi II II I. I. I . F 11 COCO I® I® I® I® I@ I® !® 1. 11 11 It 11 11 .00 00 WM MA 1, I® It CO 00 * I O'g a, .,. in 1 ., ... 1 I co oo mm I.e 10 co • 00 000* co m CO WW MM :I I eLto 00 MM I® I@ 00 mm 00 1 00004 0 00 le oo MCA I@ 100 0001000 00 MW MOD WO OW 1 (0 fl WM MW WM OM -000 0* NM I@ I MW CO WM II II I T, II II II ...1II 000000 .1 " mi.. Cow e.A en .P..o Ie 10) (?)@ woo I I 0 I 'Ci''(11 .,..., 0?:. ki .. g- t (0"... i l. s 00 00 1 63 CC cm 66 .., .. :.... F. -. 2.-4 ..t ... ,_.,_. 0. ;4.6 m.... IItil;?*; II mm In On 00 -4!. 1* ... .. .. .. le@ 1 Ca II moo ZO ;c I® 7Z kg, .. 1-'4. ki) .. 1(0. 1,6 .. I® I® 'r°0 .. ... W 1, 0 moo I A.p. tn.., .. ..r.„. 1 .. II 1 1 .. :i.e. ." I 1(0 0000 oo I moo g 1 I Mm WW bo' m 1qD . .o.i.3 ....m I® 001 9°F° Co mm 00 r.N`,;)0000 F;p 90 co mm 14D cC 950° op I WW CO :ro ® I® MC ?'00 meo ON OW I m 00 03C 1 oo 00 fl I @ 00 0,1 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 frena the United States, including in it the exports of Friday only. October 23Stock at Liverpool Stock at London Stock at Manchester 1908. bales. 374,000 16,000 22,000 Total Great Britain stock Stock at Hamburg Stock at Bremen Stock at Antwerp Stock at Havre Stock at Marseilles Stock at Barcelona Stock at Genoa Stock at Trieste Total Continental stocks Total European stocks India cotton afloat for Europe_ _ _ American cotton afloat for Europe Egypt.Brazil,&c.,afloat for Europe Stock In Alexandria, Egypt Stock In Bombay,India Stock In U. S. ports Stock In U. S. Interior town;_ __ _ U.S. exports to-day 1907. 568,000 21,000 37,000 1908. 251,000 16,000 21,000 1905. 661,000 21,000 33,000 412,000 20,000 114,000 626 000 18,000 129,000 288,000 22 000 85,000 715.009 17,000 199,000 70,000 4,000 13,000 14 000 10,000 102,000 . 4,000 11,000 18,000 34,000 70,000 4,000 4,000, 32,000 1,000 67,000 3,000 3,000 14,000 2,000 245,000 316 000 218,000 657,000 41,000 746,005 27,000 102,000 178,000 685,567 550,558 45.117 942,000 73,000 414,765 54,000 104,000, 327,000 726,314, 362,728 30,320 506,000 1,020,060 49,000 68,000 106,170 599,000 50,000 63.000 86,000 106,000 390,000 378 000 943,227 8e.1,761 456,802 340,277 34,471 63,146 305,000 Total visible supply 3,032,245 3,034,127 3,016,679 3,664,175 Of the above, totals of American and other descriptions are as follows: A nierican- , 580,0r0 Liverpool stocks 472,000 184,000 bales. 260,000 29,000 17,000 Manchester stock 17,000 30.000 2700.6)0 Continental stocks 222,000 161,000 184,000 666,170 591,000 American afloat for Europe 746,095 414,765 685,567 943,227 U.S. port stocks 726,314 861,761 340,277 456,802 U.S. Interior stocks 550,556 326,728 30,320 34,471 63,148 U.S.exports to-day 45,117 Total American East Indian, Brazil, &c.Liverpool stock London stock Manchester stock Continental stock_ India afloat for Europe Egypt, Brazil, &c., afloat Stuck In Alexandria, Egypt Stock In Bombay, India 2,494,245 2,257,127 2,264,679 2,942,175 Total East India, &c . Total AlnerIcan 752,000 722,000 538,000 777,000 2,494,245 2,257,127 2,264,679 2,942,175 108,000 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 81.000 21,000 3,000 35,000 68,000 50,000 86,000 378,000 Total visible supply 3,032.245 3,034,127 3,016,679 3,664,175 Middling Upland, Liverpool 5.04d. 6 19d. 6.12d. 5.71d. Middling Upland, New York 10.65c. 9.40c. 10.95e. 10.65c. Egypt, Good Brown, Liverpool__ 8%d.10 11-16d. 105.id. 8 7-16d. Peruvian Rough Good, Liverpool 9.00d. 8.50d. 8.15d. 12.00d. Broach, Fine, Liverpool 4 13-16d. 5%d. 5.4d. 5 9-16d. Tinnevelly, Good. Liverpool 5%d. 4 11-16d- 5 9-16d. 5%.cl. Continental imports for the past week have been 127,000 bales. The above figures for 1908 show an increase over last week of 314,953 bales, a loss of 1,872 bales from 1907, a gain of 20,566 bales over 1906, and a loss of 626,930 bales from 1905. 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. Receipts. Week. Shipments. Season. 1 Week; 0 c eq r... e9 o n hhC.4.00000MCCCCONOVOMM.09=0.-.1CIONONMO ,4 OCNNC00 , 1.000,104NCOOChCONMCChi#' '00900000 00 n 002 1 2-4C !' 12?"."1021 . 0 . coo1"."" 4)1.4. ..0,6 . NriC 1409 01M00VNNI.41.40 1. 1 00 1 . 4)00000 0; ,-4 ,-4 74 et. C hh.0.000h, , 00, ...4. 104 rhOh4000 , 10, 1,-.N.1.000.4.00000000Ch -400000000000,11 00109.04,44.-o0)4)t.4)04.0 NO,-,P000h, , C n ctscocont.oqrco .celo .c.i.vn .eqsm.lcoot.In . .r.A.,to CO no40.O4n.coo'll.dooadeid.cqdnoc. . ....-.1. .on 0.3 . ..00.o6-o.cn00onnoomm..00o00om.nomo0 mn .no.00000pow.00no,,ronot..n..Noconoco no c..,̀.0 . 0 .0 ...cla":1"ctSSalwAvm"..q.1c'" '4'-1 vinvvn..1.44 C009 04.,-4h 0074 .4 09 . n m.4n,r S 7-4 on at cc .1 09 Closing Quotations for Middling Cotton onWeek ending October 23. tn& . Vign 4 , 49 .; Z 4 SeaSon ' rl oNo.v.Nomocnct..mccon000NOvionocomoNoc n000r.co, p.oNncnco.t, .omovinmonom.ocqo mo 1 o c000AS0900."!0.'" -, 1°°..."'IncDgc"1".0Dvo000. m' ,movt..i.eiMe‘i.o . a.n.000cvion.ir.n.rroNnoor.oc., .t ,4h.I.NC,40)M0)090),4 09..40.10409,,,-4,44 09 h .1. 0./co 1-1 '-' • L. • ' ncsinci.00Nmocn.00ccoovrontrooncom000no-n 4 coor...1.c00NNI,n.o0400nvoo.c000.,r0000co n. 01.lml: 00 . 0.014)0909 ll4) .c. 0'.. .4oc...co.00ct7cn.tn .4p00vcvnvvev co..44 {'1t0)4000 '.4 ' 9 01 m o .4. "4 • 1-1 C'J , t LI .5 0 0 CI '4›; cd 04 03 . g g. -*...... =-42 M Id V=n 0 cS" g E.4 ›: CC; ii gfi .fil: "4 z.,$.20 0 5 81,2g tzl 14 g -,.. _74 .6. . -g ,1.)..:- . g. . ..4- 8d ->,..,,y. .48.iiE.F.I. 6 .... 9 2 .. . , rZ el 6d. .4. m•gt.,54 :.-4- , - .=a4.vcdt2 °I,1.1.0.".„2 i ,g ,,,,tEic.g,.=0=7 a 4VE.v.000g080.0..T12Q 00-15-40.74.10.,t1o2e.0_00,...4300o, c=mtx).1*.40,,,000z>›4(fizoozmogaxxa .cg The above totals show that the interior stocks have increased during the week 96,830 bales and are to-night 187,828 bales more than at the same time last year. The receipt at all the towns have been 132,774 bales more than the same week last year. OVERLANDAMOVEMENT FOR THE WEEK AND SINCE SEPT. 1.-We give below a statement showing the overland movement for the week and since Sept. 1, as made up from telegraphic reports Friday night. The results for the week and since Sept. 1 in the last two years are as follows: ---1908---Since Week. Sept. 1. 17,927 50,260 16,810 39,033 50 775 3,318 11,241 1,954 6,915 3,846 10,491 2,841 10,910 October 23ShippedVia St. Louis Via Cairo Via Rock Island Via Louisville Via Cincinnati Via Virginia points Via other routes, &c Total gross overland Deduct shipmentsOverland to N. Y., Boston, &c Between interior towns , Inland, &e., from South 46,746 129,625 3,142 217 597 8,410 3,150 5,688 Total to be deducted Leaving total net overland a ------1907Since Week. Sept. 1. 10,959 27,244 4,721 12,624 239 495 1,928 7,954 1,193 3,394 2,610 5,768 3,697 11,016 25,347 68,495 1,377 • 261 1,694 3,852 958 12,586 3,956 17,248 3,332 17,396 42,790 112,377 22,015 51,099 a Including movement by rail to Canada. The foregoing shows the week's net overland movement has been 42,790 bales, against 22,015 bales for the week last year, and that for the season to date the aggregate net overland exhibits an excess over a year ago of 61,278 bales. in Sight adn Spinners' Takings. Receipts at ports to Oct. 23 Net overland to Oct. 23 Southern consumption to Oct. 23 1908 Since Week. Sept. 1. 419,623 2,154,454 112,377 42,790 43,000 306,000 1907 Since Week. Sept. 1. 315,986 1,564,437 22,015 51,099 49,000 385,000 Total marketed Interior stocks in excess 505,411 2,572,831 96,830 435,361 387,001 2,000,536 69,798 282,145 Came into sight during week 602,241 3,008,192 Total in sight Oct. 23 North'n spinn's takings to Oct. 23--107,540 382,065 456,799 46,325 2,282,681 215 180 Movement into sight in previous years: Week1906-Oct. 26 1905-Oct. 27 1904-Oct. 28 1903-Oct. 30 1902-Oct. 31 Bales. 576,453 411,734 535,261 521,047 443,591 Since Sept 11906-Oct. 26 1905-Oct. 27 1904-Oct. 28 1903-Oct. 30 1902-Oct. 31 Bales. 2,857,835 2,998,451 3,493,507 2,644,353 3,217,573 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. Sarday. Monday. Tuesday. Wed'day. Thursd'y. Friday. Galveston New Orleans__ Mobile Savannah Charleston Wilmington Norfolk Boston Baltimore Philadlephia Augusta Memphis St. Louis Houston Little Rock 93-16 8 15-16 83 8 13-16 8% 8% 9% 9.30 9% 9.55 9 9 9 91.16 8% 9 8 15-16 8% 8% 8% 8% 9 9.30 93 9.45 8% 9 '9 9 83' 9 8 15-16 8% 84 8% 8% 9 9.20 93 9.50 8% 9 9 9 83's 9 9 8 15-16 8 15-16 8% 8 13-16 8% 8 13-16 811.16 8% 8 13-18 8% 91.16 93 9.25 9.30 93i 93-i 9.55 9.65 815-16 9 "9 1-16 9 •9 9 9 9 83 83-i 9 9 8% 8% 8%, 8 13-16 9% 9.40 93-I 9.65 9% 9 1-16 9 9 83-c 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: conoomoom.cvmoon,ro.ovnoncotqconoNoNo o 4; Q0 00 0=C .4 0c010cc0 h 000 C 'd .C10C " 04I . CM'IN S NaOtC°°.CC".'10". , " a 'h°"°- C° ' .co OctobervoNvir.04.t. Th. na.n.t . :n d 0009 . n c ...... m co n Range tDI w4 • Closing noonN.c,,,gonc.novonnont.ccon0000-oomo o Novemberi C),4 2743g28==3028Ir0!=-4".1'0Q'" ' Range .t..ocnoo.cooneqn. 4, CO .44109004..40)^h 1401-1,.. er Clc sing e-I Week' I Movement to October 23 1908. Movement to October 25 1907. mcocqn000ccor.o./o.lonomNoroctooNtoN .c.,00.toop.no.mmon..covot...ov.ccoNcono.. 10000.4.0010 .400CC.-4 mlocoocqn .n . .ocoo .c .00 .clq ,... 000 ,,,,,4,,eq.o5 . 14 ui3O ,.4,.4 .. ..4. CO . .... ti l. [VOL. Lxxxvn. TIIE CHRONICLE 1106 DecemberRange • Closing January• Range Cl sing FebruaryRange Closing MarchRange Closing AprilRange Closing MayRange Closing JuneRange Closing Jun/Range Closing ToneSpot Options , I Sarday, Monday, Tuesday, Wed'day, Thurscry, Friday, 1 Oct. 17. Oct. 19. Oct. 20. Oct, 21. Oct. 22. Oct. 23. 8.92-.96 8.78-.85 8.80-.86 8.82-.87 8.90-.91 8.90-.99 8.90-.93 '8.82 - 8.84-.88 8.83-.86 8.89-.90 8.89 ___ ® --r- ® _ _ ® _ ___ ® _ -@8.76-.78 8.66-.69 8.69-.72 8.70-.75 8.79.-.2 8.72-.76 . 8.63-.72 8.50-.60 8.52-.60 8.57-.66 8.64-.73 8.66,78 • 8.66-.67 8.56-.57 8.58-.59 8.62-.63 8.69'-.70 8.66,67 , 8.54-.64 8.44-.53 8.45-.53 8.51-.59 8.58-.68 8.61-.75 • 8.59-.60 8.49-.50 8.51-.52 8.55-.56 8.65-.66 ' 8.62-.63 • _ ® _ ___•® _ _ ® _ _ ® ___ 8.57-.59 8.47-..50 8.50-.53 8.54-.57 8.64-.67 8.60-.62 I' 8.52-.61 8.43-.51 8.45-.53 8.52-.58 8.58-.67 8.60-.13 8.58-.59 8.48-.49 8.51-.52 8.55-.56 8.65-.66 8.61-.62 _ ® _ _ ® ___Th __ ® ___ _ ® ___ _ ® _ - ® • • 8.63-.68 8.63-.66 8.44-.54 8.45-.53 8.51-.57 8.60-.66 8.62-.72 8.59-.60 8.50 - 8.51-.53 8.54-.55 8.65-.55 8.62-.63 _ ® L_ _ ® _ _ ® _ _ ® _ _ ® _ - @ _ 8.64-.67 ___ ® _ _ ® ____ ___ ® _ _ ® _ 8.61..67 8.71-.75 8.64-.67 8.63-.65 Steady. Steady. Easy. Quiet. Quiet. Steady. V'y sty Steady. B'ly st'y Steady. Steady. Steady. WEATHER REPORTS BY TELEGRAPH.-Our telegraphic reports from the South this evening indicate that the weather has been satisfactory over much of the area during the week. Rain has been quite general in Texas, with the precipitation • rather heavy at a few points, and at the close of the week wet weather was reported in some North Atlantic sections. Over the remainder of the belt, however, dry weather has been quite the rule. Conditions have, consequently, on the whole favored the rapid gathering and marketing of the crop. From Mobile we are advised that picking is nearing completion in some sections, and Montgomery reports a tendency of farmers to hold for higher prices. Galveston, Texas.-There has been rain on two days of the past week, the rainfall reaching sixteen hundredths of an inch. The thermometer has averaged 70, ranging from 60 to 80. Abilene, Texas.-Rain has fallen heavily on four days of the week, the, rainfall being five inches and forty-eight hundredths. The thermometer has ranged from 38 to 88, averaging 63. Brenham, Texas.-It has rained to the extent of two inched and sixty-four hundredths on five days of the week. Average thermometer 69, highest 88, lowest 50. Corpus Christi, Texas.-Rain has fallen on one day during the week, the precipitation being six hundredths of an inch. The thermometer has averaged 69, the highest being 82 and the lowest 56. Cuero, Texas.-There has been rain on one day of the past week, the rainfall reaching forty-two hundredths of an inch. Thermometer has averaged 72, ranging from 52 to 92. Dallas, Texas.-We have had rain on two days during the week, the rainfall reaching two inches and forty-three hundredths. The tIKrmometer has ranged from 43 to 92, averaging 68. Fort Worth, Texas.-It has rained to the extent of four inches and thirty-four hundredths on four days of the week. Average thermometer 65, highest 88, lowest 42. Henrietta, Texas.-There has been rain on two days the past week, the rainfall being seven hundredths of an inch. The thermometer has averaged 72, the highest being 95 and the lowest 49. Huntsville Texas.-It has rained heavily on two days the the rainfall being two inches and' thirty-five past week,' hundredths. The thermometer has averaged 66, ranging from 48 to 83. Kerrville, Texas.-There has been rain on two days of the past week and the rainfall has been one inch and fifteen hundredths. Thermometer has ranged from 41 to 92, • averaging 67. Lampasas, Texas.-There has been rain on four days during the week, the precipitation being two inches and five hundredths. Average thermometer 69, highest 92 and lowest 45. OCT. 24 1908.1 THE CHRONICLE 1107 Longview, Texas.-There has been rain on one day of the Augusta, Georgia.-We have had rain on one day during week, the precipitation reaching four hundredths of an inch. the week, the precipitation being thirteen hundredths of an The thermometer has averaged 71, the highest being 86 and inch. The thermometer has averaged 66, the highest being • the lowest 56. 85 and the lowest 47. Luling, Texas.-The week's rainfall has reached thirty-nine Savannah, Georgia.-We have had no rain the past week. hundredths of an inch, on three days. The thermometer has Average thermometer 66, highest 82, lowest 54. averaged 60, ranging from 49 to 90. Charleston, South Carolina.-We have had rain on one Nacogdoches, Texas.-Rain has fallen on one day of the day of the week, the rainfall reaching one hundredth of an week, the rainfall being twelve hundredths of an inch. inch. The thermometer has averaged 68, the highest being The thermometer has ranged from 55 to 85, averaging 70. 82 and the lowest 54. Palestine, Texas.-There has been light rain on five days Greenwood, South Carolina.-There has been no rain the during thetuweek, the precipitation being one inch and past week. The thermometer has averaged 66, ranging from hundredths. thirteen Average thermometer 65, highest 84 49 to 83. and lowest 46. ' WORLD'S SUPPLY AND TAKINGS OF COTTON.Paris, Texas.-It has rained on two days during the week, to the extent of one inch and thirty-one hundredths. The The following brief but comprehensive statement iridicates thermometer has averaged 66, the highest being 88 and the at a glance the world's supply of cotton for the week and since Sept. 1, for thelast two seasons, from all sources from which lowest 44. San Antonio, Texas.-There has been rain on one day of statistics are obtainable, also the takings, or amounts gone the past week, the rainfall reaching fifty-two hundredths of out of sight, for the like period. an inch. The thermometer has averaged 69, ranging from Cotton Takings. 1908. 1907. 48 to 90. Week and Season. Weatherford, Texas.-There has been rain on four days Week. Week. Season. Season. of the past week, and the rainfall has been two inches and Visible Oct. 16 2,722,292 2,806,584 forty-four .hundredths. Thermometer has ranged from 41 Visible supply supply Sept. 1 2,291,844 1,714,982 Americanin sight to Oct. 23 __ - - 602,241 3,008,192 456,799 2,282,681 to 87, averaging 64. Bombay receipts to Oct. 22_ _ _ _ 7,000 43,000 12,000 61,000 Taylor, Texas.