Full text of Commercial and Financial Chronicle : October 29, 1910, Vol. 91, No. 2366 [Copy 2]

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w

n m m ercrH
IN C L U D IN G
Bank & Quotation Section
Railway Earnings Section

Railway & Industrial Section
Bankers* Convention Section

VOL. 91.

SATURDAY, OCTOBER 29 1910.

<3£Ixe Cltvcmitle.

1910.

T e r m s o f S u b s c r ip t io n — P a y a b le la A d v a n c e
F o r O ne Y e a r ........................................................................................................... f l O 0 0
F o r S ix M o n th s ........................................................................................................... 8 0 0
E u rop ean S u b s crip tio n (In clu d in g p o s ta g e )................................................... 13 0 0
E u ropean S u b s crip tio n f ix m onths (In clu d in g p ostftgel............................ 7 60
A n n u a l S u b scrip tion la L on don (in c lu d in g pi s t a g e )...................................£ 2 14 s.
S ix M on th s S u b s crip tion In L on don (in c lu d in g p o s ta g e )............................£ 1 11a.
Canadian S u b s crip tio n (in o lu d ln g postage) ................................................$ 1 1 flu
S u b s c r ip t io n in c lu d e s f o llo w in g S u p p le m e n t s —

B \n k a n d Q u o t a t io n (m o n th ly)
J s i-a t b a n d C r r r (sem i-an n u a lly)
R a il w a y a n d in d u s t r ia l (q u a rte rly ) E l e c tr ic It u l w a t (3 tim es ye a rly)
RAILWAY K abnlnos (m on th ly )
I B a n k k s ’ c o n v e n t io n (y e a rly )
T e rm s o f A d v e r tis in g — P e r In c h S p a c e
T ra n sien t m atter p e r in ch sp ace (1 4 agate lin e s )..................
$4 20
( T w o M onths
(•< t im e s )............................ 22 00
S ta n d in g B u sin ess Carda < TJnree M onths
<13 t im e s )............................ 29 00
1 S ix M on th s
(26 t im e s )............................ 60 00
L T w e lv e M on th s (52 t im e s )............................... 87 00
C H IC A G O O F F I C E — P lin y B a r tle tt,613 M on au n ock B lock : T e l. H a r ris o n 4012
L O N D O N O F F I C E — E d w a rd s & S m ith , 1 D ra p e rs’ G arden s, E. C.

W IL L IA M

IS. D A N A C O M P A N Y , P u b l i s h e r s ,
F ront. Pine and Depeyater S ts .,

New Y o r k .

Published every Saturday morning by W ILLIAM B. DAN A CO M PANY,
acob Seibert Jr., Vice-President and Secretary: Arnold G . Dana, Treasurer.
Addresses of both. O ffice of the Company.

C L E A R I N G -H O U S E R E T U R N S .
The following table, made up by telegraph, & c.. Indicates that the total
bank clearings of all clearing houses of the United States for week ending
to-day have been $3,193,002,296, against $3,554.272,966 last week and
$3,576,551,568 the corresponding week last year.
Clearings— Returns by Telegraph.
Week ending October 29.

1910.

1909.

New Y ork _________ __________________
Boston ..........................................................
Philadelphia ...................... _ .......................
Baltim ore................- ....................... ............
C h ic a g o ................................................. ......
St. L o u is ................................... ...................
New Orleans......... ......................................

$1,520,638,910
137,671,847
118,294,023
27,240,052
220,905,790
63,089,864
17.605,162

$1,876,838,449
141,092,271
120,500,048
27,000,927
232,571,009
62,993,292
16,979,812

—19.0
—2.4
—1.9
+ 0.9
—5.0

Seven cities, 5 d a y s . . ..........................
Other cities, 6 days...................................

$2,105,346,248
538,976,821

$2,477,975,808
492,468,927

—15.0
+ 9.4

Total all cities, 5 d a y s . . . ......... ..........
All cities, I d a y .......................... .................

$2,044,323,069
548,769,227

$2,970,444,735
605,106,833

— 11.0

Per
Cent.

+ 0.2

+ 3.7

—9.3

Total all cities for w eek........................

$3,193,092,296 $3,575,551,568 —10.7
The full details for the week covered by the above will be given next Sat­
urday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence In the above the last day
of the week has to be In all cases estimated,as we go to press Frid ay night
Wo present below detailed figures for the week ending with Saturday
noon, October 22, for four years.
Week ending October 22.

Clearings at—
1910.
New Y ork...........
Philadelphia____
Pittsburgh...........
B a ltim ore............
Buffalo..................
A lbany..................
W a sh in gton ____
R och ester...........
S cran ton ........... .
S yracu se.............
R e a d in g ..............
W ilm ington.........
Wilkes-Barre . . .
W h e e lin g ...........
H arrisburg.........
York ....................
Trenton .............
E r i e ......................
Greensburg.........
C h ester................
B ingh am ton____
A ltoon a ................
F ra n k lin .............

|

1909.

1
$
$
2,111,199,819 2,286,791,955
160,592,476
155,369,479
54,052,408
62.058,092
35.288,464
29.598,009
11,233,962
9,789,455
7,597,124
5,948,132
7,126,645
6,437,732
3,839,964
3,388,847
2.674,429
2,316,785
2,456.653
2,425,125
1,513,315
1,640,345
1,244,482
1,575,628
1,305,493
1,567,155
1,854,083
1,882,011
1.200.000
1,334,342
940,020
907,848
1,460,696
1,437,647
950,000
824.725
553,221
598,030
534,723
601.170
531,500
625.700
630,741
483.037
288,860
286.000

Total M id dle.. 2,409,569,084 2,567,793,265

Inc. or
Dec.

1908.

1907.

S
$
%
— 7.7 1,599,252,133 2,103,041,624
112,574,413
+ 3.4
156,844,067
40,792,804
+ 5.0
58,768,255
+ 19.2
23,783.886
32,802,749
7,953.563
+ 14.7
9,363.317
5,918.448
+ 27.7
7,812,854
+ 10.7
5,410,889
6.034,801
3,270,918
+ 13.3
3,847,954
2,240,630
+ 15.5
2,426,218
1,975,943
+ 1.3
2,642,277
1,350,624
— 8.1
1,513.894
1,129,574
— 21.0
1,440,161
1,452,221
— 16.7
1.359.180
1,476,538
— 1.5
1.173,577
1,091.215
— 10.1
1,115,095
789,674
+ 3.5
849,134
1,369,946
+ 1.8
644.509
+ 16.2
794,489
490,869
— 7.6
623.954
416.635
— 11.1
563.205
449,900
+ 1.1
500,400
425.064
+ 9.9
260.000
+ 1.0
292,790
— 6.2 1,814,525,196 2,394,413,775

Boston ................
Providence .........
H a rtford .............
New H aven.........
Springfield...........
P o r tla n d ..............
W orcester...........
Fall IUver...........
New Bedford____
L ow ell..................
H olyoke......... ......

194,487.646
13,487,700
3,884,369
3,237,533
2.469.218
2,278.199
2,021.641
1,365,643
1,713.350
601.020
650.082

177,253.083
13.517,700
3,529.976
2.712.438
2,250,000
1,803,930
,789,639
1,548,128
1,383,804
616,193
650.840

+ 9.7
—0.2
+ 10.1
+ 19.4
+ 9.7
+ 20.3
+ 46.3
— 11.8
+ 23.8
+ 10.6
— 1.2

142,992.113
11,076,000
3,106.863
2.092.922
1,618.299
1.601.607
1,429,489
1,366.247
969.407
662,506
419.377

178,266.579
10.915.600
3,515,844
2.465,625
2,460.000
2,436,875
1,771.930
1,362.698
926,913
631,476
468,027

Total New Eng.

226,697,007'

206,881,795

+ 9.6

167,234,830*

205,211,467




C h icago..............
Cincinnati.........
C levelan d_____
D etroit................
Milwaukee.........
Indianapolis . . .
C olum bus.........
T o le d o ________
P e o r ia ________
Grand IU p ld s ..
D a y t o n ..............
E v a n s v ille ____
K ala m a zoo____
Springfield, 111 .
Fort Wayne . . .
A k r o n ........... ..
L exington_____
Rockford .........
Y ou ngstow n___
South Bend____
Bloom ington___
Q u in c y ..............
Canton......... .......
Decatur ......... ..
Springfield, O ..
Mansfield........... .
Jackson...............
Jacksonville, 111.
Danville...............
Ann Arbor______
Adrian ...............
L i m a ....................
Saginaw________
Lansing________

NO. 2366.
Week ending October 22.

Clearings i

PUBLISHED WEEKLY.

1*. O . liox 0 5 8 .

Electric Railway Section
State and City Section

Inc. er
Dec.

1909.

%

283,409,724 283.525.595 —0.04
25,123,450
25,988,700 —3.3
20.825,287
19,860.942 + 4.9
18,796,938
16.698,014 + 12.6
13,166.962
12,951,392 + 1.7
8,602,112
8,122,077 + 5.9
6,397,800
5,949,800 + 7.5
4,677,749
3,969,824 + 17.8
3,011,998 + 12.5
3,387,309
2,547,981 + 6.3
2.707.892
2.022.779 + 19.7
2.420.893
1,990,481 + 16.0
2,308,220
1,466,012 — 1.2
1,448,118
1,058,511
1,086.960
+2.7
872,540 +24.9
1,089,980
918,400 +21.5
1,115,400
773,142 + 1.8
774,514
733.124
762.076
+ 4.0
1,032,205 +29.3
1,335,011
539,562 + 17.2
632,255
516,687 + 10.6
571,598
610,000 + 11.0
676,905
810,000 +24.1
1.025.074
399.300 + 13.8
454,238
438,001 + 14.2
500,000
410,642 + 18.8
487,755
375,000 + 5.0
393,750
267,021 —5.6
252,131
377,561 + 14.0
430,505
183,865 —3.6
177,214
23.757 —6.0
22,323
349,551
379,610
+ 8 .6
615,082
523,318 + 17.5
388,144 Not Included In total

T ot. M id.W est.
San Francisco___
Los Angeles_____
Seattle ..............
P o r tla n d .............
Spokane........... ..
Salt Lake C it y ..
Tacoma................
Oakland................
Helena ................
Sacram ento.........
San D ie g o ...........
F resn o..................
S to ck to n ..............
San J o s e ...............
North Yakima . .
B illin gs................
Pasadena..............

406,054,835
51,100.935
17,546,432
12,113,942
12,013,303
4.500.000
6,473,403
5,724,986
3,131,6991
1,046,713)
1,559.553
1.330.000
1,060,291
773,031
654,346
594,628
126,981
876,353

399,317.782
39,061,157
13.516,898
13,411,016
9,223,296
4,970,437
7,187,148
6,122,966
1,653,089
1,046,713

Total P aclflo..
Kansas C it y ____
Minneapolis.........
Omaha..................
St. Paul................
Denver..................
St. Joseph...........
D u lu t h .........
Des M oin es.........
Sioux C ity...........
W ich ita.........
Topeka .........
Davenport...........
Lincoln ................
Cedar Rapids . . .
Fargo ______
Sioux Falls . .
Colorado Springs
Pueblo _____
F r e m o n t____

120,520,414
57,605,633
25,799,407
17,767.874
11,659,638
11,397,468
6,327,260
4,677,888
3,976,816
3,011,277
3.341,362
1,369,385
1,595,979
1,724,158
1,535,000
826,395
1,504,986
650,116
689,537
316,961

101.864,072
58,071,898
32,126,339
16,872,838
12,221,395
10,391,930
6,260,497
8,147.713
4,080,180
2,973,160
3.050.000
1,171,700
1,513,235
1,505,734
1,087,873
825,227
1.005.000
642,904
630,890
351,911

T ot. oth.W est.
St. Louis____
New Orleans____
Louisville . . .
H o u s t o n ____
G alveston ...........
Richm ond .........
A tla n ta ................
M em phis..............
Savannah ...........
Fort W orth_____
N a s h v ille ...........
Augusta................
Norfolk ...............
Birm ingham ____
Little Itock.........
Charleston______
K n o x v ille ______
Jacksonville____
Chattanooga . . .
M o b ile ..................
O klahom a...........
M a c o n __________
Beaumont _____
Austin ________
V icksburg...........
J a ck son ________
M eridian.............
W ilm ington, N.C.

155,777,140
83,797,896
21,668,297
13,499,853
18,987,040
10,619,500
7.065.000
16,320,182
9,448,156
8,924,127
8,711,046
4,291,974
3,976,335
3,600,022
2,810.826
2,305,292
2,773,304
1,661,120
2,270,464
1,780,261
1,525,603
2,729,069
1.480.000
625.000
2,463,236
488,562
689,940
425.000
817,381

162,929,784
82,233,216
20,094,491
11,693,296
14,009,515
7.633,000
7,413,047
12,075.881
9,780,556
8,657,998
7,587,351
3,191,301
4,095,935
3,797,419
2,537,508
2,606.098
2,634,051
1,922,045
1,951,525
1,650,246
1,545,645
2,373,375
1,407,445
619,598
1,099,985
475,812
502,000
382,580
671,607

Total Southern

235,054,486

214,642.526

1,112,211

950.000
942.848
703,214
595,862
416,130
347,800
600.000

+ 1.7
+30.6
+29.8
—9.7
+30.2
—9.5
—9.9
—6.5
+89.4

— 10.1

+40.2
+ 40.0
+ 12.5
+9.9
+ 10.0

+42.8
—63.5
+ 4 u .l
+ 18.3
— SO

—19.7
+ 5.3
—4.6
+ 9.7
+ 1.1

-4 2 .6
—2.5
+ 1.3
+ 9.5
+ 16.9
+ 5.5
+ 14.5
+ 41.2
+ 0 .1

+ 49.7
+ 1.1

+ 9 .3
—9.9
+ 1.9
+ 7.8
+ 15.5
+ 35.5
+ 37.8
—4.7
+ 35.2
—3.4
+ 3 .1
+ 14.8
+ 34 .5
—2.9
—5.2

+ 10.8

—11.5
+ 5.3
—13.6
+ 16.3
+ 7.9
— 1.3
+ 15.0
+ 5.2
+0.9
+ 123.9
+ 2 .7
+37.4
+ 11.1

1908.

>46.193.946
25.833,450
15,156,663
12,987,830
11.001.384
6,699.563
4.850.300
3,346.990
3.106.589
2.182.706
1,677,219
1,934,229
982,262
884,700
780,056
625.000
547,400
677,724
693,165
381,995
432,775
438,971
598,005
321,489
345,185
373,375
412,756
307,240
311,886
140,402
25,569
295.000

138.661
30,000
370,000
372.358,698
43,900,973
10,579,398
12,820,714
8,591,304
3,528.261
6,754,091
5,038,236
2,355,403
1,243,674

81,896,950
41,034,601
25,172,572
12,357,359
9,771,262
9,395,607
4,606,278

95,944,47#
39,221,949
34,771.028
12,638,356
13,021,618
10,317,193
4,993,743

2.758.688
2,341,157
1,453,633
1,216,343
1,173,779
1,144,677
836,061
900,559
784,000
549,902
508,543
388,585

3,161,596
2,264,739
1,640,325
1,027,789
1,630,459
1.312,208
682,724
732.334
700,000
821,758
782,999
403,996

116,393,600
64,204,470
15,499,704
10,087,330
15,501,332
9.265.000
6.400.000
6,085,484
6,330,609
5,905,443
6,911,292
3,011,465
2,592,542
2,583.867
2,058,117
1,919,321
1,918,709
1,527,230
1,387,769
1,365,822
1.328.001
1,290,925
967,292
585,518
825,561
393,611
486,000

130,014,812
69,254,056
20,498,585
13,153,284
16,297,371
7.703.000
6.500.000
5,832,287
7,010,917
7,710,221
4,803,444
4,250,319
3.678.738
3.120.738
2,664,257
1,959,302
2.050.000
1,784,920
1,316,426
1,364,129
1,486,498
1,346,448
859,920
560,626

600,000
532,422

+ 21.7

400,000

625,000

+9.8

170,732,414

185.732,486

—2.6 2,692,408.820

O u tsid e N

+ 5.6 1.093,156,687

N ote

>62.(97.923
26.765,20#
18,210,205
14,424,752
13,026.999
7,643,77#
5,981,10#
4,064,#53
3.284.02#
2,441.711
1,790,044
2,131.643
1,092,620
861.595
850,214
790,00#
606,840
680.755
970,843
492.958
472,818
533.080
435,094
404,461
397,352
380,204
239,580
249,589

341,525.825
35,893,119
9,802,804
9,039,261
7,000,000
3,437,276
5,723,496,
4,722,115
1.578,878
823,985
917,160
809,000
627,325
491,302
496,925
303,096
231,208

Total all...........
Y ..

1907.

— For Canadian Clearings see "Commercial and Miscellaneous News.”

these annual statements, and the moment they were
handed in, transcripts were at once obtained and hurA new number of our “ Railway and Industrial ried to New York to be published in this journal. In
Section,” revised to date, is sent to our subscribers the case of the prominent roads, in whose affairs there
to-day. In the editorial columns of the same will be was a large public interest, the general results were
found articles on the following subjects: “ Super­ often furnished to the daily press in. advance of their
heaters and Economy in Operation,” “ Special Freight appearance in the “ Chronicle.”
Transportation Cars,” “ American Railway Maps and
After having convinced railroad managers of the
Western Development” and “ American and English necessity of issuing annual reports, we began to urge
the publication of monthly and quarterly reports of
Railway Returns.”
gross and net income and the giving out of weekly
returns of estimated gross earnings. Progress here
THE FINANCIAL SITUATION.
Among the many tributes that have been paid to was much slower. We remember well that when it was
Mr. William B. Dana, since his death, by the news­ first proposed in this State that the railroads should be
paper press throughout the country, for his editorial required to file quarterly reports of earnings and
conduct of the “ Chronicle” during the last forty-five expenses with the State Railroad Commission at Al­
years, has been an appreciative notice by the “ Wall bany, the proposition was determinedly opposed by
Street Journal.” The latter used to take great de­ the managers of the leading roads at a public hearing
light in referring to the editorial remarks in this paper which was given for the purpose. But publicity tri­
as evidence of “ Court Circular journalism,” meaning umphed on that occasion, as it always will. As the
thereby that we reflected the views of the inner circles very best way to get these weekly and monthly returns
in the financial world, were controlled thereby, and of earnings, the “ Chronicle” began to collect them it­
hence were unable to discuss questions from the broad self. It was no easy task inducing railroad officials
standpoint of the public welfare. A meed of praise to abandon confirmed habits. They yielded very
from that quarter, therefore, is rather unexpected. reluctantly. In some cases they remained obdurate
We do not question the sincerity of the utterance, and for years; but by making appeals to large stock and
it was hardly to be expected that the writer would ex­ bond holders and to the banking fraternity here and in
press entire concurrence with the policy of this paper Europe, and to the self-interest of railroad managers
under Mr. Dana’s control; but one remark he makes themselves, we succeeded in the course of years in
it would not be proper, it appeal’s to us, to allow to go persuading one railway company after another to
unchallenged. “ It is the irony of events,” says this fall into line, until when the Inter-State Commerce
eritic, “ that his newspaper probably did more than Commission took up the task of gathering monthly
any other to stimulate publicity of corporation ac­ returns, we had succeeded in collecting monthly re­
counts, itself beyond all question a greater protection turns covering 200,000 to 205,000 miles out of a
to the public than any Federal or State statute could total of 225,000 to 235,000 miles of railroad in the
country. The moment the Inter-State Commerce’s
ever devise.”
“ Irony,” indeed. Publicity of corporation affairs returns became available, we began the issue of a
ii what this journal has been preaching, week in and special supplement devoted exclusively to the publica­
week out, since the day it was started. At the time tion of these returns. It is proper to say, too, that
we began publication it was the practice of railroad every one of our numerous other supplements which
managers not to furnish any information at all, either we issue periodically throughout the year are in
to investors or the public, concerning the affairs of the interest of the publicity of corporate affairs.
We are told that publicity of corporation accounts
the properties under their control. Most railroad
affords
“ greater protection to the public than any Fed­
corporations did not even publish printed annual re­
eral
or
State
statute could ever devise.” We hail this
ports, while some of the reports that did appear were
admission
with
great satisfaction. It is precisely the
go meagre in facts and details as not to be worth print­
ground
we
have
always taken. We have never failed
ing. The “ Chronicle” at once devoted itself to re­
to
urge
that
the
efforts of the State and National gov­
moving this blemish, and the success attending the
ernments
to
regulate
railroad affairs should be chiefly
effort can be judged from the fact that it was not many
years before railroad managers everywhere conceded in the direction of requiring increased publicity. If
the justness of our contention and abandoned the policy any one will take the pains to refer to the first page of
of secrecy in dealing with their security holders which our “ Railroad Earnings” Supplement of last Saturday,
they had previously pursued. In those days it re­ he will find there a statement to the effect that the
mained for the “ Chronicle” alone to conduct the fight supplement referred to is issued to aid the Inter-State
on behalf of publicity, because it was absolutely the Commerce Commission in the one direction in which
lies its chief usefulness—the field of publicity.” This
only paper of its kind in the field.
We may say, too, that we did not content ourselves statement has appeared in every number of the “ Rail­
with merely urging publicity. We accomplished pub­ way Earnings” Supplement since we began to publish
licity by getting the reports ourselves and printing it. Under these circumstances, it seems strange to
them in our columns. Our efforts in that direction have any one speak of the “ irony of events” as being
were unremitting. A few of the States, like Ohio, responsible for the publicity of corporation affairs
Massachusetts and New York, required the filing of which we have always championed with so much zeal.
annual reports by the railroads with the State authori­ Our new-found friend has been keeping very quiet
ties, and in this way it was possible to get figures for the last two or three years, and perhaps we should re­
companies that refused or omitted to give out annua, gard him as a convert to new views. At all events, he
reports of their own. The “ Chronicle” had special does not differ as much from us as he thinks he does.
representative* at the State capitals watching for As for the motives that influenced Mr. Dana in his edi­

“RAILWAY AND INDUSTRIAL SECTION.”




torial policy, wo refer him to our review of his life, operation in collection of data upon which to base rates
given in the first number of the "Chronicle” which ap­ is "an absolute necessity of the business,” and a finding
peared after his death, namely the issue of Oct. 15.
that "there is nothing unlawful in combining to collect
this information.”
.
The cotton markets of the country advanced sharply
It is something to have obtained judicial affirmation
on Tuesday, following the issue of the Census Bureau’s of a “ necessity” so positive as to be almost funda­
report covering the details of ginning to Oct. 18; but mental, and yet States have sought to suppress co­
part of the advance has since been lost. Without operative action entirely upon the baseless theory
apparent reason the report was given a bullish con­ that all agreement means extortion. Encouraging
struction, and this, in connection with heavy buying action following the decision in this case is reported
by the interests that were so prominent in the specu­ from Indianapolis in a business movement to get
lation for a rise last season, forced the market up appre­ together with the underwriters and reduce rates in
ciably. Why a report that had to do merely with the the wholesome manner by improving risks and lessen­
progress made in getting cotton into marketable ing loss.
shape, and especially so early in the season, should be
Another striking matter is now reported from In­
a price factor in either direction it is hard to conceive. diana. That State has the option of two methods of
It showed that up to Oct. 18 this year there had been taxing outside insurance companies: she may use her
ginned a total of 5,410.900 bales, against 5,530,907 own rate or (under the operation of retaliatory laws)
bales in the same period of 1909, or a decline of 120,007 she may use the scale of some other State in which her
bales. But that falling off has no significance what­ own companies are operating Many years ago she
ever. Not only is the crop outside of Texas and Okla­ elected to levy at her own rate, and has done so ever
homa (where dry weather forced maturity) quite gen­ since; but now the new Governor has made a discovery,
erally later than a year ago, but with the weather lie thinks he finds that the New York and New Jersey
favorable, more attention has been paid to picking rate of 2% on gross premiums will produce more
cotton than to getting it ready for market. That money than the Indiana rate of 3% on premiums less
being the case, the decrease in amount ginned would losses paid. So he proposes to change to the former,
have no bearing whatever upon the probable size of to which no objection can be raised as respects the
the crop.
future; but he proposes to make this retroactive, if he
The details of the ginning report, indicate that in all can, and to go back to 1873 and collect of the com­
States except Texas, Oklahoma and Alabama (where panies the difference between the product by the two
there is a small excess over a year ago) the amount rates. Back taxes or arrears have sometimes been
ginned to Oct. 18 this year was less than in 1909, and claimed, and have sometimes been collected, not
in fact below most earlier years back to and including wholly unjustly, since there might be errors or under­
1904. In Georgia alone the decrease from last year statements in the sums reported for taxation; but in
is nearly 200.000 bales, in Arkansas it reaches 109,000 this case, after having collected tax according to its
bales and in South Carolina 111,000 bales. These de­ own chosen method, without pretense of any conceal­
clines, and those of smaller extent elsewhere, merely ment or misunderstanding, the State proposes to collect
emphasize the lateness of the crop; they do not indi­ what it now thinks it might have taken if it had chosen
cate shortage in yield. As we have often remarked, the one of two methods which it did not choose.
it is yet too early to form any correct opinion as to the
At least, this is the case as told in news dispatches,
extent of production, for, in the absence of frost, and demand has been made upon a number of com­
cotton is still making. In passing it is worth noting panies accordingly, to which one company has re­
that of the crop of 11,581,829 bales raised in 1907— sponded by bringing an action to prevent cancellation
which, by the way, was classed as late as is that of of its license to do business as penalty for refusal to pay.
1910—only 4,420,258 bales had been ginned to Oct. 18,
When a pecuniar}.' matter has been settled by pay­
or 990,702 bales less than in the same period of the ment of what the creditor demands, the amount having
current year. Moreover, in 1900 out of a total yield been reached openly and without pretense of any
of 13,550,700 bales, only 4,931,021 bales had been error, a business man always assumes the transaction
put in marketable shape up to Oct. 18, or 479,339 bales to be final; still more, when the creditor fixes the sum
less than in 1910.
and the debtor has no choice except to pay, as in case
of tax. As reported, Indiana wishes now to go back
The case heretofore mentioned in the “ Chronicle” and repair what is deemed to have been a mistake
of the State of Indiana against certain fire insurance on her part in not choosing the more fruitful mode of
companies for alleged violation of anti-trust laws has levy. Taking the case as related, it suggests reflection
dallied along for months, but has lately been decided whether corporations nowadays exist upon rights or
in the Supreme Court of the county in which is In­ upon sufferance.
dianapolis. The decision is pronounced unusual in
that each side triumphs in a measure. The State
The Trans.-Andean Tunnel, which was formally
Attorney-General has the satisfaction of being able to opened early in the summer, furnishing the means
point to a decision that any form of combination for of communication by railroad between Argentina and
making or enforcing rates is illegal; it was held that Chili, is now about to be duplicated. At least that is
the evidence showed that such a combination had the substance of recent advices from Buenos Ayres,
existed, and an injunction against it was granted, al­ which are to the effect that the Argentine Senate on
though it is claimed for the companies that the for­ Sept. 19 passed a bill authorizing the construction of
bidden thing was voluntarily discontinued severa lanother trans-Andean railway. This second road will
months before the suit was begun. The companies connect the northern part of Argentina with Chili,
have won from the Court a declaration that co­ and for the purpose of construction 8,122,000 pesos




gold ($7,837,730 U.S. currency) has been appropriated.
The original trans-Andean route, linking Buenos
Ayres and Valparaiso by a 35-hour trip, is made up
of the Great Western Ry., the Trans-Andean Ry.
and the Chilian State Ry.; but on account of differ­
ences in gauge— the Trans-Andean being very narrow
— two changes of cars must be made. The decision to
build another road, this time in Northern Argentina,
would seem to testify to the success of the southerly
route.
The financial position abroad has been improved by
the demonstrated willingness of the Bank of France
to lend assistance to the Bank of England by dis­
counting three months’ bills and by sending gold
direct to Egypt. Only one considerable consignment
of the metal has thus far been sent to London, but
should necessity arise, additional shipments will no
doubt be arranged, as on three or four occasions
during the last decade the French authorities have
extended substantial aid to London through somewhat
similar arrangements to those entered into in this
instance. Paris can easily afford to spare several
million pounds sterling, for funds are so comfortable
there that discounts continue to rule under the Bank
rate of 3%. Yesterday it was reported that $5,000,000
gold would shortly reach London from Brazil. Lon­
don, therefore, may or may not need extensive rein­
forcements from France. The Bank of England’s sup­
ply of bullion decreased this week to the extent of $3,­
235,000, bringing the total on hand down to $156,000,­
000, which is not only below the amount carried a year
ago, and fully $25,000,000 less than was held at this
time in 1908, but is the smallest amount recorded at
this season in recent times with the exception of 1906,
when the Bank rate, it may be recalled, went to 6%.
Next week’s statement will reflect the very heavy
November settlements, which will probably entail
heavy shipments of currency to the Provinces, and
it is quite possible that the reserve will again be
lowered. But unless something unforeseen happens,
the present rate of 5% should prove sufficient for the
remainder of the year. Before the fortnightly settle­
ment on the Stock Exchange some uneasiness pre­
vailed in London, as was emphasized by a fall in
British consols to 78%, the low point recorded in the
panic of 1847; but since then sentiment has recovered
appreciably, carrying consols back to better than 79.
Only one unimportant failure occurred during the
week. Stiff rates, however, were levied upon Ameri­
can securities carried over to the new account, the
range being from 5% to 6%%, while regular Stock
Exchange loans were made at 5%%. Since then the
private discount rate has eased fractionally and as the
new gold due in the open market from South Africa on
Monday should again be retained by the Bank, no seri­
ous stringency is likely to arise over the month-end.
Happily, demands for new capital in London (as in
New York) have fallen to a minimum, speculation in
stocks is by no means rampant, the National Treasury
is well situated, and though trade is extremely pros­
perous, mercantile borrowing is not excessive.
A hopeful view can now be taken of the banking
situation in Germany. When the Imperial Bank
raised its rate from 4% to 5%, President Havenstein
uttered a warning against the over-expansion that he




declared had become general throughout the country.
As we remarked last week, since the October 1st
settlements were effected, the Reichsbank has greatly
strengthened its resources. This week’s return shows
further rehabilitation, cash on hand having increased
upwards of $12,000,000, and loans, discounts and
note circulation having been reduced $39,000,000.
The advance in the London Bank rate created appre­
hensions that the Berlin minimum might be raised
to 6%. But President Havenstein has come forward
with the reassuring statement that the Bank's position
is again “ normal and satisfactory.” He added that
the tendency of discounts was downward, and that no
consideration need be given a higher Bank rate at
present. Whether the 5% rate would hold until the
end of the year depended, he said, upon foreign ex­
change—up to last Saturday the excess of gold imports
for 1910 was $36,250,000, of which the Reichsbank
held $17,500,000. During the current week the pri­
vate charge for accepting bills in Berlin has fallen
materially below the official minimum, thus justifying
the optimistic attitude taken by Herr Havenstein.
The Portuguese Republicans are finding, as the
French Revolutionists found and the Young Turks
are learning, that it is easier to overthrow a grossly
corrupt government than it is to evolve from the ruins
a sound, solvent, enlightened administration of sta­
bility. The Portuguese monarchy has been com­
pletely abolished—King Manuel has apparently aban­
doned all intention of fighting for the recovery of his
crown and has taken up permanent residence in Eng­
land, the Loyalist troops have all capitulated, and the
Powers promise to shortly recognize the new regime;
but, as was perhaps inevitable, troubles have already
broken out in the new Republic. The troops that
effected the coup, knowing their strength, have become
arrogant; the populace who wildly cheered the revo­
lutionists are demanding some share in the benefits
they were assured would follow, and, of course, no
largesse can be distributed; even the members of the
Braga Cabinet, it is reported, are at loggerheads over
fundamental problems confronting the Administration;
and, finally, the national finances are so demoralized
that the greatest skill will be necessary to achieve their
rehabilitation. The troops will no doubt be appeased,
the populace will quietly accept the new order of things
and differences among Ministers can be overcome; but
Portugal’s financial salvation cannot be accomplished
by a stroke of the pen.
Unfortunately, the pledge, or program, drawn up
by the Braga Cabinet on taking office threatens to
be carried out along wrong lines in so far as it relates
to financial affairs. The need is not merely for the
eradication of the administrative abuses that corroded
the nation’s finances under the old regime, but to in­
stitute a rigid policy of economy, restraint and peace.
Portugal’s position parallels that of Turkey when the
younger element swept away the avaricious Sultan.
The necessity for restraining military ambitions was
no greater in one case than the other. But the Young
Turks, fired with an impatience they have mistaken
for patriotism, are embarking upon schemes for ex­
tending their army and navy so costly and ill-advised
that grave difficulty has been encountered in raising
the requisite funds. Portugal, despite the original
assurances of reform and economy, despite also her

crushing indebtedness, may set foot along the same
dangerous road. The Minister of War and Marine
is quoted as declaring that every male citizen will be
compelled to serve in the forces; that an army of 250,­
000 men is to be created; that a fleet of “ small Dreadno ughts” is to be called into being (“ which could act
in concert with Great Britain” ), and that other war­
like schemes involving heavy expenditures will be
undertaken. The question arises: “ With whose
money?” Portugal’s taxes are already very burden­
some and could not well be increased at this stage of
{he Republic’s history; the elimination of the Civil List
will, it is estimated, save 1800,000 annually, and the
Minister of Finance reports that he has uncovered
appalling corruption which he will abolish. But the
foreign debt is already put at $200,000,000, and until
the fiscal affairs have been placed on a proper footing,
applications for monetary assistance would probably
not be readily met by Paris or London, the two centres
where previous Portuguese loans have usually been
floated. When the real needs of the country become
understood, the militant policy, it is to be hoped, will
be abandoned and a policy founded on sound eco­
nomics inaugurated. If this be done, there is no ap­
parent reason why the future of Portugal should not
be happier than its past under the Braganza dynasty.
Premier Briand, after earning widespread commen­
dation for the masterly manner in which he put down
the attempted general strike of railroad employees, has
aroused a storm of censure from the Socialists as well
as criticism from other quarters by declaring that he
has proof that “ there was a deliberate plot to ruin
France by violence, anarchy and civil war.” The
Socialist members of the Chamber of Deputies on
Tuesday indulged in unseemly demonstrations aimed
at M. Lepine, Prefect of Paris, and the head of the
police was forced to withdraw. Then they accused
the Ministry for having thrown the military resources
to the service of capital. The conviction of strike
leaders has evoked an anarchistic sentence of death
upon President Fallieres and the members of the
Cabinet, and so seriously is the situation regarded
that the French President and his Ministers are being
constantly guarded. It is rumored that llene Viviani,
the Minister of Labor, who is a Socialist, has disagreed
with his confreres on the measures proposed to be
taken by the Government to prevent a repetition of
the disorganization caused by the railroad strike. It
is also said that every effort will be made by the
Socialists to bring about the overthrow of the Briand
Ministiy, but the weight of public opinion in France
is believed to be with the Premier, who, curiously
enough, before having been sobered by the responsi­
bilities of office, was an ardent advocate of So­
cialism.
Another disaster has befallen Italy before the devas­
tation caused by the Messina earthquake has been
fully overcome. The Island of Ischia, situated in the
Mediterranean some sixteen miles southwest of Naples,
was at the beginning of the week swept by a storm
which destroyed houses and crops, causing damage
estimated at nearly $10,000,000 and rendering thou­
sands of inhabitants homeless. Mt. Vesuvius poured
forth an avalanche of stones and mud, which also did
much damage, while in the surrounding country




serious loss was caused by the wind-storm. King
Victor Emmanuel visited the Island of Ischia on
Wednesday, and did what he could to encourage his
stricken subjects, “ going about on foot,” the cables
relate, “ among the fallen trees, collapsed houses and
heaps of mud and stones. Although bespattered
with grime and sometimes mud up to the knees, His
Majesty made the rounds of the entire district. He
saw more than four hundred wrecked houses.” Every
possible assistance is being extended to those who
have been ruined, but, as in the case of the earthquake,
grave difficulties lie in the way of restoring the people
to even tolerably comfortable circumstances. The
frequency of disasters in certain volcanic areas in
Italy and the adjacent islands has raised the question
as to whether it would not be advisable to prevent
the erection of towns and villages within recognized
danger zones.
Turkey is still looking for a market for her proposed
loan of $30,000,000. The latest reports from France
state definitely that the negotiations there have been
broken off and will not be renewed. Attempts to float
the loan in England recently proved unsuccessful,
while efforts to raise funds in Germany and Austria
also came to naught. Reports were circulated last
week that a powerful banking house in New York had
been approached and had signified its willingness to
launch the loan in this country, but from trustworthy
sources we learn that no proposal of this kind has been
made, and, furthermore, that none would be for a
moment considered. It now remains to be seen
whither the Young Turks will turn for the money
which they are so anxious to expend on building up
armaments. Germany and Austria would perhaps
like to curry favor with Turkey at this time, and it is
possible that, given favorable terms, the loan could
be handled by these countries; but if Turkey’s am­
bitions are to be carried out, other applications for
capital would have to be met by-and-bv, and neither
Berlin nor Vienna is in a position to absorb the bonds
of any foreign government in such quantity as Paris
or London could assimilate. Unless Turkey insti­
tutes a policy more in keeping with the crippled state
of her finances, she may not find it easy to secure the
pecuniary aid she requires. If the experiences of
recent weeks bring about a modification of Turkey’s
militant program and direct attention to the develop­
ment of reproductive resources, much good will have
been wrought not merely for Turkey but for the peace
of Europe. Had the $30,000,000 been promptly
forthcoming, it is well within the range of possibility
that belligerent tactics would have been pursued
forthwith against Greece.
China, on the other hand, according to an announce­
ment made yesterday, has succeeded in inducing an
influential syndicate of American bankers to raise a
loan of •$50,000,000 for peaceable purposes. The
bonds will, it is understood, be offered here and in
Europe. They carry 5% interest.
Another long-standing dispute involving American
interests has just been settled at The Hague by the
International Court of Arbitration, which recently
decided the Newfoundland fisheries controversy after
more than a century of wrangling. In this instance
the case itself, known as the Orinoco Claim, ig of no

great importance, but the ruling has established the
principle that when an international dispute referred
to a third party for arbitration is decided contrary to
the principles of international law, an appeal may be
made to The Hague. This case arose through the
repudiation by President Castro of certain exclusive
pnvileges granted by the Government of Venezuela
to the Orinoco Steamship Co., a New Jersey corpora
tion. The company claimed damages of $1,400,000.
After prolonged negotiations the matter was submitted
to an umpire, who awarded the company $28,700.
The International Court of Arbitration has awarded
the company $46,867, with 3% interest since June 16
1903, and $7,000 costs, the judgment to be paid by
Venezuela within twro months. Certain minor con­
tentions submitted by the American litigants were not
upheld, but the very fact that the compensation
allowed is much greater than that originally fixed is
interpreted as completely justifying the refusal to
accept the smaller sum.
Foreign discount rates have not yet been affected
by the impending settlements of Nov. 1. The tension
at London recorded last week has relaxed slightly, but
other considerations than next Monday’s disbursements
have influenced the money market there, as explained
more fully in a previous paragraph in this issue. Quo­
tations in London are now 4 ^ % for sixty-day spot
bills and 4 X
A % for ninety-day spot bills, but as low
as 4 % % is named for bills to arrive. The charge for
accepting sixty-day bills is at the moment higher than
for the longer maturity, on account of the fact that
the former will just carry into the new year. At
Paris the rate is still 2 % % for both spot bills and bills
to arrive, despite the fact that the Bank of France con­
tinues to lose gold. At Berlin, where the average
charge a week ago was 4J4%, bills can now be nego­
tiated at 4 }4 % . Amsterdam is slightly above the
Bank rate of 4% . Brussels quotes 4)4 % for spot bills
and 4 % % for bills to arrive. Vienna has drawn close
to the official minimum of 5% . No changes in bank
rates were announced this week. There was some talk
of a possible advance at Paris, but in view of the abun­
dant supply of funds there no action would appear to be
probable, notwithstanding the inauguration of gold
shipments to London and to Egypt.
The Bank of England secured most of the £600,000
new gold offered in the open market on Monday, at
the minimum price; £300,000 was obtained from Paris
in exchange for well-secured bills, and smaller amounts
were purchased from day to day, yet Thursday’s
weekly statement showed a loss of no less than £647,­
017 in bullion, owing, as our special London corre­
spondent explains, to shipments of gold to Egypt
India, &c. Total reserve fell even more—£785,080.
But a reduction of £518,048 in loans and £1,382,070
in private deposits reduced the amount of reserve re­
quired, so that the ratio to liabilities declined only
from 46.48% last week to 46.11% this week. Circu­
lation expanded £137,051, due, of course, to impend­
ing requirements. While the percentage of reserve
compares favorably with the average held at this sea­
son, the amount of bullion on hand, £31,318,335, is
smaller than in any recent year with the single excep­
tion of 1906. Our correspondent further advises us
that the details of the movement into and out of the




Bank for the week were as follows: Imports, £864,000
(of which £300,000 from France, £64,000 from Egypt
and £500,000 bought in the open market, including
£25,000 French coin); exports, £1,218,000 (of which
£1,075,000 to Egypt, £130,000 to India and £13,000
to various destinations), and shipments of £293,000
net to the interior of Great Britain. Since the state­
ment was compiled, the Bank has bought £140,000 in
sovereigns but has lost about £30,000 to various
points, including South America. It is understood
that exports of the metal to India will be quite heavy
during the ensuing week.
Renewed demands for currency from the interior, a
large loss to the Sub-Treasury, the shipment of $1,~
500,000 gold coin to Canada, and preparations for
Tuesday’s heavy payments of dividends and coupons,
have combined to impart firmness to the local money
market this week. Call money has loaned at a maxi­
mum of 4% for the first time since the latter part of
May, little time money for 1911 maturity is now avail­
able under 5% and even choice commercial paper is
not easily negotiated under 5% or 6% . The with­
drawals of funds by Western and Southern cities have
been heavier than had been anticipated in view of
the cessation of the outflow earlier in the month,
and this fact has disturbed the calculations of New
York bankers. The supplies of loanable cash have
also been reduced by extensive payments of city taxes.
Consequently to-day’s bank statement is not expected
to be altogether favorable; last Saturday’s return
showed another reduction in deposits and loans almost
sufficient to counterbalance a cash loss of $5,186,200,
the decrease in actual surplus being only $599,525,
leaving a total on hand of $10,570,750. It should be
added, however, that Stock Exchange houses are still
borrowing very lightly, that speculation by powerful
interests has received assistance apart from Clearing­
House banks, and that no very large sum is being in­
vested by local institutions in mercantile paper.
Throughout the country events are seasonable, with
no undue pressure reported in any quarter. In fact,
the American money market as a whole is following
a normal course, and if the stock market does not be­
come excitedly active, there is little reason to appre­
hend complications during the two closing months of
the year. Sterling exchange has been high enough
to raise the question of gold exports, but the foreign
purchases of our commodities are expected to keep
rates down, provided always our security market does
not alter the whole position.
It was on Tuesday that call loans wore made at 4% ,
Monday’s highest figure having been 3K % . Firm­
ness again prevailed on Wednesday, when renewals
were charged no less than 3 % % ■ On Thursday the
maximum and ruling rate was 3jxj%, but, as on
Wednesday, balances were lent before the close at
as low as 2l4 % . Yesterday the range was 3% to
3J4%, with the final loan made at 3% . The average
ruling rate for the week has been 3)4 % • Time money
dragged along very quietly at last week’s quotations
until Thursday, when lenders refused to do business
except on their own terms. The market appeared
to be unusually bare of offerings. A good many
brokers are contenting themselves with borrowing
from day to day at fully 1% below the charge for even
the shortest maturities. Yesterday the tone was

again firmer. The detailed range of quotations is:
4 ^ @ 4 % % for 60 days, 4 % @ 5 % for 90 days and
4 % @ 5 % for four, five and six months. The demand
is chiefly for January maturities. Commercial paper
is harder to place. The market, as we have pointed
out in previous issues, has been oversupplied with
names of questionable stability, and brokers of recent
origin have resorted to various undesirable practices
to effect sales. This has had an unpleasant influence
upon the business of high-class commercial paper
houses. So abundant are the offerings of 6% bills
that it is seldom possible to obtain the 53dj% rate that
formerly ruled for prime names. What is called a
“ compromise rate” of 5% % is often agreed upon.
The range is nominally 5 ^ @ 6 % for choice four to six
months’ single-name bills, 6H @ ^ A % for less desir­
able qualities and 534 @ 6 % for GO to 90 days’ endorsed
bills receivable.
Foreign exchange movements do not foreshadow any
early outflow or inflow of gold, although the possibility
of either has been discussed during the current month.
This week, and more particularly during operations
yesterday, quotations have tended downwards, in
spite of considerable over-sea liquidation of stocks
before the new account was opened in London, and
in spite, also, of inquiries for remittance to meet
November obligations. Sight drafts have been nota­
bly weaker than cable transfers, as had been antici­
pated. Since the last steamer to reach Europe by
Nov. 1 sailed, recourse has naturally been to tele­
graphic facilities to satisfy debts maturing at the end
of October or the beginning of next month, with the
consequence that the decline in demand sterling has
been more severe than the weakness in cable transfers;
the former fell from 4 8680 to 4 8634 and the latter
from 4 8720 to 4 8670. As commonly happens at
this season, the Canadian banks have again begun to
withdraw gold coin from New York to strengthen their
month-end balance sheets; $500,000 was engaged on
Thursday and $1,000,000 yesterday, making a total
to date of $1,500,000. The Dominion banks have
very large sums on loan here at present, and certain
London bankers predict that shipments of gold will be
made thither from New York on Canadian account; it
can only be said at this juncture that no such movement
is now in sight.
Offerings of commercial remittance have not been
heavy. Cotton bills are no longer pressed on the mar­
ket, and exports of grain have been comparatively
light. There is little inducement to draw finance
bills on London now that discounts there arc level with
time-money rates here and much above our call loan
quotations. During the last few days London inter­
ests have indicated willingness to buy long sterling
bills for investment, as current rates are considered
highly attractive. Paris is deterred from following a
similar course by the extremely high figure now ruling
for sterling exchange, namely 25 francs 29 centimes.
The buyer of bills at this rate might find that exchange
had gone against him very radically by the time his
holdings matured, the unexpected announcement
was made yesterday that 50,000,000 francs Michigan
Central one-year notes have just been placed in Paris.
Compared with Friday of last week, sterling ex­
change on Saturday was higher, with demand quoted
at 4 8665@4 8675, cable transfers at 4 8715@/1 8725




and sixty days at 4 8275 @ 4 8280. Demand closed
unchanged on Monday, cable transfers and sixty days
were slightly lower at 4 8710@4 8720 and 4 8265@
4 8275, respectively. On Tuesday demand weakened
to 4 8660@4 8670, cable•transfers to 4 8710@4 8715
and sixty days to 4 8260 @ 4 8270. On Wednesday
demand declined to 4 8645 @ 4 8655, cable transfers
to 4 7805 @ 4 8715 and sixty days advanced to 4 8265 @
4 8275. On Thursday demand, after rising, closed
lower at 4 8640 @ 4 8645, cable transfers were rela­
tively firm at 4 8705 @ 4 8710, but sixty days fell to
4 8250@4 8260. On Friday discounts were easier
in London and exchange rates fell to 4 8634 for de­
mand and 1 86% for cable transfers.
The following shows the daily posted rates for
sterling exchange by some of the leading drawers.
F ri., |M on.,
Tucs.,
W ed., 1Thurs., F ri.,
Oct. 21 Oct. 24 Oct. 25 Cct. 26 Oct. 27 Oct. 28
Brown
/60days|4 83 H
Bros. & C o______ .(S ig h t .. 4 87 H
Kidder,
J60 days 4 83
Peabody & C o___ .(S ig h t .. 4 87
Bank of British
J60 days 4 84
North America __ .(S ig h t .. 4 87
Bank of
/0 0 days -1 84
Montreal................. .(S ig h t .. 4 87
Canadian Bank
/ 60 days 4 8 3 ^
of Commerce......... .(S ig h t .. 4 87
Heldelbach, Ickel/ 60 days 4 83 H
helmer & C o........... .(S ig h t .. 4 87 H
Lazard
J60 days 4 83 'A
Frercs ___________ .(S ig h t .. 1 87
Merchants’ Bank
(60 days 4 83'A
of Canada........... .. .(S ig h t .. 4 87M

83
87 ^
83^
87 K
84
87
84
87
83 X
87 X
83 H
87 34

83 X
87 'A
83)4
87 'A
84
87
84
87
83 >4
87 >4
83)4
87 Vi
83 >4
87
8.3 H
87 H

Hi'A

87
S3 'A
87 X

83)4
87 *4
83)4
8734
84
87
84
87
8334
8734
8334
87 34
8334
87
8334
8734

83 >4
87)4
83)4
87 >4
84
87
84
87
83 H
87 y2
83 'A
87 )4
83)4
87
S3 )4
87 )4

83
87
8334
8734
84
87
84
87
8334'
87 348334
8734'
833487
8334
8734

The market closed on Friday at 4 8230@4 8210 for
60 days, 4 8675@4 8685 for demand and 4 8675@
4 8685 for cables. Commercial on banks was quoted
at 4 81% @ 4 82 and documents for payment 4 8234@
4 8234- Cotton for payment ranged from 4 8124@
4 82, grain for payment from 4 8234 @ 4 8234The following gives the week’s movement of m oney
to and from the interior by the New York banks.
Received by
Shipped by
N . Y . Ranks. N . Y . Banks.

Week ending October 28 1910.
Gold .....................................
Total gold and legal tenders____

Net Interior
Movement.

36,670.000
1,679,000

$6,580,000 Gain
1,500,000 Gain

$90,000
179,000

88,349,000

$8,080,000 Gain

$269,000

With the Sub-Treasury operations the result is as
follows.
Into
Banks.

W eek ending October 28 1910.

Out o f
Banks.

Net Change in
Bank Holdings.

Banks' Interior movement as above.

88.349.000
28.400.000

$8,0S0,000 Gain
35,394,000 Loss

$269,000
6,991,000

Total gold and legal tenders______

836,749,000

S43,471,000 Loss

$6,725,000

The following table indicates the amount of bullion
in the principal European banks.
Oct. 27 1910.

Banks o f
Gold.
E n gla n d ..
France . .
G erm an y.
Russia _a_
Aus.-IIunb
S p a in ____
Ita ly .d - .
Neth’unds
Nat.Bclg.d
Sweden . .
Swltz'land
Norway . .

1 Silver.

£
|
£
31,318,335! ................
132,821,400 33,437,280
36,489,550 13,081,500
146,587,000 6,302,000
55.447.000 12.040,000
16.362.000 30,631,000
38.513.000 3.335,000
10.226,000j 1,626,300
5,329,333 2,604,667
4,446.000
________
6,270,000: ................
,021,000' _______

2

Oct. 28 1909.
Total.

Gold.

Silver.

£
31.318.335
166,258.680
49,571,050
152,889,000
67.487.000
46.993.000
41.878.000
11,852,300
7.994.000
4.446.000
6.270.000
.021.000

£
32,373,831
144,812,680
36,966.050
139,255,000
57.374.000
16.069.000
38.463.000
10.525.000
4.184.000
4.380.000
5.032.000
1.831.000

£

2

35,837,486
11,686,900
6.922.000
11.981.000
31.078.000
4.200.000
2.793.000
2.092.000

1

Total.

£
32,373.831
180.650.160
48.652,950
146,177,000
69.355.000
47.147.000
42.663.000
13.318.000
6.276.000
4.380.000
5.032.000
1.831.000

Total week!485,860,618 103,117,747 588,978,305'491,265,561 106.590,380597.855,941
Prev. week|484,678,079 103,665,853^538,343.932^482.575,465 106,887,177589.462,642
a The total o f gold In the Bank o f Russia Includes the balance held abroad— that
Is, the amount held for Russian account In other Continental banks. The propor­
tion so held and consequently duplicated In the above statement lsabout one-sixth
of the total this year, against about one-seventh a year ago.
b The Austro-Hungarian Bank Statement Is now Issued In Kronen and Heller
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value o f 80 cents. As the
Kronen has really no greater value than 20 cents, our cable correspondent In Lon­
don, In order to reduce Kronen to Pounds, has altered the basis o f conversion by
dividing the amount o f Kronen b y 24 Instead o f 20.
d The division (between gold and sliver) given In our tbale o f coin and bullion In
the Banks of Italy and Belgium is made from the best estimates we are able to obtain;
It Is not claimed to he accurate, as the banks make no distinction In their weekly
returns, merely reporting the total gold and sliver; but we believe the division we
make Is a close approximation.

THE LOW PRICE OF CONSOLS.
Much attention has been paid in financial circles to
the fall in British consols, on Wednesday of this week>
to the very low price of 78%. Consols have sold as
high as 83 even this year, and within the fortnight
past they have been quoted at 80. Both of those
prices represented a striking decline, not only from
the high level of 1897 and 1898, but even from
the price which prevailed in the last stages of the
costly Transvaal War. This week’s low price is said
to be the lowest reached in sixty-three years, and the
fact of so prolonged and severe a depreciation in this
important security, during a series of years when trade
and industry have been active and profitable, and
when Great Britain has been at peace with all the
world, has provoked more than the usual comment
and inquiry.
As always happens in episodes of the sort, there
have been numerous explanations. This week’s de­
cline is partly associated, for one thing, with the high
Bank of England rate, imposed to regulate the outflow
of gold from London to Egypt and the East. It has
long been a matter of course on the London market
that a rise in money involves a decline in consols,
through the automatic flow of capital from the market
of Government securities into the money market.
Financial institutions themselves are apt to realize on
their consols holdings at such times, and re-invest their
funds at the profitable open market loaning rates.
But for so long-continued a decline other explana­
tions are necessary. A recent thoughtful and thorough
review of the consols market, by a well-known London
financial critic, took the ground positively that even
the much lower price to which consols had fallen was
not attracting the old-time investor; that, as a matter
of fact, estates which are liquidated or wound up
are nowadays extremely apt to begin by realizing on
their consols holdings; and for this the main cause
assigned was the British Government’s policy on the
income tax, which, by the expedient of a “ super-tax,”
has in the last Budget imposed on large incomes an
annual tax not only greater than ordinary incomes
have to bear, but heavier, so far as regards the actual
rate, than has ever before been imposed in England
in a time of peace. Now, when it is remembered that
the British Government deducts the income tax from
its remittances of interest on consols before payment
is made to the investor, it may be seen how direct a
bearing this part of the situation has on the present
unsatisfactory market for British Government securi­
ties. The actual rate of interest paid on consols is
itself unusually low; it was reduced, as every one re­
members, from 3 to 2 % % in 1888 and to 2 % % in 1903.
Economists and financiers have long been inclined to
characterize Lord Goschen's conversion policy as a
mistake, based on erroneous ideas of continuance of
peculiar conditions which existed in the investment
markets of 1888. Whether this be so or not, it must
at any rate be admitted that a security bearing on its
face so low an interest rate as 2 % % will be hit more
severely than others by a governmental policy which
deducts a percentage even from that yield.
But the question as it affects the market for
British consqls goes farther than this. No doubt
consols, along with the securities of other govern­
ments, have been subject in their recent decline to




certain world-wide influences; but in the case of Great
Britain’s public finances there are some circum­
stances peculiar to itself. It is true that in 1909 the
public debt of Great Britain had been reduced nearly
£40,000,000 from the figure at which it stood at the
end of the Boer War. But while this has been goingon— and the reduction has been far more gradual dur­
ing the two or three recent years— there were several
events and tendencies pointing distinctly in the oppo­
site direction. The Irish Land Purchase Act of 1903
has resulted in the creation of nearly £50,000,000 new
government securities of the class prescribed in that
measure. The Old Age Pensions scheme has already
involved a heavy outlay, and is yet only in its pre­
liminary stages, if the Liberal program is to be con­
sistently carried out. These social schemes have gone
hand in hand with enormous increase in expenditure
on the British army and navy. The British revenue
for the fiscal year 1908 ended with a surplus of £4,­
700,000; the next year produced a deficit of £700,000.
Results for the fiscal year ending last March, and
for the present fiscal year to date, are not easy to
compare with other years, because of the holding-up ol
taxes under the prolonged dispute over the Budget.
But this much is certain, that only through a reduc­
tion of £3,000,000 in the annual sinking fund and the
creation of £14,200,000 in taxes was a serious deficit
avoided, even in the preliminary Budget for the
pending fiscal year. It is not improbable that the
actual result will be a substantial deficit; for the
Exchequer’s estimates of recent years have turned
out highly misleading.
Even taking the situation as it stands, it will be
seen that a sufficiently perplexing problem lies before
the Government. But the matter is at least poten­
tially worse than these figures show, because the burden
of these political and social experiments is progressive.
It is, in fact, the impossibility of assigning limits to the
expenditure which would be involved in the logical
completion of Mr. Lloyd-George’s program which
has played the most immediate part in financial
London’s attitude towards consols. There are two
ways of dealing with a situation involving such pro­
digiously rapid increase in public expenditure— new
Government borrowings, or new and higher taxes.
But new borrowings will necessarily increase the supply
of British Government bonds on a market where de­
mand for those bonds is confessedly unfavorable,
while higher taxation, not only in the case of an income
tax, depreciates the actual intrinsic value of British
consols, but, through its burden on finance and in­
dustry, increases the dead weight on the very thrift
and accumulation which is the one reliance of all
governments when they tax or borrow.
This, it may be observed, is only the familiar ex­
perience in socialistic or semi-socialistic experiments.
There is no difficulty in figuring up on paper the
enormous wealth of a given community, and in draw­
ing conclusions that this wealth can easily spare a
larger and larger portion of its earnings for the experi­
ments of Government. But the very episodes in
which this experiment has been tried have proved,
first, that the increased burden thereby imposed on
industry has paralyzed enterprise and productiveness,
and, second, that the increased debt has injured
national credit and forced it to pay progressively
higher prices for its borrowings.

We do not mean to say that any such situation is an
immediate probability in England. The English
people have not lost thus suddenly all of their native
shrewdness in matters of industry and finance. A
thrifty people, such as the English population pre­
eminently is, will always be the people quickest to
resent an unwarranted burden laid on thrift, and this
is the strongest safeguard for the future. At the
same time, it is difficult to escape at least this con­
clusion— that the downward movement of consols,
to a price so startlingly low as that of the present
week, is in very large measure the market’s judgment
as to the meaning of the policies now being pursued.

GOLD PRODUCTION IN NINE MONTHS OF 1910.
Developments since we reviewed the progress of
gold mining for the half-year ended June 30 1910
have not been of a character to change the opinion
then expressed that the figures for the full year 1910
when compiled would show but a very moderate
increase over the result for the previous year. On
the contrary the information at hand since that time
has tended to confirm that opinion. It is a fact,
of course, that actual returns from the Transvaal
have recently, month by month, shown an increase in
yield as compared with 1909, but the gains have been
of much more moderate proportions than in earlier
years, and are offset largely by losses in the first quarter
of the year. The mines of Canada, Russia and Mexico
are, in all probability, also doing somewhat better
than a year ago, but production in the United States
can hardly be expected to show any increase in view
of the fact that late advices from Alaska indicate a
marked decline in yield in the Fairbanks and Nome
districts. Furthermore, most of the Australasian
workings continue to exhibit declining results.
If anything were needed to accentuate the supreme
importance of Africa (the Rand in particular) in
adding to the world’s annual new supplies of gold, it
would be furnished by the developments of recent
months. Notwithstanding the recent comparative
check to production, there has been no year since
gold was first discovered in paying quantities in that
country (excluding, of course, the Boer War and
reconstruction periods) that has not shown an in­
crease in yield over its predecessor. That will still
be true of 1910, but the gain will be, as in 1909, very
small. Furthermore, in each year from 1902 to 1905
inclusive, the annual increment was largely from
Africa,while in 1906 and 1907, had it not been for the
greater amount of gold mined in that country, the
aggregate world’s product would have shown declines.
It should be noted, too, that whereas between 1901 and
1907 Africa’s contribution to the supply advanced
from 474,696 fine ounces to 7,421,074 fine ounces, the
remainder of the world advanced its figures only from
12,420,160 fine ounces to 12,529,549 fine ounces.
The year 1908 witnessed much progress in almost all
producing countries, but of the gain that year over 1907
Africa furnished almost one-half. In 1909 there was
a noticeable check to new development and an actual
decline in production occurred in the last quarter of
the year, due in part to the running into poorer ores
in the lower levels as well as to lack of efficiency of the
native laborers, who took the place of the repatriated
Chinese. The further gain in the African yield in
that year was consequently comparatively moderate.




The Rand labor situation was also a factor in the
first quarter of the current year. But since that time
not only has there been an increase in the efficiency of
the hands at work, but also a notable addition to their
numbers, which finds reflection in a quite steady
augmentation in the production of the Rand mines.
In fact the Rand output of gold for September, at
621,311 fine ounces, gave the heaviest per diem yield
on record, exceeding that of December 1908 by 134
fine ounces per day. For the nine months of 1910,
for the reasons already stated, the Rand production
exhibits merely a nominal gain over the like period of
1909, comparison being between 5,366,570 fine ounces
and 5,298,027 fine ounces; but it is likely that this
difference will be widened by the result for the last
quarter of the year. Districts of the Transvaal,
outside of the Rand have done better this year than
last, their production aggregating for the nine months
230,817 fine ounces, against 177,347 fine ounces,
increasing the gain in the whole of the Transvaal to
122,013 fine ounces. In the remainder of Africa
(Rhodesia, West Africa, Mozambique, &c.) on the
other hand, results have not been up to those of a year
ago. Still we have as representing the yield of the
whole of Africa a total of about 6,290,987 fine ounces
for the nine months of the current year, which con­
trasts with 6,202,947 fine ounces for the like period
of last year, 5,926,402 fine ounces in 1908 and 5,­
442,026 fine ounces in 1907.
The decline in output in Australia, heretofore noted.
has continued in 1910. The falling off has been rela­
tively small in all districts except Westralia, yet for
the whole countiy the yield for the nine months of
1910, as we compile it, was only about 2,339,345 fine
ounces, against 2,476,825 fine ounces in 1909, 2,537,­
758 fine ounces in 190S and 2,616,876 fine ounces in
1907. As late as 1904 Australia was the premier pro­
ducing country of the world. Since then its output
has been largely exceeded by both Africa and the
United States. The Colar field of India reports a
little greater yield for the nine months ended Sept. 30
1910 than for the same period of 1909, the comparison
being between 407,928 ounces and 399,742 ounces.
Bringing together the totals for Africa, Australia and
India, the only countries furnishing actual results for
periods less than a year, we have an aggregate of
9,038,260 fine ounces for the nine months of 1910,
against 9,079,514 ounces in the period of the previous
year, 8,856,406 ounces in 1908 and 8,452,094 ounces in
1907.
It will thus be seen that in countries the 1909 pro­
duct of which was nearly 55% of the world’s total
yield, there is this year for the nine months a decrease
of 41,254 ounces. It seems safe to assume, however,
that this falling off will be more than offset by im­
proved results in the Rand for the last quarter of the
year.
.
With regard to other gold-producing copntries,
the information we have would appear to warrant the
conclusion that Canada, Mexico, Russia and probably
one or two of the smaller fields will make greater con­
tributions to the world’s aggregate in 1910 than they
did in 1909. The United States, on the contrary, is
likely to show little if any increase, owing to the loss
in production in Alaska, which, it has been recently
estimated, will be over 85,000,000, or approximately
250,000 fine ounces. On the basis of the facts and

information before us, the indications for the full cal­
endar year would be for a yield of about 2234> million
fine ounces from the world's mines, the equivalent of
465 million dollars, this result comparing with 223d?
million fine ounces valued at 458 million dollars in the
previous year, 213di million fine ounces and 444j/2 mil­
lion dollars in 1908 and about 20 million fine ounces and
4123d? millions of dollars in 1907.

FINANCING PHILADELPHIA STREET
RAILWAYS.
Early this month petitions were presented to Ed­
ward T. Stotesbury of Philadelphia, signed by owners
of a majority of the stock of the Philadelphia Rapid
Transit Co. and the Union Traction Co., whose prop­
erty is leased to the Rapid Transit, asking him to be­
come a director of the Rapid Transit Company, and
assuring him that places will be made in the board for
any associate directors that he may name. The re­
quest, in substance, is that Mr. Stotesbury become
the managing director of the company. He is the
head of the Philadelphia banking house of Drexel &
Co. and is a member of the firm of J. P. Morgan & Co.
of this city, the banking house which reorganized the
Chicago City Railways.
This week Mr. Stotesbury made reply to the unusual
request, stating that he would accept the position pro­
vided that the Union Traction stockholders would
agree to guarantee future obligations of the Rapid
Transit Company for capital requirements and pro­
vided that a sufficient amount be appropriated from
the earnings of the Rapid Transit Co. properly to
maintain the physical integrity of the property.
Before arriving at this conclusion, Mr. Stotesbury
called to his aid Thomas E. Mitten, President of the
Chicago City Railways. Mr. Mitten made a thorough
inspection of the street railway property of Philadel­
phia— its tracks, power houses, machinery and equip­
ment, covering the surface lines, the subway and the
elevated road. Relying largely upon Mr. Mitten's
judgment, Mr. Stotesbury has expressed the opinion
that a considerable sum of money will be required in
the near future for necessary renewals, and that, also,
a substantial amount should be provided properly to
enlarge and thus increase the efficiency and earning
power of the system. Barring unforeseen contingen­
cies, Mr. Stotesbury is of the opinion that there is no
reason to question the ability of the property ulti­
mately to show substantial earnings on the present
capitalization, provided a financial plan can be con­
summated which will make possible the full develop­
ment of the company’s earning capacitv.
The situation in Philadelphia is not unlike that
which has confronted the managers of street railway
properties in other large cities. The Rapid Transit
Company was organized in 1902 and it now has a fullpaid capital stock of $30,000,000. The par value of
this stock is $50 per share and this week the market
value was as low as $15 50 per share. The present
management has exhausted the company’s credit and
it despairs of making the property earn a dividend on
the stock; hence the appeal to Mr. Stotesbury for aid.
During each of the last four years the operating re­
sults have shown a deficit, and President Kruger is
quoted as saying that the company will not be able to
earn its fixed charges this year, as the charges have



recently been increased and the operating cost also
is larger, owing to an advance in wages.
Most of the surface lines in Philadelphia are con­
trolled by the Union Traction Co., either by ownership
or by lease, and in turn they were leased in 1902 to the
Rapid Transit Co., which guarantees a rental of $1,­
800,000 annually. This rental is sufficient to pay a
dividend of 6% upon the $30,000,000 of capital stock
of the Union Traction Co. While the par value of
Union Traction stock is $50, the amount paid in is but
$17 50 per share, amounting in all to $10,500,000.
There is unpaid $32 50 per share, or $19,500,000 alto­
gether. When Mr. Stotesbury asks that the Union
Traction Co. shall guarantee the future obligations of
the Rapid Transit Co., he relies upon the amount of
unpaid capital of Union Traction as a basis of credit.
It is sought to have the Union Traction shareholders
assent to assess themselves at some future time, if
necessary, to pay Rapid Transit bonds bearing the
guaranty of the Union, provided they are not paid at
maturity by the Rapid Transit Co. The guaranty
would also apply to interest. In this way it is pro­
posed to issue guaranteed debenture bonds as the needs
of Rapid Transit may require, and out of the pro­
ceeds rehabilitate the company and put its property
in prime condition, whereby it is expected earnings
will be so augmented that the company will be solvent
and perhaps be able to pay some return upon its $30,­
000,000 of capital stock.
It is generally understood that the plan first con­
templated authority to curtail or suspend dividends
on Union Traction stock, but this feature met with
such unanimous opposition on the part of Union
shareholders that it probably will not be insisted upon.
A committee of Union directors, Robert A. Balfour
and George W. Elkins, representing estates having
the largest blocks of Union shares, is now considering
the conditions imposed by Mr. Stotesbury. If they
approve the terms named, a call will bo issued for a
special meeting of Union Traction shareholders that
they may vote upon the proposition. Sixty days'
notice of such a meeting must be given.
If the Rapid Transit Co. should default upon any
of its obligations to the Union Traction Co., the latter
could take back the leased lines and either operate
them or lease them to a new tenant. In this case
there would be a probability that Union shareholders
would have to forego dividends for a time and there
would be the further probability that thoy would
have to assess their shares in order to provide ad­
ditional capital. For these reasons it is urged that it
will be better for them to assent to the guaranty of
Rapid Transit’ s new obligations. It is also main­
tained that the contract between the city of Phila­
delphia and the Rapid Transit Co. is of great advantage
to the street railway system. This contract would be
abrogated if the railway lines were surrendered to
Union Traction. There is still another reason for
holding the present system intact. At the November
election an amendment to the constitution of Penn­
sylvania will probably be adopted. This amendment
will authorize the city of Philadelphia to borrow
money for the purpose of constructing subways
outside the debt limit. Its passage will undoubtedly
be followed by the enacting of the necessary enabling
legislation at the next session of the State Legislature
and next year Philadelphia will be in a position to

borrow funds to construct subways. The Mayor has
a complete subway system already planned. When
constructed the city may lease the new subways at
a rental which will pay the interest on the subway
loans. The Rapid Transit management has in view
the leasing and operating of the new subways as
rapidly as they are constructed, and under the terms
of the agreement with the city such subways cannot
be leased to any other company if the Rapid Transit
Co. elects to take them.
Thus a great deal is to be gained for the investors
by holding the street railway system of Philadelphia
together. Mr. Stotesbury is most highly regarded in
his own city, and under his direction public confidence
in the management would be restored. Prospects
of the invstors will apparently be much improved if
Mr. Stotcsbury’s suggestions are adopted, and it
appears probable that they wdl be.

THE UNION PACIFIC’S RECORD OF
PROSPERITY.
In the present annual report for the year ending
June 30 1910 the Union Pacific Railroad Co. continues
the marvelous record of prosperity disclosed in the re­
ports of previous years. This is the more noteworthy
as the statistics bearing on the operations of the twelve
months make it evident that the road was subject to
the same adverse influences— more particularly the
rise in operating cost— as other large railroad systems.
The reason why its income exhibit in the final result is
so extremely gratifying is that it enjoyed an excep­
tionally large growth in gross revenues which the
great augmentation in expenses did not succeed en­
tirely in wiping out, leaving, therefore, a substantial
further addition to the net, already of imposing pro­
portions. Furthermore, the Union Pacific has an ad­
vantage in that it has two distinct sources of income—
one from operations and the other from investments
and outside operations— and the latter has kept ex­
panding coincidently with the former, thereby fortify­
ing dividends in a double way.
Dealing first with the income from transportation
operations, only a glance is needed to show that the
Union Pacific suffered from the rise in operating ex­
penses the same as other important railroad systems.
Fortunately, its income strength is such that even the
rising tide of expenses has thus far failed to make any
inroads on the large margin of surplus above the divi­
dend requirements. The Union Pacific pays alto­
gether 10% dividends on its common stock. Of this,
0% is charged against railroad operations and 4%
against the income from investments and other sources.
The report shows that for 1909-10 there was a surplus
above the 6% dividends charged against the transpor­
tation operations in the sum of $8,989,319. This ap­
pears all the more satisfactory when we note that it is
8916,132 larger than the corresponding surplus above
dividends in the year preceding, which surplus was
also very large, being then $8,073,187. Going a step
further, however, we find that the addition to gross
revenues as compared with the year preceding was
altogether nearly 1 1 ^ million dollars ($11,477,630),
the ratio of the increase having been over 14^2%- In
other words, then, a gain of 11^2 million dollars in
gross revenues yielded an increase in the surplus above
the dividend requirements in amount of less than a
million dollars.



It is this last fact which serves to illustrate how try­
ing operating conditions are becoming in the United
States. With $11,477,630 gain in gross, the augmenta­
tion in expenses and taxes reached $9,687,609, leaving,
therefore, only $1,790,021 improvement in the net.
Fixed charges were somewhat less, but the decrease
here is somewhat misleading, because it was occasioned
by the exchange of a large amount of convertible
bonds into common stock; while this lessened the call
for interest, it at the same time increased the require­
ment for dividends. It happened, too, that payments
for hire of equipment were half a million dollars heav­
ier than in the previous year. Altogether, the result
was that the balance of income remaining above the
6% dividends charged against the transportation oper­
ations increased only $916,132, notwithstanding the
company realized $11,477,630 more gross from its
transportation business.
It deserves to be noted, too, that except for a
change in the accounting rules made under a require­
ment of the Inter-State Commerce Commission, even
this $916,132 increase in surplus would not have re­
mained. The report tells us that prior to July 1 1909
it was the practice to charge to the operating expenses
“ the protection of banks and drainage, the increased
weight of rails, the greater weight and the improved
type of frogs, switches, fastenings, and of other track
material used in making renewals.” The classifica­
tion of expenditures promulgated by the Inter-State
Commerce Commission effective on July 1 1909, re­
quires that these items be charged to Additions and
Betterments. The expenditures for such items dur­
ing the year were $475,436, and as under the new rule
they were charged to Additions and Betterments, the
operating expenses were correspondingly lessened.
It appears, also, that it was formerly the practice to
charge to operating expenses all Additions and Better­
ments which did not exceed in the cost of any one im­
provement the sum of $300, but that the Commerce
Commission has now reduced the limit to $200, thus
also lessening the usual charges to operating expenses.
Altogether, it would seem that had the basis of the
accounts been exactiy the same in the two years,
there would have been practically no addition to the
surplus above the dividends as a result of the $11,477,­
630 increase in gross revenues. The matter is, of
course, of relatively little importance where the sur­
plus, as in the Union Pacific case, is of such large
amount and reaches over $8,000,000, but it shows
clearly the drift of things in the railroad world.
Analyzing the large augmentation in expenses, the
growing magnitude of the taxes first attract attention.
This item of yearly outlays is, of course, entirely
beyond the control of the management. No advance in
operating efficiency, no resort to saving of any kind, will
avail toavoid anincrease in taxes. For the late year the
Union Pacific’s taxes aggregated $3,264,347, as against
$2,570,561 in the previous year. To the extent of
$343,797 the increase is due to the enactment by Con­
gress of the Federal Corporation Tax Law. The rest
of it has followed from an increase in rates and assess­
ments. Since the year 1900 payments for taxes, it
appears, have risen from $1,231,622, or $226 per mile
of road, to $3,264,347, or $512 per mile of road— an
augmentation of over 126%.
The additions to operating expenses were heavy un­
der each of the leading heads. The transportation

expenses were larger by $4,290,897, or nearly 24% ,
notwithstanding that operating efficiency was main­
tained at a high level, the average train-load having
been only a mere trifle below the exceptional figure of
the previous year, which was 548 tons. In the ex­
penditures for maintenance of way and structures the
increase was $2,233,335, or 29% ; for maintenance of
equipment, $1,626,920, or 22% , and in both classes of
maintenance combined,$3,860,255, or 25>£%. In the
traffic expenses the increase was $421,987, or 27%.
The explanation is the same in all these instances. The
augmentation resulted principally from the higher
wage schedules, from a greater amount of renewals
than were made in 1908-09, and from an increase in
the mileage of locomotives and cars in revenue service,
caused partly by the movement of additional traffic,
by additional trains run and by higher speed of the
trains. That all these various causes affect the trans­
portation expenses is generally recognized, but that
they are equally potent in swelling the maintenance
outlays is often overlooked. The management had
to maintain 323 miles of additional main tracks and
78 miles of sidings, besides which a much greater num­
ber of ties were renewed. The lines of the system did
not realize quite as good average rates, though in the
freight tonnage the approach was very close, the aver­
age for 1909-10 having been 1.024 cents per ton mile,
as against 1.025 cts. per ton mile.
In the case of the income from investments and other
sources, there was very substantial increase, due chiefly
to the increase in the aggregate of such investments.
The total income from other than transportation opera­
tions reached for 1909-10 $19,512,451, against $17,­
736,393 for 1908-09; but here, also, part of the gain
was consumed when it came to making the dividend
payments through the fact that the amount of stock
outstanding had been increased because of bond con­
versions.
Accordingly, after paying the 4% divi­
dends charged against the income from that source,
there was a surplus of $10,830,505, against $9,865,­
062.
Combining the surplus from investments with the
surplus from operations, it is found that the income
results for 1909-10 yielded an excess of net earnings
above the 10% dividends paid in the striking amount
of $19,819,824, this comparing with $17,938,250 in
1908-09. That is certainly a remarkable record, par­
ticularly in a period when the company was confronted
by increasingly trying conditions under circumstances
already mentioned. As there was on June 30 1910
$216,577,700 of common stock outstanding, this sur­
plus of $19,819,824 is equal to over 9% additional on
the same. These figures, it is proper to state, take
no account of the company’s income from its Land De­
partment. As has been many times pointed out by us
in these columns, under the provisions of the Union
Pacific First Railroad and Land Grant Mortgage the
net proceeds from sale of lands after payment of ex­
penses and taxes appertaining thereto, and all sums of
money received on account of interest or principal of
the bonds, and for dividends upon the stock of the
Union Pacific Land Co., are set apart and held by the
trustee as a Cash Improvement and Equipment Fund
to reimburse the Railroad Company for any expendi­
tures for betterments, improvements, equipment or
for other properties not paid for out of other funds or
charged to operating expenses or cost of maintenance.




The amount received from the trustee during 1909-10
and thus applied was $2,050,000.
The company’s capital stock was increased $17,275,­
400 during the year, owing to the exchange of that
amount of common stock for $30,231,950 20-year
4% convertible bonds at the rate of $175 per share of
$100 par value. By reason of the same conversion
operation, the funded debt shows a reduction for the
twelve months in amount of $25,336,650, notwith­
standing the sale of $4,902,000 of Union Pacific First
Lien and Refunding 4s.
If anyone imagines that the Union Pacific has aban­
doned the policy of the progressive development
of its properties so vigorously pursued during the
management of Mr. Harriman because of the latter’s
death, we would refer him to the fact that the outlays
for additions and betterments, which were charged to
capital account, amounted during the twelve months
to $11,410,045, and that the expenditures for the con­
struction of new lines and for terminal properties, roll­
ing stock and ocean steamships were $13,455,427.
In connection with the company’s investment
operations,it is well to note that with the sale during
the year of the 38,864 shares of “ Great Northern Iron
Ore Properties” which was still held at the close of the
previous year the company has disposed of all the
securities which it received in the distribution of the
assets of the Northern Securities Co. and the stocks
subsequently acquired by subscription rights— with
the exception only of 7,249 shares (par value $100
each) of Northern Securities Co. “ stubs.” These in­
vestment operations began, it will be remembered,
with the purchase of Northern Pacific shares in 1901
at the time of the contest for control of the latter
property between Mr. Harriman and the MorganIlill interests. The original cost of the Northern
Securities investment was $79,459,691. The subscrip­
tion rights subsequently availed of to new stock issues
of the Great Northern and the Northern Pacific com­
panies increased the total to $89,391,401. The aggre­
gate sum realized from the sales made is given as
$147,377,341, showing a profit of $58,000,000. The
investment is now (June 30 1910) represented by
holdings in other railroads—the Illinois Central, the
Baltimore & Ohio, the New York Central, the Chicago
& North Western, the Chicago & Alton and the Mil­
waukee & St. Paul—having an aggregate cost value
of $129,894,992.
After the close of the previous fiscal year, and while
Mr. Harriman was still alive, rumor had it that the
Union Pacific had acquired additional shares of New
York Central stock and extra amounts of stock in
other roads. It now appears that the company
has increased its holdings of New York Central stock
from $14,285,700 to $17,857,100 and its holdings of
Chicago & North Western common from $3,215,000 to
$4,018,750, but these increases are due solely to the
fact that the company in both instances availed itself
of its subscription rights to new stock issues. On the
other hand, it has disposed of the $10,000,000 of the
Atchison Topeka & Santa Fc preferred stock.
On previous occasions we have referred to the large
credit balance to profit and loss account shown in the
company’s report. During the year under review, this
balance was further increased from $83,007,789 to
$115,796,646. The principal items in this increase
were the $19,819,824 surplus earned above the 10%

dividends paid, a profit of $1,338,714 made on sales
of securities other than investment stocks, and a credit
of $12,956,550 arising from the fact that in the ex­
change of convertible bonds for common stock only
$17,275,400 of stock was issued in exchange for
$30,231,950 of bonds retired. This last is an unusual
item, and with that exception the $115,796,646 to the
' credit of profit and loss would seem to represent
chiefly surplus income or profit from sales. Large
as is this total, it does not indicate the whole of the
surplus earnings or profits which have been applied
to the improvement of the physical and financial con­
dition of the property. A footnote to the balance
sheet tells us that the sum of $17,648,252 received to
date (June 30 1910) from the Improvement and
Equipment Fund and $16,959,816 appropriated from
Income Account, a total of $34,608,068, has been
applied in reduction of the Cost of Railways, Equip­
ment and Appurtenances on the company’s books.
It should be noted, too, that the profit of $58,000,000
realized from the Northern Securities operations is not
shown in the balance sheet, since the practice has been
pursued of treating the proceeds from t he sales of these
stocks as a credit against the cost of stocks and bonds.
If the credit balance to profit and loss of $115,796,646
were reinforced by the other sums here mentioned, the
final total would be increased to $192,573,304, even
after taking out the $12,956,550 credit on account
of the bonds converted during the year and $2,860,800
on account of a similar credit in the previous year.
As in the previous year, the company holds unusual
supplies of cash on hand or at command. On June 30
1909 the balance sheet showed $26,990,450 of actual
cash, together with $18,800,000 out in demand loans
and time deposits. For June 30 1910 there is only
$9,082,088 of actual cash, but the demand loans and
time deposits aggregate $27,450,000, and there is
$10,901,569 out in demand loans to the Southern
Pacific Co.

NORTHERN PACIFIC’S RESULTS IN AN
UNFAVORABLE YEAR.
In the experience of the Northern Pacific Railway
Co. we see what a great change in the income position
of a prominent railroad system may take place within
a short period of years where new capital expenditures
are of large magnitude and where a series of adverse in­
fluences have intervened to prevent a growth in income
corresponding with the increase in capital obligations.
The experience of this road, too, indicates how essential
it is— we mean for the continued development of the
newer sections of country which arc in constant need of
the influx of new capital to open up their latent re­
sources, and which, hence, cannot afford to encourage
action of any kind that might tend to make capital hesi­
tate to come in—that our leading railroad properties
should be allowed to have a margin of income well above
the requirements for fixed charges and dividends in or­
der to safeguard them against a period of adverse condi­
tions during the time when new capital expenditures
have not yet had a chance to demonstrate their pro­
ductiveness.
For the year under review the Northern Pacific is
still able to display a large surplus above the year’s
requirements for dividends, and such a result is genu­
inely gratifying considering the adverse circumstances
and occurrences against which the management of the




road have had to contend. Yet, as compared with
only a few years back, there is a striking decline in
the extent of this annual surplus. In 1906-07 the
requirements for the 7% dividends on the stock were
$10,850,000, and the year’s income showed a surplus
above the same in amount of $12,623,929. In 1907-08
the call for the dividends was still $10,850,000, but
the surplus of income above the amount needed for
the purpose was reduced to $9,043,068. For 1908-09
the dividend requirements were considerably larger
and the year’s surplus was only $7,534,350. Now for
1909-10 the call for the 7% dividends is found to have
been $17,360,000 and the surplus on the year’s opera­
tions is down to $4,936,259—a figure, to be sure, of
ample proportions, but nevertheless hardly more than
one-third of the $12,623,929 surplus of three years
before. The reason for this change is found in the
two-fold circumstance of a large increase in the
amount of outstanding stock, made necessary by the
company’s extension and development work, and tho
failure of the revenues, or at least the net revenue,
to increase to meet the dividend requirements on the
enlarged capital. It may, perhaps, be recalled that
$93,000,000 of new stock was offered to shareholders in
Jan. 1907, the subscription being payable in install­
ments extending over a period of two years, the last
falling due in Jan. 1909. As a consequence the com­
pany is now obliged to earn dividends on $248,000,000
of stock, against only $155,000,000.
As far as concerns the failure of net income to re­
spond to the requirements, the most serious setback
was experienced in the year under review. In this
year gross earnings increased $6,065,079, but expenses
ran up in amount of $7,967,401, thus producing an
actual loss in net in amount of $1,902,322. This
brought the net down to a figure actually $2,206,002
less than in the fiscal year 1906-07, before the great
increase in capitalization.
Careful study of the report makes it clear, however,
that the company had an unusual set of adverse influ­
ences to contend with, and that the showing for the
twelve months is really very good in such a state of
things. In the first place, no small amount of business
was deflected from the Northern Pacific by new com­
petition. While the gain in gross earnings for the
twelve months reached $6,065,078, $4,002,704 came
from the passenger business and only $1,685,431 from
the freight business. The gain in the passenger reve­
nues was over 23% and was of unusual extent by
reason of certain special events tending to augment
travel for the time being. The Alaska-Yukon Pacific
Exposition was held in Seattle from June 1 to Oct. 16
1909, inducing, the report tells us, a very large
passenger movement. Then certain Indian reserva­
tions were opened to settlement and this created
a large amount of passenger business, besides which
there was a very general demand for land all through
the country tributary to the lines of the system,
resulting in a large volume of travel.
But while the gain in the passenger business was of
unusual magnitude, the increase in the freight revenues
was veiy slight, particularly bearing in mind that the
1909 figures were not up to the previous maximum.
In ratio, the increase in the freight revenue was only
3.58% and in the number of tons of freight moved
one mile the gain was but 3.01%. It is in the freight
revenues that we see reflected the results of new com­

petition and the building of rival lines. The opening
of the Puget Sound line of the Milwaukee & St. Paul
was perhaps the most serious of the new competitors.
But the opening of some other lines also tended to take
business away from the Northern Pacific. The re­
port speaks of the making of connection between the
Chicago Burlington & Quincy and the Great Northern
at Billings, of the building of the Spokane Portland &
Seattle Ity. between Portland and Spokane and of the
opening of the Minneapolis St. Paul & Sault Ste. Marie
line to Duluth as having adversely affected the North­
ern Pacific during the year, and says the fact that gross
freight earnings have increased at all in face of all this
new competition is a gratifying indication of the growth
of the country tributary to its lines. The force of
this statement will, we think, be admitted.
In the matter of the expenses, too, conditions were
highly unfavorable, many special circumstances ac­
counting for this. The road, of course, suffered the
same as other large systems from the increases in
wages and from the tendency of operating cost to
increase in nearly all directions. In addition, there
were numerous drawbacks peculiar to the section
of country traversed by the Northern Pacific’s
lines. The report enumerates a number of these. In
August in the Red River Valley and in the latter part
of November and early in December in the Far West,
particularly in Western Washington, serious floods
came at various points, doing much damage and caus­
ing considerable interruptions to the free movement of
business. On Nov. 30 the switchmen left their po­
sitions after refusing to submit their demands to arbi­
tration.
At the same time an unusually heavy and
severe winter set in, and the operation of the road, as
a consequence, for the whole of the four months from
December 1 1909 to March 31 1910 was unsatisfac­
tory and expensive.
Attention is also directed to the increase in taxes
from $2,547,834 in the year ending June 30 1909 to
$3,621,999 in the year ending June 30 1910, being an
addition of $1,074,165, or 42% , in this single period of.
twelve months. The increase per mile is from $449
to $628. President Howard Elliott well says that this
class of expenditure is beyond the control of the com­
pany— as a matter of fact it is beyond the control of
any company. The Federal Corporation Tax, which
has been paid under protest, accounts for only $201,196
of the increase.
As far as these taxes are concerned, there-would ap­
pear to be no remedy, but there seems little likeli­
hood of any repetition of the many special adverse
circumstances and conditions which marked the course
of the late year. Furthermore, the maintenance ex­
penditures were of unusual extent— in part, presuma­
bly, occasioned by the bad weather, but in part due
also to extensive renewal work. The report tells us
that expenditures of equal magnitude will not be
necessary during the new or current fiscal year.
Altogether, therefore, it would seem as if the Northern
Pacific had the worst of its troubles behind it.
In the report for the previous year, statistics were
presented showing the extent of the company’s new
capital expenditures during the three years ending
with June 30 1909. Besides the $93,000,000 new
stock created, the bonded debt during the three years,
it was shown, had increased $5,091,687, making the
new capital addition for those three years $98,091,687.




Of this, $93,329,415 had actually been spent for ex­
tensions, additions, new facilities, &c. During the
year under review there were further new large capital
expenditures of the same kind, as is evident from the
fact that $14,307,262 was spent for additions, improve­
ments, betterments and new equipment and that ad­
vances were made to sundry companies buildingnew lines and extensions in the additional sum of
$14,340,357, making the outlay for the two accounts
combined no less than $28,647,619.
Of course, with these large expenditures, and no in­
crease in stock or debt (the bonded debt was actually
decreased $485,000 through the cancellation of bonds
purchased with moneys of the Land Department),
the company is not able to show any such large hold­
ings of cash as for June 30 1909, when it reported $33,­
200,450 of cash on hand. For June 30 1910 the cash on
hand, still ample, amounts to only $8,397,347, not count­
ing cash in the sinking and redemption funds and in
the insurance fund. The company’s working assets
are nevertheless of huge extent. Not counting ma­
terials and supplies on hand, but including the $8,­
397,347 of cash already mentioned, the total of these
working assets June 30 1910 was $55,553,415, as
against working liabilities of only $11,079,631.

THE RECORD OF THE ROCK ISLAND.
If any fair-minded person still has doubts as to the
difficulties that beset railroad management in the
United States under the conditions that have been
developing during the last fifteen months, or that
urgent need exists that the railroads should be al­
lowed to charge slightly higher rates, we would advise
him to study well the annual reports of the different
railroad systems as they come to hand one after an­
other. There are certain properties which occupy
a position of such great pre-eminence— the Union
Pacific and the Delaware Lackawanna & Western
being conspicuous types of these—that they are able
to display strikingly large profits even under adverse
happenings. These, however, are simply exceptions
which prove the rule, and afford no indication of the
course of things as regards the general run of roads.
In another article we show what a transformation in
the income condition of the Northern Pacific has oc­
curred within the last few years. In the case of the
Chicago Rock Island & Pacific Ry., whose income
results we shall review in the present article, we have
a still more notable instance of a falling off in net in­
come at a time when, by reason of an increaso in capi­
talization, the requirement was for an expandingbasis of net.
The fact that there is a shrinkage in the net is not
due to any lack of growth in the traffic or gross reve­
nue of the system; nor does it imply any fault in man­
agement or failure either to build up business or to
promote economy and efficiency in operations. It
follows simply from the fact that operating cost is
rising in a most disturbing fashion, despite all efforts
to prevent it. The higher price of labor—brought
about not alone by advances in wage schedules, but
also by shorter hours and innumerable restrictions
and regulations all tending to add to the cost of labor
—is one main element in the increase in operating ex­
penses, but it is not the only one by any means.
Government is adding to the burdens of the roads by
making larger and still larger tax levies, and the public

is all the time asking for better service and for better
facilities and accommodation. Add to this the higher
prices for fuel, for materials and for everything else
entering into the operating accounts of a road, and
the discomfiture of the railroad manager is complete,
so that it is easy to imagine him throwing up his hands
in despair.
These are general observations, but they find con­
firmation in the present annual report of the Chicago
ltock Island & Pacific Ry. This important system
added $5,035,692 to its gross revenues in the late year,
being a gain of a little over 8 % —not a bad showing
considering that the agricultural yield in 1909 in the
territory tributary to the lines of the system was not
up to the average, precluding the possibility of any
increase in the agricultural tonnage. Now, what did
this $5,035,692 of added gross revenue yield in the way
of an increase in net? It will have been gathered
from what has already been said that there was no
increase at all in net, but actually a decrease. Ex­
penses ran up in amount of $5,555,873 (over 13%);
accordingly the net is $520,181 smaller than in the
previous year, notwithstanding tin; expansion in gross
receipts of over five million dollars. But that is not
all. Government has been making prodigious addi­
tional levies in the shape of taxes. With net earnings
diminished in amount of $520,181 taxes were increased
no less than $605,836, or 26.7%. What makes this
rise in taxes especially significant is that it follows
a very noteworthy rise in the previous year, there
having then been an increase of $480,970, or 26.87%
over the year preceding. In other words, the 1910
taxes were $1,086,806 higher than those of 1908, the
increase being 60.72%. The Federal Corporation Tax
accounts for only $113,992 of this increase; the re­
mainder represents increases in taxes in the several
States, and it should be understood that only a small
portion of it has been occasioned by the construction
of new lines.
Altogether the falling off in net income was $1,126,­
017, the amount of the net for 1910 being only $15,­
274,509, against $16,400,527. In addition, the road
had greater fixed charges to meet. In this country
every progressive railroad system is obliged to spend
large amounts of new capital from year to year in
order to keep abreast of the times and supply the in­
crease in equipment and in facilities required for a
constantly growing volume of business. Further
large sums of money are needed to build branches and
extensions so as to open up the undeveloped sections
of the country. To fail to do all this would be to in­
vite decay. In the case of the Chicago Rock Island
& Pacific equipment notes were increased $10,795,000
during the year, besides which the funded debt was
increased $15,682,000, making the total addition to
the debt during the year no less than $26,477,000.
And yet net earnings, as we have seen, fell off over
a million dollars. A schedule of the new capital out­
lays given in the report shows no less than $20,186,697
spent during the year for additions and betterments,
for new equipment and for new road.
P The new obligations counted for only part of the
year, and hence the increase in interest charges on
that account was relatively small, reaching only $268,­
651. Disregarding minor changes, the final result is
a surplus above the 5% dividends paid in amount of
only $1,004,609, as against a surplus of $2,236,212




above 534% dividends in the preceding year. As the
Chicago Rock Island & Pacific Ry. has $74,878,200 of
stock outstanding, the surplus of $1,004,609 is equal
to only 134 %
the same, and hence it follows that
this great railroad property in the late year earned
no more than 634% 011 the actual amount invested,
without deducting anything for additions and better­
ments, all of which have been charged to capital
account. Is this a fair return? Is it an adequate re­
turn for a growing property like the Rock Island?
If we should go a few years further back the contrast
would be yet more striking. For instance, while for
the year under review the net income, after the deduc­
tion of all expenses and everything else other than
interest, was $13,877,755, in 1906-07 the corresponding
item was $17,029,817. Yet in this earlier year aggre­
gate gross income was only $60,752,282, as against
$66,443,810 for the late year. In 1906-07 the com­
pany had a surplus balance of $4,633,789 after the
payment of 534% dividends, as against a surplus of
only $1,004,609 for 1909-10 after the declaration of
but 5% in dividends. We believe it correct, too,
to say that there is no “ water” in the capitalization of
the Chicago Rock Island & Pacific Railway, which
should not be confused with the Chicago Rock Island
& Pacific Railroad or the Rock Island Company. At
all events the capitalization is very light, being only
$10,478 pei- mile in the case of the stock and $31,855
per mile in the case of funded indebtedness and equip­
ment trust notes.
With the causes of the rise in expenses so patent,
it seems unnecessary to go into particulars to show
that there has been increasing efficiency in operation.
We may note, however, that freight rates are slowly
declining, the average received in the late year having
been 9.2 mills per ton per mile, as against 9.4 mills
per ton-mile in each of the two previous years.
The foregoing analysis of the report of the Chicago
Rock Island & Pacific Railway leads directly up to a
consideration of the position of the Rock Island Com­
pany, which indirectly controls the property. As is
well known, the Rock Island Company is merely a
holding company, and its income consists entirely of
the dividends received by it on its holdings of the stock
of the Chicago Rock Island & Pacific. The Rock
Island Company owns the whole capital stock of the
Chicago Rock Island & Pacific Railroad Co., an inter­
mediate concern, which in turn owns $71,207,400 of
the $74,877,200 capital stock of the Chicago Rock Isl­
and & Pacific Railway Co. Up to Dec. 1 1909 the
Chicago Rock Island & Pacific Railroad also owned
$28,940,300 of the common stock of the St. Louis & San
Francisco Railroad, on which, however, no dividends
were ever received. -The St. Louis & San Francisco
shares have now been sold, and as part of the trans
action the Railroad Co.'called for payment on Feb. 1
1910 its entire issue of $17,364,180 5% gold bonds of
1913 originally issued against the acquisition of the
St. Louis & San Francisco shares. The company,
however, at the same time sold to the Chicago Rock
Island & Pacific Railway Co. $7,500,000 of 5% gold
bonds due 1913. As a result of the combined opera­
tions there has been a net decrease of $9,864,180 in
the funded debt of the Railroad Company and a saving
of $493,200 per annum in its fixed charges.
When these transactions took place it was supposed
the effect would be that dividends on Rock Island

Company preferred stock, of which a little less than
850,000,000 is outstanding, could be resumed. Doubt­
less that would have been the case if the Railway Com­
pany had been able to increase its net earnings in pro­
portion to the gain in the gross earnings. What hap­
pened, as we have already seen, was that net earn­
ings were actually reduced in face of the large expan­
sion in the gross. The result is that the 5% dividends
received on the Railway Company’s stock were little
more than sufficient to meet interest charges on the
$71,207,400 of Railroad Company 4s and $7,500,000
of new 5s. Of course, had the Railway Company, be­
sides the 5% dividends paid, distributed also its $1,­
004,609 surplus, 2% would be shown to have been
earned on the Rock Island Company preferred stock
outstanding.
ITEMS AEOUT BANKS, BANKERS AND TRUST CO'S.
— The public sales of bank stocks this week aggregate 69
shares and were all made at the Stock Exchange. Only one
5-share lot of trust company stock was sold at auction.
S h ares. R A N K S — Neio Y o r k .
L ow .
*37 C o m m erce, N a t. B a n k o f ____ 200
•32 F ou rth N a tion a l B a n k ............. 185
T R U S T C O M P A N Y — N ew Y o rk .
5 T r u s t C o. o f A m e r ic a _______ 3 3 0 )4

U ta h .
201
187

C lose.
200
187

Last previou s sale.
O c t . 1910— 202
O c t . 1010— 185

3 3 0 )4 3 3 0 )4 O c t . 1010— 330

* S o ld a t th o S to c k E x ch a n g e .

— A New York Stock Exchange membership was posted
for transfer this week, the consideration being $75,000, the
same as the last preceding transfer.
— The board of trustees of the Federal postal savings sys­
tem at a meeting on the 22d inst. approved a list of fortyeight cities in which the new system is to be given its first
trial
I t is stated that, owing to the smallness of the ap­
propriation, it is impossible to establish the postal savings
banks in the large cities during the first year, and cities of
the second class have therefore been selected. It is also
announced as probable that the plans devised for the system
will be given at least a month’s trial in the forty-eight offices
before others are added to the list, although it is expected
that the number will be largely increased before the end of
the current fiscal year. The offices named by the trustees
are as follows:
B essem er, A la .; G lo b e , A r lz .; S tu ttg a r t, A r k .; O ro v llle , C a l.; L c a d v llle ,
C o l.; A n s o n la , C on n .; D o v e r, D e l.; K e y W e s t, F la .; B ru n sw ick , G a .;
C oeu r d ’ A len e, I d a h o ; P e k in , III.; P r in c e to n , I n d .; D e co ra h , l a .; P itts­
b u rg , K a n .; M ld d lesb oro , K y .; N ew Ib e r ia , L a .; R u m fo r d , Ale.; F r o s tb u rg , M d .; N o r w o o d , M ass.; H o u g h to n , M ich .; B e m ld jl, M in n .; G u lfp o rt,
M iss.: C a rth a ge, M o .; A n a c o n d a , M o n t.; N ebrask a C ity , N e b .; C arson
C ity , N e v .; B erlin , N . I I .: R u th e r fo r d , N . J .; R a to n , N . M .; C oh oes,
N . Y . ; S a lisb u ry , N . C .; W a h p e to n , N . D .: A s h ta b u la , O h io; G u y m o n ,
O k la .: K la m a th Falls, O re .; D u b o is, P a .; B risto l, R . I .: N e w b e rry , S . C .;
D e a d w o o d , S . D .; J oh n so n C ity , T e n n .; P o r t A rth u r, T e x .; P r o v o s t ,
U ta h ; M on tp elier, V t .; C lifto n F o rg e , V a .; O ly m p ia , W a s h .; G ra fto n ,
W . V a .; M a n ito w o c , W ls .; L a ra m ie , W y o .

No definite announcement has yet been made as to the
date when the system will be put into operation, but its in­
stallation is not likely to take place before December at the
earliest.
— A new issue of United States notes of the denomination
of $1 was ordered by the Secretary of the Treasury on the
26th inst., under the authority of the Act of 1907. This will
be the first issue, it is stated, of greenbacks since that of 1900.
The notes will be emitted up to an amount of about $75,000,­
000, and are intended to supplant notes of denominations
of $20 and over now in circulation. The present action is
said to be due to the demand for bills of small denomination
which arises at this period of the year.
— Announcement was made yesterday of the consumma­
tion of negotiations for a loan of $50,000,000 to the Chinese
Government by a local syndicate of bankers. This group
of bankers is the same as that which has arranged to partici­
pate in the $30,000,000 loan for financing the Hankow-SzeChucn R y., and is composed of J. P. Morgan & Co., Kuhn,
Loeb & Co., the National City Bank and the First National
Bank. The present negotiations were conducted through
the International Banking Corporation, and the agreement
as to the amount of the loan, rate of interest and terms is
reported to have been signed in Pekin on the 27th inst. by
Daniel A. Mcnocal, of the Banking Corporation, on behalf of
Willard D. Straight, formerly U. S. Consul-General at
Mukden, and now agent for the syndicate. Chinese Govern­
ment bonds will be issued to meet the loan; they will be




placed in Europe and the United States, and will bear interest
at 5% . The loan is said to have been negotiated for the
syndicate at about 95, and it is expected that the bonds will
be offered at par and interest. The proceeds of the loan
will be used by China on behalf of currency reform and the
promotion of industrial development, as well as for the
building of State railroads. This loan, it is announced, is
entirely distinct from the Hankow R y. loan.
— A. Barton Hepburn, President of the Chase National
Bank of this city, was nominated for President of the New
York Chamber of Commerce at a meeting of the executive
committee of the Chamber this week. The office became
vacant with the death of J. Edward Simmons in August.
The election will be held in November. Mr. Hepburn
became President of the New York Clearing-House Associa­
tion at its annual meeting last month.
— William B. Bonn, a retired banker, died Oct. 21 at
Cronberg, Germany. He had been an invalid for about
two years. Mr. Bonn was at one time a member of the
firm of Reuteen & Bonn of this city, but in 1878 entered the
firm of Speyer & Co. He went to Frankfort-on-Main, Ger­
many, in 1886, as the resident partner of the latter firm.
Mr. Bonn was about 70 years old. He is survived by his
wife, a son, Max I. Bonn, of the London banking firm of
Bonn & Co., and a daughter. He retired from business on
Dec. 31 1903.
— I t is reported that the Russo-Chinese Bank will be
merged into a new institution, to be known as the Banque
Russo-Asiatique, which will combine the business in Asia,
India and Persia of the Russo-Chinese Bank with the
Banque du Nord’s European business. It is thought that
the capital of the new institution will be 50,000,000 rubles,
or $25,000,000. Ladenburg, Thalmann & Co. are men­
tioned as the New York bank’s financial correspondents
in the United States. The Russo-Chinese Bank has a New
York branch at 52 Pine St. Last summer its former Cashier,
Erwin J. Wider, converted to his own use some $650,000 of
its securities.
— An opinion respecting the liability of stock brokers un­
der the Private Banking Act passed the present year by the
New York Legislature was submitted to State Comptroller
Clark Williams by Attorney-General Edward R. O’ Malley on
the 18th inst. Mr. O’ Malley’s ruling has reference to stock
brokers who, while not regularly engaged in the business of
receiving deposits, accept moneys from customers in the
course of their business in acting as agent or pledgee in the
purchase and holding of stock. I t has particular bearing on
the decision several months ago of Comptroller Williams, to
the effect that money placed “ with a broker for tho purpose
of purchasing stocks on margins in the future, or for specu­
lative purposes, is a deposit.’’ In his finding Mr. O’ Malley
maintains that where an account remains in the hands of a
broker for indefinite use, it would seem that it must be re­
garded as a deposit of money rather than as a payment; he
contends that the customer would be entitled to withdraw
it at any time prior to giving a definite order for purchase,
which would convert it into a margin in the strict sense of
the word, and hence where a broker is engaged in receiving
such deposits in addition to or in connection with his busi­
ness as a stock broker, he would seem to come within the
prohibition of the Act. The Attorney-General also holds,
however, that in the case of margins in the ordinary and strict
use of the term, where there is an actual present purchase of
stock upon which the margin is paid, tho prohibition of the
Act does not apply. In full, Air. O’ Malley’s views in the
matter are as follows:
STATE OF NEW Y O R K .
A tto r n e y -G e n e ra l's O ffic e .
A lb a n y , October 18 1910.
H o n . C lark W illiam s, State Com ptroller, A lb a n y , N . Y .
D ea r S ir — R e q u e s t h a v in g been m a d e to m e b y M essrs. Sullivan & C rom ­
w ell o f N ew Y o r k C ity fo r r e -c o n s k le r a tlo n o f m y o p in io n o f A u g . 9 1910 to
y o u , on the a p p lic a b ility o f th e P r iv a te B a n k in g A c t to s to c k b r o k e r s , and
on a certain ruling m ad e b y y o u r D e p a r tm e n t th ereu n der, and I h a v in g c o n ­
ferred w ith y o u r S e cre ta ry In referen ce to such requ est, I beg to su b m it m y
co n clu sio n s In regard to th e sam e as fo llo w s:
M y o p in io n d a te d A u g . 9 1910, h o ld in g th a t s to c k brokers w ero s u b je c t
to this law w here th e y carried an o p e n a c c o u n t fo r their cu sto m e rs a gain st
w hich th e y ca n draw a t a n y tim e . Is, In m y Jud gm en t, s o u n d .
T h is general h olding is a tta c k e d on tho g ro u n d th a t th e law a p p lies o n ly
t o persons “ engaged In th e business” o f re ce iv in g d e p o sits, an d th a t a s to c k
bro k e r Is n o t engaged In such bu siness, b u t rather In the business o f a ctin g
as a gen t o r pledgee fo r his c u s to m e r In th e p urchase and h o ld in g o f s to c k .
C o n ce d in g the fa ct a lle g e d . It b y n o m eans fo llo w s th a t a s to c k b rok er
ca n n o t also be engaged In th e business o f re ce ivin g d e p o s its .
It Is a d m itte d
th a t th e a c c e p ta n c e o f m o n e y o n o p e n a c c o u n t Is n o t a necessary p art o f th o
s to ck -b ro k e ra g e business. I f, th e re fo re , this Is regu larly an d u su ally d o n e b y
the s to c k b ro k e r, he Is e n gag in g In a n o th e r line o f business th an th a t o f
pu rch asin g an d h o ld in g s to c k s .
I t m a y t>c th a t ho Is en gag ed In tw o kinds
o f business, b u t It ce r ta in ly c a n n o t b e said th a t lm Is n o t en gag ed In th e

business o f re c e iv in g d e p o s its w h en h e reg u la rly re ce ive s m o n e y t o c a r r y m
an o p e n a c c o u n t again st w hich his cu stom ers m a y ch e c k .
Y o u r ru lin g In referen ce t o th e p lacin g o f m o n e y w ith a b ro k e r o n m argin s
a lth o u g h n o t c o v e r e d b y m y o p in io n , seem s s o u n d .
I u n d ersta n d y o u ru led
on A u g . 2 1010 as follow s:
" A p la c in g o f m o n e y w ith a bro k e r fo r th e p u rp o s e o f purch asin g s to c k s
on m argins In th e fu tu re , o r fo r s p e cu la tiv e pu rp o se s, Is a d e p o s it .”
I t Is u rged th a t this ruling Is Im proper fo r th e 'r e a s o n th a t m o n e y g iv e n
a s to c k b r o k e r on m argin Is In fa c t a n d In law a part p a y m e n t o f th e p u r­
ch ase p rice o f the s to c k , an d th e re fo re c a n n o t b e regarded as a d e p o s it.
T h ere Is m u ch fo rc e In this su g g e stio n . Y o u r ru lin g , h o w e v e r , Is a p p a re n tly
Intended t o a p p ly o n ly to d e p o s its fo r th e p u rp o se o f pu rch asin g s to c k s o n
m argins In th e fu tu re, and Is n o t In ten ded to a p p ly t o a d e p o s it o f m o n e y
on m argin a c c o m p a n ie d w ith an o rd e r fo r Im m ed iate pu rch ase o f a n y s t o c k .
U n d er th e a u th o ritie s , It Is clea r th a t m o n e y d e p o site d as m argin w ith d ire c­
tio n s t o p u rch a se certa in s to c k m u st be regarded as part o f th e p u rch ase
p rice o f th a t s t o c k . T h e rela tion o f d e b t o r and cr e d ito r Is n o t created be­
tw een th e s to c k brok er a n d his cu sto m e r as to such p a y m e n t, b u t title h as
been tran sferred a b s o lu te ly t o th e s to c k b ro k e r. If th e m a rk e t v a lu e o f
th e s to c k so purch ased su b se q u e n tly de clin e s, th e c u s to m e r m u st Increase
his p a y m e n t a c c o r d in g ly .
I f th e v a lu e o f th e s to ck Increases, the c u sto m e r
m a y w ith d ra w so m u ch o f th e m argin as Is In e xcess o f 1 0 % . T h is last rig h t
w ou ld seem to In dicate th a t th e m argin Is In a sense a d e p o s it, b u t In v ie w
o f th e h old in g s o f th e co u rts th a t It co n stitu te s p a rt o f th e p a y m e n t fo r pur­
ch ase p rice, th e right to w ith d ra w a n y th in g In excess o f 10 % w ou ld p r o b a ­
b ly be regarded as a m ere c o n tr a c t rig h t a n d n o t as co n v e r tin g the o rig in a l
p a y m e n t Into a d ep osit.
T h e situ a tion w ou ld seem to be v e r y d ifferen t, h o w e v e r , w h en th e orig in a l
p a y m e n t to th e stock brok er Is n o t a cc o m p a n ie d w ith an o rd e r fo r th e p u r­
ch a se o f a n y d efin ite s t o c k .
In such case It Is clear th a t It c a n n o t b e re­
ga rd ed as p a rt o f th e pu rch ase p rice, fo r th ere Is as y e t n o pu rch ase d ir e c t e d .
S o lo n g as It rem ain s In th e han ds o f th e s to c k b ro k e r fo r Indefin ite fu tu re
uso, m erely t o fa cilita te th e tran sfer to him o f m argins w h en d e fin ite o rd e rs
are g iv e n . It w ou ld seem th a t It m u st b e regard ed as a d e p o s it o f m o n e y
ra th er than as a p a y m e n t. C learly, th e c u s to m e r w ou ld be e n title d to
w ith d ra w It a t a n y tim e p rior t o g iv in g a d e fin ite o rd e r fo r p u rch a se w h ich
w ou ld c o n v e r t It Into a m argin In th e strict sense o f th e w o rd .
I f, th e re fo re ,
a s to c k brok er Is engaged In th e business o f r e ce iv in g such d e p o s its o f m o n e y
as these In a d d itio n to o r In c o n n e c tio n w ith his business as a s to c k b r o k e r ,
h o w ou ld seem to c o m e w ith in th e p ro h ib itio n o f th e P riv a te B a n k in g A c t .
I f y o u r ru lin g w as Intended to d o n o m ore than th is, It w o u ld seem s o u n d
un d er th e p rin cip les o f m y p re v io u s o p in io n .
I f, h o w e v e r . It Is Intended to
a p p ly to m argins In th e o r d in a r y an d s tr ic t use o f th e te rm , w here there Is an
a ctu a l p resen t pu rch ase o f s to c k u p o n w hich th e m argin Is p a id , It w o u ld
seem t o be erron eou s.
I a m sen d in g a c o p y o f this o p in io n t o M essrs. S u lliva n & C ro m w e ll.
V e r y tru ly y o u rs,
[Signed] E D W A R D R . O ’ M A L L E Y ,
A tto r n e y -G e n e ra l.

The validity of the Act has not yet been definitely deter­
mined. I t was declared unconstitutional in an action
brought by James Lee, a curb broker, in the State Supreme
Court, an injunction being granted on the 11th inst. restrain­
ing its enforcement. This order was signed by Justice Bijur
on the 24th. It is claimed that the decision applies merely
to the plaintiff in the case, and that other brokers who are
amenable to the law will, to protect themselves, be compelled
to take similar action to that adopted by him. AttorneyGeneral O ’ Malley and State Comptroller Williams on the
25th inst. filed notice of an appeal from Supreme Court Jus­
tice Bijur’s decision.
A hearing on the constitutionality of the law will be had
by the United States Supreme Court on Dec. 5 in the appeal
taken by Morris Engel, of Engel & Eckert of this city. Mr.
Engel’s application for an injunction to restrain the State
officials from enforcing the law was denied by the United
States Circuit Court in New York on Aug. 31.
— A t a meeting of the directors of the Fourth National
Bank of this city on Thursday, several changes were made in
the official management incident to the promotion in August
of James G. Cannon to the presidency, succeeding the late
J. Edward Simmons. Two new Vice-Presidents were
elected at this week's meeting, Samuel S. Campbell and
Charles H . Patterson, and Daniel J. Rogers was elected
Cashier. Mr. Campbell has been President of the Night &
Day Bank at 44th Street and Fifth Avenue for nearly three
years, and prior to his election to that post had been a Vice­
President of the United States Mortgage & Trust Co. He
will continue as a director of the Night & Day Bank, Mr.
Patterson, the other new Vice-President of the Fourth, had
been Cashier of that bank for many years, and Mr. Rogers,
who replaces him in the cashiership, had heretofore served
as Assistant Cashier.
— The stockholders of the Farmers’ Loan & Trust Co. of
this city adopted on Wednesday an amendment to the com­
pany’s charter so as to include therein the purpose and power
to transact business by branch offices in London, Paris,
Berlin and Rome. While the institution already has
branches in London and Paris, these points of operation were
not specifically named in the charter, as required under a re­
cent ruling of Attorney-General O’Malley, and this week’s
change in the charter was made to correct the apparent de­
fect.
— The First National Bank at Wall Street
has commenced work on alterations to its
involve the construction of two additional
structure. The extra space, is planned for




and Broadway
building which
stories to the
tho accommo­

dation of some of the working force of the bank, although it
is possible that only one of the additional floors will be
utilized for this purpose.
— Arthur P. Heinze, brother of F. A . Heinze, surrendered
himself on the 26th inst. to U. S. Marshal Henkel, and was
committed to the Tombs to begin the sentence imposed upon
him on Oct. 26 1909. Mr. Heinze was sentenced to ten days
in the Tombs and to pay a fine of $250, following his convic­
tion on charges of interrupting the administration of justice
in apparently blocking the service of a subpoena on an em­
ployee concerned in the disappearance of the books of the
United Copper Co. wanted in an investigation of F. A.
Heinze’s management of the Mercantile National Bank.
The sentence was imposed by Judge Ray in the U. S. Circuit
Court and upheld last July by the U. S. Circuit Court of A p­
peals. A petition for a writ of certiorari for a review of the
judgment of the Federal Court at New Y ork was denied by
the U. S. Supreme Court on the 24th inst. and there being no
other legal means of escape, Mr. Heinze surrendered himself.
Sanford Robinson, formerly counsel for F. A. Heinze,
who was found guilty last year of an offence similar to that
charged against A . P. Heinze, and was fined $250, was on
the 21st inst. suspended from the practice of law for one year
by the Appellate Division of the Supreme Court.
— The Westchester Avenue Bank, the new Bronx institu­
tion, opened for business this week. The bank has a capital
of $100,000 and surplus of $50,000. Its officers are John
Tatlock, President; Warren Green, Vice-President, and
Frank D. Pitkin, Cashier. I t is located at Westchester
Avenue and Southern Boulevard.
— The directors of the Columbia National Bank of Buffalo,
N. Y ., have recently been making concerted efforts to in­
crease the deposits of their institution, and the amount is now
well above $10,000,000. A statement furnished us, under
date of Oct. 7, makes the deposits at the bank on that day
$10,081,780— representing an increase of over two million
dollars since the last call of Sept. 1, when they totaled
$7,877,051. The capital of the institution is $2,000,000,
and it has a surplus of $960,000.
— William J. Morris, formerly Chairman of the Philadelphia
Stock Exchange, and a member of the Exchange since 1858,
died on the 14th inst. Mr. Morris retired from the Chair­
manship in 1908, after serving in that capacity for twelve
years, the members on that occasion presenting him with a
silver loving-cup.
— The directors of the Philadelphia National Bank, of
Philadelphia, have declared a semi-annual dividend of 8% ,
payable Nov. 1 to stockholders of record Oct. 31, and have
added $250,000 to the surplus, making that fund $3,500,000,
all earned. The present dividend declaration places the
stock on a 16% basis, and compares with 7 ^ % for the
previous six months. This is the second increase in the rate
during the present year, the amount having been advanced
from 6% to 7 }4 % with the May distribution.
— The West Philadelphia National Bank is the title under
which a new Federal institution is being formed in Phila­
delphia. The application has been approved by the Comp­
troller of the Currency, and the institution will be organized
with $200,000 capital. Those who are engaged in perfecting
the project are C. D. Foss Jr., William C. Mason, John C.
Knox, Louis J. Kolb and C. Edgerton. Temporarily the
bank will have quarters at 52d and Market streets, but its
permanent location will be at 52d and Ludlow streets.
— The officials chosen for the new North Penn Bank of
Philadelphia, lately chartered, are L ou isII. Michel, President,
Charles E. Starr and Joseph Schlenz, Vice-Presidents, and
R. D. Moyer, Cashier. The bank will locate at 29th and
Dauphin streets.
— The Fourth Street National Bank of Philadelphia has in­
creased its dividend rate from 12 to 14% in the declaration
of a semi-annual payment of 7% , payable N ov. 1, against
6% previously. The sum of $500,000 has been added to the
surplus, making it $6,000,000.
— A dividend of 10% was declared this week in favor of the
stockholders of the failed Fort P itt National Bank of Pitts­
burgh . The bank, which suspended in 1907, had a capital of
$1,000,000. The depositors were paid in full, with interest
at 6% , the final payment having been made last July.
— The United States Supreme Collrt' sustained on tho
17th inst. the action of the United States Circuit Court
of New York in dismissing last May the writ of habeas corpus
obtained by counsel for Frank N . Hoffstot, President of the
German National Bank of Allegheny, Pa., to prevent his

removal from New York on an indictment returned against
him in Pittsburgh. The order for Mr. Hoffstot’s extradition
was signed by Gov. Hughes in April, following the handing
down of the indictment against Mr. Hoffstot growing out
of the passage of an ordinance which named as city deposi­
taries several banks in which he was interested. Mr. Hoffstot surrendered himself on the 18th inst. to District Attorney
William A. Blakeley, of Pittsburgh, and furnished bail in
the sum of $20,000.
— The Lebanon National Bank of Lebanon, Ind., closed its
■doors on the 24th inst. Although it is stated that its
voluntary liquidation was decided upon by resolution of the
directors, its affairs were taken charge of by National Bank
Examiner Oscar L . Telling. According to the Indianapolis
papers, the cash and securities of the institution have been
transferred to the First National Bank of Lebanon, and it is
said that arrangements are being made for the immediate
settlement in full with all depositors. The September 1 state­
ment of the Lebanon National is reported to have shown a
capital of $50,000, surplus of $29,000 and deposits of
$362,596. E. T . Lane resigned the presidency on Sept. 1,
being succeeded by O. It. Daily, previously Cashier. The
bank was organized in 1882 as successor to the private
banking firm of Hazelrigg, Daily & Co., founded in 1867.
Bad loans are said to have necessitated the present step.
The American Trust Co. of Lebanon, which was affiliated
with the Lebanon National Bank, closed temporarily with
the suspension of the bank. An effort, it is stated, is being
made to merge the trust company with the Citizens’ Loan
& Trust Co
This pending plan has brought forth from
State Auditor Billheimer an announcement concerning
the law respecting the consolidation of such institutions.
He is quoted as saying that under the State law two trust
companies cannot consolidate. A trust company, he says,
has the right to sell any or all of its assets, and by means
of a sale the property of one such concern may be made to
pass to another similar concern. He states that after all the
assets of the American Trust Co. are sold to the Citizens' Loan
& Trust Co., if that plan is agreed on, the stockholders and
directors of the American may elect to quit business and
dissolve the corporation, leaving the Citizens’ Co. in con­
trol of tlie business of the American.
— William A. Mason, head of the banking firm of William
A. Mason & Co. (formerly Mason, Lewis & Co., Chicago and
Boston), died recently in Pasadena, Cal., aged sixty-three
years. The body was brought to Chicago for burial.
— The Madison Square Bank, located at Madison Square, a
suburb of Grand Rapids, Mich., has been taken over by the
Grand Rapids Savings Bank, and will be operated as a
branch of the latter. The Madison Square institution was
organized in 1907 with $13,000 capital.
— The Night & Day Bank of St. Louis began business on
the 3d inst. I t is reported that it has a capital of $150,000,
one-half paid in, and a surplus of $55,000, half paid. Its
offices are at 808 Olive St., and its management consists
of Albert S. White, President; W. S. White, Vice-President,
and George L. McClure, Cashier. The institution maintains
banking hours from 8 a. m. until midnight.
— The twentieth anniversary of the Mississippi Valley
Trust Co. of St. Louis was reached this month. The insti­
tution began business on Oct. 3 1890 with Julius S. Walsh,
now Chairman of the board, as its first President, and
Breckinridge Jones, the present executive, as Secretary.
During the twenty years the company has grown to an insti­
tution with resources of over $27,000,000, the Sept. 1 state­
ment showing the amount as $27,49S,55S. It has a capital
of $3,000,000 and surplus and undivided profits of $5,605,­
098. The ‘ ‘ Globe-Democrat,” in referring to the part played
by the institution in the development of the city, says:
“ The company has assisted in the construction of six im­
portant railroads, all serving St. Louis. I t has developed
a new wholesale section and two new residence districts in
St. Louis, besides large suburban subdivisions. For the
past ten years it has been depositary for three-fourths of the
public moneys of the State of Missouri and also for part of
the funds of the city of St. Louis.” Vice-President Samuel
E. Hoffman was one of the founders of the company and
Secretary James E. Brock has been associated with it since
its organization.
— A check for $10,000 has been sent by The Guarantee
Co. of North America (Montreal) to the Fidelity Trust Co. of
Louisville, K y ., in settlement of its bonds of suretyship on
August Ropke, ex-Secretary and bookkeeper, who recently




defaulted for over $1,400,000. Ropke’s accounts are Baid to
have been subjected to a semi-annual check by an expert
auditor, notwithstanding which his irregularities extended
back over a period of some fifteen years, during which he
enjoyed the confidence of his employers and all who knew
him.
— The Norfolk National Bank, of Norfolk, Va., took
formal possession of its newly constructed banking home on
Main Street on the 1st inst. The building is of white
Georgia marble, of the Gothic type of architecture, and is
one of the most imposing of the city’s banking houses. It is
three stories high, although from the front elevation it
appears to be but one story. The banking room proper is lo­
cated on the main floor, where President Hardy, Vice­
President Schwarzkopf and Cashier Godwin are also domi­
ciled. The directors’ room is on the second floor, there is a
mezzanine gallery for employees, arid the third floor is given
over to a dining room and kitchen. The lighting system
of the new building is one of its chief features. This consists
of large skylights so arranjged that no direct sun rajs reach
the interior, and large plates of leaded glass in the ceiling
serve to diffuse the light evenly over the whole of the main
banking room . In the construction of the building particular
attention has also been given to the safe deposit and storage
vaults. The woodwork in the interior of the banking
room is of mahogany and the interior finish otherwise is
of white Vermont marble and bronze. The Norfolk Na­
tional in its last statement to the Comptroller of the Currency,
under date of Sept. 1, had total resources of $6,498,991. It
has a capital of $1,000,000, surplus of $500,000 and undivided
profits of $157,979. The deposits in the statement referred
to amounted to $3,840,926.
— Plans are being perfected to organize the National Bank
of Commerce of Atlanta, with a capital of $1,000,000 and
surplus of $200,000. I t is expected to open the new institu­
tion for business about Jan. 1. The organization committee
includes, among others, the following names: John II.
Carter, Chairman of the Committee; W. T. Gentry, President
of the Southern Bell Telephone Co.; J. T . Holleman, Presi­
dent of the Union Savings Bank; F. J. Paxon, President of
the Atlanta Chamber of Commerce; B. F. Dillon, General
Superintendent of the Western Union Telegraph Co., &c., &c.
— The Guarantee Bank & Trust Co. of Birmingham, Ala.,
was closed on the 6th inst. in proceedings, said to allege insol­
vency, instituted by the State Attorney-General in the
Chancery Court. E. D. Smith has been appointed receiver.
The institution changed its name from the City Bank &
Trust Co. during the summer, and increased its capital from
$50,000 to $100,000. George M. Webb, President of the
company, is quoted as stating that there is enough paper to
pay the depositors and stockholders if it can bo collected, that
a large proportion can be collected, but it is what is known
as slow paper.
— After seventy-five years’ honorable existence, the
Citizens’ Bank of Louisiana, at New Orleans, will be liqui­
dated on Jan. 30 next, and the Citizens’ Bank & Trust Co. of
Louisiana will be incorporated to continue the business of the
bank. The latter has a paid-in capital of $380,200; surplus
of $419,800, and undivided profits of $30,000. Its doposits
on the 24th inst. were $1,600,000 and the aggregate resources
on that date amounted to $2,430,000. Tho management
of the bank is as follows: G. W. N ott, President; H. Laroussini and A . A . Lelong, Vice-Presidents; S. A. Trufant,
Cashier, and II. C. Gremer, Assistant Cashier,______________

<&omm ^yctalgttgH^x^jettys
[From our own correspondent.]

London, Saturday, Oct. 15 1910.
Scarcely had the apprehension excited by the revolution in
Portugal died down when even graver anxieties wore caused
by the great railway strike in France. The relations between
the railway servants and the companies have been strained
for the past half-year, and from time to time a strike has
been threatened. But few people believed that it would
take place, for M. Briand, the Prime Minister, expressly
recognized that the men had grievances. Therefore he
received a deputation from them and undertook to put their
case before the companies. Everybody expoctcd that at
least full time would be given to the Prime Minister to carry
out his policy, and therefore the strike so suddonly declared
took all France and her neighbors completely by surprise.
In France itself the disorganization of overy kind of
business has been great. Even London has folt the conse­
quences severely, and as at this season of the year large
numbers of British people are bound to return to Egypt,
I India, Australasia, and the Far East generally; Wicir cm-

barrassments have been exceedingly great. There is every C o m m e r c i a l a r u l B X I s c e H a u e p i t s Q c v o s
indication now, however, that the strike is almost at an end.
During the past twenty-four hours the French mails have
National Banks.— The following information regarding
been regularly delivered, and throughout yesterday and this national banks is from the office of the Comptroller of the
morning telegraphic communication is ciuito free. There­ Currency, Treasury Department:
fore, it is concluded that the strong action taken by the
A P P L IC A T IO N S T O C O N V E R T (IN T O N A T I O N A L H A N K S
Governtnent in arresting the leaders and issuing mobiliza­
APPROVED.
“
T
h e S ta te H an k” Into " T h e F irst N a tio n a l B a n k o f S lloam S p r in g s ,”
tion orders to the strikers generally has nipped the strike in
S prin k s, A rk. C a p ita l, $25 ,0 0 0 .
the bud. Even in Paris itself there was a decided change Siloain
T h e S ta te B a n k , Slloam S p rin g s, A r k ., in to “ T h e F irst N a tio n a l B ank
of feeling on Thursday afternoon, when business improved o f Slloam S p r in g s .” C a pital, $ 2 5 ,0 0 0 . W . T . L a F o lle lt e , S lloam S p r in g s ,
A rk .
materially upon the Bourse.
C H A R T E R S IS S U E D T O N A T I O N A L B A N K S O C T . 6 T O O C T . 18.
Here at home the cotton dispute has been fortunately 0 ,8 6 0 — “ T h e F irst N a tio n a l B a n k o f A lt a m o n t .” A lta m o n t, N . y . C a p ita l.
$ 2 5 ,0 0 0 .
N e w to n K e tc lia m , P res.: E d w ard G . C ran neli, V iresettled- An arrangement has been arrived at between the
P re s.; V . P . D o w e L e e , S e co n d V ice -P re s .; Irv tn g W . K in s m a n ,
representatives of the Boilermakers’ Society and the ship­
C ashier.
builders. Voting papers have been issued to the boiler­ 0 ,8 6 7 — “ T h e N ation a l Bank o f N o rth H u d so n at W e st H o b o k e n ," W e s t
I lo b o k c n , N . J . C a pital, $ 1 0 0 ,0 0 0 . G e o . 13. B e rg k a m p , P re s .:
makers, and they are requested to return their votes not
J o h n J . M cM a h on , F irst V ic e -P r e s .; O tto K a c g e b e lin , S e c o n d V ic e later than Wednesday next. The general impression is that
P re s.; H ow ell S. B e n n e t, Cashier.
N a tio n a l B a n k o f D u n m o r e ,” D u n m o re , P a . C a p ita l,
the men will accept the terms agreed to by their represen­ 0 ,8 6 8 — $" T1 0h0e,0F0 irst
0.
M . J . M u rray, P res.: H . M. S pen cer a n d V ic . Ilu rsch el,
tatives and that the difficulty will thus be ended. In South
V ice -P re s id e n ts ; C on ra d T . S h ln d el, Cashier.
0
,8
6
0
—
"
T
h
e
F
irst
N
a tio n a l B a n k o f M a rccllu s,” M arcellus, N . Y .
C a pital,
Wales, also, order has been restored at most of the mines,
$ 2 5 ,0 0 0 . J . C. P a rson s, P re s.; F . W . K n a p p , V ic e -P r e s .; E . N .
and the belief is that all trouble is nearly at an end. That
B ergerstoclc, C ashier.
being so, the feeling is almost universal in the city that we 0 ,8 7 0 — “ F irst N ation a l B ank o f P e lh a m ,” P elh am , G a. C a p ita l, $ 4 0 ,0 0 0 .
.
H . M erry, P res.; Is a a c A . B u sch , V ice -P re s .; C. G . L o t t . C ashier.
are about to witness a decided improvement upon all the 0 ,8 7 1 — H
“ T h e F a rm e rs' N a tio n a l B ank o f Slloam S p rin g s ,” Slloam S p rin g s,
A rk. C a p ita l, $ 5 0 ,0 0 0 .
G eo. T a tu m , P res.; E d . C M cC u llou gh ,
stock markets. The American department has been active
V ic e -P r e s .; C on n elly H a rrin g to n , C ashier. C o n v e rsio n o f the
during the week. Even the holiday on Wednesday did not
F a rm e rs’ B ank o f Slloam S prin gs.
check the activity, for quotations here decidedly advanced, 0 ,8 7 2 — “ T h e P la n te rs’ N ation a l B ank o f O p e lo u sa s .” O pelou sa s, L a . C a p i­
ta l, $ 5 0 ,0 0 0 . R o b e r t C liachere, P res.; W . F. C lo p to n , V ic e -P r e s .;
and since then the feeling has continued to improve.
J n o . P . S a v a n t, 2d V ic e -P r e s .; J . A . P erk in s, Cashier; Jas. A .
The traffic returns of the British railway companies are
D cje a n , Asst C ashier.
exceedingly satisfactory, and it is believed that further
Canadian Bank Clearings.— The clearings for the week end­
economies are being enforced in working. Consequently the
expectation is that the present half-year will be more profit­ ing Oct . 22 at Canadian cities, in comparison with the same
able for the railways than any half-year for a long time past. week of 1900, shows an increase in the aggregate of 10.9%.
The market for mining shares of all kinds— gold, copper,
W e e k en d in g O cto b er 22.
silver and so on— very largely depends upon the Paris
C le a r in g s a t —
I n c . or
Bourse. There is, of course, a large market in London, and
D ec.
1909.
1910.
1908.
1907.
other markets are very influential likewise. But when
S
*
Canada—
$
$
%
Paris is depressed there is generally depression in the Euro­
— 0.8 33,673,384 35,934,723
......... .......... . . 43,707,771 44,046,153
pean mining markets, for the holding of mining shares on TMontreal
oron to_______ _____ ___ 36,875,837 31,217,432 + 18.1 25,000,920 20,057,182
+ 9.1 16,315,776 15,137,672
26,054,905 24,365,858
French account is exceedingly large, especially the holding W in n ip e g ................. ..
4,152,449
4,482,941
7,106,978 + 3 4 .8
Vancouver ........................
9,987,485
of Rip Tinto shares, De Beers, and both Witwatersrand Ottawa
+ 9 .9
3,689,883
3,241,092
3,801.992
..............................
4,176,706
shares and Rhodesian shares. As soon as the strike is ended Q u e b e c ............. ............ .... 2,322,090 2,389,039 — 2.8 2,224,773 2,394,228
2,055,853
1,923,302
H a lifa x ________ ______
1,848,219
— 6.5
1,976,961
in Paris it is believed, both in London and in Paris, that H
a m ilto n ____ ________
1,582,316
1,770,142
2,365,088
1,980,072 + 19.4
there will be a decided recovery, and consequently the more Calgary ______ _________ 3,113,319 2,342,253 + 3 2 .9 1,643,371 1,442,341
J o h n .________ ____
1,473,175
1,567,753
— 6.0
1,479,414
1,280,761
far-seeing are looking for increased activity and a consider­ St.
V ictoria.......................... ..
2,169,192
1,918,489 + 13.1
1,225,824
1,356,353
able rise in all sorts of mining shares.
London __ _____ ______
1,378,758
— 1.4
1,398,156
1,100,969
1,271,698
E d m o n to n ........................
1,860,207
1,075,358 + 73.0
890,900
810,513
Money continues to be abundant and cheap. A little R
e g in a .......................... ..
1,252,920
931.070 4-34.6
gold, it is true, has been taken from the Bank of England B ran don ________ _______
687,231 Not Include d In tot al.
529,177 Not Include d In toqal.
this week for India, but although India is very prosperous L ethb ridge______ _______
just now, it is not expected that much will be required, at
Total Canada................ 139,185,732 125,487,094 + 10.9 95,035,838 97,102,948
all events, for some time yet. The Egyptian cotton crop is
turning out to be even better than had been supposed, and
Auction Sales.— Among other securities the following, not
as the price is very high, the growers are hurrying the stuff regularly dealt in at the Board, were recently sold at auction.
to market as quickly as possible. The demand for gold for
By Messrs. Adrian II. Muller A Son:
Egypt, therefore, continues. I t is not yet known how much
S lo c k s .
I
S to c k s .
gold will be taken for that country to-day, but it is expected
15 McNamee (now Columbia)Mesh
5 Trust Co. of Am erica..................33034
K nitting Co. o f Phtlmont,
|
B onds.
to be of considerable amount.
N. Y ............................................$755 lot j $9,000 Number 1465 Broadway Co.
The India Council offered for tender on Wednesday 40 lacs
30 City Investing C o., c o m __ 60-60% I 1st 6s, 1925, F. & A ____ $60 & int., lot
1 National Surety C o___________275
|
of its bills and the applications amounted to nearly 392%
lacs, at prices ranging from Is. 4 1-lGd. to Is. 4 3-32d. per
rupee. Applicants for bills at Is. 4 l-lfid. and for tele­
DIVIDENDS.
graphic transfers at Is. 4 3-32d. per rupee were allotted
The following shows all the dividends announced for the
about 11% of the amounts applied for.
future bjr large or important corporations:
Dividends announced this week are -printoA in italics.
English Financial Markets— Per Cable.
P er
W h en
B o o k s C lo s e d .
The daily closing quotations for securities, &c., at London,
C e n t.
N a m e o f C om pany.
P a y a b le .
D a y s I n c lu s iv e .
as reported by cable, have been as follows the past week:
I .n n d o n .
M on.
T u es.
S a t.
W e e k e n d in g O cto b er 2.3.
d. . 26 3-16 25 15- 16 25%
Silver, per o a __________
79%
Consols, New, 2% per cents .79 13-16 79%
79 11- 16 79 9-16
For account _________ - - - . 79,%
96.92%
French Rentes (in Paris).fr.. 97.00
96.95
72%
Amalgamated copper Co----- - 72%
71 %
ftAnaconda Mining C o--------- . 8 %
8%
8 %'
Atchison Topeka A Santa Fe.107 %
107 %
106%
Preferred
. . . . . . .10334
103%
103
Baltimore A O hio.
------ III
111
111%
92 34
92%
P referred ............- --------- 92 34
203%
202 %
Canadian P a cific .-------------- 203%
86 %
84%
Chesapeake A O h io ............... . 8534
132
130
Chicago Mllw. A St. Paul . 13134
25%
Chicago Great Western------- . 26
25)4
35%
35 %
Denver A Itlo Grande............ 35
79%
7.8%
Preferred . . _____ __ .. 79)4
30%
Erie . .
30%
30%
51
First Preferred .
. 52
5134
Second Preferred
39%
39
. 39%
Illinois Central.
135
137
.137
Louisville A Nashville
150%
.151%
151%
Missouri Kansas A Texas
36%
36
■ 36%
Preferred.....................
70
. 69) 4
69
Nat. RU . o f Mex., 1st PreL - 69)4
72%
72
Second Preferred . . . . . . 36%
31%
34%
N. Y . Central A Hudson itiv .121 %
122
120%
N. Y . Ontario A Western . . . . 45
45
44%
Norfolk A W estern-------------- . 102) ;
103
102
P referred.............................
91
90%
Northern P a cific......................124%
121%
123
aPennsylvania . . ................. . 67%
68 %
67%
79%
nUeading Company . . .
80
78%
a First Preferred-............... 45
45
45
aSccond Preferred............. . 50
50
49%
35%
34%
123
Southern Pacific
............... 123%
121 %
27
Southern R a ilw a y ............... . 27%
27
63
Preferred --------- -------------- . 63
02 %
180%
Union Pacific_________ ____ 179%
178
95%
95%
Preferred .. .
.................
95%
81%
U. S. Steel Corporation........ . 80%
80%
123%
122%
Preferred - - .........................123%
19
W a b a sh .................................... 19
1!)
40%
40%
P referred............................... 40
67%
68
Extended 4»........................ 67
a

Price por rthuw.

M u t e riBng.




c

Ex-dlvldend.

W ed .

T h in s .

F r i.

25 15-16 25%
79 1-16 79 1-16
79 1-10
79%
96.90
90.90
71
70 34
8%
8%
107
107%
103%
103)4

25 11-10
79 3-16
79 3-16
96.95
c7 l %
8%
107%

11 1

11 1

93
203%
85
130
21 %
34%
7.8 !
31%
51
39%
136
150%
35%
70
72%
34
120%
44)4

93
204 %
84%
129

93
204
80
129%'
25
34%
78%
30%
51%
39%
136%
150%
36
70
72%
34
120 %
44%
102%
92%
122%

102

91%

122%
67%
78%
45
49%
34%
121%
26%

02

178%
95
80%
122%
19%
40%
69%

21
34 %
78%
30%
50
39
130
150
35%
70
72)4
33%
120%
44
101%
91%
122%

68

78%
45
49%
34
121%
26%
62
178%
95
80%
122%
19
41
70

101
112

68
79
45
40%
35%
122%
27%
62%
179%
95%
81%
<121%
19%
41
70

Railroads (Steam).
Atch. Topeka A S. Fe, com .(qu.)(N o.22 )
A l la n t ic C o a st L in e F i t . , p r e f . (.g u a r .) ___

Central H R. of New Jersey (qu ar.)____
C lev ela n d & P itts b u r g h , re g . (g u a r .) (q u .)
S p e c ia l g u a r a n te ed ( q u a r . ) ........................
C r ip p le C r e e k C e n tr a l, p r e f . (q u .) ( N o . 2 0 ).

Erie A Pittsburgh (qu ar.)............................
Evansville A Te re Haute com m on_____
Georgia Sou. A Florida, 1st A 2d p r e f..
Grand Trunk, guaranteed......... ...................
First and second preferred......................
Great Northern (qu ar.).................................
M e x ic a n N o r th e rn .
..............................
Missouri Kansas A Texas, preferred.........
Nashua A L o w e ll.................... ............ ........
National Ilys. of Mex., 1st pref. (e x tra )..
Norfolk A Western, preferred (qu ar.)____
Northern Pacific (q u a r.)___ ____________
Reading Co., second preferred....................
Rom e Watertown A O gd., guar., (quar.)
St. Louis A San Fran. 1st pref. (qu ar.).
Utica Chenango A Susq. Valley, guar___
Slrcct and Electric Railways.
Cape Breton Elect. Co., com . (N o. 1) —
Preferred (N o. 9 ) ____________ _______
Columbus (O.) Ry\, pref. (quar.) (No. 44)
Commonwealth P o w .,U y.A L .,p f. ( q u . ) . .
Connecticut R y . A b tg ., com . A pf. (qu.)
D a r tm o u th & W estp o rt S tre et R y . (q u a r ) . .
East St. Louis A Sub., pf. (quar.)(N o. 18)
G e o r g ia H q . <t- E le c tr ic , c o m . ( q u a r . ) --------Grand Rapids R y ., pref. (quar.) (No. 40)
H a r tfo r d A S p r in g fie ld S treet R y ------------Havana Electric R y ., com . A pref. (q u .).
Helena Light A R y ., preferred (q u a r .)...
Lewiston Aug. A W aterv. 6 t.R y .,p f. (qu .)
L in c o l n ( N e b .) T r a c tio n ( q u a r .) --------------M exico Tramways (qu ar.)..........................
Milwaukee E l. R y. A L t.,p f.(q u .) (N o. 44)
Montreal Street R y. (qu ar.)........................
N e w O rle a n s R a ilu n y <fc L ig h t, p r e f ---------O h io T r a c t io n , p r e fe r r e d ( q u a r . ) ......... ........
Philadelphia Company, com m on (quar.)
Common (e x tra ).......................................
P o r t l a n d ( O r e .) R y .,L .< £ P .,c o m .( q u .) ( N o .6 )

Public Serv. Invest. Co., pf. (qu.) (N o. 6)
Railways Co. General (quar.)....................

1 lA (Dec.
2 % iNov.
2
Nov.
1% Dec.
1
Dec.
1
Dec.
1% Dec.

5

iNov.
Nov.
Nov.
Nov
Nov.
Nov.
Nov.
4% Nov.
% Nov.
1
Nov.
1
Nov.
1 % Nov.
2
Nov.
1% Nov.
1
Nov.
3
Nov.

2%
2
2%
1%
2
2

1%

3

1%
1%
1
2
1%
2
i%

2
1%
1%
1%
1%
1%
1%
2%
2%
1%
1%
%

1
1%
1

1 Holders o f rec. Nov. 4a
10 Nov. 1 to
N ov. 10
1 Holders, of rec. O ct.2 la
1 Holders o f rec. N ov. 10
1 Holders o f rec. N ov. 10
1 Holders o f rec. N ov. 19
10 Holders of rec. Nov.30a
1 Sept. 18 to
Oct. 17
2 Holders of rec. O ct. 6
8 Sept. 23 to
Oct. 24
8 Sept. 23 to O ct. 24
1 Holders of rec. Oct. 18a
1 Holders of rec. Oct.25a
10 Holders o f rec. Oct 26a
1 Holders of rec. O ct.lSa
1 Holders of rec. Oct. 15a
10 Holders of warrant N o .6
18 Holders of rec. O ct.3la

1 Holders of rec. Oct.13a
10 Holders of rec. Oct.22a
15 N ov. 1 to
Dec. 1
1 Oct. 15 t o
N ov. 14
1 Holders o f rec. Oct. 15a

1 Holders of rec. Oct.21a
Nov.
Nov.
1 Holders of rec. Oct.21a
1 Holders of rec. O ct.lS a
Nov.
1 Holders of rec. Oct.19a
Nov.
Nov. 15 N ov. 1 to N ov. 15
Nov.
1 Holders of rec. Oct.21a
Nov.
1 Holders of rec. Oct. 15a
Nov. 19 N ov. 16 to
Nov. 19
1 Holders of rec. Oct.15a
Nov.
1 Holders o f rec. O ct. 15a
Nov.
to
Nov. 12
Nov. 12 Oct. 23
1 Holders of rec. Oct.24a
Nov.
1 Holders of rec. O ct.lS a
Nov.
1 Oct. 22 to
O ct. 31
Nov.
1 Oct. 18 to O ct. 31
Nov.
Oct. 31 Holders of rec. O ct. 20
2 Oct. 13 to
Nov. 2
Nov.
Jan. 15
Jan. 16 Jan. 1 to
1 Holders of rec. Oct .26a
Nov.
1 Holders of rec. O ct. la
Nov.
1 Holders o f rec. O ct. la
Nov.
1
Dec
1 Holders o l rec. Oct.15a
Nov.
1 O ct. 22 to
Nov.
Oct. 31

P er
C e n t.

N am e o f C om pany.

Strcctand Electric Railways (Concluded)
R io de Janerio Tram ., Li. A Pow. (qu.).
Springfield A Xenia R y ., pref. (q u a r.)__
Tampa Electric Co. (N o. 2 2 )................
Toledo B ow l's Green A Sou. T r., pf. (qu.)
U n io n S tre et Hi/.. N e w B e d fo r d ( q u a r .) .

IX
IX

4

IX
2

West Penn Rys., prel. (quar.) (N o. 2 0 ) ..
IX
lianas.
American Exchange National......... ..
5
Bowery (qu ar.).........................................
3
Extra ____________________________
5
C h e m ic a l ( b i - m o n t h l y ) ......... ...................
2X
C i t y , N a t i o n a l _______________________
5
Corn Exchange (qu ar.)....... ...................
4
F id e lity ......................................................
3
G erm a n ia ........................................... ......
10
Extra ____________________________
2X
G r e e n w ic h ( q u a r . ) ____________________
2X
L i n c o l n N a tio n a l ( q u a r . ) _____________
2X
M e t r o p o l i s , B a n k o f th e ( q u a r .) _______
4
N a s s a u ( N o . 115).....................................
4
Pacific (quar.)_______________________
2
trust Companies.
A s t o r ( q u a r . ) _____ ____________________
2
Broadway (q u a r .)...................................
IX
F a r m e r s ’ L o a n & T r u s t ( q u a r . ) ..............
12 X
Hamilton, Brooklyn (qu ar.)________
3
K i n g s C o u n t y , B r o o k l y n ( q u a r . ) ______
4
Nassau, Brooklyn (q u a r .) ....................
2
*\
Amalgamated Copper (q u a r.)..............
X
A m e r i c a n C h ic le ( m o n t h l y ) ....................
1
E x t r a .................... .............. ...................
1
American Dlst. Teleg. of N. J. (qu ar.)__
1
A m e r ic a n D is t r ic t T e le g . o f N . Y . (N o. 01)
1
A m e r i c a n G a s A E l e c tr ic , p r e f . ( q u a r .) ____
i x
A m e r i c a n G lu e , c o m m o n ( N o . 10)_______
2
C o m m o n (e x tr a ) ( N o . 6 ) _____________
1
Amer. bight A Traction, com . (qu ar.).
2X
Common (payable in com mon s t o c k ).. 2 Hstk
Preferred (quar.)_____ _____ _______
i x
Amer. Malt Corporation, preferred___
1
American Malting, preferred..............
62c.
A m e r i c a n S tee l f o u n d r i e s ( q u a r . ) .........
IX
A m e r i c a n T e le g . A C a b l e , g u a r , ( q u a r . ) ___
IX
Bergner A Engle Brewing, preferred..
$4
Bond & Mortgage Guarantee (qu ar.).
3
B r ill ( J . G . ) , p r e f . ( q u a r . ) ......................
IX
B r i t i s h C o lu m b ia B a c k e r s ’ A s s n . , p r e f .
3X
B u t t e C o a litio n M i n i n g ( q u a r .) ..............
25c.
Butte Elec. A Pow ., pref. (quar.) (N o. 37)
IX
Cambria Steel (qu ar.).............................
IX
Canada Cement, pref. (quar.) (N o. 3 ) ___
IX
C a s e i n C o . o f A m e r . , p r e f . ( q u a r .) ( N o . 4 2 )

Clallln (H . B .), 1st pref. (qu ar.).........
Second pref. (qu ar.).................... ......
Common wealth-Edison (qu ar.)............
Computing Scale (q u a r.).........................
C o n s o lid a te d G a s o ) X . Y . ( q u a r . ) ......... ..
Consol. Gas, El. L. & P ., Balt., common
Consolidation Coal (q u a r.)....................
Cuyahoga Telephone, preferred (q u a r .)..
D i a m o n d M a tc h ( q u a r . ) ............. ............
Distillers’ Sec. Corp. (quar.) (No. 3 2 ) ..
Distilling Co. of America, pref. (q u a r .)..
Eastern Steamship (qu ar.)______ ________
Eastman Kodak, common (extra )______
Edison Elec. III., Boston (quar.) (No. 86)
Preferred (quar.) (No. 2 2 )......................
Electrical Securities Corp., preferred____
Federal Sugar Refining, pref. (qu ar.)____
General Chemical, common (qu ar.)_____
Goldfield Consolidated Mines ( q u a r .) ____
Extra ........................ ..................................
Gorham Manufacturing, com mon (quar.)
Guanajuato Pow. * E lec.,pf.(qu .) (No. 9)
Intercontinental Rubber, com . (No. 1 )..
I n te r n a ti o n a l H a r v e s te r , p r e f . (q u .) ( N o . 15)
International Nickel, com mon (q u a r .)..
Common (extra)_______________________
Preferred (quar.)........... ...........................
Internat. Smokeless Pow . & Chem., pref.
Int. Steam Pump, pref. (quar.) (N o .4 6 ).
K a n s a s C i t y B r e w e r ie s , p r e f . ( q u a r .) ---------Kansas City Stock Yards (q u a r.)..............
L e h ig h C o a l A N d v . ( q u a r .) ( N o . 128)-----Massachusetts Gas Cos., com m on (quar.)
M a s s a c h u s e t ts G a s C o s . , p r e f ......... ......
Mexican bight A Power, Ltd., pref__
Michigan State Telephone, com . (qu ar.).
Preferred (qu ar.).................................
Preferred (qu ar.).................................
M i l w a u k e e A C h ic a g o B r e w e r ie s , L t d .........
Mlnneap. Gen. Elec., com . (qu.) (No. 13)
Montreal Lt., II. & Pow. (qu.) (N o. 3 8 ).
National Lead, pref. (quar.) (N o. 76)____
New Central Coal________________________
North American Co. (qu ar.)........................
N o r th S h o r e E l e c tr ic ( q u a r . ) ........................
Pacific Coast C o., com m on (quar.)............
Common (extra)_____ _________________
First preferred (qu ar.)_________________
Second preferred (qu ar.)......... ............ ..
Second preferred (extra )............. ............
Pacific Power & bight, pf. (qu.) (N o. 1 ).
P e n n s y l v a n i a S te e l, p r e f e r r e d ....... ............
Peoples Gas Light & Coke (qu ar.)______
Pope Manufacturing, pref. (quar.).........
Portland Gas & Coke, pref. (qu.) (No. 3)
P r e s s e d S tee l C a r . p r e f . (q u .) ( N o . 47)___
Procter & Gamble, common (qu ar.)____
Pullman Company (quar.) (N o. 175)____
Quaker Oats, preferred (qu ar.)______
Sears, Roebuck A Co., com . (q u a r .)..
Siegel Stores Corp., pref. (q u a r.).........
Sierra Pacific Elec. Co., pf. (q u .) (N o. 5)
Silversmiths Company (q u a r .)...................
Standard Milling, pref. (No. 15)________
U n ite d B a n k N o t e C o r p . , c o m m o n ( q u a r . ) . .

United Cigar Mfrs., common (qu ar.)____
United Dry Goods Cos., com . (q u a r.)____
United Electric Securities, preferred____
United Fruit, extra dividend____________
U. 8. Bobbin & Shuttle, com . (qu ar.)____
Preferred (qu ar.)_____________________
U . S . E n v e lo p e , p r e fe r r e d ......................
United States Express (No. 154)________
U . S. Motor, pref. (quar.) (N o. 3 ) ..............
U. S. R e a lt y * Improvement (quar.)____
U. S. Rubber, 1st pref. (q u a r .)................
Second preferred (qu ar.)........................
U . S . S te e l C o r p . , c o m . ( q u .) ( N o . 2 8 ) ____
P r e f e r r e d (q u a r .) ( N o . 38)........................
V i r g i n i o - i n rm i'ia C h e m . c o m . ( q u a r . ) ____
Warwick Iron A Steel...................................
Washington (D. C.) Gas L ig h t ..................
Western Electric (q u a r.)...................... ........
White (J. G .)A Co., In c., pref. (q u a r .)..
W orthington (II. R .) Inc., preferred..
a Transfer books not closed,
of accumulated dividends.'




b

2

IX
IX
IX
IX
IX

2

IX
i x
IX
X

1

IX

10
3

2

IX
X
IX
ix

30c.
20c.
2X
IX

I

IX
1
X
IX

4

i x
IX
i x
2

I

2

W h en
P a y a b le .

Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov
Nov.
Nov
Nov.
Nov.
N ov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov
Nov.
Nov.
Nov.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
Nov.
Nov.
Nov.
Dec.
Nov.
|N°V.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
Nov.
Oct.
Oct.
Oct
Oct.
Nov.
Dec.
Nov.
Nov.
Nov.
Oct.
Dec.
Oct.
Oct.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.

Nov.
Dec.
Nov.
Feb.
Nov.
Nov.
Nov.
Dec.
2
Nov.
Jan.
IX
1
Nov.
Nov.
i x
1
Nov.
Nov.
IX
Nov.
i x
1
Nov.
Nov.
IX
Nov.
3X
Nov.
IX
Oct.
IX
Nov.
IX
Nov.
IX
3
Nov.
2
N ov.
1X
'"V.
Nov.
IX
Nov.
IX
Nov.
i x
Nov.
IX
Oct.
2
1
Nov.
Nov.
IX
2
Nov.
$3.50 Nov.
10
Nov.
1
Nov.
N ov.
IX
\e
Nov.
3
Nov.
Nov.
\X
Nov.
IX
2
Oct.
Oct.
IX
Dec.
i x
Nov.
IX
Nov.
IX
4
Nov.
$ 1.20 iNov.
2
Nov.
1 X Nov.
Nov.
3X
3X
IX
IX
IX
lXb
IX
IX
IX

B o o k s C lo sed .
D a y s I n c lu s iv e .

1 Holders o f rec.
5 Holders of rec.
15 Holders of rec.
Oct. 21
to
I Holders of rec.
I O ct. 23
to

1

O ct. 15
O ct. 31
N ov. 1
Oct. 31
O ct.2 la
N ov. 1

1 Holders of rec. O ct. 20a
I Oct. 28
to
Oct. 31
1 Oct. 28 to O ct. 31
1 Oct. 26 to
Oct. 31
O ct. 31
1 O ct. 28 to
1 Holders of rec. Oct. 22a
1 O o . .8 to O ct.
1
1 Holders o f rec.O ct. 21a
1 Holders of rec. Oct. 21a
1 Holders of rec. Oct 2 la
1 Holders of rec. Oct.28a
1 Oct. 28 to
Oct. 31
1 Holders of rec. O ct. 3 la
I O ct. 19
to
O ct. 31

Statement of N ew York City Clearing-House Banks.— The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending Oct. 22.
The figures for the separate banks are the averages of the
daily results. In the case of the totals, the actual figures
at the end of the week are also given.
For definitions and rules under which the various items
are made up, see “ Chronicle,” V. 85, p. 826.
W e o m it tw o c ip h e r s
B a n ks.

00 s om itted .

C a p it a l.

S u r p lu s .

(00) i n a ll c a s e s .

L oans.
A vera ge.

S p e c ie .
A vera ge.

L e g a ls .
A vera ge.

D e p o s it s .
A vera ge.

R es 'v e .

