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Tin' 0ntrmrci$ IN C L U D IN G Railway & Industrial Section Bankers’ Convention Section Bank & Quotation Section Railway Earnings Section Electric Railway Section State and City Section NO. 2314 SATURDAY, OCTOBER 30 1909. VO L 89. gftje Chronicle. Week ending October 23. Clearings at— Inc. or Dec. 1907. PUBLISHED WEEKLY. Terms o f Subscription— Payable in Advance $ S 215,568,644 24,291,550 15,562,264 11,718,921 10,229,358 6,594,146 4,988,200 4,013,007 3,161,532 2,317,453 1,714,985 2,073,926 991,444 847,308 720,144 706,262 659,871 599,356 463,419 442,192 360,502 352,479 442,152 308,440 363,006 318,281 199,650 237,115 C h ica go................ Cincinnati______ For Ono Year ......................................................................................... ............... C le v e la n d ............ For Six M onths......................................................................................................... •’ D etroit............... . European Subscription (including postage)................................................. -to uu Milwaukee______ European Subscription .-ix months (including postage).......................... i •>” Indiananolis____ Annual Subscription in London (including pi stage)............................... |'*s. C olu m b u s........... Six Months Subscription in London (including postage)........................-tr i t s . Toledo .................. P e o r ia .................. Canadian Subscription (including postago) ............................................... ft11 ou Grand R a p id s ... S u b scrip tion in c lu d es fo llo w in g S u p p lem en ts— D a y t o n ................ Evansville ......... B \nk and Q uo tation (monthly) I S path and C ity (semi-annually) K ala m a zo o_____ H aii .w a y a n d in d u str ia l (quarterly) E lectric R a il w a y (3 times yearly) Springfield, 111 . . R a il w a y E arnings (monthly) | B a n k RuS’ c o n v e n tio n (yearly) Fort W a y n e ____ A k r o n .................. Terms of Advertisin'!— Per Inch Space L exin gton ............ Rockford ............ Transient matter per inch spaco (LI agate lines).......................................... $4 20 ( Two Months (S tim es)........................... 22 00 You ngstow n____ South Bend......... _. ,, _ . ) Three Months (13 tim es)................................ 20 00 Bloom ington____ Standing Business Cards < slx Months (26 tim es)................................ no 00 Q u in c y ................ ( Tw elve Months (52 tim es).................................. 87 00 Canton.................. Decatur _______ C H IC A G O O F F IC E —P. Bartlett, 513 Monadnock Block; Tel. Harrison 4012. Springfield, Ohio L O N D O N O F F IC E —Edwards & Smith, 1 Drapers’ Gardens, E. C. Manstielil____ Jackson _____ W I L L I A M IS. D A N A C O M P A N Y , P u b l i s h e r s , Jacksonville, 111. I*. O . B o x 9 5 H . F r o n t , F i n e a n d D e p e y s tc r S t s ., N ew Y o rk . Danville________ Ann Arbor........... Adrian ................ Published every Saturday mornin • hy W I L L I A M B. D A N A C O M P A N Y W illiam B. Dana, Pieshlent; Jacob Seibert J r., Vico-Pres. and Sec.; Arnold Tot. Mid.W est G. Dana, Treas. Addresses ot all.Oilico of the Company. 283,525,595 25,988,700 19,860,942 16,698,014 12,951,392 8,122,077 5,949,800 3,969,824 3,011,998 2,547.981 2,022,779 1,990,481 1,466,012 1,058,511 872,540 918,400 773,142 733.124 1,032,205 539,562 516,687 610,000 810,000 399,300 438,001 410,642 375,000 267,021 377,561 183,865 23,757 246,193,940 25,833,450 15,156,663 12,967,830 11,001,384 6,099,563 4,850,300 3,546,990 3,106,589 2,182,700 1,677,219 1,934,229 982,262 884,700 780,056 625,000 547,400 677,724 693,165 381,995 432,775 438,971 598,005 321,489 345,185 373,375 412,756 307,210 311,880 140,402 25,569 + 31.0 + 28.9 + 17.7 + 21.2 + 22.7 + 18.6 — 3.0 + 16.7 + 20.6 + 2.9 + 49.2 + 19.6 + 11.9 + 46.9 + 41.3 + 8.3 + 48.9 + 41.3 + 19.4 + 39.0 + 3 5 .4 + 24.2 + 26.9 + 10.0 — 9.1 — 13.1 + 21.1 + 3 1 .0 — 7.1 138,661 30,000 154,555 398,444,913 341,230,825 + 16.8 371,988,698 310,400,162 San F ra n cisco.., Los Angeles_____ Seattle ________ P o r tla n d _______ S pok ane.. ........... Salt Lake C i t y ... T a co m a ............... Oakland............... Helena ............... Sacramento......... Fargo .................. San D ie g o ........... Sioux F a lls ......... F resn o................ San Jose............... Stockton ............. North Yakima . . B illin g s........... .. 39,061,157 13,516,898 13.411,016 9,223,296 4,970,437 7,187,148 6,122,966 1,653,089 1.050.000 + 8.8 + 37.9 + 48.4 + 3 1 .8 + 44.6 + 25.6 + 29.6 + 4.7 + 27.4 + 21.3 — 8.4 + 17.4 + 28.2 + 50.3 + 1 9 .9 + 43.1 + 37.3 + 50.4 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 42,878,572 10,512,869 10,314,934 5,932,247 2,610,805 5,588,481 4 548,563 3,621,812 816,488 825,227 950,000 1.005.000 942,848 595,862 703,214 416,130 347,800 35,893,119 9,802,804 9,039,261 7,000,000 3,437,276 5,723,490 4,722,11" 1,578,878 823,98.5 917.160 900,559 809.000 784.000 627,325 496,925 491.302 303,096 231,208 Total Pacific.. 103,094,299 83,581,509 CLEARING-HOUSE RE TURNS. The following table, made up by telegraph, &c., indicates that the total bank clearings of all clearing houses of the U. S. for week end. Oct. 30 have been $3,571,243,012, against $3, 642,424,008 last week and $2,583,611,570 the week last year. 1909. 1908. S I,870,838,449 141,092,271 120,500,048 27,000,927 232,571,009 62,993,292 16,079,812 S I,260,482,289 110,584,145 88,029,590 19,614,711 195,913,885 52,297,824 12,408,414 + 48.9 + 2 7 .6 + 36.9 + 3 7 .7 + 18.8 + 20.5 + 3 6 .8 Seven cities, 5 days............................... Other cities, 5 days................................... S2.477,975,808 473,278,461 S I,739.330.864 378,472,619 + 42.5 + 25.0 Total all cities, 5 days.......................... S2,951,254,269 019,988,743 S2,117,803,483 465,808,096 + 39.4 + 33.1 Total all cities for w eek...................... S3.571,243,012 $2,583,611,579 + 38.2 Clearings— Returns by Telegraph Oct. 30. % The full details for the week covered by the above will be given next Saturday. W e cannot furnish them to-day, clearings being made up by the clearing houses at noon on Saturday, and hence in the above the last day of the week has to be in all cases estimated, as we go to press Friday night. We present below detailed figures for the week ending with Saturday noon, Oct. 23, for four years. Week ending October 23. Clearings at— 1909. New Y ork --------- 2,286.791,955 155,369,479 Philadelphia-----52,058,092 Pittsburgh........... 29,598,009 B a ltim ore........... 9,789,455 Buffalo_________ 5,948,132 Albany......... ........ 6,437,732 W ilm ington_____ 3,388,847 R och ester---------2,316,785 S cran ton _______ 2,425.125 S yracu se............. Reading................ 1,646,345 W ilm ington......... 1,575,62,8 1,567,155 Wilkes-Barre . . . 1,882,011 Wheeling ........... 1,334,342 H arrisburg......... 907,848 Y o r k .................... 1,437,647 Trenton .............. 824,725 E r i e ...................... 598.036 G recnsburg......... 601,170 C h ester................ 525,700 B ingham ton-----483.037 A ltoon a................ 280,000 F ran k lin ............. 1908. ,599,252,133 112,574,413 40,792,804 23,783,886 7,953,503 5,918,448 5,410,889 3,270,918 2,240,630 1,975,943 1,350,424 1,120,574 1,452,221 1,476,538 1,091,215 789,674 1,369,946 644,509 490,869 415,635 449,900 425,064 260,000 Inc. or Dec. A.O + + + + 38.0 27.6 24.4 23.1 + 0.5 + 19.0 + 3.4 + 3 .4 + 22.8 + 21.9 + 39.5 + 7.9 + 27.5 + 22.3 + 14.9 + 5.0 + 27.9 + 21.8 + 45.4 + 16.8 + 13.0 + 10.0 1907. $ ,103,641 ,524 150,844 ,067 58,768 ,255 32,802 ,749 9,363 ,317 7,812 ,854 0,034 ,861 3,847 ,954 2,420 ,218 2,642 ,277 1,513 ,894 1,440 ,161 1,359 ,180 1,173 577 1,115 ;095 849 134 ,006,019,593 151,888,009 53,268,171 27,771,779 7,970,485 6,560,079 5,097,517 3,535,401 2,094,583 1,610,250 1,259,193 1,325,354 1,137,001 949,165 769,717 794,489 623,954 563,205 500,400 647,151 4 1 1,769 545,158 447,900 292,790 315',290 Kansas C it y ____ Minneapolis. . O m aha______ St. Paul_____ D enver........... St. J o s e p h ... Dos Moines . . Sioux City............ W ich ita_____ Topeka ......... D avenport........... Lincoln _____ Cedar Rapids . . . Colorado Springs Pueblo ............... F r e m o n t_______ D u lu t h ........... .. 732,422 600,000 341,431 88,151,734 39,221,949 34,771,028 12,638,356 13,021,618 10,317,193 4,993,743 3,151,596 2,264,739 1,540,325 1,027,789 1,630,459 1,312,208 682,724 821,756 782,999 403,996 29,036,902 23 236,569 9,768,300 10,210.908 6,975,076 4,526,010 2,376,944 1,735,630 1,006,472 889,828 942,317 1,087,211 554,840 510,614 444,019 299,366 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 3.225.000 4,095.935 3,797,419 2,537,508 2,606,098 2,634,051 1,922,045 1,951,525 1.600.000 1,545,645 , 2,373.375 1,407,445 619,598 1,099,985 475.812 213.069,792 + 33.5 128,582,478 93,601,066 64,204,470 + 28.1 15,499,704 + 29.6 10,087,330 + 15.9 — 9.6 15,501,332 9.265.000 — 17.6 6 400,000 + 15.8 6,085,484 + 98.4 6.330,609 + 54.5 5,905,443 + 46.6 + 9.8 6,911,292 + 7.1 3,011,465 2,592,542 + 58.0 2,583,867 + 47.0 2,058,117 + 23.3 1,919,321 + 35.8 1,918,709 + 37.3 1,527,230 + 25.9 1,387,769 + 40.6 1,365,822 + 17.2 1.328.001 + 16.4 1,290,925 + S3.9 967,292 + 45.5 + 5. 585,518 825,561 + 3 3 .2 393,611 + 20.9 69,254,056 20,498,585 13,153,284 16,297,371 7.703.000 6.500.000 5,832,287 7,010,917 7,716,221 4,803,444 4,250,319 3.578.738 3.120.738 2.664,257 1,959,302 2.050.000 1,784,920 1 316 425 1,354,129 1,486.498 1,346.448 859,920 566,626 58,560,445 24,757,023 12,279,820 16,481,145 10,074,000 5,630,710 5,279,994 6,234,725 7,801,903 3,753,133 3,390,211 2,327,083 2,717.122 2.344,060 1,422,063 1,821,136 1,664,581 1,119.320 1,090,268 1,733,120 1,109.906 871.199 427,244 + 25.5 185,107,485 171,890.211 114,709,041 169,846,414 3,642,424,608 2,691,227,820 "+ 3 + 3 3,382,680,713 3,192,071,779 Outside N. Y _ . 1,355,632,653 1,091,975,687 "+ 2 +1 1,279,039,189 1,126,052,086 177,253,083 13,517,700 3,529,976 2,712,438 2,250,000 1,803,930 1,789,639 1,548,126 1,383,864 516,193 550,846 142,992,113 11,076,000 3,106,863 2,092,922 1,618,299 1,601,607 1,429,489 1,360,247 969,407 562,506 410,377 + 24.0 + 22.0 + 13.6 + 29.6 + 39.1 + 12.6 + 25.2 + 13.3 + 42.7 — 8.2 + 32.8 178,266,579 10,915,000 3,516,844 2,465,625 2,450,000 2,436,875 1,771,930 1,362,698 926,913 631,476 . 468,027 171,039,100 9,050,400 2,982,270 2,211,304 1,710,909 1,713,973 1,459,357 1,014,084 673,349 496,459 442,101 L o t a l New Eng 200,861,795 167,234,830 + 23.0 205,211,407 193,398,375 Total Canada . 534,514 451",018 97,370,810 153,160,554 Boston ................ P r ov ld cn co-------H artford ............. New H aven......... Springfield.. . P o rtla n d ____ Worcester — Fall R iver— New B e d fo r d __ L o w e ll................. H olyoke............... + 41.5 2,394,413,775 2,334,230,231 732,334 + 23.3 Tot. oth.W est. Total Southern 262,597,922 26,765,200 18,210,205 14,424,752 13,026,999 7,643,776 5,981,100 4,064,653 3,284,029 2,441,711 1,790,044 2,131.643 1,092,620 861.595 850,214 790,000 606,840 680,755 970,843 492,958 472,818 533,080 435,094 404,461 397,352 380,204 239,580 249,589 41,034,601 + 41.5 58,071,898 25,172,572 + 27.6 32,126,339 12,357,359 + 36.5 16,872,838 9,771,262 + 25.1 12,221,395 9,395,607 + 12.8 10,600,000 4,606,278 + 35.9 6,260,497 2,758,688 + 47.9 4,080,180 2,341,157 + 27.0 2,973,160 1,453,633 + 109.9 3,050,000 — 3.7 1,171,700 1,216,343 1,173,779 + 29.0 1,513,235 1,505,734 1,144,677 + 31.5 836,061 + 30.1 1,087,873 642,904 549,902 + 16.9 508,543 + 24.1 630,890 — 9.4 388,585 351.911 8,147,113 Not Included In total St. Louis............. New Orleans____ L ou is v ille......... .. H o u s t o n ............. G a lv e sto n ........... Richmond ......... Atlanta ................ M em phis.............. Savannah ........... Fort W orth......... Nashville ........... Augusta................ N o rfo lk ............... Birm ingham ____ Little R o ck ......... Charleston........... K n o x v ille ______ Jacksonville____ Chattanooga . . . M o b ile .................. O klahom a........... M a c o n ................. Beaumont ......... A u stin .................. V icksbu rg........... Canada— Montreal ........... Toronto ............. W innipeg............ Vancouver........... O tt a w a ............... Q uebec................. H a lifa x ........... .. Ham ilton............. C a lg a ry ............... St. John............... Victoria ........... . L o n d o n ............. . Edm onton......... . Regina ............... Total M iddle.. 2,507,793,255 1,814,525,190 1 , 112,211 + 0.6 33,673,3S4 + 30.8 44,046,153 25,000,926 + 24.9 31,217,432 16,315,776 + 49.3 24,365,858 4,152.449 + 78.4 7,406,978 3,689,883 + 3.0 3,801,992 + 7.4 2,224,773 2,389,039 2,055,853 — 3.8 1,976,961 1,980,672 1,582,316 + 25.2 2,342,253 1,613,371 + 42.5 + 5.9 1,479,414 1,567,573 1,225,824 + 56.6 1,918,489 1,100,969 + 27.0 1,398,156 890,900, + 20.7 1,075,358 931,070 Not Included In total 35,934,723 26,057,182 15,137.072 4,482,941 3,241,092 2,391,228 1,923,302 1,770,142 1,442,341 1,280,761 1,356,353 1,271,698 810,513 36,704,634 26,872,519 15,308,961 3,383,644 3,144,276 2,128,055 1,586,757 1,521,690 1,491.445 1,253,773 881,860 1,069,729 804,971 125.4S7.094 97,102,948 96,152,310 95,035,838 + 3 2 .0 “ RAILW AY AND INDUSTRIAL SECTION.” A new number of our “ Railway and Industrial S ection /’ revised to date, is sent to our' subscribers to-day. In the editorial columns of the same will be found articles on the following subjects: “ Operating Railway Mechanical Departments Econom ically/’ “ The Outlook for a Car Shortage” and “ The Hawley System.” THE FINANCIAL SITUATION. After the scare of the previous two weeks, there has been this week a distinct change for the better in the tone of the financial markets both here and abroad. The improvement has been in progress all through the week, and altogether the modification of views with respect to the situation has been so great as to amount to an almost complete transformation. It had been expected, or rather predicted, that on Monday of this week the monetary tension abroad would eventuate in adverse developments of a serious nature. For one thing, a further advance in the discount rate of the Bank of Germany was to have occurred. We were told that we would have to count upon a 6% rate in that quarter, against the present figure of 5% . No move, however, of that kind was made. That in it self was considered a highly encouraging fact. But what served perhaps most to improve sentiment was the fact that the Bank of England was able to secure the bulk of the £717,000 gold offered in the open mar ket. This was only the second time in some weeks that the Bank of England had been able to secure any considerable quantity of the offerings of South African gold. It also became evident that the South Ameri can demand upon London for gold was being diverted, at least in part, to New York, and some additional en gagements of gold at this centre for Brazil were made. What attracted particular attention was that these ‘ engagements, and also considerable shipments of gold to Canada, were received with entire equanimity here. Those who had been talking so glibly of American bor rowings abroad seemed surprised that the New York banks should be able to spare gold for these purposes. They had been looking for a financial upheaval with any renewal of the gold outflow. Instead, there was not even so much as a flurry in the money market, while the stock market has shown a rising tendency through the week. Furthermore, it was evident from the bank statement of the previous Saturday that our banks have greatly strengthened their position. For two successive weeks the Clearing-House institutions have been adding to their money holdings, and for three successive weeks they have been increasing their surplus reserve through a contraction in loans, with the resulting decrease in deposits. Between Oct. 9 and Oct. 23 the money holdings of the banks, accord ing to the actual statements of their condition, in creased from $321,829,600 to $326,613,700. Surplus reserves, which Oct. 2 were down to only $1,627,525, increased by Oct. 9 to $7,246,800, Oct. 16 to $15, 538,375 and Oct. 23 to $16,607,350, showing, on the whole, striking improvement. From day to day since Monday the foreign financial situation has continued to improve. In its weekly statement on Thursday the Bank of England showed a further loss in bullion of £536,051, notwithstanding the purchases of bullion in the open market on Monday, but this created no un easiness, as the events of the week had proved that, under the higher discount rate, the Bank had succeeded in shifting to other countries some of the demand for gold usual to the autumn. Relief was also felt over the fact that the Stock Ex change settlement in London has been concluded with out failures of consequence. So far as the English political situation has been an influence in inducing the Bank of England to take measures to protect its gold reserves, encouragement no doubt was derived from the circumstance that on Wednesday Premier Asquith announced in the House of Commons that the House would adjourn from Nov. 5 until Nov. 23, thus precluding the possibility of a general election before the new year. An additional favorable de velopment came yesterday in the news that the byeelection the day before in the Bermondsey division of Southwark, a Parliamentary borough of London, (where three years ago there had been a Liberal land slide) had resulted in the return of the Union candi date by a large plurality in a three-cornered fight. This Unionist victory was considered a severe blow to the supporters of the budget. The improvement abroad has been reflected in our own market. Money rates have been distinctly easier, while foreign exchange has been less strong. What has contributed in no unimportant degree to strengthen the feeling of confidence here— and among the well-informed there has never been any absence of confidence— has been the accumulating evidence of the utter groundlessness of the stories of inordinate borrowing abroad on finance bills to aid speculation in our stock market. Those who have been claiming that such a situation exists have been getting more and more reckless in their statements. One critic asserted that American speculators were borrowing not less than $500,000,000 in this way. If this critic should make a tour of the foreign banking houses in this city and set some one to make a similar tour of the banking houses in London, he would quickly discover that a claim for even one-tenth of the amount named could not be substantiated. Leading foreign houses all agree with Mr. Schiff and are in absolute accord in saying that no undue amount of loans is held abroad on American securities. It appears to be true that the rise in discounts in London has led to some realizing by European holders of American securities, and it is possible that the shipments of such securities to this side may have encouraged the supposition that there was excessive borrowing abroad. What extreme and illogical statements are put out to support the theory of large borrowing is illustrated by the argument that inasmuch as our Clearing-house banks have so greatly contracted their loans in recent weeks, that must be taken as evidence that these loans have to that extent been transferred to the other side. Such arguments entirely overlook the fact (1) that the contraction must in part at least represent liquidation. The calling of loans on an extensive scale, such as has happened lately, always leads to the closing out of many Stock Exchange commitments. It must also be remembered (2) that part of the loans were transferred to the trust com panies and (3) that when money rates are high some Western institutions always make direct loans to borrowers here and that such loans therefore would not appear in the statements of any of the New York financial institutions. Finally (4) such criticisms fail to note that what is considered a contraction in loans may, in part at least, not be loan contraction at all. Our banks in their weekly statements do not report loans alone. They report loans and investments, or, more specifically, loans and discounts, and stocks, bonds, mortgages, &c., owned. It is well known that during the period when call money ruled at such extremely low figures the banks made very extensive invest ments as the best way of finding profitable em ployment for their funds. With money rates high and profitable, however, such holdings would be disposed of and the money invested in the ordinary way. There is reason to think that precisely this has happened in some measure. However, it is not worth while pursuing this thought any further. The fallacy concerning inordinate borrowings abroad is evidenced by the fact that already reports are being published saying that London is “ again” lending here, the statements coming from the very people who have been claiming that London is distrustful of American speculation. that the present year’s rise in the shares must be attributed rather than to speculation or speculative manipulation. While in Texas recently, Mr. Taft said some timely things regarding the indispensableness of transporta tion and the folly of warring upon railroads, the chief factor in that work. Such cautionary talk— which ought to be remembered and heeded when the menace of “ further legislation” becomes active again— seems highly appropriate in Texas, where the hostile emotion is high; yet, according to a Houston journal,, more than one-half the area is still wanting, or almost wanting, in transportation means, and some fifty counties have no railroad mileage whatever. A recent statement has also been made concerning a point which has hardly been thought of by the public, namely that besides the direct effect of taxation and other hostile legislation upon revenues of railroads, the existence of such legislation requires an increase in legal expen ses. 1 his is true in the field of insurance also; every additional report, every change compelled in account ing, every intervention by statute in the business operations, means increased outlay in watching and complying with the demands. In insurance this means more expense, which must be put into premiums; in railroading, it means more cost, which must ulti mately go into freight rates. At bt. Louis Mr. Taft also said some wholesome things regarding deepening of waterways. Every measure must be considered, he said, “ on the general principle of good to the entire country,” and not in the least as to its probable benefit to some section or its effect on the political future of some Congress man; as if grown bolder by this assertion, he is saying (as he goes down the -Mississippi) that it is a practical question whether that stream is worth deepening, as against carriage by rail. That river and harbor improvements have long been pushed through Congress by log-rolling is well known; therefore, a notice by the Executive that the country as a whole is alone to be considered hereafter is of im portance so far as he will adhere to it and is able to carry it out. Yet it is an assurance pleasant in itself, and is vastly suggestive if one reflects upon it. What if “ the general principle of good to the entire country” were brought down from generality to become the rule of conduct? Each Congressman represents his State or district; what if he represented, not the in terest and efforts of his section in wresting legislation towards local advantage, but the views of his con stituents as to what policies arc best for the entire country? What if the tariff, for example, ceased to be the local issue which General Hancock called it in 1880, and was ridiculed for so doing, and was studied only as a national policy? Mr. Taft said more than he realized when he used a phrase which ought to be the touchstone for deter mining all elections and all public policies, and which (if it is not too Utopian for hope) may some day convert political party into a means to an end instead of itself the end. Besides the improvement in the tone of the financial markets another favoring circumstance has been the excellent quarterly statement made public after the close of business on Tuesday by the United States Steel Corporation. The exhibit is fully up to ex pectations. The strong points are (1) the large earnings disclosed, (2) the growth in the number of unfilled orders on the books of the subsidiary concerns, (3) the fact that the company was able to make a contribution out of earnings for additions and improvements in amount of $10,000,000 and (4) the further increase in the dividend on the common shares. The dividend has been made 1% for the quarter, placing the common stock on a 4% dividend basis, against a 3% basis in the preceding quarter and a 2% basis previously. The net earnings for the September quarter reached $38,246,907, as against only $29,340,491 for the June quarter and $22,921,268 for the March quarter and $27,106,274 for the Septem ber quarter of last year. The contribution of $10, 000,000 out of the quarter’s earnings, to be applied in improvements and new work, is the first money set aside for this purpose out of earnings since the panic quarter, namely December 1907. After allowing for this appropriation and providing for the regular charges to sinking funds and to depreciation and reserve funds (amounting to $8,817,950) a surplus remains for the quarter, over and above the dividend at the rate of 7% per annum on the preferred stock and 4% per annum on the common stock, in amount of $2,155,113. With reference to the unfilled orders on hand, the aggregate for September 30 1909 is given as 4,796,833 tons, against 4,057,939 tons on June 30, 3,542^595 tons on March 31, 3,603,527 December 31 1908 and 3,421,977 tons on September 30 1908. For the current month orders have been coming in at a much more rapid rate, it is announced, than during Septem ber, and therefore it is likely that the total of un filled orders at this date is even larger than it was at Justice Rufus W. Beckham, who died suddenly on the close of September. Evidently the Steel Corpora Sunday, came into the law by inheritance as well as tion has a long period of prosperity ahead of it; and by fitness, for his father was an eminent jurist in this it is to this, and to the results already achieved, State and a member of the Court of Appeals when he perished in a shipwreck, 36 years ago. Justice Peckham went to the Appeals from the Supreme Court, and after eight years in the highest judicial position in this State he was appointed to the highest Court of the country by President Cleveland in 1895. As a jurist, he deserved the tributes now paid to his memory by his former associates. He was one of the ablest of American jurists; faithful to the ancient traditions concerning the responsibilities of the trust, rigidly putting bias aside, determined to do justice. Some of his decisions were notable: for instance, the early one in which he applied to railroads the old Anti-Trust Act, which was made to cover them by stretching its terms, although they were not in the .thought of its framer; the oleomargarine case, in which he held that a State cannot restrain the sale of an article brought from without in original packages; and the opinion that members of a local Exchange did not vio late the Anti-Trust Act by making sundry business agreements among themselves. Perhaps the bent of Judge Peckham’s mind was distinctly legal; at least, he had individuality and independence and was a man of character. His death recalls the impending changes in the Supreme Court. In the order of length of service, its membership now stands thus: Justice Harlan of Kentucky, born in 1833 and appointed in 1877 by Mr. Hayes; Chief Justice Fuller of Illinois, born 1833, ap pointed in 1888 by Mr. Cleveland; Justice Brewer of Kansas, born 1837, appointed in 1889 by Mr. Harri son; Justice White of Louisiana, born 1845, appointed in 1894 by Mr. Cleveland; Justice McKenna of Cali fornia, born 1843, appointed in 1898 by Mr. McKinley; Justice Holmes of Massachusetts, born 1841, appointed in 1902 by Mr. Roosevelt; Justice Day of Ohio, born 1849, appointed 1903 by Mr. Roosevelt; Justice Moody of Massachusetts, born 1853, appointed in 1906 by Mr. Roosevelt. The longest term of service is now 32 years; the shortest is three. Except the latest appointee, no member is under 60, and three have passed the age of 70. The three appointed in the new century and also (with a single exception) the youngest in years as well as service, and constituting a third of the whole, have come forward during what may be called a term of new views, in which the tendency is strong towards new constructions, to fit new and sup posedly exigent cases. A pending amendment in New York reminds us once more of the miserably inadequate salaries of this high Court, the Associate Justices receiving only $12,500 and the Chief Justice $13,000. The pecuniary sacri fice required of able men is large, and thus far the honor has been maintained high enough to compensate, in a sense which is at once worthy and unworthy. This final tribunal has, on the whole, embodied the steadi ness which has long made it the spirit of the higher courts to “ stand by the decisions.” The two-word motto which expresses this is based on the fact that the principles of justice remain from generation to generation, rooted in the first attainment of civiliza tion plus liberty. The high courts are our last resort; when they fail, the governmental scheme fails too, and a new start must be made. Any taint in men’s think ing or conduct which makes towards what some are pleased to call a “ progressive” jurisprudence is an assault upon the foundations. It is impossible to state too strongly the value of that jealousy which should defend the loftiness and independence of the judiciary, no matter what currents may sweep over or what assumed exigencies assail our American life. We have commented above on the subject of Ameri can borrowing abroad on finance bills. It is well enough to remember that the subject is not without its complexities, and that very close estimates are difficult. The operations incidental to borrowing money in Europe for use in New York were a decade ago carried on by comparatively few bankers, mostly those of the highest standing, and it was then possible to estimate with reasonable accuracy the amount of our current indebtedness abroad; but of late years so many firms have entered this field that it is no longer practicable to collect adequate data. In former times interna tional borrowing was a simple process based frequently on the credit and reputation of the New York banker handling the transaction, securities being rarely shipped over-see. To-day, however, numerous Stock Ex change houses not actually in the foreign exchange business get credit in London, Berlin and Paris and raise money there by depositing collateral with the New York correspondents or agents of the lenders or by shipping certificates. These bills very often do not appear on the market here but are discounted direct. Other ways have also been devised of conducting inter national monetary transactions and of shifting security so that it is impossible to compute the exact amount of our obligations at any given time. The’ absence of precise information, however, does not justify the extravagant estimates that have been put forward in discussing the Bank of England’s atti tude towards American speculation. Influential bank ers, well qualified to judge, declare that the suggestion that our “ speculative borrowing abroad” aggregates several hundred million dollars, is a gross exaggeration. One director of the Bank of England states that not more than $10,000,000 has, in his opinion, been raised at that point for stock market purposes in New York and that the drawing of strictly finance bills has not even approached the total of 1906-07. The head of a leading international banking house here, recently home from Europe, also condemned the sensational statements published concerning inordinate contracting of debts abroad. Furthermore, the president of one of the largest national banks in the United States has caused an investigation to be made on this important subject, and it can be here stated that he discovered nothing to substantiate the exaggerated estimates to which currency has recently been given; there has been fairly extensive drawing upon European credits, par ticularly in London and Paris, but accounts can be met, he is convinced, without any disturbance when our cotton and grain, now commanding very high prices, are shipped to supply the extensive needs of Great Britain. While it is true that American securi ties held abroad have in a measure been liquidated during October, or since bank rates in Berlin and London were advanced, there is no reason to fear that European investors will not become purchasers of our securities, including new corporate and municipal issues, when the monetary situation shall again change. As noted above, distinct improvement has taken place this week in the money markets of Europe while our Clearing-House banks have materially strengthened their position during October. The week opened with a significant decline of one-half penny per ounce in the price of new bar gold on the London market, the Bank of England, for the second time in many weeks, being allowed to take the whole offering (S3,585,000) at 77s. 9J4d., which is only a farthing above the price at which the British Mint always stands ready to buy the metal in any quantity and from any source. The absence of competition reflects how effectual the 5% discount rate has proved in turning the foreign exchanges in London’s favor. 1(rom Oct. 14, the day on which the 4% rate was declared, until Oct. 22, the day following the declaration of the 5% minimum, exchange on London advanced from 4.86Ks to 4.87^8 in New York, from 25 fr. 17c. to 25 fr. 22c. in Paris and from 20m. 44pf. to 20m. 49pf. in Berlin. One immediate effect was a sharp curtailment of “ other securities,” which is equivalent to our loan account, a substantial gain in reserve and the diversion of South American gold demands to New York. Whereas the Bank of England’s rates of reserve to liabilities had fallen to 45.21% on Oct. 7 and to 44.09% Oct. 14, it stood at 47^8% a week later, although this week there has been extensive lending by the Bank in connection with the Stock Exchange settlement and the ratio has dropped back to 45.80% . The prospects now are, it is thought, that a 6% rate will not be necessary unless cither internal or international political disturbances arise. The influence of stock speculation here on the Governors of the London institution has undoubtedly been much over-rated. No developments calculated to aggravate the political situation in Britain have occurred this week; but, on the other hand, a way out of the threatened deadlock without precipitating a general election, and all that that would entail, has not yet opened up. The financial community would do well to remember, however, that heated battles between the Liberals and the Conservatives and be tween the Lords and the Commons have been fought many times since the present form of Government was established, without security markets having thereby become convulsed. A change in ministers has much less effect there than a Presidential campaign usually has here. The distinct victory gained by the Unionists in the Bermondsey election this week may have a restraining influence upon the more radical and revolu tionary members of the party now in power. Reports from Paris that the Bank of France is anxious to lend gold to the Bank of England “ on the same conditions as in 1907” are interesting, but that any transaction of the kind will be necessary is not to be believed. Monetary, speculative and industrial conditions throughout the world then were in striking contrast with those existing at the present time. There had been vast destruction of wealth through war, earthquake, flood and fire, the investment of enormous sums of liquid capital in railroad and indus trial expansion (especially in the newer countries), undue extension, not to say abuse, of credit, and, finally, the shattering of confidenco in American insti tutions and investments by an Administration many of whose acts have since been declared unconstitu tional. The panic on the New York Stock Exchange, not unnaturally, frightened European financial centres and caused them to liquidate our stocks in large volume. Under ordinary circumstances this would have involved the shipment of gold in payment, but New York, in its straits, readily paid what was, some what loosely, termed “ a premium on currency,” an emergency device that enabled our banks and bankers to draw $108,000,000 gold during November and December 1907 from every financial centre in the world, despite repeated advances in foreign bank rates to 7% at London, 7j^% at Berlin and 4% at Paris. It was under such conditions that the Bank of England arranged to sell £3,000,000 British bills (excluding American financial bills) with the stipulation that they would be repaid at maturity in gold. Eventually the French Bank, according to report, received back its gold in the original packages. But the Bank of England is most unlikely to enter into similar nego tiations at this time, for it has already succeeded in diverting to New York the heavy demands for gold that continue to come from Brazil and in retaining the weekly consignments of new bars from the Trans vaal . The news that the British Government is preparing to select the first Governor-General for United South Africa is not without interest to the financial world, inasmuch as the new order of things may facilitate the recruiting of a full supply of native labor for the Transvaal gold mines, and thus enable the mine owners to increase the output of the precious metal. Ever since the Boer War the supply of native laborers has fallen short of the demand, and, as everyone familiar with the industry knows, an attempt was made to solve the problem by importing Chinese coolies. The experiment was not an unqualified success; it never had the endorsement of the Dutch population, and during the last two years repatriation of the Chinese has been in progress. The number of Kaffirs at work on the Witwatersrand when repatriation began was just under 100,000, and there were in addition fully 50,000 Chinese employed. Within one year the native army of laborers increased to 140,000 and the yellow workers decreased to 12,000. During the current year the Kaffirs have averaged about 150,000, the maxi mum (other than those employed by the contractors) having been 163,000 in April, and the minimum less than 145,000 last month, while the re-shipment of Chinese has been almost completed. The disappear ance of the last “ yellow skin,” who was anathema to the swarthy Kaffir, may witness the return of a con siderable number of old “ boys,” as South African natives are colloquially called, while, as already sug gested, the closer co-operation among the various colonies that will be possible under the Federation may result in an increase in the labor supply. The total value of the 1909 output of gold in the Trans vaal seems likely to approximate $155,000,000, against less than $150,000,000 last year, under $140, 000,000 in 1907, $125,000,000 in 1906, $105,000,000 in 1905 and $80,000,000 in 1904. The money market has not hardened as the monthend settlements have approached. Interest rates for call loans, as well as for time maturities, were lower in the second half of this week than they were a week ago, notwithstanding that foreign supplies of credit have been shut off for the present. When, towards the end of September, call rates suddenly advanced to 6% , Stock Exchange houses took pre- cautions by providing themselves with time funds. there has been no sharp fall in sterling, owing in part Therefore the demand to-day is restricted. The pro to the liquidation of our securities in London, Berlin longed quietness in the bond market has caused the and Amsterdam. Money in London has cost about postponement of important security issues; and this 4M % plus a commission of % of 1% for every three has been felt by the money market. Western and months, which brings the total charge up to 5 % % , and Southern banks have managed to finance the market as facilities have been available in New York at 5% — ing of the crops without drawing heavily either upon occasionally less— there has been considerable paying ISew Y ork balances or credits, while the rates obtain oh of foreign loans. The London Stock Exchange able on money lent on sound Wall Street collateral settlement involved very little inquiry for cables, yet have attracted Eastern surplus funds. the quotation remained around 4 87% most of the Money on call during the week ranged at 3 % @ 4 ]/1. week despite temporary rises and falls. The sudden The latter figure was reached on Monday, Tuesday and fluctuations that occurred from one hour to another Wednesday, but on Thursday, for the first time since on certain days were attributed to aggressive opera late in September, the maximum was 4% . The aver tions by parties sometimes alleged to be engaged in age quotation for the week was 4 % . Time loans on manipulating the market. That a short interest is approved Stock Exchange collateral were not usually still uncovered is generally understood, and whenever available under 5% until Thursday, but then a very rates decline there is considerable buying. Seldom large institution offered six months’ accommodation has professional opinion on exchange been more at at 4% % . Yesterday that figure was quoted for variance than it is to-day, and perhaps this is natural in shorter periods, with borrowers not disposed to pay view of the extraordinary fact that there was a transi more than 4%>%. The terms for ninety-day loans tion from almost the gold-import point to near the are a shade higher than those for shorter or longer gold-export point within two weeks. At the moment, maturities. The supply of call money has been in particularly in view of increasing cotton and grain creased by offerings by out-of-town institutions, nota exports, the possibility of shipments direct to Europe bly from Philadelphia, Pittsburgh, Albany and New is regarded as remote, unless, of course, political ark; but any appreciable increase in the absorption troubles become acute abroad or speculation here or any decided fall in rates would, it is believed, elimi should create alarm. New York, however, is sending nate the apparent surplus supply. Commercial paper gold to Brazil and to Canada. This week S3,475,000 of choice quality is appearing in the market from day gold coin was withdrawn from the Sub-Treasury. Of to day, but the remunerative rates obtainable on col this SI,500,000 was for shipment to Canada and $1, lateral loans have tended to diminish the demand 100,000 for Brazil, largely, as explained a week ago, in from local and New England financial institutions. payment of coffee hurriedly exported to escape the Chicago has bought moderate quantities, and an incipi surtax of 20% to be levied under the valorization plan ent inquiry is developing among Southern banks that upon all shipments after the outflow has aggregated have thus early filled the requirements of cotton 9,500,000 bags. Canada is taking a little more gold growers. The best bills receivable and high-grade coin than usual, but this fact is attributable to business single names can be negotiated at 5@5>3% for four conditions there quite as much as to the state of ex to six months maturities. One standard name was change here. discounted in considerable quantity at 4 % % , but this Compared with Friday of last week, when there is exceptional. Bills yielding 5 % @ 6% are not active. was a sharp break at the close to 4 8715 for demand, There are very few sixty to ninety day bills in the rates for exchange on Saturday recovered to 4 8765 @ market. 4 8775 for sight, 4 8815@4 8825 for cables and The Bank of England did not again advance its 4 8350@4 8360 for sixty days. On Monday rates discount rate, although preliminary intimations that declined about % c., long falling to 4 8330@4 8340, the weekly statement would be disappointing led cer short to 4 8745@4 8755 and cables to 4 8780@4 8790. tain foreign exchange operators to believe that a 6% On l uesday most rates were lower; long was quoted at rate might be declared. Open market discountsinLon- 4 8340@4 8350, sight at 4 8720@4 8725 and cables don have ranged from 4 % to 4 % % , with the rate yes at 4 8775@4 8785. On Wednesday there were wide terday quoted 4 9-16%; at the fortnightly Stock Ex fluctuations; at the close long was 4 8320@4 8330, short 4 8720@4 8725 and cables 4 8770 @ 4 8780. On change settlement American stocks were charged 6% . Thursday sight drafts sold down to 4 87 for a brief At Paris the open market is 2% % , at Berlin 4 5-16%, period, but later recovered, the close being at 4 8715@ at Vienna 3 % % and at Amsterdam 2 % % . Accord 4 8720 for demand, 4 8765@4 8775 for cables and ing to our special cable from London, the Bank of 4 8315@4 8325 for long. On Friday rates were firm England, notwithstanding-its purchase of all the new all day and closed about 5 points up. gold available on Monday, lost £536,051 bullion during The following shows daily posted rates for sterling the week and held £32,373,831 at the close of the exchange by some of the leading drawers: week. Our correspondent further advises us that the loss was due largely to exports to South America. F rl., 1 M on., Tucs., Wed., Thvrs., F rl.. Oct. 22 Oct. 25 Oct. 26 Oct. 27 Oct. 28 Oct. 20 The details of the movement into and out of the Bank Brown 160 days 1 8-1 84 84 Bros. & C o____ ___\Slffht.. 4 88 were as follows: Imports, £589,000 from miscellane Kidder, 88 88 88 88 88 PeaI 60 days 1 84 81 body & C o .. — ISIght. _ 4 88 88 88 ous sources; exports, £1,068,000 (of which £775,000 Bank British 160 days 4 84 8*1 84 North Am erica. . .. I S I g h t .. 4 88 88 88 88 88 88 to South America, £250,000 to Constantinople and Bank ot 160 days 4 8414 84 14 8414 8414 8414 84 Montreal____ 4 88 IS 88 H 88>* 88 M 88 £43,000 to various destinations), and shipments of Canadian Bank J60 days 4 84 ' 84 84 84 84 84 of Commerce. . . . IS Igh t.. 4 88 88 88 88 88 88 £57,000 net to the interior of Great Britain. Jleldclbach, Ickel(60 days 4 84 84 84 84 84 Foreign exchange and discount rates here and in Europe have checked the output of finance bills; yet lielmcr & C o .. Lazard F reres............. Merchants’ Bank of C anada.. . ___IS Igh t.. 160 days __ IS Ig h t.. 160 days 4 4 4 4 4 88 84 88 84 83 88 84 88 84 88 88 84 88 84 88 88 84 88 84 88 88 84 88 84 88 88 84 88 g-._---------------------------------------------------—-----------------------------------------— ------------------------------------------------------------ • The market closed on Friday at 4 8320@4 8330 for long, 4 8720@4 8725 for short and 4 8770@4 8775 for cables. Commercial on banks 4 8280@4 8290 and documents for payment 4 82)4 @ 4 82%. Cotton for payment 4 83@ 4 83)4 &nd grain for payment 4 83)4 @ 4 83)4The following gives the week’s movement of money to and from the interior by the New York banks. Net Interior Movement. Shipped by Received by N . K. Banks. N . Y . Banks. Week ending Oct. 29 1909. Gold ..................- .................................... $10,000,000 1,647,000 $7,172,000 Gain S2,828,000 798,000 849,000 Gain $11,647,000 S8,021.000 qa in $3,626,000 With the Sub-Treasury operations and gold exports the result is as follows: Net Change in Bank Holdings. Out o f Banks. Into Banks. Week ending Oct. 29 1909. Banks’ Interior movement as above, Sub-Treas. oper. and gold e x p o r ts .. $11,647,000 33,800,000 Total gold and legal tenders............ $45,447,000 $8,021,000 Gain $3,626,000 3,100,000 36,900,000 Loss $526,000 $44,921,000 Gain The following table indicates the amount of bullion in the principal European banks. Oct. 29 1908. Oct. 28 1909. Banks o E n gla n d.. F ran ce__ Germany.. Russia . . A u s.-llu n . S p a in ____ Ita ly . . . . Netherl’ds N at.Belg.. Sweden . . Swltzerl'd. Norway . . Gold. Silver. Total. Gold. Silver. Total. jE £ £ 32,373,831 180,649,760 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 £ 36,376,341 131,804,889 42.726.000 121,445,000 48.710.000 15.755.000 36.928.000 7,772,300 4.088.000 4.180.000 4.676.000 1.730.000 £ £ 36,376,341 167,394,523 55.026.000 128,018,000 61.267.000 48.697.000 41.353.000 11,758,300 6.132.000 4.180.000 4.676.000 1.730.000 32,373,831 144,812,400 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 35,837,360 11.686.900 6.922.000 11.981.000 31.078.000 4.200.000 2.793.000 2.092.000 35,589,634 12.300.000 6.603.000 12.557.000 32.942.000 4.425.000 3.986.000 2.044.000 Total week 491,265,281 106,590,260 597,855,541 456,191,530 110,446,634 566,638,164 Prev. week 482,575,145 105,612,447 588,187,592 455,031,550 111,089,574 566,121,124 TIIE COTTON CRISIS—GROWER AND CONSUMER. Curtailment of operations in the cotton mills of the United States is becoming a quite general subject of discussion, owing to what is considered to be the unwarranted advance in the price of the raw material, and the efforts making to force values still higher. It is to be said of course that were the crop situ ation really as bad as persistently disseminated reports make it out to be, there might be reason for as high a range of value for the raw material as now obtains, and an even further advance; and that then the value of goods would advance and the spinner be without cause for complaint. But there is a strong and widely increasing tendency among well informed judges not to accept the recent reports of condition as correctly representing the crop situation; while prepared to admit a probability that the ulti mate yield for 1909-10 will be short of last year, they cannot accept as a measure of the season’s production the interpretation placed upon the recent condition report of the Department of Agriculture. If one wants to get even an approximate idea of the production of any year’s cotton crop, he can only do so by going back and studying the June condition and acreage report. At that date this year our own conclu sion (fully confirmed by official and private crop re ports) indicated that the general condition of the plant especially as to stand and depth of root, was at least moderately better than the previous year’s crop at the same date. During June continuous and excessive rains over portions of the Atlantic and Gulf States interfered with proper cultivation and there fore hindered satisfactory growth, but the succeed ing month was drier, and improved conditions were reported in the wet sections, only in Louisiana some damage from boll-weevils was claimed. Con currently, however, (in July) the Texas drought began to be a factor, causing less favorable advices; but in August the situation showed improvement in that State, rain having been reported in most sections, with the precipitation on the whole of a character to benefit cotton. September again proved hot and dry, and it is to be presumed that deterioration of condition in Texas and the Southwest resulted. Still we cannot find in this season’s official weather conditions in Texas any warrant for the remarkable deterioration the recent Government reports indicate, and the same remark would seem to apply with equal force to Arkansas, Oklahoma, Mississippi and Louisiana. We are asked to believe that during the period from June 1 to August 25 there was in the Belt as a whole a drop from a condition better than last year to 63.7% of a normal— the lowest figure on record for the 25th of August. Even less cred ible would seem to be the general average of 58.5% of a normal as reported for Sept. 25, with Louisiana at 39, and Texas, Mississippi, Arkansas and Oklahoma ranging from 52 to 55% . That being so, we can see no explanation or possible justification for such a prac tical crop disaster as those reports indicate. We can only conclude that the gatherers of the data made the error of drawing conclusions from the worse aspect of spotted localities instead of taking a general average. In the midst of wide deterioration of a cotton crop within certain dates a reporter often finds it hard to get away from the prevailing impression of ruin. As going to prove that, we may mention that a large planter in Arkansas, one who has been found to be careful in his judgment of the situation, states that “ while there may be some shortage this year, the crop is much better than it is represented to be by the alarmists.” Other States furnish like discordant views. Of course it is risky to make any attempt to estimate the yield in advance of a general killing frost. And yet the sensationally low figures current for a month or more past have evidently been a factor in the recent advance in prices. Not only is it true that no definite idea as to the size of the crop can be arrived at prior to general frost, but the difficulties in the way of reaching conclusions are great enough even after a killing frost has occurred. As proof of this we have only to refer to the annual estimates of production of the Department of Agriculture issued after frost time, which have almost invariably been lower than the crop has actually turned out to be, and ofter very materially lower. Aside from believing that the condition of the crop was on September 25 better than as oficially repre sented, we must confess inability to form any exact or even approximate idea of what the word “ normal,” as used by the Department of Agriculture, stands for. We can only assume it to represent 100, but in that case we would have 100 standing for something very different each year. Applying the latest interpreta tion of normal, the indication for the current season would be very little less than 12,000,000 bales. Suppose we take that figure (nearly 2,000,000 bales less than the previous crop) as a measure of this year’s American yield, there would as yet be no cause for alarm. The shortage, it is confidently anticipated, will be largely made up by heavier crops in India, Russia, &c., thus providing for the year’s consump tive requirements without materially encroaching upon the large world’s surplus (visible and invisible) carried over at the close of last August. This being the appar ent situation, there would seem to be no reason for users of cotton to feel anxiety as to ability to secure supplies as needed. Certainly no cotton famine is threatened, and it is upon the fostering of some such idea as a famine that the present efforts to advance prices of the staple still further are based. As regards curtailment of production, the movement for which was recently started in the United States by the Arkwright Club of Boston, some progress is reported. The movement, which, as intimated above, was started on account of what is considered the inordinately high prices for cotton, was intended to embrace not only New England, but all sections of the country, North and South. The plan is for each mill entering the agreement to, in its own way, shut down 224 hours between the time of its signature and Aug. 1 1910. A large number of the mills at the South are reported to have already shut down on account of the high price of the raw material, and some of the mills in New England have done likewise. But our advices to-day indicate that the movement, as a general movement under the Arkwright Club agree ment, halts because Fall River waits for New Bedford, and New Bedford manufacturers, having large orders ahead and somewhat ample stocks of cotton, hesitate, and even refuse, to come into the movement. At the same time the curtailment movement does not entirely fail, even in New England, for it is being put in operation independently by a considerable number of the factories in the northern part of that section, some of them going on short-time and others closing altogether. This movement, of course, has nothing to do with the curtailment abroad, which started some time back in Great Britain and has since made progress there and on the Continent to some extent . GREAT NORTHERN RAILWAY IMPROVEMENT. In its annual report for the fiscal year ending June 30 1909 the Great Northern Ry. shows just such improve ment in net revenues as it was certain would come the moment conditions should improve sufficiently to admit of it. In reviewing the report for the previous year we stated that the company would probably never be called upon to endure more trying con ditions than those through which it had passed in the two years from 1906 to 1908. This remark had refer ence not merely to the industrial depression which had settled over the whole country following the panic of 1907, but also to a series of adverse influences in large part peculiar to the Great Northern itself, or at least to the railroad systems in the section of the country traversed by the lines of the Great Northern. The effect of the adverse influences mentioned had been more particularly in the direction of adding greatly to the expenses and in preventing curtailment of the same when business depression made it neces sary that savings and economies in operating costs should be enforced. In 1906-07 business in December 1906 and January and February 1907 had been prac tically paralyzed in Northern Minnesota and North Dakota by weather conditions of unparalleled severity — extreme cold with a fall of snow of greater depth than ever before known. The unusual expenditures resulting from that circumstance and from increases in wages and enhanced prices of materials and supplies and of everything else entering into the operating accounts of the railroads served in that year to cause an enormous increase in operating cost. The conse quence was that a gain of $3,868,122 in gross earnings for the twelve months was attended by an augmenta tion of no less than $6,709,853 in expenses with a further augmentation of $279,327 by reason of higher taxes. In 1907-08, unfortunately, the situation did not improve. The winter then, to be sure, was mild, but, on the other hand, rains and floods of great ex tent were encountered over parts of the system and reductions in passenger rates were forced upon the company in many of the States, and in addition general trade prostration intervened as an all-con trolling unfavorable feature. Owing to the changes in accounting methods introduced by the Inter-State Commerce Commission, it is impossible to make direct comparisons between the results for that year and those for 1906-07, but from some revised figures given for 1906-07, it appears that gross earnings from operations in 1907-08 fell off $1,837,504, while ex penses, instead of undergoing reduction, recorded a further increase of $522,551, causing therefore a loss in net in the sum of $2,360,056, besides which taxes had increased $237,256, making the total falling off in net $2,597,312. Combining this with the $3,121,058 loss in net in 1906, the shrinkage in net income for the two years amounted to almost 5% million dollars— $5,718,370. It is necessary to bear these antecedent results and conditions in mind in order to understand the im provement in results during 1908-09. The distinctive feature of this latter is the curtailment effected in the expenses. What has been said certainly makes it obvious that ample basis existed for very important decreases in the expense accounts. Except for such saving there would have been no improvement what ever in the net, for the gross earnings suffered a further though slight decrease on top of the decrease of the year preceding. Briefly, gross earnings fell off $751, 610 but expenses were cut down in amount of $3, 592,748, thus producing a gain in the net of $2,841, 138. The further decrease of $751,610 in gross earnings after the decrease of $1,876,755 in 1907-08, deserves a word of comment. It indicates that business in Great Northern territory has not recovered sufficiently to bring results back to the normal. Taking the year as a whole there was no recovery at all, as is evident from the fact that gross revenues declined for two successive years. Recovery, however, did take place the latter part of the year. It should be said that the decrease in 1907-08 would have been much heavier except for the fact that in the earlier part of that fiscal year gains were still the rule and these gains served to offset to that extent the tremendous losses which came the latter part of the year. Similarly, in 1908-09 noteworthy improvement came during the last five months, but this improvement did not quite equal the heavy losses sustained during the first seven months. In reviewing the report we are necessarily obliged to deal with the twelve months as a whole, and the OOT. 30 1009.] fact that revenues for 1908-09 were smaller than for reason— that is, the trains hauled an average of 502 1907-08 and yet smaller than for 1906-07 is a fact of tons of revenue freight in 1908, against 509 tons in no little significance. The statement, too, applies to 1907-08. There was a large falling off in shipments of all departments of the road’s business. The passenger the lower class of freight, and particularly iron ore, revenues were smaller, likewise the freight revenues, & c., as a result of which a larger proportion of dead and the road carried a diminished number of tons of weight had to be hauled by the trains. We may note that, according to the company’s freight, both actually and as measured by the numbei of tons moved one mile, and it also moved a less num monthly returns, gross earnings for the three months ber of passengers one mile, though the mere number to Sept. 30 of the new or current fiscal year have in of passengers carried was a trifle larger. Such a creased $2,647,777 over the corresponding three general shrinkage indicates that even in the remoter months of 1908. From this it is easy to judge what sections of the country trade prostration did not fail the outlook is for the fiscal year 1909-10. Still, even to leave its impress. The average man is very apt on the basis of the income results for 1908-09, as dis to get the idea that trade depression is not a matter of closed by the present report, the showing is a not un great moment to agricultural communities in the satisfactory one. The increase in net earnings, Western half of the United States, since manufacturing brought about through the reduction in expenses, has industries are not very prominent in those parts. of course contributed in no unimportant degree to There has been, too, much to encourage such a notion. make the income showing good. For in 1908-09 the Crops have not been bad, prices of farm produce company had to pay dividends in full on the $60, have ruled extremely high, while population in the 000,000 of new stock issued in 1907 and 1908. This remoter parts of the country has been growing at a brings the total of stock up to,roughly,$210,000,000, prodigious rate. Necessarily the influence of business and after allowing for 7% dividends on the same the depression is most pronounced in the manufacturing income statement shows a surplus above the require districts of the Eastern and Middle States, but the ments for that purpose on the operations of the twelve experience of such a typical trans-continental system months in amount of $2,789,961. The only increase in stock or debt during the year as the Great Northern makes it evident that even the was an addition of $2,063,000 to the amount of bonds parts of the country considerably removed from the outstanding in the hands of the public. This was manufacturing sections cannot hope to escape alto due to the sale of the Eastern Railway Co. of Minne gether from the effects of such a visitation, even, where sota, Northern Division, bonds held in the Great there is normally exceptional development from year Northern treasury, as appears from Chairman James to year. J. Hill’s remarks in the report, which are now confined The $3,592,748 decrease in expenses for the twelve months is found entirely under two main heads— entirely to the company’s finances and matters inti Maintenance of Equipment and Cost of Conducting mately connected with or related thereto. The new Transportation. In the latter there has been a reduc capital requirements during the year were on a greatly tion of $1,829,588 and in the former a reduction of reduced scale as compared with the preceding year, $1,966,262. It is of course obvious that with a and yet were not inconsiderable. Thus the expendi smaller volume of traffic, expenses would also fall off, tures in connection with new lines were $5,064,148 and the fact that there was an absence of traffic con and advances to controlled Canadian companies were gestion such as existed during other recent years would $2,756,710, besides which $376,250 more was ad likewise tend to improve operating results. Further vanced during the year towards the construction of more, labor being abundant where previously it was the Spokane Portland & Seattle R y., which is owned scarce, greater efficiency necessarily follows, with the jointly by the Great Northern and Northern Pacific. result that a given amount of labor represents an en Then, also, $1,687,156 of additions and betterments hanced amount of work. It appears, moreover, that were paid for out of capital account; $2,112,100 more charges for maintenance of equipment were smaller of expenditures for additions and betterments were than usual by reason of certain adjustments of the charged against the fund for permanent improvements depreciation accounts and the replacement fund to and renewals. On the other hand, the company se make the accounts conform with the new accounting cured $5,525,868 of cash through the absorption methods of the Inter-State Commerce Commission. of the Lake Superior Co. and the latter also Smaller expenditures for maintenance also follow turned over to it stocks and bonds valued at from the decrease during the year in locomotive and $2,417,705. As pointed out by us in previous years, the company car mileage. President L. W. Hill points out that the equipment has been fully maintained in every re is building quite an extensive system of branch and spect. In the expenditures for maintenance tributary lines in Canada and has also considerable of way and structures there was actually an other new mileage under way. An important event increase of $208,623. This was due in part during the year was the opening to service of the to the larger extent of road operated, but it Billings & Northern R R . from Armington to Laurel also represents an increased amount of work Junction in Montana, 194J^ miles. This line consti tutes the connecting link between the Great Northern done. system and the Chicago Burlington & Quincy and The company received a slightly better average rate Northern Pacific. Trackage rights over the Northern on its freight traffic than in the preceding year, Pacific from Laurel Junction to Billings, Mont., 12 realizing 8.151 mills per ton per mile, as against miles, have been acquired, and through freight and 7.806 mills; but this of course does not reflect any passenger train service for the whole distance to advances in freight rates. It was due entirely to the Billings from Armington (206 miles) was inaugurated falling off in the volume of low-class freight. The average train-load was slightly reduced for the same on Nov. 1 last. $240,070 addition to gross earnings, there was a saving in operating outlays to amount of $1,820,679, thus producing a gain in net of $2,060,749. In the trans The Northern Pacific Railway Co. enjoys the unique portation expenses the decrease was but $353,498, or distinction among Western roads of having made both only about 1% % . Yet there is evidence of growing last year and the year before slight increases in its efficiency in operations in various items of the traffic gross earnings, notwithstanding the business depres statistics. Thus the average train-load was again sion which followed the financial disturbances of the raised, bringing it up to 434 tons, against 430 tons autumn of 1907. Absolutely exact comparisons be in 1908 and 407 tons in 1907. This is revenue ton tween the last three years cannot be made, owing to nage, and the Northern Pacific’s average is still con the changes in railway accounts ordered by the Inter siderably below that of the Great Northern; but the State Commerce Commission; but taking the figures latter during the late year suffered a slight reduction just as they stand the total of the gross revenue from of its average— mainly, though, because of the falling transportation in the fiscal year 1907 was $66,974,199, off in the ore traffic at the eastern end of the system. in 1908 it was $67,622,151 and in 1909 it was $67,820, The fact that the Northern Pacific shows better train 014. The addition was not large in either year, it and traffic results, but nevertheless records only a will be observed, but the fact that there should have small decrease in the transportation expenses, would been any addition at all after the tremendous growth seem to indicate that there were other influences of an in the years immediately preceding is worthy of note. unfavorable nature serving to overcome in part the It is not to be inferred that the road did not feel benefits accruing from more efficient operating the effects of business depression. In. 1907-08 the achievements. As bearing on this point, it is well to freight earnings fell off in amount of $1,226,533, but note that President Howard Elliott makes the follow a gain for a still larger amount in the passenger reve ing casual statement at the end of his remarks: “ The nues served to overcome this loss and left total earn flood damage in Montana mentioned in the last report ings larger than in the preceding year. In the late turned out to be as great as anticipated, and the heavy year $802,630 of the 1907-08 gain in passenger earn repairs and bridge adjustments made necessary are ings was lost, but as against this there was a recovery just being completed.” No doubt the drawback here of $649,468 in the freight earnings, with an increase of mentioned had its part in adding to the cost of opera $351,025 in other revenue, thus again overbalancing tions, or at least in preventing as marked a reduction the decrease and making total earnings even larger in transportation costs as on many other roads. than before. As indicating very clearly that trade The Northern Pacific, like the Great Northern, pays depression did have its influence on traffic and earn 7% dividends, and like the latter had to make the ings, the course of the freight revenues may be taken dividend on an increased amount of stock. As will as convincing evidence. At $47,073,305 for 1909 be remembered, $93,000,000 of new stock was offered these freight revenues compare with $46,423,836 for to the shareholders in January 1907 and the subscrip 1908, but with $47,650,369 for 1907. The tonnage tions were payable in installments extending over a statistics reveal like comparisons— that is, show that, period of two years, the last not falling due until though the volume for 1909 was above that for 1908, January 1909. Dividends were not paid on the it was by no means equal to that for 1907. The road $93,000,000 of new stock until after the payment of carried 16,800,504 tons in 1909, as against 15,836,823 the last installment, but interest on the subscription tons in 1908 and 16,741,470 tons in 1907. In the payments was at the rate of 7% per annum, which is movement one mile, which is the true measure of the substantially the same thing, though of course the transportation service rendered, the total at 5,260, interest applied only to the subscriptions as they were 492,660 tons compares with 5,156,378,369 tons for paid in. In the income account the amount charged 1908, but with 5,504,444,098 tons for 1907. In this for dividends is $14,105,000, which is $3,255,000 more last instance the loss, it will be observed, still remains than in the preceding year; $3,268,416 is also charged very substantial, even after the recovery in 1909. The for interest and commission on new stock subscrip late year’s decrease in the passenger revenues follows tions, making $17,373,416 together. The total amount entirely from a falling off in traffic. The local pas of stock now outstanding (including the $93,000,000) senger traffic appears to have been larger than ever is $248,000,000, and 7% on this is $17,360,000. It before, judging from the fact that the aggregate of hence may be said that in the late year the company passengers carried in 1909 was 8,404,712, against met the dividend on the full amount of stock. This 7,880,333 in 1908 and 6,953,424 in 1907. But through being so, the final result of the income statement must passenger traffic evidently fell off in 1909, owing pre be considered as quite remarkable. For it appears sumably to business depression; at all events, the num that after allowing for these dividends and all fixed ber of passengers carried one mile for 1909 was 767, charges and expenses a surplus remains on the opera 439,465, against 794,351,948 in 1908 and 722,745,259 tions of the twelve months in the sum of $7,534,350. in 1907. This last is equal to 3% additional on the $248,000,000 Like other large systems, the Northern Pacific in of stock. In brief, while dividends of 7% were paid, the years preceding 1909 had suffered from a great actually 10% was earned on the enlarged amount of augmentation in expenses (net for 1908, for instance, stock. having undergone a severe contraction by reason of This must be considered a notable exhibit, since it that fact, in face of an increase in gross earnings), shows an extremely favorable result, even before the and during 1909 was able to improve net results by new mileage and new construction, in payment for reducing the expenses. This reduction, however, in which the $93,000,000 of new stock was issued, had expenses by the Northern Pacific has been much less yet to any great extent become productive. It is marked than in the case of other large systems. With proper to say, moreover, that the result here arrived THE NORTHERN PACIFIC'S SHOWING FOR THE YEAR. at is independent of the operations of the land depart ment, the net proceeds from which during the year were $1,499,041. This latter, if taken into the general income statement, would have added just that much more to the $7,534,350 surplus for the year over and above the call for dividends. The company’s new capital requirements in 1908-09, while below those of the year preceding, were of large proportions. For additional real estate, terminals, second-track mileage, &c., new equipment, additions and betterments, the charges to capital account reached $14,894,753 and in addition further advances were made for the construction of the Spokane Port land & Seattle Ily. and other new roads to amount of $7,046,395. Then no less than $18,552,504 increase is found under the so-called treasury securities, though no details are given regarding the acquisitions under this head. Up to the end of the previous fiscal year the subscription payments to the new stock had reached $62,881,835. Therefore during the year under review the company received about $30,000,000 on account of said stock. This will explain why its holdings of cash in bank and on hand on June 30 1909 were almost as large as twelve months before in face of the large new capital expenditures, the comparison being $33,200,454 this year in June, against $34,900, 794 last year in June. A table is given in the report showing the extent of the company’s new capital expenditures during the last three years, together with the increase in the capi tal liabilities during the same period of time. Besides the $93,000,000 new stock created, the bonded debt during the three years was increased $5,091,687, making a total new capital addition for the three years of $98,091,687. Of this, $93,329,415 has actually beenspent— $4,216,000 for real estate, &c.; $27,378,826 for branches, grade revisions and second track; $9, 087,533 for additions and betterments; $15,393,607 for new equipment; $23,287,974 for advances to the Spokane Portland & Seattle Ily., and the remainder for advances to other roads. The company still has a considerable amount of additional mileage and new construction work under way, as reference to the annual report will show, and to pay for this the $33, 200,450 of cash on hand on June 30 1909 will be found very convenient. BALTIMORE & OHIO’S RECOVERY FROM THE DEPRESSION. In one particular the reports of all large railroad systems are alike, namely in showing a tremendous cutting down of the expenses. Savings and economies, and pruning of the expense accounts in every direction, were of course an absolute necessity in view of the fall ing away of the gross receipts. Consequently we may suppose that all work of whatever character, whether in the shape of additions or even renewals, was omitted where not absolutely required. On the other hand, by reason of the great increase in operating expenses in previous years, due to conditions that made it im possible to conduct operations with due economy, an unusual opportunity was presented for reductions and curtailment. The cost of operations in these preceding years was undoubtedly very much larger than it would have been had normal conditions prevailed. To indicate two elements which played a conspicuous part in the rise in expenses, it may be noted that the congestion of traffic and the insufficiency of the supply of labor (making it difficult to select men with regard to their fitness or to get a due amount of work out of them) both served greatly to augment the expense totals. In all these particulars the situation entirely changed after the panic of 1907; the consequence has been that comparison is with very high figures, while cir cumstances have been such as to enforce and to make possible quite low figures. The contrast between the two years is hence very striking. In the case of the Baltimore & Ohio RIl. the reduc tion in expenses for the year ending June 30 1909 is the largest disclosed by any railroad report that has yet come to hand, and the test to apply to this reduction is the same as in all other instances. Taking the twelve months as a whole, the company suffered a further reduction of its gross earnings in addition to the very noteworthy loss sustained the previous year. But this further decrease in the gross revenues was greatly overtopped by the decrease in expenses, and hence a great improvement has been established in the net. In brief, the decrease in gross earnings was $2,565,262, while the saving in expenses reached $6,598,903, producing a gain in net of $4,033,641. But in the previous year, with a shrinkage of $8,635, 140 in gross earnings, it had been found possible to cut expenses to the extent of only $729,211, with the result that the net was reduced in the prodigious sum of $7,905,929, the total dropping from $27,363,831 in 1907 to $19,457,902 in 1908. From this low total in 1908 there has now been a recovery to $23,491,543 in 1909 under the great curtailment in expenses. To illustrate the rising tendency of expenses prior to the late year, we might go even further back and point out that in 1906 a gain in gross revenues of $4,851,865 was attended by an actual loss in net of $513,004, owing to an augmentation in expenses in the large amount of $5,364,870. It should be noted, too, that while in 1908 the ratio of expenses to gross earn ings rose from 66.73% to 73.57%, now it has fallen back again to 66.93%, leaving it still, however, very much higher than in 1908. when the ratio was only 63.98%. Of the total decrease in expenses in the late tear of $6,598,903, $3,266,402 was in the transportation expenses, $1,562,292 was in the expenditures for main tenance of way and structures and $1,666,910 was in the expenditures for maintenance of equipment; there were also moderate decreases in the traffic expenses and the general expenses. To an extent the actual decrease in the expenses is exaggerated by the figures here given, owing to th6 fact that changes in classi fication by the Inter-State Commerce Commission have served to disturb the comparison. Some other large companies have undertaken to revise the figures for the previous year so as to make the results for the two years as nearly as possible on the same basis, but the B. & O. management have not found this feasible, owing to the multiplicity of changes that would be required. President Oscar G. Murray, however, takes pains to indicate the extent to which results have been affected by the re-classification of the accounts. The principal differences are found in the fact that both revenues and expenses from outside operations are now stated separately where previously they were included in the general totals of earnings and expenses. He points out that of the decrease in maintenance of equipment, $212,689 represents main tenance and depreciation of equipment in parlor, cafe and dining-car service transferred to the expenses of outside operations. In the transportation expenses $728,317 was so transferred, this representing mainly the expenses incident to the New York Harbor Ter minal Transfer service now treated as an outside operation. The total of the expenses for outside operations in the late year was $1,689,843, and if we deduct the whole amount from the $6,598,903 decrease in ex penses, this latter would be reduced to slightly below $5,000,000, which perhaps furnishes a pretty accurate measure of the real decrease in expenditures, though it is not possible to speak with absolute positiveness, since the Inter-State Commerce Commission has also made a number of other (though presumably minor) changes in the accounts. Of course, even $5,000,000 is a very considerable reduction. Adequate explana tion for it is found in what has already been said, added to the fact that there was a great shrinkage in the volume of traffic, particularly the freight traffic. With a smaller car and locomotive mileage, outlays are obviously reduced in various directions. Further more, through increased efficiency of operations the reduction in locomotive mileage has been propor tionately much heavier than the contraction in the volume of traffic. In the previous fiscal year, owing to the unfavorable traffic conditions prevailing, the average train-load declined from 433 tons to 407 tons. Now there has been an increase again to 425 tons. With reference to the falling off in gross earnings, the decrease of $2,565,262 in the late year, following a decrease of $8,635,140 in the previous year, furnishes an idea of the effects of business depression. At the end of the first five months of the late fiscal year the loss in gross earnings stood at no less than $6,277,850, but business revival brought a recovery the last seven months of $3,712,588, reducing the decrease for the year as a whole to $2,565,262. To an extent the de crease has been augmented by the changes made by the Inter-State Commerce Commission in its classi fication of accounts. After all has been said that can be-said on this point,the fact remains that the road, by reason of business depression, suffered a very serious reduction of its traffic. It is rather noteworthy, too, that this reduction extended to both the passenger and the freight traffic. In the passenger earnings the decrease of $385,790 the previous year was entirely the result of a fall in rates due to legislation in West Virginia, Ohio, Indiana, Illinois and Pennsylvania in fixing low maximum rates per passenger per mile. The volume of the passenger traffic in that year in creased. In the late year, however, the passenger traffic fell oft, and this, combined with a further de cline in rates, occasioned a loss in passenger earnings of $765,995. The rate per passenger per mile was only 1.880 cts., against 1.890 cts. in 1908 and 1.956 cts. for 1907. In the freight earnings there was a decrease of $1, 809,369 in 1909, following a decrease of $8,526,885 in 1908, reflecting a great shrinkage in the volume of traffic. Only 48,223,474 tons of freight were moved over the lines of the system in 1909, against 49,488,211 in 1908 and 58,448,265 tons in 1907, and the tonnage movement one mile was 9,270,745,209 tons, against 9,787,415,333 and 11,330,133,482 tons. Thus in the two years there was a loss of over 10,000,000 tons in the freight traffic of the system and a reduction in the movement one mile of over 2,000,000,000 tons. This shows how hard the company was hit by the depression in business. The truth is the system is so situated as to be extremely sensitive to any changes in manu facturing and industrial conditions. It has an ex tremely heavy traffic in minerals and other low-class freights. It ranks among the largest coal-carriers in the United States, being probably outclassed in that respect only by the Pennsylvania Railroad. Its soft-coal tonnage in the late year was only 20,956,585 tons, against 21,791,339 tons in 1908 and 22,986,520 tons in 1907. The soft-coal movement one mile was 4,068,283,353 tons, against 4,304,805,841 tons for 1908 and 4,474,172,109 tons. The coke tonnage was 3,791,905 tons, against 3,679;792 tons and 5,871,775 tons. Of ore the road carried only 2,119,755 tons, against 2,479,458 tons and 3,334,104 tons. Of iron, pig and bloom it carried but 527,460 tons, against 798,854 tons and 1,432,328 tons; of iron castings and machinery, 3,100,797 tons, against 2,960,531 tons and 4,387,250 tons; of lumber, &c'., it carried 2,486,677 tons, against 2,599,619 tons and 3,088,375 tons. And these illustrations might be greatly extended, all going to show how severe the reductions in traffic were as the result of the depression in business. Considering the extent of the falling off in traffic and earnings, the company must be said to have passed through the depression very creditably. In the pre vious fiscal year, owing to the great shrinkage in net earnings, arising from the inability to contract ex penses, the company failed to earn the dividends paid on the common stock (6%) by the amount of $1,373, 762. At the instance of the late Mr. Harriman, how ever, no reduction was made in the dividend, accumu lated surplus being drawn on for the deficiency. For the late year, under the great improvement in net earn ings, the income account shows a surplus of about a million dollars above the dividend requirement after allowing $546,048 for miscellaneous improvements. In the past the contributions out of earnings for im provements have been large and repeated reference has been made to them in these columns. But under order of the Inter-State Commerce Commission, effective July 1 1909, it will no longer be permissible to charge such outlays against earnings. It is re quired that expenditures of that character be here after charged to capital account. In view of this order of the Commission the B. & O. management have deemed it proper to furnish a summary of charges of this character made to income in the 10-year period since the reorganization of the company. It is stated that in the period from July 1 1899 to June 30 1909 sums aggregating $21,540,230 have been charged to income on account of capital improvements and $4,961,648 on account of miscellaneous improvements. An important event of the year was the conclusion of negotiations whereby the Baltimore & Ohio ac quires control of the Cincinnati Hamilton & Dayton Ry. There was a net increase of $1,696,120 in the company’s funded debt during the year. The con struction and betterment expenditures for the twelve months charged to capital account were $4,844,341. The company, however, sold $12,470,727 of its Pitts burgh Lake Erie & West Virginia Division refunding bonds from among the bond issues held in its treasury and its finances at the end of the year were in easy condition. The whole of the $11,660,000 of loans and bills payable outstanding at the end of the previous fiscal year were paid off, and on June 30 1909 the aggre gate of cash on hand was $14,768,011. ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S. — The public sales of bank stocks this week aggregate 144 shares, of which 38 shares were sold at the Stock Exchange and 106 shares at auction. Only one lot of trust company stock, amounting to 10 shares, was sold. The largest single transaction was a sale at auction of 100 shares of Mercantile National Bank stock at 185, an advance of 12J4 points over the price paid at the last previous sale, which was made in the latter part of September. S hares. B A N K S — N ew Y ork. L ow . H igh . Close. 0 C itizen s’ C entral N a t. B a n k , 160 J4 160 )4 160 )4 *28 C o m m erce, N a t. B a n k o f ___ 189 1 9 1 )4 189 *10 M ech a n ics’ N a t. B a n k _______ 255 255 255 100 M erca n tile N a t. B a n k ----------- 185 185 185 T R U S T C O M P A N Y — N ew Y ork. 10 C arn egie T ru st C o ---------------- 165 165 165 Last previous sale. O c t . 1909— 159 O ct. 190 9— 192 S e p t. 1909— 259 J4 S e p t. 1909— 172 )4 fu lly p re se n te d a n d th o r o u g h ly discussed) m a y b e in fo rm e d as ea rly as p o s s ib le , I n o w ch allen ge y o u to a jo in t d e b a te u p o n th e fo llo w ! ng p r o p o s i tion s: “ F irst, a cen tral b a n k w ill n o t e ffe c t o r a c c o m p lis h the n ecessary r e fo rm s o f o u r finances an d c u rre n cy ; is u n su lted to o u r co n d itio n s; w ill a c c e n tu a te m a n y o f o u r p resen t ev ils a n d p r e c ip ita te an d d e v e lo p o th e r evils o f a m o s t seriou s n atu re. “ S e c o n d , o u r financial an d c u r r e n c y p ro b le m s m u st b e s o lv e d u p on e c o n o m ic lines o f an e n tire ly d iffe re n t ch a ra cte r. “ I assert th a t y o u c a n n o t su cce ssfu lly an d b e n e ficia lly su p erim p ose a m o n a rch ica l fo rm o f b a n k in g u p o n n e a rly 25,000 in d iv id u a l, in d e p e n d e n t, fr e e b a n k in g In stitu tion s w h ich h a v e g row n u p an d d e v e lo p e d in h a rm on y w ith th e p rin cip le s o f o u r re p u b lica n fo rm o f g o v e r n m e n t, an d are th em selves r e p u b lica n in fo rm an d c h a ra cte r. " T o establish a ce n tra l ban k In this c o u n tr y u n d e r e x is tin g con d ition s w o u ld b e u n d e m o c r a tic, u n re p u b lica n , u n -A m e rica n , an d Inim ical to th e e n e r a l w e lfa r e o f th e p e o p le , b eca u se w ith a ce n tra l b a n k w ill c o m e a m ost d isco u ra g in g an d d ish e a rte n in g fa v o r itis m , th e gradu a l b re a k in g d o w n an d u ltim a te d e s tru ctio n o f o u r p u re ly in d ivid u a l a n d In d e p e n d e n t fo rm o f ba n k in g. “ I w ill m e e t y o u In jo in t d e b a te u p o n th e a b o v e p ro p o s itio n s a t o n e o r m ore o f o u r le a d in g c itie s u p to 100 o r m ore o f th em if y o u c h o o s e , a t su ch tim e s and u p o n su ch c o n d itio n s o r term s as m a y b e a g re e d u p on b y us h e r e a fte r.” — The National Monetary Commission is to meet in Washington on N ov. 20, and it is stated that at this meeting arrangements will probably be made for the publication of preliminary parts of its reports. This, it is expected, O ct. 190 9— 180 will comprise the mass of information gathered with regard * S old a t the S to c k E x ch a n g e . to the banking systems of the leading countries. It is the .— Resolutions recommending modifications in the Okla belief that the recommendations of the Commission will not homa guaranty law were adopted on the 21st inst. at Tulsa be made known until after the issuance of the volumes by members of Group 4 of the Oklahoma State Bankers’ bearing on these currency systems. Association, representing banks in the eastern part of the — The Bowery Bank of New York declared this week a State. It is said that in a discussion prior to the adoption of regular quarterly dividend of 3% and an extra dividend of the resolutions, the bankers denounced the workings of the 5%, both payable N ov. 1 to holders of record Oct. 27. An law as exemplified in the failure of the Columbia Bank & extra distribution of 20% was also made last May. Trust Co. of Oklahoma City, many favoring the abolition — John R. Van Wormer, Vice-President and General of the law. The resolutions endorsed arc as follows: Manager of the Lincoln Safe Deposit Co. of this city, died F irst— D e m a n d in g th a t th e S ta te B a n k in g B o a rd he a b o lish e d a n d the m a n a g em en t a n d c o n tr o l o f the g u a r a n ty fu n d he In the han ds o f the B ank on Wednesday after an illness of several weeks. Mr. Van C om m ission er. Wormer in 1882 became identified as teller with the Lincoln S e c o n d — T h a t the g u a r a n ty fu n d he r e -d e p o s lte d w ith th e ba n k s fro m National Bank, the presidency of which was then and is still w h ich It orig in a ted , w ith o u t Interest. T h ir d __ T h a t the S ta te and n o t th e ban ks b e a r the e x p e n se o f m a in ta in held by Gen. James. He was shortly after made Secretary in g an d o p e r a tin g th e gu a ra n ty fu n d . and General Manager of the Lincoln Safe Deposit Co., and in F o u r th — T h a t a n y S tate ban k liq u id a tin g shall ta k e o v e r as an asset April 1908 became Second Vice-President and General 9 0 % o f th e g u a ra n ty fu n d c o n tr ib u te d b y th e said b a n k . Manager of that company. He was also Vice-President of The meeting was attended by seventy-five bankers. To enable him to complete the liquidation of the Colum the Brooklyn Warehouse & Storage Company. Mr. Van Wormer’s successor as General Manager will be bia Bank & Trust Co. of Oklahoma City, which suspended Sept. 28, State Bank Commissioner Young has announced W . C. Reed, now Warehouse Superintendent. The proposal his intention of enforcing the double liability of the stock to add nine stories on separate pillars to the present building holders of the bank by an assessment of 100%. The paid- of the company, which was graphically described in this in capital of the institution was reported as $200,000 on week’s newspapers, is unlikely to meet with adoption. General James, President of the Lincoln National Bank, is Sept. 1. The Farmers’ State’J3ank of Oklahoma City, Okla., has also President of the Lincoln Safe Deposit Company. decided to give up its State charter and organize under the — Arthur P. Ileinze, brother of F. A. Heinze, was sen Federal laws. The conversion of the institution, which has tenced to ten days in the Tombs and to pay a fine of $250 by a capital of $100,000, has been approved by the Comptroller Judge Ray in the U. S. Circuit Court on the 26th inst. A of the Currency. The change will be effected under the name motion for a stay pending an appeal was denied by Judge of the Farmers’ National Bank. Ray, but Judge Ward, to whom an application was subse __A joint debate on the central-bank plan between Con quently made, granted the petition, Mr. Heinze being released gressman Charles N. Fowler and Senator Nelson W . Aldrich under $2,500 bail. The case in which the sentence has has been proposed by Congressman Fowler in an open letter been imposed concerns the conviction in June of A. P. addressed by him to the Senator. Mr. Aldrich, who is Heinze on charges of interrupting the administration of Chairman of the National Monetary Commission, is about justice in blocking the service of a subpoena on an employee to begin a series of lectures on the central-bank question, and concerned in the disappearance of the books of the United Congressman Fowler, who expresses it as his conviction that Copper Co. Sanford Robinson, former counsel for F. A. a central bank is “ the one thing above all others that this Heinze, was found guilty of a similar offense, and fined $250. country does not want,” proposes that they meet in debate Sentence had been suspended in A. P. Heinze’s case, to give on the subject at one or more of the leading cities of the him an opportunity to assist the Federal authorities in get country. The letter, as printed in the daily papers, is as ting possession of the missing books; most of them, it has been reported, have been recovered. Previously a joint follows: “ Just b e fo re y o u sta rte d fo r E u ro p e In A u g u s t, It w as sta te d In th e press indictment had been returned by the grand jury against F. A. o f th e c o u n tr y th at, as a result o f a m e e tin g o f the M o n e ta ry C o m m issio n , Heinze, Arthur P. Heinze, Sanford Robinson, Carlos W ar o f w h ich y o u are C h airm an , a ce n tr a l ban k w as to be a d v o c a t e d b y y o u r field and Calvin O. Geer, on a charge of obstructing the ad C om m ission , a n d th a t u p o n y o u r retu rn fro m E u rop e y o u w o u ld p r o c e e d to v isit variou s cities In d lirercn t se ctio n s o f th e c o u n t r y w ith a v ie w o f in ministration of justice in spiriting away the books of the stru ctin g the p eop le u p on o u r financial an d c u r r e n c y n eed s a n d re co m m e n d United Copper Co. while they were being used in an investi as a ’ cure a ll’ a cen tra l b a n k . gation conducted by the Grand Jury into the operations of " A f t e r y o u r d ep a rtu re there w as an e v id e n tly Inspired and w ell org a n ize d p rop a ga n d a In fa v o r o f a cen tral b a n k , c o n c e iv e d an d ca rrie d o n fo r the p u r F. A. Heinze as President of the Mercantile National Bank, pose o f p reparing th e w a y fo r y o u r h o m e -c o m in g and y o u r a rran gem en ts but a month ago this indictment was dismissed by Judge to ‘ sw ing a rou n d the c ir c le ’ and Initiate th e p e o p le o f th e U n ite d S tates Into Hough in the U. S. Circuit Court. A t the time of its dis the m ysteries o f y o u r c e n tra l-b a n k pla n . “ In a sm u ch as I a m c o n v in c e d th a t th e o n e thing a b o v e all o th ers th a t missal, Judge Hough also dismissed fifteen out of sixteen this co u n tr y d o c s n o t w an t Is a ce n tra l b a n k , b ecau se It w ill n o t e ffe c t o r counts in another indictment, charging F. A. Heinze with a cco m p lis h the n ecessary re fo rm s, b u t In the end will m ak e a b a d c o n d i misapplication of the funds of the Mercantile National Bank, tion im m easu ra bly w orse; th e re fo re . In o r d e r th a t the A m e rica n pe o p le (w ho I k n ow w ill d ecid e this m o st Im p o rta n t q u e stio n n o w p e n d in g b e fo r e while he was President of the institution. The count re th e mfo r con sid era tion and d e te rm in a tio n rig h t, as th ey d id th a t o f the gold tained, it is stated, refers to a loan of $500,000, which the Standard, If on ly they be given an o p p o r tu n ity o f h a vin g b o t h sides o f it indictment is said to allege was unsecured. There is also it is understood, an indictment against F. A. Heinze, returned in January 1908, in which he is charged with over-certifying checks to the amount of $407,000 drawn by his brother’s concern, Otto Heinze & Co., on the bank. — The payment of the second 25% installment on the surplus certificates “ Series A ” of the Knickerbocker Trust Company of this city was made yesterday. These certificates were issued to represent 30% of the deposits at the time of the reorganization. The final installment on the certificates, which covered the other 70% of the deposits, was paid in April last, although the company, under the reorganization plan, had until August 1910 in which to meet the same. his new duties as Vice-President of the National City Bank. The occasion is the 109th regular meeting of the Chicago Bankers’ Club. — I t is reported that the owners of the southeast corner of Dearborn and Monroe streets, Chicago (the Brooks estate of Boston), the former home of the Commercial National Bank, will raze the present building in the spring and erect in its stead a modern “ skyscraper” of large dimensions, the main floor of which will be occupied by the National City Bank of Chicago. — Negotiations which had been pending for the consolida tion of the Union Savings Bank of Davenport, Iowa, with the Scott County Savings Bank of that city, have, according — George E. Roberts, President of the Commercial Na to information received by us, been dropped, owing to the tional Bank of Chicago, has been elected President of the inability to agree upon the value of the stock of the two instiChicago Clearing-House Association, succeeding Joseph T. tions, and other matters. They will, therefore, continue Talbert. L. A. Goddard, President of the State Bank of their separate existences, as heretofore. Chicago, has been chosen to fill the office of Vice-President of the Clearing-House Association, made vacant through the DEBT S T A T E M E N T SEPTEM BER 30 1909. death of H. A. Haughan. The following statements of the public debt and Treasury — G. Bruce-Webster has resigned, on account of poor cash holdings of the United States are made up from official health, as the New York agent for the Chartered Bank of figures issued Sept. 30 1909. For statement of Aug. 31 1909, India, Australia & China, corner W all and W ater streets. see issue o f Oct. 2 1909, page 819; that o f Sept. 30 1908, sec William G. Baxter, assistant agent, who has been acting agent Oct. 24 1908, page 1063. IN T E R E ST -B E A R IN G D E B T SE PT. 30 1909. during Mr. Brucc-Webster’s illness, was granted a nineAmount ------------ Amount Outstanding-----------months’ leave of absence, to take efFect at once. Francis Interest Issued. Registered. Coupon. Total. Title o f Loan— Payable. $ $ $ $ Bennett, manager of the corporation's Manila office, will 2a. Consols of 1930........... Q .-J. 616,250,150 641,163,850 5,086,300 646,250,150 3s, Loan of 1908-18............Q .-F. 198,792,660 41,343,780 22,601,680 63,945,460 succeed G. Bruce-Webster in the New York office. — Pierce N. Welsh, President of the First National Bank of New Haven, died in Berlin, Germany, on Wednesday. Mr. Welsh, who was born in Plainville, Conn., was sixtyeight years of age. He had been President of the bank since 1889, having succeeded his father in the office. He was also a trustee of the New Haven Trust Co. and the National Savings Bank of New Haven, President of the Bristol Brass Co. and Vice-President of the New Haven Gas Light Co. — The customary semi-annual dividend of 6 % , payable N ov. 1 , has been declared by the directors of the Philadel phia National Bank of Philadelphia. The sum of $250,000 has been added to surplus, the total of that item, which lias all been earned, being now $3,250,000. Since the organi zation of the bank it has distributed to its stockholders in dividends the sum of $15,184,372, or over 1,000%. — Thomas J. Hayward, President of the Bartlett-Hayward Co., and Chairman of the Executive Committee of the Continental Trust Co. of Baltimore, died on the 23d inst. Mr. Hayward was also a director of the Western National Bank and the Eutaw Savings Bank of Baltimore, a member of the Executive Committee of the Consolidated Gas & Electric Co. of Baltimore, and was interested in the National Sugar Manufacturing Co. of Colorado. He was sixty-two years of age. — Action with regard to the proposed increase in the capital of the First National Bank of Chicago, which was rumored as contemplated during the summer, was taken by the directors this week, when they decided to submit the matter to the stockholders for ratification at the annual meeting in January. The plan provides for the issuance of $2 ,000,000 new stock, raising the capital from $8,000,000 lo $10 ,000,000, the additional shares to be offered to the present stockholders at $200 per share. The increase will be made about April 1910. In order that the stockholders of the First National may retain the same proportionate interest now held in the First Trust & Savings Bank, the directors of the latter have recommended that its capital be increased from $2 ,000,000 to $2,500,000, but in this case the capital will be enlarged through the transfer of $500,000 out of its accumulated earnings. — F. A. Crandall has been elected Vice-President of the National City Bank of Chicago. He had been an Assistant Cashier since the organization of the bank about three years ago. A. W . Morton succeeds Mr. Crandall as Assistant Cashier. — A farewell banquet will be given at the Congress Hotel, Chicago, to-night (Saturday, the 30th inst.,) to Joseph T. Talbert, First Vice-President of the Commercial National Bank, and President of the Chicago Clearing-House Associa tion. just prior to his departure for New York to take up 4s, Loan of 1925.................. Q .-F. 2s, Pan. Canal Loan 1906.Q .-N . 2s, Pan. Canal Loan 1908.Q .-F . 162,315,400 97,408,900 54,631,980 54,600,480 30,000,000 29,403,320 21,081,000 118,489,900 31,500 54,631,980 596,680 30,000,000 Aggregate Int.-bearlng d e b t ..1,091,990,190 863,920,330 49,397,160 913,317,490 N ote.— Denominations of bonds are: Of 820, loan of 1908, coupon and registered. Of 850, all issues except 3s of 1908; of S100, all Issues. Of S500, all Issues; of 81,000, all Issues. Of So,000, all registered 2s, 3s and 4s; of 810,000, all registered bonds. Of 850,000, registered 2s of 1930. D E B T ON W H IC H IN T E R E ST HAS CEASED SINCE M A T U R IT Y . Sept. 30. Aug. 31. Funded loan of 1891, continued at 2 % , called May 18 $32,000 00 1900, Interest ceased Aug. 18 1900.......................... .... S32.000 00 Funded loan of 1891, matured Sept. 2 1891.................. 23,750 00 23.750 00 Loan of 1904, matured Feb. 2 1904...................... .......... 18,750 00 18.750 00 Funded loan, of 1907, matured July 2 1907.................... 1,792,300 00 1,760,000 00 Refunding certificates, matured July 1 1907__________ 17,670 00 17,630 00 Old debt matured at various dates prior to Jan. 1 1861 and other Items o f debt matured at various dates subsequent to Jan. 1 1861________ ________________ 909,155 26 909,155 26 Aggregate debt on which Interest has ceased since m a tu rity ......... ....................... ........................................ S2,793,625 26 S2.761.285 D EBT B E A R IN G NO IN T E R E ST . United States notes........... ..................... ....................................................... $340,681,016 Old demand notes...................... .................................................................... 53,282 National bank notes— Redem ption account________________________ 25,870,008 Fractional currency, less $8,375,934 estimated as lost or d e stro y e d .. 6,859,894 Aggregate debt bearing no Interest.................................................. RECAPITULATION. Classification— Interest-bearing d e b t........... Debt Interest ceased_______ Debt bearing no In te re st... Sept. 30 1909. $913,317,490 00 2,761,285 26 379,464,201 28 Aug. 31 1909. $913,317,490 00 2,793,625 26 379,366,966 28 20 00 50 50 28 .*379,404,201 28 Increase ( + ) or Decrease (— ). — 832,340 00 + 97,235 00 Total gross d e b t ................ 81,295,542,976 54 81,295,478.081 54 Cash balance In T reasu ry.. . 244,206,113 58 247,950,870 90 + 864,895 00 — 3,744,757 32 Total net d e b t ...................$1,051,336,862 96 $1,047,527,210 64 + $3,809,652 32 * Including $150,000,000 reserve fund. The foregoing figures show a gross debt on Sept. 30 of $1,295,542,976 54 and a net debt (gross debt less net cash in the Treasury) of $1,051,336,862 96. T R E A S U R Y CASH AN D D E M A N D L IA B IL IT IE S .— The cash holdings of the Government as the items stood Sept. 30 are set out in the following: ASSETS. Trust Fund Holdings— Gold c o i n . . _____ ______ Silver dollars---------------Silver dollars of 1 8 9 0 ... L IA B IL IT IE S . 5 Trust Fund Liabilities— S 864,162,869 00 Gold certificates............. 804,162,809 00 4S4,826,000 00 Silver certificates........... 484,820,000 00 4,071,000 00 4,071,000 00 Treasury notes of 1890-- Total trust liabilities. 1,353,059,869 Total trust f u n d ____1,353,059,869 00 Uen. pu n a i.iamtuies— General Fund Holdings— 26,017,119 Gold coin and b u llio n .. . 34,227,631 62 National bank 5% fund. Gold certificates............ 58,615,710 00 Outstanding checks and Silver certificates__ 5,135,169 00 I drafts .......................... 12,380,572 Silver d olla rs............ .. 5,784.083 00 i Disbursing officers’ bal Sliver bullion................ 4,056,315 78 ances ............................. 77,602,960 United States notes___ 4,278,924 00 Post Office Department Treasury notes of 189 0.. 7,165 00 a c c o u n t ................... 2,832,711 National bank notes____ 23,041,951 07 Miscellaneous Items____ 1,097,744 Fractional silver c o i n .. . 21,577,880 50 Fractional currency____ 52 98 Total gen. liabilities____ 120,531,114 Minor co in _____________ 1,972,344 34 Bonds and Interest paid. 4,579 35 00 35 78 48 79 11 51 Tot . In Sub-Treasuries 159.331.S06 64 In Nat. Bank Depositaries Credit Treasurer of U. s . 38,231,985 99 Credit U. S. dls. officers. 12,372,537 33 Total In banks_______ 50,604,523 32 In Treas. of Philippine Islands— Credit Treasurer of U. S . 2,904,423 33 Cash Balance and Reserve— Credit U. S. dls. officers 1,896,474 80 Total cash and reserve-- 244,206,113 58 Made up of— Total In Philippines.. 4,800,898 13 Available ...9 4 ,2 0 6 ,1 1 3 58 and Reserve Fund Holdings— Reserve Fund— Gold coin and bullion__ 150,000,000 00 G old& bull. 150,000,000 00 Grand to ta l................. 1.717,797,097 69; Grand total................... 1,717.797,097 g T R E A S U R Y C U R R E N C Y H O LD IN G S.— The following compilation, based on official Government statements, shows the currency holdings of the Treasury on the first ot July, August, September and October, 1909. Statements of corresponding dates in previous years will be found m our issue of Oct. 24 1908, page 1003. „„a J T R E A S U R Y N ET HOLDINGS. July 1 ’09. Aug. 1 ’09. 1 ’09. Oct. 1 '09. Holdings in Sub-Treasuries— S . y or.7 040 070 040 Net gold coin and b u llio n ,............223,184,405 235,720,333 237,184,857 242,873,31Net silver coin and bullion............. 17.865,627 19,172,878 17,084,9o3 14,975,508 7,165 12,725 12,879 10,013 Net United States Treasury notes 4,278,924 6,905,751 7,752,582 Net legal-tender n o t e s .................. 6,039,413 26,902,024 23,641,951 27,406,977 Net national bank notes................ 23,415,082 21,577,880 Net fractional silver.........................27,210,207 26,571,114 25,270,932 1,976,977 1,932,266 Minor coin, A c __________________ 2,616,(JS _ _2,457,472 ________ _____ „ „ . h ,n o „ h Treasuries 300 341,525 310,004,235(1315,893,508 309,331,807 L ( ^ g o ld ^ M e r v 1 n J d . . - : ASOIOOO.OOO 150,000,000 150,000,000 150,000,000 „ n<,h hnl In dill, Treasuries 150,341,525 169,094,235 165,893,508 159,331,807 r ^ fln n a U M ^ b a n ta I " 74 098 615 54,022,746 51,651,531 50,604,523 4,152,073 5.901,272 5,032.190 4,800.898 C M h m T O p l n f f i r t d i l ......... Wef r n«h in hanks Sub-Treas_229.192,213 229,018,253 222,577,229 214,737,228 neduct^ 5 T O n tn n M iltlM -a -^ -1 0 4 .7 3 8 ,3 7 2 120,580,498 124,626.358 120,531,114 Available cash balance..............124,453,841 108,437,755 97,950,871 94,206,114 a Chleflv “ disbursing officers’ balances.” ^Includes $4,056,316 silver bullion find SI 026,977 minor coin, & c., not Included in statement “ Stock of Money. BXanctamjl (flomw cvcml£ noils !xjXgtw [F rom o u r o w n co r re s p o n d e n t.] The India Council offered for tender on Wednesday 40 lacs of its bills and the applications exceeded 241% lacs at prices ranging from Is. 4d. to Is. 4 1-IGd. per rupee. Applicants for bills at Is. 4 l-32d. per rupee were allotted about 13% of the amounts applied for. ____ English Financial Markets— Per Cable. The daily closing quotations for securities, &c., at London, as reported by cable, have been as follows the past week: London. W eek ending Oct. 29. Silver, p e r o z ........................ d. Sat. 23 H 82 X . 82 5-16 French Rentes (In P a ris).fr. 98.75 Amalgamated Copper C o ___ 81 )4 954 ' .122 54 .108)4 .11754 . 96 .188 ■ 89)4 .160)4 ■ 47 )4 . 87 . 3354 . 49 . 40)4 .151JA -154)4 Missouri Kansas & T e x a s .. - 47 J) . 79 . 58 . 2254 .13654 ■ 47 J4 . 97 - 92 >4 Preferred .151 - 7454 . 82 47 . 50)4 - 3854 .13054 - 30)4 - 70)4 .20454 .105 . 8954 .129 - 2054 - 53)4 . 76 M on. 23)4 82 7-16 82)4 98.90 8254 9)4 122)4 106 'A 11754 96 18754 8854 160 47)4 86)4 33)4 48)4 40 150 154)4 47)4 78)4 58 23)4 135)4 47)4 97)4 92)4 150 74)4 8154 47 50 M 3854 130 30)4 71 203)4 105 • 89)4 129)4 20)4 53)4 76 Tues. 23 1-16 82 9-16 8254 98.72)4 8454 954 123)4 106)4 118 96 188)4 89 161 48 86)4 33)4 48 40)4 150)4 155)4 48)4 79 58)4 23 137 4754 97 92)4 150 75)4 82)4 47 50)4 39)4 131)4 31)4 71 205)4 10544 9154 130 20)4 53)4 75)4 F ri. 23)4 82 7-16 82)4 98.70 86)4 Wed. 23 3-16 82 7-16 82)4 98.77)4 8254 954 12254 106)4 117)4 96 188 88)4 159)4 47)4 Thurs. 23 5-16 82)4 82 9-16 98.70 c 8 4 )i 9)4 125 106)4 117)4 96 189)4 89)4 161 4754 126)4 106)4 118K 95)4 190 i)0% 161 )4 48)4 33)4 48 40 149)4 154)4 47 54 79 58)4 23 135)4 47 54 97 92)4 14!) 75)4 81)4 47 50)4 39)4 130 30)4 71 203)4 105)4 88)4 129 20)4 51)4 75)4 3354 47 54 39)4 149)4 155)4 48)4 76 5S)4 23)4 137)4 48 98 92)4 150 76 82)4 47 50 39)4 13154 31 (u>4 205)4 10554 9154 130)4 20)4 53 75)4 34)4 48 40)4 151 156 49)4 76)4 58)4 2354 137)4 48)4 97)4 92)4 15054 76)4 83)4 47 50 3954 132 30)4 71 20654 105K 9254 13154 20)4 53 75)4 86 86 10 86)4 London, Saturday, October 23 1909. The directors of the Bank of England took the City some what by surprise on Thursday by raising their rate of dis count from 4% to 5% . Only a fortnight previously they put up their rate from 2 % % to 3% . A week later they ad vanced it further from 3% to 4% and on Thursday last they went to 5% . For a day or two previously rumors had been circulating that very large amounts of gold would on Thursday be withdrawn from the Bank of England for Brazil, Egypt and Constantinople, and that further large amounts would be taken on Saturday. Therefore, the fear sprang up that the directors would put up their rate to 5% . Early on Wednesday the conviction was general that a rise would take place. But later on Wednesday ^there was a a Price per share. 6 £ sterling, c Ex-dlvldend. change of opinion and the prevailing conviction was that there would be no change but that the directors would wait for at least another week to sec what would be the effect of a well-maintained 4% rate. On Thursday, however, the directors decided to put up the rate without further delay. Auction Sales.— Among other securities the following, not There is no fear anywhere of financial troubles. Credit is regularly dealt in at the Board, were recently sold at auction. good and nobody is anticipating anything likely to shake it. By Messrs. Adrian H. Muller & Son: No doubt there is some anxiety respecting home politics. Stocks. Stocks. But it will be a considerable time yet before the budget 50 City Investing Co. c o m m o n ... 65 7 Union Typewriter Co. 2d p ref.-l.13Ji comes before the House of Lords, and therefore it does not 10 Carnegie Trust C o......................165 8 Union Typewriter Co. com m on. 66 100 Hudson Navigation C o ............. 