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INCLUDING
Bank and Quotation Section (Monthly)
Railway and Industrial Section(Quarterly)
VOL 87.
State and City Section(Semi-Annually)
Electric Railway Section(Thr=")
SATURDAY, OCTOBER 31 1908.
gite Throuicle.
Week ending October 24.
a
1908.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
For One Year.
$10 00
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months(including postage)
7 50
Annual Subscription in London (including postage)
22 148.
Six Months Subscription in London (including postage)
21 118.
Canadian Subscription (including postage)
$11 50
Subscription includes following SupplenientsB %sic AND QUOTATION (monthly)
I STAtE AND CITY (semi.annuaIly)
RAILWAY AND INDUSTRIAL(quarterly) I ELECTRIC RAILWAY(3 times yearly)
Terms of Advertising-Per Inch Space
$4 20
Transient matter per inch space(14 agate lines)
22 00
(ri times
Two Months
•
29 00
Months (13 times
Standing Business Cards ) Three
50 00
(26 times
Six Months
3. Twelve Months(52 times
87 00
CHICAGO OFFICE-P.Bartlett,513 Monadnock Block; Tel.Harrison 4012.
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY,Publishers,
P.O.Box 958. Front. Fine and Depeyster Sts., New York.
Published every Saturday mornino: by WILLIAM B.DANA COMPANY.
William B. Dana,President; Jacob Seibert Jr.,Vice-Pres. and See.; Arnold
G. Dana,Treas. Addresses of all,Office of the Company.
Chicago
Cincinnati ----Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville __
Kalamazoo
Springfield. Ill
Fort NVayne_
Akron
Lexington
Rockford __ ___..
Youngstown
South Bend
Bloomington __ _
Quincy _
Canton _
Decatur __ _...
Springfield, b__.
Mansfield __
Jackson
Jacksonville, 111_
Ann Arbor
Adrian _- ......
Danville
Tot. Mid West
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates
that the total bank clearings of all clearing houses of the U.S.
for week end. Oct. 31 have been $2,567,605,616, against $2,688,111,369 last week and $2,826,840,260 the week last year.
Clearings-Returns by Telegraph Oct. 31.
1908.
1907.
P.C.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,260,482,289
110,584,145
88.029,596
19,614,711
195,913,885
52,297,824
12,408,414
$1,330,489,146
141.664,747
120,501,101
25,437,206
199,068,732
51,435,853
16,566,696
-3.3
-21.9
-26.9
-22.9
-1.6
+1.7
-25.1
Seven cities, 5 days
Other cities, 5 days
$1,739,330,864
399,998,471
$1,885,163,481
420,019,873
-7.7
-4.8
Total all cities, 5 days
All cities, 1 day
32,139,329,335 • $2,305,183,356
428,276,281
521,656,904
-7.2
-17.9
Total all cities for week
$2,567,605,616
$2,826,840,260
-9.2
The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon.on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with
Saturday noon, Oct. 24, for four years.
Week ending October 24.
CrearIngs at
1908.
New York
Philadelphia _ _
Pittsburgh
Baltimore
Buffalo
Albany
washington
_
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-Barre _
Wheeling, W. Va
Harrisburg
York
Erie
Greensburg
Chester
Binghamton _ _
Franklin
--Trenton _ _
Altoona
Total Middle_ _
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fail Itiver
New Bedford... _
Lowell
Holyoke
Total New Eng
1907.
Inc. or
Dec.
1906.
NO. 2262.
1905.
San Francisco_ _ _
Los Angeles
.....
Seattle
Portland .
Salt Lake City_ _ _
Spokane
Tacoma
Oakland
Helena __ ......
Fargo
Sioux Falls
San Jose
Sacramento __
San Diego
Fresno
Stockton
North Yakima
Billings
1907.
Inc. or
Dec.
$
$
%
46,193,946 262,597,922 -6.2
-22,833,450
26,765,200 -14.7
15,156,665
18,210,205 -16.8
12,967,830
14,424,752 -10.1
11,001.384
13.026,999 -15.3
6,699,563
7,643,776 -12.3
4,850.300
5,981,100 -18.9
3,346,990
4,064,653 -17.7
3,106,589
3,284,029 -5.4
2,182,706
2,441,711 -10.6
1,677,219
1,790,044 -6.3
1,934,229
2,131,643 -9.2
982,262
1,092,620 -10.1
884,700
861,595 +2.7
780,056
850,214 -8 2
625,000
790,000 -20.9
547,400
606,840 -9.8
677.724
680,753 -0.4
693,163
970,843 -28.4
381.995
492,958 -22.5
432,775
472,818 -8.5
438.971
533,080 -17.8
598,005
435,094 +37.5
321,489
404,461 -20.5
345,185
397.352 -13.1
373,375
380,204 -1.8
412,756
239,580 +72.3
307,240
249,589 +23.1
140,402
+1.3
138,661
25,569
30,000 -14.8
311,886 Not Included in total
340,918,938
371,988,698
1906.
1903.
$
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
154,555
$
211,289,997
24,934,350
15,823,886
11,821,883
8,456,355
7,574,144
4,284,500
4,239,898
2,969,248
1,926,918
1,720,536
1,452,543
866,628
695,988
683,572
460,200
515,503
601,159
757,569
380,198
372,831
436,819
, 402,773
255,000
:332,883
276,697
181,500
220,181
113,934
-8.4
310,400,162
304.069,765
35,893,119
43,900,973 -18.2
9,802,804
10,579,398 -7.4
9,039,261
12,820,714 -29.3
8,591,304 -18.5
7,000,000
5,723,496
6,734,091 -15.3
6,837,276
7,028,261 -27.2
4,722,115
5,038,236 -6.3
1,578,878
2,355,403 -33.0
823,985
1,243,674 -33.7
900,559
732,334 +23.0
784,000
700,000 +12.0
496,925
532,422 -6.7
917,000 Not Included In total
809,000 Not Included In total
627,325 Not included In total
491,000 Not Included in total
Not Included In toatl
231,208 Not Included In total
42,878,572
10,512,869
10,314,934
5,932,247
5,588,481
5,210,805
4,548,563
3,621,812
816,488
534,514
451,018
341,431
33,916,091
8,022,582
6,650,256
5,278,940
4,817.500
3,784,476
3,726,659
90,751,734
68,231.643
29,036,902
23,236,569
9,768,300
10,210,968
6,975,076
4,526,010
2,376,944
1,735,530
1,006,472
942,317
1,087,211
889,828
510,614
554,840
444,019
299,366
25,942,918
23,890,609
9.482.887
9,711,241
7,821,625
4,514,664
2,388,051
1,696,783
1,076,214
733,764
Total Pacific
83,602,418
Kansas City_ _.
Minneapolis
Omaha _
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Davenport
Lincoln
Topeka
Colorado Springs.
Cedar Rapids _
l'ueblo _ _ ......
Fremont
41,034,601
25,172,572
12,357,359I
9,771,262
9,395,607
4,606,278
2,758,688
2,341,157
1,453,633
1,173,779
1,144,677
1,216,343
549,902
836,061
508,543
338,585
Tot.oth. West.
'
St. Louis
New Orleans....
Louisville
Houston
Galveston
Savannah
Memphis
Richmond - -Atlanta
Nashville
Fort Worth
Augusta _ •
Norfolk
Birmingham....
Little Rock
Knoxville
Charleston _
Mobile
Chattanooga _ _ _
Jacksonville ____
Oklahoma
Macon
Beaumont _ _ _
Austin
Vicksburg
114,709,047
100,276,810 -16.6
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
1,630,459
1,312,208
1,027,789
821,756
682,724
782,999
403,996
+4.6
-27.6
-2.2
-25.0
-7 1
-7.7
-12.5
+3.3
-5.6
-28.0
-12.8
+18.4
-33.1
+22.4
-35.0
-3.8
frObI,W7
727,430
287,592
595,107
543,375
614,085
481,294
243,515
128,582,478 -10.8
93,601,066
89,736,132
64,204,470
69,254,056 -7.3
15,499,704
20,498,585 -24.4
10,087,330
13,153,284 -23.3
15,501,332
16,297,371 -4.9
9,265,000
7,703,000 +20.3
7,716,221 -23.5
5,905,443
6,330,609
7,010,917 -9.7
6,400,000
6,500,000 -1.5
+4.3
5,832,287
6,085,484
3,011,465
4,250,319 -29.2
4,803,444 +47.8
7,100,000
3,578,738 -27.6
2,592,542
2,583,867
3,120,738 -16.9
2,664,257 -22.7
2,058,117
1,919,321
1,959.302 -2.0
1.784,920 -14.4
1,527,230
1,918,709
2,050,000 -6.4
1,328,001
1.486,498 -10.7
1,365.822
1,354,129 +0.9
1,387,769
1,316,425
+5.4
1,290,925
1.346,448 -4.1
967,292
839,920 +12.6
585,518
566,626
+3.3
852,561 Not included in total
393,611 Not InCluded in total
58,560,445
24,757,023
12,279,820
16,481,145
10,074,000
7,801.903
6,234,725
3,630,710
5,279,994
:3,390,211
3,753,133
2,327,083
2,717,122
2,344,060
1,422,063
1,664,581
1,821,136
1,733.120
1,090,268
1,119,320
1,109,906
871,199
427,244
54,502,403
17,356,439
10,683;431
11,522,913
7,426,000
6,649,846
7,254,071
4,805,485
4,488,569
2,998,134
2,905,197
2,249,256
2,270.663
2,166,406
1,644,722
1,268,789
1,492,467
1,110,011
1,262,126
1,037.080
197.102,9481 -2.1.
96,152,316
57,527,676
$$
$
1,599,I52,133 2,103,641,524 7
S4.0 2,066,619,593 1,872,184,105
112,574,413 150,844,067 -28.2 151,888,609 144,617,655
52,669,338
40,792,804
53,268,171
58,768,255 -30.6
26,138,682
23,783,886
27,771,779
32,802,749 -27.5
7,953,563
7,607,180
9,363,317 -15.1
7,970,485
5,918,448
4,684,994
7,612,834 -24.2
6,560,079
5,410,889
4,840,383
6,034,861 -10.3
5,097,517
3,276,918
3,291,547
3,847,934 -14.8
3,333,401
2,240,630
1,869,045
2,426,218 -7.7
2,094,583
1,975,943
1,250,342
2,642,277 -25.2
1,616,256
1,330,424
1,063,513
1,513,894 -10.8
1,239,193
1,129,574
1,188,299
1,440,161 -21.6
1,325,354
1,452,221
1,135,681
1,359,180 +6.8
672,185
1,137,061
1,476,538
268,886
1,173,577 +25.8
887,762
949,165
1,091,213
1,115,095 -2.2
769,717
789,674
849,134 -5.8
644,309
794,489 -18.9
582,798
647,151
Total Southern 168,915,950 185,107,485 -8.7 171,890,211 145,955,068
623,954 -21,3
490,869
350,254
411,769
563,205 -26.3
415,635
475,384
545,158
2,688,111,369 3,385,580,713 -20.6 3,195,271,779 2,906.482,423
Total all
500,400 -10.1
449,900
455,700
447,900
292.790 -11.2
260,000
319,959
315,290
Outside N. Y._ 1,088,859,236 1,281,939,189 -15.1 1,128,652,086 1,034,298,318
1,369,946 Not included in total
=
425,064 Not Included in total
Canada35,934,723 -6.3
33,673,384
36,704,634
1,812,730,186 2,394,413,775 -24.3 2.334,230,231 2,125,618,421 Montreal
21,451,298
26,057,182 -4.1
25,000,926
Toronto
26,872,519
18,006744
15,137,672
+7.8
16,315,776
15,308.961
8,091,501
142,992,113 178,256,579 -19.8 171.039,100 150,939.894 Wi nipeg
n
4,482,941 -7.4
4,152,449
3,383,644
10,915,500 +1.5
1,734,912
11,076,000
9,223,600 Vancouver
9,636,400
3,241,092 +13.8
3,689,883
3,144,276
3,515,844 -11.6
1,959,505
2,753,795 Ottawa
3,106,863
2,982,279
2,394,228
2,224,773
-7.1
Quebec
2,128,035
1.231,552
2,465,623 -15.1
2,092,922
1,990,384
2,211,304
1,923.302 +6.9
2,055,853
1,580,757
2,430,000 -34.0
1,654,0,
1,618,299
2,388,348 Halifax
6
1,710,909
1,770,142 -10.6
1,582,316
1,521,690
2,436,875 -34.3
1,761,733 Hamilton
1,601,607
1,125,267
1,713,973
1,442,341 +13.9
1,643,371
1,491,445
1,771,930 -19.3
1,356,860
1,429,489
1,459,357
1,225,824
881.860
1.356,353
VAlet
tcra
-9.7
1,014,084
612,466
1,362,698 +0.3
964,144
1,366,247
1,280,761 +15.5
1,470,412
1.253,773
599,051 St. John
926,913 +4.6
826,700
969,407
673,349
1,271,698 -13.4
100,969
1,069,729
833,095
498,559 London.
631,476 -10.9
562,306
496,439
810,513 +9.9
--890,900
804,971
412,816 Edmonton ----468,027 -10.5
424,161
419,377
__
167.234,830
205,211,467 -18.5
193,398.375
172,889,384
Total Canada_
95,035,838
1120
THE CHRONICLE
"RAILWAY AND INDUSTRIAL SECTION."
A new number of our "Railway and Industrial"
Section, revised to date, is sent to our subscribers
to-day. The editorial discussions in the same embrace
the following topics: "Proposed New York Freight
Subways" and "Progress on the new Pacific Railroads."
THE FINANCIAL SITUATION.
While we are in the throes of a general election
contest, Canada has been passing through a somewhat similar struggle. Our neighbor has on hand
large public works, notably the Grand Trunk Pacific
Railroad, a transcontinental line across Canada,
which is being advanced under the joint financial support of the Canadian Government and the Grand Trunk
Railway Co. The main line of this proposed road
has an estimated length of about 3,550 miles from
Moncton, New Brunswick, to Prince Rupert on the
Pacific Coast, with several, prospective branches, a
leading branch to the north reaching the mining
center of Dawson, and another shorter one to the
south to Vancouver. The main line passes through
the centre of the grain-growing territory in Canada.
Hence, this highway will act as a pioneer, opening
the whole of the Dominion to settlement and cultivation, being in those respects not very unlike our venture in building the Central and Union Pacific lines.
When the Grand Trunk project is finished, a very
large acreage for the growth of cereals will be added
to the world's area for the support of its increasing
population. As is natural, out of this condition of
large expenditures for internal improvements, two
well-defined parties have arisen in Canada, the dividing principle being almost wholly the project described.
One party is a body of conservatives, urging that so
great expenditures by the Government are unwise;
and the other is the liberals, the party carrying on the
work. The result on Monday was a sweeping victory
for the liberals, the voters thereby approving Premier
Laurier's policy.
The foregoing furnishes a suggestive study for ourselves. While Canada is thus left free to use its capital
and credit and men of energy and push,in encouraging
industry and building up avenues for the marketing
of its products, our enterprising capitalists and carriers
are made slaves to the whims and policies of our governmental forces. Every man who has gained among
us reputation and riches as a pioneer is annoyed and
harassed in every imaginable way which malicious officials can devise. Furthermore, the industrial situation
is such in the United States that it is hard to tell to-day
what either party really stands for or what a vote
for Taft means. Our people are building on the
hope, and will vote in the hope, that Mr. Taft when
President will be Mr. Taft and not Mr. Roosevelt.
One little State law has come into prominence this
week which illustrates the apparent purpose of our
lawmakers, not only to restrict our carriers in their income in every way they can, but to annoy. and harass
them by measures of no service to anybody. We
refer to the semi-monthly payment law, which becomes applicable on Monday next, and provides that
the roads must pay their employees hereafter on the
first and the fifteenth of every month—that is, twice
instead of once. When the bill was up for the Governor's signature last winter, representatives of all
[VOL. LXXXVII.
the roads affected reminded the Governor that it
had been vetoed by his predecessor on the ground that
it was unconstitutional. He signed the bill, however.
The employees of the roads, it is claimed, took no
hand in the legislation; they do .not want to be paid
twice a month, and the railroads have received no
requests from their employees to be paid in that manner. One change would be desirable. They are now
paid on the 15th to the 18th of the month. This date
should be moved up to a date as early as practicable
after the close of the previous month. That is reasonable and desirable, and if the Legislature and Governor Hughes had been intent on benefitting the men,
that is the kind of relief they would have labored for.
As we all know, the roads as a rule are just now in an
impecunious state, requiring every dollar they can
save out of income to meet their necessary fixed
charges and other outgoes. •It would seem that requirements calling for new work which is not needful
would at such a time be avoide d by conscientious
legislators. ,
Evidences are increasing every week that industrial
affairs are in a moderate way unmistakably developing. Such a course was inevitable. The crops
we are now marketing at high values could not fail
to bring buyers forward for all kinds of manufactures. Crops leave money in producers' hands, and the
purchases which they have delayed and the wants
which were held in suspense are in part the forces
that are at work in this revival. Then, too, the
carriers and all t he various channels through which
the products move get and impart their quota of
benefits to the activities they necessarily set in operation. But as a promoter of prosperity we would
cite, chief of all, the United States Steel Corporation. We said many months ago that the Steel
Corporation has so enlarged its facilities and so
hedged itself in with advantages for manufacturing steel that if the need arises it can put that metal
on the markets of the world cheaper than any other
producer. It has never used its power for its own
advantage; it has simply kept at work as a supporting
and fructifying influence, running without a hitch
during and since the panic, keeping product and
prices steadily and firmly at the proper level to meet
current consumption. The statement it has made
public the current week of its business the past quarter and its condition at its close is simply a marvel.
With such an industrial force at work on a normal
basis again, with crops directly and indirectly fertilizing nearly all sections of the country, with the iron
and steel markets taking on fresh spirit and exhiliration, with the copper market also advancing, all that
is needed to set every wheel in motion is the removal of
the obstructions to progress which Mr. Roosevelt's
policies and Mr. Hughes's imitations of them have
interposed.
London advices to us express the opinion that unofficial discounts,at that centre will before long be materially advanced, in which case, our exchange market and those at European centres would be directly
affected. It seems certain that if Paris shall continue
to absorb the whole of the available new supply of
gold that weekly arrives in London from South Africa,
—which course is made possible by present conditions
OCT. 31,1908.1
THE CHRONICLE
—the Bank of England will soon have to take measures
for the protection of its reserve. The fact is recognized
that, under existing conditions, an advance in the
Bank rate, in order to provide such protection, would
be unavailing,for the abundance of money in the hands
of the London Clearing-House banks would make such
advance ineffective. But if, through large issues of
Treasury bills, credits should be transferred from the
market to the control of the Bank, an advance in the
official rate would cause the unofficial figures to rise
correspondingly. This statement of the process by
which discounts can be advanced, through operations
by the Bank, when such course is desirable, is interesting. Ordinarily, when the Bank loses control of
the open market rate, it seeks to regain such control
through borrowing, thus directly influencing market
rates.
The establishment by the Bank of England of a
higher rate of discount than that now ruling would
probably serve to arrest the movement of gold from
London to Paris. Discount rates at the last-named •
centre are now relatively higher than are those at the
British capital, and therefore the metal is attracted
to Paris; a reversal of such relative discount conditions would at least check gold exports to Paris, if it
did not cause a return flow of the metal to London.
Washington dispatches indicate that the Treasury
deficit for the current month will be not far from 10
millions. Next month the deficit will probably increase largely by reason of redemptions of the 14
millions 3% Treasury certificates that were issued a
year ago and will mature during November. The
gross deficit thusfar in the fiscal year is 43 millions,
and it is estimated that it will be about 100 millions
by the end of June 1909.
It is certainly a highly gratifying circumstance
that in a period of such intense trade depression as the
country has been experiencing all through the current
calendar year, the United States Steel Corporation is
able to submit income statements of such an encouraging character as the quarterly statements it is making.
In the iron and steel industry the paralysis has been
more pronounced than in any other branch of trade,
and therefore the Steel Corporation has had conditions
to contend against, which it would seem could hardly
have been any worse. It is true that in more recent
weeks and months activity in iron and steel has been
gradually increasing; still at no time during 1908 has
the Steel Corporation probably had more than 45%
to 60% of its capacity employed. Yet with its mills
and furnaces idle to so large an extent, the company
has been able to earn its dividends on both the common and the preferred shares in each quarter. Moreover, since the March quarter each succeeding quarter
in 1908 has st}own an increase in the amount of the
net over its predecessor, the September quarter now
submitted making the best exhibit of all. Starting
with the low total of $18,229,005 for the March
quarter, net in the June quarter increased to $20,265,756, and the September quarter now exceeds
all expectations and records a total of $27,106,274.
Out of the $27,106,274 net for the September
quarter, $5,946,809 is allowed for interest on the
Steel Corporation's bonds for the quarter, and contributions are made towards the sinking funds and the
depreciation and reserve funds aggregating $7,161,010.
1121
This leaves $13,998,455 available for dividends for the
quarter. These dividends on the basis of current
payments (namely 14% on the preferred stock and
on the common stock) called for only $8,846,432.
and hence there is a surplus for these three months
over and above the dividend requirements of $5,152,023.