S
S
$
$
S
$
$
3,520,3
19,556,0
3,472,0
919,0
17,100,0 25.6
2,050,0
4,184,5
33.100,0
8.325,0 1.647.0
38.100,0 26.1
2 ,000,0
1,789.6
4,054,0 1,177,0
19,695,0
20,076,0 26.0
6 , 000.0
7,988,0
50,125,5 10.524,0 1,172.0
40.914,7 24.9
1,500,0
5,874.2
3,947.9 2,007.9
23,826.9
23,402,9 25.4
1,000,0
7,636,0
724,9
1,357,0
278,0
6,o84,0 25.4
25,000,0 31.519,7 165,429,9 35,470.3 4,760,0 149.945.6 26.8
3,000,0
6,494,7
28,646,5
5,109,5 2.024,1
26,632,0 26.9
1 Holders o f rec. Oct.28a
600.0
582,0
182.0
7,094,8
1,669,1
7,405,3 25.0
1 Oct. 22 to O ct. 31
2,533,2
1,000,0
8,452,4
499,1
1,262,2
6,667,0 26.4
l Oct. 23
to
Oct. 31
2,759,2
158,0
80,1
300,0
573,3
2,315,9 28.1
1 Holders of rec. O ct.2la
500,0
832,9
7,481,3
1,829,0
199,0
8,311,0 24.4
1 O ct. 26 to O ct. 31
33,894.1
5,000,0
4,439,8
5,782.3 2.271.4
31,910,4 25.3
1 Oct. 29 to
N ov. 1
25,000.0 16,497,4 142,347,6 24,173,7 6,738,1 118,915,7 26.0
2,726,2
1,044,0 1,015.1
3,000.0
14,342,7
10,465,5 25.3
28 Holders of rec. Oct. 29a
913,1
3,641,8
404,1
500,0
484,6
3,074,4 28.9
It Holders of rec. N ov. 14
450,0
1,059.7
8.107.8
1,114,8 1,160,8
8.614,2 26.4
It Holders of rec. Nov. 14
470,3
124.9
2 ,020,0
422.8
!><» O ct. 20
to
O ct. 28
64,135,2 12,206,4 6,733,8
71.929,5 26.3
H an over...........
3,000,0 11,910,1
15 Holders of rec. N ov. l a
Citizens’ C e n t..
20,698,0 26.7
2,550,0
21,367,0
5,281,5
210,7
1,746,7
1 O ct. 26 to
N ov. 1 N a ssa u ..............
500,0
538,2
7,951,7 23.9
7,159,9
699,7 1,189,5
1 O ct. 27 to N ov. 2 Market A Fult’ n
1
.
000.0
8,424,3 28.2
1,720,7
8.467.3
1,592,0
785,0
1 Oct. 27
to
Nov. 2 Metropolitan . .
2 .000,0
12,751,4 26.2
1,478,9
3,094,2
12,175,7
246,3
1 O ct. 14 to
Oct. 31
Corn Exchange.
5,254,1
41.952.0
48,568,0 25.0
7,251,0 4,888,0
1 O ct. 14 to O ct. 31 Im p. A Traders’ 3,000,0
1,500,0
7,545,9
25,675,0
4.079.0 1,763,0
22,978,0 25.4
1 O ct. 14 to O ct. 31 P a r k __________
5,000.0 12,524,1
78,911,0 20.006,0 1,213,0
82.064.0 25.S
2 O ct. 21 to N ov. 10 East R iver____
250.0
108,5
1,441,0
305,8
129,9
1.428,1 30.5
1 O ct. 21 to
N ov. 1 ■ F o u r t h _______
5,000,0
5,624,9
26,297,0
3,934,0 2,300,0
24,404.0 25.5
15 Holders o f rec. Oct. 31
S e c o n d _______
1,000,0
2,080,9
12,744.0
2.966,0
174,0
12.430,0 25.2
1 Holders of rec. N ov. 30 First .................. 10.000,0 20,589,9
97,991,2 19,736,0 1,766,2
84,308,2 25.5
1 Oct. 23 to
N ov. 1 Irving E x ch ___
2 ,000,0
1,655,0
22,553,3
4,933.4 1,449,1
23,955,3 26.6
15 Holders of rec. Nov. 5a
250,0
Bowery ______
815,9
3,487,0
830,0
55,0
3,640,0 24.3
1 Oct. 28 to O ct. 31 N. Y. C o u n ty ..
500,0
1.657.4
7,772,5
1,229,1
614.5
7,653,9 24.5
21
750.0
689,5
German-Amer .
4,117,9
771,7
228,2
3,945,9 25.3
1 N ov. 15 to
Dec. 1 Chase..................
5,000.0
7,706,8
73.077,9 15,199,5 5,025,6
78,572,0
25.7
1 Holders of rec. Oct. 15a Fifth A v e n u e ..
2,109,4
100,0
13,106,3
2,526,7 1.178,9
14,691.7 25.2
15 Holders of rec. O ct. 3 la
895,2
200,0
3,925,6
German E x c h ..
500,0
566,7
4,102,6 26.0
N ov. 10 G erm an ia_____
16 Nov. 1 to
1,016,6
200.0
4,716,3
506.6
850,1
5,370,3 25.2
10 Nov. 1 to N ov. 9 Lincoln _______
14,955.5
1,542,5
2.746,9 1,012,2
1,000,0
15.670,7 24.0
1 Holders of rec. Oct.21a G a r fie ld ______
8,012,4
343,4
1,000.0
1,197,7
1,860,3
8,110,7 27.1
1 Holders of rec. Oct.24a F i f t h ..................
612.3
366,8
3.579,6 27.3
250,0
499,9
3,342,7
1 O ct. 21 to
N ov. 1 M e tro p o lis ____
10,824,2 24.7
11,139,4
1 , 102,1 1,573,0
2,078.2
1 ,000.0
1 O ct. 21 to Oct. 31 West
4,836,0 25.2
1,019,2
983,0
239.0
Side_____
200,0
4,349,0
15 Holders of rec. Nov.16a
23,918,0 26.0
Seaboard______
1.000,0
1,960,2
20,639,0
4,720,0 1,522,0
1 Sept. 25
to
Oct. 3
L ib e r ty ..............
17.217.8 26.5
1,000,0
870.9
2,771,2
16,858.0
3.698,5
31 O ct. 25
to
O ct. 31
N. Y. Prod. Ex.
1,000,0
10, 100,6 24.9
757,1
259,4
2,257.2
8,361,0
31 Holders of rec. Oct.15a
S t a t e ......... ........
1,000,0
782,2
18,600,0 25.7
15,068,0
319,0
4,471,0
15
1,000,0
320,4
14th Street____
6,431,6 26.8
5,951,6
575.6
1.148,0
to
O ct. 19 Coal A I r o n ___
31 Sept. 29
392,1
1.000,0
5,855,0
5.825.0 25.2
780,0
690,0
to
Oct. 19 Union E x c h ___
29 Sept. 29
952,4
1' 000,0
8,393,0
8,208,6 26.5
1,306,6
870,0
1 Holders of rec. Oct.20a
1 Holders of rec. O ct.31a Tota’ s , Average 133,350,0 194,250,3 1232,162,1 244,880,3 66,338,7
25.9
1201,675,7
1 Holders of rec. Oct. 15 Actual figures Oct. 2 2 ..
1231,169,7 243,503,1 67,050,6 1199,931,8 25.9
1 O ct. 21 to O ct. 31
1 Holders of rec. Oct.29a
31 Holders of rec. Oct.29a
On the basis of aven ges, circulation amounted to $48,127,600 and United States
1 Holders of rec. Nov. 19a deposits (Included In deposits) to $1,617,400; actual figures O ct. 22, circulation,
31 Holders of rec. Sept. 30a
$48,218,800; United States deposits, $1,630,000.
31 Holders of rec. Sept. 30a
10 Holders of rcc. N ov. 8a
The State Banking Department also now furnishes weekly
to
Oct 31
l O ct. 21
1 Holders of rec. O ct. 15 returns of the State banks and trust companies under its
Holders
of
rcc.
Nov.
10a
1
charge. These returns cover all the institutions of this class
Dec. 1
1 Nov. 12 to
1 Nov. 12 to Dec. 1 in the whole State, but the figures are compiled so as to
Oct.
14
to
N
ov.
1
1
distinguish between the results for New York City (Creator
15 Holders of rec. N ov. 5a
Nov. 1 New York) and those for the rest of the State, as per the
1 Oct. 21 to
N ov. 15 following:
15 Nov. 1 to
1 Holders of rcc. Oct.15a
For definitions and rules under which the various items are
30 Holders of rec. O ct. 31
1 Holders of rcc. O ct. 15a made up, see “ Chronicle,” V. 86, p. 316.

1 Holders of rcc. O ct. 15
1 N ov. 16 to Dec. 1
to
N ov. 1
1 O ct. 16
1 Jan. 15 to Feb. 1
to
Nov. 15
15 Nov 6
1 Holders of rcc. Oct.24a
15 Holders of rcc. O ct.3 la
to
Nov. 22
15 Nov. 19
1 O ct. 28 to N ov. 1
2 Holders of rcc. Dec. 15a
1 Oct. 26 to Oct. 31
1 Oct. |2:{ to N ov. 1
1 O ct. 23 to
N ov. 1
1 Oct. 23 to
N ov. 1
1 O ct. 23 to N ov. 1
1 O ct. 23 to N ov. 1
1 Oct. 25 to O ct. 31
1 Oct. 23 to
Nov. 2
25 Holders of rcc. N ov. 3a
31 Holders of rec. Oct.21a
1 Oct. 23 to Oct. 31
to
Nov. 22
23 Nov, 3
15 Holders of rec. O ct.3 la
15 Holders of rec Oct. 31a
•*in ..f rw» > on (1
3'
15 Holders of rcc. Oct. 31a
1 Holders of rec. Oct. 15a
1 Holders of rec. Oct.21a
15 Holders of rec. N ov. 10
to
Oct 31
31 Oct. 26
to
N ov. 15
15 Nov. 2
1 Holders of rec. Oct. 25a
1 Holders o f rec. Oct.25a
1 Holders of rec. Oct.22a
4 Holders of rcc. Oct. 24
N ov. 1
1 O ct. 21 to
N ov. 1
1 Oct. 21 to
10 O ct. 23 to N ov. 10
Nov. 15
15 N ov. 1 to
10 Holders of rcc. O ct. 31
1 Holders of rec. Oct .20a
31 Holders of rcc. Oct.15a
31 Holders of rec. Oct. 15a
to
D ec. 14
30 Dec. 2
N ov. 14
29 Nov. 1 to
Nov. 15
1. ov. 6 to
N ov. 15
15 Nov. 1 to
O ct. 31
1 O ct. 16 to
1 Oct. 26 to
N ov. 1
1 Holders of rec. Oct.30a
1 Oct. 21 to Nov. 1

Less Income tax. d Correction, e On account

Bank o f N. Y . .
Manhattan C o.
Merchants’ ____
Mech. A Metals
A m e r ic a ______
P h e n lx ..............
C it y ....................
Chemical______
Merchants’ E x .
Gallatin_______
Butch. A D rov.
G re e n w ich ____
Am . ExchangeCommerce_____
M erca n tile____
Pacific _______
Chatham............

2 .000,0

ST ATE BA N KS AND TR U ST COM PANIES.

W e e k en d ed O ct.

22.

Capital as of Aug. 31____
Surplus as of Aug. 31____
Loans and Investm ents..
Change from last week.

T ru st C os.
S ta te B a n k s
T ru st C os.
S ta te B a n k s
o u ts id e o f
in
o u ts id e o f
in
G rea ter N . Y . G rea ter N . Y . G rea ter N . Y . G i ea ter N . Y .

S
9,075,000

S
25,175,000

S
65,656,000

38,315,700

172,728,334

10,891,650

9,817,991

297,539,000 1,011,861,100
— 2,156,900
+ 5,045,300

95,247,500
+ 141,700

138,793,500
+ 311,100

48,028,800
— 1,310,100

116,473,000
— 112,100

25,020,300
+ 524,600

13,432,000
+ 203^300

$

8,998,000

D e p o s it s -------------------- Change from last week.

342,133,900 1,089,509,700
— 3,867,700
+ 2,182,500

100,823,400
+ 99,300

145.593,300
+ 1,034,300

Reserve on deposits_____
Change from last week.

94,017,100
— 1,277,400

135,966.600
—351,100

20,546,000
— 303,500

20,672,700
+ 283,100

P. C. reserve to d eposits..
Percentage last w eek ..

28.1%
28.1%

15.8%
16.0/o

21 .2 %

14.9%
14.7%

21.4%

+ Increase over last week. — Decrease from last week.
N o t e . — "Surplus” includes all undivided profits.
"Reserve on deposits” in­
cludes, for both trust companies and State banks, not only cash Items, but amounts
due from reserve agents. Trust companies In New York State are required by
law to keep a reserve proportionate to tbelr deposits, the ratio varying accordln
to location as shown below. The percentage of reserve required Is computed o
the aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within 30 days, repre
sented by certificates, and also exclusive of depostis secured by bonds of the State
of New York. The State banks are likewise required to keep a reserve varying
according to location, the reserve being computed on the whole amount of deposits
exclusive of time deposits not payable within 30 days, represented by certificates
(according to the amendment of 1910), and exclusive of deposits secured by bonds
of the State of New York.
— T r u s t C o s .—
—-S t a t e B a n k s —
R e s e r v e R e q u ir e d f o r T r u s t C o m p a n ie s
a n d S ta te B a n k s .
L o c a tio n —

T o ta l
R eserve
R e q u iret

Manhattan Borough______________________ _____ i5 „
Brooklyn Borough (without branches In M anhat.).15%
Other Boroughs (without branches In Mnnhntl*n>.15%
Brooklyn Borough, with branchcsln M anhattan.. 15%
Other Boroughs with branches In Manhat tan____16%
Elsewhere In State..... .............. .......... . . . . . . . ----------10%

o f
w h ic h

T o ta l
R eserve

Of
w h ic h

In C a h .R e q u ir e d . i n C a s h .
15%
25 „
15 4
20%
10%
10%
15%
10%
TX%
20%
20 /„
15%
15%
15%
16%
159
9%
8%

The
B a n k in g D e p a r t m e n t a ls o u n d e r ta k e s to p r e s e n t
s e p a r a t e f ig u r e s i n d i c a t i n g t h e t o t a l s f o r t h e S t a t e b a n k s a n d
t r u s t c o m p a n i e s in t h e G r e a t e r N e w Y o r k not in the Clearing
H ouse. T h e s e fig u r e s a r e s h o w n in t h e t a b l e b e l o w , a s a r e
a ls o th e r e s u lts (b o th a c tu a l a n d a v e r a g e ) fo r th e C le a r in g ­
H ou se ban k s.
I n a d d itio n , w e h a v e c o m b in e d e a c h co rre ­
s p o n d i n g it e m in t h e t w o s t a t e m e n t s , t h u s a f f o r d i n g a n
a g g r e g a t e f o r t h e w h o le o f t h e b a n k s a n d t r u s t c o m p a n i e s in
th e G r e a te r N e w

Y ork.

N EW Y O R K C IT Y D AN KS AN D T R U S T COM PANIES.
S la te B a n k s &
T r u s t C o s . n ot
In C .-H . A v er.

T o ta l o f all
BankstSc T r u st
C os. A vera ge.

Capital as of Aug. 3 1 ..

$
132,350.000

S
132,350,000

S
74,631,000

$
206,981,000

Surplus as of Aug. 3 1 ..

193.297,900 1 193,297,900

180,661,300

373,959,200

W e e k en d e d O c t.

C le a r .-H o u s e
B an ks.
A vera ge.

C l e a r .- H o u s e
B an ks.
A c t u a lF lg u r e s

22.

1,133,813,500 2.365,975,600
+ 5,747,000 — 16,155,900

Loans and Investments 1,231,169,700 1,232,162,100
Change from last week — 12,655,700 — 21,902,900

1,199,931,800 1,201,675,700 a l , 085,812,200 2,287,487,900
+ 6,289,100 — 19,378,000
Change from last week — 18,426,700 — 25,667,100
Change from last week

243,503,100
— 5,0S5,800

244,880,300
— 2,984,800

123,054,800
— 232,000

367,935,100
— 3,216,800

Change from last week

67,050,600
— 120,400

66,338,700
— 49,200

522,142,300
+ 166,000

88,481,000
+ 116,800

Change from last week

310,553,700
— 5,206,200

311,219,000
— 3,034,000

cl45,197,100
— 66,000

456,416,100
— 3,100,000

24,246,900
— 1,172,400

24,246,900
— 1,172,400
480,663,000
— 4,272,400

Money on deposit with
other bks. * trust cos.
Change from last week
Total reservo------------Change from last week

310,553,700
— 5,206,200

311,219,000
— 3,034,000

169,444,000
— 1,238,400

Percentage to deposits
requiring reserve-----Percentage last week.

25.91%
25.95/0

25.92%
25.63%

17.4%
17.6%

Surplus reserve..............

B anks.

B oston.
O ct. 1 . .
O ct. 8 . .
O ct. 1 5 ..
O ct. 2 2 ..
Phila.
O ct. 1 . .
O ct. 8 . .
O ct. 1 5 ..
O ct. 2 2 ..

C a p it a l
and
S u r p lu s .

L oan s.

+ Increase over last week. — Decrease from last week.
These are the deposits after eliminating the Item "D ue from reserve depositories
and other banks and trust companies In New York C ity:" with this Item included,
deposits amounted to $1,20-1.0 .2,500, an increase of SI ,0(51,000 over last week. In
the case of the Clearing-House banks, the deposits are “ net” both for the average
and the actual figures, b Includes bank notes, c O f this amount State banks held
$15,292,100 and trust companies $129,905,000.

D e p o s its ,

L eg a ls.

S p e c ie .

a C ircu ­

C lea r in g s.

la tio n .

S
40.200,0
40,200,0
40,200,0
40,200,0

S
206,192,0
206,477.0
207,466,0
207,413,0

55,465,0
55,465,0
55,465,0
55.465,0

255,799,0
257.355,0
257.856,0
254,305,0

$
22,870,0
22.184.0
22,688,0
23,937,0

S
5,696,0
4.554,0
4,815,0
5,416,0

72,795,0
70,334,0
71,582,0
71,553,0

S
250,395,0
250.143.0
258,236,0
255,582,0

$
7,991.0
8.024,0
8.029.0
8,001,0

9
139,329,0
169.377,5
165,194,1
194,487,6

305,050.0
304,626,0
308,493,0
305,620,0

16,439,0
16,384,0
16,356,0
15,902,0

135,503,9
160,501,8
139,370,6
160.592,5

a Including Government deposits and the Item "due to other banks.” A t Boston
Government deposits amounted to $5,044,000 on O ct. 22. against S3.051.000 on
O ct. 15.

Im ports and Exports for the W eek.— The following are
th e im p o r t s a t N e w Y o r k fo r th e w e e k e n d in g O c t . 2 2 ; a lso
t o t a l s s in c e t h e b e g i n n i n g o f t h e fir s t w e e k in J a n u a r y .
FO R E IG N IM PO RTS A T N EW Y O R K .
F o r w eek.

1909.

1910.

1

1907.

1908.

$3,016,468
12,948,217

$2,605,995
11,698,111

$3,142,362
14,674.160

Total _■________ _________
$15,326,687 $15,964,685
S in c e J a n u a r y 1.
D ry goods......... ............ .......... $127,360,995 S136,175,072
General merchandise_______ 614,780,826 560,989,062

$14,304,106

$17,816,522

D ry goods...............................
General merchandise_____

$2,688,744
12,637,943

$99,087,759 $152,529,228
407,003,523 552,952.070

Total 42 weeks___________ $742,141,821^8697,164,134 $506,091,282^705.481,298
T h e f o l l o w i n g is a s t a t e m e n t o f t h e e x p o r t s ( e x c l u s i v e o f
s p e c ie ) f r o m t h e p o r t o f N e w Y o r k t o f o r e i g n p o r t s f o r t h e
w eek e n d in g O c t . 2 2 an d fro m J a n . 1 to d a te :
E X P O R T S FR O M N E W Y O R K F O R T H E W E E K .

For the week............................
Previously reported-------------

10,800,705

10.570,075

(00) I n a ll th e s e f i g u r e s .

W e o m it tw o c ip h e r s

1907.

1910.

1909.

1908.

17,076,695
524,710,108

14,380,018
478,506.820

11.505,719
506,108.397

13,136,786
607,132,557

Total 42 w e e k s .................. $541,786,803 $492,886,838 $517,614,116 $520,209,343

a

The

a v e r a g e s o f th e N e w Y o r k C le a r in g -H o u s e b a n k s
w ith t h o s e f o r t h e S t a t e b a n k s a n d t r u s t c o m p a n i e s
in G r e a t e r N e w Y o r k o u t s i d e o f t h e C l e a r i n g - H o u s e c o m p a r e
a s f o l l o w s f o r a s e r ie s o f w e e k s p a s t :

T h e fo llo w in g t a b le s h o w s th e e x p o r t s a n d im p o r ts o f
s p e c ie a t t h e p o r t o f N e w Y o r k f o r t h e w e e k e n d i n g O c t . 2 2
a n d s in c e J a n . 1 1 9 1 0 , a n d f o r t h e c o r r e s p o n d i n g p e r i o d s in
1909 and 1908:
E X P O R T S AN D

IM PO RTS O F SPEC IE

AT N EW

YORK.

combined,

E x p o rts.

a o id .
W eek .

S in c e J a n .

COM BINED RESU LTS OF BA N K S AND T R U S T COM PANIES IN
G R E A T E R N EW Y O R K .

O ct.
Oct,.
Oct.
O ct.

D e p o s it s .

$
2,339.911,8
2,346.781.2
2,348,900,4
2,355.593,2
2,367,842,8
2,375,411,8
2,388,453,3
2,387,881,5
2.382,131,5
2,365.975.6

$
2,326,315,7
2,331,878,3
2.326,474,5
2,320,771,3
2,328,750,6
2,329,379,2
2,330,077,9
2,316,630,7
2,306,866,9
2.287.487.9

2 0 ..
2 7 -3 ..
1 0 ..
1 7 ..
2 4 ..
1 ..
8 ..
1 5 ..
2 2 ..

S p e c ie .

S
421,847,4
421.021,3
412,681,1
401 018,5
397,232,0
392,538,2
382,271,2
374,198,8
371,151,9
367.035.1

S
90,699,2
91.403,2
89,655,0
88,124,7
88,597,9
88,911,4
89,226,2
87,948,8
88,304,2
88,481,0

S
1
512,540,6!
512,484,5
502.336,1
489.173,2
485,829,9
481,449,0
471,497,4
462,147,6
459,510,1
456,416,1

$
539,637,8
637,996,1
528,336,2
516,45 ,,2
513,289,9
608,147,8
497,810,3
489,103,9
484,935,4
480,663,0

Reports of Clearing Non-Member Banks.—

T h e fo llo w in g
is t h e s t a t e m e n t o f c o n d i t i o n o f t h e c le a r i n g n o n - m e m b e r
b a n k s fo r th e w e e k e n d in g O c to b e r 2 2 , b a s e d o n a v e r a g e
d a i l y r e s u lt s :
W e o m it tw o c ip h e r s

B an ks.

C a p i­
ta l.

S u r­
p lu s.

L oan s,
D i s c ’ ls
and
I n v e s t­
m en ts.

(00) I n a ll th e se f i g u r e s .
L eg a l
T en d er
S p e c ie .
and
Bank
N otes.

D e p o s it w ith
C le a r ­
in g
A g e n t.

O th er
N et
B a n k s , D e p o s it s .
& c.

Wash. Ilgts

Fidelity . . .

23d Ward
Batt.Pk.Nat
Aetna N at.

All other countries....... .......................
Total 1910.........................................
Total 1909.........................................
Total 1908.........................................

$200 $14,856,238
220,000 75,324,692
................ 47,647,925

$
270,6
160,2
362,5
751.7
175,5
521,3
313,8
371,3
453,8
106,5
451,8
265,5
156,8
317,7

S
1,297,0
1,338,2
5,074,5
6,029,0
1,089,8
3,107,0
2,581,1
3,523,1
4,544,0
1,886,9
4,162,3
2,286,0
1,536.1
2,128,5

S
141,5
20,4
817,3
012,0
88,7
156,6
488,0
37,8
323,0
101,8
30,3
575,0
215,2
471,3

S
60,2
158,4
550,2
574.0
88,4
310,8
30,0
596,3
424,0
49,4
760,5
91,0
41,0
40,7

S
172,0
59,3
762,4
969,0
123,5
207,0
337,4
417,6
828,0
227,8
253,4
200,0
88,0
40,9

$
16,7
183,7
247,4
79,0
373,4
134,8
5,3
_________
_________

260,3
25,0
—

25,8

S
1,316,0
1,261,3
7,380,3
7,132,0
1,132,9
3,532,0
3,354,0
4,085,4
5,407,0
2,045,0
5,336,4
2,470,0
1,328,8
2,051,4

Broadway .
200,0
252,0
M frs.' N at.
1,000,0
Mechanics’
750,0
Nassau Nat.
300,0
Nat. C ity ..
200,0
North Side.
300,0
First N a t..
Jersey City.
400,0
First N a t ..
250,0
Hud.Co. Nat
200,0
Third N a t..

513,3 3,321.9
831,9 5,564,5
815,4 11,708,9
1,010,4 6,851,0
601,8 3,792,0
139,0 2,232,4
611,0 3,420,0

481,8
27,9
231,3
476,0
339,6 1,235,5
303,0
003,0
590,0
97,0
101,2
132,6
80,0
334,0

411,2
770,5
1,320,6
1,035,0
744,0
231,7
376,0

1,251,8
751.9
394,5

5,270,0
3.095,1
2,079,7

274,5
142,2
63,2

338,1
48,8
132,4

2,407,0
314,1
423,7

144,0
144,8
15,2

6,782,1
2,745,9
2,315,7

220,0
125,0

623,3
245,9

3,184,4
2,799.4

146,1
105,2

29,0
86,7

160,0
51,8

177,4
190,1

2,979,9
3,020,6

First Nat- _
Second Nat.

244,5 3,904,3
173,4 0,005,5
236,6 14,718,9
_________
6,965,0
160,0 5,015,0
110,2 2,549,4
38,0 3,102,0

T ot Oct. 22 7,497,0 12,469,2 94,506,4 6,600,2 7,444,7 12,992,5 2,991,6 107999,8
7,497,0 12,469,2 93,945,8 6,300,1 7,730,2 12,520,1 3,260,5 107630,4
T ot. O ct. 8 7,497,0 12,469,2 94,894,7 6,317,9 7,471,6 15,528,0 3,365,1 111327,1

Boston and Philadelphia Banks.—
and

38,490
2.782
14,206
78,350

S l n c c J a n . 1.

$13,469,736
3,482,045
314
497,823
238,965
1,914,963
1,224,931

$149,173 $20,828,777
7,399,590
114,676
493,354 15,011,888

All other countries......... ...... ...............

47.825
6,505

1,315
14,072
8,568
60,452

$13,344
1,635
13,125
71,241
1,350,397
1,134,291
1,241,584

Total 1910.........................................
Total 1909.........................................
Total 1 9 0 8 .......................................

$498,777 $34,743,053
601,913 36,901,324
949,727 34,768,151

884.487
42,217
71,100

$3,825,617
3,999,384
3,146.108

$388,657 $32,1 14,758
1,946.700
109,400
558,008
69,257
720

$80

O f t h e a b o v e i m p o r t s f o r t h e w e e k in 1 9 1 0 , $ 3 8 , 5 2 0 w e r e
A m e r i c a n g o ld c o in a n d 8 3 9 0 A m e r i c a n s i l v e r c o i n .
Of
th e e x p o r t s d u r in g th e s a m e t im e , $ 2 0 0 w e re A m e r ic a n
g o ld c o in a n d _____ w e r e A m e r i c a n s i l v e r c o i n .

^Banking and fin a n c ia l*
$
100,0
250,0
400,0
300,0
200,0
500,0
250,0
200,0
100,0
200,0
100,0
200,0
200,0
300,0

B orough o f
B ro o k ly n .

th e

4,455
3,291,117
9,368,766
41,900

N. Y. City
B oroughs o f
M a n .A : B r x .

S200

West Indies......... .......... .......................

T o l . M o n e y E n t ir e l i e s .
H o l d in g s , o n D e p o s it .

L e g a ls .

W eek .

$15,345

1
L oan s and
I n v estm en ts.

1.

$32,150,000

W e o m it tw o c ip h e r s in a ll th e se f i g u r e s .
W eek
E nded.

Im p orts.

w e e k ly

to ta ls

P h ila d e lp h ia .




of

th e

B e lo w is a s u m m a r y o f

C le a r in g -H o u s e

banks

of

B o sto n

R a ilr o a d

a n d

In d u s tr ia l

S t o c k s

L e t us sen d y o u o u r circu lar d e scrib in g 110 IS S U E S o f listed R a il­
ro a d a n d In du strial S to c k s .
S p e n c e r T r a s k
&
C o .
43 E X C H A N G E PL ACE. - - - N E W Y O R K .
C h i c a g o , 111.,
Boston, M ass.,
A lban y, N. Y .
M em bers

W

H

I

T

E

,

N ew

W

Y ork

E

S to ck E x c h a n g e

L

D

&

C

O

.

Members New Y ork Stock E xch an ge.
5 N ASSAU S T R E E T .
THE RO O K E RY,
NEW YO RK
C H IC A G O
B A N K I N G a n d E X C H A N G E o f e v e r y d e s c r ip tio n In c o n n e c tio n w ith

EXPORTS & IMPORTS

International B an k in g Corporation
60 W a l l S t . . N e w Y o r k .
C A P I T A L & S U R P L U S . $6,500,000
B R A N C H E S a n d A G E N C IE S th r o u g h o u t th e W O R L D .

T H E IN T E R N A T IO N A L B A N K
O r g a n i z e d un de r th e l a w s o f N. Y . S t a t e .
60 W a l l S t . , N e w Y o r k .
A cco u n ts In v ite d . In te re st paid o n T e rm D ep osits.
T H O M A S H . H U B B A R D . P r e s id e n t .

H a ttU m ’

(Bagjettje.

Wall Street, Friday Night, Oct. 2 8 1 9 1 0 .
T h e M o n e y M a r k e t a n d F i n a n c i a l S i t u a t i o n .— E v e n t s o f
m i n o r i m p o r t a n c e o n l y h a v e t r a n s p ir e d t h i s w e e k s o f a r a s
t h e e f f e c t in W a l l S t r e e t is s e e n .
P o litic s a n d
th e in te r n a ­
tio n a l a v ia t io n t o u r n a m e n t h a v e a b so r b e d a g o o d d e a l o f
a tte n tio n , b u t , as
m a y r e a d i ly b e
im a g in e d , n e ith e r h a s
a ffe c te d th e s e c u r ity m a r k e ts o r p ric e s to a n y a p p r e c ia b le
e x te n t.
M o n e y m a r k e t c o n d i t i o n s m a y h a v e h a d a m o r e o r le ss
d e te r r e n t in flu e n c e , in a s m u c h a s th e d e m a n d fo r fu n d s fr o m
t h e W e s t a n d S o u t h h a s i n c r e a s e d a n d t h e f in a n c ia l s i t u a t i o n
a b r o a d s h o w s n o te n d e n c y to e a sie r c o n d itio n s .
T h i s in c r e a s e d d e m a n d
fro m
t h e a g r i c u lt u r a l s e c t i o n s
s e e m s t o in d i c a t e t h a t g r a in a n d c o t t o n a r e b e i n g w it h h e ld
f r o m t h e m a r k e t in a n t i c i p a t i o n o f b e t t e r p r ic e s a n d t h a t
lo c a l b a n k s a r e a s s i s t i n g in t h e o p e r a t i o n .
W e do n ot pro­
p o s e t o d is c u s s t h e m e r i t s o f s u c h a c o u r s e , b u t w o u ld s i m p l y
c a ll a t t e n t i o n t o a w e l l - k n o w n f a c t , n a m e l y t h a t b o r r o w i n g
m o n e y to c a r r y a g r ic u lt u r a l p r o d u c ts fo r h ig h e r p ric e s h a s
f r e q u e n t l y p r o v e d d i s a s t r o u s in t h e p a s t , a n d t h a t t h e t e n ­
d e n c y o f h i s t o r y t o r e p e a t i t s e l f is s t i ll in f o r c e .
M oreover,
t h e f a c t is d e m o n s t r a t e d t h a t s p e c u l a t i o n is n o t c o n f in e d t o
sto c k a n d c o tto n e x c h a n g e s or b o a r d s o f tra d e .
T h e B a n k o f E n g la n d ’s w e e k ly s t a t e m e n t m a k e s a s o m e ­
w h a t b e t t e r s h o w i n g t h a n h a d b e e n lo o k e d f o r in v i e w o f t h e
a m o u n t o f g o ld w h ic h h a s b e e n s h i p p e d f r o m L o n d o n , b u t
t h e B a n k o f F r a n c e , w h ic h h a s a l s o b e e n s e n d i n g g o ld t o
E g y p t , r e p o r t s a s m a l l e r g o ld r e s e r v e , a n d t h e f in a n c ia l s i t u ­
a tio n a b r o a d , as a w h o le , h a s n o t m a te r ia lly c h a n g e d .
The
lo c a l m o n e y m a r k e t is f i r m e r , f o r t i m e lo a n s e s p e c i a l l y , a n d
i t is e v i d e n t t h a t if t h e d e m a n d r e fe r r e d t o a b o v e c o n t i n u e s ,
t h e s u r p lu s r e s e r v e w ill b e f u r t h e r r e d u c e d .
T h e o p e n m a r k e t r a t e s f o r c a ll l o a n s a t t h e S t o c k E x c h a n g e
d u r in g th e w e e k o n s to c k a n d b o n d c o lla te r a ls h a v e r a n g e d
fro m 2 %
to 4 % .
T o - d a y ’ s r a t e s o n c a ll w e r e 3 @ 3 % % .
C o m m e r c ia l p a p e r q u o te d a t o
@ 6%
fo r 6 0 to 9 0 -d a y
e n d o r s e m e n t s , f>34 @ 6 %
f o r p r i m e 4 t o 6 m o n t h s ’ s in g le
n a m e s a n d 6 % @ 6 % % f o r g o o d s in g le n a m e s .
T h e B a n k o f E n g la n d w e e k ly s t a t e m e n t o n T h u r s d a y
s h o w e d a d e c r e a s e in b u lli o n o f £ 6 4 7 , 0 1 7 a n d t h e p e r c e n t a g e
o f r e s e r v e t o l i a b ili t ie s w a s 4 6 . 1 1 , a g a i n s t 4 6 . 4 9 l a s t w e e k .
T h e r a t e o f d i s c o u n t r e m a i n s u n c h a n g e d a t 5 % a s f ix e d
O c t. 2 0 .
T h e B a n k o f F ra n c e sh o w s a d e c re a se o f 1 7 ,5 7 5 ,0 0 0
fr a n c s g o ld a n d 4 ,7 2 5 ,0 0 0 fra n c s s ilv e r .
N EW Y O R K C IT Y CLEARIN G-H O U SE BAN KS.
1910.
A vera ges fo r
w e e k e n d in g
O c t. 22.

D if f e r e n c e s
fr o m
p r e v io u s w ee k .

1909.

1908.

A vera ges fo r
w ee k e n d in g
O ct. 23.

A vera ges fo r
w ee k e n d in g
O ct. 24.

s
S
S
S
C a p ital............................
127,350,000
132.350.000
126,350,000
163.720.100
177,371,800
Surplus............................
193,297,900
Loans and discounts__ 1,232,162,100 Dec. 21,902,566 1,234,696,700 1,338,426,900
52.614.000
9,800
48,127,000 Inc.
53.195.900
C irculation.....................
Net deposits___________ 1,201,675,700 Dec. 25,607,100 1,240,417,100 1,418,132,400
9,248,200
1,669,200
7,800
1,617,400 Dec.
U. S. dep. (lncl. above)
244,880,300 Dec. 2,984,800 255.685.100 306,290,200
Specie
_____________
49,200
71.063.000
81.122.900
66,338,700 Dec.
Legal tenders..................
Reserve held__________
25% ol deposits..............

311.219.000 Dec.
300,418,925 Dec.

3,034,000
6,416,775

326.748.100
310,104,275

387.413.100
354.533.100

Surplus reserve.........

10,800,075 Inc.

3,382,775

16,643,825

32,880,000

Surplus, excl. U. S. dep

11,204,425 Inc.

3,380,825

17,001,125

35,192,050

N o t e . — The Clearing House now Issues a statement weekly showing the actual
condition of the banks on Saturday morning as well as the above averages. These
figures, together with the returns of separate banks, also the summary Issued by the
State Banking Department, giving the condition of State banks and trust companies
not reporting to the Clearing House, appear on the second page preceding.

Foreign Exchange.— After moderate weakness during the
greater part of the week, a sharp break occurred yesterday,
demand selling at as low as 4 80%. Discounts were easier
in London, while money became firmer here.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 83% for sixty day and 4 87 for sight. To-day’s
actual rates for sterling exchange were 4 8230@4 8240 for
sixty days, 4 8615@4 8625 for checks and 4 8675@4 8685
for cables. Commercial on banks 4 81 % @ 4 82 and docu­
ments for payment 4 82% @ 4 82%. Cotton for payment
4 81 % @ 4 82 and grain for payment 4 82% @ 4 82%.
To-day's (Friday's) actual rates for Paris bankers’ francs
were 5 2114@ 5 21% less 1-16 for long and 5 19% less 3-32(5
5 19% less 1-16 for short. Germany’ bankers marks were
94% @ 94% for long and 95 less 1-32@95 for short. Amster­
dam bankers’ guilders were 40 23@40 25 for short.
Exchange at Paris on London, 25f. 28%c.; week’s range,
25f. 29%c. high and 25f. 27 %c. low.
Exchange at Berlin on London, 20m. 48% pf-J week’s
range, 20m. 49% pf. high and 20m. 47%pf. low.
The range of foreign exchange for the week follows:
S te r lin g —

'

High for the w e e k .................... 4
Low for the week...................... 4
P a r is H a n k e rs’ F r a n c s —
High for the w e e k .................... 5
Low for the week...................... 5
G erm a n y H a n kers’ M a rk s—
High for the w eek ....................
Low for the week......................

s ix ty D ays.

C h e q u e s.

C a b les.

83
82)4

4 8680
4 8615

4 8740
4 8665

21%

5 18% less 3-32
5 20

5 18% less 1-32
5 19% less 1-32

22 %
94 7-16
94%

95% less 1-32
94 15-16

95 3-16 less 1-32
95 plus 1-32

40 26
40 17

40 30
40 21

A m s te r d a m H a n k e r s ' G u ild e r s —

High for the w e e k .................... 40
Low for the week...........................39 96

The following are the rates for domestic exchange at the
undermentioned cities at the close of the week: Chicago,
20c. per 81,000 premium. Boston, par. San Francisco,




4 0 c . p er 8 1 ,0 0 0 p r e m iu m .
N e w O r le a n s , c o m m e r c ia l, 7 5 c .
@ 8 1 p er 8 1 ,0 0 0 d is c o u n t; b a n k , 81 p er 8 1 ,0 0 0 p r e m iu m .
S t . L o u is , 2 0 c . p er 8 1 ,0 0 0 d is c o u n t.
S a v a n n a h , b u y in g
3 -1 0 c .
d is c o u n t;
s e lli n g
par.
C h a r le s to n ,
b u y in g
par;
s e lli n g 1 - I 0 c . p r e m i u m .
S t . P a u l, 3 5 c . p e r 8 1 ,0 0 0 p r e m iu m .
M o n t r e a l , 4(3 % c . p e r $ 1 , 0 0 0 d i s c o u n t .
S t a t e a n d R a ilr o a d B o n d s .— S a le s o f S t a t e b o n d s a t th e
B o a r d in c l u d e $ 1 5 , 0 0 0 V ir g i n i a (5s d e f e r r e d t r u s t r e c e ip t s a t
41 a n d $ 5 ,0 0 0 N e w Y o r k 4 s a t 1 0 5 % .
T h e m a r k e t f o r r a i l w a y a n d i n d u s t r i a l b o n d s h a s b e e n le s s
a c t i v e , a n d a g a i n a f e w is s u e s h a v e b e e n c o n s p i c u o u s in t h e
d a ily
tr a n s a c tio n s .
A m ong
th e la tte r are T h ir d
A v e .,
W a b a s h a n d W a b a s h P i t t s b u r g h T e r m i n a l s , t h e la s t t w o o f
w h ic h a r e b e tw e e n 2 a n d 3 p o in t s h ig h e r th a n la s t w e e k .
T h ir d A v e n u e s are u p o v e r a p o in t , b u t th e g e n e r a l t e n d e n c y
h a s b e e n t o w a r d lo w e r q u o t a t i o n s , a n d a la r g e p a r t o f t h e
a c t i v e li s t is f r a c t i o n a l l y lo w e r .
A tc h is o n c o n v . 4 s h a v e
a l s o b e e n n o t a b l y a c t i v e , a n d a r e f r a c t i o n a l l y lo w e r .
U n i t e d S t a t e s B o n d s .— N o sa le s o f G o v e r n m e n t b o n d s
h a v e b e e n re p o r te d a t th e B o a r d th is w e e k .
T h e fo llo w in g
a r e th e d a i l y c lo s i n g q u o t a t i o n s ; fo r yearly range see third page

following.____________________________ _______________________ _

2s,
2s,
3s,
3s,
4s,
4s,
2s,
2s,

1930 ................. registered
1930................. ...... coupon
1908-18_______ registered
1908-18 ................coupon
1925 ................. registered
1925............. .......... coupon
1936_Panama Canal regis
1938.Panama Canal regis

In te r e s t
P eriod s

O ct.

O ct.

O ct.

O ct.

O ct.

22

24

25

26

27

28

Q — .Tan

*100)4
*100 H
*101)4
*101) i
*115
*11544
*100)4
*100)4

*100)4
*100)4
*101)4
*101)4
*115
*115)4
* io o );
* 100)4

*100)4
*100)4
*101)4
*101)4
*115
*115)4
*100 );
*100)4

*100)4
*100)4
*101)4
*U )l)4
*115
*115)4
100)4
*100)4

*100)4
*100)4
*101)4
*101)4
*115
*115)4
*100)4
*100)4

*100)4
*100)4
*101)4
* i o i) 4
*115
*115)4
*100)4
*100)4

Q — Jan
Q — Feb
Q — Feb
Q — Feb
Q— Feb
Q — Feb
Q — Nov

O c t.

* This Is the prise bid at the morning board; no s a le was made.
R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— T h e v o lu m e o f b u s i­
n e s s in s h a r e s h a s b e e n s m a l l e r t h a n o f l a t e .
S a tu rd a y ’s
m a r k e t w a s s t r o n g , a f t e r w h ic h t h e t r e n d o f p r i c e s w a s
s t e a d i l y d o w n w a r d u n t il T h u r s d a y , w h e n a r e a c t i o n o f f r o m
l t o 2 p o i n t s in p r a c t i c a l l y t h e e n t i r e li s t t o o k p l a c e .
The
l a t t e r m o v e m e n t w a s le d b y U n i t e d S t a t e s S t e e l a n d U n i o n
P a c i f i c , b o t h o f w h ic h s o l d 3 p o i n t s h i g h e r t h a n o n W e d n e s ­
day.
T o - d a y ’ s m a r k e t h a s b e e n d e c id e d ly ir r e g u la r , a n d
t h e r e s u l t o f t h e w e e k ’ s o p e r a t i o n s is t h a t o f a li s t o f 3 0
a c t i v e is s u e s 1 0 a r e h i g h e r a n d 2 0 lo w e r .
A m o n g th e e x c e p tio n a l fe a tu r e s a re G r e a t N o r th e r n , S t .
P au l a n d In te r n a tio n a l H a r v e s te r .
T h e l a t t e r , w h e n a t it s
l o w e s t , w a s 4 p o i n t s b e lo w la s t w e e k ’ s c lo s i n g p r i c e .
S t.
P a u l c lo s e s 2 % p o i n t s lo w e r a n d G r e a t N o r t h e r n 1 % .
On
t h e o t h e r h a n d , S m e l t i n g & R e f i n in g h a s b e e n s t r o n g o n
n e w fin a n c ia l p l a n s a n d c lo s e s 2 % p o i n t s h i g h e r t h a n l a s t
w eek.
B a ltim o r e & O h io , C a n a d ia n P a c ific , A m e r ic a n T e l .
& T e l.,
G e n e ra l E le c tr ic
and
U n ite d
S ta t e s S te e l
are
g e n e r a lly fr o m 1 to 2 p o in ts h ig h e r .
xYn a d v a n c e in t h e
d iv id e n d ra te o f C o n s o lid a te d G a s s e e m s to h a v e b e e n
d i s c o u n t e d , a s t h e s t o c k c lo s e s w it h a f r a c t i o n a l n o t lo s s .
For daily volume of business see page 1 1 5 0 .
T h e f o l l o w i n g s a le s h a v e o c c u r r e d t h i s w e e k o f s h a r e s n o t
r e p r e s e n t e d in o u r d e t a i le d lis t o n t h e p a g e s w h ic h f o l l o w :
STOCKS.
W e e k e n d in g O ct.

28.

Am Brake Shoe & Foun.
Buff Rochester & I’ ltts ..
Cent & So Amer T e le g ..
Col&Hock Coal&I tr rets
General Chemical, pref.
Rutland, p r e f ............. .. .
St Joseph & Grand Isld.
Sears, Roebuck & C o . . .
United Cigar Mfrs, pref.

S a le s
fo r
W eek .

R a n ge s in ce J a n .

R an ge fo t W eek .
H ig h e s t.

L o w e st.

’275' 81 )4 Oct 21 85

200 101
20 118)4
860; 5
19; 103
325; 39)4
400 38)4
100 18
150168)4
100,100)4

Oct
Oct
O ct
Oct
Oct
Oct
Oct
Oct
Oct

2-1 105
24 118)4
28 6)4
24 103
22 40
27 39)4
26 18
25 168H
25 100)4

Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct

L o w e st.

26
28
24
27
24
27
28
26
25
25

83 %
95
110
4
101)4
34
28
18
150
100

1.

H ig h e s t.

Oct 90)4
May 100
Aug 120
Sept
6)4
June 107
Oct 45
Feb 3>W
June 20
Juno 171 %
Sept 109)4

June
Jan
Jan
Oct
Mch
May
O ct
Apr
Oct
Feb

O u t s i d e M a r k e t . — B u s in e s s in m i n i n g s t o c k s o n t h e “ c u r b ”
th is w e e k s h o w s a fa llin g o ff, th e r e a c tio n a r y m o v e m e n t
b e g u n la s t w e e k h a v i n g c o n t i n u e d .
W it h th e e x c e p tio n o f
T h u r s d a y , w h e n t h e m a r k e t r e f le c t e d t h e s t r e n g t h o n t h e
E x c h a n g e , p r i c e s m o v e d d o w n w a r d , t h o u g h r e c e s s io n s w e r e
s lig h t.
B r itis h C o lu m b ia C o p p e r w e a k e n e d fr o m 7 % to 6 %
a n d r e c o v e r e d to 7 fin a lly .
C h in o C o p p e r lo s t a b o u t 2 %
p o in ts to 2 0 % , m o v e d u p to
a n d c lo s e d t o - d a y a t 2 0 % .
G i r o u x a f t e r a n e a r l y a d v a n c e f r o m 7 1 5 - 1 6 t o 8 fe ll t o 7 7 - 1 6 .
G r e e n e C a n a n e a ro s e f r o m 7 % t o 7 % a n d r e a c t e d t o 6 % .
I t m o v e d b a c k a g a i n t o 7 % , f in i s h in g t o - d a y a t 7 % .
In ­

2134

s p i r a t i o n C o p p e r lo s t a b o u t a p o i n t t o 8 % , r a n u p t o 9 % a n d
e n d e d th e w e e k a t 9 % .
M ia m i C o p p e r s a n k fr o m 2 0 to
1 8 % , s o l d b a c k t o 2 0 , a n d c lo s e d t o - d a y a t 1 9 % .
A lo s s o f a
p o i n t in R a y C o n s o l i d a t e d t o 2 0 34 w a s p a r t l y o f f s e t b y a g a in
t o 2 1 , t h o u g h it fin is h e d t o - d a y a t 2 0 % .
G r e a t e r in t e r e s t
w a s t a k e n in t h e C o b a l t is s u e s , L a R o s e C o n s o l i d a t e d b e i n g
e s p e c ia lly p r o m in e n t .
T h e p r ic e a d v a n c e d f r o m 4 %
to
5 1 - 1 6 b u t d r o p p e d b a c k t o 4 % , w i t h t h e fin a l fig u r e t o - d a y
a t 4 1 3 -1 6 .
N i p i s s i n g w a s a c t i v e a n d f l u c t u a t e d b e t w e e n 11
a n d 11 7 - 1 6 , t h e c lo s e t o - d a y b e i n g a t 1 1 % .
K err L a k e
w e n t u p fr o m 6 % to 6 1 1 -1 6 a n d d o w n to 6 % .
In d u stria l
s e c u r i t i e s , in c o n t r a s t t o m i n i n g is s u e s , w e r e s t r o n g .
A m e r i­
c a n T o b a c c o a d v a n c e d 6 p o in ts to 4 3 0 a n d t o -d a y so ld a t
4 2 8 a n d 4 2 9 . I n t e r - c o n t i n e n t a l R u b b e r ro s e f r o m 2 6 % t o 2 7 3 4
a n d e n d s th e w e e k a t 2 7 .
S t a n d a r d O il r e a c t e d f r o m (51 1 t o
6 0 9 3 4 , s o ld u p t o 6 1 2 a n d t o - d a y a t 6 1 1 .
U n ite d C ig a r
M f r s . c o m m o n lo s t a b o u t 3 % p o i n t s to 5 9 % , b u t r e c o v e r e d
f in a lly t o 6 1 .
In b on d
W e s t e r n P a c i fi c 5 s fe ll f r o m 9 4 %
to 9 3 % .
'
O u t s i d e q u o t a t i o n s w ill b e f o u n d

on page

1150.

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING T W O
s VOCES—HI H IR ST AN 10 LOWEST SALE PRIC1’’I S .
Saturday
Oct. 22

Monday
Oct. 24

Tuesday
Oct. 25

Wednesday
Oct. 26

Thursday
Oct. 27

h'riday
Oct. 28

Sales ol
the
Week
Shares.

PAGES

ST O C K S
N EW Y O R K STOCK
EXCHANGE

Range Since January 1:
On basis o j 100-sAare lots

Range for Previous
Year (1909)
Highest

Highest

Uail.’ on d s
35
*25
35
*25
*25
35
*25
35
A tin A r b o r _________
35
*25
35
25 F e b Vi
36 Mch
*65
70
*65
70
*65
70
*65
70
7V
Do n re f_______ _____
*65
70
70
*65
48*2 F e b 22
721*2 Mch
1033s 1041) 104b 1047) 104b 1047) 39,200 •tell T o p e k a & Santa Fe
1041. 105b 103b 104“> 103b 1041
SiOb J ’ly 26 i24i.s Jan
10134 102b
2,010
Uo pret___________
101b 102
101b 102b 101*8 101'
101b 101“) 102 102
TJ7 J 'ly 1 1J4L Jan It
116 117
118 113
1,430 A tlan tic C oast Line R l t l l 102 1r J ’ ly 26 1371; Jan £
11S3-1 IIS*
117b 118
1181- 119
110*2 120
108 108b 108-1 109b
4,700
1081- 109
a 'tlm o re & O h io ______
108b 1087* 10734 1033 10738 10S
11913 Jan
MOL Seu
100
*90
91
*90
91
*89
91
*90
91
91
91
91
Do pret......................
*88
94 Jan
87*4 S ep 10
78*1 79b
773, 79b
77b 783.
76b 7734
77b 77b
77b 78b 30,755 B rooklyn R a pid T ra n s't
68!- F e b
M ay .-1
108
9,496
198b
19--S
/ Canadian P a cific________
197-s 198
197b 198b
196“* 198b 196b 1971
198b
1 7 ) " F eb
1991- Oct 18
*05
68b *05
681; *65
68b *65
68b
' anada S o u th e rn _____ I
681. *65
60>- J ’ly 2
76
jan
68b *65
*27.3 285 *275 285 *275 285 *275 285 *275 285 *275 285
Central ot N ew Jersey
218 J ’ly 26 312 Jan
823g 833S 8234 8334 24,680 Chesapeake & O hio . "*
83b 833
8 1 b 833)
65 A u g 2
82b 84
92 Jan
82-8 83b
43
100 Chicago & A lton U R ___
45
*30
*30
*35
45
35
35
*35
*35
39
cob Jan
45
23?s J ly .6
651- * ___
Do p re t___________
*
651. *
65b ______
64/g J ’ nef.7
65 * ____ 65b * ____ 65109 A p r
2,300
24*4 25
Chic G t W es; trust c t 'fs ll
2434 25
23b 23124b 24 b *23b 241?
1‘J J ’ly u
36<s Jan
2 3 b 24b
100
*47
*49
Do pret trust ctfs _
60
*45
49
48b
*48b 49
04is Jan lo
*49
50
40 j ’ly tG
1271.1 1283. 126b 12834 12.534 126") 124 1261. 12538 126b 125 126b 47,550 Chicago M 'lw & St Pau*.
113*14 J ’ne 30 158% Jan
550
Do p re t____________
*150 152
143 Sep ; 172L Jan
1493., 149b *148b 1491- *148*2 140b
150 1501.J 150 150
4,825 Chicago & N orth W estern 13714 J ’ly 10 1821- Jan
149 1497; 149 149 *148b 149b 14934 150b
*149b 150
149b 150
200
Do p r e t_________
*203 210 *203 210
20 i J 11627 225 Jau
204 205 *203 210 *203 210 *203 210
590 hie St P Minn & Omaha 140 A p r 28 102b Feb
*140 150
140 14234 143 145 *143 145 *143 143 *143 150
250
D o p r e t________________ §160 A p r 25 »l/oi4 Peb 18
*150 165 *150 165
164b 165 *160 170 *1G0 170 *160 180
*3
3*2
100 hlc Un T ra c ctfs stm pd
33.,
*3
*6
3b
21 - Mayo4
53.1 Jan 4
3
3
*3
3b
*2b
3b
X
*0
*6
*6
100
D o pret etts s tm p d ____
8
*6
8
8b
47g S ep 28
1214 Jan
67s
*6
S
ob
7334 74b
300 leve Cln Chic & St L .
*74b 7012
*74b 77
*74
77
70 J ly 25
*741- 77
9214 Mch J8
*74b 77
______
*00 n o
*99 n o
D o p re t_______________
*99 110
*98-3s n o
*99 110
99 Sep 14 104 Jan 16
*99 “ 110
60's 80b
7,000 -o lo r a u o & S o u th e rn ____
60b 6134
til) 60b *60 60b 5 9 b 60
60
G ib
46 J ’ly 26
'-52] Feb 26
763.1 7634
77
1,450
D o 1 t preferred___
*75
753., 76b *76
77
77
70 J 'ly 27
751- *75
83 M en 4
75
*74
*74
75
75
*73
75
D o 2d p re fe rre d ___
*73
75
70 A u g 1
*73
75
75
*73
81 Jan 6
2,800
elaw are & H u d s o n . .. 14914 J ’ly 20 185 Jan 3
170 170
168b 168b 169 b 1693.1 169b 189b
170 170b 169 170
*497b 600 *497b 600 *4971- 600 *4971- 600 *497*2 600 *49712 600
o aw are Lack & W e s t. 490 J ’ly 26 02 0 Mch 21
32b 34
6,600 D enver & Rio G ra n d e ___
33b 3334
3 2 b 333S 3234 33b
2314 J ’ly 26
3 4 b 34162 Jan 3
33b 34b
76
70
*70
78
77
220
Do p re t_____________
76
76
576b 761- *75
02'Mj J ’ly 20 84 Jan 3
*75
77b
CO
*50
60
*53
60
*50
60
60
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66 Jan 27
1834 Jan 3
10 J 'ly
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*12b 14b *12b 14114b *1 2 b 14
____ ____ 2534 253,| ♦2124bb 24b
24
24
24
241.1
D o p r e t________________
1,000
17 J 'ly 26 34b Jan 4
2 3 b 24b
2934 30b
30
291- 29b
l J - J ly 26
30b
29b 301g 13,950 U r i c .......................................
34-8 Jan 6
293S 30b
2 9 b 30b
481.1 40
4<J14 50
50b 50b
4,300 Hi D o 1st pret.................
49b 60b
49
49-8
35 “ J ’ ly .7
48
49b
5234 Mch 3
*36
38
38
38
38
*37
D o 2d pret............... ..
39b
500
26L J ’ly 27
42 Mch 8
38b 38b
3 7 b 37138b
129b 129*8 128b 1293s 127b 128b 126b 1271- 127 127b 12738 12734 10,320 Croat N orthern pret_____
n s J ’ ly 26 l43<s Jan 3
01
5834
5778
57b
60b
6,900
Iron Ore p rop erties___
581- 59b
59b 59b
301-Jan 4
59b
45 J ’ly
6 7 b 59b
*13b 15
*13b 15
11 A u g 10
Creen B a y & W , d eb ctfB
♦13b 141 - *131- 141- * 131 - 14L *13b M b
181.8 Mch 22
*88b ____ *S8b
SSI - Jau 20
*88b 90
avan a E le ctric_______
97!. Apr 1 .
* 3 8 b ____ * 8 8 b ____ *88b 96
941- *94b
041- * ____
* ____ 941- * ____ 941- * ___
94b
Do p r e t_________
941- Ian 25
99 Jan 4
*
125
140
100 ilo c k ln ; V a lley___________ 102 “ -May
140 Oct 4
Do p r e f............................
86 F e b
10 l -">8 J no 14
*1311*2 133b 13 1 b 13Tb 131b 131b *131“ 133" m b 132b 132 b 132*4 ’ ”566
l.lnols C en tral_________
124 J ly 26 117 Jan 5
22
22b 2 2 b
23
52,210
n te rb o ro -M ctro p o llta u .
22's 23b
22b 2 3 b 22 34 2338 22b 23
14 14 J ’ly 2 u 251- Jan 11
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53*8 60381 5734 59b 72,500
58b 59b
Do p r e f______________
C2'8 Jan 12
59
00b
58b 60
4 1«2 J>1Y M
19-4 19b
1,950 Iowa C e n t r a l ____________
20's 201,s
l . b 1934 191- 19's
15 J n e s o
30 Jan 3
19b 1934
20b 20b
*34
35
35
35
*35
700
30
343,1 3514 *34
Do p r e f ________________
35
*35
36
25 J 'ly 20 64*4 Jan 3
*75
70
77b *75
*75
20 f / C M S & M t r cfs, pre!
771- *75
75
68 A u g 2
77b 575
80 Feb 18
77b *75
323.J 32‘8
3,900 I v a n s a s C ity S o u t h e r n ..
33
32b 33
32% 32b
23 J ’ly 26
33b
32b 33
44b Jan 3
60's 6078 *66
66'8
400
D o p r e f_____________
68 A u g 2
6534 6G“s *6 5 b 67
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71 Jan 4
♦
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20
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20
*18
20
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&
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___
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*18 ' 20
40
*41
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*42
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*42
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39 O c t 1 0234 Jan
49
*42
*62
66
*64
08
300
64
64
63
63b *02b 65
*64
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4,800 ..— ilsvillo <5e N ash ville___ m i - J ’ly 26 159*4 Jan 6
147b 1471- 1405* 147K 146b 146b 145b 146
145b 146b 145b 146
*143 144 *142b 144
800 \ I a n h a t t a n E le v a te d ___ 123 J ’ n o j l 143 Oct (
142b 142b 1411- 142b 141*2 141b 142b 124b
*.30
*291- 3D - *29b 31b
32
*2 9 b 32
400 M in n e a p o lis & St Lou 's
31b 31b *2 9 b 32
23 J ’ly 26
.•>334 Jan 4
*50
*50
55
5412
54
54
200
54b *50
54
54
*50
61b
Do p r e f________________
40 ScD 21
SO Feb 24
13134 1313., 1313.1 1313. 131 134b 134 134
13334 1343S 13334 130
9,645 linn St P & S S M arie___ 114 J ’ly 26 146 Men 3
*145 151 *145 150
D o p re t________________ 141 J 'u e o 15ol2 Mch 2
200
147b 14S34 *148 150 *115 150 *148 150
80
*88b SO
*88
* 88*4 89
*88
89
*88
89
Do leased line c t fs ____ U .I4 Sep 20
*88
89
02b ja n 3
35
35
35
35
3,050 lo K ansas & T e x a s_____
3434 3434
35b 35b
35
27 J ’ly 26
3 4 b 35b
l l's Jan l
35b
*64
*60
69
69
68
*04
310
Do p re f________________
69
69
67 J ’l y . 6
69
74-s Jail i
67b 67b *63
55b 56
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55b
0,150
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hssourl
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54b 55
54b 55b
73*8 May 23
55b
*135 140 *135 140 *135 140
137 aJash C hatt & St L o u is . 125 J ’ly - 6 139 Jail 3
138 138 *135 140 *135 140
*70
7078 71
*70
71
300
* at Hys o f M ex 1st pref
*70
72
60 F e b 3
7H - *701- 72
*70
71
71 Oct 8
33-s 3 3 b
3 3 b 33'b
6,300
Do 2d p re f_________
32b 323.1 32b 32b
3234 33
331- 3312312 J ’ly 26 337* O ct 18
118b 119
1171* 119b 117 118
116 117b 110b 117b 11634 117*8 52,675 . Y Central & H u d s o n .. 1051)1 J ’ly 26 128 M ch 9
436 I Y Chic & St L ou is____
551- M ay 4 C8'- Oct 19
66lS 07
*04
68
66
60
*G5b 67
07b 67 b *65b 67b
*106b 110 *106b n o *106b n o +100 b n o
D o 1st pret____________ 5101 J ’ly 6 IO334 Jau 21
* io o b n o * i o o b n o
*88li 93
Do 2d p r e f_____________
*8Sb 03
*8Sb 93
8234 A p r 28
*88b 93
08 Jan 10
*88b 93
*88b 93
*152 155 *1531I Y N 11 & H a rtfo rd ____
149 A p r 28 102 Mch 14
*1531- 1571- +153b 157 *153 155 *153 155
*149 l-19b 149b 149b 149b 149b 149b 1491., 149b 149b *149 149“s
Subscription receipts s__ H43 J 'n e lu /Il51 Mch 11
700
43b 43-s
43
43
1,750
38 ! - A u g 2 69 Jan 5
43
43'42b 42-b
43
43
42-8 43
99^8 100
903,8 99
3,600
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88!- J ’ly 26 .'OS's M ch21
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89b 89b *851- 90b
*8 7 b 9012
9T14 Mch 1C
120 121b 119b 121b 119b 120
21,050 ..o rth e rn P a clflc_________
111:- A u g 3 146-3 Jan 3
118b 119b 119b 11078 llOSg 120
lOo 106 *100
108 *105 108 *105 108 *104 108 *104 109
300 p a c l l l c C oast C o ________ 100 O ct 13 1183., Jan 12
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115 *105 115 *105 115 *105 115 *105 115
105 " F e b * 14 I i8 ” Jan’ *3
132 1321- 131b 13234 131b 132b 131 131*4 131b 132b 131b 132-8 41,850 I’e n n s y lv a n la ____________ 12 2 !- J ’ly 26 138b M‘ h 9
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Ho p r e f_______. . . _____ HO O ct 25 116 Mch 1
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1533.1 155b 153b 15534 152b 154b 150~8 163b 1521.1 154
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130% J 'ly 3o 172b Feb 18
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*87
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22 “s J ’ly 26 57 b Jan 5
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149b J a a
1341- A u g
147 A p r
89 J iy
94 “ D ec
351- F e b
501- O ct
71 “ F eb
78b O ct
65 t e b
771 - A llg
14 - D ec
12212 Jan
64 D ec
44b A Pr
21 D ec
26V M ay
120b F eb
14 ,*4 A u g
481- M cb
60 N o v
100 “ F e b 100 F eb
05 N o v
7Gb A p r
{154 N o v 1713, J ’ ne
71471- D ec h 149*4 D e c
42*J P'eb
65-s J ’ ne
84b Jan
102 D ec
85b Men
921- J iy
13314 F eb 15912 A u g
76 M ch 1101- Dec
100 M ch S106 “ Sep
88 M ch 115 D ec
176b F eb
151b Sep
99b D ec
86b J an
104 “ Feb
110b Sep
118 F eb
173% Sep
89 M ch
96 A u g
90 F e b
117b D ec
20b F e b
81 D eo
67-s F e b
94*4 D ec
65b M ch
74 D ec
36 F eb
0034 Sep
20 b F eb
35*s D ec
471- Jan
82 D ec
114-s Feb
139*1 Aug
22 F e b
34 A u g
60 Jan
751- D eo
30 F e b
40b A u g
l - i . D ec
421* Jan
7 MayI5*i Jan
43 Feb
64b O ct
6 D4 F eb
74b Jan
97 Jan
1 io *4 D ec
172t2 F eb
219 A u g
z 9 1 M ch l l s b A u g
30 F e b
47 Seu
50b F e b
77 Sep
15 Feb
27b D ec
41 F e b
61*4 J ’no
5
15b
ob
357s

J ly
J’ly
J ’ ly
Jan

12b
25b
I5*i
63b

Jan
Jan
Jan
Apr

BANKS A N D T R U S T C O M PA N IE S— BROKERS' QUOTATIONS.
:ian:ci

htu

Ask

Banks

Bid
Ask
Next, York
C hatham _ . 310
320
175
A e t n a _____
ISO
Chelsea E xj 200
A m erica 1 l.. 595
605
Chemical . . 425
43’ 0
A m er E x c h . 223
235
Citizens' Ct! 150
154
A u d u n on . . 115
125
C it y ________ 385
305
B a ttery F k . 120
130
Coal & iron 150
375
B ow eryH ___
. . . . C oionla ;i._ 40J
B ron x B o r o ! 300
—
C olum bia 11.
4*15"
195
265
B r o .ix Nat
C om m erce . t200" f-0 1
155
Corn Ex 11. . 310
B rya n t P k 1
160
315
East R iv e r. 115
145
B u tch 5: Dr 135
125
175
Fidelity 1 |__ 165
C en tu ry 1|.. 170
175
45 I
Filth A veil. 4030 4-53
C h a s e _____ 430
•Bid and a ked pr ces: no sales were m ade on this
♦Sale at StocI: Exch ange or at au ction this w eek




Banks
Bid
Ask
Bid
Ask
Banks
Bid
Banks
Fifth .......... 300
Irvin g N Ex 200
350
210
M utual H___ 285
First _______ 835
JeifcrsonH .. ____ 185
845
Nassau 1|___ 240
14th St1|.__ 150
L ib e r t y ____ 625
155
N ew N eth 'd 210
F o u r t h ____ 1185 1 180
L in c o ln ____ 400
4*2*5* N ew Y ork C o 900
G allatin . . . 320
\lanhattanT| 320
340
N ew Y o r k . 315
330
G a r ll e ld ___ 290
U
ark
’
t&
F
ul
300
248
N ’ bt & D a y f £00
253
G erm -A m 1] 140
.Vtcch&Met’s 244
19th W a rd . 250
150
248
G erm ’ n E xt) 435
M ercantile . 150
N o r t h e r n __
605
160
G erm ania 1|. 55 J
Merch Exch 160
PaclflcH____ 230*
565
170
M e rch a n ts'. 178
G oth am . . .
P a r k ............ 350
150
182
G reenw ich *|] 255
P eop le’s U_. 250
265*" M etropolis t 390
410
H a n o v e r____ 610
M etropol 'ny 200
P h e n lx ____ 190
210
625
Mt MorrisH. 250
Im p & Trail £52
PlazaH.......... 625
260
558
d a y . 1 E x-rlgnts. iL e s s t h a u 100 snares. 1|State banns, a H x-d lviden d
U First Installm ent paid
« Sold a t p rivate salt a t this price.
* 2d

Ask
295

Banks

P rod E xch 1
R e s e r v e ___
2*20*" .S e a b o a r d __
S econd . . . .
32*5** S h erm an ___
S tate U ____
215
260
12th W a r d .
105
23d W a r d . .
U nion E x o .
240
W ash H ’ ts 1!
355
W est Side 11
275
Y o rk v llle 1J.
200

Bid
1*30
100
40J
400
135
275
1*4*1) *
170
275
650
600

and rights. t> N ew s to ck .
paid.
y 3 d paid.

As*
165
105
42*5"
290'
140
*****
....

ST O CKS— HIG BE ST A N D LO W EST S AL E PRICK S.
Saturday
Oct. 22

M onday
Oct. 24

Tuesday
Oct. 25

Wednesday
Oct. 26

Thursday
Oct. 27

Friday
Oct. 28

Sales of
tUe
Week
Shares.

ST O C K S
N E W Y O R K STOCK
EXCHANGE

Range for Previous
Year (1909

Range Sine January 1
On basis 0} 00-share ios

Lowest

Highest

Lowest

i.m istri 1 -r m tscrlla .-con .
A d a m . E x p ress________ >24') J ’ n e ; ;
*250
*250
*250
*250
*250
*250
10
*9
10
*9
10
7% J ’ ly 27
10
10
500 C l U ls-Chalm erj _ ________
10
*8% 10
1014 104-1
D o p re i_____________
17 A u g 5
33% *33
36
*32
34
32% 32%
34
COO
34
33U 3312 33
C97g 7 n 2 693g 71%
551, J ’ ly ,.i
68% 69%
67% 69%
697g 120,400 A m algam ated C o p p e r___
68% 70% 269
4734 477g
47% 47%
4734 48
35 J ’ ly 20
2.000 Am er Agricultu ral Chem
47% 48
:
4812 4812 47% 48
Oo p ro t________________
9 j % A pr
|*100 110 *100
*100
*100
*101
24 J ’ ly 26
1 *3712 38
37% 37%
37% 37%
37
371?
2,900 A m erican B eet Sugar____
37% 371?
37% 37%
89 J ’ l y . 7
Oo pret ______________
94
*93
94
*93
92% 02% *93
94
*93
100
*93
94
94
93|
6% ) n o .
9
933
9
03,
9%
12,100 A m erican C an____________
05,
10
9% 10
10 %
9%
62 j ’ly 26
O o pret___
71 743g
!
71
71% 73173
74%
73
74% 75%
75
75%
8.550
643g 5514, 54
547j
39% J ’ ly 25
5434
54% 54%
64
8,200 A m erican Car & F oundry
53% 6434
54%
64
Oo pret______________
109 J ns
115 115 +114 115% 1143.1 1143 ., 114 114 *113
400
115% *113
115%
52% j ’ ly 2»
667g 6634 663-j
66
3,320 A m erican C otton O il____
6534 6612
66% 66%
661?
65% 66
................
101 F e o Oo
p
r
e
i............
*103%
177
____ I ____
105% 1051?
\m er lea 11 E x p ress___ __ _ §235 A u g 8
*245 285 *245 285
285 *240 285 *240 285
3 % Sep 13
*4%
5
* 4%
100 A m erican H ide & Leather
4% 4% *4%
* 4%
* 4%
5
5
5
Oo pret______________
*23
19 Sep 8
241" *23
24
241?
600
23% 23-%
23% 23% *23
231., 23%
21
21
203,
18% 20
4.700 Am erican Ice S e c u r itie s ..
10 I2 J iy -o
2034 203,
2034 20*4
20
19% 21
*12
tu% J iy 27
12% 1238
13
350 A m erican L ln s e e rl___ __
123g 512
12
12% *11% 123,
*12
12
O o p r e i_______
261" J ’ uo.,
*3212 35
34
*32
*32
34%
700
33
33
33
34
32% 33
41
29 J ’ l y . 6
3934 4034
41
40% 41
2,350 A m erican L o c o m o t iv e ___
40% 41
40% 401?
401? 42
Oo p re t_____
102% A u g 6
*105 106 *104% 106% *104 106% *101 106% *105 100% 106% 106%
145
A m erican Malt C orp ____
4 O ct 1
6
6
*5
6%
*5*8
6
*5
6
*5%
*5%
*5
Oo pret___
28% J ne .0
34% 34% *33
341?
200
*33% 3434 *33% 343,, *33
35
*34% 35
82 J ’ly 23
88
88
630 A m er Sm elters Sec pret B
873.4 873,, 8734 87*4 8734 87*4 *87
87
87% 871"
7734 8134
0 1 % J 'ly 2
77% 79
79% 81%
79% Sl% 237.135 A m er S m elt.n g& H etlnin:
77% 80%
80% 823,
Oo pret___
1,705
98% J ’ ly -0
10534 10534 106 106% §106% 106%
105 106*2 *105% 107% 1053, 108
A m erican S lu m ___
277 A p r 4
*240 320 *240 320 *240 300 *240 300 *240 320 *240 320
'25i?Ja.i 13
O o pret______
100
♦101 102
101 101 *100 101 *100 101 *101 101 *100 102
38 J ’ ly 26
2.110 Am er Steel Found (n e w ).
497,
48t2 481? 549
49% 4934 49% 493.,
49
49% 49%
49
3.700 A m erican Sugar K ctinln; 111% O ct 3
11734 H 8
118 119%
117% 118
117% 117% *116 118 *116% 119
Oo pret____
112 O c t 3
300
*115
117
117 *115 117
116% 116% *115*4 116% 116% 116% *114
19.100 A m erican Teieph & Te'leg 12634 J ’ ly 26
139U 1391? 1383j 13934 1383, 139% 139% 140% 1393., 140% 140% 141
666 A m erican T o b a c (nevv).pt
90*" J ’ly 20
1 05
*93% 94
95
94% 94%
94% 94% §93% 93% *93% 94
700 A m erican W o o ’ e n ____
32% 32%
25 % J ’ly 5
32% 321?
*32
33
32% 33
33% 33%
33% 33%
O o pret__________
9 i % J ’ iy 5
400
9034 *9534 9034
! *96
97
06% 06% *9534 90% *95
96% 907g
3.280 ; A n a con d a C op p er P ariZ b J33U J 'ly -0
41% 41%
41% 42
! 43
43
41% 42
42
42%
42% 43%
2 1 J u c3
5.800 IJ eth leh em Steel_____
32
32
33%
34 % 3234 33
31
31% 33
■ 33I2 34
34
40 A u g 10
1.500 1 > Oo pret_________
627g 627*
61% 6134 58% 60
62%
69% 69%
62% 62% *58
100 B rook lyn U nion G as___
125 J ’ ly 26
1373, 1373, *137% 140 *135 139 + 137% 139
*138 140 *138 140
Brunsw ick T e rm & tty S<_.
S J UO.J
*9% 11%
11%
*9% 11% *10
*1012 1 1 % *10
ll'N *10
11%
B
u
tterick
C
o
_________
28 J ’ iio ?
301.1
8,230 / 'entrat L e a th e r________
25% J ’ly 26
34% 35 %
34% 35
34% 343.,
1 3512 36
34% 357a
34% 35%
O o p re t_________
321 V /
99% J ’ ly 27
106 106 *105 106%
. *105 106 *105 106 §106 106 *105 106
2 2 % J 'ly 20
3,100 C olorado Fuel & I r o n ___
34% 35
33% 34%
33% 34%
3434
33% 34
[ 3412 34%
34
3 S ep 12
7
4%
5%
8,130 Col & llo c k Coal & Iro n .
6%
6
10
6
•' *5
6
6
*6
65*
48,750 co n s o lid a te d Gas (N V i . 122 J ’ ly 2u
i 1307« 137% 136% 13734 135% 1363, 134% 136% 135% 1383g 137% 138
111" j U630
167g 17%
173,
3.300 Corn P ro d u cts H e llo in g ..
17%
17
17
177g 177g
17% 17%
1712 18
Oo p rot________________
7U3S J 'ly 26
800
80%
80
79
79% 79%
80
: 7934 7934 *7934 80
*79% 80%
v'rex C a rp et_______________
65 A p r . o
64
64
64
*60
*60
*60
64
26% J ’ ly 2 ..
32%
33
32
9,100 O istlllers’ Securities Corp
32% 3234 32
33*8
32
32
317S 32%
12 O ct 26
1734
12
19
12
1,100 Federal Alining & S m elt’ ,;
12
12% *12
15 " 15% *12
♦1642 21
37 O ct 27
O o p ret________________
477,
40
2.605
493,
40
37
40
40
40
45
50
*47
49
i.,4 J ’ ly 2u
155 155% 15134 156
6,130 . ieneral E le ctric___
155 156^3 156 157%
154 154% 154% 155
S734 O ct 14
ftla
83a
fil-l
81"
Rt-I
.Sl4 37,250
8
8I.1
1106s 108% 110
108% 110% 1103a 111% 12H86 | at H arvester stk tr etis ?88 ’ F e b 8
112 112
110 1123* n o
Oo pret stk tr c t fs ___ x l l7 A u g il
700 1
'*122l8 12434 *123% 12434 123% 123% 123% 123% 123 123% 123 123
6
6
100 tnt Mer Atariue stk tr etts
*5%
4% J ’ly 26
6
6%
8%
*5%
6%
*5%
*5'g
6%
*5
Oo pret________________
800
12 >s J ’ ly 26
18
17% 171?
18
177g 177s
17% 1734 *17
17% 171?
! 18
9 J 'ly 1
127g 13
1338 2.950 International P a p e r___
127g 127g
13% 13%
13
f *12
13
*12
13
Oo p re t_________
3.850
50%
4 11 *. J ’ ly 26
60% 66^4 *55% 50%
55
547g 551?
*53
55
65
55
43
300 tn ternat Steam P u m p ___
i 4334 4334
43
*12% 431? *42
30% J ’ ly 26
42% 42% *42
43% 43*8
Do pret________________
83
325
78'" j ly 26
82% 82% §83
84
82
*81% 83
*83
84
82
*83
2.600 L aclede u a s (St L) c o m . .
105 105
93*4 J ’ ly 29
10434 105% 10412 1043, 104 10434 101% 105
-vlackay
C
o
m
p
a
n
ie
s_____
93
600
*91
91
93
79 J ’ ly 2 .,
*91
9134 92
91
94
, *90
95
92
O o p ret_____________
400
V5
*73% 75
,1 J ’ ly 27
74
*73% 75
753,
75
751? 751? *74
75
410 \ f ational B i s c u i t _______ lo o A u g ..
no
112% 112% *110 113
*1101? 113U *110% 1127a 110% 110% n o
________
t
A
L)0
p
r
e
t
___
*
*
*
*
__
12 2
122
200
118*4 J 'ly 6
122
, *____ 122
122 122
122
100 N at Enam el g & S ta m p ’g
1 1 Sep 17
18
18
18
*16
+15
17
*15
17
18% *17
18%
r * 17
Do pret________________
____
84 O ct 17
87
87
87
*83
593g
431* J iy -0
4.350 N ational L e a d ____________
593g 60
59
69% 59%
69% 60
61%
61
60
60
Ho p ret________________ lui3., J ’ ly 2 j
106 106 *104 106
230
106 106
*103% 105 5105 105 ♦104 106
2078
$171" J ’ ly 6
21
6y " J ue 0
79
79
79 %
260 New Y ork A ir B rak e____
♦76
*76
*76
79
*75
79
79% *78
79
250!+North A m erican Co new
63 J ’ ly 6
67
67
67
67
67
*66
*66
68
67% §67
67
*67
IJ
a
c
u
ic
M
a
li_____________
3234
33%
3.600
33% 33*8
32% 33
2278 J ’ D 2o
32%
32% 33*2
33
33
1.600 *- aclUc le le p <5c 'l e l e g . .
30 J ’ ly -5
41% 41%
41% 41%
41% 4134
421? 43
407a 42%
41% 41%
107% 10834 107% 1085, 108% 108%
3.600 P eop le's G L & C (Chic) . 103 J ’ly 26
109U 109U 1081? 108% *108 109
400 Pm lauelphla Co (P ltt s b ’ h)
93
92
84 J ’ ly o
*90
90
*88
93
90
0012 90% *90
*90
93
203, *1934 2034 *20
825 P lttsou rgh Coal C o _____
13 J ’ly 20
21
20
21
20%
21
20
20
20
o o p r e t________________
700
70% *70
70
71
71
60% J ’ ly 26
707g 70%
71%
*70
71
70
70
34
34
3134 35%
2,550 Pressed Steel C a r________
34
34
25 J 'ly 0
35%
3512 34% 3434
35
Oo pret________________
370
96
96
96
96
§96
90
90 J ’ ly 27
96
06
96
*95% 961? *95
1,615 Pull mail C o m p a n y .......... 165 J ue
165% 167
107 169
167 167
1641? 166
166 166
1166 166
-julcksll ver M in ing_______
210
2*2
2{Z. *2
85g *27g
Do p r e i________________
6
5
*81?
*3t?
1.200 JR a ilw a y Steel S p r in g ..
88
36
28 J 'ly 26
36
35 % 35 % +35 % 37
3534 36% §36
1 3 5 ° 35%
i .
Do p re t_____________
*05 105
*95 105
*95 105
27 ~J ne 4
347,
33 % 34 % 34*8 35 % 31% 34*4 8,625 ite p u b lic Iron & S te e l___
; 3434 3434 34
34
35
Oo pret ______________
08%
82*4 J ’ly 0
98
3.110
97% 98
96% 9 7
97%
96ig 96%
97
06% 97
5.275 C lo ss-S b e tfle ld Steel <5: Ir
60% 51%
52% 53%
48% J ’ly 30
51% 51%
60!2 52%
5034 627g
51
61
L)
Oo pret_____
114 J 'ly 6
113 *105 113 *105 113 *105 113
3734 38
19,400 •fT en n e sse e !'o p p e r P a r i 25 819*4 J 'ly 26
36% 37%
36% 373,
3512 38%
37% 38 . 36% 37 %
2,450 Xexas Co (T h e ). . . _
140 140
140 141)1* 140 140
le x a s P a cillc Land Trust
05
63 F e b 8
95
*85
*85
*85
95
95
*85
*85
95
*85
95
834 *8%
650 1 [ ulon Bag <5c P a p e r____
9
*8%
9
*8%
0 J ’ ly 5
*8
0
9
8%
9
§9
O o p re t_____________
CO
60
100 aJ
55 J ’ ly l5
*59
*573.1 59
*55
60
60
*55
57% 57% *55
1,300 United Dry G oods C o s . .
104 *101
96 A u g 2
*10312 104
104% 106% *103% 103% *101 103% *101
Oo p re t________________
*105 108 *105 108 *105 10 s
19% *16
19%
350 U S Cast I Pipe & Foundr
19% *16
18
19% *16
14% J 'ly 21
18
*16
is%
18
60
*53
*53
60
*,53
60
60
101 §105
101 10 1 *102 n o
210 U nited States E x p r e s s ..
*101
95% J iy 26
110 *101 110 *101 107
500 U S K ealty <5c Im p r o v e m ’ t
72
*68
70% 72
73
[■*69
*69
64*4 J ‘ iy -0
71
71
71
U S R e d u ctio n & ReOning
7%
*6%
*5%
*0
71"
7%
4 J 'n e .7
*6%
i *6
8
8
7%
*612
193.J *1712 1934 *15% 1934 *171" 193, *16
1934
2,000 United States R u b b e r ___
37% 37%
36% 37
36% 36%
37
27 J ’ly 6
37% 38
37
*3712 38%
800
111 1 1 1 % *u n u m i?
112
1 1 1 *110 1 1 1
90 J ’ ly 0
74%
O o 2d p ret____________
74% *74
300
*74
74%
74
*72
76
*72
75
59 J 'ly 27
75% *73
767g 78%
78
80
78% 80% 1072400 United States S te e l_____
61% J ’ ly .6
; 7734 793,
77% 787«
78% 797g
5,230
Oo p re t___
11934 119*8
1lot* J ’ ly .6
1193s 1197. 119% 120
119 119-% 119 119% 119% 120
21,100
dU
tah
C
o
p
p
e
r___
Par
510
49% 50
49% 50
49% 50%
CO% 51%
tf39% J 'n e o o
50% 513S 49% 50%
64% 65%
65% 18.235 Virgin. a-C arodn a C h e m ..
64
65%
65
47 F e b .)
1 6434 65%
64
65
64%
116
Oo p re t________________ 117 J ’ ly .8
125 125 *124 126 *124 126 §126 126
>125 12534 *123 126
*
___
10( V rginla iron Coal & Coke
60
56
*54
56
50 Sep 21
*54
69
*54
64
*54
59
54
Vulcan O e tin n in g ________
12 O ct 21
\\/’ ells Fargo & C o _____
152 Let) ,
>164 167 *164 168 *164 167 *164 167 *164 187 + 104 167
089
estern Union T e i e g . .
723g 7234 §723* 72*4
7112 71%
71% 71% *71% 72
53 J ’ly 2 (J
71% 72
8.130 vVestlngh’ seEl & M tg assen
73% 74
72% 74
7334
72
73
49% J 'ly 26
72% 7234
73
72*8 74
Do i? t p r o .___ __
11
Mav
>120 124 *120 124 *120 124 *120 124 *120 124 *120 124

.7 0 Jan
15 Jan 3
6*-34 Jan
90** Ian
-L% O ct 21
47% Jan lo
c5% J ’ n e l i
'o ', Jan 3
8 U "J a n
72‘, Jan £
120 At oh
T Mch
107 O ct 13
8% Jan
4/*s -m i

i

29 % M ch
1734 j a n
<u7s Jan
62% Jan
tl5 Jan
8 F eb
48 M ch
90'3 j a n
194 Jail
112.". Jan
2 5 A pr
10 1% Sep
wo dan
128*8 F e b
1-4 Feb
143% Feb
oj3,i M ch
39% Men
104 Alch
£54 Jnn
347, O c t
60 j a .i
164% Jan
ls% Jan
4834 Jan
to o ;, M ch
£0 Jan
92% Jan
160*8 Jan
23 % Jan
86 *8 J<m

7
.1
0
.7
-0
1 ..
1>
1
1
18

7

21
1.

3
3
4
3

0

c
.5
36*4 Jati %
60 Alch 8
83 Jan
10*)7g Jan 1
L6
12jij JiUl ii
129 Jan
/% Jan 243, Jan 0
16 Jan 3
6 U "J a n 3
64', Jan i
90**4 Jan 1 ,
Util" la ' n
93 O ct 10
7a*4 O ct 1\j
I L Jllll L
125 Jan 17
28% Jan 3
lb
89% Jan 4
1lo i- Jnn %
*223* O ct 1,
96% ja il
84 Jan 0
43% Jau 4
46% Jan 4
11638 Jan 3
1061" Jan b
27*4 Jan
85 Jan 0
61% Jan 0
lo/%> Jan
2o J Jan 11
51% Jan
457s Jan
lu4% Jan
86% Jnn
118*4 Feb
540% Jnn

17
3

1

is
9 j Alayt3
13% Jan lo
73 Jan 1 /
122 Jan 0
32 Jan
1.7
145 Jan •O
84% Jan 4
it Jan 14

Il ighest

190 Jnn
250 N o v
j 2*j F eb
(6% A u g
67% N o v
3s Feb
96% N o v
66 F eb
60 A llg
33% Jan
103 A u g
95% Jan
20% Jan
491? A u g
,2 Jan
98 OCt
7i" F eb
15 - NOV
711 ? F eb
86 J ’ ns
44% F eb
761? N ov
1071? F eb 1 243-1 A u g
42% Jan
79% N o v
Jan
107% N o v
20 .n F e b
jPO D ec
10 Sep
6% Feb
5 1% Aug
34 Feb
42% A p r
18% Jan
20 J ’ no
12 F e b
4 7**4 J ’ U9
29 Jan
49 F eb
69% A u g
122 A u g
109% t c o
1 1 % J ’ na
5*2 J */
69 S ep
38 N ov
80 Jan
92*8 AUg
7734 l-’c b
(05% NOV
l o l Jau
116*4 A u g
•;2 > M ch >285 N o v
05 M ch i.)5 M ay
34% F eb
66-*s N ov
1 15*s N ov 1303S Sep
118 NOV 131 A p r
|25 F eb
145% Sep
90% F'cb
10 4 M ay
26 F eb
40% A u g
93**4 Jan
107*4 J ’u0
*3/34 Feb $54*8 D ec
30% Sep
18**4 M m
47 L e o
09% Sep
164% D eo
1 18 Jan
17 % D e c
19% Oeo

25 % Men
993j A p r
29 l'o b
2 1 % F eo
1 14% F eb
10% F eb
73 % F eb
32 % F eb

55 Alch
80 F e b
ioUl> i’ ob
U- *jau
109*4 Jan
; 3S J ly
is*4 J *y
y i, Alcn
4 7*4 Men
33i" L eb
82% Jau
104 J ’ ue
70 Jan
0912 Jnu
U01*> 9 iiii
118% aau
12% L eb

7 I 14 F eb
102*4 A pr
80

5'l34 O ct
i l l Sep
63 D ec
91% D ec
165% 3 an
26i? J ’ne
93% J ’ne
63 D ec
41% Jan
95% M ay
94 A uk
172**4 AUg

,1544 D eo
128 O eo

9 O ct
27% dau
19% Jan
0934 A u g
64% N o v
91 Sep
1 13*8 O eo
95% N o v
77*'v D ec
120 Sep
130 Sep
30% Deo
94 ‘ AUg

1 13**4 A u g

F eb
J an
Feb
N °v
Jail
U ec
Apr
L eb
F eb
F eb
Jan

97% N ov
87% J ’ ne
431 ? N o v
64 O ot
120 AUg
103 D ec
218*8 NOV
87% D ec
56 A u g
111*4 AUg
200 AUg

321, Mch

641- A u g

7*2
29%

45%
10H?
99%
to
40
30%
96
109

Iti'x
67i,
68
107'%
$33%

F ob
Feb
F eb
F eb
O ct

80%
9>j
66
115

F'eb
F eb
3 an
O ct

1251 ? Deo

24*). F e b

36% J ’ ne

49% Sep

110 % J ’ ly

94>s OCt
120 Sep
$49 Jau

9 3 J iy

15*8 J 'u e
81% J ’ uo

82
04
10
24
27
98

F eb J i l l ” D eo
F eb
87 Sep
Mch
17% J ne
39% A u g
Feb
Feb
67% AUg
£2% ja n 3
123% A u g
Jan
lv
89'? A u g
0712 F e b
84 Jan
04/fl O ct
41 ij F eb
91 Jan 3
131 O ct
125*8 Jan W 107 F eo
>67% N ov
$6011 Jan b $39% F eo
40.s F eb
56*s D ec
661,8 O ct -.1
114 Jail
128 D ec
12 ‘j % ja n
67 F eb
73 Jan
/57s Sep
6 Feb
L
37% N ov
670 D ec
ni05 Jan 4 300 Jan
64 Leb
781- Mch
86% N ov
74 Feb
821" Jan 3
90 A u g
Mch % ) Sep
130 Feb 1 11

B A N K S AND T R U S T C O M P A N IE S — iA N K K R S ' CJUD i'A i h »N3.
1

B anks
B rooklyn
Broadw ay T*
B rooklyn \ .
Soney lsi'ilT
First ............
H lU sIdeU ...
H om estead !
V lanutac'rs’
M ech a n ics’Ij
U on tau k . .
Nassau . . . .

But 4 Aik
375
290
415
230
___
245

110
155
310
125
115
245
150
270

B anks
Brooklyn
Nat C i t y . . .
N orth Side J
People s ___
P rosp’ c t l , k, i
term inal 1|

Bid

Ask

290
150
158
150

305
180

1rust C o ’ s
N Y CUy
A s t o r ______ 325
Bankers’ T r 625

160
90

335
649

Bid
1 rust C o ’ s
N Y City
B 'w a y I r — 145
Carnegie . . 100
Central f r . touo
C olum bia . . 275
Com m ercial
120
E m p i r e ___ 300
K qult'ble Tr 455
Farm L o & l 1625
Fidelity —
210
F u lt o n ____ 290

Ask
J150
110
285
130
310
____
1650
J»
____

1 rust t -o ’ s Bid
G u a r'ty Tr
795
G uardian Tr
H udson . .
170
K nlckerb kr 295
Law T i& T r 250
Lincoln Tr
130
.lad lson
.0 )
M annactan
375
M ercantile . 700
Metro p o l’ t'n 51 «
M u tu a l____ 131
Mut A d n cc
120

Ask
80S
175
180
30J
263
140
40J
740
625
130

1 rust » o s
NY L lfe& T r
N Y T ru st.
S a v o y ______
Standard Tr
U tleG u A l’r
tr Co ot A in
Union trust
US M tg& tr
Unit S tates.
iVasuingtoii
vVestchestei
W indsor _.

am
1 too
635
60
400
495
T3 *0%
127*>
165
1175
375
ioU

120

■rust C o’ s
7i. ook. yn
B rooklyn 1’r
citiz e n s ’ . .
Flatbush .
fra n k lin .
H am ilton . .
1310 H o m e _____
47
Km gs Oo . .
L Isl L <5c Tr
1200
N assa u ____
P eop le's . .
160
130
ju e e n ? C o .
(VIII a m s b ’g
A?*

But

A ik

420
125
200

435
135
220
215
280
110

.120

650
106
411
500

270
105
500
300

165

300
160
—

310
175
315
115
100

•Bid and ajked prices; no sales on th.s day. 4 Less than 100 shares. $ Ex-rlghts. t> N ew stock c Ex-div ani riga,s. a Now nuotea dollars per share, j
ISalc at Stock Exchange or at auction this week, s lSr-stook dividend. TlUanks marked with a paragraph fl]» are State banks.
-i




New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1 9 0 9 , th e H xchanye m eth od 0/ qu otin g bond s w as s h a m e d , a n d p rices are now a il—" a n d In te re s t" — excep t /or in co m e a n d d e fa u lte d bonds.

09
BONOS
N. Y. S T O C K K X O H A X O E
W rkk E nding o c i 28

W eek's
Mange or
I m s I nale

P r ic e
/•rn la y
Oct 23

L. •->. \'OV«?riiuieiu
1/ S 2» oodboI r e g is te r e d .d }9 3 0
If a 2a consul conpou....<M 93U
U S 3s r e g is t e r e d ..............<1918
U S 3s c o u p o n ..................... / d o l e
U S 3a cou smalt b o n d s ../d U l b
0 S 4s r eg istered ................. 1926
If s 4s c o u p o n .......................1926
U S PiuiOnu 10-30 y r 2 s ./d 9 3 c
K o r e is n (»ov ei-n im -n l
A rg en tin e— In tern a l 5 s o f 1009
im p erial Jap an ese u o v e r iim 'i
s t e r lin g loan 4 Has........... 1026
2d Henes 4 >as..................1025
S terlin g loan 4 s .............. 1031
U opu bot C uba 5s o x te n o e O l..
San Pauiot Brazil) tru st 5a 1010
U S ol .Mexico 8 1 g 6s 01 1801
G old 4a 01 1904..................1054
S u it e nud C ity S e c u r ii 108
N Y C i t y - 4 *4 S .................... I'JtiO
4% Corporate S to c k ........ B o b
4% Coi'uoratu a le c k . . . . 1953
N ew 4 Hia ........................... 1067
N ew 4 H18 ........................... 1 . 1
4 H)U0 C orporate S to c k .. 1057
4 <9% uaseaainl lio n u a .... 1017
4% Corporate M o c a ___ 1967
N Y sta te —Canal lm p t4 s . lOUO
So C a rolina 4 -as zu--io ........ 103)
Penn new BCttleineut 3 a .. 1013
V irgin ia (uuu dent 2 -3 a ... 1001
0a deterred B row n Bros uMs.

Hiu
100*J
1018*4
id i *4
101-4

hOW
l0(J*4 1
100*4
102 I
102 !
101*4.
i*i*5*’ i i o
115 Hi <
1 16 H. '
1 1 5 * 3 ....
100 Hi......... 100°s .

tj-J
<3-j
u-a

w

IQ-N
f

M-S f 97
F
J
J
M
J
V'
J

C

87 >»

07H«

M ange
nince
J a n u a ry l

2V0
I ....
....
....
>. . . .
1 ..
1 ....
1. . . .
....

how J/lgh
100*4 101*4

07*4

9138

12

((i i il r o a d
4 lauaiua Cen t $ee So lty
OLlaOa 5Udi nee A t Coast Bine
A lban y <te Susa nee ueida nun
A llegn en y V alley a c «P e iiu Itli
A lleg A W est nee Bun 11 & 1
Ann A r b o r 1st g 4 s ......... /tl0 0 6 i/-J
Atoll T<fc S Ec— G en g 4 s. lOOo A -0
U egistered.......................... 1906 A -0
Adjustm ent, g 4a........... /U 90 6 Nov
K e g is te r e u ................... A1U06 N
Stam ued.........................a l0 0 6 M-N
C on v 4s issu e ot 1 9 0 9 ...1 9 6 5 J -B
C on v * 4 s ............................ lu o o J-D
C on v i s (issu e o f 191 0). ibOo J-D
10-year cou v g o s ......... I u l7 J - 1
D eben tu res 4s S cries J . I 0 I 2 F A
S eries K ........................... 1013 F-a
E ast O kla D iv 1st g 4 s ..1 9 2 8 «i- s
S h ort B ine 1st 4 s g ......... i 960 J
0 E e P res d> Ph 1st g 6 s .l0 4 2 -U-S
A tl K n o x A N nee l . A N
„
A tlan tic Coast 1st g 4S.A1P62 M- =>
A ia M id 1st gu gold 6s ..1 9 2 8 M-N
B ru n s <& W 1st g u g 4s . . 1938 <1-9
C harles <Jb S a r 1st g 7 s ..19 3 0 J - J
L * N coU « 4 s ...............01962 ABN
8 a v E d > W 1st gold O s..1934 A -u
1st gold 6 s .......................1934 A-O
SU Bp O c a d iG g u g 48 ..1 0 1 b J - J
A tlau tio d> D a u r nee South Uy
Austin d> N W Ass S ou Paetilc
T j a l t * O hio prior l g 3 His.1020 J -J
D
U egistered ................. /tl9 2 6 Hi-J
1 G old 4 s ..............................A19 4 S A -0
1
U e g is te r e d ................... A194S Hl-J
P itts J uno 1st g old O s... 1922 J
P J u n d>M D iv l s t g 3*381926 M-N
P E E d> W V a S y s r e f 481941 M-N
Southw DlV 1st g 3 H l8 ...1926 J J
1
U e g is te r e d ................... A1926 W-J
Ceu O hio U 1st 0g4H jS .. 1930 Al-S
01 B or A W c o u Lst g 6s 1033 A-O
M ouou lllv l s t g u g 6 s . . 1919 F-A
O hio U lver U K l s t g 5 s .l0 3 0 J-D
G eueral gold 6 s ............. 10 37 A -0
P itts C lev ifc 'io l l s t g Os 1922 A-O
, P i t t s * W est l s t g 4 s . . .1917 J -J
S tat I s l Uy l s t g u g 4 Hts 1043 J -D
B eech C reek nee N V c * a
B ellev * C or nee Illin ois Cent
Bftlyu * M ou tau k nee B on g 1
B r u n s * W est nee A t l Coast B
B u llalo N Y * E r ie nee E rie
Butlalo it * P gen g 6 s . . .1937 M-S
C on sol 4 Hts ........................ 1067 M-N
A ll * W eal i s t g 4s gu..iU U 8 A-O
01 * M ah l s t g u g 6 s ___ 1943 J •J
K o o l l * P itts 1st g O s... 1921 F-A
C on sol l s t g Os............. 1922 9 -0
Bull * S usq l s t ret g 4s.«tl961 9 -9
Bur U U d> N nee U K 1 * P
lan S o l s t e x t O s ..............1013 J-J
)2d 6a................................... 1913 ivi-s
U egistered .......................1913 m - s
Oarb * Shaw n nee 111 Cent
Carolina C en t AeeSeab A ir B
Carthage * A d nee A X C * U
Ced U la E * -N nee B C U * N
Cen B ran cu l i y nee M o Pao
C e n to ! Ua UK l s t g 6 s ..n l9 4 5 E-A
C on sol gold 5s................... 1 U45 Al-N
U e gistered .......................1945 M-fl
l s t prof in com e g 6 s . .. .p l 9 4 5 OCt
S t a m p e d ................................... I . . . .
2u prei in com e g 6 s . .. .p l 9 4 6 Oct
2d pi c l in com e g 6a stum ped . . . .
3u prei incom e g 6 s . .. .p i o 4 6 Oct
3d prof in com e g 6s s ta m p e d .1 . . . .

A sk
lo i* 4
lo l
102^8
102

i s
^0

95*4 97*,

18
15

94
DOHi
S)3Hj 95 7a
88*8 9 2 Hi
101*4 104
1I-J5
97*4
y0
y y a4
91*4 97--,
0 / $5 to £ .

....
___
....
as iA

1007„ Sale 100^8
99 Hi aait
90*4
90 ■’g sale
99*4
lua
sale
102 Hi......... 103
108
i 0 7 ‘i 108
102 H».........
99 -a.........
105 *s Bale
......... 104
95 7S 9 7
84 H» 88
41 Sale

155
yu
e
13
'L
3c
....
ll
5
....
....
....
15

6

78
80
98*4 Sale
9 7 ’8 ........
......... 01 Hi

41

102*3 102*3
114*8 116H.
U 4 H 116*4
t o o 6# 100»8

15

f 943s Sale
9334
t 94 bale
t 88 Hi 89*4 88 “4
1.0 1
102*4 102 Hi
1 97
9 />8
t 901, 9 /
94 Hi 90*9
hese a r e p r

10778

100*4 11)1 *4
101 *4 10 234
101 *4 103

100

10 1\
Uti 1011*8
SO -4 100 Hi
I06*fc 109 78
102 Hi 103 *6
105*4 110
102 103*8
90-4 100
10 1-4 105 *8
103H» 103 H,
94*4 90
9 0 7s 9 0 78
40
60

7 74
83 Hi
l l o 97*3 10 1
. . . . 98 100
li 88
95
. . . . 02
92
23 89
94 V
13 105 117
18 100 1 2 2 7(,
41) 98 104*4
6 1u4*4 fJ ’-J-’a
.. .
9M7» 9 8 7»
98 >3 98
97
97*4
U334
94 »4
7* 92
107 *3 109*3

79
98®s
98 .
92*4
92 .
91 Hi 01-»4 UlHl
100 Hi 107
i o e ‘4 '107*4 100 Hi
lo 3
bale 102*9
108*4 bale 1u8 34

92

9a Hi.........
0 3 ftg bale
I 0 8 Hi. . . . . .
95Hi 90
lU 6*4 ___
54 *9___
12b ....
9l»a 93
123
110*9
u a3*

97 03*a

90
90
109 S o p ’ 09
90*4 J ’ n e’09
92*9
127 *
112 ;
95 «

8

92

90 7»

27

89

95*3

112

96

°2*4 30 90
92Hi 92*4
03
92*4 91*4 O ct '09
08j4 98 Hi , 89
3*0 97*4 190*4
99*4 o o j 4 J ’l y ’ U
90
9 9 -t
1‘20 O ct ’ 01
. | 87 «b 39 *8
87 “4 88*4 a 7 s4 O o t ’ i o
01 Hi bale
93
01*4
9 1 ” 20 89
90
91
it) 89
90
90
92*4
89*9 A p r ’ 10
89*3 90Hi
98H .......... 103 Alar’ 10 __ 103 103
HO O o t ’ 10
......... 112
U O 113*3
10 l *4......... 10 6 7« h 'eb ’ 07
102 Hi......... 1 1 2
l l e c ’ OU . . . .
.....................
103 ......... 1 C2 N o v ’ uO
109’ a ......... 1 10 Hi M ai’ 04 . . . .
..................9 0 -4 ......... 98*9a e P ’ 09
80 .......... 100 N o v ’ 04
98
.........

11l°g.....

107*4
107
96*4
108
116*4

115*8 116*9 J ’f y ’ i o
109 |105 J ’l y ’io
100
UO A u g ’ 10
......... '10 3 J ’ l y ’oa
118 I I 16 J ’ n e 'io
1 1 6 34 ......... ' 110*4 Sep ’ l o
......... 72*41 72 M a r’ 10
103*9 Sale 1103*9 184
l u o ’ » l o l *4 lo o * * l o o 7*
.....................100*4 M ay'07

100*9 108
......... 108
91
93
91
93
87*9 89
b7H» 88
84
85
81
86

....
....
....
••••
••••

1137g 116*3
106 109*8
90
99*8
...... ......
116 117

110*4 110*4
72

72

9 102*3 105 \
1 10 0 ^ 101*4

109*^113*3
1U0*9 107
'J 1U3*4 109
113 A p r ’06 ,. ..
91
91
91*4
i 0 , 82
90*4 O ct '1 . .. J 84
90*4
28 76
8 7 Hi
87*
87*4
87 O ct ’ B
75
87-3
1*6 75
84*9
84*
80*4
80
80

Is

C en t 01 o a u r t —< v o n j
Chatt r u v p u r m en g 4 8 .19 3 1 j . d
M ac 32 A or D iv l s t g 6 s . 1940 J-J
Alld d a d o A U DlV 6 s . ...1 9 4 7 J.J
M ob ile u iv l s t g 63 .... 1V4C J.J
Ceu t i n A t i v i e a c o l g 03 1937 rvi..\
C en t ol N J g e u ’ l gold 0 8 .19 8 7 j . j
U egnatered.................. /tlU87 d . j
A m D o ck A Im p g u 6 s . .1921 J . j
Be A h a i l tt jjeu gu g 6 s 192U j . j
Beh * W ilk s B Coal 6 s ..19 1 2 ,\b n
Cou e x t g u ar 4 Hj« .. . .! /1 9 1 o y..\i
•N Y A B on g B r gen g 48 1941 M -s
Cent P a ciu e nee So P a cilio Co
C en t V erin on t 1st g u g 4 s .e l9 2 0 Q .p
Cliaa * o a v nee A t l Coaal B ine
d i e s a o n i o g o lu Os......... a l 9 i i a -O*
U eu lu u d iu g A lm pt 6 s . 1929 j . j
l s t c o n s o l g 08................... 1939 .yi-ts
U eg iste re d ....................... 1939 m -N
G eneral g o ld 4Hia............. 1992 M-S
U egiste re d ....................... 19 9 * lVl. s
C o n v e rtib le 4 *98 (w in s ) . 1930 f - a
o e ; bau.iy i s i 4 , .............. 1944 j . d
c o a l u i v u y l s t j. u 4 s . . . . 4 ^ j - d
Craig V alley rat g o s . ...1 9 4 0 j . j
P otts C reek B r 1st 4 s . .l 9 4 o j . j
U M A DIV 1st COU g -48.. 1985 j . j
2(1 COUSOi g 48................. 1985 J .J
W arm b p r Vai 1 st g o s . . l 9 4 i M -s
G re e n b rie r lty l s t g u g i s ’ 4u j i -M
ClllC A A l l U K r c l g 3 s . ..1 9 4 9 A-O
H a llw a y l s t lien 3 hjs. .. 1 9 6 o j . j
U e giste re d ....................... 1900 j . j
Clue b u n do ( j — u eu v D 4s 1922 F-A
Illin o is D iv 3 His................1945 j . j
U e giste re d .......................19 4 . j . j
UlS DlV 4 S ......................... 1949 J .J
Io w a D iv m ilk lu u u o s . .1915 A -0
S in k in g lu u u 4 s ............. 1915 A -0
N eo ra sk a E x ten sion 4 s.1 9 2 i iVI-.N
U egistered...................... 1 9 2 1 ivl-S
S ou u iw e ste rn D iv 4 s ___ i 9 2 i m - s
J o in t bonds nee G rea t A o rtn
D o o u u lu ie o s ..................... 1913 ,',1 -N
G en era l 4 » .......................19o8 M-S
U au do a t J o s con sol 0 3 ..1911 (\ft-S
C lued) e i ll re i oo im p g as 1956 J . J
1st co n s o l g Os................... 1934 A-O
G eneral c o n s o l 1st o s . . . . 1937 M-ri
U e g iste re d .......................1937 &1 -N
Clue do m u c Uy 1st o s . 1930 J-J
C ln ca g o d ) E rie ose E rie
w**‘ V Wv M cg tv iu IOI) 'XO.t.lOUO M -S
d u e m e u u o m a v roi 0.1 . . . I 941 J -0
u e i uniting g o ld 6 s ........... 1947 J -J
BouisV N A d) Cll 1st Os. 1910 jj . jj
Ohio In d de S o u 5 0-yr 4 s . . 1050 j . j
C ine M il do a t P l e r m g 0 s ”* 19l4 j . j
G e u e r a lg 4s s e n e s A . .<1989 J .J
U e g iste re d .....................<1989 y .J
G eueral g 3 His se n e s B .«li>89 J -J
2 5 -y r d e o e n 4 8 ................. 1934 j . j
Cine do B a u D i v g o s ___ 1921 j . j
Clue do M o UlV DlV 0 3 ... 1920 J -J
C lu e d ) P W l s t g 6 s........1921 J.J
D ak do G t S o g 6 s ..............1910 J . J
Ear do aou assu g Os........1924 j . j
E aCrossedo D 1st 6s___ 1919 j . j
M in era l P o in t D iv 6 s___ 1910 j . j
a o M in u D iv 1st Os......... 1910 j . j
W is A M in n D i v g 6 s . . . . l 9 2 1 J .J
MU A N o l s t M B OS___ 1910 J-D
l s t c o u s o l Os................... 1913 J-D
C h io d o N o r t u w c o u s 7 s ___ 1916 o -F
E x te n sio n 4 s ..........1880-1920 E-A
U eg iste re d ........... 1880-1920'E -A
G ............
eueral ..............
g o iu 3 His............. 1937
..... .. M-N
U e g is te r e d ...................p !9 8 7 H-V
S in k in g lu u u O s... 1879-19*29 A-O
U e giste re d ........... 1879-1929 A-O
S in k in g lu n d 6 s ...1 8 7 9 -1 9 2 9 A -0
U eg iste re d ........... 1879-1929 A-O
D e b e n tu re o s .................... 1921 A-O
U e g iste re d ......................1921 A-O
S in k in g lu u u den o s ........ 1933 M-N
U eg iste re d ...................... 1933 M-N
MU B S d s W est l s t g Os 1921 M-S
E x t A im p s tuud g 6 s 1929 F -A
A sh lan d D iv l s t g Os..1925 M-S
MlCh D iv i s t g Os......... 1 92 4'J - J
I n c o m e s ..........................1911 M-K
j .j
U eg iste re d .......................1917 j . j
G eueral g o ld 4 s ................. 1988 J-J
U e g iste re d .......................1988 jJ-J
-j
H e fu n d in g g 4 s ...............1934'A -O
C oll tr u s t s e n e s J 4 s ....l9 1 2 'M -N
M »s................................... 1915 M-N
H 4 s ................................... 1910 M-N
O 4 s .................................... 1917 M-N
JP4s....................................1918 M-N
Ohio H U P a o U K 4 s . .2 0 0 2 M-N
U e g is te r e d ......................2002 M N
B u r u Ud> N — l s t g o s .1 9 3 4 A-O
U eg iste re d ................... 19 34 A -0
O U 1 E A N W i s t g u o s .1 9 2 1 A-O
M d> S t B I s t g u g 7 8 ..1 9 2 7 J-D
C h oc O k A or gen g 6s .01919 J -J
C on sol g o ld 6s................1962 M-N
K e o k ds D es M 1st 6 s . ... 1 9 2 3 'A-O
Jh io a t x. da N u nee l u c e u t |
Jhio S t B da P itts nee P eu uC ol
Jlilo s t p m da o co u O s ...1 9 3 0 J -D
C on s Os re d u ce d to 3HiS.1930‘ J .D

W eek's
g -a
M ange
.vines
Jianye or
Hast nale |S-c J a n u a ry 1

P rice
P riiia y
Oet V8
Ma

a s k [L ow
Jiiy/i Mo Low J n gh
U1
Sep ’(iD j....!1......... .
103*4 ......... fh )4_78 J ‘ ue 0 8 ...,i| ............
103*4......... 1 15
N o v ’05
lio
107*1,......... 110 J a n ’ l " . . . J i l l )
102 *-1 103 102 S e p ’ 10 . . . J 102 103
122*4 124
123
23
125*3
122 ___
122
4 12ii*« 125
lUO^s 108 109 Sep ’ 10 ... .! jl o 7
109
99 __ _
___
100*4 Sep ’ 10 i . . . luOHl 101*4
100 M ay’ 10 . . . . 1100 100*4

80

l! 120

1

100*2
96 ....

88 *a Sale

88*3

88*4

5

85

88*3

100 O ct ' 1 . , . . 1 0 0 101*4
......... l o o
j0 4 S ep Mo . ..J I lo 2
IO0 H1
112 112*-, 112
112
bill 10*3 114*4
» ........... 113*-, l l 2 *a Jan ’ 1., . . . . 112*3 112-3
l o l *5 s a le 101 *-, 102
7Sj 91 )03 H>
* ......... 102
101 > J ’noTC c . . . 1 0 l 7s 1 0 1 7*
03*4 Salt
93=a
- 4 j42,>I 89
96*4
89
89 *t s;i A p r 1
89
S4Hl 88
88*3
105 ........
104*3
.
81
50
90 .
* ...
95*4 9s*. 08
* I 94*3 99
91 *» 93
91 I
.... ! 90*3 93
1
lo l
. . . . . 713*4
90
>L*** 87 *8 l>6
95 1
72*4 V i ”
![»'•»J 70
77
71
» .... 08*4 70
71 Hi 71H ,1
1
......
75 *
99*8
9 J Hi S
"lib’ i ibo”
88
83*8 8 ,-*4
ffVv 8 0 *3 8 1*3
87^
87-, 8 8
lo o
sale 100*4
y 98H) l o l
1
1U4*4
99*1, lOUHl
».... 98*-, loo
99*6
98 1 U0 *4

SlS‘

1

72 :

0

1

88 1

9/

1 _
1 ....

........

101 101*
97*8 Sale
lo u ° 8 .........
82-3 85
122 127*8
111 bale
UO

Sale

97*3 99

101
13 190*3 102*8
97 Hi 25 97 100
00*4 J ’ly 'l ' 1 .... 100*4 102
84*4
85° 1 lb 8 1
80*8
121 J ’l y ’ i 1 ....' 121
127
110*8 111
8 ]1083b 113
114 Muy’ OI 1 ...J
6 'jllO 1 1 2
10
110
101
97*6

1

85H» 80
33 84
85*3
80
87*3
1 -6 120 's 125
126
jl2i*8l2y*3
1 0 /*8
114 D e e ’ u!
100 J ’ntyK
. 100 100*4
92 v
2*a 92 *3
1 | 92*3 54
lo i^ io a
103 J ’ n e’ 10 ,. . . J 103 103*3
9J
99*4 9 9 '3
99*4 12
98 1U0*3
l0 3 H iO ct U S ...J
‘ 88*8 *90'* 8 8 ‘t G et ’ ll) . . . J
93 bale
92-s
93
20 91*3 93*4
M a r i o l . . . 1 107*4 108
lu o * 4 .........
1 0 7 ’* ......... 108 Hi G et *10'___ 107
110*4
lo 7 *4 c e t *10j___ I 106“» 11)8*4
102*4 1 0 4 7* 103*8 m 3 ’ si 6 '102*9 103*8
1 1 0 - 4 ........: 110*4 M ay’ l o f ___ |lliO*« 1 l o *4
103*3......... 104*8 id4*8| l 'T O l - j iUO
100 ’ M ay’ i o ' ___ lo o 100 *8
100 N oy ’ oo L ...
lU 5 * s.......... 1 , 16*4 A u g 1 0 :.... ’1*06*9 108**
lO o i, M ay’ 1 0 '. . . . l o o -4 100*8
103*4......... 103*8 A u g i o l . . . 103*8 105*3
110*8 112 1 1 2
O C t’ l o l . . ..1 11 0 78 113
99 .......... t o o J ’n e l O ' . . . j 90*4 l o l
95*8J » y * io | .... 96*8 95*8
E8*3 99
89 I 3 87
8/
89 *4 83
90
93*8 A pt ’ 0 9 '. ...I
110*4 « o P 't O . . . . ' 110*8 1 11*!
l il* 8 ....
109 . . . .
..
1 1 l *4 A uv’ u 9 '___ 3..........
UK- J ’l y - l o 1. . . . 106 109 c,
105*8 107
lo ii M ar’ l o 1. . . . l o o
lo o
it /o H i. . . .
......... 107
107 M ay j o . . . . 105 1 0 /
___________ 100*3 l e o ’ i u !. . .. t liut>*3 100*3

J

..... «

10/ lo7s

‘*86*8*8*9**

1o7*4

.................'1U9

s e p ’ 10l....l'109

1 1 1 <-

..................... 1109 J 'iy ’ Ob' . . . . ' 1.......... ......... .
114 ..........T 14*4 J ’ly ’ 10 . . . . T 14*8 117*4
108*3......... 1112*4 M a r’ lu !....| T l2 * 4 112*4
) 17 Hi......... 142 Hi E tO ’ o 2 . . . , | ...........
... 1
1 1 7 -3 .........123*8 A p r '0 9 . . . . l i ............
100 ......... 103*3 May’ 0 9 '. . . . » .
109 *3 ....... . 110 CCl Mo . . . . ’ 109*3 i l ’ j*
109 ...... . 109 A u g 'l O . . . . 109 109
97*8 97 H 97 *4 57 ‘4 1 91*3 99
___ 9S«4 98*4
8 ^ sale
90 107| 80
92
97*8 97*8
94 *3 94H]
94 D eo ’ 09 ,
U4U M u y'lu . . . .
94*3
****;: *9*5** 93*3 A u g’ t)9 .
74 >4 bale
71*4
7 5*8 244 tS0’» 83 7g
70*4 80 -a
76*4 M ay-io
109 1 1 0
1 1 1 *3Get '10
111*3 114*3
120 Ha M ar’ 03
106*4 sate 105*4 105*4
0 106*4 100

....................

.....

8J

. . . . 104 104
•••• 108 U O
103*8 104

85

.* 93

D e o ’ 03

m
M

123

127*4

HON IBS—C o n tin u e d o n N e x t i 'u g e .

Street ltnilway
A -0
J -J
j .j
Vl-N
r-A
F-A
E-A
E-A
J-J
J.J
J-J
J-J
F A
AO
VI.N
M-N
J -J
vt-S

N o p r ice Erhlay; la test tills w eek.




97*3

92

iU lH IK I .liA N K O U O
S t r e e t K u iH v n y
B rooklyn Kap T r g 6 s ........1946
l s t refu n d c o n v g 4 s ___ 2002
B k C lty l s t con 6 s . 1910.1941
B k (j C o d) a cou g u g 6s 1941
B k lyu U u E l l s t g 4 -6 s .l9 6 (,
Stam ped gu ar 4 - 5 s ....l 9 6 b
K in g s Co El i s t g 4 s ___ 1945
Stam ped guar 4 s ......... 194-.
N assau E lec g u g 4 s ___ 1961
Conn U y * B l s t if c r e f g 4 * 3 s '6 l
Stam ped guar 4 *38......... 1 9 5 1
Det U m ted 1st con g 4*38.1932
H avana E lec con sol g 6 s . 1962
in ter-M et coll 4 His.............. lD ic
In ter K ap T 3 y r c o n v Os.1911
43-year 6» Scrips A ....... 1962
f n t e r u a c T r a o c o li tr 4 s .. 1945
M anila K lee l s t * COU 68.1953

112

■*sf
BONDS
hS-2
N. Y. STOCK E X C H A N G E
WKKK ENOINh OCT 28

104 Sale
83 *3 bale
lOO *3 Skirt
97 Hi bai*
I 02 Sale
10 2 102*3
81
83
82
84*
78
79 *»
......... 102
1 00 *4.........
80
8 l Hi
95 *3 . . . . . .
8 i * » 8nh
100 B -*aic
10 iH lo 2
05 Hi.........

1 io n * lo o
104
Met St Uy gen col tr g 6s.l997 P-A
84*4 180 79*4 87
lte f g 4 s ...............................2002 A -0
1 100*3 104
Uwuyda 7th A v l s t o g d s 1943 rf-D
lOt) *,
3 Of *3 99
COl da 9 lh A V I s t g u g 68.1993 M-S
99
3 99 103
102
10 2
B ex A V d i P E l s t g u g 5 s 1993 Vf-S
6 9 9 ’e 103
T h ird A v e U K co u g u 4 s 2000 J-J
10 2
102
84*4 A p r ’ 10 . . . . 84
C e n t T r C o c o r tfs stm p d .............
80
1 80
92
82
T h ird A v e U y l s t g 5 s . . 1937 J - J
80*,
78 O c t '10 . . . .
N o n lty <fe Bt gen 4 Hjs . . I93u J - j
70
82
102*8 M ar’ ll . . . . 102*8 10 2 *t S t J o s U y B t i t da P l s t g 6s -3'| M-N
11) l *4 A u g ’ D . . . . 100*3 102
-a P aul C ity C ab co u g 6 s . 1937 J-J
e o J ’l y 'l l . . . .
80
82®e T ri-C ity U y i & D t l s t s f 68.1923 A -0
93
96>4 u n du rgroun d o f B ou 6 s . .. 192, M-N
95*4 O ct ’ 10
81
81*4 1269 77
4 *-iS.......................................193 - J-J
83*4
In co m e Os.......................... 194i100*4 102*4 1 / ( l o o t , 104
itll *3 1 0 1 *. l i e iOO 1037, U uiou E l (C lue) 1st g 6 s . .194. A -0
67 *« M ar’ ll)
07*8 Oi*t, U nited Kys S t B le t g 4 s . 1934 J ..,
M ay'ub
U nited K H s s a u E r s t 48.1927 A -0
104
83-1*
100*3
97*3

1] Elat, a llu o .Jan d D u o A p r

« Due May

, /D u e .l ’ ne

A D u o jly

-75
1 74*4 82*4
75
80
75
54
48
48*4 16 46
5 l-3H»102*3
100*4 102*3 102*3 102H,
90 100
90 J ’lv 10 . . . . 90 102
09
98
90
99
2 96*3 99
01*3 O ct ’ 10
67*4 69*3
02 *i Sale
0 1 *8
63 S 8*66 65
63*8
100*4 llO * i 107*4 107*,
1 |1U5 *3 1 0 8 7|
......... 85
8 1 7e O ct ’ 10
fl 84 79 87
98 N o v ’Ofc
B '” "** ****‘ *
*1*0*341*0*5’ * !0 7 ® iD e o ’ 09
08 sale
98
98 ’ * 2 DUO* 99
95
99*4 98 A p r ’Ub
1
..••••«
8S
89
89*3 O c t ’ H
R 83
89
37
30*3 37 H 30*3
*li | 31*3 40
84 Oct ’08
v i m *bo*‘ 80 A u g ’ 1 1
| 79**3 33
74
00*4 68 ' 68
68*4 “ *9| 65
fcDuo A u g o D a e O c t p D u o N o v * O p tio n Sale* i

BONDS
N, Y . STO C K E X C H A N G E
W e k r E nding OCX 23

■J* 0

frtc e
F rid a y
Oct 26

Weed's
R an ge or
L a st Sale

RClhfje
iSince

OO

Hu/h\ N o L ow B i g A
O hio S t P At A O —(C o n )
1
° ,ia
A *k Loio
Oh b t P A M im i l s t g 6a 1913 M-N 122 125% 123 J ’ l y ’ 10 . . . . 123 127
N o r W iscon sin 1st B a ... 1930 J -J 122 127** 120% M ay’ uO . . . . ....................
111% A u g ’ 10 . . . . I ll L% 114 %
S t P A S C ity 1st g 6 s . . .1 9 1 9 A -0 112*4
C h ic A W e s t ln d gen g 6s 71932 Q-M 1 0 8 % 1 1 ‘J 108% J ’ l y '10 . . . . Il0 8 % 1 1 2
C on sol 50-year 4 s .............1952 J . J
91
92% 92 O ct ’ 10 *«•*! 88
93 %
C hic A VV M ich s e e Peru Marq
C hoc u A G u lf See C It I A P ,
1
1
3
.
O
ct
’
00
Cln H A D 2 0 g old 4 % s ...1 9 3 7 J -J
165
195
Oiu D A l 1st gu g 5 a ... 1941 m - n 105 100
2 :101 108
C F ilid A Ft W l s t g u 4 s i . ’ „ 8 M-N
8 8 % .......
86% O ct ’ 10 . . . . 85
C in 1 A VV 1st iru tr 4 s . 1958 J-J
87%
102 b e p *10
lin t D ec A \V 1st g 5 s . . . 1935 J-J 102 104
10 i% 107
107*3 D e c ’02
1st gu ar gold 5 s.............1935 J-J
O I S t L A C See C O O A til L
Uin b A C See C O C S t L
Clear held A 51 ah See B It & P|
6 90% 96%
9434 Sale
94%
04%
C lev C m C & s t L gen g 4s 1993: J-D
......... 91% 94% A u g’09
C airo l)tv 1st gold 4 s___ 1939! J-J
91
93
91
Sep
TO
90** **94%
C ia W A M D iv 1st g 4 s . 1 9 9 1|J - J
94
95
” "i 89% 95%
95
95
St L D iv 1st c ol tr g 4 s . .1 9 9 0 M-N
91 Oct ’ 07
R eg istered ......................loou.M -N
96 D ec ’09
8 p r & Col D iv 1st g 4 s . .1 9 4 0 M-S
90 ......... 90 M ay’ 10
“ 90** *90**
W VV Val D iv l s t g 4 s . . . 1940 J •J
C I S t 1j & C con sol 6 a .. 1920 M-N 1 0 5 % ......... 106% F e b ’ iu : : : : 105% 105%
96% A u g ” 0
9 7 % ........
96% 98%
1st gold 4 s .............. ....£ 1 9 3 0 Q-B
97
....... 90 A u g 10
96
98
R e g is t e r e d ............... £19 36 Q-F
103 108
Cm b A Cl con 1st g 5s. .1 9 2 8 J-J 105 ......... 108 O ct TO
1U0"8 ......... 109% D e c ’ 09
O O O t t o i c o o s o i7 s ..........1911 J-D
C on sol sin k fu n d 7 s ___ 1914 J-D
119 A u g ’ IU
119 i i o
G eneral con sol gold 6s. 1934 J-J 121 125
R eg istered ................... 1934 J-J
l n d B l A w 1st pref 4 s. 1940 A -0 .....................
....................
O ln d A VV 1st pt o a . . . <11938 Q-J
91
93
91
91
2 89
94 %
P e o & East 1st con 4 s . . . 1940. A -0
57% 01
61 O ct TO
03
67
l u c o m e 4 s ........................ 1990 A pr
O lov A M arietta See Pen n R it
C lev A Pitts s e e P en n Co
70 sale
70
10 65
70
81%
Col M idland 1st g 4 s ......... 1947
94% [)ji4 95 %
95%
6 93
97%
C o lora d j A Sou 1st g 4 s . . . 1929
9 1’ *3 bale
97% 41 94% 99
R e lu n d A e x t 4 % s ......... 1935 M-N
F t VV A D en C l s t g 6 s ..1921 J-D n a v n s s j 113% 113% A3 i n % : u
Colum A G rc o n v See So lty
Col A l lo c k Val See H o ck Val
Col & T ol See H o ck Val
Col Conn A T erm See X A W
Conn A Pas R iva l e t g 4a. 1943 l
100 M ay ’10 . . . . LOO 100
Cuba R R 1st 60-yr 5 g ___ 1952 »
ak A G t b o b e o C M A b t P
alias A W aco See M K A T
D el L uck A W estern —
108*a......... 10 8 % O ct »16
103% 111%
M orris A E ssex l s t 7 a . . . 1914 l*
I ll
......... H 2 ‘. bep TO
112 114%
1st co n s o l gu ar 7a........1915 •
127
R e g is te r e d ................... 1915 .
»7
1)4
94 Sen ’ 09
1st ref g u g 3 % s ............2000 .
U S i e i a o v 1 1 6 % O ct TO
113 117
N Y L ack A W l e t 6 a ...1921 .
.................... M H", J ’ l y ’ i o
C on stru ction 6 s ........... 1923 1
107% 110%
......... lUUHi 99 O ct TO
97% 1 0 1
T erm A im p r o v e 4 a ....1 9 2 3 P
85 .........
W arren 1st ror g u g 3 % a.2000 F-A
U
o
12U
120 U ct TO
120 120%
D el A H u d 1st Pa D iv 78.1917 M-S
R eg is te re d ...................... 1917 M•S
98
9 8 ‘4 98%
98% A3 96 % 102
1 0 -y r c o n v deb 4s........... 1916 J-D
1<JU\ O ct TO
100 103
1st lieu equip g 4% s ....1 9 2 2 J - J 1UU>4 101
99
9834 99% 98%
16 96% 100%
1st A r e f 4 s ........................ 1943 M-N
93% 20 91
93% 95% 93%
97 %
A lb A 8 u s c o n v 3 %s........1946 A-O
.........
1
2
2
%
l-JB iiS ep 'l u . . . . 123% 130%
R eu s A b aratoga 1st 7a. 1921 M-N
D ei R iv R R B rid g e See Pa R R
93%
......... 91% 93%
4 92% 97%
D e n v A R Ur l e t con g 4 a .1936
......... 102% 104% M a r tu
103% 104%
C on sol gold 4% s................1936
97 JOI
100 105
10 1 bep T o
Im p rov em en t gold 5 s ...1 9 2 8
92% 92% 92%
92% '34 90% 94%
1st A r e fu n d in g 5a......... 1955
98 F o b ’ Uij
R io Ur J u no 1st gu g 5 a .1939
......... 79
78 D e c '09
R io G r b o 1st g old 4s. ..1 9 4 9
G u aran teed.....................1940
bi
B jii 92 U ct TO
87% 94%
R io G r W e s t 1st g 4 s___ 1939
83 % 85
85
84%
i 83
M g e a n d c o l trust 4S A .1949
84%
97
U tah C en t i a t g u g 4s «1917
D es 51 oi A F t D s e e 5 1 A b t L
110
D e s M o i Uu R y l e t g 5 a ..1917
9 4 % ......... 94 Sop ’ lu . . . . 94
97%
D ot A M ack 1st lieu g 4 s . 1995
89
91
90
90
2 88
91
G old 4 s..................................1995
72
74
72
74
74 O ct TO
D et b o —0 b D iv 1st g 48.1941
lu » ll U u
108% U ct TO ___ 106 111
D u l A Iron R a u g e lB t 5 s ..l9 3 7
106%
R eg is te re d .......................... 1937
2 d 68..................................... 1916
D ul S h ort L in e See N o r P a o
D u l b o S hore A A t l g 5 a ..1937 J-J 106% 109% 107 % O ct TO . . . . 106% 107%
/ a s t o I M in n See St P M A M
■last T en Va A Ga See So Ry
107 % ......... 108% 103%
1 108% 108%
E lgin J o i A East 1st g 5 s . 1941
Elm C o n A N o See Loll A X V.
120% 121
120 % 120%
3 118% 122%
E r ie 1st con sol gold 7 s___ 192u
1 0 0 % ......... 100 J ’ ue’ l c
HJU l o o
N Y A E rie l s t o x t g 4 s 1947
1 0 3 % ......... 106% M ar’ lo
lu o% 100%
2d e x t gold 5 s ................ 1919
l u u % ......... 103 M ai T o
103 103%
3d e x t gold 4 %s............. 1923
103 % ......... 106% Jan T o
106% 10 6 %
4til e x t golu 5a...............1920
09^4 Feb T o
99% 99%
5th e x t gold 4a...............192c
Lib 118
......... 119% 118 GCL TO
N Y L i l & W 1st g Id 7 s . 1920
SO
86% 86% 86
E rie l e t con g 4s p r io r ..1990
1 au'J) a 7 1.
......... 85
81 X o v ’ UO
R eg is te re d .................. 199 o
75 % bale
76 %
7 6 :%
1st con sol gen lien g 4s 1996
32 07
a d s .U 'o b 'u .
R eg istered ...................1996
87
88
»7% 63 83*3 S 7 1.
87
P en n c o ll tr g 4 s ......... 1951
7 6 bale
76 4
64
83
76
60-yoar c o n v 4 i A ___ 1953
70 bale
Vi
73%
69
do
S e n e s B .195 3
154 66
109 113 113% M ar’ i o
113% 113%
Bull X Y A E rie 1st 7 s . . 1916
115
111% 112
Cine A E rie 1st gold 6 s .. 1982
111% 111%
3 llu
112 115% 121 D e c ’ 08
Clev A 51ahon Val g 58.1938
122% 124% m l* bep TO
L on g D ock conaol g 6 s .. 1935
......... 109 % 1 u
A p r’ K
Coal A K it 1st c u r gu 68.1922
114 114
10 0 % .........
D ock A Im p 1st c u r 6 s ..1913
99 103 l 0 3 % J a n l c
103% 103%
N a A G reen L gu g 6 s .l9 4 i
100% 103
N Y b u s A W 1st ret o s . 1937
100% 100%
2 99 104%
2d gold 4*^8.................... 1037
G eneral g old 5a............. 1940
88
89
89 J ’n e’ io
89
93
108 108%
T erm in al 1 st gold 5 a. . . 19 4 ;>
1 0 7 % ......... 108% U ct TO
R eg is $5,000 e a c h ...1 9 4 3
W ilk A Ea l a t g u g 5 s. 194.
98 % ......... lO i % M a rT o — -1 1 0 1 % i o i %

D

1

i )1 1 8 6 h l iL \ M !)9 ll A
L ias m id E l e c t r ic L ig h t
Atlanta G L Co l s t g 5 s .‘..l94'<
B k lyn U G as 1st e o n g o s . 1945
liuttalo Gas 1st g 5a............ 194'.
C olum bus G as 1st g 5 s ___ 1932
D etruit City u a s g o s .......... 1926
D e l u a » Co co n l a i g 5 a ...l 9 1 t
E q G G X i i s t co u g o s .. 193:.
G as A E lec b e r g Co c g 5s . 1941
U r R ap G G Co la t g 68...1U 15
H u d son Co G as 1st g o s .. i P 4 ‘,
K an C ity tM o) Gas l a t « 5s 102K la g s CO El E A L' g O s... I 93 ,
- P u rch a se m oney 6 s.......... i 9 9 ,
Ed El it HKli 131con g 4 s 193'.
L a cG a s i .o i b t G l a l g oa .e lO L
Rel and e x t 1st g 5 s ........1934
M ilw aukee G as L 1st 4 s .. 192'.
N ew ark Con Gas g 5 s.........194'

105% O ct ’ 10
60 \ b e p ’ 10
1UL A p r ’ l
96 '■*« b e p ’08
105 O ct ’ 10
61*3 n e t 'O l
LUO O ct ’ 05
102 bep 'lu
97 M ar’ 11.
101 A iig ’ 10
111 O ct TO
90 M ar’ ll,
1.02 S u c t TO
99 O ct ’ l l
91 A p r TO

♦No p rice F riday; latest bid and asked this w eek,

itiz e d for
f o r FRASER
FRASER
Digitized
V /f r a s e r .s t l o u i s f e d .o r g /


a D u o Jan

BOSDS
N . Y. ST O C K E X C H A N G E i g - 0;
WfCKK ENDINO OCT 28
|' J
E v A ln d 1st con g u g 6 s . . ! 9 2 0 J -J
E rie A P itts See Penn Co
E v an s A T H 1st co n s 6s . 1921
1st g en eral gold 5 s ..........1942
M t v e r u o n 1st gold 6 a ..l0 2 3 j Ab u ll C o Branch 1st g 6 s . 1930 AL a rg o A b o See Ch 51 A b t P
* lin t A Pore 51 Sec Pere M ar
Fla C A P e m n s e e bea A ir L ino
Fort b t IT D Co la t g 4 %s. 1941 J F t VV A R io G r 1st g 4 s . .. 1928 J i 1 a l H a r A b A See b o i 'a c Co
* *al 11 A H o f l 8 8 2 1 s t 5 s . l 9 1 3 AG eorgia A A la See bea A L ine
Ga Car A N o r See be a A Line
G e o rg ia P a cilio See So iiy
G ila V G A N o r See b o P ao Co
G ou v A U sw egat See N Y Cent
G rand R ap A iu d s e e P en n R R
G ra y’ s P t T erm See b t L b W
G t N o r—U B A U co ll tr 4s 1921 JR o g is t e r e d ./t .....................1921 Q-.
S t P a u l M A M an 4 s . ...1 9 3 3 J 1st co n s o l g o ld 6 s ......... 1933] J R eg iste re d ................... 1933 J Rocluced to gold 4 'as 1933; J •
R e g iste re d ...............1 93 3'J D akota e x t gold 6s ___ 1910 M*l
M ont e x t 1st go ld 4 a ..1937
R e g is te r e d ................... 1937
E M in n N o r D iv ls t g 4s 1948
M in n Union l s t g 6 s ..1922
M ont C 1st g u g 68___ 1937
R e g is te re d ................... 1937
H°hl o s ........1937
VV1U A b F la t go ld 5 s 1938
G reen b n o r R y See Cites A O
G u lf A b 1 1 s t ref A t g 5a 01952 J -J
an A b t J o See C i i A u
ou satou io S e e N Y N 11A 11
i lo c k Val ls t c o iifc o lg 4*38.1999
R e g is te re d .......................... 1999 J •
Col A 11 V 1st e x t g 4 s .. 1948 ACol A T o l la t ex 4 s ........1955 Fi io u s t E A W T e x See b o Pacl
llo u s t A T e x Cen See b o P a c Uoi
1 llinoia C ontrai la t g 4 s . .1951 J-L R e g is te r e d ......................1 9 5 1 ‘ J1st g o ld 3 *3 H......................1951 JR e g is te re d ...................... 1 9 5 1 JE x te n d e d 1st g 3 *38........1951 A1st gohl 3s ste r lin g ......... 1951 MC oll T r u s t gold 4 s ........... 1952 AR e g is te re d ...................... 1952 A1st r e f 4 s ............................ 1965
L X O A T e x gold 4s ...1 9 6 3 MR e g is te re d .......................1953 MC airo B rid g e gold 4 s ___ 1960 J *
L o u is v D iv A T e r m g 3 ‘38.1963 J •
M id dle D iv r e g O s ........... 1921 FOmaha D iv 1st g 3 s ........1961 Fb t ixMiis D iv A to rm g 3s. 1961 J R e g is te r e d ......................l l ' 6 l ' J G old 3%as........................ 1961 J •
R e g is te re d .................. 1 9 6 L J*
b o r in g D iv 1st g 3*3S ...1961 JW estern L in es 1st g 4 s . .1961 FBeJiev A Car 1st 6s ........1923 JCarb A b h a w la t g 4 s . ..1 9 3 2 MC h io b t L A N O g 6 s . . .19 5 1 JR e g is te re d ...................... l y o l JG old 3*as..........................1951 JM em pli D iv 1st g 4 s . . .1951 Jb t L b o u 1st g u g 4a___ 1931 B*
ln d B l A W est See U U C A b t L
l n d III A l a 1st g 4 s ......... 1960 J *
l il t A G rea t N o r l s t g 6 s .. 1919 M2d gold 5 s............................ 1909
T r u s t Co c e r t f s ....................... 1 -•
3d g o ld 4 s ............................ 1921
Io w a C en tral 1st gold 6 s .. 1938 J
G old 4 s ............................... 1951 **■
j. al A A G R See L b A 51 b
I V a n A M ich See T o l A O U
K C F t b A Ai s e e b t L A b F
K C A M R A B See tit L A b F
K an G A P aouio See 51 K A T
Run C ity bo u 1st gold 3 s .. 1950 AR e g is te re d ......................... DJ50 AR e l A im pt 6 s A p r 1950......... A*'
K en tu ck y G ent aee L A N
!
K e o k A D e s M o 6’c’s C R I A P
K n o x v ille A Ohio s e e bo R y 1
| uko E rie A W i s t g 5 a .. 1937 JAj 2 d g o ld 6 s ....................... 10 4 1 j .
N o rth Ohio 1st gu g 6 a .. 1945 AL blio A 51ich b See N Y Gout
Leh Vai N Y la t gu g 4 4 s . 1940 Jxtegistereu..........................ip-jq j .
L eh igh Vai (P a i co n s g 4s.20u3 iviLeh V T o r lty i a i gu g 6 s .iJ 4 1 AR e g is te re d ..........................H>41 AL eh V Coal Go ; s t gu g 6 s . 1933 JLeii A X Y 1 st gu ar g 4 s ..1916 51R eg iste re d ..........................1045 51El C A X 1st pt 6 s ....... 1014 AG old gu ar u s.................. 1014 ALeii A H ud xt tiee G eut ol X J j
Leh A VVilkesh dee Geut ot X J I
L eroy A Gauey Vai s e e *Uu P
i^oug D ock dee iLrio
Gong I s i’ u—1st con g 5 s ./il9 3 1 Q1st con sol gold 4a......... /tlU 3 i O
G eneral golu 4 s ................ 1038 J
Eerry gold 4 % s................ 1922 MG o b i-is ................................. 10 3 2 JU uilled gold 4 s ................1049 M
D eben tu re g o ld 5 s ........... 1 9 3 4 ’ J

H

F rice
bridnu
Oct 23

Weed's
R an ge or
/,asr s a le

B id
A s k Low
l o 5 % .........

;

R an ge
Since
\January 1

titu 1 A’o Low

Ilia n

1

10 1

1 0 1 % 101

i 10 1

10 1

114

Apr 05

80 .........
......... 86

1*2
84

A u g’ 10
bep T o

95% 101

97

J ’ i y ’ Oi

10 2%

I 8 8 % 92
t4
87

95%
90% .4 9 94% 97%
95%
9d% 53 94 % 9b%
99 Sep TO
18% ib o
93 109
125% 128%
126 127% 12 5 % J Ty ’ 10
132 A p r ’ Up
103% 107%
1*03“ *107*’ 106% U ct T o
95% Sale

1 UO
96

97%

*98

U ct T o
A n g ’ iO

lo o
98

io i%

10 0 %

95 % ......... 99 % Jan T 0 . . . . 99% 99%
113 114%
1 1 2 % ......... 114% I' e u T o
125 129
125 *4 130 125 A u g ’ 10
136% .di.GOO
2 i i u 113%
i l l *4 U 3% 1 1 1 % i n %
116 J ’ n e’09
87

10 2
93
li‘i

87%
87

89

87

10 2% 10 2%
.........
____

90
.........

9 9 % .........

87

10 2 %

10

87

94%

18, 99% 104

1

95% May T o
99% L’ o u ’09

95

95%

104 J ’ ne’ 10
104
107 % A p r '07
92 A u g, 10 . . . . 90

105%

93% May’ 09
b o J ’ ly 'u u
99% U ct TO . . . .

BU

98% U ct TO
96
98 4 b e p TO
9( %
97 lUay’Oi
l o o A p r ’09 *** j “ ■**’
*8/%
*84% 9*0*" 87% M ay’ lO
10.2 ......... 123 iWuy’99
77% 5la r’ lo
......... 77
77%
•
!
7 9 '4 D e c ’ Ub
*97% 98%
99% 99%
95% 97%

92

lBU ^
99%
10U%
*88 %
77%

1

s 7 i)

bu

89

Fob T o ... .

88%

89

8 6 % ......... 10 0 A o v ’ UU
95
98
9 5 % ......... 95 U ct T o
1 11 ) % 1L7 %
117 % M »y ’ iO
95 % 99
95 '4
......... 96 %
93
......... 119% 116 U ct TO . . . 114% 119
112 L15 118 M arT o . .. J 118 118
00 G et '09
37 % M a rT o
9 1 % 97%
98 J 'i y ’ 08
95
......... 95 M ay’ 10
1U7 107% bep TO . . . . 107%
1 1 0 May’ 10
106%
103%
8 103
10'i*a 1UI 103
16%
16%
3 l7
l b 's 10
I0i:%
l u l > , ......... 104 U ct TO
70
70
69
05
107

1

73 % Sale

100

72%
73%
63 O ct 'ou

3 7 J 71% 74

10 i% 1 0 1 % O ct TO . . . .

1 0 8 % ......... 1 1 0 % 1 1 0 %
io o % M a r io
105 111 lu o M a rT o

98
110%
113
112%
35
106%
7 7%

Vd% 103

5 108% 112%
106% 107 %
108% 112

105% 108%
105 107 105% J ’ n o’ 10
1U 3% ......... 107 A ilg '1)9
97 O ct TO *’ ** 90% *97%
111 116%
112% 114 114 J ue’ iO
109% G et '09
j
103 N o v ’ UO
03% M a rT o . . . . 93*4 95
UJ>4 04
ijj2

......... i o i % F eb TO . . . . 1 0 1 % 1 0 1 %
104% Sep '09

110

........ 112

F ob TO

H i

112

97%
U ct TO ...J 9*3
U ct TO
97 100%
99% UCt ’ 06
93% M ar'll)
93% 96
104% goc '08 “ “ 1

04
93 % 97
9 7 % 9 3 % 98
wa

uo

BONDS*—C o iitiiiu e d o n X o x t P a g e .

G um a n d E le c t r ic L ig h t
N Y G E L H A P g 5 S ...1 9 4 8 J
P u rclia se m oney g 4 s . ..1 9 4 9 F
Eil El 111 1st co n s g 5 s . . 1995 J
N YA t^E l L A P I s t c o n g 5 s l9 3 0 F
101 101 ■, N Y a R ich Gas 1st k 5s. 1921 .VI
P a cific G A E le c Go Cal G A E
.01% 105%
Gorp u n ify in g A r o f 5s 193• 51P eo lia s A G 1st co u g 08.1943 A
R etu n din g gold o s ........... 1947 M10 1 % io .iV
C h G -L A C k e l s t g u g o s 1937 J97
97
Con G C o o l Ch l s t g u g 5 s . ’3i> J ■
00 101
l n d N a t Gas A O il 30-yr o s ’36 51110% 115
.Mil Fu elG aa l a t g u g o s .1 9 4 7 J»7% 90
P h iladelphia C o c o n v 5s ..1 9 1 9 FLoO% lu 5
b y ra cu s e L igh tin g 1st g 6 s .’ 5 1 J.
99 10 l
iT cn to n G A Ei 1st g o s .. 1949 A91
U nion E le c L A P l s t g 6 s . 1932 AlW estch ester L ig h t’ g g 5s.lU 5o J ■
b D u e Eel> ilD u e A p r e D uo May / t D u o J ’ ly £
L05 107%
liu ^ 67

33 9D%
101% 103% 101% 102
85 % 22 80
61% 85% 85
110
110 % 1 L l % 110% O ct TO
10 0 % M arTo
100%
......... 101
97% J ’ l y ’09
91% 93%
116% 117 %
......... 102
101 bale
100% 102
8J
90
......... l o o %
99 102
98 .........

91%
93
17
u i i i j A uk ’ IO
103 O ct TO
IB l
1BI
3
101 % O ct TO
94 % AUg'OO
101 iUaL’ lu
.00 Sep T o
98 A u g ’ 10 . .. .

91
116%
LBl's
U)2%
lu u 1.
•
L01
99
B8

103%
87
111%
101%
03
119
104
104%
io a
. . . . ..
101
105
1U0

100 ......... 96 Jati'O b . . . . . . . . . __
6 100 103%
1 0 1 % ......... l o a ^
IBS's
D ue Aug q D u e D e o s O p tio n bate

BONDS
N . Y. STOCK E X C H A N G E
W kkk E ndin’*• O ct 28

■V. C
k. ir

P rice
F r id a y
Oct 23

Uia
A ah
L o n g Isla n d —f Con)
9 0 4 97
G uar rot gold 4 s — .......... 1049 M-S
__
B k ly n & M on t 1st g O s..1911 IVi-S
lH toa............................-- - 1 \ l M-S
N Y B & M B 1st con g 5s 1935 A-O 103 .........
N Y & K 11 1st g 5 s ........1927 M-S 101 .........
N o r S h B 1st con g g u 5 s o l 9 3 2
9 i 78 90
L ou isian a
A r k 1st g 5 s . 1927 M-S
L o u is v «Sr M asliv gen g 68.1930 J -l) 1 1 4 4 1 10
G old 5 s ..................................1937 M-N 113 bnm
97 4 98
U nified gold 4 s ................. 1940 J -J
R eg is te re d ....................... 1940
S in k fu n d gold (5s..............1910 A -0
C oll tru st gold 5 s ............. 1931 M-N 108 .........
E 11 <& N ash 1st g Os. ...1 9 1 9 J-D 1 1 2 4 .........
L Cin & L e x g o ld 4 Has...1931 M-N J04 100
N O «& M 1st g old O s ....1 9 3 0 J-J 121 .........
115 .........
N O A xM 2 d g old 6 s ........1930 J-J
P e n s d c o la D iv g o l d 6 s . . . 1920 M-S 1 0 5 4 H I
8 t L D iv 1st gold Os........1921 M-S 113 4 .........
2d g old 3 s......................... 19.90
A t l K n ox & C m dlv 4 s . .1955 M-N ......... 95 4
A ll K n ox & N o r I a t g 6 s l 9 4 0
H en der B d g o l s t s t g 6 s , 1931 M-S 103 .......
95
954
K e n tu ck y C en t gold 4 s .. 1987 J -J
L & N & M & M l s t g 4 Has 1945 M-S 102 105 4
......... tu
L et N -S outh M jo in t 43.1952 J -J
N F la & » 1st g u g 6 s . . . 1937 F-A 105 .........
N & C lid g e gen gu g 4 4 a 1946 J - J
1 1 0 4 .........
Pens «fc A ll 1st gu g 0 s ..1921
S Jj N A la c o n gu g 5 s .. 1930 F-A 1 0 9 4 114
91
90 4
L Aj J 611 E d ge Co gu g 4 s .. 1946 M-S
L N A «& Ch bee C1 1 cb L
ahon Cotu bee L S <fe M S
9 6 4 974
nuhattan liy con so l 4s. 1990 A -0
itog istered ....................1990
9*8sa 90
StmpU tax e x e m p t .. 1990 A O
M c K 'p t tb B V bee N Y Cen t
99
994
M ox c e n t cou a g 4 s........... 1911 J - J
1st co n s in© g 3 s ......... a l9 3 9 J’ ly
2d con s ino g 3s tru st r e e ls ..
70 .........
Alex In tern a l I h i con g 4 s . 1977 M-S
Stam ped gu a ra n teed -----1977 M-S
Alex N orth 1st gold Os-----1910 J -D
M ich c e n t b ee N Y Cent
M id ot N J see E rie
M il L S cb W bee C h ic cb N \Y
M il «fc N orth bee Ch M & S t 1:
M inn <fc St 1. 1st gold 7 s .. 1927 J -l) 130 .........
F a cillo E x 1st gold O s ...1921 A -0 11 L .........
South W est E x l 3 t g 7 s . 1910
1st co n s o l g old 6 s ............. 1934 M-N ..........iu a
72
75
1st and rotu n d g old 4 s .. 1949 M-S
lie s M cb F t L> 1st g u 4 s ... ’35 J-J ......... 92
M inn cb S t L g u bee B C It cb N
07^ 07^
M St P «b S S M co n g 4 in t gu ’ 38 J -J
M S S M ib A 1st g 4 lilt g u 1920 J -J
M inn Un bee S t P M <bAl
J-D
01
^ U7 3J
Mo K an cb T e x 1st g 4 s . . . 1991
8 1 4 bale
2d gold 4 s .......................... 0iU9U F-A
M-N
lll-J
lo t e x t gold o s ................... 1944
80 4 8 0 4
1st «fc re lu n d 4 h................. 2004 M-S
85
fcO 4
Gen s l 4 4 8 ..................... 1030 J -J
.........
81
A
-0
S t L D iv 1st rot g 4 s ___ 2001
Dal «fc YVa 1st gu g 5 s . .. 1940 M-N 100 4 .........
b'J’ g H I1.
K an C cb Pao 1st g 4 s . .. 1990 F-A
Alo K <b E 1st gu g 6 s . . . 1942 A-O HO^B 8alb
M K ib O k 1st gu 6 s ........1942 M-N l u u ^ luv-l.
Al K & T ol T 1st g u g 68.1912 M-S 101*8 100 4
. . . 109
Slier Sh cb b o 1st gu g 6 s . 1943 J -D
T e x & Okla 1st g u g 6 s . . . 1943 M-S 101 109
U o P a c itlc 1st con g Os ...1 9 2 0 M-N 107 1 1 0
T r u s t gold 5s sta m p e d .a l9 1 7 M-S 101 't 1011.
I t o g is t e r e d ................... a l9 1 7 M-S
1st coll gold 5 s ................... 1920 F-A 100 '6 10^
7 8 4 bale
40-year g old loan 4 s ........1945 M-S
084
3d 7s e x td at 4 % ................1938
M
S
93
93a4
lBt cb ret c o n v 5 s ............ 1959
92 4 Bale
C en t Hr tty 1 s t g u g 4 s . 1919 Is-A
83 4 80
Ceu B ran ch U P l s t g 4 s . 1948 J-D
Leroy & C V A L 1st g 5s 1920 J - J
UO
97
Pao It o l Alo 1st o x g 4s. 1938 F-A
110 4 112 4
2d exteu ded goh l 5 s ...1 9 3 b J -J
St L I r Al cb Sgen con g 5sll)31 A-G! 1U7 4 108
1 0 0 4 .........
G en con stam p g td g 6 s 1931 A O
8 4 4 85
U nllied cb rei gold 4 s .. 1929 J -J
81 °8 35 4
ltiv <& u D iv 1st g 4 S ..1933 M-N
V erdi V 1 <b W 1 st g 58.1920 .Vi- S
M obJ & K C i s t con s g 6 s . 1953 J-J
J
-D
117
4 121
M ob & u liio now gold Os.. 1927
1 st exten sion gold 0s..A 1 9 2 7 i p j 114 4 117 4
M-S
fc5
90
G eneral gold 4 s ................193s
M outgom D iv 1st g 6 s . . 194 < F-A 109 4 .........
80 .........
Bt L <b C airo coll g 4 s ..«l9 3 U O-F
94
90
G uarunteeu g 4a...........1931 J-J
M «b o c o n 4s bee Southern
M ohaw k «b Alai b e e N Y C«fi» ll
M onongah eia itiv b ee B cb G
M ont C en t b ee St P Al As Al
M organ’ s La As 1’ bee S P Co
M orris As E ssex bee D el L cb YY
1 0 0 4 .........
l ash Chat cb S t L 1st 7 s . l 9 l 3 J -J
! 1st con sol gold 6 s ..........1928 A-U 1 0 9 4 .........
J asp er Bran ch 1st g O s.. 1923 J-J 1 1 6 4 .........
1 0 (5 4 .........
M oM Al YY As A l 1st O s..1917 J-J
J -J
T As P B ran ch 1st Os___ 191
N asn Flor cb Sliet bee L So N
9 4 4 Sale
N a t lt y s o l A ie x p r 14 4 s 1957 J -J
G uar gen 4 s ........................1977 A O ......... 9 1 4
N a to i Alex p rior u en 4 4 s . 1920 J-J 100 4 104
834 814
1st conaoi 4 s.......................1961 A -0
N ow 11 As D b ee N Y N i l As 11
N J J u no HU bee N Y Cen t
N Y B k lu As Alan B ell b ee 1, 1
N Y C e u l As l i ltiv g 3 4 s . 1997 J -J
89 4 Sale
R e g is te r e d ....................... 1997 J -J
87 .........
D eben g 4a........ .............. 1934 M-N
U47a Sale
Lake Shoro c o ll g 3 4 s . . . 199b F-A
804 814
R eg is te re d ....................... 19 9 s F-A
78
80 4

M

N

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k a n g e or
Last b a le

f j

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BONDS
kange
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N. Y. STOCK E X C H A N G E
J an u ary 1 |
yvkkk E ndin' h o c t 28

■c;sj:

H igh N o ; Low H ujfl N Y C en t Aj I£ n —(C o n )
5 9 1 4 100
97
M ien Cen t coll g 3 4 s ___ 1908; F
....
R e g is te r e d ......................1998 F
i()*i°a D e c ’1)8 . . . . ....... ...........
Beech C reek 1st gu g 4 s . 1 9 3 6 'J
llO li^ iov 'O O
it e g is te ro d ............. ........ 193 0 J
.
.
.
.
.....................
105 A p r'0 7
2 d gu g o ld 5 s ................ 1930 J
B eo liC r E x t l s t g o 4 s 61951 A
97 N o v ’ 09
Cart As A d 1st gu g 4 s . ..1 9 8 1 J
115 Sop TO
G ouv ib O sw e 1st gu g 5a 1912 J
i 12 4 i 1 G34
2 1124 U4
113
113
Moll cb Alai 1st g u g 4 s .. 1991 M
27
N J J u n o R g u 1st 4 s . . . 1930 F
9 0 3a 1 0 0 4
0734
'■« l.
N i As H arlem g 3 4 s . . .2 0 9 9 M
.....................
100 4 D e c ’ 09
N Y (b N o rth 1 s t g 5 3 ...1 9 2 ? ! a
107 ^ Sop ’ 10
io 7
i 10
N Y As P u 1st co n gu g 4 s 1993; A
N o r A; M o n t 1st g u g 58.1910! A
115
* lo
* 11114 115
105 O o t ’ iO
103 1O0
Pine Creek r e g gu ar 0 s .1 9 3 2 iJ
124 M ai TO • - ! 121 1 2 5 4
R W i b o c o u I s t e x t 5 8 ./i l9 2 2 A
1*20 J a u ’ OV) . . . .
Os w o Aj It 2d g u g 5a...<?1915 F
107 4 M ar’ K) . . . . '1 0 7 4 1 1 0 4
R YV As G T It 1st gu g 6 s .1918 W
113 114
113 S e p '10
Rutland 1st co n g 4 4 s . . 1941 J
___
OgAsLCham l s t g u 4 s g l9 4 8 J
91
95 4
93 4 Sop TO
R u t-C anad 1st g u g 4 s . 1949 J
St L a w As A d ir l s t g 5s.’ 1990 J
UO Jan *09 . .. J
.. . . . . . .
2d gohl Os.........................1990 A
4 9 4 9 7 4
05
05
U tica As B lk R i v g u g 4 s .l 9 2 2 J
102 105 4
103 Sop '10
L ake B hore g o ld 3 4 s ___ 1997 J
003.
:iU->4
6, 80 4 92
R e g is te r e d ................... 1997 J
100 4 A u g T o
1004 H I
D eben tu re g 4 s ............. 1928 M
25-year g 4 s ....................1931 M
1 1 0 14 O ct 1
U 0 4 1104
K a A As G It 1st g u c 5 s . 193b J
1011 >» J 'i y ’ i(J
109 4 111
M ahon C ’ l K it 1st 5 s . .1 9 3 4 J
i bSbt 02
92
92
Pitts ib L Erie 2d g 6 s .a l9 2 8 A
P itts A lcK «b Y 1st gu Os. 1932 J
2d g u a r d s .........................1931 J
9 9 3 4 984
07
07a4
M c K e e s * B V l s t g Os 1918 J
M id i C e n t o s .......................1931 M
99 4 G ot TO . . . . , 94 4 9 9 4
R e g is te r e d ................... 193J Q
4 s .........................................1949 J
2 U0»4 99
90
99
R e g is te re d ................... 1949 J
3 1 tb M ay’ 10
J L As S 1st g 3 4 s ........1951 M
27% 317e
25 4 A p r '09
1st g 3 4 s .........................1952 M
77 M ar’ ll]
75
77
20 -year deb 4 s ................1929 A
B a t c As B lu r 1st g u g 38.1989 J
100 May T o
N Y C h ic As b t L 1st g 4s 1937 A
100 100
ito g is te r e d .......................1937 A
D eben tu res 4 s ............... 1931 M
W est blio re 1st 4s g u . . . 2301 J
R e g is te re d .......................2301 J
131 M ayTO
131 131
N Y As G reen w i^ake bee Erie
1 1 8 J a u '07 ....1 ___________ N Y Aj H ar b ee N Y C As H ud
N Y L a ck As YV b ee D L As W
107 G et TO
102*4 109
N Y L E As YV b ee E rie
7.1
7 3 iJb 2 07 4 8 1 4 N Y As L on g B r bee C en t o l N J
87 M ar T o . . . . j 87
9 1 34 N Y N H As H —C o n v O s.. 1948 J-J
C o n v deben 3 4 a.............. 1250 J-J
9 7 *d Sep TO . . . . 96 4 1 0 0
lio u s a to u ic R con g 5 s . .1937 M-N
9 8 Ja n T o —
N 11 As D e rb y co n c y 5s. 1918 M-N
98 4 98 4
N Y Aj N o rth bee N Y C Aj H
4 90 4 100
07 ^
0734
N Y O As YV re f l s t g 4 s . . ^1992 M-S
li 82
31 Vi
S I 1!
R e g is $5,000 o n ly ..........gl9U 2 M-S
8 7 34
1 ( 1 3 s o p '10
100 105
N Y As P u t b ee N Y C As H
1 78 4 85 4 N Y As it B b ee ik in g Island
bO '!
so ^
0 83 4 UO*4 N Y b As YV b ee E rie
bo>s
30
1
88 A p r ’ 09
N Y T e x As M bee b o P ao Co
105 J ’n o ’ 10
105 105
N o r As bou tli 1st g 6 s ..........1941 M-N
91 G et TO
90
93 4 N ortA s W e st g e n g Os........1931 M-N
1 luu 113
u u ii
n o 3*
im p r o v e m ’ t As e x t g Os.. 1934 F-A
1 0 8 4 8 o p TO
.103 108 >!
N e w R iv e r 1st g Os........1932 A-O
104 4
194 4
a; 100 'g 105 Uj
N As W lty 1st co n g 4 s . 1990 A-O
110 4 A p r ’ 09
R e g is te r e d .......................1990 A-O
1,15 S e p '10 . . . . 105 108
D iv ’ l 1st 1As gen g 4 s . . . 1944 J -J
110 G ctT O
1 0 / 111
10-25 year c o n v 4 s ___ 1932 J-D
1 0 1 4 G et T o ___ 1 l o o 1 0 2 4
P o c a h C As C Joint 4 s .. 1941 J-D
^U^.M ul-TO . . . . ! 00 “0 0'J°8
O C As T 1st g u g 5 s ..........1922 J-J
10 1 Sep ' 1
100 1 0 2 4
BCio V As N E 1st gn g 4s 1989 M-N
8 1 4 N o rth Illin o is bee Chi <fc N W
7H
I S 1-! 21*1 75
N o rth O hio b ee L E rie As W
N o r P a c—P r io r lie u g 4 s .. 1997 <4 J
0 89
UO
R e g is te r e d ....................... 1997 iy-J
0'J ‘.j
03 '6
7 9 1 4 95
87 4 M ay’ l o
86
87 4
G eneral lien g o ld 3 s ___ «2047 G-F
R e g is t e r e d ................... a2047 V -F
S t P aui-D ul D iv g 4 s___ 15)90 J -D
’ 99 M ay’ l O i .... 98 1 0 0 4
110 B e p ’ U ___ 1 1 1 0 1 1 3
D u l b h o r t L 1st g u 5 s .. 1910 A*,- S
107 h
107 V
1 l o o no
C B A: g c o il tr 4s bee G t N 01
Bt P A N P gen g Os___ 1923 F-A
B43.
S I 3.
86
R e g is te re d c e r tiiic ’d .. 1923 o - F
7 81
861.
85
Bt P aul As D ul 1 s t 5 s ___ 1931 F-A
1 8 2 4 874
10 2 4 Ja n T o ! ___ 102 ej JU31.J
2d 5 s ..................................1917 A O
..........
1st co n so l g o ld 4 s ......... 196& J-D
1 1 7 4 O ct TO
W ash c e n t 1st g 4 a ..........1948
114 4 S ep T O ___ l U ^ l l ? * , , N o r P a c T e r Co 1st g O s.. 1933 J-J
N o r R y Cal b ee Bo P a c
864
864
1 80 4 90
109 4
109 4 to 107 109 4 N or W ia bee C b t P M As 0
75 Muy’ Oh
N or «b M o u t b ee N Y Cent
U ie jO c t '10 . . . . *94 4 96
im l As YV bee C C C As Bt L
in o ltiv R R bee Halt As O
Gre A; Cai bee Bo P a c Co
Ore b h o r t L in e bee Un Pao
O sw ego As R om e bee N Y C
j a c C oast C o 1 s t g 5 s ___ 1940
a c 01 M isso u ri bee Alo Pao
1 0 0 4 O ct TO
1081! 1 1 0 ‘a P enn l i l t x st real e s t g 4 s . 1923 M-N
UO uet, TO
108'a 1 1 0 !
C on sol g o ld 5 s ................... 1919 M-S
C on sol g o ld 4 s ....................1943 Wl-N
C o n v e r tib le g 3 4 s ........... 1912 M-N
C o n v e rtib le g 3 4 a ........... 1915 J -D
C on sol g o ld 4 s ................. 1948 M N
A lle g Vui ge n g u g 4 s . . . 1942 M-S
0 4 3.
0 1 7a 31 03 >a 0 5 34
m a4 O ct ’ l l
8 7 “a 0 2 's
D it it RAs B g e l s t g u 4 s g . ’30 F -A
PliUa Bai As YV l s t g 4 s . .1 9 4 3 M-N
L oO ^ S ep ’ l l __ .1 10000 1U2>4
85
bod B ay As Bo 1st g o s . . .1 9 2 4 J •J
0 82
84 S,
d6
U N J R R A Can ge u 43.1944 M-S
P enn Co—G uar 1st g 4 4 s . 1921 J •J
R e g is te r e d .......................1921 J -J
G uai 3 4 s c o ll tru st r e g . 1937 M-S
80
SO ‘4 11 8 7 4 92
G uar 3 4 s c o l l tr ser B . . . 15)41 F-A
8 6 4 904
80*4 J ’l y ’ i o
3 92
T r Co ce rtiP s g u g 3 4 » . 11)10 M-N
954
V4’a
0 4 ’»
G u 3 4a tr c t ls C ............... 1942 J-D
811.
S l 5« 22 79 4 82 4
G u 3 4 s t r ctfa D ................1944 J *D
80 4 O ct TO . . . . 78
80 4

M ce
F rid a y
Oct 28

L ou
97

sale
794
1*5*4 844 .