30 seem probable that the directors were influenced in any way 56 United States Insurance C o— 61 Bonds. 21 Otis Elevator Co. preferred._. 965-4 by the fear of a great economic crisis. The real fear is that 200 $2,000 Pacific L t. & Pow. Co. 1st 5s, Library Square Realty Co. (R e Guar., 1942, .1. A J ----------- 97)4 A Int. the demands for gold arc so strong that the reserve of the publican C l u b ) . . . ......... 50c. persh Seaboard Air L in e '(o ld 'co m .).'. 14)4 $500 Chamber of Commerce 13idg. Bank of England would be unduly weakened if prompt action 100 Fund subscription non-cum. Inc *.1 62 Havana Tobacco Co. pref_____ 16 were not taken. As a matter of fact, on lhursday about 160 Havana T obacco Co. com m on. 7)4 33,000 Norfhern Union Gas Co. of . ^ _ N. \ . 1st 5s.1927, M. & N - 9 v /i & Int. three-quarters of a million sterling were withdrawn from the inn TTnitmi ConnprCo dreferred__ 28 37 Sanborn Map C o ......... ........... V * 400 t * 1; ? 0(V V'lui'1i o n ? *i^ T t0WV ) V L int Bank for Brazil and a further quarter of a million was taken 125 Hungarian Rest. Co. eom ._80c.persh Co. 1st 5s, 1939, J. & J . . . 9 9 h A Int. for Constantinople. Over and above this there are appre 100 Guantanamo Sugar C o......... .. 80 S^O OCentral U nlon G asC o. 1st as, 83 Aeollan-Wcber Plano A Pianola 1927, J. & J ----------- --------102)4 A Int. hensions that Russia may compete with the Bank of England $9,000 Coney Isl. & Bklyn. R R . Co. Co. pref........................................80 1st cons. 4s, 1948, J. & J ..8 0 )4 A Int. 6 Citizens Central Nat. Bank-----160)4 for the gold offering in the open market. The gold held by 51.000 Havana T ob acco Co. 5s, 7% ) the Imperial Bank of Russia on the 14th of this month 120 Warren R R . Co. (Guar.175)4-175)4 1922, J. & D ........................ 60)4 A int. $15,000 N. Y . City 3>4s, 1953, M. & amounted to 137% millions sterling. A portion of the gold, 23 Oswego & Syracuse R R . Co. N. (ex. N ov. Interest).. — 8754-8754 Guar. 9 % ) .............................. 226)4 of course, was held abroad and a portion was allocated to $2,000 St. Paul Gas Light Co. 1st 6s. 50 New Jersey Zinc C o ................... 390 19 15 ....................................... ..1 0 5 A Int. certain purposes. But still the fact remains that the gold 15 N. Y. A East River Ferry C o .. 30)4 53.000 Peoria W ater-W orks Co. lVVt alone, according to the return quoted, amounted, in round 100 Mercantile National Bank.........185 cons. 4s......... ..................... - .............53Ji SO J. (i. White & Co. p r e fe rre d ... 75 figures, to 137% millions sterling. The note circulation at $300 Peoria W ater-W orks deb. 4 s .. 30)4 15 J. G. W hite * Co. com m on------20 the same time was only 135% millions sterling. Conse quently, the gold, without reckoning the silver or any other DIVIDENDS. securities, exceeded the total amount of the notes in circula The following shows all the dividends announced for the tion. That being so, it seems highly improbable that Russia will compete with the Bank of England. If money had con future by large or important corporations: Dividends announced this week arc printed in italics._____ tinued as cheap as it was a few weeks ago, Russia might have none on buying gold. But now that the Bank of England Books Closed. When Per rate is 5%, it is obvious that if Russia were to compete for the Days Inclusive. Cent. Payable. Name o f Company. gold in the open market with the Bank of England, the mar Railroads (Steam ). ket for Russian securities would be weakened and there Holde s o rec. N ov. 15 ifc Susquehanna (special) ................ 30 would be a general apprehension that the Bank might have Albany Dec. 1 Holders of rec. N ov. 6 3 Atch. Topeka & Santa Fe. com m on------N ov. 1 to N ov. 9 N ov. 10 to put up its rate to 6% . It seems, therefore, reasonably \tlantlc Coast Line R R .. preferred........... 2)4 & O h io— certain that no serious competition from Russia is to be ap Baltimore Nov. 1 Holders of rec. O ct. 18 Washington Branch R R .......................... Nov. 1 Holders of rec. O ct. 22 prehended. It does not look likely that Argentina will re Central R R . of New Jersey (q u a r .)........... 1 Holders of rcc. N ov. 10 154 D ec. & Pittsburgh, reg. guar. (<?!;.)--quire much gold, since a great deal of gold was sent to Argen Cleveland Dec. 1 Holders of rec. Nov. 10 l Special guaranteed (quar.)........... - .......... N ov. 1 Holders of rec Soot IS 4 tina earlier this year. And regarding other countries, there Evansville & Terre Haute, common . — N ov. 2 Holders of rec. O ct. 23 2)4 Georgia Southern & Florida. 6rst p ie f._ is no serious competitor except Egypt and Turkey. Egypt 2 Holders of roc. O ct. 23 2)4 NOV. Second preferred-------------- -----------------Sept. 20 to O ct. 20 has abundant harvests and requires gold to move the crops. Grand Trunk, guaranteed..................... 9 1% Sept. 20 to O ct. 20 First preference......................................... That everybody has understood for a long time and those Holders of rec. O ct. 18 Nov. 1 154 Northern (quar.t........ - - - - - ........ 9 Nov. 10 slot. 21 to Nov. 9 concerned have prepared for it. Turkey is borrowing Great Missouri K an sas A Texas, preferred------Nov. 1 Holders of rec. Oet.U-a 4)4 altogether eight millions sterling and therefore is in a Nashua & Lowell - - - .......................... Nov. 1 Holders of rec. Oct. 15a E x t r a ............................................................ position to take gold. But whether, under existing circum Norfolk & Western, Com m on..................... | 2)4 Dec. 17 Holders of rec. Nov. 30 1 Holders of ree. O ct. 8 Northern Pacific (quar.)............................. - 1 154 Nov. stances, it will take much of the metal remains to be seen. 2 Nov. 10 Holders of rec. Oct. 23 second preferred----------- --------The stock markets have been depressed during the week, Reading, to Dec . 1 1)4 N ov. 15 Oct. 31 Rom e Watertown A Ogden, guar, (quar.; N ov. 1 Holders of rcc. O ct. 18 the monetary uncertainties weighing upon all the higher St. Louis & San Fran., 1st pref. (quar.).. 1 3 Nov. 1 Holders of rec. O ct. 15 Utlca Chenango & Susq., guar.................. classes of securities. Of course the fear that the House of Street & Electric Railways. Nov. 1 Holders of rec. O ct. 15 Lords will throw out the budget and that, therefore, we shall Cane Breton Elec. Co.. Ltd., pref ...I 3 1 Holders of rec. O ct, 15 Columbus .) Ity., pref. tquar.i -<o 40). 1)4 N ov. be plunged into a great crisis in which grave constitutional Connecticut(oBy. Nov. 1 to Nov. 15 Nov. 15 1 <t Ltq., com. <(• p r t.. (qu.), and financial questions shall be raised, is also preventing East St I.. & Sub. pref. (auar.) (No. 14). 1)4 Nov. 1 Holders of rec. O ct. 15 N ov. 1 Holders of rec. O ct. 15 1)4 Grand Rapid s R y .. prof. (ouar.) (N o 36) j active operations. The rise in the Bank rate has generally to N ov. 13 Nov. 15 Oct. 25 H avan a Electric Ry., com. (quar.) (No. 4 ); 1 to Nov. 13 been welcomed by the Stock Exchange. It puts an end to Preferred (quar.) .(N o. 15)................! 1)4 Nov. 15 Oct. 25 ! Holders of rec. O ct. 25 Nov. I l Helena Light & R y . com . (q u a r.)--------uncertainty, for nobody doubts that the Bank of England Nov. l Holders of rec. O ct. 25 1)4 Preferred (quarterly)--------- ----------------will make the 5% rate effective. fiPommcvcitiltiut\K -isccllanco us iXcxus Per Cent. Nam e o f Company. When Payable Books Closed. Days Inclusive. Street & Electric Rys— Concluded. IK Oct. Nov. Nov. N ov. Nov. Nov. Dec. Dec. Nov. IK IK IK Nov. Nov. N ov. Nov. 3( Holders of rec. O ct. 30 Oct. 26 to N ov. 1 : Holders of rec. Oct. 20 Oct. 14 to N ov. 2 Holders of rec. Oct. 25a Holders of rec. Oct. 25a ; Holders of rec. N ov. 15 : Holders of rec. N ov. 15 1 : Holders of rec. Oct. : Oct. 21 to ................ i O ct. 16 to O ct. 31 £ Nov. 1 to N ov. 5 11 Holders of rec. Oct. 20 Oct. 23 to N ov. 1 Nov. Nov. Nov. Nov. N or. N ov. Nov. Nov. Nov. Nov. Nov. Nov. N ov. N ov. Oct. Nov. Holders of rec. Oct. 25 : Oct. 28 to Oct. 31 : Oct. 28 to O ct. 31 : Oct. 26 to O ct. 31 ; Oct. 22 to O ct. 31 : Holders of rec. O ct. 22 O ct. 29 to N ov. 1 Holders of rec. Oct. 21 Holders of rec. Oct. 21 Holders of rec. Oct. 21 Holders of rec. Oct. 28 Oct. 29 to Oct. 31 O ct. 21 to ................ Holders of rec. Oct. 30 3 i Holders of rec. Oct. 27 Oct. 20 to O ct. 31 K IK IK 2K Mexico Tram ways (quarterly). Montreal Street R y . (qu ar.)___ Ohio Traction, common (N o . 1 ). Preferred (quar. ) . _.................... Pensacola Electric Co., preferred_ Preferred (extra)......... .............. 1 I K 3 3i 1 1 Railways Company General (qu ar.). Banks. American Exchange N ation a l.. . Bowery (q u a r .)..... ........................... E x t r a ........... ..................... ............ Chemical National (bi-m onthly). City, National................................... Corn Exchange (quarterly)......... Fidelity ............................................ G erm a n ia ______________ _____ E x t r a ............. ....................... ........ Greenwich (quar.)............................ Lincoln National (quar.)________ Metropolis, Bank o f the (quar. ) . . . Nassau (N o. 113)....... ........................... Nineteenth Ward (monthly) (N o. 40). Pacific (quarterly)--------- ----------------Trust Companies. Astor (quar.)............................................ Broadway (q u a r.)................................ Farmers’ Loan & Trust (qu ar.)_____ Hamilton, Brooklyn (qu ar.)......... ...... K ings County, Brooklyn (quar.)_____ Nassau, Brooklyn (qu ar.)................ People’s, Brooklyn (m on th ly)............ VanN orden (monthly) (N o. 2 9 )_____ Miscellaneous. Amalgamated Copper (qu ar.).............. American Chicle, common (monthly). Common (extra.).............................— Am er. Dist. Teleg. o f N . Y . (q u a r.).. - 5 3 5 2K 5 4 3 10 2K 2K 2 4 2K - 4 IK 2 - 2 IK 10 2K 3K 2 1 1 1K Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. .Nov. Nov. N ov. Nov. Dec. Nov. Nov. Nov. Nov. Dec. Nov. Jan. Jan. Nov. N ov. Nov. Nov. Nov. Dec. Oct. Oct. Nov. Jan. Dec. Jan. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Dec. Dec. Dec. Nov. Nov. Nov. Nov. Nov. Dec. Nov. Nov. Nov. Dec. Nov. Feb. Nov. Nov. Nov. Nov. Dec. Dec. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Jet. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Nov. Jec. Nov. Nov. IK Oc t . Oc t . 1 1 1 K IK American Glue, common-----------------Common (extra).......................... ........ Amer. Light <&T ract., com . (quar.). Common (extra )........... ..................... Preferred ( q u a r . ) . . .......................... 2 1 2 2K c 1K American Malting, preferred............. Am er. Teleg. A Cable, guar. (quar.). $1.56 2K IK $4 3 Bond & Mortgage Guarantee (quar.) — Brill (J. G .), preferred (qu ar.)---------------Butte Coalition M ining (quar.)----Butte Elec. & Pow., pref. (quar.) (No. 33) Canton Co m pan y............. ......... E x t r a ................................ - Casein Company, pref. (quar.) (N o. 3 8 ).. ClallIn (H . B .) first preferred (quar.)----Second preferred (quar.)-----------------Commonwealtn-Edlson (quar.)............ Computing Scale (quar.)....................... Consolidated Gas o f New York (quar.)----Consolidation Coal (quar.)............ Distillers’ Securities Corp., (qu.) (No. 28) Eastern Steamship (quar.) (No. 1). E astm an K od a k, com. (q u ar.)... Comm on (extra).................. . Preferred (quar.)................... Edison Elec. 111., Boston (quar.) (No. 82) Electrical Securities Corporation, p re f... Elec. Bond & Share Pref. (quar.) (No. 18) Electric Properties, pref. (quar.) (N o. 12). Federal Sugar Refining, pref. (quar.)----General Motors, common-------------Gorham Manufacturing, com. (quar.)----Guanajuato P. & E L , pref. (qu.) (No. 5) Internal. Harvester, pref. (quar.) (N o. 11) International Nickel, common (q u ar.)... Common (extra)...................... Preferred (quar.)..................... Internat. Smokeless Pow. & Chem.. pref. Internat. Steam Pum p, pref. (q u.)(N o42) K an sas City Stock Y ard s (quar.) — L a Belle Iron W orks (quar.)........ Lanston Monotype Macnlne (quar.) Lehigh Coal A Navigation (N o. 124)....... E x t r a .......................... - ......... Mexican L igh t & Power, Ltd., pref........ Michigan State Telephone, com. (quar.). Preferred ( q u a r . ) .................... Preferred (q uar.)............. ........ Milwaukee & Chicago Breweries, L t d ----Minneapolis Gen. Elec. com. (qu.)(No.9) Montreal Light, H t. & Pow. (qu.)(No.34) Municipal Gas, Albany, N . Y . (q u ar.)... National Lead, pref. (quar.) (No. 7 2 )... Nevada Consolidated Copper (No. 1)___ New Central C o al........................ _ New England Cotton Yarn. pref.(quar.). Pacific Coast Co., com. (quar.) . . . First preferred (quar.)............. Second preferred (quar.)........ . Pennsylvania Steel, pref.............. People’s G as L igh t & Coke (quar.)-------Pope Manufacturing Co., pref. (quar.)__ Pressed Steel Car, pref. (quar.) (N o. 43) .. Procter & Gamble, com. (q uar.)-----------Public Service Investment Co., pi. (quar.) Pullm an Com pany (quar.) (No. 171)----Sears, Roebuck & Co., com. (quar.)........ Siegel Stores, pref. (quar.) (No. 1)_____ Silversm iths Company (quar.)....... — Standard Milling preferred (No. 1 3 ) ___ United Bank Note Corp., common (quar.). United Cigar Mfrs., common (quar.)___ Comm on (extra)............................ United D ry Goods Cos., com. (quar.)----United Electric Securities, pref________ United Fruit (extra)............... .......... . U. S. Bobbin A Shuttle, preferred (quar.). U nited States Envelope, pref. (special).. United States Express (No. 152)_______ U. S. SteelCorp., common (quar.) N o. 24) Preferred (quar.) (N o. 34 )...............__ U. S. Realty & Improvement (quar.)___ U. S. Rubber, 1st prof, (quar.)............. Second preferred (quar.).................. W arw ick Iron -t Steel_______________ W ashington (D . C.) G as L igh t (quar.)----W h !1" (J. a .) & Co., pref. (quar.).......... W orth agton (II. R .) Inc., pref------------- Nov. Nov. : Nov. : Nov. : Nov. : i Nov. Nov. ] Oct. 30 I K 10 K 25c. IK IK 50c. 2 I I I I 1 K K K K IK K 1 2K 2K IK 2K 2K lK IK IK 150* 2K IK IK 1 K IK 4 IK IK 2 IK 4 1 3K IK IK IK 2K e 1K IK 2K IK 37 K c . 2 1K b IK 1K 1K 3K lH IK IK 3 SiK 2 lK IK 1 IK 1 1 1 2 3K 10 21 3 1 IK 2 3 2K IK 3K Nov. Nov. Nov. Nov. Holders of rec. Oct. 22 to O ct. 24 to Holders of rec. Oct. 26 to Oct. 28 to Holders of rec. Holders o f rec. Oct. 27a O ct. 31 Oct. 31 O ct. 25 O ct. 31 N ov. 1 Oct. 30 O ct. 27 29 Holders of rec. O ct. 28 21 Nov. 16 to N ov. 20 2( Nov. 16 to N ov. 20 lfi Holders of rec. Nov. la 1 Oct. 23 to N ov. 2 ] Oct. 26 to O ct. 31 J Oct. 26 to O ct. 31 1 Oct. 21 to O ct. 31 15 Oct. 21 to Oct. 31 1 Oct. 21 to Oct. 31 to N ov. 11 : Oct. 22 Oct. 22 to N ov. 11 ] Holders of rec. N ov. 30 i Oct. 24 to N ov. 2 15 Holders of rec. N ov. 6 1 O ct. 27 to O ct. 31 2( Nov. 10 th N ov. 20 to D ec. 1 1 Nov. 16 1 Holders of rec. O ct. 15 1 Dec. 21 to Jan. 2 1 Dec. 21 to Jan. 2 10 Oct. 31 to N ov. 9 1 Oct. 24 to N ov. 2 1 Oct. 24 to N ov. 2 1 Oct. 22 to N ov. 1 1 Oct. 21 to O ct. 31 15 Holders of rec. N ov. 17 30 Oct. 24 to Oct. 31 30 Sept. 30 to Oct. 20 1 Holders of rec. O ct.lfi 1 Holders of rec. N ov. 30 1 Holders of rec. O ct. 30 1 Holders of rec. N ov. 30 1 Holders of rec. O ct. 15 1 O ct. 30 to N ov. 10 1 Oct. 17 to N ov. 2 10 Nov. 2 to N ov. 10 1 Holders of rec. Oct. 29a 15 Nov. 5 to N ov. 14 10 Holders of rec. N ov. 8 1 Oct. 16 to N ov. 1 1 Holders of rec. N ov. 11 1 Nov. 12 to Dec. 1 1 N ov. 12 to Dec. 1 1 Oct. 13 to N ov. 1 15 Holders of rec. N ov. 5 1 Oct. 21 to N ov. 2 1 Holders of rec. Oct. 15a 1 Oct. 24 to Oct. 31 30 Dec. 17 to D ec. 30 27 Holders of rec. Oct. 30 27 Holders of rec. Oct. 30 1 Oct. 24 to O ct. 31 1 Nov. 19 to D ec. lh 1 O ct. 19 to N ov. 1 to Feb. 1 1 Jan. 19 1 O ct. 24 to N ov. 1 1 Holders of rec. Oct. 22 15 Holders of rec. Oct. 30 1 Oct. 26 to N ov. 1 to Nov. 23 lfi Nov. 20 31 Holders of rec. Dec. 1 1 Oct. 28 to N ov. 2 1 Oct. 16 to Oct. 31 1 Oct. 23 to N ov. 1 1 Oct. 23 to N ov. 1 1 O ct. 23 to N ov. 1 1 Holders of rec. Oct. 16 26 Holders of rec. Nov. 4 1 Holders of rec. Oct. 26 24 Nov. 4 to N ov. 23 15 Holders of rec. Oct.30a 1 Holders of rec. Oct. 22 lfi Hodlers of rec. Oct. 30 15 Holders of rec. N ov. 1 1 Holders of rec. Oct. 15 15 Holders of rec. N ov. 10 30 Jet. 26 to Oct. 31 to N ov. 15 lfi Nov. 2 1 Iolders of rec. O ct. 26 1 Holders of rec. Oct. 26 1 )ct. 26 to N ov. 1 1 Holders of rec. Oct.23a 15 [Iolders of rec. O ct. 29 1 Jet. 21 to Oct. 31 10 Jet. 24 to N ov. 10 N ov. 15 15 Nov. 1 to 30 Jec. 11 to Dec. 30 30 8ov. 6 to N ov. 30 1 Iolders of rcc. O ct. 20 30 Holders of rec. Oct. 15a 30 Holders of rec. Oct. 15a 15 Jet. 31 to N ov. 15 1 )ct. 16 to Oct. 31 1 Holders of rec. O ct. 23 1 Jet. 21 to N ov. 2 a Transfer books not closed. 6 Declared 6 % , payable In quarterly Installments. d Payable In com m on stock, e Less Income tax. h Correction, i On account of accumulated dividends. * Payable In com mon stock. Statement of New York City Clearing-House Banks.— The detailed statement below shows the condition of the New York Clearing-House banks for the week ending Oct. 23. The figures for the separate banks arc the averages of the daily results. In the case of the totals, the actual figures at the end of the week are also given. W e omit two ciphers (00) in all cases. Banks. 00s omitted. Capital. Surplus. Loans. Average. Specie. Legals. Average. Average. $ $ $ S Bank of N. Y . . 2,000,0 3,374,4 19,022,0 3,391,0 Manhattan C o. 2,050,0 4,088,4 30,100,0 7,552,0 Merchants’ ____ 2,000,0 1,642,1 18,510,0 3,741,0 Mechanics’ ____ 3,000,0 3,767,3 26,763,0 5,432,0 A m e r ic a ........... 1,500,0 5,674,1 24,055,6 4,196,2 P h e n lx .............. 1,000,0 657,9 8,185,0 1,610,0 City .................. 25,000,0 29,046,9 179,692,5 39,633,7 Chemical______ 3,000,0 6,059,1 28,891,5 5,114,6 Merchants’ E x . 600,0 532,0 6,753,2 1,578,5 Gallatin............. 1,000,0 2,468.4 8,806,3 881,5 Butch. & D rov. 300,0 148,0 2,185,9 490,6 G re e n w ich ____ 500,0 779,7 7,207,3 1,811,8 American Exch. 5,000,0 5,220,0 29,989,1 4,068,1 Commerce_____ 25,000,0 15,594,5 141,565,3 24,166,3 3,000,0 2,564,5 13,861,6 2,013,0 M erca n tile____ Pacific .............. 898,9 3,906,8 379,0 500,0 Chatham........... 1,025,0 7,019,3 864,9 450,0 475,4 2,439,6 People’s ........... 200,0 533,5 61,123,2 12,672,0 H an over........... 3,000,0 10,922,2 1,508,6 Citizen’s C e n t.. 22,611,7 6,574,2 2,550,0 465,8 6,254,6 N a s s a u _______ 500,0 585,5 1,671,5 7,934,0 Market & Fult. 1,000,0 1,130,5 1,395,2 12,214,1 Metropolitan . . 2,874,9 2,000,0 Corn Exchange. 3,000,0 5,310,9 40,763,0 8,097,0 Im p. & Traders’ 7,415,9 25,621,0 1,500,0 3,514,0 P a r k ................ 3,000,0 9,750,2 85,126,0 23,073,0 East R iver-----250,0 103,7 1,460,8 348,7 F o u r t h .............. 3,000,0 3,324,7 21,943,0 4,052,0 Second .............. 1,000,0 1,845,4 12,909.0 2,960,0 F i r s t .................. 10,000,0 19,023,9 104,205,2 23,527,4 Irving E x c h .. . 2,000,0 1,441,4 20,677,9 3,864,8 Bowery ........... 250,0 811,7 3,460,0 791,0 N .Y . C o u n ty .. 500,0 1,598,3 8,253,2 1,303,2 German-Amer... 649,7 750,0 4,187,7 836,1 6,685,1 Chase.................. 5,000,0 75,270,0 18,381,0 2,055,5 Fifth A v e n u e .. 100,0 13,647,2 2,984,1 German E x c h .. 880,1 200,0 3,679,8 412,3 1,040,4 G erm ania......... 200,0 5,249,2 956,4 L in co ln _______ 1,000,0 16,359,2 1,373,8 3,406,0 Garfield----------1,000,0 7,501,6 1,148,8 1,813,5 F i f t h ....... .......... 250,0 474,4 3,594,3 672,7 M e tro p o lis____ 1,000,0 1,401,2 2,006,9 11,182,0 W est Side......... 200,0 1,055,0 1,130,0 4,648,0 Seaboard______ 1,000.0 1,765,3 18,819,0 3,860,0 L ib e r ty ......... .. 1,000,0 2,615,2 16,419,0 3,677,1 N. Y . Prod. Ex 1,000,0 738,7 7,719,6 2,184,4 State .................. 1,000,0 825,4 13,328,0 3,679,0 14th Street-----1,000,0 331,0 5,431,2 794,6 Copper .............. 2,000,0 2,734,3 29,019,2 6,730,8 Coal & I . N a t .. 1,000,0 305,2 5,131,0 1,015,0 $ 1,275,0 1,576,0 1,205,0 1,306,0 1,987,5 473,0 5,975,0 2,044,7 127,9 784,8 122,1 200,0 1,949,7 9,150,8 818,4 555,9 1,004,0 132,7 7,478,6 321,5 999,1 904,0 219,7 5,637,0 2,125,0 1,212,0 109,1 2,100,0 450,0 1,235,1 1,756,1 55,0 651,6 227,7 4,678,0 1,106,9 475,2 551,5 935,9 262,9 328,9 1,467,8 243,0 1,643,0 813,9 232,1 263,0 621,5 924.4 345,0 Deposits. Average. $ % 16,969,0 27.5 35,000,0 26.0 18,761,0 26.3 26,863,0 25.0 24,508,4 25.2 7,684,0 27.6 171,528,4 26.6 27,556,6 26.1 6,907,3 24.7 6,499,4 25.6 2,233,8 27.4 8,036,5 25.0 23,149,2 26.1 120,405,9 27.7 10,491,7 26.9 3,573,4 26.1 7,410,7 25.2 2,357,4 28.2 71,822,9 28.1 22,620,4 26.2 6,837,3 23.1 7,636,0 26.6 12,382,2 25.0 49,314,0 27.8 22,921,0 24.6 96,011,0 25.2 1,484,0 30.8 23,936,0 25.6 13,352,0 25.1 94,556,4 26.1 21,835,9 25.7 3,525,0 24.0 8,317,9 23.8 4,087,1 26.0 83,922,2 27.4 15,594,2 26.2 3,674,9 24.1 6,063,4 24.8 17,617,8 24.6 7,708,7 26.9 3,952,7 25.3 11,138,6 25.7 5,191,0 25.0 21,648,0 25.5 16,225,5 27.6 9,267,1 26.0 16,142,0 24.4 5,817,1 24.4 30,960,1 24.7 5,019,0 27.1 Totals, Average 127,350,0 177,371,8 1234,696,7 255,685,1 71,063,0 1240,417,1 26.3 Actual figures J<Oct. 2 3 .. .............. 1235,399,2 :254,248,1 72,365,6 1240,025,4 26.3 On the basis of averages, circulation amounted to $52,614,000 and United States deposits (Included In deposits) to $1,669,200; actual figures October 23, circulation, $53,032,900; United States deposits, $1,671,400. The State Banking Department also now furnishes weekly returns of the State banks and trust companies under its charge. These returns cover all the institutions of this class in the whole State, but the figures are compiled so as to distinguish between the results for New York City (Greater New York) and those for the rest of the State, as per the following: ST A TE BA N K S AND TR U S T COM PANIES. Week ended Oct. 23. State Banks Trust Cos. State Banks Trust Cos. in in outside o f outside o f Greater N . Y. Greater N . Y . Greater N . Y . Greater N . Y. $ 26,075,000 $ 61,425,000 $ *8,598,000 38,495,200 163,268,300 *10,316,230 *9,786,676 296,273,200 1,113,530,700 — 4,254,800 — 10,322,800 88,043,800 + 72,500 132.984,500 — 69,100 Capital as of Sept. 14____ Surplus as o f Sept. 14-----Loans and Investments - Change from last w eek. $ *7,725,000 Specie ............................... Change from last week. 47,904,800 +324,200 121,604,200 — 805,400 Legal-tenders & bk. notes Change from last week. 25,689,900 — 1,547,500 13,528,800 — 520,700 .................... - - - ......... - Deposits ............................ Change from last week. 339,838,500 1,173,248,300 — 6.534,400 — 14,295,200 93,368,100 — 782,700 140,602,400 — 72,300 Reserve on deposit_____ Change from last week. 91,437.500 — 2,481,600 141,292,500 — 1,585,500 19,510,100 — 672,600 18,492,700 — 408.600 P. C. reserve to deposits. Percentage last w e e k .. 27.4% 27.7% 16.01% 15.9% + Increase over last week. ....... ............ _____ 21.6% 22.1% — Decrease from last week. - .................. ........ 13.7% 14.0% * As o f April 28. Note.— "Surplus” Includes all undivided profits. “ Reserve on deposits” in eludes, for both trust companies and State banks, not only cash Items, but amounts due from reserve agents. Trust companies In New Y ork State are required by law to keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required Is com puted on the aggregate of deposits, exclusive of moneys held In trust and not payable within thirty days, and also exclusive of time deposits not payable within 30 days, repre sented by certificates, and also exclusive of deposits secured by bonds of the State of New York. The State banks are likewise required to keep a reserve varying according to location, but In this case the reserve Is computed on the whole amount of deposits, exclusive of deposits secured by bonds of the State of New York. — Trust Cos.— — State B a n k s Reserve Required fo r Trust Companies ' Total Of Total Of and State Banks, Reserve which Reserve which Location— Required, in Cash.Required, in Cash 15% 25% 15% Manhattan B o r o u g h ....... ...........................................15% 10% 20% .1 5 % Brooklyn Borough(wlthout branches In M anhat.).15% 10% 10% i.15% Other Boroughs (without branches In M anhattan).15% 15% 7K % 25% 15% Any Borough with branches In Manhattan......... ..1 15% 5% 15% 10% 15% 5% Elsewhere In State.................................................... 6% + Increase over last week. — Decrease from last week. The Banking Department also undertakes to present separate figures indicating the totals for the State banks and trust companies in the Greater New York not in the Clearing Home. These figures are shown in the table below, as are also the results (both actual and average) for the Clearing House banks. In addition, we have combined each corre sponding item in the two statements, thus affording an aggre gate for the whole of the banks and trust companies in the Greater New York. N EW Y O R K C IT Y BA N K S AND T R U S T COM PANIES. Week ended Oct. 23. Clear.-House Banks. Actual Figures 1 Clear.-House State Banks it Total o f all Trust Cos. not Banks& Trust Banks. in C .-H . Aver. Cos. Average Average. S $ $ S ) Nat. Banks) C apital > Sept. 1 ...1 State Banks | Surplus ) Sept. 14.-J 127,350,000 127,350,000 177,371.800 177,371.800 Loans and Investments 1,235,399,200 1,234,696,700 — 8,747,300 + 3,988,200 Change from last week 71,550,000 198,900,000 172.199,700 349,571,500 1,210,323,300 2,445.020,000 — 10,810,900 — 19,558,200 D e p o s it s ............... . 1,240,025,400 1,240,417,100 a l , 174,800,800 2,415,217,900 — 5,407,600 — 12.789,700 — 18,197,300 + 4,977,700 Cnango from last week 254,248,100 + 452,600 Chango from last week 72,365,600 + 1,860,800 Legal-tenders............ Change from l:ust week 128,466,700 — 803,400 384,151,800 +3,563,200 71,063.000 + 634,200 622,631.900 — 028,700 93,694,900 + 5,500 6151,098,600 — 1,432,100 477,840,700 + 3,568,700 21.993,600 — 1,309,700 21,993,600 — 1,309,700 326,748,100 + 5,000,800 326,613,700 + 2,313,400 A ggr’te money holdings Change from last week 255,685,100 + 4,366,600 Money on deposit with Change from last week Total reserve_____ Change from last week 326,613,700 + 2,313,400 326,748,100 + 5,000,800 173,092,200 — 2,741,800 499,840.300 + 2,259,000 26.37% 26.20% 26.37% 25.85% 16,643,825 17.3% 17.1% .......... Percentage to deposits requiring reserve__ We omit two ciphers (00) in all these figures. Banks. Boston. Oct. 2 .. Oct. 9 .. Oct. 1 6 .. O ct. 2 3 .. Phila. Oct. 2 .. Oct 9 .. Oct. 1 6 -. Oct. 2 3 .. Capital and Surplus. Loans. $ 40,300,0 40.300,0 40,300,0 40,300,0 $ 215,389,0 215,782,0 218,923,0 213,357,0 The averages of the New York Clearing-House banks combined with those for the State banks and trust companies in Greater New York outside of the Clearing House compare as follows for a series of weeks past: Legals. Deposits, a Circu lation. S 25,099,0 24,680,0 24,583,0 24,276,0 $ 4,496,0 4,274,0 4,709,0 4,386,0 77,025,0 73,087,0 73,274,0 70,791,0 56,315.0 274,897,0 56.315,0 274,955,0 56,315,0 271,311,0 56,315,0 266,875,0 Aug. Sept. Sept. Sept. Sept. Oct. Oct. O ct. O ct. 2 8 .. 4 .. 1 1 .. 1 8 -2 5 .. 2 .. 9 - .. 1 0 .. 2 3 .. S 2.580.237.8 2.673.391.2 2,568,181,7 2,552,792,6 2.543.778.0 2,548,179,4 2.519.375.9 2.464.578.2 2.445.020.0 Deposits. $ 2,614,262.2 2,600,051.5 2,578,878,7 2,565 384.6 2.545.711.1 2.541.198.2 2.194.502.9 2.433.415.2 2.415.217.9 Specie. S 425.367.2 420.241.8 410.884.4 405.927.4 405.999.3 398.308.5 386.769.7 380.588.6 384.151.8 Tot. Money',Entire Res. Holdings. :on Deposits Legals. S 99.986.0 98,538.2 95.234.0 95.001.1 94.153.5 92.258.2 91.625.6 93.689,4 93,694,9 S 525.353.2 518.783.0 506.118.5 500.928.5 500,152,8 490.606.7 478.395.3 474.278.0 477.846.7 S 552.476.3 546.731.7 535.304.8 528.412.4 525,896,1 514.587.8 502.420.3 497.581.3 499.810.3 Reports of Non-Member Banks.— The following is the statement of condition of the non-member banks for the week ending Oct. 23, based on average daily results: W e omit two ciphers (00) in all these figures. Capi tal. N. Y. City. Boroughs of Man.<t llrx. S 100,0 Wash. I l’ ts. 200,0 Century ___ 400.0 Colonial — 300.0 Columbia - 200.0 Fidelity . . . 500.0 J e ffe r s o n ... 250.0 Mt. Morris. 200.0 M utual____ 100,0 Plaza____ 200,0 23d W a r d .. U n.E x.N at. 1, 000,0 Yorkvllle . . 100,0 New N cth’d, 200,0 200,0 Batt.Pk.Nat Aetna N at. 300,0 Borough o f Brooklyn. 200,0 Broadway 252.0 Mfrs.’ N at. 1, 000,0 Mechanics’ 750.0 Nassau Nat 300.0 Nat. C lt y .. 200.0 North Shlo. Jersey City. 400.0 First N a t.. 250.0 H ud.Co.Nat 200.0 Third N a t-. Hoboken. 220,0 First N at. 125,0 Second Nat. Sur plus. S 243,1 154.4 283.5 452.0 164.3 057.7 283.8 322.3 410.0 95,4 934.4 450.0 258.4 140.5 310.8 Loans, Dlsc'ls and Invest ments. S 1,282,0 1,026,8 5.282.8 5.948.0 999, 3.718.8 2,764,3 3.915.2 3.945.0 1.972.0 7.943.6 4.131.2 2.124.0 1.134.7 1.974.0 Specie. S 133.0 30.6 856,6 026.0 87,4 12,3 509,2 23,8 319.0 185,4 987.8 46,1 216.0 247.9 425,8 Legal Tender and Bank Notes. 205.2 454.3 32, 27,6 Deposit with— Clear ing, Agent. S 170,0 71,6 542,1 707,0 107,0 150,5 312,8 401,2 453,0 297,3 89,1 246,9 236,0 75,2 64,6 Other Net Banks, Deposits. itc. $ 130,5 210,3 206,9 88,4 5,2 251,8 15,0 23,1 8 1,291,0 1,800,0 0,725,4 7,269,0 1,001,8 3,683,0 3,507,4 4,403,8 4,070,0 2,325,8 7,900,3 5,334,2 2,310,0 1,138,7 1,849,7 26.9 539,3 287,7 1, 200.1 418.0 110.0 139.1 297,4 662,8 1,140,3 1,061,0 699,0 149,9 167,4 3,950,0 138,0 6,439,5 259,2 14,085,5 7,178,0 160,0 5,424,0 139,7 2,202,0 725.8 380,2 4,563,5 2.922.7 2 . 001.1 304.6 130.2 04.9 2,225,3 131,4 345,0 566,0 128,3 15,9 6,332,5 2,519,9 2,192,8 620,5 232.0 2.486.0 2.437.1 110.6 81,4 123,9 60,4 61,9 265,3 2.004,6 2,722,0 531,3 3.364.5 787.0 5,904,3 927.7 11,389,7 949.0 7.130.0 593.8 4.262.0 139.7 1.993.6 1, 222,1 T ot. O ct. 23 8,147,0 12.290.4 97,276,3 6,937,6 T ot. O ct. 10 8,147.0 12.290.4 98.338.8 0,849,9 Tot. O ct. 0 8,147,0 12.296.4 98.076.9 6,823,9 10.820,7 2,832,9 110322,1 ) 10,872,7 2,894,-! 111867,3 12,247,5 302,0 114143,5 Boston and Philadelphia Banks.— Below is a summary of the weekly totals of the Clearing-House banks of Boston and Philadelphia. $ 6,979,0 7,032,0 7,064,0 7,047,0 % 164,972,1 177,033,1 178.720,0 177.253.1 326,855,0 322,016,0 320,662,0 313,779,0 16,649.0 16,800,0 16,835,0 16,843,0 153.247,1 154,064,6 143,127,8 155,369.5 FO R E IG N IM PO RTS AT N EW Y O R K . 1909. 1908. 1907. 1906. S3.016.468 12,948,217 S2,605,995 11,698,111 S3,142,362 14,674,160 S3.106.747 14,514,714 S15.964.685 S14.304.106 317,816,522 $17,651,461 For Week. Dry G oods__________________ General Merchandise.............. Since January 1. General Merchandise......... .. S136.175,072 560,989,062 $99,087,759 $152,529,228 $130,332,631 407,003,523 552,952,070 485,488,908 Total 42 weeks.................... S697,164,134 S506.091.282 $705,481,298 $615,821,539 The following is a statement of the exports (exclusive of specie) from the port of New York to foreign ports for the week ending Oct. 23 and from Jan. 1 to date: E X P O R T S FROM N EW Y O R K FO R T H E W E E K . For the w eek..............- ............ 1909. 1908. 1907. 1906. $14,380,018 478,506,820 SI 1,505,719 506,108,397 $13,130,780 507,132,557 $11,134,733 479.905,105 $492,886,838 S517.614.116 5520,269,343 $491,039,838 The following table shows the exports and imports of specie at the port of New York for the week ending Oct. 23 and since Jan. 1 1909, and for the corresponding periods in 1908 and 1907: E X P O R T S AN D IM PO RTS O F SPECIE AT N EW Y O R K . Im p o rts. E x p o r ts . Gold. W eek . S in c e J a n . 1 $3,650 4,483 2,071,195 5,000 43,378,450 4,039,695 10,686 8,955 86,902 $220,000 $75,324,692 47,647,925 30,140,972 Total 1909......... ........ ............ .......... Total 1908........................ ................. Total 1907......... ................................ Silver. Great Britain .................................— Franco .................................................. Germany ................................... .......... West Indies....... .................- ................. Mexico ____________________ _____ South Am erica....... .......... .............. .. All other c o u n tr ie s ........... .............. - W eek. $13,958,120 13,881,232 $220,000 South Am erica..................................... Loans and Investments. $ 265,224,0 269,222,0 273,934,0 266,800,0 Imports and Exports for the Week.— The following are the imports at New York for the week ending Oct. 23: also totals since the beginning of the first week in January: COM BIN ED RESULTS O F BANKS AND TR U S T COMPANIES IN G R E A T E R N EW Y O R K . We omit two ciphers (00) In all ihes■;figures Week Ended. Clearings. a Including Government deposits and the Item "due to other ban ks." A t Boston Government deposits amounted to $2,513,000 on O ct. 23, against 82,010,000 on Oct. 16. Total 42 weeks..............— + Increase over last week. — Decrease Irom last week. a These are the deposits after eliminating the Item “ Due from reserve depositories and other hunks and trust companies In New York City;’* with this item Included, deposits amounted to $1,289,714.300, a decrease of 813,792,000 from last week. In the case of the Clearing-House batiks, the deposits arc “ net'’ both for the average and the actual figures, b Includes bank notes, c Of this amount State banks held $15,965,000 and trust companies $135,133,000. Specie. 1,097.514 1 $203,889 2,167,346 10,523 688,828 403,380 2,080,168 1,785,456 SI 14,676 $7,399,590 493,354 15,011,888 8,020,157 394,269 $243 76 143 1,190 26,913 13,652 $219,485 6,689 68.856 109,935 1,836,628 806,462 951,329 $42,217 71,100 229,437 $3,999,384 3,140,108 2,899,808 $578,168 $33,291,080 3,415,250 25,500 11,090 108,966 ......... 245 ' ’ 44*226 30,712 $601,913 S36.901.321 949,727 34,768.151 998,154 41,613,989 Total 1909......................................... Total 1908............................ ............ Total 1907......................................... S in c e J a n . " Of the above imports for the week in 1900, $2,560 were American gold coin and $900 American silver coin. Of the exports during the same time, $220,000 were Ameri can gold coin and $ ____were American silver coin.________ iOnnhnuj and gluanctal. IN VESTM EN T SECURITIES O ur e ig h t-p a g e circu la r N o . 687 d escrib es several Issues o f s o u n d In v e stm e n t b o n d s y ie ld in g a b o u t 4 IS to 5 B % . Spencer T ra sk & C o ♦ WILLIAM AND PINE STS., NEW YORK Branch offices: Chicago. ILL.. Boston. Alass.. Albany. N. Y. M O F F A 1 & W HITE BANKERS Members New York Stock Exchange 5 NASSAU S T R E E T . NEW YO RK THE RO O K E RY C H IC A G O B A N K I N G an d E X C H A N G E o f e v e ry d e s crip tio n In c o n n e c tio n w ith EXPORTS & IMPORTS International Banking Corporation 60 Wall St.. New York. CAPITAL & SURPLUS, $6,500,000 B R A N C H E S an 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 Organized under the Laws of N. Y. State. A c c o u n ts In vite d . BANK 60 Wall St., Now York. In te re s t p aid o n T e r m D e p o sits. THOMAS H. HUBBARD. President. jOankjers’ ©alette. State and Railroad Bonds.— Sales of State bonds at the Board $33,000 Virginia 6s deferred trust rccets at 47. The railway bond market has again been inactive and Wall Street, Friday Night, Oct. 29 1909. irregular. Fluctuations have been narrow in most cases,, The Money Market and Financial Situation.— The financial however, and fractional advances arc about evenly offset situation on both sides of the Atlantic has settled into more by corresponding declines. Only a few issues have been in any way exceptional, normal conditions this week. The Bank of England’s rate of discount has not been lowered and in the open London among which are Pennsylvania, Atchison and Norfolk & market rates continue firm, but security values there have Western convertibles, which are from 1 to 2 34 points higher an upward tendency and at Continental centres the money than last week, and some of the industrial bonds, including markets have an easier tone. Indeed, everywhere in finan Bethlehem Steel, Central Leather and Distilling Securities Corporation, which have been relatively weak. cial circles there is a more cheerful feeling. Locally this better feeling is stimulated by the increasing United States Bond3.— Sales of Government bonds at the volume of general business now reported, especially in the Board include $10,000 3s,rcg., 1908-18, at 101%; $10,000 2s, South and West. A ctivity is not limited, however, to those rcg., 1930, at 10034, and $10,000 Panama2s, rcg., 1936, at 100. sections. An official of the New York Central Lines is The following are the daily closing quotations; far yearlyquoted as saying that the traffic over these lines during range see third page following. September and October has been the largest in the history of Interest Oct. Oct. Oct. Oct. the road; that every available engine and freight car belong Oct. Oct. Periods 23 25 20 29 27 28 in g to the company is in use, and that the traffic might be substantially increased if they had equipment sufficient to 2s, 1930 ____ _____ registered Q —Jan *100% *100% 100% *100% *100% *100% ____ coupon Q— Jan *100% *100% *100% *100% *100% *100% 2s, 1930_____ handle it. 3s, 190S-08-- _____ registered (1— Feb *101% *101% 101% *101% *101% *101% It is well known, moreover, that several large railway 3s, 1908-18 _______ coupon Q— Feb *101% *101% *101% *101% *101 >3 *101% 1993-18.- ..sm a ll coupon (1— Feb systems, including the above-mentioned, have placed heavy 3s, *110 *116 4s, 1925 ____ ......... registered 0 — Feb *116 *110 *110 *116 orders for equipment to be delivered during the year 1910. 4s, 1925_____ ......... .. .coupon Q— Feb *117 *117 ■117 *116% *110% *110% *99% *99% That such orders are increasing is evidenced by an unusal 2s, 1930 Panama Canal regls Q— Feb *100% *100% *100% 100 2s, 1938.Panama Canal regls Q— Nov *100% *100% *100% *100 *100 *100 demand for the securities of the equipment companies this I week and a corresponding advance in prices. The advance *Thl3 Is the price bid at the morning board; no sale was made. has, however, extended to every department of the Stock Railroad and Miscellaneous Stocks.— The stock market has Exchange and included, especially to-day, all classes of again been irregular, and was especially so during the early securities. part of the week. Beginning on Wednesday it has been steadier, The open market rates for call loans at the Stock Exchange with a firm, developing into a strong, tendency, to-day, and during the week on stock and bond collaterals have ranged in practically all cases a part of the decline noted last week from 3 to 4f<j%. To-day’s rates on call were 3@ 4% . has been recovered. The net results of the week’s operations Commercial paper quoted at 5@5 34% for 60 to 90 day en arc very irregular, however, some issues showing an advance dorsements and for prime 4 to 6 months’ single names. of 2 to 3 points and others a similar decline. The notably The Bank of England weekly statement on Thursday strong features of the railway list are Atchison, which is up showed a decrease in bullion of £536,051 and the percentage over 3 points, Southern Pacific, Missouri Kansas & Texas, of reserve to liabilities was 45.80, against 47.60 last week. Union Pacific, Reading and Interboro-Metropolitan, which The rate of discount remains unchanged at 5% as fixed are from 2 to 3 points higher than last week. On the other October 31. The Bank of France shows a decrease of hand Great Northern sold on Wednesday 4% points below 4,775,000 francs gold and an increase of 2,600,000 francs last week's closing price, North West 234, Northern Pacific silver. and Delaware & Hudson nearly 2 and a few other issues N E W Y O R K C IT Y CLEA RIN G-H O U SE BA N K S. have had a tendency to weakness. Amalgamated Copper has been in such request as to carry 1907. 1908. 1909. it up 634 points within the week and American Sugar Averages fo r Averages fo r Differences Averages fo r week ending week ending week ending from Refining and United States Steel are between 2 and 3 points Oct. 20. Oct. 24. Oct. 23. ■previous week. higher. Consol. Gas on the other hand, is 234 points lower. s For daily volume of business see page 1134. S S S 129,100,000 120,350,000 127,350,000 The following sales have occurred this week of shares not 103,396,900 163,720,100 177,371,300 Loans and discounts__ 1,234,090,700 Dec. 8,747,300 1,338,420,900 1,087,711,000 represented in our detailed list on the pages which follow: Circulation____________ U. S. dep. (Incl. above) Specie ________ _______ Legal tenders__________ 52,014,000 Inc. 1,240,417,100 1,609,200 Tnc. 255,085,100 Inc. 71,003,000 Inc. Reserve held__________ 25% of deposits--------Surplus reserve......... Surplut excl. U. S. dep 51,398,300 53,195,900 075,900 5,407,000 1,418,132,400 1,023,772,000 48,003,600 17,100 9,248,200 190,420,000 4,330,000 300,290.100 58,2S3,700 034,200 81,122,900 326,748,100 Inc. 310,104,275 Dec. 5,000,800 1,351,900 10,043,825 Inc. 0,352,700 32,880,000 dor. 1,233,300 17,001,125 Inc. 6,350,975 35,192,050 387,413,100 354,533,100 254,709,700 255,943,000 10,782,000 N ote.— The Clearing House now Issues a statement wmM v showing the total of the actual figures on Saturday morning. These figures, together with the returns of separate banks, also the summary Issued by the State Banking Department showing the 'n n d f o n of State banks and trust companies not reporting to the Clearing House, appear on the second page preceding. Foreign Exchange.— Discounts in London were well main tained during the week, yet sterling here closed lower than it was quoted a week ago. To-day’s (Friday’s) nominal rates for sterling exchange were 4 84 for sixty days and 4 88 for sight. To-day’s actual rates for sterling exchange were 4 8320 @4 8330 for long, 4 8720@4 8725 for short and 4 8770@4 8775 for cables. Commercial on banks 4 8280@4 8290 and docu ments for payment 4 82@4 8 2 % . Cotton for payment 4 83 @4 8334 and grain for payment 4 8 3 % @ 4 8334To-day’s (Friday’s) actual rates for Paris bankers’ francs were 5 20a@5 20 for long and 5 I 7 % d @ 5 17% for short. Germany bankers’ marks were 94 7-16@94 9-16 for long and 95 3 -lfi@ 9 5 % d for short. Amsterdam bankers’ guilders were 40 12@40 14 for short. Exchange at Paris on London, 25f. 22% c.; week’s range, 25f. 2234c. high and 25f. 2 l% c . low. The week’s range for exchange rates follows: ■Long----------------------------- Short-------------- --------------- CablcsSterling Actual— © 4 8815 14 88 @ 4 8775 H ig h .......... 4 8365 @ 4 8375 I[ 4 8705 © 4 8760 14 8750 @ 4 8705 4 8695 Low - ......... 4 83 @ 4 8310 Paris Hankers' Francs— @ 5 16% @ 5 10% 15 16 H d H igh______ 5 19%/» @ 5 19H o 15 16 'Ad @ 5 10% 15 10 Hd @ 5 17% \5 n y $ a L o w ______ 5 20a @ 5 20d Germany Hankers' M arks— 1 95 5-10 © 95*Ad H igh--------- 94 7-16* © 94 1 95 H d («) 95% L o w ____ _ 94% (a) 95 5-10 © 94 7-16d| 95 3-16(1 © 95 3-10 | 95% z Amsterdam Hankers’ Guilders— High — ...................... .. © 40 25 © 40 20 I 40 24 40 19 L o w ............................... © 4019 © 40 15 | 40 18 40 13% Less: Plus: a 1-16 of 1% . A; 1-16 of 1% . d 1-32 o f 1 % . x 1-32 of 1% . A 3-32 of 1% . y 3-32 of 1% . The following were the rates for domestic exchange on New York at the undermentioned cities to-day: Chicago, 5c. per $1,000 discount. Boston, par. San Francisco, 70c. per $1,000 premium. Savannah, buying, $1 50 per $1,000 discount; selling, par. Montreal, 3134c. per $1,000 discount. STOCKS. Week ending Oct. 29. Sales for Week. Range fo r Week. Lowest. Colorado Fuel A- I. pref. 100 110 100 9 Des Moines A Ft Dodge. 100 88 E I du Pont Powder, pref 200 92 General C h em ical........... 10 105 Preferred ________ 151 88 Ilomestake Mining_____ 300 7 Keokuk & Des Moines . . Laclede Gas (St L ouis). . 1,100 104% Manhattan Beach______ 100 3 Rubber Goods Mfg, pref. 150 105 St. Jos. A Grand I., lstpf 100 52 St Jos A Grand 1. 2d pf 100 29% Sears, Roebuck & Co, pf 600 120% United Cigar Mfrs, pref. 100 108% 115 Vulcan Det Inning........... 4,105 2831 P referred..................... 1,750 73% Oct Oct Oct Oct Oct Oct O ct Oct Oct Oct Oct Oct Oct Oct Oct, Oct Oct Range since Jan. 1. Highest. 27 110 25 9 27 88 27 93 27 105 25 88 29 7% 25 104% 25 3 25 109 29 52 23 29% 25 120% 23 108% 2.^ 11(>5 s 23 33 28 83 Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Lowest. II Ighest. Mch 110 27 07 9 25 Oct 10% 2/ 88 Oct 88 Jan 95 20 01 27 98% Jan 108 Jan 94% 25 87 Mch 10 29 5 29 104 June 105 25 2% Jan 5% 20 105 Oct 109 29 49% Mch 53% 23 29 Mch 30 25 101 Jan 121 23 99 Jan lit) Oct 29 Oct 29 0 45 Feb 33' Jan 83 Oct Jan Oct Aug Aug Apr Aug Juno June Oct May Jan Oct May Oct Oct Outside Market.— The outside market for the most part of the week, except for an active speculation in low-priced mining shares, was dull and weak. Towards the close, how ever, the market generally took a turn for the better, the copper shares assuming prominence in point of activity and strength. Butte Coalition fell from 2634 1° 26, but on news of the resumption of dividends ran up to 2734, recording a further advance to-day to 28. British Columbia sold up from 6 to 734- Cumberland-Ely receded from 734 to 7 % and rose to 734- Greene-Cananea advanced from 19% to 11% and closed to-day at 1034- La Rose sank from 634 to 5% , but recovered to 6 3-16. Miami, after fluctuating be tween 1534 and 15, moved up to 16%, finishing to-day at 163-8. Nevada Consolidated fell from 2434 to 23%, moving up finally to 24 34. United Copper common was traded in between 9 and 9% and ends the week at 934- Giroux was traded in between 8% and 8 % and to-day up to 9% , the close being at 934- Nipissing declined from 1134 to 10% and recovered to 11%, with the final quotation to-day 1 1 3 4 Union Mines continued active, going down from 3 1-16 to 2 15-16, then up to 3 13-16. Industrials were quiet. Ameri can Tobacco lost about 7 points to 442 and recovered to 446 34- Sears, Roebuck & Co. common covered a wide range; opening at 135, it fell to 132, then reached 143 34Standard Oil ranged between 703 and 699, with sales to-day at 701 @702. Chicago Subway lost about 2 points to 6, after which it moved up to 7% , closing to-day at 734- In bonds N. Y . Telephone 434s, “ w. i.,” sold off from 96% to 9634 and at 96% finally. International Steam Pump 5s “ w. i.,” declined from 96% to 96%. Western Pacific 5s went down from 97 34 to 96% and advanced finally to 97%. Outside quotations will be found on page 1134. New York Stock Exchange— Stock Record, Daily, Weekly and Yearly OC C UP Y IN G —II l(i II a.ST A -v /; LOWEST ST(H Sat nrdag Oct. 23. Monday Oct. 25. Tuesday Oct. 26. sale* ALE PRICER- Wednesday Oct. 27. Thursday Oct. 28. Friday Oct. 29. TWO 01 PACKS STO C K S N E W Y O R K ST O C K EXCHANGE Wceic 1 Shares R a ilroads 119-3, 1203, 1197, 1207, 119*4 1 2 U 2 1 2 U, 12134 1221 , 1235, 149,900 tch T o p e k a & SantaFe 104 104 104*4 104*4 3,313 10334 104 10312 104 104 D o p r e f____________ 13 612 138 136 6,400 1361" 139*, 138 138 136l2 1371* 138 137f2 A tlan tic Coast Line R R . . 1147, 114 1147, 114iJ H51, 114*8 114*4 1151, 115", 1157, 1 16 I4 13,500 O a lt im o r e & O h io _____ 931, 931, *93 941? 94 201 8 * D o p r e l____________ 94U *93 94U *93 941* *93 761? 747, 707, 74 30,670 75*4 741 2 76*4 76*4 767, liro o k ly n Rapid T r a n sit. 76U 77*1 1837, 18-H? 1847, 185', 8.70C /■Canadian P a c lfi-___ 182D 183 1831, 18214 18414 1 S2 I2 184 30C ’ Canada S o u th e rn _______ 691 681* 0812 *07-'g 6912 *675, 691? *077, 691? *67", 69*2 300 *290 300 *290 295 *290 300 IOC 295 300 *290 300 Central o f N ew J e rse y ___ 861, 87*, 867, 87-', 883, 70.95C C hesapeake & O h i o . . 86I4 87', 855, 87 87l3 877, 68 68 O9I4 69 1,400 Chlcarro & A lton R R . *661* 6912 0712 67 12 67 09*4 67 * * * ♦ 74G 74 ♦ 74U 74*2 74 74*" D o p r e f________________ 183, 18-3.1 I 8I4 18D 183, IS*? 18*4 181? 181, 191, 5.50C C h ic G W es ctfs d ep 3 d pd 187, __ *5912 63 *5912 60*2 *5912 601? *50* 2 62 61 *5912 64 D o 4 % dehen ctfs dep 3D , 32 *30 34 §30 30 30 317, 30 33 C 3U 2 3U" D o pref “ A " ctfs dep 233, 28 281? 233, 22*4 23 23 2.00C 23U 2312 23 D o pref “ R ” c t fs 3d p d . 1573, 1561, 15714 15512 1573, 15512 15673 15612 157*, 157*2 1581.1 C8.15C Chicago M llw & St P a u l. 1747, 1741, 175 173 174l-> 174 174*4 174 174 2.77C 17412 174*2 D o p r e f________________ 1867, 183L 18034 187 187D 186 186 *186*2 190 *186 190 2.20C C h icago & N orth W estern *212 225 *212 225 *212 225 *210 225 §225 225 *212 225 5 D o p r e f________________ *158 165 *155 165 *155 165 *155 165 *155 165 *155 165 Chic St P Minn & O m aha *105 175 *170 180 *165 175 *165 175 *165 175 *105 175 Do p r e f_________ *41* *41* 4 43, 534 51? *-ll4 60C Chic Un T ra c ctfs stm pd *4 51" 512 41-1 412 * 121 * 141* *12 *12 14 40C 1212 121 " ♦111 " 14 *12 15 15 D o pref ctfs s t m p d ___ 757, 76-34 77 4,400 Clove Ctn Chic & St L ._ 78 77*4 79 771, *76 76Li 7734 *77*4 78*2 *100 105 +100 110 *100 n o *100 n o *100 n o *100 n o D o p r e f_______________ 5134 51 52 61 52 *5U-> 521? 5H , 5U 2 *51 53*2 53i2 2,350 C olorado & S o u th e rn ____ *78 79 79 30C *78 *78 78 79 D o 1st p re fe rre d . 78 79 78*2 787, *78 78 1 , 1 1 C 78 78 78 79 78 78 78 78 D o 2d p re fe rre d _______ *77 *77*4 781,4 182 183 3,610 182L 184 elaw are <& H u d s o n ., 18412 18412 18234 1837, 188*4 183-3, 1 83 14 1841" 1110 *550 560 *550 560 elaw are Lack & W e s t . 550 550 *550 570 *550 570 *550 570 48*4 45-34 461* 46-34 46 7,260 D enver & Rio G ra n d e___ 46 4(3:>s 4534 40*3 40*4 471, 47*2 84*4 8412 83-34 84 14 83*4 83*4 1,465 8 H, 841, 837, 84 8-1 84l.i D o p r e f_________ ♦____ Kll D etroit U n ite d ____ 6710 64 6814 * 64 *13 $14 14 *14 *1312 15 §1314 14 15 15 *13 16 105 D uluth So Shore & Atlan *28 29 30 *271" 30 29 IOC 28U 28*4 *2712 291" *27 Do p r e f____________ *27 325, 33 323, 331, 3234 331, 3212 33 3234 33 33*4 33*1 16,400 l ^ r l e ................. ............. 467jj 4712 4 63# 47 46 3.80C * J D o 1st p r e f_____ 46*2 471, 47*4 4 6 ', 47 47*4 47', 383, 39 385, 391* *3812 40 40 38 38 *38*4 40 *39 1,100 D o 2d p r e f_____ 14334 14634 144U 146 M234 1451" 1421" 114 1421, 114-3, 143*4 145*, 65.35C G reat N orthern p r e f .. 791, 80 79-3, 78 78 8014 HD, 17.00C 7912 79*2 80*2 793.1 78 Iron O re p ro p e rtie s___ *14 ____ *14 + 14 *14 15 *14 15 *14 15 Green Hay & W , d eb c tf B 793, 793, *79 7933 793, *76 78 7914 78 600 J-I'avana E le c tr ic . * * __ 897, 8912 ’ * D o p r e f_____ *108 116 *108 110 *108 116 *108 112 *108 112 *108 112 H ock V al J P & M Co rets * 91 *82 90 i« 8912 * ___ 90 90 H ock ing V a lle y p r e f____ 146 148 1451.1 147 145', 1471, 146 140 6,450 I llinols C en tral_________ 147*4 147*2 148 148D 167, 1734 173, 173t IS 181" 18 20 *, 19*s 20 ' , 19*, 20 226,420 * n te r b o r o -M e tr o p o llta n . 487, 4934 49 48i4 493, 5034 40 51 501, 516, 501, 507, 74.27C D o p r e f________ +291* 30 *29 30 28 28 1,081 Iow a C en tral_______ 29 29 27-*4 28*4 ♦28*2 29 52 62 +51 *51 50 .51 51 51 D o p r e f_________ 5012 6034 51*2 52 UlC 8OI4 8OI4 *797, 81 *797, 81 81 *797, 81 *80 81 *80 IOC C Ft S & M tr cfs, pref 427, 43*4 3,400 43-'S 44 43 43 44 433, 433, 43 hi 43*4 44 ansas C ity Southern 703, 70 70 *70 *70 65C D o p r e f_________ 70 70 71*4 70 70 71 70 +21 *21 25 *20 25 *20 25 25 25 *20 25 I akc Erie & W e s t e r n .. *20 *50 *52 *52 55 *52 58 58 58 56 57 365 I ‘ D o p r e f_______ 56 58*2 +65 68 68 *65 08 65 *64 *65 68 68 66 700 Lon g Is la n d _______________ *65 150 151 I 6OI4 1507, 1307, l.r)234 151 1511? 1513, 152 9,500 L ou isville & N a sh ville___ 152*2 155 *141 112 * 1 -U12 142 § 14012 14()12 + 1401" 142 142 142 142 143 1,125 anh atta n E le v a te d ___ *20 25 *20 *20 *20 25 25 24 24 *20 24 24 200 e tropolltan S treet . . 5412 541o 53 '2 53-3.1 5312 53! 2 *5212 5312 54 54l 2 54 54*4 1,300 M inneapolis & St L o u is . *84 *S 4 88 8-1 84 *84 *84 88 87 88 *84 90 200 Do p r e f______________ + 1371* 139 *137 139 13514 1371-1 135 1357, 136*1 137 136*2 138*2 3,875 Minn St P & S S M a r ie .. ♦ 154 157 *154 156 153 1541, 150L 15112 1507, 153*2 154 154 1,420 D o nret.......... ........ *901, 91 90U 9U14 90 90 4 10 §S912 891" *891" 90-3.1 *90 91 D o leas d line c t fs ___ 4578 ■UI4 4534 473, 4514 4 6', 4578 4 0 ', 481" 48 41 "1 85,400 Mo K ansas & T exas 471-1 7434 75 747, 74 1, *73 76 741, 74 741, 74*4 2,400 74*2 74*2 D o p r e f__________ 68-34 68 68 09*8 68*, 68*4 687, 67?, 683., 67 69*s 097, 11,250 Missouri P a c i f ic _________ *132 140 + 132 135 *132 138 *132 138 *132 138 *132 138 ash C h att & St L o u is , *56 5814 *56 68 *56 68 58 *56 58 *55 57 +56 a t Rys o f M ex 1st pref *2214 223, * 2214 23 2212 221 ? +22 L 23 2212 22-3, 225, 23 1,300 Do 2 d p r e l____________ 132 13334 13234 1337, 1323, 133*4 132 13312 1331.1 1341-. 134*, 1351? 45,745 N Y Central & H udson 5712 571* 58 .57 57 *1*5012 58*2 57 14 571.1 §58 53 58 000 N Y Chic & St L o u is ____ * 10-1 118 *104 118 *104 118 *104 118 *101 118 *104 118 D o 1st p re f______ *88 89 *87 89 *87 89 80 89 89 *88 89 8912 250 D o 2d p r e f______ 1661* 167 169 169 169 169 *166 1691" 162 169 16H" 103*2 3,900 N Y N H & H a rtfo rd ____ 461, 461, 46>4 4010 46!-> 461" 4612 4 0 ', 4 0 ', 471,| 5,300 N Y O ntario & W estern . 40', 47 941* 95 94 941, 9412 94*4 95 047, 9 514 5,925 N orfolk & W e ste rn ____ 9514 !)51.i 951" *89 91 *88 91 *89 92 92 91 *89 *S9 D o a d ju stm e n t p r e f .. 145M 1481, 1447, 1461-. 14434 1471, 145 1467, 145*2 147 06,672 N orthern P a cific________ 147*4 149 ♦104 109 *102 110 *102 n o *102 n o *102 111 ) 107 107 100 >acfflc Coast C o _______ +102 110 *102 110 *102 111 ) *102 n o *102 n o *102 n o • D o 1st p r e f________ + 104 115 *102 no *102 n o *102 n o *102 n o *103 109 D o 2d p r e f________ 14434 1461, 1447, MOI4 1461, 1473.1 146*2 148*4 1477, 148*4 148*, 149L 199.760 P e n n s y lv a n ia ____________ 94 9412 04*4 U4*4 9412 91*4 045g 9414 9414 *9414 95 1,510 P lttsb Cln Chic & St L . . 115 . . . . ____ * __ _ 115 i< 115 +90 115 *94 115 Do p r e f________________ 158 1601.) 158-', 1607, 1581o I 6 U.1 1-587, 1611, 160 1615, 1621, 1631" 530,000 lY eadln g_________________ 92 92 94 *91 *90 94 *91 9-1 91 *91 *90 94 200 I v 1 st p r e f_____________ 98 97 *97 97 *97 98 *97 98 98 98 *90 100 2 d p r e l_____________ 500 3734 391, 3738 377, 375s 38-34 37D 381? 385, 38 3S*4 OS,700 R ock Island C o m p a n y ___ 77-3g 78 7 7 ', 78*4 77 78 77*., 781? 78 78*4 78*o 79*4 20,400 D o p r e f________________ 72 *69 *69 7 0 ', *69 7U , *69 71 71 71 *09 100 O t L & San Fr, 1st p r e f. 71 561, 50 56 56 56<, 66 t.| 9 55 57 50*4 57 58*4 57 3,500 c ' Do 2d p r e f___________ 28l2 28., 29 29 2914 2812 20 29 291, 29 29 293, 1.500 St L ou is S o u th w e s te r n .. 66U 6612 *66 67 67 67'* 677, 0012 67 67*1 677, 077« 1,200 D o p r e f________________ 1261- 127", 120 's 1277, 1263, 1281, 126*, 128 127*2 12812 128*, 1301. 140,560 Southern P a cific C o .......... 29U 301.1 293i 303, 29", 3012 29*4 8OI4 30 30 303, 30*4 1 ) ,620 Southern v tr efr s tm p d . 683., 09 087, 69 69 69 687g 09 09*4 09 6 9 ', 697, 1,800 Do pref do 353, 35 3.5*, 35 351* 35 351» 35*2 35'x 36 8,635 ’ exas & P a cific ________ 19", lll-'i 201 " 191, 20 lf)f 4 19*4 20-3, 19-*4 19*4 7,700 19>8 201, bird A ven u e (N Y ) ___ *8 *8*4 *83.1 9*4 10 9*4 912 *81" 10 8*8 8-3, ♦ 8 100 Toledo R ailw ays & Light 621, 521* 5210 52-3, 52I2 527, 523, 527, 521? 631" 53 537, 5,800 Toledo St L & W e s t e r n .. 697, VO', 6934 603, 7014 703, 69-34 697, 697, 71 69*4 697, 4 ,000 Do p r e f________________ 107 107 §1063.| 1063i 10712 10712 107 107 *106*4 108 *107 108 460 Twin C ity R apid 'Transit 197 2001i 198 200 197', 2007, 197->, 200h> 198*, 200*4 2001" 202*4 551,000 nion P a c ific ___________ 1021, 1027, 1021, 103 103 10212 1031.1 102 ' , 108 103 103 “ 103*4 8,020 D o p r e l____________ +41 *40U 4112 40 42 44 42 41 41 *41 40D 42 1 ,200 Unit Rys I n v ’ t o f San Kr 08 701* 09 70 70Ti 717, 681.1 70 08 70 71*1 72*4 4,350 Do p r e f________________ 1912 201., 197, 20 201, 20*4 5,000 I ’1 / a b a s h ________________ 19*2 20 iota 20 1912 20 5118 621* 5U 2 5212 50 51*4 62*2 52,010 * ' 521" 40*4 5U? 51*4 52 D o p - e f ................... 21 21 21 21 21 21 21 *21 215, 211 " 21 2 U, 2,050 W est Md re cts 2d p a i d . . ♦8 9 9 9 87, *8 9 9 *8 9 *8 1,800 W heeling & Lake E rie___ 95, ♦ 10 19 *16 10 161, 161, 181" 18*4 2,150 16 171" 18 Do 1st p re f____________ 16*2 ♦9 1012 *912 11 912 91" 10 *9 10 *9 924 O', lt)l 4 D o 2d p r e l____________ _ 60 50 497, 497, 60 5012 50 49*., 497, 471, 50 50 3,100 W ls c o n s n C en tral_______ ____ *891? _ _ *90 ♦89*2 . . . . *90 *891" +891" 1191, 10 11 , 137T? 114U *93 76D 1811* *0S12 ♦290 85*4 06*4 * ____ 183.1 *59 >2 *30 2312 156 1741.1 1867, 120 A 10 -Hs 104 D K M N i I Range lor Precious Year (1908). Highest Highest 2 5 3 gO ct 9V& Jan 13 1 lOOU Jan 20 10634 J ’ ne2 107<2 Jan 14 14312 A u g 12 J ’ly 29 1031* Feb 23 9 6 A p r 12 92 F eb 4 3 2 7 , J ’ne 7 67 Jan 9 1166 Meh 3 189ig O ct 6 9 -T j Aug21 (>0'4 Jan 11 215 F eb 23 323l2 Sep 18 90 O ct 8 55-ia Jan 6 743, A pr 6778 F eb 24 7S12 Meh 71 F eb 24 1 9 > 4O ct 21 M A u g 20 12214 A u g 16 *3534 Aug30 ■-3 s, O ct 22 A u g 23 F e b 23 1651s Sep 18 M eh. . 1S1 A u g 16 l/3>8 Feb 24 19812 A u g IS / 208 Meh la 5230 A u g 7 148 A p r 22 167 A u g 13 1661 j Jan 30 §180 J ’ly 27 7 Jan 4 4 J ’ly n J ’ly 12 18'4 Jan 27 Jan 29 79i2 F eb in Jan . 105 Meh 22 51 O ct 23 68>4 Jan 86 7612 ,)an M ay 1 841; Jan 7 73U Jan _ 10734 F eb 24 200 May 14 536 Feb G80 A p r 22 54 A p r 20 3 7 ', Jan 90 F e b 10 79G Jan . 713, A u g 13 56 -fan 30 14f2 O ct 21 Jan 16 36l2 Jan 15 28 F eb 23 39 J ’ ne 7 2 2 ', Meh It 6634 A u g 9 30l2 Meh l . 46 A u g 2 2812 Meh It 1363, F eb 24 1577, A u g 12 8812 \ u g l65 lg MCll 12 17 Jan 4 14 Feb 26 z7u*s O ct 2: 39 F eb 90 Sep H 83>s F eb 97 M ay 3 126 A u g 14 94l 2 J ’ ne 11 88 A pr 'h 1621, A u g 12 13/ F eb 2. 20 a, O ct 28 11-', Meh 2;, 623, J ’ n e 28 36*4 Meh 23 27 Feb 24 36 A p r 15 62 A p r 16 48 Sep 82 Sep 14 7434 Feb _ 6OI4 A u g 18 37 Feb 23 7512 A u g 18 677a Feb 2» 19i2 F eb 26 291* A ug 2 647, J ’n e l 4 48 an 23 59 Jan . 7H , M ay24 il2 1 Jan 29 1621s A u g 12 UOI4 A u g 20 153'2 Jan 4 18 J ’ly 2 4 2 'J a n 5 61 Sep 16 65 Jan 8 81 Meh 10 90 Jan 8 132f2 Jan 2 l4 9 fjJ a n s 147 A p r 13 1 H412 A u g 9 89 J ’ly 22 92 Sep 17 35i2 Feb 23 50l2 O ct 18 71 Feb 23 78'4 O ct 18 66 Feb 24 7712 A u g 6 122f2 Jan 5 13912 A u g 12 44l2 A pr 5 61 Sep 16 2212 A u g 16 26-', M ay22 12012 Feb 24 14784 A u g 18 4812 Meh 15 69 J ’ne 7 100 Feb 20 100 Feb 20 7014 A p r 6 89 O c t 2/ 157ia F eb 24 1743j .j iie l4 4214 Feb 24 555, J ’ne 12 6414 Jan 6 97 O ct 16 92‘ 2 J ’ly 28 Sals -Meh26 1.3314 Feb 24 15912 A ug 12 76 Meh 3 I I H 4 O ct 7 100 Meh 30 §106 Sep 28 S8 Meh 27 111 O ct 7 I26ig Feb 33 I 6U4 Sep 29 86i2 Jan 5 96I2 O ct . 104 Feb 10 1161.1 Sep 21 113 Feb 23 173*s Sep 21 96 A u g 23 89 M ch 22 90 Feb 1 1043., M avl3 423, A u g 12 20/g Feb 24 803, A u g 16 5 7 ', Feb 21 73 J ’ly 1 . 6514 M eh29 36 Feb 23 603.1 Sep 16 313, Sep 29 20i2 Feb 25 71i2 J ’ ne 2 47i2 Ja:i 6 1145, Feb 24 1391,' A u g 1 34 A u g 11 22 F eb 24 60 Jan 5 75 A u g 12 30 Feb 24 4012 A u g 23 16 J ’ly 2 42*2 Jail 18 15-3, Jail 2 7 M ayl2 43 Feb 2 t 547, O ct 19 643j Feb 24 74>4Jau 4 97 Jan 2 11 1*2 O ct 1 172G F eb 24 219 A ug 16 rU4 At eh I 118*2 A u g 1 30 Feb 2c 37 Sep 13 60 '4 F eb 2t 77 Sep 14 243, j ’ne 15 16 F eb 2 , 41 F eb 23 21 O ct 9 23'., O ct 1 6 J 'ly 13 127, Jail 4 1514 J ’ly 13 267, .Jan ;■ 6l2 J ’ly 13 151, Jan 8 357s Jan 6 6 3 ', A p r 2ii 27 ft 13*4 141 1581; 12 18 100 6134 J’nui.j H’l Feb 83*, Feb 5«1-. Meh 76*2 Feb 80 Jan 37 >4l Feb 140 Feb 54 Meh 160 F eb 2512 Feb 19 l e b 47 Meh 31, Feb 33*? Men 15l2 Feb 5 Feb 103l2 Jan 138 Jan 135i2 Jan *185 Jan 114 F eb 140i2 Jan 3, A I) 1 4 A pr 47l2 J ’ne 85i, Feb 21 Feb 603s Jan 3984 F eb 14U2 Feb 420 Jan 14M Feb MJI4 Meh 32G A pr 6 " Feb 1134 Feb 12 Mel 243, Mel 16 Meh 11334 Feb 48U Jan 8 Jan 20 Meh §70 Jan t;2 F eb 69 Meh 122i2 Feb 63, Jan 171* Feb 10 Feb 27i2 Feb 67 Aug 18 F eb F eb Jan Mav Feb 87 '4 Feb 120 Jan 15 F eb 20 Meh 61 Feb 79U Jan 1231* Feb l / i 2 M e6 46 F eb 28l2 Feb 9784 J an UOi, Jan 24i2 Jan 90 Jan 60 Feb 1283, Jan 291, Feb 58 Feb 74 Meh 1167, Jan 65 Sep 90 Max 79 Meh 1083j Jan 69 Jan 81i, Meh 92i, Feb 78 Jan 76 Jan 10!2 Feb 2034 Feb 42 J’ne 19U Feb 10 Mel 24I2 Feb 06>4 Feb 9>, Jan 251" '.fell 1234 Feb 15'2 Mob 0 '*2 O ct 12 Feb 33 Feb 78*4 Feb UUI2 Meh /9U A pr 15 Jan 27i2 Jan 634 Meh 13 .Meh 4i2 -iei 12i, A pr . Feb 131? Feb 10l>4 D eo 104 Deo H U * Deo 117, D eo 9-: D eo 6 934 D eo ISO's N ov 68 N o v 229 D ec 693, D eo 687, D eo 79 D eo 143, N ov O8I4 A u g /3 D eo 171, N o v 152!2 D eo 16 4*5 D eo 1851* D eo 224 D eo 160 D eo 174 D eo 71, D eo 18 D eo 70i2 D ec ••97, D ec 59 D ec 79 D eo 76 D eo i 813,; D eo f 76 N o v 4ou Deo 8314 D e o 66 N o v 18-*, N ov3334 N ov 36 N o r 513, D eo 41 D e o M 5 I4 Deer 761, N o v 17!2 D ec 4ft D e o 24 D e o . lOH2D ea 1 93 D eo 14934 N O V 20 D ec 4912 D eo 32i2 D ec 67 D eo 75i2 D eo 423, D eo 72i, D eo 26 D eo 68 D eo 563, D eo 1253, Deo 151-34 D ec 44l 2 D ec 66<2 D eo 9U D eo 135 N o v -61i2 D eo 431? 7512 67'2 122 D ec D ec D ec N ov 126 D ec 57f2 D ec 106 N ov 85 D ec 161 N ov 477, D ec 86I4 N ov 88 D ec 15734 N ov J3>2 Jan 90 M ay 97 Jan 132U D ec 88i 2 D ec IO834 N ov 143U Deo «2 D ec 99 D eo 2514 D ec 623, D ec 6J D ec 421. Deo 24 D ec 55-s D ec 12212 D ec 27U D ec 631« D eo 37 14 D ec 47 A u g 15i2 D eo 50 D ec 7JI2 Deo 963, D eo 184'g N ov 98 N ov 40 D ec C9l2 D eo 265, D eo 52*4 D eo 13 u e c V614 D ec 151- N ov 38U D eo Banks New Y ort A etn a - - - - - 175 A m erica fl 1 10 Am a Exch Bat to y Pk B o w e iy V - - •J7i* B ron x Bon d D rvant P k 1 156 B u tch & Dr 140 C en tu ry 11-. 17 C h a s e ____ 3. ) C h af hum 03 » ASA >>nn a < )h iseaE x * Ihem lcal . 85 citiz e n s ’ Cl 5So Mty.............. ’oal iic Iron - - - - Colonial 11. lulu m bla 11. --- -j* om m erce t o p p e r ____ 1 orn Lx Ti->76 East River 400 •''delltv If. F 'ffh AVI* .150 AS a -- - 410 4171150 ____ 425 119.7, ____ 335 135 175 -T U ua u u llD IH Up .lo v O1 ID H O loIll.lU o on tins t Sale at Stock E xcliango or a t a u ction this week. i ti 1 s T > ;. j 1U \ 8 7^ 7. \ > /II7/ 200 •130 110 41212 140 31)0 3 /,i t l.9 300 330 125 165 4250 l .N tna J- \ \ U Range since Jan. 1 1909. On basis ot 100-share lots +>anKS tnu Md /ISa Banks FUth .......... 300 350 180 Jellcrson H First ---------- 825 85 1 L ib e r ty ------ 555 14th StH - . 165 L i n c o l n ___ 420 F o u r t h ____ 235 34.) 245 G allatin . . 330 346 vlark’ t& F ul 258 G a r fie ld ___ 200 300 .le ch a n lcs’ . 1255 Jerm A m T 140 Mereantll-- . T185 G crm ’ n Exl 450 Mercb Exch 16.) G erm ania 1] 650 d e rch a n ts’ . 168 Greenwich 1i 205 280 I c tr o p o ll, 1 400 la n o v e r . . Oil) 18/U 675 le tr o o o P n l Im p * l rad 5o0 560 •It M orrh li. 1 r\ imr N Ex 200 210 '9J tuf.uni 1’ day. . I'.x-rigJC* i h.oss tna.i 100 snares, It First Installm ent paid, n Sold a t p rivate IS ' AS' 190 Q U O i’ A l ’ lO N S Bank. Yew N eth’ d 435 Yew Y orkC o 350 Yew Y ork , 263 Y ’ ht * D av1 19th W a r d Yorthern - . P acific 11___ 17212 P a r k ............. 420 P e o p le ’s 1 !-. 195 P l i e h lx ____ 275 310 Li VI 216 200 760 327! j 105 230 45) 280 180 01J ASK 220 3371? 230 470 115 240 465 295 186 B anks hUL 170 125 356 400 136 300 100 190 70 500 600 As': 175 130 200 " II State oan k s. 1 Ex l v •*nd and rignts. o N ew s t o e g , sale at this price. z 2 d p a id . 'idles o' STOCKS— IHC1IEST AM D LOW EST SALE PRICES Saturday Oct. 23. Monday Oct. 25. Tuesday Oct. 26. Wednesday Oct. 27. Thursday Oct. 28 Friday Oct. 29 Week Shares STO C K S N E W Y O R K ST O C K EXCHANGE Range since Jen. 1 19JJ O', casts oj 10 .1- 3*w s lot: 1*566 R U j A .n t\i5 AiND T R U S T Ask Lila l»r*nrf s Banks B rooklyn B rooklyn 90 105 N orth SldeD 150 B orou g h 1,. <25 Feople’ c - . . . 155 B ro a d w a y 1 375 145 B rook lyn B rosp’ctP kli 150 term inal 11First ............. 285 139 J.llO lill____ 100 ilU l3 td e \ .._ 110 125 H o m e B k li . 110 125 Trust C o’ s H o m e s te a d ! 100 .V Y City 430 41) M an u fac’rs 2?0 Astor _____ 325 M ech a n ics’ ’, 240 Bankers' Tr 6560 :s5 M ontauif B 'w a y T r . . laO 1, 240 N assail — 305 95 fja t C it y . Bid a n a tu ico d p n ccs : a* sa.os on t a is d a y. i Sale a : S to ck E xch ange or at au rtlo n this __ __ __ __ As!: .... _ 160 130 105 340 585 155 OO-vlFANlES— 3 A N K E R S ’ Ask > lassa jn a n iuu so s r e s . 5 week, s T ru st c o . certificates, 164 Jan §200 A u g 6 ALT 103s D eo 5234 D eo H M r’ 88% N o v 45% Feb 35 N o v 13 Jan S6 N o v 78% Jan 247* A pr 9% Feb 8 1 % D eo 65 Jan 10% N o v 4 Feb 7s73 N o v 44 Jan 6034 D eo 25% Feb 109 D eo 84% Mch 4434 N o v 2434 Feb 97 N o v §80 Jan ! 170 Feb 5224 M ay 8% D eo 234 Feb 3734 D eo 12% Mch 3l7S A u g 121? Feb 17% D eo 0 Meh 36% D eo 17 Me! 59% A u g 3138 Feb 1 13 D eo 86% Jan 8% Sep 1- JJfh 5 % Sep 21 Jan 84% A u g 70 Jan 107 A u g 551? Feb 110% A u g 87% F eb 180 A ur 200 A p r 97% Sep 80 Mcl 41 N o v 28 Sep 13734 A u e 98-% Jan 131 N o v 105 Fob 132*8 N o v 101 Jan 97% J ’ ly 72% Jan 32% D ec 15% Feb 97 N o v 78% Feb 53% N o v ; $27% F eb J2% Jan 12 Jan 36 A p r *85 F e b 8 Jan §10 Feb 16% Feb 75% Jan 15% Feb 14% Mch 20o Mch 96 Jan. 1034 Fell 56 Jan 47% Oct 27% Feb 72% N ov 69 F eb 65 J ’ly 73% Feb i l l Jan 78% Jan 62 J ’ne 99 J ’ne 6 O ct 16 Feb 8 Apr 47 Oct 13 Jan 65 Jan 62 Feb 69*8 Feb 68 Jan 102 Jan 71? Feb .10 Feb 86 F eb 87% Jan 60 Jan 42% Alcli 24 A pr $5 27% 57 152% 17 Moh N ov NOV N ov N ov Jaa D eo D eo D ec 27%. D eo ; 44c A p r 167 D eo 20% AUg 80 A u g 4S% O ct >834 D eo 94 A u g 89 N o v 63% J'tio 100 J 'ly 102% D eo 109% J ’ly 67% N o v 110% N o v u Alay 267s D eo 13% N o v 65 Jan 397g D oo 84% D eo 78 N ov 7134 N ov 97 D eo )?()% D eo 16% D eo *82% D eo 92 A u g 106% N ov 98 iN'ov 7S N o v 40% D eo so Jan 8% MCI. 36% Feb )7% Feb 69 Jan l?7 Jan % Apr 1% Jan 23-% Feb 75 Jan 14% Feb 63 J'ne 36 Jan 87% Jan $25% Feb 45 Feb 4 Feb <47g Jan 06l? D eo D eo 60 D eo -15 D eo 102% D eo 174 N o v 1* 1 D eo 31 ? D eo 40% D oo |0.i D ec 29 NOV 89>? N ov bl% N o v 116 % D eo 652% N ov 84% D eo N ov 66% N ov *17% Feb* ' 1 % Jnti /0 Feb 38% Feb 4 Feb 16 Feb 17% F eb 76 F eb 42 F eb 2534 Jan 87% Jan ?20 Jan 16 F eb *87 Jan 43 Jan >250 F e b 41 F eb 08 Ale! 30% lie o 78% A ug 00 J an 64 N ov 15% A u g 3 1 Aug 37% Aug 108 D eo 75% N ov 58% N ov 114% N ov $52% N ov 4534 D ec 115 N ov 68 N'OV S25 N o v 713j N ov 94 N ov 125 N ov 68 q U O i ’AiTOWS. 11 lu ASk ilUO 1125 _ _ _ _ _ 0 ,0 .. -O'-’O 560 530 345 365 1250 1300 440 430 1230 26 J 235 410 3/5 i30 140 133 I rust Co s Brooklyn iruOklyn 1. 410 d o z e n s ’ - - 133 Flntbush . . 200 360 21J Eranklln 235 H am ilton . . 260 170 111 I o n i c -------3>J0 iCnRS C o . . 5 0 710 Isl L & li 310 560 N assa u ____ 15) 535 I’ c o p le ’ s .... 290 .... Queens C o .. 120 135 W lllia m sb’g 80 rs per . . . ............ o t N - 1 - n ’o Banks m ar tod w ith a p a r a r ap-t Hi' nr- ^ t-.t- i> -n? . Iru sf Co’ s Guar ty T r . G uardian Tr 1050*" H u d s o n ___ 300 K n lck erb’ kr 145 Law T I &Tr 145 Lincoln T r . 310 M an h a ttan 480 M ercantile 19,0 M etrop ol’ tn 206 M orton 'l'r . 416 M u tu a l____ Mut AU’ n c— Uta 680 16) 175 340 225 165 370 715 530 520 130 120 Ask 700 Highest Plghe-it Indus triavft/VUscellnneoiiE *232 >232 190 .Tan 29 §225 A u g 20 *232 *232 A dam s E x p re ss-----------*232 *232 ]67g A ug 3 1434 15% 1234 Feb 21 5,650 M -llls-C h a lm e rs_________ 14% 14% 141g 14% 14 14U 14% 14 *14 14% 5134 52% 38 F e b 21 3,000 67% A u g ;i D o prer____________ 60% 50% *50 52 507g 507» 50 50 60 49 89% A u g 12 65 F e b 26 84% 87% 342,930 A m algam ated C o p p e r ___ 803g 812 801g 82 80U 82% a:8134 84% 7912 80% 60 A u g l 46*1 500 Am er A gricultural C h cm . 4634 46% *46 *4434 46 S3% Jan *45 46 453g 453* 45*4 46 100 94% Jan 18 103 A ug *101 102 D o pret________________ 102 102 *100 102 *100 102 *100 10134 *100 102 463g 473g 7,100 Am erican B eet S u g ar____ 49% A u g 2 20% Jan 13 45 46% 47 46 45I4 463g 4514 461.; 46 45 93 O ct 4 82 J 97% D o p re t________________ 97% *95 97% *95 *96 98 *95 08 *95 *95 98 14% M aySl 12 1 2 % 4,275 Am erican C an____________ 7% F e b 23 1 1 % 1134 117* 12 117g 12 1U 2 12 113S 12 86 .i'ne 4 82 lg 82% 823g 82 5,500 71% F e b 23 D o p re t________________ 8 H4 813.| 8012 8 U4 8 U 2 81L. 8 H2 827 72% O ct 29 72% 26.600 Am erican Car ft F ou n dry 71 44% F e b 24 69% 71%.. 6933 69% 68% 69! 68 683g 6912 69% 725 D o p re t________________ 107% Feb 23 124% A u g 3 11712 1171? 118% 118% 119 119 *11714 119 §11714 11714 *11714 118 787s <ict 18 78% 13,200 Am erican C o tto n OU____ 77 42% Jan 5 77 77% 75% 76 7512 76l2 5% 76 I4 751* 76% 107 O ct 18 D o p r e t ........... ................ 98 Jan 145 *104 108 *105 108 §106 10712 10612 106% *106 108 *106 108 Am erican E x p re ss_______ §205 F e b 5 255 O ct 20 *225 250 *225 250 *225 250 *225 250 *230 250 *225 250 10 S ep 3 734 *7% *8 6% F eb 25 8% 923 A m erican H ide * Leather 8 *7% 712 8 . 8I4 8I4 8I4 8I4 617g A u g 3 403g 42% 4434 40% 41% 34 F eb 21 43% 45% 11,355 42 D o pret 4434 46 46 46U 42% A p r 13 2434 26 187g Jar. *24% 25 25 25 1,610 Am erican Ice S e c u r lt ie s .. 26 5253.4 26 26 2612 25 20 J ’ ne 14 V2 F e b 25 *15*4 I 6I4 *15% 16 15% 16% 15% 15-% 3,400 Am erlcan L i n s e e d _______ 15Sg 16 I57g 157g 47% J ’ne 14 38*4 397g 3934 41 ^ 39% 40 29 Jan 12 2,410 39lg 4014 D o p re t________________ 4012 40% *4012 4U 2 69% A u g 4 49 Feb 23 58% 59 59% 59% 6034 8,710 A m erican L o c o m o t iv e — 57% 58% 58 57 57U 5814 58 115 115 116 116 600 D o pret________________ 10914 F e b 24 122 A u g 4 *115 116 *115 116U 115 115U *115 116 11% J ’m: 1 5% J 'ly 16 8 *6 7 308 A m erican Malt C c r p ____ 7 §7 7 8 7% 7% *7*2 8 *712 59 Sep 20 -.2 Jaa I 49% 49% 49*g 49% 1,700 49 49 49% 49% D o pret___ _________ 4812 49 49*2. 50 923g A u g 27 80 Jan 4 90% 90% 90% 901 *90 91 300 A m er Sm elters Cec rre f B 91 9014 9014 *90 *90% 91 77% F eb 24 1047g A u g 12 97% 98%. 86 ,200 Am er S m eltln gft Refining 95% 97% 9334 95% 94U 0512 937g 95%_ 9312 95 116 % A u g 6 n 1105g l l l l g l l l l g 1 1 1 %) IIOI4 110 % 1 10 % 1 1 1 D o p re t________________ 101 1 1 1 .% 1 1 1 .% 1,848 *111 112 225 M ch 9 280 A u g 5 A m erican S n u ff__________ ♦250 300 *250 300 *250 300 *250 300 *250 300 *250 300 106 AtayW 96 M ch 1 200 D o p r e t________________ 100 % 100% 101 101 *100 102 ♦10012 10 H 2 *100t2 10H 2 * 100 % 101 64% O ct 29 34% F eb 21 9,318 Am er Steel F ou nd (n e w ). 60% 617t 61% 641 60% 60% 60 6012 603g 603, 60 60 j30% Sep 24 121 J ’ ne t7 132% 133'g 22,400 Am erican Sugar Refining 1303g 1303 4 132% 133»!" 130% 133 129% 1303 4 129lg 12912 j3 i Apr s 120 J 'n elG 428 Do p r e t-------- --------------126 127 *120 129 *126 128 126 126 *125 127 *125 127 145% S ep 29 1397g 140U 13934 140% 13914 140U 139% 140% 110% 14034 1403.1 1411? 22.700 A m erican T eleph ft Teleg 125 F e b 1 104 May.70 00% F e b 0 Am erican T o b a c (n e w ).p f 997s 100 805 *997g 100 100 100 997* 997g 100 100 *997g 100 26 F e b 1 40% A u g 27 3,200 A m erican W o o le n -----------35 35% 347g 35% 3434 35% 34 35 333g 3534 357g 36lg 93% Jan <: 107^4 J ’ne 14 102”g 1027s 1,000 D o p r e t-----------------------10212 10212 IO2 I4 10212 10212 10212 1023* 102 % *1021? 103 S3734 Feb 26 $52 M ay 8 iA n a co n a a C o p p e r P a r i 25 23,100 46% 4735J 453.J 46% 481.1 493, 4534 46[4 45I4 46 451g 4512 ssoc M erch 1st pret------- 105 A p r 2 114 .I'ne 26 * 1 0 7 % ____ *10712 ____ *10712 ____ *1 0 7 * 2 ____ * 1 0 7 % ____ 101% F e b 17 104% F eb 19 D o 2d p r e t_____________ $61? J'n e 3 0 $2% Jan 29 200 rfBatopllas M ining P a r t 20 *4 *3?g 4% 4 4U 4% *4 41g **3% 41g 4'g 30% Sep 21 1834 Moh 9 32% 33% 2,100 O e th le h e m S te e l-----------32 32% 321g 3234 331s 321J 32% 32% 3212 321? 69% Sep 3 47 F e b 24 65 *61 65 100 I > Do p r e t_____________ 63 ^ *61 *61 65 63 *60 6712 *63 67*2 220 B rooklyn U nion G as____ 118 Jan 28 151% Sep 1 138 138 *138 142 142U 14214 *140 144 *142 145 *142 145 21% O ct 4 13 Jan 13 *17 1,000 Brunsw ick D o ck & C Im p 17% 17% 17341 17*4 1734 17*2 17*2 1712 18 34% oiylV 23% Jan 2 34 33% 650 B u tterick C o _____________ *31% 3378 *31 3312 3312 34 3234 33 32 32lg 51% O ct 7 4534 46% 46 251 2 M ch 2 44% 45% 46 34,675 / lentral L e a th e r-----------441g _ 443 44U 4512 4312 45 750 Y •' D o p r e t_____________ 99% A p r 5 H i Sep 2 10834 10834 10834 108% 108% 108% *108% 109% 109% 1091? 109 109 4S3g A u g 3 29 F e b 23 45’ g 46% 23,450 C olorado Fuel ft I r o n ____ 44% 443^ 45 445g 46'i 468 44 44l 2 43% 443s 21 % Feb 23 81 Sep 89 2,525 Col ft H ock Coal ft I r o n . 79% 80% 80% 8071 80% 80^ 8OI4 801 80 80 78% 79 37c O ct 7 21c A p r 24 C o m sto ck T u n n e l. Par $2 31c. 31c: 32c. 32c. 1*8*300 C on solidated Gas (N Y ) . 114% F e b 4 1651.1?.'ill 4 138% 14*0 137' 140 140% 1411s 13912 14H2 I3834 140: 140l2 142 26 % J ’no 2 16% F eb 21 2 1 2 1 -% Corn P ro d u cts R e fin in g .. 7,850 2034 20 % 20 % 20 %. 2012 21' 203g 21 21 213g 9 3 i? J 'n e 1 73% F eb 24 D o pret 1,000 85 85 *83% &43j 84% 84% 85 S314 8312 *83 83% 84ig 01 May25 46 Jan 5 Crcx C a rn et______________ *55 67 *55 61 *55 61 61 *55 61 *55 *55 61 41% Jan 26 32% F e b 23 36% 36% *2*400 D istillers' Securities Corp 36 36% 36% 36% 361g 36ig 3534 3 63g 36i2 36% 95% .May 11 66 M ch 2 *72 82 i 75 _ 200 Federal M ining & S m e lt’g 7l7g 7 : * ____ 82 75 *____ 72 * _____________ 94 A u g 11 so F e b 24 300 D o pret_____________ *85% 89 *85% 89 *85% 87 89 *85% 86 8512 8534 86 §45 M ch20 §61 J ’ly 12 Federal Sugar R ef o f N 95 A u g 3 <90 Jan 2, D o p re t_________ . . . 150% F eb 23 172% A u g 12 General E le ctric----------6,000 162% 1633g 1613 4 162 163% 163% 1603 4 I 6 H 2 15912 160>g 160 161 '40 Jo: 1 4 91 M ch 12 G ra n by Cons M S ft P — 1,200 99 100 *90 100 *95 100 *90 100 *94 100 *90 100 62 Jan 30 104 O ct 29 6,543 ! nt H arvester stk tr etts 99% 102% 102 104 98% 993g 983g 987g 98 98% 08 98 125% O ct 22 109% Jan 16 * Do pref stk tr c t fs — 2,000 125% 125% 12334 124% 124% 125 124 124 12412 1241? 125 125 „ O ct 2 5% J 'ly u 300 In t Mer M arine stk tr ctfs * 6% 7% 634 7 * 6% 7% *63g *67g *612 7 634! 7 27% -a.. 2 18-% J ’ ly u 22 % 225g 1,500 D o p r e f__________ 22 22 % 2234 22 22 221? *2134 23 22i2 221 19% Ja: 24 9% Mch 13 Internation al Paper 3,445 16 16 153g 16 16 15% 1615 161a 16 I 6I4 16lg 16i2 0934 A u g 3 47% Mch IS D o p re f________________ 2,750 62Ijj 62 61% 62 Cl% 61 63 6Ug 6112 *61 6 H 2 62 51 O ct 29 331? F eb 26 11.200 In te rn e t S team P u m p — 49% 51 483; 48*g SO 48 48 48% 4612 4612 46”g 4S 91 Sep 20 82% Jan 30 B83 4 D o p r e f-----------------------687g 2,600 90 SS 8734 88 % 88 8 SI 4 8834 88 *87*2 88 94 Sep -9 70 Jun 21 M ackay C om panies I, 900 91% 91 90% 90% 90% 90% 9012 91*4 93 90U 9034 *90 77% Sep 23 69% Jan u D o p re t_________ 600 75% 75% *74% 75% 75 7514 7434 75 *74 75% 75 75 120 Sep 27 90% Jan 600 \T atlonal B iscu it----------114 115% 114 114 113 1131 *111 1151 *112 114 *112 114 :30 Sep 21 118 % Jan 11 D o p r e f____________ *122l 2 129 *124 130 *124 1291 *124 129 *124 129 *124 129% 12*3 F e b 24 23 Sep 20 N at E n am el’g ft S ta m p ’g 21% * 21 203g 20 % *19% 21 20 20 20 20 *19 21 09% Sep 82 Jan D o p r e f_____ : _________ 200 97 97 96 96 *94 97 I *94 07 *94 97 *94 97 94 AUg 13 71% Feb > 883c 8SI4 893g 7.700 N ational L e a d ____________ 86% S7%< 88 861.1 87 8 534 86I4 8512 87 102% A p r 21 U334 A u g 12 400 D o pret 110% HOW *110 111 110l2 110% llOlg 110 % *110 111 *11012 H I 97 A u g 10 80 F e b 23 2.300 New Y o rk Air B rak e____ 89 87% 86 86 87 85% 85 851 85*4 8534 87 87 87% 9 'ne 14 72 J a a 13 1.700 N orth A m erican C o, new 80% 79 773g 77% 78 77% 7734 78 77*4 77*4 *78 79 41% O ct 26 29% F eb 24 4034 40% 4034 10,150 P a c i f i c Mall . . 3934 41% 39% 40% 40 40'g 38 3S12 39 64 O ct 4 48 O ct ‘ 8,530 51 51% I aoltlc T elep & T e le g — 4934 51% 50 49 51 52 5H? 5212 5U 2 521.1 A u g 16 '20 10 1 % Jan 13 114% 115% 6,125 P e o p le 's G L & C (C h ic ). I H I 4 11412 1141s 1143i 114% 1141? 114 114% 114% 1147g 24% AUg 21 10 A p r 21 2 1 % 22% 14,100 Pittsburgh Coal Co 2134 22 % 21 213? 2 1 % 217g 2034 21% 2012 21 63 AUg 27 40 Feb 25 3.700 *62 62-3.| D o p r e f_________ 62 621 62% 62 62 62 6212 6 Ug 6214 62 56 A u g 060 Steei C a r . . 301? F e b 23 Pressed 501gJ 4934 50% I I , 43 49 4614 4814 48% 49U 4612 4714 510 96 F e b 26 )11% A u g 11 D o p r e f_________ 107 107 105 107 *106 108 *105 1061 §105U 105U *105 107 200 AU g 6 400 Pullm an C o m p a n y . 169 Jail 30 194 *191 198 *193 191% 195 19014 19014 *19012 195 191 191 •J3g J ’ly isg Jan 400 Q uicksilver M ining_______ 434; 412 41 5 *4% <W4 *4% 412 4% *412 5 10 M ay 13 3 M ch 29 300 D o pret 7 7 6 % 6 J r *5% 6 6 71-H *512 7 *6 7U 64i? a u k 4 32% Mch ailw ay Steel S p r i n g . .. 3.300 45 4514 451.1 *451g 461? 45% 45*4 46% 4734 47% 48 45M 97% Feb 24 109 A u g 11 D o p r e f...................... 100 105 105 *10414 108 *104% 108 *104% 107 *105 107 *105 1081 401" Sep 29 16% F eb 23 R ep u blic Iron ft S t e e l . . . 24,050 47 45% 44 45% 45 45% 4414 4534 44 45*3 4412 451 67% Feb 2 1 11014 J 'ly 28 D o p re t________________ 5.300 104 104% 104% 106 104 104% ‘ 104 “104‘ 104 10434 10334 104 0 163 O ct 68 F e b 23 2.300 ^ loss-S h ef field Steel ft fr 91% 92 91% 90% 90% *90 90lg 91 90 901? 00 89 107% Feb 20 120 Sep _________________ o pret 100 S l D 119 119 119 2,600 ,/T en nessceC opper P a riZ t $33% o ^ t 13 $49 JIM 36% 34 34% *33% 35 3334 331. 3312 33% 34 34l 2 937g J ’ly 10 8u% F eb 23 100 T exas P acific Land Trust 92% 89% 89% *88 *88 ' 91 *88 91 91 *88 *88 91 15% J ’ ne IS 9% Feb 21 nion Bag ft P a p e r------1,000 13% 12 % 1 3 * *12 13 121g 12 % 13 12 12 1212 121 81 % J ’ ne29 68 .'a n 100 D o p r e f...................... *73 75 *73 75 *73 75 74 74 75 *73 *74 75 3,710 u n ite d D ry G oods p . ctfs *109 S ep 1 111% A u g 6 11 j. 111 *10912 HOI- *10912 1103,1 IIOI4 HOI4 1093.1 111% 110 % 1 1 1 % *313g 351? .J’ ne 6 24% F e b 24 600 U S Cast I Pipe ft Foundr 32% 31% 31% *31% 321; 31 *31 33 3113 8 H3 31 87% AUg 18 70 1,400 D o p r e f............................. 86 85% 855 *85 85 *84 85% 85% 85 85 85lg 853g 82 F e b lo 107 O c t 20 725 U nited States E x p r e s s .. 104 *97 *101 107 *100 107 *101 107 IO 2 I 3 103 1031 103 87 Sep 17 1,500 U S Realty ft Iin p r o v c m ’ 64 Feb 23 82 82 81% 81% *80% 81% 8 H3 81 >s 8034 81 8OI4 82 171? J ’ne 17 Mch 12 10 200 U S R ed u ction ft Kctln’g 11% 11% 12 12 *10 ' *10 12 *10 *10 14 14 *10 39% Aug 12 100 24 Feb 24 D o pret.......... .................. 29 29 34 *25% 34 *25 34 *25 *25 34 34 *25 673,<j Aug 19 F eb 24 8,775 United States R u b b e r ___ 27 49% 46 % _ 46%! 46 46 45% 46% 461g 4612 46 46 47 2,225 98 J a r 29 123% A u g 2 ’ D o 1st p r e f____________ 118% 119% 117*4 117*4 117% 117% 118 118 118 118 11712 118 80% AUg .'3 07% F eb 25 730 D o 2d p r e f____________ 84 85 84 84 84 84 *83% 85 8334 8412 *8312 85 94!j O ct ’ 4 ’ % F e b 23 1448750 883., U nited States S te e l_____ 90 91 89%. 88% 8OI4 877g 87lg 8014 86*4 89-% 86% 12634 131 O ct 107 l-’ cb 23 19,890 D o p r e f______________ 127 127^ 12734 128% 126 125*4 127 1257g 126*4 126lg 127 $54% A u g 12 5,51~ dU tah C o p p e r___Par $10 $39% F cl) 2 48% 49% 471; 47 46 46 46 467g 46 46% 46I4 47 60% .I'm 14 4 )% Feb 24 6,800 Vlrglnla-C arollna C h e m . 46% 46% 46* 463j 46% 45% 46% 46 4014 46 46 46 114 Jan 19 123% A ug 23 D o pret______________ 120 122 *120 122 * 120% 122 *120 122 *120 122 *120 122 7578 Sep 17 57 F e b 2 ? 450 Virginia Iron Coal ft Coke 70 7134 70 *69 70 *69 *69 70 70 *6912 70 70 475 O ct 19 Jan 300 *400 450 Y V c,,s F argo * C o ------500 *375 450 *375 450 *399 450 *395 450 *40» 813g Sep 14 61 F e b 24 estern U nion T e le g . 2,635 77 77% 753g 76 75% 75 76% 76% 76% 76 7612 76 1)0 A ug 74 F e b 24 4,700 VVestlngh'seEl&M fR assen 86 87 85% 85 84% 84 83>4 8412 *84% 86 8412 85 Mch 145 Sep 3 n o Do 1st pref *130 140 *125 140 *131 140 *130 140 *132 140 tua Range lor Previous year (1.908) __ .... I rust C o’ s NY L lfe& T r N Y T ru st. Standard Ti m tcG u & T i l'r C o o f An. U nion Trust US M tg &Tr Unit Stati s. Van N orden W ash in gton VVeetrliestei W in dsor . . .... __ 420 145 225 220 270 315 170 130 100 New York Stock Exchange— Bond Record, Friday, Weekly and Yearly / a n . 1 1909, the R xohange m eth od o f qu otin g bonds w as ch a n ged , a n d p rices are now a ll—" a n d in te r e s t” —excep t /or in com e a n d d e fa u lte d bonds. BONDS P r ic e F rid a y Oct 29 N. Y. ST O O K E X C H A N G E W kek E n ui .vu O ct 29 W eek's R ange or Last Sale S-a R ange 5*311 Since ^ vi 1J a n u a ry 1 BONDS h | N. Y. ST O O K E X C H A N G E [C k w k k k en d in u o c r 29 |-s;as P rice F rid a y Oct 29 W eek's R ange or Last Sale 3 -a1! ! R ange .Since J a n u ary l |Bm A’o ijoxo H ig h C en t ol G a K K — (C o n i A s k Lots H ig h No Low H ig h 10 10 0 \ 1 0 2 4 7 2 4 ' 7 0 4 A u g ’ 09 . . . . 51 80 3d p ro f in co m e g 6 a s ta m p e d .|. . . . 71 89 Oliatt l a v pur m oil g 4 s . 1951 J-D 91 i 90*8 Sep ’ 0 9 ___ 90*8 9 0 s* ----- 11104 lo3 10 101 1033g M ae A N o r D iv 1st g o s . 1940 J-J ..................... I l0 4 7a J ’ n e'08 . iJ-F M id G a * A U D iv 5 s ....1 9 4 7 J-J 10U<*8 109*4 1 15 N o v ’05 , — 1 0 0 ', 102 4 M obile L)iv 1st g 5 s..... 1940 J-J 109 4 ......... 110*4 M ay’ Orf . . . . 1 1 0 4 1 1 0 4 Q-F . . . . 1 1 0 4 1 1 9 4 ! Cen HU A B o l Ga co l g 5s 1937 M-N 104 4 105 ilOd S e p ’ 09 . . . . 104 100 Q-F 125 *4 1 2 0 4 1 2 0 4 O ct ’09 . . . . 126 4 129 . . . . 1 1 7 4 121 i C en t ol N J g e n ’ l g o ld 5 s. 1987 J -J q-f 125 4 125 O ct ’ 09 . . . . 125 1 2 7 4 R e g is t e r e d ...................7U087 o - J Q-N 110 1 0 8 4 O ct ’ 09 . . . . 1 0 8 4 U 0 4 A in D ock A Im p gn 6 s . . 1921 J .J .... L e A H ud H gen g u g 5 s 1920 J . J 101 K o r s lg n G o v e rn m e n t 95*4 100 99 1 0 0 4 100 t 9 5 4 00 90 1 9U*4 101 95*4 95 Bell & W ilk s B Coal o s . .1912 M-N A r g e n tin e — In tern a l 5so£ 1909 9 J 7* 100 U97a O ct ’ 09 . . . . ; 99*4 1 0 0 4 Con e x t gu ar 4 4 s ___ </1910j Q-M Im perial Jap anese U orern m 't 1 93 4 Sale 93 4 93*8 47 90*8 95*4 N Y A B on g B r ge n g 4 s 1941 M-S 100 ___ S te r lin g loan 4 4 s ........... 1926 91*, 92 *8 17 8 9 4 94 4 Cent P a cific See So P a cific Co i 9 2 4 Sale ) 2d series 4 4 s ..................1925 4 80*, 8 8 4 C e n tV e rm o n t 1st g u 94s.«1920. q - F i t 80 87 86 86 9 0 4 89 O ct ’ 09 . . . . 8 0 4 9 0 4 S terlin g loan 4 s .............. 1931 n ililM i A u f1 n n _ il0 4 .........103 104 Clias A sSa!1 v sA eV eJA lll l Coast B iin e . R epub ol C uba 5s exten d e b t .. j t 94*8 94 4 9 4 4 O ct ’ 09 103 102 Sep ’ U9 . . . , 1 0 1 4 1 0 3 4 1)92 95 4 d i e s cfc O hio gold 0 *......... a l9 1 1 A-O San P aulo (B razil) 5s tr recta’ 19 103*8 07 1 0 0 4 105 J t 97 4 97*4 97 4 97 4 G en fu n d in g & m ip t 5 s . 1929 j . j 103 Sait 1101*4 97 4 101 4 U 8 ot 1Uoxioo » 1 g 5s of 1899 Dl ......... 91 9 3 4- O c t ’ 0 , 2 1 1 3 4 117 1134 1st co n so l g 5 s ...................1939 M-Ni 1 9 2 4 95 j 113 4 1134 G old 4s o f 1 9 0 4 ............... 1954 Reirinlereil lirid fu 114 4 F e b ’ 09 . . . . 1 1 3 4 1 1 4 4 Ite giste re d ...................... 1039 mixr - n .......... 113 XT hese a r e p r ices o n the b asis o ) $5 to £ . Mtate nml City Securities 103*4 40 103 10b8* G eneral gold 4 4 s ..............1992 M-S 103** San> 1103 N o v ’O sj. . . . ...................... * R e g is te re d ....................... 1002 M -s 102 4 ......... 1105 A p r '09 . . . 105 105 D ist ot C olum bia 3‘0 6 s ....l 9 2 4 F-A 107 ..........n o 95 ......... 105 4 D c o ’ 0-1 . . . . ..................... 8 6 's 87*4 8 8 *s O c t ’ 09 . . . 88*8 91 Big ban dy 1st 4 s .............. 1941 J -D L ou isiana new con sol 4 s ..1914 J-J 110 m iiy’oo . . . 107 4 110*4 C raig V a lley 1st g 6s. ...1 9 4 0 J . J , ......... 112 N ew Y ork C ity— 90 J a n ’ 09 . . . . 90 90 P o tts C reek B r 1st 4 s .. 1910 J - J .................. 1 0 0 4 ' 39 9 9 4 1 0 1 4 4% C orporate S tock .........I960, M-N 100 4 Sale 100 99 4 G et ’ 09 . . . 93 1 0 0 4 103 | B A A D iv l s t c o n g 4 s . .1 9 3 9 J .J j ......... 09 i o o 4 ! 19 i o o 4% C orporate a to c k . ...1 9 5 8 M-N 100 Sale 100 109 Pale 108 4 109 97 O ct ’ 09 . . . 9 0 4 97 2d co n s o l g 4 s ................. 1989 J .J 40 108 4 1 1 2 4 N ew 4 4 s ..................................... 1057 M-N 113*4 l*eb’U5 104 103 ‘g 103 4 W arm Spr V al 1st g 6 s . .1 9 4 1 M-S 106 9 108 4 1 0 1 4 N e w 4 4 s ................................... .1917 M-N 92 4 94*4 95 >ep ’ U8 G reen brier R y l s l g u g i s ’ 40 M-N 11 1 0 8 4 113 4 4 4 % C orp orato’ s t o c k ..1 9 5 7 M-N l o » 4 s a l e 1 0 8 4 109 1 104 1 0 4 4 Clue A A lt R R rel g a t . . . 1949 A-O „ 7 7 4 78 O c t ’ 09 7 7 4 80 4 4^o aasessm t b o n d s .... 1917 M-N * 1 0 i 7a 1044 W Ti 73 4 Sale 73 4 74*4 l i 7 3 4 77 18 100 103 4 R a ilw a y 1st lieu 3 4 s . . .1 9 5 0 j - j 4% C C orporate orporate -----S t o c k ....1 9 5 7 „M-N 100 4% „ 100 1 0 0 4 100 70 O ct ’ 09 73 R e g iste re d ....................... 1950 J .J 75 1 1 3 4 J ’ ue’09 112*4 1 ) 3 4 N Y State— H igh w ay 4 s . .l 9 o 8 M-S 101 ......... 1 0 2 4 J a n ’0 9 1. . . . 1 0 2 4 1 0 2 4 Clue B u r lA <4— D e u v D 4 s 1922 F-A *99 4 i o 6 ‘ ‘ 100 D el ’ 09 ... 9 9 4 1 0 0 * 4 8o C arolina 4 4 s 2 0-40........1933 J-J t l) -4 sale 89 89*4 2 1 ; 89 .... 93 Illin ois D iv 3 4 s ................1949 J -J T en n n ew settlem en t 3 s ..1913 J •J 91*4 t e c ’08 91*4 9‘i*8 93 A u g ’ 09 R e g is te re d .......................1949 J .J Wl*a M V irgin ia fund d ebt 2 - 8 s ... 1991 J*J l o u *4 lo o »* i o o 4 s a le " 21 100 1 034 33 47 Ills D iv 4 s ......................... 1949 J . J Sale 47 47 3 7 4 8s d eferred B row n B ros otts. Iow a D iv sin k fund 6 s . .1919 A-O 104 ......... 108 4 O ct ’09 . . . 105*8 1 00 100 I 99*4 101*4 99 4 ......... 100 [, R a ilr o a d B u lking fund 4 s ..............1919 A-O 9 9 8s 99-4 14 99*8102 4 99*8 Sait N e b ra sk a E x ten sion 4».1 9 2 7 M-N lauam a C ent See So B y l O l ‘g i I a r ’09 . . . 1 0 1 4 1 0 1 4 R e g iste re d .......................1927 M-N laba -Midi See A t Coast B ine 98°8 99*8 9 9 ''. S e p ’ 09 . . . 99 100*8 S ou th w estern D iv 4 s ___ 1921 M-S A lban y <S> Susa See D el * H ud J o in t bonds See G rea t N orth A llegh en y V a lley See Penn UK 99 1 0 1 4 101*8G e t ’ 09 . . . . 1 0 1 4 1 0 3 4 D e b e n tu re 5 s ..................... 1913 M-N A lle g A W est See B u ll H & P 98*4 Sale I 98*4 99 4 43 98 101 4 83 80 83 G eneral 4 s..........................1958 M- S 8 1 4 S3 87*4 Ann A r b o r l s t g 4 s ......... A1996 Q .J H an A St J o s co n so l O s ..1911 M -8 100 .......... 1 0 2 ‘, Sep ’ 09 . . . . 102 103*4 100 1 0 1 7a Atoll 'I ' * 8 Fe— G en g 4 s . 1995 A-O IOO1® bale 100 ......... 80 i 8 0 4 D el ’0 3 ___ 85 90 99 100 10 99 1 0 1 4 Clue A E i l l re f A im p g 4 a l 9 5 5 J - J 99 99 R eg is te re d ........... ............. 1995 A-O 2 92 93*« 95 4 93*4 1st co n so l g Os................... 1934 A-O 127 129 {129 O c t ’09 . . . . 129 137 N ov 93 4 9 2 4 F e b ’09 92 4 92 4 G eneral co n so l 1st 6 s . . . . 1937 M-N 112 4 .......... 112 4 Sep '09 . . . . 112 4 116*4 R e g is t e r e d .................. E1095 N ov 114 1 14 4 93*4 95 U4l4 l i 92 4 95 4 R e g iste re d .......................1937 M-N .....................l l - l Alay ’ 09 93 4 S tam ped........................h 1,995 M-N 0 113*6 1X5 115*» 117 I 2 1 1 2 4 12 2 , Ohio A l u d C R y 1st 5 8 .1930 J -J , 1 1 3 4 ......... 113*6 S u b roots (lu llp a id ) co n y 4s — U .........117 121*4 060 10 2 4 123 4 C h icago A E rie See E rie I j C on v g 4 s ........................... l b o b 1J-D 1 2 1 4 Sale 117 1 2 8 4 ........... 1 2 8 4 O c t ’ 0 3 . . . 127 129 121 4 024 11)5*4 1 2 3 4 C h ic In A B o u isv ret Os. ..1 9 4 7 J . j 10-year co n y g 6 s ......... 1 9 1 7 ^ -1 ) aal6 117 114 ......... 114 S e p ’ 09 ... 1124 1144 R e fu n d in g gold 5 s ........... 1U47 J .J D eben tu res 4 s S e r ie s H .1910 F -A 9 9 4 . . . . . . 0 9 ’ j f l e p ’ 09 . . . . | U9 4 9 9 4 ........................ 1 0 1 * , J ’ ty ’ o n . . . 1 0 1 4 1 0 2 4 B ou isv N A A Ch 1st Os. 1910 J -J 98 4 98 4 J” ’ly" ’ 09 . . . ' 98 4 98 4 “ ' ......... ......... S eries K ........................... 1913; F-A ......... 90 I 95 4 A u g ’ 09 . . . 93*4 9 6 4 Ohio Iu d & S ou 5 0-yr 4 a ..1 9 5 0 J . J . . . ' 97 99 07 4 97 S e p ’ OOi UO E a st O kla D ly 1st g 4 s ..1 9 2 8 M -8 04 Bale i 04 04 | 3 93*4 9 0 4 Clue Ain a SI P term g 6s 1914 J - j 1 0 3 ............ 1 0 4 4 S e p ‘ 0 9 . . . 1 0 4 4 1 0 5 4 S hort B in e 1st 4s g ......... 1958; J - J 103 19 1 0 1 4 104*4 G eneral g 4s series A ..« 1 9 8 9 J - J 103 Sale 103 2 110 4 113 8 Fe P res A Pli 1st g 5 s .1942 Al-3 1 0 9 4 1 1 1 1 1 0 4 H 9 4 R e g is te re d .................... el9 S 9 O -J ........ 1 0 3 4 O ct 08 A tl K n o x A N See B A N 3 83 92*4 G e n e r a lg 3 4 s series B.«1U80 J . J 8 8 y s8*v 88*u 954' 954 0 5 *4 ' 27 1 0 4 4 90*4 A tlan tic Coast 1st 11 4 s ./ll9 5 2 M- 8 93 9 3 4 96 109 Sop ’ 09 ----- 109 111 25-yr deben 4s (w i)........1934 j - j J e s S a le 934 ®4 A la M id 1st gu gold 6s ..192 8*M-N 108 6 1 0 8 4 109*4 C h ic A B S U DlV g 5 s . . . . 1921 J - J 10s4baU - 1 0 8 4 1084 0 0 4 J'ne’OU-----j 0 0 4 9 0 4 B run s A W 1st gu g 4 s . . 1938; J -J . . . .•, 110*4 1134 Chic A M o ltiv D iv o s . . . 1920 J - J },\ 0 4 ...... 110 O ct M9 O harles A Say 1st g 7 s ..1 9 3 0 J -J 132-1 89 ‘ 8 0 4 ‘ 8 0 .........80*4 2*i " 8 0 " 03 4 CliiO A P a c D iv Os........... 1910 J -J 100 101*4 101 si J M UD . . . . 1 0 1 4 10 l»» L A N coll g 4 s ............... 01962 M-N 1 lOtv 1034 1 10 4 127 i Clno A P W l s t g 5 s........1921 J -J 1W> 4 10o*4 1US*4 Bay F A W 1st gold O s ..1934 A-O 127 ......... 127 J ’ n e’o o . . . . la v " * ....... •“ * ■ * 1114 Aug Ob ..........1 0 4 4 A u g ’O . . . . 104*6 1 0 5 4 1124114 I D ak A G t b o g 5 s . . . ; i ; " l 9 1 d J -J 1st gold 6 s.......................1934 * ~ 112 114 11 24J’ly ’99 96 ..........l d ( 4 J ly^J Far A Sou assn g Os........1924 J -J 97 974 97 4 J 'u e ’OJ SU Sp O ca A G g u g 4s ..1 9 1 8 J -J 101 A u g ’ Oo . . 101 1 u 2*4 H a s t * D D iv 1st 7 s ........191 0 J -J i |JU A tlan tic A D an v See South Ry i i l a r ’ 09 99 4 ......... l o t .. 101 101 1 s t 5s..................................1910 J-J Austin A N W Ace Sou P a cific 10 i Sale 1 01 107 3 107 107 63 92 4 Sale B aCrosse A D 1st 5 s 92 4 92 95 ___ 1919 J -J 92 *» H a lt A O hio prior I g 3 4 s .l9 2 5 J -J ......... 1 0 0 4 O c t ’ o9 lo o . . 100 4 101*4 914 M in eral P o in t D iv 5 s___ 1910 J -J 9 1 4 10 9 , 4 93 914 O R e g is te r e d ................. 41925 C)-J .. 100*4 102 lu u ......... 100*4 D o t ’09 Sale So M in n D iv 1st Os......... 1910 J -J 99 4 72 99 99 101*8 G old 4 s ..............................419 48 _A-O.. 108-4 110 W is A M in n D iv g o s ___ 1921 J - J 10 7 4 ......... 103*4 D ot ’ 09 R e g is t e r e d ............. ..41 9 4 8 ! QQ-J-J* ♦......... 99 4 99 4 O ct ’ 09 . . . 98 100*4 toi*6 l o i * , J ’ly ou .. 101*4 1 0 1 4 j M il A N o 1st M B O s....1 9 1 0 J-D l o o 120 Dot '01 . .. i-T P itts J uuo 1st gold O s... 1922 J --JJ 108 105 ......... 107*4 J ’ n o’09 . . 1 0 7 4 107*4 88 4 90 O ct ’ 09 88 1st con sol Os................... 1913 J-D 89 93 P J uu A M D iv 1st g 3 4S1925 M-N 1 113 1 1 8 4 1 1 2 4 1 1 4 114 114 9 2 7g 93 4 93 93 I 2 93 9 6 _1 C b lc A N o r t h w c o n s 7 s ___ 1915 u -F P B K A W V u S y s r e f 4»1941 M-N 99 100*4 100 4 O c t ’ 09 . . 100*6 102 90 Sale 90 | 22 89 89*8 9 1 7s E x te n sio n 4 s ......... 1880-1920 F -A Southw DlV 1st g 3 4 s . . .19 2 5 J -J -J ..................... 100 4 J iy 0.1 . . 99*4 101 91 | 91 R e g is te re d ........... 1880-1920 F -A U-J 91 A p r ’09 R e g is t e r e d ................... 41925, < 4 -J S - *4 Sale I 89*4 »t>4 0 39*4 94*4 103 J ’ ue'09 . . . 103 103 1 G eneral gold 3 4 s ............. 1987 M-N Ceil O hio R 1st. o g 14 s . . 1930 M-S i o j " 89 ......... 1 93 4 A p t ’OU . . 9 3 4 93*4 R e g is t e r e d ................... p l9 8 7 y - F 110 4 1134 1 01 Bor A W con 1st g 6 s 1938 A-O ......... -------- 113 O ct '09 1 0 6 4 F eb ’07 . S in k in g fund O s... 1879-1929 A-O 111 ......... 112 A u g o t M otion H lv 1st gu g 6 s . . 1910 F-A 110 4 ......... H o 4 l iO 1 103*4 109*4 113 S e p ’09 . R eg iste re d ........... 1879-1929 A-O 113 113 4 O hio R iv e r R R 1st g 6 s .1030 J-D 112 114 103 1 1 0 4 S in k in g tund 5 s ...1 8 7 9 -1 9 2 9 A-O 103 109 4 108-a D d ’ 09 1104 J’uoob 1084112 G en eral gold 6s ..............1937 A-O 1879-1929 A -O - . . 7 . . 1 10 *i J a n ’ 09 . . . . 110*4 110*4 R e g iste re d , Pitts O lov A T o l l s t g Os 1922 le b e n tu re 5s PIUS A W est 1st g 4 s . . . 1917 J -J 984 » 7 ......... 98 4 S « P ’ b9 . . . . 98 1909 M-N — ............... 1 0 0 4 M ny’ OU ___ iOu°8 iu 058 100 N o v ’ 01 ite g is te re d . Htat ls l lly 1st g u g 4 4 s 1943 J-D ........* ......... . . . . lo 7 1094 D e b e n tu re 5 s .................... 1921 A-O 107 - , Boocii C reek s e e N Y C A H J ’n e ’o7 R e g is te re d .......................1921 A-O ••••*• - ........l u,i B ellev A Car See Illin ois Cent lot* 1 109 1 1 3 4 S in k in g lu n d deb 5s........1933 M-N H I H2 109 Bklyu A M ou ta ok See B on g i 109 J ’l y ’03 R e g is te re d .......................1933 M-N ......... 110 B runs A W est s e e A tl Coast B 101 A pt ’09 . . . . i o i 9 9 4 101 10 14 N ortli lU tuois 1st 5 s . ...1 9 1 0 M-S Bullulo N Y A E rie See E rie . . . . 117 4 119*4 M il B S A W est 1st g 6s 1921 M-S Butlalo R A P geu g 6 s . . .1937 M-S 1 1 4 4 l i f t ’ s 110*4 A u g’09 1 1 6 4 117*8 . . . . 113 115 E x t A Im p s tu u d g 6s 1929 F-A l L l - s ......... 113 Z C on sol -14 s ........................1967 M-N •••••• ‘ 109 1 1 0 4 A ll A W est l s t g 48 g u . . 1998 A -O 199 . 100 O ct ’ 09 . A sh lan d D iv 1st g 6 a ..1 9 2 5 M-S 120 4 ......... 142 4 F t o '02 100 100*4 11 3 4 ......... 1 2 3 4 A p r ’OJ . . . . 122*, 1 2 3 4 103 J ’ l y ’08 M id i D iv l s t g Os..........1924 J -J C I A Mall 1st gu g 5 S ....1 9 4 3 J-J 11® 8 . . . . 117*4 O ct ’ 09 . i n c o m e s .......................... 1911 M-N 102 ......... 1 0 3 4 M u y V J ___ 1 0 3 4 1 0 3 4 ltooli A P itts 1st g O s.,.19 21 F-A H < 4 i ‘i7*4 i n i " 112 112*4 1 1 2 4 001 ’ 09 . . . . 1 1 2 4 1 1 4 4 C on sol 1st g Os............. 1922 J - 0 . . . . . . 120 4 120 4 A u g ’09 Ohio R o ck ls l A P ac 6 s . . .19 1 7 J - J 118*4 1 2 1 4 * --------------Br b 2 | 89*4 M ay’ 09 . R e g iste re d .......................1917 J -J 1 1 1 4 ........ 113 A u g ’ 09 . . . . 11 3 ‘v 1 1 3 4 87 4 90 Bull A S usij 1st ret g 4s.<11951 J - J> 99 994 984 l’ S78 22 98 1 0 1 4 G eneral gold 4 s ..................1988 J-J Bur C R A N See C It I A P 1 98 .......... 99 A u g ’ 0 9 ___ 99 1 0 0 4 R e g is te re d .......................1938 J -J tan So Is* e x t O s ........... 1913 J -J 1 0 4 4 S a le 1 0 4 4 1 0 5 4 25 1 0 4 4 1 0 7 89*4 t’0-'V l7 * 8 9 4 94 b u 7a Sale R e fu n d in g g 4 s ................1934 A-O ............ .................. 5 1014103 (-320 64.................................... 1913 M -S 1 0 1 * 4 1 0 1 4’101*4' 99 * 8 ......... 97 J ’ l y ’ 0 4!.............................. C oll tru st S e n e s l i 4a . . 1910 M-N R eg is te re d ........................1913 M -8 1U0*4Ma>’ 07 97 97 ______ 97 j ’ ne’ o O . . . . 97 J 4 s .................................... 1912 M-N O a r b A Shaw n i ’e s l l l C e m | ‘ i * 4 '6 . . . . . . 94 4 A u g ’O’J 1. . . . 9 4 4 9 4 7a M -.8.................................... 1915 M-N Carolina C om <S««8eab A ir B I 9 4 * 4 .. .. .. 1 ’ 1 ‘iiOCl 'OU . . . . 93*4 944 N 4 s .................................... 191.i M-N Carthage A A d See N Y C A 11 9 3 l i ......... 93 4 A u g’Oy!___ 93 s 96 0 4 s ..................................... 1917 M-N Ued R la 1- A N See B C R A N 1 93*4 95 03 4 A u g ’ o 9 ___ 9 .14 93 4 P 4 s ....................................1918 M-N Oen B ran cn R y See M o P a c I 77 Sale 76 s Vi*.t .>u9 7 5 4 8 2 4 CliiO it 1 A P a c R R 4 s ..2 0 0 2 M-N 115 1 1 6 4 C e u t o l U a l t l t 1st g 6 s ..u l 9 4 5 F’ -A *......... 1 1 3 4 11 6 4 F o b ’ 09 ................... 80 J ’ly V j ___ 30 80 R e g is te r e d ......................2002 M-N Consol gold 6s.................... 1945 M-N 1 0 9 4 Sale 1 0 8 4 10 934 1 0 8 4 1 1 1 4 91 Sale 904 91 106 8 7 4 9 4 4 Coll trust gold 6 s ......... 1913 M-S 113 Apr ’06 6 79 B u rC e d R A N o rth e rn — 84 9 0 7a ls t p r e t in c o m e g 6 s ___ p l 9 4 o Cot 84 Sale 83 j Con 1st A col tr g 5 s . .. 1931 A-O 1 1 3 4_ 111 115 M ay’ . 0 9 L ... 115 117 90 S ta m p e d ............................................. 83 84 O ct ’ 09 . . . . 80 ite g is te r e d .................. 1934 A-O ......................1 2 u 4 M a r ’o3 7 63 84 714 2u p tei in com e g 5 s . .. .p l 9 4 5 Oct 7 1 4 75 , 71 O R I F A N W l a t g u o s . 1921 A -O 106 ..........I l l N o v ’ 05 3 60 7 l *a 84 2d pi e l in com e g 6 s stam ped . . . . 7 1 4 Saits I n 4 1 M. A S t B 1st g u g 7 a ..1927 J -D ................................................ 24 53 80 71 3d prei in com e g 6 s . .. .p l 9 1 6 Oct 71 Sale 70s U8 tf 8 U 8 0 8 U 8 0 8 0 8 U8 U, ft. fill VCl'MIlieHl 2a con sol r e g is te r e d .d l9 3 0 2s con sol c o u p o n ....t t !9 3 0 3s r e g is t e r e d ..............£1918 3s c o u p o n ...................../d 9 1 8 3s con sm all b on d s../c l9 1 8 4s r e g iste r e d ................. 1925 4s c o u p o n .......................1925 Pa n Can 10-30 y r 2 s .k l9 3 0 3d Hia A sk Low H igh 1004101 1004 1004 1 0 0 4 1 0 1 4 1 00 4 O ct *09 1 0 1 4 102 101 '**8 101*8 1 0 1 4 102 4 101 4 Sep ’ O.i ..................... 100 4 N o v ’ 08 110 117 1 1 0 4 O c t ’09 1 1 0 4 ......... 117 4 O ct ’ 09 9 9 7* 100 4 101 Mar'UO ...J 101 ... . J X T to -0 c c A .. 112 112 iU lSC E B B A N K O llS i B O N D S —Coiilimicd on N ext P age. S t r e e t R a il w a y B rook lyn R ap T r g 5a........1946 1st refu n d con v g 4 s ___ 2002 B k C lty 1st con 5 s. 1916.1941 B k y C o A s cou gu g o s . 1941 B k ly u U 11 El 1st g 4 -5 s .l9 5 o Stam ped guar 4 -5s-----1950 K in g s Co El 1st g 4 s . . . . 1949 S tam ped guar 4 s ......... 1949 N assau E lec gu g 4s ....1 9 6 1 C onn R y A B 1st A ref g 4 4 s '51 Stam ped guar 4 4 » ......... 1951 D et U nited l s t c o n g 4 4 »-1 9 3 2 H avan a E lec con sol g 6 s . 1952 In te r M et c oll 4 4 s ............. 19aU 'In te r Rap T 3-yr c o n v 6 s .1911 43.yoar 6s Serios A ....... 1952 In t e r n a l T r a c coll tr 4 s . . 1949 M an ila E lec 1st A coll 68.1953 A J J ,V! F F F F J J J J F A .VI M J M O 1 0 4 4 ......... J 85 *6 Sale J 103 105 N 90 99 4 A 103 Salo A 102 4 sa le A 86 87 A 86 4 87 J ......... 81 J 102 *8......... J 102 4 102*, J ......... 84 A * 92 4 ......... 0 82 8aits N 102 78 Sale N ......... 102 4 J ......... 72>s S * N o p r ice Friday; latest tills w eek. S t r e e t R a il w a y Met S t R y geu co l tr g 5a. 1997 102 4 108 Ret « 4 a ............................... 2002 « 1 4 89 4 B w ay & 7th A v 1st e g os 1943 102 4 105 Col <2 9lh A v 1st gu g o s . i993 99 4 99 4 Bex A v A P F 1st g u g 5 » 1993 IOO*, 100 T h ird A v o R R con gu 4s 2000 102 4 104 4 C e n t T r C o ce rtfs s tm p d ... 86 87 4 T h ird A v o R y 1st g o s . .1937 85 88 X Url R y A Bt ge n 4 4 s ..1 9 3 6 78 4 84 102 102-4 St J os Ry B t H A P 1st g 6s ’ 3i 101*8 102*4 -<t Paul C liy Cab con g 68.1937 T ri-C ity l ty & E t 1st s f 5a. 19 23 81 4 85 80 92*, u n d e rg ro u n d of Bon 5 s . . .1 9 2 0 4 4 s ...................................... 1933 76 85 In com e 6 s .......................... 1948 102 4 104*, 102 103** Union El (Clue) 1st g 6 s .. 1946 70 72 4 U nited lly s St B 1st g 48.1934 ..................... U nited l il t s San F r s t 4 s . 1927 it D u e A n r s Due May < y l)u e .rn e A D u e .iT y fcDue vug 106*4 O ct ’ 09 85 86 4 166 103**8 J ’ ly ’ 09 99 4 M ar’ OO 6 103 102*V 6 102 4 103 87 4 J ’l y ’ 09 b 86 86 4 3 80 80 102 J ’ ly *09 102*, O ct ’ 09 8 3 ^ u c t ’09 i 924 924 82 4 83*8 2)182 1027a 102*, 0-2 1()2‘» 102 4 2 70 Sep ’ 09 ___ 98 May’ OU .... DFlat. o D u e .la u 1 78 79 79 92 48 J ’l y ’ o9 43 4 03*» 103 4 Get, ’ i)9 103 1 0 5 4 100 1 U2 4 ......... 1 00 4 100 J ’ ne’ o o 94 102 4 94 O ct ’ ()9 65*4 65*4 6 654 7 2 4 ......... 70 05 78 Salt. bUS 100 63*4 72*4 6 1014 1 1 6 4 107 -a 110 4 107 4 107 4 86 4 O ct ’O'. 83 4 86 4 ......... 87 ..................... 101 ......... 98 N o v ’08 ..... ...... ......... 110 1 10 4 .Nov’ UO 98 99 99 J’ly ’ 09 97 99 98 A p r ’ u9 98 98 73 4 85 4 83 Det ’ 09 ......... 84 37 4 '31 v. i*j 32 ......... 31 b4 Oct ’08 83 86 83 4 O ot ’ 09 ......... *4 c 72 76H ......... 75 1 7 4 4 70 p D ue N ov j O ption Sale o D u e Dot 78 81 43 4a . 1128 $f0W Xork Bond Kocord " C ontinued— P ag e 2 BONDS Y . 8T O C K E X C H A N G E W kkk E noinq O ct 29 ^ .2 5o P r ic e F r id a y Oct 2.9 W eestt R an ge or Last Sale BONDS R an ge S ince Jan uary N . Y. ST O C K E X C H A N G E W kkk Kndi .vu O c t 29 [V O L . L X X X IX . P r ic e F rid a y Oct 29 W eek's R ange or Last s a le R ange Since J a n u a ry 1 Sin cthio R ock l A Pac— (C o n ) Lola Hiyt\ Lout H ig h E rie—( C on ) Hw Low H ig/l Low H aiti Ohoo Ok * G gen g 5s .o l9 1 9 J - J 104®» . 102 A u g ’ dS 108 108 N 7 4 G reen L eru cr 5s. 194(5.M-N 105 108 M a r’09 C on sol gold o s ............... 1952 M-N ,111 1 11 % A n g '0 9 i i i " Fu% 104 106® 106 S o p ’ 09 105*4 107*» *7 Y 811.1 A W 1st ref os .1 9 3 7 ; J-J K co k A D es M 1st Or___ 1923 A-O 105 105 103 106 2d gold 4 *38.................... 1937 1 F-A 100*4 D e c ’ 06 O luc s t l A N O See 111 Cent G eneral nold 5 s ............1940 F-A 88% 8 a *8 O ct ’09 "89*8 "oT " O hio St L A Pitts See Penn Co 114% Dee '08 T erm inal 1st gold 5 s . .. 1943 M-N C h ic B t P M & O con (5s... 1930 J-D 127% 127s, 127 *« 127 28 127 130% R e g is 35,000 e a c h . . . 1943 M-N C ons (3s red u ced to 3 % s,193 0 J-D 92 ... 93 D e c ’ 03 100 100*3 io i'% M a'j’ 09 M id R R o f N J l s t g O s .l P lO A -0 101% 102*3 Ch S t P A .Minn 1st g 6s 1913 M-N 128®s......... 128 '4 S ep 09 106 103 *3 O ct ’09 t ‘J 8 % 12 9 7a 1 W tlk da Ea l s t g u g 5 s . 1942; J-D 103 101 105*4 126 ... N o r W iscon sin 1st 6 s ...1 9 3 0 J-J 129®^ M ay’ 05: 114 O c t ’09 l--*% 129% 1 Kt A Ind 1 st c o u g u g-6s . . 1926 J -J 109% 115 S t 1’ A S C ity 1st g (is ...1 9 1 9 A -0 H 41 * . .. 114 *8 114*8 J14 1 { » 1' E r ie da P itts s e e Penn Co I C h ic A W est In d een g (58 71932 Q-M ...... 112 % 112*8 1 12 *3 115 113 O c t ’ 05* 112 115*8 1 1 2 112* 3 E v a n s A T H 1st c o n s Os. 1 92 1'J - J C on sol 50-year 43.............1952 J . J ......... 94 94 O ct '09 94 98 99 102*3 103 *4 A u g ’09 103 10 i % l e t gen eral gold 5a......... 1942 A -0 Chic A W .Mich See P e re .Main 114 A pi 05 Alt V e rn o n 1st gold 6 s .. 1923 A -0 C h oc O & d u ll See C It I A P 95 J ’na’ o s Suit Co Branch 1st g 68.1 9 3 0 A-O 113 Oct. ’ 00 Olu H d i D 2d gold 4 4 s . ..1 9 3 7 J -J 101 L 'a r g o db So See Ch Al do s t P 105t6 O ct >09 Cln D cfc 1 1st gu g 5 8 ...1 9 4 1 M-N 107 95 109*3 * lin t <fe Pore Ai Sec P ere Alar C F in d A F t W l s t g u 4a g .’ 23 M-N i F la C db P e m n See Sea A ir Dine 90 70 A u g ’ 08 Cln 1 A \V 1st m l g 4 8 .1 9 5 3 J-J 88 F o rt S t U D Co 1st g 4*33.1941 J -J 88 *3 ......... 106 M ar’ 9 s 98*u Jan M9 In d D ec A W 1st g 5 s . . .19 3 5 J - J 104 106 96*3 98*3 F t W db R io G r 1st g 4 s . .. 1928 J - J 86 88 86 O ct ’ 09 107 4 D e c ’ 02 l s t g u a r g o h l S s ............. 1935 J-J f *al H ar A S A See So Pac Co 0 I St L A O See C O C A S t L 97 J ’l y ’ 09 V J a l H A H of 1882 1st 5 s . 1913 A -0 97 VO Cln s & C Sea (J C C S t L G eorgia A A la See s e a A Dine O le a rlie id A M ali See K K 4 P G a Car A N o r See Sea A Dine 08 Sale 97*4 08*3 O lev C i f l U & S t l i gen g 4s 1993 j - n 97t< 99H G eorgia Paoitlo See So Ry 94 % ........ C airo D iv 1st gold 4 8 ....1 9 3 9 j - j 94*3 A u g ’ U9 94*3 97 G ila V G A N or See So Pan Co Cln W <Ss M D iv 1 st g 48.1991 j . j ......... 9 4 i 91 Sep Ob 94 95 G o u v A O sw egat See N Y C eu l 96 O ct ’ 09 . 8t D D iv 1st ool tr g 4 a . . 1990 m - n 95 973, i G rand Rap A Ind See P en n R R 91 O ct ’07 R e g is te r e d ....................... 1990 Jl-N ! G ra y’ s P t T e rm See S t D S W 06 .. 92 F ob 08 Spr A Col D iv 1st g 4 s . .1940 JI-S 95 *3 Sale 95*3 06 251 95% 99*4 G t N o r —C B A Q co ll tr 4s 1921 J . J 93 .. 98 Sep ’06 W W Val D iv 1st g 4 s . . . 1940 J -J 95*4 9^% 0 R e g is te r e d , h,.................... 1 9 2 1 Q -J 95*4 99 105 . . 106 A p r '0 9 0 1 St 1. A C con sol (5s.. 1920 M-N 100% J ’ n e 'm d ... l o o 's 104 108 106 3t P aul M A Alan 2d Os. 1909 A -O 1st gold 4 ? .....................ft 1939 Q-F lOO** 102 hi 100 O ct ’ 09 98*a 100 128*4 130 130 O ct ’09 130 132% ls t o o n s o l gold 6 s ......... 1933 J -J 98 . . R e g is t e r e d ................1:193(5 98 A u g ’oO ............1132 A p r ’ 09 98 98*3 132 132 R e g is te re d ...................1933 J - J 1 0 9 * 8 .. 109*8Sep ’ DU Cm S A Cl con 1 s t g 6 s . . 1928 107 % H I 109*8 109*3 R ed uced to gold 4 %s 1933 J - J » 104 *3 107 *3 108 Sep ’oil C C C i f c l c o u s o l7 s ..........1914 J-D 109 . . 11 1 * 2 J ’ i y ’ 09 llu8% J ’n o ’ o: 111 *3 111*3 10 8 % 10 s% R e g is te re d ................1933 J - J C o n s o ls in k fund 7 s . . ..1 9 1 4 J-D ....... 1 0 l% ll0 1 % U c t ’09 101% 103% Dakota e x t gold 6 s ___ 1910 M-N G eneral con sol gold 6s. 1934 J .J 126 130 N o v ’08 99% 1U0 | 98% O ct ’ 09 98% 101 M ont e x t 1st gold 4 s ..1 9 3 7 J-D R e g is te re d ................... 1934 J -J 100% O ct ’ 06 R e g is te r e d ................... 1937 J-D Ind B l A W 1st pref 4 s .1940 A -0 94 J ’ ly ’ 03 . . . . 98*4 98% 98 E M inn N o r D iv ls t g 4 s l9 1 8 A-O 98*4 101% 0 Ind * W 1st pt 6 s ...it l 9 3 8 Q-J 124 M ay’ 06 M inn U ulou 1st g 6 s .. 1922 J - J 117 93 92*3 93 P eo A East 1st con 4 a ...1 9 4 0 A -0 i 92*4 96*3 130 130 129 130 132% M o u tC l s t g u g 6s ___ 1937 J -J 62 62% 63 in c o m e 4 s .........................1990 A p r 18 40 63 136*4 M u)’ 06 R e g is te r e d ....................1937 J - J C lev A M arietta See P en n R R 113 % O ct ’ oO 113% 113% 117 1st gu ar gold 5 s ........1937; J -J Olev & P itts See P enn Co 116 J ’n o ’ ub ...................... W ill A S F 1st gold 5s 1938 J-D 116*8 116 110% 80 81*, 80% 80% Col M idland 1st g 4 s ......... 1947 J -J 87*3 G re e n b rie r R y See Ches A O 8 80 97 % 97*3 97 Colorado A Sou 1st g 4 s ...1 9 2 9 F-A 07*4 97 99 95*s 95 *3 O ct ’ 09 ref A t g 6s 51952 J - J 95 97*8 97 Si Itelu n d A e x t 4 M s ..........1935 M-N 97% 62 96®, lOO*, G u lfanA AS 1St1st J o See C B A <4 114s* 111 114 F t W Jb D en O 1st g (5a.. 1921 J-D 10 114 117*, ou sa to m o See N Y N H A H Oolutu da G reen y s e e d o Ry H o c k Val 1st co n so l g 4 *38.1 9 9 9 J - J ..........104% 104 O c t ’ 09 104 109 001 A R ock Val See H o ck Val 1 UU*3 Sep ’ ua R e g is te r e d .......................... 1999 J - J Col A T o l See H o c k V al 98*8. 93% Alay’ oU Col A H V 1st o x t g 4 s .. 1948 A -O 98% 98% Ool C onn A Torni See N A W 99 . 09*4 t oU’ OU Col A T o l 1st ex 4 s ........1955 F -A 07 00*4 Conn A Pas R iv s 1st g 4 s .1943 A -0 H o u s t E A W T e x See So Pac! J . J 101 C uba R R 1st 60-yr 5 g ___ 1952 95 Jan ’ 09 96 96 H ou at A T e x C e u Nee So P ac Col ak da G t So s e e O M A St P 104 A p r 09 I liin ois Cen tral 1st g 4 s . .1951 J-J 1 0 4 % ....... . 103% 104 alias A W aco See .M K da X '107% ’ U7 J- R e g is te r e d ....................... 1 9 5 1 J -J Del Hack A W estern — aO Sep ’ o'J 1st gold 3*as.......................1961 J -J 8 8 % 94% M orris db E ssex I s t 7 s ., .1 9 l 4 M-N 112% 113 113*, J ’ ly ’ 09 113 *4 1 14*8 94 Sep ’ O x) R e g is te r e d ....................... 1 9 5 1 J -J 94 94 1st co n s o l guar 7 s ........1915 J-D 113 118% 114*3 O ct ’ 09 114*3 117% 93% M uy'U 9 93% 94% E x te n d e d l s t g 3 % a ........1951 A -0 R e g is te r e d ................... 1915 J-D 127 J ’ u e’05 ao J 'Jy ’09 80 80 1st gold 3 s s t e r lin g ......... 1951 M-S 94 S op ’op lflt r e f g u g 3 %s............2000 J-D 93% 96 102 Sep 09 C oll T r u s t gold 4 s........... 1962 A-O 100% 102 100*4 102% N Y luick cfc W 1st ( is ...1921 J -J 118 Sale 118 118 117*8121 09 99 R e g is te re d ...................... 1962 A -0 ...................... i*9 J ’n e ’o9 110 Sep '09 C on stru ction 5 s ............1923 F-A lo b % n o 110 112*8 l s t r o £ 4 s .................... 1966 M-N 99*» 99% 99 % G et ’ 09 98% 101% 10(1 *3 O ct ’ (19 T erm A i m p r o v e 4 s ....l 9 2 3 M-N loO % 99 % 1u o 78 D N O A T e x gold 4s ...1 9 5 3 M-N, lU U % ......... 10 u % O c t ’09 99 101% 03 W arren 1st ret g u g 3 % s.2 0 0 0 j F - a 102*a b e d ’ 03 .0 2 % 97 ->*uyo7 R e g is te r e d ........................19 5 3 M-N Del db H u d 1st Pa D iv 7s.l917|M -S 119 120 120 Sep *09 120 122 loO A p r '0 9 C airo B ridge gold 4 s ___ 1960 J *D .......... 102 90% 10 0 R e g is te re d .......................19171 M-S 149 A u g’ 01 38 *3 Get ’ 09 8 8 % 02 u is v D iv A T e r m g 3 *as.l953 J J lio 102 102 10-yr c o n v d eb 4 s........... 1916 J-D 1 0 1 % 1 0 3 6, 100 107% M idille D iv le g o s ........... 1921 F-A 105 125 -uuy’ oo 103*, O ct ’ 09 . . . J 101*3 103% 1st lien equip g 4 %s . . . . 1922 J - J 102% 103 7‘ 9 A p r '0 9 O maha D iv 1st g 3 s ........1961 F-A 79 79 100% 100*3 100*3 1st direr 4 s .........................1943 M-N 100*3 103 79*4 D e c ’08 St D ouis D iv A te rm g 3s. 1901 J - J 1 0 1 a* sale 101*3 lO 17* A lb db Sue c o n v 3 %s........194(5 A-O 97 107 1961 J - J 79 R e g is te re d .............. 128 O c t '09 R en s db Saratoga 1st 7 s . 1921 M-N 128 128 128*, 90 G et ’ 09 G old 3 *as........................ 1951 J - J 90 00 0 U% Del R lv R R B rid g e s e e P a R R 83% i o l % G et ’ 99 R e g is te r e d ................... 1951 «*-J 90 96*3 96% 10 96 Deny db R G r 1st con g 4 s . 1930 J-J 08*3 TOO N o v ’ OO S p rin g D iv 1st g 3*38 ...1 9 5 1 J -J 104 J ’ n e’ 09 Consol gold 4*38...............1930 J. J 104 103 100 ..........100 100% M ay’09 W estern D ines 1 st g 4 s . .1 9 5 1 F -A 100*8 10 0 ®, 104 Sep ’ 09 im p rov em en t gold 6 s ...1 9 2 8 J-D 102% 101% 104 B e llo v A Car 1st 6s.......1923 J -D 119 *4 ............ I 2 I h e O ’oo 121 1 21 98 93% Sale 1st db re tu n d in g 5 b ......... 1955 F-A 93>3'107 92% 98*3 Card A Shaw la t g 4 s .. l ‘J 3 2 M'S *'6 96 % O o t ’o96% 9 . . . .98 98 F e b ’ 03 R io G r J uuo 1st gu g 58.1939 J -D -, G et ’ 09.I. .. Clue St D A N O g 5 s . . .1951 J -D 1 1 7 % ............ 119 _____________ . ... . 118% 120 J J 78 .......... 70 J ’ n e’ 09 R i o g r s o 1st gold 4 s . . . .1 9 4 0 78 80 09|___ 1118% 119 R e g is te r e d ...................... 1951 J -D 116 118 il l a % % JJ ’ ue’ 09 85 Alar’08 G u aran teed ..................... 1940 J -J 90 90 G old 3 *33......................... 1951 J -D ........................ UO G e t ’09 96% bo** BlO G r W est 1st g 4a___ 1939 J -J 95% 94% 100*8 M em ph D iv 1st g 4 s .I I l 9 6 1 J ° ..................... 10 o M a r '03 84% O ct ’ 09 A lge and col trust 4 8 A .1 9 4 9 A -0 83 87 S t D S ou 1st g u g 4 s ___ 1 9 3 1 M -S ......................I 98 J ’l y ’08 90 96 Jan ’ 02 U tah C en t I s t g u g 4s a l9 1 7 A-O In d B l A W est See O U C A St D' Des M 01 da F t D s e e M A S t D 97% 96 93% i n d i ll A l a 1st g 4 s ........... 1950 J - J 9 7 % ------- 97% D e s M o i Uu R y 1st g 5 s ..1 9 1 7 M-N 110 S e p ’04 In t A G reat N o r 1st g 6 s . .1 9 1 9 M-N 110 ......... 110 O ct '09 lu 9 112 95 Det db Alack 1st Ren g 4 s. 1995 J-D 95% O c t ’0 9 " ' 95 2d gold 5 s ........................... lu o y M -S ...................... iuO% a u k ’ 09 85 103% 91 91 G old 4 s.................................. 1995 J-D 92 J ’ly ’ 0 9 . . . . 92 T r u s t Co c e r t f s ....................... ...... 1 0 6 % s a ie 105% lo 6 % 8 6 % 108 D etroit S ou th ern — 3d gold 4 s ............................. 1921 M -3 30 40 48 J ’ u e’oO 48 60 72 74% 70*4 Sep ’ 09 ! . . . . 70 O hio S ou D iv la t g 4 s ...1 9 4 1 M-S 82 I o w a C entral 1st gold 5 s ..1 9 3 8 J-D 105 I 06 106 *3 A u g ’09 1U 6% 1U *4 D ui db Iron R a n g e l s t 5 s . . 1937 A -O 110 111*3 U 6 G old 4 s ...................................1 9 5 1 M-S 77 s a le 76 77 74% 82 ......... 1 R e g is te re d ....................................1937 A-O ill A A G R See D S A M S 2d Os..............................................1910 J-J J " ich ‘ See T ol A O O an A“ M D ul S h ort D ine S e * N o r P a o K C F t S A M See S t D A S F 110 110 D al So Shore db A tl g 6 s ..19 3 7 J - J 110 30110 110*3 K C A M R A B See s t D A S F / a s i of Alinn See S t P M db Ai K an C A P a cilio See M K A T -last T en V a db G a See So R y 72% 73% 71% 75% K an C ity Sou 1st gold 3 s .. I960 A-O .. _ 72% 7 2 7( E lgin J o l da Hast 1st g 5 s .1941 M-N 112 115 O ct’09 ....'112*4 116 63 Oot ’ no R e g is te r e d ..........................i9 6 0 A-O Elm O ort & N o See Leh A N Y 100% 10u% 100 *8101 % R e f A im pt 5s (w 1) A p r 1950 Erie 1st e x t gold 4 s.......................1947 M-N 100*3 . 99*3 M ay’ 08 .. ..... K e n tu ck y c e n t s e e D m N 2d e x t gold o s ..............................1919 Al-S U»5 *3 106% 106 *, O ct ’ 0 9 '.. 106 % 106% K eok A Des M o See O R I A P 3d e x t gold 4 *38.......................... 1923 M-S 103*8......... 105 O c t ’ 0 9 . . 104% 106 |j K n o x v ille A Ohio See So R y 4th e x t gold 5s............................ 1920 A-O 100% . . . . . . '1 0 7 *3 A u g ’ U9 . 106 107 %ji ”i ake ’ — E rie A- W l 8 t g 5 s . . l 9 3 7 J - J ' 114 114% 114 O c t ’ 09 112 % 115 % 6 U1 e x t g old 4 s ............................ 1928 J-D0 0 *, 1 07 Jan 09 . . . J 97 97 A j 2d g o ld 5 s .........................1941 J - J *107 ......... 107% 10 4 107 109% ls t o o n s o l gold 7 s .......................1920 A1-S 122*8 122% 10 121% 125*4 N o rth O hio 1st g u g 6 s ..19 4 5 A -O 114*4 Sale 114*4 114*4 6 112% 114*4 1st o ou sol g fund 7s.........1920 M-S , 124 124 A u g ’ 0 9 ___ 122 124 D Sho A M ic h S s e e N Y C en t | E rie 1st con g 4s p r i o r ..1990 J-J 84 Rale 82 84% 68 82 01 Doll Val N Y 1st g u g 4 % a .l9 4 0 J - J 100*4 107 108 S o p ’ 08 '106% 108*4 R e g is te re d ............................... 1990 J -J......... 84 86 % M ay’o9 ... 8 6 % 8 6 % R e g is te r e d ...........................1940 J - J .......... 107 107 A u g ’OD 107 107 1st con soi gen lien g 4 s .. 1990 J -J 76 *a Sale 75% 76 68 69% 80 97 98 D eh igh Val (P a) co n s g 4 s .2003 M-N 0 7 % - - - —- 97% O c t ’ 09 R e g is te r e d ............................... 1990 J-J 85 % F e b ’ 07 D en V T e r R y 1st g u g 5 s . 1941 A -O ..........116% 116*4 O ct ’ 09 116*4 118% P en n ooll tr g 4 s....................... 1951 F-A8 1 S a te 81 31% 7 ' 75% 00 R e g is te re d ...........................1941 A -O ..................... 109% o e t ’ 99 60-year c o n v 4-> A .......... 1963 A-U 80% 82 | 16 63 89% D eh V Coal Oo 1st g u g 68.1933 J -J 109 ......... 10a% Sep ’09 . do S e n e s R ...1 9 6 3 A -0 , 71*3 72 *, _67. 57% 80 I D eh A N Y 1st gu ar g 4 s ..1 9 4 6 M -S . . . . . . 06 1 96*4 S e p ’ 09 I. 96 87 Butt N Ydb E rie 1st 7 s ..1 9 1 0 J-D 116% 117% 116% A u g ’09 . . . . 116 116% | R e g is te r e d ......................... 1945 M -S ................................................. I. Ohio db E n e 1st gold 6 s . . 1982 M-N 114 % 114% 116% J ’l y 'o 9 . . . . 116 % 117 % K 1 C A N 1st pt 6 s ........1914 A -0 1 0 2 % .......... l l J ' g J a n ’OO. C lev db M ahon Vat g 6 s . 1938 J-J 113 ......... 