Of course, notwithstanding the improvement which
has occurred over the net of the es rlier quarters of
1908, the figures still fall far below the large totals for
the corresponding period last year. For the nine
months taken together, net in 1908 was hardly more
than half what it had been in the first nine months
of 1907, the comparison being $65,601,035, as against
$128,430,482. In face of this falling off of $63,000,000
in the net, the nine months' statement, after allowing
for the ordinary contributions to the sinking funds
and to the depreciation and reserve funds, shows the
dividends(5X% for the nine months on the preferred
stock and 13.% on the common stock) fully earned,
with a balance of $5,967,088 left over. Necessarily,
with the net income thus cut in two, the company has
had to forego the large special appropriations for improvements and for additional property and new
construction made in previous years. In 1907 these
special appropriations were of enormous proportions,
reaching for the nine months no less than $51,000,000.
Instead of endangering dividends, the effect of the
depression in the iron and steel industry has thus
been simply to check for the time being the policy
of providing for further additions to property and
plant. As large amounts of the special appropriations
of previous years are still on hand, the omission of
further special contributions of the same sort involves
no detriment. Moreover,the appropriations were made
extraordinarily heavy when earnings were abundant,
with the express idea of obviating the necessity for
them in lean years when it could not be possible to
spare any income for such purposes.
There is always one other feature in the quarterly
returns of the Steel Corporation which excites much
interest. We refer to the figures showing the unfilled
orders on hand at the close of the quarter. The
aggregate this time reveals results just about as
expected. That is to say, the total of unfilled orders
falls much below that for the same date in 1907, but
is slightly larger than at the end of the June quarter
of the present year. In brief, the unfilled orders for
September 30 1908 aggregate 3,421,977 tons, which
compares with 6,425,008 tons for September 30 1907
and 7,936,884 tons for September 30 1906, but with
3,313,876 tons for June 30 1908. The figures, in
brief, reveal a quiet state of trade, but with the trend
in the right direction. In another week the Presidential.election will be a thing of the past, and should
it result favorably, the slight revival now noticed
will be, we may be sure, quickly succeeded by a
more rapid and steadily expanding recovery.
Southwestern railroads have failed in their efforts
to get the courts to prevent the reduction in livestock rates ordered by the Inter-State Commerce
Commission. It may be recalled that in our issue
of August 29 1908 we referred to this order and made
some brief comment on it. The order was issued
in the case of the Cattle Raisers' Association of Texas
against the Missouri Kansas & Texas Railway Company and fifty-eight other carriers, and had reference
1122
THE CHRONICLE
[VOL. wcxxvn.
to the rates on shipments of cattle from points in the
Southwest to Northern ranges and to Chicago, St.
Louis, Kansas City and New Orleans. In a statement given out by the Commission in connection with
the order, it was pointed out that the rates which the
roads were directed to put into effect would involve
a reduction of "from one-half cent to as high as five
cents per 100 lbs" and that they applied to "range
cattle from points in Texas, New Mexico and Oklahoma to Northern ranges in Wyoming, Nebraska,
South Dakota and Montana; also on cattle in carloads
from points in the Southwest to Chicago, East St.
Louis, St. Louis, St. Joseph, Kansas City, New
Orleans and Omaha." The statement, furthermore,
said that "the defendants were also required to
desist from exacting for the delivery of live stock
at the Union Stock Yards at Chicago their present
terminal charge of $2 per car and to substitute therefor
a terminal charge which shall not exceed $1 per car."
The railroads in their bill of complaint alleged
that the enforcement of the new tariff would involve
a loss of over a million dollars a year on the business
and that the new rates were far from compensatory.
Counsel for the Commission contended that under
the Hepburn Law the courts could not interfere with
the findings of the Commission. The matter came up
before the United States Circuit Judges, and on
Friday of last week they handed down an opinion
overruling the contention of the Commission that
the courts could not pass upon the rulings of the
Commission. The conclusion is that the right to
review such findings inheres in the courts. By a
unanimous opinion, however, the Judges refused to
interfere with the order of the Commission, taking
the ground that the Commission having fixed the
rates the Court would not disturb them without
clear and persuasive showing, which they thought
the railroads had failed to make. The new rates
are to go into effect November 1.
as he makes it, is a consumption of only 3,690,000
bales of 500 lbs. net, against 3,892,000 bales in 1906-07,
or a decline of 202,000 bales. This falling off, however, was more than offset by the gain shown above
on the Continent, so that consumption for the whole
of Europe as now compiled was in the latest season
9,410,000 bales of 500 lbs. average net weight, against
9,352,000 bales in 1906-07, or a gain of 58,000 bales.
Combining with this aggregate for Europe the consumption in the United States and Canada,and amounts
of American cotton shipped to Japan, Mexico, Sze..
Mr. Ellison reaches a total consumption of 13,987,000
bales of 500 lbs. net each, of which 12,117,000 bales
American. This compares with his total for 1906-07
of 14,702,000 bales, of which 12,432,000 bales American, or a decline in all kinds in 1907-08 of 715,000
bales and in American of 315,000 bales.
Stocks carried over at the end of the season (Sept.
30) by mills in Great Britain and on the Continent
Mr. Ellison estimates at 1,354,000 bales of 500 lbs.
each, which, while 102,000 bales less than the aggregate he reported for Sept. 30 1907, are very largely
in excess of seasons prior to that, and insured an
ample supply of cotton until the new crop should
begin to move freely. The spinning capacity of mills
in Europe was increased by 3,800,000 spindles in
1907-08, and of the gain 2,600,000 spindles was in
Great Britain.
Mr. Ellison's estimate of requirements for the
current or new season (1908-09) Oct. 1 to Sept. 30
is omitted from his annual review this year, owing—
as he states, to the lockout in Lancashire. It can be
readily understood that with the difficulty unsettled
and its duration a matter of mere conjecture, any
estimate of requirements made at this time might be
subject to unusual revision later on. The wisdom of
its postponement pending adjustment of the trouble
is, therefore, clearly apparent. Mr. Ellison's figures
in detail as far as received will be found on page 1133.
Mr. Thomas A. Ellison's customary annual review
of the world's cotton supply and consumption made
public in Liverpool on Tuesday of the current week
reveals a situation on the Continent somewhat different from what his latest previous monthly statement
had indicated. Investigations made in connection
with the compilation of the year's result have caused
him to estimate the aggregate consumption on the
Continent at 5,720,000 bales of 500 lbs. average net
weight, or 110,000 bales per week, against 5,460,000
bales of like weight in 1906-07, or 105,000 bales per
week—an increase of 260,000 bales. Reports received
from different sections early in the season,and in fact
until a comparatively recent date, have indicated
that Continental mills were enjoying a period of unexampled activity. Mr. Ellison's final estimate,
which is in close accord with the returns issued by the
International Federation of Master Spinners'and Manufacturers' Associations, fully confirms those reports.
In Great Britain consumption of cotton, according
to Mr. Ellison, was in the season lately closed heavier
month by month down to the end of May. Then
with demand restricted, short time became a feature,
materially reducing the amount of cotton used, and
since the lockout went into force in Lancashire (Sept.
19) consumption has been on an especially small
Reale. Consequently, the result for the full season,
On Thursday last, by a very decisive vote, the
stockholders of the Union Traction Co. of Philadelphia
adopted a resolution authorizing the company's
directors to assent to the use of stocks owned by the
company as collateral security for a loan of $5,000,000
which will be negotiated by the Philadelphia Rapid
Transit Co., lessee of the Union Traction. Out of a
possible 600,000 shares, 506,757 were cast in favor
of the resolution and 3,435 were voted in opposition.
The stocks which will be pledged to secure the new loan
yield an annual income of $320,000. The Philadelphia
Traction Co. also gave its assent to the proposed use
of such of the stocks as it is interested in, and the City
Councils of Philadelphia having acquiesced in the loan,
nothing now stands in the way of its negotiation.
Arrangements have already been made with a Philadelphia banking house to take the bonds when they
are issued. This will tide the Philadelphia Rapid
Transit Co. over a critical period, keeping it solvent in
all probability until the earnings from the recently
completed subway and elevated line will be sufficient,
with other income, to meet all fixed charges.
Objection having been made to six directors of
the Union Traction Company, because they served
the Rapid Transit Company in a similar capacity,
resignations were presented at Thursday's meeting by John B. Parsons, George H. Earle Jr., P.
OCT. 31 1908.1
THE CHRONICLE
1123'
A. B. Widener, William H. Shelmerdine, George Exchange borrowers was concentra
ted upon the forD. Widener and J. J. Sullivan. The resignations were mer, there was a fractional
recession in the rates,
accepted,and thereupon an election was held to fill the while the higher average
was maintained. The invacancies. Jeremiah J. Sullivan, who at one time quiry for time contracts,
except for over-the-year and
was President of the Electric Traction Co., Which now the six months' periods, was
small. Though there
forms a part of the Rapid Transit system, was very were divergent views as to the
effect upon the money
generally favored for re-election, and his name, to- market of the result of the
election, it was regarded
gether with those of W. P. Datz, Jacob Disston, John as probable that the ending of
the suspense would be
H. Chestnut, Heniy Fernberger and E. M. Story, was followed by greater activity.
Borrowers generally,
submitted by the management for consideration by therefore, seemed disposed to defer
new engagements
the stockholders. The opposition concentrated its until after that event, and lenders
refrained from
strength upon John M. Fogelsanger and sought to pressing their offerings.
The business reported was
elect him to the Union Traction board by the cumula- chiefly in long maturities
and the collateral that was
tive method of voting. The six gentlemen favored by required was of
high grade. The limited supply of
the management of the Rapid Transit Co. were, how- commercial paper contribute
d to restrict transactions;
ever, elected by a majority of about 200,000 votes. financial institution
s were eager to buy, but choice
Mr. Sullivan was made President of the Union Traction names were not readily
obtainable.
Co., succeeding John B. Parsons, and C. E. Head
Money on call, representing bank and trust comwas chosen Vice-President as the successor of George pany balances, loaned
at the Stock Exchange during
D. Widener. Mr. Sullivan is President of the Ameri- the week at 2%, and at
1%, averaging 13/2%; the
can Railways Co. and he is at the head of a very minimum rate was quoted by all lending
institutions.
successful firm of merchandise jobbers. A. D. Hall- Time loans on good mixed Stock Exchange
collateral
man was chosen Secretary.
were 2%@,3% for sixty and 3% for ninety days,
The remaining members of the Union Traction board 33i% for four and 3%@3%% for five to six months.
who are undisturbed are Robert A. Balfour, George Commercial paper is 4% for choice sixty to ninety-day
W. Elkins, J. H. Gay, C. E. Head and C. A. McManus. endorsed bills receivable and 4@43'% for prime four
Efforts of Mr. Fogelsanger to gain a seat on the Union to six months' single names.
Traction board were accompanied by a repetition of
alleged rumors that prominent men connected with
The Bank of England rate of discount remains unthe Rapid Transit management were also interested in changed at 23%. The cable reports
discounts of
a construction company which built part of the sixty to ninety-day bank bills in London
21
/
1(0)23
%%..
subway. This led to the arrest of one of Mr. Fogel- The open market rate
at Paris is 23@23't% and at
sanger's counsel on the charge of libel, and at the Berlin and Frankfort it is 23
/
1@2%%. According to
hearing the Rapid Transit directors against whom the our special cable from London, the
Bank of England
accusation was aimed testified under oath that they lost £262,347 bullion during the week
and held £36,had no interest in the construction company and in 376,341 at the close of the week. Our
correspondent
no way shared in the profits derived by contractors further advises us that the loss was due wholly
to
for the subway work. The ace sed lawyer was held for exports to Egypt, although receipts from the
interior
court, but the testimony of the directors removes what- of Great Britain were £118,000. The
details of the
ever cloud may have overshadowed the management. movement into and out of the Bank
were as follows:
Imports, nil; exports, £380,000 (of which £30,000 to
The most notable feature of last week's bank state- South America and £350,000 to Egypt),
and receipts
ment was a moderate increase in cash and a gain in of £118,000 net from the interior
of Great Britain.
reserve; otherwise the changes were not remarkable.
Actual loans decreased $3,806,800; the average reThe foreign exchange market was extremely dull
duction was $6,400. There was an actual • gain of early in the week. The outlook
for a pacific settlement
$676,500 in cash, while the average increase was of the Balkan troubles was not assuring
and this had
$1,780,000. Average deposits were augmented $1,- some influence upon the market,
contributing to
484,500; according to the statement of actual condi- caution in conducting operations
. Dearer money and.
tions there was a decrease in this item of $3,892,600. firmer discounts at the chief European
centres, toAverage reserve increased $1,408,875,to $32,880,000; gether with the persistent
absorption of Cape gold:by
the actual reserve showed a gain of $1,649,650, to Paris, and the prospect that
French demands for the
$33,241,950, and, computed upon the basis of de- metal would not
soon abate, were more or less disposits less those of $9,243,300 public funds, the sur- turbing factors. Consols
and other securities at
plus was $35,552,775.
London declined, reflecting apprehensions of still
The announcement was made on Wednesday by higher discounts, and the London
Stock Exchange
Speyer & Co. that the subscription list for the 20 settlement exerted an important
indirect influence.
million dollars 43/2% bonds of the Mexican "Institu- The pendency of our Presidenti
al election had a sentition for Encouragement of Irrigation Works and Devel- mental effect, restricting business,
and confirmation
opment of Agriculture S. A." had been closed and that was awaited of the oft-repeated
statement that paythere would be a considerable reduction in the allot- ment of the New York City warrants
had been finally
ments, owing to heavy subscriptions here and in Europe; effected. On Wednesday the
cable reported a fall in
in London the loan was quoted at M of 1% premium. the rate for exchange at Paris on
the British capital,
and coincidently there was a decline in sight sterling in
The market for money was dull and almost feature- New York on London and an absence
of demand for
less this week. Offerings on call and for short fixed cables incident to the settlement
. Thereupon thedates were liberal, but though the demand by • Stock market grew weak with important
recessions in the
1124
THE CHRONICLE
above-mentioned classes of exchange. The proposed
conference to-day —Saturday— between Lancashire
mill owners and their employees concerning the lockout troubles was regarded as likely to have good
results: If a settlement should be effected, increased
exports of cotton to Great Britain would probably
follow, directly contributing to large supplies of cotton
bills and lower exchange.
Compared with rates for exchange on Friday of last
week those'on Saturday virere 15 points lower for long
at 4 8475@4 848.5 and 5 Points for short at 4 8650@
48660;' cables were Unchanged. On Monday long
fell 10 points to 4 8476@4 8475, short 5 Points to
4 8656g4 8655 and Cables 5 points tO 4 8675@4 8680.
On TuesdaY long declined 16 points to'4 8460@4 8470;
short and cables were Unaltered. On Wednesday the
market *was weak *at a decline of 15 points for lOng to
4 844544 845*, of' 10 Poiiits for short to 4 8640g
4 8645 and of 10 points for able to 4 8665@4 8670.
On Thursday long fell ,10 points to '4 843@4 8445
short 5 points to 4 863564 8640 and cables were
unchanged. On- Friday long fell 20, short 15 and
cables 20 points. ,
The following shows' daily posted rates for sterling
exchange by some of the leading drawers.
(VOL. Lxxxvir.
THE PRESIDENTIAL CAMPAIGN OF 1908.
Probably most people will agree that the two salient
characteristics of the very singular Presidential campaign which has now reached its close have been the
smallness of the campaign funds in the hands of political committees, and the quite unprecedented efforts
of the candidates to address personally the largest
possible number of voters. In a.way, the two phenomena are connected with each other. Bryan, in
1896, set the example of rushing about the country
day and night, with half a dozen speeches every
twenty-four hours. This method of campaigning he
no doubt selected partly because it appealed to his
imagination; but it had another motive in the fact that,
for obvious reasons, his campaign had to be conducted
practically without funds. At all events, the example
was then set.
In the same campaign, Mr. McKinley adopted the
more dignified; and certainly more humane, practice
of receiving visiting delegations at his home, and addressing them either in his parlor or from his porch.
It will be remembered how effective were those
speeches of the Republican candidate of 1896 to the
visitors from other sections of the country. It might
have been supposed that a similar policy on the part I
Frt., Mon., Tues., Wed., I Thurs., Fri.,
Oct.'23 Oct. 26 Oct. 27 Oct. 28 Oct. 29 Oct. 30 of Mr. Taft would have been best adapted to the pres86
85
86
86
86
(60 days 4 80
Brown
ent campaign. But here again, in all probability, the
8754
87%
8734
8734
1Sght__ 4 875
8754
Brothers
85
86
86
86
'86
560 days 4 86
Kidder, Peaof the campaign funds stood in the way of it.
smallness
8734
8734
8734
8734
4
Wight__
8734
body & Co
8734
86
86
85 2
80
86
Bank British.160days 4 80 , ,
Delegations coming from remote parts of the country,
8734
8734
1Sight_ 4 8734
8734
8754
8734
North America
86
86
86
8534
80
160 days 4 86,
Bank of
8734
to appear in large numbers at the residence of the can8734' 8754
18Ight_ 4 8734
8734
8734
Montreal
86
86
86
86
85 ki
160 days 4 86
Canadian Bank
8734
8734
8734
8734
4
didate, usually expect that the heavy expenses inISIght_
8734
8734
of Commerce
86
86
86
85
160 days 4 86.86
Heldelbach, Ickel8734
8734
8734
1Sight__ 4. 8734' '8754
helmer & Co
8734
volved in such a trip, so far as concerns transportation
86
86
86
86
8
560 days 4 86
Lazard
8734
8734
8734
8734
1Sight- - 4 8734
Freres
8734
accommodation, will be met from the party's camand
86
86
86
86
85 X
560 days 4 86
Merchants' Bank
8734
Wight__ 4 8734
8734
8734
8754
8754
of Canada
paign funds. This year, the national committee's
The market closed on Friday at 4 8425©4 8450 for funds in hand were not large enough to undertake
long, 4 8620@4 8630 for short and 4 8645©48655 for even this relatively small outlay. As a consequence,
cables. Commercial on banks 4 831A@4 839. and it.was considered necessary that Mr. Taft should meet
documents for payment 4'833'@4 8431. Cotton for Mr. Bryan's "whirlwind" campaign throughout the
payment 4 833ig4 83%, - cotton for acceptance length and breadth of the country by a similar per1 1. sonal visit on his own part to the electorate.
4 833'@4 83% and grain for payment 4 84@,4 84/
No doubt there is something to say on general prinThe following gives the week's movement of money ciples for such a method of campaigning. It will be
to and from the interior by the New York banks.
urged that it is at any rate a natural method of soliciting votes. In a smaller constituency—a Congressional
Shipped by
Net Interior
Received by
Y. Y. Banks. N. F. Banks.
Movement.
r Week ending Oct. 30 1908.
— district for instance—no campaign would be regarded
85,355,000
$2,157,000 Gain $3,198,000
Currency
,•
861,000
859,000 Gain
8,000 as even 'properly conducted if the candidate were not
Gold
$3,016,000 Gain $3,206,000 to give all the voters in his district at least an oppor$0,222,000
Total gold and legal-tenders
With the Sub -Treasury operations the result is as tunity to see and hear him in person. But on the
other hand, it must be said that the applying of such
follows.
campaigning methods to a constituency which emNet Change in
Out of
Into
Bank Holdings.
Banks.
Banks.
Week ending Oct. 30 1908.
braces the entire United States is to ask too much.
$3,016,000 Gain $3,206,00C
$6,222,000
13anks'interior movement as above—
in Great Britain, where the distances to be travEven
28,450,000 Gain 1,000,00C
29,450,000
Sub-Treasury operations
relatively small, no such undertaking would
are
eled
$31,466,000
Gain
$35,672,000
Total gold and legal-tenders
$4,206,00C
moment be considered; a few speeches by the
a
for
The following table indicates the amount of bullion
Premier or by the head of the Opposition, at the imin the principal European banks.
portant, strategic points, are believed to meet all the
Oaa)er 31 1907.
October•29 1908requirements of the situation. To show, indeed, how
Banks of
Silver.
Gold.
Total.,
Silver.
Gold.
Total.
unreasonable, to put it no stronger, is the placing of
36,370,341 31,729,252
England__ 36,376,341
31,729,252 such requirements on a candidate for the Presidency,
France ___ 131,803,851 35,602,841 167,40049 111,428,614 37:504,891 148,933,505
Germany _ 39,208,00 16,249,0
55,45700 28,657,00 11,702,000 40,419,000 one need only keep in mind the physical effect on the
5,235,000 130,704,000
Russia __ 121,445,00
6,603,00 128,018,00 125,469,00
Aus.-Hun. 48,710,000 12,557,00 61,267,00 45.441,00 11,720,000 67,170,000 Presidential campaigners of this year. Bryan seems
Spain -- 15,755,000 32,942,00 48,697,00 15,583,00 25,637,000 41,220,000'
36,928,00
Italy
4125,00 41,353,00 36,107,00 • 4,903,200 41,010,200
so far as concerns
0,793,30
Nethlands 7,772,300 3,986,00 11,758,30
5,106,500 11,899,800 to be something of a prodigy,
3,143,333 1,571,667 4,715,000
Nat.11elg._ 4,088,00
2,044,00
6,13200
fatigue and preserv4,245,00
4.180,00
Sweden ._ 4,180,00
4,245,000- capacity for enduring unlimited
2,479,00
Switzerl'd. 4,676,00
4,676,00
2,479,000
Mr.