W eek’ s
R ange or
Last .sale

L o»
Jitg/i .Yu i Low Ji i an
3 78
82 4
80 *4
814
704 794
79 4 A u g ‘ 10
97
98 O ct TO —
U&4
102 M ai ’04
97 4 A p r ’Ol'
*9*8

*90 4

Kange
Sol
Since
<< [January 1

j ’ n e’ l 9

984

994

93 4
93 A u g ’ lO .... 93
108
9 8 4 90 4 Get 'J l. — • 0 5 'a Ua 4

1 0 6 4 U ') 4
105 4
113
95
84 Sal**

92
89 4 Shie
93 4 9 3 4
93 Sale
110 4
1 1 0 116
100 .........
‘4 ...........
120 .........
107 .........
109*4 113
1 0 8 4 .........
97
98 4
......... 9 8 4

122

_
131**; Jau ’ uU
1*07* n o
1 0 / O ct TO
.....
105 Jan ’ Os
104
104 J ’ ucTO — 1 04
1 0 1 4 102 4
L021* F e b '1 0
84
844
4| 80 4 9 1 4
.......
92 J ’ ne’ OO
.......
115 .1Tlfc’ 09
125 F e b '08 ....
92 O ct TO
89
89 4
934
93 4
93
934

10

26

109 G et ’ o7
1 OO D e c ’oy
130 4 Jan ’09

1 1 0 4 G et ’ lo
ue’ OO
119
99 Jail ’ 11
98 D c c ’09
90 J ’ ue 08
* 6 7 4 *89 4 87 A p r ’ iO
9 1 4 G et ’ 10
90
92

100
U978 sale
994
98 4 ......... i 00 D e e ’ 09
914
91
914 914
1 0 1 4 ......... 10 i
99*i
99 100
99 4

90
92
92

924
92
954
954

.......

.........

99

99

b7
89

90
92 4

88

19

97 4 1 0 0 4

2

*90*’ 92*’
9 9 4 102 4
9 0 4 1004

‘8
2
15

15 1303. 1 3 5 1 ,
135
134 4 Sale 1344
io a 1.
102*4 (('ll
101
1 01 4 lO lu
lin g u a
112 121
1124 O ct ’ l l
107 A u g ’ uU
10 0 4
90 4
904 974 904
......... ......... 101 4 J’ n e ’Ob

5 05

08

101 M av'10
10 0 1 0 1 4
125 4 Bep TO
123 126 4
126
M al’ iO
I 2 4 ae 126*4
123 M ay TO
123 1 2 1 4
99 4
99 4 *38 1 0 4 l o o
97 A p r T o . . . . 97
97
91
934
92*a 93 4 93 4 G et T o
100 81 it
9 9°h 1004 1*30 9 1 4 1 0 8 4
8 S 4 8 j 4 8 8 4 G et T o
80 4 9U 4
106 A p r ’ iO
1 0 4 4 106
3 94
9 0 4 ^ale
96 *4
964
964

1 0 0 4 .........
125 120
1 2 2 4 l ‘J8
1 2 1 4 P*i3
99 4 *u it

100 Sale 100
1 0 0 4 51
9 j 4 Sale
U9 4
9 9 4 31'
71
68;
71
7 t 4 71
+ 7 0 4 ......... 70 Sep TO
90 ......... 97 M a r’ 10
9 9 4 ......... 99 F e b TO . . . .

1
U 0 4 sale l l f l ’e 110%
F e b ’ KJ . . . .
112 ......... i n
J ’n e’ lu
107 4 ......... i l u
LU3 G et T o
i)3 ......... 96 4 A p r TO
92 4 Jan '09
6
l i i - u : : : : : : 111 4
H I 4

99 1023*
9 8 4 101
69 4 74
09
724
90 4 97 4
99
99
1164
117
no
103
964

1184
117
no

10 34
u /4

110 4 1 1 1 4

O
I

104

...... . 101

102

103

......... 110

*98*8 bait
90 bale
1 0 2 4 ......

O c t ’ rO . . . . , 1 0 2 1i l 0 S %

102 A u g ’ l o L . . 1102 103%
109 4 Jan ’0 9 ..............................
1 0 2 4 u e t ’ l l . . . . 1 0 2 4 100
98 7e
9 J 4 19 98 4 102
9 6 'a
90*4 194 9 4 7« 97 4
KM 84 1 0 3 4 12 101*4 1 0 4 4
100 Oefc ’ 10 . . . . 10234 102 4

9 4 4 . ..

1 0 i a4

.. .

100

...

103 4 D e c ’ 0 3 ..............................
1U2 J a n 'i ) 3 ............................ .
103 101
105 4 Alay’ 10
1 103 100
104 4
i*03 4 i.0 1 4 104 s
102 ......... 10384 F e b ’ 10
.. 1034 1034
90
8 8 4 ......... 90 A u g ’ l J . . 90
1 88
914
8 8 4 90
88 4
e b a4
97 *a
98 *4 3 95»4 9 8 4
97 4 98
87 90
.......... 8 9 4 87 A u g ’ 1 0 . . . .
88*4 90*4 91 D e o ’09

lU lSG B liL iN liO U b B O N D S —Continued on N ext Pago
C on I an d Iron
B u ll & Susq I r o n s 1 o s . . ..1 9 3 2
. D eb en tu re 5 s ................ a 1920
C01 is «b 1 go gen s 1 g 6 s .. 194o
C on v ertib le deb g 5 s . . . . 1911
Col ludulH tAs coll 6s g u .. 1934
C on tlu ’ ta lC 1st s l g u o s g .1 9 5 .
G r R iv Coal A C l s t g Os.. 1 9 l l
Jell A Clear C A 1 I s t g 5 s .l 9 2 h
K an A H C A C 1st s l g 6 s .l9 o i
P ocah Con C ollier l e t s 1 5s.’ 57
•Sunday C reek Co g 6 s . . ..1 9 4 4
T on n Coal gen 5 s............1951
T en n D iv l s t g Os....... a l917
B irm D iv 1st con sol Os.. 1917
Call C M Co 1st g u g Os. 1922
Do B a rC A 1 C o g u g O s.1910
V ic to r F u ei 1st s 1 5 s ......... 1953
V a lr o u Coal A C o l s t g 58.1949

J-I)
M-S
** -A

F A
F-A
F-A

AO
J-D
J

-J

J-J

J J

J-J

A -0

J-J

J L
F-A
J-J
M-S

90

....

88
95

....
98

N o price Friday: latest hid and asked. a D u e J a n b D ue Feb




.Ylnuuliicturing & Industrial

99 4 N o v ’ 09
94 D e o ’ OU
984
984
....... 98 4 9 0 4 J’ n e’ 10
794
77
79 4 79 4
107*8 D co ’ U4
90 100 1 0 2 4 A p r ’00
107 M ay’97
’ *9*7*’ ill]! 105 4 D e c '00
83 J ’ n t ’ lO
78 F o b ’07
101 103 102 S e p ’ lt
IU4 4 106 19438 G et '10
104 4 100 104 Sep '10
loG ....... .1 0 J a u ’ U;
.0 0 Jau 1
87 A u g ’ Oi*
9b
99 4 99
99

90
93
70

101
904
82 4

102 104*
103 107
1 0 3 4 io 7
i ’oo”

io’o*

944 io 6 ’
0

A lli 8-C halm ers 1st 5 s........1930
A m A g ch e rn 1st c 5 s ........1928
A m C ot G il e x t 4 4 s ............1916
Am H id e A L 1st s 1 g O s..1919
A m e r I c e Becur deb g 6 s .. 1925
A m S p irits M tg 1st g Os.. 1916
,vm th r e a d 1st c o l tr 4 a ..1919
A m T o b a c co 4 0 -y r g Os-----1944
4s.............................................1951
3eth B teei 1st e x t s t 5 s .. 192b
e n t L eatiier 20-year g 5 s.l92 £
on s l 'i o b a c c o g 4 s ........... 195i
;orn P rod R e t s 1 g 5 a ___193 j
;s t 25-year s t 5 s ...............193i
C u ban -A m er S u g a r co ll tr O s ’ 18
D istil .-'e c c o r c iiu v 1st g 5 s .’ 2
E I d u P o n t P o w d e r 4 4 s . . 193b

D u e M ay g D ii« >Tie h D uo F l y fcDuo A a g

78
784
7 3 34 Sale
102 Sale 102
102 4
9 8 4 98 4 9 8 4
98 4
94
95
94
94 4
A -0
OS Bep ’ l o
08 4
M-S
97 101
1 0 1 Oct TO
J-J
93 O ct 10
9 1 4 93
A-O IOO 4 bale 100 4
100^
F-A
80 *4 sale
8 U4
su 3,
J-J
80 4 Sale
80
80
A-O
99 4
9 J3*
99 4 ball
F-A
80
8 U»« , 8 0 4
8 04
A-JS
95 O ct TO
95
Vl-N
93
95 a4 94 *4 O ct TO
\.( • 95
9 0 4 J ’ ly TO
97
AO
73
74
75
75
J-D
84
85 J ’l y ’ 10
85

J -J
A-O
Vt*F
Jd-8

0 D ue G ot

uD ueX ov

7 D ae D eo

72
100
934
92
07
94

844
103
984
102
734
101
89
93
LU4 4 1 0 9
70 4 85*4
83 4 89
97 102
704 834
93
97
934 904
90
97
07
75
89
88

/F l a t .

BONDS
| N . Y . STOCK E X C H A N G E
f
W eek K ni>in « O c t 28

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BONDS
I~ 5
N . r . ST O C K E X C H A N G E ' £ £
W eek E.vdino O c t 23
1

Range
Since
J a n u a ry 1

P e n n s y lv a n ia C o—( L on )
’ll A o Low High.
G uar 15-25 y ear g 4 s ___ 1031 A O
94% 99
Cl A Alar 1st gu g 4 % s ..l9 3 5 M-N
S ::::
Cl A P gen gu g 4 %s aer A . ’ 42 J •J
9 ....
S eries B ......................................1042 A-O
j . . . . “ “ “ ! ! ! ! '.!
tS eries C 3 % s ............................ 1043 M-N
j ....
S eries D 3 % s ............................ 1050 F-A
i ....
E r ie A P i t t s g u g 3 % s B .194 0 J j
0 . . . . 91
91
S eries C ............................ 1040 J - J
1 ....
G r B A l ex l s t g u k 4 %s 1941; J - J
*....
P itts Ft W A O 1st 7 s . . . 10121J - J
104%
106
3 ....
2 d 7 s ................................... 1 0 1 2 J - J
) . . . . 104% 105%
30 7 s ................................A1012
J ....
P itts Y A Asli 1st coil 6 s. 1027
3 . . . . 109 109
3 . . . . 107 107%
P C U A S t L g u 4 1as A ...1 0 4 0
S e n e s B g u a r ................. 1042
3 . . . . lo 3 % 107%
S eries C g u a r ................. 1042
3 . . . . 106% 106%
S eries 1) 4s g u a r............ 1045
. . . . 97% 98%
S eries K 3 % gu ar g ___ 1040
___ 94 94
S eries F 4s g u a r .......... 1053
. . . . 111% 112%
! C S t L A P 1st con g 5 s . 1032
i P en sa cola A A tl bee L A Nusn
' P eo A F a st bee O C C A St F
. . . . U 2 112
P eo A Pek U u 1st g tis___ 1021
| 2u gold 4 %s...................... 01021
1 90% 95
. . . . 71
P e r o M arqu ette—R e f 4 s .. 1955
79
___ 100 102%
t Cll A VV .U o s ............. ....1 0 2 1
. . . . 108% 112%
! F lin t A P 51 g Os...............1020
I1st con sol gold 5 s ......... 1030
» . . . . 101 101
1 101 106
! • P t H u ron D iv 1st g 6 s . 1939
■ S a g X u s A H l s t g u g 48.1031
P h il B A W Hee P en n HU
89
89% J’l y ’ 10 . . . . 83
|P h ilip p in e B y I s t 3 0 - y r 8 l4 s ’ 37 J . j
90
P itts C m A s i Li See P eu u Co
I P itts C leve A T o ! t e e B A U
P itts Ft VV A Ch bee Penn Co
! P itts A lc h e e s A Y bee N Y Ceu
; P itts Sll A F F 1st g 6 s . . .10 4 0 A-O 112 110
. . . . 112 112
! 1 s t consul gold 6 s ............. 1043 J -J
P itts A W est bee B A u
98 % Sale
1 > eadm g C o gen g 4 s ........1007 J-J
98%
9 8 7, 72 97 100
I-U B e g is te r e d ...................... 1007 J-J ......... 0b°8
. . . . 95 98*4
J e r s e y C en t coll g 4 s . . . 1051 A O ......... 90 %
. . . . 95 98%
B eu ssem er A Sar bee U A H
K icii A Uau bee S ou th tty
B lcli A A leck bee S ou thern
B io Hr W e s t bee Uen A B io Ui
B ocli A P itts bee B B A P
R om e W at A O g bee N Y Cent
UuUand bee is Y c e n t
U a g T u s A H bee P ere M arq
O t J o A Ur is l l s t g 4 s . ..1 0 4 7
84
88% 88%
88%
1 88% 94
S t Li A C airo bee Alob A u lu o
St F A ir o n M ou n t bee A1 P
18 t F M B r bee X B it A ol S t F
' | 120 124
i St F o u is A S F — l e u g O s.1031 J - J 1 1 7 % ........
! G oneral goUl o s .................1031 J - J
100*4 108
• . . . 105 198%
! St F A S F B it cou s g 4 s . . ’ 00 J -J
. . . . 00 91%
OU
92
f
U en 15 20 yr os ..........1027 M-N
87 3 ale
‘i l
80 %
84
90
00 ........
00*4
S ou tn w U iv l s t g 5 a ..1047 A-O
1 99 100%
99%
R efu n d in g g 4 s ............. 1051 J -J
8 1 *s bale
82
34 78% 85
81% ,
K C F t S A M con g 08..1 02S M-N l i O « .........
114 117%
K C Ft & A A1 B y ret g 4s 1030 A-O
77% Sale
76% 82*>4
77%
- ii
........ 1 0 0 14 D e c 'b y
K C A M B A B l s t g u 5 s . 1020 A-O l o o
O z’ rk A Ch C 1st g u 5 s g.1013 A-O
06% 98%
96% 97
S t F ou ls So bee Illin o is Cent
8 t F S W 1st g 4s Od ctts .1 0 3 0 M-N
91
AI®* 91%
6 88
91%
93%
2d g 4s m o bond o t f s . .. p l 9 8 9 J -J
80 O ct ’ 10 ___
80
81
79
82
. C on sol gold 4s...................1032 J-D
70 Sale
70
70%
7 72% 79%
95 ......... 101% A p r '07
G r a y 's P t T e r l s t g u g 6 s 1047 J-D
8 t P a u l A U ui bee .Nor Pacific
8 t P A linn A Alan bee U t N o r
s t P A N o r P ao o e e N o r P a u
B t P A S ’ x C it v bee Li s t P Ai A u
80's Sale 88 ^
8 A A A P a ss l s t g u g 4 8 ...1 0 4 3
_ 17 83% 88%
S F A N P 1 st sinK ( g o s . i u i o
0 8 * 4 ....... i o 4 O ot ’ oo
S av F A W est bee A t l C oast F
8010 to Val A N F bee N or A W
Seaboard A F g 4s stam ped ’ 5u A O
88 Sale
ift 81% 86%
88
1 99 190%
C oll tr refu n d g 6 s ..........» o l l Wl-N
0 a 7» l o o
72 ‘4 dais
167: 69% 75%
A d ju s tm e n t 6 s ................o l9 4 9 F-A
84
85 %
80
87
A ti-B irm 3 u -y r is i g 4s.ei.033 AI-3
92 Sale
2 91
92
02
. Car C eu t 1st con g 4 s . ..1 0 4 0 J-J
193 103
Fla Cen A P en 1st g o s . 1018 J - J 1 0 1 % ........ 103
1st laud gr e x t g o s .,.1 0 3 u J-J
1 0 1 *4........
.
C on sol g old 6 s.............1 0 4 3 J-J 10.*<8........
100% 100%
103 *»........
G a A A la B y 1st con 6 s o l0 4 6 J -J
104 104%
1 9 3 % ........ 104
G a Car A N o l s t g u g o s 1020 J - J
IU4 104%
8 e a b A Boa 1st 6 s ............1020 J -J 104 78 ........ 100 A p r ’ 10 . . . . 106 106
8Uor s u r A s o bee a i K a x
811 8p o c a A U bee A t l C oast F
8ou tiiern Pacitio Co—
G old 4s fC eu t P ac c o ll)./c l9 4 9 J -U
95
92% 39 89
92)e 92V, 92%
R e g is t e r e d ....................*1949 J-U
91 O ct T u
92
86
91
2U-year c o n v 4 s ..........^1020 M-S "w »7i Sale
183 92% 106%
08%
00
Cent P a c 1st ret gu g 4s 1040 F-A
07%
07 % 54 94% 98%
97*3 Sale
R e g is te r e d ....................... 1040 F-A
07 F e b 'lu
97
91
U " 90 "
00%
0 0 % 4 87% 90%
M ort g u ar gold 3 “a s ..* 1 0 2 0
T h rou g h s t F 1st g u 4s '34 A-O
89
02 J ’ n e l u « ... 9 1 ‘a 94
M-N
105*4 108 100 Sep TO . . .. j 103% 109
9 H A S A M A P 1st o s .. 1931
104% e e p ’ 00
. G lia V U A N l s t g u g o s . 1024 M-N
H ou s F A W T 1st g 6 s . 1033 M-N 103% 105* 10 6 % M ay’oo . . . . '
1st g u a r o s red ............1033 M-N 104 100 i03s» A u g ’ 10
ib*3*% i'0 5 %
1. 1. 0.
O ot .10
.
H A T C l s t g 6s in t g u .,1 0 3 7 J -J io o % n o
109 *-4 110%
,
C on sol g Os m t g u a r . . .1 0 1 2 A-O 108% 110% 109%Nov’(i0 — !
u g 10
G ou gold 4s m t g u a r ..1021 A-O
93 . 96' % 02 A..........
*92
98%
l l o % M a r’ lu
119% 119%
W a c o A N W m v l s t g 0 s ’ 3o M-N 1 16 113
107% J a n 00
A A N VV 1st gu g 6 s ___ 1041 J -J 102
1 115 115
M o rg a n ’s Fa A T 1st 7 s.l0 1 & A O 116
115
1*6
1st gold o s ................... ..102U J -J
110% 110%
1 110% 110%
114
N o ot Cal guar g o s ..........1033 A-O
1 1 2 F e b ’07
. G re A Cai 1st gu ar g o s . 1027 J - J ICO
l o o J ’n e ’ l o . . . . 100 100
Ho Pao o ' Cai—os F A b . 1.012 A-O 101*4
104% J ’ o e ’Oa
1st gold Os....................... 1012 A-O 101*4
114% F e e ’ 04 .................................
____________ _
l s t c o u guar g o s ..........1037 M-N 107*4 ......... 1 1 0
M » r ’07
S P a c ot N M ex l s t g o s . .1011 J -J 100 10 0 % l o 0 % O o t TO . . . . l o u % 1 0 i
S o P a o C o a s t I s t g u 4 s g . i 0 3 7 J . J_
84
03 I 00 J ’ly 00 . . . .
l b l % 102%
T e x & N u S a b D iv ls t gos .1 9 1 2 .vl-S
S 1 0 l 7a 102 % 1017* .vluy’ 10
Con g old o s ..................... 1043 J - J 100 *s ......... 1102 N ovO O
. . . . . . ••••••

Price
t'riiln/ii
Oct 25

W eek's
R ange or
/.asi b a le

Range
b iu re
Jan uary 1

Uxa
A s # Low
H igh tio \l.ow n i u h
s o P ac R B 1st r e f 4 s ......... 1955 J .J
94% 95 1 94%
30! 93% 95%
95
S o u th e rn —1st co n g 5 s ___ 1994 J - j
108 1 0 8 % 1 0 8
42 103*8 111%
103
B e g is te r e d .......................1994 J -J
......... 110 M ay’ 09
D ev e lo p A ge n 4s S e r A .1 9 5 0 A-O
70% 70% 70%
70%
73
81%
M o b A O hio co ll tr g 4 s .. 1938 M-S
80
90
85
90%
80%
80%
M em U iv 1st g 4 % -5 s ...l9 9 0 J .J 103 103 108 Sep TO
lo o n o
S t F ou is d iv 1st g 4 s . ...1 9 5 1 J .J
85
83
85
85
80% 87
100%
A la Cen B 1st g Os..........19x8 J -J
108 Pop >08
A t l A D an v 1st g 4 s ........1948 J - J
88
93 Sop ’ 1
93
93%
2d 4 s ..................................1948 J . J
92 J ’ n e ’06
70
A t l A Yad 1st g g u a r 4 s ,1 9 4 9 A-O
106
Col A G re e n v 1st Os........1910 J -J
109 J ’n e’Ol
F T Va A Ua D iv g 5 s . . 1930 J - J 106% 109 n o
F c b ’ lO
106 110
Con 1st gold 5 s ..............1950 M-N * 1 1 0 '» 111 1 1 1
O ct TO
109 114%
F T o n reor lien g o s ........1938 M-S 100%
100 Fob TO
100 106
Ga M idlan d 1st 3 s........... 1940 A-O
07
05 N o v ’uO
i 'u T '
Ua P a o B y 1st g Os..........1922 J -J
113% Sep TO . . 111% 113%
K n o x A O hio 1st g O s... 1925 J - J 1 16 Sale 1116
no
1114 n o
105% ......... I ll 6 % A p r ’06
M ob A B ir prior u en g 6s 1945 J . J
70 ......... ! 82 N o v ’08
M o rtg a g e g o ld 4 s ......... 1*45 J -J
104 *-1 107% 1 0 5 % u « t TO
R ich A D an c o n g Os___ 1915 J -J
105% 106%
D e b 5s stam ped..............1927 A-O 104% ......... 105% M ay TO
105 107%
71
R ich A M eek 1st g 4 s . . .1 9 4 8 M-N
......... I 75 O ct ’08
So Car A Ua 1st g 5 s .. ..1 9 1 9 M-N 103% ......... 103% O ct TO
V irg in ia M id s e r C O s...1 9 1 0 M-S 106% ......... ‘ 112 O c t ’ 00
S eries D 4 -o s ..................1921 M-S 103% ......... !103% D e o '0 0
S e n e s F 5 s....................... 1920 M-S 195% ......... '107% U e o ’ 09
G eneral 6 s ....................... 1930 M-N 105%
1U5% J ’ l j 10
105% 107%
105% 105%
1 106% 105%
U uar stam p ed ........... 1930 M-N 105%
80
W U A VV 1st c y gu 4 s ..1 9 2 4 F-A
91 Feb TO . . . I 91
91
W e st N C 1 s t c o n g Os.. 1914 J - J 1U5
1 0 6 % M a y ’ 10 . . . 1 0 5 % lU6%
S A N A la bee F A N
......... 106
100% Sep ’09
S pok au e I n te r n a l l s t g 6s 1955 J
I er A ot S t H 1st g 4 % a.,1939 A-O 104 1U0 104%
1 104% 107 %
104%
........ 109 A u g ’ 10 ....I 1U9 115%
I 1st co n gold 6 s ___ 1894-1944 F’ -A n o
U en refu n d a 1 g a s ..........1953 J -J
93 .......
93
.................
TO
II 96
98%
... %
„ O ct
Iu8 109
109 May T o ___ 109 109%

88

2d gold ln o 6 s ...................02UUO Mar
Fa U iv B F 1st g 6 s ........1931 J . J
W M in W A N W l s t g u o s ’ JU P A
W estern U iv 1st g 6 s ...1 9 3 5 A-O
G eneral gold 5 s ................. 1935 J -U
Kan A M 1st g u g 4 s ___ 1390 A-O
T ol P A W 1st gold 4 s . ...1 9 1 7 J •J
V o lS t F A W p r l ie n g 3 % s .l9 2 5 J - J
60-year gold 4 s ................. I9 6 0 A-O
Coll tr 4s g Her A ........... 1917 F -A
' : H am A Bun l s t g 4 s .h l9 4 0 J-U
later A Dot 1st co n g o s 1928 J -D
1st r e fu n d g 4 s ........... 1952 A-O
Un P ao R B A 1 g r g 4s ...1 9 4 7 J - J
B e g iste re d ....................... 1947 J - J
20-yr co n v 4 s .....................1927 J -J
1st A ret 4 s .......................j/20 0 8 M-S
O re B y A N a v c o n g 4 s. 1940 J-U
O re S hort F in e l s t g Os..1 9 2 2 F-A
1st c o n s o l g 6 s ................1940 J - J
G uar rotund 4 s ..............1929 J -D
B e g is te r e d ................... 1929 J -D
U tah A N o r g o ld 5 s .. 1920 J

U1

1 1 0 % 110%

no

3
111%
70 M ar’ 10
103 Sep ’09
100% N o v ’04
107% Sait 107% 107%i
1
105
112 S e p ’ 0 9 1
101 % *103** 99 A u g ’ 10
89
94% M ar i o . . . J
91% **93% 93 Sop TO 1
88 %
87 A u g 10 . . . J
7*6*" 77 U ct TO . . . J
‘ 82** 84
81 O ct 10 1. . . J
80 %
bO J ’ n o lO ....1
103% 1*0*7*** 103 J ’ n e lO
1—
84
87
80 Cut ’ uU1
101% Sale 101%
l o l% 100
100
100 O ct TO . . . .
lUo % >aie 104%
iu 5% 245
90% 9 ( % 90%
9 1 % 02
90% 97 | 90%
90%
0
114% 115% 116 ■ 1 16-ul 9
U i % 112 ; 112% O ct TO . . . .
93% sa le
93 %
93% 24
94 J a n ’u9
*1*0*3“
05
9 8 % ....

andaliu co n so l g 4s ... .1 9 5 5 F-A
era C ruz A P l s l g u 4 % sl9 3 4 J - J

08
06

N o v ’ 08
A p r ’ 10

108% 112%
70
70
100

112%

99
104%
90% 94%
92
93%
87
90
70
81
80% 86%
87% 91
100 106
09%
98%
101
96
04%
1*3%
108%
91

| 96

102
101%
110%
98 %
98%
117
113%
94%

96

***i
105 110% 105 J ’ly TO
1st co n s Ou-year 6 s .......... 1958 A-O
93
95 j 94
94%
6
VA. aba sh 1st gold 6 s .........1939 M-N 108% n o T 0 9
109%
2
’ »
2d gold 5 s ............................ 1939 F-A98% 99% 99
99%
0
U eh eu lu re s e r i e s B .........1939 J -J
1 86 J ’l y ’ 10
1st lieu equ ip 8 f d g 6 s ..1921 M-S ......... 98% 1UO J ’ u e ’ lU
1st lieu 60 y r g term 4 s . 1954 J - J .......... 85 | 90 M iuTO
1st ret aim e x t g 4s ___ 1950 J - J
67% 3 ale
65 %
03 % i i;a
D e l A Cll F x t l s t g 6 s ..1941 J -J 105 % . . . . . . 106 J ’l y ’ 10
U e s M o lh U iv l s t g 4 s ..1 9 3 9 J -J . . . . . . . . . . . . ’ 83 D e o ’ UJ . . . .
Om U iv 1st g 3% a............1941 A-O
76
77 1 74 % S ep T o . . . .
T o l A Ch U iv 1st g 4 s . .. 1941 M-S
83 ......... 1 83 Sop TO
4/ %
49 * 2*1
T r u s t C o c e r tfs ..................................
48 % Sale
46%
49% 692
211 gold 4 s ........................... 1964 J-U
7%
8
7%
8% 84
T r u s t c o c e r tts ..................
7% Sale
7%
8 % 3o7

1105

94
10/
, 98
1 86
100
90
66%
105

.........

108
98%
113%
103%
86
102
90
77%
107%
.....

72 % 77
83
90
33
52%
32
54
4
11%
12%
4

bee N o r Pao
V bee S ou th ern
U en a co n v n, 4 s .............Iu52 A -O
T r u s t Co c e r t f s . . . . ................. 1 . . . .
YV Va C en t A p 1st g 6 a *1 0ill J - J
V e s tN Y A Pa 1st g 6 S ..1 9 3 7 1J-J
U en gold 4 s ........................1943 A-O
in c o m e o s ........................<tl943lN ov
W heel U iv 1st g o ld 6 s ..1 9 2 b 1J -J
F x t e u A Im p g o ld 6 s . ..1 9 3 9 F-A
K it 1st c o n so l 4 s .............. 1949; M-S
20 -year equ ip s t o s ...1 9 2 2 J -J
* bee E rie
J -J
S u p A D u id iv A term l s t 4 s ’ 30 M-N

83
90
80% Sale

80% O ot *10
88% 00%
86%
86% 263 b2% 86%
1 71
73
7 i% F e b T 0
.......................... ..
68% 74%
73 -4 A p r ’ 10
..................... 100 % N o v ’ oO . . . .
.............. .........
_
n o J u e l O ____ 109% 110%
til .......... 80% Sep T o 1
i 80% 92
..................... 34 FeU ’07 . . . . 11.....................

...... ......

1 0 1 % ......... 105 ( ) C t T o l .. .J l101% 105%
1 0 3 % ......... 103% O ct TO 1. . . . 103% 104
100 ......... 102 J ne’ 10 . . . . I 99
102
82% 86 I 83%
83%!
4 77
&7%
97
-■
98% 08%
08% 19; 9a% 98%
92%
..........

93%
93%

T e le g r a p h m id T e le p h o n e

.

J -J
c o n v e r t ib le 4 s ...................1930 M- S
J -J
J -J
Fu auu real est g 4 % s ...l 9 5 u M-N
C o n v 4s, s e n e s A ........... 1930 M-N

01
105
97
98
97%
lo o
95
102

93
93

95
94

93 %! 27
O ct TO . . . . ;

!104%
90%

91 1 13
105% 1667
96 A u g ’ 10 . . . .
Sale 1 98
98% 22
U /% 23
Sale 1 97
luO%
oale |1U0
8
Sale | 94%
05 I 2
102% 192% 192 %' 1
Sale
sale

99%
100%
07%

iMlSCFFFANEOllsi BONDS—Concluded.
O lm iiiln c tiii'iu g *Xc In d u s tr ia l
G en F le c t n c d eb g 3 % s..l9 4 -_
1 0 -y r g d e b 5 s . . . . ............ l o r ,
I n t P aper Co 1st con g o s .iO F
C on sol c o n v s I g 6 » ....... 1935
I n t s t l ump 1st s t o s . ...1 9 2 9
F a ck a w Steel is t g .* s ....19*23
N a t F n am A Stpg i s 1 6 b . . 192N Y A ir i-raKo is t c o n v Os ’ 2 b
R y S teel S p g s 1st a t 6 s . ..1 9 2 i
‘ R e p u b l A o l s t A c o lt r u s .1 9 3 4
U n io n B a g A P 1st s i 6 s .. 193*
j S ta m p e d .......................................
;U S i.e a lu Co s I d e b g tis ..191.1
lU S K ealty A I c o n v d e b g 6 s ’ 24
U B Bed A Bet 1st s 1 g 6 s . 1931
U S H u bber lO -y r c o ll tr O s .’ ib
!U s s t e e i C orn— J cou p .a l9 8 3
I SI lo -6 o y r o s . J reg ..< il9 u 8

______
L

F-A
J-D
f -a
J-J
M-S
AO
J-D
M-N
J -J
AO
J -J
ri-N
J -J
J .J
J-D
M-N
MN

...mm ...

82
82
........
82 Jan Tv
149
Sale 118
n o 130 149%
106
100 105
102% 103%
........
82% 89%
85 O ct " b
01% 96%
9 2 ­ 91%
92
9 5 7s 100
97
97
97
94
97%
99
96 Sep TO
100 114%
I t 4% loo
10 4
105
96% 93%
97% suit
97 ''s
«7%
102 104
......... 1U2% 102 O ct ’ ll
91% 96%
......... 96
91%
91%
93
96%
. . . . . . 95
93 M ay’ 10
104% 105
104 % lOu
104% 104%
86% 89
85% 04*4
86%
87*-.
87
88
86
90%
b7% O ct T <
102% 103
101% 104%
102% 102%
103% Salt 103%
101 % 105%
104
103% Sait 1U3<% 104%
101% 106%
80
148
103
85
91%
.........
.........

.M a n u fa ctu rin g & I n d u s t r ia l
✓ a-Car CUem i s t 15-yr o s 1023
iV estm gbuuse F * -u s t 5s ’31
-iH s ce iia iie u iis
Adam s F x uoi tr g a s .......... 194e
A rm our A C o l s t i e a i e s t 4 n s ’ 3y

J -D
J -J

100 Sale
91% s a le

100
01%

M-S
J-l<

C onsol o s .............................. 1955
Chic J o A t Yard cot g a s . l o i u
u e t M A M ld g r in c o m e s ..1911
m s t it t o r I r r ig W a s 4*118 1943
In t M eroan M a rin e 4 % s ..l9 2 2
ru t N a v ig a u o u I s t s l 6 s . i 9 2 9
N e w p N o s h ip A u D 6 s UlOOu
N Y D o ck oO-yr 1st g 4 s .. 1951
P ro v id e n ce s e c Ueb 4 s .. ..1957
P ro v id e n t Foun s o o 4 % s . 1921
> Yu ba W at Co c o n g 6 a ..1923
W ash W ater P o w 1 s t 6 s ..i 0 3 9

J -J
J -J
A-O
M-N
A-O
FA
J -J
F-A
a-N
M -S
J .j
J -J

90
91%
......... 92%
83% 89
......... 97
lOo 106
36 .........
96
98
66% Sale
78
8 1%
95 .........
90% 92%
*83 *a 8 6 %

90%
90%
92
92
88 A u g ’ li
95%
96%
100 M ay’ l l
35 A u g ’ 10
97*8
97%
■06
66%
7 a % O ct ’ It
95 i i e c ’ Ou
90 % O ct ’ ’ 0
90 S e p ’ K
96 J Ty ’ 09
I 12 J ’ l y ’ 04
03 A u g ’ l

uusli Terminal 1 st 48____ 1952 A-O

........................................ ........................... .........

* N o p r ice F rid ay; la te s t bid and a sk ed th is w eek . 6 D u o F eb d D u e A p r « D u e M ay j/D u e J ’ne / t D u e J ’ ly




.......

100%
92%

00% 100%
86
93%
P0%
99%
87 n
05%
100
35
06
56
76

93%
94%
89
98
100
40
98
71%
83

9*0% **04**
90
00

...... __.....uioi_ 103

A;D uo A ug o D u o u c t p D ue N ov jO p tlo n Sale

CHICAGO STOCK EXCHANGE—Stock Record-Daily, Weekly and Yearly
S T O C K S - — H I G H E S T A N D L O W E S T S A L E T R IC E S
,
Monday
Tuesday
Wednesday
Thursday
Oct.2 4
Oct. 25
Oct. 27
Oct. 20

Saturday
Oct. 22
* ____
*U 2
*6
*73
1834
*9
*4
5
*23
*72
*20
*02
*18
* ___
*00
13*?
55
9'S
71
*250

100
155
21? *U 2
*0
*73
75
187„
187S
10
*9
4'4 *4
5
2312 *23
77
73
22
*20
00
*02
22
*18
03 *
60
05
1334 *1314
50
65
9'8
71

91?
7 U4

100 *
*112
21?
*6
75
*7 3
187s
1812
10
9
4*4
*4
5
231? *23
73
*72
22
*20
66
62
22
*18
63
61
60
*13
*55
55
912
73

*250
*250
130 * - _ 131 * __
79
781? 781?
*791? 80
110
*10812 109 *1081? 109
*1391? 1401? *139 140 *139

5
170
170 170 *165 170 *150
*llo
July’ 10 ____
Last Salt U2
2*2
July’ 10
*6
Last Sale 4
140
80
*75
75
72
73
75
79
19
2173 21
21': 2,171
19
I 8 I4 19
145
10
1>
10
10
10
*9
10
Last Sale 412
Sep'10
*4
4*4
4*4
5
53,3
5U
5% 1,580
5
5
Oct'10
Last Sale 23
23*2
231? *23
120
75
75
75
75
77
77 " *72
Oct’ 10
Last Sale 18
21
*20
21
65
115
*03
08
01
*69
01
04
Last Sale 20
Sep’ 10
*18
22
22
Last Sale 00
Oof 10
03
63
59
01
OH4 Oil.) *60
64
*00
61
185
1333 133S *12
1278
13
13
13*4
*52
65
00
70
*50
55
*50
60
93S

731.4

200
131
79
110
140

933
7334
*250
* ___
791?
110
*140

93S
934 10
747s 75
74*3
200
I-ast Sale
131
Last Sale
80
7912 *79
110 *110 111
141
Last Sale

10U
10*4
75
75*2
Oct’ 10
250
120 July'10
SO
*79
111
110
13734 Oct’ 10

*4
June’09
35
*33
34
*32
34
G3
*03
04
*03
64
50
Last Sale 47
Aug’ 10
iMst Sale 1
Apr’ 10
1*8
3
*2
4
*2
4
41
40
4012 40
40
120 120 *121
122
2lt
*145 150 *145 150 *145 150 *145 150
Last Sale 140
Oct’ 10
*1141? 1151? 115 110 *115 110
115 11534 *115 110
1151* 1151?
I 83
Feb'10
1512 Oct’ lO
A nr’ 10
70L.
*9U2 93
93!2 941?
93
94
9212 9212 94
OH? '9 0
94
0234 03
627g 647g
63
0478 65*2
03
647g 65
05
65
33*4
0312
*48
*1
*2
*40
+120U

3334
033.,
50
1*8
3
42
122

*3312
*00
*48
*1
3
4U2
12212

35
03
60
1*8
3
411?
12212

653.4
100

*
*111
121
*120
119
109

1121? * m
122 *121
128
128
119 *118
10834
110

17014
1191?
1033..
170

104

104*4
8 I4

8

♦ . ___

10

64

6412 G5 I4
98

66
9812

65

65

112l2 n o
122 *121
132*2
128
119
119
10834 IO8 I3

1101?

643.1
043.1
Oct’ 10'
99
2*8 June’07
20
Nov’09
*110 113
*12:
122
140
140
121
*119
10838 1087g
11-10 Mch’09
170
170*4
*119
120
1037s 104
*175
170

122
13212
119
10834

I n ter­
est
P e r io d

P r ic e
F r id a y
O ct. 2 8
B id

A r n e r S t r a w b ’ d 1 s t 0 = . 1911
A r m o u r * C o 4 H s ____ 1 9 3 9
A u r o r a E lg in & G h lc 0 .1 9 4 1
C a l & S o C lilo K y C o
1 s t M 5 s ..................... . . 1 9 2 7
C a s s A v & F G ( S t L ) 5s 1 2
C ld c B o a r d o t T r a d e 4 s l9 2 7
C h i c a g o C i t y K y 5 s ____ 1 9 2 7
C h i c G o n s o i H r & M l t 6 s ____
C h ic C o n s o l T r a c 4 1 5 s 1939
C h ic A u d it o r iu m Is t5 s 1 9 2 9
C h ic D o c k C o 1 st 4 S ..1 9 2 J
O h io J c K K 1 s t M g 5 s . 1 9 45
C h i c N o S h o r e E l e c 0 s . 19 1 2
C h ic H u e T o o l 1 st 5 s . a l U 2 l
C h i c K y 0 s ...........................1 9 2 /
C h ic H y s 4 -5 s s e r ie s “ A ”
C lilo l t y s 4 -5 s s e r ie s “ U ”
C h ic H y s 4 - 5s s e r ie s ’ ’ C
C h i c H y s c o l l 0 s ____ 1 9 1 3
C h ic H y s b u n d 0 s . . 1 9 13
C h i c l t y s T e r n C t f s 1 s t 5s
C h ic I t 1 & F H i t 4 S ..2 0 0 2
C o llu t t r u s t g 5 s—
1913
C h i c T e l e p h o n e 5 s ______ 1 9 2 3
C o m m o n w - E d i s o n 5 s .1 9 4 .3
C h ic E d is o n d e b 6 s . 1 913
1 s t g 5 s ______J u l y 1 9 2 0
D e b e n t u r e 5 s ______ 1 9 2 0
C o m m o n w E le c t 5 s b l9 4 3
I l l i n o i s T u n n e l 5 s ______ 1 9 2 8
K a n C ity K y & L le h t
C o 5 s .................................1 9 1 3
K n l c k ’ b ’ k e r I c e 1 s t 5s 1 9 2 8
L a k e S t E l — 1 s t 5 s ____ 1 9 2 8
I n c o m e 5 s _____________ 1 9 2 u
M e t r W S id e E l—
1 s t 4 s ____________________ 1 9 3 8
E x t e n s i o n g 4 s ______ 1 0 3 8
M o r r is & C o . 4 M
__ 1 0 3 9
N o r th W e s t El 1st 4 s . 1 9 1 1
N o W G - L & C o k e C o 5 s 28
O g d e n G a s 5 s ___________ 1 9 4 5
P e a r s o n s - 1 ' a t t 5 s ________ l u i o
4 . 4 0 S ___________________________
4 . 0 0 s M e r l e s E ___________
4 . 8 0 s M e r l e s F _______________
P c o G a s 1. & C 1 s t 0 s . 1 9 4 3
i t e t u n d l n g g 5 s ______1 9 4 7
C h ic G a s L & C 1 s t 5 s l9 3 7
C o n s u m G a s 1 s t 5 s . 1930
M u t’ l F u e l G a s Is t 5 s l9 4 7
S o u t h M id o E l e v 4 ^ s . 1 9 2 4
S w ift & C o 1st g 5 s ...1 9 1 4
U n io n E l (L o o p ) 5 s . .1 9 4 5
U n i o n P a c i f i c c o n v 4 s . 1911
U n it e d B o x B o a r d c o l O f 26
G e n e r a l m t g e 6 s . ------------W e s t e r n S t o n e C o 5 s . . 190S
N o t0 — A c c ru e d
m te re c t

iJ
A

A s k L ow
u i34

- A
- D
- O

0 2 i8

F
J
J
F
J
J
F
A
M
A
J

- A
- J
- D
- A
1 0 2 i 4 10253
• J
_____
_____
- D
_____
_____
- A
_____
- ()
_____
_____
- M _____
_____
- O
. . ..
86
• J
8 7 '2
98
S a lo
H - A
A - O
-- -. . ..
J - D
79*4 S a l e
_____
1; - A
93
983 4 S a l e
F - A
h - A
- - ----.
_____
_____
- - - - M. - IN
___
. \ 1 - b _____
10 2 14
J - D 110 2
S a le
,H - M 1 0 1 1 4
_____
_____
J * J
______
____ A - O
>1 - S
)V - S 110073 1 0 1 lS
—
J - L)
. . ..
11 - N
A - U
J - J
Fob
F J I V Iy >t I M M M A M J J M J J A i\ -

A
J
J
b
m

N
D
M
N
N
O
b
J
D
N
J
J
O
N

J - J
A O
m u«t

W eek 's
R a n g e or
L a st S a le

95
---«
75

o :i2
---70
_____

8M4

S a le

B ’ ds
S old

H igh N o .

Highest

Lowest

185 Mch
31? Jan 20
7i2 Jan i
109 Jan 3
30 Jan
10 Jan P
B'r J a ' i.
6 I4 Aug 10
39 . an .
774: Mch Jh
25 J ’n c .j
72 J ’n e .:
23 J ne 24
06 J ’ n e .l
721? j nc22
i4*8 Jan 3
104 Jan 0

1

180 Mel*
IU O ct
5 Oct
07/$ Dec
3) Deo
10ir Dec
8 Dec
314 Dec
30 Dec
78 Dec
1513 Stp
47 Jan
17 Nov
03 Jan
60 Jan
29>4 Apr
97 Feb

13S? Jan It
J ’neso
82 Jan
J ’ly 20
Apr .5 150*8 S cd 22
J ’ly 19 135 Apr 4
Feb 7
848 M ayli
Aug 0 112 Jan 11
J’ly 30 )42i8 Mch

77« Jan
7 13j J an
200 Jan
120
Jau
54'r Apr
101 Feb
139 Auft

J’ no 0
J ’ne 0
A u gU
1 Feo 4
3 Sep 23
25*2 J i y 20
110 Alavl7

39*4 Jan 0
74 Jan 4
55 Feb ’ 7
1 Feb
3 Sep 23
4/ Feb 1
137 Jan J

Mav
Man
J’ no
61*4 Jan
1 Apr
2i? Apr
20 Mch
127 Jan

40 Dec
, 51? Dec
68 Apr
1
Apr
2i2 Noy
42
Dec
140 Sep

142

103 M chli/
12U? Jan H
2
Jan 13
223.] Jan 8
82 Feb 28
12 /
. an 1
91 Mch 2
to Jan 7
66 Oct 21023.1 Apr .0

117
107

152 O ct
1221*2 J ’ly

150 Oct 24
H2 J ’ly 23
4 J ’ly
6038 Sep .8
1114 Sep 13
8 MaV2(J
3 May24
2i? J ne29
20 Aug 3
09 Feb 17
10 Jan 14
51 Feb 7
15 Apr 1
63 May31
55D J ’ly £
7
J ’ly 28
40
J ’ly 20

28

os?
621?
240
1 0
72
107
m u

190 Feb
4 Jan
15 Jan
ilo i2 J ’ly
4534 Jan
30
.ian
131? Jan
2914 Jan
52 J ’ly
80*? May
191? Dec
59 Dec
25 May
73 May
01 May
5 4 1 - Deo
108 Deo
15U Noy
86 J’ no
Oct
132 J ’ly
8H? Deo
112 Sep
145 Nov

22514

14

Corn Prod He. Co com___
Do
«,o
pret____
296 Diamond Match_____ 100
904 Illinois Brick_________ 100
Masonic lem pie_________
1,128 MeCrum-Howcl! C o ..1 0 0
Do pref______________
Mllw A Chic B r e w in g ....
Do pret_________________
201 National Biscuit_____ 100
Do
pret___________100
11
80 National Carbon_____ 100
Do
pret___________100
53
600 People’s Gas L&Coke.lOO
Do r.ghts_____________
1,013 Sears-Hoebuck c o m ..1 0 0
Do
pret___________100
303
1,035 Swift A Co____________ 100
110 1 be Quaker Oats C o ..1 0 0
Do
pref_____ ’ ____100
123
270 Unit Box Bd A P C o. 100
____ Western

R ange
fo r
Y e a r 1910
L ow

H ig h

■
j 93 4
99 *4
941?
903 4
_____ _____

10 2

3

1
2

10X3 8 1 0 3 U

8 4 *4
90

8 7 *j

10 1* 3

88

48
7
_____

_____
_____
43
_____
_____
_____
_____
—

9 5 14

9 5 14
6
9 4 *4 O c t ’ 1 0 _____
77
O e t ’ 10 ____
10
M a y ’06 _____

81 5 S
81 3 4
78 *4
7 8 12
9 0 3 4 O c t ’ 10
9 5 '2
90
95
0 6 *2
99
A p r ’ 10
93
O c t ’ lO
193
10l)38 M c h '0 9
9 8 (2
OOI 2 M c h ’ 10
95
97
F e j ’ lo
90
98 *2 M c h ’ 10
0 7 *2 — ■
1 2 I3 4 M a y 1)9
1013.
I O H 3 O c t ’ lO
10 3
103
103
103*4
IO O I 4 S e p ’ 10
i o n ? 1003 4 O c t ’ 10
9212
9 2 *2 O c t ’ l
93
_____
100
1 0 u l8 O c t '1 0
88
A p r’ l /
111
N o v ’ 04
00
70
A p r ’ 10
157
05
G l * 4 O c t ’ 10
_____
85>? J U IV O '
‘ • e n a d e r j to ■ill ’ ' h t c a g o h
78U

Highest

Stone_______ 100

31
53
47

1U8 T

Aug 26
J ’ly 27

131? J ’ly 9
V9*4 Apr 7
821? Sep 30
53 J ’lyiO
40
93

Mcb 17
J ’n e ?8

101
118
104
112
103

Aug
J’ly
Feb
Feb
J ’ly

3
19
24

10
48

Jan
Jau

17*8 Feb
70U Mch
J17 Jan
38 Jan

20

Jan 7
Jan 1
Oct 28
121
Mch 30
lu*4 Jan 2

97/8
118 I4
82
J10
102

Jan
Feb
Jan
Jan
.Jan

143
110*2
101
155

Feb 7
Aug 8
Sep 10
J’ly 27

171*2 Oct 18
122 Men 8
109?8 Jatl 5
180 Feb .9

65
101
1001?
119

Jan
Jan
Jan
Jan

101

J ’ly 10
Apr 28

100 Jan
1538 Jan

c
3

J n c 30

22/r Apr

1

6*4

15

115
125
140

10

13034 Aug
88i2 Dec
47 Sep

) 19U Sep
130 Sep
)03i; Dec
424 Nov
119/s Aug
1 Mch
1091? Dec
12134 Oct
114U Aug
102 Dec

9812 Jan
»? Feb
334 Mct>
15 Feb

105

Dec

25

Mch

Chicago Banks and Trust Companies

M en’ 1
O c t’ 1 0

J’ne’0 )
IO H 4 O c t ’ 09
10 0
M a y ’ 0?
1023g
1 0 k l2
103
A p r ’ 04
60
A p r ’OO
9 0 *4 J a n ’O i
.
__
9 4 * 2 D e c ’ 09
87
F e b ’ OU
8 Q lj
8 0 '?
98
98
8 8 J ’ n o ’ 10
78
79 ?
9 0 1 ? M cb 1 0
9834
0834
9 7 * 4 S e p ’ io
IO O I 3 A p . ’ lO
0 0 *2 A u g ’ 0 8
0 0 1 ? J u lv ’08
I O H 3 O c t ’ lO
lU U g
IO T j
IO O I 4 A u g ’ 10
IO O I 4 O c t ’ l i )
10O?R A l i g ’ 09
1007g O c t ’ lO
80
D eo’os

Range for Precious Year
(1909)

Range for Year 1910
Lowest

Ra. roads
’htcago City K y ______10 0
Chicago & Oak l>ark __l00
Do pret ................. 100
hlc Kys part ctf " 1 ” ___
Chic ltys part ctf * 2’ ___
Chic Hys part ett " 3 " ___
hie ltys part ett '4‘ ___
Chicago Subway_____ 1O0
Ivans City Ky & Lt-.lO O
Do pret___________100
detropol \V S Kiev___ 100
Do pret___________ 100
Northwestern Elev___ 100
Do p re t___________100
south Side E levated..1 0 0
streets W Stable C L .1 0 0
Do
pret___________ 100

30 Booth Fisheries c o m . . . .
Do pret_________________
200
Cal & Chic Canal A D .10 0
Chic Urew’g A Malt’g ____
Do pret_____________ __
50
210 Chic Pneumatic to o l. 100
12 Chicago lclcp b o n e __ 100
Do rights____________
Ohlc Title A Trust___ 100
200 Oornmoinv th-E dlson.100

Chicago Bond Record
B O N D S
C H IC A G O S T O C K
E X C H A N G E
W eek , e n d in g O c t. 28

STOCKS
CHICAGO STOCK
EXCHANGE

Aliscellaneous
940 American Can________ 100
Do
pret___________100
1,215
American Uadlator__100
Do
pret___________100
30 Amcr Shipbuilding___100
Do
pret___________100
125
____ Amer Telep <3c Teleg______
Booth (A) & Co______ioo

*3312
*00
*48
*1
*2
40
*121

110*2 110*2
12034 12034
132*2 135
*119 120
108*2 108*2
Last Sale
10934 170
108*2 170*4 169 109
109 170
11912 120
119 1191? 11934 11934 *11912 120
104 104
1037s 104*4 101 104*4 104 104
175 175 *170 177 *175 177
*170 177
Last Sale
10112
104 ion? *104 10412 104 104*3 *104 1041? *104
*8
81?
8*2
812 *8
7*2
7i2
*8
7
7*2
73|
*
____
____
*
* ____
10"
10"
L a s t S a le 15
16
June’ 10

1121? *111
121
*121
128
128
119 *118
10914 *109

170
1191?
1031?
170

35
63
50
1*8
3
41I2
____

*3312
*00
*48
*1
*2
4U2
*121

5914 O3 I4
05
♦____ 99 *

Sales
of the
Week
Shares

155
21?

9U
7314

Frid ay
Oct. 28

4
6
_____
8

9 5 Ir
75
80
901?
91
97*4 101*3
97*4 0 3
10
03 4
IO O I 3'

lo o ts
lO O lg

1031 4
10 2 A
1 0 0*4

1 0 0 ‘4
10 0
10 0 * 2
_____

10 0
. . . .

9434
9434
75

80
70
83

_____
102*4
. . ..
96 *4
9 4 *4
86

_____
_____

9 2 *2

84
80
03Q
90U
99
OOI 4

_____

9 6 *2
97
9812

90 *2
97
9 8*2

0334
99

— 3

IO 3 I 4
10412
1021?
10D2
94
9 1 *4
1001s
10U
88
83

10034
10 3
1 0 0*4
10034

__

70
0U4

on d

p r ic e s

70
05

N AM E

O '.d stan d in g
S to c k

S u r p lu s
and
P r o fi t s

In

In

t

r

1903

1909

P er­
iod .

0

,
10

j -j

D iv id e n d R eco rd

Calum et N a tio n a l_____
sio u .o ju
v?3.541
Chicago C ity ____________
500,009
224,197
10
ContT tal & C om m N at 20,000,000 9,6.2,319
Corn E xch ange N atloua
3,000,000 5,437,0/4
12
Droxel S ta te ____________
22,120
200,000
6
D rovers' D ep N ation a l000,000
399,499
9H
E n glew ood S ta te _______
200.UUO
30,85
0
hirst N a tio n a l_________ 10,000,000 10,836,5 j 9
12
First N at E n g le w o o d ___
150,000
19-.377
10
Forem an Bros B k ’g C o . 1,000,000
525,3.2
Pr.v
Fort D earborn N ational 1,500,000
381.692
6
H ibernian B k’ g A ss’ u . . 1,500,000
950.43J
8
200,000
140.88 j
liasp ar State B a n k____
10
251.380 Beg u
La Salle St N ation a l . . 1,000,000
490.020 104-2
Live S to ck E x ch ’ge Nat 1,250,000
300,U0j
66,106
4
d o n ro e N a tio n a l_______
8
Nat Bank ot H e p u b h c .. 2,000,00U 1,214 O 18
404,624
3
N ational C ity ___________ 1,500,000
83.004
250,000
N ational P r o d u ce _______
08,/ 5 j
North A ven u e S ta te ___
200,000
•dh
26.2,9
0
OO.OOU
N orth Side S tate Sav'gs
18,498
North W est S ta te _____
200.000
__
105,123
300.00U
P eop le's Stk Yds S ta te .
02,310
250.OOU
80,077
3
Prairie S ta te ___ ________
600,000
2
23,208
Ha’ Iw ay E x ch a n g e ____
250,000
S e c u r it y ________________
300,000
180.033
South C h icago S a v in gs.
200.000
0
87.000
South Side S ta te _______
200,001)
11.0u5 Beg b
State Bank ot C h ic a g o .. 1,500,000
11
,/42,907
Stock Yards S av in gs___
260,000
180.241
7
Union Bank o f ' ’ hicazo
200,000
0
47,899
W ash in gton P a rk N a t’ l
100.00J
7,814 See v .
.Vendeii o t a t e _________
OU.U00
0,570
6
Central Tru?t Co o f 111.. 2,000,000
872,SU7
7
Chicago Sav Bk & T r ___
«500,000
116.352
1H
Chicago t itle & I r u s t .. 6,000,000 il ,543,800
Citizens 'ir u s t & Savlqgs
7,188
60,0O j
4
Colonial tru st <5e Savings
454 ,lo6 84-2
000,000
Cont & C o m m T r & S a v . 3,000,000
427.809
D rovers’ 1 rust& Savlngs
200,000
115 219
7H
181.929 ____
Farwell Trust C o _______ 1,500,000
H rst Trust <Sc S a v in g s .. 2,500,003 3.113.260 ____
14,019 Incorp
200,000
G uarantee Trust & S a v .
0
Harris Trust & S a v in g s. 1,250,000 1,450.828
Illinois Trust & Savings 5,000,00U 8,414,129 104-4
200,00 j
53.520
0
Nen w ood T ru st & Savgs
200,000
43.365
Lake View Trust& Savgs
454
d erch an ts’ L o a n * l r Co 3,OOU,000 5.840.079
12
M etrop olitan l’rust& Sav
750,000
221,455
6
1,500,000 2,327,7*8
N orthern Trust C o _____
8
N orth-W estern l'r& Sav
64,491
200,000
0
Pullm an 'Trust & S av gs.
500,003
224,584
8
200,000
Sheridan T r <& Sav Bank
25.432 Beg b
^Standard Tr & Sav_____ 1,000,000
250,000 Comm
S tock m en ’s iru s t & Sav
200,000
32.734
6
Union 1 rust C o ------------ 1,200,000 1,190,520
8
v W est’ ll Trust & Saving* rtl.000,000
132.692
6
W est Side l'r& Sav Bank
200,000
107,552
vVoodlawn I r & S a v B a n .
200.000
53,442
6

L a st P a i d
%

•09, 6
oec
1 dy TO. 5
_ Oct ’ 10, 2*2
ci-J Oct TO, 4
12
9
J Oct TO l l j
10
Q-J Oct TO 212
Q-J Oct TO, 112
6
12$ y-M 86 p 30’ 10,3t)
Q-M Sep 3bT0.21»
10
ate Ba nK
Q-J Oct TO, 2
8
8
Q-J Oct TO. 2
J-J July 10. 5
10
s M y
V.9J, p.1277
Q-M Sep 30’ 10 212
10
4
Q*T Nov TO. 1
Q-J Oct TO. 2
8
Q-J Sep30 10 H»
0
Q-J Oct
3
10. 112
6H Q-J Oct TO 134
Q-J Oct TO, U2
0
Q-l Oe . TO, 1
Q-J Oct TO. 2
0
None
IH
0
us Sep
12
8
0
9J, p.
7
6
6
4
84-2

An

Q-M
____
Q-J
Q-J
t '09
Q-J
Q-M
M N
159
Q-Vl
Q-J
Q-J
Q-J
A-U
Q-J

OCt TO. 112
jan '08, 2
Oct TO. 112
Oct TO. 2
V. 89. p. 817
Oct TO. 3
Sep50To,2
Nor TO, 3
Oec31’08 U*
Oct TO, 2
Oct TO, 112
Oct. TO, 2
Oct9 10,3
Oct
10, 2*2

8
Q-J Oct TO 2
Q-J o c t . TO. 112
3
Q-M s e p jJ ’ lo. 4
1;
orated 191)3 V.87 p.1133
10. 3
9H Q-J Oct
10 (-4
/ Oct TO, 4
0*4 Q J Oct TO. 134
6
Q-J Oct TO. 1*2
12
Q -j Oct TO. 3
0
Q-J Sep 30 10.11?
8
Q-J Oct TO, 2
6
J-J
to; i
Q-J Oct TO. 2
8
us J IV 12 1) 9 V 89 p 141
enoed bus. Sept 6 1910
j-J j.uy TO. 3
5
1:8 4-2 Q - M Sep30’ i0.2
Q-J Oct TO. 11*
0
Sep 30T 0.2
6
Q-J Oct TO. 2

* Bid and asked prices; no sales were made on tills day. f Sept. 1 (close o( business) tor national banks and Sept. 2 (opening ot business) tor Slate Institutions.
No prlco Friday: latest price this week, a Duo Deo. 31. b Duo Juno, k Also 20% In stock, n Capital and surplus to be Increased, q Dividends are paid Q-J.
wlth extra payments Q-F. * In addition tho equivalent ol 4% more camo from First Trust & Savings Bank. I July 31 1910. ti In addition tho equivalent ot 1 % cam*
ora First Trust <fc Savings Bank.
t) Prairie Nat. Bank and Western Trust & Sav. Bank to bo merged and capital ot latter to be Increased to $1,250,009; T. a l, p. 314.
Sco V . 91. p. C2 . 17.
t

g




BOSTON STOCK EXCHANGE—Stock Record, Daily, Weekly and Yearly
S H A R K F I I C E S — .WO'l
S a tu r d a y
O ct 22

*10412 105
* i o i b 1021;
224b 2240
*12712 128
*215
____
130 130
200
*131*2 1 b
*70
74
10b
42
*40
156b
*116 114
265
130 130
*120 122
89
89
*20': > —
20 ; 20 b
*84 '2 85
154 15U;
------ —
- ___ ____
187 187
37
37
*105
—
102
1/5
17ub
*92*4 9334
—
851.1 85*4
*103 105
48
102
*5
*15
11734
117
13038
33
003.1
10

M onday
O ct 24

104
*101
224b
127U
*215
130
200
16
*70
•!__ *40
155
114
>250
120b
1213.,
*87
>20*1"
103,
843,
lo4*J$
*138
___>187
*33
>105
102
174
93
••154
85
105

48*2
47b
102
102
*5
5b
16
*15
118b 117b
117
116
130>2 1383.,
33
33
963,
07
10
*10
10b
19b
6
*5
150 *144*4
9
*8
266
266
—
151b
85**4 853.,
96
95%
------ *223
6
534
112 *110
112
no
l o 0‘2 *135b
---- - *94
166
ibo*2
13b * ____
103% 103b
31
*30
2834 *28
190‘ 2 .rl78b
57%
57«\s
28b *28b
79-% 78b
11934
19
*17
90
*88

104
102
2241?
128
____
130
290
16
72
10b
42
155
114
265
130
12134
____
____
20
843.1
1o4*2
140

T u esd a y
O ct 25

103b
1013s
224b
127b
210
130
* ____
*15
*70
__ _
42
* ___
+ iio
____
>1291,
121*1
*87
-20J
1934
8 M4
154
>158
—
lbO
36
^lOo

777/7 C E N 2 U M P R I C E S
W ed n esd a y
O ct 26

104
101b
224b
12734
216
130
290
____
72
10b
42
150b
111
____
130
1213
- ___
____
1934
843
16
140

103b
*10U8
223
127b
*215
131
290
16
*70
E*____
42b
* ____
114
•S____
130
-120
89
*200
19b
*84b
1541.,
>138
*212
1*90
190 * n o
36
36
36
—
*1051?
1*0*2* " 102 102 *102
1/6*.' 1 “ S 3 1733. 171
93
93G
92b
—
+164
____ *164
86
SO
86
86b
105
103*2 101
103b
48V102 .
5*4
16
its
11612
139's
33
97b
___19b
6
150
0
266
154b
86
95b
—

103b 104b 104b
102b * 101b 1029
221*m * ____ 224b
12734 128 128
216 210
131
132 132
200 >200
____
16
16
10
72
71
71
L a s t S alt
10b
42b
42b 42b
155 * ____ 155
114
115 115
270
L a s t S a te
130 *131
1331122
122 123
89 * ------ 89
____
L a s t S a le
191.
19b 19b
85
843.1 85
15410 1541.1 155
140
L a s t S a lt
____
L a s t S a le
190
____190
33
3 5 b 37b
•<10.3 103
103l.> 102 102
1731? 1721.1 174
92b
9 2 b 02b

F r id a y
O ct 2 s

1041
io n
*1013. 1023.
224
224
127
127
*215
*131
1311;
290
200
____
*15
*70
72
O ct’ 11
10b
*42
4.3
155
155
113
114
260
Oct’ ll
>131
131b
*
12234
*
89
210
Oct’ 1C
19b
19b

S a le s
o f the
W eek
S h a rei

11
1'
121
21:
35
207
12
175
2
45
7C
8a
4S
193
2IJ

770
185
154b 155
441
140
Sep’ 10
210 , uno’ 10
189
34
189
38
39
403
103
100
2
102
103 b
25
17-lb 2,106
92
92
351
L a s t S a le 154
O ct’ 10
80
85 b 86
86
86 I4 1.591
49
10312 *101b 105 *101b 105

STO C K S
liO S T O N ST O C K
EXCHANGE

5
*15
117
110
139
*32b
90b
1(1
20
vO
*145
*81.1
235
134b
86
95b
224
*53.i
112 *111
110 *108
—
*13512
____ *94
160
166
i3 b
104b 101
31
*20
20
*28
170
178
57*4
56
____ *28
79?i
773.1
1197S l i o u
19
18
90
90




*4Gb

101b 1021.1 1U2

5
15115
118
117
11Gb 116
139b 1391.1
33b *32
97
96
10
*10
20
19
6
*5
150 *145
0
*8
265
266
155
155
87b
80
051»
95
225 *2231.1
6
63-1
112 *110
112 *108
—
*135b
*94
166*4 166
13-’>8 * __ _
101
103'*
31
*20
29
*28
181b 1 8 lb
5434
5 /b
20
77
73%
l i o b 1193,8
IS
*17
90
90
O

47b 48
47b
102
102 1021;
5
5
5
15b
151- *15
11734 116b 117
11012 116 117
140% 13934 MOb
33
32b 32b
96
03%
06b
*10
____
19*
*10
____
6
L a s t SaR
150
L a s t S a le
0
L a s t S a le
266
206 268
155-s 155 156b
863.! 87
87
05b
94b 95
224
221 225
0
53| *53.!
112
112 112
112 *110 112
136 138
*24
____
166b 167 167
L a st S a le
13*8
103b IO.334 101
31
30
30
29
L a st S a le
186
185 180
56
55
55
20
20
29
7Sb
1195.0 119b 120
10
17
17
00
89
89

R a n g e SI n ee J a n .

1

‘ r c c io u s Y c a i

R ange fo r

( 1909)
L o w est

Kail ro o d s
A tch T o p & Santa F e . 10!
01b J ’ly 2.
Do
p r o f , .......... .......10(
97b A u g
lloston & A lb a n y . ..1 0 1 218 J ’ n o i l
B oston E le v a t e d .. . lo t rlZ2 A u g
20) J ’ly
lloston & C ow ell.......... 10!
lloston A .Maine_____ 10!
130 O ct 2
Boston & P r o v id e n c e . 100 285 O ct -1
ioston Suburban El C os.
it J ’n e li
Do
p r e f ___
70 J ly .. 1
Boston A W ore E lec Ccs
8 Moll
Do
p r e f ..
35 A u g .9
Ghtc June R y A U S Y .i o d 139 S ep 10
Do
n re f_________ lou llr.) O ct 3
C on n ecticu t R iv e r ___ 100 260 O ct If
F itchburg, p re f___ __ 100 124b S ep 21
.’ a Ky A E lectric____ 100 104 Jan 85 A p r ;
Do
p r e f_________ 100
Maine C e n t r a l.. .
100 202 F e o 1(
l-lb J ’ ly 20
.lass E lectric C os____ 100
75 .J’ly 1
Do
p r c f._
100
X Y N H A H a r tfo r d . 100 149 A p r 2'
N orthern N H _
.1 0 0 139b M eh 11
N orw ich A W or pref.lOU 210 M a y l
Did C o lo n y _________ 100 181 b Sep 1-J
2’j M ay
G otland p re f_________ 100
103 A u g IS
'e a tt le E le ctric_______ 100
U8*i A u v 2
Do
p re f_________ lOu
Union P a cific ____ __ 100 153b J ’ ly 20
Do
p re f__________ 100
89b T’ly 26
Verm ont A M a s s ..
100 J o . O ec 15
50
.1 est End S t .............
03 Sep 25
Do
pref___________ 5(i
99 J ’ ly 0

477, 1,356 Anier Agrtcul C h em ._100
47b
102
114
Do
p re f_________ 100
102b
*47g
92 Vtner Pneu S e rvice ___ 50
5
Do
pret_______
no
16
205
*15
119
682 A m er Sugar K elin____ 100
119
307
Do
p r e f . ..................100
116b 11Gb
7,266 A m er 1'clep A T e le g -.lO O
140b 141
15-1 Atnerieau W o o le n ____ 100
32's
32b
96b
432
Do
p r e l . . ............. .100
96
271 At! G ulf A W 1 S S E . 100
10
8b
1912
Do
p r e f___________100
19
147
19
*5
B oston L a n d___ __
W
5
Ju ly'10
♦m u
143
Sep’ 10
Dum b T elep A Telea 100
*8
East B oston L a n d .............
8b
Oct’ 10
234
278 Edison E ’ e c I li u m ., io o
260b 267
-----157
157
239 General E le c t r ic .. . 100
80^2
87
87
3,337 M ussacliusettsGasCos 100
90
94
05
357
Do
pref............... ..1 0 0
*222
*224
225
105 M ergenthaler L in o . . t o o
*534
*5*4
6
166 .Mexican T e le p h o n e ._ 10
*110
*110
112
10 -N E C otton Y a rn ___ lo o
*110
>111
10
112
Do
p r e f....................to o
100*2
385 N E T e le p h o n e _______ 100
136
136b
95
26 P acific Coast P o w e r . 100
05
105^2
549 Pullm an C o . .
100
167b 169b
13
O ct’ 10
R eece B u tton - R o le .
10
1031.1
1033, 104b
261 S w ift A C o..........
100
*80
25
8 lo r r ln g t o n ____
31
*30
*28
. Do
p r e f.................... 26
28
O ct’ 10
lUo*2
184b 185b 2,308 U nited F ru it............. ..1 0 0
57-8
55b 2,18.3 Un Shoo M ach C o r p ._ 25
56b
28b
20
Do
pret_____
*28b
29
.35.3
777S
SOb 30,916 U S Steel C o r p ________ 100
78"a
* liy o 8
Do
p re f___________ 100
317
120
120
19
56 .Vest T elep A T e le g _ _ lO t
10
*17
*88
Do
pret___________101)
55
*83
80
Alining
9
8
8*4
8
8%
7b
7
7b
25
8
3,320 A d ven tu re C o n ___
8
7b
81.,
12
113., 12
12b
11*4 U li
1138 113,8
720 Algomah M in in g ...............25
Hb
44b 44b *43
4 : • -l-U, 441., * 4l i3bb 44
44*2 *42
25
64 A ilou ez___
44
44
6S34 GL
70
71b
69b 7 l b
67% 6938 68b 70*1 *69
607s 14,027 A m algam ated C op per 100
2714 28
27b 27 iv *27
271;: 273.J
27b
2734 283,, 7,039 Am E lnc Lead A S i n . . 25
27b 27b
42
.—
—
42
____ ____
42*4 423^
42
42
25
250 A n a c o n d a ___
1856
18
18
18b
IS
18b
17*1 18
17% 1734
18
2,965 A rizona C o m m e rcia l. 25
18
9
8^2 0
833
8b
8b
.
25
834
8b
834 1,545 A t l a n t i c ___ __
8b
8b
8b
.60 * .50
.60 * .50
* .50
.60 * .50
.60
.50
.50 * .50
10
200 B onanza Dev Co .
.60
I 1334 171.1
16% 17
16b 1735
17b 5,567 Dos A C orbC opA S il Mg
16b 17
17
1Kb
7
17b
5*4
5*.j
6b
5b
5*4
6*4
6-2
6*2
5*4
570 B u tte-U ala kla va C o p . 10
5b
5*4
51.,
*20
20b
20
19
19*2
19
20
19b
19b *10
19b
19b 2,205 B utte C o a litio n _______15
5934 60
51'3., 60
60
60
58
50
59b
945 Calum et A A r i z o n a .. 10
59b 60
59
550 560
558 558
560
553 558
560 560
560
33 Calum et A H e cia ____ 25
560
*21
22
*2l34 22
21
2 0 b 20b *20
21b 21b *20
60 C en ten nial____________ 25
21
.03
* .05
.05
.03 * .05
.03 * .05
.08
.08
.08 * .05
.08
1
700 Cons M ercur G o ld ____
71*2 713.1
71 ”3 72
70
70
70
703.i
70b 71
70b
72b 2.304 'o p p e r R ange Con Co 100
*4
4*2
4>,
*4
4b
4
4!4
*4
4*4
4
625 D a ly -W e s t____________ 20
4b
4b
9
9
9
8b
8*1
Sb
8 I4 838
8 I4 8b
8 b 1,105 East Bu tte C op M t n .. 10
L a s t S a le
Elm U lver____________ 12
Oct’ 10
111., l i b
113.t 11*1
11b
* l i b 113,|
lib
991 F r a n k lin ........................ 25
lib lib
lib H b
8
8
8
7'8
8
734
5
7-b
73.,
7%
7b
7b 4,050 G iroux C o n so lid a te d .
34
34
34
34b
34
34
34
34
391 Iran by C o n s o lid a te d . 10c
34
35
33b 331?
738
7%
73s
73S 7-v
7
7
07-,
7b
7b
2,380
Greene
C
auanea_____
20
7b
7*1
273.1 27'g
26*4 27
20 b 26b
26
26
273,-j
273S 1,345 UftMCock C on solidated 25
2 0 b 27
*2
2'.,
2
2
2
2
2b
1,200 d e iv e t la C o p p e r_____ 20
l*i
2
2
1534 16*.;
16*4
16
15
15b 1534
15
15
870 Indiana M in ing_______ 25
15b
15b
15b
221.1 22b
22
22
22
955 Isle R o y a le C o p p e r .. 25
22
22b *22
21b 22
23
6%
*3-%
0*1
6\S
5
0*1
1,150 Kerr Lake____________
6°s
6b
0%
6b
Ob
Ob
H-oU *1
4
<•3*2
4
L a s t Stz'e 3 b
*3b
3*1
K ew eenaw C o p p e r ___25
Oct’ 10
*3b
38*4 3834 38b 391,
38
38b
6,220 I.ake C op per C o ____ - 25
37
38b
3 7 b 38b
38b
11
11
*11
11
103S 10b
1078 10b
10*, l()b *101,
11
301 La Salle C o p p e r_____ 25
9*2
9
9
9*2
0
9
920 Mass C on sol___________ 25
»*4
9b
Oil
9b
Ob
9b
* .40
—
* .40
-----.<0 .50 * .40
> .40
.60 * .40
100 M ayilow er ___________25
* .15
.20
.10
.10 * .0 /
.15 * .10
.07
185 M exico Cons M A S . _ 10
* .0 7
.15
.07
20b 2014
19»4 193,
19'8 20
1934
2,020 Miami C o p p e r________
5
20
187g 19*8 *1934 19b
5*2
5
5*i
5*2
5
5b
a-2
*434
250 M ich igan _____________ 25
*434 5b
*4b
5b
51
51
51
51
*503, 51b
s i b 51*2
503.1 503,
50*4
100 M ohaw k________
25
51
21 "3 2 2
2133 2 'b
20*i 71(8
203.1 21
21b 213s
5
20b
20"s 3,904 N evada C o n s o lid a te d .
*434
5
*43.i
5
5
5b
6
*43,
*4b
*434 5
25 New A rcadian C op p er 25
5
n
iu 4 lib
lib
I K , 113S H b H b
l i b n-%
5
ills 1,601 N lpissing M i n e s . . - . .
Hb
33
33*4
32-4
3134 32»4 32b 34b
32
321., 581,
14,037
N orth B u tte ..................15
34
33b
0
o
83s
834
83.,
480 N orth Lake
. 25
8*4
&&
8‘8
8b
8%
8b
8
b
*8
8°g
8
8
8
8
345 O jlbw a y M in ing.......... 25
8
8
8 I.1 8b
* .50
------ .50
.60
.40
.60 * .40
.40
.50
.50 * .50
834 Did C o lo n y ___________25
.60
*40b 42
40*i 41U
40b 40b
41
41
- lib •lib
870 Did D om inion C o____ 25
41
41
*130 132
132 132
130 130
120 131
100 131
326 D sceoia _
.2 5
132
135
14
*13
14
14
+
1310
1-lb
60 c a r r o t Sliver A C o p . 1■)
*13b 14b
14b 14b *14
15
*76b —
76
77
77
76b 76b
22 J u iu c v .
25
70 b
7Gb 7Gb *77
78
21
21*4
21
211,
201.1 20b *201.1 20b *21
21b
1,155 Ray Consol C o p p e r .. 10
21
20b
1'3I
1*4
1*4
*1%
13.,
lb
lb
90 Santa Fe G old A C op
lb
* ib
1*4 *138
10
l
b
12
1238
12't 12b
12b 13
_ 1o
12b 123,8
6,019 sh an n on .
12b 12%
123.i
13
*15s
13.1
lb
I'M
t%
1%
1*8 *11,
1*1
131
158
south U tah M A S ___
5
131
51
52
5(J3.i 503,
51
507s 52
51
6 i b 513j
_ 25
52 *
785 s u p e r i o r .. .
52
734
8
8
8
8
8
7%
7*1 734
7*3
*73t
860 Superior A B oston MI11 10
8
13b 13b
13
13
131.1
13
13b
131.1
13
V
1338
13b
13*8 1,721 ■aupenorABItti C o p p . 10
60
60
60
GO *____ 60
.
25
25 l i m a r a c k .
60
7
6
6
6
6
5 '8
*5b
6I4
2a
5b
5b
5
282 I r l n l t v . .
4034 4 l b
41
41b
41
41b __ _ ____ ____ ____
2,078 g nltedSm tesC oalA O U 2 ..
413s
40*1 413s
•10
40b 4034
40b 403.|
405s
407s 6,861 U S Sm elt Ref A M in . 5:
40b
483i 4831 4Sb 40
483, 49
40
40
483.1
Do
pref___ _______ 50
49
739
334
334
378
3*8 3'8
*23,
334
3's
334
3b
*312
3’ 4 2,400 ( ta b .A p e x Minin-.'___
.
24
24 14 2-114
24
24
24
24
24
24b
24
1
24
461 Gtali C o n s o lid a te d ___
51
------ -----4914 49 I4 49's 49b
49b 501,8
50
50
260 ('ta li C op per G o_____ It
*234
3
*2-3,
234
*23,
3
2-34 v~34
3
*23,
3
2.1
SO V ictoria _____
10*2 10*2 *10
10
10
10b
*U34 101,
10b
*9-b
10
____
2
390 W in o n a _____
133
132
132 *128 130b >____ 132 *125
131)
20 W o lv e r in e ____________ 2*15S 178
1*1
134
i%
1°8 * l b
1*1
158
158 * n 2
120I W y a n d o t ____________ 2
1*1
47b

47b

T h u rsd ay
O ct 27

20 J ’ ly 27
98*1 M ch s.
4-b A u g 2
1-1 J ’ly 15
111 O c t 3
11 l b O ct 5
127b J ’ ly 26
20 J ’ ly 7
01 J ly 1
7 M ch 18
10 A layli.
4 b J ’ ly 28
138 8 J ’ly 28
7b A p r h
.23 J Jar. 20
13) J ’ly 2 6
(6*| F eb l
89 M ay It
2 iH 4 Jr.11 4
2 b Jan ;;
107 Sep 22
99b A u g 3
129b A u g 17
91 M en 22
153 J ’neao
l i b Jan 15
100 Jan 2 !
28 AlchJv
27 Jan lb
165b Jan H
40*i J ’ ly
25*1 J ’ ly 0
51% J ’ly 26
m
J ’ ly 20
1-1 F e b 1 .
b l A u g 15

H ig h e st

10-lb Jail 1
23-1 , an 111
136b Jan ;
298
16
(6
lo b
48
15- b
113

Jan 21.
Jan 3
Apr 1
Sep 3(/
04 1
O ct 15
oa.i ■

123
90
210
2Vb
b8
162%
1 It b

O ct 7
O ct 11
O ct l
O ct 3
A pr .
Alch (
A u g 25
212 M e n .
IUA .Inn
.
0 O ct 28
116 Jan 106 Alcti .
20-lb Jan
103% Jan 3
163 -J;. l 11
96b M ch S
109 F e b 16
49b O ct 20
165 Sep 2G
8 ’s F e b 11
21 F eb 11
12/68 M ch 2
12! M ch .
143% F e b 2-.
30b Moll 1
10414 M e h 23
l i b Jan V
28 Jail 0
8 b J a n 11
1521-' Mch
lifts J an 8
276 O ct 10
lO J b J u n 6
aV % O ct 2.
57 M ch l
-25 O ct 25
C*| A layiu
124 Jail 3
1381- Meh 11
200 F e b n
14 O ct ;
109b Jan lu
34% Jan 3.
31 M ay i;
2t.O Sep (6
71*1 A p r l.s
31 Jan -i
90b Jan 8
1251% Jan c
l o b Sep 36
94 Jan 0

L ow est

H ig h e s t

98 Jan
166b Jan
Jan
124b Jan
22H-, D ec
1321- Jan
295 Sep
l i b J<ui
666. Jan
10 Mav
4i>b Dec
li;i Jaa
115 N m
267 Jan
128b -Nov
75 Jail
7‘J lau
195 O ct
l i b Jail
58b Jan
|)163 N o i
110 F eb
260 A p r
19 j D ee
26 A p r
yub Mch
97b A p r
■172?tj F eb
93 b M ch
165 Jan
38 Jan
102 O ct

126b O ot
100 J'ne
239b A pr
13 o D ec
235 Alch
153 N o v
361 Jan
22 F eb
77b N o v
14b Mch
tfib O ct
162 ' J ’ue
123 JT y
275 Alch
130 F eb
103 D eo
KSG SCD
195b Jail
19 O ct
31 N o v
174% J ’ ne
149 A u g
215 Sep
200b Jan
-16 J 'n e
117b A u g
16/ A u g
218*1 A u g
1171,1 A u g
175 A p r
98% A p r
112 A p r

33b Jan
94 Jan
5% Jau
13 Jan
U-l X o v
11/ N ov
125b Feb
2 ? b l’ cb
936. Jau
4b A p r
J6*i A p r
3b A p r
125 Jan
7 Jan
245 Jan
150% F eb
60 Jau
39 Jan
202b Alcu
Z Jan
63 A pr
93 Jail
120b Jan
75 F eb
163 Jail
9 b Jan
100 Jan
20b May
24b Jan
126b Jail
2:64 Moll
231- Jau
•lib F eb
167 F eb
6% Jan
76 M ch

6Ub A u g
105 JT y

225

221 ;■ N o v
136 A p r
131 A p r
M o b Sep
46% A u g
163 J ’ no
12: Sep
31I-. A u g
8b O et
M 7b N o v
ij/fi J ’ ne
200 A p r
173 A u g
83 T D eo
9/ Apr
220b Deo
3 b O ct
126 O ct
118 O ct
139 Sep
103 O ct
199 A u g
12 Sep
114I-. A u g
31 D ec
35 N o v
176 D ec
7 1 O ot
31b Sep
OHs O ct
131 O ct
1; D ec
96 D ec

4/fl O ct
J ’ ly 13
10b M ay
10 F e b 1
Sep 21
14b Sep 15 ____ _____ . _________ _
J ’ ly 13
J4 Jan
62 O ct
53 F e b
66 F e b
55b J ’ ly H
90*i J an 8
96b NOV
23 Alch
1 9 b J ’ly 20
40b D ec
4ubJan 36 J ’ly 13
33b Feb
53*i Jail 3
61 Dec
36 F eb
12b M ay 4 5U*i Jan 3
51b Dec
5 J no.lo
3 J 1y
12(4 Jan 14
13 Jau
5.) M ch 0 .76 Meh 2*
.45 Feb
10 M ay 4
2 4 14 Jan 13
17b J ’ly
24 Dec
5(3 O ct 4
l.Si 1 M ay.,
8 Sep
l i b D ec
.16>s J ’ ne ji,
21% F e b
281? Jail 3
33^ N o v
•1lb J ’ ly 12
06 *1 Alay
£06 J ’ly 6
685 ’ Feb
1j :■' J ’ ly 15
01 J ’ly 0
H) J lie
58 Fen 17
68b Feb
86b N o v
3 b Sep 28
12 Alch
6 % Mch 2b
7 b May
Ob J ’ ly 13
7b F eb
16% A pr
13*1 Jan 3
.05 ’ O ct 11
.1 O ct
2i? Feb is
9 b J ne.so
13 F e b
226. Meh
19 " A u g
6 J ’ ly 2’6
12b N ov
7% J ’ ne
20 J ’ ly 0
96 F eb
1101" D ec
(.% Sep 20
9 Feb
11% N ov
l'7 s Jan 3
14b J iy 19
8 b Sep
36 Jan 12
33 D eo
l b O ct 27
6 b D ec
7b A u g
10 J ’ ly ta
44*1 Alch !
13b -May
286, Jan 3
33b F eb
22b Apr
xJi Sep
i
9% A u g
7b A p r
11 Jan £
2D> Mav
3 J ’ ly 7
r ib D ec
231? J ’ly 15
16 Jan
7 lb D ec
1Mb J an 22
0 J ’ly 2-:i
10b JTy
19b D ec
'9 .Ian 14
4 b Men s
13% May
•lb Alch
16% O ct 13
.30 A p r
.35 O ct 21
1 D ec
ii» J a n 13
,(,7 O ct 28
3b Apr
6 N ov
5 Jan 7
17 J l.V 18
12b F eb
29 Jail -i
18b Deo
5b O ct
13b M ch
3 b Jim 21
3’s J ’ ly 17;> Jan 22 z 5 / b J ly
43 .J iy 26
7Ub Jau
16b F eb
2 7 b Jan 1!
39 N ov
i 7 % J ’ iy 5
56. N ov
16% Jan 12
31- J ’ ly 13
• D ec
12 M a y .c
9'8 O ct
9 b Jan 17
I ) Sep
56 Jan 3
•17 Dec
1.8 J ’nciU
46, Alch
25% M ch 7
(j.->8 J ’ ly 13
117s A u g
12% Jan b
5 S ep 7
f-b -Nov
l li" D ec
.25 A u g .
1*1 F e b i
.in j n e
L<Jt2 J UC [ i
15 Jan 3
47b Feb
69 A u g
111 J ’ l y i i
166 Jail 3 122 Feb
17-1 D eo
12 J ’ ly 0 21*1 Jan 2
19 D ec
36b J ’no
92 Mch
6J J ’ ly 83 Dec
99 J an
i 5 b J ’iy 1
21*1 Mch
i-*s Sen 29
2b Jail 3
l b N ov
» b J ’ ly 3
136, F e b
18 .'an 2
17/3 Jan
1*! J ’neau
36 J ’ ly H
8I4 Jan 14
hi Jail
0 / D ec
7% J ’lv 14
h > .Jail 12
18b Alay
13b N ov
9 J ’ ly 6
Lsu JT y
16% Jan H;
12% Apr
4 >i - J ’ no -2
78 Jan 2
62 JTy
90 F eb
•1 h J ’ly 18
17% Jan
0b Deo
33 Meh 1
3 9 b N ov
33 b .J’ ly 20
59 Sep
£4 O ct
45*i J ly 20
tib Jan
- .1 ly 22
•1 O ct
I8i? .I’ n e jo
49b N o v
37b Feb
/.39b ,1’ uo lO
to N o v
39b F eb
3 O ct
o D ec
. (-j JT y 22
4*- A o r
b
J T y 13
'1 3 b D ec
139 Mch 158 A u g
h . .I’ ly 1
2 O ct
■(,. JT y
4 Jan
*. -lan 1
4

10
31

W eek ’ s
R an ge or
L ast s a le

P r ic e
tr id a v
O ct 2 8

B O ST O N ST O C K E X C H ’ GK
W kkk E nding O ct 28

R ange
U s
S in c e
CQ-0 J a n u a r y

BOA U S
B O ST O N S T O C K E X C H ’ G K
w k k k E ndino O c t 28

J

H i g h /Vo L o w H i g h
101%
102*9 18 190 *4 103
01 i ■" 89
93*4
9 9 7s
104 *9 105
90*9 100
87% Sep ’ 10
87*4 87%
97 112
112
112 |
94
89
92 >4 94
98 101*8
18 >9 98%
92 O c t ’ 10 ,
88*9 94 ‘ h
02 *4 Sep 10
92*9 94%
102*9 1 0 2 S,
102 Si J ’iy T o
117 *9 117*9
117 *a F e o ’ 10
73
03
08
G8 '4
110 F e o ’ U4

ASK L ow

^ m A g r io u lC h e m 1st 5 s ..1 9 2 8 A-O
91 Sale
Am T c lo p & T e i coll U 48.1929 J -J
C on v ertib le 4 s . , ............. 1989 M- 8 104% 105%
Am W rit 1'Huer 1st s I Os g 1919 ,|. j
Am Z i n c L A S (leb 0 s-----191.) M-N
A m Com C op 1st c o n v Gs 1929 J -D
92
93
93*9 ooi*
A ten T on A fa F o g e n g 4 s . . 1995 A -O
A d ju s tm e n t k 4 s — J ’ l y l 9 9 o N ov
91
93
S t a m p e d ................ J ’ ly 1995 M-N
91
93
5 0 -y e a r c o n v 4 s ....................... 1955 J -D
10 -year c o n v 6 s ..............1917: J-D
A tl G u ll A W 1 SS L in e s 5 s . ’ 591 j . j
68 >s 08%
Boston E le c t 1. c o n s o l 6 s . 1924 M-S
B oston A C ow ell 4 s ........... 1 9 1G j . j
B oston A M aine 4 Sis......... 1944 J .J
B oston T erm in al 1st 3 % s .1947 F-A
B u r & M o B iv eon s G s ___ 1918 J - J
B u tte A Boston i s t G s ___ 1917 A-O
B u tte E l e c * P e w I s t g 5 s .l 9 5 1 J-1>
Cedar lia p Je Alo U 1st V s.1910 M-N
Cen t V eruit 1st g4.-»..M u y l92 U ;y-F
87 .........
0 B A *4 lo w u D iv 1st 68.1919 A-O
lo w a D lV 1st 4 8 ................1919 A-O
D eben tu re 6 s ..................... 1913 M-N
99 % 100
D en ver E x te n 4 s ..............1922 F-A
N ebraska Kitten 4 s ........ 1927 M-N
B A H W e t 4 s .................. 1921 M-S
Illin ois D iv 3 %s................1949 J - J
Cato j o B y A s t k Vds 6 s .1 9 1 6 j - J l o 1 % bale
Coll tru st retu n din g g 4 s l 9 4 0 a -0
Oh M il * HI 1J D u b D Gs.. 1920 J - J
Cb M A St T W is V d iv 081920 J - J
99 101
C ilices N o M ien 1st gu 6 s . l 9 3 i M-N
Ohio & W M ich gen 6 s — 1921 J -D 1 0 1 % .........
C on cord A M on t oons 4 s .. 1920 J-D
Conn A Bass it 1st g 4 s . . . 1 9 )3 A-O
Cudaliy P a c k (T h e )l s t g 5 s 1 9 .4 M-N
__
C urrent. ttlver
1 st 6.s ..........
1920
A-O
.
.
.
...
D e tO r B a p 'A W 1st 4 s . . .1910
88 .........
D om inion Coal 1st s t 6 s . . 1949 M-N
98
98%
F itch b u rg 4 s .........................1916 M-S
............................................... 1927 M-8
F rom t Klk A Alo V 1st 0 s ..1933 A-O
U nstam ped 1st Gs........... 1933 A-O
Gt N or O B A <4 c o ll tr 4s 1921 J .J
95% 90
R eg ister ed 4 s ..................... 1921 Q-J
05 *9 ........

" £'Q

___ _
103

112% J a n ’ 03 . . . .
103 F o b ’ 10------ i ’u3
100 J 'n e ’o r . . . .

I l 3 ‘•i Mnv’ f o ----- 113% 114
88
87%
88 | 0 85
98% J ’n e ’ 10 . . . . 98% 98%
101% M ar’ 10 . . . . 101 % 10L%
99% O ct TO . .. . 99*8 100
99%
99 M arT O 1— - 99
99 O ct '0 9 ----87 % Sep TO . . . . ! 0li% 88%
101%
101% 34 100 101%
02%
90 O ct ’ 1 0 ----- 89
115% J a n ’ 10 . . . . 115% 115%
120 F e b ’0 6 ----99
99 | 1 I 99 100%
102 O ct TO — . TOO 104
1 1 2 ^ Jail '0 3*.....
ib o % A u g ’0 9 -----99 A n r ’ 10 . . . . 99
89 Alar’ 1 0 ___ 89
90% J ’ n e ’ 1 0 ___ 90%
103 *s A p r ’ 05 . . . .
00 A p r ’ 08
133 M ar’ 0 9 .
140 A p r ’ 0 5 .
0 o 34
o o '»; 10 i 94*9
95%
U5aal 2 I 04*9

99
90
98%

97 h
90*9

« -2
■5-s i

P r ic e
F rid a y
O ct 28

W e e k 's
R ange or
L a s t 'S a le

|52
R ange
| i « | S in c e
=3"° J a n u a r y 1

L ow
R i g a , -Vo L o w
R ia
Illin o is Steel d eben 5 s ___ 1913 A-O 100
100
100
1 | 99%
l a B a l l s * S iou x C i s t 7 s .. 1917 A-O
117 A p r ’ OS
K an C Clin * « p r 1 st 5 s . . . 1925 A O
i 93*8 97
>.'3*8 M at’ 101.
K a n U F t s A G u l t e x t 5 s . . 19111 J.J)
99% 99%
99% F e b ’ 10.,
Kan C F t S co tt * M 0 s . ...1 9 2 8 M-N 11 6% Sale 11(1% 117 I” 30 113
118
K an 0 M A B gen 4 s ........... 1934 M- S
! 92% 93 Hi
93 % 93 O ct MO
91
A s s e n te d in co m e 5 s ........1934 M- S
92
90%
5 I 90
90 Salt
90
K an C * M Ky * Hr 1st 5 s 1929|A -0 103 Sale 102 % 103 | 12 102 103
M ain e Cent co n s 1st 7 s . ..1 9 1 2 A-O
113 V
C ons 1st 4 s ..................................1912 A-O
101*4 Sep ’ 05'.
M ara H ougli A O ut 1 st Os. 1025 A-O
115 J ’n e ’0 8 .
M ass G as 4 % s ......................U)29i J - J
9 ! S>7
99%
99
99 **i
99
M ich T e le p ls t 5 s ................ 1917 J- J
97
99*8
97 . Aug’ lo '.
M in n e u e n E leo c o n g 5s 19291 J -J
102*a A uk’ 0 4 1.
N e w K n g C ot Y arn 6 s ___ 192 0! F-A 1*02* 103 102 % 102Hl| 1 100*8 105
N e w E n g T e le p h 6 s............ 1915; A-O
102 F e b ’ 0 9 '.
5s..................................................... 1910 A-O
100% S e p ’ 08 .
N o w E n g la n d c o n s g 6 s . . . 1045! J - J
B oston T e r m 1st 4 s .........1939 A-O
N e w H ir e r (T h o) c o n v o s . 1934 J - J
79 %
75 O c t TO . J l 76
N Y N H A H coil d eb 3 %si95lil J
99 Sep T o ;. ..'I 90% 102
C o n v d eb 0s ( c t f s ) ...........1948 J - J 134 130 134%
1 131 135
i 34%
Old C olon y gold 4 s ....................... 1924 F-A
101 A p r ’09 .
O reg B y A N a v c o n g 4 s .. 1940; J -l)
9 8 % Sep ’09 .
O reg SU D ine 1st g 6 s........1922 F-A
113 % A n g ’10 . . . . 113% 116%
P e r e M arqu ette deb g 6 s .. 1 9 1 2 'J - J
99 M a r ’101. ...'! 98*2 99
K epu b V a lley 1st s t 0 s . .. 1919: J - J 102*8 ,
103 >* S e p T O . . . . 103*8 103%
B utland 1st c o n gen 4 % s .l 0 4 1 : J - J
107*2 -Nov’051.
K utland-C anadlan 1st 4s 1949 J - J
102 M a i ’02!.
Savannah E lec 1st c o n s 6s. 1952 J -J
78*2 A p r TO;.....'! 78*2 78*2
Seattle E le o 1st g 5 s ......... 1930 F-A 103 Hi 106
103 Hi Sep T O . ,.. 103 104%
S lian n on -A riz 1st g O s .... 1919 M-N
15 83 110
90 Hi Sal6
95 Hi
97
'T erre H au te E leo g o s ___ 1929 J -J
97 A p r ’07 .
T o r r in g to n 1st g 5 s ........... 1918 M-S
100% M a r ’io l. I" ioo% ioo%
U n io n P ao K B * 1g r g 4 s. 1947 J - J
101%
101*2
l'l 99% 101 Hi
20 -year co n v 4 s .................1927 J - J
104% O c t TO . . . ' 104% 109%
U n ited F ru it gen s t 4 %s . 19;!3 J - J
97
97% 9 7 %
97%
J i 95% 97 *2
U S Coal * OU 1st s f O s.. 1938 M-N 105 Sale 105
105
5 145 100
U S Steel C orp 1 0-0 0 y r 5 s. 1903 M-N
104*8O c t TO . .. 1 0 1 * 2 106%
98%
W est E n d S tre e t B y 4 s ___ 1916 F -A
9 3 % J ’l y ’i o . . . 97
G old 4 *28............................. 1 9 14 M-S
101% J ’ne’09,
98*2 A p r TO ...'I 98% 99%
G old de b e n tu re 4 s ........... 1910 M-N
1 97
99
98
93
G old 4 s ............................... .19 1 7 F-A
90%
97 % 14 i 94*2 99
97 >4 Sale
W este rn T e le p h * T e l 5 s . 1932 J -J
9 4 % J a n T o . . . . 94% 94%
W isc o n s in C en t 1st gen 4 sl9 4 9 i J - J

N oth —B u yer pays accru e d Interest In a dd ition to tho p u rch ase p rice fo r a ll B o sto n B onds.

» N o p r ice F rid a y j latest bid and asked.

U F la t price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
sh are P r ic e s — N ot P e r C e n tu m P r i c e s

S a te s
m e
W eek
S h ares

0/

S a tu r d a y
O ct 2 2

M onday
O ct 2 4

.......

.....................
iifo* 1 2 0 %

14 %

’ 4 3 " ’ " 43 "
44 % 4 4 %
* 11 % .........
83
79%
*8%

33%
80%
10

8o\

80 l4

4 6 a4
15*8
18%
7615ie
b
4 2 1*
83%

46^4
1&°8
lb %
77»i0
8^
42*4
83%

T u esd a y
O ct 25

.........

........

>120
120
21
21
*21
43% 43%
43% 43%
+ i4 % 15
......... .........

44
* l i- \
48%
32%
79%

24
'4 2 %
43%
*11*»
•'48 %
32
79

*4*3 4
41%
12 '
49
33%
80

7u %

‘ 24% T o "
94% 94%
84 % 85
06% 00
*46% 46%
16% 16%
15% 1 0 l«
70%
8
8®10
38
39
83
83

‘ 25%
95 %
07
00%
46%
10%
18%
77%
8%
42
38
83% 83%

*2*4^
04^
84%
05%
45%
15%
10%
70*8

P H IL A D E L P H IA

24
43%
44
l i%
49%

[ S id

i n a c t iv e s i o c h
A m al A s b e sto s C orp. 100
P r e f e r r e d ................... 100
A m erican .M illing........lo
Am ur Pipe A lls......... 100
B ell T e le p h o n e ( P a ) . 100
Cam bria I r o n ................. 60
C entral Coal * c o k e . l u o
C o n s o lT r a o o f N J .. . 1 0 0
E aston Con E le c tr ic 0.60
F t W a y n e * W V ........l o o
G erm antow n P a ss....... 60
[n dian u polis S t ........... 100
Indiana U nion T r — 100
In su ra n ce Co of N A . .10
In te r S n i P o w * Cheiu.oO
K eyston e T elep h on e ..5 0
P r e f e r r e d ..................... 50
K ey s ton e W atchC aso.190
Loll V a il T r a n v t c ., . 0 0
P r e fe r re d v t c ........... 50
L it B r o th e r s ....................to
L ittle S c h u y lk ill........... 60
Jltuelilll * S ch u y l H ..50
N H a v e n i r o n * s t e e l.5
Not th e m C e n tra l......... 50
N orth P e n n s y lv a n ia .,6 u
Penuayl B B r e c e ip t s ___
P en n sylva n ia s a l t ........ 60
P en n sylva n ia • 'ie e l..lo o
P r e le r r e d ................... l o o
Philii Co (P ills ) p r o f .. . 60
plill G erm an * N or r is . 60
Plula T r a c tio n ................60
R ailw ays G en era l........10
Busqueh Iron * S t e e l ..5
T idew ater S te e l........... i o
P r o i t r r e d ......................10
U nion T r 01 I n d ......... lo o
U nited JN J B H * C . . 1 0 0
U nit T ra o P itts p r e i .. 50
W arw ick I r o n * s t e e l . l o
VV olsbacliCo................. lo o
W est J e r s e y A S e a S li.6 0
W estm oreland C o a l....5 0
AVS! U
ttO O
Wr W
ilkes
Gus
* f *Ea i*ewc ..100

.......... .........
125
21
*42

......... .........

125% 125
.25%
21
*20
21
42% k......... 43
14%
15
*14

" 43 ” " 43 "
43% 43%
■1 1 , 11%
49% 49%
32
31
76%
"• S i"

94%

94%
86 ‘v
05»ia 00
44 -a 45%
15 -u
15% 17
‘.6 % 70%
8
10 Hi
39
82% 82%

24%
43
44%
*11*8
49
32%
79
" 25 " ‘
*94%
81
41 Hi
id '%

10%
70 %
39%
83

*02
04
*90
92
126% .20
*20% 21%
43
*42
*14% 16

24% *24%
43
43
44%
44%
11% * n » a
49
49
32%
32 %
79
79%
*8%
20
20%
+94 %
95
84%
85
(10
44 *v C44 %
15%
15 Hi
10%
10%
70%
70%
8%
« l4
40
83
83

I ' m i . A l l l i M ’H I A

1| E x -r i-h ts .

||-(i 15 paid,

92
83
******
iii* *

........
.........
80
lU53i

.........
1U9%
103%

.........

140%
97

.........

109**

i ’0' 2 "
94%
'7 6 %
] 08
»**W
1U0

.........
2,023
100
4u0

R ange

A C T IV E S T O C K S
( t o r R o n d s a n d In a c tiv e
S to ck s see b e lo w )

L ow est

H iy tle s l

P h ila d e lp h ia
30 A m e rica n C e m e n t......... 50 17% Sep 19
2 lo A m e rica n B ail w a y s .... 6U 41% J ’ ly 2 1
1,276 C am bria S t e e l ................. 50 40% J ’ly 20
E le c t n o Co ol A m e r ic a 10 11% J ’l y 29
it i
222 E le c Storage B a tte r y .. 100 42 J ’n e o o
49
32 % 0,32 l G en A sp h alt tr e t t s ___ 100 19% J ’ly 20
D o pret tr c t f s ___ 100 04 J ’ ly 20
79% 2,648
7 J ’ly 0
K e y sto n e T e le p h o n e ... 50
8%
20% 10,263 Lake S u p erior C o r p . . .. l o o l o % J ’ne3u
181 L eh igh 0 * N a v tr ctfs. 60 80 J ’ ne3o
94%
85 % 41,33i L eh igh V a lle y ................. 60 02% J ’ly 27
00% 2,274 P en n sylva n ia B B ......... 60 61l l !8 J ’ly 2U
995 Phihutelp’ a C o (P iU s b ). 50 42 J ’ne3u
45
15% 7,33d P h iladelphia E le e tn cll. 26 113% Feb 3
10% 24,092 Phils B apid T r a n s i t . . . 50 15 A p r 28
11,900 H e a d in g ........................... 60 05% J ’ly 20
77
1
0 % J ail 2 8% 2,112 Ton opali A lining .........
40 *6 16,79. U m o il T r a c t io n ............. 60 38 O ct 24
1,509 U nited G as l m p t ........... 50 79 J ’ly 20
83
1’ 111 L A D E L P H I A

I R id

30
76
to o
11%
22%
9%

1

t $13 % paid,

i

$35 paid,

a

H ig h est

Jan 3 25 D ec 43 Jan
Jan 0; 44% J ’iy 48 D eo
J an lo ! 32% Feo 49% Deo
i2 % j;iy
Jan 14 a :io% Jan
A la r il 43 Jan 03% J ’ iy
Jan 29 15 % Jan 33% Deo
Jan 10 53 Jan 84% D eo
o a n iu !
9 % J an 16 A p r
28*4 Jan 3 14% Jan 33% Alay
123 Jan 7 90 Jan 125 % D ec
Feb 113 Sep
121% M a r la 07
GM%8 Alar 9, 03 % Feb 76% Sep
63% Jan 8 40% Feb 51% D eo
10% Alar 18; 1 1 % Fob 14% D eo
2d% Jan 3| 2 4 J an 30% A p r
60 Feb la| 59 % Feb 80 \ Sep
0**4 J iill 7*aia Alar
0*10 A layl3
62% ran 3; 50% Jan 58% Alay
05% J a n 10; 84% JUi) 05% D ec
28
50
53%
12%
04%
34%
64%

C h a r iC * A 2 d 7 s ’ 1 0 A -0
101%' i o i * i C i t y * S ub 1st 6 s . . '22 J-D
99% ' ......... C i t y * S u b (W a s ) ls t 6 s ’ 48
Coal * 1 B y 1st o s ’ 20F -A
115%
C o l& G r n v IstG s.lO lO J-J
84
C on sol G as 6 s ..1 9 3 9 J-D
******
C tfs in ilebt 4 % s ........J-J
08% '
......
101%' 101% C on s G E & P 4 *28*35.J-J
F a ir * 01 T r i s t 5 a ’ 3 8 .A -0
G a * A la 1st co n 6 s ’ 4o J -J
109
74
G a C a r & N l s t 5 s g ’ 29J-J
103
G e o rg ia P 1st O s ...’ 22 J-J
81
......
80
G abo * F la 1st 6 s 1945J -J
89% G -B -b B r e w 3 -4s 1961M -S
89
2d in co m e o s 1951 M -N
' i i '
K n o x v T r a o 1 st 5s ’ 28A-G
L a k e B E l 1st gu 5 s'4 2 A l-b
M u c o n B y * L l ls l 6 s ’63J-J
30
20
" 50"
M em p h is b t 1st 5s’ 46 J-J
55
M e tb t( W a sh )l8 t6 8 ’ 2 5 F A
2*32%' . . . . . . Alt V e r C ot D u e * 1st 6 s.
......
N p t N * U P 1st Os’38 Al-N
110 ;12 J
N o r & P o r T r l s t 5 s ’ J0J -D
4 %! 6
104 %
19 j 20% N o rlo ik b t 1st o s ’4 4 . .J-J
......
......... 1 . . . . . . j N orthC euiA H rs 1925 A -tj
......
S ecies A 6 s 1 0 2 0 ....J -J
00
” 02 "
S e n e s B os 1 9 2 0 ....J -J
85
80
P u t Un T ra o o s 100 7.J-J
2
1
P
o
to Val 1st 5s 1 9 4 1 ..J-J
io i"
Sav F l a * W est os ’ 34 A-O
Seab * B oan 6 s 1 9 2 0 .J-J
in te r e s t."
S outh B o u n d 1st 6 s ..A -O
A n acosU a A P o t 5 s ........... 100% 101
■9 9 ”
U E l L & P 1 s 14*23’ 20 M -N
A t l Coast L (C t)c tfs os J -D 101
105
CtlS Ot lUllCbt ............1-J
. . . . . . Uu B y * E l 1st 43 ’49 M-S
in c o m e 4s 1 94 9........J-D
6-20 y r 4s 1 9 2 5 ......... J-J "uYt" . ..!
F'unding os 1 9 3 0 ...J -D
” ” ”
B a ltC P a s s l s t & s ’ l l M-N l o o
too v
B alt F u n d g o s .1 9 1 0 Al-N 104
106 I V a A lid 2 d ser Os T l . M - b
3d s e n e s Os 1 9 1 0 ..A t-s
E x ch a n g e 3 %s 1930 J-J
93%'
03
4th ser 3-4-5S 1 9 2 1 .M -S
Balt A P ls D O s m l’ l l A-O 100% ........
5th s e n e s 6 s 192 0. Al-b
92%'
"0 3 % ! B S P A C l st 4 H2S ’ 6 3 F -A
02
108 ! Va (State) 3s n e w ’ 32.J -J
IU2 % B alt T ra o 1st 6 s . . ’ 29 M -N 107
F u n d d e b t 2-3s 199 1. J-J
N 0 B a lt D iv os 1942 J -D 109% 110%
s5
W e s t N C con Os 1914 J-J
C en t’ i By o o u 5 s l‘J 32 Al-N 105
101
IHxlA Im p 58.1932 Al S
W e s V a C& P 1 st Og’ l 1 J -J
70
Chas c i t y B y l s t 5 s ’ 2 3 J - j i ‘0 2 " i b T 'j W - * W e ld 6 S ..1 9 3 5 .J -J
Clias
94
1
......
—......... B *y
* G A
— E l 6s ’ 99 M -S
90
*
■' «

t $12% paid,

P rev io u s

Alar 48 D eo
Alar 89 Ala?
Jan 121% D eo
Feb 28% Deo
Feb 48 D eo
Feb 14% D eo

i iA i.T T .i l O K E

,A sk

Pll «fe B ead 2d 6s ’ 33.A..O
C on Al 7s 1 91 1........J-D
E x Im p Al 4s g ’4 7 .A-O
T e rm in al 5s g 194 1. %-F
P W Ai B c o l tr 4s ”21. J-J
P o rtla n d B y 1st os 1030.
K och B y * E co n 6s '54J -J
S p a n isli-A m l r Os ’ 27 JM
U T r a c I n d gen o s ’ lO.JM
U n B y s T r o ils 4s’ 49J&J
U n ited B y s ln v l s t c o l l t r
s l o s 1 02 0.................M -N
U T r a c P it g e n o s ’ 97 J -J
W e is bach s 1 6s 193 0. J-D
W lk s-B U A E c o n o s ’doJ-J
B A L T L H O lt E
I n a c t iv e b l o c k s
A la C on s Coal<& lr o n .1 0 0
P i e t ............................. 100
A tia u ta A CliaiTottt>..lOO
A lla n C o a s tL fC ouu)10u
Canton C o .................... 10U
C ons C ot D uck C o r p ...6 0
P r e le r r e d ....................50
G eorgia s o u A F la ...1 0 0
1st p r e i......................100
2d p r e i........................100
G -B -S B r e w in g ........... 100
B on ds
tr ic e s are a ll “ an d

to r

| L ow est

B a lt im o r e
Con. G as EL L. * P o w .1 0 0 40 M ar21 02 O ct 18^
D o n r e f .. . . . . . . . . . . 1 0 0 80 A la r il 90 J ’iy 14'
N orth ern C e n t r a ........... 60 115 Jan 0 132 F e u 28
Sea boara (n e w )...............100 18% J ’ly 2 9 2 7 Jail o
D o 2u prer............. 100 40 O ct 17 47 Jan 8
U nited B y * E le c t r ic .. 60 l2 % A la y 3 15% J ’iy Lb

25
43

| R id | A s k

B onds
t r i c e s are a lt “ an d
interest.”
A l t * L V Eleo 1 %s’ 33.F -A
A m Gas * E lec 5s'07. F-A
A u iB y s c o u v 6 s 1911.J-.D
A tl C ity 1st 5s g T O .M -N
45
B u r g * E B rw 1st Os’21 J-J
B etlile S teel Os 1998 . (J-F
' 73'
O li o o * M o le t 6s 1949 J -J
CU O k * G gen 6s T 9 J -J
C ol S t B y 1st c o n 6s 1932
C o n T r a o o f N J 1st o s . ’ 33
E * A 1st M o s 1920 M -N
E le c * P e o T r stk tr otfs
19% 20
Eij 11 U as-L 1st g 5s 1928
" 8% *8% In dian ap olis B y 4 s. 1933
In te r s ta te 4s 1943 ..F - A
L e h igh N a v 4% s ’ 14.C4-J
B B s 4s g ........1 9 1 4 .y - F
4
G en M 4% s g .l9 2 4 .l4 -F
16
Deli V C 1st 6s g '3 3 . .J-J
10
L eh V e x t 4» 1st 19 4 8 .J -1)
2d 7s 1 91 0................. M -S
”uT
COUSOI Os 1 92 3........J-l)|
A n n u ity Os............... J-D
1*2*4* 125 Hi
G en co n s 4s 2 0 0 3 .M -N
L eh V T ran con 4 s ’3 jJ -D
1st series B 5s i9 3 5 ,M -s
ibu"
N ew C on Gas 6s 1948 J -D
100% N e w a rk Pass c o n 5s 1930
N V P h * N o l S t 4 s ’39 J-J
42
*41*
in c o m e 4s 1 9 3 9 ...A l-N
160
N o O ln o T ra c con 6 s T 9 .J -J
P en u C ons 5s L919 . . Var
To'
P en n * Aid b te e l eon Os.
Pa * N Y Can 6s ’30. A-O
Con 4s 1939..............A-O
PeD U Stoel l s t 6 s ’ 17 M -N
244 Ip e o p le ’ s T r tr ce r ts 4s ‘ 43
P Co 1 s t * eoi tr 6 s ’49 Al-S
C o n * c o l tr 6s 1951A1-N
10% " n "
40
43
P h il E lec g o ld tru st c tfs .
T r u s t o e rtlfs 4 s ...............
62*2 64
P * E g e n Ai 6 g ’ 2 0 . A-O
G en At 4s Dg 1 9 2 0 .. A * O j
...... ......

•But and asked; n o sales o n this day.




W ed n esd a y
O ct 2 8

tr id a y
O ct 2 8

T h u rsd ay
O ct 2 7

R id

, Ask

i0 5 " iotT*
101 1 0 1 %
10U 100%
100 107
107% 108%
’ 0 3 “ '*83%
87%
97
104 104*,
104% 106%
112 115
100 108
43
42
8
7
102 %!103%
100
95
90
98%
97

" 7 4 '' *7*4%
*83% '*84**

105 . . . . . .
104% ......
lu9% ......
100% .........

ioS" : : : : : :
106
105
00%
85
02%
84%

......
......

92
85%
02%
86

iUii" " " "

103
104
84
84
105

..............
........... ..

85%

85%
100
100
% lOo“»
no 112

B eceip ts. b $25 paid. c $ 3 0 p a id . d $ 1 2 % paid.

Volume of Business at Stock Exchanges
TRANSACTION.! AT TUIS NEW YORK STOCK EXUUANUE
1)AIDS, WEEKLY AND YCAREY
S to c k s .
W e e k en d in ']
O c t. 28 1910.

Saturday _______
M onday ________
Tuesday......... ........
Wednesday _____
Thursday________
F r id a y ....................

382,407
630,465
677,692
68J,847
744,965
640,502

T o t a l....................

R a ilr o a d ,
& o ..
B onds.

( B a r v a lu e.

S h a r es.

$35,738,200
67,289.000
63.650.700
61.940.700
69,611,500
49,730.200

S ta te
B onds.

$1,215,000
1.992.000
2.942.000
2,52(3,000
2.326.000
1.376.000

3,559.878'6 .27,960.3001 S12. .76,000

S a le s a l
N e w Y o r k S to ck
E xch an ge.

W e e k e n d in g O ct.

1910.

23.

Jan.

1909.

V. 8.
B onds.

$51,500
02,000
45,500
27,000
124,000
81,500

$ 10,600

5391,500

$10,000

I to O ct. 28.

1910.

1909,

Stocks— No. shares___
3,559.8781
6,074,4321
113,965,495
177,956,409
Par v a lu e .._______ S 327,960.300 $479,012,700 $12,843,164,550 $16,311,129,325
Bank shares, par_____
$5,900
$3,300
$915,500
$157,650
B onds.

Government bonds.,_
State bonds_________
R U . and mlso. bon d s..

$10,000
39 1,500
12,(76,000
$12,777,500

$30,000
325,500
20.165,000

5348,200
37.481,950
600.351,700

$561,700
31,616,400
1,082,612,100

$20,520,500 ___$538,184,850

31,114,820,200

D A IL Y TRANSACTIONS A T T IIE BOSTON A N D P H IL A D E L P H IA
EXCH AN G ES.
B o s to n .
W e e k en d in g
O c t. 28 1910.

L is ted
s h a r e s.

U n lis ted
sh a re s.

S a t u r d a y ...____
M onday________
T u e sd a y _______
W ednesday_____
T h u rsd ay ______
Friday__________

0,972
19,694
20.811
18.192
28,565
15,583

T o t a l _______

112.817

P h U a d elp h la .

1

1

12,214,
11,31111
10,952
12,357
13,09 L
10,5111
70,506

B ond
s a le s .

L is t e d
s h a re s.

| U n listed
1 sh a re s.

B ond
sa les .

$34,200
61.100
51.500
33,000
60.500
39,0061

12,916
41.269:
20,840
32.070
19,849
15,420

8,045
6,234
10,028
9.198
16,881
11,634

$11,100
31.200
50,400
39,000
80,500
55.200

SJ75.300

142,376

02,950

$273,IOO

Outside Securities
All bond prices nre n ow “ and in terest’’ c x c c j t
Street R a i'w a y s
N ew

B id

A sk

Y ork C i u

20
a
is
JJ 62
<>u
B ’ y A 7th A ve stk
) 120 MO
1
9S 100
Exc 1st
i 10 -' 105
J
90
1st m tge 6s 1922 . . Ill/ 80
65
24
1 18
1 80
90
E xc list
D ry D E 1) <Sc B—
)
95 100
4v)
t / 30
1 20 J 300
Scrip 63
/ 95 1UJ
1 200

220

____

1st m tse 6s I910.it!

1 ____
/ 4)
ani?e
E xc
E xc
155

60
■1st
list
list
180
10
16
1st vl 5s’0 9 e x t T o _.\1
9914 _ _
Consol 5s 1948____ F
/ 55
60
(S ixth A v en u e s t o c k ..1 0 (
115 130
85
t)U
92
88
Third A v en u e — S e e Stocl*| E
Exc
xc 1st
T a rry W P A M 5s 192/ ' 60
80
Y k ersS tR R S s 1046 A i
.
85
75
18tli & 29th Sts 5s '96 A-tJ n 0
20
T w en ty-th ird St stk . _10ir 190 215
U nion R y 1s<- 5s 1 0 4 2 .K-Al 100 io 2
!. YVestchest 1st 5s ’43 J-J
7o
05
B r o o k ly n

U lan A v en u e H R —
Con 6s n 1931_____

1
Con 5s — S e e Stk

poney Isl

99
9/

160

ansc
u§
08
90
Exc

A

00

102
102

168
list

102
102

09
list
75
83
80
IOU ' 1st

78
75
95
Exc
- . .
103 105
E xc ' 1st
92
87
103 too

Con
B rk
5s 1944____
1st 4s 1051-

O th e r C U t e s

ulTalo S treet R y —

101
101

D eb 6s 1917.

101

106
105';
s 95
104

100

102'-

92
‘olu m R y con 5s — S e e Ph! a list
75
78
1st A ref 4 I$ s — S e e Stk L xc
rand R a pid s R y pref.10 0
83
L ou lsv St 5s 1930___ J-J 104
104
23r>a
Ol'a
tk Ex
108
T r etts
991 g
60
74)2

* P er ^ a r e .

b Basis,




76
80
I'st
80
1u5' a
105
2i;*g
6 IY1
1st
109
1001c

where m arked

*'f.

Street R a : w ays
BUI
Pub Serv O orp N J ( C o w
Cons Tract ot N J ..IO O 1 72
1st os 1933.......... J-D
103
N ow ’ ll Pas R y 5s 30 J-J 1 106M
R a p id Iran St Ry__lU O 235
1st 5s 1921_____ A - u
1U3
J C H o b A P a terson —
4s g 1949_____ 1
M -1
N
74
So J Gas El A True. IOU 128
Gu g 5s 1953___ A\ S
97
N o H ud Co R y 6s 14 J-J 1U2
5s 1028..................J-J
102
E xt 5s 1 9 2 4 .. . Al-N
U8
P a t Ity coil 6s ’3 1 __ I-U 115
2d 6s o p t 1 9 1 4 .. A-U
99
So Side El (C hic ) — S e e Ch icago
Syracuse R T 5s '4 6 . Al-S lu i
Trent P A H 5s 1 9 4 3 .J-D
97
U nited R ys o f St L—
Com v o t tr c t fs ____ 100
10
e Preferred _______ 100
13
Gen 4s 1934 — S e e S tock E xc
U n itR ys San Fran S e e Stk E xc
W ash lty A El C o____ 100
36
P r e f e r r e d _________ .100.
89
4s 1951.........................j- i >
83l8

Hj V
74
104
1071245
75
K2
981r

101

list

10. 1'
lOfy

4314

(1st
list

3.14
uo

G as Securities
N ew

Y ork

Cent On Gas 5s 1927 .J-J
Con Gas (N Y >— S e e Stk
e Alutual G as_________ 100
New A m sterdam G as—
1st consol 5s 1 9 4 8 .. J -J
N Y A E R G a s 1st 5s '44 j j
Consol 6s 1945_____ J-J
N Y A R ich m on d G a s .10(1
N Y A W e stch e ste r!, h t’ g —
D eb g 5s 1934 g u a r .j- ji
Nor Un 1st 5s 1 9 2 7 ..M -N
e Standard Uas c o m . . 1001
e Preferred . .
lo o
1st 5s 1930............... Al-N

100

Exc
158

102

list

166

991- 101
102 LU4
98 kO
40
60

100
98

66

102
100

7a

102

106

O th e r C i t i e s

Am Gas A E lec c o m .
60
P r e t e r r e d ___________ 60
Anier Light A T r a c t ..lO d i
P r e fe r r e d ___________loot
Bay S tate G as_______
50
Bliigh ton <N Y) Gas W ks
1st g 5s 1933............ A-O
B rooklyn Un G as— NtfaStk
Uullalo C ity Gas stk
100
1st 5s 1947 — S e e Stock
Cities S ervice Co
lu .
P referred___ __
inn
Con lias of N j 5s '36 J-J
C onsum ers' L 11 A P o w —
5s 1938___
i.D
D enver Gas A E le c.
100
Gen g 53 1049 o p Al-N
Elizabeth Gas Lt Co 100
Essex A H udson G a s .io u
Gas A El Bergen C o . 100
e Ur lla p 1st 5s '1 5 .F -A
H udson Co G a s .
1011
Indiana L ighting C 0 ..IO O
4s 1958 o p _____ _
F-A
Indianapolis G as____
56
1st g 5s 1952______A -O
Jackson Gas 5s g '3 7 . A-U
e L a clede (ia s _________ iou
e Preferred ________ m u
Vladisou Gas 6s 192 6. A-U
N ewark Gas Os 1 9 4 4 ._ y - j
N ewark Consol G a s ..1 0 0
e Con g 5s 1948___J-D
No H udson L 11 A P o w —
5s 1938________ ____ A -u
P aclllc Gas A E. c o m .lO u
P r e f e r r e d ___________io n
Pat A Pas Gas A E le c .lu u
r Con g 5s 1040___ At-H
Sf Jo^pnh (Jt <j 5- 10.77 f. il

*43
45
*JT39l2 4 )i 2
*:80 283

102

103

l2

03
E xc
4
E xc
62
03

100
list

6

list
(54
83 is
96

110
205
90
300
136
78
05
135
33
64
13
79
t

88
104T|
80
103
128
U8

03

139
81

102
35
85
U.'U

05)4

102
108
130
98
103)5 1041■>

B it
„
E lectric C om panies
B it
A sk
A sk
Indnslria and Al seel
Chic Edison C o— S e e Chi cago list!
13
C rucible S teel_______ 10
18*8
(Jr't W est Pow 5s '4 6 .J -J
8.3
781- 79
87
a Preferred ________ 101
* Kings Co E L A P Co 100 122 125
*2
D avl.i-D aly C o p p e r C o .I.i.
2'8
Narragan (P rov) El C o .5 o ►85l2 *8
e D iam ond M atch Co.lOU' S94't *96
N Y & Q E 1 L A P ow Co 100
<0
50
145 150
lu P o n tl E Iid e N e in P o 10
P r e fe r r e d ___________l o o
73
78
82 ■ 85
c P referred ________ 10
United Elec o f N J ___ 100
85
80
84
e G old 4 34s 1 9 3 6 .. J-l
85
1st g 4s 1949........... _ .!-!)
7ii!
7<U E lectric B o a t.......... ........ 10b _ _
24
4 Uj> 4 3
W estern Pow er c o in .10
____ 70
Preferred _________ .10
P r e f e r r e d ___________ io u
68
0 9 - Em pire S t e e l ...................mu
15
10
65
58
Preierred . . .
..1 0 9
t e le g r a p h a n d T e le p h o n e
100
91
‘ General C h em ical. . . 10 u
e A n ier T e le s A C a b le . 100
84
87
eP re te rre d _________10 " 101
1031a
e Central A So A n ie r .. 100
117 l l i l 2 G oldileld Con Mines S e e S ;k Ex list,
Cotnm ’ l Un Tel (N Yi . 25 105
u o ld illli C op per ____ 1 * U10 1* IS
Em p A B ay State Tet .100
65
ireen e-C ananea
20
7h
F r a n k l i n ..................
io o
40
■uggenheini Explor’ n 100 190L 195
e G old A S to ck T e le ;;. 100 100
e H ackensack
W ater Co
« N orthw estern T e le g . 6 u 105
R ef g 4S *52 o p '1 2 ..J - J
85
88
P a cd lc A A t la n t .c ____ 25
60
.Jail Signal Co c o m . . 100
20
35
eP ac Peiep A T oleg pf .100
93
H avana Tobacco C 0 . . I O 0
4
(i
Southern A A t l a n t i c .. 25
90
P r e fe r r e d ___________ luu
8
12
1st g 5s June t '22 J-D
65
59
! ;e r r y C o m p a n i e s
leck er-Jon es-Jow cll MU
B & N Y 1st 6s 19 11 . J-J
93
1st 6s 1922__________ 'd; 103 105
N Y A E U F erry stk 100
20
42
•le r'g -ria li-A la r u e w .lO o
37
1st 0s 1922________ M - in
65
do D o k cn Laud A Im p IOU
....
.v Y A llo t ) os M ay '46 J -D
97
e 5s 1910___________ A'
MKs
H o b Fy 1st 5s 1940 Al-N 101
H ouston O i ____ . . . . . t o o
7‘ ?
734
V Y A N J 5s 1940____ J-J
95
t 'r e f e r r e d ___________ m i
41
42
10th A 23d Sts F e rry . 100
30
H udson R e a lly _______ lUo Uli
1st m tge 5s 1 9 1 9 .. J-D
_ „
05
s In gersoll-R au d c o m .iu u
93
s U nion Ferry s t o c k . .100
26
e Preferred
___
lUi
100 105
e 1st 5s 192 0............ ,u i>
263. 27
95
in te rc o n tin 't'i R u b b e r. 10;
in tcru a t'i iia n k 'g C o .ld u
95 105
lu te : o a f Mer M ar — S e e : k Ex 1st
S h o r t-le r m N otes
Am Clg ser A 4s 11 Al 8
995S 10')
1 .uetnatlou .il N lcke. . . 100 138 143
98
Ser B 4s Mch 15 T 2 i\l-S
9 M4
P r e ie r r e d ___________ lOo
90
i3
Bait A u n to H s 191; . j - u
987g , 9 *
1st g 6s 1932_____ A -u
92
94
•etillch tcel os 'U ...V 1-N
95 12 u0‘ : intern ational S a lt____ 10.,
K\
8
hlc A A lton 5s '13 rtl-S
9S&S 99U
1st g os 1951..............A-L t 17
52
Jin fla m A D 4s 191*3*.J j
97U 9 / «. intern ational S l v e r .. l O t
50
80
C C C A St L 6s. June II 10J IUUI4
P r e ie r r e d ___________ m.
107 113
m d s o u C om panies—
1st Os 1948________ J -i,
HU 112
6s U c„ 15 l o l l ____ A-O
971 99
ln ie rn a t Sm elt A R e fg 10.
130 140
6s F eb 1 1 91 3____ jj- a
97l2 99
n tcrn a i T im . R c c o -d .1 0 .
199 225
uterb U T g 6s 19U .A 1-N 1 Hlj lu2
P r e fe r r e d _________ m o 112
129
v C Uy A L ight 6s 12 . M -s
98T 99
Joues A Laugblln Steel Co
lin n A St 1. g 5s '1 1 . F-A
98'j 99 2
1st s f g 5s 1 9 3 9 .. Ali\ lOlL l 0112
iN Y C Lines Kq 5s TO 22 b 1,6u 4.3 , .L ackaw anna Steel___ io u
•11
46
4 H Jan 1911-1020____ b 1.6
4,3^
. 1st c o n 5s 1 Uou___(Vi-.
85
N Y N 11 A 11 5s T O -T 2 mo
01
D cu os 191 0 _______ fii
9l
92
St L A S F 4 H s T 2 o p . l :-A
97
93
i.au ston M on otvpo._".T u i
86)4 87U
5s Mcll 1 19 J3 ____ Al-S
96L 57I4 la w y e r s vltge C o ____ 10^
1.4
.'45
loutn U y g 5s 1 9 1 3 ._F-A
981
6 , .25 275
9">8 ,en A W llnes-B Coal
Tidewater 6s. 1913 gua; 101 lOli- e L orlllanl <P) p r e f . . I l u
135
(45
W abash 4 14s 191____ Al-N
dad ison Sq G a r d e n ..1 0
30
97
45
W est fe le p A 'i ’ os '1 2 . F-A
2d 6s 1910................ M - 1S1 85
9*9’ 100
W estlngh’ e El AM 6 : I Old 10J 1001+ llg
lanliati.au Transit___ 21
M*
6 % notes O ct 1 9 1 7 .A -0
49
M ay D ept S t o r e s _____ li)C
52
OJ'lj 101
P r e f e r r e d ___________ 106
R ailroad
812 9*4
vloiioiigabeia it C o a i._ 01/
■itoc
P r e t e r r e d ____________ 6 " 2 Uz -’ 21a
e Preferred i r c t f s . . /
list
111) 115
M ortgage Bond C o ___ 10
Ohio Peo A St L—
Nat Bank o f C u b a ____ IOU 10J 110
Prior lieu g4 34s 3 0 . Al-S / 85
N at'! S u re ty ___________ too .09 270
Con intg g 5s IU 3 0 ..J -J 1 . . . . 50
iNevada Conn'd C op per o * 20-’8 207g
In co m e 5s. July 1 9 3 0 .. I -----6
N e v -U la b Min A S m . lu
1*4
C h icago S u b w a y ___.1 0 0
6
6i e New Central Com . . 2b *40
60
Kan A Col P a c e s 1 9 3 8 .F-A 109 111' NY Air Brake Os— S e e Stk L xc list
N at Uys o f M e x ico — See a t Exc .1st N Y B iscuit 6s l o l l AV-cs 100
N o rth ’ n Securities Stubs
loO 112)2 e N ew York D o ck ____ lo o
25
35
Pitts Bess A L E _______ 5u -54
e Preierred _________io u
37
7.)
78
P r e fe r r e d ____________ 50 ♦6 -I 2 /212 N Y M tgo A S e c u r lty llu u 200 210
Railroad Securities C o—
N Y T r a n s p o r t a t io n .. 2 u
*4
5
III C stk tr ctfs ser A 52
90
N lles-B em -P ou d c o m -iu u
97
102
Seaboard C o m p a n y —
N lplsslng Alines_______
o * 1.1*8 1114
1st p re fe rre d _______ 100
UUlo C op per C o ._______ l u M1Jiu
72'2
178
e U ulario S 'lv e r_______ to o
C om A 2d prei — S e e Ual
Exc
314
£ }2
Seaboard A ir Line—
Otis E levator c o m ____ 10U
49
52
P r e fe r r e d ___________ l o o
Coll 5s e xt M ay T l . M - S
99 1S 100
9i
96
Pittsburgh
B
r
e
w
in
g
..
5o
W est P a c 1st 5s '3 3 ..M - 8
*23
93?8 94 lg
23*2
I d e f e r r c d ____________ 5 o ’ 4 U4
Pittsburgh C om — S e e Stk E xc list*
Industrial and Aliscel
..(la m s E xp g 4s 1947 J-D / 9012 91
P op e Mlg Co c o m _____ iou
GO
02
All m eek M il l in g .._____ 25 i*19 j 2J0
P reierred _________TI1UU
.8
80
A lliance R e a lty ___. " I o u
120 )2o
Pratt A W hH ney’ pretllO u 100 ,05
A m erican B o o k _____ luu 150 155
Produ cers O il__________ lui
145 150
A m erican Brass_____ I lo u iL O
R ealty A ssoc (B klyn) lo o 119 123
123
A m erican Chlcie c o m .lU o 224 228
Royal Bak P ow d c o m .lO o 199
00
P r e fe r r e d ___________ iou 100 11)2
P r e fe r r e d ___________ 10 c 104 107
A m U ra pboph on e com 100
5
Safety Car H eat A LtllU i, 131 132
P r e t e r r e d ___________ lo o
2J
.Seneca Allu ng__________2; *____ 60
Anier H a r d w a r e _____ 100
Singer M fg C o _________lot 340
117 120
(50
Am M alting 6s 1 9 1 4 ..J -D 100 lu 2
-lOUth Iron A S co m _ .1 0 i
9
11
Atner Press A sso c’ n ..l 0 U
05 105
p r e f e r r e d ___________ lUe
18
21
' in St F ound new — S e e s tk Ex list
Standard C ord a ge____ lUe
l8
*4
6s 1935...........
A-U 10JU 102
1st Al g 5s ’31 r e d .A -U
14
18
Deb 4s 1923________ F-A
Oj
A d ju st Al 5s A pr l 1931
71
4
y
A m erican S u re ty .......... 50
205 208
Standard Coupler co m lUo
40
A m erican T hread pref a
♦4I2 5*4
P r e fe r r e d ___________ luu 100"
Am T ob acco Co c o m . . 100 426
128
sta n d a rd M illing C o . . l o t
16
18
Am er T yp e fd e rs c o m . 10U
39
Pro e r r e d ___________ luu
43
52
P r e t e r r e d .......... ......... iou
67 1UO
1st 5s 1930___________ Min 84
88
D eo g 6s 1939____ JU-N
Standard Utl of N J ..1 0 O 609 612
07
100
A nier W riting P a p e r .. 100
.Swift A C o — S e e B ost Sti­ Exc list
P r e fe r r e d ___________ iou
231- 2512
nt, 5s— .s - e C u lc
toe 1 E xe list
1st s i g 5s TO op '09 J-J
875j 89
le x a s C o m p a n y — S e e Stk Oxch list
A 'JG tA V V IndSSL ues.lOU
e Texas A Pacllle Coal 100 lOO
10
105
P r e fe r r e d ___________ io u
19
Title lus Co ot N Y ___ 100 135 140
Col tr g 5s 1959____ J J
07*2 65l2 Tonopali Mm (N evada) 1 * 8)4
8I2
Bartley A Sm ith C a r ..1 0 0
4
Trenton P otteries co m 100
35
36
8
P r e fe r r e d ___________ 100 102 105
Preferred, n e w _____ lot)
45
55
B eth” m Steel C o rp — S e e s tk Ex 1st
1’row D ire cto ry _______ 100 30 __ .
U nderw ood f y p e w ___ 100
Bliss C om pa n y c o m . . 50 124
61
13 J
60
P r e fe r r e d ____________ 5u 113
P r e fe r r e d ___________ i o o
22
99*2 100
Bond A Mtgo G uar ..1 0 0 250 255
Union Typew riter com l o o
51
63
B orden ’s Cond M i l k . .l o o 11/
1st p r e fe r r e d _______ 100 1U4 108
120
P r e fe r r e d ___________ iou 105 1. .6 ' 2
2d o r e fe r r e d _______ 100 102 105
British Col C o p p e r .. .
5
*7
7 'x U u'tcil lilt N ote C orpI 50 *47
52
P r e ie r r e d ____________ 50 *50
Butte C oalition M illing 15 *19
20
621]
Casein Co of A m c o m . 100
3
3'2 U nited Cigar A l f r s I I I 'l o o
61
03
P r e te r r e d ................... io u
56
65
e Preterred _________100 100
108
United C op p er___
io o
125 140
514
5U
127 luO
P r e fe r r e d ___
io o
10
20
U S C a su alty___ I I I H 100 215
P r e t e r r e d ________ IIlO u
U S E n velope c o m .. I l O o
50
P r e t e r r e d ___________ 100 112 114
P referred
" "io o
U S Finishing
'" 1 0 0
95 100 ,
D eb 6s 1919 o p '01.A1-N
35
Preferred . . . .
io u 10 6
111
hiosebrougli M fg C o . . 100 700
1st g os 1 9 1 0 ..............J - j 100 105
51ty In vestin g C o ____ 100
68
C on ; 53 192 9..............J-J
95
100 ,
P referred ___
..1 0 0 103
u IS Steel C o rp o ra tio n —
Clallln (H B) c o m . .1 0 0 10)
Col tr s I 5s '51 o p t 'l l 1141g 115
e 1st p referred _____ 100
00
Col tr s t 5s '51 not op t lU ig 115
e 2d p r e fe r r e d _____ 100
96
U S T it Gu A l n d e m . . t 00
85
105
5ol A H o ck Coal A I pt 100
eU tab C opper C o — S e e Stk E xc list
1st g 6s 1917..............J-J / 45
W estchester A B ronx Tit
Col tr 6s O ct 1 9 5 6 ..J -J
45
A Attge G u a r . . . . . . 100 160 170
lonsol Car H e a tin g ___ 100
40)2
W cstlngh 'se A ir B r a k e .50 ■___s I42t|
tonsol R u bber T ir e .. 100
W est El A M fg 5s— SeoStk Exc list
3'2
P r e fe r r e d ___________ 100
W orthin g P u m p p r e f.lO o 107
-1*2
D ebenture 4s 1051 A-U
40

110
6511 66I4
87*4 88 •*
88
92
I
100 102
90
■ui 2
e Sells on S t o c k E x ch a n g e , b u t n o t ve ry a c t iv e . / . F l a t p rice .
75';

» N om in al.------^ 1 0

p rice,

a: E x -d lv .

y.E x-rlgh ts

I n v e s tm e n t a n d R a i l r o a d I n t e llig e n c e .
rtA lLK O A D

G K OSS

EARNIiNGS.

Tho following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings tor 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 electric railways are brouyhl together separately on a subsequent page.
July 1 t o L a t e s t D a t e .

D a tes. G ro s s E a r n in g s .
ROADS

A la N O & T e x Pa<
N O & N or E a s t.
A la & V ic k s b u r g .
V ick s S lircv & P .
A la Term & N orth..
A tch T op ek a & c i .
A tlan ta Blrra & At
A tla n tic Coast Line
0 B a ltim ore & Ohio
ll ceO Ch ’i e r i . i
B a ngor A A rocstool
B ellefon tc Central - .
B os ton & M aine—
B rid g eton & S aco R
B u n ito c n & t d its b .
B u llalo A S u s q -----Canadian N orth ern .
Canadian P a cltic—
Central o f (le o r g la ..
Central o f N ew J c r .
Central V e r m o n t . ..
C h atta n ooga S o u th .
Chcs & O hio L in es.
C h icago A A l t o n .. .
Chlo Burl & Q uin cy
pC h lc G reat W e s t.
C h ic Ind A L o u ls v .
Chlo Ind A Southern
Chic MU A S t P a u l.
Ch MU & P u g S d .
C hic A N orth w e s t .
C h ic .St P M & O m .
CIn H am & D aytor;
C lev CIn C h i c * St L
C olora d o M id la n d ..
C olora d o A S o u th . .
C op per R a n g e -------C o r n w a l l ...................
Cornw all A L e b a n ..
C u ba R a ilr o a d -------D elaw are & H u dson
D el L a ck A W e s t ..
D en v & R io Grande
D en ver N W & P a c .
D et T o l & Iron t Sys
Ann A r b o r ---------D e troit A M ackinac
D ul A Iron R a n g e . .
D ul S ou Sh A A t l. .
El P aso & S ou W est
E r i e ........................ ..
F a irch ild A N or E .
F on d a J oh n s A G lov
G eorgia R a ilroad . .
G eorgia S ou th & Fla
G rand T run k S y s t . .
G rand T rk W e s t .
D e t G r H av A MU
Canada A tla n ticG reat N orthern Syst
G ulf A Ship Is la n d .
H o ck in g V a lley -----Illin ois C en tral------In tern at A G t N o r .
a In terocca n lc M e x .
Io w a C en tral---------K an aw h a & M lc h ..
K ansas C ity S o u t h .
K C M ex A O r ie n t -.
L eh igh V a lle y -------L e x in g ton A E a s t - ­
L o n g Isla n d ...............
L ou isian a A A r k a n .
L ou lsv H end & St L
s L ou lsv A N a s h v ..
M acon A B lrm ’ ham
M aine C en tral..........
M a n lstlqu c.................
M aryland A P c n n a .
a M exican R a ilw a y .
a M exico N or W e s t.
M lcldgan Central
M ineral R a n g e ------ M lnneap & St Louis
M inn St P A S S M)
• C hicago D lvls onl
M ississippi C en tral.
u M o K an A T e x a s .
M o P a c A iro n MU
Central B r a n ch .)
N ash v C h att & St L
o N at R y s o f M e x .l .
N ovada-C al-O regon
N eva d a C en tra l-----N O G reat N orthern
N O M obile A C h ic .
N Y O nt A W estern

P rev io u s
Y ear.

C u rren t
Y ear.

$

5

$

286,110
137,961
125,364
6,466
?,732,771
53,6 U
1,794,563
7,933,581
UO.aui
249,33.-.
5,801
3,952,534
5,068
1 86 ,64.
224,786
328.100
2.147.000
285,900
2,297,931
341,790
2,080
641,591
354,351
7,900,803
208,260
122.101
tral.
5.559.001
698.683
7,237,34 ft
1,423,223
875,257
tral.
102,118
361.850
77,920
14,633
36.470
163,209
1,662,778
2,887,197
531,300
19,221
35.470
47,247
26,127
1,395,856
74,511
582.850
4,559,734
1,839
79,507
226.927
w ay.
904,674
124,465
38,990
41,093
6,816,338
157.928
073,148
4,79 1 ,5 7 9
189,000
200,239
93,799
238,213
734,165
35,000
2,887,555
41,492
725
106,091
102,499
1,066,626
12,833
847,768
3,547
37,376
142,200
103,136
tral.
16,168
164,464
558.683

863,621
436,233
384,413
15,479
2 6 ,1 5 9 ,3 3 ’.
7 5 3 ,78t
4,217,814
24,515,627
2 71 ,58,
720,401
22,278
7,953.596
11,272
3,123,821
391 ,43:
4.669.606
34,118,546
3,902,151
4.81 0 .6 0 7
623,816
23,98b
10,391,23:
4,888,007
15,454,409
3 ,7 8 4 ,7 8 .
1,946,341

789,966
390,237
342,012
11,261
25,434,887
702,457
3.657.603
22,677,892
190,506
694.467
14,375
7,674,901
10,963
2,990,954
426,793
3,65 4 ,3 0 0
29,175,015
3,64 3 ,2 3 5
4,493,941
608,774
20,307
9,631,057
4,538,364
14,726,611
3,407,172
1,780,674

240,720
1,818,382
7,031,366

273,548
1,709,704
8,029,471

75,451
66,251
A u g u s t ___
A u g u s t ___ 2,297,490 2,179,360

151,164
4,437,970

123,816
4 ,0 93,223

W eek or
M o n th .

C u rren t
Y ea r.

285,035
Septem ber
151,873
S eptem ber
120,558
S eptem ber
8,590
A u g u s t ___
Scpcem ber 1,038,1-1)
5 4 ,7 <i
•hi w ! c U C i
A u g u s t ___ 2,069,750
Septem ber 8,417,835
135,540
v u g u s t ___
2 8 3 ,01(
ep tem ber
8,364
Septem ber
A u g u s t ___ 1,202,360
6,048
A u g u s t ___
218,30b
wk o c .
201,701
A u g u s t ___
4 0 3 ,OOt
j d w k Oct
3d w k Oc, 2.302.000
281,001
id w k O c.
A u g u s t ___ 2,493,099
349,487
A u g u s t ___
2,445
h u w kSepi
639,272
lid w k O cl
Id w k O cl
313,083
A u g u s t ___ 8,366,838
JU Wli OCi
335,440
'id w k O ei
123,200
— See N ew Y o rk Cen
A u g u s t ___ 5,998,307
A u g u s t ___ 1,170,652
id p ieiu ber /.3 0 4 ,6 3 .,
» e p te m b e r 1,621,007
872,257
Septem ber
— See New Y o rk Cen
200,862
A u g u s t ___
360,195
Od w k Oct
70,733
J u l y ..........
13,96ft
S eptem ber
35,965
A u g u s t ___
206,870
A u g u s t ___
A u g u s t ___ 1,893,663
A u g u s t ___ 3,081,990
511,801
,iU w k O ct
21,310
2d w k Oct
45.964
2d w k O ct
49,670
Id w k Oct
22.965
2d w k O ct
A u g u s t ___ 1,260,381
63,510
3d Wk O ct
602,004
A u g u s t ___
A u g u s t ___ 5,328,526
2,118
A u g u s t ___
84,185
S ep te m b e r
240,673
A u g u s t ___
— See S out hern Rail
963,374
3d w k O ct
120,246
2d w k O ct
43,190
2d w k Oct
41,66
2d w k Oct
S eptem ber 6,208,078
163,634
A u gu st ___
755,458
A u g u s t ___
S eptem ber 5,140,738
3a wk o c l
200,000
191,060
3d w k Oct
3d w k Oct
7 6,65t
311.725
A u g u s t ___
876,586
S eptem ber
45,000
1st w k Oct
•September 3,010,765
46,353
A u g u s t ___
I n c . 59,
A u g u s t ___
113,377
July ..........
105,211
A u g u s t ___
3d w k O cl 1,135,885
12,477
S eptem ber
859.421
A u g u s t ___
3,408
A u g u s t ___
42,822
A u g u s t ___
122,606
1st w k Oct
183,875
Septem ber
See N ew Y o rk Cen
15,878
3d w k Oct
135,878
3d w k Oct
508.929
3d w k Oct

3d w k O cl 1.212.000
953,549
A u gu st —
3d w k Oct l , 294,756
9,385
2d w k Oct
6,046
S eptem ber
145,860
A u gu st —
34,527
tVk O ct 15
971,416
A u g u s t ___

11,339,843 10,769,459
2,312,724
2 0 ,3 7 2 ,0 4 . 19,738”,374
4,325,777 3,76 7 ,2 1 7
2,579,002 2,45 0 ,6 2 6
358,207
5 ,4 1 4 ,6 2 :
70,733
48,21)
72,848
440,310
3,500,674
6,089,933
8,023,447
399,296
625,221
633,901
363,137
2,455,435
1,162,257
1,187,023
10,003,780
4,199
277,334
459,215

L a te st G ro ss E a r n in g s .

P rev io u s
Y ear.

392,190
5,107,910
77,920
42,624
75,581
325,638
3,248,915
6,055,424
7 ,6 66,990
361.812
476,352
587,051
367,172
2,750,162
1,136,635
1,189,084
8,839,283
3,624
250.468
429,274

13.979.996 14,041,908
1,667,511 1,816,088
579,528
543,959
613,317
544.659
17,876,108 17,689,189
313,859
315,361
1,415,650 1,231,419
15,076,856 13,092,468
2 ,9 2 2 ,3 3 , 2,587,983
2.596,237 2 ,4 49,149
1,088,492 1,088,415
452,207
577,921
2,576,336 2,156,773
9.024“ 981 8,568^324
77,344
87,338
I n c . 170, 403
106,001
113,377
201,496
186,405
16,574,002 15,398,897
35,558
35,774
1,619,133 1.641.604
6,691
6,740
76,837
69,069
2,322,300 2,09 1 ,2 0 0
288,346
555,756

,162,000 17,181,694 16,579,123
936,019 1,883,213 1.847,003
,133,167 19.414.996 16,663,308
12,337
131,657
172,040
6,867
18,116
18,449
101,363
293,474
200.813
487,998
35,555
418 ,965
857,337 1,912,872 1,718,423

C u rren t
Y ea r.

N Y N H 4 H a r ft .
._ 5 J t r , 9 4 3
9 ^ 2 6 ,1 0 7
N Y C & H u d R lv
L ake Sh ore & M
4,670,234
n L a k e E & W est
548,433
C h ic Ind & S ou th
263,335
M ichigan C en tral.
2,769,35.'
C leve C C & S t L .
2,821,754
P e o ria & Eastern
342,662
C incinnati N o rth .
130,22b
P itts & L a k e Eric
1,004,261
R u tla n d ________
333,41b
N Y C h ic & S t L .
956,360
T o le d o A O h io C .
505,840
T o t all lines a b o v e
24079992 21920034
N Y Susq & W e s t ..
309,716
241,233
‘
N o rfo lk S o u t h e r n ..
233,198
207,430
N orfolk & W e s te rn .
3,155,833 2.893,000
N orthern C e n t r a l..
1,126,8363 1,048,830
N orthern P a cillc ___
. . 5,257.74916,910,977
P a cific C oast C o ___
8 22 ,785
P en n sylva n ia C o ___
[3,698,063
d P en n — E o f P & E
. 14478 390 13544 990
d W e st o f P & E .
I n c .1,06 3,400
Pere M a rq u e tte ____
. . . 1,438,095 l ,472,408
Phi la B a lt A W a s h .
___ 1,800,327 d ,510,927
P itts Cln Ch & S t L .
........................... S 2,914,63b
10,866
R a leigh A S o u th p o rt
R ea d in g C om p a n y
.8 3 0 .1 0 2 P ,677 ,901
P h ila & R e a d in g . S eptem ber
,286,628 ,037 ,891
Coal & Iro n C o . . Septem ber
,116,731
.715 ,796
T o ta l b o th c o s . . . S eptem ber
152 ,906
180,484
R ich Fred & P o to m A u g u s t ___
89,736
85 ,520
R io G rande J u n e .. July ..........
11,620
R io G rande S o u t h .. 2d w k O ct
5 ,40t
R o c k Island L i n e s .. A u g u s t ___ ,099.280[6 ,977 ,132
St J o s A G rand I s l. A u g u s t ___
154 ,407
165,591
S t L ou is A San Fran A u g u s t ___ ,641,549 3,6 0 7 ,765
C h ic & E ast I I I .. A u g u s t ___ ,123,740
970 ,080
J E v a n sv A T e r H A u g u s t ___
272,192
233 ,582
T o ta l o f all lin e s . A u g u s t ___ ,037,491 ,811 ,428
180,967
144 952
St L R k y M t A P a c . Jun e _____
272,737
258 327
St L ou is S o u th w e s t. Id w k O ct
714, 207
636,495
San P cd L A & S L . A u g u s t ___
S eab oard A ir L in e . 1
414,503
399,475
A tlan ta <5e B i r m . ' 2d w k O ct
F lo rid a W S hore)
169,637
121,267
S ou thern I n d .a n a .. A u g u s t ___
Sou th ern P a cillc Co A u g u s t ___ 11748658 11310745
S ou thern R a ilw a y . . 3d w k Oct 1.257.68HU ,220,190
M obile A O h i o . . . 3d w k Oct
214,867
202.426
Cin N O & T e x P . 3d w k Oct
177,439
170,575
A la G reat S ou th . 3 d w k Oct
87,127
79,470
G eorgia S o A F la . 2d w k Oct
48,142
47,751
T e x a s & P a c ific ____ 3d w k Oct
383,172
366,852
T id e w a te r A W e s t . Septem ber
6,748
7,242
T o !- d o P eor A W est 3d w k O ct
22,162
25,936
83,584
89,081
T o le d o S t L A W est 3d w k O ct
6,217
T o ra b lg b e e V a l l e y . . A u g u s t ___
6,803
U nion P a cific S y s t . A u g u s t ___ 8.479,474^7 .948,614
805,665
V a n d a l la ___________ A u g u s t ___ 1,002,315
100,518
111,433
Virginia A S ou W est A u g u s t ___
616,371
651,123
W a b a s h ____________ Bd w k O ct
W estern M a r y la n d . A u g u st ___
702,582
577,598
W Jersey A S e a s h .. A u g u s t ___
920,950
820,450
W heelin g A L a k e K A u g u s t ___
697,170
615.263
W rlgh tsvllle & T en n S ep tem ber
32,710
37,270
763,143
Y a z o o A Miss V a il. S ep tem ber
769,352

July 1 t o L a te s t D a t e .
C u rren t
Y ea r.

e

V a rious F isca l Y ears.

45,543,432
604,520
464,12
6,070,198
2,098,651
12,505,084
1,584,385
10,115,090
27,756,504

5,426,316

P revious
Y ear.

$
10,197
.16,314
8,216
888
537
4,694
4,917
531
207
2,919
581
1,710
751
42,269
485
423
5,474
2,024
13,608,
1,557
9,104,
26,460,
6,800
4,0 4 0 ,438
3,028 805
8,126 621 ;
34 270

5,117,093
225,
2,125,
17,558,
3 ,079,
2 ,6 0 8 ,
1,140,
623,
4 ,5 1 8 ,
19,
362,
1,209,
12.
15,483,
1.527,
202,
9,285,
1,122,
1 ,5 8 3 /
1,205,
72,
2,150,

P erio d .

B ellefon te C en tral-----------D elaw are A H u d s o n -------M a n ls t lq u c ________________
a M exican R a ilw a y ______
a M exico N o rth W estern .
e N Y Central & H u dson R iv e r .
L a k e S h ore & M ichigan South
n L a k e E rie A W e ste rn .
C h icago In d ia n a & S o u th e r n .
M ich igan C e n tra l.
C leve Cln C h icago A S t L ou lsfJan
P eoria A E a ste rn ________
"
C incinnati N o rth e rn ____
P ittsb u rgh & L a k e E r ie .
R u tla n d
N ew Y o r k C h icago A S t L ou is Jan
T o le d o & O h io C en tral.................Jan
T o ta l all lin e s ..................................Jan
N orth ern C en tral............................... Jan
d P en n — E a st o f P ltts b A E r ie . Jan
d W est o f P ltts b & E r ic ______ Jan
P h ila B a ltim o re A W a s h in g to n . Jan
P lttsb Cln C h icago & St L o u is . . Jan
Iilo G rande J u n c t io n ..* ___________Dec
T e x a s A P a cltic ---------------------------[Jan
W e s t Jersey A S eash ore________ IJan

1
1
1
1
1
1
1
1
1
1
1
1
t
1
1
1
1
1
1
1
1
1
1
1
1
1

$61,553
to S ep t 30
to A u g 31 13,135,927
28,417
to A u g 31
7 6,501,300
to O ct
to S ept 30 1,624,647
to A u g 31 (04,425,384
to A u g 31 82,413,254
to A u g 31 3,545,692
to A u g 31 2,435,599
to A u g 31 19,268,644
t o A u g 31 19,379,102
to A u g 31 2,203,037
827,947
to A u g 31
to A u g 31 11,416,456
to A u g 31 2,103,096
to A u g 31 7,296,853
to A u g 31 3,134,502
to A u g 31 168449566
t o A u g 31 8 ,2 89,045
to A u g 31 108180 513
I n c .11,
to A u g 31
t o A u g 31 12,596,616
t o S ep t 30 25 ,7 6 7 ,8 0 b
645,553
to J u ly 31
t o O ct 21 12,293,817
to A u g 31 4,367,883

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
W eek ly Summ aries.

Cur'nt Year Prev’ s Year In c. or D ec.
$
13,330,857
13,462,769
19,312,788
13,436,925
13,898,196
14.104,775
19,035,149
14,399,649
14,838,200
14,040,996

S
12,132,599
12,283,880
16,765.742
12.381.354
13,014,025
13.566.355
18,221,030
14,023,810
14,158,830
13,473,178

%

S
1,198.258 0.87
1,178,889 0.60
2,577,046 15.37
1,055,571 8.52
+ 884,171 6.80
+ 598,420 4.41
+ 814,119 4.47
+ 370,833 2.08
+ 679 ,300 4.80
+ 567,818 4.21

M o n th ly S u m m aries,

Current Y r . P r e v io u s Y . I n c . or D ec.

M ileage C u rr. Y r . P r e v . Yr.
$
5
D e c e m b e r - .2 3 7 ,1 8 9
231,099 222,006,184 205,455,121 + 16.551,063
J a n u a r y ___ 236,758
231,362 210,302,219 ^ 82,649,825 + 27,652,394
F eb ru ary . .2 3 6 ,8 5 2
231,652 3 0 2 ,2 5 8 .4 9 0 174.159,723 + 28,098,767
M a r c h ______2 35 ,925
230,841 “ 37.533,005 204,916 ,99 7 + 3 2 ,6 1 6 ,0 0 8
A p r i l ............. 237 ,569 232,463 225,225,590 190,595,911 + 28,629,685
M a y ............... 237 560
232,494 234,310 ,64 2 201,069,381 + 33,241,261
J u n o _______ 238 ,108 232,054 237,036 ,15 9 209,270,887 + 27.765,272
J u l y ................221 ,104 217,466 217 ,202 ,26 5 205,879,959 + 11,322,306
A u g u s t ____ 2 34 ,805
230,925 1251,505,980 223 ,666 ,64 5 + 17,839,341
S e p t e m b e r ., 8 4,994
82,163 67,702.377> 65,214.479
+ 2,487,898

%

08.0 3
+
w eek A u g (43 r o a d s )____
15.14
+
w eek A u g (42 r o a d s )____
16.
+
w eek A u g (39 r o a d s )____
15.9*:
+
w eek S ept (41 r o a d s )____
14 s o ­
w eek S ept (39 r o a d s ) ____
l o . 53'
w eek Sept (40 r o a d s )____
13.27
w eek S ept (46 r o a d s )____
5.50
w eek O ct (42 r o a d s )------7.63i
w eek O ct (42 r o a d s )------3.81
w eek O ct (32 r o a d s )-----des tho
N ew Y o rk & O tta w a , the St. L a w rence A A d iro n d a ck and the O tta w a A
a M exican curren cy,
d C o v e r: lines d ire ctly o p e ra te d . e Inclu
------------.
N Y Rv
the latter of w hich, being a Canadian ro a d , does not m ako returns t o the lu te r-S ta te C om m erce C om m ission,
t In clu d es E v a n s v ll'e A.
In d ia n a l i l t
0 In clu des tho C leveland L orain & W heelin g R y . In b o th years,
n In clu des tile N orth ern O h io H R .
p In clu d e s earnings o i M ason O lty
A Pt D odge and W ise M inn. A P a cific
s In clu d es L ou isville & A tla n tic fro m J u ly 1 1909 a n d tho F ra n k fo rt A C incinnati fro m N o v 1 1909.
fla v
oludes the M exican Internation al fro m jJ u Iy 1910. u Inclu des th e T e x a s Central In 1910.
*
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d




Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the third week
of October. The table covers 32 roads and shows 4.21%
increase in the aggregate over the same week last year.
T h ir d

W e e k o f O cto b er .