1 2 1 D e o ’ 08 ; - - - .............. II G old gu ar o s '. . . . . . . . „ ” lU14 A-O , 101*4...........101% o e p 'U 9 '!.'" 1 101 % 101 % L on g D ock con sol g Os..1 9 3 5 A-O U 4 % . . . . . . 126% O ct 09 . . . . 126 128% L eh A H ud R See C en t of N Jl I I Coal A R R 1st cu r gu 68.1922 M-N ......... J ’ n e ’ 0 9 1 1 2 % 1 2 0 I Deh A W ilkesO s e e C e n to f N J ' D ock A Im p 1st c u r Os..1 9 1 3 J -J . . . . . . 105 1103% 103% 3 103% 1 1 0 1 D oroy A U aney Val See M o P ' I : 112 51:? 6 H . D K 1 . i‘00%Sale ... ..... 82 72*4Sale io8% ioo" l) U t in s a n d E le c t r io L ig h t A tlan ta G D Co l s t g 6 s ...1 9 4 7 B k lyn U Gas 1st con g o s . 1946 Buttalo G as 1st x 5 s ......... 1947 C olu m bu s G as 1st g 6 s ___ 1932 D e tiu ilG ily G as g 6 s . . . ...1 9 2 3 Juel gu s C o c on 1st g o s ..,1 9 1 s Eq g E N Y 1st c o n g o s . 1932 D as A E le c B erg C o c g o s.1 9 4 9 U r R ap G D CO 1st g 6 s . . .1915 H u d son Co Gas 1st g 6 s ..1949 K ali City (M o l Gas 1st g 6s 1922 K in g s C o El L A P g o s . . . 1937 P u rch a se m on ey 6 s . . . . . . i 9 9 7 Ed El H B k n l s t c o n g 4 s l 9 3 9 L a c Uas D o l S t D 1st g 6 s .e l9 1 y Rer and e x t 1st g o s ........1934 M ilw a u k ee Uas L 1st 4 s . . 1927 N e w a r k C on G as g o s ........1048 J -D M-N A-O J -J j .j F-A M-S J-D F-A M-N A -0 A-O A-O J-J %-F A -0 M-N J -D 8 0 K L I x4 N K O U 8 C a s u n d E le c t r ic E ig h t N Y G E D H A P g 6 s . . . 1948 P u rch a se m oney g 4s. ..1 9 4 9 74 68 Ed El 111 1st c o n v g 6 s ..19 1 0 1st con sol gold o s .........1995 ib i% io i% 5 ib o % 1 0 2 % N Y A O E l D A P 1st co n g 5 s l9 3 u 95% Sep ’ 08 N Y A R ich Gas 1st g 6 s . 1921 96 M ar’ Oe Pat A P as G A E co n g 6 s . 1949 61% O ct ’01 Peo G as A O 1st c o n g 68.1943 bo ib o ” 100 O ct ’ ()!• R e fu n d in g gold 6 s ...........1947 105 J ’i y ’09 105 105 C h G - D A C k e l s t g u g o s 1937 100 M ay’09 100 100 Con G C o o tC li 1st gu g 5 s .'36 101 % S ep ’ 09 *01% 104 *v In d N at Gas A O il 3 0-yr 6s ’ 30 117 % A u g ’ 09 no 118 M u i< uel u a s 1 st gu g 6 s. 1 9 4 1 88 Sep ’ 08 S yra cu se R igh tin g 1st g o s . ’6 l 103 103 " i ib'2% i o s " T ren ton G A El 1st g 5 s ..1949 101 O ct ’ 06 l o o 101% U n ion E lec L A P ls t g o s .1 9 3 2 90% 90% 90% 92% U tica E l L A P 1sts t g 5 s . I960 . . . . ......... . . . . . . W e stch e ste r D tght’ g g os.1 950 ................... 103 ......... 107% 108 107 66 68 io i% iin % lUO 10 2 " ™ io i" 104% 105 ............100 ......... 102®, 112 120 10 2 % i'0'4 " 101 102 .......... 91% ......... 108% B O N D S —C o n tin u e d o n N e x t P u g e . 107 % 27 1*07 60 O ct ’ 09 i*08 J-D 102*8 1 0 2 % F-A 83% 84% M-S l o o S e p ’09 J -J 1 10 UO F -A 98% M ay’09 M-N ......... 100 97 % J ’ly ’09 M-S 104% N ov’ U5 A-O 110 1 2 0 , 1 2o O c t ’ 09 M-S 1 0 1 % 103% 102*4 10 2 J -J 104 O ct ’09 104 1U5 J-D 102 103 102 Sep ’ Oj M-N 90 94 % 0 4 % A u g 'O b ■u-N 1 0 1 % ..... 1 0 1 % J ’ ly ’ 09 J-D *100 99% J ’ ne’ 09 110 M ay’ 06 81-1> 96 J a n ’ 08 M S 100 j .j 103 J-D 106 10 2 % M ar’ 09 ..... 100% 83% 100 UO 97 97% 104% 86 % 100% 112 98% 97% iY u " i i i i " 1 02 % 104 103 104% 101% 103 86 % 94% 101% 101% UU% 92% 102% 102% N. Y . ST O C K K X C H A N GK WttKK i’.NlXM- OOT 29 K e w Y o r k P rice h rid a v Oct 5!9 B o n d Week?* k a n y e or Last Sale T3 q R e c o r d - - C o n t in u e d — P a ge BONDS N. Y. STOCK E X C H A N G E W ere E ndin'" O ct 29 kanye Since J a n u a ry 1129 3 JnCst I P eriod O ot . 30 1909.1 P rice fY id a y Oct 29 W eek's k a n y e or Last Sate 5 ? kanye s in ce J a n u a ry 1 Hiu A S K Low JilQtK S o Loio //Ig A Low H xyti 17 1 B k ln A Alan Boh See L 1 H xyn A S It Soie Hiu L o n g D ock See ftrm i 0()*s 94 4 01 Sale 90*8 914 1 12*8 no V Y C en t A H lily g 3 4 s . 1997 J -J L o n g Isl’ d— l s t c o n g 58./11931 Q -J 1 12 b8 ......... H 2*» 4 88*8 93*4 J -J 88 H O 4 8-04 88 :V R e g is te r e d .....................1907 0 0 * 4 ......... 1st con sol gold 4 s ........../(.1931 Q-J 95 4 Sale 1*5 Si 95^-1 3 ; 93*8 90 4 07 *h Sep ’ 09 OB 97 4 D eben g 4 s ......................1034 M-N 09 G eneral gold 4 s.......................... 1938 J-D07 3b 80*4 85*4 80*4 81 F-A 1 0 0 4 A p r ’Ou 80 4 8 ( 1 0 0 'a 100 *a K erry gold 4 4 a .......................... 1022 M-S98 104 80 4 84 4 81 O ct ’ 09 F-A 8 0 4 81 00 y o o t ’O0 90 07 G old i s .................................1022 J-D 80 4 84*4 00 O ct ’00 90 03 M ich C en t c o ll g 3 4 « ___ 1098 F-A * 8 1 4 ......... 8 1 4 O ct ’ 09 U n ified cold 4 s .......................... 1040 M-S0(3 4 0 7 *i 104 82 ’•2 4 82 4 J ’ n e’ 09 F-A ......... 81 4 D e c '08 R e g is te re d .......................1008 D eb en tu re gold 5 s ............1024 J-D 114 lA 100*4 100*4 08 O ct ’ 00 9 7 " 'W H Beech C reek le t gu g 4 s . 1930 J -J 100 ......... 100 O c t ’ 09 G uar ref gold 4 s ...............1040 M- S J - J 101 ___ 102 M a i’04 100*4 1 0 2 4 .......................1930 R e g is te r e d B k lvn & M on t 1st g (is ..1 0 1 1 M-S 2d gu g u i d e s ..................1030 1st 5s................................. 1 0 1 1 M-S 100 ......... 101*8 D e o ’08 1 10*4 N o v ’00 84 4 ......... B e e ch C r E x t ls tu 3 4 s 51051 A -0 N Y B A M I! 1 s tc o n g 5 s 1025 A-O 300 ......... 105 A p r ’ Oi 97 4 97’ 4 . 0 97 4 A p r ’ 09 103 1 0 0 S C a r t * Ad 1st gu g 4s. ..1081 J 0 N Y A H 15 1st g 6 s ........10 2 7 M-S .... 100 N o v ’ Oli G ou v A O sw e 1 st gu g 5s 1042 J -i) N or Sli B 1st con g g u 5 s o l0 2 2 . Q-J 102*4 00 _ O H * 100 100*4 1194 100 4 100*4 Sep ’ 09 Moll A M ai 1st g u e 4 s . . 1001 M-S L o u is i a n a * A rk 1st g 6 s . l 9 2 7 |M-» ......... 08 Si 97 *« Sep ’ 00 17 O ct ’ 00 9 4 * 8 ......... 105 u c l ’ 02 . . . . 116 4 i >7 *a t< J J u n o R gu 1st 4 s . ..1 0 8 0 F-A L m isv * N asliv gen g 6». 1930, J-D 110 ........ ................... \)l . ... 9G l4 O ct 110 U 7 , i 16 Sale 115 ID ) N Y A H arlem g 3 4 s . ..2 0 0 0 G old 5s.................................1027;M-N 17 108 108 0 0 b Sale 0 8 4 102 4 084 00 *, N Y A N o rth 1st g 5 s . ..1 0 2 7 A-O ......... 1 1 2 4 108 ' 198 U lulled gold 4 s .................104(1 J -J 100 M ay’Oi) 100 Pep ’08 99 99 4 100 100 4 ; ......... 99*8 A 1 A Pu 1st con g u g 4s 1003 R e g istered ...................... 1940, J - J 105 J ne’ 08 Sink fund gold (is............. 1010 A-O 100*8 108*4 iVoVi n 4 13 14 110 4 Sop ’ 00 J -D 124 130 4 1 3 1 4 Jan ’ o9 Coll trust gold 5a............. 1931 M-N i(-9 . 13 108*4 , i l 111 y Get- '00 111 i i l ' 5 A - 0 108 *8......... 108*4 109 3 ;1 , K II A N ash 1st g (is ....1 0 1 0 J -D ................. 107*4 J ’ ne oO 107 4 107*4 K-A ......... 105 4 1(15 J a n ’08 L i'in * Lex gold 4 4 s . ..103 1; M*W 4)4*. r __ . . . . ____ ..................... ".26 O ct ’id? . . . . 1^4. *4 M-N ......... 1 10 126 4 120 5 0 * At 1st gold 6 s___ 1020 J-J ................... . 103 s o p ’ OS 120 Jan ’ 0« U O 12 0 J J 1 0 2 4 102 4 0 8 ‘4 ......... N O * M 2tl gold (is........1020 J-J i 91 93 4 91 Hale 91 91 O gA L C liam l s t g u 4 s g l 943 J-J P en sacola D lv g o l d d s ... 1020 M-S i OO 108 1 0 7 4 A u g’ OO 90*4 92 1 144 117 Alay’07 u -J ......... 9 1 4 92 J ’ ne’ 09 St L DiV 1st gold (is........1921 M-S . . . . 115 115 71 Muy’ O U 115 F e b ’ 09 J -J 71 71 1 08 76 2d gold 2 s........................ 1980 M-S .............. A-O 125 Feb'O b 04 964 94 94 " 5 A tl K n ox A C m (liv 4 s ..10 5 5 M-N ......... 1 94 1(1 110 J ’ly 00 J -J 101 . . A tl K nox A N or 1st g5sl94(> J 91 95*i J-D 9 1 4 92 "2 HO J a n ’ 00 i i o i n i > 91*4 92 H en der B dge l s t s I g (3s,1021 M-S J-D 90 4 ......... 9 0 - O ct ’ 09 90 4 94 4 90 98*4 97 97 4 07 4 O ct ’ 09 K en tu ck y Cen t gold 4 s .. 1087 J •J M-S 04*4 Sale 94 4 97 94*4 94*4 103 D e c ’08 105 4 ......... L A N A M & M 1st g 4 4 s 1045 M-S 0 1 *, Sale M-N 94 4 94*4 Vb 03 9? *4 ' 6 " 88 ** * 0 1 4 91 9 L ......... 91 L A N -S outh M join t ls .1 0 5 2 J - J J -J 112 4 ......... 1 134 J ’l y ’09 1 1 2 »* 1 1 5 4 N Kla A » 1st g u g 5 s . ..1 0 2 7 K-A ......... 1 1 2 "v J -J 112 4 n o N A C B d g e g e n g u g 4 4 8 1045 J - J A-O 100 M ay 08 . . . . io » ib a 4 4 nv’ OO P en s A A tl 1st gu g (is ..1021 K-A 110 * 4 ......... i1 100i>4 J -J 12 7' ......... 130 4 Jan ’00 130 ^ 130 Si 4 S e p ’ 09 " I ! 1 1 0 4 116 bi 1 S A N A la con gu g 5 s .. 103(1 1 - A 110 114 124 ......... J -J 01*4 O ct ’ 00 94 95 4 2d g u ar Os L A J ell B dge Co g u g 4 s ..19 4 5 M-S J -J 1 1 1 4 ......... L N A A Oh See 0 X A L ib i Foi>'bo ib i ib i M-S ahon Coal Seo L S A i l S , l 115 115 115 115 M-S 924100 j 5 s ........ 97*4 97*4 07*4 Sale anhattan Ky con sol 4 s .1090 A -0 O-M i'lii ......... 119 J'lie ’ 06 . .. 104 A p r ’ 06 . . . 8 | R eg istered ..................1000 A -0 5 98*4 1 0 0 4 J-.T 0 3 * 8 ......... 98*4 98*4 99 4 100*4 09 4 90*8 00 4 Stm pd ta x e x e m p t .. 1000 A -0 6 J-J 1 0 0 4 N o v ’00 M cK ’ pt A B V See N Y C ent 90 J ’ ne IJ8 . . . . ..................... M-S 05 95 00 83 4 90 4^ M ox C en t c o n s g 4s...........1911 J - J 91*8 93 4 M-N ......... 91 95 4 j ’l y ’"9 2 4 4 27 4 2 7 4 20 A u g ’00 j | l s t c o n s m o g 3 s ......... a l 9 3 9 J ’ ly 02*s Sale A 0 92*6 92*6 10 9 1 4 93*4 25 4 A p r 09 20*4 2 5 4 2d c o n s m o g 3s tr u s t r e c ta .. J -C ................... j 80 J ’l y ’09 80 80 M ox In tern a t 1st con g 4 s . 1077 M-S 90 4 sa le i 09 4 9* 2 99 4 102*4 ................... I b0 F o b ’ 08 N V' Clue A St L 1st g 4 s 1937 Stam ped g u a ra n teed ... .1 0 7 7 M-S 09 4 100 l l o o A u g’OO ..i ii o o 1 0 0 4 ................. :100*8 Alay’OU loo®* l o i R e g is te re d ..................... 1937 A-O i l e x N orth lBt gold (is ....1 0 1 0 J -D -----; . . 91*8 04 89 4 01 I 0 1 4 S e p ’ 00 D e b e n tu re s 4 s ..............1931 M ich C en t See N Y C en t (J 101 1 0 1 4 102*4 103 4 102*8 103 , W e s t Shore 1st 4s g u . . . 2301 Mid ol N J See Erie 100*4 Sale 100*4 101 5 IUU 103 4 1 R e g iste re d ...................... 2301 Mil L S A W See C h ic A N W !N Y A G reen w L ake s e e E rie MU A N orth See Ch M A St P 1 3 2 4 J ’ n e’ 0! . . . . 132 4 1 3 3 4 N V A H ar See N Y C A Hue M inn A St L 1st gold 7 s .. 1927 J-D 133 . 118 J a n ’ O', N Y i>ack A W See D L A W P a cillo Kx 1st gold O s... 1021 A -0 108*4 ! ! ! ! 101*4 1 0 3 4 South W est E x 1st g 7 s. 1010 J-D i . . . . 109 1 1 1 4 1st con sol gold 5 s ............. 1034 M-N ......... 107 4 84 8 7 4 N Y N 11 A 11—C o n v (is .. 1948 J - J 141*4 Sale 141*4 1 4 3 4 :>72 133*4 146 83*g 8 4 1st and refu nd gold 4 s ..1 0 4 0 M-S 104 Salt, 103*4 108 1191 9 7 4 111*4 0 1 4 9 1 4 I C on v d eben 3 4 s ............. Xy50 J - J 9 1 4 02 D os M A F t D 1st g u 4 8 ...’35 J -J ilo u s a to n ic R cou g 5 s ..1937 M-N 1 1 4 4 ......... 11 8 4 D e c ’ Ob JV11n u A St L gu See B C R A N ..................... IU7 A u g ’ UO ...jjl0 7 107 O ct ’00 99 1 0 0 4 ' N 11 A D erb y con c y 5S.1918 M-N 99 90 09 4 M S tP A S S Al con g 4 m t gu ’ 38 J -J 99 99 N Y A N orth See N Y C A H 0 8 4 ......... 99 J ’l y ’09 M S S Al A A 1st g 4 lut gu 1020 J - J 07 4 Sale 06*8 0 74 6 : 96*8 99*4 N Y O A W ret 1st g 4 s .. j /19 9 2 M-S M inn Un See St P Al A M I 101 4 J'ue’OU 99*, 3 2 1 08*4 98*4 Sale Regia 35,000 o n ly ..........«1 9 9 2 M- S 9 8 (4 1 0 1 4 Mo Kan A T e x 1st g 4 s . ..1 0 0 0 J-D 88 1 1 SO** 88*4 87*4 87 4 88 4 N Y A P u t See N Y C A H 2d gold 4 s ..........................? i9 0 0 h -A loO 100 104 4 1 0 9 4 1st e x t gold 6 s .................. 1944 Al-N .........105 1 1 83*8 8 7 4 N Y S A W See Erie 85 4 364 84*4 85 1st A refu nd 4 s .................2004 M-S 90 4 ’ 163 80*8 0 3 4_ N Y T e x A M See So P a c Co 00 4 Salb 89*8 G en s 1 4 4 s .................... 1030 J -J 101 ..........101 101 10/ O ct ’ 09 A p r ’OO___' 88 89 4 N or A Sou th 1st g 5 s ......... 1941 85 4 ........ aa St L D iv 1st ref g 4 s ___ 2001 A -0 125 1 120*4 128 . N o r t A W e s t g e u g O s ........1931 M-N 1 2_4 4 .......... 125 Dal A W a 1st g u g 6 s ...1 0 4 0 Al-N 105 .......... 106 O c t ’ oa i___ 1 105 110 129 120 ' ’ Im p ro v e m ’ t A e x t g O s .,1 9 3 4 F -A 126 126' 120 M ar’09 03 A p r ’09 . . . . !| 03 03 Kan C A Pao 1st g 4 s . ..1 0 0 0 1* -A ......... 95 1 2 8 4 J’n o’ 09 . . . . 127 128 4 113 Oct 00!___ 1113 1144 N ew R iv e r 1st g Os........19 3 2 A- 0 .......... 12o Mo K A E 1st g u g 6 s . .. 1042 A -0 ......... 1 13 09 4 261 08 1 0 0 4 N A W R y 1st con g 4 s . 1990 A - ° ......... i ‘J® M K A O k 1st gu 6 s........1042 M-N ......... 107*, 107 4 Got ’09 . . . . .107 4 1 1 2 97 J ’ l y ’ 0 9 ____ 97 ID R e g is te r e d .......................1990 A - ° - - - - jf j M K A T o l T 1st gu g 6 s . 1042 Ai-S 1 0 5 4 100*4 103*8 O ct ’ 0 9 ___ l o o i if* 95 Ml 0H2 \ l l o y A p r ’u o ___ 1104 liO*.i l ......... p i i l D iv ’ l 1st 1A geu g 4 s . .. l 9 4 4 J J 92 4 Slier Sh A So 1st g u g 5s . 1043 J-D 1 0 1 4 9 3 4 1 0 34 107 ft e p ’ OO'___ 107 l l l :l8 1(1-23 year c o n v 4 s ___ 1932 J-D 1 0 0 4 1 0 * 4 1 0 0 4 T o x A O kla 1 s t g u g o s . . . 1043 M-S 103 100 Oo 4 Oo 00 4 89*8 93 P oca h C A C )o m t 4 s .. 1941 J ' D Mo Pacific 1st cou g 0s ...1 0 2 0 M-N ........ 1 124 112 G et ’ 00 . . . . 112 l l l i 10 6 ......... 100 4 F e b ’ 06 l o i *4 Sale 101*4 10l*s! 23 100 4102*8 _ . _ _ C C A T 1st g u g 6 s..........1922 J *J T r u s t gold 6s sta m p e d .a l9 1 7 M-S «0*8 1 96 4 9 8 4 104 4 E o b ’ 07 .............................. ; S cio V A N E l s t g u g 4s 1089 ,M-N ......... 00 4 06*8 R e g is t e r e d ............................ a l0 1 7 M-S 1 101 103*4 N o rth Illin ois See Clil A N W i o f 4 102*8 1 0 1 4 1 0 1 4 1st coil gold 5 s............................ 1020 i'-A 00 80 j 93 78*4 80 4 N o rth O hio See L E rie A W I I 8U sa le 40-year gold loan 4s.........1045 M -b 85 1 0 1 4 1 0 4 3d 7 b e x td at 4 % ........................ 1038 M-N0 5 * 4 ......... 0 0 4 J ’ ne’09 . . . . \ 9 0 4 9 0 4 N o r P a c—P rio r lieu g 4 s . . 1097 Q J 101*4 Sale 101*8 102*8 3 101 103 1014 1014 00 >8 0 4 7s O ct‘ ‘’o O " ___ ' 89 R e g is te re d ...................... 1997 Q*J 04 4 95 Cent Br By 1st g u g 4 s .1010 r -A 73 ; 73 13 72*4 75 73 sa le 0 1 j G eneral lien gold 3 s___ a2047 4 ‘ K 88 4! 19 8 8 4 87 4 ......... 88 4 Cen B ranch U P l s t g 4 s . l 9 4 3 J-D 72*8 74*4 72 4 O ct ’ O0 . 71 R e g is t e r e d ................... a2047 4 ‘ K 110 Mur’0 6 1. . . . " ...................... 1 Leroy A C V A L l s t g 5 s 1020 J - J 974 S t Pu ul-D ul D iv g 4 s ___ 1900 J ' D " o T 9 7 4 07 4 O ot ’ 0 0 ___ 90 Pac R ol Alo 1st e x g 4s. 1038 K-A 100*8......... 100:«b O ct ’ 0 0 ‘___ 00*4 100*8 D u l S h o rt L l s t g u 5 s . .1 0 1 0 M -S 116 S e p ’ 00 . . . . 112 4 115 j 2d exten d ed gold o s . ..1 0 3 8 J -J 109 i 7 109 112 • O B A ( j c o l i t r 4 s S e e G tN o r S t L l r A l A S g e u c o u g 0 s i 0 3 1 A -0 100 109 4 100 Oct ’09 .. 120 1 2 1 no tel P A N P geu g Os___ 1023 118 4 ......... 120 1 1 1 S e p ’ o O . . . . 110*4 111*8; G on co n stam p g t d g 6 s 1031 A - o 119 119 119 2 115 1 2 0 4 87 R e g iste re d c e r tific ’ s .,1 9 2 3 Jl-F 87 4 87 4 15 86 00*4 U Hilled A rel gold 4 s .. 1020 J - J 110 ......... 117 4 J ’ l y ’ 07 87*4 Salb 87 87 4! 12 87 01 ; St P aul A D ul 1st 5 s . ...1 9 3 1 9 lli v A G DIV 1st g 4 s .. 1033 M-N 104 104*4 104 4 ......... 104 4 Sep ’ 09 107 4 A p r ’OO . . . . ' ' ...................... 1 2d 6 s ........................................... 1917 A -O V erdi V 1 A W 1 st g 6 s . 1020 M-S 0 | 9 7 4 99 98 DeC’ OO . . . . . . .j 97 4 93 4 98 98 1st co n so l gold 4 s .......... 1908 J ’ D M ob J A K G 1st con s g 6 s .1063 J-J 93 ......... 92 4 Jan ’09 92 4 92 4 122 1 2 2 4 A u g ’OO . . . . 110 4 126 i W ash C ent 1st g 4 s .......... 1948 8 4 ‘* M ob A O hio new gold ( is ..1027 J -D n o i U 0*4 1 1 0 4 l lU 34 .8alb 110*4 1 1 0 *. 3 J* 1st exten sion gold 0 s ../il 0 2 7 Q-J 117 1 1 8 4 117*4 O ct >i0 . . . . 117 118 I,, K1 89 89 4 80 4_ G e t ’. 0 0 ___ 80 4_ 01 U N o r R y C a l bee So Pao G eneral gold 4 s .................1038 M-S 112 112*4 G e t ’ 09 . . . . 112 4 l l 2 7e iN o r W ls b'ee C St P M A O M ontgom D iv 1st g 6 s ..1 0 4 / r -A 76 M ay’0 8 .............................. |(Nor A M on t See H Y Cent 8 t L A Cairo coll g 4 s ..« 1 9 3 0 Q-<j 101 N o v ’ 04 . 90 lu d A W b eeC C C A S tL G uaranteed g 4a........... 1031 J-J IO Al A U coll 4s See Southern jiO re A Cai s e e So Pao Co M ohaw k A Alai b'e«N i C A 11 j O re S h ort L in e See Un Pao M ououguliela R lv See B A G j O sw e g o A R om e bee N Y C M ont C en t See St P Al A Al 1084112 109 O c t ’ 09 II l i n e Coast Co 1st g 5 s ___ 1940 J-D 1 0 9 4 . M organ’ s La A T See S P Co |>JL ao ot M isso u ri bee Alo Pao M orris A E ssex See Del L A W , _ ______ 100*4 112*4 P en n R l l 1st real e s t g 4 s . l 9 2 3 M-N 103 ............ 104 O c t ’ 09 . . . . 103 105 109 1 0 9 4 ash Chat A St L 1st 7 s . l 9 l 3 J - J O c t ’09 . . . . 112 113*8 1 C on sol gold 6 s ...................1919 M-S 1 0 9 4 .......... 1 0 9 4 J a n '0 9 . . . 1 0 9 4 1 0 9 4 1st con sol gold 6 s ...........i0 2 8 A -0 110 112*4 101 S e p ’0 9 ____ 101 C on sol gold 4 s ................... 1 U43 M-N J asp er B ran ch 1st g 0 s .. 1023 J -J 117 C o n v e rtib le g 3 4 s ........... 1912 M-N 1 0 4 4 Salt 1 0 2 4 D 4 4 5 oG 9 7 4 1 0 0 4 117 4 Aiar’06 . M oM M W A A l 1 s t 0 s ..1017 J -J C o n v e rtib le g 3 4 s ............1916 J -D 9 7 78 Salo 90*4 98 11U) 94*4 100 113 J 'l y ’ 0 4 . T A P B ranch 1st 0 s ....1 0 1 7 J -J C on sol gold 4 s ................. 1948 M-N 104*8 saie 1 0 1 4 lb4*s 61 103 4 106*4 N ash Klor A Sliel See L A N A lie g Val geu g u g 4 s . ..1 9 4 2 M-S 100 99 J 'u e V ? ................. 92 7» 96 93*4 9 1 7s 9 4 4 94 4 N a t U ys o f A le x p r 14 4 s 1057 J •J D K R R A B ge 1st g u 4s g . ’3B F -A ........................................................ ..................... 89 80 87 4 Sale , 87 4 88 I G uar gen 4 s . . . . ............... 1077 A -O P h ila R a lA W i e t g 4 s . . 1943 M-N 1 0 3 4 ........... 104 J ’ n e ’ uo . . . . 1 0 3 4 104 102 103 1 0 1 4 ......... 102 A u g ’OO N u tol M ex prior Hon 4 4 s . 1920 J-J Sod R ay A So 1st g 6 s . . .1 9 2 4 J - J UK) ........... 102 Jan ’0 3 .............................. .......... 84 I 83 4 O c t ’09 80 86 1st con sol 4s................................ 1051 A -O U N J R R A Can ge n 48.1944 M -S 103** 100 106 4 J ’l y ’ 0 9 . . . . 104 1 0 6 4 N ew 11 A D See N Y N 11 A 11 N J J u n o U R See N Y C en t 112*8 M N d llS C K L L 4 N E O U S B O N D S —C o n tin u e d o n N e x t P a g e C o a l and Ir o n B u lI A S u s q I r o n s 1 5 s ___ 1932 J-D D eb en tu re 5 s ................a 10^0 M-S Uoi i de i c O geu s 1 g 6S..1U4.. 0 -A C on v ertib le deb g 5 s ___ 1011 K A Col I n d u l s t * c oll ds g u .,1 0 3 4 K-A C on tln ’ t a l C l s t s i g u 6 s g . l 0 5 . F-A G r R iv C o a l A C 1st g (is .. 1 0 10 A O Jell A Clear C A 1 I s t g 5 s . l 9 2 ‘ , J-D Kan A 11 C A C l s t s f g o s .lO b l J -J P oca h Con C ollier l s t s i oa.’ o i J-J Sun day O reoa Co g 6 s . ...1 0 4 4 J J J -J T oiin Coal geu 6 s............ 1051 T eu n D iv 1st g (is....... a l9 1 7 A -0 B lrm D lv l s t c o n s o l ( i s . . 1017 J-J Call C Al C o 1st g u g (is .1022 J-D D e B a rC A 1 Co gu g (is. 1010 F-A V lo io r F u el 1st s 1 5 s ......... 1953 J -J Y a lr o u Coal A C o l s t g 6 s . 1949 M-S 08 100 09*4 100 May’ OU 97*4 90 O ct ’ 09 00 07*41 08 4 07 4 O ct ’09 04 1 0 0 *, 87 97 4 87 4 J ’i y ’ 09 87 4 80 814 84 v 8 71 81 Sale .07*8 D e c ’ 04 102*8 A p r ’ Oii 05 100 107 Muy’ 97 1 0 5 4 D e e ’ 00 98 89 88 4 88 Sep ’ UP .... 80 78 Feu ’ 07 103 4 103*4 104 O c t ’Ob 101 4 104 100 4 108 A u g ’ 00 1 0 0 4 109 108 Sep ’ 09 .... 100 4 10 1 no 105 ......... 110 J a u ’OP .... 110 94 904 09 87 Sale *N o p rice Friday; latest bid and asked. a D u e J a n 87 08 4 A u g ’ OO 09 10 87 95 87 10 0 T e l e g r a p h a n d T e le p h o n e A m T e le p A T e l c o ll tr 4s 1929 J -J C o n v e rtib le 4 s ....................1930 M-S M ich State Telep 1st 6 s ..1924 F-A Pac T e l A T e l 1 s t 5 s ......... 1937 J - J W est U nion co l tr cu r 5 s . 1938 J-J Fd and real est g 4 4 s . .. 1 9 5 o Vl-N C o n v 4s, S eries A ___ ...1 9 3 0 M-N A im Uu 1’el s lu n d Os...1 9 1 1 .Vl-N (Iniu il iic lii rlu g «V lu du st i’ iui A llls-C h alm era 1st 5s........l 9 o o J - J A m A g (;h em 1st c 6 s ........192b A-O A.Ul Cot Oil e x t 4 4 » ............191o 4 -F Am H id e A L 1st s 1 g O s.. 191b M-S A m er Ic e S e cu r deb g O s.. 1926 A -0 Am S pirits M lg 1st g O s ..1915 A1-S a.ui i'liread 1st co l tr 4 s . .1919 J-J A m T o b a c co 40-yr g O s.. . . 1944 A-O 4s.............................................1951 F- A 6 D ue Kell « D ue J a r d D|i« A p r A D ue i ’ ly fcDue Aug 92*8 Sale 106H Sale 99 98 08*6 100 4 94 4 100 100 4 9 2 4 17 91»» 93 02*8 103 4 105 4 780 92 4 1074 08 100 98*4 Oct 00 98 0 8 4 64 9 04 9 84 98 4 1024 100 4 Oct ’OH t: 95 4 93 4 06*4 100 1004 29 84 102*» 100 Mar’09 . . . . 95 100 81*8 Sale 102 Sale 0 0 4 Sale 1 0 1 ip-jJ. 72 73 ^ 96 07 03 034 109 Sate 80 4 Sale 83 884 84*6 :26 80 101*4 102 ‘4 14 00 103 4 96 \ 8 90 98*4 98 4 102 102 4 15 90*4 103 4 80 67 7 3 4 Oct ’09 100 07 2 0 54 96 4 90*4 93 93 Oct ’00 109 4 82 104*9 112 4 109 81 80 80 4 186 74 o D u e 'J c t _ v D ue .' ov q D ue t)co * O p tion Bala 1044 1130 itOXIJH N. Y. S T O C K E X C llA N ’ O K W Kk K K VDLN'O OCT 29 Hew York Bond Record --Concluded ~ Page P rice B'riday Oct 29 Wee&s R a n ge or Last Sale §3 0.0 R ange S ince J an u ary 1 BONDS N . Y. S T O C K E X C H A N G E W e ek E ndinh O ct 29 4 jV O L . L X X X IX O W eei's R ange or Last Sale F rid a y Oct 29 Lange s in ce Jan uary 1 Bid Ass Low Hlgh\ tio L ow H ig h S outhern Pao Co—{C o n tin u ed ; IHid Low Utah .ow J/ifjd P e n c <:o—G nar 1N tg 4 % s .l9 2 1 J - J 104% 104*4 O ct * o u !;... 104 106*2 N o o f Cal gu ar g 5 s ........ 1988 A -O I 112 F e b ’ O R e g is te r e d .......................1921 J -J 104% 104 *9 M ay*09 104*2 104*2 O re & Cal 1st gu ar g 5s. 19271J - J 103 104 Alar (>v :04 104 G uar 3 % s c u ll trust, reg .1 9 3 7 M-S 00% 90*9 J ’ no’00 S o P a c o t A ria7, l s t g tu <x Gs.c’ i o J - J 101 *2 J a ii ’ n !0 l»2 101*2 G uar 3 % s c o ll ir s er B ...1 0 4 1 F-A 89 00 91 J ’ l y ’ 09 90*4 91*4 too P a c o f Cal—6s E E«fe F . 1912 A-O 104*« J ’ n e’ u T r C o certir’s gu g 3 % s .i 9 i 0 m - n 97% 98 9734 O ct *09 96*4 98 1st g o ld 6 s ...................... 1912 A-O 114*2 D e o ’ 04 G n 3*28 tr c i f - ............... 1942 J -D 89 Mi,7, 90 A u g ’09 39*4 90 1st co n gu ar g 5 s ......... 1937 M-N 116 May Ml7 G ;. 3% s tr c1!di>................1944 J - d 89 90 9034 M ay’09 90*2 9 0 34 S P a c o f N M ex 1st g 6 s . . 1911 J -J 104 A pi ’ Ol G u ar 13-25 year g 4 s . . . . 1931 A O 08 *2 Sale 98 *9 98 7i 98*2 100 S o Pao C oast 1st gu 4 s g . 1037 .J - J_ ................. . id) J T y ’09 88*2 92 Clite M ar 1st gu g 4 4 a .. 1935 M-N 100% 110 J a n ’05 103 O ct '09 T extfeN O S a bD ivlstg6 a.1 912i.M -S ......... 104 102‘.j 103 Cl tfe P g o u g u g 4 % s s e r A . ’ 42 J -J 109% 1 1 0 34 Jan '0 9 1 1 0 % iY o% Con gold 6 s................... 1943 J J 100 98 Vi A pr M)8 S eries B ............................ 19 42 A-O 1099, J ’ l y ’ 00 109*4 10934 - o Pac K B 1st re f 4 s ......... 1955' J-J 93*8 04 ;V 94 *4 Sale 93*4 ” 96** S eries C 3 % s................... 1948 .M-N 94 97 96 A u g ’09 9*t 96 108 . S ou th ern —1st co n g 5 s . . . . 1994 J - J 108....riale 108 106 113** S eries D 3 4 s ................... 1950 F-A 94 07 90 M ay'08 R e g is te r e d ..................... 1994' J - j ......... 108*2 110 M ay’ Oj 109 110*a E r io & P i t t s g u g 3 % s li.1 9 4 0 J j 94 92 A p r *07 D e v e lo p & gen 4s S e r A . 1956 A-O 79*4 80 79*a 76 85 S e n e s C ............................ 1940 J -J 94 98*4 A p r *04 A lob tfc O hio co ll tr g 4 s ..l9 3 8 'M -S 89 89 •„ 89 \ 85*2 00 'a G r B A 1 ex I a t g u g 4 % s l 9 4 1 J -J 104% Sale 104*9 104*9 101*2 104*2 M ein D iv 1st g 4*2-6s...l990| J -J 109 110 *y Sep ’Ou llO*a I 111**. P itts F t W tfc O 1st 7 8 ...1 9 1 2 J -J 107 107 107 107 S t E ou is d iv 1st g 4 s ___ 1951 J -J ......... 87*4 89*4 A u g ’ U9 8 7 - h 91 2 d 7 s ................................... 1912 J - J ..........110 110 M ay'09 109 % 110 A la Cen B 1st g 6 s.......... 1918 J -J 1U0*2......... 108 toepM)« od 7 s................................£19 12 A -0 107 O ct *08 A t l & D an v 1st g 4 s .........1948 J - J 92 *2 Sale 92 *2 92 V, 92*2 92 Vi Pitts 1 tfe A sh la t con 58.1927 M-N 1 1 0 % 110 F e b '09 i 1 0 *" i i o ” 3d 48 ................................. 1948 J -J 87*2 87*4 02 J ’ n e ’06 107% J ’ly *09 . . 107 % 109*2 P C C t fc S T E g il4 % s A .. .1 9 4 0 A-O 100 % . A t l tfe Yad lB t g g u a r 4 s . 1949 A-O 83 S e n e s B g u a r ................. 1942 A-O *07% 107% O ot ’ 09 ..i(l0 7 % 109 Col tfe G re e n v 1st 6.3........1916' J •J io s j” j ’ ne'O 109 HO** S eries (J g u a r ................. 1942 M-N 107H». 112 *9J 'n e ’ 05 E T V a tfe G a D iv g o s .. 1930 J -J 110*4 l l o ^ O c t ’ 09 10934 1 1 1 S e n e s D 4a gu a r............ 1945 M-N 00 % 100 A u g ’09 ...jllOO 102 C on 1st gold 5 s............. 1956'M-N 114*4 114'4 114;if 110*2 114** G en es E 3 ^ gu ar g ___ 1949 F-A »3 % 95 *■ 96 O ot *091 94 98 106 E T e n reor Hen g 5 s.........1938 M -»! 107 A p r ’ Oi 105 107 S eries F 4 s g u a r ..........1953 J -D 99% . 61 Ga M id lan d 1st 3s............ 1946 A-O 64 O ct M)0 65 64 68 C St E tfe P 1st co n g 5 s . 1932 A-O 113*4 j l l 4 J ’l y ,0 9 j .. . .! i l l 4 ii*0% G a P a c B y 1st g 6 s.......... 1922 J -J 1 1 2 >8 115 O c t ’ UO L U 3., 117 P en sa cola <fe A t l See E & .Nash K n o x tfe O hio 1st g 6 s . .. 1925 J •J 115 116*2 118*4 May'09 118*4 118*4 P eo tfe E ast See C C C <fe S t E M ob <fc B ir p rior lion g 5s 1945. J -J 1 0 5 * 2 ....... 115;*a A p r'0 6 P eo *te P e k Un 1st g 6 s __ 1921 Q-F ..............116 79 ........ M o rtg a g e gold 4 s ........ 1945 J -J 82 Nov'Ori 2u g old 4 %s....................51921 M-N * ..............100 1 0 0 ^ D e ? 0 5 - ' ! 116 110 R ich tfe D an c o n g 6 s ____1915 J -J 107 % ....... 110** J ’ n e ’ U'j 108 V 111 Pere M urq—Clitfe W A1 5s 1921 J -D 105 A u g ’ 09 . . . . 106 106 D e b 6 s s ta m p e d .............. 1927 A-O 106 107 107 107 107 107 F liu t tfe P M g 6 s................1920 A -O ......... 112*2 119 A u g ’ 09 . . . . 1 1 2 116 7 6 * 2 ....... 75 O ct ’ OS R ich tfe A leck 1st g 4 s . ..1 9 4 8 M-N 1st con sol gold o s .......... 1939 M -X 1 0 4 ‘alO G 3* 106 *2 O ct ’ 09 ___ I l 0 4 34 109*2 So Car tfe Ga 1st g 5 s ____1919 Wl-N 103 ........ 103 *8 Oot '00 1 0 i* 2 l0 3 :*8 F t liu r o n D iv 1st g 63.1939 A -O 101 i l l A u g ’09 . . . . 107 108*2 112 UOl '06 V ir g in ia M id ser C 6 s . . .1 9 1 6 M-S S a g T u s A i l l s t g u g 48.1931 F -A ____ S e rie s D 4-5 s..................1921 M-S 108*4 108*2 D e c '06 Ph il 11 <te W See P en n HH I S o rie s E 5 s .......................1926 M-8 1 07 *4........ 109 J ’ly 'u o 109 109 P h ilip p in e B y 1st 30-yr s f 48*37 J ■J 00 02 93 M ay’ 09 .... 93 06 G en eral 6 s ....................................1936 M-Ni108*4 109 A u g '0 9 107 llOHj. P itts Ciu tte a t L a e e P en n Co ■ G uar stam ped........... 1936 M-N; ----100*2 M m '09 107*4 109*2 P itts U lovo & T o l See B So O I i! W O tfe W 1st c y g u 4 s . . 1924 F -A 1 91 96** lan '07 P itts Ft W <te Ch See P en n Co* I W e s t N U la t con g 6 s . . 1914 J - J . 107*2 107 O o t '09 107 109*4 P ills M c K e e s tfe Y See N Y C eu 1 ji S tfe N A la See L tfe N P itts Sh <& E E 1 s t g 5 s . ..1 9 4 0 A -O 114 115% 116 J T y ’ 09 116 110*4 S pok an e In te r n a t 1st g 5s 1955 J - J *105 .... 10634 Sep ’ 09 0 6 34 1 0 6 7* * .......... 116 93% J ’l y '07 .... 1 r 1 ’er A o f tot E 1st g 4 * 28 ..1 9 3 9 A -O 1U0% 107 108 Sep '09 107 Vi 109 P itts tte W est toes B tte o X 1st co n gold 6 a ....1 8 9 4 -1 9 4 4 F-A 110 J 16*8 O ct '09 115 117 ead m g C o gen g 4 s ........ 1997 J -J 99% Sole 9M7„ 99*% 121 08% 101 G en r e fu n d s 1 g * s ......... 1953 J - J 1 97 % ' 93 ' 97 V. 97 V, 96 98 R eg is te re d ...................... 1997 J -J 97 98 O ot ’ 09 98*2 100 S t E M B g e T o r gu g o s .1 9 3 0 A-O 108 . 110*4 J ’ ne'09 110*4 110*4 J e r s e y Cen t coll g 4 s . ..1 9 5 1 A O 98 Bale 98 98 13 » « 98 4 ' T « & N O ° ,S « S o P a o Co P hila tte ltea d cons 7 s . . .1 9 1 1 J-D 103% 102 JLU2 2 iu a 1 0 2 *, T e x <8, P ao l e t golri 8e ........2000 4 - 0 112 113 Sals 112 112 119 R en sselaer tte Sar See 1> tte 11 | 2(1 gold ln o o » ...................o 2 UU0 Al(*r 70 85 A u g ’09 80 65 75 Bicli dfc D an See South B y 103 Sep '09 L a D iv 14 L 1st g 6 a___ .19:41 J ■J l o t . 108 105 R ich tte M eek See S outhern W J I i n \ V * N W l s t g u 63 ’ JO If-A *100 ___ 106*2 N o v ’04 B io G r W e s t See D en & B io Gr HI 111 T o l * O C 1st g o s ...............1938 J - J 110 0,11 4 H i 112** Bocii t& P itts See B B t& P W este rn O iv 1st g 8 s . ..1 9 3 5 A -O 169*2 ................. 1 1 1 *2 112 S o p '09 112 112 R om e W at <& O g See N Y Cent 104*2 Sep ’09 G en eral g o ld 6 s .................1935 J - D , ........103 103*2 105 Rutianu See M Y Cen t K ail * i f 1st g u g 4 s ___ 1990 A-O 91 92 Hi 93 S op '09 02->4 95 ag T u s <& 11 See P ero M aro 92*2 93i« 93 93*« T o l P * W 1st gold 4 8 ....1 9 1 7 J -J 86 *4 94 *4 t J o tte G r Isl 1st g 4 s ...1 9 4 7 J -J 90 96% 06 96 5 93 97 i T o l 8 t L«& W p r lien g 30 , 8 .19 2 5 J - J S9«8 90** 9U3® 90 . 89*2 913* St E tte C airo See M ob tfe O hio ! 60-year gold 4n................. 1950 A-O 80*2 8L Vi S I Hi Sale 80 88*2 St E <te Ir o n M ou n t See M P I T o r H am A B u ir i a t g 4 s ./il9 4 ll J -D 91% A p r '09 01% 91% . . . . Qt E M B r See T B B A of S t E | I later& D e U s t c o n g 6 s l 9 2 8 J-D 1U8 A u g ’ 09 . .. . 107 198% 9 t E ou is tte S F — l o n g 6 s .l9 3 1 J - J 122 122% 123% S o p ’09 . . . 122 8)1343. 86 86 „V l 8t r c f u n d g 4 s . . . ___ 1962 A -O 2 1 86 88*2 86 89 G eneral gold 6a................1931 J - J 109*4 109 109 It) 109 111 ! U n P a o l U t * 1 g r g 4 s ...1 9 4 7 J -J 102% Sale 102% 103% i22 lU2 104% St E tte to F B B con s g 4 s . . ’ 96 J - J * 91 02 O ct’0 9 ____ 91 SiHVl ‘ H egistered.......... 4947 J - J 101*2 Sale 1 0 1 % l o l % 30 10U% 103 G en 16-20 y i 5s ..........1927 M-N 89 Sals -----8« 393, 110 88 91!>, 2 0-yr c o n v 4 s ................... .‘ 4927 J -J 116% Sale 112% 115% 2(,02 102 124% S ou th w D iv 1st g 5 a ..1947 A -O 1 0 0 1 ,......... 109>a A u g-0 9 . . . . 1 0 0 ^ 1 0 1 1st * r e f 4a......................g 2 U0 8 M -8 97 *2 34 96% 100 97*2 07 B etu n d in g g 4 s ............ 1951 J -J 84 H, Sale 84 84 »b 84 84 89 98% 98% 98% 5 Si” S’l . t ? » T. 8.48.1940 J-D 09% K C F L to tte Ai con g 6 s .. 1928 M-N 119 1210, 1 1 0 4 S e p ,0 9 ___ 110*. 120 *« 119 119 119 3 l i 8 ‘a 120% K C F t to tte M B y rer g 4s 1936 A-O 82 823, M27. 82 V, 10 82 >. 88 1 s t co n so l g 5 s ................ 1946 J •J 113% Sain 113*4 113% 2 1 13*4 118 KCtte M B tte li l s t g u 08.1929 A -O 100 .....................................i ................. G uar refu n d 4 s .............. 1929 J-D 03 *2 Hale 92% 93% 33 92% 06 % O z’ rktfe C l i c l s t g u 5 s g . 1 9 1 3 A -O 97 ■« 987. 07 O ct'00 97 98 R e g is te r e d ....................1929 J -D 94 Jan ’00 94 94 St E ou is So See Illin o is Cent ,, HP4.1* * N o r gold 6 s .. 1926 J*J ib 7 % 90% A u g ’09 . . . . 99% 100% St E S W 1st g 4 s bd ctla .1 9 8 9 Al-N 92 93 92 02*2 92 95 U ni N J i t B A C Co See P a B B 2d g 4 s m o bond o t X s ...p l9 8 9 J - J .......... 85 to43* 8 4 3* 79 - --85 U tali C entral See R io G r W es C onsol gold 4 s ...................1932 J -D 77*4. 7 7 34. 77** 7 7 *2 ! 7 2 , 7 7 8 1 * 4 ' U tail tfe N o rth See Un Pacltlo G r a y 's P t T e r l s t g u g 5 s 1947 J -D 94 ......... 101** A p r ’ U7 <[ U tica tfe B lack R See N Y C e n t1 St P a u l tfe D ul See N o r Paciiio j y am lalia co n s o l g 4 s ___ 1955 F a 98 N o v ’ Ob S t P A iinn tfe M an See G t N o r I " era C ruz tfc P ls t g u 4 *231934 J -J 06 O ct '09 . . . . 06 06 dL P tte N o r x'ac See N o r P ao i |: V e r Val In d tfe VV See M o P | S t P tte S’ x C ity See C S t P M JfcO ; V ir g in ia M id See South B y 8 A tte A P a ss l s t g u g 4 s . ..1 9 4 3 J -J . 87 H 88 O c t '0 0 . . . . 88 92®b Vacte S o u tliw ’ t 1st g u 5 8 .2 0 0 3 J -J UO O o t ’ UU 110 117% S F tte N P 1st s in g 1 g o s . 1919 J J 104 106 104 O ct '09 . . . . 104 104 07% 90% 07% la t con s 50-year 5 s ......... 1958 A-O \ LUO 98*2 2 Sav F <fc W est See A tl Coast E 11 % 1 12% 112% 112% 37 111- r 114%. Scioto Vai tfe N E See N o r tte W » J 2d g o ld 6 s ...................1939 F-A luu 102 101% 105 10**4 102*, 7 Seaboard A ir E ln e g 4s . . . i 9 6 0 A-O 89 91 Oct 'O'J .... 63*2 91 D e b e n tu re series B ........1939 J - J ......... iOO J01 J 'l y ’ u'J 86 101 C oll tr refu n d g 6 a ..........1911 M-N 09Vi 90°, Oct '09 .... 9 6 * * l0 0 7e l a t lien equ ip s Xdg 5 s .. 1921 M-S ......... 101 102% M ay’ 09 102 % 102% A tl-B irin 3 0 -y r ls t g 4 s .e l9 3 3 M-S 86 86 Sep'09 ... 86 86 l a t lien 50 y r g term 4s. 1954 J -J 8 7 M ay’ U l* 87 87% Car C en t 1st con g 4 s . . . 1949 J -J 93*2 86 *----------‘.............................. 1 l » t r e f a m l e x t g i a . . . ! l 9 5 « J - J iAy *74*' Sale 73 % i 4 422 71% 80% Fla 1stag ---------------6 s . 1918 J •-J ...... , .Cen . tte , P en ---......... 107 *4 A u g ’ OO................................ ... D ettfe w v^.,, Ch J E x t l a t g 6 s .. 1941 J - J 109 *4 110 % A u g’oU 108 111*4 1st land g r e x t g o s . ..1 9 3 0 J -J . . . . . . . . . . . . . . . . . . . . . . . . . J . . . . . . . . . . D e s A l o i n D i v l a t i r J . ^ i o'iii j . i M3 91 Vi J ’ n o ’ Ov) 88 68% 01% C on sol gold 6 s........ 1043 J - J m n u i n a l . M a n n a .............................. ! 77”! " . . . ..r 1:..^ 8 l « 48--.1J*?V J J 7S4, 82 78 J ’ l y ’ o9 78 80 Q a t T ............... 83 00 01 % May’ 09 90 91% Ga l ......... 46% 45 U ct '09 * 1 0 42 55% Seab t) 45 Sale 44 46% Sher s ________ 00 41% 65% ........ .......................1054 J* 9% O ct *00 . . . . < 14% Sil Sp O ca & u See A tl C oast e I i i T r u s t C o c e r tis ................................. U 71. 14*. 21 8 o Car tte Gu See Southern W a rre n s e e D el Eac <fe W e st i S outhern P a cific Co— | W a sh Cen t Jiee N o r Pao G old 4s (C en t Pao c o ll). &1949 J -D 90 90** 0 90 05*2 W ash O tfe W See Southern B e g is t e r e u ................... £10 49 J -D 9 3 3i A u g '0 9 . . . . 85 0334 W ash T e r m l la t gu J**8..1945 F A 02% 03% 91% 02% J’n e’ 09 20-year c o n v 4 s ..........^1020 M-S 101*2 lo 2 *2 2048 97*2 107 W e s t M aryland 1st g 4 s . ..1 9 6 3 A -O 83% Sale 83% 83% 56 82% 88 Cent P a c 1st r ei gu g 4 s 1940 F -A 96*2 o7 64 G en A c o n v g 4 s ............. 1952 A -O 96*2 9 8 7* 61 69 A u g ’ 09 73%, R e g is te r e d .......................n> 4 y j,’ . a 9 6 3« Sop '0 9 . . . . 96 97-\ 62 68 S e p ’ o9 73 69 M ort gu ar g o l d 3*2 8 ..£ 10 2 9 J -D 89*4 88*»4 80 17 88 34 0 3 »i "W Va Cen t tfe P l a t g 6 s 1911 J - J 88 »4 93*4 Ll)2 102 J ' i y ’ 0.; 102 T h rou g h tot E 1st g u 4s '5 4 A-O 03 95 : W e st N Y «& P a 1st g 5 s . . l 937 J - J 111 110 117 9 3 *, 94 O ct 09 . . . . 93 113% 112 % O ct ’ 09 G al H ar tte S A 1 s t g 6 s . . 1 0 1 0 F-A - ........101*4 A p r 09 . . . . 101 *e 101*4 i G en gold 4a..........................1943 A-O 05% 90% 01 O C t'00 . . j 87 M e x & P a c la t g 6 s . ...1 9 3 1 M-N 34 F e b ’ o? G U a v « * s I s t ^ ^ :iw jM -N i o n ! : )r * . :::: i i S No v 1U3 lo s t * W h o e l’ g A L K 1st g 5a__ f » 2 a A . o 107 % S e p '00 107 109 1 s t gu ar 6 a r e d ........... 1U33 M-N lu d *a......... ludSi A n r’uu ill lu a t ,1 0 3 t ) | W lie e l D iv la t g o ld 6 a ..1 0 2 8 J - J ( 107% 95 J ly '08 H A T G l 8 t g 6 8 i n t g u ..l » a 7 J -J 111) ..........110 o u t ’o o..........l . ......... O U ^ im . K x lo u A Im g gold 6 s . . .11131, F-A 105% D e o ;08 CoiiBol r da in t g u a r . . . m u A-O lU 'J is..........IU7°i N ov ’0 7 ................................ B it lstco U B o l 4s 1*343 M-S 86 % Sep '05 83% 90 G gold 4s in t gUui.,..x a r ..lU 2 1 A-O . ..en -----------------g (/-j. op 93 93 1 03 06 I1 99 D e o '08 “ “ Sale ipi.a f .. 6a . ..1 9 3 2 J -J 97 W 30-year ban A .tV K L-equ •> 116 D e c ’ OO . . . . . . . . . . . . I . . WlUtOa’ . ' V “ lv 1s t KGs*3U M-N 118 118 HU nu• S t 'K H * ,e ..................... 107H,JAH’0 » . . . . 107 *4 107>« W U A BlonX JP M A M ! L a A T !iB t 7 « .1 9 1 8 A O 117*4 120 m > « A u g ’ 0 8 .............................. W i8 U e u t ao-yr l e t gen I s 1*34*3 J -J 04% Sale 94% 06 62 80% 9 8 '. l a t g o ld 6s...................... 192 0 J . J 114 .1 1 6 N e v ’ OO.............................. l! B u p A D u l ( l i v A t « n n l s t 4 s ’ S8 M-N 92% 03 03 93 9 02% 06 II lU lS C E E E A N K O U H H O N D S—Concluded. .... I! R S t)H no o'i 2 _1 a*. u ui0S ^ M * « 6« 5 ! : S 1H3J?**» * H S ^ f e :" : A " y . 86% J ln n u fn c t n r liig (St In d u s tr ia l A rm ou r & Co 1st real est 4 Vi8'30 J-D B eth S teel 1st e x t a i 5 s .. 1926 J-J Cen t Eeuther 20-year g 6s. 1925 A-O C orn P r o d R e f s t g 5 s . . . . l 9 3 i M-N D istil toeo C or c o n v 1st g 5 s .’ 27 A-O G en E lectric dob g 3Vis 1042 F a 10 - y r g d e b 5 s . . . ; . . . . . : : ; i w i 7 £ £ In t P a per C o 1st con g 6s. lOlv'' F- a C on sol c o n v s f g 6 s........1035 J - J I n t S t P u m p 10-yr co n v . 6s '13 J-J E a ck aw S teel 1st g 6 s . ...1 9 2 3 A-O N Y A ir B rak e 1st c o n v 6s '2 8 M-N B e p u b It& S Istife c o ltr 5 s . 1934 A -O U n ion B a g tfe P l a t s l 5 s . . 193(< J -J U » i.eath C o s i d e b g 6 s . .l 9 1 3 .vi-N U S K ealty & I c o n v d e b g 5 3 ’ 24 J - J U S Red tfe R e f 1st a f g 6 s . 1931 J . J U S R u b b e r 10-yr c o ll t r d s . ’ l b J -D 93 ** Sale 03 03*2 8 9 1* salt 89 89% 9 8 3, Sale 9a34 99*2 9 6 Vi 9 8 H 98*s O ct '09 7 4 7a 3ah 74*2 75*4 83 A u g ’ 09 ......... 83 150 dad 149 160 Vi 106 O ct *09 ........... 104 *2 87% Sale 87 87*4 ......... 105*4 105 Sep '09 ......... 98% 98*4 98% 113 Vi Salt 112*2 113*2 l O l 7# toaito 101% 101 % ....... 05H 96*4 O ct '09 100 106C 106 O ot ’09 «0 01 00 90% ......... 92 3< 02% O ct '0(3 10434 Sale 104Vj 104% asked this w eek. 643 IU5 91 iYa ' 74 '*30 ” 8 14 12 *28 lb® 92% 00% 77 00% 00% 101 05 100 73% 787g 84 80 136 155% 101 106% 85 89% 100 105% 93 90% 108 110% 98 102 91% 08 104% 106% 84% 92 95 89 102% 100 m a n u f a c t u r in g Sc I n d u s t r ia l U to Steel C o rp — ( c o a p .cfl9 6 3 M-N SI 10-60 y r & s . j r e g . .d l 9 6 3 M-N Vu-Car Chum 1st 15-yr 6s 1023 J-D W estin g h ou so E A M s 1 5 s '31 J .J M is c e lla n e o u s A dam s E x c o l tr g 4 s ......... 1948 M-S B u sh T erm in al 1st 4a. ...1 9 5 2 A-O C o n s o le s ............................ 1055 j . j C h ic J o <fe t Yard c o l g 5 s . 1915 J -J D e tM tfe M Id g r in c o m e s .. 1911 A-O 1n s t i t f o r I r r lg W k s 4Vi8 1943 M-N l u t M erca n M arin e 4*2S..1922 A -O l u t N a v ig a tio n I s t s f 5 s . l 9 2 9 F-A N e w p N o Ship tfe D D 5 s d l 9 9 0 J -J N Y D o ck 50-yr 1st g 4 s . . 1951 F-A P ro v id e n c e S e o d e b 4 s . ...1 0 5 7 M-N P ro v id e n t Loan tooo 4*23.1921 M -S SJXuba W a t C o c o n g 6 a . . l 0 2 3 J - J <i D ue A p r e D ae M ay g D a e J ’ ne 105 Sale ........ *97% Sale 94% Sale 105 104% 97% 94% 105% 1252 1 0 2 % 105% 1 10 1% 97% 23 03% 95 33 00% 02% Sale 02% 92% 00 91% 90% J ’l y ’ 00 95 9 O'* 9 6% O ct *09 100 J a n ’ 08 106 38 % O ct '09 38 06 95 06 70% Sale o y “» 7o>4 84 O ct ’00 82 81 06 Aug ’ 08 05 94% 94% 94% 94 90 Jan ’ 00 86% 95 J ’ ly '0 0 112 J ’ l y '04 _2 1, 34 3 .... 108 108% 100 96% 92 04 00 93% 91*2 90% 38% 92% 68 % 84 **38% 06% 77 88% 05% 90 08 OHIOAG-O STOCK EXOEA.NTTS— Stock Record— Daily, Weekiy and Yeariy STOCKS— HIGHEST A N D '.OWEST SACK PRICES Monday Oct. 25. Salurdau Oct. 23. * 1% *5 *107 *35 *23 *9 7% *39 *8034 ♦17 51 * . 2 * 1% 10 *5 108 *107 *35 36 *23 24 10 *9 7 7*2 41 *39 *803.1 81 18 *17 *50 51 20 * __ *67 68 *67 51 51>4 51% 4414 44 44 103 *102 ♦ 102 2 10 108 36 24 10 7% 41 81 18 52 20 68 61 44% 103 12 8138 ____ 131% 67 HOI2 140% 11»4 81 *214 *130 *65 *109 140 115g 12 81 81% ____ 217 132 132 *65 67 11012 111 13978 140 *2234 637s *52 *1 *2 *31 ♦ 13612 23 64 61 U8 3 32 137 2212 6312 *52 *1 *2 31 13612 22% 23 03% 03% *52 54 *1 1% *2 3 3212 3212 13612 *13512 10 113% *125 *9512 120 *118 11512 11412 117 126 08 1178 117s 12% 12% 823S 8212 82% 82% *214 ____ 225% 225% 13*2' *130 ____ O ct’09 Last Sale 67 67 *109 111 14014 14034 14034 141% 141% June’09 Last Sale 3 June’09 Last Sale 1 2234 2234 23 23 2234 23 63% 63% 63% 64 6334 6312 6312 O ct’09 Last Sale 54 54 54 *52 July’09 Last Sale 1 U8 1% July'09 3 Last Sale 2% 3 *2 38 39 34 3412 35% 37 39 13612 136 136 136 136*2 136% 136% Mch’08 Last Sale 2% 145 146 146 146 *146 148 110 12 11012 119'2 119!2 11912 119% 119% 21 % 2034 2034 21 % 2034 2012 2012 Last Sale 86% Oct'09 127 12634 *12614 127 126>2 126% 127 6434 6534 64 6478 6414 60l2 61 O ct’09 Last Sale 45 . *43 Last Sale 2% June’07 June’09 Last Sale 21 115 115 114l2 11412 11412 *114 115 125 *125 126 *125 126 *95 97 98 97 97 120 120 120 *117 119 11434 11412 11434 114*2 114*2 114% 115% Last Sale 11-10 Mch’OO 143 144 142 142% 13734 137 143 120'4 120U 120% 1207S 12078 120% 12078 108% 108U 10812 108 10S3S 108% 108% Last Sale 7 Feb’09 O ct’09 Last Sale 148 150 *146 150 10212 *102 10212 102 10212 102 % 102% Apr’09 Last Sale 1% Apr'09 Last Sale 3 Apr’09 Last Sale 734 15% 15*4 15% 1538 15 15% 15'4 Sep’09 Last Sale 20 *18 19 19 11% 8112 217 *214 132 *130 67 *65 111 *110 13978 139'2 15U *18 150 102 *146 126l2 59% *43 *146 10112 102 % 102 15U 153g *18 19 111 *1 115 *113 125 126 97 97% 120 *118 114% 114U 150 11'2 82 2212 135 131 136U 13212 135 120% 1203g 120 % 120 l 2 120'4 IO8I2 10 S12 1083S 10834 108'4 *147 102 Sales ol the Week Shares *H 2 12 8 H2 *146 148 HO' 2 110 % 110 12 2034 2034 2034 2 U 2 2112 *116 *125 *95*4 *118 114% Friday Oct. 29. *5 103 *104 35 36 *23 24 *9 10 638 7% *40 41 8178 82 1612 *16 51 52 146 147 *11912 120 127 127 59% 60 *43 ... Thursday Oct. 28. A pr’09 Last Sale 180 O ct’09 Last Sale l l 2 2 Oct'09 Last Sale " 10 11 106 *105 108 132 35 3 5 '2 35 Last Sale 24i2 Oct'09 24 10 " l2 5 10 812 8'2 10 2.943 634 7 7 6% 7 O ct’09 Last Sale 40 41 * '8 0 82 *81 82 81 81 10 *16 17 17 S ill 6*1% 373 51 5 II4 51 Aug’09 20 Last Sale 20 20 Aug’09 Last Sale 70 ♦67* 68 *67* 68 221 52 62 52 *50 52 52 *51 *51 467g 47% 2.865 453s 46 46'4 47 4414 45l4 10 102 % IO2 I4 *102 103 *102 103 2 *U 2 *5 103 *35 *23 *9 6 *40 8H2 1612 *50 12 81% *214 13H2 *65 *109 140 127 127 5912 60 ♦43 ... Wednesdau Oct. 27. Tuesday Oct. 26. 1538 15 *18 19 Inter est Period Price Friday Oct. 29 F - A J -D A - O F J J F J J F A M- ...__ _____ _____ A - O J F A J F F F - MMJ I\\ J - A - AV- AV j - 85 J (8*4* A f 100% Sale O (95 96 D (35 Sale A (91% Sale A (io i 10 1 % A .... (101 ____ N S D (102% Salo S 102% sale J O (101% 101% S S 102 % Sale n ................... AV- N A - O J - J (80 Feb 84 ------ --------- F - A (33 J - J (81 MQ AV J MMMA MJ - Sale 8134 93% Sale S M N (95 96 ____ D io o 9034 ____ S N 98 ____ N ____ 99 O t ------ 121 S (103% 1033s J ( 104% Sale J - D MJ J A - D'ds Sold N ( ------ 102% J 9 434 Sale J (109 190% O (90 93 AV N (76 Sale j - * j (76 78 A - O ------ --------- 93% 102 J’no’09 101% Oct '09 ____ 100 M ay’07 10234 193% 73 103 Apr'01 50 A pr’09 9034 Jan'06 — '8 7 * Foh’ OG 85 6 109-% 19034 95% Old’ 09 85 &514 91% 91% 101% 101% 101% July’09 101% Oct ’09 661- Aug’08 06% July’08 102% 1027s 102% 102»4 100 Jne’08 100-% Oct ’ 09 100% Aug’09 102% 102% 80 D cc’OS 98*4 96 99 10 Range lor Year 1909 Low High _ A J __________ D A (103% Sale J D A ------ --------O S — Feb 4 Jan 22 15 Jan 22 119% J ’ly 28 4534 Jan 2 30 Jun 29 13% Jan 2 29% Jan 2 62 J ’ly 7 86% M ay 18 19 M ch 8 64 J ’n c 3 25 M ay 6 73 M ay 7 61 M ay 7 6134 J ’lie 19 107% J ’n e 18 160 Jan 1% Feb Gi»Dec 84% J'ne 38 O ct 20 N ov 934 Sep 16 F eb 30 O ct 68 Sep 12% N ov 42 Jan 1334 Aug 46 Aue 42 A u g 26% A p r 85 A p r 185 D ec 3% A ug 10 A u g 119 N o v 47 J ’ ne 28 Deo 13 % D eo 30% D eo 4734 N ov 86% N ov 19 Jan 54 M ay 22 D ec 62% D ec 71 Jan 31 N ov 10 J J'ne 14% May2i 7% Jan 30 86 J ’ne 4 71*4 Jan 6 200 Jan l i 225% O ct 29 126 Jan 21 132 J ’ly 21 6 734 A u g 7 64% A p r 21 101 F e b 24 112 Sep 13 139 A u g 7 14434 Sep 28 1 Jan 2 % J ’nelO 5 Jan 5 % M ay22 27 A u g 26 10 Max 24 48 J ’nelO 66% O c t 18 68 A p r 10 61% Jan 8 1 A p r 2/ 1 A p r 27 2% A p r 27 2% A nr 2 39 O c t 2 s 20 Mch24 127 Jan 4 140 S ep 23 4 Feb 41% Jan 125 Jan 116 A pr 37 Mch 91 Jan 1!)38 N ov 767js D ec 200 D ec 128% N o v 03 N o v 104 N o v 180 Mrh 8 1% O ct 22 5 O ct 21 103 O c t 26 35 O ct 27 24 S ep 7 8% O ct 28 434 O ct 7 35 F e b 24 79 Jan 8 15% Sep 13 47 Jan 14 20 A u g 11 63 „a n b 60 Jar. 25 29% A p r 13 97 F e b 15 190 117 Jan is 107 Ja;: 21 17% F eb 25 70% Meta 25 117 Jan 9 38 Jan 26 43 Jan 5 162 121% 25% 88% 13034 6 o34 47 O ct J ’ly Aug 3 M ayl9 A u g 13 O ct 29 Sep IB 20% A p r 27 97% Jan 2 118% F e b 15 82 Jan 14 110 Jan 15 102 Jan 5 % Feb 25 55 Jan 5 101 Jan 100 % Jr. 7 6 F eb 119 Jan 9812 Jail _ % F e b 19 2% F eb 26 334 M chlO 10% Mch u 15 F e b 16 21 J ’n e 28 119% Sep 27 130 S ep 21 100 O c t 1 120 A p r 1 11978 A u g 16 1 M--H40 144% O ct 20 12134 O ct 2,. 114% A u g 6 20 Jan 18 152 J 'ly 28 103% A u g 12 1% Mch 26 3% Mch 2 yi->Jan 4 16% O ct 1 25 M ch 15 3 ’% D ec D ec 3b 100 Jan M ay O ct N ov 20 D ec 106 Jan s4 Feb 100 Jan 80 Jan 67% D ec 1% A u g 4 Apr 30% A u g 153 Sep 2% F eb 116 D ec 110 O ct 113 30 38 13/ A u g 42% D ec 46 J ’ly Jau Jan J ’m 19 J ’ ne 70 Jan 10134 Jan 61 Mcl 91 M ch 80% Jan 20 97 120 87 115 106 J ’ ly D ec Aug D ec N ov D ec 24 Jau 72 Jau 88% Jan 56 D ec 102 D ec 10634 Sep U 4% "jan 87 Jan % J ’i y 134 Jan ICO J 'ly 1*4 Jan 1 % J ’ly 12 Jan 1134 Oct/ 17 Apr Chicago Banks and Trust Oompinies Ask Low II igh No. 100 Mch’07 931- Oot ’ 09 — ................... /lid A m c r S t r a w b ’ u 1st 0 s . 1011 A r m o u r & Co 4 X S - - - 1 9 3 9 A u rora E lgln& C hlc 5s 1941 Cal <5c So C h ic R y Co 1st M 5s....................... 1027 Cass A v & F G (St L) 5s ’ 12 C h ic B oa rd o f T ra d e 4 s l9 2 7 C h icago C ity R y 5s___ 1927 C h ic C on sol Hr <Sn M lt 0 s . _ . C h ic C on sol T r e e 1 Ms 1959 C h ic A u d lt o r lu m ls t 5 sl929 C h ic D ock Co 1st 4s__1929 C h ic J c U R 1st M g 5 s . 194 C h ic N o S hore E lec 6 s .1912 C h ic Pn o T o o l 1st 5 s .a l9 2 1 Chic U y 5s........................1027 C h ic R y s 4-5s series “ A ” Ohio R y s 4 -5s series “ B ” C h ic R y s 4-5s scries “ C " Chic R y s coll 6s___ 1913 C ldc R y s F u n d 0s__1913 C h ic R y s Tern Ct7s 1st 5s C ldc R I It P R R 4 S ..2 0 0 2 C ollat trust g 5s— 1913 C h ic T elep h on e 5 s . .1 9 2 3 O om m on w -E d is on 5 s . 191 C ldc E d ison d eb 6 s . 1913 1st g 5 s . . __J u ly 1020 D eb en tu re 5 s . . . . 1 9 2 C om m on w E lect SsblOT.’' Illin ois T u n n el 5s— .1 9 2 8 K a n C ity R y & L ight Co 5s . . . . . . . . - - - - 1 9 1 3 K n lc k ’ b ’ ker Ice 1st 5 s .1928 L a k e St El— 1st 5 s . . . 1 9 In c o m e 6s___ . . . — 1925 M otr W S ide El— 1st 4 s_______________ 1933 K xton slon g 4s____ 1938 N orth W est El 1st 4 s . l 9 1 t N o W U -L & C ok e Co 5s ’ 28 O gd en Gas 5s_________1045 P e a rs o n s -T a ft 5s______10 10 4 , 4 0 s _________________ 4.60s Series E ________ 4.80s Series F _ _ ________ P c o Gas L& C 1st 6 s . . 1943 R e fu n d in g g 5s____ 1947 Chic Gas L& C 1st 5 sl037 C onsum Gas 1st 5 s . 1936 M u t’ l Fuel Gas I s t5 s l9 4 7 S ou th Side E lev 4 M-5-1024 S w ift & Co 1st g 5s— 1914 U n ion El L oop ) 5 s . .1 9 4 5 U n ion P a cific c o n v 4 s .l9 1 1 U n ited B o x B oard co l 6s’ 26 G eneral m tgo 0s----------W estern S ton e Co 5 S ..1 9 0 9 Week's Range or Last Sali I ’ ighest Highest R a ilroads C h icago C ity B y ______100 C h icago & O ak P a r k .100 D o p re f_____________100 C h ic R ys p art c tl Chlc R ys part c tl ” 2’ ’ ----C h ic R ys part c tf “ 3” ___ Chic R ys part c t f “ 4 " ___ C h ica go S u b w a y . . . __100 K a o s C ity R y & L t -.lO O D o p r e f___________ .1 0 0 M etrop ol VV S E lev__10 0 D o p r e f_________. . . 1 0 0 N orth w estern E le v ___ 100 D o p r e f_____________100 Sou th S ide E le v a t e d ..1 0 0 Streets W Stable C L .1 0 0 D o p r e f___________ .1 0 0 /M iscellaneous 1,390 A m erican C a n ______. . 1 0 0 965 D o p r e f_____________100 15 A m erican R a d ia to r __100 21 D o p r e f _____________100 A m er S h ip b u ild in g ___ 100 **25 D o p r e f_____________100 903 A m er T e le p & T e le g ____ B ooth (A) <5c C o ______100 D o p r e f_____________100 1,312 B ooth F isheries c o m ____ 1,086 l)o p r e f ________________ Cal & C h ic Ci.nal & D .lO O Chic B rew ’g & M alt’g ___ D o p r e f_____________ 1,675 Chic P n e u m a tic T o o l .1 0 0 83 C h icago T e le p h o n e — 100 D o r ig h ts__________ *162 Chic T itle & T r u s t___ 100 215 C o m m o n w ’ t h -E d is o n . 100 825 Corn P rod R ef Co C om — Do D o P r e f___ *135 D iam on d M a tch ---------100 4,718 Illinois B r ic k .................. 100 M asonic T e m p le ______ Mllw & C h ic B rew in g.. D o p r e f____________ 90 N ational B is c u it______100 D o p r e f____________ 100 28 110 N ational C a rb o n ---------100 D o p r e f_____________100 18 995 P e o p le ’sG a sL 3cC ok e-_10 0 D o rig h ts _________ 8~717 S e a rs-R o e b u ck c o m . . 100 D o p r e f_____________100 371 1,620 S w ift & C o ....................... 100 D o rig h ts _________ T h e Q uake - O ats C o . . 100 D o p r e f_____________100 U nit B o x B d & P C o . 100 D o Full p aid -----D o p r e f_____________100 D o Full pa d ____ 1,800 W estern S to n e _______ 100 Chicago Bond Record BONDS C H IC A G O S T O C K EXCHANGE W eek ending Oct. 29 Range ,or Previous i ear <1908) Rarv)t sine. Jan 1 1909 STO C K S C H IC A G O ST O C K EXCHANGE — 1 37 4 6 1 ____ ____ ____ __ 96% 102 102% 101 101% _. 1023.1 105 60 60 ................... ................... 72 85 100% 10234 93% 96% 84% 89% 89 92% 101% 10238 101% 1023s 101 102% — . - - ____ 10234 10334 101 103% _. 100% 10134 100% 102% 102 103% .................. J’no’09 Mch’09 July’09 M ay'05 — 98 0834 95 96 73 91 ................... 3 10 __ ____ 6 83 83 0 81% Sept’ 09 ____ 93 93% 155 98% A u g’Oj 95 95 11 100% Mch’09 97 Mch’09 98 J'ne’09 100 Mch’09 121*4 M ay’09 1031* O ct. 09 ____ 11 104% 104% 102% Oct ’ 09 102 Aug'09 8 93% 94*4 100 100 3 95 J’ne'09 114 N ov’04 76 76% 23 73 Sep ’09 85% July'OS — __ 83 81% 92% 98 93 100 % 96*4 98 100 120 103 IO334 102 101% 93% 100 92 86* 2 84% 96% 99 9.8 100 % 98 99% 100% 122 104 105 10234 102 9634 102 96 70 80% 70% 81 ................... N AM E Outstand ing Slock T Surplus and Fro/Us t $39,06$100,009 C alum et N a tio n a l______ 186,242 500,009 C h icago C it y ____________ s C om m ercia l N a t io n a l. 7,000,000 3,343,646 C on tinental N a tio n a l___ 114,000,000 3,903,090 8,98C o o k Co S ta te S a v in g s .. 50,000 Corn E x ch a n g e N ational 3,000,000 5,283,593 27,714 200,000 D rexel S ta te ____________ 409,369 600.000 D rovers’ D ep N a tio n a l. 200,000 31,905 E n g le w o o d S ta te _______ First N a t io n a l -------•------- 8,000,000 8,220.177 162,1)8 150,000 F rst N at E n g le w o o d ___ 542,865 Corem tn B ros B ’ k 'g C o . 1,000,000 418,357 F ort D e a rb o rn N ational 1,000,000 152,092 500,000 H am ilton N a tio n a l------807,640 H ibernian B ’ k ’ g A s s ’ n . . 1,500,000 121,561 200,000 iCaspar S ta te B a n k ------432,415 L ive S to ck E x ch ’ ge N at 1,250,004 03,864 300,000 M onroe N a tio n a l_______ N at Bank o f R e p u b lic __ 2,000,000 1,134,917 609,923 1,500,000 N ational C it y _______ . . . 09,480 250,0019 67,612 N orth A v e n u e S ta te ___ 200,000 15,919 N orth Side S ta te S a v ’ gs 50,000 8,959 N orth W e s t S ta te _______ 200,000 70,677 250.000 49,940 Prairie S ta te ____________ 500.000 12,173 R a ilw a y E x c h a n g e ____ 250,000 300,000 153,426 S e c u r i t y ________________ 78,211 South C h icago S a v in g s . 200,000 S ta te B a n k o f C h ic a g o __ 1,500,000 1,465.411 250,000 174,589 S to ck Y a rd s S a v in g s ___ 46.883 U nion Bank o f C h ic a g o . 200,000 65,310 U n lon S tock Y a rd s S tate 200,000 A m erican T ru st •& S a v s . 3,000,000 2,755,558 812,439 Central T ru st Co 0 ^ I I I . . 2,000,000 89,160 noOO.OOO ’ h lc a ;o Sav BU & T r ___ C h icago T itle & T r u s t . . 5,000,000 rl,373,397 5,331 60,000 htizeiis T ru st & Savings 506,G21 GOO.OOO Colonial T ru st & Savings 97,307 200,000 D rovers T ru st & Savings 215,582 1,500,000 F ir it T ru st & S a v in g s .. 2,000,000 2,990,694 10,254 200,000 G u aran tee T ru st & S a v . Harris T ru st & S a v in g s . 1,250,000 1,140,079 Illinois T r u ;t & Savings 5,000,000 8.207,291 200,000 44,201 K e n w o o d ir u s t& S a v g s . 200,000 LakeV Iew T r istC S a v g s 39,045 M erch ants’ L oa n & T rC o 3,000,000 5,036,106 750,000 M etrop olitan T ru st& S av 243,819 1,500,000 2,123,341 N orthern T ru st C o _____ 55,011 200,000 N o rth -W estern T r& S a v . 200,000 100,964 P e o p le ’ s T ru st & Savgs . 500,000 183.263 P u llm an T ru s t & Sav -s . 200,000 22,378 Sheridan T r & Sav Bank S to c k m e n 's T ru st <Sc Sav 200,000 ,651 U nion T ru st C o ________ «1,000,00'J 1,263,035 W estern T ru st& S avin gs 1 ,000,oot 201.66U W est Side T r & S a v B a n 'i 200 ,oot 64,801: 38,514 W o o d la w n T r& S avB r.n k 200.000 Dividend Record 1907 in 1908 vi 10 ____ 8 6 12 6 O'A G P erICki Ail j-J ____ 8 Q-J Q-.U 6 12 Q-T A-li 0 Q-J 8 6 Q-J 12 12 Q-M 10 10 Q-M Prlv ate Ba nk 3 8 Q-J 5 J-J 5 8 8 Q-J 10 J-J 10 ____ 1 0 + 2 Q-M 4 4 Q-li 8 3 Q- 't 3 ____ Q -p 0 10 __ Last raid. % Dec '08, 6 July ’09, 5 Get. ’09, 2 O c t. '09, 2 July '09, 1% Oct. '09, 3 O ct.' 09, 5 Oct. '09, 2% Oct. '09, 1% Sep30’09,4 8ep 30'09 2% 0 m G Oct. '09, 2 July '09. 2% Oct. '09, 2 July ’09, 5 Sep 30'99,2% Aug 1 '09, 1 Oct. '09, 2 Oct, ’09, 1% Oct. ’09. 1 Q -i Oct. '09, 1% Q-J Oct. ’09, 1% 8 4 8 2 Q-M Sep '09. 1% ____ Jan '08; 2 __ 6 Q-J Oct. 'U9, 1% 11 Q-> Oct. '09. 3 7 J-H Sep30’09, 2 G M-N May '09, 3 6 Q-J O ct. '09. 1% Q -l July ’09, 2 8 Q-J Oct. '09. 1% 7 I K Q-J Oct. ’09, 1% 0 Q-J’ Oct. '09, 1% 4 A-Ui Oct. ’09. 2 8 *t“ 2, Q-J Oct. *09, 21* Q-J Oct. '09, 2 Q-J Oct. ’09, 1% ____ ____ Q-M Sep 3 0 ’09, 4 Incorp orated/ 1901; V .87 ,p .1138 ____ 6 Q-J> Oct '09, 2% 1 6+ 4 10 + 4 n Oct. '00. 4 C 6 Q-J Oct. '09. 1% 2 4 M Q -J Oct. '09, 1% 12 12 Q -J Oct. '09, 3 6 6 Q -J 3cp30'09,l% 8 8 Q -) Oct. '09. 2 6 6 J-J July '09, 3 6 6 Q-J O ct' ’09, 2 8 *8 Q-J Oct.. '09, 2 Beg. b us.J'ij* 1 2 ’d 9 V .89,p.141 O j -j luiy '09, 2% 6 G Q-M Sep 39'09. 2 c 0 Q -L Oct. '09, 1% Began bustn ss So pt 5 1908 Q-J Oct. '09. H* 6 6 6 9+ 1 G 6 0 8 7 ___6 3 10 6 Do a d d e d t o r.r C h 'c a g o b onil ■prices. • B id e n d asked p r lce j, n o sales were m ad o on this d a y . T Sept. 1 . --------------- - - In stitu tion s. ( N o p Ico F riday: latest price this w eek . a D u o D ec. 31. ftDuc Jun e . k bo Increased. //D iv id e n d ; aro paid Q -J w ith e xtra p a y m e n ts Q -F . r A i o f date A pril 29 u n d er n am . of C cm m eroia N ationa l, w ith 3 7 ,0 9 0 ,9 9 9 cap ital; V. 39. >>. 571. : Canitai to .>. ------------ --------------------------- -■ . . . ---------, A lso s to c k d iv id e n d o f 33 1 - 3 % . nCapItat a n d surp us t o 1909. s B ankers a n d C om m ercial N ation a l banks m erged Increased. BOSTON STOCK E X C H A N G E-S tock Record. Daily, Weekly and Yearly SH AR E PRICES— NUT PER CEN TU M PRICES Saturday Oct. 23 M onday Oct. 25 Tuesday Oct. 26 Wednesday Oct. 27 Thursday Oct. 28. Friday Oct. 29. Sates ol the Week Shares 102 Highest Highest R a ilroads 98 Jan 13 469 A tch T o p & San ta F e .1 0 0 119% 120 * 12014 12012 *119% 120% 120=8 121% 121% 123% 122*8 122% •10378 104% 103*s 104% 103*2 104*2 103% 103% *103% 104% *104% 105% 7 D o p r e l____________ 100 )0034 Jar. 15 228 228 78 B oston & A lb a n y ____ 100 225 Jan 4 229 229 228 228 228 22 S'3 228 228 228% 229 131 130% 131 *130 205 B oston E le v a te d ______100 124% Jan t 130% 13012 13012 13012 131 131 130% 131 * ____ 229 * ____229 ... * ____ 229 . . . *228 11 B oston & L o w e ll_____ 100 224 Jan 12 228 228 *228 150 1501 15034 151 172 B oston & M aine_____ 100 132% Jan 2 *150 151 150 151 150 15012 150 150 ____ D o p re f_____________ 100 151 F e b 26 Last Sale 152 July'09 295 S ep 14 O ct’09 Last Sale 299 ------ B oston & P r o v id e n c e . 100 *299 300 *299 ____ *299 *299 1134 Jan 2 *18 181 18 18i2 506 B oston S u b u rban El C o s . 18% 18i2 19 18% 18 18*4 75* *7*5* *74 75 7434 75 60% Jan 5 74% 75 649 D o p r e f________________ 74 7434 74U 74*4 11 11 * ____ 12 11 11 *10 13 76 B o s t o n * W o r E lec C o s __ 10 M a y lo ♦ 11 12 *11 12 64 63 53 62 Jan 5 *53 54 * ____ 50 D o p r e l________________ *50 64 * - . - 64 * ____ 54 9 Chic Ju n e R y & U S Y .1 0 0 143 .’ an 25 155 155 71 D o p r e f . . ....................100 116 MchlO 117 117 117 117 Last Sale 170 July’09 ------ Con & M on t, Class 4 . .1 0 0 170 Jar. 26 Last Sale 139% June’09 ------ Conn & Pass R lv p r e f - 100 139 Jan 2 Last Sale 270 O ct’09 ------ C o n n e cticu t R iv e r ____ 100 267 Jan 15 132 132 129 130 *130 132 129 130 115 F ltch b u rc. p r e f_______ 100 129 J ’ly 29 130 130 130 130 99 *99 99% 10 Ga R y & E le ctric____ 100 76 Jan .> *9812 9912 98% 98% *98 100 * ____ 9912 87 87 87 * ____ 88 * -----*86 88 14 D o p re f_____________ 100 79 Jan It * ____ 85 "id * 86 Last Sale 195 +198 O ct’09 ------ M aine C en tral__________ 100 195 O ct t l 16*4 *17% *17 17% 1634 17 17% 17% 1,035 Mass E le ctric C os____ 100 11% Jan 12 17 17 17 17 80 80% 80*2 80% 495 D o p r e f_____________ 100 80% 81 80% 81 68% Jan 15 *80 *7934 81 162 169 168 170 163 1631= 1,993 N Y N H &H a r tfo r d . 100 157 Jar. 21 169 169*2 168*2 169 169 169 Last Sale 149 Aug-09 ____N orthern N H __________ 100 146 F e b 4 210 210 2 N orw ich & W o r p r e f-1 0 0 200 A p r 13 Last Sale 2 o5*" Oct"’09 * ____ 200 200 ____O ld C o lo n y ____________ 100 194 Jan 6 * _____ 200 26 A p r 27 34 34 5 R utland p r e f______. .1 0 0 00% M ch 2 175 Seattle E le ctric_______ 100 113% 114% 1141*2 1*14% 115* 1*15% *11312 114*8 *11312 114% *11312 114% :___ 97% A p r 5 46 D o p r e f_____________ 100 104 103 103 103*4 * ____ 104 * ____ *103 104 *103 104 1,522 U nion P a cific ............... 100 il727g Feb 26 202 197*4 200% 198*4 19812 19738 2007g 199* 19934 199% 200% 202 03% Mch 2 20 D o p r e f_____________ 100 *10178 10278 * 10218 103% 103% 104% 1025g 102=s * 102 % 103% *103% 104% Last Sale 172 O ct’09 ____V e rm o n t & M ass_____ 100 165 Jan 20 88 Jan 2 40 W est End S t .....................50 92% 92% *92 93 92% 93 94 *93 94 93 93% *93 O ct 12 67 D o p r e f______________ 50 103 103 104 104 *104 105 *104 103% 103% 103 103 144 M ch l2 Last Sale 145 July-09 ____ W o re Nash & R o c h -.lO O M iscella n eou s 33% Jan 2 4634 940 A m er A gricul C h e m ._ 1 0 0 45% 46% 45*4 45*4 45*2 46% 45 45% 45% 45*8 45*2 94 Jan 18 102 102 740 D o p r e f____________ 100 10 1 101 102 102 100 i o n 2 101 101% 10034 101 87g 87S 8S4 9 8*4 87S 756 A m er Pneu S e r v i c e .. 50 884 6% Jan 26 8% *812 9 8*s 8*2 2134 22 21% 2134 22 22 617 D o p r e f........................ 50 13 Jan l:i 2112 22 2 112 21% 2U 4 2 1 * 132 133% 133 134% 1,976 A m er Sugar Retln____ 100 121% J ’ ne22 130% 131 130% 133 129*4 12934 12934 130 127 127 341 D o p r e f...................... 100 120 J ’ ne2b 126 1263g 1263s 12634 126 127 126 127 127 127 13978 14012 1397g 14038 139 140% 139% 140% 140% 141 140% 1413s 7,991 A m er T elep & T e le g .-lO O 126% F eb 1 35*4 *34% 36 145 A m erican W o o le n ____ 100 27% F eb 4 35% *3434 35% *35 3334 36 35 36*2 *36 10234 103 103 93% Jan 15 103 10212 103 102% 103 823 D o p r e f...................... 100 10234 103 102 103 334 Apr 1 200 B oston L a n d ___________ 10 8% *7% 8% 812 *7*2 *7% 8% *7% 8*2 8% *7*2 8*4 28 C u m b T elep & T e le g .1 0 0 125 Jan 25 *146 . . . *140 *1453j ____ 147 147 *145 146 *146 18% Jan 11 311 D om inion Iron & Steel__ 59 557g *6*6% 57 67 *56% 67% ♦58% *55 56*4 10% 13,875 East B o sto n L a n d _______ 7 Jan 4 10% 1034 10% 10% 10% 12 9 9*2 9% 912 " 9 " 29 Edison E lec Iliu m ___ 100 245 Jan 2 252 252 *250 252 252 252 252 252 252 252 145 General E le c tr ic ______100 I503g F e b 24 163* 1*6*3** 162 162 161 161 161 I 6U 2 160 160 74% 2,519 M assachusettsG asC os 100 59 Jan 5 74% 74% *741*4 *7*4*38 74% 7434 74 74*2 75 75 74 288 D o p re f....................... 100 93 93 93 937g *93 94 8.J Jan 5 95 9412 9334 94 95 94 67 M ergenthaler L in o ___ 100 102% Mch 12 215% 215% > 212 215 213 213 *213 214 *213 215% *214 215 192 M exican T e le p h o n e .. 10 2 Jan 5 +234 3 3 3% 3 3 3 3*4 3 « *3 68 A p r 24 1.650 N E C o tto n Y a rn _____100 122% 122% 122% 124% *122* 1*2*4* 125 118 118 119 124*2 03 Jan ■; 252 D o p re f____________ 100 * ____ 115*2 115 115*2 115l2 116 116 116 116% 116 116% 118 197 N E T e le p h o n e ..............100 126% Jan 5 135 134 134% 134% 13434 135 *134*2 136 134*2 13412 134*2 135 76 F e b 6 t _ 107 * ____ 107 102 102 * _____________103 10 P acific C oast P o w e r ..1 0 0 107 150 P u llm an C o ___________ 100 168 Jan 30 i9134 19134 191 191% 194 194 +193* 194 192 192 i o l * 191 9*4 Jan 11 45 R eece B u t t o n - H o le .. 10 *11 11 11 11% 11 * 11 11 11 11% 111 11*2 * 11 613 Sw ift & C o ....................... 100 100 Jan 9 103 108% 108% 108% 108l2 108% 108*4 10834 108% 1081 20% May21 86 T o rrln g to n , Class A __25 2434 2412 2412 2434 2434 24% 24% *24% 2434 24% 24% *24% 24% Jan 29 30 D o p r e f_____________ 25 . ♦27 *27 ____ *27 26*2 26% * 2 6 % ____ *27 1 Jan 26 O ct’09 ____U nion C op L ’ d & M ’g . 25 Last Sale 1% 235 U nited F ru it...................100 120% Jan 13 162 163% /il49 149 164 165 163 163% 163% 164 164 1641 x54 M chlO 69*4 3,830 Un S hoe M ach C o rp __25 68% 6834 68% 68*4 69% 69% 68*2 683,i 6812 68% 68 28% Jan 11 1.399 D o p r e f_____________ 25 30% 30 30 30 30 30% 3038 30 30*4 3012 30% 30% 4i34 F e b 21 8678 89*_ 88% 89% 89*4 91 36,325 U S Steel C orp _______ 100 863s 877g 86% 88% 87*8 89*s 335 D o p r e f____________ 100 107 F e b 23 *125*8 12612 126 126 *126 126% 126*8 126*8 126*4 12734 127% 128 6% Jan 11 511 W est T elep & T eleg__100 107g * 10 % 11 % 107g 107g * 10% 11% 11% 11 *10 11 *10 245 D o p r e f . .................... 100 76 M ch 3 *88 90 *88 90 89 89 90 89 89 *88 89 *88 M ining 47g O ct 28 570 A dven tu re C o n _______ 25 4% 5 4% 5 5 5 5 5 5 *5 5*2 5 34 Jan 29 1,470 A llou ez......................... 25 56 66% 68% 60 65 55% 54 64 55 *5412 55 54 65 F e b 20 84% 87% 48,710 A m algam ated C opper 100 80% 82% *8178 84% 79*4 8012 80*4 8134 80% 817s 23 Mch 27 36-% 4,716 Am Z in c Lead & S r n .. 25 35 35% 35% 3534 3534 3434 35% 3434 35*4 34=g 35 38% F e b 26 49 49 lu A n a c o n d a ______________25 30 F e b 2u 437S 44 4434 40 44% 8,961 Arizona C o m m e r c ia l.. 26 43 43% 43% 42 4212 42 43% Sep-09 ____ A r n o ld ___ ___ ______. . . 25 45 F e b 17 Last Sale 1 .75 .99 .99 *.75 .99 *.7 5 .99 *.7 5 770 A t l a n t i c ............................25 8 J ’ly 16 11 11 11% 11% 10% 10% 10% 11 *10 * 1012 1034 *10 8,098 B onanza (D ev C o ) . . 10 .70 .65 .80 .70 * .6 5 46 F eb 16 .70 .65 .65 .60 *.5 0 .55 .50 10*4 M ch 15 14% 1,014 B ostonC on C& G (rets) £1 13% 1334 14% 13% 13% 1334 1334 1312 1312 13% 13=8 2034 21% 1,440 Bos& C orbC op& SU M g 5 17% JT y 14 20% 203S 20*8 20% 19% 19% *1958 20 1912 1912 2138 F e b 24 2634 27% 2634 27% 27 27% 28% 17,10b B u tte C oa litio n _________15 27% 26*4 267g 2612 207s 96% M ay 3 1,114 C alum et & A r iz o n a .. 10 104 98 98 98 99 100% 101 97 97% 99 99 98 685 F e b 23 59 C alum et & H e cla ____ 25 640 640 *640 670 640 640 650 655 660 640 645 29 F eb 1 1,156 Cen ten nial___________ 25 3612 36% 36% 39% 40 36 35 *3*7*% 37% 39 37% 37 * ____ .15 * .1 1 1.400 Cons M ercur G o ld ____ 1 .10 J ’ n e 26 .15 .15 .15 .15 .15 .15 .15 .15 .15 6 8 F eb 26 78 78% 7834 79% 79 78*4 79 80 80% 1,795 C op per R ange Con C o 100 79 78% 79 7% M ay2s 520 O n ly -W e st......................... 20 8 8 8 8 8 8 7*4 8 8 *7*2 7% 7% 7% F eb 1 10*4 11 10% 10% 10% 10=8 10% 11% 2,676 East B u tte C op M i n .. 10 10 % 10% 10*2 101 1 O ct 29 150 Elm R ive r______________ 12 *1% *1% 11 1% *1% 1% 1 1% * 114 *1*4 1% 1>; 13 Feb 25 16 16% 16% 16% 163! 16% 17% 3,786 F r a n k lin _______________ 25 16% 16*8 17 16*4 16*4 738 J ’ nelO 834 834 834 6 834 87; 8% 8% 878 9*s 2,740 G iroux C o n s o lid a te d . 8*4 8% 8*4 00 F eb 26 170 G ra n by C on solld a ted -1 0 0 96 0C% *95*2 97 +95 9512 951 97 *95 100 97 97 9 F e b 26 103t 1034 10% 1034 1034 11 1058 10*4 10 % 1034 11% 11*8 11,085 Greene C ananea_____ 20 8% Sep K) 11 11 270 H an cock C on solidated 25 11 11 * .... ”11 * 10*8 m 2 11 11 6 J T y 21 **61*2 666 H elvetia C op per_______ 25 6% 63g 638 63? 6% 6% *6% 61. 6*4 6*2 6*4 22 % A p r 27 4,595 Isle R i.vale (C o p p e r ). 25 2134 2434 24% 25% 26% 26 25 25% 24*8 24 24% 247, 7% A p r 30 5 834 8% 8% 8% 834 8*4 8% 2.651 Kerr L a k e ___________ *812 8% 8% 8*8 8* 36*4 16 Jan 30 3634 37% 6,197 Lake C o p p e r___________ 25 3334 34l 2 3414 345, 34% 3534 36 34% 35 14% 145g 14% 1458 1,715 La Saile C o p p e r . . . . . 25 10*4 J ’ly 10 14*4 14*4 14% 14% 143S 14% 14% 14 2,051 Mass C o n so l____________ 25 4% M ch 1 63S 534 6 6% 5% 5% 534 6 *512 6% 512 5% ____M a y flo w e r _______________25 .30 A p r 29 O ct’09 Last Sale .60 .70 *.50 .70 ♦ .50 .70 * .50 .70 *.5 0 540 M exico Cons M * S __10 3% A p r 16 5% 6% 5% 5% 5% *5 *5 5% 5% 6*4 6I4 514 123j Feb 26 5 15 16 147g 15 16 16*8 8.324 M iami C o p p e r________ 15 15 15 15 15*4 15*4 534 O ct 16 5% 67g 6% 6% 1,515 M ic h ig a n _____ ______ 25 6 6*8 6*8 6 6 6 6 6% 411 M oh aw k________________ 25 *57% J 'ly 16 59% 60 69 59 69 69% 69% 60 69 69 *59 69 19 l-’ eb 11 ____M ontana Conso C & G 10 0 cf0 9 Last Sale .20 16% F e b 26 4,283 N evada C o n s o lid a te d . 5 24% 25 2334 24 24% 24% 2378 24 24 24 24 24% 97g O ct 1078 11% 11% 11% 2,371 N lplsslng M in e s ______ 5 1034 11% 11% 11% 1U2 11*2 11*4 11*2 47% JT y 10 58% 61 14,122 N orth B u tte .................... 15 56% 57% 57% 68% 56% 57% 56=8 67*2 56*2 57=8 4% M oll22 7% 7% 7,585 N orth Lake ($8 p a id ) . 25 7 7% 7% 7*2 7% *7% 7% 734 7*2 7*2 40 J ’ne21 Sep’09 ____Old C o lo n y ___________ 25 *.50 .65 *.5 0 .65 .65 * .50 Last Sale .60 .65 *.5 0 47% F e b 24 600 O ld D o m in io n ____ . 25 52% 53 *49 50 *49 50% 61 60 49 49 49 49 303 O s c e o l a ..............................25 122 F e b 26 150 150 *150 *154 ... 157 159 150 152 *150 26 F eb 2,780 P arrott (Sliver & Cop) 10 29% 30 28% *2*914 29% 29% 29*4 30 29 29% 29 3*0 178 Q u in cy ............................. 25 85 F e b 86 86 85% 87 86% 87 *85 86 85 85 86 86 *17g 134 O ct 12 2 100 Santa Fe (G old & Cop) 10 *134 *1% 2 2 *134 2 *178 2 17S 1% 13% F e b 26 15*4 15*2 15% 15*4 15% 16% 3,310 S h a n n o n ------------------- 10 15 15% 15 15% 15lg 15% 1,000 S u p e rio r________________ 25 34 Jan 6 58% 58*4 58% 59 57 57*8 58 57 57 57 57 67 13% O ct 28 14% 1,438 S u p erlor& B oston Min 10 13% 135S 1334 *14% 1412 14 14 141g 143g 14% 14% 15 15 12% A p r 27 15*8 16*4 *15 15% 15 15 15% 15 16*8 3,777 Su p erlor& P Itts C o p p - 10 70 200 T a m a r a c k ______________25 *65 62 J 'ly 16 69 65% 67 *65 66 6512 68 66 10 1,153 T r in ity ................................ 25 10 O ct 22 10 101 10 10* 10 10 10 10% 10% To 200 U nited C o p p e r . . . .1 0 0 8% J 'lie 22 9*4 9*4 *9 9% 9i 9% *9% 9% *9% 9% 367g 3734 5,088 U nited S tatesC oal& O ll 25 28 Jan 12 36*4 363, 36% 36% 37*2 37*4 36% 3678 36*2 37 6434 54 63 54 39 F e b 26 53% 64% 54% 55% 9,852 U S S m elt Ref & M in . 50 53 53% 63)4 54% 52S8 6278 52% 621: 1,753 D o p r e f ......................... 50 52 62% 62% 44 Jan 8 6178 6212 63 62 62% *4% *4% 4 41 875 U ta h -A p e x M in in g ... 4% 4 O ct 29 *4 +4 41; 4*2 4% 4*4 4% 4334 1,621 Utah C o n s o lid a t e d ... 42 42 42% 42 43 417g 42 37% F eb 24 42 43 42*4 4214 56 Utah C opper C o . ____ 10 3934 F e b 26 48% 49 46% 46% 48 *47 334 110 V ic t o r ia ________________ 25 4 31 *3% *3 334 3% 3 O ct 28 3 3 ‘ *31*2 "334 *3*2 •34 A p r 30 165 W i n o n a _______________ 25 67g *6% *6% *6% fil 7 7 7 7 6% * 6*2 6% 53 W o lv e r in e ______________:;5 130 M ch Is 147 150 145 145 *145 150 +____ 150 *145 149 *145 150 2 ■l O ct 6 3% 5,330 W y a n d o t ___ __________ 25 2 2 2% *178 c Betore p a y ’ t o f assess'ts called in 19uu. • B id and asked prices, d N ew stock, e A ss't paid, b E x -s to ck d lv . h 12212 Itamie lor P evious Year »1908) Range since Jan. 1 1909. STOC KS BO STO N STO C K EXCHANGE 125% O ct 106 o lie 239% A pr 132% A p r 22 235 M chlO 161 O ct 12 160 A p r 301 Jan 22 F eb 76 F e b . H ch 12 1*% £5% O ct 7 162 .> 'ic28 123 j ’ly 6 173 Men a 142% Mch 25 175 M c h lo 136 F e b 5 9812 O ct 27 88% S ep 15 jU5‘4 oan i3 19 O ct 1 83 S ep 29 i74% J 'n c l 1 149 A u g 9 215 S ep 2 200% Jan '8 40 J ’ ne 5 117% A u g In 107 A u g 3 21834 A u g 16 117% A ug 16 175 -Ain 17 98% A p r 23 112 A p r 27 146 M ay 19 67r'\ Feb 8: % Mel 181% Jan , i ‘2 1l» D ec 200% Feb 114 O ct 136 Feb 284 Jao 9 ill ' 4b Jan 8% N ov 47% D ec 126 Jan 102 Jan 163 D ec 133% Sep 244 Jan 117 Jan 67 A pr f'l Oet 103 N ov 8% Jan 40 Jan 128 Jan 140 Jne 200 A pi 175 Jan ‘ 5 Jan 70 Feb 88*3 Jan 110% Mch 783j Apr 160 Jan 76 Jan 06 Jan 133 JTy 101% D ec 104% D eo 230 D eo 140 Jan 223 D eo 140 Jan 156 Jan 301 N o v 13 M ch £8 N o v 17 J an 60% Jan 151% D eo D 0% D eo 166 M ch 138 A p r 263 D eo 133 N o v 86 D eo 85 D eo 193 N o v 1334 N o v 64 N o v 101 N o v 145 A p r : 05 F e b I96is D eo 34 D eo 15 D oo 1 02 D eo 185*8 N o v 07% N o v 101 N o v 91% Sep 1 10 D eo 140 Mch 50% A u g 12 105 JT y 23 F e b .3 J ’ne 14 136 A p r 8 131 A pr la 145% Sop 20 40% A u g 27 108 .I'tf 11 8% O ct 26 147 O ct 29 60% O ct 6 l3% J ’ne 9 260 A p r , 173 A u g / 7b O ct 22 97 A p t 20 220 F e b 17 8% O ct 15 126 O ct 26 118 O ct 16 139 S ep 20 108 O ct 13 199 A u g 7 12 S ep 29 114% A u g 6 25 A u g 13 28 O c t 9 2 Apr V 167 S op 20 71 O c t 7 31% S ep 21 947g O ct 4 131 O ct 4 12*4 M ay 6 90 JT y 15 13 Jan 77 U r 4 Feb 9% Feb 99% Jan 1U0 Feb 99 Jan 16 Jan 773j Feb 3 Jan 96% Jan 1434 Jan 4% Mch V01 Mch 111 Jan 41' M il 77 Jan 192 Apr 1 Mcl 40 Mch 76 Mcl 105 Jan 51% J ’ne 147 Jan 0 A pr 88% Jan 20 Jan "3 May 1 % Mch 114% Jan 38% Jan 2478 Jan 20 Jan 87% Jan 4 Feb 69 Jan 36 N o v 96 N o v 12 D eo 23 D eo 137*3 N o v 132 N o v 132% N o v 323g D ec 96% N ov 4% D eo 128 N o v 21% D eo 8% N o v 253 N o v 102 D eo 60 D eo 90 N o v 215 N o v 3 O ct 78 N o v 93 D eo 128 N o v 79 D ec 174% N o v 10 % N o v 108% JT y 24 O ct 26% D eo 2% Jail 148 JT y 62*8 N o v 30 N o v 68*4 N o v 114 N o v 9% N o v 80% D eo 10 % M ay28 62 O ct 1 68% A u g 2 36% O c t 29 61*8 J ’ne 4 48% S ep 29 1 Feb i 18 oan 2 80 M ay 7 17% M ay 8 22*8 Jan 2 28% O ct 29 1% Feb 24 A pr 45 Feb 20*4 Jan 28 Feb 14 Jan .40 F e b 8 A pr .25 O ct 10% Apr 11% Apr 16% Jan 93 Feb 605 Mch 2 1 F eb 25 Mch 66% Feb 7 Jan 8*4 D eo 99 Mch 6% A pr 12% A u g 41% N ov 83% N o v 30 J ’no 63 N o v 40*s D eo .90 A u g 19% N o v ,75 N o v 18% N o v 25 N o v 30 A u g 130 A u g 700 Jan 86*4 N o v 45 J ’ne 83% N o v 117* N o v 10 D eo 2% N o v 19% N o v II* l l 'J uvu 4 695 A u g 13 44% S ep 3 .36 •an 15 86% A u g 12 12 Men 19 10*8 A p r 29 2% Jan 16 19 A u g 3 10% A u g 2 110 Jail 4 123.1 Jail 2 12% J ’ nelO 7% A u g u 33% F e b It 9*8 A u g 19 39 A u g 18 163., F e b 16 18% May2h 10 JT y 2 6% MnylO 17% A u g 6 13% M ch 4 70% Jan 8 .40 A p r 6 25% A u g 12 13 Sep 21 55% Ja.i 2 1 1% A u g 0 .75 A u g 6 69 A u g l l )60 O ct 4 36% J ’nelO 69 Jan 4 27,8 Jan 8 17% Jan 4 62% A u g 3 18% Ma>2» 18% JT y b 90 F e b 26 17*8 Jan 23 16% Jan s 38% O ct 18 50 Sep 21 64 O ct 4 6*4 Jan 26 48% A u g l l 64 A u g 1: 6% M ay 0 83g Sop 20 168 A u g 12 4 Jan E x -rig h ts , u 50 Jan 6% Jan . 10 J ’ly 13% A u g 1734 F eb 26% Jan 10 Sep 12% Jan 2% Mch .26 Jan 31= D ec f*4 Sep 7% Feb 46 F eb JT D ec 8*8 Jan 24% D eo 17% Jan 83s A u g .75 J 'ly 8 Jan 16% D eo 15% N ov 73 N o v 1*8 Jan 20*4 N o v *403* Feb 59*4 N o v .50 Jnn 28 Jan 77 Feb 10% Jnn 77 F eb 1*« A pr 9*4 F eb 14 A pr 1 60% 135% 31% 100 3*» 19% 36% JTy D eo D eo D eo Aug N ov N ov N ov 20% N o v 14*8 O ct 88 N o v 60 Mch 26 A ug 12% Feb 16 % N o v 4*8 Mch 39% NOV 9 Mch 40% N o v 28 Mch 47 N o v 37 Feb 43S S ep 7 N ov 60 A ug 29% Jan 53 N o v 28% May 2% A pr 6 N ov 4% Jan <7%Nov inn 165 o m N o/yv 116% Jan .60 3% O0% E x -d lv . a n d right#. P rice f ’r id a u Oct 29 B O ST O N ST O C K K X O H ’ G S ------------------------------------W bek E nding O ct 29 A m T e ls n * T el c oll tr 4 s .1929 C on v ertib le 4 s ........ ........ 1996 A m vVnt Pauer 1st s 16s « 1919 A m Com Cop 1st c o n v Gs 1918 A ten Ton * S Fe g e n g 48—1995 A d ju s tm e n t e 4 s___ J 'ly 1995 Stam ped ................ J ’ ly 1995 60-year c o n v 48..............1955 10-year c o n v 5 s .............1917 A t l G u ll * W 1 S3 L in e s 5 s .’ 69 B oston E lect L Ootisoi o s . 1924 Boston its L o w e ll 48........... 1 9 1G Boston <te M aine 4 4 s ......... 1944 B oston T erm inal 1st 3 4 8 .1 0 4 7 Bur <ts M o R iv c o n s G s ___1918 S in k in g tnnu 4 s ................1910 B u ttons B oston 1st Gs___ 1917 Cedar Bap * M o l i 1st 7S.191G 2d 7 s ..................................... 1909 Dent V erm t 1st g 4 s ..M a y l 0 2 0 0 B & w Iow a D iv 1st 68.1919 Iow a ili v 1st 4 s ................ 1919 D ebenture 5 s ..................... 1913 D enver E x to n 4 s ..............1922 N ebraska E x te n 4 s ........1927 B & S \V s 1 4 s................... 1921 Illin o is D iv 3 4 s ................1949 J o in t bonds s e e G t N orth e rn J h i o j c By & Stk Yus 6 s .1915 C oll tru st r e fu n d in g g 481940 Oh M U * St P D u b 1) 0 s .. 1920 Ch M * St P W is V d iv 081920 Chic * N o M ich 1st gu 5 s .1931 C h ic * W M id i gen fts___ 1921 C on cord & M on t c o n s 4 s ..1 9 2 0 Conn * Pass B 1st g 4 s . .. 1943 C u rren t K lver 1st 6s ......... 1927 D et G r Bap * W 1st 4 s . . .1 9 4 0 D om inion Coal 1st s t 6 s . .1 9 4 0 F itch bu rg 4 s ......................... 1916 4 s .......................................... 1927 P rom t E lk & M o V 1st G s.,1933 U nstam ped 1st Gs........... 1933 G c N or O B * Q c o ll tr 4s 1921 R e g is te r e d 4 s ..................... 1921 J -J M -8 J -J M -S A -O N ov M-N J -D J -D J-J M -S J -J J -J F-A J -J J -J A-O M-N J-D q -p A-O A -O M-N F-A M-N M-S J -J j J -J A-O J -J J -J M-N J -D J-D A-O A-O A-O M-N M-S M-S A -O A-O J -J <4-J, B a n ker 'l l ! S in !* |! B O S T O N S T O C K E X C H ’ G E L a st Sale ^ J a n u ary 1 W bek E n ding Ocrr 29 1 ' Sf P rice F r id a y Oet 29 W eek’ s R ange or Last Sale lw 1 i’e g SS R an ee Since J a n u a ry l H ig h No ] tow Jiigh H igh, .V* J,oi» Highi B id A sk Low B in A s k Low 9 2 4 64 9 1 4 9G4l Illin o is Steel deben 5 s . ...1 9 1 0 J - J .......... 1 0 0 4 1 0 1 O ct ’ 09 . . . . 100*4 101 92 4 Sal* 92*8 N o n -c o n v e rtd e b e n 6 s ...1 9 1 3 A-O 1 0 0 4 .......... 1 0 0 4 105 4 73 02 4 1 0 7 4 10034 1 10041014 105 4 Sale 104 83 l a F a ll s * S i o u x C i s t 7 s .. 1917 A -O ..................... 117 A p r ’ 0 8 .............................. ..................... 83 M ar’ 09 . . . . 83 Sep 09 . . . . 130 190 1 K an C Clin & S p r 1st 6 s . . .1 9 2 5 A -O .....................190 97 9 6 4 9 7 4 0 6 4 O c t ’00 . . . . 94 lo o 1 0 0 4 1 0 0 4 O c t ’ 09 . . . . 100 1 0 1 4 K an C F t S * G u l f e x t 6 s ..1 9 1 1 J -D ..................... 100 Sep ’09 . . . . 100 101 93 96 | 94 O c t ’O S----- 9 2 4 9 4 4 K a n C F t S c o tt * M Os___ 1928 M-N 118*0 1 1 9 4 119 4 O c t ’ 0 9 . . . . 1 1 6 4 1 2 0 4 94 4 K a n O M & B ge n 4 s ............1934 M-S 93 4 94 1 03 93 I 4 90 94 93 9G ! 9 4 4 O ct ’09 . . . . 93 A sse n te d in co m e 6 s ......... 1934 M-S 1214 1 1024 1214 1 2 1 4 Sale 1 2 1 4 91 92 ! 92 92 I 2 86 4 9 2 4 J ’ ne 09 . . . . 1 0 3 4 104 113 4 ......... 12 0 4 A u g ’ 09 . . . . 1 0 7 4 1 20 4 K a n C & M B y & B r 1st 6 s l9 2 9 A -O 1 0 4 4 ......... 104 7 0 4 119 69 7 3 4 M a in e C en t con s 1st 7 s . . .1 9 1 2 A-O ..................... 113 ’ a N o v ’ Od . . . . ................... . 70 Sale 094 C on s 1st 4 s ..........................1912 A-O ....................... 1 0 1 4 Sep ’ 0 5 .............................. F e b ’ 04 ..................... 1 1 0 J’ n e’ 0 8 .............................. ..................... 100 4 M ar’09 . . . . 1 0 0 4 1 0 0 4 M aro H ou gh * O nt 1 st Gs. 1926 A -O ..................... 116 _ M ass G as 4 4 s (r e c t s )......... 1929 98 Bale | 08 98 I 9 98 100 , ..................... 104 4 O ct ’08 M e x ica n Cen tral oons 4 s ..1 9 1 1 J - J ..................... I 80 ..................... 1 1 2 4 Jan ’ 03 . . . . 8 4 4 86 I 102 li l s t e o n s in o 3 s ...........Jan 1039 J ’ly .. .. 102 O ot ’09 ..................... 10 2 A p r ’ 08 ..................... 1110 H ..................... 1116 4 A p r ’ 08 ..................... 90 4 Jan '09 .. .. 9 9 4 99 4 I 2d. c o n s m e 3 s ...........J an 1939 J ’ ly M ich T e le p ls t 5 s .................. 1917 J- J J ’ ne’ 01 ..................... 10 0 M ln n e G en E le c c o n g 6 s 1929 J - J . . . . . . . . . . . . 1 0 2 4 A u g ’ 0 4 .................................. J ’ ue’ 08 ..................... 117 N e w E n g Cot Yarn 6 s ....1 9 2 9 F-A 1 0 4 4 Sale 104 ..................... 1 1 1 4 J ’ly ’05 104 4 22 102 4 1 0 4 4 83 | 1 0 , 81 00 4 N e w E n g T e le p h 6 s ........... 1915 A-O ..................... 102 F e b ’ 0 9 ____ 102 102 88 89- | 88 5 s........................; ..................1910 A-O ..................... 100 4 Sep ’ 08 . . . . ......................I ..................... H103 Oot ’ 07 !! 9 9 4 100 V N e w E n gla n d c o n s g 5 s ... 1946 J - J ..................... 1 0 9 4 J ’l y ’ 09 jl A p r ’ 08 ! B o sto n T e rm 1st 4 s ........1939 A-O ..................... 100 O ot ’ 09 . . . . 0 9 4 1 0 0 N Y N H & H con d eb 3 4 s l 9 5 6 J - J ..................... 100 . 1 0 9 4 O c t ’09 . . . . 9 7 4 1 « 9 4 May'00 . . . . 1014 192 I C o n v deb Os ( c t f s ) ......... 1943 J - J . 1 4 1 4 S e p ’ 09 . . . . 134 1 4 1 4 ..................... 10 2 Old C o lo n y gold 4 s .............. 1924 F -A 99 O ct ’ 09 ....'I 9 8 4 99 . 101 A p r ’09 . . . . 101 101 89 4 O ct ’ 0 9 ',....|| 8 9 4 92 O reg B y * N a v c o n g 4 s . . 1940 J -D 7 9 8 4 Sep ’ 09 984 984 O reg S b L in e 1st g Os........1922 F-A .'1 1 8 4 M ar’ 09 . . . . 1 1 8 4 119*5 p u b V a lle y 1st s f O s...1 9 1 9 J J R e 1 0 1 4 1 0 1 4 1 5 1 0 1 4 1 0 4 .1 0 5 D e c ’ 08 1 0 1 4 Sale R u tlan d 1st c o n ge n 4 4 s . 1941 J - J 03 O ct 0 9 . . . . 91 94 . 1 0 7 4 N o v ’ 05 9 0 4 92 R utland-C anadlan I s t 4 s l9 4 9 J - J 1 1 8 4 F e b ’ 09 . . . . 1 1 8 4 1 1 8 4 . 102 M a i’ 02 Savannah E lec 1st c o n s Ss.1952 J - J 120 F e b ’05 .1 9 8 4 M ay’06 103 | S eattle E leo 1st g 6 s ..........1930 F-A 103 Sep ’ 09 . . . . i o i 1024 .1 0 4 4 O ct ’ 09 . . . . 104 1 0 6 4 10G J ’l y ’ 09 . . . . 10 2 1 0 0 4 T e r r e H a u te E le o g o s . ...1 9 2 9 J -J .! 97 A p r ’ 07 T o r r in g to n 1st g 6 s ........... 1918 M-S 91 D e e ’ 07 .1 0 2 A n g ’09 " I * ib‘ 2 ” i o i ’ * U n io n P a c R R * 1 g r g 4 a .l9 4 7 i J - J 112 4 Jan '0 3 1 0 2 4 A p i ’09 . . . . 1 0 2 4 103 4 20-year c o n v 48................ 1927|J-J 9G F e b ’09 - “ ” 9 6 " ’ y d " |i . 1 1 0 4 J ’ ne’ 09 . . . . 1 0 2 4 1 1 0 4 90 4 Sale 92 4 U n ited F ru it g e n s 1 4 4 8 .1 9 2 3 J - J 90 90 4 10 9 5 4 97 9 0 4 91 O ct ’ 09 . . . . 87 1 9 6 4 9 7 4 U S Coal & O il 1st s I O s.. 1938 M-N , 160 O ct ’ 09 . . . . 120 155 0G 4 964 ' U S S t e e lC o r p lO -O O y r 5 s .l9 0 3 :M -N .................... 103 4 A p i ’ 05 105 1054 3 102 4 1 0 8 4 !, W e s t E n d S tre e t K y 4 s . . . .1 9 1 5 F -A ................... 9G A p r ’ 03 . 1 0 0 4 A p r ’ 09 . . . . 1 0 0 4 1 0 0 4 G old 4 4 s ........................... 1914 M-S ..................... 133 M ar’ OO . . . . 133 133 I . 1 0 1 4 J 'n e ’ 09 . . . . 1 0 0 4 1 0 2 4 G old d e o e n tu ro 4 s ...........1916 M-N ..................... 140 A p r ’ 06 . 99 4 S e p ’ 09 . . . . 99 4 100 4 G old 4 s ...............................1917, F-A 954 90 I 10 9 0 4 99 |l 0 5 4 Sale . 1 0 0 4 O ct ’ 09 . . . . 99 4 1 0 0 4 9 6 4 ......... 9 0 4 O c t ’ 00 . . . . 0 0 4 9 8 4 W e s te rn T e le p h * T e l 68.1932; J -J 9 8 4 Sale I 98 99 | 12; 90 1 0 0 4 I, W is c o n s in C en t 1st g e n 4819491 J -J .1 95 4 A p r ’09 . . . . ! 9 3 4 « 5 4 N o t e —B u yer pays a ccru e d in te re st In a d d itio n to the pu rch ase p rice lo r a ll B o sto n Bond*. * N o p r ice F r id a y ; latest bid an d asked. H F la t price. Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly S h are Prices— Not l ’ or Centum Prices M on d a y Oct 25 S a tu rd a y Oct 23 W ednesday Oct 2 7 T u esda y Oct 2 6 Sales 1 A C T IV E S T O C K *} the W eek ; ( t o r B on d s and In a ctive S tocks see below J Shares 0/ lY id a y Oct 20 T h u rsd a y ! Oct 28 •324 100 17 35 105 4 loti 30 36 13 35 1 *40 *46 4 44 4 *12 4 594 22 71 10 4 0 14 4 5 >4 454 12 4 69 4 22 4 7 2 *4 12 27 27 4 117 118 97 98 72 4 73 4 48 48 1 2 4 13 2 6 4 25 4 7 9 4 79 4 6 3, 0 ‘1 52 4 62 4 89 4 89 4 | 45*4 4 5 4 454 454 12 4 12 4 59 59 22 22 4 70 714 204 117 97 4 724 *47 124 254 0«8 62 89 lo o 17 36 1 0 5 4 100 *10 18 * ......... 36 *12 4 1 404 404 * 4 5 4 40 45 4 40 * 1 2 4 12 4 58 22 6 s 34 22 1 *40 454 454 *12 4 5b 4 21 71 71V 704 ___ 1 *114 27 27 27 “1 27 4 I I 63, 117 4 117 4 H 7 4 974 984 97 4 99 4 73 4 7 3aie73l®ie 73aig 4 i Hi 4 ( 4 43-4 484 12 4 1 2 4 13 - 13 25 4 26 1 25 4 2541 79 4 b07ie 796io 80 4 04 6l l io 0 * 4 o *04 62 62 1 62 62 4 8 9 4 89 4! 89 4! 89 4 P ll lL A B E L l’ H I A i n a c t iv e S l o c k s A lleg h en y V a l pt-b f .. .. 5 0 A m erica n C em ent........60 Am ur Pipe M fg ....... .1 0 0 B ell T elep h on e (P a ). 100 O am bria i r o n ................. 50 C en tral Coal * C ok e. 100 U o n s o lT r a c e ! N J ...1 0 0 D iam ond State S t e e l.. 10 P r e f e r r e d ..................... 10 E a ston Con E le c tr ic 6.60 E lec S torago B u tt....1 0 0 P r e fe r r e d ................... 100 F t W a yn e * W V ........ 100 G erm an tow n P a ss........60 In d ian ap olis S t ........... 100 T&diaua U nion T r ___ 100 in s u r a n c e Co o f N A . .10! In te r Sin P o w * C h e m .5 0 K ey s ton e T elep h on e ..5 0 P r e f e r r e d ..................... 50 K e y s to n o W atch Case. 100 L it B r o th e r s ................... 10 L ittle S c h u y lk ill........... 50 M ln ehill * S cliu y f U ..5 0 N H a v e n Ir o n * S t e e l.6 N orth ern C en tra l......... 50 N orth P e n n s y lv a n ia . .60 P en n sylva n ia S a lt........60 P en n sy lv a n ia s i e e l.,1 0 0 P r e fe r r e d ................... 100 P h ila C o (P itts ) p r e f ...60 P h il G e r m a n * N o r r is .50 P h ila T r a c tio n ............... 50 R a ilw a ys G en era l........10 S u s q u oh Iron * S t e e l..6 T id e w a te r S te e l........... 10 1 P r e f e r r e d ..................... 10 T on op a h M in in g o f N e v l U n ion T r of l n d ......... 100 iU nlted N J R K * 0 - 1 0 0 lU nit T ra o P u ts p r e t ..6 0 W a r w ic k I r o n * S t e e l.10 W e s t Jersey & S e a S h .5 0 W estm orela n d C oa l..—50 jW ilkes G a s * E l e c ..100 Bid 40 A sk | ..........1 40 4 120 122 40 4 4 0 4 70 4 ” 67 ‘ " 59” 46 4 4 5 84 12 4 584 21 704 27 4 117 98 4 74 43-4 13 '204 80-4 G34 62 894 *40 +4 5 4 45 4 *124 684 *2 1 4 71 40 40 12 4 584 40 *45 4 454 *12 4 58 22 224 11 115 67 014 100 116 434 151 89 04 04 744 12 274 1104 984 74 *48 4 13 4 25’* 80®j« P H IL A D E L P H IA B onds P rices a re a l l “ an d in terest," A1 V a l E e x t 7s 1910 A-O A l t & L V E lec 1 4 s ’ 33.F -A A u iU y s c o u v S s 1 01 1. J-D A tl C ity 1st 5s g ’ 1 9 .M -N B e r g * E llr w 1st 0s”21 J-J B etlilo Steel Os 1 9 9 8 .(J-F C h o c * M e 1st 6s 1949 J -J Ch Ok & G gen 5s ’ 19 J -J E & A 1st M 5s 1920 M -N E le c * P e o T r stk tr ctfs E q II G a s -L ls t g Q s 1928 In dia n a p o lis lty 4s. 1933 2 2 4 In te r s ta te 4s 1943 „ F -A L e h ig h N a v 4 4 s ’ 14.Q -J R lt s 4s g ........1 9 1 4 .Q -F 12 G en M 4 4 s g.l92 4.C J-F L oll V C 1st 5s g ’3 3 ..J -J L e h V ex t 4s 1st 1948. J-D 2d 7s 19 1 0 ................. M -S C on sol Os 192 3 ........J-I) A n n u ity Os............... J-D G on c o n s 4s 2 0 0 3 .M -N L e h V T ran con 4s ’33J-D i o S ” N e w Con Gas 5s 1948 J -D N e w a r k P ass c o n os 1930 N Y P l i * N o 1 s t 4s ’39 J-J 44 In c o m e 4s 1939 —-M -N 162 N oO U ioT rao c o u 5 s ’ 19.J-J 90 T e n n ge n Os 1 9 1 0 . —V a r 10 C on sol 5s 1919........Var P eu u * M d Steel co n 6s. P a & N Y Can 5s ’39. A O ......... C on 4s 1930..............A-O 0 4 P e n u S teel 1 s t 5 s T 7 M -N . . . . j P e o p lo ’ s T r tr ce rts 4s ’ 43 P C o 1 s t * c o l tr 5s’ 49 M-S " C o n * c o l tr 6s 1951M -N 1 1 4 P h il Eleo gold trust c tfs . T r u s t c e r tils 4 s .............. P * E g o u M c g ’ 20. A-O G en M 4 s g l 9 2 0 - A & 0 ......... I 1|E x -righ ts. 22 71 71*4 114 27 4 28 4 117 311 4 4 99 984 74®ia 746ia 48 4 48 4 13 13 4 244 20 81 804 04 0 5a 52 62 4 614 89 »« 89 \ 159*4 * 11 126 , * B u l and asked; u o sales on this day. 103 4 100 *16 174 * _____ 35 37 83 105<4 106 4 17 17 *34 35 * 1 2 4 13 4 1] $7.50 paid, B a lt im o r e ....... Con. G as El. L. * P o w .1 0 0 30 M ar 8 4 2 4 M a y l2 75 D o p re t....................100 76 M arlO 89 M a y l8 240 N o rth e rn C e n tr a l......... 50 100 Jan 4 111 Jan 10 85 Seaboard (n e w ).............. 100 J 14 F ob 25 21 4 J ’ n e l4 70 Do 2d prer.............100 2 2 4 F e b 2 4 41 -if a> 17 13 U nited B y * E le c t r ic .. 60 9 4 F eb 3 14*8 A u glO P h ila d e lp h ia 60 A m e rica n C e m e n t......... 50 3 7 4 A p r 13 43 Jan 2 404 40 14 A m e rica n R a ilw a y s .... 60 4 4 4 J ’ly 8 4 0 4 t e u 18 40 9,514 C am bria S t e e l ................. 50 3 2 4 Feb 23 49 Sep 21 10 E le c t r ic Co of A m e r ic a 1 0 * 1 0 4 Jan 20 1 2 4 J ’ ly 14 12 4 134 E le c Storage B a tte r y .. 100 43 Jan 30 63 4 J ’ ly 30 58 4 23 4,239 G en A sp h alt tr e fts .. 100 15 4 J a n 5 2 5 4 F eb 1 a 73 2,315 D o pret tr ctfs . . . . 100 53 Jan 5 75 O ct 4 9 4 Jan 21 15 A pr 19 260 K e y s to n e T e le p h o n e ... 50 114 28 7,222 Lake S u p erior C o rp ___ 100 144 Jan 6 3 3 4 M ay 8 878 Letngh C * N a v tr ctfs. 60 90 J a n 5 1 2 1 4 A u g l l 114 4 50 07 Feb 23 113 Sep 21 9 - 4 14,994 L e h igh V a lle y ......... V4»,« 2,818 P e n n sy lv a n ia B R ......... 50 63 4 F eb 2 4 7 5 4 S ep 29 ■18-a 1,508 P h ila d elp ’a O o (P it t 8 b ). 40 4 F e b 24 4 9 4 A u glO 13 4 0,342 P b iladelpliia E le c t r ic !. 1 1 4 F o b 23 1 3 4 O ct 11 2 4 4 Jan 5 30 4 A pi 28 2 5 4 30,,585 Pliila R apid T r a n sit . . . 10,4 (0 R e a d in g ........................... 5 9 4 F e b 23 8 0 4 Sep 2 1 814 6 4 Jan 10 7i3,a MarJO flu lO 1,425 T on op ah M in in g .......... 5 0 4 J a n 5 5 8 4 May 4 62 4 5,840 U nion T r a c t io n ............. 4,302; U nited G as lin p t............ 8 4 4 May 13, 94 4 Feu 0 90 B id \ A s k ......... 1_____ 99 i o i " 107 ii.7 ” 105 4 1 0 5 4 92 1064 *024 674 109 1094 119 148 97 121 150 974 100 4 ......... ......... 98 ib& 97 4 08 102 4 Iu3 7 5 4 75 4 P H IL A D E L P H IA I B id I A s k | Pli & Bead 2d 5s ’ 3 3 . A-O Con 31 7s 1 91 1........J-D E x Im p M 4s g ’ 4 7 .A-O T erm in al 6s g 1 9 4 1 .(J-F P W * B co l tr 4 s ’ 21. J-J P o rtla n d l iy 1st 6s 1930.! B ooh l i y * L e o n 6s '5 4 J-J S pa n ish -A m i r Os ’ 27 J-J U T r a c l n d ge n 6 s’ 19.J-J U n ity s T r c t fs 4s’ 4 9 J * J U n ite d ity s lu v 1st c o ll tr s f 6s 19-20................. M -N U T ra o P it ge n 6s ’ 97 J-J W e is bach s f 5s 193 0. J-D W lk s-B G & E co n 5 s ’65J-J B A L T IM O R E I n a c t iv e S t o c k s A la C ons C o a l* Iro n . 100 P r e t .............................. 100 A t l a n t a * C h a rlo tte .. 100 A tia n Coast L (C on n ) 100 C anton C o .....................100 C ons C ot D u ck C o r p . . . 50 P r e f e r r e d .....................5 0 ’ G e o rg ia S o u * F l a . . . 100 1st p r e f.......................100 2d p r e f . . . ............. . .. 1 0 0 G -B -S B r e w in g ........... 100 B onds P r ic es are a l l “ an d in terest." A u a co s tia * P o t 5 s ........... A tl & Ch e x t 4 4 s ’ 10. J-J A tla u C L B i l l s 1952M -S A t l Coast L( C t)ctf8 5s J-D C tfs o f in d e b t 4 s . . —J-J 5-20 y r 4s 192 5......... J-J B a ltC P a s s l s t 5 s ’ l l M -N B a lt F u n d g 6 s .1910 M -N E x ch a n g e 3 4 s 1930 J-J B a l t * P 1st Os n i l ' l l A-O B S P & O 1st 4 4 s '5 3 F -A B a lt T ra o 1st 5 s —”29 M -N N o B a lt D iv 5s 1942 J-D i C en t’ l liy c o n 5 8 l9 3 2 M -N E x t * Im p 5 s . 1932 M -S 30 814 l U2 15 20 12 D eo D eo D eo D eo D eo N ov 324 424 264 84 24 4 34 Mat 43 D eo M ai 40 4 N ov F eb 40 4 D eo Jan 1 1 4 Deo Feb 47 4 Deo 1 9 4 Deo Jan 1 9 4 J an 6 9 4 Deo 9 May 4 4-<an 3®g Feb 17 D eo 78 4 J an 9 7 4 D ec 5 2 4 F eb 7 6 4 D eo 5fuxa J an t>6ii» Deo 34 4 Mai 4 4 4 D eo 5 4 Feb 1 2 4 N ov d l 2 4 J ’ ne 25 4 D eo 4G3je F eb 7 i n 10 D eo : 3 4 J an 9 4 Apr * 4 4 4 J ’ne 5 0 4 A p r I 7 3 4 Jan 9 4 4 D eo B A L T IM O R E B id A sk C h a s C ity E y l s t o s ’ 2 3 J -J 100 90 Clias By G & E l 5s ’ 99 M -S 92 Cliarl C & A 2d 7 s ’ 10 A -O 1 0 1 4 C ity * S u b 1st 5 s „ ’ 22 J -D 10 7 108 C ity * -S u b ( W as) 1st o s ’ 48 103 1044 C o a l * 1 B y l s t 5 s ’ 2 0 F -A 1 0 1 4 102 99 . . . C o l& G r n v ist0 s.191 0.J-J 108 109 103 103-2 C on sol G as O s ...1910 J-D 100 4 10 0 4 1104 1114 5 s .................. ...1 9 3 9 J-D 7 8 4 G a * A ia 1st eon 5s ’45J-J 104 4 105 105 G a Car * N 1st 5s g ’ 29 J -J 104 81 8 4 4 G eorgia P 1st Os—. ”22 J-J 110 116 G aSo * F la 1st 5s 1945J -J 108 4 100 4 44 4 144 ” 80 8 0 4 U -B -S B re w 3-4s 1951M -S 2d in co m e 5s 1951 M -N 114 144 1014 106 K n o x v T r a c l s t 5 s ’ 28A .O 104 113 L a k e li E l 1st g u 5 s ’ 42M -S 110 95 M acon B y * L t l s t 5 s ’ 53J-J 96 99 100 M em ph is S t 1st 5s’ 45 J-J M etS t( W a s li)ls t5 s ’ 25 F A 107 77 M t V e r C ot D u ck 1st o s . 320 335 774 05 N p t N * C P 1st 5s’38 M -N 06 9 7 4 100 N o rfo lk St 1st 5s ’ 4 4 ..J -J 0 I 7 N o r t h C e n t 4 4 s l 9 ‘2 5 A -O 1 0 2 4 20 ! 21 Series A 5s 1 9 2 0 ....J - J 110 S eries B 5s 1 9 2 0 ....J -J i 110 93 4 05 73 ......... P itt U 11 T r a c 5s 1 99 7.J-J 100 2 2 4 P o to Val 1st 5s 1 9 4 1 ..J-J 105 109 Sav F l a * W est 5 s ’34 A-O 1 1 2 4 80 Seaboard A L 4s 1950 A -O 80V S cab * lioan 5s 1 92 0. J J 107 4 1 0 8 South B ou n d 1st 5 s „ A - O 105 |1054 1024103 92 4 93 100 I......... U E l L * P l s t 4 4 s ’ 2 9 M .N 0 5 4 9 5 4 U u B y * El 1 s t 4 s ’49 M -S 80 4 8 0 4 6 7 4 68 In co m e 4s 1 94 9........J-D 105 I......... 83 4 1 8* 87 90 F u n d in g 6s 1 9 3 0 ...J -D 92 ......... Va M id 2d ser Os ’ l l . M - S 1 0 1 4 1 0 2 10 0 4 10 1 3d series Os 1 9 1 0 ..M -S 107 105 |lOO 4th ser 3-4-5s 1 9 2 1 .M-S 106 98 98 4 5tli series 5s 1 9 2 0 .M -S 107 1984 102 1 V a (S tate) 3s n e w ’ 3 2 .J - J 1 90 l-'uud d ebt 2-3s 1991. J J ! 01 9 2 4 03 109 111 W e s t N C con Os 1914 J J 106 4 107 4 1 1 3 4 1 U I W e s V a C& P 1st Og’ l 1 J-J 1 0 1 4 1 0 1 4 108 1 1 2 W il * W eld 5 a - 1 93 5.J-J 112 ,113 107 I......... | .. t $ 1 2 4 paid. * $ 1 3 4 paid. { $ 3 5 paid, a R e ce ip ts, b $25 paid. c $ 3 0 paid, d $ 12 4 paid. Bid A r t Jn u u strn and M ’. sce Con S team ship L in e s. 100 ('oil tr 4s 1957 rets J& J / *2*0* *2*5*" 120 " Corn Prod R e f— See S to ck E xc list TRANSACTIONS AT T H E N EW Y O R K STOCK EXCH AN G E 137g 14 75 0 C rucible S teel_______ 100 D A IL Y , W E E K L Y AND YEARLY'. 831 83^4 50 e P re fe rre d __________ 100 115 •71g C u m b e rla n d -E l; C o p p e r .5 7*4 list e D ia m o n d M atch C o . 100 127 127*2 Railroad Stocks. 134 Week aid in// Slate U. S. &c. D ouglas C o p p e r_______ 5 115 *U4 Oct. 29 1909. Shares. Bonds. 80 Bar value. Bonds. Bonds. d u P o n t(E X )(ic N e m P o ,1 0 0 120 128 08 ■'91 90 e P r e fe r r c d __________ 100 Saturday __________ 32,834,000. 313,000 89 651,998 $59,974,800 88 eG old 4 ‘A s 1 9 3 0 ._J & D Monday ___________ 76,010,009 3,786,OOOi 60,500 832,350 Ferry C o m p a n ie s E c o n ’ y L t & P (J o lie t. Ill) 91 Tuesday____________ 2.757.500 49,000 $20,000 B & N Y 1st 6s 1 9 1 1 .J-J 73,942,409 96 98 828,599 1st M s f g 5s 1 9 5 0 .J - l) 3,581,000' 87,500 25 10,000 N Y & E R F erry s t k . 100 Wednesday ________ 25 78,786,500 817,945 20 E lectric B o a t__________ 100 69 2.921.500 66,500 Thursday_____ 80,141,700 65 865,942 1st 5.3 192 2................M-N P r e fe r r e d ___________ 100 98 4,285,000 49,000 F rid a y ________ 1,047,598 107.157,300 N Y & H o b 5s M ay '4 6 . J-D E m pire S te e l__________ 100 *1*3*‘ H o b F y 1st 5s 1946 M-N 106 78 P r e fe r r e d ___________ 100 95 5,074.432 S479,012,700| $20,165,000 8325,500 $30,000 N Y & N J 5s 194 6____ J-J T o t a l........... ^Federal S ugar o l N Y -A c e Stic E x list 38 10th & 23d Sts F e r r y . 100 93 91 G eneral C h em ical___ 100 67 1st m tge 5s 1 9 1 9 ..J -D e P re fe rre d __________ 100 104 107 Week ending Oct. 29. Jan. 1 10 Oct. 29. Sales at 29 e U nion F e rry s t o c k . .1 0 0 G oldfield Consol M in e s .10 * 7*10 New York Stock 951 2 ♦ 11 G o d Hill C o p p e r _____ 1 e 1st 5s 1920..............M-N 1909. | 1908. 1909. | 1908. Exchange. ♦ 11*2 IF’ 4 G re e n e -C a n a n e a _____ 20 G uggenheim E x p lo r ’ n 100 215 220 Short*Term N otes 2,651,684 5,074,432 177,056.409 149,443,874 Stocks— No. shares___ 0S3g 9S7g eH a ck e n sa ck w a t e r Co Par value_________ $479,012,700 $243,330,650 $18,311,129,325 512,955,419,250 Am Cig ser A 4s ’ 1 1 ..M - S 073g 08 91 89 S er B 4s M ch 15 ’ 12 M -S R e f g 4s ’ 52 o p ’ 12 .J & J $500 $11,400 $81,300 3127,500 Bank shares, par_____ 60 55 9 9' 8 1001g Hall Signal C o _________10O •Ym T el & T el g 5s ’ 1 0 . j - J Bonds. 10034 100 8 0 H avan a T o b a c c o C o . .1 0 0 S30.000 32,000 Government bonds___ $561,700 $473,620 At'.an Coast L 5s ’ 1 0 . M -S 80 15 23 P r e fe r r e d ___________ 100 325.500 487,500 31,646,400 State bonds__________ 73,319,500 Ctn H a m & D 4 H s ’ 0 8 .M -S / 65 9611 07 s00>4 1st g 5s June 1 ‘ 2 2 . J-D Col tr g 4s 101 3_____J-J 20,165,000 20.618,000 H it. and mlsc. bonds. 706,557,700 1,082,612,100 1003,| IOII4 H eek cr-Jon es-Jew ell Mill C C C & St L 5s, Ju n e ’ l l 1st 6s 1922................ M -S 10012 10812 Total bonds. S20.520.500I S21.107.5001 SI. 1U .820, 20 o! $ 780,350,820 Erie 6s, A p r 8 1 9 1 1 . . A-O 10234 10312 H e r’g -H a ll-M a r, n e w . 100 45 35 In te rb R T g 0s 1911 M -N US34 H o b o k e n L a n d & Im p .lO O 95 KC R y & L Ig h t 6s ’ 1 2 . M -S D A IL Y TRAN SACTIO NS AT T H E BOSTON AN D P H IL A D E L P H IA 99 14 993* 907g L a ck Steel 5s g 1910.A 1-S c 5s 1910__________ M &N EXCH AN GES. 812 834 997g 1001g H ou ston O il___________ 100 Lake Sh& M So 5s '10 F -A 38 40 Lou & N ash g 5s '10.A 1-S 100U 10O5g P r e fe r r e d ___________ 100 Boston. Philadelphia. 99(g 1 0 0 ‘ S H udson R e a lt y _______ 100 100 110 Mtch C en t 5s 1910___ F -A Week ending 75 9812 99 Minn & S t L g 5s ’ l l . F - A e In g e rs o ll-R a n d c o m .1 0 0 Oct. 29 1909. Listed Unlisted Bond Unlisted Bond Listed 997* 1001g 90 N Y Cent 5s 191 0_____F-A c P re fe rre d __________ 100 shares. shares. sales. shares. shares. sales. N Y C Lines E q p 5s ’ 10-27 645g% 4.20 Intcrn atT B a n k ’ g C o . 100 115 155 N Y N H & II 5s ’ 10-’ 12 100 10112 In te rn a t’ l M or M ar— Sec S tk Ex list Saturday____________ 18.157 $66,400 9,667 $32,500 N o rf & W est 5s 1910 M -N IOOI4 lOO'-s Intern ation al N ic k e l ..1 0 0 130 15,193 7,003 Monday_____________ 29,422 54.000 11,134 51,500 Pa R R 5s M ch 15 ’ 10 M -S IOOI4 10012 17,023 15,793 8J *9*1* P r e fe r r e d ___________ 100 T u esd a y ____________ 45,013 30.000 8.312 15,748 37,800 P u blic S ervice C orp 5s— See St U> s 9,096 9 il2 9212 1st g 5s 1932.......... A& O 25,799 09,500 Wednesday_______ _ 17,876 13,712 15,990 02,900 St L & San Fr g 5s ' 11 J &J 9i 2 19*2 98 9914 In tern ation al S a lt____ 100 76.000 31,037 12,059 T h u rsd ay___________ 22.835 58,600 25,907 95l2 uoi2 / 45 55 1 YiVag n o tc s ’ 12op F & A 1st g 5s 1 9 5 1 .............A-O 39.220 100,000 10,856 38,959 Friday _____________ 31,412 89,700 Sou th R y g 5s 1 9 1 0 ..F - A 997g 100 lg In tern ation al S l i v e r .. 100 7*2 11*2 Southern R y 6s 1911.A1-N 99 101 P r e fe r r e d ___________ 100 97.355 $333,000 T id e w a te r 6s, 1913, guar foY 102 Total_____________ 173,2681 117,246 8395.9001 107,2421 1st 6s 191 8________ J -D 109 111 W e stln g h ’ c E l& M 6s 1910 100 10034 Internat S m elt & RofglOO 132 Jones & Laughlln Steel Co Railroad 1st s f g 5s 1 9 3 9 . . M -N 1013 10214 25l2 2612 L ack aw an na S te e l___ 100 59 Chic G t W e st c o m (w 1) 100 61 55 66i: Lanston M o n o ty p e ___ 20 ♦ IUI4 PJ 12 All bon d pri c s are n o w “ and in te re s t" e x c e p t w here m ark ed ”" ff . "’ ’ P referred (w 1)_____100 ked C h ic P eo & St L p r c f- ,1 0 0 260 L a w yers’ M tge C o ____ 100 D e p o site d s t o c k _______ >Lch & W llk e s-B Coal 50 1*2*5 Bid As* S ircet R a ilw a y s Bid As* Street R a ilw a y ; U n d ep oslted s t o c k ____ L ord & T a y lo r _________100 100 1* 1*0 * N ew Y rk. Cit'd Pu b Serv C orp N J (Con) 98 103 P rior lien g 4 H s ’30M &S / 86 P r e fe r r e d ___________ 100 18 25 B lo e c k S t & Ful F s t k . 100 R a p id T ran St R y _ _ 1 0 0 240 250 Con m tg g 5s 1 9 3 0 .J& J / 48 eLorlllard (P) p r e f___ 100 130 00 65 1st 5s 192 1.......... A-O 106 c l ; t m tge 4s 1 9 5 0 .J-J — 25 *4*6“ In c o m e 5s, J u ly 1 9 3 0 .. M adison Sci G a r d e n ..1 0 0 J G H o b & P a te rso n — e B ’ y & 7th A v e stk __100 140 155 "oYi 80 100 C h icago S u b w a y _____ 100 7 2d 6s 191 9................ M-N 7812 79*2 F t W & D en Cy s t d ., 1 0 0 4s g 1049.......... M-N c 2d m tre 5s 1914__ l-J 1 98 101 9712 102 ♦2I4 23g M anhattan T ra n sit___ 20 St So J Gas E l& T ra c.lO O 132 Con 5s 1043— See Stock Exc Kansas C ity S ou 5s A p r 1 M itchell M in in g_________10 99 100 G u g 5s 190 3___ Al-S B ’ w ay Surf 1st 5s gu 1924 102 104 1050 (w 1) — See Stock E x c list 612 M onongah ela R C o a l . . 50 c Cc.ut’ l C rosst’ n s t k . . 100 N o H ud Co R y Gs’ 14 J-J 104*2 N at R y s o f M e x ico — See S tk Ex list P r e fe r r e d ____________ 50 95 - 1st m tge Cs 1 0 2 2 .M-N / 80 5s 102 8.....................J-J 104 105*lo N o rth ’ n Securities S tu b s . 115 133 M ortgage B on d C o ___ 100 llY Y 115 50 0 Ccn P k N & E R s t k . 100 30 E x t 5s 1924____ M -N 100 103 P itts Bess & L E _______ 50 *3312 35 N at B ank o f C u b a ____ 100 ttlOU n o e Chr’ t’ r & 10th St stk 100 80 90 P a t C ity c o n 0s 3 1 . J-D 119 122 72 P r e fe r r e d ____________ 50 ♦68 N a t’l S u r e t y __________ 100 185 C ol& 9th A v e 5s See S to c k Ext list 2d 63 o p t 1 0 1 4 ._ A - 0 100 e R a ilroa d Securities Co N evada C on s’ d C o p p e r 5 ♦2434 f s D ry D E B & B— Icago list So Side El (Chic) See Ch 90 III C stk tr cfs ser A '52 N e v -U ta h Min & S m . 10 ♦1*18 1710 e 1st gold 5s 1 9 3 2 ..J -D 97*2 100 S yracuse R T 5s ’ 4 0 .M & S 103 105 S ea b oa rd C o m p a n y — 49 60 eN cw Central C o a l___ 20 50 Trent P & H 5s 1 9 4 3 .J -D 100 102 c S crip 5s 1914____ F-A I 42 73 1st p re fe rre d _______100 N Y A ir Brake 6s— See Stk E x c list E igh th A v en u e s t o c k . 100 250 300 U nited R y s o f St L— C om & 2d pref— See Bal t E xc /io o N Y Biscuit 6s 1911 _M -S e Scrip Ge 1014___ F-A 1 95 100 20 21 C om v o t tr c t ls _____100 Seab oard A ir Line— 36 *4*5* e N ew Y o r k D o c k ____ 100 e 42d & G r S t F ’ y s t k . 100 200 220 08 e P re fe rre d __________ 100 68*2 99 99! 78 81 Coil 5s e x t M ay ’ l l M -S e P re fe rre d __________ 100 42d St M & St N A v e 100 G en 4s 1934— See S tock E x c list 983g N Y M tge & S e c u r it y - 100 236 W est P a c 1st 53 '3 3 __M-S 0734 c 1st m tge Cs 1 9 1 0 .M -S 99 10e3g U n itR y s San F ran See Stk E x c list ♦ 414 "*6 ” N Y T r a n s p o r t a t io n .. 20 2d in com e Gs 1 9 1 5 .J-J / 50 ------ jJWash R y & El C o ___ 100 45*2 47 Industrial and M isccl. N lle s -B c m -P o n d c o m .1 0 0 104 108 In ter-M et— See Stic E x ch angc list 93 94 ' P r e fe r r e d ___________ l o o 95 A d am s E xp g 4s 1947 J-D / 94 N lplssing M ines_______ 5 ♦ 11*8 11*4 L o x A v & P a v F Is See Stk E xc list 4s 1 95 1................. J - d87*2 J 88*2 A h m eek M in in g_________25 ♦205 s210 c O ntario S ilv e r_______ 10C 2 I4 3 M otrop ol St R y — See Stk lin e list 115 120 58 O tis E le v a to r c o m ____ 100 A llia n ce R e a lt y _______ 100 60 N in th A v en u e s t o c k ..I C O 160 170 I G as Securities 96 98 AU ls-Chalm ers Co 1st m tg P r e fe r r e d ___________ 100 18 20 S econ d A v en u e si^ ck .lO O •Veto York E x c list s f 5s 1936— See S to ck P ittsbu rgh B r e w in g .. 50 ♦2312 2334 96 100 c 1st m tge 5s 1 9 0 9 .M-N .'c n t U n Gas 5s ’ 2 7 . . J-J 101 s 1021 ? A m erican B o o k _______ 100 150 160 ♦41 42 P r e fe r r e d ____________ 50 75 Con Gas (N Y ' — See Stk Exe list Consol 5s 1943____ F -A 1 70 A m erican B rass_______ 100 115 120 P ittsburgh Coal— See Stk E xc list 115 130 e M utual G a s . . .............100 147 0 S ixth A v en u e s t o c k . 100 — A m erican C hicle c o m .1 0 0 225 233 50 P op eM fgC o com (nevv) 100 55 60 85 So * B ou lov 5s 1945____!-J New A m ste rd a m G as— P r e fe r r e d ___________ 100 105 108 81 P referred (n e w )____ 100 84 89 93 So Fer 1st 5s 1 9 1 9 .. . A - O Is con sol 5s 1048___l-J 100 1011 ? A m G ra p h o p h o n c c o m 100 13 P ratt & W h itn e y p r e f-1 0 0 100 105 T h ird A v e n u e — See S tock E x c list N Y & E R G a - 1st 5s ’ 44 J-J 103 105 P r e fe r r e d ___________ 100 28 P rodu cers O i l ------ ..1 0 0 125 130 80 'Tarry W P & M 5s 1925 / 50 95 99 Consol 5s 194 5_____ J-J A m er H ardw a re_____ 100 132 134 R e a lty A s s o c (lik ly n ) .1 0 0 133 138 85 95 32 Y k e rs S tR R 5 s 1916 A -O 40 N Y & R ic h m o n d Gas 100 A m M alting 6s 191 4__J -D 10312 10412 R oy a l Bale P o w d c o m .1 0 0 165 170 20 25 28tll& 29th Sts 3s ’ 9 0A -O 08 100 N or Un 1st 5s 1 9 2 7 ..M -N 95 106 A m e r Press A s s o c ’ n ._ 1 0 0 P r e fe r r e d ___________ 100 10/ 110 0 T w e n ty -th ird St s t k . l o o 400 250 30 - Stan d ard Gas c o m . .1 0 0 55 Am vSoda F ou n t c o m .1 0 0 •a S a fe ty C ar H e a t & L t.1 0 0 142 144 U nion R y 1st 5s 1 91 ' _ F -A 100 102 60 e P re fe rre d __________ 100 80 20 1st p re fe rre d _______ 100 Seneca M in in g__________ 25 ♦75 60 75 W estch est 1st 5s '43 J-J 102 1st 5s 193 0________ M-N 100 2 2d p re fe rre d _______ 100 1*8*5** S inger M fg C o _________100 4/0 Brooklyn Other C ities A m S t Fou nd new — See S tk Ex list 19 S outh 1 & S c o m (w 0 -1 0 0 19*4 A tla n A v e n u e R R — A m Gas & E l e c c o m . . 50 ♦45 46 6s 1935....................... A & O 101 104 4912 5112 Preferred (w 1)_____100 98 101 C on 3s g 1 9 3 1 _____ A-O P r e fe r r e d ____________ 50 ♦43 45 70 72 D e b 4s 1923..............F& A Stan d ard C o rd a g e____ 100 1*2 95 IOO B B & W K 5s 1 9 3 2 ..A - O Ymer L ight & T r a c t . .1 0 0 263 268 21212 215 A m erican S u r e t y _____ 50 f 22 25 1st M g 5s *31 r e d .A -O B rook ly n C ity S t o c k . 10 194 198 Pre e r r e d ___________ 109 104 100 +4U 5 A m erican T h rea d pre( 5 4*2 A d ju s t M 5s A p r 1 1031 / 3 *2 Con 5s— Sec Stk E xch rm^e list 1 Ilay S tate G as__________ 50 h A m T o b a c c o Co c o m . . 100 445 450 20 30 Standard C ou pler com 100 97 102 B ln gh ’ t ’ n (N Y ) Gas VVks B k ln H g ts I t 5s 1941 A -O 45 50 A m e r T y p o fd e rs c o m .1 0 0 P r e fe r r e d ___________ 160 100 llk ln (Juecas Co & Sub— 1st g 5s 1038...........A& O 98*2 100 97 101 P r e fe r r e d ___________ 100 16 S tand ard M illing C o . . 100 18**2 99 lOUj B rooklyn Un Gas— 6’ eeStk E x c list a 1st g 5. '41 o p '1 6 . J-J A m er W ritin g P a p e r . . l o o 55 4 3 67 P r e fe r r e d ___________ 100 Con guar 5s— Sec Stock K xs list 6 0*2 B uffalo C ity Gas s t k . .1 0 0 25 P r e f e r r e d .. .1 0 0 S3 27 1st 5s 1030_________M-N 87 Ilk lyn R a p T ra n — See Stk E xc list 1st 5s 1947— See Stock E xo list 1st s r g Gs’ lO o p ’ 0 0 .J -J 87 69 Standard Oil o f N J . .1 0 0 709 702 85 100 C on ey 1st & I l k l y n .. t o o 90 Con Gas o f N 5s ’3 0 . l-J 94 lllo Sw ift & C o — Sec H ost Stk Kxe list 10 A t lG f& W ln d S S L tn c 3 .l0 0 Oo 1st cons g 4s 1 9 1 8 .. J - , 80 Consum ers L II & P o w — P r e fe r r e d .................. .1 0 0 25 1st 5s 1 9 1 0 -1 9 1 4 .. . J - J 100 1001* 27 85 75 C on g 4s 1 9 5 5 ____ J& J 5s 1 9 3 8 ...................-_ J -D 110 Col tr g 5s 1959____ J-J / 69 71 T e x a s C o m p a n y ----------100 160 165 05 100 B rk O & N 5s 1039 J-J D enver Gas & E lec __100 ■’ 147 B a rn ey & Sm ith C a r . . 100 n40 00 eT cxa s & P a cific C o a l. 100 90 100 G r 'p ’ t& L orS t 1st 6s M &N 95 G en ;; 5s 1949 o p .M -N 96*2 P r e fe r r e d . i o o 103 120 T itle Ins Co o f N Y ___ 100 153 168 K in gs C E. 4s— See Stock E x c list Elizabeth Gas L t C o . .1 0 0 275 B eth l’ m Steel Corp— Sec S tk Ex list T o n o p a h Min (N evada) 1 ♦012 7 N assau Elo pref 100 Essex & H u dson G a s . 100 135 137 Bliss C o m p a n y c o m . . 50 125 T ren ton P o tte rie s co m 1 JO1 6 10 5s 1944____________ A-O 74 103 107 Gas & El B ergen C o . .1 0 0 76 P r e fe r r e d ___ 50 125 130 P referred , n e w ____ 130 55 65 1st 4s 1051— See S tock ISxj llSs 90 102 e G r R a p 1st 5s ’ 1 5 . F-A B o n d & M tge G u a r . . .1 0 0 270 277*2 T r o w D ir e c t o r y _______ 100 27 30 90 N W ’ bg& F lat 1st ex 4 Ms 95 H u dson Co G as_______ 100 131 133 B o rd e n ’ s Con d M ilk . .1 0 0 120 123 U nion T y p e w r ite r comlOO 65 69 S te in w a y 1st 6s 1 9 2 2 .-J -J 102 106 2/ 30 Indiana L igh tin g C o . . 100 P r e fe r r e d ___________ 100 105 110 1st p r e fe rre d _______ 100 112 115 Other C ities C3 4s 1958 o p ................ F-A 70 B ritish Col C op p er __ *7*g 714 2d p r e fe rre d _______ 100 115 B u ffalo S treet R y — 25 40 Indian ap olis G as______50 B u tte C oalition Alining 15 ♦2?7g 28*4 U nited B k N ote C o r p . 50 ♦51 54 1st consol as 1 9 3 1 .F -A 107 109 80 1st g 5s 1052........... A -0 90 21 •> 4 Casein Co o f A m c o m .1 0 0 P r e fe r r e d ____________ 50 ♦5212 64*2 D eb Cj 1017............. A-O 1U6 108 Jackson Gas 5s g ’ 3 7 . A-O 95 Preferred 100 6 ) “ 73 U nited Cigar M frs____ 100 70 80 C olu m bu s (O) St R y __1 0 0 95*2 e L a clede G as__________ 100 10 1 !; 1015* C asualty Co o f A m e r . .1 0 0 125 140 e P re fe rre d ____________ 100 107 n o P r e fe r r e d ___________100 103 100 e P re fe rre d __________ 100 ____ 100 C elluloid C o___________ 100 130 133 U nited C o p p o r_________100 018 9*4 C olu m R y con 5s— SeePhl la list M adison Gas 6s 1 9 2 0 . A.-0 103 108 Cent Firew orks c o m . .1 0 0 0 9 P r e fe r r e d ___________ 100 20 29 C rosst'w r 1st 5s '33 J-D 102 106 N ew ark Gas fls 1 9 4 4 ..Q -J 130 P referred ______ 100 65 65 U S C a su a lty__________ 100 215 f C onn R y & L tg c o m .1 0 0 74l2 V6*2 N ew ark C onsol G a s ..1 0 0 100 101 Central F o u n d r y ______100 3 4 U S E n v e lo p e c o m ___ 100 66 * 52 e P r e fo r m _ lO"' 80 85 c Con g 5s 10 4 3 ___ J -D 106 107 P referred ______ 100 13 15 P r e fe r r e d ___________ 100 110 113 1st & ref 4 ’A .— see Stk list No H u d son I, H * P o w — D eb 6s 1910 o p '0 1 . M -N 68 72 U S F in ish in g _________100 118 130 G rand R apids R v _ _ 100 105 10/34 Os 1938....................... A& () n o C h escb rou gh M fg C o . .1 0 0 550 580 P r e fe r r e d ___________ 100 110 116 P r e fe r r e d _____ up 85 90 Pacific Gas & E , c o m .lO o 55*2 ft7* C ity In v e stin g C o ____ 100 00 J 65 U S Steel C o rp o ra tio n — e LoillsV St 5s 1 93 0__Jf;J 10/ 108 P r e fe r r e d .......... .......... 100 89*2 Ool? P r e fe r r e d ___ ________100 98 103 Col tr s f 5s ’ 51 o p t ’ l l 11434 116** L y n n & B os 1st 5s ’ 24 J -D 1 5 107 Pat & Pas G as& E lec.lO O 94 97 Claflin (H B) c o m . . .1 0 0 102 Col tr s f 5s ’ 51 not o p t 11434 116*j 0 N ow Orl R y s & L g t.1 0 0 225g 233, c Con g 5s 194 9___ M -S 101 102*2 e ls t p re fe rre d ______100 90 95*" U S T it Gu & In d e m .-lO O 60 c P referred_____ 16 ; 57 St J osep h Gas 5s 1 9 3 7 .J-J 93 97 c2(l p re fe rre d .............100 90 eU tah C o p p e r Co— Sec S tk E xo list Gen M g 4 H s ’35 SceS Col & H o ck C oa l& I pf 100 78 95* W a te rb u ry Co c o m ___ 100 P u b Serv Corp o f N J 100 103 100 K lecfric C om pa n ies 1st g 5s 1017.............J-J 90 P r e fe r r e d ___________ 100 95 T r ctfs 2 % to 0 % per net C9 101 Chlca o Kells n C o— See C dcag 0 list Col tr 6s O et 195C...T-J 98 104 W e stch e ste r & B ro n x T it N o rth Jorsey St R y .lO O 50 K in gs Co El L & P Co 100 130 132 Consol Car H e a t i n g .. . 100 2712 30 & M tge G u a r_______ 100 155 1M 1st 4s 1045______;.1-N 79I2 81 \'a ra g a n (P ro v ) El C o . 50 ♦91*2 93 Cons R y L gt& R c f r lg . 100 W cs tln g h ’ so A ir B r a k e .50 ♦138*2 Cons T r a c t o f N J __10s 76 77 N Y & y El L & P o w C o .lO O 40 45 Consol R u b b e r T i r e . . 100 ’ *6*" W est El & M fg 5s— SeeStk E xo list* 1st 5s 1033...........:-l> 10512 166 P referred __________ 100 71 75 P r e fe r r e d ..................... 100 23 W h ite K n o b M in___ 10 N e .v ’k P a s R y 5s ’30 108 110 U nited E lec o f N J ___ 100 75 D eben tu re 4s 1951 A & O 30 P r e fe r r e d ____________ 10 1<t t 4s 194 0..............J-D 79 80 W o rth in g P u m p p r o f. 100 l .. • P e r share, a E x -righ t l B asis. vis an i !C. F x ., b u t n ot v e r y a c tiv e . / F la t p rice, n N o m . 5 Sa e p rice , x K x -d lv . y E x -rig h ts. e N ow »to o k . Volume of Business at Stock Exchanges Telegraph & T elep h on e Bid c A m e r T e le g & C a b le . 100 75 c Central & So A m e r ._ 1 C 0 113 C om in ’ l Un T e l ( N Y ) . 25 110 lim p & B a y S ta te T e l-1 0 0 65 F ran k lin _______________100 43 e G old & S to c k T e le g . 100 105 N Y & N J T e le p h — See St k E xc e N orth w estern T e le g - 50 108 70 P a cliic & A t la n t ic ____ 92 S outhern & A t la n t ic . _ Ask 85 ft , ___________ Outside Securities_______ 2 __ 112 Imrestmml and Itailroad Intelligjence, RAILROAD GROSS EARNINGS. The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns /an be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other period The returns of the street railways are brought together separately on a subsequent page. Latest Gross Earnings. W eek or M onth. Current Year. P revious Y ear. I.atest Gross Earn ings. July 1 to Latest D ate. Current Year. P revious Year. $ S Ala N O A T e x P a c 721,826 862,966 52.000 73.000 N O & N E a s t . . 1st wit O ct 378,058 425,237 27.000 35.000 Ala A V Ick sb ___r 1st w k O ct 349,204 371,012 22.000 20.000 V icks Shr & P a c.r 1st w k O ct 13,308 17,414 4,540 6,153 Ala T cn n A N o r t h - .Septem ber 22,433,361 25,434,887 7,024,794 8,732,775 .S eptem ber k A tch T o p & S F c . 504,309 742,085 43,020 51,947 A tlanta Blrm & Atl Bd w k O ct A tla n tic C oast Line A u g u s t ___ 1,794,562 1,575,574 3,657,603 ,3,317,912 oB altlm ore A O hio . Septem ber 7,767,836 6,668,412 22,221,337 .9,643,093 376,687 445,135 195,352 26,09 B a n gor & A roostook A u g u s t ___ 17,851 14,375 5,801 B ellcfon tc C en tral. _ ^September 0,794,514 7,674,900 3,519,391 B oston & M aine___ r A u g u s t ___ 3,052,534 ii.t -1 7 10,963 5,068 B ridgeton & S aco R A u g u s t ___ 2,979,679 2,415,144 168,750 B u ll R o c h A P it t s .r 3d w k O ct 351.733 426,978 224,875 B u lfalo & S u sq ___r A u g u s t ___ 3,654,300 .3,165,100 328,100 C anadian N orthern Ad w k O ct 29,350,193 23,973,510 Canadian P a cific___ Id w k O ct 2.417.000 3,633,035 3,518,803 281,000 Central o f G eorgia- Id w k O ct Central o f N ew J e r . A u g u s t ----- 2,207,931 2,151,942 4,493,941 4 ,316,066 622,237 668,774 33,745 341,790 Central V e r m o n t ..r A u g u s t ___ 1,311 1,716 C h atta n ooga South 3d w k Sep 9,578,636 8,306,528 636,767 C hesapeake & O h io . 3d w k O ct 4,417,119 1,270,279 338,480 C h icago A A lton R y 3d w k O ct 14,726,611 13,189,767 C h ic Burl A Q u in cy A u g u s t ___ 7,000,803 1,379,888 1,393.277 262,415 C h icago G reat W ent 4th w k A u g 1,670,659 1,743,309 115,885 Chic In d A L o u ls v . 3d w k O ct Chlc Ind A Southern — Sec Mew Y ork Ccn tral. 10,769,458 9,991,869 C h ic M llw A St Paul A u g u s t ___ 5.550.001 19,738,375 17,529,055 Clilc A N or W e s t .. r S eptem ber 7,237,340 3 ,767,217 3,3 8 0 ,9 7 0 Chic St P M A O - . r S e p te m b e r 1,423,223 1,091,817 1,005,518 01,684 C h ic T erm T r a n sR R J u n e _____ 1,575,499 1,406,387 820,450 Cln H a m A I ) a y . . r A u g u s t ___ Clev Cln Chic A St L — See New Y ork Ccn tral. 395,372 392,190 192,110 August . . . C olorado M idland 5,071,114 4,713,400 350,443 h C olorado A South 3d w k O ct 37,930 42,321 22,408 C olum N ew b A Lau A ugust 75,809 77,921 77,021 J u l y .......... C op p er R a n g e . 14,288 42,624 14,633 S ep tem ber C o r n w a ll_____ 40,532 75,582 36,471 Cornw all A L e b a n . A u g u s t ___ 281,029 325,038 163,200 August . C uba R a ilr o a d ____ .3,003,14.3 3,248,916 1,662,778 l D elaw are A H u d . A u gust . 6.055.424 5.475.010 D el L a ck A W e s t - .r A u g u s t ___ 2.887.198 7,066,990 0,741,324 531,300 D en y A R io G rande 3d w k O ct 273,300 360,006 19,221 D en ver N W & P a c . 2d w k O ct 504,782 469,424 32,001 D ot T ol A Iron t sys 2d w k O ct 578.529 534,770 37,456 A n n A r b o r _______2d w k O ct 356,092 392,539 25,367 D etroit A M ackinac Id w k O ct 2,750,162 1,922,0.32 D ul A Iron R a n g e .r A u g u s t ___ 1,395,856 1,130,635 873,793 74,511 D ul S ou Shore A A tl 3d wk O ct 1,189,084 1,059,710 582,850 El Paso A Sou W __r A u g u s t ___ 12,895,010 13,714,450 4,875,173 E r i c ________________ S eptem ber ; cm . E vansville A T erre lla u tc — See H ock Is 5,618 4,907 1,995 Fairchild A N or E __ S eptem ber 224,720 . 250.468 70,507 F on d a John s A G lov Septem ber 423,735 427,943 226,250 G eorgia R a ilroad . . A u g u s t ___ G eorgia Sou th A Fla — See Sout hern Rat 0 14,141,876 12,937,803 004,674 G rand T ru n k S y s t . . 3d w k O ct 1 1,817,598 1,080,739 124,466 Gr T ru n k W e s t .. 2d w k O ct 519,393 3 581,878 38,090 2d w k O ct D et Gr H a v A MU 585,536 3 621,334 41,093 Canada A tlan tic. 2d w k O ct 7 17,420,519 14,772,742 G reat N orthern Syst S eptem ber 6,547,668 262,771 7 313,858 157,928 G ulf A Ship Isla n d . A u g u s t ___ 1 1,175,447 1,145.835 644,181 H o ck in g V a lle y ____ August . . . 8 14,689,094 13,740,084 Illinois C e n t r a l____ S e p te m b e r 5,014.564 ) 2,541,982 2,381,969 189,000 In tern a t A G t N o r. 3d w k O ct 3 1,908,37.3 1,912,282 159,606 a In teroccan tc M ex . 3d w k O ct i 1,017,816 950,318 77,251 Io w a C en tral_______ 3d w k O ct 1 452,207 409,080 238,213 K anaw ha A M ic h .. A u g u s t ___ 2 2,156,773 2,177,384 734,164 K ansas C ity S o u th . S eptem ber 0 _______ 35,000 It C M ex A O rien t. 3d w k O ct Lake Erie A W est'll — See New Y ork Ccn 0 8,508,325 8,2 8 7 ,2 0 5 L eh igh V a lle y _____ S ep tem b er 2,887,555 72,689 77,3'R 35,86'7 41,492 L exin gton A E a s t .. A u g u s t ___ In c . 2,1 8,913 In c. 12 1,296 L on g Isla n d ________ A u g u s t ___ 184,008 0 200,14!. 100,058 Lou isiana A A rk a n . A g u u s t ___ 165,174 5 186,40102,499 L ou lsv H end A St L August 0 15,208,887 14,186,380 L ou isville A N a s h v . 3d w k O ct 1,053,175 35,571 9 34,521 12,854 M acon A B lrm ln g’ m S e p te m b e r 1,519,549 0 1,641,60847,768 Maine C en tral-------r A u g u s t ___ 10,059 3 10,18f 3,449 S eptem ber M anlstlquc 104,251 2 109,441 40,377 M aryland A P c n n a . S eptem ber 2 108,854 7 2,279,02" 3d w k O ct 161,545 a M exican In te rn a t. 1,992,700 0 2,230,001 140,300 a M exican R a ilw a y . 2d w k O ct 6 3 6 3 ,21£ 369,272 25,887 a M exican Southern 2d w k O ct M ichigan Centra1— See New Y ork Ccntr 9 273,54? 