-It has rained on three days of the week, Other India ship'ts to Oct. 22_ _ 3,000 50,000 38,000 10,000 Alexandria receipts to Oct. 21__ 83,000 32000 176,000 51,000 the preci pi tation being eighty-eight hundredths of an inch. Other supply to Oct. 21 * 37,000 7,000 53,000 8,000 Average thermometer 68, highest.90 and lowest 46. Total supply 3,373,533 4,936,174 3,344,383 4,002,525 Memphis Tennessee.-Weather and labor conditions all Deductthat could ' be' desired. The gathering and marketing of the 3,032,245 3,032,245 3;034,127 3,034,127 crop are progressing actively. We have had no rain since Vlsiblestipply Oct. 23_ September 28th. The thermometer has averaged 71.1, the Total takings to Oct. 23 341,288 1,903,929 310,256 1,868,398 Of which American 285,288 1,490,929 222 256 1,361,398 highest being 85.8 and the lowest 57.8. Of which other 56,000 413,000 88,000 507,000 Nashville, Tennessee.-There has been only a trace of rain the past week. The thermometer has ranged from 52 to * Embraces receipts In Europe from Brazil, Smyrna, West Indies, doe. 84, averaging 68. INDIA COTTON MOVEMENT FROM ALL PORTS. Charlotte, North Carolina.-There has been rain on one day of the past week, the precipitation reaching one inch October 22 1907, 1908. 1906. and nineteen hundredths. The thermometer has averaged 62, ranging from 46 to 82. Since Since Receipts at1Since Week. Sept. 1. Week. Sept. 1. Week. Sept. 1. Raleigh, North Carolina.-We have had rain on one day of the past week, the rainfall being fifty-four hundredths of an. Bombay 43,000 12,000 61,000 14,000 7,000 50,000 inch. The thermometer has ranged from 44 to 84, averaging 64. For the Week. Since September 1. Alexandria, Louisiana.-There has been rain on one day Exports from during the week, the rainfall being fifteen hundredths of an Great ContiGreat ContiBritain. neat. Total. Britain. neat. Total. inch. The thermometer has averaged 69, the highest being 85 and the lowest 53. Bombay1908 Shreveport, Louisiana.-There has been a trace of rain on 43,000 43,000 1907 2,000 2,000 72,000 72,000 three days during the week. The thermometer has ranged 1906 1,000 19,000 20,000 2,000 82,000 84,000 Caleuttafrom 56 to 83, averaging 69. Al 08 1,000 1.000 1,000 6,000 7,000 New Orleans, Louisiana.-There has been rain on one 1907 1,000 5,000 6,000 1906 1.000 1-,665 day the past week to the extent of seventeen hundredths of 4,000 4,000 an inch. The thermometer has averaged 72, the highest Madras 1908 1,000 5,000 8,000 1907 1,000 4-,666 5-,566 being 84 and the lowest 61. 1,000 7,000 8,000 1906 1,000 L000 4,000 4,000 Columbus, Mississippi.-It has been dry all the week. All others1908 2,000 2,000 35,000 2,000 37,000 Average thermometer 65, highest 89 and lowest 40. 1907 5,000 5,000 21,000 3,000 24,000 Meridian, Mississippi.-There has been no rain the 1906 2,000 2,000 1,000 25,000 26,000 past week. The thermometer has ranged from 49 to 85, Total allaveraging 67. 1908 3,000 3,000 4,000 89,000 93,000 1907 1,000 11,000 12,000 Vicksburg, Mississippi.-We have had only a trace of 5,000 105,000 110,000 1906 1,000 23,000 24,000 3,000 115.000 118.000 rain the past week. Average thermometer 71, highest 85, lowest 64. Eldorado, Arkansas.-There has been rain on two days ALEXANDRIA RECEIPTS AND SHIPMENTS. of the week, the precipitation being twenty-six hundredths Alexandria, Egypt, of an inch. The thermometer has averaged 70, the highest October 21. 1908. 1907. 1008. being 85 and the lowest 56. Helena, Arkansas.-Picking is progressing finely and Receipts (cantars)This week 240,000 350,000 380,000 cotton is coming in rapidly. Dry weather has prevailed Since Sept. 1 624,150 1,319,806 1,243,243 since the 28th of September. The thermometer has ranged from 49 to 83, averaging 66.4. Little Rock, Arkansas.-We have had only a trace of This Since This Since This Since week. Sept. 1. week. Sept. 1. week. Sept. 1. rain the past week. Average thermometer 68, highest 82 Export (bales)and lowest 55. To Liverpool 2,500 9,7491 8,750 33,127 9,000 38,675 To Manchester Mobile, Alabama.-Weather clear in the interior during 6,081 1 6,750 24,986 7,750 21,877 To Continent 4,500 26,987, 7,750 32,570 7,000 33,538 the week. Cotton picking has progressed very well and is To America 800 2,7981 800 2,916 750 2,590 nearing completion in some sections. No rain here. AverTotal exports 7,800 45,615 24,050 93,599 24,500 96,680 age thermometer 70, highest 86, lowest 54. Montgomery, Alabama.-Farmers are beginning to hold Note.-A cantar is 99 lbs Egyptian bales weigh about 750 lbs. cotton at home, being unwilling to sell at present prices. MANCHESTER MARKET.-Our report received by The crop in this vicinity is shorter than expected, but demand is light. There has been no rain during the week, cable to-night from Manchester states that the market conexcept a light sprinkle to-day. The thermometer has tinues quiet for both yarns and shirtings. The demand for both home trade and foreign markets•is poor. We give averaged 60, the highest being 84 and the lowest 46. Selma, Alabama.-There has been no rain during the week. the prices for to-day below and leave those for previous weeks of this and last year for comparison . The thermometer has ranged from 47 to 81, averaging 64. Ardmore, Oklahoma.-It has rained on one day of the 1908. 1907. week, the precipitation being one inch and ninety hundredths. Average thermometer 63, highest 88, lowest 38. 84 lbs. Shirt- Corn 83 lbs. Shirt- Coin 32s Cop 32s Cop ing*, common Mid. in,gs. common MI'd. Madison, Florida.-It has rained on one day during the finest. Twist. Uprs to Twist. to finest. UN's week, the precipitation being inappreciable. The thers. d. d. d. mometer has averaged 72, the highest being 88 and.the s. d. d. d. s. d. d, 9. d. Sep. lowest 56. 5.47 10X ® 12% 67 @,10 4 11 715-16(4 9 4 10 ®8 0 7.10 5.54 10% a 12k 66 010 3 Tallahassee, Florida.-We have had no rain during the 18 8 031 9 4 10% a8 8.91 5.33 26 © 10 1/-1853 123i 65 ®10 2 8 4% 9% 5 1 's 6.60 week. The thermometer has ranged from 49 to 84, aver- Oct. aging 67. 2 8% @ 9% 5 1300 4% 5.13 103:41(14 11% 64 ®10 1 8.53 9 8 11-18Q 9% 5 1% ®8 4% 4.96 10 946® 11% 64 010 0 6.52 IkAtlanta, Georgia.-We have had rain , on one day of the 18 4.99 10,9-1653 11% 63 @)10 0 8 11-18 © 9% 5 1%(§8 6 8.54 week, the rainfall being three hundredths of an inch. Aver- 23 8%53 9g 5 1 (§8 6 5.04 10 7-1853 11% 62 ®10 0 8.19 age thermometer 67, highest 82,lowest 52. [Vol- Lxxxvii. THE CHRONICLE 1108 The prices of futures at Liverpool for each day are given SHIPPING NEWS.-As shown on a previous page, the exports of cotton from the United States the past week have below. Prices are on the basis of upland, good or ordinary reached 238.608 bales. The shipments in detail, as made clause, unless otherwise stated. The prices are given in pence and 100ths. Thus: 4 77 means 4 77-100d. up from mail and telegraphic returns, are af sollows: Total bales. • NEW YORK-To London-Oct. 17-Mihnehaha, 446 446 To Bremen-Oct. 21-Friedrich, 300 300 16-Zeeland, 1,650 To Antwerp-Oct. 1,650 To Bombay-Oct. 20-Oceania, 50_ 50 To Naples-Oct. 21-Carpathia, 200; San Giovanni, 200 400 To Flume-Oct. 21-Carpathla, 71 71 GALVESTON-To Liverpool-Oct. 16-Dictator, 6,663_ _- _Oct. 17-Barbadian, 7,310_ _ _ _Oct. 21-Iowa, 20,820 34,793 To Manchester-Oct. 22-Maria de Lardnaga, 10,080 10,080 To Havre-Oct. 17-Eyedlda, 9,711; Magician, 12,957 Oct. 20-Monadnock, 14,046 36,714 To Bromen-Oct. 17-Hannover,9,786_ _ _ _ Oct. 21-Stanfield, 6,192 15,978 2,051 To Hamburg-Oct. 20-Golden Cross, 200; Gordonia, 1,851 To Antwerp-Oct. 20-PenrIth Castle, 3,606 3,606 To Barcelona-Oct. 17-Auguste, 3,461_ _ _ _Oct. 20-Dora Baltic, 1,417 4,878 To Genoa-Oct. 20-Dora Baltea, 8,849 8,849 6,904 PORT ARTHUR-To Bremen-Oct. 22-Holmeside, 6,904 NEW ORLEANS-To Liverpool-Oct. 21-Tampican, 3,548- 3,548 7,641 To Havre-Oct. 20-Bordeaux, 7,641 6,702 To Bremen-Oct. 21-Michigan, 6,702 To Antwerp-Oct. 21-Michigan, 2,030_ __ _Oct. 23-Kun'achee, 500 2,530 300 To Hamburg-Oct. 2-Virginia, 300 25 To R tterdam-Oct. 23-Stagpool, 25 To Oporto-Oct, 16-Pio IX, 1,400 1,400 To Barcelona-Oct. 16-Plo IX, 5,200 5,200 800 PENSACOLA-To Liverpool-Oct. 21-E. 0. Saltmarsh, 800_ _ 7,200 To Bremen-Oct. 22-E. 0. Saltmarsh, 7,200 3,334 SAVANNAH-To Havre-Oct. 21-Imogen, 3,334 To Bremen-Oct. 17-Irmingard, 11,125_ _ __Oct. 21-Den of 18,250 Kelly, 500; Imogen, 6,625 2,072 To Hamburg-Oct. 21-Den of Kelly, 2,072 To Barcelona-Oct. 21-Lodovica, 5,879_ _- -Oct. 22-Thorn9,679 . ley, 3.500 1,050 - To Gen a-Oct. 21-Lodovica, 1,050 950 To Trieste-Oct. 21-Lodovica, 950 200 To Venice-Oct. 21-Lodovica. 200 500 To Flume-Oct. 21-Lodovica, 500 6,304 BRUNSWICK-To Liverpool-Oct. 17-Salfordla, 6,304 4,300 CHARLESTON-To Liverpool-Oct. 21-Salfordia. 4,300 12,154 To Bremen-Oct. 17-Indian Monarch, 12,154 12,896 WILMINGTON-To Bremen-Oct. 19-Candleshoe, 12,896 BOSTON-To Liverpool-Oct. 16-Devonlan, 1,304; Sachem, 170 2,304 Pri_ _ _ Oct. 20-Saxonia, 830 400 BALTIMORE-To Hamburg-Oct. 16-Badenia, 400 950 To Antwerp-Oct. 16-Belgian King, 450; Minnesota, 500_ PHILADELPHIA-To Manchester-Oct. 16-Manchester Corpora390 tion, 399 450 To Gen-a-Oct. 19-Verona, 450 600 SAN FRANCISCO-To Japan-Oct. 20-America Marti, 600._ 238.608 Total The particulars of the foregoing shipments for the week, arranged in our usual form, are as follows: Great French Ger- -Oth.Europe- Mex., Britain. ports. many. North. South. dec. Jaimn. Total. 470 50 300 1,650 2,917 ___ New York 446 ___ 116,949 Galveston 44,873 36-,714 18,029 3,606 13,727 1_ 6,904 6,904 Port Arthur__ 7,002 2-„iii 6,666 27,346 New Orleans 3-.548 7-,t-321 385:703005 Pensacola 800 3-,iii Savannah 6,304 6,304 Brunswick ____ ______ 12,154 4,300 16454 Charleston ____ __ 12,896 12,896 Wilmington_2,304 __-- --2,304 Boston ---400 950 Baltimore 1'350 ----450 399 --------_ 849 Ph ladephla.., --600 600 San Francisco ---- -_ -------- ----_-- ----7------62,974 97,689 85,207 8,761 33.327 50 600 238,608 Total 2'4:322 :::: 12:6, ____i5 Cotton freights at New York the past week have been as follows, quotations being in cents per 100 lbS.: Liverpool-Oct .._ _ Manchester-Nov__ Havre Bremen-Oct,asked Hamburg Antwerp Ghent, via Antwerp Revel Gothenburg BarcelonadrectNov Genoa Trieste Japan Sat. 15 15 18 23 25 20 26 30 30 25 25 33 45 Mon. 15 15 18 20 25 20 26 30 30 25 20 33 45 Tues. 15 15 18 20 25 20 26 30 30 25 20 33 45 Wed. 15 15 18 20 25 20 26 30 30 25 20 33 45 Thurs. 15 15 18 20 25 20 26 30 30 25 20 33 45 Fri. 15 15 .18 20 25 20 26 30 30 25 20 3 45 LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port: Oct. 2. bales_ 25,000 Sales of the week Of which speculators took Of which exporters took__ _- 1,000 24,000 Sales, American 13,000 Actual export 38,000 Forwarded 269,000 Total stock-Estimated Of which American-Est_ _ _174,000 Total imports of the week_ _ _ _ 17,000 14,000 Of which American 218,000 Amount afloat Of which American 195,000 Oct. 9. 26,000 1,000 1,000 19,000 2,000 40,000 274,000 169,000 46,000 29,000 289,000 265,000 Oct. 16. 28,000 1,000 2,000 23,000 2,000 41,000 220,000 216,000 89,000 84,000 390,000 284,000 Oct. 23. 29.000 1,000 23,000 8,000 49,000 374,000 266,000 110,000 100,000 267,000 243,000 Mon. Sat Oct. 17 1234 1234 12 34 4 to Oct. 23. p.m. p.m. .m d. October_ _ Oct.-Nov_ Nov.-Dec. Dec.-Jan Jan.-Feb _ Feb.-Mch. Mch.-Apr. Apr.-May. May-June June-July July-Aug_ Aug.-Sep_ 4 4 4 4 4 4 4 4 4 4 4 Tues. Wed, Thurs. Fri. 12% 4 1234 4 1234 4 1234 4 .m P.m. p.m. p.m. p.m. p.m. p.m. p.m. a. d. d. d. a. a. d. d. a, et. d. 77% 77 73% 74% 75 7834 77 34 77 82 86 88 68 67% 64 65 6534 69 6734 6834 72 77 79 60 5934 57 58% 59 63 61 34 0234 6534 7034 7234 59 58% 5534 57% 58 62 6034 61 64 69 7034 59 34 60 63 68 6934 58 5734 55 5634 57 61 5936 60 63 68 6934 58 5734 55 56% 57 61 57% 57 55 56 5634 60 57 34 5934 62 67 6834 57 5634 5434 56 5634 60 5834 59 62 67 6834 5634 5634 54 56 56 59 34 58 59 61 34 66 6734 56% 56% 54 56 56 5934 58 59 6134 66 67 34 54% 55% 53 54% 55 5834 5634 5734 5934 64 65 BREADSTUFFS. Friday, Oct. 23 1908. Prices . for wheat flour have on the whole been steady during the week, but trade has been on such a small scale that quotations are largely nominal. Stocks here are gradually increasing,and buyers have continued. to hold aloof in the belief that the accumulation of supplies 'must Sooner or later cause a decline in prices. Export trade here has been at a standstill. At the large markets at the Northwest and the Southwest, however, large sales of flour have been made of late both for domestic and foreign account and the output of the mills has continued large, though somewhat smaller than recently. Corn meal and rye flour have been dull and easier. Wheat has declined slightly, owing mainly to rains in the Southwest, practically breaking the drought west of the Mississippi. These rains threatened to cut the ground from under the hulls, Who have enlarged for many weeks on the, dry weather in Kansas and other important sections of the Winter-Wheat belt. Besides, there has been a big,increase hi world's stocks, amounting for the week to 7,564,000 bushels. In the previous week, it Will be remembered, there was an increase of nearly 8,500,000 bushels. The increases for the corresponding weeks last year were very much smaller than this, amounting in,fact to only 6,000,000 bushels, as against an increase for the same fortnight this year of close to 16,000,000 bushels, The Northwestern. stocks have been rapidly increasing. These factors, together with the practical breaking of the drought in the section west of the Mississippi and a very noticeable falling off in the export demand, caused lower prices in the fore part of the week. ,Latterly, however, greater firmness . has been manifest . for, several reasons, one of which is that.the Section east of the Mis:-4issippi still needs rain. Another is , that .Araentine weather news has been unfavorable, damage by frost.'''being reported, something on which great stress has been laid by the bulls at Chicago, although it appears that any damage dime has been greatly exaggerated, and that the Argentina crop is likely to be larger than that of last year by 10%. Still it. has served its purpose in helping to rally prices, and furthermore the export business in the last few days has very noticeably increased. At the same time receipts have'fallen off. After all, however, the most bracing feature of late was the increased export demand. In a single day these foreign transactions, mostly at. the Northwest; have aggregated 800,000 bushels, a fact which has had more weight than the. Western rains., favorable crop reports from various parts of Europe .and advices frozri Russia that stocks are increasing at the ports. To-ditY. prices opened firmer on. reports of frost damage in Argentina and an active cash demand at the Northwest. Later ;there was a decline on disappointing cables, selling for a turn on: the short side and scattered liquidation. DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. Sat. Mon. Tues. Wed. Thurs. Frt. 10736 10734 10634 10834 10936 108% No.2 red winter 3 10936 10934 10936 December delivery In elevator_ __ _108 Y. 10836 108 % 10936 10934 10934 lioq 11034 10934 May delivery in elevator CLOSING OF WHEAT PRICES FUTURES IN CHICAGO. DAILY Sat. Mon. Tues. Wed. Thurs. Fri. % 3 December delivery In elevator_ _ - _ 9934 98 9836 99% 997', 99 10236 102% 103 10234 101 34 102 May delivery In elevat r 96% 97 July delivery in elevat .r 97 0734 97 n 9734 Indian corn futures have declined, owing to an increased The tone of the Liverpool market for spots and futures ti at each day of the past week and the daily closing prices of movement of new corn in the Southwest and the belief ti e receipts at Chicago will show a large increase in tl e near spot cotton have been as follows: future. The corn is grading exceptionally well. At the same time there has been only a small demand for old corn SpofJ Saturday. Monday. Tuesday. Wednesday. Thursday. Fr.day. and cash prices have been heavy. The weather, in the Market, ) main, has been favorable for curing and marketing the crop. Dull. More 12:15 Dull. Small Quiet. Easier. Weakness in Liverpool has also had a depressirg effect here. demand. P. M. J Inquiry. Cash interests at the West have sold freely at times and there Mid..Upi'd 5.03 4.97 4.95 4.99 4.97 5.04 has been considerable liquidation, partly on stop orders. 