_______
A la b a m a G re a t S o u th e rn
B u ffa lo R o c h e s t e r & P itts b u r g h
C a n a d i a n N o r t h e r n ____
___________
C a n a d i a n P a c i f i c ______________________
C e n t r a l o f G e o r g i a . _ ____ __________
C h e s a p e a k e & O h i o L i n e s _________
C h i c a g o & A l t o n _____________
____
C in e N e w O r l & T e x a s P a c i f i c , .
C o l o r a d o & S o u t h e r n _______________
a i v e r & R i o G r a n d e . ________
r o lt T o le d o & I r o n t o n —
A n n A r b o r ......... . _ .............................
d u th S o u th S h o r e & A t la n t ic .
r a n d T r u n k o f C a n a d a _________ 1
G r a n d T r u n k W e s t e r n ________<■
D o t G ran d H a v e n & M llw .- I
C a n a d a A t l a n t i c ............ ...
-J
In te r n a tio n a l & G r e a t N o r th e r n
In te r o c e a n lc o f M e x ic o . .
. —
I o w a C e n t r a l ............
. . -----------L o u i s v i l l e & N a s h v i l l e ---------------M i n e r a l R a n g e . ___ _____ ______________
M in n e a p o lis & S t L o u is .
---------M ln n e a p S t P a u l & S S M _ .
C h i c a g o D i v i s i o n ---------------------- J
M i s s o u r i P a c i f i c ________________________
M o b i l e & O h i o . . _______
. . . ------N a tio n a l R a ilw a y s o f M e x ic o . .
S t L o u is S o u th w e s t e r n
-------------S o u t h e r n R a i l w a y -------------------------T e x a s & P a c ific .
.
------------------T o l e d o P e o r i a & W e s t e r n -----------T o le d o S t L o u is & W e s t e r n —
.
W a b a s h _____________________________________
T o t a l (32 r o a d s ) .................... ...........
N e t I n c r e a s e ( 4 . 2 1 % ) . .......... —

1910.

1909.

3
87,127
218,369
403,900
2,302,000
28 1,000
039,272
313,083
177,439
369,195
511,800

8
79,470
180,547
328,100
2,147,000
285,900
641,596
354,351
170,575
361,850
531,300

49,670
63,516

47,247
74,511

2,4 23
------

10,995

953,374

904,674

58,700

.............

200,000
191,060
70,058
1,135,885
15,878
135,878
508,929

189,000
200,239
93,799
1,066,625
16,168
164,464
558,683

11,000

1,212,000
214,867
1,295,756
272,737
1,257,688
383,172
25,936
83,584
651,123

1,162,000
202,429
1,133,167
258,827
1,220,190
.360,852
22,162
89,081
616,371

50,000
12,438
162,589
13,910
37,498
16,320
3,774

14,040,890 13,473,178
...............

757,152
567.718

In crea se.

7,657
31,822
75,800
155,000

D ecrea se.

$

4,900
2,324
41,268

6,864
7,345
19,500

9,179
17,141
69,260
290
28,586
49,754

1910.

Previously reported (34 roads).
Atlanta Birmingham & Atlantic
Chicago Great Western -----------Chicago Ind & L ouisville...........
Denver Northw & Pacific_____
Detroit Toledo & Ironton_____
Georgia Southern & Florida___
Nevada-Callfornla-Oregon -----Seaboard Air Line________ ______

1909.

5,497
34,752
189,434

In crea se.

D ecrea se.

8
5
13,785,465 13,170,599
53,615
54,776
298,266
335,445
123,206
122,101
19,221
21,310
35,470
4 5,904
47,751
48,1 !?
12,337
9,389
399,475
414,503

8
759,007
1,161
37,179
1,105
2,089
10,494
391

%
144,1 11

14,838,200 14,158,835

826,454
079,365

Net Increase (4.30'% ).
______________________

2,948
15,028
147,089

- G r o s s E a r n i n g s ------C u rren t
P rev io u s
Y ea r.
Y ear.

------ N e t l e a r n i n g s -------C u rren t
Y ea r.

P rev io u s
Y ea r.

8
3
8
3
8,732,776 ^3,454,775 J3,286,819
Atch Top & Santa F c .b .S e p t 0,068,441
July 1 to Sept 3 0 ............ 26,159,339 15,434,887 70,736,186 79,747,485
249,032
120,823
99,014
Bangor & Aroostook ..S e p t
283,016
694.467
244,975
276,335
July 1 to .Sept 3 0 .............
726,400
819,520
357,157
325,953
Buffalo Roch & Pitts b.Sep t
832,575
2,431,313
981,836
995,274
July 1 to Sept 3 0 .......
2,480,254
1,076,800
381,200
3: 1,500
Canadian N orthern------ Sept 1 ,279,900
2,727,400
992,400
745,500
July 1 to Sept 30 _____ 3, 598,000
1,064,952
<(2)2,590
<(305,309
Central of G eorgia.a . . -Sept 1,059,807
2 ,805,635
<<747,143
<(749,036
July 1 to Sept 3 0 . . ------- 3,051,651
980,127
315,345
309,230
Chicago Great W e s t S e p t 1,127,720
2,859,294
898,510
7 8 3 ,C89
July 1 to Sept 3 0 ---------- 3,179,914
1,423,223
662,194
541,069
Chic St P M & O .b .
..S e p t 1,621,07 7
3,767,217
1,536,496
1,267,912
July 1 to Sept 3 0 ---------- 4,30.8,777
1,403,600
577,350
54 1,830
Colorado & So u th ern .b .S ep t 1,537,102
4 ,055,467
1,459,804
1,520,726
July 1 to Sept 3 0 ----------- 4,363,998
14,633
6,450
7,476
Cornwall b .......................... Sept
13,964
42,624
22,933
21,165
July 1 to Sept 3 0 _______
48,218
107,850
34,555
34,076
Detroit & M ackinac.a - -Sept
105,777
316,451
102,893
87,338
July 1 to Sept 3 0 _______
319,392
79,507
45,323
42,332
Fonda Johns & G lo v .a .S e p t
84,185
250.468
158,423
143,744
July 1 to Sept 3 0 . . ---277,334
249,099
734,165
338,980
Kansas City South’ n b.Sep t
876,588
695,784
2,156,773
959,108
July 1 to Sept 3 0 _______ 2,576,335
1,085,762
2,887,555
1,132,535
Lehigh Valley b.
--S e p t 3,010,765
3,290,145
8,568,324
3,251,748
July 1 to Sept 3 0 . .
. 9,024,981
44,541
103,136
100,502
a Mexico North W c s t .a .S c p t
183,875
291,332
906,095
908,483
Jan 1 to Sept 3 0 ----------- 1,624,647
Aug
41,349
44,722
21,096
25,159
Nevada-Cal-Oregon b .
73,729
88,550
36,138
50,938
July 1 to Aug 31.
Sept 3,1 6 8 ,5 4 8
2,914,635
890,948
984,280
_____ 25,767 ,809 21,716,721
5,443,009
5,519,985
Reading Com pany—
3,677,901
1,381,018
1,552,451
Phlla & Reading, b. .S ep t 3 ,8 3 0 ,1 0 2
. . 10,8 88,775 10,280,763
3,773,696 3,851,090
July 1 to Sept 30
2,037,895 <lef39,144 det70,971
Coal & Iron Co. b. . -SeDt 2 ,2 8 6 ,6 2 8
. 5.G76.397 4,415,154 def394,804 def227,137
July 1 to Sept 30
5,715,796
1,341,874
1,481,530
Total both c o s .b ___ .Sept 0,116,730
15,695,918
3,378,892 3,624,004
.1 6 ,5 7 5 ,1 7 2
July 1 to Sept 30
148,975
150,119
Reading Com pany___Sept
438,098
443,486
July 1 to Sept 3 0 ----------...............
1,400,849
1,631,649
Total all cos—
------ Sept
3,816,990 4,007,490
July 1 to Sept 301,698,866
4,839,095
1,676,741
Southern R a ilw a y .b _ Sept 5 ,029,012
4,748,596
13,840,328
4,607,541
July 1 to Sept 30 _____ 14,843,121
254,962
838,814
272,569
Sept
8
77,390
Mobile & O h io .b .
733,516
2,444,237
767,452
_ . 2 ,633,801
July 1 to Sept 30
0,748
1,548
7,242
1,095
Tidewater & Western b Sept
19,789
3,542
____
21,622
3,400
July 1 to Sept 3 0
30,101
34,880
60,490
13,678
W ichita Falls & N W . i.A u g
1 17,067
70,501
57,118
43,866
July 1 to Aug 31.
337,270
Sept
Z.32,710
16,562
W rlghtsvlllc & Tennllle.Sept
22,011
372,626
_____
370,920
25,846
27,643




$
Atlantic Gulf & W est Indies SS Lines—
Subsidiary Cos_______ Aug 1,344,747
Jan 1 to Aug 3 1 _______10,839,905
Bangor & Aroostook— Sept
97,453
July 1 to Sept 3 0 _______
284,757
Cumberl’d Tel & T e l.b .S e p t
575,272
Jan 1 to Sept 3 0 ---------- 5,078,693
g Mexican Lt & Pow C o .Sept
756,241
Jan 1 to Sept 3 0 _______ 5,148,324
Pittsburgh Coal Co—
Jan 1 to Sept 3 0 _______
________
Reading Com pany-------- Sept
8 85,000
July 1 to Sept 3 0 _______ 2 ,655,000
Wells Fargo & C o .b ___July 1,012,756

P rev io u s
Y ea r.

1

- N e t E a r n i n g s -------‘ re v io u s
C u rren t
Y ea r.
Y ea r

$

8

84,577
249,400
533,329
4,757,630
512,172
4,433,780

268,388
2,299,484
.r41,863
x l 5,342
255,500
2,198,804
565,471
3,013,103

4-27,588
464,108
233,832
2,038,025
380,262
1,783,470

899,971
2,099,913
1,215,049

3,356,414
605,849
1,161,990
131,502

2,187,306
731,078
1,307,577
262,357

a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
d In Sept. 1910 net from outside operations was 8 6,654, against 85,801 last
year, and from July 1 to Sept. 30 was 821,015 this year, against 820,196.
g These results are In Mexican currency.
J The company now Includes the earnings of the A tch. Top. & Santa Fe
R y ., Gulf Colo. & Santa Fe R y ., Eastern R y . of New Mexico System,
Santa Fe Prescott & Phoenix R y ., Southern Kansas R y. of Texas, Texas
& Gulf R y ., G. & I. R y. of T . and C. S. S. & L. V. R il. in both years.
For Sept, taxes amounted to 8301 ,56 4, against 8306,421 In 1909; after de­
ducting which, net for Sept. 1910 was 83,153,211, against 82,980,398 last
year.
For period from July l to Sept. 30 taxes were 8942,352 in 1910,
against $862,334 In 1909.
.
.
,
z Includes $109 other Income In Sept. 1910, against $91 In 1909, and front
July 1 to Sept. 30 includes $2 19 In 1919, against 8236 last year.

- I n t . , R e n t a l s , A c .—
C u rren t
P rev io u s
Y ea r.
Y ear.

H oa d s.

8
176,663
530,994
205,894
601,495
268,368
794,689
3,749
7,377

Buffalo Roch & P lttsb. .Sept
July 1 to Sept 3 0 ----------Chicago Great W estcrn.Sept
July 1 to Sept 3 0 _______
Colorado & Southern___Sept
July 1 to Sept 3 0 ----------Nevada-Cal-Oregon
Sept
July 1 to Sept 3 0 -----------

8
164,857
493,039
207,237
783,532
255,012
761,822
3,504
7,172

— H a l . o f N e t E ’ n g s .—
C u rren t
Y ea r.

8
£245,435
£669,560
£ 1 16,543
£319,561
£321,401
£697,636
£17,572
£29,363

P rev io u s
Y ea r.

8
4185,690
4576,076
4105,751
410,512
4312,884
4854,147
422,483
445,533

I N D U S T R IA L COM PAN I ES
H a l . o f N e t E a r n s . ------— I n t ., R e n ta ls, A c .
C u rren t
Y ea r.

C o m p a n ie s .

S
Atlantic Gulf & W est Indies SS Lines—
Subsidiary Cos_______ Aug
163,057
Jan l to Aug 3 1 _______ 1,331,395
Cumberland Tel & T cl__S e p t
49,038
Jan 1 to Sept 3 0 ----------434,975
Pittsburgh Coal Co—
Jan 1 to Sept 3 0 _______ 2,022,852

ELECTRIC R A ILW A Y

P rev io u s
Y ear.

C u rren t
Y ea r.

P rev io u s
Y ear.

8

S

8

43,484
382,420

105.331
968,089
206,462
1,763,829

190,348
1,656,205

1,955,706

1,333,562

231,600

AND TRACTION COMPANIES.

L a te st G ro ss E a r n in g s .

Net Earnings Monthly to Latest Dates.— 1
The table fol­
lowing shows the gross and net earnings of STEAM railroads
and of industrial c unpanies reported this week:
H oa d s.

C u rren t
Y ear.

C o m p a n ie s .

Interest Charges and Surplus.

For the second week of October our final statement covers
42 roads and shows 4.80% increase in the aggregate over
the same week last year.
S e c o n d w ee k o f O cto b er .

IN D UST R IA L COM P A N I E S .
------- G r o s s E a r n i n g s -

N am e of
R oad.

W eek or
M on th .

C u rren t
Y ea r.

P rev io u s
Y ear.

$
350,519 323,560
American R ys Co____ September
1 /8 ,7 3 0 105,098
e.-Yug Elgin & Chic Ry August —
57,593
58,068
Bangor Ry & Elec Co A u g u s t___
8,681
9,151
Baton Rouge Elec Co August —
37,330
34,910
Binghamton St R y
July _____
216,505
183,187
Blrm’ham R y Lt & P July _____
17,013
16,05/
Brockt’n & Ply St Ry A u g u s t ---30,777
20,60!
Cane Breton Elec Co A u g u s t ---17,402
17,545
Carolina Pow & Lt Co September
68,199
62,979
Central Penn Trae___ September
77,022
07,800
Chattanooga R y & Lt heptember
- 1224,17;' 1088,209
Chicago Railways Co . August
40,275
36,389
i.'lcve Palnesv & East August .. .
118,257 112,802
Dallas Electric Corp. Au rust Detroit United R y — .’ <! wlc Oct 171,144 154,326
87,217
93,571
Duluth-Superior TrCo September
211,249 176,402
East St Louis & S u b. September
■4(i, i i <
VULCUSt___
i I Paso Elect rle.
62,032
47,695
Falrm & Clarks Tr Co September
Ft Wayne & W abash
Valley Traction Co August ___ 140,625 133,412
124,70; 11 1,2!)7
Gaiv-Hous Elect C o. August . .
Grand Rapids Ry Co. August ___ 1 l 1,814
99,888
38,22!
36,810
Havana Electric Ry Wk Oct 23
Honolulu Rapid Tran
37,800
34,680
& Laud C o ..
3 “ ,9 3 '
29,70!
Houghton Co Trae Co August .
Illinois Traction C o .. A u g u s t ___ 523,558 462,266
•i 7,o i;:
88,78:
I eksonville Elect Co YllgllSt . .
028,685 584,287
Kans City R y & Lt Co September
139,896 130,903
Lake Shore Elec R y . YUgUSl
401,958 369,440
Milw 1.1 Ry & Lt C o. September
09,820
108,001
Mllw Lt H t & Tr Co- September
Montreal Street R y . - August . . - 308,828 355,230
163,307 155,809
Xashville Ry & Light September
New Orleans R y & Lt August . - - 4 8 7 ,-3 C 470,530
22 4,001 202,156
North Ohio Trae & Lt September
North Texas 1-llccCo. August . . - 119,813 109,422
179,710 169,156
September
Northwest Elec C o_.
188,834 174,211
Norf & l’ ortsm Tr Co August —
20,780
19,930
Paducah Tr & tL Co August —
24,177
22,205
Pensacola Electric Co A u g u s t ---490,209 420,777
Port(O re)R y,L & P Co September
173,989 104,383
Puget Sound Elec Co August . . .
Rio de Janeiro Tram
982,702 642,731
Light & Power Co . September
St Joseph (Mo) R y Lt
02,034
88,285
Heat A Power Co - September
2C 0,829 200,4 96
Sao Paulo Tr Lt <Sc P September
56,870
August
.
53,031
Savannah Electric Co
479,573 610,816
Seattle Electric C o .. August . .
1 1,701
13,472
Sou Wisconsin R y Co September
50,346
48,468
Tampa Electric Co .. August . . .
Toledo Rys & Llgh t. August ___ 238,733 235,644
428,580 379,981
Toronto hallw ay Co Sep,embcr
Twin City Lap Tran 2d wk Oct 143,369 129,303
Underground El Ry
of London—
Three tube lines. - . W k Oct 22 £13,270 £12,835
Metropolitan D lst-. W k Oct 22 £11,156 £10,378
£5,81 l
£5,987
United Tram w ays. Wlc Oct 22
U nlonR y,G & EC o(lll) A u g u s t ___ 232,40 1 219,088
United R Rs of San Fr July .......... 618,635 621,753
36,841
32,470
Whatcom Co R y & Lt August —
c These figures are for consolidated company.

Jan.

1 to la tes t d a te .

C u rren t
Y ear.

P rev io u s
Y ear.

2,939,780
1,099,88t
3G7.377
70,940

S
2,715,092
1,000,265
343,166
G2.500

1,406,110
82,155
188,228
154,349
623,109
650,94<
8,859,519
235,734
917,809
7,372, U: 3
810,72
1,756,761
40.-.I8I
445,992

1,276,482
91,070
162,014
141,318
564,747
574,785
8,049,667
210,844
823,731
0,269,742
723,602
1,481,078
376,374
346,441

0 9 8 ,04(
855,991
755,642
1,739,197

905,614
703,768
678,396
1,62 1,115

221,557
210,74 0
3,874,902
377,4 I f
5,496,114
798,651
3,450,770
806,971
2,863,033
1,341,847
4,135,528
1,837,40c
923,376
1,640,044

197,084
213,093
3,415,017
312,212
5,054,811
<26,855
3,1 16,885
700,129
2.507,704
1,206,683
3.978,630
1,634,172
805,290
1,523,423

176,200
4,106,489
1,884,729

162,401
3,547,047
1,230,931

7,364,602

5,607,495

703,750
2,150,573
4 16,581.

722,808
1,776,271
402,295

133,991
414,230
1,939,233
3,1 05,031
5,900,378

120,110
389,116
1,703.698
2,857,201
5,435,890

£533,570
£449,493
£270.047
1,895,832
4,373.496
265,509

£526,745
£4 11,104
£258,458
1,792,412
4,190,658
260,355

Electric Railway Net Earnings.— The following table gives
the returns of E LE C T R IC 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 Sept. 24 1910: The
Nov. 20 1910.

------ Gross E i irn in g s ------- ------- N et E a rnm rjs------P revious
C urrent
C u rre n t
P revio u s
Ye ar. .
Year.
Year.
Ye ar.
$
S
$
$
n326,402
«367 ,2 5 2
1,088,209
1,224,175
Jan 1 t o A u g 3 1 ___
8,859,519 8,049,667 n 2 ,657,850 n 2 ,414,899
273,967
306,246
D e tr o it U n ited R y . b ___Sept
751,818
846,297
2,260,8 9
2,542,553
• Jan 1 t o S ep t 3 0 _______ 7,027,078
5,963,431
38,950
43,346
87,217
D u lu th -S u p’ T r a c C o . b - - S ep t
93,570
293,618
349,012
723,602
J a n l to S e p t 3 0 _______
810,727
1,270,680
c
l
,
172,888
2,286,235
I n t e r b o r o R a p T r C o .a .S e p t C2,263,580
6,206,567 3,217,417 3,306,297
J u ly 1 to S e p t 3 0 _______ 6,420,366
50,819
63,139
100,340
L elilgh V a lle y T ra n s C o .S e p t
112,540
331,341
395,530
800,274
872,076
87
D e c 1 to S ep t 3 0 _______
225,374
299,615
445,351
586,102
g M e x ico T r a m w a y _____ S ep t
2,014,704
2,220,424
Jan 1 to S ep t 3 0 _______ 4,358,010 4,059,523
191,039
197,590
369,446
401,958
M llw E l e c 'R y A L t . b - . S e p t
1,579,713
1,586,413
3,110,885
Jan 1 to S ep t 3 0 ---------- 3,456,776
62,121
65,812
99,820
108,901
M llw L t , l i t & T r C o . b .S e p t
414,204
454,229
706,129
806,979
J a n 1 to S ep t 3 0 _______
107,044
99,166
202,156
224,901
N o rth O h io T r & L t . a - . S e p t
827,548
746,442
1,634,172
J a n 1 to S ep t 3 0 ---------- 1,837,406
642,731
508,148
276,556
982,762
R io d e J a n cI r o T r .L A I ’ .a .S e p t
5,607,495
2,221,803
3,581,920
J a n 1 to S ep t 3 0 ---------- 7,364,602
92,034
88,285
45,702
47,476
S t J o s ( M o )R y ,L ,H A P .b .S e p t
766,750
722,808
352,300
348,278
J a n 1 to S ep t 3 0 ---------260,829
200,496
S a o P a u lo T r a n i, I. & R .a .S c p t
168,792
120,948
J a n 1 t o S ep t 3 0 ---------- 2,150,573
1,776,271
1,372,555
1,104,259
T o r o n t o R a ilw a y -----------S ept
428,580
379,981
229,077
201,904
J a n 1 t o S e p t 3 0 ---------- 3,195,938
2,857,291
1,561,178
1,407,656
U n d erg rou n d E le c R y s , L o n d on—
on—
M etrop olita n D is tr ic t.S e p t
£54,116
£50.554
£21,238
£26,144
L o n d o n E lectric R y ...S c p t
£54,324
£53,948
£23,854
£23,128
L o n d o n U n ited T r a m .S e p t
£29,528
£27,792
£8,231
£7,560
a N et earnings h ere g iv e n are a fte r d e d u ctin g taxes.
b N e t earnings here given are b e fo re d e d u ctin g ta x e s,
c In crea se In expen ses fo r S e p t. 1910 d u e to te m p o r a r y ca u s e s — the
n stu lla tlon o f brakes fo r 10-car train s, A c ., w hile loss In gross Is d u e to
the fa c t th a t c om p a riso n Is w ith th e tim e o f th e IIu d s o n -F u lto n ce le b ra tio n
a y ea r a g o .
n T h ese figures represent 3 0 % o f gross earnings.
g T h ese results are In M exica n cu rre n cy .

Interest Charges and Surplus.
— I n t . , R e n t a l s , & c .— — B a l . o ) N e t TC’ n r js .—
C u rre n t
P revio u s
C u rre n t
P revious
Y e ar.
Y e ar.
Ye a r.
Year.
R oa d s.
• $
$
S
$
178,802
158,124
#138,588
#127,606
D e tro it U n it e d -------------- S ep t
Jan 1 to S ep t 3 0 ----------- 1,511,120
1 ,409,507 #1,1 4 4 ,6 4 0
#959,598
C20.93G
C20.757
D u lu th -S u p er T r C o ------ S ept
2 2 ,4 1 0
18,193
J a n 1 to S ep t 3 0 ______
C178.583
C168.090
171,329
125,528
I n t e r b o r o R a p id T r a n s .S e p t
882,773
852,691
#319,591
#458,323
J u ly 1 to S ep t 3 0 _______ 2,653,159
2,049,981
#652,513
#787,628
25,433
26,650
37,706
L eh igh V a lle y T ran s C o .S e p t
30,169
356,860
345,633
# 1 40 ,96 5
D e c 1 to S ept 3 0 ______
#73,847
115,118
111,552
#88,164
#85,467
M llw E le c R y & L ig h t . .S e p t
952,841
# 6 24 ,40 3
#664,089
J a n 1 to S ep t 3 0 ----------- 1,009,301
69,152
73,200
#37,727
#38,091
M llw L t , H t A T r C o . . . S e p t
635,303
580,851
#239,682
#239,432
J a n 1 to S ep t 3 0 ---------43,392
42,928
63,652
50,238
N orth O h io T r a c A L t ._ S e p t
390,161
393,342
437,387
353,100
Jan 1 to S ep t 3 0 ---------23,158
22,058
22,544
2 5 ,418
S t J os (M o) R y . L A P . .S e p t
203,759
148,541
192,080
156,198
J a n 1 to S ep t 3 0 ---------a: A fte r allow in g fo r o th e r In com e r e c e iv e d .
c In clu d es d iv id e n d o n preferred s to c k .

AN N U AL REPORTS.
Annual Reports.— The following is an index to all annua
reports of steam railroads, street railways and miscellaneous
companies which have been published since Sept. 4.
This index, which is given monthly, does not include
reports in to-day’s “ Chronicle.”

and other tables. Below are the principal traffic statistics,
and comparative income account for several years, compiled
for the “ Chronicle.”
T R A F F IC S T A T IS T IC S .
1906-07.
1907-08.
1909-10.
1908 -09 .'
Aver, miles of road oper.
5,645
5,781
6,062
6,296
E q u ip m e n t—
L o com otives____________
1,051
1,088
1,088
1,134
Passenger cars___________
643
711
703
825
Freight cars_____________
25,377
25,488
26,470
26,043
Hoad service equipment
2,929
3,599
4,686
3,728
Passenger T ra ffic —
N o. of rev. pass, carried 8,306,930
_
5,663,828
6,450,286
7,190,853
Passengers carried 1 m . .0 6 0 ,7 3 4 ,9 8 4 795,199 ,750 760,532,906 680,278,509
Receipts of pass, trains
per mile of road_______
$4,022
$3,563
$3,376
$3,633
Receipts of pass, trains
per rev. train m ile * ..
51.63
$1.77
$1.71
$1.77
Freig h t T r a f f ic —
Tons com m ’l fgt. carried 15,312,211 13,726,025
14,089.649
13,089,163
Tons carried one m ile___5097233894 5266658054 5271039813 5704061535
Tons company fgt. carr.
5,729,134
4,663,095
4,891,895
4,798,854
Ton miles per mile of
road (all freight)_____
1,086,611
1,155,577
1,054,427
1,185,367
Receipts per mile of road
$9,765
$8,908
$9,147
$9,710
Rec. per rev. train mile*
54.62
$3.89
$4.31
$4.63
Tons per rev. fgt. train
mile— all freight*____
547.89
548.49
512.07
474.97
freight and all mixed train miles.
A C C O U N T.
1909-10.
1908-09.
1007-08.
P a sse n ge r____________________ . . .
$20,814,820 $17,672,357 $16,719,364
M ail a n d e x p re s s_______________________.
4,500,434
4 ,354,717
3,883,884
F reigh t _________________________
. 61,479,080
54,000,195 52,885,213
S w itch in g , ren tals, A c ________________.
1,702,531
1,333,160
834,316
O u tside o p e ra tio n s— r e v e n u e ________.
1,721,627
1,390,032
1,010,448
R even u es—

T o t a l r e v e n u e s ______________________ .$90,228,092 $78,750,461 $76,039,225
O p e r a tin g E x p e n s e s —
$7,682 146
M aintenance o f w a y and s tru ctu re s . . $9,915,482
$9,106,168
7,434,590
M aintenance o f e q u ip m e n t __________ . 9,001,510
8 ,3 2 5 ,8 1 2
1,563,031
T r a ffic e x p e n se s_________ ______ — , . . 1,985,017
1,39 9 ,5 5 6
17,914,909
T r a n sp o rta tio n e x p e n s e s _____________ 22,205,807
1 9 ,4 2 7 ,4 8 8
1,964,806
1,908,391
1,918,491
G eneral e x p e n s e s ______________________
1,442,009
1,806,228
1 ,5 1 6 ,5 2 0
O u tside o p e ra tio n s— e x p e n s e s ________
3,264,348
2,570,562
2 ,444,726
T a x e s _______ ___________________________
T o ta l expenses an d t a x e s ___________$ 50 ,203 ,25 7 5 40 ,515 ,64 7 544,138 ,76 1
R e v e n u e o v e r expenses an d t a x e s . .$ 4 0 ,0 2 4 ,8 3 5 $38,234 ,81 4 $ 31 ,900 ,46 4
—
Interest on bon d s In han ds o f p u b l i c . $ 1 2 ,455 ,57 7 $13 ,331 ,36 8 $11 ,245 ,89 9
S ink, fu n d U ta h A N or. R y . c o n s. M .
16,013
12,013
12,013
H ire o f e q u ip m e n t —b a la n c e _________
1,923,096
1,389,483
1,487,123
R en ta ls (net) fo r lease o f r o a d . Join t.
tra ck s, & c _________ ______ __________ C r .363 ,490
C r.3 6 0 ,0 5 8 C r . 544,280
F ix e d C h a rg es

T o ta l c h a r g e s _________________________ $14 ,031 ,19 6 $ 1 4 ,372 ,80 6 $ 12 ,200 ,75 5
Surplus a b o v e llxed charges ______ $ 2 5 ,9 9 3 ,6 3 ) $ 2 3 ,8 6 2 ,0 8 $19 ,699 ,70 8
D ed u ct —

D lv . o n preferred s to ck ( 4 % ) .......
$3,981,760
D Iv. o n c o m m o n s to c k , G% (n o t In­
clu d in g th e 4 % paid fro m sources
o th e r th an tra n s p o rta tio n , m ak in g
to ta l o f 1 0 % (see b e l o w ) ___________ 13,022,319
D lv s . on O regon R R . A N a v . pre­
ferred s to c k o u ts ta n d in g __________
240

$ 3 ,981,760

$3,981,764

11,806,996

11,729,274

64

94

$17 ,004 ,31 9 $ 15 ,788 ,82 0 $15 ,7 1 1 ,1 3 2
Surplus fro m tra n sp o rta tio n o p e r ___$ 8 ,989,320
$8,073,188 $ 3 ,9 8 8 ,5 7 0
I n c o m e O th er th a n fr o m T r a n s p o r ta tio n —
In t. o n b o n d s o f com p an ies o th e r than
O re. Sh. L . R R . a n d O re. R R . A N . $1,263,983
$1,11 9 ,1 5 6
$1,143,064
D lvs. o n sto ck s o f com p an ies o th e r
th an O regon S h ort L in e a n d O regon
R R . A N av. Co_____________________ 15,298,078
14,711,807
15,370,873
Rentals from steamships_____________
304,800
304,800
249,132
Sales of unpledged lands A town sites
928
2,576
506
87,318
Miscellaneous receipts________________
59,762
Bal. of Int. on loans A on open accts.
other than with auxiliary cos_____
2,559,720
1,556,660 def.540,226
def. 18,367 def.203,658
Miscellaneous expenses________________
def.2,776
T o ta l______________________
$19,512,051 $17,736,393 $16,019,692
Dlvs. on common stock, 4 % (addi­
tional to the 6'% from transport'n). 8,681,546
7,871,331
7,819,516
Surp. other than from transport'n.$10,830,505
9,865,062
$8,200,176
Total surplus from all sources________ $19,819,825 $17,938,250 $12,188,752
— V . 91, p. 1027. 872.

Northern Pacific Railway.
(Report for Fiscal Year ending June 30 1910.)
The report of President Howard Elliott will be found on
subsequent pages, together with the income account, profit
1020
and loss account, balance sheet and traffic statistics. The
comparative income account was given in the “ Chronicle”
of Oct. 8, page 943. Owing to changes in the form of the
balance sheet as stated by the company, no correct com­
parison can be made with previous years. Comparative
traffic statistics for several years are given below.

Railroads—
Page.
Railroads (Continued) —
Page.
Atch. Topeka & Santa Fe Hy._9.TI, 919 Wabash ItH...............................
tVestern Maryland (preliminary 6
Atlantic Coast Line Co. (balance
months’ statement)....... .................. 1097
sheet of June 30 1910)__________1091
Electric Railroads—
Baltimore A Ohio IUt_______ 1020, 1037
Boston & Maine HU. ........... ........... 861 American Hallways Co........................... 789
Canadian Pac. Ry. (Annual Meetlng)1093 Aurora Elgin A Chicago HU----------- 1095
Central RR. of New Jersey________ 8(511Boston A Worcester R y...................... 809
Chesapeake & Ohio R y________ 780, 802 ! Boston Elevated R y............................. 809
Chicago & Northwestern lt y .785, 800 Michigan United R y ............................ 1090
Chicago Indianapolis A Loulsv. R y. 800 Northwestern Elevated Ry., Chicago 866
O P E R A T IO N S .
Cldc. St. Paul Minn. A Omaha Ry. 786 Philadelphia Rapid Transit--------------- 789
1907-08.
1909-10.
1908-09.
Cincinnati Hamilton A Dayton Ry.1091 Railways Company General.................. 867
Average
miles
operated.
5,444
5,633
5,765
5,671
Industrials—
Cine. New Orleans A Tex. Pac. l t y .1095
E q u ip m e n t—
Duluth South Shore A Atlantic lty . 788 American Window Glass C o ................1097
Locom otives____________
1,314
1 ,2 5 5
1,430
1,323
Erie R R _______ _____________ 1020, 1029 ' Consolidated Gas, Electric Light A
Passenger cars___________
923
893
1,119
1,005
Great Northern R y............. .. 1091, 1099
Power Co., Baltimore......... ............ 1093
Freight cars_____________
41,498
42,171
42,320
43,816
Gulf A Ship Island R R _____________ 10951Crucible Steel............................... .......... 1023
Miscellaneous cars_____
6 ,1 2 9
6,417
5,935
6,755
Hocking Valley Ry.
_____________ 884 ! Distillers’ Securities Corporation... 943
O perations—
Illinois Central RR___________ 879, 863 j Federal Mining A Smelting Co_____ 1023
Passengers carried_____
8,404,712
7,880,333
9,639,994
6,953,424
Kansas City Southern R R ______ 903, 910 Federal Telepli. ATcleg.Co., Buffalo 869
767,439,465 704,3 51,948 722,745,259
Louisville A Nashville R lt_____ 953, 910 Gulf Refining Co. (bal. sheet Jan. 1). 869
2.28 Cts.
R ate per pass, per m ile.
2.18 cts.
2.25 CtS.
2.26 Cts.
Louisville Henderson A St. Louis Ry. 788 llomestake Mining C o ........................ 869
16,800 504
1 5,836,823
Revenue freight carried. 18,268,998
16,741,470
Maine Central R R ................................ 788 Lake Superior Corporation.................. 868
do
do
1 m ile .5419081305 5260492660 5 1 EC3 78309 CrC4444098
Minneapolis St. Paul A S. S. M. R y. 787 Lehigh A Wilkes-Barre Coal Co____ 867
0.895 cts.
Rate per ton per m ile .. .
0 .900 cts..
0.800 cts.
0.866 cts.
Missouri Kansas A Texas______786, 799 Massachusetts Gas Companies............ 1023
$12,928
Gross earns, per m ile___
$12,071
12,110
Nashv. Chattanooga A St. Louis R y. 865 Mergcnthaler Linotype C o__ _______ 1094
National Rys. of Mexico...................... 943 National Casket C o......... ..................
o i l — V . 01, p. 913, 39.
Nevada-Callfornla-Oregon R y --------- 865 New York Dock C o............................... 9.14
Rock Island Company.
New York New Haven A Hartf. R R . 911 Ogllvle Flour Mills........... ............ .... _ 11098
Northern Paclflc R y.................
913 Pacific Coast Co.......................1094, 1106
(Report for Fiscal Year ending June 30 1910.)
Pope Manufacturing Co____________ 867
Pere Marquette It I t ------- -----------*992
990
Quebec Central R y------- ------------------ 1096 Texas Co. (application to list).
On subsequent pages we give the report of the operating
' 944
Reading C o ____________________ 785, 793 United States Coal A Oil C o___
company, the Chicago Rock Island & Pacific Ry. We also
St. Louis Southwestern R y ................. 912 United States Motor Co. (official
statement
Sept.
1
)
.......................
g68
Seaboard Air Line R y ______ _______1021
give below the balance sheet and profit and loss account
Southern R y...............................1020, 1034 Western Canada Flour Mills.. 1111" 1099
of the Chicago llock Island & Pacific R R . (all of whose stock
1022
Toledo Peoria A Western R y _______ 866 Western Union Telegraph C o ...
867
Virginia A Southwestern R v _ ........... 1096 Westlnghousc Air Brake...........
except directors’ shares is owned by the Rock Island Co.)

Union Pacific Railroad.
(Report for Fiscal Year ending June 30 1910.)
On subsequent pages is given the report of the board of
directors, signed by President Robert S. Lovett; also the
comparative income accountand balance sheet for two years,




and the combined income account of the two companies
last named.
President Roberts Walker Oct. 24 says:
C a o i t a l t r a t i o n - -S a le o f S I . L o u is A S a n F r a n c i s c o . — The Increase In stock
outstanding ($574,490 pref. and $820,700 common) represents the acqui­
sition by the Chicago Rock Island A Pacific R R . of 8,207 shares of stock
of the Chicago Rock Island A Pacific R y

The changes In the condition of Chicago R ock Island & Pacific R R .
are as follows:
F u n d e d Debt of Chicago Rock Isla n d A P a c ific R R .
N a m e of Rond—
J u n e ,10 TO. J u n e 30 ’00.
Increase.
Decrease.
4 % gold bds. (due 2 0 0 2 )S71,207,400 S70.38fi.700
$820,700
_________
5 % gold bds. (due 1913)
--------------17,361,180
_________ $17,361,180
5 % gold bds. (due 1913)
7 ,500,000
_________
7,500,000
_________
The $820,700 of the 4 % gold bonds were Issued against the acquisition
of 8,207 shares of stock of the Chicago Rock Island & Pacific R y. Co.
On Dec. 1 1909 the Chicago Hock Island & Pacific R R . sold to B . F.
Yoakum and associates Its entire holdings (289,403 shares) of the common
stock of the St. I.ouis & San Francisco R R ., and called for payment on
Feb. 1 1910 its entire Issue of $17,364,180 5 % gold bonds of 1913, originally
Issued against the acquisition of such common stock. To provide in part
the funds necessary to redeem the said 5 % gold bondsof 1 9 1 3 ,the company
Issued and sold to the Chicago Rock Island & Pacific R y . $7,500,000 of 5 %
gold bonds due 1913. This transaction resulted in a net decrease of $ 9 ,­
864,180 In Its funded debt and of $493,200 per annum In Its fixed charges.
(V . 89, p. 1667.)
C O M B IN E D IN C O M E A C C O U N T — R O C K IS L A N D C O M P A N Y A N D
C H IC A G O R O C K I S L A N D A P A C I F I C R A IL R O A D C O .
1906-07.
1907-08.
1908-09.
1909-10.
Dividend on C. R . I. &
P.Ry.Co. stock owned. S3,538,088
$3,850,858
$3,090,372
$3,681,835
Per cent of said dividend
5
5H
6 34
Other income
21,731
32,296
21,560
25,983
Total Income_________ $3,564,071
Deduct—
Expenses and taxes____
$43,013
In f. on C. R. I. & P.
R R . Co. bonds_______
3,648,700

$3,712,103

$3,714,131

$3,872,418

$19,928

$31,233

$48,152

3 ,679,905

3,673,645

3,608,977

$3,699,894
$3,602,703
$3,704 880 $3,717,129
$12,209
$155,289
BaL, sur. for year____ def 128,032
$9,251
The combined nrofit and loss surpluses of the two companies on June 30
1909 was $-157,858 (viz., $83,747 ot the Rock Island Co. and $374,111 of
the Ch. R . 1. & Pac. R R .): deducting the deficit of the two companies as
above, $128,632, leaves a surplus ot $329,227: deducting also premium on
bonds called and paid, discount- on 5 % bonds due 1913 sold and sundry
other Items not applicable to current year, $638 ,69 7, leaves a total accumu­
lated deficit of both companies combined as of June 30 1910 of $309,470
(consisting of $96,803 surplus of the Rock Island Co. and $406,273 dellclt
of the Ch. R. I. & Pac. R R .; see balance sheets of the two companies on
another page).
"T h e item ($309,470) Is purely a bookkeeping deficit. The chief income
of the Chicago Rock Island & Pacific R R . and, through it, of the Rock
Island C o.,Is from dividends paid by the Chicago Rock Island & Pacific R y.
These dividends arc declared and paid when and as needed to meet the cash
requirements of the Cfdcago Rock Island 8c Pacific R R . Therelore Its Inco no D on a cash basis.
On the other hand. Its deductions from income
account on account of Interest on bonds Is, owing to the fact that such
Interest Is a fixed charge, on an accrued basis, thereby causing a deduction
on an accrued basis from an Income on a cash basis, a part of which deduc­
tion docs i ot have to be provided in cash until the next bond Interest dates,
viz., on the 4 „ bonds !Vov. 1 and on the 5 % bonds Sept. 1.
" I t will ne noted, moreover, by reference to the balance sheets of the
Rock Isla d Co. and the Chicago Rock Island & Pacific R R . that the cash
and cash Items combined amounted on June 30 1910 to $1,133,498, which
Is far more than sufficient to take care of all the cash requirements maturing
prior to the receipt of the, next dividend upon the stock of the Chicago
Rock Island & Pacific R y .”
The profit and loss account of the Rock Island Co. proper shows: Surplus
June 30 1909, $83,747; income from dividends on Ch. R . I. & P. R R . stock,
$50,000; other income, $1,131; expenses and taxes, $35,606; sundry Items
not applicable to surplus of current year, $2,469; surplus June 30 1910,
$96,803.
B A L A N C E S H E E T O F R O C K I S L A N D C O M P A N Y J U N E 30.
1910.
1909.
1910.
1909.
T in h iW I p i __
S
S
A. sscls—
$
5
Stocks owned ..150,007,515 150,012,031 Common stock.z90,000,000 96,000,000
89,768
12,939 Preferred stock.j/5-1,000,000 51,000,000
Cash _________
Companies and
Cos. & Individ’s
480
548,643
individuals.........................
607,420 Surplus..............
96,803
83,747
T o ta l..............150,097,283 150,632,390

T o ta l.............. 150,097,283 150,632,390

x Includes: Issued and held In treasury, So,257,897.
held In treasury, S I,154,820.— V . 91, p. 1096, 717.

y Includes:

Issued and

Chicago Rock Island & Pacific Railroad.
{Statement for Fiscal Year ending June 30 1910.)
The income account and balance sheet of this Railroad
Company, which owns most of the stock of the Railway
Company and is itself controlled by the Rock Island Company
through ownership of the entire outstanding stock (see llock
Island Company above), is as follows:
I N C O M E A C C O U N T F O R Y E A R E N D I N G J U N E 30.
1906-07.
1907-08.
1909-10.
1908-09.
DIv. on Chic. R . I. & Pac.
$
$
$
%
1/3,681,835 *3,8 5 0 ,8 5 7
1/3,690,372
R y . Co. stock________ 2 3 ,538.088
19,924
24,852
21,202
31,949
Other I n c o m e ___________
Total Income_________
D e du ct—
Expenses________________
In t. on 4 % bonds_______
In t. on 5 % bonds_______
Total . . --------------------Bal. for year____________

x 5 % In 1909-10.

3 ,562.940

3,711,574

3 ,713,784

3.870,781

8,308
2 ,829,840
818,950
50,000

2,815
2,811,765
868,200

2,246
2,805,445
868.200
75,000

1,591
2,800,900
868,016
75,000

3,707,098
d f .144,158

3,682,780
sr.28,794

3,750,891
d f.37,107

3,745,567
s r .125,214

t /5 M % In 1908-09 and 1907-08.

k 5 Vj % In 1006-07

B A L A N C E S H E E T J U N E 30
1909.
1909.
1910.
1910.
Liabilities—•
S
Assets—
$
S
S
Stocks owned ..222,701,929 232,793,811 Capital stock.. .145,000.000 145,000,000
320,631 Gold bonds, 4% 71,207,400 70,386,700
Other Investm’ts
286,520
831,209 Gold bonds, 5% 7,500,000 17,364,180
Cash, & c ............ 1,043,730
Unpaid coupons
191,339
62,110
Profit and loss..
*406,273
758,640
Interest, not due
599,713
Profit and loss..
374,112
Total assets..224,498,452 233,945,742

Tot. liabilities 224,498,452 233,945,742

* After charging to profit and loss $636,228, being the premium on bonds called
and paid, discount on 5% bonds due 1913 sold, and sundry other Items not appli­
cable to current year.— V . 89, p. 1667.

Chicago Rock Island & Pacific Railway.
{Report for Fiscal Year ending June 30 1910.)
The full text of the report, comparative balance sheet and
other data will be found on another page.
Below are a comparative income account and various
statistics from the annual report.
R O C K IS L A N D S Y S T E M — M IL E A G E A N D T R A F F IC S T A T IS T IC S .
E q u ip m e n t and Operations—
1909-10.
1908-09.
1907-08.
Average miles of road operated_______
8,044
8,026
7,970
L o co m o tiv e ?.............................................
1,480 1,410
1,380
Passenger cars....................: ........................
984
897
890
Freight cars...................................................
39,380
37,448
30,581
Service cars..........................................................
3,814
3,280
3,162




1909-10.
1908-09.
1907-08.
Tons moved (rev. freight), N o . ............ 19,107,179
17,145,657 15,877,646Tons moved (co. freight), N o ________
5,972,748
5,086,522
4,008,062
Tons moved 1 m . (rev. f t .) . N o _______ 4567089,384 4160828,170 4019704,681
Tons moved 1 m . ( c o . f t . ) .N o _________ 701,013,424 569,193,324 535,757,216
18,743,022
16,960,747
Passengers carried, No ______________ 20,137,409
Passengers carried 1 mile, N o________ 1016385,259 952,679 ,666 881,991 ,344
E a r n in g s p e r to n p e r m i l e . .
_________
E a r n i n g s p e r t r a i n m i l e ____ __________
T o n s p e r tr a in p e r m ile (r e v . fr e ig h t )
'1 'o n s p e r t r a i n p e r m i l e ( c o . f r e i g h t ) .
E a r n i n g s p e r p a s s , p e r m i t e ............... ..
E a r n in g s
p e r tr a in
m ile
(In c lu d in
m a l l a n d e x p r e s s , & c __________________
N o . o f p a s s e n g e r s p e r t r a i n m i l e ______
T o t a l e a r n i n g s p e r m i l e o f r o a d ________

.
.
.
.
.

$ 0 .0 0 9 2
$ 2 ,3 8 0
257
3 9 .5 1
$ .0 1 9 1

$ 0 .0 0 9 4
$ 2 ,4 9 0
265
3 6 .1 0
$ .0 1 8 8

$ 0 .0 0 9 4
$ 2 ,4 0 2
255
3 3 .9 6
$ .0 1 8 9

!!
.
.

$ 1 ,2 2 6
5 4 .3 1
$ 8 ,2 3 3

$ 1 ,2 3 4
5 5 .3 4
$ 7 ,6 2 3

5 2 .1 0
$ 7 ,3 3 8

IN C O M E

ACCO U N T.
1 9 0 9 -1 0 .

1 9 0 8 -0 9 .

$

E a r n in g s —
.
.
.
.
_

1 9 0 7 -0 8 .

$

$

4 2 ,2 1 8 ,8 8 1
1 9 ,3 7 8 ,1 7 4
3 ,3 7 5 ,6 8 2
7 7 4 ,3 8 0
4 7 3 .1 6 2

3 9 ,1 5 8 ,0 5 3
1 7 ,8 8 3 ,3 7 9
3 ,0 5 6 ,7 6 1
7 2 0 ,2 8 1
3 6 6 ,4 1 3

3 7 ,8 9 9 ,3 5 6
1 6 ,6 9 3 ,1 1 1
2 ,8 2 2 ,3 5 7
7 0 1 .8 0 1
3 0 7 ,5 7 2

T o t a l_______________________________
66,2 2 0 ,5 7 0
O p e ra tin g E x p e n s e s —
M ain ten an ce o f w a y and stru ctu res.
10,673,387
M ain ten an ce o f e q u ip m e n t ________ _ 8 ,4 5 5 ,7 4 6
T r a ffic e x p e n s e s _____________________ _ 1,795,262
T ra n sp o rta tio n e x p e n s e s ____________ - 2 5 ,1 9 5 ,5 7 9
. 1,940,505

0 1 ,1 8 4 ,8 8 7

5 8 ,4 8 4 ,1 9 7

9 ,0 5 1 ,8 3 0
7 ,5 1 2 ,8 8 9
1,441,214
2 2 ,8 4 8 ,0 5 2
1,659,510

8 ,0 7 8 ,0 2 0
7 ,3 5 8 ,5 9 0
1 .486,473
2 3 ,6 0 0 ,3 4 2
1 ,612,740

T o t a l............... ..................... .. . _______ _ 4 8 ,0 6 9 ,3 6 9
N et ea rn in gs____________ ____________ . 18,151,210
T a x e s _____________ ___________________ _ 2,876,701

4 2 ,5 1 3 ,4 0 5
18,671,392
2 ,2 7 0 .8 6 5

4 2 ,1 3 0 ,1 8 0
16,3 4 8 ,0 1 7
1 ,789,895

O p era tin g In co m e _____ ___________ . 15,2 7 4 ,5 0 9
O u tside o p e r a tio n s __________________ _ d f. 155,891
H ire o f e q u ip m e n t____________________ d f. 1.171 .066
O th er In co m e .........................

10,4 0 0 ,5 2 7
d f . 146,201
d f . 812 ,116
1,109,788

1 4,558,122
d f .92,7 27
d t .9 12 ,279
1 ,133,040

T o t a l _______________________
T o ta l in c o m e ________ _______ _________
D e d u c t—
I n t e r e s t _______ _________ ____________
R e n ta ls _______________________________
B ette rm e n ts, leased lin es____________

211 ,471
16,611,998

128,634
1 4 ,6 8 6 ,7 5 6

F r e i g h t _____ _______________________________
.
P a s s e n g e r ________________________________________
M a i l a n d e x p r e s s ____________________
______
M i s c e l l a n e o u s ____ __________________ ________
O t h e r t h a n t r a n s p o r t a t i o n _____________

.

15,497,741

.
-

9,1 2 9 ,8 7 5
1,547,402
72,583

8,8 6 1 .2 2 3
1,567,967
10,577
f/3 ,930,019

8 ,4 1 3 ,2 2 2
1,5 4 5 ,2 3 2
10,190
y 3 ,9 2 9 ,7 8 5

T o ta l c h a rg e s______________________ .
B a la n ce , su rp lu s_____________________ .

14,493,132
1 ,004,609

1 4 ,375,786
2,2 3 6 ,2 1 2

1 3,898,438
788 ,317

x 5 % in 1909-10. v Z >H % in 1908-09 and 1907-08.
— V . 91, p. 1095, 711.

Chicago & Alton Railroad.
{Report for Fiscal Year ending June 30 1910.)
President T. P. Shouts says in part:
General R esults.— The gross for the year was $ 1 3 ,358 ,475 , an Increase of
$857 ,79 3, or 6 .8 6 % , and notwithstanding the loss of coal tonnage due to
the strike In the coal Helds, the largest In the history of the com pany.
Freight traffic yielded $ 8 ,145,347, an Increase of $504,401, or 6 .6 0 % .
The commercial. Industrial and agricultural conditions were very favorable.
Soft coal, owing to the strike In cllect since April i 1910, has shown ail
estimated loss In freight revenue of $750,000. Passenger traffic shows an
Increase ot $312,451, or 8 .1 7 % .
The expenditures for maintenance of way and structures increased
$276 ,33 5, or 2 2 .6 3 % .
7,426 tons of new and 4,595 tons of re aylng rail
were placed In the tracks, making a total of 98.23 miles of track rclald
during the year; 368,129 cross-ties were [Hit In main track. The wages
of section men were Increased from 12 H to 15 cents per hour. There
was expended SI ,499 per mile of road for maintenance ot way and structures.
Maintenance of equipment Increased $244,957, or 1 9 .6 2 % , practically all
of which was In repairs of equipment. The average cost for repairs and
renewals per locomotive, based on the number owned as of July 1 1909,
was $2,977; per passenger car, $706; per freight car, $26.
Ta x e s.— The marked Increase In taxes Is giving your management much
concern. The total amount paid In taxes account of the calendar year
1909 was $459,633, an Increase over the previous year of $79,127 , or 2 0 .8 0 % .
General Rem arks.— The results of the operation have not been altogether
satisfactory.
While the operating revenue shows a substantial gain, this
has been more than offset by the Increase In operating cost; gross revenue
showing an Increase of $857,793, as against an Increase In operating expenses
and taxes of $1,298,890; and It was only by the closest economy that these
results were obtained. Throughout the winter there was an unprecedented
fall of snow and very cold weather, which considerably reduced power
efficiency and retarded train m ovem ent, making It Impossible to handle all
the business offered,and at the same time Increasing the cost of operation.
W hile operating costs are steadily Increasing, rates of transportation arc
gradually decreasing.
Notwithstanding very substantial Increases granted to shopmen, train­
men, switchmen, freight-house men. section men and others at different
periods ot the year just closed, the labor problem Is still confronting your
management In the form of applications for further Increases. [Mr. Shonts
then presents arguments for an Increase In rates.— Ed.]
A D D I T I O N S A N D B E T T E R M E N T S — A G G R E G A T I N G $1,4 5 3 ,7 9 7 .
Equipment— Locomotives, $297,135; passenger-train cars, $ 7 8 ,.
............. ..$ 3 4 8 ,2 7 2
190; less credits________ ______ _______
Bridges, trestles and culverts. $71,124; ballast, $ 1 2 ,1 1 4 _________
83,238
Additional main tracks, $673,324; sidings and spur tracks, $40,509;
terminal yards, $ 2 8 ,5 7 0 ................................................................................... 748,403
Track elevation, elimination of grade crossings, & c_______________ 159,266
Stations, shops, engine-houses, water and fuel stations, & c______114,018
R A I L , B A L L A S T , B R I D G E S , A c ., r N M A I N L I N E A N D B R A N C H E S
O W N E D O N J U N E 30.
'Total.
1. R a il—
80-fft.
75-lb .
70-lb. 65-fb.
60-16. 56-16. 52-16.
1.127.15
1910, m i l e s .. . 858.45
54.41
111.87 6.10
5 8 .6 0 31.12 6.00
1.127.15
1 909, m ile s...8 5 6 .6 7
52.96
115.83 7.20
87.89 0.60
---------------------------------- Ballast----------------------------M ile s or
To ta l.
2. Ballast— •
Stone.
G ravel. C ind ers. Slao.
S o il. B ridges.
819.55
Main line, m ile s..5 6 6 .6 2
107.50
100.03 34.33
5.07
Branches, m ile s .. 51.84
55.55
01.96 21.67
81.44
5.14
307.60
56.00 81.44
10.21
1,127.15
Total miles---- 618.46
163.05
197.99
67.48 85.25
10.17
1,127.15
T otal J u n e 3 0 ’09.621.01
164.09
178.55
— Overhead Crossings ( N o .) —
— Aggreg. Length B d g c s jf t .)—
Trestles.
H ig h w a y . Rxcy.
O .B n d g e s ,A c Stone
Steel.
Wood.
25,553
36
8
1 9 1 0 . . .......... _304
27,462
640
25,553
36
8
1909 ------------_304
27,204
640
Between June 1899 and June 1910 the total tractive power of the loco­
motives in service was increased from 2,874,520 lbs. to 8,053,693 lbs
or 1 8 0 .1 8 % ; the total capacity of the freight equipment In service was
increased from 131,890 tons to 475,158 tons, or 2 6 0 .2 7 % (having been, how
ever, 479,383 In June 1910): and the average capacity per car was in­
creased within this period from 21.52 tons to 39.98 tons, or 8 5 .7 8 % .
O P E R A T IO N S A N D F IS C A L R E S U L T S .
1908-09.
1909-10.
1907-08.
1906-07.
998
Miles June 3 0 ............... ..
998
998
970
Operations, A c .—
8,437,278
Tons rev. freight carried 8,511,682
8,358,294
7,855,315
Tons rev. fght. carr. 1 m ..1363210505 1339054801 1250031872 1380988037
$2.34
Fgt. rects. per train mile
$2.29
$2.42
$2.48
F gt. rcc. per ton per mlloi 0.598 cts.
0.572 cts.
0.587 cts.
0.610 cts.
3,828,056
3,001,210
R ev. passengers carried. 3,833,022
3,427,982
R ev. pass. carr. 1 m ile .. 218,196,830 209,859,470 180,430,982 180,768,202
Rects. per pass, per mile! 1.893 cts.
2.054 cts.
1 .822 cts.
1.854 cts.
Rects. per pass, train m .
*a
(Incl. mall & express).
$1.34
$1.39
$1.42
$1.33
406,94
412.59
A v . rev. tr. load (tons).
383.07
409.99

R EVEN U ES A N D

BALAN CE SHEET JU N E

E X PE N SE S.

O p e ra tin g r e v e n u e s —
190 9-1 0.
F reigh t - _____________________________ $8,14 5 ,3 4 7
P a ssen g er______________________________
4 ,1 3 6 ,5 9 5
M all, express a n d m isce lla n e o u s_____
1,076,533

1908-09.
$7,64 0 ,9 4 6
3 ,8 2 4 ,1 4 4
1,035,592

190 7-0 8.
$7 ,6 7 1 ,4 7 7
3 ,5 1 1 ,4 1 0
919,903

$ 1 3 ,358 ,47 5 $12 ,5 0 0 ,6 8 2 $12 ,1 0 2 ,7 9 0
E xp en ses—
$ 1 ,2 2 0 ,1 4 9 ] $5,27 2 ,9 1 4
M ain ten an ce o f w a y a n d s t r u c t u r e s .. $1,496,484
4 ,0 7 7 ,1 3 5 /
T r a n sp orta tion e x p e n s e s _____________
4 ,7 9 7 ,6 8 5
1,24 8 ,7 4 6
1 ,5 5 8 ,4 6 6
M ain ten an ce o f e q u ip m e n t___________
1,493,703
5 04 ,398
483 ,688
T r a ffic e x p en ses_______________________
470,092
35 8 ,1 7 0
3 43 ,349
G eneral ex p e n s e s _______________________
382,243
$7,40 8 ,5 9 8
$5,092,084

T o ta l op e r a tin g e x p e n s e s____________ $8,640,207
N et op e r a tin g r e v e n u e s _______________ $4,718,268
IN C O M E A C C O U N T .

$7 ,6 5 8 ,4 1 6
$4,444,374

In crea se ( + ) or
190 8-0 0.
D e c . (— ) .
$5 ,0 0 2 ,0 8 4 — $373,816
3 ,787
— 879
9 9 ,886
— 99,886
d c f.9 ,6 5 6
— 7,314

1909-10.
N et op e r a tin g r e v e n u e s __________________$ 4,718,268
In terest o n s to ck s a n d b o n d s ___________
2,9 0 8
M iscellaneous interest a n d d is c o u n t —
----------O th er In c o m e ____________________________ d e f.1 6 ,9 7 0

T o ta l net In c o m e _____________________ $4,704 ,206 $5,186,101 — $481,895
D ed u ct—
+ $67,281
$380,153
?^47 ,434
195,543
+ 4 9 ,6 3 6
H ire o f e q u ip m e n t— b a la n c e -----------------2 4 o ,179
+ 25,996
171,994
Itentals p a id — b a la n c e ---------------------------1 9 ' ,990
+ 9,604
M iscellaneous In terest---------------------------® 604
+ 181,595
2 ,0 1 7 ,4 6 2
In terest o n b o n d s ________________________ 2,199 ,057
30 0 ,0 0 0 — 3 00 ,000
In terest on collateral n o te s ---------------------­
213,664
+ 3 5 ,6 7 0
In terest o n eq u ip m en t n o t e s ------ ---------240, 334
241,024
D iv id e n d s on gu aran teed sto ck s (rentals) 241, 024
2 91 ,065 — 2 48 ,469
D is c o u n t on securities w ritten o n . —
42, 596
D Ivs. on prior lien and p artlc. s t o c k ._ . ( 6 % ) 5 2 758 (8 % ) 70,34 1
— 17,586
7 81 ,760
D iv id e n d s o n preferred s to c k ( 4 % )
..
781, 760
D iv id e n d s o n c o m m o n s t o c k ----------------(2 % )3 9 0 8 5 6 (4 % )7 8 1 ,7 1 2 — 3 90 ,856

Taxes ______________________________

T o ta l d e d u c t io n s ------------------------ _____ $4,857,592
$15 3,38 6
B a la n ce, d e fic it------------------------------ _____
B A LA N C E SH EET JU N E

1910.
A sse ts—
S
R oad, Iran., & c.100,240,133
E q u ip m en t------al5,356,713
Securs. pledged. 67,284,893
Secure, of prop.,
&c., cos. unpl.
c476,870
Real estate, & c.
9,001
Cash __________ 1,915,313
Mlsc. securities.
dl0,710
Agts.& conduc’s.
277,382
Cos. & Individ’s
576,478
Material & supp.
822,433
Mlsc. accounts.
30,910
D ep. to redeem
sk. fund debs.
144,348
Disc, on secure.
553,734
Unadjusted frt.
claim s..............
203,988
Oth. def. charges
127,152
Contingent assets
4,229

$5,444,721 - -$ 5 8 7 ,1 2 9
$ 2 5 8,62 0 - -$ 1 0 5 ,2 3 4
30.

1909.
1910.
$
L ia b il it ie s —
s
99,134,608 Capital s t o c k ... 39,966,100
15,137,709 Guaranteed stks 3,693,200
3,798,893 Funded debt (see
R y.& Ind.sec.) 75,016,000
366,455 Equip, tr. notes 4,534,500
19,382 Bills p a y a b le ...
575,000
1,311,048 V o u ch e rs ..........
1,278,128
10,325 W a g e s ................
435,455
185,883 Traffic,& c., bals
172,281
445,422 Agents’ d r a fts ..
157,433
668,801 Matured Interest,
31,577
dlvs.,&c.,unp’d
437,547
Mlsc. accounts.
98,280
18,375 Taxes a ccru e d ..
222,598
475,080 C.&A. divs. dec.
408,466
Accrued lnt. &
221,495
guar. d i v s .. .
444,314
113,403 Opcr. reserves..
303,833
5,342 Oth. def. credits
30,401
Contlng. liabilities
4,229
Profit and lo s s ..
256,522

1909.
S

39,066,100
3,693,200
68,466,000
5,313,855
475,000
510,529
361,462
145,231
135,967
424,391
80,892
180,405
816,908
411,948
487,681
22,878
5,342
440,009

T o t a l .............. 128,034,287 121,943,798
T o t a l ............. 128,034,287 121,943,798
b Secu ri­
a A fte r d e d u ctin g $466,957 reserved fo r accru e d d e p r e c ia tio n ,
ties p led g ed Include In 1910 (a) securities o f p ro p rie ta ry , a ffilia te d an d c o n ­
trolled com p a n ies (to ta l par va lu e $ 6 ,460,200 an d b o o k v a lu e $ 3 ,7 6 6 ,8 9 3 ),
v iz .: $3 ,0 0 0 ,0 0 0 K . C. S t. L . & C h icago R R . preferred an d $15 7,10 0 c o m m o n
s to c k : $98 9,30 0 L ou isian a & M issouri R iv e r R R . preferred a n d $ 2 ,268,800
c o m m o n s to c k an d $45,000 U n io n D e p o t C o ., K ansas C ity , s to c k ; a n d (b)
securities Issued o r assum ed (to ta l par va lu e $ 3 ,5 1 8 ,0 0 0 , sa m e b o o k v a lu e ),
v iz .: $18 ,000 M ississippi R iv e r B ridge C o. b o n d s a n d $ 3 ,5 0 0 ,0 0 0 C. & A.
R R . 2 0 -y ea r 5 % Im p rovem en t a n d e q u ip m e n t b o n d s, c S ecurities o f p r o ­
p rie ta ry , a ffilia ted and co n tro lle d com p an ies u n p ledged in 1910 (to ta l par
v a lu e $1 ,0 1 5 ,1 4 0 an d b o o k va lu e $476,870) Include J o lie t & C h icago R R .
g u aran teed s to c k , $5,000: P eoria R y . T erm in al C o. s to c k , $5 0 0 ,0 0 0 , b o n d s,
$1 ,5 0 0 , a n d n otes secu red b y Its 1st M. b o n d s, $160,140: T erm in al R y .
A ss’ n o f S t. L ou is s to c k , $20 5,80 0: K ansas C ity S t. L ou is & C h ic. R R .
c o m m o n s t o c k , $500; L ou isian a & M issouri R iv e r R R . pref. s to c k , $10 ,5 0 0 ,
an d c o m m o n s to c k , $31 ,700 ; K ansas C ity T e rm in al R y ., s t o c k , $10 0,00 0.
d In clu d es $10 ,600 C. & A. 4 % p rio r lien an d p a rticip a tin g s to c k a n d $710
m iscella n eou s.— V . 91, p . 1095, 1024.

Colorado & Southern Ry.
(Report fo r Fiscal Year ending June 30 1910.)
On subsequent pages will be found at length the text of the
report and the comparative income account for two years,
showing the operations of the system and balance sheet.
Below we give the operating statistics, income account and
comparative balance sheet.
O P E R A T IN G S T A T IS T IC S .

190 9-1 0.
1908-09.
1907-08.
2,0 4 2
1,9 8 0
1,932
A v era ge m iles o p e r a te d -----------------------O p e r a tio n s —
R e v e n u e passengers c a r r ie d ------------------ 3 ,5 6 0 ,6 3 7
3 ,5 1 7 ,7 9 8
2 ,0 3 5 ,2 6 6
R e v e n u e passengers carried on e m ile -1 5 0 ,8 8 0 ,1 13 1 5 1 .7 6 5 ,0 3 9 140 ,350 ,11 4
R a te per passen ger per m i l e . - .......... ..
2.4 5 cts.
2 .4 8 c ts .
2.53 cts.
8 ,3 5 6 ,9 1 3
7 ,2 0 2 ,6 5 7
6 ,6 8 3 .5 7 6
R e v e n u e freig h t (t o n s ) _________________
R e v e n u e freig h t (ton s) on e m ile _______ 1249390,475 993 ,7 0 6 ,4 2 3 8 8 2 ,8 7 5 ,3 4 6
R a te per ton per m ile ...............................
0.964 c ts .
1.067 c ts .
1.134 cts.
A v era ge reven u e tra in -loa d (t o n s )____
3 0 6 .2 0
2 70 .44
257.13
$ 1.16
$ 1 .1 5
$1.20
E arn ings p er passenger train m ile _____
E arn ings p er freig h t train m ile -----------$ 2.95
$2.8 9
$2.02
O p era tin g reven u es p er m ile ---------------$ 8 ,210
$ 7 ,018
$7,394
IN C O M E

ACCO U N T— COLORADO

&

190 9-1 0.
O p e r a tin g R e v e n u e s —

__ „ $

SOUTH ERN

190 8-0 9.

$

L IN E S .

1907-08.

$

1910.
$

1909.
S

L ia b il it ie s —

T o t a l ------------- 122,791,897 119439,775

T o t a l ................122,791,897 119439,775

Bonds In treasury In 1910 Include: Colo. & South, ref. and ext. M. bonds, par
value^$2,008’781; Fort W orth & D enver Terminal R y . 1st M. bonds, par value,
a

b Securities o f other companies held, see list on a subsequent page.
d Includes In 1910 Walsenburg & Western, $21,307; Fidelity Construction C o.,
$8,239; Dallas Terminals, $225,108; Trinity & Brazos Valley, $0,884; Houston
Terminals, $193,208; Alvord R R ., $98,553; Galveston Terminals, $15,525; electri­
fication, $44,554; advance surveys, $12,596; right o f w ay and terminal property
for new lines, $296,542.
e Includes Colorado Springs & Cripple Creek D istrict R y ., $900: Fort W orth &
Denver City R y ., Including $23,884 "stam ped,” $25,484; Wichita Valley R y ., S900;
Col. R R . Co., $500; Denver & Interurban R R . Co., $700; W icllta Falls & Okla­
homa R y . Co., $900; W ichita Valley R R . C o., $900; Abilene & Northern R y . C o.,
$900; Fort W orth & Denver Terminal R y . C o., $900; Stamford & Northwestern
R y ., $900.— V. 91, p. 462, 333.

Bangor & Aroostook Railroad.
(Report for Fiscal Year ending June 30 1910.)
Pres. F. W . Cram, Bangor, Me., Sept. 7, wrote in brief:
G e n e r a l R e s u l t s .— T h e gross r e v e n u e r e ce iv e d fro m th e o p e r a tio n o f t h e
railroad in th e y e a r ended Ju n e 30 1910 w as $ 3 ,1 6 3 ,2 7 1 , an Increase o f
$ 2 4 6,45 7 o v e r th e earnings o f th e p re v io u s y e a r. T h e o p e r a tin g e xpen ses
w ere $ 1 ,7 8 5 ,2 9 0 , a decrease o f $3 ,8 7 5 .
E x p e n d itu re s a g g re g a tin g $49 6 ,0 7 6 w ere m a d e fo r a d d itio n s a n d b e t t e r ­
m en ts a n d n o t Inclu ded In w o rk in g c o s t.
A d d i t i o n s a n d B e t t e r m e n t s D u r i n g Y e a r e n d i n g J u n e 30 1910— T o t a l , $ 4 9 6 ,0 7 6
S u n d ry a d d itio n s an d b e tte rm e n ts (n o t a b ly Increased w e ig h t o f
rails, $ 3 5 ,1 7 4 ; sidin gs an d sp u r tra ck s, $ 1 6 ,5 4 6 ; term in al
y a rd s , $30 ,825 ; s h o p s, engine hou ses an d tu r n -ta b le s , $17 ,537 ;
w ater an d fuel sta tio n s, $ 8 3 ,0 1 5 )_________________________________ $ 24 0,58 8
A d d itio n a l c o s t o f S c h o o d lc S tream R R _____________________ ______
57,038
A d d e d c o s t o f e q u ip m e n t paid c a r tru st C a n d D b o n d s ________
180 ,000
A d d e d c o s t o f e q u ip m e n t th r o u g h re p la ce m e n t, & c _______________
18,450
.S o u r c e s J r o m
> h i c h t h i s $ 49 6,07 6 w a s d e r i v e d .
P ro ce e d s o f sale o f c o n s o l, re f. 4s, $ 4 0 ,1 8 0 ; N o r. M e. S e a p o rt
b o n d s, this year, $16 ,0 0 0 ; an d p re v io u s y e a r, $ 7 5 ,0 0 0 ...............$ 1 3 1 ,1 8 0
E x ce ss co s t o f S c h o o d lc Stream R R . p aid from I n c o m e ____________
5 7,038
P ro ce e d s fro m relea sin g spur tr a c k , $31 ,0 0 7 ; also o f m aterial re­
leased b y N o r. M e. S e a p o rt R R , , $ 3 2 ,8 5 0 _________________________
6 3 ,8 5 7
C harged ca p ita l a c c o u n t s ----------------------------------------------------------------------- 64,001
P a id fro m tre a su ry , ca r tru st C & D b o n d s --------------------------------------- 180 ,000
T h e r o a d w a y repairs a n d renew als Inclu ded new steel rails (85 lb s . p er
y a r d ), 5,177 to n s , and new ties (s ta n d a r d ), 102 ,812 . T h e 8 5 -lb . rail Is
n o w c o n tin u o u s fro m S ea rsp ort t o O a k lleld , v ia M ed ford e x te n s io n , e x ­
ce p tin g f o r H o f a m ile— sa y 144 m ile s. T h e w o rk o f re p la cin g w o o d cu l­
v e rts has been co n tin u e d ; 33 w ere rep laced w ith Iron p ip e an d 13 w ith re ­
in fo rce d c o n c r e te . T w o n ew c o n c r e te c u lv e rts w ere b u ilt.
N e w L i n e s .— T h e se ctio n s o f th e S t. J o h n R iv e r ex te n sio n fro m F o r t K e n t
t o S t. F ran cis (16.56 m iles) an d fro m V an B u ren t o G rand Isle (1 5 .2 0 m iles)
w ere c o m p le te d an d o p e n e d t o tr a ffic In 1909.
T h e W a sh b u rn E x te n s io n ,
fro m S qu a p a n t o S to c k h o lm , In clu din g th e M ap leton t o P re sq u e Isle s p u r.
In all 54.98 m iles, w as n o t c o m p le te d until near end o f Ju n e 1910.
T h e p r o s p e c t fo r t r a ffic d e v e lo p m e n t o n these exte n sio n s Is g o o d .
H eav­
ier train lo a d s can be m o v e d betw een S to ck h o lm and S q u a p a n th an w as a n ­
tic ip a te d : th e sa m e en gin e w ill p r o b a b ly haul 60 t o 7 0 % h e a v ie r train loa d s
th an v ia th e S to c k h o lm , H o u lt o n , & c., r o u te . T h is result ren ders It a d ­
v is a b le to Im p ro v e th e grades and t o o th erw ise stren gth en th e line betw een
S qu apan an d A sh lan d J u n ctio n , a n d t o p r o v id e a t th e ju n c t io n a sp a ciou s
y a r d . A p o rtio n o f these Im p ro ve m e n ts has been arran ged fo r .
It Is e x ­
p e c te d th a t th e e co n o m ie s t o be e ffe c te d w ill m o re th a n ca re fo r th e lnetrest
o n th e ca p ita l ex p e n d itu re .
W o r k w as co m m e n ce d o n th e s e c tio n o f th e S t. J o h n R iv e r E x te n sio n
b etw een G rand Isle a n d F o rt K e n t, and It Is e x p e c te d th a t th e se ctio n w ill be
r e a d y fo r o p e ra tio n b e fo re D e c. 3 1 , a d d in g t o th e system a b o u t 30 m iles o f
m ain line.
N o p rogress has been m a d e to w a rd th e c o n s tr u c tio n o f th e m o o te d A lle gash E x te n sio n — fro m S e b o o ls o r v ic in it y t o m o u th o f S t. F ran cis R iv e r
v ia C h esu n cook L a k e , o n th e W e st B ran ch o f th e P e n o b s co t R iv e r , C h am ­
berlain L a k e , a t h ead o f th e A llegash R iv e r , th e n ce v ia v a lle y s o f th e A lle gash and th e S t. J o h n . A rra n g e m e n ts h a v e been e ffected fo r p re lim in a ry
s u rv e y s , fro m w h ich t h e c o s t o f th e e x te n sio n m a y be a p p r o x im a t e d .
O P E R A T IO N S ,

E A R N IN G S .

E X PE N S E S

A N D

CH ARGES.

O p e r a tio n s —
190 9-1 0.
190 8-0 9.
1907-08.
1906-07.
A v era ge m ile s ___________
530
515
501
482
P a ss, carried (r e v e n u e ).
74 3 ,7 0 7
6 27 ,775
697 ,518
7 0 1 ,5 3 6
P ass, carried o n e m i l e . .
2 0 ,8 7 6 ,3 2 2 2 3 ,7 5 1 ,7 5 6 2 5 ,0 8 0 ,3 7 0 2 5 ,6 1 6 ,4 4 9
R a te per pass, per m ile .
2 .3 7 c t s .
2.3 5 c ts .
2.3 8 c ts .
2.4 0 c ts .
R e v . fre ig h t (ton s) e a r ’d
1 ,6 1 2 ,6 6 7
1,46 3 ,6 1 9
1,48 9 ,5 0 2
1 ,6 2 9 ,5 3 9
do
carried 1 m i l e . .1 9 1 ,2 3 0 ,0 6 4 1 8 1 ,361 ,65 8 159 ,9 0 1 ,9 7 3 1 96 ,544 ,09 1
R a te p e r to n p e r m ile —
1.15 c t s .
1.17 c ts .
1.17 c ts .
1.19 c ts .
E a r n in g s —
$
$
$
$
638 ,144
560 ,446
597 ,993
6 14 ,110
P a ssen gers______________
F r e i g h t _________________
2 ,2 0 4 ,3 3 0
2 ,1 2 2 ,4 2 2
1 ,8 6 9 ,4 3 5
2 ,3 4 0 ,3 9 0
M all, e x p re ss, ca r ser­
v ic e , r e n t s _____ r _____
1 48 ,056
1 35 ,576
15 0 ,9 0 0
114 ,280
H ire o f e q u ip m e n t _____
172,742
08,371
22 5 ,7 5 4
152,916

F r e i g h t . ......................................- ................ 1 2 .040,828
1 0 ,6 0 0 ,7 4 3
1 0 ,0 1 1 ,7 4 9
. ________________
3 ,9 1 8 ,0 9 3
3 ,7 5 6 ,0 9 4
3,54 9 ,8 8 8
P a ss e n g e r--.
M all, exp ress & m iscella n e o u s...................
81 9 ,0 6 0
72 2 ,9 7 5
7 2 1 ,4 0 6
T o t a l __________________________________ 16,777,981 1 5 ,0 8 0 ,4 1 2 14,283,133
O p e r a tin g E x p e n s e s —
T o ta l gross e a r n in g s ..
M alnt. o f w a y an d s tr u c tu re s _________
2 ,1 8 8 ,6 4 5
2 ,1 6 2 ,5 6 0 ]
6 ,6 4 1 ,3 0 2
O p e ra tin g E x p e n s e s —
T r a n sp orta tion e x p e n s e s _____________
5 ,3 7 8 ,7 0 4
4 .8 1 1 ,8 5 1 /
M alnt. o f w a y & s t r u c . .
M alnt. o f e q u ip m e n t ___________________
2 ,5 2 1 ,2 7 3
2 ,4 4 7 ,9 0 0
2 ,0 7 8 ,7 1 7
M alnt. o f e q u i p m e n t . ..
T r a ffic e x p e n s e s ______________
274,271
27 7 ,6 6 4
276 ,069
T r a ffic e x p e n s e s ________
G eneral e x p e n s e s ______________________
5 0 0 ,4 7 2
52 5.700
546,721
T ra n sp o rta tio n e x p e n se s
T o t a l ............................
10,86 3 ,4 5 5
1 0 ,2 2 5 .6 8 7 ' 9 ,5 4 2 ,8 0 9
G eneral e x p e n s e s ----------N et op e r a tin g r e v e n u e ............................
5 .9 1 4 ,5 2 6
4 .8 5 4 ,7 2 5
4 ,7 4 0 ,3 2 4
N et— o u ts id e o p e r a t io n s _________ _____ D r . 22,324
D r . 7,1 3 5
CY.5,465
T o t a l -------------------------T a x e s __________
4 77 ,870
3 9 3 ,0 0 7
__ 407,101
P er ce n t e x p . t o e a r n s - .
O p era tin g in c o m e ____________________ 5 ,4 1 4 ,3 3 2
4 ,4 5 3 ,6 8 3
4 ,3 3 8 ,6 8 8
N et e a rn in g s------------------O th er I n c o m e ___________
O th er In com e (n e t ) _____________________
*23 7 ,3 6 8
466 ,702
296,273
G ross c o r p o r a te I n c o m e .- ............... ~ SL651.700
4 ,9 2 0 ,3 8 5
4 ,6 3 4 ,0 0 1
T o ta l net In c o m e ____
D ed u c t—
F ix e d C h a rges—
In terest on b o n d s , A c __________________
2 ,6 6 5 ,0 0 9
2 ,6 8 3 ,6 8 2
2 ,4 6 3 ,0 5 8
T
a
x e s ---------------------------S in k in g f u n d ------------------------------3 5 ,0 5 8
3 7 ,843
58,571
In terest on b o n d s _______
1st pref. s to c k d iv s . ( 4 % ) .........
34 0 ,0 0 0
34 0 ,0 0 0
34 0 .0 0 0
D in in g ca r d e fic it _______
2nd p r e f. s to c k d iv s . ( 4 % ) ____________
34 0 ,0 0 0
3 4 0 ,0 0 0
3 40 .000
Im p ro v e m e n ts & e q u i p .
C o m m on s to c k ( 2 % ) . ...............................
62 0 ,0 0 0
62 0 ,0 0 0
In terest a n d d i s c o u n t ..
T o ta l d e d u c t io n s ........ ......................
4 .0 0 0 ,0 6 7
4 ,0 2 1 ,5 2 6 3 ,2D
0 1isc,
,6 2 9on securities s o l d .
B a la n ce , s u r p l u s ..................................
1 ,6 5 1 ,6 3 3
8 98 ,859 1,433,332
D iv id e n d s ( 4 % ) ...........
•In 190 9-1 0 “ o th e r In com e (n et) ” Inclu des In com e fro m In vestm en ts,
T o t a l ------------ -------------$ 5 4 1 ,1 9 4 , an d Interest, d is c o u n t and e x c h a n g e , $44 ,850 ; less hire o f e q u ip ­
S u r p l u s --------------------------m e n t, $ 2 8 0 ,3 5 0 a n d ren ta ls, $59 ,3 2 6 .




30.

1909.
1910.
S
1st pref. stock____ 8,500,000 8.500.000
Cost o f road and
e q u ip m e n t ____88,050,380 86,321,653 2d pref. stock____ 8,500,000 8.500.000
New e qu ipm en t. . 9,132,634 9,236,065 Common stock__ 31,000,000 31,000,000
Improvements . . . 5,051,334 4,255,998 Stocks controlled,
39,422
cos. not ow ned.
e32,984
Bonds In treasury.a2,436,781 2,047,037
R ef. & ext. M. bds.
Fund.debt(see‘‘R y .
" 594,349 37,976,752
held for bett’ts.
347,868 1,067,815
Securities o f other
Equipment bonds
c o s.a t c o st____612,370,418 11,872,009
and leases......... 2,032,131 2,536,102
Construe, adv. to
100,000
Bills payable_____
other companies <(922,516 1,558,418 Vouchers .............. 1,125,790
634,873
564,424
Material & supplies 1,560.549 1,075,534 P a y-rolls________
632,054
Cash ......... ............ 1,669,799
418,226
143,775
692,930 Foreign roads____
Individuals & c o s .
477,365
521,815 Interest on bonds
105,112
Agts. & conductors
88,188
251,691
247,268
due and unpaid.
U. S. Government
587,074
598,573
63,445
37,415 Int. accr., not due
Traffic balances..
292,893
309,105
220,257 Taxes accrued____
321,935
Accrued lnt. on se­
304,824
R eserves................
curities ow n e d ..
139,641
174,208
283,368
253,265 Stand. & N .W .R y .
Int. notes, equip.
6,232
60,184
M iscellaneous____
lease “ Pullman”
95,287
90,782
Accr. for renew ..
387,301
Special funds_____
1,575
1,021 Equip, lease "Pull­
M iscellaneous____
81,392
31,275
m an” lnt. notes.
90,782
Profit and loss____ 9,271,399 7,567,849
A s se ts—

3 ,1 6 3 ,2 7 2

2 ,9 1 6 ,8 1 5

2 ,8 4 4 ,0 8 2

44 7 ,2 2 9
3 3 5 ,7 2 7
3 3 ,8 0 4
83 9 ,8 7 8
128,652

48 2 ,7 0 7
3 24 ,313
3 3 ,8 4 7
8 24 ,169
124 ,130

4 2 8 ,9 2 6
271 ,871
3 5 ,3 2 0
9 5 5 ,5 5 3
1 08 ,150

3 ,2 2 1 ,6 9 6
5 5 2 ,0 1 0
3 4 4 ,0 0 0
_____
1 ,0 9 3 ,4 6 5
1 43 ,820

1 ,7 8 5 ,2 9 0
(56.44)
1 ,3 7 7 ,9 8 2
_______

1 ,7 8 9 ,1 6 5
(6 1 .3 4 )
1 ,1 2 7 ,6 5 0
_______

1,79 9 .8 2 1
(6 3 .2 8 )
1,04 4 ,2 6 1
_______

2 ,1 3 3 ,2 9 5
(66.21)
1,088,401
2,191

1,37 7 ,9 8 2

1 ,1 2 7 ,6 5 0

1 ,0 4 4 ,2 6 1

1 ,0 9 0 ,5 9 2

17,920
93 5 ,0 3 8
1,795
_______
2 9 ,422
_______
100 ,400

1 4 ,9 3 7
8 8 8 ,3 3 8
1,679
_______
3 2 ,3 8 7
_______
9 7 ,0 4 0

14,830
779,471
_______
9 9,626

2 0,912
9 6 5 ,7 7 7
5,0 0 8
1 61 ,949
3 3 ,9 5 9
1 ,147
104 ,212
1 ,2 9 2 ,9 6 4
8 5,018

1 ,0 8 4 ,5 7 5
4 3 ,0 7 5

1 ,0 3 4 ,3 8 2
9 ,8 7 9

_____
_______
7 1 ,840
9 65 ,767
124 ,825

B A L A N C E S H E E T J U N E 30.
1910.
1909.
1910.
1909.
L ia b il it ie s —
S
$
3
S
Road and equlp’ t. 25,641,965 22,449,021 Capital stock_____ 3,004,200 2,510,000
Nor. Me. Seaport
Bonds Acar trusts 22,495,000 20,005,000
420,000
R R . s t o c k .. _ ..
420,000 Loans A bills pay.
774,409
780,000
43,401
43,461 Traffic, A c., bals.
Real estate______
23,003
25,036
467,280
Cash ____________
406,624 Vouchers A wages
193,979
112,598
100,007
81,669 Matured ilivs., int.
Traffic, A c., bals.
35,544
Agents A cond’rs.
38,183
A rents unpaid.
295,275
235,385
M at’ls A supplies.
554,230
337,870 Divs. declared, Int.
Miscel. a ccou n ts ..
91,954
70,570
A rents not due.
218,112
165,121
Advances________
26,396
102,377 Appropriated surp.
161,949
Discount on b d s ..
45,873
Fro (It and los 3____
324,234
249,046
Oth. def.deb.item s
63,450
72,411
GEN ERAL

A s se ts—

T o t a l .................. 27,490,761 24,082,186
— V . 90, p. 913.

T crtal.................. 27,490,761 24,082,186

Alabama Great Southern Railroad.

B ALAN CE SHEET JU N E
A s s e ls —

1910.
S

1909.
S

Road and equip­
m ent..................018,546,828 17,688,475
Leasehold estates.
321,000
321,000
Investm ents_____ 1,890,123 1,890,123
Material on han d.
170,831
150,814
Cash ......... .............
422,339
337,330
Cash in transit__
67,289
38,411
91,578
57,508
Stationagents,& c.
Deposits for int. A
135,039
136,783
rents due July 1
Other transporta­
265,443
tion com panies.
202,517
U. S. Post Office
7,562
6,362
Department . . .
Individuals and
107,146
com pan ies_____
95,755
M iscellaneous____
72,819
153,051
T o t a l ............. ..22,100 ,997 21,081,139

{Report fo r Fiscal Year ending June 30 1910.)

30.

1910.
L ia b il it ie s —
§
Ordinary shares.. 7,830,000
Preferred sh ares.. 3,380,350
B on ds...................... 5,686,600
Leasehold estates.
324,000
Equipment trusts. 2,302,000
Certifs. f o r d i v s . ..
79,893
Ites. for renew.,&c.
134,628
Int. accr., not due
43,914
Taxes not d u e .. .
75,022
Interest A rentals.
135,051
Hes. fo rd lv . on pf.
101,410
V ouchers................
286,234
Pay-rolls, & c.........
I l l ,632
Individuals & c o s.
237,780
Other transp. co s.
86,349
8,325
M iscellaneous____
Profit and loss____61,277,807

1909.
S
7.830.000
3,380,350
5,686,600
324,000
1.710.000
159,786
106,672
62,831
65,480
136,783
101,410
214,191
100,189
162,503
82,880

1,220

953,244

T o t a l _________ 22,100,997 21,081,139

After deducting S I ,105,211 reserved for accrued depreciation o f equipment.
6
After deducting 8245,396 for adjustm ent o f equipment to basis of cost value as
o f July 1 1909 and adding net miscellaneous credits, $808.— V. 89, p. 1276.
a

President W. W. Finley, New York, Oct. 5 1910, wrote:
I n c o m e S t a t e m e n t . — T h e gross o p e r a tin g reven u es s h o w an Increase o f
§6 6 0 ,7 1 4 ; net o p e ra tin g reve n u e an Increase o f § 2 4 8 ,2 1 1 .
T h e Increase of
$153,782 In o th e r In com e Is d u e t o Increase In receip ts fro m rental o f this
c o m p a n y ’s freight cars and o th e r e q u ip m e n t.
D i v i d e n d s .— A d iv id e n d (N o . 2) o f 2 % , d ecla red o u t o f a ccu m u la te d sur­
plus an d ch a rg ed to p rofit and loss, w as p aid Ju n e 27 1910 o n the o rd in a ry
shares.
P r o p e r l y A c c o u n t s .— T o m eet th e new regu lation s In resp ect to p r o p e r ty
a c c o u n ts , the actu al c o s t v a lu e o f e q u ip m e n t o n hand J u ly 1 1909 in excess
o f Its ca p ita liz ed v a lu e w as a d d e d to the p r o p e r t y a c c o u n t, an d th e accru e d
d e p recia tion th ereon w as set u p o n th e b o o k s .
C e r t i f i c a t e s f o r F u n d e d A r r e a r s o f D i v i d e n d o n P r e f . S t o c k .— T h e usual
p a y m e n ts w ere m a d e, lea vin g the a m o u n t o u ts ta n d in g Ju n e 30 1910 § 7 9 ,­
893 , final p a y m e n t o f w h ich w ill be m a d e F e b . 1 1911.
N e w E q u i p m e n t T r u s t .— E q u ip m e n t trust a g reem en t series D , d a te d
J u ly 1 1909 w as crea ted u n d er w hich has been a cq u ire d : 20 lo co m o tiv e s ,
15 passen ger train ears anti 825 steel fre igh t train cars, c o s tin g § 1 ,2 0 ? ,9 0 4 ,
p a y a b le : §207 ,904 In cash an d th e b alan ce, § 1 ,0 0 0 ,0 0 0 , In 20 equal sem i­
ann u al Installm ents (J. A J . ) , Interest 4
p er a n n u m . T h e first Install­
m en t was p aid Ja n . 1 1910.
(V . 8 8 , p . 1059.)
M a i n t e n a n c e , & c .— M ain ten an ce o f w a y and stru ctu res sh ow s an Increase
o f $ 73 ,297 , o r 1 6 .2 8 % , d u e p rin cip a lly to o u tla y s on ballast, ties, rail, bu ild ­
ings am i r o a d w a y an d tr a c k .
1,065 to n s, o r 7.98 m iles, o f new 85-Ib. steel
rail w ere laid , rep la cin g w orn 7 5 -lb . rail.
W e ig h t o f rail In m ain track
Ju n e 30 1910: 8 5 -lb ., 7.98 m iles; 8 0 -lb . 50.93 m iles; 75 - lb ., 231.58 m iles;
to ta l, 290 .49 m iles. C ross-tic renew als a veraged 456 ties per m ile, c o m ­
paring w ith 404 ties d u rin g 1909-10. 44,2 0 5 c u b ic yards o f slag w esc dis­
tr ib u te d fo r ren ew als.
M aintenance o f equ ip m e n t sh ow s an Increase o f
§ 2 0 8 ,0 2 5 , o r 3 0 .4 % , d u e p r in cip a lly to h e a v y repairs m a d e to lo co m o tiv e s
an d freig h t train cars.
T h e total len gth o f bridges Ju n e 30 1910 w as 36,873 lineal feet, v iz .: Iron
o r steel s tru ctu res , 2 ,3 0 5 ; w o o d e n trestles, 2 2 ,6 8 2 ft .; ballasted d e ck trestles,
11,886 ft.
O ne w o o d e n brid g e w as ch an ged to a steel gird er span an d a n ­
o th e r has been filled o v e r a 3 0 -fo o t c o n c r e te a rch ; 30 w o o d e n trestles, aggre­
g a tin g 4,8 3 3 f t ., h a v e been ch a n g e d to ballasted de ck trestles.
B l o c k S i g n a l s — D uring the y e a r 27 a u to m a tic b lock signals w ere a d d e d ,
m a k in g a total o f 132 signals In s e rv ice on Ju n e 30 1910, p r o te c tin g 92.1
m iles o f track
T r a n s p o r t a t i o n E x p e n s e s .— T h ese sh o w an increase o f $10 2 ,5 8 2 , o r 8 .8 7 % ,
as co m p a re d w ith the p revio u s y e a r, w hile o p e ra tin g reven u es Increased
$ 6 6 0 ,7 1 4 , o r 1 8 .5 6 % .
D e v e l o p m e n t o f T r a f f i c .— T h e tr a ffic o f the c o m p a n y co n tin u e s to d e v e lo p
s a tisfa c to r ily .
T h e lo ca tio n o f th e railroad w ith reference to th e iron and
steel industries o f A la b a m a and T en n essee m ak es it an Im p orta n t fa c to r
In th e d is trib u tio n o f their finished p ro d u c ts .
T h e c o m p a n y Is also bene­
fiting from th e lo ca tio n o f an increasing n u m b e r o f d iversified Industries
a lo n g Its lin es, e sp ecia lly at C h a tta n o o g a and In the B irm in gh am d is trict.
L u m b e r con tin u es to furnish a large p r o p o r tio n (2 3 .8 % ) o f the total to n n a g e
h a n d led . T h e Industrial d e v e lo p m e n t Is b ein g a c c o m p a n ie d b y an Increase
In passenger tra ffic.
A g ricu ltu ra l d e v e lo p m e n t is a d v a n c in g a lo n g p ro­
gressiv e lines.
M uch o f this te rrito ry Is a d m ira b ly suited to d iversified
a g r ic u ltu r e an d liv e -s to c k g ro w in g , an d th e c o m p a n y Is en co u ra g in g d e v e l­
o p m e n t in this d ir e ctio n .
----- R o ll i n o SIoc/c—
—
— R o a d O w n ed ( M i l e s )
- — B a lla s t ----- -B rid g es , A c . F r e i g h t --------- — R a lls
L o co - P u ss.
lb -lb .
S la g . C in d e r s . W o o d .S t e e l,A c .
C a r s . 85 -lb . 80 -lb .
J u n e 30.
m o. C a rs.
232
281
9
*6.55
0.44
51
0,464
8
1910 . . . ..1 0 2
56
281
9
51
240
6.53
0.42
5,902
..
1909 . . . . . 83
42
51
240
281
9
6,000
..
6.53
0.42
1908 . . . . . 8 7
42
241
281
9
6,253
_49
7.26
0.42
1907 . . . . . 7 5
43

♦Includes also "ballasted deck trestles” aggregating 11,886 ft. In 1910, against
7,066 ft. In 1909.
O P E R A T IO N S , E A R N IN G S , E X P E N S E S , C H A R G E S , A C .

1908-09.
1907-08.
1909-10.
309
309
309
A v e ra g e m iles o p e r a t e d --------------------644,095
761 ,609
635,051
P assengers c a r r ie d --------- -------------- .
4 1 ,8 5 6 ,3 1 7 4 2 ,5 4 1 ,2 6 3
P assen gers carried 1 m ile ____________ . 4 7 ,4 7 9 ,5 6 8
2.26 cts.
2.3 5 cts.
2.24 cts.
R a te per passenger p er m ile ____ i _ . .
2 ,4 7 4 ,5 3 6
2,3 3 4 ,7 8 5
3 ,433,384
T o n s o f reven u e freigh t c a r r ie d .......... .
N u m b er o f ton s carried 1 m ile _______ .4 5 6 ,1 8 8 ,2 1 9 33 1 ,1 5 7 ,4 6 3 317 ,309 ,19 1
0.71 cts.
R a te per ton per m ile . __
____ . .
0.68 cts.
0.61 cts.
358.04
374.22
T o n s o f freigh t In each train (revenue)
427 .03
$11 ,548
G ross earnings per m ile _____________ _
$13 ,642
$11,007
O p e r a tio n s —

IN C O M E

ACCO U N T.

1909-10.
S
2 ,786,014
1,004,746
310 ,847
29,309

1008-09.
$
2 ,250,333
944,448
333 ,350
23,161

1907-08.
$
2 ,2 5 8 ,5 5 7
998,297
290,290
25,837

.

4 ,2 2 1 ,0 0 6

3 .5 6 0 .2 9 2

3 .572,981

.
.
_
.
_

523,615
891 ,8 14
113.428
1,258,593
107,673

450,318
683,810
92,507
1,156,010
09,906

4 84 ,170
866 ,423
8 7 ,376
1,334,917
97,803

T o ta l o p e ra tin g e x p e n s e s . . . . . . . .
N et o p e r a tin g r e v e n u e . . _________ . _
O u tside o p e r a tio n s — net d e llc lt____

2 ,805,153
1,325,853
7,944

2,4 8 2 ,6 5 0
1,077,642
5,949

2,8 7 0 ,0 8 9
702 ,292
9,712

. ____________ .
.

1,317,909
136,548

1,071,694
137,238

692 .580
131,705

O p era tin g I n c o m e .
......
___
H ire o f e q u ip m e n t— b a la n c e ___ ___ .
In c o m e fro m In vestm en ts, A c . . . . .

1,181.361
227,425
73,819

934,455
84,981
62,481

5 6 0 ,8 7 5
273,928
8 0 ,0 4 3

.

1,182,605

1,081,917

914 .846

.
.

147,107
300,221
84,335
156,600
202,821

114,492
289,051
97,665

.

155,097
300,221
97,815
156,600
202,821

202,821

. . _____ .
.

913,454
509.151

891,684
100,833

701 ,029
210,217

O p e r a tin g R e v e n u e s —
F reigh t _____________________ — _____ .
P a ssen ger_____________________________ .
M all, exp ress and m iscella n e o u s. . . .
O th er reven u e fro m o p e r a t io n s _____ .

T o ta l o p e r a tin g r e v en u es . . . . . . . .
O p e r a tin g E x p e n s e s —
M ain ten an ce o f w a y , A c _____ ____
M ain ten an ce o f e q u ip m e n t.................
T r a ffic e x p e n s e s _______ ____________
T r a n sp o rta tio n e x p e n s e s ..... .............. ..
G eneral ex p e n s e s________ ________ _

N et reven u e .

_

T o ta l gross I n c o m e . . _____________
D ed u c tio n s —
M iscellaneous, ren ts, A c
. . _
In terest on bond s
In terest on equ ip m en t o b lig a t io n s .
♦ D iv id en d ) on co m m o n ( 2 ’’,',)
___
D iv id en d s on pref. stock ( 6 % ) ____
T o ta l d e d u c t io n s ______
B a la n ce, s u r p lu s ..

♦The c o m p a n y d e d u cts the co m m o n s to c k d iv id e n d s fro m th e p ro fit an d
loss su rplu s, but are d ed u cte d b y us from the Incom e a c c o u n t fo r the sake
o f s im p lic ity .




New York Susquehanna & Western RR.
{Report for Fiscal Year ending June 30 1910.)
Pres. F. D. Underwood, N. Y ., Oct. 11, wrote in substance:
G e n e r a l R e s u l t s .— T h e gross re v e n u e fro m o p e ra tio n Increased $221,614
o r 6 . 8 1% . T h e Increase In o p e ra tin g e xp en ses w as § 2 0 1 ,1 1 2 , o r 9 .7 9 % .
O p e ra tin g in co m e a m o u n te d to § 1 ,074,935, an Increase o f $28 ,6 6 3 , o r 2 . 7 4 % ,
I n v e s t m e n t s .— T h e d ecrease in th e a c c o u n t “ m iscella n eou s In ve stm e n ts—
secu rities, u n p le d g e d ,” § 2 4 1 ,0 0 0 , w as, on a c c o u n t o f t i e r e d e m p tio n o f
2d Al. b o n d s o f th e N . Y . S u sq u eh an n a & W estern Coal C o ., w h ich m atu red
A p ril 1 1910, $ 24 5,00 0, less a sm all a m o u n t o f s to c k a cq u ire d .
B o n d s .— T h e "m o r t g a g e , b o n d e d an d secured d e b t ” show s a d ecrease o f
$17 5 ,0 0 0 .
O f the § 3 ,5 0 0 ,0 0 0 M idland K it. 6 % 1st AI. m a tu rin g A p ril 1
1910, $ 3 ,3 7 5 ,0 0 0 o f these b on d s h a v e been e x te n d e d 30 yea rs, w ith an
an n u al ra te o f interest o f 5 % ; $ 11 ,000 , h a v in g been d e fa c e d , w ere retired ,
le a v in g § 1 1 4 ,0 0 0 n ot ye t p resen ted fo r p a y m e n t o r e x te n sio n (V . 90, p.
373; V. 91, p . 9 5 ).
O f the $25 0 ,0 0 0 P a terson E x te n sio n R R . 1st M . 6s,
m a tu re d Ju n e l 1910, $ 2 0 0,00 0 h a v e been e x te n d e d 40 years w ith an annual
rate o f Interest o f 5 % ; § 5 0 .0 0 0 o f th is Issue o f b o n d s, pu rch ased th rou gh
th e sin k in g fu n d , h a ve been ca n ce le d (V . 90, p . 1364),
IN C O M E ACCO U N T .

1909-10.
O p e r a t in g R e v e n u e —

8

1908-09.

1909-10.

8

8

F r e ig h t ______ ______2,606,637 2,478,366 Expenses— Other op. 153,953
P a ssen ger-------------- 615,390
000,503
Mall, express, A c . . . 104,016
97,227
Total expenses ...2 ,3 9 9 ,4 2 5
Ratio o f exp. to earn.(69.06% )
Earnings— R R ...3 ,3 5 6 ,0 4 3 3,176,096 Net earnings— R R .. 1,110,571
Earnings— Other o p . 118,317
76,649 Net earns.— all o p . . 1,074,935
Interest & dividends
47,891
Total earnings___ 3 474,300 3,252,745 Rents— Joint facilities 83,047
O p e r a t in g E x p e n s e s —
Matnt. of w ay, A c . .
424,394 392,039
Total net Incom e. 1,205,873
Maint. o f equipment
359,595 354,183
D e d u c t—
Transp’n expenses..1,230,263 1,139,125 Interest on b o n d s ... 805,936
Traffic expenses____
25,52.3
24,341 Sinking fund, rentals
General e xp e n s e s ...
60,730 57,304
and miscellaneous. *210,183
T:vxe3 _______
144,960
153,127 Add'ns & lm p rov'ts.
1,808
Expenses— R R ..2,245,472 2,120,119
Balance, su rplu s.......................................

1908-09­

8

80,354
2,206,474
(67.83% )
1,055,977
1,046,272
35,121
43,506
1,124,899
816,605
188,047
13,320

Total ch arges------1,017,927 1,018,032
. . . . ------------ -------187,940
106,867

* Includes in 1909-10. besides rentals accrued for lease of other roads, S18,958
other rents aggregating §190,785 for hire of equipment (balance), joint faculties, A c ’
C O N D E N S E D B A L A N C E S H E E T J U N E 30.
1910.
1910.
1909.
1909.
Asse/s—
s
8
L ia b i l i t i e s —•
S
•S
Road A e q u lp m ’t a36,811,149 36 ,753,231 Stock (see “ Ry. A
Stocks of prop.,
I m l." Section). 26,000,000 26,000,000
affil., A c., c o s .. 3,827,390 3,827,396 Bonded debt (see
Funded debt of
"U y .A In d ."S e c .) 15,438,000 15,613,000
prop., A c ., cos.
189,924
403,005
400,000 Traffic, A c ., bals.
177,740
Mlsc. Investments 6809,530
217,145
,050,530 Vouchers A wages
450,743
Cash ......................
623,026
456,652 Int., rents, A c.,due 116,541
117,604
Securities In treas.
1,660
1,060 Matured m tge.,A c.,
Marketable secur’s
164,000
debt unpaid----120,200
116,800
Traffic, A c., In is.
134,384 Miscel. accounts .
4,572
151,067
3,503
Agts. A conductors
46,449 Interest and rentals
46,138
Material A supplies
136,043
ISO,232
accrued, not due
135,519
147,290
Miscel. accou n ts..
75,696 Def. credit Item s..
96,376
559,886
551,962
Advances________
374,278 Appropriated surp. cl t I,409
373,778
140,400
Sinking fund.........
637^837
634,944 Profit and l o s s ... M l , 108,497
809,324
43
Oth. def. deb. Items
500

T o t a l ..................44,078,494 14,011,566

Total

........... 44,078,494 44,011,566

After deducting 856,437 reserve for accrued depreciation.
& Miscellaneous investments Include in 1010 securities pledged, §291,500, and
unpledged. 8518,030.
c Appropriated surplus includes hi 1910 additions to property since June 30 1907,
through Income, §77,828, and reserves from Income Invested In sinking and redemp­
tion funds, S56.581.
<1 After crediting §168,000 premium on bonds sold and sundry Items amounting
to $5,474, and deducting various Items aggregating 862,247,— V. 91, p. 1026, 95.
a

Mobile & Ohio RR.
{Report fo r Fiscal Year ending June .‘50 1910.)
President W . W . Finley, New York, Oct. 0, wrote in brief.
G e n u a l R e m a r k s .— A m a terial Increase Is sh ow n In the v o lu m e o f buslne-s tran sacted fo r th e y e a r en ded Ju n e 30 1910, as c o m p a re d w ith the
p re vio u s y e a r, the gro ss reven u e h a v in g been but 1 M '% less than that for
th e year en ded Ju n e 30 1907, w hich w as th e largest In th e h is to ry o f the
com pany.
T h e Increase, h o w e v e r, In the c o s t o f both labor an d m aterials,
an d In th e a m o u n t o f t a x is p aid, has re d u ce d th e net reven u e In greater
ra tio .
T h a t th e depression w hich has so r e ce n tly a llc c t c d business In this
c o u n tr y has been o f an Industrial anil not o f an agricultural ch a ra cte r can
In no w a y be be tte r illu strated than b y an analysis o f th e tra ffic returns
o f the M obile a O hio R R . C o ., w hich serves a con sid e ra b le d istrict d e v o te d
a lm o s t en tirely to a gricu ltu ral p u rsu its.
D u rin g the late y ear the c o m ­
p a n y ’s tra ffic In th e p ro d u cts o f ag ricu ltu re , both as regards v o lu m e and
v a lu e , was greater than e v e r be fo re .
T h e c o tto n c r o p w as less this year
th a n last, but the gre a tly Im p roved price has m ore than olksct th e decreased
v o lu m e . T h is has had a m aterial e lfe ct u pon th e general w ealth o f these
co m m u n itie s. T h e lu m b e r tra ffic, w hich co n s titu te s th e largest Item o f
o u r business, assum ed n orm al p ro p o rtio n s du rin g the y e a r.
T iie co n tin u e d high co st o f m aterials anil su pplies and the Increased cost
o f la b o r, w ith o u t a p r o p o r tio n a te Increase In the selling price o f trans­
p o rta tio n , h a ve lim ited the o p p o r t u n it y , u n d e r existin g co n d itio n s , to fur­
th e r Im prove net results, Increasin g th e v o lu m e o f business and a fu rt er
im p ro v e m e n t In o p e ra tin g e ffic ie n cy . T h e c o m p a n y has, d u rin g the year
m et the e x p e cta tio n s o f Us e m p lo y e e s In respect o f Increased w ages.
’
I n v e s t m e n t A d j u s t m e n t s .— T h e Investm ent fo r road w as Increased du rin g
th e y e a r $ 11 6,91 3, on a c c o u n t o f bridges, ballast, sidin gs, A c . T h e in­
v e s tm e n t fo r equ ip m e n t w as increased $4 ,5 1 3 ,4 5 3 , d u e to “ c o s t o f eq u ip ­
m en t In s e rv ice Ju n e 30 1910, In excess o f a m o u n t ch arged to p r o p e r ty
In v e stm e n t, $ 4 ,7 4 0 ,6 7 6 ,” and new equ ip m e n t a cqu ired d u rin g the y e a r.
$ 6 ,1 0 3 ; less e q u ip m e n t retired fro m s e rv ice d u rin g the y e a r, $23.3,326.
T h e a d ju s tm e n t o f the e q u ip m e n t a c c o u n t to basis o f c o s t v a lu e resulted
In a cre d it to p ro llt an d loss o f $ 2,231,494 and an Increase In reserve for
a ccru e d d e p re cia tio n , as c o m p a r e d w ith the p re vio u s y e a r, a m o u n tin g to
$2 7 36 ,172 . 'l’ hls reserve a c c o u n t represents the a ccru e d de p re cia tio n on
p m en t In s e rv ice a^ Ju n e 30 1910, T o this a c c o u n t w ill be ch arged

d e p r e c ia tio n on eq u ip m e n t as It Is retired fro m s e rv ice , thus o b v ia t in g
ch arges to p r o fit an d loss th e re fo r.
,
,
.
.
B o n d s & c — T h ere w as n o ch an ge In th e fu n d e d d e b t .
T h e e qu ip m en t
o b lig a tio n s w ere decreased $70 8 ,1 7 0 , a n d on Ju n e 30 1910 a m o u n te d to
^ 'M a i n t e n a n c e .—

T h e charges to m a in te n a n ce o f w a y an d stru ctu res in­
creased $ 10 9,03 4. o r 9 .9 6 % .
T h e prin cipa l Increases w ere In ro a d w a y
an d tra ck , ballast, ties, rails and o th e r track m aterial.
• N ew steel rail laid In track a g gregated 2,449 ton s (GO-lb., 526 to n s; 8 5 -lb .,
1 923 t o n s ), o r 19.97 m iles, as co m p a re d w ith 2,763 to n s, o r 20.69 m iles,
f o r 1908-09. T h ere w ere 672 ,644 tics used In renew als, an Increase o f
3 8 .7 0 % ; a v era g e n u m b e r o f ties used fo r renew als p er m ile o f track m ain­
tained w as 538, as a g ain st 391 fo r t h e p r c c c d ln g year. M U esof ballasted track
a t Ju n e 30 1910, 653 , o r 7 0 .6 3 % o f to ta l m ain track m ileage m ain tain ed.
T h e ch arges to m ain ten an ce o f e q u ip m e n t w ere $47 0 ,9 1 3 , o r 3 2 .8 9 % ,
In excess o f sim ilar ch arges fo r the pre v io u s y e a r. T h e a v e ra g e ch arges
fo r repairs w ere: P e r lo co m o t iv e , $ 2 ,0 2 3 , an Increase o f 1 5 .0 9 % ; p er
passen ger-train car, $745, an increase o f 2 8 .8 4 % ; per system fre ig h t-tra in
ca r, $71 76, an Increase o f 8 2 .1 8 %
T h e fo llo w in g eq u ip m e n t Is s u b je c t to e q u ip m e n t liens:
119 lo c o m o tiv e s
(o u t o f 2 6 3 ), 26 passenger-train cars (o u t o f 126), 6,399 fre ig h t-tra in cars
(o u t o f 10,818) an d 50 r o a d -s c rv ic c cars (o u t o f 501 ).
O P E R A T IO N S , E A R N IN G S

A N D

1909-10.
1,114

CH ARGES.

1908-09.
1,114

1907-08.
926

T o ta l m iles o p e r a t e d ---------- ------------- .
O p e r a tio n s —
1,546,913
1,517,574
1,747,251
P assen gers c a r r i e d ---------- ----------------5 0,746,356
5 1 ,890,286
Passen gers carried on e m i l e . ---------- . 58,403,538
2.389 cts.
2.341 cts.
2.293 cts.
A v e ra g e rate per passenger per m ile;
4 ,9 0 2 ,8 5 0
5,217,31 1
5.911.133
R e v e n u e ton s m o v e d ________________
T o n s m o v e d on e m ile ___- - .................. 11.296.573.850 1147808,070 1126000,165
0.631 cts.
0.621 cts.
0.6 0 0 Cts.
A v e ra g e ra te per ton per m ile---------- .
280
282
312
A v e ra g e reven u e tra in -lo a d (to n s ). $10,182
$8,730
$9,545
G ross earnings per m ile -------------------ACCO U N T.
O p e r a tin g R e v e n u e s —

M ail, express and m iscella n eou s.
O th er reven u e from o p e r a tio n .

1900-10.
$
7,7 7 6 ,0 5 3
1,341,263
1,445,647
73,770

1908-09.
$
7,1 2 8 ,6 8 7
1 ,214,599
1,319,692
64,749

1907-08.
$
7.1 0 8 ,9 7 5
1,212,518
1,259,250
83,048

. 10,636,733

9,7 2 7 ,7 2 6

9,603,791

1,213,403
1,002,634
370,800
3,5 2 8 ,7 3 5
395,334

1,103,469
1,431,721
335,399)
3,3 5 0 ,9 4 3 ji
359 ,116

1,174,709
1,470,162
3,8 7 7 ,0 2 8

_

7,4 1 0 ,9 6 7
3 ,225,706
30,643

6,5 8 9 ,6 4 8
3 ,138,078
30,633

6 ,8 7 4 ,9 9 )
2,788,801

.

3 ,195,123
292,221

3 ,1 0 7 ,4 4 5
241 ,469

2,707,791
226,469

.
_
.
.

O p e r a tin g E x p e n s e s —
M ain ten an ce o f w a y and stru ctu res.
M ain ten an ce o f e q u ip m e n t________
T r a ffic expenses - ,
____
___ . . . _
T ra n sp orta tion e x p e n s e s ___________ .
G eneral exp en ses _ __________________ _

O u tsid e o p e r a tio n s — net d e fic it.
T axes a ccru ed .
R en ts, & c., receiv ed -------- I n c o m e from In vestm e n ts. - .

352 ,490

21,010

.
.
.

2 ,902,902
86,273
143,607

2,8 0 5 ,9 7 6
79,632
122,975

2,5 4 1 ,3 2 2
26,986
147,464

_

T o ta l gross In com e -----------D e d u c tio n s —
R en ta l S t. L. & Cairo R R . .
o i h e r r e n t s ---------------------------H ire o f e q u ip m e n t— b a lan ce
M iscellaneous
-------------------In terest on b o n d s . _
.
In terest on eq u ip m e n t o b llg
D iv id en d o n ca p ita l s t o c k .
A d d itio n s an d b e t t e r m e n t s ..

3,1 3 2 ,7 8 2

3,0 6 8 ,5 8 4

2 ,715,772

_
491,805
.
46 1,198
.
109,966
.
159,362
.
1,108,880
.
158,985
,(4 % )2 4 2 ,8 2 4
.
28,431

457 ,5 6 6
423 ,177
221,205
130,643
1,198,880
109,676
(5 )3 0 1 ,0 3 0
19,446

459,063
24 1,025
1 1,004
126,733
1,180,130
231,897
(4)2 4 0 ,8 2 4
150,090

B a la n ce, su rplu s.

..
..

2 ,951,623
116,961

2,6 4 1 ,3 7 2
74,400

GEN ERAL

B A LA N C E

2,851,451
281,331
SH EET

JU N E

30.

1909.
1910.
1910.
1909.
8
•S
L ia b il it ie s —
$
A sse ts—
■$
Road and equlp.a35,412,12 I 33,517,900 Stock issued_____ 6,070,000 6,070,600
C o.’s stock In treas. 1,659,100 1,659,400 Stock In treasury. 1,659,400 1,659,400
Securities In trust. 2,177,900 2,177,900 Bonds (see ” R y. &
Mlsc. securities In
In d .” S ection ).24,772,000 21,772,000
treas. unpledged
232,319
232,317 Car tru s ts .........
2,980,082 3,088,252
Property and se­
l’ay-rolls, vouchers
curities pledged. 1,776,09 1 1,776,091
1,939,994
A mlsc. accts__ 2,053,501
114,555 Bills payable_____
97,895
901,515
Real estate--------417,466
162,373 Int. and dividends
Cash ............. ........
286,385
due and unpaid.
168,521
259,111
Due from railroads,
Int. accr’d.not due
320,415
agents, ind., A c .,
333,580
262,476
and mlsc. accts. 1,665,122 1,443,050 R e se rv e s________
119,791
51o,J54 Appropriated surp .6 198,574
170,142
Material, fuel, A c .
687,390
Profit and loss____c4,604,812
2,108,607
T o t a l _________ 43,994,929 41,598,943

T o t a l .................. 43,994,929 41,598,943

A ft e r d e d u ctin g $2,9 4 9 ,2 1 0 In 1910 fo r reserve fo r a ccru e d d e p re cia ­
tion o f e q u ip m e n t, again st $213,038 In 1909.
b A p p r o p r ia te d surplus represents a d d itio n s to p r o p e r ty sin ce Ju n e 30
1907, through Incom e.
r A fte r a d d in g results o f op e ra tio n s o f land d e p a rtm e n t. $14 2 ,1 1 6 , and
a d ju s tm e n t o f eq u ip m e n t to basis o f co st v a lu e , as o f Jun e 30 1910, $2,231 ,­
494 , and d e d u ctin g su n d ry m iscella n eou s Item s, $ 2 1 9 ,0 0 5 .— V . 91, p ,l0 2 6 .
a

Cripple Creek Central Railway.
(Report for Fiscal Year ending June JO 1910.)
Pres. Henry M. Blackraer, Sept. 27, in substance:
G e n e r a l R e s u l t s . — T h e Incom e o f th e c o m p a n y a p p lica b le to d iv id e n d s fo r
th e fiscal yea r en d ed Jun e 30 1910 show s a decrease o f $26 ,619 as co m p a re d
to th e p rev iou s year.
T h e gross reven u e o f th e various railroad lines c o n tro lle d w as $ 66 8,25 5,
bein g a decrease o f $ 63 ,879 . as co m p a re d w ith th e p re v io u s y e a r.
T h is
decrease w as ch iefly d u e to the fa c t th a t m a n y m ines su sp en d ed a c tiv e
op e ra tio n s , p en d in g th e co m p le tio n o f th e drainage tu n n e l.
D ecrease In
ore ton n a ge for the ye a r am ou n ts to 1 1 % , an d decrease In re ve n u e from
su ch ton n a g e to 13 H % , sh ow in g a slight d ecrease in valu es o f ore sh ip p e d .
O ur passenger reven u e show s a slight decrease co m p a re d to the p re vio u s y ear.
T h e regular ann ual d iv id e n d o f 4 % has been m ain tain ed on th e pref.
s t o c k , and $35 ,090 has been passed to surplus
In a d d itio n , th e net In­
crease In th e surplus o f th e u n d erlyin g co m p an ies w a s $ 9 ,6 2 8 . T h e c o m p a n y
had on d ep osit In cash on Ju n e 30 1910, $ 16 0,27 4.
D uring th e y ear $ 12,000
M idlan d T erm in al b on d s w ere pu rchased o u t o f earnings fo r th e sin k in g fu n d ,
red u cin g the b on d s now o u tsta n d in g to $38 3,00 0, this be in g th e o n ly o u t ­
sta n d in g b on d Issue o f a n y o f th e u n d e rlyin g c o m p a n ie s.
N e ith er this
c o m p a n y , nor a n y o f th e u n d erlyin g c o m p a n ie s, has a n y floatin g d e b t.
P h y s i c a l C o n d i t i o n . — T h e co n d itio n o f o u r ro a d -b e d a n d track Is p r a c ti­
c a lly th e sam e as last year; a large n u m b e r o f ties has been ren ew ed , and
su fficien t track w ork has been d o n e to keep It up to th e regu lar sta n d a rd .
T w o long w ood en bridges h ave been filled w ith w aste r o c k , an d th e re m a in ­
ing bridges arc In g o o d co n d itio n . T h e e q u ip m e n t Is all In first class c o n d i­
tio n .
D r a i n a g e T u n n e l . — T h e C ripple Creek drain age tunnel Is n o w p r a ctica lly
c o m p le te d to a poin t w h ich will s h o rtly brin g a b o u t the u n w a te rln g o f the
El P a so , M ary M cK in n e y . E lk to n , a n d s o m c o th e r m ines. T h e m ain tunnel
w ill be d riven a b o u t 1000 feet fu rth er, w here It Is e x p e c te d t o s trik e the
majln w ater cou rse at great d e p th .
It will p r o b a b ly b e fro m fo u r to six
m on th s b efore this will be fu lly c o m p le te d .




------------1 9 0 9 -1 0 -----------In t. on

D iv id e n d s

----------- 1908-09----------In t. on

D iv id e n d s

—
B d s ., & c .
o n S to ck .
B d s .,& c .
on S to ck .
$61 ,500 (3 % ) $30 ,000
F lo re n ce & C r lp .C r k .R R .$ 6 1 ,500
_______
G old e n C ircle R R _______ 10,500
_ _ ___
10.500
( 6 % ) 10,500
C anon C ity & C r lp .C k .R R . 10,500
10.500
( 6 % ) 10,500
2,1 4 5
(1 % ) 10,000
M id lan d T e r m i n a l _______
2,327 ( 5 H % ) $55,000
2,509 (2 0 % ) 4 0 ,0 0 0
C olo ra d o T r a d . & T ra n sfe r 3 ,5 2 8
(1 0 % )
20,000
R e c e ip ts fr o m

T o ta l - .......... ..................... $88 ,3 5 5
$75 ,000
T o t a l Of a l l ______________ ________$ 1 6 3 ,3 5 5 -----------IN C O M E

510 1,00 0
$87,154
----------- $1815,154-----------

ACCO U N T.

1908-09.
S
188,154
7,581

1907-08.
$
214 ,902
7,154

190 6-0 7.

N et in c o m e (as a b o v e ) . .
O th er In c o m e _____ , ___

190 9-1 0.
$
163,355
6,957

T o ta l In c o m e _________
E x p s . N ew Y o r k o f f i c e .
P referred d iv id e n d _____
C o m m o n d iv id e n d _____

170,312
195,735
15,221
14,026
(4 )1 2 0 ,0 0 0 * (6 )1 8 0 ,0 0 0
_______
_______

222 ,056
13,809
(2 )6 0 ,0 0 0
(3 )7 5 ,0 0 0

2 92 ,845
14,775
(4 )1 2 0 ,0 0 0
(6 )1 5 0 ,0 0 0

148,869
73,187
97,812

284 ,7 7 6
8,069
C89.743

T o t a l ________________
B a la n ce , su rp lu s___________
Surplus pre v io u s y e a r . .

135,221 194,026
35,090
1,709
172,615
0170,906

282 ,7 9 0
10,055

T o ta l s u r p lu s _________
207 ,705
172,615
v / , o i£
A fte r d e d u ctin g (b) $94 fo r a d ju s tm e n ts during th e y e a r a n d (c) $315
a c c r u e d in terest.
* T h e pre fe rre d d iv id e n d s as a b o v e In 1908-09 Inclu de 3 % paid .Sept. 1
1908 fo r the 9 m o n th s e n d in g Ju n e 30 1908 and 1 % each p aid D ec. 1908
an d M arch an d Ju n e 1909; In 1907-08 1 % ea ch paid J u ly a n d O c t . 1907.
— F lo r. & C r ip . C reek —
— M id la n d T e r m in a l—
1909-10.
1908-09
1909-10.
1908-09.
R a ilr o a d s —
$
$
$
$
G ross i n c o m e .....................
430 ,914
4 70 ,898
236 ,503
260,093
3 0 2 ,8 6 6
323,901
154,871
174,652
O p e ra tin g e x p e n s e s____
N et ea rn in gs_________
O th er in c o m e ....................

128,048
498

146,997
689

81,632
341

T o ta l in c o m e ..................
In terest o n b o n d s .............
O th er In terest___________
R e n ts o f tra ck s , & c ____
R e n ta l leased lin e s_____
H ire o f e q u ip m e n t______
T a x e s ....... ............................
S inking f u n d . _____ _____
D i v i d e n d .............................

128,546
6 0 ,000
1,500
1,059
*31,467
5,104
14,267
_______
.............

147,686
60,000
1,500
1,080
37,958
5,101
11,016
_______
(3 )3 0 ,0 0 0

81,973
19,630
1,800
571
_______
3,623
7,692
11,674
(5 H ) 55,000

T o ta l d e d u c tio n s ____
B a l a n c e .....................
Surplus p re ce d in g y e a r s .
P ro fit an d loss a d ju s t ......

113,397
15,149
591 ,086
.............

146,655
1,031
593,196
D r .3,1 4 0

6 06 ,235

591,086

T o ta l surplus J u n e 3 0 .

85,441
454
85,8 9 5
2 0 ,269
1,800
581
_______
2,747
5,941
12,841
(1 )1 0 ,0 0 0

99,9 9 0
d e f.1 8 ,0 1 7
940 ,959
11,412
934 ,354

54,179
31,716
896 ,882
12,361
940 ,959

• In clu des G old en C ircle, $15,712 an d C a n on C ity & C rip. C r ., $15 ,7 5 4 .
C O LO R A D O T R A D IN G

&

TRANSFER C O M PAN Y.

1909-10.
190S-09.
1909-10. 1903-09.
Gross earnings........... S631.565 $671,920 Dividends................(10)20,000 (20)40,000
Net Income...............
17,032
31,823
Surp. previous year.
21,930
29,653
M iscellaneous.............................
455
T o t a l ......................

$38,962

$61,931

Tot. sur. June 3 0 .

SIS,902

$21,931
30.
1910.
1909.
A sse ts—
L ia b il it ie s —
$
$
Stocks, bonds, A c.,
Preferred stock......... 3,000,000 3,000,000
(V. 81, p.1 1 8 8 )..5,435,90S 5,432,158 Common stock_____ 2,500,000 2,500,000
Due from sub. c o s ___
1,356
2,372 Amounts to credit of
C a s h _______________ 160,274
120,604
*2,120
4,859
underlying cos____
Deposit with Kessler
Dividends u n p a id ...
3,302
3,302
A Co., o f doubtful
Surplus ...................... 207,705
172,615
v a l u e . .................... 115,590
125,641
C R IP P L E C R E E K C E N T R A L R Y . CO. B A L A N C E S H E E T J U N E

1910.
S

1909.
$

T o t a l ...................... 5,713,128 5,680,776

T o t a l ......................5,713,128 5,680,776

* Includes Flor. A C. C. R R ., $670 and Mid. Term. R y ., $1,450.
30
1910.
1909.
1910.
1909.
"
S
§
L ia b il it ie s —
Road A equipm ent. .2,599,350 2,599,350 Capital stock............. 1 ,ooo!ooo 1,000,000
Due from Individuals,
First mtge. bonds__ 1 ,000,000 1,000,000
8,292
companies, A c ___
6,279 Vouchers A pay-rolls
22,722
28,291
Due from agents and
Traffic balances____
2,950
4,847
401 Notes payable______
918
conductors. _____
25,000
25,000
Materials A supplies.
23,670
21,356 Mid. Term. R y _____
6,000
____
8,658
12,526 Accrued taxes______
5,262
5,080
Traffic balances____
47,809
22,496 Rental accounts____
12,400
______
Rati re n e w a l...........
Cripple Creek Central
...........
6,175
10,380
6,947
Railway C o ..........
670
3,670 Equipment renewal.
2,303
2,815
M iscellaneous...........
3,886
4,099 Miscellaneous______
Profit and loss......... .. 606,235
591,086
F LO R E N C E & C R IP P L E C R E E K R R . B A L A N C E S H E E T J U N E

A s se ts

Total ...................... 2,693,253 2,670,241
M ID L A N D

T o t a l ...................... 2,093,253 2,670,241
J U N E 30.
1910.
1909.
L ia b il it ie s —
$
S
Capital stock...............1,000,000 1,000,000
First mortgage bonds 383,000
395,000
Vouchers A pay-rolls
31,753
33,030
Traffic balances____
30,184
18,202
First mtge. coupons.
375
375
Notes payable...........
10,000
10,000
Equipment renewals.
5,945
3,818
Equip, lease warrants 24,000
24,000
C. C. drainage tunnel
438
438
Accrued Int. A taxes.
6,977
7,326
Rail, A c., renew, sus. ...........
3,325
Bills In suspense____
2,527
Profit and loss______ 934,354
940,959

T E R M IN A L R Y . CO. B A L A N C E S H E E T

1909.
1910.
A s s e t s --8
S
Road A equipment 2 ,353,798 2,351,624
Due from railroads
and Individuals__
39,630
34,083
Due from agents and
conductors.............
887
1,349
Materials A supplies.
9,187
30,900
Sinking fund a c c ts ..
256
618
, 9,932
Cash______ _______
15,654
Crip. Crk. Cent. R y .
1,450
450
Flor. A Crip. Cr. R R .
6,000
Canon C. A C .C .R R .
3,000
Golden Circle R R __
3,000
M iscellaneous...........
2,408
2,395
T o t a l ...................... 2,429,554 2,437,072

Total

.2,429,554 2,437,072

G O L D E N C I R C L E R R . A N D C . C . & C . C . R R . B A L A N C E S H E E T S J U N E 30 1910.
Golden
C. C. &
G o ld e n
C. C. &
L ia b ilit ie s —
Assets—
Circle.
C. C . R R
C ircle.
C .C .R R .

Road and equipment $350,000
Florence A Cripple
7,179
Creek RR .

T o t a l ..................
— V. 89, p. 1409.

$357,179

S350.000 Capital stock......... .... S 175,000 S175.000
First motgage bonds. 175,000
175,000
7,194 Taxes, vouchers, A c .
2,027
2,054
C. C. Central R R ____
131
109
Mid. Term . Ry.
3,000
3,000
2,021
2,031
Profit and loss.
$357,194

Total

$357,179

$357,194

Michigan United Railways Co.
(Report for Fiscal Year ending April 30 1910.)
The report, signed by J. Peyton Clark, Vice President,
under date of Jackson, Mich., July 15, says in substance:
G e n e r a l R e s u l t s . — T h e to ta l gross Incom e fo r the p eriod w as $1^248,889.
an increase o v e r the y e a r 1908-09 o f $ 22 2,09 3, or 2 1 .6 3 % ; o p e r a tin g e x ­
penses, $ 68 4,21 6; Increase, $11 6 ,0 5 8 , o r 2 0 .4 % : net In com e, $ 5 6 4 ,6 7 3 ; In­
crease, $10 6 ,0 3 5 . T h e ta xe s an d Interest on the b o n d s o f th e c o n s titu e n t
co m p a n ie s w as $19 3 ,2 3 6 , an Increase o f $ 7 ,2 2 7 , w h ich w as s o le ly In the ta x

G ro ss E a r n in g s a n d I n c o m e a n d In c r e a s e O v er P r e v io u s

Y ear.

3 0 .1 9 0 5 -0 6 .
1 9 0 6 -0 7 .
1 9 0 7 -0 8 .
1908-09.
190 9-1 0.
G ross e a r n in g s -- -$ 6 4 9 ,8 7 2
$ 7 2 9,60 7 $ 78 1,90 4 $ 1 ,0 2 6 ,7 9 6 $ 1 ,2 4 8 ,8 8 9
I n c r e a s e _________
79,735
5 2 ,356
2 44 ,833
2 2 2 ,0£3
P e r c e n t _______
1 2 .2 7 %
7 .1 8 %
3 1 .3 %
2 2 .3 5 %
P r o p o s e d P u r c h a s e — C o n s t r u c t i o n .— In o u r last a n n u al r e p o r t th e p u rch ase
o f an a d d itio n a l p r o p e r ty w as referred t o , a n d th e p ro p o s e d co n s tr u c tio n o f
a line w h ich w o u ld c o n n e c t th is s y s te m th e re w ith .
It w as d e e m e d a d v is a ­
b le, h o w e v e r , t o w a it u n til su ch s a tisfa c to r y sh o w in g o f earnings s h o u ld be
m a d e on th e p r op erties as w o u ld ju s tify th eir be in g tak en in to th e sy s te m ,
a n d th a t in th e m ea n tim e th e pu rch ase a n d c o n s tr u c tio n be financed b y
Interests frie n d ly t o th e c o m p a n y , w ith o u t this c o m p a n y in cu rrin g a n y lia ­
b ilit y In c o n n e c t io n th erew ith . T h e line betw e e n P in e L a k e a n d th e c it y
o f O w osso has a c c o r d in g ly been m ore th a n h alf c o m p le te d , a n d , t o g e th e r
w ith th e c it y line In O w o ;s i an d C oru n n a, w ill b e c o m e a fe e d e r f o r y o u r
s y s te m a n d la te r, u p o n s a tisfa c to r y term s, m a y b e c o m e part o f y o u r c o m ­
pany.
R E S U L T S F O R Y E A R S E N D I N G A P R I L 30.
1909-10.
1908-09.
E a rn in g s—
190 7-0 8.
$946,571
$ 86 2,07 4
P a ss e n g e r........................................................ $ 1 ,1 5 3 ,8 6 8
2 9 ,136
36,933
28,624
F reig h t ------------------------------------------------50,793
4 2 .6 3 7
4 5 ,9 3 3
E x p ress, m ilk , b a g g a g e a n d m ls c e ll. .
$ 1 ,0 2 1 ,1 2 8
$94 2,00 3
G ross r e v e n u e __________________ ___ $1 ,2 3 3 ,4 3 8
1 5 151
1,321
5,6 0 8
In c o m e fro m secu rities, & c ----------- _ .
$ 1 ,0 2 6 ,7 9 6
$943,324
T o t a l . . ............. - ---------------------------------- $ 1 ,2 4 8 ,8 8 9
684
,216
56 8 ,1 5 7
521,728
O p era tin g e x p e n s e s ----------------------------$564,673
$458,638
$ 42 1,59 6
T o t a l net In c o m e ____________________
D e d u c tio n s —
$33 ,736
$26 ,584
$ 25 ,620
159 .500
159,425
In te r e s t o n b o n d s o f c o n s titu e n t c o s . .
157,100
In te r e s t on M ichigan U n ited R y s . b d s .
167.500
119,882
8 0 ,0 0 0
60.090
6 0 .0 0 0
D eferred d iv id e n d s ( 6 % ) ------------------6 0 ,0 0 0
T o t a l d e d u c t io n s .....................................
$369,891
$42 0 ,7 3 6
$ 32 2,72 0
$11 3,93 7
B a la n ce, su r p lu s .........................................
$92 ,747
$9 8 ,8 7 0
B A L A N C E S H E E T A P R I L 30.
1910.
1909.
1910.
1909.
A s se ts—
$
S
L ia b il it ie s —
S
$
Franch. & p rop .a .1 1 ,5 9 9 ,978 10,593,885 Common stock___ 6,000.000 6 .000,000
Preferred s t o c k .. . 1,000,000 1 ,000,000
Advanced contrac­
72,788
255,353 B o n d s ............ ..
tors for new work
4,395.000 3,795.000
635.956 Sundry cred itors.. e294.532
Bond sales a cc’t . .
(d )
<c>
107,311
53,860 Accr’d bd. interest
M aterlaland supp.
42,083
42.083
21,849 Profit and loss____
136,601
397,415
Sundry debtors___
204,552
4,157
3,930
Prepaid accounts.
116,000
66,000
Sink. fd. invest___
34,773
91,529
Cash on hand, & c.
24.802
890
Cash In sink. fu n d.
Y rs. en d . A p r .

T o t a l .................. 34.122,367 37,888,662
— V. 91, p. 1098, 1040.

T o t a l ......... ........ 34,122,367 37,888,662

United States Steel Corporation.
(Earnings fo r Quarter and Nine Months ending Sept. 30.)
The following statement of the corporation and its sub­
sidiaries for the quarter ending Sept. 30 was given out on
Tuesday after the regular monthly meeting of the directors.
The “ net earnings” as here shown were “ arrived at after
deducting each month the cost of ordinary repairs and main­
tenance of plants, employees’ bonus funds and interest on
bonds and fixed charges of subsidiary companies.”
U N F IL L E D

ORDERS

ON

H A N D

W ells Fargo & Co. (Express), N ew York.
(Report for Fiscal Year ending June 30 1910.)
Managing Director F. D. Underwood, Oct. 13 1910, says:
T h e railroad m ileage c o v e r e d b y th e c o m p a n y ’s c o n tr a c ts Ju n e 30 1910
a m o u n te d t o 46,803 m iles: th e stage, inland steam er, coastw ise a n d oce a n
stea m sh ip m ileage a ggrega ted 14,166 m iles; m a k in g th e to ta l m ileage
o p e r a te d 6 0 ,919 m iles. T h e agen cies o n sam e d a te to ta le d 5 ,0 0 5 , an d
em p loy ees (ex clu siv e a n d jo in t) nu m bered 15,002.
T h ere w as a decrease in railroad m ileage o p e ra te d d u rin g th e y e a r , d u e
t o th e term in ation o f con tra cts Jan . 1, M arch 1 an d M ay 1 1910 th a t failed
o f ren ew al, fo r th e reason th a t th e several lines had passed un d er th e c o n ­
tr o l o f railroad system s w h ich had c o n tr a c ts w ith o th e r express c o m p a n ie s .
O n S ep t. 1 1909 th e c o m p a n y w ith d rew fro m th e M exican C entral R y .
a n d o th e r lines In M ex ico u n d er th e co n tr o l o f th e G o v e rn m e n t, in fa v o r o f
C om p a n la M exlca n a d e E x press, a c o m p a n y o rgan ized jo in t ly b y th e
M exica n railroad com p a n ies an d y o u r c o m p a n y t o tran sact th e express
business o v e r th e M exica n lines. T h e M exica n E x p ress C o. c o v e rs p ra c­
tic a lly all railroad lines In M e x ico .
W h ile th e express earnings o f y o u r
c o m p a n y are red u ced b y this ch a n ge, th e profits fro m th e In vestm ent in
th e C om p a n la M exlca n a d e E xpress will sh o w an Increase In re ve n u e fro m
o th e r sources w h ich It is estim ated w ill offse t th e decreased express earnings.
T h e lessened m ileage a ffects b o th gross an d net earnings from Jan . 1 1910,
w hile th e gross earnings o n lines o p e ra te d h a v e s h o w n a fair increase.
T h e dem an d s a n d rulings o f th e several S ta te o rg a n iz a tio n s w h ich b y
sta tu te are g iv e n su p ervision o f express t r a ffic so fa r h a v e n o t c o n trib u te d
t o th e reven u e o f th e c o m p a n y ; o n th e c o n tr a r y , in ea ch Instance a d d e d
t o th e costs o f tran sactin g Its business.
B y a un a n im ou s v o t e o f th e shareholders a t th e ir m e e tin g h eld D e c. 22
1 90 9, th e ca p ita l s to c k w as increased fro m $8 ,0 0 0 ,0 0 0 t o $ 2 4 ,0 0 0 ,0 0 0 .
( V . 8 9 , p. 1355, 1674.)
IN C O M E

ACCO U N T.

— Y e a r s e n d . J u n e 30—
Y e a r en d .
1910.
1909.
J u l y 31 ’08.
G ross re c e ip ts fro m e x p r e s s ....................$ 2 7 ,303 ,70 2 $ 2 4 ,4 7 6 ,4 3 2 $ 2 2 ,9 4 5 ,4 6 8
T o t a l d is b u rs e m e n ts .................................. 2 4 ,1 2 0 ,2 2 7 2 1 ,2 1 3 ,9 5 3
2 0 ,3 6 4 ,8 3 2
N et e x p r e s s ea rn in g s_______________$3 ,1 8 3 ,4 7 5
$ 2 ,5 8 0 ,6 3 6
$ 3 ,2 6 2 ,4 7 9
N e t ea rn in g s o th e r s o u r c e s ___________
1 ,641,066
1,49 8 ,1 8 2
1 ,4 0 1 ,9 0 0
T o t a l n et ln «orn e.................................... $ 4 ,8 2 4 , 5 4 1
$ 4 ,6 6 4 ,3 7 0
$ 4 ,0 7 8 ,8 1 8




(C o m p a r e

T on s. \

S e p t.
Jun e
M ch.
D e c.
S e p t.
Ju n e
M ch.
D e c.
S e p t.
Ju n e
M ch.
D e c.

30
30
31
31
30
30
31
31
30
30
31
31

’ 10 . .3 ,1 5 8 ,1 0 6
’ 10 . -4 ,2 5 7 ,7 9 4
’ 10 . .5 ,4 0 2 ,5 1 4
’ 0 9 . -5 ,9 2 7 .0 3 1
’ 0 9 . .4 .7 9 6 ,8 3 3
'0 9 . .4 ,0 5 7 ,9 3 9
’0 9 . .3 ,5 4 2 ,5 9 5
’ 0 8 . .3 ,6 0 3 ,5 2 7
’0 8 . .3 ,4 2 1 ,9 7 7
'0 8 . .3 ,3 1 3 ,8 7 6
’0 8 . .3 ,7 6 5 ,3 4 3
’ 0 7 . .4 ,6 2 4 ,5 5 3

91, p. 109 8, 721, 407 )

V.

T on s. \

S e p t.
Ju n e
M ch .
D ec.
S e p t.
Ju n e
M ch.
D e c.
S ept.
Ju n e
M ch,
D e c.

3 0 ’ 0 7 .- 6 ,4 2 5 ,0 0 8
30 ’ 0 7 .- 7 ,6 0 3 ,8 7 8
31 ’ 0 7 .- 8 ,0 4 3 ,8 5 8
31 ’ 0 6 .-8 ,4 8 9 ,7 1 8
30 ’0 6 .-7 ,9 3 6 ,8 8 4
3 0 ’ 0 6 .- 6 ,8 0 9 ,5 8 9
31 ’0 6 .- 7 ,0 1 8 ,7 1 2
31 ’0 5 .-7 ,6 0 5 ,0 8 6
30 ’0 5 .- 5 ,8 6 5 ,3 7 7
30 ’ 0 5 - - 4 ,8 2 9 ,6 5 5
31 ’0 5 .- 5 ,5 9 7 ,5 6 0
31 ’ 0 4 .-4 ,6 9 6 ,2 0 3

N e t ea rn in gs__________________________
D ed u ct—
S in k, fu n ds o n b o n d s o f su bsld. c o s . D e p re c’ n an d reserve fu n d s (reg. p ro v )
I n t . on U . S. Steel C o rp . b o n d s _______
S in k , fu n d s o n U . S . Steel C o rp . b ’ d s .

1910.
$
3 7 ,3 6 5 ,1 8 7
760,907
5 ,5 5 5 ,5 5 5
5,824,146
1 ,4 87,816

T ons

S e p t.
Jun e
M ch .
D ec.
S e p t.
Ju n e
M ch.
D e c.
S e p t.
Jun e
N ov.

R E S U L T S F O R Q U A R T E R S E N D IN G

30
30
31
31
30
30
31
31
30
30
1

’ 0 4 .- 3 ,0 2 7 ,4 3 6
’ 0 4 ..3 ,1 9 2 ,2 7 7
’0 4 .-4 ,1 3 6 ,9 6 1
’0 3 . .3 ,2 1 5 ,1 2 3
’ 0 3 .- 3 ,2 7 8 ,7 4 2
’0 3 .- 4 ,6 6 6 ,5 7 8
’0 3 .- 5 ,4 1 0 ,7 1 9
’ 0 2 .-5 ,3 4 7 ,2 5 3
’ 0 2 .- 4 ,8 4 3 ,0 0 7
’ 0 2 .- 4 ,7 9 1 ,9 9 3
’0 1 .- 2 ,8 3 1 ,6 9 2

30.
1909.
1908.
$
$
3 8 ,2 4 6 ,9 0 7 27,10 6 ,2 7 4
SE PT.

506,717
6,885,171
5 ,8 8 5 ,0 0 0
1,426,062

4 36 ,675
5,359,182
5 ,9 4 6 ,8 0 9
1,36 5 ,1 5 3

1 3 ,628,424
14 ,7 0 3 ,8 5 0
1 3 ,107,819
B a l a n c e _____________________________ 23 ,7 3 6 ,7 6 3
2 3 ,5 4 3 ,0 5 7
1 3 ,998,455
D iv id e n d o n pref. s to c k (1 H % ) _____
6 ,3 0 4 ,9 1 9
6 ,3 0 4 ,9 1 9
6 ,3 0 4 ,9 1 9
D iv id e n d o n c o m m o n s t o c k _______ (1 )4 )6 ,3 5 3 ,7 8 1 (1 )5 ,0 8 3 ,0 2 5 ( H )2,541 ,513
Surplus fo r t h e q u a rte r ____________
O n a c c o u n t o f e xp en d itu res m a d e an d
t o b e m a d e fo r a d d itio n a l p ro p e rty ,
new plan ts, c o n s tr u c tio n , & c _____

11,078,063

1 2 ,155,113

7 ,5 0 0 ,0 0 0

10 , 000,000

B a la n ce o f surplus fo r q u a rte r ____

3 ,5 7 8 ,0 6 3

2 ,1 5 5 ,1 1 3

N ET

E A R N IN G S

F irst q u a rte r_____
A p r i l ............... ................
M a y _________________
J u n e ..............................

5,152,023

1910.
5
11,316,014
11,616,861
14,684,001

1909.
$
7 ,2 6 2 ,6 0 5
7 ,6 6 9 ,3 3 6
7 ,9 8 9 ,3 2 7

1908.
$
5,052,743
5,709,428
7,466,834

5 ,152,023
30.
1907.
$
12,838,703
12,14 5 ,8 1 5
14,137,974

37 ,6 1 6 ,8 7 6
. 13,414,956
13,229,289
. 13,526,715

2 2 ,921,268
8,163,244
9 ,6 61,228
11,51 6 ,0 1 9

1 8 ,229,005
6 ,7 61,680
6 ,0 21,279
7,48 2 ,7 0 7

3 9 ,1 2 2 ,4 9 2
14,600,838
16,056,832
1 4 ,846,035

29,340,491
12,530,770
12,437,754
13,278,383

20,26 5 ,7 5 6
8,59 9 ,6 3 0
9,152,311
9,354,333

4 5 ,5 0 3 ,7 0 5
13,804,167
15,279,173
14,720,945

3 8 ,2 4 6 ,9 0 7
9 0 ,5 0 8 ,6 6 6

4 3 ,8 0 4 ,2 8 5
27,106,274
65.60 1 .0 3 5 128 .430 .48 2
30.
1907.
1908.
$
$
6 5 .601.035 1 28 .430 .48 2

FOR

.
J u ly ........................................
,
.

N IN E

M O N TH S

4 0 ,1 7 0 ,9 6 0
12,132,188
13,132,755
12,100,244

T h ird q u a rte r __ 3 7 ,3 6 5 ,1 8 7
T o t a l n ine m o n t h s 1 1 5 ,1 5 3 ,0 2 3
IN C O M E F O R

N IN E M O N T H S

E N D IN G

SE PT.

TO S E P T .

1910.
1909.
$
$
90,50 8 ,6 6 6
N e t e a r n i n g s ........1 15 ,153 ,02 3
D e d u c t—
S in k in g f u n d s ____
6 ,1 5 1 ,3 7 9
5,484,264
D e p r e c ’ n & reserve f ’nds 16,95 4 ,7 3 6 15,859,837
S p e c ’ l Im p. & r e p la c’ t f ’d
..................................... —
17 ,7 3 6 ,9 7 0
I n t e r e s t ___________ 1 7 .550,121
C o n s tru ctio n , & c . 2 0 , 000,000
1 0 ,0 0 0 ,0 0 0
T o ta l d e d u ctio n s 6 0 ,6 5 6 ,2 3 0
B a la n c e ___________ 54 ,4 9 6 ,7 8 7
D iv id e n d s —
P re fe rre d 5 ) 4 % __ 1 8 ,9 1 4 ,7 5 7
C o m m o n ...................... (3 H ) 190 61343(2 H )
_

T o t a l ................... 12.129,030 11,090,635
T o t a l .................. 12,129,030 11.090.635
a Includes In 1910 additions and betterments. $783,699: to ta l, $14,789,978: less
fixed charge Indebtedness. $3,190,000. 6 Includes bond sales account, $435,000,
less sundry creditors, $399,044. c See foot-note 6 . d See foot-note e . e Includes
sundry creditors, $589,531, less bond sales account. $295,000.— V. 91, p. 1026.

1910.
1909.
3
S
Capital stock ____ 23,967,400
8 ,000,000
R ese rve...................................... 19,701,575
220,025
R e d est. reserve..
252,127
Refrigerator car re­
16,040
placement .........
33,048
17,303
Ace. taxes not due
62,295
J400,000
D lv. pay. July 15) 1,218,855
1 20,453
Unclaimed divs_.J
Unpaid money or­
ders, checks, &c. 1,608,938 1,450,078
Agents’ drafts____
66,580
Express privileges 2,134,032 2,133,379
103,272
T raffic balances . .
182,718
Sundry creditors..
939,319 1,072,694
Profit and loss____ 3,657,055 4,753,843
L ia b il it ie s —

-

T o t a l o f a b o v e e x ten s ion s a n d a d d it io n s -------------------------------------- $405,612
E x cess c o s t o f L a n sln g -J a ck so n (o v e r a m o u n t p r o v i d e d )-------------- 144,677
In terest on b o n d s an d lo a n s ___________________________________________
66,375
A d d itio n s a n d b e tte rm e n ts p re v io u s fiscal y e a r carried f o r w a r d - .
7 7 ,036
B o n d s .— D u rin g th e presen t fiscal y e a r b o n d s w ere Issued t o th e a m o u n t
o f $ 60 0,00 0 fo r b e tte r m e n t p u rp o se s, so th a t th e to ta l a m o u n t e x p e n d e d Is
$ 18 3,69 9 in ex ce s s o f th e b o n d s issu ed.
C o n t e m p l a t e d O u t l a y s .— A new line t o the large sh op s o f th e G rand T ru n k
R y . a t B a ttle C reek Is n ow u n d er c o n s tr u c tio n an d w ill so o n be In o p e r a tio n .
A fu rth er line is p ro p o s e d In th e sam e c it y t o th e “ P o s t A d d it io n ” ; also a
d o u b le tra ck o n W a sh in g ton A v c ., L a n sin g , an d som e new tra ck In K a la ­
m a z o o . T h e a b o v e , to g e th e r w ith 30 new c it y cars a n d fo u r In teru rban
ca rs, t o p r o v id e fo r the ra p id Increase In tr a v e l, are th e co n te m p la te d im ­
p r o v e m e n ts fo r th e presen t y e a r.
T h e ir n atu re is su ch th a t th e y s h o u ld
p r o d u c e a reven u e la rg ely In e x ce ss o f the in terest u p o n th eir c o s t.
G r o w t h o f E a r n i n g s .— W e w o u ld call a tte n tio n t o th e rem a rk a b le g ro w th
o f earn in gs d u r in g the last fo u r years In co m p a ris o n w ith th e e arn in gs fo r
th e y ea r e n d ed A p ril 30 1906, the y e a r p rio r t o the o rg a n iz a tio n o f th is c o .

30.

BALANCE SHEET JU NE

1910.
1909.
. S
S
Real est. & bldgs. 4,411,230 4,001,483
E q u ip m e n t........... 2,309,566 2,044,551
Stocks .................... 3,756,507 3,211,087
B o n d s ___________ 4,183.762 3,750,287
M lsc. in v e s t s ____ •4 3 ,1 2 >
Due b y agents____ 2,390,803 1,447,978
Cash & cash items 4,513,364 5,459,757
L o a n s .................... 10,967,819 17,165,142
Materials & supp.
107,555
58,991
40,332
Unexplred ln su r..
23,120
Individuals & cos.
192,710
684,683
Traffic balances . .
39,113
41,585
Interest and divi­
dends a ccru e d ..
636,482
A s se ts—

4 ,7 4 3 ,7 8 7
10,430,570
17,9 2 O', 2 94

.

Item . T h e in terest o n M ich ig a n U n ite d R a ilw a y s b o n d s o u ts ta n d in g on
M ay 1 1910, ch a rg ea b le t o o p e r a tio n , w as $1 6 7 ,5 0 0 , so th a t fo r th e e n tire
y ea r th e c o m p a n y ea rn ed c o n s id e r a b ly m ore th an tw ice Its b o n d Interest.
N e w L i n e — O p e r a t i o n o f E n t i r e S y s t e m .— T h e ro a d b etw een L a n sin g an d
J a ck s o n w as fu lly c o m p le te d a n d o p e ra tio n Installed o n N o v . 5 100 9, so
th a t fo r s ix m o n th s e n d in g A pril 30 1010 th e c o m p a n y h ad th e fu ll b en efit
o f th e c o m p le te o p e r a tio n o f all Its lin es. T h e increase In e a rn in gs, th e re ­
fo r e , d u rin g th is s ix m on th s is the first real test o f the earn in g p o w e r o f
y o u r p r o p e r ty , f o r th e reason th a t until said lin e w as p u t In o p e r a t io n ,t h e
in terest on th e secu rities Issued t o p a y fo r Its c o s t w as ch a rge d a g a in st th e
p r o p e r t y w it h o u t a n y reven u e th e re fro m .
(See also new s Item o n a s u b ­
s eq u en t p a g e .— -E d.)
A p ril.
G r o s s E a r n s .— ■ N o v .
D ec.
Jan.
F eb .
M ch.
$ 10 9,41 8
1 9 0 9 -1 0 _________$98,341
$98,026
$103,273
$93,581
$89,831
76,517
1 9 0 8 -0 9 ________ 75,847
77,057
7 6 ,555
67,017
74,695
32 899
26,718
I n c r e a s e ----------- 22,494
20,968
22,814
18,885
4, 3 %
P e r c e n t --------- 2 9 .6 %
3 4 .9 %
2 7 .2 %
34-i
2 5 .3 %
____
_______
I m p. r o v e m e n t s a n d E x t e n______
s i o n s . - -T h e c o m p a n y s p e n t In c it y e x te n s io n s
a n d v a rio u s Im p rov em en ts d u rin g th e y e a r $ 4 9 5 ,6 1 2 .
It e x p e n d e d on the
L a n s in g & J a c k s o n , In a d d itio n to the co st p r o v id e d , th e su m o f $ 1 4 4 ,6 7 7 ,
a n d it is due t o these e x p e n d itu re s th a t the v e r y large increase In reven u e
Is b e in g m ade fr o m the v a riou s c it y sy ste m s o w n e d b y this c o m p a n y .
E x t e n s i o n s , I m p r t s . , & c . . A g g r e g a t i n g $ 7 8 3 ,6 9 9 , A d d e d t o “ C o s t o f P r o p . ’
C ity lines: L a n sin g , $87 ,3 7 3 ; J a c k s o n , $ 1 1 4 ,2 8 0 ; B a ttle C reek,
$50 ,1 6 3 ; K a la m a z o o , $ 6 6 ,4 3 3 _________________________ ______ - -- $ 3 1 8 ,2 4 0
In teru rb a n lin es; L a n sin g -S t. J o h n s, $ 5 ,1 1 7 ; L a n sin g -J a ck so n ,
$45 ,974 ; J a c k s o n -B a ttle C reek, $ 8 1 ,9 7 6 ; K a la m a z o o -B a ttle
C reek, $ 4 4 ,2 9 6 _____________ __________________ _______________________ 177,363

T o t a l d iv id e n d s. 3 7 ,9 7 6 ,1 0 0
U n d iv id e d earn s., 9 m os. 16,520,687
— V . 91, p. 1098, 809.

49 ,0 8 1 ,0 7 1
4 1 ,4 2 7 ,5 9 5

33,094,651
3 2 ,506,384

5,303,401
16,513,296
3 ,0 0 0 ,0 0 0
16,981,122
4 8 ,0 0 0 ,0 0 0
8 9 ,7 9 7 ,8 1 9
38,63 2 ,6 6 3

1 8 ,914,757
18,914,757 18,91 4 .7 5 7
11436807(1 H )7 6 2 4 5 3 0 (l M )7 62453 9
3 0 ,3 5 1 .5 6 4
11,076.031

2 6 ,539,296
5,967,088

26,53 9 ,2 9 6
12,093,367

Pullman Company.
(Report fo r Fiscal Year ending July 31 1910.)
RESU LTS

FOR

F IS C A L

YEARS.

190 9-1 0.
1 9 0 8 -0 9 .
1907-08.
1906-07.
P a ssen gers carried (N o .) N o t g iv e n .
N o t g iv e n .
18,60 3 ,0 6 7
1 8 ,020,370
T o t a l r e v e n u e . . .............$ 3 8 ,8 8 0 ,8 0 5 $ 3 3 ,8 0 1 ,1 5 5 $ 31 ,620 ,24 1 $ 3 2 ,1 8 6 ,0 1 3
D is b u r s e m e n ts —
O p e ra tin g e x p e n s e s ____ $ 2 0 ,8 3 9 ,5 7 0 $18 ,5 1 7 ,3 4 1 $18 ,0 0 1 ,7 5 9 $ 17 ,388 ,74 1
D e p r e c ’ n o f ca rs, & c ____
3 ,7 6 1 ,5 0 2
3 ,7 9 4 ,3 2 3
3 ,3 6 2 ,2 3 8
2 ,4 2 1 ,5 9 7
P a id o th e r sleepin g car
a s s o cia tio n s ....................
34 6 ,2 3 6
5 41 ,290
4 6 7 ,3 2 0
74 9 ,3 4 2
8 % d lv . on c a p ita l s to ck * 8 ,7 9 8 ,9 9 6
7 ,9 0 9 ,0 7 0
7 ,9 0 8 ,3 5 6
* 7 ,476,878
T o t a l d is b u r s e m e n ts -.$ 3 3 ,7 4 6 ,3 0 4 $ 3 0 ,8 5 2 ,0 2 4 $ 2 0 ,8 2 0 ,6 7 3 $ 2 8 ,036 ,55 9
Surplus __________
$5 ,1 3 4 ,5 0 1
$2,049,131
$1 ,7 0 0 ,5 6 8
$4,149,455
• A lso In N o v . 0 6 , 3 6 % In s t o c k ,a n d In A p ril 1910, 2 0 % , t o distrib u te
surplus,
V . 9 0 , p . 506, 854.
B A L A N C E S H E E T J U L Y 31.
1910.
1009.
1909.
1910.
L ia b il it ie s —
$
$
A s se ts—
s
Cars, real est. &
Capital s t o c k ... 120,000,000 100,000,000
3,860,706
oper. supplies 80,086,634 73,363,976 Accts. payable. 5,383,741
Cash .................. 13,752,450 11.618,522 Res. for dep’n &
adjust’ t a ccts. 10,091,244
8,808,849
Securities........... 9,261,439 10.559,895
Mfg. d e p t ......... 23,251,374 23,251,371 Surplus July 3 1 .
514,687
9,995,919
Accts. receivable 9,637,776
3,871,706
T o t a l ........... .135,989,672 122,665,473

T o t a l ..............136,9#9,073 122,665,473

h
x

Edison Electric Illuminating Co. of Boston.
(Report fo r Fiscal Year ending June 30 1910.)
President Charles L. Edgar says in substance:
C o n n e c te d L o a d .— T h e f o l l o w i n g t a b l e s h o w s t h e n u m b e r o f I n c a n d e s c e n t
l a m p s , a r c l a m p s , h o r s e - p o w e r In m o t o r s , a s c o m p a r e d w i t h

N u m b e r o f L a m p s a n d M o t o r s C o n n e c te d
In c a n d .
T ncand.
A rc
M oto rs'
Lam ps■
L a m p s . ( I I . P . ) J a n e SO — L a m p s .

J u n e SO —

1 9 1 0 _______1 , 4 3 2 . 4 0 7
J 9 0 9 _______1 , 0 4 0 , 0 1 3

1 0 ,9 1 9
9 ,2 8 2

5 7 ,0 9 4
4 4 ,0 0 0

1908
1907

______
______

9 3 8 ,0 7 0
8 0 3 ,3 1 3

p r e v io u s y e a r s :

A ct
La m ps.

M o to r
(H . P .)

9 ,8 0 7
1 0 ,3 3 9

3 9 ,4 2 2
3 5 ,0 9 0

T o ta l L o a d C o n n e c te d (i n 50 -w a tt E q u iv a le n t s ) J u n e 3 0 .
1010

1909

1908.