266,121 16,168 3d w k O ct Mineral R ange 2 1,649,28.’ 1,409,484 140,110 M lnneap A St Louis 3d w k O ct 1 8,029,471 0 ,953,077 558,683 M inn St P A S S Ml 3d w k Oot C hicago D iv is ion / M issouri K an A T e x August — 2,170,360 2,200,7700 4,093,22? 4,0 6 9 ,0 3 7 M o Pae A Iron Mtl 0 1 6 ,470,19! 14,383,274 Central B ra n ch . 3d w k O ct 1,116,000 4 445,48 404,850 35,555 & M obile J a ck A K < W k O ct 6 1,758,909 1 1,847,00.' 030,019 N ashv C hat A St I. A u g u s t ___ 2 14,192,07 13,734,339 939,334 a N at R y s o f M exico 3d w k O ct 9 182,59 131,007 10,552 N evada-C al-O regon 3d w k O ct 0 11,58 13,923 5,275 N evada C en tral____ A u g u s t ___ 9 206,81. 82,120 N O G reat N o r t h .. A u g u s t ___ 101.364 ROADS. e r f r ( Current Year. W eek or M onth. A u g u s t ___ L a k e Sh ore A M S A u g u s t ___ n L a ke E A W est A u g u s t ___ C h ic In d A South A u g u s t ___ M ichigan Central A u g u s t ___ Clove C C A St L . A u g u s t ___ P eoria A Eastern A u g u s t ___ Cincinnati N orth A u g u s t ___ P itts A Lake Erie A u g u s t ___ R u tla n d (A ugust . . ' St L . A u g u s t ___ N Y C 'h ‘ic A T o ta l all lines____ A u g u s t ___ A u g u s t ___ A u g u s t ___ S e p te m b e r A u g u s t ___ A u g u s t ___ A u g u s t ___ A u g u s t ___ A u g u s t ___ A u g u s t ___ A u g u s t ___ a W e st o f P A E . A u g u s t ___ A u g u s t ___ A u g u s t ___ S ep tem b er A u g u s t ___ Previous Y ear. >uly 1 to Latest Dala. Current Y ear. S S ,314,867 8,359.672 7,791, ,665 ,216,975 4,278,626 3,714 758 888,110 426, 067 497,434 537.041 224, 950 268 812 ,694,751 2,4 2 8 ,0 8 9 .144, 490 ,917,735 2,620,031 .294, 069 531,048 291,254 238, 391 207,168 110 , 302 118,837 ,919,325 1,469,84611 ,130, 105 581,132 300,625 266, 674 ,710,129 876,322 755, ,804 ,518,275 21509 542 9097 275 857,337 ,718,423 850, 737 ,197,988 5,127,834 .528, 132 801,991 316,248 241, 133 423,898 207,430 178, 108 ,474,307 2,893,006 ,507, 097 ,024,151 1,048,836 956, 036 ,608,956 6,910,977(5 ,836, 668 ,557,369 8 2 2 ,7 8 5 ' 593, 117 ,104,479 4,698,062 3,733, 766 13544 999 11644 799(26 ,460,764 In c . 2,59 I n c .1,53 0,7 0 0 ,568,030 1.352.634 1 , 2 0 1 ,,032 ,028,805 1,510,927 1,389, ,227 ,126,621 2.914.635 2,397 ,665 23,403 8 ,133 11,915 Previous Year. 14,885.463 6,9 7 9 ,1 4 7 816 ,475 416 819 4 ,0 8 5 ,6 7 8 4 ,383,025 455,278 192,497 2 ,125,836 513,084 1,448,545 30,3 0 1 ,8 4 7 1,673,643 8 ,029,955 736,305 362,021 4,8 7 6 ,9 2 2 1,825,151 11,516,193 1.173,106 7,3 2 3 ,7 8 7 22,9 2 6 ,8 6 4 4,900 2 ,258,248 2 ,817,905 6,881,347 17,836 P h lla A R e a d in g . S eptem ber 3,677,901 3 ,380,373 10, 280,764 9,316,748 Coal A Iron C o . . S eptem ber 2,0 3 7 ,8 9 5 2,513,762 5 415,154 0 ,590,556 T o ta l b o th c o s ___ S eptem ber 5,715,796 5,900,135 15, 695,018 15,907,303 292,911 337,633 August . . . 152,906 118,283 138,364 171,365 85,845 65,394 A u g u s t ___ 182,106 129.734 2d w k O ct 5,406 13,165 August . . . 5,977,132 5,334,127 11, 393.734 10,013,234 St L A San F ra n . A u gust . . . 3,650,261 3 ,1 7 1 ,9 9 0 " 955,631 6 ,022,645 ,823,210 1,628,928 970,080 854,102 C h ic A East I I I . . . A u gust . . . 382 ,6 6 6 424,836 233,582 190,956 / E v an sv A T er H A u gust . . . ,597,412 18,047,473 T o ta l o f all lin es. August . . . 10831057 9,557,237 274,060 296,496 A u g u s t ___ 154,408 149,244 ,395,376 3,1 6 1 ,0 9 8 S t L ou is S o u th w e s t. 3d w k O ct 254,981 233,667 ,403,291 1 ,072,407 ■ " August . . . 714,207 549,215 ,989,662 3 ,5 0 3 ,8 3 0 S e p te m b e r 1,439,456 1,250,842 142,267 162,271 84,459 72,030 A tlan ta A B lr m .r A u g u s t ___ 11,059 13,063 6,603 5,561 F lorid a W e s t Sh.r A u g u s t ___ 215,863 225,594 August . . . 121,267 113,430 ,657,218 3 0 ,033,138 S eptem ber 11531903 10481094 ,436,301 1 5 ,832,049 3 d Wk O ct 1,191,581 1,142,462 ,059,473 2 ,839,820 192,777 209,286 M obile A O h io ___ 3d w k O ct ,607,061 2 ,387,409 170,575 144,229 Cln N O A T P . . . 3d w k O ct ,140,991 1,075,114 79,470 67,025 A la G t S o u th ____ 3 d w k O ct 526,130 005,422 41,938 38,684 G eorgia So A F la . 2d w k O ct 325,741 289,789 24,247 29,205 T exa s C en tral_____ 3d w k O ct ,491,474 4,201,298 365,267 354,313 T exa s A P a cific ____ 3d w k O ct 11,671 13,011 6,524 5,715 T idew ater A W e s t .r A u g u s t ___ 870,777 722,862 304,489 438,224 T o le d o A O hio Cent A u g u s t ___ 362,246 354,216 22,162 22,338 T o le d o P e o r A W est d3 w k O ct ,084,713 1,052,679 78,526 79,810 T o ic d o St L A W est 2d w k O ct 15,414 18,851 6,230 5,357 T o m b lg b c e V a ll e y .. S e p te m b e r ,583,841 21,139,749 U nion P a cific S y s t . ^September 8,100,373 7 ,414,595 1,449,987 ,527,581 August . . . 805,666 745,061 V a n d a lla _____ 304,549 305,077 102,443 111,191 V irginia A Sou W est S eptem ber ,259,197 8 ,415,074 3 d w k O ct 610,951 542,808 W a b a s h ______ ,122,655 1,005,778 577,598 529,028 W estern M aryland r A u gu st — . ,583,031 1,463,431 820,450 767,250 W est Jer A S e a s h .. August . . . ,205,829 1,059,282 615,264 532,070 W h eelin g A L E . . r A ugust . . . 1,556 1,012 W h ite R lv (V t )2 w k s end O ct 9 ‘ 00',923 * 72*.707 37,270 28,123 W rlg h tsv llie A T e n . S ep tem b er ,192,695 1,086,799 781,443 764,601 Y a z o o A Miss V a il. S eptem ber P eriod . V a rious F iscal Years. B c llcfo n te C en tral____________ 1 D elaw are A H u d s o n ________ M a n ls t lq u c ____________________ a M exica n R a ilw a y _____________ a M oxlcan S o u th e rn ___________ e N Y Central A H u dson R iv e r L ake Shore A M ichigan South n Lake Erie A W e s te rn _______ C h icago In d ian a A S o u th e r n . M ichigan C e n tra l_____________ C lev Cln C h icago A St Louts P eoria A E a stern ____________ Cincinnati N o rth e rn ________ P ittsb u rg h A L ake E r ic___ _ R u t l a n d _____________________ N Y C h icago A St L o u is _____ T o ta l all lines________________ N orth ern C en tral______________ (l P en n — East o f P lttsb A E rie. (I W est o f P itts A E ric--------P h ila B a ltim ore A W ash in gton P itts Cln C h icago A St L o u t s .. R io G rando J u n ctio n ---------------T exa s A P a cific-----------------------W est Jersey A S e a s h o r e ........... Ian Jan Ian Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan D ec Jan Jan 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Current Year. P revious Year. 46,392 43,627 to Sept 30 to A u g 31 12,473,593 11,830,006 43,9 0 5 31,454 to S ept 30 to O ct 14 5,925,000 5 ,934,600 975,605 7 1.030.218 to O ct 53.196,059 to A u g 31 58,888,637 to A u g 31 28,462,083 2 4.805,737 to A u g 31 3,055,4 52 2 ,772,593 to A u g 31 1,963,724 1,702,224 to A u g 31 17,285,120 15,416,587 to A u g 31 17,425,757 15,233,750 to A ug 31 1,867,399 1,719,302 731,798 588,411 to A u g 31 to A u g 31 8,701,967 6,213,551 to A ug 31 1,951,187 1,740,575 A u g 31 6,381,602 5 ,957,504 to A ug 31 146714726 129352352 to A ug 31 7,735,245 7,2 5 0 ,4 4 5 to Au«r 31 96,603,713 8 6 ,950,013 In c. 7,39 6,000 to A u g 31 to A u g 31 11,494,016 10,558,015 S ept 30 21,763,381 19,105,890 669,254 553,460 to A u g 31 to O ct 21 11,109,641 10,198,857 to A u g 31 3,981,483 3 ,735,78^ AGGREGATES OF GROSS E AR N IN G S— Weekly and Monthly. W eekly Sum m aries. Cur'nt Year Prev's Year 5 10,920,086 11,780,990 10,740,145 11,521,205 12,317,219 12,936,635 17,285,767 13,209,000 13,437,556 13,323,649 S 0,931,209 10,745,592 15,107,527 10,434,381 11,229,609 11,508.456 15,185,92.-) 11,535,885 11,949,105 11,830,737 Inc. or D ec. % M onthly Sum m aries. Cur'nt Year Prev's Year S 205.216.481 183,223,014 174.497.319 205.708.319 197,011,539 201,625,122 210 ,357 ,22 6 198,465,229 225,488,923 6 2,138,040 S 103,791,645 173,596,903 161,058,607 183,453,906 175,002,648 174,475,411 183,983,829 175,898,726 107,928,775 55.524,845 In c. or D ec. S 4-11,424,836 + 0,626,111 + 13,438,712 + 22,254,413 + 2,008,891 + 27,149,711 + 26,3 7 3 .3 0 7 + 22,566,503 + 27,560,148 + 6,613,195 % 5.00 M onth D eo 1903 (798 roads) . + 9 8 8 ,8 7 7 9.96 w eek Aug (33 r o a d s )------5.54 M onth Jan 1908 (894 r o a d s ). + 1,035,308 0.63 w eek Aug (47 r o a d s )------8 .3 4 M onth F e b 1909 (893 r o a d s ). 10.81 + 1,632,018 w eek A u g (44 ro a d s )-----12.1J M on th M ch 1909 (800 r o a d s ). + 1 ,086,887 10.42 w eek Sep (42 r o a d s )-----12.50 M onth A p ril 1909 (895 r o a d s ). + 1 ,087,010 0,69 w eek Sep (45 r o a d s )-----15.58 M onth M av 1909 (893 r o a d s ). + 1,428,179 12.41 w eek Sept (45 r o a d s )-----14.33 M onth Jun e 1909 (893 r o a d s ). + 2,099,842 13.82 w eek Sept (43 r o a d s )------12.83 M onth J u ly 1909 ( S t O r o a d s ). 14.50 + 1,673,115 (42 r o a d s )------w eek O ct 13.92 M o n tli A u g 1909 (724 r o a d s ). + 1,488,451 12.40 (47 r o a d s )------w eek O ct 11.0 1 M onth S e p t 1909 (49 roads) . + 1,483,912 12.53 w eek O ct (38 r o a d s )------a M exican c u rre n cy . 5 In clu d e s earnings o f G ulf A C h icago D iv is io n , o ju u u u ...i >•*»- . . . .......... . . - - — ■- — -u rv "n w t h « i it t n i yea rs, rdfC v e r s lin e s d ire ctly o p e r a te d ,. e* in clu d e s the ew Y o rk S t. L a w ren ce A A d ir o n d a ck an d th e O ttaw a A N , Y .^ R y .^ t h o ^ a t t e l i C oovers lines tno N iNew r k A O tta w a , th tn ec h Lawrence t In clu d es E v an sville A In d ian a R R . 0 In clu d es o f w hllcli ich , being a C anadian r o a d , d oes not m ake returns to tho I n te r -S ta te C om m erce C om m ission, d r t W o r th A D en ver C ity and all affilia ted lin es, e ^ th e Clileveland L orain A W h eelin g U v In b o th years, h In clu d es earnings o f C o lo ra d o A S ou th ern , PR R ., P ecos V a lle y S y ste m and San ta I;c P r e s c o tt * cc p tlrn-' T rin ity A Brazos V a liev R R . fc In clu d es In b o th years earnings o f D e n ve r E n id A G ulf U P h o e n ix lt y . ' l T h e s e ’ figures d o n o t 'in c lu d e receipts fro m 's a le o f co a l, n Inclu des the N orth ern O h io R R . o U1n33 here j u e o b M to o fa w oountlng-—n ot tho new o r In te r-S ta te C om m erce C om m ission m e th o d , r T h ese figures arc o n new basis p rescribed b y I n te r -s ta te C om m erce c o m ission, 3d 3d 4th Is*-, 2d 3d 4 th is t 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 38 roads and shows 12.53% increase in the aggregate over the same week last year. T hird W eek o f October. A la b a m a G rea t S o u th e r n _______ A tla n ta B lrm & A t la n t ic _______ B u ffalo R o c h e s te r & P ittsb u rgh C a n ad ian N o rth e r n _____________ C a n adian P a c ific ________________ C en tral o f G e o rg ia _______________ C h e s a p e a k e <5c O h io _____________ C h ic a g o & A l t o n ______________ C h ica go In d ia n a p olis & L o u ls v . C in cin n ati N ew Orl & T e x a s P a c C o lo ra d o & S o u th e r n ------D e n v e r & R io G ra n d e — D etroit & M a c k in a c _______ D u lu th S o u th S h ore & A tla n tic G ra n d T ru n k o f C a n a d a ----------G ra n d T ru n k W e s te rn _______ D e tr o it G rand H a v en & M llw C an ada A t l a n t i c ................ J In tern a tion a l & G rea t N orthern I n tc r o c e a n ic o f M e x ic o _________ I o w a C e n t r a l ------------------------------K ansas C ity M ex ico & O r i e n t .. L ou is v ille & N a s h v ille _________ M exica n I n t e r n a t io n a l--------------M ineral R a n g e __________ . M in neapolis & S t L o u is ------------M in n eap olis St P a u l & S S M ..1 C h icago D iv is io n ------------------- J M issouri P a cific _________________ M obile & O h io __________________ N ation a l R a ilw a y s o f M e x ic o — N e v a d a -C a llfo r n ta -O re g o n _____ St L ou is S o u th w e s te r n _________ S ou th ern R a ilw a y _______________ T ex a s C en tra l____________________ T e x a s & P a cific --------------------------T o le d o P eoria & W e s te rn ---------W a b a s h ___________________________ N et increa se 1909. 1908. $ 79,470 51,947 168,750 328,100 2 ,147,000 281 ,900 636,767 338,480 115,885 170,575 350,443 531,300 25,367 74,511 $ 67,025 43 ,020 172,704 275,800 1 ,693,000 240,800 536,497 312 ,699 112,158 144,229 310,698 440 ,200 19,558 58,905 52,300 454 ,000 41,100 100,270 25,781 3,727 26,346 39,7 15 91,100 5,809 15,606 904,674 841 ,160 63,514 189,000 159,696 77,251 35,0 0 0 1,0 5 3 ,1 7 5 161,545 16,168 140,110 219 ,000 123,633 58,522 26,000 965,450 157,087 15,389 105,842 558,683 1,116,000 192,777 939,334 10,552 254,981 1,191,581 24,247 365 ,267 22,162 610,951 477,461 979,000 209,286 901,852 7,969 233,667 1,142,462 29,205 354,313 22,338 542,808 Increa se. D ecrease. $ 12,445 8,927 3,954 IN D U S T R IA L C O M P A N IE S . - G ross E a rn in g s---------- ------ N et E a rn in g s-------C u rrent P rev iou s Y ea r. Y ear. 30,000 36,063 18,729 9,000 87,725 4,458 779 34,268 81,222 137,000 16,509 37,482 2,583 21,314 49,119 4,958 1908. In crea se. D ecrease. 5 11,518,744 1,501,404 9,079 43,020 5,175 14,046 39,719 43,768 7,000 27.800 17,200 132,100 3,171 22,716 27,382 79,810 31,893 T o ta l (47 r o a d s )_______________ N et Increase ( 1 2 .4 6 % ) .................. 11,949,105 1,543,029 1,488,451 54,578 6,818 6,312 S 5 8,271 1,284 N et E a rn in g s------C u rrent P revio u s Y ea r. Y ear. S _ _ _ — I n t., R entals, <tc.— P reviou s Current Y ear. Y ea r. B o s to n R e v e re B each & L y n n — 14,937 J u ly 1 to Sep 3 0 . . . . . 47,550 J an 1 to Sep 3 0 . _____ 255,012 C o lo ra d o & S ou th ern . . Sep 761 ,822 J u ly 1 to Sep 3 0 . _____ . .S e p 3,9 5 9 M arylan d & Penn 11,876 J u ly 1 to S ep 30 . _____ 880 ,000 R e a d in g C o m p a n y ------- .S e p t J u ly 1 to S e p t 3 0 . .......... 2,6 4 0 ,0 0 0 8,333 R io G rande J u n c t io n . - A u t 7 5 ,0 0 0 D ec 1 t o A u g 3 1 . ........... 3,803 T e x a s C e n tra l__________ . . S e p 10,907 J u ly 1 t o Sep 3 0 ............. Current Y ea r. $ C om pa nies— 104,051 P a cific T el & T e l C o . . . .S e p t 946 ,920 Jan 1 to S e p t 3 0 . _____ P ittsb u rg h Coal C o— . . . 1,955,706 Jan 1 to S ep t 3 0 . 2 .106,791 $ — B a l. o f N et E ’ n gs. — C urrent P reviou s Y ea r. Y ear. $ 3 18,104 53,643 276,432 792,953 3,9 7 9 11,876 873,541 2 ,6 2 0 ,6 2 5 8,333 7 5 ,0 0 0 4,233 11,361 2:55,202 2:58,535 C312.884 C 854.I47 1 2 ,4 /4 27,714 751 ,649 1 ,4 2 7 ,4 9 0 1 7 .'2 0 125 776 d e f 2 322 3,803 a:5t,648 2-57.316 C245.779 C730.487 10,696 23,296 774 ,415 1 ,543,602 11,285 111 ,462 12,900 44,843 P revio u s Y ea r. $ 754 ,742 C urrent Y ear. 5 217,181 1,762,216 1,971,564 231 ,600 P rev iou s Y ea r. $ 1 ,2 5 6 ,7 8 5 135,227 c A fte r a llo w in g fo r m iscella neous charges an d cre d its to In com e. x A fte r a llo w in g fo r o th e r Incom e re c e iv e d . ELECTRIC RAILW AY AND TRACTION COMPANIES. Latest Gross E a rn in g s. $ 3,120 2,576 4,5 4 0 A la T e n n & N orth ern — S e p t 6,153 13,308 8,914 7,242 J u ly 1 t o S ep t 3 0 ............. 17,414 7 .9 2 4 ,7 9 4 > 3,286,818 > 3,057,545 A tc h T o p & S F e . b . ____Sep 8 ,7 3 2 ,7 7 5 J u ly 1 t o Sep 3 0 ............ 2 5 ,4 3 4 ,8 8 7 2 2 ,433,361 jd ,747 ,485 ) i , 533,098 B o s to n R e v ere B ea ch & L y n n - b — 62,967 62,418 292,242 294 ,549 J u ly t t o S ep 3 0 _______ 95,906 654 ,722 93,961 675,281 J an 1 t o Sep 3 0 _______ 161,348 626 ,938 325,952 819 ,519 B u ff R o c h & P itts b . . . S e p 995,273 522 ,566 1,897,032 2,4 3 1 ,3 1 2 J an 1 t o Sep 3 0 . 251 .1 0 0 311 .500 901 ,700 C a n ad ian N orth ern — . . S e p 1,076,800 640 .100 2 ,3 7 7 ,6 0 0 745 .500 2 ,7 2 7 ,4 0 0 J u ly 1 t o Sep 30. 2 ,1 1 4 ,6 0 8 6,3 9 1 ,6 7 2 3 ,4 3 1 ,8 9 0 C a n adian P a c i f ic .a . .. ..S e p t 8 ,3 2 3 ,1 7 8 6 ,9 6 8 ,0 3 0 8,8 7 5 ,8 1 9 22,890,193 19,0 7 0 ,5 1 0 J u ly 1 t o S ep t 30 3 0 8 ,6 5 6 1 ,014,608 3 65 ,309 Cen tral o f G e o r g i a . a . ... . .S e p 1,0 6 4 ,9 6 2 666,461 2 ,7 5 8 ,1 6 3 749 ,036 2 ,8 0 5 ,6 3 5 J u ly 1 t o S ep 30. 4 9 0 ,7 5 0 541,069 1,283,002 1,423,223 x C h ic S t P M in n & O . b .S e p 1 ,1 7 2 ,8 9 5 3 ,3 8 0 ,9 7 0 1,267,91: J u ly 1 t o S ep 3 0 ............. 3 ,7 6 7 ,2 1 7 4 6 0 ,4 4 8 1,282,582 511,830 C o lo r a d o & S o u t h e r n .b - S e p 1,4 0 3 ,6 0 0 1 ,3 8 5 ,1 9 0 3 ,792,831 1,520,726 J u ly 1 t o S ep 3 0 _______ 4 ,0 5 5 ,4 6 7 203 4 ,0 1 6 7.476 C o r n w a ll, b ______________ S ep 14,633 858 14,288 21,165 J u ly 1 t o S ep 3 0 _______ 42,624 28,688 92,623 3 4 ,076 D e tr o it & M a ck in a c a . - S e p 107,850 94,092 2 9 4 ,4 6 5 8 7 ,338 316,451 J u ly 1 t o S ep 3 0 _______ 1,1 5 7 ,9 9 0 4 ,392,661 1 ,361,939 E rie a ...................... ..............S e p t 4 ,8 7 5 ,1 7 3 3 ,4 5 3 ,9 4 0 J u ly 1 t o S ept 3 0 _____1 .1 3 ,7 1 4 ,4 5 6 12,8 9 5 ,0 1 0 3 ,7 6 6 ,0 3 4 Clef 1,411 F a irch ild & N o r t h e a s t -b -S e p 1,995 1,662 d e f 1,595 clef 812 J u ly 1 to Sep 3 0 _______ 5,618 4,9 0 7 d e f4 ,5 9 0 35,832 F o n d a Joh n s & G lo'v_____ S ep t 7 9 ,507 67,091 45,331 131,621 J u ly l to S ep t 30 250 ,408 2 2 1 ,7 2 0 152,743 1,1 0 9 ,2 8 6 L eh igh V a l l e y . b _________ Sep 2 ,8 8 7 ,5 5 5 2 ,9 2 6 ,8 2 0 1 ,085,762 J u ly 1 t o S ep 3 0 _______ 8 ,5 6 8 ,3 2 5 8 ,2 8 7 ,2 0 5 3 ,2 9 0 ,1 4 5 3 ,0 5 0 ,3 4 6 14,675 M a ryla n d & P e n n .a _______Sep 4 0 ,3 7 7 37,9 4 2 16,433 35,172 J u ly 1 to S ep 3 0 _______ 109,445 104,251 3 9 ,500 2 92 ,780 M in neap St P & S S M .a .A u g 1,204,104 9 6 1 ,3 6 0 489 ,6 1 0 624 ,324 J u ly 1 t o A u g 3 1 2 ,3 4 8 ,0 2 6 1,9 1 1 ,4 6 0 896,968 241 ,180 C h ica go D ivision a _____ A u g 7 2 9 ,8 6 7 677 ,9 6 4 267 ,3 8 5 459 ,2 4 7 J u ly 1 to A u g 3 1 1 ,4 4 8 ,2 7 9 1,3 3 7 ,2 2 0 521 ,567 66,842 N Y Susq & W e s t e r n .a .S e p t 316 ,2 4 8 241 ,1 3 3 78,098 208 ,958 7 3 6 ,3 0 5 197,650 J u ly 1 to S ep t 3 0 _______ _ . 801,991 R e a d in g C o m p a n y — 1 ,3 6 7 ,0 2 6 Phila & R ea d in g C o . b S ep t 3,6 7 7 ,0 0 1 3 3,3 ,3 8 6 ,3 7 3 1,552,451 3 ,0 0 3 ,3 1 0 J u ly 1 t o S ep t 3 0 _______ 10,280,764 9 ,3 1 6 ,7 4 8 3 ,851,091 9,3 154,439 C oa l & Ir o n C o . b . . . S e p t 2 ,0 3 7 ,8 9 5 2 2,5 ,5 1 3 ,7 6 2 def70,921 183,475 6 ,5 9 0 ,5 5 6 d cf2 2 7 ,0 8 7 J u ly 1 to S ep t 3 0 _______ 5,415,154 1 ,.->21,165 T o t a l b o th c o s . b _____ S ep t 5 ,715,790 5,9 0 0 ,1 3 5 1,4 8 1 ,5 3 0 3 ,7 8 6 ,7 8 5 3 ,6 2 4 ,0 0 4 J u ly 1 to S ep t 3 0 _______ 1 5 ,695,918 15,907,303 ............... 150,119 126,491 R e a d in g C o m p a n y .. . S e p t ........................................ 377 ,442 443 ,4 8 6 J u ly 1 to S e p t 3 0 _______ — ;---------------............... -----------1 ,647,596 ............... 1 ,631,649 T o t a l all c o m p a n i e s ..S e p t ------------------------4 ,1 6 4 ,2 2 7 .............. 4 ,0 6 7 ,4 9 0 J u ly 1 t o S ep t 3 0 ----------------------7119,618 65,394 n 25,753 R i o G ra nde J u n c t io n _____ A u g 85,8 4 5 7*186,462 5 53 ,460 n 2 0 0 ,776 ^ t» .U c c 1 to A u g 3 1 _______ 669,254 2 ,0 (1 ,5 2 7 ' 2 ,1 8 7 ,3 0 6 IN D U S T R IA L CO M PA N IES. — I n t., R en tals, & c . — — D al. o f N et E 'n g s .— Net Earnings Monthly to Latest Dates.— The table fol lowing shows the gross and net earnings of STE A M railroads and of industrial companies reported this week: -G ross E a rn in g sC u rrent P revio u s Y ea r. Y ea r. R oads. $ P re v io u s ly r e p o r te d (38 r o a d s ). A tla n ta B irm in gham & A tla n tic D e n v e r N orth w est & P a c ific ___ D e tr o it T o le d o & I r o n t o n _____ A n n A r b o r ____________________ K a n sas C ity M exico & O rie n t. . M ex ica n R a ilw a y ________________ M e x ica n S o u th e r n _______________ T e x a s C en tra l____________________ T o le d o St L ou is & W e s te rn ____ R oads. 7 ,7 3 8 ,5 2 8 $ 380 ,2 6 2 225 ,374 1.879,861 Interest Charges and Surplus. 176 55,597 5 348 ,3 3 5 213,132 2 ,0 0 2 ,4 6 3 321 ,232 2,7 0 0 ,1 3 6 a N et earnings here g iv e n are a fte r d e d u ctin g ta x e s, b N et earnings here g iv e n are b e fo re d e d u ctin g ta x e s. g T h ese results are In M exica n c u rre n cy . J T h e c o m p a n y n o w in clu d es the earnings o f the D e n v e r E n id & G ulf H U ., P e co s V a lle y sy ste m and S an ta F e P re s co tt & P h o e n ix R y . In b oth y e a rs. F or S e p . taxes a m o u n te d to $30 6 ,4 2 0 , again st $305,684 In 1908; a fte r d e d u ctin g w h ich , net fo r S e p . 1909 w as $ 2 ,9 8 0 ,3 9 8 , against $2,751,851 last y e a r. F o r p eriod fro m J u ly 1 t o S ep . 30, ta xes w ere $86 2,33 4 In 1 9 0 9 , a gain st $91 9,03 9 In 1908. n T h ese figures represent 3 0 % o f gross earn in gs. x T h ese figures are o n the basis o f a c c o u n tin g re q u ire d b y th e In te r-S ta te C o m m e rce C o m m ission . 2 In clu d es $91 o th e r Incom e fo r S ep. 1909, again st 5102 In 1908, and for p e rio d fro m J u ly 1 to S e p . 30 includes $283 in 1909, again st $200 last y ea r. T h e earnings o f th e D u b lin & S o u th w e ste rn R R . are In clu ded In b o th years. 68,143 For the second week of October our final statement covers 47 roads and shows 12.46% increase in the aggregate over the same week last year. ___ S econd W eek o f October. C om pa n ies— g M exica n L igh t & P o w C o S e p g M e x ico T r a m w a y s _____ Sep Jan 1 to S ep 3 0 _______ 4 ,0 6 5 ,8 2 5 P a cific T e l & T el C o ____ S e p t 1,0 4 5 ,8 3 2 Jan 1 to S e p t 3 0 . ........... 9 ,0 0 2 ,2 8 9 P ittsb u rg h Coal C o Jan 1 to S e p t 3 0 _______ _______ 10,954 1 3 ,323,649 11,839,737 1,539,509 1,483,912 (1 2 .5 3 % ) $ ------G ross E a rn in g s•— ------- N et E a rn in gs-------C u rrent P reviou s C u rren t P reviou s Y ear. Y ea r. Y ea r. Y ea r. $ $ 5 * 4,62 5 ,7 2 5 ' 3 ,9 4 1 ,2 2 4 .S e p t 1 1 ,531,903 10,481,094 S o u th e rn P a c i f i c . a . . J u ly 1 t o S e p t 3 0 _______ 3 3 ,6 5 7 ,2 1 8 3 0 ,0 3 3 ,1 3 8 13,140,491 I I , 013,584 1 7 ,1 3 3 T e x a s C e n tr a l.a __________ S ep 69,7 9 7 8 3 ,9 1 6 1,481 56,204 J u ly 1 to S ep 3 0 _______ 225 ,4 6 9 2 43 ,823 14,710 2 ,0 1 5 T o m b lg b e e V a lle y ______ S ep t 6,2 3 0 5,3 5 7 2,075 5 ,4 6 9 J u ly 1 to S e p t 3 0 _______ 18,851 15,414 6,2 3 5 U n io n P a cific a _________ S ept 8 ,1 0 0 ,3 7 3 7 ,4 1 4 ,5 9 5 4 ,285.778 3 ,9 9 9 ,5 1 4 J u ly 1 t o S ep t 3 0 _______ 23,583,841 2 1 ,1 3 9 ,7 4 9 12,311,999 1 0 ,8 3 3 ,9 9 2 W r ig h ts v & T e n n ll l c - b .- S e p 12,14ft 237,270 228,123 22,011 J u ly 1 t o S ep 3 0 _______ 272,707 1 6 ,8 1 6 260,923 27,724 R oad. W eek or M o n th . Current Y ear. P reviou s Y ea r. $ 5 255,598 240,752 A m erican R y s Co — S e p te m b e r 149,141 137,387 c A u r Elgin & C h ic R y S e p te m b e r 32,892 34,348 B in gh am ton S t. R y . . A u g u s t ___ 188,364 177,388 B irm R y L t & P o w e r. S e p te m b e r 17.912 16,516 B ro ck to n & P ly S t R y A u g u s t ___ 11,978 11,922 C a m a gu ey C o .............- S ep te m b e r 22,005 22,958 Cape B re to n E lec C o . A u g u s t ___ 17,545 C arolina P o w & L t Co S ep te m b e r 60,868 S e p te m b e r 62,979 Cen tral Penn T ra c 60,008 58,125 Chariest Con R y G & K S ep tem b er C h icago R a ilw a ys Co. A u g u s t ___ 1088,209 980 ,166 31,361 27,971 C le v c P a ln esv & East S e p te m b e r 94,730 D allas E lectric C o r p . A u g u s t ___ 128,749 D e tro lt U n ited R y . . 2d w k O ct 154,354 130,029 76,970 87,217 D u lu th -S u perior T rC o S e p te m b e r 176,402 170,028 East St L ou is & S u b - S e p te m b e r 4 1 ,399 46,447 El Paso E le c t r ic _____ A u g u s t __ 39,742 43,674 F a ir & Clarksb T r C o. S ep te m b e r Ft W a yn e <Sc W abash 133,412 125,587 V a lley T r a c tio n Co A u gust . . . 111,295 101,708 G a lv -IIo u s E le c C o . . A u gust . . . 80.899 97,626 G rand R a p id s R y C o . S eptem ber 34,656 38,229 W k O ct 24 H a v a n a E le ctric R y . tlo n o lu lu R a p id Tran 36,637 3 1.525 & Land C o .......... .... J u ly .......... 25,952 32,925 H ou gh ton C o T r a c Co A u g u s t __ 362,729 342,273 Illinois T ra ctio n C o . J u ly ......... 36,271 38,782 J a ck so n v llle E le c Co A u gust . K ansas C ity -W e ste rn S e p te m b e r 108,206 104,072 L a k e Shore E le c R y . S e p te m b e r 54,239 58,706 L e x & In te r R y s Co J u ly _____ 369 ,446 335 ,077 M llw E lec R y & L t Co S e p te m b e r 99,820 93,984 M llw L t H t & T r a c Co S e p te m b e r W k O ct 23 75,100 71,235 M ontreal S treet I ly 154,540 151,055 N ash ville R y & L ight S e p te m b e r 202,156 172,675 N orth O hio T r & L t . . S e p te m b e r 92,503 109,422 N orth T e x a s E le c C o . A u gust . . 169,066 159,151 N orthw estern E lev Co S ep tem b er 158,234 (1162,938 N o rf & P o rtsm T r C o. S e p te m b e r J u ly ____ 26,78 1 ■11.4 68 O kla h om a C ity R y 19,852 19,930 P adu cah T r & L t Co A u g u s t ___ 19,562 22,205 P en sa cola E le ctric Co A u g u s t ___ 420,778 373,288 P o r tl’d (O r) R y L & P C o S ep tem ber R io de Jan eiro T ram S e p te m b e r 6 12,731 643,347 L ig h t & P o w e r .. Sr Joseph (M o) R y Lt 94,991 88,286 £3 H eat & P o w e r Co S eptem ber 200,496 180,886 Sao P a u lo T r L t & P S e p tem ber 51,544 53,931 Savan n ah E le ctric Co A u gu st ___ 01 0 .8 1 rt 382 ,742 Seattle E lectric C o . . August 13,551 13,471 S ou W iscon sin R y Co S e p te m b e r 45,474 48,468 T a m p a E lectric t o . . A u g u s t ___ 217,737 222,892 T o le d o R y s & L ig h t . S e p te m b e r 67,666 75,754 T o r o n t o R a ilw a y s ___ W k O ct 23 1 - i 027 'o —i" ru tv R a n 'r r a n . ?d WU O ct 1 * 9 J a n . 1 to latest date. C urrent Y ea r. P rev iou s Y ea r. $ 2 ,2 0 1 ,7 8 7 1,158,406 230,721 1,6 4 6 ,8 2 5 91 ,070 99,350 148,388 14 l ,318 564,747 570,005 8,0 6 8 ,5 5 2 24 2,206 854 .533 6 ,2 6 9 ,0 6 0 723,602 1.481.078 376 ,374 313 ,944 S 2 ,1 0 9 ,9 1 2 1,0 5 7 ,9 1 5 21 1,134 1 ,581,703 83,603 8 6 ,1 4 5 150,838 905,614 793,768 776 ,022 1,660,150 856 ,257 700,864 708 ,509 1,542,465 533,118 50 1,806 225,229 728,511 5,5 8 5 ,3 3 7 655,121 1,487,855 342,691 287 ,732 232 ,209 219 .513 213,693 173 ,565 2,4 1 6 ,9 4 7 2 ,2 5 5 ,7 9 0 312,211 282,463 266,914 252,883 835 ,060 7 87 ,210 3 28 ,565 321,654 3 ,1 1 6 ,8 8 5 2 ,866,824 659 ,707 706 ,129 3 ,1 5 1 ,7 4 7 2,9 7 5 ,0 2 0 1,257,641 1,159,583 1,634,172 1,420,552 6 82 ,359 805 ,200 1,523,278 1,409,084 1,436,109 (11,395,234 148,384 228,104 147,729 151,355 135,959 162,401 3 .5 4 7 ,6 4 7 3,2 2 2 ,1 0 3 5,6 0 7 ,4 9 5 5,239,158 722,808 1,776,271 402,291 3,8 0 8 ,1 7 6 120,785 380 ,145 1 ,981,435 3,061,061 5 .442,106 672 ,232 1 ,682,180 387 ,392 2 ,9 1 7 .1 8 5 116,483 362 ,624 1 ,8 6 4 ,8 2 2 5,014 717 l.alcst G ross E a rn in g s. N a m e of R oad. U n d ergrou n d El R y of London— : T h re e tu b e lin e s — M e tro p o lita n D is t . U n ited T r a m w a y s . U n ited R y s o f S t L . . U n ited R R s o f San Fr V irgin ia R y & P o w Co W ash B a lt & A n n a p . W h a tc o m C o R y & Lt W eek or M o n th . Current . P revious Y ea r, j Y ea r. Current Y ea r. P rev io u s Y ea r. 1 3 3 3 £12,625 £10,168 £5,813 0 20 ,329 ' 642 .120 £11,960 £10,114 £6,850 887,344 587,733 £513,910 £401,431 £251,171 8 ,2 2 6 ,3 8 5 4,832,778 1,348.720 £472,940 £370,550 £281,508 7 ,8 6 0 ,6 2 5 4 ,4 9 7 ,0 4 4 58i789 36,84l| 55,938 29,417 260,354 2 31 ,789 3 W k O ct 16 W k O ct 16 W k O ct 16 S e p te m b e r A u gu st — A u g u s t ----S ep te m b e r A u gust — J a n . 1 to latest date. c T h ese figures are fo r co n s o lid a te d c o m p a n y , the N orfolk C o u n ty Ferries. it In clu d es earn in gs of Electric Railway Net Earnings.— In the following we show both the gross and the net earnings to latest dates of all E L E C T R IC railways from which we have been able to procure monthly returns. The returns of the different roads are pub lished by us each week as soon as received, and once a month we bring together all the roads reporting, as is done to-day. -------Gross E a rn ings---------- — N ef E arnfnffs— — Current P revio u s C urrent P reviou s Y ea r. Y ea r. Y ea r. Y ea r. $ 5 $ $ 182,007 201,324 458,218 488,703 A m e r Cities R y & L t . a .S c p t 1,57 0 ,3 0 4 1,771,854 3,087,203 Jan 1 t o S e p t 3 0 ----------- 1,226,102 66,583 74,673 137.387 140,141 A u rora E lgin & C h ic — S ep t 225 ,842 251,642 440,030 480,453 J u ly 1 t o S ep t 3 0 ----------2,086 3,162 7,578 8,681 B a to n R o u g e E lec C o . . . A u g 14,374 17,323 32,802 34,348 B in g h a m to n S treet R y . . A u g 86,132 100,714 211,134 Jan 1 t o A u g 3 1 ----------230,721 69,822 82,611 177.388 B irm in gh a m R y L & P - . S e p t 188,364 653 ,615 723,156 1,581,763 Jan 1 t o S ep t 3 0 -----------l,6 4 6 ,8 2 o 7 ,2 4 0 6,717 16,515 B r o c k t o n & P ly m S t R y . A u g 17,012 2 0 ,720 28,373 83,603 Jan 1 t o A u g 3 1 ----------01,070 H oads. 6,9 5 9 C arolina P o w e r & L t C o .S e p t 17,545 50,590 Jan 1 t o S e p t 3 0 ----------141,318 5,762 11,022 11,078 C a m a gu ey C o m p a n y .. S e p t 46,066 8 6 ,145 00,350 Jan 1 t o S e p t 3 0 ----------10,501 22,058 2 2,005 C ape B re to n E lect C o . . . A u g 53,002 150,838 J a n 1 t o A u g 3 1 ---------148,388 18,034 60,868 C entral P en n a T r C o ___S e p t 62,070 140,108 533,118 J a n 1 t o S ep t 3 0 ---------564,747 18,005 58,125 60,008 C h a rlcst’n C on s R y G & E a Sep 160 ,130 445 ,096 M ch 1 t o S ep 3 0 _______ 45 1 ,4 2 5 C h a u ta u q u a T r a c tio n C o— b 0,630 25,085 36,402 A p r 1 t o Ju n e 3 0 .......... . 14,339 42,233 58,764 Jan 1 t o Ju n e 3 0 ---------4 37 ,576 080,166 C h ica g o R y s . a -----------------A u g 1 ,0 88,200 2 ,8 0 7 ,8 2 6 J a n i t o A u g 3 1 _______ 8 ,0 6 8 ,5 5 2 15,083 27,971 C leve P a ln esv & E ’ n . a .S e p t 31,361 121,626 225 ,220 Jan 1 t o S ep t 3 0 ............. 242 ,206 3 9 ,755 81,447 00,718 C leve S o u th w & C o l - b . - A u g 222 ,918 503,165 Jan 1 t o A u g 3 1 ----------570,627 4 0,532 04,730 D allas E le c tr ic C o r p --------- A u g 128,740 3 01 ,035 728,511 Jan 1 t o A u g 3 1 ----------854,533 273,968 668,480 D e tr o it U n ite d b -------------S e p t 751,818 2 ,260,890 5.324.855 Jan 1 t o S e p t 3 0 _______ 5,063,431 3 8 ,950 76,070 D u lu th -S u p T r a c C o . b . - S e p t 87,217 205 ,175 655,121 723 ,602 Jan 1 t o S ep t 3 0 _______ 89,078 170,028 E ast S t L ou is & S u b .b .S e p t 176,402 663,072 1.48 7 .8 5 5 J a n 1 t o S ep t 3 0 ----------- 1,481,078 17,901 41,300 E l P a so E le c tr ic C o _______ A u g 46,447 145,788 342,601 J a n 1 t o A u g 3 1 _______ 376,374 28,580 30,742 F a irm on t & C l a r k s b .b - .S e p t 13,674 287,732 194,632 Jan 1 t o S ep t 3 0 _______ 313,044 125,587 59,157 F t W a y n e & W a b V a lle y A u g 133,412 8 56 ,257 3 68 ,139 J a n 1 t o A u g 3 1 ---------005,614 101,708 4 8 ,310 G a lv c s t-H o u s t E lect C o .A u g 111,205 700,864 32 5 ,4 7 6 J a n 1 t o A u g 3 1 ----------703,768 80,800 54,426 G rand R a p id s R y . b -------- S e p t 07,626 708,569 413,061 Jan 1 t o S ep t 3 0 ----------776,022 16,656 36,637 3 4 ,5 2 5 H o n o lu lu R T & L C o . b . J u ly 219,513 110,506 232,200 Jan 1 to J u ly 3 1 ----------17,337 25,952 3 2 ,025 H o u g h to n C o T r a c t C o . . A u g 06,022 173.565 213,603 J a n 1 t o A u g 3 1 ---------146,007 342,273 3 62 ,720 Illin ois T r a c tio n C o . a . - . J u ly 063 ,610 2 ,2 5 5 ,7 9 0 Jan 1 to J u ly 3 1 _______ 2,41 6 ,0 4 7 17,400 36,271 38,782 J a ck s o n v ille E lect C o — A u g 131,120 282,463 312,211 J a n 1 t o A u g 3 1 ----------J a m estow n C h au t & L E . b — d c f.4 ,6 0 0 21,077 24,891 A p r 1 to Ju n e 3 0 ----------d e f . 1,622 38,724 48,107 Jan 1 to Ju n e 3 0 ---------J a m estow n S treet R y . b — 23,691 45,589 52,194 A p r 1 to Ju n e 3 0 ----------K ansas C ity -W estern R y . a — 41,132 96,046 J u ly 1 to S ep t 3 0 ............. 100,486 58,364 104,072 L a k e S h ore E lec R y . a - . S e p t 108,206 3 05 ,370 787 ,210 Jan 1 to S ep t 3 0 ............. 835,061 19,518 58,706 L e x in g to n <& I n t e r u r b .. J u ly 54,230 8 4 ,775 328 .565 Jan 1 to J u ly 3 1 _______ 321,654 M assachusetts E le ct C o sb — 1,336,662 2,468,049 J u ly 1 to S ep 3 0 ----------- 2,626,388 7 ,7 9 4 ,1 1 0 2,003,058 O ct 1 to S ep 3 0 _______ 8,05 2 ,3 5 4 101,039 335,077 M llw E lec R y & L t C o . b . S e p t 360 ,446 1,579,713 2 ,866,824 Jan 1 to S ep t 3 0 _______3 ,1 1 6 ,8 8 5 62,121 93,084 MUw L t H t & T r C o . b . . S e p t 00,820 4 14 ,204 650,707 Jan 1 to S ep t 3 0 _______ 706,120 171,647 329,772 M ontreal S tre e t R y .......... A u g 3 55 ,230 1,414,378 3 ,3 2 9 ,0 6 0 O ct 1 to A u g 3 1 ----------- 3 ,4 0 2 ,7 7 6 82,916 151,055 N ash v ille R y & L t C o . a . S e p 154,540 632 ,287 1,159,583 Jan 1 to S ep 3 0 ----------- 1,257,641 69,861 d l6 2 ,9 3 8 N o rfo lk & P o r t s m o u t h ..S e p t 158,234 602 ,836 Jan 1 to S e p t 3 0 ............. 1,43 6 ,1 9 0 d l , 305,234 09,166 20 2 ,1 5 6 172,675 N o rtli’ n O h io T r & L t C o .- S e p 746,442 1,420,552 Jan 1 to Sep 3 0 ---------- 1 ,6 3 4 ,1 7 2 51,529 109.422 92,503 N o rth ern T e x a s E lec C o . A u g 353 ,064 682,359 Jan 1 t o A u g 3 1 ----------805 .200 16,811 26,781 O k la h om a C ity R y ---------J u ly 41,468 82,226 148,384 Jan 1 to J u ly 3 1 ---------228,104 8,649 10,852 P a d u ca h T r a c t & L t C o . A u g 10,030 58,511 151,355 Jan 1 to A u g 3 1 ............. 147,720 0,601 10,562 P en sa cola E le c tr ic C o — ‘A u g 22,205 70,358 135,950 Jan 1 to A u g 3 1 ---------162,401 227,341 373 ,288 P o r t ( O r e )R y L & P C o .b S e p t 420 ,778 1,896,419 3 ,2 2 2 ,1 0 3 Jan 1 to S ep t 3 0 ---------- 3 ,5 4 7 ,6 4 7 8 0,516 158,595 P u g et S ou n d E lect R y . - A u g 104,383 276 ,556 643,347 R l o d e J a n e ir o T r L & P a S e p t 642,731 2 ,2 2 1 ,8 0 3 5,23 9 ,1 5 8 Jan 1 t o S ep t 3 0 ............. 5,60 7 ,4 0 5 5,3 6 0 3 9 ,6 3 2 11,072 65.591 14,200 110,510 17,856 150 ,125 7,741 8,334 3 30 .038 0,229 98,653 3 2 ,8 1 9 171,788 3 1 ,1 8 6 2 16 ,115 245,353 1,02 9 ,6 0 3 31,021 254,687 8 2 ,8 6 7 7 06 ,616 10,510 97.007 27,272 170.760 59,167 3 63 ,762 4 6 ,607 2 86 ,875 40,281 35 1 ,5 8 4 17,447 05,030 13,180 73,422 150,093 025 ,917 17,129 109,784 d e f .658 d e f .5,752 16,650 3 8 ,625 54,424 3 47 ,712 21,211 00,400 1,14 1 ,8 9 5 2,80 7 ,4 9 2 174,009 1,38 0 ,2 0 0 59,319 3 70 ,249 165.510 1,350,401 82,234 563,100 68,104 559,963 8 1 ,0 2 5 508.511 38,073 267 ,682 5,882 43,204 8 ,1 5 7 5 0 ,077 6,421 3 5,434 199,946 1 ,6 2 4 ,9 8 2 6 2 ,7 5 0 2 6 0 ,1 6 5 1 ,0 7 9 ,7 0 8 ----- G ross E a rn in g s------- -------N et E a rn in g s-----C u rrent P rev io u s C u rrent P rev io u s Y ear. Y ea r. Y ea r. $ 5 5 3 5 5 ,0 8 6 4 7 ,4 7 7 04,991 88,286 S t J o s (M o) R y L H & P C o b S cp t 32 9 ,4 5 4 34 8 ,2 7 8 672,232 722 ,808 J a n 1 t o S e p t 3 0 _______ 104 ,658 120,948 180 ,886 200 ,496 S a o P a u lo T r a m L t & P .a S ep t 1 ,0 6 4 ,0 9 7 1 ,1 0 4 ,2 5 9 1 ,6 8 2 ,1 8 0 Jan 1 t o S ep t 3 0 _______ 1,776,271 2 0 ,6 8 6 17,546 51,544 S a v a n n a h E le c tr ic C o ___ A u g 53,031 124 ,459 141 ,146 3 87 ,392 J a n 1 t o A u g 3 1 _______ 4 02 ,294 163,082 2 98 ,697 382 ,742 610 ,816 S eattle E le c tr ic C o ______A u g 1,180,681 1 ,5 9 9 ,3 0 3 2 ,9 1 7 ,1 8 5 Jan 1 t o A u g 3 1 _______ 3 ,8 0 8 ,1 7 6 S yra cu se & S u b u r b a n .a— 15,245 6 ,5 3 7 3 0 ,209 A p r 1 t o Jun e 3 0 ----------3 0 ,5 0 9 1 5,751 19,664 48,468 T a m p a E le c tr ic C o -------- A u g 45,474 115,672 158,163 3 62 ,624 Jan 1 t o A u g 3 1 _______ 38 9 ,1 4 5 110,902 95,958 222,892 T o le d o R y s & L ig h t , b - -S e p 217,737 844 ,999 84 7 ,3 8 6 1,86 4 ,8 2 2 J a n 1 to S ep 3 0 _______ 1 ,9 8 1 ,4 3 5 199,146 193,153 3 5 4 ,0 9 5 T o r o n t o R a ilw a y C o -------S e p t 370 ,981 1 ,2 32,478 1 ,4 0 7 ,6 5 5 2 ,6 2 9 ,2 2 2 Jan 1 t o S e p t 3 0 _______ 2,857,201 T r i-C ity R y & L ig h t C o 20 5 ,4 5 0 227,623 4 50 ,172 506,987 J u ly 1 to S e p t 3 0 _______ 30 7 ,2 8 7 3 7 5 ,1 6 2 583,876 T w in C ity R a p T r C o . b . S e p t 645,197 2 ,3 9 3 ,7 7 7 3 ,7 4 3 ,8 5 2 4 ,7 6 5 ,8 0 2 Jan 1 to S e p t 3 0 _______ 5 ,1 7 6 ,4 2 0 U n d e rg ro u n d E le c R y s — L o n d o n , £20 ,435 £21,125 £48,819 M e tro p o lita n D is t r ic t ..S e p £49,743 £7,241 £6,538 £14,610 B a k er S t & W a t e r lo o . .S e p £13,685 £9,264 £9,693 £23,400 G t N o r, P ic a d ’ y & B _ _ S e p £23,517 £5,642 £6,678 £15,338 C h arin g Cr E u s & H am S ep £16,756 £13,731 £7,561 £32,200 L o n d o n U n ite d T r a m . .S e p £27,702 3 3 3 ,1 8 0 33 9 ,9 7 2 8 87 ,344 U n ited R y s o f S t L ou is a S e p t 029 ,329 2 ,7 8 7 ,5 5 7 7 ,8 6 0 ,6 2 5 3 ,0 0 8 ,6 8 1 J a n 1 t o S e p t 3 0 _______ 8 ,2 2 6 ,3 8 5 2 31 ,705 278 ,169 U n ite d R R s o f San F r b A u g 642 ,120 587,733 1 ,5 7 4 ,3 4 0 2 ,0 2 7 ,2 6 9 Jan 1 t o A u g 3 1 ----------- 4 ,8 3 2 ,7 7 8 4 ,4 9 7 ,9 4 4 7 9 ,999 V irgin ia R y & P o w C o . . A u g 165,334 590,721 Jan 1 to A u g 3 1 _______ 1 ,3 48,720 2 4 ,039 2 5 ,6 2 9 55,938 W ash B a lt & A n n a p o lis .S e p t 58,789 50,878 1 51 ,545 7 2 ,6 8 7 J u ly 1 t o S e p t 3 0 _______ 172,505 21,618 25,508 4 2 ,710 50,038 W e s te rn O hio R y C o .b — S ep 195 ,432 219 ,289 437 ,096 O ct 1 to S e p 3 0 ________ 479 ,566 1 2 ,149 17,667 2 0 ,417 W h a tc o m C o R y & L t - . A u g 36,841 0 8 ,5 0 5 2 31 ,789 11 1 ,6 2 5 Jan 1 t o A u g 3 1 _______ 260,354 R oads. a N et earnings here g iv e n are a fte r d e d u ctin g ta x e s , b N et earnings here g iv e n are b e fo re d e d u ctin g ta x e s. d In clu d es th e gross earnings o f th e N o rfo lk C o u n ty F e rrie s , lease fo r w h ich e x p ir e d A p ril 1 1000. Interest Charges and Surplus. — I n t ., R en tals, & c.--------- B a l. o f N et E 'n q s .— P rev io u s Current P rev io u s Current Y ea r. Y ea r. Y ea r. Y ea r. S $ $ $ 7 8 ,676 9 6,726 103,331 104,598 A m e r C ities R y & L t — S ep t 6 60 ,204 8 34 ,618 910 ,100 937,236 Jan 1 to S e p t 8 0 ----------3 8 ,9 5 9 4 5 ,2 6 0 27,624 29,413 A u rora E lgin & C h ic — S ep t 1 42 ,815 163 ,979 8 3 ,0 2 7 87,663 J u ly 1 t o S e p t 3 0 ---------2 8 ,188 5 857 8,5 1 7 9,1 3 5 B in g h a m to n S tre e t R y . - A u g 2 8 ,2 8 5 20,329 65,803 72 429 Jan 1 to A u g 3 1 ---------5,0 2 7 5,056 2,213 1,661 B r o c k to n & P ly m S t R y .A u g 13,668 18,498 2,222 14,705 J a n 1 t o A u g 3 1 _______ 4,0 6 9 5,4 3 0 6 ,103 5,071 C ape B re to n E le ct C o ___A u g 1 2 ,900 2 5 ,4 2 2 4 0,169 41,092 Jan 1 t o A u g 3 1 _______ 2,5 0 4 4,4 5 5 C arolina P o w & L t C o . . S e p t 4 0 ,9 5 4 18,636 Jan 1 to S e p t 3 0 ----------4 ,0 3 9 4 ,0 8 8 13,817 13,917 Chari C on R y G & E C o . .S e p 62,584 6 8 ,7 1 4 96,541 97,416 M ch 1 t o S ep t 3 0 ---------C h au tau qu a T r a c tio n C o— d e f .3,98 9 d e f .6,3 9 7 11,730 16,027 A p r 1 to Ju n e 3 0 ----------24.700 x d f.1 6 ,5 9 5 * d f .l6 ,7 5 8 30,431 Jan 1 to Jun e 3 0 ---------1,098 6 ,2 9 9 8,131 8,784 C leve P a ln sv & E a s t’ n .- S e p t 2 6 ,2 5 9 46,021 72,394 7 5 ,605 Jan 1 t o S e p t 3 0 ----------12,930 12,485 10,889 2 7,270 C leve S o u th w & C o l---------A u g 10,709 27,561 161 ,079 195,357 J a n 1 t o A u g 3 1 ............. 2 ,8 5 7 11,883 2 8 ,329 28,649 D allas E le ctric C o r p -------A u g d e fl9 .9 5 2 7 0,948 2 36 ,067 230 ,087 * 1 1 5 ,3 3 2 *1 2 7 ,6 0 6 158,124 135,049 D e tr o it U n it e d ..................S ep t *7 5 5 ,7 9 8 * 9 5 9 ,5 9 7 1 ,2 1 8 ,8 6 0 1,409,007 1 2 ,105 18,193 18,916 20,757 D u lu th -S u p e r T r a c C o .- S e p t 8 7 ,937 127 ,085 166,750 168,090 Jan 1 to S e p t 3 0 .......... .. 34,651 3 9 ,733 4 8 ,216 4 9,345 E ast S t L ou is & S u b u r b .S e p t 2 69 ,971 217 ,961 4 36 ,645 445,111 J a n 1 t o S e p t 3 0 ----------3,4 3 4 9,642 7,076 8,2 5 9 E l P a so E le ctric C o _____ A u g 3 9 ,6 2 8 8 1 ,9 7 5 57,379 63,813 Jan 1 t o A u g 3 1 _______ *1 7 ,1 2 0 * 1 9 ,9 4 6 12,344 1 2 ,655 F a lrm & C larksb T r C o .S e p t *9 6 ,9 1 7 * 1 1 5 ,9 8 1 104,262 111,148 J a n 1 to S e p t 3 0 ----------26,081 2 6,640 20,526 2 1,679 G a lv c s t-H o u s t E le ct C o . A u g 123 ,540 152 ,932 163 ,335 172,544 Jan 1 t o A u g 3 1 ----------3 0 ,475 3 5 ,4 6 8 18,806 18,958 G rand R a p id s R y _______ S ep t 185,288 242,291 165,296 170 ,770 J a n 1 t o S e p t 3 0 . .......... * 1 1 ,9 9 5 * 1 1 ,1 4 9 6,144 6,122 H o n o lu lu R T & L d C o . . J u l y * 5 6 ,5 7 0 * 6 1 ,8 6 5 43,001 43,088 Jan 1 t o J u ly 3 1 ............. 8,577 11,122 4,603 6 ,215 H o u g h to n C o T r a c t C o . . A u g 3 5 ,7 7 6 48,451 3 7.646 47,571 Jan 1 t o A u g 3 1 ----------7,8 9 7 7,0 7 0 9,232 9,250 J a ck s o n v ille E le ct C o ___A u g 3 5 ,2 1 9 55,980 74,565 75,140 Jan 1 t o A u g 3 1 ---------, R oads. J a m e s to w n C h au t & L E — A p r 1 to Jun e 3 0 ----------Jan 1 to Jun e 3 0 ----------J a m e sto w n S tre e t R y — A p r 1 t o S e p t 3 0 ----------K ansas C ity -W e ste r n R y — J u ly 1 to S e p t 3 0 ----------L a k e S h ore E le ctric R y .S e p t 8,7 3 0 20,141 8 ,6 2 5 * d e f . 1 3 ,4 1 5 * d e f. 9,256 20,141 x d e f.2 1 ,7 6 1 * d e f.2 5 ,8 2 6 17,410 1 6,132 6,281 518 20,625 34,804 309 ,093 20,587 3 4 ,012 2 87 ,720 * 2 0 ,8 9 0 2 3 ,560 8 6 ,2 7 7 * 1 8 ,1 5 2 20,412 59,992 M assachusetts E le ct C os— 432 ,058 J u ly 1 to S ep 3 0 ----------O ct 1 t o S ep 3 0 ----------- 1,77 8 ,1 2 8 111,552 M llw E le c R y & L t C o . .S e p t 9 52 ,842 6 9,152 M llw L t H t & T r C o -------Sep t 580,851 Jan 1 to S e p t 3 0 -----------59,027 M on treal S tre e t R y -------- A u g 418,801 O ct 1 t o A u g 3 1 . .......... 63,058 N orf & P o rtsm T r a c C o .S e p t 583,273 4 2 ,927 N or O h io T r & L t C o -------Sep 393 ,342 Jan 1 to Sep 3 0 ----------17,190 N orth ern T e x a s E lec C o . A u g 137,495 Jan 1 t o A u g 3 1 ----------6,619 P adu cah T ra ct & L t C o . Aug 55,076 Jan 1 t o A u g 3 1 ----------4,372 P e n sa co la E le ct C o -------- A u g 3 4 ,713 Jan 1 t o A u g 3 1 ---------128,024 P o r t (Ore) R y L & P C o .S e p t Jan 1 to S e p t 3 0 ............. 1,111,334 417 ,494 1 ,7 8 4 ,4 3 7 100 ,810 89 3 ,6 7 0 62,802 538,296 54,112 423,021 6 7,187 592,583 43,412 394,743 17,434 129,040 6,851 55,693 4,488 3 3,997 114,207 1,03 8 ,4 3 4 90 4 ,6 0 4 724,401 1 ,0 2 3 ,0 5 5 1 ,1 2 5 ,8 3 0 *7 8 ,2 4 4 * 8 5 ,4 6 7 * 5 2 9 ,6 6 5 * 6 6 4 ,0 8 9 *41,701 * 3 8 ,0 9 1 *2 4 9 ,3 1 0 * 2 3 9 ,4 3 2 111,398 112 ,620 92 7 ,3 8 0 9 95 ,577 917 6,8 0 3 19,563 d e f .3 2,620 3 7,613 56,239 2 03 ,768 3 5 3 ,1 0 0 21,539 3 4 ,3 3 9 138,642 21 5 ,5 6 9 2,0 3 0 1,306 3,3 8 4 3 ,4 3 5 5,319 1,933 3 5,643 1,437 98,417 8 5 ,7 3 9 78 5 .0 8 5 5 86 ,548 — I n t ., R en tals, & c .— — B a l. o f N et E ’ n g s.— C u rrent P rev io u s C u rrent P rev io u s Y ea r. Y ea r. Y ear. Y ea r. $ $ $ $ 4 2 ,9 2 9 3 1 ,716 19,821 P u g e t S ou n d E le c t R y . - A u g 4 8 ,8 0 0 2 5 ,419 34.718 St J o s (M o ) R y L H & P C o . - S e p t 22,058 20,368 156,198 144,912 Jan 1 to S ept 30 192,080 184,542 111 3,184 Savannah E le c tr ic C o .-A u g 17,435 17,502 1,673 136,841 d e fl2 ,3 8 2 Jan 1 to A u g 31 139,473 1 90 ,109 68,248 94,834 S e a ttle E le ct C o -------------- A u g 108,588 7 73 ,646 472 ,974 Jan 1 to A u g 31. 82 5 ,6 5 7 707 ,707 S y ra cu se & S u b u rb a n — * d e f.6 1 5 7 ,3 0 9 * 8 ,3 4 2 A p r 1 t o Ju n e 3 0 _______ 7,2 3 5 15,070 5,138 10,613 T a m p a E lect C o _________ A u g 4,5 9 4 120,847 2 1 ,230 94,442 J a n 1 t o A u g 3 1 _______ 3 7 ,3 1 6 * 2 0 ,8 3 3 7 1,977 * 3 9 ,0 7 6 T o le d o R y s & L t C o ____ S ep 75,483 * 1 9 7 ,3 8 2 635 ,743 *21 2 ,3 2 8 J a n l to S ep 3 0 ............. 6 52 ,202 T r l-C lty R y & L ig h t Co— 122,789 97,432 82,661 130,191 J u ly 1 to S e p t 3 0 _______ 138 ,667 234,911 168,620 T w in C ity R a p T ra n C o .S e p t 140,251 1,145,122 1 ,4 95,342 1,24 8 ,6 5 5 Jan 1 t o S e p t 3 0 _______ 1 ,2 4 8 ,5 1 0 234 ,380 107,840 9 8,800 U n ite d R y s o f S t L o u is .S e p t 232 ,132 2 ,0 9 7 ,3 3 2 907 ,049 690,225 J a n 1 t o S ep t 3 0 ----------- 2 ,1 0 1 ,6 3 2 25,169 d e f3 ,4 5 0 d e fl,1 3 0 W a s h B a lt & A n n a p o lls .S e p t 2 9 ,079 75,270 d e f 15,447 d ef24,392 J u ly 1 t o S ep t 3 0 ............. 88,134 15,532 10,012 6,086 15,496 W e s te rn O h io R y C o -------S ep 183,780 36,022 1 1,652 O ct 1 to S ep 3 0 ............. 183,267 7,9 7 6 9,603 W h a tcom Co R y & L t - .A u g 8,064 4,173 45,404 64,011 J a n 1 t o A u g 3 1 ............. 46,221 34,494 IN C O M E ACCO U N T. 190 8-0 9. 1907-08. $ $ 19,45 7 ,9 0 2 23,49 1 ,5 4 3 539,249 O u tsid e o p e r ’ns— net d e f . 100 6-0 7. $ 2 7 ,363,831 190 5-0 6. $ 2 7 ,8 7 6 ,8 3 5 22,95 2 ,2 9 4 2 ,0 6 2 ,1 8 9 19,457,902 2 ,0 2 7 ,2 9 9 27,363,831 1 ,7 5 9 ,7 9 5 2 7 ,8 7 6 ,8 3 5 1,448,364 2 0 ,8 9 0 ,1 0 4 17,430,603 2 5 ,6 0 4 ,0 3 6 26,42 8 ,4 7 1 4 ,6 8 5 ,1 3 9 5 ,2 6 8 ,0 7 5 25,57 5 ,2 4 3 2 2 ,699,578 . _ - R oads. * A fte r a llo w in g fo r o th e r In com e r e c e iv e d . ANN UAL REPORTS, Annual Reports.— The following is an index to all annual reports of steam railroads, street railways and miscellaneous companies which have been published since Sept. 25. This index, which is given monthly, does not include reports in to-day’s “ Chronicle.” Railroads— Railroads— Ann A rbor--------- --------1068 Union Pacific...............................1064, 1072 Atchison Topeka & Santa F c ..8 3 7 , 855 Wabash Railroad..........................838, 859 Atlantic Coast Line Co. ol C o n n ... 1067 Wheeling & Lake Erie................... 842 Boston & M a in e ................................ 841 Wisconsin Central........................... 1065 Buffalo & Susq. (prel. sta tem en t)-. 992 Yazoo & Mississippi Valley_____989, 1008 Electric Railways— Canadian Pacific (annual m eeting). 989 Central R R . of New Jersey------------- 847 American Railways......... ................... 844 Chicago & A lton ......... .............. 989 Quebec Railway Light & Power C o . 915 Chicago Indianapolis & Louisville. - 844 Railways Company General.............. 776 Chicago R ock Island & Pacific......... 1064 Susquehanna R y ., Lt. & Pow er____ 845 Chicago St. Paul Minneapolis & Om. 775 Underground Electric Railway Co., London (half-year)........................ 845 Chicago Terminal Transfer__________1066 Colorado & Southern___ 912, 933, 990 Industrials— Cripple Creek Central................... 847 D etroit & M ackinac..................... 1068 Allls-Chalmers Co., Milwaukee____ 990 D etroit Toledo & I r o n to n ............ .. 1068 American Linseed C o.......................... 777 Duluth South Shore & A tlantic____ 841 American Shipbuilding C o--------------- 995 Erie Railroad__________________1064, 1083 American Type Founders C o--------- 1068 Georgia Southern & F lorida................1068 Colorado Fuel & Iron Co. (prelinlnary statem ent)........................ 777 Great Northern................. 1066 Gulf & Ship Island......................... 1066 Crucible Steel Co. of America, Pitts. 915 Illinois Central....................... 989,1001 Distillers’ Securities C orp.................... 1067 Kansas City Southern__________1065, 1089 Federal Mining & Smelting C o........... 1070 Lehigh Valley______ _______8 38 ,851 , 914 La Belle Iron W orks, Steubenville,O. 916 Louisville & Nashville_________ 911, 926 Lake of the W oods Milling Co., L td. 998 Maine Central-------------842 Lehigh Valley Coal C o______ _______ 845 916 Midland Valley....... .............- ........... 990 Lake Superior Corp-----------Minn. St. Paul & Sault Ste. M arie.. 775 Lehigh & Wilkes-Barre Coal C o____ 991 N evada-Californla-Oregon................ 842 Mergenthaler Linotype Co., N. Y . . 1070 New Y ork New Haven & H artford. 838 New Haven Iron & Steel C o........... .. 781 846 New Y ork Ontario & W estern......... 776 New Y ork D ock C o ___________ New Y ork Susquehanna & Western. 1069 Pacific Coast C o . . ......... ............ 1067, 1088 Northern P a c i l l c . .. ............................. 912 Pope Mfg. Co., Hartford, Conn____ 915 1067 Pero Marquette - ............................. 913 Pullman Com pany................. Quebec Central...........— ............... .. 994 Standard Milling C o . . .......................... 1071 Reading Com pany.............774, 782, 843 United States Coal & Oil C o----------- 917 St. Louis Southwestern...................... 912 U. S. Finishing Co., Norwich, Conn. 1071 Seaboard Air Line....................... 840 Virginia Iron, Coal & Coke C o--------- 917 Southern Railw ay...........................989, 1011 Wells, Fargo & Co. (Express) N. Y . 916 Texas C en tral............ - ....................... 914 Western Canada Flour Mills C o____1001 Toledo & Ohio C entral-...................... 913 Western Union Telegraph C o ______ 991 Toledo Peoria & W estern.................. 914 Westlnghouse Air Brake Co., Plttsb. 777 Baltimore & Ohio Railroad. (Report fo r Fiscal Year ending June 30 1909.) On subsequent pages will be found the report of President Murray for the year 1908-09 and also the general balance sheet in detail. The comparative statement of operations, earnings, charges, &c., for four years is as follows: O P E R A T IO N S , E A R N IN G S A N D E X P E N S E S . 1006-07. 190 5-0 6. 190 8-0 9. 1907-08. M iles o p e ra te d Jun e 3 0 _ . 4,004 4 ,0 0 6 3,902 4,0 3 0 O perations— 5 8 .4 4 8 ,2 6 5 T o n s fre ig h t c a r r ie d * . . . 4 8 ,2 2 3 ,4 7 4 49.488.211 55,33 5 ,1 0 2 T o n s f r ’ t carried 1 m il e * .92707 15209 9 7 8 7 4 1 5 3 3 3 1 1 3 3 0 1 3 3 4 8 2 1 0 7 1 0 4 0 7 8 3 6 0 .5 6 0 cts. A v . ra te p er t o n per m ile* 0.581 cts. 0.5 7 0 cts. 0 .5 6 9 cts. 17 ,4 6 8 ,3 2 0 Passen gers c a r r ie d _____ 18,61 3 ,4 3 7 1 6 ,145,306 18,774,688 P a ss’rs carried 1 m ile ___6 8 9 ,7 5 0 ,4 7 9 7 2 6 ,0 3 9 ,0 0 6 7 2 3 ,438 ,59 4 6 8 2 ,972 ,13 0 A v . rate per pass, per m . 1 .880 cts. 2.0 0 6 cts. 1.890 cts. 1.956 cts. A v . tra in -loa d ( t o n s ) . . . 425 408 433 420 E arn s, per pass. tr. m ile $0,909 $0,961 $1,018 E a rn s, p er re v . fr t . tr. m . $2.4716 $2.3208 $2.4540 G ross earnings per m ile . $17 ,745 $18,437 $20,529 $19,204 E a rn in g s from — $ $ $ $ F r e i g h t .................... 5 3 ,872,416 5 5 ,681,786 64,208,6711 P a ss en g ers _______________ 12,97 0 ,1 1 2 13 ,7 3 6 ,1 0 7 14,121,897 M a l l -------------------------------1,207,372 1,21 1 ,5 9 5 1,403,938 7 7 ,3 9 2 ,0 5 6 E x p r e s s --------------------------- 1,480,121 1,459,212 1,45 3 ,7 2 0 M is c e lla n e o u s ___________ 1,513,497 1 ,525,573 1,050,203 J T o t a l ea rn in g s------------- 71 ,0 4 3 ,5 1 9 O perating exp en ses— M a in ten a n ce o f w a y , & c. 9 ,0 17,397 M aln t. o f e q u i p m e n t - .. 10,98 5 ,7 3 0 T r a ffic e x p e n s e s ------------1,60 8 ,4 5 2 T r a n s p o rta tio n ex p en ses 24 ,4 5 3 ,7 9 0 G eneral e x p e n s e s _______ 1,486,607 A . V/. ISA V A p . tW VCbX lU W g O . N e t ea rn in g s.......... ............2! * R e v e n u e fre ig h t o n ly . 73,608,781 8 2 ,2 4 3 ,9 2 2 7 7 ,3 0 2 ,0 5 6 10,579,6891 12,652,641 1,669,028 27,720,192 1,529,329, 54,880,091 49,515,221 5 4 ,150,879 (73.57) 19,457,902 54,880,091 (66.73) 27,363,831 49,51 5 ,2 2 1 (63.98) 2 7 ,8 7 6 ,8 3 5 D lv s . a n d Int. re c e iv e d , re n ts , jo in t fa c ll., & c . D ed uct— H ire o t e q u lp m ’ t — b a l . . J o ln t fa c ilitie s ___________ M iscellaneous r e n ts ____ C om p a rison Im possible o w in g t o ch an ges In m e th o d s o f a c c o u n tin g . 170 ,865 C r.7,331 688,407 777,274 140,139 104,854 11,320,801 1 1 ,2 0 4 ,8 5 7 J 3 75 ,894 234,066 184,580 249,051 N et W a s h ’ n B r ’n c h , & c . 2 ,4 2 ,4 2 ,4 0 ,0 0 0 2 ,4 ,0 0 0 4 % d lv . on p r e f. s t o c k .. . 0 0 ,0 . 00 . 0 0_____ . 0______ . 0 0 ,0 . 00 D iv . o n c o m m o n s t o c k . (6 )9 ,1 3 0 ,5 5 0 (6 )9 ,1 3 0 ,5 5 0 (6 )9 ,1 3 0 ,1 9 0 (6 ^ )6 8 5 1 4 7 8 A d d itio n s an d lm p r ’t s . . _________ _________ 3 ,0 0 0 ,0 0 0 3 ,0 0 0 ,0 0 0 M lscel. im p r ’ ts , & c ______ 547,984 2 78 ,556 1,11 5 ,6 7 2 1 ,0 7 7 ,9 7 5 T o t a l _________________ 24 ,6 3 2 ,8 1 2 2 4 ,0 7 3 ,3 4 0 C om p a rison n o t p r a c 'b le B a l., su r. o r d e f ............... * S .0 4 2 ,4 3 2 * D .1 ,3 7 3 ,7 6 2 « S .2 ,9 1 5 ,4 4 0 * S .5 ,8 1 2 ,8 2 2 * T h e differen ce In th e b a la n ce fo r th e y e a r as sh ow n here an d In th e p a m p h le t r e p o rt Is d u e m e re ly t o a d ifferen ce in th e m e th o d o f ch a rg in g th e c o m . s t o c k d lv s ., th e a b o v e m e th o d be in g used fo r th e sake o f s im p lic ity . G E N E R A L B A L A N C E S H E E T J U N E 30. 1909. 1908. 1907. A ssets— 5 8 $ C ost o f r o a d , Incl. se cu rities p le d g e d . .3 5 7 ,6 6 9 ,2 8 0 3 4 7 ,7 0 3 ,1 6 5 3 3 9 ,6 7 2 ,1 9 4 4 7 ,2 1 9 ,5 0 0 4 7 ,2 1 8 ,3 9 0 R o llin g s t o c k __________________________ 4 7 ,2 1 9 ,5 0 0 M arine e q u ip m e n t _____________________ 1,09 5 ,7 6 2 1 ,0 95,762 1 ,0 9 5 ,7 6 2 G as a n d e le ctr ic p la n ts ________________ 724 ,476 723,114 71 1 ,9 4 8 R ea l estate 3 ,9 5 7 ,4 6 0 7 ,5 8 1 ,8 4 6 7 ,4 6 2 ,3 3 7 Secu rities t o retire o ld b o n d s , & c ____ 231 ,542 246 ,482 2 4 8 ,4 2 5 D ue b y o th e r com p a n ie s fo r a d v ’s — 17,798,987 16,903,351 1 5 ,8 1 7 ,7 7 7 Cash o n h a n d , & c_____________________ 1 4 ,773,336 13,960,818 5 ,9 2 0 ,1 3 8 __________________ 3 ,2 5 1 ,0 2 3 2,74 3 ,3 1 4 4 ,5 1 5 ,1 8 2 D ue fro m agen ts T r a ffic b a a n ce s________________________ 9 99 ,729 1 ,2 5 4 ,7 7 9 1,578,841 D ue b y in divid u als a n d co m p a n ie s . . 2 7 ,0 9 4 ,4 5 7 27,204,981 2 7 ,4 9 0 ,3 4 0 B on ds o f B . & O . R R . C o ____________ 5,072,352 1 7 ,4 7 1 ,3 7 9 1 7 ,8 2 9 ,3 7 9 B o n d s o f su n d ry co m p a n ie s ---------------2 ,3 8 7 ,4 0 9 2 ,4 5 9 ,1 0 9 5 ,5 6 8 ,1 0 9 S to ck s o f B. & 0 . R R _________________ 1,219,784 1 ,2 1 7 ,9 2 0 1 ,2 1 5 ,8 4 5 S to ck s o f B . & O . E q u ip m e n t C o ____ 1,00 0 ,0 0 0 1 ,0 0 0 ,0 0 0 1 ,0 0 0 ,0 0 0 S to ck s o f su n d ry c o m p a n ie s --------------- 3 2 ,4 5 5 ,2 5 4 3 4 ,0 1 1 ,6 3 2 3 0 ,2 3 1 ,8 1 5 4 ,9 5 8 ,9 7 2 4 ,5 1 4 ,0 5 4 6 ,3 7 1 ,0 7 2 M aterials on h a n d _____________________ M iscellaneous a c c o u n t s ________________ 1,690,151 2,93 6 ,9 9 4 1 ,4 8 0 ,6 5 9 T o t a l a ssets_________________________ 523 599,474 5 3 0 ,2 4 8 ,2 0 0 5 1 5 ,4 2 8 ,2 1 3 TAabililies— 6 0 ,0 0 0 ,0 0 0 P re fe rre d s t o c k ________________ ______ - 60 000, 000 6 0 ,0 0 0 ,0 0 0 C o m m o n s t o c k _________________________ 152 175 829 152 ,175 ,82 0 1 5 2 ,1 7 4 ,8 2 9 B o n d s (see “ R y . & I n d . S e c tio n ” ) — 257 ,228 550 2 5 5 ,5 3 2 ,4 3 0 2 4 9 ,2 0 0 ,4 3 0 1,222,730 1,08 2 ,2 8 0 G ro u n d re n t Hens--------------------------------- 1 ,223 564 2 0 ,0 0 0 R e a l e sta te m o r tg a g e s .............— ................. ” 1 2 7 ,7 4 1 128,001 O ld b o n d s an d sto ck s n o t d e p o s i t e d .. 5 9,000 109 .000 M . R I v . R R . car tru st w a rra n ts --------------- . 70 0 ,0 0 0 7 0 0 .0 0 0 700 000 M o n o n . R iv e r R R . C o . 1st M . b o n d s . 4 .0 0 0 . 000 4 .0 0 0 . W . V a . & P ltts b . R R . C o . 1st M ------------- 4,000 ,000 5 .0 0 0 . 000 5 .0 0 0 . S c h u y l. R iv . E . S . R R . C o. 1st M . . . 5 ,000 000 34 5 ,6 2 6 4 66 ,219 980 ,444 D u e t o W a s h . B r. Incl. a n n u itie s------5 5 ,0 0 0 P ltts b . & W e s t, e q u ip m e n t tr u s ts _______ . 3 ,3 4 3 ,6 1 0 2 ,6 79,674 P a y -ro lls an d u n cla im e d w a g e s___________ 2,O il ' 536 1 ,7 15,586 1,047,203 T r a ffic b a la n ce s ________________________ 1 014, 619 I n t e r e s t _______________________________ 3 093, 256 3,65 2 ,3 2 1 3,70 1 ,2 5 1 D iv id e n d s ______________________________ 5 ,845 102 5,837,724 5,833,221 A c c r u e d ta x e s an d g ro u n d r e n ts _____ 20 212 3 2 ,4 3 9 2 7,378 B . & O . relief d e p a rtm e n ts ---------------1 ,997 ,584 2,38 5 ,1 1 1 2 ,121,784 A u d ite d v o u c h e r s an d loans an d bills 13 ,5 7 7 ,8 5 6 2 ,8 1 7 ,9 8 9 p a y a b le ______________________________ 1 713, 729 4 ,1 0 5 ,9 3 9 3 ,0 0 2 ,3 2 8 858, ,300 M isce lla n e o u s---------------------------------------17 ,8 0 5 ,4 4 2 1 9 ,7 3 9 ,5 4 2 P ro fit a n d lo s s .......... ...................- .............. 18,120, 681 T o t a l lia b ilitie s _____________________ 5 2 3 ,599 ,47 4 5 3 0 ,2 4 8 ,2 0 0 5 1 5 ,4 2 8 ,2 1 3 — V . 8 9 , p. 992, 408. Great Northern Railway. (Report fo r Fiscal Year ending June 30 1909.) The full text of the remarks of Chairman J. J. Hill and President L. W. Hill is given on subsequent pages; also the revenue and income accounts, the general balance sheet in detail, &c., &c. Below are comparative balance sheets for two years. The comparative income account and statistics for several years were shown in the “ Chronicle” last week on page 1006. CO N DENSED B A L A N C E SH EET J U N E 30. 1909. 1908. 1908. 1909. Liabilities— $ S Assets— $ $ Capital s t o c k .. .209,970,250 209,962,750 R y . prop., Incl. advances and Funded dcbt(see Investm’ts In R y.& Ind.S cc. system roads A subsequent . „ „ „„„ 234,010,909 p a g e s )_234,011,409 (see details on 2,955,073 subseq't page)332,598,121 319,681,815 Vouchers unpaid 3,138,015 ‘ 2,424,837 Cost of % int. In Unp’d pay-rolls 2 663,998 1,661,347 C. B. & Q. stk. Unp’d coupons. 1,733.601 2,184 ................ held b y trustee Unpaid dlvld’ds o f Joint bonds 109,114,810 109,114,310 Accr’d taxes, not 1,037,499 due ................ 1,060,635 Other securities Bond Int., accr’ d, _____ & Investm’ ts 264,673 not d u e_____ 238,003 (see details on subseq’t page) 68,859,724 67,171,239 Balance due af filiated c o 's - . 2,673,026 6,768,716 Cash on h a n d .. 9,144,105 11,688,302 Due from agents 2,188,468 1,812,367 Im prov’ts & betterm’ts fund. 5,763,398 5,057,054 Due from U. S. Depreciation of & Can. P. O. equipment t’d 16,051,219 14,372,448 362,168 departments . 144,353 Insurance funds 510,699 481,884 Due from U. S. 115,801 Add’ns & bet’ts 130.954 Transporta’ n . 57,350 68,345 paid from Im Advanced chges. 3,439,900 prov’ ts & R e Bills receivable. 2,864,328 newals fu n d .. 19,934,613 17,822,513 Other co ’s and 1,509.396 2,437,893 St. P. M. & M. Individuals . . 8.219,581cons. M. bds. Material & fuel. 6,354,216 retired b y s. f. 78,000 since N ov. ’07 78,000 11,224 M iscellaneous.1,224 Profit and loss. - 35.146,545 27,191,800 T o t a l _______ 532,976,819 524,100,727 — V . 89, p. 1066, 847. T o t a l ..............532,976,810 524,100,727 Northern Pacific Railway. (Report fo r Fiscal Year ending June 30 1909.) The report of President Howard Elliott will be found on subsequent pages, together with the income account, profit and loss account, balance sheet and traffic statistics. Com parative traffic statistics for several years are given below. The comparative income account was given in the “ Chroni cle” of Oct. 9, page 912. 000 000 O P E R A T IO N S . 1008-09. 1907-08. 5,633 5,671 1906-07. 5,444 1905-06. 5,401 A v era g e m iles o p e r a t e d . E q u ip m en t— 1,005 1,255 1,314 1,323 L o c o m o t iv e s ____________ 808 893 923 1,005 Passen ger c a s ___________ 3 6 ,097 42,3 2 0 42,171 41,1 9 8 F reigh t c a r s _____________ 4,0 4 0 6,129 5,935 0,417 M iscellaneous c a r s _____ O perations— 7 ,8 8 0 ,3 3 3 6,9 5 3 ,4 2 4 5 ,9 2 0 ,2 8 0 P assen gers c a r r ie d ______ 8,4 0 4 ,7 1 2 Passen gers carried 1 m lle 7 6 7 ,4 3 9 ,4 6 5 7 9 4 ,351 ,94 8 7 2 2 ,745 ,25 9 0 5 9 ,0 5 0 ,2 2 7 2.26 cts. 2.09 cts. K a te p er pa ss, p er m ile . 2 .2 5 c ts . 2 .2 8 cts. 1 6,741,470 15,356,312 R e v e n u e freig h t c a r r ie d . 16,8 0 0 ,5 0 4 15,830,823 do do 1 m ile . 5200492060 5150378309 5504444098 5245200080 0.866 c ts . 0.8 2 8 c ts . R a te p er ton per m ile ___ 0.8 9 5 c ts . 0 .9 0 0 cts. T o t a l ..............637.319,907 593,580,563 a Northern Pacific estate Juno 30 1909 Includes, In addition to net cost of new mileage, Improvements, real estate, & c., since June 30 1908, $11,132,561, the cost, of additions and betterments since June 30 1908, $1,801,851. b Construction advances In 1909 were: T o Spokane Portland & Seattle R y ., S28,888,998: Clearwater Short Line, S7,582,418: Big Fork & International Falls lly ., $735,674; Missouri River R y ., $119,015; Western Dakota R y ., $291,933; Shields River Valley R y ., $169.393.— V . 89, p. 912 529. Chicago Burlington & Quincy Railroad. (Report fo r Fiscal Year ending June 30 1909.) The annual report of this company for the fiscal year 1908-09 is given on subsequent pages, embracing the re marks of Mr. George B. Harris, the President, and the balance sheet and income account. The results for four years are given below: O P E R A T IO N S A N D F IS C A L R E S U L T S . (.Including N arrow -G auge.) 1907-08. 1906-07. 1905-06. 1908-09. 9,134 8,927 9,279 9,282 M iles o p era ted Ju n e SO. E q u ip m en t— 1,604 1,468 1,703 1,703 E n g in e s .......... ......... ............ 1,241 1,219 1,207 1,208 P a ssen ger e q u ip m e n t ___ 50,743 51,662 52,403 53,156 F reig h t c a r s . . .................... 6,860 6,543 3,257 3,403 W o r k e q u i p m e n t ............. O perations— 19,214,239 16,7 5 7 ,2 2 0 15,494,723 P assen gers carried (N o .) 2 0 ,6 3 1 ,6 7 7 P a ss, (revenue) 1 m i l e . . 1066474004 1016454235 9 00 ,107 ,31 8 801 ,8 8 3 ,9 0 2 1.86 cts. 1 .85 cts. 2.07 cts. 2 .0 5 cts. R a te p er pass, p er m ile . 25,439,521 25,4 7 1 ,9 3 8 24,964,341 6682388326 6655887419 7109527073 0.79 Cts. 0 .8 0 CtS. 0.7 9 cts. 0.81 cts. R a te per ton p er m ile — $1.56 $1.52 E a rn s, p er pass, train in. $3.02 $3.02 Earn s, p e r f g h t . train m . $3.07 $2.94 382 379 A v era ge tra in -loa d (re v .) 389 365 S T A T E M E N T OF E A R N IN G S A N D E X P E N S E S . I n c . ( + ) or 1908-09. 1907-08. D ec . (— ) . $ S E a rn in g s— S 53,0 3 6 ,3 0 6 — 267,543 F reigh t _____________ 52,768,763 1 8,819,239 + 0 7 7 ,9 1 3 P a s s e n g e r ................... 19,797,152 6,6 0 3 ,5 1 9 + 2 4 4 ,9 2 3 M all an d m is c e lla n e o u s ................. 6,848,442 78,4 5 9 ,0 6 1 + 9 5 5 ,2 9 3 T o t a l ...................................... .7 9 ,4 1 4 ,3 5 7 O perating E x p en ses— M ain ten an ce o f w a y , & c _______________ 13,203,214 M ain ten an ce o f e q u ip m e n t _____________13,510,266 T r a n sp o rta tio n e x p e n s e s ._____ _______ 2 1,927,016 T r a ffic e x p e n s e s ________________________ 1,594,996 2,1 1 2 ,2 6 7 G eneral e x p e n s e s __________ 1 4,603,477 — 1,400,263 12,501,461 + 1 ,0 0 8 ,8 0 5 25,507,271 — 580 ,255 1,5 5 5 ,1 8 0 + 3 9 ,8 1 6 1 ,817,836 + 2 9 4 ,4 3 1 T o t a l .......... ..........................- ........................5 5 ,3 4 7 ,7 5 9 N e t op era tin g r e v e n u e ..... ............... 24,066,598 O u tsid e op era tion s ( n e t ) _______________ d e f.1 5 8 ,1 0 7 5 5 ,985,225 22,4 7 3 ,8 3 9 su r.1 5 ,1 9 5 — 637,466 + 1 ,5 9 2 ,7 5 9 — 173,602 N et o p e ra tin g r e v e n u e ----------------------- 23,908,191 T a x e s ____________________________________ 2 ,546,928 22,489,034 2,484,031 + 1 ,4 1 9 ,1 5 7 + 6 2 ,8 9 7 O p era tin g In com e .......... ......................2 1 ,3 6 1 ,2 6 3 2 0,005,003 + 1 ,3 5 6 ,2 6 0 IN C O M E A C C O U N T . I n c . ( + ) or 1008-09. 1907-08. D ec. (— ) . R eceipts— . $ $ $ N et e a r n i n g s .................................................2 1 ,3 6 1 ,2 6 3 2 0,005,003 + 1 ,3 5 6 ,2 6 0 O th er In co m e __________________________ (D r .)4 7 1 ,7 9 2 (D r.)2 4 6 ,0 1 2 + 2 2 5 ,1 8 0 T o t a l .......... .....................................................20,889,471 D ed uct— In terest on b o n d s --------------7 ,875,507 .Sinking fu n d s ...................................... 675,829 B e tte r m e n ts _____________ _______ - ............ 2,2 6 8 ,8 1 6 D iv id en d s on s to c k ( 8 % ) . ......................... 8 ,867,128 19,758,391 + 1 ,1 3 1 ,0 8 0 6,966,891 676,011 3 ,225,094 8,8 6 7 ,1 2 8 + 008,616 — 182 — 957,178 T o t a l d e d u c tio n s _______ _______ 10,6 8 7 ,2 8 0 B a la n ce, s u rp lu s------------------------------------- 1,202,192 19,736,024 22,367 — 48,744 + 1 ,1 7 9 ,8 2 5 G E N E R A L B A L A N C E S H E E T J U N E 30. 1909. 1908. 1907. 5 $ S Cost of road and equipment________ 360,245,060 3 5 8 ,8 3 2 ,1 1 5 3 4 5 ,2 8 1 ,5 0 0 Cost of Investments In controlled 4,1 6 9 ,2 1 3 roads (see a subsequent page). — *23,241,400 4 ,1 5 6 ,7 4 0 A ssets— 14,4 4 4 ,7 1 6 .Sundry In v e s tm e n ts ____________ 1 1,073,130 14,190,912 6 ,415,610 M aterials an d su p p lies_____ __________ 5,882,191 6 ,013,344 1 8 ,274,260 S in k in g f u n d s _______________ 18,841,723 1 7 ,262,788 294 ,800 S u n d ry a v a ila b le se c u r itie s ----------------1,912,200 461 ,8 0 0 5 ,273,702 Cash on h a n d ___________________________ 15,064,572 6 ,316,092 i* J.VT o t a assets.............................................. 43 6 ,2 6 0 ,2 7 0 4 0 7 ,7 0 4 ,4 1 6 303 ,6 8 3 ,1 7 6 1908. $ 1907. $ $ Total liabilities.................................. .436,260,276 407,704,416 393,683,176 B A L A N C E SH EET JU N E 30. 1908. 1909. 1909. 1908. $ Liabilities— S Assets— 3 S Nor.Pac.estate 0342,658,074 332.327,241 Common s to c k .245,613,000 155,000,000 E q u ip m en t____ 41,445,205 39,484,864 Subscrip, rec'ts Issued for new Coll, with trust’s 2,387,000 62,881,836 s t o c k _______ N or. I’ ac.-Gt. Nor.Joint hds.109,114,810 109,114,310 Mortgage d e b t.283,700,000 282,499,500 984,055 Bonds of other Sinking f u n d . .. 1,928,742 cos. assumed. 15,351,000 15,353,239 Cash .................. 33,200,454 34,900,795 0,908,679 Pay-rolls, mater A cc’ts recclv’ ble 9,339,406 ial, vouchers, Hills receivable. 3,889,274 191,118 6,375,720 & c .................. 7,135,858 Material on hand 6,166,686 6,113,388 1,955,409 Treas.securltles. 35,827,074 17,274,570 Taxes a ccru e d .. 1,707,652 1,707,612 Int. on b o n d s .. 1,634,006 Construe, ad vs. 2,714,354 to oth. roads.637,787,431 30,503,498 D ividen ds_____ 4,341,855 9,416,028 Reserve fu n d s .. 12,138,249 Leased to Mani 5,000,000 toba ................ 7,000,000 7,000,000 Insurance fund. 5,139,278 65,499 Liquidation f’d . - - .......... Coll, with trustee Profit and lo s s .. 58,172,008 50,611,365 St. P.-Duluth 1,352,847 D lv. b o n d s .. 1,288,241 5,000,000 Insurance fund. 5,139,278 2,365,197 Land departm’ t 2,536,231 T o t a l ..............637,319,907 593,580,563 1909. L ia b ilities— Capital stock............... 110,839,100 110,839,100 110,839,100 Bonds (see “ Ry. & Indus.” Section) .203,373,000 183,064,000 168,690,000 Relief department fund______________ 71,187 102,020 129,256 Fire Insurance fund__________________ 692,048 671,473 609,158 Interest on bonds____________________ 3,285,634 3,068,508 2,243,064 Accrued sinking fund payments_____ 289,845 289,508 _____ Bills payable_____ ___________________ ______ ______ 2,000,000 Vouchers and pay-rolls______________ 6,110,817 6,053,593 7,387,359 Sundry current accounts_____________ 16,476,393 10,793,894 2,842,883 30,262,165 29,127,441 27,590,565 Sinking fund s................................ Renewal fu n d .__________ 10,000,000 10,000,000 10,000,000 Income a c c o u n t - ______ ____________ 40,672,762 39,405,890 47,023,299 Profit and loss........................................... 14,187,325 14,288,651 14,328,492 * Cost of investments In controlled roads includes $16,416,337 paid for a majority of the stock of the Colorado & Southern Ry. purchased In Dec. 1908.— V. 89, p. 720, 528. R o c k I s la n d C o m p a n y . (Report fo r Fiscal Year ending June 30 1909.) " ’ O n s u b s e q u e n t p a g e s w e g iv e th e b a la n c e sh e e ts a n d p ro fit a n d lo ss a c c o u n ts o f th e R o c k Is la n d C o . a n d C h ic a g o R o c k Is la n d & P acific R R . , th r o u g h w h ich th e o p e r a tin g c o m p an ie s are c o n tr o lle d ; a lso th e c o m p a r a tiv e in c o m e a c c o u n ts o f all th e se p a r a te ro a d s o f th e s y s te m a n d th e re su lts fo r th e e n tire s y s t e m . T h e a n n u a l re p o rts o f th e C h ic a g o R o c k Is la n d & P a c ific R y . a n d th e S t . L o u is & S a n F ra n c is c o R R . , th e c h ie f o p e r a tin g c o m p a n ie s o f th e R o c k Is la n d s y s t e m , are a lso g i v e n , o n s u b s e q u e n t p a g e s o f th is issu e , to g e th e r w ith th eir c o m p a r a tiv e in c o m e a c c o u n ts . A s th e R o c k Is la n d C o m p a n y is th e o w n e r o f th e e n tire c a p ita l s to c k , e x c e p t d ir e c to rs’ sh a re s, o f th e C h ic a g o R o c k Is la n d & P acific R R . C o ., th e in c o m e o f b o th c o m p a n ie s is in clu d e d in th e fo llo w in g s t a te m e n t: C O M B IN E D IN C O M E A C C O U N T — RO 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 & P A C I F I C R A I L R O A D GO. 1907-08. 1908-09. 1905-06 1906-07. D iv id e n d o n C. R . I . & P . R y . C o . s t o c k ow n ed (a ggre ga tin g 5>A% in ’08-0 & ’ 07-8; 5 H % in $ 3 ,6 8 1 ,8 3 5 $ 3 ,8 5 0 ,8 5 8 $ 4 ,3 7 0 ,8 0 5 '0 6 -7 & 6 M % in ’ 0 5 - 6 ) . $3,6 9 0 ,3 7 2 21,731 32,296 21,560 42,662 O th er in c o m e ___________ T o t a l In c o m e ___________ $3,7 1 2 ,1 0 3 D ed uct— E x p en ses a n d t a x e s ____ $19,028 I n t . o n C. R . I. & P . R R . C o . b o n d s _______ 3 ,6 7 9 ,9 6 5 D lv . o n preferred s t o c k . _________ $3,714,131 $ 3 ,8 7 2 ,4 1 8 $31 ,235 $48,153 $24 ,006 3 ,6 7 3 ,6 4 5 3 ,6 6 8 ,0 7 7 3 ,6 6 4 ,4 4 2 (1 )4 8 9 ,5 0 4 $ 4 ,4 1 3 ,4 6 7 $ 3 ,6 9 9 ,8 9 4 $ 3 ,7 0 4 ,8 8 0 $ 3 ,7 1 7 ,1 2 9 $ 4 ,1 7 7 ,9 5 2 B a l., sur. fo r y e a r ___ $12 ,209 $9,251 $ 1 5 5,28 9 $23 5,51 5 T h e p ro fit and loss a c c o u n t o f the R o c k Isla n d C o . p ro p e r sh ow s: Surplus Jun e 30 1908, $ 11 1,96 4; o th e r In co m e , $529; exp e n se s an d ta x e s , $17 ,1 1 3 ; s u n d ry Item s n o t a p p lic a b le t o surplus o f cu rren t y e a r , $11 ,6 3 3 ; surplus Ju n e 30 1009, $83 ,7 4 7 . B A L A N C E SH EET OF ROCK IS L A N D C O M P A N Y JU N E 30. 1909. 1908. 1909. 1908. Assets— S $ Liabilities— S S Stocks o w n e d ..150,012,031 150,024,920 Common s to ck .i9 6 ,0 0 0 ,000 196,000,000 Cash ................ 12,939 19,275 Preferred stock_y54,000,000 y54,000,000 Companies and Cos. & Individ’s 548,643 _________ Individuals . . 607,420 70,154 Unpaid vouchers and accounts. .............. 2,385 S u rp lu s .............. 83,747 111,964 Total assets..150,632,390 150,114,349 Tot.liabilities 150,632.390 150,114,349 x Includes: Issued and held In treasury, $6,078,598; In treasury, S4.729.310.— V. 88, p. 946. y Includes: Issued and held Chicago Rock Island & Pacific Railroad. (Statement fo r Fiscal Year ending June 30 1909.) The income account and balance sheet of this Railroad Company, which owns most of the stock of the Railway Company and the common stock of the St. Louis & San Fran cisco, and is itself controlled by the Rock Island Company through ownership of the entire outstanding stock (see llock Island Company above), are 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. 190 8-0 9. 1 90 7-0 8. 1 90 6-0 7. 190 5-0 6. D lv . o n C h ic. R . $ $ $ $ I & P a cific R y . C o. s t o c k (5 M ) 3 ,6 9 0 ,3 7 2 ( 5 ^ ) 3 ,6 8 1 ,8 3 5 ( 5 ^ ) 3 , 8 5 0 , 8 5 7 (6 ^ ) 4 ,3 7 0 ,8 0 5 O th er I n c o m e .. 21,202 31,9 4 9 19,924 19,807 T o ta l in c o m e . D educt— E x p e n s e s ............. I n t. on 4 % b o n d s I n t. on 5 % b o n d s D iv i d e n d s _____ 3 ,7 1 1 ,5 7 4 2,815 2 ,8 1 1 ,7 6 5 868 ,2 0 0 __________ T o t a l............... B a l. fo r y e a r . 3 ,6 8 2 ,7 8 0 s u r .28,794 3 ,7 1 3 ,7 8 4 3,8 7 0 ,7 8 1 4 ,3 9 0 ,6 1 2 2,2 4 6 2 ,8 0 5 ,4 4 5 8 68 ,200 7 5 ,0 0 0 1,591 2 ,8 0 0 ,9 6 0 868 ,0 1 6 7 5 ,000 1,8 1 7 2 ,7 9 7 ,4 0 0 867,041 5 0 0 ,0 0 0 3 ,750,891 d e f.3 7 ,1 0 7 3 ,7 4 5 ,5 6 7 s u r .125 ,214 4 ,1 6 6 ,2 5 8 eu r.2 2 4 ,3 5 4 • B A L A N C E SH EET JU N E 30. 1909. 1908. I 1909. 1908. Assets— S S i Liabilities— $ $ Stocks ow ned..2 3 2 ,793,841 232,606,141 Capital s t o c k ...145,000,000 145,000,000 Other Invests.. 320,631 319,980 •Gold bonds, 4% 70,386,700 70,199,000 Cash, & c_____ 831,269 792,580 Gold bonds, 5 % 17,364,180 17,364,180 j Unpaid coupons 62,110 52,740 Interest, not due 758,040 757,393 374,112 345,394 S u rp lu s. Total a s s e ts ..233,945,742 233,718,707' — V. 87, l). 1154. Tot. Ilabllltles233.945.742 233,718,707 Chicago Rock Island & Pacific Railway. (Report fo r Fiscal Year ending June 30 1909.) The full text of the report, comparative balance sheet and other data will be found on another page. The comparative income account and operating statistics were given in the “ Chronicle” last week, on page 1064.— V. 89, p. 1064, 992. St. Louis & San Francisco RR. (Report for Fiscal Year ending June 30 1909.) The text of the report is given on a subsequent page, also comparative tables of earnings and operations and balance sheet for two years past, &c. Below are compara tive operating statistics for several years. The comparative income account for two years (on a subsequent page) has been prepared by the company in accordance with the new classifications prescribed by the Inter-State Commerce Commission, and need not be repeated here, comparisons with earlier years being inaccurate. O P E R A T IO N S , E A R N IN G S A N D E X P E N S E S . 190 7-0 8. 1906-07. 190 8-0 9. 5,064 5,062 5,069 5,251 M iles op e ra te d (average) E q u ip m en t— 907 863 800 908 L o c o m o tiv e s ___________ 536 461 457 P a ssen ger e q u ip m e n t ___ 531 29,984 26,702 24,286 F reigh t e q u ip m e n t _____ 26,677 2,688 2,412 1,568 C o m p a n y cars, & c ______ 2,680 O perations— • 8 ,4 2 8 ,1 8 3 7 ,4 5 3 ,4 0 9 6,2 5 9 ,0 5 6 P assen gers c a r r ie d --------- 10,607,341 P a ssen gers ca rried 1 m ile 4 6 9 ,4 6 1 ,724 4 1 4 ,1 7 8 ,2 8 9 3 5 7 ,8 9 1 ,2 2 5 322 ,0 0 8 ,0 6 2 2 .1 5 cts. 2.56 cts. 2 .4 6 cts. H ate per pass, p er m ile 2.0 7 cts. 15,2 7 5 ,6 1 9 16,154,154 R e v . freig h t (ton s) c a r 'd 1 6 ,3 2 6 ,7 2 7 13,848,992 R e v e n u e fre ig h t (tons) ’ 2465448295 2658150453 2306200334 1.01 cts. 0.9 7 cts. 1.01 cts. R a te p er to n p er m ile ___ 224 220 212 A v . tr a !n -lo a d (r e v .)t o n s 214 $1.0455 $1.0430 $0.9934 E a rn , p er pass, train m . $2,065 52.222 $2,240 E a rn . p er fr ’ t train m __ $7,557 $7,070 57,274 G ross earnings per m lle . — V . 8 9 , p . 1069. 994. United States SteelJCorporation. (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 O R D E R S O N H A N D . T on s. T on s. T on s. ’ 0 9 -_ 4 ,7 9 6 ,8 3 3 D e c. 31 '0 6 .- 8 ,4 8 9 ,7 1 8 Jun e 30 '0 4 ..3 ,1 9 2 ,2 7 7 '0 9 .- 4 ,0 5 7 ,9 3 9 S e p t. 30 '0 6 .- 7 ,9 3 6 ,8 8 4 M ch. 31 '0 4 .- 4 .1 3 6 ,9 0 1 '0 9 .- 3 ,5 4 2 ,5 9 5 Ju n e 30 '0 6 .- 6 ,8 0 9 ,5 8 9 D ec. 31 '0 3 .- 3 ,2 1 5 ,1 2 3 ’0 8 .-3 ,6 0 3 ,5 2 7 M ch . 31 '0 6 . .7 ,0 1 8 ,7 1 2 S e p t. 30 '0 3 .- 3 ,2 7 8 ,7 4 2 '0 8 .- 3 .4 2 1 ,9 7 7 D e c. 31 '0 5 .- 7 ,6 0 5 ,0 8 6 Ju n e 30 ’ 0 3 .-4 ,0 6 6 ,5 7 8 '0 8 .- 3 ,3 1 3 ,8 7 6 -Sept. 30 '0 5 .- 5 ,8 6 5 ,3 7 7 M ch . 31 ’ 0 3 .-5 ,4 1 0 ,7 1 9 '0 8 .- 3 ,7 6 5 ,3 4 3 Ju n e 30 '0 5 .- 4 ,8 2 9 ,6 5 5 D e c. 31 ’ 0 2 .-5 ,3 4 7 ,2 5 3 '0 7 .- 4 ,6 2 4 ,5 5 3 M ch. 31 '0 5 .- 5 ,5 0 7 ,5 6 0 S e p t. 30 '0 2 .- 4 ,8 4 3 ,0 0 7 '0 7 .- 6 ,4 2 5 ,0 0 8 D e c. 31 '0 4 .- 4 ,6 9 0 ,2 0 3 Ju n e 30 ’ 0 2 .-4 ,7 9 1 ,9 9 3 1 '0 1 .- 2 ,8 3 1 ,6 9 2 '0 7 .- 7 ,6 0 3 ,8 7 8 S e p t. 30 '0 4 .- 3 ,0 2 7 ,4 3 6 N o v . '0 7 .- 8 ,0 4 3 ,8 5 8 R E S U L T S F O R Q U A R T E R S E N D I N G S E P T . 30. 1909. 1908. 1907. $ 5 5 43,8 0 4 ,2 8 5 2 7,106,274 N et ea rn in gs__________________________ 3 8 ,2 4 6 ,9 0 7 D educt— 436 ,675 589,358 S in k , fu n d s o n b o n d s o f substd. c o s . . 506,717 5 ,359,182 6 ,519,822 D e p r e c ’ n an d reserve fu n ds (reg . p rov) 6,885,171 5 ,946,809 5,633,122 I n t . o n U . S . S teel C orp. b o n d s ----------5,8 8 5 ,9 0 0 1 ,365,153 1,303,840 S in k , fu n d s o n U . S . Steel C orp. b ’ d s . 1,426,062 S e p t. Ju n e M ch . D e c. S e p t. Ju n e M ch . D e c. S e p t. Ju n o M ch . 30 30 31 31 30 30 31 31 30 30 31 1 4,703,850 13,1 0 7 ,8 1 9 14,046,142 1 3 ,9 9 8 ,4 5 5 2 9 ,758,143 B a la n ce ................................................... 2 3 ,5 4 3 ,0 5 7 D iv id e n d o n p re f. s to c k (1 % % ) _____ 6 ,3 0 4 ,9 1 9 0 .3 0 4 ,9 1 9 6,3 0 4 ,9 1 9 D iv id e n d o n co m m o n s t o c k ---------------( 1 )5 ,0 8 3 ,0 2 5 (^ )2 ,5 4 1 ,5 1 3 (^ )2 ,5 4 1 ,5 1 3 Surplus fo r the q u a rte r ------------------- 12,155,113 O n a c c o u n t o f ex p en d itu re s m ad e and to be m ade fo r a d d ’l p r o p e r ty , new pla n ts, con s tr u c tio n a n d disch arge o f ca p ita l o b lig a tio n s ----------------------- 1 0 ,000,000 S p ecial I m p r o v e m ’ t & r e p la c e ’ t f u n d . --------------- 5 ,152,023 2,1 5 5 ,1 1 3 5,152,023 B a lan ce o f surplus fo r q u a rte r ............ 20,911,711 15,000,000 1 , 000,000 4,9 1 1 ,7 1 1 N E T E A R N I N G S F O R N I N E M O N T H S E N D I N G S E P T . 30. 1908. 1907. 1909. 1906. $ $ $ $ 7 ,2 6 2 ,6 0 5 5,052,743 12,838,703 1 1,856,375 J a n u a ry ________________ 7,6 6 9 ,3 3 0 5,709,428 1 0 ,9 5 8 ,2 7 5 12,145,815 F eb ru a ry _______________ 7 ,466,834 14,137,974 7 ,9 8 9 ,3 2 7 1 3,819,840 M a r c h ____________________ First q u a rte r _________ 2 2 ,921,268 8 ,1 6 3 ,2 4 4 A p r il________________ ___ 9 ,661,228 M a y _____________________ __________________ 11 516,019 Ju n e 18,229,005 6 ,7 0 1 ,0 8 0 6 ,021,279 7 ,4 8 2 ,7 9 7 3 9 ,1 2 2 ,4 0 2 1 4 ,600,838 16,050,832 14,846,035 3 6 ,0 3 4 ,4 9 0 1 2 ,581,902 14,041,601 1 3,501,530 29,340,491 12,530,770 12,437,754 13,278,383 2 0 ,205,750 8 ,5 9 9 ,6 3 0 9,152,31 l 0,3 5 1 ,3 3 3 4 5 ,5 0 3 ,7 0 5 13,804,167 15,279,173 1 4 ,7 2 0 ,9 4 5 4 0 ,1 2 5 ,0 3 3 12,242,098 13,158,860 12,713,666 S econ d q u a r t e r ........... J u l y _____________________ A u g u s t --------- ----------------S e p t e m b e r ---------------------- 38,1 1 4 ,6 2 4 2 7 ,106,274 4 3 ,8 0 4 ,2 8 5 T h ird q u a rte r ________ 3 8 ,2 4 6 ,9 0 7 6 5 .6 0 1 ,0 3 5 128 ,430 ,48 2 114 .874 .14 7 T o ta l nine m o n t h s _____ 90,5 0 8 ,6 6 6 I N C O M E F O R N I N E M O N T H S TO S E P T . 30. 1906. 1908. 1907. 1909. $ S 8 $ N et e a rn in g s _____________ 90,5 0 8 ,6 6 6 6 5 ,6 0 1 ,0 3 5 128,430,482 114 .874 .14 7 D educt— 5,303,401 5 ,041,073 4 ,7 4 3 ,7 8 7 S in k in g f u n d s , ................ 5,484,264 16,513,296 15,7 3 0 ,0 2 7 10,4 3 0 ,5 7 0 D e p r e c'n & reserve f ’ nds 1 5 ,859,837 3 ,0 0 0 ,0 0 0 6 ,5 0 0 ,0 0 0 S p eed Im p. & r e p la c ’ t f ’ d --------------16,981,122 17,151.354 I n t e r e s t __________________ 17,736,970 1 7 ,920,294 4 8 ,0 0 0 ,0 0 0 34.500.00C C o n s tru ction , & c ________ 1 0 ,000,000 T o ta l d e d u c t io n s .......... 4 9 ,081,071 33,0 9 4 ,6 5 1 8 9 ,7 9 7 ,8 1 9 7 8 ,922,454 B a la n c e _____ ______ _____ 4 1 ,4 2 7 ,5 9 5 3 2 ,5 0 6 ,3 8 4 3 8 ,6 3 2 ,6 6 3 35,9 5 1 ,6 9 3 D ividends— 18.914,757 18,914,757 18,9 1 4 ,7 5 7 P referred 5 M % .......... . . . 1 8 ,914,757 C o m m o n ...................... (2 X ) 11436807(1 >S)762 1539(1 H )7 6 2 4 5 3 9 (l K )7 6 2 4 5 3 7 T o ta l d i v i d e n d s - ____ 3 0 ,3 5 1 ,5 6 4 U n d iv id e d earns. 9 m os. 11,076,031 2 6 ,5 3 9 ,2 9 6 2 6 ,5 3 9 ,2 9 6 5 ,967,088 12.0 9 3 .3 6 7 2 6 ,5 3 9 ,2 9 4 9 ,4 1 2 ,3 9 9 As to increase in common stock dividend, see item on another page.— V. 89, p. 353, 291. National Casket Co., New York. (Statement o f Sept. 1 1909, Filed in Massachusetts, 1909. /Use/.?— $ Real csia te_________ 1,447.805 Machinery ________ 481,790 M erchandise________ 1,818,172 Cash & debts rec’ble. 1,365,702 Good will, trade marks & patents..1,895,108 JfJfejj 1908 $ 1,4:13,307 4S4.337 1,858,195 1,334.353 1,895,107 ------------------------------------- ' T o t a l ..................... 57,008,582 7,005,799 — V. 85, p. 1212. 1909. 1908. Liabilities— 8 $ Capital s tock _______ 4,384,300 4,384,300 Accounts payable___ 11,999 168,362 Hal., profit and loss. 277,356 390,973 Funded Indebtedness 848,500 747,500 S u r p lu s ....................... 1,486,427 1,314,004 T o t a l ...................... 7,008,582 7,005,799 International Paper Company. (Report fo r Fiscal Year ending June 30 1909.) President A. N. Burbank, Corinth, N. Y ., Oct. 27 1909, says: T h e s trik e th a t b e g a n In A u gust 1908 an d con tin u e d u n til the m id d le o f D e ce m b e r 1908, o r n early five m o n th s b e fo re the m ills w ere again In full o p e r a t io n , m a te ria lly cu rta ile d th e c o m p a n y ’s earnings. In a d d itio n t o th e strik e , an d fo r a p e rio d co m m e n cin g a b o u t O ct. I 1908 an d e x t e n d in g t o F e b ru a ry 1909, o p e ra tio n s w ere c o n s id e ra b ly re d u ce d on a c c o u n t o f low w a te r, sin ce w h ich tim e , h o w e v e r, th e m ills h a v e been ru n n in g w ell, an d th e earnings h a ve Im p ro v e d . T h e p h y sica l c o n d itio n o f th e p lan ts has, as h e r e to fo r e , been care fu lly m a in ta in e d , such e x p e n d itu re s h a v in g been ch arged Into o p e ra tin g a c c o u n t. O v e r a y e a r a g o th e c o m p a n y sta rte d In V e rm o n t a tree n u rsery, t o ascer ta in w h at ca n be d o n e to w a rd th e raising o f sp ru ce trees. T h is prom ises w e ll, a n d th e c o m p a n y has o v e r 500 ,000 y o u n g sp ru ce trees re a d y t o be tra n s p la n te d , an d w h ich w ill be largely a d d e d t o fro m y e a r to y e a r. E A R N IN G S , E X P E N S E S A N D C H A R G E S. 1908-09. 1907-08. 1906-07. 190 5-0 6. G ross In co m e ...................... $18 ,2 3 8 ,4 7 7 $ 2 0 ,7 1 6 ,3 0 4 $ 2 1 ,8 4 1 ,4 8 6 $ 21 ,837 ,81 6 C ost o f raw m aterials, m a n u fa ctu rin g , & c . . . 16,4 5 6 ,3 7 9 17,878,134 1 9 ,0 0 0 ,0 1 6 1 8 ,6 7 9 ,2 9 7 N e t ........................ ................ $ 1 ,7 8 2 ,0 9 8 T a x e s , Insurance & I n t. 1 ,183,996 B a la n c e _______________ D Ivs. o n p re f. s t o c k . . . $ 2 ,8 3 8 ,1 7 0 1,202,252 $ 2 ,8 4 1 ,4 7 0 1,217,853 $ 3 ,1 5 8 ,5 1 9 1 ,172,978 $59 8,10 2 $ 1 ,6 3 5 ,9 1 8 $ 1 ,6 2 3 ,6 1 7 $1,985,541 (2 )4 4 8 ,1 3 4 (5 )1 ,1 2 0 ,3 3 5 (6 )1 ,3 4 4 ,4 0 2 (6 )1 ,3 4 4 ,4 0 2 Surplus fo r y e a r ______ P re v io u s su rp lu s________ $149,968 7,3 8 1 ,0 8 3 $515,583 6 ,8 6 5 ,5 0 0 $27 9,21 5 6 ,6 6 1 ,2 8 5 $641,139 6 ,0 2 0 ,1 4 7 D e d u c t d isc, on b o n d s . . $7,531,051 _______ $ 7 ,3 8 1 ,0 8 3 _______ $ 6 ,9 4 0 ,5 0 0 7 5 ,0 0 0 $6,6 6 1 ,2 8 6 _______ $ 7 ,3 8 1 ,0 8 3 $ 6 ,8 6 5 ,5 0 0 $ 6 , 6 6 1,28 0 Surplus Jun e 3 0 _____ $7,5 3 1 ,0 5 1 B A L A N C E S H E E T J U N E 30. A ssets— 1909. 1908. 1907. M ill plants an d w ater p o w e r s _________ $4 5 ,6 3 4 ,9 0 7 $4 5 ,5 6 9 ,8 5 3 $45 ,667 ,77 1 W o o d la n d s ................................... 3 ,6 1 7 ,7 8 7 3 ,6 9 7 ,5 0 0 3 ,769,501 Secu rities o f su n d ry c o r p o r a tio n s _____ 9 ,9 5 7 ,7 1 2 10,1 1 4 ,5 3 2 10,3 2 5 ,1 3 0 S in k in g f u n d .................. 53,136 1,301 486 ,5 0 0 P a te n ts .................. 5,700 _______ _______ F u rn itu re an d fix tu re s ________________ 18,432 23,238 28,948 C a s h ................ 774 ,487 7 5 1 ,7 0 7 1 ,0 4 7 ,3 3 5 A c c o u n ts an d n otes r e c e iv a b le _______ 3 ,5 7 5 ,2 8 7 3 ,9 1 4 ,5 1 3 4 ,6 8 4 ,2 0 8 In v e n to r ie s o f m erch an dise on han d a n d a d v a n ce s fo r w o o d o p e r a tio n s . 5 ,8 6 0 ,2 5 7 5 ,0 6 1 ,6 5 0 3 ,5 6 1 ,3 2 2 I n t . an d d isco u n t a d ju s tm e n t------------54,491 _______ _______ D uo torn su b s .d ia ry c o m p a n ie s -------1 ,2 1 8 ,1 9 0 _______ _______ T o t a l .............................................. ..............$ 7 0 ,7 7 0 ,3 8 6 $ 60 ,134 ,35 4 $ 60 ,570 ,81 4 L ia b ilities— C o m m o n s t o c k . . ....................... .$ 1 7 ,4 4 2 ,8 0 0 $17 ,4 4 2 ,8 0 0 $1 7 ,4 4 2 ,8 0 0 2 2 ,4 0 6 ,7 0 0 2 2 ,4 0 6 ,7 0 0 P referred s t o c k ________________________ 2 2 ,4 0 6 ,7 0 0 B on d s ________________________ 1 7 ,306,000 1 7 ,560,000 1 8 ,728,000 N otes an d a cco u n ts p a y a b le __________ 4 ,1 1 4 ,8 1 1 3 ,8 4 2 ,2 4 5 3 ,8 4 8 ,8 4 2 A ccru e d Interest an d w ater rents, n o t d u e _______________________________ 3 2 7 ,6 3 5 277 ,458 278 ,972 D ue to su b sid ia ry c o m p a n ie s ................ 1 ,529,356 --------------------D iv id e n d J u ly 15_______________________ 112,033 2 24 ,067 ______ S u rp lu s __________________________________ 7 ,531,051 7 ,3 8 1 ,0 8 3 6 ,8 6 5 ,5 0 0 T o t a l __________________________________ $7 0 ,7 7 0 ,3 8 6 $69 ,1 3 4 ,3 5 4 $ 6 9 ,570 ,81 4 - V . 89, p . 9 9 7 . ___________ _ GENERAL INVESTMENT NEWS RAILROADS, INCLUDING ELECTRIC ROADS. Alabama Great Southern RR.— Report.— For year ending June 30: F is c a l O perating Y ear— R evenu e. 1908-09 .$ 3 ,5 6 0 ,2 9 2 1907-08 . 3,572,981 — V . 89, p. 102. N et (after Other Interest P r e f. D iv . T a xes.) In com e. R ents, Vie. (6 % ). $932,199 $147,462 $52 9,40 7 $202,821 560 ,875 353,971 501 ,809 202,821 B a lan ce, S u rp lu s. $347,433 210 ,216 Alaska Central Ry.— Successor.— Press despatches state that possession of the property, which was purchased on Oct. 1 1 by F. G. Jemmett, representing the interests liquidat ing the Sovereign Bank of Toronto, was transferred on Oct. 20 to the Alaska Northern Ry., a new company which has been formed to take over the same.— V. 89, p. 992, 528. Alaska Northern Ry.— New Company.— Sec Alaska Cen tral lly . above. Albany Southern RR.— Bonds Offered.— Messrs. Redmond & Co. and J. & W . Seligman & Co. are offering, by adver tisement on another page, at 97^2 and interest, yield ing over 5)/8% income, the unsold balance of Sl,250,000 first mortgage 5% sinking fund gold bonds, due Sept. 1 1939 and callable as a whole, but not in part, at 106 and interest. The company is a consolidation of the properties of the Al bany & Greenbush Bridge Co. and the Albany & Hudson R R . Co. President R. A. C. Smith, in a letter addressed to the bankers, states in substance: M essrs. J. G . W h ite & C o ., E n gin eers, e stim a te the p re se n t re p la ce m en t v a lu e o f these p ro p e rtie s as fo llo w s: A lb a n y & G reen bu sh B rid ge C o ., $1,200,000 ; ra ilw a y p r o p e r ty , In clu din g ligh tin g pla n ts, real esta te, & c., $3,728,116 ; to ta l, $ 4 ,9 2 8 ,1 1 6 . All o f this p r o p e r ty has been a cq u ire d free fro m b o n d e d d e b t , the 8 1 ,7 5 0 ,0 0 0 b o n d s o f the o ld A lb a n y & H u dson h a vin g been ca n ce le d an d the A lb a n y & G reen bu sh B ridge C o. h a v in g no b o n d s o u tsta n d in g. T h e new c o m p a n y has issued and sold to y o u $1,2 5 0 ,0 0 0 first m ortg age 5°,', b o n d s o u t o f a to ta l au th o riz e d Issue o f $ l ,5 0 0 ,0 0 0 , s o le ly fo r the a c q u i s itio n o f new p r o p e r ty , c o m p le tin g the pu rch ase o f the b rid g e , d o u b le tra ck in g the line fro m A lb a n y to K in d e rh o o k , & c. T h e m o rtg a g e covers th e en tire p ro p e rty now o w n e d o r h e re a fte r a cq u ire d and Is a d ir e ct first lien . T h e b o n d e d d e b t is o n ly a b o u t 2 5 % o f the r e p la ce m e n t va lu e . N et earnings fo r the p ast three years h a ve av e ra g e d n early d o u b le the presen t fix e d ch arges, and gross earnings are sh o w in g a s te a d y g ro w th . T h e co m p a n y ow n s In fee 37.2 m iles o f third -rail e le ctr ic ra ilw a y, laid w ith 80-lb. steel rails, e x te n d in g fro m A lb a n y an d R en sselaer through v a riou s Intervening tow n s to K in d e rh o o k L a k e an d H u d son , a m odern p o w e r plant o f am p le c a p a c ity an d the h igh w ay toll brid g e 1 ,200 fe e t long o v e r the H u dson R iv e r a t A lb a n y . T h e c o m p a n y d o e s e le ctr ic ligh tin g In all the tow n s se rve d e x c e p t A lb a n y , an d ow n s the gas plan ts In R en sselaer and H u d so n . It also ow ns valu able real estate In A lb a n y and a large am u sem en t park a t K in d e rh o o k Lake. Gross E a rn ings o f the R ailw av and Lighting D epartm ents. 1905. 1906. 1 907. 1908. 1909. $295,911 $320,121 $33 8,81 9 $332,081 $351,514 A ctu a l E a rn in g s o f Com bined P roperties fo r 1909 and Estim ate o f E n gin eers fo r 1910 and 1911 on C om pletion o f Present Im provem ents. Gross N et Present B a l., Year— earns. earns. T a x es, int. ch'ges. su rp. 1909 (actu al) .............. $406,178 $135,642 $32,098 $62 ,500 $41,044 1910 ( e s t i m a t e d ) ................ 427 ,500 170,766 3 2 ,600 62,500 75,666 1911 ( e s t i m a t e d ) _________ 446 ,500 182,500 3 2 ,600 62,500 87,4 0 0 T h e fra n ch ises are p erp etu al an d co n ta in no u n fa v o ra b le cla uses. T h e p o p u la tio n served Is, a c c o r d in g to the last cen su s, 133,000. T h e re c o rd in g ta x h a v in g b e e n p a id , these b o n d s a r c e x e m p t fto m t a x a tion in N ew Yorkr S ta te . T h e rem ain in g 5250,000 b o n d s can be Issued o n lv fo r 8 5 % o f the c o s t o f a d d itio n s o r b e tte rm e n ts , an d o n ly w h e n th e not earn in gs, a fte r p a y m e n t o f ta x e s , are d o u b le th e in terest ch a rge s, in cluding th e b o n d s to be issu ed. A n a n n u al sinking fu n d w ill p u rch a se an d ca n cel these b on d s at n ot to e x c e e d 106 and in terest, as fo llo w s. M ch . 1 l ‘>17 -F e b 28 1922, 1 M % o e r an n u m o f to ta l .$1 , 500,000 a u th o r iz e d : M ch . 1 1 9 2 2 -F eb 28 1929, 2% ; M ch . l 1 9 2 9 -A u g . 31 1939, 3 % . If th e b o n d s are n o t o b ta in a b le at 106 a n d Interest, the sinking fu n d is to b e in v e s te d In securities legal fo r N ew Y o r k S ta te savin gs b a n k s .— V . 89, p . 720. Albany & Susquehanna RR .— Special Dividend Out of Savinas from Refunding.— The directors have declared a special dividend of 30% on the $3,500,000 stock, payable to holders of record Nov. 15, calling for $1,050,000. The divi dend is to be disbursed from the proceeds of the judgment awarded against the Delaware & Hudson for back rentals, held to be due by reason of the saving of interest through refunding operations. It is expected that future dividends will be increased by the larger rentals to be paid from 9% to 12.45% yearly. . The directors in a circular dated Oct. 29 say in part: T h e D elaw are C om p a n y has n o w paid to the c o m p a n y th e a m o u n t o f the ju d g m e n t reco v e r e d o n Ja n . 21 1908 o f $ 1 ,1 0 7 ,9 2 3 , w ith Interest to O ct. 22 1909, the d a te o f p a y m e n t, and also the a d d itio n a l Installm ent o f rental duo D ec. 31 1908, o f $12 0 ,7 5 0 , w ith Interest to O ct. 22 1909. th e s e p a y m e n ts a m o u n te d In all to 5 1 ,3 5 0 ,5 1 2 . T h e litiga tio n has a so e sta b lish e d th e p rin cip le th a t in th e fu tu re a b a la n ce o f rental a m o u n tin g to $ 1 2 0 ,7o0 pet a n num w ill b e p a y a b le to th e S usq uehann a C om p a n y. T h e exp en ses (in clu d in g fe e s o f all counsel an d disbu rsem en ts o f e v e r y ch aracter) a m o u n t to $ 2 5 9 ,5 9 9 , an d have b e e n p aid ° ilp f t in n T f h m i a n ce in the c o m p a n y ’s treasu ry the dJrectora h a v e , b y r e s o lu tio n , d eclared a d iv id e n d o f $30 p er sh are, p a y a b le to e a ch s to c k h o ld e r o f l c t o t d at the close o f b u s ln c s s o n^N ov. 15 100 o'. T h e tran sfer h o o k s o r t he3 c o m p a n y w ill n o t b e c lo s e d , and ch eck s will be m ailed to sto ck h o ld e rs o n o v . lb . l no d iv id e n d thus p a y a b le will a m o u n t to $ 1 ,0 5 0 ,0 0 0 , an d will le a v e In th e < 0 1U s ex p e c t c if t ha t \ he''! Delaware C o m p a n y will h e re a fte r p a y th e ludance o f ren ta l, a m o u n tin g to $12 0 ,7 5 0 , d u e D e c . 31 In ea ch y e a r , e q u a l t o 3 .4 5 % u p on the c o m p a n y 's s to c k , and this sum w hen re ce iv e d will he ava ila b le fo r e x tra d iv id en d s as d e te rm in e d b y th e d ire cto rs o f this c o m p a n y .— V . 89, p. 1068. Atlantic Coast L in eR R .— New Mortgage, etc.— The share holders will meet N ov. 1 G to vote— (1) O n a u th orizin g g o ld b o n d s n o t e x c e e d in g In the a g g re g a te $ 2 0 0 ,0 0 0 , 00 0 , bearin g Interest at n o t e x c e e d in g 4 % p er an n u m and m atu rin g a t such d a te o r dates as m ay be d e te rm in e d b y th e b o a rd o f d ir e cto r s , to b e secu red b y m ortg a g e o r d e e d o f tru st, and the use o f su ch b o n d s o r th eir p ro ce e d s to p a y o r retire fro m tim e to tim e the u n d e rly in g m o rtg a g e b o n d s (a g g re g a tin g som e $ 8 4 ,5 2 3 ,7 5 0 — E d .) , an d fo r the r e tire m e n t, b y e x c h a n g e , o f th e 4 % certifica tes o f In d ebted n ess n o t e x c e e d in g $ 23 ,562 ,50 0 a u th o riz e d In 1902 (fo r the retirem e n t a t 125 o f the $18 ,8 5 0 ,0 0 0 p re fe rre d s t o c k , all e x c e p t $ 1 ,5 9 6 ,6 0 0 o f w h ich has be e n r e tire d , th e ce rtifica te s o f I n d e b te d ness issued in ex ch a n g e th e re fo r, b ein g n o w o u ts ta n d in g to a to ta l o f $ 2 1 , 566 600— E d . ) , and fo r fu n d in g In d ebted n ess o f the c o m p a n y , co n s tr u c tin g , c o m p le tin g , im p ro v in g o r m ain tain in g its lin es o f ra ilro a d , o r fo r o th e r COr( 2? r l i n o r d or *° o° p ro v Id e an a lte rn a tiv e m e th o d o f retirin g su ch ce rtifi cates o f In d ebted n ess, to co n s e n t to the Issue o f n o t e x c e e d in g $ 2 3 ,5 6 2 ,.>00 o f new 4 % d eb en tu re b o n d s, to m atu re an d be re d e e m a b le as the board m a v d eterm in e, and to m ak in g a d e b e n tu re g o ld b o n d a g r e e m e n t w ith the S afe D ep osit & T ru st C o. o f B a ltim o re , as tr u s te e , p r o v id in g f o r th e right o f co n v e rs io n , b y the h olders th e r e o f, o f said d e b e n tu re b o n d s Into the co m m o n ca p ita l s to c k o f th e railroad a t the tim e s an d u p o n such term s as the b oa rd m a y d e te rm in e . (3) O n au th oriz in g su ch Increase o f the c o m m o n ca p ita l s to c k as w ill b e su ffic ie n t, to g e th e r w ith th e c o m m o n ca p ita l s to c k h e re to fo re au th orized b u t n ot Issued (th e a m o u n t o f co m m o n s to c k n o w o u ts ta n d in g Is $ 4 8 ,5 3 7 , 600__ E d .) , to retire a n y o r all o f its said d e b e n tu re b o n d s , If desired b y th e h olders th ereof. I t is understood that the company does not intend to sell any of the new bonds at present.— V. 89, p. 161. Bangor & Aroostook R R .— Report.— For year end. June 30: Fiscal Gross Net Interest Dividends Iial., (4 % ). su rp . Year earnings. earnings, taxes, &c. Albert to Edmonton and Edmonton to the Pacific and (4) authorizing the construction of the following lines: (a) D u n d e e n o r th e r ly an d e a ste rly t o th e W in n ip e g R iv e r ; (t>) P orta g e la P rairie so u th e r ly a n d e a ste rly t o T w p . 2, R g . 7, E . P . M .; (c) H a rtn ey w e ste rly t o T w p . 5, R g . 7, W . 2 M .; (d) M oose J a w so u th e rly and ea sterly to B ie n fa it, w ith a b ra n ch t o R o c h e P e rce e ; (e) b e tw e e n D a v id s o n an a DIsle y o n th e Q . L . L . & S ask . R y .w e s te r ly a n d n o rth w e ste rly t o the S a sk atoon C a lva ry line; (/) L a sh bu rn w e ste rly t o a p o in t b e tw e e n C am rose an d E d m o n to n ; (<7) S a s k a to o n -C a lv a ry line near T w p . 28, R g . 6 , W . 4 M ., t o R o c k y M ou n tain H ou se; (h) S a s k a to o n -C a lv a r y line near crossin g o f R ed D eer R iv e r n o rth w e ste rly th o ru g h o r near In n lsfa ll a n d R o c k y M o u n tain H ou se t o h ead w aters o f B razeau an d M c L e o d R iv e rs an d t o Y e llo w head Pass; (i) W ln n lp e v o s is s o u th e r ly t o so u th en d o f L a k e M a n ito b a ; {j) a p o in t be tw e e n P rin ce A lb e rt an d B a ttle fo rd n ear T w p . 4 9 , R . 3 , W . 3 M ., north w e ste rly a n d n o r th e r ly t o G rea t S lave L a k e; (k) a p o in t east o f L a k e M an! t o b a w e ste rly v ia th e N arrow s t o c o n s tr u c te d line be tw e e n G ra n d view an d R o b lin .— V . 89. p .6 6 5 , 285 . Chicago Burlington & Quincy R R .— Exchange Premium to be Reduced Nov. 15.— The premium of $25 offered on ex change of Hannibal & St. Joseph 6s for the company’s gen eral mortgage 4% bonds w ill, on Oct. 1, be reduced to $ 2 2 50 per bond.— V. 89, p. 720. Chicago Cincinnati & Louisville R R .— Control.— Newman Erb and associates have purchased, it is said at 50, $2,600,000 of the $3,016,000 “ general and refunding mort gage” 4j/£% bonds and some amount of the company’s car trusts, in addition to the $374,000 notes referred to last week. M r. E r b Is q u o t e d as s a y in g th a t his pu rch ases h a v e be e n m ade w ith a v ie w t o c le a n in g up th e p r o p e r t y , sellin g It u n d e r fo re clo su re an d e v en tu a lly tu rn in g It o v e r t o a larger s y s te m . W h ile he ad m its o n ly t o h a v in g sus p icio n s as t o w h o th e p u rch a ser w ill b e , it Is gen era lly b e lie v e d th ere e x ists an u n d e rs ta n d in g w ith E d w in H a w le y a n d th e C h esapeake & O h io s y n d ica te b y w h ich th e r o a d , o r a t least th e m id d le d iv isio n , w ill in th e end b e c o m e th eir p r o p e r t y .— V . 89, p . 1068. Chicago Peoria & St. Louis R y .— Plan Operative.— The plan of reorganization dated July 7 1909 was declared effec tive as of Oct. 26. Compare V. 89, p. 285, 592, 778. Chicago St. Paul Minneapolis & Omaha R y.— Two Ad ditional Directors.— James T . Clark of the St. Paul and John D. Caldwell of Chicago have been elected directors, increasing the membership of the board from 13 to 15 members.— V. 89, p. 775, 162. Chicago Terminal Transfer R R .— Sale Ordered.— Judge Kohlsaat at Chicago on Oct. 29, upon petition by the Balti more & Ohio R R . Co., entered an order directing that the foreclosure sale take place on a date to be determined by Special Master H. W . Wales, and in accordance with the original decree entered Feb. 20 1907 (V . 84, p. 693). This action, it is supposed, follows the practical closing of the deal for the purchase of the C. B. & Q. stock interest by the B. & O.— V. 89, p. 1066. Cincinnati New Orleans & Texas Pacific R y.— Report.— For year ending June 30: Gross N et (after Other R entals & P f .D i v .C o m .D iv . D a l., F isca l R evenu es. T a x es ). In co m e. In terest. (5 % ). (5 % ). S u rp . Y ea r. $ $ $ $ $ $ $ 1908-09 .7 ,8 2 6 ,9 8 2 2 ,5 0 7 ,2 9 9 144 ,6 0 5 1 ,4 5 6 ,9 0 5 118,889 150,000 926,110 1907-08 7 ,8 9 2 ,0 5 0 1 ,6 3 1 ,5 7 7 4 39 ,592 1,4 6 3 ,6 5 9 100 ,000 150,000 3 57 ,510 F r o m the ba la n ce as a b o v e In 1908-09 w as d e d u cte d $67 8,47 5 fo r “ p erm a n e n t im p ro v e m e n ts , a d d itio n s an d b e t t e r m e n ts ,” a g ain st $34 0,00 0 In 1907OS, le a v in g $24 7,63 5 In 1908-09, a ga in st $ 1 7 ,5 1 0 .— V . 8 7 , p . 1296. Clearfield & Mahoning R y .— New Guaranteed Stock.— See Buffalo Rochester & Pittsburgh Ry. above.— V. 89, p. 471. Cleveland Cincinnati Chicago & St. Louis R y .— New Bonds.— Action by the shareholders on the proposed new $100,400 $43,075 issue of $20,000,000 bonds was postponed from Oct. 27 to 1 9 0 8 -0 9 ..- $ 2 ,9 1 6 ,8 1 5 $ 1 ,1 2 7 ,6 5 0 $98 4,17 5 97,040 9,879 1907—08 ~ I I 1 1 _____ 2,8 4 4 ,0 8 2 1,044,261 937,342 N ov. 1 7 — V. 89, p. 778, 720. — V . 89, p . 34 7 , 161. Buffalo Rochester & Pittsburgh Railway — To Guarantee Delaware & Hudson Co.— New Director.— Robert S. L ov Dividends on $250,000 Additional Stock o f Clearfield & ett, President of the Union Pacific R R ., has been elected Mahoning R y.— The shareholders will meet N ov. 22 to act a director, succeeding the late E. H . Harriman. on a proposition “ to increase the indebtedness of the company Dividend Out of Judgment.— See Albany & Susquehanna by voting to guarantee dividends at the rate of 6 % per R R . above.— V. 89, p. 1068, 847. annum on an additional $250,000 stock of the Clearfield & Grand Trunk Western R y .— Option to Holders of Maturing Mahoning R y .” — V. 89, p. 468, 407. Bonds.— The company is offering, by advertisement on an Canadian Northern R y.— 1'Jxtension to Pacific Coast— other page, to the holders of the $563,000 first mortgage 6% Agreement as to Guaranty of Interest by British^ Columbia.—— North Western Grand Trunk R y. Co. bonds due Jan. 1 1910 An agreement has been made with the British Columbia the option of receiving payment in cash on presentation of Government under which if the general election next month their bonds at the Bank of Montreal, N. Y . City, on or after is favorable and the Provincial Legislature gives its sanction, Jan. 1 1910, or of exchanging them for an equal amount of the company will build the 600 miles of railway from Yellow 4% first mortgage bonds due in 1950, unconditionally guar Head Pass to Vancouver within four years in consideration anteed by the Grand Trunk Ry. Co., “ both as regards prin of a guaranty of interest by British Columbia on 4% bonds, cipal and interest.” Holders are requested to notify Presi to be issued at $35,000 per mile. The Premier, Hon. Robert dent Chas. M. Hays, Montreal, as to their desire respecting McBride, made the following statement: method of retirement. The first mortgage bonds due in 1950 heretofore issued have been guaranteed only as to in W e h ave en tered Into a co n tr a c t w ith the C a nadian N o rth e rn l t y . fo r the co n s tr u c tio n o f a ro a d fro m th e Y e llo w h e a d Pass to K a m lo o p s , b y w ay terest.— V. 83, p. 687. o f the N orth T h o m p s o n Itlver: fro m K a m lo o p s to W e s tm in s te r an d V a n c o u v e r , and fro m a p o in t near V a n c o u v e r t o E n glish P lu gs t o m ake a firstIllinois Central R R .— Listed.— The New York Stock E x cla ss co n n e c tio n wdth V ic to r ia , b o th fo r passengers an d fre ig h t, and to change has listed $ 1 2 ,000,000 “ purchased lines first mort bu ild a railw ay fro m V icto ria t o B a rclay S o u n d . T h e dista n ce In all will be a b o u t 600 m iles. T o assist the c o m p a n y In th e c o n s tr u c tio n o f this gage” 3)Aj% bonds, due 1952.— V. 89, p. 1069, 993. r oa d , w hich will cost a t least a b o u t $50,000 per m ile, the G o v e rn m e n t will Inter-State Railways, Philadelphia.— Payment of August ask the le g is la t u r e t o gu aran tee Interest at 4 % u p o n $35 ,000 per m ile. F o r secu rity the P ro v in c e w ill h old a first m o rtg age on the line o f railw ay Coupons.— Notice was given on Oct. 27 that the interest In B ritish C olu m b ia an d w ill have a c o v e n a n t from the C anadian N orth ern coupons of the $10,776,600 4% collateral trust bonds, due l t y . C o. In d em n ify in g it a g ain st a n y loss th a t m ight p o s s ib ly o c c u r . A Canadian p ap er a d d s: “ T h e c o m p a n y 's pla n , as specified In th e a gree Aug. 1 1909, would be paid on presentation to the Real m e n t, also includ es the b u ild in g o f a railroad across V a n c o u v e r Isla n d to Estate Title Insurance & Trust Co. of Philadelphia, trustee, B a rcla y S ou n d , w here the c o m p a n y w ill establish an o ce a n p o r t an d one o f th e finest natural harbors o f th e Island. O n the m ainland the c o m p a n y Philadelphia, on and after Oct. 29, and that the interest on will bu ild sou th w ard fro m the Y ellow H ead Pass t o a p o in t near N ew said bonds, represented by the trust certificates of the Real W es tm in s ter, th en ce co n n e c tin g w ith V a n c o u v e r . T h e line w ill pass th rou g h K a m lo o p s , en ro u te , fo llo w in g the so u th b an k o f th e F raser. A Estate Trust Co., would be paid on and after said date at c a r ferry w ill c o n n e c t V a n co u v e r Island w ith the m ain la n d, an d th e C. N . It. the offices of said company. “ Philadelphia Ledger” said; w ill take o v e r th e ch arter o f th e V icto ria & B a rcla y S o u n d R a ilw a y , w h ich w as p r o je cte d fro m V a n c o u v e r t o the S o u n d , the la tte r b e in g th e p r o posed islan d term in u s o f the C. N . I t .” Enlargement of Powers.— New Lines.— Notice is given that application will be made to the Parliament of Canada at its next session ( 1 ) “ varying the limit to the amount of secur ities which the company may issue in respect of its land grant lands; (2 ) authorizing amalgamation with the company of the Edmonton & Slave Lake R y.; (3) extending the time for building some 15 lines, including those from Prince F o r the nine m o n th s e n d in g S e p t. 30 the n e t surplus earn in gs o f the s u b sid ia ry co m p a n ie s , a fte r all ch arges and b o n d in te re st, a m o u n te d to $ 83 ,530 . L a st y e a r In the sam e p e rio d there w as a d e fic it o f $ 1 5 0 ,0 0 0 . T h e d eficit o f $10 5,30 0 fo r the first fo u r m on th s o f th e c u r r e n t y e a r w as m ore than olTsct b y the surplus o f $18 8,90 0 In th e n e x t fiv e m o n th s .— V . 8 9 , p . 1069, 721. Louisville & Nashville R R .— Called Bonds.— In our advertising columns last week will be found the numbers of $75,000 Evansville Henderson & Nashville Division bonds which have been called for payment at the company’s office No. 71 Broadway at 110 and interest on Dec. 1.— Y . 89, p. 919, 926. Menominee & Marinette Light & Traction Co.— New Stock. — This Wisconsin corporation filed on Oct. 20 a certificate of increase of capital stock from $560,000 to $1,000,000 (par $100). Compare V. 87, p. 226. Metropolitan Street R y., New York.— Earnings of System. — For quarter ending June 30 1909: Gross Total Net ------------ Deductions------------ Balance, Iiarnings. Income. Taxes. Interest. Rentals. Surplus. Metropolitan St. R y . $3.246,494 S I,'128,207 8341,514 S127.500 S462.554 $496,639 C. P. N. & E. R l v . . . 149,624 42,393 3,837 2,966 ............ 35,591 Second Avenue R U . . 218,496 14,174 4,677 16,325 1,620 det.8,448 28th & 29th S treet.. 6,047 d e t.1,799 179 150 362 dcf.2.490 Total 1909..............$3,620,661 §1,482,975 S350.207 §146,941 §464.536 §521,292 ........... ......... ...................................... Total 1908......... ..§3,708,741 *8580,839 In 1909 " o t h e r I n c o m e ,” In clu d ed w ith n e t earnings to m ake “ to t a l” n et In com e, a m o u n ts to $ 1 2 3 ,1 3 4 , v iz .: M e tro p o lita n S t. R y ., $ 11 2,28 4; Cen tral P a rk N . & E . R iv e r H R ., $ 3 ,6 7 3 ; S e c o n d A v e . R R ., $7,108; 28th & 29th S ts . C rosstow n R R . , $68. T h e earnings In 1908 In clu d e d th e F u lto n S t. R R ., n o t o p e r a te d In 1909. " A y e a r a g o a ll th e roads w ere o p e r a te d b y the re ce ive rs o f th e N . Y . C ity R y . C o ., w h o w ere a t th a t tim e m ak in g "e x t r a o r d in a r y e x p e n d itu re s ” t o r e h a b ilita te th e p r o p e r t y . A s these e x p e n d itu re s w ere Inclu ded In o p era tin g e x p e n s e s , th e r esu lta n t In co m e w as a b n o rm a lly sm all, y ie ld in g an a p p a r e n tly large Increase f o r th e cu rre n t p e r io d .” — V . 89, p . 411. Mexican International RR.— Report.— For the year ending June 30: F is c a l Tot re d s . Y ear— (M e x . c a r .) 190 8-0 9 .$ 6 ,9 5 3 ,2 8 4 1 9 0 7 -0 8 . 8 ,2 8 1 ,5 6 6 — V . 8 7 , p . 1154. N et rev. N et rev. Other In t. on B a lan ce. (A le x , cu r.) ( U .S .c u r .) in com e, bonds, A c . , su rp lu s. $ 2 ,8 2 2 ,5 3 9 $ 1 ,4 1 1 ,2 6 9 $706 $74 5,36 0 $66 6,61 5 2 ,6 3 1 ,5 8 8 1 ,315,794 3,3 2 3 754 ,5 7 0 564 ,547 Mobile & Ohio RR.— Report.— For year ending June 30: F is c a l Y ea r— O perating N et (after R even u e. T a x es .) O ther Interest D iv ’tls. In co m e. R en ts, <fee. P a id . B a la n ce, S u rp lu s. 1 9 0 8 -0 9 ............. .9 ,7 2 7 ,7 2 7 2 ,8 6 5 ,9 7 6 202 ,6 0 8 2 ,6 3 1 ,1 4 6 * 3 04 ,030 136?408 1 9 0 7 -0 8 .............9 ,6 6 3 ,7 9 1 2,5 4 1 ,3 2 2 174,450 2 ,2 4 9 ,8 5 2 *240 ,824 225 ,096 * In 1908-09 5 % : In 1907-08, 4 % . F r o m th e ba la n ce as a b o v e In 1908-09 w as d e d u cte d $19 ,446 fo r a d d itio n s a n d b e tte rm e n ts , a gain st $ 1 5 0,69 6 in 1907-08, le a v in g $116,962 In 1908-09, a g a in s t $74 ,400 .-— V . 87, p . 1158. New York Central Lines.— Orders for Equipment.— The “ Railroad Gazette” announces that for the various roads of the system there have been ordered 325 locomotives, 197 passenger cars and 17,850 freight cars.— V. 86, p. 1344. New York New Haven & Hartford R R .— New Stock.— The shareholders on Wednesday authorized $50,000,000 new stock, all to be offered at once at 125 to the holders of stock and convertible debentures. The increase from $40,000,000 to $50,000,000 in the amount of the additional stock was ex plained by President Mellen as due to the fact that $21, 878,100 stock held in the treasury of the New England N avi gation Co. carries the right to subscribe for new shares. This is the block of stock which on June 30 1909 was in the treasury of the N. Y . N. II. & H. R R . Co., being additional to the $100,000,000 shown as outstanding. When a stockholder objected to the amount of the proposed increase, Mr. Mellen replied that its 8% dividends are better secured to-day than ever. Compare V. 89, p. 779, 838, 847, 919. Right to Subscribe.— A circular dated Oct. 28 offers to holders of stock and convertible debentures of record N ov. 8 the right to subscribe on the company's warrants at $125 a share (par $100) on or before Dec. 20 for new stock to an amount proportionate to their respective holdings as follows: Of stock, 25%; of 3j/j% convertible debentures, 16 2-3%; of 6% convertible debentures, 25%; Holders of unregis tered convertible debentures, in order to subscribe, must have their debentures stamped on or before Dec. 6 with a statement to the effect that the subscription warrant has been received without affecting the contract contained in the debenture. Such stamping will be done at— O ffices o f T rea su rer o f c o m p a n y , N ew H a v e n , C o n n ., o r T rea su rer’s A g e n t, G rand C en tral S ta tio n , N ew Y o r k C ity; anti S ou th S ta tio n , H oston; F a rm ers’ L oa n & T ru st C o ., N ew Y o rk C ity; O ld C o lo n y T ru st C o ., B oston; R h o d e Island H osp ita l T ru st C o ., P r o v id e n c e ; H a r tfo r d T ru st C o ., H art fo rd ; U n ion T ru s t C o ., S p rin g fie ld , M ass.; S afe D e p o s it & T ru st C o ., B a l tim o r e , M d.; J. S. M organ & C o ., L o n d o n , E n g. Subscriptions are payable at any one of the aforesaid places in four equal installments each of $31 25 per share, viz.: at time of subscription, Dec. 20 1909, June 20 1910, Dec. 20 1910, June 20 1911. Part-paid shares will receive after Dec. 20 1909 thesamerateof dividend on the proportion paid for as is paid by the company on its full-paid shares.— ' New Director.— John L . Billard has been elected to the board to succeed the late F. W . Cheney. Compare V. 89, p. 994. Northwestern Elevated R R .— For year ending June 30: F is c a l Total N et T a x es B ond, A c ., B a t., Y ear. ea rn in gs. earnings. paid . interest. su rplu s. 1 9 0 8 -0 9 ...................$ 2 ,5 4 0 ,8 8 3 $ 1 ,5 4 5 ,0 0 4 $26 1,84 6 $ 9 2 7,44 2 $35 5,77 6 1 9 0 7 -0 8 ----------------- 2 ,4 6 3 ,1 8 7 1,498,071 226,381 920 ,8 0 2 350 ,8 8 7 A n Initial d iv id e n d o f 1% o n the p re fe rre d s t o c k , ca llin g f o r $50 ,0 0 0 , w as paid on O ct. 18.— V . 89, p . 287. Norfolk & Southern Ry.— Sale Dec. 7.— The foreclosure sale is set for Dec. 7 at Norfolk.— V. 89, p. 994. Ohio Traction Co., Cincinnati.— First Dividend on Common. — The directors have declared an initial dividend of 1% on the $7,500,000 common stock, payable, together with the regular quarterly dividend of 1 J4 % , on the $8,500,000 pre ferred stock N ov. 1 to holders of record Oct. 25.— V. 81, p. 669. Old Colony RR.— New Stock.— The Massachusetts Rail road Commission has approved the plan to issue 9,850 addi tional shares of stock at $195 per share to pay $1,912,000 Boston Clinton & Fitchburg bonds due Jan. 1 1910.— V. 89, p. 994. ; i Pensacola (Fla.) Electric Co.— Dividends Resumed.— This company, which on account of a strike by its employees deferred the dividends due in June and Dec. 1908 and June 1909 on its $300,000 6 % cumulative preferred stock, has resumed the semi-annual dividend of 3% , payable Dec. 1, and has also declared a dividend of 3% per share on account of accumulations. For the year ending Sept. 30 1909 the surplus over all charges, it is stated, was $50,802, or about 17% on the preferred. Compare V. 86, p. 1345. Rapid Transit in New York City.— Board of Estimate Approves Contracts for Fourth Avenue, Brooklyn, Subway to 43d St.— City Debt Limit Decision.— See “ New York C ity” ' in “ State and City” department in this week's and last week’s “ Chronicle.” — V. 88, p. 1621. Rutland RR.— Directors Re-elected.— A t the annual meet ing on Oct. 19 the directors were re-elected. No action was taken on the request of T. C. Delavan that steps be taken to pay or adjust the accumulation of unpaid dividends on the preferred stock.— V. 89, p. 994. St. Joseph & Grand Island Ry.— New Director.— R. A . Brown, General Counsel, has been elected a director, suc ceeding the late E. II. Harriman. Report.— For year ending June 30: F is c a l G ross N et. Year— E a rn in g s. E a rn in g s. $438,001 1 9 0 8 -0 9 ....................... $ 1 ,5 7 0 ,3 8 0 190 7-0 8............... ......... 1,6 0 9 ,6 1 7 670 ,5 2 0 — V . 88, p . 102. Other In com e. $31 ,099 59,274 Charges & T a x es. $32 1,97 0 3 9 3 ,3 3 0 Balance,. S u rp lu s. $ 1 4 7,12 4 336 ,404 San Pedro Los Angeles & Salt Lake RR.— Refunding Mortgage Proposed.— The shareholders will meet Dec. 21 ( 1 ) to authorize the directors to make provision for the retirement of the first mortgage bonds, $50,000,000 author ized; $40,000,000 outstanding) and to secure the satisfaction of the first mortgage dated July 1 1903 and (2) to authorize a $60,000,000 bond issue to bear date of July 1 1909, to be secured by a mortgage and deed of trust dated July 1 1909 upon the property and franchises now owned or hereafter acquired. T h e $ 4 0 ,000 ,00 0 e x is tin g b o n d s , w ith the e x c e p tio n p o s s ib ly o f a sm all a m o u n t, are o w n e d b y S e n a to r C lark an d his frie n d s , an d b y th e U nion P a cific R R . C o ., an d e v e n if no rig h t to call e x ists (In fo rm a tio n as to the call fe a tu re , if a n y , Is u n a v a ila b le ), It will n o d o u b t b o an e a s y m a tte r to e fie ct th e r e fu n d in g o f the b u lk o f th e o ld b o n d s in to th e new issu e.— V . 8 8 . p . 565. Southern Pacific Co.— New President and Vice-President.— R. S. Lovett, President of the Union Pacific ItR ., has been elected President, succeeding the late E. II. Harriman, and William Mahl, Comptroller, was elected Vice-President.— Y . 89, p. 722, 226. Third Avenue RR., New York.— Earnings o f System.— For quarter ending June 30: — Gross Earnings— — Total Net. b------------Deductions 1909— 1909. 1908. 1909. 1908. Taxes. Interest, Other, s a T h lr d A v e -. 752,947 D.D.E.B.&B. 139.969 42dSt.MAS N. 336,001 South. Boul. 22,948 Union R y __ 328,500 97,747 W estches.El. s 910.759 132,622 263,085 18,025 421,056 107,843 s s s 346,826 322,007 24,880 49,755 29,738 7,268 140,777 64,827 18,528 6,050 2,187 1,377 177,927 88,850 19,267 dt.0,218 0,954 3,509 s s s Balance. 80,488 26,006 215,446 11,875 20,093 10,519 19,250 207 102,792 4,350 323 25,180 133,480 6,250 df.16037 T o ta l_____ 1,878,112 1,859,390 715,117 514,503 74,895 147.393 46,306 446,523 a In clu d e s K ln g sb rld g e R y . b In 1909 " o t h e r I n c o m e ," In clu ded w ith n e t earnings to m ak e “ to ta l net In c o m e .” a m o u n te d to $ 6 9 ,2 4 3 , v iz .; T h ird A v e . R R ., $43,496; D ry D o ck E ast B r o a d w a y & B a tte r y R R ., $22 ,063 ; 42il S t. M a n h a tta n v lllc & S t. N ich o la s A v e . R R ., $ 3,547; W e s tch e s te r E lectrtc R R ., $ 13 7.