1,933,00
Norway _ 1,730,00
' 1,730,00
1,933,000 ing his strength and his voice in the face of it.
Total week 152,672,496 114,408.,841 567,08/,33 413,008,49 103,449,258516,457,757 Taft, on the other hand, is ending the campaign in
Prey. week 150,641,352 114,406,78 565,048.13' 414,004,171 103,685,994517,690,165
physical exhaustion. We have had candidates for the
OCT. 31 1908.1
THE CHRONICLE
Presidency, men of the highest political and intellectual fitness, who would have been killed by such a
strain as the candidates have been subjected to this year.
For this reason, we greatly doubt if the remarkable
spectacle of two candidates constantly "swinging
around a circle" of some three or four thousand miles
will ever be repeated. But since, as we have intimated,
these personal appeals by the candidates are, in a wayz
the outgrowth of the small campaign funds, it is in
order to ask, what is to be expected hereafter in that
direction also? Our own opinion is that, unless our
statutes are relieved of their restrictive features, this
year's precedent for small election funds in the hands
of the campaign committees will be repeated in subsequent Presidential campaigns, and we further feel that
such a result will be salutary. The reason why we
do not expect ever again to see the two and three million dollar campaign funds in the hands of any political committee is that the present law and practice as to
publicity of contributions exposes large contributors,
even where their motives may have been wholly disinterested, to misrepresentation, or, what is possibly
still more awkward,to a swarm of applicants for similar
contributions to other sorts of funds. The reason why
we believe the disappearance of these great election
funds to be a good thing is that the demoralizing influence of the huge campaign funds of past elections has
been incalculably great.
Purely from the standpoint of business common
sense, it must be admitted that the putting of such
enormous sums in the hands of virtually irresponsible
committees was bound to lead to gross abuses. To
what extent it has led to actual corruption of voters
may be a matter of dispute; but even as regards
this, it must be kept in mind that, however scrupulously honorable the head of a National Committee
may be in his personal preferences, he has really no
safeguard against the improper use of the money
committed to subordinate politicians or to outside
political committees. That waste, extravagance and
useless dissipation of the money must have attended
the accumulation of these great funds, no sensible
man can for a moment doubt.
But if campaigns conducted on relatively small
amounts of money are to be the permanent rule, how
will it affect the political controversies of the future?
No doubt it will be answered, by some people, that
campaigns cannot be successfully conducted without
the old-time funds, or something like them, unless
personal canvass by the nominees is repeated in the
style of the present year. With this view of the case
we do not sympathize. People who went through
some of our past campaigns in which the popular
mind was deeply interested—notably the campaign
of 1892—will perhaps be able to recall the immense
amount of effective work, both in the way of literature
and of public meetings, which was done solely by
individual committees throughout the country, who
asked no aid from the National Committee's fund,
and whose expenses were met by the voters of their
own immediate neighborhoods. That sort of election
fund Ls always to be depended on when principles
are at stake in a national election, and in our judgment
they will go very far, not only toward providing
all necessary money for a national campaign, but
toward placing the entire campaigning methods
of the country on a rational and proper basis.
1125
People who talk about the impossibility of conducting
electoral campaigns except by enormous expenditure
of money, need to be reminded of what has been the
situation in English politics since the Corrupt Practices Act of 1883 went on the British Statute books.
A perusal of that highly interesting statute will show
the reader that the expenditure to be made, directly
or indirectly, by a candidate at any English election,
must be restricted within an arbitrary sum; that a
candidate or election agent who acts in contravention of such requirements "shall, on summary
conviction, be liable to a fine not exceeding .£100, and
be incapable, during a period .of five years from the
date of his conviction, of voting at any election;"
and that a candidate convicted of such violation
shall not be allowed to stand for Parliament again
within the next seven years., Nor is this all; the
nature of the expenditure is so carefully defined as to
exclude even such ordinary outlay as the "treating"
of electors at hotels or public houses, and a candidate
who, after his election, shall be proved guilty of any
of the specified offenses, loses his office, his election
being declared legally void.
The judges at whose hands this sentence is administered have not only the right to order a
new election, but possess also, in their discretion, the
very extraordinary power of declaring the opponent
of a candidate thus elected to be really the choice
of the electorate. In other words, under certain
violations of the law, a candidate for office in Great
Britain may be fined, disqualified and replaced in office
by the candidate whom he defeated at the polls. When
it is asked, how large is the expenditure, permitted
by the British Corrupt Practices Act for the purposes
so carefully specified, the showing is somewhat remarkable. For districts where the number of electors
does not exceed two thousand, the maximum expenditure permitted to a candidate is .£350. Where
the electors on the register exceed two thousand, he
may spend .£380, and "an additional £30 for every
complete 1,000 above 2,000." When this Act, which
forbids a candidate to spend more than $3,100 in a
constituency comprising even as much as ten thousand
voters, was first enacted into law, there was an outcry
among the old-time Parliamentary candidates that
political interest would fall to low ebb, and that the
old-time election excitement would be impossible,
under such limitations. People who remember, however, that such exciting electoral contests in Great
Britain as those of 1895 and 1906 were conducted
subject to all the restraints of the Act of 1883, will
perhaps be convinced that money expenditure is not
the real source of popular interest in political campaigns.
[IOW THE GREAT NORTHERN RAILWAY HAS
FARED.
The Great Northern Railway Company will probably
never be called upon to endure more trying conditions
than those through which it has passed the last two
fiscal years. We say "two" years because even before the trade depression and other adverse influences
of the late year, from which the Great Northern suffered in common with other railroads in the United
States and Canada, it had suffered from certain special
and exceptional adverse influences and conditions in
the preceding fiscal year. It is not necessary to recall
1126
THE CHRONICLE
these antecedent unfavorable drawbacks and happenings further than to say that in 1906-07 the Great
Northern labored under the effects of weather conditions which have had no parallel in the company's
history. During December 1906 and January and
February 1907—a period covering one quarter of the
year—business was practically paralyzed in Northern
Minnesota and North Dakota by extremely cold
weather and very deep snow, the depth of snow in the
States mentioned having been greater than ever known
since the line was built.
The unusual expenditure resulting from these extraordinary weather conditions, coincident with the loss
in traffic resulting from the same circumstance, together with repeated increases in wages and enhanced
prices for materials and supplies and of everything
else entering into the operating accounts of the railroads,served in this preceding year to produce an enorrnous increase in operating cost. The consequence
was that a gain of $3,868,122 in the gross earnings for
that period of twelve months was attended by an
augmentation of no less than $6,709,853 in operating
expenses, besides which there was a further augmentation of $279,327 by reason of higher taxes. In a
word, net earnings from operations in 1906-07 fell off
in the large sum of $3,121,058.
It is necessary to bear in mind these poor results
for 1906-07 in order to understand the significance of
the results for 1907-08. Had this latter year been one
of normal conditions, a part of the large loss in net
income of the previous year would have been recovered. Recovery was certainly desirable, in view of
the fact that the company was putting out an additional
$60,000,000 of stock and was spending enormous sums
on new extensions and for new equipment and for
additions and improvements. Unfortunately, however, instead of a normal state of things, the situation
became decidedly abnormal, and instead of a recovery
in net income, a further very large loss ensued. Gross
earnings were reduced, while operating expenses further increased, thus occasioning another heavy loss
in net.
Owing to the fact that, beginning with July 1
1907, the new system of accounting and classification
required by the Inter-State Commerce Commission had
to be adopted, direct comparisons with the previous
year are not possible. Revised figures for 1906-07
are, however, given, so as to make the basis of comparison as nearly as may be the same. Accordingly,
it is found that total operating revenues in 1907-08
suffered a contraction from the corresponding revenue
of 1906-07 in amount of $1,837,504, and operating
expenses increased $522,551, producing, therefore,
a loss in net of $2,360,056, besides which taxes
increased $237,256 more, making the total falling
off in net $2,597,312. Adding this to the $3,121,058
loss in net income in the previous year, it is seen that
in these two years combined there has been a shrinkage
in net income in amount of 5% million dollars —
$5,718,370. Yet, in face of this striking loss, the company earned its 7% dividend and had a substantial
balance left over on the operations ofthe twelve months.
That such a showing has been possible is evidence ofthe
strength of the company's income position, due to its
light capitalization and the fact that enormous amounts
ofsurplusincome have been put into the property from
year to year for its betterment and improvement.
[VOL. Lxxxvit.
Stated in brief, the income account for 1907-08
shows a surplus of $2,468,832 above the 7% dividends
on the old amount of stock, and after allowing for
interest accrued on the payments for the $60,000,000 of
new stock. Even if dividends are calculated on the
additional amount of stock, a small surplus would be
found to remain—a strikingly favorable result considering that the new capital expenditures represented
by the new stock have hardly as yet become productive.
Seven per cent dividends on the $60,000,000 additional
stock would call for $4,200,000, while the amount of
interest charged up on subscriptions to the new stock
was $2,038,427. The $2,468,832 surplus on the operations of the year would be sufficient to take care of the
whole of this difference of $2,161,573 and still leave a
balance of over $300,000 on the right side of the account.
The chief adverse conditions during the year under
review were: (1) the general trade prostration which
succeeded the financial upheaval of last October and
November; (2) the reduction in passenger rates forced
upon the company in so many of the States through
which its lines run, and (3) the rains and floods which
came during the closing months of the fiscal year.
As far as the winter was concerned, this was very
mild, and in that way the company had a decided
advantage over the extraordinarily severe winter of
the previous year; but on the other hand there were
heavy and continuous rains during portions of May
and June 1908, and these caused serious floods and
washouts in Montana. The report tells us that traffic
was interrupted on the main line for five days and
suspended between Helena and Butte for eleven
days, between Great Falls and Helena for twenty-four
days, and between Virden and Great Falls for thirtyfour days—besides which there were interruptions
between Great Falls and Havre and Great Falls and
Neihart. The damage done to the company's property by these floods and washouts is estimated at
$780,000 and the decrease of revenue by suspension of traffic at $445,000.
The extent of the loss sustained by the compulsory
lowering of passenger rates is probably appreciated
by very few. On their face the passenger revenues
make a favorable showing; that is, passenger earnings
increased $140,626 as compared with the year preceding. But this takes no account of the great increase in the volume of the passenger traffic and the
added expense incurred in moving the same. The
increase in revenue was only 1.27%, while the number
of passengers increased 12.22% and the number
carried one mile increased 6.78%. The average rate
realized per passenger per mile fell from 2.393 cents
to 2.270 cents. President L. W. Hill goes at length
into an analysis of the passenger statistics and points
out that had the company received the same average
revenue per passenger per mile from the passengers
transported in 1907-08 as it received in 1906-07, its
revenue from passenger traffic would have shown
an increase of $608,169 instead of an increase of only
$140,626. Mr. Hill says the decline in the average
rate is the direct reSult of the operation of the laws
enacted by the legislatures of several States reducing
the maximum rates for the transportation of passengers
and the resultant necessary reductions in inter-State
passenger rates.
The reduction of passenger fares in Minnesota from
3 to 2 cents per*mile became effective May 1 1907. On
001:. 31
1908.1
THE CHRONICLE
the basis of the new rates the earnings during the year
ending June 30 1908 from transportation of local
passengers in Minnesota were, it is stated, $794,591
less than they would have been had the rates in effect
prior to May 1 1907 still been in force. Furthermore,
the proportion of revenue accruing from the transportation of inter-State passengers in Minnesota during
the same year was $689,383 less than it would have
been had the inter-State rates previously in effect
continued to apply. In brief, on local and inter-State
passengers combined the loss in Minnesota has been
$1,483,974. Mr. Hill says it cannot be claimed that
the additional travel resulting from this reduction in
rates compensates for or offsets the reduction in
revenue, for the total revenue accruing from the
transportation of the enlarged number of passengers,
both local and inter-State, in the State of Minnesota
was $279,510 less than during the previous,year, and
this amount might properly be increased, it is pointed
out, by $151,452, the reduction in revenue caused by
the application of the 2-cent-per-mile basis during May
and June 1907, the last two months of the previous
fiscal year.
Mr. Hill notes, furthermore, that the total passenger
revenue, local and inter-State, decreased from the
previous year in each one of the States that by legislative enactment reduced local fares below the 3-cents
per-mile basis. On the other hand, in all but one of
the States that did not reduce local passenger rates
total passenger revenues show an increase due to increased travel. Mr. Hill alludes to the court proceedings taken to enjoin the reduced freight rates
decreed by an Act of the Minnesota Legislature passed
April 18 1907, and points out that the action of the
United States Circuit Court in granting a restraining
order was reviewed by the United States Supreme
Court and not only affirmed but the penalty sections
of the Minnesota law held to be unconstitutional.
He says a Master is now taking testimony bearing on
the point whether the freight rate demanded in the
legislative Act and also the 2-cent-per-mile passenger
rate are unreasonable and in fact confiscatory.
With reference to the shrinkage in revenues as a
result of business depression, it is worth noting that
the effects were marked chiefly at the eastern end of
the system. The total loss in operating revenues, we
have already seen, was $1,837,504. The loss in the
freight revenue was $1,919,901, or 4.55%. The loss
came entirely during the latter part of the year.
President Hill points out that, owing to the open
winter and favorable weather as compared with the
winter of 1906-07, freight revenues did not fall below
the previous year until February 1908. To March 1
1908 the freight revenue had increased $4,276,844.
In the remaining four months, however, to June 30,
there was a decrease of no less than $6,196,746.
While the decrease was general in all classes of traffic,
it was particularly marked in iron ore traffic. Between the opening of navigation on the Great Lakes
and June 30 1908, 2,111,460 net tons less of iron ore
were handled than during the corresponding period of
1907. As aggregate freight tonnage of all kinds fell off
2,655,168 tons for the twelve months, it is evident
that all but a little over half a million tons of this
falling off was occasioned by the collapse in the iron
and steel trades resulting in such heavily diminished
shipments of iron ore. This is an important circum-
1127
stance to bear in mind, inasmuch as the iron and
steel trades appear to be now slowly reviving,_ and it
seems likely, therefore, that the ore shipments during
1908-09 will again be on an increased scale. The
average freight rate received in 1907-08 was a trifle
higher than the average for 1906-07, being 7.806 mills
as against 7.782 mills; but this, of course, did not
follow from any advance in freight rates but was due
entirely to the falling off in the volume of low-class
freight.
One of the important events of the year was the
consolidation of the company with the St. Paul Minneapolis & Manitoba and its numerous other leased,
controlled and subsidiary lines. In view of this consolidation and the creation of $60,000,000 of additional
stock, very elaborate statements and analyses are
furnished by Chairman James J. Hill to show the
disposition of the proceeds of the company's entire
capital stock issue up to June 30 1908. The facts are
very interesting, but as they are stated so fully in
the report it is not necessary to go into the details
here or to amplify the remarks of Mr. Hill. With
reference, however, to the need there was for the
$60,000,000 of new stock, it is well to observe that the
company's new capital outlays in 1907-08, as in
1906-07, were on a very large scale. The expenditures
in completing or carrying on the construction of new
lines aggregated $7,123,321, of which $4,306,300 were
for the Billings & Northern RR., which is the line
that is to furnish the connecting link between the
Great Northern system and the Chicago Burlington &
Quincy. Then the company is developing quite an
extensive system of branch and tributary lines in
Canada,and advanced during the year to its controlled
Canadian companies for construction account the sum
of $8,108,884 and advanced a further sum of $12,642,726 towards the construction of the Spokane
Portland & Seattle Ry., which will be owned jointly
by the Great Northern and Northern Pacific. Then
the equipment payments were on a large scale, reaching
$7,007,235, the company having received during the
year 130 new locomotives, 145 passenger cars and
4,703 freight cars. Finally there was expended during
the year $4,439,940 for additions and betterments.
The aggregate of these various outlays, it will be
observed, reaches, roughly, $40,000,000.
Of the proceeds of the $60,000,000 of new stock,
$34,616,212 had already been received at the close
of the preceding year, leaving not quite 253' million
dollars to be paid in during 1907-08. Accordingly,
with such large capital outlays, the cash on hand is
smaller than at the close of the previous fiscal year,
when the amount was exceptionally large, reaching
then close to $20,000,000. For June 30 1908 the
aggregate is $11,688,302. The company's funded
debt outstanding in the hands of the public was
reduced during the year in amount of $2,160,000.
GOLD PRODUCTION IN NINE MONTHS
OF 1908.
Gold production of the world in the last nine
months, according to the latest obtainable information, bids fair to show a greater increase over
1907 than that year did over the same nine
months of 1906, with the gain, however, comparatively moderate. This premise seems to be warranted
by the results at hand from some of the prominent
1128
THE CHRONICLE
fields for September and the nine months, and information secured from other important producing
countries from which no actual statistics are available
until the close of the year. From Africa, Australasia
and India we receive regular monthly reports, and
those for the latest period (September) cover the
same general exhibit as for earlier months of 1908,
Africa showing augmentation as compared with the
previous year and the others a decline. Much information as regards gold mining operations in the
United States is constantly in general circulation,
but unfortunately most of it applies only to individual
mines or scattered localities, and is therefore worthless as a basis for drawing conclusions. The Mint
Bureau, however, is able to secure some advance
data of value, and Mr. Leach, the Director, informs
us that, judging from that which he has thus far
obtained,a product for the country of'about 5 millions
dollars greater than in 1907, and therefore about
equal to the yield of 1906, is indicated. Canada is
also likely to do better in 1908 than in 1907.
From all sections of Africa the advices denote
satisfactory development and augmenting product,
but the returns from the Witwatersrand district
possess chief interest, owing to the size of the yield
and the quite steady gains that field reports. It
does not follow that the result for each month as
received indicates an improvement over the preceding
month; but it is a fact that by comparison with the corresponding interval of the previous year a more or less
marked gain in product is invariably revealed. The
month of September is an illustration, the yield as
reported is not quite equal to the record figure of
August, but it greatly exceeds the total for September 1907. Moreover, there has ceased to be any
misgivings as to the labor situation there. The
repatriation of Chinese is steadily progressing and
at the close of September the number of that race
on the Rand had been reduced to 14,655,from 46,260
at the same time in 1907 and 54,922 in 1906. But
the supply of labor has been kept up by the drafting
of natives or whites, the number of natives alone going
into the mines the last quarter having been slightly
greater than the aggregate of Chinese repatriated.
Recent reports indicate, moreover, that the employment of white unskilled labor, which at first was looked
upon as largely experimental, is giving good satisfaction, and has been marked by a considerable diminution of gold thefts.
While the output of the Rand has, as stated, largely
and quite steadily increased, problems surrounding
cost of production have not been neglected. Where
inefficiency, extravagance and waste were general
in the early days of the field, important reductions
in costs have already been achieved and further
economies in operating are contemplated. Among
these, not the least important has been the formulation of a plan to supply power to the mines from
a central plant, thus doing away with individual
plants and paving the way for a considerable saving.
As regards output of gold, Rand production for
September, at 565,439 fine ounces, was practically up
to the monthly record (made in August) and for
the nine months ending September 30 1908 was
4,959,427 fine ounces, against 4,594,335 fine ounces
in the similar period of 1907 and 3,993,423 fine ounces
in 1906. Other districts of the Transvaal not in-
Lxxxvii.
eluded in the Rand produced in the nine months
200,432 fine ounces in 1908, against 170,169 in 1907
and 169,045 in 1906. Consequently for the whole
of the Transvaal the yield in the nine months of
1908 was 5,159,859 fine ounces which compares
with 4,764,504 fine ounces in 1907 and 4,162,468
fine ounces in 1906. Elsewhere in Africa—Rhodesia,
West Africa, Egypt, Soudan, &c.—gold mining is
being steadily developed, with results, however, thus
far comparatively small. But they aggregated about
750,000 fine ounces for the nine months of 1908,
comparing with 630,000 fine ounces in 1907 and
525,000 fine ounces in 1906, bringing the yield for
Africa, as a whole, up to 5,909,859 fine ounces for
the nine months of the current year, against 5,394,504
fine ounces for the corresponding period last year
and 4,687,468 fine ounces in 1906.
Australasia's production, on the other hand, taking
the various provinces as a whole, is gradually declining in output. For the nine months of 1906 the
yield was about 2,876,000 fine ounces, for the like
period of 1907 it dropped to about 2,673,000 fine
ounces and for the nine months of the current year
the returns we have received indicate a product
approximating only 2,400,000 fine ounces. India's
output from the Colar field for the nine months
of the current year differs but slightly from the aggregate for the same interval last year, the comparison
being between 392,246 ounces and 393,192 ounces;
but there is a noticeable decrease from the 423,421
ounces of 1906. Combining the aggregates for Africa,
Australasia and India, which comprise the only
countries from which actual statistics of gold production for periods less than a year can be secured,
we have a total for the nine months of 1908 of 8,702,105 ounces, against 8,460,696 ounces in 1907
and 7,986,889 ounces in 1906. To complete the
result for the whole world for the nine months, we
allow an increase over last year in the United States
of 175,000 fine ounces, using Mr. Leach's anticipation
of augmented product as a basis, and estimate the
yield of the remaining fields the same as in 1907. In
that way we reach a total product for the world
for the nine months of 1908 of a little over 15,000,000
fine ounces, valued at $313,608,000, which compares
with $304,916,000 in 1907 and $301,635,000 in 1906.