4,000 3,000 8,000 Sales ____ 4,000 4,000 4,000 The receipts have been small, but this fact has had no in200 200 300 Spec..te-xp. 400 400 200 fluence. To-day prices opened firm on prediction of unsettled Quiet at Steady at Steady at Futures Irregular at Quiet at Quiet, weat) er, but they gave way later, owing to selling by cash 3684114 t 204 pts. 2 points Market unch. to 2083 Pfs. 3 points interests, liquidation and dulness on the spot., opened f advance. advance. 1 pt. dec. advance. pts. adv. advance. Market, 'Barely sty. Easy at 4 J imch.to 114 13404 P. M. , nt •. 4. lv, pt". drc. Quiet at Barely sty. Steady at 358434 1'4(5234 at 158234 . alv. pts. My. Mg. adv. pt, Firm at 534557 mg. adv. DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK. Sat. Mon. Tues. Wed. Thurs. Frt. 8% 78 34 7736 7736 77 34 .8 Cash c^rn 7454 7434 7434 7334 Li 74 T' Pm' er delivery in elevator_ _ _ _ May delivery In elevator 71% 71% 7134 7134 7134 7134 ae. OCT 24 1908.1 THE CHRONICLE 1109 DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Prt. December delivery in elevator---- 63% 63% 63% 63% 63% 63% May delivery in elevator 63% 633 62( 62% 62% 62% July delivery In elevator 629 62% 62% 62% 62 62 2,715 NUA.G 41 1.4. . 0 00 . G 404 Co Cm .4 0 -4 00 00 00 4, CD O. .00VN WU CS 10. 0 00 400 Ca WAN. NAN " Cn CD b..4 CD 14 en .4 A. Ca CS 04.4 .4 0 0000 CS NN C' A 00 "cm cn = Co tv c) ea " As CA .4 .4 00000000 '3 0000 00 00 ..4.000W e00e0"0 Gvvoc. 0 00 oo 09t4 PIEVI,L '.4 (9 Au OCI'M "00.6 CID 00 19 op '405 GOVCAG azt'oro'ZOT GOODO ODU WV 00 149,516 The value of these New York exports since Jan. 1 has been $9,513,061 in 1908, against $9,020,415 in 1907. Larger inquiries have been received for heavy cotton goods and the market has displayed less irregular:ty than for some time past. Drills and sheetings for suiting purposes have been taken more freely by converters, and heavy brown domestics have been placed under order to a fair extent. The lower prices on colored cottons suitable for the shirting trades have resulted in a wider distribution of the best lines than expected. Low lines of bleached goods are somewhat firmer, reflecting the improved tone in gray goods and better demand. Printed shirtings have been ordered quite freely at the new prices, wltile certain lines of prints are meeting .0 VN AV . 014 .C4 A. 00 OW ,I 14 Co 4 00 nawC4 000 .4 .4 CA CD .4 4 ea .1 cm NA OD ' 1IA 00 00 00 P 4..ag g© g 0014'.' 19 03 0 4, C4 00 ezot, h+ Og l . s . w.V0 O19w000.44 .4 " NI00;P. 000 g • ,4 > ...0. moo.. • :4 ge Z 'vPa2. !,R 00'.. 1,3000 .000W N• N ,-"4 .00 1,4 . 00'4 0500 C4 4, cm CZ A . - OD19. 0U CD Co 4D .4 NA to ea 0 G co Wo A.I.701c,. ,c,o 0.19030 00 .4 CA 0 CD 0 Co NA NA 44 4, r, . U..4 Co CD N . 0 00 . 070 . 4. eo 0000030019 G C00000 '6 CO Co 000000.4 0004V •• •LINT aNV 9061 I 151,460 a 2 'CLOIURci 2/4VS 5,512 2 CO9096'911 Total -1908-1907Since Since Week. Jan. I. Week. Jan. 1. 29 692 2 1,448 51 975 1,224 2,290 199 18,600 18,629 9,854 6,068 1,125 26,557 25,810 460 8,266 3,946 1,382 21,691 567 18,947 1055 1,971 425 289 12:694 11,012 595 370 33,365 37,649 1,236 17,462 208 21,746 ZZVVIVCCI New York to October 17Great Britain Other Europe China India Arabia Africa West Indies Mexico Central America South America Other Countries IZI.CL0400I CSVOS12 slioduxi reloj, a satisfactory sale for spring, new sideband effects especially being steadily called for. In linings most consumers, except jobbers, have been purchasing on a larger scale for current needs, and leading mills producing denims are reported well Oats for future delivery in the Western market have de- under order for the balance of this year. Well-known lines clined, owing to the depression in corn, selling by cash inter- of standard ests and liquidation by commission houses. There has been while the dress ginghams are reported in a good position, no aggressive selling for short account, however, as the movementlow end has also shown some improvement. The of fancy cottons for spring has been somewhat receipts have been light, and it is generally believed that the restricted ,as yield was no larger than in the previous year. But the cash and are not cutters-up and jobbers have made their selection, trade has been sluggish and apparently the liquidation in division a disposed to increase their stocks. In the export sale of about 10,000 bales of heavy cotton goods futures has not yet been completed. Some prominent, for China from stock is reported; business with Far Eastern interests have been buying the distant months of late, sup- markets, however, has been rather quiet, offers, as a rule, posedly for long account. To-day prices were irregular, but still being below sellers' views; orders for South American in the main easier, owing to depression in other cereals, account have been a little larger. The print cloth market selling by cash interests and liquidation. has ruled firm and active, the purchase during the week by DAILY CLOSING PRICES OF OATS IN NEW YORK. M. C. D. Borden of some 40,000 pieces of 28-inch 64x64s Sat. Mon. Tues. Wed. Thurs. Fri. No. 2 mixed 52%-53 52%-53 52-523 52-52% at 33/8c. having tended to create' more confidence in values 52-52% 52-523 White, clipped, 32 of standard fabrics and led to more general demand for both to 34 lbs 54-55 52-54 513.f-53 513-53 51%-53 51 %-53 odd and lightweight constructions. Standard wide goods DAILY CLOSING PRICES OF OATS IN CHICAGO. are still quoted at 43'c., but regulars have advanced, as Sat. Mon. Tues. Wed. Thurs. Fri. December delivery in elevator_ _ _ - 48% 48 47% 47% 47% 47% indicated, to 33/gc. May delivery in elevator 50% 50 49% 493f 49% 493' July delivery in elevator WOOLEN GOODS.-Men's wear woolens and worsteds 45% 45% 44% 443 45 44% for spring have shown moderate improvement in some lines The following are closing quotations: as the necessities of clothing manufacturers become known; FLOUR. Low grades $3 40::@ 33 9 Kansas straights $4 75Th 5 00 clothiers' road salesmen are now out with spring lines and Second clears 3 $51i 3 60 Blended clears 5 30@ 540 the final result of their canvass is awaited with Clears much interest 4 3 @ 4 60 Blended patents 6 20 S 6 60 Straights 5 00 iP, 5 35 Rye flour 3 7541, 4 55 by selling agents. Small repeat orders for staple heavyPatent, spring 5 23 lo 5 75 Buckwheat flour 3 00 6 3 25 weight overcoatings and suitings for the winter Patent, winter season have. 4 8 .tZ 5 10 Graham flour 3 90 ad 4 '0 Kansas clears 4 10 440 Corn meal 3 70 ,Z 440 been received, but the market generally has continued quiet and more or less irregular. Such demand as has developed GRAIN. Wheat, per bush.a. Corn (new), per bush.c. shows that the trend of fashion is toward subdued colors. N. Duluth, No. 1 No. 2 mixed :1214 77% Spot dress goods have been more active; orders, however, N. Duluth, No. 2 No. 2 yellow 1103 Nominal. Red winter, No. 2 f.o.h.108% No. 2 white Nominal. have run mostly to broadcloths, other lines being rather Hard " " 108% Rye, per bush.neglected, even where broadcloths have not been available 9ats, per bush.No. 2 Western f.o.b. 7634 Natural white State and Jersey 30 52 for early shipment requested by buyers, and many mills Nominal. NO. 2 mixed 52 05234 Barley-Malting 61 468 are running overtime to meet demands for quick deliveries, Natural whlte clipped 5134.53 Feeding 56@57 especially of popular shades. But little attention has apparFor other tables Usually given here see Daze ;061 ently been given by buyers to spring needs, and no improvement in this direction is expected until after the election. THE DRY GOODS TRADE. FOREIGN DRY GOODS.-The call for imported silk New York, Friday Night, Oct. 23 1908. piece goods for Conditions in the cotton goods division generally have and in excess of spring, especially fancies, has been large continued to improve during the past week. The volume have continued last year at this time, while silk ribbons to move in satisfactory volume. Imported of business done for spot and near-by requirements has been lines of goods, notably worsteds, also show a substantial well maintained, and in certain lines increased, while some increasedress in demand. Men's wear lines, however, have been large buyers, apparently convinced of the stability of prices, quiet. Ordering have been quietly contracting ahead; such orders, howeyer, deliveries, shows of linens, both for prompt and spring no abatement. In burlaps trade has been have not been large in the aggregate. There have been more rather slow; have ruled firm for lightweights, but reports of orders contingent upon the election, but leading 103 -ounce areprices still easy at Wo. sellers as a rule have sought to discourage business of this kind and have urged the placing of contracts now in view Importations and Warehouse Withdrawals of Dry Goods. of possible advances in the near future. Price changes The importations and warehouse withdrawals of dry announced during the week were not uniformly to higher at this port for the week ending Oct. 17 1908 and goods since levels. American shirtings, for instance, were reduced Mc. Jan. 11908, and for the corresponding periods of last year, per yard to 43'c., causing a similar revision in other promin- are as follows: ent lines of this description, and considerable business is reported to have been done at the lower prices. The market, tir.4 2226. for print cloths, on the other hand, displayed a firmer tenac7i-gl,ca 05 • .52.0 dency in some directions, notably regulars, sales of which aes g were made at Fall River at 33/8c., an advance of Ac. Out0 side of increased inquiries for standard shirtings and moderate to Orders at the lower levels announced,export trade conditions tim have shown little change, buyers and sellers as a rule still being apart in their views as to prices. In silks the best tim lines for spring have shown some improvement and orders Si on staples and better grade fancies have been quite satisfacoil tory. In men's wear woolen and worsteds repeat orders have cc VN IN... 2 occasionally been received, but the market generally con- eo .3-' 0003,-' 00'-' 111 .11A. 4 4, NA co 44 ' N. cal00G Coo Ca CD CD 07 CD Cm cn 03 op ra Co qn 0 bs 4. 0 tinues quiet, mild weather having retarded duplicate business UV CD 00 cn C. N 40 co co CD .4 ea .4 La o.o en co t0.3 F., 0 on heavyweight suitings for the 1908 season. In dress 00 fabrics an increased demand for spot goods is noted. 00 ea 0300 040 Co 0300 DOMESTIC COTTON GOODS.-The exports of cotton 14 Ca CO 4.EtgrAlg "cn 174 . 0 Cs goods from this port for the week ending Oct. 17 were 5,512 00 OW 00 g• C.4 CO GO packages, valued at $374,870, their destination being to the 8 UN points specified in the tables below. CO UN AO 0. U. 40 N. 04 , .. THE CHRONICLE 1110 [VOL. Lxxxvii. of the same will be approved by Dillon & Hubbard of New copy of whose opinion will be delivered to the TATE /VIII) C!TY 1)Ei3MITIWENT, York City, aDelivery of bonds on or about Nov. 15 1908. purchaser. Successful bidder to pay accrued interest. The official notice of this bond offering will be found among Louisiana.—Constitutional Amendments.—The Legislature during its 1908 session made provision for twelve amend- the advertisements elsewhere in this Department. ments to the State Constitution to be submitted to the Banks School District No,1466, Man.—Debenture Offering. voters at the general election on Nov. 3. Seven of these —Further details are at hand relative to the offering of the amendments in no way concern this department, as they $1,000 6% gold coupon school-house debentures mentioned relate to the creation of a juvenile court; salary of State in V. 87, p. 889. Proposals will be receiveduntil Nov. 1 by Auditor and Treasurer; manner of allotting cases filed in J. Farquhar, Secretary-Treasurer (P. 0. Ochre River) civil district courts; salary of Superintendent of Public Denomination $100. Date Oct. 11908. Interest annually Instruction; amount of pensions allowed confederates; at the Bank of Ottawa in Dauphin. Maturity $100 yearly appropriation to pay deficiency in expense of publishing on Oct. 1 from 1909 to 1918 inclusive. Constitutional amendments in 1906 and also an appropriation Bay County (P. 0. Bay City), Mich.—Bond Election.—An for publishing the amendments to be voted on Nov. 3. Two election will be held Nov. 3 to vote on a proposition to issue very important proposals are the one authorizing the city $150,000 court-house-construction bonds. of New Orleans to issue the $2,000,000 5% tax-exempt Binghamton, N. Y.—Bond Sale.—An issue of $20,000 4% Public Belt Railroad bonds (V. 87, p. 415) and the at par and accrued interest on one authorizing $3,500,000 5% Port of New Orleans sewer bonds was disposed of of Binghamton. bonds. Another amendment alters the provisions now set Sept. 2 to the Binghamton Savings Bank bonds of $5,000. forth in an Act passed in 1906, which authorized New Orleans Denominations, 10 bonds of $1,000 and two 1908. Interest semi-annual. Maturity part toissue the $8,000,0004% publicimprovement bonds mention- Date Aug. 1each of the years 1924, 1925, 1926 and 1927. ed in V.83,p.1306,so as to allow the purchaser of these bonds, on Aug. 1 in Boone County (P. 0. Lebanon), Ind.—Description of when issued, a commission or deduction not to exceed 6%. This is done, owing to the increase in the rates of interest Bonds.—We are informed that the $3,800 gravel-road bonds since the adoption of this Act in 1906. One other amend- recently awarded to the Home National Bank of Thorntown ment, which is to Article 281 of the Constitution, prescribes at par (V. 87, p. 1040) carry interest at the rate of 432% the manner in which municipal corporations, parishes and and are in denomination of $190. Date Aug. 5 1908. Indrainage districts may issue bonds. Still another amend- terest May 15 and Nov. 15. Maturity $190 each six months ment provides for the exemption from taxation, under pre- from May 15 1909 to Nov. 15 1918 inclusive. Brady, Tex.—Bond Offering.—Proposals will be received scribed conditions, of loans made upon mortgages of real estate and the notes evidencing such loans and loans made by A. R. Crawford, City Secretary, for the $20,000 5% in t amendmen by life insurance companies. This proposed street-improvement bonds voted (V. 87, p. 763) at a recent full is given herewith: election. Denomination $500. Date Oct. 1 1908. existing laws. annual. Maturity Oct. 1 1948,subject to call after Oct 1 In addition to the propertynow exempted from taxation'bythe security of upon there shall also be exempt from taxation loans madeState, Bonded debt, this issue. 1918. the as well as this in situated real setate mortgages granted upon bonds or other mortgages granted to secure the said loans, and the notes, Brawley School District, Imperial County, Cal.—Bond In the hands of the written instruments evidencing the said loans, whether by life Insurance Offering.—Proposals will be received until 6 p. m. to-day Mortgagee, or his or their transferees; and all loans made of policies held by is stated, companies to their policyholders, upon the sole security ail notes or other (Oct. 24) by Paul Boman, County Treasurer, it as well as loans, the making company the in the borrower that In the case of for $25,000 6% bonds. Denomination $2,500. Date written Instruments evidencing such loans; provided, of rate Interest charged loans upon policies of life insurance, as aforesaid, the Sept. 14 1908. Interest semi-annual. Maturity $2,500 upon such loans does not exceed live per cent(5%) per annum discount. yearly on Sept. 12 from 1913 to ,1922 inclusive. Certified at the Domicile, Mortgages of Fixing the Situs for Taxation check for 5% of bonds is required. was which Act, an passed of Holder.