— V . 8 9 , p . 848 , 779. Toledo & Indiana (Electric) Ry.— Sale Nov. 27.— The property will be offered at public sale by Reociver C. F. M. Niles in Toledo on Nov. 27. The property lias been appraised at $909,384.— V. 88, p. 626. Toledo St. Louis & Western RR.— Report.— For year ending June 30: F isca l G ross N et (after Ollier F ix e d P r e f. D iv . B a lan ce, Year. earn in gs. ta x e s ). in com e. charges. (4 % ). su rplu s. 19 0 8 -0 9 ___ $3 428.644 $ 1 ,2 0 2 ,2 1 2 $88 3,61 4 $ 1 ,1 4 7 ,5 3 2 $39 8,10 4 $540,191 190 7-0 8----- 3,8 2 2 ,8 3 4 1,1 1 0 ,4 0 6 4 1 3 ,1 7 9 1,105,800 308 ,104 19,681 O th er Incom e Includes in 1908-09 $83 6,00 0 r c c e v c d as d iv id e n d s o n Chi ca g o & A lto n p re f. an d c o m . s t o c k , a gain st $40 1 ,4 0 0 In 1907-08. F ix e d ch arges in 1908-09 Inclu de $ 3 6 0,14 0 paid fo r Interest o n Series A and B b o n d s secu red b y C h ica go & A lt o n s to c k as c o lla te ra l, a gain st $32 8,12 8 In 1 90 7-0 8.— V . 87, p . 1239. Tonopah & June 30: Goldfield RR.— Report.—'For year ending F isca l O perating Y ear. revenue. 10 0 8 -0 9 ............... $91 0,01 9 190 7-0 8------------ 1,517,577 — V . 8 9 , p . 995 . N et (after ta x e s ) . $18 2 ,5 8 5 378 ,348 Other in com e. $3,1 6 5 1,946 Interest and charges. $159,221 181,536 Balance', su rp lu s. $26 ,529 198 ,758 ’ Washington Baltimore & Annapolis Electric RR.— Re ceivership.— At Baltimore on Oct. 28 in proceedings brought by Elmer Craig of Toledo , a stockholder, unopposed by the company, Judge Morris in the U. S. Court appointed Presi dent George T . Bishop of Cleveland and George Weems Williams of Baltimore as receivers of the property. The coupons due May 1 1909 on the first and second mortgage bonds remain unpaid.— V. 89, p. 530, 226. Western Maryland RR.— Sale Nov. 19.— The foreclosure sale under the “ general lien and convertible” mortgage is advertised for N ov. 19 at Hillen Station, Baltimore. Upset price, $6,500,000. T h e sale Is m ade s u b je c t to the first m o rtg a g e b o n d s o f 1902 ($ 5 0 ,0 0 0 ,0 0 0 a u th o riz e d , $ 42 ,518 ,00 0 o u t s t a n d in g ), to fo u r d iv isio n a l b o n d Issues a g g re g a tin g $ 6 ,2 0 0 ,0 0 0 a n d to p u rch ase m o n e y m o rtg a g e s an d gro u n d rents a m o u n tin g to $84 ,1 5 8 . T h e r e c e iv e r ’s o b lig a tio n s an d ce rtifica te s m e n tio n e d In th e fo re clo su re d e cre e s and n ow o u ts ta n d in g are as fo llo w s; E q u ip m e n t certificates, Series A , d a te d Ja n . 1 1909, $51 0 ,0 0 0 ; e q u ip m e n t ce rtifica te s, d a te d M ch . 1 1909, $2 ,0 0 0 ,0 0 0 ; first m tg e . Interest ce rtifica te s, d a te d O c t . 1 1909, $ 6 0 0 , 000; G e o rg e ’s C reek & C u m b erlan d ce rtifica te s, d a te d A p ril 1 1909, $ 1 ,2 5 0 ,0 0 0 ; r e c e iv e r ’s n o te s, d a te d A p ril 1 1909, $ 32 3,85 0; to ta l, $ 4 ,6 8 3 ,8 5 0 .— V . 8 9 , p . 1069. 995. Western Pacific R y.— New Second Vice-President.— C. M. L evy has been elected Second Vice-President and General Manager, having resigned his position as Third Vice-1 resi dent of the Northern Pacific lty .— V. 89, p. 9.)o. Wisconsin Central Ry.— Bonds Listed, in e New York Stock Exchange has listed the $2,500,000 first and refunding mortgage 4% bonds, due 1959, recently sold. Compare V. 89, p. 1069, 995._________________ INDUSTRIAL, GAS AND MISCELLANEOUS. Consolidated Gas Co. of New York.— Earnings, cfee.— The report of the Public Service Commission, First District, issued this week, shows earnings of the various gas companies included in the system for the year ended Dec. 31 1908 as follows: Results fo r Year ending Dec. 31 1908. Gross. N et. Oth. Inc. Interest. Dividends. $ Consol. Gas C o ..12,000.690 New Am . Gas C o. 2,499,959 Astoria L .,H .* P . 3,182,515 Cent. Un. Gas Co. 1,510,429 N Y . M ut.G asCo. 1.475,629 Nor. Un. Gas C o . 553,915 Stand. Gas. C o . . 1,634,469 s $ s s Balance. s 685,235 5,254,169 1,894,727 3,249,363 sur.795,314 409,458 147,567 1,046,756 ......... .. def.489,731 804,008 1,438 607,262 ............sur.198.184 227,724 11,242 201,385 ............sur. 37,581 164,819 47,060 ---------206,196 sur. 5,683 69,518 1,610 88.48T ----------def. 17,359 246,481 39,681 59,750 257,742 def. 31,330 American Brass Co.— Extra Dividend, ih c company has declared a regular quarterly dividend of 1 ^ % and an ex 22 857,606 2.607,243 5,502,767 3,898,307 3,713,301 sur.498.342 tra dividend of 1%, payable N ov. 1 to holders of record Oct. — Total V. 89, p. 289, 106. 20. This makes a total of 6 % in dividends declared payable Consolidated Lithograph Co., New York.— Completion of in 1909, contrasting with 5 M % in 1908. Outstanding stock is $15,000,000. Compare V. 88, p. 746; V. 84, p. 10o4, olO. Reorganization and Merger.— See United States Lithograph ing Co. below.— V. 89, p. 413. American Glue Co.— Extra Dividends Resum ed— The di Consumers’ Gas Co. of Toronto.— Report.— For year end rectors have declared the regular semi-annual dividend of 2 % on the $800,000 common stock, payable N ov. 1 to hold ing Sept. 30: Total N et Other I n t ., R eD ie s . B a lan ce ers of record Oct. 27. Extra dividends of 1% were paid Y ear— In co m e. In co m e. In co m e, n e w a ls .A c . ( 1 0 % ) . S u r. o r D e i. $ 6 0 4,08 4 $ 3 ,290 $320,111 $34 2,16 7 clef.$54,904 May 1 and Nov. 1 1907 and May 1 1908, but only the regu 1 9 0 8 -0 9 .$ 1 ,7 3 7 ,7 6 5 1 9 0 7 -0 8 . 1,5 8 7 ,3 6 3 5 56 ,822 3,811 2 26 ,216 3 1 3 ,0 5 0 s u r .$ 2 1 ,367 lar 2% in Nov. 1908 and May 1909.— V. 87, p. 1161; V. 88, — V . 8 9 , p . 922. p. 160; V. 89, p. 221. Copper Range Consolidated Co.— New Vice-Presidents.— American Locomotive Co.— Directors.— James McNaugh- F. W . Denton and R. T . McKeever have been elected Vice ton, Vice-President, and Dumont Clarke were recently Presidents. Mr. Denton was also elected a director, suc elected to the board, succeeding Joseph Bryan and R. J. ceeding the late Charles II. Paine.— V. 88 , p. 1G17. Gross.— V. 89, p. 595, 591. Cuyahoga Telephone Co., Cleveland.— Possible Consolida American Typefounders Co.— New Vice-President and Di rector.— F. B. Berry has been elected a director to fill a va tion.— A deal is understood to be pending for the sale or cancy and J. W . Phinney was made an additional Vice-1 resi- merger of the following independent companies, but whether as an independent proposition or in the interest of the Reporl.— See “ Annual Reports” in last week’s “ Chronicle,” American Telephone & Telegraph Co. does not appear certain: page 1068— V. 89, p. 1068. Atlas Portland Cement Co., New York.— New Stock.— The company has filed in Pennsylvania a certificate of increase of capital stock from $10,000,000 to $10,250,000.— V. 89, p.227. British Columbia Packers Association.— Dividend for 2 } /2 Years.— A dividend of 1 0 K % has been declared on the pre ferred shares, payable Nov. 20 to holders of record Nov. 10, being for the period May 20 1906 to Nov. 20 1908. -V. 89, p. 468, 350. Bronx Gas & Electric Co., N. Y .— Bonds.— Application was recently made to the Public Service Commission for authority to create a new issue of $1,500,000 first mortgage bonds, of which the present issue was to be $740,000, these to be taken by Charles D. Barney & Co., who were to under take to retire the present $500,000 first mortgage bonds. On Oct. 27 the Commission limited the immediate issue to $624, 636 as follows: T o refu n d the o u ts ta n d in g b o n d s — p ar v a lu e 550 0 .000 — to p a y p rem iu m s th ereon . $50; to d e fra y the pro p e r e xp en ses o f re fu n d in g , $ 1.>,000 [Instead o f $30 ,000 a s k e d .— 13d.1; t o p a y three real estate m o rtg a g e s, 530 ,100 , v ariou s a ccou n ts p a y a b le , $18,511 60; assessm ents, $1,02.), bills p a y a b le , $ 1 0 , 000 : a tota l o f $ 62 4,63 6. A n o te o f $35 ,000 an d taxes a m o u n tin g to $23,86!) can be h a n d led b y the c o m p a n y In o te h r w a y s .— V . 8 0 , p . 723. Butte Coalition Mining Co.— Dividends Resumed.— Divi dends, suspended since the distribution of December 1907, have been resumed with the declaration of a quarterly divi dend of 25 cents per share (1 2-3%), payable Dec. 1 to holders of record Nov. 25. D ivid en d R ecord— P er C ent and P e r Share (P a r $ 1 5 ). 1906. 1907. 1908. D ec. 1909. 11% ($1 65) N one. 1 2 -3 % ($0.25) T h e s to c k is $ 1 5 ,0 0 0 ,0 0 0 in $15 sh ares, som e $ 3 ,0 0 0 ,0 0 0 o f w h ich . It Is b e lie v e d , Is ow n ed lty the B o s to n & M on tan a C o n so lid a te d C o p p e r & S ilver Mining C o ., a su b sid ia ry o f th e A m a lg a m a te d C o p p e r C o . T h e o u t p u t at presen t Is said t o be a b o u t 3 .5 0 0 ,0 0 0 lb s. per m o n th .— V . 8 8 , p . 1495. 5 1 - 3 % (50.80) Cambridge (Mass.) Electric Light Co.— Special Dividend. — With the regular quarterly dividend of 2 y2% on the $800 000 stock (no bonds) the company has declared a special dividend of $ 10 a share, payable with the quarterly distribution Nov. 1 to shareholders of record Oct. 2 0 . On June 30 1909 the reserves and surplus aggregated $397,386. — V. 88, p. 566. Canada Car Co.— Consolidation.— Arrangements, it is un derstood, have been completed for the merger or consoli dation under this title of the Rhodes-Curry Co. (\ . 89, p.353), the Canada Car Co. (V . 84, p. 452) and the Dominion Car & Foundry Co. The authorized capitalization is reported as $5,000,000 common stock, $7,500,000 7% cumulative pre ferred stock and $3,500,000 6% bonds; present issues to be $3,500,000 common and $5,000,000 prof, stock and all of the $3,500,000 bonds. Combined earnings for 1908-09 stated as $962,456 and for 1907-08 as $1,091,037. N. Curry of the Rhodes-Curry Co. will be President. JIO w tv or— ' — ................ mon stock, $300,000 7% cumulative stock of this recent consolidation. The authorized capitalization is pref. stock, $2,000,000; common stock, $2,000,000; 1 st M. 6s, $1,000,000; now to be issued, $ 1 ,200,000 pref., $1 ,200,000 common and $300,000 bonds. Columbus & Hocking Coal & Iron Co.— Officers.— Henry S. Haskins, Vice-President, has been elected President to succeed N. L. C. Kaehclmacher, who retired. A. L . Thur man, Secretary and Treasurer, who succeeds Mr. Kachelmacher on the Executive Committee, was chosen Vice-Presi dent. F. J. Shaffer, Auditor, succeeds Mr. Thurman as Secretary and Treasurer.— V. 89, p. 45. C u yah oga T e le p h o n e C o. o f C levelan d ; th e U n ite d S tates T e le p h o n e C o. (th e In d e p e n d e n ts’ lo n g -d is ta n c e lin e ): th e T o le d o H o m e T elephon e C o.; th e In d ia n a p olis T e le p h o n e C o .; th e N ew L o n g D is ta n ce l e le p h o n e o f In d ia n a p o lis. T h e O hio H o m e T e le p h o n e C o. w as in c o rp o ra te d r e c e n tly In O h io w ith $50 0,00 0 s to c k a n d m a y perh ap s b e used as th e m ergin g c o m p a n y .— V . 8 9 , p . 222. (E. I.) Du Pont de Nemours Powder Co.— Earnings.— For the nine months ending Sept. 30: N in e G ross M os. receipts. 1 9 0 8 -0 9 .$ 22 ,697 ,53 3 1907-08 2 0 ,2 0 0 ,4 6 0 N et (after N o n -o p ’g B on d P f.d iv . B a la n ce, d ep rcc.,& c.)d ed u c'n s. interest. (S U / o ). su rplu s. $ 4 ,3 5 5 ,0 2 4 * $ 25 4,15 9 $ 6 5 0,80 7 $.)3 1,o08 $ 2 ,9 1 2 ,4 9 0 3 ,3 0 6 ,0 7 4 54,053 541 ,727 ,>70,931 2 ,1 3 4 ,3 6 3 • R ep resen ts d is co u n t o n sale o f real e s ta te , secu rities a n d o th e r tran s a c tio n s n o t due t o cu rren t o p e ra tio n s. T h e ba la n ce as a b o v e fo r th e nine m o n th s o f 1909 Is e q u a l t o 1 0 .3 8 % (1 3 .8 4 % yea rly) on the $ 2 8 ,0 4 7 ,0 0 0 c o m m o n s to c k o u ts ta n d in g , a g a in s t 8 0 4 % (10 7 2 % ye a rly ) o n the 5 2 6 ,5 2 8 ,6 0 0 o u ts ta n d in g In 1908. N et earnings fo r th e nine m o n th s o f 1909 arc e q u a l t o an a n n u al in c o m e on the gross In vestm en t o f 7 .8 8 ? $ , a g ain st 6 .0 5 % In 190 8.— V . 89, p . 996, 351 . Economy Light & Power Co., Joliet, &c., 111.— Favorable. Decision by State Supreme Court.— The Supreme Court of Illinois on Oct. 26 affirmed the decision of Judge Mack in June 1908, which dismissed the action brought by the State of Illinois to prevent the completion of the dam on the Desplaines River at Dresden Heights and to oust the com pany therefrom. Compare V. 87, p. 42. T h e S ta te desires to u tilize th e land lea sed b y th e c o m p a n y In co n n e c tio n w ith the p ro p o s e d d e e p w a te r w a y , o r c a n a l, fo r th e c o n s t r u c t i o n s f \\4iich $ 20 , 000,000 b o n d s w ere a u th o riz e d a t th e gen eral e le ctio n in N o v e m b e r i 908. N o a p p ro p r ia tio n u n d e r th e a m e n d m e n t to th e S ta te C on stitu tion a d o p te d b y th e e le cto rs has y e t b e e n m a d e , n o r has c o n s tru ctio n been b e g u n . S ee item s in " S t a t e an d C it y " D e p a r tm e n t, V . 8 5 , p . 1289, and V . 8 7 , p . 137 2.— V . 8 9 , p . 595. General Motors Co., New York.— Stock Dividend.— Treas urer Curtis R. Hatheway, by advertisement dated Oct. 26, announces that “ the board of directors has declared a divi dend of 150% upon the common stock, payable in common stock on Nov. 15 1909 to the common stockholders of record at the close of business N ov. 4 1909.” New Directors.— H. G. Hamilton and J. T . Smith have been elected directors to succeed 1*. L. Smith and Henry Russell.— V. 89, p. 723, 596. Gottlieb-Bauemschmidt-Straus Brewing Co — Dividend on Incomes.— The directors have declared a semi-annual divi dend of M of 1% on the $3,500,000 second mortgage income bonds, payable N ov. 1. This is the same amount as paid last May. Nov. 1 1908 1% was paid; in May 1908 M % , and prior to that seven semi-annual distributions of 1 J£>% each were made.— V. 88, p. 1316. Kings County Electric Light & Power Co., Brooklyn, N. Y . — Convertible Bonds.— The shareholders will vote Nov. 11 on the proposition to issue $5,000,000 convertible 6 % de benture bonds “ to be dated on or about Jan. 1 1910 and to be payable on of about Jan. 1 1922, and to be convertible into the stock of the company at par at the option of the holders thereof on and after Jan. 1 1913, and before Jan. 1 1922, such debenture bonds to be offered to the stockholders at par in proportion to their holdings of stock.” ih e pe tition to the Public Service Commission, in which the Edison Electric Illuminating Co. joins, asking authority to issue the new bonds, states that the proceeds are to be used: $3 539 661 to reim bu rse b o th co m p a n ie s fo r e x p e n d itu re s fo r im p r o v e m ent’s m ade o u t o f reserve an d surplus fu n d s; $41 2 ,6 9 5 fo r p r o je c t e d Im p ro v e m e n ts in th e b u d g e t fo r 1909 eith e r n o t y e t m ad e o r u n c o m p le t e d ; $ 1 047 644 t o p ro v id e fu n d s fo r n ecessary im p ro v e m e n ts , b e tte r m e n ts , &c’ ., in clu d ed In the b u d g e t fo r th e y e a r 1 91 0.— V . 8 9 , p . 922 . Laclede Gas Light Co., St. Louis.— Payment of Coupons.— The Bankers’ Trust Co., having been appointed the com pany’s financial agent in this city* the coupons due N ov. 1 on the first mortgage 5% bonds will be paid by Bankers' Trust Co., instead of at the office of the North American Co., United States Steel Corporation.— See “ Annual Reports.” as heretofore.— V. 88, p. 1562. Common Stock on 4% Basis.— The directors on Oct. 26 de Lanston Monotype Machine Co., Philadelphia.— New clared, along with the usual quarterly dividend (N o. 34) on Stock.— The shareholders voted Oct. 28 to increase the stock the preferred stock (payable Nov. 30 to holders of record from 85,000,000 ($4,998,600 outstanding June 30 1909) to N ov. 5), dividend No. 24, of 1 % , on common stock for the $ 10 ,000,000, and to increase the par value of the stock from quarter ending Sept. 30 1909, payable Dec. 30 to stockholders $20 to $100 per share.— V. 89, p. 998, 923. of record Dec. 1 0 . This increases the annual rate for the Lehigh Coal & Navigation Co., Philadelphia.— Extra Divi common shares, which three months ago was raised from 2 % dend.— The directors on Oct. 25 declared the regular semi to 3% , to 4% , viz.: V ID E N D S 1 ’ 01. ’ 0 2 . ’ 03. ’ 0 4 -’05. ’ 06. ’07. -1909. annual dividend of 4% and an extra dividend of 1%, both C oDmIm o n _________ % J. 2 4 3 H N on e 1 'A 2 1) payable Nov. 27 on stock of record Oct. 30. While the 1 % P re fe rre d ---------------% J A u g . 1901 t o N o v . 1 9 0 9 ,7 % p er a n n u2mX (1 24% q u a r.) is described as “ extra,” friends of the management believe — V. 89, p . 291 , 353 . United States Lithographing Co. (of N ew Jersey).— Com that if conditions continue to improve, the annual rate will be made 1 0 % .— V. 88, p. 684. pletion of Plan.— The shareholders will meet N ov. 6 to ratify McCall Ferry Power Co.— Sale Dec. 7.— The foreclosure the purchase of the assets of the Consolidated Lithograph sale is advertised for Dec. 7 at Lancaster, Pa.— Y . 89, p. Co. and also to increase the capital stock from $400,000 common and $800,000 preferred to $3,200,000 preferred 998, 229. Manufacturers’ Ligh t & Heat Co., Pittsburgh.— Earn and $3,300,000 common stock, all in accordance with the plan outlined under Consol. Lith. Co. in V. 89, p. 413.— ings.— For 9 months ending Sept. 30: V. 89, p. 230. N in e G ross E xp en ses& N et In tcrest& B alan ce, M o s .— R eceipts. T a x es. E a rn in g s. R enew als. Su rplus United States Reduction & Refining Co.— Default by $783,654 $ 1,557,456 1 9 0 !) __________ $3,8(5-1,290 $ 1 ,5 2 3 ,1 7 9 $2,3 4 1 ,1 1 1 Controlled Company.— The United States Smelting Co., 1908 _________ 3 ,3 8 2 ,7 8 3 1 ,4 1 4 ,7 4 6 1,9 6 8 ,0 3 7 679 ,760 1,288 277 which is controlled through the ownership of ( 1 ) all of the T h e general ba la n ce sh eet show s an Increase In In vestm en t a cco u n ts o f $ 6 9 9 ,6 6 2 , a net d ecrea se In liab ilities o t $ 1 ,1 8 3 ,6 8 9 and a net decrease In $500,000 capital stock and (2) $300,000 of the issue of $600, cash assets o f $32 5 ,8 9 4 . D u rin g th e nine m o n th s $ 5 8 9,50 0 b on d s w ere 000 bonds, both the stock and bonds owned having p aid fo r a n d c a n c e le d .— V . 8 9 , p. 724 , 290. been pledged under the mortgage of the U. S. Reduction & Mergenthaier Linotype Co.— New Director.— Sir Joseph Refining Co., failed to meet the interest due Oct. 1 on its Lawrence, Chairman of the boaid of directors of the Lino first mortgage bonds. The plant of the company produces type & Machinery Co., Ltd., has been elected a director, zinc lead pigment, and, owing to the condition of the market, succeeding the late Andrew Devine.— V. 89, p. 1070. it has been closed for some months past.— V. 88, p. 7 4 7 . Meridian Water-Works Co.— Bonds Called.— All the out standing bonds dated N ov. 1 1899 ($350,000) have been —"A mistake was made in the advertisement of J. S. & called for payment on N ov. 2 1909 at par at the Farmers’ W . S. Kuhn Inc., investment bankers of Pittsburgh, Phila Loan & Trust Co., New York, trustee.— V. 83, p. 159. delphia and Chicago, in our issue of last week, in which Pacific Gas & Electric Co., San Francisco.— Dividends various issues of irrigation and other bonds were offered, the to be Resumed — A meeting of the board of directors has been statement that only the “ unsold portion” of these issues was called for 3 p. m. on Nov. 1 1909 for the purpose of declaring offered being omitted. W e are informed that this company a dividend of $1 50 per share upon the $10,000,000 preferred has met with a flattering market for these bonds since it stock for the period beginning Aug. 1 and ending Oct. 31 first offered the entire issues. All the original issues on these 1909 payable by check on N ov. 15 to stockholders of record properties have been sold. The company is still trading in on N ov. 1. The company paid its first and only cash divi them at advanced prices. It was in connection therewith dend, l } 4 % , oh its preferred stock on April 15 1906, and in that the last week’s advertisement was to be used. Atten July last offered in lieu of the accumulated dividends on tion is called to the fact that the prices on all the issues each two shares of preferred stock one share of common. mentioned by J. S. & W . S. Kuhn Inc. last week have Compare V. 89, p. 104. increased, with the exception of the Twin Falls Oakley Land Rogue River (Oregon) Electric Co.— Bonds Offered.— E. II. & Water Co., the most recent offering of the company, made Rollins & Sons, Chicago, Denver, Boston and San Francisco, less than a month ago. are offering at prices to net 5 % % to 6% for the earlier ma -Lybrand, Ross Bros. & Montgomery, the well-known turities and 53^% to 5 % % for the later dates, $243,000 certified public accountants of Philadelphia, New York and “ prior lien” mortgage 5% sinking fund gold bonds dated Pittsburgh, have recently opened a new branch office in the 1907 and due July 1 1937. first National Bank Bldg., Chicago, under the direction of T h ese b on d s are th e u n red ee m e d p o r tio n o f the to ta l o f $25 0,00 0 b o n d s Walter Beans, C. P. A. Lybrand, Ross Bros. & Montgom Issued u n d er the $70 0 ,0 0 0 m ortg a g e as p r io r lien b o n d s, an d m a d e s u b je c t ery’s accountancy business for American corporations, banks to call a t 105 and In terest In n u m erica l o r d e r fo r a cash sin k in g fu n d o f n o t less th an $7,000 p er a n n u m . S u b sid ia ry m o rtg a ge b o n d s, $314,000; and trust companies has increased rapidly of late years, and p r io r Hen b o n d s, $ 24 3,00 0: to ta l b o n d s issu ed , $ 55 7,00 0. C o m p a n y ow n s the concern is now one of the largest and leading firms in the h y d r o -e le c t r ic p r o p e r ty w ith tu rbin es an d g en erators o f 2,000 1c. w ., fu rn ish in g lig h t an d p ow er In M e d fo rd , G ra n t’s Pass, G old H ill, J ack son v ille profession. an d C en tra l P o in t, O re .; also p o w e r a t w h olesa le to o t h e r loca l ligh ting c o m p a n ie s a t A s h la n d , T a le n t an d P h o e n ix , and p o w e r to m ines, & c., and fo r irrig a tion . G ross ea rn in gs, c a le n d a r y e a r 1908, $89 ,169 ; n e t, $55 68-P F o r 8 m on th s e n d in g A u g . 31 1909, gross, $ 56 ,881 ; n e t, $33 ,359 . — “ The Iron & Steel Trades Journal” of London having completed sixty years of life, has issued a Diamond Jubilee number. This number contains many special articles dealing with the growth and development of the metals trades and also with the growth and development of the United Kingdom. Pictures of Sir Henry Bessemer, Sir William Siemens, Ccorge Stephenson and other celebrities are given, and there is also an article on “ Sixty Years of Financial Development.” Standard Roller-Bearing Co.— New Director.— Isaac II. Clothier of Philadelphia and William D. Sloane of New York have been elected to the board.— V. 88, p. 569. Terminal Warehouse Co., New York.— Semi-Annual Divi dend.—-At a regular meeting of the board of trustees, held at the office of the company, 17 South William St., a cash divi dend of 3% was declared on the $1,000,000 outstanding ~ N . W . Harris & Co., bankers, at Pine Street corner capital stock, payable out of the net earnings for the six months ending Sept. 30 1909 to stockholders of record William, this city, are to-day advertising in this issue of Oct. 26. Check will be mailed on N ov. 1 . This is the the “ Chronicle” $200,000 Kings County Lighting Co. first second cash dividend, 5% having been paid in April. The refunding 5s, due 1954, which have been made tax-exempt bond-issue plan, we are informed, has been abandoned. for the first time under the provisions of the recording tax law. These bonds are offered to the purchaser at 102 and Compare V. 89, p. 48. interest, yielding 4.88%. Circular on request. Texas Company (Oil), Houston, T e x .— Stock Increase — — Hawes, Tewksbury & Co., New Bedford, members of This Texas corporation filed on Oct. 25 a certificate of in crease of authorized capital stock from $1 2 ,000,000 to $18, the Boston Stock Exchange, have issued a tabular statement 000,000. The “ Houston Daily Post” quotes Treasurer showing the dividends paid for eight years past and the capital stock and number of spindles and looms of the Judge R. E. Brooks in effect as follows: leading mills at New Bedford and Fall River. They will T h e Increase was a u th o r iz e d b y th e d ire cto rs a b o u t a y e a r a g o an d the p r o p o s e d Issuance a t th e p rese n t tim e Is t o prepare fo r th e m eetin g o f also furnish special reports upon request. o b lig a tio n s w hich the c o m p a n y w ill be c o m p e lle d t o redeem a fte r Jan . 1. T h e c o m p a n y Is n ot c o n t e m p la tin g the b u ild in g o f a n y m ore p ip e lin e s , a n d , so far as I k n o w , it Is n o t a p r o s p e c ltv e p u rch a se r o f th e W a te rs -F ie rce p r o p e r tie s .— V . 8 8 , p . 1442. United Copper Co.— Income.— The statement of income for the year ending May 31 1909, recently filed with E. S. Mendel, agent for the New York curb brokers, shows: “ Profits on securities sold, $57,851; general expenses, $39, 742; New Jersey taxes, $6,250; surplus for year, $11,859.” Apparently no dividends were received during the year from the controlled companies.— V. 88, p. 1442. United Dry Goods Companies.— Listed.— The New York Stock Exchange has admitted to the regular list $10,000,000 7% cumulative preferred and $10,812,900 common stock formerly quoted in the unlisted department, and has au thorized $1,187,100 additional common stock to be listed prior to Jan. 1 1910, on notice of issuance in exchange for outstanding stocks of the Associated Merchants’ Co., making the total amount of common stock authorized to be listed $12,000,000.— V. 89, p. 925, 477, — Plympton, Gardiner & Co. in their advertisement on another page invite attention to the opportunity offered for profitable bond investments in growing territory, such as now may be found in the Southwest. A list of bonds yielding 4.30 to 6.25 per cent will be furnished investors and institutions on request. — N. Curtis Fletcher & Co., 24 Milk Street, Boston, specialists in gas, electric light and w ater power securities in New England, have issued a circular regarding prominent Massachusetts illuminating companies other than those located in Boston. — O. J. Brand & Co., members of the N . Y . Stock E x change, 74 Broadway, announce that James Shannon has become manager of their bond and inactive securities depart ment. Mr. Shannon was formerly connected with F. W . Perry & Co. — Fahnestock & Co. announce that Mr. Robert B. Dodson will retire on N ov. 1 from the firm and from active business. v I m p a r t s axxct Qotxxmmis. GREAT NORTHERN RAILWAY COMPANY. T W E N T IE T H A N N U A L R E P O R T — F O R T H E To the Stockholders: The Directors submit the following report for the year ended June 30 1909: C A P IT A L STOCK. There has been no increase in the authorized share capital of The Great Northern Railway Company during the year, and same remains at $2 1 0 ,000,000 00. O f the ca p ita l au th oriz ed th e re h ad be e n Issued to Jun e 30 1908 (p a ge 5, last y e a r ’s r e p o r t ) ---------------------------------------- $ 2 U J,uo<:,/ou uu T h ere have been Issued d u r in g the y e a r 75 shares, In co m p le tln g prev iou s tra n s a ctio n s, a m o u n tin g t o .......................... .................t ,o v v u u T o ta l o u ts ta n d in g Ju n e 30 1 9 0 9 ------------------ ----------------------- $ 2 0 9 ,9 7 0 ,2 5 0 00 The stock outstanding June 30 1909 was represented by: S to c k C e rtifica te s _________________________________ - .............. $20 9 ,9 3 9 ,0 0 0 00 F u ll-p a id s u b s c r ip tio n re ce ip ts t o $00 ,0 0 0 ,0 0 0 issue n o t at th a t d a te su rren d ered fo r e x ch a n g e Into s to c k certificates “ o ’ i t a nn S cr ip , fu ll p a id ............... ................ ......................................................... 3 ’ 130 00 T t , ............... ............................ .$ 2 0 9 ,9 7 0 ,2 5 0 00 There were in the Company’s treasury June 30 1909 2973^2 shares of Great Northern Stock not used in acquiring 238 shares of Manitoba Stock. BO ND ED D EBT. F IS C A L Y E A R E N D E D JU N E 30 1909. or re tirin g th e se b o n d s sim ila r to th a t fo r th e S e c o n d M o rt g a g e B o n d s a n d a b o v e s ta te d . GENERAL. E x p e n d itu r e s w ere m a d e d u rin g th e y e a r in c o m p le tin g or ca rr y in g on th e c o n str u c tio n of n ew lines a n d fo r p re lim in a ry e x p e n se s o f p r o je c te d lin e s, as fo llo w s: Armington to Laurel, Mont__________________________________9? 720,050 Columbia River to Mansfield, Wash_________________________ Nashwauk to La Prairie, Minn_______________________________ 632,560 56 Greenbush to Warroad, Minn_________________________________ 423,760 62 Connection with Spokane Portland & Seattle Ry. at Spo kane. Wash__________________________ ____________________ 267,364 30 139,87109 Berthold to Crosby, N . D. (Completion)________________________ Fidelity Lumber Co. Spur, Albany Falls, Idaho_________________ 52,44080 International Boundary Line near Molson, via Orovllle, Wash., to International Boundary near Chopaka______ ____________ 34,114 14 Bray Mine Spur, Mesati Range, Minn________________________ 18,971 57 Orovllle to Brewster, Wash. (Commenced)__________________ 14,650 58 Aneta to Devil’s Lake, N. D. (Completion)_____ 1____________ 12,692 09 Stanley' to Powers Lake, N. D ___________________________________ 8,686 16 Balnvllle to Plentywood, Mont________________ 8,308 11 Monroe Mine Spur, McsabI Range, Minn....... .................... 7,179 40 Myncaster Spur, Wash----------------------------------------------------------------2,49115 Completion of Sundry Lines---------------4,916 10 Preliminary expenses account of Sundry Lines the con struction of which has not yet been commenced..................... 106,072 12 Total_________________________________________________________$5,064,148 97 A n d w h ich a m o u n t h a s b e e n c h arged to “ C o st o f R o a d .” D u rin g th e y e a r th e D u lu th T e r m in a l R y . C o . issu ed There has been no change during the year in the total amount of bonds issued and outstanding, the payment of $ 3 5 0 ,0 0 0 0 0 a d d itio n a l c a p ita l s to c k w h ich w a s s u b sc rib e d which has been assumed by The Great Northern Railway a n d p aid fo r a t p a r b y th e G re a t N o r th e rn C o m p a n y . T h e Company, but same remains, as shown by the balance sheet, p ro ceed s fr o m th is s to c k issu e w ere u sed to ta k e u p $ 1 7 5 , 0 0 0 0 0 of D u lu th T e r m in a l R y . C o . F irs t M o rtg a g e 6 per c en t _______ _______ __________________________________$ 1 2 5 ,8 9 7 ,9 0 9 09 a re 1150 O f this a m o u n t there w ere o u ts ta n d in g in th o han ds o f the B o n d s w h ich m a tu r e d M a y 1 1 9 0 9 a n d to re p a y th e G re a t p u b lic , as p er ta b le on p a g e 1151.............................................. ..... 9J,.>iH,J.m .ij N o r th e rn $ 1 7 4 ,5 6 7 81 w h ich th e la tte r h a d a d v a n c e d for A n d h eld as free assets In th e C o m p a n y ’s tre a s u ry -----------$ 2 6 ,3 7 8 ,969 70 c o n str u c tio n p u r p o s e s . A s th e b o n d s in q u e s tio n w ere o w n e d b y th e G re a t N o r th e r n , th e resu lt o f th is tra n s a c tio n of which the following is a list: h a s b een to in crease its in v e s tm e n t in th e D u lu th T e r m in a l St P . M . & M . R y . C o . P a cific E x te n sio n 4 p er ce n t R y . C o. b y $43 2 19. , . , ' B on d s ( £ 2 ,0 0 0 ,0 0 0 ) ___________________________________ $ 9 ,6 9 6 ,9 6 9 70 Im p r o v e m e n t B o n d s _______ _______________ _______ _____ 1 1 ,9 1 0 ,0 0 0 00 T h e Io w a & G re a t N o r th e rn R y . C o . rep aid d u rin g th e E astern R y . C o. o f M in n esota, N orth ern D iv is io n F irst y e a r $ 7 1 ,5 9 8 2 2 of th e a m o u n t th a t h a d b e e n a d v a n c e d to it M ortgage 4 p er cen t B o n d s _____________ ______ __________ 2,0 0 0 00 W ill m ar & S io u x F alls R y . C o. First M ortgage 5 p er cen t in p re v io u s y e a rs b y th e G re a t N o r th e r n . B on d s ______________________ ______ _______________________ 2 1 ,0 0 0 0 0 A d d itio n a l ca p ita l s to c k to th e a m o u n t o f $ 2 ,0 5 5 ,0 0 0 0 0 S p ok a n e Falls & N orth e rn R y . C o. First M ortg age 6 per w as issu ed d u rin g th e y e a r b y th e B r a n d o n S a s k a tc h e w a n & cen t ISonds______________________________ ____ ___________ _ 2,.>83,000 00 D u lu th W a te r to w n & P a cific R y . C o. First M ortg age 6 H u d s o n ’s B a y R y . C o ., m a k in g th e to ta l ca p ita l s to c k is s u e d p er cen t B on d s (entire Issu e)-----------------------------------------1 ,3 7 5 ,0 0 0 00 b y th a t c o m p a n y a n d n o w o u ts ta n d in g $ 2 ,1 0 0 ,0 0 0 0 0 , a ll o f P a rk R a p id s & L eech L a k e R y . C o. F irst M ortg age 5 p er oOO.OOO 00 cen t B on d s (entire Issu e)---------------------------------- ---------------w hich is o w n e d b y th e G re a t N o r th e rn a n d w as p a id fo r a t C o lu m b ia & R ed M ountain R y . C o . First M ortg age 6 per par. T h e p ro ceed s of th e a d d itio n a l issu e w ere u sed in re cen t B on d s (en tire Issue)........................... ......... ........................ 2 J 1 JH)0 o o p a y in g th e G re a t N o r th e rn th e a m o u n t it h a d a d v a n c e d fo r T o t a l .................................... ........................................................... $2 6 ,3 7 8 ,9 6 9 70 c o n stru c tio n a n d for p a y in g th e co st o f a d d itio n a l c o n s tr u c A m o u n t h eld In trea su ry Ju n e 30 1908 as per list on page 10 tio n , a d d itio n s a n d b e tte r m e n t w o rk d on e d u rin g th e y e a r . 2 8 ,4 4 1 ,9 0 9 <o o f last y e a r ’s r e p o r t .................... ............................ .......................... T h e C o m p a n y ’s in v e s tm e n t in th e B . S . & H . B . R y . C o . D ecrease d u rin g th e y e a r , an d w h ich is ex p la in e d b e l o w . . $ 2 ,0 6 3 ,0 0 0 00 in creased d u rin g th e y e a r th e s u m o f $ 3 3 ,3 0 4 2 8 . Interest is not accrued or paid on bonds held in the Com T h e C r o w ’s N e t S o u th e rn R y . C o . a lso c a p ita lize d its pany’s treasury. p r o p e r ty d u rin g th e y e a r , issu in g $ 4 ,0 3 0 ,0 0 0 0 0 a d d itio n a l 1 J C H A N G E S IN B O N D E D D E B T . There has been a net increase during the year of $2,063, c a p ita l s to c k , th u s m a k in g th e to ta l a m o u n t issu ed a n d n o w 000 00 in the amount of bonds outstanding in the hands of the o u ts ta n d in g $ 4 ,1 5 0 ,0 0 0 0 0 . T h e e n tire a m o u n t is ow n e d b y public, a comparative statement of which is given on another th e G re a t N o r th e rn a n d w as p a id fo r a t p a r . T h e p ro ce e d s .o f th e a d d itio n a l s to c k issu ed w ere u sed in p a r tly re p a y in g page. This net increase is explained as follows: th e G re a t N o r th e rn th e a m o u n ts a d v a n c e d for c o n str u c tio n S t. P . M . & M . R y . B on d s— a n d for d isch a rgin g th e cost o f a d d itio n a l c o n str u c tio n a n d C onsolidated M ortga ge B on d s, issued In e x ch a n g e fo r S e co n d M ortgage an d D a k o ta E x te n sio n M ortg age B on d s sur a d d itio n s a n d b e tte r m e n t w ork d o n e d u rin g th e y e a r . The ren dered and c a n ce le d , as be lo w sta te d , as fo llo w s : C o m p a n y ’s in v e s tm e n t in th e C r o w ’s N e s t S o u th e rn R y . C o . Issued a t 4 H p er c e n t ------------------------------- $858,000 00 Issu ed at 4 per c e n t ----------------------------------- 2 ,6 2 1 ,0 0 0 00 in creased $ 3 6 6 ,1 1 3 3 6 d u rin g th e y e a r , w h ich in clu d e s a d v a n c e s to th e a m o u n t of $ 1 9 ,3 9 3 3 2 , fo r w h ich C r o w ’s N e s t T o ta l Is s u e d _____________________________________________$ 3 ,4 7 9 ,0 0 0 00 Second M ortgage 6 P e r Cent B on d s, surren S o u th e rn S to c k is y e t to b e issu e d . d ered an d ca n celed , as a b o v e ---------------------- $ 2 ,2 9 2 ,0 0 0 00 A d v a n c e s to o th e r c o n tro lle d C a n a d ia n C o m p a n ie s to p a y D akota e x te n s io n M ortgage 6 P e r Cent B on ds, su rren d ered an d c a n ce le d , as a b o v e ------------ 1 ,187,000 00 for c o n s tr u c tio n , a d d itio n a l p ro p e rty a n d a d d itio n s a n d b e tte r m e n t w o rk w ere m a d e d u rin g th e y e a r as fo llo w s : T o t a l b on d s surrendered a n d c a n c e l e d ............................... 3 ,4 7 9 ,0 0 0 00 1? Midland Ry. Co. of Manitoba________________________________ Nelson & Fort Sheppard Ry. Co______________________________ 27.. 14 E astern R y . C o. o f M in nesota B o n d s — Red Mountain Ry. Co. for equipment retired from service N orthern D iv is io n F irst M ortgage 4 1 er Cent and property abandoned__________ __________ __________ (C redit) 2,667 26 B on ds held in C o m p a n y ’s treasu ry J u ly 1 1908, as per last y e a r s re p o rt, page 1 0 - - - .$ 2 ,0 6 5 , 000 00 New Westminster Southern Ry. Co___________________________ _____ Vancouver Victoria & Eastern Ry. & Nav. Co----------------------- 2,31/,770 47 Issu ed du rin g y ear on re d e m p tio n o f F irst These advances with the increase. In the Company’s Invest D iv ision First M ortgage B o n d s , as b e lo w 70,000 00 ment In the „ „„ „„„ T ota I ....................................... ............................ $ 2 ,1 3 5 ,0 0 0 00 Brandon Saskatchewan & Hudson's Bay Ry. Co------------33,304 28 Crow’s Nest Southern Ry. Co------------------------------------------366,113 36 H e ld In treasu ry J u n e h o 1909, as p er ta b le o n page 6 ------2,0 0 0 00 BO N D S ASSU M ED. S o ld d u rin g y e a r _________________________________________ .$ 2 ,1 3 3 ,0 0 0 00 F irst D iv is io n F irst M ortga ge 5 P e r Cent B on d s, m atu red A p ril I 1908, presen ted a n d red eem ed d u rin g th e y e a r . . 70,0 0 0 00 N et Increase In a m o u n t o f b o n d s o u ts ta n d in g In hands o f p u b lic ...................... ..................... ................................................. $ 2 ,0 6 3 ,0 0 0 00 M A T U R IN G B O N D S . The St. Paul Minneapolis & Manitoba R y. Co.’s Second Mortgage 6 per cent Bonds mature October 1 1909. Of the original issue of $8,000,000 00, $3,368,000 00 were out standing at the close of the fiscal year June 30 1909. Unless previously exchanged for that Company’s Consolidated Mortgage 4 per cent Bonds, these Bonds will be paid off at maturity and the Consolidated Mortgage Bonds that will be issued on their redemption covered into the Great Northern Company’s treasury. The Manitoba Company’s Dakota Extension Mortgage 6 per cent Bonds mature November 1 1910. Of the original issue of $5,676,000 00, $3,035,000 00 were outstanding June 30 1909, and provision has been made for exchanging above explained, make up as expended on account of con trolled Canadian Companies during the year, a total o f --$ 2 ,7o6,710 2o In addition there was advanced during the year towards the construction of the Spokane Portland & Seattle Ry. (owned by the Great Northern and Northern Pacific Railway Comp an ics)._______ _____________________ - ..........................- ........... $376,250 00 w h ic h m a k e s u p a p o rtio n of th e a m o u n t of $ 1 ,0 6 4 ,4 0 3 5 7 sh o w n on a n o th e r p a g e as d isb u rse d d u rin g th e y e a r for “ M iscella n eou s In v e s tm e n t s a n d A d v a n c e s .” U p o n th e c o m p le tio n o f th e S p o k a n e P o r tla n d & S e a ttle l l y . , th a t C o m p a n y w ill issu e its secu rities to th e G re a t N o r th e rn a n d N o r th e rn P acific c o m p a n ie s , a n d s a m e w ill re p la ce th e a m o u n ts n o w b e in g carried on th e b o o k s as a d v a n c e s m a d e on a c c o u n t o f th e c o n str u c tio n of th e S . P . & S . lin e . _ T h e C o m p a n y ’s in v e s tm e n t in th e L a k e S u p erior T e rm in a l & T ra n sfe r R y . C o . w a s in creased $ 6 5 ,2 6 7 12 d u rin g th e y e a r , o f w h ich $ 6 5 ,0 0 0 0 0 c o v e r s th e C o m p a n y ’s p ro p o rtio n o f a d d itio n a l c a p ita l s to c k issu ed b y th e T e r m in a l C o m p a n y at par to secure funds with which to pay off its bond issue of §195,000 00 that matured April 1 1909. As stated on another page, there was expended during the year for Additions and Betterments on properties owned by the Great Northern Ry. Co., the sum of §3,799,257 38. Of this amount, §1,687,156 75, the cost of Additions, is con sidered as paid from capital account; the cost of Betterments, §2,112,100 63, has been charged against the “ Fund for Per manent Improvements and Renewals” and has been credited to “ Cost of Additions and Betterments paid for from ‘Fund for Permanent Improvements and Renewals.’ ” As shown in the Income Account, §2,789,960 93, being the surplus income for the year, has been transferred to the “ Fund for Permanent Improvements and Renewals” ; and there has also been credited to that fund §24,676 97, the net proceeds from sale of town lots and lands not forming a portion of the railway property or land grant. In accordance with a resolution adopted at the annual stockholders' meeting October 8 1908, the Lake Superior Company, Limited, turned over to the Company §5,525, 868 96 cash and stocks and bonds which have been valued at §2,417,705 00. The full amount of §7,943,573 96 has been credited to Profit and Loss. Details of expenditures for equipment, elevators, &c., appear in the President's report and also in tables on another page. The Board respectfully calls attention of the shareholders to the reports of the President, the Comptroller, with custo mary balance sheet and statistical tables, and of the Land Commissioner. JAMES J. K IL L , Chairman. R E P O R T OF P R E S ID E N T . M r. James J. Hill, Chairman, Board of Directors. Dear Sir— Herewith please find report for the fiscal year ended June 30 1909: R E V E N U E S , O P E R A T I N G E X P E N S E S , V O L U M E O F T R A F F I C , & c. The gross operating revenues for the year amounted to §53,687,444 47, a decrease compared with the previous year of §742,188 24, or 1.36 per cent. Revenue from transporta tion decreased §751,610 27, or 1.39 per cent. Freight reve nue decreased §846,609 49, or 2.10 per cent. For the reasons stated in last year’s report, the effects of the financial depression of 1907 were not felt by the Company until February 1908, the revenues between July 1 1907 and that date showing an increase monthly, and for that period being the largest in the Company’s history. On account of the early movement of the 1908 grain crop, the earnings be tween September 7th and October 15th 1908 showed an in crease over the corresponding period of the previous year, but that was simply the anticipation of earnings, for with that exception and the last week in December 1908 the earnings each week were below those of the previous year, the net decrease in freight revenue to January 31 1909 amounting to §3,597,472 06. The improvement began shortly before the first of February 1909, when the comparison was with the depressed conditions of the preceding year; between February 1 and June 30 1909 the freight revenue increased §2,750, 862 57 over the previous year. The number of tons of revenue freight hauled during the year decreased 1,170,911 tons, or 6.08 per cent; the number of tons hauled one mile decreased 322,050,957, or 6.24 per cent; the average distance each ton was hauled was 267.55 miles, a decrease of but .45 miles, or 17-100 of one per cent, and the average revenue per ton per mile increased 345- 10,000 of a cent, or 4.42 per cent. This increase in the average revenue per ton per mile was not due to advances in freight rates but to the falling off in the volume of low-class traffic. Passenger train revenue increased §64,428 68, or 48-100 of one per cent over last year, made up from increases in the revenues from transportation of mails, express, excess bag gage, &c., for the revenue from transportation of passengers decreased §211,605 04, or 1.89 per cent. The number of passengers carried increased 238,420, or 3.43 per cent; but on account of the decrease of 2.712 miles, or 3.83 per cent, in the average distance each passenger was carried, the number of passengers carried one mile decreased 2,615,819, or 53-100 of one per cent. The average revenue per passenger per mile decreased from 2.27 cents to 2.239 cents, or 1.37 per cent. Testimony before a Master is still being taken in the Minnesota rate cases, referred to in last year’s report. Operating Expenses in the aggregate decreased §3,592, 748 83, or 9.94 per cent. The expenditures for Maintenance of Way and Structures increased §208,623 43, or 2.18 per cent, due in part to increased road mileage and in part to the large amount of work done. Of the decrease in the amount charged to Maintenance of Equipment, or §1,996,262 03, §995,921 41 is on account of smaller charges for depreciation. During the year the original cost of all equipment was found, its salvage value carefully estimated, and the amount of depreciation accrued to July 1 1909 ascertained. From this last amount were deducted previous charges for depreciation and the amounts previously placed to the credit of the Equip ment Replacement Fund, leaving a balance which has been charged as the depreciation for the current year and which, on account of credits that had been made to the Replacement Fund from sources other than operating income, was smaller than in previous years. The adjustments of the deprecia tion accounts and the replacement fund also reduced charges to “ Renewals” under operat ng expenses for equipmen taken out of service. The equipment has been maintained in every respect and is in first-class condition to handle the increased traffic. Smaller expenditures for maintenance naturally result from the decrease during the year in loco m otive and car mileage. Transportation expenses decreased §1,829,588 15, or 10.99 per cent, compared with a reduction of but 2.26 per cent in the total train mileage. The decrease of .676 tons in the average load per loaded freight car was caused by the falling off in shipments of lowclass freight, iron ore, &c., and although there was a larger percentage of increase in the average number of freight cars per train mile, the greater proportion of dead weight hauled decreased the average number of tons per freight train mile to 502.099, or a reduction of 1.49 per cent. There has been a gradual but steady increase in the volume of traffic handled since February last and which apparently will continue. The grain crop just harvested is larger than for several years, and at the good prices prevailing should make the country served by the Company’s lines very prosperous. NEW L IN E S . It was stated in last year’s report that the line from Armington to a connection with the Northern Pacific and Burling ton companies at Laurel, Mont., had at that time been sub stantially completed, limited service between Armington and Judith Gap, Mont., 92.63 miles, having been established June 26 1908. The length of the entire line from Armington to Laurel Junction is 194.53 miles. Trackage rights over the Northern Pacific Railway from Laurel Junction to Billings, Mont., 12.34 miles, having been obtained, through freight and passenger train service to Billings was put on November 1 1908. The passenger traffic is handled through the Northern Pacific station at Billings, as was the freight traffic until June 1 1909, when the Company opened its own freight station at that place. Reference was also made in last year’s report to the exten sion ot the Crow’s Nest Southern Railway from Fernie to Michel, B. C., 20.98 miles, which while substantially com pleted by May 1 1908, had not been formally opened for operation when seriously damaged by the Fernie fire of August 2 1908. This damage was repaired and the line formally opened November 30 1908. The line from Greenbush to Warroad, Minn., 43.15 miles, which was graded by the Minnesota & Great Northern R y. Co., as stated in the 1906 report, has been completed by the Great Northern Ry. Co. and was opened for traffic December 2 1 1908. This extension carries the Company’s lines to the Lake of the Woods, near the International boundary, and through a productive country that is being rapidly settled. The new lino from Blaine, Wash., to the International boundary, 2.96 miles, mentioned in last year’s report as then being under construction by the Great Northern, was opened for operation on March 15 1909. On the same date, March 15 1909, the line of the Vancouver .Victoria & Eastern Ry. & Nav. Co., from connection at International boundary to South Westminster, B. C., via Olivers, B. C., 21.05 miles, was also formally opened for operation. Reference to this line has also been made in former reports. The completion of this new route between Blaine, Wash., and South West minster, B. C., will permit of the abandonment and removal of the larger portion of the old heavy grade line, the Cana dian portion of which is owned by the New Westminster Southern R y. Co., between the same points. Of the other lines mentioned in last year’s report as being under construction by the Vancouver Victoria & Eastern Ily . & Nav. Co., that from Cloverdale to Sumas, B. C., 29.29 miles, has been completed but not yet formally opened for traffic. Work on the extension from Keremos to Princeton, B. C., 41 miles, has been continued during the year. The grading had been completed and 1 .5 miles of track had been laid to June 30 1909. It is expected that the line will be completed about November 1 1909. On June 4 1909 the V. V. & E. Ry. & Nav. Co. completed the laying of track on its branch line at Vancouver, B. C., to Burrard Inlet. This takes the Company’s tracks to the shipping district of Vancouver, where it has valuable dock property which will shortly be developed. Spur tracks were built during the year: To the Bray Mine, on the Mesabi Range, Minn., 1.44 miles long, and to the plant of the Fidelity Lumber Co., at Albany Falls, Idaho, 1.99 miles in length. Work was begun during the year and was in progress June 30 1909 on the following new lines: Extension from Nashwauk, Minn., to connection with the main line at La Prairie, Minn., a distance of about 22 miles, and on which 6 miles of track had been laid at the close of the year. This line gives the Company access to the iron ore mines on the western end of the Mesabi Range, from which a^large tonnage will be hauled under the agreement with the Trustees of the Great Northern Iron Ore Properties. It will also permit the diversion of ore to the main line at La Prairie, avoiding any congestion. It is expected this line will be completed about September 15 1909; Branch line from Columbia River station to Mansfield, Wash., about 62 miles, of which 2 1 miles had been laid June 30 1909. This branch will furnish transportation to the Watervillc district, already well settled, in the best part of the Big Bend country,and where the wheat crop this year has been unusually large. It is expected this line will be completed about September 15 1909; Branch line from Spokane, Wash., about 2 miles long, to a connection with the Spokane Portland & Seattle Railway, of which this company is half owner. The work on this con nection is very heavy, there being a tunnel 2 ,1 2 0 feet in length, concrete lined. Upon the completion of this con necting track, about December 15 1909, the Company will be in position to establish direct and through train service to Portland and Astoria, Ore. Since the close of the fiscal year work has been commenced on branch lines from Stanley to Powers Lake, N. D., about 24 miles, and from Bainville to Plentywood, Mont., about 52 miles. These two branches will reach and serve good agri cultural territory already well settled, and rapidly producing new traffic. . Pursuant to resolutions adopted by the Board of Directors September 21 1908, and ratified at the annual stockholders’ meeting October 8 1908, the Company purchased as of August 1 1908, for the sum of $772,161 89, the railway from Saunders to Allouez, Wis., owned by and, prior to August 1 1908, leased from the Duluth Superior & Western Terminal Com pany. The property purchased consisted of 5.28 miles of main line with 8.74 miles of second and 29.67 miles of yard tracks, several buildings, and two cinder cars, and connects with the ore docks of the Allouez Bay Dock Company, through which the Company’s iron ore traffic is handled. Payment was made $270,495 22 in cash and $501,666 67 by delivery of $500,000 00 (the entire issue) of bonds of the Duluth Superior & Western Terminal Co. at par and accrued interest, said bonds having been acquired by this Company several years ago. Upon the delivery of the bonds, the Terminal Company canceled them and caused the mortgage securing them to be satisfied of record. This valuable prop erty is, therefore, now owned by the Great Northern free and clear of any encumbrance. Of the total amount paid, $771,091 17 has been charged to “ Cost of Road” and S1, 070 72, the value of the two cinder cars, to “ Cost of Equip ment.” Trackage rights over the Northern Pacific from Seattle to Tacoma, Wash., 37.9 miles, having been acquired, through freight service to Tacoma was established December 16 1908 and through passenger train service May 23 1909. The Northern Pacific passenger facilities are used at Tacoma, and the work of enlarging and rebuilding them so as to properly handle the passenger traffic of both companies is in progress. The Great Northern purchased a large tract of land at Ta coma on which have been built a brick freight house 50 by 565 feet, with necessary house and team tracks, track scales, unloading derrick, &c.; a three-stall engine house with 80-ft. turntable, coal platform, water supply, &c.; frame commissary building, and coach and freight yards. The work was sufficiently completed for the Company to commence, July 1 1909, to handle its freight traffic through its own station, the freight facilities of the Northern Pacific having been used prior to that date. There have been taken up during the year 10.69 miles of line between Lakeview and Marion, Mont., same being a por tion of the old main line between Kalispell and Jennings, Mont., referred to at considerable length in report for year ended June 30 1905, and 6.93 miles of track between Chis holm and Dewey Lake, Minn. This last-mentioned track was originally constructed as a logging spur, has never been used for regular traffic and has become unnecessary as logging in the territory served by it has been completed. E Q U IP M E N T . It was stated in last year’s report that of the equipment contracted for, there remained undelivered June 30 1908: 4 electric locomotives, 200 flat cars and 500 gondola cars. During the fiscal year contracts were placed for 20 locomo tives, 21 passenger-train cars, 502 freight cars and 1 pile driver. Of the total equipment above mentioned, the following had been received and taken to account, June 30 1909: <1 1 0 0 -ton , th ree-p h ase alte rn a tin g sy ste m e le ctr ic lo c o m o tiv e s fo r h au ling trains th ro u gh the C a sca de tu n n el. 20 P a d lie ty p e steam passenger lo c o m o tiv e s , 2 0 -ln . x 30-In. cy lin d e rs , w eigh in g 152,000 p o u n d s o n d rivers, 4 O b s erv a tion co m p a r tm e n t sleepin g cars, 74 fe e t lon g, 200 F la t cars, 8 0 ,000 pou n d s c a p a c it y , 40 fe e t lo n g, 500 D r o p -b o t t o m g o n d o la cars, 100,000 p ou n d s c a p a c it y , 41 fe e t lo n g. There remained undelivered June 30 1909 17 passengertrain cars, 502 refrigerator cars and 1 pile driver; the passen ger equipment has since been received and is now in service. There were built at the Company’s shops during the year: 1 Passen ger m o to r ca r, u sin g cru d e oil fo r fu el, fn s ervice on b ra n ch line b etw een A n a c o rtc s an d It o c k p o r t, W a sh . T h is m o to r has s u ffi cien t p ow er to haul passenger a n d fre igh t cars as trailers. 20 E igh t-w h eel ca b o o s e cars, 1 F la t ca r, and 1 W a te r car. All of the above equipment is furnished with air brakes and automatic couplers. A t the close of the year there were under construction in the Company's shops 10 switching locomotives and steel under-frames for 21 cars carrying Lidgcrwood unloaders. The passenger equipment used in through trains to the Pacific Coast is being fitted up with electric lighting appa ratus, the “ Oriental Lim ited” trains having been so equipped prior to the close of the year. The total amount charged to “ Equipment Account” during the year, for equipment received under contract, built and under construction at the Company’s shops, and for improve ments and betterments to equipment in service, was $1,217, 014 60, which includes $1,070 72, the value of the 2 cinder cars acquired from the Duluth Superior & Western Terminal Co., as before explained. There were taken out of service during the year: 29 3 2 8 275 9 11 41 196 9 L o c o m o t iv e s (s o ld ), 1 Ore ca r, steel, P a ssen ger c o a c h e s , 8 O re cars, w o o d , P a ssen ger an d b a gg a ge cars (1 s o ld ), 21 C a b o o se cars (1 s o ld ), Ila g g a g c , m all an d exp ress ca rs, 42 B allast cars, B o x cars (2 s o ld ), 4 B o a rd in g cars, F u rn itu re ca rs, 1 P ile d riv e r, R e fr ig e ra to r cars, 1 Snow d ozer, S to c k cars, 3 W a te r ca rs, and F la t a n d co a l cars, 1 S u p p ly ca r. S an d cars. The original cost of the above equipment was $910,054 08. Of this amount $1,921 60 has been credited to the investment in the Red Mountain R y. Co. and $908,132 48 credited to “ Equipment Account,” both amounts being charged against the Equipment Depreciation and Replacement Fund. The amount standing to the credit of said Fund June 30 1909, $16,051,219 07, as shown by balance sheet, on another page, represents the depreciation accrued to that date on the equipment then actually in service and a list of which appears on page 44 [see pamphlet report]. In addition to the equipment added and taken out of service during the year and above listed, some conversions were made requiring changes in classification and adjust ments in the accounts resulting in a net credit of $11,572 13 to “ Equipment Account.” A D D IT IO N S AND BETTERM EN TS. A modern brick passenger station, 43 by 255 feet, has been built at Everett, Wash., and a frame passenger station, 30 by 98 feet, built at Burlington, Wash. In connection with the new line from Blaine to the International boundary, a new passenger station, custom house and water station were built at Blaine, and the freight station enlarged. Six frame de pots, two in replacement, have been built at other stations, two depots enlarged and improvements, such as heating, lighting, sidewalks, &c., have been made in the buildings at seventeen stations. A feeding yard for stock, consisting of six pens, each 96 by 96 feet, with water supply, &c., has been built at Wliitefish, Mont.; standard station stock yards, usually with water supply and scales, built at five stations, and improvements made in the stock yards at two stations. One 50-feet, 100-tons capacity track scale with track has been added. The engine houses at Melrose, Minn., and Clancy, Mont., have been lengthened so as to properly house the larger loco motives now in service; a two-stall frame engine house with cinder pit built at Wagner, Mont., and improvements in the way of hot water sumps for washing out boilers, wheel pits, cinder pits, Gantry cranes, &c., have been made at 13 engine houses and shops. Three 80-feet steel turntables have been put in, replacing shorter and lighter ones, and one 66-feet turntable in re placement of a 50-feet table. An addition 135 feet by 1,410 feet has been made to the water-supply storage reservoir at Aneta, N. D., and the water supply at thirteen other water stations improved by building new and raising old dams, deepening wells, laying pipe lines, erecting stand-pipes, raising tanks, &c. The power house of the Superior, Wis., elevators, which was damaged by the fire of November 8 1907, as stated in last year’s report, has been rebuilt on an enlarged plan and equipped with additional electric machinery. The capacity of the steel elevator “ S” at Superior will be incerased 2,380, 000 bushels on the completion, September 15 1909, of the annex now building, consisting of reinforced concrete storage tanks. The expenditures during the year on account of the Superior Elevators amounted to $233,396 06, of which $196,330 00 was on account of the concrete storage tanks mentioned and $37,066 06 for increased cost of the power house and for additional machinery for the power house and Elevator “ S.” The following additional miscellaneous structures were built during the year: 3 loading platforms, 24 mail cranes, 1 bunk house for track laborers, 6 portable depots, 10 ice houses in addition to 5 ice houses enlarged, 3 coaling plat forms, 1 600-feet snow shed on the Cascade Division and 7 small miscellaneous buildings. The electric power plant hear Leavenworth, Wash., for handling trains through the Cascade Tunnel with electric motors, referred to on page 33 of last year’s report, has been completed and put into service. Its operation has been so satisfactory that contracts have been awarded for the en largement of the plant. By the use of electric motors in place of steam locomotives, and the resulting freedom from gas and smoke, the capacity of the tunnel, or the number o f trains that can be handled through it in 24 hours, has been increased many times. Changes of line and grade have been made as follows: A t Albany Falls, Idaho, referred to in the last two annual reports, 3.11 miles in length, reducing distance nearly half a mile, reducing the maximum grade 2 - 10 ths of one per cent, and making large reductions in both the maximum and total curvature; A t Power, Mont., 5.46 miles, reducing distance nearly onehalf mile, reducing the maximum grade y of one per cent, and substantial reduction in curvature; At Boulder, Mont., 2,128 feet, reducing maximum grade 1-lOth of one per cent; At W olf Creek, Mont., 2.41 miles. The three line changes last mentioned were made when rebuilding the lines washed out by floods of 1908, referred to in the last annual report , and the new lines have been located with the object of pre Of the total amount shown, Additions costing $56,888 40 venting similar damage being done in the future. and Betterments costing $139,793 31, or a total of $196, A minor change 3,806 feet in length was made on the 681 71, were made to the properties of controlled Canadian Cascade Division, eliminating bridges Nos. 390 and 391. Companies, and are included in the amount shown on a pre Continuing the improvement of the line along Puget ceding page as advanced to such companies during the year, Sound, 5,411 lineal feet of sea wall was completed between leaving as expended on properties owned by the Great North Ballard and Everett, Wash., and 9.82 miles of second track ern R y. Co.: laid between Mosher and Richmond Beach, Wash. The A d d itio n s ............... ........................................................................................ $ 1 ,6 8 7 ,1 5 6 75 construction of this second track made necessary several B e t t e r m e n t s ______________________________________________________ 2 , i 12,100 63 changes in the alignment of the main track, resulting in short T o t a l - ............................................................................................................ $ 3 ,7 9 9 ,2 5 7 38 ening the same 222 feet. Embankments have been widened or restored to original Many important improvements are now in progress. width on 820.5 miles of road and 995.8 miles of track have Regardless of the falling off in revenue during the year, been ballasted with gravel, including restoration of ballast there has been no suspension or curtailment of work on the or improvement through giving additional lift. Company's roadbed, tracks and equipment. As previously In the replacement of wooden and iron bridges and trestles with steel, or filling them with solid embankments, the fol stated, the expenditures for Maintenance of W ay and Struc tures show an increase of $208,623 43 over last year. The lowing work was done during the year: property has not only been fully maintained during the year L en g th o f steel b rid ges b u ilt In re p la ce m e n t _________ _______ 6,440 lln. f t. but greatly improved, and in its entirety is in better con L en g th o f b rid g es filled ---------------------------------------------------------------15,403 “ “ dition and better able to handle traffic than at any pre T o t a l . ................................................................- ...........................................2 1,843 lln . f t . vious time. To provide waterways for bridges filled as above, there Respectfully submitted, were built 10 concrete culverts, 20 pipe culverts and 3 box L. W . H IL L , culverts. Five concrete culverts were built, replacing pipe and timber culverts and 298 pipe culverts replacing wooden President. box culverts. The following is the approximate yardage of material moved during the year in doing the work described: I n Changes o f line a n d re d u c tio n o f g r a d e s ______________ 1 ,3 2 0 ,5 4 0 c u . y d s . W id e n in g , raising a n d r es to rin g b a n k s_________________ 1 ,350,577 “ “ B a lla stin g (gravel) _____________________________________ 1,218,121 “ “ F illin g bridges _____________________________ 309 ,823 “ “ F illin g tid e lands at S ea ttle , W a s h _____________________ 4 6 0 ,0 0 0 “ F illin g tid e lands a t V a n c o u v e r , B . C __________________ 184,300 “ " T o t a l __________ 4 ,8 4 3 ,3 7 0 c u . y d s . There were also placed on old lines: R E V E N U E A C C O U N T — R E V E N U E S , O P E R A T I N G E X P E N S E S , E T C ., F O R T H E F IS C A L Y E A R E N D E D J U N E 30 1909 O F T H E L I N E S O P E R A T E D AS G R E A T N O R T H E R N R A IL W A Y C O M P A N Y A N D T H O S E IN D E P E N D E N T L Y O P E R A T E D : IO W A & G R E A T N O R T H E R N R A IL W A Y C O M P A N Y A N D M IN N E A P O L IS W E S T ER N R A IL W A Y CO M PAN Y. M a son ry _____________________________________________________ 20,069 cu . y d s . C o n cr e te ________________________________________________________ 26,283 “ “ R ip r a p _________ 180,595 " “ T o t a l _____________________________________________ ______ ____ 2 26 ,947 cu . y d s . Main tracks have been relaid during the year: 262.27 miles with 90-pound rail, 12.39 miles with 85-pound rail, 2.54 miles with 80-pound rail, 33.88 miles with 75-pound rail, 116.97 miles with 68-pound rail and 18.21 miles with 56-pound rail, in each case replacing rails of lighter weight; total, 446.26 miles. Additional sidings and spurs have been built as the traffic and its movement required, the net increase in side track mileage during the year, not including tracks on new lines under construction, purchased or opened for operation during the year, being: L in es ow n ed b y the G reat N o rth e rn R y . C o ______________________ 25.84 m iles L ines ow n ed b y th e Io w a & G reat N o rth e rn R a ilw a y C o . .10 “ and Its c o n tr o lle d p r o p e r ty — th e U n ion T e rm in a l R y . C o ____ .24 “ L in es o w n e d b y c o n tr o lle d C a n adian C om pa n ies: B ran d on S a sk a tch ew a n & H u d s o n ’s B a y R y . C o _____________ 1.16 “ C r o w ’s N est S ou th ern R y . C o ____________________________________ .93 ‘ V a n c o u v e r V ic to r ia & E a stern R y . & N a v . C o _______________2 .3 7 “ N ew W estm in ster S ou th ern R y . C o -----------------------------------------.10 “ 30 .7 4 m iles L ess— N elson & F o r t S h ep p a rd R y . C o --------------------R e d M ou n ta in R y . C o . ------------------------------------- .11 m iles .31 “ .42 “ 30.32 m iles N et a d d itio n a l side tra ck m ileage o n o ld lines N ot including fencing on new lines, 146.4 miles of rightof-way fences have been built during the year, and a large number of trees planted along the lines in North Dakota to furnish protection from snow. A 32-lever interlocking plant has been built at Coon Creek Junction, Minn., replacing a smaller plant burned, to proect the crossing of the Northern Pacific tracks. Smaller interlockers have been put in at four other points to protect railway crossings and drawbridges. The staff block signal system has been installed between Havre and Pacific Junc tion, Mont. Following the plan of previous years, only such amounts as represented cost of actual additions to or betterments of the property have been charged to “ Additions and Better ments. ” The Company’s past practice in this respect has, if anything, been a little more conservative than the lines laid down by the Inter-State Commerce Commission in its “ Classification of Expenditures for Additions and Better ments” which became effective July 1 1909. The following is a statement by accounts of the amounts charged to “ Ad ditions and Betterments” during the year: A cco u n ts— R ig h t o f W a y .................................. R ea l E s ta te ___________ M ason ry ________________________ C rib b in g a n d B u lk h e a d in g ____ B ridges an d C u lv erts .................... R o a d w a y an d T r a c k ___________ In creased W eig h t o f R a i l _____ S idin gs an d S pu r T r a c k s _______ F e n c e s ............................ T e le g r a p h ________________________ T r a n sp o rta tio n D ep a rtm en t B u ild in g s __________ S t o c k Y a r d s _____________________ R o a d D ep a rtm en t B u ild in g s___ R o u n d H ouses and S h o p s .......... S h o p M ach in ery an d T o o l s ____ F u el an d W a ter S ta tio n s _______ D o c k s , W h a rv es, L a n d in gs and I n c l i n e s ......................................... E le c tr ic P o w e r P la n t.................... E le c tr ic P o w e r T ran sm ission S n ow F en ces a n d S n ow S h e d s -. M iscella n eou s B u ild in g s ------------ A d d ition s. $12 4,24 5 57 9,335 07 1,188 21 ____________ 4 5 ,2 3 5 07 104,086 30 ____________ 195,641 37 20,468 14 1,301 97 75,618 3,582 *2,981 59,727 65,189 3,4 1 4 69 01 18 88 79 33 *4,204 00 726,381 32 299,793 93 ____________ 16,020 68 B etterm ents. $393,828 *53 ,2 9 0 220 ,026 915 ,005 4 1 9 ,5 6 5 83 01 80 56 11 90,057 70 94,245 74 *147 38,482 76 88,546 87 52 12 30 3,984 44 2 9 ,350 30 12,162 40 Total. $ 1 2 4,24 5 9,335 3 9 5 ,0 1 7 *53,290 265,261 1,019,091 4 1 9 ,5 6 5 195,641 20,468 91,3 5 9 57 07 04 01 87 86 It 37 14 67 169,864 3,5 8 2 *3,129 9 8 ,210 65,265 91,960 43 01 05 40 91 63 *219 726,381 299,793 29,3 5 0 28,183 56 32 93 30 08 T o t a l ....................- ..........................$ 1 ,7 4 4 ,0 4 5 15 $ 2 ,2 5 1 ,8 9 3 94 $ 3 ,9 9 5 ,9 3 9 09 * C redits. R even u es. Y ea r ended J u n e 30 1909. P e r Cent R evenue from T ran s A m o u n t. portation— o f Total. F r e ig h t_________________ 73.5085 $3 9 ,4 6 4 ,8 1 0 65 1 0 ,977,948 22 Passen ger ...................... .. 20.4479 .2933 157,483 02 E xcess B a g g a g e _______ 45,813 30 .0853 P a rlo r an d C hair Car . 2.8367 1 ,522,962 56 M a l l ____________________ 1.5751 845 ,627 04 E x p r e s s ________________ O th er P assen ger Train 2,5 1 8 76 R e v e n u e ____________ .0047 387 ,838 29 .7224 S w it c h i n g _______ ____ .0401 21,535 95 S pecial S e rvice T r a in s . M iscellaneous T r a n sp o r 33,9 2 4 19 ta tio n R e v e n u e _____ .0632 T o t a l R e v e n u e fro m T r a n sp o rta tio n . . 99.5772 $53 ,460 ,46 1 98 R evenu e from O perations other than T ra n sp ort’n — S ta tio n an d T ra in P r iv i leges ......... P a rcel R o o m R e c e ip t s . S to ra g e — F reigh t an d B a g g a g e .................. Car S e r v ic e ____________ T e le gra p h S e r v ic e _____ R e n ts o f B u ildings an d o th e r P r o p e r t y ______ M is c e lla n e o u s _________ Y ea r ended J u n e SO 1908. A m o u n t. $ 4 0 ,3 1 1 ,4 2 0 14 11,189,553 26 137,294 67 P e r Cent o f Total. 74.0 6 1 5 20.5578 .2522 1,3 8 8 ,9 2 6 28 771 ,188 92 2.5518 1.4169 ____ 961 09 3 6 0 ,8 8 0 07 18,869 97 .0018 .6630 .0347 3 2 ,9 7 7 85 .0606 $5 4 ,2 1 2 ,0 7 2 25 99.6003 .0419 .0236 $22 ,510 45 12,638 65 $20 ,967 38 11,946 15 .0385 .0220 .0548 .1193 .0241 29,416 89 64,036 18 12,949 84 3 4 ,546 54 66,697 19 6,553 66 .0635 .1225 .0120 .0475 .1116 25,498 33 59,932 15 23,327 86 53,521 68 .0429 .0983 T o t a l .......................................4228 $226,982 49 $21 7,56 0 46 .3997 G ross O p e ra tin g R e v e n u e s _________________ 100.0000 $ 53 ,687 ,44 4 47 $54 ,4 2 9 ,6 3 2 71 100.0000 O p e ra tin g E x p e n s e s .* Y ea r ended J u n e SO 1909. P e r Cent o f Total. C lass— M ain ten an ce o f W a y an d S tr u c tu r e s _____ 30.0962 M ain ten an ce o f E q u ip m e n t _________________ 18.9652 T r a ffic E x p e n se s_______ 2.2912 T r a n s p o rta t’ n E xpen ses 45.5329 G eneral E x p e n s e s _____ 3.1145 Y ea r ended J u n e 30 1908. P e r Cent o f Total. A m o u n t. A m o u n t. $ 9 ,7 9 7 ,3 7 0 45 $ 9 ,5 8 8 ,7 4 7 02 26.5276 6,173",846 745 ,8 4 6 1 4 ,8 2 2 ,5 4 6 1,0 1 3 ,8 7 7 8 ,1 7 0 ,1 0 8 7 3 1 ,3 3 7 1 6 ,6 5 2 ,1 3 4 1 ,0 0 3 ,0 0 8 22,6029 2.0233 46.0688 2.7774 52 55 39 31 T o t a l O p e ra tin g E x penses ____________ 100 .000 0 $3 2 ,5 5 3 ,4 8 7 22 55 10 54 84 $ 3 6 ,1 4 6 ,2 3 6 05 100.0000 1909. P e r M ile o f R oad Operated— .$ 7 ,8 5 2 64 R e v e n u e fro m T r a n s p o r t a t io n -----------------------------33 34 R e v e n u e fro m O p e ra tio n s O th er th an T r a n s p o r ta tio n .. 1908. $8,221 29 32 99 G ross O p era tin g R e v e n u e s _____________________ O p e ra tin g E x p e n s e s________________________ ______ .$ 7 ,8 8 5 98 . 4,781 68 $8,254 28 5,481 59 N et O p e ra tin g R e v e n u e ________________________ N et R e v e n u e fro m O u tsid e O p e r a tio n s .................. . $3,104 30 36 60 $2,772 69 50 61 T o ta l N et R e v e n u e _____________________________ T a x e s A c c r u e d _____________________________________ . $3,140 90 377 55 $2,823 30 347 00 O p e ra tin g E x pen ses, p er ce n t o f: T o ta l R ev e n u e fro m T r a n s p o rta tio n ............. G ross O p eratin g R e v e n u e s ___________________ O p eratin g E x penses and T a x e s , per ce n t o f: O utside O p e ra tio n s . $2,763 35 $2,476 30 . 6 ,8 0 7 .9 6 0 ,594.11 60.89 60.64 60.68 66.41 05.12 70.18 l . * In ord er th a t p ro p e r com p arison s m ig h t be m a d e , the 1908 O p e ra tin g E x pen ses and th e a verages based th e re o n h a ve been revised to c o n fo rm t o th e In te r-S ta te C om m erce C o m m is s io n ’s a m e n d m e n t, e ffe ctiv e J u ly 1 1908, to Its C lassllleatlon o f O p e ra tin g E xpen ses, th e 1909 a c c o u n ts h a vin g been k e p t a c c o r d in g t o th a t revised cla ssifica tion . T h is will e x p la in w h y th e 1908 figures g iv e n a b o v e an d on th e p r e ce d in g page d o n o t In all cases co rre s p o n d w ith th ose p u b lish e d In last y e a r's re p o rt. IN C O M E A C C O U N T — F IS C A L Y E A R E N D E D J U N E 30 1909. L in es O p era ted a s G rea t N orthern R a ilw a y C o m p a n y an d T h o se In d e p e n d e n tly O p era ted : Io w a & G reat N orthern R a ilw a y C o m p a n y an d M in n e a p o lis W e ste rn R a ilw a y C o m p a n y . O perating In com e— R a il O p era tion s : O p era tin g R ev en u es O p era tin g E xpen ses ............................$ 3 ,4 8 3 ,3 5 5 61 $ 1 8 ,8 1 2 ,7 8 2 90 ........... 2 6 9 ,2 1 9 20 ............. .............. 1 ,2 2 5 74 B rought forw ard ......................... P r o fit o n P ro p e rtie s S o ld M iscella n eou s I n c o m e _____ ......................................... ............. .. T o t a l O th er I n c o m e ___ 3 ,7 5 3 ,8 0 0 55 G ross C o rp o ra te I n c o m e _________________________________________ $ 2 2 ,5 6 6 ,5 8 3 45 $ 5 3 ,687 ,44 4 47 3 2 ,5 5 3 ,4 8 7 22 N et O p era tin g R e v e n u e s -----------O u tsid e O p era tion s: N e t R ev e n u e s fr o m : S leep in g C a rs..................................... D in in g an d B u llet P a rlo r C a r s ... E a tin g H ou ses a n d R estau ra n ts. D ed u ction s from G ross C orporate In c o m e — $ 2 1 ,1 3 3 ,9 5 7 25 $277,986 01 L oss 4 0,068 13 11,280 13 2 49 ,198 01 $ 2 1 ,3 8 3 ,1 5 5 26 2 ,5 7 0 ,3 7 2 36 $ 1 8 ,8 1 2 ,7 8 2 90 O p era tin g I n c o m e -------------------O th e r In c o m e : R e n ts R e c e i v e d - .......... - ........... . H ire o f E q u ip m e n t— B a lan ce D iv id e n d s on S to c k O w n e d .. In teres t on B on d s O w n e d ____ G eneral In t e r e s t --------------------P ro fit o n Secu rities S o ld _____ $ 65 2,25 0 167,382 034,168 82,731 1 ,0 9 8 ,5 3 9 548,282 $ 23 0,88 9 73 4 ,7 2 6 ,5 3 6 41 121 ,723 38 T o t a l D e d u c tio n s fr o m G ross C o rp o ra te I n c o m e ........ .............. - 5 ,0 7 9,149 52 N e t R e v e n u e fro m O u tsid e O peration s. T o t a l N et R e v e n u e ---------T a x e s A c c r u e d ------------------------------ R e n ta ls P a id _____________ ___________ - ................ B o n d In te re s t A c c r u e d _________________________ D e ficit u n d e r G u aran tee o f In te re st o n K o o te n a y R y . & N a v . C o .’s D e b e n tu re S t o c k ____ 20 86 00 67 98 90 N e t C o rp o ra te I n c o m e ................................................. ...................$ 1 7 ,4 8 7 ,4 3 3 93 A g a in st w hich has been charged— D iv id e n d s o n G rea t N o rth e rn R y . S t o c k : A ug. 1190 8, 1 >A%o n $ 2 0 9 ,9 5 7 ,4 0 0 0 0 . - - $ 3 ,674,254 50 N ov. 1190 8, 1 % % o n 2 0 9 ,9 6 2 ,0 0 0 0 0 - . _ 3 ,6 7 4 ,3 3 5 00 Feb. 1190 9, 1 *A% o n 2 0 9 ,9 6 6 ,5 0 0 0 0 - - - 3 ,6 7 4 ,4 1 3 75 M ay 11909, W a. % o n 2 0 9 ,9 6 9 ,7 0 0 0 0 . . . 3 ,6 7 4 ,4 6 9 75 1 4 ,6 9 7 ,4 7 3 00 T o t a l d iv id e n d s o n S to ck . B a la n ce , tra n sfe rre d t o " F u n d f o r P e rm a n e n t I m p r o v e m ents a n d R e n e w a ls ” _____________________________________ $ 2 ,7 8 9 ,9 6 0 93 S T A T IS T IC S O F F R E IG H T A N D P A S S E N G E R T R A F F IC ON S Y S T E M F O R T H E P R E V IO U S Y E A R . YEAR ENDED JU N E 30 190 9, C O M P A R E D W IT H In crea se or D ecrea se. D E S C R IP T IO N . F R E IG H T 1908. 8 ,8 3 4 ,8 5 2 8 08 ,617 9 ,3 2 0 ,9 5 3 8 10 ,699 486,101 2,082 9 ,6 4 3 ,4 6 9 10 ,1 3 1 ,6 5 2 4 88 ,183 D ee r T R A F F IC — F reig h t T ra in M lles. M lx ed T ra in M iles. . T o ta l M ileage o f L o c o m o t iv e s e m p lo y e d In " h e lp in g ” F re ig h t a n d M ix e d T r a in s . P e r c e n ta g e o f " h e lp in g " t o R e v e n u e T ra in M ileage------------------------------------L oaded 1909. F reig h t C ar M iles. E m p t y F r e ig h t C ar M i l e s . .. C a b o o s e C ar M iles.................... T o t a l ____________________ T o n s o f F reig h t C arried— R e v e n u e ----------------------C o m p a n y _______________ T ota l T o n s o f R e v e n u e F reig h t C arried O ne M ile -------------------- - - - - - - - T o t a l T o n s C arried O ne M ile (R e v e n u e a n d C o m p a n y F r e ig h t ). F reig h t R e v e n u e ______________________________________________________ A v era g es— A ll F reig h t Cars p er T ra in M il e .-------------------------------------- ----------- - T o n s R e v e n u e F reig h t p e r T ra in M ile---------------------------------------T o n s R e v e n u e F reigh t p e r L o a d e d Car M ile------------ T o n s o f R e v e n u e F reigh t carried O ne M ile p e r M ile o f R o a cl. D ls ta n c c H a u l o f O ne T o n — M iles------------------------------------------------ 259 ,153 2.6873 33 4 ,9 5 0 3 .3 0 6 0 5.2151 .2568 7 5,797 15.5263 244 ,2 2 4 ,7 4 2 2 5 1 ,8 8 0 ,6 7 7 7 ,6 5 5 ,9 3 5 8 3 ,5 4 8 ,8 4 9 7 6 ,4 2 9 ,3 0 6 7 ,1 1 9 ,5 4 3 22.6294 In cr D ee r 9,212,053 9,49 6 ,3 3 1 284 ,278 336 ,0 8 5 ,6 4 4 3 3 7 ,8 0 6 ,3 1 4 8 20 ,670 .2429 18,09 7 ,2 6 4 3 ,2 1 6 ,8 6 3 1 9 ,2 6 8 ,1 7 5 3 ,3 5 8 ,1 3 0 1,170,911 141,267 6 .0769 4 .2067 2 1 ,3 1 4 ,1 2 7 2 2 ,6 2 6 ,3 0 5 1 ,3 1 2 ,1 7 8 5.7993 4 ,8 4 1 ,9 7 3 ,2 0 1 5 ,7 2 2 ,2 2 8 ,1 0 6 $ 3 9 ,4 6 4 ,8 1 0 65 5 ,1 6 4 ,0 2 4 ,1 5 8 5 ,9 9 4 ,7 8 1 ,7 4 7 $ 4 0 ,3 1 1 ,4 2 0 14 34.9 4 5 02 .099 19.826 711 ,222 267 .55 33.34 509 .692 20.502 7 83 ,127 268 .00 F reig h t R e v e n u e p e r T ra in M ile ........................... ........... ....................... $4 09 $3 98 F reig h t R e v e n u e p er M ile o f R o a d -------------------------------------------- $5,796 86 $6,113 25 .7806 .8151 R e v e n u e p er T o n per M ile— C e n ts------------------------------------------------- 3 2 2 ,0 5 0 ,9 5 7 272 ,553 ,64 1 $84 6,60 9 49 In cr 1.60 D eer 7.593 .676 71,905 .45 In cr $ 0.11 D eer $316 39 In cr .0345 P A S S E N G E R T R A F F IC — P a ssen ger T ra in M iles ................. .. M ix ed T ra in M iles-----------------------T ota l a ssen ger T ra in s . M ileage o f L o c o m o t iv e s e m p lo y e d In h elp in g P Pas; P e rce n ta g e o f “ h e lp in g " t o R e v e n u e T ra in M ileage P assen gers Carried P assen gers C arried O ne M llc . P a ssen ger R e v e n u e _________ P a ssen ger S erv ice T ra in R e v e n u e ______________________ A v era ges— P assen gers C arried O ne Mile p er M ile o f R o a d -----------D is ta n ce C arried— M iles-------------------------------------- ----------R e v e n u e p e r P a ssen ger p er M ile— C e n ts---------------- - P a ssen ger S erv ice T ra in R e v e n u e p e r M ile o f R o a d . P a ss cn g cr S erv ice T ra in R e v e n u e per T ra in M l l e . - . 8 ,2 7 0 ,5 1 4 8 ,1 9 3 ,2 1 6 77,298 8 08 ,617 81 0 ,6 9 9 2,082 .2568 9 ,0 79,131 9 ,0 0 3 ,9 1 5 75,216 .8351 99,502 1.2027 7 ,1 9 5 ,3 8 0 8 0 ,5 4 5 0.9831 6 ,9 5 6 ,9 6 6 4 9 0 ,3 9 3 ,9 2 6 $10 ,9 7 7 ,9 4 8 22 4 9 3 ,0 0 9 ,7 4 5 $ 1 1 ,1 8 9 ,5 5 3 26 1 3 ,552,352 90 13 ,4 8 7 ,9 2 4 22 72,032 08.154 2.239 $1,990 66 1.493 7 4 ,7 6 5 70.866 2.270 $ 2 ,045 45 1.498 23.5359 18,957 24.5246 3.4271 238 ,420 D eer ease. .5306 2 ,6 1 5 ,8 1 9 1.8911 $ 21 1,60 5 04 I n c r ease. .4777 6 4 ,428 68 D eer ease. 3 .6555 2,733 3 .8269 2.712 1.3656 .031 2.6786 $54 79 .3338 .005 T O T A L T R A F F IC — R e v e n u e T ra in M iles— F r e i g h t ____________ P a ssen ger M ix e d ___________ S p ecia l S e r v ic e . T ota l R e v e n u e fro m T r a n s p o rta tio n . O p e r a tin g E x p e n s e s ---------------N e t R e v e n u e fro m T r a n s p o rta tio n . __ R e v e n u e o th e r th a n T r a n s p o rta tio n . N e t O p era tin g R e v e n u e . . - .................... 8 ,8 3 4 ,8 5 2 9 ,3 2 0 ,9 5 3 486,101 8 ,2 7 0 ,5 1 4 8 ,1 9 3 ,2 1 6 7 7,298 8 08 ,617 12,147 81 0 ,6 9 9 15,691 2,0 8 2 3,5 4 4 5.2151 ease. .9434 ease. .2568 22.5862 1 7 ,9 2 0 ,1 3 0 18 ,3 4 0 ,5 5 9 4 1 4 ,4 2 9 2 .2 5 9 6 $ 5 3 ,460 ,46 1 98 3 2 ,5 5 3 ,4 8 7 22 $ 5 4 ,2 1 2 ,0 7 2 25 3 6 .1 4 6 ,2 3 6 05 2 0 ,9 0 6 ,9 7 4 76 226 ,982 49 2 1 ,1 3 3 ,9 5 7 25 1 8 ,0 6 5 ,8 3 6 20 2 1 7 ,5 6 0 46 1 8 ,2 8 3 ,3 9 6 66 A v era ges— . _ ............ R e v e n u e fro m T r a n sp o rta tio n per T ra in M ile . 2.982 2.956 O p e r a tin g E x p en ses p e r T ra in M ile ------------------- 1.816 1.971 N e t R e v e n u e fro m T r a n sp o rta tio n p e r T ra in M ile . R e v e n u e O th er th an T ra n sp o rta tio n p e r T ra in M ile . N e t O p era tin g R e v e n u e per T rain M il e ........................ 1.166 .013 1.179 .985 .012 .997 1.3864 $75 1 ,6 1 0 27 9 .9395 3 ,5 9 2 ,7 4 8 83 I n c r ease. 15.7266 2 ,8 4 1 ,1 3 8 56 4 .3308 9,422 03 15.5910 2 ,8 5 0 ,5 6 0 59 .8796 .026 D eer ease. 7 .8640 .155 In cr ease. 1 8.3756 .181 8 .3 3 3 3 .001 .182 18 .2 5 4 8 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 1009. R ailw ay P ro p e r ty . Property owned b y the Great Northern R y . C o.: Cost ot R oad_______________________________ $249,084,268 96 Cost of Equipm ent________________________ 51,361,953 89 Cost of Elevators ................................. 2 ,004,157 23 Total__________________________________________________ . . . . $303 ,35 0,38 0 Property of the Minneapolis Western R y . C o., the entire Capital Stock of which Is owned by the Great Northern R y . C o.: . Cost of R oad_________ $739,850 10 Cost of Equipm ent_______________________ 12,317 38 T otal_____________________________________ 77777- - ________ 752,167 Investm ents In Other Railways whose lines form a part of the Great Northern System , represented by Cost of their Capital Stock, Bonds, if any, and amounts ad vanced for Construction purposes: $40 0,00 0 00 Duluth Terminal Railway C o____________ Iowa & Great Northern R y . (owning the entire Capital Stock of the Union Ter 1,69 6 ,1 8 9 92 minal Co. of Sioux City, X a .) --------------3 ,1 5 2 ,1 2 0 16 Midland R y . Co. of M anitoba-----------------Brandon Saskatchewan & H udson’s 2 ,1 0 0 ,0 0 0 00 Bay R y. C o __________________________ _ 2,100,000 4' ,1 6 9‘,3 9 3 32 - Crow’s Nest Southern R y . C o-----------------2,07 1 ,9 3 2 96 Nelson & Fort Sheppard R y . Co--------------304,851 23 Red Mountain R y . C o-----------------------------Vancouver Victoria & Eastern R y . & ' Navigation C o __________________________ 13,903,542 48 271,756 47 New W estm inster Southern R y . C o . . T otal___________________________________________ 77. 77- 28,069,786 Investm ent In Union Depot and Terminal Companies, repre sented by Cost of their Stocks, Bonds and Advances for Construction purposes: St. Paul Union bep ot Co........ ....................... $10 3,60 0 00 Minnesota Transfer R y . C o ______________ 182 ,386 25 Lake Superior Terminal & Transfer R y. 139 ,800 44 C o ------------------------------------------------------------ --------------------------T o ta l______________________________________ ______ _______ 425,786 T o t a l R a ilw a y P r o p e r t y ______________________________ $ 3 3 2 ,5 9 8 ,1 2 0 S ecu rities O wned. C ost o f Secu rities In han ds o f T ru ste e o f N . P .-G . N . J o in t C. B . & Q . B on d s (1 ,0 7 6 ,1 3 5 Shares o f C. B . & Q . R R . C a pital S t o c k , G rea t N orth ern R y . C o . on e -h a lf o w n e r ). . 109 ,1 1 4 ,8 0 9 O th er S ecu rities O w n ed : S to c k s , n o t In clu d in g S to c k s o f th e R a il w a y a n d U n io n D e p o t C om p a n ies a b o v e lis te d _____________________________________ $ 1 3 ,493 ,37 4 95 B o n d s , n ot In clu d in g B on d s o f th e R a il w a y a n d U n io n D e p o t C om pa nies a b o v e listed : Issu ed b y C om p a n ies w h ose p ro p e r ties are n ow o w n e d b y th e G reat N o rth e rn R y . C o. a n d w h ich aro sh ow n c o n tr a , p a r— $ 2 6 ,3 7 8 , 969 70: C o s t ________________________ 26 ,6 3 6 ,7 5 3 51 Issu ed b y O th er C om p a n ie s_________ 2,524,401 00 T o t a l .................... ....................................................................... 4 2 ,6 5 4 ,5 2 9 Other Investm ents. M iscella n eou s In v e s tm e n ts a n d A d v a n c e s t o o th e r th an R a ilw a y a n d U n io n D e p o t C om p a n ie s a b o v e n a m e d --------2 6 ,2 0 5 ,1 9 5 C a pital S tock. A u th o riz e d C a pital S to c k o f th e G reat N o rth e rn R y . C o ., issu able Jun e 30 1 9 0 9 .$ 2 1 0 ,0 0 0 ,0 0 0 00 • L ess— H e ld In T r e a s u r y unissu ed as e x p lain ed o n page 1 1 4 5 ...................................... 2 9 ,7 5 0 00 08 Issu ed a n d O u tsta n d in g __________________________________ $ 2 0 9 ,9 7 0 ,2 5 0 00 F u n d ed D eb t. B o n d s assu m ed b y G rea t N o rth e rn R y . C o .$ 1 2 5 ,8 9 7 ,9 0 9 09 M in n eapolis W e ste rn R y . C o .’s B o n d s _____ 500 ,000 00 48 T o t a l . . . ................................................................... ......... ................ 1 2 6 ,3 9 7 ,9 0 9 0* O f this a m o u n t there a re: . O u tsta n d in g In th e han ds o f P u b lic , as p e r sta te m e n t o n n e x t p a g e ------------------------------ $ 1 0 0 ,0 1 8 ,9 3 9 39 H e ld In T re a su ry o f th e G reat N orth ern 2 6 ,3 7 8 ,9 6 9 70 R y . C o . as listed o n p a ge 1 14 5_____________ N . P .- G . N . J o in t C. B . & Q . C ollateral 4 % B o n d s _____________________________________ $ 2 1 5 ,2 2 7 ,0 0 0 00 L ess N o rth e rn P a cific R y . C o .’s p r o p o r tio n , o n e -h a lf 1 0 7 ,6 1 3 ,5 0 0 00 --------------------------- 1 0 7 ,6 1 3 ,5 0 0 00 T o t a l C a p ita liz a tio n _______________________________________ $ 4 4 3 ,9 8 1 ,6 5 9 09 C urrent L ia b ilities. 54 69 A u d ite d V o u ch e rs U n p a id ______________________ $3 ,1 3 8 ,0 1 4 69 U n p a id P a y -R o lls _______________________________ 2 ,6 6 3 ,9 9 7 82 U n p a id C o u p o n s, In clu d in g th o se d u e J u ly 1 1909 . . . . _______________ 1 ,7 3 3 ,6 0 0 84 U n p a id D iv id e n d s o n G rea t N o rth e rn R y . S t o c k __________________________________________ 2,184 00 M atured S . F . & N . R y . C o .’s D eben tu res U n p r e s e n t e d __________________________________ 1,224 00 T o t a l ________________ ________________________ ______________ 79 A c cru e d T a x e s n o t d u e ________________ B o n d In terest A ccru e d n o t d u e ____________ 76 7,539,021 35 A ccru ed L ia bilities N ot Yet D u e . $ 1 ,0 6 0 ,6 3 5 16 238,003 33 T o t a l ........................................................................ ................ ............ 1 ,2 9 8 ,6 3 8 49 D eferred L ia b ilities. B a lan ces d u e A ffilia te d C o m p a n ie s___________ 2 ,6 7 3 ,0 2 5 99 U nexpended B a lan ces in S u n d ry F u n d s. F u n d s fo r P erm an en t I m p r o v e m e n ts an d B e t t e r m e n t s ____________ A m o u n t set aside t o c o v e r D e p re cia tio n o f E q u ip m e n t n o w In s e r v ic e ________________ In su ran ce F u n d s _____________________________ 46 $ 5 ,7 6 3 ,3 9 7 97 1 6 ,0 5 1 ,2 1 9 07 510 ,699 14 T o t a l...................... ................ ....................... ...................................... 2 2 ,3 3 5 ,3 1 6 18 B a lan ce. 07 T o t a l ........................................... .........................................................$ 5 1 0 ,5 7 2 ,6 5 5 08 C urrent A ssets. C a s h __________________________________________ $ 9 ,1 4 4 ,1 0 5 12 B ills R e c e iv a b le _____________________________ 2 ,8 6 4 ,3 2 8 40 D u e fro m A g e n ts _____________________________ 2 ,1 8 8 ,4 6 7 87 D u e fro m U . S . P o s t O ffice D e p a r tm e n t___ 141,435 92 D u e fro m U . S . T r a n s p o r t a t io n _____________ 130,954 35 D u e fro m C a n adian P o s t O ffice D e p a rtm e n t 2,9 1 6 75 A d v a n c e d C h a rges---------------------------------------68,344 62 D u e fro m O th er C om p a n ies a n d In d iv id u a ls 1 ,5 0 9 ,3 9 5 88 T o t a l _______________________________________________________ 1 6 ,0 4 9 ,9 4 8 91 V a lu e o f M aterial a n d F u el on h a n d ---------------------------------------6 ,3 5 4 ,2 1 5 58 T o t a l ------------------------------------------ ----------------------------------------- $53 2,9 7 6 ,8 1 9 57 C ost o f A d d itio n s an d Im p r o v e m e n ts m ade t o P r o p e r ty o f th e G reat N o rth e rn R y . C o. an d p aid fo r fro m “ F u n d fo r P e rm a nent Im p ro v e m e n ts an d R e n e w a ls” ______$19 ,9 3 4 ,6 1 3 10 S t. P . M . & M . R y . C on so lid a te d M ortgage B o n d s , retired since N o v . 1 1907 th ro u gh op e ra tio n o f S in k in g F u n d ........ ................ 7 8,000 00 P ro fit a n d L o s s ______________________________ 3 5 ,1 4 6 ,5 4 5 37 T o t a l _______________________________________________________ 55 ,1 5 9 ,1 5 8 47 T o t a l _________________________ _________- ..................... ..............$5 3 2 ,9 7 6 ,8 1 9 57 R E S O U R C E S A N D D ISBU R SE M E N TS Y E A R E N D E D JU N E 30 1909. R ESO URGES. Cash o n h an d a n d In b a n k s, Ju n e 30 190 8------------------------------ $ 1 1 ,6 8 8 ,3 0 2 20 R eceipts— N e t C o rp o ra te I n c o m e , as p e r In c o m e A c c o u n t --------------------- 17 ,4 8 7 ,4 3 3 93 F r o m L a k e S u p erior C o ., L t d . [see C h airm an ’s rem a rk s]___ 5 ,5 2 5 ,8 6 8 96 S ecurities Issu ed— • C a pital S t o c k _________________________ _________ _________________ 7 ,5 0 0 00 N . P .-G . N . .Joint C. B . & Q . C ollateral 4 p e r c e n t b o n d s, $ 1,000 00; G . N . R y . C o .’s p r o p o r tio n o n e -h a lf, o r _______ 500 00 R eduction in A m ou n t o f B on ds H eld in C o m p a n y ’s T reasu ry— ■ E a stern R y . C o. o f M in n esota, N orth ern D iv is io n , First M ortg a ge, 4 p e r c e n t B on d s s o ld ____________ $2 ,0 6 3 ,0 0 0 00 DU luth S u p erior & W e s te rn T e rm in al C o. B on d s su rren d ered In p a rt p a y m e n t fo r p r o p e r ty p u rch a sed fro m th a t c o m p a n y ____ 500 ,000 00 nn n T t /n B ao lla nncea A on Tootw n B on d npnalr idl ao ffTf . 453 15 $2,503,453 15 L ess, B on d s a c q u ir e d d u rin g y e a r . (N o t In clu din g b on d s v a lu ed a t $50 ,000 00 re c e iv e d fr o m L a k e S u p erior C o ., L t d . ) . . 1 00 2 ,5 6 3 ,4 5 2 15 Current L ia b ilities Increased— U n paid V ou ch ers ________ u n p a id P a y R o lls ________________________________ U n p aid C o u p o n s _________________________________ U n paid D iv i d e n d s ______________________________ $182,941 239 ,160 72,253 2,184 Current A ssets D ecreased— Bills R e c e i v a b l e _________________________________ D u e fro m U . S. P o s t O ffice D e p t _______________ D u e fro m O th er C om p a n ies a n d I n d iv id u a ls .. $575,571 87 218 ,645 78 9 28 ,497 60 82 70 61 00 49 6 ,5 4 0 13 4 03 ,079 11 N et A m o u n t __________________________ ______________ _________ V a lu e o f M a teria l, F u el, & c ., on H an d , D ecrea sed ________ S u n d ry R eserve F u n d s Increased— F u n d fo r P erm a n en t Im p r o v e m e n ts a n d B e tte rm e n ts (n o t In clu din g a m o u n t tran sferred to F u n d fro m In c o m e o r E x p en d itu res c h a rg ed a gain st F u n d d u rin g year) $28,483 90 E q u ip m e n t D ep recia tion F u n d s............................. 1,678,771 09 In s u ra n ce F u n d s ............................................................. 28,814 77 In cre a se In “ C ost o f R o a d ” -------------------------------------------------- $9,63 4 ,4 9 7 52 C ost o f E q u ip m e n t______________________________ $1,217,014 60 L ess, C ost o f E q u ip m e n t o u t o f s e r v ic e _________________________ $908,132 48 A n d a d ju stm e n ts In a cco u n ts cau sed b y transfers b e tw e e n 11,572 13 919,704 61 c la s s e s _____________ ___________ In crea se In “ C ost o f E q u ip m e n t” _____________________ C ost o f A d d itio n s to a n d Im p r o v e m e n ts a t S u p e rio r, W ls. E le v a to rs __________________________ ______ ___________________ 2 97 ,309 99 233,396 06 T o ta l E x p e n d itu re s fo r R a ilw a y P r o p e r ty O w n e d -------------$ 10 ,165 ,20 3 57 Investm ent in Controlled C om p a n ies, W h o se L in e s F o rm a Part o f the R ailw ay S ystem , Increased— „ C o n tro lle d C anadian C o m p a n ie s________________ $ 2 ,7 5 6 ,7 1 0 2 o L ess, D ecrease In a m o u n t In vested In A m e rica n „„ „„ C om pa n ies ................... ......................... ................... 7 1 ,1 6 6 03 N et A m o u n t . . _________________________________ Investm ent in U nion D ep ot and T erm in al C om pa n ies I n creased— M in n esota T ran sfer R y . C o _____________________ $290 54 L a k e S u p erior T e rm in al & T ra n sfe r R y . C o . . 6 5,267 12 2,685,544 22 65,557 66 $ 1 ,7 2 2 ,7 1 5 25 L ess, In crease In A m o u n ts : D u e fro m A g en ts ______________ $376,101 11 D u e from C anadian P . O . D e p t . 830 41 D u e fo r U . S . T r a n s p o r t a t io n .. 15,153 31 A d v a n c e d C h arges_____ ___________ 10,994 28 D IS B U R S E M E N T S . E xp en d ed fo r R ailw ay P ro p erty — C ost o f C o n s t r u c t io n _________ ______ ___________ $5,06 4 ,1 4 8 97 C ost o f R o a d P u rch a sed fro m D . S. & W . T . C o . 771,091 17 C ost o f A d d itio n s an d B e tte rm e n ts____________ 3 ,7 9 9 ,2 5 7 38 1 ,3 19,636 14 1 ,8 65,364 94 S ecurities A cqu ired — H a lf Interest in 5 shares o f C. B . & Q . R R . C o . S to ck d e p o s ite d w ith T ru ste e o f N . P .- G . N . J o in t C . I). & Q . C ollateral 4 p e r ce n t B o n d s _________________________________ S to ck s o f S u n d ry C om p a n ies o th e r th an C o n tro lle d C o m p a nies o r U nion D e p o t an d T e rm in al C o m p a n ie s____________ (N o t Inclu din g s to ck s v a lu e d a t $ 2 ,3 6 7 ,7 0 5 00 re c e iv e d fro m L ake S u p erior C o ., L td .) M iscellan eou s Investm ents and A d vances M a d e ................. A ccru ed L iabilities N ot D u e , D ecreased— $26 ,670 00 B o n d In terest A c c r u e d , n o t d u e ______________ R e n ta ls A c c r u e d , n o t d u e ........................ ................ 10,000 00 500 00 769 ,828 99 1,064,403 57 $36,670 00 L ess, In crease In a m o u n t o f A c c r u e d T a x e s , n o t d u e .................................. ......................... .............. 23,136 65 1 1 ,170 94 13,533 35 N et D e cre a se_______________________________________________ S u n d ry P a ym en ts— D i v i d e n d s _____ ______ ___________________________________ ______ - 14 ,697,473 00 R e d u c tio n s In B alan ces d u e A ffilia te d C o m p a n ie s — .......... - 4 ,095,689 67 144,105 12 Cash o n hand an d In ban ks Ju n e 30 1909 _________ _______ 9, T o t a l . . . ................................................................................ - ...................$42 ,7 0 1 ,8 3 9 15 T o t a l _______________________________________ ___________________ $ 42 ,701 ,83 9 15 1 ,7 3 6 ,0 6 9 76 P r o fit and Loss— N et C red it d u r in g y e a r . S T A T E M E N T OF B O N D S A N D ST O C K S O U T S T A N D IN G IN T H E H A N D S OF T H E P U B L IC FO R W H IC H 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 IS R E S P O N S IB L E , D IR E C T L Y O R U N D E R G U A R A N I Y . Annual BONDS. i n H ands of I n H an d s of Charges r a i d A ssu m ed by Great N o r P u blic. P u b lic . 1908-1909. th em R ailw ay C o . D u e . July 1 1909. J u ly 1 190 8. St. P . M . & M . R y . C o .— $281,871 14 $3,368,000 00 $5,660,000 00 Second M tge., 6 % _ -1909 216,158 45 3.03 5 .0 0 0 00 -Dakota E x t., 6 % - . 1 9 1 0 4 ,2 2- 2- ,0— 0 0 00 8 00 ,640 00 13.344.000 00 1 3 .3 4 4 .0 0 0 00 Cons. M tge., 6 % -----1933 9 46 ,975 82 21.220.000 00 Cons. M tge., 4 H % -1 9 3 3 2 0 .3 6 2 .0 0 0 00 35,983 86 2.621.000 00 Cons. M tge., 4 % _ ._ 1 9 3 3 40 7 ,4 0 0 00 00 i oil 86,'ooo’ 66 Montana E x t., 4 % .1 9 3 3 10,185,000 7 75 ,757 57 19,393,939 39 „ Pacific E x t., 4 % — 1940 19,393,939 39 E a stern R y . o f M i n n .— 73.000 00 First D lv. 1st Mtge. 3,0 0 0 00 5 % (M atured)___1908 7 .562.000 00 Northern D iv. 1st 32 0 ,2 5 9 57 9 .6 9 5 .0 0 0 00 • Mtge. 4 % ________ 1948 M on ta n a Central R y . C o .— 36 0 .0 0 0 00 6 .0 0 0 . 000 00 First M tge., 6 % . . .1 9 3 7, 200.000 00 4 ,0 0 0 ,0 0 0 00 4 .0 0 0 . 000 00 First M tge., 5?,',— 1937 W illm ar & S io u x F a lls R y . C o .— 1 81 ,250 00 3 .6 2 5 .0 0 0 00 3 .6 2 5 .0 0 0 00 First M tge., 5 % _ ._ 1 9 3 8 M in n e a p . U nion R y . C o .— 129 ,000 00 2 .1 5 0 .0 0 0 00 2 .150.000 00 First M tge., 6 ? ,',-.-1 9 2 2 3 2,500 00 650 .000 00 650.000 00 First M tge., 5 % . . . 1922 S p o k . F a lls & N o r. R y . C o .— 13,740 00 229 .000 00 229.000 00 First M tge.. 6 % . - . 1 9 3 9 6 000,000 00 T o ta l A m t o f B on ds A ssu m e d b y G rea t N orth ern R y . C o ________ $99 ,518 ,93 9 39 P rin cip a l and Interest Guaranteed by Great N orthern R ailw ay C o. M in n e a p . W est. R y C o .— _ 5 00 ,000 00 First M tg e ., 5 % . - . 1 9 1 1 oOO.OOO 00 $ 9 7 ,9 5 5 ,0 3 9 39 T o ta l B o n d s o n R a ilw a y P r o p e r ty O u tsta n d in g In H an d s o f P u b l i c ............... $10 0,01 8,9 39 39 I n H ands o f P u b lic. J u ly 1 1908. $97,955 ,939 39 STOCK. A ssu m ed b y Great N orth• ern R ailw ay C o . In H ands o f P u b lic. J u ly 1 1909. Annual Charges P a id 190 8-0 9. Brought forward-----------$100,018,939 39 $ 4 ,726.536 41 209 ,9 6 2 ,7 5 0 00 Issu ed b y G rea t N o rth e rn R a ilw a y C o ......................... 2 0 9 ,9 7 0 ,2 5 0 00 __ 14.69 7 ,4 7 3 00 $30 7,9 1 8 ,6 8 9 39 T o t a l B o n d s a n d S t o c k s . .$ 3 0 9 ,9 8 9 ,1 8 9 39 $ 1 9 ,4 2 4 ,0 0 9 41 I n a d d itio n to th e b o n d s a b o v e lis te d , th e G re a t N o rth e rn an d N orth ern P a cific C om p a n ie s h a v e Issued th e ir jo in t C . B . & Q . c o lla te ra l 4 p er cen t b o n d s t o th e a m o u n t o f $ 2 1 5 ,2 2 7 ,0 0 0 00 se cu re d b y d e p o s it w ith th e S ta n d a rd T ru st C o . o f N ew Y o r k , as T r u s t e e ,o f 1 ,0 7 6 ,1 3 5 shares o f the C a p ita l S to c k o f th e C h icago B u rlin g to n & Q u in cy R a ilr o a d C o m p a n y . T o t a l B o n d s an d S to c k , as a b o v e -------------------------------------------$3 0 9 ,9 8 9 ,1 8 9 39 M ileage o f T ra ck s In S y s te m , in clu d in g s e c o n d , th ird , fo u r th , fifth a n d s ix th tra ck s , c o v e r e d b y a b o v e ca p ita li z a tio n ___________________________ ____________________________ 7.039 73 B o n d s an d S to c k p e r m ile o f M ain T r a c k — B o n d s ............... ................................................................$ 14 ,207 78 St0Cl£---- ------------------------------- - ^ 8 2 6 46 44 t s 4 2 4 M ileage o f M ain T ra ck s c o v e r e d b y b o n d s In th e han ds o f th e p u b lic ___________________________________________________ B o n d e d D e b t o u ts ta n d in g in th e han ds o f th e p u b lic , p e r M ile o f M ain T r a c k c o v e r e d th e r e b y _______________________ 4,9 5 0 13 _______ 2 0 .205 32 S IN K IN G F U N D S T . P A U L M IN N E A P O L IS & M A N IT O B A R A I L W A Y C O M P A N Y ’S C O N S O L I D A T E D M O R T G A G E B O N D S . Fiscal Year Ended June 30 1909. $4 ,7 0 1 ,5 3 6 41 25,000 00 Credits— B y B a la n ce t o c r e d it o f S in k in g F u n d , as p e r p a ge 44 o f la s t y e a r ’s r e p o r t ______________________________________________________ $41 ,460 73 F r o m L a n d D e p a r tm e n t, as p e r L a n d C o m m issio n e r’s r e p o r t, page 46 [see p a m p h le t r e p o r t]...................... ............................. ......... 172,628 36 R e v e n u e T o d d C o u n ty L a n d s ................................ ................ ................... 77 17 T o t a l a p p lic a b le f o r r e d e m p tio n o f b o n d s ---------------------------------$21 4,18 6 26 $4 ,7 2 6 ,5 3 6 41 CHICAGO BURLINGTON & QUINCY RAILROAD COMPANY. F IF T Y - F IF 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 1909. Chicago, July 1 1909. To the Stockholders of the Chicago Burlington & Quincy Rail road Company: . Following the practice of previous years, the figures given below cover both the operated and controlled roads; whereas the tables furnished by the General Auditor and made part of this report are taken from the books of the Chicago Burlington & Quincy Railroad Company and do not include the results of the operations of the controlled roads. R E V E N U E AN D E X PE N S E S A L L ROADS O P E R A T E D A N D C O N TR O LLE D Y E A R S E N D E D JU NE 30. 1909 $ 5 2 ,7 6 8 ,7 0 3 19,797,151 2 ,3 4 1 ,0 2 7 2 , 040,646 2 ,4 6 0 ,7 6 8 O P E R A T IN G R E V E N U E . 1908. 4 8 --------------------F r e i g h t ---------------------- $ 5 3 ,0 3 6 ,3 0 5 84 8 4 -------------------------- P a ssen ger --------------------------- * § ■•via'iSo'dR 2 1 -------------------------------M a l l --------------------------------2 ,3 3 8 ,1 7 9 48 3 3 ----------------------------E x press l ,9 2 o ,6 0 6 ..3 5 4 ________________ M is c e lla n e o u s ------------------------2 ,3 3 9 ,7 3 3 17 . T o t a l _____________________ $ 78 ,459 ,06 3 O P E R A T IN G E X P E N S E S . 3 8 . ..M a in t e n a n c e o f W a y an d S t r u c t u r e s ...$ 1 4 ,6 0 3 ,4 7 6 8 0 ________ M aintenance o f E q u ip m e n t------------- 12,.)01,460 38 ___________T r a ffic E x p e n s e s----------------------1 ,555,180 99 ................. T ra n sp o rta tio n E x p e n s e s ----------------- 2 5 ,5 0 7 ,2 7 0 85 _____________ G eneral E x p e n s e s----------------------1,81 7 ,8 3 6 $ 7 9 ,4 1 4 ,3 5 7 4 0 - $133 , 2 0 3 ,2 14 3 ,5 1 0 ,2 6 5 13 1 594 996 2 4 ’ 027 015 21121206 $ 5 5 ,3 4 7 ,7 5 9 4 0 . 62 62 87 30 80 11 . T o t a l _____________________ $ 5 5 ,985 ,22 4 76 $22 ,4 7 3 ,8 3 8 $24 ,0 6 0 ,5 9 8 0 0 .................... N e t O p e ra tin g R e v e n u e -------O U T S ID E O P E R A T IO N S — N E T . $1,545 $365 5 2 . . (earnings) R esta u ra n t S e rv ice ( e a r n in g s ).. 3 8 ,5 6 5 8,3 8 2 70 .(lo s s ) S to c k Y a rd s (e a rn in g s )----------2 4 ,910 150 ,389 5 3 _________ (loss) D in in g Cars (lo s s )................ .. $ 15 8,40 0 7 1 ____________ (loss) T o ta l (e a rn in g s )-------------------$2 ,5 4 6 ,9 2 7 8 4 ___________________ T a x e s -------------------------------- 86 58 78 44 $15,194 02 $2,484,031 28 $21 361 263 45 ____________ O p eratin g I n c o m e ------------------------- $20 ,0 0 5 ,0 0 2 50 ’ ’ R en ts b a la n ce , In com e fro m securities o w n ed D r.$471 ,79 2 0 7 _______and o th e r I n c o m e a n d I n te r e s t----------- D r.$246,612 39 C harges. « 7 H75 r,07 la ____ In terest on B o n d s ------------------------$ 6 ,0 6 6 ,8 9 0 52 6 75 :828 5 6 ' . : : : : ___________S in kin g F u n d ................. .............. 676,011 46 $8 551 335 72 ____ T o ta l C h a r g e s .. . --------- ------------$7,642,901 98 * 2 ,2 6 8 ,8 1 6 0 3 . : : : : : B etterm en ts ch arged to I n c o m e ----------- 3 ,2 2 5 ,0 9 3 57 T o t a l _____________ _________ $ 1 0 ,8 6 8 ,8 9 5 55 $10 069 319 63 N et C orp orate I n c o m e -----------------$8 ,8 8 9 ,4 9 4 56 s : 8 6 7 : i 28 o o : : : : : : : : : ______D iv id e n d s---------------------------------- 8.867,12s 00 $1 ,2 0 2 ,1 9 1 6 3 ____________________ S u r p lu s -------- ----------------------- $22 ,366 56 S T A TIS TIC S OF F R E IG H T A N D PA SSE N G E R T R A F F IC ON ROADS O P E R A T E D A N D C O N TR O LLE D F O R Y E A R S E N D E D JUNE 30. In crea se ( + ) or D ecrease (— ). — 105,572 + 44,372 D E S C R IP T IO N — F reigh t T ra ffic. M ileage o f F reigh t T r a i n s .. M ileage o f M ixed T r a i n s .. . 1909. 16,11 8 ,1 7 0 1 ,3 7 3 ,1 4 5 T o t a l -------------------------- -- - M ileage o f L o a d e d F reigh t Cars ________________ M lleago o f E m p ty F reigh t C a r s ._____________________ 17,40 1 ,3 1 5 1 7 ,552,515 — 6 1 ,2 0 0 3 9 1 ,0 2 5 ,6 3 6 3 7 9 ,465 ,22 3 + 11,56 0 ,4 1 3 1 6 3 ,971 ,60 7 150,219 ,44 7 + 4 ,7 5 2 ,1 6 0 Total Car M ile a g e ____ 554,997,243 538,684,670 + 16,312,573 T o n s o f R ev en u e F reigh t C a r r ie d -------------- - - - - - c T o n s o f C o m p a n y I-rcIght C a r r ie d __________________ T o t a l ................. . . . ......... P a ssen ger T ra ffic. M ileage o f P a ssen ger T rain s; M ileage o f P a ssen ger C a rs . N u m b e r o f P assen gers Car ried ______________________ P assen gers C arried O ne E arn ings 1008. 16,223,742 1,328,773 2 5 ,439,521 24,064,341 + 4 7 5 ,1 8 0 7 ,3 4 8 ,3 0 5 7 ,4 1 5 ,1 7 9 — 66,874 3 2 ,7 8 7 ,8 2 6 3 2 ,3 7 9 .5 2 0 + 4 0 8 ,3 0 6 of P assen ger + 326 ,293 + 4 ,0 1 5 ,2 8 0 15,555,738 92,655,261 15,882,031 96,670,541 20 ,6 3 1 ,6 7 7 19,21 4 .2 3 9 + 1 ,4 1 7 ,4 3 8 1 ,0 6 6 ,4 7 4 ,0 0 4 1 ,0 1 6 ,4 5 4 ,2 3 5 + 5 0 ,0 1 9 ,7 6 9 $ 2 4 ,8 1 1 ,9 7 3 68 $ 2 3 ,6 7 4 ,1 3 0 38 + $13 7,84 3 30 P assen ger E arn ings per T ra in M ile . E arn lngs per P a ssen ger per M ile .......................................... $1 56 $1 52 + $0.04 $0.0186 $0.0185 + $0.0001 Total T rain s. M ileage o f F reigh t a n d P a s 3 3 ,1 0 8 ,2 5 3 3 3 ,3 7 3 ,3 4 6 senger T r a in s -----------------E arn ings fro m F reigh t an d1 P a ssen ger T r a in s ------------ $77 ,5 8 0 ,7 3 7 16 $76 ,7 1 0 ,4 3 6 22 $2 32 $2 32 E arn ings per T ra in per Mile) $1 69 $1 66 E xpen ses p er T ra in p e r Mile3 N et T r a ffic E arn ings p er $0 63 $0 66 T rain p e r Mile + $ 8 7 0,30 0 94 + 265 ,093 — $ 0 '0 3 + $0 03 C A P IT A L STOCK. The capital stock of the Chicago Burlington & Quincy Railroad Company at the date of the last report _____________________________________________ _____________..$110,839,100 oo There have been no changes during the year. $ 1 9 ,7 5 8 ,3 9 0 11 $20 ,8 8 9 ,4 7 1 38 $ 1 0 ,8 2 0 ,1 5 1 7 5 . In crea se ( + ) or D E S C R IP T IO N — D ecrease (— ). 1909. Freight T ra ffic. T o n s o f R e v e n u e F reigh t + 2 6 ,5 0 0 ,9 0 7 6 ,6 5 5 ,8 8 7 ,4 1 9 O ne Mile . . ___________ 0 ,6 8 2 ,3 8 8 ,3 2 6 + 6 2 ,7 5 8 ,3 1 9 7,7 9 7 ,6 3 8 ,0 6 1 T o t a l T o n s O ne M ile _______ 7 ,8 6 0 ,3 9 6 ,3 8 0 E arn ings fro m F reigh t ■r—$26 7,54 2 36 T r a f f i c __________________ $ 5 2 ,768 ,76 3 48 $ 5 3 ,0 3 6 ,3 0 5 84 All Cars H a u le d p e r F reigh t + 1.04 3 0 .6 9 31.73 T ra in M ile_______________ T o n s R e v e n u e F reigh t + 2 .8 4 3 7 9 .2 0 382 .04 H au led p er T r a in ---------T o n s R e v e n u e F reigh t — .45 17.54 17.09 H a u le d p e r L o a d e d C a r. E arn ings p e r F re ig h t T rain $3 02 $3 02 M ile______________________ — $ 0.0001 $0.0080 $0.0079 E arn ings p e r T o n M ile------- F U N D E D D E B T. The Funded Debt of the Chicago Burlington & Quincy Railroad Company at the date of the last report ^ ^ ^ ^ CThe additions during the year were as follows: C. I). & Q . G eneral M ortgage 4 p er ce n t B o n d s o f 1958 ___ sold _________________ _______. $ 20 , 000,000 00 Issu ed u n d e r circu lar A p r. 20 1909 In e x ch a n g e fo r B on d s ca n ce le d an d r e tir e d — . . . 3,668,000 00 Issu ed u n d er p ro v is io n o f G en eral M ortg age fo r b o n d s ca n ce le d an d retired th ro u g h S in k in g F u n d o p ___ ora tio n s sin ce M arch 2 1908 854,000 ° ° t „ 1 00 The reductions dur ing the year were: Purchased for Sink ing Funds and canceled: C B & Q . I o w a D iv is io n 4 % B o n d s o f 1919— - - - - - - - C. B . & Q . Io w a D iv isio n 5 % B on ds o f 1919--------------------C. B . & Q . N ebrask a E x te n sio n 4 % B o n d s o f 1927--------------T a rk lo V a lle y R R . 7 % B o n d s o f 1920 ______________________ N o d a w a y V a lle y R R . 7% B onds of 1920------------- 5221.000 00 10,000 00 293,000 00 . 11,000 00 10,000 00 $545,000 00 ... i i ; 1 Brought f o r w a r d . ............ $545,000 00 $24,522,000 00 $183,064,000 00 Exchanged for C. B. & Q. Gen eral M o r t g a g e Bonds of 1958 and canceled: C. B . & Q . plain 5 % B o n d s o l 1 9 1 3 . . - _________ $63 ,000 00 C. B . Sc Q . I o w a D iv is io n 4 % 658 ,000 00 B o n d s o f 19 1 9 ............... ............ C . B . & Q . S in k in g F u n d 4 % 607 ,000 00 B on d s o f 192 1________ ______ C. B . & Q . N eb ra sk a E x ten sio n 186,000 00 4 % B on d s o f 1927----------------C. B . & Q . D e n v e r E x ten sion 480 ,0 0 0 00 4 % B on d s o f 192 2___________ B . Sc M . In N e b . C on s olid a te d M tg e. 6 % B on d s o f 1 9 1 8 . . . 127 ,000 00 B . & M . In N eb . S in k in g F u n d 4 % B on d s o f 1910.................... 7,000 00 R e p u b lic a n V a lle y R R . 6 % B on d s o f 1919 ........................... 144,000 00 H a n n ib a l Sc S t. J os ep h R R . 1,0 4 4 ,0 0 0 00 6 % B o n d s o f 1 9 1 1 . . .......... .. T a rk io V a lle y R R . 7 % B on d s 62,0 0 0 00 o f 19 2 0 ____________ - ................ N odaw ay V a lle y RR. 7% B on d s o f 1 92 0-------------------------4 3 ,0 0 0 L in c o ln & N orth w estern R R . 7 % B on d s o f 191 0.................... 2 47 ,000 00 00 B y order of the Board of Directors. GEORGE $ 3 ,6 6 8 ,0 0 0 00 ------------------------$ 4 ,2 1 3 ,0 0 0 00 -------------------------- $ 2 0 ,3 0 9 ,0 0 0 00 T o t a l F u n d e d D e b t o f th e C. B . & Q . R R . C o . on Ju n e 30 1 9 0 9 .......................... .......................................................$ 2 0 3 ,3 7 3 ,0 0 0 00 [F o r d e ta ile d s t a t e m e n t s o f w h ic h se e p a g e s 2 0 a n d 2 1 o f p a m p h l e t r e p o r t .] C O N S T R U C T IO N . E x p e n d itu r e s fo r C o n s tr u c tio n d u r in g th e y e a r e n d e d J u n e 3 0 1 9 0 9 o n th e C h ic a g o B u r lin g t o n & Q u in c y R a ilr o a d an d B ran ch es: O n L in e s a n d B r a n c h e s E a s t o f th e The number of revenue tons moved one mile increased 0.40 per cent, as compared with 1907-08, and Freight Earn ings decreased 0.50 per cent. Passengers carried one mile increased 4.92 per cent and Passenger Earnings increased 5.20 per cent. The percentage of Operating Expenses to Gross Earnings decreased 1.67 per cent. The total amount at credit of Sinking Funds on June 30 1908 was 829,127,440 95. This amount was increased during the year by the sum of 81,134,824 52, of which 8675,828 56 was paid directly from the earnings of the year. The increase during the year of bonds held in the funds amounted to 8553,800, of which 8545,000 were canceled and 88,800 remain uncanceled in Sinking Fund Investments. In December 1908 a majority of the stock of the Colorado & Southern Railway was purchased and its cost will be found stated in the accounts. There seems to be reason to expect that the purchase will prove beneficial to both interests. For further details relating to the affairs of the company, reference is made to the report of the General Auditor and the following statements. M is s o u r i R i v e r : New Line— Herrin, 111., to Metropolis, 111__________ $35,478 34 New Second Track— Curzons, M o., to Napier, M o .. 10,513 34 Chicago, 111., land for additional facilities__________ 24,300 00 Clyde, III., land for additional yard facilities--------------33,116 15 Herrin, 111., additional tracks------------------------------------ 37,422 10 Kansas City, M o., land for additional facilities_____ 21,074 24 Peoria, 111., land for additional facilities___________ 55,141 92 Miscellaneous construction___________________________ 15,427 59 -----------------Less Credits: Tracks taken up or sold____________________________$67,442 78 Land sold____________________________________________ 62,536 44 Buildings torn down anti not replaced___________ 28,364 00 ------------------ $232,473 68 B. H A R R IS , President. INCO M E ACCOUNT. D eb it— O p e ra tin g E x p e n s e s ___________________________ $5 4 ,5 6 0 ,0 9 7 77 2 ,5 1 7 ,0 1 7 52 T a x e s .......... ............ -------------------------- $ 5 7 ,0 7 8 ,0 1 5 B e t t e r m e n t s ...................................................................................... ....... 