A notable fact in connection with this year's production of gold is the large extent to which the product
has entered into commerce, that is gone, apparently,
to swell the world's visible supply of gold. The
results we have given above for Africa, Australasia
and India, and estimates for all other countries—
all but the United States on the basis of last year's
figures—afford a total product for the nine months
of $313,608,000. It would seem that during the
like interval the gold holdings of the United States
Treasury and of the principal European banks have
been swelled to the extent of $260,000,000, leaving
only $53,608,000 to be otherwise accounted for as
having been used in the arts or gone into other banks.
It is even possible to account for 12 or more millions
as having been absorbed into the Conversion Fund
of the Argentine Government, that fund standing
at $146,784,320 at the close of September, of which
$24,500,000 in the Banco de la Nacion Argentina and
$122,284,320 in the Conversion Office, against $130,000,000 a year ago and $93,000,000 in 1906. In the
O.31 190N
THE CHRONICLE
1129
following compilation we attempt to show approxi- the Chicago Rock Island & Pacific, in the two years
mately the disposition made of the nine months' new ending June 30 1907 there had been such marvelous
expansion that gross earnings rose from $44,051,509
supply of gold.
to $60,238,420, and even the net earnings advanced
GOLD PRODUCTION AND DISTRIBUTION NINE MONTHS
ENDING SEPTEMBER 30.
from $12,993,300 to $19,194,278, the addition in this
1907.
1906.
1908.
last instance having been almost 50%. With the in$96,900,000
$122,260,000 $111,500,000
Product of Africa
59,450,000 crease in gross in these two years thus over $16,000,55,250,000
49,600,000
Australasia _ —
8,125,000
7,468,000
7,450,000
India
000, the falling off in the late year was only aboutl%
$179,310,000 $174,218,000 $164,475,000
Total
70,800,000 million dollars. The figures are not now stated in the old
67,200,000
70,800,000
Productof Un ted States(est)
63,498,000
66,360,000
63,498,000
Other coun. (eat)
way, being made up in conformity with the rules of
$313,608,000 $304,916,000 $301,635,000
Total world's product
Inter-State Commerce Commission, and the
the
Aggregate gold holdings U.S.
and European banks Jtui.1 $3567,000,000 $3351,300,000 $3135,500,000 accounts for the previous year
have been revised to
3827,000,000 3477,000,000 3290,500,000
Oct 1-_
do
do
$260,000,000 $125,700,000 $155,000,000 accord with the same method. In this way it is found
Increase
Leaving as used in arts or
that what is called the operating revenue decreased
gone to increase holdings
$53,608,000 $179,216,000 $146,635,000
elsewhere
only $1,654,476, or no more than 2.8%.
On the basis of the results of gold mining referred • Unfortunately, however, this loss in gross earnings
to above, the indications seem to be that for the full was attended by an augmentation of $1,515,925 in
calendar year 1908 the world's product will be a little expenses. Hence, there was a double loss in the net,
in excess of 20 millions fine ounces, equivalent to this being reduced in amount of $3,170,401, or 16.4%.
millions fine In explaining the increase in expenses, the report notes
416 millions of dollars, against 19
ounces valued at 404% millions of dollars in 1907— that one of the difficult features of the business dea more encouraging exhibit than seemed probable pression which adversely affected operating results was
the empty-freight-car movement, this on the Chicago
earlier in the year.
Rock Island & Pacific having increased nearly 23,000,000 miles. When the sudden falling off in freight
traffic came, not only were the Rock Island lines well
CONDITIONS ON THE ROCK ISLAND AND
covered with foreign cars, which must be returned to
ST. LOUIS & SAN FRANCISCO.
If in the previous fiscal year the Chicago Rock Island their owners empty to avoid further per diem charges,
Si Pacific and the St. Louis & San Francisco had (as but the Rock Island, being an intermediate road, it
we noted in reviewing the results for that year) oppor- was flooded with empty cars being returned from
tunity to show what they could do under favorable Western lines to those in the East, and vice versa.
conditions, on the other hand during the late fiscal A vast amount of transportation expense, approxiyear it remained for them to demonstrate how they mately $1,000,000 we are told, was incurred in movcould pass through a period of adverse and unusually ing this equipment without revenue.
With this diminution in net earnings in the late year,
trying conditions. The contrast between the two
noteworthy
indeed.
the amount of income available for dividends after
years in these respects was very
these
of
the
lines
deducting charges was only $4,718,102, against
by
In 1906-07 the territory traversed
the
so-called
on the operations of the preceding year.
particularly
$8,750,517
two systems, we mean more
settlers
In
other
words,
but 6.2% was earned on the stock,
of
influx
Southwest, was still receiving a large
development,
as
against
11.6%
in the previous year. The dividends
and
growth
and enjoying unexampled
cotton
paid
aggregated
51
grain
and
of
4%,after which a surplus of $788.and at the same time the harvest of
and
remained.
In
the previous year the dividends
317
(season of 1906) had been unusually bounteous
and
the surplus remaining was no
length
5%
business everywhere throughout the
and aggregated
breadth of the land was extremely prosperous. Con- less than $4,633,789.
trariwise, in 1907-08 the growth of population through
In the case of the St. Louis & San Francisco Railthe influx of new settlers received a check, the grain road, the showing is much the same. Here gross earnand cotton crops (season of 1907) in that part of the ings in the two preceding years had risen from $29,country were on a greatly reduced scale, and on top of 958,240 to $38,621,068 and net earnings from $10,661,it all there came the blighting effects of business de- 223 to $13,748,488. Following this gain, gross earnpression, which in its sweep took in the Southwest the ings in 1907-08 fell off (the accounts now being on the
same as other parts of the United States.
Inter-State Commerce Commission basis and the
The results of this great change in the circumstances figures for 1906-07 having been revised to bring them
and conditions under which business activities were to the same basis) $2,447,849, while expenses incarried on is reflected in the revenue and income state- creased $236,350, thus causing a loss in net of $2,684,ments of the two properties mentioned. The reason 199, or 20%. The St. Louis & San Francisco evifor coupling them in this article is, of course, that there dently felt the influence of the 1907 crop shortage more
is identity of ownership, the Rock Island Company severely than the Rock Island, which is natural, seeholding the controlling interest in both. All things ing that it is situated in the territory where the crop
considered, and particularly bearing in mind the won- shortage mainly existed. With this loss in net inderful expansion in revenues in the years immediately come, and fixed charges being heavier, the amount
preceding, the falling off in traffic and gross revenues available for dividends was only $459,056, as against
was less than might have been expected. In the case no less than $4,158,583 in 1906-07. The company is
of the net results, however, the presence of the trying paying dividends only on the small amount of preferred
conditions mentioned is plainly apparent. To under- stock outstanding, the call for which, at 4%, is $199,stand how relatively small the contraction in gross 742. After paying this dividend, the accounts show a
revenues was in 1907-08, it i necessary to recall the surplus of $259,324. On the operations of the previous
extent of the preceding increase. Taking up first year the surplus remaining was $3,958,841.
1130
THE CHRONICLE
[VoL. Lxxxvu.
If now we go a step further, and turn to the report the companies. The Chicago Rock Island & Pacific
of the Rock Island Company, and look at the results Railway Company spent $3,902,698 for additions and
for the Rock Island and San Francisco combined, improvements and $1,812,024 for construction and
including also the Chicago & Eastern Illinois RR., new equipment. At the same time there was a net
the Evansville & Terre Haute and the Evansville & decrease in the funded and other fixed interest-bearIndianapolis, we get a better idea still of the extent of ing debt of $1,665,459. Under the circumstances it is
the shrinkage which occurred. In this way the re- not surprising that notes payable increased from
sults cover an aggregate of 14,301 miles, which com- $150,000 to $3,520,000. The St. Louis & San Franpares with 14,100 miles in the previous year. Aggre- cisco made a net addition during the fiscal year of $5,gate gross earnings for the combined lines for 1907-08 218,192 in the total of its equipment bonds and notes,
were $107,237,130, against $112,053,689. The net covering equipment purchases, and also added $12,income after allowing for taxes was only $28,022,281, 370,415 to its funded debt; but the obligations repreagainst $34,486,947. The final result shows a surplus sented by the latter did not go into the hands of the
above the dividends paid of only $1,331,359, against public, as is evident from the fact that the total of
a corresponding surplus in 1906-07 of $9,476,397.
bonds and notes in the treasury increased from $7,As far as the income account of the Rock Island 203,074 to $19,865,860, the whole of the $17,509,044
Company is concerned, there is in it no evidence of the general lien bonds issued during the year being still
tremendous shrinkage in net earnings sustained by owned by the company on June 30 1908. Here, too,
the constituent companies. This is owing to the fact therefore, we find an increase in the floating debt,
that the Rock Island Company is merely a holding com- the aggregate of notes payable June 30 1908 being repany, and its income consists entirely of the dividends ported $11,987,035, against $5,577,250 June 30 1907.
received by it on its holdings of the stock of the Chi- In the case of the Chicago & Eastern Illinois, the incago Rock Island & Pacific, which dividends did not crease has been slight, bills payable June 30 1908
vary greatly in the two years, having been 53i% in standing at $2,395,000, against $1,950,000 June 30
1907-08 and 04% in 1906-07. The Rock Island 1907.
Company owns the whole capital stock of the Chicago
Rock Island & Pacific Railroad Company, an interme- THE NATIONAL RAILROAD OF MEXICO AND
diate concern which owns $70,199,000 of the $74,854,THE MEXICAN INTERNATIONAL.
100 capital stock of the Chicago Rock Island & PaThrough the definite organization last April of the
cific Railway Company, and this intermediate concern National Railways of Mexico and the exchange of its
also owns $28,940,300 of the $29,000,000 common securities for those of the Mexican Central Railway
stock of the St. Louis & San Francisco Railroad Com- and the National Railroad Company of Mexico, all
pany. No dividends have ever been paid on St. the leading Mexican railway systems are now under
Louis & San Francisco common. The5% dividends common control, with the Mexican Government ownpaid on Chicago Rock Island & Pacific shares yielded ing a majority of the entire capital stock. The conto the Rock Island Company just a little more than stituent companies, however, still maintain separate
sufficient to pay the interest on the two issues of col- organizations, and make separate reports,and two of
lateral trust bonds which the Chicago Rock Island these companies, namely the National Railroad of
& Pacific Railroad has outstanding, aggregating $87,- Mexico and the Mexican International, have this week
563,180. This was true also of the income statement submitted their reports for the fiscal year ending
of the previous year, for though that year was one of June 30. These reports are interesting not only on
unwonted prosperity, the constituent companies dis- their own account but also as showing railway conditributed, as we have already seen, only a small portion tions in the neighboring republic.
of what was then earned.
The new National Railways of Mexico controls
One other adverse feature of the year to which no altogether 7,086 miles of road. This control is held
reference has yet been made deserves mention. We through the ownership of the stock of the Mexican
have reference to the lower passenger rates forced Central and the National Railroad of Mexico. The
upon all the lines by the action of State legislatures Mexican Central comprises 3,528 miles and the Naand railroad commissions. In the case of the St. tional Railroad of Mexico operates directly 1,752 miles
Louis & San Francisco Railroad passenger earnings and owns control of 918 miles represented by the Mexifell off $239,290, and yet the number of passengers can International, 736 miles represented by the Intercarried increased from 7,453,409 to 8,428,183 and the Oceanic Railway of Mexico and 152 miles by the
number moved one mile increased from 357,891,225 Hidalgo & Northeastern RR. The annual report of
to 414,178,289. The average received per passenger the Mexican Central has not yet been issued. The
per mile dropped from 2.56 cents to 2.15 cents, caused reports of the National Railroad of Mexico and the
entirely by the compulsory reduction of rates in many Mexican International, now at hand, make a very
States. In the case of the Chicago Rock Island & Pa- satisfactory showing considering the conditions precific, there was no actual decrease in passenger rev e- vailing. Of course Mexico could not escape being
nues. An increase, however, of over 20% in the num- affected by business depression in the United States
ber of passengers carried one mile brought with it an any more than Canada could. But what was perhaps
increase in passenger revenues of only 3.34%. The an even more serious matter for Mexico was the drop
rate per passenger per mile dropped from 2.23 cents to in the price of silver and of other metals, more par1.89 cents.
ticularly copper. The low price of silver was of no
. All the different companies made large capital ex- moment as concerns the value of the Mexican silver
penditures during the year, and as these outlays have dollar, which is now on a fixed basis-of 50 cents. But
not as yet been completely or permanently financed, it was of importance as concerns export shipments of
the result has been an increase in the floating debts of the metal, which are always of magnitude. The
OCT. 31 1906
THE CHRONICLE
earnings of the National Railroad Company of Mexico
for the previous fiscal year had been much the largest
in the entire history of the company, reaching $15,874,669 gross and $5,722,831 net, both Mexican currency. For the year under review, despite the adverse conditions noted, the totals are nearly as large,
being $15,601,310 gross and $5,686,151 net.
The loss in the gross, it will be observed, was only
$273,359, or 1.72%. Moreover, the report points
out that during the previous fiscal year the revenue
derived from the importation of wheat was $542,367,
whereas in the late year the revenue from the import
traffic in wheat was only $16,718. Thus this single
item accounts for more than the whole of the loss.
In other words, except for the diminution in this particular item of traffic, earnings would have run in
excess of those of the preceding year, notwithstanding
the depression in business and the other adverse circumstances noted. In the passenger department,
indeed, there was a very substantial increase over
1906-07, when the passenger revenue had been much
the largest ever reached. It also appears that construction earnings during the late year amounted to
only $68,923, as against $150,276 for 1906-07. With
the construction earnings eliminated, the decrease in
aggregate gross revenues from all sources (freight,
passengers, mail, express, &c.) would have been only
$192,006, or but 1.22%.
Speaking with reference to the low metal values
prevailing, President E. N. Brown says that these
low prices are still affecting adversely many of the
mines and some of the smelting plants along the lines
of the National Railroad. There has been, however,
he notes, some improvement during the past few
months, due to a slight advance in the price of copper
and adjustments of wages, &c., to meet the changed
conditions, and the belief is expressed that these
industries have reached the low point in production and have begun a more prosperous period of
operation.
After allowing for interest and dividends on bonds
and stocks owned, and for other receipts, and deducting fixed charges and also $304,692 in gold for
the year's proportion of the cost of extending the
5% gold notes, a surplus of $534,165 in gold remains
on the operations and accounts of the twelve
months. Except for the allowance of $304,692
for the cost of extending the notes, this surplus,
it will be seen, would have amounted to $838,857 in
gold. The company has been paying 2% dividends
on its preferred stock, but in the year under review
made only one semi-annual payment of 1%, namely
that paid in August 1908, the February payment
having been omitted owing to the merger arrangements then pending with the Mexican Central. This
1% dividend called for $288,329 in gold, as against
the $534,165 surplus available for the purpose, leaving
a balance of $245,836 in gold.
We have noted in previous annual reviews how the
position of this property has been improved in recent
years through the change of a considerable portion
of the mileage from narrow-gauge to standard width.
Out of the total mileage of 1,752 miles, only 374
miles now consist of narrow-gauge road. Formerly
the National was exclusively a narrow-gauge line.
The work of changing the main line was completed
just about five years ago, namely in October 1903,
1131
and on November 8 1903 standard-gauge through
train service was inauguarated between Corpus
Christi and the city of Mexico. The building of the
Matamoras branch or extension of 205 miles also
marked an important recent event in the affairs of
the National Railroad. This involved the construction of a line from a point near Monterey to
San Miguel de las Cuebas and the change of gauge
of the old line from the last-mentioned point to Matamoros. The line was opened for standard-gauge
service on May 5 1905.
The situation of all the Mexican roads has also
been improved through the advantages arising from
the doing away with the fluctuation in the value of
the Mexican silver dollar. As stated above, this
Mexican dollar now has a fixed value of 50 cents in
gold. Under the reform inaugurated in the Mexican
currency about three and a half years ago,the stability
of the value of the Mexican dollar has been definitely
established at that figure. The benefits consist
not alone in the circumstance that a given amount
in Mexican silver will produce more in gold than
before, but also in that the Mexican dollar possesses
increased purchasing power in the buying of the
materials and supplies needed in the operation of the
road. As these supplies have to be bought in large
part outside of Mexico, and paid for in gold, the
matter is of no little consequence.
The effect of all these circumstances—and of the
growth and development of the Mexican Republic—
is seen in the fact that gross earnings in the late
year (exclusive of the revenues derived from the
carriage of construction material) aggregated
$15,532,387 in Mexican silver as against only $9,327,071 five years before. Net earnings in the
same fiveyears have risen from $3,896,652 to $5,686,150.
The National Railroad controls the Hidalgo &
Northeastern Railroad, operating 152 miles, and we
see from the certificate of the public accountants
(Price, Waterhouse & Co.) attached to the report
that the profits of this line for the year ending June
30 1908 were $231,317. The dividend paid to the
National Railroad (which owns the whole of the $6,300,000 stock) was $252,000 in Mexican currency.
The National Railroad also controls the Mexican
International, it owning $15,785,400 of the $20,708,200 stock of the International, besides the whole
$4,499,000 income bonds of the same company. It
also held until quite recently $3,000,000 of the 4
per cent consolidated mortgage bonds of that company. The balance sheet for June 30 1908 also
shows the National Railroad as still in possession
of its holdings of the securities of the Interoceanic
Railway. These consisted of 125,183 out of the
170,000 £10 ordinary shares, 10,200 out of the 100,000
£10 preferred shares and £1,038,400 out of the £1,150,000 43 per cent second debenture stock of the
Interoceanic Railway. These holdings, however, of
Interoceanic Railway securities, together with the
$3,000,000 4% consolidated mortgage bonds of the
Mexican International Railroad, all of which were
pledged as security for the 5 per cent gold notes of
the National Railroad Company, have been transferred to the new National Railways of Mexico in
consideration of the assumption by the latter of the
liability for said notes.
THE CHRONICLE
1132
In the National Railroad report the result of the
operation of the other roads appears in the income
received on the company's holdings of the securities
of these roads. It is plain from the report of the
Mexican International that the latter also is able
to make a satisfactory showing for the fiscal year
in face of the adverse conditions ruling. Gross
earnings were $8,281,565 in Mexican silver, against
$8,572,770 the previous year, while the net earnings
actually show a slight increase, the comparison being
$2,953,364 in Mexican silver, against $2,866,402.
The decrease in expenses is stated to have been
principally due to the benefits derived from improvements made during the past two years and to
the heavier rolling stock, including cars and engines
of greater capacity, purchased and placed in service
during the year. Against the income account for
the twelve months there was a special charge of
$233,683 in Mexican currency, for duties paid on
imported company material in excess of the kilometric allowance, covering a period of some fifteen
years. After allowing for this, the year's net income
when converted into gold yielded a sum $564,547 in
excess of the interest on the bonded debt and 4 per
cent interest on the income bonds held by the National
Railroad Company of Mexico. This surplus of
$564,547 in gold on the year's operations was available
to apply towards meeting the $917,422 expenditures
for the twelve months for additions, betterments
and new equipment.
THE PROBLEM OF FREIGHT CONGESTION.
(Communicated.)
Those who are advocating the plan of Mr. Wilgus
for a subway belt line around the city for the purpose
of handling freight should not overlook the benefits of
keeping as much freight as possible away from Manhattan Island. This policy cannot be adopted entirely
in respect to freight intended for consumption on the
island, but it could probably be carried much further
than at present in respect to freight which is merely
received here for storage before being shipped to other
parts of the country. Obviously there are many
advantages in handling freight at some point near the
city, but away from Manhattan Island, if it can be
done conveniently and economically. That this is
the policy of the Pennsylvania and the New Haven
Railroad systems is indicated by the measures which
they are taking for transferring freight between Western
points and New England. The improvements upon
which they are now engaged only perpetuate thesystem
of handling freight cars by floats, but they shorten and
simplify the route of navigation. Cars arriving at
the new terminal plant at Greenville belowJersey City
will be carried upon almost a straight course across
the bay to the other terminal near South Brooklyn. This direct route will obviate many of the
annoyances now caused to navigation in the
North and East rivers, and especially the strong
currents and accumulations of ice in winter in the
latter.
The new terminals will make it possible to carry out
on a growing scale the plan which has already been
put in operation at the Bush Terminal, which adjoins
the new railway terminal at Bay Ridge. Manufacturers
of heavy articles are already taking advantage of the
[VOL. LXXXVII.
stock rooms which have been established there for the
purpose of receiving and distributing their products.