—The Legislature also Bristol County (P. 0. Taunton), Mass.—Note Sale.—The approved July 3 1908, whereby it is sought to prevent $100,000 4M% 2-year bridge notes described in V. 87, p. eviand paper other mortgage double taxation by making 1040, were bought by the Bristol County Savings Bank of dence of indebtedness taxable only at the situs of the owner Taunton on Oct. 20 at 101.925—a basis of about 3.50%. as is full follows: in Act and holder thereof. The are the bids: by the General Assembly of the State of Louisr Following News Items. Inter- est Section 1. Be it enacted and all evidence of indebtedana that mortgage notes and indebtedness ness shall be taxable only at the situs and domicile of the holder or owner thereof. Section 2. Be It enacted, &c., that all laws in conflict herewith be, and thelsame are hereby repealed. Bond Calls and Redemptions. Wheeling, W. Va.—Bond Call.—On Nov. 1 this city will redeem at the Bank of the Ohio Valley in Wheeling the following bonds of the loan of 1881: Nos. 277, 401, 397, 104, 666, 28, 353, 260, 451, 365, 80, 379, 419, 692, 662, 557 and 463 of $100 denomination; Nos. 799, 828, 778 and 777 of $500 denomination; and Nos. 840, 863, 845 and 869 of $1,000 denomination. Bond Proposals and Negotiations this week have bowl as follows: Aberdeen, Miss.—Bonds Not Sold.—No satisfactory bids were received on Oct. 7 for the $10,000 5% 10-year refunding electric-light bonds described in V. 87, p. 889. The Mayor writes us, however, that he will dispose of these bonds 'at private sale on or before Nov. 1." Akron School District (P. 0. Akron), Ohio.—Bond Offering.—Proposals will be received until 2 p. m. Oct. 29 by the Board of Education, J. F. Barnhart, Clerk, for $20,000 bonds due Nov. 1 1922 and $10,000 bonds due Nov. 1 1921. These securities carry 4% interest and are issued to complete the new Portage Path school building and to improve school property. Authority Sections 3991 and 3994, Revised Statutes. Denomination $1,000. Date Nov. 1 1908. Interest semi-annually at the office of the Treasurer of the Board of Education. Atlantic City, N. J.—Bond Offering.—Proposals will be received until 12 m. Nov. 7 by A. M. Heston, City Comptroller, for $160,000 4M% gold coupon public-schoolbuilding bonds. Denomination $1,000. Date July 1 1908. Interest semi-annually at the Hanover National Bank in New York City. Maturity $30,000 yearly on July 1 from 1938 to 1941 inclusive and $40,000 on July 1 1,942. Bonds nal, are exempt from taxation. Bid must be unconditio form blank furnished a on be and none," made for "all or (or by A. M. Heston, City Comptroller. Certified check r, City Comptrolle the to payable cash) for $3,000, made will required. The Columbia Trtist Co. of New York City certify as to the genuineness of the bonds and the legality Bristol County Say. Bk., 101.925 Taunton New Bed. Inst. for Savings.._101.43 Blodget. Merritt & Co., Bos_101.18 Blake Bros. & Co., Boston 101.05 Estabrook & Co., Boston.._ _ _101.030 Perry, Coffin & Burr, Boston 100.932 N. W. Harris & Co., I3oston_100.77 Loring, Tolman & Tupper, 100.4753 Boston Merrill,Oldham&Co., Boston 100.219 Brownsville Borough School District (P. 0. Brownsville), Fayette County, Pa.—Bond Sale.—The Municipal & Corporation Securities Co. of Pittsburgh was the successful bidder on Oct. 15 for the $35,000 43% gold coupon building bonds described in V. 87, p. 889. Maturity $10,000 on Oct. 1 in each of the years 1918, 1928 and 1938. Buffalo, N. Y.—Bids.—The following bids were received on Sept. 25 for the three -issues of 4% registered bonds awarded on that day, as stated in last week's issue, to O'Connor & Kahler of New York City: O'Connor & Kahier, New York J. S. Bache & Co., New York N. W. Harris & Co., New York J. C. Dann & Co., Buffalo R. L. Day & Co„ New York Moffat & White and 1 Blodgett, Merritt & Co.'New York— A. B. Leach & Co. andl Harvey Fisk & Sons...._ (New York.... Commonwealth Trust Co.. Buffalo- - $500.000 $173,168153 Tax-loan Water Bonds. Bonds. 100.002 100.83 100.709 100.582 100.482 100.411 179,382 Water-rer0 Bonds. 100.18 100.347 100.279 100.00 Byesville, Ohio.—Bond Offering.—Proposals will be received until 12 m. Oct. 31 by Elmer E. Green, Village Clerk, for $3,000 5% coupon street-improvement bonds. Authority Section 100, Municipal Code of 1902; also Section Nov. 1 2835, Revised Statutes. Denomination $100. Date s 1908. Interest semi-annually at the Village Treasurer' to 1942 office. Maturity $100 yearly on Nov. 1 from 1913 payable inclusive. Certified check for 10% of bonds bid for, to the Village Clerk, is required. Purchaser to pay acruedints. time Bonds to be delivered within ten days from of award. nd ElecCanton School District (P. 0. Canton), Ohio.—Bo alterations tion.—The question of issuing $22,500 bonds for to the and fire escapes and $37,500 for building additions school will be voted upon Nov. 3. Sale.— Carter County School District No. 9, Okla.—Bondrecently The Oklahoma Bond & Trust Co. of Guthrie was Denomiawarded $5,000 6% school bonds of this district. Jan. 1 and nation $500. Date Oct. 16 1908. Interest Maturity July 1 at the fiscal agency in New York City. valuation July 1 1928. Total debt this issue. Assessed $397,600. Cass County (P. 0. Fargo), N. D.—Bond Sale.—The five issues of 6% drainage bonds, aggregating $54,950, described 00T. 241908.1 THE CHRONICLE in V. 87, P. 889, were awarded on Oct. 6 to the Northern Trust Co. of Fargo and Chas. Tillinghast of Berlin Heights, Ohio,at par. Cecil County (P. 0. Elkton), Md.-Bond Sale.-An issue of $25,000 5% road-improvement bonds was disposed of on Oct. 16 to Hambleton & Co. of Baltimore at 104.68 and accrued interest-a basis of about 4.416%. Denomination $500. Date July 1 1908. Maturity July 1 1918. Cerro Gordo County(P.O.Mason City),Iowa.-Bond Sale. -An issue of $16,000 44% 5-20-year (optional) funding bonds has been sold to the First National Bank of Mason City at 101.025. Chambers County (P.0. Wallisville),Tex.-Bond Election. -Nov. 14 has been chosen, according to reports, as the day upon which to submit to a vote of the people the question of issuing $50,000 road bonds. Charleston Kanawha County, W. Va.-Bond Sale.The $300,000 6% 1-10-year (optional) coupon streetimprovement assessment bonds described in V. 87, p. 828, were sold on Oct. 21 to the Mansfield Savings Bank of Mansfield at par. Chatham, Ont.-Debenture Sale.-An issue of $13,000 43'% debentures maturing part yearly for twenty years has been disposed of to the Dominion Securities Corporation, Ltd., of Toronto. Interest annual. Chippewa County (P. 0. Montevideo), Minn.-Bond Sale. -On Oct. 15 the Union Investment Co. of Minneapolis was awarded the $21,000 Judicial Ditch No.2 and the $50,000 County Ditch No. 11 6-10-year (serial) 5% construction bonds at 100.718. Following are the bids: Union Invest. Co., Minneap-$71,510 A. B. Leach & Co., Chicago.$71,485 Thos. J. Bolger & Co.,Chic__ .71.505 Kane & Co., Minneapolis _-_ 71,485 U.M.Stoddard & Co., MlnneMinneapolis Loan & Trust apolis 71,495 Co., Minneapolis 71,415 1111 T. Milner, City Treasurer, is required. Official circular states that this city has never defaulted in the payment of principal or interest. Purchaser to furnish "bond forms." Covington, Ky.-Bond Election.-At the coming November election a proposition to issue $75,000 25-year bonds for the completion of the Sixth District school will be submitted, according to reports, to a vote of the people. Davis School District (P. 0. Davis), Murray County, Okla.-Purchasers of Bonds.-John Nuveen & Co. of Chicago were the purchasers of the $18,000 534% 20-year schoolbuilding bonds disposed of (V. 87, p. 962) on Sept. 25. The price paid was 101. Denomination $1,000. Date Nov. 1 1908. Interest semi-annual. Delaware, Ohio.-Bond 0 fering.-Proposals will be received until 12 m. Oct. 31 by F. D. King, City Auditor, for $6,000 5% coupon cement-sidewalk-construction-assessment bonds. Denomination $600. Date not later than Dec. 1 1908. Interest semi-annually at the depository of the sinking fund in Delaware. Maturity $1,200 yearly on Dec. 1 from 1909 to 1913 inclusive. Purchaser will be required to pay for the transcript of the proceedings at the legal rate, if the same is required. Official circular states there has never been any default in the payment of any obligation. Denver, Lancaster County, Pa.-Bond Offering.-Proposals will be received until 7 p. m. Nov. 2 by J. B. Znally, President of Borough Council, for $5,000 4% coupon waterplant-enlargement bonds. Denomination $500. Date Nov. 1 1907. Interest semi-annually at the Borough Treasurer's office. Maturity Nov. 1 1937, subject to call after Nov. 1 1917. Bonds are free from taxation. Certified check for $200, payable to the President of the Borough Council, is required. Bonded debt, including this issue, $19,500. Assessed valuation $315,000. Douglas County (P. 0. Omaha), Neb.-Bids.-Two bids were received on Oct. 15 for the $1,000,000 4% coupon courthouse-construction bonds described in V. 87, p. 962. The offers, which were submitted by the State of Nebraska and MacDonald, McCoy & Co. of Chicago, were referred to a committee. Maturity on Oct. 1 as follows: $50,000 yearly from 1918 to 1927 inclusive and $500,000 in 1928. Dunklin County (P. 0. Kennett), Mo.-Bond Sale.The $59,350 93 District No. 12 and $19,449 19 District No. 10 6% coupon drainage bonds offered without success Sept. 3 (V. 87, p. 695) have been taken by the contractor in payment for work performed. East Lansing, Mich.-Bonds Voted.-Propositions to issue 434% water and sewer bonds to the amount of $10,000 carried at an election held Sept. 26. The vote was 89 to 5 on the former issue and 89 to 8 on the latter issue. East Milwaukee, Wis.-Bond Sale.-Reports state that on Oct. 7 the $1,378 41 6% 5-year street-paving bonds offered on that day were awarded to Frank H. Jackman for $1,394 41-the price thus being 101.16. Interest semi-annual. Edgeley, La Moure County, N. D.-Bond Sale.-On Oct. 12 $7,000 6% 20-year coupon water-improvement and firedepartment bonds offered on Oct. 6 were awarded to C. H. Coffin of Chicago at 101.014. The bids were as follows: C. H. Coffin, Chicago..._ _ .87,071 00 IA. 011, Fargo Par The bonds are dated Dec. 1 1908 and described in V. 87, p. 961. The former issue matures $7,000 on Dec. 1 in each of the years 1913, 1916 and 1918. Clark County (P. 0. Jeffersonville), Ind.-Bond Sale.The Madison Safe Deposit & Trust Co. of Madison was recently awarded $2,750 4M%. gravel-road-construction bonds at par, less $50. Denomination $125. Interest May 15 and Nov. 15. Maturity one to ten years. Clermont County (P.0. Batavia), Ohio.-Bond Offering.Proposals will be received until 12 m. Nov. 7 by Chas. L. Ireton, County Auditor, for $6,000 4% coupon bridge bonds. Denomination $500. Date Jan. 1 1909. Interest semiannually at the County Treasurer's office in Batavia. Maturity $500 yearly on Jan. 1 from 1910 to 1921 inclusive. Certified check for $500, payable to the County Treasurer, is required. Cleveland-Corlett, Ohio.-Election on Annexation.-An ordinance passed Sept. 8 provides that at the general election next November the voters of Cleveland will decide the question of annexing the village of Corlett to that city. • Clifton, Greene County, Ohio.-Bond Election.-At the coming November election a proposition to issue $12,000 bonds for constructing water mains and fire plugs will be submitted, it is said, to a vote of the people. Colonic) and Niskayuna (Towns) School District No. 3, Albany and Schenectady Counties, N. Y.-Band Sale.-On Coffin & Crawford, Chicago 7,008 25 IS. A. Kean, Chicago Oct. 3 the $8,000 5% coupon school bonds described in Kane & Co., Minn par I V. 87, p. 890, were awarded to John J. Hart of Albany for Authority Section 2979, Revised Code of 1905. Denomi$8,103 95-the price thus being 101.299. Maturity $500 nation $1,000. Date Aug. 6 1908. Interest annually in yearly on Jan. 1 from 1910 to 1925 inclusive. New York City. Columbus, Ohio.-Bond Sale.-The twelve issues of Edmonton, Alberta.-Debenture Sale.-Coates & of improvement bonds described in V. 87, p. 1040, were London, Eng., were recently awarded $135,000 5% Son streetdisposed of on Oct. 20 as follows:$175,000 water and $50,000 railway debentures. (city's portion) 4s to the Provident Savings Bank & Trust El Centro School District, Imperial County, Cal.-Bond Co., Weil, Roth & Co. and the German National Bank, 0ffering state that proposals will be received until all of Cincinnati, for their joint bid of $180,480 75 and 6 p. m..-Reports to-day (Oct. 24) by Paul Boman, County Treasurer, $50,455 respectively; $40,000 water and the $25,000 25-year for the $25,000 % school-building bonds voted on Sept. 7. wewer 4s to MacDonald, McCoy & Co. of Chicago for Denominati on $1,000. Date Sept. 14 1908. Interest semi$44,419 and $27,281 respectively; and the following 4s to annual. Maturity $1,000 yearly on Sept. 12 from 1915 to the New First National Bank of Columbus: $33,000 Fulton 1939 inclusive. Certified check for 5% of bonds is required. Street for $33,290; $17,000 Davis Avenue for $17,148; Elizabeth City Graded School District (P. 0. Elizabeth $28,000 Moler Street for $28,245; $22,000 Clarendon Ave. for $22,192; $16,000 Clifton Avenue for $16,141; $12,000 City), N.0.-Bond Oftering.-Proposals will be received until Floral Avenue for $12,105; $25,000 Sandusky Street for 8 p. m. Nov. 6 by J. B. Leigh, President Board of Trustees, $25,220, and $10,000 Deshler Avenue for $10,087 50. for the $20,000 5% 10-30-year graded school bonds mentioned These are not new issues, but bonds held as investments in V. 87, p. 1041. Denomination $500. Interest April 1 and Oct;1. by the sinking fund. Concord, N. H.-Temporary Loan.-A loan of $25,000 Ellinwood, Barton County, Kans.-Bond Sale.-An maturing Dec. 7 1908, has been negotiated with Wm. A. issue • of $40,000 5% 10-20-year (optional) water-works Read & Co. of Boston at 27A% discount. bonds has been disposed of at par to local investors. DeCorpus Christi, Nueces County, Tex.-Bond Election.-An nomination $1,000. Interest semi-annual. Erie School District (P. 0. Erie), Pa.-Bond Offering.election will be held Oct. 27 to vote on the issuance of $37,000 5% 10-40-year (optional) water-works-plant-construc- Proposals will be received until 3 p. m. Oct. 27 by the Finance Committee, Board of Education, at the office of W.J. Flynn, tion bonds. Secretary, for $59,000 4% coupon school bonds. Authority Covington, Ga.-Bonds Voted-Bond ffering.-On Sept. Acts of the General Assembly 10 the voters decided in favor of the issuance of the $38,000 April 13 1897. Denomination approved April 20 1874 and water-works and $22,000 sewerage-system 5% gold bonds Interest semi-annually at the $500. Date Dec. 1 1908. District Treasurer's office. mentioned in V. 87, p.632. The vote was 162 to.2 on the Maturity $5,000 yearly from 1921 to 1931 inclusive and former and 161 to 3 on the latter issue. Denomination $1,000 $4,000 in 1932. Bonds are free from all taxes. Certified Date Nov. 1 1908. Interest annually in New York City. check, certificate of deposit or cash for 1% of bonds bid for,is Maturity Nov. 1 1938. Bonds are free from taxation. Pro- required. Official circular states that there has never been posals for these securities will be received until 3 p. in. Oct. any default in the payment of principal or interest. Pur27. Certified check for 3% of bonds bid for, payable to W. chaser to pay accrued interest, if any. 1112 THE CHRONICLE Fort Erie, Ont.