2 ,2 3 7 ,0 8 0 O u tsk le O p e ra tio n s an d R e n ts B a la n ce , an d M iscella n eou s In c o m e ___________________________________________ _______ 612 ,107 In te r e s t o n B on ds o f C. B . Sc, Q . R R . an d c o n tr o lle d c o m 7 ,8 7 5 ,5 0 7 panies __________ Cash Bald to S in k in g F u n ds: C. B. & Q . 4 and 5 p er ce n t B on d s o f 1 9 1 0 . $23 2,53 0 00 C. B. & Q .4 p e r c e n t B o n d s o f 1021.......... 4 3 ,000 00 C. B . & Q . 4 p e r c e n t B on d s o f 1022______ 7 9 ,6 8 0 00 C. B . & Q . 4 p er c e n t B on ds o f 192 7 ______ 203 ,618 56 L in co ln Sc N o rth w e ste rn R R . 7 p er c e n t B on ds o f 1010_____ 6,000 00 N o d a w a y V a lle y R R . 7 p er c e n t B on d s o f 1 9 2 0 ............................................................... 10,000 00 T a rk io V a lle y R R . 7 p e r c e n t B o n d s o f 1920 ..................- ----------------------------------------11,000 00 ------------------------675 ,828 D iv id e n d s: O c to b e r 1 1908....................... $2,2 1 6 ,7 8 2 00 J a n u a ry 1 1909.................................................. 2 .216,782 00 A p ril 1 1909.................. 2 ,216,782 00 J u ly 1 1909.......................... 2,2 1 6 ,7 8 2 00 ------------------------8 ,8 6 7 ,1 2 8 B a la n ce a t c r e d it o f I n c o m e A c c o u n t ......................... 1,266,871 20 86 74 16 56 00 75 158,343 22 $7 8 ,6 1 2 ,6 2 9 36 $74,130 46 Credit— F re ig h t R e v e n u e _______________________________ $ 52 ,240 ,92 0 60 P a ssen ger R e v e n u e ____________________________ 19,5 8 5 ,3 0 5 02 O th er O p e ra tin g R e v e n u e _____________________ 6,7 8 6 ,4 0 3 74 -------------------------- $ 78 ,612 ,62 9 36 O n L i n e s a n d B r a n c h e s W e s t o f t h e M is s o u r i R i v e r : Grand Island, N eb ., land for new station bu ildin g..$ 1 8 ,7 3 5 00 Lincoln, N eb ., land for additional facilities_________ 96,763 05 Orleans, N eb ., track to Silica P its___________________ 22,168 40 Omaha, N eb ., land for additional facilities------------- 79,850 00 New side and passing tracks_________________________ 49,792 78 New fencing___________________________________________ 21,950 54 Miscellaneous construction___________________________ 17,473 25 -----------------306,733 02 T o ta l________________________________________________________________ Add balance at Debit of Premium and Discount on Bonds sold and purchased_________________________________________________ $380,863 48 Total amount charged to Construction A ccount-----------------------Miscellaneous charges to Equipment Account---------------------------- $691,174 78 6,265 31 310,311 30 $ 78 ,612 ,62 9 36 B a lan ce fo r y e a r ___________________________________________________ $1,266,871 75 B a lan ce Jun e 30 1 9 0 8 -......................................................... 3 9 ,4 0 5 ,8 8 9 79 B a la n ce a t c r e d it o f In c o m e A c c o u n t Ju n e 30 190 9_______________ $ 4 0 ,672 ,76 1 54 N o te .— T h e figures In a b o v e table c o v e r the roads a c tu a lly o p e r a te d b y the C. B . & Q . R R . C o ., w hereas the llgures a t begin n in g o f the r e p o rt c o v e r also road s c o n tr o lle d th rou gh o w n ersh ip o f s to c k . G E N E R A L B A L A N C E S H E E T JU N E 30 1909. A ssets— $697,440 09 C ost o f R o a d and E q u ip m e n t_____________________________________ $ 3 6 0 ,2 4 5 ,0 5 9 73 C ost o f In v e stm e n ts In C on trolled R o a d s: Transferred from Investments in Controlled Roads on account C o lo ra d o Sc S ou th ern R a ilw a y C o ________ $ 1 6 ,4 1 6 ,3 3 7 50 of purchase of Fulton County Narrow Gauge R y -----------------------715,504 41 D a v e n p o r t R o c k Island & N orth w estern T otal................................. $1,412,944 50 R y . C o __________________________________ 1 ,904,167 24 Q u in cy O m aha Sc K ansas C ity R R . C o ___ 3,3 2 2 ,9 1 4 00 1,597,981 39 N arrow G auge R a ilr o a d s ----------------------------E Q U IP M E N T . -------------------------- 2 3 ,2 4 1 ,4 0 0 13 S u n d ry I n v e s tm e n ts __________________ 11,0 7 3 ,1 3 0 05 T ru ste e s o f Sinking F u n d s, s h ow in g the c o s t o f u n ca n ccle d T h e E q u ip m e n t o f th e C h ic a g o B u r lin g to n & Q u in c y securities an d cash aw a itin g In vestm en t held in S inking R a ilr o a d C o m p a n y o n J u n e 3 0 1 9 0 9 w a s a s fo llo w s : F u n ds ......... 1 8 ,841,722 68 M aterial and S u p p lie s_____________________________________________ 5,8 8 2 ,1 9 0 73 Locom otives_______________________________________________________________ 1,703 S u n d ry A v a ila b le S e c u r itie s ______________________________________ 1,9 1 2 ,2 0 0 00 Passenger Equipment: Cash o n h a n d ____________________ 1 5 ,064,572 55 Passenger and Combination Cars----------------------------------------------784 $ 4 3 6 ,2 6 0 ,2 7 5 87 Baggage, Mall and Express Cars----------------------------------------------293 Other Passenger Cars____________________________________________ 130 L ia bilities— ------------ 1,207 Freight Equipm ent: C a pital S t o c k ............................................. $11 0 ,8 3 9 ,1 0 0 00 F u n d e d D e b t . .............................................................................. 20 3 ,3 7 3 ,0 0 0 00 Box and Furniture Cars_________________________________________ 26,506 M atu red C ou pon s, n o t p r e s e n te d _________________________________ 6 3 ,720 50 Refrigerator Cars_______________________________________________ 1,712 A ccru a ls n o t y e t p a y a b le : Stock Cars_______________________________________________________ 7,277 In te re st on B o n d s _______________________________________________ 3,2 2 1 ,9 1 3 37 Coal Cars_________________________________________________________ 14,858 S in k in g Fu nd P a y m e n ts _______________________________________ 289,844 98 Flat Cars_________________________________________________________ 1,282 U n p a id V ou ch ers and P a y -r o lls __________________________________ 6 ,110,816 69 Ore Cars__________________________________________________________ 72 R e lie f D ep artm en t F u n d __________________________________________ 71,186 93 C abooses_________________________________________________________ 662 F ire In surance F u n d . . --------------692,048 43 Other Freight Cars______________________________________________ 3 ‘1 ------------ 52,403 S u n d ry A c c o u n ts B a la n ce ............................ 16,476,392 94 R e n e w a l F u n d ............................. — ......................................- .............. 1 0 ,000,000 00 W ork Equipment: I n c o m e A c c o u n t .............................................. - ................................... .. 40,672,761 54 Steam Shovels____________________________________________________ 20 P ro llt and L o s s ..................... 14,1 8 7 ,3 2 5 02 Steam Cranes and Derricks_____________________________________ 32 S in k in g F u nds, sh o w in g the to ta l o f p a y m e n ts to and a c c r e Other W ork Cars_________________________________________________ 3,351 tion s o f S in k in g F u nds fo r— ------------ 3,403 C. B . & Q . 4 an d 5 p e r c e n t B o n d s o f 1919 .$ 6 ,0 3 7 ,4 1 6 50 (Io w a D iv is io n ).......... ................. Grand Total Cars.................................................................................................. 57,013 C. B . Sc Q . 4 p er c e n t B o n d s o f 192 1 ___________ 2,222,573 21 C. B. & Q . 4 p er ce n t B o n d s o f 1922 (D e n v e r E x te n s io n )................................ 4 ,0 2 1 ,5 5 2 84 G EN ER AL R EM AR K S. C. B . Sc Q . 4 p er c e n t B o n d s o f 1927 (N ebrask a E x te n s io n )............................ 5,3 2 0 ,7 0 5 88 T h e l e n g t h o f r o a d o p e r a t e d a n d c o n t r o l le d o n J u n e 3 0 1 9 0 9 B . Sc M. R . R R . In N ebraska 6 p er c e n t B o n d s o f 191 8............................................................ 8,4 7 3 ,5 0 3 16 w a s 9 , 2 7 9 m i le s , a g a i n s t 9 , 2 8 2 m i le s o n J u n e 3 0 1 9 0 8 a n d t h e B . Sc M. R . R R . In N ebraska 4 p er ce n t a v e r a g e fo r th e y e a r 1 9 0 8 -0 9 w a s 9 ,2 8 2 m ile s , a g a in s t a n B on d s o f 1910............................................. 3 ,218,301 62 R e p u b lic a n V a lle y R R . 6 p er c e n t B o n d s o f a v e r a g e o f 9 , 2 3 6 m ile s in 1 9 0 7 - 0 8 . 1919 ................................. 612 ,683 90 T h e G r o s s E a r n i n g s p e r m i le w e r e 8 8 , 5 5 5 7 4 in 1 9 0 8 - 0 9 , L in co ln Sc N orth w estern R R . 7 p e r c e n t B on ds o f 191 0.......... - ______ ______ ________ 292 ,428 36 a g a i n s t 8 8 , 4 9 4 9 2 in 1 9 0 7 -0 8 . T h e O p e ra tin g E x p e n s e s , N o d a w a y V a lle y R R . 7 p er ce n t B on d s o f i n c l u d i n g T a x e s , p e r m i le in 1 9 0 8 - 0 9 w e r e 8 6 , 2 3 7 3 1 , a g a i n s t 1920 ........... 3 0 ,000 00 8 6 , 3 3 0 5 8 in 1 9 0 7 - 0 8 . T h e p e rce n ta g e o f O p e r a tin g E x T a rk io V a lle y R R . 7 p er c e n t B o n d s o f 1920 .................... .............................................. .. 3 3 ,0 0 0 00— 3 0 ,2 6 2 ,1 6 5 ’ 47 p e n s e s , i n c l u d i n g T a x e s , t o G r o s s E a r n i n g s in 1 9 0 8 - 0 9 w a s 7 2 .9 0 , a g a in s t 7 4 .5 2 in 1 9 0 7 -0 8 . $ 4 3 6 ,2 6 0 ,2 7 5 87 NORTHERN PACIFIC RAILWAY 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 F IS C A L Y E A R E N D IN G JU N E 30 1909. Office of the Northern Pacific Railway Co. St. Paul, Minnesota, September 27 1909. To the Stockholders of the Northern Pacific Railway Company: The following, being the Thirteenth Annual Report, shows the result of the operation of your property for the fiscal year ending June 30 1909. INCOM E ACCOUNT. 1 90 8. 1909. R e v e n u e fro m T r a n sp o rta tio n : $ $ F reig h t _____________________ 4 6 ,4 2 3 ,8 3 6 33 4 7 ,0 7 3 ,3 0 5 13 P a ssen g er................................- .1 8 ,1 3 3 ,2 3 8 52 17,330,608 06 O th er rev en u e fro m trans3 ,0 6 5 ,0 7 6 27 3,41 6 ,1 0 1 72 6 7 ,622,151 12 67 ,8 2 0 ,0 1 4 91 R e v e n u e fro m O p e ra tio n o th e r + 35 1 ,0 2 5 45 + 197,863 79 640 ,732 30 + 4 2,206 22 6 8 ,2 2 0 ,6 7 7 20 6 8 ,4 6 0 ,7 4 7 21 + 2 40 ,070 01 1 2 ,0 7 1 46 — 38 72 598,526 08 P er m ile (a v e r a g e )____ O p era tin g E x p en ses: M a in ten an ce o f w a y In crea se ( + ) or D ecrea se (— ) . $ + 649,468 80 — 8 02 ,630 46 12,110 18 an d 8 ,7 6 2 ,2 9 7 8 ,5 7 2 ,7 1 0 807 ,849 2 0 ,6 5 9 ,1 1 0 1,038,701 33 7 ,8 4 7 ,0 5 0 35 73 7 ,8 4 5 ,6 8 9 35 919,199 03 40 39 20,305,621 20 1,102,444 72 09 — 915,246 — 7 27 ,027 + 111,349 — 353,498 + 03,743 98 38 03 19 63 3 9 ,8 4 0 ,6 8 3 94 3 8 ,0 2 0 ,0 0 4 65 — 1,82 0 ,6 7 9 29 P er m ile (a v e ra g e ). 6,703 94 — 368 37 28,37 9 ,9 9 3 26 30 ,4 4 0 ,7 4 2 56 5,367 52 5,037 87 + 2,00 0 ,7 4 9 30 + 329 65 429 ,359 58 — 211 ,566 28 7,072~3T P er m ile (a v e r a g e )___ O u tsid e O peration s: S le e p in g , pa rlor, o b s e r v a t io n , din in g a n d ca f a n d resta u ra n ts-----T a x e s A c c r u e d _________________ P e r m ile (a v e r a g e )___ M A I N T E N A N C E O F E Q U IP M E N T . The charges for Maintenance of Equipment were $7, 845,689 35, a decrease of $727,027 38, or 8.48 per cent. L O C O M O T IV E S . T o ta l n u m b e r o f lo c o m o tiv e s o n a c t iv e list Ju n e 30 1 9 0 8 ________________1,314 A d d itio n s : P u rch a se d — P a cific t y p e passenger l o c o m o t iv e s ____________________ 10 A t la n t ic t y p e passen ger lo c o m o t iv e s _________________ 3 — 13 1,327 64 0 ,9 2 5 86 .2 9 ,0 2 0 ,9 1 0 2 ,7 1 7 ,4 8 5 482 .2 6 ,3 0 3 ,4 3 3 12 30 ,8 7 0 ,1 0 2 67 2,547,834 449 39 45 28 ,3 2 2 ,2 6 7 14 67 25 47 + 1,849,183 — 169,651 — 33 + 2 ,0 1 8 ,8 3 4 02 00 14 02 O th er In c o m e : D iv id e n d s and D e d u c tio n s — S o l d __________________ __________________________________ 3 D is m a n tle d ____________________________________________ 1 — 4 T o ta l n u m b e r o n a c t iv e list J u n e 30 1 90 9_________________ ________ 1,323 In addition to those on the active list there are thirty locomotives on the superannuated list. H A U L IN G C A P A C IT Y . 2 ,3 5 5 ,6 7 0 81 889 ,748 10 452,218 91 — 766 ,976 14 + 36,632 10 + 3 13 ,838 50 G ross in c o m e _____________ .3 30,417 0 ,4 1 7 ,5 7 6 75 3 2 ,0 1 9 ,9 0 5 29 + 1,60 2 ,3 2 8 54 The capacity of all engines on the active list as compared with last year is shown approximately by the following statement of total weights: 337 ,136 34 6 ,7 7 5 ,0 0 2 50 + 18,417 96 — 3 2 3 ,9 0 5 00 Total W eight Total W eight dum ber . on D rivers. o f E n gin es. 1,3 1 4 174,898 ,72 3 2 3 1 ,1 9 6 .4 3 7 13 1 ,7 45,900 2 ,9 2 3 ,6 5 0 3 ,1 0 6 ,8 8 2 75 3 ,2 6 8 ,4 1 6 36 .1 0 ,8 5 0 ,0 0 0 00 14,105,000 00 + 161,533 61 + 3 ,2 5 5 ,0 0 0 00 .2 1 ,3 7 4 ,5 0 8 63 2 4 ,4 8 5 ,5 5 5 20 + 3 ,1 1 1 ,0 4 6 57 3 ,1 2 2 ,0 4 6 95 85 3 ,1 1 5 94 138,380 41 R e n ta ls re c e iv e d . D e d u c t: R e n ta ls p a id ------------------------ 3 18 ,718 38 7 ,0 9 8 ,9 0 7 50 9 ,0 4 3 ,0 8 8 12 7 ,5 3 4 ,3 5 0 09 — 1,508,713 03 Less a m o u n t a p p ro p r ia te d forr in su ran ce f u n d _______________ 2 ,7 8 4 ,9 5 0 28 6 ,2 5 8 ,1 1 7 84 — 2 ,7 8 4 ,9 5 0 28 7 ,5 3 4 ,3 5 0 09 + 1,276,232 25 5 8 .4 0 % to ta l op e r a tin g r e v e n u e .. 5 5 .5 4 % . — 2 .8 6 % R a tio o f ta x e s to t o t f ' cr a tin g r e v e n u e ---------3 .9 8 % 3 .7 2 % — .2 6 % N o te .— T h is In com e a c c o u n t , a n d its a n cilla ry sta te m e n ts h e re in , h ave b een p rep a red in a c c o r d a n c e w ith th e cla ssification s p ro m u lg a te d b y the In te r -S ta te C om m erce C om m ission as re v ise d to J u ly 1 1908, th e a cco u n ts fo r the p re v io u s y ea r h a v in g be e n r e - ca st fo r the p u rp o se o f c o m p a riso n . M ILE A G E O P E R A T E D . Changes have taken place in the mileage operated during the year as follows: There were added: D ec. 1 1908. Ja n . 1 1909. M ar. 1 1909. Ju n e 30 1909. Ju n e 30 1909. Ju n o 30 1009. M ile s . L a p w a i B ra n ch e x te n d e d V o llm e r to G ra n g e v ille , I d a h o ____________________________________________________ 31.7 8 V a n c o u v e r , W a s h in g to n , to N orth P o r tla n d , O re g o n , a c q u i r e d ________________________________________________ 5.41 S t. R e g is c u t -o fl, M on ta n a , c o n s t r u c te d ----------------------- 21.69 H a w le y , M in n e so ta , to C a m p N o . 2, c o n s t r u c te d ------7.74 Snake R iv e r J u n ctio n to T e x a s F e r r y , W a s h in g to n , a c q u i r e d _________________________________________________ 41.03 C orrection s b y r e -c h a in in g ______________________ 59 T o t a l a d d itio n s ................................................................................................... 108.24 Deductions: Jan . P A S S E N G E R B U S IN E S S . Passenger revenue was $17,330,608 06, a decrease of $802,630 46 or 4.43 per cent from the previous year. Mail revenue was $1,063,056 90, an increase of $67,736 48 or 6.81 per cent. Express revenue was $1,413,558 07, an increase of $132, 938 64, or 10.38 per cent. Excess baggage and miscellaneous passenger revenue was $310,483 95, an increase of $45,447 55, or 17.15 per cent. The total revenue for persons and property carried on passenger trains was $20,117,706 98, a decrease of $556, 507 79, or 2.69 per cent from the previous year. The number of passengers carried was 8,404,712, an increase of 524,379 over the previous year, and the number of pas sengers carried one mile was 767,439,465, a decrease of 26,912,483, or 3.39 per cent. The miles run by revenue passenger trains were 9,571,432, an increase of 509,604, or 5.62 per cent. The rate per passenger per mile was .02258 and .02283 last year. O P E R A T IN G E X P E N S E S . 1 1909. Jan . l 1909. Jun o 30 1909. Jun e 30 1909. 2 4.07 84.17 N e t a d d itio n s ------------------------------------------------ ---------------------------------M ileage o p e r a te d Ju n e 30 1 9 0 8 ..................... ................................................. 5,649 13 M ileage o p e ra te d Jun e 30 190 9_________________________________________ 5|733!30 A v e ra g e m ileage o p e r a te d d u rin g th e y e a r ______________________ 5,671.29 E A R N IN G S . F R E I G H T B U S IN E S S . Freight revenue was $47,073,305 13, an increase of $649,468 80 or 1.40 per cent over the previous year. 5,260,492,660 tons of revenue freight were moved one mile, an increase of 104,114,291 tons one mile, or 2.02 per cent over the previous year. The rate per ton per mile decreased from .00900 to .00895. The revenue train load increased from 430.87 to 434.59 tons. 1 ,3 2 7 4 176,644 ,62 3 3 44 ,950 2 3 4 ,120 ,08 7 4 7 6 ,9 0 0 1 ,323 1 7 6 ,299 ,67 3 233 ,6 4 3 ,1 8 7 1 ,4 00,950 .8 0 % 2 ,4 4 6 ,7 5 0 1 .0 5 % S old an d scra p p e d d u rin g th e fiscal y e a r . . N et In crease. . . 9 .6 8 % P A S S E N G E R E Q U IP M E N T . On June 30 1908 the Company owned 923 passenger train cars, including 103 sleeping cars owned jointly with the Pullman Company; on June 30 1909 1,005 passenger train cars, including 103 sleeping cars owned jointly with the. Pullman Company, a net increase of 82. The number and kind of cars owned is shown in table on page 35 pamphlet report. F R E I G H T E Q U IP M E N T . Comparative number and capacity of freight cars: — i 908--------C a p a city (T o n s). 8 4 8 ,7 1 9 11,725 2 3 ,655 N o. 23,052 428 1,432 52,825 2 76 ,890 330 19 0 ,9 5 5 3 4 ,0 0 0 2 .670 8,129 13 4,932 842 N o. B o x ___________________ 24,480 F u rn itu r e _________ . . . 465 R e f r i g e r a t o r _________ 953 F r u i t _______ S t o c k _______ 2,192 F l a t .................. 8,442 O i l ...................... 12 C o a l ____________ A,777 B a llast an d O re ______ 850 909------------ —I n c . o r D e c .— C a p a city C a p a city (T o n s ). N o . (T o n s ). 789 ,827 1,423 58.892 10,800 37 925 3 5,625 479 1 1 ,970 62,410 269 ,770 345 198 ,985 3 3 ,6 8 0 T o t a ls _______________ 42,171 1 ,4 3 9 ,0 9 9 41,498 1 ,4 0 1 ,4 4 2 P e r c e n t a g e ____ A v e ra g e c a p a c ity per c a r _________________ ____ 34.1 33 .8 N o te.— F igures In full fa c e d e n o te d ecrease. 478 313 1 155 8 9 ,5 8 5 7,120 15 8 ,0 3 0 320 673 3 7 ,6 5 7 1 .6 0 % 2 .6 2 % .3 In addition to equipment shown as on hand June 30 1909 the following have been purchased or will be built at the Company’s shops during the current year: M ain L in e M in n esota, relea sed b y su bsti tu tio n o f new d o u b le tr a c k ____________________12.28 V a n c o u v e r B ra n ch , W a s h in g to n , s h o r t e n e d .. .35 M ain L in e , M on tan a, sh o rte n e d b e tw e e n M issoula and G a rriso n _________________________ 4.93 M ain L in e , M in n esota, relea sed b y su bsti tu tio n o f new d o u b le t r a c k ____________________ 6.51 T o ta l d e d u c t io n s ___________________________________________________ A d d e d d u rin g fiscal y e a r . L ocom otives— P a cific t y p e passenger lo c o m o t iv e s __________________________________________ 44 M ik a d o ty p e fre ig h t lo c o m o t iv e s ___________________________________________ 40 S ix -w h e e l t y p e sw itch lo c o m o t iv e s ______________________ _________________ 15 M allet co m p o u n d m o u n ta in lo c o m o t iv e s ____________________________ 11 110 Freight T rain C ars— 2,000 4 0 -to n b o x cars fro m m an u factu rers an d 668 fro m C o m p a n y ’s s h o p s a t S o u th T a co m a . P a ssenger T rain C ars— 16 new steeping cars o w n e d jo in t ly w ith P u llm an C o m p a n y . D E P R E C I A T I O N O F E Q U IP M E N T . In accordance with the rules of the Inter-State Commerce Commission, the following amounts have been charged to operating expenses on account of estimated depreciation of equipment, viz.: M ain ten an ce o f E q u ip m e n t: L ocom otives----------------------------------------------------------- $859,396 P assen ger c a r s ____________________________________ 230,741 F reigh t c a r s ....................... 1 ,6 05,700 W o r k ca r s ______________ 51,398 F lo a tin g e q u ip m e n t___________ 1,565 70 01 14 44 15 — --------------- $2,754,801 44 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 . The charges for Maintenance of W ay and Structures were $7,847,050 35, a decrease of $915,246 98 or 10.45 per cent. The property was well maintained and improved, as shown by tho following: PERM ANENT W A Y . 29.48 Nevr m ain line laid w ith 8 5 -p o u n d ra il________________________ N ew s econ d track laid w ith 8 5 -p o u n d r a il____________________ 115 .54 M ain line relaid w ith new 9 0 -p o u n d r a i l _____________________ 13.67 M ain line relakl w ith new 8 5 -p o u n d r a i l _____________________ 374 .18 S econ d tra ck relaid w ith new 9 0 -p o u n d rail - ...........- ................ 19.00 S e c o n d track relaid w ith new 8 5 -p o u n d r a i l __________________ 5.34 S id in gs an d spur tracks c o n s t r u c te d ___________________________ 130.77 T r a c k b a l l a s t e d _________________________________________________ 627.58 E m b a n k m en t w i d e n e d _________________________________________ 191 .70 C ross-tie ren ew als, m ain l i n e __________________________________ 1,3 0 6 ,1 7 0 C ross-tie ren ew als, b ra n ch lin e s ________________________________ 971 ,010 T im b e r bridges rep la ced b y p e rm a n e n t stru ctu re s a n d e m b a n k m en ts, 40 In n u m b e r, equa l t o --------------------------------------1 .6 5 T im b er brid ges r e n e w e d --------------------------44 T im b e r c u lv erts r e p l a c e d ----------------------------------------------------------217 N ew s to c k fe n c e c o n s t r u c t e d --------------------------------272 .57 N ew sn ow fe n c e c o n s t r u c t e d ----------------------------------------------------0 .5 0 m iles “ “ “ “ “ “ “ “ T ie s “ m iles m iles “ B R ID G E S . R e p la ce d b y e m b a n k m e n t________________________29 b rid g e s , 5,479 lineal fe e t “ 3 ,2 6 8 “ Replaced b y truss, girder and I-beam spans____ 17 8 .7 4 7 “ 44 timber bridges, 5,364 lineal feet have been renewed. 217 timber culverts were rebuilt, 4 in temporary and 213 in permanent form. There are now under construction on operated lines, 2,302 lineal feet of steel girders on concrete piers, 835 lineal feet of steel trestles and 1,616 lineal feet of reinforced concrete trestles. A plant has been established at Glendive, Montana, for the purpose of making concrete piles and slab girders, with which the present pile bridges, which it is not necessary to replace with steel girders, can be replaced in concrete with ballasted deck. I t is expected that by the end of 1911 all timber structures on the main line between St. Paul and Livingston, Montana, will have been replaced with steel or concrete. B R I D G E S A S T H E Y E X I S T J U N E 30 1909. A ggregate Length. N o. S teel, Iron, ston e a n d c o n cre te p e rm an en t brid ges 518 T im b e r and c o m b in a tio n Iron and tim b e r s tr u c t u r e s , - ________ _________________________________ 2,736 T o ta ls .....................................- .................................3,254 C O M B IN A T IO N S T A T I O N S . Frame combination stations have been constructed as follows: In Montana: at Townsend, Cardwell, Pipestone, Silesia, St. Regis, Rivulet and Paradise. In Idaho: at Kootenai. In Washington: at Mondovi, Outlook, Bayne, Deer Island, Crawford and Grand View. S H O P S , E N G IN E F A C I L I T I E S A N D Y A R D S . During the year 90 bridges were replaced and 16 aban doned. 44 were replaced by timber structures and 8 permanent and 38 timber structures were replaced in perm anent form as follows: T o ta l ........................................................................... 46 Ellensburg, Wash.— A passenger station, to be constructed of brick with sandstone trimmings, and platform, is under way, to be completed this autumn. Tacoma, Wash.— The City of Tacoma has granted the franchise required for the construction of the new passenger terminal and work has been commenced. Gontract has been awarded for the passenger station, train shed and platform. Exterior walls of the station will be built of brick with sandstone trimmings; floor system and stairs will be re inforced concrete; roof and dome, steel. L in ea l F e e t. 7 9 ,7 6 5 M ile s . 15.11 4 2 2 ,3 0 7 79.98 502 ,072 95.0 9 Laurel, Montana.— The 40-stall roundhouse, shops, sewer and water facilities, coal dock and other division terminal buildings, with yards, mentioned in last report as being under construction, have been completed. Paradise, Montana.— The 20-stall roundhouse, shops, sewer and water facilities, coal dock and other division terminal buildings, with yards, have been completed. Kootenai, Idaho.— The 20-stall roundhouse, shops, sewer and water facilities, coal dock and other division terminal buildings, with yards, have been completed. F U E L S T A T IO N S . Besides the coal docks at Laurel, Paradise and Kootenai mentioned above, new docks have been erected in Montana at Livingston, Saltese, Rivulet, St. Regis and Trout Greek, and at Aberdeen Junction, Washington. W ATER SU PPLY. New steel water tanks of 100,000 gallons capacity have been completed at Brainerd, Minnesota; Laurel, Montana; Paradise, Montana; and Kootenai, Idaho. New wooden water tanks of 100,000 gallons capacity have been completed at Witherow, Minnesota; Mandan, North Dakota; St. Regis, Rivulet and Belknap, Montana; and Ridgefield, Washington. Gravity water supply has been installed at Castle Rock, Washington and Easton, Washington. IN T E R L O C K IN G P L A N T S . Superior, W is.— The mechanical interlocking plant at The total length of timber structures replaced by steel crossing of C. St. P. M. & O. Ry. has been remodeled and bridges, embankment, or in other permanent form, from enlarged from a 24 lever machine with 22 working levers to a July 1st 1885 when the work was commenced, to June 30th 52 lever machine with 34 working levers. An electric interlocking plant has been installed at the 1909, has been 112.75 miles. Wisconsin draw-bridge over St. Louis Bay. This is a 24 B U IL D IN G S . lever machine with 18 occupied spaces. Superior, W is.— The new brick passenger station at Duluth, M inn .— An electric interlocking plant has been Nettleton Avenue, mentioned in last report, was completed installed at the Minnesota draw-bridge over St. Louis Bay. in October 1908. This is a 20 lever machine with 16 occupied spaces. Cloquet, M inn .— A frame passenger station (joint with A mechanical interlocking plant has been installed at the Great Northern Railway) is being erected and will be finished junction with the Duluth Missabe & Northern Railway at this autumn. 27th Avenue. This is a 24 lever machine with 19 working St. Paul, M inn .— An extension 48x300 feet of the freight levers. house and general office building, Prince Street, is being St. Paul, M inn.— An electric interlocking plant has been built, to be completed this autumn. The second story is to installed in Mississippi Street yard. This is a 40 lever be utilized as an extension of the general offices. machine with 37 occupied spaces and takes the place of an St. Cloud, M inn .— A passenger station of brick with old 24 lever mechanical machine with 20 working levers. granite trimmings, with platforms, is under way, to be Manitoba Junction, M inn.— Authority has been granted completed this autumn. for the installation of a mechanical interlocking plant at this Detroit, M inn .— The brick passenger station, with plat point at the junction of Red River branch with new main lino. forms, mentioned in last report, has been completed. The machine will be 24 lever frame with 19 working levers. Staples, M inn .— A brick passenger station and office Carman, M inn.— Contract has been awarded for install building is being erected. The second story will provide ation of a mechanical interlocking plant at this point at quarters for the division superintendent and his forces. crossing of Great Northern Railway, the machine to be The building will be completed this autumn. 24 lever frame with 21 working levers. Dilworth, M inn .— A brick office building, to provide Garrison, Montana.— Contract has been awarded for quarters for division officers and forces has been completed. installation of a mechanical interlocking plant at this point Moorhead, M inn.— A brick freight house and office at end of double-track and junction with Northern Pacific 30x160 feet, with necessary platforms, has been completed. Butte Line, the machine to be 24 lever frame with 21 working The heating plant installed will also provide heat for pas levers. senger station. Montana Division, First District.— Authority has been Valley City, N . D .— A now passenger station, located on granted for the installation of automatic block signals the new main line between Alta and Berea, is being erected, between Laurel and Livingston. There will be 176 electric and will be completed this autumn. signals of three-position type. Jamestown, N . D .— A brick lunch room has been com Tacoma, Wash.— Ten additional automatic block signals pleted. have been installed between this point and South Tacoma. Billings, Montana.— The new brick passenger station and Tacoma-Seattle Line.— Contract has been awarded for brick lunch building have been completed. installation of automatic block signals between Tacoma and A brick supply building for use in connection with pas Seattle. There will be 51 electric signals of three-position senger facilities has been erected. type. Forsythe, Montana.— A frame lunch room has been com T I E -T R E A T I N G P L A N T S . pleted. Brainerd, M inn.— 7,365 lineal feet of trackage, one Leiviston, Idaho.— The brick passenger station has been additional 160,000-gallon steel storage tank for creosote oil, completed. Pasco, Washington.— The frame lunch building mentioned and one 100,000 gallon steei water tank for fire protection have been added to this plant. in last report has been completed. Paradise, Montana.— 13,315 lineal feet of trackage and A frame two-story recreation building is under way, to be one 160,000 gallon steel storage tank for creosote oil have completed this autumn. K North Yakima, Wash.— A passenger station and express been added to the plant. There were treated during the year ending June 30 1909 building to be constructed of brick with sandstone trimmings, 463,220 ties at Brainerd and 584,979 at Paradise. and platforms, is under way to be completed this autumn. DOCKS AND W H A R V E S. J O IN T L IN E S W IT H T H E U N IO N P A C IF IC R Y . CO. Seattle, TFas/i.— Work on extensions of piers Nos. 1 and 2 to new harbor line is under way. A portion of the piles under the present piers Nos. 1 and 2 have been protected from teredo action by lock joint cement pipe. . . A new shed lias been built along the side of pier No. 3. The dock and freight sheds at West Seattle have been extended. The road between Lewiston, Idaho, and Texas Ferry, Washington, 72.03 miles, and between Cul de Sac and Orangeville, Idaho, 54.84 miles, is completed and in opera tion. Arrangements for joint operation in the interest of the owning companies are now being made. CHARGES TO C A P IT A L ACCOUNT. Upon requisition of the Executive Officers, approved by the Board of Directors, expenditures have been made during the past fiscal year for: Ileal estate, right o f w ay and term inals— $44 ,410 18 A t S u p erior, W isc o n s in , real e s t a t e _________ S t. P a u l, M in n esota, real e s t a t e ___________ 103,138 75 M in n eap olis, M in n esota, real e s ta te _____ 23,290 00 D llw o r th , M in n esota, te rm in a ls_________ (C redit) 475 52 L a u rel, M on ta n a , t e r m i n a l s .- ............... ....... 251,311 03 P a ra d ise, M on ta n a , te rm in a ls____________ 252 ,549 34 San d P o l it, I d a h o , t e r m i n a l s ............ ......... 286 ,503 97 L e w isto n , I d a h o , p assenger sta tio n , y a rd 49,066 42 and tr a c k s _____ ______ _______ ___________ S p o k a n e , W a s h in g to n , real e s t a t e ________ 403 00 S e a ttle, W a s h in g to n , term in a ls, tunnel a n d passen ger s t a t i o n .......... ....................... 69,910 10 T a c o m a , W a s h in g to n , te r m in a ls _________ 112,769 29 I lo q u la m , W a s h in g to n , real e s t a t e _______ 8,000 00 lira n ch cs, line changes, grade revisions and second m ain track— O n c -th lrd Interest In d o u b le -tra ck line V a n c o u v e r to N orth P o r tla n d , In clu d in g brid ges o v e r C o lu m b ia and W illa m e tte Itlv e r s . (T w o -th ir d s ow n ed b y S pok an e P ortla n d & S eattle R a ilw a y C o . ) ________ $ 1 ,993,357 48 S t. R e g is t o P aradise, M o n ta n a , n ew l i n e . . 648,402 23 W h ite P ine H ill, M o n ta n a , gra d e r e v i s i o n .. 488 ,708 99 567,816 05 T a co m a -T e n ln o L in e , W a s h in g t o n _________ G ra y ’s H a rbor & C olu m b ia R iv e r I l y ., W a s h in g ton __________ 85,353 09 G reen R iv e r IIranch e x te n s io n , W a s h in g to n . 49,770 13 D c S m ct to S t. R e g is , M o n ta n a _____________ 793,974 92 R ig h ts o f w a v a t S e a ttle , W a s h in g to n , fo r ch an ges o f line an d new tr a c k s ____________ 505 ,457 99 S u rv ey s an d rig h ts o f w a y In N orth D a k o t a . 2 3 ,774 16 S u p erior t o Cen tral A v e ., W isc o n s in , se co n d m ain t r a c k __________________________________ 12,263 10 W a d e n a to L a k e P a rk , M in n esota, se co n d m ain t r a c k . .......... ........................ 9,318 58 L a k e P ark to G ly n d o n , M in n e so ta , secon d m ain t r a c k __________ 698,921 19 G ly n d o n t o M oorh e a d , M in n esota, se co n d m ain t r a c k ......................... 386 59 H a g g a r t to C a sselton , N o rth D a k o ta , secon d m ain t r a c k __________________________________ 99 23 W h e a tla n d to B u ffa lo , N o rth D a k o ta , second m ain t r a c k --------------------------223 ,9 4 7 05 A lta to 13crea, N o rth D a k o ta , s e co n d m ain t r a c k ................................. 36,7 0 9 62 L iv in g s to n t o M uir, M o n ta n a , se c o n d m ain 117,722 13 tra ck ________________________________ W e s t E n d t o B oz e m a n , M o n ta n a , secon d m ain t r a c k __________________________________ 3,864 49 G arrison t o M ls s o jla , M o n ta n a , se co n d m ain tra ck ............................... 2,7 5 9 ,8 1 1 03 A u b u rn to M eeker, W a s h in g to n , se co n d m ain tra ck _______ 88,1 9 7 36 V a n c o u v e r t o K ala tn a, W a s h in g to n , secon d m ain t r a c k __________________________________ 823 ,828 42 ----------------------- PO RTLAND & SEATTLE R A IL W A Y . Lines east of Pasco have been completed and were turned over for operation on May 3rd 1909 as follows: P a sco to Snake R iv e r J u n ctio n , W a s h in g t o n .......... .......................... 26.0 9 m iles Snake R iv e r J u n ctio n to R ip a r ia (T e x a s F e r r y ), W a s h i n g t o n .. 41.03 “ S n a ke R iv e r J u n ctio n t o M arshall, W a s h in g to n ._ . 111 .79 “ O n the line fro m M arshall t o G rea t N o rth e rn J u n ctio n (S pok an e) 7.1 9 “ grading and bridging have been completed and track will be laid by August 1st 1909. That part of the Spokane Portland & Seattle Railway between Snake River Junction and Riparia, 41.03 miles, was purchased by the Northern Pacific Railway Company and the cost thereof included in the expenditures for the Clear water Short Line. N E W L IN E S , D O U B LE T R A C K , G R A D E R E V IS IO N S A N D L IN E CHANGES. M IN N E SO T A . $ 1 ,2 0 0 ,8 7 6 56 Lake Park to Glyndon, Second M ain Track, 26.83 M iles.— This work is still in progress. Completion has been delayed on account of a sink hole encountered near Stock wood for about-one mile. It is expected to obtain the use of the entire line late this autumn. NORTH DAKOTA. Wheatland to Buffalo, Second M ain Track, 11.2 M iles.— This work has been completed. Missouri River Railway.— Contracts have been let and construction is in progress as follows: From Man dan north along the Missouri River 53 miles. From Mandan south along the Missouri River 72 miles. Work on the grading is well advanced and will be ready for rails early in 1910. Western Dakota Railway (Cannon Ball Line) — Contract has been let for 90 miles of line. Work on grading is progressing favorably and will be completed in May 1910. M ONTANA. 9 .9 3 1 .6 8 4 33 A d d ition s and betterm ents— R ig h t o f w a y a n d s ta tio n g r o u n d s _________ $11 1,55 6 73 W id e n in g cu ts a n d fills______________________ 24,090 66 P r o te c tio n o f b a n k s .......................... 27,642 88 G rade rev ision s a n d ch an ges o f lin e _________ 16.546 45 T u n n el I m p r o v e m e n ts ________________________ 2,644 86 B rid ges, trestles a n d c u lv e r ts .......... ................. 2 3 0 ,3 0 5 29 In crea sed w eigh t o f rail an d fa s te n in g s____ 203 ,025 91 B a l l a s t _______________ 94,220 00 A d d itio n a l m ain tr a c k s --------------83,528 82 S id in gs a n d spu r tr a c k s ______________________ 211,548 77 T erm in a l y a r d s . _____ ______ 264 ,715 26 F e n cin g rig h t o f w a y — ....................... 29,820 89 I m p r o v e m e n t o f o v e r and u n d er grade cro s s ings ______ 1,256 30 T ra ck e le v a tio n , e lim in a tio n o f grade cro s s ings, A c _____________________________________ 28,797 54 I n te r lo c k in g a p p a r a t u s ------------11,694 03 B lock an d o th e r signal a p p a r a t u s . . . ............... 4,3 2 6 67 T elegra p h a n d telep h on e lin e s______________ 29,168 82 S ta tion b u ild in gs and fix tu re s.............. 243,408 34 S h op s, c n g ln ch ou ses an d tu r n ta b le s ________ 27,008 11 S h op m a ch in ery an d t o o ls ..................... ..( C r e d i t ) 21,3 9 0 88 W a te r an d fuel s t a t io n s ______________________ 29,307 91 D o ck an d w h arf p r o p e r t y .......... ................... 101,009 27 M iscellaneous s tr u c tu re s ________ 47,549 42 Missouri River Railway.— Contract has been let for 50 miles of line extending from Glendive northeasterly along the Yellowstone River. Grading lias been commenced. Shields River Valley Railway.— Contract has been let for 23 miles of line. All grading is completed and road will be in operation by December 1. Garrison to M issoula.— Line changes, grade revisions and second track work, 69.1 miles. The work has been com pleted. Clearwater Short Line Railway, Lo Lo Pass L in e.— Contract has been let for the first 38 miles west from Lo Lo station to Lo Lo Pass and contractors are getting their outfits on the ground. On the west side surveys are in progress. Dc Smct to St. Regis, 72 M iles.— Revision and repairs of the Cocur d’ Alene Branch on a 0.5 per cent grade line and present location. This work has been completed. St. Regis to Paradise, 21.8 M iles.— This new line has been completed. White Pine Hill, 28.4 M iles.— The work consisting of change of line and grade has been completed. W A S H IN G T O N . 1.801,851 11 N ew equipm ent— L o c o m o t i v e s ________________________ $202,151 03 P a ssen ger c a r s ___________________________________ 826,601 38 F reig h t a n d w ork c a r s _____________________ 931 ,588 84 ----------------------1,960,341 25 T o t a l fo r the y e a r ________________ _______ __________ ______ 5 14 ,894 ,75 3 25 In addition to the above amount added to the cost of the Northern Pacific Estate, advances have been made to sundry companies as follows: S p ok a n e P ortla n d A S eattle R a ilw a y C o m p a n y ...............$2,3 7 4 ,1 0 4 67 _______ 4 ,2 1 6 ,0 0 3 20 C learw ater S h ort L in e R a ilw a y C o m p a n y B ig F ork A In tern a tio n a l Falls R a ilw a y C o m p a n y _________ 53,483 32 __________ 7,3 0 0 68 M issouri R iv e r R a ilw a y C o m p a n y ____________ W estern D a k o ta R a ilw a y C o m p a n y __________ _______ _______ 226,021 01 Shields R iv e r V a lley R a ilw a y C o m p a n y ____ ________ 169,392 70 T o t a l ........................................................- .................................................. $ 7 ,0 4 6 ,3 9 5 58 C A P IT A L STOCK A N D D EBT. T h e ca p ita l s to c k o u ts ta n d in g Ju n e 30 1008 a m o u n te d t o . .$ 1 5 5 ,0 0 0 ,0 0 0 00 T h e new ca p ita l s to c k to be Issued, as e x p la in e d In the A n nual R e p o r t fo r 1007, a m o u n tin g t o ____________________ 9 3 ,0 0 0 ,0 0 0 00 has been s u b s crib e d , m ak in g a to ta l o f __________ ________$24 8 ,0 0 0 ,0 0 0 00 (o f w h ic h , as sh ow n In the B alan ce Sheet h erein , $2,3 8 7 ,0 0 0 w as, a t the d a te o f this r e p o r t, held In the fo rm o f su b s crip tio n r eceip ts, n ot h a v in g been e x ch a n g e d fo r certifi cates) . As sh ow n b y the sta tem e n t In the re p o rt o f the C o m p tro lle r, the b o n d e d d e b t o f the c o m p a n y In creased........ .................. $ 1 ,1 9 7 ,7 6 0 68 SPO KANE Connell Northern Railivay.— Connell to Adrian, 62 miles. Contract has been let and grading is making favorable progress. Ritzvillc Branch, 38 M iles.— Contract has been let and contractors are getting forces on the work. Auburn to Meeker, 7.5 Miles double track.— This work has been completed. Vancouver to Kalama, 29.9 Miles Second M ain Track and Revisions.— The revision of line and grading for second main track have been completed and track will be finished by October 31 1909. Tenino to Kalama, 66.0 Miles of double tracking and Re visions.— Contract has been let. The second track will be completed between Tenino and Chelmlis, a distance of 15 miles, this fall. G ENERAL. The flood damage in Montana mentioned in the last report turned out to be as great as anticipated and the heavy repairs and bridge adjustments made necessary are just being completed. In the Minnesota Rate Case the testimony has been closed during the year and it is hoped the arguments will be made late this autumn. The report of the Comptroller gives further details of the transactions of the Company. By order of the Board of Directors, H O W A R D E L L IO T T , President. NORTHERN P A C IF IC R A IL W A Y CO M PANY— G E N E R AL CAPITAL LIABILITIES. N O R T H E R N P A C IF IC E S T A T E — B a la n ce o f th is a c c o u n t Jun e 30 1 9 0 8 _____________________________________________________ $332,327,2-10 88 T o w h ic h a d d : N ew m ilea ge, grade re visio n s a n d s e c o n d tra ck c o n s tr u c te d s in c e . $ 9 ,9 3 1 ,6 8 4 33 R ea l esta te a n d term inals p u rch a s e d s in c e _______: _________________ 1 ,2 0 0 ,8 7 6 56 A d d ition s a n d b e tte rm e n ts s in c e ____________________________________ 1 ,801,851 1 1 -------------------------- 1 2 ,9 3 4 ,4 1 2 00 C A P IT A L ST O C K — C o m m o n s t o c k issu ed t o Ju n e 30 19 0 8 .................................................................. ........... ...................$ 1 5 5 ,0 0 0 ,0 0 0 00 A d d itio n a l c o m m o n s t o c k issu ed ________________________________________ $90 ,6 1 3 ,0 0 0 00 A d d itio n a l c o m m o n s t o c k t o be Issued o n s u rren d er o f s u b s c r ip tio n r e c e i p t s _________________________ _____________________ . . ______ 2 ,3 8 7 ,0 0 0 00 --------------------------9 3 ,0 0 0 ,0 0 0 00 $24 8 ,0 0 0 ,0 0 0 00 M ORTGAGE D E B T — P r io r lien b o n d s ........................... ........................................................... ................$ 1 1 3 ,1 5 0 ,0 0 0 00 5 ,143,500 00 L ess, b o n d s c a n c e l e d _____________________________________________________ $ 3 4 5 ,2 6 1 ,6 5 2 S8 Less: N et p roceed s o f L a n d D e p a r tm e n t_________________________________ $ 1 ,499,041 40 1 ,0 3 8 ,9 5 8 37 Sale o f s u n d ry p r o p e r t y ____________ ______ _____ ______________________ B a lan ce o f L iq u id a tio n F u n d w ritte n o f f __________________________ 6 5 ,5 7 9 27 ---------------------------E Q U IP M E N T — B alan ce o f th is a c c o u n t Ju n e 30 1908 ___________________________________ $3 9 ,4 8 4 ,8 6 3 89 N ew eq u ip m e n t p u rch a s e d o r b u ilt s in c e ________________________________ 1,9 6 0 ,3 4 1 25 -------------------------- 1 0 8 ,0 0 6 ,5 0 0 G eneral lien b o n d s _____________________________________________________ ______ _•_____________ 6 0 ,0 0 0 ,0 0 0 S t. P a u l-D u lu th D iv is io n b o n d s ______________________ __________________ 10,4 1 9 ,0 0 0 00 2 ,3 3 9 ,0 0 0 00 L ess, b o n d s c a n c e l e d _________________________________________________ --------------------------8 ,0 8 0 ,0 0 0 N orth e rn P a cific -G r e a t N orth ern jo in t b o n d s — t o t a l issu e ____________ 21 5 ,2 2 7 ,0 0 0 00 Less, G reat N o rth e r n R a ilw a y C o m p a n y ’s p r o p o r t io n .. ____________ 1 07 ,613 ,50 0 00 --------------------------- 1 0 7 ,6 1 3 ,5 0 0 2 ,6 0 3 ,5 7 9 04 $ 3 4 2 ,6 5 8 ,0 7 3 84 S E C U R I T I E S IN H A N D S O F T R U S T E E 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____________________________________________________________________________________ 1,288,241 25 In d e b te d n e ss o f o t h e r c o m p a n ie s assum ed b y N o rth e r n P a c ific R a ilw a y C om p a n y : St. P aul & N o rth e r n P a c ific R a ilw a y C om p a n y gen eral m o r tg a g e b o n d s _________ S t. P a u l & D u lu th R a ilr o a d first m ortg age b o n d s ________________________________ •St. P a u l & D u lu th R a ilr o a d secon d m ortg a g e b o n d s ___________________________ St. P a u l & D u lu th R a ilr o a d first c on solid a ted m o r tg a g e b o n d s __________________ T a y lo rs F a lls & L a k e S u p erior R a ilroa d b on d s (g u a ra n te e d b y S t. P a u l & D u lu th R a ilr o a d C o m p a n y )______________________________________________________________ D u lu th S h ort L in e R a ilw a y b on d s (gu aran teed b y S t. P a u l & D u lu th R a ilr o a d C o m p a n y ) _________________________ _______________________________________________ W a s h in g to n & C o lu m b ia R iv e r R a ilw a y first m o r tg a g e b o n d s _____________________ C O S T O F S E C U R I T I E S IN H A N D S O F T R U S T E E o f N o rth e rn P a cific-G re a t N o rth e r n jo in t b o n d s as c o lla te ra l (1 ,0 7 6 ,1 3 5 shares C . B . & Q . R R . ca p ita l s to c k — N o rth e rn P a cific R a ilw a y C o m p a n y o n e -h a lf o w n e r )_______________ 10 9 ,1 1 4 ,8 0 9 76 CURRENT ASSETS. 2 1 0 ,0 0 0 00 500 ,0 0 0 00 2 ,6 2 0 ,0 0 0 00 15,351,000 00 Total 8547,051,000 00 CURRENT LIABILITIES. CASH ASSE T S— Cash on h an d a n d in b a n k s . . _______ __________________________ $ 33 ,200 ,45 4 03 A c c o u n ts r e c e iv a b le ____________________ $ 9 ,3 3 9 ,4 0 6 31 Bills r e c e iv a b le _____________________________________________________________ 3 ,8 8 9 ,2 7 3 92 ------------------------1 3 ,2 2 8 ,6 8 0 23 M aterial o n h a n d ________ ______ ___________________________ _______________ . - . .......................... 6 ,1 6 6 ,6 8 5 92 P A Y R O L L S , V O U C H E R S A N D M IS C E L L A N E O U S A C C O U N T S ........................................ T A X E S A C C R U E D O N R A I L W A Y (p a rtly e s t im a t e d )............................................................... IN T E R E S T ON M O R T G A G E D E B T — A c c r u e d ___________________________________________________________________ M a tu re d , in clu d in g Interest d u e J u ly 1 1 9 0 9 ____________________________ 3 5 ,8 2 7 ,0 7 4 13 D IV ID E N D S U N P A ID — C o m m o n s to c k d iv id e n d , N o . 4 7 , d u e A u gu st 2 19 0 9 _________________ U n p a id d iv id en d s S t. P a u l & D u lu th R a ilr o a d C o m p a n y ____________ $ 5 0 5,61 6 66 1 ,1 2 8 ,3 8 9 50 -----------------------4 ,3 4 0 ,0 0 0 00 1,854 50 --------------------------- $ 7 ,1 3 5 ,8 5 8 29 1,707-,652 32 ' 1 ,6 3 4 ,0 0 6 16 4 ,3 4 1 ,8 5 4 50 Total 14,819,371 27 CONTINGENT LIABILITIES. I N S U R A N C E F U N D A C C O U N T ................................................................... 3 7 ,7 8 7 ,4 3 0 64 $ 5 ,1 3 9 ,2 7 8 35 1 2 ,1 3 8 ,2 4 9 23 Total 5 ,1 3 9 ,2 7 8 35 17,277,527 58 58,172,008 07 l x x x ix R E S E R V E ACCOU NTS— F o r im p ro v e m e n ts a n d f o r r e p la c e m e n t o f e q u ip m e n t, e t c __________________ ___________ [V o l . PROFIT AND LOSS. 2 ,5 3 5 ,2 3 1 13 Total $133,884,834 43 8637,319,906 92 B a la n ce Ju n e 3 0 th 1909, as p er s t a t e m e n t ................................ ..................... .................................................... .............. $637,319,906 92 . $ 8 ,0 2 1 ,0 0 0 00 1 ,0 0 0 ,0 0 0 00 2 ,0 0 0 ,0 0 0 00 1 ,0 0 0 ,0 0 0 00 Capital Liabilities Assumed Total 8503,435,072 49 LAND DEPARTM EN T— B a la n ce o f L a n d D ep a rtm en t cu rre n t a s s e ts ______________________________________________ 00 THE CHRONICLE 7 ,0 0 0 ,0 0 0 00 1,9 2 8 ,7 4 2 50 IN S U R A N C E F U N D A S S E T S — C ash, b o n d s , e t c ____________________________________________________________________________ 00 2 8 3 ,7 0 0 ,0 0 0 00 L E A S E D T O P R O V IN C E O FM A N IT O B A — r o a d a n d a p p u r te n a n c e s ________________________________________ $ 6 ,8 1 2 ,5 1 2 94 e q u ip m e n t ______________________________________________________ 1 57 ,034 00 m a teria l a n d su p p lie s__________________________________________ 3 0 ,4 5 3 06 -------------------------C A S H IN H A N D S O F T R U S T E E S O F S I N K I N G F U N D S _________________________ ______ C O N S T R U C T IO N A D V A N C E S T O R A I L W A Y C O M P A N IE S — S p ok a n e P o r tla n d & S e a ttle R a ilw a y C o m p a n y ________________________$ 2 8 ,8 8 8 ,9 9 7 95 C learw ater S h ort L in e R a ilw a y C o m p a n y ______________________________ 7 ,5 8 2 ,4 1 7 70 B ig F ork & In te r n a tio n a l F a lls R a ilw a y C o m p a n y ___ ______ __________ 7 3 5 ,6 7 4 24 M issouri R iv e r R a ilw a y C o m p a n y ______________________________________ 1 1 9 ,0 1 5 3 8 W e s te rn D a k o ta R a ilw a y C o m p a n y _____________________________________ 2 9 1 ,9 3 2 67 Shields R iv e r V a lle y R a ilw a y C o m n a n y _______________________________ 1 6 9 ,3 9 2 70 -------------------------- 00 00 Capital Liabilities Issued 8531,700,000 00 4 1 ,4 4 5 ,2 0 5 14 PROPERTY V a lu e o f V a lu e o f V a lu e o f T R E A S U R Y S E C U R I T I E S ...................................................... 1156 CAPITAL ASSETS. B A L A N C E SH EET? JU N E 30 1909. INCO M E ACCOUNT F O R T H E F IS C A L Y E A R E N D IN G JUNE 30 1009. . RESOURCES A N D D ISB U R SE M E N TS Y E A R E N D IN G JU N E 30 1909. D r. T o— O perating E x p en se s : r M ain ten an ce ot w a y a n d s tr u c tu re s -----------$7 8 4 /,0 o 0 3 j A talntcnance o f e q u ip m e n t -------------------------7 ,$ ? 5 ,95S 3.) T r a ffic e x p e n s e s _____________________________ SS T ra n sp o rta tio n e x p en s es -------------------------------* 0 ,*>05,621 20 (B e in g a co n d e n se d sta te m e n t o f th e financial o p e ra tio n s fo r th e y e a r .) RESOU RCES. Cash o n h an d and in ba n k s Ju n e 30 1 9 0 8 - . - .................... ........... $ 3 4 ,900 ,79 4 91 R eceip ts: B a la n ce a fte r e x p e n s e s , ta x e s a n d fixed charges -------------------------------------------------------$ 2 1 ,6 3 9 ,3 5 0 09 B a la n ce o f su n d ry a c c o u n ts c r e d ite d to P ro fit a n d L o s s . ................. ......... 26,293 45 -------------------------- 21,6 6 5 ,6 4 3 54 L a n d D e p a r tm e n t— P ro ce e d s o f sa le s------------------------------------$ 1 ,8 0 7 ,7 2 6 06 In te re s t c o lle c te d o n d e fe r re d p a y m e n t s , 88,783 13 G eneral exp en ses ........................................... — 1 ,1 0.2.-4.4 4 ,- ? 3 8 ,0 20 .004 05 T fix e s * S ta te a n d c o u n t y ------------ --------- --------------------------------------------Interest and R en tals: „„ „ „ „ „„„ „„ In terest on fu n d e d d e b t -------------------------------- $6,7 7 5 ,0 0 2 50 In te rest an d com m ission on new s to c k s u b s crip tio n s ______________ _______ — ---------- 3 ,2 6 8 ,4 1 6 36 335 ,921 51 R e n ta ls o f leased roads an d te r m in a ls------- 2 ,5 4 7 ,8 3 4 67 ° t h e r r e llta lS .............- .....................- ..................... .............. 1 ^ 1 - $ 1 ,8 9 6 ,5 0 9 19 Less e xp en ses an d t a x e s ............... ................ 3 9 7 ,4 6 7 79— 1 ,499,041 Sale o f su n d ry p r o p e r ty , & c _________________________________ 1 ,1 0 4 ,5 3 7 $ 5 9 ,1 7 0 ,0 1 7 D ecrease in secu 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 co lla te r a l_________________________________________________ 64,606 P a ym en ts on subscriptions to new capital stock ______________ 3 0 ,1 1 8 ,1 6 4 Increase in mortgage debt: Issue o f N orth ern P a cific R a ilw a y C o. P rio r L ien B o n d s ________________________________ $ 1 ,0 2 2 ,0 0 0 00 Issue o f N orth ern P a cific R a ilw a y C o. S t. P a u l-D u lu th D iv is io n B o n d s .......... .. 1 7 8 ,0 0 0 00 1 0 ,3 8 0 ,5 5 5 20 n i i' f ( Ip n (1 9 • N os. 44, 4 5 , 46 and 4 7 ______________________________________ B a lan ce carried to credtt o f P ro fit a n d L oss b e l o w ____________ 1 4 ,1 0 5 ,0 0 0 00 7 ,5 3 4 ,3 5 0 09 $7 2 ,5 8 7 ,7 4 4 61 B y— C r. O perating R evenu es: F reigh t ............ $ 47 ,073 ,30 5 13 P a s s e n g e r ________________ ______ _____________ 1 7,330,608 06 O t h e r ___________ 4 ,0 5 6 ,8 3 4 02 --------------------------$ 6 8 ,4 6 0 ,7 4 7 Outside O perations: S leep in g c a r s _______ $33 1,50 6 08 P a rlor a n d o b s e r v a tio n cars ................. 62,614 57 D in in g an d ca fe cars (D e f ic it ) ________________ 32,781 30 R esta u ra n ts .......................................... 68,020 23— $429,359 R entals R eceived __________________________________________________ 889 ,748 H ir e of E q u ip m e n t________________________________________ M iscellan eou s I n c o m e ____________________________________________ 15,011 D ividends and Interest o n se cu rities o w n e d a n d interest on d e p o s i t s _______________________________________________________ 2 ,3 4 0 .6 58 $ 72 ,587 ,74 4 08 03 $ 1 ,2 0 0 ,0 0 0 00 21 L ess, decrease In S t. P aul & D u lu th R R . Car T ru s t N o t e s ___________________________ L ia bilities increased: U n p a id p a y -ro lls , v o u c h e r s , & c _ . .................. U n p aid in te re st an d d iv id e n d s _____________ R e s e r v e a c c o u n ts ........................... ........................ 2,239 32— 1 ,1 9 7 ,7 6 0 68 $76 0,13 8 27 1 ,5 5 3 ,8 9 3 75 2 ,722,221 00— 5,0 3 6 ,2 5 3 02 $95 ,586,801730 D IS B U R S E M E N T S . ........... 58 10 89 E x p en d itu res: D iv id e n d s o n s t o c k ____________________________________________$ 1 4 ,1 0 5 ,0 0 0 N ew lines and real e s t a t e _________________ $ 1 1 ,1 3 2 ,5 6 0 89 N ew e q u ip m e n t_______ ______ ______________ 1,960,341 25 A d d itio n s an d b e tte r m e n ts _______________ 1 ,801,851 11— 1 4 ,8 9 4 ,7 5 3 $ 2 8 ,9 9 9 ,7 5 3 Cash in han ds o f T ru ste e s o f S in k in g F u n d s .................................. 9 44 ,687 C urrent assets increased: A c c o u n ts an d bills r e c e iv a b le ________________ $6,1 2 8 ,8 8 2 64 A d v a n c e s to railw ay c o m p a n ie s ____________ 7,223,931 94 T re a su ry se c u r itie s __________________________ 1 8 ,5 5 2 ,5 0 4 42 M aterial an d s u p p lie s ________________________ 53,297 75 C u rrent assets o f lan d d e p a r tm e n t________ 170 ,0 3 4 17 ------------------------- 3 2 ,1 2 8 ,6 5 0 L ia b ilities decreased: . T a x e s a c c r u e d ________________________________ $24 7,75 7 09 L iq u id a tio n a c c o u n t _________________________ 65,498 87— 3 13 ,255 Cash o n han d and in ban ks Jun e 30 1 9 0 9 ____________________ 3 3 ,2 0 0 ,4 5 4 $ 9 5 ,586 ,80 1 92 61 P R O F I T A N D L O SS A C C O U N T J U N E 30 1909. To — Balan ce __________ ________ - ........................................................ ..$5 8 ,1 7 2 ,0 0 8 07 $ 5 8 ,1 7 2 ,0 0 8 07 B y— B a lan ce to cr e d it Jun e 30 1908, as per an n u al r e p o r t __________ $ 5 0 ,6 1 1 ,3 6 4 B a lan ce o f s u n d r y a c c o u n ts w ritte n o f f _______________________ 26,293 B a lan ce o f I n c o m e fo r y e a r e n d in g Jun e 30 1909, b ro u g h t d o w n ................................................................................. 7 ,5 3 4 ,3 5 0 $ 5 8 ,1 7 2 ,0 0 8 40 64 49 53 45 00 07 B y— alance t o cr e d it o f P rofit an d L o s s as p er b a lan ce s h e e t— $ 5 8 ,1 7 2 ,0 0 8 07 00 25 25 14 92 96 03 30 ♦PA S S E N G E R A N D F R E IG H T STA TIS TIC S . 190 7-1 908. P a ssen gers, M ile s , T on s, etc. A v era g e m ileage fo r the y e a r . ____________ P a ssen ger T r a ffic — N u m b er o f passengers c a r r ie d _____ _______ N u m b e r o f passengers carried on e m ile ______ A v era g e m iles tra veled b y ea ch p a sse n g e r___ ___ . ____ A m o u n t, R ate, etc. P er C ent. In crea se. 5 ,6 3 3 .3 3 5 ,6 7 1 .2 9 37 .9 6 8 ,4 0 4 ,7 1 2 7 6 7 ,4 3 9 ,4 6 5 91.3 524,379 $1 8 ,1 3 3 ,2 3 8 52 2 ,5 4 0 ,9 7 6 25 2 0 ,6 7 4 ,2 1 4 77 2 30 .02283 3,6 6 9 98 A v e ra g e receip ts fro m each to n o f f r e i g h t ............................ . A v era g e receipts per ton per m ile reven u e fre igh t ____ . . Freight train reven u e per m ile o f road (average m ile a g e )____ Total T rain T r a ffic — R ev en u e fro m freigh t an d passenger tr a in s ____________________ R ev e n u e per m ile o f road (a v e ra g e m ileage) R ev en u e per train m ile ___________ E x penses p er train m ile _____________ N et tra ffic' reven u e per train m ile ___________ $ 17 ,330 ,60 8 06 2 ,7 8 7 ,0 9 8 92 2 0 ,1 1 7 ,7 0 6 98 2 06 .02258 3 ,5 4 7 29 1 6 ,800,504 5 ,2 6 0 ,4 9 2 ,6 6 0 313.1 15,836,823 5 ,1 5 6 ,3 7 8 ,3 6 9 32 5 .6 $ 4 6 ,4 2 3 ,8 3 6 33 583,338 56 4 7 ,0 0 7 ,1 7 4 89 2 93 .00900 8,344 47 $ 6 7 ,6 8 1 ,3 8 9 12,014 3 1 1 ............. 6.65 3.39 2 6 ,9 1 2 ,4 8 3 9.42 9.5 4.43 $80 2,63 0 46 $24 6,12 2 67 9.69 2.69 556 ,5 0 7 79 10.43 .24 1.10 .00025 3.34 122 69 963,681 104,114,291 56 6.09 2.02 3.84 1.40 52.39 2.03 4.44 .56 1.35 69 $398,571 03 32 14 75 39 .06 .59 .09 2.48 7.41 4.51 $4 7 ,0 7 3 ,3 0 5 13 $64 9,46 8 888 ,948 58 3 0 5 ,6 1 0 4 7 ,9 6 2 ,2 5 3 71 955,078 2.80 .00895 112 8 ,4 5 7 03 $6 8 ,0 7 9 ,9 6 0 12,004 3 1 1 66 45 22 89 33 D ecrea se. A m o u n t, R ate, etc. 7,8 8 0 ,3 3 3 7 94 ,351 .91 8 100.8 A v era g e rate per passenger p er m ile . . . . ................... . . P a ssen ger train reven u e p er m ile o f ro a d (a verage m ileage) _ _ Freight T r a ffic — N u m b e r ton s reven u e freigh t carried on e m i l e . . 1908-1909. P a ssen gers, M ile s , T on s, etc. 80 02 82 .13 .00005 10.13 .08 .14 ♦ T R A IN A N D C A R M IL E A G E STA TIS TIC S . 190 7-1 908. 190 8-1 909. M ile s , T o n s, E tc. M ile s , T o n s, E tc. 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 ” passen ger tr a in s . . ._ . P ercen ta ge o f “ h elp in g ” t o reven u e train m ileage ............ . . — . -------M ileage o f reven u e m ix e d 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 and fre igh t trains P ercen ta g e o f " h e lp in g ” to reven u e train m ile a g e — ----------------------M ileage of reven u e special trains ______________ __________________________ to ta l reven u e tra in m ileage _ _________________ ______ .Mileage o f n o n -rev en u e train s _ ________ ________ M ileage of passen ger c a r s ____ _______ ____________ ______ A v era ge n u m b er o f passenger cars In train ___________ A v era g e n u m b er o f passengers in train A v era ge n u m b er o f passengers In ea ch car M ileage o f loa d ed freigh t cars ......... M ileage o f e m p t y freig h t c a r s ..... _ . . . ~ ' . " M ileage o f ca b o o s e c a r s ._ ___________________ " ___ __ * T o t a l m ileage o f reven u e fre ig h t c a r s ________ ________ ____ _ ~~ .Special s ervice ca r m ilea g e— f r e i g h t __________ . ~ S p ecia l lervlce c a r m ileage— p a s s e n g e r_____ . * T o t a l sp ecial s erv ice car m ile a g e -----------------N o n -r c v c n u e s erv ice car m i l e a g e . . ......................... . .. A v era g e n u m ber loaded freigh t cars In train A v era g e n u m b er e m p ty freig h t cars In t r a in ______________________________ A v era g e n u m b er freigh t cars In train (e x c lu s iv e o f c a b o o s e s )___________ P ercen ta g e o f e m p t y 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 era ge n u m b er ton s reven u e freigh t In train _ ___ _____ ___ ___________ A v era g e n u m b er ton s reven u e fre igh t in e a ch lo a d e d c a r ..... ................... .. _ C om pany C om pany T o n s tier T o n s per fr e ig h t — tons c a r r i e d . ............................. ................ ................................ fr e ig h t — tons ca rrie d 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 ear c o m p a n y an d c o m m e r c ia l. . . . . . _____________ 9 ,0 6 1 ,8 2 8 366 ,0 8 7 4 .0 4 % 852 ,3 4 0 11,1 1 5 ,1 3 3 1,606,181 1 3 .4 2 % 11,697 2 1 ,0 4 0 ,9 9 8 1,701,791 6 0 ,9 7 9 ,7 6 7 6 .1 5 80.12 19.95 273 ,358 ,84 1 6 4 ,9 7 8 ,9 9 2 1 1,205,528 319 ,543 ,36 1 74,707 53,153 127,860 4 ,8 5 7 ,7 6 9 22.84 5.43 28.27 1 9 .2 1 % 4 30 .87 18.86 4 ,5 8 3 ,8 5 6 1 ,0 3 8 ,9 8 3 ,5 3 3 517.68 2 2.66 9 ,5 7 1 ,4 3 2 3 4 3 ,5 0 6 509,604 3.a 9 % 734,263 11,3 7 0 ,2 8 0 1 ,642,826 1 3 .5 7 % 37,2 1 8 21,7 1 3 ,1 9 3 2,428,041 6 3,507,423 6.16 74.47 18.85 2 8 9 ,0 3 6 ,7 5 6 7 6 ,3 9 8 ,5 4 7 1 1,223,216 3 7 6 ,6 5 8 ,5 1 9 268 ,903 209 ,049 477 ,952 8 ,8 7 3 ,0 6 8 23.88 6.31 30 .1 9 2 0 .9 1 % 434 .59 18.20 4 ,4 9 9 ,3 9 5 1 ,0 4 2 ,4 7 6 ,4 8 4 520.71 21.81 2 55 ,147 3 6 ,6 4 5 .1 5 % 25,521 672 ,195 726 ,250 2,527,656 .01 15,6 7 7 ,9 1 5 1 1,419,555 17,688 2 7 ,1 1 5 ,1 5 8 194 ,196 155 ,896 3 5 0 ,0 9 2 4 ,0 1 5 ,2 9 9 1.04 .88 . 1.92 1 .7 0 % 3.72 3 ,4 9 2 ,9 5 1 3.03 P e r C e n t. 5.62 6.17 13.85 2.30 2.28 218 .18 3 .1 9 42.63 4 .1 5 .16 7.05 5.51 5.74 17,57 .16 7.7 6 259 .94 2 93 .30 273.81 82.66 4 .5 5 16,21 0.79 .86 3,5 0 1.84 .34 .59 3 ,7 5 22,581 .4 5 % 118,077 5.65 1.10 .66 84,461 IN C R E A S E IN C A P IT A L L IA B IL IT IE S A N D E X P E N D IT U R E S , L A S T T H R E E F IS C A L Y E A R S . D u rin g th e three fiscal years en d in g Ju n e 3 0 th 1909 (th e y ears co v e r in g th e p a y m en ts o f s u b scrip tion s t o N ew C a pital S t o c k ) , th e c o m p a n y has Increased Its C a pital L ia b ilities as fo llo w s : S u b s cr ip tio n s t o N ew S to c k ------------------ . . ------------------------------------------------------------T o t a l s ............... ........................................................ ............................ - ....................... ............ D u rin g th e sam e p eriod th e c o m p a n y has e x p e n d e d fo r C a pital A c c o u n t as fo llo w s : R ea l e s ta te , rig h t o f w a y a n d te r m in a ls , _____________________________ _________ B ra n ch es, line ch a n ges, g rad e revision s a n d se c o n d m ain t r a c k .........................— A d vances to — S p ok a n e P o r tla n d & S e a ttle R a ilw a y -------------------------------------------------------------------B ig F o r k & In te rn a tio n a l F a lls R a i l w a y .. . ---------------- ------------------------------------ Y ea r E n d in g J u n e 30 1907. Y ea r E n d in g J u n e 30 1908. Y e a r E n d in g J u n e 30 1909. Total Th ree Y ears. 535 7,56 3 32 1 4 ,7 2 1 ,1 0 0 37 5 3 ,536,363 32 4 8 ,1 6 0 ,7 3 5 60 5 1 ,1 9 7 ,7 6 0 68 3 0 ,1 1 8 ,1 6 4 03 5 5 ,0 9 1 ,6 8 7 32 9 3 ,0 0 0 ,0 0 0 00 5 1 5 ,0 7 8 ,6 6 3 69 551 ,6 9 7 ,0 9 8 92 531 ,3 1 5 ,9 2 4 71 5 9 8 ,0 9 1 ,6 8 7 32 95 09 85 28 52 ,0 6 0 ,8 5 4 1 1 ,3 6 4 ,9 0 9 3 ,5 5 4 ,7 6 5 2 ,2 5 5 ,1 0 2 40 26 50 82 8 1 ,2 0 0 ,8 7 6 9 ,9 3 1 ,6 8 4 1,801,851 1,960,341 56 33 11 25 5 4 ,2 1 5 ,9 9 9 2 7 ,3 7 8 ,8 2 6 9 ,0 8 7 ,5 3 3 1 5 ,3 9 3 ,6 0 7 91 68 46 35 11 ,4 9 4 ,8 9 4 42 2 ,2 3 4 ,3 7 8 57 3 11 ,144 17 9 ,4 1 8 ,9 7 5 1 ,1 3 2 ,0 3 5 37 1 ,0 4 6 111,624 65,911 41 93 75 70 66 2 ,3 7 4 ,1 0 4 4 ,2 1 6 ,0 0 3 53,483 7,3 9 0 226,021 169,392 67 20 32 68 01 70 2 3 ,2 8 7 ,9 7 4 7 ,5 8 2 ,4 1 7 735 ,674 1 19 ,015 291 ,932 169,392 5 ,0 6 7 ,0 4 0 50 70 24 38 67 70 33 5 95 4,26 8 6 ,0 8 2 ,2 3 3 3 ,7 3 0 ,9 1 6 11 ,1 7 8 ,1 6 3 5 ,0 6 7 ,0 4 0 33 5 3 5 ,9 8 5 ,9 9 9 33 5 2 1 ,9 4 1 ,1 4 8 83 5 3 5 ,4 0 2 ,2 6 6 76 593 ,3 2 9 ,4 1 4 92 THE BALTIMORE & OHIO RAILROAD COMPANY. E IG H T Y -T H IR D A N N U A L R E P O R T — F O R T H E F IS C A L Y E A R E N D E D JU N E 30 1908. Office of the Baltimore & Ohio Railroad Company, Baltimore, M d., October 14 1909. To the Stockholders of the Baltimore & Ohio Railroad Company. The President and Directors submit the following statement of the affairs of the Company for the year ended June 30 1909: The results from operation on the entire system were: E a rn in g s. M ile s . E x p en se s . P ercentage N et E a rn in g s. o f E x p en se s to E a rn in g s. T h e B a ltim o re & O h io R a ilr o a d , In clu d in g B a ltim o re & O h io S o u th w e ste rn R R _ . 4 ,0 0 3 .5 2 5 7 1 ,0 4 3 ,5 1 9 23 8 4 7 ,5 5 1 ,9 7 6 35 5 2 3 ,4 9 1 ,5 4 2 88 1 ,7 5 7 ,3 3 2 53 5 ,3 6 9 ,3 3 7 05 3 ,6 1 2 ,0 0 4 52 4 56 .38 C on trolled o r A ffilia te d L in e s ------------------------------------------------------------------------------------------- 66.93 67.27 4 ,4 5 9 .9 0 5 7 6 ,4 1 2 ,8 5 6 28 5 5 1 ,1 6 3 ,9 8 0 87 5 2 5 ,2 4 8 ,8 7 5 41 66.96 The general distribution of the earnings and operating expenses of the Baltimore & Ohio Railroad Company was cJ follows: O P E R A T I N G R E S U L T S O F T H E B A L T I M O R E & O H IO R A I L R O A D C O M P A N Y F O R T H E Y E A R E N D E D J U N E 30 1909, IN C O M P A R IS O N W I T H T H E Y E A R E N D E D J U N E 30 1908. 1909. E a rn in g s— F r o m F reig h t T r a f f ic .......... ................................. . . . F r o m P a ssen ger T r a f f ic ............... ............................ F r o m E x p ress T r a f f ic ________________ _______ .. F r o m T ra n sp o rta tio n o f M a lls________________ F r o m M iscella n eou s T r a n s p o rta tio n _________ F r o m O p era tion s o th e r th a n T r a n sp o rta tio n 3 5 3 ,8 7 2 ,4 1 6 12 ,9 7 0 ,1 1 2 1,480,121 1,20 7 ,3 7 2 970 ,328 543 ,168 5 5 5 ,6 8 1 ,7 8 5 13 ,7 3 6 ,1 0 6 1 ,4 5 3 ,7 2 0 1 ,2 1 1 ,5 9 5 9 78 ,226 5 47 ,346 11 07 47 44 58 56 5 7 1 ,0 4 3 ,5 1 9 23 G ross E a rn in g s-----------------------------------------E xp en ses— „ F o r M a in ten a n ce o f W a y a n d S tr u c tu r e s ------F o r M a in ten an ce o f E q u ip m e n t --------------------F o r T r a ffic E x p e n s e s ------------------ --------------------F o r T r a n s p o rta tio n E x p e n s e s ------------------------F o r G eneral E x p e n s e s -------------------------------- — 5 9 ,0 1 7 ,3 9 6 1 0 ,9 8 5 ,7 3 0 1,608,451 2 4 ,4 5 3 ,7 9 0 1 ,4 8 6 ,6 0 7 54 49 62 05 65 68 97 10 24 32 90 4 ,222 80 7,8 9 7 74 4 ,1 7 8 34 5 7 3 ,608 ,78 1 21 52,565,261 98 510 ,5 7 9 ,6 8 8 1 2 ,6 5 2 ,6 4 0 1 ,6 6 9 ,0 2 8 2 7 ,7 2 0 ,1 9 2 1 ,5 2 9 ,3 2 9 51 ,5 6 2 ,2 9 2 1 ,6 6 6 ,9 1 0 60,576 3 ,2 6 6 ,4 0 2 42,721 61 74 53 34 16 5 4 7 ,5 5 1 ,9 7 6 35 5 5 4 ,1 5 0 ,8 7 9 38 N e t E a rn in g s fr o m O p e r a t io n ------------------------------ 5 2 3 ,4 9 1 ,5 4 2 88 5 1 9 ,457 ,90 1 83 P e r c e n ta g e o f E x p en ses t o E a rn in g s ----------------- 66.93 73.57 T o t a l E x p e n s e s ................................................... 5 1 ,8 0 9 ,3 6 9 57 7 65 ,994 90 326,401 37 07 25 91 29 51 5 6 ,5 9 8 ,9 0 3 03 54,033,641 05 The lines included in the foregoing table of operating results, and their respective mileage, aggregating 4,003.52 miles appear in detail in table 28 of this report, with omission of the Valley Railroad of Virginia, Cleveland Terminal & Valley Railroad, Ravenswood Spencer & Glenville Railway, Cleveland Lorain & Wheeling Railway, Ohio & Little Kanawha Railroad, * for which lines a summarized table follows: O P E R A T I N G R E S U L T S O F T H E F O L L O W I N G L I N E S C O N T R O L L E D B Y O R A F F I L I A T E D IN I N T E R E S T W I T H T H E B A L T I M O R E & O H IO R A I L R O A D S Y S T E M F O R T H E Y E A R E N D E D J U N E 3 0 1909 IN C O M P A R IS O N W I T H T H E Y E A R E N D E D J U N E 30 1908.__________ C om p a rison o f N et E a rn in g s w ith 1908. 190 9. M ile s . E a rn in g s. V a lle y R a ilr o a d o f V ir g in ia -------------------------------------------------R a v e n s w o o d S p en cer & G len ville R y _____________________ C levela n d T erm in a l & V a lle y R R --------------------------------------C levela n d L o r a in & W h e e lin g R y --------------------------------- . . O h io & L ittle K a n a w h a R R _____________________ _________ 62.12 3 2 .4 0 92.72 194.88 7 4 .2 6 4 5 6 .3 8 5197,383 55,190 1 ,0 5 6 ,4 8 7 3 ,7 9 6 ,1 8 2 264 ,093 E x p en se s . 16 43 55 42 49 5 5 ,3 6 9 ,3 3 7 05 The gross earnings of the Baltimore & Ohio Railroad Company for the fiscal year ended June 30 1909 were $71, 043,519 23, a decrease from those of the preceding year of $2,565,261 98, due to a contiunance of the general depression in business prevailing though out the country, which so seriously affected your earnings during the fiscal year ended June 30 1908. The first five months of the current fiscal year were marked by diminished earnings to the extent of $6,277,850 51, Us comparing with the same period in previous year. With December 1908 an improvement was noted and a gain over December 1907 was made of $357,588 81; the remaining N et E a rn in g s from O peration. 5136,143 55,990 7 36 ,652 2 ,4 6 4 ,8 8 2 21 8 ,3 3 5 43 87 03 54 65 53 ,6 1 2 ,0 0 4 52 5 61 ,239 D e f. 800 31 9 ,8 3 5 1 ,3 3 1 ,2 9 9 4 5 ,757 73 44 52 88 84 51 ,7 5 7 ,3 3 2 53 In crea se. D ecrea se. P ercen t age of E x p en ses to E arn ings. 46,061 59 68.97 101 .45 69.73 64.93 82.6 7 5 41 ,989 71 67.2 7 511,374 26 4 4,928 72 51,251 16 59,123 70 months of the fiscal year continued to show substantial gains, indicating a return movement towards normal business conditions, the comparative increase for the last seven months aggregating $3,712,588 53. Of the loss in earnings during the year $1,809,309 57 was in freight traffic with a decreased tonnage carried of 1, 264,737 tons and of 510,670,124 tons carried one mile; the average rate per ton per mile was .581 cents as compared with .569 cents in 1908. The falling off in coal shipments was 889,942 tons, while there was a gain in coke of 112,113 tons. There was a marked loss in shipments of ores of 359,703 tons; in iron (pig and blooms), 271,394 tons; in grain, 261,378 tons, and in forest products of 112,942 tons. On the other hand there were increases in shipments of stone, sand, &c., of 319,689 tons; in cement, brick and lime of 196,204 tons, and in rails, castings and machinery ot tons. The statement of commodities carried, table 17, shows the above and other fluctuations in the various commodities. , n„ The passenger earnings show a decrease ot $765,994 JO, with an average rate per passenger per mile of 1.380 cents as against 1.890 cents. The number of passengers carried decreased 161,251, with a reduction in the number of pas sengers carried one mile of 36,888,527. > The earnings from express traffic increased 826,401 37, the receipts from the transportation of mails decreased 84, 222 80 notwithstanding the increase in mail matter trans ported [ owing to material reductions made in rates of pay for transportation and facilities furnished and receipts from miscellaneous transportation and other items diminished 812,076 08. . The exepenses of operation show decreases aggregating 86,598,903 03, of which amount 81,562,292 07 was in maintenance of way and structures; $1,666,910 25 in main tenance of equipment; $60,576 91 in traffic expenses; $3, 266,402 29 in transportation expenses, and $42,721 51 in general expenses. The percentage of expenses to gross earnings was 66.93 per cent, as against 73.57 per cent in 1908, a decrease of 6.64 per cent. . The shrinkage in traffic which so markedly diminished the earnings in the early months of the year resulted in decreased transportation expense and admitted of material reductions in maintenance expenditures. rl he distribution of operating expenses, found in table 11, sets forth the comparative increases and decreases in the several accounts. A number of these reductions arc due to the change made July 1 1908 when the classification determining and governing “ Outside Operations” was made effective by the Inter-State Commerce Commission. This relieved operating expenses of a class of expenditures which were regarded as not necessarily incident to transportation by rail, such expenses being directly charge to Outside Operations, which feature also received credit for whatever of earning or allowances as pertained to such account. For illustration, of the decrease in maintenance of equipment, $212,689 73 represented maintenance and depreciation of equipment in parlor, cafe, and dining car service transferred to the expenses of “ Out side Operations.” In transportation expenses $728,317 31 was likewise transferred, mainly represented by the expenses incident to New York Harbor Terminal Transfer service, this year treated as an “ Outside Operation” . General expenses and traffic expenses were also reduced by this same condition or other changes in classification, all of which disturb in a measure the value of comparisons with previous years. The General Income Account of the Company shows the net income of the year, after the payment of interest on the funded debt, taxes and all other fixed charges, to have been $13,020,965 48, which is an increase over that for the pre ceding year of $2,585,621 50. Against the net income there were charged dividends of four per cent on the preferred and three per cent on the common stock, the dividend of three per cent on the common stock payable March 1 1909 having been charged against the surplus as of June 30 1908; there was also charged the amount of expenditures made during the year for miscellaneous improvements, $547,983 89, leaving as the surplus for the year, to be carried to the credit of Profit and Loss account, $5,507,706 72. The Profit and Loss credit as of June 30 1908 was $17, 865,442 23; this amount was charged during the year with $5 252,467 58, made up of the three per cent dividend on common stock payable March 1 1909; the remainder $687, 192 71, being the result of charges for discounts on bonds sold and sundry adjustments during the year, leaving the total to the credit of Profit and Loss account June 30 1909, after credit of surplus for the year, $18,120,681 37. 1908. 1900. S $ D ed u ction s from G ross C orporate In co m e— N e t O p e r a tin g R e v e n u e — 152,755 194 ,135 38 W a s n ln g to n B r a n ch ________ 3 1 ,824 39,931 04 W in c h e s te r & S tra sb u rg R R . R e n ts — H ire o f E q u ip m e n t— N e t C r .7 ,3 3 0 B a l a n c e _____________ 1 70 ,864 73 J o in t F a cilitie s — T o t a l P a y 777 ,274 m en ts ______________________ 6 8 8 ,4 0 6 82 M iscella n eou s R e n ts — T o t a l 104,853 140,139 14 P a y m e n ts ___________ In te re st on F u n d e d D e b t (T a b le 1 ) ____________1 0 .7 4 1 ,6 4 3 50 10,6 4 4 ,1 0 2 560,754 O th er In te re s t (T a b le 1 ) . 5 79 ,157 51 In c . ( + ) or D ec . (— ) . $ 56 28 + 41,379 82 + 8,106 76 95 + 178,195 68 02 — 88,867 20 82 + 35,285 32 79 56 + 97,540 71 + 18,402 95 T o t a l D e d u c tio n s fro m I n c o m e ............. .....................12,5 5 4 ,2 7 8 12 1 2,264,234 08 N et C o rp o ra te I n c o m e 1 3 ,0 2 0 ,9 6 5 4 8 * 1 0 ,4 3 5 ,3 4 3 98 + 2 9 0 ,0 4 4 04 + 2 ,5 8 5 ,6 2 1 50 F r o m th is N e t In c o m e fo r th e Y e a r ____________________________ $ 1 3 ,0 2 0 ,9 6 5 48 th e fo llo w in g a m o u n ts h a v e been d e d u cte d : D iv id e n d on P referred S t o c k , 2 % p a y a b le M arch 1 1 9 0 9 ______________________ _______ _ $ 1 ,2 00,000 00 D iv id e n d o n P referred S t o c k , 2 % p a y a b le S e p t, t 19 0 9 ________________ _________ __________ 1 ,2 0 0 ,0 0 0 00 D iv id e n d on C o m m o n S to c k , 3 % p a y a b le S ep t. 1 1 90 9____________________________________ 4 ,5 6 5 ,2 7 4 87 M iscella n eou s I m p r o v e m e n ts — T a b le 7 ________ 546 ,048 07 T o p o g ra p h ica l a n d R I g h t-o f-W a y S u r v e y s an d 1,935 82 7 ,5 1 3 ,2 5 8 76 M a p s ____ ____________________ ___________ ______ L e a v in g S u rplu s, w h ich has been carried t o P ro fit a n d L o s s . $ 5 ,5 0 7 ,7 0 6 72 A m o u n t t o C redit o f P ro fit an d L o ss Ju n e 30 1908 __________________________________________ $ 1 7 ,8 6 5 ,4 4 2 23 D e d u c t D iv id e n d on C o m m o n S t o c k , 3 % p aid M arch 1 1 9 0 9 .$ 4 ,5 6 5 ,2 7 4 87 D e d u c t S u n d ry A d ju stm e n ts, N et D e b it B a la n ce ___________ 687,192 71 5 ,2 5 2 ,4 6 7 58 12,6 1 2 ,9 7 4 65 A m o u n t t o C redit o f P ro fit a n d L o ss Ju n e 30 19 0 9 -------$ 18 ,120 ,68 1 37 * T h e fo rm o f In c o m e A c c o u n t has been revised t o c o n fo r m m o r e c lo s e ly t o th a t o f the In te r -S ta te C om m erce C om m ission , an d th e to t a l o f n et c o r p o r a te Incom e fo r 1908 r e -ca st fo r p u rp ose o f p ro p e r c o m p a r is o n . The General Balance Sheet, Table 2, shows an increase in C a pital L ia b ilitie s o f ............................................................... - ...................$ 1 ,6 9 6 ,1 2 0 00 explained as follows: T h ere w ere issued fo r I m p r o v e m e n ts , B e tte rm e n ts an d E x ten sion s, and In e x ch a n g e fo r u n d e rly in g s e cu ritie s, as p r o v id e d In the re se p ctlv e M ortg ages se cu rin g such b o n d s: F irst M ortgage 4 % B o n d s -------------------------------$1 ,0 0 0 ,0 0 0 00 P itts b u rg h J u n ctio n M id dle D iv is io n P rior L ien 3 B o n d s ------------------------------9 ,1 2 0 00 P itts b u rg h L a k e Erie & W e s t V irgin ia S y s tem 4 % B o n d s . . . _______ __________________ 6 87 ,000 00 $ 1 ,6 9 6 ,1 2 0 00 In “ Capital Liabilities Assumed” there is a net decrease of $09,898 67, the result of the full payment and extinguishment of the equipment trusts of the Monongahela River. Railroad; a reduction in the outstanding undeposited old securities and an increase in Ground Rent liens on property purchased. There is a decrease in “ Loans and Bills Payable” due to the payment of the short-term notes of your Company which were outstanding on June 30 1908. “ Capital Assets” show an increase of $9,966,114 72, of which $5,550,571 72 is in Cost of Road and is made up of construction expenditures during the year, with some adjustments. “ Real Estate” shows a decrease of $3,624,386 17, mainly due to an analysis of this account and readjustment as of June 30 1909 and the transfer to Cost of Road of sundry charges for properties used in the active operations of the Company, which had been originally charged to Real Estate when acquired and were carried in this account and partly account of sale of certain properties no longer requisite for the Company’s operations. “ Securities Owned” — The ledger value of bonds owned by the Company, Table 5, has decreased $12,470,727 50, principally the result of sale of holdings of your Company’s own issue of Pittsburgh Lake Erie & West Virginia refunding bonds and of Union Stock Yards Company bonds; and the redemption and payment of Pittsburgh & Baltimore Coal Company bonds and Cleveland Terminal & Valley Railroad lease warrants. The ledger value of stocks owned by the Company, T ab le4, GENERAL INCOME ACCOUNT O F T H E BALTIMORE & OHIO decreased $1,554,514 16, due mainly to the deposit with the R A I L R O A D C O M P A N Y (IN C L U D I N G B A L I I M O R L & O H IO trustees of preferred and common stock of the Cleveland SO U 'IU IV V E S T E R N R A I L R O A D C O M P A N Y ), Y E A R E N D E D Lorain & Wheeling Railway, under the provisions of your J U N E 30 1000. IN C O M P A R IS O N W I T H T H E Y E A R E N D E D J U N E 30 1008. Pittsburgh Lake Erie & West Virginia System Mortgage, less In c. ( + ) or the acquirement of •additional stock of the Washington 1000. 1008. D e c . (— ) . $ $ $ Terminal Company and that of preferred stock of the Chicago T o t a l O p era tin g R e v e n u e - 7 1,043,510 23 73,608,781 21 2 ,5 6 5 ,2 6 1 08 Terminal Transfer Railroad Company. T o t a i O p era tin g E x p en ses 4 7 .551.076 35 54,1 5 0 ,8 7 0 38 6 ,o 9 8 ,9 0 3 03 In “ Current Assets” there is an increase in the item “ Due 2 3 ,4 9 1 ,5 4 2 88 19,457,901 83 + 4 ,0 3 3 ,6 4 1 05 by Other Companies for Advances” of $895,635 94, consist ing of amounts advanced the Baltimore & Ohio Equipment O utside O perations— + 1,150,593 67 T o t a l R e v e n u e --------------1,150,593 67 Company, $999,999 98, for purchase of equipment; less + 1,6 8 9 ,8 4 3 03 T o t a l E x p e n s e s ------------1,689,843 03 decreases in advances to Washington Terminal Company — 539 ,249 30 d ef5 3 0 ,2 4 9 36 and to Cleveland Terminal & Valley Railroad, with some other minor fluctuations. 22,0 5 2 ,2 9 3 52 19,457,901 83 + 3,4 9 4 ,3 9 1 69 2 ,0 2 7 ,2 9 8 58 + 3 4 ,8 9 0 83 2 0 ,8 9 0 ,1 0 4 11 1 7 ,430,603 25 2 ,0 6 2 ,1 8 9 41 + 3 ,4 5 9 ,5 0 0 86 Other Incom e— 4 46 ,646 90 J o in t F a cilities— T o ta l R c c . - . 466 ,1 3 4 68 M Isccll. R e n t s — T o ta l R e c - - - D lvklentls on S to c k s O w n e d . - 1.534,916 87 In terest on 13onds O w n e d ------- 1,5 9 8 ,6 3 5 87 526 ,076 40 O th er In te r e s t.............------------- -W estern Union Telegraph 60,000 00 C om p a n y A n n u ity -------------52,728 77 M iscellaneous I n c o m e -------------- 4 ,6 8 5 ,1 3 0 49 57 62 85 39 08 — 19,484 67 + 90,1 0 8 06 — 537,804 98 — 2 2 9 ,7 7 7 52 + 175,499 42 6 0 ,0 0 0 00 115,104 40 — 6 2 ,375 03 466,131 376 ,026 2 ,0 7 2 ,7 2 1 1,8 2 8 ,4 1 3 3 50 ,576 5 ,2 6 8 ,0 7 4 81 — 5 8 3 ,8 3 5 32 .2 5 ,5 7 5 .2 4 3 60 2 2 ,6 0 0 ,5 7 8 06 + 2 ,8 7 5 ,6 0 5 54 C O N STR U C TIO N A N D B E T T E R M E N T S . T h e a ggregate ex p e n d itu re s fo r C o n s tr u c tio n a n d B e tte rm e n ts 0 4 . . ___ ______ 1, to r the +tw e. lve m o n th s h a ve Lboeaenn — ............................................$< 44 ,8044 4J ,304411 24 F or the tw e lve m o n th s e n d e d Ju n e 30 1908 th e y w e r e ............. 6 ,3 7 5 ,9 2 2 43 A de cre a se o f _________________________________________________$ 1 ,5 3 1 ,5 8 1 19 The detail of the $4,844,341 24 expended, is shown in the statement of “ Analysis of Construction Charges” , Table 6, which gives the character o fjt e expenditures and the points at which they were made. e general distribution as to locality was: N ew Y o r k D iv is io n _______ _______________________________________ $11 ,708 75 P h ila d elp h ia D iv is io n _____________________________________________ 513 ,112 47 B a ltim ore D iv is io n _______________________________________________ 2 ,0 1 0 ,5 9 2 80 C u m b erlan d D iv is io n ________________ 3 1 1 ,6 8 5 51 S h en a n d oa h D iv is io n __________________________ 3,811 48 M on on g a h D iv is io n ....................... 90,955 65 W h e e lin g D iv is io n _________________________________________________ 350 ,626 41 O h io R iv e r D iv is io n __________________ 53,612 45 C on n ellsville D iv is io n _____________________________________________ 138,129 73 P itts b u r g h D iv is io n ................................... 197,526 24 N ew Castle D iv is io n _____ ______ __________________________ C redit 222,723 92 C levelan d D iv is io n ___ _______ 37,9 9 8 65 N ew ark D iv is io n ___________________________________ 62,864 85 C h ica g o D iv is io n __________________________________________________ 23,004 66 S ou th w estern D iv is io n ................ 361 ,345 51 T o t a l - ........................... ...................................................................... $4,844,341 24 Which was taken up as follows: C apital A c c o u n t, C ost ot R o a d , c h a r g e d ----------------------------------- $ 4 ,920,552 86 R a ilr o a d s In G eneral A c c o u n t , c r e d it e d _______________________ 76,211 62 N et T o t a l .............- ...................- .............................................................. -$ 4 ,8 4 4 ,3 4 1 24 In addition to the foregoing there was charged direct to the Income Account of the Company during the year the sum of $546,048 07 and to the Railroads in General Account $3,524 17, the character of which expenditures and the locality being given in statement of “ Analysis of Miscel laneous Improvements Charged to Income” table 7. The general distribution as to locality was: N ew Y o r k D iv i s io n .. P h ila d elp h ia D iv is io n . B a ltim ore D iv is io n ___ C u m b erlan d D iv is io n . S h en a n d oa h D iv is io n . M on on g a h D iv is io n ____ W h e e lin g D iv is io n _____ O h io R iv e r D iv i s io n ... C on n ellsville D iv is io n .. P ittsb u rg h D iv i s io n ... N ew Castle D iv i s io n ... C levela n d D iv is io n ____ N ew ark D iv is io n _______ C h ica g o D iv is io n ______ S ou th w estern D iv is io n T o ta l ............. ............. _______ _______ ............. ............. ............. _______ ............ .......... .. ............ _______ C redit ---------............. $16 ,293 3 2 4 ,7 4 5 9,842 94,2 8 5 3,1 6 8 5,193 2 4 ,8 8 9 2 ,7 9 9 1,821 16,165 11,954 3,2 7 3 209 1,581 3 3 ,767 51 22 68 11 58 91 68 01 10 80 52 84 64 11 81 $54 9,57 2 24 Philadelphia— The expenditures made during the year at East Side were for finishing the new engine terminal and classification yard at that point and payment for 12.8 acres of land on which the improvement is located. The new steel transfer bridge at Piers 62 and 63 has been completed, and the overhead street bridges at 60th Street and 61st Street have been rebuilt and enlarged. Work on the new double-track bridge over the Susque hanna River has steadily progressed and will be completed and in use during the coming year. Connections have been made with the Philadelphia Baltimore & Washington RR . east of the Susquehanna River between Aiken and Perryville; also west of the river between Osborne and Oakington. All the bridges between Baltimore and Philadelphia will be so strengthened during the coming year and half as to permit of the use of the heaviest equipment between those two points. Baltimore— Additional equipment was installed in the Brevard Street Battery House. Additional property has been purchased for the proposed improvements at and around Camden Station, and additional tracks have been constructed at that point to admit of the entrance of the Maryland Electric Railways Company into the station. A new fruit exchange, with track connection, has been constructed at Howard and Lee Streets. Mount Clare— The new concrete elevator has been com pleted and is now in active operation. Locust Point— Work on the new Pier 8 has steadily progressed and will be completed during the coming year. Brunswick— The fourth track from Brunswick to Weverton and the new interlocking plant at the latter point have been completed. Anacostia— The Company has settled with the Government for its proportion of the cost of the overhead bridge at Monroe Street constructed by the District of Columbia. Washington— The joint coach and engine yards are now practically completed. Various adjustments have been made in the property accounts at this place. Georgetown— The construction of the Washington & Western Maryland Railroad, between K Street and the District Line, was undertaken during the year, and while not fully completed was put in operation June 25 1909. The line of the Metropolitan Southern Railroad is being extended from Chevy Chase, Md., to the District Line,to connect with the Washington & Western Maryland Railroad, which, when completed, will give an outlet for the line from Georgetown. The work is well under way and will be com pleted during the coming year. Eckington—-There has been an adjustment of the cost of the “ Y ” at this point between the Washington Branch and Metropolitan Branch. Cumberland— The viaduct known as Bridge 68 is being widened to standard width and reinforced to carry the heaviest equipment. This work will be completed during the coming year. Buckhorn— The work of revising the line at Littic Buckhorn wall has been completed. A t Bridge 100, east of Grafton, the line is being revised'to reduce the curvature to 5 deg. 30 min., and the bridge is being renewed on the new location. This improvement will be completed during the year. Parkersburg— The terminal and yard facilities, recited in the report last year, have been completed, but some final settlements remain to be made. Wheeling— The passenger and freight terminals have been completed, with the exception of some minor details, and that portion of the freight terminals the construction of which was postponed. The facilities which have been completed are now in use. Holloway to Bellaire— That part of the work of reducing grades, eliminating curves, and constructing second main tracks, which was postponed, has now been completed. Holloway— A new telegraph office and a building for use of the Medical Examiner, with hospital facilities, were built. Kenova— Right-of-way has been purchased for a “ Y ” , and additional stock pens have been built. The Pigotts Run Line has been extended from the Pooz Mine to the Robinson Run Mine. Yough— Water rights were purchased in Laurel Run at this point. Rockwood and Brook Tunnel— Right-of-way settlement account of second track constructed between these two points. Greene Junction to Mount Braddock— The second track between these points was put in operation in March 1909. Some work still remains to be done before this improvement is finished. Palatine Branch— The extension of this line has been completed and put in operation to Station 80, a distance of 7,400 feet. Quemahoning Branch—-The extension of this branch to Jenner Mines 4 and 5, Acosta Station, has been completed and is now in use. Morgantown— The Company has paid a proportion of the cost of enlarging highway bridge at this point, thereby securing sufficient room for another track. Trotter— Right-of-way was purchased at this station for siding to the Trotter Works. Bidwell and Sipes— The construction of 5,009 feet of track west of Bidwell and 500 feet east of that point has been completed, with the exception of the track laying. McKeesport to Wheeling Junction— The interlocking plants at Demmler, McKeesport, Bessemer and Wheeling Junction have been completed, and the new passenger station at Braddock finished; this improvement cannot be completed until additional right-of-way is secured. Pittsburgh— Some additional property has been purchased for the Try Street Yard, and for the Ore Yard; also at 23rd and 24th Streets. Washington, Pa.— Property has been purchased for additional track facilities. Elm Grove— In furtherance of the improvements to be made at this place, additional right-of-way has been pur chased for passenger station and tracks. Between Gochring and Celia, expenditures were made for the purpose of widening the township road. New Castle— The Company has paid a proportion of the cost of the undergrade crossing at Rieber Street. Some property was purchased for the Gardner Avenue Yard. Youngstown— Some property was purchased at this station for additional freight house and track facilities. Warren— A new passenger station with freight facilities was built at this point. Some additional charges were made to the Mahoning Valley Western Railroad during the year. Credit has been taken for the abandoned line between Sterling and Nova. Cleveland— Work on a new Bascule double-track draw bridge with 200 feet clear span, over the Cuyahoga River, has been started. Akron— Additional right-of-way has been purchased for team-track facilities. Lorain— Considerable expenditure has been made at this point during the year. Additional tracks have been placed in the 17th Avenue Yard; property has been purchased in connection with the hoisting crane; a coal trimmer has been added to the No. 1 coal dumping machine; and additional expenditures were made in connection with the new car dump coaling machine No. 2. Gary, Pine and Indiana Harbor— Additional expenditures have been made in connection with the track and yard facilities at these points. A new freight station has been constructed at Gary, and a new passenger station is being built at this point. Mill Creek— Settlement has been made whereby the Company obtains a clear title to property occupied by its tracks at this point. Fort Ritner— The work of lining 1,100 feet of Big Tunnel is still under way. During the year stations at Orlando, Wheeling and Pierceville have been completed, and there are now in course of construction stations at Fairpoint, Listic and Warren. During the year an analysis was made of the Company’s Real Estate Account and a large amount of property found therein, which, although properly chargeable to Real Estate Account when purchased, had not been cleared to respective Cost of Road Accounts when utilized for railroad purposes. An adjustment has now been made, which explains the large amounts included in Table 6, and which, for purposes of identification, have been noted as adjustments. The work of strengthening bridges for heavy power is steadily progressing, as indicated in the tables. There were 1,090.13 miles of road ballasted; 36,192.63 tons of steel rail of 100 and 85 pounds to the yard; and 2,184,628 cross-ties used in renewals and construction. 47.30 miles of sidings, 20.42 miles of main track and 15.88 miles of second track were built during the year. Additional construction expenditures were made during the year to the extent of 8581,571 96, making the total expended to June 30 1909 815,924,303 33. While the property may be considered as being substantially com pleted, there will be some additional expenditures during the coming year. The amount of your holdings of stock as of June 30 1909 was 20,610 shares, par value 82,061,000. E Q U IP M E N T . During the year, the following new rolling equipment was added to your service: 31 Freight cars; the total equipment as of June 30 1909 being L o c o m o t iv e s ______________________________________________________ 1,906 P a sse n ge r ca r e q u ip m e n t........... .......................- .......................... . L I 61 F re ig h t ca r e q u ip m e n t____________________________________________ 81,978 W o r k car e q u ip m e n t______________________________________________ 2,825 carried in the following accounts: Locom o ----------------- C ars— Passenger. F reigh t. tives. 57,469 & O h io R a ilr o a d ______1,381 11,683 & O h io E q u ip m e n t C o - 249 8,503 188 & O h io S o u th w e ste rn H R . . 168 4,323 96 L in e s ________________ '. . 108 1,906 1,161 81,978 W ork. 1,979 615 231 2,8, as further explained below and in Table 18 of this report. TH E B A L T IM O R E & O H IO R A IL R O A D CO. Referring to Table 18 Eighty-second Annual Report, it will be noted that the entire equipment owned by the Company in service June 30 1908 comprised: 1,387 L o c o m o tiv e s, 9 E le c tric M o to rs, 885 P assen ger cars, 60,762 F re ig h t a n d W o r k c a r s ------ $47,219,500 06 The following equipment was “ put out of service” during the year through condemnation, wreck, sale, fire and destruction on foreign roads— 15 L o c o m o tiv e s, 6 P assen ger cars, 1,335 F r e ig h t a n d W o r k cars, h a v in g a b o o k va lu e o f _____________________ $307,152 14 T h e e q u ip m e n t w a s depreciated d u r in g the 802,317 51 y e a r_____________________________________ $1,109,409 65 which amount has been credited to the Renewal and Replacement Accounts, and (less salvage charged to Material Account) charged to Operating Ex penses. The Renewal and Replacement Accounts have been charged with the cost of equipment added during the year as follows: 19 F re ig h t a n d W o r k c a r s __________________ 3,620 41 Equipment as of June 30 1909: N o te .— 2 P a sse n ge r cars chan ged to W o r k cars d u r in g the year. E Q U IP M E N T C O M P A N Y . Referring to Table 18 (page 50) Eighty-second Annual Report, it will be noted that the entire equipment in service June 30 1908 comprised: 249 L o c o m o tiv e s a n d 11,689 F re ig h t c a r s-----------------15 F re ig h t ca rs were “ p u t ou t of se rvice” d u r in g the year, b y reason of w reck, w ith a b o o k va lu e o f _______ _____ ______________ T h e eq u ip m e n t w a s depreciated d u r in g the y e a r _____________________________________ ----- $16,988,317 50 $16,663 60 249,960 00 $266,623 60 which amount was credited to the Renewal and Replacement Accounts and (less salvage charged Material Account) charged to Operating E x penses. T h e R e n e w a l a n d R e p la c e m e n t A c c o u n ts have been charge d w ith co st of 9 fre igh t cars add e d d u rin g the y e a r............................... M a k in g net b alan ce credited to R e n e w a l a n d Replacement Accounts during the year___ B a la n ce a t credit of R e n e w a l a n d R e p la c e m en t A ccou n ts, June 30 1908-------------------T o w hich sh o u ld be add e d for cars o u t of se r vice a t Jun e 30 1907--------------------------------T o t a l a t cre dit of R e n e w a l a n d R e p la ce m e n t A cco u n ts, J un o 30 1909.................... ........ $12,338 95 $254,284 65 379,437 94 4,655 00 $638,377 50 Accounts June 30 1909: 240 L o c o m o tiv e s a n d 11,683 freigh t cars, w ith v a lu a tio n on E q u ip m e n t R e c o rd o f---------- 16,349,939 91 -----------------------$16,088,317 50 Th ere were p u t o u t o f service d u r in g the year, th ro u g h w reck, c o n d e m n a tio n , lire, sale a n d d e stroy e d on foreign roa d s, 5 L o c o m o tiv e s a n d 372 F r e ig h t a n d W o r k c a r s ___________________ T h e eq u ip m e n t w a s depreciated d u r in g the y e a r $5,003,774117 $73,032 00 89,763 12 $162,795 12 which amount was credited to the Renewal and Replacement Account and (less salvage charged to Material Account) charged to Operating Ex penses. T h e R e n e w a l a n d R e p la c e m e n t A c c o u n ts were charge d w ith co st of 1 F r e ig h t ca r a d d e d d u r in g the y e a r .................................................. 280 00 M a k in g net b a la n ce credited to R e n e w a l a n d R e p la c e m e n t A c c o u n ts for the y e a r ________ B a la n c e a t credit of R e n e w a l a n d R e p la c e m e n t A c c o u n ts June 30 1908 ____________________ $162,515 12 B a la n ce to cre dit of R e n e w a l a n d R e p la c e m e n t A c c o u n t s ------------------ -----------------------------------E q u ip m e n t a s of June 30 1909: $354,208 32 191,693 20 Equipment as of June 30 1909: 168 L o c o m o tiv e s, 188 P a sse n ge r cars, 9,118 F r e ig h t a n d W o r k cars, w it h v a lu a tio n on E q u ip m e n t R e c o rd o f ______________________ 4,649,565 85 --------------------- $5,003,774 17 M A R I N E E Q U I P M E N T ( B A L T I M O R E & O H I O R A I L R O A D C O .) T h e a m o u n t of d eb it June 30 1908, rep re se n tin g the v a lu e of M a rin e E q u ip m e n t a s sh ow n on G en eral B a la n c e She et (p a ge 20) of the E ig h ty -S e c o n d A n n u a l R e p o r t, w a s ____$1,095,762 20 Th ere h a s been credited to the L ia b ilit y R e n e w a l a n d R e place m en t A cco u n ts: F o r d eprecia tion of e q u ip m e n t d u r in g the ye a r (charged to O p e ra tin g E x p e n s e s )__________ $24,675 04 1,300 00 F o r b o o k v a lu e of B a rg e 6 9 -P , s o ld ................. $25,975 04 A g a in s t w h ic h a cco u n ts there h a s been charged p a y m e n t a cco u n t p u rch ase of new steel t u g . . 9,000 00 M a k in g net b alan ce to cre dit of the R e n e w a l a n d R e p la c e m e n t A c c o u n ts fo r the y e a r________ B a la n ce a t cre dit of R e n e w a l a n d R e p la c e m e n t A c c o u n ts J u n e 30 1908 ___________________ $16,975 04 T o ta l a t credit of R e n e w a l a n d R e p la c e m e n t A cco u n ts, Ju n e 30 1909_________ ______ «... $27,675 04 10,700 00 Equipment as of June 30 1909: 14 S te a m L ig h t e r s a n d T u g s . 2 P ile D r iv e r s, 124 B a rge s, F lo a t s a n d Sc o w s, 1 W h a r f B o a t. w ith v a lu a tio n on E q u ip m e n t R e c o rd o f ______ $1,068,087 16 --------------------- $1,095,762 20 $1,539,624 05 1,372 L o co m o tive s, 877 P asse n ge r cars, 9 E le c tric M o to rs, 59,448 F re igh t & W o r k cars, w ith v a lu a tio n on E q u ip m e n t R e c o rd o f------ $45,049,015 15 • -----------------------$47,219,500 06 & O H IO CO. B a la n ce to credit June 30 1908, a s a b o v e ____$1,651,121 81 E x c e ss cre dit over b o o k v a lu e of eq u ip m e n t d is posed o f . ................... .............. ................... 10,742 86 T o t a l a t credit of R e n e w a l a n d R e p la ce m e n t A cco u n ts, June 30 1909______ ______ ___ $2,170,484 91 B A L T IM O R E & O H IO S O U T H W E S T E R N R A IL R O A D R E N E W A L A N D R E P L A C E M E N T A CCO U N TS. C re d its a cco u n t depreciation a n d eq u ip m e n t d isposed of, y e a r ended Ju n e 30 1909____________________________ _________$1,564,863 41 25,239 36 D e b it s — E q u ip m e n t acqu ired d u r in g the y e a r ........................ M a k in g net b alan ce credited to Re n e w al a n d R e p la c e m e n t A cc o u n ts d u r in g the y e a r ---------------------- ----------------------------------$1,105,849 24 B a lan ce a t credit of R e n e w a l a n d R e p la ce m ent A c c o u n ts Jun e 30 1908---------------- 1,064,635 67 THE B A L T IM O R E In Table 18 (page 51) Eighty-second Annual Report, it is stated that the entire equipment in service June 30 1908 comprised: Equipment as of June 30 1909: 173 L o c o m o tiv e s, 188 P asse n ge r C ars, 9,489 F r e ig h t a n d W o r k cars, W A S H IN G T O N T E R M IN A L . B a ltim o re B a ltim o re B a ltim o re A ffilia te d THE B a la n c e to credit June 30 1908........................................ ..... 1,661,864 67 G eneral L e d g e r B a la n c e a t C re d it Ju n e 30 1909__________ $3,201,488 72 IN S U R A N C E FU N D . The value of the Insurance Fund on June 30 1908 was $805,407 73, including $100,000 advanced by the Company. This last amount has been returned and the value of the fund as of June 30 1909 is $930,002 01. A summary of the operations for the year and a statement of the assets and liabilities are shown in Table 8. R E L IE F D E P A R T M E N T . The report of the Relief Department for the twelve months ended June 30 1909 will be printed, as customary, for dis tribution to members. The operations of the department, covering the Relief, Savings and Pension features, will be found in Table 9 of this report. The Pension Feature is maintained by the Company and not from contributions of its employees. C IN C IN N A T I H A M IL T O N & D A Y T O N R A IL W A Y CO. Negotiations pending during the year have been concluded recently and made effective July 1 1909 whereby your Com pany will acquire, at the expiration of seven years, at a price then to be agreed upon or determined by arbitration, the controlling stock of the Cincinnati Hamilton & Dayton Railway Company. In this connection a plan was effected for adjustment of future interest charges and the payment or adjustment of the floating debt of the Cincinnati Hamilton & Dayton Railway Company and providing approximately $7,000,000 for improvements and working capital. Under this plan your Company will guarantee $12,500,000 of the Cincinnati Hamilton & Dayton Railway Company’s First and Refunding Mortgage 4% 50-year bonds, dated July 1 1909 and $11, 557,000 of that Company’s 4% notes, due July 1 1913, secured by a deposit of $13,000,000 of the First and Refund ing bonds. Also, upon the acquisition under the agreement of the stock of the Cincinnati Hamilton & Dayton Railway Company, your Company is obligated either to purchase at eighty-five or guarantee, $20,000,000 of that Company’s General Mortgage bonds, due July 1 1939. It is expected the closer relations of the Companies will be productive of results mutually beneficial. IM PR O V E M E N T S C H A R G E D TO INCOM E. As appears in detail in this report and the several annual reports beginning with 1900, there have been charged to Income during the period from July 1 1899 to June 30 1909, inclusive, sums aggregating $21,540,230 68 on account of Capital Improvements and $4,961,648 88 on account of Miscellaneous Improvements. The existing orders of the Inter-State Commerce Com mission, effective July 1 1909, require that expenditures of this character be, from that date, charged to Capital Account. In view of this order of the Commission it seems proper to give this summary of charges of this character made to Income in the ten-year period since the reorganization of the Company. G ENERAL. Th e general business situation throughout the country, wh ich was so unsatisfactory at the close of last year, con tinued without marked improvement until near the close of the calendar year 1908, when an improvement was noted which has verified the hopeful views as to the future, ex pressed in the report of last year. The indications at this time point to a continuous increase in business activity throughout the coming year. gg&HSBWSS@BE3E£!3aHga33S3E&rai The Board record with deep regret the death, on Septem ber 9 1909 of Mr. Edward H. Harriman, a director since the reorganization of the Company in 1899. The Minute adopted by the Board with reference to the death of Mr. Harriman will be found on page 15 of this report. The President and Directors take great pleasure in acknowl edging the faithful and efficient services of the officers and employees during the past year. By order of the Board. OSCAR G. M U R R A Y , President T A B L E 2.— G E N E R A L B A L A N C E S H E E T Y E A R E N D E D JU N E 30 1909. C o m p a riso n w ith J u n e 30 '08. C A P IT A L ASSE TS. In crea se. Cost of R oad, Including Bonds and Stocks Pledged with Trustees as Security for Funded Debt Issued: Cost of Road_________________ ______ _________ _____________________ __________ $175 ,39 0,42 5 25 Bonds and Stocks held by Trustees_________________ ______ _______________ 182,278,854 67 ---------— — ------- $357,669,279 92 Real Estate: M iscellaneous___________________________________________________ __________ __ $3,630,796 60 Property at W ashington, D . C _________________ ___________________________ 326,663 23 ------------------ — — 3 ,9 5 7 ,4 5 9 83 Gas and Electric Plants.............................................................................................................................................. 724,476 03 Equipment: Rolling Stock....................................................................................... .................................$ 47,219 ,500 06 Marine Equipm ent_____ ______________ _______________________________________ 1,095,762 20 ----------------------—— 4 8 ,315,262 26 D ecrease. >5,550,571 72 4,415,543 00 $3,367,644 86 256,741 31 • 1,362 37 T o ta l. .................................. .................................................... ........... ............................ _ ................ '...................... .............. $410,666,478 04 Securities Owned: Bonds: Baltimore & Ohio Railroad C o__________________________________ __________ $5,072,351 77 Sundry Other Companies_________ ___________ ______ _______________________ 2,387,409 11 ---------------------------- $ 7 ,459,760 8 8 Stocks: $1,219,784 44 Baltimore & Ohio Railroad Co______________________________________________ Baltimore & Ohio Equipment C o _____________________ __________________ 1,000,000 00 Sundry Other Companies______________________ ________ ___________________ 3 2 ,455,253 61 --- ------------------------ 3 4 ,675,038 05 T otal________ ______ __________________________________________________________ ________________________ _______ New Bonds and Stocks Held to Retire Old Securities__________________________________________ __________________ Insurance F u n d _______________________________________________________________________ ________________________________ Materials on H and__________________________________ ___________ _ ..................................................... . CU RRENT ASSETS. Cash In hands of Treasurer.......................... $14,768,011 47 Cash on deposit with Fiscal Agents to Pay Coupons_________________________ 5,324 20 Due by Other Companies for Advances: Baltimore & Ohio Equipment C o........................... ......... ....................... ................ $15,988 ,317 50 Other C om pan ies_____ __________ __________ __________________________________ 1,810,669 90 ---------------------------- 17,798,087 40 Due by Individuals and C o m p an ies--.............- _______ _______________________ _____________________ 2 7 ,094,456 87 Traffic Balances_____ _______ 999,728 54 Due from Agents________________ 3 ,251,023 58 Loans and Bills Receivable________________________________________________________________________ 211,893 63 M iscellaneous_______________ 554,005 46 42 134,798 231,541 924,251 4 958,972 93 07 89 01 12,399.027 50 71,700 00 1,864 62 1,556,378 78 14,940 00 53,501 42 444,918 09 812,517 47 999,999 98 110,524 27 255,050 85 507,700 31 170,271 91 1,130,070 13 T o ta l.................................................................... ............................................................................................................................. 64,683,431 15 $523,599,473 99 $6,648,725 67 C o m p a riso n w ith J u n e 30 '08. C A P IT A L L IA B IL IT IE S . In crea se. D ecrease. C a p ita l Sto c k : P r e fe r r e d .............................................................................. .......... ..................... - .........$60,000,000 00 C o m m o n ....................................................................................... ........ ........................... 152,175,829 00 -------------------------$212,175,829 00 F u n d e d D e b t: P rio r L ie n T h ree a n d O n e -h a lf P e r C e nt B o n d s _____________ $75,000,000 00 F ir s t M o rtg a g e F o u r P er Ce nt B o n d s ______ ______ 75,000,000 00 $ , P it t s b u r g h J u n c tio n & M id d le D iv is io n P rio r Lien Th ree anti O n e -h a lf P e r C e nt B o n d s . . 13,819,650 00 9,120 00 So u th w e ste rn D iv is io n T u rc e a n d O n e -h a lf P e r C e n t B o n d s __________________________ 45,000,000 00 T e n - Y e a r G o ld C o n ve rtib le D eb en tu re F o u r P e r C e nt B o n d s _________________________ 139,000 00 P it t sb u rg h L a k e E rie & W e st V ir g in ia F o u r P e r C e n t R e fu n d in g B o n d s ____________ 43,269,900 00 687,000 00 N e w Y o r k D iv is io n & T e r m in a l F o u r P e r C e n t B o n d s . .......................... 5,000,000 00 ------------------------- 257,228,550 00 1 000,000 00 C a p ita l L ia b ilitie s Is s u e d . ________________ $469,404,379 00 M o n o n g a h e la R iv e r R R . Co. F ir st M o r tg a g e 5 % B o n d s . _______________________________ $700,000 00 W e s t V ir g in ia & P it t s b u r g h R R . Co. F ir st M o r tg a g e 4 % B o n d s _________________________ 4,000.000 00 S c h u y lk ill R iv e r E . S . R R . Co., F ir s t M o r tg a g e 4 % B o n d s ___________ 5,000,000 00 G ro u n d R e n t L ie n s __________________ 1,223,563 73 O ld B o n d s a n d S to c k s N o t D e p o site d u n d e r P la n ______________________________________ 116,008 97 M o n o n g a h e la R iv e r R R . Co. C a r T r u s t W a r r a n t s _______________________________________________________ C a p ita l L ia b ilit ie s A s s u m e d ----------------------- T o t a l...................................................... C U R R E N T L IA B IL IT IE S . A c c o u n ts P a y a b le for C u rre n t E x p e n d itu re s: A u d ite d V o u c h e rs_______ ____________ ______ ____________ _______________ $1,713,728 91 P a y - R o lls a n d U n c la im e d W a g e s ______________________________________ 2,911,536 43 -----------------— L o a n s a n d B ills P a y a b le _________________________ _____ _____ ___________ _________________ F u n d s a n d A cco u n ts of C o n tro lle d C o m p a n ie s: ... M isce llan e o u s ______ ________________________ _____ _____________________ $2,579,135 52 Tin W a s h in g t o n B ra n c h , In c lu d in g a n n u it ie s --------- ---------------------------------------980,443 99 --------------- —— ■ T r a ffic B a la n c e s___________________ M a tu re d In te re st on B o n d s U n p a i d ________________________ A ccru ed In te re st on F u n d e d D e b t ......................... D iv id e n d s on S t o c k U n p a id : D eclared , but not due ................................................................ ............. $5,765,274 87 D u e , b u t n ot called f o r ___ . . . . . . _____________________________ 79,826 79 --------------------A ccru ed T a x e s a n d G ro u n d R e n t s .................................................. R e lie f D e p a rtm e n ts___________________________ E q u ip m e n t R e n e w a ls a n d R e p la c e m e n ts________ ________ _____ ____________________ _ M isce llan e o u s ____________ $11,732 00 59,000 00 11,039,572 70 ...$ 1 8 0 ,4 4 3 ,9 5 1 70 231,862 34 $4,625,265 34 _____________ 11,660 000 00 710 446 49 514 225 20 3,559,579 1,014,618 114,872 3,578,382 51 91 88 65 5,845,101 20,212 1,997,584 3,201,488 1,077,734 66 21 18 72 86 T o t a l.................................................................................................................................................. P ro fit a n d L o s s ............................................................................................................ ............. .................... 