When goods can be sold by samples in uptown offices,
there is obviously economy in many particulars in
keeping the bulk of the stock in such places as the
stock rooms in South Brooklyn. Rentals are cheaper
than in the best parts of Manhattan Island. As the
stock rooms of the terminal plant are of the best fireproof construction and are equipped with every
means of protection, insurance is only from onetenth to one-fifth what it is under less favorable
conditions.
The great advantage of such a system of distribution,
however, lies in the fact that it saves two truckings
and two handlings as compared with delivery, under
existing circumstances, on Manhattan Island. When
goods are received at any existing New York terminal for delivery at a storehouse, they have to
be unloaded from the cars on to a truck, unloaded
from the truck into a storehouse, and then when
sold have to be loaded on a truck, and unloaded
from the truck again into the out-going cars. Under
the system of stock rooms directly connecting
with the railway systems, the cars are run directly to
the stock rooms, and are unloaded by the most improved hoisting machinery, loading being done by
the same method. There is some saving in this system, even in the case of goods for local consumption, if they can be taken on trucks from the terminal to the place of ultimate delivery.
The principal merit of the Wilgus plan is that it
removes truckage from the surface to a subterranean
route. It thus relieves the streets in a measure, but
does not diminish the amount of truckage or the amout
of handling, unless the cars or trucks used can be run
directly into storehouses. This could undoubtedly
be done in the case of a few large establishments, but
in the case of s maller receivers and shippers of freight,
truckage would be required from subway stations and
back again. It is not unlikely that the subway plan
may ultimately be necessary for certain classes of
freight, but it is worth considering whether the other
plan,of keeping freight away as much as possible from
Manhattan Island, does not promise better results
under circumstances to which it is adapted. Each
plan no doubt has certain limitations, and the merits
of one may tend to supplement the other.
In the matter of unloading vessels, it is certain the
Wilgus plan will not meet all requirements, even if it
meets a part of them. It would be a waste of time
and money, which an ocean-going vessel could ill
afford, to be loaded exclusively on one side; that is,in
order to procure prompt and economical employment
of the stevedores, and to prevent inextricable confusion on the narrow docks of Manhattan Island,
vessels must be loaded simultaneouly from the (lock
on one side and from floats or lighters on the other.
The methods in operation at South Brooklyn will repay
careful study by the Committee of the Chamber of
Commerce, which is studying the subject, and should
be considered carefully from the standpoint of their
working details as well as from that of mere theory.
Such details have been subjected to the test of several
years' experience at the Bush Terminal plant, and
will probably be subjected to additional tests by the
railway companies long before the details of a freight
subway on Manhattan can be perfected.
OCT. 31 1908.1
1133
THE CHRONICLE
All Europe.
COTTON CONSUMPTION OF EUROPE AND THE
WORLD.
Mr. Thomas R. Ellison's "Annual Review of the
Cotton Trade" was issued in Liverpool on Tuedsay
of the current week, and by cable we have received all
the interesting data contained therein. Mr. Ellison,
however, has postponed making his usual estimate
of consumption requirements for the season of 1908-09,
owing to the lockout in Lancashire. As of greatest
importance, we first give the takings of cotton by
European mills in actual bales and pounds for the year
1907-08, appending for the purposes of comparison
the figures for 1906-07 and 1905-06:
Stock October 1
Deliveries during the year
Total supply
Total consumption
Stock October 1 (end of year)
877,000
8,958,000
10,764,000 10,808,000
9,410,000 9,352,000
9,835,000
9,026,000
1,354.000
For 1907-1908.
Takings by spinners
Average weight of bales
Takings In pounds
Great Britain.
bales_
Continent.
1,458,000
809,000
It is to be noted that the stock of cotton at the mills
on Oct. 1 was moderately less than the amount carried
over in 1907, but largely ahead of 1906 or any earlier
year.
Our cable also gives the average weekly consumption
(in bales of 500 lbs.) as below:
Consumption per Week.
I 1907-08. I 1906-07. I 1905-06.
Great Britain
Continent
Total
Oct. 1 to Sept. 30.
1905-06.
1906-07.
1007-08.
809,000
1,456,000 1
9,308,000 9,999,000
70,962
110,000,
74,846 I
105,000
72,577
101,000
180,962 I
179,846
173,577
Total.
0,529,000
5,926,000
3,603,000
488.4
479
504
1,815,680,000 2,838,487,000 4,654,167,000
For 1906-1907.
10,283,000
Takings by spinners.. __bales
6,269,000
,'. 4;014,000
486.2
478
499
Average weight of bales__ _lbs_
2,003,046,000 2,996,376,000 4,909,422,000
Takings in pounds
For 1905-1996.
9,269,000
3,832,000
5,437,000
bales_
Takings by spinners
477
483.2
492
Average weight of bales___Ibs.
1,885,398,000 2,503,435,000 4,478,833,000
Takings In pounds
As the results presented above cover only Great
Britain and the Continent it is requisite, to arrive at
an idea of the world's consumption, to include returns
for the United States, India, Japan, Canada, Mexico,.
&c., which we have done below. For the United
States the data was fully given in our Annual Crop,
Report, issued in September, and it indicated an important decrease in consumption during the season_
In India the cotton-manufaoturing establishments;
according to the information at ,hand, have apparently
used less cotton during the past season, and the same
is true of Japan. For other countries we have as yet
no later information than that upon which we based
the estimate given in our crop report. Bringing
together the results for Europe, India and the United
States, and adding the total for Japan, Canada, &c.,
we practically cover the world-at least that part of
it from which any reliable data are obtainable. Below
we give these returns combined for ten years, in bales
of the uniform weight of 500, lbs.:
The takings of cotton by the mills in Great Britain,
as stated in ordinary bales, exhibits a decrease of
411,000 bales from 1906-07 and the absorption by
Continental spinners for the same period has fallen off
343,000 bales. Consequently, for the whole of Europe
the aggregate takings show a decline of 754,000 bales,
as compared with the previous season, but the excess
over 1905-06 is seen to be 260,000 bales. The bales
given in the above table are, as already stated, of ordinary weights; the average weights of the various
growths contained in• the foregoing for 1907-08, as
cabled to us, are as follows: American 484 lbs.; Egyptian, 725 lbs.; East India, 400 lbs.; Brazilian, 250 lbs.;
Smyrna, 400 lbs., and West Indian, &c., 263 lbs. In World's Con- Great Conti- United
An
sumption. .Britain.
nent.
States..
India.
Others. • Total. ,
1906-07 the weights were: American, 490 lbs.; Egyp1897-98 -_ -- 3,432,000 4,628,000 2,962,000 1.141,000 725,000
tian, 723 lbs.; East Indian, 400 lbs.; Brazilian, 241 1898-99 ____ 3,519,000 4,784,000 3,553,000 1,314,000 845,000 12,888,000
14,015,000
1899-00 __ - _ 3,334,009 4,576,000 3,856,000 1,139,000 868,000 13,773,000
1900-01 _
3,269,000 4,576,000 3,127;000 1,060,000 784,000 13.416000
lbs.; Smyrna, 400 lbs., and West Indian, &c., 317 lbs. 1901-02
3,253,000 4,836,000 4,037,000 1,384,000 905,000 14,415,000
1902-03 _ _ _ 3,18 ,000 5,148,000 4,015,000 1,364,000 766,000 14,478,000
Consumption for the whole of Europe has further 1903-04
3,017,000 5,148,000 3,909,000 1,368,000 869,000 14,311,000
____ 3,620,000 5,148,000 4;310,000 1,474,000 990,000 15,542,000
increased slightly, and consequently aggregate stocks 1904-05
1905-06 - _
3,774,000 5,252,000 4,726,000 1,586,000 1,047,000 16,385,000
1906-07 ____ 3,892,000 5,460,000 4,95.0,000 1,552,000 1,078,000 16,932,000
c,f raw material held by the mills at the close of the 1907-08 ____ 3,690,000 5,720,000 4,2 7,000 1,500,000 992,000 16,129,000
season record a very moderate decline from a year
According to the above, the world's consumption
ago. The mills of Great Britain exhibit a drop of
202,000 bales in consumption,of 500 lbs. average net declined to 16,129,000 bales of 500 lbs. each in 1907weight, from the total for 1906-07, but on the conti- 08, or a loss of 803,000 bales from 1906-07, and records
nent consumption increased 260,000 bales, making a a decrease of 256,000 bales froth 1905-06. Compared
net angmentation for Europe of 58,000 bales, or 1,116 with earlier years increases are invariably shown.
The cotton goods trade of Great Britain, as indibales of 500 lba. average net weight per week. To
indicate clearly the relations existing between different cated by the export returns, has not been up to the
years, we bring together in tabular form the takings, level of either 1906-07 or 1905-06. The results in
'consumption and stocks, all reduced to bales of 500 detail will be found in our cotton department.
Mr. Ellison's estimate of the number of spindles in
lbs. each, as follows:
Europe, America and India during 1908 has also been
Bales or 500 lbs. each.
1907-08.
1906-07.
1905-06.
received, and we give it below, adding for purposes of
Great BritainStock October 1 (beginning of year)._
367,000
253,000
256,000 comparison the figures for previtius years:
Deliveries during year
Total supply for year
Total consumption for year
Stock October 1 (end of year)
ContinentStock October 1 (beginning of year) _ _
Deliveries during year
Total supply for year
Consumption ,during year
3,631,000 4,006,000 3,771,000
-----------3,998,000 4,259,000 4,027,000
3,690,000 3,892,000 3,774,000
-----------------308,000
367,000
253,000
1,080,000
5,677,000
556,000
5,003,000
621,000
5,187,000
-6,766,000 6,549,000 5,808,000
5,720,000 5,460,000 5,252,000
-------------1,046,000 1,080,000
556,000
'Spindles.
1908.
1907,
1906.
Great Britain ___
Continent
United States__ _
East Indies
54,600,000
37,000.000
26,752,000
5,400,000
52,000,000
35,800,000
25,924,000
5,400,000
50,000,000
35,500,000
24,781,000
5,200,000
48,500,000
35,000,000
24,073,000
5,250,000
119,129,009, . 115,481,000
112,823,000
Total
123,752,000
1905.
As already stated, the issuing of Mr. Ellison's usual
estimate of consumptive requirements for the new
The totals for the • whole of Europe for the three season has been postponed until a later date owing
years are as follows (in bales of 500 lbs.):
to the lockout in Lancashire.
Stock October 1 (end of year)
1134
THE CHRONICLE
ITEMS ABOUT BANKS, BANKERS AND TRUST CO[S.
-The public sales of bank stocks this week aggregate 233
:shares, of which 114shares were sold at the Stock Exchange
..and 119 shares at auction. The transactions in trust company stocks reach a total of 31 shares. A lot of 22 shares of
Importers' & Traders' National Bank stock was sold at 552,
an advance of 12 points over the price paid three weeks ago,
when the last previous sale was made.
[VOL. Lxxxvii.
28. How many of the directors have read the National Bank Act?
29. How many know the duties of directors and what the courts have
decided as to the responsibility and liability of directors?
The Comptroller, it is stated, has also adopted new
regulations with regard to State banks entering the national
banking system. Where it has heretofore been the practice
to permit the conversion of institutions having large volumes
of real estate or overloans of considerable amount, he has
decided that in the future banks desiring to reorganize
the Federal law will be allowed to do so only upon
under
sale.
previous
Last
Low. High. Close.
Shares. BANKS-New York.
with the condition that their assets conform to
complying
190823331
Sept.
234
234
234
Nat.
Exchange
Bank_
Amer.
7
Sept. 1908- 150
156
156
2 Citizens' Central Nat. Bank__ 156
the requirements of the National Bank Act.
Oct. 1908- 310
307
307
307
*14 City Bank, National
-The closing a short time since of the International Bank
Oct. 1908- 171
178
178
171
146 Commerce, Nat. Bank of
of Coalgate, Okla., by State Bank Commissioner H. H.
Oct. 1908- 540
552
552
22 Importers'&Traders' Nat. Bk. 552
316
316
316
30 Manhattan Co., Bank of
Smock, was recently made the subject of an investigation
Oct. 1908-- 248
256
258
8 Market ec Fulton Nat. Bank_ 256
by the Grand Jury of Coal County, the latter in its findings
Oct.
1908-34
153
1643'
34
164
34
164
_
Bank__
25 Merchants' National
Sept. 1908-- 433
exonerating the bank's officers and recommending the
440
440
440
*55 Park Bank, National
Oct. 1908-- 157
161
161
161
24 Phenix National Bank
removal of the Commissioner. The bank operated under
TRUST COMPANIES-New York.
the Oklahoma Bank Guaranty Act, and was closed by Com200
Sept. 1908-175
175
175
3 Guardian Trust Co
missioner Smock on the ground that its officers were violat1050 1050 1050
22 Union Trust Co
Aug. 1907--1150
1127 1127 1127
ing the State banking laws by loaning themselves the funds
6 United States Trust Co
*Sold at the Stock Exchange. 101 this amount 45 shares were schl at of the bank. President L. A. Conner and Cashier Lee
the Stock Excha .ge.
Elizey are said to have satisfied the jury that the money
-With a view to enforcing greater responsibility upon received from the institution, alleged to be loans, did not
directors of national banks, Comptroller of the Currency equal the amount owed them in salary. Commissioner
Lawrence 0. Murray has prepared a series of questions, Smock, who was accused of closing the bank for political
numbering twenty-nine in all, which the national bank purposes, is a Republican, and issued a statement on the
examiners will be required to submit to directors of banks 21st inst. declaring the jury to be either ignorant or to have
at future examinations. A statement given out by the purposely disregarded the facts in the case in order to
Treasury Department announces that the questions are attack the Guaranty Law at the height of the political cam_
designed to bring out the relations of the directors to the paign. He states that he has no apologies to make with
'executive conduct of the bank; the extent of their knowledge regard to the closing of the bank, and would again follow
of the paper held by the institution; the degree of latitude the same course should it become necessary, adding that
conceded by "them to bank officers in overstepping the there is no question but that the officers of the bank were
provisions of the national bank law, and the nature of their guilty of wilfully and knowingly violating the provisions of
oversight of accounts and assets; of the composition of the the banking laws. When the bank was closed, its depositors
reserve, and of the correctness of the reports of the bank as were reimbursed under the Guaranty Law, this fact being
turned in. The circular issued to the examiners, setting pointed out to prove the efficacy of the law. On the other
out these questions, is as follows:
hand, the friends of the bank held that it was perfectly
Treasury Department.
solvent and that the payments to depositors were available
Office of the
Comptroller of the Currency.
from its assets. It appears that a new bank has been
To the National Bank Examiners;
organized under the name of the Citizens' State Bank,
Hereafter upon entering a bank for the purpose of making an examination, the board of directors should be immediately convened by the direc- with a capital of $25,000, which is intended to take the place
tion of the examiner, to enable him to obtain the information necessary to of the old bank.
answer the following questions. The members of the board should be ad-Under a decision handed down on Tuesday by Judge
vised that the inquiries are made by direction of the Comptroller of the
Currency.
Roraback of the Supreme Court of Errors of Connecticut,
This statement must accompany and form a part of report of each exat Bridgeport, the depositors of the failed Watertown
LAWRENCE 0. MURRAY, Comptroller.
amination.
Savings Bank will participate in certain moneys
(Conn.)
bank?
the
of
directors
of
number
the
Is
1. What
now in the hands of the receiver of the institution. The
2. What number was present at this examination?
3. How many of the directors know the condition of the bank in all its case settles a dispute between the depositors and the sureties
details?
on the bond of a defaulting Treasurer (who were obliged to
4. How many have but a general knowledge of the condition of the bank?
turn over to the receiver a large sum of money), each side
5. How many know nothing at all about the condition of the bank?
6. How many attend board meetings with regularity?
claiming to be entitled to the funds in the receiver's posses7. Have the directors full knowledge of the habits and general standing
It appears that the depositors' claim did not involve
sion.
employees?
of the bank's
or
are
they
made,
after
or
of their accounts, that having been paid to
before
leave
principal
loans
approve
the
directors
the
8. Do
this important duty to a committee, or to the officers of the bank?
but concerned the income on their funds, which they
them,
9. If they approve loans, Is their approval of record in each case?
had failed to receive for nearly two years. The case had
10. Can the directors certify to the genuineness of the signatures to the
been brought before the Superior Court in Litchfield
notes discounted by the bank?
11. Do the directors authorize overdrafts?
but, on an agreed finding of facts, was reserved
County,
12. Do they tacitly permit officers to allow overdrafts?
of the Supreme Court. Judge Roraback in
advice
the
for
the
discount
of
commembers
than
other
directors,
the
of
13. Do any
deciding finds that the depositors are entitled to the money.
Mittee, examine and verify loans and discounts?
14. How often do the directors examine and list all collateral held by the There is nothing in the statutes, the decision says, which
bank?
militates against the general principle that the income and
15. How often do the directors examine and list all stocks, securities and
profits of a savings bank belong to the depositors and are a
real estate mortgages owned by the bank?
16. Do the directors direct the calling In and balancing of pass-books part of the deposits. It is the general spirit and purpose of
and satisfy themselves as to the correctness of the work?
the charters of such banks that the depositors are entitled
17. Do the directors require the verification of accounts current at irless
regular or stated dates and satisfy themselves as to the correctness of ac- to all the pecuniary benefits arising from the deposits
counts?
reasonable expenses which may be chargeable thereon.
the
18. Have the directors verified outstanding certificates of deposit, certiBy sustaining the claims of the sureties of the bonds the
fied checks and cashiers' checks.
19. Have the directors examined into the condition of the lawful money depositors would be deprived of the just proportion of the
reserve?
income of the business conducted by the bank under its
20. Do they know whetheror not bank notes are carried into the reserve?
charter.
21. Does a committee of the directors count the cash periodically?
22. Has a committee of the directors ever checked up the stock ledger?
-Abram J. Prager, formerly a member of the firm of
23. Have the directors examined the profit and loss and expense accounts?
Prager & Co., and well known in the diamond trade,
Morris
its
last
report
of
of
con24. Have the directors compared the bank's copy
elected director of the Mercantile National Bank
the
books
been
of
with
the
dividends
dition and statement of earnings and
bank has
as of the same dates?
this city to fill a vacancy.
of
25. How many of the directors read the letters of criticism from the
-William Henry Rogers, President of the Nassau Bank
Comptroller?
26. Do they read carefully the replies made in answer to letters from the of this city, and connected with that institution for more
Comptroller?
than fifty years, died at his home in Brooklyn on Sunday
27. What steps are taken by the directors to correct matters criticized
Mr. Rogers was 71 years old. In 1853, at the age
last.
vii• Comptroller?
OCT. 31 1908.j
THE CHRONICLE
1135
of sixteen, he entered the employ of the Chatham National ing the company from paying depositors or creditors any of
Bank, where he remained until 1857, when he went as a the money due them, and from satisfying any guaranty it
clerk with the Nassau Bank, continuing with that insti- might have made, for a period of six months from the date
tution until his death, and advancing by successive steps of the order. The order is understood to have been asked
to the presidency. He became Cashier of the bank in 1869 for because of the demand that the company make good the
and served in that post for thirty-seven years. In January guaranty under which it had disposed of the $40,000 bonds
1907 he was chosen Vice-President and with the death of referred to above.
President Frank H. Richardson in the following month
—William Montgomery, formerly Cashier of the -Allefinally reached the highest position the bank could offer
gheny National Bank of Pittsburgh, which closed its doors
him. Upon the completion of fifty years of service with
last May,owing to a shortage of over $1,000,000, was conthe Nassau Bank in February 1907 the directors presented victed
twice this week on charges growing out of the failure
Mr. Rogers with a silver loving-cup filled with $1,000 in
of the bank. The accused was found guilty on Monday of
gold. At a meeting of the board on Monday last suitable
embezzling and appropriating $469,000 of the bank's funds,
minutes bearing on his deathlwere adopted
and on Wednesday was convicted on the charge of misap—The Borough Bank of Brooklyn Borough announces plying $144,000 of bonds owned by the bank. No
defence
that the 20% installment due depositors on December 14 to the charges were entered by the accused Cashier.
Three inwill be paid on November 4. This is the third distribution dictments, two for forgery, are understood to be still
pending
under the deferred-payment plan of reopening, and brings against him. Addison S. Altaffer, former
discount clerk
the total amount thus far available to depositors up to 45%. of the bank, and Harry G. Watson, formerly
paying teller,
The bank reopened on April 14, paying 10% with resump- are also under indictment in connection
with the closing of
tion. The further payments to depositors were arranged the bank.
as follows: 15% in four months (this amount, due August 14,
The first dividend to the depositor's of the Allegheny Nawas paid on July 1); 20% in eight months (this is the install- tional was paid on the 24th •inst., when checks representing
ment due December 14, and to be paid on Nov. 4), 25% 40% were sent out by Receiver Lyons. In the distribution
in one year and 30% in sixteen months.
the city received over $600,000 (having a deposit amounting
—The Lafayette Trust Company of Brooklyn Borough has to about $1,500,000),'and the State more than $200,000, its
decided to merge three of its branches with its main office deposit exceeding $500,000.
and other branches. The branch at DeKalb Avenue and
—The Mellon National Bank of Pittsburgh is making
Broadway will be consolidated with the Ridgewood office; extensive alterations in its building, which when completed
the Brownsville branch will transfer its accounts to the main will provide extra space and better facilities for its small
office, while the affairs of the Bath Beach branch will be army of clerks. The last statement of this institution,
taken over by the Coney Island branch. It is the intention under date of September 23 1908, showed deposits
of $31,of the company to have an agent call daily upon its Bath 859,940 and aggregate resources of $41,784,415.