1907.

1900.

2 ,4 0 8 ,9 2 0

1 ,8 0 3 8 0 3
1 ,0 3 8 ,5 4 4
1 , 5 0 5 ,,4 7 1 S
A c q u i s i t i o n s .— O f t h e i n c r e a s e s h e r e s h o w n f o r t h e l a t e y e a r , 2 4 9 , 4 9 8 i n ­
c a n d e s c e n t l a m p s , 1 ,0 0 9 a r c la m p s , 2 ,7 1 5 2 -8 h . p . In m o t o r s a n d 3 0 1 , 9 o 9
t o t a l lo a d c o n n e c te d w e r e a d d e d b y th e p u r c h a s e o f t h e e le c t r ic p r o p e r tie s
o f t h e B o s t o n C o n s o l . G a s C o . , t h e N e w t o n * ^ W a t e r t o w n G a s TL l ( f ^ t _ O o . , t h e

G r e a te s t In Its h is t o r y
b e in g n e a r ly d o u b le t h a t o f a n y p r e c e d in g y e a r .
D e c r e a s e i n R a t e s - D i v i d e n d s R a i s e d .— F o r e s e e i n g t h e i n c r e a s e d e a r n i n g s
w h ic h w o u ld f o l l o w t h e s e a c q u is it io n s , a r e d u c t io n in t h e p r ic e o f e l e c t r i c i t y
fr o m 12c to l i e
p erk
w
h o u r w a s m a d e o n J a n . 1 1 9 1 0 a n d a n I n c r e a s e In
t h e r e g u ia r d ir .' fro m 2 H % to 3 %
Q u ar. w as m a d e o n M a y 1 1010:
th e
e x tr a d lv
o f 1 % p a i d in A u g u s t In p r e v i o u s y e a r s b e i n g d i s c o n t i n u e d .
C h a n a e in A c c o u n tin g .— I t h a s b e e n t h o u g h t d e s i r a b l e t o c h a n g e t h e
m e t h o d o f a c c o u n tin g to c o r re s p o n d w ith th e r e p o r t r e q u ir e d b y th e S t a te
C n m m is s io n
F o r t h e fir s t t im e , t h e r e fo r e , e x p e n s e s a r e m a d e u p w it h o u t
in r i fie n r e c
n o t o n ly fo r c u r re n t y e a r b u t , f o r s a k e o f c o m p a r is o n , fo r 1 9 0 9 .
P o w e r P la n ts — T h e e le c t r ic g e n e r a t in g s t a t io n o f t h e B o s t o n C o n s o l. G a s
Co
lo c a t e d o n ’ C a m b r id g e S t ., A lls t o n , w a s in M a r c h 1 9 1 0 r e p la c e d b y a
s u b - s ta tio n
on
C o m m o n w e a lth
A ve.
and
d is m a n tle d .
T h e
N ew to n
&
W a t e r t o w n G a s L i g h t C o . a n d t h e C h e ls e a G a s L i g h t C o . h a v e f o r a n u m b e r
o f y e a r s b e e n p u r c h a s in g o u r e l e c t r i c i t y
th e o ld p o w e r -h o u s e o f th e fo r m e r
lia s b e e n d is m a n t le d a n d s o ld b a c k t o t h e N e w t o n C o ., a n d t h e p o w e r s t a t io n
o f t h e C h e ls e a C o . h a s b e e n m a d e a s u b - s t a t io n .
T h e o ld e n g in e s ta tio n o f
t h e W a lt h a m G a s L ig h t C o . h a s b e e n d is c o n tin u e d a n d a s u b - s ta tio n h a s
b e e n e q u ip p e d in t h e t u r b in e r o o m , t h e t u r b in e b e in g k e p t in r e s e r v e .
T h e s u b - s ta tio n o n H o m e r S t . h a s b e e n m u c h e n la r g e d t o a c c o m m o d a t e
t h e w o r k th r o w n u p o n It b y th e c o n tr a c t w ith th e N e w t o n & B o s to n S t . R y .
C o.
T h e c o n s t r u c t io n o f t h e t r a n s m is s io n lin e t o M e d fle ld
has been com ­
p l e t e d s i n c e t h e c l o s e o f t h e f i s c a l y e a r ; a n e w s u b - s t a t i o n Is u n d e r c o n s t r u c ­
t io n a n d w ill b e In o p e r a t io n b y N o v . 1. w h e n t h e M e d f le ld s t a t io n w i l l b e
d is m a n tle d .
T h e e le c t r ic p r o p e r ty o f th e L e x in g t o n G a s & E le c t r ic C o .
h a v i n g b e e n p u r c h a s e d , t h a t d i s t r i c t is n o w s u p p l i e d f r o m t h e L S t . s t a t i o n ;
t h e lo c a l g e n e r a t in g s t a t io n h a s b e e n d is m a n t le d a n d s o ld b a c k t o th e L e x ­
i n g t o n C o . , w h i c h Is t o c o n t i n u e In t h e g a s b u s in e s s u n d e r a n o t h e r n a m e .
O w in g to th e g r o w t h o f y o u r c o m p a n y , a c o n tr a c t w a s e n te r e d In to w ith
t h e G e n e r a l E l e c t r i c C o . f o r a n o t h e r t u r b i n e , t o b e r e a d y f o r o p e r a t i o n In
th e fa ll o f 1911.
T h i s “ t u r b o g e n e r a t o r ” w i l l h a v e a c a p a c i t y o f 14 ,0 0 0 k . w .
a n d a t t h e t i m e o f Its I n s t a lla t io n w ill p r o b a b ly b e t h e la r g e s t In t h e w o r ld .
F i n a n c i n g .— A s r e f e r r e d t o I n t h e l a s t r e p o r t , t h e p u r c h a s e o f a l l t h e s e
e le c t r ic p r o p e r tie s , e x c e p t th e L e x in g t o n , w a s t e m p o r a r ily
fin a n c e d
by
n o te s .
A c t i n g u n d e r a u t h o r i t y g r a n t e d a t t h e la s t a n n u a l m e e t i n g , 1 9 , L>2
n e w s h a r e s o f c a p i t a l s t o c k w e r e o f f e r e d t o t h e s t o c k h o ld e r s a t $ 2 1 .) p e r
s h a r e , a n d , e x c e p t 177 s h a re s , w e r e a ll ta k e n b y th e m
T h e C o m m is s io n
a ls o g a v e Its p e r m is s io n t o Is s u e s u f f i c i e n t s h a r e s t o p r o d u c e , w h e n s o l d a t
a u c tio n
a n a m o u n t e q u a l t o t h e p ric e p a id fo r th e e le c t r ic p r o p e r t y o f th e
L e x i n g t o n C o , n a m e ly $ 1 2 0 ,0 0 0 .
T h is s to c k , t o g e t h e r w it h t h e 177 s h a r e s
l e f t o v e r f r o m t h e l a r g e r I s s u e , is s t i l l I n t h e t r e a s u r y a w a i t i n g a f a v o r a b l e
o p p o r t u n it y fo r s a le b y a u c tio n .
, . . ,
W i t h th e p ro c e e d s o f t h e s to c k a lr e a d y d is p o s e d o f , a ll flo a t in g d e b t h a s
b e e n d is c h a r g e d , a n d th e r e s e e m s n o r e a s o n t o In c re a s e th e c a p it a l s to c k
d u r in g

th e

c o m in g

yea r.

STATEMENT
1 9 0 9 -1 0 .

O F O P E R A T IO N S E N D IN G
1 9 0 8 -0 9 .

JUNE

N e t f r o m o p e r _____ 2 , 6 0 2 . 2 2 8 2 , 3 4 0 , 3 8 7
M is c e lla n e o u s p r o fits
8 0 ,2 0 2
4 5 ,3 6 0
T o t a l ...........................2 , 6 8 2 , 4 3 0
In

1 9 0 8 -0 9 .
S
4 6 2 ,5 4 1
8 6 ,8 4 6
1 ,4 2 4 ,3 8 9

T o t a l d e d u c t io n s . .2 ,2 6 8 ,8 8 2
U n d i v i d e d p r o f i t s ____
4 1 3 ,5 4 8

1 ,9 7 3 , 7 7 6
4 1 1 ,9 7 1

2 ,3 8 5 ,7 4 7

T h e g r o s s e a r n in g s a s a b o v e c o m p a r e w i t h $ 4 ,2 2 9 ,2 3 9 In 1 9 0 7 -0 8 a n d S I , 0 2 0 ,6 2 1
1 9 0 6 -0 7 .
B A L A N C E S H E E T J U N E 30.
1910.
S

1909.
S

A ssets —
I n s t a lla t io n
and
p r o p e r t y ............. 2 1 ,0 0 1 , 3 5 7 2 1 , 5 7 9 , 2 1 8
U n fin is h e d
In s ta l
1 , 5 7 7 ,9 5 1
l a t l o n ................
5 7 9 ,0 3 6
P r o p e r t i e s p u r c h . . 1 ,9 4 7 ,6 5 3
3 2 6 ,1 7 4
3 2 0 ,5 0 9
C a s h I n b a n k s ------5 9 7 ,2 5 0
3 7 0 ,9 9 4
S t o c k o n h a n d _____
1 ,0 5 7 , 0 7 0
0 ,6 0 6
N o t e s r e c e iv a b le .
3 5 3 ,4 0 0
3 9 0 ,0 7 3
A c c ts . r e c e iv a b le 8 7 ,9 0 0
1 1 ,3 9 9
S u n d ry o p e n a c c ts
_________
0 ,9 1 4
2 3 ,6 4 2
2 1 ,1 5 0
C a s h in s in k , fu n d
T o t a l ........... .......... 2 8 , 8 8 7 , 1 3 0
— V . 91. p . 792. 719.

2 4 ,9 7 2 , 4 0 8

9 8 ,9 1 3

1909.
S
1 3 ,6 0 3 , 4 0 0
2 2 7 ,0 0 0
1 ,2 4 5 ,0 0 0
7 ,6 0 4 ,9 4 0
9 4 ,3 2 9
9 4 9 ,0 0 0
4 2 ,0 0 0
7 2 .0 2 5
4 7 6 ,1 1 0
5 4 3 ,9 8 4
8 ,8 1 1
1 0 5 ,8 0 0

T o t a l ..................... 2 8 , 8 8 7 , 1 3 0

2 4 ,9 7 2 , 4 6 8

L iabilities —
C a p ita l s t o c k . . . .
F ir s t m tg e . b o n d s .
C o n s o l , b o n d s _____
P r e m iu m o n s to c k
A c c o u n ts p a y a b le .
N o t e s p a y a b l e ___
C o u p o n n o t e s _____
A ccru ed t a x e s ..
D i v i d e n d s __________
R e s e r v e fo r m a ln t.
R e p la c e m e n t a c c t .
P r o f i t a n d t o s s _____

1910.
$
1 5 ,5 4 3 , 0 0 0
2 2 2 ,0 0 0
1 ,2 5 0 ,0 0 0
9 ,8 4 0 ,9 1 5
1 1 5 ,0 3 5
8 4 9 ,0 0 0
3 8 ,5 0 0
8 3 ,5 0 0
4 0 0 ,3 0 8
3 7 9 .3 5 0

Standard Milling Co.
{Report for Fiscal Year ending Aug. 31 1910.)
The results for the year ending Aug. 31 1910 compare with
those of previous years as follows:

$ 7 4 9 ,8 8 4

1 9 0 7 -0 8 .
($ 7 0 ,6 5 7
2 7 0 ,0 0 8
4 0 9 ,8 1 9
3 ,1 2 6
1 ,4 1 6
4 6 ,6 6 5

L o s s 1 5 .6 6 2

N e t p r o f i t s _____________________ $ 7 7 1 , 4 3 5
I n t e r e s t o n b o n d s _______________ 1 5 9 , 5 1 7

$ 7 4 9 ,8 8 4
1 5 9 .4 3 3

$ 8 0 1 ,6 9 1
1 7 5 ,3 5 0

$ 0 8 8 ,5 7 2
1 7 5 ,3 5 0

B a la n c e
........................
$ 6 1 1 ,9 1 8
D lv . p r e fe r r e d s t o c k . _ _ ( 3 % ) 2 0 6 , 821

$ 5 9 0 ,4 5 1
(4 )2 7 5 ,7 2 8

1 9 0 9 -1 0 .
S t a n d a r d M i l l i n g C o -----------X . W . C o n s . M illin g C o . . .
_
I I . .1. J e w e l l C o - - - ................. 1 $ 7 7 1 , 4 3 5
D u lu t h S u p e r io r M ills C o .
D a i s y H o l l e r M i l l s --------------S o u th w e s te r n M illin g C o . .

B a l a n c e , s u r p l u s ............. . . $ 4 0 5 , 0 9 7

BALANCE
1910.
S

A ssets —
P la n t ,t r a d e - m a r k *
g o o d - w i l l , & C ____ 7 , 6 8 0 , 5 6 9
C a s h ....................
2 5 2 ,0 2 5
A c c u m . earn s, due
fr o m s u b - c o s . . . 2 ,7 5 3 ,3 2 4
N e t a v a ila b le a s s e t*
a t b r a n c h e s _____
1 0 1 ,9 8 3
I n v e s t m e n t s --------A 1 3 7 .3 3 5
In s u ra n c e fu n d —
3 3 8 ,3 0 9
M i s c e l l a n e o u s ------2 5 0 ,7 6 4
S e c u r itie s c o v e r e d
b y 1 s t M . b o n d * . a : 0 ,5 6 8 , 0 0 4
S i n k i n g f u n d _______
8 ,3 4 2
T o t a l ......................1 8 ,0 9 6 , 7 0 5

1 9 0 8 -0 9 .

1 9 0 6 -0 7 .
$ 4 6 ,9 7 3
2 3 9 ,4 0 8
3 7 3 ,4 5 2
4 4 ,4 0 2

$ 6 2 6 ,3 4 1
$ 5 1 3 ,2 2 2
( 3 ) 2 0 6 , 7 6 3 ( 2 l/ i ) 1 7 2 , 2 7 4

$ 3 1 4 ,7 2 3

$ 4 1 9 ,5 7 8

$ 3 4 0 ,9 4 8

S H E E T A U G U S T 31

1909.

5
7 ,7 0 1 ,0 9 2
4 9 ,7 8 5
2 ,4 4 2 ,2 2 0
2 4 2 .6 7 2
1 3 3 .5 0 0
3 1 2 ,1 8 8
3 2 1 .5 0 8

1910.
Lia bilities —
S
P r e f e r r e d s t o c k ____ 6 , 9 0 0 , 0 0 0
C o m m o n s t o c k ____ 4 , 6 0 0 , 0 0 0
F i r s t m t g e . b o n d s . a 3 , 1 7 4 ,0 0 0
In te re s t a c c r u e d ..
5 2 ,9 0 0
In s u ra n c e r e s e r v e .
3 3 8 ,3 0 9
S u r p lu s
e a r n in g s
a c c o u n t __________ 3 , 0 3 1 , 4 9 6
M i s c e l l a n e o u s .............................. ..

1909.

$
6 .9 0 0 .0 0 0
4 .6 0 0 .0 0 0
3 .2 7 2 .0 0 0
5 4 ,5 3 3
3 1 2 ,1 8 8

1 7 ,8 2 3 ,8 1 7

G e n e r a l R e s u l t s . — During the year Just closed the company's sales In­
creased each month over the corresponding month of the previous year,
except July, when the sales fell a little behind those of July 1909. A gen­
eral reaction In business during July was apparent in nearly all Industries,
and ours suffered somewhat during that month. In August our business
Improved, showing a moderate Increase over August 1909 and September
also shows an Increase over September of last year. Indications of good
business during the coming winter are very satisfactory.
The net profits for the year show a moderate Increase over the previous
year, being $323,082 for this year as compared with $306,759 for the year
1909, and this notwithstanding a lower range of prices for goods manu­
factured by the company and the large expense caused by the removal of
foundries from their former locations for consolidation at the central plant.
This consolidation has now been completed, and it has already resulted in
large economies and vastly better service to Its customers.
The disturbance In the trade, which was referred to last year, has con­
tinued, and prices are now somewhat lower than they were at any time
during the past year, and considerably lower than they were a year ago.
While lower prices decreased the per cent of gross profit on the mer­
chandise sold, they lessened competition and increased the volume of our
business. The prices of metals were extremely low during the past year,
and the company in consequence purchased and Is now carrying large stocks
of raw materials.
A d d i t i o n s . — During last year the company completed another Important
addition to Us plant and Is now erecting buildings with over 25,000 square
feet of door space. The addition now being erected rounds out the original
plans prepared when the central plant was started seven years ago, and Its
completion will meet the growing requirements of the company for some
years to come.
,
,
This company, which Is the largest type foundry organization In the
world, has still further increased Its prestige as the originator and leader of
type fashions, and Its faces and products are In use in every civilized com­
munity the world over.
R E S U L T S F O R Y E A R S E N D I N G A U G U S T 31.
1909-10.
1908-09.
1907-08.
1906-07.
Net earn in g s................
$323,082
$306,759
$237,962
$461,043
Common stock dlv., 4%
$160,000
$160,000
$160,000
$160,000
Preferred stock dlv., 7%
140,000
140,000
140,000
140,000

Balance for year.........sur.$23.082
BALANCE

sur.$6,759 def.$62,038 sur.$161,043
31.

SHEET AU G .

1910.
1909.
A ssets —
$
S
P l a n t . ........................... 4 , 2 9 8 , 7 8 5 4 , 1 9 2 , 0 4 7
M e r c h . & r a w m a t 'l 2 ,7 1 7 ,9 3 5 2 ,5 0 2 ,7 5 9
A c c ts . r e c e iv a b le . .
8 0 6 ,9 0 1
8 0 7 ,2 6 2
N o t e s r e c e i v a b l e ____
8 1 6 ,4 6 0
6 7 3 ,5 7 3
C a s h ................... - - - - 3 2 3 ,3 8 3
2 6 9 ,3 2 7
9 9 0 ,7 6 1
S t o c k s a n d b o n d s . . 1 ,0 9 3 ,5 5 8
M i s c e l l a n e o u s _______
1 3 1 ,0 8 0
1 3 1 ,0 6 7

1910.
Lia bilities —
$
C a p it a l s t o c k , c o m . 4 ,0 0 0 ,0 0 0
C a p i t a l s t o c k , p r e f . 2 ,0 0 0 ,0 0 0
D e b e n t u r e b o n d s . . 1 ,9 5 0 ,0 0 0
A c c o u n ts p a y a b le ..
2 0 3 ,1 9 1
N o t e s p a y a b l e _______ 1 , 2 4 4 , 7 8 8
S c r i p ___________
1 1 ,6 5 8
S u r p l u s ........................
7 7 8 ,4 6 5

1909.

$

.000. 000
22,000,000
4 .0 0 0 .

2 0 9 ,7 5 6
6 5 0 ,0 0 0
1 1 ,6 5 8
7 5 5 ,3 8 3

T o t a l ......................1 8 ,0 9 6 , 7 0 5

T o t a l _______ ________1 0 ,1 8 8 , 1 0 2
— V . 8 9 , p . 1143.

9 ,6 2 6 ,7 9 7

T o t a l ........................ 1 0 ,1 8 8 , 1 0 2

9 ,6 2 6 ,7 9 7

G EN ER AL I N V E S T M E N T N E W S .
R A IL R O A D S , IN C L U D IN G ELECTRIC ROADS.
Alabama & Vicksburg R y .— Report.— For year:
J u n e 30.
Y ear—

O p e r a tin g
R even u es.

1 9 0 9 -1 0 _ _ $ 1 ,6 7 2 ,3 5 0
1 9 0 8 - 0 9 .. 1 ,5 2 6 ,3 5 7
— V . 90, p. 1361.

N e t (a f t e r
O th er
T a x e s ).
In com e.

$47 8,09 4
286 ,665

$84,371
72,763

In terest &
R e n ta ls.

$12 0,43 7
120,332

D iv s .
(7 % ).

$ 1 4 7,00 0
7 3 ,500

B a la n c e ,
S u r p lu s .

$295,028
165,596

Algom a Central & Hudson Bay R y .— Offering of Securities
Abroad.— This company, controlled by the Lake Superior
Corporation, is reported to be offering S I,000,000 bonds in
Paris and £770,000 in London, part of an authorized issue of
$0,750,000 in debentures.— V. 91, p. 716, 93.
Atchison Topeka & Santa Fe R y .— Leases and Purchases
Approved.— The stockholders on Oct. 27 approved the pro­
posed purchases and leases of various roads referred to in
V. 91, p. 588 — V. 91, p. 1024, 949, 939.
Atlantic Shore Line (Electric) R y .— Sale.— The United
States Circuit Court at Portland, Me., on Oct. 24 ordered
the foreclosure sale of the road under the 1st mtge. to the
Knickerbocker Trust Co., as trustee.

T h e sale w ill tak e p la c e at
j v „ n r P e e . 1 , o rou gh J o lin F .M e r r ll
o f P o r tla n d , M e ., as sp ecial m a ste r.— V . 91, p . 869, 716.

Chesapeake & Ohio R y .— Listed.— The New York Stock
Exchange has listed the S31,390,000 4 }4 % 20-year convert­
ible bonds, due 1930, which were sold to acquire control of
the Ilocking Valiev R y. and for other purposes (V. 90, p. 771,
848).— V. 91, p. 1095, 870.
Chicago Consolidated Traction Co.— Ordinance.— Mayor
Busse has signed the ordinance authorizing the purchase of
the system by the Chicago Rys. and Judge Grosscup on
Oct. 22 entered an order approving the acceptance of the
ordinance. The valuation adopted is.
V a lu a tio n o f P h y s ic a l P r o p e r ly b y B i o n

J . A r n o l d a n d G e o r g e W eston S e p t . ’ 10.

$ 2 7 8 ,6 8 8
T r a c k , a p p r o x i m ’ g 1 2 8 m . $ 1 , 1 7 7 , 2 7 7 B u i l d i n g s ............................
8 8 ,4 3 9
E le c t r ic p o w e r d is t r ib u t io n
7 2 8 , 1 5 6 R e a l e s t a t e ______________________
4 5 9 ,0 8 8
R o l l i n g s t o c k , 3 4 4 c a r s ----2 0 4 , 8 7 5 P a v i n g ..................................
P o w e r p la n t e q u ip m e n t . .
4 3 8 ,7 8 1
T o o ls , s u p p lie s & fu r n it u r e
7 5 ,6 0 0 ]
T o t a l .p r o .p e r t.y _____________ $ 3 , 4 5 0 , 9 0 4
P e r c e n t a g e s o n a b o v e $ 3 ,4 5 0 ,9 0 9 f o r c o n d u c t in g w o r k , fu r n is h in g
e q u ip m e n t a n d b r o k e r a g e , a s p e r o r d in a n c e s o f C h ic a g o R a i l ­
w a y s C o . , g r a n t e d F e b . 11 1 9 0 7 ______________________________________________
5 1 7 ,6 3 5
T o t a l ____________________________________________________________ __________________________ $ 3 , 9 6 8 , 5 3 9
T h e a p p r a is e r s s a y : “ In th e p re s e n t v a lu a t io n a ll fr a n c h is e v a lu e s h a v e
b e e n e n t ir e ly e x c lu d e d .
T h e p h y s ic a l p r o p e r t y h a s b e e n
a p p r a is e d a t
Its
v a lu e
fo r
r e h a b ilita tio n
p u rp o ses.
In
o th e r
w o rd s,
w e
h a v e fix e d
s u c h a v a lu e f o r t h e p h y s ic a l p r o p e r t y a s , p r e s u m a b ly , c o u ld b e c e r t ifie d
b y t h e b o a r d o f s u p e r v is in g e n g in e e r s , o n th e a s s u m p t io n t h a t t h e C h ic a g o
R a ilw a y s C o . w a s p u r c h a s in g t h e p r o p e r t y o f t h e C h ic a g o C o n s o lid a t e d
T r a c t io n C o ., In c lu d in g t h e p a v in g , u n d e r th e te r m s o f t h e o r d in a n c e .”

1 7 ,8 2 3 , 8 1 7

Sale.— The sale of the properties of the eight underlying
companies is to take place on Nov. 30 (V . 91, p. 945).
Reported Settlement .— The “ Chicago" Tribune" says:

Is s u e d , $ 5 ,8 5 7 ,0 0 0 ; h e ld In t r e a s u r y t o t a k e u p
o u t s t a n d i n g II. J. J. M . C o . a n d N . W . C . M . C o . b o n d s , $ 2 , 2 7 8 , 0 0 0 ; c a n c e l e d
( s i n k i n g f u n d ) , $ 1 0 5 , 0 0 0 ; b a l a n c e o u t s t a n d i n g , $ 3 ,1 7 1 , 0 0 0 .




American Type Founders Go.
{Report for Fiscal Year ending Aug. 31 1910.^
President and General Manager Robert W . Nelson, Oct. 14
1910, wrote in substance:

2 ,6 2 6 ,3 9 9
5 8 ,6 9 6

6 ,5 6 8 , 0 1 4
5 2 ,8 3 7

a A u t h o r i z e d Is s u e , $ 6 , 2 5 0 , 0 0 0 ;

valued at S3,537,105.
(3) Northwestern Consol. Milling Co. com. stock, 42,916 shires, valued at $1.­
229,546.
(4) Duluth-Superior Milling Co. stock, 8250,000 (total amount), at par.
(5) Southwestern Milling Co. stock, 1,000 shares (tot il amt.), valued at $389 413.
(6) Hecker Cereal Co. stock, 810,000, at par.
(7) Daisy Boiler Mills stock. $100,000, at par.—Y. 91, p. 877.

30.

1 9 0 9 -1 0 .
$
T a x e s ........................
5 4 6 ,5 0 8
I n t e r e s t ........... ............
1 6 6 ,7 7 8
D iv id e n d s (1 1 % ).. - 1 . 5 5 5 , 5 9 6

Deduct —

G r o s s e a r n i n g s ........... 4 , 7 0 9 , 4 5 6 4 , 1 1 1 , 3 4 3
E x p . ( e x c l . d c p r ’ n ) _ 2 , 1 0 7 , 2 2 8 1 ,7 7 0 , 9 5 6

H. J. J. M. Co. debenture bonds, 8133,000; mlscellane)us, 84,335.
(1) Hecker-Jones-Jcwell Co. of New Jersey 1st M. 6s, $1,052,000 (out of $2,500,»

000(2)at$1,000,000
par).
Hecker-Jones-Jewell Milling Co. of New York (out of $1,000,000)J

000

A ll o p p o s itio n to th e m erger has been w ith d ra w n . S e ttle m e n t w as m ad e
y e s te r d a y w ith th e Y erk cs Interests. T h e re n ow rem ain o f th ose w h o
o rig in a lly started o u t to c ir c u m v e n t the re o rga n iza tio n p lan o n ly th e s c a t­
tered h olders o f 10% o f th e general m o rtg a g e bon d s, th e sam e class th a t Is
o w n e d b y th e Y erk es esta te , a n d th e m em bers o f the F o r e m a n -H a r rity
c o m m itte e .
O f th ese, th e so -ca lle d M cH e n ry h o ld in g o f a p p ro x im a te ly
90 b on d s Is th e largest. T h a t these h olders will sh o rtly a c c c e d to tlie p r o ­
posals o f th e reorg a n iz a tion co m m itte e is p r a ctica lly a fo re g o n e co n c lu s io n .
T h e term s o f th e settlem en t h a v e n o t been m ade p u b lic, b u t it Is Intim ated
th a t there has been a com p r o m is e and th a t Instead o f re c e iv in g o n ly 5 0 %
o f fa ce v a lu e o f th e general m o rtg a g e b o n d s In 4 H % Incom e b o n d s o f the
C h ica go H allw ays C o ., th e h olders o f these b on d s w ill realize s o m e th in g
m o r e s u b sta n tia l fo r th eir h o ld in g s ,— V . 91, p . 1025, 945.

Chicago Great Western R y .— Listed.— The New York
Stock Exchange has listed $2,000,000 additional first mtge.
50-year 4 % bonds, due 1959, making the amount listed to
date $20,500,000.
T h e $2,0 0 0 ,0 0 0 bond s are part o f the $ 9 ,5 0 0 ,0 0 0 reserved u n d er the re­
org a n iz a tion plan fo r b etterm en ts an d Im p rovem en ts d u rin g the first tw o o r
th ree years o f th e ex isten ce o f the new c o m p a n y , u p o n th e issue o f w hich
th ere w ill be $ 2 8 ,0 0 0 ,0 0 0 o f t h e b o n d s o u ts ta n d in g .

Earnings.— For the 10 months ending June 30 1910 and
the 2 months ending Aug. 31 1910 (the new company began
operations Sept. 1 1909):
T o ta l
P erio d C o v e red —
l com e.
2 m as. en d in g A u g. 31 1 9 1 0 ...$ 2 ,0 7 8 ,1 9 5
10 m os. en d in g .lu n c 30 1 9 t 0 . 10,342,541
— V . 91, p. 214.

N e t (a fter
T a x es ).

In ter es t,
R e n ta ls ,& c .

B a la n c e ,
S u r p lu s

$54 3,52 7
2 ,3 1 1 ,4 4 3

$340,509
1 ,855,608

$203,018
455 ,775

Chicago Railways.— Ordinance Signed.— See Chicago Con­
solidated Traction above.
New Directors.— Frank L. Hupp, William H. Clark, W. W.
Jones and John Reese have been elected directors to succeed
Hempstead Washburne, W . N. Eisendrath, F. H. Rawson
and John W . Gary, who retired.— V. 91, p . 1025, 71(5.
Chicago St. Paul Minneapolis & Omaha R y ,— The follow­
ing changes in officers and directors have been made:
W . K . V a n d erb ilt Jr. w as ele cte d a d ire cto r to fill th e v a c a n c y caused b y
th e d eath o f H am ilton M c K . T w o m b ly , an d S. A. L y n d e o f C h icago and
O liver A m es o f ilo s to n to fill va ca n cie s cau sed b y the retirem en t o f E . R .
O sb orn , N ew Y o r k , and J . M . W h itm a n , C h icago. .Samuel A . L y n d c w as
m a d e V ice-P resid en t In place o f K. E. O sb orn , w h o retired o n a c c o u n t o f
111-health.
M arvin H u g h ltt, fo rm e rly P residen t o f th e C h icago & N orth
W es tern and r ecen tly elected C h airm an o f th e board o f th a t c o m p a n y , was
also ch osen C h airm an o f the O m a h a C o m p a n y .— V. 91, p . 786.

Coal & Coke R y .— Report.— For year ending June 30:
F is c a l
Y ea r —

G ross
F a n is.

N et
N et
O th er
In terest
I lu . D e p t . C o a lD e p t. In co m e. & T a x e s .

I ia l., S u r .
or D el

regu latin g hours o f s e rv ice o f e m p loyees a n d req u irin g b lo ck sign alin g and
sa fe ty ap p lia n ce s, h a ve largely Increased the co st o f o p e ra tio n .
D uring the c u rre n t ye a r u n fa v o ra b le w eath er c o n d itio n s caused an In­
crease o f a p p ro x im a te ly $60,000 in the cost o f o p e ra tio n s, and fuel cost
o v e r $30 ,000 m ore: w hile on A pril l an a d ju s tm e n t o f w ages because o f
a d v a n ce s m ade on o th e r roads ad d ed to the expen ses a p p r o x im a t e ly $9,000
per m on th . T h e ta xe s this y ear h a v e Increased o v e r last y e a r a b o u t $3 0 ,­
000, and n o w a b s o r b 6 % o f the gross and a b o u t 3 5 % o f th e net earnings.
As a co n se q u e n ce o f all this, the c o m p a n y is sh o rt o f m eetin g Its fixed
charges d u rin g th e first eight m o n th s o f this year b y a b o u t $10 0 ,0 0 0 , and
alth ou gh It Is e x p e c te d th at th e net earnings fo r the rem ain d er o f the y ear
will be su fficien t to m ake u p th e stiortage. It Is qu ite certain th at th e surplus
at D ec. 31 w ill sh o w a con sid era b le re d u ctio n as c o m p a re d w ith th e p re vio u s
y e a r, and as th e a ccu m u la te d surplus since the reorgan ization a m o u n ts to
less than 3 % o f the ca p ita l Invested, y o u r board does n o t feel th a t It sh ou ld
be fu rth er en tren ch ed u p o n anil h a v e , therefore, d e cid e d n o t to declare th e
usual sem i-an n u al d iv id e n d .— V . 90, p . 1166, 1044.

Great Northern R y .— New Vice-President.— Richard A.
Jackson, formerly General Counsel, has been also made a Vice­
President of the company.— V. 91, p. 1099, 1091, 1025.
Hartford & Springfield Street R y ,— Dividend Increased.—
A dividend of 2 % has been declared on the $285,000 6%
non-cumulativc preferred stock, payable Nov. 1, comparing
with 1% in May last, when distributions were resumed
after several years. Compare V. 90, p. 1239.
Hudson & Manhattan R R .— Extension to lie Opened Nov.
10.— The Sixth Avenue extension from 23d to 33d St. and
6th Avenue, it is announced, will be opened on N ov. 10.
New Secretary.— C. W. King, who resigned as a director
last week, has also resigned as Secretary, and wilt be suc­
ceeded in the latter capacity by William Everdell Jr., for­
merly Assistant Secretary.— V. 91, p. 1095, 1025.
Illinois Central R R .— Decision.— The State Supreme Court
of Illinois yesterday, reversing the Circuit Court of La Salle
County, overruled the demurrer interposed by the company
to the bill of the Attorney-General in the suit for back taxes
claimed to be due. on the ground of lack of equity. The
Supreme Court orders testimony to be taken before a
master.— V. 91, p. 863.
Counsel fo r the c o m p a n y are q u o te d as s a y in g th a t the d ecision h o ld s
the Im porta n t p oin t th at u nd er th e sta tu te o f lim ita tio n s the S ta te ’s case
Is null an d v o id so far as It a lfe cts years prior to 1905 a n d th a t th e S ta te
m a y sue fo r o n ly such ta xe s as It Is cla im ed a ccru e d betw een 1905 an d 1907.
— V . 91, p . 879, 8645, 397.

Janesville (W is.) Street R y .— Sold.— This property was
sold at sheriff's sale at Janesville on Oct. 24 to satisfy
$175,000 indebtedness and was bid in for $125,000, subject
Columbus Now Albany & Johnstown Traction Co.— Sold. to $10,000 receiver's certificates, by T. S. Nolan, representing
— The option obtained for “ Eastern" interests in the name the bondholders. The road, it is said, will be reorganized as
of A. T. Herd of New York City (through the medium of part of the Rockford & Interurban system (compare Union
Musco M. Robertson of Cincinnati), covering the collateral R y., Gas & Electric Co. on page 110 of “ Electric Railway
pledged with the defunct Queen City Savings & Trust Co., Section” ).— V. 90, p. 977.
to secure a loan of $17(5,000, has, it is announced, been closed
Los Angeles R y .— New Name.— The shareholders on Oct.
by the purchase of the note at its face value plus int., &c.
20, besides increasing the authorized capital stock from $5,­
P a y m e n t, It Is said, w ill be m ade part hi cash an d p art in CO-day n otes.
000,000 to $20,000,000, changed the name to “ Los Angeles
T h e secu rities p led ged as colla te ra l in clu d e , it is s ta le d , se cu rities a g g r e ­
g a tin g $84 1 ,0 0 0 , b u t the several a m o u n ts given fo o t up $94 4 ,0 0 0 , as fo l­
Railway Corporation.” A $20,000,000 mtge., we under­
lo w s : $44 0 ,0 0 0 b o n d s, $ 1 5 0,00 0 p re f. s to c k an d $354,000 c o m m o n s to c k .
stand, is proposed, if already authorized.— V. 91, p. 1096,717.
— V. 82, p. 1211.
Denver Tramway Terminals Co.— Incorporated.— This com­
Michigan Central R R .— Notes Sold.— Morgan, Harjes &
pany is reported to have been incorporated with $1,400,000 Co., Paris, have purchased 50,000,000 francs of the com­
The notes have no collateral.
authorized capital stock to build a terminal and two loop pany’s one-year notes.
See New York Central & Hudson River R R . item, V. 91,
lines for the Denver City Tramway Co.— V. 91, p. 870.
p. 1026.— V. 91, p. 1026, 276.
Detroit & Mackinac R y .— Report.
Missouri Kansas & Texas R y .— Proposed Lease of Texas
J u n e 30—
G ross
N et
O th er
C h a rg es,
PJ. D tv . B a l.J o r
Y ea r—
E a r n in g s .
E a r n in g s .
In com e.
& c.
(5 % ).
Y ear.
Central.— The company on Oct. 26 applied to the Texas
1 9 0 9 - 10. . .$ 1 ,2 3 1 ,2 4 4
$381,791 $ 18 ,330 $352,671
$ 47 ,500 N on e.
Commission to take over and operate, as part of
1908-09 . . . . 1,148.971
3 52 ,930
15,875
321,304
4 7 ,5 0 0 N onRailroad
e.
"C h a rg es, & c .,” as a b o v e in 1909-10 Inclu de $42,041 for a d d itio n s an d
its system, the Texas Central RR. under a lease.
betterm e n ts and $ 8 8 ,4 0 9 fo r H illm an b ra n ch , against $11,514 an d $ 8 7 ,1 9 3 ,
1 9 0 9 -1 0 ........... $ 8 8 2,79 2
1 9 0 8 - 0 9 ___ 717 ,3 0 8
— V . 9 0 , p . 1613.

$292,121
222 ,514

$41,501
___

$840 $313,239
840
284 ,304

s u r .$21,223
d e l .60,950

re s p e c tiv e ly . In 1 9 0 8 -0 9 .— V. 89, p. 1249.

Detroit Toledo & Ironton R R .— Report.
J u n e 3Q—
Yea r—

O p e r a t in g
Revenues.

O p e r a t in g
in co m e.

O th e r
In co m e.

$31 ,6 7 0
166,956

$40 ,5 0 6
38,476

1909-10 ____ $ 1 ,6 0 7 ,0 3 2
1908-09 ____ 1 ,525,126
— V . 91, p. 1025, 870.

T o ta l
D e d u c t io n s .

$98 6,47 4
890 ,6 8 9

B a la n c e ,
D c jic it .

$91 4,29 8
685 ,257

Georgia Railway & Electric Co., Atlanta, Ga.— Dividend
Rate Increased from 0% to 8 % .— A quarterly dividend of 2%
has been declared on the ($8,514,600) common stock, pay­
able Nov. 19 to holders of record Nov. 15. Dividends were
begun in August 1905; since and including 1907 the rate has
been (5%, now increased to 8% .— V. 90, p. 502, 236.
Georgia Southern & Florida R y .— Report.— For year:
J u n e 30
Yea r—

O p e r a tin g
O p e r a tin g
R evenues.
In c o m e .

O th er
In c o m e .

In terest,
& c.

D ie s .
P a id .

B a la n c e ,
S u p rlu s

1 9 0 9 -1 0
_S 2,322,158 $425,160 $57,988
$33 2,02 9
$88 ,400
$62,725
1 90 8-0 9
. 1 ,990,937
471,261
5 1 ,6 5 7
322 ,630
88,4 0 0
111,888
D ividen ds Include y e a rly 5",', ($34,200) o n first pref. s to c k an d 5 % ($ 5 4 ,­
200) on secon d pref. s t o c k .— V . 90, p. 848.

Grand Rapids & Indiana R y .— N o Dividend at Present on
Common Stock.— The directors have decided not to declare
the usual semi-annual dividend due Oct. 25 on the $5,791,700
common stock. This stock received in 1900 1%, in 1901 2%,
and from 1902 to April 1910 3% yearly. President Joseph
Wood in a circular dated Oct. 18 says in substance:
W h ile th e gross earnings to S ep t. 30 sh o w a fair Increase, y e t, fo r reasons
h ereafter s ta te d , th e expen ses, & c ., h ave so Increased as to leave n o net
In com e a p p lic a b le to d iv id en d s.
F ollow in g foreclosu re in 1896 and the p a ym e n t o f a 5 % cash assessm ent,
a n d th e a c c e p ta n c e o f s to c k b y the holders o f Its 5 % b o n d s, y o u r c o m p a n y
w as reorgan ized on such a basis th at o n Jan . 1 1910 (14 years later) the
s to c k and b on d s ou ts ta n d in g a ggregated less than $43,000 per m ile o f m ain
tra ck (ex clu d in g b ra n ch es), and th e Interest rate on its b o n d e d d e b t less
th an 4 .2 % .
H ow ever, o u r taxes In th e S tate o f M ichigan have increased
y e a r b y y ea r, until th ey n ow a m o u n t to $21 3,96 9, an increase o f $13 9,12 4,
o r 1 8 6 % since 1902, alth ou gh the a d d itio n s and betterm en ts paid fo r o u t
o f In com e ($547,364) or b y sale o f b on d s ($538,000) Increased o n ly 7 .1 % .
A g a in , In A pril 1904 the en fo rce m e n t o f an o ld law re d u ce d the m a x i­
m um passenger rate from 3 cents to 2 y 2 cents per m ile, an d b y a new law
e l e c t i v e S ep t. 28 1907 the rate w as llxcd at 2 cents per m ile.
W ith the
sam e a vera ge rate per passenger per m ile in 1909 as In 1903, the earnings
fro m passengers w ou ld h a ve been greater b y $18 2,31 1. T h e re has also been
a m arked red u ction In freight rates, d u e largely to co m p e titio n .
The aver­
a g e earnings per ton per m ile In 1896 w ere 8.2 mills: in 1909 6.3 m ills ,o r a
d ecrease o f a b o u t 2 3 % .
In a d d it io n , b o th S ta te and nation al legislation




It Is p ro p o s e d to d o so u n d er a 5-y e a r lease, as the a ctu a l m erger o f th e
tw o properties ca n n o t be e lfe cte d e x c e p t b y e n a ctm e n t o f the legislatu re.
T h e o fficia l recogn ition , o f the tw o roads as being und er the sam e m an age­
m en t w ill. It is said , m a k e the single line rate a p p lic a b le o v e r the c o n n e c tin g
road s, instead o f th e Joint line rates as a t presen t, w h ich w o u ld m ean a
sa vin g to th e shippers.
T h e c o m p a n y states in Its a p p lica tio n th at It agrees to fo llo w the p o lic y
o f the fo rm e r ow ners o f the T e x a s C entral o f e x te n d in g th at line w est
th rou gh the low er P a n h an d le to R o s w e ll, N . M ., a b o u t 350 m iles, an d c o m ­
p le tin g the branch line n o w u n d er c o n s tru ctio n from De r,eon, to a p o in t
40 m iles w est. T h e C om m ission will g iv e a hearing o n O ct. 3 1.— V . 9 1, p. 790.

Milford & Uxbridge Street Ry. Co.— Ronds Offered.—
Warner, Tucker & Co., Boston, in offering at 96)4 and int.
the unsold portion of $110,000 1st M. 5s due Jan. 1 1918, say:
P a rt o f an issue o f $ 33 5,00 0, secured b y a closed first m tg e . u p o n the e n ­
tire p r o p e r ty , su b je ct o n ly to a lien o f $165,000 u p o n a p o rtio n o f the ro a d .
A p praised fo r Mass. S tate R R . C om m ission a t $ 1 ,0 1 2 ,5 4 0 , o r o v e r tw ice the
b o n d s o u tsta n d in g .
Earnings fo r y e a r e n d in g S e p t. 30 1910: G ross, $191 .­
I l l ; net a fte r ta x e s, $59 ,408 ; Int. on $50 0,00 0 b o n d s, $25 ,0 0 0 . [A 12-m lle
exte n sio n Is p ro p o se d from U x b r id g e C en tro to E ast D o u g la s .— E d .]
— V . 91, p. 463.

Montreal Street R y.— Amalgamation Plan Withdrawn.—
A t a meeting of the directors on Oct. 20 a letter was read from
President Holt, of the Montreal Light, Heat & Power Co.,
withdrawing his company from further negotiations:
A b s tr a c t o f M i. H o lt 's L e tte r, D ated M o n tre a l, O ct. 17 1910.
Tn vie w o f the dissa tisfa ctio n expressed b y several o f ou r largest share­
h old ers In respect o f the c o m p a r a t iv e ly lo w price to he offe re d fo r their
shares, and also In view o f the a d verse p u b lic sen tim en t expressed th rou gh
the new spapers an d oth e rw ise , and inasm uch as the o u tc o m e o f the p r o je ct
m ig h t Interfere w ith the c o m p a n y ’s p r o n o u n ce d p o lic y o f re d u cin g rates
from tim e to tim e, the d ire cto rs o f this c o m p a n y , a t a m eetin g held t o -d a y ,
co n clu d e d to a b a n d o n the p r o je ct an d to w ith d ra w from a n y fu rth er n e go tia ­
t i o n s . - V . 91, p . 871, 655.

National Railways of M exico.— President Reports Road
Prospering.— President E. N. Brown, who is in New York,
is reported in the “ Sun” :is saying:
T h e tw o years since th e c o n s o lid a tio n o f th e M exica n Cen tral, th e I n t e r ­
n a tio n a l, the H ida lgo and o th e r sm aller roads w ith the N a tion a l, h a v e
d e m o n stra te d the w isdom o f the plan , a n d the earnings o f the sy s te m h a v e
ste a d ily Increased.
T h e c o n d itio n o f the road Is v e r y g o o d , an d the earnings h a ve been g o o d ,
the Increase a m o u n tin g to betw een 10 and 1 2 % , w hich w as a b o u t w h at
w as e x p e c te d .
W e are b u ildin g tw o new fines an d tw o sh o rt bran ch es.
O ne o f the new
Ines will exten d fro m D u ran go w estw ard In the S ta te o f that n am e: the
o th e r fro m P e n ja m o , In t h e S ta te o f G u a n a ju a to , Into the S ta te o f M lch o a ca n .
T w o branches are being built In th e S ta te o f V era C ruz. T h e s y s te m , t o -

g c th c r w ith th e leased lines o p e r a te d , n o w to ta ls a b o u t 8,2 0 0 m iles. T h e |
I have so u g h t th e a d v ic e o f e x p e r ts , p a rticu la rly T h o m a s F,. M itten , w h o
engines an d cars a r c o f th e h eaviest an d latest ty p e s , an d m o st o f them
Is n ow a t the h ead o f the C h icago s y s te m , and 1 am satisfied th at a c o n s id ­
h a v e been b ou g h t In this c o u n tr y .
In th e last years m a n y Im p ro ve m e n ts
e rable sum o f m o n e y w ill be requ ired in the near fu tu re fo r n ecessary re­
h a v e been m ad e and these w ill be co n tin u e d .
n ew als, an d a lso a su bstan tial a m o u n t sh ou ld be p ro v id e d p r o p e r ly to e n ­
It Is safe to say th a t this ye a r the earnings o f the ro a d w ill w arra n t a
large and thus Increase the e ffic ie n cy and earn in g pow er o f the sy stem .
It
c o n tin u a n ce o f the d iv id e n d o f 4 % th a t w as p aid to h olders o f preferred
is th erefore essential th at a co m p re h e n siv e plan be fo rm u la te d w h ereb y a
s to c k last y ea r. T h e h eaviest tra ffic on th e road Is In the d istricts a b o u t
fund can be p r o v id e d fo r ca p ita l e x p e n d itu re s c o v e rin g a p eriod o f som e
M o n t e r e y ,' T o rre o n an d the C ity o f M e x ico . T h e M exicans are great
yea rs, an d a lso th a t a larger a m o u n t sh ou ld be a p p ro p ria te d fro m th e earn ­
travelers. T h e y go a b o u t as m u ch as a n y o th e r p e o p le I h a v e k n o w n .—
ings o f the c o m p a n y fo r renew als o f the present p ro p e rty .
V . 91, p. 946, 943, 713.
Shou ld th e U n ion T ra ctio n C o. s to ck h o ld e rs agree t o th e le n d in g o f th eir
c o m p a n y ’s cre d it fo r the p u rpose o f secu rin g the new ca p ita l necessary,
New Orleans & Northeastern R R .— Report.— For year:
th e y w ill, b y so d o in g , serve t o increase the v alu e o f th eir ow n p r o p e r ty ;
J u n e 30. o p e r a t in g
A it (.alter
O th e r
In t . &
D iv id e n d s
B a la n c e ,
w h ic h , op e ra te d u nd er the c o n d itio n s o f the P h iladelph ia R a p id T ran sit
Year —
R even u esT a x e s ).
In com e.
R e n ta ls .
R a id .
S u r p lu s .
C o m p a n y ’s c o n tr a c t w ith the c it y (a c o n t r a c t, h o w e v e r , th at is not trans­
1 90 9-1 0. S3,143,102 5 1,074,092 5100,184 5 5 0 3,96 5 (6 ^ )5 3 9 0 ,0 0 0 5280,311
fe r a b le ), w ill secure to the U n ion T r a c tio n s to c k all o f the a d v a n ta g es in
1 90 8-0 9. . 3 ,0 3 5 ,0 8 8
843 ,10 1
90,615 481 ,0 2 0
(5 )3 0 0 ,0 0 0 152,753
th e w ay o f net earnings resu ltin g th erefrom u p to the lim it o f th e T ran sit
— V . 89, p . 1504.
C o m p a n y 's g u a r a n ty .
In n o o th e r w a y can the U n ion T ra ctio n C o. s to c k ­
New Orleans Railway & Ligh t Co.— Dividends on Preferred h olders, in m y o p in io n , secu re such fa v o r a b le retu rn fro m th eir p ro p e rty .
ere seem s t o be no reason , b a rrin g u nforeseen c o n tin g e n cie s, to q u es­
Resumed.— The directors have declared a dividend of 2% % tioTnhth
e a b ilit y o f the p r o p e r ty to u ltim a te ly show substan tial earnings on
on the §10,000,000 5% non-cumulative preferred stock out the present c a p ita liz a tio n , p r o v id in g a linancial pla n , a lo n g the lines Indi­
d , can be c o n su m m a te d .
of the earnings of the year ending Dec. 31 1910, paya­ c a te
In co n c lu s io n , 1 w o u ld be w illin g to a c c e p t y o u r in v ita tio n , c o n d itio n a lly ,
ble Jan. 16 to holders of record Dec. 31. This is the first dis­ h o w e v e r , u p o n ; (1) T h a t the U n ion T ra ctio n C o. sto ck h o ld e rs agree t o gu a r­
th e o b lig a tio n s lo r ca p ita l requ irem en ts: (2) th a t a su fficie n t a m ou n t
tribution since that made in Oct. 1907, when 62% cents per abne tee
a p p ro p r ia te d fro m th e earnings t o p ro p e rly m ain tain th e p r o p e r ty .

share (•% of 1%) was paid. The first dividend, 1% % , was
paid in Jan. 1900 and the same amount was paid quarterly
thereafter to July 1907.— V. 90, p. 1167.
New York New Haven & Hartford R R .— New Directors.—
Acquisitions Approved.— The stockholders on Oct. 26 voted
to increase the board of directors from 25 to 27 and to approve
the purchase of the Bershire R R ., New Haven & Northamp­
ton Co. and Rhode Island & Massachusetts R R . The fol­
lowing three new directors were elected:

It is reported that the plan which Mr. Stotesbury advo­
cates is the sale of perhaps $5,000,000 of an issue of, say,
$10,000,000 debentures of the Philadelphia Rapid 't ransit
Co., guaranteed by the Union Traction Co., in which case
the shareholders of the latter company would probably con­
tinue to receive Ihe same rate of dividend as heretofore.
— V. 91, p. 946, 789.
Pittsburgh Shawmut & Northern R R .— Receiver's Certifi­
cates.— Kidder, Peabody & Co., New York and Boston, offered
T h om a s lie W itt C u y lcr o f P h ila d elp h ia , a m em ber o f th e P e n n sy lv a n ia
on Oct. 26, at 96% and int., yielding 5 % % income,
R R . b o a r d , to su cceed Joh n H . W h lttc m o r e , deceased; P residen t Jam es
McCrea o f th e P en n sylva n ia h a vin g a lre a d y been a dire cto r; A u gustus S.
$1,500,000 5% receiver’s certificates covering the Pittsburgh
M ay and Arthur E. Clark, T reasurer a n d S e cre ta ry o f th e N ew H a v e n C o m ­
Shawmut & Northern R It. and the mortgaged properties of
p a n y , resp ectiv ely , w hose e lection It Is s ta te d Is te m p o r a r y .— V . 91, p. 1026,
946, 941.
the Shawmut Mining Co. and the Kersey Mining Co. These
New York Westchester & Boston (Electric) R y .— Bonds certificates are dated Aug. 1 1910 and due Aug. 1 1915 but
Authorized.— The Public Service Commission, Second De­ red. on any interest day at 105 upon 90 days’ notice. Int.
partment, lias authorized the company to issue §5,000,000 F. & A. Par $1,000 _(c). Columbia Trust Co., N. Y ., trustee.
The entire amount, it is stated, has been placed.
5% 50-year bonds under its 1st mtge. dated Oct. 1 1904.

T h e b on d s are n o t to be d isposed o f fo r less than par o r p ledged as se­
c u rity for Indebtedness. T h e proceeds arc to be used o n ly in th e c o n s tr u c ­
tion o f th e p ortion o f th e ro a d e x te n d in g from th e Junction w ith th e m ain
line, In th e C ity o f M ount V e rn o n , to th e term inus In the v illage o f W h ite
Plains. T h e c o m p a n y has been a u th o rize d to exercise the fra n ch ise gran ted
It fo r th e con stru ction and op e ra tio n o f its road w ithin tlie cities o f M ount
V ern on an d N ew R och e lle , the villages o f N orth Pelham a n d W h ite Plains
a n d th e Tow ns o f Hast C h ester, Scarsdale an d W h ite P la in s.— V . 91, p. 337.

Norfolk & Southern R y .— Distribution of New Securities.—
The reorganization committee of the Norfolk & Western Ry.
(George C. Clark, Chairman) gives notice to the holders of
certificates of deposit of the first and refunding M. bonds
and bond scrip, under the plan of reorganization dated J u lj^
1908, that the distribution of the stock of the new company
(Norfolk Southern R11. Co.) will be made to the holders of
the certificates of deposit in the ratio of $1,142 86 par value
of said stock for each $1,000 par value of bonds or bond
scrip, at the Manhattan Trust Co., New York, the Union
Trust Co. of Providence and the Old Colony Trust Co. of
Boston. .See advertisement on another page.— V. 91,p .1026.
Northern Central R y .— Circulars of M inority Committee.—
The minority stockholders’ committee (Arnold E. Waters,
Baltimore, Chairman), who oppose the approval of the pro­
posed lease at the adjourned meeting on Nov. 2, have issued
a circular to the stockholders dated Oct. 24.
T h e co m m itte e Is also d is trib u tin g co p ie s o f a letter from their co u n se l,
A rth u r W . M achen J r ., sta tin g reasons w h y , In his o p in io n , th e p rop osed
lease sh ou ld n o t be m a d e .— V . 91, p. 1026, 871

Ocean Shore (Cal.) R y .— Sale Postponed.— Judge Van
Fleet, in the United States District Court at San Francisco,
on Oct. 17 granted the application to postpone the sale of the
road from Oct. 19 to Nov. 18,in order, it is said, to enable
the bondholders’ committee to secure the deposit of $1,500,­
000 additional bonds, making a total of $1,000,000.— V. 91,
p . 1026, 871.
Pennsylvania R R .— Extra Fare for Tube Service.— The
company this week announced that in addition to the charge
now made to passengers from suburban points in New
Jersey, 10 cents additional or 20 cents per round trip will
be asked from those who use the tunnel extension to the
new station to be opened on N ov. 27. (Compare L . I . R R .,
V. 91, p. 463.)

A b s t r a c t o f L e tte r fr o m

R e c e iv e r F r a n k S u lliv a n

S m it h , O c t . 2 4 1 9 1 0 .

T h ese certificates w ere a u th orized in Ju n e 1910 b y th e S u p rem e Cou rt
o f N ew Y o r k a n d b y the U . S. Circuit C ou rt fo r th e W estern D ist. o f I’ cn n a .
an d a p p ro v e d b y the P u b lic S ervice C om m ission o f N . Y . (2 n d H is t.), prin­
c ip a lly fo r a d d itio n a l e q u ip m en t rendered necessary b y th e h e a v y tra ffic,
and fo r o th e r purposes specified fo r th e Im p ro v e m e n t o f th e p ro p e rty an d
the Increase o f its net earnings.
T h e p ro p e rty consists o f a b o u t 200 m iles o f railroad , ex te n d in g from H ornell a n d YVayland, N . Y . , w here it co n n e cts re s p e ctiv e ly w ith th e Erie an d
th e I). U. <5; W . R R ., and O lean, N . Y . , w here it co n n e cts w itli th e P en n ­
sylva n ia s y s te m , to the B orou g h o f B r o c k w a y y ille , I’a ., w here co n n e ctio n
is m ade w ith th e P ittsbu rgh & S h a w m u t R R . , w h ich is n o w u nd er c o n ­
stru ctio n to th e P ittsbu rgh d istrict, as an e x te n sio n o f th e P ittsb u rg h S haw ­
m u t & N orth ern R R ., being ow n e d b y su b sta n tia lly th e sam e Interests.
T h e receiversh ip covers railroad p rop erties, co a l lands, co n sistin g o f
a b o u t 26,000 acres o f coa l w itli eight m ines in o p e ra tio n , m in in g tow n s an d
m in in g plants ca p a b le o f p ro d u cin g 6,0 0 0 ton s o f coal per d a y , o r a b o u t
1 ,500,000 ton s per year. T o ta l va lu e , o v e r 5 2 5 ,0 0 0 ,0 0 0 , o f w h ich m ore
than 5 3,000,000 is first class eq u ip m e n t.
T h ere are n o w o u tsta n d in g 5164,000 1st M. 5s an d S 14 ,49 1,60 0 refu n d in g
4s, o f w hich 5 1 1 ,953 ,00 0 are p ledged as collateral under th e m tg e . e x e cu te d
b y the P ittsbu rgh & S haw m ut R R . C o. t o C entral T ru st C o. o f N . Y . to
secure Its 1st M. 5";> b on d s. T h e re ce iv e r’s certificates are a lien u p on said
properties prior to the lien o f said m ortg ages o r deeds o f trust and arc to be
re co gn ize d as such in a n y re organ ization .
T h e to ta l au th orized issue o f r e ce iv e r’s certificates, in clu d in g th e present
issue. Is 53 ,1 0 0 ,0 0 0 . 5525,000 o f w hich arc due In 191 1, 3200,000 in 1915
an d 587 5,00 0 refu n d in g certificates w ill be d u e in 1916.
T h e o p e ra tin g reven u e this y ear Increased 4 0 % o v e r 1909, w itli an In­
crease o f but 11 % in op e ra tin g expen ses. T h e c o m p a n y earned net for th e
ye a r 1909-10 539 7,17 1, o r o v e r 2
tim es th e Interest o n tlxc to ta l issue o f
ce rtifica te s .— V . 91, p . 39.

Portland (Ore.) Railway Ligh t & Power Co.— Regular
Dividend.— The regular quarterly dividend of 1% has
been declared on the $10,000,000 common stock, payable
Dec. I. The reports current this week as to proposed finan­
cial plans are pronounced premature. A definite statement
is expected to be made in the near future, possibly next week.
— V. 90, p. 850.
Quakertown Traction Co.— Notice to Bondholders.— Refer­
ring to the offer mentioned last week (p. 1096), George B.
Atlee & Co., Philadelphia, make the following statement:
A p r o te c tiv e c o m m itte e w as fo rm e d o n O ct. 25 b y th e b o n d h o ld e rs o f th e
c o m p a n y w h o arc o p p o s e d to th e recen t p ro p o s itio n m ade them w h ereb y
th e y are in dan ger o f suffering a co n s id e ra b le loss eith er th rou gh th e
a c c e p ta n c e o f sam e o r b y th e a lte rn a tiv e o f refu sing said p r o p o s itio n . T h e
co m m itte e com p rises Julius V ctte rle ln , T h e o d o r e J. Lew is, W illiam A le x ­
a n d e r B row n , A lb e rt W . M orton an d G eorge B . A tle e (C h a irm a n ), 110
S ou th 4 tli S t., P h ila d e lp h ia .— V . 91, p . 1096.

Quebec Southern R y .— Settlement.— All creditors of the
Quebec Southern Ry. Co. and the South Shore Ry. Co. and
all
persons interested in the moneys arising from the sale of
S im lb r ly an a vera ge ch arge o f a b o u t ten cen ts per single fa ro w ill be
m ade on all 50-trip o r co m m u ta tio n tick e ts. T h e ilrst passenger train c o n ­ said railways are notified that application will be made to the
tain in g J. i ’ . M organ an d p a rty w as sent th ro u gh fro m N ew J ersey on
Court at Ottawa on Nov. 8 for an order approving the agree­
M o n d a y .— V . 91, p. 1026. 946.
Philadelphia Rapid Transit Co,— M r. Stotcsbury’s Reply.— ment made between Charles K. Lawton, Jno. Hasseltine nnd
In response to the petitions dated O ct.3, signed respectively Wm. Bloom and the Attorney-General of Canada, settling
by all of the directors of this company and by a large number the claims of the*said Lawton, Hasseltine and Bloom as
of the shareholders of the Phila. Rapid Transit Co. and the held creditors collocated therein.— V. 82, p. 510.
Rio Grande R y.— Bond Not Filed.— The minority stock­
Union Traction Co., Mr. E. T . Stotesbury on Oct. 20 sent a
letter (addressed to Henry C. Butcher),stating that he would holders failed to file the bond by Oct. 18, as required by the
enter the Transit board provided Union Traction stockhold­ order granting a re-sale of the road.
ers would agree to guarantee such financing as is required
U n der th e o rd e r, therefore, the original sale fo r 548,000 to W m . E. G u y
o f the S t. Louis U nion T rust C o ., rep re se n tin g , it is u n d e rs to o d , the S t .
by the Transit Company. The letter says in substance:
L ouis & San F ra n cisco interests, stands co n firm e d . C o m p a re V . 9 1 , p.1 0 2 6 .

I d u ly receiv ed the co m m u n ic a tio n signed b y you rself and o th e rs re q u e st­
ing th at I en ter the board o f d ire cto rs o f the R a p id T ran sit C o m p a n y w ith
such a ssocia tes as I m ig h t se le ct an d th e re a fte r " c o n t r o l the p o lic y and
business of the c o m p a n y .”
A n earnest desire to a d v a n c e the w elfare o f the general p u b lic p ro m p ts
m e to c o m p ly w ith y o u r requ est, hu t In vie w o f the T ran sit C o m p a n y ’s
financial requ irem en ts, I feel th at i can o n ly a c c e p t this re sp o n sib ility
upon a certa in d efin ite u n d erstan d in g b y w h ich the U nion T ra ctio n C o.
w ill guaran tee tlie T ran sit C o m p a n y ’s o b lig a tio n s to p ro v id e such new
capital as m a y be required until such tim e as th e net earnings o f the system
arc su fficien tly Increased as to m ake p ossible the sale o f P h ila. R a p id T ran sit
C o m p a n y ’s securities on their ow n m erits.
F rom the published ann ual re p o rts o f the P h ila. R a p id T ra n sit C o. It
app ears th a t the net earnings d u rin g the p ast fo u r years h a ve not been
su fficien t to p a y the ann ual g u aran teed d iv id e n d o f 6",', u pon the U nion
T ra ction C o. s to c k .
M ore o v e r, the n et e arn in gs o f the T ran sit C o m p a n y
fo r the curren t llscal y ear w ill n o t be s u ffic ie n t, a c c o r d in g to President
K ru g e r’s e s tim a te, t o p a y this d iv id e n d .




Rock Island Arkansas & Louisiana R R .— Listed in London.
— The London Stock Exchange has listed the 811,000,000
1st. M. 4 % % bonds. Compare V. 90, p. 628..— V. 91, p. 717.
St. Joseph & Grand Island R y .— .Yen? President.— Graham
G. Lacey, a St. Joseph banker, has been elected President
to fill the vacancy caused by the resignation of W. T. Van
Brunt some time since.— V. 89, p. 1277.
St. Louis Rocky Mountain & Pacific Co.— Report:
J u n e 30
Y ea r—

G ross
E a r n in g s .

1909-10 ________ 51,974,244
1908-09 ________ 1,439,046
— V . 90," p. 772.

X e t (a lte r
T a x e s ).

In terest,
& c.

D ep rec’n.
& c .. R e s .

B a l., S u r .
o r D c jic it..

5667,511
456 ,064

5 4 0 1,11 6
381 ,6 8 7

564 ,767
79,307

s u r .5 2 0 1 ,628
d e f.
4,9 3 0 '

St. Mary's & Western Ontario R y .— Meeting o f 2nd M .
IN D U S T R IA L , GAS A N D M ISCELLANEOUS.
Bondholders.— James Munro, trustee of the 2nd M. bonds,
Akron (O.) W ater Works Co.—-Proposition to Issue Bonds
gives notice that, in compliance with a requisition by the for New City Plant Defeated.— See “ Akron, Ohio,” in “ State
holders of one-half in amount of said bonds, a meeting of the & City” Department.— V. 72, p. 1189.
bondholders will be held at his office, in the Village of Embro,
American Express Co.— Injunction.— Judge Kohlsaat in
Out., Canada, on Dec. G next, to consider what steps should
be taken in view of the default of the company to pay interest the United States Circuit Court at Chicago on Oct. 12 granted
a temporary injunction restraining the Illinois State Railroad
on.the bonds.
.
T h e roa d ex ten d s from E m b ro t o S t. M a ry’s, O n t ., 15.7 m iles, an d Is and Warehouse Commission from enforcing its new rate
leased t o C a n adian P a cific R y . at a rental o f 4 0 % o f gross earn in gs, b u t n o t schedule, effective Oct. 15, making sweeping reductions in
less th a n $ 7,030 per an n u m , o r 4 % on th e $19 8,25 0 1st M. b o n d s. T h e
Argument is expected to
C a n a d ia n P a cific has th e o p tio n o f a c q u irin g th e $25 0 ,0 0 0 s t o c k a t a n y the charges of express companies.
tim e w ith in 12 years fo r $25 ,0 0 0 .
take place shortly on the question of making the injunction
Southern Indiana R y .— Receiver’s Certificates Authorized.— permanent. Compare V. 91, p. 591.
The Federal Court on Oct. 22, on petition of receiver Myron
American Glue Co .— Extra Dividend.— An extra dividend
J. Carpenter,-authorized an issue of not over $325,000 re­ of 1% (No. 6 of such payments) has been declared on the
ceiver’s new certificates to take up the $382,000 certificates $800,000 common stock along with the regular semi-annual
maturing Nov. 1 next, the remainder of the amount necessary payment (No. 10) of 2% , both payable N ov. I to holders of
to be provided from cash on hand.
The same amounts were paid in May 1910
T h e n ew certificates w ill b e d a te d N o v . 2 1910 a n d m atu re M a y 1 1911, record Oct. 27.
and Nov. 1909.— V. 91, p. 213, 155.
b u t m a y be paid o ff b efore th a t tim e If d e s ire d .— V . 91, p. 871.
Texas Central R R .— Proposed Lease.— See Missouri Kansas
American Malting Co.— Report.— For year end. Aug. 31:
F isc a l
T o ta l
B ond
T axes
B etterm en ts
B a la n c e ,
& Texas R y. above.— V. 91, p. 871.
Y ea r—
P r o jits .
In ter es t.
P a id .
&
M a in t.
S u r p lu s .
Third Avenue R R ., New Y ork .— Re-hearing Granted.— 1909-10 ____ $54 9,15 6
$18 4,39 8
$70 ,384
$51 ,922
$ 24 2,45 2
190,430
7 9 ,610
53,564
557,383
The Public Service Commission, First District, has granted 190 8- 09 __ 880 ,993
P ro fits as a b o v e Inclu de earnings o n p r o d u c ts d e a lt In an d Interest on
the application of the bondholders' committee for a re­ secu rities o w n e d , loans and b alan ces. T n e sem i-an n u al d iv id e n d o f 62 c ts .
hearing on the proposed reorganization plan.— V. 91, p. paid N o v . 1 on th e $14 ,4 4 0 ,0 0 0 p re f. s to c k calls fo r $89 ,5 2 8 . T h e a m o u n t
o f th e final d iv id e n d , p a y a b le In M ay 1911, o u t o f th e earnings fo r th e late
1096, 718.
ye a r, w h eth er m ore o r less than th e a m o u n t ju s t d e cla re d , w ill d e p e n d on
Vicksburg Shreveport & Pacific R y .— Report.— For year: th e tra d e co n d itio n s then e x istin g . See V . 91, p , 791.
J u n e SO.
O p e r a tin g
N e t (a lte r
O th er
In ter es t &
P r e f.d iv .
B a la n c e ,
American Smelters’ Securities Co.— Bond Issue.— The
Y ea r—
R even u es.
T a x e s ).
In com e.
R en ta ls.
(5 % ).
S u r p lu s .
company has authorized an issue of $15,000,000 15-year 6%
1 9 0 9 - 1 0 .. $1 ,4 1 8 ,3 1 2
$30 8,03 9 $93,951
$18 0 ,0 7 5 $ 1 0 7 ,1 4 0
$11 4,17 5
1 9 0 8 - 0 9 ,_ 1 ,367,111
257 ,592
09,284 181,508
107 ,140
38,168
bonds, convertible for 7 years $ for $ into the common stock
— V . 89, p . 1595.
of the American Smelting & Refining Co., to the stockholders
Wabash-Pittsburgh Terminal R y .— Suit to Obtain Deposit of which the bonds will be offered at par. The offering, it is
o f Bonds with Chapin Committee.— The Wallace committee understood, will be underwritten.
for bondholders has refused to return the $450,000 bonds
T h e p ro ce e d s o f th e b o n d s w ill e n ab le th e S ecurities C o. to p a y o ff Its
ess to th e A m e rica n S m e ltin g & R e fin in g C o. an d a d d c lo se to
owned by the Colonial Trust Co. of Pittsburgh so that the Indebtedn
$ 5 ,0 0 0 ,0 0 0 t o th e w o rk in g assets o f th e fo rm e r c o m p a n y .
bonds may be deposited with the Chapin committee.
T h e A m e rica n S m eltin g & R efin in g C o. has arran ged to pu rch ase th e c o m ­
T h e C h apin c o m m itte e , It Is sta te d , w ill c a rry the m a tte r t o the co u rts In
a test su it.
T h e b on d s w ere d e p o s ite d w ith the W a lla ce c o m m itte e In M ay
1908 u n d er a 5 -y ea r a g reem e n t, b u t the C h apin c o m m itte e cla im s th a t as
a b o u t h alf o f th a t tim e has elapsed w ith little a c t iv it y b y the W a lla ce c o m ­
m itte e , It has forfeited Its rig h ts to Insist u p o n re ta in in g the b o n d s fo r the
full p e r io d .— V . 91, p . 1097.

Washington Baltimore & Annapolis Electric R y .— De­
posits.— Advices from Baltimore state that there have been
deposited with the reorganization committee a considerable
amount of stock and over half the bonds of this company,
and about an equal number of the bonds of the Baltimore
Terminal Co.— V. 91, p. 947, 590.
Western New York & Pennsylvania Traction Co.— Bonds
Offered.— J. S. & W. 8. Kuhn, Inc., Pittsburgh, Chicago,
New York and Philadelphia, with Kuhn, Fisher & Co., Inc.,
Boston, as their agents, are offering by advertisement on
another page at 95 and int. the unsold portion of $2,000,000
“ first and refunding m tge.'' 5% gold bonds, exempt of Penna.
and N. Y . State tax. Dated 1906 and due Jan. 1 1957, but
callable at 105 and int. prior to Jan. 1 1912; thereafter at
110 and int. Par $1,000 (c *). Trust Company of America,
N . Y . City, trustee. A circular says in substance:
S in ce th e c o n s o lid a tio n [In N o v . 1906], exten sion s agg re g a tin g o v e r 30
m iles o f tr a c k h a v e been m ad e, a new p o w e r h ou se, to g e th e r w ith su b -s ta tlo n s , an d w a itin g r o o m s , h a v e been b u ilt, an d th e p r o p e r ty ge n e ra lly Im­
p r o v e d . T h e system Is lo ca te d In sou th w estern N ew Y o r k S ta te and In
n orth w estern P en n sy lv a n ia , th e to w n s s erved In clu din g O lean , P o r tv llle ,
Ceres, B o liv a r , A lleg a n y , Salam an ca an d L ittle V a lle y, N . Y . , and B rad ­
fo r d , L ew is R u n an d Sn ln gleh ou se, P a . T h e c o m p a n y ’ s p r o p e r ty lies In
th e cen tre o f th e fa m ou s O lean oil d is tric t.
In a d d itio n , th e te r rito r y has
been w ell d e v e lo p e d a g ricu ltu ra lly . Its principa l Industries c o m p risin g d a ir y ,
r efin in g , ta n n in g an d the m a n u fa ctu re o f fu rn itu re , cu tle r y an d brick s.
T h e d iv ision sh op s o f th e E rie R R . are lo ca te d a t S alam an ca, w hile th o se o f
th e P en n a . R R . are a t O lean . T h e re are tw o w e ll-p a tro n ize d park s o n the
c o m p a n y ’s lines, o n e a few m iles east o f O lean , k n o w n as R lv c r h u r s t P a rk ,
an d th e o th e r a t R o c k C ity , m id w a y betw een O lean and B ra d fo rd .
T h e c o m p a n y ’s p r o p e r ty Includes a b o u t 98 m iles o f tra ck , m o s tly 70-lb.
steel, w ell b a lla sted , a p p ro x im a te ly 6 0 % o f w hich Is o p e r a te d o n p riva te
a n d leased r lg h ts-o f-w a y ; 58 d o u b le -tra ck m o to r passenger ca rs, 30 freigh t
cars a n d 5 sn ow p low s.
P ow er Is furnish ed b y gas en gines, usin g natural
gas from th e c o m p a n y ’ s fields, th e co s t bein g v e r y lo w . T h e g ra d e o f th e
ro a d seld om e x ceed s 2 % , e x c e p t o n th e scen ic r o u te betw een O lean an d
B r a d fo r d .
T h e franchises are p ra ctica lly p erp etu a l, e x c e p t th o se In B rad ­
f o r d , w here th e y run until 1934. T h e lo ca tio n , a lo n g tw o large v a lle y s ,
In tersected b y sm aller v a lle y s , renders o th e r ra ilw a y co m p e titio n p ra c tic a lly
Im p ossib le, an d m akes th e c o m p a n y ’s serv ice In e ffe ct e x c lu s iv e .
C n n itn iie n tfo n .

A u th o riz e d Issue o f " fir s t a n d re fu n d in g” b o n d s (a first lien o n
th e en tire p r o p e r ty e x c e p t 30 m iles o f O lean Street R y .— see
b e lo w ), $ 6 ,u oo,ou o,• a ..ouiU o u is u t.iu m g _______________________$2,00 0 ,0 0 0
R e s e rv e d to retire d iv isio n a l liens (O lean S t. R y . 5 s), c o v e r in g
o n ly 30 m iles o f t r a c k ___________________________________________ _ $30 0,00 0
: R e m a in d e r Issuable fo r fu tu re ex te n sio n s an d a d d itio n s at 8 5 %
o f a ctu a l c o s t, but o n ly w ith co n s e n t o f P u b lic S e rv ice C o m ­
m ission o f N ew Y o r k S ta te.
C a p ita l s to c k (1st p ref. 6 % c u m ., $ 6 0 0 ,0 0 0 ; p re f. 5 % n o n -c u m .,
$ 1 ,0 0 0 ,0 0 0 ; c o m m o n , $ 1 , 0 00 , 000 ) ______________________________ 2 , 600,000
T h e re are also o u ts ta n d in g $ 55 ,000 1st M . 5s d u e 1933 o n 5 m iles o f th e
S h ln gleh ou se R R ., w h ose en tire ca p ita l s to c k Is o w n e d .
E a r n i n g s J o r Y e a r e n d i n g D e c . 31 1909.
G ross e a rn in g s ______________ $ 3 7 1 ,1 0 6 1T a x e s , ren tals, & c __________ $18 ,166
N et e a rn in g s _____________ ..$ 2 0 5 ,7 7 8 I n t . on $ 2 ,3 0 0 ,0 0 0 b o n d s . . $11 5,00 0
B a la n ce , surplus fo r y e a r (bein g 6 0 % In excess o f Int. c h a r g e s ) .. $72 ,612
T h e c o m p a n y con te m p la te s In th e near fu tu re an a c tiv e d e v e lo p m e n t o f
Its p o w e r business, a s ou rce o f re ve n u e p r a c tic a lly u n d e v e lo p e d . T h e
freig h t business Is bein g gra d u a lly d e v e lo p e d . T h e re ce ip ts p er ca r m ile fo r
1909 w ere $.2471
D i r e c t o r s . — W . R . P a ge o f O lean , P re s.; J o s . B . M ayer, O aklelgh T h o rn e ,
S tephen P e a b o d y and W in . P . S heeh an, all o f N . Y . C ity; K. E. D usenb erry , O lean , N . Y . ; W .C .M a r c y . B u ffa lo ; W m . E . B u rd ic k , B r a d fo r d , P a .
— V . 90, p . 1103.

Wilmington (D el.) Newcastle & Southern R y .— Foreclosure
Decree.— Chief Justice Pennewill in the Chancery Court at
Wilmington, Del., on Oct. 22 issued a decree providing for
the sale of the line between Wilmington and Newcastle under
the first mortgage of the Wilmington & Newcastle R y. of
1896 for $150,000 to the Real Estate Trust Co. of Philadel­
phia, as trustee.
T h e sale, to take place In a b o u t a m o n th , w ll be c o n d u c te d b y Sheriff
L lp p ln c o t t o f N ew castle C o u n ty . T h e sale d o e s n o t Include th e line front
N ew ca stle t o D elaw are C ity .
C om pa re V . 91, p. 872; V . 85, p . 922.




m o n s to c k o f th e A m e rica n S m elters’ Secu rities C o. h eld b y th e G u ggen ­
heim E x p lo r a tio n C o ., am o u n tin g to $ 1 1 ,2 4 9 ,0 0 0 , bu t w hich Is carried on
th e E x p lo r a tio n C o .’s b o o k s a t a n om in al valu e o f $1. T h is will p la ce the
A m e rica n S m eltin g & R e fin in g C o. In possession o f p r a ctica lly th e en tire
$ 3 0 ,0 0 0 ,0 0 0 c o m m o n s to c k o f th e Secu rities C o .— V . 91, p . 532, 517.

American Smelting & Refining Co.— Convertible Bonds, &c.
— See Amer. Smelt. Securities Co. above.— V. 91, p. 531,517.
American Woolen Co.— Acquisition of Wood Worsted Mills.
— The directors of the company have voted to purchase the
Wood Worsted Mills, and the purchase has been approved
by the latter.
T h e A m erican W o o le n C o. Is th e o w n e r o f all th e s to c k o f th e W o r s te d
M ills C o rp o ra tio n e x c e p t o n e share fo r each d ire cto r, so th at th e co n s o lid a ­
tio n o f th e tw o com p an ies Is m erely a m atter o f c o n v e n ie n ce an d d oes n o t
In v o lv e the Issue o f a n y new securities.
All th e o b lig a tio n s o f th e W o o d W o rste d M ills h a v e been liq u id a ted
e x c e p t th e $1,000,000 o f c o u p o n n o te s , w h ich are gu aran teed b y th e A m eri­
can W o o le n C o ., d u e M arch 1 1911, an d In o rd e r th at their p a y m e n t m a y
b e secu red t o th e n ote-h old ers th e W o o d W o rste d Mills w ill, prior t o th e
sale, e x e cu te a sh o rt-tim e m o rtg a g e fo r th e benefit o f th e holders th e reof.
U pon p a y m e n t o f the n otes o n M arch 1 n e x t, fo r w h ich arrangem ents have
been m a d e , this sh o rt-tim e m o rtg a g e w ill be d isch a rg e d .— V . 91, p. 520, 90.

Chesapeake & Potomac Telephone Co.— Bonds Called —
Such of the $1,000,000 5% 1st M. bonds of the Maryland
Telephone & Telegraph Co. of Baltimore City, bearing date
N ov. 1 1899, as bear the guaranty of the Chesapeake &
Potomac Telephone Co. have been called for payment on
Jan. 3 at par and interest to Jan. 1 at the National Marine
Bank of Baltimore.— V. 87, p. 1422.
Consolidated Gas Co., New York.— Dividend Rate In­
creased from 4% to 6 % .— The directors on Thursday declared
a regular quarterly dividend of 1 ^ % on the $99,813,000
capital stock, payable Dec. 15 to holders of record Nov. 16,
thus increasing the annual rate to 6%, compared with 4%
since 1907 inclusive. President Cortelyou made no formal
statement regarding the increase, but the following, we
understand, is correct:
W h en asked fo r th e reason o f th e Increase In th e d iv id e n d ra te o f th e
C on solidated Gas C o ., P resident C o rte ly o u replied: " T h e b o a rd o f trustees
fe lt th a t th e c o n d itio n s o f th e c o m p a n y ’ s business Justified su ch an Increase
at this tim e .”
M r. C o rte ly o u a d d e d th a t this c o n d itio n Is d u e t o a v a r ie ty o f causes,
an d nam ed a m o n g o th e r things g ro w th o f th e c o m p a n y ’ s fuel a p p lia n ce
business. Im p rovem en t In th e Industrial m arket fo r Its b y -p r o d u c ts , e c o n o ­
m ies e ffected In c o s t o f o p e r a tio n . Increase In earnings o f su bsid iary c o m ­
pan ies, re d u ctio n In c o m p a n y ’s llx cd ch arges d u e t o c o n v e r s io n o f $ 2 0 ,000 ,00 0
6 % deben tu res Into ca p ita l s t o c k , a n d to p a ym e n ts b y th e c it y o f a large
p ercen ta ge o f th e Interest w h ich hail a ccru e d o n th e c it y ’s ligh tin g bill,
a d ju ste d last A p ril In c o n n e c tio n w ith th e a d ju s tm e n t o f th e c o m p a n y s
special fra nchise taxes.
Mr. C o rte lyo u w as asked w h eth er th e p a y m e n t o f th e d iv id e n d a t the rate
o f 0 % per ann um m ean t th a t th e c o m p a n y w as earning th a t rate o f return
u p o n the valu e o f the gas p r o p e r ty as fo u n d b y th e (J. S. S u p rem e C ou rt.
H e replied th at It did n o t m ean a n y th in g o f th e k in d . T h e valu e esta b ­
lished by th a t C ou rt w as gre a tly In e xcess o f th a t p o rtio n o f th e par va lu e
o f th e c o m p a n y ’s ca p ita l s to c k and o b lig a tio n s w hich represented Its In­
v e stm e n t In Its gas business,
f i e fu rth er a d d e d th a t w hen th e c o m p a n y
earned 6 % returns o n th e va lu e o f Its p roperties e m p lo y e d In th e g i s busi­
ness, It w ou ld be e q u iv a le n t, w hen a d d e d t o earnings o f Its su bsid iary
co m p a n ie s, to 8 % on th e to ta l o u ts ta n d in g ca p ita l s to c k o f th e c o m p a n y .—
V . 91, p . 398.

Diamond Rubber Co., Akron, Ohio.— Increased Dividend.
— “ Cleveland Finance” announces an increase in the quar­
terly dividend rate from 2 ^ to 3^2%, which raises the an­
nual rate from 10 to 14%. A year ago the capital stock was
increased from $5,000,000 to $10,000,000 through a 100%
stock dividend.
Neiv Director.— Guy E. [or II.] Norwood has been elected
to the board, succeeding O. S. Hart.— V. 89, p. 1225.
(E. I.) Du Pont de Nemours Powder Co. —Earnings.— For
the nine months ending Sept. 30:
G ross
N e t ( a f t e r •N o n - o p e r . B o n d
P r e J .D i v . B a l a n c e ,
R e ceip ts .
D e p r . , & c . ) D e d u c 'n s . In ter es t.
(3 5 4 % ). S u r p l u s .
1 9 0 9 - 1 0 ..$ 2 4 .3 0 1 ,0 8 0 $ 4 ,5 5 9 ,7 2 7 $ 19 2,28 0 $55 0,54 6 $ 50 5,08 0 $3,311,821
1 9 0 8 -0 9 .. 22,097,533 4 ,3 5 5 ,0 2 4
254 ,159 0 56 ,807 531,568
2 ,9 1 2 ,4 9 0
* R ep resen ts d is co u n t o n sale o f real e state, secu rities and o th e r transac­
tio n s n o t d u e t o cu rren t op e ra tio n s.
N in e
M o s .—

|K The b a la n ce as a b o v e fo r th e nine m o n th s o f 1910 Is e qu a l to 1 1 .5 5 %
(15 4 0 % yea rly) on th e $ 28 ,662 ,04 8 c o m m o n s to c k o u ts ta n d in g , a gain st
1 0 .3 7 % (1 3 .8 3 % yea rly ) o n the $2 8 ,0 7 8 ,5 2 1 o u ts ta n d in g In 1909.
N et
earnings fo r th e nine m on th s o f 1910 a r c equal to an ann ual In com e on th e
gross In vestm en t o f 7 7 6 % , against 7 8 8 % In 1909 — V 91, d . 719 , 520.

Edison Storage Battery Co.— New Stock.— The company
filed at Trenton, N. J., on Oct. 20 a certificate of increase of
capital stock of §1,998,200, to §3,500,000, as authorized at
a meeting of the stockholders held Oct. 7.

T h e c o m p a n y has re c e n tly p laced on th e m a rk e t Its p e r fe cte d sto ra g e
b a tte r y , fo r w hich It cla im s, as co m p a re d w ith th e o rd in a ry s to ra g e b a tte r y ,
a g reat sa vin g In w eigh t (5 0 % ) an d m uch g reater d u r a b ility , an a lk alin e
solu tion h a v in g rep la ced th e acid so lu tio n o f th e earlier ty p e s . T h e E le ctric
S to r a g e B a tte r y C o. Is also a d v e rtis in g a new b a t t e r y .— V . 81, p . 561.

N in e
M o s .—

G ross
R e ceip ts .

E xp en ses and
N et
T axes.
E a r n in g s .

In terest a n d
R e n e w a ls .

B a la n c e ',
S u r p lu s .

1 9 1 0 ................. $ 4 ,0 9 7 ,8 0 7
$ 2 ,0 5 4 ,2 6 2 $2,0 4 3 ,5 4 5 $456,548
$ 1 ,5 8 6 ,9 9 7
1 ,523,179
2,341,111
783,654
1 ,557,456
1909 __________ 3 ,8 6 4 ,2 9 0
T h e gen eral b a la n c e sheet show s an Increase In In vestm ent a c c o u n ts o f
$ 2 3 8 ,4 0 4 , a n e t Increase In liab ilities o f $844,051 an d a n et Increase In
ca sh assets o f $ 5 0 4 ,5 4 9 .— V . 91, p . 340, 217.

Massachusetts Coal & Power Co., Boston.— Receivership.
— Judge Dodge, in the U. S. Circuit Court, at Boston on
Oct. 25, appointed Irwin McDowell Garfield receiver for this
company in friendly proceedings brought by President
Edward Slade of Quebec. •

T h e c o m p a n y w as org a n ize d In J u ly 1909 w ith $ 5 ,5 0 0 ,0 0 0 o f a u th orized
ca p ita l s to c k In $10 shares, o f w hich a b o u t $ 3 6 8 ,0 0 0 , It Is said. Is n ow o u t ­
s ta n d in g . T h e m o r tg a g e n otes and bills p a y a b le arc stated to. a ggregate
a b o u t $ 4 0 ,0 0 0 . T h e p r o p e r ty co n sists o f 1,700 acres o f land w ith coal veins
w h ich h a v e been u n d er w ater fo r 40 o r 50 y e a rs .— V . 90, p . 1493.
J.
N . W a lla ce o f th e C entral Trust C o .; F red erick Strauss o f J . & W . Sellg- Montreal Light, Heat & Power Co.— Plan Withdrawn.—
m an & C o .; Jam es J . S ta rrow o f Lee, H lggln son & C o .; A n th o n y W . B ra d y
See Montreal Street R y. under “ Railroads” above.— V. 90,
an d W . C. D u ran t, V lce-D res. and G en. M an. o f G eneral M otors t o .
[D ep osits o f s to c k In e x c h a n g e fo r v o t in g tru st certifica te s a r c be in g re - p. 1553, 1494.
c e lv e d a t th e Cen tral T ru st C o .. N . Y . ] — V . 91, p . 1098, 947.

General Motors Co., New York.— Voting Trustees.— The
trustees under the 5-year voting trust created in connection
with the floating of §15,000,000 6% first lien notes are:

Morris & Co. (Packers), Chicago.— Listed.— The New York
Great Western Power Co. of California.— Proposed Lease.—
Stock Exchange has listed §12,300,000 1st M. sinking fund
See Western Power Co. below.
4 xA °7o bonds, due 1939. Compare V. 89, p. 48, 107.
Bonds.— E. II. Rollins & Sons, Boston, N. Y ., Chic., Den­
Earnings.— For periods stated below:
ver and San Fr., are recommending at present prices, yielding
11 m o . e n d . Y e a r e n d .
11 m o . e n d .
Y ea r en d .
about 5 % % , the 5% sinking fund 40-year gold bonds dated
O c t . 1 ’ lO .O rf.3 0 ’ 09.
O c t . 1 ’ 10. Oct. 3 0 ’ 09.
A d m in , expenses $ 6 1 6,69 0 $59 3,67 0
July 1 1900 (see V. 89, p. 1283). Total authorized, §25,­ N et p r o f, on
m frs.& sa ics $ 2 ,9 0 7 ,1 9 0 $ 3 ,5 4 4 ,9 8 8 T a x ., Ins., & c. 3 00 ,320
350 ,248
000,000: iss icd, §12,781,000, including §750,000 deposited M lsc.
earnings
8 7 ,616
159,014 D lvs p a id _______ 345 ,000 4 5 0 ,0 0 0
as t art security for §1,200,000 bonds of the Cal. El. Gen­ T o * »l net I n c .$ 2 ,9 9 4 ,8 0 6 $ 3 ,7 0 4 ,0 0 2 D lsct. & e x p . o f
b o n d Issue____
937 ,500
e: ating Co. (guar., V. 88, p. 688; V. 89, p.472), and §878,000 I n Dt . e d ounc t —b o r­
in the treasury. A circular says in part:
row ed m o n e y 159 ,670
501 ,245
B a l., s u r p . . . $1,0 5 7 ,5 0 1 $68 3,83 9
A first m ortg a g e o n th e en tire p ro p e rty o f th e c o m p a n y , Inclu din g a h y d r o ­
electric p la n t unsurpassed In p o in t o f c o n s tru ctio n o n th e P a cific C oa st,
an d w ith fe w equ a ls an yw h e re . T h is plan t fro m Its first m o n th o f c o m ­
m ercial o p era tion sh ow ed a su bstan tial surplus a b o v e all o p e ra tin g an d
fixed ch arges, d esp ite th e fa c t th at It w as d e liv e rin g to con su m ers o n ly o n e h a lf o f Its a v a ila b le o u tp u t ; a plant still rich In u n d e v e lo p e d possib ilitie s.
A m o n g the p ow er c o n tr a c ts a lre a d y sign ed , o n o n ly a p o rtio n o f w hich d e ­
liv e r y Is n ow being m a d e , m a y be en u m erated th e fo llo w in g :
P a cific Gas
& E l. C o ., S outhern P a cific R R . C o ., W estern P a cific H R . C o ., P u llm an Pal­
a c e Car C o ., C ow ell P o r t. C em ent C o ., Cal C o tto n M ills C o ., G iant P o w d e r
C o ., N a tom a s C on sol. D re d g in g C o ., R e cla m a tio n D istricts 307, 744 , 765;
O a k la n d & A n tio c h R R . C o ., G en. C h em ical C o ., B u ffa lo B rew in g C o .,
P o r t C osta W a te r C o.

C a p ita liz a tio n

of

W estern P o v e r C o . o f N .
(N o B o n d s ) O w n in g E n t ir e
S to c k o f G rea t W e s te r n P o w e r C o .
A u th o r iz e d .
is s u e d .

C om m o n s t o c k _____________________________ ______ — $ 1 2 ,0 0 0 ,0 0 0 $ 1 2 ,0 0 0 ,0 0 0
P referred s to c k 6 % , cu m u la tiv e a fte r Jan . 1 1912,
6 ,0 0 0 ,0 0 0
5 ,2 2 0 ,0 0 0
E a r n i n g s f o r 12 M o n t h s e n d i n g A u g . 31 1910.
Is / Q u a r .
2d Q u a r . 3 d Q u a r .
‘U h Q u a r .
T o ta l.
G ross
$212,501
$200,451 $22 6,39 4
$243,071 $882,417
N e t . ' . : : : : : : : : : : : : : : 139,624
128,135
154,551
174,174
006.484
A u g . 1910 sh ow ed g ross earn ., S 89 .34 2; n e t, $ 6 8 ,3 7 3 .— V . 91, p . 1028.

International Paper Co.— Statement by President.— The
comparative tables of earnings and balance sheet for the
year ending June 30 1910 were given in V. 91, p. 653. In the
pamphlet report now at hand, President A. N. Burbank,
under date of Corinth, N. Y ., Oct. 15, says:
N o tw ith s ta n d in g th e strik e , th e net p rofits o f the business fo r th e y e a r,
a m o u n tin g to $ 1 ,0 1 7 ,0 6 5 , are v e r y n e a rly d o u b le th ose o f th e pre ce d in g
y ea r. T h e gross In com e w as $ 1 9 ,4 5 9 ,0 3 0 , as a g ain st $ 1 8 ,2 3 8 ,4 7 6 fo r the
y ea r 1908-09, an Increase o f o v e r $ 1 ,2 0 0 ,0 0 0 . T o m aintain th e p h ysica l
c o n d it io n o f th e plan ts there has been e x p e n d e d d u rin g th e y e a r nearly
$ 1 ,2 0 0 ,0 0 0 .
T h is e x p en d itu re has all been ch a rged Into th e o p e r a tin g a c c t .
A re d u c tio n o f $518,478 has been m ade d u rin g th e y ear In th e floatin g
d e b t a n d , th rou gh the a c tio n o f the sin k in g fu n d , o f $39 4,00 0 In the b o n d e d
In debtedn ess.
P u lp -w oo d o p e ra tio n s du rin g th e c o m in g y ear w ill be
g rea tly r e d u ced , o w in g to th e e x te n siv e o p e ra tio n s carried on In C anada
d u rin g th e past w in ter, an d a co n s e q u e n t fu rth e r re d u ctio n In th e In debt­
edness Incurred o n such o p e ra tio n s will re s u lt.— V . 91, p . 653 , 467 .

Island Creek Coal Co.— On Boston Unlisted.— The Boston
Stock Exchange has admitted for quotation on the unlisted
sheet the temporary certificates for common and pref. stock
(par of shares §1).— V. 91, p. 948.
McCrum-Howell Co,— New Stock Authorized— Acquisitions
— Stock Dividend.— The stockholders on Oct. 24 authorized
the proposed increase in the stock from §1,500,000 each of
common and preferred to §3,500,000 of each class, the new
stock to be used as follows: §850,000 pref. for the purchase
of the plants and liquid assets of the five companies named
below; §1,250,000 common as part consideration to represent
their earning capacity (10% on §1,250,000 common after
deducting 7% on the §850,000 pref.); §1,150,000 pref.
(underwritten) for further working capital and §750,000
common for a stock dividend of 50% on the §1,500,000 old
common stock.
The stock dividend is payable Jan. 30 1911 to holders of
record Jan. 15. The directors have voted to begin dividends
on the common stock at the rate of 3% yearly by declaring
a quarterly distribution of % of 1%, payable Jan. 1 to
holders of record Nov. 15. Both the now and the old com­
mon stock will participate in the cash dividend payable Jan.l.
T h e p rop erties pu rch ased are the M odel H e a tin g C o . o f P h ila d e lp h ia ,
A m erican Air C leaning C o. o f M ilw aukee, C a m cro n -S ch ro th -C a m cro n C o.
o f C h ica go and the V a cu u m C leaning C o. and S a n ita ry D e v ice s C o. T h e
new plants w ill be taken o v e r on N o v . I . Th ese co m p a n ie s . It Is e s tim a te d ,
w ill g iv e the M cC ru m -H ow ell Co. c o n tr o l o f a b o u t 8 0 % o f th e s ta tio n a ry
v a c u u m -c le a n in g business o f the U nited S tates. T h e plan ts t o be co n v e y e d
w ill have a b o u t $50 0,00 0 liq u id assets, the rem ain der be in g In p la n t, real
o s ta tc , & e.
F o r the first 6 m on th s o f th e curren t year, b e gin n in g M ay 1 1910, w c arc
In form ed, the v o lu m e o f business o f the M cC ru m -H ow ell C o. has Increased
9 1 % o v e r the sam e p eriod In 1909.
Of this Increase 5 1 % has been In the
b oiler, ra d ia tor an d en am eled w are d e p a rtm e n ts and the rem ain in g 4 0 %
Is largely a ttr ib u ta b le to th e v a cu u m clea n er d e p a rtm e n t Inaugu rated d u r ­
ing the past year.
N e t E a r n in g s o f M c C r u m - H o w e l l C o . a n d th e 5 C o m p a n ie s to b e T a k e n O v e r
f o r Y e a r e n d e d A p r i l 30 1910.
M cC ru m -H ow ell C o, $ 39 1,09 9. live new co m p a n ie s , $ 1 8 3 ,9 9 6 ____ $57 5,09 5
P referred d iv id e n d on $ 3 ,5 0 0 ,0 0 0 ( 7 % ) ____ _______ _________________ 245 ,0 0 0
L ea v in g fo r l o m m o n ............................. ...........................................................$33 0,09 5
B eing equa l to 9 .4 3 % on the total c o m m o n s to c k Issue o f $ 3 ,5 0 0 ,0 0 0 .
W ith th e earnings o f the new p ro p e rtie s an d a d d itio n a l p rollts fro m the
bu sin ess. It Is estim ated tha< the new prollts In the curren t (lscal year
should be $ 68 2,09 6.
D e d u c tin g th e p re f. d iv id e n d on the en tire issue o f
p referred , $24 5,00 0, there w ill rem ain $ 4 3 7,09 6 a p p lica b le to the c o m m o n
s to c k , b ein g 12 ' A % on that Issue. T h e c o m p a n y has no b o n d e d d e b t .—
V . 91. p . 1098, 592.

Manufacturers’ Light & Heat Co., Pittsburgh.— Earn­
ings.— For 9 months ending Sept. 30:




I n t. o n b o n d s .

515 ,625

187,500

Bonds Offered.— William Salomon & Co. are offering a
block of the bonds. Price on application, to yield over 5% .
— V. 89, p. 48, 107.
New York Bank Note Co.— Suit Dismissed.— Judge Lacombe, in the U. S. Circuit Court, on Oct. 27, on application
of the counsel for the company, the complainant in the suit
against Ransom H. Thomas, the 1,100 members of the New
York Stock Exchange and the American Bank Note Co.,
dismissed the complaint on the ground that it does not state
facts sufficient to give the Federal Court jurisdiction. Com­
pare V. 91, p. 467; V. 90, p. 1494.
Nipe Bay Co.— Report.— For the year ending Sept. 30:
F is c a l

N et

In ter es t &

P r e f.d iv s . C o m .d iv s .

B a la n c e ,

Y ea r—
E a r n in g s .
D isc o u n t.
(7 % ).
(4 % ).
S u r p lu s .
$40 5,07 9 $14 0,00 0 $14 0 ,1 0 0
$ 9 8 6,89 5
1 9 0 9 - 1 0 - ...................... $ 1 ,6 7 2 ,0 7 5
446 ,9 2 0
422,781
________
________
2 4 ,1 3 9
19 0 8 -0 9 _____________
T h e c o m p a n y ’s sugar m ill p ro d u c e d 1 37 ,196 ,74 0 lbs. o f su gar an d 2 ,8 7 0 ,­
334 ga llon s o f m olasses, again st 9 1 ,8 8 8 ,4 0 0 lb s. o f sugar a n d 2 ,6 7 3 ,8 0 8 g a l­
lons o f m olasses th e p re v io u s y e a r .— V . 91, p . 41.

Pacific Power & Ligh t Co.— Dividends Begun.— The direc­
tors have declared an initial dividend of 1% % on its §1,250,­
000 pref. stock, payable N ov. 1 to shareholders of record
Oct. 24. Compare V. 90, p. 1617; V. 91, p. 467.
Procter & Gamble Co.— Subscription Rights.— Holders of
the outstanding §10,500,000 common stock of record at noon
on Dec. 10 next will have the right to subscribe for the
§1,500,000 new common stock to be authorized by the share­
holders on Nov. 22 at §200 per share, payable between
Dec. 12 and 31.
T h e s to c k tran sfer b o o k s w ill be closed a t th e close o f business on D e c. 9
a n d rem ain clo se d u n til Ja n . 3 1911, a n d th e new shares w ill be Issued as
s o o n as p ossib le a fte r F eb 15. C om p a re V . 9 1 , p . 1098.

Standard Cordage Co.— No Federal Receivership.— The
U. S. Circuit Court of Appeals on Oct. 26 handed down an
order directing that the appeal filed June 3 last by the peti­
tioning creditors to review the order vacating the receiver­
ship be withdrawn.
T h e o rd e r w as agreed to b y cou n sel fo r th e p e titio n in g c re d ito rs an d fo r
th e b a n k ru p t c o r p o r a tio n . C o m p a re V . 90. p . 1428. A re ce iv e r has been
a p p o in te d b y th e S ta te co u rts in p ro ce e d in g s fo r a v o lu n ta r y d is s o lu tio n .
See V . 91, p . 877, 657.

United States Envelope Co.— Dividend on Account of
Accumulations.— The directors have declared a dividend of
1% on the §3,750,000 7% stock on account of accumulated
dividends, payable Nov. 10 to holders of record Oct. 22,
reducing the amount of overdue dividends to 9 )^ % . Two
similar payments of 2% each were made (M. & N .) in 1909.
(% ) P a id o n P refer red S to ck .
1902 to 1905. 1906. 1907. 1908.
5 y e a r ly .
5 )4
6
0

R e g u la r D iv id e n d

1898. 1899. 1900.
2
7
7
— V . 91, p . 219.

1901.
5X

1909.
6

1910.
10

Wells Fargo & Co. (Express).— See “ Annual Reports.”
New Director.— Vice-President E. H. Stedman has been
elected a director to succeed the late President Dudley
Evans. No successor as President has yet been chosen.—
V. 91, p. 1098, 1040.
Western Power Co.— Proposed Lease.— Negotiations for a
lease of the property of the Great Western Power Co. (whose
capital stock is all owned by the Western Power Co.) to the
Pacific Gas & Electric Co. have progressed to the point that
a contract is now being drawn. The proposed lease is for
the life of the bonds of the Great Western Power Co. at a
rental providing for the payment of the interest and sinking
fund of the same; also for dividends on the Western Power
Company’s stock, the common at rate of 2 )^ % for 1912 and
1913,and increasing thereafter j^ o f 1% yearly until the rate
reaches 7%, at which it will remain until the expiration of
the lease. The lease provides for a sinking fund for the
bonds, maintenance of the property, &c. The Western
Power Co. has outstanding §12,000,000 common stock; also
§5,220,000 of its auth. issue of §6,000,000 stock, 6% pref.,
cumulative after Jan. 1 1912. See Great Western Power Co.
above; also V. 89, p. 1283.— V. 89, p. 605.
F or o t h e r I n v e s t m e n t N e w s sec p a g e 11 8 8 .

ch e rts <mtl ,2 )<xcmttjeuls.
UNION PACIFIC RAILROAD COMPANY.
T H IR T E E N T H A N N U A L R E P O R T — F O R T H E Y E A R E N D E D JU N E 30 1910.
^
N m York, October 3 1910.
To the Stockholders o f the Union Pacific Railroad Company:
The Board of Directors submit herewith their report of the operations and affairs of the Union Pacific Railroad Company
and its Auxiliary Companies for the fiscal year ended June 30 1910.
The combined operations and affairs of the Union Pacific Railroad Company, the Oregon Short Line Railroad Company,
and The Oregon Railroad & Navigation Company are herein designated for convenience by the term “ Union Pacific
Railroad and Auxiliary Companies.”
P R O P E R T IE S A N D M ILE A G E .
The Union Pacific Railroad and Auxiliary Companies owned or controlled by ownership of stock or by lease, on June 30
1910, the following railways and water lines:
F ir s t
M a in
T ra ck.

C o m p a n ie s .

A d d itio n a l
M a in
T rack.

S id in g s .

W a ter
L in e s .

M ile a g e o l R a ilw a y s o w n ed b u :

3 ,3 9 0 .6 0
1,178.12
1 ,142.70

O regon Short Line R ailroad C o _______ _________ _______ ___________________________________
O regon R a ilroad & N avigation C o ............ .........: __________
. _ _________________________
M i l e a g e o f L in e s b e lo n g in g to C o m p a n ie s lo h o s e C a p it a l S to c k s a r e e n t ir e ly o w n e d b y th e U n io n P a c i f i c R a ilr o a d
a n d A u x i l i a r y C o m p a n i e s b u t w h i c h a r e o p e r a t e d u n d e r le a s e s t o t h e m :

O regon Short L ine R ailroad C o____ . . ____________________________

_______ ________________________________

528.62
10.29

375.61
281.43
6,3 6 8 .4 6

538.91

1,2 3 4 .9 3
391.61
218 .26

195.00

70.91
3 4.36

6.0 0

1,9 5 0 .0 7

2 01 .00

M i l e a g e o f L i n e s o p e r a t e d u n d e r le a s e s o r t r a c k a g e r i g h t s f r o m o t h e r C o m p a n i e s :

O regon S hort L ine R ailroad C o _____________________________ ____________________ ________________________

27.46
2.89
2.54

2.70
19.75

32.89
T o ta l Jun e 30 1 9 1 0 _______ ___________ ____________ ___________ ______________ .
T o ta l June 30 1909 _ _____________________ ____________________________ ______ ______
I n c r e a s e _____________ ________________ ___________ _______________

.

.

22.4 5

6 ,4 0 1 .3 5
6,2 2 9 .8 6

538.91
4 74 .87

1,972.52
1,894.18

201 .00
195.00

171.49

64.04

78.34

6.00

The details of mileage of railway and water lines are shown in Table No. 1 of the report of the Vice-President and
Comptroller.
The additions to miles of railway owned or operated and the changes during the year in first and additional main
tracks of the respective companies and companies organized in their interest, were as follows:
A d d itio n s .
F ir s t
M a in
T r a c k ..
-U n i o n

P a c ific

D e d u c tio n s .

A d d itio n a l
M a in
T ra ck.

F ir s t
M a in
T ra ck.

A d d it’l
A la in
T rack.

T ta ilr o a c l:

O shkosh to N orth port, N ebraska, built, opened fo r traffic N o v . 1 1909. _ _
_
Sand Creek Ju n ction to S t. Vralns, C olorado, built, open ed fo r traffic N o v . 1 1909 . . .
G reeley to Briggsdale, C olorado, built, opened fo r traffic M ay 22 1910- .
C loverly to H ungerford, C olorado, built, opened fo r traffic M ay 22 1910_______
Oshkosh t o N orth p ort, N ebraska, rem easurem ent_______________________________________________________
Carr to Cheyenne, W yo m in g, taken u p ________________________________ ______ ____________________________
Carr to Cheyenne, W yo m in g, ilrst m ain track transferred to sidin gs__________________________________
N ebraska D ivision ______________________________________________________________ __________________ ______ __
W y o m in g D ivision ____ ______ __________ ___________ ____________ ______ ______________________________________

4 4.47
17.45
26.16
13.16
.03

14.79
1.70
4 7.76
10.57

• O regon S h o r t L i n e R a i l r o a d :

Cache J u n ction , U tah to Preston, Id a h o , built, open ed fo r traffic N o v . 30 1909___________________ _
O gden to S an d y, U tah, b u ilt _____ ________________________________________________________________________
S t.

.02
5.71

A n t h o n y R a ilr o a d :

E lva t o M cn an , Jadho, b u ilt_____________ __________ _____________________ ______ __________________________
-O re g on

R a ilr o a d

&

N a v ig a tio n

C o .:

A lb in a to c o n n ection w ith O regon & W ash in gton R a ilroad , b u ilt_______________________________
W allu la to W alla W alla, W ash in gton , rem easurem ent_________________________________________
Falrlleld to W a v e rly , W ash in gton , rem easurem ent ___________________________________
W a lla ce to B u rk e, I d a h o , b u i l t __________ ______
_____________________________ ________________________
Betw een F ron t and T h ird Streets, P ortlan d, O regon , transferred fro m s id in g s ______________________
U m atilla, O regon , to W allu la, W ashington, rem easurem ent______________________________________________
P en dleton , O regon, to Grange C ity, W ashington, r e m e a s u r e m e n t ---_________________________________
W alla ce to Burke, Id a h o , taken u p ____________________________________ ___________ ___ ______ ____________
L a k e C reek

.14
.62
.10
.19
.05
.14
.37
.12

& C o e u r d ’ A le n e R a ilr o a d :

Lake J u n ction , W ashington, to L ake P oin t, Id a h o , built, opened fo r traffic Jun e 121 910______________
O regon

W a sh in g to n

14.18

I d a h o R a ilr o a d :

L ew iston Ju n ction to Lew iston, Idah o, operated since D ec. 3 1909 b y the Cam as Prairie R ailroad Co
for a ccou n t o f the O regon R ailroad & N avigation C o m p a n y ______________ __________ ____________

72.03

T o t a l.................................... .................. .................. ................................................... ............... ................................

188.61

N et

64.04

17.12

In c r e a s e ........................................................................................ ............................ ..............................

During the year there was a net increase in sidings of 78.34 miles and in water lines of G.00 miles.
The average number of miles of railway operated for the year, for which the accompanying statements of revenues
■and expenses are submitted, was 6,290.22 miles.
INCO M E FO R T H E Y E A R .
The gross revenues and expenses of the Union Pacific Railroad and Auxiliary Companies, after excluding all offsetting
-accounts between them, were as follows:
1910.

1909.

In crea se ( + )
D e c r e a s e (—

or

).

A v e ra g e m iles o f r a ilw a y o p e ra te d d u r in g th e y e a r . .............................................................. .........

6 ,2 9 6 .2 2

6 ,0 6 2 .1 3

+ 234.09

„
T R A N S P O R T A T IO N O P E R A T IO N S .
G ross op era tin g re v e n u e s _ ._____________ ________ ____________ ____________________________ _
‘O u tsid e op e ra tio n s — re v e n u e s_______ ____________________________ __________________ ___________

5 8 8 ,5 0 6 ,4 6 5 44
1 ,7 21,626 76

5 7 7 ,3 6 0 ,4 2 9 36
1,390,032 19

+ 5 1 1 ,1 4 6 ,0 3 6 08
+ 331 ,594 57

5 9 0 ,2 2 8 ,0 9 2 20

578 ,7 5 0 ,4 6 1 55

+ 5 1 1 .4 7 7 ,6 3 0 65

5 45 ,132 ,68 1 73
1,806,227 61
3 ,2 0 4 ,3 4 7 51

5 3 6 ,5 0 3 ,0 7 5 95
1,442,009 61
2,570,561 89

” + 5 8 ,6 2 9 ,6 0 5 78
+ 3 64 ,218 00
+ 6 93 ,785 62

T o t a l r e v e n u e ..
O p e r a t in g e x p e n s e s __________________
O u t s id e o p e r a tio n s — ex p e n s e s ...............
T a x e s (rail lines and p r o p e r ty d ealt w ith as o u ts id e o p e r a t i o n s )............................. ................
T o ta l exp en ses an d t a x e s .......... ..........................

5 5 0 ,2 0 3 ,2 5 6 85

5 4 0 ,5 1 5 ,6 4 7 45

+ 59 ,6 8 7 ,6 0 9 40

R e v e n u e o v e r expen ses an d t a x e s .........................

5 4 0 ,0 2 4 ,8 3 5 35

5 3 8 ,2 3 4 .8 1 4 10

+ 51,790,021 25

m




1909.

1910.
C h a rges.

^

R e n ta ls fo r iease o f r o a d — b a la n c e ---------------------------------— --------- -----------------------------------------------

§ 1 2 ,4 5 5 ,5 7 7
16,013
1 ,9 2 3 ,0 9 5
14,928

$1 3 ,3 3 1 ,3 6 8
12,013
1 ,389,483
14,029

15
33
63
71

In crea se ( + )
D ecrea se

07
33
26
36

or

(— ) .

— $87 5,79 0
+ 4 ,0 0 0
+ 533,612
"P899

92
00
37
3o

— $337,279 20

$ 1 4 ,4 0 9 ,6 1 4 82

§ 1 4 ,7 4 6 ,8 9 4 02

374 ,0 8 7 75

+ 4,3 3 0 70

§ 1 4 ,0 3 1 ,1 0 6 31

$ 1 4 ,3 7 2 ,8 0 6 27

— $341,609 96

§ 2 5 ,9 9 3 ,6 3 9 04

$ 2 3 ,8 6 2 ,0 0 7 83

+ $2,131,631 21

§ 3 ,9 8 1 ,7 6 0 00
1 3,022,319 50

§ 3 ,9 8 1 ,7 6 0 00
11,8 0 6 ,9 9 6 33

+ § 1 ,2 1 5 ,3 2 3 17

240 00

64 00

+ 176 00

§ 1 7 ,0 0 4 ,3 1 9 50

§ 1 5 ,7 8 8 ,8 2 0 33

+ $ 1 ,2 1 5 ,4 9 9 17

§ 8 ,9 8 9 ,3 1 9 54

$ 8 ,0 7 3 ,1 8 7 50

+ $91 6,13 2 04

§ 1 ,2 6 3 ,9 8 3 16

§ 1 ,1 1 9 ,1 5 5 80

+ $14 4,82 7 36

15,2 9 8 ,0 7 8
2 ,5 5 9 ,7 2 0
3 0 4 ,8 0 0
928
8 7 ,318

1 4 ,7 1 1 ,8 0 6
1 ,556,059
3 04 ,800
2,576
59,761

j 0 |nt track s, ya rd s and term in a l fa cilitie s — b a la n c e ------------------ § 3 30 ,547 55
M iscellaneous ren ta ls— b a la n c e ....................................................................................... ..
4 2 ,7 8 0 90
M iscellaneous In c o m e ---------------------------------------------------------------------------------------------o.u u o o»>

D e d t i U i o r i . ^ ^r o m

A p p lic a tio n o j S u r p lu s .

D iv id en d s on s tock s o f U n ion P a cific R a ilro a d C o .:
i p c i CC1 t o
. .
D iv id e n d s on p referred s to c k o f the O re g o n R a ilro a d & N a v ig a tio n C o. in th e nancis o f the

IN C O M E O T H E R T H A N F R O M T R A N S P O R T A T I O N O P E R A T I O N S .
In terest o n bond s ow n ed o f c o m p a n ie s o th e r than O regon S h o rt L in e R a ilroad and O regon
D iv id e n d s on stock s ow n ed o f co m p a n ie s o th e r th an O regon S h o rt L in e R a lh o a d an d O ic g o n

N et In com e from lease o f u n p led ged lands an d to w n l o t s ------------------------------------------------------------M iscellaneous r e c e ip ts -------------------------------------------------------------------------------------------------------------------------

72
64
00
40
02

+ 586,271 28
+ 1,003,060 54

§ 1 9 ,5 1 4 ,8 2 7 87
2,7 7 6 52

§ 1 7 ,7 5 4 ,7 6 0 08
18,366 60

+ $ 1 ,7 6 0 ,0 6 7 79
— 15,590 13

$19 ,5 1 2 ,0 5 1 35

$ 1 7 ,7 3 0 ,3 9 3 43

+ $ 1 ,7 7 5 ,6 5 7 92

00
18
00
13
40

— 1,648 27
+ 27,556 88

D e d u c tio n :

D iv id en d s on s to c k s o f U nion P a cific R a ilro a d C o .:

8 ,6 8 1 ,5 4 6 35

7 ,8 7 1 ,3 3 0 89

+ 8 10 ,215 46

Surplus In com e o th e r th an fro m tr a n s p o r ta tio n o p e r a t i o n s ..................................... ............

§ 1 0 ,8 3 0 ,5 0 5 00

$ 9 ,8 6 5 ,0 6 2 54

+ 5 9 6 5,44 2 46

T o t a l su rp lu s from tra n sp o rta tio n o p e r a tio n s a n d fro m o th e r in co m e a fte r p aym en t o f d iv id ’ ds

§1 9 ,8 1 9 ,8 2 4 54

$ 1 7 ,9 3 8 ,2 5 0 04

+ $ 1 ,8 8 1 ,5 7 4 50

T h e r e s u lts o f th e y e a r ’s o p e r a t io n s , c o m p a r e d

w ith th o s e o f th e p r e c e d in g y e a r , w e re a s fo llo w s :
In crea se.

234.00
§ 1 1 ,4 7 7 ,6 3 0 65
8 ,9 0 3 ,8 2 3 78
693 ,785 62
1,790,021 25
1 ,775,657 92
3 ,5 6 5 ,6 7 9 17

A v e ra g e m iles o f railw ay o p e r a t e d -------- ------------------------------------ - G ross op era tin g revenues an d reven u es fro m o u ts id e o p e ra tio n s
O p era tin g exp en ses an d expen ses o f o u ts id e o p e r a t i o n s .-------------T a x e s ---------------- --------------- ------------------------------------------------------------------R e v e n u e o v e r expen ses and t a x e s -------------------- ------------------------------In c o m e o th e r than from tra n s p o rta tio n o p e r a t i o n s .. ----------------T o t a l In c o m e __________________ _________- ........................................ ............
F ix e d c h a r g e s ....................................................... ............................ ...................
S u r p lu s o v e r fixed c h a r g e s ----------------------------------------------------------------

3 ,9 0 7 ,2 8 9 13

D ecrea se.

P er
C e n t.

3.86
14.57
23.70
26.99
4.68

10.01
6.37

§ 3 4 1 ,6 0 9 96

2.38
9.39

T h e in c r e a s e in t a x e s r e s u lt e d f r o m t h e p a y m e n t o f t h e C o r p o r a t i o n T a x , a m o u n t i n g t o $ 3 4 3 ,7 9 7 7 1 , le v ie d u n d e r
S e c t i o n 3 8 , A c t o f C o n g r e s s , A u g u s t 5 1 9 0 9 ( w h i c h w a s p a id u n d e r p r o t e s t ) , a n d f r o m a n in c r e a s e in t a x r a t e s a n d a s s e s s ­
m en ts.
S in c e th e y e a r 1 9 0 0 th e p a y m e n t s fo r t a x e s h a v e in c r e a s e d fr o m § 1 ,2 3 1 ,6 2 2 5 3 , o r § 2 2 6 0 3 p e r m ile o f r o a d , to
§ 3 , 2 6 4 , 3 4 7 5 1 , o r § 5 1 2 5 8 p e r m il e o f r o a d , a n in c r e a s e o f 1 2 6 .7 6 p e r c e n t .
T h e d e t a ils o f th e t r a n s p o r t a t io n r e v e n u e s a n d e x p e n s e s a r e fu lly d e a lt w it h u n d e r “ T r a n s p o r t a t io n O p e r a t io n s .”
P r io r to J u ly 1 19 0 9 it w a s th e p r a c t ic e o f th e s e C o m p a n ie s t o c h a r g e to th e o p e r a t in g e x p e n s e s th e p r o t e c t io n o f
b a n k s a n d d r a in a g e , t h e in c r e a s e d w e ig h t o f r a ils , t h e g r e a t e r w e ig h t a n d t h e i m p r o v e d t y p e o f f r o g s , s w i t c h e s , f a s t e n in g s ,
a n d o f o t h e r t r a c k m a t e r ia l u s e d in m a k i n g r e n e w a ls .
T h e c la s s ific a t io n o f e x p e n d it u r e s fo r A d d it io n s a n d B e t t e r m e n t s
p r o m u lg a t e d b y th e I n t e r -S t a t e C o m m e r c e C o m m is s io n , e ife e t iv e o n J u ly 1 1 9 0 9 , r e q u ir e s t h a t th e s e ite m s b e c h a r g e d to
A d d itio n s a n d B e tte r m e n ts .
T h e e x p e n d itu r e s d u r in g

th e

year

fo r

su ch

ite m s

w ere:
. . S 50.184
. . 329 ,154
2,350
..
9 3 ,747

F or p r o te c tio n o f banks a n d d r a in a g e ________
F o r increa sed w eight o f ra ils __________________
F o r Im p roved frog s and s w itc h e s _____________

For track fastenings and other track material

93
12
04
17
__

T o t a l ..................- .............................................................. .......................................................................... ..................................................................................................................§ 4 7 5 ,4 3 6 26
A s r e q u ir e d , th e s e e x p e n d it u r e s w e re c h a r g e d t o A d d it io n s a n d B e t t e r m e n t s a n d th e O p e r a t in g E x p e n s e s w e re c o r ­
r e s p o n d in g ly le s s e n e d .
T h e C o m p a n i e s a l s o c h a r g e d t o O p e r a t i n g E x p e n s e s a ll A d d i t i o n s a n d B e t t e r m e n t s w h i c h d i d n o t
e x c e e d in t h e c o s t o f a n y o n e i m p r o v e m e n t t h e s u m o f § 3 0 0 .
T h is lim it w a s in th e c la s s if ic a t io n o f t h e I n t e r - S t a t e C o m ­
m e r c e C o m m is s io n r e d u c e d t o § 2 0 0 , w h ic h a ls o le s s e n e d th e u s u a l c h a r g e s t o O p e r a t in g E x p e n s e s .
T h e e x p e n d it u r e s fo r “ B e t t e r m e n t s ” (e n la r g e m e n ts o r im p r o v e m e n t s o f th e e x is tin g r o a d w a y , s t r u c tu r e s , e q u ip m e n t
o r o t h e r fa c ilitie s ) a m o u n t e d t o § 2 ,1 4 4 ,0 9 4 4 5 ; th e e x p e n d it u r e s fo r “ A d d it io n s ” (a d d it io n a l r o a d w a y , s t r u c tu r e s , e q u ip m e n t
o r o t h e r fa c ilitie s n o t t a k in g th e p la c e o f a n y t h in g p r e v io u s ly e x is t in g ) a m o u n t e d t o § 9 ,2 6 5 ,9 5 0 3 6 , a t o t a l o f § 1 1 ,4 1 0 ,0 4 4 8 1 ,
c h a r g e d t o C a p it a l A c c o u n t .
T h e d e t a i l s o f t h e s e e x p e n d i t u r e s a r e s h o w n in T a b l e N o . 2 5 .
T h e d e t a i l s o f t h e f i x e d c h a r g e s f o r t h e y e a r a r e s h o w n in T a b l e N o . 1 5 a n d o f t h e i n t e r e s t a n d d i v i d e n d s c o l l e c t e d
o n b o n d s a n d s t o c k s o w n e d in T a b l e s N o s . 1 6 a n d 1 7 .
K ro m th e T r u s t e e s o f th e U n io n P a c ific R a ilr o a d C o m p a n y ’s F ir s t R a ilr o a d a n d L a n d G r a n t M o r tg a g e th e r e w a s
r e c e iv e d d u r in g th e y e a r th e s u m o f § 2 ,0 5 0 ,0 0 0 0 0 , p r o c e e d s fr o m s a le o f la n d s a n d m o n e y r e c e iv e d o n a c c o u n t o f in t e r e s t
a n d p r i n c ip a l o f b o n d s o f t h e U n io n P a c i f ic L a n d C o m p a n y , a s s h o w n in d e t a il in T a b l e N o . 1 8 .
U n d e r th e p r o v is io n s
o f th e m o r t g a g e , th is s u m w a s a p p lie d t o th e p a y m e n t o f b e t t e r m e n t s , im p r o v e m e n t s , e q u ip m e n t , & c ., n o t o t h e r w is e p a id
fo r .

The

tota l

su m

r e c e iv e d

fro m

th e T r u s te e

to

June

30

1910 a m o u n te d

C A P IT A L

of

to

§ 1 7 ,6 4 8 ,2 5 2

12.

STOCK.

S t o c k s o f th e U n io n P a c if ic R a il r o a d a n d A u x il i a r y C o m p a n ie s o u t s t a n d i n g in t h e h a n d s o f t h e p u b li c a t t h e b e g i n n i n g
th e y e a r , v iz .:

C om m on S t o c k _____________________________
_______________________________________________________________________________________§ 1 9 9 ,3 2 2 ,4 0 0 00
P referred S t o c k _______________________I . I I I I I I I _______________________________________________________________________________ —
9 9 ,5 4 7 ,4 1 0 00
-§ 2 9 8 ,8 6 9 ,8 1 0 00
Issu ed d u rin g th e y ea r:
'
U nion P a cific R a ilro a d C o m p a n y C o m m o n S to c k Issued In e x c h a n g e fo r § 3 0 ,2 3 1 ,9 5 0 fa c e va lu e U nion P a cific R a ilro a d
1 7 ,2 7 5 ,4 0 0 00
T w e n t y -Y e a r F o u r P er Cent C o n v e rtib le B o n d s c o n v e r te d a t th e rate o f §175 per share o f §100 par v a lu e . . . . . .
§ 3 1 6 ,1 4 5 ,2 1 0 00
A m o u n t o f stock o u ts ta n d in g In th e han ds o f the P u b lic Ju n e 30 1910, v iz .:
C om m on S t o c k ............................. ........... ............................................ ..........................
P referred S t o c k -------------------------------------------------- --------------------------------------------

Increase during the year




§2 1 6 ,5 9 7 ,8 0 0 00
9 9 ,5 4 7 ,4 1 0 00
----------------------------§3 1 6 ,1 4 5 ,2 1 0 00
§ 1 7 ,2 7 5 ,4 0 0 00

T h e t o t a l a m o u n t o f s t o c k s is su e d a n d o u t s t a n d in g , a n d t h e a m o u n t o w n e d b y th e U n io n P a c ific R a ilr o a d a n d A u x ilia r y
C o m p a n ie s a r e s h o w n in d e t a il in T a b le N o . 7 .
”
FU N D E D

D E B T.

Issu ed du rin g^ th e 11 e a r * R a llr o a d an d A u x l,Ia rF C om p a n ies o u ts ta n d in g In th e han ds o f th e P u b lic a t th e be g in n in g o f th e y e a r ............... $ 3 2 2 ,7 8 5 ,8 0 0 00
U n ion P a cific R a llr o a d C o m p a n y .
F irst L ien a n d R e fu n d in g F o u r P e r Cen t U . S . D o lla r R o n d s :
S o ld ------------------------------------------------------------------------------------------------------------------T h ir ty dolla rs p e r b o n d o f £200 re c e iv e d In e x c h a n g in g £12,000 S terlin g bonds’ fo'r $60,’o"o’o 'u . 's . ’ b ’o‘ll'a’r" bo n d s

*4 QQo 000 00
’
l.’ s o o 00
--------------- :-----------

$ 4 ,9 0 3 ,8 0 0 00

R o n d s e o n v e r te d o r a c q u ir e d :
$ 3 2 7 ,6 8 9 ,6 0 0 00
U nion P a cific R a ilroa d C o m p a n y :
T w e n t y -Y e a r F o u r P er C en t C o n v e r tib le R o n d s c o n v e r te d Into C o m m o n S t o c k a t th e rate o f $175 fa c e v a lu e In
b on d s fo r each $100 p ar v a lu e In s t o c k ---------------------------------- -----_ _
S30 231 950 00
O regon S h o r t L in e R a llr o a d C o m p a n y In c o m e “ A ” R o n d s a cq u ire d b u t Inclu ded in statcm ’cn’t’ o f b o n d s o w n e d ’ b y
’
’
U n ion P a cific R a ilr o a d an d A u x ilia r y C o m p a n ie s ----------------------------------------------------------------------------------------------8 ,500 00
--------------- :-----------

3 0 ,2 4 0 ,4 5 0 00

D ed u c tio n —

A m o u n t o f b on d s ou ts ta n d in g In th e h a n d s o f th e P u b lic Ju n e 30 191 0________________ _______ ___________________________________________________$ 2 9 7 ,4 4 9 ,1 5 0 00
D e crea se d u r in g th e y e a r ............................................................. ............................................. ..................................................................................... ................................... $ 2 5 ,3 3 6 ,6 5 0 00
T h e t o t a l a m o u n t o f b o n d s is s u e d a n d o u t s t a n d in g , a n d t h e a m o u n t o w n e d b y t h e U n io n P a c ific R a ilr o a d a n d A u x ilia r y
C o m p a n ie s a r e s h o w n in d e t a il in T a b le N o . 8 .

ASSETS

AN D

L IA B IL IT IE S .

T h e a s s e t s a n d lia b ilit ie s o f t h e U n io n P a c ific R a ilr o a d a n d A u x ilia r y C o m p a n ie s a r e s h o w n in d e t a il in T a b le N o . 5 .
T h e s e c u r i t i e s o w n e d a r e s t a t e d a f t e r e l i m i n a t i n g a ll o f f s e t t i n g a c c o u n t s b e t w e e n t h e c o m p a n i e s , t h u s d e a l i n g o n l y w i t h t h e
s e c u r it i e s in t h e h a n d s o f t h e p u b l i c , t h e a s s e t s c o l l e c t i b l e f r o m t h e p u b l i c a n d t h e l ia b il i t i e s p a y a b l e t o t h e p u b l i c .
T h e i n c r e a s e o r d e c r e a s e in a s s e t s o r l ia b il i t i e s s in c e l a s t r e p o r t , b r i e f l y s t a t e d , is a s f o ll o w s :
In cre a s e In A ssets:
C ost o f ra ilw a y s , e q u ip m e n t an d a p p u rte n a n ce s as sh ow n In de ta il u n d e r "C a p it a l E x p e n d itu r e s ”
D em a n d loa n s t o S ou th e rn P a cific C o _____ .
O th er d em a n d loa n s a n d tim e d e p o s its ................................................................................................... .......I I I

$ 1 0 ,9 0 1 ,5 6 8 97
8 ,6 5 0 ,0 0 0 00

L o a n s t o U ta h L ig h t & R a ilw a y C o
.
_
E x p e n d itu r e s fo r th e co n s tr u c tio n o f n e w lines a n d fo r te rm in al p r o p e r t i e s . . - ...................... H I .
R o llin g s t o c k . . . ....................................................................
. . . .
.
O cea n s te a m s h ip s ____ ______ _______________ ___________ ___________ ____________ _______ _________. I . I I I

$ 9 ,7 4 7 ,5 1 6 32
2 ,6 9 4 ,7 4 3 32
1,013,167 38

$ 1 1 ,9 4 7 ,0 7 5 57
19,551,568 97
2 ,1 5 5 ,3 9 2 63

13,45 5 ,4 2 7
3 43 ,558
1 ,5 4 7 ,6 6 5
1 ,7 3 1 .2 3 0

D u e fro m P r o p r ie ta r y C o m p a n ie s ___________________________________________________
M aterial, fu el and su p p lie s ________________________________________________
C u rrent cash a c c o u n t s __________________________________________ _____

„

02
40
72
24

Total.................. ...........- ------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------ $50,731,918 55

D ed u c tio n —

Decrease In cash on hand...................
.
$17 908 362 35
Loans to San Pedro Los Angeles & Salt Lake RR.
.................. I ’ H
3,099,371 09
Stocks and bonds of other companies disposed of or acquired as shown In Tables it, 10 and l i . viz.:
Stocks and bonds sold_________________________
_
§ 2 4 8 5 8 104 60
’348,’750 00
Stocks transferred to other accounts________________________ _______ _________ I I I I I I .I I I I I I I I H
Total................................................................ - ............... - ....................... - ...............- .................................... $25,206,854 60
L est:

Stocks acquired under subscription rights and stocks purchased_____________________________
$15,801.98) 69
Stocks taken over In settlement of accounts_______________ ______________________________ .
834,500 00
Bonds purchased and bonds taken over In settlement of accounts______________________ T IIIIII 7,156,097 50
Total....... ................... ........ ...............- --------------------------- -----------------------------------------------------------------$23,793,479 19
Adjustments In contingent unadjusted a c c o u n ts............ .......... ............................ ............................................................~ ! T

^1’818’740 52

23 239 849 97

Net Increase In assets_________________ _____ ____
< 9 7 an? nr.s si*
Decrease In Liabilities
................................................. ....................... ........................................................ — *27,492,068 oS
Funded debt___________________________________________ _________ ______________________________________________________ $25,336,650 00
D ed u c tio n —

Increase in common stock______________
Due to Proprietary Companies___________________________
'
'
Current cash accounts______________________________________________________________ . . .
Reserve for depreciation of steamships and equipment____________ _____________ " . .

?7r. , nn nn
_ IIIIIIIH
_____ _____ .1

*

'6 0 0 7 5 6 48
1 9 7 5 ’ 373 30
'l « » ’,330 56

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

20,039,860 40
-------------------------

5,296,789 60

Increase In assets In excess of Increase In liabilities (gain In Profit and T oss).______ _________________________________ _______________ _______$32,788,858 18

W it h t h e e x c e p t i o n o f 7 ,2 4 9 s h a r e s (p a r v a lu e $ 1 0 0 e a c h ) o f N o r t h e r n S e c u r it ie s C o m p a n y “ S t u b s ,” t h e c o m p a n y
h a s s o l d a ll t h e s t o c k o f t h e N o r t h e r n S e c u r i t i e s C o m p a n y , t h e G r e a t N o r t h e r n R a i l w a y C o m p a n y a n d t h e N o r t h e r n P a c i f i c
R a ilw a y C o m p a n y , r e c e iv e d in th e d is t r ib u t io n o f th e a s s e ts o f t h e N o r t h e r n S e c u r it ie s C o m p a n y a n d t h e s t o c k s s u b s e q u e n t ly
a c q u ir e d b y s u b s c r ip t io n r ig h t s .
T h e f o l l o w i n g s t a t e m e n t s h o w s t h e t r a n s a c t io n s g r o w i n g o u t o f t h e o r ig in a l i n v e s t m e n t in t h e 8 2 4 ,9 1 8 .7 1 s h a r e s o f t h e
c a p it a l s t o c k o f th e N o r t h e r n S e c u r it ie s C o m p a n y a n d th e r e -in v e s t m e n t o f th e p r o c e e d s r e c e iv e d f r o m th e s a le o f t h e r e s p e c ­
tiv e s to c k s :

S to ck s A c q u ir e d .

S to c k s S o ld .

S h ares.

C om pany.

N orth ern S ecu rities C o .......................................................... ......... (a) 8 2 4 ,918 .71
G reat N orth ern R y . P r e f e r r e d _____________ ______________ _____ 7 3 ,5 8 9 .6 9
2,600
" S u b scrip tio n R e c e ip t s ________ ___________
G rea t N orth ern Iro n O re P r o p e r t ie s .. ....................................... 90,364
N orth ern P a cific R y . _____ _______________ _____ _____________
3 4 ,5 1 6 " '
“
"
“ S u b s crip tio n R e c e ip t s _____________ ___
,
(50, 6 ? Ki a n d 7 5 % paid)
N orth ern S ecu rities C o. " S t u b s ” .
T ota l

N o rth e rn

S ecu rities

In v e s tm e n t................................

C o s t.

$ 7 9 ,459 ,69 1
7 ,3 5 8 ,9 6 0
281 ,837
(ft)
(a)
2 ,2 9 0 ,9 1 2

S h ares.

36 100 ,000.18
00 290 ,7 0 9 .8 9
50
2 ,0 0 0 .6 0
90,364
2 8 2 ,828 .82
50 34,516
.1871

$89 ,3 9 1 ,4 0 1 36

S to ck s on H a n d ,
J u n e 30

A m ount
R e a liz e d .

$ 1 6 ,8 8 0 ,0 1 9
05 ,5 4 1 ,7 3 6
255 ,940
6 ,6 5 8 .6 7 6
54,986,401
3 ,0 5 4 ,5 0 9

U n s o ld ,

1910.

S h ares.

C o s t.

7,249

(0)

A vera ge
C ost p er
S h a r e .\

40
66
98
98
91
50

56 13

.................. $14 7,37 7,3 41 62

lie -in v e s tm e n ts .

A tc h is o n T o p e k a & S an ta F e , P r e fe r re d .....................................
B a ltim ore & O h io P r e f e r r e d _____________________ ______ _______
..................... C o m m o n ____________________ ___________________
„
C h icago M ilw au k ee fc S t. P a u l P r e f e r r e d ........ ............................ ..
_ , “
"
"
"
C o m m o n ............. ................ ..
.
C h icago & N orth W estern R a ilw a y C o m m o n ............. - ........... ..
C h ica g o & A lto n R a ilroa d P r e fe r re d _________________________
Illin ois C entral R a llroa d
N ew Y o rk C entral & H u d so n R iv e r R a ilr o a d ________ ______
R a ilr o a d Secu rities P referred
C o m m o n _________

100,000
72,064
18,450
72,800
4 0 ,1 8 7 .5 0
103,431
231 ,4 1 5 .6 5
178,571
19,359
34,834

$ 1 0 ,3 9 5 ,0 0 0
6 ,6 6 5 ,9 2 0
3 8 ,8 0 1 ,0 4 0
1,84 5 ,0 0 0
0 ,7 6 5 ,1 8 7
6 ,7 5 0 ,4 2 3
8 ,9 40,781
3 7 ,6 9 2 .2 5 6
2 3 ,2 0 5 ,6 7 9
1,95 6 ,1 8 4
4 .9 8 0 ,5 1 2

00 100,000
00
00
00
74 7 2 .8 00
94
50
21
6,41 Si 6 5
93
26
10

$ 1 0 ,4 9 1 ,7 0 3 14

$ 0 ,6 6 5 ,9 2 0 00
3 8 ,8 0 1 .0 4 0 00
1 .8 4 5 ,0 0 0 00

0 2 .5 0
120 .00
100.00

6 ,7 5 0 ,4 2 3
8 ,9 40,781
3 0 ,7 4 3 ,4 5 0
2 3 .2 0 5 ,0 7 9
1,956,184
4 ,9 8 0 ,5 1 2

167.97
8 6 .5 0
103 .30
129.95
101 .05
140.39

9 ,9 8 2 ,1 8 6 63

4 0 ,1 8 7 .5 0
103,431
' ’ 94*8,805’ 73 2 25 ,000
178,571
19,359
34,834

T o t a l r e in v e s tm e n ts .................................. ................................. .............

$ 1 5 1 ,0 0 3 ,9 8 5 68

$ 2 1 ,4 2 2 ,6 9 5 50

T o ta l

$2 4 0 ,3 9 5 ,3 8 7 04

$16 8,8 0 0 ,0 3 7 12

............................................................

72,064
3 23 ,342
18,450

94
50
48
93
20
10

_____ _

$ 1 2 9 ,8 0 4 ,0 9 2 21

_________

$ 1 2 9 ,8 9 4 ,9 0 2 21

—

J,°,rr * 2h4 'i?*8 ' U
, X
0I^ h ci2 Secu rities C o . s t o c k , there w ere re ce ive d lu e x ch a n g e 2 1 0 ,5 2 0 .8 9 4 9 shares o f G rea t N o rth e rn R y . C o . s t o c k ;
2 8 1 ,8 2 8 .8 2 1 o shares o f N orth ern P a cific R y . C o. s to c k an d 7 ,2 49.1871 shares o f N orth ern Secu rities C o. S tu b s.
(5) In c lu d e d In th e $79,4 )9,691 36 orig in a l c o s t o f N o rth e rn S ecu rities C o . s to c k .
I n T a b le N o . 5 th e p r o c e e d s fr o m
bon d s.




th e s a le s o f t h e a b o v e s t o c k s a r e t r e a t e d a s a c r e d it a g a in s t th e c o s t o f s t o c k s a n d

T h e s t o c k s a n d b o n d s o w n e d , o t h e r th a n s to c k s a n d b o n d s o f th e U n io n P a c ific R a ilr o a d a n d A u x ilia r y C o m p a n ie s ,
s t a n d c h a r g e d a t t h e c lo s e o f t h e y e a r w it h $ 2 0 8 ,5 6 1 ,0 1 1 6 5 .
T h is c h a r g e in c lu d e s n o t m e r e ly th e a b o v e s t o c k s a n d b o n d s
b u t a ls o t h e o t h e r s t o c k s a n d b o n d s s h o w n in d e t a il in T a b le s N o s . 9 , 1 0 a n d 1 1 .
T h e d e t a ils o f th e s t o c k s a n d b o n d s o f t h e U n io n P a c ific R a ilr o a d a n d A u x ilia r y C o m p a n ie s is s u e d a n d o u t s t a n d in g
a r e s h o w n in T a b le s N o s . 7 a n d 8 .
F r o m T a b l e N o . 8 i t w ill b e s e e n t h a t t h e C o m p a n ie s o w n b o n d s , u n p le d g e d , t o t h e
a m o u n t o f $ 7 9 ,7 6 7 ,5 0 0 0 0 f a c e

v a lu e .

.
C A P IT A L

.

bg

E X P E N D IT U R E S .

T h e c h a r g e s t o c a p ita l a c c o u n t , o th e r th a n fo r s to c k s a n d b o n d s in
a n d A u x ilia r y C o m p a n ie s , w e r e a s fo llo w s :

c o m p a n ie s o t h e r t h a n th e U n io n

E x p en d itu res fo r a c c o u n t o f th e c o n s tr u c tio n o f railw ays taken o v e r Into c o s t o f r a ilw a y s, e q u ip m e n t a n d a p p u rte n a n ce s
E x p e n d itu r e s fo r a c c o u n t o f e x te n sio n s a n d c o s t o f e x te n sio n s tran sferred fro m d e fe rre d assets, v i z , U n ion P a cific R a ilro a d C o m p a n y :
C lov erly t o H u n g e rfo rd , C o lo r a d o --------------------------------------------------------------------------------------------------------------$ 2 6 4 ,4 7 7
5 0 1 ,2 '0
D en t to P o r t C ollin s, C o lo r a d o ------------------------------------------------------------------------------------------------------------------G ra n t M ine to La Salle, C o l o r a d o . _______________________________________ _______________________ ______
4 4 2 ,5 1 5
G reeley t o P.rlggsdale, C o lo r a d o -------------------- ---------------------------------------------------------------------------------------------313 ,474
O n aga to M arysville, K ansas _____________________________________________________________________________
509 ,016
O ’ F a llon s to N o rth p o rt, N e b ra sk a --------------------------------------------------------------------------------------------------------------2 87 ,479
P in e BlulTs B ran ch , W y o m i n g , -------------- -----------------------------------------------------------------------------------------------------27
R o c k S prings t o Coal F ields, W y o m in g ---------------------------------,---------------------------------------------------------------------7,2 3 6
San d Creek to S t. V ralns, C o lo r a d o ------------------------------------------------------------------------------------------------------------4 8 4 ,9 1 7
S u m m it to L a n e , N e b ra sk a --------------------------------------------------------------------------------------------------------------------------24,478

P a c ific R a ilr o a d
$14 9,28 9 60

01
53
78
1(7
56
51
98
60
09
56

$ 2 ,8 3 4 ,8 3 4 59

O regon S h ort L in e R a ilro a d C o m p a n y :
K em m erer to N orth K c m m c p T , W y o m in g --------------------------------------------------------------------------------------------------- -----------------------O regon R a ilroa d & N avigation C o m p a n y :
C o y o te to E c h o , O r e g o n _____________________________________________________________________________________
56,918 84
265 .4 0 9 55
S t. J o h n ’s to T r o u td a le , O re g o n ............................................................................................ - ............- ................ ............

45 33

$ 2 7 2,32 8 39

L ess cred it:
E lgin to J o se p h , O re g o n --------------------------------------------

17,121 73
---------------------

E x p e n d itu re s fo r A d d itio n s a n d B e tte rm e n ts (T a b le N o . 2 5 ), v iz .:

255 ,206 66
--------------------------

3 ,0 9 0 ,0 8 6 58

R oa d w a y, T ra ck a n d A p p u r ten a n ce s—

B a l l a s t ----------------------------------------------------------------------------------------------------------------------------------------------B rid ges, trestles, c u lv e rts an d gra d e c r o s sin g s ---------------------------------------------------------------------------Changes In line, revision o f grades, w id e n in g e m b a n k m e n ts and tunnel I m p r o v e m e n ts_____
In crea sed w eigh t o f rails, im p r o v e d fro g s an d sw itch e s, tra ck fasten in gs an d a p p u rten an ces.
I n te r lo c k in g , b lo c k and h ig h w a y cro s sin g s ig n a ls--------------------------------------------------------------------M ain tr a c k s _____________________ ___________________________________________________________________
R ea l esta te, r ig h t-o f-w a y an d s ta tio n g ro u n d s a n d fe n c in g r ig h t -o f-w a y ------------------------------Sidings an d passing tr a c k s ............................................................... ..................... ................ - .................................
T e leg ra p h a n d telep h o n e lin es_________________________________________________________________________
R u tld in o s ,

S tru c tu re s

and

$13 8 ,7 2 2 32
3 4 6 .2 1 3 81
660 ,244 94
425,251 33
399 ,013 78
4 ,9 8 5 ,2 2 7 97
1,1 7 6 ,0 1 7 29
7 77 ,732 51
92,556 42
---------------------- $ 9 ,0 0 0 ,9 8 0 37

A p p u r ten a n ce s:

$ 4 0 0,87 3 27
173,284 26
403,371 75
311 .5 0 6 30
----------------------

E n g in e h ou ses, s h o p s , m a c h in e r y , to o ls , e t c _____________________________ _______________________
R o a d w a y , bu ildin gs, m a c h in e r y , to o ls , * --------------------------------------------------------------------------------S ta tion bu ildin gs, te rm in a l y a rd s and a p p u r te n a n c e s .......................................... — ................ ........
W a te r an d fu el s t a t io n s -------------------------------------------------------------------------------------------------------------------

1 ,349,095 58

E q u ip m e n t:

A d d itio n s and im p ro v e m e n ts t o e x is tin g e q u ip m e n t__________________________________________
23 lo c o m o t iv e s ------------------------------------------------------------------------------------------------------------------------------61 passenger-train c a r s ----------------------------------------------------------------------------------------------------------------1,758 freigh t-tra in c a r s ----------------------------- -------------------------------------------------------------- -----------------------756 w ork e q u ip m e n t ----------------------------------------------------------------------------------------------------------------------

5 43 ,675
302 ,4 8 2
380 ,9 2 6
1,7 1 0 ,0 2 7
101.506

Less:
12 lo co m o t iv e s , 20 p assen ger-train ca rs, 2 ,0 8 0 fre ig h t-tra in cars an d 256 w o rk e q u ip m e n t
v a c a te d d u rin g th e y e a r . . ----------------------------------------------------------------------------------- ----------------------------

07
64
96
32
79

$ 2 ,5 9 8 ,6 1 9 68
1 ,5 3 8 ,6 5 0 82
1,0 5 9 ,9 6 8 86
11,4 1 0 ,0 4 4 8
25,7 7 7 62

Im p r o v e m e n ts t o N orth ern P a cific T erm in al p r o p e r ty , P o r tla n d , O r e g o n . . . .................................. ............................ ....................... ................ ......... ....
A d ju s tm e n t In a m o u n t d e d u cte d from c o s t o f railw ays, e q u ip m e n t an d a p p u rte n a n ce s o n a c c o u n t o f th e d iffe re n ce betw een th e fa c e v a lu e o f
s to c k s and b on d s o f th e A u x ilia r y C om pa n ies an d th e prices a t w h ich th e y w ere taken o v e r ................................ .................................................
T o t a l c h a r g e s_______________________________________________________________ ••---------------------------------------------------------------------

9 8 ,2 5 9 38
$ 1 4 ,7 7 3 ,4 5 7 99

C r e d its :

A m o u n t receiv ed fro m th e T ru stee o f the U n ion P a cific R a ilro a d C o m p a n y ’s First R a ilro a d an d L a n d G rant M o rtg a ge .
}
In p a y m e n t for e x p en d itu res fo r b e tte rm e n ts, Im p ro v e m e n ts, e q u ip m e n t, & c., n o t oth e rw ise p ro v id e d f o r ...............
$ 2 ,0 5 0 ,0 0 0
442 ,813
A b a n d o n e d p r o p e r ty n o t to be rep la ced (rail lin e s )---------------------------------------------------------------------------------------------------------------------233,163
F lo a tin g eq u ip m e n t s o ld ______________________________ __________________________________________________________________________
R e a l estate s o l d ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------100,405

00
80
62
00

n
2 .8 2 6 ,3 8 2 42

N et e x p en d itu re s fo r c a p ita l a c c o u n t

$ 1 1 ,9 4 7 ,0 7 5 57

LA N D

D E PA R TM E N T.

U n d e r t h e p r o v i s i o n s o f t h e U n i o n P a c i f i c R a i l r o a d C o m p a n y ’ s F i r s t 'R a i l r o a d a n d L a n d G r a n t M o r t g a g e , t h e n e t
p r o c e e d s f r o m t h e s a le o f l a n d s , a f t e r p a y m e n t o f e x p e n s e s a n d t a x e s a p p e r t a i n i n g t h e r e t o a n d a ll s u m s o f m o n e y r e ­
c e iv e d o n a c c o u n t o f in te r e s t o r p r in c ip a l o f th e b o n d s a n d fo r d iv id e n d s u p o n th e s t o c k o f th e U n io n P a c ific L a n d C o m p a n y ,
a r e s e t a p a r t a n d h e ld b y th e T r u s t e e a s a C a s h I m p r o v e m e n t a n d E q u ip m e n t F u n d t o r e im b u r s e th e R a ilr o a d C o m p a n y
f o r a n y e x p e n d it u r e s fo r b e t t e r m e n t s , im p r o v e m e n t s , e q u ip m e n t , o r f o r o t h e r p r o p e r t ie s n o t p a id fo r o u t o f o t h e r fu n d s
o r c h a r g e d to o p e r a tin g e x p e n s e s o r c o s t o f m a in te n a n c e .
T h e a m o u n t r e c e iv e d fr o m th e T r u s te e d u r in g th e y e a r a n d
t h u s a p p lie d w a s $ 2 ,0 5 0 ,0 0 0 0 0 .
T h e t r a n s a c t i o n s in r e s p e c t o f t h e a b o v e - m e n t i o n e d l a n d s f o r t h e y e a r w e r e a s f o l l o w s :
2 10 ,017 63
N u m b er o f acres s o l d .............................................................................................................................. ............. ............. ..................................... ...............................................
T o ta l a m ou n t o f sales leash an d principal o f d eferred p a y m e n ts ' a fte r d e d u ctin g e x p e n s e s - ............................ ................ .....................
$480,261 26
In teres t o n d eferred p a y m e n ts and o th e r c o lle c t io n s ................................................. ................ .............................. ......... ...................................... ..
386,301 45
--------------------------$ 8 6 6,56 2 71
A v e ra g e price receiv ed per a c r e _________________________________________________________________________________________________________________________
$2 70
N u m b er o f acres o f land rem ain in g u nsold Ju n e 30 191 0------------------------------------------------------------------------------------------------------------------------------- --------- -------9 7 5 ,1 2 7 .5 0
E stim a ted v a lu e o f lands an d tow n lots rem ain in g u nsold Ju n e 30 191 0--------------------------------------------------------------------------------------------------------------- $ 1 ,0 9 8 ,2 9 9 76
L a u d c o n tr a c ts o u ts ta n d in g Ju n e 30 1 91 0_________________________________________________________________________________________________________ _____$ 4 ,5 4 4 ,7 7 6 25

N os.

T h e d e t a ils o f th e y e a r ’ s t r a n s a c t io n s a n d
18, 19, 20 an d 21.

t h e a c c o u n t w it h

A D D IT IO N S

AN D

t h e T r u s t e e in r e s p e c t o f s a id f u n d s a r e s h o w n

in T a b le *

B E TTE R M E N TS.

T h e e x p e n d it u r e s fo r A d d it io n s a n d B e t t e r m e n t s a m o u n t e d t o $ 1 1 ,4 1 0 ,0 4 4 8 1 , a n d w e r e c h a r g e d to c a p it a l a c c o u n t
T h e d e t a i ls o f th e s e e x p e n d it u r e s a r e s h o w n in T a b l e N o . 2 5 .
T h e c h a n g e s in lin e c o m p l e t e d o r in c o u r s e o f c o n s t r u c t i o n
a n d o t h e r p r in c ip a l a d d it io n s a n d b e t t e r m e n t s t o th e r o a d w a y , t r a c k a n d a p p u r te n a n c e s , w e r e a s fo llo w s :

M a x im u m G ra d e.
F eet p er M ile .

N ew L in es .

C h a n g es in L in e .

L en g th o f
T ra ck.
(M ile s )

D is ta n c e
S a ved .
(M ile s .)

S a v in g in
C u rv a tu re.
(D e g r e e s .)

E a st o r N o rth
B ound.

W est o r S o u th
B ound.

O ld
L in e .

N ew
L in e .

O ld
L in e .

N ew
L in e

43
79
84
84
71

43
19
53

43
79
95
95
53

43
19
63
63
37

D a te O p en ed
to th e P u b l ic
fo r T r a ffic .

U n io n P a c ific R a ilr o a d :

H anna to R a w lin s W y o m in g ..................
K an sas C ity to T o p e k a . K a n sa s...........................................................................
C arr, C olo r a d o , to C h eyen n e, W y o m in g .............
C arr, C o lora d o, to B o ric, W y o m in g ..................................................................
S t. V ralns t o G rant M ine, C o lo r a d o ................. ...............................................

38.23
14.75
•3.74
13.30
4 .9 0

.26
.12
.75
13.17
.10

345 .3 5
2 .0 0
492 .10
671.43
1.30

* Excludes 7.03 miles of the Carr to Boric lino, which will form part of the new Carr to Cheyenne line,




x

X

11

D e c.

6 1908

In progress *

Descending grades for the entire distance

R oadw ay,

T rack

and

A p p u r ten a n ce s.

U n io n P a c ific O regon S h ort O regon R R .&
L in e R R . C o .
N a v. C o.
R li . CO.

T o ta l.

T r a c k b a llasted w ith ston e (tra ck m iles)
T r a c k balla sted w it h gra v e l (tra ck m iles)

.77
63.99

.77
3.76

5.71

54.52

64.76

4.53

5.71

54.52

828 .0 0
354 .0 0
418 .8 0
3 ,2 2 4 .7 0

677 .00
3 54 .00
15.00
185.00

4 0 3 .8 0
84 .7 0

2 ,9 5 6 .0 0

(lineal f e e t ) _______________________________________

4 ,8 2 5 .5 0

1,2 3 1 .0 0

638 .5 0

2,-9 50.00

T b e a m c o n c r e te stru ctu res re p la cin g w o o d e n s tru ctu re s (lin eal f e e t ) ______________________
I b ea m c o n cre te stru ctu res re p la cin g steel s tru ctu re s (lineal f e e t ) --------------------------------------I beam c o n cre te stru ctu res re p la cin g e m b a n k m e n ts (lineal f e e t ) _____ ___________________
Steel stru ctu res b u ilt rep la cin g w o o d e n stru ctu re s (lineal f e e t ) ------------------------------------------S teel stru ctu res b u ilt rep la cin g e m b a n k m e n ts (lineal f e e t ) --------------------------------------------------Steel stru ctu res replaced w ith h e a v ie r s tru ctu re s (lineal f e e t ) ------------------------------------------C om b in a tion stru ctu res r e p la ce d w ith steel stru ctu re s (lineal f e e t ) -----------------------------------

3 54 .00
156.00
71.00
828 .0 0
46.00
30 .0 0
110.00

354 .0 0
156.00
71.00
677 .00
46.00

1,5 9 5 .0 0

1,4 1 4 .0 0

181.00

183 .00
179.00
1 ,6 5 2 .0 0
3 ,3 4 7 .0 0
70.92
311 .47
3
39
.03
101.77
10 ,8 5 7 .0 0
3 6 8 ,9 6 1 .0 0
6.38
96.70
17.42
97.00
2 ,4 5 0 .9 8
70.67
7 ,2 6 2 .5 6

163.00
92.00
436 .00
2 ,1 6 8 .0 0
12.65
233 .87
2
19

20.00
8 7 .0 0
568 .00
1,179.00
6.52
77.60
l
20
.03
5.71

W ooden
W ooden
W ooden
W ooden

s tru ctu re s
s tru ctu re s
stru ctu res
s tru ctu res

rep la ce d
rep laced
replaced
replaced

w ith steel stru ctu re s (lineal f e e t ) ___________________________ _
w ith I beam c o n cre te s tru ctu re s (lineal f e e t ) ----------------------w ith cu lv e rts (llenal f e e t ) ____________________________________
w ith e m b a n k m e n ts (lineal f e e t ) _______________________________

T o t a l w o o d e n stru ctu res re p la ce d

T o ta l c o n cre te an d steel s tru ctu re s p u t In p la ce (lineal f e e t ) _________________________
W o o d e n s tru ctu res b u ilt re p la cin g e m b a n k m e n t (lineal f e e t ) ______________________________
S to n e , c o n c r e te o r b rick arch c u lv e rts (lineal fe e t, tra n sve rse ly t o t r a c k ) ____ __________
Iron p ipe c u lv e rts (lineal fe e t, tra n sve rse ly t o t r a c k )______________________________________
M a son ry used In b rid ges, trestles an d c u lv e rts (cu b ic y a r d s )_________ ______ ______________
R ig h t o f w a y fen ced (track m ile s )______________________________________ 1___________________
A u to m a tic ele ctr ic b lo c k signals b u ilt (tr a c k m ile s )_______ _______________________________
N u m b er o f In terlock in g to w e rs b u ilt ________________________ _______ _________________________
N u m b er o f levers In in terlo ck in g signal to w e rs b u ilt _________________________________________
M ain track built, (m ile s )_______________________________________________________________ _______
A d d itio n a l m ain track b u ilt (m ile s )_________________________________________________________
M aterial m o v e d In revision o f grades (c u b ic y a r d s )_____________ _______________ ___________
M aterial m o v e d In w id en in g cu ts an d e m b a n k m e n ts an d lin in g trestles (cu b ic y a r d s ) ..
S n ow an d sand fen ces built (tra ck m ile s )______________________ ______ ______________________
S id in g s, passing tracks a n d ya rd tra ck s b u ilt ( m i l e s ) ______________ _______________________
S id in gs, passing tracks a n d ya rd tra ck s taken up (m ile s )_________________________________
A d d itio n a l teleg ra p h and te le p h o n e lines (p o le , w ire an d fixtures) c o n s tr u c te d (m iles)
T e le g ra p h and telep h on e w ire stru n g o n e x is tin g p oles (m ile s )________________ __________
R o a d b e d w iden ed (m ile s )____________________ _________________________________________________
E x ce s s weight, o f rails (new a n d o ld ) used In renew als ( t o n s ) _________________________ _____

151.00

151 .00
3 0 .0 0

110.00

96.06
10,8 5 7 .0 0
4 7 .1 6 1 .0 0
5.62
42.63
15.05
1,996.32

0 ,2 3 5 .0 0
.70
32 .9 7
1.39
97.00
4 4 3 .0 0

1 ,670.00

4 ,2 2 0 .0 0

0 1 8 .0 0
6 0 .7 5

3 1 5 ,5 6 5 .0 0
2 1 .1 0
.98
11.66
70.07
1 ,3 7 2 .5 0

E Q U IP M E N T .
T h e a c c o u n t i n g r e g u l a t i o n s o f t h e I n t e r - S t a t e C o m m e r c e C o m m i s s i o n in r e s p e c t t o c h a r g e s f o r “ A d d i t i o n s a n d

B etter­

m e n t s ,” e f fe c t iv e J u ly 1 1 9 0 9 , r e q u ir e t h a t t h e o r ig in a l c o s t ( e s t im a t e d if n o t k n o w n ) o f e q u ip m e n t r e t ir e d b e c r e d it e d ,
a n d th e c o s t o f e q u ip m e n t a c q u ir e d b e c h a r g e d d ir e c tly to th e e q u ip m e n t a c c o u n ts .
T h e c h a n g e s d u r i n g t h e y e a r in t h e
e q u i p m e n t , d e a l t w it h in a c c o r d a n c e w it h t h e s e r e g u l a t io n s , w e r e a s f o l l o w s :

C o n d e m n e d , D e s tr o y e d , S o ld
o r 7 r a n s fe r r e d to a n o th e r
C la s s a n d C r e d ite d to
E q u ip m e n t.
N u m ber.