204 128 35 583 84 768 00 7, 165 96 124, 199 93 1,731 .317 25 310 ,658 43 25,034,840 92 18,120,681 37 $523,599,473 99 255,239 14 $0,648,725 67 The above General Balance Sheet presents an accurate and true statement of the Accounts of the Company as of June 30 1909, H. D. B U L K L E Y , Comptroller. THE ROCK ISLAND COMPANY. S E V E N T H A N N U A L R E P O R T — F O R T H E F IS C A L Y E A R E N D E D JU N E 30 1909. To the Stockholders of The Rock Island Company: The Board of Directors herewith submit their report of the affairs of The Rock Island Company for the fiscal year ended June 30 1909. The “ Income Account” , “ Profit and Loss Account” and “ General Balance Sheet” will be found below. Changes in the company's condition during the year are as follows: C A P IT A L STOCK. The $187,700 of four per cent Gold Bonds were issued against the acquisition of 1,S77 shares of stock of The Chi cago Rock Island & Pacific Railway Company. As The Rock Island Company is the owner of the entire capital stock, except directors’ shares, of the Chicago Rock Island & Pacific Railroad Company, the income of both companies is included in the following statement: J u n e 30 1009. J u n e 30 1003. Increase. Decrease. Preferred— $ $ $ $ _________ In hands of public____ 40.27 0 ,6 0 0 00 4 0 .130,300 00 131,300 00 In treasury____________ 4,720,310 00 4 ,860,700 00 __________ 131,300 00 T H E R O C K IS L A N D C O M P A N Y A N D C H IC AG O R O C K IS L A N D P A C IF IC R A IL R O A D C O M P A N Y . Total...........................5 4 ,0 0 0 ,0 0 0 00 54,000,000 00 C om m on— In hands of public____ 80,021,402 50 80,733,702 50 187,700 00 _________ In treasury...................... 6,078,507 50 6,266,207 50 __________ 187,700 00 T o t a l.................... ......... 06,00 0 ,0 0 0 00 06,000,000 00 ........................................... The increase in stock outstanding represents the acqui sition by the Chicago Rock Island & Pacific Railroad Com pany of 1,877 shares of stock of The Chicago Rock Island & Pacific Railway Company. Changes in the condition of Chicago Rock Island & Pacific Railroad Company are as follows: F U N D E D D E B T. J u n e 30 1009. J u n e 30 1008. Increase. Four Per Cent Gold Ponds (due $ $ $ 2 0 0 2 ) _____________________________ 70,386,700 00 70,109,000 00 187,700 00 Five Per Cent Gold Bonds (due 1 0 1 3 ) .......... .......................................... 17,364,180 00 17,364,180 00 .................. T o t a l .................................. .................. 87,750,880 0 0 87,563,180 00 187,700 00 C O M B IN E D INCO M E ACCOUNT. & Dividends on The Chicago R ock Island & Pacific Railway Company stock owned— 1 X % on 702,125 shares, received O ct. 1 1 9 0 8 .$ 1 ,2 2 8 ,7 1 8 75 1 % on 702,638 shares, received Jan. 2 1009. . 702,638 00 1 on 703,436 shares, received April 1 1909 1,055,154 00 1 % on 703,801 shares, received June 30 1909 . 703,861 00 ------------------------$3,690,371 75 O th e rln c o m e ........................................................................... 2 1 ,7 3 1 2 8 Total incom e............... ........................................ ....................................$ 3 ,7 1 2 ,1 0 3 03 $19,928 20 Less expenses and taxes___________________________ Less Interest on Chicago Rock Island & Pacific Railroad Company bonds, viz.: Four per cent b o n d s....................$ 2 ,8 1 1 ,7 6 5 36 Five per cent bonds.................... 868,200 00 3 ,6 7 9 ,9 6 5 36 3,699,893 62 Balance fur current fiscal year...................... ............................... Surplus June 30 1908------------------ ------------------------------------------ $12,209 41 457,357 72 B a la n c e ............................................. ..................... ............................... Deduct sundry items not applicable to current year.................... $469,567 13 11,708 56 Surplus June 30 1909___ ______ ______________________________ $457,858 57 Separate detailed statements of the receipts and disburse ments of each company are shown below. S T A T E M E N T OF CO M BINED INCOM E ACCOUNT OF O P E R A T E D L IN E S . Y E U t E N D E D J U N E 30 1909, C O M P A R E D W I T H P R E C E D I N G F I S C A L Y E A R . R o c k I s la n d L in e s . 1909. Average mileage Kevcnuc from portation: op- 8,026.38 1908. 7,969.53 C h ic a g o & P a s t e r n I lli n o is R a ilr o a d . S t . L o u t s & S a n F r a n c is c o R a ilr o a d L in e s . 1909. 5,251.06 1909. 1908. 1909. 1908. 965.68 5,064.16 E v a n s v il le A T o rre H a u te R a ilr o a d li n e . E v a n s v ille & I n d ia n a p o lis R R . ) . 957.10 1908. 310.41 T o ta l o f a ll R o a d s . 1909. 310.41 1908. 14,553.53 14,301.20 trans 37,899,356 36 25,618,875 74 23,976,296 87 Passenger............. 17,883,378 99 16,693,110 45 9,655,885 73 8,927,036 90 979,927 21 Mall .................... 1,429,829 62 1,398,173 95 1,002,335 00 1,626,931 53 1,424,183 36 1,133,291 29 1,129,153 27 543,585 43 557,149 04 701,800 51 720,280 57 Miscellaneous ....... 8,005,582 1,666,981 123,001 277,606 118,127 87 00 47 03 04 8,523,380 1,680,303 120,261 248,938 117,302 97 14 44 51 74 1.29S.013 5S1.29S 60,601 47,429 87,687 99 87 94 73 28 Total transportation revenue _______ 60,818,473 87 58,116,624 63 37,953,973 19 35,569,563 29 10,191,298 41 10,690,192 80 2,075,031 81 r.cvenue from operalions other than 78,320 58 52,538 60 18,965 34 236,568 82 241,764 47 367,572 25 366,413 08 transportation....... Total operating rev enue.................- 61,184,886 95 58,484,196 88 38,195,737 66 35,806,132 11 10,269,618 99 10,742,731 40 Operating expenses— Maintenance of way 994,709 67 1,205,711 00 and structures... 9.051,830 36 8,078,025 53 5,094,615 70 4,071,416 27 Malnt’nce of equip 1,663,759 23 1,609,703 83 7,512,888 55 4,559,107 25 7,358,589 65 4,638,515 91 ment j .............. 197,295 38 210,011 47 Traffic expenses___ 1,441,214 58 1,486,473 58 894,874 17 833,678 98 Transportation ex 3,926,534 63 3,035,685 77 22,848,052 39 23,600,341 75 13,294,083 88 13,663,632 92 ponses ............... 415,547 59 430,367 37 General expenses__ 1.659,509 53 1,612.749 46 1,241,924 74 1,279,450 33 Total operating ex penses ............... 42,513,495 41 42,136,179 97 25,164,014 40 25,007,285 75 1,439,498 570,403 59,175 37,007 83,265 14 01 30 04 11 74,080,525 29.787,544 2,615,768 3,085,258 1,469,680 76 71,838,538 34 59 27,870,853 50 03 2,557,537 90 58 2,839,282 18 32 1,459,517 40 2,189,348 60 111,038,777 28 106,565,729 32 14,720 82 705,463 47 671,400 49 2,093,997 15 2.204,069 42 111,744,240 75 107,237,129 81 26S.209 80 287,063 69 15,409,365 53 14,242,216 49 269,082 25 46,366 17 303,229 79 39,462 72 14,084,245 94 2,592,466 39 13,830,630 52 2,556,910 66 663,532 29 74,773 95 679,570 17 80,396 93 40,441,354 33 3,406,575 59 41,870,079 47 3,388,144 31 7,354,792 43 1,321,964 46 1,389,723 30 75,934,007 78 75,887,981 45 Net operating revenue 18,671,391 54 16,348,016 91 13,031,723 26 10,798,846 36 948,414 62 T a x e s ..................... 2,270,864 55 1,789,894 79 1,544.601 00 3,335,085 48 3,387,938 97 358,586 94 274,111 66 772,032 69 110,142 00 814,346 12 35,810,232 97 104,277 77 4,199,725 21 31,349,148 36 3,201,174 12 Operating Income----- 16,400,526 99 14,558,122 12 11,487,119 26 816,056 81 211,470 89 128,633 45 Other Income............ 9,850,431 74 270,645 51 3,060,970 82 585,603 47 3,029,352 03 989,499 46 661,890 69 115,983 80 710,068 35 31,610,507 76 1,729,114 97 281,092 25 28,147,974 24 1,669,870 67 Total In com e........ 16,611,997 88 14,686,755 57 12,303,176 07 10,121,077 25 6,934,533 51 3,646,574 29 4,018,851 49 777,874 49 991,160 60 33,339,622 73 29,817,844 91 Interest and re n tals... 10,429,189 98 9,958,453 62 10,397,166 73 9,662,011 11 2,951,403 35 Betterments on leased 10,199 54 16,577 16 lines............. ....... 2,882,623 73 602,758 35 592,048 05 23,095,136 51 24,380,518 41 16,577 16 10,199 54 Total charges........ 10,445,767 14 9,968,653 16 10,397,166 73 9,662,011 11 2,951,403 35 2.882,623 73 602,758 35 592,048 05 24,397,095 57 23,105,336 05 Balance of Income___ D iv id e n d s ..... ......... 6,166,230 74 3,930,018 75 4,718,102 41 3,929,785 00 1,906.009 34 777,166 12 459,066 14 199,742 12 695,170 94 674,198 00 1,136,227 76 1,251,622 00 175,116 14 399,112 55 8,942.527 16 5,381,382 87 6,712,508 86 5,381,149 12 I stance of surplus___ 2,236,211 99 788,317 41 1,128,843 22 259,324 02 20,972 94 115,394 24 175,116 14 399,112 55 3,561,144 29 1,331,359 74 Full face type denotes debit. ___ . , ... . . . . . . . „ N o t e . — T o preserve comparisons the operating expenses for year 1908 are re-statcd to conform with the amended classification of the Inter-State Commerce Comm Isslon, effective July 1 1908. CO M BINED S T A T E M E N T OF P R O F IT A N D LOSS OP O P E R A T E D L IN E S AS OF JU N E 30 1909. Credit— PJ’ Balance as of June 30 1908................................................................. .$ 2 2 ,8 1 9 ,1 0 2 72 Surplus for the year ended June 30 1909, as per combined Income account (above)____ . .$ 3 ,5 6 1 ,1 4 4 29 Special Improvement and equipment fund __ 2,043,9 1 78 Sundry credits not atlcctlng current year’s Incom e________________________ — ______ ______ 02,6 3 12 5,607,669 19 m Total credit________________________________________________ $28,516,771 91 D e bit— Discount on securities sold, stocks and bonds . exchanged, and expenditures In connection with listing and Issuing new bonds-------------..$ 2 ,0 9 0 ,4 8 2 80 ; Depreciation on tracks, structures, equipment and other property removed, sold or destroyed2,096,662 53 Dividends applicable to prior years, paid out of surplus as shown In report of the operating c o m p a n y ----------------------220,523 50 Reduction In book value of property accounts as explained In report of tne operating com. p a n y --------------------150,000 0 0 Am ount paid for damages by fire, In a previous • fiscal year, to property not belonging to or In the custody of the operating com pany____ 206,977 27 Sundry debits not allecting current year’s In com e__________________________ 27,006 06— Total debit.............................................. ......... ................................. .. 4 ,791,742 16 Balance June 30 1 9 0 9 .................. ...................................................... $23,725 ,029 75 T H E R O C K IS L A N D C O M PA N Y. B A L A N C E S H E E T JU N E 30 1009. A s se ts— Stocks owned--------------------------------------------------------- $150,012,031 42 C a s h ...................................... 12,938 68 Due from companies and individuals__________ 607,419 91 ----------------------------$150,632,390 01 L ia b ilitie s — Capital stock— com m on_____ $90,000,000 00 Capital stock— preferred____ 54,000,000 00 --------------------------$150,000,000 00 Due to companies and individuals......................... 548,643 50 Surplus_____ ________ 83,746 51 ----------------------------$150,632,390 01 P R O F IT A N D LO SS. Surplus June 30 1908_____ _______________ - ................................................$111,963 97 Expenses and taxes________________________ $17,113 35 Sundry charges not applicable to current year________________________________________ 11,633 31 ----------------- $28,746 66 Less other Income________________________________ ______ 529 20 28,217 46 Surplus June 30 1909--------------------------------------------------- $83,746 51 CHICAGO R O C K IS L A N D & P A C IF IC R A IL R O A D CO. B A L A N C E S H E E T J U N E 30 1909. , ,-j A ssets— ^ Stocksow ncd__________________ $232,793,841 21 .., Other Investments__________________________ 320,631 44 "jj . • '3 Cash and cash Items............................ 831,269 41 ----------------------------$233,945,742 06 C a p ita l s t o c k ............... .............................. $145,000,000 F u n d e d d eb t— • G o ld b on d s, fo u r per cent (due 20 02 )___________ $70,386,700 00 G o ld b on d s, live per cent (due 19 13)___________ 17,364,180 00 87,750,880 U n p a id co u p o n s__________ $62,110 00 In te re st a ccru ed (n o t due) - _ 758,640 00 820,750 S u r p lu s __________________ 374,112 00 00 00 06 -$233,945,742 06 P R O F IT A N D LO SS. S u r p lu s Ju n e 30 1908......................... .................................... .$345,393 75 D iv id e n d on T h e C h ic a g o R o c k Is la n d & P acific R a ilw a y C o m p a n y sto c k ow n e d — 1 % % on 702,125 shares, received O ctob e r 1 1908________________$1,228,718 75 1 % on 702,638 sh ares, received J a n u a r y 2 1909_______________ 702,638 00 1 on 703,436 shares, received A p r il 1 1909_________________ 1,055.154 00 1 % on 703,861 sh ares, received Ju n e 30 1909__________________ 703,861 00 --------------------- $3,690,371 75 O th e r In c o m e __________________________________ 21,202 08 T o ta l i n c o m e . . ................................................. $3,711,573 83 E x p e n se s __________ _____________ $2,814 91 In te re st on four per cent b o n d s ___ 2,811,765 36 In te re st o n live per cent b o n d s _____ 868,200 00 --------------------- 3,682,780 27 B a la n c e fo r cu rren t fiscal y e a r ________________________________ 28,793 56 B a l a n c e ____________ $374,187 31 D e d u c t su n d r y ite m s n ot a p p lica b le to cu rren t y e a r ____________ 75 25 S u r p lu s J u n e 30 1 9 0 0 ........................... $374,112 06 THE CHICAGO ROCK ISLAND & PACIFIC RAILWAY COMPANY T W E N T Y - N IN T H A N N U A L ).R E P O R T — F O R T H E F IS C A L Y E A R E N D E D JU N E JO 1909. To the Stockholders: . The Board of Directors herewith submit their report of the operations and affairs of the Rock Island Lines for the fiscal year ended June 30 1909. The results of the operations for the year were as follows: motor car and 3,550 freight train cars. pamphlet report.] [See details in G ENERAL. Announcement was made last year of the completion of T o ta l o p e ratin g revenue (Increase $2,700, the line of the Rock Island Arkansas & Louisiana Railroad 690 07, o r 4.6 per c e n t)__________________ $61,184,886 95 O p e ra tin g expenses (Increase $377,315 44, or from Haskell, Ark., near Little Rock, to Eunice, La. The 0.9 per c e n t)____________________ _______ 42,513,495 41 Colorado Southern New Orleans & Pacific Railroad, with N e t o p e ratin g revenue (Increase $2,323,374 63, or 14.2 which your line connects at Eunice, was completed in per c e n t ) _____________________________________ _____ ___ $18,671,391 54 August 1909, and the through line into New Orleans is now T a x e s (Increase $480,969 76, or 26.9 per c e n t ) . ___________ 2,270,864 55 in operation. O p e ra tin g In co m e ______ _____________________________ $16,400,526 99 During the fiscal year there were established in the terri M isce llan e o u s In c o m e ............................................................ 211,470 89 tory through which your company’s rails are laid four $16,611,997 88 T o ta l In co m e ____ hundred and two new industries, as shown in the records In te re st a n d rentals 10,445,767 14 of the industrial department. These are estimated to have B a la n c e of Incom e, after p ro v id in g for a ll charge s, b ein g 8.2 cost over eight millions of dollars, to employ over eleven per cent on ca p ita l sto c k ($75,000,000 0 0 )______________$6,166,230 74 thousand persons, and to create a movement of over fiftyD iv id e n d s p a id (5 M per cent on ca p ita l s t o c k )____________ 3,930,018 75 ------------ seven thousand car-loads annually. B alan ce , su rp lu s, for the y e a r (Increase $1,447,894 58, or Three new side tracks were built to coal mines and eighty183.7 per c e n t ) . . . ...................... ........ .......... ................. $2,236,211 99 two to private industries; extensions were added to three To afford proper comparison, the percentages of increase mine tracks and to twenty-one tracks to other industries. are computed on basis of last year’s figures revised according The work of installing automatic block signals between to modifications in classification of operating expenses pre Davenport and Muscatine, la., Davenport and Iowa City, scribed by the Inter-State Commerce Commission effective la., and between Topeka and Herington, Kan., has been July 1 1908. completed during the year. Signals for 232 miles of main For comparative income account in detail, see table below. line in the State of Iowa are being installed. At June 30 C A P IT A L STOCK. 1909 346 miles of main line were protected by automatic The capital stock of the company outstanding at the close block signals, at a cost of $456,359 09. At the close of the year the telephone system of train ofjithe previous fiscal year was $74,859,600 00, and is un dispatching had been installed on 419.5 miles of your line changed at June 30 1909. at a cost of $33,214 14, and authority had been given for F U N D E D D EBT. 181 additional miles, for which material has been purchased During the year the funded debt increased $3,775,000 00, and work is in progress. equipment notes decreased $1,051,541 00 and the two-year For the completion of the additional and improved termi notes for $6,000,000 00 were paid April 1 1909, making a nals mentioned in the reports of the last two years, and for net decrease in funded and other fixed interest-bearing new facilities of a similar nature, your company lias expended debt of $3,276,541 00. during the current fiscal year $644,307 32. Of the large increase in taxes, amounting to $480,969 76, FR A N C H IS E S 'A N D P R O P E R T Y . or 26.87 per cent, $16,490 49 is in the State of Arkansas, The cost of franchises and property increased $1,039, $13,377 23 in Louisiana, $14,732 94 in New Mexico and $436, 815 01, details being shown on another page. There were 548 89 in Oklahoma. The remainder, comprising smaller also expended $2,602,558 18 for additions and improve increases and decreases, is distributed over the other States ments [for particulars see page 19 of pamphlet report]. in which your road operates. In Arkansas and Louisiana the valuations during the preceding year were low because N E W L IN E S CONSTRUCTED. Of the line between Amarillo, Tex., and Tucumcari, N. M., of newly constructed road; in New Mexico no taxes are which has been shown as under construction by the Chicago assessed against railroads until five years after they have Rock Island & Gulf and Chicago Rock Island & El Paso been placed in operation, therefore the first taxes on your Railway companies, 12.11 miles west from Wildorado to line in that State were for the calendar year 1908, causing Vega, Tex., were placed in operation March 17 1909, 1.97 the report for last year to show only one-half the annual miles to Ontario, Tex., were placed in operation May 1 and taxes, while this report includes taxes for an entire year. 5.92 miles west of Ontario on May 15 1909. The line is In Oklahoma the taxes assessed are for a period of consider laid with 60-pound steel rail. Standard station buildings ably more than a year, are the first assessed by the new State, and, it is thought, will later be substantially reduced. have been completed at Bush and Wildorado, Tex. Your company advanced, during the year, towards the N E W E Q U IP M E N T . construction, equipment and operating deficit of the Trinity Orders have been placed during the year for 100 passenger & Brazos Valley Railway $651,685 60, making the total ad train cars of steel construction, 60 caboose cars, 2 service vances to June 30 1909 $1,936,640 86, of which $697,247 69 cars, 35 locomotives and 1 passenger motor car. There were was reimbursed out of the proceeds of bonds of the Colorado received and placed in service 33 locomotives, 1 passenger & Southern Railway Co., leaving $1,239,393 17 outstanding train car, 2 service cars and 2 motor cars (1 ordered last advances as of June 30 1909. year), and 1 service car has been built. In addition to the Advances during the year for Galveston, Tex., terminals foregoing there have been ordered, since July 1 1909, for were $89,563 26, making the total advances to June 30 1909 delivery in 1909 and 1910, 50 locomotives, l passenger $471,673 70. First mortgage six per cent bonds of the Galveston Terminal Railway Company were received in settlement of $450,148 70, leaving $15,525 00 outstanding advances as of June 30 1909. Advances during the year for Houston, Tex., terminals were $06,300 14, making the total advances to June 30 1909 $303,102 13. First mortgage bonds of the Houston Belt & Terminal Railway Company were received in settlement of $277,009 55, leaving $25,432 58 outstanding advances as of June 30 1909. In consequence of the supervision of the company’s ac counts now exercised by the Inter-State Commerce Com mission, and the fact that these accounts are kept in strict accordance with the regulations prescribed by the Com mission, it has been deemed by your directors unnecessary to incur the expense of having them certified by an inde pendent auditor. Regular monthly income accounts, veri fied, under oath, by the President and General Auditor of the company, have been duly filed with the Commission, and the annual report with sworn verification has also been filed as required by law. B y order of the Board of Directors, In c. ( + ) o r D e c . (— ) . 1908-09. 1907-08. A m ou n t. P ercen t. S $ S N e t o p e r a t i n g r e v e n u e . 18,671,391 54 16,348,016 91 + 2 ,3 2 3 ,3 7 4 63 + 1 4 .2 1 l a x e s ...................... 2,270,864 55 1,789,894 79 + 4 80 ,9 09 76 + 2 6 .8 7 O perating in co m e____ 16,400,526 99 14,558,122 12 + 1,842,404 87 Outside operations (debit balan ce).d eb.146,201 11 d e b .92,727 28 Hire of equipment (debit balan ce).d eb.812,116 05d eb.912,279 3 5 Other Income--------- 1,169,788 05 1,133,640 08 Total ----------------- 211,470 89 Total In co m e___ 16,611,997 88 — 53,473 83 — 57.67 + 100,163 30 + 36,147 97 128,633 45 + 10.98 + 3.19 + 82,837 44 + 64.40 14,686,755 57 + 1,925,242 31 + 13.11 I n t e r e s t ........................... 8,861,223 05 R e n t a l s ----------------------- 1 ,567,966 93 B etterm ents on leased l i n e s ----------------------16,577 16 8,413,221 92 1,545,231 70 Total ch arges...1 0 ,4 4 5 ,7 6 7 14 B a lan ce o f incom e (.avail able fo r d ivid en d s). 6 ,166,230 74 D iv id e n d s ------------------- 3 ,930,018 75 + 12.66 + 448,001 13 + 22,735 23 + 5.32 + 1.47 10,199 54 + 6,377 62 + 62.53 9,968,653 16 + 477,113 98 + 4.79 4,7 1 8 ,1 0 2 41 + 1,448,128 33 3,9 2 9 ,7 8 5 00 + 233 75 + 30.69 + .01 r ie d to cr ed it o f p r o fit B. L. W IN C IIE L L , President. October 15 1909. a n d l o s s ) ............... 2,236,211 99 788,317 41 +1 ,4 4 7 ,8 9 4 5 8 + 1 8 3 .6 7 D iv id e n d s D e c la r e d D u r in g Y e a r en d ed J u n e 30 1909. I N C O M E A C C O U N T Y E A R E N D E D J U N E .30 1009, 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 e c . (— ) . A v e ra g e m ileage operr. Itev en u c fr o m T p o r ta tio n — $ .39,158,053 .17,883,378 . 1,429,829 . 1,626,931 .M is c e lla n e o u s ____. 720,280 16 99 62 53 57 1907-08. 7,969.53 $ 37,899,356 16,693,110 1,398,173 1,424,183 701,800 300,413 08 $ 36 + 1,258,696 45 + 1,190,268 + 3 1 ,6 5 5 95 + 202,748 36 51 + 18,480 80 + 3.32 54 + 7.13 67 + 2.20 17 + 14.24 06 + 2.63 + 2,701.849 24 367,572 25 ■ f 4,65 — 1,159 17 r-01,184,886 95 58,484,196 88 — .32 + 2,700,690 07 + 4.62 8,078,025 53 + 973,804 83 + 12.05 7,358,580 65 1,486,473 58 + 154,298 90 — 45,259 00 + 2.10 — 3.04 .22,848,052 3’9 23,600,341 75 . 1,659,509 53 1,612,749 46 — 752,289 36 + 46,760 07 — 3.19 + 2.90 e x p e n s e s .------ '12,513,405 41 42,130,170 07 + 3 7 7 ,3 1 5 44 + .9 0 • O p e r a tin g e x p e n s e s — M a in te n a n ce of we y a n d stru ctu re s. . 9,051,830 36 M a in te n a n ce of - 7,512,888 55 . 1,441,214 58 u i-a i CO N D EN SED GENERAL per c e n t ._____________________ A m o u n t. P e r c e n t . + 56.85 + .7 1 -60,818,473 87 58,116,624 63 n - 748,575 00 T o t a l -----------------5 K 1908-09. 8,026.38 P R O F IT A N D L ess— D isc o u n t, co m m issio n s a n d e x penses o n sto c k s a n d b on d s Issu e d a n d so ld , a n d expenses on o p tio n can celed ___________$1,567,436 D e p re cia tio n on: T r a c k s rem oved ............ $49,054 Stru ctu re s so ld , rem oved or d e stroy ed ________________ 36,623 E q u ip m e n t so ld o r d e stro y e d . 887,602 A m o u n t pa id for d a m a ge b y fire to p ro p e rty a t C h lck a sh a , O k la ., A p r il 11 1907, not b e lo n g in g to or In the cu sto d y of y o u r c o m p a n y ____________ B e tte rm e n ts on leased lines p rior to cu rren t fiscal y e a r --------------- ■ C a p i ta l A s s e t s — W e s te rn R a ilro a d C o ___ R o c k Is la n d Im p ro v e m e n t Co ., eq u ip m e n t purchase under in d en ture of Feb. 1 A m e ric a n L o c o m o tiv e Co., eq u ip m e n t purchase under Indenture of O ct. 15 1907. $ $ F ra n c h ise s a n d p r o p e r ty .-.250,725 ,4 42 A d d itio n s a n d Im p rove m en ts, 2,602,558 A d v a n c e s for co nstruction 5,637,214 R e a l esta te ________________ 641,996 In v e stm e n t a cco u n t— stocks representing ow n e rship of R o c k Is la n d L in e s In sun1,795,575 In c. ( + ) or D e c . (— ) . $ 89 249,685,627 88 T o t a l___ 93 37 49 65 $973,280 51 206,977 27 11,375 21 2,759,069 92 1,608,138 46 C O M P A R IS O N W IT H P R E V IO U S YEAR. L IA B IL IT IE S . In c . ( + ) or 1909. 1908. D e c . (— ). $ 5 $ C a p ita l s t o c k ............ 75,000,000 00 75,000,000 00 F u n d e d d e b t----------------------- 195,625,000 00 191,850,000 00 + 3 ,7 7 5 ,0 0 0 66 E q u ip m e n t n o t e s --------------5,900,000 00 6,951,541 00 — 1,051,541 00 C o lla te ral tru st go ld notes, due A p r il 1 1909 (extended o n c y e a r f r o m A p r il 1 1908) ........ .......... 6,000,000 00 — 6,000,000 00 C a p ita l L ia b ilitie s — + 1 ,0 3 9 815 01 18 3,902,698 07 — 1,300,130' 89 10 52 4,093,461 58 + 1,543,752 52 641,991 02 •f* 5 50 38 1,950,422 39 9,120,551 23 9,120,551 23 7,892,369 90 7,892,369 90 T o t a l ........................ .......276,525,000 00 279,801,541 00 — 3,276,541 00 774,221 61 — 154,847 01 782,055 00 — 7,833 39 79,189,929 81 278,069,177 07 + 1,120,752 74 C u rren t A s se ts— S ta tio n a gen ts & co nd uctors C o m p a n ie s a n d in d iv id u a ls E x p re ss c o m p a n ie s______ _ U n ite d Sta te s P o st Office D e p a rtm e n t ___________ A d v a n c e s tor construction , equipm en t, & c., fun dab le L o a n s an d bills re c e iv a b le .. F irst a n d re fu n d in g m o r t gage gold b o n d s— pledged a g a in s t notes p a ya b le . B o n d s, & c.. In treasuryunpled ged .................... _ S to c k s In tre asu ry — u n ple d ged A ccru e d Incom e from In vestm en ts _____________ P re p a id In surance ________ M a te ria l a n d s u p p lie s . ....... $4,367,208 38 C re d it b alan ce Ju n e 30 1909................................................. $17,767,260 51 B A L A N C E S H E E T J U N E 30 1909 A N D 1908. LO SS. C re d it b alan ce Ju n e 30 1908 ...................................... *16 15 9 122 05 S u r p lu s for ye a r ended Ju n e 30 1909_______ $2,236,211 99 ’ ’ Sp e cia l Im p ro v e m e n t a n d eq u ip m e n t fu n d ____ 2,043,911 78 S u n d r y a d ju stm e n ts n ot afle ctln g cu rren t y e a r ’s In c o m e ...................... ................. ................ 87,084 61 ASSETS. 1909. -$3,930,018 75 09 1,792,960 82 2,851,914 17 103,118 26 2,485,735 1,865,914 3,094,647 348,052 98 15 17 38 + 725,372 — 72,953 — 242,703 — 244,034 11 33 00 12 120,260 22 356,662 62 — 236,402 40 500,632 31 3,693,785 55 711,060 89 3,283,019 99 — 210,428 58 + 410,765 56 4,606,500 00 --4 ,6 0 6 ,5 0 0 00 9,609,251 21 925,542 11 233,323 16 147,915 23 5,724,800 61 18,914.641 74 14,918,133 71 -— 5,308,882 50 921,131 23 + 4,410 88 194,076 27 166,891 62 5,256,578 68 + 39,246 89 — 18,976 29 + 468,221 93 38.208,404 59 --9 .2 9 3 ,7 6 2 85 C u rren t L ia b ilitie s— U n p a id vou chers a n d d ra fts U n p a id w a g e s .................... T ra ffic b a la n ce s___________ In te re st, re n tals a n d d iv i den ds d ue J u ly 1 _____ _ T a x e s a ccru ed (n o t d u e ) . . In te re st a n d re n tals accrued (not d u e )-----------------------In te re st co u pon s d ue a n d n ot presen te d ________ D iv id e n d s d ue a n d n o t called f o r ____________________ B o n d s m atu re d , n ot p re sented _________________ N o te s p a y a b le -------------------- 2,654,993 79 2,131,475 38 303,274,07 4,489,081 52 — 1,834,087 73 1.983,342 09 +1 4 8 ,1 3 3 29 d e b .2,183 40 + 3 0 5 ,4 5 7 47 2,618,679 00 1,024,399 04 2,372,904 00 1,124,040 37 1,567,647 21 1,485,547 67 + 82,099 54 58,160 00 284,527 50 — 226,367 50 5,986 32 + 781 75 6,768 07 + 245,775 00 — 99,641 33 3,000 00 1,590,’666 66 7,900 00 -4,900 00 3,520,000 00 — 1,930,000 00 T o t a l .................... ......... - 11,958,396 56 15,271,146 07 — 3,312,749 51 D e fe r r e d L ia b ilitie s — O p e n c a r r y in g a cco u n ts li 1 process of a d ju stm e n t. . . 355,418 94 d e b .69,829 87 . 222,'732 25 222,732 25 . 578,151 19 152,902 38 T o t a l. + 425,248 81 + 425,248 81 .289,061,547 75 295,225,589 45 — 6,164,041 70 P r o v is io n a l A c c o u n ts — R eserve fo r replacem e n t f e q u ip m e n t ______________. In su ra n c e f o n d ______ . H o s p ita l f u n d _______ . Sp e cial Im p ro v e m e n t 1 779,527 51 440,532 37 55,703 41 2,366,011 38 — 1,586,483 87 436,285 63 + 4,246 74 47,401 63 + 8,301 78 1,275,763 29 4,892,870 16 — 8,617,106 87 2,043,171 52 — 2,043,171 52 . G r a n d to ta l lia b ilitie s (in e lu d in g p ro v isio n al ac290,337,311 04 300,118,459 61 — 9,781,148 57 . 17,767,260 51 16.159,122 05 + 1,608,138 46 G r a n d total ........... .308,104,571 55 310,277,581 66J— 8,173,010 11 .308,104,571 55 316,277,581 66 — 8,173,010 11 I n st a tin g the assets a n d lia b ilitie s of the co m pan ies fo r m in g the R o c k Is la n d L in e s, the h o ld in gs of T h e C h ic a g o R o c k Is la n d & P a cific R a ilw a y C o m p a n y In the b on d s a n d ca p ita l sto c k of the a u x ilia r y lines, together w ith lo an s betw een the v a rio u s co m pa n ies, h ave been elim in ate d from the liabilitie s, a n d a like red u ction m ade In the assets p e rta in in g thereto: the figures sh o w n , therefore, represent the b o o k va lu e of the a sse ts a n d t h e la b ilitie s w ith o u t d u p lica tio n . N o tc .— F I N A N C I A L 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 1000. R ESO URCES. C a sh on h a n d Ju n e 30 1008 -----------------------------------------------------------------------------------------------F u n d e d d e b t In c re a se d --------------------------------------------------------------------------------------------------------F ra n c h ise s a n d p ro p e rty (decrease) — A d d it io n s a n d Im p ro v e m e n ts for y ea r ended Ju n e 30 1008, tran sferre d to fran ch ises a n d p ro p e rty __________________________________________________________________ L e ss, Increase In oth er fran ch ises a n d p r o p e r ty ______ _______________________________ $2,485,735 98 $3,775,000 00 $3,902,698 07 1,039,815 01 2,862,883 06 In v e s t m e n t a c c o u n t— sto c k s repre sen tin g ow n e rsh ip of R o c k Is la n d L in e s In s u n d r y p r o p erties (decrease)_____________________________________ ______ _______________________ A m e ric a n L o c o m o tiv e C o m p a n y , eq u ip m e n t pu rch ase u n d e r In d e n tu re of Aug'. 15 1007 (d e c re a se )_________________________________________________________________________ N e t cre dit to profit a n d loss a c c o u n t __________________________________ _____ _____________ 154,847 01 7,833 39 1,608,138 46 $8,408,701 92 C h a n g e s In curren t a ccou n ts, a s follow s: ‘ D ecrea se in assets— S t a t io n a g e n ts a n d c o n d u c to rs--------------- ----------------------------------------------------C o m p a n ie s a n d In d iv id u a ls ______________________________________________ E x p re ss c o m p a n ie s______________________________________________________ U n it e d S ta te s P o s t O ffice D e p a r tm e n t ---------------------------------------------------------A d v a n c e s for co n stru c tio n , eq u ip m en t, & c., fu n d a b le ____________________ F ir s t a n d re fu n d in g m o rtg a g e g o ld b o n d s— p led ged a g a in s t notes p a y a b le . B o n d s, & c., In tre a su ry — u n p le d g e d ---------------------------------------------------------P r e p a id In su ra n c e ---------------------- ------------------------------------------------------------------ $72 242 244 236 953 ,703 ,934 ,402 210 ,428 4,606 ,500 5,308 882 18 976 33 00 12 40 58 00 50 29 $148 305 245 82 29 47 00 54 75 81 $10,941,780 22 In crea se in liab ilities— U n p a id w a g e s____________________________ ______ T r a f fic b a la n c e s_________________________________ In te re st, re n tals a n d d iv id e n d s, due J u ly 1 _____ In te re st a n d re n tals accrued (not d u e ) ----------------D iv id e n d s due a n d n ot called f o r ________________ O p e n c a rry in g a cco u n ts In process of a d j u s t m e n t . ,133 ,457 ,775 ,099 781 425 ,248 ,207,405 86 In crea se in provision a l accounts— In su ra n c e f u n d ___________ __________. _______ — H o s p it a l f u n d ________________ ___________________ 246 74 301 78 12,543 52 $12,161,824 60 L e s s — in crea se in assets— L o a n s a n d b ills re ce iv a b le .... .......... S t o c k s in tre a su ry — u n p le d g e d _____ A ccru e d In com e fro m In v e stm e n ts. M a te ria l a n d su p p lie s_____________ $410,765 4,410 39,246 468,221 56 88 89 93 $922,645 26 D ecrea se in liab ilities— U n p a id v o u c h e rs a n d d r a f t s ........... ....... T a x e s accrued (n o t d u e )--------- ---------------In te re st co u p on s due a n d n ot presented. B o n d s m atu re d , n ot p resen te d — ......... N o te s p a y a b le ------------------------------------------ $1,834,087 99,641 226,367 4,000 1,930,000 73 33 50 00 00 $4,094,996 56 D ecrea se in p rovision a l accounts— R e se rve for replacem e n t of e q u ip m e n t. equip S p e c ia l Im p ro v e m e n t a n d' eq u ip m e n t fu n d . $1,586,483 87 2,043,171 52 $3,629,655 39 8,647,207 21 A P P L IE D AS 11,923,229 31 3,514,527 30 $14,408,965 29 T o t a l to be accou n ted fo r. FO LLOW S. $2,602,558 1,543,752 5 1,051,541 6 , 000,000 A d d it io n s a n d im p ro v e m e n ts, current ye a r (total) — A d v a n c e s fo r co n stru c tio n a n d e q u ip m e n t (increase). R e a l estate (In cre a se )__ _____ _______________________ E q u ip m e n t n otes decre ased -----------------------------------------C o lla te ra l g o ld tru st notes, due A p r il 1 1000, decreased . 18 5 50 00 00 11,197,857 20 $3,211,108 00 B a la n c e , ca sh on h a n d Jun e 30 1009 ________________ FUNDED A N D O T H E R F IX E D IN T E R E S T B E A R IN G 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 1909. F u n d e d d ebt, e q u ip m e n t a n d other notes, Ju n e 30 1008: F u n d e d d e b t (In clud es $4,944,000 first a n d re fu n d in g m o rtg a g e g o ld b o n d s pledged a s se c u rity fo r n o te s)-------------------- ------------------------------------------------------------------------E q u ip m e n t n o te s______________________________ _______ _____ ______ _______________ C o lla te ra l tru st g o ld notes due A p r il 1 1909 _______ _____ ____ _____ ________________ $191,850,000 00 6,951,541 P0 6 , 000,000 00 $204,801,541 00 T o t a l ............. .......... ........ ........................ ........... ............................. .................. T h is h as been ch a n ge d d u rin g the y ea r a s follow s: F u n d ed debt in creased— B y the Issue of T h e C h ic a g o R o c k Is la n d & P a c ific R a ilw a y C o m p a n y ’s first a n d re fu n d in g m o rtg a g e go ld b o n d s, viz.: F o r a d d itio n s, Im p ro v e m e n ts a n d eq u ip m en t, 1909 f u n d ________________________ F o r a n eq u a l a m o u n t of general m o rtg a ge go ld b o n d s, Issu e d J an . 1 1909, for a d d i tio n s a n d Im p ro v e m e n ts, sa id general m o rtg a ge go ld b o n d s h a v in g been de p o site d w ith trustees of first a n d re fu n d in g g o ld b on d m o r t g a g e ---------------- F o r red e m p tio n of m atu re d o b lig atio n s: T h e C h ic a g o R o c k Is la n d & P acific R a ilw a y C o m p a n y ’s g o ld b o n d s of 1902, series G , m atu re d M a y 1 1909 _________________ ____ ________________ C h o c ta 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 notes, m a tu red a s follow s: A u g u s t 1 1008, Series B ____________________________________ _______ _ ! : , A p ril 1 1009, Series C ........................................................ ............. . $2,500,000 00 1,000,000 00 1,494,000 00 $75,000 00 220,000 00 295,000 00 $5,289,000 00 L ess: B y the re d e m p tio n of m atu re d o b lig a tio n s, a s follow s: T h e C h ic a g o R o c k Is la n d & P a cific R a ilw a y C o m p a n y ’s go ld b o n d s of 1002, m a tu red M a y 1 1909____________________________________________________ _____ $1,494,000 00 2 0 ,0 0 0 00 L it t le R o c k B rid g e C o m p a n y ’s b on d s, m a tu re d J u n e 1 1 9 0 9 ------------------- ------E q u ip m en t notes decreased— B y the re d e m p tio n of m atu re d o b lig a tio n s a s follow s: T h e C h ic a g o R o c k Is la n d & P a c ific R a ilw a y C o m p a n y ’s e q u ip m e n t 4 M % go ld notes, m atu re d a s follow s: A u g u s t 1 1908------------------------------------------- ---------------------------------------F e b ru a ry 1 1909-------------------- ------------------------------------------------------------ $325,000 00 325,000 00 T h e C h ic a g o R o c k Is la n d & P a c ific R a ilw a y C o m p a n y ’s e q u ip m e n t series B 6 % notes, m atu re d a s follow s: O c to b e r 15 1 9 0 8 . . . --------------------------------------------------------------------------------A p r il 15 1909-------------------------------------- ---------------------------------------------------- $46,541 00 60,000 00 C h o c ta 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 notes a s a b o v e . 1,514,000 00 $3,775,000 00 $650,000 00 106,541 00 205,000 00 $1,051,541 00 C ollateral trust notes, due A p r il 1 1909, decreased: B y the red e m p tio n of these notes A p r il 1 1909.......................................... ................ • 6 ,000,000 00 7,051,541 00 3,276,541 00 N e t decrease in fu n de d a n d other fixed In te re st-b e a rin g d eb t. F u n d e d d ebt a n d e q u ip m e n t notes Ju n e 30 1909: lit F u n d e d d e b t -----------------------------------------------------------------------------------------E q u ip m e n t n o te s-------------------------------------------------------- -------------------------L T o t a l ....................................................................................... $105,625,000 00 5 , 000,000 00 $201,625,000 00 F R A N C H I S E S A N D P R O P E R T Y — 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 1909. B a lan ce Ju n e 30 1908, as p er b a la n ce s h e e t ------------------------------------------------------------------------------------------------------------------------------------ ----------- ----------------3 2 4 9 ,0 8 5 ,6 2 7 88 C ost o f a d d itio n s a n d Im p ro ve m e n ts fo r y e a r e n d e d Jun e 30 190 8. tra n sfe rre d t o fra n ch ises a n d p r o p e r t y ............... ............................................. C H A N G E S D U R IN G T H E 3 3 ,9 0 2 ,0 9 8 07 YEAR— 3122 00 15,123 56 2 0 ,4 0 5 41 n i f o r c o n s tr u c tio n a n d cciu lo m e n t o f R o c k Isla n d A rkansas & L o u 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 ------n ish n rsp m cn ts fo r o?d co n s tr u c tfo n Il^ lW tie s of the C h o cta w O k la h o m a & G u lf R a ilr o a d C o m p a n y - - - - - - ............. ........... D isbu rsem en ts fo r a d d itio n s an d im p ro v e m e n ts t o m ines o f th e C h o cta w O k la h o m a & G u lf R a ilro a d C o m p a n y . _ . D isbu rsem en ts fo r c o n s tr u c tio n o f tra ck fr o m T . & P . crossin g, D allas, T e x ., t o c o n n e c tio n w ith H . & T . C. R R . , D allas, ‘ Tex D is b u r s e m e n ts "fo r a d d itio n a l a n d im p ro v e d e q u ip m e n t— 1 W r e c k in g cran e ---------------------------------------------------------------------------------------------------------------------------------------i V a l VI 1 Steam locomotive hoist crane-------------------------------------------------------------------------------------------- 1 Scale test ca r (b u ilt a t s h o p s ) -------------------------------------------------------------------------------------------------------------- I ’PjS 1>147 10 N ew a p p lia n ces fo r e x is tin g e q u ip m e n t, re q u ire d b y F ed era l a n d S ta te l a w s ...................... ............547 ,000 54 O th er new ap p lia n ce s fo r e x is tin g e q u ip m e n t------------------------------------------------ ---------------------------------- S20 1,153 20 9 26 74 /4 53,242 90 7 4 ,169 64 5 11 7,03 3 81 ^ D ed uctions— $64 100 00 V a lu e*of fte ^ l p m e n t t d e s t r o y c d / d ism a n tle d o r so ld d u rin g th e p a st W 0, w h ic h , u n d er m ortg a ge s o r e q u ip m e n t tru st agreem en ts, m u st b e r e p la c e d ). S u ch v a lu e , less sa lv a g e , w as ch a rged t o op e r a tin g e xp en ses an d p ro fit a n d lo s s ----------------------------------------------------------------------------------- 2 ,9 0 7 ,8 0 8 83 A d ju s tm e n t or e rron eou s charges to fra n ch ises an d p r o p e r t y - .......... ....................... - ............................................................ 8 ,0 0 8 04 2 ,9 7 9 ,9 1 b » 7 T o ta l ch an ges d u rin g th e y e a r (d e c r e a s e )---------------------------------------------------------------------------------------------------------------------------------------------- cre d . 2,86 2 ,8 8 3 06 T ota l Increase In fra n ch ise s a n d p r o p e r t y .....................................................................................- .............................................................................. ............ 3 1 .0 3 9 .8 1 5 01 B a la n ce, Jun e 30 190 9, as p e r b a la n ce s h e e t-------------- --------------------- --------------------------------------------- — ..................... .......................................... 5 2 5 0 ,7 2 5 ,4 4 2 89 ST. LOUIS & SAN FRANCISCO 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 F IS C A L Y E A R E N D E D JU N E 30 1909. To the Stockholders: , , , . , , ., The Board of Directors herewith submit their report ot the operations and affairs of the St. Louis & San Francisco Rail road Company’s Lines (exclusive of the Chicago & Eastern Illinois Railroad) for the fiscal year ended June 30 1909. The results of operation for the fiscal year were as follows: 0 mML7%) - - - - - - -C05 1 5-’538,195,737 66 O p era tin g exp en ses (Increase 315 6,72 8 6 5 , or 6-10 o f 1 % ) ............................................................... 2 5 ,1 6 4 ,0 1 4 40 N et op e r a tin g reve n u e (Increase 3 2 ,2 3 2 , 876 9 0 , o r 2 0 . 7 % ) ------------------------------------------------------------ nn 1,544,604 00 T a x e s .............— .......................................................... ................ .............. M iscellaneous In c o m e -------------------------------------------------------- --------- 5 1 1 ,4 8 7 ,1 1 9 26 1,400,791 78 Tntnl In com e _________________________________ $12,896 ,91 1 04 2KSK. n ttals S l s aanndd o'ther h a r g e s ______________________ 11,56 8 ,3 2 5 70 In te r e s t, «ren o th e r fixed ccharges Net in com e a fte r p r o v id in g fo r a ll c h a r g e s --------- ---------------- 51 .3 2 8 ,5 8 5 34 D iv id e n d s p a id — 4 % o n first preferred s t o c k ---------------- ---------199,742 12 Surplus carried t o p ro fit a n d lo s s ---------------------------------------------- $ 1 ,128,843 22 A comparative Income Account showing the increase or decrease for the year of each class of earnings and expenses will be found below. M IL E A G E O P E R A T E D . The average main track mileage operated during the year was 5,251.06 miles, being an increase over the average mile age operated in preceding year of 186.90 miles. T h e to ta l m ilea ge op era te d a t Jun e 30 1909 w a s ---------------------5 ,2 5 3 .4 9 m iles. B ein g an increase o v e r preceding y ear o - ---------------189.33 “ T h is Increase Is d u e t o th e ta k in g o v e r fr o m c o n s tr u c tio n as Beau°m ontySour9L a k e e& W e ste rn R a ilw a y ------------------------------- Orange & N o rth w es te rn R a i l r o a d ---------------------------------------------- A n d as o f S e p te m b e r 21 1908, th e — C a rr o llto n -Ir v ln g C u t-O ff (u n d e r tra ck a g e a g r e e m e n t)----------T ota l In crease------------------------ --------------------------------------------- 116.84 6 1 .5 5 10-94 "55 ‘ • 189 .33 m iles For details of the Main Track Mileage owned, operated and under construction at June 30 1909 see pages 74, 75 and 76. (See pamphlet report.) C A P IT A L STOCK. There were no changes during the year in the amount of capital stock issued and outstanding. The amount remains the same as at the reorganization of the Company in 18J6. F U N D E D D E B T A N D E Q U IP M E N T BONDS AN D t-rn- • • *•*.. NOTES. T h e to ta l fu n d ed d e b t a t Jun e 30 1908 w a s . $ 1 8 9,89 0,7 17 74 T h e t o ta l eq u ip m e n t tru st b o n d s a n d n o te s a t Ju n e 30 1908 w a s ______________________ 17,66 8 ,6 8 2 19 T o t a l ............................................................ . .. 7 7 7 1 7 1 7 1 .............. 214 ,3 7 3 ,1 7 1 29 $ 6 ,8 1 3 ,7 7 1 3 6 $999,900 of the five-year 4 Y i% notes due Dec. 1 1908 were redeemed on that date and the balance, $6,125,000, were by agreement extended for one year to Dec. 1 1909. (The ex tended notes were paid on Aug. 6 1909.) Cash for the redemption at maturity of $15,529,928 93 St. Louis Memphis & Southeastern Railroad Company fiveyear 4 y ,% gold bonds was deposited prior to June 1 1909 with the Bankers’ Trust Company, New?-York. A t Aug. 31 1909 all but $62,000 had been presented and paid. $35,000,000 of the general lien 5% gold bonds were sold during the year, and the proceeds applied to the payment of matured underlying lien bonds, equipment obligations and floating debt. , . . , There will be found below statements showing in detail the amount of new issues as well as the amount of bonds and G ENERAL. A trackage agreement dated Feb. 15 1909 was made with the Louisiana Railway & Navigation Company for trackage rights between Baton Rouge and New Orleans, La., 77.51 miles. This will give your Company the shortest route between Houston, Texas, and New Orleans, La. Statement showing the details of the expenditures for additions and improvements to the property during the year will be found on pages 2.3 to 26. (See pamphlet report.) The most important addition was the new engine and car shops at Springfield, Mo., which were completed at the close of the fiscal year, and placed in operation on July 5 1909. The report of the industrial department for the year shows a very satisfactory increase in the number of industrial plants located on the Company’s tracks during the year. There were located 327 industries, employing 8,710 men and cost ing $7,330,500. It is estimated that these new industries will load in and out over eighty thousand car-loads per annum. The operating revenue per mile of road increased $203 41 over preceding year, while the operating expenses decreased $145 91 per mile, making an increase of $349 32 in the net operating revenue per mile of road. Statements showing the Condensed Balance Sheet, In come and Profit and Loss Accounts, and Statistical State ments, each including the figures of the Chicago & Eastern Illinois Railroad Company, will be found on a subsequent page. It was not deemed necessary by your Directors to incur the expense of having the usual expert examination of the books and accounts of the Company made at the close of the fiscal year, for the reason that the books and accounts are I kept in accordance with the Inter-State Commerce Com mission regulations and are subj'ect to inspection by experts of the Commission. Acknowledgement is hereby made of the faithful and ef ficient service rendered by officers and employes during the year. By order of the Board of Directors. A. J. D AV ID SO N , October 1 1909. President. ST. LO U IS & SAN FRANCISCO R A IL R O A D L IN E S . T o t a l ____ ______ ____________________________________________ $ 2 0 7 ,5 5 9 ,3 9 9 93 1’ he to ta l fu n d ed d e b t a t .June 30 1909 w a s . $ 1 0 9,33 9,6 19 30 T h e to ta l e q u ip m e n t trust b o n d s a n d n o te s „, . . a t Jun e 30 1909 w a s ______________________ 1 5 ,0 3 3 ,5 5 M )9 T h e net Increase In fu n d e d d e b t a n d e q u ip m e n t n o te s d u r ing the ftscal y e a r w a s ---------------------------------------------------------- equipment obligations redeemed or exchanged, and on page 27 (see pamphlet report) will be found the amount of bonds remaining in the treasury as a current asset. IN C O M E A C C O U N T — F IS C A L Y E A R E N D E D J U N E 30 1909, C O M P A R E D W IT H P R E V IO U S Y E A R . I n c . ( + ) o r D e c . (— ) . 190 8-0 9. 190 7-0 8. A m o u n t. A v e ra ge m ileage o p e r . . 5 ,2 5 1 .0 6 5 ,0 6 4 .1 6 + 1 8 6 .9 0 O perating revenue— $ $ $ F r e i g h t _____ _________ 25 .6 1 8 ,8 7 5 74 2 3 ,9 7 6 ,2 9 6 87 + 1 ,6 4 2 ,5 7 8 87 Passen ger ___________ 9 ,6 5 5 ,8 8 5 73 8 ,9 2 7 ,0 3 6 90 + 7 2 8 ,8 4 8 83 M all _________________ 1 ,0 0 2 .3 3 5 00 9 79 ,927 21 + 2 2 ,4 0 7 79 E x p re ss_______________ 1,133,291 29 1,129,153 27 + 4 ,1 3 8 02 M iscella neous _______ 5 43 ,585 43 557,149 04 — 13,563 61 T o t a l t r a n s p n r e v . 37,953,973 19 3 5 ,5 6 9 ,5 6 3 29 R e v . fro m o p e r. o th e r ___ __ „_ th an tr a n s p o r ta ’n . 24 1 ,7 6 4 47 2 36 ,568 82 T o t a l o p e ra tin g r e v 3 8 ,1 9 5 ,7 3 7 66 3 5 ,8 0 6 ,1 3 2 11 O veratin g exp en ses— M a ln t. w a y & s tr u c ’s . . 5 ,0 9 4 .6 1 5 M a ln t. o f e q u ip m e n t. . 4 ,6 3 8 ,5 1 5 894,874 T r a ffic e x p e n s e s-------Transporta’n e x p — 13,294,083 G eneral e x p e n s e s ------ 1,241,924 70 4 ,6 7 1 ,4 1 6 91 4 ,5 5 9 ,1 0 7 17 833,678 88 1 3 .663,632 74 1,27 9 ,4 5 0 27 25 98 92 33 + 2 ,3 8 4 ,4 0 9 90 + 5 ,1 9 5 65, >>,2.2 + 2 ,3 8 9 ,6 0 5 55>?J 6 .7 + 4 23 ,199 + 79,408 + 6 1,195 — 3 69 ,549 — 3 7 ,5 2 5 43 66 19 04 59 9.1 1.7 7.3 2 .7 2 .9 T o ta l o p e r. e x p . . . .25,1 64,014 40 2 5 ,0 0 7 ,2 8 5 75 + 156,728 65 0 .6 N et operatin g reven u e— .13,0 31,723 26 1 0 ,7 9 8 ,8 4 6 36 948,414 62 T a x e s ____________________ . 1,544,604 00 + 2 ,2 3 2 ,8 7 6 90 + 5 96 ,189 38 20 .7 62 .9 9,850,431 74 + 1 ,6 3 6 ,6 8 7 52 16.6 O p e ra tin g Incom e. .1 1 ,4 8 7 ,1 1 9 26 1908-00. M iscella n eou s in com e- I n c . ( + ) or D ec. (— ) . A m o u n t. % 1907-08. *305 ,608 02 1,7 1 5 ,3 9 9 80 *32,078 81 *455 ,145 24 1,950,141 86 + 3 2 ,078 81 + 149,537 22 — 234,742 06 1,409,791 78 1,4 6 2 ,9 1 7 81 — 53,126 03 3 .6 12,896,911 04 11,3 1 3 ,3 4 9 55 + 1,583,561 49 14.0 6 ,6 2 0 ,1 0 2 33 In t. on guaranteed se c u r i t i e s ................... .. 2 ,5 9 1 ,6 3 1 Other rentals and sin k in g fu n d s .......... ......... 721 ,7 1 0 D ie s , on trust certificates, The K a n sa s C ity F t. Scott & M em p h is R y . 5 4 0 ,4 0 0 D ie s , on trust certificates, Chicago & E astern II1 ,0 9 4 ,4 8 2 6 ,1 1 8 ,7 5 2 18 + 5 0 1 ,3 5 0 15 3 2 .9 12 .0 8 .2 12 2 ,5 6 4 ,2 0 3 43 + 27,427 69 1 .1 25 536 ,445 80 + 185,264 45 3 4 .5 00 5 40 ,400 00 00 1,0 9 4 ,4 8 2 00 1 1 ,5 6 8 ,3 2 5 70 10,8 5 4 ,2 8 3 41 A v a lla b le fo r d lv s ___ 1,3 2 8 ,5 8 5 34 D ivid en d s— 4 % on first p re f. s t k . 199,742 12 4 5 9 ,0 6 6 14 + 714 ,042 29 6.6 + 8 6 9 ,5 1 9 20 189.4 199,742 12 S u rp lu s carried to credit 1 ,128,843 22 259 ,3 2 4 ,0 2 + 869 ,5 1 9 20 335 .3 * D en otes d e b it. N o te .— T o preserve c o m p a ris o n s, th e re ve n u e an d o p e ra tin g e xp en ses an d oth er figures fo r the y ear 1907-08 are re -s ta te d h ereon t o c o n fo rm w ith th e cla ssification o f th e In te r-S ta te C o m m e rce C o m m issio n , e ffe c tiv e J u ly 1 1908. GENERAL P R O F IT A N D LO SS A C C O U N T A N D A D JU S T M E N T S T H E R E I N J U N E 30 1908 T O J U N E 30 1909. C redit— B alan ce a t cred it Jun e 30 1908 ............................................ ............ $ 4 ,4 8 8 ,4 9 0 71 S u rplu s fo r the y ea r e n d e d Ju n e 30 1909____ .$ 1 ,1 2 8 ,8 4 3 22 S u n d ry a d ju s tm e n ts n o t a ffe ctin g cu rren t y e a r ’s I n c o m e . . ......................................................................... 5,528 51 ----------------------- 1,134,371 73 T o t a l C re d it........ ........... ..................... ...................................................... $5,622,862 44 D eb it— A n n u al Installm ent from fra n ch ises a n d p r o p e r ty a c c o u n t , on a c c o u n t o f differen ce b etw een th e c o s t o f u n d erly in g b o n d s re fu n d e d an d the p ro ce e d s o f r efu n d in g b o n d s s o ld , an d the com m ission s p a id th erefor (1902 r e f u n d i n g ) .. P r o p o r tio n fo r the y ea r o f d is c o u n t o n secu rities s o ld , a n d ex p en d itu res in c o n n e c tio n w ith listin g , c e r tify in g a n d Issuing new b o n d s fo r r efu n d in g p u rp oses (1908 r e fu n d in g )_________ D ep recia tion In the v alu e o f e q u ip m e n t d e s tr o y e d a n d d ism a n tled d u rin g cu rren t fiscal y e a r ................................................... .............................. 1909. O u tsta n d in g secu rities on leasehold e s ta te ( K . C. M . & B . R R .) — Funded debt .................. Capital stock, auxiliary cos. bunded debt, auxiliary cos. Construction certificates, $ 9 ,2 4 7 ,4 2 0 00 55,000 00 7 ,6 5 1 ,5 6 6 59 1,4 0 4 ,9 3 0 85 a u x ilia ry c o m p a n ie s ____ P ref. s to c k trust certifica tes 9 ,3 1 7 ,5 5 0 00 (C. & 13. I . R R . ) ------------C om m on s to c k trust ce rtifi cates (C. & E . I . R R . ) . . 18,0 1 4 ,5 0 0 00 T o ta l .......... ................ 30 6 .7 0 5 ,1 5 2 Current L iabilities— A u d ite d vo u ch e rs a n d p a y r o lls ______________________ 4 202 518 In terest and d lv s . m a tu red 2 !6 9 1 1i 10 In te re st accru e d (n o t d u e ) . 1,403,991 fa x e s a ccru e d (n o t d u e ) . . 424 ,722 N o te s p a y a b le ......................... 1,713,329 . 1 0 ,435,673 P ro visio n a l A cco u n ts— S in k in g fu n d s a c c r u e d ____ 285 ,078 E q u ip , re p la ce m e n t func l (a u x ilia ry c o m p a n ie s ). . 19,572 Im p r o v e m e n t fu n d (K an sa „S C ity & M em phis R y . & B ridge C o m p a n y ). ‘ 7,486 Total. In crea se ( + ) o r D ecrease (— ) . $ 1908. 9,2 4 7 ,4 2 0 00 6,923 ,000 66 + 55,000 00 + 7 2 8 ,5 6 6 59 + 1 .4 0 4 ,9 3 0 85- 9 ,3 1 7 ,5 5 0 00 1 8 ,0 4 4 ,5 0 0 00 14 2 9 8 ,4 3 1 ,4 4 9 93 + 8 ,2 7 3 ,7 0 2 21 51 96 98 94 12 5 ,3 7 4 ,3 3 8 2 ,5 1 0 ,6 6 0 1 ,147,176 165,488 1 1 ,9 8 7 ,0 3 5 — 1 ,1 7 1 ,8 2 0 + 180,450 + 2 5 6 ,8 1 5 + 259 ,2 3 4 -1 0 ,2 7 3 ,7 0 6 51 2 1 ,1 8 4 ,7 0 0 45 -—10,7 4 9 ,0 2 6 94 58 70 38 89 90 07 26 60’ 05 78 08 2 82 ,554 87 + 2,523 21 41 5,7 4 7 14 + 13,825 27 50 7,563 47 3 1 2 ,1 3 6 99 — 76 97 -16,271 51 G rand to ta l l ia b il i t i e s ...3 1 7 ,4 5 2 ,9 6 2 64 3 1 9 ,9 1 2 ,0 1 5 86 P ro fit an d l o s s . ............... .. 4 ,0 1 4 ,3 2 0 34 4 , 488,400 71 — 2 ,4 5 9 ,0 5 3 22 — 4 7 4 ,1 7 0 37 T o t a !............... - ..................... 32 1 ,4 6 7 ,2 8 2 98 3 2 4 ,4 0 0 ,5 0 6 57 — 2 ,9 3 3 ,2 2 3 59 . . F °J e \— In sta tin g the assets a n d liab ilities o f the c o m p a n ie s c o v e r e d b y this balan ce sh eet, the h old in gs o f the St. L ou is & San F ra n cisco R R . C o . in the b on d s an d c a p ita l s to ck s o f leased an d a u x ilia ry lines a rc e lim in a te d . .. T ran sferred to F ran ch ises an d P ro p e rty a n d L e a se h o ld E sta te (T h e K . C. F. S . & M . R y .) at Ju n e 30 1909. E X P L A N A T I O N O F C H A N G E S IN F U N D E D D E B T D U R I N G F I S C A L Y E A R E N D E D J U N E 30 1009. T o ta l fu n d e d d e b t a t Ju n e 30 1008........ .............................. ............$18 9 ,8 9 0 ,7 1 7 74 ST. L O U IS & SAN F R A N C IS C O R A IL R O A D COM PANY. A d d itio n s— S t. L m d ^ & S a n F ra n cis co R R . C o . r e fu n d in g m o r tg a g e 4 % Issued fo r: A d d itio n s an d b e tte rm e n ts on K ansas M idlan d R a ilw a y ---------------------------------R e d e m p tio n o f u n d e rly in g b o n d s $15 0,00 0 00 512,163 1 1 $11 ,000 00 1 1,000 00 $ 22,000 946 ,378 99 T o ta l D e b it ................................................................................................ $1,6 0 8 ,5 4 2 10 B a l a n c e ............................................................................................................. 4 ,0 1 4 ,3 2 0 34 $2 2 ,7 5 6 ,1 0 3 90 $ 5 ,622,862 44 B y B alan ce at cred it Jun e 30 1909 _____________ ___________ $ 4 ,0 1 4 ,3 2 0 3A 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 30 190 9. ASSETS. Increase ( + ) or 1909. 1908. D ecrease (— ) . C a pital A ssets— $ F'ranchises ran ch ises a n d pr< p r o .p e r t. y .. 1 9 0 ,601 ,73 8 51 1 73 ,103 ,51 0 34 + 1 7 ,4 9 8 ,2 2 8 17 S to c k s an d b on d s o w n e d .. 203 ,8 4 5 69 203 ,8 4 5 69 00 S t. L o u is & San F ra n cisco R R . C o. general lien m o rtg a g e 5 % b o n d s — Issu ed fo r: R e fu n d in g p u r p o s e s . . . ................................$ 2 0 ,8 2 8 ,0 0 0 00 R e tire m e n t o f e q u ip , b o n d s an d n o t e s .. 1,928,163 90 S t. L o u is & San F ra n cisco R R . C o. threeye a r c o ll, trust 5 % n o te s o f 1908— Issued fo r p a y m e n t o f a d d itio n s & Im pr’ ts 2 ,0 0 0 ,0 0 0 00 T o t a 1- - ..................- .............................................$ 2 4 ,778 ,16 3 90 D ed u ction s— S t. I,. & S . F . R R . C o. 2 3 + y e a r 5 % gold n otes o f 1906, r e d e e m e d ____________________ $31 3,00 0 00 S t. L . & S. F . R R . C o. 5 -year 4 J ^ % gold n o te s, r e d e e m e d ---------- ------------------------------999,900 00 T o ta l fra n ch ises an d p r o p S t. L . & S . F . R y . C o. 1st m tg e . 6 % gold e r t y __________ 190 ,805 ,58 4 20 1 73 ,307 ,35 6 03 + 1 7 ,4 9 8 ,2 2 8 17 b o n d s (M issouri & W e s te rn ), redeem ed . . 10,000 00 L ea seh old e sta te (T h e K a n S t. L . & S. F . R y . C o. 1st in tge . trust 6 % sas C ity F t. S c o t t & g o ld b o n d s o f 1880, r e d e e m e d ____________ 1,000 00 M em phis R a ilw a y )______ 55,203,841 11 52,312,051 01 + 2 ,8 9 1 ,7 9 0 10 S t. L . M em phis & S. E. R R . C o . 5 -y c a r 4 'A % L ea seh old estate (K a n sa s g o ld n o te s, r e d e e m e d ......................................... 1 5 ,529,928 93 C ity M em phis & B irm in g ham R a ilr o a d ).................... 9 ,1 7 5 ,8 7 5 76 9 ,1 7 5 ,8 7 5 76 T « t a l ....................................................................... $1 6 ,8 5 3 ,8 2 8 93 F ran ch ises an d p r o p e r ty , a u x ilia ry c o m p a n ie s _____ 11,418,205 87 7 ,7 6 3 ,7 7 6 06 + 3 ,6 5 4 ,4 2 9 81 N et Increase_______________________________________ $ 7 ,9 2 4 ,3 3 4 97 C h ica g o & Eastern Illin ois R R . C o. preferred s to c k L E A S E H O L D E S T A T E ( T H E K . C . F T . S . A iM E M . R Y .) , 9 ,3 2 1 ,5 5 0 00 (C ost o f ) __________________ 9 ,3 2 1 ,5 5 0 00 A d d itio n s - _ C h ica go & E astern Illin ois T h e K . C. F t. S. & M . R y . C o. r e fu n d in g m tg e . 4 C b o n d s — R R . C o. co m m o n s to c k Issu ed fo r — (C ost o f ) . .......................... 1 8 ,239,237 13 18,2 3 9 ,2 3 7 13 ........................... Additions, betterments and new equip. $63 1 ,0 0 0 00 E q u ip m e n t u n d er e q u ip Refunding purposes__________________ 165,000 00 m en t tru s ts_____________ * 1 6 ,9 4 3 ,6 2 8 79 — 16,943,628 79 T o t a l _______________________________________ _____ _ 7 9 6 ,0 0 0 00 T o t a l.......... ............................2 94 ,164 ,29 4 07 28 7 ,0 6 3 ,4 7 4 78 + 7 ,1 0 0 ,8 1 9 29 B E A U M O N T SOUR L A K E & WESTERN R Y . CO. Current A ssets— Cash In tre a s u ry ___________ 721,497 84 A d d itio n s— 370,142 93 + 351,354 91 Cash In han ds o f fiscal a gen ts 3 ,7 9 9 ,4 8 3 89 2,2 9 1 ,8 3 8 06 + 1,507,645 83 B e a u m o n t S o u r L a k e & W es te r n R y . Co. 1st m tge. 6 % go l d D ue fro m agen ts a n d c o n b o n d s ............. ............... ........................... _.... ______ 4 6 1 ,0 0 0 00 d u cto rs _________________ 1 ,1 6 0 ,0 2 5 22 1,037,921 59 + 122,103 63 ORANGE & N ORTH W ESTERN RR. CO' D ue fro m railroad c o m p a n A d d itio n s—4 3 ,214 98 ies a c c o u n t t r a ffic _______ 55,615 14 — 12,400 16 Ora n ge & N . W . R R . Co. 1st m tge. 5 % gold b o n d s ............. 267,566 59 D u e fro m com p a n ies an d in d iv id u a ls .......................... 1 ,7 7 0 ,2 1 6 16 3 ,190,741 80 -1 ,4 2 0 ,5 2 5 64 T o ta l fu nded debt a t J un e 30 1909............................... $199,339,619 30 248 ,707 40 D u e fro m U . S. P . O . D e p t . 103,745 06 -144,962 34 Secu rities In trea su ry ______ 7 ,0 2 4 ,0 7 8 66 2 1 ,5 4 5 ,6 8 5 73 — 14,5 2 1 ,6 0 7 07 E X P L A N A T I O N O F C H A N G E S I N E Q U I P M E N T B O N D S A N D NOTES S u p p lies on h a n d ___________ 3 ,1 0 5 ,4 0 9 71 3 ,9 8 6 ,3 0 3 57 — 880 ,893 86 D U R I N G F I S C A L Y E A R E N D E D J U N E 30 1909. A d v a n c e s a c c ’ t c o n s tr u c ’n . 3 ,6 1 0 ,0 6 5 74 3 ,5 9 7 ,8 2 4 64 + 1 2 ,2 4 1 10 °* equ ip me nt bo n d s a n d notes o u t s t a n d i n g June 30 T o t a l................... 2 1 ,3 3 7 ,7 3 7 26 3 6 ,3 2 4 ,7 8 0 86 — 14,987,043 60 -------------------------------------------------------- ----------------------- $17,668,682 19 A d d ition s— D eferred A ccou n ts— No ne. O pen c a r r y in g a c c o u n ts In D ed uctions— p rocess o f a d ju s t m e n t .. 589 ,602 38 527 ,443 33 + 62,159 05 P a i d d u r i n g year: f D is c o u n t on b o n d s, carried In s u s p e n s e ,to b e ch arged Series “ A ” n o t e s ............................................$131,000 00 Series " B ” — - ~ - --------o u t In ann u al In stallm ’ ts 4,8 4 9 ,0 9 4 56 n o t e s .......................................................... 124,000 00 + 4 ,8 4 9 ,0 9 4 56 T ru stees sin kin g fu n d a c c ’ t 4 48 ,370 64 n otes. ........ 100,000 00 4 0 6 ,8 9 5 53 + 41,475 It S ln k ln g fu n d s _______________ 78,184 07 S cr es D and “ E ” n o t e s ........................................... 146,200 92 77,9 1 2 07 + 272 00 8®*; j* ‘’ on I s ........... ....................................... 2 32 ,000 00 T o t a l ....................................... 5 ,965,251 65 1 ,012,250 93 + 4 ,9 5 3 ,0 0 0 72 I fL 1? ? ,.* * n o t e s ................................................... 6 0 ,000 00 T o t a l A ssets.........................3 2 1 ,4 6 7 ,2 8 2 98 3 2 4 ,4 0 0 ,5 0 6 57 n o t e s . . . .................................................. 312 ,0 0 0 00 -2 ,9 3 3 ,2 2 3 59 L IA B IL IT IE S . n o t c s ...................................................... 3 6 ,000 00 C apital Liabilities— .8®Mes n o te s ..................................................... ._ 521 ,000 00 C a p ital s to c k : § er es . M n o t e s ......................................... ................ 105 ,745 20 F irst p referred .................... 5,0 0 0 ,0 0 0 00 5 ,0 0 0 ,0 0 0 00 Series ° ce r tific a te s ................. 68,000 00 S e c o n d p referred ............... 1 6,000,000 00 16,0 0 0 ,0 0 0 00 I h e K ansas C ity Fort S c o t t & M em phis R y . C o m m o n ................................. 2 9 ,0 0 0 ,0 0 0 00 2 9 ,0 0 0 ,0 0 0 00 C o. Series “ A ” b o n d s -------------------------------------- 130,000 00 T h e K ansas C ity F o rt S c o tt & M em phis R y . T o t a l . . ............................. 50 ,0 0 0 ,0 0 00 5 0 ,0 0 0 ,0 0 0 00 C o. Series “ B ” b o n d s .................................... 170,000 00 F u n d ed d e b t ---------------------- 142 ,549 ,33 2 71 134 ,6 2 4 ,9 9 7 74 + 7,9 2 4 ,3 3 4 97 O zark E quIpm ent C o. first m ortg age 5 % b o n d s 9 8 ,000 00 E q u ip m e n t b on d s & n o t e s . 13,045,551 99 15,239,582 19 — 2 ,1 9 4 ,0 3 0 20 f o r t S co tt E q u ip m e n t C o . first m o rtg age 0 ” ,', O u tsta n d in g secu rities on b o n d s ______________________ __________ _______ 3 3 ,0 0 0 00 leaseh old esta te (T h e IC. P ittsbu rgh L o c o m o tiv e W ork s 5 % n o t e s _____ 10 ,10 0 00 • O. F . S . & M . R y . ) — [ S to c k — , * i T o ta l net d e c r e a s e ......................................................................... 2 ,6 3 5 ,1 3 0 20 Preferred c e r tific a te s . 13,510,000 00 13,510,000 00 F u n ded d e b t ____________ 3 9 ,8 9 1 ,3 0 0 00 3 9 ,0 9 5 ,3 0 0 00 + 7 96 ,bbo 00 T o ta l e q u ip m e n t b o n d s, n otes a n d certifica tes o u ts ta n d in g , i. E q u ip , b o n d s & n o t e s 1 ,9 8 8 ,0 0 0 00 2 ,4 2 9 ,1 0 0 00 — 441 ,100 00 | a t Jun e 30 1909.......................................................................................$ 15 ,033 ,55 1 99 T o t a l .................................. 5 5 ,3 8 9 ,3 0 0 00 5 5 ,0 3 4 ,4 0 0 00 + 354 ,9 0 0 00 * In clu d e interest a g g re g a tin g $81 ,8 9 5 77. S U M M A R Y O F F IN A N C IA L C H A N G E S Y E A R E N D E D J U N E 3 0 T H 1900. R E S O U RG ES. Cash o n h an d Jun e 3 0 th 1008 — -------------------------- ----------------------------------- --------------------------------F u n d e d d e b t , In crea sed -------------------------------- -- - - ------------ - - - - - - - - - - - - - - - — — -O u tsta n d in g s ecu rities o n leaseh old estate (T h e K an sas C ity F t . S c o t t & M em phis R a ilw a y ) Increased ........................................... - --------- - - - --------------- ------------------- --------- --------------------------------C a p ital s to c k a u x ilia ry c o m p a n ie s , Increased ---------------------------------------------------------------------------F u n d e d d e b t , a u x ilia ry c o m p a n ie s . In creased ---------------- ----------------------------------------------------------C o n s tru ctio n certifica tes, a u x ilia ry c o m p a n ie s , In cre a se d -------------------------------------------------------S in k in g fu n d s a c c r u e d , In creased ------ -------------------- ------------------------------------------------------------------E q u ip m e n t u n d er e q u ip m e n t tru sts, d e c r e a s e d -------------------------------------------------------------------------C h anges In cu rren t a c c o u n ts , as fo llo w s : In crea se in L ia bilities— In terest an d d iv id e n d s m a tu r e d ------ ------------------------------------------------------------------------------------In terest a c c r u e d ______________________________________________________________________________ T a x e s a c c r u e d ____________________________________________________________________ ______ ______ E q u ip m en t rep la cem e n t fu n d s ------------------------------------------------------------------------------------------------ $ 2 ,6 6 1 ,9 8 0 99 $7 ,9 2 4 ,3 3 4 97 3 5 4 ,9 0 0 5 5 ,000 7 28 ,566 1 ,4 0 4 ,9 3 0 2,523 16 ,0 4 3 ,6 2 8 00 00 59 85 21 79 $27 ,4 1 3 ,8 8 4 41 $18 0 ,4 5 0 25 6 ,8 1 5 2 59 ,234 1 3,825 26 60 05 27 $ 71 0,32 5 18 D ecrea se in A ssets— D u e fro m ra ilroa d com p a n ie s a c c o u n t t r a ff ic _____ D ue fro m U n ited S tates P o s t O ffic e D e p a r tm e n t. D u e fro m com p a n ies an d In d iv id u a ls---------------------S ecu rities In tre a s u ry ---------------------------- --------------------S u p p lies on h a n d -------------------------------------------------------- $ 12 ,400 144 ,962 1 ,4 2 0 ,5 2 5 1 4 ,5 2 1 ,6 0 7 8 80 ,893 16 34 64 07 86 $ 1 6 ,0 8 0 ,3 8 9 07 $17 ,6 9 0 ,7 1 4 25 L ess— In crea se in A ssets— D u e fro m agen ts a n d c o n d u c t o r s ____________________ A d v a n ces a c c o u n t o f c o n s t r u c tio n ------------------------------O pen ca r r y in g a c c o u n ts in process o f a d ju s t in e n t . $12 2,10 3 63 12,241 10 6 2 ,1 5 9 05 $19 6,50 3 78 D ecrea se in L ia bilities— 153 A u d ite d v ou ch ers a n d p a y -r o lls . N o te s p a y a b le ____________________ 1 ,1 7 1 ,8 2 0 07 1 0 ,2 7 3 ,7 0 6 78 rr $ 1 1 ,4 4 5 ,5 2 6 85 1 1 ,6 4 2 ,0 3 0 63 6 ,0 4 8 ,6 8 3 62 T o t a l t o b e a c c o u n te d f o r . 3 3 ,4 6 2 ,5 6 8 03 $ 3 6 ,1 2 4 ,5 4 9 02 A P P L IE D A S F O LL O W S. F ran ch ises a n d p r o p e r t y . In crea sed ________________________________________________ ______ ______ L ea seh old estate (T h e K ansas C ity F o r t S c o t t & M em phis R a ilw a y ), In creased------------------F ran ch ises an d p r o p e r t y , a u x ilia ry c o m p a n ie s , In creased _______________________________ _____ T ru stees sin k in g fu n d a c c o u n ts , In cre a se d _____________________ ________________________________ S in k in g fu n d s , In c r e a s e d ._____________________________ ______ _____________________________________ E q u ip m e n t b on d s an d n otes, d e c r e a s e d _____________ ___________________________________________ I m p r o v e m e n t fu n d , K an sas C ity & M em phis R a ilw a y & B ridge C o m p a n y , d e c r e a s e d ____ D is c o u n t o n b o n d s, carried In su spen se, t o be ch arged o u t In an n u al Installm ents, Increased N et c r e d it t o p rofit a n d loss a c c o u n t , d e cre a s e d _______________________________________________ $17 ,4 9 8 ,2 2 8 2 ,8 9 1 ,7 0 0 3 ,6 5 4 ,4 2 9 4 1 ,4 7 5 272 2 ,1 9 4 ,0 3 0 76 4 ,8 4 9 ,0 9 4 4 7 4 ,1 7 0 17 10 81 11 00 20 97 56 37 3 1 ,6 0 3 ,5 6 7 29 B a la n ce , cash o n han d Ju n e 3 0 th 100 9. $4,52 0 ,9 8 1 73 ST. LO U IS & SAN FRANCISCO R A IL R O A D L IN E S . IN C L U D I N G CHICAGO & E A S T E R N IL L IN O IS R A IL R O A D . IN C O M E A C C O U N T Y E A R EN D E D JU N E 30TH 1908-09. 190 7-0 8. A v e ra g e m iles o p e r a t e d ----------6,2 1 6 74 6,021 26 O perating revenue— $ $ F r e ig h t ________________ 3 3 ,6 2 4 ,4 5 8 61 3 2 ,4 9 9 ,0 8 3 84 P a s s e n g e r ____________________11,322,806 73 10,607,340 04 Mall _________________________ 1,125,336 47 1 , 10 0 ,18 8 65 E x p r e s s ______________________ 1,410,897 32 1 ,378,091 78 M iscella n eou s________________ 661 ,712 47 674,451 78 190 9. I n c . ( + ) or D ec. (— ). + 1 9 5 .4 8 $ + 1 ,1 2 4 ,7 7 4 77 + 7 1 5 ,5 2 6 69 + 2 5 ,1 4 7 82 + 3 2 ,8 0 5 54 — 12,739 31 T o ta l tra n sp orta tion r e v ___48,145,271 60 4 6 ,2 5 9 ,7 5 6 09 + 1 ,8 8 5 ,5 1 5 51 Revenue fro m o p e ra tio n o th e r than tra n sp orta tio n . 32 0 ,0 8 5 05 2 89 ,107 42 + 3 0 ,9 7 7 63 T o ta l o p e ra tin g r e v e n u e .4 8 ,4 6 5 ,3 5 6 65 46 ,5 4 8 ,8 6 3 51 O perating exp en ses— M ain ten an ce o f w a y and s tr u c tu re s ________ _______ _ 6 ,0 8 9 ,3 2 5 M ain ten an ce o f e q u ip m e n t - . 6 ,3 0 2 ,2 7 5 T r a ffic e x p e n s e s ...................... 1 ,1 0 4 ,8 8 5 T ra n sp orta tion ex p en s e s -----1 6 ,929,769 G eneral e x p e n s e s . . ................. 1,672,292 M iscella n eou s incom e— 37 5 ,8 7 7 ,1 2 7 14 6,168,811 64 1 ,0 3 0 ,9 7 4 65 1 7 ,5 9 0 ,1 6 7 11 1,60 4 ,9 9 7 27 08 36 55 92 + 1 ,9 1 6 ,4 9 3 14 + 212,198 10 + 133,464 06 + 73,911 28 — 660 ,397 90 — 2 2 ,705 81 1.32,098,547 91 3 2 ,3 0 2 ,0 7 8 18 — 2 63 ,530 27 .1 6 ,3 6 6 ,8 0 8 74 1 4 ,1 8 6 ,7 8 5 33 . 1,818,718 66 1,307,001 56 + 2 ,1 80,023 41 + 511,717 10 .1 4 ,5 4 8 ,0 9 0 08 12,879,783 77 + 1,66 8 ,3 0 6 31 -D eb.19,942 23 D eb.40 ,92 5 16 Deft.243,613 42 D eb .53,696 25 _ 1,741,892 90 1,452,556 68 + 20,982 93 — 189,917 17 + 289 ,336 22 1 ,3 5 7 ,9 3 5 27 + 120,401 98 D ebit— A n n u al Installm ent fro m fra nchises an d p r o p e r ty a c c o u n t, o n a c c o u n t o f differen ces b e tw e e n the c o s t o f u n d erlyin g b o n d s r e fu n d e d a n d the p ro c e e d s o f re fu n d in g b o n d s s o ld , and the c o m m issions paid th e re fo r (1902 r e fu n d in g )--------- $15 ,0 0 0 00 $ 15 0 0,00 P r o p o r tio n fo r th e y e a r o f d is co u n t o n secu rities s o ld , and e x p e n d itu re s in c o n n e c tio n w ith lis t in g , c e r tify in g a n d issu in g new b o n d s fo r re fu n d in g p u rp o s e s _______________________________ 549,400 87 D e p r e cia tio n In va lu e o f tracks tak en u p and e q u ip m e n t d e s tr o y e d an d d ism a n tle d d u rin g cu rren t fiscal y e a r ______________________________ 1,088,411 31 O riginal c o s t o f o th e r p r o p e r ty d e s t r o y e d _______ 4,032 48 S u n d ry ad ju stm e n ts n o t a ffe ctin g cu rre n t y e a r ’s I n c o m e _________ ________________________________ 8,1 5 9 57 T o ta l D e b it _________ _____________________________________ _____$ 1 ,8 0 0 ,0 0 4 23 B a l a n c e -------------------------------------------------------------------------------------- 4 ,8 1 9 ,2 7 7 73 $6,619,281 96 B y balan ce a t c r e d it Jun e 30 th 1909 .$ 4 ,8 1 9 ,2 7 7 73 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 1009. ASSETS. C apital A ssets— P r o p e r ty , franchises a n d trust a sse ts------------------------------------ $3 5 0 ,0 0 3 ,7 0 5 82 Current A ssets— C a s h _____________________________________________________________ D u e fro m agen ts an d c o n d u c t o r s _____________________________ D u e fro m railroad co m p a n ie s a c c o u n t t r a ffic -----------------------D u e fro m co m p a n ie s an d in d iv id u a ls _________________________ D u e fro m U n ite d S tates G o v e r n m e n t ________________________ L oa n s an d bills r e c e iv a b le _____________________________________ S ecurities In tre a s u ry __________________________________________ S up plies o n h a n d _________ ____________________________________ A d v a n c e s a c c o u n t c o n s t r u c tio n ______________________________ T o ta l cu rre n t a s s e t s . . ..................................................................... . 1,478,337 25 .1 6 ,0 2 6 ,4 2 7 33 14,23 7 ,7 1 9 04 + 1,788,708 29 8 ,8 1 2 ,2 7 3 99 8 ,2 9 8 .5 5 2 89 + 5 1 3 ,7 2 1 10 2,591,631 12 1,480,941 94 2,564,203 43 1,239,268 82 + 27,427 69 + 241,673 12 Interest ................. ............................ R entals and sin kin g funds— In t. o n guaranteed s ecu rities. Other rentals and sin k , fu n d s D ivid en d s on trust certs., The K. C . F t . S . * M em p h is D ividends on trust certs.. C hic. <fe E astern Illin ois R l l _______ R y. 540,400 00 540 ,400 00 1,094,482 00 T o t a l c h a r g e s . . .........................1 4 ,510,729 05 13,736,907 14 + 7 8 2 ,8 2 1 01 1,506,698 28 500,811 90 + 1,005,886 38 199,742 12 199,742 12 A v a ila b le fo r d iv id e n d s ____ 157 ,140 00 157,140 00 T o t a l d iv id e n d s ----------------- 3 56 ,882 12 35 6 ,8 8 2 12 S u rp lu s carried to credit o f profit and lo ss ............... .......................... 1,14 9 ,8 1 6 16 143,929 78 $38 5,5 5 9 ,7 7 0 69 C apital L iabilities— C apital s t o c k ________________ $ 5 9 ,2 4 3 ,6 0 0 S to ck tru st c e r tific a te s _________________________________________ 4 0 ,8 7 2 ,0 5 0 F u n d e d d e b t ___________________________________________________ 2 3 9 ,7 7 6 ,6 1 9 C o n stru ctio n c e r t if ic a t e s ____________________ 1 ,4 0 4 ,9 3 0 E q u ip m e n t b o n d s an d n o te s o u t s t a n d i n g . . ------------------------2 3 ,4 2 4 ,8 9 9 00 00 30 85 67 $ 3 6 4 ,7 2 2 ,0 9 9 82 Current L iabilities— A u d ite d vo u ch e rs an d p a y -r o lls _______________________________ In te re st an d d iv id e n d s m a tu r e d _______________________ In terest a ccru e d — n o t d u e _____________________________________ T a x e s a c c r u e d — n o t d u e ___________________ N o te s p a y a b le ..................... G E N E R A L P R O F I T A N D LO SS A C C O U N T A N D A D J U S T M E N T S T H E R E I N J U N E 3 0 T H 1008 T O J U N E 30T M 1900. C redit— B a la n ce a t c r e d it Jun e 30th 1908 -------------------------------------------- $ 5 ,4 6 9 ,4 6 5 80 Su rplu s fo r the y ea r e n d e d Jun e 30 th 190 9........ ............................ 1 ,1 4 9 ,8 1 6 16 T o t a l C r e d it..................................................... - $ 5 ,5 0 4 ,8 2 9 2 ,9 9 6 ,0 8 6 2 ,0 6 5 ,3 4 9 61 3 ,1 2 2 3 ,1 3 8 ,3 2 9 10 96 07 87 12 $ 1 4 ,3 1 7 ,7 1 7 12 + 1,00 5 ,8 8 6 38 N o te .— T o p reserve co m p a riso n s th e re ve n u e an d o p e ra tin g exp en ses and o th e r figures fo r y e a r 1907-08 are re -s ta te d h ereon to co n fo rm w ith the cla ssification o f the In te r-S ta te C om m erce C om m ission , e ffe ctiv e J u ly 1 1908. $608,921 55 5,53 7 ,1 6 4 56 538,786 18 L IA B IL IT IE S . 1 ,094,482 00 D ivid en d s to stockholders— 4 % o n first p ref. s to c k o f S t. L . & San F r. R R . C o . 6 % o n p ref. s to c k o f the C h ic & E . 111. R R . C o. to s t o c k h old ers o th e r than S t. L . & San F ran . R R . C o ____ 25 64 88 95 09 88 78 28 83 $28 ,8 7 1 ,1 9 2 58 D eferred A ccou n ts— O pen ca rryin g a cco u n ts In process o f a d ju s t m e n t _________ D is co u n t o n b o n d s ca rried in suspense, to be ch a rge d o u t In annual In stallm en ts_________________________________________ T ru stees o f sinking f u n d s _______________________________________ T o ta l a sse ts_________ $ 5 ,4 6 8 ,9 4 9 1 ,6 0 8 ,4 4 4 121,199 2 ,3 6 7 ,3 8 2 114,052 3 26 ,843 10 ,1 6 4 ,7 1 7 4 ,1 8 9 ,3 9 5 4 ,5 1 0 ,2 0 6 ......................................... . . $ 6 , 619,281 06 P rovision a l A cco u n ts— S in kin g fu n d s, a c c r u e d ------------------------ ----------- ----------------------In su ra n ce , Im p ro v e m e n t an d re p la ce m e n t f u n d s ------------------- $28 5,07 8 08 i ,41 5 ,5 9 7 94 $1 ,7 0 0 ,6 7 6 02 G rand to ta l lia b ilitie s .......................... P ro fit an d lo s s________________ T o t a l____________________________________ $ 3 8 0,74 0,4 92 96 4 ,8 1 9 ,2 7 7 73 $38 5,5 5 9 ,7 7 0 69 N o te .— In sta tin g the assets an d liab ilitie s o f the c o m p a n ie s co v e r e d b y this b a la n ce sh e e t, the h old in gs o f the S t. L ou is & San F ra n cisco R a ilroa d C o. In the b o n d s an d ca p ita l sto ck s o f leased an d a u x ilia ry lines are e lim in a te d . 3£ke © u m m je r d a l m c$. COMMERCIAL EPITOME. Friday Night, Oct. 29 1909. Trade continues to expand and iron and steel mills have large orders ahead. The recent rise in money rates at home and abroad seems to have had no detrimental effect on gen eral business. The general feeling continues to be one of confidence as to the future. L A R D on the spot has ruled firm, without marked change in prices. Trade here has been dull, but at the West a good business has been transacted and the live-hog situation remains as strong as ever. Prime Western 12.80c., Middle Western 12.80c., city 12%c. Refined lard has advanced on the strength of the raw material. Trade moderate. Re fined Continent 13.75c., South America 14c., Brazil in kegs 15c. Speculation in lard futures at the West has been active, with prices strong much of the time. The live-hog situation has been the dominant factor. Good investment buying has been reported of late. D A IL Y C L O S IN G P R I C E S S a t. O c to b e r d e liv e r y ............. .1 2 .5 0 N o v e m b e r d e liv e r y ______ 12.00 J a n u a ry d e liv e r y ................11.05 O F L A R D F U T U R E S IN C H IC A G O . M on. T u es. W ed. 'Muirs. F ri. 12.37 H 12.35 12.35 12.37 1 2 .1 2 K 12.07J4 1 1 .9 7 M 1 2 .0 2 M 12.15 12.25 11.20 1 1 .1 7 M 11.30 11.50 11.00 P O R K on the spot has been strong. Trade has been dull, but offerings have been extremely light. Mess $25 75@$26, clear $24 50@$26 50 and family $26 50. Beef has been quiet and firm. Mess $11 @$11 75, packet $12 50@$13, family $13 75@$14 50 and extra India mess $20@$21. Cut meats have been quiet, with slight changes in prices; pickled hams, regular, 12% @12% c.; pickled bellies 13>^@14>^c.; pickled ribs 133^@I4c. Tallow quiet and firm; city G ^c. Stearines quiet and steady; oleo 17@19c., lard 133^@14J^c. Butter quiet and steady; creamery extras 31 @31 ^ c . Cheese quiet and steady; State, f. c., Sept., fancy, 16J^c.; Oct. best 15%c. Eggs quiet but higher; Western firsts 26@273^c. O IL .— Linseed has advanced with seed; city, raw, Ameri can seed, 63@64c.; boiled 64@65c.; Calcutta, raw, 75c. Cocoanut has been firm with a routine trade; Cochin 9@ 9M c -> Ceylon 8 }4 ® 8 / 4 c. Olive quiet and steady at 85c.@ $1 40. Lard has been moderately active and firmer; prime $1 02@$1 08; No. 1 extra 58@60c. Cod has been firmer and more active; domestic 38@40c.; Newfoundland 40@42c. C O FFEE on the spot has been quiet and firm. Rio No. 7, 8 % @ 8 ^ ic .; Santos No. 4, 8 % @ 8 % c. West India growths have been quiet and generally steady; fair to good Cucuta 9*4@ 9% c. The speculation in future contracts has been rather active of late at some advance in prices. Stimulating factors have been persistent reports from Europe and Brazil that the new Brazilian crop is certain to fall considerably short of the last yield, which, some contend, was over estimated. On Thursday a cable from Havre said that information from Brazil pointed to a Santos crop of between 7,000,000 and 8,000,000 bags. This caused considerable buying. Closing prices were as follows: O c t o b e r ...............__G .10c. N o v e m b e r _________ G .15c. D e ce m b e r _______ 6 .2 0 c . J a n u a r y ___________6 .2 5 c . F e b r u a r y ...................6 .3 0 c . M a r c h . - ..................... 6 .4 0 c. A p r i l --------- ------------ 6 .4 5 c . M ay .......................... 6 .5 5 c . J u n e ......................... G.COc. J u ly ......................... 6 .6 5 c . A u g u s t .................... 6 .7 0 c. S e p t e m b e r ............ 6 .7 0 c . COTTON. Friday Night, Oct. 29 1909. T H E M O VE M E N T OF T H E CRO P as indicated by our telegrams from the South to-night is given below. For the week ending this evening the total receipts have reached 420,071 bales, against 450,899 bales last week and 442,783 bales the previous week, making the total receipts since Sept. 1 1909 2,826,881 bales, against 2,595,114 bales for the same period of 1907-08, showing an increase since Sept. 1 1909 of 231,767 bales. R eceipts at— Sat. M on. W ed. T h urs. G alveston . _. P o r t A r t h u r ____ C orp. C h ris t!,& c. N ew O rle a n s____ G u lf p o r t ________ M obile _________ 20,988 17,604 31,973 21,374 21,778 7,985 10,625 15,051 17,638 9,853 954 i ,948 3,938 4,235 1,673 3,003 1,250 18,025 587 16,862 23,920 674 14,262 13,279 1,469 100 2,369 7,437 2,753 3,329 3,470 5,941 2,794 4,092 J a c k s o n v ille , & c. S a v a n n a h ____ _ B r u n s w ic k ____ C h arleston __ __ G e o r g e t o w n ____ W i lm i n g t o n ____ N o rfo lk ________ N ’ p o r t N ew s, & c. N ew Y o r k _______ B o s to n ___________ B a lt im o r e _______ P h ila d e lp h ia ____ T o ta l this w eek 1,970 3,095 3,253 5,527 4,246 8,450 T u es. — - I66 17 50 60,817 F r i. 1,44 5 10,810 3,188 1,205 451 14,687 17,3 90 2,566 2,462 5,374 298 — 68 66 — — 65,473 86,6 2 2 "6 5 15 64 — 44 67,865 59,486 T otal. 16,801 130,518 12 3,1 1 9 1,445 7 1 ,962 3,188 15,008 3,198 1,712 10! ,035 17,390 15,182 100 18,594 36,821 298 228 174 3,119 94 79,808 420,071 The following shows the week’s total receipts, the total since Sept. 1 1908, and the stocks, to-night, compared with last yean_____________________________ 1909. R eceipts to October 29. T h is S in ce S ep W eek. 1 1909. G a lv e s to n ________ 130,518 P o rt A r th u r . ___ C orp. ChristI, & c. 1,445 N ew O r le a n s ____ 71,962 3,188 M obile ................. 15,008 3,198 1,712 J a ck s o n v ille , & c. S a v a n n a h ________ 101.035 17.390 B r u n s w ic k _______ C h a r le s t o n _______ 15,182 G e o rg e to w n ____ 100 W ilm in g to n ____ 18,594 N o r fo lk _______ . . 36,821 N ’ p o r t N ew s, & c. 298 N ew Y o r k _____ 233 B oston . . _____ 174 B a ltim o re ________ 3,119 P h ila d e lp h ia ____ 94 1908. T h is W eek. Stock. S in ce S ep 1 1908. 924,200 168,898 1,004,728 24,700 0,904 11,424 3,840 12,154 320 ,116 92,681 368,008 5,627 89,867 19,198 103,509 29,420 5,237 22,625 7,689 1,579 7,926 707,291 71,592 596,409 127,414 14,740 65,941 127,531 10,699 87,345 351 25 164 182,493 19,113 165,751 195,626 27,632 138,200 1,763 276 1,800 1,314 54 319 732 1,587 8,969 4,756 11,465 351 75 454 T o t a l.......... ......... 420,071 2,826,881 440,660 2,595,114 1909. 1908. 109,947 202,593 147,227 5,027 47i291 160,633 231,700 30,044 44,937 156,511 7,844 33,632 25,134 34,239 26,760 19,305 110,120 2,057 3,779 7,267 77,606 4,7 7 0 5,622 3,726 889 ,429 755,600 50,688 In order that comparison may be made with other years, we give below the totals at leading ports for six seasons: R eceipts at— G a lv e s t o n ___ P t. A r th u r ,& c N ew O rlean s. M o b i le _______ Savan n ah ___ B ru n sw ick ___ Charles to n ,& c W ilm in g to n . _ N o r f o l k ____ N ’ p o rt N ., &c A ll o th e r s ____ 1909. 1908. 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 1907. 74,700 5,430 65,410 16,986 88,779 12,128 13,810 23,211 25,533 1,388 9,693 1906. 1905. 1904. 188,151 11,097 96,789 14,794 8 7 ,107 7,635 7,412 19,553 27,691 105,488 3,876 65,484 12,018 67,489 8,215 10,314 28,871 32,047 171 10,627 111,641 21,786 114,584 14,115 77,720 1 1,764 8,032 15,872 31,442 564 22,079 14,542 SU G A R .— Raw has been in moderate demand and firm. T o ta l this w k . 420,071 440,660 337,068 474,771 344,600 429 ,599 Centrifugal, 96-degrees test, 4.30c.; muscovado, 89-dcgrces S ince S e p t. 1. 2,826,881 2 ,595,114 1,901,505 2 ,633,253 2,5 7 2 ,3 6 3 3,0 7 6 ,8 0 8 test, 3.80c.; molasses, 89-degrces test, 3.55c. Refined has been quiet and firm. Granulated 4.95@5.05c. Teas have The exports for the week ending this evening reach a total been firm though less active. Spices have been active and of 330,270 bales, of which 139,038 were to Great Britain, firm. Wool quiet and strong. Hops dull and steady. 80,321 to France and 110,851 to the rest of the Continent. P E T R O L E U M .— Refined has been firm with a good de Below are the exports for the week and since Sept. 1 1909: mand for domestic and export account. Trade is more Week ending Oct. 29 1909. From Sept. 1 1909 to Oct. 29 1909. active than at this time last year. Barrels 8.15c., bulk ■ Exported to— Exported to— 4.65c. and cases 10.55c. Gasoline has been active and firm; Conii Conti 86-degrees, in 100-gallon drums, 18jktc.; drums $8 50 extra. from — Great Great Total. Britain. F t ’nee nent. Total. Britain. F rance. ne in. Naphtha steady and in good demand; 73@76 degrees, in 100-gallon drums, 16%c.; drums $8 50 extra. Spirits of G a lv e sto n ____ 52,238 36,971 33,942 123,151 232,581 209,468 268,892 710,941 1,000 15,389 8,311 24,700 turpentine moderately active and firm at Olj/gC. Rosin 4,676 4,676 Corp.Chris.,&c. firm; common to good strained $4 25. 96,800 64,017 40,832 201,649 New O rleans.. 37,712 27.983 8,428 74,123 10,015 19,681 Mobile 5,869 29,698 5,869 TOBACCO.— The general situation in the market for P e n sa co la __ 12,708 10,031 7,831 1,250 3,198 30,570 1.948 ___ domestic leaf has undergone no essential change during the Fernand Ina . . 96,972 54,015 200,127 351,114 Savannah ____ 13,655 6,767 38.202 58,624 week. Sales of leaf have been rather light; but as manu Brunswick. . . ____ 37,921 51,458 89,378 11.820 6,500 6,500 facturers of cigars continue very busy, there is a belief that Charleston____ 49,712 61,532 36,327 65,938 15,700 11,827 W ilm ington_ _ 8,600 15,900 73,720 155,358 at no very distant day the demand for leaf will improve Norfolk . . . 1,500 32 1,532 ____ materially. Meantime prices are firm. Havana has met j Newport flews 52,01 i 8,319 1,618 6,664 Y o rk ____ 5,046 44,930 105,260 with a good demand and has ruled firm. Sumatra has been New 28 2,548 B o s t o n __ __ 45,582 2,520 6,189 51,771 firm and moderately active. 5,615 5,615 5,529 21,040 B a ltim ore____ 502 15,009 __ 4,210 12,690 4,210 ____ .. 18,087 5,397 C O PPE R has been active and firmer. On Thursday the Philadelphia ____ _ _ _____ Portland, M e .. 700 700 4,800 28th inst. sales were reported of several million pounds, and San Francisco. 4,800 __ 2,741 2,711 3,439 ........... 3,439 it is said that bids for heavy lots from foreign buyers at Seattle ______ T a co m a ______ _____ ____ ___ slightly under current quotations were rejected. Lake Portland, Ore ______ ______ .. .. 12^t@13c.; electrolytic 1 2 ^ @ 1 2 % c.; casting 12%@12i^c. Pembina — D etroit............. .... .... .... .... .... .... .... Lead quiet at 4.32 j^@4.40c. Spelter quiet at 6.40@6.55c. T o t a l ........... 139,098 80,321 110,851 330,270 690,378 382,733 792,433 1,8G5,544 Iron has been firm with a large business in all sections of the country. In the local market very large contracts for foun Total 1908____ 82,350 80,799 147,407 310,556 504,431 284,077 855,295 1.703,803 dry iron have latterly been closed. Pipe works have bought over 75,000 tons during the week. No. 1 Northern $18 75@ In addition to above exports, our telegrams to-night also $19 50; No. 2 Southern $19 25. The railroads of the coun give us the following amounts of cotton on shipboard, not try have placed large orders for steel cars and rails. Tin cleared, at the ports named. We add similar figures for has been quiet; Straits 30.30c. for spot. * New York. On Shipboard, N ot Cleared fo r — October 29 at— Great Britain. F ra n ce Ger Other m an y. F o reig n N ew O r le a n s .. G a lv e s t o n ____ S av an n ah ____ C h a rleston ____ M o b i l e ............... N o r f o l k _______ N ew Y o r k ____ O th er p o r t s ___ 10,903 50,320 2,236 1,239 4,787 8,312 20,391 8,330 3,182 6,000 3,000 22,000 9*.460 1 0 ,108 T o ta l 1 9 0 9 .. T o ta l 1 9 0 8 .. T o ta l 1 9 0 7 . _ 97,641 96,364 51,076 "566 119,182 108,203 221,194 42,437 24,426 6,159 103,420 26,908 26,113 237,500 19,476 302,334 31,613 181,007 651,929 453 ,3 5 6 472 ,798 2,500 25 22,080 Y .666 4,000 18,986 66,431 26,993 102,603 28,030 48,687 28,329 56,898 21,601 Total. L ea vin g S to ck . 28,045 91,744 10,566 2,500 22,865 28,080 6,700 47,000 485 1,023 7,106 15,223 Y ,200 18,000 3,0 0 0 C oast w ise. Speculation in cotton for future delivery has been very active at rapidly rising prices, advancing some 100 to 125 points, after which there was some reaction. The under lying cause of this speculative outburst is a widespread idea that the crop is comparatively small. Such estimates as 10,000,000 to 10,500,000 bales are not by any means uni versally accepted, but there is a notion among ipany that the crop may not be any larger than that of 1907-08, when it was approximately 11,500,000 bales, though there are some who think that 12,000,000 bales, and possibly more, may yet be gathered. But while the size of the crop is naturally at this stage of the season purely conjectural, there can be no doubt that there is a sharp demand for the actual cotton at home and abroad. After a lull in the trading at Liverpool the spot sales there of late have suddenly risen to 12,000 bales. In the South active buying and steadily rising prices are reported. It is said that spot dealers there have in some cases found it impossible to fill their contracts except at heavy losses. Some “ laying down” on the part of such dealers is reported. A small bear failure is said to have occurred in Liverpool on Thursday. Crop reports from some sections are comparatively favorable, but from others quite the reverse. The receipts continue large, but their effect is offset by big exports and an active demand as well as by the speculative furore. Though manufacturers in the Carolinas have, it is stated, thus far failed to come to a general agree ment about curtailment, a number of mills have decided to curtail, and 160 Georgia mills, it is stated, have agreed to curtail 25% during November and December. Fall River and New Bedford, however, seem disinclined to reduce pro duction before April 1st, though it appears that outside of these points many mills in New England and elsewhere will lessen their output. The report of the Census Bureau, however, greatly encouraged bulls. Instead of 6,000,000 bales, as at one time predicted, it gave the quantity ginned up to Oct. 18th at 5,525,591 bales, against 6,296,166 for the same time last year, 4,420,258 in 1907 and 4,931,621 in 1906. Conservative people deprecate the wild speculation which has been going on and think too little attention has been paid to the big crop movement and to the fact that present prices, the highest seen in many years, except in the Sully year of 1904, discount, as they believe, all the bullish facts of the situation. They think, too, that sooner or later a movement to curtail production will become very general in this country and in Europe. Since last fall there has been a rise of, roughly speaking, 6c. a pound, or $30 a bale, with out, it is contended, sufficient warrant. Meantime the stock here at New York has increased during the present month about 47,000 bales. _ The South continues to sell here against actual cotton and Liverpool has also sold heavily for arbitrage account. Of late, however, Liverpool has liquidated some of these straddles by purchasing here. James A. Patten is said to have bought freely, and other operators at the West, the South and in Wall Street have also bought on the idea of a short crop and a record-breaking consumption. The estimated transactions at the Exchange have at times been as high as 750,000 bales in a day. Of late there has been very heavy liquidation for local Western and Southern ac count. To-day prices advanced sharply on renewed heavy buying for account of local, Wall Street, Chicago and South ern interests, Liverpool purchases to undo straddles, stronger and active spot markets at the South, and covering of shorts. Spot cotton here has been quiet. Middling upland closed at 14.85c., an advance for the week of 90 points. The official quotation for middling upland cotton in the New York market each day for the past week has been: Oct. 23 to O ct. 29— Sat. M on . T u e s. W e d . T h u rs. M id dlin g u p la n d s ...........................11.20 14.40 14.55 14.65 14.75 Fri. 14.85 N E W Y O R K Q U O TATIO N S F O R 32 Y E A R S . 1 0 0 0 .c ______14 ,8t 1008............... 0.35 1907................ 10.80 1006................ 10.50 190 5........... . .1 0 . 6 5 100 4................ 10.00 100 3................ 10.35 1902............... 8.65 1 9 0 1 .c . . . . . 1 9 0 0 .. . . . . 1 8 0 9 .. . .. 1898. -. 1 8 9 7 .. . 1806____ - 1895___ 1804_____ - - 8.00 1 8 9 3 .c ___ . . 9.44 1892_____ . . 8.19 8.31 7.38 1891_____ . . 8.38 5.31 1890____ . .1 0 . 0 0 1889_____ - .1 0 .5 0 7.94 1888____ . . 9 .8 ! 1887_____ . . 9.62 5.75 1886____ . . 9.25 1 8 8 5 .c ______ 0.62 1884------------- 9.75 1883............. .1 0 . 6 2 1882------------- 10.50 1881.................11.62 1880................ 11.06 1870--------------11.31 1878............... 9.44 M A R K E T A N D SALES A T N E W Y O R K . Spot M a rket Closed. S a t u r d a y .. M o n d a y ___ T u e sd a y . . W ed n esd a y T h u rsd a y . F r id a y ____ Q u iet, Q u iet, Q u iet, Q u iet, Q u iet, Q u iet, 28 20 15 10 10 10 p ts. p ts. p ts . p ts. p ts. p ts. T o t a l ___ adv. adv. adv. adv. adv. adv. F u tu res M arket Closed. S tro n g . F irm S t e a d y ____ ' " V e r y s te a d y S t e a d y ............ S t r o n g ____ Sales o f Spot and Contract. C on C on S p ot. sum*n. tract. "to o — 7',666 Total. b‘,666 25 2,600 2,500 4.800 9.800 105 . . . . 27,600 27,795 "76 2,600 2,570 4,82 5 9,800 F U T U R E S .— The highest, lowest and closing prices at New York the past week have been as follows: & ^ ^ q » .~ q w § o a f »<c o » 3 . Q $ o ! o s j ■| Q W ? Q S - ? Q W ? 2 W | ° 3£ ' ° £ w o £p s^ «° D5 1 m rriiQ *-?no ► -*no I q So I S g a g g I g g IS g I g g T S a f S s £3 f i S l l S IS t\3 bO coco »u CO CD 00 Oo Co 0*4 ooo O CD © I© I© CO | a o I S 1IS £*C0 ^ CO C3 I COCO O «vl oo CO ci o oo tso as I© I® CO COCO COCO c» I bb b b oo | 4k 4k 4k 4k t\0t\0 c o c o OM b b o o I® I 4k4k b b 4k 4k .sj CO I® I© 4k 4k Cl Cl co co 4k 4k © a © © I© I© 4k 4k 4k 4k 4k 4k ►-» Hk 4k 4k 4k 4k 4k I 4k 4k |© coco I© CO 4k CO |© |© >—k>—k 4k 4k I© too. COCO oobo >-»(-» 4k 4k 4k CO |© OS 8.° t-k l_± 4k 4k CD OO | CO tsO O O l® I© __________ ^ rso co COCO 4k 4k 4k 4k 4k 4k 4k 4k £ | 4k 4k 4k 4k 4k 4k 4k Ci CO -vj 4k c i Cl o O Ci CO |© |© bb OOO 4k 4k tSOHk Cl O 4k 4k bob 4k 4k COCO M O Ci Ci c i bo 03 O rf^co ©b COO I© I© Ci to O M O 4-*4^ t\01\0 t\o bb COCO IS >-* a a* cci» I© i© coco KOtsO IS © \@ 4k 4k 4k 4k bo b bo bo MM o to I® I© 4k 4k 4k 4k 4k 4k 4k 4k 4k to OO 4k 4k 4k 4k 4k 4k 4k tO |© COtO |© CO I® D tO 4k 4k 4k 4k cob OO Ci I® I® l® I© Cc I® rob to c i co to OOO CO00 O CD O Cl I © I© Cl CO too *V| I© COCO 4k 4k _ C IO __d 4kb _ Ci Cl c i coo ooo M to 4k 4k 4k 4k d Q 4k 4k 4k 4k 4k 4k 4k | 4k 4k 4k 4k o o ooo ci ci CO 00 ci a 4k Cl M O Ci a ci C3 ci ci GO "v| Ci Ci »-*o I® I© I® I© 4k 4k 4k 4k 4k 4k I© I© I© 4k 4k 4k 4k 4k 4k b to oo to 4k 4k 4k 4k 4k 4k 4k 4k 4k 4k 4k 4k to >-* to o booba bb *Ooci 1 l® COCO bob bb I® |© i® 4k 4k 4k 4k IM |M Cl o> CO I® CO 4k I© 4k oo I© 21 |m |£ s I U 00 CO I© oo *s| I© 4k 4k co to I® to c i I© I® |S I s to o o I® 4k I® 4k 4k |b Oo o 2. sp I® M* 4k4k 4k 4k CiCi bb 4k 4k 4k 4k 4k | 4k 4k4k 4k 4k 4k 4k 4k 4k 4k * *b M O b 4k 4k CO OOO ©@ I@ I® I® 4k 4k 4k 4k CD 21 is 4k 4k Ci is bo I® oo I® 4k |b © o CO 4k 4k COCO COCO CO-si OOOO I® l® 4k 4k cob I I I 50 I w |S b b b <o at a I® i© i© 4k lb IS IS IS IP IS IP I Co I Cl I Cl T H E CO TTO N C R ISIS— G R O W E R A N D CONSUM ER. — In our editorial columns to-day will be found an article under the above caption. T H E V IS IB L E S U P P L Y OF CO TTO N 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 conse quently all foreign figures are brought down to Thursday evening. But to make the total the complete figures for to-night (Friday), wre add the item of exports from the United States, including in it the exports of Friday only. ^ l obJ / r2,9~ i ^ , 190 9g t o c k a t L iv e r p o o l........... . . b a l e s . 6 7 2 ,0 0 0 g t o c k a t L o n d o n ..................................... 7 ,0 0 0 S to c k a t M a n c h e s t e r ............................ 3 4 ,0 0 0 1 90 84 1 1 ,0 0 0 14,000 26.000 1907542 ,0 0 0 27,000 4 0 ,0 0 0 1906. 296 ,000 16,000 21,000 . . . . - 7 1 3 ,0 0 0 11,000 179,000 232 ,000 2,0 0 0 7 ,0 0 0 15,000 3 ,0 0 0 4 51 ,000 20,000 185 ,000 100,000 4,000 12,000 14,000 10,000 609 ,000 18,000 129,000 91,000 3 ,0 0 0 10,000 18,000 34,0 0 0 . 449 ,000 3 45 ,000 3 0 3 ,0 0 0 185,000 T o ta l E u rop ean s t o c k s _________ .1 .1 6 2 ,0 0 0 In d ia c o t to n afloa t fo r E u r o p e .. 2 6 ,000 A m e r. c o t to n a flo a t fo r E u r o p e . - 816 ,169 E g y p t,B ra z tl,& c .,a flt.fo r E u rop e . 4 2 ,0 0 0 S to c k In A le x a n d r ia , E g y p t ____ - 123,000 S to c k in B o m b a y , I n d ia ............... . 103,000 S to c k In U . S. p o r t s _____________ . 889 ,4 2 9 S to c k In U . S . in te rio r to w n s ____. 5 3 0 ,3 6 5 U . S. e x p o r ts t o - d a y . .......... . 66,541 796 ,0 0 0 4 3 ,000 760 ,9 3 5 3 6 ,000 123,000 149,000 755 ,690 625 ,915 77,642 912 ,000 41,0 0 0 586,781 58,000 131,000 3 12 ,000 653 ,805 415,441 75,850 518 ,000 82,0 0 0 801,716 64,000 119,000 344 ,000 936 ,607 406,198 40,787 S to c k a t H a m b u r g S to c k a t M arseilles. S to c k a t B a rc c lo n a . S to c k a t T r i e s t e . 333 ,000 22,000 72,000 50,000 4,000 4,000 32,0 0 0 1,000 .3 ,7 5 8 ,5 0 4 3 ,3 6 7 ,1 8 2 3 ,1 8 5 ,8 7 7 3,3 1 4 ,3 0 8 O f the a b o v e , to ta ls o f A m e rica n an d o t h e r ’ d e scrlp tlo n s are as fo llo w s: A m erica n — . 591,000 304 ,000 4 53 ,000 222,000 . 29,000 18,000 3 0 ,000 17,000 . 4 24,000 287,000 211,000 129,000 . 816 ,169 760 ,935 586,761 801,716 . 889 ,4 2 9 755 ,690 653 ,805 936 ,607 . 530,365 625 ,915 615,441 408,198 U . S . e x p o r ts t o -d a y I . 66,541 77,642 75,850 40,787 E ast In d ia n , B ra zil. & c .— L iv e r p o o l s t o c k ________________ L o n d o n s t o c k _________________ M anchester s t o c k ........ ................ C on tin en tal s t o c k . ................. .. In d ia a flo a t fo r E u r o p e .. . . ___ E g y p t , B razil, & c ., a flo a t____ S to c k In A le x a n d r ia , E g y p t .. S to c k In B o m b a y , In d ia _____ 2,8 2 9 ,1 8 2 2 ,4 2 5 ,8 7 7 2,555,208 . . . . . . . . 81,000 7,000 5,000 25,000 26,000 42,0 0 0 123,000 103,000 107 ,000 14,000 8,000 58,000 43,0 0 0 3 6 ,000 123,000 149,000 8 9 ,000 27,000 10,000 92,000 410 0,0 58,000 131,000 3 1 2 ,0 0 0 74,0 0 0 16,000 4,000 56,000 82,000 64,000 119, 00 344 ,000 . 412 ,000 538,000 760 ,000 759 ,000 .3,34 6,5 04 2 ,829,182 2,4 2 5 ,8 7 7 2 ,555,308 -------- ---------------u p p ly ____________ _____ ___ _ M id d lin g U p la n d , L iv e r p o o l_____ 7 .7 1 d . 4 .9 9 d . M id d lin g U p la n d , N ew Y o r k ____ 14.7 5 c. 9 .3 5 c . 8% d. E g y p t , G o o d B ro w n , L I v e r p o o I - .i l l l - 1 6 d . P e ru v ia n , R o u g h G o o d , L iv e rp o o l 9.oO d. 8 .1 5 d . B ro a ch , F in e, L iv e r p o o l_________ 7 l l - 1 6 d . 4 13-16d --------6 H d . *4 nl -l -i 1 7, ,-----------------------------------' ' ;— , — . — ,, u 6ud. . 5 .9 3 d . 5.8 0 d . 1 0 .9 0 c . 1 0 .4 0 c. 1 0 ^ d . 10 3 -1 6 d . 1 2 .0 0 d . 8 .7 0 d . 5 X d . 5 13-16d. j 5 c7i -1 o u6 d . . o5u9-16d. -io u . Continental imports for the past week have been 223,000 ,les. Uhe above figures for 1909 show an increase over last week A T T H E IN T E R IO R TO W N S the movement— that is, the receipts for the week and since Sept. 1, the shipments for the week and the stocks to-night, and the same items for the corresponding period for the previous year— is set out in detail below. |OOcCtDHOJOOcOOOOcOO'fHiOMOO'fOCcOOOOCJM^r.iON'f ^ O O CV1rH ts. tH00 00 CO o HHHHHHM H H O sis XO H fjrnO O C O ^H O O C C rtO cO H M C O iO I'O O O C JiO H C O M H P5H!OMoOOOOoOOCHOt>hiOOTrOO'1'00'-'NoO{OCCOh*MHOiOH C005f->OOCCOflOOM05cObiHrfp5l>.h.NaiOp5Tj'M«0»-'OMHp;’1'hH rHiO»OcOCO*-''»tts'€^CVJM OcOcOrfcOCvj^cO^J C3f-i r - 4 » 0 O «0Hrf»rti-<h.OMMO0Cb*OO,fH i0 lOMCOOOaOiOCCcOMOtOCOOb* I CVJ ~ “ “ ^^C O tO O rtH M O O O ^tO M I o C losin g Q uotations fo r M id d lin g Cotton on— W eek ending October 29. S a t'd ay. G a lv e s t o n ______ N ew O rle a n s___ M o b i l e _________ S a v a n n a h ______ C h a rle sto n ______ W ilm in g t o n ------N o r f o l k ________ B o s to n ________ B a lt i m o r e _____ P h ila d e lp h ia ___ A u g u s t a ________ M e m p h is _______ S t. L o u is _______ H o u s t o n _______ L ittle R o c k ------- 13 13-16 13 % 13 % 13 7-16 13 % 13 X 13 % 13.95 14 14.45 13% 13% 14 13 13-16 13% M on d ay. Tuesday. W ed'd ay. T h ursd’ y. F r id a y . 13 15-16 13 13-16 13 % 13 % 13% 13% 13 13-16 14.20 14 % 14.65 13 15-16 14% 14 14 13% 14 1-16 13 15-16 13% 13 11-16 13 % 13% 13 % 14.40 14 % 14.80 14 14% 14 % 14 3-16 13 7-16 14 % 14 1-16 14 13 % 13 % 13 % 14 % 14.55 14 % 14.90 14% 14% 14 % 14 % 13 7-16 14% 14 3-16 14 13% 14% 14 14% 14.65 14% 15.00 14 % 14% 14% 14 5-16 13% 14 % 14 5-16 14% 14 3-16 14 3-16 14 14% 14 .7 5 V t'A 15 .1 0 14 % 14% 14% 14% 13% it>*»OcOlN »t-*'^^O^COCvl N E W O R L E A N S O P T IO N M A R K E T .— The highest, lowest and closing quotations for leading options in the New Orleans cotton market for the past week have been as follows: S a t’d a y , O ct. 23. C^lOOCftoOCM»-^«DC'M>-t>»ts*»O rfiO O C aO icO C ^ rfC vjr>iO O ‘O o 0 0 5 e O lN-t^ Q O *-^ «00 c v j^ jc \ jrfio »-ir-r^ c v ir> .c o c o o - « f» o c o o o * fT - » c & o oo cd ^ y -tr p ^ p m ’ to <o i* C\ll>iOOSOOOO<005»OCvil>iOrHeOOOC^ O O O H C J O M O O b O 'f 'f O i O C O H O ’fMoOOiOOOoOr-h.OcOcOrtOTi'CO tH o co o o co r-o o o r^ O O t O T b O O f cc ’-Hl>*ts»0 ^ 3 C O C v I r fO «0 J cV IM rfrH O H H »-HCVJr-4 00 -tf M N ^ T fO b'M aoiO b.T f r t a io o jio o o o o T f co«ortO>rtooHoeo^o>co OOCioO»-‘ rf»-Hc0^fOOr^OrHOO^rH(35McOTf<OOeOt^»-'t>-«V|»-HOOoOCOOa^C'l ocr>-r^o*oc5ocM coooo5co*ooccoooo-rt^or^cvi»ocvit^oor-.c5-r^fO COi'OWOOOrtiOOShOOiO'1'rtOOcO'rtifl’f NOlMOMrtoOi* O N ^ H ’ f ’ roO 'f'fO i-'M O oC O i'tO M T fO O ’ fOiOaONOCXOcOOoOONMOJ HOOOOrtOQHONHOOWHifJcOOOMNNi.'JHOONMTfHOOfJCO Ht^<OTt*rfr-t«OCO‘OoO^JCO t^NiOONHeOOOOHCOHMr a cOO* x cj a ts: : Eh n co vtf: -i •3 ±4 O M D 3 < o III: Sg.a >a i o 1o • ^ CO I cO H) •Co «o | o5 AZZk g—p a B .S f o u rt<OK£< M on d ay, Tuesday, W ed'day, T h ursd’ y, F r id a y , Oct. 25. O ct. 26. Oct. 27. Oct. 28. Oct. 20. 1 3.79-.9 0 1.3.83-.05 13.9 8 -.1 0 1 4.32-.3 4 14.44 — R a n g e _______ C losin g----------- 13.76 — 13.78-.8 0 1 4.03-.0 5 14.18 — 14.30-.3 2 — C lo sin g ---------- — @ — — @ — — @ .95 — @ — — @ — 14.2 5 -.4 0 13.76 — 13.88-.8 9 13.95 — 14.12-. 13 14.21-.2 3 14 .4 2 -.4 4 13.74-.8 5 C lo sin g----------- 1 3.78-.8 0 Jan u arg— R a n g e _______ 1 3.84-.9 6 C losin g----------- 13.86- 88 F ebrua ni— — @ — C lo sin g----------- 13.96-.9 7 1 4.03-.1 6 C lo sin g----------- 14.06-.0 8 A pril— — @ — C lo sin g ---------- 1 4.15-.1 6 M nu— R a n ge ----------- — @ — C losin g_______ 14.18-.2 0 J u n e— R a n ge _______ — @ — C lo sin g_______ 14.22-.2 4 J u lg — R a n g e _______ 14.20-.3 0 C lo sin g ---------- 14.22-. 25 Septem ber— R a n ge _______ — @ — C lo sin g----------- 14.26 — T on e— S p o t ------------- S te a d y . O p t io n s ______ S te a d y . 13.87-.0 7 14.02-.2 0 1 4 .1 1-.34 1 4.36-.5 7 3 4 .3 8 -.6 4 14.03-.0 4 1 4.15-. 16 14.33 — 14.42-.43 1 4.63-.6 4 13.97-.1 8 1 4 . l l - . 3 l 14.22-.4 9 14.49- 70 14 .5 4 -.7 7 1 4.14-.1 5 1 4.26-.2 7 1 4.46-.4 7 14.56-.5 7 1 4.76-.7 7 — @ — — @ — 14.48 — — @ — — @ — 14.2 4 -.2 5 1 4.36-.3 7 1 4.56-.5 7 1 4.66-.6 7 14.8 6-.8 7 14.12-.3 8 14.3 0 -.5 0 1 4 .4 1 -.6 7 4 1 .6 9 -.9 0 1 4.79-.9 6 14.33-.3 4 14.45-.4 6 1 4.65-.6 7 14.75-.7 6 14.9 5 -.9 6 — @ — — @ — — @ — — @ — — @ — 1 4.36-.3 7 14.47-.4 0 1 4.68-. 69 14.78-.7 9 14.9 8 -.9 9 14.2 3 -.4 5 14.39-.5 9 14.48-.7 4 14.77-. 99 14.87-.0 3 14.41-.4 2 14.52-.53 14.7 3 -.7 5 14.83-.84 15.0 4 -.0 5 — @ — — @ — 14.58-.75 — @ — — @ — ■ 14.41-.42 14.52-.5 3 14.73-.7 4 1 4.83-.8 4 15 .0 4 -.0 5 14.36-.44 14.44-. 62 14.5 6 -.7 5 — @ — 1 4 .9 2 -.0 5 14.44-.4 5 14.55-.56 14.75-. 76 14.8 8 -.8 9 15 .0 8 -.1 0 — @ — — @ — — @ — — @ — — © — 12.ty5-.00 1 3.05-.1 5 13.20-.2 5 13.15-.2 0 1 3.30-.5 0 S te a d y . S te a d y . F irm . V e ry sty . F irm . S te a d y . S te a d y . S te a d y . S te a d y . V ery sty . W E A T H E R R E PO R TS B Y T E L E G R A P H .— Advices to us by telegraph from the South this evening denote that dry weather has been quite general and that picking has pro The above totals show that the interior stocks have in gressed very well, being completed in some districts. The creased during the week 56,125 bales and are to-night 95,550 movement of cotton to market has been quite free. bales less than at the same time last year. The receipts Galveston, Texas.— Dry weather has been general over the at all the towns have been 87,191 bales less than the same State. The thermometer here has averaged 68, ranging week last year. from 56 to 80. Abilene, Texas.— Thermometer has ranged from 40 to 80, O V E R L A N D M O VEM EN T F O R T H E W E E K A N D SINCE S E PT. 1.— W e give below a statement showing the averaging 60. Brenham, Texas.— Average thermometer 68, highest 88 overland movement for the week and since Sept. 1, as made up from telegraphic reports Friday night. The results for the and lowest 47. Corpus Chrisli, Texas.— The thermometer has averaged week and since Sept. 1 in the last two years are as follows: 69, the highest being 84 and the lowest 54. -1909-1908S ince October 29— S ince Cuero, Texas.— Thermometer has averaged 67, ranging W eek . S ep t. 1. W eek. S ep t. 1. S h ip p ed — from 42 to 92. 4 5,568 22,319 72.579 V ia S t. L o u is ............................ _____ 11,115 _____ 8,641 22,655 18,362 Dallas, Texas.— The thermometer has ranged from 40 to 57,395 V ia Cairo — --------------------190 929 290 1,065 V ia R o c k Isla n d -------------------- _____ 88, averaging 64. 13,291 3,454 14,695 V ia L ou isv ille . . ----------------- _____ 4,102 _____ 1,921 Fort Worth, Texas.— Average thermometer 64, highest 84, 5,486 1,488 8,403 V ia C in cin n a ti- — ----------11,4 52 5,762 16,253 V ia V irgin ia p o in t s -------------- _____ 3,988 lowest 44. 14,680 6,984 17,894 V ia o th e r ro u te s , & c ------------- .......... 5,634 Henrietta, Texas.— The thermometer has averaged 68, 114,061 58,659 188,284 T o ta l gross o v e rla n d -------- _____ 38,501 the highest being 87 and the lowest 38. D educt shipm ents— Huntsville, Texas.— The thermometer has averaged 65, 11,366 5,150 13,560 O verlan d to N . Y . , B o s to n , & C -. 3,620 1,849 4,999 1,967 687 B etw een Interior t o w n s ------- _____ ranging from 43 to 87. 980 813 6,501 7,756 In la n d , & c ., fro m S o u t h ------ .......... Kerrville, T ex a s — The thermometer has ranged from 32 21,089 7,812 25,060 T o t a l to be d e d u c t e d ------- .......... 5,287 to 82, averaging 57. Lampasas, Texas.— Average thermometer 62, highest 86 163,224 50,847 92,972 L e a v in g to t a l n et o v erla n d * . . _____ 33,214 lowest 38. * In clu d in g m o v e m e n t b y rail to C a nada. Longview, Texas.— The thermometer has averaged 64, The foregoing shows the week's net overland movement the highest being 85 and the lowest 43. Luting, Texas.— The thermometer has averaged 64, rang has been 33,214 bales, against 50,847 bales for the week last year, and that for the season to date the aggregate net over ing from 45 to 82. Nacogdoches, Texas.— The thermometer has ranged from land exhibits a decrease from a year ago of 70,252 bales. 37 to 86, averaging 62. S in ce S in ce I n Sight ana S p in n ers' Palestine, Texas.— Average thermometer 64, highest 84, S ept. 1. W eek . W eek . S ept. 1. T a kin gs. lowest 44. 440,660 2,595,114 ..4 2 0 ,0 7 1 2,826,881 R e c e ip t s a t p orts to O ct. 2 9 . 92,972 50,817 . 33,214 163,224 N et o v erla n d to O ct. 29------Paris, Texas.— The thermometer has averaged 68, the 442 ,000 44,000 356 ,000 S o u th ern co n s u m p tio n to O ct. 2 9 . . 52,000 highest being 87 and the lowest 49. 535,507 3,114,338 .5 0 5 ,2 8 5 3 ,361,853 San Antonio, Texas.— Thermometer has ranged from 46 to 75,359 447,202 . 56,125 510,720 84, averaging 65. 610,866 .5 6 1 ,4 1 0 Taylor, Texas.— Average thermometer 63, highest 82 and 3 ,8 0 9 ,0 5 5 3 ,625.058 lowest 44. Weatherford, Texas.— The thermometer has averaged 61 ; N orth spin n ers’ takings to O ct. 2 9 . 8 2 ,997 358,753 92,571 481,636 the highest being 83 and the lowest 39. _ . Movement into sight in previous years: Shreveport, Louisiana.— There has been no rain during W eek— Hales. S ince S ep t. 1 Hales. the week. Average thermometer 63, highest 80, lowest 45. 1907— N o v . 1.................... . .. 4 5 4 , 4 6 2 1907— NOV. 1 . . ....................2,737,143 1906— N o v . 2 ......... 625 ,490 1906— NOV. 2 . . . ................ .3,483,325 Vicksburg, M ississippi.— There has been no rain during 1905— N o v . 3 ....................... ..4 6 7 ,1 0 5 1905— NOV. 3 . . . ................ .3 465,556 the week. The thermometer has averaged 61, the highest 1904— N o v . 4 .................. 574,451 1904— N o v . 4 ........................ 4,067,058 being 84 and the lowest 41. , f Q U O TA TIO N S FO R M ID D L IN G COTTON A T O T H E R Helena, Arkansas.— Picking cotton is nearing comple M A R K E T S .— Below are the closing quotations of middling tion. There has been no rain the past week. The thermo cotton at Southern and other principal cotton markets for meter has averaged 55.7, the highest being 80 and the lowest each day of the week. 36. OCT. 30 1909. THE CHRONICLE Little Rock, Arkansas.— It has been dry all the week. The thermometer has averaged G3.5, the highest being 84 and the lowest 43. Memphis, Tennessee.— Fine weather for raising the crop, and picking and marketing are making progress. There has been no rain the past week. The thermometer has averaged 57.2, ranging from 41 to 78.2. Mobile, Alabama.— Cotton picking is completed in many sections. A general killing frost occurred on the 25th. VVe have had rain on one day of the week, the rainfall being thir teen hundredths of an inch. Montgomery, Alabama.— Frost on the 25th. There has been rain on one day of the week, the precipitation being twelve hundredths of an inch. The thermometer has aver aged 61, the highest being 82 and the lowest 35. Selma, Alabama.— There has been rain on one day of the past week, the rainfall reaching four hundredths of an inch. The thermometer has averaged 57, ranging from 34 to 82 Charlotte, North Carolina.— Weather fine for picking. There has been only a trace of rain on one day of the past week. The thermometer has averaged 54, ranging from 33 to 70. New Orleans, Louisiana.— It has been dry all the week. Average thermometer 67. Savannah, Georgia.— It has rained on two days of the week, the precipitation being three hundredths of an inch Average thermometer 63, highest 81, lowest 40. Charleston, South Carolina.— There has been rain on one day the past week to the extent of twenty-five hundredths of an inch. The thermometer has averaged 60, the highest being 78 and the lowest 43. IN D IA COTTON M O VE M E N T FRO M A L L PO R TS. October 28. 1909. Receipts at— Week. B om bay___________________ 1908. Since Sept. 1. 22,000 77.000 1907. Since Sept. 1. Week. 9,000 52,000 Since Sept. 1. Week. 18,000 79,000 ' ---------------------Since September 1. 82,000 120,000 153,000 A L E X A N D R IA R E C E IPTS A lex a n d ria , E g y p t, October 27. AND 1909. S H IP M E N T S . 1908, 1907. R eceipts (cantars) — 3 2 0 ,0 0 0 1 ,2 0 3 ,6 8 9 S in ce S e p t. 1___________ T h is S in ce W eek . S ep t. 1. E xp ort (b a les )— 9 .5 0 0 8 ,2 5 0 6.500 1.500 T o M a n c h e s te r ___________ T o ta l e x p o r t s _________ 25,730 N o te .— A can tar Is 90 lb s. 2 9 ,2 7 0 14,500 37,284 4,2 3 5 310 ,000 936 ,334 390 ,000 1,709,006 S in ce T his W eek. S ept. 1. 6,750 8",6oo 2,250 8 5 ,289| 17,000 16,454 6,149 35,061 5,063 T h is 1 S in ce W eek . S ep t. 1. 9.500 42.627 7.500 32,486 5,750 38,320 1.250, 4.166 62,727 24,000^117,599 E g y p tia n bales w eigh a b o u t 750 lb s. The statement shows that the receipts for the week were 320,000 cantars and the foreign shipments 25,750 bales. M A N C H E S TE R M A R K E T .— Our report received by cable to-night from Manchester states that the market is quiet for both yarns and shirtings. The demand for India and China is poor. We give the prices for to-day be low and leave those for previous weeks of this and last year for comparison. W O R L D ’S S U P P L Y A N D T A K IN G S OF COTTON. C o tto n T a k in g s . W e e k a n d S e a so n . 8 H lbs. Shirt Ings, common to finest. 32* Cop Twist. d. Sept 17 OH 24 m Oct. 1 OH 8 0H 15 10 22 RB< 29 10H d. s d. g. SH lbs. Shirt ings, common to finest. 32j Cop Twist. Cot'n Mid C pi's 10 H 5 urn 5 14 m o 2 @9 74 (ft (ft (ft (ft (ft 10H 5 1 04 5 io m 5 10 V* 5 11 5 3 34 4 44 6 (ft9 ®9 (ft 9 (ft 9 9 9 9 9 11 6.93 7.31 SVx 4 10J4®8 9 OH 5 1 @ 8 1% 4J4 5.54 5.33 7.29 8 *4 (ft 7.27 8 11-16® 7.41 8 11-10 (ft 7.37 8% (ft 7.7L 8 H (ft 954 9H IH ®8 4J4 1M ^ 8 4 50 4 .-0 5.13 OH 9H 9X 150@8 1 w8 154P58 6 0 o 4.99 5.04 4.99 — Craig & Jenks, 27 William St., have issued a “ Ten-Year Cotton Statement.” It gives on a large sheet in parallel columns salient cotton statistics, including Government monthly condition reports, ginners' reports, dates of frosts, &c., &c. Copies may be had on request. 