A. W.
Beach patrons for the collection of deposits. The insti- Mellon is President and W. S. Mitchell is Cashier.
tution recently authorized an addition of $300,000 to its
—The final winding up of the affairs of the old Pittsburgh
capital,increasing the amount to $800,000.
Savings Bank of Pittsburgh, Pa., which failed over thirty
—The organization of a new trust company in Newark, years ago, is noted in the Pittsburgh papers this
week, the
N. J., is reported as under way, the institution to be known last payment in the distribution of its assets and
the disas the Newark Trust Company,and to have a capital of $100,- charge of the receiver having occurred on
Monday. The
000 and surplus of $50,000. The plans are being developed payment in full to depositors, and a return of 20%
to the
by Ferdinand R. Moeller, Harry H.Poole, William B.Powell, stockholders was accomplished, the Pittsburgh "Despatch"
Frank M. Schultz, George F. King, Roland D. Crocker, states, through the increase in value of a piece of
property,
William Pennington, James J. McGuire, Edward M. Rich- its main asset, estimated at the time of the closing of the
mond, Henry Allsopp, Theodore F. Keer and Walter B. institution* as worth $6,000, but which has since advanced in
Day. The offices of the company will be located in the neigh- value to nearly $350,000. Extended litigation delayed the
borhood of Broad and Market streets.
winding up of the bank's affairs. When it failed in Jan
—The First National Bank of Manasquan, N. J., which 1878 it had deposits of about $200,000.
failea on May 1 last, is reported to have recently paid a divi—The organizers of the proposed United Savings Trust
dend of 25%. This, it is said, is the second payment, a Company of Pittsburgh, who are indentified with the United
30% disbursement having been made in July.
States Realty Company, have received a charter for their
—Thomas Vail, previously Vice-President of the National institution. A reference to the new organization appeared
City Bank of Troy, N. Y., has been elected President of in these columns on August 15, although the name of the
the institution to succeed W. H. Van Schoonhoven. Robert company was then announced as the United States Trust
Co. The capital is to be $200,000 in shares of $50 each,
Cluett replaces Mr. Vail in the vice-presidency.
—The New York Stock Exchange seat of Clarence De Witt which will be sold at $60 per share. Each subscriber, it is
of the failed firm of Meadows, Williams & Co. of Buffalo has stated, will receive a proportionate amount of stock in the
been disposed of at $64,000 to Joseph H. Seaman. The United States Realty Co., with which the trust company
amount does not beeome available as an asset for the general will be affiliated. The latter's operations will embrace a
creditors of the firm, as under the rules of the Exchange the commercial and savings bank business.
claim of Post & Flagg, of between $40,000 and $50,000, must
—Alexander Murdoch and William McK. Reed have been
first be satisfied. The latter, however, is reported as hold- elected Assistant Cashiers of the First National Bank of
ing $28,000 worth of securities received in the course of busi- Pittsburgh. Mr. Murdoch was formerly connected with
ness from the Buffalo concern, which may apply as part the Bank of Pittsburgh, N. A., and the Pittsburgh Bank
payment of its claim.
for Savings, acting as Assistant Secretary of the latter,
—The Columbia Trust Company of Middletown, Conn., while Mr. Reed has been with the First National for the past
clsoed its doors on Monday under direction of the Bank Com- 'sixteen years.
missioners. The institution, it is said, experienced a small
—Charles E. Mullin, formerly Cashier of the Farmers' &
run on Saturday last. The immediate cause of the suspension Merchants' Bank of Mt. Pleasant, Pa., has been indicted by
is said to be an unexpected call upon the company to take the Federal Grand Jury for alleged misuse of the funds and
up a block of $40,000 bonds guaranteed by it four years ago. credits of the institution. The indictment charges Mullin
Two years ago, in December 1906, the company successfully with illegal application of the bank's funds in connection
met a run which continued several days. New York inter- with the Mt. Pleasant Tool Co., of which he was Treasurer
ests are reported to have recently taken hold of the institu- The Farmers'& Merchants' Bank closed its doors on October
tion, when W. J. Trevithick became President. The in- 29 1907,as recorded in our issue of November 2 1907.
stitution was organized in 1896. It has a capital of $100,000
—It is reported that the capital of the Mercantile Bank
and deposits (on Sept. 23) of $194,732. The company an- of Baltimore has been increased from $50,000 to
$100,000.
nounces that it will continue to act as trustee for such estates The bank was organized in 1903.
as it has in hand. In compliance with a petition of the trus—Subject to the ratification of their stockholders, the
tees, an order has been issued by the Superior Court restrain- directors of the Fifth-Third National Bank and
the American
1136
THE CHRONICLE
National Bank of Cincinnati have agreed on a merger
whereby the Fifth-Third is to absorb the American National,
which is to go into liquidation. The Fifth-Third National
will increase its capital from $2,500,000 to .$2,700,000,
the $200,000 new stock to be sold to the stockholders of the
American National on the basis of $225 a share, making
the cost of the new stock to the American National stockholders $450,000. The American National has $500,000
of stock and $80,000 surplus, making together $580,000;
this leaves a residue of $130,000, which includes the fixtures
and vaults of the American, carried in the statement, it is
said, at over $40,000. As that amount will scarcely be
realized on this asset, it is estimated that about $65,000
will be available in the liquidation for distribution to the
stockholders of the American National. The action of the
directors is to be submitted for the approval of the stock.holders of the two banks on November 24. Some opposition
to the consolidation appears to have arisen among some of the
shareholders of the American National, who claim the
arrangement inequitable, alleging their stock to be worth
$116 per share, or $1,116 for ten shares, for which they are
to receive in exchange stock worth $900. On the other
hand, it is noted that while the stock of the American
National has never paid any dividends, that of the FifthThird is on a 10% basis. The consolidation, if carried
out, will increase the deposits of the Fifth-Third National
(now over $14,000,000) to the extent of a million dollars.
It is but a few months (in June last) since the consolidation
of the Fifth and Third national banks was consummated,
forming the Fifth-Third National Bank, the Third National
going into liquidation and the Fifth increasing its capital
from $1,000,000 to $2,500,000. The American National
began business in December 1906; J. M. Blair, who had been
President of the Equitable National Bank before its consolidation with the Merchants' National of Cincinnati in
January 1905, was interested in its formation and has served
as one of its Vice-Presidents. J. M. Crawford is its President. Its Cashier, Herbert A. Winans, and two of its
directors are to become identified with the management
of the Fifth-Third National, which will continue under
the presidency of Charles A. Hinsch.
—The National Safe Deposit Co. of Chicago, in accordance with the intention announced last May, has begun
the payment of dividends on its $2,500,000 capital, having
declared a semi-annual dividend of 3%, payable November
1. The company owns the First National Bank Building,
in which are located the First National Bank, the First
Trust & Savings Bank and the National Safe Deposit Co. A
little more than half its stock, it is understood, is owned
by the First National Bank, which will realize $37,503 in
the distribution.
—The First National Bank of Minneapolis is enjoying
unusual growth in its business, judging from a comparison
of its statements for July 15 and Sept. 23. In these two
months the deposits increased from $14,622,570 to $19,852,467, being a gain of over $5,000,000 during this short
period. Aggregate resources are now reported at $25,375,335,
as against $20,245,174 on July 15 1908. This institution
has a capital of $2,000,000 and surplus and undivided profits
of $2,127,868. F. M. Prince is President; C. T. Jai:fray,
Vice-President, and George F. Orde, Cashier.
—David Williams has recently become associated with the
First National Bank of Duluth, Minn., as Vice-President
and director—not the City National, as erroneously reported
in these columns last week. Mr. Williams was formerly
President of the Farmers' & Merchants' National Bank of
Webster S. D.
It —The head office of the Chartered Bank of India, Australia & China at London, England, will shortly occupy
new banking quarters on the site of Crosby Hall. The
building the bank is erecting, while retaining the shape of
the old hall, is described as of the Italian Renaissance
type. The Bishopsgate Street front is on an Aberdeen
granite base, and consists of four bays, with a high basement, the whole being relieved by Corinthian columns
that are carried through two of the upper floors and are
capped by an attic story coverediwith green Westmoreland
tiles. The front of the new edifice on Bishopsgate Street
is convex. • In_Great St. Helen's the old line has been
[VoL:lajaux.
followed; in Crosby Square, owing to agreements with
certain owners and the demands of others, the treatment
of the elevation is freer than would otherwise have been
the case, the archway entrance to the square having been
considerably heightened, and six inches of pavement on
either side having been added. The ground floor of the
building will, of course, be used as the general banking
room. Its height will be 23 feet. The walls will be of
white marble, while Pavanazzo marble columns and pilasters
will serve as support and ornament. The fittings and
fixtures will be of mahogany. Beyond the hall will be
the staff and managerial rooms and above this a mezzanine
floor for the women clerks. The Secretary's and Manager's
office, and the board room, will be located on the first floor.
The basement, which is 24 feet below the ground level,
will contain an artesian well, designed to reach a depth
of 450 feet, and a set of strong rooms. The upper stories
of the building, from the second to the fifth floor, will be
rented to other tenants.
THE MEXICAN YEAR BOOK, 1908.—Comprising Historical, Statistical and Fiscal Information, compiled from
Official and other Records. Issued under the auspices of
the Depaktment of Finance; published by McCorquodale
& Co., Ltd., 40 Coleman Street, London, E. C. Brentano,
Fifth Avenue and 27th Street, New York. Price, $6 00.
With the appearance of this, the first number of the
Manual, which is hereafter to be continued annually, the
publishers of the Mexican Year Book fill a long-felt want in
thus supplying information regarding Mexican Government
and industrial affairs. It is noted in the preface that the
Government of the Republic has for some time past maintained in London, New York and other cities offices for
the dissemination of information, but there has long been a
need for a reliable and up-to-date work of reference, and it
was for the purpose of meeting this demand that the Year
Book was planned. Perfection is not claimed for the work,
but in it are brought together for the first time most of the
data available for an intelligent appreciation of the present
position and immediate prospects of the Mexican Republic.
The work embraces over one thousand pages. It is very
comprehensive in nature, entering into such subjects as the
following: Historical Summary of Mexico; Its Relations
with Foreign Nations; Government Finance; Transportation and Communications, under which heading is found a
description of and other data pertinent to its railways and
steamship lines; Foreign Trade;the Resources of the Country
—its agricultural, mining and manufacturing industries; the
Statesand Territories of the Federation and List of State Governors; a History of Banking and Banking Legislation—comprising a brief historical review and reference to the regulations governing banks; the Railroad Law; the Maritime
Law; the Company Law; the New Life Insurance Act;
Patent Law and Rules of Practice; Custom House Tariff
and Export Duties, &c., &c.
facturtargiComuxerciarKimiislIgtms
(From our own correspondent.)
London, Saturday, October 24 1908.
At the very end of last week there was a revival of political
apprehension, caused by the report that both Turkey and
Bulgaria were mobilizing. The apprehension was keenest
in Paris, where,in fact, it originated, due to a telegram from
Prince Ferdinand of Bulgaria to the French President,
asking for his intervention. The intervention of France,
happily, proved effective, and the orders for mobilizing by
both States were almost immediately withdrawn. The incident, however, made a very unfavorable impression in
Paris, and although quotations recovered in the early part
Of this week, business did not become as active as it had been
previously. On Thursday uneasiness was renewed by a
rumor that negotiations between Austria-Hungary and
Turkey for a friendly settlement had been broken off, the
Turkish Government being alleged to have refused to continue them any longer. This has not caused very much
decline, though it is regarded as an unfavoralbe incident.
In reality it only points to the fact that the offers made by
Austria-Hungary are considered insufficient by the Turkish
Government.
Meantime, the market is depressed not so much by the significance of the incident itself as by the fear that Secident
Oar. 31 1908.J
THE CHRONICLE
will follow incident, and that nobody can reckon upon a
quiet time for a day together. In Paris, as already said, the
apprehension was keenest, for it was to Paris that the application of Prince Ferdinand was made. The approhensions, however, extended to all other markets. Perhaps the
real cause of the misgivings that exist is the uncertainty as
to what is the real attitude of Germany. It is still unknown
whether Germany is using her influence with Austria-Hungary to bring about a conference. It is even unknown
whether Germany is willing herself to attend the conference.
There seems no reason why Germany should prevent a conference coming together. But the caution exercised by
Germany is making an unfavorable impression abroad, and
particularly it is making an unfavorable impression in France,
where it is pointed out that the caution of Germany just now
contrasts strangely with the way she insisted upon the Algeciras Conference.
In Germany itself the uncertainty is adding to a depression
which would be severe under any circumstances. Trade in
Germany is exceedingly bad. The value of money is declining; speculation is at a standstill, and the political
uncertainty is naturally aggravating a very unsatisfactory
state of things. The near approach of the elections in the
United States, no doubt, tends to increase the depression.
In Germany, Holland, Belgium and Switzerland, as well as
in this country, the holdings of American securities of all
kinds is on a very large scale. Uncertainty, therefore, as to
the result of the elections tends to keep people anxious and
to deter them from entering into new risks.
Money continues to be exceedingly abundant and cheap.
All the gold offering in the open market is going to Paris because the French banks find it impossible to employ profitably
the large balances they have hitherto been employing in this
market. Rates of interest and discount in fact are higher
in Paris than they are in London, although the gold accumulated by the Bank of France now exceeds 131 Yi millions sterling. As trade here is so bad that unemployment is, unhappily, very prevalent, the trade demand for money is exceptionally small and therefore everything points to cheap
money for a considerable time to come. Were it not for the
political uncertainty, that would stimulate business upon the
Stock Exchange. But the political uncertainty is checking
activity on the Exchange, and hence the cheapness of money
is increased.
The India Council offered for tender on Wednesday 40
lacs of its bills, and the applications amounted to only Rs.
28t5,000 at is. 3 29-32d. per rupee. Applicants for bills at
this price were allotted in full.
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, &c.,
compared with the last four years:
1908.
0 21.
1907.
Oct. 23.
1906.
Oct. 24.
4ct. .
Circulation
28,893,890 29,205,050 28,691,130
Public deposit& _ _ 4,530,846 7,002,134 8,896,947
Other deposits
46,084,966 43,800,513 40,784,888
Governm't securities 10,030,533 14,835,700 15,956,166
Other securities__ 26,108,871 29,784,340 33,394,745
Reserve,notes&coln 26,194,798 24,018,264 18,188,134
Coln&bull.,both dep 36,638,688 34,773,314 28,429,264
Prop. reserve to liabilities
p. c.
51%
474
36%
Bank rate
*6
p. c.
2%
44
Conso s. 2 p. c___
844
82 15-16
85 13-16
Silver
23 11-16d.
284d.
32 2-3d.
Clear.-house returns 247,427,000 213,055,000 217,581,000
1905.
Oct. 25.
1904.
Oct. 26.
28,888,315
13,331,007
40,072,126
16,647,729
33,080,448
21,485,210
31,923,525
27,996,825
8,135.580
42,008,179
14,934,270
25,934,433
27,073,401
36,620,226
53%
404
4
3
884
88 9-16
284d.
26 13-16d.
203,220,000 187,631,000
* Oct. 19.
The rates for money have been as follows:
Bank of England rate
Open Market rateBank bills-3 months.-4 months_ _
-6 months
Trade bills-3 months_
-4 months....
Interest allowed for depositsBy joint-stock Banks
By discount houses:
At call
7 to 14 days
Oct. 23.
24
2
2 7-16
2%
2A
25
%
1
Oct. 16.
2%
1%
2
25-16
2A
2 3®2(
Od. 9.
24
1%
2
24
23i
2A
Oct. 2.
24
1401 9-16
1%014
2024
2©24
23.( @2
1
1
1
1
1
1
1g
The Bank rates of discount and open market rates at the
chief Continental cities have been as follows:
Rates of
Interest atParis
Berlln
Hamburg
Frankfort
Amsterdam
Brussels
Vienna
St. Petersburg
Madrid
Copenhagen
Oct. 25.
Oct. 17.
Oct, 3.
Oct. 10.
Bank Open Bank Open Bank Open
Bank Open
Rate. Market.Rate. Market. Rate. Market. Rate. Market.
3
2
1A
3
3
3
1A
2
4
2%
4
2%
4
2%
4
34
4
4
24
2%
4
4
2%
33-i
4 211-16 4
4
3
2%
4
3A
3
2%
3
2%
3
23j 3
24
3
3
24
3
24
23
3
24
4 3 15-16 4 3 15-16
4 3 15-16
4 3 15-16
5% nom. 5% nom.
54 nom.
54 nom.
4%
34
4%
34
34
44
3%
43
6
5
6
5
6
6
5
5
Messrs. Pixley & Abell write as follows under date of
Oct. 22:
GOLD.-Paris was again an active buyer, with the cheque down to 25.09, and
the price rose to 77s. 114d. The demand since has fallen oft, and we quote 77s.
114d. Next week we expect £950,000 from the Cape. The Bank has received
£100,000 in sovereigns from Egypt and has lost £75,000 to Sweden and £80,000 to
South America. Arrivals-Cape, £420,000: West Indies, £34,500; Australia,
£5,500: India, £11,000; Straits, £4,000; total, £475,000. shipments-Bombay,
£47,500.
Je SILVER.-There has been a large business in silver, and the Bazaars have bought
for shipment this week over £600,000. On the other hand, Indlalhas been"a large
seller forward, in consequence of which cash has gone to 1-16d. premium compared
with forward, for the first time since August 1907. The price has not varied,much
after rising to 24d., the market has weakened again to 2348. on forward selling, and
closes weak at the quotations. The Indian rate is Rs. 614 per 100 Tolahs. Arriva s-New York, £60,400: West Indies, £7,700; South America, £6,300; total.
£74,400. ilkipmenta-Bombay. £127,000.
1137
The quotations for bullion are reported as follows:
GOLD.
Oct. 22. Oct. 15.1
Oct. 22.
Oct. 15.
SILVER.
London Standard.
s. d.
s. d. I London Standard.
d.
d.
Bar gold, fine, oz
77 114 77 1034 1Bar silver, fine, oz _ _23%
2311-16
U. S. gold, oz
76 64 76 5311 " 2 mo.delivery23 11-16 23 11-16
German gold coin, oz... 76 64 76 5'% Cake silver, oz
25 9-16
2534
French gold coin, oz- 76 64 76 541Mexican dollars
NOM.
nom
Japanese yen
76 64 76 5341
The following shows the imports of cereal produce into the
United Kingdom during the season to date, compared with
previous seasons:
IMPORTS.
Seven weeks1908-09.
1907-08.
1906-07.
1905-06.
• Imports of wheat,cwt
11,864,500 14,133,400 12,555,900 13.317,500
Barley
5,699,100 4,194.000
4,187,700 4,776,100
Oats
1,686,900
966,200
1,625,500
1,931,800
Peas
194,360
273,750
363,700
413,485
Beans
290,490
167,690
224,540
198,400
Indian corn
5,746,600 7,557,800 7,465.400 1.087,100
Flour
1,513,600 2,082,200 2.211.400
1.810,600
Supplies available for consumption (exclusive of stock on
Sept. 1):
Wheat Imported
Imports of flour
Sales of home-grown
1908-09.
1907-08.
1906-07.
cwt 11,804,500 14,133,400 12,555.900
1,513,600 2,082,200 2,218,400
5,321,420 6,705,492 4,892,502
1905-06.
13,317,500
1,810.600
6,153,247
Total
Average price wheat, week
Average price, season
18,699,520 22,921,092 11,666,802 21,281.347
31s. 28.
345. 4d.
26s. 341.
26s. 11d.
31s. 4d.
32s. 4d.
26s. 24.
27s. ld.
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
This week. Last week.
1906.
1907.
Wheat
qrs. 1,775,000
1,755,000 1,790,000 1,374,000
Flour, equal to
qrs_
185,000
200,000
190,0011
216,000
Maize
qrs
700,000
695,000
940,000
675.000
The British imports since Jan. 1 have been as follows:
1908.
1907.
Difference. Per Cl.
Imports.
£
£
L
January
56.368,358 60 534,846 -4,166.488 -6.8
February
52,426,815 52,926.597
- -499,782 -0.9
March
52.115,259 57,740.921 -5.625,662 -9.8
April
47,099,912 56,782,704 -9,682,792 -16.9
May
44,271,217 52,615,635 -8,344.411 -15.9
June
46,136,282 47,805,545 -1,669,263 -3.3
July
46.773,035 52,207 774 -5,434.739 -10.4
August
42,746,051
49,290,447 -6,544,396 -13.3
September
48,028,207
45,335,451
+2,692,756
+5.9
Nine months
The exports
Exports.