-Debentures Voted.-A vote of 66 "for" to 4 "against" the proposition to issue the $10,000 5% publicschool debentures mentioned in V. 87, p. 962, was the result of the election held Oct. 14. Maturity part yearly for twenty years. These debentures will be offered for sale "at an early date." Gage School District (P. 0. Gage), Okla.-Bond Sale.According to reports, an issue of school bonds has been disposed of to Spitzer & Co. of Toledo. Galveston, Tex.-Bond Sale.-The $100,000 4% 20-40year (optional) grading, paving and drainage bonds offered on Sept. 30 and described•in V. 87, p. 560, 'are being taken at par by contractors in payment of work." Garvin County School District No. 15, Okla.-Bond Sale.-An issue of $1,000 6% school bonds has been sold. The securities were bought by the Oklahoma Bond & Trust Co. of Guthrie. They are in denomination of $500 each and are dated Oct. 15 1908. Interest Jan. 1 and July 1 at the fiscal agency in New York City. Maturity Jan. 1 1928. Total debt,this issue. Assessed valuation $26,268. Greenwood, Greenwood County, S. 0.-Bond Sale.-Local papers state that $50,000 general-improvement bonds have been disposed of. Grosse Pointe Farms, Wayne County, Mich.-No Action Yet Taken.-A letter received on Sept. 28 from the Village Clerk stated that no action had yet been taken looking towards the issuing of the $39,000 road-paving bonds mentioned in V.87,D. 496. Haddonfield, Camden County, N. J.-Bonds Not Awarded. --Owing to the fact that legal proceedings were commenced against this borough,the bids received on Oct.6 for the $100,000 4% water-loan bonds described in V. 87, p. 830, were not opened. • Halifax, N. S.-Debenture Sale.-J. C. Macintosh & Co. of Halifax have bought $10,000 sidewalk debentures. Hamilton, Ohio.-Bond Sale.-The following premiums were offered on Oct. 15 for the $20,000 sewer, $25,000 street and $50,000 water 4% coupon bonds and the $4,532 10 Block St. and $4,195 90 North "E" St. 43.% assessment bonds described in V. 87, p. 963. $20,000 $25,000 $50,000 $4,532 10 $4,195 90 bonds. bonds. bands. bonds. bonds. R. Kleybolte & Co., Cinc..*$316 00 *$395 00 MacDonald, McCoy & Co., 375 00 *$890 00 302 00 Chicago 500 00 *$113 30 *$104 97 250 00 A. Kleybolte & Co., Cinc. 200 00 39 90 37 10 765 25 320 25 Seasongood & Mayer,Cinc.. 256 25 62 09 57 48 820 00 50 287 00 230 Davies-Bertram Co., Cine Union Savings Bank & 690 00 270 00 Trust Co., Cincinnati _ _ _ 216 00 567 75 257 75 C.E.Denlson & Co.,Cleve_ 207 25 Field, Longstreth & Co., 25 00 20 00 705 00 251 00 176 00 Cincinnati DaytonSav.&Tr.Co.,Dayt. 140 00 237 50 Chas. C. Murray&Co.,Cinc. 82 80 305 00 103 00 82 00 Hayden, MIller&Co.,Clev_ 30 00 375 00 75 00 100 00 W. R. Todd & Co., Cinc__ 75 00 47 00 43 00 615 00 228 00 Well, Roth & Co., Cinc *Highest bidders. Lxxxvit. Treasurer, for $3,000 6% bonds. Denomination $500. Date Sept. 14 1908. Interest annual. Maturity. $500 yearly on Sept. 12 from 1910 to 1915 inclusive. Certified check for 5% of bonds is required. Jefferson County (P. 0. Steubenville), Ohio.-Bond Sale. -An issue of $9,000 434% 6-year free turnpike-construction bonds was awarded on Sept. 28 to the National Exchange Bank of Steubenville at par. Denomination $500. Date Sept. 1 1908. Interest semi-annual. Johnston County School District No.4, Okla.-Bond Sale.This district has awarded $1,000 6% school-house bonds to the Oklahoma Bond & Trust Co. of Guthrie. Denomination $500. Date Sept. 15 1908. Interest Jan. 1 and July 1 at the fiscal agency in New York City. Maturity July 1 1928. Total debt, this issue. Assessed valuation $25,331. Kemptville, Ont.-Debenture Offering -Proposals will be received until 5 p. m. Oct. 31 by S. H. Guest, City Clerk, for $6,000 5% coupon school debentures. Date Aug. 17 1908. Interest annually on Dec. 30 at the Bank of Ottawa in Kemptville. Maturity part yearly on Dec. 31 from 1909 to 1928 inclusive. Debentures are tax-exempt. Lakeside, Cal.-Bond Sale.-According to reports, $2,500 school bonds have been bought by D. Cordes at 101.21. Lake View (P. 0. Station, Chicago), 111.-Bond Election Proposed.-A petition has been filed with the County Judge to have a proposition to issue $250,000 park-improvement bonds submitted to a vote of the people at the election Nov. 3. La Mesa School District, Cal.-Bond Sale.-Reports state that $2,500 school bonds have been sold to the Bank of Commerce & Trust Co. of San Diego. Lockport Township School District (P. 0. Lockport), Will County, Ill.-Bond Sale.-On Oct. 19 the $50,000 5% high-school-building bonds described in V. 87, p. 1042, were awarded to the Wm. R. Compton Bond & Mortgage Co. of St. Louis at 108.82. The bids were as follows: Wm. R. Compton Bond & Mortgage Co., St. Louis__ _ _108.82 A. B. Leach & Co., Chicago_ J108.08 1z103.12 Devitt, Tremble & Co., Chief 107.50 1402.71 Woodin, McNear & Moore, I 107.26 1z101.10 Chicago Trowbridge & Niver Co., Chic.106.80 N. W. Halsey & Co., Chic__ J 106.68 6 0V68 l° H. T. Holtz & Co., ChIcago__Ifi MacDonald, McCoy & Co., Ch108.304 E. H. Rollins & Sons, Chic__106.18 Harris Tr. & Say. Bk., Chic_ _106.00 Farson, Son & Co., Chicago_ _106.00 A. G. Edwards&Sons,St. L_J 104.76 1z100.46 Mason, Lewis & Co., Chic....x102.53 z These bids were based on 4%% bonds. London, Ont.-Debenture Offering.-Proposals will be received until 4 p. in. Oct. 30 by James S. Bell, City Treasurer, and Aid. J. H. A. Beattie, Chairman No. 1 Committee, for the following 432% 30-year debentures: $49,500 for public schools, $19,000 for the fire department and $15,000 for water-works. Long Prairie Levee District, Lafayette County, Ark.Bond Sale.-The Thomas J. Bolger Co. of Chicago has • bought $100,000 6% 20-40-year (optional) coupon (with privilege of registration) bonds. Denomination $1,000. Date June 1 1908. Interest payable in Chicago or New York City. Lorain County Road District No. 1, Ohio.-Bond Offering. -Proposals will be received until 11 a. In. Nov. 6 by Frank R. Fauver, Secretary of Road Commissioners (P. 0. Elyria) for $50,000 432% coupon road-improvement bonds. Denomination $1,000. Date Sept. 1 1908. Interest semi-annually at the office of the County Treasurer. Maturity on March 1 as follows: $10,000 in 1910, $10,000 in 1911 and $5,000 yearly from 1912 to 1917 inclusive. Bids to be made on blank forms furnished by the district. Purchaser to pay accrued interest. Certified check on a national bank for $1,000, payable to the County Treasurer, is required. McKinley School District No. 18 (P. 0. McKinley), Minn. -Bond Offering.-Proposals will be received until 2 p to-day (Oct. 24) by the Board of Directors for $65,000 532% coupon building bonds. Denomination $1,000. Date July 1 1908. Interest semi-annual. Maturity Jan. 1 1909 to Jan. 1 1919. Certified check for $2,500, payable to A. J. Sullivan, Treasurer, is required. Total debt at present, $10,000. Assessed valuation for 1907 $5,951,902. Manitoba, Province of.-Debenture Sale.-The $400,000 40-year telephone and the $40,000 30-year drainage 4% debentures, bids for which were rejected on Sept, 1 (V. 87, p. 697) have been sold. .Marion County (P. 0. Marion), Ohio.-Bond Offering the TurnProposals will be received until 12 m. Oct. 29 byProsecuting pike Commissioners, in care of John H. Clark, Turnpike Attorney, for $5,700 5% coupon Hipsher Free Statutes. Road bonds. Authority Section 4808, Revised Denominations $215, $230, $240, $260, $280, $290, $300, semi$320, $340 and $375. Date Oct. 1 1908. Interestmature annually at the County Treasurer's office. Bonds as follows: 1916. Hancock, Mich.-Bond Sale.-This city sold $6,966 92 6% 1-4-year (serial) sewer assessment bonds on Oct. 10. The securities were bought by the First National Bank and the Superior National Bank, both of Hancock. Denomination $1,741 73. Date Nov. 1 1908. Interest Jan. and July. Harrisburg School District (P. 0. Harrisburg), Dauphin County, Pa.-Bond Offering.-Proposals will be received until 5 p. m. Oct. 26 by D. D. Hammelbough, Secretary of the School Board, for $49,000 4% coupon school bonds. Denomination $1,000. Date Oct. 1 1908. Interest semiannual. Maturity on Oct. 1 as follows: $4,000 in 1913, $1,000 each year from 1914 to 1918 inclusive and $2,000 each year from 1919 to 1938 inclusive. Bonds are tax-exempt. Certified check for 2% of bonds bid for, payable to the District Treasurer, is required. Bids to be made on printed forms furnished by the district. The bonds will be certified as to their genuineness by the Columbia Trust Co. of New York City. Bonds will be ready for delivery on or about Nov. 16 1908. Purchaser to pay accrued interest. Havre de Grace, Md.-Bond Sale.-An issue of $5,000 5% 10-30-year (optional) street-improvement bonds was disposed of on Sept. 1 to the Order of the United American Mechanics. Denomination $500. Date June 1 1908. Interest semi-annual. Hawkesbury, Ont.-Debenture Sale.-The $30,000 6% coupon refunding debentures offered on Sept. 8 (V. 87, p. 431) have been bought by the Dominion Securities Corporation, Ltd., of Toronto. Maturity part yearly for twenty years. Hays County (P. 0. San Marcos), Tex.-Bonds Registered. -An issue of $38,000 5% 10-40-year (optional) courthouse bonds was registered on Sept. 11 by the State Comptroller. 1$320 00 Molt. 1 Herington, Dickinson County, Kans.-Bond Sale.-The $21500 Mob. 1 1900. $26000 Sept. 11 1912. 320 00 Sept. 1 1916. 1913. 280 00 Mob. 00 S p . 1 1909. 340 00 Mch. 1 1917. $30,000 5A% 25-year water and light-extension bonds 215 1913. 280 00 Sept. 1 230 00 Mob. 1 1910. 340 00 Sept. 1 1917. Mob. 1 1914. voted on Sept. 24 (V. 87, p. 891) were awarded on Sept. 28 230 00 Sept. 1 1910. 290 00 375 00 Mob. 1 1918. 290 00 Sept. 1 1914. 240 00 Meth 1 1911. a premium". "at City & Co. of Morrison Kansas W. R. 375 00 Sept. 1 1918. to 300 00 Mob. 1 1915. 240 00 Sept. 1 1911. Denomination $1,000. Date Oct. 1 1908. Interest semi- 280 00 Mob. 1 1912. 300 00 Sept. 1 1915. annual. Certified check for $100, drawn on some bank in Marion, the Board of Road Commissioners, is Jasper SChool District, Imperial County, Cal.-Bond and made payable to or before Nov. 11908. These bonds Offering.-According to reports proposals will be received required. Delivery onsold on Sept. 19. until 6 p. in. to-day (Oct. 24) by Paul Boman, County were offered but not OCT. 24 1908.1 THE CHRONICLE In addition to the above, proposals will also be received until 12 m. Oct. 31 by the Turnpike Commissioners, in care of John H. Clark, Prosecuting Attorney, for $3,800 5% coupon Linnwood Free Turnpike road bonds. Authority Section 4808 Revised Statutes. Denominations: $90, $100, $105, $110, $115, $120, $125, $130, $140, $150, $155, $160, $170 and $180. Date Oct. 1 1908. Interest March 1 and Sept. 1 at the County Treasurer's office. Maturity as follows: $90 90 100 100 105 105 110 110 115 115 00 00 00 10 00 00 00 00 00 00 March Sept. March Sept. March Sept. March Sept. March Sept. 1 1 1 1 1 1 1 1 1 1 1909 $120 00 1909 120 00 1910 125 00 1910 125 00 1911 130 00 1911 130 00 1912 140 00 1912 140 00 1913 150 00 19131 150 00 March Sept. March Sept. March Sept. March Sept. March Sept. 1 1 1 1 1 1 1 1 1 1 1914 $155 00 1914 155 00 1915 160 00 1915 180 00 1916 170 00 1916 170 00 1917 180 00 1917 180 00 1918 100 00 19181 March Sept. March Sept. March Sept. March Sept. March 1 1 1 1 1 1 1 1 1 1919 1919 1920 1920 1921 1921 1922 1922 1923 1113 New Rochelle, N. Y.-Certificate Offering.-Proposals will be received until 8 p. m. Nov. 4 by William G. Rainsford, City Clerk, for $125,000 6% certificates of indebtedness. Authority, Chapter 128, Laws of 1899, and Acts amendatory thereof. Denomination $5,000. Date Nov. 9 1908. Maturity July 9 1909. Certified check or cash for $1,500, payable to the City Treasurer, is required. Delivery Nov. 11 1908. New Westminster, B. O.-Debenture Offering.-Proposals will be received until 4 p. m. Oct. 27 by N. H. McQuarrie, City Treasurer, for the following 5% 50-year coupon debentures: $37,000 for a public school, $32,500 for water works, $50,000 for street improvements,$6,500for fire an'd $6,000 for a market house. Denomination $1,000. Date July 1 1908. Interest semi-annually in New Westminster. Debentures are exempt from taxation. Purchaser to pay accrued interest. New Wilmington, Pa.-Bond Offering.-Proposals will be received until`8 p. m. Oct. 30 by William McElwee Jr., Secretary Borough Council, for $8,000 5% coupon sewer bonds dated Oct. 1 1908. Interest semi-annual. Maturity $500 yearly on Oct. 1 from 1916 to 1931 inclusive. Certified check for $100, payable to the Secretary of the Borough Council is required. Bonds are free from State tax. Denomination $500. Interest is payable at the New Wilmington Bank in New Wilmington. North Toronto, Ont.-Debenture Sale.-On Oct. 15 four issues of 5% debentures, aggregating $29,856 27, issued for sidewalks, drains and water mains, were sold to the Dominion Securities Corporation, Ltd., of Toronto at 102.269 and accrued interest. Following are the bids: Certified check on some bank in the city of Marion for $100, made payable to the Board of Road Commissioner.- .is required. Delivery on or before Nov. 2 1908. Maywood School District (P. 0. Maywood), Cook County, 111.-Bond Sale.-Mason, Lewis & Co. of Chicago purchased $7,000 4M% bonds on Sept. 25 for $7,176-the price thus being 102.514. Denomination $1,000. Date Oct. 1 1908. Interest March and Sept. Maturity Sept. 11920. Medicine Hat, Alberta.-Debentures Voted and Sold.-An election held Oct. 9 resulted in a vote of 97 to 36 in favor of a proposition to issue $15,000 5% water-works debentures, maturing part yearly for twenty years. These debentures have been bought by the Dominion Securities Corporation, Limited, of Toronto. Miami County (P. 0. Troy), Ohio.-Bond Sale.-We see it stated that $33,100 5% 2-year ditch-improvement bonds Dom. Sec. Corp.,Ltd.,Tor_430,534 Wood, Gundy & Co., Tor.- -$30,036 have been awarded to the Piqua National Bank of Piqua for A. E. Ames & Ca., Toronto__ 30,286 Wm.C. Brent, Toronto 30,029 Ontario Securities Co., Tor__ 30,177 Geo. A. Stimson, Toronto_ $33,350-the price thus being 100.755. 29,882 Osborne & Francis 30,171 A. Jarvis & Co., Toronto__ 29,716 Milford, Mass.-Bond Sale.-On Oct. 20 the $50,000 4% Maturity "10, 20 and 30 years." 1-25-year (serial) coupon sewer bonds described in V. 87, Notre Dame De Grace, Que.-Debenture Offering.-Prop. 1043, were awarded to E. M. Farnsworth & Co. of Boston at 103.63 and accrued interest-a basis of about 3.647%. posals will be received until 12 m. Nov. 2 by L. Descarries. Secretary-Treasurer, for $50,000 4% debentures. DenomiThe bids received were as follows: nation $1,000. Interost lfay 1 and Nov. 1. Maturity E. M. Farnsworth & Co 103.63 C. E. Denison & Co 103.11 Jackson & Curtis 103.62 Crocker & Fisher 103.077 forty years. Parkinson do Burr 103.56 N. W. Harris & Co 102.789 Oakmont, Allegheny County, Pa.-Bond Offering.-ProBlake Bros. & Co 103.40 Chas. A Peeling & Co 102.82 Blodget, Merritt & Co 103.28 Perry, Coffin & Burr 102.607 posals will be received until 7 p. in. Oct. 29 by W. W. Kerr, R. L. Day & Co 103.199 Milford Says. Bank 102.55 Borough Clerk,for $10,000 434% street-improvement bonds. Whicher, Young & Conant....103.17 American Banking Co 102.19 Estabrook & Co 103.157 Merrill, Oldham & Co 101.539 Denomination $1,000. Date Nov. 1 1908. Bonds are free With the exception of the Milford Savings Bank of Milford, from State tax. Certified check for $500, payable to the all bidders are from Boston. Borough of Oakmont, is required. Purchaser to pay acMinnesota (State of).-Warrant Sale.