L o c o m o t iv e s

12

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

B a gga ge c a r s ..... . .................. . . .
B a gga ge, m all an d passenger c a r s .B a ggage an d m all c a r s _____ __________
B a ggage an d passenger c a r s _________
B usiness cars . .
__________________
C h air c a r s ________ ______ __________
C o m p o s ite c a r s ________________________
D in in g c a r s __________ ________________
M o to r cars
. ______________________
O b s e rv a tio n c a r s ____________________
P a ssen ger c a r s .. ........................ ............
P o s ta l c a r s ___________________ ______
T o ta l passen ger-train cars .

O rig in a l C o s t.

A d d ed

5 1 0 7,85 5 01

23

1,131
13
57
272
317
2
4
30
242

5302,482 64

to —

T o ta l.

35

5 9 4 9,10 5 02

58

5646.622 38

26
' “ 8

47
1
10
3

“ *2
6
4
27

“ '1 6
6
4
32
ll

" ’ 16

8
5
11
5172,252 47

C o s t.

N u m ber.

C o s t.

‘ To

"*7
3

B o x cars --------- --------------------------------C a b oose c a r s __________________________
F la t c a r s . . ------ -------------------------------F u rn itu re c a r s ------------------------------------Clondola c a r s ---- ------------------------ --------G o n d o la (I ). li.) c a r s -------- ----------------G o n d o la (H . B .) cars ------------------------R e fr ig e ra to r c a r s _____________________
S t o c k c a r s ________ ______ __________—
T a n k (OH) c a r s ______________________
N arrow gau g e c a r s ____________________

N u m b er.

21
1
2
3

” "o
1

20

C o s t.

C h a rg ed

P a c ific E q u ip m e n t
4 s s o cia tio n .

E q u ip m e n t.
N u m ber.

2
1

. .

and

U n io n

61

538 0,92 0 96

390
*20
*50

449

*299

'2 1 0
25

*100
*25

5 1 ,0 9 3 ,0 0 5 13

134

3 7 12,078 17

73

746
25
50
250

1.142
*1
’ 250
2
150
'i i o

T o t a l freig h t-tra in c a r s _________

2,0 8 0

5 1 ,1 4 4 ,2 7 6 39

1,757

5 1 ,7 1 0 ,0 2 7 32

*104

* 5 12 7,71 7 69

1,653

W o r k E q u ip m e n t _____________________

256

511 4,26 0 95

756

516 1,50 6 79

458

5 5 7 3,08 5 71

1,214

5734,592 50

52.5 5 4 .9 4 3 71

___

5 1 ,8 0 4 ,0 6 8 57

___

5 4 ,3 5 9 ,0 1 2 28

T o t a l _____________________________

—

___

5 1 ,5 3 8 ,6 5 0 82

5 1 ,5 8 2 ,3 0 9 03

* C redit.

year

T h e o r ig in a l c o s t , s a lv a g e v a lu e a n d
w e re a s fo llo w s :

am ount

ch arged

to

th e o p e r a t in g e x p e n s e s o f th e e q u ip m e n t r e t ir e d

L o co m o tiv e s.

O riginal c o s t (estim ated If n ot k n o w n )_____ _________ __________________
P r oceed s from sale o r salvage v a lu e .
__________________________ ______
C h arged t o op era tin g e x p e n s e s ____

________________________________

P a s s e n g e r -T r a in
C a rs.

F r e ig h t-T r a in
C a rs.

d u r in g

W ork
E q u ip m e n t.

th e

T o ta l.

510 7,85 5 01
36,488 39

5172,252 47
92,838 07

5 1 ,1 4 4 ,2 7 6 39
369,951 93

511 4,20 6 95
3 2 ,2 1 0 05

5 1 ,5 3 8 ,6 5 0 82
531 ,488 44

571 ,366 62

579,414 40

577 4,32 4 40

5 82 ,050 90

51,0 0 7 ,1 6 2 38

T h e l o c o m o t i v e s a d d e d d u r i n g t h e y e a r a v e r a g e d 1 2 0 .7 4 t o n s t o t a l w e ig h t o f e n g i n e , w i t h o u t t e n d e r , a n d 8 7 . 2 4 t o n s
u p o n d r iv e r s , a n d fr e ig h t -t r a in c a r s 4 0 .2 7 t o n s c a p a c it y .
T h e n u m b e r o f lo c o m o t iv e s a n d c a r s o f s t a n d a r d g a u g e o w n e d a n d th e t o t a l a n d th e a v e r a g e c a p a c it y o f fr e ig h t -t r a in
c a r s a t th e c lo s e o f th e y e a r w e r e a s fo llo w s :

T h is

L o c o m o t i v e s ......................
T o ta l w e ig h t, ex c lu d in g ten d e r (ton s) _ ...
A v era g e to ta l w eig h t, ex c lu d in g te n d e r ( t o n s ) _____
T o ta l w eigh t on drivers ( t o n s ) ___. . . .. ..............
A v era ge to ta l w e ig h t on drivers ( t o n s ) _____________
P assen ger-train

c a r s _____

F reig h t-tra in cars
T o ta l c a p a c ity (ton s)
A v era g e c a p a c ity (ton s)
W o r k e q u ip m e n t .............

..

---------------------------------------______________________
________ ______________
_______________

.

. _____________
___________________

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

Y ea r.

95,596
87.82
78,841
69.52

L ast Y ea r.

89,808
82.54
74,182
08.18

40
5,788
5.28
4,6 5 9
1.34
114

824

710

26,043
1,014,311
39 .5 9

20,404
984 ,923
37.22

29,388
2.37

4,6 8 6

3,728

958

T h e e q u i p m e n t o w n e d b y t h e r e s p e c t iv e c o m p a n i e s is s h o w n in T a b le N o . 2 4 .
c a p a c i t y , a n d t h e s e r v i c e o f a ll e q u i p m e n t a r e s h o w n in T a b l e s N o s . 3 0 , 3 1 a n d 3 2 ,




In crea se.

The

D ecrea se.

C e n t.

4.23
0.44
0.4 0
6.28
1.90
10.05
421
—

ch an ges

P er

d u r in g

L59
2.98
6.36
25 .7 0

th e

year,

th e

T R A N S F O R T A T IO N
The

r e s u lts o f th e y e a r ’s t r a n s p o r t a t io n

o p e r a tio n s

O P E R A T IO N S .

com p ared

w it h

T h is

A v e ra g e m iles o f ra ilw a y o p e r a t e d --------

th ose

o f th e p r e c e d in g y e a r a re a s fo llo w s :

Y ea r.

L ast

6 ,2 9 6 .2 2

R even u es—

P a ssen ger, Inclu din g exce ss b a g g a g e ...
Mall an d e x p r e s s ---------------------------------F r e i g h t -------------------------------— ................. ..
S w itch in g , rentals a n d all o th e r sources

$ 2 0 ,8 1 4 ,8 1 9
4 ,5 0 9 ,4 3 4
6 1 ,4 7 9 ,6 7 9
1,702,531

T o ta l r e v e n u e s .........................................
O u tside o p e r a tio n s — r e v e n u e ...................

$ 8 8 ,5 0 6 ,4 6 5 44
1 ,7 2 1 ,6 2 6 76

T o t a l r e v e n u e s _______________________

$ 9 0 ,2 2 8 ,0 9 2 20

O p e r a tin g E x p e n s e s

$9,9 1 5 ,4 8 1
9 ,0 6 1 ,5 1 9
1 ,985,017
2 2 ,2 0 5 ,8 0 6
1 ,964,856

M ain ten an ce o f w a y an d s tru ctu re s _____
M ain ten an ce o f e q u i p m e n t ._____________
T r a ffic e x p e n s e s ._____ ___________________
T ra n sp o rta tio n e x p e n s e s -----------------------G eneral ex p e n s e s__________________________

96
37
70
41

D ecrea se.

In crea se.

P erC t.

3 .8 6

234 .09
90
18
24
76

17.78
3 .5 5
13.85
27.71

$ 7 7 ,3 6 0 ,4 2 9 36
1 ,390,032 19

$ 1 1 ,1 4 6 ,0 3 6 08
331 ,594 57

14.41
23.86

$ 78 ,750 ,46 1 55

$ 1 1 ,4 7 7 ,6 3 0 65

$ 1 7 ,6 7 2 ,3 5 7
4 ,3 5 4 ,7 1 7
5 4 ,0 0 0 ,1 9 5
1,333,159

65
48
61
68
31

$ 4 5 ,132 ,68 1 73
1 .806,227 61

T o ta l rail lin e s ------------ ----------------------O u tsid e o p e r a tio n s — e x p e n s e s ----------------

Y ea r.

6 ,062.13
06
19
46
65

$ 7 ,6 8 2 ,1 4 6
7 ,4 3 4 ,5 9 9
1 ,563,030
1 7,914,908
1,9 0 8 ,3 9 0

$ 3 ,1 4 2 ,4 6 2
154 717
7 ,4 7 9 ,4 8 4
369,371

16
27
85
92
75

14.57

49
21
76
76
56

29 .0 7
21.88
27 .0 0
23.95
2.96

$ 3 6 ,5 0 3 ,0 7 5 95
1 ,4 4 2 ,0 0 9 61

$ 8 ,6 2 9 ,6 0 5 78
364 ,218 00

23.64
25.26

$ 2 ,2 3 3 ,3 3 5
1,6 2 6 ,9 2 0
421 ,986
4 ,2 9 0 ,8 9 7
5 6 ,465

T o ta l e x p e n s e s _______________________

$ 4 6 ,9 3 8 ,9 0 9 34

$ 3 7 ,9 4 5 ,0 8 5 56

$ 8 ,9 9 3 ,8 2 3 78

23 .7 0

G ross reven u es o v e r tota l e x p e n s e s--------

$ 4 3 ,2 8 9 ,1 8 2 86

$ 4 0 ,8 0 5 ,3 7 5 99

$ 2 ,4 8 3 ,8 0 6 87

6 .0 9

8 ,3 0 6 ,9 3 0
9 6 0 ,734 ,98 4
$4,022 14
$1 63
2.1 22 cen ts
115.65 m iles

7 ,1 9 0 ,8 5 3
79 5 ,1 9 9 ,7 5 0
S3.633 55
$1 77
2.1 6 9 cents
110.58 m iles

1,116,077
165 ,535 ,23 4
$388 59

15.52
20.82
10.69
7.91
2.17
4 .5 8

15,312,211
5 ,997.233,894
S9.764 54
$4 62

13,7 2 6 ,0 2 5
5 ,2 6 6 ,6 5 8 ,0 5 4
$8,907 79
$4 63

1 ,586,186
7 3 0 ,5 7 5 ,8 10
$856 75

345 .7 8 m iles

343 .33 m iles

2.45 m iles

P a ssen g er T r a ))ic —
R e v e n u e passengers c a r r ie d ............................... ................. R e v e n u e passengers carried o n e m il'1------------------------------R ev e n u e from passenger trains per m ile o f r o a d ---------R e v e n u e from passenger train s per r e v e n u e t r a i n m ile
A v e ra g e reven u e per passenger per m ile .......... .....................
A v e ra g e d is ta n ce c a r r ie d ----------------------------------------------------F r e i g h t T ra J J ic ( W a g - h i l l T o n n a g e ) —
T o n s o f reven u e freig h t c a r r ie d -----------------------------------------T o n s o f reven u e freig h t carried o n e m ile _________________
R e v e n u e per m ile o f r o a d ____________ ___________________
R e v e n u e per r e v e n u e t r a i n m ile ____________________ _______
A v e ra g e receip ts per ton per m ile — re ve n u e f r e ig h t .. . .
A v e ra g e d ista n ce c a r r ie d — all f r e i g h t .________ __________

(a) R e v e n u e p assenger tra in a n d a l l m ix e d train m iles.

$0.14
.047 cen ts
5 .0 7 m iles

SO.01
.001 cen ts

U -.56
13.87
9.62
22
.10
.71

(0) R e v e n u e fre ig h t train and a l l m ix e d train m iles.

C o m p a r e d w it h t h e p r e c e d in g y e a r , th e p e r c e n t o f o p e r a t in g e x p e n s e s ( in c lu d in g e x p e n s e s o f o u t s id e
th e g r o s s r e v e n u e s (in c lu d in g r e v e n u e s fr o m o u ts id e o p e r a tio n s ) w a s a s fo llo w s :

o p e r a tio n s )

to

P a il L in e s
P a i l L i n e s u n it / . a n d O u t s i d e
O p e r a tio n s .

F o r " M a in te n a n c e ” ( M a i n t e n a n c e o j W a g a n d S t r u c t u r e s , a n d M a i n t e n a n c e o j E q u i p m e n t ) _________________________ ___________

21.44
29.55
50.99

52.02

47.19

48.1 8

T h e o p e r a t in g r e v e n u e s a n d o p e r a tin g e x p e n s e s fo r th e y e a r d is tr ib u te d a m o n g th e r e s p e c tiv e p r im a r y a c c o u n t s p r o ­
v i d e d f o r in t h e c la s s i f i c a t i o n o f t h e I n t e r - S t a t e C o m m e r c e C o m m i s s io n a r e s h o w n in T a b l e N o . 2 6 .
T h e d e t a ils o f p a s s e n g e r
a n d f r e i g h t t r a f f i c a r e s h o w n in T a b le s N o s . 2 7 a n d 2 8 .
.
T h e e x p e n s e s o f t h e r a il lin e s f o r “ M a i n t e n a n c e ” i n c r e a s e d $ 8 , 8 6 0 , 2 5 5 7 0 , o r 2 5 . 5 3 p e r c e n t , a n d f o r “ O p e r a t i o n ”
$ 4 ,7 6 9 ,3 5 0 0 8 , o r 2 1 .3 7 p e r c e n t , o v e r la s t y e a r .
T h e s e in c r e a s e s h a v e r e s u lte d p r in c ip a lly fr o m th e h ig h e r w a g e s c h e d u le s ,
a g r e a t e r a m o u n t o f r e n e w a ls t h a n w e r e m a d e la s t y e a r , a n d f r o m a n i n c r e a s e in m il e a g e o f l o c o m o t i v e s a n d c a r s in r e v e n u e
s e r v ic e c a u s e d p a r t l y b y t h e m o v e m e n t o f a d d it i o n a l t r a f f i c , b y a d d it i o n a l t r a in s r u n a n d h ig h e r s p e e d o f t h e t r a in s .
T h e r e a r e in s e r v ic e 2 3 g a s o l in e m o t o r c a r s .
T h e m i l e a g e o f t h e s e c a r s , w h ic h a g g r e g a t e d 5 5 2 ,4 8 5 m il e s , is i n c l u d e d
in t h e m il e a g e s t a t i s t i c s .
I n t h e f o l l o w i n g s t a t e m e n t s t h e o p e r a t i n g e x p e n s e s , a l t h o u g h d i s t r i b u t e d a s p r o v i d e d f o r in t h e c la s s i f ic a t i o n o f t h e
I n t e r -S t a t e C o m m e r c e C o m m is s io n , h a v e b e e n c o m b in e d u n d e r c o m p r e h e n s iv e t it le s o f a c c o u n t s s o a s t o p r e s e n t th e y e a r ’s
e x p e n s e s in a c o n c is e f o r m .
M A IN T E N A N C E O F W A Y A N D S T R U C T U R E S .
T h is Y e a r .

A v e ra g e m iles o p e r a te d — first an d a d d itio n a l m ain tr a c k s _______
T i e s ...................................................................... ................
R a l l s _____________________________________ ____________
F rog s, sw itch es and o th e r track m a t e r ia l_____

_______ _______

T o ta l m aterial for r o a d w a y and t r a c k _________________________
R ep airs o f r o a d w a y and tra ck . . .
_____________ _________________
b rid g e s , trestles and c u lv e r ts ---------- _ ________ ______________________
B u ild in gs, g rou n d s and a p p u r te n a n c e s ....... ....................... ........................
S n ow an d san d fen ces an d sn o w sheds
______________ _
_______
E lectric p o w e r, telegra ph an d te le p h o n e lin e s .........
S u p e rin te n d e n ce _____________ ___
________________
A b a n d o n e d p r o p e r t y _________________

________________

T o t a l ____________________ ___________ _______ ______ _
C ost p er m ile all m ain tra ck s.................... . .......................................

6 ,8 0 0 .4 6

L a st Y ea r.

In crea se.

6 ,1 7 7 .2 7

$83 ,295
1 ,825,730
280,674
8 4 4 ,8 0 5

97
78
92
60

$31,404
1,0 6 3 ,3 5 5
346 ,554
837 ,113

41
05
65
24

$ 3 ,0 3 4 ,5 0 7
4,2 3 0 ,8 7 4
448 ,674
1 ,2 4 3 ,3 1 5
16 345
97,348
583 ,232
29,223
3 5 ,169
190,791

27
39
58
24
65
51
41
37
23
00

$ 2 ,8 7 8 ,4 2 7
2 ,969,813
392,4 53
843 .313
12,440
65,155
475,021
19,507
25,982

35
62
76
30
72
04
88
53
96

D ecrea se.

P e r C ent

323 .19

+ 4 .9 9

$51,891 56
162,375 73

+ 165 .24
+ 9.76
— 19.01
+ .92

$65 ,8 7 9 73
7,692 36
$ 1 5 6,07 9
1,2 6 7 ,0 6 0
50,220
399,971
3,904
3 2 ,193
108,210
9,715
9,186
190,791

92
77
82
91
93
47
53
84
27
00

- .......................

4 -5 .4 2
+ 42.6 6
+ 14.33
+ 4 7 .4 3
+ 31 .3 9
+ 49.41
+ 22.78
+ 4 9 .8 1
+ 35 .3 5
+ 100.00

$9,915,481 65

$ 7 ,6 8 2 ,1 4 6 16

$ 2 ,2 3 3 ,3 3 5 49

+ 29.07

$1,458 06

$1,1 8 5 20

S272 80

+ 23.02

T h e i n c r e a s e in t h e s e e x p e n d i t u r e s r e s u lt e d p r i n c i p a l l y f r o m t h e e x p e n s e s i n c id e n t t o m a i n t a in in g 3 2 3 m ile s o f a d d i t i o n a l
m a in t r a c k s a n d 7 8 m ile s o f s id in g s , t h e r e n e w a l o f a m u c h g r e a t e r n u m b e r o f t ie s , t h e h ig h e r w a g e s c h e d u le s , a n d f r o m
c h a r g e s u n d e r th e r u le s o f th e I n t e r -S t a t e C o m m e r c e C o m m is s io n fo r p r o p e r t y a b a n d o n e d , fo r m e r ly c h a r g e d t o P r o fit a n d
L oss.
A l t h o u g h t h e c h a r g e f o r t h e i n c r e a s e in w e i g h t o f r a ils t o A d d i t i o n s a n d B e t t e r m e n t s h a s r e s u l t e d in a d i m i n u t i o n
in t h e c h a r g e f o r r a ils p u t i n t o t h e t r a c k , t h e c o s t o f t h e l a b o r in m a k i n g t h e s e r e n e w a ls , w h ic h e x c e e d e d b y 1 8 .8 6 m il e s
t h e r a i l s p u t in t h e t r a c k l a s t y e a r , is i n c l u d e d i n t h e a b o v e e x p e n s e s .
T h e f o l l o w i n g r a ils , t ie s , t ie p l a t e s a n d c o n t i n u o u s r a il j o i n t s w e r e u s e d in m a k i n g r e n e w a ls , a n d t h e e n t i r e c o s t t h e r e o f
w a s c h a r g e d t o o p e r a t i n g e x p e n s e s , w it h t h e e x c e p t i o n o f $ 4 2 5 ,2 5 1 3 3 f o r in c r e a s e d w e ig h t o f r a ils a n d i m p r o v e d f r o g s
a n d s w i t c h e s c h a r g e d t o a d d i t i o n s a n d b e t t e r m e n t s , in a c c o r d a n c e w it h t h e c la s s i f ic a t i o n o f E x p e n d i t u r e s f o r A d d i t i o n s
a n d B e t t e r m e n t s p r o m u lg a te d b y th e I n t e r -S t a t e C o m m e r c e C o m m is s io n .

T h is

M iles o f new steel rails . ________
Rer ce n t o f renew als o f all rail In t r a c k , in clu d in g s id in g s_____
N u m b er o f b u rn ettlzed t ic s ________
N u m b er o f o th e r t ie s _________________
T o ta l n u m b er o f ties . . . -------------- ---------E q u a l to m iles o f co n tin u o u s t r a c k ..
E q u a l to m iles o f c o n tin u o u s t r a c k .......... __
N u m b er o f co n tin u o u s rail jo in t s . ___________
E q u a l to m iles o f co n tin u o u s t r a c k _____ _______
The

w e ig h t o f r a ils p e r y a r d




in m a in lin e s a n d

________________

_________________________

Y ear.

268 .90
3.09
1,4 53,287
7 41 ,219
2 ,1 9 4 .5 0 6
954 13
9.01
2,251 758
402 .1 0
153,089
217.46

b r a n c h e s a t th e c lo s e o f th e y e a r w a s a s fo llo w s :

L ast

Y ear.

250.^4
2.9G
1,345,221
627,279
1,972,500
703.71
8.33
2,674,101
477 .17
163,578
232.35

In c. (+ )
D e c . (—

or
).

+ 18.86
+ .13
+ 108,066
+ 113,940
+ 222,006
+ 250 .42
+ .68
— 422 ,343
— 75.07
— 10.489
— 14.89

M i l e s o j F i r s t a n d A d d i t i o n a l M a i n T r a c k s O p e r a te d ,
E x c l u d i n g M i l e a g e O p e r a te d u n d e r T r a c k a g e R ig h t s

8 5 -lb

9 0 -lb .

T o ta l.

8 0 -l b .

7 5 -l b .

L e s s th a n
56 lb .

56-16.

0 0 -lb ,

0 2 -lb .

0 7 -lb .

7 0 -lb .

4 .0 8 1 .2 9 1 ,1 0 3 .0 5
18.92

3 2 .2 9 1,532.08
1.42
23.55

005.00
190.07

744.12
481 .57

.58
29.45

3.21
22.56 1 ,108.23

.14
577.00

.16
224 .90

T o t a l _________________________________________________ 0 ,7 5 8 .9 0 1,1 8 2 .5 7
17.50
100.00
P er c e n t o f t o t a l m iles o f t r a c k ________________________

33.71 1 ,555.03
.50
23.02

795.13 1,225.09
11.70
18.14

30.03
.44

22.56 1,111.44
16.44
.33

577.14
8.54

2 25 .06
3.33

19.26

.40

17.35

8.63

4.0 7

B r a n c h e s ............. ........... ............................ .................. ................

P e r c e n t last T ea r_________ ______________________________

13.59

100.00

.57

11.37

24.70

.............

A t th e t im b e r -t r e a t in g p la n t s o f th e c o m p a n ie s 2 ,1 2 1 ,3 1 6 c r o s s -t ie s , 5 3 ,3 3 8 s w it c h -t ie s a n d
b u r n e t t iz e d , a n d 6 4 ,0 0 8 c u b ic fe e t o f p ilin g a n d o t h e r t im b e r w e re c r e o s o t e d .

2 ,0 0 0 ,0 0 0

t ie p lu g s w e r e

M A I N T E N A N C E O F E Q U IP M E N T .
T h is Y e a r .

$ 4 ,1 1 0 ,1 7 7
8 6 0 ,3 3 0
3 ,1 7 6 ,5 8 1
190,083
2 36 ,545
41 8 ,0 0 2
6 9 ,7 9 9

O th er e x p e n s e s -----------------------------------------------------------------------------------------

In crea se.

L a st Y ea r.

$ 3 ,3 8 5 ,8 8 3
733 ,720
2 ,5 6 1 ,6 8 8
9 0 ,855
222 ,503
37 0 ,1 4 0
63,806

17
11
84
81
22
13
20

31
84
94
42
51
91
34

$72 4 ,2 9 3
126,609
0 14 ,892
93,228
14,041
47,861
5,992

P e r C en t.

+
+
+
+

21.39
19.26
24.0 0
96.26
+ 6.31
+ 12.93
+ 9.30

+ 21.88

$ 1 ,6 2 6 ,9 2 0 21

$ 7 ,4 3 4 ,5 9 0 27

$ 9 ,0 0 1 ,5 1 9 48

D ecrease.

86
27
90
39
71
22
86

T h e in c r e a s e in th e s e e x p e n s e s r e s u lte d fr o m th e h ig h e r w a g e s c h e d u le s , f r o m th e g r e a t e r m ile a g e o f l o c o m o t iv e s a n d
ca rs a n d fr o m a g r e a te r c h a rg e fo r e q u ip m e n t v a c a te d .
T h e r e w a s a n in c r e a s e in t h e m ile a g e o f l o c o m o t i v e s o f 6 ,1 5 9 ,7 4 6 m ile s , o r 2 1 .3 2 p e r c e n t , in th e m ile a g e o f p a s s e n g e r t r a in c a r s o f 1 4 ,7 4 3 ,5 0 8 m ile s , o r 1 8 .3 3 p e r c e n t , a n d in th e m ile a g e o f c a r s in f r e i g h t t r a in s o f 4 0 ,8 6 4 ,5 6 4 m ile s , o r 1 0 . 2 1 % .
T h e C o m p a n ie s c h a r g e d in p a s t y e a r s th e r e c o r d v a lu e (a s a p p r a is e d a t t h e t im e o f t h e r e o r g a n iz a t io n ) , le s s s a lv a g e ,
o f a ll e q u i p m e n t v a c a t e d .
T h e a p p r a is a l v a lu e m a d e b e f o r e t h e r e c o v e r y f r o m th e p a n ic in 1 8 9 3 , w h e n e q u ip m e n t o f e v e r y
c h a r a c t e r w a s a t it s lo w e s t c o s t , w a s in m a n y in s t a n c e s c o n s i d e r a b l y le s s t h a n t h e s a lv a g e v a lu e e v e n t u a l l y r e a liz e d .
In
o r d e r t h a t t h e o p e r a t in g e x p e n s e s s h o u ld b e c h a r g e d w it h th e n o r m a l c o s t f o r “ M a in t e n a n c e ” it w a s d e c id e d t o c h a r g e
t h e o r ig in a l c o s t ( e s t i m a t e d if n o t k n o w n ) , le s s s a l v a g e , f o r a ll e q u i p m e n t v a c a t e d .
T h e a m o u n t t h u s c h a r g e d is r e p o r t e d
u n d e r t h e i t e m s o f “ R e n e w a ls ” in T a b le N o . 2 6 , a n d a m o u n t s t o $ 1 ,0 0 7 ,1 6 2 3 8 , a g a in s t $ 2 3 7 ,9 6 9 0 5 la s t y e a r .
T h e a v e r a g e c o s t o f r e p a ir s a n d r e n e w a ls p e r l o c o m o t i v e a n d p e r c a r p e r a n n u m , a n d t h e a v e r a g e n u m b e r o f s e r v ic e a b le
l o c o m o t i v e s a n d c a r s o w n e d d u r i n g t h e y e a r w e r e : ____________________________________________________________________________________________________
A vera ge C ost p er A n n u m .
T h is

fo r r e n e w a ls __________ ______________ _ ____ ______ ___________ _______________ ______
T o t a l . . - ............... ......................... .

.

.

____

.........................................

T o t a l ___________ ___ _________________________________________ _________________________________ _

L ast

Y ea r.

Y ear.

$3,592 90
63 55

$3,107 09
15 69

$ 3,656 45

$ 3,122 78

$1,183 CO
102 76

$1,123 07
65 19

$ 1 ,286 66

$ 1 ,188 86

$92 02
29 66

$93 26
0 40

$121 68

$99 75

T o t a l ..................................................................................................................................... ........................................

A v e r a g e S erv icea b le N u m b er .
T h is

r ast Y ea r .

Y ea r.

1,123

1,088

772

700

2 6 ,1 0 5

25,682

—

T h e e q u i p m e n t o w n e d b y t h e r e s p e c t i v e c o m p a n i e s is s h o w n in T a b l e N o . 2 4 , .a n d t h e c a p a c i t y , t h e s e r v i c e , a n d
a v e r a g e c o s t o f m a in t e n a n c e a r e s h o w n in T a b le s N o s . 3 0 , 31 a n d 3 2 .

th e

T R A F F IC E X P E N S E S .
T h is

O u tsid e a g e n c ie s . _________________ _____ __________ ____________________
A d v e r t i s i n g _______ ______________________________
___ _______ _________
S u p e rin te n d e n ce ___ __________ ____________________________________ ______
S ta tio n e r y and p r in tin g _________________ ____
O th er e x p e n s e s ________________________ _________ ____________ ________

|

Y ea r.

$ 6 4 9 ,5 6 7
*80 5 ,7 3 5
3 4 2 ,2 0 3
164 ,054
2 3 ,4 5 5

85
74
41
84
77

$ 1 ,9 8 5 ,0 1 7 61

T o t a l _________________________________________________________________

L ast Y ear.

In crea se.

$62 2 ,2 0 7
4 49 ,303
3 12 ,236
160,565
18,717

$2 7 ,3 6 0
3 56 ,432
29,060
3.4 8 9
4,738

55
48
75
64
43

$ 1 ,5 6 3 ,0 3 0 85

D ecrea se.

P e r C e n t.

30
20
66
20
34

+ 4.4 0
+ 70.33
+ 9.60
+ 2.17
+ 25.32

$ 42 1,08 0 70

+ 27.0 0

* In clu d es $ 1 1 0,98 3 44 c h a rg e a b le t o the e x p e n d itu re s o f the p re v io u s ye a r.
T R A N S P O R T A T IO N E X P E N S E S .
T h is

Y ea r.

$7,084,790
4,805,010
3,047,784
4,397,020
1,174,849
880,857
186,185
29,298

L o c o m o t iv e s , fuel f o r _________________________ ______ _______________
L o c o m o t iv e s e r v ic e , o th e r th an fu e l_________________________________
T rain serv ice
S ta tio n an d term in al s e r v ic e .............................................................................
In ju r ie s , loss, d a m a g e an d o th e r ca su a ltie s___________ ______________
S u p e rin te n d e n ce _____ ________________________
S ta tio n e r y a n d p r in tin g __________________________
O th er e x p e n s e s ___ ____________________________________

$22,205,806 68

T o t a l _________________________________________________________________

In crea se.

L a st Y ea r.

\

58
50
51
15
28
76
03
97

$5,440,119
3,763,862
2,910,282
3,733,702
1,110,721
779,737
151,379
16,102

54
88
64
98
37
26
86
39

$17,914,908 92

$1,644,671
1,041.147
737,501
663,320
55,127
101,120
34,806
13,196

+30 .2 3
+ 27.60
+ 25.34
+ 17.77
+ 4.02
+ 12.97
+ 22.99
+ 81.95

$4,290,807 76

T h e w o r k d o n e b y t h e t r a n s p o r t a t i o n d e p a r t m e n t o f t h e r a i l l i n e s o v e r t h a t o f l a s t y e a r is s h o w n

+ 23.05
in t h e f o l l o w i n g t a b l e :
P e r C e n t.

D ecrea se.

In crea se.

G ross o p e r a tin g r e v e n u e s_____________ ________ _______________ ___ ___ _— _________________________ _ _______
T r a n sp o rta tio n exp en ses
_ _____ ___ ___ _____________________________
R e v e n u e passengers ca rried o n e m ile
______ __________ ___________ . . . . . . . __ _
Ml leave o f passenger ca rs
___ . _ ____ . . . . . . . . . . . . _______
L o c o m o t iv e m ileage w ith passeucrer train s, in clu d in g h e lp in g _______________________
T o n s o f rev en u e freigh t carried o n e ml|e
__ ____________ __ _________
T o n s o f r ev en u e an d c o m p a n y fre ig h t ca rried o n e m ile _________________________ ______
M ileage o f freig h t cars
______
_____________________ ________________________
L o c o m o t iv e m ileage w ith fre igh t a n d m ix e d train s, in c lu d in g h elp in g
T o t a l lo c o m o t iv e m ileage In s e rv ice fo r w h ich th e a tte n d a n t exp en ses are ch a rg e d t o “ T ra n sp o rta tio n
E x p en ses” . ------------------------------------------------------------------------------------------------- ---------------- --------------------------------

P e r C e n t.

D ecrea se.

04
62
87
17
91
50
07
58

$ 1 1 ,1 4 6 ,0 3 6 08
$ 4 ,2 9 0 ,8 9 7 76
105 ,535,23^
14.743 508
3,25 9 ,3 1 1
73 0 .5 7 5 840
8 8 3 ,6 9 5 .8 6 9
4 0 ,8 6 4 ,5 6 4
1,86 5 ,6 9 0

+ 14.41
+ 23.95
+ 20.82
+ 18.33
+ 24.80
+ 13.87
+ 13.82
+ 10.21
-(-14.30

6 ,1 5 9 ,7 4 6

+ 21.32

T h e a v e r a g e n u m b e r o f t o n s o f fr e ig h t p e r t r a in , a n d lo a d e d c a r s p e r tr a in ( e x c lu d in g c a b o o s e ) , a n d t h e t o n s p e r lo a d e d
c a r fo r th e r e s p e c tiv e c o m p a n ie s fo r th e y e a r w e re :
* T o n s p e r T ra in .

L oa d ed C a rs p er T ra in .

T on s.

P e r C en t.

P ercen t.

543.45
589.91
501.03

— 8.1 6
+ 20.30
+ 4.9 0

1.48
3.53
.99

26.07
22.73
21.13

— .98
+ .70
+ .05

.1.62
3.18
.24

7 5 .9 9 + 1.28
73.84 + 1 .3 5
8 3 .0 6 — .70

20.85
25.95
23.71

+ .46
+ .10
+ .18

2.26
.39
.76

547.89

— .60

.11

24 66

— .48

1.91

7 6 .3 0 + 1.10

22.22

+ .41

1.88

In crea se.
D ecrease.

T on s.

U n ion P a cific R a ilr o a d C o . . . ________
O regon ^ h ort L ine R a ilro a d C o _______
O regon R a ilroa d & N avigation C o ____
A v e r a g e all lines........ ...............................
• T o n m iles p er rev e n u e fre ig h t
to

T o n s p er L oa d ed C a r.
P e r C ent
o f L oa d ed C a r
M ile a g e
T o 7 'ota l C a r
M ile a g e .

+
—

R ev en u e a n d C o m p a n y F reig h t
( W a y - B i l l T o n n a g e ).

C a rs.

train a n d all m ix e d

+
—

In crea se.
D ecrea se.

C a rs.

+
—

In crea se.
D ecrea se.

T on s.

P erC en t.

tra in m iles.

T h e c o s t p e r lo c o m o t i v e m ile r u n in r e v e n u e s e r v ic e a n d
“ T r a n s p o r ta tio n E x p e n s e s ” w a s:

in

n o n -r e v e n u e s e r v ic e f o r w h ic h
T h is Y e a r .

F o r fuel fo r lo c o m o t iv e s
_______________ ________ ______________________________________________ _________20.210 cen ts.
F o r a ll tra n s p o r ta tio n e x p e n s e s . . ......................... ....
................................................. .............................. ..................03 345 ce n ts .




T on s.

th e o x p e n se s a re ch a rg ed
L a st Y e a r .

18.827 ce n ts.
0 2 .0 0 0 c e n ts .

+ 1 383 cen ts.
+ 1 *45 cen ts.

G EN ERAL EXPENSES.

Salaries and expen ses o f general o f f i c e r s . -----------------------------------------Salaries an d expen ses o f clerks and a tt e n d a n ts ------------------------------

O tn er e x p e n s e s ------

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

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

T h is Year.

L a st Y ear.

$19 1,90 2
9 00 ,030
271,923
105,002
118,323
160,169
50,527
163,956

$2-,0,S 33
8 0 9 ,9 1 0
261 ,7 7 9
9 1 .4 1 5
156,192
145 ,083
3 8 .2 3 5
164 ,9 4 0

42
05
65
82
61
18
41
27

$ 1 ,9 6 4 ,8 5 6 31

56
42
50
47
74
21
63
22

$ 1 ,9 0 8 ,3 9 0 75

P e r C en t.

D ecrease.

In crea se.

$45,931 14

— »9 .0 7
+ 11.13
+ 3 .8 8
+ 14.86
— 24.25
+ 10.40
+ 3 2 .1 5
— .60

$ 9 0 ,1 4 0 53
10,144 15
13,587 35
3 7 .8 6 9 13
15,085 97
12,291 78
983 95
5 5 6 ,4 6 5 50

t -2 .9 6

............................

GENERAL.
In addition to the completed lines of railway reported under “ Properties and Mileage,” construction is progressing
on the following lines:
Length o j
P r o j c t e d L in e.
M ile s .
U nion P a c ific R ailroad—

G rading
Com Dieted.
M ile s .

G rading
P rogressin g.
M ile s .

18.52
10.40

* .1 6

24.75
21 73

M a lh eu r 1 alley itailw au—
M in id o k a

Track
C om pleted .
M ile s .

Southw estern R ailroad—

S alm on R iver R ail road—
O regon H ailroad <fc X a vioa tfnn—
VYnodlawn to T r o u td a le , O r e g o n ------------------------------------------------------ --------------------------D es Chutes R ailroad —
D os C hutes t o R e d m o n d , O regon .......... ..

......

......... _

.

T o t a l _____________________ ___________________________ _

23.77

21.42

2.35

72.78
22.09

5.93

65.1 0
22.09

28.80

10.86

17.48

7 .0 0
13.00
1.25

5.47

1 53
2 .0 0
1.25

133.00

21.11

56.89

1.75

i

Loo

6 5 .0 0

348 .17

The express privileges upon the lines of these companies previously enjoyed by the Pacific Express Company were
granted to the American Express Company by contract of January 12 1910 for a period of about five years, upon terms
which it is believed will materially increase the revenues from that source, and thereupon the Union Pacific Railroad
Company availed of an opportunity to dispose of its entire holdings (amounting to about forty per cent) of the stock of
the Pacific Express Company.
The Insurance Fund shows a gain in the year'.s transactions of §42,406 97. The operations of this fund from its
commencement to June 30 1910 are shown in Table No. 23
Under the pension system put into effect on January 1 1903 there are carried on the pension rolls 188 employees. The
payments to them for the year amounted to §51,797 55.
The receipts of the Hospital Fund for the year amounted to §237,725 44; the expenses were §231,304 93, leaving
a surplus of $6,420 51. The accumulated surplus on June 30 1910 was §96,175 19.
The accompanying report of the Vice-President and Comptroller shows in detail the property of the Union Pacific
Railroad and Auxiliary Companies, and their combined financial and other’transactions.
By order of the Board of Directors,
.....................
.....
ROBERT S. LOVETT, P r e s id e n t.
UNION PACIFIC RAILROAD AND A U X IL IA R Y COMPANIES.
NO. 2 .— IN C O M E F R O M T R A N S F 'O R T A T I O N O P E R A T I O N S . Y E A R E N D E D J U N E 30 1910.
O p era tin g exp en ses an d e xp en ses o f o u ts id e o p e r a tio n s , as
sh ow n In d etail In T a b le N o . 2 0 . ____ __________ ________
T a x e s __________________________________________________ _____
T o ta l exp en ses an d taxes.. ___________ ______ _____
In te rest on b on d s In nan ds o f p u b lic , as sh o w n In T a b le
____ ______________________ ______________
..
N o . 1 5 ____
S in k in g fund re q u ire m e n ts.................................. ...............................
H ire o f e q u ip m e n t— b a la n c e _________________________ _______
R e n ta ls for lease o f r o a d ........................... .....................$P7~,021 53
I.ess— Collections------------------------------------------------- 72,092 82
D iv id en d s o n preferred s t o c k —
2 p e r c e n t , paid A p ril 1 191 0..... .............. .................................
2 per c e n t, p a y a b le O cto b e r 1 1010____________________ H I
D iv id e n d s o n c o m m o n s t o c k — ■
1 H per c e n t, paid Ja n u a ry 3 1 9 1 0 _________________________
1 'A per ce n t paid A p ril 1 1 9 1 0 ---------------------- --------- _ .
1 '/i per c e n t, p a y a b le July 1 1910.......... ....................................
1 Yi per c e n t, p a y a b le O cto b e r 1 1910--------------------------------D iv id e n d s on preferred s to ck o f O regon R R . & N a v ig a tio n
C o ., In hands o f p u b lic .......... - --------------------------------- B a la n ce to p ro ilt an d loss (N o 4 ) -----------------------------------------

$40,938, 909 34
3,264, 347 51
$ 5 0 ,2 0 3 ,2 5 6 85

G ross o p e r a tin g re ve n u e and reven u e fro m o u ts id e o p e r a ­
tio n s, as sh ow n In d e ta il In T a b le N o 2 6 . . ____________
R e n ta ls fro m jo in t tra ck s, y a rd s a n d term in al
fa c ilitie s .......... ......................................................$ 4 5 5 ,4 1 8 44
I.ess— P a y m e n t s _____ _________________________
124,870 80

12,455, 577 15 M iscella neous re n ta ls _____________________________ $ 4 8 ,9 3 3 ,9 2
16, 013 33
I.ess— P a y m e n ts _______________________________
6,153 02
1,923, 095 63
M iscellaneous r e c e ip t s ____ _________________________________

3 ,2 7 6 ,7 2 7
3,2 4 8 ,2 6 1
3 ,2 4 8 ,0 6 5
3 ,2 4 8 ,6 0 5

54
39
07
50

240 00
8 ,9 8 9 ,3 1 9 54
$ 9 0 ,6 0 6 ,5 1 0 71
O P E R A T I O N S , Y E A R E N D E D J U N E 30 1910.

Interest on b o n d s o w n e d o f c o m p a n ie s o th e r th an O regon
03
Short. Line a n d O regon R R . & N a v ig a tio n C o . (T a b ic
N o. 1 6 ) _________ _________________
60
72 D ivid e n d s co lle c te d o r d eclared o n s to ck s o w n e d o f c o m ­
00
panies o th e r than O regon S h o rt L ine and O regon R R . &
N a v ig a tio n C o. (T a b le N o . 1 7 ) _____ _
10,8 3 0 ,5 0 3 00 In terest on loans an d o p e n a c c o u n ts o th e r th an w ith
a u x ilia ry c o m p a n ie s — b a l a n c e _____ ____ ._ _
R en ta ls from steam sh ip s. .
_ ...................
Net Incom e from u n p led ged lands an d to w n lo t s . M iscellaneous r e c e ip ts _________________________
$87 ,318 40
L ess— M iscellaneous p a y p ie n t s _________ .
2,776 52

$ 2 ,1 8 4 ,4 8 5
2 ,1 6 5 ,5 0 7
2 .1 6 5 .7 7 6
2 .1 6 5 .7 7 7

B a la n ce t o p rofit an d loss (N o . 4 ) --------------------------------------

4 2 ,7 8 0 90
6.0 9 0 06

14,928 71

NO. 3 — IN C O M E O T H E R T H A N F R O M T R A N S P O R T A T I O N
c o m m o n s to c k o f U n ion P a cific R R . C o .—
paid J a n u a r y 3 1910___ _______ _____________
paid A pril 1 1 9 1 0 . ________ _____ _____________
p a y a b le J u ly 1 191 0____ ___________________
p a y a b le O cto lie r 1 1910______________________

3 3 0 ,5 4 7 55

1 .990.880 00
1.9 9 0 .8 8 0 00

$ 9 0 ,6 0 6 ,5 1 0 71

D iv id e n d s on
1 per c e n t,
1 p ercen t,
1 p ercen t,
1 p er c e n t,

$ 9 0 ,2 2 8 ,0 9 2 20

$ 1 ,2 6 3 ,9 8 3 16
1 5 ,298,078 00
2 ,5 5 9 ,7 2 0 18
3 0 4 ,8 0 0 00
928 13
84,541 88

$ 19 ,512 ,05 1 35
NO. 4 — P R O F I T A N D

LO SS F O R T H E Y E A R

R e s e rv e fo r d e p re cia tio n o f e q u ip m e n t o w n e d an d leased
t o o th e r c o m p a n ie s _____ _________
________ _____
A b a n d o n e d p r o p e r ly n o t to be r e p la c e d ____________________
C osts o f su rveys w ritten o 'T .......... ..................... ............................ ..
A d v a n c e s to P ortlan d & A s ia tic S tea m sh ip C o ____________
M iscella n eou s p a y m e n ts ------------------------------------------------------------A d ju s tm e n ts In a c c o u n t s .....................................................................
B a la n ce Ju n e 30 1910, v iz .:
In c o m e a c c o u n t -------------------------------------------$ 1 1 4 ,788,209 04
S ln k ln g iu n d s ---------------- -----------------------------1,008,437 83




$ 1 9 ,512 ,05 1 35
ENDED

J U N E 30 1910.

B a lan ce Ju n e 30 190 9_____________________ ___________________
70 B a lan ce In com e fro m tra n sp o rta tio n o p e r a ­
91
tio n s (N o . 2 ) ____________________________
$ 8 ,9 8 9 ,3 1 9 54
88 B a lan ce In com e o th e r than fro m tra n s p o rta ­
30
tio n o p e ra tio n s (N o . 3 ) -------------------------------10,8 3 0 ,5 0 5 00
64
80 D ifferen ce b etw een $ 3 0 ,2 3 1 ,9 5 0 00 fa c e v a lu e U n ion P a cific
R R . C o . T w e n t y -Y e a r F o u r P er C en t C o n v e rtib le B o n d s
retired and can celed an d S 1 7 ,275 ,4 0 0 00 p a r v a lu e c o m ­
m on s to c k Issued In e x ch a n g e th e r e fo r ........................ ........
1 15 ,700 ,64 6 87 P rofit on sales o f securities o th e r th an In vestm en t s t o c k s ..
S in k in g fund c o n tr ib u tio n s an d In com e fro m sin k in g fu n d
I n v e s t m e n t s _____________ _________________
.
.
C ollection s o f old a c c o u n t s _____ __________________ $13 ,0 9 9 95
L ess— P a y m e n ts o f o ld a c c o u n t s _______________ l i ,704 23
$ 1 1 7,00 6
382.604
162,918
672 ,276
3,626
25,391

P ro ce e d s fro m sale o f u n p le d g e d lan d s a n d to w n lo t s ____

$ 8 3 ,0 0 7 ,7 8 8 69

1 9,819,824 54

1 2 .9 5 6 ,5 5 0 00
1.3 3 8 ,7 1 4 56
64,841 96
1,3 9 5 72
1,336 63

UNION PACIFIC RAILROAD AND A U X IL IA R Y COMPANIES.
NO. 5 .— A S S E T S A N D L I A B I L I T I E S J U N E 30 1910.
( A f r it tiling stocks and bonds owned o f A u x ilia r y and P ro p r ie ta ry C om pa n ies and all offsettin g accounts between them .)
J u n e 30 1910.

J u n e 30 1909.

*5406,7.31,240 74
2 08 ,561 ,01 1 65
201 ,862 44

$ 3 9 4 ,8 3 4 ,1 6 5 17
2 0 9 ,9 7 4 ,3 8 7 06
225 ,962 43

$ 1 1 ,0 4 7 ,0 7 6 67

$ 6 1 5 ,6 0 4 ,1 1 4 83

$60 5 ,0 3 4 ,5 1 4 06

$ 1 0 ,5 0 9 ,0 0 0 17

ASSETS.
C a pital A s s e ts —
C ost o f ra ilw a y s , a q u lp m e n t and a p p u r te n a n c e s ________ ________________
S to c k s an d b o n d s , aa d eta ile d in T a b le s N os. 9, 10 an d 11_______________

C u rrent A s s e ts —

In erea se.

4 ,5 2 6 ,7 6 2
9 ,0 8 2 ,0 8 8
2 7 ,4 5 0 ,0 0 0
1,0 4 2 ,1 1 6
100,304
4 ,9 3 9 ,5 8 0
3 ,9 2 2 ,4 8 9
4 03 ,059
3,0 0 0
12,6 3 1 ,1 5 6

D em a n d loa n s a n d tim e d e p o s it s ___________________________________________
In c o m e a c c r u e d t o Jun e 30 on se cu rities o w n e d --------------------------------------I n d iv id u a ls an d c o m p a n ie s _____________ __________ ________________ — ...........
U n ited S tates G o v e rn m e n t t r a n s p o r t a t io n --------------------------------------------------D e p o s its a g a in s t m a tu red a n d called b o n d s ----------------------------------------------M aterial, fu el a n d s u p p lie s ---------------------------------------------------------------------------

D eferred A sset*—
,
B
A d v a n ce s fo r c o n s tr u c tio n a n d a c q u is itio n o f new lin e s -------------------------T erm in a l p r o p e r t y a n d o th e r la n d s ---------------------------------------------------------------

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

69
00
50
00
59
05
25
32
30
00
02

$ 3 ,0 0 9 ,3 7 1 69
2 ,1 5 5 ,3 9 2 03

159,592 78
9 3 ,717 25
2 ,1 3 3 ,7 0 2 56
65,472 69
1,5 1 7 ,0 6 5 72

$ 7 5 ,0 0 2 ,1 2 6 98

$ 7 0 ,6 3 4 ,9 2 7 78

$ 4 ,3 0 7 ,1 9 9 20

$4 6 ,6 2 0 ,5 1 9
6 ,1 3 2 ,8 9 0
1 2,341,244
4 ,3 5 7 ,3 3 4
78,0 8 7

$3 7 ,2 3 0 ,3 8 4
5 ,1 1 9 ,7 2 3
9 ,646,501
3 ,9 9 9 ,9 5 2
503,062

$9,3 9 0 ,1 3 4
1,013,167
2 ,6 0 4 ,7 4 3
357 ,381

57
48
85
20
27

79
10
53
66
90

1.7,908,362 35

8 ,0 5 0 ,0 0 0 00
117.051 58

78
38
32
54
$ 1 2 4,97 5 69

$56 ,4 9 9 625 04

$13 ,0 3 0 ,4 5 1 33

$ 7 3 3,07 9 04
1 ,3 1 1 ,7 4 7 00
2 ,7 4 9 ,6 2 2 94

$ 1 ,5 5 1 ,8 1 9 56
968,188 60
3 ,1 1 7 ,3 0 0 60

$34 3,55 8 40

$4,7 9 4 ,4 4 8 98

$ 5 ,6 3 7 ,3 0 8 82

$ 7 6 4 ,9 3 0 ,7 6 7 16

$ 7 3 7 ,8 0 6 ,3 7 6 30

$ 2 7 ,1 2 4 ,3 9 0 86

$ 2 1 6 ,5 7 7 ,7 0 0 00
9 9 ,5 4 4 ,0 0 0 00

$ 1 9 9 ,3 0 2 ,3 0 0 00
9 9 ,5 4 4 ,0 0 0 00

$ 1 7 ,2 7 5 ,4 0 0 » 0

2 0 ,1 0 0 00
3,4 1 0 00

2 0 ,1 0 0 00
3 ,4 1 0 00

$ 3 1 6 ,1 4 5 ,2 1 0 00

$ 2 9 8 ,8 6 9 ,8 1 0 00

2 9 7 ,4 4 9 ,1 5 0 00

3 2 2 ,7 8 5 ,8 0 0 00

$ 2 5 ,3 3 6 ,0 5 0 00

$ 6 1 3 ,5 9 4 ,3 6 0 00
.

$ 6 2 1 ,0 5 5 ,6 t 0 00

$ 8 ,0 6 1 ,2 5 0 CO

$152,767
3 ,1 9 0 ,1 3 0
1 ,425,009
43,170
1 2,819,797
3,0 0 0
6 ,1 4 3 ,7 6 5

$164,491
3 ,9 7 3 ,1 2 0
1 ,150,634
32,833
11,902,188
3 ,0 0 0
4 ,8 6 3 ,3 0 3

---------

T o ta l a s s e ts........ ...................................................... - ............— ...............................

$ 3 ,0 9 9 ,3 7 1
2 ,3 7 1 ,3 7 0
2 6 ,9 9 0 ,4 5 0
18,8 0 0 ,0 0 0
924 ,164
259 ,897
4 ,8 4 5 ,8 6 3
1,788,787
468 ,532
3,0 0 0
11,083,491

$ 6 9 ,5 3 0 ,0 7 6 37
C on tingent A s s e t s —
D ue fro m p r o p r ie ta ry c o m p a n ie s ------------------- ------

63
21
00
17
27
50
88
01
00
74

$ 1 ,4 1 3 ,3 7 5 41

3 5 ,0 0 0 01

$10 ,0 0 1 ,5 6 8 97

$ 1 0 ,9 0 1 ,5 6 8 97

L oa n s t o San Podro L os A n geles & Salt L a ke R R . C o ------------------------------L oa n s t o U tah L ig h t & R a ilw a y C o ___ ______ _______________________________

D ecrea se.

$ 8 1 8,74 0 52
3 0 7 .0 7 7 72
$ 8 4 2,85 9 84

L IA B IL IT IE S .
C a pital L ia b ilities—
U n ion P a cin o R a ilr o a d C o m p a n y —
S to c k s o f A u x ilia r y C om p a n ies In han ds o f the p u b lic , v iz .:
O reg on R a ilr o a d & N a v ig a tio n C o .—

$ 1 7 ,2 7 5 ,4 0 0 00

F u n d ed d e b t (e x c lu d in g b o n d s o f A u x ilia r y an d P r o p r ie ta r y C om pa n ies

C u rrent L ia bilities—
C ou p on s m a tu red b u t n o t p re s e n te d ------------------------------------------------------------In te r e s t a c c r u e d on b o n d s a n d loan s to Ju n e 3 0 --------------------------------------D iv id e n d s d u e b u t uncalled f o r ----------------------------------------------------------------------D iv id e n d s p a y a b le J u ly 1st a n d O cto b e r 1 s t----------------------------------------------M ortg a g e b o n d s s a tisfie d ----------------------------------------------------------------------------------V o u ch e rs a n d p a y -r o lls -------------------------------------------------------------------------------------

D eferred L ia b ilities—
T a x e s assessed b u t n ot d u e ----------------------------------------------------------------------------H o s p ita l d e p a r tm e n t-----------------------------------------------------------------------------------------

C on tingent L iabilities—

74
00
50
50
00
00
45

65
00
51
00
50
00
41

1,280,462 04

$2 3 ,7 7 7 ,6 4 6 19

$ 22 ,089 ,57 1 07

$ 1 ,6 8 8 ,0 7 5 12

$1,3 4 7 ,9 1 9 09
90,175 19

$ 1 ,1 0 9 ,4 4 8 33
89,7 5 4 68

$23 8,47 0 76
6,4 2 0 51

$ 1 ,4 4 4 ,0 9 4 28

$ 1 ,1 9 9 ,2 0 3 01

$244,891 27

$368,263 19

$42 ,406 9T

$41 0,67 0 16

R es erv e fo r d e p r e c ia tio n o n steam sh ip s an d on r o llin g s to c k leased to

1,9 1 7 ,2 1 9
2 ,0 2 2 ,4 6 7
68,267
3,1 4 9 ,7 7 2
2,7 4 9 ,6 2 2

70
50
21
31
94

9,707 74
1 ,8 1 2,805,58

$ 9 ,8 5 4 ,2 0 3 53

$40 3,81 0 29

$ 11 5,79 6,6 46 87

$ 8 3 ,0 0 7 ,7 8 8 69

$3 2 ,7 8 8 ,8 5 8 18

$ 76 4,93 0,7 67 16

$ 7 3 7 ,8 0 0 ,3 7 6 30

$ 2 7 ,1 2 4 ,3 9 0 80

$1 0 ,3 1 8 ,0 1 9 82
B a la n ce to cr e d it o f p r o fit a n d loss (T a b le N o . 4 ) ------------------------------- .

188 ,330 56

14
34
47
73
06

U n ion P a cific L a n d C o -----------------------------------------------------------------------------------D ue t o p r o p r ie ta ry c o m p a n ie s -------- - - - — - ............. .............. ..............................
P rin cip al o f d eferred p a y m e n ts on land an d to w n lo t c o n t r a c ts ---------------

T o t a l lia b ilitie s .................... - .................................................................................

1,728,889
3 ,2 4 4 ,3 1 4
58,5 5 9
1 ,336,876
3 ,1 1 7 ,3 0 0

*1 1 ,7 2 3 91
7 8 2 ,0 9 0 00
$274,374 99
10,343 50
917 ,008 50

$ 1 ,2 2 1 ,8 4 6 84
367 ,0 7 7 72

* T h e sum o f $1 7 ,6 4 8 ,2 5 2 12 re ce iv e d t o d ate fro m the Im p r o v e m e n t an d E q u ip m e n t F u n d a n d 5 1 6 ,9 5 9 ,8 1 0 24 a p p ro p ria te d fro m " I n c o m e A cc j u n t , " a to ta l o f $34 ,6 0 8 ,0 6 8 3 6 , has been a p p lie d as a c r e d it a ga in st this co s t.
NO

'

7 __ S T O C K S
'

OF TH E

COUPAN Y

U N IO N

P A C IF IC R A IL R O A D , O R E G O N S H O R T L IN E R A IL R O A D , O R E G O N
C O M P A N IE S A N D P R O P R I E T A R Y C O M P A N IE S . J U N E 30 1010.

Total Issued
and
O utstand ing,
J u n e 30 1910.

A m ou n t
in H a n d s o f
P u b lic,
J u n e 30 1910.

U n ion P a cific R a ilr o a d C o.
C om m on s t o c k ___________ $ 21 6,57 9,7 00 00 $21 6,57 7,7 00
99,5 4 4 ,0 0 0
9 9 ,5 6 9 ,3 0 0 00
P referred s t o c k ___________
O reg on S h ort L in e R R . Co.
2 7 ,4 6 0 ,1 0 0 00
C apital s t o c k ____________
O reg on R R . & N a v . C o.
2 4 .0 0 0 .
000 00
20,100
C om m on s t o c k ___________
1 1 .0 0 0 . 000 00
3,4 1 0
P referred s t o c k ___________
B oise C ity R y . & T e r m . C o.
22,900 00
C apital s t o c k _________
C ascades R a ilr o a d C o.
300 .0 0 0 00
C apital s t o c k -------------C o lu m b ia & P a lou se R R .C o
1 ,0 0 0 ,0 0 0 00
C a p ital s t o c k -------------C olu m b ia R iv e r & O regon
C entral R a ilroa d C o.
5 0 .000 00
C apital s t o c k ____________
C olu m b ia S ou th ern R y . C o.
300 .0 0 0 00
C a pital s t o c k ------------------M alad V a lley R a ilroa d C o.
40.0 0 0 00
C apital s t o c k ------------------M alheur V a lle y R y . C o.
56,400 00
C apital s t o c k ____________
Mill Creek F lu m e & M fg.C o.
200 .000 00
C a pital s t o c k _____________
M in id ok a & S. VV. R R . C o.
C apital s t o c k ____________
8 5 .0 0 0 00
S t. A n th o n y R a ilroa d C o.
C apital s t o c k ____________
50.0 0 0 00
S a lm on R iv e r R a ilroa d Oo.
150,000 00
C apital s t o c k ____________
S n a k e R iv e r V a lley R R .O o .
1 ,0 0 0 ,0 0 0 00
C a pital e to o k _________




00
00

R A IL R O A D

& N A V IG A T IO N

Owned by U nion P a c ific R ailroad and A u x ilia r y C om pa nies.
U nion P a cific
R ailroad
C o.

Oregon
Short L in e
R ailroad C o.

Oregon R a il­
road & N a v itlon C o.

$2,000 00
25,300 00
2 7 ,3 5 0 ,7 0 0 00

$109,400 00
2 3 ,979,400 00
10,873,690 00

00
00

$500 00
122,900 00

O f the T otal Owned there are
Total.

Pledged.

$2,000 00
25,300 00

$2,000 00
25,300 00

27,4 6 0 ,1 0 0 00

27,4 6 0 ,1 0 0 00

2 3 ,9 7 9 ,9 0 0 00 $ 23 ,979 ,30 0 00
1 0 ,9 9 6 ,5 9 0 00 10,806,800 00
22,900 00

22,900 00

U npledged.

600 00
129 790 00
22,000 00

300 ,000 00

300 .000 00

* 300 ,000 00

1 ,000,000 00

1 ,000,000 00

* 1 ,0 0 0 ,0 0 0 00

50,000 00

50.000 00

50.000 00

300 ,000 00

300 .000 00

300,000 00

40,000 00

40.000 00

40.0 0 0 00

56,400 00

56,400 00

6 6 .400 00

200 ,000 00

1 ,0 0 0 ,0 0 0 00

200 .000 00

*200 ,000 00

85.000 00

85.0 0 0 00

50.000 00

50.0 0 0 00

85.000 00
5 0 .0 0 0 00

150,000 00

150,000 00

150,000 00

1,0 0 0 .0 0 0 00

1 ,0 0 0 .0 0 0 00

UNION PACIFIC RAILROAD AND A U X IL IA R Y COMPANIES.
T A B L E NO. 1— (C oncluded.)
Total Issu ed
and
O utstanding,
J u n e 30 1910.

CO M PA N Y.

S p ok an e U n ion D e p o t
C apital s t o c k ---------W a lla W alla & C olum bia
R iv e r R a ilr o a d C o.
C apital s t o c k ------------------W y o m in g W estern R R . C o.
C a p ita l s t o c k ------------------Y e llo w s to n e P a rk R R . C o .
C a pital s t o c k ____________
T o ta l
T o ta l

A m ou n t
in H an d s o f
P u b lic,
J u n e 30 1910.

Owned by
U nion P a c ific
R ailroad
C o.

U nion P a c ific R ailroad and A u x ilia r y C om pa n ies.

Oregon
Short L in e
R ailroad C o.

O regon R a il­
road & N a t itlon C o.

$ 1 2 5,00 0 00

$125,000 00

O f the 1 ctat Owned There e r e
Total.
P ie. g e t.

W nptedged.
$123,000 00

$ 12 5,00 0 00

7 00 ,000 00

$70 0.00 0 00

70 0 ,0 0 0 00

*$ 7 0 0 ,6 0 0 00

50,000 00

$5 0 ,0 0 0 00

50,000 00

5 0.000 00

12,500 00

12,500 00

12,500 00

12.500 00

1 01 0_______________ $ 3 8 2 ,7 5 0 ,9 0 0 00 $ 3 1 6 ,1 4 5 ,2 1 0 00 $ 2 8 ,8 5 3 ,0 0 0 00 $ 3 5 ,4 2 9 ,2 9 0 00 $ 2 ,3 2 3 ,4 0 0 00 5 6 6 .6 0 5 ,6 9 0 00 $ 3 7 ,0 4 6 ,1 0 0 00 S29 .55 9.59 0 00
1 9 0 9 ________ ______ 3 0 5 ,4 7 5 ,5 0 0 00 298 ,8 6 9 ,8 1 0 00 2 8 ,8 5 3 ,0 0 0 00 3 5 ,4 2 0 ,2 9 0 00 2 ,3 2 3 ,4 0 0 00 6 6 ,6 0 5 ,6 9 0 00 3 7 ,0 4 6 ,1 0 0 00 29 ,5 5 9 .5 9 0 00
$ 1 7 ,5 2 5 ,4 0 0 00

in c re a s e

8 1 7 ,2 7 5 ,4 0 0 00

P le d g e d as m u n im e n t o f title to railw ays fo rm in g a n Integral part o f the lines o f t h e O . R . R . & N .C o .
N o, 3 — B O N D S O F T H E

COM PANY

U N IO N P A C I F I C R A I L R O A D . O R E G O N S H O R T L I N E
R A IL R O A D . O R E G O N
C O M P A N Y A N D P R O P R I E T A R Y C O M P A N I E S . J U N E an 1010.
A m oun t
in H ands of
Put) tie,
J u n e 30 1910.

Total Issued
and
Outsto tiding,
J u n e 30 1910.

U n ion P a cific H R . C o.
1st M . R l t . and Land
G rant 4 % ------ ----------- $100,000, 000 00 $10 0,00 0 000 00
57,803 800 00
57,803, 800 00
1st L ien ft R e fu n d . 4 % .
3 6.854 800 00
36 ,8 5 4 , 850 00
2 0 -Y e a r 4 % C o n v e r t’le
O re g o n S h ort Line R R .C " .
12,328 ,000 00
12,328, 000 00
C on sol. 1st M tge. !> % _ _ _
321 .500 00
N on -C u n u . In c o m e A .
7,185, 000 00
C oll. T r u s t N on C u m u ­
37 ,000 00
14,841, 000 00
la tiv e In com e P._____
100,000 ,000 00
4 % R e f u n d in g .-----------4 5 ,0 0 0 ,000 00
O re g o n S hort Line R y . C o .
1st M ortg age 0 % ---------1 4 ,9 3 1 ,0 0 0 00
1 4 ,0 3 1 ,0 0 0 00
U ta h ft N orth ern R y . C o .
1st M ortg age 4
e x t ..
4,901 ,000 00
4,001 000 00
1,802 ,000 00
C on sol. M tge. 5 % --------1,802 000 00
O regon R R . & N a v . C o.
2 3 ,3 8 0 ,0 0 0 00
4 % C on s. M tg e ., G o l d . .
2 3 ,3 8 0 ,0 0 0 00
C o lu m b ia ft P .ilou sc R a il­
roa d C o.
2.82 9 .0 0 0 00
1st M ortgage (5 % - - - C o lu m b ia R iv et & O regon
Central R R . C o.
8 9 4 .0 0 0 00
1st M ortg age 6 % . ..........
C o lu m b ia S o u th ’ n R y . C o.
7 00 .000 00
1st M ortg a ge 5 % .......... M nlud V a lle y R R . C o.
400.000 00
1st M ortg a ge
.......... .
M alheur V a lley R Y . C o.
160.000 00
1st M ortg age 0 % ............
M in idok a ft S . W . R R . C o.
8 50 .000 00
1st M ortg a ge 0 % . —
S t. A n th on y H R . C o.
45 0 .0 0 0 00
1st M ortg a ge 6 % ............
S a lm on R iv e r R R . C o.
7 50 .000 00
1st M ortg age 6 % .............
S n a k e R iv e r V a l. R R . Co.
1 .5 0 0 .0 0 0 00
1st M ortg age fi % ..........
W y o m in g W est. R R . C o.
275.000 00
1st M ortg age 6 % . ..........

R A IL R O A D

ft

N A V IG A T IO N

Owned by U nion P a c ific R ailroad and A u x ilia r y C o m p a n ies.
U nion P a c ific
RR. C o.

$ 4 ,2 0 9 ,5 0 0 00

a regon R R . A
N a v ig a tio n C o .

O regon Short
L in e R R . C o .

2 ,5 6 4 ,0 0 0 00

O f the Total O il tied there are
T otal.

6 ,8 6 3 ,5 0 0 00

P le d g e t.

U npledged.

$ 2 ,5 0 4 ,0 0 0 0<

$ 4 ,2 0 0 ,5 0 0 00

1 4 ,8 0 4 ,0 0 0 00
5 5 ,0 0 0 ,0 0 0 00

1 4 ,8 0 4 ,0 0 0 00
5 5 ,0 0 0 ,0 0 0 00

$ 2 ,8 2 9 ,0 0 0 00
8 9 4 ,0 0 0 00

2 ,8 2 9 ,0 0 0 00

1 4 .8 0 4 ,0 0 0 00
5 5 ,0 0 0 ,0 0 0 00

* 2 ,8 2 9 ,0 0 0 00

8 9 4 ,0 0 0 00
70 0 ,0 0 0 00
40 0 .0 0 0 00

6 0 4 .0 0 0 00

7 0 0 ,0 0 0 0<!

7 0 0 .0 0 0 00

40 0 ,0 0 0 00

4 0 0 .0 0 0 00

160.000 00

160 ,000 00

8 50 .000 00

8 5 0 ,0 0 0 00

45 0 .0 0 0 00

4 5 0 ,0 0 0 00 ________

75 0 .0 0 0 00

7 5 0 ,0 0 0 00

rso.ooo oo

1 ,5 0 0 ,0 0 0 00

1 ,5 0 0 ,0 0 0 00

1 ,5 0 0 ,0 0 0 00

180 ,000 00
8 5 0 .0 0 0 00
____

4 5 0 .0 0 0 00

2 75 .000 00

2 75 ,000 00

T ota l

1 9 1 0 _____ _______ $3 8 2 ,9 2 4 ,6 5 0 00 $ 2 9 7 ,4 4 9 ,1 5 0 00 $ 7 6 ,4 9 7 ,5 0 0 00

$ 5 ,4 4 9 ,0 0 0 00

$3 ,5 2 9 ,0 0 0 00 $ 8 5 ,4 7 5 ,5 0 0 00

$ 5 ,7 0 8 ,0 0 0 00 $ 7 0 ,7 0 7 ,5 0 0 00

T ota l

1 90 9_____________ $ 4 1 3 ,1 5 4 ,8 0 0 00 $ 3 2 2 ,7 8 5 ,8 0 0 00 $ 7 6 ,4 8 9 ,0 0 0 00 $10 ,3 5 1 ,0 0 0 00

$ 3 ,5 2 9 ,0 0 0 00 $ 9 0 ,3 6 9 ,0 0 0 00

$ 5 ,3 9 3 ,0 0 0 00 $ 8 4 ,9 7 6 ,0 0 0 00

I n c r e a s e ---------- -------------D ecrease

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

15 5 ,0 0 0 00

$ 3 1 5 ,0 0 0 00

$ 8 ,5 0 0 00
$ 3 0 ,2 3 0 ,1 5 0 00

$ 1 ,9 0 2 ,0 0 0 00 ________________

$ 2 5 ,3 3 6 ,6 5 0 00

1 :0 ,0 0 0 00

$ 5 ,2 0 8 ,5 0 0 00

$ 4 ,8 9 3 ,5 0 0 00

* Pledged as muniment of title o f railways forming an Integral part of the lines of the Oregon Railway & Navigation Oo.
No. 9.— STOCKS OWNED OF OTHER COMPANIES. .JUNE :>0 1910.

COM PANY

C am as P rairie R a il r o a d ..
Central Id a h o R a il r o a d - .
G ra y ’s H a r b o r & P u get
S ou n d R y . C o . _____
G reen R iv e r W a ter W orks
C o ____________ _______
Ilw a c o R a ilr o a d C o -------K ansas C ity T e r m . R y .C o .
L ea ven . & T o p e k a R y . Co.
L ea ven . D e p o t * R R . C o .*
O cc ld . & O riental SS. Co.
O gden U n ion R y . ft D .C o .
O re gon & W ash. R R . Co.
P a cific F ru it E xpress C o ..
R a ttlesn a k e C r’ k VVat’ rCo.
R h cr s ld c H o m e s te a d -----S t. Josep h ft G rand Island
R a ilr o a d C o.
C o m m on S to c k
F irst P referred S t o c k ___
S e con d P referred S to c k S alt L a k e ft Id a h o R R . .
San F ra n cisco ft P ortla n d
S t e a m s h ip .................
San P e d ro L os A n geles &
S alt L a k e R R . C o ____
S h ort L in e L a n d & I m ­
p r o v e m e n t C o . . .........
T o p e k a Ir o n C o ------ -------U n ion D e p o t ft R a ilw a y
C o. ( D e n v e r ) ------------U n ion D e p o t C o. (K ansas;
C ity) ................................
U n ion L a n d C o ___________
U n ion P a cific C oal C o -----U n ion P a c . E q u ip . A s s ’l l . .
U n ion P a cific L and C o -----U n ion P a cific W a te r C o . . .
U tah L igh t & R y . C o.
C o m m on S t o c k -------------P referred S t o c k . - ..........
T o ta l 1 0 1 9 _____ _____
T o t a l 1909

.............

Owned by U n ion P a c ific R ailroad and A u x ilia r y C om p a n ies.
T otal Issu ed A
O utstanding
J u n e 30 1910. U nion P a c ific
O regon Short
Oregon R R
T otal.
+ In crea se.
R R . C o.
L in e R R . C o .
— D ecrease.
A N a v . C o.
$20 ,000 00
22,000 00

$1 0 ,0 0 0 00
$ 22 ,000 00

$ 10 ,000 00
2 2 ,000 00

O f the Total Owned there are
P ledged.

+ $ 1 0 ,0 0 0 00
+ 22,000 00

U npledged.
$ 1 0 ,0 0 0 00
2 2 ,0 0 0 00

— $ 10 ,000 00
22 5 .0 0 0
31 5 .0 0 0
1 ,0 0 0 ,0 0 0
5 0 ,000
150 .000

00
00
00
00
00

22 5 .0 0 0
31 5 .0 0 0
1 00 .000
2 5 .0 0 0
5 0 .0 0 0

00
00
00
00
00

2 25 .000
31 5 .0 0 0
1 00 .000
2 5 .0 0 0
5 0 .0 0 0

00
00
00
00
00

150,000 00
09 0 ,3 0 0 00

150 .000 00
0 9 9 ,3 0 0 00

10 ,8 0 0 ,0 0 0 00
7 8 ,3 0 0 00
100,000 00

5 .4 0 0 .0 0 0 00
7 8 ,300 00
100 ,000 00

. 5 ,4 0 0 ,0 0 0 00
7 8 ,3 0 0 OO
100 ,000 00

00
00
00
00

3 ,0 8 0 ,5 0 0 00
1,41 5 ,1 0 0 00
1 .8 1 5 .0 0 0 00

500 .000 00

500 ,000 00

" ' ’ 1 0 , 000’ 66

2 5 ,0 0 0 ,0 0 0 00
100 .000 00
110 ,000 00

5 5 .000 66

40 0 .0 0 0 00

24 0 .0 0 0 00

5 0 0 .0 0 0
10,0 a
5 ,0 0 0 ,0 0 0
1.00,000
100,09 i
500

00
0
0
00
00
00

4 5 .0 0 0
10.000
5 ,0 0 0 ,0 0 0
100.000
100 ,000
500

.............................

3 ,0 8 0 ,5 0 0
1 .4 1 5 ,1 0 0
1 , 8 15:0 0 0
16,000

00
00

00
00

500 ,000 00

1 5 0 ,0 0 0 00
98 9 ,3 0 0 00
— 2 ,4 0 0 ,0 0 0 00
+ 100,000 00

5 .4 0 0 .0 0 0 00
7 8 ,3 0 0 00
100,000 00

+ 180 .500
+ 4 8 2 ,9 0 0
+ 565 ,000
+ 16,000

# . 08 0 ,6 0 0
1 41 5 ,1 0 0
1 .8 1 5 .0 0 0
16.000

00
00
00 ..............................
00

+ 5 00 ,000 00

60 0 ,0 0 0 00

1 2 ,5 0 0 ,0 0 0 00

1 2 ,5 0 0 ,0 0 0 00

5 0 ,0 0 0 00

5 0 .0 0 0 00
5 5 .0 0 0 00

5 0 .0 0 0 00
6 5 .0 0 0 00

24 0 .0 0 0 00

2 4 0 .0 0 0 00

4 5.000
10.000
5 ,0 0 0 ,0 0 0
100.000
100 ,000
500
1 ,8 4 9 ,5 2 5 00
3 ,8 1 0 ,8 7 5 00 .............................

00
00
00
00
00
00

1 ,8 4 9 ,5 2 5 00
3 ,8 4 0 ,8 7 5 00

$ 1 8 ,2 7 8 ,4 0 0 00

$10 ,000 00 $ 3 8 ,0 9 2 ,1 0 0 00

$ 2 9 ,1 3 5 ,3 0 0 00 $ 1 8 ,2 3 7 ,3 2 5 00

$ 4 7 ,3 7 2 ,6 2 5 00

$ 0 9 ,4 0 0 00
+ 75 00 ..............................
+ 3 .0 0 0 00
— $ 9 ,2 8 0 ,5 2 5 00

4 5 .0 0 0
1 0 .000
6 ,0 0 0 ,0 0 0
1 00 .000
600
500

00
00
00
00
00
00

1 ,8 4 9 ,5 2 5 00
3 ,8 4 0 .8 7 5 00

$ 9 9 ,4 0 0 00 $ 5 7 ,0 9 2 ,7 0 0 00
$ 9 9 ,4 0 0 OO $ 4 7 ,2 7 3 ,2 2 5 00

* This oonOpaay has been liquidated and the Investment of $310,198 95 has been transferred to Contingent Assets peodUe ttnat adj«.**wcnt




00
00
00
00

$ 1 2 ,5 0 0 ,0 0 0 00

00
00
00
00
00
00

2 ,0 5 2 ,2 5 0 00
3 ,9 9 6 ,5 0 0 00 ..............................

00
00
00
00
00

8 ,7 5 0 ,0 0 0 66

3 0 0 ,0 0 0 00
1,00 0 ,0 0 0 00

4 .6 0 0 .0 0 0
5 .5 0 0 .0 0 0
3 .5 0 0 .0 0 0
10,000

2 2 5 .0 0 0
5 1 5 .0 0 0
100 .000
2 5 .0 0 0
6 0 .0 0 0

UNION PACIFIC RAILROAD AND A U X IL IA R Y COMPANIES.
N o. 1 0 .— I N V E S T M E N T S T O C K S O W N E D . J U N E 30 1910.
Owned by U nion P a c ific R ailroad and A u x ilia r y C om p a n ies.
COM PANY.

U nion P a cific
R ailroad
C o.

A tc h is o n T op eka. & San ta F c R a il ­
w ay Co
P referred S t o c k . . _____ __________
B a ltim o re A O h lo R a ilroad C o.
C om m o n S t o c k ________ _______
P referred S t o c k ---------------------------C h ic a g o & A lto n R a ilroad C o.
P referred S t o c k ____ ______________ $ 1 0 ,3 4 3 ,1 0 0
C h ica g o & N orth W estern R y C o.
C om m on S t o c k ________ __________
C h ica g o M ilw aukee A St- P aul
R a ilw a y C o.
P referred S t o c k ..................................
G reat N orth ern R a ilw a y C o.
Iron
O re
P ro p e r tie s . 38,864
shares *
Illinois Cen tral R a ilroa d C o.
C apital S t o c k _____________________
2 2 ,5 0 0 ,0 0 0
N . Y . C e n tr a l* H u d .R iV .R R .C o .
C apital S t o c k _____________________
N orth ern S ecurities C o.
S tu b s
________ __________________
R a ilroa d S ecurities C o.
3 ,4 8 3 ,4 0 0
C o m m o n S t o c k ___________________
1 ,9 3 5 ,9 0 0
P referred S t o c k ___________________
S ou th ern P a c i f i c C o.
C om m o n S t o c k ___________________
P referred S t o c k ___________________
T o t a l, 1910
T o t a l. 1909

O re./on
Short l Ine
R ailroad C o.

O regon R ailroad
A N avlgatlon
C o.

T otal.

O f the Total Owned there are

+ Increase
— D ecrease

Pledged.

U npledged.

— $ 1 0 ,0 0 0 ,0 0 0 00
3 2 ,3 3 4 ,2 0 0 00
7 ,2 0 6 ,4 0 0 00

3 2 ,3 3 4 ,2 0 0 00
7 ,2 0 6 ,4 0 0 00

00

,334 ,200 00
,206 ,400 00

1 0 ,3 4 3 ,1 0 0 00
4 ,0 1 8 ,7 5 0 00

4 ,0 1 8 .7 5 0 00

1 ,8 4 5 ,0 0 0 00

1 ,8 4 5 ,0 0 0 00

00

,100 00
+ 8 0 3 ,7 5 0 00

,750 00
1 ,8 4 5 ,0 0 0 00

2 2 ,5 0 0 ,0 0 0 00
1 7 ,8 5 7 ,1 0 0 00

17,8 5 7 ,1 0 0 00

7 2 4 ,9 0 0 00

7 2 4 ,9 0 0 00

00
00

500, 000 00

12 6 ,6 5 0 ,0 0 0 00

$ 3 8 ,2 6 2 ,4 0 0 00 $19 0 ,6 3 6 ,3 3 0 00
3 8 ,2 6 1 ,9 0 0 00 193 ,811 ,20 0 00

$22 8 ,8 0 8 ,7 5 0 00
23 2 ,0 7 3 ,1 0 0 00

857, 100 00

+ 500 00

,483 400 00
,935 900 00

724, 900 00

3 .4 8 3 ,4 0 0 00
1 ,9 3 5 ,9 0 0 00
1 2 6 ,650 ,00 0 00

+ 3 ,5 7 1 ,4 0 0 ,0 0

+ 3 6 ,6 5 0 .0 0 0 00 x l0 8 .0 0 0 .0 0 0 00
a 3 4 .2 0 0 ,0 0 0 00

1 8 ,6 5 0 ,0 0 0 00

— $ 3 ,1 7 4 ,3 5 0 00 $ 1 0 8 ,0 0 0 ,0 0 0 00 $120, 898 750 00
1 0 8 ,000 .00 0 00j 124, 073, 100 Of)

* P a r v a lu e n ot s ta te d In c e r tific a te .
A ll sold d u rin g th e y e a r.
a E x ch a n g e d fo r c o m m o n s t o c k , r D e p osited as c o lla te ra l u n d er O reg on
S h ort L in e R a ilroa d C o. F o u r Per L en t R e fu n d in g M ortg age. O f th e to ta l $ 1 0 0 ,0 0 0 ,0 0 0 o f b on d s o u ts ta n d in g u n d er th e m o r tg a g e , $55 ,000 000 nr
a free asset In th e treasu ry o f th e U n ion P a cific R a ilro a d C o.
NO. 11.

COM PANY.

Total Issued
and
O ulstan..ing
J u n e 3u 1910

A tch is o n U n ion D e p o t A R R .C o
S econ d m ortg a g e 5 % ............
$ 31 ,500
C h eyen n e C o u n ty , C o lora d o .
R efu ridlu>r 5 % . ......................
G reen R iv e r W a ter W ork s C o.
First M ortgage 6 % _________
198 .0 0 0
I d a h o N orth ern R a ilroad C o.
8 7 5 .0 0 0
F irst M ortgage 5 % _________
160.000
S e con d M ortgage 5 % _______
Ilw a eo R a ilroad C o.
3 0 5 .0 0 0
First m ortg a g e 6 % .......... .......
L e a v en w orth & T o p e k a R y .C o .
2 5 0 .0 0 0
F irst m ortg a g e 4 % _ . . ___
L ea v en w orth D e p o t & R R .C o .
150 .0 0 0
First m ortg a g e 5 % ............ ...
N orth ern P a cific T e ttrln a l Co
3 .4 4 3 .0 0 0
F irst m ortg a g e 6 % ...............
O g d en U n ion R y . A D ep ot C o.
F irst m ortg a g e 5 % _________
326 .0 0 0
O regon W a sh ’ n A Id a h o R R
3 ,0 0 0 ,0 0 0
F irst M ortg a g e 6 % _________
P a y e tte V alley R a ilw a y C o.
First m o rtg a g e 5 % ............... ..
44,0 0 0
R a ttle s n a k e Creek W ater C o.
146 .000
F irst m ortg a g e 6 To..................
San P e d ro L os Angeles A Salt
Lak - R a ilroa d C o.
First m ortg a g e 4 % ------------- 4 6 .8 8 6 .0 0 0
S ou th ern P a cific.
4 % 2 0 -year C o n v e r tib le ____ 8 1 .1 5 1 .0 0 0
227 .000
4 A % T w e n t y -Y e a r G o ld ___
U tah L ight A P ow er C o.
C on solid a ted M ortgage 4 % . 1 .1 1 5 .0 0 0
U ta h Light A R a ilw a y Co.
C on solid a ted M ortgage 5 % .
C ollateral T ru st 6 % -----------U n ion P a cific Coal C o.
First m ortg a ge 5 % — -----U n ion P a cific Land C o.
F irst m ortg a g e 4 % --------------T o t a l, 1910 . . .
T o t a l, 1909 ....

00

BO

D S O W N E D O F O T H E R CO iP A N I E S , J U N E 30 1910.
Owned by

U nion P a cific
R ailroad
C o.

U nion P a cific R ailroad and A u x ilia r y C om p a n ies.

Oregon
Shorl Line
R ailroad C o .

Total.

O) the 7 ntal Owned there are

+ ln cren se.
— D ecrea se.

P led ged .

U npledged.

$4,500

$4,500 00

26,200

26,200 00

2 6 ,200 00

00

198 .000

198 .000 00

1 9 8 .0 0 0 00

00
00

8 7 5 .0 0 0
160 .000

8 75 .000 00
160.000 00

$4,500 OO

8 7 5 .0 0 0 00
100 .000 00

+ 11,000 00

00

305 .0 0 0

3 05 .000 00

3 0 5 .0 0 0 00

00

125.000

125.000 00

125 .000 00

00

63.0 0 0

63.000 00

6 3 .0 0 0 00

00

60.000

174.000 00

174 .000 00

$11 4,00 0 00

00

163 .000

163.000 00

00

3 ,0 0 0 ,0 0 0

3,0 0 0 ,0 0 0 00
$44 ,0 0 0 00

00
00

146 ,000 0U

1 63 .000 00
3 ,0 0 0 ,0 0 0 00

+ 3 ,0 0 0 ,0 0 0 00

44.000 00

4 4 .0 0 0 0 0

146.000 00

146.000 00

00

2 3 ,4 4 3 .0 0 0 00

23,4 4 3 ,0 0 0 00

+ 3 ,4 4 3 .0 0 0 00

2 3 ,4 1 3 ,0 0 0 00

00
00

9 2 7 .0 0 0 00
6 5 ,0 0 0 00

927 .000 00
65.000 00

— 3 ,8 3 3 ,0 0 0 00
+ 65,0 0 0 00

0 2 7 .0 0 0 00
6 5 .000 OO

2 ,0 0 0 00

2 ,0 0 0 00

9 9 3 ,0 0 0 00
41,0 0 0 00

993 .000 00
4 1 .000 00

9 9 3 .0 0 0 00
4 1 .0 0 0 00

00

3 ,5 0 7 ,0 0 0 00

3 .5 0 7 .0 0 0 00

— 188 ,000 00

5 8 4 0 ,0 0 0 00

5 .8 4 6 .0 0 0 00

— 750 .0 0 0 00

$ 1 4 ,4 7 8 ,7 0 0 00 $ 2 5 ,5 1 5 ,0 0 0 00 $111,000 00 $ 40 ,107 ,70 0 00
12,403,700 00 2 5 ,8 4 0 ,0 0 0 00 116,000 00 3 8 ,3 5 9 ,7 0 0 00

+ $ 1 ,7 4 8 ,0 0 0 00

3 ,5 0 7 ,0 0 0 00
$ 5 ,8 4 6 ,0 0 0 on
$ 5 ,8 4 6 ,0 0 0 00 $ 3 4 ,2 6 1 ,7 0 0 00
6 ,5 9 6 ,0 0 0 00 3 1 ,7 6 3 ,7 0 0 00

$ 1 ,4 9 3 ,0 0 0 held b y U n ion P a cific Coal C o. sin k in g fu n d .
NO. 1 2 — R E C A P I T U L A T I O N O F S T O C K S A N D
Total
Issu ed and
O utstanding
June. 30 1910.

B O N D S J U N E 30 1910.

A m ou n t
in H ands o j
P u blic,
J u n e 30 1910.

U n ion P a cific R a ilroad and A u x ilia r y C om pa n ies:
S to c k s (T a b le N o. 7> __________________ ____________P ar v a lu e _____ $ 3 8 2 ,7 5 0 ,9 0 0 00 $31 6 ,1 4 5 ,2 1 0 00
B o n d s (T a b le N o. 8 ) ---------------------------------------------------F a ce v a lu e ___ 3 8 2 ,0 2 4 ,6 5 0 00 2 9 7 ,449 ,15 0 00

Owned bu U nior

P a cific R R . an 1 A u x ilia r y C os.

Total.

OJ w hich there
are Pledged.

$ 6 6 ,6 0 5 ,6 9 0 00
8 5 ,4 7 5 ,5 0 0 00

$ 3 7 ,0 4 6 ,1 0 0 00
5 ,7 0 8 ,0 0 0 00

T o ta l U n ion P a cific R a ilr o a d a n d A u x ilia r y C o m p a n ie s____ $ 7 6 5 ,6 7 5 ,5 5 0 00 $ 61 3,59 4,3 60 00 $ 1 5 2 ,0 8 1 ,1 0 0 00

A nd there R e­
m ains U npVged.
$ 2 9 ,5 5 9 ,5 9 0 00
7 9 ,7 6 7 ,5 0 0 00

$ 4 2 ,7 5 4 ,1 0 0 00 $10 0 ,3 2 7 ,0 9 0 00

S to c k s o f o th e r com p a n ies (T a b le s N os. 9 an d 1 0 )-------P a r v a lu e _____
B o n d s o f o th e r com p a n ies (T a b ic N o . 1 1 )............... ......... F a ce v a lu e ___

$26 6,9 9 0 ,8 5 0 00 $ 1 0 8 ,0 9 0 ,4 0 0 00 $ 15 8,89 1,4 50 00
6 ,8 4 0 ,0 0 0 00
3 4 ,2 6 1 ,7 0 0 00
4 0 ,1 0 7 ,7 0 0 00

T o ta l s to c k s and b on d s o th e r c o m p a n ie s ca rried on b o o k s a t $ 2 0 8 ,­
561,011 65 (T a b le N o 5 ) . _________________________________________ _

$ 3 0 7 ,0 0 8 ,5 5 0 00 $ 1 1 3 ,0 4 5 ,4 0 0 00 $19 3 ,1 5 3 ,1 5 0 00

Wayne County (N. Y .) Gas & Electric Co., Newark, N. Y .
— M e r g e r — N ew B o n d s .— This consolidated company, or­
ganized July 12 1910 under the laws of N. Y ., has filed a
mortgage to the Chemung Canal Trust Co., as trustee, cov­
ering‘property in Clyde, Lyons, Newark and Palmyra N. Y .,
to secure not exceeding $750,000 refunding 5 % gold bonds
(present issue to;be $238,000), dated July 12 1910 and due
July 1 1950, but callable after 5 years at 105; par $1,000.
Int. J. & J. at Thrust Co. of Am., N. Y . Reserved to retire
prior liens, $75,000. Sinking fund
semi-ann. after 5 years.
T h e P u b lic S erv ice C om m ission . 2d D is trict, on Ju n e 22 1910 a u th o rize d
th e c o m p a n y to m ake a m o rtg a ge t o secu re an Issue o f $75 0 ,0 0 0 b on d s and
to Issufe $ 4 4 4 ,0 0 0 at the present tim e, n am ely: (a) $10 7 ,0 0 0 to d isch a rge
i o a t ln g debt; (b) $206,000 fo r re fu n d in g a t n o t less th a n p a r b o n d s n o w




o u ts ta n d in g o f the m erged co m p a n ie s , v i z .: N ew ark (N . Y .) Gas L ig h t A
Fu el C o .. $ 31 ,000 20-year 5s d ated Ju n e 1 1890 (e x c lu d in g $19 ,000 pledged
as c o lla te r a l); N ew L igh t, H eat A P o w e r C o . o f N ew ark . $75 ,000 15-year
5s d a te d J u ly 1 1905, and W a y n e C o u n ty E le ctric C o ., $10 0,00 0 2 0 -ye a r 5s
d ated A p ril 16 1901: and (c) $ 1 3 1,00 0 to ,he so ld at not less than 90 to p r o ­
v id e fo r Im p rovem en ts u p on th e gas and e le ctr ic p rop erties, T h e Issue o f
$20 0,00 0 capital stock In $100 shares w as g iv e n In e x ch a n g e fo r the $ 2 4 5 ,0 0 0
s to c k s o f th e co n s o lid a te d c o m p a n ie s .
T h e P a lm y ra Gas A .E le c t r ic C o.
an d the L y o n s Gas L igh t C o. had b o n d Issues o f $40 ,0 0 0 an d $30 ,0 0 0 , re­
s p e c tiv e ly , b u t these w ere o u ts ta n d in g o n ly as co llateral And a r c retired
to geth er w ith all the o th e r o ld b on d s o th e r than the $75 ,0 0 0 ;>s o f the New
LI flit . H eat A P. C o.
Pres. & T r e a s ., W illiam T . M orris, Penn Y a n , N. Y .
P rior to th e m erger, all o f th e oom nantes m erged w ere c o n tr o lle d , a lo n g
w ith the D efian ce Gas A E le c tr ic C o. (V . 88, p .1 2 5 6 ) , O w c g o G as L ig h t C o. an d
Penn Y an G as Light C o ., b y a b o ld in g c o m p a n y — th e U nited S tates Gas
A E le ctric C o ., o f w hich M r. M orris Is Pres. A T re a s. T h e U . S . Gas A
E le ctric C o ., w hose share c a p ita l Is $40 0 ,0 0 0 , In $100 shares c o n tr o ls b y
o w n ersh ip o f s to c k the W a y n e C o u n ty Gas A E le c tr ic C o ., P en n Y a n G as
L t . C o. (V . 9 1 , p . 948) a n d also th e o th e r c o m p a n ie s n a m sd .

NORTHERN

PACIFIC

R A IL W A Y COMPANY.

FOURTEENTH ANNUAL REPORT— FOR TH E FISCAL Y E A R ENDING JUNE 30 1910.

O ffic e o f the N o rth ern P a c i fi c R a ilw a y C o .,
S t. P a u l, M i n n ., S e p t. 23 1910.
T o the S tock h old ers o f the N orth ern P a c i fi c R a ilw a y C o m p a n y :

The following, being the Fourteenth Annual Report, shows
the result of the operation of your property for the fiscal
year ending June 30 1910.
INCOME ACCOUNT.
100 9.
1010.
_____ o 5
R e v e n u e fro m T r a n sp o rta tio n :
$
F reig h t ____ ___ - ___________ 4 7 ,0 7 3 ,3 0 5 13 4 8 ,7 5 8 ,7 3 6
P a ssen g er____________________ 17,330,608 06 2 1 ,3 3 3 ,3 1 2
O th er reven u e fro m trans3 ,6 7 1 ,8 1 6

„
2.)
84

Increa se ( + )
D ecrease C—
$
+ 1,685.431
+ 4 ,0 0 2 ,7 0 4

or
).
12
78

80

+ 255 ,7 1 5 08

.67,8 2 0 ,0 1 4 01 7 3 ,7 6 3 ,8 6 5 89
rtev en u e from O p era tion other
7 61 ,060 30
G40.732 30

+ 5 ,9 4 3 ,8 5 0 98

.6 8 ,4 6 0 ,7 4 7 21 7 4 ,5 2 5 ,8 2 6 10

+ 6 ,0 6 5 ,0 7 8 98

12,927 67

+ 856 21

12,071
P er m ile (a v e r a g e )------O p era tin g E xpen ses:
M ain ten an ce o f w ay an dl
. 7 ,8 4 7 ,0 5 0
M ain ten an ce o f e q u ip m e n t. . 7 ,8 4 5 ,6 8 0
010 ,1 9 0
T r a ffic e x p e n s e s ..................... .
2 0 ,305,621
. 1,102,444

P er in llc (a v e r a g e ).
P er m ile (a v e r a g e )___
O u tsid e O p era tion s:
S leep in g , p a rlor, oh
tlo n , d in in g a n d ca!
an d res ta u ra n ts------

46

35 1 0 ,8 4 2 ,9 5 5
35 8 ,9 9 2 .1 3 7
03
1.0 3 6 ,4 0 3
20 2 4 ,0 4 5 ,1 9 7
72
1,0 7 0 ,7 1 2

20
09
62
09
33

+ 121,228 00

+ 2 ,9 9 5 ,0 0 4
+ 1 ,146,447
+ 117,204
+ 3 ,7 3 9 ,5 7 5
— 31,7 3 2

85
74
59
89
39

.38,0 2 0 ,0 0 4 65 4 5 ,0 8 7 ,4 0 5 33

+ 7 ,0 6 7 ,4 0 0 68

7 ,9 7 7 24

+ 1,273 30

.

6,703 04

.3 0 ,4 4 0 ,7 4 2 56 2 8 ,5 3 8 .4 2 0 86 — 1,902,321 70
— 417 09
4,9 5 0 43
5,367 52
3

420 ,3 5 9 58

602 ,474 89

+ 173 ,115 31

■1,729,206
T a x c s ° a c c r u e d revcn u 0
~~ ’ ^2 ,’ 5 4 7 ,834 67
80 + 1 ,0 7 4 ,1 6 5
+179
P e r m llo ( a v e V a g e ) : :- ..........
449 25
628 29
O p era tin g in c o m e ’ . . ............. 28,3 2 2 ,2 6 7 47 2 5 ,5 1 8 ,8 9 5 95 — 2 ,803,371
O th er I n c o m e :
D iv id e n d s and Interest on
s ecu rities, Interest on d e ­
+ 150,804
p osits an d m iscella n eou s. 2 ,3 5 5 ,6 7 0 81
2,5 0 6 ,4 7 4 91
+ 399 ,503
R e n ta ls r e c e iv e d ____________
889 ,7 4 8 10
1 ,2 8 9 ,2 5 2 04
— 2 91 ,640
lit r e o f e q u ip m e n t_________
452 ,2 1 8 91
160,578 51

39
13
04
52

10
94
40

O ross In c o m e .........................3 2 ,0 1 9 ,9 0 5 29 2 9,475,201 41 — 2 ,5 4 4 ,7 0 3 88
° CR cntalS p a i d .............................
3 3 7 ,1 3 0 34
509 ,927 90
+ 1 7 2 ,7 9 1 50
In terest on fu n d ed d e b t _____ 6,7 7 5 ,0 0 2 50 6 ,6 6 9 ,0 1 4 17
— 105 ,988 33
In te re s t a n d com m issio n s on
new s to c k s u b s c r ip t io n s .. 3 ,2 6 8 ,4 1 0 36 - - - - - - - - - - - - T 2 ’ i;5 ? ’ nAn
D iv id en d s on s t o c k __________ 1 4 ,105,000 00 1 7 ,3 6 0 ,0 0 0 00 + J ,2 o o ,0 0 0 00
T o t a l s . . a .......... ......................2 4 .4 8 5 ,5 5 5 20 2 4 ,5 3 8 ,942 07
N et In com e fo r th e y e a r _______

7 ,5 3 4 ,3 5 0 09

R a tio o f o p e ra tin g exp en ses t o
to t a l o p e r a tin g r e v e n u e ____
R a t io o f ta x es t o to ta l o p e ra tln g r e v e n u e ________________

5 5 .5 4 %
3 .7 2 %

+ 5 3 , 3 8 6 87

4 ,9 3 6 ,2 5 9 34 — 2 ,5 9 8 ,0 9 0 75
6 1 .7 1 %
4 .8 6 %

+ 6 .1 7 %
„
+ 1 .1 4 %

EARNINGS.
F R E I G H T B U S IN E S S .

Freight revenue was $48,758,736 25, an increase of $1,­
685,431 12, or 3.58% over the previous year.
5,419,084,365 tons of revenue freight were moved one
mile, an increase of 158,591,705 tons one mile, or 3.01%
over the previous year.
The rate per ton per mile increased from .00895 to .00900.
The revenue train load decreased from 434.59 to 429.28
tons. The total train load, including company freight, in­
creased from 520.71 to 563.65 tons.
P A S S E N G E R B U S IN E S S .

Passenger revenue was $21,333,312 84, an increase of
$4,002,704 78 or 23.10% over the previous year.
Mail revenue was $1,032,891 12, a decrease of $30,165 78
or 2.84% .
Express revenue was $1,573,000 11. an increase of $159,­
442 04, or 11.28%.
Excess baggage and miscellaneous passenger revenue was
$333,468 62, an increase of $22,984 67 or 7.40% .
The total revenue for persons and property carried on
passenger trains was $24,272,672 69, an increase of $4,154,­
965 71, or 20.65% over the previous year.
The number of passengers carried was 9,639,994, an in­
crease of 1,235,282 over the previous year, and the number
of passengers carried one mile was 976,772,093, an increase
of 209,332,628 or 27.28% .
The miles run by revenue passenger trains was 12,574,907,
an increase of 3,003,475 or 31.38% .
The rate per passenger per mile was .02184 and .02258
last year.
OPERATING EXPENSES.
CONDUCTING TRANSPORTATION.

The charges for transportation expenses were $24,045,­
197 09, an* increase of $3,739,575 89 or 18.42% , of which
$1,973,532 66, or 9.72% , consisted of labor.
Passenger train mileage for the year increased 31.38%
over the previous year, which also necessarily entailed a
large increase in transportation expenses.
MAINTENANCE OP EQUIPiMENl.

The charges for Maintenance of Equipment were $8,992,­
137 09, an increase of $1,146,447 74, or 14.61%.
L O C O M O T IV E S .
T o t a l n u m b e r o f lo co m o t iv e s o n a c t iv e list Ju n e 50 1 0 0 9 -----------------------1,323
A d d itio n s :
P u rch a se d :
S w itch lo c o m o t iv e s ------------------------ ------------------------------------------------P a cific t y p e passenger lo c o m o t iv e s ----------------------------------------------- 44
M ik ado ty p e freigh t lo c o m o t iv e s _________________________________ 40
M allet ty p e fre ig h t lo c o m o t iv e s ___________________________________11

MILEAGE OPERATED.
Changes have taken place in the mileage operated during
the year as follows.
There were added:

1,443
D e d u c tio n s :
S o ld ........ .................................................................................................................. «
D is m a n tle d ---------------------------------------------------------------------------------------------5

M ile s .
Jan

31 1910. S hields R iv e r V a lley I t y ., J u n ctio n t o W ilsa ll,
'' w
M o. ..
nat., c____
o n sotrounn
c te d ........................... ........................................
Jan 31 1910. I.ew iston J u n ctio n t o L e w isto n , I d a h o (U n io n Pac lllc H R .), l e a s e d .. .............................................. ...................
Jan 31 1910. P a sco to Snake R iv e r J u n c tio n , W a sh . (S p o k a n e ,
P o rtla n d <fc Seattle R y . ) , le a se d .......................................
T o t a l a d d itio n s ---------------------------------------------------------

72.0 3
24.82
1 1 9 .7 5

Deductions:

38.93

M ileage o p e r a te d Ju n e 30 191 0------------------------------------------------------------ 5 . 6 14 12
A v era g e m ilea ge o p e ra te d d u rin g th e y e a r -------------------------------5 ,7 6 4 .8 3

3
183
9
142
145
2
137
202
4
0
80
150
130
16

Owned

Condem ned
D estroyed
and Sold.

~2

*25

3
2
16

'4 4
'4 0
G
5

"4
1.353




17

120

26

T o t a l lo c o m o tiv e s o w n e d _________________________________________ .1 ,4 5 6
H A U L IN G C A P A C IT Y .
T ractive
Total weight Total weight
P o w er.
on D rivers, o f E n g in e.
N o.
Assignment June 30 19 0 9 _______ 1,323 3 9 ,1 7 3 ,2 0 0 177 .059 ,49 2 22 2 ,7 7 0 ,6 5 2
2 8 ,7 4 3 ,5 0 0
A d d e d d u rin g fiscal y e a r _______ 120 4 ,8 6 9 ,7 0 0 2 1 ,8 7 3 ,5 5 0
T o t a l . .............................................. 1,443 4 4 ,0 4 2 ,9 0 0 1 9 8 ,933 ,04 2 2 51 ,514 ,15 2
2 4 3 ,5 0 0
1,0 7 4 ,5 0 0
1 ,3 5 0 ,6 5 0
S old a n d d is m a n tle d ____________
13

N et a d d it io n s .......... ............................................................
80.82
M ilcago o p e r a te d J u n o 30 100 9------------------------------------------------------------ 5 ,7 3 3 .3 0

Owned
J u n e 30 1910.

In a d d itio n t o th o se on a c tiv e lis t, th ere are 26 lo co m o tiv e s held fo r
sale; fo u r engines h a v in g been sold o r d ism a n tle d d u rin g th e y e a r . .

A c tiv e L ist—

O ot 31 1909. M ain line In W a sh in g to n tran sferred t o s id in g s . 1.35
J a n . 31 1910. R e d R iv e r B ran ch In M in nesota s h o r te n e d .............. 87
J u n e 30 1910. M ain L in e In O re g o n — N o rth P o rtla n d to
G o b le — leased to Astoria & C o lu m b ia R iv e r
U R . C o ........................... ............................................... 3 5 .1 5
Ju n e 30 1910. C orrection s b y line ch an ges a n d r c -c h a ln ln g —
1.56
T o t a l d e d u ctio n s ____________________________________

1,430

T o ta l n u m b e r on a c t iv e list J u n e 30 1910
22.90

T o t a l .......... J ................................... 1,4 3 0 4 3 .7 9 9 ,4 0 0 1 9 7 ,858 ,54 2 25 0 .1 6 3 .5 0 2
N o te .— O n a c c o u n t o f several c o m p o u n d engines be in g ch an ged t o sim p le,
th e w eigh ts an d tr a c tiv e pow er fo r a ssign m en t as o f Ju n e 30 1909 d o n o t
sh o w th e sam e to ta l as w as sh o w n In a n n u al re p o rt fo r 1909.

The following (statement shows the character and the con­
dition of the locomotives of the company on June 30 1910:
A v erage w eight o f Locom otive
without T en d er (T o n s ).

A verage

T otal.

On D riv ers.

F o r c e (Lbs.)

3
206
9
139
143
2
127
292
4
6
124
150
220
22
5
4

27.60
60.64
68.50
53.38
88.77
72.51
44.80
79.36
93.00
84 .3 9
111.82
102.25
130.35
170.70
218.98
63.32

26.52
60.64
68.5 0
44.34
75.68
65.27
28.46
59.48
7 5 .0 0
43.8 5
70.58
76.7 5
101.68
150.72
2 01 .90
63.32

10,800
25.300
26.500
18,155
37,440
34,800
13,880
26,115
38.500
21.550
3 1 ,3 7 5
33.300
46.3 0 0
6 4 ,940
8 9 ,540
2 9 ,2 5 *

1,456

86 .6 6

68.07

3 0 .3 3 4

Conatttoa—

Number. Percent.

G o o d ......................................
1,1 8 2
F a i r _______________
182
A t s h o p s . ------------------------------------------------ --------------------------------02

8 1 .1 8

12.50
G.32

1,4 5 6

100.00

3

0.2 0 6
5.56

N u r a b w o f oU-bornlnpr l o c o m o t i v e s ....................................
N u m b e r o f lo c o m o t iv e s e q u ip p e d w ith su p erh eaters________

81

P A S S E N G E R E Q U IP M E N T .

On June 30 1909 the company owned 1,005 passenger
train «ars, including 103 sleeping cars, owned jointly with
the Pullman Company; on June 30 1910 1,119 passenger train
cars, including 131 sleeping cars owned jointly with the Pull­
man Company, a net increase of 114. The number and kind
of cars owned is shown in table on page 42 (of pamphlet re­
port).
The passenger equipment of the Company was in extremely
active use from July 1 to Dec. 31 1909 and could not be
shopped during that time. On June 30 1910, of the 1,119
cars owned, 894 cars were not due in shops for two months
or more.

40 timber bridges, making 8,117 lineal feet, have been re­
newed this year.
101 timber culverts were rebuilt this year— 12 in temporary
and 89 in permanent form.
On June 30 there were under construction on operated
lines 1,255 lineal feet of steel girder and I-beam spans, 1,866lineal feet of steel truss spans, 259 lineal feet of steel trestle,
896 lineal feet of reinforced concrete trestle, one 325-foot
and one 200-foot steel draw spans and one 160-foot bascule
draw span,
BRIDGES AS THEY EXISTED JUNE 30 1910.
Aooreoate length
N o.

Steel, Iron, stone and concrete permanent bridges___ 522
Timber and combination Iron and timber structures.2 ,657

L in ea l ft. M il e s .

86 698
427,995

16 12
8 l !0 6

Totals ---------------- ----------------------------------- ------------- --------------- 3 ,17 9 514,693 97.48
Total length of timber structures replaced by steel bridges, embankment
or In other permanent form, from J u ly 1 1885, when work was commenced,
to June 30 19 10 , has been 11 8 .2 1 miles.

F R E I G H T E Q U IP M E N T .

STATION BUILDINGS.

Comparative number and capacity of freight cars:

o i l ............. .................

C oal ................. ..
B a lla st a n d o r « .

NO.
.
23,052
____
428
____ 1,432
____ 2 .670
____ 8.129
-- 13
____ 4,932
...
842

1909---------1910---------- - I n c . o r D e c C a p a city .
C a p a city .
C a p a city.
(T o n s.)
N o.
(T o n s.)
(T on s)
N o.
78 9 ,8 2 7 2 4,357
9 1 ,060
8 80 ,887 1 ,3 0 5
10,800
638
8,9 7 0
210
19,770
3 5 ,6 2 5
1,562
130
4,050
3 9,675
6 2 ,410 2,618
*1,160
6 1,250
*52
2 69 ,770 8,614
2 91 ,030
485 2 1 .260
345
18
130
475
5
198,985
5,193
17,970
216 ,955
261
3 3 ,6 8 0
816
* 1,040
3 2 ,6 4 0
*26

____ 4 1 ,498

1 ,4 0 1 ,4 4 2 4 3 ,816 1 ,5 4 2 ,6 8 2

P e r c e n ta g e
c a r ...............

____

33 .8

2,3 1 8 1 41 ,240
5.5 9 %

352

1 0 .0 8 %
1.4

* D e n o te s d ecveasc.
O f th e to ta l n u m b e r o f fre ig h t ca rs o n th e r o a d o n J u n e 3 0
1 9 1 0 o n ly 1 ,7 4 4 , o r 3 . 9 8 % , w e r e in n e e d o f r e p a ir s c o s t in g
$5 p er car or m ore.
In a d d it io n to e q u ip m e n t s h o w n a s o n h a n d J u n e 3 0 1 9 1 0 ,
th e fo llo w in g h a v e b e e n p u r c h a s e d d u r in g th e c u r r e n t y e a r
a n d w ill b e d e l i v e r e d t h is a u t u m n :
P a c ific t y p e passen ger lo c o m o t iv e s _________________ _______ _______________ 18
P a ssen ger T r a in Cars:
F irst-cla ss c o a c h e s _____ _________________
9
D in in g c a r s ____________________________________________________________
4
O b s e rv a tio n c a r e ______ ______ ___ ______ _______________ ______ ___ _____ 1 1
------ 24
F r e ig h t T ra in Cars:
B o x cars. 40 to n s c a p a c it y .......... ..................................
33
R e fr ig e r a to r c a r s ____________________
71
G on d ola s, 50 ton s c a p a c it y ______________________________ _
24
H a r t c o n v e r tib le b allast cars, 50 to n s c a p a c it y ____________________ 348
----- 476
D E P R E C I A T I O N O F E Q U IP M E N T .
I n a c c o r d a n c e w it h t h e r u le s o f t h e I n t e r -S t a t e C o m m e r c e
C o m m is s io n , t h e fo llo w in g a m o u n t s h a v e b e e n c h a r g e d t o
o p e r a t in g e x p e n s e s o n a c c o u n t o f e s t im a t e d d e p r e c ia t io n o f
e q u ip m e n t , v iz .:
L o c o m o t i v e s ...........................................
$820,121 34
P a ssen ger c a r s ..........................
2 36 ,899 51
F r e ig h t o a r s _______________________
1 ,3 6 7 ,4 2 4 32
W o r k c a r s . . .......... .............................
4 3 ,623 05
F lo a t in g e q u ip m e n t .................................
6 ,7 7 7 12
----------------------- $ 2 ,4 7 4 ,8 4 5 34
M A IN T E N A N C E O F W A Y

AN D STRU CTURES.

T h e « h a r g e s f o r M a in te n a n c e o f W a y a n d S tr u c tu r e s w e re
$ 1 0 ,8 4 2 ,9 5 5 2 0 , a n in c r e a s e o f $ 2 ,9 9 5 ,9 0 4 8 5 , o r 3 8 . 1 8 % .
T h e t a b l e in t h e r e p o r t o f t h e C o m p t r o l le r s h o w s t h e d is ­
t r ib u t io n o f th is in c r e a s e u n d e r th e r e s p e c t iv e a c c o u n t s .
T h e fo llo w in g s t a t e m e n t s g iv e p a r t ic u la r s o f th e w o r k d o n e
a n d s h o w th a t t h e p r o p e r t y h a s b e e n m a in t a in e d a n d im ­
p r o v e d d u r in g th e p a s t y e a r to su ch a n e x t e n t th a t e x p e n d i­
t u r e s o f e q u a l m a g n i t u d e w ill n o t b e n e c e s s a r y d u r i n g t h e
cu rren t year:
PERM ANENT W A Y .
1909.
1910.
N ew m ain lin e laid w ith 8 5 -lb . ra il, m ile s.....................
29.4 3
2.40
N ew secon d train laid w ith 8 5 -lb . ra il, m ile s.......... .........
1 1 5 .5 4
5.33
N ew secon d tra ck laid w ith 9 0 -lb . ra il, m ile s................
. . .
45.23
M ain line re-la id w ith new 9 0 -lb . rail, m ile s _____________
13.6 7
741 47
B ra n ch line re-Iakl w ith n e w 9 0 -lb . ra il, m ile s.............
9 00
M ain line re-la id w ith new 8 5 -lb . rail, m ile s _____________
3 7 4 .1 8
31.16
S econ d tr a c k re-laid w ith new 9 0 -lb . rail, m ile s_________
1 9 .0 0
3 6.06
S e c o n d tra ck re-laid w ith n ew 8 5 -lb . ra il, m ile s ________
5.3 4
_______
S id in gs an d spu rs c o n s tr u c te d , m ile s .....................
1 3 0 .7 7
75.86
T r a c k b a lla s te d , m iles____________________________
6 2 7.5 8
4 2 0 .13
E m b a n k m e n t w id e n e d , m i l e s . . . _________
1 9 1 .7 0
3 70 .00
CroSs-tie ren ew als, m ain line, tie s _________________________ 1 ,3 0 6 ,1 7 0 1 ,5 0 9 ,4 0 4
C ross-tie ren ew als, b ra n ch lines, t ic s _____________________ 97 1 ,0 1 0 910,932
T im b e r b rid g es rep la ced b y p erm a n en t stru ctu res a n d
e m b a n k m e n ts , 173 In n u m b e r, eq u a l t o , m ile s_____
1 .6 5
5.75
T im b e r b rid g es r e n e w e d ____________
44
40
T im b e r c u lv e r ts r e p la c e d ____________
217
101
N ew s to c k fe n c e c o n s tr u c te d , m ile s______________________
2 7 2 .5 7
159 .84
N ew sn ow fe n o e • on s tru cted , m ile s .....................
0 .5 0
15.59
O n J u n e 3 0 1 9 1 0 2 ,9 4 0 .6 9 m ile s o f i m p o r t a n t m a in lin e s
o f t h e C o m p a n y w e r e l a id w it h r a il w e ig h i n g 8 5 o r 9 0 p o u n d s
to th e y a r d .
B y t h e c lo s e o f t h e c a le n d a r y e a r 1 9 1 0 a ll m a in
lin e b e t w e e n S t . P a u l a n d D u lu th a n d b e t w e e n S t . P a u l,
D u l u t h , S e a t t l e a n d P o r t l a n d w ill h a v e b e e n l a i d w i t h h e a v y
s t e e l, w it h t h e e x c e p t i o n o f t h e lin e b e t w e e n B r a in e r d a n d
S t a p le s , M in n e s o t a , 3 0 m ile s , a n d a fe w p o in t s w h e r e c h a n g e s
in c u r v a t u r e a n d g r a d e a r e c o n t e m p la t e d .
B R ID G E S .
D u r in g t h e y e a r 2 1 3 b r id g e s w e r e r e p la c e d a n d 1 1 4 a b a n ­
doned.
4 0 w e r e r e p la c e d b y t im b e r s t r u c tu r e s a n d 2 2 p e r ­
m a n e n t a n d 151 tim b e r s t r u c tu r e s w e re r e p la c e d in p e r m a ­
n e n t f o r m , a s fo llo w s :
R e p la c e d b y e m b a n k m e n t------------------------------ 15 5 b rid g e s , 2 8 ,8 2 3 lineal fe e t.
R e p la c e d b y tru ss, g ird er a n d I-b e a m s p a n s . 18
"
1,5 5 0
“
“
T o t a l .......................................................................... 17 3




3 0 ,373

C loqu et,

M in n e s o ta .— The new frame passenger station,

mentioned in last report, was completed in September 1909.
S t. P a u l, M in n e s o ta .— The 48x300 feet extension of the
freight house and general office building, Prince Street, men­
tioned in last report, was completed in January 1910. The
second story is being used as an extension of the general
offices.
S t. C lou d , M in n e s o ta .— The brick passenger station men­
tioned in last report was completed and placed in service
in December last.
S ta p les, M in n e s o ta . — The brick passenger station and
office building, mentioned in last report, was completed in
January 1910. The second story is being occupied by the
Division Superintendent and his forces.
V a lley C ity , N orth D a k o ta . — The new passenger station lo­
cated on the new main line between Alta and Berea, men­
tioned in last report, was completed in October 1909.
B o z em a n , M o n ta n a . — A new brick freight house 40x300
feet, with necessary platforms, was completed in May 1910.
C o eu r d ’ A le n e , Id a h o . — A frame depot 30x131 feet has
been erected and placed in service.
R itzv ille, W a s h in g to n . — A brick depot 26x100 feet is in
course of construction.
P a sco,
W a s h in g to n . — The frame two-story recreation
building mentioned in the previous year's report has been
completed.
N orth Y a k im a , W a s h in g to n . — The new brick passenger
station and new brick express building, mentioned in last
report, have been completed and placed in service.
E llen sh u rg , W a sh in g to n .— The new brick passenger sta­
tion, mentioned in last report, was not completed last au­
tumn, but is now well under way and will be completed and
placed in service this season.
T a co m a , W a s h in g to n .— Work on the new passenger depot
is in progress and it is anticipated that the building will be
ready for occupancy by the first of January next.
S n oh om ish , W a sh in g to n .— A 52-foot extension of the ex­
isting depot has been completed and placed in service.
Minor station improvements have been made during the
year as follows: 21 new wooden stations erected; 18 old sta­
tions remodeled; 9 stock yards built or improved; 3 Wool­
loading platforms constructed; 13 section, bunk, tool and
oil houses erected; 3 track scales installed; 2 ice houses erected.
F o r th e C o m m is s a r y D e p a r tm e n t, a c o t ta g e h a s b e e n
e r e c te d a t G a r ris o n fo r th e m a n a g e r o f th e lu n c h r o o m , a n d
a n e x t e n s io n t o its b u ild in g a t S e a t t le h a s b e e n c o n s t r u c t e d .

Other miscellaneous structures have been built, such as
shed for motor car at Duluth, Passenger Engineer’s service
building at Livingston, booms and rock-filled crib piefs at
Little Falls, Minnesota; and electric testing and charging
building at Seattle and a tetegraph office at the old city
limits, Portland.
SHOPS, ENGINE FACILITIES AND YARDS.
M in n e s o ta .— New buildings necessary for the
operation of a complete foundry for furnishing iron and brass
castings are under construction and will be completed this
autumn.
N orth tow n , M in n e s o ta .— A thirty-stall roundhouse, 85-foot
turntable, shops, coal dock and other terminal buildings with
yards of about 2,000 cars capacity are under construction
and will be completed this autumn.
C om o, M in n e s o ta .— Additions to present paint and car
shops and construction of a new two-story brick paint storage
building 40x60 feet are under construction and will be com­
pleted this autumn.
J a m estow n , N orth D a k o ta .— Ten round-hou^e stalls to re­
place those destroyed by cyclone, together with eight addi­
tional stalls, including necessary piping, hot air ducts and
heating coils have been completed.
T u rtle L a k e , N orth D a k o ta .— A two-stall frame engine
house to replace the one destroyed by fire has been completed.
G len d ive, M o n ta n a .— A new fan room, fan engine, coils
and extension of ducts to connect with old ducts of round­
house heating system has been completed.
W h iteh a ll, M o n ta n a .— A four-stall 90-foot engine house
has been completed.
W a lla ce, I d a h o .— A six-stall 104-foot engine house is under
construction and will be completed this autumn.
B r a in e r d ,

l?U E L S T A T I O N S .
C o a l d o c k a t L i v i n g s t o n , M o n t a n a , m e n t i o n e d in t h e p r e ­
v i o u s y e a r 's r e p o r t , a n d a n e w c o a l d o c k a t H i lli n g s , M o n t a n a ,
t o r e p la c e t h e o n e d e s t r o y e d b y fir e , h a v e b e e n c o m p l e t e d .
W ATER SU PPLY.
N e w s te e l w a te r ta n k o f 1 0 0 ,0 0 0 g a llo n s c a p a c it y h a s b e e n
c o m p le te d a t L iv in g s t o n , M o n ta n a .
N e w W o o d e n w a te r ta n k s o f
g a llo n s c a p a c it y h a v e
b e e n c o m p le te d a t S a n d e r s , W h it e h a ll, M o n ta n a C en tra l
c r o ssin g , C lin to n , M o n ta n a , a n d a t M e sa , W a s h in g t o n , a n d
o n e o f 4 8 ,0 0 0 g a llo n s c a p a c it y a t S h e y e n n e , N o r t h D a k o t a .
G r a v i t y w a t e r s u p p l y h a s b e e n i n s t a ll e d a t W h i t e h a l l ,

100,000

M o n t a n a , a n d S is c o , W a s h in g t o n .
W a t e r -s o ft e n i n g p la n t o f 2 0 0 ,0 0 0 g a llo n s c a p a c it y p e r 2 4
h o u r s h a s b e e n in s t a ll e d a t B r a c k e t t , N o r t h D a k o t a , a n d o n e
o f s a m e c a p a c i t y is u n d e r c o n s t r u c t i o n a t M a g n o l i a , N o r t h
D a k o ta .
A n e a r t h r e s e r v o ir o f 3 , 5 0 0 , 0 0 0 g a l l o n s c a p a c i t y , a w o o d e n
t a n k o f 4 8 , 0 0 0 g a llo n s c a p a c i t y , a n d p u m p i n g p l a n t , h a v e
b e e n c o n str u c te d a t M a rio n , N o r th D a k o ta .
A r e s e r v o ir , c o n c r e te d a m a n d s p illw a y h a v e b e e n c o n ­
s t r u c t e d a t G le n U l e n , N o r t h D a k o t a , a n d a t D i c k i n s o n ,
N o r t h D a k o t a , a d a m h a s b e e n p la c e d in t h e H e a r t R i v e r ,
f o r m i n g a r e s e r v o i r , a n d a p ip e lin e a n d p u m p h o u s e h a v e
b een c o n str u c te d .
blo ck

sig n a ls

and

in te r l o c k in g

p l a n t s

.

O n a c c o u n t o f th e g r o w in g v o lu m e o f b u s in e s s m o v in g
o v e r t h e i m p o r t a n t m a i n li n e s o f y o u r c o m p a n y , s a f e t y a p ­
p li a n c e s o f o n e k in d a n d a n o t h e r h a v e b e e n a u t h o r i z e d , a s
fo llo w s :

M in n e s o ta . — B e t w e e n N o r t h t o w n J u n c t i o n a n d S t . C l o u d :
A u t o m a t i c e le c t r i c b l o c k s ig n a ls f o r d o u b l e t r a c k .
S t . C lo u d : E le c tr ic in te r lo c k in g p la n t fo r c r o s s in g w ith
t h e G re a t N o r th e rn R a ilw a y .
M a n ito b a
J u n c tio n : I n t e r lo c k in g p la n t
to p r o te c t th e
j u n c t i o n o f t h e W i n n i p e g lin e w i t h t h e m a i n l i n e .
S t a p l e s t o D i l w o r t h : A u t o m a t i c e le c t r i c b l o c k s i g n a l s f o r
d o u b le tr a c k .
C a r m a n : M e c h a n ic a l
th e

in te r lo c k in g

p la n t fo r c r o s s in g

w ith

N o r th e rn R a ilw a y .
W is c o n is n . — S u p e r i o r : M e c h a n ic a l i n t e r l o c k i n g p l a n t f o r
c r o s s i n g o f t h i s C o m p a n y 's lin e w i t h t h e M i n n e a p o l i s S t . P a u l
&

G reat

S a u lt S t e .

M a rie

R a ilw a y .
a n d B i l l i n g s : A u t o m a t i c s i g n a ls f o r
p r o te c tio n o f th e Y e llo w s to n e R iv e r b r id g e .
L a u r e l : M e c h a n ic a l i n t e r l o c k i n g p l a n t f o r t h e p r o t e c t i o n
o f t h e y a r d a n d t h e c o n n e c t i o n w it h t h e G r e a t N o r t h e r n R y .
B i l l i n g s t o L i v i n g s t o n : A u t o m a t i c e le c t r i c b l o c k s i g n a l s .
L i v i n g s t o n : A u t o m a t i c s ig n a ls p r o t e c t i n g t h e j u n c t i o n o f
t h e m a i n lin e w it h t h e Y e l l o w s t o n e P a r k B r a n c h .
S i l v e r B o w : M e c h a n ic a l i n t e r l o c k i n g p l a n t t o p r o t e c t c r o s s ­
in g w it h t h e B u t t e A n a c o n d a & P a c i fi c R y .
G a r r i s o n : M e c h a n ic a l i n t e r lo c k i n g p l a n t t o p r o t e c t j u n c ­
t i o n o f t h e H e l e n a a n d B u t t e li n e s .
G a r r is o n t o M i s s o u l a : A u t o m a t i c e le c t r i c b l o c k s i g n a l s .
W a s h in g to n .— 'T a c o m a - S e a t t l e : T h e
b lo c k
s i g n a ls
m en­
t i o n e d in t h e l a s t r e p o r t h a v e b e e n i n s t a ll e d a n d p la c e d in
se rv ic e .
K a h u n a t o V a n c o u v e r : C o n t r a c t h a s b e e n le t f o r i n s t a l l a ­
t i o n o f e le c t r i c b lo c k s i g n a l s .
O reg o n . — N o r t h P o r t l a n d t o P o r t l a n d : C o n t r a c t h a s b e e n
l e t f o r i n s t a l l a t i o n o f e le c t r i c b l o c k s i g n a l s .
C o n tr a c t h a s a ls o b e e n le t fo r s u ita b le s ig n a ls o n th e d o u b le ­
tr a c k b r id g e s o v e r th e C o lu m b ia a n d W ill a m e t t e riv e r s a n d
a p p r o a c h e s to a n d c o n n e c tio n b e tw e e n t h e m .

M o n ta n a . — H u n t l e y

DOCKS AND W H A R V E S .
I n p u r s u a n c e o f t h e C o m p a n y ’ s p o l i c y in m a k i n g s t e a d y
i m p r o v e m e n t s a t D u l u t h a n d S u p e r i o r in i t s d o c k s , t h e f o l ­
lo w i n g w o r k h a s b e e n c o m p l e t e d o r is u n d e r w a y .
T i m b e r c r i b b i n g a t D o c k N o . 1— fillin g a n d p l a n k i n g h a s
b e e n f in i s h e d .
T i m b e r c r i b b i n g o n D o c k N o . 2 w ill b e c o m p l e t e d t h i s a u ­
tu m n .
F r a m e w a r e h o u s e o n D o c k N o . 1 , 8 0 x 7 0 0 f e e t , t o r e p la c e
w a r e h o u s e d e s t r o y e d b y fir e , w ill b e c o m p l e t e d t h i s a u t u m n .
D r e d g i n g o f t h e s lip a t D o c k N o . 4 , s o a s t o g i v e a n a v e r ­
a g e d e p th o f
fe e t , h a s b e e n c o m p le te d .
A t S e a t t l e : E x t e n s i o n o f P ie r s 1 a n d 2 h a s b e e n c o m p l e t e d ,
t h e d o c k s b e i n g c o n s t r u c t e d w it h c r c o s o t e d p il e s ; w a r e h o u s e s
h a v e b e e n e n la r g e d a n d t h i s n e w f a c i l i t y is n o w in a c t i v e u s e
in c o n n e c t i o n w i t h t h e A l a s k a t r a d e .

20

B ra n ch e s , L in e C h anges, G ra de R e v is io n s an d
S e c o n d M ain T r a c k :
O n e -th ird Interest In d o u b le -tra ck line V a n ­
c o u v e r t o N o rth P o r tla n d , In clu d in g b rid ges
o v e r C o lu m b ia a n d W illa m e tte R iv e r s
(tw o -th ir d s o w n e d b y S p o k a n e P o rtla n d &
S e a ttle R a ilw a y C o .) .
A d d itio n a l ch arges
$ 7 0 ,7 2 0 IK
E d geley-M Issou rl R iv e r line. N o rth D a k o t a ..
38,2 8 4 6 #
P ln g r c c w est lin e, N o rth D a k o ta _____________
143,891 6 *
T u rtle L a k e e x te n s io n . N o rth D a k o t a ________
2 1 .399 81
G lcn d lv e -H e le n a c u t -o il, M o n ta n a ____________
22,883 9S
B itte r R o o t B ra n ch e x te n s io n , M o n ta n a ____
1 2 ,364 41
D eS m ct t o P a ra d ise, M o n ta n a ________________ (cre d it) 573 9#
W h it e P in e H ill, M o n ta n a , g r a d e r e v is io n ___
3 8 ,0 7 6 2ft
R ltz v ille -E lle n s b u rg c u t -o ff, W a s h ., rig h t o f
w a y ___________________________________________
72,2 0 4 6#
S u n n y s ld c B ran ch e x te n s io n , W a s h in g t o n ___
6 5 ,2 0 9 05
G reen R iv e r B ra n ch e x te n s io n , W a s h in g t o n .
10.832 1*
T a co m a -T e n ln o lin e, W a s h in g t o n ____________
884 ,091 84
G r a y ’s H a r b o r & C o lu m b ia R iv e r R a ilw a y —
3 2 ,8 4 0 43
S u rv e y s an d rig h t o f w a y — N o rth D a k o ta a n d
M o n ta n a ______________________________________
3 ,5 1 2 04
A rg o t o B la ck R iv e r , W a s h in g to n , rig h t o f
w a y fo r a d d itio n a l m ain t r a c k ------------------12,6 3 5 S3
R ig h ts o f w a y a t S e a ttle , W a s h ., fo r ch a n g e
__
o f line and new t r a c k s ______________________
9 9 ,9 0 7 11
S u p e rio r t o C en tral A v c ., W ls ., se c o n d m ain
t r a c k __________________________________________
*13 54
S t. C lou d t o R ic e ’ s, M in n ., s e co n d m ain tra ck
7 6 ,2 1 8 95
P h llb r o o k t o S ta p le s ,M in n .,se c o n d m ain tra ck
21,529 7#
W a d e n a t o L a k e P a rk , M in n ., se c o n d m ain
t r a c k ...................
96 0#
L a k e P a rk t o G ly n d o n , M in n ., s e co n d m ain
t r a c k ______________________________________ (cre d it) 2 4 ,0 0 0 8 #
W h e a tla n d t o B u ffa lo , N . D ., s e c o n d m ain
t r a c k . . ...............................................
45,2 1 3 57
A lta t o B erea, N . D .. s e co n d m ain t r a c k
(cred it) 1,985 61
B lo o m t o J a m e s to w n , N . D ., se c o n d m ain
t r a c k __________________________________________
14.1 3 5 88
H u n tle y to B illin gs, M o n t., s e co n d m ain tra ck
141 ,3 7 7 7 »
B illings t o L a u re l, M o n t., s e co n d m ain t r a c k .
165 ,984 29
L iv in g s to n t o M uir, M o n t., se c o n d m ain tra ck
(c r e d it )-------------------43,261 1#
W e s t E nd J u n ctio n t o M u ir, M o n t ., se c o n d
m ain t r a c k ________________________ !----------------6 ,3 3 0 4 *
B o z e m a n t o L o g a n , M o n t ., se c o n d m ain tr a c k
76,4 9 8 18
G arrison t o M issou la,M on t .se co n d m ain tra ck
289 .053 18
M issoula t o D e S m ct, M o n t., s e co n d m ain tra ck
7 ,9 5 8 38
M . P . 73 to Y a rd ley (S p o k a n e ), W a s h ., s e co n d
m ain t r a c k ------------------------------------------------------453 1C
A u bu rn t o M eeker, W a s h ., s e co n d m ain tr a c k
1,7 4 6 83
T en In o to K a la m a , W a s h ., gra d e re visio n a n d
d o u b le t r a c k _____ _____________ _______ — - - 2 ,0 7 5 ,3 5 9 39
K a la m a to V a n c o u v e r , W a s h ., se c o n d m ain
t r a c k __________________________________________
2 7 1 ,5 5 0 29
N o rth P o rtla n d t o P o r tla n d C ity lim its, O re .,
s e co n d m ain t r a c k __________________________
4 9 ,7 4 5 13 ^
A d d itio n s an d B e tte rm e n ts :
R ig h t o f w a y a n d s ta tio n g r o u n d s ____________
W id e n in g cu ts an d (ills________________________
P r o te c tio n o f b a n k s ____________________________
G ra de re vision s an d ch a n g e o f lin e ___________
T u n n e l i m p r o v e m e n t s .._____ _________________
B rid g e s, trestles an d c u lv e r ts _________________
In creased w e ig h t o f r a il_______________________
Im p r o v e d fro g s an d s w itc h e s _________________
T r a c k fasten in gs a n d o th e r m a te ria l--------------B a l l a s t __________________________________________
A d d itio n a l m ain tr a c k s ________________________
S idin gs an d sp u r tr a c k s ________________________
T erm in al y a r d s _________________________________
E cn c ln g rig h t o f w a y __________________________
I m p r o v e m e n ts o f o v e r a n d u n d e r g ra d e cross­
ings __________________________________________
T r a c k e le v a tio n , elim in a tio n o f g ra d e cross­
ings. & c ______________________
In te r lo c k in g a p p a r a tu s _________________________
B lo c k a n d o th e r signal a p p a r a tu s____________
T e le g ra p h and te le p h o n e lin es________________
S ta tio n b u ildin gs an d llx tu r e s ------------------------S h o p s , en gin e-h ou ses a n d tu r n -ta b le s ------------S h o p m a ch in e ry an d t o o ls _____________________
W a t e r a n d fu el s t a tio n s ________________________
D o c k an d w h arf p r o p e r t y _____________________
S n o w an d sand fe n ce s and sn o w -s h e d s ---------M iscella neous s tr u c tu re s ______________________
Total
N ew E q u ip m e n t: E xp en d itu re.
L o c o m o tiv e s _ _$2,3 4 0 ,6 4 6 86
Pass train cars 1,2 8 4 ,9 5 9 57
F re ig h t
train
cars a n d w o rk
cars ________ 3 ,3 8 1 ,5 5 4 44

ACCOUNT.

U p o n r e q u is itio n o f th e E x e c u t i v e O ffic e r s , a p p r o v e d b y
th e B o a r d o f D ir e c to r s , e x p e n d itu r e s h a v e b e e n m a d e d u r in g
t h e p a s t fis c a l y e a r f o r :
R e a l E s ta te , R ig h t o f W a y an d T e rm in a ls:
$1,269 14
A t S u p erior, W ls ., real e s ta te ................................
S t. P a u l. M in n ., real e s ta te ________________
10.676 00
M in n eapolis, M in n ., real e s ta te ................
58,251 35
L a u rel. M o n t., term in a ls..................................
9,486 72
P a ra dise, M o n t., te r m in a ls .............................
30,4 6 5 70
Sand P o in t. I d a h o , te rm in a ls.........................
14,916 69
S p o k a n e , W a s h ., real e s t a t e ..........................
1,327 80
S ea ttle, W a s h ., term in als, tu n n el a n d pas­
sen ger s t a t io n ____________________________
13,434 37
T a c o m a , W a s h ., real e s t a t e ---------------------- (cre d it) 72 95
A b e rd e e n , W a s h ., real e s ta to --------------------1,859 00
------------------------




83
59
47
81
43
72
92
22
55
67
04
23
2ft
13

6 ,4 6 0 0#

5 4 ,754 2#
3 5 ,6 1 9 62
1 2 1 ,5 1 6 41
6 2 ,5 9 9 3 #
513 ,2 2 0 38
171 ,932 15
5,634 91
166,832 9#
213 ,338 03
4,9 7 8 78
50,946 46
--------------------------3 ,5 9 4 ,3 2 2 14
L ess used fro m
Charged
lleserves.
C a p ita l.
$ 80 ,189 09 $ 2 ,2 6 0 ,4 5 7 7T
93,2 1 8 92
1 ,1 9 1 ,7 4 0 60
964 ,874 18

2 ,4 1 6 ,6 8 0 2#

$ 7 ,0 0 7 ,1 6 0 87 $ 1 ,1 3 8 ,2 8 2 19

5 ,8 6 8 ,8 7 8 68

T o t a l fo r th e Y e a r __________________________________________ $ 1 4 ,3 0 7 ,2 6 2 10
I ii a d d it io n t o th e a b o v e a m o u n t a d d e d t o th e c o a t o f th e
N o r t h e r n P a c ific E s t a t e , a d v a n c e s h a v e b e e n m a d e t o s u n d r y
c o m p a n ie s a s fo llo w s :
S p o k a n e P o r tla n d & S e a ttle R a ilw a y C o _________________________
$ 9 3 0 ,0 0 0 00
C learw ater S h o rt L in e R a ilw a y C o _________________________________
4 5 4 ,1 1 4 52
M issouri R iv e r R a ilw a y C o ________________________________________
3 ,9 5 2 ,0 5 8 09
W e s te rn D a k o ta R a ilw a y C o ______________________________________
1 ,6 5 9 ,2 5 4 80
S hields R iv e r V a lle y R a ilw a y C o __________________________________
3 9 4 ,2 4 0 75
C on nell N o rth e rn R a ilw a y C o ______________________________________ 1 ,4 7 7 ,3 9 7 16
O ly m p ic P en in su lar R a ilw a y C o ________
3 5 ,131 37
K e n n e w ick N o rth e rn R a ilw a y C o __________________________________
12,852 03
B ea r Creek & W e ste rn R a ilw a y C o _______________________________
18,483 20
M id lan d R a ilw a y o f M a n ito b a ____________________________________
1 ,1 4 2 ,5 0 0 00
• B ig F o rk & In te rn a tio n a l Falls R a ilw a y C o . ___________ (cr e d it) 735 ,6 7 4 24
A d v a n ce s fo r R a ilw a y D e v e lo p m e n t InO re g o n __________________
5 ,0 0 0 ,0 0 0 00
T o t a l ...............................................................................................................$ 1 4 ,3 4 0 ,3 5 7 68
• A n o t c h a v in g been g iv e n fo r th is Item , It has b e e n tran sferred t o " O t h e r
In v e s tm e n ts ” In a c c o r d a n c e w lfh rules o f In te r -S ta te C o m m e rce C o m ­
m ission .
C A P IT A L ST O C K

C H A R G E S T O C A P IT A L

$10 4,05 6
35,3 6 0
45,091
51,185
246
195,244
791 ,3 8 6
2 7 ,0 7 6
214,611
196 ,5 4 6
3 7 ,3 5 2
2 92 ,418
162 ,619
3 3 ,2 9 2

7 1 7 46

AN D

D E B T.

T h ere has been n o ch an ge In the a m o u n t o f c a p ita l Btook
o u ts ta n d in g d u rin g the y e a r , v i z ---------------------------------------------- $ 2 4 8 ,0 0 0 ,0 0 0 00
T h e o n ly ch an ge In b o n d e d d e b t d u rin g th e y e a r w as th e c a n ­
ce lla tio n o f P rior Lien B on d s pu rch ased w ith N et M on eys
o f the L a n d D e p a rtm e n t, as p ro v id e d b y A rticle E ig h t,
S e ctio n 2 o f M ortg age, a m o u n tin g t o ---------------------------------$48 5 ,0 0 0 00
CA M AS P R A IR IE R A IL W A Y C O M P A N Y .
F o r s im p lic it y in o p e r a t io n , a n o p e r a t in g c o m p a n y w a s
o r g a n iz e d t o m a in t a in a n d o p e r a t e th e r a ilr o a d o w n e d p a r t ly
b y th e N o r t h e r n P a c ific a n d p a r t ly b y t h e U n io n P a c ific
R a ilr o a d C o m p a n y b e t w e e n G r a n g e v ille , I d a h o , o n t h e fe r tile
p la te a u b a c k o f L e w is to n , a n d R ip a r ia (L e w is t o n J u n c t io n ) ,
W a s h i n g t o n , v ia L e w i s t o n , 1 4 8 .8 m il e s .
A t L e w is to n J u n c ­
t io n c o n n e c t i o n is m a d e w it h t h e P o r t l a n d lin e o f t h e O r e g o n

$14 1,34 3 82

R a ilw a y

&

N a v ig a tio n

C om pany and

w it h

th e S n a k e R iv e r

li n e o f t h e N o r t h e r n P a c i f i c t o S n a k e R i v e r J u n c t i o n a n d t h e
S p o k a n e P o r tla n d & S e a ttle R a ilw a y to P a s c o , th u s fo r m in g
a li n o o f c o m m u n i c a t i o n b e t w e e n t h e C a m a s P r a i r i e , L e w i s t o n ,
th e C le a rw a te r V a lle y , th e Y a k im a V a lle y , P u g e t S o u n d a n d
P o r tla n d .
T h e n e w c o m p a n y h a s o p e r a t e d t h e r o a d s s in c e D e c e m b e r
1 1909.
T h e e a r n in g s o n th r o u g h b u s in e s s a r e r e ta in e d b y
t h e o w n i n g c o m p a n y h a n d l i n g t h e s a m e ; t h e e a r n i n g s o n lo c a l
b u s in e s s a r e a p p lie d to th e m a in t e n a n c e a n d o p e r a tio n o f th e
j o i n t lin e s .
SPO K AN E PORTLAND

& S E A T T L E R A IL W A Y CO.

T h e t o ta l m ile s o p e r a te d b y th is c o m p a n y fo r t h e y e a r e n d ­
in g J u n e 3 0 w e re :
T eased .
Owned.
Total.
S p ok a n e P ortland A Seattle R ailw ay—
16.85
388 .80
S p o k a n e , W a s h in g to n , t o P o rtla n d , O r e g o n , - -3 7 1 .9 5
42.2 5
L y le t o G old e n d a le , W a s h in g to n ------ -------------- . . 4 2 .2 5
T o t a l ....................................... ........... .......................... - .4 1 4 .2 0
A storia & Colum bia R iver R R .—
- . 6 0 .3 0
P ortla n d t o A storia , O re g o n _______________
A storia t o S easid e. O re g o n ------------------------------- _ - 2 2 .8 0
T o t a l - . ------------------- ----------------- ------------------------ . .
G ra n d T o t a l ________________

16.85

431 .05

35.1 5

95.45
22.8 0

8 3 .1 0

3 5 .1 5

118.25

_____________ . .4 9 7 .3 0

52.00

549 .30

T h e r e s u lts o f th e o p e r a tio n o f th e S p o k a n e P o r tla n d &
S e a ttle a n d A s to r ia & C o lu m b ia R iv e r ro a d s fo r th e y e a r e n d ­
in g J u n e 3 0 1 9 1 0 w e r e :
S p o k a n e P o rt- A storia A C oTotal
land A
lumhia R iver
Both
Seattle R y .
R ailroad.
C om pa n ies.
O p era tin g r e v e n u e .........................$ 3 ,566,201 45 $76 7,98 7 30 $ 4 ,3 3 4 .2 7 8 84
O p era tin g e x p e n s e s _____ ______ 2 ,3 8 6 ,0 6 2 08
468,361 77
2 ,8 5 5 .3 2 3 85
N et o p e r a tin g r e v e n u e _______ $ 1 ,1 7 0 ,3 2 9 37
O u tside o p e r a t io n s ____________ d e b it 3,970 30

$ 20 0,62 5 62
12,541 01

$ 1 ,4 7 8 ,9 5 4 00
8 ,5 7 0 71

T o t a l n e t r e v e n u e ..............- ..$ 1 , 1 7 5 , 3 5 0 07
Less t a x e s _________ _____________
20 4 ,6 7 5 04

$31 2,16 6 63
3 2 ,9 5 5 83

$ 1 ,4 8 7 ,5 2 5 70
3 27 ,630 87

$88 0,68 4 03

$27 0 ,2 1 0 80

$ 1 ,1 5 0 ,8 9 4 83

3 81 ,523 18

1,767 82

383,291 00

G r o s s ln e o m e _________________ $ 1 ,2 6 2 ,2 0 7 21
K e n ts , hire o f e q u ip m e n t, e t c . .
3 29 ,703 08

$ 28 0,07 8 62
58,878 75

$ 1 ,5 4 3 ,1 8 5 83
388,672 73

..................................

$ 22 2,09 9 87

$ 1 ,1 5 4 .5 1 3 10

O p e r a tin g I n c o m e . . ..................
O th er In com e (ren ts, e t c ., re­
c e iv e d ) ............................................

B a la n ce —

$03 2,41 3 23

B u s i n e s s o f t h e N o r t h e r n P a c i fi c R a i l w a y b e t w e e n S p o k a n e
a n d p o i n t s e a s t t h e r e o f a n d t h e G r a y ’ s H a r b o r t e r r i t o r y in
th e S t a t e o f W a s h in g t o n a n d p o in ts s o u th th e r e fr o m , in c lu d ­
in g P o r t l a n d , a n d b u s in e s s h a n d l e d v i a P o r t l a n d , is n o w c o m ­
m o n ly r o u te d v ia th e S p o k a n e P o r tla n d & S e a ttle R a i lw a y .
T h e g r o s s e a r n in g s o f t h a t r a ilw a y o n b u s in e s s e x c h a n g e d
w i t h t h e N o r t h e r n P a c ific in t h e y e a r c o v e r e d b y t h i s r e p o r t
a p p r o x im a t e d $ 1 ,9 0 0 ,0 0 0 .
D u r in g th e y e a r a tte n tio n h a s b e e n g iv e n t o th e d e v e lo p ­
m e n t o f b u s i n e s s in O r e g o n .
T h e O r e g o n T r u n k R a ilw a y
C o m p a n y is n o w b u i l d i n g a li n e o f r o a d f r o m a p o i n t n e a r
C la r k e , W a s h in g t o n , o n th e S p o k a n e P o r tla n d & S e a ttle
R a i lw a y , s o u t h w a r d ly a c r o s s th e C o lu m b ia R iv e r a n d u p th e
D e s C h u t e s V a l l e y t o B e n d , O r e g o n , a d i s t a n c e o f 1 5 6 m i le s .
T h i s r o a d w ill f u r n i s h c o m m u n i c a t i o n b e t w e e n t h e g r e a t c e n ­
tra l p la t e a u o f O r e g o n a n d th e o u ts id e w o r ld .
T h e c a p it a l s to c k o f th e O r e g o n E le c tr ic R a i lw a y C o m p a n y ,
w h ic h o w n s v a l u a b l e r i g h t s a n d t e r m i n a ls in P o r t l a n d , a n d
c o m p l e t e d li n e s s o u t h a n d w e s t o f P o r t l a n d t o S a l e m , H i l l s ­
b o r o a n d C o r n e li u s , a n d o f t h e U n i t e d R a i l w a y s C o m p a n y ,
w h i c h h a s v a l u a b l e t e r m i n a l s a n d r i g h t s in a n d a b o u t P o r t ­
l a n d , a n d a li n e p a r t l y c o m p l e t e d i n t o t h e c o u n t i e s o f
C o lu m b ia , C la ts o p a n d T illa m o o k , h a v e b e e n a c q u ir e d .
T h e s e t h r e e e n t e r p r i s e s , in c o n n e c t i o n w i t h t h e S p o k a n e
P o r t l a n d & S e a t t l e R a i l w a y , w ill e n a b l e y o u r c o m p a n y t o
p a r t i c i p a t e in t h e b u s in e s s o f C e n t r a l O r e g o n a n d s o u t h a n d
w e st o f P o r tla n d .
T h e c o n s tr u c tio n a n d m a n a g e m e n t o f th e p r o p e r tie s are
b e in g h a n d le d b y th e S p o k a n e P o r tla n d & S e a t t le R a ilw a y
C o m p a n y , a n d y o u r c o m p a n y u p to J u n e 3 0 h a d a d v a n c e d as
i t s s h a r e o f t h e i n v e s t m e n t $ 5 , 0 0 0 , 0 0 0 , s h o w n in t h e s t a t e ­
m e n t o f C o n str u c tio n E x p e n d itu r e s a s “ A d v a n c e s fo r R a ilw a y
D e v e l o p m e n t in O r e g o n .”
N E W

L IN E S ,

DOUBLE TRACK , G RADE
A N D L IN E C H A N G E S .
M IN N E S O T A .

R E V IS IO N S

Lake P a rk to Glyndon, Second M a in Track, 2 6 . 8 3 m iles .—
T h i s w o r k h a s b e e n c o m p l e t e d , e x c e p t f o r a s in k h o le n e a r
S to c k w o o d .
U n t i l t h e e m b a n k m e n t c o m p l e t e l y s e t t l e s i t is
n o t e x p e c t e d to d o a n y m o r e w o r k o n th is p a r t o f th e g r a d e .
D o u b l e - t r a c k is n o w in o p e r a t i o n f o r t h e w h o le d i s t a n c e ; o n e
m i l e a t S t o c k w o o d is n o t o n f in a l g r a d e .
Saint Cloud to R ice’s, Second M a in T rack, L in e and Grade
Change, 1 4 . 7 9 m iles. — G r a d i n g o n t h i s w o r k w ill b e f in i s h e d
b y a u t u m n , a n d a p a r t o f t h e t r a c k w ill b e l a i d , t h e b a la n c e
o f t h e w o r k b e i n g p o s t p o n e d u n t il 1 9 1 1 .

Philbrook to Staples, Second M a in Track with Slight Grade
R evisions, 6 . 3 m iles. — T h i s w o r k w ill b e f u l l y c o m p l e t e d a n d
r e a d y f o r o p e r a t i o n N o v . 1 e x c e p t f o r o n e b r i d g e , w h ic h w ill
r e m a i n a s s in g le t r a c k u n t il 1 9 1 1 .
NORTH D AK OTA.

B loom to Jam estown, Second M a in T rack,

4 . 9 9 m iles . —
G r a d i n g f o r t h i s t r a c k is c o m p l e t e d , a n d s o m e o f t h e r a il l a i d ,
b u t t h e w o r k w ill n o t b e f in is h e d u n t il 1 9 1 1 .
( W h e n t h e s e t h r e e p ie c e s o f w o r k a r e f i n i s h e d , t h e C o m p a n y
w ill h a v e d o u b l e t r a c k b e t w e e n S t . P a u l a n d J a m e s t o w n ,
e q u a l t o 2 5 8 . 6 5 m i l e s , ou t. o f a t o t a l o f 3 4 5 . 2 m i l e s .)
P in gree to W ilton, 9 2 . 5 m iles. — T h e g r a d i n g f o r t h i s p ie c e
dif r o a d ie m a k i n g g o o d p r o g r e s s ! a n d w ill b e c o m p l e t e d t h i s




a u tu m n .
No
d u r in g 1 9 1 0 .

t r a c k o r b r i d g e m a t e r i a l w ill b e p u t in p l a c e

M is s o u r i R iv e r R a ilw a y ( M a n d a n N orth L i n e ), 5 3 m ile s .—
G r a d i n g is c o m p l e t e d , e x c e p t f o r s o m e s m a ll s li d e s a n d s o m e
d e e p c u t s w h e r e n o t r a c k is l a i d .
2 8 m i le s o f m a i n t r a c k h a v e
b e e n l a id f r o m M a n d a n n o r t h t o S a n g e r .
C o m p le tio n o f th is
li n e h a s b e e n p o s t p o n e d u n t il 1 9 1 1 .
M is s o u r i R iv e r R a ilw a y ( M a n d a n S ou th L i n e ) , 7 2 m ile s .—
G r a d i n g o n t h i s li n e is p r a c t i c a l l y c o m p l e t e d a n d t r a c k h a s
b e e n la id f r o m M a n d a n s o u t h t o m i l e - p o s t 4 2 .
N o t r a c k w ill
b e l a id b e y o n d t h a t p o i n t f o r t h e p r e s e n t .
W estern D a k o ta R a ilw a y ( C a n n o n B a ll L in e ) to M o tt, 9 0
m ile s . — G r a d i n g a n d t r a c k w ill b e c o m p l e t e d in t o M o t t b y
O c to b e r 1 5 .
M ON TANA.

G len d ive E a st L in e , f r o m G len d iv e northeastw ardly a lon g the
Y ellow ston e R iv er, 55 m ile s . — G r a d i n g h a s b e e n c o m p l e t e d
a n d p ie r s f o r a b u t m e n t s o f b r i d g e a c r o s s Y e l l o w s t o n e R i v e r
w ill b e f in is h e d b e f o r e b a d w e a t h e r .
T h e b r id g e w ill n o t b e
p u t u p , n o r w ill t h e t r a c k b e la id u n t il 1 9 1 1 .

H u n tley to B illin g s , S e co n d M a in T r a c k , L in e an d G rade
C h an ges, 1 2 .6 3 m ile s . — G r a d i n g is c o m p l e t e d a n d 8 m i l e s o f
t r a c k w ill b e c o m p l e t e d a n d r e a d y f o r o p e r a t i o n la t e t h i s
a u t u m n , t h e b a l a n c e o f t h e w o r k b e i n g p o s t p o n e d u n t il 1 9 1 1 .
B illin g s to L a u r e l, 1 5 . 3 6 m ile s . — T h i s w o r k is a ll f in i s h e d
a n d t r a c k in u s e .
S h ield s R iv er V a lley R a ilw a y , 2 3 m ile s . — T h i s lin e h a s b e e n
c o m p l e t e d , is in o p e r a t i o n , a n d t h e v a l l e y is d e v e l o p i n g r a p ­
id ly .

M is s o u la to D e S m et, S econ d M a in T r a c k , 7 . 0 2 m ile s . — T h i s
w o r k w ill b e c o m p l e t e d b y D e c . 1 5 .
B itter R oot E x te n s io n , 2 . 7 6 m ile s . — A ll t h e w o r k t o b e d o n e
in 1 9 1 0 o n t h i s t r a c k is c o m p l e t e d .
W A S H IN G T O N .

S p o k a n e to

W in s , S e con d M a in T r a c k , 4 . 4

m ile s . — T h i s

w o r k w ill b e c o m p l e t e d t h i s a u t u m n .

W in s to M a rsh a ll, S econ d M a in T r a c k , 2 . 3 8 m iles. — T h i s
w o r k h a s b e e n c o m p l e t e d a n d t r a c k in o p e r a t i o n .
C on n ell N orth ern R a ilw a y , C on n ell to A d r ia n , 6 2 m ile s . —
G r a d i n g a n d t r a c k l a y i n g h a v e b e e n c o m p l e t e d , b u t i t is n o t
e x p e c t e d t o b e g i n o p e r a t i n g t h i s r o a d u n t il 1 9 1 1 .
R itzv ille B ra n ch , 3 8 m ile s . — G r a d i n g h a s b e e n c o m p l e t e d
o n t h i s lin e a n d p a r t o f t h e t r a c k w ill b e la id t h i s a u t u m n .
P o in t D e fia n c e L in e betw een T a com a an d T e n in o . — C a r e f u l
i n v e s t i g a t i o n is b e i n g m a d e o f t h e c h a r a c t e r o f t h e m a t e r i a l
a l o n g t h i s li n e , b u t w o r k w ill n o t b e b e g u n u n t il 1 9 1 1 .

T e n in o to V a n c o u v er, S e con d M a in T r a c k a n d G rade
C h a n g es. — T h i s w o r k is b e i n g d o n e in o r d e r t o p r o v i d e d o u ­
b l e - t r a c k m a i n lin e w i t h l o w c u r v a t u r e a n d lo w g r a d e s f o r
jo in t u se o f N o r th e r n P a c ific , G r e a t N o r th e r n a n d U n io n P a ­
c ific r o a d s .
G r a d in g , b r id g in g a n d tr a c k la y in g h a v e b e e n
c o m p l e t e d a n d lin e is o p e r a t e d a s d o u b l e - t r a c k b e t w e e n
T e n i n o a n d C h e h a li s , 1 4 . 5 m i l e s ; g r a d i n g b e t w e e n C h e h a li s
a n d K a l a m a w ill b e c o m p l e t e d b y o r b e f o r e N o v . 1 5 a n d c o n ­
s id e r a b le o f t h e t r a c k a n d b r i d g e w o r k w ill b e f in i s h e d .
The
b a l a n c e o f t h e w o r k w ill h a v e t o g o o v e r u n t il 1 9 1 1
K a la m a to V a n c o u v e r , 2 8 . 5 m ile s . — D o u b l e - t r a c k h a s b e e n
c o m p l e t e d o n n e w lin e a n d g r a d e a n d is n o w b e i n g o p e r a t e d .
OREGON.

N orth P o r tla n d to P o r tla n d , S e co n d M a in T ra c k , 3 . 2 6 m iles.
— W o r k is c o m p l e t e d a n d t r a c k n o w in o p e r a t i o n .
G EN ERAL.
T h e fis c a l y e a r j u s t e n d e d s t a r t e d w it h v e r y g r e a t b u s i n e s s
a c t i v i t y in t h e t e r r i t o r y s e r v e d b y y o u r c o m p a n y ’ s l i n e s . T h e
A l a s k a - Y u k o n - P a c i f i c E x p o s i t i o n w a s h e ld in S e a t t l e f r o m
June
t o O c t . 1 6 1 9 0 9 , i n d u c i n g a v e r y la r g e p a s s e n g e r
m o v e m e n t.
T h e F la t h e a d , C o e u r d ’ A le n e a n d S p o k a n e
I n d i a n R e s e r v a t i o n s w e r e o p e n e d d u r in g t h e y e a r a n d t h e
p e r i o d o f r e g i s t r a t i o n e x t e n d e d f r o m J u ly 1 5 1 9 0 9 t o A u g . 5
1909.
T h is c r e a te d a la r g e a m o u n t o f p a s s e n g e r b u s in e s s ,
a n d t h e r e w a s a v e r y g e n e r a l d e m a n d f o r la n d a ll t h r o u g h t h e
c o u n t r y , r e s u l t i n g in a l a r g e v o l u m e o f t r a v e l .
T h e crop s
h a r v e s t e d in t h e a u t u m n o f 1 9 0 9 w e r e a ll o f f a ir v o l u m e , a n d
y o u r c o m p a n y ’ s e a r n i n g s f o r t h e fir s t f iv e m o n t h s o f t h e fis c a l
y e a r , to N o v . 3 0 , w e re $ 3 5 ,6 8 1 ,8 0 3 4 8 , o r a t th e ra to o f o y e r
$ 7 , 0 0 0 , 0 0 0 a m o n t h , t h e g r o s s e a r n i n g s in O c t o b e r r e a c h i n g
t h e fig u r e o f $ 7 , 7 9 3 , 0 7 2 8 2 .
I n A u g u s t in t h e R e d R i v e r V a l l e y a n d in t h e l a t t e r p a r t o f
N o v e m b e r a n d e a r l y in D e c e m b e r in t h e F a r W e s t , p a r t i c u ­
l a r l y in W e s t e r n W a s h i n g t o n , s e r i o u s f lo o d s c a m e a t v a r i o u s
p o i n t s , d o i n g m u c h d a m a g e a n d c a u s i n g c o n s i d e r a b le in t e r ­
r u p tio n to th e fre e m o v e m e n t o f b u s in e s s .
O n N o v . 3 0 th e s w it c h m e n , w h o w e re m e m b e r s o f th e
S w i t c h m e n ’ s U n i o n o f N o r t h A m e r i c a , l e f t t h e ir p o s i t i o n s ,
a fte r re fu s in g to s u b m it th e ir d e m a n d s t o a r b it r a t io n .
At
t h e s a m e t i m e a n u n u s u a l l y h e a v y a n d s e v e r e w in t e r s e t i n ,
a n d th e o p e r a tio n o f y o u r r o a d fr o m D e c .
to M arch 31 w as
u n s a tis fa c to r y a n d e x p e n s iv e .
T h e e ffe c ts o f th e C h ic a g o M ilw a u k e e & P u g e t S o u n d lin e ;
o f t h e m a k i n g o f c o n n e c t i o n b e t w e e n t h e C h ic a g o B u r l i n g t o n

1

1

& Q u in c y R a ilr o a d a n d th e G r e a t N o r th e r n R a ilw a y a t B il­
lin g s; o f th e S p o k a n e P o r tla n d & S e a ttle R a ilw a y b e tw e e n
P o r tla n d a n d S p o k a n e , a n d o f th e M in n e a p o lis S t . P a u l &
S a u l t S t e . M a r ie li n e t o D u l u t h , w e r e e x p e r i e n c e d d u r i n g t h e
year.
N o t w it h s t a n d in g th is n ew c o m p e titio n , th e fa c t t h a t
t h e g r o s s f r e i g h t e a r n i n g s o f y o u r C o m p a n y in c r e a s e d is a
g r a t i f y i n g i n d i c a t i o n o f t h e growth o f t h e c o u n t r y t r i b u t a r y

1

t o i t s li n e s .