January
February
March
April
May
June
July
August
September
435,798,328 475,132,873 -39,334,545
-8.2
since Jan. 1 have been as follows:
1908.
£
34,407,767
31,949,514
32,893,424
30,705,338
31,066,877
28,953,139
33.705,725
30,342,676
31,621,206
1907.
£
35.070,607
32,073,345
34.723,034
34,416,866
36,922,548
33,111.069
40.452,331
37,355,044
35,156,320
Difference
£
-662,840
-123.831
-1,829,610
-3,711,528
-5.355,671
-4,157,930
-6,746.606
-7,012.363
-3,535,114
Per CI.
-1.9
-0.4
-5.3
-10.8
-15.9
-12.8
-16.8
-18.8
-10.1
Nine months
285,663,002 319,281,164 -33,618,162 -10.5
The re-exports of foreign and colonial produce since Jan. 1
show the following contrast:
1908.
1907.
Difference. Per Cl.
Re-exports.
£
£
£
January
6,599,209
8,793,276 -2,194,067 -24.9
February
7,497,673
9,425,830 -1,928.157 -20.5
March
5,965,255
8.110,260 -2,145,005 -26.5
April
6,773,228
9,669,898 -2,896,670 -30.1
May
6.431,654
8,451,766 -2,020,112 -24.0
June
6.029,312
7,098,226 -1,068,914 -15.1
July
6,310,928
7,388,291 -1,077.363 -14.5
August
6,819,707
7.367,201
-547.494 -7.4
September
5,287,814
5,942,312
-654,498 -11.1
Nine months
57,714,780 72,247,060 -14,532,280 -20.1
Note.-The aggregate figures are official. They Indicate that slight adjustments
have been made In the monthly returns as issued.
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Week.ending Oct. 30.
Mon. rues,
Sat.
Thurs. /or/.
Wed.
Silver, per oz
d 23 11-16 23 11-16 2334
23 9-16 23 7-11 23 1-16
Consols, new,24 per cents__ 84 11-168434
844
8434
8434
84%
For account
8434
8434
844
844
8434
84%
French Rentes(In Paris)._fr. 95.55
95.574 95.624 95.85
95.95
96.10
Amalgamated Copper Co_ _ _ _ 814
824
834
83
814
83
S Anaconda Mining Co
94
94
94
94
934
934
Atch. Topeka & Santa Fe 9334
944
95
9434
95
95
Preferred
98
98
984
98
984
99
Baltimore & Ohio
1004
1004
100%
10134
1004
1024
Preferred
9034
904
9154
91
9134
91
Canadian Pacific
179
1794
17934
17934
179
17934
Chesapeake & Ohio
444
444
444
4334
44
4434
Chcago Great Western
74
7
74
Thi
74
74
Chicago Milw. & St. Paul....1463.4
147
148
1474
147
14531
Denver & Itlo Grande,com
294
294
29
30
294
293-4
70
Preferred
70
70
714
7234
7134
3234
Erie, common
3234
3234
3134
324
3234
First preferred
45
454
46
454
454
4534
Second preferred
374
37
374
374
374
373-4
Illinois Central
14334
14334
143
14334
144
1434
Louisville & Nashville
113
112
113
1134
11234
112
Mexican Central
17
1734
1734
174
174
1734
Missouri Kan. &Tex.,corn_ 3134
314
314
314
3234
3134
Preferred
67
67
66
6634
66
664
National RR. of Mexico__. 5254
52
52
52
52
52
N. Y.Cent. & Iiud. Riv. RR.10834
109
10934
109
10834
10834
42
N. Y. Ontario & Western- _ 4234
42
42
424
424
Norfolk & Western, common 7634
77
77
774
77
7634
84
84
Preferred
84
84
84
84
1464
Northern Pacific
1484
1474
1494
14834
14634
6434
65
a Penney vania
65
6434
65
6434
68
684
684
6834
a Reading Co
68
684
454
4554
454
454
4554
a First preferred
455i
454
454
454
a Second preferred
444
444
4534
20
194
204
204
Rock Island Co
20
zo
Southern Pacific
1114
1114
iiox
112
11134
10934
2234
Southern Ral.Wfty, corn__ _ 224
23
2234
2234
234
55
55
Preferred
55
55
544
55
Union Pacific, common
1764
17434
1744
1754
17334
177%
Preferred
9134
914
914
914
91
93%
494
494
4934
U. S. Steel Corp., common- 484
49%
4934
11334
1134
1134
Preferred
1134
1134
1134
124
124
124
Wabash
13
1234
1234
Preferred
28
2734
28
28)4
2734
2734
Extended 4s
604
6034
604
60
61
6034
a Price per share. b £ sterling.
Commercial and pxactilantions' ems
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department.
NATIONAL BANKS ORGANIZED.
Certificates Issued from October 18 to October 24 Inclusive.
Callfon
National Bank, Callfon, N. J. Capital, $25,000
9,260-The
Elston Beaty, Pres.; Edson J. Neighbour and Wm. Philhower,
Vice-Presidents; W. H. Long, Cashier.
9,261-The Waynesboro National Bank, Waynesboro, Va. Capital, $25,000. Pliny Fishbourne, Pres.; J. C. Plaine, Vice-Pres.; S. W.
Thompson, Cashier.
RESUMPTION OF BUSINESS.
7,273-The First National Bank of Belle Plaine. Minn., placed in charge o
a receiver Aug.6 1908,resumed business Oct. 23 1908.
ga,
LIQUIDATIONS.
7.924-The Comal National Bank of New Braunfels, Tex., was placed in
voluntary liquidation Sept. 25 1908.
1,904-The First National Bank of Plymouth,Ohio, was placed In voluntary
liquidation Oct. 1 1908.
5,366-The First National Bank of Clutter, Iowa, was placed in voluntary
liquidation Oct. 12 1908.
INSOLVENT.
3,969-The First National Bank of Carroll, Iowa, was placed in charge o
a receiver on Oct. 21 1908.
IMMIGRATION INTO THE UNITED STATES.-The
subjoined statement, compiled from the monthly statements
issued by the Bureau of Immigration and Naturalization of
the Department of Commerce and Labor, shows the number
of immigrant aliens admitted into the United States during
September and the nine months of the calendar year 1908,
and for purposes of comparison corresponding figures for
1907 and 1906 are appende:
From
Other
All
Russia dc United
AustriaOther. Total.
Hungary. Italy. Fintand.Kingdom. Europe.
Months4,889 27,220
4,786
2,406
8,283
2,833
4,023
January
23,381
4,470
3,661
3,311
4,587
3,592
3,760
February
32,517
5,845
6,234
4,629
5,496
6,612
3,701
March
41,274
6,965
8,368
9,180
5,921
6,560
4,280
April
8,054
7,934
6,226 36,317
3,880
5,382
4,841
May
31.947
6,701
6,573
5,803
6,202
3,016
3,652
June
6,332 27,570
4,068
6,198
5,147
2,451
3,374
July
6,213 27,782
5,312
4,699
5,194
2,468
3.896
August
6,972 38,238
7,501
6,177
7,727
4,236
5,625
September
9 mos. 1908_ 37,152 37,150 53,488
17,206
19,316
Sept. 1907_ __ 20,629
9 mos. 1907...275,938 232,400 195,011
19,342 22,636
Sept. 1906._ _ 19,296
9 mos. 1906_ _218,527 238,308 205,234
- --
55,636
48,207
19,324
12,972
94,104 157,318
15,355
12,482
84,380 129,990
54,613 286,246
9,247 98,694
73,832 1,038,603
6,230 95,341
59,189 935,628
Auction Sales.-Among other securities the following, not
regularly dealt in at the Board, were recently zold at auction:
-By Messrs. Adrian H. Muller Sr Son:
Stocks.
Stocks.
50 Consol. Elec, Storage Co.
11 Warren Railroad Co- - _ _ 175%
$25 each
18 Eighth Avenue RR.Co- _ 260
100 The Barcelona Min. Co.
56 Coney Isl. & Bklyn. RR- 85
$25 each
6 United States Trust Co--1127
100 Seattle Coal dc Iron Co_ _ $21
1050
22 Union Trust Co
8 Windsor Falls Mfg. Co_ - lot
44 Cent. N. J. Land Imp.
10 Amer. Grocery Co., corn.
Co.,$5 each
2 Amer. Grocery Co., pref.
$61 Cent. N. J. Land & Imp. $247
14,000 Greene Gold-Silver Co.
Co. Div. scrip
pref., $10 each
$3,600
$840 Lexington & Eastern
6,000 Round Mtn. Sphinx Min.
31
By. def. deb
Co., $10 each--$1,000 lot
124 Dubuque & Sioux City
Co
&
Morten
15
52%
11'%
RR. Co
7 Amer. Exch. Nat, Bank-234
9 New Orleans By. & Light
22 Imp. & Traders Nat, Ilk_ 552
30%
Co. pref
of
30 Bank
Manhattan Co- _ 316
17 New Orleans Ry. & Light
2 Citizens Cent. Nat. Bank.156
13%
Co. common
8 Market & Fulton Nat.Bk.256
115 Capital Traction Co. of
25 Merchants Nat. Bank- _ -164%
Washington, D. C-130%
24 Phenix National Bank--161
137 Cincinnati Gas de Elec.Co. 88
3 Guardian Trust Co
175
4 Savannah (Ga.) Bank do
1 Nat. Bank of Commerce.171X
144
Trust Co
25 H. Both de Sons
1
14 Kentucky Union Co. pref
200 Brooklyn City RR. Co--192
$8 50 each
10 Westchester Fire Ins. Co.451
$8.08 Kentucky Union Co.pref.
Bonds.
scrip
74 Kentucky Union Co. corn $151 $3,000 Chicago Rys. Co. cons.
4-5s Series A,1927,A. &O
lot.
90X
$10 each
$1,000 The St. Louis & Hanni$7.50 Kentucky Union Co.com.
bal By. Co. 1st pur. money
scrip
55, 1933, J. & D
78
50 St. Jos.'Tr.& L. Co., pref.1$151
$270 Internat. de Gt. Nor, RR.
125 St. Jos.Tr.& L. Co.,com.j
Co. 3d M. fractional bond
250 Lancaster Sea Beach Imp
scrip
16%
18
Co
$706,000 Sierra Madre Land &
3 Syr. Bing. & N. Y. RR.
Lumber Co. 1st 6s, $1,000
220
Co
each
$420 per bond
3 Texas Land Synd-$10 per sh.
$1,000 St. Jos. Gas Co. 1st 5s,
2 Texas Land Synd. No. 2
89 & lot.
1937, J. &J
$7 per sh.
$200 N. Y. Athletic Club 2d 84,
10 Rhode Island Perkins
00%
1910
Horse Shoe Co- -$23 per sh.
DIVIDENDS.
The following shows all the dividends announced for the
future by all large or in portant corporations:
Dividends announced this week are printed in italics.
Name of Company.
Railroads (Steam).
Atch. Topeka & Santa Fe, common -Atlantic Coast Line RR.. pref.(guar.).Catawissa pref. stocks
Central RR. of New Jersey (guar.)
Cin. New On. & Tex. Pae., pref.(quar.)_
Cripple Creek Central. pl. (au.)(No. 12)
Evansville dc Terre Haute. common
Genesee & Wyoming
Georgia Southern & Florida, first pref.__
Second preferred
Great Northern (guar.)
Missouri Kansas dr Texas, preferred...Nashua & Lowell
Extra
Norfolk & Western, common
Northern Pacific (guar.)
Reading Company, 2d pref
Rome Watertown & Ogdensb., guar (qu.)
St. Louis & San Francisco .1st pref. (qu.)
Lxxxvii.
THE CHRONICLE
1138
When
Per
Cent. Payable.
2% Dec.
Nov.
2% Nov.
Nov.
2
UI Dec.
Dec.
Nov.
4
Nov.
2
2% Nov.
2% Nov.
1( Nov.
Nov.
2
4% Nov.
A Nov.
Dec.
2
14 Nov.
Nov.
2
131 Nov.
Nov.
1
Books Closed.
Days Inclusive.
1 Holders of rec. Nov. 11
10 Nov. 2 to
Nov. 10
19 Nov. 1 to Nov. 19
2 Holders of rec. Out. 20
1 Nov. 15 to Dec. 1
1 Holders of rec. Nov. 20
2 Holders of rec. Sept. 18
1
2 Oct. 22 to Nov. 1
2 Oct. 22 to Nov. 1
2 Holders of rec. Oct.14a
10 Oct. 21 to Nov. 9
2 Holders of rec. Oct 184
2 Holders of rec. Oct. 15a
18 Holders of rec. Nov. 30
2 Oct. 16 to Nov. 3
10 Holders of rec. Oct. 23
16 Nov. 1 to Dec. 1
2 Holders of rec. Oct. 9
When
Per
Cent. Payable.
Name of Company.
Street & Electric Railways.
Cape Breton Elec. Co., Ltd., pref.(No.5)
Columbus Railway, pref.(guar.)
East St. Louis & Sub., pref.(qu.)(No.10)
Georgia Ry. de Elec., corn. (guar.)
Grand Rapids Ry., pref.(guar.)(No.32).
Havana Electric Ry., pref.(qu.)(No. 11)
Helena Light & Railway, preferred (guar.).
Mexico Tramways
Milw. Elec.Ry.&Lt.,pref.(guar.)(No.36)
Montreal Street Ry.(guar.)
Ohio Traction, preferred (guar.)
Philadelphia Company. common (guar.).
Sou Colo. Power (1: Ry., pf„Class A (qu.)
Twin City Rapid Tran.,Minn.,com.(qu.)
Union St. Ry., New Bedford (guar.)
West Penn Rys., pref.(qu.)(No. 12).....
Banks.
American Exchange National
Bowery (guar.)
Chemical National (bt-monthly)
City, National
Corn Exchange (guar.)
Fidelity ",
Germania
Greenwich (quar.)
Lincoln National (guar.)
Mount Morris (No. 35)
Nassau (No. 110)
Pacific (guar.)
Trust Companies.
Farmers' Loan & Trust (guar.)
Hamilton,Brooklyn (guar.)
Kings County, Brooklyn (guar.)
Nassau, Brooklyn (guar.)
Miscellaneous.
Amalgamated Copper (guar.)
American District Telegraph of New York
American Gas & Electric, pref,(guar.)...American Glue, common
Amer. Light & Trac. corn. (quar.)
Preferred, (guar.)
American Malting, preferred
American Malt Corporation, preferred
Bergner & Engle Brewing, preferred
Bond & Mortgage Guarantee (guar.)._ _
Brill (J. G.), preferred (guar.)
Butte Electric & Power, pref.(quar.)
Casein Company, pref. (guar.)(No. 34)
Central Dist. dr Print. Teleg. (quar.)
Chicago Telephone (guar.)
Claflin (H. B.), first preferred (quar.)__ _
Second preferred (quar.)
Commonwealth-Edison (guar.)
Consolidated Gas of New York (guar.)..._
Consolidation Coal (guar.)
b Crux Carpet Co
Distillers Securities Corp.(qu.)(No. 24)
Eastman Kodak, common (extra)
Common (extra)
Edison Elec. Ill. of Boston (qu.)(No. 78)
Electrical Securities Corporation, pref._
Electric Bond & Share ,pref. (guar.).
Electric Properties, pref. (guar.)(No. 9)...
Federal Sugar Refining, pref. (guar.)._ _ _
Guanajuato Power & Electric Co., pref._ _
International Nickel, preferred (auar.)._
Internat. Smokeless Powd. & Chem., pref
Internat. Steam Pump. pf. (qu.) (No.38)
Kansas City Stock Yards (quar.)
La Belle Iron Works (guar.)
Lehigh Coal dc Navigation (No. 122)
Lord & Taylor, common (guar.)
Mexican Light 6c Power. pref
Michigan State Telephone, common (qu.)
Preferred (quar.) (No. 19)
Preferred (guar.) (No. 20)
Montreal Lt. Heat & Pow.(qu.)(No. 30)
Municipal Gas, Albany, N. Y.(guar.).
New Central Coal
New England Cotton Yarn, pref. (guar.).
New England Telephone ce Telegraph (qu.)
New River Company, preferred (guar.)._
Pacific Coast Co., common (guar.)
First Preferred (quar.)
Second Preferred (guar.)
Pennsylvania Steel, preferred
People's Gas Light & Coke (guar.)
Pressed Steel Car, pref. (guar.)(No. 39)...
Procter & Gamble, common (guar.)
Pullman Company (guar.)(No. 167)--Silversmiths Company (guar.)
Standard Milling, pref. (No. 11)
Preferred (extra)
United Bank Note Corporation, common
United Electric Securities Co., pref
U. S. Bobbin ct Shuttle, pref. (guar.)._
United States Express (No. 150)
U. S. Realty & Improvement (quar.)___ _
U. S. Rubber, let pref. (quar.)
Second pref. (guar.)
U. S. Steel Carp., corn. (guar.)(No. 20)..
Preferred (guar.)(No. 30)
Warwick Iron & Steel
Worthington (H. R.), Inc., prof
2
Books Closed.
Days Inclusive.
olders of rec. Oct. 21
$3
Nov.
1%
131
1%
131
Nov.
Nov.
Nov.
Nov.
Nov.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
20 Nov. 16 to Nov. 19
2 Holders of rec. Oct. 15
14 Oct. 26 to Nov. 14
2 Holders of rec. Oct. 30
1 Oct. 27 to Nov. 1
31 Holders of rec. Oct.20a
2 Oct. 15 to Nov. 4
I let. 28 to Oct. 31
2 Holders of rec. Oct. 1
1 Not closed.
14 Holders of rec. Oct. 24
2 Holders of rec. Oct. 15
Nov. 2
2 let. 25 to
Nov.
5
3
Nov.
231 Nov.
Nov.
4
Nov.
3
Nov.
10
Nov.
2% Nov.
2
Nov.
4
Nov.
4
Nov.
2
Nov.
2 Holders of rec. Oct. 23
2 Oct. 29 to Nov. 1
1 Oct. 21 to Nov. 1
1 Oct. 24 to Oct. 31
2 Holders of rec. Oct. 22
2 Oct. 30 to Nov. 2
2 Holders of rec. Oct. 23
1 Oct. 22 to Nov. 1
2 Holders of rec. Oct. 23
2 Oct. 22 to
2 Holders of rec. Oct. 31
2 ct 2 to Nov. 1
UI Nov. 2 Holders of rec. Oct. 15
UI Nov. 2 Holders of roe. Oct. 15
1%
2%
1%
1%
1%
1%
2
1%
Nov. 2 Oct.
Nov. 1 Oct.
Nov. 2 Oct.
Oct. 28 Oct.
10
3
2
31
1%
2
1%
1%
131
231
1%
1%
131
Nov.
Nov.
Nov.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Oct.
Dec.
Nov.
Nov.
Nov.
Dec.
Oct.
Dec.
Oct.
Nov.
Dec.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
Nov.
Feb.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
NOV.
1%
1
3%
1%
131
2
1
13.6
31
331
131
2
1
2
131
31
131
331
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Oct.
Oct.
Dec.
Nov.
Nov.
Nov.
25
25
27
15
to
to
to
to
Nov 1
Nov. 1
Nov. 1
Oct. 28
30 Holders of rec. Oct. 22
15 Holders of rec. Nov. la
2 Oct. 28 to Nov. 3
28 Oct. 29 to Nov. 2
2 Oct. 22 to Nov. 1
2 Oct. 22 to Nov. 1
2 Oct. 23 to
3 Oct. 23 to
2 Oct. 25 to Nov. 2
14 Holders of rec. Nov. 7
2 Oct. 29 to Nov. 1
2 Holders of rec. Oct. 15a
10 Nov. 1 to Nov. 9
31 Oct. 25 to Nov. 1
31 Holders of rec. Dec. 23
2 Oct. 24 to Nov. 3
2 Oct. 24 to Nov. 3
2 Oct. 21 to
15 Holders of rec. Nov.10a
31 Oct. 25 to Nov. 1
15 Holders of rec. Nov. 28
31 Oct. 1 to
1 Holders of rec. Sept.30
1 Holders of rec. Oct. 31
2 Holders of rec. Oct. 15
2 Oct. 25 to Nov. 11
1 Oct. 17 to Nov. 1
10 Nov. 3 to Nov 10
2 Holders of rec. Oct.30a
1 Oct. 21 to Nov. 1
2 Oct. 11 to Nov. 3
14 Holders of rec. Nov. 4
2 Oct. 21 to Nov. 3
2 Holders of rec. Oct. 15a
1 Holders of rec. Oct. 21
27 Holders of rec. Oct. 31
2 Oct. 27 to Nov. 2
1 Holders of rec. Oct. 23
1 Nov. 19 to Dee. 1
2 Oct. 21 to Nov. 3
1 Jan. 17 to Feb. 1
16 Holders of rec. Oct. 31
2 Oct. 27 to Nov. 2
2 Oct. 29 to Nov. 2
2 Oct. 25 to
Nov. 1
16 Nov. 3 to Nov. 13
1 Holders of rec. Oct. 21
2 Oct. 24 to Nov. 2
2 Oct. 24 to Nov. 2
2 Oct. 24 to Nov. 2
2 Holders of rec. Oct. 17
25 Holders of rec. Nov. 3
25 Nov. 5 to Nov. 24
14 Holders of rec. Oct.31a
16 Holders of rec. Oct. 31
16 Holders of rec. Nov. 10
31 Oct. 27 to Nov. 1
31 Oct. 27 to Nov. 1
le Nov. 3 to Nov. 16
2 Holders of ree. Oct. 22
2 Oct. 21 to Nov. 1
16 Nov. 1 to Nov. 15
2 Holders of roe. Oct. 20
31 Holders of rec. Oct.15a
31 Holders of rec. Oet.15a
30 Dec. 11 to Dec. 30
30 Nov. 6 to Nov. 30
14 Nov. 1 to Nov. 15
2 Oct. 21 to Nov. 3
a Transfer books not closed. 8 Formerly the American Grass Twine Co.