-It is reported that crued interest. the State of Minnesota on Oct. 13 awarded $1.000.000 4% Oakwood, Ohio.-Bond Sale.-On Oct. 10 the $2,500 5% warrants to the Capital National Bank of St. Paul. These coupon sewer bonds, a description of which was given in V. warrants will be redeemed in the spring, when the large taxes 87 p. 893, were awarded to the Dayton Savings & Trust Co. of' begin to conic in from the railroads. Dayton at 101 and accrued interest. Bids were also subMobridge, Walworth County, S. D.-Bonds Not Sold.--No mitted by Field, Longstreth & Co. of Cincinnati and the New First National Bank of Columbus. These offers, however, bids were received for $5,000 5% bonds offered on Oct. 1. were received too late, owing to a mistake in the address. Monrovia, Los Angeles County, Cal.-Bond Sale.-It is Maturity on Sept. 15 as follows: $1,100 in 1913 and $200 stated that $10,000 water bonds have been sold to James H. yearly from 1914 to 1920 inclusive. Adams & Co. of Los Angeles at 102.57-a btis of about Onondaga County (P. 0. Syracuse), N. Y.-Bond Sale.4.65%. Thi, county has sold $120,000 4% registered women's dormiMonte Vista School District, Los Angeles County, Cal.- tory bonds. Interest April and October at the Morton Trust Bond Offering.-It is reported that proposals will be received until 2 p. m. Oct.26 by C: G. Keyes,County Clerk,for $2,700 Co. in New York City. Orleans County (P. 0. Albion), N. Y.-Bond Sale.-The 5% bonds. Denomination $270. Date Oct. 26 1908. Interest annual. Maturity $270 yearly on Oct. 26 from 1909 $31,703 44 5% registered good-road bonds mentioned in to 1918 inclusive. Certified check for 5% of bonds is re- V. 87, p. 964, have been disposed of to W. N. Coler dr Co. of New York City at 101.78. quired. Ossining Union Free School District No.1(P.O. Ossining), Montreal, Que.-Roman Catholic School District.-Description of Debentures.-The $250,000 school building de- Westchester County, N. Y.-Bids.-Following is a list of bentures awarded on Sept. 22 to R. W. Smith at 94.50 (V. the bids received for the $12,000 5% 18-19-year (serial) 87, p. 831) carry semi-annual interest at the rate of 4% and coupon high-school-building-addition bonds sold on Oct. 15 mature July 2 1948. Denomination $1,000. Date July 2 to N. W. Halsey & Co. of New York City at 109.591 and accrued interest (V. 87, p. 1043): 1908. N. W. Halsey & Co- ___a$13,151 00 Farson, Son & Co $12,760 00 Morden, Man.-Debenture Sale.-Geo. A. Stimson & Co. Adams & Co 13 027 00 O'Connor & Kahler 12,682 80 of Toronto recently purchased $10,000 5% 30-year electric- Ferris & White 12,950 00 W. N.Coler & Co 12,657 60 N. W. Harris & Co 12,932 00 W. J. Hayes & Sons 12,541 00 light debentures. • Kountze Bros 12,908 40 Lawrence Barnum & Co_a12,318 00 12,848 03 Mt. Vernon, Ohio.-Bond Sale.-An issue of $2,100 bonds Geo. M. Hahn has been purchased by the Sinking Fund Trustees. a and accrued interest. Newburg (P. 0. Cleveland), Ohio.-Bond Sale.-Otis & With the exception of W. J. Hayes & Sons of Cleveland, Hough of Cleveland were the successful bidders on Oct. 5 for all bidders were from New York City. the $4,600 4% Shale Street sewer-improvement bonds de- . Oxford, Miss.-Bonds Voted.-A proposition to issue scribed in V.87, p. 892. The price paid was $4,613 (100.28) $25,000 street-improve ment bonds caned by a vote of 199 to and accrued interest. Bids at par were also received from 22 at an election held Oct. 8. the First National Bank and Hayden, Miller & Co., both of Palmetto, Manatee County, Fla.-Bonds Voted.-AccordCleveland. Maturity $1,000 yearly on Oct. 1 from 1909 to ing to reports, a proposition to issue $15,000 improvement 1912 inclusive and $600 on Oct. 1 1913. bonds was favorably voted upon at a recent election. Newburg Heights, Ohio.-Bond Offering.-Proposals will Parry Sound, Ont.-Debenture Offering.-Proposals will be received until 8 p. m. Nov. 12 by P. S. Ruggles, Village Clerk, 613 Garfield Building, Cleveland, for $5,000 5% be received until Nov. 3 by E. E. Armstrong, Town Clerk, street-improvement bonds. Denomination $1,000. Interest for $14,000 5% water and light debentures. Maturity payable in Cleveland at the South Cleveland Banking Co. twenty years. Paterson, N. J.-Bond Sale.-On Oct. 22 the $200,000 Maturity Nov. 11928. Bids must be made on blank form furnished by the clerk and accompanied by a certified check 25-year coupon school bonds described in V. 87, p. 1043. were awarded to N. W. Halsey & Co. of New York City for 5% of bid. Newburyport, Mass.-Bond Sale.-On Oct. 10 $40,000 at 106.09 and accrued interest for 434-a basis of about 33 4% refunding bonds were disposed of at par to the Sink- 4.109%. The following bids for 4s were also received: & Kahler, N. Y__$212,120 Farsan, San'&1Ca., N. Y_-_$SW,171 ing Fund Commissioners. Denomination $4,000. Date O'Connor Biodget, Merritt &Co.,N.Y_ 211,600 H. L. Crawford &ro., N.Y. 204,570 Sept. 1 1908. Interest semi-annual. Maturity $4,000 in N. W. Harris & Co., N.Y. 210,5581 A. B. Leach & Co., N. Y_-- 203,800 Commercial Trust Co 210,202 KountzellBros., NewdYork-- 203,354 each year. R. M. Grant & Co. N. Y 2209,566 r• , 11, 1114 Pawtucket, R. I.-Note Sale.-There are reports that $250,000 notes were recently awarded to local investors at 3%% discount. The notes are dated Oct. 22 1908 and matrue in six months. Pease Township (P. 0. Martin's Ferry), Ohio.-Bond 4-year road-improvement Sale.--On Oct. 17 $13,000 5% 71 bonds were awarded, it is stated, to Seasongood & Mayer of about 4.10%. of Cincinnati at 105.78-a basis Peel School District No. 1968, Sask.-Debenture Sale.Debentures to the amount of $1,500 carrying 8% interest, and maturing in ten years, have been awarded to the Ontario Securities Co. of Toronto. Peoria, Ill.-Price Paid for Bonds.-We are advised that the price paid by N. W. 1141sey & Co. for the $50,000 4% coupon bridge bonds awarded them on Oct. 12 (V. 87, p. 1043) was 99.54 and not par, as at first reported. The other bids were as follows: 'Mason, Lewis & Co., Chicago_ _98.72 W. R. Compton Bond & Mort. 99.43 'Devitt, Tremble & Co., Chicago 98.50 St. Louis 99.07 Trust Co., St. Louis 98.45 Chic Bank, 'Mercantile Say. & Harris Trust A. B. Leach & Co., Chicago___ _99.04 Philadelphia, Pa.-Loan Offering.-Proposals will be received until 12 in. Nov. 18 by John E. Reyburn, Mayor, for the $3,500,000 registered or coupon certificates for various municipal purposes mentioned in V. 87, p. 698. Denomination $100 or multiples thereof. Interest (rate not to exceed 4%) Jan. 1 and July 1 at the office of the fiscal agency in Philadelphia. Maturity 30 years. Certificates are free from all taxes. Bid to be made on a blank form furnished by the Mayor and be accompanied by a certified check or a certificate of deposit for 5% of loan bid for, made payable to the said Mayor. Pioneer School District No. 828, Alberta.-Debenture Sale.-An issue of $1,800 8% 10-year debentures has been bought by the Ontario Securities Co. of Toronto. Piqua School District (P. 0. Piqua), Ohio.-Bonds to Be Offered Shortly.-We are advised that this district will probably be on the market within one or two months with $11,000 or $11,300 coupon school-building bonds at not exceeding 4% interest. Authority Section 3994, Chapter 8, Revised. Statutes. Denomination $500. Interest March and September at the Importers' &,Traders' National Bank in New York City. Maturity part in each of the years 1910, 1911 and 1912. Bonds are exempt form all taxes. Pleasant Ridge, Hamilton County, Ohio.-Bond Offering. -Proposals will be received until 12 m. Nov. 18 by William C. Davies, Village Clerk, for the following bonds: $1,100 00 5% bonds issued for the purpose of purchasing and laying water pipe. Denomination $100. Maturity thirty years. 1,338 68 5% cement-walk-construction assessment bonds. Denomination $280,except one bond of $218 68. Maturity one bond yearly on Oct. 15 from 1909 to 1913 inclusive. Date Oct. 15 1908. Interest annual. Certified check for 5% of the bonds bid for, payable to the Village Treasurer, is required. Purchaser to pay accrued interest. Portland, Ore.-Bonds Awarded in Part.-Of an issue of $257,886 6% 10-year improvement bonds offered on Oct. 12, $230,250 was disposed of as follows: 101.50 Canadian Bank of Commerce ($50,000 bonds) 102.00 Water Board ($34,500 bonds) 103.00 1($10,000 bonds) 102.75 W. McRae 1 ($10,000 bonds) 102.60 41 (10,000 bonds) 101.60 United States National Bank ($25,000 bonds) R. L. Durham, Grand Receiver of the A.0. U. W.($21,000 bonds).102.125 101.775 B. Lea Barnes ($20,000 bonds) 101.78 J. C. Ainsworth ($15,000 bonds 102.00 G. F S. Kamerer ($7,000 bonds) 102.25 Stensloff Bros. ($6,000 bonds) 102.00 Catherine O'Farrell ($4,000 bonds) 102.00 0. Larsen ($4,000 bonds) 103.00 J. Holm ($3,000 bonds) 102.00 A. 0. ai Hand ($3,000 bonds) 102.50 Gus. H. Gadke ($2,000 bonds) 102.00 M. J. Courtney ($2,000 bonds) 102.00 Kate Ward ($2,000 bonds) 102.00 F. Rothchilds ($1,500 bonds) 102.50 Chas. F. Drake ($250 bonds) The following bids were also received: Morris Bros., Portland J (for $20,000 bonds) ).(for $6,000 bonds) East Side Bank (1 u* $10,000 binds) L. Hirsch (for $10,000 bonds) J. D. Kelty ($2,000 bonds, [VOL. Lxxxvil. THE CHRONICLE 100.63 .101.083 • 101.125 was the Dominion Securities Corporation, Ltd., of Toronto. The price paid was par for 6s. Reno, Nev.-Bond Offering.-Proposals will be received until 4 p. m. Oct. 26 by II. E. Christie, City Clerk, for $35,000 6% gold coupon street and sewer-improvement bonds. Denomination $1,000. Date Nov. 1 1908. Interest January and July at the City Treasurer's office. Maturity twenty years, subject to call after Jan. 1 1919. Bonds are exempt from taxation. Rensselaer, Rensselaer County, N. Y.-Bond Sale.-On Oct. 19 the $8,500 1-17-year (serial) fire-department -improvement and the $6,000 1-12-year (serial) fire-house and /6% registered bonds described in V. 87, p. site-purchase 41 1043, were awarded to W. N. Coler of New York City. The price paid for the former issue was 101.941-a basis of about 4.239%-while the latter issue brought 101.481-a basis of about 4.237%. The following bids were also received: Albany Exchange Savings Bank, Albany Isaac W. Sherrill, Poughkeepsie New York G.eJo J Hart Farson,_Son & Co., New York W. J. Hayes & Sons, Cleveland Rensselaer County Bank. Rensselaer $8,500 bonds. $8,619 87 8,575 85 8,541 65 8,540 00 8,525 19 8,505 00 8,500 00 $6,000 bonds. $6,065 13 6,053 40 0,029 40 6,010 50 6,014 64 6,003 00 6,000 00 Rockford, Ill.-Bond Sale.-On Oct. 14 N. W. Halsey & Co., of Chicago purchased $28,500 refunding and $30,000 improvement 4% bonds at "approximately par." Bids were also received from the First National Bank and the Harris Trust Sr Savings Bank, both of Chicago, at 98.975 and 98.891 respectively. Denomination $1,000. The refunding bonds are dated Dec. 15, 1908 and mature Dec. 15 1928, while the improvement bonds bear date of Nov. 1 1908 and mature from 1910 to 1912 inclusive. Interest is payable in May and November at Rockford. Ruston, La.-Bonds Not Yet Sold.-Under date of Oct. 8 we are informed that no sale has yet been made of the $32,500 5% coupon water and light bonds mentioned in V. 87, p. 563 The securities are dated July 1 1908 and mature in forty years. St. Bernard (P. 0. Cincinnati), Ohio.-Bond Sale.-The $6,000 432% 30-year coupon town-hall bonds described in V. 87, p. 965, were awarded on Oct. 16 to the Fifth-Third National Bank of Cincinnati at 109.783 and accrued interest -a basis of about 3.942%. Following are the bids: Fifth-Third Nat. Bk., Cin_$6,587 00 C. C. Murray & Co., Cin_ _ $6,420 00 Seasongood & Mayer, Cin6,551 00 S. Kuhn & Sons, Cincin_ 6,408 00 Cent. Tr. & Sf. Dep.Co.,Cin 6,504 00 A. Kleybolte & Co., Cinc__ 6,38520 Prov. Say. Bk.&Tr. Co.,Cin.6,480 60 Col. Bk. dc Say. Co., Gin__ 6,253 00 Well, Roth & Co., Cincin_ _ _6,480 00 Duke M. Farson,Chicago__ 6,125 00 Field,Longstreth & Co., Cin.6,456 00 W. R. Todd & Co.,Cin____ 6,035 00 R. Kleybolte Co., Inc., Cin_6,443 40 Dayton Say. & Tr. Co., Day 6,00600 St. Joseph, Mich.-Bond Sale.-On Oct. 21, Woodin, McNear & Moore of Chicago were awarded the $30,000 20year coupon bridge bonds described in V. 87, p.1044 at par for 4s. St. Joseph, Mo.-Bonds Not Yet Sold.-On Oct. 12 a letter was received from the City Comptroller stating that no disposal• had yet been made of the $400,000 4% 10-20year (optional) coupon bonds offered but not sold (V. 87, p. 634) on August 29. St. Louis, Mo.-Bond Election.-The Mayor on Oct. 3 signed the Old Fair Grounds Park Bond Issue bill, which provides for the submission to the voters on Nov. 3 of a proposition to issue $700,000 bonds. St. Paul, Minn.-Bond Sale.-On Oct. 21 the $50,000 1% 30-year coupon (with privilege of registration) waterworks bonds described in V. 87, p. 965, were awarded to Crocker & Fisher of Boston at 101.633. The following bids were received: Crocker & Fisher, Boston.$50,816 50 Lee, Higginson & Co., Ch. 50,637 50 Capital Bank, St. Paul__ 50,627 50 R. L. Day & Co., N. Y__ 50,595 50 BloAget,Merritt&Co.,Bost 50,405 00 N. W. Halsey & Co., Chic. 50,395 00 Trowbridge & Niver Co., 50,326 00 Chicago C. E. Denison & Co., Clev. 50,306 25 Rhoades & Co., N Y--- - 50,301 50 Merch. L.& Tr. Co., Ch1c.$50,285100 Kountze Bros., N. Y____ 50,283 00 First N. 13k., Chicago- _ 50,263 75 E. H. Rollins & Sons, Chic.50,185100 Estabrook & Co., Boston 50,160100 MacDonald, McCoy & Co., 50,152 00 Chicago A. B. Leach & Co., Chic_ 50,135 00 Harris Tr.&S.Bk., Chicago 50,075100 Perry,Coffin& Burr, Bost. 50,065100 101.25 St. Peter, Minn.-Bond Sale.-The State of Minnesota All bidders offered accrued interest in addition to their has purchased $9,000 4% bonds at par. Denominations 85,000 and $4,000. Date Sept. 2 1908. Interest annual. bids. Putnam County (P. 0. Greencastle), Ind.-Bond Sale.Sanford, Fla.-Bond Sale.-On Oct. 1 theliRudolph An issue of $2,200 43-% 10-year (average) coupon Jefferson Kleybolte Co., Inc., of Cincinnati was awarded the $15,000 Township gravel-road bonds proposals for which were 6% 6-year general-improvement bonds mentioned in V487, advertised for until Sept. 26,have been taken at par by W.E. p. 698. Denomination $1,000. Date Jan. 1 1908.'jInPickens, contractor, in payment for work done Date terest semi-annual. Oct. 5 1908. Interest semi-annual. Saskatchewan (Province of), Can.-Sales of Municipal Queen Anne's County (P.O. Centreville), Md.-Bond Sale. Saskatchewan -The $20,000 5% 1-10-year (serial) coupon jail-building Debentures.-The following debentures of James of . bonds described in V. 87, p. 893, were bought on Oct. 6 by school districts were recently purchased by Nay & the Centreville National Bank of Centreville at 106 and Regina: Asquith School District-31,400 7 % 20-year building debentures. accrued interest-a basis of about 3.783%. Buckeye School District-$1,000 8% 10-year building debentures. Red Deer, Alberta.-Price Paid for Debentures.-We are Cheadle School District-$3,000 7 yi % 10-year building debentures. debentures. par paid for the fol- Edenkillie School District--$1,700 8% 10-year building informed that Wm.C. Brent of Toronto Foote School District-$1,000 8% 10-year building debentures. him on Sept. 19 Festi School District-$1,700 8% 10-year building debentures. lowing 6% debentures, which were awarded School District-$800 8% 10-year building debentures. (V. 87, p. 832): $6,000 for a hospital grant, $5,000 for a fire Gretna Hanna School District-$900 75•5 % 10-year building debentures. hall and $2,300 to purchase land. The price paid for the L Abbe School District-$1,000 73i % 10-year building debentures. Lake School District-$i,800 7% 10-year building debentures. $4,500 6% water-works-extension debentures recently sold Little Netehie Hills School District-$900 8% 10-year building debentures. to the Dominion Securities Corporation, Ltd., of Toronto Raymond School District-320,000 6% 30-year building debentures. Red School District-$i,200 7%% 10-year building debentures. (V. 87, p. 563) was par. • District-$1,700 7 % 10-year building debentures. School Trine. Purchasers of Debentures.