A t t e n t i o n is d i r e c t e d t o t h e in c r e a s e in t a x e s f r o m $ 2 , 5 4 7 , ­
8 3 4 (57 p a i d in t h e y e a r e n d i n g J u n e 3 0 1 9 0 !) t o $ 3 , 6 2 1 , 9 9 9 8 0
f o r t h e y e a r e n d i n g J u n e 3 0 1 9 1 0 , a n in c r e a s e o f $ 1 , 0 7 4 , ­
165 13, or 4 2 % .
T h e in c r e a s e p e r m ile is f r o m $ 4 4 9 2 5 f o r
1 9 0 9 to $ 6 2 8 2 9 fo r 1 9 1 0 .
T h i s c la s s o f e x p e n d i t u r e is b e ­
y o n d th e c o n tr o l o f th e C o m p a n y .
T h e C o r p o r a tio n I n c o m e
T a x , a m o u n tin g to $ 2 0 1 ,1 9 6 7 5 , a sse sse d b y th e U n ite d
S ta t e s G o v e r n m e n t u n d e r S e c tio n 3 8 , A c t o f C o n g re ss a p ­
p ro v e d A u g . 5 1 9 0 9 , h a s b e e n p a id u n d e r p r o te s t.
I n t h e c o u r s e o f t h e y e a r a r r a n g e m e n t s w e r e c o n c lu d e d w i t h
t h e U n i o n P a c i fi c s y s t e m a n d t h e G r e a t N o r t h e r n s y s t e m ,
r e s p e c t iv e ly , w h e r e b y , fo r c e r ta in r e n ta ls p a y a b le to th is
C o m p a n y , t h e U n i o n P a c ific a n d t h e G r e a t N o r t h e r n w e r e
g r a n te d th e r ig h t o f jo in t u se a n d o c c u p a tio n o f th is C o m ­
p a n y ’ s m a i n lin e o f r a i l w a y , a n d a p p u r t e n a n c e s , b e t w e e n
T a c o m a an d V a n co u v e r, W a s h in g to n .
T h e G re a t N o rth e rn
w a s a l s o g r a n t e d s i m i l a r r i g h t s o n t h i s C o m p a n y ’ s m a i n li n e ,
b e tw e e n S e a ttle a n d T a c o m a .
T h e r i g h t s o f t h e U n i o n P a c i fi c a l s o e x t e n d t o u s e o f t h e
b r id g e o v e r th e C o lu m b ia R iv e r , o w n e d t w o -t h ir d s b y th e
S p o k a n e P o r tla n d & S e a t t le R a ilw a y C o m p a n y a n d o n e -th ir d
b y th is C o m p a n y .
.
T h e r ig h ts o f th e G r e a t N o r th e r n a lso e x t e n d o v e r th e sa id
b r id g e a n d o v e r th e W illa m e t t e R iv e r b r id g e , a n d tr a c k s s im i­
la r ly o w n e d a n d o v e r tr a c k s o w n e d s o le ly b y th is C o m p a n y ,
in to P o r t la n d .
.
I t is b e li e v e d t h a t t h e s e a r r a n g e m e n t s , w h ic h a r e t o b e
p r a c t i c a l l y p e r m a n e n t , w ill p r o v e a d v a n t a g e o u s t o a ll t h e
p a r tie s a n d to th e p u b lic .
T h e w o r k o f r e a d j u s t i n g t h e T a c o m a t e r m in a l a n d o f r e ­
v i s i n g g r a d e s a n d d o u b l e - t r a c k i n g t h e li n e b e t w e e n T a c o m a
a n d V a n c o u v e r n e c e s s i t a t e d b y t h e a b o v e a r r a n g e m e n t s is
a d v a n c in g a s r a p id ly a s p r a c tic a b le .
T h e U n i o n P a c i fi c b e g a n o p e r a t i n g u n d e r t h i s a r r a n g e m e n t
on Jan. 1 1910.
T h e G r e a t N o r t h e r n u s e d t h i s C o m p a n y 's p r o p e r t y b e ­
tw e e n T a c o m a a n d S e a ttle d u r in g th e e n tir e b u s in e s s y e a r ,
a n d o n J u n e 1 9 1 9 1 0 b e g a n r u n n i n g t r a in s b e t w e e n T a c o m a
a n d P o r tla n d .
O n M a y 4 1 9 0 8 E x - J u d g e C h a r le s E . O t i s w r s a p p o i n t e d
b y H o n o r a b l e W a l t e r I I . S a n b o r n , J u d g e o f t h e C .r c u i t C o u r t
o f t h e U n i t e d S t a t e s , a S p e c ia l M a s t e r in C h a n c e y in t h e s u i t
o f c e r ta in s to c k h o ld e r s o f y o u r C o m p a n y a g a m s t th e C o m ­
p a n y , a g a i n s t o f f ic e r s o f t h e S t a t e a n d a g a i n s t s h i p p e r s , t o
e n jo in th e C o m p a n y ’s o b s e r v a n c e o f fr e ig h t r a te s o n c o m m o d i­
t i e s o r d i n a r i ly h a n d le d in c a r - l o a d l o t s , a n d o n o t h e r a r t i c l e s ,
b o t h c a r l o a d s a n d l e s s , e m b r a c e d in t h e u s u a l f r e i g h t c la s s ifi­
c a tio n s ; a n d o f a r a te o f tw o c e n t s a m ile fo r p a s s e n g e r s ; th e
r a t e s c o v e r i n g s u b s t a n t i a l l y a ll t h e b u s i n e s s o f t h e C o m p a n y
h a n d le d w i t h i n t h e S t a t e o f M i n n e s o t a .
T h e S p e c ia l M a s t e r w a s a p p o i n t e d w i t h " p o w e r a n d d ir e c ­
tio n to ta k e a n d r e p o r t to th e C o u r t th e e v id e n c e , to e x a m in e
s u c h e v i d e n c e , m a k e a ll n e c e s s a r y c o m p u t a t i o n s , fin d a n d
s t a t e th e fa c t s so fo u n d a n d th e r e s u lts o f s u c h c o m p u t a t io n s ,
a n d r e c o m m e n d t o t h e C o u r t a f o r m o f a p r o p e r d e c r e e .”
T h e c a s e h a s b e e n tr ie d m o s t t h o r o u g h l y a n d e x h a u s t i v e l y ,
a n d m a n y e x p e r t w itn e s s e s h a v e te s tifie d o n b e h a lf o f th e
s to c k h o ld e r s a n d o f th e S t a t e , a n d m o s t e la b o r a te s t a t e m e n t s
o f v a lu a t io n s , e a r n in g s , e x p e n s e s a n d a c c o u n t s h a v e b e e n
s u b m itte d .
T h e t e s t i m o n y in t h e c a s e c o n s i s t s o f 4 , 2 5 8
p a g e s , a n d t h e s p e c ia l s t a t e m e n t s s u p p l e m e n t a r y t h e r e t o
fill t w o v o l u m e s .
O n S e p t.
1 9 1 0 t h e M a s t e r s u b m i t t e d h i s f in d i n g s a n d
r e c o m m e n d a tio n s .
H e f in d s t h a t t h e p r o p e r t y o f t h e C o m ­
p a n y e m p l o y e d in i t s t r a n s p o r t a t i o n b u s i n e s s w a s w o r t h J u n e
3 0 1 9 0 8 $ 4 5 2 ,6 6 6 ,4 8 9 0 0 .
T h i s v a l u a t i o n d o e s n o t i n c lu d e
a n y o f th e fo llo w in g p r o p e r tie s :
T h e S p o k a n e P o r tla n d & S e a t t le I l y . C o . a n d c o n tr o lle d

21

c o m p a n ie s.
T h e M in n e s o ta & I n t e r n a tio n a l R a i lw a y .
T h e B ig F o r k & I n t e r n a tio n a l F a lls R a ilw a y .
T h e r a i l w a y s r e c e n t l y c o n s t r u c t e d in t h e C l e a r w a t e r V a l l e y
a n d o n t h e C a m a s P r a ir i e a b o v e L e w i s t o n .
T h e li n e s n o w u n d e r c o n s t r u c t i o n in W e s t e r n N o r t h D a ­
k o ta .
T h e li n e s n o w u n d e r c o n s t r u c t i o n in M o n t a n a .
T h e C a n a d i a n p r o p e r t y o f t h e C o m p a n y le a s e d t o t h e G o v ­
ern m e n t o f M a n ito b a .
T e r m i n a l s o w n e d in W i n n i p e g .
T h e la n d g r a n t o f t h e C o m p a n y a n d l a n d g r a n t a s s e t s .
T h e N o r th w e s t e r n I m p r o v e m e n t C o .— o w n in g c o a l m in e s ,
la n d s a n d o th e r p r o p e r ty .
T h e t r e a s u r y s e c u r i t ie s o f t h e C o m p a n y .
T h e M a s t e r f in d s t h a t t w o S t a t e l a w s , o n e f i x i n g r a t e s o n
c o m m o d i t i e s in c a r l o a d s , t h e o t h e r a t w o - c e n t p a s s e n g e r r a t e ,
a n d t h e o r d e r o f t h e S t a t e R a i l r o a d C o m m i s s i o n f i x i n g c la s s
r a t e s , a r c a ll c o n f i s c a t o r y a n d t h e r e f o r e v o i d .
H e a l s o h o ld s
th e tw o la w s a n d th e o r d e r v o id a s b e in g d ir e c t in te r fe r e n c e
w it h i n t e r - S t a t e r a t e s a n d c o m m e r c e .
H e r e c o m m e n d s to
th e U n it e d S t a t e s C ir c u it C o u r t a fo r m o f d e c re e e n jo in in g
t h e o f f ic e r s o f t h e S t a t e f r o m e n f o r c i n g t h e t w o l a w s a n d t h e
o r d e r o f th e C o m m is s io n , a n d e n jo in in g th e R a ilw a y C o m ­
p a n y fr o m c o n tin u in g to c o m p ly w ith th e s a m e .
T h e c a s e , i t is h o p e d , w ill r e a c h t h e U n i t e d S t a t e s C i r c u it
C o u r t p r io r t o D e c . 3 1 1 9 1 0 .
T h e r e p o r t o f th e C o m p tr o lle r g iv e s fu r th e r d e ta ils o f th e
tr a n s a c tio n s o f th e C o m p a n y .
B y o rd e r o f th e B o a r d o f D ir e c to r s .




H O W AR D

IN C O M E

ACCOUNT FOR TH E
JU N E

30

F IS C A L Y E A R

E N D IN G

1910.

D r.
T o—
•
O perating 'E xpenses:
M ain ten an ce ot w a y an d s tr u c tu re s____________ $ 10 ,842 ,05 3 20
M ain ten an ce o f e q u ip m e n t_____________________
8 ,9 9 2 ,1 3 7 O t
T r a ffic e x p e n s e s _______________________________
1 ,036,403 62
T r a n sp o rta tio n e x p e n s e s________________________ 2 4 ,0 4 5 ,1 9 7 0 0
G eneral e x p e n s e s _________________________________
1,070,712 33
------------------------- $ 4 0 ,9 8 7 ,4 0 5 33
T a x es:
S ta te a n d c o u n t y _________________________________ $ 3 ,4 2 0 ,8 0 3 05
U . S . G o v e rn m e n t In c o m e T a x _____________
2 0 1 ,1 9 6 76
------------------------- - 6 ,6 2 1 ,9 9 9 80
Interest and R entals:
In te re st on fu n d e d d e b t _________________________ $6,6 6 9 ,0 1 4 17
R e n ta ls o f leased road s a n d te rm in a ls______
504 ,649 26
O th e r r e n ta ls ____________________________________
5,2 7 8 64
------------------------- 7 ,1 7 8 ,0 4 2 07
D ivid en d s:
N os. 4 8 , 4 9 , 50 a n d 5 1 ........................... .......................................... - 1 7 ,3 6 0 ,0 0 0 00
4 ,9 3 6 ,2 5 9 34
B alan ce ca rried t o cre d it o f P r o fit a n d L oss b e lo w ____________
$ 7 9 ,0 8 4 ,6 0 6 54
O r.

B y—
O perating R evenu es:
Freight .................
P a sse n ge r________
O t h e r ____________

____ $ 4 8 ,7 5 8 ,7 3 6 25
____ 2 1 ,3 3 3 .3 1 2 84
____
4 ,4 3 3 ,7 7 7 10
--------------------------$74 ,0 2 5 ,8 2 0 19

O utside O pera tions:
S leep in g c a r s _______________
P a rlo r an d o b s e r v a tio n cars
D in in g a n d ca fe c a r s ____
R e s ta u ra n ts _________________

____
$ 5 2 0,84 7 16
____
59,268 16
(Deficit) 104,869 18
____
118.228 75
-------------------------_____________________
___________
_________

Jjg

6 0 2 .4 7 4
1 ,2 8 9 .2 5 2
160 ,578
13.3 4 0

R entals R eceived ______
H ire of E q u ip m en t____
M iscella n eou s Incom e.
D ivid en d s and Interest on secu rities o w n e d a n d in terest on
d e p o s i t s _______________________________________________________

89
04
61
65

2 ,4 9 3 .1 3 4 26
$ 7 9 ,0 8 4 ,6 0 6 54

P R O F IT A N D

LOSS

ACCOUNT

JU N E

30

1 9 1 0 .'

UM

T o—
B a lan ce o f d is co u n t on p r e p a y m e n t o f s u b s crip tio n s t o new
c a p ita l s t o c k __________________________________________________
$73 ,563 03
B a la n ce___________________________________________________________ 7 1 ,1 6 6 ,4 1 0 53
$ 7 1 ,2 3 9 ,9 7 3 56
B y—
B a lan ce t o cre d it Ju n e 30 1909, as p e r a n n u al r e p o r t -------------- $ 5 8 ,1 7 2 ,0 0 8
B a lan ce o f In c o m e fo r year e n d in g Ju n e 30 1910 bro u g h t d o w n 4 ,9 3 6 ,2 5 9
B a lan ce o f su n d ry reserve a c c o u n t s _____________________________
6 .1 8 6 .9 0 0
25,091
B a lan ce o f su n d ry a c c o u n ts w ritte n o f f --------------------------------------F o r d ifferen ce be tw e e n par valu e a n d b o o k v a lu e o f secu rities
Issued o r assum ed b y this c o m p a n y a n d h eld In t r e a s u r y .. * 1 ,9 1 0 ,7 1 4

07
3
33
53
29

$ 7 1 ,2 3 9 ,9 7 3 56
-----=

, ■- . -. T ,
B y—
‘
'
B a lan ce t o cre d it o f P ro fit a n d L oss as p er b a la n ce s h e e t -------- $ 7 1 ,1 6 6 ,4 1 0 53

•Taken t o cr e d it In co m p lia n c e w ith rules o f In te r -S ta to C o m m e rce C om ­
m ission .
RESOURCES

AND

D IS B U R S E M E N T S
JU N E

30

Y E A R

E N D IN G

1910.

(B e in g a co n d e n se d sta te m e n t o f th e fin a n cial o p e r a tio n s for the yea r.)
RESOURCES.
*>' l* i£ H I
Cash on H a n d and in B a nks J u n e 30 1 9 0 9 ---------------------------------$3 3 ,2 0 0 ,4 5 4 03
In co m e fo r the Y ear:
B a lan ce a fte r e x p e n se s, ta x e s a n d fix e d ch a rg e s .................... 2 2 .2 0 6 ,2 5 9 34
P r o fit and I.oss:
R e s e r v e fo r Im p ro v e m e n ts, e t c , tran sferred
t o credit o f P rofit an d L o s s ________________ $ 6 ,1 8 6 ,0 0 0 33
F o r dllteren ce betw een b o o k va lu e an d p ar
value o f securities held In T reasu ry c r e d ­
ited t o P rofit a n d L o s s * ____________________ 1,919,714 29
L ess, ba la n ce o f su n d ry a c c o u n ts ch a rg e d o n

$ 8 ,1 0 6 ,6 1 4 62
48,471 50

8 ,0 6 8 .1 4 3 12
L and D ep artm ent:
P r o ce e d s o f sales, and Interest o n d eferred
p a y m e n ts ___________________________________$ 4 ,1 0 2 ,5 3 2 57
L ess, e xp en ses a n d t a x e s ---------------------------------532 ,323 30
------------------------ 3 .5 7 0 ,2 0 9 27
Sale o f S u n d ry P r o p e r ty -------------------------------------------------------------------872 ,121 75
D ecrease in S ecu rities:
__
.
_
.
*.
In han ds o f T ru stee o f S t. P a u l-D u lu th D iv is io n B o n d s
„ ***
as c o lla t e r a l_______________________________ *-------------------------.-.t- 8 2 .0 8 0 51
u
_ ___
1
In crea se in L ia b ilities:
U npaid p a y -r o lls , v o u ch e rs , e t c ----------------------$ 2 ,0 9 4 ,0 5 0 63 : . .. U .j i j g j
T a x e s a c c r u e d _________________________________
58,336 13
------------------------ 2 ,1 5 2 ,3 8 6 76
•4*:j
"
“
IL sa *
« - -. ; ...
$7 0 ,1 8 1 ,6 5 4 78
i i.'JAJX-iJ
__
■
1•
~
'
D IS B U R S E M E N T S .
r
E x p en d itu res:
~
" ' E fT W -”
„
F o r d iv id e n d s o n s t o c k __________________________________________ $ 1 7 ,3 6 0 ,0 0 0 00
F o r new lines and real e s t a t e __________
$ 4 ,844,061 28
F o r new e q u ip m e n t ___________________________ 5 ,8 6 8 ,8 7 8 68
F o r a d d itio n s a n d b e tte r m e n ts_______________ 3 ,5 9 4 ,3 2 2 14
------------------------ 1 4,307,262 10
In crea se in Con struction A d vances to R ailw ay C o m p a n ies--------- 1 4 .3 4 0 ,3 5 7 68
In crea se in Current A ssets o f Land D ep a rtm en t___________________
1 .373.842 43
8 6 2 ,0 8 5 98
Increase in Cash in H ands o f Trustees o f M ortga gesIn crea se in C u rrent A ssets:
T re a su ry s e c u r itie s ___________________________ $ 7 ,0 3 1 ,2 1 6 37
M aterial a n d s u p p lie s _________________________ 2 ,8 8 0 ,7 6 1 70
$ 9 ,9 1 1 ,9 7 8 07
L ess, d ecrease In a c c o u n ts a nd b ills r e ce iv a b le 1,0 6 9 ,6 8 4 45

8 ,8 4 2 ,2 9 3 62

D ecrease in M ortgage D ebt:
P rior lien b o n d s c a n ce le d . A rticle E ig h t, S e c . 2 , o f m o rtg a g e
D ecrease in L ia b ilities:
R e s e rv e a c c o u n t s _____________________________ $ 4 ,1 9 0 ,3 9 6 92
In te re st a n d d iv id e n d s u n p a id _______________
23,0 6 8 33
C ash on H an d a n d in B a n ks J u n e 30 1 9 1 0 _____________________

4 8 5 ,0 0 0

00

:
4 ,2 1 3 .4 6 5 25
8 ,3 9 7 ,3 4 7 72

$70 ,1 8 1 ,6 5 4 78
E L L IO T T ,

President.

• W ritten u p in co m p lia n c e w ith th e rules o f th e I n te r -S ta to O om roerce
____ _
C o m m issio n .

P A C IF IC

R A IL W A Y

COM PANY— G EN ER AL

BALANCE

S H E E T JU N E 30 1910.

ASSETS.
R O AD

Cost

1180

N O R TH ER N

LIABILITIES.
.........................$ 2 4 8 , 0 0 0 , 0 0 0 0 0
C A P I T A L S T O C K — C o m m o n ___________________ ____ _____ ________ ________________
M ORTG AG E, BONDED AND SECURED D EBT:
M o r t g a g e b o n d s ( p a g e 3 0 p a m p h l e t ) ................................................ ........................_ . $ 1 9 0 , 9 5 2 , 5 0 0 0 0
C o lla t e r a l T r u s t b o n d s ( N o r t h e r n P a c ific -G r e a t
N o r t h e r n j o i n t ) t o t a l is s u e .....................................................$ 2 1 5 , 2 2 7 , 0 0 0 0 0
L e s s G r e a t N o r th e r n R a ilw a y C o m p a n y ’ s p r o ­
p o r t i o n ........................................................................................................ 1 0 7 , 6 1 3 , 5 0 0 0 0
---------------------------------- 1 0 7 , 6 1 3 , 5 0 0 0 0

A N D E Q U I P M E N T ( N o r t h e r n P a c ific E s t a t e ) :
t o J u n e 3 0 1 9 0 7 — R o a d , l a n d s , ate........... .............. 2 3 1 8 , 3 8 8 , 4 9 3 4 5
E q u i p m e n t .............................
3 7 ,2 9 5 ,6 7 0 07
$ 3 5 5 ,6 8 4 ,1 6 3 5 2

C o s t s in c e J u n e 3 0 1 9 0 7 — R o a d ............................................... S 3 5 , 0 7 S , 1 4 5 7 3
E q u i p m e n t ................................
1 0 ,1 7 5 ,4 4 7 7 5
Land
D e p a rtm e n t cur­
r e n t a s s e t s .............................
3 ,9 0 9 ,0 7 3 56

2 9 8 ,5 6 6 ,0 0 0 0 0

4 9 ,1 6 2 ,6 6 7 0 4

L e s s r e s e r v e f o r a c c r u e d d e p r e c i a t i o n ..........................................................................

$ 4 0 4 ,8 4 6 ,8 3 0 5 6
7 ,7 9 8 ,1 4 5 7 0
-S 3 9 7 ,0 4 S ,6 S 4
-----------------------

86

TH E

E&,
1
S E C U R IT IE S :
S e c u r itie s o f p r o p r ie t a r y , a ffilia te d a n d c o n t r o lle d c o m p a n ie s — p le d g e d , v i z .
T h is c o m p a n y ’ s o n e -h a lf o f $ 1 0 7 ,6 1 3 ,5 0 0 s t o c k o f
C h ic a g o B u r lin g t o n & Q u in c y R R . C o . p le d g e d
to se cu re p a y m e n t o f $ 2 1 5 ,2 2 7 ,0 0 0 jo in t b o n d s
m a d e a n d is s u e d b y t h i s C o m p a n y a n d t h e G r e a t
N o r t h e r n R y . C o . to p a y fo r s a id s t o c k , c o s t i n g ..$ 1 0 9 ,1 1 4 ,8 0 9 7 6
O t h e r p l e d g e d s e c u r i t i e s ....................................................................
1 ,2 5 6 ,1 6 0 7 4
-$ 1 1 0 ,3 7 0 ,9 7 0 5 0
S e c u r itie s o f p r o p r ie t a r y , a ffilia t e d a n d c o n tr o lle d c o m p a n ie s —
u n p l e d g e d .........................................................................................................................................
2 ,9 0 5 ,3 3 0 9 4

5 6 ,4 2 4 ,7 7 9 8 4

Total Capital Liabilities $546,566,000 00

Total Capital Assets $566,749,766 14
W O R K IN G A SSE T S:
C a s h .............................................................................................................................................................
S e c u r i t i e s is s u e d o r a s s u m e d — h e ld i n t r e a s u r y ................._...............................
M a r k e t a b l e s e c u r i t i e s ( o t h e r t h a n t h o s e is s u e d o r a s s u m e d ) ..................
L o a n s a n d b i ll s r e c e i v a b l e ...................................................................... .................................
T r a f f i c a n d c a r s e r v i c e b a l a n c e s d u e f r o m o t h e r c o m p a n i e s ....................
N e t b a l a n c e s d u e f r o m a g e n t s a n d c o n d u c t o r s .....................................................
M i s c e l l a n e o u s a c c o u n t s r e c e i v a b l e ...................................................................................
M a t e r i a l a n d s u p p l i e s ................................................................................ ................................

$ 8 ,3 9 7 ,3 4 7
2 0 ,0 4 1 ,0 0 0
1 9 ,0 3 9 ,9 6 8
3 1 ,3 5 7
1 ,1 7 8 ,4 2 1
8 0 6 ,5 8 5
6 ,0 5 8 ,7 3 4
9 ,0 7 7 ,9 0 0

72
00
04
56
82
06
97

68
6 4 ,6 3 1 ,3 1 5 8 5

A C C R U E D IN C O M E N O T D U E :
U n m a t u r e d i n t e r e s t , d i v i d e n d s a n d r e n t s r e c e i v a b l e .............................................................................
$ 8 6 ,1 2 1
2 ,5 9 4 ,9 0 6
1 9 5 ,9 2 1
5 ,3 9 5 ,8 9 1

A P P R O P R IA T E D

83
78
70
52

M v, &

P R O F IT A N D

$ 5 ,3 9 5 ,8 9 1 5 2
8 3 ,5 5 2 2 3
______________________

L O S S ....................... _ ................................................................. ........... ................................... .......................

$641,053,263 12
N o te .— T h is B alan ce S heet has b e e n m a d e In a c c o r d a n c e w ith th e fo rm p r e s c r ib e d b y th e I n te r -S ta te C o m m e r c e C om m ission as o f J u n e 15 1910.
h e r etofore pu b lish ed b y this c o m p a n y ,

6 ,6 1 9 ,8 9 6 8 9
1 4 1 ,8 8 0 9 7

M

I n v e s t e d in o th e r r e s e r v e f u n d s (I n s u r a n c e F u n d )
........
N o t s p e c i f i c a l l y i n v e s t e d ................................................................................................. ........
S ,2 7 2 ,8 4 1 83




SURPLUS:

1 1 ,0 7 9 ,6 3 0 9 8

5 479 443 75
7 l ’ l 6 6 ,’ 4 1 0 5 3

$641,053,263 12
I t varies c o n s id e r a b ly in th e g r o u p in g a n d arran gem en t o f a c c o u n ts fro m t h e G en era l B a la n ce Sheets
^
___. .
.-■■■

[V o l . l x x x x i

D E F E R R E D D E B IT IT E M S :
A d v a n c e s ..................................................................................................................................................
S p e c ia l d e p o s i t s ( w i t h T r u s t e e s o f M o r t g a g e s ) .....................................................
C a s h a n d s e c u r i t i e s in S i n k i n g a n d R e d e m p t i o n F u n d s ................................
C a s h a n d s e c u r i t i e s i n I n s u r a n c e F u n d ....................„ .............. „ .............................

,3 9 9 ,3 3 9 3 0

W O R K IN G L IA B IL IT IE S :
T r a f f i c a n d c a r s e r v i c e b a l a n c e s d u e t o o t h e r c o m p a n i e s .............................
$ 7 8 4 ,0 7 9 2 8
A u d i t e d v o u c h e r s a n d w a g e s u n p a i d ............................................................................
8 ,5 0 1 ,7 9 7 4 7
M i s c e l l a n e o u s a c c o u n t s p a y a b l e ........................................................................................
1 9 ,9 7 4 8 2
M a t u r e d i n t e r e s t , d i v i d e n d s a n d r e n t s u n p a i d .....................................................
1 ,1 0 8 ,5 7 4 0 0
O t h e r w o r k i n g l i a b i l i t i e s ..........................................................................................................
6 6 5 ,2 0 5 4 1
---------------------------------A C C R U E D L IA B IL IT IE S N O T D U E :
U n m a t u r e d i n t e r e s t , d i v i d e n d s a n d r e n t s p a y a b l e ...........................................
$ 4 ,8 5 3 ,9 0 8 4 4
T a x e s a c c r u e d ( p a r t l y e s t i m a t e d ) .....................................................................................
1 ,7 6 5 ,9 8 8 4 5
---------------------------------D E F E R R E D C R E D IT IT E M S :
O t h e r d e f e r r e d c r e d i t i t e m s ..............................................................................................................................................

C H R O N IC L E

1 1 3 ,2 7 6 ,3 0 1 4 4
O T H E R IN V E S T M E N T S :
" '
A d v a n c e s to p r o p r ie t a r y , a f f ilia t e d a n d c o n tr o lle d c o m p a n ie s fo r
c o n s t r u c t i o n , e q u i p m e n t a n d b e t t e r m e n t s .......................................................... $ 5 2 , 1 2 7 , 7 S 8 3 2
M i s c e l l a n e o u s i n v e s t m e n t s , s e c u r i t i e s — u n p l e d g e d ........................_...............
4 ,2 9 6 ,9 9 1 5 2

PASSENGER AN D

F R E IG H T

S T A T IS T IC S .

100 8-1 009.

190 9-1 910.

A m o u n t,
P a te, & c.

M ile s ,
T o n s, ifee.

M ile s ,
T o n s, & c.

A m o u n t,
R ate, & c.

In crea se.

P er
Cent

D ecrea se.

5 ,7 0 4 .8 3
5,0 7 1 .2 9
93.54
A v e ra g e m ileage fo r th e y e a r ..........................................................P a ssen ger TraJJic—
.
9,0 3 9 ,9 9 4
8 ,4 0 4 ,7 1 2
1,2 3 5 ,2 8 2 14.70
N u m b e r o f passengers c a r r ie d ________________________________
9 70 ,772 ,09 3
7 0 7 ,4 3 0 ,4 0 5
20 9 ,3 3 2 ,0 2 8 27.28
N u m b er o f passengers ca rrie d o n e m ile --------------------------------101.3
01.3
10.0 10.95
A v e ra g e m iles tra v eled b y each p a s s e n g e r .------------------------$ 2 1 ,3 3 3 ,3 1 2 84 $ 4 ,0 0 2 ,7 0 4 78 23.10
$1 7 ,3 3 0 ,0 0 8 00
P a ssen ger r e v e n u e _____________________________________________
2 ,9 3 9 ,3 5 9 85
152 ,200 93 5.40
2,7 8 7 ,0 9 8 92
O th er passenger train r e v e n u e ______________________________
2 4 ,2 7 2 ,0 7 2 09 4 ,1 5 4 ,9 0 5 71 20.05
20,1 1 7 ,7 0 0 98
T o t a l passen ger train r e v e n u e ________________________________
2 21
2 00
.131 7.28
A v e ra g e a m ou n t p aid b y each p a ssen ger------------------------------.02184
3 .2 8
.02258
A v e ra g e rate per passenger p er m i l e . . . - ---------------------------$063 19 18.70
$4,2
1
0
48
$3,547
29
P a ssen ger train reven u e per m ile o f ro a d (a v e ra g e m ileage)
F reigh t TraJJic—
1 ,408,494 8.74
18,208,998
1 0 ,800,504
N u m b e r ton s reven u e fre igh t c a r r ie d ------------------------------------158 ,5 9 1 ,7 0 5 3.01
5 ,4 1 9 .0 8 4 ,3 0 5
N u m b e r ton s reven u e fre igh t carried o n e m ile --------------------- 5 ,2 0 0 ,4 0 2 ,0 0 0
5.27
290.0
313.1
A v e ra g e d is ta n ce h au l o f o n e t o n ----------------------------------------$4 8 ,7 5 8 ,7 3 0 25 $ 1 ,085,431 12 3.58
$47 ,0 7 3 ,3 0 5 13
F re ig h t r e v e n u e ------------------------------------------------------------------------8G.917 81 9.78
975 ,800 39
888 ,948 58
O th er freig h t train r e v e n u e ..................- ................................. .........
4 9 ,7 3 4 ,0 0 2 04 1,7 7 2 ,3 4 8 93 3.70
4 7 ,9 0 2 ,2 5 3 71
T o t a l fre ig h t train r e v e n u e ------------ - - - - - ------------------------------4.04
2.07
2.80
A v e ra g e receip ts fro m each ton o f f r e i g h t . . .
--------------.00005 0.50
.00895
.00900
A v e ra g e receipts p er ton per m ile re v e n u e fr e ig h t --------------$170 22 2.01
$8,457 03
$8,0 2 7 25
F re ig h t train reven u e per m ile o f ro a d (a v e ra g e m ile a g e ). .
Total T rain TraJJic—
$ 0 8 ,0 7 9 ,9 0 0 09
$ 7 4 ,0 0 7 ,2 7 5 33 $ 5 ,0 2 7 ,3 1 4 04 8.71
R e v e n u e fro m freigh t an d passenger tr a in s ..............................
12,004 32
833 40 0.94
12,837 72
R e v e n u e per m ile o f roa d (a v e ra g e m ile a g e )...........................
3.14
2.94
0.37
R e v e n u e per train m ile ----------------------------------------------------------1.75
1.82
4 .0 0
E x p en ses per train m ile — ------ - -------------------------------------------1.39
1.12
19.43
N et t r a ffic reven u e p e r train m ile .................................................

T R A IN

AND

CAR

M IL E A G E

10.5

0.13

0.2 7

S T A T IS T IC S .
190 8-1909.

190 9-1910.

M ile s ,
T on s, & c.

M ile s ,
T o n s, cfee.

9,5 7 1 ,4 3 2
343 ,506
3 .5 9 %
734,203
11,370,280
1,042,826
1 3 .5 7 %
37,218
2 1 ,713,193
2,428,041
0 3 ,507,423
0.10
74.47
18.85
2 8 9 ,030 ,75 0
70,3 9 8 ,5 4 7
11,223,210
37 0 ,0 5 8 .5 1 9
208,903
209,049
477 ,952
8,8 7 3 .0 0 8
23.88
0.31
30.19
2 0 .9 1 %
434 .5 9
18.20

12,5 7 4 ,9 0 7
753,914
6 .0 0 %
584 ,192
12,039,593
1,402,153
1 1 .6 5 %
12,499
25,211,191
2,0 6 5 ,4 8 6
80,5 1 6 ,0 1 2
6.12
74.23
20.84
2 90 ,220 ,81 2
79,390,801
11,925,953
3 8 7 ,5 4 3 .5 0 0
188,410
52,213
240,023
8 ,3 7 7 ,4 7 5
23.47
0.29
29.76
2 1 .1 4 %
429 .28
18.29

In crea se.

M ileage o f reven u e passenger tr a in s .............................................................................
M ileage o f lo co m o tiv e s e m p lo y e d In " h e lp in g ” p assenger tra in s _________
P ercen ta g e o f "h e lp in g ” to re v e n u e train m ile a g e ........ ................................... .
M ileage o f reven u e m ix ed tr a in s_____________________________________________
M ileage o f reven u e freigh t tr a in s _____________ _______ _______________ ______
M ileage o f lo co m o tiv e s e m p lo y e d In “ h e lp in g ” m ix e d an d fre ig h t train s
P e rcen ta g e o f “ h e lp in g " to re ve n u e train m ile a g e -------------------------------------M ileage o f reven u e sp ecial tr a in s -------------------------------------------------------------------T o t a l rev en u e train m ile a g e ........ ...................................... ..............................................
M ileage o f n on -rev en u e tra in s ........................................................................................
M ileage o f passenger train c a r s — .......... ..................... ............................... - ............
A v e ra g e n u m b er o f passenger train cars In tr a in -----------------------------------------A v e ra g e n u m ber o f passengers In t r a in ---------------------------------------------------------A v e ra g e nu m ber o f passengers In each c a r --------------------------------------------------M ileage o f loa d ed freigh t c a r s ------------------------------------------------------------------------M ileage o f e m p ty freig h t c a r s ------------------------------------------------------------------------M ileage o f ca b o o s e c a r s _______________________________________________________
T o ta l m ileage o f reven u e fre ig h t c a r s ------------------------------------------------- j --------S p ecial serv ice car m ileage— fr e ig h t --------------------------------------------------------------S p ecial s erv ice car m ileage— p a s s e n g e r --------------------------------------------------------T o ta l sp ecial serv ice ca r m ile a g e ---------------------------------------------------------------------N o n -re v e n u e serv ice ca r m ile a g e -------------------- ------------------------------------------------A v e ra g e nu m ber loa d ed fre igh t cars In tr a in -----------------------------------------------A v e ra g e n u m b er e m p ty fre igh t cars In tr a in ........ .......................... .......................
A v e ra g e n u m b er freig h t cars In train (e x clu s iv e o f c a b o o s e s )-------------------P ercen ta g e o f e m p ty cars to to ta l cars In train (e x c lu s iv e o f c a b o o s e s ).
A v e ra g e n u m b er ton s re ve n u e fre igh t In t r a i n ----------- -------------------------------A v e ra g e num lxjr ton s reven u e fre ig h t In each lo a d e d c a r -------------------------C om pany
C om pany
T o n s per
T o n s p er

.00074

D e­
crease.

3 ,0 0 3 ,4 7 5 31.36
410 ,408 119.48
2 .4 1 %
20.44 150,071
009 ,313
5.89
14.65 240.073
1 .9 2 %
66 42 24,719
3 ,4 9 7 ,9 9 8 10.11
14.93 3 6 2 ,5 5 5
1 7,008,589 20.78
.05
.04
.24
.32
1.99 10.56
7 ,1 9 0 ,0 5 6
2.49
2 ,992,254
3.92
702 ,737
0 26
2.89
1 0,885,047
29.93 80,493
75.02 156,836
49.06 237,329
5.59 495 ,593
.41
1.72
.32
.02
1.42
.43
.2 3 %
1.22
5.31
.09
.49

4 ,4 9 9 ,3 9 5
5,1 6 4 ,2 0 4
664 ,809
1,0 4 2 .4 7 0 ,4 8 4 1,1 9 1 ,3 4 7 ,3 0 8 148 ,870 .82 4
520.71
523.65
2.94
22.32
21.81
.51

fre ig h t— ton s c a r r ie d -----------------------------------------------------------------------fr e ig h t — ton s carried o n e m ile ---------------------------------------- -------------train c o m p a n y an d c o m m e r c ia l-----------------------------------------------------loa d ed ca r c o m p a n y a n d c o m m e r c ia l--------------------------------------------

P er
C en t.

14.78
14.28
.56
2.84

T H E CHICAGO RO CK ISLAND & P A C IF IC R A IL W A Y COMPANY.
T H IR T IE T H

AN N U AL

REPORT— FOR

TH E

F IS C A L

T o the Stockholders:

ENDED

ROAD

T h e B o a r d o f D ir e c to r s h e r e w ith s u b m it th e ir r e p o r t o f
t h e o p e r a t i o n s a n d a f f a ir s o f t h e R o c k I s l a n d L i n e s f o r t h e
f is c a l y e a r e n d e d J u n e 3 0 1 9 1 0 .
T h e r e s u lts o f th e o p e r a tio n s fo r th e y e a r w e re a s fo llo w s :
T o t a l o p e ra tin g reven u e (Increase $ 3 ,0 3 5 ,­
091 99, o r 8.2 per c e n t ) .......... ............................ $00 ,2 2 0 ,5 7 8 91
O p era tin g expen ses (Increase $5,5 5 5 ,8 7 3 50,
o r 13.1 per c e n t ) ............... ..................................... 4 8 ,0 0 9 ,3 0 8 91

$ 1 5 ,2 7 4 ,5 0 9 30
223,231 82

T o t a l In c o m e _____
In te res t a n d rentals

$ 15 ,497 ,74 1 18
1 0 ,7 4 9 ,8 0 0 10

B a la n ce o f In com e, a fte r p r o v id in g fo r a ll ch arges, b ein g
0.3 per c e n t o n c a p ita l s to c k ($ 7 5 ,0 0 0 ,0 0 0 6 6 ) -----------------$4,7 4 7 ,8 8 1 08
D iv id e n d s p aid (5 per ce n t o n ca p ita l s t o c k ) ----------------------------- 3 ,7 4 3 ,2 7 2 00
B a la n ce, surplus fo r th e y e a r (decrea se $1,2 3 1 ,0 0 2 91, or
55.1 per c e n t ) ______________________________________________ $ 1 ,0 0 4 ,0 0 9 08
F o r c o m p a r a t i v e i n c o m e a c c o u n t in d e t a i l , s e e t a b l e b e l o w .
STOCK.

T h e c a p it a l s t o c k o f t h e c o m p a n y o u t s t a n d i n g a t t h e c lo s e
o f t h e p r e v i o u s fisc a l y e a r w a s $ 7 4 , 8 5 9 , 0 0 0 0 0 a n d h a s s in c e
b e e n i n c r e a s e d b y t h e is s u e o f $ 1 7 , 6 0 0 0 0 in e x c h a n g e f o r
$ 1 7 , 1 0 0 0 0 c a p it a l s t o c k o f t h e B u r l i n g t o n C e d a r R a p i d s
& N o r th e r n R a ilw a y C o m p a n y a n d $ 5 0 0 0 0 c a p it a l s t o c k o f
t h e R o c k I s l a n d & P e o r ia R a i l w a y C o m p a n y , m a k i n g t h e
to ta l a m o u n t o f c a p ita l s to c k o u t s t a n d in g a t J u n e 3 0 1 9 1 0
$ 7 4 ,8 7 7 ,2 0 0 0 0 .
FUNDED

30

1910.

E Q U IP M E N T .

T h e c o s t o f t h e “ I n v e s t m e n t s in c e J u n e 3 0 1 9 0 7 ” in c r e a s e d
$ 1 9 , 1 5 2 , 2 0 1 8 0 d u r i n g t h e p a s t y e a r , w h ic h fig u r o i n c l u d e s
th e v a lu e o f n e w e q u ip m e n t p u r c h a s e d u n d e r tr u s ts o r o t h e r ­
w is e a c q u i r e d , a n d $ 3 , 3 1 1 , 9 4 2 8 4 f o r a d d i t i o n s a n d b e t t e r ­

N E W

O p era tin g In c o m e .
M iscella n eou s Incom e

C A P IT A L

AND

JUNE

m e n ts.

N et op era tin g r c v c n u c (d e c r c a s c $520,181 51, o r 2.8 per c t .) $ 1 8 ,1 5 1 ,2 1 0 03
T a x e s (Increase $005,830 12, o r 2 0 .7 p e r c e n t ) .............................. 2 ,8 7 0 ,7 0 0 07

DEBT.

D u r in g th e y e a r th e fu n d e d d e b t , n o t in c lu d in g e q u ip m e n t
n o te s , in c r e a se d $ 1 5 ,0 8 2 ,0 0 0 0 0 a n d e q u ip m e n t n o te s in ­
c r e a s e d $ 1 0 , 7 9 5 , 0 0 0 0 0 , m a k i n g a n in c r e a s e in t o t a l f u n d e d
d e b t o f $ 2 6 ,4 7 7 ,0 0 0 0 0 .




Y E A R

L IN E S

CONSTRUCTED.

T h e li n e b e t w e e n A m a r i l l o , T e x . , a n d T u c u m c a r i , N . M . ,
h e r e to fo r e s h o w n a s u n d e r c o n s t r u c t io n , h a s b e e n c o m p le te d
t h r o u g h t o T u c u m c a r i , N . M . , w h e r e i t j o i n s y o u r m a in lin e
t o t h e S o u t h w e s t , m a k i n g t h e s h o r t e s t lin e b e t w e e n M e m ­
p h is , T e n n ., a n d S o u th e r n C a lifo r n ia , v ia N o w M e x ic o a n d
A r iz o n a .
0 .7 1 m i le s w e r e p l a c e d in o p e r a t i o n o n A u g u s t 1 0
1 9 0 9 , a n d t h e r e m a i n i n g 0 4 . 0 0 m i le s w e r e c o m p l e t e d a n d
p la c e d in o p e r a t i o n o n M a y 9 1 9 1 0 .
T h e li n e is l a id w i t h 6 0 ,
0 5 a n d 7 0 - p o u n d - s t e e l ra il o n w h i t e o a k t i e s .
S ta n d a rd
s t a t io n b u ild in g s h a v e b e e n e r e c te d a t V e g a , A d r ia n a n d
G le n r i o , T e x . , a n d a t E n d e e a n d S a n J o n , N . M .
T h e d is ­
t a n c e v i a t h e n e w lin e t h u s o p e n e d f r o m M e m p h i s , T e n n . ,
t o T u c u m c a r i , N . M . , is 8 7 3 . 7 2 m i l e s .
T h e c o m p le tio n o f
t h i s lin e m a d e t h e u s e b y t h i s c o m p a n y o f t h e F o r t W o r t h
6 D e n v e r C ity R a ilw a y fr o m A m a r illo , T e x ., to D a llia r t,
T e x ., 8 2 .0 0 m ile s , u n n e c e s s a r y ; th e tr a c k a g e r ig h ts w e re
t h e r e f o r e r e li n q u is h e d M a y 9 1 9 1 0 .
N E W

E Q U IP M E N T .

O r d e r s h a v e b e e n p la c e d d u r i n g t h e y e a r f o r 184 l o c o m o ­
t i v e s , 5 p a s s e n g e r m o t o r c a r s , 8 1 s t e e l p a s s e n g e r t r a in c a r s
(in c lu d in g 10 h o rse c a r s ) , 7 ,5 5 0 fr e ig h t tr a in c a rs a n d 7
s e r v i c e c a r s , o f w h ic h 5 0 l o c o m o t i v e s , 1 p a s s e n g e r m o t o r
c a r a n d 3 , 5 5 0 f r e i g h t t r a i n c a r s w e r e m e n t i o n e d in l a s t y e a r ’ s
r e p o r t; 4 s w itc h lo c o m o t iv e s a n d 1 se r v ic e c a r w e re a ls o
o rd e re d b u ilt a t th e c o m p a n y ’ s s h o p s .
T h e r e w ere r e c e iv e d

a n d p l a c e d in s e r v i c e 8 6 l o c o m o t i v e s , 9 7 s t e e l p a s s e n g e r
t r a i n c a r s , 3 p a s s e n g e r m o t o r c a r s , 3 , 7 4 1 f r e i g h t t r a in c a r s
a n d 6 se rv ic e c a r s .
T h e r e a r e t o b e d e li v e r e d b e t w e e n
J u n e 3 0 a n d D e c e m b e r 3 1 1 9 1 0 1 0 4 lo c o m o t iv e s , 7 3 ste e l
p a s s e n g e r t r a in c a r s , 1 0 h o r s e c a r s , 2 p a s s e n g e r m o t o r c a r s ,
3 ,8 6 9 fr e ig h t tr a in c a r s a n d 2 s e r v ic e c a r s , e x c e p t t h a t 4
m a il c a r s a r e d u e in F e b r u a r y 1 9 1 1 .
G EN ERAL.

A t t e n t i o n is c a ll e d t o t h e c o n t i n u e d i n c r e a s e in t a x e s ,
a m o u n tin g to $ 6 0 5 ,8 3 6 1 2 , o r 2 6 .6 8 p e r c e n t , a s c o m p a r e d
w ith a n in c r e a se o f $ 4 8 0 ,9 6 9 7 6 , o r 2 6 .8 7 p e r c e n t , la s t y e a r ;
m a k in g 1 9 1 0 t a x e s $ 1 ,0 8 6 ,8 0 5 8 8 h ig h e r th a n th o se o f 1 9 0 8 ,
a n in c r e a s e o f 6 0 . 7 2 p e r c e n t .
O f t h i s y e a r ’ s in c r e a s e $ 1 1 3 , ­
9 9 2 4 2 is o n a c c o u n t o f t h e n e w F e d e r a l e x c i s e t a x o n n e t
i n c o m e ; t h e r e m a i n d e r c o n s i s t s o f i n c r e a s e s in t a x e s in v a r i o u s
S t a t e s , o n l y a s m a ll p o r t i o n o f w h ic h is o c c a s i o n e d b y t h e c o n ­
s tr u c tio n o f n e w lin e s .

T h e r e w e re lo c a te d a lo n g th e R o c k I s la n d L in e s d u r in g
t h e fis c a l y e a r , a c c o r d i n g t o t h e r e c o r d s o f t h e in d u s t r i a l
d e p a r t m e n t , o n e h u n d re d a n d n in e ty -th r e e n e w in d u str ie s,
e s t i m a t e d t o h a v e c o s t n e a r l y f if t e e n m i l l i o n d o l l a r s , t o e m ­
p lo y o v e r e ig h ty -s e v e n h u n d r e d m e n a n d to c r e a te a n a n n u a l
m o v e m e n t o f fif t y -t h r e e th o u s a n d c a r lo a d s o f r e v e n u e
fr e ig h t.

Y o u r c o m p a n y a d v a n c e d d u r in g th e y e a r to w a r d s th e c o n ­
s t r u c t i o n , e q u i p m e n t a n d o p e r a t i n g d e f ic it o f T h e T r i n i t y &
B r a z o s V a lle y R a ilw a y $ 4 0 3 ,3 5 1 8 6 , m a k in g th e t o ta l a d ­
v a n c e s t o J u n e 3 0 1 9 1 0 $ 2 , 3 3 9 , 9 9 2 7 2 , o f w h ic h $ 6 9 7 , 2 4 7 6 9
w a s r e i m b u r s e d o u t o f t h e p r o c e e d s o f b o n d s o f T h e C o lo r a d o
& S o u th e r n R a ilw a y C o m p a n y , le a v in g $ 1 ,6 4 2 ,7 4 5 0 3 o u t ­
s ta n d in g a d v a n c e s .

C h a n g e s in i n d u s t r i a l s id e t r a c k s a r e a s f o l l o w s :
E le v e n
b u ilt to co a l m in e s a n d e ig h t y -e ig h t to p r iv a te in d u s tr ie s ,
a ls o tw o m in e tr a c k s a n d t h ir t y -t h r e e tr a c k s to o th e r in ­
d u s tr ie s w e re e x t e n d e d .
D u r i n g t h e y e a r a u t o m a t i c b l o c k s i g n a l s w e r e in s t a ll e d
a n d p la c e d in o p e r a t i o n f r o m M u s c a t i n e , l a . , t o E l d o n , l a . ,
fr o m S t . J o s e p h , M o ., to R u s h v ille , M o ., fr o m I o w a C it y , l a . ,
to N e o la , l a . , fr o m W e s t L ib e r t y , l a . , to L in n J u n c tio n , l a . ,
a n d fr o m I r v in g , T e x ., to D a lla s , T e x ., 3 8 8 .2 m ile s .
The
e x p e n d it u r e d u r in g th e y e a r fo r th e c o n s tr u c tio n o f th e se
s ig n a ls w a s $ 4 3 0 ,7 9 5 5 5 .
T h e to ta l e x p e n d itu r e to J u n e 3 0
1 9 1 0 f o r t h e c o n s t r u c t i o n o f b l o c k s ig n a ls w a s $ 9 6 8 , 1 9 2 2 2 ,
w h i c h fig u r e s i n c l u d e t h e c o s t o f 7 3 4 . 4 m i le s c o m p l e t e d a n d
p l a c e d in o p e r a t i o n a n d 2 3 3 . 5 m i le s u n d e r c o n s t r u c t i o n .
T h e t e l e p h o n e s y s t e m o f t r a in d i s p a t c h i n g w a s i n s t a ll e d
d u r i n g t h e y e a r o n 1 . 1 4 6 . 3 m ile s o f r o a d , a n d a t J u n e 3 0 1 9 1 0
t h e t e l e p h o n e s y s t e m w a s in u s e o n 1 , 6 0 2 . 1 m ile s o f y o u r
r a ilr o a d , r e p r e s e n tin g a t o ta l e x p e n d it u r e o f $ 1 6 2 ,5 5 7 1 6 ,
w h ic h f ig u r e s in c l u d e t h e e n t i r e c o s t o f t h e p o l e s , w i r e s , e t c . ,
o n t h e n e w li n e f r o m A m a r i l l o , T e x . , t o T u c u m c a r i , N . M .
D u r in g th e y e a r th e e x p e n d itu r e s fo r m a in te n a n c e o f y o u r
p r o p e r t y h a v e b e e n la r g e r t h a n f o r p r e c e d in g y e a r s .
A tte n ­
t i o n is i n v i t e d t o d e t a i l e d i n f o r m a t i o n c o n c e r n i n g e x p e n d i ­
t u r e s f o r ties, r a i l s , b a l l a s t , b r i d g e s , e t c . , o n p a g e s 3 3 , 3 5
a n d 3 6 (s e e p a m p h l e t r e p o r t ] .
Y o u r c o m p a n y e x p e n d e d .$ 9 3 3 ,0 4 2 0 5 d u r i n g t h e y e a r
fo r c o n s tr u c tio n o f a d d itio n a l a n d im p r o v e d te r m in a l fa c ili­
tie s.
T h e s e f ig u r e s c o v e r n e w f a c i l i t i e s a n d t h e c o m p l e t i o n
o f th o se p r e v io u s ly r e p o r te d .

A d v a n c e s d u r in g th e y e a r f o r H o u s t o n , T e x ., te r m in a ls
w ere $ 1 4 7 ,8 8 3 8 3 , m a k in g th e to ta l a d v a n c e s to J u n e 3 0 1 9 1 0
$ 4 5 0 ,9 8 5 9 6 .
F ir s t m o r tg a g e b o n d s o f th e H o u s t o n B e lt &
T e r m i n a l R a i l w a y C o m p a n y w e r e r e c e i v e d in s e t t l e m e n t o f
$ 2 7 7 , 6 6 9 5 5 , le a v i n g $ 1 7 3 , 3 1 6 4 1 o u t s t a n d i n g a d v a n c e s .
O n J a n u a r y 1 s t 1 9 1 0 t h e r e w a s p la c e d in e f f e c t a p e n s i o n
s y s t e m , w h ic h p r o v i d e s t h a t e m p l o y e e s w h o , a f t e r l o n g y e a r s
o f fa it h fu l s e r v ic e , h a v e re a c h e d a n a g e w h e n th e y are u n ­
e q u a l t o t h e p e r f o r m a n c e o f t h e i r d u t i e s , w ill b e r e t i r e d a n d
r e c e iv e f r o m y o u r c o m p a n y m o n t h l y i n c o m e s d u r i n g t h e
r e m a in d e r o f th e ir liv e s , b a s e d o n th e ir s a la r y fo r th e la s t
t e n y e a r s n e x t p r e c e d in g r e t i r e m e n t , a n d t h e e n t i r e l e n g t h o f
c o n tin u o u s s e r v ic e w ith y o u r c o m p a n y .
B y th is p e n s io n
s y s t e m y o u r c o m p a n y h o p e s t o b u il d u p a m o n g i t s e m p l o y e e s
a f e e l i n g o f p e r m a n e n c y in t h e i r e m p l o y m e n t a n d i n t e r ­
e s t in t h e c o m p a n y ’ s w e l f a r e , a n d a d e s ir e t o r e m a i n in a n d
d e v o t e th e ir b e s t e ffo r ts to th e c o m p a n y ’s s e r v ic e .
The
to ta l c o s t to y o u r c o m p a n y fo r p e n sio n s p a id , a n d th e e x ­
p e n se o f a d m in is t r a t io n o f th e s y s t e m fo r th e s ix m o n t h s
e n d e d J u n e 3 0 t h 1 9 1 0 , h a s b e e n $ 1 2 , 0 3 7 6 4 , a n d i t is e s t i ­
m a t e d t h a t t h i s s y s t e m w ill c o s t a p p r o x i m a t e l y $ 3 0 , 0 0 0
d u r i n g t h e e n s u i n g fis c a l y e a r .
A s a n n o u n c e d in l a s t y e a r ’ s r e p o r t , b e c a u s e o f t h e s u p e r ­
v i s io n o f y o u r c o m p r t n y ’ s a c c o u n t s b y t h e I n t e r - S t a t e C o m ­
m e r c e C o m m i s s i o n , i t is c o n s i d e r e d u n n e c e s s a r y t o p r o c u r e
th e c e r tific a tio n o f th e se a c c o u n t s b y a n in d e p e n d e n t a u d it o r .
B y o rd e r o f th e B o a r d o f D ir e c to r s ,
II.

U.

M UDGE,

President.

O c to b e r 2 4 1 9 1 0 .

ROCK ISLAND LINES.
C O N D E N S E D G E N E R A L B A L A N C E S H E E T J U N E 30 1910, A N D C O M P A R IS O N W I T H P R E V I O U S Y E A R .
A S S E T S .'
P r o p e r t y in v e s tm e n t —
R o a d a n d e q u ip m e n t —

1910.
$

1909.

5

In c. ( + )
D e c . (— ) .
5

I n v e s tm e n t t o J u n e 30
1907 ---------------------------- 255 ,5 8 5 ,3 4 3 24 2 5 5 ,5 8 5 ,3 4 3 24 _
In v e s tm e n t s in ce J u n e 30
1907
------------------------- 2 5 ,7 0 4 ,4 6 9 09
6 ,5 5 2 ,2 5 7 29 + 1 9 ,1 5 2 .2 0 1 80
R e s e r v e fo r a c c r u e d d e ­
p re cia tio n — c r e d it ____
33 8 ,0 0 9 84
2 2 3 ,1 0 8 34
— 114,901 50
T o ta l ro a d & e q u lp ’ t . .2 8 0 ,9 5 1 ,7 9 2 49 2 6 1 ,9 1 4 ,4 9 2 19 + 1 9 ,0 3 7 ,3 0 0 30
S ecu ritise—
S ecu rities o f p r o p r ie ta ry ,
a ffilia te d a n d c o n ­
trolled
co m p a n ie s —
p led g ed
(ca rried
at
3 00
n om in a l v a l u e ) _______
2 ,002 00
— 1,999 00
S ecu rities o f p r o p r ie ta ry ,
a ffilia te d & c o n tr o lle d
com p a n ies— u n p le d g e d 9 ,0 1 9 ,8 3 4 25
9 ,5 9 6 ,4 7 9 53
— 57 6 ,6 4 5 28
O th er in v e s tm e n ts —

A d v a n c e s to p r o p r ie ta ry ,
a ffilia ted & co n tr o lle d
co m p a n ie s
fo r
con ­
s t r u c tio n , e q u ip m e n t
an d b e tte r m e n ts _____
M iscellaneous ln v e s tm ’ ts

5 ,5 1 1 ,7 1 7 39
1 ,7 3 9 ,6 9 6 55

4 ,8 6 8 ,8 0 9 14
2 ,0 6 6 ,1 5 2 87

+ 6 42 ,908 25
— 32 6 ,4 5 6 32

T o t a l p r o p e r ty Inve8t’ t2 9 7 ,223 ,043 68 2 7 8 ,4 4 7 ,0 3 5 73

+ 1 8 ,7 7 5 ,1 0 7 95

W o r k in g a s s e ts —

C a s h _______________
4 ,5 4 1 ,4 6 0
S ecu rities Issued o r as­
s u m ed — held In treas­
u r y ------------------------------4 ,2 2 7
M arketable s e c u r itie s___ 1 7 ,0 8 1 ,1 4 6
L o a n s & bills r e c e iv a b le .
5 96 ,515
T r a ffic an d ca r -s e r v ic e
bala n ces
due
fro m
o th e r c o m p a n ie s ..........
29 9 ,5 0 6
N et b a la n ce d u e from
agen ts an d c o n d u c to r s 1 ,1 4 2 ,8 8 0
M iscellaneous
a c c o u n ts
r e c e iv a b le _____________
2 ,8 8 9 ,5 3 0
M aterials and s u p p l i e s ..
0 ,2 2 4 ,1 3 2
O th er w ork in g a s s e t s . . .
1 ,5 4 0 ,9 5 6

59

3 ,8 5 1 ,0 6 8 00

+ 0 9 0 ,3 9 2 59

50
72
44

1,373 17
12 ,3 8 2 ,8 8 2 80
1 ,0 1 8 ,3 4 0 05

+ 2,854 33
+ 4 ,6 9 8 ,2 6 3 86
— 4 21 ,833 61

92

260,751 59

+ 3 8 ,7 5 5 33

35

9 92 ,598 61

+ 150,281 74

25
74
20

2 ,2 2 2 ,8 0 6 20
5 ,7 0 3 ,3 4 6 81
1 ,2 4 4 ,5 9 3 50

+ 666 ,664 05
+ 520 ,785 93
+ 290 ,362 64

T o t a l w ork in g a s s e t s .. 3 4 ,3 2 0 ,3 5 6 71

2 7 ,6 7 7 ,8 2 9 85

+ 6 ,0 4 2 ,5 2 6 86

2 33 ,323 16

+ 1 5 8 ,9 7 9 30

44

1 ,6 3 2 ,9 9 0 44

— 98,283 00

30

1 47 ,915 23

+ 3,4 6 7 07

43
22

50,784 76
785,861 26

+ 7 ,7 4 7 ,2 2 0 67
+ 047,483 90

T o t a l d eferred d e b it
R e m s . . ......................... 10 .9 1 7 ,4 4 0 39

2 ,6 1 7 ,5 5 1 69

+ 8 ,2 9 9 ,8 8 8 70

G rand t o t a l.................... 3 4 2 ,8 5 3 ,1 4 3 24 3 0 8 ,9 7 6 ,0 4 0 43

+ 3 3 ,8 7 6 ,5 0 2 81

A c c r u e d in c o m e n ot d u e —

U n m a tu red In t., d lv s . &
ren ts r e c e iv a b le .............

39 2 ,3 0 2 46

D e f e r r e d d eb it ite m s —

A d v a n c e s ________________
1 ,5 3 4 ,7 0 7
R e n ts an d In surance p aid
In a d v a n c e _____ ______
151 ,382
S p ecial d ep osits (sec n o te
u n d er ••Liabilities” ) . .
7 ,7 9 8 ,0 0 5
O th er d eferred d e b it Item s 1 ,4 3 3 ,3 4 5

L I A B I L I T I E S .t
S to c k —

191 0.

$

1909.

$

ln e . ( + ) or
D e c . (— ).

3
C a pital s t o c k .................... .. 7 5 ,0 0 0 ,0 0 0 00 7 5 ,0 0 0 ,0 0 0 00
M o rtga ge, bonded and se­
cured debt—
F u n d ed d e b t ...................... 2 2 8 ,0 0 2 ,0 0 0 00 2 0 1 ,5 2 5 ,0 0 0 00 + 2 6 ,4 7 7 ,0 0 0 00
T o t a l c a p ita l H abllltlcs303 ,00 2,00 0 00 2 7 6 ,5 2 5 ,0 0 0 00 + 2 6 ,4 7 7 ,0 0 0 00
W orkin g liabilities—
L oa n s and bills p a y a b le . ______________
T r a ffic a n d car-servtco
b a lan ces d u e to o th e r
c o m p a n i e s ____________
7 95 ,878 70
A u d ite d v o u ch e rs an d
w ages u n p a id _________
5 ,2 5 4 ,4 9 3 04
M iscellaneous
a c c o u n ts
p a y a b le ........ .....................
3 2 3 ,0 7 0 38
M atured Interest, d iv i­
den d s & rents u n p a id .
2 ,6 8 3 ,9 1 0 84
M atured m t g e ., b o n d e d
& secured d e b t u n p a id
2 3 ,0 0 0 00
W o r k in g a d v a n ce s d u e t o
o th e r c o m p a n ie s _____
189,799 69
O th er w o rk in g liab ilities
735 ,643 55

1 ,5 9 0 ,0 0 0 00

— 1 ,5 9 0 ,0 0 0 00

84 1 ,6 6 0 54

— 4 5 ,7 9 0 84

4 ,5 5 7 ,6 5 4 52

+ 6 0 6 ,8 3 9 42

241 ,183 36

+ 8 1 ,887 02

2 ,6 8 3 ,6 0 7 07

+ 303 77

3 ,0 0 0 00

+ 2 0 ,0 0 0 00

188,501 40
68 4 ,4 2 5 64

+ 1,298 20
+ 5 1,217 91

10,700,041 53

— 7 84 ,244 43

1,808,001 10
1 ,3 5 4 ,2 2 0 48

1 ,5 6 7 ,6 4 7 21
1 ,0 2 4 ,3 9 9 04

+ 240 ,353 89
+ 3 2 9 ,8 3 0 44

T o ta l a c cru e d lia b ili­
ties n o t d u e ________

3 ,1 6 2 ,2 3 0 58

2 ,5 9 2 ,0 4 6 25

+ 5 7 0 ,1 8 4 33

D eferred credit item s—
O p eratin g re se rve s_____
O th er
deferred
c re d it
Item s (see n o te below )

1 ,1 9 3 ,9 0 7 38

8 5 2 ,1 1 5 02

+ 3 4 1 ,7 9 2 36

8 ,1 3 2 ,0 2 4 86

38 5 ,8 0 0 30

+ 7 ,7 4 6 ,2 1 5 50

T o ta l d e ferred c re d it
Item s.............................

9 ,3 2 5 ,9 3 2 24

1 ,2 3 7 ,9 2 4 38

+ 8 ,0 8 8 ,0 0 7 86

T o ta l w o rk in g lia b ili­
ties ..................
10 ,0 0 5 ,7 9 7 10
A ccru ed liabilities not due—
U n m atu red In t., d lv s . &
rents p a y a b le ___________
T a x e s a c c r u e d ____________

G rand t o ta l lia b ilitie s . 3 2 5 ,4 0 5 ,9 5 9 92 2 9 1 ,1 4 5 ,0 1 2 16 + 3 4 .3 5 0 ,9 4 7 76
A p p rop ria ted su rp lu s—
A d d itio n s t o
p r o p e r ty
since J u n e 30 1907,
6 4,367 76
th rou gh In c o m e _______
6 4 ,3 0 7 76
P ro fit and loss—
B a l a n c e _________________ 17,29 2 ,8 1 5 56 1 7 ,7 6 7 ,2 6 0 51
— 4 7 4 ,4 4 4 95

G rand t o t a l ................3 4 2 ,8 5 3 ,1 4 3 24 3 0 8 ,0 7 6 ,6 4 0 43

+ 3 3 .8 7 6 ,5 0 2 81

• N ol«.— In sta tin g th e assets a n d liab ilities o f th e c o m p a n ie s fo rm in g th o R o c k Island L in e s, th e h o ld in g s o f T h e C h ica go R o c k Isla n d & P a cific R a il
w a y C o . In th e b o n d s an d ca p ita l s to c k o f th e a u x ilia ry lin es, to g e th e r w ith loans betw e e n th o v a rio u s c o m p a n ie s , h a v e been e lim in a te d fr o m th e
liab ilities an d a like red u ctio n m a d e In th o assets p e rta in in g th e re to : th e figures s h o w n , th e re fo re , rep resen t th e b o o k v a lu e o f th e assets a n d th e
liab ilities w ith o u t d u p lic a tio n .
11910 figures Inclu de $ 7 ,6 3 7 ,5 7 3 99 c o n tr a c t c o n s id e ra tio n fo r new tru st e q u ip m e n t n o t d e liv e re d . Cash Is o n d e p o s it w ith tru stees an d Is Inclu ded
In " S p e c ia l d e p o s its ” u n d e r " D e fe r r e d d e b it Ite m s.”




R 'J C K

IS L A N D L IN E S.

IN C O M E ACCOUNT Y E A R E N D E D J U N E 30 1010, C O M P A R E D W I T H
P R E V IO U S Y E A R .
, ,
I n c . ( + ) o r D ec . (— ) .
1908-09.
1009-10.
$
5
8,0 2 6 .3 8
8 ,0 4 3 .5 9
A v era g e m ileage o p e r .
R even u e from T r a m vorta tion —
$
$
F r e i g h t _____________ 4 2 ,2 1 8 ,8 8 0 84 3 9 ,1 5 8 ,0 5 3 16
P a s s e n g e r .................. 1 0 ,378,174 27 17,8 8 3 .3 7 8 99
M all
......................... 1,4 4 8 ,4 3 5 51
1 ,429.829 62
E x p r e s s ....................... 1,9 2 7 .2 4 5 61
1,626,931 53
• M is c e l la n e o u s ____
774 ,3 8 0 24
720 ,280 57

P ercen t.
A m o u n t.
$
+ 0 .2 1
+ 17.21
5
+ 3 ,0 6 0 ,8 2 7 68 + 7.82
+ 1 ,4 9 4 ,7 0 5 28 + 8.3 6
+ 1 8 ,6 0 5 89 + 1.30
+ 3 0 0 ,3 1 4 08 + 1 8 .4 6
+ 5 4 ,0 9 9 67 + 7 .5 1

T o ta l tra n sp orta tlo n re v e n u e . .6 5 ,7 4 7 ,1 1 6 47 6 0,818,473 87
R evenu e from opera
tion s other than
3 66 ,413 08
473 ,462 47
tran sporta tion ___

___ __ „ „ „
+ 4 ,0 2 8 ,6 4 2 60

+ 8.10

+ 107 ,049 30

+ 29.22

66,2 2 0 ,5 7 8 04 6 1 ,1 8 4 ,8 8 6 95

+ 5 ,035,091 99

+ 8.23

+ 1,6 2 1 ,5 5 6 60

+ 17.91

O perating exp en ses—
M ain ten an ce o f w ayr
10,6 7 3 ,3 8 7
M ain ten an ce
of
8 ,4 5 5 ,7 4 5
1,795,262
T ra n sp o rta tio n e x ­
penses ............... .. .25,1 9 5 ,5 7 8
1,9 4 9 .3 9 5

02

9 ,0 5 1 ,8 3 0 36

72
39

7 ,5 1 2 ,8 8 8 55
1,4 4 1 ,2 1 4 58

+ 942 ,857 17 + 12.55
+ 3 5 4 ,0 4 7 81 + 24.57

74 22,8 4 8 ,0 5 2 30
1.6 5 9 ,5 0 9 53
04

+ 2 ,3 4 7 ,5 2 6 35 + 10.27
+ 2 8 9 ,8 8 5 51 + 17.47

4 8 .0 6 9 .3 6 8 91 4 2 ,5 1 3 .4 9 5 41

+ 5 ,5 5 5 ,8 7 3 50 + 13.07

18,1 5 1 ,2 1 0 03 18,671,391 54
2 ,8 7 6 .7 0 0 67 2,2 7 0 ,8 6 4 55

— 520,181 51 — 2.70
+ 605 .830 12 + 26.68

T o ta l

15,2 7 4 ,5 0 9 36 16,4 0 0 ,5 2 6 99 — 1 ,1 2 6 ,0 1 7 63
O u tsid e op era tion s1
155,891 29
d e b it balan ce)
H ire o f eq u ip m e n t
1 1 ,171,066 25
1,5 5 0 ,1 8 9 36

146,201 11
812 .1 1 6 05
1 ,1 6 9 .7 8 8 05

— 0.6 9 0 18

— 6.87
— 6.63

— 3 5 8 ,0 5 0 20 — 44.2 0
+ 380,401 31 + 32.52
+ 11,760 03

+ 5.50

15,497,741 18 16,6 1 1 .0 9 7 88 — 1,1 14,256 70

— 6.71

+ 268.651 56
— 20,504 92

+ 3.03
— 1.31

.

223,231 82

9 .1 2 9 ,8 7 4 61
. 1,5 4 7 ,4 0 2 01
B etterm ents on leased
72,583 48
lin e s .......... .......

211 ,4 7 0 89

8 ,8 6 1 ,2 2 3 05
1 ,507,966 93
1 6 ,577 10

.1 0 ,7 4 0 ,8 6 0 10 10,4 4 5 ,7 6 7 14
B a la n ce
of
in com e\
(available fo r dtvi-

S to ck s— U nion depot, term inal, stock yards
Bea/t V a lu e .
and coal com p a n ies:
F a c e V a lu e.
A tc h is o n U n ion D e p o t & R R . C o ____________
9,000 00
6,2 0 0 00
Io w a T ra n sfe r R y . C o . . ____________________
K a n sas C ity T erm in al R y . C o _________________
100,000 00
K e o k u k U n ion D e p o t C o ______________________
20,000 00
L e a v e n w o rth D e p o t & R R . C o ________________
25,000 00
M in n esota T ra n sfer Ry^. C o _______
____
7,0 0 0 00
____________
50,000 00
M orris T erm inal R y . C o _______
P eo ria R a ilw a y T e rm in a l C o ___________________
600 ,000 00
P u e b lo U n ion D e p o t & R R . C o _______________
8.1 2 0 00
R o c k I s la n d -F ris co T erm in al R y . C o .(p le d g e d )
3 00 ,000 00
S t. J o se p h U nion D e p o t C o ____________________
2,0 0 0 00
St. P aul U nion D e p o t C o _________________ _____
103,600 00
T e rm in a l R R . A s s o c ia tio n o f St. L o u is _______
205 ,8 0 0 00
F u n d ed debt— R ailroads:
C h o cta w & M em phis R a ilr o a d C o _______
580 73
K a n k a k e e & S eneca R a ilw a y C o ____________
3 2 5 ,0 0 0 00
T r in ity & B razos V a lley R y . C o . certifica tes
o f In d e b te d n e s s ______________________________
1 ,6 3 5 .8 6 0 6$
F u n d ed debt— U nion depot, term inal, stock
yards and coal com pan ies:
4,5 0 0 00
A tc h is o n U nion D e p o t & R R . C o . ..................
M in n esota T ra n sfe r R y . C o ____________________
4 7 ,0 0 0 00
•P eoria R y . T e rm in a l C o ______________________
1.500 00
R o c k Island I m p r t. C o — ($ 2 ,7 0 0 ,0 0 0 pledged) 3 .7 2 9 .0 8 0 94
2 .2 5 0 ,0 0 0 00
R o c k Isla n d Im p r t. C o .— e q u ip , series A ____
R o c k Isla n d I m p r t. C o .— e q u ip , series B ____
3 ,0 8 0 ,0 0 0 00

+ 56,006 3 2 + 3 3 7 .8 5
+ 304 ,092 00

$ 1 5 ,2 3 9 ,1 4 2 33 | 9 ,0 1 M 8 7 2»

Inclu ded in m iscellaneous investm ents:
S to .k s :
C oal V a lle y M in ing C o m p a n y _________
C h icago U n ion T ra n sfe r R y . C o ., c o m m o n ..
C h ica go U n ion T ra n sfe r R y . C o ., p re fe rre d . .
C on solid a ted In dian a Coal C o _________________
C ra w ford C o u n ty M ining C o ___________________
D erin g C oal C o _________________________________
G a sco n a d e R y . C o n stru ctio n C o . (p le d g e d )__
G ulf C o n stru ctio n C o ----------------------------------------K ansas T o w n & L a n d C o ______________________
M em phis R a ilro a d T erm in al C o ______________
M issouri & Illinois B ridge & B elt R R . C o ____
R o c k Island C oal M ining C o ___________________
S t. L o u is R o c k Island T e rm in a l R y . C o.
($ 11,300 p le d g e d )___________________
S t. J osep h S to c k Y a rd s & T e rm in a l C o _______
U n ion S to c k Y a rd s C o ., T o p e k a , K a n ________
U n ion T erm in al R y . Co , S t. J o s e p h , M o .
( p le d g e d ) ----------------------------------------------W estern Coal & M in ing C o -------------------------F u n d ed debt:
C h icago T ra n sfer & C learing C o .— J u d g m e n t
n o te trust c e r tific a te _____ ___________________

+ 2.01

$ 5 0 ,0 0 0
4 0 ,0 0 0
40,0 0 0
2 ,4 0 0 ,6 0 0
100,000
1 ,7 0 0 ,0 0 0
5 0 ,000
25,000
5 0 ,000
10,000
13,000
10,000

00
00
00
00
00

00
00
00
00
00

00
0#

12,000 0 0
12,500 00
13,100 0 0
125.000 0 0
3 6 ,0 0 0 00
9 8 ,0 0 0 00

T o t a l . . . . ............................................................... $ 4 ,7 8 5 ,2 0 0 00

724 ,998 20

T o ta l In p r o p e r ty I n v e s tm e n t____________ $ 2 0 ,0 2 4 ,3 4 2 33 $ 9 ,7 4 4 ,8 3 5 46

4,747,881 08
. 3 ,7 4 3 ,2 7 2 00

6 ,1 6 6 ,2 3 0 74 — 1 ,4 1 8 ,3 4 9 06 — 23.00
3 ,0 3 0 ,0 )8 75
— 180,746 75 — 4 .7 5

* $ 3 ,0 0 0 o w n e d Join tly w ith th e C h icago & A lt o n R U . Co.

_ _

I N W O R K IN G A S S E T S .
B a la n ce, su rp lu s (ca r­
ried to credit o f
Included in secu rities issued or assum ed— held
p rofit and loss) -------f 1 ,0 0 4 ,6 0 9 08 2 ,230,211 99 — 1 ,2 3 1 ,6 0 2 01 — 55.08
in treasu ry:
F a c e V a lu e.
B ea k V a lu e.
D ivid en d s D eclared during Year Ended J u n e 30 1910.
S locks:
.
$3,2 2 7 50
D iv id en d N o. 117,
1 \i
per c e n t ,
paid
O cto b e r 1009 $ 1 ,3 1 0 ,0T0h6e25C h icago R o c k Isla n d & P a cific R y C o ___
u nded debt:
D iv id en d N o. 118,
1
per c e n t,
paid
J an u ary 1 9 1 0
7 48 ,575F00
h e C h ica go R o c k Island & P a cific R y . C o .—
D iv id en d N o. 119,
IH
p ercen t,
paid
A p ril 1910935 ,9 3 8T75
first an d refu n din g m o r tg a g e g o ld _________
1,000 00
D iv id e n d N o . 120,
1 per c e n t, p aid J u ly 1 91 0--------------------748 .7 5 2 00
T o t a l .......................................................................

T o t a l, S per c e n t __________________________________ $ 3 ,7 4 3 ,2 7 2 00
P R O F IT AN D LO SS.
C redit b a la n ce, Ju n e 30 1 0 0 9 -----------------------------------------------------$1 7 ,7 6 7 ,2 6 0 51
Surplus fo r year en ded Ju n e 30 1 9 1 0 . . -------------$ 1 ,0 0 4 ,6 0 9 08
In teres t prior to cu rren t fiscal ye a r on a d v a n ce s
fo r c o n s t r u c tio n ------------------------------------------------1 71 ,912 62
S u n d ry a d ju s tm en t* n o t a lle c tin g cu rren t
year’s In com e _____ ___________
2 5 ,076 95
L ess—
$ 1 ,2 0 2 ,4 9 8 65
D iscou n t on b on d * Issued an d s o ld ,
c om m is s ion an d prem iu m on loan
m a d e, and loss on lands s o ld ___ $99 6,71 0 74
D ep recia tion o n —
T r a c k s r e m o v e d _____ $59 ,439 00
S tru ctu res s o ld , re­
m o v e d o r d e s tr o y e d 93,131 24
E q u ip m e n t s o ld , dlsm a n d le d
or
de­
s tro y e d ...................... 527 ,662 62 680 ,232 86 1 ,676,043 60 d c f.4 7 4 ,4 44 95
C redit b a la n ce. J u n o 30 19 1 0 ................................................................$ 1 7 ,2 0 2 ,8 1 5 56
S E C U R I T I E S O W N E D J U N E 30 1910
IN P R O P E R T Y IN V E S T M E N T .
Inclu ded in s e c u r itie s o ) prop rieta ry, affilia ted
and controlled com pan ies— pledged and u n unpledoed:
F a c e V a lu e .
S tocks— Railroads:
C nluinet W estern K aliw ay C o .......... .....................
$1 0 6 ,4 0 0 00
C e d a r R a p id s Io w a Falls & N . W . I t y . C o ------6 0 4 ,5 0 0 00
K a n k a k e e & S eneca R y . C o ....................................
5,000 00
K an sas C ity R o c k Isla n d R y . C o . ($ 39,300
p le d g e d )____________________________ ________
4 0 ,0 0 0 00
K e o k u k & D cs M oines R y . C o ., p r e fe rre d ____
575 ,100 00
K e o k u k & D cs M oines R y . C o ., c o m m o n ------1,4 8 7 ,9 0 0 00
P eoria & Bureau V a lley I t R . C o ------------------10,000 00

$ 4 ,2 2 7 50

Inclu ded in m arketable secu rities:
Stocks:
C edar R a p id s A u d ito riu m C o ............... ..
....
$ 1 ,0 0 0
4 ,0 0 0
Cen tral C ity E le v a to r C o _______________
C ou ncil Bluffs A u d ito riu m C o _________________
2,5 0 0
D es M oin es & F o rt D o d g e R R . C o ......................
800
K ansas C ity T im es N ew spap er C o ____ _______
6 ,4 0 0
N ebrask a C entral R y . C o ___________
9 9 ,7 0 0
N ebraska C o n stru ctio n C o ____ _______
270 ,000
S t. J o se p h A u d ito riu m C o _____________________
5,000
S t. Paul & Des M oines R y . C o ________________
1,000
T h e C h icago & A lto n R R . C o .— p re fe rr e d ____
4 5 0 ,0 0 0
T h e R o c k Isla n d C o .— c o m m o n ______________
25
T h e R o o k Island C o .— p r e fe rr e d _______________
994 ,3 0 0
F u nded debt:
B rid g e p o rt S a fe ty E m e r y W h eel C o _________
C. It. I. & P . R I t . C o . (o f I o w a )— 4 % ________
4 90 ,450
C. It. I. & P . R R . C o . (o f I o w a )— 5 % ________
7 ,5 0 0 ,0 0 0
C o n so lid a te d In d ian a C oal C o --------------------------2 7 3 ,0 0 0
C raw ford C o u n ty M in ing C o ----------------------------54 9,000
D erin g Coal C o --------------------------------------------------4 5 0 ,0 0 0
K ansas C ity & N orth w estern R y . C o _________
8 ,0 0 0
O m a h a A u d ito riu m C o _____________ ___________
5.0 0 0
T o l. S t. L . & W . R R . C o .— g o ld 4 % series A _
1 ,6 1 0 ,0 0 0
• T ol. S t. L . & W . R R . C o .— g o ld 2 % series B 5 ,0 4 7 ,0 0 0

$4,237 5<‘

00
00
00
00
00
00
00
00
00
00
00
00
40
00
00
00
00
00
00
00
00
00

T o t a l ......................................................................$ 1 7 ,7 6 7 ,2 1 5 00 1 7 ,0 8 1 ,1 4 6 72
T o ta l b o n d s and s to c k s In w o rk in g a ssets___$ 1 7 ,7 7 1 ,4 4 2 50 $ 1 7 ,0 8 5 ,3 7 4 22
R E C A P IT U L A T IO N .
In c lu d e d In p r o p e r t y I n v e s t m e n t .. . _________ $ 2 0 ,0 2 4 ,3 4 2 33 $ 9 ,7 4 4 ,8 3 5 4a
I n c lu d e d In w o rk in g assets .............................
1 7 ,7 7 1 ,4 4 2 50 17,085,374 22
T o t a l secu rities o w n e d . .................................. $ 3 7 ,7 9 5 ,7 8 4 83 $ 2 6 ,8 3 0 ,2 0 9 67
• R a te Increases t o 4 % , e ffe c tiv e A u g . 1 1912.

C A P I T A L STOCK AND F U N D E D D E B T O U T S T A N D I N G A N D A M O U N T O F E A C H P E R M IL E O F R O A D O W N E D FOR TUB TEN Y E A R S
E N D E D J U N E 30 1010.

Y ear.

Am ount
O u tstand ing.
1901................................................................................................
1002 _ .......... - ......................................
1 9 0 3 .- ...................................- ......................................................
10 0 4 ..................- ..........................................................................
1 90 5
...................................................................................
1 90 6
................................................... ..............................
10 0 8 ................................................................................................
1 9 0 9 ................................................................................................

3 ,1 7 4 .7 8
6 ,3 1 9 .2 3
6,460.31
0 ,4 8 6 .7 3
6 .619.04
6 .9 8 6 .1 8
7 ,0 7 4 .0 9
7 ,0 8 5 .6 9
a 7 .1 5 7 .4 0

■Funded Indebtedness J u n e 30
'A n n u a l In ter­
(In clu d in g E q u ip m en t T r. N o te s ). est Charge per
M ile on D ebt
O utstanding
•A m o u n t
*P er
J u n e 30.
O utstanding.
M il e .

C a p ita l S lock J u n e 30

M ilea g e
O wned.

$ 5 0 ,0 0 0 ,0 0 0
5 9 .9 8 8 ,2 6 0
7 5 .0 0 0 .
7 5 .0 0 0 .
7 5 .0 0 0 .
7 5 .0 0 0 .
7 5 .0 0 0 .
7 5 .0 0 0 .
7 5 .0 0 0 .
7 5 .0 0 0 .

00
00
000
000
000
000
000
000
000
000

P er
M ile .

00
00
00
00
00
00
00
00

$ 1 5 ,7 4 9
18,368
11.868
11,609
11,562
11,330
10,735
10,602
10,584
10.478

12
18
53
35
07
95
48
07
71
67

$ 6 8 ,0 8 1 ,0 0 0
0 5 ,6 0 1 ,0 0 0
1 3 6 .1 3 8 .0 0 0
14 8 .5 3 5 .0 0 0
16 9 .8 5 7 .0 0 0
1 7 9 .3 3 7 .0 0 0
195 .1 9 6 .0 0 0
196,110,541
2 0 1 .5 2 5 .0 0 0
2 2 8 .0 0 2 .0 0 0

00
00
00
00
00
00
00
00
00
00

$21,444
2 0 ,272
21,543
22.991
26.1 8 5
27,094
2 7 .9 4 0
2 7 ,722
28,441
3 1 ,8 5 5

32
66
45
93
30
11
31
37
12
42

$936
1,247
973
1,039
1,148
1 .1 7 7
1,179
1,208
1,219
1,369

52
46
80
67
67
19
23
Bfl
26
93

• T h e figure* In these c o lu m n s p r io r t o 1910 d iffe r so m e w h a t fr o m th o s e p u b lis h e d In p r e c e d in g r e p o r ts w h erein e q u ip m e n t tr u s t notes an d sh ort'
term m o te s w ore o m it t e d fro m th is t a b le .
e O b c r a te d m i l e a g e . . . --------l e g s leased lines hna tra ck a g e rights.
1 M a la lia s o w n e d . . 1 . . . . . . . . . . ____ . . . . . . . .




8 ,0 2 4 .2 8
. 866 .8 $
___ __________ __________________^7,187,-4#

,

.

THE ROCK ISLAND LINES.
F I N A N C I A L C H A N G E S D U R IN G Y E A R

E N D E D J U N E 30 1010.

ItE S O U RG ES.
Cash o n h an d Ju n e 30 1909 ________________ ________________
F u n d ed d e b t Increased— see p a g e 20 (p a m p h le t r e p o r t ).
S ecu rities o f p r o p r ie ta ry , a ffilia te d an d c o n tr o lle d co m p a n ie s — p le d g e d (decrease)
Secu rities o f p r o p r ie ta ry , a ffilia te d an d co n tr o lle d c o m p a n ie s — u n p le d g e d (decrease)
M iscella n eou s In vestm en ts (d e c re a s e )_____________

$ 2 6 ,4 7 7 ,0 0 0
1,999
576 ,645
326 ,4 5 6

00
00
28
32

C h anges In w o rk in g , a ccru e d an d d eferred a c c o u n ts , as fo llo w s — ■'
D ecrea se in assets—
L o a n s a n d bills receiv a b le
A d v a n c e s _________ ____

$ 4 2 1,83 3 61
98,283 00

In crea se in liabilities—
A u d ite d v ou ch ers a n d w ages u n p a id . . ________ . ________ .
M iscellaneous a c c o u n ts p a y a b le _____ ___________ _______________
M atured Interest, d iv id e n d s an d rents u n p a id ___ __ _______________ _____
M atu red m ortg a g e, b o n d e d a n d secu red d e b t u n p a id ________________
W ork in g a d v a n ce s d u e t o o th e r c o m p a n ie s ___ _________
. . . __
O tn er w ork in g lia b ilitie s ________ _______ _____ ______ _____ ______________
U im a tu red in terest, d iv id e n d s an d rents p a y a b l e _______ _______
T xcg accru ocl_________ ____________________________________________
O p era tin g m s " r v e s ___________________________________________ .
O th er d eferred c r e d it Ite m s____________________________ _______

$69 6,83 9
81,8 8 7
303
20,000
1,298
51,217
240 ,353
329 ,830
341 ,7 9 2

42
02
77
00
29
91
89
44
36
$ 1 0 ,0 2 9 ,8 5 5 21

L ess— Increase in assets—
SsSI S ecurities Issued o r assu m e d — h eld In tr e a s u r y _______ _______ ______________
M ark etable s e cu ritie s . _ ________________
_________ ____ ____________
.
T r a ffic an d ra r-s e rv lce balan ces d u e fro m o th e r c o m p a n ie s ________ . .
N et b a lan ce d u e from a g e n ts an d c o n d u c t o r s ---------------------------------------------

.

U n m atu red Interest, d iv id e n d s and rents r e c e iv a b le ________________________________

$2,854
4 ,6 9 8 ,2 6 3
3 8 ,7 5 5
150.281
666,664
520,785
296,362
158,979
3,467
7 ,7 4 7 ,2 2 0
647 ,483

33
86
33
74
05
93
64
30
07
67
96

$1 4 ,9 3 1 ,1 1 8 88
D ecrea se in liabilities—
L o a n s and bills p a y a b le __ __________________ ________ ______ _______ ______________________
T r a ffic a n d c a r-s erv ice balan ces d u e to o th e r c o m p a n ie s ____________________________
" •

$ 1 ,5 9 0 ,0 0 0 00
4 5 ,7 9 0 84
$ 1 ,6 3 5 ,7 9 0 84

16,5 6 6 ,9 0 9 72

6 ,5 3 7 ,0 5 4 51

T o t a l t o he a c c o u n te d f o r ________ . . . . . . . . . . . . . . . . . . . . . . . _______________________

2 0 ,8 4 5 ,0 4 6 09
,.$ 24 ,69 6,11 4 09

A P P L IE D A S FO L L O W S .
In v e s tm e n t sin ce Ju n e 30 1907 (In crease)— a d d itio n s an d b e tte rm e n ts , a d d itio n a l c q u lp $ 1 9 ,152 ,20 1 80
114,901 50

L ess, Increase In resorve fo r a c c r u e d d e p r e c ia t io n _________________ ______________________
A d v a n c e s t o p ro p r ie ta ry , a ffilia te d a n d co n tr o lle d c o m p a n ie s fo r co n s tr u c tio n , e q u ip m e n t
a n d betterm en ts (In crea se )_________________________ ______ ________________________________ . _
N et d e b it to p r o fit an d loss a c c o u n t ----------------------------------------------------------------------------------------B a la n ce, cash on h a n d , Ju n e 30 19 1 0 ____

$ 1 0 ,0 3 7 ,3 0 0 30
642 ,908 25
474 ,444 95

________ ______ ______________________________

20,1541653 50
$ 4 ,5 4 1 ,4 6 0 59

F U N D E D D E B T — C H A N G E S D U R I N G Y E A R E N D E D J U N E 30 1910.
F u n d e d d e b t , In clu d in g e q u ip m e n t n o te s , Ju n e 30 1009
F u n d ed d e b t _____________________________________________
E q u ip m e n t n o t e s ________________________________________

$ 1 9 5 ,6 2 5 ,0 0 0 00
5 ,9 0 0 ,0 0 0 00

T o t a l ..................................... .............................................................................................................

$201 525 ,0 0 0 00

T h is has been ch a n ged d u rin g th e y e a r as fo llo w s:
F u n d ed debt increased:
B y th e Issue o f T h e C h ica go R o c k Isla n d & P a cific R a ilw a y C o m p a n y ’s first an d
refu n d in g m o r tg a g e g o ld b o n d s, v iz .:
F o r a d d itio n s , b e tte rm e n ts an d e q u ip m e n t, 1910 f u n d . .
____________________
F o r an equ a l a m o u n t o f general m o rtg a g e gold b o n d s, Issued Jan 1 1910, tor
a d d itio n s an d b e tte rm e n ts, said gen eral m o rtg a g e gold b o n d s h a v in g been
d e p o s ite d w ith trustees o f first an d re fu n d in g g o ld bon d m o r tg a g e _________
F or r e d e m p tio n o f m atu red o b lig a tio n s :
T h e C h ica go R o c k Isla n d & P a cific R a ilw a y C o m p a n y ’s g o ld b o n d s o f 1902,
series H , m a tu red M ay 1 1 91 0___ ___________ ___________ _________________
C h octa w O k la h o m a & G u lf R a ilr o a d C o m p a n y ’s e q u ip m e n t tru st n otes,
series C, m atu red A p ril 1 1 9 1 0 . . _____ ______ ___ _____ ___________________
T o r a c q u is itio n o f secu rities
T u cu m oa rl & At<m ph ls R a ilw a y C o m p a n y ’s first m o rtg a g e gold six per cen t
b o n d s, p ar $ 1 ,0 0 0 ,0 0 0 0 0 — .................................................................... ..............

$ 2 ,5 0 0 ,0 0 0 00
1 ,000,000 00
1 ,494,000 00
220 ,000 00
982 ,000 00
$ 6 ,1 9 6 ,0 0 0 00

B y th e Issue o f R o c k Island A rk a n sas & L ou isia n a R a ilro a d C o m p a n y ’s first m o rt­
ga g e g o ld fo u r and o n c -h a lt p er ce n t b o n d s . . _____ ________________________________

11,000,000 00
$17 ,1 9 6 ,0 0 0 00

L ess:
B y th e r ed em p tion o f m atu red o b lig a tio n s as fo llo w s:
T h e C h ica go R o c k Isla n d & P a cific R a ilw a y C o m p a n y ’s g o ld b o n d s o f 1902,
m a tu red M ay 1 191 0_________ __________________________________________________
L it t le R o c k B rid g e C o m p a n y ’s b o n d s, m a tu re d Ju n e 1 191 0_________________

$ 1 ,1 9 4 ,0 0 0 00
20,000 00

E q u ip m en t notes increased:
. B y th e Issue o f T h e C h ica go R o c k Isla n d & P a cific R a ilw a y C o m p a n y ’s:
F ou r and on e -h a lf p er ce n t e q u ip m e n t g o ld b o n d s series C _ . .......... ..
Four and on e -h a lf per ce n t e q u ip m e n t g o ld b o n d s series D ----------------

1,514,000 00

$ 1 5 ,6 8 2 '0 0 0 00

$ 5 ,3 0 0 ,0 0 0 00
6 ,7 5 0 ,0 0 0 00
$ 1 2 ,0 5 0 ,0 0 0 00

B y the r ed em p tio n o f m a tu re d o b lig a tio n s as fo llo w s:
T h e C h ica go R o c k Isla n d & P a cific R a ilw a y C o m p a n y ’s e q u ip m e n t fo u r and
on e-h a lf per ce n t g o ld n o te s, m a tu re d as fo llo w s:
A u g u s t 1 1909_______________________________________________________________
F e b ru a r y l 191 0_____________________________________________________ _______

$32 5,00 0 00
3 25 .000 00

$ 6 5 0,00 0 00

T h e C h icago R o c k Isla n d & P a cific R a ilw a y C o m p a n y ’s e q u ip m e n t series B
six per ce n t n o te s, m a tu re d as fo llo w s:
O cto b e r 15 1 9 0 9 . . . ...................................................................................................... A p ril 15 19 1 0 .................................................................................. .................................

$ 60 ,000 00
60,000 00

120,000 00

T h e C h icago R o c k Isla n d & P a cific R a ilw a y C o m p a n y ’s e q u ip m e n t series C
fo u r and o n e -h a lf per ce n t g o ld b o n d s, m a tu red A p ril 1 1910-------------C h osta w O k la h o m a & G u lf R R . C o 's e q u ip m e n t trust n o te s as a b o v e . .

265 .000 00
220 .000 00
$ 1 ,2 5 5 ,0 0 0 00

N et Increase In e q u ip m e n t n o t e s -----------------------------------------------N e t Increase In fu n d e d a n d o th e r fixed In te r e s t-b e a r ln g id e b t.
F u n d ed d e b t, In clu d in g e q u ip m e n t n o te s, J u n e 30 1910:
F u n d ed d e b t : . : . . ___ . . . __________________________ _______________________________
E q u ip m e n t n o t e s __________________________________________________________________
T o ta l




10.795,000 00
2 6 ,4 7 7 ,0 0 0 00

$21 1 ,3 0 7 ,0 0 0 00
1 0 ,605,000 00
$ 2 2 8 ,0 0 2 ,0 0 0 00

THE ROCK ISLAND LINES.
R O A D A N D B Q U IP M E N T — I N V E S T M E N T S IN C E J U N E 30 1007— C H A N G E S D U R I N G Y E A R

ENDED

J U N E 30 1B1«,

Balance J u n o 30 1000, as p e r ba la n ce s h e e t-------------------------------------------------------- --------------------------------------- --------------------------------------------------------------------- § 0 ,8 0 2 ,2 0 7 28
C H A N G E S D U R IN G T H E Y E A R :
A d d ition s—
A d d itio n s a n d b etterm en ts, cu rrent ye a r (n o t In clu din g e q u i p m e n t ) ----------------------------------------------------------------- ------------------------------ 5 3 ,3 1 1 ,0 4 2 84
D isbu rsem en ts lo r co n s tr u c tio n an d e q u ip m e n t o f R o c k Isla n d A rk a n sas & L ou isia n a R a ilr o a d C o m p a n y ’s p r o p e r t y ............
1 ,002,064 04
D isbu rsem en ts fo r old c o n s tru ctio n liab ilities o f C h o cta w O k la h o m a & G ulf R a ilr o a d C o m p a n y -------------------------- ------------------------1,552 41
D isbu rsem en ts for co n s tr u c tio n o f line A m a r illo , T e x ., to T e x a s -N e w M e x ico S ta te lin e ----------------------------------------------- -------------752 ,094 03
D isb u rsem en ts fo r c o n s tr u c tio n o f T u cu m c a r l & M em phis R y . (p r o p e r ty o f C h icago R o c k Isla n d & El P a so R y . C o .) , T e x a s N ew M ex ico S ta te line to T u cu m c a r l, N . M . ............... ..................... .............................................................................. ............- .............. .........
8 94 ,458 17
D isbu rsem en ts fo r a d d itio n a l an d Im p ro v e d e q u ip m e n t:
1. B usiness c a r ___________________________________________________________________________________
$8,2 5 0 00
2. B usiness oars c o n v e r te d fro m d in in g c a r s ------------------------------------------------------------------------------8.C61 57
1,160 00
2. B u lle t cars c o n v e r te d fro m p a rlo r c a r s ------------------------------------------------------------ ---------------------1. L o c o m o t iv e p llo -d r lv c r _____________ ______ ___________________________________________________
11,650 00
S 52.781 01
10.
L o c o m o t iv e ten ders (b u ilt a t s h o p s ) -----------------------------------------------------------------------------------23,059 44
$67 ,8 5 6 25
16,005 03

N ew a p p lia n ces fo r e x istin g e q u ip m e n t, re q u ire d b y F ed eral and S ta te la w s .
O th er new a p p lia n ce s fo r ex istin g e q u ip m e n t........ ........................— ................ —

83,861 28

136 ,642 29

C en tral T ru s t C om p a n y o f N ew Y o r k , e q u ip m e n t p u rch ase u n d e r Indenture o f A p ril 1 1 9 0 9 ----------------------------------------------------------B a n k ers T ru s t C o m p a n y , e q u ip m e n t p u rch a se u n d e r Indenture o f M ay 2 191 0---------------------------------------------------------------------------

6 ,0 6 1 ,0 3 9 35
8 ,0 2 6 ,0 0 3 45
$2 0 ,1 8 6 ,6 9 7 18

D ed u ction s—
R o c k Isla n d Im p r o v e m e n t C o m p a n y ’s e q u ip m e n t p u rch ase u n d e r Indenture o f F e b . 1 1907— lig h tin g a p p li­
an ces tran sferred an d re b a te s, less In spection an d fre igh t ch a r g e s ------------------------------------------------------------------R e s e r v e fo r r ep la cem en t o f d e s tro y e d e q u ip m e n t w h ic h , u n d er m o rtg a g e s a n d e q u ip m e n t tru st agre e m e n ts,
m u st be r e p la o e d ---------------------------------------------------------------- -------------------------------------------------------------------------------------V a lu e o f e q u ip m e n t d e s tr o y e d , d ism an tled o r sold d u rin g th e p a s t fiscal y e a r (e x c lu s iv e o f e q u ip m e n t w h ich ,
u n d er m ortg a g es o r e q u ip m e n t tru st agre e m e n ts, m u st be r e p la c e d ). S uch v a lu e , less s a lv a g e , w as
ch a rg ed to o p e ra tin g expenses an d p ro fit a n d lo s s ---------------- --------------.............................................................................
A d ju s tm e n t o f charges fo r c o n s tru ctio n o f tra ck fro m T . & P . cro ssin g , D allas, T e x ., to c o n n e c tio n w ith
H.
& T . C. I1 R ., D allas, T e x a s ......... .... ............................ ................ .......................... .............. ................................................
A d ju s tm e n t o f charges fo r c o n s tru ctio n o f tr a c k , Ir v in g , T e x ., t o C a rro llto n , T e x . . . ........................... .....................

S 16 6.0 60 11
106,403 43

7 4 8 ,2 1 9 57
893 92
12,918 35

1,0 3 4 ,4 9 5 38

N et Increase-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

19,152,201 80

B a la n ce , Ju n e 30 1910, as p er b a la n ce s h e e t _____________________________________________ ___________ _________- ------------------------------------------$ 2 5 ,7 0 4 ,4 5 9 09

T O T A L O P E R A T IN G

R E V E N U E , O P E R A T IN G E X P E N S E S , N E T O P E R A T IN G R E V E N U E A N D A M O U N T
R O A D O P E R A T E D F O R T H E T E N Y E A R S E N D E D J U N E 30 1910.

Y ear.

A v erage
M ilea g e.
O perated.

1901
...............
1902
....................
........ ..............
1903
1904_______ ______ _
1905 - ____________
1900
.................... ..
i907^ _____________
1908_______ _______
1909________
____
1910 ______________

3 ,7 7 2 .3 7
3 .9 3 5 .9 3
6,9 78.43
7,205.14
7,231.91
7 218.07
7,7 8 0 .2 6
7 ,909.53
8 ,0 2 6 .3 8
8 ,0 4 3 .5 9

Total
O perating
R evenue.
$2 6 ,0 7 6 ,5 7 4
28,6 8 3 ,8 2 4
4 4 ,3 7 6 ,6 1 9
4 1,969,491
4 4 ,0 5 1 ,5 0 9
5 1 ,2 3 7 ,8 5 8
6 0 ,1 3 8 ,6 7 3
58,4 8 4 ,1 9 6
6 1 ,1 8 4 ,8 8 6
6 6 ,2 2 0 ,5 7 8

31
60
91
42
14
05
28
88
95
94

$ 1 6 ,6 7 8 ,1 4 6
17,386,290
2 8 ,0 5 9 ,1 6 4
3 1 ,7 7 4 ,8 9 3
3 1 ,0 5 8 ,2 0 9
3 5 ,0 6 7 ,0 5 8
4 0 ,8 1 2 ,8 2 2
4 2 ,1 3 6 ,1 7 9
4 2 ,5 1 3 ,4 9 5
4 8 ,0 6 9 ,3 6 8

R atio o j Op­
erating E x ­
penses to
O perating
R evenu e.

N et
, O perating
' R evenu e.

O perating
E x p en se s .
03
97
65
29
26
53
44
97
41
91

5 9 ,3 9 7 ,4 2 8
11,297,533
1 6 ,3 1 7 ,4 5 5
13,194,598
12,9 9 3 ,2 9 9
16,170,799
19,3 2 5 ,8 5 0
16,3 4 8 ,0 1 6
18,671,391
1 8 ,151,210

28
63
26
13
88
52
84
91
54
03

C O N D E N S E D IN C O M E A C C O U N T F O R T H E T E N Y E A R S

Y ear.

A v era ge
M ilea g e
O perated.

G ross
In com e.

1901 _ - - ...........................
1902 ___________________
1903 ___________________
1904 ___________________
1905 ___________________
1900 ___________________
1907 ........................... ..
1908 ...................................
1909 ___________________
1910
......................

3 .7 7 2 .3 7
3,9 3 5 .9 3
6,9 7 8 .4 3
7 ,205.14
7,231.91
7,2 1 8 .0 7
7,7 8 0 .2 0
7 ,969.53
8 .0 2 6 .3 8
8 ,0 4 3 .5 9

$2 0 ,7 5 6 ,7 1 6
3 0 ,5 7 9 ,9 4 5
4 6 ,0 4 8 ,1 0 7
4 6 ,3 0 3 ,3 2 5
4 5 ,5 7 7 ,0 8 1
5 2 ,2 5 3 ,6 9 5
6 0 ,7 5 2 ,2 8 2
5 8 ,0 1 2 ,8 3 0
6 1 ,3 9 6 ,3 5 7
6 6 ,4 4 3 ,8 1 0

O perating E x ­
p en ses and A ll
Other D ed u c­
tion s from In ­
com e Other
Than Interest.
00
66
11
07
03
31
06
33
84
76

$ 1 8 ,5 1 8 ,2 1 7
19,284,453
3 0 ,4 1 9 ,0 0 9
3 4 ,2 6 3 ,6 0 5
3 3 .7 4 8 ,4 7 6
3 7 ,7 1 9 ,6 9 3
4 3 ,7 2 2 ,4 0 4
4 5 ,4 8 1 ,5 0 6
4 6 ,3 6 8 ,9 0 4
5 2 ,5 6 6 ,0 5 5

Total
N et
In com e.
$ 8 ,2 3 8 ,4 9 8
1 1,295,492
15,629,097
12,039,720
1 1 ,829,205
14,534,001
17,029,817
13,131,324
1 5 ,027,453
13,877,755

12
44
21
07
01
55
97
00
05
07

94
22
90
00
02
76
09
33
79
69

63.96
60.61
63.23
70.66
70.50
68.44
67.86
• 72.05
69.48
72.59

REVENUE

Year.
1 9 0 1 ..........................................................
1902 _______________________________
1903 ------------------------------------------------1904 _ ............ .......................................
1005
____ _____________________
------- 1906 ............... ..................... 1907 ____________________ _____ ______
1908 _________________
1009 ________________________________
1 0 1 0 _____
________

A verage
M ilea g e
O perated.
3 ,7 7 2 .3 7
3,9 3 5 .9 3
6,9 7 8 .4 3
7 ,2 0 5 .1 4
7 ,231.91
7 ,2 1 8 .0 7
7,7 8 0 .2 0
7,9 0 9 .5 3
8 .0 2 6 .3 8
8 ,0 4 3 .5 9

F R E IG H T

PER

M IL E

OF

P e r M ile o ) R oad.
O perating
E x p en se s .

N et
O perating
R even u e.

$6,9 1 2
7,287
6,359
6,241
6,091
7,098
7,7 2 9
7,338
7,622
8,2 3 2

$4,421
4,417
4,0 2 0
4,4 1 0
4,294
4,8 5 8
5,245
5,287
5,296
5,976

$2,491
2 ,8 7 0
2,338
1,831
1,796
2,2 4 0
2,483
2,051
2 ,3 2 6
2 ,2 5 6

25
69
11
31
27
55
65
48
97
71

13
33
84
03
61
23
69
16
72
11

12
36
27
28
66
32
96
32
25
60

1910.

Interest on
F u n d ed D ebt,
E q u ip m en t
N otes and
O ther N otes.

S u rp lu s
A p p lica b le
to
to D ivid en d s.

$ 2 ,9 3 1 ,9 8 0
3 ,1 8 0 ,8 6 1
6 ,0 5 6 ,1 8 6
6 ,011,521
7 ,0 9 6 ,0 9 5
7 ,7 4 8 ,1 6 9
8 ,2 7 9 ,3 0 0
8,413,221
8 ,8 6 1 ,2 2 3
9,1 2 9 ,8 7 4

$ 5 ,3 0 6 ,5 1 8
8 ,1 1 4 ,6 3 0
9 ,572,911
6 ,0 2 8 ,1 9 8
4 ,7 3 3 ,1 0 9
0 ,7 8 5 ,8 3 2
8 ,7 5 0 ,5 1 7
4 ,7 1 8 ,1 0 2
6 ,1 6 6 ,2 3 0
4 ,747,881

SU M M A R Y OF R E V E N U E F R E IG H T A N D P A S S E N G E R T R A F F IC FO R T E N

EACH

Total
O perating
R even u e.

E N D E D J U N E 30

00
54
39
68
85
72
02
92
05
61

OF

Less
D ivid en d s
D eclared.
$ 1 ,9 9 9 ,7 1 5
2 ,3 7 2 .7 3 2
4 ,6 8 0 ,7 6 6
5 ,9 8 5 ,0 6 0
4 ,6 7 0 622
4 ,6 7 7 ,5 5 2
4 ,1 1 6 .7 2 8
3 ,9 2 9 ,7 8 5
3 ,9 3 0 ,0 1 8
3 ,7 4 3 ,2 7 2

94
68
51
32
17
04
07
41
74
08

YE AR S ENDED

00
50
50
00
00
50
00
00
75
00

B a la n ce
oj
In c o m e.
$ 3 ,3 0 0 ,8 0 3
5 ,7 4 1 ,8 9 8
4 ,8 9 2 ,1 4 5
4 3 ,1 3 8
56,4 8 7
2 ,1 0 8 ,2 7 9
4 ,6 3 3 ,7 8 9
7 8 8 ,3 1 7
2,2 3 6 ,2 1 1
1,0 0 4 ,6 0 9

94
18
01
32
17
54
07
41
99
08

J U N E 30 1919.

T R A F F IC .

T on s C a rried.

A v era g e p er T on

N um ber.

M ile a g e .

D is ­
tance.

R ate per
M ile . Cents

P e r train
M ile .

P e r loaded
C a r M ile .

7,8 7 7 ,1 7 3
8,3 6 1 ,2 3 8
13,300,898
1 3 ,567,817
13,515,367
1 5 ,304,395
17,4 12,333
15,877,046
1 7 ,145,657
10,1 6 7 ,1 7 9

1 ,8 2 7 ,4 7 3 ,8 4 7
1 ,8 4 5 ,0 5 0 ,9 7 0
2 ,0 8 7 ,5 7 7 ,1 9 7
3 ,2 5 0 .7 5 0 ,2 0 7
3 ,1 7 1 ,4 5 6 ,8 3 2
3 ,7 1 5 ,6 2 1 ,5 5 6
4 ,2 8 1 ,2 2 8 ,3 0 5
4 ,0 1 9 ,7 0 4 ,6 8 1
4 ,1 6 0 ,8 2 8 ,1 7 0
4 ,5 0 7 ,0 8 9 ,3 8 4

232 00
220.67
22 .61
239.59
234 .66
241.36
245 .87
253 .17
242 .68
238 .28

1.00
1.03
1.04
0.06
0.94
0.93
0 .9 4
0.94
0.94
0.92

185.04
184.09
189.13
225.48
228.04
245 .19
266 17
254.77
264.55
257.43

12.12
11.93
13.45
14.53
14.06
14.54
15.27
15 33
15.15
15.07

R even u e.
$ 18 ,269 ,47 1
19,0 7 9 ,0 5 3
30,9 1 7 ,2 8 1
3 1 ,1 0 7 ,0 0 6
2 9 ,6 6 2 ,3 8 6
3 4 ,6 9 5 ,8 2 3
40,2 1 5 ,9 0 1
3 7 .8 9 9 ,3 5 6
3 9 ,1 5 8 ,0 5 3
4 2 ,2 1 8 ,8 8 0

57
20
10
12
08
88
41
36
16
84

A v era ge L oa d in T on s.

R E V E N U E P A S S E N G E R T R A F F IC .
A v era ge p er P assenger. A verage N o o ) P a ssen gers.

Passengers C a rried .
Year.
1 9 0 1 ______________________________
1902 ................................................. .........
1903 ________________________________
1904 - _____________________________
1905 ...........................................................
1906 ________________________________
1907 ---------------------------------------------—
1908 ....................- ..............- ..............
1909 _____ .. . ------------ --------------1 9 1 0 ________________________________

A verage
M ilea ge
O perated.

N u m ber.

M ile a g e .

3 ,7 7 2 .3 7
3,9 3 5 .9 3
6 ,9 7 8 .4 3
7,2 0 5 .1 4
7 ,231.91
7 .2 1 8 .0 7
7 .7 8 0 .2 6
7 ,9 6 9 .5 3
8 ,0 2 6 .3 8
8 ,0 4 3 .5 9

7 ,6 3 3 ,7 2 6
8 ,3 1 5 ,3 2 5
10,595,130
1 1 ,536,847
1 2 .065,685
13,721,273
15,382,399
16,960,747
18,743,022
20,1 3 7 ,4 0 9

3 0 5 ,8 2 6 ,8 1 9
3 8 2 ,1 7 5 ,6 3 0
5 1 2 ,0 9 4 ,4 7 5
514 ,1 0 8 ,8 3 2
552 ,9 0 3 ,8 9 7
64 6 ,1 6 6 ,5 5 3
7 2 5 ,2 3 3 ,5 0 6
88 1 ,9 9 1 ,3 4 4
952 ,679 066
1 ,0 1 6 ,3 8 5 ,2 5 9

D is ­
tance.

R even u e.
$ 6 ,5 5 1 ,5 0 9
8 ,3 2 0 ,9 2 2
11,490,543
1 1,697,033
12,050,781
13,9 1 7 ,0 3 0
16,153,539
1 6,693,110
17,883,378
1 9,378,174

77
21
53
15
44
64
42
45
99
27

40 .0 6
45 .9 6
48.3 3
44 .5 6
45.82
47 .0 9
47 .1 5
52.00
50.83
50.47

R ate per * P e r T ra in
M ile .
M ile . Cents
2.14
2.18
2.24
2.28
2.18
2 .1 5
2.23
1.89
1.88
1.91

40 .7 2
46 .7 5
39.58
39.7 4
40.52
43.7 7
42 .7 7
52.10
55.34
54.31

a P e r C ar
M il e .
8.41
9.71
8 .4 2
10.40
10.53
11.53
11.08
13.66
14.14
14.46

• The figures In this co lu m n prior to 1910 d iffer s lig h tly fro m th o s e p u b lish e d In p re v io u s re p o rts, th e figu res In p re v io u s r e p o rts h a v in g be e n c o m ­
p u te d w ith o u t In e'u d ln g m ix e d train m iles.
a F rom J u ly 1 1000 to Ju n e 30 1903 th ese figu res a r c a v e r a g e n u m b e r o f passengers per ca r m ile In all passen ger train cars, the flgnrea fo r a v era g e
n u m b e r o f passenger* per ca r m ile In cars c a r r y in g passengers n o t be in g a v a ila b le .




THE COLORADO & SOUTHERN RAILWAY COMPANY.
ELEVENTH

ANNUAL

REPORT— FOR

D e n v e r , C o lo ., J u l y 1 st 1910.
M r . D . M ille r , P r e s id e n t , C h ic a g o , III.
D e a r S i r — I herew ith s u b m it th e re p o rt fo r th e fiscal y e a r
e n d e d J u n e 3 0 1 9 1 0 , w hich re p o rt c o m b in e s th e o p e r a tio n s
a n d a ffa irs of the lines o p e ra te d b y th e c o m p a n ie s n a m e d ,
a n d w h ich are herein d e sig n a te d as th e “ C o lo ra d o & S o u th e rn
L in e s ” :
R E V E N U E S A N D E X P E N S E S O F A L U R O A D S C O M P R IS I N G
C O L O R A D O
& S O U T H E R N L IN E S F O R Y E A R S
E N D IN G J U N E 3 0 T H .
1910.
$ 1 2 ,0 4 0 ,8 2 8
3 .9 1 8 ,0 9 2
170,391
3 24 ,657
3 2 4 ,0 0 9

TH E

O pera ting R even u es.
1909.
3 9 ____________________ F r e ig h t--------------------------------- $ 1 0 ,6 0 0 ,7 4 3 01
9 8 .......................
P a s s e n g e r -3 ,7 5 6 .6 9 4 54
8 2 _______________________ Mall-----------------------------------169,460 84
6 6 .................................... E x p r e s s ...............- - .............. - 266 ,644 76
8 8 _________ O th e r O p e ra tin g R e v e n u e s --------------286 ,869 02

................
T o t a l ....................................... $1 5 ,0 8 0 ,4 1 2 17
O perating E x p en se s .
7 6 ____ M ain ten an ce o f W a y an d S tr u c tu r e s ------- $ 2 ,1 6 2 ,5 6 0 10
6 6 _________ M ain ten an ce o f E q u ip m e n t_________
2 ,4 4 7 ,9 0 6 42
16________________T r a ffic E x p e n s e s _______________
277 ,663 79
2 1 ___________T r a n sp o rta tio n E x p e n s e s ---------------4 ,8 1 1 ,8 5 1 02
50 0 .472 1 9 _______________ G eneral E x p e n s e s ----------------------525 ,706 28

$ 1 6 ,7 7 7 ,9 8 0 7 3 .
$ 2 ,1 8 8 ,6 4 4
2 .5 2 1 .2 7 2
274 ,271
5,3 7 8 ,7 9 4

$1 0 ,8 6 3 ,4 5 4 98 ........ ........................... . T o t a l ...........................

.$
1 0 ,2.....................
2 5 ,6 8 7 61
.........

$ 5 ,9 1 4 ,5 2 5 7 5 ___________N et O p e ra tin g R e v e n u e .................. .. $ 4 ,8 5 4 ,7 2 4 56
D r.
D r.
D r.

N et D eficit from O utside O pera tions.
$4,083 0 5 ....................................... H o t e ls ..............- ........................O r.
2,4 7 7 2 0 ______ ______ _____S to c k Y a r d s ...................... ............D r.
15,763 3 4 ............................... D in in g C a r s ...................................D r.

$2,406 39
21 80
4,7 0 6 71

™
D r. $22 ,323 5 9 . ........................... 'T otal - - - - - ............................. ............D r 4 7 7 ,8 6 9 6 4 ________________ T a x e s A c c r u e d ------------------------393 ,9 0 6 76
S5 4 14 332 52

.......................O p e ra tin g I n c o m e ----------------------R e n ts B a la n ce , In c o m e from S ecu rities
2 3 7 ,3 6 7 7 5 _____ o w n e d , O th er In c o m e an d In te r e s t---------

$4,4 5 3 ,6 8 2 90
466,701 78

$ 5 ,6 5 1 ,7 0 0 2 7 ___________G ross C o rp o ra te I n c o m e ----------------- $ 4 ,9 2 0 ,3 8 4 68
D ed uctions from G ross Corporate in co m e.
In terest (on B on d s, D eferred R e n ta ls an d
3 2 .6 6 5 .0 0 8 7 9 .......................E q u ip m e n t L e a se s ).......................... $2,6 8 3 ,6 8 2 13
35,0 5 8 19________________ S in k in g F u n d s --------------------------37,843 38
$ 2 ,7 0 0 ,0 6 6 9 3 _______________T o t a l D e d u c tio n s ----------------------- $ 2 ,7 2 1 ,5 2 5 Svl
$ 2 ,9 5 1 ,6 3 3 2 9 ____________ N et C o rp o ra te I n c o m e ------------------- $ 2 ,1 9 8 ,8 5 9 17
D ivid en d s.
__
$340 000 00 _____ 4 % F irst P referred S to c k 4 % ...............
$34 0,00 0 00
3 4 0 .0 0 0 0 0 _______ 4 % S e co n d P referred S to c k 4 % ..............
? ™ ’ nnn no
6 2 0 .0 0 0 0 0 ___________2 % C o m m o n S to c k 2 % ----------------6 20 ,000 00
$ 1 ,3 0 0 ,0 0 0 00

$ 1 ,3 0 0 ,0 0 0 00
$ 1 ,6 5 1 ,6 3 3 2 9 -

Su rplu s ____________________

$ 8 9 8,85 9 17

T h e C o lo ra d o & S o u th e rn R a ilw a y C o m p a n y o w n s a b e n e fi­
cial in te re st in o n e -h a lf o f the to ta l C a p ital S to c k of T h e C o lo ­
ra d o M id la n d R a ilw a y C o m p a n y a n d a lso o w n s o n e -h a lf o f the
C a p ita l S to c k o f T h e T r in ity & B r a z o s V a lle y R a ilw a y C o m ­
pany.
T h e resu lts o f th e o p e r a tio n s o f th o se p ro p e rtie s for
th e j'e a r s e n d e d June 3 0 th are:
1910
$132 293 19 (D eficit) T h e C o lo . M id lan d R y . C o . (D e ficit)
’
T h e T r in ity & B ra zos V a lle y R y . C o.
9 3 3 ,4 3 6 01 (D eficit)
(D e ficit)

1909.
$47 ,086 74
902 ,023 85

$ 1 ,0 6 5 ,7 2 9 20 (D e fic it )......................... T o t a l .......................... (D e ficit) $94 9,11 0 59

D e d u c tin g o n e -h a lf o f this d e fic it fro m th e su rp lu s o f th e
C o lo ra d o & S o u th e rn L in e s, th e resu lt is:
$ 1 ,1 1 8 ,7 6 8 69 (Surplus) C o lo r a d o & S o u th e rn S ystem (Surplus) $42 4,30 3 88

T h e p e rc e n ta g e o f O p e ra tin g R e v e n u e s req u ired for
O p e ra tin g E x p e n s e s w as 6 4 . 7 5 % , a s c o m p a re d w ith 6 7 . 8 1 %
in th e p re v io u s y e a r , a n d th e p r o p o r tio n o f In c o m e required
fo r in te re st w a s 5 0 . 5 5 % a s c o m p a re d w ith 5 4 . 5 4 % in th e
p re v io u s y e a r .
M I L E A G E J U N E 30 1910.
Standard
Colorado & Southern Ttailtcav—
G auge.
N o rth and W e s t o f D e n v e r :
in
F o r t C ollin s D is tr ic t...................
140.31
C lear Creek D is tr ic t................
15.40
P la tte C a n von D is tr ic t........ ............................
6.23
L e a d v llle D is tr ic t.............................................. - ...........
G un n ison D is tr ic t............................................... - - - - - ­
W y o m in g D is tr ic t..............................................
153.68

N arrow
G auge.
50.70
96.13
74.36
163.64

T otal.
140.31
06.10
102.36
74.36
163.64
153.08

T o t a l _____________________________________
S ou th o f D en v er:

315 .62

700 .4 5

Pueblo D istrict---------------------------------------

134.05

T r in id a d D t s t r l c t --------------------------------------N ew M e x ico D i s t r i c t ---------------------------------

®J|.33
150.13

134 .05
55.33
150.13

T o t a l ____ _______ ___________ ___________
C o lo ra d o Railroad"! op era te d b y T lic C o lo ra d o
& S ou th ern R a ilw a y C o m p a n y ---------------; W a ls e n b u rg * W estern R a ilw a y , o p e r a te d
b y T h e C o lo ra d o & S ou th ern R a ilw a y
C o m p a n y ---------------------------------- -- - - - - ■
------L in es O p era ted U nder T ra ck a g e R ig h ts :
D e n v e r & R io G rande R a ilr o a d --------------U n ion P a clflo R a il r o a d ---------------------- —

330.51

339.51

37.79

41 .5 5

l - 35
•J3 -65
i o o .J j

58.65
100 .35

T o t a l ____________________________ - _______
8 59 .27
D en ver A Interurhan R ailroad----------2 8 .7 9
C olorado S p rin gs & C rip p le Creek. D istrict
per* R a i l w a y ____________________________________
™ .Z 4
F ort W orth <* D en ver C ity R a ilw a y....................... 454 .14
W ichita V a lley Lines—
„„
i W ic h ita V a lley R a ilw a y ------------------------------52.20
i. W ic h it a Falls & O k la h om a R a ilw a y ----------2 2 .8 0
/ W ic h ita V a lley R a il r o a d - ...................
60.7 0
U S ta m fo rd & N orth w estern R a ilw a y -----------8 2 .5 0
s*. A b ilen e & N orth ern R a U w a y .............................
38 .7 0
------------—“
T o t a l M llea g w ---------------------------------------- 1 ,6 7 3 .3 4
RU’

1 ,247.86
28.79




74.24
454.14
52.20
22 .8 0
60.70
82.5 0
38.7 0
3 88 .59

2,001 93

THE

F IS C A L

M ileage
M ileage
M ileage
M ileage

in
In
In
In

YEAR

E N D E D J U N E 30 1010.

C o l o r a d o ...................................................
W y o m i n g _____________
N ew M e x i c o _______________________
T e x a s _______________________________

Standard
G otioe.
713.71
165 .30
83.2 9
7 11 .04

T o t a l ............................................................................. 1 ,6 7 3 .3 4

N arrow
G auge.
3 8 8 .5 9

Total.
1 ,1 0 2 .3 *
165.30
83.29
711 .04

3 8 8 .5 9

2 ,0 6 1 .0 3

T h is is an in crease o f 8 2 .2 8 m ile s o v e r th e o p e r a te d m ile a g e
o f J u n e 3 0 1 9 0 9 , a c c o u n te d for as fo llo w s :
A d d ed t o " C o lo r a d o & S o u th e rn L in e s " M arch 16 t9 1 0 :
S ta m fo r d & N orth w estern R a ilw a y ________________________________* 2 .5 0 m iles
D e n v e r & In te ru rb a n E x t e n s i o n __________________________________
.95 “
8 3 .4 5 m iles
L ess:
C o lo ra d o & S ou th ern R a ilw a y c h a n g e s_______________ 1.11
C olo ra d o S prings & C ripple Creek D istrict R a ilw a y
c h a n g e s ______________________________________________
.06

1.17 m iles

I n c r e a s e ________________________________________________________ 8 2 .2 8 m iles
B O N D IS S U E S .

D u r in g th e y e a r , R e fu n d in g a n d E x te n s io n M o rtg a g e b o n d s
o f T h e C o lo ra d o & S o u th e rn R a ilw a y C o m p a n y w ere issu ed
to c o v e r e x p e n d itu re s fo r:
R e d e m p tio n o f First M ortg age B o n d s o f T h e C o lo ra d o S prin gs
& C ripple Creek D istrict H allw ay C o m p a n y _________________
$ 6 8 ,0 0 0
R e d e m p tio n o f S e co n d M ortgage B on ds o f T h e C o lo r a d o
S prin gs & C ripple Creek D istrict R a ilw a y C o m p a n y - . ___
194 ,000
S ecu rities o f S ta m fo rd & N orth w estern R a ilw a y C o m p a n y .. 1,6 4 5 ,7 3 8
S e cu ritie s o f F o rt W o rth & D e n v e r C ity R a ilw a y C o m p a n y ..
8,0 5 9

00
00
24
41

$ 1 ,9 1 5 ,7 9 7 65

F r o m p ro ce e d s o f th e sale o f secu rities p le d g ed w ith the
tr u s te e , R e fu n d in g an d E x te n s io n M o rtg a g e b o n d s o f th e
fa c e v a lu e of 8 8 3 ,0 0 0 w ere red eem ed an d c a n c e le d .
O n J u n e 2 0 1 9 1 0 th e sale o f 8 3 ,0 0 0 ,0 0 0 fa c e a m o u n t o f
R e fu n d in g a n d E x te n s io n M o rtg a g e b o n d s from th e C o m ­
p a n y ’s tre a su ry w a s a u th o r iz e d .
T h e s e b o n d s w ere d e liv e re d
a n d p aid fo r , 8 1 ,0 0 0 ,0 0 0 in J u n e a n d $ 2 ,0 0 0 ,0 0 0 in J u ly 1 9 1 0 ;
the p ro ce e d s re im b u rse d th e tre a su ry for e x p e n d itu re s th e re ­
to fo re m a d e for im p r o v e m e n ts a n d new lin e s.
T H E T R IN IT Y

& BRAZO S V A L L E Y R A IL W A Y .

D u rin g th e y e a r th e d eficit fr o m o p e r a tio n s w as m a d e up
e q u a lly b y T h e C h ic a g o R o c k Isla n d & P acific R a ilw a y C o m ­
p a n y a n d T h e C o lo ra d o & S o u th e rn R a ilw a y C o m p a n y .
A d v a n c e s w ere a lso m a d e to ta k e care of needed im p r o v e ­
m e n ts an d in s ta llm e n ts on leased e q u ip m e n t.
C o n stru c tio n
o f th e new p assen g er te rm in a ls a t H o u s to n h a s p ro gressed
a n d will be c o m p le te d w ith in a few m o n th s
THE DENVER

& IN T E R U R B A N

R A IL R O A D .

T h e re w a s n o th in g d o n e on T h e D e n v e r & In te r u r b a n
R a ilro a d o v e r a n d b e y o n d th e b u ild in g o f .9 5 m iles of tra ck
in th e C ity o f F o rt C ollins to c o m p ly w ith the fra n c h ise g iv e n
b y th a t c ity .
T H E STAM FO RD

& N O R TH W E ST E R N R A IL W A Y .

M e n tio n w a s m a d e la st y e a r o f the c o n s tr u c tio n o f the
S ta m fo r d & N o r th w e s te r n R a i lw a y , w h ich w as b e g u n in
J a n u a ry 1 9 0 9 .
O n S e p te m b e r 1 5 th 1 9 0 9 o p e r a tio n s fro m
S ta m fo r d to J a y to n w ere b e g u n , a n d o n O c to b e r 2 5 th 1 9 0 9
th e ro ad w as c o m p le te d fr o m J a y to n to S p u r , m a k in g a
to ta l m ile ag e o p e r a te d , S ta m fo r d to S p u r , o f 8 2 .5 m ile s .
IM P R O V E M E N T W O R K ,

R efe ren ce w as m a d e la s t y e a r to th e p ro g ra m a d o p te d o f
s u b s titu tin g p e r m a n e n t b rid g e s for w o o d e n o n e s , a n d th a t
sa m e p ro g ra m h a s b e e n carried o u t d u rin g th e y e a r .
The
e x c e ss co st o f such new s tru c tu re s o v e r th e c o st o f rep la cin g
in k in d the e x is tin g on es h a s b een charged to “ A d d itio n s an d
B e t t e r m e n t s ,” an d a m o u n te d to $ 8 6 ,5 1 8 8 2 on th e C o lo ra d o
& S o u th e rn R a ilw a y a n d $ 8 5 ,7 3 5 3 5 o n th e F o r t W o r t h &
D e n v e r C ity R a ilw a y .
O n th e F o r t W o r t h & D e n v e r C ity R a ilw a y th e w o rk o f
b a lla stin g w as c o n tin u e d d u rin g th e y e a r .
T h e re w ere
e x p e n d e d $ 2 2 8 ,5 8 9 6 0 , re p rese n tin g 6 0 .0 5 m ile s o f rock
b a lla s t a n d 1 .3 1 m ile s of gra v e l b a lla s t, or 6 1 .3 6 m ile s . T h is
m a k e s u p to June 3 0 t h 1 9 1 0 3 6 2 .6 7 m ile s b a lla s te d w ith rock
a n d g r a v e l.
O n th e C o lora d o & S o u th e rn R a ilw a y , o n th e P la tte C a n on
D is tr ic t, 1 3 .7 4 m ile s, a n d on th e G u n n iso n D istr ic t 6 .3 6 m ile s,
o f 5 6 -p o u n d steel w ere la id , rep la c in g 4 0 -p o u n d s te e l, a,nd
there w ere 21 m iles o f new 8 5 -p o u n d steel la id , rep la cin g
6 5 -p o u n d ste e l, on the F o rt C o llin s D is tr ic t: n a m e ly , b etw e e n
m ile s -p o s t 4 4 a n d m ile -p o s t 51 a n d b e tw e e n m ile -p o s t 6 0
a n d m ile -p o s t 7 4 .
O n th e F o r t W o r t h & D e n v e r C ity R a il­
w a y there w ere 1 8 .5 8 m ile s o f 8 5 -p o u n d steel laid b e tw e e n
m ile -p o s t 1 2 0 .7 4 a n d m ile -p o s t 1 3 9 .3 2 .
T h e d ifference
b e tw e e n th e v a lu e o f th e steel laid a n d th e steel released w as
charged to “ A d d itio n s a n d B e tte r m e n ts ” , a n d a p p e a rs in
s ta te m e n t o n p ag e 16 [p a m p h le t].
B y a g re e m e n t w ith th e C ity o f D e n v e r , b y w hich ce rtain
stre e ts w ere a b a n d o n e d , it w a s arran g ed th a t th e ra ilw a y
c o m p a n ie s w h ose tra c k s crossed T w e n tie th S tre e t sh o u ld
c o n tr ib u te to a v ia d u c t, th e p ro p o rtio n to b e p aid b y each
ro ad b e in g b ase d o n th e a m o u n t o f a b u ttin g p ro p e rty
ow ned.
T h e C o lo ra d o & S o u th e rn R a ilw a y C o m p a n y 's
p ro p o rtio n w a s e s tim a te d to b e $ 1 6 5 ,0 0 0 .
L ast year T he
C o lo ra d o & S o u th e rn R a ilw a y C o m p a n y p a id $ 2 3 ,4 4 7 5 4
an d th is y e a r $ 5 0 ,6 7 5 8 0 .
T h e v ia d u c t w ill p r o b a b ly b e
c o m p le te d d u rin g th e e n su in g y e a r .

B y a g r e e m e n t also w ith th e C ity o f D e n v e r , a s u b w a y a t
W e s t A la m e d a A v e n u e w as a rran g e d fo r , T h e C o lo ra d o &
S o u th e rn R a ilw a y C o m p a n y ’s p ro p o rtio n b e in g $ 2 5 ,0 0 0 .
I n the p a s t fiscal y e a r T h e C o lo ra d o & S o u th e rn R a ilw a y
C o m p a n y p aid $ 2 , 8 1 1 2 4 to w a rd th e c o n str u c tio n o f this
su b w ay.
T h e s u b w a y w ill be c o m p le te d d u rin g th e en su in g
year.
_
In J u ly 1 9 0 9 a r ra n g e m e n ts w ere m a d e w ith th e C ity of
C h ey e n n e w h e re b y a fran ch ise w as g r a n te d acro ss certain
s tre e ts in order th a t th e C o lo ra d o & S o u th e rn R a ilw a y m ig h t
m a k e a con n e c tio n w ith th e C h icago B u rlin g to n & Q u in c y
R a ilro a d a t C a p itol A v e n u e .
P r o p e r ty w as b o u g h t a lo n g
th e a lle y b e tw e e n F ifte e n th a n d S ix te e n th S tre e ts from
C a p ito l A v e n u e to a c o n n e c tio n w ith T h e C o lora d o & S o u th ­
ern R a ilw a y C o m p a n y ’ s tr a c k , th e c o st o f w hich a m o u n te d
to $ 1 9 6 ,4 2 1 3 3 , a n d a tra ck is now b e in g laid on th e p ro p e rty
so p u r c h a se d , a n d in A u g u s t o f this y e a r c o n n e c tio n w as
m a d e w ith th e C h ic a g o B u rlin g to n & Q u in c y R a ilr o a d .
In
G re e le y T h e C o lo ra d o & S o u th e rn R a ilw a y C o m p a n y p u r­
ch ase d p r o p e r ty to th e a m o u n t o f $ 1 0 0 ,1 2 0 6 0 for th e p u r­
p o se o f m a k in g c o n n e c tio n w ith th e C h ic a g o B u r lin g to n &
Q u in c y R a ilro a d an d a lso for e x te n d in g y a rd ro o m an d
fa c ilitie s a t th a t p o in t.
B e c a u se o f th e c o n g estio n o f b u sin ess b e tw e e n P u e b lo an d
W a ls e n b u r g , b e tw e e n w hich p o in ts th e C o lora d o & S o u th e rn
R a ilw a y h a s jo in t facilitie s w ith th e D e n v e r & R io G ra n d e
R a ilr o a d , T h e C o lora d o & S o u th e rn R a ilw a y C o m p a n y ,
th ro u g h T h e C o lo ra d o R a ilro a d C o m p a n y , e n tered in to an
a g re e m e n t w ith T h e D e n v e r & R io G ra n d e R a ilro a d C o m p a n y
on M a y 1 4 th , w h e re b y each c o m p a n y sh o u ld b u ild a line for
itself an d en te r in to jo in t use of th e tw o tra ck s as a d o u b le
line o f railroad b e tw e e n S o u th e rn J u n c tio n an d W a ls c n b u r g
J u n c tio n .
C o n tra c ts w ere le t fo r th e b u ild in g o f th e lines
a n d w ork is p ro gre ssin g as ra p id ly as p o ssib le .
T h is d o u b le
tra ck will n o t b e c o m p le te d b e fo re S e p te m b e r 1 9 1 1 , b u t it is
h o p ed th a t p o r tio n s o f su ch tra ck m a y b e so b u ilt th a t th e y
m a y b e used a t a m u c h earlier d a te .
NEW

E Q U IP M E N T .

T h e increased a m o u n t o f b u sin e ss on T h e C o lo ra d o &
S o u th e rn L in e s called fo r th e fo llo w in g ord er of e q u ip m e n t:
T h e C o lo ra d o & S ou th ern R a ilw a y :
5 S. <1. S w itch in g L o c o m o tiv e s fo r d e liv e ry O c to b e r 1910.
5 S. G . M ik ado T y p e F reight L o c o m o tiv e s fo r d e liv e ry D e ce m b e r 1910.
5 S . O . P a cific T y p e P assenger L o c o m o tiv e s fo r d e liv e ry D e ce m b e r 1910
1 D in in g F ar for d e liv e ry S e p te m b e r 1910.
500 D u m p G on d ola Cars (all steel) fo r d e liv e ry O cto b e r 1910.
300 B o x Oars fo r d e liv e ry June 1910.
250 D u m p in g S to c k Cars fo r d e liv e ry S e p te m b e r 1910.
F o r t W o r th & D en v er C ity R a ilw a y :
2 S. G . S w itch in g L o c o m o t iv e s fo r d e liv e ry O cto b e r 1910.
5 P a cific T y p e Passenger L o c o m o t iv e s fo r d e liv e ry D e ce m b e r 1910.
4 B aggage Cars fo r d e liv e ry N o v e m b e r 1910.
200 S tock Cars fo r d e liv e ry Jun e 1910.

D e liv e rie s of (ho a b o v e e q u ip m e n t c o m m e n c e d in J u n e 1 9 1 0
an d h a v e c o n tin u e d sin ce th a t d a te .
In a d d itio n there are b e in g b u ilt a t th e sh o p s o f the
C o lo ra d o A S o u th e rn R a ilw a y in D e n v e r :
125
50
15
50

N.
N.
S.
N.

G . B o x Cars.
Q . S to c k Cars.
G . C a b oose Cars.
G . Coai Cars.

T h e c o n str u c tio n o f th ese e a rs is n early c o m p le te d a t this
tim e .
All of this e q u ip m e n t is to be paid for in cash o u t o f fu n d s
d e rive d from th e sale o f R e fu n d in g a n d E x te n s io n M o rtg a g e
b on d s.
R e s p e c tfu lly s u b m it t e d ,
A. D. PARKER,
V ic e - P r e s id e n t .
BALANOB

SH EET

JUN E

30

C o st of R o a d & E q u ip m e n t, In c lu d in g D isc o u n t on Se c u ritie s 583,050 380
5.051,333
Im p r o v e m e n t s ..................... .......... ...................................
N e w E q u ip m e n t .................... ............................................_
9,132.634
R e fu n d in g a n d E x te n sio n M o rtg a g e B o n d s of the C o lo ra d o &
S outhern R a ilw a y C o. In T re a su ry , p a r value _________ . . .
2 ,0 0 8 ,7 8 0
F irst M o rtga ge B o n d s of F o rt W o r t h & D e n v e r T e rm in a l R y .
C o. In T rea su ry, par v a lu e .......................................................... .......
4 2 8 .0 0 0

Current Assets —

M a te ria ls a n d S u p p lie s ___________ ______ —

05
90
06
83
00

65
71
60
72
72

4 ,9 7 6 ,3 1 9 92

Construction and Improvement Advances to
Subsidiary I.lnes —
521 ,306
8 ,239
98 ,553
6 ,884
225 ,108
193 ,207
15 ,525
44 ,554
12 ,595




T otal.

B onds—
T h e T r in ity & B razos V a lle y R y . C o . F irst
M ortgage B o n d s ---------------- ----------— .............. $ 8 ,7 6 0 ,0 0 0 00
O th er B o n d s ___________________________________
9 7 ,0 0 0 00
8 ,8 5 7 ,0 0 0 00
M iscella n eou s—
T h e T r in ity & B razos V a lle y R y . C o . C ertfs. o f In d e b te d n e s s

1 ,994,641 41

T o t a l ......................................................................................................... .$ 1 5 ,9 3 6 ,4 4 1 41
ENDED

O perating R evenu es—
F r e i g h t .......... ................... .$ 1 2 ,0 4 0 ,8 2 8 39
P a ssen ger ______
__ .
3,9 1 8 ,0 9 2 08
O th er O p er. R e v e n u e s . .
8 19 ,059 36

T h is
Y ea r.
71.78
23.31
4.91

la st
Y ea r.
70.29
24.91
4 89

In crea se ( + )
or
D ecrease (— ).
+ $ 1 ,4 4 0 ,0 8 5 38
+ 161,398 44
+ 96,084 74

T o ta l O p e r. R e v e n u e s $1 6 ,7 7 7 ,9 8 0 73

100 .00

100.00

+ $ 1 ,6 9 7 ,5 6 8 56

13.04
15.03
1.64
32.06
2.98

14.34
16.23
1.84
31.91
3.49

+ $26 ,084
+ 78,3 6 6
— 3,392
+ 5 66 .943
— 25,2 3 4

M ain ten an ce o f W a y and
S tru ctu res -------" .. . . $2,1 8 8 ,6 4 4
M ain ten an ce o f E q u i p . .
2 ,5 2 1 ,2 7 2
T r a f f i c __________________
274,271
T r a n sp o rta tio n ________
5,3 7 8 ,7 9 4
G eneral . . —
.
------500,472

59
2#
04
38
03
60
00
29
64
0 2 2 ,5 1 5 85
1,575 42

1 2 ,7 1 8 ,2 8 6 26
$ 1 2 2 ,7 9 1 ,8 9 7 31

76
66
16
21
19

66
24
63
19
09

T o ta l O per. E x pen ses $ 1 0 ,863 ,45 4 98

64.75

67.81

+ $ 6 3 7 ,7 6 7 37

$ 5 ,9 1 4 ,5 2 5 75

35 .2 5

32 .1 9

+ $1,0 5 9 ,8 0 1 19

N et O per. R e v e n u e ____

296,541 93

S p ecial F u n d s—
0 »3 h In H ands o f T ru stees, a p p lic a b le t o re­
d em p tion of B on d s o r p urchase o f p r o p e r ty
Other A s s e ts —
S ecu rities of O th er C o m p a n ie s ---------------------------$1 2 ,3 7 0 ,4 1 7 73
R e fu n d in g and E x ten sion M ortg age B o n d s
held to be a p p rop ria ted fo r Im p r o v e m e n ts
3 47 ,868 53
a n d B etterm en ts, p ar v a lu e ................................

ON

P e r Cent o f
O perating R evenu es.

Accrued In co m e from In v e s t m e n t s ___
$283,368
53
In su ra n c e P a id in A d v a n c e ......................... .
27,920 64
In te re st N o te s, E q u ip m e n t Lease “ P u llm a n " .
90,781 85

A c c o u n t W a ls c n b u rg & W este rn R y
“
F id e lity C o n stru c tio n Co
A lv o rd R R . ...........
T r in it y & B ra zo * V a lie y R y .............
D a lla s T e r m in a ls ____
'
H o u s to n T e rm in a ls.
G a lveston T e r m in a ls........ ...........
E le c tr if ic a t io n _________
*
A d v a n ce S u r v e y s . .
R i g h t of W a y an d T e r m in a l P ro p e rty
fo r N e w L in e s _____

Stocks
F a r V a lu e.
T h e C o lo ra d o M idland R y . C o. P referred S to c k
(ben eficial interest In on e -h a lf o f $ 4 ,9 5 4 ,8 0 0 ,
par v a lu e )______________________________________ $ 2 ,4 7 7 ,4 0 0 08
T h e C o lo ra d o M idland R y . C o. C o m m o n S to c k
(ben eficial Interest In o n e -h a lf o f $ 3 ,4 2 0 ,­
200 00, p a r v a lu e )____________________________
1 ,7 1 0 ,1 0 0 00
T h e T r in ity & B razos V a lle y R y . C o. C apital
S t o c k _________
3 0 3 ,1 0 0 00
T h e G ilpin H R . C o. C apital S t o c k ____________
199.950 09
T h e U n ion D e p o t & R y . C o ., D e n v e r , C apital
S t o c k _________________________________________
8 0 .0 0 0 00
T h e P u e b lo U n ion D e p o t & R R . C o . C apital
2 4 ,120 00
S to c k and S in k in g F u n d ........ ...............
M iscellaneous S t o c k s __________________________
2 9 0 ,1 3 0 09

R E V E N U E S A N D E X P E N S E S F O R T H E F IS C A L Y E A R
J U N K 30 1910, C O M P A R E D W I T H J U N E 30 1909.

82,5 1 5 ,7 7 1 40
1,560,548 52

Deferred Assets—

$ 1 2 2 ,7 9 1 ,8 9 7 31
S T A T E M E N T O F M IS C E L L A N E O U S S E C U R I T I E S C A R R I E D
B A L A N C E S H E E T AS “ S E C U R IT IE S O F O T H E R COM ­
P A N I E S ," A T C O S T V A L U E O F $ 1 2 ,3 7 0 ,4 1 7 73.

$ 5 ,0 8 4 ,8 0 0 00

1910.

ASSETS.

C a s h .................................................... 51,669,798
D u e from In d iv id u a ls a n d C o m p a n ie s_
477,364
D u e from A gents and C o n d u c to rs ---------251,691
D u e from U n ite d Sta te s G o v e rn m e n t...
03,444
U n a d ju s te d P a id C la im s ..............
53,471

L IA B IL IT IE S .
C a pital S tock—
F irst P re fe rre d , T h e C o lo ra d o & S ou th ern
R a ilw a y C o . . . ....................................................... $ 8 ,5 0 0 ,0 0 0 00
S e c o n d P referred . T h e C o lo ra d o & S ou th ern
R a ilw a y C o _____________________________ i
8 ,5 0 0 ,0 0 0 00
&
C o m m o n , T h e C o lo ra d o
S ou th ern R a ilw a y C o ______ $ 3 1 ,0 0 0 ,0 0 0 00
500 00
T h e C o lo r a d o R a ilr o a d C o ____
T h e D e n v e r & In te ru rb a n R a il­
700 00
ro a d C o ____________________ .
C o m m o n , T h e C o lo ra d o Springs
& C ripple Creek D istrict
R a ilw a y C o _________________
900 00
F o rt W o r th & D en ver C ity
R a ilw a y C o ., In clu din g $23 ,­
25.484 00
884 “ S t a m p e d " . . ....................
900 00
T h e W ich ita V a lley R y . C o ___
W ich ita Falls & O k la h om a
900 00
R a ilw a y C o _________________
900 00
W ich ita V a lle y R a ilr o a d C o ___
S ta m fo r d
&
N orth w estern
R a ilw a y C o _________________
900 00
900 00
A bilen e & N orth ern R y . C o ___
F o r t W o r th & D e n v e r T erm in al
R a ilw a y C o ________ _________
3 1 ,8 3 2 ,9 8 4 00
-5 4 8,032.9841 00
F u n d ed D eb t—
F irst M ortgage 4 % B o n d s, T h e C o lo ra d o &
S ou th ern R a ilw a y C o . ..........................................$ 1 9 ,4 0 2 ,0 0 0 00
R e fu n d in g an d E x te n sio n M ortg age 4 H %
B o n d s , T h e C o lo ra d o & Sou th ern R y . C o . . 2 8 ,2 8 8 ,5 4 9 30
F irst M ortgage 5 % B o n d s, T h e C o lo ra d o
S prin gs & C ripple Creek D is trict R v . Co . .
1 ,0 7 1 ,0 0 0 00
First C o n so lid a te d M tge. 5 % B o n d s, T h e C o lo ­
ra d o S prings fc C ripple Creek D istrict R y .C o . 1 ,3 7 0 ,0 0 0 00
F irst M tge. 6 % B o n d s , F o rt W o r th & D e n ve r
C ity R a ilw a y C o _____________ _______________
8 ,1 7 0 ,0 0 0 00
F irst M tge. 6 % B o n d s , F o rt W o r t h & D e n v e r
7 2 8 ,0 0 0 00
T erm in al R a ilw a y C o _____ ______ ___________
5 0 ,5 0 4 .5 4 9 36
E q u ip m e n t B o n d s, Series “ A ” , T h e C o lo ra d o
<S» S ou th ern R a ilw a y C o _____________________
$720,000 00
E q u ip m e n t L ea se, Series " P u llm a n .’ ' T h e
C o lo ra d o & S ou th ern R a ilw a y C o ., D eferred
R e n ta ls ........................ ..................... ................. ..
151.122 50
E q u ip m e n t L ea se, Series " A , ” F o rt W o r th &
D e n v e r C ity R y . C o ., D eferred R e n ta ls ------3 1 2 ,0 0 0 00
E q u ip m e n t L ease, Series “ B , " F o rt W o r th <fc
D e n v e r C ity R y . C o ., D eferred R e n ta ls ------260,000 00
E q u ip m e n t L ea se, Series “ P u llm a n ,” F o rt
W o r th & D e n v e r C ity R y . C o ., D eferred
R e n ta ls ____________
505 ,008 40
E q u ip m e n t L ea se, Series “ 1 90 8,” F o r t W o r th
& D e n ve r C ity R y . C o . , D eferred R e n t a ls ..
7 8 ,0 0 0 00
2 ,0 8 2 ,1 3 0 90
C urrent L iabilities—
V o u c h e r s .....................
$ 1 ,1 2 5 ,7 8 9 97
P a y R o lls ______________
632 ,054 69
F oreign R o a d s — T r a ffic B a la n c e s _____________
143,774 77
In terest on B on d s D ue an d U n p a id ___________
8 8 ,1 8 7 75
U n claim ed D iv id e n d s _____ __________ ______ —
6,232 00
E q u ip m e n t R e p la c e m e n t R e s e r v e ------------------3 0 4 ,8 2 3 75
In terest G u a ra n ty F u n d S ta m fo rd & N o rth ­
w estern R a ilw a y C o ------------------174,208 09
----- 2 .4 7 5 ,0 7 1 02
D eferred L ia b ilities—
A ccru ed T a x e s ____ ____________________________
$ 3 0 9,10 5 12
A ccru ed In terest n o t ye t d u e __________________
598 ,575 27
A ccru ed fo r R e n e w a l o f E q u i p m e n t . . .............387 ,301 22
90,781 85
E q u ip m e n t" Lease “ P u llm a n ” In te re st N o te s
1,3 8 5 ,7 6 3 46
9 ,2 7 1 ,3 9 8 57
P ro fit and L o s s , B a l a n c e . . ___________________________________

O utside O pera tion s, N et
H o t e l s ---------------------- D r.
S to c k Y a r d s ............... D r.
D in in g C a rs--------- . . D r .
N et
D e ficit,
O u tside
O p e ra tio n s -------------------

$4,083 05
2 ,4 7 7 29
15,763 34

+ $1,6 7 6 66
+ 2 ,4 5 5 40
+ 11,056 63

$22 ,323 59

.13

.05

+ $15 ,188 69

T o ta l N et R e v e n u e .. . . $5,8 2,202 19
T a x e s A c c r u e d --------------4 7 7 ,8 6 9 64

35 .1 2
2.8 5

32.14
2.61

+ $ 1 ,0 4 4 ,6 1 2 50
+ 8 3 ,9 6 2 88

O p era tin g I o c o m e ...........$ 5,4 1 4 ,3 3 2 52
32.2 7
A v era ge M iles O p e ra te d
2.0 4 2 10 ^ ,2*-..,*:

:

29.53
h.fnSVI

+ $ 9 6 0,64 9 62
+ 62.47

STATEM EN T

O F IN C O M E A C C O U N T F O R T H E F IS C A L
E N D E D J U N E 30 1910.
O p era tin g I n c o m e _________________________________ $ 5 ,4 1 4 ,3 3 2 52
A ddI n te r e s t, D is c o u n t ancl
E x c h a n g e ____________ $ 4 4 ,8 4 9 50
In c o m e fro m I n v e s t m ’ ts 541 ,194 42
--------------------$58 6,04 3 92
L ess—
H ire o f E q u ip m e n t -------$ 2 8 9,35 0 20
R e n ta ls ________________
59,325 97
S in k in g F u n d P rov ision s
u n d er First M ortgage
C. S .& C . C . D .R y .C o .
35,058 19
------------------- 383 ,734 36
------------------2 0 2 ,3 0 9 56

YEAR

O k m im jc r a itl
C O M M E R C IA L E P IT O M E .

F r i d a y N i g h t , O c to b e r 2 8 1 9 1 0 .
E v id e n c e s se e m to m u ltip ly o f a h o p efu l fe e lin g in A m e r i­
c an tra d e a n d a g rad u al increase o f a c tu a l b u s in e s s .
W h a t is
d e scrib e d as c o n s e r v a tiv e o p tim is m p re v a ils in th e iron an d
steel tr a d e .
A ls o , it is o b v io u s th a t th ere is less a p p r e h e n ­
sion in rega rd to p o litics an d the c o u n tr y as a w h ole is b e liv e d to b e on th e u p -g r a d e d e sp ite th e fa c t th a t th e c o s t of
liv in g is still h ig h .
A v a ila b le fo r In tere st an d D i v i d e n d s , . .................................. .$ 5 ,6 1 6 ,6 4 2 08
L e s s — In terest A ccru ed on :
L A R D on th e s p o t has b e e n w e a k e r, o w in g to a d eclin e in
$77 5,84 8 00
F irst M tg e. 4 % B on d s, C. & S. R y . C o _________
the m a r k e t for fu tu re s a n d d u ln e ss o f tr a d e .
P rim e W e s te r n
R e fu n d in g a n d E x ten sio n M tge. 4 M % B o n d s,
1 3 .1 0 c ., M id d le W e s te rn 1 2 .5 0 c . a n d c ity s te a m 1 2 % c . R e ­
C. & S. R y . C o -------------------------------------------------- 1 ,1 1 0 ,8 4 7 00
F irst M tge. 5 % B on ds, C. S. & C. C. D . R y . C o .
8 4 ,199 17
fined lard h a s b e e n d u ll a n d e a s ie r.
C o n t in e n t 1 2 .9 0 c .,
First C on solid ated M tge. 5 % B o n d s, C. S . &
S o u th A m e r ic a 1 3 .6 0 c . an d B ra zil in kegs 1 4 .6 0 c .
T h e sp e c u ­
6 8 ,950 00
C. C. D . R y . C o . . . ______
F irst M tge. 6 % B on d s, F . W . & D .
C.
Ry.
C o . . 490 ,5la
6 0tio
00 n in la rd fu tu re s in the local m a r k e t has b e e n e x tr e m e ly
F irst M tge. 6 % B on d s, F . W . & D .
T.
Ry.
C o . . 18,000 00
d u ll.
A t C h icago th e tra d in g has b e e n a c tiv e , w ith th e tren d
E q u ip m en t B o n d s _________________________________
3 8 ,5 5 0 00
D eferred R en ta ls u n d er E q u ip m e n t L e a se s____
7 4 ,079 57
o f p rices d o w n w a r d , o w in g to w e ak n e ss a t tim e s in th e m a r ­
O th er O b lig a tio n s _________________________________
3,0 0 9 37
k e t for live h o g s , e x p e c ta tio n s of a m a te ria l in crease in th e
P a y m en t b y F . W . & D . C. D y . C o. u nd er
" S t a m p e d S t o c k ” a g reem en t o f O ct. 12 1 8 9 5 .
965 68
liv e -h o g m o v e m e n t in th e near fu tu re a n d d u ln e ss on s p o t .
------------------------ 2 ,6 6 5 ,0 0 8 79

N et C orp ora te I n c o m e fo r F iscal Y e a r E n d ed Ju n e 30 1 9 1 0 .. $2,9 5 1 ,6 3 3 29
D iv id e n d s Paid on :
F irst P referred S t o c k , C. & S. R y . C o .:
D iv id e n d N o. 16. paid O c t . 1 1909 ............. $17 0,00 0 00
D iv id en d N o . 17, paid A p r. 1 1 9 1 0 _______
170,000 00
S econ d P referred S t o c k , C. & S. R y . C o .:
D iv id en d N o. 6, paid O ct. 1 1909 .............
170,000 00
D ivid en d N o .
7, paid A p r. 1 1910 ----------170 ,000 00
C om m on S t o c k , C. <5c S. R y . C o .:
D iv id en d N o . 2, p aid D e c. 18 1 9 0 * ..........
6 20 ,000 00
----------------------- 1 ,3 0 0 ,0 0 0 00
S u rplu s fo r the Fiscal Y e a r E n d e d Jun e 30 1910, C arried to
P rofit an d L o s s ............... ................................................. .................$ 1 ,6 5 1 ,6 3 3 20
S T A T E M E N T O F P R O F IT AN D LO SS A C CO U N T.
B alan ce to C redit o f P rofit & L oss Jun e 30 1 9 0 9 .$ 7 ,5 6 7 ,8 4 0 19
A ccount
S in k in g
F u nd
P r o v is io n s , C. S. & C.
C. I). R y . C o. 1st M t g e .$35 ,058 19
S u n d ry C r e d its ...................... 29,732 88
----------------- $84 ,791 07
L ess:
U n c o lle c tib le A c c o u n t s ___ $4,740
75
P r o p e r t y A b a n d o n e d ____
6,117 98
P rem iu m s P a id on B on d s
11(^dcQnicd q ^ ^ q q
D . R y . C o’. 1st M tg e ’. - . ' 2,0 1 6 25 12,874 98
51,016 09 7 ,6 1 9 ,7 6 5 28

Balance to Credit of Profit and Loss June 30 1910_________ $ 9 ,2 7 1 ,3 9 8 57
W h itn e y
C o m p a n y , N o r th C a r o lin a .— S a l e
O r d e r e d .—
J u d g e P ritc h a rd in th e U . S . C ircuit C o u r t, A s h e v ille . N . C .,
on O c t . 2 0 con firm e d th e re p o rt m a d e b y S pecial M a ste r
A . P . P rice a n d ordered the foreclosu re sale o f th e p r o p e r ty
Tlie sale w as ord ered at the suit o f the B ankers T ru st C o ., as tru stee,
und er the first m ortg a g e , an d A. O . Brow n & C o. o f New Y o r k , b o n d h o ld e rs ,
an d T . A. G illespie & C o. o f N ew Jersey, on m e ch a n ics’ liens. T h e first
m ortg a g e b on d s w ith interest, it is said, since an d Inclu din g M ay 1 1908,
a m o u n t to $ 5 ,4 0 6 ,7 5 0 , and the G illespie claim to $ 34 4,97 6, w hile the fees
an d exp en ses w ill a m o u n t to $12 5 ,0 0 0 .
G eorge I. W h itn e y w as q u o te d In
J a n u a ry 1909 as sta tin g th at the c o m p a n y ’s enterprises w ere a b o u t 8 0 %
co m p le te d .
In M ay 1909 the G eneral E lectric C o. ad v e rtise d fo r sale at
a u c tio n $17 8 ,0 0 0 1st M. b o n d s pled ged to secure a d e fa u lte d 6'% note o f
$12 9 ,2 4 6 , on w h ich $29,246 had been paid; also e q u ip m e n t fo r w h icli the
sam e w as g iv en .
T h e n ow b a n k ru p t firm o f A . O . Brow n cla im ed in 1908
to h ave a d v a n c e d $ 1 ,0 0 0 ,0 0 0 to the c o m p a n y on a c c o u n t o f w h ich th e y held
$ 1 ,8 0 0 ,0 0 0 o f the b on d s.
An a c c o u n ta n t e m p lo y e d b y re ce iv e r Jo h n S. H en derson re p o rte d In
M arch 1908: (1) E x p en d itu re s to Jan . 1 1908 as fo llo w s : Purchase an d im ­
p ro v e m e n ts , 8 1 ,5 6 3 ,4 5 7 ; W h itn e y U R ., $ 14 9,11 4; p o w e r plan t co n s tru ctio n
to T . A. G illespie & C o ., $2 ,8 5 7 ,8 0 5 ; G eneral E lectric C o ., $25 ,000 ; e n g i­
neering, $ 21 ,141 ; p lo ttin g to w n site , $1,706; general m ain ten an ce an d e x ­
pense, $41 3,86 2; tota l e x p e n d t> res, $ 5 ,0 3 5 ,0 8 6 .
(2)
L ia b ilitie s— C apital
s to c k , $9, g 5,000; b o n d s, $4 ,8 4 1 ,0 0 0 ; bills p a y a b le , $ 22 5,51 6; a ccru e d b o n d
In terest, $ 50 ,000 ; a c c o u n ts p a y a b le , $37 ,034 ; to ta l, $ 1 5 ,0 2 8 ,5 5 0 .— V . 87,
p . 1668.