1908. S ea so n . V isib le s u p p ly O ct. 2 2 _________ 3 ,5 0 8 ,0 2 7 V isible s u p p ly S e p t. 1 ___________ A m e rica n In sigh t to O ct. 2 9 . . . 561 ,410 B o m b a y re ce ip ts to O c t . 2 8 ____ 22,000 O th er In d ia s h lp ’ ts t o O ct. 2 8 . . 3.0 0 0 A le x a n d ria re ceip ts to O ct. 2 7 . . 44,000 O th er s u p p ly t o O c t . 27 •______ 5.000 W eek . S ea so n . 3 .0 3 2 ,2 4 5 1,9 3 1 ,0 2 2 3 ,8 0 9 ,0 5 5 77.000 44.0 0 0 161 ,000 33.0 0 0 610,866 9.000 3.0 0 0 4 2 ,000 8.000 1,7 1 4 ,9 8 2 3 ,6 2 5 ,0 5 8 52.000 57.000 125 ,000 45.0 0 0 5 ,6 1 9 ,0 4 0 T o t a l s u p p ly ___________ _______ 4 ,1 4 3 ,4 3 7 6 ,0 5 5 ,0 7 7 3 ,705,111 D ed u ct— V isible s u p p ly O c t . 2 9 _________ 3 ,7 5 8 ,5 0 4 3 ,7 5 8 ,5 0 4 3 ,3 6 7 .1 8 2 3 ,3 6 7 ,1 8 2 T o t a l ta k in gs t o O ct. 29 O f w h ich A m erican O f w h ich o t h e r ________ 2.2 9 6 .5 7 3 1.916.573 3 80 ,000 2 .2 5 1 .8 5 8 1.7 7 2 .8 5 8 479 ,0 0 0 384 .933 335 .933 49,000 3 37 .929 275 .929 62,000 • E m braces re ce ip ts In E u ro p e fro m B razil, S m y rn a , W e s t I n d ie s , & c. S H IP e x p orts reach ed u p fro m P I N G N E W S .— A s sh o w n o n a o f c o t t o n f r o m t h e U n it e d S t a t e s 3 3 0 ,2 7 0 b a le s . T h e s h ip m e n ts m a il a n d t e le g r a p h ic r e t u r n s , a r e p r e v io u s p a g e , th e th e p a st w eek h a v e in d e t a i l , a s m a d e a s fo llo w s : N E W Y O R K — T o U v e r p o o l - O c t . 23— C e ltic. 4,604 u p la n d , l & a lb a leS Sea I s la n d ____________ 4 T o L o n d o n — O ct. 22— M innetonka”," 200 I' " 200 T o A n tw e rp — O ct. 22— Z e e la n d , 167 I ........... 167 T o G en oa— O ct. 22— K o n lg A lb e rt. 651; R e g in a d U t a lla .'16611 751 • T o N aples— O ct. 22— K o n lg A lb e rt, 700 _ _ 700 GALVESTON— To L iv e r p o o l— O c t . 22— A lex a ndrl a n , ’ l” l” . 614" I n k u m , 14,282; M ilton ian , 1 3 , 0 0 5 - - . 0 c t . 27— C en tu rion __ * ^2 238 13,337 ______________________________________ T o H a v re — O ct. 22— Ild e rto n , 9 , 2 7 0 . . _O c t . 24— M adawaska", ’ 1 2 ,4 1 2 . . . O c t . 27— B a ra b y , 8 , 4 6 3 . . .O c t . 28— M a s co n o m o, 6,5 3 5 ---------------------------------------------------------------------------------------- _ 3 6 ,6 8 0 T o D u n k irk — O c t . 25— G reysioK c v. astle, 291. . . . . 291 T o B rem en— O ct. 2 2 — Istra r, 1 1 , 2 5 7 . . . O ct. 26— B reslau, 1 0 , 2 0 7 -----O ct. 2 8 — S ch w a rzb erg, 4 ,5 4 8 ______________ _ 26,012 500 T o R o tte r d a m — O ct. 2 2 — L o rd D u llerln , 5 0 0 ___________________ T o A n tw e r p — O ct. 25— G re y sto k e C astle, 2 ,2 9 1 ________________ 2,291 T o G h e n t— O c t . 25— G re y sto k e Castle, 3 .0 4 6 ___________________ 3 ,0 4 6 T o C h ristia n ia— O ct. 27— N o ru e ga , 8 9 3 ________________ . . 893 T o G o th e n b u rg — O ct. 27— N oru ega, 1,200 ______________________ 1,200 N E W O R L E A N S — T o L iv e r p o o l— O ct. 25— M ech a n icia n , 19,232 — O ct. 26— C a n adian , 18,480 ________________________________ 37,7 1 2 T o H a v re — O ct. 2 8 — E lto n ia n , 16,500: S eville, 6 ,8 1 9 ____________ 23,319 T o D u n k irk — O ct. 26— C a y o B o n ito , 4,664 _ _ _ . . . 4,664 T o H a m b u rg — O ct. 22— P isa , 4 8 4 .. .O c t . 28— S eville, 2 0 0 ____ 684 T o A n tw e r p — O ct. 22— P h id ias, 1 ,3 2 6 __________________________ 1,326 T o O p o r t o — O ct. 22— P lo I X 1 ,9 5 0 _____________________________ 1,950 T o B a rcelon a —O ct. 2 2 — P lo I X , 2 ,4 5 0 _________________________ 2,4 5 0 T o G e n o a — O ct. 2 3 — L iguria, 2,018 _____________________________ 2,018 M O B I L E — T o L i v e r p o o l—O ct. 23 — E rn esto, 5 ,8 6 9 _________________ 5,8 6 9 P E N S A C O L A — T o M anchester— O ct. 2 3 — M anchester M iller, 1,948 1,948 T o A n tw e rp — O ct. 2 8 — G eorgia, 4 0 0 _____________________________ 400 T o G e n o a — O ct. 2 8 — S o p e rga , 8 5 0 ______________________________ 850 S A V A N N A H — T o M a n ch ester— O ct. 23— B ro o m fie ld , 4 ,0 1 8 O ct. 27— W a n d sw o rth , 9,637 _____________ ____________________ 13 655 ” 6*767 T o H a v re — O ct. 2 7 — G ram p ian R a n ge , 6 ,7 6 7 ____ T o B r e m e n — O ct. 23 — In d ia n , 2 1,345; S em an th a , 9 9 7 _________ 2 2 ,332 T o H a m b u rg — O ct. 27— G ram pian R a n g e , 200 _____ __ 200 T o R o tte r d a m — O ct. 23— S em an th a , 100___O ct. 27— Jessie Bu rn s, 1 ,4 7 0 __________________________ _______ ___________________ 1 570 T o R e v a l— O ct. 23 — Indian, 5 5 0 ________________________ZZZZ.ZZ *550 T o U d d e v a lle — O ct. 27— Jessie Burns, 1 0 0 . _____ _________ZZ 100 T o B a rcelon a— O ct. 27— A sp rotn on te, 7 ,1 0 0 _____________ . 7 ,1 0 0 T o V en ice— O ct. 26— C lara, 850 _________________________________ 850 T o T rie s te — O ct. 2 6 — C lara, 2 ,1 0 0 ____ ___________________________ 2,100 T o G e n o a — O ct. 2 7 — A sp ro m o n te , 3.4 0 0 ______ _______________ 3 ,4 0 0 C H A R L E S T O N — T o B rem en — O ct. 25— G cr ty , 6 .5 0 0 _____________ 6,500 W I L M I N G T O N — T o U v e r p o o l - O c t . 25— T h ls tle m o r, 1 5 ,9 0 0 ____ 15,900 T o H a v re — O ct. 2 3 — C a ta lin a, 8,6 0 0 .................................. .. 8,6 0 0 T o B rem en— O ct. 28— W r a e b y , 11,827 ________________________ 11,827 B O S T O N — T o L iv e r p o o l— O ct. 2 6 — W ln ifre d la n , 1 ,1 6 0 ____________ 1,160 T o M anchester— O ct. 22— B osto n ia n . 1 ,3 6 0 ____ __ 1,360 T o Y a rm o u th — O ct. 2 6 — B o s to n , 28 28 B A L T I M O R E — T o B rem en — O ct. 28— N eck ar, 3 , 5 0 3 . . . .................. 3,503 T o H a m b u rg — O ct. 2 6 — N u m an tia , 1,475 . ._ 1,175 T o A n tw e r p — O ct. 23— M ackinaw , 637 . . 637 P A D E L J P J r f 1A — T o L iv e r p o o l— O ct. 22— M erlon, 4 ,2 1 0 _______ 4,210 S A N F R A N C IS C O — T o J a p a n — O ct. 21 — K orea , COO . COO T o M anila— O ct. 21 — K orea . 100 _ _ -S E A T T L E — T o Jap an — O ct. 26— S h lm an o M ara, 2 ,7 4 i Z _ Z Z 2 741 T o ta l ....................................... ............................................................... _ ..............3 3 0 ,2 7 0 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: O ct. 8. . 51,000 O f w h ich sp e cu la to rs t o o k .. . ____ O f w h ich e x p o r te r s t o o k ___ . 1,000 . 42.000 . 4,000 . 66,000 .5 9 6 ,0 0 0 .5 1 3 ,0 0 0 T o ta l Im ports o f the w e e k .IZ . 44,000 . 28,000 .3 15,000 282.000 O ct. 15. 48,000 1,000 2,000 36,0 0 0 3,000 65,000 602,000 522,000 73,000 67,000 340 ,000 311 ,000 O ct. 22. 41,000 1,000 1 ,000 31,0 0 0 7.000 99,000 627,000 544,000 132,000 112,000 358,000 3 26 ,000 Oct. 29. 5 3 ,0 0 0 1,000 2 ,0 0 0 4 1 ,0 0 0 3 000 66,0 0 0 672,000 591 ,000 114 ,000 100 ,000 4 0 4 .0 0 0 362 ,000 The tope 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: Market, 12:15 P. M. 1 ) J Sulurdai/. M onday. Tuesday. Dull. Quiet. Dull. Wednesday. Thursday. Quiet. Moderate demand. Friday. Quiet. M ld.U pl’ ds 7.43 7.52 7.54 7.58 7.75 7.71 Spcc.&exp. 6,000 200 8,000 500 5,000 500 12.000 1,000 12,000 500 8,000 1,000 d. (ft (ft <919 Cot'n MM. U pi's 1909. W eek . Spot. 1908. 1173 Futures. Steady at Market 1 6 @ 7 ots. opened j advance. Market 4 P. M Firm at 10® 11 pts. adv. 1 Steady at Feverish at 7 ® 12 t<j 1 4 ® 8 pts. pts. adv. J advance. Barely st'y Steady at at 3 pts. 4 ® 5 pts. advance. advance. Easv at 2 } a® 7 H pts. adv. St‘ y at lp t. dec to 4 H pts adv. Steady at 1 0 @ ll pts. adv. Steady at 5 @ 6 pts. decline. Strong at 12@21 pts. adv. Strong at 1 @ 2 pts. pts. adv. 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 a re given in p ence and hundredihs. T h us, 7 25 m eans 7 25-100 d Sat. 12% to Oct. 29. p .m . d. O c t o b e r .. O c t .-N o v . N o v .-D e c . D e c.-J a n . J a n .- F e b . F e b .-M ch . 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 u ly -A u g . A u g .-S e p t S e p t .-O c t . O c t .- N o v . _ M on . 12% 12% p .m . 7 7 7 7 7 7 7 7 7 7 7 6 6 6 d. Tues. 4 12% d. d. 4 Wed. 12% Thurs. 4 12% d. d. 4 Fri. 12% 4 p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . d. 25% 34 19% 28% 17 26% 17 26% 17 27 17 27 17 27 17 27 17 27% 16% 26% 14% 24 93% 01 57 63 43% 49 35 36 29 % 32 27 29% 27 29% 28 31 28% 31% 28% 32 29 32% 29% 33% 20 33 26% 30 03 05% 64% 66 50% 52% d. 39 33% 32% 32% 34 34% 35% 36 37 36% 34 09 68 53 d. 40% 35 33 33 35 35% 36% 37 43 % 37% 34% 34% 35% 36% 37 37% 38% 57 52 48 48 49 49% 50 50% 38 51% 37% 38 51 35% 35% 49 09 09 18 69 67 76 55 54 61 d. 63 58 54 54 55 56 57% 58% 59% 59 56% 26 82 66 d. 55% 51 47 47 48 49 50 50% 51% 51 48% 17% 76 61 d. 65 60 56 56 57 58% 59% 60 61 60 58 28 84 68 T E X A S R A IN F A L L A N D T E M P E R A T U R E .— B y re quest we publish below the Government data of rainfall and temperature for July, August and September this year. ------------ July-----------Rain- Days Temp’ture. fa ll.* rain. High-Low. 5 104— 72 A b ile n e ------ .0 .9 0 2 105— 66 Ballinger — .1.82 4 .4.17 99— 69 6 100— 72 Brenham . . .1 ,7 6 Brow nw ood. .0.47 5 106— 69 92— 74 4 CorpusChrlstl 0.98 3 105— 72 Corsicana— .0.61 104— 69 7 Cuero ......... .4.31 104— 70 1 D a lla s .......... .0.83 102— 70 5 Dublin ____ .1 .1 0 104— 72 2 Fort W orth . .0.03 4 107— 69 Greenville . . .1 .3 5 2 106— 68 Henrietta . . .0 .7 0 4 99— 70 Huntsville - .1.38 102— 65 5 K errville___ .9.81 2 105— 69 Lampasas . . .0 .6 9 106— 72 5 Longview . . .1.45 103— 70 L u lln g ......... .4.96 3 103— 70 3 Mexla........... .0.23 98— 72 5 Palestine . . . .2.79 105— 66 1 P a r i s ........... .0.48 4 102— 70 San Antonio .3 .2 6 4 100— 68 T a y lo r _____ .1.21 1 105— 73 W a c o ........... .0.21 106— 73 5 W axahachle .2.53 * Inches. ---------- August---------- --------------September--------Rain- Days Temp'lure. Rain- Days Temp’ture. fa ll.* rain. High-Low. fa ll.* rain. High-Low. 100— 60 1.04 4 96— 56 0.62 6 2.67 4 99— 42 2.66 5 108— 59 99— 44 7 106— 68 2.66 3 4.35 98— 49 5 111— 72 0.92 3 2.82 101— 41 104— 62 1.35 2 1.00 5 98— 74 5 98— 56 3.66 10 1.08 0.22 2 102— 48 6 112— 67 0.87 8 109— 71 0.49 2 102— 43 0.88 1.46 0.32 2 106— 42 5 115— 65 1 5.47 5 103— 70 0.49 99— 49 1.72 7 112— 70 2.06 2 100— 50 2 106— 46 4 0.35 0.90 115— 67 102— 38 5.40 7 106— 64 0.28 1 98— 44 0.18 1 0.64 3 107— 69 1.82 3 96— 36 4 105— 60 0.95 1.41 102— 38 4 3 1.05 112— 66 102— 43 1.40 3 110— 70 2.15 7 4 100— 41 4 105— 70 1.18 0.95 0 104— 44 112— 70 0.00 1.35 5 108— 70 1.83 5 100— 48 1.76 6 2 2.01 0.48 106— 40 5 113— 67 1.64 106— 72 0.52 100— 50 7 5 108— 64 6 0.21 3 96— 46 2.71 2.76 7 109— 73 0.38 102— 44 1 0.77 6 115— 64 0.33 1 105— 39 BREADSTUFFS. Friday, October 29 1909. Prices for wheat flour have advanced on most grades dur ing the week. However, as trade has been extremely quiet the rise in quotations has been largely nominal, and due more to the activity and strength at the Northwest than to any thing else. Winter wheat flour is being diverted to other markets where there is a larger demand, and that accounts for the strength in that kind of flour. Most of the business transacted here of late has been in the nature of re-sales by recent buyers on speculation. Spring-wheat flour mills at the Northwest continue to grind to their full capacity. Rye flour and corn meal have been dull and easy. Wheat has had an almost eventless week. That is to say, the net fluctuations have been within very narrow bounds. Operators like James A. Patten are understood to be ignor ing wheat for the present, being more interested in cotton. For a time prices, it is true, declined under the weight of big receipts. Besides, there has been a lack of export buy ing and the flour trade in the Southwest is said to be poor. Cash markets at the Southwest, moreover, have been weak, and the foreign markets on the whole have declined. Crop news from Argentina has been as a rule favorable, and the same may be said of the advices in regard to our own wheat. The world’s shipments, though somewhat smaller than in the previous week, reached the very heavy total of 14,304,000 bushels, against 10,976,000 last year. The total world’s available supply increased for the week over 8,000,000 bush els, as against an increase for the same week last year of 4,630,000 bushels. Beneficial rains have occurred in South western Russia, even if in parts of Russia the crop is said to have suffered from drought. On the other hand, Minneapo lis has reported a big cash demand at strong prices, and mills there continue to grind to their full capacity. In fact, the Northwestern situation appears to be the one redeeming factor from the bullish view-point. Some, too, think that the crop has been somewhat overestimated. Some wellknown interests at Chicago have been buying on a moderate scale. At times reports have been in circulation of damage to the crop in Argentina by locusts. Liverpool has reported a better demand from millers, and from this source have also come reports that shipments from Russia will shortly be gin to decrease. Though the supply at Duluth has increased noticeably, that at Minneapolis has shown but a slightaddition. To-day prices advanced, owing chiefly to reports of an increased milling demand at firmer quotations, strong cables from Liverpool, where Manitoba was offering less freely, and scattered buying for both sides of the account. Millers were buying futures at Minneapolis and Chicago. The Continent was inquiring for wheat here, and some thought this might be the forerunner of renewed export buy ing. D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN N E W Y O R K . S a t. M o n . T u es. W ed . T h urs. F r i. 2 1 2 % 2 1 2 % 1 2 2 % 122 % N o . 2 red w in te r, f . o . b ...................... .1 2 3 % 121 % D e ce m b e r d e liv e ry In e le v a t o r _____ 1 1 3 % 1 1 2 % 112% 112% 113K 113 % M ay d e liv e ry In e le v a t o r ___________ 1 1 2 % 1 1 1 % 111% 111 % 111% 112% D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN C H I C A G O . S a t. M o n . T u es. W ed . Th urs. F r i. D e ce m b e r d e liv e ry In e le v a to r _____ 1 0 5 % 1 0 4 % 104% 104 % 105% 105% M a y d e liv e r y In e le v a t o r .....................1 0 5 % 1 0 4 % 1 0 4 % 1 0 4 % 105 105% July d e liv e ry In e le v a t o r ___________9 8 % 98 98 97 % 98% 98% gfc Indian com futures have been quiet at the West and nominal here. The general drift of prices has been towards a somewhat lower level. The weather has on the whole been very favorable for curing the crop. Husking returns from some scattered localities have been disappointing, but the reports from most sections show yields fully up to ex pectations. The movement of the new crop is increasing and liberal receipts are expected in the near future. The movement of old corn is comparatively large. The cash market at the West has been quiet. Here it has been ex tremely dull. Cash interests have sold futures, and there has been scattered liquidation and more or less hammering. To-day prices advanced. The country was offering less freely and nervous shorts covered. The rise in wheat also had a bracing effect. D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D C O R N IN N E W Y O R K . S a t. M o n . T u es. W ed . T h urs. F r i. 70 6 9 % 69 69 69 Cash c o r n ....................................... ............ 70 D e ce m b e r d e liv e ry In e le v a t o r ____ 6 9 % 69% 6 9 % 69 69% 69% D A I L Y C L O S IN G P R I C E S O F C O R N F U T U R E S IN C H I C A G O . Sat. M o n . T u es. W ed. T h urs. F ri. D e ce m b e r d e liv e ry In e le v a t o r ____ 5 9 % 59% 59% 58% 59% 59% 61% 61% 60% 61% 61% M ay d e liv e ry In e le v a t o r ___________ 6 1 % J u ly d e liv e ry In e le v a t o r .............. . . 6 0 % 60% 60% 60% 60% 61% Oats for future delivery in the Western market have been quiet. Fluctuations in prices have been mainly in sym pathy with changes in other cereals. I t is largely a waiting market. The belief of many is that receipts will soon in crease materially, and, with stocks of contract grade at Chi cago already large, that prices must seek a lower level. Cash interests have been the principal sellers. The selling, how ever, as already intimated, has not been of the aggressive kind. To-day prices were firmer on the advance in wheat and corn and covering of shorts. D A I L Y C L O S IN G P R I C E S O F O A T S I N N E W Y O R K . S a t. M on. T u es. W ed . T h urs. F ri. N atural w h i t e . . 43-46 4 3 -4 6 % 4 4 -4 6 % 44-46 44-46 44-46 W h ite c lip p e d 4 5 -4 8 % 4 5 -4 8 % 4 6 -4 8 % 4 6 -4 8 % 4 6 -4 8 % 4 6 -4 8 % D A I L Y C L O S IN G P R I C E S O F O A T S F U T U R E S IN C H I C A G O . S a t. M o n . T u es. W ed . Thurs. F r i. D e ce m b e r d e liv e ry In e le v a t o r ____ 40 40 39% 39% 3 9 % 40 M ay d e liv e ry In e le v a t o r __________4 2 % 42% 42% 42% 42% 42% J u ly d e liv e ry In e le v a t o r _________ 39 % 39% 39% 39% 39% 39% The following are closing^quotations: W in te r, lo w g ra d e s____ 34 4 0 @ $ 4 60 K ansas stra igh ts, s a c k s .$5 10C 6' 30 K an sas clea rs, s a c k s ___ 4 50 C W in te r p a t e n t s ________ 5 7 5 5 70 C ity p a t e n t s ____________ 6 40 ( W in te r s t r a ig h t s _______ 5 40 5 25 R y e flour, b b ls .................. 3 0 0 d W in te r cle a rs___________ 5 00 5 85 G raham flo u r ___________ 4 15 C S prin g p a te n ts _________ 5 60 5 45 C orn m e a l, kiln d r i e d . . 3 3 0 ( S prin g stra ig h ts ............... 5 30 5 00 Spring c le a rs____________ 4 75 G R A IN . C orn , per bu sh el— Cen ts. W h e a t, p er bu sh el— N o . 2 m ix e d ..... ..............e le v . 69 $1 16 N . D u lu th , N o . 1........... N o . 2 y e l l o w .................f .o .b . 7 0 % N . D u lu th , N o . 2 ........... 1 .1 4 % N o . 2 w h i t e ________ f .o . b . N om inal R e d w inter, N o. 2 . . . f . o . b 1 .2 2 % H ard “ ’’ 1 .2 1 % R y e , p er bu sh el— N o . 2 W e s t e r n _______ f .o . b . 76 O a ts, p er bu sh el— C en ts. S ta te an d J e r s e y _______ N om in al N atural w h ite _________ 44@ 46 W h ite c lip p e d .................. 4 6 @ 4 8 % B a rley— M a ltin g _________ N om in al F ee d in g , c . 1. f . , N . Y . 61@ 63 M i x e d __________________ N om in a l The statements of the movements 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— Wheat. Flour. Oats. Com . | Barley. R ye. bbls.im bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bu.M lbs. 49.000 2,142,450 791,200 1,295,150 1,991,000 199,821 C h icago____ 32.000 228,000, 484,900 63,800 436,200 96,200 M ilw aukee.. 33,650 305,046 371,630 7,666 4,055,948 8,885 D uluth......... 82,760 661,630 729,690 35,200 2,705.050 Minneapolis. 79.500 ........... 2,000 55,500 41.000 26,621 301,294 31,247 2,009 D etroit_____ 12,240 159,249 216,449 1,308 10,726 Cleveland . . 515,200 78,000 6,000 66,110 859,748 188,425 St. L o u is ... 249,300 82,115 8,000 65,300 29.000 235,678 P e o r ia _____ 280,600 165,000 1,167,600 Kansas City. 11,597,566 7,292,196 6,535,606 2,409,715 1,692,103 4,340,713 Since Aug. 1 1909......... 6,065,039 101,920,359 1908_____ 5,893,741 102.132,252 1907......... 4,754,240 76,868.552 38,507,530 28.316,332 55.009,766 T ot.w k .’ OO Same wk. ’ 08 Same wk. ’07 439,633 547,668 470,387 4,531,996 2,549,775 4,340,580 2,266,202 6,229,588, 3,100.424 213,410 214,152 281,281 1 54,903,147 24.672,332 2,618,693 57,098,465 33,261.570 2,659,284 68,718,702 24,953,932 2,622,007 Total receipts of flour and grain at the seaboard ports for the week ended Oct. 23 1909 follow: Receipts at— New Y o r k ............B o s t o n .................... P h iladelphia......... Baltim ore................ R ic h m o n d .............. New Orleans * ____ Galveston................ Mobile Montreal.................. Flour, bbls. 210,604 56,070 92,994 80,678 5,676 21,472 Wheat, bush. 1,018,200 566,158 642,214 417,939 44,096 12,000 37,000 ‘ M 34 60,751 1,136,020 Corn, bush. 91,125 42,634 41,503 147,019 34,682 104,600 116,000 22,000 Oats, Barley1 bush. bush. 435,875 353,175 88,292 107,835 1,475 33,222 31,316 64,500 17',500 161,687 37,898 R ye« bush H',500 2‘ 806 26,932 8,060 8,104 Total w eek............. 534,679 3,873.627 599,563 940.227 392,518 57,396 W eek 1908 . . I . - 523 560 3,963,231 491.091 916,381 342,910 258,543 Since Jan. l'l9 0 9 13,285.909 69,341,693 33 , 695,022 38,300,066 5282,238 945,374 Since Jan. 1 1908 14,335,103 89,862,241 29,586,348 36,087,604 4505,078 2340,683 * Receipts do not Include grain passing through New Orleans for foreign ports on through bills of lading. The exports from the several seaboard ports for the week ending Oct. 23 U )^ Exports from — bush. New Y o r k ______ 936,568 B o s to n __________ 401,148 Philadelphia____ 269,544 Baltimore.............. 34,877 New O rleans____ 69,253 Galveston................................ M obile...................................... Montreal.................1,104,000 Total week___ 2,746,137 Week 1908______2.749,730 Corn, bush. 47,517 25,714 25,714 171,300 9,595 81,427 22,000 Flour, bbls. 68,212 10,491 41,420 7,581 1,683 3,057 6,434 53,213 442,927 200,003 286,004 359,515 Oats, bush. 1,060 ___ __ ___20 ___ 17,500 12,125 Rye, _bush. _ __ __ ___ ___ ..... _ _ _._ 42,000 32,383 42,000 75,403 148,490 Barleys bush. 54,986 — ------ — — — — ......... 59,990 Peas. bush. -- -— -- -— — ..... 1,272 1,272 35,822 T h e d e s tin a tio n o f th e se e x p o r ts fo r th e w e e k a n d s in c e J u l y 1 1 9 0 9 is a s b e lo w : ----------Flour----------------------- Wheat---------------------------Corn------------Since Since Since J u ly 1 Week J u ly 1 J u ly 1 Week Week Exports for week and Oct. 23. Oct. 23. 1909. 1909. 1909. Oct. 23. bush. bush. since J u ly 1 to— bush. bbls. bbls. bush. 137,142 767,197 United K ingdom __ 120,367 1,625,240 1,514,972 16,991,034 889,310 277,317 C on tinent........... ...... 46,695 508,536 1,228,165 10,094,324 318 48,920 127,977 So. & Cent. A m or.. 6,670 218,121 3,000 27,150 684,950 1,675 West Imiles _ . ......... . 21,040 418,168 1,000 15,461 Brit. No. Am. Cols. 5,231 45,494 5,000 8,226 Other Countries___ . ......... 47,038 T otal.................... 200.003 2,862,597 2,746,137 27,220,060 Total 1908........... ...359,515 3,350,621 2,749,730 47,561,229 442,927 2,414,064 286,004 1,066,799 T h e w o r l d ’s s h i p m e n t s o f w h e a t a n d c o r n f o r t h e w e e k e n d in g O c t . 2 3 1 9 0 9 a n d s in c e J u ly 1 1 9 0 9 a n d 1 9 0 8 a r e s h o w n in t h e f o l l o w i n g : Corn. Wheat. Week Oct. 23. 1909. 1908. 1909. ‘ Exports. Since J u ly 1. Since J u ly l. Week Oct. 23. 1908. Since J u ly 1. Since J u ly 1. Bushels. Bushels. 67,906,700 439.000 23.088.000 77,000 16.672.000 204.000 24.638.000 1,020,000 4.600.000 5.252.000 Bushels. 2.300.000 5.510.000 6.773.000 44,517,000 Bushels. 1,298,400 5.266.500 6.236.500 33,227,500 T o t a l ____ 12230000 161,639,000 142,156,700 1,740,000 59,100,000 46,028,900 Bushels. North Amor. 3.990.000 R u ssian____ 7.272.000 312.000 Danublan . . 168.000 Argentine . . 336.000 Au stralian.. Oth. countr’s 152.000 Bushels. 43.099.000 71.888.000 9.152.000 12.208.000 3.284.000 22,008,000 T h e q u a n t it y o f w h e a t a n d c o rn a flo a t fo r E u r o p e o n d a te s m e n t i o n e d w a s a s f o llo w s : Wheat. O ct. O ct. O ct. O ct. 23 16 24 26 1 9 0 9 .. 1 9 0 9 .. 1J0S.. 190 7.. Corn. United Kingdom. Continent. Total. Bushels. 13.200.000 12.720.000 16.960.000 15.800.000 Bushels. 17.280.000 16.320.000 15.840.000 15.440.000 Bushels. 30.480.000 29.040.000 32.800.000 31.240.000 United Kingdom. Continent. Total. Bushels. 6,120,000 6.885.000 5.780.000 7.600.000 Bushels. 6.205.000 5.440.000 5.525.000 4.880.000 Bushels. 12.325.000 12.325.000 11.305.000 12.480.000 T h e v i s i b l e s u p p l y o f g r a i n , c o m p r i s i n g t h e s t o c k s in g r a n a r y a t p r i n c ip a l p o i n t s o f a c c u m u l a t i o n a t la k e a n d s e a b o a r d p o r ts O c t . 2 3 1 9 0 9 , w a s a s fo llo w s : AM ERICAN G R A IN STOCKS. Barley, Rye. Oats, Corn, Wheal. bush. bush. bush. bush. bush. 147,000 940.000 6,000 159.000 ............. 1,237,000 New York ............. 212,000 7,000 162.000 1,000 46,000 18,000 ............. 441,000 Philadelphia 1,000 478.000 ............. 631,000 133.000 Baltimore— 1,000 134,000 ............. 60,000 151.000 New Orleans 218.000 125.000 ............. 107,000 .............. 1,982,000 284.000 1.090.000 B u ffalo......... 53.000 690,000 T o l e d o _____ ............. 1,039,000 411.000 40.000 44.000 1,000 550,000 147.000 170.000 79.000 1,613,000 836.000 18.000 4.188.000 Milwaukee R307|000 120.000 457.000 30.000 199,000 D u lu th 7,818,000 955.000 73.000 1.247.000 Minneapolis 46.000 2,501,000 1.310.000 158,000 1.050.000 109.000 St. Louis 1,692,000 27,000 397.000 5,000 ............. 2,201,000 207.000 505.000 1.120.000 33.000 9,000 Peoria I 17,000 442.000 276.000 134.000 298.000 658.000 On L a k es 2,475,000 122.000 326.000 O n Canal and R iver 325,000 57,000 9,000 .. ... ....... ____ .. ....... ..... ....... .... ....... ... ....... __ . ....... ___ ....... ..... _ ...... 12,747,000 13,380,000 STOCKS. Oats, bush. 254,000 619,000 567,000 3,987,000 3,977,000 Rye, bush. 8,000 Barley, bush. 36,000 53,000 254,000 242,000 59,000 SU M M ARY. Corn, Oats bush. bush. 3,360,000 12,747,000 254,000 53,000 8,000 51,000 36,000 34,000 Rye, bush. 619,000 8,000 Barley, bush. 3,987,000 36,000 627,000 618,000 895,000 4,023,000 4,011,000 6,385,000 3,360,000 Total Oct. 23 1909.-25,650,000 3,493,000 Total Oct. 16 1909..25.070.000 CAN AD IAN G R A IN Wheat, ‘ Corn, bush. bush. M ontreal53,000 Fort William ............. 4,858,090 ............ 2,951,009 Other Canadian. ........... 1,778,000 .. . Total O ct. 23 1909.-10,546,000 Total Oct. 16 1909.-10,350,000 Wheat, bush. American Canadian .. ............. 25,650,00.) ... ....... 10,546,000 Total O ct. 23 1909..36.196,000 Total O ct. 16 1909..35.420,000 Total Oct. 24 1908.-45,632,000 j 3,413,000 3,552,000 1,412,000 13,001,000 13,622,000 9.404,000 T H E DRY GOODS TRADE. New Y ork , F rid ay N ight, Oct. 2 9 1 9 0 9 . E a r l y in t h e w e e k t h e d e m a n d f o r c o t t o n g o o d s in t h e p r im a r y m a r k e t w a s q u ite a c t iv e , m a n y su b s ta n tia l ord ers f o r g e n e r a l li n e s o f s t a p l e s b e i n g r e c e iv e d f r o m l e a d i n g j o b b e r s in v a r i o u s s e c t i o n s w h o h a d h e s i t a t e d t o c o v e r f u t u r e r e q u ire m e n ts. L a te r th e fu r th e r u p w a r d m o v e m e n t o f th e s t a p l e h a l t e d t r a d e in m a n y q u a r t e r s . C o n s i d e r a b le p r o g r e s s h a d b e e n m a d e in e s t a b l i s h i n g a d v a n c e s o n g o o d s , b u t , o w i n g t o t h e s h a r p rise in r a w c o t t o n d u r i n g t h e p a s t f e w d a y s , m i l l s , a s a r u l e , h a v e d e c lin e d t o a c c e p t o r d e r s f o r f a b r ic s e v e n o n t h e n e w p r ic e b a s i s r e c e n t l y f i x e d . M any f a b r ic s h a v e a g a i n b e e n w i t h d r a w n . T h e s it u a tio n c o n f r o n t i n g m i lls is c o n s id e r e d m o r e a c u t e , a s t h e t i m e is n e a r e r a t h a n d w h e n t h o s e w h o h a v e s m a ll s t o c k s o f r a w m a t e r i a l m u s t p u r c h a s e n e c e s s a r y s u p p lie s , a n d u n le s s t h e y c a n s e c u r e p r o f i t a b le p r ic e s f o r t h e i r p r o d u c t t h e r e w ill b e n o a lt e r n a t iv e b u t to s h u t d o w n . R e a s o n s f o r c u r t a i li n g a p p e a r s t r o n g e r t o - d a y t h a n a t a n y t i m e s in c e t h e m o v e m e n t s t a r t e d ; b u y e r s , a l t h o u g h in n e e d o f g o o d s , h a v e d i s p l a y e d a s t r o n g r e s i s t a n c e t o f u r t h e r a d v a n c e s a n d in m a n y li n e s b u y e r s a n d s e lle r s a r e p r a c t i c a l l y d e a d l o c k e d , a n d u n l e s s c o t t o n d e c .i n e s m a t e r i a l l y f r o m it s p r e s e n t h i g h l e v e l , o r u n l e s s b u y e r s r a is e t h e ir b i d s c o n s i d e r a b l y , t h e r e c a n b e l i t t le doubt of a w id e s p r e a d c u r ta ilm e n t. N ot a fe w m i lls in N e w E n g l a n d a n d in t h e S o u t h h a v e a l r e a d y c lo s e d o r g o n e o n s h o r t e r t i m e , a n d i t is n o w s t a t e d t h a t r e p r e s e n t a t i v e s o f s e v e r a l m i l l i o n N e w E n g l a n d s p i n d l e s , in r e s p o n s e t o t h e A r k w r i g h t C l u b ’ s c i r c u l a r , h a v e g i v e n d e f in i t e a s s u r a n c e s t h a t t h e y w ill r e s t r i c t p r o d u c t i o n b e g i n n i n g N o v . 1 . D u rin g t h e c o m i n g m o n t h t h e e x t e n t o f t h i s m o v e m e n t w ill b e m o r e c le a r l y d e f i n e d , b u t , a s a l r e a d y s t a t e d , p r e s e n t in d i c a t i o n s a r e t h a t i t w ill b e e x t e n s i v e . P r i c e s g e n e r a l l y h a v e r u le d v e r y s t r o n g , w ith fu r th e r a d v a n c e s n a m e d o n n u m e r o u s lin e s , i n c l u d i n g g r a y g o o d s , s h e e t i n g s , d e n i m s a n d k id -f i n is h e d c a m b r ic s , th e la tte r sh o w in g a n e x tr e m e a d v a n c e o f o n e cent a y a rd . J o b b e r s r e p o r t a fa ir tr a d e a n d a s a tis fa c to r y d a ily m o v e m e n t o f m e r c h a n d ise ; s o m e m o d e r a te o rd ers are b e i n g r e c e i v e d f o r s p r i n g g o o d s , b u t t h e b u l k o f t h e b u s in e s s h a s b e e n c o n f in e d t o p r o m p t a n d n e a r - b y d e l i v e r i e s . I n t h e e x p o r t d i v i s i o n s o m e in q u ir i e s h a v e c o m e f o r w a r d , b u t a t l i m i t s f a r b e l o w s e lle r s ’ v i e w s , w i t h t h e r e s u l t t h a t b u s in e s s g e n e r a l l y w i t h t h e la r g e r m a r k e t s is a t a s t a n d s t i l l . H o s ie r y a n d u n d e r w e a r h a v e b e e n in a c t i v e r e q u e s t f o r p r o m p t a n d n e a r -b y s h ip m e n t , a n d b u y e r s a r e u r g in g d e liv e r y o f e v e r y t h i n g c o n t r a c t e d f o r a t o l d p r i c e s ; s e lle r s a r e n o t a c t i v e l y s e e k in g n e w b u s i n e s s a t p r e s e n t . T h e s ilk p ie c e g o o d s m a r k e t is r e p o r t e d a s u n s e t t l e d a n d u n s a t i s f a c t o r y , c o m p e t i t i o n fo r s p r in g b u s in e s s , to g e th e r w ith th e c o u r se o f ra w m a t e r ia l, h a v i n g c a u s e d c o n s i d e r a b le p r i c e - c u t t i n g . I n m e n ’s w ea r t h e r e h a s b e e n s o m e in c r e a s e in t h e c a ll f o r s t a p l e s , b o t h w o r s t e d s a n d w o o l e n s f ig u r in g in t h e d e m a n d . S p rin g d r e s s f a b r i c s h a v e b e e n in u r g e n t r e q u e s t f r o m j o b b e r s a n d c u t t e r s , w h il e a n i n c r e a s e d i n t e r e s t h a s b e e n s h o w n in g o o d s s u ita b le fo r th e c u r r e n t s e a s o n ; o n d u p lic a te s le a d in g p r o d u c e r s h a v e a d v a n c e d p ric e s 5 % to 7 j ^ % . D O M E S T I C C O T T O N G O O D S .— T h e e x p o r ts o f c o tto n g o o d s fr o m th is p o r t fo r th e w e e k e n d in g O c t . 2 3 w e re 3 ,1 6 4 p a c k a g e s , v a l u e d a t $ 2 3 1 , 9 5 0 , t h e ir d e s t i n a t i o n b e i n g t o t h e p o i n t s s p e c if ie d in t h e t a b le s b e l o w : -------- 1909-------- --------------- 1908--------N ew Y ork to October 2 3 — W eek . G reat B rita in ...................................... _______ 45 O th er E u ro p e _____________________ _______ 16 C h in a ______________________ In dia ________ ____________________ _______ 250 A r a b ia _____________________________ A f r i c a ____ ______ __________________ W e s t I n d i e s . ______________________ ---------- 870 M e x ico _____ _________ _______ _______ 60 Central A m e r ic a .................. ........ . . ---------- 304 S o u th A m e r ic a __________ __________............ 541 O th er C o u n trie s___________________ ............ 400 S in ce J a n . 1. 1,534 889 160,941 14,281 24,024 13,550 33,6 4 5 1,387 11,464 42,7 6 0 17.058 W eek . 10 5 2.288 2 710 18 290 1,385 772 S in ce Jan. l . 694 969 18,550 12,042 25,414 8,144 22,2 5 6 1,321 12,765 3 4 ,3 8 0 18,3 2 6 _________ ____ _____ ______ 3.164 T o ta l 5.480 321 .533 154,861 T h e v a lu e o f th e se N e w Y o r k e x p o r t s s in c e J a n . 1 h a s b e e n $ 1 7 , 5 2 1 , 0 9 3 in 1 9 0 9 , a g a i n s t 5 9 , 6 7 3 , 3 2 4 in 1 9 0 8 . D o m e s t i c c o t t o n s h a v e d i s p l a y e d a f ir m e r t e n d e n c y , w i t h n e w p r ic e s e s ta b lis h e d o n s o m e lin e s . B r o w n sh e e tin g s, S o u t h e r n s t a n d a r d , a r e n o w a t 7 % c . f l a t , w h il e 4 - y a r d s h e e t i n g s , a t 6 3 4 c . , s h o w a n a d v a n c e o f 3 4 c . in t h e a s k i n g p r i c e . D e n i m s , w h ic h a w e e k a g o w e r e r u l i n g a t 1 3 3 4 c . t o 1 6 c ., a r e n o w q u o t e d a t 1 4 c . to 1 7 c ., a n d k id -fin is h e d c a m b r ic s h a v e b e e n r a is e d 3 4 c - t o 4 3 4 @ 4 3 4 c T h e v o lu m e of t r a d e w it h j o b b e r s in d o m e s t i c s h a s b e e n m o d e r a t e ; r e t a ile r s h a v e c o n tin u e d to p u r c h a s e , b u t h a v e s h o w n little d is p o s itio n to s to c k u p . S t a p l e p r i n t s h a v e c o n t i n u e d in f a ir d e m a n d , b u t th e m a r k e t sh o w s ir r e g u la r ity , s o m e p r o d u c e r s r e le a s in g g o o d s a t d i s c o u n t s , w h il e o t h e r s h a v e f u r t h e r s h o r te n e d d is c o u n ts a n d a re n o t a n x io u s to s e ll. T r a d e in d e n i m s h a s b e e n c o n f in e d p r i n c i p a l l y t o s p o t a n d n e a r - b y d e li v e r i e s , a s m i l l s a r e n o t in c lin e d t o s e ll f r e e l y f o r f o r w a r d s h ip m e n t, e v e n a t th e r e c e n t a d v a n c e s . O n b r o w n g o o d s , a l s o , s o m e l e a d i n g h o u s e s a r e r e p o r t e d a s u n w i lli n g t o se ll e it h e r f o r t h i s o r n e x t y e a r ’ s d e l i v e r y . A n i n c r e a s e d c a ll is n o t e d f o r fin e s h i r t i n g s f o r f a ll d e l i v e r y , a n d s o m e o f t h e h i g h e r -p r i c e d lin e s h a v e b e e n w i t h d r a w n . T r a d e in c o t t o n li n in g s h a s e x p a n d e d m a t e r i a l l y u n d e r a n in c r e a s e d d e m a n d f r o m s e c o n d a r y d i s t r i b u t o r s a n d c u t t e r s in n e a r ly a ll s e c t i o n s ; th e b u lk o f th e b u s in e s s h a s b e e n fo r th is y e a r ’s s h ip m e n t . T r a d e in p r i n t c lo t h s h a s b e e n l i m i t e d , o w i n g t o t h e fir m e r v i e w s o f m i lls a n d t h e i r u n w i llin g n e s s t o s e l l , e v e n a t t h e h i g h e r f ig u r e s n a m e d . R e g u la r s h a v e r u le d v e r y fir m b u t a r e s t ill q u o t e d , n o m i n a l l y , a t 4 c . ; s t a n d a r d w id e g o o d s h a v e b e e n a d v a n c e d to 6 c . W O O L E N G O O D S .— S ta p le w o rste d s a n d w o o le n m e n ’ s w e a r f a b r i c s w e r e t a k e n in la r g e r v o l u m e d u r i n g t h e p a s t w e e k , a n d th e s t e a d y a p p lic a tio n o n s ta p le lig h t -w e ig h t s h a s p la c e d l e a d i n g p r o d u c e r s , i t is s a i d , w e ll u n d e r o r d e r . C a r d e d w o o l e n g o o d s h a v e b e e n in s t r o n g r e q u e s t . G en e r a l ly s p e a k i n g , m e d i u m - p r i c e d f a b r i c s c o n t i n u e t o b e m o s t h ig h ly r e g a r d e d ; f a n c y w o r s te d s h a v e d r a g g e d , b u t f a n c y w o o l e n s u i t i n g s h a v e b e e n d u p l i c a t e d m o r e l i b e r a l l y , w h il e h e a v y - w e i g h t w o o l e n o v e r c o a t i n g s h a v e m e t w i t h a la r g e s a l e . S e c o n d a r y d is t r ib u to r s o f d re ss g o o d s h a v e b e e n o p e r a tin g a c t i v e l y o n f a b r i c s f o r t h e c u r r e n t s e a s o n , a n d in m a n y i n s ta n c e s h a v e r e q u e s te d a g e n ts to a n tic ip a te d e liv e r y o f s p r in g good s. A d v a n c e s w e re a n n o u n c e d d u r in g th e w e e k o n v a r i o u s li n e s r a n g i n g f r o m 5 % to 7 3 4 % o n g o o d s fo r th is s e a s o n a n d a lso o n s p r in g fa b r ic s . F O R E I G N D R Y G O O D S . — A n i m p r o v e d d e m a n d is r e p o r te d fo r im p o r te d w o o le n a n d w o r s te d g o o d s a n d s u b s ta n tia l fu r th e r o r d e rs a r e s a id to h a v e b e e n b o o k e d b y th e le a d in g in te r e s ts . T h e c a ll f o r h o u s e k e e p i n g li n e n s h a s b e e n w e ll m a i n t a i n e d , a n d a d d i t i o n a l r e q u e s t s f o r d r e s s li n e n s fo r s p r in g h a v e c o m e fo r w a r d fr o m s u it m a k e r s . A f a ir b u s i n e s s h a s b e e n d o n e in s p o t b u r l a p s , b u t f u t u r e s h a v e r u le d q u i e t ; p ic e s r e m a i n u n c h a n g e d a t 4 . 6 0 c . f o r 1 0 3 4 - o u n c e a n d 3 .6 0 c . fo r lig h t -w e ig h t s . State atip City Depaptment, D e n o m in a tio n : 29 b o n d s o f $500 ea ch an d 5 b o n d s o f $100 e a c h . In terest a n n u a lly In B la ck sb u rg . M a tu rity N o v . 1 1949, s u b je c t to call a fte r 20 years. B o n d s are e x e m p t fro m ta x e s . C ertified c h e ck fo r $500, p a y a b le t o th e C h airm an o f th e B oa rd o f P u b lic W o r k s , Is r e q u ire d . T h e to w n has no d e b t a t p re se n t. Assessed v a lu a tio n $ 26 2,35 0. News Items. Bloomington, McLean County, 111.— Bond Sale.— On Ocl . 29 the $50,000 4% 10-20-year (optional) coupon wat -works improvement bonds described in V. 89, p. 98, were awarded, it is stated, to N. W. Halsey & o. of Chicago at 99.15. Brookline, Mass.— Bond Award Pos' oned.— The award of the following 3.40% coupon bonds, roposals for which were received on Oct. 28, was posto cd until N ov. 1: Council Bluffs, Iow a.— Bonds Declared Valid.— On Oct. 22 Judge Smith McPherson of the U. S. Circuit Court dissolved the temporary injunction issued by him in January 1909 (V . 88, p. 171), restraining the issuance of $600,000 bonds voted in October 1908 for a municipal water system. E v i dence in the case was taken during the summer by the spe cial examiner, J. J. Ferguson. The principal question raised in the suit was whether the proposed bond issue would in crease the indebtedness of th" . e/oria tne niu.. scribed by the Constit .on. The city’s contention was that it could issue .us up to 5% of the actual value of the propertv ne . city. The plaintiff argued that the city could not .egally exceed 5% of the taxable value, this being the word used in the State Constitution. Judge McPherson, however, construes “ taxable” to mean the actual value of property subject to taxation, and not the assessed value which, by the State code, is fixed at only 25% of the actual value. In taking this position Judge McPherson refers to the opinion of the State Supreme Court handed down in 1905 in the case of Halsey vs. City of Belle Plaine (128 Iowa 467), which, he says, puts at rest the question raised. New York C ity.— Bonds Authorized by Board o f Esti mate to Begin Construction of Fourth Avenue Subway.— At yesterday’s meeting the Board of Estimate by unanimous vote approved the contracts let by the Public Service^ Com mission in May 1908 for the construction of the first six sec tions of the Fourth Avenue subway, to extend from the Manhattan Bridge to 43d St., Sooth Brooklyn, and repre senting a cost to the city of $15,186,379. See V. 86, p. 1345. The Board also authorized the i. umce of $2,850,000 cor porate stock necessary to begin the work and adopted a resolution requesting the Public Service Commission to make a requisition for such additional issues of stock as are neces sary to cover the construction of all six sections. The questiwn of approving contracts and authorizing bonds for the Fourth Avenue subway came up in June 1908, but at that time an injunction was issued by the Supreme Court, u ion petition of Jefferson M. Levy, enjoining the Board of Estimate from taking any action in the matter. The point raised was that the city had exceeded its debt limit and Benj. F. Tracy was appointed referee to determine the borrowing capacity on June 30 1908. The referee de cided that on the date in question (June 30 1908) the city could still borrow $106,205,714 66 and be within the limit fixed by the Constitution. As stated last week this amount was reduced by the Court of A; p ails to $51,759,616 74. With this as a basis it is estimated by city authorities that at the present time the city has the legal right to borrow up to about $90,000,000. Bond Proposals and Negotiations this vreei &&V0 bean as follows . Autauga County (P . O. Prattville), Ala — Bond Offering. — Proposals will be received until 12 m. N ov. 15 by G. S. Livingston, Probate Judge, for $55,000 refunding court-house, $20,000 refunding jail and $75,000 public road 4>^% gold coupon bonds. D e n o m in a tio n $50 0. D a te , d a y o f d e liv e ry . In te re st s em i-an n u al. M a tu rity 30 years, B on us are free fro m all ta x e s. C ertified ch eck fo r $5U0, p a y a b le t o the P rob a te J u d g e , Is re q u ire d . T o t a l d e b t , these issues. Assessed v a lu a tion $ 4 ,5 0 0 ,0 0 0 . The official notice of this bond offering will be found among the advertisements elsewhere in this Department. Ballston Spa, Saratoga County, N . Y . — Bond Offering.— Proposals will be received until 12 m. to-day (Oct. 30) by Donald McLcnnon, Village Treasurer, for the following 4>^% bonds: $ 7 ,000 w a ter b o n d s . M atu rity $500 y e a r ly o n N o v . 1 fro m 1010 t o 1023 2.0 0 0 w ater w ork s b o n d s. M atu rity $500 y e a r ly o n D e c. 1 fro m 1910 to 1913 Inclu sive. 500 sew er a n d Jud gm en t b o n d s. M a tu rity Ja n . 1 1915. A u th o rity C h ap ter 24, C on so lid a te d Law s o f 1909. D e n o m in a tio n $500. In teres t a n n u a lly a t the V illage T re a su re r’s o ffic e . P u rch a ser to p a y 10% o f p u rch ase price u p on n otice o f a c c e p ta n c e o f bid a n d b alan ce o n x\ov. i , w hen b on d s w ill be d eliv ered . Belvidere, Boone County, III.— Bond Election.— An elec tion will be held Nov. 2 to vote upon propositions to issue the following 5% bonds: $ 14 ,000 w a ter-w ork s Im p rov em e n t b o n d s . M atu rity $1,400 y e a r ly from 1911 to 1920 in clu siv e. ,, , . , 2 0 .0 0 0 general ex p en se b on d * . M a tu rity $ 1 ,2 0 0 , p a y a b le y e a r ly , be g in ning 1912. D e n om in a tion $100. Benoit, Bolivar County, Miss.— Bond Offering.— Further details are at hand relative to the offering on Nov. 2 of the $10,000 5%* gold coupon water-works bonds mentioned in V. 89, p. 1023. Proposals will be received until 7 p. m. on that day by M. M. Thompson, Mayor. D e n o m in a tio n $500. D ate O c t . 5 1909. In terest s e m i-a n n u a lly a t the H a n o v e r N a tion a l Hank In N ew Y o r k C ity . M atu rity O ct. 5 1920. B on ds are e x e m p t from S ta te an d c o u n ty t a x e s . C ertified ch e ck fo r $500, p a y a ble to th e M a yor, Is rep a ired . T h e to w n has n o d e b t at presen t. Assessed v a lu a tio n 1909. $ 17 2,97 6. Blacksburg, Cherokee County,So.Car.— Bond Offering.— Proposals will be received until Nov. I by P. II. Freeman, Chairman Board of Public Works, for $15,000 5% coupon electric-light, sidewalk-improvement and refunding bonds. $35 ,000 b o n d s to c o n s tr u c t W as • o n , W a ln u t and H igh streets an d im p r o v e the V illage e. D e n o m in a tio n $ 1 ,0 0 0 . D ate Jan . 1 19 7. , .1,000 y e a rly fro m 1011 to 1917 Inclusive. 57.000 bo n u s o r th e S aw Mill B rook V a lle y S ew er. D e n o m in a tio n $ 1,000. D a te Ja n . 1 1909. M atu rity $3,000 y e a r ly fro m 1911 to 192# Inclu sive. T , 115 ,900 new p u b lic -lib r a r y b o n d s . D e n o m in a tio n $ 1 ,100. D ate Jan . 1 1909. M atu rity $6,1 0 0 y e a rly fro m 1911 to 1929 in clu sive . 95.0 0 0 w a te r s crip . D e n o m in a tio n $ 1 ,0 0 0 . D ate Ja n . 1 1009. M atu r ity $ 5 ,0 0 0 y e a r ly fro m 1911 to 1929 Inclu sive. T h e a b o v e loans w ill be Issued In th e fo rm o f n o te s It so d esired b y the p urchaser. California, Mo.— Bond Offering.— Proposals will be re ccived until 7:30 p. m. N ov. 1 by H. E. Blakeman, City Clerk, for $30,000 5% water-works bonds. In te re st a n n u al. M a tu rity 20 y e a r s , s u b je c t to call a fte r 10 years. E ach b id d e r will be re q u ire d to d e p o s it $500 w ith the C ity T reasu rer. T o ta l d e b t a t p re s e n t, $ 4 ,0 0 0 . A ssessed va lu a tio n o n Jun e 1 1907, $ 88 8, 37 0 . T h e se bon d s w ere v o te d last F eb ru a ry an d w ere su b se q u e n tly aw a rd e d lo U len , S utherlln & C o . o f C h ica g o . T h e y refu sed th em , h o w e v e r , as th eir a tto r n e y s cla im e d th a t the e le ctio n n o tice w as d e fe c tiv e . B ids a re n o w b e in g ask ed fo r w ith the u n d ersta n d in g th a t a new e lection w ill be held If the p u rch aser so desires. Camden County (P . O. Camden), N . J.— Bond Offering.— Proposals will be received until 11 a. m. N ov. 10 by Alfred L. Sayers, Director Board of Chosen Freeholders, for the following 4 Y i% coupon or registered bonds mentioned in V. 89, p. 1098: $35,000 to improve the Camden and Iladdonficld Turnpike and $32,000 to improve Brown’s Corner, Nicholson, Coffin’s Corner and Gibbsboro roads. D e n o m in a tio n $ 1 ,0 0 0 . D ate N o v . 1 1900. In te re st se m i-a n n u a lly at the o ffic e o f the U n ited S tates M ortg age & T ru s t C o. In N ew Y o r k C ity. M atu rity N o v 1 1934. C ertllied c h e ck o n a n a tio n a l ban k fo r 5 % o f b id , p a y a b ie to the C o u n ty C o lle c to r , Is re q u ire d . The off icial notice of this bond offering will be found among the advertisements elsewhere in this Department. Carbondale, Lackawanna County, Pa.— Bond Sale.—-On Oct. 26 the $13,000 4% coupon re-paving bonds described in V. 89, p. 1098, were awarded to the First National Bank of Carbondale at par and accrued interest. A bid of par and accrued interest, less $500 for attorneys’ fees, was also received from Otis & Plough of Cleveland. Maturity 1922. Oincinnati-Delhi, Ohio.— Election on Annexation.— The question of annexing the village of Delhi will be submitted to a vote of the people of Cincinnati on Nov. 2. Clarksburg, Harrison County, W . V a.— Bond Offering.— Further details are at hand relative to the offering on N ov. 5 of the $48,400 refunding and the $221,600 water, paving and sewerage 4 }^ % gold bonds mentioned in V. 89, p. 1023. Proposals for these bonds will be received until 12 m. on that day by Will II. Cole, City Clerk. D e n om in a tion $ 1 ,0 0 0 . D a te O ct. 1 1909. In te re st a n n u a lly at th e E m pire N ation a l Bank o f C lark sbu rg. M a tu rity O c t . 1 1939, s u b je c t t o call a fte r 1918. C ertllied c h e ck fo r 5 % o f b id , p a y a b le to the " C it y o f C larks b u r g ,” Is requ ired . T h e b o n d s w ill be d e liv e re d w ith in 20 d a y s fro m the d a te o f a w a rd . Cook County (P. O. Chicago), III.— Bonds Proposed.— It is rumored that the October Grand Jury proposes to recom mend the issuance of $4,000,000 hospital bonds. Conrad School District (P. O. Conrad), Teton County, Mont.— Bond Sale.— On Sept. 11 the Seattle Trust Sc Title Co. of Seattle purchased $1,500 6% 15-20-year (optional) school-building bonds at 102.49. Denomination $100. Date Oct. 1 1909. Interest Jan. and July. Covington, Kenton County, K y .— Bond Offering.— Pro posals will be received until 5 p. m. Nov. I by 11. C. Klostermann, City Clerk, for $2,000 6% Michigan Avenue improve ment bonds. , __ D en om in a tion $100. D ate O ct. 1 1909. In te re st o n J a n . 1. M atu r ity $200 y e a rly from 1910 to 1912, Inclu sive, $300 ye a rly fr o m 1913 t o 1918 in clu sive an d $200 In 1919. In addition to the above, proposals will also be received at the same time and place for $ 100 6% Williamson St. bonds. D e n om in a tion $100. D ate O ct. 1 1909. In te re st Jan . 1. $100 o n O ct. 1 In ea ch o f th e years 1912, 1015, 1918 a n d 1J19. M atu rity Cuba Union Free School District No. 1 (P. O. Cuba), A lle gany County, N . Y . — Bond Sale.— Isaac W. Sherrill of Pough keepsie, offering 100.15 and accrued interest for 4j^s, was the successful bidder on Oct. 27 for the $39,500 coupon (with privilege of registration) school-building bonds described in V. 89, p. 1099. Maturity part yearly on N ov. 1 from 1910 to 1930 inclusive. Cuyahoga County (P . O. Cleveland), Ohio.— Bond Offer ing.— Proposals will be received until 11 a. m. Nov. 3 by the Board of County Commissioners, Randolph W McCray, Clerk, for the following 4 x/ i% coupon Warner tload improve ment bonds: „ , . $25,236 (c o u n t y ’s p o rtio n ) b o n d s. D e n o m in a tio n $ 1 ,0 0 0 . M a tu rity part each six m onths fro m A p ril 1 1910 to O ct. 1 1919 Inclu sive. 6,500 assesitn ent b o n d s. D e n o m in a tio n $500. M atu rity on O ct. 1 as follow s: $500 y e a r ly fro m 1910 to 1016 Inclu sive an d $1,000 1* each o f the years 1917, 1018 an d 1019. „ . .. , A u th o rity S ection s 22b and 463 7-9 , R e v is e d S ta tu te s. D ate N o v . 1 1909. In te re st A p ril t an d O ot. 1 a t the C o u n ty T r e a s u r e r s o ffic e . IiU m ust be u n co n d itio n a l and be m ade o n ea ch Issue s e p a r a te ly . Certlne*. •heck fo r 1 % o f b o n d s bid fo r , p a y a b le to the C o u n ty T re a su re r, Is r e q u ir e d . B o n d * will be d e liv e re d w ith in 10 d a y s fro m the tim e o f a w a rd . Dayton, Sheridan County, W yo.— Bond Sale.— This town on Oct. 21 accepted a bid of par and accrued interest sub mitted by the State of Wyoming for the $10,000 5% 15-30year (optional) water-system bonds offered on Oct. 10 and described in V. 89, p. 947. This was the only proposal re ceived. Delaware County (P. O. Delaware), Ohio.— Bond Offering. — Proposals will be received until 1 p. m. Nov. 4 by the County Commissioners for $130,380 4>£% road-improve ment bonds. A u th o r ity , S ection 4670-19 R ev ised S ta tu te s. D en o m in a tio n : 120 b on d s o f 51,000 each am i 20 b on d s of $819. D ate S e p t. 1 1909. In te re st se m i a n n u a lly a t the C o u n ty T reasu rer’s o ffic e . M a tu rity $6,819 ea ch s ix m on th s rom M arch 1 1 1 o t » ; ■> . I 1919, l a c ljs lv e . C ertified ch e ck (o r cash) on a hank In D elaw are C o u n ty fo r $2,000, pa ya b le t o the C o u n ty A u d ito r , Is re q u ir e d . P u rch a ser to p a y a ccru ed Interest. A . S . C on klin Is C o u n ty A u d ito r . (optional) school-house bonds registered (V . 89, p. 550) on Aug. 21 were awarded to I. B. Walker at par. D e n o m in a tio n $ 1 ,0 0 0 . D ate Ju n e 3 1909. In te re st an n u a l. Grand Rapids, Kent County, Mich.— Bond Sale.— On Oct. 25 Spitzer & Co. of Toledo were awarded the $87,000 street-improvement and the $12,000 sewer-construction 4 Y i% 3-5-year (serial) coupon bonds described in V. 89, p. 1100, at 100.751 and accrued interest. Following are the bids: S p itz e r & C o ., T o l e d o -------$99 ,744 1 7| T h os. J . B o I g c r C o ., C h lc .$ 9 9 ,5 0 5 10 . Vrenlsfl ? & C o -> C lc v - 99.654 00 R . L . D ay & C o ., B o s t o n . 99,3 3 5 61 l'lr s t N a t. B a n k , C l e v e . . 99,635 0 0 1F arson, S o n & C o ., C h i c . . 99,2 0 0 00 Hamilton County (P . O. Chattanooga), Tenn.— Price Paid for Bonds.— We are advised that the price paid for the $150,000 4^4% 20-year school bonds disposed of on Oct. 20 to Scasongood <k Mayer of Cincinnati was 102.036, and not Denton County Precinct No. 1, Tex.— Bond Election Pro par as reported in V. 89, p. 1100. This is on an interest posed.— The Commissioners have been petitioned, it is re basis of about 4.347%. Following are the bids: ported, to call ;in election to vote on the question of issuing S e a s o n g o o d & M a y e r, C In .$ 1 5 3,05 5 00 W e il, R o th & C o ., C In___ $ 1 K i,l 50 $300,000 permanent-road bonds. H a m ilto n N a t .B k ., C h at. 152,602 00 W . R . T o d d & C o ., C in ._ 0,2 5 0 00 N .W . H alsey & C o ., C h ic. 152 ,550 00 A . B . L e a ch & C o ., C 1 - 150 ,2 4 0 00 Dorranceton (P. O. Wilkes-Barre), Luzerne County, Pa. C liatt. S a v . B k ., C h a t t . . 151 ,250 00 E . H . R ollin s & So ^ h . 150 ,135 00 D e n o m in a tio n $ 1 ,0 0 0 . D ate N o v . 1 1909. — Loan Offerings.— Proposals will be received until 12 m. In ' st se m i-a n n u a l. N ov. 1 by C. B. Ilo yt, Chairman Finance Committee, for Harris County Drainage District o. 2, Tex.— Bonds the following 5% coupon loans: Awarded in Part.— Of an issue ..>200,000 5% drainage $8,000 b o n d s t o purch ase land on w h ich t o e re ct p u b lic bu ild in gs. M abonds, $165,000 were sold . May 3 to Kimsear Bros. & _ ) u rlty 52,000 yea rly on N o v . 1 from 1915 to 1918 Inclu sive. 'ihornburg at par. T” .est semi-annual. We were at first 7.0 0 0 b on d s to p a v e U n ion Street and R u tte r A v e n u e . M atu rity on N o v . 1 as fo llo w s : $1,0 0 0 ye a rly fro m 1910 t o 1916 Inclusive and $510 In advised that this : sue was purchased by Spitzer & Co. of 1917. Toledo (V . 8 . , p. 796), but now learn that no such sale took 7.0 0 0 assessm ent certifica tes t o p a v e U n ion S treet an d R u tte r A v e n u e . M atu rity 5 y ea rs, s u b je c t to call a fte r on e year. plac ■. D e n o m in a tio n $50 0. D ate N o v . 1 1909. In terest se m i-a n n u a lly In xiartshorne, Pittsburg County, Okla.— Bond Sale.— The D o rr a n ce to n . B on d s are free from S ta te ta x . T o ta l d e b t . Inclu din g these Issues, $68 ,487 53. Assessed v a lu a tio n fo r 1909, $ 3 ,1 6 4 ,1 7 6 . $80,000 water and $25,000 sewer 5% 25-year bonds offered Du Bois School District (P. O. Du Bois), Pa .— Bond Sale. on Sept. 13 and described in V. 89, p. 487, have been taken — On Oct. 20 the $65,000 4 j/f>% 10-30-year (optional) coupon at par by the Freeborn Engineering & Construction Co. of high-school-building bonds described in V. 89, p. 947, were Kansas City, Mo., in payment for work done. These bonds awarded to the Du Bois National Bank of Du Bois at 100.02 were awarded last April to S. A. Kean & Co. of Chicago. and accrued interest. Bids were also received from Otis & We are informed, however, that the purchasers did not pay Hough of Cleveland, the Pittsburgh Life & Trust Co. of for the bonds within the time allowed by the city and that Pittsburgh and Crawford, Dyer & Cannon of New York City. they were therefore re-advertised for sale. Duval County (P. O. Jacksonville, Fla.— Bonds Voted.— Hempstead Union Free School District No. 9 (P. O. Free The election held Oct. 2G resulted in favor of the proposition port), Nassau County, N. Y .— Bond Safe.— The $8,000 bonds to issue the $1,000,000 5% 30-year coupon road and bridge due $1,000 yearly on Jan. 1 from 1920 to 1927 inclusive and bonds mentioned in V. 89, p. 947. the $35,000 bonds due $1,000 yearly on Jan. 1 from 1920 to East Cleveland School District (P. O. East Cleveland), 1954 inclusive, proposals for which were asked until Cuyahoga County, Ohio.— Bond Election.— An election will June 15, have been sold as 4s. See V. 88, p. 1386, for a be hold Nov. 2 to vote upon the question of issuing $100,000 description of these bonds. bonds for two new schools and an addition to an old one. Hollywood Union High School District, Cal.— Bond Offer East Livermore Water District (P. O. East Livermore). ing.— Proposals will be received until Nov. 8, it is stated, Androscoggin County, Me.— Bond Sale.— During March and for the $100,000 polytechnic-high-school bonds recently April $97,000 4% 20-year bonds were disposed of at private voted. V. 89, p. 1024. sale to E. II. Rollins & Spns of Boston. Denominations Huntley School District No. 85 (P. O. Huntley), 111.— $500 and $1,000. Date Feb. 1 1909. Interest semi-annual, Bond Sale.— On Sept. 25 an issue of $8,000 5% school Enid, Garfield County, Okla.— Bond Offering.— Proposals building bonds was awarded to John Nuveen & Co. of Chicago will be received until 9 p. m. N ov. 5 for $23,000 5% funding at 100.95. bonds. Interest payable at City Treasurer’s office. Certi A u th o rity v o t e o f 29 " f o r " t o 15 " a g a in s t ” a t e le ctio n held J u ly 21 1909. In terest an n u a l. A laturity $800 y e a rly o n A u g. 1 fro m 1910 t o 1 9 1 9 , In fied check for $500 is required. clu sive . Erie Township (P. O. La Came), Ottawa County, Ohio.— Independence, Jackson County, Mo.— Bond Election.— An Bond Sale.— An issue of $4,000 5% bonds offered on Oct. 27 election will be held N ov. 2 to vote upon a proposition to was awarded to the First National Bank of Cleveland at issue $30,000 4% bonds to buy site and erect city hall. De 107.10. The bids were as follows: nomination $1,000. Maturity not less than 5 and within F irst N a t. B a n k , C le v e la n d . .$ 4 ,2 8 4 I S c a s o n g o o d & M a y e r, CIn $4 265 20 years. O tis & H o u g h , C le v e la n d ____ 4 ,2 8 2 ( A ll o f the a b o v e bid d ers offered a ccru e d Interest In a d d itio n to th eir bid Jackson, Jackson County, Mich.— Bond Offering.— Pro D e n o m in a tio n $ 1 ,0 0 0 . D ate O ct. 15 1909. In te re s t s e m i-a n n u a l’ posals will be received until 5 p. m. Nov. 1 by Jode Harring M a tu rity p art y e a r ly from 1922 to 1925 Inclu sive. ‘ Fairbury, Livingston County, III.— Bond Offering.— Fur ton, City Recorder, for $5,000 4% hospital bonds. o m in a tio n $ 1 ,0 0 0 . D a te D e c. 15 1909. In te re st an n u a l. M a tu rity ther details are at hand relative to the offering on N ov. 3 of D eDc.e n14 1914. B on ds are e x e m p t fro m taxes. C ertified c h e c k fo r $250, the $2,000 5% coupon sidewalk bonds mentioned in V. 89, p. p a y a b le to th e “ C ity o f J a c k s o n ,” Is re q u ire d . P u rch a ser to p a y a ocru ed 1099. Proposals will be received until 7 p. in. on that day Interest. by T. D. Karnes, City Clerk. Joplin, Jasper County, Mo.— Bond Offering.— Proposals will be received until 3 p. in. Nov. 6 by Julius A. Becker, D e n o m in a tio n $ 1 ,0 0 0 . D ate N o v . 1 1909. In terest on M ay 1 In Fair bu ry. M a tu rity $1,000 In each o f the years 1922 and 1923. B on d s are City Treasurer, for the $50,000 5% coupon public sewer e x e m p t fro m all taxi s. C ertified ch eck fo r 5 % o f b id , p a y a b le to the C ity bonds voted (V . 89, p. 1106) on Oct. 5. C lerk, Is req u ired . B on ded d e b t, Inclu din g this Issue, $1 4 ,0 0 0 . N o flo a t ing d e b t . A ssessed v a lu a tio n 1909. $33 0,00 0. Fairfield, Conn.— Bond Sale.— This town has sold $75,000 4% 20-year bonds. Denomination $1,000. Interest Mch. 1 and Sept. 1. Fillmoro Union High School District (P. O. Fillmore), Ventura County, Cal.— Bond Sale.— On Oct. 19 an issue of $40,000 bonds was awarded to C. E. Woodside & Co. of Los Angeles, it is stated, at 105.40. Fitchburg, Mass.— Temporary Loan.— Reports state that a loan of $2.>,000 due in four months has been negotiated with Loring, Tolman & Tupper of Boston at 4.73% discount. Flushing, Belmont County, Ohio.— Bond S a le — The New First National Bank of Columbus purchased $1,600 5% 15-22-year (serial) turnpike-construction bonds on Oct. 22 for $1,079— the price thus being 104.937. D en om in a tion $200. D ate S ep t. 1 1909. In terest sem i-an n u al. Fort Worth, T e x — Bond Sale.— The $150,000 20-40-ycar (optional) sewer-system-extension bonds voted on Oct. 12 (V . 89, p. 1099) were bought on Oct. 25 by William II. Eddleman, President of the International Fire Insurance Co. Fulton County (P. 0 . Johnstown), N. Y .— Bond Sale.— Isaac W. Sherrill of Poughkeepsie purchased at par on Oct. 11 the $70,000 4% coupon funding highway-improvement bonds described in V. 89, p. 871. Maturity $10,000 yearly •n Feb. 10 from 1920 to 1926 inclusive. Garza Indepandent School District (P. O. Garza), Denton County, Tex.— Bond 8»U .— The $4,000 5% 10-40-year S e ctio n 6 35 0-4 , R e v is e d Statu tes o f 1899. D e n o m in a tion $.>()(). D ate N o v . 1 1909. In te re st sem i-an n u ally In J o p lin . M a tu rity 20 y e a rs , s u b je c t to call a fte r 5 years. C ertllied ch e ck fo r $500, p a y a b le to the " C it y o f J o p lin ,” is re q u ire d . Kenosha, Kenosha County, W is.— Bond Offering.— Fur ther details are at hand relative to the offering on N ov. 1 of the $50,000 4% coupon school bonds mentioned in V. S9, p. 1100. Proposals will be received until 12 in. on that day by Geo. W. Harrington, City Clerk. D e n o m in a tio n $t ,000. D ate N o v . 1 1909. In te re st p a y a b le a t th e C ity T re a su re r’s o ffic e at the First N ation a l Bank o f M ilw aukee and a t th e First N ation a l B ank o f K e n o sh a . M a tu rity p art y e a rly fro m 1910 to 1919 In clu sive. , Lincoln County (P. O. Chandler), Okla.— Bond Offering. — Further details are at hand relative to the offering on Nov. 8 of the $150,000 5% coupon Road-Improvement District No. 1 bonds mentioned in V. 89, p. 1100. Proposals will be received on that day until 1 p. m. by Geo. F. Clark, Chairman of County Commissioners. A u th o rity S ection s 52 to 6 4 , C h apter 3 2 , Acts o f 1909. In te re st in J a n . an d .July a t the S ta te Fiscal A g e n cy (N ation al Bank o f C om m erce) In N ew Y o r k C ity . M a tu rity 25 years. C ertified ch eck fo r 5 % o f b id , p a y a b le t* L . C. E llio tt, C o u n ty T rea*u rer, Is requ ired . Ludlow, Hampden County, Mass.— Bond Sale.— T h « $40,000 4% coupon school-house bonds described in V. 89, p. 1101, were awarded on Oct. 27 to N. W. Harris & Co. of Boston at 102.635 and accrued interest. Maturity $2,000 yearly on Jan. 1 from 1910 to 1929 inclusive. Following are the bids: N . W . H arris eV C o ., B o s t o n . 1 0 2 .6 3 5 I R . L . D a y & C o ., B o s t o n ____ 102.29 B lo d g e t, M erritt & C o ., B o s . 102.40 M errill, O ldh am & C o ., BosK stah rook & C o ., B u tto n ____ 192.21 | ton ____________ _____________192.149 McKinley, Oscoda County, Minn.— Price Paid for Bonds. — The price paid for the $5,000 6% electric-light-plant bonds awarded on Oct. 5 to F . B. Myers of Biwabik (V . 89, p. 1101) was par. There were no other bidders. McKinley School District No. 18 (P. O. McKinley), St. Louis County, Minn.— Bond Sale.— George A. Whitman of Eveleth purchased on Sept. 13 $20,000 5% building bonds at 100.405. D en om in a tion $ 1 ,0 0 0 . J a n u a ry anil J u ly . D a te S e p t. 13 190 9. In te re s t se m i-a n n u a lly In Madison County (P. O. Jackson), Tenn.— Bonds Author ized.— This county has authorized the issuance of $100,000 bonds. They were authorized with the expectation that the State Board of Education will choose a site in this county for the erection of the State Normal College. Mankato, Blue Earth County, Minn.— Bond Offering.— Further details are at hand relative to the offering on Nov. 1 of the $40,000 4J^% 20-year refunding water bonds men tioned in V. 89, p. 1101. Proposals will be received on that day until 7:30 p. m. by A. H. Scherer, City Recorder. A u th o rity S e c tio n 3 , S u b -C h a p te r V . o f C h ap ter 47, Special L a w s o f 1891. D e n o m in a tio n $ 1 ,0 0 0 . D a te D e c. 1 1909. In terest se m i-a n n u a lly In C h ic a g o . M a tu r ity D e c. 1 1929. Certified c h e ck (o r cash) f o r $1 ,5 0 0 , p a y a b le t o th e C it y R e c o r d e r , Is re q u ire d . Marion, Marion County, Ohio.— Bonds Not Sold.— No bids were received on Oct. 26 for the $6,000 4% refunding bonds offered on that day by the Sinking Fund Trustees. For description of bonds see V. 89, p. 1101. Medford, Jackson County, Ore.— Bond Sale.— The $54,250 6% 10-year improvement bonds offered on Sept. 30 and described in V. 89, p. 797, have been disposed of as follows: $49,750 to Philip Grossmayer of Portland, $4,000 to Emil de Reboam of Medford and $500 to F. W . Waters of Salem. The bonds are dated Oct. 1 1909. Interest semi-annual. Middletown, Middlesex County, Conn.— Bond Sale.— The $340,000 4% 20-year coupon Air Line refunding bonds de scribed in V. 89, p. 1101, were sold on Oct. 26 to Estabrook & Co. of Boston at par and accrued interest. The only other offer received was one of par and accrued interest for $20,000 bonds, submitted by Frank C. Smith of Middletown. Milton, Norfolk County, Mass.— Bond Sale.— II. C. Wainwright & Co. of Boston purchased on Oct. 25 the $111,000 2>y2% school bonds described in V . 89, p. 1101, at 100.56 and accrued interest. Maturity on Nov. 1 as follows: $6,000 yearly from 1910 to 1920 inclusive and $5,000 yearly from 1921 to 1929 inclusive. Montgomery, Ala.— Bond Offering.— Proposals will be re ceived until 12 m. N ov. 15 by Robert Tait, City Treasurer, for $50,000 5% paving bonds. D e n o m in a tio n $ 50 0. D a te N o v . 1 190 9. In te r e s t sem i-an n u al. M a tu r ity 10 yea rs, s u b je c t t o call a t a n y In te re s t-p a y in g p e rio d In am o u n ts n o t t o e x c e e d $ 5 ,0 0 0 In a n y o n e y e a r . C ertified c h e c k l o r $1,000 Is re q u ir e d . B id m u s t b e u n c o n d itio n a l. T h e fa v o r a b le o p in io n o f S to r e y , T h o rn d ik e , P a lm e r & T h a y e r o f B o s to n as t o th e le g a lity o f th e b o n d s w ill b e fu rn ish ed to th e su ccessfu l b id d e r . Official notice of this bond offering will be found among the advertisements elsewhere in this Department. Montgomery County (P. O. Dayton), Ohio.— Bond Offer ing.— Proposals will be received until 10 a. m. Nov. 1 by T . J. Kaufmann, County Auditor, for $1,600 4J^% LoyMilliken ditch bonds. A u th o rity S e c tio n 4 4 7 9 , R e v is e d S ta tu te s . D e n o m in a tio n $400. D ate N o v . 1 1909. In teres t sem i-a n n u a lly a t th e C o u n ty T re a su re r’s o ffic e . M a tu rity $100 y e a r ly o n N o v . 1 fro m 1910 t o 1913 In clu sive. Certified ch e ck on a n a tion a l ban k or tru st c o m p a n y fo r $50, p a y a b le t o th e C o u n ty A u d ito r , Is req u ired . B ids m u st b e u n c o n d itio n a l. B o n d s w ill be d e liv ered to pu rch aser a t C o u n ty T re a s u re r’s o ffic e on N o v . 1 1909. Moorcroft School District No. 16 (P. O. Moorcroft), Crook County), NJyo.— Bond O ffering—-Proposals will be received until 1 p. m. to-day (Oct. 30) by Mrs. C. E. Kackly, Dis trict Clerk, for $4,900 coupon school-building bonds at not exceeding 6% interest. A u th o r it y A r t ic le 3 , C h ap ter 3 , D iv is io n 1, “ E d u ca tio n a l In s titu tio n s ,” R e v is e d S ta tu tes o f 1899. D e n o m in a tio n , 9 bo n d s o f $500 ea ch an d o n e b o n d o f $400. D a te N o v . 1 1909. In te re st J a n . 1 and J u ly 1 a t the C o u n ty T rea su rer’ s o ffic e o r a t th e W y o m in g T ru st & S avin gs B ank In C h eyenne. M a tu rity p a rt y e a r ly fro m Jan . 1 1912 to 1921 In clu sive. N o d e b t a t p resen t. A ssessed v a lu a tio n 1909, $ 4 3 6,48 0 47. Moore County (P . O. Carthage), No. Car.— Bond Offering. — Proposals will be received until 2 p. m. Nov. 1 by the Ghairman of the Board of Commissioners for $20,000 5% coupon (with privilege of registration) bridge-building and funding bonds. A u th o r it y C h a p ter 175, S ession L a w s 1909. D e n o m in a tio n $1,000. D a te J u ly 1 1909. In te r e s t a n n u a lly a t the C o u n ty T re a su re r’s o ffic e . M a tu rity $ 1 ,000 y e a r ly o n Jan . 1 fro m 1914 to 1933 In clu sive. C ertified c h e c k fo r $800 is re q u ire d . O fficial a d v e rtis e m e n t states th a t no litiga tio n c o n ce rn in g th e Issue Is c o n te m p la te d a n d th e c o u n t y has n e v e r co n te s te d a n y p rev iou s Issue o f b o n d s b u t has p a id e a ch Issue p r o m p t ly a t m a tu r ity . B on d ed d e b t , In clu din g this Issue, $ 2 5 ,0 0 0 . F lo a tin g d e b t , $20 ,3 0 0 . A ssessed v a lu a tio n 1909, $ 4 ,5 4 3 ,9 2 7 . Morrisville, Lamoille County, V t.— Bond Sale.— This village has sold $72,000 4% 20-year bonds. Morrow County (P . O. Mt. Gilead), Ohio.— Bond Sale.— Issues of 4 road bonds, amounting to $12,000, offered on Oct. 16, have been sold, it is stated, to Seasongood & Mayer of Cincinnati for $12,157— the price thus being 101.308. Mt. Oliver, Allegheny County, Pa.— Bond Sale.— It is re ported that the $75,000 4% coupon sewer bonds offered but not sold on Oct. 1$ (V . 89, p. 1101) have been awarded to the Washington Investment Co. of Pittsburgh. Navarro County Common School District, Tex.— Bond Sale.— The $16,000 5% 15-30-year (optional) school-house bonds registered by the State Comptroller on Aug. 18 (V . 89, p. 552) have been sold to the Texas Trust Co. of Houston for $ 16,001— the price thus being 100.006. New Hampshire.— Bond Offering.— Proposals will be re ceived until 12 m. Nov. 1 by Solan A. Carter, State Treas urer, at his office in Concord, for $250,000 3% 4-6-year (serial) highway bonds. D e n o m in a tio n $500 a n d $ 1 ,0 0 0 . D a te Jan . an n u a l. B o n d s are e x e m p t fro m ta x e s . 1 191 0. In te re s t s e m i New York City.— Revenue Bond Sale.— Since Oct. 1 and up to and including Oct. 27 this city had issued $17,480,790 1- year revenue bonds. Of this amount $16,280,000 carries 4% interest and the balance ($1,200,000) 3 % % . The city also sold during the same period $475,000 4% special revenue bonds. These securities were placed partly in this country and abroad. Among the purchasers in this city were Goldman, Sachs & Co., Ladenburg, Thalmann & Co. and Heidelbach, Ickelheimer & Co. Nobles County (P. O. Worthington), Minn.— Bond Sale.— The Minnesota Loan & Trust Co. of Minneapolis purchased on Oct. 9 $5,000 4 y2% 10-year refunding school bonds at par and accrued interest. Denomination $1,000. Date July 1 1909. Interest semi-annual. Oklahoma City, Okla.— Bond Sale.— The $185,000 5% 25-year storm-sewer bonds mentioned in Y . 89, p. 950, were sold on Oct. 26 to John Nuvcen & Co. of Chicago for $194,625— the price thus being 105.202. Denomination $1,000. Date Oct. 1 1909. Interest semi-annual y at the National Bank of Commerce. Otsego (P. O. Cooperstown), Otsego County, N. Y .— Bond Offering.— A. H . Clark, Railroad Commissioner, will sell at public auction an issue of $14,000 coupon refunding bonds. Interest payable in Cooperstown. Date of sale and details of bonds had not been decided up to Oct. 23. Pacific County (P. O. South Bend), Wash.— Bond Offering. — Proposals will be received until Dec. 6 for the $150,000 2- 10-year (optional) bonds authorized b y a vote of 769 “ for” to 206 “ against” at the election held Aug. 24. Y . 89, p. 614. Interest not to exceed 6% . Perris Union High School District, Cal.— Bond Election.— According to reports, a $25,000 bond election will be held N ov. 6. Perth Amboy, N. J.— Bond Sale.— John D. Everitt & Co. of New York City purchased $125,000 4J^% 15-year streetimprovement bonds on Oct. 22 at 102.07— a basis of about 4.311%. Date Oct. 1 1909. Interest semi-annual. The other bidders were: I I . L . C ra w fo rd & C o .. N . Y . 101.393 [ W . N . C oler & C o ., N . Y ------ 100.75 R . M . G ra n t & C o ., N . Y ____ 100.70 ] A d a m s & C o ., N ew Y o r k ____ 100.625 Pierz (Village), Morrison County, Minn.— Bonds D e feated.— The voters of this village on Oct. 7 defeated a propo sition to issue $5,500 railway-aid bonds. Pittsburgh, Pa.— Bond Sale.— On Oct. 29 the $384,100 4 U % filtration-system-extension bonds were awarded to the Dollar Savings Bank of Pittsburgh for $410,622 10. (106.904) and the four issues of 4% bonds, aggregating $641,500, were sold to II. S. Stewart for $650,964 79— the price thus being 101.475. See V. 89, p. 1102, for a description of these bonds. Portage, Columbia County, W is.— Bids Rejected— Bond Offering.— All bids received on Oct. 25 for the $30,000 4 )^ % coupon sewer bonds described in V. 89, p. 1026, were rejected. Proposals are again asked for and will be received this time until 8 p. m. N ov. 8. Portsmouth, Scioto County, Ohio.— Litigation.— W e are advised that suit will be brought to test the legality of the $300,000 4% 6-45-year (serial) coupon water-works-extension bonds mentioned in V. 89, p. 615. Portsmouth School District (P. O. Portsmouth), Scioto County, Ohio.— Bond Election.— An election will be held N ov. 2 to vote upon a proposition to issue $150,000 highschool-improvement bonds. Rensselaer, Rensselaer County, N. Y .— Bond Offering.— Proposals will be received until 10 a. m. Nov. 9 by J. W . Adams, City Treasurer, for $3,180 78 4>^% registered sewer (city’s portion) bonds. ^ D e n o m in a tio n 5 b o n d s o f $500 an d o n e o f $680 78. D a te N o v . 15 1909. In te re s t sem i-an n u al. M atu rity $680 78 o n N o v . l o 1910 an d $o00 y e a rly fro m 1911 to 1915 In clu sive. C ertified c h e c k fo r 2 % o f b o n d s b id fo r , p a y a b le to th e C ity T re a su re r, Is re q u ire d . Rochester, N. Y .— Note Sale.— A. G. Moore of Rochester was awarded $100,000 8-months local-improvement notes on Oct. 28 at 100.015 for 5s. Rye (P. O. Port Chester), N. Y .— Bond Sale.— On Oct. 27 $40,000 gold registered town of Rye park bonds were disposed of to the Port Chester Savings Bank of Port Chester as 4s. There were no other bidders. D e n o m in a tio n $ 1 ,0 0 0 . D ate N o v . 1 1909. In terest F e b . 15 an d A u g. 15 at th e F irst N a tio n a l B a n k o f P o r t C h ester in N e w Y o r k e x c h a n g e . M a tu rity $ 1 ,000 y e a r ly o n F e b . 15 fro m 1019 t o 1958 In clu sive. St. Clairsville, Belmont County, Ohio.— Bond Sale.— It is reported that the five issues of 4y2% coupon street-paving assessment bonds described in V. 89, p. 1026, aggregating $18,361 43, have been awarded to A. L. Bumgardncr of St. Clairsville. St. Francis Drainage District (P. O. Piggott), Clay and Greene Counties, Ark.— Bonds Authorized.— At a meeting of the Board of Directors held Oct. 25 the issuance of $220,000 6% 20-40-year ditch-construction bonds was authorized. St. Francis Levee District, Clay County, Ark.— Rid With ' drawn.— We are informed that Weil, Roth & Co. of Cincin- D e n o m in a tio n $50 0. D a te M ay 1 1909. In te re st se m i-an n u al. M a nati have withdrawn their bid on the $325,000 5% coupon t u r it y $500 each s ix m o n th s fro m S e p t. 1 1910 t o M arch 1 1914. C ertified bonds mentioned in V. 89, p. 1097. c h e c k fo r 1 % o f b o n d s bid fo r , p a y a b le t o th e V illa ge T reasu rer, Is req u ired . Salem, Marion County, Ore.— Bonds Withdrawn from the P u rc h a se r t o p a y a c c r u e d Interest. Spiro, Le Flore County, Okla.— Bond Sale.— T h e $ 5 0 , 0 0 0 Market.— Referring to the $65,000 4% refunding bonds offered but not sold on Sept. 27 (V . 89, p. 1026), the City 6 % 2 5 - y e a r c o u p o n w a t e r a n d li g h t b o n d s , b id s f o r w h i c h Auditor writes us under date of Oct. 18 that “ owing to a mis- |w e r e r e j e c t e d o n A u g . 2 6 ( V . 8 9 , p . 6 1 6 ) h a v e b e e n s o l d to understanding of the judges in some of the precincts at the S p e e r & D o w o f F o r t S m i t h , A r k . election held recently, it was thought, in the light of question Sturgis, St. Joseph County, Mich.— Bonds Voted.— A n being raised as to their legality, that the matter should be e l e c t i o n h e l d h e r e r e c e n t l y , i t is s t a t e d , r e s u l t e d in f a v o r o f a deferred until the regular election in December, at which p r o p o s i t i o n t o is s u e $ 1 7 5 , 0 0 0 b o n d s t o p u r c h a s e a n d d e v e l o p time the question will be voted upon again as to the matter w a t e r p o w e r . of refunding $65,000 municipal bonds.” In the meantime, Sumner, Tallahatchie County, Miss.— Bond Offering.— to protect the city’s credit, the bonds have been taken up; P r o p o s a l s w ill b e r e c e i v e d u n t il N o v . 1 b y A l b e r t L. W h i t t e n , when the charter shall be amended in December, a new M a y o r , f o r $ 6 , 0 0 0 6 % c o u p o n C a s s i d y B a y o u B r i d g e b o n d s . issue for a like amount will be put out and sold to the A u th o r it y S e ctio n s 341 5-1 6 a n d 341 9 -2 0 , C od e o f 1906; also v o t e o f 38 “ f o r " t o 2 a ga in st a t e le ctio n held A u g . 16 1909. D e n o m in a tio n $50 0. highest bidder. D a te O ct. 1 1909. In te re st a n n u a lly a t th e B a n k o f C o m m e rce & T ru s t San Anselmo, Marin County, Cal.— Bonds Not Sold.— No C o . In M em ph is. M a tu rity O c t . 1 1929, s u b je c t to call a fte r O ct. 1 191 9. d s are e x e m p t fro m ta x e s In M ississip pi. C ertified ch e ck fo r $25 0, bids were received, it is reported, for an issue of $43,500 pBaon y a b le t o th e T o w n T reasu rer, Is r e q u ire d . P u rch a ser t o p a y a c c r u e d bonds offered on Oct. 15. in te re s t an d furnish bla n k b o n d s. O fficia l n o tice states th a t th ere is n o litig a tio n p e n d in g o r th re a te n e d c o n ce rn in g th e v a lid ity o f these b o n d s, th e San Francisco, Cal.— Bond Offering Postponed.— The offer b o u n d a r ie s o f the m u n ic ip a lity o r titles o f th e o fficia ls t o their res p e c tiv e ffic e s . T h e to w n has n o d e b t a t p re se n t. T o t a l assessed v a lu a tion ing of the $360,000 4 )^ % water-supply bonds which was to o1908, $ 3 5 3 ,2 2 7 . have taken place Oct. 25 (V . 89, p. 951) was postponed. We Suwanee County (P. O. Live Oak), Fla.— Warrant Sales.— are informed that they will again be placed on the market within the next five or six weeks. The bonds will be dated O n O c t . 11 J . B . B a r t o n , P r e s i d e n t o f t h e C i t i z e n s ’ B a n k o f Jan. 1 1909 and mature from Jan. 1 1910 to Jan. 1 1915 L i v e O a k , w a s a w a r d e d $ 1 2 , 0 0 0 6 % c o u p o n s c h o o l f u n d i n g w a rr a n ts. D a t e O c t . 11 1 9 0 9 . I n t e r e s t J a n . 1 a n d J u ly 1 . inclusive. T h e C itiz e n s ’ B a n k o f L iv e O a k a ls o p u r c h a s e d $ 1 7 ,0 0 0 San Rafael, Marin County, Cal.— Bond Offering.— Local 6 % w a r r a n t s . papers state that bids will bo received until N ov. 8 for D ate O ct. 18 1909. In te re st J a n . a n d J u ly . M a tu rity $ 1 ,000 on Ja n . 1 $15,000 sewer bonds. In e a ch o f the years 1910, 1911 an d 1912: $5,000 o n J u ly 1 In each of th e Schenectady, N. Y .— Certificate Offering.— Proposals will years 1910 a n d 1911 an d $4,0 0 0 on J u ly 1 1912. Titus County Common School District No. 22, Tex.— be received until 11 a. m. N ov. 6 by O. 8. Luffman, City Comptroller, for $100,000 certificates of indebtedness issued Bonds Registered.— T h e S t a t e C o m p t r o l l e r r e g i s t e r e d $ 8 0 0 5 % b on d s on O c t. 19. M a t u r i t y 2 0 y e a r s , s u b j e c t t o c a ll in anticipation of taxes. A u th o rity S ection 78, C h apter 55, L a w s o f 1900. D a te N o v . 8 1909. In terest ra te t o he nam ed In b h l. M atu rity F e b . 25 1910. C erlllied ch eck on a b a n k or tru st c o m p a n y fo r 1 % o f certificates bk l fo r , p a y a b le t o th e C ity C o m p troller, Is re q u ir e d . P u rch a ser to p a y a ccru e d Interest. Sherwood, Defiance County, Ohio.— Bond Offering.— Pro posals will be received until 12 m. Nov. 6 by C. W . Miller, Village Clerk, for the $4,000 6% electric-light-system bonds that were offered (V. 89, p. 366) but not sold on Aug. 10. a fte r 10 years. T o m a h , Monroe County, W i s . — Bond Sale. — T h e $ 7 , 4 6 7 5 % c o u p o n i m p r o v e m e n t b o n d s d e s c r i b e d in V . 8 9 , p . 5 5 3 , w e r e s o l d d u r i n g A u g u s t t o lo c a l i n v e s t o r s a t p a r . M a t u r i t y p a r t y e a r ly on A u g . 1 fr o m 1 9 1 1 to 1 9 1 4 in c lu s iv e . Trenton School District (P. O. Trenton), Wayne County, Mich.— Bond Sale.— A n is s u e o f $ 7 , 0 0 0 4 ) ^ % r e f u n d i n g NEW LOANS. N EW LOANS. NEW LOANS. $ 200,000 City of Wilmington, Delaware $ 6 7 ,0 0 0 CAMDEN COUNTY, N. J. $ 20,000 Village of White Plains, N. Y. WATER WORKS BONDS IMPROVEMENT BONDS MACADAMIZING BONDS T h e B o a r d 'o f C h osen F reeh old ers o f th e C o u n ty o f C a m d en , N ew Je rse y , w ill r e ce iv e sealed p r o posals o n W E D N E S D A Y , N O V E M B E R 1 0 T H , 1909, a t 11 A . M . a t th e F re e h o ld e rs’ r o o m In th e C a m d en C o u n ty C ou rt H o u s e , fo r the purchase o f all o r p a rt o f $35 ,0 0 0 o f b o n d s fo r C am den an d H a d d o n fle ld T u rn p ik e I m p r o v e m e n t an d $32 ,000 o f b o n d s fo r B r o w n ’s C orn er, N ich o lso n , an d C o ffin ’s C orner a n d G lb b sb o ro R o a d s . B on d s to be o f th e d e n o m in a tio n o f $ 1,000 e a ch , to bear Interest fro m N o v e m b e r 1, 1909, a t the rate o f 4 H p er c e n t p e r an n u m , p a y a b le se m i-an n u ally o n th e llrst d a y s o f N o v e m b e r an d M ay In each an d e v e r y y e a r . Interest p a y a b le a t th e o ffic e o f U n ite d S tates M ortg age & T ru st C o m p a n y , N ew Y o r k , an d shall be re d e e m a b le N o v e m b e r 1st, 1934, a t th e C o u n ty C o lle c to r ’s O ffic e , C a m d en , N ew J ersey. S aid b o n d s to be registered o r c o TiJ?o n . <?ri I301'1 a t th e o p t io n o f the p u rchaser. r h e b id d e r m u st en clo se w ith ea ch p rop osal a cc rtlllc d ch e ck o n a n ation a l h an k , p a y a b le to th e o r d e r o f th e C o u n ty C o lle c to r o f C am den C o u n ty , N ew Je rse y , in th e su m o f a t least 5 p er c e n t o f th e a m o u n t b id , as a gu a ra n ty to c o m p ly w ith the prop osals it a w a rd e d the b o n d s. A ll bids to be m ade w ith th e tin derstanding th a t accru e d Interest o n th e bid to th e d a te o f d e liv e ry o f the b o n d shall b o p aid b y th e b u y e r , an d s e ttle m e n t to be m a d e a t th e C o u n ty C o lle cto r’s O ffic e , C a m d en , N ew Je rse y . T h e B o a rd reserves the right to r e je c t a n y o r all b id s , proposals to be ad d ressed to the D ir e c to r o f th e B oa rd o f Chosen F reeh old ers, C o u n ty C o lle c to r ’s O ffic e , C ou rt H ou se, C a m d en , N ew J ersey. A L FR E D L. SA YE R S, D ire cto r. G E O R G E J. B E R G E N , S o licito r, 428 M arket S tr e e t, C a m d e n , N . J . D a te d O c t o b e r 2 5 th , 1900. P U B L I C N O T IC E IS H E R E B Y G I V E N th a t sealed pro p o sa ls w ill be re ce iv e d b y th e B oa rd o f T ru stees o f th e V illa ge o f W h ite P lain s, N . Y . , on T H U R S D A Y , N O V E M B E R 1 1 T H , 1909, A T 8 P . M ., a t th e C o rp o ra tio n R o o m s , G ra n d S treet, In said V illa g e , fo r th e fo llo w in g b o n d s, Issued pu rsu a n t t o th e p ro v is io n s o f C h ap ter 80 o f th e L a w s o f 1906. T w e n ty m a ca d a m iz in g b o n d s o f th e d e n o m in a tio n o f O ne T h o u sa n d D ollars e a c h , t o bea r d a te O cto b e r 1st, 1909, a n d t o b e c o m e d u e a n d p a y a b le as fo llo w s : F iv e T h o u sa n d D ollars th e re o f O c to b e r 1 s t,1 9 3 5 , F iv e T h o u sa n d D ollars th e re o f O c to b e r 1 s t,1 9 3 6 . F iv e T h o u sa n d D ollars th e re o f O cto b e r 1 st,1 9 3 7 . F iv e T h o u s a n d D ollars th e re o f O c to b e r 1 s t , 193 8 . In te re st a t fo u r a n d o n e -h a lf p er c e n t, p a y a b le se m i-a n n u a lly o n th e llrst d a y s o f A p ril a n d O c t o b e r In ea ch year. N o p rop osals w ill be re ce iv e d fo r less th an p a r. All pro p o sa ls m ust be a c c o m p a n ie d b y a certified c h e ck u p o n a S ta te o r N a tio n a l B a n k o r T ru st C o m p a n y fo r live p e r c e n t o f su ch p r op osa ls. C h ecks o f u n su ccessfu l b id d e rs w ill be retu rn ed t o th e m . T h e B o a rd o f T ru stees reserves th e rig h t t o r e je c t a n y an d all p r o p o sa ls. B y o r d e r o f th e B o a rd o f T ru ste e s. D a te d W h ite P la in s, N . Y . , O c to b e r 2 6 th , 190 9. F R E D E R IC S. B A R N U M , P re sid en t. E A R L E P . H IT E , Clerk. S ealed bids w ill b e re ce iv e d b y the F in an ce C o m m itte e o f T h e C ou ncil o f W ilm in g to n , D elaw are, until 12 o 'c l o c k M . on N o ve m b e r 11 th , 1909, fo r th e p u rch ase o f $200,000 b o n d s o f T h e M a y o r a n d C ou n cil o f W ilm in g to n , to be Issued fo r the p u rp oses an d u n d er th e pro visio n s o f C h a p ter 179, V o lu m e 24, L a w s o f D ela w a re . Said b o n d s are o f th e d e n o m in a tio n o f O ne T h o u sa n d D ollars e a ch a n d w ill bea r Interest a t 4 p e r c e n t p e r an n u m , p a y a b le s em i-an n u ally o n th e llrst d a y s o f M ay a n d N ovem ber. B on ds m atu re w ith o u t o p t io n o f p rior re d e m p tio n as fo llo w s : F o r t y -F iv e T h ou sa n d d o lla rs ($45,000) N o v e m b e r 1st, 1923, S ix t y T h ou sa n d d olla rs ($60,000) N o v e m b e r 1st, 1024, S e v e n ty T h ou sa n d d olla rs ($70,000) N o v e m b e r 1st, 1925, T w e n t y -F iv e T h ou sa n d d olla rs ($25,000) N o v e m b e r 1 s t, 1926. A ll bids m ust be en closed In sealed e n v e lo p e s an d b e en d orsed " B id s fo r th e p urchase o f W il m in g ton W a te r W ork s B o n d s ,'’ and deliv e re d to th e u n d ersign ed a t the o ffic e o f th e Clerk o f C ou n cil, W ilm in g ton , D ela w a re , on o r b e fo re tw e lv e o ’ c lo c k n oon N o v e m b e r l l t l i , 1909. T h e rig h t Is reserved to r e je c t a n y a n d all b id s . E a ch b id m u st be o n the fo rm fu rn ish ed b y th e c ity an d m u st be a c c o m p a n ie d b y a certified c h e ck o n s om e b an k o r trust c o m p o n y fo r tw o p e r c e n t o f th e a m o u n t o f the par v a lu e o f th e b o n d s b id fo r , w h ich a m o u n t w ill be a c c e p te d as p a rt o f th e p u rch ase p rice If the b id d e r Is su cce ssfu l, an d the sam e to be fo rfe ite d If th e b id d e r falls to a c c e p t a n d p a y fo r b on d s a w a rd e d . T h e su ccessfu l b id d e r m u st p a y fo r th e b o n d s N o v e m b e r 18, 1909, b e fo r e tw elve o 'c l o c k n o o n , In the C ity trea s u rer's o ffic e a t W ilm in g to n , D elaw are, at w h ich tim e said bon d s will be r e a d y f o r d e liv e ry . JA M E S K A N E , R I C H A R D C. M C M U L L E N , S A M U E L H . B E N S O N J R ., M n a n c c C o m m itte e o f T h e C ou ncil o f T h e M a y o r an d C ou n cil o f W ilm in g to n . B L A C K S T A F F & CO. IN V E S T M E N T S 1332 Walnut Street PHILADELPHIA LIST OF SPECIALTIES ON REQUEST P. J. G00DHART & CO., B an k ers OT B R O A D W A Y - - NEW YORK, T e le p h o n e 2 24 0 R e c t o r 3 !i 6 W a ln u t Ht., C incinn ati Bank and Trust Co. Stocks HUNT, SALTONSTALL & CO., D lem beri N ew Y o rk S tock E xch an ge T. W. STEPHENS & GO. Investment Bonds Investment Securities 60 S T A T E S T R E E T 2 W A LL STREET, NEW YORK. BO STON E S T A B L ISH E D 1885 H. C. Speer & Sons Co. First Nat. Bank Bldg., Chicago CITY, C O U N T Y AND SCHOOL B O M n Q FORREST & CO. BANKERS Municipal and Seasoned Corporation Bonds FREE OF TAX 421 CHESTNUT ST „ PHILADELPHIA. PA. school bonds was recently awarded to W . E. Moss & Co. of Detroit for $7,027, the price thus being 100.385. Tunica, Tunica County, Miss.— B o n d s P r o p o s e d . — This town proposes to issue 20-year bonds, it is stated, to install a system of water-works. Uehling, Dodge County, Neb.— B o n d S a le . — The $7,000 5% 5-20-year (optional) water-works bonds offered on Sept. 20 (V . 89, p. 017) were disposed of as 4J^s on Oct. 1 to the State of Nebraska. There were no other bidders. Denomi nation $500. Date Sept. 1 1909. Interest annual. Union County (P. O. Elizabeth), N. J .— B o n d S a le .— John D. Everitt & Co. of New York City recently purchased $70,000 4 % 30-year road-improvement bonds at 101.005— a basis of about 3.943%. The securities are in denomina tions of $1,000 and are dated Oct. 11 1909. These securities take the place of the $100,000 4% bonds disposed of on July 24. See V. 89, p. 305. The amount of the issue was reduced because the county found it could not legally sell that many bonds. $20 ,000 $ 80 ,000 $18 ,000 Bonds. Bonds . Bonds. N . W . H a ls e y & C o ., N ew Y o r k _________ $20,628 00 $82 ,512 00 $18 ,596 00 18,531 00 81,6 2 5 00 F o ste r & A d a m s ___________________________ 20,601 00 18,498 00 82,216 00 L a w re n ce B a rn u m & C o ., N ew Y o r k — 20,554 00 18,523 80 82,272 W . N . C oler & C o ., N ew Y o r k . ................. 20,528 20 80 18,466 00 82,072 R . L . D ay & C o ., N ew Y o r k ____________ 20,518 00 00 18,415 80 8 1 ,736 H . L . C ra w ford & C o ., N ew Y o r k ------------ 20,434 00 00 18,408 60 8 1 ,7 3 6 ,0 0 A . B . L e a ch & C o ., N ew Y o r k _________ 2 0 ,4 3 4 ,0 0 18,431 00 8 1 ,719 First N ation a l B a n k , C le v e la n d ---------------- 20,427 00 00 U tic a C e m etery A s s o c ia tio n ---------------------- 20,418 00 18,385 20 81,512 O 'C o n n o r & K a h le r, N ew Y o r k ---------------- 20,378 00 00 8 1 ,429 60 18,276 66 N . W . H arris & C o ., N ew Y o r k . . . .......... 2 0 ,357 40 8 1 ,866 18,367 92 P a rk in so n & B u rr, B o s t o n ------------------------ 20,344 40 40 81,364 18,326 00 F a rso n , S on & C o ., N ew Y o r k ------------------ 20,341 00 00 6 0 00 18,220 00 J . J . H a r t, A lb a n y -----------------------------2 0 ,330 8 1 ,300 H ou se o f G o o d S h e p h e rd , U tic a --------------- ------------------------- ---------18,488 70 A b id w as also re ce iv e d fro m B lo d g e t, M erritt & C o . o f B o s to n . W e are J in fo r m e d , h o w e v e r, th a t it w as in fo r m a l, an d w as th e re fo re r e je c te d . Upper Sandusky, Wyandot County, Ohio.— B o n d S a le .— On Oct. 20 the $5,000 5% 8-year North Fifth Street seweroonstruction bonds described in V. 89, p. 952, were awarded to the First National Bank of Upper Sandusky at 106 and accrued interest— a basis of about 4.113%. A list of the bids received follows: Warren County (P. O. Vicksburg), Miss.— B on d O ffe r in g . — Proposals will be received until 12 in. N ov. 3 by J. 1). Laughlin, Clerk, for the following 5% bonds: F lr s tN a t.B k .,U p .S a n d u s k y $5,300 T h e D avies & B ertram C o ., C in cin n ati ---------------------- 5,287 S ea s on g ood & M ayer, C in e . 5,282 F irst N a t. B a n k , C levelan d 5,273 H a y d e n , M iller & C o .,C le v . 5,254 O tis & H ou g h , C le v e la n d .. 5,24-2 H o e h le r& C u m m ln g s ,T o le d o 5,232 00 O h io S .B .& T r . C o ..T o l e d o . $ 5 ,216 75 00 00 00 00 00 50 D r. J . VV. B y ers, U p . S a n d . N ew F irst N a t .B k .,C o lu m b . D a y to n S a v .& T r .C o .,D a y t. C itizen s S a v . B a n k C o ., U p p e r S a n d u s k y ________ M argaret J . P o n tiu s , U p p er S a n d u sk y ( $ 1 , 0 0 0 ) _____ 5,214 50 5,206 00 5,167 00 5,150 00 1,060 00 Valley Township School District, Scioto County, Ohio.— B o n d O ffe r in g . — Proposals will be received until 9 a. m. to day (Oct. 30) by Geo. L. Bricker, Clerk Board of Education, (P . O. Lucasville), for $5,000 4% coupon bonds. A u th o rity S e ctio n 399 1, R e v ise d S ta tu te s. D e n o m in a tio n $50 0. I n t erest on A p ril 30 an d O ct. 30 a t L u ca sv ille . M a tu rity $500 y e a r ly o n O c t . 30 fro m 1912 t o 1921 in clu sive . P u rch a ser t o p a y a ccru e d Interest. $48 ,000 c o u n ty -fa rm b o n d s. M atu rity 25 yea rs, s u b je c t t o call a fte r 5 yea rs. 6^500 C lay S t. e x te n s io n b o n d s. M atu rity 20 yea rs, s u b je c t t o call a fte r A 111 h or 11 vCS e ctio n s 331-333 an d 397 , C od e o f 1906. D e n o m in a tio n $50* a n d $1 000 D ate N o v . 3 1909. In te re st a n n u a lly In V ic k s b u r g . B onds are exe’m n t fro m ta x e s . CertUled ch e ck on a n ation a l ban k fo r $500, p a y a b le t o j ' d L a u g h lin . C lerk. Is requ ired w ith b ids fo r each issue. B o n d ed d e b t In clu din g these issues. $19 3 ,6 0 0 . N o ilo a tin g d e b t . A ssessed v a lu a tio n ’ $ 1 1 ,2 7 2 ,3 6 6 . Washington C. H ., Payette County, Ohio.— B o n d O ffe r in g . — Proposals will be received until 12 m. Nov. 8 by J. J. Flynn, City Auditor, for $1,456 5% Delaware and Ogle streets improvement assessment bonds. Utica, N. Y .— B o n d S a le . — On Oct. 26 the following 4 )^ % registered improvement bonds described in Y . 89, p. 1103, o m in a tio n $145 60. D ate O ct. 1 1909. In te re st sem i-a n n u a l. were sold to N. W . Halsey & Co. of New York City: $20,000 M aDtue nrity $145 60 each six m on th s fro m O ct. 1 1910 t o A p ril 1 1915 Inclu to enlarge the Miller Street School, $80,000 to build a school siv e . C ertified ch e ck fo r 1 0 % o f b o n d s bid fo r, p a y a b le to the C ity T re a s in the Second Ward and $18,000 to construct storm sewers., urer, Is r e q u ire d . P u rch a ser t o p a y accru e d Interest. Waukesha, Waukesha County, W is.— B on d s D efea te d .— The two first-mentioned issues, which mature part yearly from 1910 to 1929, inclusive, were sold at 103.14, while the An election held Oct. 26 resulted in the defeat of a proposisewer issue, which matures part yearly from 1912 to 1929, ! tion to issue $10,000 4% manual training school bonds, j The vote was 443 “ for” to 940 “ against.” inclusive, was sold for 103.311. Following are the bids: N EW LOANS. N EW LOANS. NEW LOANS. $ 5 0 ,0 0 0 MONTGOMERY, 8 5 0 0 ,0 0 0 8 1 5 0 ,0 0 0 Autauga County, Alabama ALA. PAVING BONDS Se a le d b id s w ill be received b y the C it y T re as urer o f M o n tg o m e ry , A la b a m a , for the purchase «f $50,000 00 P a v in g B o n d s, d ated N o v e m b er 1st, 1909, b e a rin g Interest a t the rate of Dive per ce ntu m per a n n u m , sa id b o n d s to be In d e n o m in a tio n of $500 00 each, p a y a b le ten years from their date. S u c h b o n d s m a y , a t the o p tio n • f the C it y of M o n tg o m e ry , be redeem ed a t a n y In tere st period, In n u m e rical order, a n d n ot tn ccceed on e-te n th of the tota l Issue In a n y nne year, b u t In case the C it y sh a ll elect to p a y a n y o f sa id b o n d s before their m a tu r ity . It sh a ll p a y , a s a b o n u s to the h old er thereof, a s u m equ al to on e -fo u rth the a n n u a l Interest thereon. In te re st to be p a id se m i-a n n u ally . B id * to be received n o t la te r th an noon, N O V E M B E R 1 5 T H , 1909, a n d each b id to bo acco m p a n ie d b y a certified check fo r $ 1,000 00. F a v o ra b le o p in io n of Sto re y , T h o rn d ik e , P a lm e r & T h a y e r of B o sto n a s to le g a lity o f b o a d s to be fu rn ished successful bidder. N o c o n d itio n al b id s a s to o p in io n of o tke r a tto rn e y s w ill be entertained. T h e C o u n c il reserves the r ig h t to reject aay and aU bids. R O B E R T T A I T , C it y Tre asu re r, M o n tg o m e ry , Ain. C I T Y OF S P O K A N E 25-YEAR WATER EXTENSION BONDS Seale d prop o sa ls w ill be received b y the S in k in g F u n d C o m m issio n of the C it y of Sp o k an e , W a s h in gto n , a t the office of the C it y C o m p tro lle r of sa id city , u p to 11 o'c lo c k a. m . of the 22nd d ay of N o vem b e r, 1909, for the purchase of a ll or a n y p ortion of a $500,000 b on d Issue of said city. S a id b on d s are Issued b y sa id c ity for the p u r pose of p a y in g o il o u tsta n d in g w a rran ts Issued a g a in s t the W a te r E x te n sio n F u n d a n d co n stru c t in g a force m a in to be used In the general water sy ste m , a n d b ear d ate of J u ly 1, 1909, paya b le 25 years a fter said date, a n d bear Interest a t a rate not to exceed 4 H % a n n u a lly , p a y a b le se m i a n n u a lly a t the fiscal a ge n cy of the S ta te of W a s h in g to n in N e w Y o r k C ity . S a id C o m m issio n reserves the r ig h t to reject a n y a n d a ll b id s, a n d each offer m u st be accom pan ie d w ith a certified check fo r 2 % of the a m o u n t of the bid , a n d m u st be fo r a t le ast p a r a n d accrued Interest. R O B E R T F A IR L E Y . C it y C o m p troller. Jo h n H. W a t k i n s M U N IC IP A L AND PERRY, COFFIN & BURR Investment Bonds R A IL RO A D BONDS No. 2 W A LL STREET, NEW YORK Blodget, Merritt & Co. BANKERS 60 State Street, Boston 4 y 2% BONDS S ta te of A la b a m a , A u t a u g a C o u n ty , B o a r d ef R eve n u e, P ra ttv ille , A la . N o tice Is hereby giv e n th a t the B o a r d of R e v e n u e of A u ta u g a C o u n ty , A la ., In v ite s sealed b id s on the fo llo w in g b on d s of sa id eounty: $55,000 of C o u rt H o u se B u ild in g D e b t bonds; $20,000 of J a il B u ild in g D e b t b on d s a n d $75,000 on P u b lic R o a d b onds. B id d e rs w ill file their b id s w ith G . S . L iv in g st o n , P ro b ate Ju dge, a t P ra ttv ille , A la ., on o r before N o o n of the 1 5 T H D A Y O F N O V E M B E R , 1909. S a id b on d s are to m atu re t h ir ty (30) y ea rs from d ate of Issue a n d b ear In tere st a t the rate af (4 1 4 % ) F o u r a n d O n e -H a lf P e r C e n tu m ) per a n n u m , p a y a b le se m i-a n n u a lly . B id d e rs ar# requested to bid fo r a ll o r a n y p o rtio n of said b onds. A ll b ids a rc required to be secured b y a p ro p e rly certified check of $500. T h e b on d s w ill be so ld to the high e st bidder. T h e B o a r d of R e v e n u e reserves the r ig h t to reject a n y a n d all bids. D a t e d at P r a ttv ille , A la ., O c t. 18, 1989. B o a r d of Revenue, A u ta u g a C o u n ty , A la . B y O . S. L IV IN G S T O N . P ro b a te J u d g e. Charles M. Smith & Co. CORPORATION AND MUNICIPAL BONDS FIRST N A T IO N A L BANK BUILDING CHICAGO W B OWN AND OFPER 6 0 S T A T E S T R E E T , liO STO N 3 0 P IN E S T R E E T , N E W Y O R K M U N IC IP A L BONDS McCOY & COMPANY STATE, CITY & RAILROAD BONDS Tax Exonspt Anywhere In the United States Municipal and Corporation Bonds W . N. C O L E R & CO., Formerly MacDonald. McCoy * Co. Write ter Partlenlars BIRD S. COLER LEONARD H. HOLE BANKERS 43 CEDAR ST.. NEW YORK. 181 La Salle Street, - Chicago Bank and Trust Company Stocks NEW YORK AND BROOKLYN HOUCIHT AND SO LD C L IN T O N G IL B E R T , 9 W A L L ST ., NEW Y O R K . GEO 8. E D W A R D S BROKER AND COMMERCIAL AGENT Negotiations, Investigations, Reports, United States, Canada, or Foreign Tribune Building, 164 Nassau Street Telephone 4218 Beeknaan NEW YORK. N. Y. ULEV, SUl HERLlft&OO. 617 First Nat. Bank Bldg. CHICAGO, I LL. M U N IC 'P A L A N D R A IL R O A D BONDS. L IS T O N A P P L IC A T IO N SEASONGOOD & MAYER, Mercantile Library Building CINCINNATI Wellington, Lorain County, Ohio— Bond Sale.— Reports 3tate that $10,000 5% 1-10-year (serial) street-improvement bonds offered on Oct. 25 were awarded to the Davies-Bertram Co. of Cincinnati at 104.63. Interest semi-annual. West New York, Hudson County, N. J.— Bond Offering.— Proposals will be received until 8 p. m. Nov. 16 for $6,000 Eleventh St., $10,000 Ninth St. and $20,000 Sixteenth St. 5% coupon or registered street-opening bonds. The official notice of this bond offering will be found among the advertisements elsewhere in this Department. Winston (P. O. Winston-Salem), Forsyth County, No.Car. ■— Purchasers of Bonds.-— W e are informed that the Wachovia Loan & 1 rust Co. of Wachovia was the purchaser of the $40,000 railroad-aid-refunding and the $100,000 publicimprovement-refunding 4y2% bonds recently sold. V. 89, p. 1104. The former issue is dated N ov. 15 1909 and matures in 1939, while the latter issue is dated Aug. 15 1910 and is due in 1940. The price paid was par. Interest semi-annual. Wymcre, Neb.— Bond Offering.— According to reports, the City Council has instructed the Clerk to advertise for proposals for $30,000 4% refunding bonds due in 1925. A u th o rity S ection 73, C h a p ter 113, L a w s o f 1895. D e n o m in a tio n $1,000. D ate Ja n . 1 1910. In te re st sem i-an n u al. M atu rity 10 y e a rs. C ertified c h e c k (or cash) fo r $500, p a y a b le to the T o w n T r e a s u r e r , Is re q u ire d w ith bids fo r each Issue. Jam es L . W o lfe , T o w n C lerk. West Unity, Williams County, Ohio.— Bond Sale.— The $1,800 4 % % 7-12-year (serial) coupon street-improvement bonds described in V. 89, p. 952, were awarded on Oct. 22 to the Vinton Banking Co. of Vinton at 101.555 and accrued interest. Poll owing are the bids: ( anada, its Provinces and Municipalities. V in to n B a n k in g C o ., V in to n $ 1,828 0 0 1F ir s t N a tio n a l B a n k , C olum J . A . H o llln g to n , W . U n ity 1,821 0 0 1 bus i _____________________ $1,819 70 Areola, Sask.— Nay & James of Regina were the successful bidders recently for an issue of $15,000 5J^% debentures. Beaverton, Ont.— Debenture Offering.— Proposals will be received up to N ov. 1 by A. W . Talbot, Reeve, for $7,000 4 K % school debentures. White Plains, N. Y .— Bond Offering.— Proposals will be received until 8 p. m. N ov. 11 by the Board of Village Trus tees, Frederic S. Barnum, President, Earl P. Hite, Clerk, -for $20,000 4 )^ % macadamizing bonds. A u th o rity C h apter 80. L aw s o f 1906. D e n o m in a tio n $ 1 ,0 0 0 . D ate O c t . 1 1909. In terest sem i-a n n u a l. M a tu rity $5,0 0 0 y e a rly on O ct. 1 fro m 1935 to 1938 Inclu sive. C ertllied c h e ck o n a S ta te o r n ation al bank •r tru st c o m p a n y fo r 5 % o f bid Is requ ired . The official notice of this bond offering will be found among the advertisements elsewhere in this Department. Wilberton, Latimer County, Okla.— Bonds Voted.— An election held here recently, it is stated, resulted in favor of a proposition to issue $45,000 school-building bonds. Wilmington, Del.— Bond Offering.— Proposals will be re ceived until 12 m. N ov. 11 by the Finance Committee, James Kane, Richard C. McMullen and Samuel II. Benson Jr., for $200,000 4% water-works bonds. .. C h apter 179, V'ol. 2-1, L a w s o f D elaw are. D e n o m in a tio n $ 1 ,0 0 0 . In terest M ay 1 and N o v . 1. M a tu rity o n N o v . 1 as follow s: $45 ,000 In 1923, $60,000 In 192 1, $70,000 In 1925 and $25 ,000 In 1926. Bid M « s t be m ad e on a form furnish ed b y the c it y an d be a c c o m p a n ie d b y a cert l i c d ch eck on som e ban k o r trust c o m p a n y fo r 2 % o f b o n d s bid fo r . T h e b a n d s w ill be deliv ere d N o v . 18 190*. y e a r ly V o ? 3^ “ y e a r ^ a t th e S ta n d a rd B» » k ** B e a v e r to n . NEW LOANS. M ISCELLANEO US. $ 2 5 ,0 0 0 OFFICE OF TH E € IT Y OF BURLINGTON, N.J. ATLANTIC MUTUAL INSURANCE COMPANY. N ew Y o r k , J a n u a ry 21st, 1909. WATER BONDS T h e C ity o f B u rlin g to n , N ew Je rse y , Invites p rop osa ls fo r $25 ,0 0 0 In 4 % W a te r B o n d s, 10-30 y e a rs , w ith S in k in g F u n d p r o v is io n . O pen ed o n N o v e m b e r S e c o n d , 1909. P articulars furnish ed « • a p p lic a tio n to T H O M A S S. M O O N E Y , C ity Clerk The T rustees, in conform ity with the Charter o f the C o m p a n y , subm it the follow ing statem entof its affa trs on the 31 st o f D ecem ber, 190*. P rem ium s o n M arine R isk s fro m 1st J a n u a ry , 190 8, to 31st D e ce m b e r. 1 9 0 *____________ $3,3 0 7 ,8 0 7 24 743 .380 01 P rem iu m s o n P olicies n o t m ark ed o il 1st J a n u a ry , 190 8____________________________________ T o ta l M arine P rem iu m s________________________________________________________________________ $4,0 5 1 ,1 9 6 25 P rem ium s m arked ofl fro m 1st J a n u a ry , 1908, t o 31st D e ce m b e r. 190 *____________________ $3,333,483 55 In terest re ce ive d d u rin g the y e a r ______________________________ $ 3 0 7 ,(2 3 39 R e n t less T a x e s an d E x p e n s e s ___________________________________ 142,032 22 CANADIAN MUNICIPAL BONDS W . A. M A C K E N Z IE & CO., TORONTO, CANADA THE AMERICAN MFG CO. MANILA, SISAL AND JUTE CORDAGE. 4S Wall Street, M a tu rity p art District of Spallumcheen, B. C.— Debenture Sale.— This district recently awarded Geo. A. Stimson & Co.of Toronto the following debentures: $8,000 5% 30-year; $5,000 20year; $3,300 5% 10-year and $1,800 6% 10-year. Kamloops, B. C.— Debenture Sale.— Brent, Noxon & Co of Toronto have been awarded $8,000 5% 25-year isolationhospital, $20,000 5 }4 % 25-year water-works and $10,000 5% 10-year local-improvement debentures. Kenora, Ont.— Debenture Sale.— This municipality has awarded issues of $25,000 5% 10-year school and $1,770 5 lA % 20-year local-improvement debentures to Brent, Noxon & Co. of Toronto. Kolomyia School District No. 1878 (P. O. St. Julien), Sask. Debenture Sale.— An issue of $800 6% debentures was disposed of on Oct. 1 through the Bank of British North America in Rosthern at par. New Yorl $44 9,85 5 61 L osses p aid d u rin g the y e a r w h ich w ere estim ated In 1907 an d p re vio u s y e a r s_____________________________________________ $ 42 0,6*3 46 Losses o c c u r re d , estim ated an d paid In 1908............................... 1,2 7 4 ,* 2 2 22 * 1 .6 9 5 ,4 7 7 68 Less S a lv a g e s ____________________________$279,98* 33 lic -ln s u r a n c c s ___________________________ 199,555 37 479 ,5 4 3 70 $1,215,933 98 R etu rn s o f P re m iu m s__________________________________________________________ E x p en ses, In clu din g officers* salaries and clerk s’ c o m p e n s a tio n , sta tio n e ry , new spapers, ad ve rtise m e n ts, e t c ___________________________________________ ASSETS, U nited S tates & S tate o f N ew Y o r k S to c k , C ity , B a n k a n d o th e r Se curities ____________________________$5,4 4 2 ,7 0 2 00 Special d e p o sits In B anks & TrustC os. 8 00 ,000 00 R ea l E state c o r . W all & W lllla m S ts., & E x ch a n g e P l a c e .$ 4 ,2 9 9 ,4 2 6 04 O th er R eal E sta te & claim s d u e the c o m p a n y _______________ 7 5 ,000 00 4 ,3 7 4 ,4 2 6 04 P rem iu m n otes an d Bills R e c e iv a b le Cash In the han ds o f E u rop ean Bankers to p a y losses u nd er poli cies pa ya b le In fo re ign co u n tr ie s . Cash In B a n k ________________________ 1,3 7 7 ,9 0 5 06 $51 ,930 45 $344,266 83 L IA B IL IT IE S . E s tlm a tcd and Losses U nse ttle d ^__________________________ $ 2,310,433 P rem iu m s o n U n term in ated R is k s . 717.712 C crtlD cates o f P refiu i and In terest U npaid __________________________ 260,822 R etu rn Prem ium * U n p a id _________ 121,473 Certificates o f P rofits O rd ered R e d e e m e d , W ith h eld fo r U npaid P r e m i u m s ________________________ 22.3 3 9 Certificates a f P rofits O u tsta n d in g ........................................................ 7 ,3 6 3 .4 1 0 R eal E state R eserve F u n d ____ 2 70 ,000 0* 76 33 66 35 01 0* 399,031 05 4 29 ,950 18 A g g re g a tin g -----------------------------------$ 1 2 ,8 2 4 ,1 0 5 23 A g g re g a tin g _______________________ $ 11 ,066 ,10 1 *5 A d iv id e n d o f Interest o f Six p er ce n t o n the o u tsta n d in g certlflcates e f profits w ill b e paid t « t h « holders th e re o f, o r their legal rep resen tatives, o n and a fte r T u e s d a y the sec ond o f F e b r u a r y n e x t T h e o u tsta n d in g certificates o f the Issue o f 1S03 w ill be redeem ed and paid t o th e h olders th ereof, o r their legal represen tatives, o n and a fter T u e s d a y th e s ec on d o f F e b r u a r y n e x t, fro m w h ich d a te a l Interest thereon w ill cease. T h e certlflcates to be p rod u ced a* tha tim e o f p a y m e n t and ca n celed . A d iv id e n d o f F o rty p er ce n t Is d eclared o n the net earned prem iu m s o f the C o m p a n y fo r the year en d in g 31st D e ce m b e r, 1908, fo r w h ic h , u p o n a p p lic a tio n , certificates w ill he Issued o n an d a ftw T u e s d a y th e f o u r t h of M a y n e x t . B y order of the Bo a rd Q . STANTON F L O Y D -JO N E S. Secretary. N A T IO N A L L IG H T , H E A T & P O W E R CO GUARANTEED BONDS ... , Alt ,MU#* A. H. Bickmore & Co., RANKER* SO P i n e Stre e t, N e w Y«»ri. G U S T A V A M S IN C K , F R A N C IS M. B A C O N . JO H N N. B E A C H , W IL L IA M B. B O U LTO N . V E R N O N II. B R O W N . W A L D R O N P. BR O W N , JO H N C L A F L I N , G E O R G E O. C L A R K , CLEVELAN D H . DODGH. C O R N E L IU S E L D E R T . R IC H A R D II. E W A R T TRU STEES. H E R B E R T L . G R IG G S , C L E M E N T A . G U 1S C O M . AN SO N W . H A R D . L E W IS CASS L E D Y A R D , F R A N C IS H . L E G G E T T . C H A R L E S D . L E V E R IC H , LEAN D ER N. LOVELL, G EO RG E H . M ACY, CH ARLES H . M ARSH ALL. \X. U . I I . M O O R E , N IC H O L A S F . P A L M E R . H E N R Y P A R IS H , D A L L A S B. P R A T T , G E O R G E W . Q U IN T A R D , A. A. R A V E N , JO H N L. R IIIE R , D O U G L A S R O B IN S O N , GUSTAV H. SCH W AB. W IL L IA M S L O A N E , IS A A C S T E R N , W IL L IA M A . S T R E E T . A . A . R A V E N , P resid en t. C O R N E L I U S E L D E R T . V ice-P resid en t. S A N F O R D E . C O B B , 2d V ice-P resid en t. C H A R L E S E . F A Y , 3d V ice-P resid en t. J O H N H . J O N K S n - E W A R T . 4th V ic e -P r es id e n t. D ate S e p t. 30 100 9. In tere s t an n u a l. fro m 1910 to 1914 In clu sive. M a tu rity p a rt y e a r ly o n S e p t. 30 Lindsay, Ont.— Debenture Election.— In January 1910 the voters of this place will have submitted to them a proposi tion to issue $55,000 public-school debentures. Lucknow, Ont.— Debenture Sale.— An issue of $11,000 4% and 4 Y i% debentures has tjeen awarded to Chas. Burgess & Co. of Toronto. Maple Creek, Sask.— Debenture Offering.— Proposals will be received until N ov. 3 for $45,000 5% sewer debentures. In terest an n u a l. M atu rity p a rt a n n u a lly fo r 30 years. Is S ecreta ry -T rea su rer. A . I I . G reeley Meaford, Ont.— Some time in the near future a by-law to raise $25,000 for the building of a new school house will be presented to the electors for their approval or disapproval. Monastyr School District No. 2328, Sask.— Description of Debentures.— We are informed that the $1,000 school building debentures awarded on Aug. 2 to I I . O’ Hara & Co. of Toronto (V . 89, p. 683) carry interest at the rate of 5% and not 5 M % as at first reported. Pene'ang, Cnt.— Debenture Election.— An election will shortly bewailed for placing before the voters a by-law to raise $15,000 for public-school additions. Peterboro, Ont.— Debenture Sale.— II. O’ Hara & Co. of Toronto have been awarded an issue of $25,000 4 % % 20year bridge debentures. Richmond, B. 0.— Debentures Authorized.— A by-law has been passed, it is stated, providing for the issuance of $275, 000 water-works and $75,000 road-improvement debentures. St. Lambert, Que.— Debentures Authorized.— An issue of $7,000 5% 50-year debentures has been authorized by this municipality. Salt Lake School District No. 2056, Sask.— Price Paid fo r Debentures.— Nay & James of Regina paid 100.125 for the $800 5 \ i% school-building and equipping debentures awarded them (V . 89, p. 1028) during September. Scarboro Township, Ont.— Debentures Authorized.— A by law to raise $16,000 debentures for a school-site and building has been passed by this township. Smith’s Falls, Ont.— Debenture Election.— An election will Montreal Catholic School District, Quebec.— Debenture Sale.— It is reported that the $150,000 4% 40-year coupon shortly be held in this place for ascertaining the opinion ot school-building debentures offered on Oct. 26, and described the voters on issuing $46,500 Collegiate Institute debentures. in V. 89, p. 1028, were awarded to the Provincial Bank at South Vancouver, B. 0 .— Debenture Sale.— Wood, Gundy & Co. of Toronto were awarded the $225,000 5% 50-year 97.60. North Vancouver, B. C.— Debentures Proposed.— An issue water-works debentures offered on Oct. 23 and described in of $128,000 5% debentures is likely to be issued by this place V. 89, p. 1105. Sydney, N. S.— Debenture Sale.— Hanson Bros, of Mon for the purpose of providing for a new fenyboat, a rein forced concrete walk and for the general improvement of the treal have been awarded two issues of 4j/£% debentures, aggregating $30,000. Interest semi-annual. Maturity 30 present ferry system. Orange Valley School District No. 1952, Alberta.— years beginning July 2 1909. Westmount, Que.— Debentures Offered by Brokers.— C. Debenture Sale.— An issue of $1,500 6% 10-year school building debentures has been sold to the Manufacturers’ Meredith & Co. of Montreal are offering for sale an issue of Life Insurance Co. of Calgary for $1,562— the price thus $415,000 debentures, maturing May 1 1953. being 104.133. Date N ov. 1 1909. Interest August 1. Woodstock, Ont.— Debentures Authorized.— School deben Pembroke, Ont.— Debenture Sale.— Issues of $20,000 tures amounting to $30,000 were recently authorized. Yorkton, Sask.— Debenture Election.— An election will be 4y i% , $10,0C0 electric-pump and motor and $30,000 deben tures, the latter being a bonus to the Lee Manufacturing held in this place for the purpose of voting on a by-law to raise $40,000 for high schools. Co., have been awarded to Brent, Noxon & Co. of Toronto. D en om in a tion $10 0. D a te A u g . 28 1909. part y e a r ly fo r 10 y ea rs. In te re st an n u al. M atu rity ACCOUNTANTS. M ISCELLANEO US. M ISCELLANEO U S. 1908 18S0 The United States Life Insurance Co. Arthur Young & Co. A. B. Leach & Co., 1NITHB CITY OP NEW YORK lim es Guaranteed Contract*. BANKERS, Certified Public Accountants JOHN P . M U N N , M .D., President (IL L IN O IS ) Finance C om m ittee N ew Y o r k , 3 0 Pine S tre e t M ilw a u k e e , 0 3 3 VVelle B id * C h icago, 1 3 1 3 M onndnook Block K a n s a s C ity, 1 1 0 0 Com m erce B ld g . 149 B r o a d w a y , N E W Y O R K 1 4 0 D e a r b o r n S t., C H IC A G O JAMES R . PLU M ...................................... Lent hei OLARBNOH H.K ELSEY.Pree.Title On. A Tr. Oo. W M . H. PORTER. Pna. Chemlca National Bank 2 8 State S t ., B O ST O N 4 2 1 C b e a tn n t S t., P H I L A D E L P H I A Good men. whether experienced In life Insurance or not, may make direct contract* with thla Com pany, for a limited territory If desired, and secure tor themselves, In addition to drat year** oommleslon. a renewal Interest Injuring an Income for the future. Address the Company at ita Home Office! No 87? Broadway. New York City. rBRAND, ROSS BROS A MONTGOMERY irtified Public Accountant* NOW READY (Pennsylvania) L an d T it le Building PH ILAD EL PH IA, llty Investing llld g ., 1 0 3 B r o a d w a y NEW Y O R K . Hand Book of Securities JULY 1909 EDITION Union llank Building PITTSBU R G H . F irst Nntl ona l Ba nk Bl dg., m u n i n il JA M E S P A R K & CO. OERTIYIED PUBLIC ACCOUNTANTS Statistics and prices to July 1 1909 Earnings, Fixed Charges and Dividends for series of years Range of Prices for Stocks and Bonds— • □ -J • New York,Chicago, Cincinnati London, England. and AUDITORS FOR FINANCIAL INSTITU TIONS. INDUSTRIAL AND MINING COMPANIES Investigations, Financial Statements, Periodical Audita and Accounting. Monthly Range for 1908 and to July 1 1909 Yearly Range for 1903, 1904, 1905, 1906, 1907 and 1908 Price 75 cents ALFRED ROSE & C0.f CERTIFIED PUBLIC ACCOUNTAETB 58 Pine Street, In quantities, with business cards lettered in gilt on the cover, at special rates - NEW YO RK T e le p h o n e 4201 J ohn. LOOMIS, C0NANT& CO. COMMERCIAL & FINANCIAL CHRONICLE FRONT. PINE & DEPEYSTER STS., NEW YORK C E R T IF IE D P U B L IC A C C O U N T A N T 8 30 B r o a d Street, N e w Y o r k Tel. 4958 Broad. .