-The purchasers of the $30,000 Warrington School District-$1,800 7t % 10 year building debentures; coupon sewer debentures recently disposed of (V. 87, p. 634) Woodland School Distriet-$1,000 8%V 0-yearjbuildingelebentures. • OCT. 24 1908.i THE CHRONICLE Sarnia, Ont.-Debenture Sales.-This town has sold $35,000 5% paving debentures, maturing part yearly from 1909 to 1928, to Wood Gundy & Co. of 'Toronto. securities are in addition to the $5,000 (not $4,000 These as at first reported) 5% 20-year pavement debentures recently bought by this firm. Savannah, Ga.-Bond Sale.-Bids aggregating almost thirty million dollars and ranging from par to 108 werereceived on Oct. 15 for the $2,610,000 4% 50-year gold coupon refunding bonds offered on that day; V. 87, p. 242. Only $2,483,000 of the bonds were awarded, however The premium received amounted to $126,736, making the. average price 105.104-a basis of about 4.254%. The award was made as follows: L. D. Villelonga, Sa-f vannah I Edm. H. Abrahams, Agent, Savannah_{ Oglethorpe Say. &I Tr. Co. Savannah N.S. Hart. New York National Bank of{ Savannah Amount. Bid. Amount. Bid. $5,000__108 Merchants' National( 16,W O. _105.18 6,000_ _107 Bank, Savannah__ f 84,000.*104.77 6,000__106 Mutual Life Ins. Co., 1,000__107.50 New York, by the 3,000__107 Nat.Bk.,Savannah 1,000,000_ _105.07 4,000_ _106.50 M. A. O'Byrne, Sa3,000__106 vannah 30,000._105 100,000_106.04 Henry W.Frost & Co. 10,000_ _105 34 000__105.18 John M. Hogan, Sa100,000__105.01 vannah 5,000__105 16,000..105.50 Guar.Trust Co.,N.Y., 100,000__105.31 and U. S. Mtge. & 200,000__105.18 Trust Co., N. Y... 610,000-104.922 1 _ _105.06 Demore & Hammond, Savannah 50,000105.20 *Bid was for $100,000 at this price. The amount of bonds first awarded was only $2,233,000. An additional $250,000 was disposed of, however, after the city had decided to reject the bid of the New York Life Insurance Co. for a like amount ($250,000) at 105.18. This bid was said to be conditional. The $250,000 bonds were awarded as follows: $200,000 to the National Bank of Savannah, $34,000 to the Oglethorpe Savings & Trust Co. and $16,000 to the Merchants' National Bank. These institutions agreed to pay 105.18, the price named in the rejected bid. Below we give a list of the other bids received. Amount. Bid. Amount. Bid. New York Life Insur25,000...103.263 ance Co., N.Y.. ;x5250,000..105.18 25,000..103.163 I. 250000..100 25,000__102.863 National Bank of Sa- f 100,000_ _104.70 Hambieton & Co., 25,000. _102.663 yannah { 100,000__104.51 Baltimore 25,000..102.463 ( 100,000_104.25 25,000..102.363 Syndicate composed( 25,000__102.063 otKissel,Kinnicut I 610,000_104.639 I. 25,000._101,863 & Co. N.Y.; 1,Veil, 500,000__102.50 Townsend, Scott & I 500,000..103.l2 Roth & Co., anc.; 500,000._102 Son and J. H. 500,000..102.03 Breed &Harrison, 2,610,000_101.916 Fischer & Solid 1,000,000__101.53 Cinc.; Provident 500,000__101.50 Baltimore 610,000_ .101.03 Savings Bank Al 500,000_101 N. W. Harris & Co., Trust Co New York 2,610,000_102.7991 Guaranty Trust Co.,f 500,000__104.637 Sate Deposit & Trust' New York, and 500,000__104.177 Co., Baltimore, by 100,000_ _102.65 U. S. Mtge. & Tr. 500,000__103.637 Savannah Co., New York___ 500,000__103.137 MacDonald, Tr. Co.) 100,000..102.5O McCoy& Oglethorpe Savings & Co. and William Trust Co 100,000__104.50 Salomon & Co., A. B. Leach & Co., Chicago 2,610,000..102.15 New York 2,610,000_104.297 Mercantile Trust &DeWilliam A. Read & posit Co.,Baltimore 2,610,000_ _102.15 Co., New York_ _2,610,000__104.14 10,000...102.01 Henry R. Buist,f 40,000...104.10 J. H. Hillsman &I 10,000..101.80 Charleston i 20,000__103.50 Co., Atlanta 10,000__101.70 I 10,000 _102.53 10,000..101.50 I I 10,000_ _105 10,000..101.20 I Henry W. Frost &I 10 0•O104 Wm. M. Dayldson,{ 12,000..102 Co., Charleston _.; 10,000__103 Savannah 8,000._100 I 10,000..101.50 20,000..101.73 I 10,000..101.50 Bank of Charleston,f 20,000..101.70 The Robinson-Humby E. H. Pringle,{ 20,000..101.61 phrey Co., Atlanta _ 2,610,000 _ _103.772 President 20,000_ _101.57 50,000..103.75 20,000..1 50,000__103.50 E. M. Dioreland,f 10,000_ 01.61 _101.57 150,000._103.25 Charleston 1 10,000..101.05 50,000_ _103 W.G. Revel, CharlesGilman & Clucas, 50,000_102.75 ton 26,000..101 New York { 50,000__102.50 Equitable Fire Ins.f 1 I 50,000__102.25 Co. of Charleston.1 5,000._10 5,000_ _100.50 I 50,000._102 Franklin F. Sands, I 50,000..101.75 Charleston 1,500_ _100.20 ( 50,000..101.50 E. M. Moreland, Charleston 2,500..100 x Bid said to be condition I. 1115 •authorized a new form of city government. The change, it is stated, will not take place until the annual city next April, when, instead of electing aldermen from election each of the wards, a Mayor and four commissioners be elected and displace the present Mayor and memberwill s of the City Council. Snyder, Dodge County, Neb.-Bonds Voted. held Oct. 17 resulted in a vote of 48 "for" to 7 -An election issuance of $9,000 5% 5-20-year (optional) "against" the water-systemimprovement bonds. Stanley (P. 0. Norden), Man.-Debenture posals will be received up to Oct. 27 by C. Offering.-Proodale, Clerk, for $2,222 6% drainage debentures. McCorqu Maturity part yearly for ten years. Steubenville, Jefferson County, Ohio.-Bids.-The bids received on Oct. 14 for the $60,000 43% View Sewer District No. 2 bonds awardedcoupon La Belle on that day to the Rudolph Kleybolte Co., Inc., of Cincinn ati (V. 87, p. 1044) were as follows: Rudolph Kleybolte Co., Inc., Cincinnati $61,434 00 All,. Kleybolte do Co.. Cin. 61,380 00 Barto, Scott & Co.,Colum. 61,356 00 Seasongood & Mayer, Cin. 61,284 00 Cent. Tr. Co., CincInnati. 61,263 00 Sec.Say.B.&T.Co.,Toledo 61,237 50 Field, Lonsrstreth & Co., Cincinnati 61,233 00 C. E. Denison & Co., Clev. 61,2182 Thos. Johnson Jr., Steub. 61,151 00 Hayden, Miller & Co., Cleveland $61,138 00 Well, Roth & Co., Cin. 61,080 Hnehler & Cummings,Tol. 61,067 00 50 Otis & Hough, Cleveland. 61,060 00 Nat. Ex.Bk., Steubenville 60,976 00 First Nat.Bk., Cleveland_ 60,875 00 Dayton Say. to Trust Co., Dayton 60,750 00 W. J. Hayes &Son, Clev- 60,669 00 W. R. Todd & Co., Cm.. 60,611 00 Stevens County (P. 0. Colville), Wash.-Bond Proposed.-The County Commissioners propose to Election call an election to allow the voters to determine whether or not $250,000 funding bonds shall be issued. Stockholm School District No. 1285 (P. 0. Sask.-Debenture Salc.-On Oct. 15 the SecuritStockholm), y Loan Co. of Regina bought $1,500 debentures of this district . Stony Point Fire District No. 1, West Seneca,Erie County, N. Y.-Bond Sale.-The $30,000 1-10-year (serial) offered on Sept. 4 and described in V. 87, p. 565, havebonds awarded to W. J. Hayes & Sons of Cleveland as 5s. been Summerland, B. O.-Debenture Sale.-Aernilius Jarvis & Co. of Toronto have bought $25,000 5% 20-year sinking fund debentures issued for a municipal building and for roads. Summerside, Prince Edward Island.-Debenture Sale.The Dominion Securities Corporation, Ltd., of Toronto recently purchased $90,000 5% water-works and sewer-system debentures due July 1 1938. Syracuse, N. Y.-Bond Sale.-The following bids were received on Oct. 20 for the $215,000 and $25,000 improvement 43-% registered bonds described in localV. 87, p. 1044: $215,000 $62:n,ds ow . bonds. Moffat & White, New York 0 Connor & Kahler and W. N. } Coler & Co., both of N. Y. R. L. Day & Co., New York Coler & Co., both of N. Y. O'Connor & Kehler, New York Kountze Bros., New York Parkinson & Burr. Boston Kissel, Kinnicutt & Co., New York Blodget, Merritt & Co., Boston Farson, Son & Co., New York Syracuse Savings Bank Ellenville Savings Bank C. M. B. A $218,990 40 $25,177 50 25,218 75 218,829 15 25,102 75 218,827 00 218,698 00 218,400 13 218,332 50 218,289 50 217,711 00 215,000 00 25,167 50 25,082 13 25,137 50 25,077 00 25,000 00 25,212 50 25,000 00 All bidders offered accrued interest in addition to their bids. The $215,000 issue matures $21,500 yearly on Sept. 1 from 1909 to 1918 inclusive, while the $25,000 issue matures $5,000 yearly on Sept. 1 from 1909 to 1913 inclusive. Tinicum Township (P. 0. Chester), Delaware County, Pa. -Bond Offering.-Proposals will be received until 10 a. m. Oct. 26 by Otto Trefz, President Board of Supervisors. for $14,000 5% registered highway-improvement bonds. Denomination $500. Date Nov. 11908. Interest,semi-annual. Certified check for $250 on a bank of Philadelphia or Delaware County, and made payable to the "Township of Tinicum," is required. Bonds will be delivered on Oct. 31 1908. Total debt at present. $11,000. Assessed valuation 1908, $666.605. Tofield, Alberta.-Debenture Sale.-This place recently disposed of $1,500 7% 10-year debentures to Geo. A. StimSon & Co. of Toronto. Tompkins County (P. 0. Ithaca), N. '7.-Bond Sale.The Ithaca Savings Bank of Ithaca has purchased $15,000 road bonds. Trenton, N. J.-Bids.-The following bids were receive d on Oct. 16 for $42,000 4% 10-year registered refunding bonds awarded on that day, as stated in V. 87, p. 1044, to N. W. Halsey & Co. of New York City: Scotts Bluff County (P. 0. Gering), Neb.-Bond Sale.This county on Sept. 28 disposed of $15,000 6% bridgebuilding bonds at 102 to the Trowbridge & Niver Co. of Chicago. Denomination $1,000. Interest January and July. Shelby, Ohio.-Bids.-In addition to the successf of par and accrued interest submitted on Sept. 16 ul bid First National Bank and the Citizens' Bank, both of by the (V. 87, p. 768),for the $11,663 4% coupon street and Shelby vard-improvement bonds, an offer at par less $100 boulealso received from Wollenberger & Co. of Chicago, whilewas Seasongood & Mayer of Cincinnati made a bid of par less $166. BOnds are dated Sept. 1 1908. Shelley, Idaho.-Bonds Not Yet Sold.-We are advised under date of Sept. 7 that no sale has yet been made of the $6,500 6% 10-20-year (optional) gold coupon water-works N. W Halsey & Co., N. Y-_ 103.79 Estabrook & Co., bonds mentioned in V. 87, p. 306. Boston. .103.03 Moffat & White, New .103.597 Parkinson & Burr, N. 103.022 Shrewsbury, Worcester County, Mass.--Note Sale.-The O'Connor de Kahler, N.York Y..-103.57 Adams & Co., N Y Y. - 102 .941 PerrY, Coffin & Burr, $16,000 33% electric-light notes recently voted (V. 87, p. Lee, H1g7inson & Boston.103.51 Rhoades & Co.. N Y 102.883 Co.. Bost_ 103.449 H.L.Crawford & Co., N. Y.102.78 53 698) have been sold to investors of Worcester. Maturit C. E. Denison & Co., Boston.103.17 J. D. Everitt y R. L. Day & Co., N Y & Co., N. Y.._102.77 $1,000 yearly. 103.131 Mechanics Nat. Bk.,Trenton 102.75 Kountze Bros., New York..103.09 N. W. Harris & Co., N. Y-102.583 Slier City, Chatham County, No. Caro.-Bond Sale.- Chas. C. Harrison Jr., de Co. R. M. Grant & Co., N. Y-_ -102.571 Philadelphia 103.0897 Farson, Son de Co., N. Y----102.046 Reports state that street and sidewalk-improvement bonds Triadelphia School District (P. 0. Triadelphia), Ohio were recently sold to the First National Bank of Clevela nd. Sioux Falls, S. Dak.-New Form of Government.-The elec- County, W. Va.-Bond Election.-A proposition to issue $43,000 5% 10-year school-house bonds will be voted on tors of this city on Sept. 29, by a vote of 504 to 353, Nov. 3. [Vol, Lxxxvii THE CHRONICLE 1116 Troy, N. T.-&d8.-The following bids were received on. Oct. 15 for the $37,000 434% 1-20-year (serial) coupon or registered public-improvement bonds awarded on that day, as stated in last week's issue,to J.S.Bache& Co.of New York City at 104.036 and accrued interest-a basis of about 4.025%: Co., J. S. Bache & Co., N. Y____104.036 W. N. Coler & Co., N. Y_ -103.69 Kissel, Kinnicutt & Co., 103.40 New York Kountze Brcs., New York_ _103.39 N. W. Halsey do Co.. N. Y 103.199 R. L. Day do Co., New York_ 103.091 Lawrence Barnum & 103.07 New York Farson, Son & Co., N. Y.._103.01 Bond di Goodwin, N. Y-- _ _102.4962 Ferris & White, New York_102.451 N. W. Harris & Co., N. Y...102.189 Manufact'rs' Nat. Bk.,Troy 101.00 Tulsa School District No. 2 (P. 0. Tulsa), Okla.-Bond Sale.-On Oct. 15 the $125,000 5% 20-year gold coupon school-building bonds described in V. 87, p. 835, were bought by Spitzer & Co. of Toledo at 102.646 and accrued interest-a basis of about 4.793%. Ventura, Cal.-Bonds Not to be Re-offered at Present.We are advised that the $36,400 bonds (the unsold portion of the issue of $160,000 bonds mentioned in V. 87, p. 636) will probably not be re-offered for sale before December or January. Wagoner County (Okla.) School Districts.-Bond Sales.The following 6% school district bonds have been purchased by the Oklahoma Bond & Trust Co. of Guthrie: Waco, McLennan County, Texas.-Bond Sale.-The $10,000 5% 30-year levee-building bonds voted on August 5 (V. 87, p. 436) were awarded on Oct. 1 to Spitzer & Co. of Toledo. Denomination $500. Date July 11908. Interest semi-annual. Wapakoneta, Ohio.-Bond Sale.-On Oct. 13 the Security Savings Bank & Trust Co. of Toledo purchased $38,0004% Pearl Street improvement bonds for $38,677 75-the price thus being 101.783. Denominations $1,000, $800 and $150. Date Oct. 1 1908. Interest semi-annual. Wapello, Sask.-Debenture Sale.-On Oct. 12 the Canada Life Assurance Co. paid 103.625 for $4,000 7% town-hallcompletion bonds. Interest annually on Dec. 15. Maturity part yearly on Dec. 15 for twenty years. Wappingers Falls, Dutchess County, N. Y.-Bond Sale. -On Oct. 21 the $10,000 coupon (with privilege of registration) bonds described in V. 87, p. 1045, were awarded to Isaac W. Sherrill of Poughkeepsie at 100.01 for 4.20s. Following is a list of the proposals received: Isaac W. Sherrill, Poughkeepsie (4.205) W. N. Coler & Co., New York (for 4.40s) NV. J. Hayes & Sons, Cleveland (f r 4)is) A. B. Leach do Co., New York (for 5s)_ Wappinger Savings Bank, Wappinger (for 5s) $10,001 00 10,005 50 10,011 00 10,050 00 tar Maturity 81,000 yearly on July 1 from 1913 to 1922 $1,500 School District No. 2 bonds. Denomination $500. Date August .inclusive. 21 1908. Maturity Jan. 1 1928. Assessed valuation $182,324. West Allis (P.0.Ind. Sta., Milwaukee), Wis.-Bond Sale. 1,500 School District No. 7 bonds. Denomination $500. Date August 17 1908. Maturity July 1 1028. Assessed valuation $189,344. First National Bank of West Allis paid 100.90 and -The n August $500. Date bonds. 8 Denominatio No. District School 2,500 accrued interest on Oct. 13 for the $4,000 5% coupon school28 1908. Maturity July 1 1928. Assessed valuation $198,602. 2,500 School District No. 16 bonds. Denomination $500. Date Sept. building bonds described in V. 87, p. 967. The following 8 1908. Maturity July 1 1928. Assessed valuation $237,289. 1,200 School District No. 20 bonds. Denomination $400. Date August bids were received: 25 1908. Maturity Jan. 1 1928. Assessed valuation $61,010. First Nat. Bk., West Allis__ _$4,0361Rudolph Kleybolte Co., Inc.,$4,006 1,200 School District No. 28 bonds. Denomination $400. Date Sept. German-Amer. Bk., Milw--- 4,0201 Cincinnati 11 1908. Maturity July 1 1928. Assessed valuation $102,999. Maturity $1,000 yearly on Feb. 1 from 1910 to 1913 in1,500 School District No. 37 bonds. Denomination $500. Date Sept. clusive. 1 1908. Maturity July 1 1928. Assessed valuation $64,704. 1,200 School District No. 45 bonds. Denomination $500 and $200. Westfield, N. Y.-Bond Sale.-On Oct. 16 the three issues Date August 19 1908. Maturity July 1 1928. Assessed valuation 432% bonds aggregating $6,600, described in V. 87, p. of $107,564. $200. 1,200 School District No. 46 bonds. Denominations $500 and were awarded to the National Bank of Westfield for 1045, valuation Assessed 1928. 