W o o d W o r s t e d M ills C o r p o r a tio n .— S a l e . — See A m e ric a n
W o o le n C o . a b o v e .— V . 9 1 , p . 5 2 2 .

D A I L Y C L O S IN G P R I C E S O F L A R D F U T U R E S IN NP.W YORK.
S a t.
M on.
T u es.
W ed.
T h nrs.
F ri.
I t . 90
11.90
11.87
12.00
N o v e m b e r d e liv e r y _____ 12.00 12.09
Ja n u a ry d e liv e r y ..............1 0 .8 0
10.75
10.70
10.50
10.50
10.65
M ay d e liv e r y ...................... 10.25 10.20
10.20
10.00
10.05
10.20
D A I L Y C L O S IN G P R I C E S O F L A R D F U T U R E S IN CHICAGO.
„
S a t.
M on.
ru es.
W ed.
T h u rs.
F ri.
11.57 4 11.55
11.50
11.50
N o v e m b e r d e liv e r y -------11.67 1* 11.70
J a n u a ry d e l iv e r y ............1 0 . 3 7 4 10.40
1 0 . 2 7 4 1 0 . 1 7 4 10.15
1 0 .1 7 4
M ay d e liv e r y .................... 9 . 7 7 4
9.8 0
9 .7 2 4
9 .7 0
9 .6 7 4
9 .7 2 4

P O R K on the s p o t has ruled s te a d y w ith tra d e q u ie t .
M ess $ 2 0 5 0 @ $ 2 1 , clear $ 2 1 7 5 @ $ 2 2 7 5 a n d fa m ily $ 2 5 .
B e e f h as b een q u ie t a n d s te a d y ;
su p p lie s lig h t.
M ess
$ 1 5 5 0 @ $ 1 G , p a c k e t $ 1 7 @ $ 1 7 5 0 , fa m ily $ 1 9 5 0 @ $ 2 0 an d
e x tr a In d ia m ess $ 3 0 5 0 .
C u t m e a ts h a v e b een q u ie t;
p ic k le d h a m s , re g u la r, w eak er a t 1 3 @ 1 3 > £ c .; p ic k le d b e llie s ,
c le a r, s te a d y a t 1 6 @ 1 8 c . ; p ick led ribs s te a d y a t 1 5 > ^ @ 1 7 c .
T a llo w h a s b e e n q u ie t an d firm a t 7 % c .
S te a rin e s h a v e b e e n
q u ie t; oleo 1 2 ^ @ 1 3 c . an d lard 1 3 > £ c .
B u tte r q u ie t w ith
b e s t g ra d e s in lig h t s u p p ly an d firm er; c re a m e ry e x tr a s 3 0 * ^
@ 31c.
Ch eese q u ie t an d s te a d y ; S ta te w h ole m ilk , large or
s m a ll, c o lo re d , a v e ra g e f a n c y , 1 5 c .
E g g s q u ie t an d s te a d y ;
W e s te rn firsts 2 6 @ 2 7 c .
O I L .— L in seed has b een firm w ith a m o d e ra te tra d e in
sm a ll lo ts .
R e c e ip ts o f seed h a v e b een lig h t.
C ity , raw ,
A m e r ic a n s e e d , 9 7 @ 9 8 c . ; b o ile d 9 8 @ 9 9 c . ; C a lc u tta , ra w ,
$1 0 3 .
C o tto n h as b e e n irregular w ith th e tren d d o w n w a r d
m u c h o f th e tim e , h o w e v e r .
T h e re has b een a g o o d d e m a n d
o f la te , m a in ly fo r foreign a c c o u n t .
W in te r 7 . 6 0 @ 9 c . ;
s u m m e r w h ite 7 . 5 0 © 9 c .
L ard h a s b een q u ie t an d firm ;
p rim e $1 0 2 @ $ 1 0 5 an d N o . 1 e x tr a 6 3 @ 6 5 c .
Cocoanufc
dull a n d firm ; C o ch in l l j ^ c . ; C e y lo n 9 % @ 9 J 'g c . O liv e q u ie t
an d s te a d y a t 9 0 @ 9 5 c . C orn h a s b een easier w ith tra d e a c ­
tiv e ; car lo ts , 2 0 d a y s s h ip m e n t, 6 . 8 5 @ 6 . 9 0 c . C od firm an d
in g o o d d e m a n d ; d o m e s tic 4 2 @ 4 4 c . ; N e w f o u n d l a n d 4 5 @ 4 7 c .
C O F F E E on the s p o t h a s b een q u ie t an d s o m e w h a t e a sier.
R io N o . 7 1 0 % @ 1 0 % c . , S a n to s N o . 4 11 ^ @ 1 1 ^ 0 .
W est
In d ia g r o w th s h a v e b een q u ie t a n d s te a d y .
F a ir to g o o d
C u cu ta 1 2 % @ 1 2 2 4 c .
T h e sp e c u la tio n in fu tu re c o n tr a c ts
h a s b een fairly a c tiv e an d p rice s, a fte r so m e irre g u la rity
e arly in the w e e k , h a v e la tte r ly a d v a n c e d , fo llo w in g an u p ­
w ard m o v e m e n t in th e E u r o p e a n a n d B r a zilia n m a r k e ts .
C losin g p rices w ere as fo llo w s :
O cto b e r . . -8 .8 0 c . IJ a n u a ry . . 8 . 9 5 c . I A p r il.......... .9 .0 6 c . I J u l y ........... 9 .1 3 c
N o v e m b e r ,8 .8 5 c . F eb ru ary .8 .0 2 c . M a y _____ 9 .0 8 c . A u gu st
.9 .1 5 c .
D ece m b e r .8 .9 0 c . |M arch _____ 9 .0 5 c .(J u n e ______ 9 . 10c.| S e p te m b e r 0 .1 6 c .

S U G A R .— R a w h a s d e c lin e d .
T h e d e m a n d fro m refiners
has in creased a t th e lo w er p rice s.
C e n trifu g a l, 9 6 -d e g re e s
— In v iew o f th e a p p r o a c h o f ta x d a t e , a tte n tio n is called
te s t, 3 .8 0 c .; m u s c o v a d o , 8 9 -d e g r e e s te s t, 3 .3 0 c .; m o la s s e s ,
to A . M
K id d e r & C o .’s a d v e r tis e m e n t o f 1 ,0 0 0 shares 8 9 -d e g re e s t e s t, 3 .0 5 c .
R e fin e d h as b e e n q u ie t an d e a s y .
K a n s a s C ity F o r t S c o tt & M e m p h is R y . C o . 4 % preferred
G ra n u la te d 4 . 7 5 @ 4 . 8 0 c .
T e a s h a v e b e e n firm a n d m o d ­
s to c k , w h ich is e x e m p t fro m all t a x .
T h is sto c k h as the e ra te ly a c tiv e .
S p ice s firm w ith a ro u tin e tra d e .
W o o l firm
fe a tu re o f a b o n d a lso in th a t it is du e a n d p a y a b le in O c to b e r w ith a so m e w h a t larger d e m a n d .
H o p s dull an d firm .
1921 at par.
I f held un til th en it is p o in te d o u t th a t the
P E T R O L E U M .— R efin ed h as b een s t e a d y , w ith an in­
in v e sto r will n o t o n ly receiv e 5 % in te re st retu rn on th e in ­ creased d e m a n d fro m d o m e s tic an d foreign c o n s u m e r s .
v e s t m e n t , b u t a lso th e differen ce b e tw e e n p re se n t m a r k e t
B a rre ls 7 .4 0 c ., b u lk 3 .9 0 c . a n d cases 8 .9 0 c .
G a so lin e h a s
and par, ab o u t 2 0 % .
b een in g o o d d e m a n d an d s te a d y ; 8 6 d egrees in 1 0 0 -g a llo n
— A r th u r C . R a y m o n d , for th e p a st tw e lv e y e a rs a m e m b e r
d r u m s , 1 8 % c . ; d r u m s , $ 8 5 0 e x tr a .
N a p h th a b e e n s te a d y
o f th e firm of G e org e A . F e rn ald & C o ., h a s b e c o m e asso cia te d
a n d fa ir ly a c tiv e ; 7 3 @ 7 6 - d e g r e e s in 1 0 0 -g a llo n d r u m s , 1 0 % c . ;
w ith H a y d e n , S to n e & C o . of B o sto n in ch arge o f its b o n d
d ru m s, $8 5 0 e x tr a .
S p ir its o f tu r p e n tin e q u ie t a n d easier a t
d e p a r tm e n t.
M r. R a y m o n d will be asso cia te d w ith E u g e n e
79 % c .
R o sin q u ie t; s te a d y ; c o m m o n t o g o o d stra in e d $ 6 3 0 .
H . M a th e r , p u b lic service c o rp o ra tio n e x p e r t , w h o h a s lo n g
T O B A C C O .— T r a d e in d o m e s tic le a f h a s b e e n o n a m o d ­
e rate scale d u rin g th e w e e k .
Cigar m a n u fa c tu r e r s in m a n y
b e e n e n g a g e d in the c o n str u c tio n a n d m a n a g e m e n t of p u b lic
cases re p o rt the d e m a n d g o o d , b u t there is no d isp o sitio n to
se rvice u n d e r ta k in g s.
a n tic ip a te r e q u ire m e n ts .
C rop re p o rts fro m W is c o n s in h a v e
— H . T . A s h m o r e , fo rm e rly o f A sh m o r e & L u t z , h a s b e ­
b e e n u n fa v o r a b le .
Prices h a v e ruled fir m .
H a v a n a has
c o m e a sso cia te d w ith G u d e , W in m ill & C o ., b a n k e rs , of 2 0
B r o a d S t ., N e w Y o r k C ity , an d C a p ta in A . D . P o rte r o f this m e t w ith an in creased d e m a n d , d e sp ite ra th e r m o re fa v o ra b le
re p o rts fro m C u b a re ga rd in g th e e x t e n t o f the d a m a g e from
c ity h a s a lso b e c o m e a sso cia te d w ith this firm .
— B o e ttc h e r , P o rte r & C o ., D e n v e r , o w n an d offer 6 %
th e re ce n t h u rric a n e .
S u m a tr a h a s b een m o d e r a te ly a c tiv e
c u m u la tiv e p referred sto c k a n d c o m m o n sto c k of th e C ities a n d firm .
T h e la b o r s itu a tio n s h o w s no im p r o v e m e n t .
S e rv ice C o ., the h o ld in g c o m p a n y , w hich w as describ ed a t
C O P P E R h a s b een q u ie t, w ith slig h t ch a n g e s in p rice s.
co n sid e ra b le le n g th in ou r issu e o f S e p t. 1 0 , p . G56.
E x p o r t s h a v e c o n tin u e d s m a ll, w hile im p o r ts h a v e in cre a se d .
— P o r te r , F ish b a c k & C o ., C h ic a g o , in v ite th e a tte n tio n o f
L a k e 1 2 % @ 1 3 c . , e le c tro ly tic 1 2 .6 5 @ 1 2 . 7 0 c . an d c a stin g
in v e sto rs to irrig ation b o n d s w h ich th e y h a v e to o ffe r, an d
12% @12% c.
L e a d h a s b e e n q u ie t an d s te a d y a t 4 . 4 0 @
w h ich th e y re c o m m e n d as c o n s e r v a tiv e a n d h ig h ly re m u n e ra ­ 4 .5 0 c .
S p e lte r has b een firm er a n d m ore a c tiv e a t 5 . 7 5 @
tiv e in v e s tm e n ts .
5 .8 5 c .
Ir o n h a s b e e n m o re a c tiv e .
M a n y sales o f sm a ll lo ts
— H in c k s B r o s. & C o ., B r id g e p o r t, N e w H a v e n an d H a r t ­ h a v e la tte r ly b een re p o rted a n d so m e large tra n sa c tio n s h a v e
fo r d , h a v e issued a c ircu lar e n title d “ S o u th e rn N e w E n g la n d
also b e e n a n n o u n c e d for d e liv e ry d u rin g the n e x t fo u r m o n th s .
T e le p h o n e C o . N e w S to c k s a n d R i g h t s .”
S o m e large c o n tr a c ts h a v e b e e n p la ced b y r a d ia to r a n d s to v e
— A tte n tio n is called to th e list o f se cu rities a d v e rtise d
w o rk s .
N o . 1 N o r th e rn $ 1 5 7 5 @ $ 1 6 ; N o . 2 S o u th e rn
on a n o th e r p a g e b y P ly m p t o n , G a rd in e r & Co
$ 1 5 2 5 @ $ 1 5 7 5 . fJ S tee l b ille ts d iave b e e n jw e a k .




C

O

T

T

O

N

Friday Night, October 28 1910.
T H E M O VEM EN T OF T H E CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening, the total receipts have reached
390,831 bales, against 451,952 bales last week and 400,089
bales the previous week, making the total receipts since
Sept. 1 1910 2,519,282 bales, against 2,826,881 bales
for the same period of 1909, showing a decrease since Sept. 1
1910 of 307,599 bales.
S a t.

R eceipts at—

M on.

N ’ port News, &c.
New Y o rk ----------

W ed.

T otal.

Th urs.

F rt.

17,583 153,610

20,264

41,074

25,753

28,052

7,779
2,137

5’,o i l
2,835

11,919
13,241
4,246

6",073
2,387

13,481
1,517

1,362
4,987
1,378

13,281
50,572
14,500

"8 1
12,688

'1 9 3
13,483

'334
15,572

12,092

"iii
11,209

1 ,12 5
9,483

4,765

4 ’,357

2’,039

3,404

5',076
6,600

'2 8 5
124
2,526
8,515

3,605

3,843
3,713

3,218
4,265

3,096
3,779

3,432
3,162
727

1,874
74,527
5,495
17,855
124
21,191
30,034
727

20,884
Port Arthur-----Texas C ity, & c_.
New Orleans------Mobile
Pensacola_______
Jacksonville, &c.
Savannah ---------B ru n sw ick --------C h arleston -------G eorgetow n____
W ilm in g to n -------

T u es.

—

—
"3 5

"9 8

144
6,897

11

B altim ore---------Philadelphia-------

—
—

—
—

—
—

—

—

Totals this w eek.

55,925

57,819

97,836

56,793

63,412

__

6,897

59,046 390,831

The following shows the week’s total receipts, the total
since Sept. 1 1910, and the stocks to-night, compared with
last year:
S tock.

1910.
R eceipts to
Oct. 28.

T h is
w eek.

S in ce S ep
1 1910.

S in ce S ep
1 1909.

1910.

1909.

924,200
24,700
11,424
320,116
5,627
89,867
29,420
7,689
767,291
127,414
127,531
354
182,493
195,626
1,763
1,314
732
8,969
351

218,156

199,947

69,410
36,945

147,227
5,627
47,291

146,268
5,371
34,285

231,760
30,044
44,937

45,296
13,013

25,134
34,239

103,988
1,701
11,494
2,509

11 O', 120
2,057
3,779
7,267

390,831 2,519,282 429,071 2,826,881

688,436

889,429

,109,536 130,518
22,277
l',445
61,365
205,120 71,962
3,18*
70,369 15,008
3,19*
3,707
1,712
4,905
552,883 101,035
52,396 17,390
112,865 15,182
100
284
162,371 1*,594
141,312 36,821
293
1,537
233
1,295
174
1,620
3,119
15,440
94

Galveston________ 153,610
Port Arthur-------13,281
Texas City, & c ..
50,572
New Orleans-----Gulfport ________
14,566
M o b ile __________
Pensacola-----------1,874
Jacksonville, &o.
74,527
Savannah-----------5,495
B runsw ick.......... .
17,855
Charleston---------124
Georgetown -----21,191
W ilm ington -----30,034
Norfolk---------------727
N ’ port News, ftc.
New Y o r k ---------144
Boston — .......... .
6,897
Baltimore.............
P h iladelphia-----T o ta l............... ..

This
w eek.

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1910.

1909.

1908.

1906.

1905.

Galveston —
Pt.Arthur,& c.
New Orleans.
Mobile --------Savannah ___
Brunswick—
Charleston,&c
W ilm in g to n ..
Norfolk ____
N ’ port N ., &c
All others-------

153.610
13,281
50,572
14.500
74.527
5.4 95
17,979
21,191
30,034
727
8,915

130,518
1,563
71,844
15,008
101,035
17,390
15,282
18,594
36,821
298
11,718

168,898
3,840
92,681
19,198
71,592
14,740
10,724
19,113
27,632
276
11,966

74,700
5,430
*5,410
16,986
88,779
12,128
13,810
23,211
25,533
1,388
9,693

188,151
11,097
96,789
14,794
87,107
7,635
7,412
19,553
27,691
14,542

105,488
3,876
65,484
12,018
£7,489
8,215
10,314
28,871
32,047
171
10,627

Total this w k.

390,831

420,071

440,660

337,068

474,771

344,600

R eceipts at—

1907.

Since Sept. 1 . 2,519,282 2,826,881 2,595,114 1,901,505 2,633,253 2,572,363

The exports for the week ending this evening reach a total
of 295,286 bales, of which 129,641 were to Great Britain,
66,590 to France and 99,055 to the rest of the Continent.
W eek ending Oct. 281 191*. | From Sept. 1 1910 to Oct. 28 1910.
Exported to—
Exported to—
Exports
from.—

Great 1
I ContiBritain. F fn ce. |i nent.

Galveston----Port Arthur__
Texas City. <fec.
New Orleans..
Mobile______
Pensacola----Fernandlna . .
Savannah ----Brunswick___
Charleston —
Wilmington...
Norfolk...........

Great
Britain. 1France.

Conti­
nent.

Total.

44,094 41,975 27,312 113,381
|
ll',919
11,919
26,470 11,793 13,817 52,080
5,773
5,773.
—
—

348,842 120,392
8,411
61,903
85,291 14',280
7,802 2,991
—
3,807

266,259
14,277
1,978!
48,245
5,949
........

735,493
22,688
53,881
147,816
16,742
3,807

15', 182 11,122 11,950 38,254
___
___
1 . . .. :
___ 16,500i 16,500
1O',200
17,417 | 27.617

83,27i 33,587
18,0481 ----6,000 5,000
65,045

99,344
15,566
39,700
57,069
21

216,202
33,614
50,700
112,114
21

........
6 ,6801 11,52# 122,233 38,i37
14C1 6.666
30,281
3,681
6,931
6,288 2.550
—
3,000 | 17,802
—
—

70,507
2,338
23,056
1,400

230,877
32,619
31,894
19,202

" 3,990
5,092
1,007

' 3,990
5,092
1,007

Newport News.

New York----Boston .........
Baltimore___
Philadelphia. .
Portland, Me..
1
1

Portland, Ore.
Pembina........
Detroit...........

Total.

6',937
5,516
1,550 l‘ 700
3,000 ___
—
—
" II
....

___

2*. 145!
607

___

2,14*
507

::::

T o ta l............129.64166,590, 99,056295,28*
Total 1900. . 1*9,09880,321110,851330,270

New Orleans. .
G a lv esto n ------Savannah ------Charleston____
M o b ile ________
N o r fo lk _______
New Y o rk ____
Other ports___

690.*78382,733i

792.4331.865,544

29,906
28,329
56,898

20,555 260.083
26,113 237,500
19,476 302.334

428,353
651,92*
453,35*

1,708
2 , 500
3,000

l",666
18,000

24,786 73,110
18,986 66,431
26,993 102,603

6,500
12,000

Speculation in cotton for future delivery has been active at
widely varying prices. Last Tuesday there was an advance
of 50 to 60 points, followed on the next day by a reaction of
25 to 35 points, which in turn was succeeded by a rise of 30 to
35 points. Southern operators have been large buyers on
threats of frost in the Southwest and also on the ginning re­
port issued last Tuesday by the Census Bureau, putting the
quantity ginned up to Oct. 18 at 5,410,960 bales, against
5,530,967 for the same time last year, 6,296,166 in 1908 and
4,420,258 in 1907. It was assumed that these figures, which
were about 600,000 bales less than some expected, pointed
to a low crop this season, although it is worthy of note that
the ginning up to Oct. 18 last year of 5,530,967 bales, in &
year when the crop was only 10,513,022 bales, considerably
exceeded the ginning in 1906-07, when the total to Oct. 18
was only 4,931,621 bales; yet the crop reached 13,550,760
bales. It is thus apparent that the ginning returns at so
early a date are far from affording any clear insight into the
size of the crop. Possibly it was a more general recognition
of this fact which caused the reaction on Wednesday that
succeeded Tuesday’s speculative outburst. In any event,
there was profit-taking on a sufficient scale, together with
heavy selling by spot interests, to cause, as already in­
timated, a noteworthy setback. The weather, too, at
that time was very generally favorable, and there were
some reports of a falling off in the spot demand. The
South, Wall Street and the West were good sell­
ers. Liverpool advices were less stimulating and the same
was true of those from Manchester. The South was then
described as offering cotton more freely. Later on came
another upturn, owing partly to predicted frosts in the
Southwest, heavy buying by leading Southern operators,
aggressive support of the market and widespread covering
of shorts, with possibly some indications of nervousness in
the December option, in which, if the bullish view is correct,
there is a short interest of some magnitude. Also the spot
demand at the South improved and the spot sales in Liverpool
increased. Some crop reports from the South insisted that
damage had been done by recent frosts. Spot holders at the
South were said to be refusing to recognize the decline of
Tuesday. According to some published reports there is
practically no top crop in Louisiana. Some of the private
mail advices from Liverpool take the ground that supplies
are likely to be inadequate and that there is little hope of
an immediate return of prices to the lower level of former
years, on the round that the crop is not likely to be excessive,
that trade is improving and that foreign supplies have
become depleted. Spot interests in a few cases were buyers.
On the other hand, however, some experienced people
think that as the crop in Texas was early, a late frost lixe
that of the present year can do little harm, that the total
crop has been much under-estimated, and that spinners,
having bought freely for a couple of months past, aic in a
position, if they chose, to play a waiting policy for a
time. They also think that the present relatively nigh
prices discount anything bullish in the situation. They in­
sist that the recent sharp upturns in prices have been largely
due to the aggressive operations of a small group of specu­
lators here. Meantime the world’s spinners’ takings of
American cotton are still running behind those of last year.
Very large spot interests have been heavy sellers all the week.
To-day prices were irregular, closing lower on disappointing
Liverpool cables, foreign and Southern selling, further
pressure from spot interests and room traders and liquida­
tion. Spot cotton has been quiet. Middling uplands closed
at 14.75c., an advance for the week of 30 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Oct 22 to Oct. 28—
Sat.
Middling uplands______________ 14.45

Moil.
14.30

Tues.
14.60

W ed . Thurs.
14.45
14.7o

Fri.
14.75

N E W Y O R K Q U O TA TIO N S FO R 32 Y E A R S .
1910 C _____ 14 .75 1 9 0 2 .C_____
1909________ 14.75 1901________
. . 9.4: 1900________
1 9 0 8 ..
____10.80 1899________
1907.
1 9 0 6 .. . . ___ 10.76 1S O S ______
1 9 0 5 . . ____. 10.65 18S7________
1886________
1 9 0 4 .. ____.9.95
1 0 0 3 .. ____.10.35 11895.

« m
8.70
8.19
9.50
7.38
5.38
6.06
7 94
8.69

r ______ 5.81
1 8 9 4 .C
1 8 9 3 _________ 8.19
1 8 0 2 _________ 8.31
1 8 9 1 _______ 8.38
1 16 9 0 ________ 10.06
1 8 8 0 ________ 10.50
1 6 8 8 ________ 9.75
11 8 8 7 ________ 9.69

_____ 9.25
1 8 8 6 .0 -----1885...........
9.69
1884__________9.75
188 3 _________10.62
1882_________10.69
1881________ 11.56
1880_________11.06
187 9 ________ 11.25

M A R K E T AN D SALES A T N E W Y O R K .
S p ot M arket
C losed.

655,798jl,717,759

1,750
2,000

49,27*
84,164
109,834
26,285
31,945
3,246
92,23*
31,371

5,294
19,962
900

1,871
14,073
1,634

L eaving
S tock.

T otal.

368 20,140
2,920 133,992
4.000 36,434
8,000
1.000
5,000
2,500
9,767
9,767
11,750
35,000

4,677
30,706
16,500
2,000
167

7,930
66,271
13,400
5,000
625

Total 1 9 1 0 .. 111,726
Total 1 9 0 9 .. 97,641
Total 1 9 0 8 .. 96,364

IIII

*36,613225.348j

Other . Coast­
F o reig n w ise.

Great \
j G erB ritain . F r a n c e ' m an y.

” 1111

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
. .» ..j
....
... ..
. £&a




On Shipboard, N ot Cleared ]o r —

Ofl O
rtfil—
UCt. Zo

.

Saturday- Q u ie t ----------- -------M o n d a y .. Quiet. 15 pts. d e c ..
Tuesday - Quiet, 30 pts. a d v ..
Wednesda; Steady, 15 pts. dec.
)ulct, 30 pts. a d v ..
Thursday
Friday----- J u le t-------------------'•'■•Total...

F u tu res
If,, -I. of
AlUrKcl
C losed.
E a s y ----------E a s y ----------F i r m ________
H a s / ...............
Steady............
Steady.........

Sales o ) S p ot and C o n t r a c t .
ConS p o t. s t im 'n .

5",080
32

5,112

m:

C on­
tract.

T o t a l.

2.400
1,600
2,000
3,100
4.400

2.400
6,680
2,032
3,100
4.400

13,(00 18,61*

F U T U R E S .— The highest, lowest and closing prices at
New York the past week have been as follows:

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4 / C O M H 14

III

03

T H E V IS IB L E S U P P L Y 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 Thurs­
The above totals show that the interior stocks have in­
day evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from the creased during the week 81,148 bales and are to-night 58,590
bales less than at the same time last year. The receipts
United States, including in it the exports of Friday only.
October 28—
1010.
at all the towns have been 46,836 bales more than the same
1909.
1908.
1907.
Stoclc a t L iv e r p o o l___ . -b ale s. 412,000
672,000
411.000
542,000
week last year.
Stoclc a t L o n d o n _______________
5,000
7,000
34,000

14.000
26,000

27,000
40,000

713,000

451,000

609,000
18,000
129,000
91,000
3,000

S t o c k a t M a n c h e s te r ____________

14,000

T o t a l G re a t B r it a in s t o c k _____
S t o c k a t H a m b u r g ______________
S t o c k a t B r e m e n _______________
S t o c k a t H a v r e _________________
S t o c k a t M a rse ille s_____________
S t o c k a t B a r c e lo n a _____________
S t o c k a t G e n o a _________________
S t o c k a t T r ie s t e ________________

431,000
10.000
102,000
2,000
8,000
20,000
2,000

7,000
15,000
3,000

T o t a l C o n tin e n tal s t o c k s ______

230,000

449,000

345,000

303,000

061,000 1,162,000
03,000
26,000
751,405
816,169
08,000
42,000
142,000
123,000
191,000
103,000
688,436
889,429
471,775
530,305
28,981
66,541

796,000
43,000
760,935
36,000
123,000
149,000
755,690
625,915
77,642

912,000
41,000
586,781
58,000
131,000
312,000
653,805
415,441
75,850

T o t a l E u ro p e a n s t o c k s _______
In d ia co tton a llo a t for B u r o p c __
A m cr. co tton a llo at for E u r o p e .E g y p t,B ra z il,& c .,a flt.fo r E u r o p e .
S t o c k In A le x a n d ria , E g y p t _____
S t o c k in B o m b a y , I n d i a . . .........
S t o c k in U . S . ports
........... .
S t o c k In U . S . interior t o w n s ___
U . S . e x ports t o -d a y ..................

86,000

11,0 0 0

179,000
232,000

2,000

20,000

185,000

100,000

4,000

1 2,000

14,000

10 ,000

10,000

18,000
34,000

L o n d o n s t o c k ___
M a n c h e ste r sto c k .
E g y p it , B ra z il, & c., a llo a t.
S to c k

.2,484,597 3,346,504 2,829,182 2,425,877
.
.
.
.
.
.
.
.

77,000
5,000
3,000
32,000
63,000
69,000
142,000
191,000

81,000
7,000
5,000
25,000
26,000
42,000
123,000
103,000

107,000
14,000

89,000
27,000

58,000
43,000
36,000
123,000
149,000

92,000
41,000
58,000
131,000
312,000

8,000

10,000

. 382,000
412,000
538,000
760,000
.2,484,597 3.346,504 2,829,182 2,425,877
...T;0,? ? 1 visible s u p p ly ................. 3,066,597 3,758,504 3,367,182 3,185,877
M id d lin g U p la n d , L iv e rp o o l_____
7.76d.
7.71d.
4.99d.
5.93d.
M id d lin g U p la n d , N o w Y o r k ____
14.75c.
14.75c.
9.35c.
10.90c.
E g y p t , G o o d Bro w n , L iv e r p o o l..12 13-16d. 1 1 l l - l 6 d .
8^d.
10 %d.
P e ru v ia n , R o u g h G ood , L iv e rp o o l
10.50d.
9.00d.
8.15d.
1 2 .00 d.
B ro a c h , P in e , L iv e rp o o l......... .
7 !$ d .
7 1 -I6 d 4 13-1 Gd.
5Md.
T In n e v e lly . G ood , L iv e rp o o l____.
7% d.
Q H d 4 ll- 1 6 d .
5 7-16d.

Continental imports for the past week have been 146,000
bales.
The above figures for 1910 show an increase over last week
of 262,749 bales, a loss of 691,907 bales from 1909, a
decrease of 300,685 bales from 1908, and a loss of 119 280
bales from 1907.
’ ,




1910October 28—

T o ta l visible s u p p l y . . ........... .3,006,597 3 ,758,504 3,367,182 3,185,877
O f the above, totals o f A m e ric an a n d other d escrip tion s a rc as follow s:
A m e r ica n —
591,000
1. 335,000
304,000
453,000
M a n c h e ste r s t o c k .
29,000
.
11,0 0 0
18,000
30,000
424,000
. 198.000
287,000
2 11 ,0 0 0
816,169
. 751,405
760,935
586,761
889,429
. 088,436
755,690
653,805
530,365
. 471,775
625,915
615,441
.
28,981
66,541
77,642
75,850
East In d ia n , B ra sil, A c .—

O V E R L A N D M O VEM ENT FO R T H E W E E K AND
SINCE S E PT. 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:

V ia V ir g in ia p o in t s ____
V ia other routes, & c ___

W eek .
.15,780
-11,856
.. 2,085
. 5.G03
_ 3,704
8,318
. 5,324

-52,700
D educt sh ip m en ts—
O v e rla n d to N . Y ., B o sto n , & c._ . 7,011
Betw een interior t o w n s ....... . 523
.
956

S in ce
S ep t. l .
44,-137
29,882
3,910
13,630
8,466
23,491
21,592

4,102
1,921
3,088
5,634

100

S ine*
S ep t. 1.
45,668
22,665
929
13,291
5,8-tb
11,452
14,680

145,408

38,501

114,061

18,355
-1,380
13,624

3,620
687
980

11,36#
1,967
7,756

W eek.
14.115
8,641

. 8,520

36,359

5,287

21,089

.44,180

109,049

33,214

92,972

* In c lu d in g m ov e m e n t b y rail to C a n ad a .

The foregoing show’s the week’s net overland movement
has been 44,180 bales, against 33,214 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits an increase over a year ago of 16,077 bales.
-1910I n Sight and S p in n ers’
S in ce
S in ce
T a k in gs.
W eek .
S ep t. 1
W eek.
S ep t. 1.
R eceipts a t p o rts of u c t. 2 8 ----------- 390,831 2,519,282 420,071
2,826,881
N e t ov e rla n d to O ct. 2 8 ---------------- 14,180
109,049
33,214
92,972
S o u t h ’ll co n su m p tio n to O ct. 28 . 46,000
310,000
52,000
442,000
T o ta l m a r k e te d ....... ................ 481,011
In te r io r sto c k s In e x cess---------------- 81,148

2,938,331
420,997

T o ta l in sig h t O ct. 2 8 . . ..................... —

3,359,328

N o r t h ’n s p ln n ’s t a k in g s to O ct. 28 94,251

420,804

505,285
56,125

3,361,853
447,202

561,410
3,800,055
82,997

358,753

Movement into sight in previous years:
W eek—
B a les.
S in ce S ep t. 1 1908— O ct. 3 1 ..................... . 610,866 1908— O ct. 31 .
1907— N o v .
1.................... 454,462 1907— N o v . 1 .
1906— N o v .
2 .................... 625,490 1906— N o v . 2 .
1905— N o v .
3 .................... 467,105 1905— N o v . 3 .

B a les.
.3,625,058
.2,737,143
.3,483,325
.3,465,556

Q U O TA TIO N S FO R M ID D L IN G COTTON A T O T H E R
M A R K E T S .— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each’ day.of^the week.

New Orleans, Louisiana.— Rain has fallen on one day
during the week, to the extent of ten hundredths of an inch.
The thermometer has averaged 64, ranging from 50 to 78.
14 4
14 >6
144
G a l v e s t o n _____ 14 Vi
144
14-4
Shreveport, Louisiana.— There has been rain on three days
14 4
14 1-16
14 4
144
14 4
N o w O rle a n s__ 14 5-16
14 1-16
14 1-10
14 4
14 4
14 4
M o b ile ________ 14 1-16
of the week, the precipitation reaching twenty-four hun­
14 1-16
14
14 4
14 4
ia U
. S a v a n n a h _____ 14
dredths of an inch. The thermometer has averaged 64, the
14
14
14
14
14
C h a rle sto n _____ 14
14
14
14
14
W ilm in g t o n ___ 14
highest being 84 and the lowest 44.
14 4
14
14 X
144
N o r f o l k _______ 14 5-16
14 4
14 %
Columbus, M ississippi.— We have had rain on one day dur­
14 4
144
14 4
B a l t i m o r e __ 14 H
14 4
14.55
14.85
14.70
15.00
15.00
P h ila d e lp h ia . . . 14.70
ing the week, the rainfall being forty-eight hundredths of an
I S % ® \ 4 14 4
14 3-10
A u g u s t a ----------- 14 5-16
14 4
14 4 ® Bie
inch. The thermometer has averaged 61, ranging from
14 7-16
M e m p h i s --------- 14 %
14 7-10
14H
144
14 4
S t . L o u i s . ........ 14 Va.
14 H
14 4
14 4
14 4
144
37 to 86.
H o u s t o n --------- 14 5-10
14 %
14 4
144
14 4
14 4
L itt le R d c k ------ 14 M
14 H
14
14 5-16
14 4
Vicksburg, M ississippi.— We had rain on two days
14 4
N E W O R LE A N S O P T IO N M A R K E T .— The highest, of the past week, the rainfall being twelve hundredths of an
lowest and closing quotations for leading options in th eNevv inch. The thermometer has averaged 62, the highest being
Orleans cotton market for the past week have been as follows: 83 and the lowest 41.
Helena, Arkansas.— Light frost this morning. Rain has
fallen on one day during the week, to the extent of twentyS a t’day, M onday, Tuesday, W ed’d ay, Thursd’ y, F r id a y ,
Oct. 22. Oct. 24. Oct. 25. Oct. 20. Oct. 27. Oct. 28.
five hundredths of an inch. The thermometer has averaged
57, ranging from 36 to 79.
October—
14.36-.45
14.22-.40
R a n g e ______ 14.20-.30 13.95-.07 14.30-.45 14.30-.40
Little Rock, Arkansas.— We have had rain on one day
C lo s in g ______ 14.10-.20 13.95-.96 14.45-.47 14.25-.28 14.32-.36 14.28 *
N ovem b er—
during the week, the rainfall reaching fifty-six hundredths of
R a n g e ---------- — @ — — (a) — 14.18 — 14.02-.20 — <51 — — @ —
an inch. The thermometer uas averaged 59, the highest
C lo s in g .......... 13.90-.08 13.72-.74 14.27-.28 14.02 — 14.28 — 14.23-.25
D ecem ber—
being 79 and the lowest 38.
R a n g e ______ 14.02-.24 13.77-.93 13.95-.34 14.03-.37 14.16-.34 14.17-.33
Memphis, Tennessee.— Picking and marketing making good
C lo s in g --------- 14.02-.03 13.77-.78 14.33-.34 14.03-.04 14.29-.30 14.25-.26
progress. Light frost on Saturday last. Rain has fallen on
J an u ary—
R a n g e --------- 14.08-.30 13.86-.03 14.01-.44 14.10-.45 14.22-.43 14.23-.42
two
days during the week to the extent of fifty hundredths of
C lo s in g --------- 1 4 .1 0 -.il 13.86-.87 14.43-.44 14.11-.12 14.37-.38 14.32-.33
an inch. The thermometer has averaged 59, ranging from
F eb ru a ry —
R a n g e ______ — @ — — @ — — @ — — @ —
— @ —
41 to 79.
C lo s in g ______ 14.18-.20 13.94-.96 14.50-.51 14.20-.23 14.46-.48 14.4 1-.42
Nashville, Tennessee.— We have had rain on two days of
M arch —
R a n g e . . . . 14.26-.48 14.01-.17 14.15-.60 14.24-.62 14.35-.57 14.35-.52
the week, the rainfall being forty-four hundredths of an inch.
C lo s in g ......... 14.20-.27 14.01-.02 14.59-.60 14.26-.27 14.50-.51 14.46-.47
The thermometer has ranged from 34 to 72, averaging 53.
M ay—
14.13-.30
14.37.60
14.28-.70 14 33- 71 14.48-.60 14.47-.64
Mobile, Alabama.— Cotton picking is making good progress.
.38
C lo s in g ---------- 14.3714.13-.15
14.72-.73 14.37-^38 14.63-.04 14.58-.59
Rain in the interior on the 27th and light frosts on Saturday,
J u ly —
R a n g e .......... 14.52-.01 14.21-.35 14.35-.62 14.43-.76 14.55-.71 14.61-.66
Sunday, Monday and this morning. Rain on one day of the
C lo s in g ---------- 14.44-.46 14.21-.22 14.79-.80 14.4o-.46 14.69-.70 14.63-.64
week, with rainfall of one inch and thirty-three hundredths.
T tn e—
S p o t .............
Q u iet.
S te a d y . S te a d y .
Q uiet.
S te a d y .
Q uiet.
Average thermometer 66, highest 82, lowest 48.
O p t i o n s ........ B a ’ly s ’y S te a d y .
F irm .
Ste a d y . V e r y sty . S te a d y .
Montgomery, Alabama.— We have had rain on one day
* N o m in a l.
during the week, the rainfall reaching sixty-eight hundredths
W E A T H E R R E P O R T S B Y T E L E G R A P H .— Advices to of an inch. The thermometer has averaged 64, the highest
us by telegraph this evening denote that dry weather has being 85 and the lowest 46.
Selma, Alabama.— Rain has fallen on two days during the
prevailed over a considerable portion of the South during the
week, to the extent of sixty-five hundredths of an inch. The
week, and that where rain has fallen the precipitation has, as thermometer has averaged 59, ranging from 42 to 77.
a rule, been light. Temperature has been lower with light
Madison, Florida.— The week’s rainfall has been one inch
frosts reported in some localities, but there are no complaints and fourteen hundredths on one day. Average thermometer
of damage. Picking, with good weather, has progressed 68, highest 87, lowest 48.
Atlanta, Georgia.— There has been rain on one day during
very well.
the week, the precipitatioij reaching twenty-five hundredths
Galveston, Texas.— There has been no rain the past week. of an inch. The thermometer has averaged 60, ranging
The thermometer has averaged 62, the highest being 74 from 37 to 83.
Savannah, Georgia.— It has been dry all the week. The
and the lowest 50.
Abilene, Texas.— There has been no rain during the week. thermometer has averaged 68, ranging from 50 to 89.
Charleston, South Carolina.— We have had no rain during
The thermometer has averaged 46, ranging from 34 to 58.
the week. The thermometer has averaged 68, ranging from
Brenham, Texas.— We have had no rain the past week. 55 to 81.
.
The thermometer has ranged from 44 to 88, averaging 66.
Greenville, South Carolina.— There has been no rain during
Cuero, Texas.— Rain on one day of the week, with pre­ the week. The thermometer has averaged 61, ranging from
cipitation of two hundredths of an inch. Average ther­ 39 to 82.
mometer 64. highest 91, low est.37.
Charlotte, North Carolina.— Cotton is being rapidly picked.
Dallas, Texas.— We have had no rain during the week. There has been rain on one day of the week to the extent of ten
The thermometer has averaged 63, the highest being 91 hundredths of an inch. The thermometer has averaged 61,
and the lowest 35.
ranging from 44 to 82.
Henrietta, Texas.— There has been no rain during the week.
The following statement we have also received by tele­
The thermometer has averaged 61, ranging from 35 to 87.
graph, showing the height of rivers at the points named at
Huntsville, Texas.— There has been no rain during the 8 a. m. of the dates given:
Oct. 28 1910.
OH. 29 1008.
week. The thermometer has ranged from 37 to 87, aver­
F eet.
F eet.
aging 62.
N e w O rle a n s__________ A b o v e zero of g a u ge .
0.4
3.7
7.4
7.0
Kerrville, Texas.— We have had no rain the past week. M e m p h i s _____________ A b o v e zero of sa u c e .
N a s h v il le ----------------------A b o v e zero of sa u c e .
7.5
7.0
Average thermometer 60, highest 80, lowest 39.
S h r e v e p o r t--------------------B e low zero of p a u se .
4.4
4.4
15.9
8.6
Lampasas, Texas.— We have had no rain the past week. V ic k s b u r g . . ---------------- A b o v e zero of g a u g e .
The thermometer has averaged 62, the highest being 87
E X P O R T S OF B R E A D STU FFS, P R O V IS IO N S , COT­
and the lowest 37.
TO N A N D P E T R O L E U M .— The exports of these articles
Longview, Texas.— There has been no rain during the week. durint? the month of September and the nine months, for
The thermometer has averaged 62, ranging from 37 to 86.
the past three years, have been as follows:
Luling, Texas.— We have nad no rain the past week. The
thermometer has ranged from 42 to 84, averaging 63.
Exports
1910.
1909.
1109.
Nacogdoches, Texas.— We have had no rain during the
from
United States. September. 9 Months. September. 9 Months. September.| 9 Months.
week. Average thermometer 61, highest 87, lowest 34.
Paris, T exas.— There has been rain on one day of the week,
Quantities.
!
the precipitation reaching four hundredths of an inch. The W h e a t.. bush 2,207.690 13,571,825 6,710.386 26.218,986 13,427,527 «7,602,779
Flou r___ bbh949,752 5,513,187 1,161.194, 6,245,677 1.086,616 9,368,721
thermometer has averaged 62, the highest being 89 and the
Wheat *_ bush 6,481,574 38,381,166 11,935,759 54,324,532 18,317,299109,662,023
lowest 37.
San Antonio, Texas.— Rain has fallen on one day during Corn___ bush 2,201,461 27,141,951 974,993! 25,193,717 489,485 25,766,534
Total bush. 8,743,035 05,523,117 12,910,752 79,518,249 18,806,784:135,428,557
the week, to the extent of one hundredth of an inch. The
thermometer has averaged 55, ranging from 44 to 66.
Values.
S
%
*
*
S
1
S
Taylor, Texas.— There has been no rain during the week. W heat & flour 7,241,982 42,422,701 12,802,840 60,623.988 18,557,727j 110,658,365
Corn and meal 1,491,759 19.170,034
771,761 18,984,189
463,370 18,014,377
The thermometer has ranged from 40 to 84, averaging 62.
Oats and meal
935,052
69,769
117,041
889,035
45,345
885,671
Weatherford, Texas.— We have had no rain during the week. B a r le y ........
1,884,864
562,271
1,990,132
781,211
413,593 1,904,205
R y e __ __ _
13,889
302,349] 1,943,697
74
38,305
250,135
Average thermometer 60, highest 85, lowest 34.
^ Ardmore, Oklahoma.— We have had no rain the past week.
Breadstuffs 9,584,795 64,426,540 14,143,540j 82.651,552 19,931,062133.492,242
The thermometer has averaged 62, the highest being 87
Provisions . . . 8,824,346 81,736,793 9,326,179 103,549,313 12,261,065122,127,396
and the lowest 37.
Cattle & hogs
638,569 5,815,876 1,392.138 11.644,379 1.952,956, 19,367,829
Holdenville, Oklahoma.— There has been no rain during the C o tto n ........ 54,882,811 247,067,594 46,164,510239,643.514 32,485.795 245,176,184
Petroleum, &c 7,531,243 67,547,619 : 9,609,139 75,089,415 9.456,320! 80,967,154
week. The thermometer has averaged 60, ranging from
Total value 81,461,764 466.594,422,80.635,506512.578,173 ,76.087,108 601,130,805
34 to 85.
Alexandria, Louisiana.— We have had no rain the past
* Including flour reduced to bushels.
week. The thermometer has ranged from 36 to 87, aver­
Note.— A ll the above figures nre irse d on the monthly preliminary returns Issued
aging 62.
b y tho Bureau of Statistics, and cover about 9 6 % of the total exparta.
C losin g Q uotations J ot M id d lin g C otton on-

W eek en d in g —
October 28.

S a t'd ay,




M on d a y, Tuesday, W ed'd ay Thursd'y, F r id a y ,

W O R L D ’S S U P P L Y A N D T A K IN G S OF COTTON.
1910.

C o tt o n T a k in g s .
W eek.

V is ib le s u p p ly O ct. 21 ........... . 2,803,848
V isib le s u p p ly Se p t. 1 --------------A m e ric an In sig h t to O c t. 2 8 . . .
562", 159
B o m b a y receipts to O c t. 2 7 -----18,000
O th e r In d ia s h lp ’ts to O ct. 27._
4.000
A le x a n d ria receipts to O ct. 26 . .
64,000
O th e r s u p p ly to O ct. 26 * _____
6.000

1,931,022
3,809,055
77.000
44.000
161,000
33.000

5,215,842 4,143,437

6,055,077

3,066,597 3,758,504

3,758,504

384.933
335.933
49,000

2.296.573
1.916.573
380,000

2.149.245
1.668.245
481,000

391.410
331.410
60,000

O f w hich o th e r______________

561,410
22,000
3.000
44,000
5.000

1,495,514
3,359,328
51.000
39.000
218,000
53.000

3,066,597

T o t a l t a k in g s to O ct. 2 8 _______

S ea son .

W eek .
3,508,027

T o t a l s u p p ly ______ __________ 3,458,007
D ed u ct— •
V isib le s u p p ly O ct. 28

1909.

S eason .

* E m b ra c e s receipts In E u r o p e fro m B ra z il, S m y r n a , W e s t In d ie s , &c.

IN D IA COTTON M O VE M E N T FR O M A L L PO R TS.
Qsteber 27.

1909.

1910.

Receipts et—

Since
Sept. 1.

Week.

51,000 22.0001

Bomba v__.................. . .
For the Week.

B o m bay—
1910.........
1909_____
1908_____
Calcutta—
1910_____
1909.........
1908.........
M adras—
1910_____
1909_____
1908_____
A ll others—
1910.........
1909_____
1908_____
Total a l l 1910.........
1909.........
1908_____

1,000
___
__
___

2.00C
5.00C
1,00C

6,000
2,000

Great
Britain.

77,000

___

1.00C
___

9,000

52,000

Total.

12,000

85.000
25.000
48.00C

16,000

104.000
38,000
72,000

24,000

5,000
5,000
7,000

4,000
4,000

6,000 j ........
______
4,000
1.00C
4,001 1
1,000
5,000

5,000
5,000
7,000

2,000

4,000
3,000

2,000

25,000
31,000!
38,000j

.........
---------3,000

29,000
34,000
43,000

11.000
7,000
8,000

8,000
5.00C
4,000

119,000^
61,000
97,000

16,000
13,001
28,000

143,000
82,000
129,000

4,000

6,000
1,000 2,000
4,000 2,000
8,000

Japan
A China.

3,000

—

3,000

Conti­
nent.

2,000
1.000
1,000
1,000
1,000
1,000
1,000

7.000
4,000
5,000

__

2,000
2,000
1,000
1.00C
—
3,000

Since
Sept. 1.

Week.

Since September 1.

Oreai Conti­ Japan \
Britain. nent. AChina Total.

from —

1908.

1 Since
Week. Sept. 1.

A L E X A N D R IA R E C E IP T S A N D S H IPM E N TS OF
C O TTO N .— Through arrangements made with Messrs.
Choremi, Benachi & Co., of Boston and Alexandria, we
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and ship­
ments for the past week and for the corresponding week of
the previous two years:
A lex a n d ria , E g yp t,
October 26.

1910.

1909.

R eceipts (c a n ta rs )—
T h is w eek . -----------------.Since Sen t, t ______ - r --

480,000
1,634.936

320,000
1,203,689

T his
S in ce
W eek. S ept. 1.

T his
S in ce
W eek. S ep t. l.

S in ce
T h is
W eek . S ep t. 1.

9.500
8,250
6.500
1.500

6,750

E x p o rts (b a le s)—

L i v e r p o o l - - ............. - 10,750
M a n c h e s t e r --------------- 6,250
C o n t i n e n t ----------------- 7,500
A m e r ic a ______ _____ 2,000

To
To
To
To

41,222
30,30*
38.773
6,10 i

1 1 6 4 t 25,750

T o ta l e x p o rts________
N o te .— A ca n ta r Is 99 lb s.

1908.
310,000
936,334

29,270
14,500
37,284
4,235

8,666
2,250

16,454
6,149
35,061
5,063

85,289 17,000

62,727

E g y p t ia n bales w eigh a b o u t 750 lbs.

The statement shows that the receipts for the week were
480,000 cantars and the foreign shipments 26,500 bales.
M A N C H E STE R M A R K E T .— Our report received by cable
to-night from Manchester states that the market is firm for
both yarns and shirtings. The demand for both home trade
and foreign markets is improving. We give the prices for
to-day below and leave those for previous weeks of this and
last year for comparison:

d.
Sept
9
16
23
30
Oct
7
14
21
|28

8 14 lbs. Shirt­ C ot’ n
ings, common Mid.
Upl's
to finest.
d. s. d.

s. d

d.

814 lbs. Shirt­ Cot'n
ings, common Mid
to finest.
U pfs

325 Cop
Twist.

d. s. d.

<i.

s. d.

7 *$ 8.03 9 7-16 @
7.98 9*$
7.82 9 H
7.61 9*$

@
&
@

10*$
10*$
10 H
10*$

5
5
5
5

1 @9
1*$@ 9
2 (a 9
3 @9

7.88
8.25
7.95
7.70

@
@
@
®

10*$
10Vi
10 H
nvi

5
5
5
5

3 *$ @ 9 9
4 (»9 9
4*$ @ 9 9
6 @ 9 11

10<4 @
1I H
10*$ @
11V,
109-16® 115-16
10*$ f e l l 5-10

5
5
5
5

5*$@ 10
6 felO
6 (a 10
6 (« 10

7*$
7*$
7*$

10 J$ @
111-16 M
11
@
10*$ @

5
5
5
5

7 @ 10
7 V5 11
7 @ 10
6 * £ @ 10

9
0
9
8

11 *$
11 >4
11*$
llJ-j

9*$
10
10*$
10*$

S H IP P IN G N E W S .— As shown on a
exports of cotton from the United States
reached 295,286 bales. The shipments
up from mail and telegraphic returns, are

6
6
7*$
9

d.
6.83
6.93
7.31
7.29
7.27
7.41
7.37
7.71

previous page, the
the past week have
in detail, as made
as follows:

NEW

Y O R K — T o L iv e rp o o l— O c t. 21— A r a b ic . 4,797 u p la n d , 55
fo re ig n ...................... ....................... .....................................
T o H u ll— O ct. 24— Id a h o , 1,085...............................................
T o H a m b u r g — O ct. 26— P residen t G ra n t, 1 0 0 -_______________
T o A n tw e rp — O ct. 21— F in la n d , 1,941_______________________
T o C o p e n h a ge n — O ct. 26— H e lllg O la v , 3 0 0----------------------------T o G e n o a — O ct. 21— K o n lg A lb e rt, 1,548; R e g in a de Ita lia ,
1,000 - - . ---------------- ------------------ ------------------------------------------T « N a p le s — O ct. 21— K o n lg A lb e rt, 7 0 0
__________________




T o t a l . . . ____________

4,852
1.085
100
1,941
300
2,548
700

295,286

C E N S U S B U R E A U
R E P O R T
O N C O T T O N G IN N IN G
T O O C T . 1 8 .— T h e C e n s u s B u r e a u is s u e d o n O c t . 2 5 i t s r e ­
p o r t o n th e a m o u n t o f c o tt o n g in n e d u p to O c t . 18 f r o m th e
g r o w t h o f 1 9 1 0 a s f o llo w s , c o m p a r is o n b e in g m a d e w it h th e
r e t u r n s f o r t h e lik e p e r io d o f t h e p r e c e d in g y e a r s .
T h e th ird g in n in g report for the season places the q u a n tity gin n ed prior
to O ct. 18 from the grow th of 1910 a t 5,410,960 bales, co u n tin g ro u n d as
h a lf bales, a g a in st 5,530,967 bales a y ea r a go, 6,296,166 bales tw o ye a rs
a go a n d 4,420,258 bales three years a go . T h e rou n d bales In clu d ed th is
ye a r were 65,105, co m pared w ith 88,716 for 1909. T h e Sea Is la n d cotton
reported for 1910 w as 25,324, co m p a red w ith 36,482 for 1909.
T h e n u m b e r of bales, co u n tin g rou n d a s h a lf bales, gin n e d to O ct. 18
the la st fo u r years, b y S tate s, w as a s follow s;
1007.
1908.
1009.
1910.
416,912
694,104
512,323
A la b a m a ............
520,051
163,371
347,468
330,884
A r k a n s a s _____________
161,111
19,863
35,006
34,027
F lo r id a _____________________
2 6,837
878,643
1,110,228
G e o r g ia ____________________
914,565 1,113,341
180,720
143,977
207,002
L o u is ia n a ___________________
113,202
410,065
621,399
300,096
M is s is s ip p i__________________
354,361
216,104
276,222
250,040
N o r th C a r o lin a ______________ 249,942
240,210
329,429
132,556
419,983
O k la h o m a __________________
537,273
660,678
624,301
S o u th C a r o lin a . . ___________
513,512
60,644
131,073
101,250
T e n n e sse e __________________
57,658
1,280,324
1,675,428 2,047,796
T e x a s ______________________ 2,068,743
7,129
23,623
10,802
A ll other S t a t e s . . .................
7,905
T o ta l U n ite d S t a t e s _______5,410,960
5,530,967 6,296,166 4,420,258
T h e d istrib u tio n of Sea Is la n d co tto n for 1910 b y S ta te s Is; F lo rid a ,
9,861' G eorgia, 14,256, a n d S o u th C a ro lin a , 1,270. T h e sta tistics in
th is report for 1910 are subject to slig h t corrections w hen checked a g a in st
In d iv id u a l retu rn s of glnners, bein g su b m itte d b y m all. T h e corrected
sta tistics o f the q u a n tity of cotton gin n e d th is season to Se p t. 25 are
2,312,074 bales.

L IV E R P O O L .— By cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, &c., at that port.
Oct. 7.
Sa le s of the w e e k_______ bales. . 62,000
O f w h ich sp e cu la tors to o k -.. 1,000
O f w hich exporters t o o k ----- - 2,000
Sales, A m e r ic a n ................ . - 53,000
A c tu a l e x p o r t----------- -----------T o ta l sto c k — E s t im a t e d --------- .280,000
O f w h ich A m e r ic a n ........... 207,000
T o ta l im p o rts of the w ee k----- . 62,000
A m o u n t a llo a t ______________ 350,000
u rf w n
icn A m e r ic a n ________
*>l d ,u w
O
hich
----------- .315,000

Oct. 14.
70,000
3,000
2,000
56,000
3,000
74,000
269,000
204,000
65,000
63,000
430,000
369,000

Oct. 21.
58,000
3,000
1,000
48,000
2,000
85,000
379,000
302,000
197,000
167,000
410,000
353,000

Oct. 28.
45,000
3,000
1,000
36,000
4,000
95,000
412,000
335,000
130,000
113,000
437,000
369,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
_____________________
Saturday.

Monday.

1
)
)

Quiet.

Fair
business
doing.

Mid. U p l’ds

7.89

Spot.
Market.
12:15
P. M.

1909.

1910.
32s Cop
Twist.

Total bales.
G A L V E S T O N — T o L iv e r p o o l— O c t. 2 1 -. P a t r ic ia n , 18,313------ O ct.
— Istr a r , 11,249________ _________________________________ 20,562
T o M a n c h e ste r— O ct. 25— V e n tu r a de L a r r ln a g a , 14,532--------- 14,532
T o H a v r e — O ct. 24— M a tte a w a n , 9,158___ O ct. 25— E u sto n ,
6,741; Ir is h m a n , 24,976. .
40,875
T o D u n k ir k — O ct. 25— E u sto n , 1,100________________________
1.100
T o Bre m e n — O ct. 21— H a n n o v e r, 11,886___ O c t. 22— C a y o
L a r g o , 9,395------O ct. 24— K e n d a l Castle, 3 , 0 2 9 . . - ........ .
24,310
T o A n tw e rp — O c t. 24— K e n d a l C astle , 3,002
_____________
3,002
T E X A S C I T Y — 'To L iv e rp o o l— O c t. 25— Cro w n of A r r a g o n , 11,919. 11,919
NEW
O R L E A N S — T o L iv e rp o o l— O c t. 24— A sla n , 9,3 5 7 ___
O ct. 28— C iv ilia n , 17,000....................
26,357
T o L o n d o n — O ct. 27— R a m s e y , 1 1 3 ___ _____________ _______
113
T o H a v r e — O ct. 22— H o n d u r a s, 6,3 9 2 ........
......
6,392
T o D u n k ir k — O ct. 2 2 . .H o n d u r a s , 1,101___ O ct. 27— M e ld o n ,
4,30 0........................................................
T o B re m e n — O ct. 22— B la c k P rin ce, 9,376_________
.
.
9,376
T o G e n o a — O ct. 25— V icto rio u s, 4 ,2 4 1 ________
4,241
T o H o n d u r a s— O c t. 27— Joseph V a cc a ro , 200________ ______ _
200
M O B I L E — T o L iv e r p o o l— O ct. 21— B e lgia n , 5,773___________ ._
5,773
S A V A N N A H — T o L iv e r p o o l— O c t. 25— C a lifo rn ian , 14,982_______ 14,982
T o M an c h e ste r— O c t. 25— C a lifo rn ian , 200------------------------------200
T o H a v r e — O c t. 24— Glenclllfe, 11,122.................................... 11,122
T o B re m e n — O ct. 22— M o h a csd e ld , 11,550........... .................
11,550
T o W a r b e r g — O ct. 22— M o h a cslle ld , 3 0 0 ...............................
300
T o G o th e n b u rg — O c t. 22— M o h a cslle ld , 100----------------------------100
C H A R L E S T O N — T o B re m e n — O ct. 25— Queen W U h e lm ln a , 5,900;
W a v e r lc y , 1 0 ,6 0 0 ..---------16,500
W I L M I N G T O N — T o L iv e rp o o l— O ct. 22— B a su ta , 10 ,200............. 10,200
T o Bre m en — O c t. 22— F r ld la n d , 17,417______________________ 17,417
B O S T O N — T o L iv e rp o o l— O c t. 21— Sa ga m o re , 1,998------ O c t 25—
Iv c r n la , 3,01 8___ O c t. 26— G e orgia n , 500-------- ------------------5,516
T o A n tw e rp — O c t. 20— M a rq u e tte , 16-------------------------------------16
T o Y a r m o u th — O ct. 20— P rin ce A r th u r , 124 --------------- ---------124
B A L T I M O R E — T o L iv e rp o o l— O ct. 21— T e m p le m o rc, 1,550..........
1,550
T o H a v r e — O ct. 21— P h ila d e lp h ia n , 1 , 7 0 0 . . . ........ - .......... - - 1.700
T o B re m e n — O ct. 26— M a in . 3,68 1__________________________
3,681
P H I L A D E L P H I A — T o L iv e rp o o l— O c t. 21— F rie sla n d . 1,000--------1.000
T o M anch ester— O ct. 24— M anch ester Com m erce, 2 ,00 0---------2,000
S E A T T L E — T o J a p a n — O c t. 25— A w a M a ru , 2 ,1 4 2 _______________
2,142
T A C O M A — T o J a p a n — O ct. 24— R e d H ill, 50 7_________ _______ _
507

6,000
600

S a le s .......
Spec.&exp.

Wednesday. Thursday.

Easier.

Fair
business.
doing.

Easier.

Friday.
Moderate
demand.

7.78

7.66

7.88

7.69

7.7«

8,000
500

10,000
1,000

10,000
500

8,000
500

7,00*
50*

Futures.
E asy at
Steady,
Market
1 unchanged. 8 @ 10 pts.
opened
/
decline.
Market,
4
P. M.

Tuesday.

) Quiet at Barely sty.
) 1 @ 2 pts. a tl4 *$ @ 1 6
pts. dec.
J decline.

Setady at
Steady at Irregular at E asy at
5@0 pts. 11@ 15 pts. 15@ 16 pts. 1@ 3 pts.
advance.
decline.
decline.
advance.
Quiet at
Firm at
10@11*$ | 5fe7 pts.
advance.
pts. adv.

Steady at Barely sty.
5@ 9 pts. at *$@ 2
decline.
pts. adr.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The p rices are given in pence anil lOO/hs.
Oct. 22
to
O ct. 28.
O c to b e r ..
O c t. -N o v .
N o v .-D e e .
D e c .-J a n .
J a n . -F e b .
F e b .-M c h .
M c h .-A p r .
A p r .- M a y .
M a y -J u n e
J u n e -J u ly
J 'd v - A '" ' '.

Sat.
12 H
p.m .

—

12X
p.m .
7
7
7
7
7
7
7
7
7
7
7

69*$
6t
53*$
53
53
53M
53 *$
53*$
54
53
51

M on.

T u e s.

T h us, 7 69 m eans 7 69-100d.
%ed.

T h u rs .

Fri.

12^. 4
4
4
12^
4
12K
12^| 4
12K
p.m . p.m. p.m . p.m . p.m. p.m . p.m . p.m . p.m . p.aa.
60
50*$
44
43 14
43 *$
44
44
44
44 Vi
43 Vi
41 U

55
45
38
38
38
38
38
38
38
37
35

50
65
Vi 4 1 Vi 57
49 Vi
Vi 34
33 Vi 49
33 Vi 40
33 Vi 40
34
[49 Vi
34 149 Vi
Vi 34 Vi 50
33
48 Vi
U 31 K 47

72
64 Vi
57 Vi
57
57
57 Vi
58
58
58 Vi
57 Vi
56

70
54 Vi 61
62 Vi 48 155
55 Vi 41 M 40
41
! 4 8 Vi
55
41 *$'49
55 Vi 41 Vi 49 Vi
42 Vi 50 Vi
56
42 *$ 50 Vi
56
43*$ 51*$
57
42 150
55
40*$ 48*$
54

62
57
50
50
50*$
51
51 V i
51 Vi
52 Vi
51 Vi
50

62 >$
57
50*$
no
50*$
51
51 Vi
51*$
52*$
51
49

BREADSTUFFS.
Friday, Oct. 28 1910.
Prices for wheat flour have declined, owing to further de­
pression in wheat. The mills have been less disposed to
sell at the lower prices, but consumers, on the other hand,
adhere tenaciously to the policy of buying as sparingly as
possible. Some of the mills at the Northwest have closed
down. Reports from various parts of the Southwest and
the West have been discouraging, telling of dulness of trade
and a downward trend of prices. Rye flour and corn meal
have been quiet and steady.
Wheat has been dull and depressed. The changes for
the week are not very marked, though such as they are they
indicate some decline. The world's stocks are about 33,­
000,000 bushels larger than at this time last year. They now
reach a total of approximately 168,000,000 bushels. The
supplies at our Northwestern points are increasing. The
crop news is on the whole favorable. A preliminary official
estimate of the Russian yield makes it 42,000,000 bushels
larger than that of last year, and the outlook for crops else­
where in foreign countries is in the main promising. At the
same time there is very little export demand here, for the
reason that competing foreign countries are underselling
America in the importing markets of the world. A t Chicago
prices of flour have been reduced. Some mills at Minne­
apolis have closed down for lack of shipping directions on or­
ders placed some time ago. Kansas City has reported the offer­
ings of Nebraska farmers the largest this season. A t Buenos
Ayres prices have been declining, owing partly to the favor­
able crop outlook in Argentina, and shipments from that
country for the week havo largely exceeded those for the
corresponding week of 1909. European markets have on
the whole shown a downward tendency, both in England
and on the Continent. Yet, as already intimated, the de­
cline in American quotations during the week has not been
very severe. For one thing, the crop movement in this coun­
try has been comparatively small, and after the prolonged
decline in prices there has been a noticeable disposition
among commission houses to buy on what are termed “ rest­
ing orders," i. e., orders to be executed in this case on any
decline. It is said, too, that the movement of the crop at
the Northwest is likely to fall off sharply during the coming
week and that stocks at Minneapolis, instead of increasing
markedly as they have each week for some time past there,
are likely in the near future to decrease. A t Minneapolis a
good demand for cash wheat is reported and at least one of
the mills there is said to be doing a big business in flour. The
concensus is, however, that although prices may rally for a
time, after a sharp and almost uninterrupted decline, there
is little likelihood of any material or at any rate any perma­
nent advance in the face of existing conditions in the wheat
markets of the world. To-day prices declined on dulness
on the spot, favorable crop news, larger Argentine shipments
than had been expected, bear hammering and liquidation.
D A IL Y

C L O S IN G P R IC E S O F W H E A
S a t.
99 Y\
N o . 2 red w in te r...................... .
D ecem ber d elive ry In e le v a to r____100 yt
M a y d e live ry In e le v a to r......... ..... 1 0 6 H

D A I L Y C L O S IN G P R IC E S O F O A T S F U T U R E S I N C H IC A G O .
Sat. M o n . T u es. W ed. T h urs.
30 54 30 54 3154
31 54
D ecem b er d eliv e ry In e le v a to r____ 30 54
M a y d e liv e ry In e le v a to r...... ......... 33 54
34 >4 34 54 34 54
34 54
J u ly d e liv e ry In e le v a to r .............. 32 54
3354
3354 34
3454

The following are closing quotations:
FLOUR.
7 5 @ J 3 50 K a n s a s stra ig h ts, s a c k . $4
0
4 us K a n s a s clears, s a c k s __ 4
15 f3> 4 4 C it y p a te n ts__________ 6
7 >@ 4 00 R y e f l o u r __________ _ . 3
2 5 ® 5 5 ) G ra h a m flo u r_________ 4
9 0 ® 5 '0 C o rn m eal, k iln d r ie d .. 3
2 5 @ 4 35
G R A IN .
C o rn, per b u sh el—
W h e a t, per bushel—
N . S p r in g , N o . 1_______ __$1 14 54 N o . 2 m ix e d ______elev.
1 13 I
N o . 2 m ix e d _____f.o.b.
N . S p r in g , N o . 2 _______ .. .
98 54 N o . 2 w h ite _____ f.o.b.
R e d w inter. N o . 2 ______ . .
H a r d w inter. N o . 2 ____ .. . 1 03 54 R y e , per hu sh e l—
C ents.
N o . 2 W e s te r n ___f.o.b.
O a ts, per bushel, n ew — •
S t a n d a r d s ____________ . . .
3, 54
S ta te an d J e rse y ______
N o . 2 w h ite ___________ . .
38 54 B a r le y — M a l t i n g ...........
N o . 3 w h ite ___________ .. .
3 / J4
Fee din g, c.l.f., N . Y . .

W in te r, lo w gra d e s____$2
W in te r p a t e n t s ________ 4
W in te r s t r a ig h t s ______ 4
W in te r c le a r s__________ 3
S p r in g p a te n ts_________ 5
S p r in g s t r a ig h ts ________ 4
S p r in g c le a r s ___________4

60 @ $4
00® 4
00® 6
90 50 4
15@ 4
0S@ 3

80
40
80
45
25
14

C en ts.

57
N o m in a l
N o m in a l
78
N o m in a l
74@ 78
N o m in a l

The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at—

Flour.

Wheal.

Com .

Oats.

Barley.

Rye

bbls.im bs. bush. 60 lbs. busk. 56 lbs. bush. 32 lbs. bushASlbs. bu.56 lbs.
193,836
380,300
1.945,000
C h ic a g o ----2,048,400
677,000
28,000
82,205
287,950
119,780
M ilwaukee..
484,200
486,200
18.340
26,285
1,021,465
12,586
563,024
26,252
2,847,020
173,240
Minneapolis.
497,010
744,742
41,410
61,300
128,800
61,500
3,000
T o le d o .......
58,614
21,421
164,164
7,860
Detroit. —
99,513
1,002
39,054
11,516
2,127
Cleveland ..
303,115
464,100
70,000
452,478
13,200
60,050
St. L ou is__
453,628
260,200
94,800
30,030
49,600
156,400
232,800
1,148,400
Kansas C ity.
.........
.........
6,472,153
11,597,566
7,292,196

3,352,338
2,409,715
1,692,103

Since Aug. 1
1910____ 4,546,361 94,860.601
1909....... 6,065,039 101,920,359
1908....... 5,893,741 102,132,252

43.525,916
3S,507,53C
28,316,332

Sam e wk. '08

421,963
439,633
547,668

4,142,553 2,636,768
4,531,996 2,549,775
4,340,580 2.266,202

130,202
213,410
214,152

1
67,664,760 19,629,751 1,800,992
54,903,147 24,672,332 2,618,693
57,098,465 33,261,570 2,659,284
1
1

Total receipts of flour and grain at the seaboard ports for
the week ended Oct. 22 1910 follow:
Flour,
Receipts at—
bbls.
New Y o rk ______ .. 222,227
Boston _. _____ .
50,904
Philadelphia .. . .
64,259
61,697
Baltim ore______ .
2,015
R ic h m o n d _____ .
18,352
New O rlean s*._. _
1,632
Newport News__ .
.
1,607
G alveston..........
.1 ‘ 3 ,700
72,372
Montreal........... ..

Wheat,
bush.
842,800
472,055
392,560
133,374
57,572

9,000
1,693,411

C om .
bush.
153,525
16,683
32,756.
283,109
30,894
80,500
3,000
5,550
445,915

Oats,
bush.
761,950
90,933
140,112
12,709
32,308
54.500

Barley,
Rye,
bush.
bush.
74.300
1,150
9,334
1,062
...................
_____
9,465
_____
1,000
_____
______

................... .
_____
_____
92,104
53,499

Total week 1910.. 498,795 3,600,772 1,056,932 1,184,621 142,133
Since Jan. 1 1910..14,681,665 57,206,790 33,519,344 41,194,678 2737,317
599.563
940,227 392,548
Week 1909_____ . 534,679 3,873,627
Since Jan. 1 1909..13,285,909 69,341,698 33,695,022 38,300,066 5282,238

12,677
680,153
57,396
945,374

T F U T U R E S IN N EW Y O R K .
M o n . T u es. W ed. Th urs. F r i.
♦ Receipts do not Include grain passing through New Orleans for foreign ports on
98
98%
98 M 98 51
98'A
through bills of lading.
100941 1 0 0 H 1009« 100 51 100 i
1055£ 105 54 106
106
10555

The exports from the several seaboard ports for the week
are shown in the annexed statement:

D A I L Y C L O S IN G P R IC E S O F W H E A T F U T U R E S I N C H IC A G O .
ending Oct. 22 1910
Sat. M o n . T u es. W ed. T hurs. F r i.
Wheat,
D ecem ber d e live ry In e le v a to r____ 9 2 5S 92 55
9251
93 55 93 54
92 54
bush.
Exports from —
M a y d e liv e ry In e le v a to r_________ 99 54 98 54
99 54
99 54 99 54
98 54
228,080
New
Y
o
r
k
........
J u iy d elive ry In e le v a to r_________ 96 54 96 54
96 54
96 54 96 54
96 54
Boston ............. 189,428
Indian corn futures have been extremely dull. A t the P h ila d e lp h ia ___ 57,000
Baltim ore.......... 306,980
West the trading has been fairly active, with prices irregular. New
Orleans___
At times moderate declines have occurred, owing to favora­ Newport News__
ble weather for curing the crop and expectations of a marked G alveston______
Mobile. _ ..........
increase in the movement to market in the near future. Sup­ Montreal............ 586,000
plies of old corn are believed to be large, and the idea of many Norfolk________ .........

is that the pressure of both the old and new crops will cause
a further decline sooner or later. Rallies have occurred at
times, however, owing mainly to liquidation on the short
side, though there has also been more or less new buying in
expectation of at least a temporary upturn. To-day prices
opened easier on good weather and large Argentine ship­
ments, but rallied, and advanced later on covering of shorts.
The market had become oversold.
D A I L Y C L O S IN G P R IC E S O F N O . 2 M I X E D C O R N I N N E W Y O R K .
Sat. M o n . T u es. W ed. T h urs. F r i.
O ash c o rn ________________________ 57 54 5554
55 54 56 54 56 ■ 57
D ecem ber d e live ry In e le v a to r____ 54
54 54
54 54 55 54
55 54
M a y d e live ry In e le v a to r............... 56 54 56 54
5654 56 H
57
57 54
D A I L Y C L O S IN G P R IC E S O F C O R N F U T U R E S
Sat. M o n . T u es.
D ecem ber d elive ry In e le v a to r____45 >4
4554
45 54
M a y d elive ry In e le v a to r_________ 48 54 49
49
J u ly d elive ry in e le vato r_________ 49 54 49 54
49 54

I N C H IC A G O .
W ed. Th urs. F r i.
46 54
46 54
4954
49 54
50 54
50
50 54

Oats for future delivery in the Western market have
moved within a narrow range, following the fluctuations in
corn much of the time. The undertone of the market, how­
ever, has been firm. The pressure of country offerings has
latterly diminished, and cash interests of prominence who
were recently persistent sellers have within a day or two made
good purchases. Still, the buying has been to cover in the
main. Sentiment is bearish, owing to the large interior sup­
plies. To-day prices were easier at first, but they rallied
later with corn. Country offerings were light and shorts
covered.
D A I L Y C L O S IN G P R IC E S O F O A T S
Sat.
M on.
S t a n d a r d s ...................................... 3 6 54 ‘ 36 54
N o . 2 w h ite ................................... 37 54 37




F ri.
31 54
34 54
3454

IN N E W Y O R K .
T u es. W ed. T h urs. F r i .
37
37 54 37 54 37 54
37 54 37 54 38
38 54

Total week___ 1.367,494
Week 1909........ 2,746,137

Com ,
bush.
298,77*
47,065
........
155,843
52,100
5,550
293,000

Flour,
bbls.
93,309
4,803
31,000
35,601
13,175
1,632
2,530
,3,700
55,000
1,607

852,336 242,357
442,927 200,003

Oats,
bush.
5,535
6,250

Rye, Barley,
Peas,
bush.
bush.
bush.
...................
3,176
.................................

400

1,000
13,185 ______
32,388 42,000

_____
.........

3,176
1.272

The destination of these exports for the week and since
July 1 1910 is as below:

---------Flour--------------------- Wheat------------------------ Ctrn----------Since
Since
Since
Week
July 1
Week
July 1
Week
July 1
1910.
Oct. 22.
Oct. 22.
1910.
Exports for week and Oct. 22.
1910.
bush
bush.
bush.
bush.
since. July 1 to—
bbls.
bbls.
353,541 1,645,969
909,391 9,315,673
United K in gd o m __ 117,422 1,145,537
459.695 1,797,986
455,102 5,206,973
C o ntinent________ 55,873
534,878
350 1,276,234
94,450
3,001
So. and Cent. Am er. 35,478
298,905
444,611
36,304
West Indies. ___ 30,417
339,266
5,000
Brit.
No.
Ain.
Cols.
2,000
46,687
5 5 ’4
9,035
2,446
7,000
1,167
61,523
Other
countries___
Total ...............242,357 2,426,296 1,367,494 14,624.096
Total 1909.............200,003 2,862,597 2,746,137 27,220,060

852.336
442,927

5,178,835
2,414,064

46 54 world's shipments of wheat and corn for the week
The
49 54
ending Oct. 22 1910 and since July 1 1910 and 1909 are
shown in the following:___________________________ ___________
Com .

Wheat.
1910.
Week
Oct. 22.
North Amer.
R u s s ia n ___
Danubian ..
Argentine ..
Australian .
In d i a n .......
Oth. countrs
T o t a l___

Since
July 1.

1910.

1909.
Since
July 1.

Week
Oct. 22.

Since
July 1.

Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
5.588.000
3.568.000 30.123.000 43.099.000 699,000
2.675.000
76.000
5.792.000 77.392.000 71.888.000
85.000 44.825.000
9.152.000
1.856.000 42.936.000
810,000 17.400.000 12.208.000 3,689,000 20.199.000
3.284.000
624.000 11.224.000
1.032.000 18.152.000
3,198,000 122,008,000
144.000
13856000 200,425,000( 161,639,000 4,549,000

73,287,000

1909.
Since
July 1.
Bushels.
2.300.000
5.510.000
6.773.000
44,517,000

59,100,000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:

The demand for heavy brown sheetings and drills on home
account has proved of fair extent, with the bulk of the
business doing for prompt and near-by shipment. The
Wheat.
j
Corn.
export demand continues limited, sellers' prices being too
high for exporters’ ideas. Some sales of duck for South
United
United
Kingdom. Continent.
Total.
Kingdom. Continent.
Total.
America are recorded, with a moderate home business done.
Denims, tickings, cheviots, plaids and other coarse, colored
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Oct. 22 1910-- 16.376.000 21,0/2,000 37.448.000 7.922.000 14./82.00I 22.704.000
cottons show a very firm tone prevailing. Stocks in first
Oct. 15 1910.. 16.024.000 24.618.000 40.672.000 8.041.000 14,416,001 22.457.000
hands are light and production moderate, while the demand
Oct. 23 1909.. 13.200.000 17.280.000 30.480.000 6.120.000 6,205,000 12.325.000
Oct. 24 1908.. 16.960.000 15.840.000 32.800.000 5.780.000 5,525.000 11.305.000
coming forward is good enough to take full care of the
Oct. 26 1907.. 15.800.000 15.440.000 31.240.000 7.600.000 4,880,000 12.480.000
situation. Bleached cottons are also firm, with some of the
leading makes held at value; the demand, while not up to
The visible supply of grain, comprising the stocks in the volume of two weeks ago, is still satisfactory. Staple
granary at principal points of accumulation at lake and prints are in improving request, while the new lines of
seaboard ports Oct. 22 1910, was as follows:
subcounts disclose quieter conditions. Staple ginghams
A M E R IC A N G R A IN ST O C K S.
are firm with the finer grades of woven patterned dress
Oats,
Corn,
Wheat,
Rye,
Barley,
goods well sold for spring, some makers declining to guarantee
bush.
bush,
bush.
bush.
bush.
New Y o rk .................. 2,351,000
120,000
665,000
10,000
50,000 delivery on further orders.
The auction sale referred to
B o s t o n ........ ............
87,000
95.000
above has affected the demand for cotton blankets in the
Philadelphia .............
466,000
8,000
55,000
Baltim ore_____ ..........
952,000
608,000
99,000
308.000
1,000 regular market.
Other napped cottons have ruled quiet.
..........
3,000
74.000
126,000
For print cloth yarn fabrics the demand has been quieter
Galveston_____ ..........
140,000
4,000
1.089.000
B u ffa lo ........... ______ 2,017,000
12,000
340.000
580,000 and some sellers have made3concessions of l-16e., accepting
7.000
340.000
.......... 1,533,000
97.000
orders for delivery into next February. 38^-inch 64132.000
..........
371,000
23.000
230.000
6.544.000
Chicago.......... ........... S,400,000
14.000
212.000
squares are quoted 5 5-16c. to 5%c., against 5%c. flat a
66.000
462.000
M ilw aukee____ ---------2.000
190,000
42.000
week ago.
D u lu t h ........... ______ 4,673,000
894.000
62.000 1,462,000
44.000
3.276.000
M in n eap olis___ .......... 9,659,000
W O O LEN GOODS.— Following the advances of 2F£c. to
185,000
355,000
St. L o u is......... .......... 2,190,000
233.000
423.000
6,000
15.000
5c. per yard two weeks ago, a further advance is now being
212.000
K an sas C ity ___ .......... 4,350,000
220.000
made of 2F£c. per yard in plain and fancy worsteds for men’s
27.000
Peoria________ ____
13.000
1.748.000
284.000
Indianapolis_________
679,000
83,000
1,000
wear by leading makers and it is probable that other lines
644.000
On Lakes_____ ______ 1,489,000
115.000
35,000
will shortly even up. The demand for worsted fabrics is
98.000
On Canal and R iv e r . ..
515,000
309.000
308,000
generally satisfactory, re-orders coming forward in consider­
Total Oct. 22 1910.-37,978,000
2,996,000 16,989,000
421,000 2,848,000
In
. Total Oct. 15 1910.-37,573,000
3,796,000 17,886,000
406,000 2,956,000 able quantities, the chief call being for staple goods..
Total Oet. 23 1909..25,650,000
3,360,000 12,747,000
619,000 3,987,000
all-wool makes the bulk of the business is being done in
C A N A D IA N G R A I N S T O C K S .
grades costing from $1 per yard upwards; these are generally
Wheat,
Corn,
Oats,
Barley,
Rye,
firm and from 2»^c. to 5c. above prices at which the season
bush.
bush.
bush.
bush.
bush.
opened. Low-grade woolens are in but indifferent request in
M o n tre a l................. .
630,000
97,000
576,000
33,000
Fort W illia m ... ........ 5,011,000
the majority of instances, with the production of these still
......... 3,133,000
curtailed. Makers of overcoatings have not so far made
______ 1,641,000
any movement towards showing their new lines. Woolen
Total Oet. 22 1910.-10,415,000
97,000
576,000
33,000 and worsted dressgoods continue slow and unsatisfactory
Total Oct. 15 1910.. 9,546,000
49,000
664,000
4,000
34,000
T o tal Oct. 23 1909.-10,546,000
53,000
251,000
8,000
36,000 to sellers, both in volume of trade passing and in the prices
SU M M ARY.
realized.
Wheat,
Corn,
Oats,
Rye,
Barley,
F O R E IG N D R Y GOODS.— The steady upward move­
bush.
bush.
bush.
bush.
bush.
A m e ric an ........______ 37,978,000
2,996,000 16,989,000
421,000 2,848,000 ment in the prices of raw silk is having its effect upon piece
Canadian ........ ...... -.10,415,000
97,000
676,000
33,000 silks and the tendency in the latter is toward a higher range
Total Oct. 22 1910.-48,393,000
A moderate business is reported in the better
3,093,000 17,565,000
421,000 2,881,000 of values.
Total Oct. 15 1910..47,118,000
8,815,000 18,550,000
410,000 2,990,000 grades of men’s wear goods, with dress goods generally
Total Oct. 23 1909.-36,196,000
3,413,000 13,001,000
627,000 4,023,000
quiet. Linens are strong under the influence of foreign
advices and a fair demand. Light-weight burlaps show
T H E D R Y G O m D-S T R A D E .
a slight advance on the week with heavy-weights firm.
New York, Friday Night, Oct. 28 1910.
Importations
and Warehouse Withdrawals of Dry Goods.
In some directions sellers are expressing disappointment
The importations and warehouse withdrawals of dry goods
with the course of the market this week. The demand has
not developed according to their expectations, prices are not at this port for (he week ending Oct. 22 1910 and since
better than they were a week ago, and there are occasional Jan. 1 1910, and for the corresponding periods of last year
instances where the full limits then held for have been were as follows:
i 05N O N
05 Tf Tjt 00 O
CO
DO
O«00N
OM
slightly receded from. As a matter of fact, the general
"TO t-hC\] lO
C
H
r-t
Clrp ©0
0
F^ r- o co ci
attitude of the trade shows some hesitancy still prevailing.
h O O Q O
N
O
Q
W
O
lO
oo 05* l.o* r-T O lO
G f lOO COrf
c
o
c
o
c
o
o
X
T CO 00 Cl CO CO rjt
The irregular action of the cotton market has an unsettling
O M <0 M O
COCl
00 CO l^ 05 O 05 Cl
?H MDtO O r-4
influence, and although the range of prices for raw material
r>To ’
Tf <0 CO CO* CO
keeps well above parity with the prices which cotton goods
0
0co h lO N
are bringing, buyers do not yet appear to be thoroughly
T
fC
OO O
cO^
C5O C5O FlO
MO
05
convinced that it is good business to proceed far ahead in
00 rf o 00* (O
rf
0
5
O
0
5
M
10 O O 0505
O O N D iO
purchases on staple lines; hence the demand coming forward during the past six days has been largely confined to supply­
ing near requirements in .such goods.
A t the same time
manufacturers, although less reserved than they have
recently been, are by no means pressing for orders. Pro­
duction is increasing in most lines, but still the output in
some of the heavier descriptions, particularly in the coarse,
colored division, is well below normal. The Fall River
mills have largely resumed, and it is in gray goods of the Fall
R iver order in which some price concessions have been made;
but apart from these the tone of the market can be reported
generally firm. Men’s wear woolens and worsteds show a
good tone prevailing,with some further advances in prices.
The feature of the week’s business was an auction sale of 8,000
cases of cotton blankets, and although prices brought did
not give full satisfaction to the sellers, the trade generally
interpreted the result as a favorable one under prevailing
conditions. An auction sale of carpets and rugs to the value
of four million and a quarter dollars will begin on Monday
next.
DOMESTIC COTTON GOODS.— The exports of cotton
goods from this port for the week ending Oct. 22 were 8,248
packages, valued at $820,470; their destination being to the
points specified in the table below:

f- © f»
5
.
0
0CO
OCO<
F*
H 05if5
H
K0
5
<t ^ . *>
F
**0
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CDF
»C
Cll
b ^'05 3 V> 05 N F q CO 2
'“
So»x
a®
*3co
il ©
05l
O CO fO Tf M
rn
-4
C
CON iO COH
0:
I|
*C
l
£'
o
<
Pi
p
W
to O lO N
^
6 iO oo ri) ci
w
ci q rf
i>. <q
w CD 3
i lO <D —i 00 © co ©
F
O
0
0
f
iv
«
w
£ r-4 q o O M lO iiD 05 O
i »0 lO 05 Cl GO 05 00
C
vi »0 00
CDO 05
\
F
*
*
00
C
O
0
0
“5 CC
w
o to o o c iH g
00IO^ C4 O I
a
w
2 £
W
a
N h Tf W°o 2 ^ I H M I O - f
o
b
' C505O H
thm
oh o h j: <
CO £
»(0 ^
£
*
<
o
p?
h
.
S 05 00 In. Tft O
0, ^
»
iOiO(Olf5h- 3
-i
~ -5
e °- i?;V>05O Tf Cl © so w
Tf 00
H
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................................................8,248
.8,248

205,220

3,164

321,533

The value of these New York expo
exports since January 1 has
been_$14,445,780 inJ910, against $17,521,093 in 1909.




1(0 05
o ci
co o

IN. ■n* 00 Tl« 40

-------- 1910-------- --------------- 1909-------S in ce
S ince
N ew Y ork to October 22—
W eek .
J ail. 1.
W eek.
Jan. 1
G re a t B r it a in ___________________
1,617
.
18
45
1,534
O th e r E u r o p e ______________ . . .
_
.
48
770
10
889
C h in a _________
337
57,388
160,941
In d i a ....................... ..... .......... . _ 808
12,603
250
14,281
A ra b ia ..................................
1,078
12,496
24,024
A f r i c a _________________ ______ _
6,041
678
. 201
261
13,550
W e s t I n d i e s ________
1,227
24,404
.1,227
870
33,645
M e x i c o ____________
24
1,617
.
00
1,387
C e n tra l A m e ric a I I I I Z I Z I I I I I Z I I I Z I Z Z I. 097
607
10,793
304
11,464
S o u t h A m e ric a _______________
...1
,2 1 3
37,056
.1,213
541
42,760
O th e r c o u n t r ie s _______________________.2,477
2,477
39,535
400
17,058
T o ta l

Z*

H CO00 O H
O N tO H iO

<0 Tf o 00 m

05 In.
Jn5. C
CO
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OT
U
D

CO <50 y-4

05

in 05
Cl ©

oo

lO |N*
to
In* CO 05 05
Nf CDCO~

00

00 to r-4 CDO
*0 CO t ji to CJ

CrtfJO H
COrHr-4 r-4

05
F-l 0
5rO
CO
C
T}1
—
i0
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r-J
4 r—
54C
l
MCDCO lO 0
ti* O

a|

n
S o B J m’ S

P O^
^
5
U W Is w

a

a

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o
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a a
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o
ns
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S > o co fe

t a t e

/V N D

C ity

D e ^

e t m e w t

offered by the city on July 21 (V. 91, p. 287). Denomina­
tion $1,000. Date April 1 1910. Interest annually in

, Amarillo.

News Items.
Colorado.— E x tr a S e ssio n o f L e g isla tu re E n d s . — The Legis­
lature of this State, which convened in special session on
. Aug. 9 (V. 91, p. 105), adjourned on Oct. 18.
Denver, Colo.— W a ter C ase A p p e a le d . — We are informed
that an appeal has been taken to the U. S. Circuit Court of
Appeals from the order issued Sept. 5 by Judge Lewis of the
U. S. District Court restraining the sale of the $8,000,000
bonds voted Sept. 0 for the construction of a municipal water
plant. V. 91, p. 665. It is expected that the appeal will be
argued about Jan. 23 1911.
Pennsylvania.— C o n stitu tio n a l A m en d m en t to E x c lu d e fr o m
D eb t L im it B o n d s Is s u e d by P h ila d elp h ia f o r S u bw ay C on ­
s tr u c tio n . — At the general election next month the voters of

this State will pass on a proposed amendment to Section 8
of Article 9 of the State constitution.
If adopted, this
amendment will allow the city of Philadelphia, in ascertain­
ing its borrowing capacity, to exclude such debt as may be
incurred for the construction or development of subways
for transit purposes or for the construction of wharves or
docks owned or to be owned by the city and which produce
revenue sufficient to pay the interest and principal of such
debt. We print Section 8 below, italicizing the lines to be
added should the amendment receive the approval of the
voters.
S E C T I O N 8 . T h e d e b t o f a n y c o u n t y , c it y , b o r o u g h , tow n sh ip , s ch o o l
d is t r ic t , o r o th e r m u n icip a lity o r In co rp o ra te d d is tric t, e x c e p t as herein
p r o v id e d , shall n ev er ex c e e d seven per ce n tu m u p o n th e assessed v a lu e
o f t h e t a x a b le p r o p e r t y th erein , n o r shall a n y such m u n ic ip a lity o r d istrict
Incur a n y new d e b t , o r Increase Its In d ebted n ess t o an a m o u n t e x ce e d in g
tw o p er cen tu m u p on su ch assessed v a lu a tio n o f p r o p e r t y , w ith o u t th e assent
o f th e electors t h e r e o f a t a p u b lic e le ctio n , In such m an n er as shall be p r o ­
v id e d b y la w ; b u t a n y c it y th e d e b t o f w h ich n o w e x ce e d s seven per ce n tu m
o f su ch a ssessed v a lu a tio n m a y be a u th o rize d b y law to Increase th e sam e
th ree p e r c e n tu m , In th e agg re g a te a t a n y o n e tim e , u p o n such v a lu a tio n ,
e x c ep t that a n y debt or debts h erein a fter incurred by the city and cou n ty o f
P h ila d elp h ia f o r the construction and developm ent o f subw ays f o r transit
p u rp o s e s , or f o r the construction o f wharves and docks, or the reclam ation o f
land to be used in the construction o f a system o f wharves and docks, or public
im p rov em en ts, ow ned or to be owned by said city and county o f P h iladelphia,
an d w hich shall y ield to the city and county o f P h iladelphia current net revenue
in excess o f the interest on said debt or debts and o f the ann ual installm ents
n ecessary f o r the cancellation o f said debt or debts, m ay be excluded in ascer­
ta in in g the pow er of the city and county o f P h iladelphia to becom e otherwise
indebted: P rovided, That a sin kin g fu n d f o r their cancellation shall be estab­
lished and m aintained.

Bond Proposals and Negotiations this week
have been as follows:
Ada, Pontotoc County, Okla.— B o n d E le c tio n .— According
to reports, an election will be held in this city to vote on a
proposition to issue $100,000 water-works bonds.
Akron, Ohio. — B o n d S a le .— The following bids were re­
ceived on Oct. 25 for the nine issues of 4 % % bonds, aggre­
gating $50,375, described in V. 91, p. 1113:

Amherst County (P. O. Amherst), Va.— B o n d E le c tio n . —
An election will be held Jan. 14 1911, it is stated, to vote
on the question of issuing $135,000 permanent road-improve­
ment bonds.
Anderson, Madison County, Ind .— B o n d S a le .— The Harris
Trust & Savings Bank of Chicago was recently awarded
$25,000 4 % 10-year coupon tax-exempt school bonds.
D e n o m in a tio n $ 1 ,0 0 0 .
D a te S e p t. 9 1910.
th e A n d e rso n B a n k in g C o. In A n d e rso n .

In terest s e m i-a n n u a lly a t

Anderson County Common School District No. 21, Texas.
— B o n d s R e g is te r e d . — An issue of $2,500 5 % 10-20-year
(optional) bonds was registered by the State Comptroller on
October 14.
.
Asbury Park, Monmouth County, N. J.— B o n d E le c tio n . —
The election to vote on the question of issuing the $150,000
4 % % 40-year beach-improvement bonds mentioned in V. 91,
p. 287, will be held Nov. 1.
Ashland School District (P. O. Ashland), Ashland County,
Ohio.— B on d s V o te d .— An election held Oct. 20 resulted in
favor of a proposition to issue $50,000 building bonds. The
vote was 664 to 75.
*
Aurora, Kane County, 111.— B o n d S a le . — A. B. Leach &
Co. of Chicago'purchased $35,000 4 % % 5%-year (average)
bonds on Oct. 14 at 100.57. Denomination $500. Date
Nov. 1 1910.
Avoyelles Parish School District No. 35, La. — B o n d S a le.
— H. T. Holtz & Co. of Chicago have purchased $15,000 5 %
coupon high-school-completion bonds.
D e n o m in a tio n $ 50 0. D a te S e p t. 1 1910. In te re st se m i-a n n u a lly a t th e
A v o y e lle s B a n k In M ark esvllle. M atu rity $1,000 y e a r ly o n S e p t. 1 from
1916 t o 1930 In clu sive, s u b je c t t o ca ll, h o w e v e r, after S e p t. 1 1916. T o ta l
b o n d e d d e b t , this Issue. A ssessed v a lu a tio n , $ 6 1 0 ,4 8 0 . A c tu a l v a lu a tio n
(e s tim a te d ), $ 3 ,6 0 0 ,0 0 0 .

Baltimore, Md.— C ity S tock all S o ld . — The city has suc­
ceeded in disposing of the unsold portion of the $2,400,000
4 % stock offered with only partial success at public sale on
May 23. The City Register states that all of the stock was
sold at par and interest, with the exception of $721,500,
which was sold recently at 99% and interest. See V. 91,
p. 1113.
Belle Center, Logan County, Ohio.— B o n d O ffe r in g .—Further details are at hand relative to the offering on Oct. 31
of the $2,500 5 % gold coupon street-crossing bonds men­
tioned in V. 91, p. 976. Proposals will be received until
12 m. on that day by H. A. Sickles, Village Clerk.
A u th o rity , S e c tio n 2835 R e v is e d S ta tu te s .
D e n o m in a tio n $500.
D a le
S e p t. 20 1910.
In te re st s e m i-a n n u a lly a t th e B elle C en ter B ank C o . B on ds
are ta x -e x e m p t .
M a tu r ity $500 y e a r ly o n S e p t. 20 fro m 1911 t o 1915
In clu sive.
P u rch a se r t o p a y a c cru e d In terest.
B o n d e d d e b t , In clu d in g
this Issue, $1 0 ,4 7 5 69.
N o flo a tin g d e b t . S in k in g fu n d $715 51. Assessed
v a lu a tio n 1910 $2 5 8 ,7 5 0 .

Beliefontaine, Logan County, Ohio.— B o n d s A u th o r iz e d . —
An ordinance has been passed, according to reports, provid­

$2,700
31,275
$4,800
$3,000
ing for the issuance of $75,300 5 % sanitary-sewer-construc­
bonds.
bonds.
bonds.
bonds.
tion bonds. Denominations $1,000, $500 and $300.
TUlotson & W olcott C o., Cleveland.. .$ 2 , 720 33 31.285 07 $4,816 32 $3,003 90
1,280 00
4 ,822 00
3,006 00
New First Nat. Bank, Columbus........... 2 ,7 11 00
Belton, Bell County, Texas.— B o n d s V o ted . — The election
S tacy & Braun, T oledo............................. 2,714 40
1,277 00
4,813 52
3,001 00
Field, Longstreth & Co., C in c in n a ti... 2,712 25
1,281 00
4,811 40
3,001 00
held Oct. 18 (V. 91, p. 817) resulted in favor of the question
O tis & Hough, Cleveland_____________ 2,712 15
1,281 00
4,802 40
3,000 00
H ayden, Miller & C o., Cleveland_____ 2,710 25
1,279 75
4,805 00
3,002 50 of issuing the $11,000 5 % water-works-improvement bonds.
C . E. Denison & Co., Cleveland......... ..
..................................
4,805 25
............
Maturity 40 years, subject to call after 10 years.
D avles-Bertram Co.. Cincinnati.........................................................................
3,004 50
Beverly, Essex County, Mass.— D e s c r ip tio n o f B o n d s . — We
$10,700
$10,000
$10,000
$2,000
$5,900
bonds.
bonds.
bonds.
bonds.
bonds.
are advised that the $10,000 4 % 1-10-year (serial) play­
D ayton Sav. & Tr. C o., D ay. ............. $10,164 50
............................. ..
..............
ground bonds awarded on Oct. 18 to Blodget & Co. of Bos­
Tlllotson& W olcottCo., C le._$10,809 67 10,132 60 $10,190 00 $ 2,022 64 $5,991 80
New First Nat. B k .,C o lu m . 10,830 00 10,155 00 10,112 00 2,014 00 6,002 00
ton at 101.40 (V. 91, p. 1113) are in denominations of $1,000
Stacy & Braun, T oledo____ 10,818 78 10,140 25 10,108 25 2,015 40 5,991 02
each and are dated July 1 1910. Interest semi-annual.
Field, Longstreth&Co., C ln. 10,803 00 10,126 00 10,075 00 2,015 00 5,974 00
O t i s * Hough. C lev ela n d ... 10,825 00
10,147 00 10,106 00 2,016 40
5,975 00
Bibb Independent School District, Texas.— B o n d s R e g is ­
H ayden, Miller & Co.. C lo .. 10,785 86
10,104 50 10,070 50 2,013 00 5,958 00
C . E. Denison & Co., C l e . .. 10,809 15
10,133 75 10,091 76
5,975 00 ter ed . — An issue of $1,000 5 % 5-10-year (optional) bonds was
W ell, B oth & Co., C ln cln .. 10,796 30
10,110 00 10,080 00
registered on Oct. 17 by the State Comptroller.
Davles-Bertram C o., C l n . .. 10,822 00
10,143 00 10,101 00 2,000 00 5,988 50
Cent. Sav. & Tr. Co., Akron
.............................
10,113 50
...........
............
Big Horn County School District No. 10 (P. O. Hyattville),
A bid of $50,680 for "all or none” was also received from the Security Savings
W yo.— B o n d S a le . — On Oct. 1 C. W . Burdeck purchased
Bank & Trust Co. of Toledo for the nine Issues.

These are not new issues, but bonds held by the Sinking
Fund as an investment.
B o n d s D e fe a te d .— An election held Oct. 25 resulted in the
defeat of a proposition to issue $750,000 bonds to build a new
water-works-plant to take the place of the one now operated
by the Akron Water-Works Co. The vote was 3,935 “ for”
to 3,659 “ against,”
Akron School District (P. O. Akron), Summit County,
Ohio.— B o n d S a le .— The $55,000 4 % school-completion and
equipment bonds offered on Oct. 4 and described in V. 91,
p. 740, have been disposed of at par as follows: $25,000 to
C. B. Raymond of Akron and $30,000 to the Second National
Bank of Akron. The date of the bonds has been changed
from Oct. 10 1910 to Oct. 4 1910. Maturity $30,000 Oct. 10
1928 and $25,000 Oct. 10 1929.
Albertville, Marshall County, Ala.— B o n d s N o t S o ld .— Up
to Oct. 21 no award had been made of the $25,000 5% 30year water-works bonds (V. 91, p. 740), proposals for which
„ were asked until Sept. 20.
Alvord, Lyon County, Io w a — B o n d s V o te d .— The propo­
sition to issue the $4,000 water-works bonds, due part yearly
from 10 to 20 years inclusive, was favorably voted upon on
Aug. 12.
Amarillo, Potter County, Texas .— B o n d s O ffered b y B a n k ­
e r s .— The Harris Trust & Savings Bank of Chicago has pur­
chased and is offering to investors the $75,000 5% 20-40-year
(optional) coupon bridge and street bonds, which were




$1,200 6 % 11-year school-house bonds for $1,210 (100.833)
and interest. Denominations: 4 bonds of $100 each and 4
bonds of $200 each. Date June 10 1910. Interest January
and July.
Blakely (P. O. Olyphant), Lackawanna County, Pa.—
B o n d S a le . — On Sept. 27 $9,000 5 % 10-year improvement
bonds were awarded to H. P. Taylor & Co. of Pittsburgh.
Denomination $1,000. Date Sept. 1 1910. Interest semi­
annual .
Bloomington, McLean County, 111.— B o n d O ffe r in g . — Pro­
posals were opened yesterday (Oct. 28) for $50,000 4 % cou­
pon water-improvement bonds.

D e n o m in a tio n $ 1 ,0 0 0 . D a te N o v . 1 1909. In te re s t s e m i-a n n u a lly at
th e C ity T rea su rer’s o ffic e . M a tu rity 20 ye a rs, s u b je c t t o call a fte r N o v . 1
1919. T h ese secu rities a re t h e last Installm ent o f an Issue o f $ 15 0,00 0 b on d s,
o f w h ich $50 ,000 w e re so ld o n O ct. 29 1909 (V . 8 9 , p . 1235) a n d $5 0 ,0 0 0 on
A p ril 29 (V . 90, p. 1 3 1 4 ). T h e result o f y e s te r d a y ’s offe rin g w as n o t k n ow n
t o us a t th e h o u r o f g o in g t o press.

Brawley, Imperial County, Cal.— B o n d S a le . — On Oct. 3
the $18,000 6 % coupon sewer bonds described in V. 91, p.
817, were awarded to the First National Bank in Brawley
at “ par and accrued interest and printed bonds.” Maturity
part yearly from 1911 to 1939 inclusive.
Briarcliff Manor, Westchester County, N. Y .— B o n d O ffe r ­
in g P o s tp o n e d . — The offering of the $20,000 5-24-year (serial)
registered water-works bonds which was to have t^ken place
Oct. 26 (V. 91, p. 1048) has been indefinitely postponed.
Bristol, V a.— B o n d s N o t S o ld . — Up to Oct. 19 no satisfac­
tory bid had yet been received for the $60,000 5 % water-

system-extension bonds offered on Sept. 27 and described in
V. 91, p. 817.
Brockton, Plymouth County, Mass.— B o n d S a le . — An is­
sue of $17,500 4 % water-construction bonds has, it is stated,
been awarded to E. H. Rollins & Sons of Boston at 103.64.
Date Oct. 1 1910. Maturity $1,500 in 1914 and $1,000 yearly
from 1915 to 1930 inclusive.
Brownsville, Cameron County, Tex.— B o n d S a le . — Ulen,
Sutherlin & Co. of Chicago have purchased the $15,000 water­
works and the $15,000 electric-light 5% 20-year bonds, regis­
tered by the State Comptroller (V. 91, p. 740) on Sept. 1.
Date Sept. 1 1910. Interest semi-annually in New York
City. Denomination $500.
Calhoun County (P. O. Rockwell City), Iowa.— B o n d S a le.
— An issue of $150,000 o } 4 % 3-8-year (serial) drainage bonds
was disposed of on Oct. 5 to the Investors’ Securities Co. of
Des Moines at par. Denomination $500. Date Oct. 1 1910.
Interest semi-annual.
Calhoun County (P. O. Port Lavaca), Texas.— B o n d s R eg is­
ter ed . — An issue of $44,000 5 % 10-40-year (optional) Court­
house bonds was registered by the State Comptroller on
Oct. 18.
Calhoun County Common School District No. 5, Texas.—
B o n d s R e g is te r e d .— The State Comptroller registered $4,000
5 % 5-20-year (optional) bonds on Oct. 18.
Calhoun County Common School District No. 9, Texas.—
B o n d s R eg istere d .— On Oct. 18 the State Comptroller regis­
tered $1,000 5 % 5-10-year (optional) bonds.
Calhoun County Common School District No. 10, Tex.-—
B o n d s R e g is te r e d . — The State Comptroller on Oct. 18 regis­
tered $4,000 5 % 5-20-year (optional) bonds.
Callaway, Custer County, Neb.— B o n d O ffe r in g . — Pro­
posals will be received until Nov. 1 for the $6,000 6% watermain-extension and improvement bonds mentioned in V. 91,
p. 740.
A u th o r it y , v o te o l 100 t o 41 o n S e p t. 26 1010.
s u b je c t t o ca ll a lte r 10 years.

M a tu rity N o v . 1 1030,

Campbell, Franklin County, Neb.— B o n d O ffe r in g . — W . B.
Hyden, Village Clerk, is offering at private sale $4,000 5%
coupon electric-light bonds.
D e n o m in a tio n $50 0. D a te A u g . 1 1010.
In terest Jan . 1 and J u ly 1
In N ew Y o r k C itv .
M a tu rity 10 years, s u b je c t to call a fte r 5 years. Cer­
tified c h e c k fo r 1 0 % o f b id , p a y a b le t o B . B . H clm lck , V illa ge T reasu rer,
Is re q u ir e d .
B o n d e d d e b t , in clu d in g this issue, $ 0 ,0 0 0 .
N o flo a tin g d e b t.
A ssessed v a lu a tio n 1010, $108,511 50.

Cannon Falls School District (P. O. Cannon Falls), Good­
hue County, Minn.— B o n d S a le . — The State of Minnesota
has been awarded the $30,000 4 % school-building bonds
voted (V. 91, p. 740) on Aug. 30. The price paid was par.
Denomination $1,000. Interest annually on July 1.
Canonsburg, Washington County, Pa.— B o n d E le c tio n .
A proposition to issue $14,000 park bonds will be submitted
to a vote of the people on Nov. 8.
Carbon County (P. O. Red Lodge), Mont.— B o n d S a le .—
On Oct. 18 the $40,000 20-year coupon funding bridge bonds
described in V. 91, p. 976, were awarded to Woodin, McNear
& Moore of Chicago at 105.31 and accrued interest for 5s—
a basis of about 4.567% . The bids received were as follows:
W o o d in M cN ear& M oore,C h Ic$ 42,1 24 IS e a so n go o d & M ayer, C I n c ln .$ 4 1 ,050
H arris T r & S a v . B a n k , C h ic. 42,033 W ells & D lc k c y C o ., M i n n . . . 41.040
W m f t C o m p to n C o ., S t. I .- 4 1 ,960 F in le y, B a rrcll & C o ., C h ic . _ 41,028
Ii H R ollin s & S on s, D enver 41,636 T h o s . J . B olger C o ., C h icago 40,810
a ’ B ’ L ea ch & C o ., C h ic a g o .- 41,508 U n io n In v e s t. C o ., M in n e a p . 40,800
N . W . H alsey & °C o., C h icago 4 1 ,436 C . H . C o ffin C h ic a g o ----------- 40,401
M rC ov & C o . C h icago
. . . 11,205 S. A . K ea n & C o ., C h ic a g o .. 40,260
W e ll. R o t h & C o ., C in cln ____ 41,111 J o h n N u v e c n & C o ., C h icago 40,000

Champaign County (P. O. Urbana), Ohio.— B o n d S a le .—
'On Oct. 20 the $13,080 4 % coupon ditch bonds described in
V. 91, p. 1048, were awarded to A. F. Vance Jr., Vice-Presi­
dent of the National Bank of Urbana, in Urbana, at 100.225.
The bids received were as follows:
A. E. V a n ce J r ., U r b a n a . .5 1 3 ,1 0 0 501G . W . M c C r a c k e n ---------- $ 13 ,109 00

M a tu rity p a rt on A p ril 20 and o n O ct. 20 In th e yea rs 1 9 1 1 ,1 0 1 2 an d 1913.

Chambers County Common School District No. 19, Texas.
— B o n d s R e g i s t e r e d — T h e State Comptroller registered on
Oct. 21 an issue of $3,500 5% 10-40-year (optional) bonds.
Chatham, Pittsylvania County, V a.— B o n d s N o t S o ld . — No
award has yet been made of the $10,000 5 % 30-year coupon
street and school bonds which E. S. Reid of the Finance Com­
mittee has been offering at private sale. See V. 91, p. 741.
Checotah, McIntosh County, Okla.— B o n d O ffe r in g . — Pro­
posals will be received until 8 p. m. Nov. 1 by Ben Huddles­
ton, City Clerk, for $40,000 6 % 25-year sewer bonds. Cer­
tified check for 5 % of bid is required.
Chehalis County School District No. 9, Wash.— B o n d O f­
f e r i n g . — Proposals will be received until 1 p. m. Nov. 5 by
G. J. Taylor, County Treasurer (P. O. Montesano) for $2,000
bonds at not exceeding 6 % interest.
D e n o m in a tio n $ 50 0. In te r e s t sem i-an n u al. M a tu rity 3 years, s u b le c t
to call a fte r 1 y ea r. C ertified ch e ck fo r 2 % o f b o n d s bid fo r Is req u ired .

Chenango, Broome County, N. Y .— B o n d O ffe r in g .— Pro­
posals will be received until Nov. 4 by John H. Thomas,
Supervisor, care of County Treasurer (P. O. Binghamton),
for $9,000 4
registered bridge-construction bonds.
D en om in a tion $500.
In terest an n u a lly o n M arch 1 a t C o u n ty T reasu rer’s
o ffic e .
M atu rity $2,000 ye a rly o n M arch 1 fro m 1014 to 1017 In clu sive
a n d $1,000 M arch 1 1918. C ertified ch e ck fo r 1 0 % o f b id is req u ired .
B o n d s w ill b e rea d y fo r d e liv e ry o n N o v . 7.

Cherryvale, Montgomery County, Kan.— B o n d s D efea te d .
— An election held Oct. 12 resulted in the defeat of a propo­
sition to issue $105,000 bonds. The vote was 353 “ for” to
378 “ against.”




Chicago, 111.— B o n d S a le . — On Oct. 25 the $3,500,000 4 %
gold city-hall-construction bonds offered on that day were
disposed of as follows: $350,000 to the Farwell Trust Co. of
Chicago at 98.878 and $3,150,000 at 98.3883 to a syndicate
composed of Wm. A. Read & Co., E. H. Rollins & Sons and
Wm. Salomon & Co., all of Chicago. These bonds have
been sold subject to the approval of the voters at the elec­
tion to be held Nov. 8. See V. 91, p. 1048. Maturity
$230,000 yearly on Jan. 1 from 1916 to 1929 inclusive and
$280,000 on Jan. 1 1930.
Christiansburg, Montgomery County, Va.— B o n d O ffer­
in g .— Proposals will be received until 8 p. m. Dec. 1 by E. S.
Hagan, Mayor, for $40,000 5% coupon water-works bonds.
A u th o r it y , S e ctio n s 1033 g an d 1038 e C odes o f 1004.
D e n o m in a tion
$500 o r In larger a m o u n ts If so desired b y th e pu rch aser.
D ate J a n . 1 1911.
In te re st Ju n e an d D e ce m b e r a t th e Im p o r te r s ’ & T ra d e r’ s N a tion a l B ank
In N ew Y o r k C ity .
M atu rity 30 years, s u b je c t to call a ftre 15 years. P ro­
posals fo r these bo n d s w ere ask ed fo r until M ay 31 1910 ( V . 90, p . 125 3),
b u t w e w ere n ever a d v is e d as t o th e result o f th a t o flerln g.

Cincinnati, Ohio.— B on d S a le . — On Oct. 24 the $150,000
4 % 20-40-year (optional) coupon water-works-extension
bonds described in V. 91, p. 817, were sold to the Union Sav­
ings Bank & Trust Co. and Seasongood & Mayer, both of Cin­
cinnati, at their joint bid of 101.287— a basis of about 3.907%
to the optional date and about 3.937% to full maturity.
The following proposals were submitted:
U n io n S avin gs B ank & T ru st C o. an d S e a so n g o o d & M a yer, C l n .$ l 51,930
W estern -G erm a n B a n k , C in cin n a ti-----------------------------------------------F ifth -T h ird N ation a l B a nk, C in cin n a ti------------------------------------------ i r l ’ r lR
B reed & H arrison, C in c in n a t i---------------------------------------------------------- J

50
XX
RR
RR

G erm an N a tion a l B a n k , P r o v id e n t S av in gs B ank & T ru st C o .,
D a vie s-B e rtra m C o . an d W e il, R o t h & C o ., C in cin n a ti----------E . H . R ollin s & S on s, C h ic a g o __________________________________
N ew F irst N a tion a l B a n k , C o lu m b u s -----------------------------------------C entral T ru st & S afe D ep osit C o ., C in cin n a ti-----------------------------A tlas N ation a l B a n k , C in cin n a ti------------------------------------------------

00
00
00
00
00

Brighton-German Bank, Cincinnati -------------------------------- —

151*425 00
151 ,245
150 ,825
150 ,615
150,375
150 ,100

Cleveland, Ohio.— B on d S a le . — On Oct. 24 the $188,000
sawer-construction (city’s portion), the $100,000 street-pav­
ing (city’s portion) and the $90,000 fire-department 4.10%
20-year coupon bonds described in V. 91, p. 818, were
awarded, the first two issues to Hayden, Miller & Co. of
Cleveland at 101.132 and 101.09 respectively and the $90,000
bonds to Borton & Borton of Cleveland at 101.151. A list
of the bids submitted follows:
$90,000
$100,000
$188,000
bom ls.
bonus.
bonds.
H a y d e n , M iller & C o ., C le v e la n d ____ $90,080 00 $ 1 0 1,09 0 00 $ 19 0,13 0 00
91,036 00
B o r to n & B o r to n , C le v e la n d --------------190,011 60
1 01 ,070 o o
C levelan d T ru st C o ., C le v e la n d .............
90,963 00
100 ,979 00 180,827 00
90,877 00
N ew First N a tion a l B a n k , C o lu m b u s .
189,701 00
100
,905
50
TU lotson & W o lc o t t C o .(C le v e la n d . .
9 0,815 00
O tis & H o u g h ------------ J
S ta c y & B rau n , T o l e d o ---------------------90,765 84
100 ,626 75 189 ,589 75
C. E . D en ison & C o ., C le v e la n d _____
90,761 75
188,961 00
100,561 00
W e ste rn G erm an B a n k , C in c in n a t i..
90,551 00

Clyde, Sandusky County, Ohio.— B o n d S a le . — The three
issues of bonds described in V. 91, p. 976, were disposed of
as follows on Oct. 24: $3,300 4 F£% water-works-extension
bonds due $500 yearly on Sept. 1 from 1918 to 1923 inclu­
sive and $300 on Sept. 1 1924, awarded to the Croghan Bank

at their joint bids of 102.75 and 102.74 respectively.
Coburg School District No. 43 (P. O. Coburg), Lane
County, Ore.— B on d s N o t S o ld . — No award has yet been
made of the $18,950 5 % 10-20-year (optional) bonds offered
(V. 91, p. 540) on Sept. 1. Only one bid was received.
Proposals for these bonds will be received at any time.
Cochise County School District No. 45, Ariz .— N o B on d s
O ffere d . — We are advised that there is no truth in the re­
ports that this district would receive proposals until Oct. 1
for $2,500 7 % school-building bonds. See V. 91, p. 818.
Coffeyville, Montgomery County, Kan.— B on d E lectio n
P r o p o s e d . — According to Topeka papers, Eastern capitalists
are anxious for this city to hold an election for the purpose
of presenting to the voters a proposition to issue $15,000
bonds to be used in building an electric interurban line to
run between this city and Nowata, Okla.
Conroe Independent School District, Texas.— B on d s
V o ted . — An election held Oct. 19 resulted, it is stated, in
favor of a proposition to issue $25,000 school-building bonds.
The vote was 111 “ for” to 5 “ against.”
Council Bluffs, Pottawattamie County, l a — B o n d s P r o ­
p o s e d — Reports state that this city is considering the issu­
ance of about $20,000 fire-house bonds.
Covington County (P. O. Collins), Miss .— B o n d O ffe r in g .—
According to reports, proposals will be received for $25,000
Road District No. 3 bonds.
Cuyahoga County (P. O. Cleveland), Ohio.— B o n d S a le .—
Otis & Hough of Cleveland have been awarded the $59,000
4 % coupon bonds to improve Parma and Royalton Centre
Ridge Road No. 3, offered on Oct. 26 and described in V. 91,
p. 976, at par and accrued interest. There were no other
bidders.
M a tu rity $ 1 ,0 0 0 o n A p ril 1 191 1.J$3,000 ‘each six m on th s fro m O c t . 1 1911
t o O c t . 1 1919 Inclu sive, $3,000 o n A p ril 1 1920 an d $4,000 o n O c t . 1 1920.

Dale School District (P. O. Johnstown), Cambria County,
Pa.— B o n d E l e c t i o n — A proposition to issue $10,000 school­
building bonds will be submitted, according to reports, to the
voters at the general election Nov 8. It is further stated
that these are the same bonds awarded on June 7
^he
Washington Investment Co. of Pittsburgh (V. 90, p. 16J3),
but were refused by them on the ground that the whole

Forreston Independent School District (P. O. Forreston),
Ellis County, Tex.— B o n d O ffe r in g . — This district is offering
at private sale the $11,000 5 % 10-40-year (optional) bonds
registered by the State Comptroller (V. 91, p. 742) on Sept. 7.
Denomination $500. Date Sept. 1 1910. Interest semi­
annual.
Fort Worth, Tex.— B on d s N o t S o ld . — Up to Oct. 24 no
D en om in a tion $ 1 ,000.
D ate J u ly 1 1910.
In te re st se m i-an n u al. M a­
award had yet been made of the $100,000 4 j/2 % 20-40-year
t u r ity $.10,000 J u ly 1 1915 and $21 ,000 J u ly 1 In ea ch o f the years 1920,
(optional) school-building bonds described in V. 91, p. 742.
1925, 1930, 1935 and 1940. T h ese b o n d s w ere offe re d b u t n o t sold on
A u g. 10 (V . 91, p. 6 0 1 ).
Galesburg, Knox County, 111.— B on d s R e fu s e d . — Local
Davidson County (P. O. Nashville), Tenn.— B o n d s N o t to papers state that the $25,000 4 )^ % water-works-improve­
B e Issu ed at P r e s e n t. — The County Judge advises us that the ment bonds awarded on Oct. 3 to A. B. Leach & Co. of Chi­
$150,000 4 % 30-year State Fair bonds recently authorized cago on a basis of 4.15% (V. 91, p. 1049) have been refused
(V. 91, p. 1048), ‘‘will be issued and placed with the Nashville by them. These bonds are part of an issue 0 / $75,000 4s
Trust Co., to be held in trust subject to the order of the authorized by the voters last April, and after failing to sell
Quarterly County Court.”
them at this rate the City Council passed a resolution in­
“ Th e p urchase o f the fa ir gro u n d s Is m ade on c o n d itio n th at the n ext
creasing the interest to 4 L % > which action was held to be
session o f the L egislatu re, w h ich co n v e n e s In J a n u a ry 1911, shall take o v e r
illegal by the Chicago company. The reports further state
this p r o p e r ty fo r the S ta te and m ake a p p ro p r ia tio n s co m m en su rate w ith
the needs t o c o n d u c t the F a ir on a plane In k eepin g w ith the d ig n ity o f the
that the entire issue of $75,000 will again be submitted to
S ta te .
H ence the a b o v e requ irem en t th a t the b o n d s shall be p laced in
the voters at the general election Nov. 8 as 4)^s.
tru st t o a w a it the a c tio n o f the L e g is la tu r e .”
Georgetown, Williamson County, Tex.— Ronds V o ted —
Dawson, Navarro County, Tex.— D e s c r ip tio n o f B o n d s . —
We are advised that the $8,000 20-40-year water-works B o n d O ffe r in g . — The propositions to issue the $32,000 water­
bonds voted on Sept. 23 (V. 91, p. 896) are coupon in form works and the $13,000 light 5 % 10-40-year (optional) bonds
and carry interest at the rate of 5 % , payable semi-annually mentioned in V. 91, p. 819, carried by a vote of 216 to 24 at
the election held Oct. 17. Interest semi-annual. Proposals
in Dawson.
, ,
D e n om in a tion $500.
D a te D e c. 1 1910. T h is c it y has no d e b t a t pres­
for these bonds will be received until Dec. 1.
e n t. Assessed v a lu a tion fo r 1910, $30 0,00 0.
Geneva, Ontario County, N. Y .— B o n d s V o te d . — Proposi­
Decatur, Macon County, 111.— B o n d S a le . — The $75,000
4 % coupon electric-light-system bonds, bids for which were tions to issue the following bonds were favorably voted upon
at
an election held Oct. 18: $57,000 for a water main, $35,000
rejected on Sept. 28 (V. 91, p. 896), have been purchased by
for pumps, $30,000 for a reservoir and two issues, one of
the Harris Trust & Savings Bank of Chicago.
$4,000 and one of $4,500, for the general fund. We are in­
D en om in a tion $1,000.
D ate O ct. 1 1910.
In terest sem i-a n n u a lly at
formed that, in all probability, the bonds will not be issued
th e C ity T reasu rer's o ffic e In D eca tu r.
M a tu rity o n O ct. 1 as fo llo w s:
$40,000 In 1920, $3,000 yea rly fro m 1921 to 1929 in clu sive a n d $8,000 In
until April 1 1912.
1930.
B on d s D efea te d . — At the same election the voters defeated
Delaware County (P. O. Delaware), Ohio.— B o n d S a le .— a proposition to issue bonds for a filtration plant.
On Oct. 24 the $77,860 4 f^ % road-improvement bonds de­
Gila County School District No. 26, Ariz.— B o n d O ffe r in g .
scribed in V. 91, p. 977, were awarded to the Delaware Na­
tional Bank in Delaware at 101.934 and accrued interest. — Proposals will be received until 10 a. m. Nov. 5 by Frank
L. Gates, Clerk Board of Supervisors (P. O. Globe), for
The bids received were as follows:
$7,000 7 % bonds. Denomination $100. Maturity “ on or
D elaw are N at. lla n k , D e la w .$79,366 IS eason good & M ayer, C In c in .$ 7 9 ,3 0 0
N ew First N at. 13k., C o l u m .. 79,365 B reed & H arrison, C incinnati 79,2 5 0
before 20 years.”
D elaw are S a v . 13k. C o ., D e la . 79,3601 W e ll, R o th & C o ., C ln cln -------79,145
M a tu rity $3,893 each six m on th s fro m M arch 1 1911 to S e p t. 1 1920 lncl
Girard, Trumbull County, Ohio.— B o n d S a le . — Farson,
Do Leon, Comanche County, Texas.— B o n d s V o te d . — This Son & Co. of Chicago have been awarded, according to re­
city, according to reports, has voted to issue city-hall­ ports, the $10,000 5% sidewalk assessment bonds offered
on Oct. 24 and described in V. 91, p. 819, at 102.76. Matur­
building bonds.
DuBois County (P. O. Jasper), Ind.— B i d . — According to ity $1,000 each six months from March 1 1912 to Sept. 1
reports, a bid of par has been received from Miller, Adams 1916 inclusive.
Gloucester, Essex County, Mass.— B on d O ffe r in g . — Pro­
& Co. of Indianapolis for the $26,200 4 j/j% Harbison Town­
ship rock-road bonds offered on Sept. 10 and described in posals were asked for until 4 p. in. yesterday (Oct. 28) by
Edward Dolliver, City Treasurer, for $30,000 4 % coupon
V. 91, p. 601.
Dunklin County School District No. 2, Mo.— B o n d s O f­ bonds.
n o m in a tio n $1,000.
D ate N o v . 1 1910.
In terest sem i-a n n u a lly a t
f e r e d by B a n k e r s . — In their circular for November, Farson, th eD eFirst
N ation a l H ank In B o s to n .
M a tu rity $3,000 y e a r ly o n N o v . 1
Son & Co. of Chicago are offering to investors $54,000 6% fro m 1911 t o 1920 Inclu sive. T h ese b o n d s will be ccrtllied as t o their
genuineness b y th e O ld C o lo n y T ru st C o. In B o s to n , w hich w ill also c e r tify
bonds.
th a t th e legality o f th e Issue has been a p p ro v e d b y H opes, G ra y & G orh a m ,
proceedings were illegal because the School Board failed to
pass a preliminary resolution in the matter.
Dalton, Whitfield County, Ga.— B o n d S a le . — On Oct. 3
$5,000 fire-station, $25,000 school, $20,000 electric-light,
$30,000 water, $20,000 sewer and $25,000 paving 5 % bonds
were awarded at private sale to the Robinson-Humphrey
Co. of Atlanta.

D e n om in a tion $500.
D ate Ju n e 1 1910. In terest sem i-an n u al.
tu r ity p a rt y ea rly on Ju n e 1 fro m 1914 to 1930 in clu sive.

M a­

Easley, Pickins County, So. Caro.— In terest R a te . — We are
advised that the $29,500 20-40-year (optional) coupon water
and light bonds sold on Sept. 21 to Ulen, Suthcrlin & Co. of
Chicago for $29,700 (100.677) carry interest at the rate of
5i 4 % , and not 5% as at fir5!t reported.
East Cleveland, Cuyahoga County, Ohio.— B on d s A u th o r ­
iz e d . — An ordinance authorizing the issuance of $6,000 bonds
to be used in purchasing certain land for city purposes passed
its third and final reading at the meeting of the City Council
on Oct. 19.
El Paso, El Paso County, Tex.— B o n d s R eg istere d . — The
$375,000 5% 20-40-year (optional) bonds turned over to the
International Water Works Co. in part payment for its plant
(V. 91, p. 666) were registered on Oct. 18 by the State Comp­
troller.
El Paso County (P. O. Colorado Springs), Colo.—-B ond
E le c tio n . — Local papers state that the question of issuing
$110,000 road-improvement bonds will be submitted to a
vote of the people at the November election.
Euclid, Cuyahoga County, Ohio.— B o n d S a le . — On Oct. 24
the $1,987 4j/2% coupon Crosby Avenue improvement assess­
ment bonds described in V. 91, p. 819, were sold to Hayden,
Miller & Co. of Cleveland for $2,015 (101.409) and accrued
interest. A bid of $2,009 68 was also received from Stacy &
Braun of Toledo. Maturity $487 Oct. 1 1913 and $500 on
Oct. 1 in each of the years 1916, 1918 and 1920.
Farmdale School District, Los Angeles County, Cal.—
B o n d S a le . — James II. Adams & Co. of Los Angeles are
reported as being the successful bidders on Oct. 17 for the
$15,000 5% 1-15-year (serial) bonds offered on that day.
Flatonia, Fayette County, Tex.— D e s c r ip tio n o f B o n d s . —
We are advised that the $12,500 school-building bonds voted
on Sept. 20 (V. 91, p. 896) carry 5% interest and mature in
40 years, but are subject to call after 10 years.
Floydada Independent School District (P. O. Floydada),
Floyd County, Tex.— B o n d O ffe r in g . — Proposals will be
received at any time for the $20,000 5% school-building bonds
voted on May 31 and described in V. 91, p. 002. They are
in denominations of $500 each and are dated July 20 1910.
Interest annual. Maturity July 20 1950, subject to c.all
after July 20 1915. Arthur B. Duncan is President of the
School Board.
,
ifc>^ ;j




o f B o s to n , a c o p y o f w hose o p in io n w ill be furnish ed w ith o u t ch arge to the
p urchaser. T h e result o f this o fferin g was n o t k n o w n t o us a t th e h ou r o f
g o in g to press.

Greeley School District No. 6 (P. O. Greeley), Weld
County, Colo.— B on d O ffe r in g . — Proposals will be received
on or before Oct. 31 by Grace N. Allen, Secretary, for $62,000
5 % gold school bonds voted July 28 (V. 91, p. 352).
D e n o m in a tio n $500.
D ate O ct. 1 1910.
In terest se m i-a n n u a lly In
N ew Y o r k C ity at the o ffic e o f Ivo u n tzc B ros. M atu rity 15 years. C ertllled ch e ck fo r $500 Is requ ired .
O fficial circu lar states th a t th ere Is no
c o n tr o v e r sy o r litigation pen d in g o r th reaten ed w hich w o u ld a ffe c t th e
v a lid ity o f th e b on d s; n o previou s Issue o f b o n d s has been c o n te s te d , an d
prin cipa l a n d Interest o n all b o n d s p re v io u sly Issued h a ve been p aid a t
m a tu rity .

Greenwich, Huron County, Ohio.— B on d s V o t e d — An
election held Oct. 15 resulted in favor, it is stated, of a
proposition to issue $20,000 school-building bonds. The
vote was 97 to 17.
Grove City, Meeker County, Minn.— B o n d S a le . — On
Oct. 4 an issue of $5,000 6% fire-station bonds was awarded
to the Merchants’ & Farmers’ State Bank in Grove City
at par.
D e n o m in a tio n $500.
D a te O c t . 4 1910. In te re st an n u a l.
O ct. 4 1920, s u b je c t to call " o n o r b e fo re 10 y e a r s .”

M a tu rity

Guthrie Graded Common School District (P. O. Guthrie),
Todd County, Ky.— B o n d S a le . — Chas. S. Kidder & Co. of
Chicago were the successful bidders on Oct. 20 for the $9,000
5 % 20-year coupon building and improvement bonds de­
scribed in V. 91, p. 819.
Hamilton, Ohio.— B o n d S a le . — On Oct. 21 the $4,903
North E St. and $4,404 90 Mason Ave. 4 )^ % assessment
improvement bonds described in V. 91, p. 897, were awarded
to the Provident Savings Bank & Trust Co. in Cincinnati at
101.33 and accrued interest. The bids received were as
follows:
P r o v . S. B k . & T r . C o .,C in .$9,431 7 0 (S e c u r ity S . B k . & T r .C o .,T o l$ 9 ,4 0 4 90
B reed & H arrison , C in ____ 9,408 08 |Se a so n go o d & M ayer, C i n . . 9,368 00
M a tu rity o n c-te n th o f each Issue yea rly fro m 1911 to 1920 Inclu sive.

Hammond, Piatt County, Ind.— B on d S a le . — On Oct. 6
$70,000 4 j/£% funding bonds were awarded to J. T. Elliott
& Sons of Indianapolis for $71,766 50, the price thus being
102.523.
D e n o m in a tio n $ 1 ,0 0 0 . D ate O ct. 1 1910.
In terest Jun e 1 an d D e c. 1.
M a tu rity $7,000 y e a rly on Jun e 1 fro m 1912 t o 1921 in clu sive

Hastings, Jefferson County, Okla.— B o n d O fferin g P o s t­
p o n e d . — Owing to the lack of a quorum, due to the fact that
part of the Council were serving on the Grand Jury, the of­
fering of $30,000 6% 25-year coupon tax-free water-works

bonds which was to have taken place Oct. 24 (V. 91, p. 1049),
was postponed until Nov. 7.
Helena School District No. 1 (P. 0 . Helena), Lewis and
Clark County, Mont.— B o n d s N o t Y e t S o ld . — Up to Oct. 22
no award had yet been made of the $50,000 4 j^ % 10-20-year
(optional) coupon school bonds offered without success
(V. 91, p. 666) on Aug. 20.
Hemphill County Common School Districts No. 1 and 2,
Tex.— B o n d S a le . — The following 5% bonds registered by
the State Comptroller on Aug. 30 (V. 91, p. 743) were sold
during September to II. N. Swain of Dallas at par: $4,000
due July 1 1930 and $8,000 due July 1 1950. Denomination
$500. Date July 1 1910. Interest annually on April 12.
Henry County (P. O. Napoleon), Ohio.— B o n d S a le .—
Road improvement bonds amounting to $98,500 and carry­
ing 4 )^ % interest have been awarded, it is stated, to the
New First National Bank of Columbus for $100,331— the
price thus being 101.858.
Highland Park, Lake County, 111.— B o n d S a le . — On
Oct. 4 an issue of $7,500 4 )^ % 10-year refunding bonds was
awarded to the Harris Trust & Savings Bank of Chicago at
par and accrued interest. Denomination $500. Interest
semi-annual.
Highland Park, Wayne County, Mich.— B o n d S a le . — The
$31,000 3J^% water bonds voted on Sept. 1 (V. 91, p. 743)
have been disposed of at private sale to H. W . Noble & Co.
and the Security Trust Co., both of Detroit.
Hillman Township School District (P. 0 . Hillman), Mont­
gomery County, Mich.— B o n d S a le . — Ulen, Sutherlin & Co.
of Chicago have purchased $12,000 5 % 1-15-year (serial)
coupon school-building bonds. Denomination $800. Date
Oct. 1 1910.
Hillsboro County (P. O. Tampa), Fla.— B o n d S a le . — An
issue of $80,000 5 % 2-9-year (serial) school bonds has been
purchased by Ulen,Sutherlin & Co. of Chicago. Denomina­
tion $1,000. Date July 1 1910.
Houston County Common School District, Tex.— B o n d
S a le . — The $4,000 5 % 2-20-year (optional) bonds registered
by the State Comptroller on Aug. 18 (Y. 91, p. 602) have
been sold to the Houston County Permanent School Fund.
Huron County (P. O. Norwalk), Ohio.— B o n d S a le . — On
Oct. 6 the $24,344 71 4 )^ % coupon ditch-improvementassessment bonds described in V. 91, p. 820, were sold to
C. E. Denison & Co. of Cleveland at 102.07 and interest.
Maturity $1,344 71 on April 1 1911 and $1,000 each six months trom
Oct. 1 1911 to Oct. 1 1921 Inclusive and $2,000 on April 1 1922.
Iowa City, Johnson County, Iowa .— B o n d S a le . — On
Oct. 14 an issue of $12,000 5 % funding bonds was awarded
to Geo. M. Bechtel & Co. of Davenport for $12,500— the
price thus being 104.166.
Denomination $1,000. Date Oct. 1 1910. Interest June and December.
Iredell Independent School District (P. O. Iredell), Bosque
County, Tex.— B o n d s N o t S o ld .— We are informed under
date of Oct. 24 that no sale has yet been made of the $7,000
5 % 10-40-year (optional) bonds described in V. 91, p. 743.
Jackson, Madison County, Tenn.— B o n d s V o te d . — An
election held Oct. 10 resulted in favor of a proposition to
issue $75,000 railway-aid bonds. The vote was 897 “ for”
to 177 “ against.”
Jackson County (P. O. Gainesboro), Tenn.— N o B on d s
Y e t I s s u e d . — In reply to our inquiry as to whether or not
the reports were true that the voters recently authorized
the issuance of $75,000 railroad-aid bonds, the Clerk of the
County Court writes us under date of Oct. 24 that no bonds
have been issued as yet.
Jacksonville, Jackson County, Ore.— D e s c r ip tio n o f B o n d s .
— We are advised that the $30,000 gravity-water-system
bonds recently awarded to Ulen, Sutherlin & Co. of Chicago
(V. 91, p. 1115) carry 6 % interest and are dated Oct. 1 1910.
Denomination $500. Maturity Oct. 1 1930.
Jamestown, Chautauqua County, N. Y .— B o n d O ffe r in g .—
Proposals will be received until 8 p. m. Nov. 4 by Jason
Parker, Secretary of Hospital Commission, for $40,000
4 Y i°/o registered furnishing bonds.
Denomination $1,000. Interest Jan. 1 and July 1 In Jamestown. Ma­
turity 20 years. No deposit Is required with bid.
Jasper, Pipestone County, Minn.— B o n d S a le . — The State
of Minnesota recently purchased $8,500 4 % gas bonds.
Jeff Davis County (P. O. Fort Davis), Tex.— B on d s
O ffere d by B a n k e r s . — Farson, Son & Co. of Chicago are
offering to investors $31,500 6 % court-house bonds.
Denomination $500. Date Aug. 15 1910. Interest semi-annual. Ma­
turity part yearly on Jan. 1 from 1913 to 1919 Inclusive. Total debt. In­
cluding this Issue, $53,000. Assessed valuation, $3,734,652. Real value
(estimated), $7,500,000.
Jefferson County (P. O. Port Townsend), Wash. — B o n d
O ffe r in g . — Proposals will be received until 12 m. Nov. 2 by
Harry A. Hart, County Treasurer, for $133,000 gold coupon
refunding bonds at not exceeding 6 % interest.
Denomination $1,000. Date Jan. 1 1911. Interest semi-annually at
the fiscal agency ot the State of Washington In New York City. Maturity
$30,000 on Jan. 1 In the years 1916 and 1921, $35,000 Jan. 1 1926 and
$38,000 Jan. 1 1931. Certified check on a bank In Port Townsend or
Seattle for $1,000, payable to the County Treasurer, Is required.
Jefferson School District, Los Angeles County, Cal.—
B o n d E le c tio n . — It is stated an election will be held Nov. 12
to vote on the question of issuing $10,000 5 % school-building
bonds. Denomination $1,000.




Josephine County School District No. 24, Ore.— B on d s
N o t S o ld . — No sale has yet been made of the $10,000 5%
20-year school-building and furnishing bonds offered (V. 91,
p. 820) on Oct. 3.
Kansas City, Kan.— B on d s O ffered by B a n k e r s . — The fol­
lowing 5 % general-improvement bonds are being offered to
investors by the Thos. J. Bolger Co. of Chicago:
$ 19 ,629 b o n d s.
D e n o m in a tio n s $500 and $129.
D ate O c t . 15 1910. M a­
tu r ity $ 1 ,6 2 9 o n A u g . 1 1911 an d $ 2 ,0 0 0 y e a r ly o n A u g . 1 from
1912 t o 1920 Inclu sive.
4 9 ,2 3 5 b o n d s.
D e n o m in a tio n s $500 an d $23 5. D a te S e p t. 15 1910.
M a tu rity $ 4 ,2 3 5 o n A u g . 1 1911 a n d $ 5 ,000 y e a r ly o n A u g . 1 from
1912 to 1920. Inclusive.
In te re s t s e m i-a n n u a lly o n F e b . 1 an d A u g . 1 a t th e S ta te T rea su rer’ s
o ffic e .

Kansas City Park District (P. O. Kansas City), Kan.—
B o n d s A u th o rize d .— This district, according to local papers,

has authorized the issuance of $95,000 bonds.
Keithsburg Drainage District, Mercer County, 111.—
B o n d s O ffered by B a n k e r s . — Farson, Son & Co. of Chicago
are offering to investors $47,189 25 6 % drainage bonds.
D e n o m in a tio n $50 0, e x c e p t o n e b o n d o f $689 2 5 . D a te A u g . 1 1910.
In te re st se m i-an n u al. M a tu rity p a r t y e a r ly o n A u g . 1 fro m 1912 t o 1928
Inclu sive.

Kenton, Hardin County, Ohio.— B o n d S a le . — This city,
it is stated, has awarded an issue of $2,000 4J^% publicsafety bonds to the Commercial Bank of Kenton.
Kersey, Weld County, Colo.— B on d s V o te d . — According to
reports an election held recently resulted in favor of a propo­
sition to issue $1,000 high-school bonds. The vote is given
as 25 “ for” to 8 “ against.”
Kinney County (P. O. Brackettville), T e x . — B o n d s O ffered
by B a n k e r s .— An issue of $44,500 6 % Court-house bonds is
being offered to investors by Farson, Son & Co. of Chicago.
D e n o m in a tio n $50 0.
D a te J u ly 1 1910. In te re st sem i-an n u al. M a­
t u r ity p a rt y e a r ly o n J a n . 1 fro m 1911 to 1915 Inclu sive. T o t a l d e b t , this
Issue. Assessed v a lu a tio n , $ 4 ,8 7 4 ,6 0 6 .
R e a l v a lu e (e s t .), $ 1 0 ,0 0 0 ,0 0 0 .

Lexington, Fayette County, K y .— B o n d S a le . — On Oct. 7
an issue of $51,060 14 6 % street-improvement assessment
bonds was awarded to C. C. Miller & Co. at par and accrued
interest.
D e n o m in a tio n $50 0, e x c e p t o n e b o n d In o d d a m o u n t.
191 0. In terest J a n u a ry an d J u ly .

D a te A u g. 20

Lexington County School District No. 29, So. Caro.—
B o n d S a le . — The $10,000 6 % coupon school-building bonds
offered on Sept. 30 and described in V. 91, p. 820, have been
sold to Ulen, Sutherlin & Co. of Chicago. The bonds are in
denomination of $1,000 each and mature $1,000 yearly from
1921 to 1930 inclusive.
Liberty County Common School District No. 7, Texas.—•
B o n d s R e g is te r e d .— On Oct.. 21 the State Comptroller regis­
tered $1,000 5 % 10-20-year (optional) bonds.
Lock Haven, Clinton County, Pa.— B o n d O ffe r in g . — Pro­
posals will be received until Nov. 1 by Frank E. Harder, City
Treasurer, or Ira M. Harvey, Chairman Finance Committee,
for $15,000 3 } 4 % coupon refunding bonds.
D e n o m in a tio n s $500 a n d $10 0. D a te N o v . 1 1010. In te r e s t sem i-an ­
n u a lly a t th e C ity T re a su re r’s o ffic e . M a tu rity 20 y e a rs, s u b je c t to call
a fte r 10 years.
B o n d s are e x e m p t fro m all ta x e s
N o d e p o s it Is requ ired
w ith bid

Lorain, Lorain County, Ohio.— B o n d O ffe r in g . — Proposals
will be received until 12 m. Nov. 23 by E. P. Keating, City
Auditor, for $21,500 4J^% coupon sanitary-sewer bonds.
A u th o rity S e ctio n 391 4, G eneral C od e.
D e n o m in a tio n $ 50 0.
D ate
O ct. 15 1910.
In terest M arch 15 an d S e p t. 15 a t th e S in k in g F u n d T r u s te e ’s
o ffic e .
M atu rity $ 1,000 y e a rly on M arch 15 a n d $1,500 y e a rly o n S e p t. 15
fro m 1912 t o 1916 Inclu sive, $ 1,000 ea ch s ix m o n th s fro m M arch 15 1917 to
S e p t. 15 1920 Inclu sive an d $ 1,000 S e p t. 21 1921. C ertllled ch eck on a
nation al ban k fo r $ 1 ,0 0 0 , p a y a b le t o th e C ity T reasu rer, Is req u ired .

Lucas County (P. O. Chariton), Iowa.— B o n d S a le . — This
county has awarded $22,000 4 j^ % coupon bridge bands to
the Harris Trust & Savings Bank of Chicago.
D e n o m in a tio n $50 0.
D a te N o v . 1 1910. In te re s t se m i-a n n u a lly at
th e C o u n ty T re a s u re r’s o ffic e . M a tu rity $ 5 ,0 0 0 o n N o v . 1 In each o f th e
years 1917, 1918 a n d 1919 a n d $ 7 ,000 o n N o v . 1 1920. T o t a l d e b t , In­
c lu d in g this Issue, $ 6 3 ,0 0 0 . Assessed v a lu a tio n fo r t a x a tio n , $ 1 5 ,0 2 4 ,7 2 4 .

Lucas County (P. O. Toledo), Ohio.— B o n d S a le . — On
Oct. 24 the $22,357 50 4 )^ % road-improvement bonds
described inV. 91, p. 978, were sold to the Dayton Savings &
Trust Co. of Dayton at 101.274. A list of the bids received
follows:
P rem iu m s.
P rem iu m s.
D a y to n S a v . & T r . C o ., D a y -$ 2 8 5 00 S e a so n g o o d & M ayer, C I n _ - .$ 2 5 0 50
C itizen s’ S. D . & T r . C o .,D a y . 284 40 S ecu rity S .B .& T r . C o ., T o l . . 227 00
S p ltzer & C o ., T o l e d o ________ 277 35 N ew First N a t. I3k , C o l u m .. 227 00
S ta cy & B ra u n , T o l e d o _____ 266 75 W este rn -G e rm a n B a n k , C ln . 170 00
B reed & H a rrison , C ln _______ 251 0 0 [
M aturity $5,857 50 in 1912 a n d $5,500 In each o f th e years 1913, 1914
an d 1915.

McArthur, Vinton County, Ohio.— B on d O fferin g .- —Pro­
posals will be received until 12 m. Nov. 5 by Chas. W .
Brown, Village Clerk, for $3,000 5 % Main Street improve­
ment bonds.
A u th o r it y , S e ctio n 283 5, R e v is e d S ta tu te s .
D e n o m in a tio n $ 50 0. D ate
O c t . 1 1910.
In te re st an n u al. M a tu rity $500 y e a r ly o n O c t . 1 from 1915
t o 1920 In clu sive. C ertified c h e c k fo r $20 0, p a y a b le t o th e V illa g e C lerk,
Is r e q u ire d . P u rch a se r to p a y a ccru e d Interest.

Maple Grove School District, Iowa.— B o n d S a le . — We
have just been advised that on July 26 $4,500 5 % school
bonds were sold to the Investors’ Securities Co. of Des
Moines at par.
D e n o m in a tio n $500. D a te J u ly 26 1910. In te re s t se m i-a n n u a lly In
F e b ru a ry a n d A u gu st.
M a tu rity $ 2 ,000 o n A u g . 1 1913 a n d $500 y e a r ly
on A u g. 1 fro m 1916 t o 1920 In clu sive.

Marblehead, Essex County, Mass.— B o n d O ffe r in g . — Pro­
posals were asked for until 10 a. m. yesterday (Oct. 28) by
Everett Paine, Town Treasurer, for $27,000 4 % coupon
water bonds.

D e n o m in a tio n $ 1 ,000.
D ate M ay 1 1910. In terest sem i-a n n u a lly a t th e
W lnthrO p N a tion a l B a n k In B o s to n .
M atu rity $1,000 y e a rly o n M ay 1
fro m 1011 t o 1914 Inclu sive, $2,000 y e a rly on M ay 1 fro m 1915 t o 1922
Inclu sive an d $ 1 ,0 0 0 y e a r ly o n M ay 1 fro m 1923 to 1929 Inclu sive.
B on ds
w ill be certified as to genuineness b y th e O ld C o lo n y T ru st C o. o f B o s to n ,
w h ich w ill fu rth e r c e r tify th a t th e le g a lity o f th e bon d s has been a p p ro v e d
b y S to r e y , T h o rn d ik e , P a lm e r & D o d g e o f B o s to n . T h e result o f this
o fferin g w as n o t k n o w n t o us a t th e h ou r o f g o in g to press.

Newport Drainage District (P. O. Santa Ana), Orange
County, Cal.— B o n d s V o te d .— The election held Oct. 4
resulted in favor of the proposition to issue the $15,000 5%
gold coupon drainage-construction bonds mentioned in
V. 91, p. 821. The vote was 34 “ for” to 4 “ against.”

Marshall, Harrison County, Texas.— B on ds R eg istere d . —
The State Comptroller on Oct. 21 registered the $50,000 5%
10-40-year (optional) coupon high-school bonds which were
sold, to Harris Trust & Savings Bank of Chicago (V. 91, p.

o fffce n ° -1M a t u m rSioE
t £a ? ; 1 a n d J u lF 1 a t th e C o u n t y T re a su rer’ s
n °J4a„n„ In,teL
. 1 ases.fo
llo w s :
$750* In 1922 : 1"5" 1,2 0 0
In
19251 $ 1 ,650
In
19281:
In
1930
900
In 1923
1,350
In
1926 1,950
in
1929| 2 ,4 0 0
In
1931
1 ,0 5 0
In 1924 4 1,500
In
1927
1

Mauch Chunk, Carbon County, Pa.— B o n d s A w a rd ed in
P a r t . — On Oct. 1 $3,500 of the $5,000 bonds (the unsold por­
tion of the $12,000
registered funding bonds mentioned
in V. 91, p. 603) were sold to local investors at par. Ma­
turity 1940, subject to call $1,000* yearly after 1915.
Maye3 County School Districts No. 8 and 17, Okla.— B on d s
O ffered by B a n k e r s . — The following 6 % school bonds are be­
ing offered to investors by Chas. A. Fach of St. Louis:
$ 1 ,000 b on d s o f S c h o o l D istrict N o . 8. D e n o m in a tio n $500.
1910. M a tu rity J u ly 1 1920.
800 b on d s o f S ciiool D istrict N o . 17. D e n o m in a tio n
S e p t. 5 1910.

D ate O ct. 1
$200.

D ate

The above districts have no other bonded debt.
Maysville, Mason County, K y.— B o n d S a le . — On Oct. 17
the State National Bank of Maysville was awarded $7,850
(amount reduced from $8,500 by assessments paid in cash
prior to the date of sale) 6 % coupon municipal-improvement
bonds. The price paid was par.
D en om in a tion $25 0.
D ate S e p t. 6 1910
In te re st se m i-a n n u a l.
t u r ity 10 yea rs, s u b je c t t o call a t a n y In te re st-p a yin g p e rio d .

M a­

The bonds will not be put on the market, we are advised,
for about three months.
New Rochelle, Westchester County, N. Y .— B o n d S a le .—
Pi1 Oct- 2£>
$46,000 4 }^ % registered publie-improvement
Series A bonds described in V. 91, p. 1116, were awarded
to 1'arson, Son & Co. of New York City for $46,481— the
price thus being 101.045. Other bids received were as
follows:
& S o n -------2 0 (P a rk in so n & B u rr __________________ $46 ,393 26
A d a m s & C o ----------------------- 4 6 ,414 00 N W H arris A* Pn
46 176 n o
C h ish olm & C h a p m a n ------- 4 6 ,4 0 2 5 0 | B Iod gct & C o ____ 46,’ 265 42
A ll th e a b o v e b id d e rs are fro m N ew Y o r k C ity.

Newton County (P. O. Kentland), In'd.— B o n d O fferin g .
— This county is re-offering for sale the $63,500 4 ^ % ‘ bonds
which failed to sell (V. 91, p. 667) on June 25.
Nordhoff Union High School District (P. O. Nordhoff),
Ventura County, Cal.— B on d s V o te d .— An election held
Oct. 11 resulted in favor of a proposition to issue $20,000 5%
high-school-building bonds. The vote was 151 “ for” to 8
“ against.” Interest semi-annual.

North Cohocton and Atlanta Union School Dist. (P. O.
Medford, Middlesex County, Mass.— B o n d S a le . — Dis­ North Cohocton), Steuben Co., N. Y .— B on d S a le .— The $2,­
patches state that $15,000 4 % 30-year sewer bonds were 000 bonds (the unsold portion of the $9,000 5 % school-house
awarded to E. M. Farnsworth & Co. of Boston at 108.73. bonds mentioned in V. 91, p. 745) were disposed of at par
Date Sept. 1 1910.
on Sept. 26 as follows: $1,000 to Geo. H. Vierhil and $1,000
Melrose, Middlesex County, Mass .— T e m p o r a r y L o a n — On to Andrew Vierhil.
Oct. 25 a loan of $25,000 due July 7 1911 was negotiated with
North Dakota.— B o n d s P u rch a sed b y the S ta le D u r in g
Loring, Tolman & Tupper of Boston at 4.14% discount.
S e p te m b e r .— The following 4 % bonds, aggregating $183,050,
Meridian, Lauderdale County, Miss.— B o n d S a le . — New were purchased during September by the State of North Da­
Orleans papers state that the $50,000 5 % 20-year coupon kota at par:
rn es C o u n ty S c h o o l D is trict N o . 16— $ 1 ,0 0 0 1 0 -yea r b u ild in g b o n d s d a te d
drainage bonds offered on Oct. 11 and described in V. 91, B aoC
p t. 1 1910.
p. 898, were awarded to Breed & Harrison of Cincinnati E n derlln S p ecial S ch o o l D is tr ic t, R a n s o m C o u n ty — $4,500 2 0 -y e a r fu n d in g
b o n d s d a te d S e p t. 10 1910.
at 101.
S c h o o l D is trict N o . 28, M o rto n C o u n ty — $800 1 0 -y e a r fu n d in g b o n d s
B o n d S a le . — In addition to the above, it is stated that G erson
d a te d S e p t. 10 1910.
this city has also awarded Breed & Harrison of Cincinnati G ra n d F o rk s, G rand Forks C o u n ty — $45 ,000 6 -2 0 -y e a r (serial) re fu n d in g
b o n d s d a te d S e p t. 1 1910.
$15,000 Highland Park, $15,000 fire-department and $10,000
sewer bonds. These bonds and the drainage bonds given H d a fe d CS e p t Dll3 1 91 0NO‘ 8 ’ B o w m a n C o u n ty — $750 15-year b u ild in g b o n d s
above are all part of an issue of $275,000 recently authorized K e n se l School' D istrict N o . 19, S tu tsm an C o u n ty — $ 7,000 b u ild in g a n d re ­
t fu ? dJ n? b ? nds d a te d A u g . 10 1910 a n d d u e S e p t. 10 1930.
(V. 91, p. 744) by this city.
L T o n d s C d a t e d 'o c t 01 1N 1 9 10 ° ’ M c H c n r y C o u n ty — $ 3 ,000 1 0 -y e a r b u ild in g
Milwaukee, W is. — B o n d O ffe r in g . — Proposals will be re­
L1 10 10 W° ° d , R Ich la“ d C o u n ty — $ 6 ,000 2 0 -y e a r c it y - hall b o n d s d a te d O c t . 1
ceived until 11a. m. Nov. 1 by Commissioners of the Public
Debt at the office of Carl P. Dietz, City Comptroller, for the L 1b o n c !s ^ a t e d hA u g ° ' l 1 1*91 0^ ° ’ 23 ’ D u n n C o u n ty — $ 1 ,0 0 0 2 0 -y e a r b u ild in g
$115,000 4 % coupon school bonds offered but not sold on M eyer S c h o o l D istrict N o . ’l l . P ie rce C o u n ty — $ 1,000 1 0 -y e a r bu ild in g
b o n d s d a te d A u g. 1 1910.
s
Aug. 10 (V. 91, p. 417).
M in o t Special S c h o o l D is tr ic t, W a r d C o u n ty — $20 ,000 2 0 -y e a r bu ild in g

A u th ority- C h ap ter 40b a n d 4 1 , S tatu tes o f 1898 an d am en d m en ts th e re to .
D e n om in a tion s: 100 bon d s o f $1,000 each an d 20 b o n d s o f $750 each .
D a te J u ly 1 1910.
In terest se m i-a n n u a lly at th e C ity T reasu rer’s o ffic e
o r th e G u a ra n ty T ru s t C o. in N ew Y o r k C ity .
M atu rity o n e -tw e n tie th
y ea r ly .

b o n d s d a te d S e p t. 10 1910.
P a rk R iv e r Special S c h o o l D is tr ic t, W a lsh C o u n ty — $ 6 ,000 2 0 -y e a r r e fu n d ­
in g b o n d s d a te d S e p t. 10 1910.
• P ierce C o u n ty — $ 70 ,000 co u rt-h o u s e a n d $ 1 5 ,0 0 0 ja il 2 0 -y e a r b o n d s d a te d
S e p t. 1 1910.
S ch n e id e r S c h o o l D istrict N o . 3 9 , M cL ean C o u n ty — $ 2,000 2 0 -y e a r b u ild ­
ing b o n d s d a te d S e p t. 10 1910.

Modesto, Cal.— B o n d S a le . — On Oct. 12 the four issues of
5 % coupon bonds, aggregating $100,000, described in V. 91,
• Sale p re v io u s ly r e p o rte d in V . 9 1 , p . 542
p. 898, were sold to the Harris Trust & Savings Bank of
Chicago. Maturity $2,500 yearly on Dec. 1 from 1910 to
None of the above bonds are subject to call.
1949 inclusive.
Nutley School District (P. O. Nutley), Essex County,
Montgomery County (P. O. Dayton),Ohio.— B o n d S a le s .— N. J.— B o n d s P r o p o s e d . — This district is considering, it is
On Oct. 21 the $2,300 4 ]/ f/ o coupon Shock Ditch improve­ stated, the issuance of school-building bonds amounting
ment bonds described in V. 91, p. 1115, were sold to Season- to $50,000.
good & Mayer of Cincinnati for $2,325— the price thus being
Oconto, Oconto County, W is.— B o n d s V o te d . — An elec­
101.086. A bid of $2,317 26 was also received from the tion held Oct. 11 resulted in favor of a proposition to issue
Dayton Savings & Trust Co. of Dayton. Maturity $400 $25,000 5 % 10-year bonds. The vote was 859 “ for” to 23
yearly on Nov. 1 from 1911 to 1915 inclusive and $300 on “ against” . The bonds will be issued in order to secure a
Nov. 1 1916.
Federal appropriation of $75,000 for harbor improvements.
The $3,000 5 % 2-year grade-crossing-alteration (county’s
Ogdensburg, St. Lawrence County, N. Y .— B i d . — On
portion) bonds described in V. 91, p. 1115, were sold on Oct. 20 the National Bank of Ogdensburg submitted a bid
Oct. 22 to Seasotigood & Mayer of Cincinnati, at 100.71. A for $5,000 4 % bonds offered on that day.
list of the bidders follows:
Ogden Township, Riley County, K an.—Bond E le c tio n .—
S ea son g ood A M ayer, C in cin n a ti________ ________________ ________ $3,021 30
Reports state that an election will be held Nov. 22 to vote
First N ation a l B a n k , B a rn esvllle_____ .
______3 ,0 1 5 00
D a y to n S av in gs & T ru st C o .. D a y t o n _____ ________________________ 3,013 20
on the question of issuing SIO.OOO bonds in aid of the
Morrison County (P. O. Little Falls), Minn.— B o n d O ffer­ Manhattan-Fort Riley Electric Line,
in g . — Proposals will be received until 11 a. m. Nov. 1 for
Olathe, Montrose County, Colo.— B on d E le c tio n . — At the
$35,000 refunding railroad-aid bonds. Interest rate to be election to be held Nov. 8 it will be decided whether or not
named in bid and based on bonds maturing in 10, 15 or 20 water bonds amounting to “ about $75,000” shall be issued.
years.
Olean, Cattaraugus County, N. Y . — N o A c tio n Y e t T a k e n .
Mt. Carroll, Carr