1 Date August 31 1908. Maturity July 50-the price thus being 100.31. A bid at par was $6,620 $89,190. n $400. Date Sept. 1,200 School District No. 66 bonds. Denominatio from the Citizens' Bank of Westfield. Mareceived also $218,014. valuation Assessed 21 1908. Maturity July 1 1928. 20 as follows: $1,600 in 1909; $1,500 in each ' The above bonds represent the total debt of the districts: turity on Oct. 1911 and 1912, and $500 in 1913. 1910, of years York. the New in agency fiscal the at 1 July and 1 Interest Jan. NEW LOANS. $160,000 MISCELLANEOUS. MISCELLANEOUS Blodget, Merritt & Co. ATLANTIC CITY,N. J, BANKERS BONDS Cuban Securities A SPECIALTY FRANCKE, THOMPSON & ROBB Members N.Y. Stook Exohange July 1, In denominations of $1,000 each, dated $30,000 1938; 1908, maturing $30,000 July 1 $30,000 July 1, July 1 1939; $30,000 July 1, 1940; with Interest 1941, and $40,000 July 1, 1942, Telephone 6444 Hanover y at 4A per cent per annum, payable semi-annuall City. at the Hanover National Bank, New York for bids receive BRANCH OFFICE 11111iThe City Comptroller will these bonds until twelve o'clock noon of SATURBristol Building, 5th Ave. and 43d Mt. DAY, NOVEMBER 7, 1908, reserving, however, 1568 Bryant Telephone subject the right to reject any or all bids, and to the approval of City Council. bonds. the of Bids must be for all or none 36 Nassau Street, New York Bids must be upon the form attached to this circular letter, and in no case will a bid be received for a portion of the bonds. Bonds will be delivered to the purchaser on or about November 15, 1908. Every bidder, as a precedent to the reception or consideration of his proposal, shall deposit DU PONT POWDER CO. SECURITIES with the City Comptroller $3,000 in money, or INTERNAT'L NICKEL CO. SECURITIES certified checks for that amount, drawn to the BANK AND TRUST COMPANIES'STOCKS order of 'said Comptroller. And all Unlisted and Inactive Stocks and Bonds. The legality of these bonds has been approved cerby Dillon & Hubbard of New York, whose tificate as to legality will accompany the bonds Members New York Stock Exchange when delivered without cost to the purchaser. The bonds will be engraved under the super43 EXCHANGE PLACE. NEW YORK vision of and certified as to their genuineness WM. WHEATLEY. Mgr. INVESTMENT DEPT. York. by the Columbia Trust Company of New Circular letter giving full particulars and to application on mailed blank form of proposal A. M. HESTON, Comptroller. STATE,DCITY RAILROAD BONDS 43 Exchange Place 6o State Street, - Boston Perry, Coffin 86 Burr, INVESTMENT BONDS. 60 State Street, S. H. P. PELL & CO. BOSTON MUNICIPAL AND RAILROAD BONDS. LIST ON APPLICATION. HUNT, SALTO NSTALL & CO ,, Members of New York Stock Exchange Investment Securities 00 STATE STREET BOSTON 409 Walnut Street. CI CINNATI, a) Municipal, County, State, and High-Grade Public !tervie ,! SecurItle. Correspondence Solicited. 1332 Walnut Street PHILADELPHIA N GOOD & MAYER) IEASO S mercantile.Library Building, CINCINNATI. MacDonald, McCoy & StIffICIPAL Albert Kleybolie & Co BLACKSTAFF & CO, INVESTMENTS AND CORPORATION BONDS. 181 La Salle Street, Chicago LIST OF SPECIALTIES ON REQUEST R. B. WADE 0. K. EL WADE WADE &COMPANY INVESTMENT SEC ,JRITIES 43 EXCHANCE PLACE NEW YORK Established H. C. Speer & Sons Co. WEBB & CO., First Nat. Bunk Building, Chicago INVESTMENT SECURITIES. CITY COUNTY AND TOWNSHIP BONDS. 74 BROADWAY. NEW YORK OCT. 24 1908.1 THE CHRONICLE West Pittston School District (P. 0. Pittston), Luzeme County, Pa.-Bond Offering.-Proposals will be received until 4 p. m. Oct. 26 by Chas. H. Foster, Secretary of School Board, for $47,000 4% coupon building bonds. Denominations, $100 and $500. Date Nov. 1 1908. Interest semiannually at the First National Bank of Pittston. Maturity thirty years, subject to call after five years. Bonds are taxexempt. Certified check for 2% of bid, payable to the Secretary of the School Board, is required. Present indebtedness of district is $6,000. Assessed valuation $2,592,974. 1117 Wilson, N. 0.-Bond Sale.-The $15,000 5% 15-year coupon electric-light-improvement bonds offered without success on August 15 (V. 87, p. 700) have been sold. Winterset, Iowa.-Bonds Voted.-A proposition to issue $60,000 water-works-plant-construction bonds carried by a vote of 858 to 151 at an election held Oct. 12. Woodstock, Ont.-Debenture Offering.-Some additional details are at hand relative to the offering on Oct. 31 of the following 43.% gold coupon debentures mentioned in V. 87, p. 1045: Wheat Plains School District No. 2083, Sask.-Debenture 79 sewer debentures dated Jan. 1 1905. Maturity Dec. 31 1924. Sale.-The Ontario Securities Co. of Toronto has been $1,549 2,183 27 sewer debentures dated Jan. 1 1906. Maturity Dec. 31 1925. 3,877 70 sewer debentures dated Jan. 1 1906. Maturity Dec. 31 1925. awarded $1,400 7% 10-year debentures of this district. 7,045 32 electric-light debentures dated Jan. 1 1907. Maturity Dec. 31 Willoughby, Lake County, Ohio.-Bond Sale.-On Oct. 6,000 00 1936. consolidated debentures dated Dec. 1 1907. Maturity Nov. 30 19 the $2,000 44% coupon water-works-repair bonds de1937. scribed in V. 87, p. 967, were awarded to Wm. Webster of 7,000 00 consolidated debentures dated Nov. 2 1908. Maturity Oct. 31 1938. Willoughby at 102.50 and accrued interest. The bids 3,000 00 school debentures dated Nov. 2 1908. Maturity Oct. 31 1938. received were as follows: Proposals for these debentures will be received until 12 m. Wm. Webster, Willoughby.$2,050 001 Clark H. Nye, Painesville-$2,026 00 Chagrin Falls Banking Co_ 2,035 30 Fred Storm, Willoughby__ 2,025 00 on that day (Oct. 31) by G. C. Eden, City Treasurer. InSeasongood & Mayer, Cin. 2,031 85 W. R.Todd & Co.,Cin____ 2,02300 terest is payable at the City Treasurer's office. H. R. Scovill, Ashtabula-- 2,030 00 Otis & Hough, Cleveland.. 2,012 50 Youngstown, Ohio.-Bond Offering.-Proposals will be Maturity $500 each six months from March 1 1914 to received until 2p. m. Nov.9 by Wm.I. Davies, City Auditor, Sept. 1 1915 inclusive. for the following 5% bonds: Wilmington, Los Angeles County, Cal.-Bond Sale.- *5,000 street-cleaning bonds due Oct. 1 1910. 800 Ridge Avenue improvement bonds due $500 on Oct. 1 1910 and On Oct. 12 this city sold the $100,000 5% 1-40-year (serial) on Oct. 1 1911. harbor and street-improvement bonds offered on that day 3,420 $300 Homer and Ina Avenue sewer bonds due $684 yearly on Oct.'1 from 1910 to 1914 inclusive. and mentioned in V. 87, p. 637, to the State Board of Ex715 Garlick Street grading bonds due $143 yearly on Oct. 1 from 1910 aminers at 101.375 and accrued interest-a basis of about to 1914, inclusive. 4.893%. Denomination $1,000 and $500. Date May 1 The above bonds will be dated Nov.16 1908. Interest semi1908. Interest semi-annual. annually at the office of the City Treasurer. Purchasers to Wilmington, N. 0.-Bond Sale.-On Oct. 20 the Board of take the bonds not later than Nov. 16, the money to be Aldermen accepted a bid at 105 and accrued interest, sub- delivered at one of the banks in Youngstown or at the mitted by Seasongood & Mayer of Cincinnati, for $200,000 City Treasurer's office. Bids must be made for each block 5% 40-year water-works and sewerage bonds. This is on a of bonds separately and must be accompanied by a certified basis of about,i4.722%. • These securities take the place of check on a national bank for 2% of the bonds bid for, payable thek$200,000 4% bonds disposed of at 96 on Sept. 2 (V. to the City Treasurer. •*4 87, p. 700), which sale was never consummated. Date Oct. Zavalla County Common School District, -Bonds 1 1908. Interest semi-annually in New York exchange at Registered.-An issue of $5,500 434% 20-year Tex. school-house the United States' aMortgage & Trust Co., in New York City. bonds was registered by the State Comptroller on Oct. 13. ENGINEERS. MISCELLANEOUS. H.M.Byllesby & Co. ATLANTIC MUTUA: IIL INTgiJRANCE COMPANY. Incorporated ENGINEERS DESIGN,CONSTRUOT AND OPER. ATE RAILWAY. LIGHT, POWER. HYDRAULIC) AND GAS PLANTS New York. January 21st, 1908. The Trustees, in conformity with the Charter of the Company, submit the fol{owing statement of its affairs on the 31st of December, 1907. Premiums on Marine Risks from 1st January, 1907. to 31st December, 1007 $3,440,427 06 Premiums on Policies not marked off 1st January, 1907 690,719 33 Total Marine Premiums $4,131,146 39 Premiums marked off from 1st January, 1907, to 31st December, 1907- EXAMINATIONS and REPORT': American Trust Building, CHICAG( Interest received during the year Rent less Taxes and Expenses $3,387,757 $8 5348,234 37 124,935 79 $473,170 10 Losses paid during the year which were estimated in 1906 and previous years $607,375 70 Losses occurred, estimated and paid in 1907 1,400,691 49 32,008,067 10 Oklahoma City, Oklahoma. Mobile Ala. San Diego, CaL Less Salvages Re-insurances $126,595 24 302,387 66 428,982 00 $1,579,084 J. G. WHITE & CO., Engineers, Contractors, 43-49 Exchange Place, - NEW YORE Investigations and Reports on Electric ilwaY. Gas. Electric Light and Power ta ansmission Properties for Financial Institutions and Investors. Electric Railways, Electric Light and Electric Power Plants Financed, Designed and Built. London Correspondent: J. G. WHITE & CO., Limited, 9 Cloak Lane. Cannon St.. E C. Canadian Correspondents: CANADIAN WHITE CO., Limited, Returns of Premiums Expenses, including offices' salaries and clerks' compensation, stationery, newspapers, advertisements, etc A 442,971 10 $348,854 83 ASSETS. United States &State of New York Stock, City, Bank and other Securities $5,483,622 00 Special deposits in Banks &TrustCos. 650,000 00 Real Estate cor. Wall & WilliamSts., & Exchange Place-$4,299,000 00 Other Real Estate & claims due the company 75,000 00 4.374,000 00 LIABILITIES. Estimated Losses and Losses Unsettled 52,058,195 01 Premiums on Unterrninated Risks_ 743.389 01 Certificates of Profits and Interest Unpaid 268,528 75 Return Premiums Unpaid 122,096 16 Certificates of Profits Ordered Redeemed, Withheld for Unpaid Premiums 22,394 56 Certificates of Profits OutstandPremium notes and Bills Receivable 1,376,916 51 ing 7,412,630 00 Cash in the hands of European. Real Estate Reserve Food 270...000 00 Bankers to pay losses under policies payable in foreign countries_ 185,005 17 Cash in Bank 595,353 43 Aggregating $12,664,897 11 Aggregating 910,897,743 47 A dividend of Six per cent interest on the outstanding certificates of profits will be paid to the holders thereof, or their legal representatives, on and after Tuesday the fourth of February next. The outstanding certificates of the issue of 1902 will be redeemed and paid to the holders thereof, or their legal representatives, on and after Tuesday the fourth of February next, from which date all interest thereon will cease. The certificates to be produced at the tlme of payment and canceled. A dividend of Forty per cent is declared on the net earned premiums of the Company for the year ending 31st December, 1907, for which, upon application, certificates will be issued on and after Tuesday the fifth of May neat. By order of the Board. Engineers and Contractors G. STANTON FU)YD-JONES, Secretary. CONSTRUCTION OF RAILROADS TRUSTEES. GUSTAV HERBERT L. GRIGGS, NICHOLAS F. PALMER, Investigation and reports on organization and FRANCIS AMSIN08, M. BACON. CLEMENT A. GRISCOM. HENRY PARISH, operation of existing roads. JOHN N. BEACH, ANSON W. HARD, DALLAS B. PRATT, WILLIAM B. BOULTON, MORRIS K. JESUP, GEORGE W. QUINIPARD. VERNON H. BROWN, LEWIS CASS LEDYARD. A. A. RAVEN, Land Title Building, PHILADELPHIA. PA WALDRON P. BROWN, FRANCIS H. LEGGETT, JOHN L RIKER, JOSEPH H. CHAPMAN, Established 189$. CHARLES D. LEVF:RICH. DOUGLAS ROBINSON. JOHN CLAFLIN, LEANDER N. LOVELL. GUSTAV H. SCHWAB, GEORGE 0. CLARK, GEORGE H. MACY, WILLIAM SLOANE, OLEVELAND H. DODGE, Established 1889. CHARLES H. MARSHALL, ISAAC STERN, CORNELIUS ELDERT, W. H. H. MOORE, WILLIAM A. STREET. RICHARD H. EWART. Successors to PEPPER fc REGISTER A. A. RAVEN, President. CORN BUDSILLDt..314T. ViceEngineers & General Contractors t. SANFORD E.(10511), 30 Vim 112 North Broad Street, - Philadelphia 011A1414,10S H, PM.14 I Montreal Principal Philippine Office. Manila, P. 1 STERN 86 SILVERMAN, INC. A. L. REGISTER & CO. [VOL. Lxxxvn. THE CHRONICLE 1118 Xrnst Touxpanits. Trust Tompanies. MIN States Trust Compaim of low York,, Manhattan Char,ered 1853 45 and 47 Wall St.,* . CAPITAL, SURPLUS AND UNDIVIDED PROFITS, - • $2.U00,000.0C $13,243, 128.35 - Trust 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 estates corporations and individuals. JOHN CROSBY BROWN, Vice-President. EDWARD W SHELDON, President. HENRY E. AHERN. Secretary. WILLIAM M KINOSLEY, Second Vice-Pres CHARLES A. EDWARDS, 2d Asst. Secretarl WILFRED J WORCESTER. Asst. Secretary TRUSTEES. JOHN A. STEWART. Chairman of the Board, John Clain, William H. Macy Jr., Payne Whitney, John Crosby Brown, William D. Sloane, John J. Phelps, Edward W Sheldon W. Bayard Cutting, Gustav H. Schwab. John S. Kennedy, Charles S. Smith, Chauncey Keep, D. 0. Mills. Frank Lyman, George L. Rives, William Rockefeller, Lewis Cass Ledyard, George F. Victor, Arthur C. ames, Alexander E. Orr. James Stillman, Lyman J. Gage. Company 20 Wall Street Corner Nassau NEW YORK SavhigsBank IilinoisTrust& um CAG0 Capita,' and. Su.rplu.s $13,f200,000 Pays Interest on Time Deposits, Current and Reserve Accounts, Deals in Investment Securities and Foreign Exchange. Transacts a General Trust Business. UNITED STATES MORTGAGE & TRUST COMPANY NEW YORK CORRESPONDENCE INVITED CAPITAL, $2,000,000.00 SURPLUS, $4,000,000.00 THE Trust Company of America 37-43 WALL STREET, NEW YORK, LONDON OFFICE: 95 Gresham St., London, E. G. COLONIAL BRANCH: 01222 Broadway DIRECTORS JOSEPH J. O'DONOHUE Jr. LOWELL M. PALMER STEPHEN PEABODY E. CLIFFORD POTTER JOHN J. RIKER WM. F. SHEEHAN OEOROE R. StiELDON HENRY F. Stl()EMAKER JAMES W. TAPPIN OAKLERIH THORNE ROBERT B. VAN CORTLANDT W. K. VANDERBILT Jr. JOHN E. BORNE WM, H. CHESEBROUGH RICHARD DEI.AFIELD ASHBEL P. FITCH ANSON R. FLOWER H. B. HOLLINS JAMES S. KUHN FRANK R. LAWRENCE CORD MEYER SETH M. MILLIKEN RANDAL MOROAN MOROAN J. O'BRIE` Invites Personal and Business Accounts. Acts as Trustee, Executor, Administrator, Guardian and in All Fiduciary Certifies MuniCapacities. cipal and Corporation Bonds. 55 Cedar St. 73rd St.& B'way 525th St. & 8th Ave. Bowling Green Trust Co. 26 BROADWAY, NEW YORK. We refer you to The Torlloration Trust To. 37 Wall Street, New York, for information regarding any point involved in the organization and taxation of business corporations under the laws of any of the States or Territories. Wilkinson, Reckitt, Williams & Co. OFFICERS: President EDWIN COULD 1st V.-Pres't. NVILLIAM tl. TAYLOR 2d V.-Pres't, CHAS. P. ARMSTRONO JOHN A HILTON-3d V.-Pres & Treas Secretary WILLIAM M. LAWS DIRECTORS: JohnFrankA.J. Uharles P. Armstrong, Frank Brainard, Harry Bronner. Franklin Q. Brown, Robert C. Clowry, Edmund C. Converse, Wm. Nelson Cromwell, P. C. Costello, Grenville M. Dodge. A. Goepel, George J. Gould, Gould, 1 1.:dwin i tuoln. .1?tod, Edward T. Jeffery. Winslow S. Pierce. Morton F. Plant, Dick S. Ramsay, Frederick B. Schenck. Andrew Squire, William H. Taylor. John P. Truesdell, E. F. C. Young. OTTOJULIUS MERKEL BROKER CERTIFIED PUBLIC ACCOUNTANTS 44 AND 46 WALL ST., NEW YORK INVESTMENT SECURITIES. Corresnondence Invited NEW VORK CHICAGO PHILADELPHIA 52 Broadway Marquette Bldcf. Mutual Life Bide'. LONDON, ENGLAND Leadenhall Bldws. Ex. Wm. FA.liNitsrocif, Memb. N. Y. Stock D. B. DODSON. T. J. MUM FORD. Fahnestock & Co., BRO I11,4 AND 1)F.A LE1LN IN INVESTMENT SECURITIES. ,,WALL STREET1 2.