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Oct. 24; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For week.
Dry Goods
General Merchandise
Total
Since January 1.
Dry Goods
General Merchandise
Total 43 weeks
1908.
1907.
1906.
1905.
$2,605,995
11,1b8,111
$3,142,362
14,674,160
$3,106,747
14,544,714
$2,768,577
13,014,039
$14,304,106 $17,816,522 $17,651,461 $15.782.616
$102,679,116 $156,356,984 $133,545,853 $116,871,226
399,085,365 547,891,541 496,484,921 463,774.224
$501,764,481 $704,248,525 $630,030,774 $580,645,450
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. 24. and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1008.
1907.
1906.
1905.
For the week
Previously reported
$11,505,719 $1,3136,786 $11,134,733 $8,296,490
607,466,566 511,013,472 602,013,757 433,798,490
Total 43 weeks
$518,972,285 $524,150,258 $513,148,490 $441,674,980
Oar. 31 1908.i
TIIE CHRONICLE
1139
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since Jan.1
$2,524,737
23,640,879
19,017,343
1,334,500
4,000
1,116,606
9,860
Total 1908
Total 1907
Total 1906
$47,647,925
$1,697,514 36,146,972
50,000 5,945,984
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$866,820 $30,399,393
82,000 4,066,000
41,900
507
257,108
400
Total 1908
Total 1907
Total 1906
Note.-In the case of the Clearing-House banks, the deposits are "net" both for
the average and actual figures; in all other eases "gross" deposlta are shown.
Clearing-House actual figures included United States deposits amounting to The
$9,243,300, an Increase of $2,000 over last week; averages include United State&
Week. Since Jan.1 deposits of $9,248,200. an increase of $14,900 over last week.
"Reserve on deposits" includes, for both trust companies and State banks,not.
$3,691,432 only cash items but amounts due from
reserve agents, and in the case of trust com1,055,532 panies includes likewise municipal bonds.
State banks InNew York City City are re24,958 quired by law to carry a reserve amounting
to 15% of deposits, while outside otr
$15,748 4,476,778 New York City only 10% is required,
which
reserve in both cases need not be more
433,108 than one-half in cash. Trust
2,458
in Greater New York are required to keel/
31,280 2,366,604 a reserve of 15%. of which onlycompanies
5%
be in cash and 5% more may be in munici443,868 2,963,476 pal bonds, while in the case of the need
trust companies
quired reserve is 10%, of which only 3% need be in in the rest of the State the recash and 3% more may be in
$493,354 $15,011,888 municipal bonds.
394,269 8,620,157
The
State Banking Department also furnishes the follow1,775,901 93,270,384
Imports.
3,400
350
$949,727 $34,768,151
998,154 41,613,989
645,995 41,066,478
$1,930
568
3,554
43,115
7,346
14,587
$60,529
68,514
110,717
164,284
1,374,034
836,210
531,820
$71,100 $3,146,108
229,437 2,899,808
54,633 2,001,616
ing report for State banks and trust companies outside of
Greater New York.
STATE BANKS & TRUST CO'S OUTSIDE OF GREATER NEW
YORK.
Week ending Oc.ober 24 1908.
% of
Loans.
Deposits.
Reserve.
Res.
State Banks
$78,783,900 $85,555,500 $19,774,100 23.1
--22,600
--320.100
--48,100
Trust Companles
120,975,800 130,882,200
23,673,300 18.7
--78,500
A-243,500
--524,800
+ Increase over last week. -Decrease from last week.
Of the above imports for the week in 1908, $15,255 were
Reports of Non-Member Banks -The following is the
American gold coin and $4,230 American silver coin. Of statement of condition of the non-member
the exports during the same time, $______ were American week ending Oct. 24, based on average dailybanks for the
results:
gold coin and $400 were American silver coin.
We omit two ciphers (00) in all cases.
Statement of New York City Clearing-House Banks.-The
Loans,
Legal
Deposit with
detailed statement below shows the condition of the New
Disc'ts
Tender
York City Clearing-House banks for the week ending Oct.
Banks.
CapiSurand
Specie. and
ClearOther
Net
tal.
Investplus.
Bank
24. The figures for the separate banks are the averages of
trig
Banks. Deposits
mews.
Notes. Agent.
&c.
the daily results. In the case of the totals, however, a deN. Y. City.
parture was made with the statement for Feb. 8, so that in Boroughs
of
addition to the averages for the week the actual figures at Man.&Brx
Wash.Hgta. 100,0
207,5
979,0
19,0 105,0
the end of the week are now given.
232,0
1,047,0
Century ___
200,0
145,3 1,685,6
20,3 190,9
148.7
iWo 1,986,0
We omit two ciphers (00) in all cases.
Colonia,
100,0
500,6 3,728,3
Ranks
001 omitted.
Bank of N.
Manhattan Co
Merchants
Mechanics' ____
America
Phenix
City
Chemical
Merchants' Ex.
Gallatin _
Butch. dr Drov_
Greenwich
isak r. Exch._
cima nerce
Meicantile
Pacific
Chatham
People's
Hanover
Citizens' CentNassau
Market & Fult_
Metropolitan
Corn Exchange.
Imp.& Traders'
Park
East River
Fourth
Second
First
Irving Nat. Ex_
Bowery
N Y. County _
German-Amer
Chase
Fifth AvenueGerman Exch.-.
Germania
Lincoln
Garfield
Fifth
Metropolis
West Side
Seaboard
Liberty
N. Y.Prod Ex.
State
14th Street.-Copper
Capital. Surplus.
Loans.
Average.
2,000,0
2,050,0
2,000,0
3,000,0
1,500,0
1,000,0
25,000,0
3,000,0
600,0
1,000,
300,0
500,0
5,000,0
25,000,0
3,000,0
500,
450,0
200,
3,000,
2,550,0
500,0
1,000,0
2,000,0
3,000,0
1,500,0
3,000,0
250,
3,000,
1,000,0
10,000,0
2,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
2,000,0
$
22,200,0
27,800,0
20,843,0
27,098,0
29,263,7
7,115,0
213,235,5
30,711,0
6,696,4
9,915,5
2,254,9
6,716,5
31,386,0
17:3,164,1
10,840,8
3,403,4
7,257,7
2,029,2
65,339,4
22,920,6
4,814,2
7,735,5
11,231,9
44,011,0
27,241,3
97,952,0
1,170,8
27,386,0
10,412,0
128,744,6
19,085,3
1,958,4
7,691,8
3,813,7
84,985,2
12,138,1
3,900,8
4,464,3
15,883,2
7,315,2
3,060,1
11,177,6
4,353,0
21,017,0
15,488,7
6,905,9
10,407,0
4,683,9
19,207,7
3,281,2
3,305,2
1,661,6
3,723,9
4,804,2
578,6
25,619,3
5,783,7
506,2
2,445,8
149,2
729,5
5,192,0
15,667,4
2,490,4
846,8
1,027,9
457,9
9,932,1
1,381,1
372,9
1,599,0
1,142,0
5,156,3
7,308,2
9,583,4
110,5
3,365,7
1,724,4
16,699,0
1,375,0
783,8
1,105,3
621,2
5,308,5
2,053,2
897,2
967,8
1,213,6
1,144,8
453,3
2,061,9
777,1
1,649,7
2,480,3
684,5
757,8
294,2
2,445,5
Specie. Legals, Deposits. ReAverage, Average Average. I've.
4,576,0 1,155,0
23,391,0 1,484,0
4,453,0 1,900,0
6,227,0 1,458,0
5,717,5 2,548,4
1,378,0
286,0
54,827,1 8,122,0
6,040,6 1,867,2
1,289,5
621,4
1,444,8
715,9
576,3
'98,5
1,612,8
200,0
5,222,8 1,017,4
26,462,8 13,873,8
1,236,5
598,0
388,2
(347,9
848,7 1,128,7
455,4
52,3
11,745,2 9,399,8
5,713,4
322,5
618,2
790,5
1,641,5 1,470.5
181,3
3,146,0
5,553,0 7,620,0
5,091,0 1,659,0
27,376,0 1,339,0
290,7
156.9
4,293,0 3,20:3,0
2,788,0
323,0
32,043,5 1,266,4
3,953,5 1,091,7
759,0
60,0
1,271,8
635,8
675,2
230,0
21,634,1 4,494,8
2,790,3 1,182,5
180,0
650,0
788,8
641,0
3,784,3
779,1
1,795,3
488,0
670,5
344,5
1,886,1 1,225,8
890,0
250,0
4,938,0 1,613,0
3,322,9
811,9
1,939,3
210,0
3,328,0
2:36,0
831,2
489,4
4,403,5
183,0
21,490,0 26.6
48,450,0 51.3
22,977,0 27.9
28,540,0 27.2
32,194,2 25.6
6,390,0 26.6
221,832,8 28.7
30,494,5 25.9
7,271,526.8
8,227,7 1 26.5
2,166,1 31.1
7,399,4 24.5
24,659,4125.5
158,648,0,25.5
6,852,8 27.2
3,317,031.2
7,790,525.5
2,132,3,23.8
77,728,7,27.5
23,242,7 26.2
5,337,3
8,846,8 35.3
11,751,9 28.3
51,664,0 25.4
25,656,0 26.4
113,587,0 25.3
1,38:3,8 32.2
29,371,0 25.6
11,444,0 27.1
130,797,0 25.6
20,157,2 25.1
3,239,0 25.2
8,100,3 24.2
3,531,9 25.6
98,545,1 26.6
14,002,7 28.3
3,866,0 21.4
5,234,9 27.3
17,641,2 26.0
7,713,7 29.9
3,430,6 30.0
11,448,7 27.2
4,759,0 23.8
25,088,0 26.1
15,212,3 27.1
8,251,0 26.0
12,970,0 27.4
4,945,6 26.6
18,351,8 25.2
Totals, Aver. 126,350,0 163,720,1 1338,426,9 306,290,2 81,122,9 1418,132,4 27.4
Actual figures
Oct. 24
1339,168,5 305,877,3 82,179,4 1419,259,0 27.5
On the basis of averages, circulation amounted to $53,195,900 and United States
deposits (included in deposits) to $9,248,200: actual figures Oct. 24: circulation,
$53,114,500; United States deposits, $9,243,300.
The statements compiled by the State Banking Department, together with the totals for the Clearing-House banks,
both the averages for the week and the actual figures at the
end of the week, are shown in the following table. In the
figures for State banks and trust companies all of these institutions in Greater New York are included.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ending Octobcr 24 1908.
Loan* and
Reserve on P.C.
003 omitted
Investments. Specie.
Legal&
Deposits.
Deposits. of Re
serve.
Clearing-House
Banks-Actual 1,339,168,5 305,877,3 82,179,4 1,419,259,0 388,056,7 27.51
-3,806,8
-827,9 +1,504,4
-3,892,6
+676,5
Clearing-House
Banks-Aver-1.338,426,9 306,290,2 81,122,9 1,418,132,4 387,413,1 27.48
-6,4 +1,297,7
+482,3
+1,484,5 +1,780.0
State Banks283,043,6
Average
60,899,9 26,600,3
344,806,9 110,429,9 32.6
+679,8
+452,5
+73,5
+780,7
+323,9
Trust CompaniesAverage
883,545,7
80,474,7
7,211,6
972,899,2 299,522,8 33.9
+4,568,1
+834,5
-73.6 +13,720,4 +7,148,7
State Banks and
Trust Co's-not
In Clear.-House 973,547,1
86,442,2 15,052,0 1,081,917,8 332,265,0 33.5
+5,074,0
+887,1 -300,9 +13,818,8 +6,895,8
+ Increase over last week. -Decrease from last week.
a Includes bank notes. b After eliminating the Item "Due from reserve depositories and other banks and trust companies in New York City," deposits amount to
$889.655,700, an increase of $7,231,600 over last week's figures.
483.6 242,5
Columbia __
300,0
425,9 5,501,0 495,0 454,0
Fidelity
200,0
175,2
891,8
71,7
25,4
Jefferson___
500,0
673,3 3,289,6
23,9 255,2
Mt. Morris. 250,0
264,6 2,062,8 354,7
40,3
Mutual
200,0
317,8 3,355,9
26,0 428,7
19th Ward_
300,0
470,4 3,640,7
55,6 • 576,8
Plaza
100,0
398,3 3,176,5 212,0 343,0
23rd Ward_
100,0
182,2 1,595,9 176,1
62,9
Union Exch 750,0
818,9 6,271,4 1,085,9 300,0
Yorkville
100,0
393,3 3,286,3
53,4 879,3
Coal dr I.N. 500,0
708,0 4,412,0 906,0 228,0
New Neth'd 200.0
231,9 1,592,0 148,0
33,0
Batt.Pk.Nat 200,0
142,4
965,9 149,4
22,2
Borough of
Brooklyn.
Broadway
420,1 2,871,4
150,0
20,2 495,0
Mfrs.' Nat_
252,0
775,2 5,891,9 591,6 152,4
Mechanics' 1,000,0
836,1 10,093,1
203,9 1,295,1
Nassau Nat. 750,0
939,3 6,243,0 341,0 689,0
Nat. City
300,0
575,6 4,156,0 114,0 668,0
North Side_
100,0
216,7 1,520,0 139,2 117,1
Jersey City.
First Nat
400,0 1,214,5 4,007,1 204,7 358,5
Hud.Co.Nat 250,0
715,7 2,382,3 160,5
41,1
Third Nat
200,0
367,3 1,665,0
54,4 167,4
Hoboken.
First Nat
220,0
610,6 2,345,8 133,6
12,6
Second Nat. 125,0
213,1 1,914,0
79,2
58.8
440,2 968,0 5,359,6
618,0 100,0 6,631,0
126,9
832,3
266,6 137,9 3,008,8
692,4
83,1 3,054,1
783,1
5,0 4,133,8
414,5 1,062,8 5,271,3
1,076,0
4,288,5
310,6
1,978,7
684,7
6,801,9
328,3
4,415,1
612,0 2-967,15 5,213,0
224,0
15,0 1,634,0
46,3
807,7
305,9
850,6
1,370,9
1,389,0
624,0
294,8
192,3 3,550,0
161,3 6,552,9
374,9 13,073.2
6,749,0
394,0 5,621,0
202,7 2,049,9
2,271,9 1,172,1 6,254,1
175,1
523,2 2,461,5
727,7
95,3 2,548,0
163,2 272,3 2,284,5
67,6 149,9 2,299,1
Tot. Oct. 24 7,847,0 12,939,8 89,524,3 6,322,9 8,242,2 15,245,0 6,298,8 109906,0
Tot, Oct. 17 7,847,0 12,939,8 89,289,2 6,301,7 8,251,7 15,712,5 6,232,1 110455,3
Tot. Oct. 10 7,847,0 12,939,8 89,507,7 6,221,1 8,355,7 16,649,6 5,824,3 110561,2
New York City, Boston and Philadelphia Banks.-Below
is a summary of the weekly totals of the Clearing-House
banks of New York City, Boston and Philadelphia. The
New York figures do not include results for non-member
banks.
We omit two ciphers in all these iigures.
Banks.
Capital
and
Surplus.
Loans.
Specie.
Legals. Deposits. a Circulotion.
Clearings.
New York
Sept.26- 287,465,9 1312,020,5 321.194,5 80,328.8 1405,935,0 54,116.5 1.637.474.8
Oct. 3_ 290,070,1 1312,130,7 311,896,3 79,585,7 1396,771,4 53,756,5 1,544,702,4
Oct. 10._ 290,070,1 1324,358,0306,469,5 78,926,01402,753,1 53.514,3 1,003,285,1
Oct. 17... 290,070,11338,433,3 304.992,5 80,640.6:1416,647.9 53,309,4 1,631,034,9
Oct. 24__ 290,070,111338,426,9 306,290,2 81,122,9 1418,132,4153,195,9 1,599,252,1
Boston.
Oct. 3.... 41,790,0 211,568,0 24,789,0 3,968,0 259,089,0 10,191,0 151,657.7
Oct. 10. 41,790,0 212,791,0 24,984,0 4,060,4 261,744,0 10.342.0 139.937,8
Oct. i7_ 41,790,0 212,645,0 25,652,0 3,779,0 265,229.0 10,296,0 151.618,1
Oct. 24_ 41,790,0 211,900,0 25,878,0 3,807,0 262,691,0110,311,0 142,992.1
Phila.
Oct. 3__ 54,390,0 243,742,0
79,434,0
296,977,01 14,086,0 121.716.8
Oct. 10__ 54,390.0 243,523.0
78,722,0
295.588.0 14.018,0 102,614.2
Oct. i7_ 54,390,0 244,097,0
82,615,0
303.475,0 13.971,0 117,190,6
Oct. 24_ 54,390,0 245,529,0
81,147,0
302,667,0.13,924,0 112.574,4
a Including Government deposits, and for Boston and Philadelphia the Item
"due to other banks." At New York Government deposits amounted to $9,$248,200 on October 24, against $9,233,300 on October 17: at Boston, to $1,598,000
on October 24 and $1,596,000 on October 17.
;Vaulting and i;juancial.
We shall be pleasod to furnish to institutions and investors copies
of our special circular describing
43 RAILROAD BONDS
Listed upon the New York Stock Exchange
Spencer Trask & Co.
WILLIAM AND PINE STS..
NEW YORK
Branch offices: Chicago. Ill., and Albany. N.
MOFFAT & WHITE
Members New York Stock Exchange.
5 NASSAU STREET.
HANOVER BANK BUILDING.
DEALERS IN INVESTMENT SECURITIES.
Commission Orders Executed or Cash Only
[VOL. Lxxxvii.
THE CHRONICLE
1140
4.6auluers'
azette.
Wall Street, Friday Night, October 30 1908.
The Money Market and Financial Situation.-Doubtless
the political situation continues to be the dominant influence
in Wall Street as well as in business circles generally, and
confidence in the election of Mr. Taft seems to be steadily
increasing. In addition to the hopefulness which this
expected outcome of the election next Tuesday has stimulated, public sentiment has been favorably affected this week
by the evidences of returning industrial activity which the
United States Steel Corporation's quarterly report shows.
As is well known, these reports are among the most reliable
indications we have of the trend of industrial affairs, and
therefore the substantial increase in the volume of business
of the Corpomtion,of its earnings,and of contracts on hand,
are regarded with a good deal of satisfaction. Another
evidence of a similar character is found in the increased
demand for copper, stocks of which are reported to be
much reduced and the price of which has advanced.
Still others are .the reduced number of idle freight cars
reported by the American Railway Association and of the
"unemployed" reported by labor organizations.
The financial situation remains practically unchanged,
except that the principal European banks show larger
reserves and the demand on local banks from the interior
is steadily growing smaller.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1% to 2%. To-day's rates on call were 134%®
2%. Commercial paper quoted at 4®43'% for 60 to
90 day endorsements and 4®6% for best single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £262,347 and the percentage
of reserve to liabilities was 53.62, against 51.70 last week.
The rate of discount remains unchanged at 23/2% as fixed
May 28. The Bank of France shows an increase of 13,175,000 francs gold and a decrease of 1,525,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1908.
Averages for
week ending
Oct. 24.
Differences
from
previous week.
126,350,000
Capital
163,720,100
Surplus
Loans and discounts_ _ 1,338,426,900 Dec.
53,195,900 Dec.
CIrculaton
1,418,132,400 Inc.
Net deposits
9,248,200 Inc.
U. S. dep. (Incl. above)
306,290,200 Inc.
Specie
Inc.
81,122,900
Legal tenders
1191
387,413,100 Inc.
Reserve held
354,533,100 Inc.
25% of deposits
32,880,000 Inc.
Surplus reserve
Surplus excl.U. S. dep_
35,192,050 Inc.
1907.
Averages for
week ending
Oct. 26.
1906.
Averages for
week ending
Oct. 27.
129,100,000 119,150,000
163,396,900 155,176,800
6,400 1,087,711,000 1,062,333,200
46,724,600
51,398,300
113,500
1,484,500 1,023,772,000 1,034,698,100
23,642,600
48,063,600
14,900
1,297,700 106,426,000 194,349,600
69,998,600
58,283,700
482,300
1,780,000
371,125
254,709,700
255,943,000
264,348,200
258,674,525
1,408,875 del.1,233,300
5,673,675
10,782,600
11,584,325
1,412,600
issues a statement weekly showing the total of
Note.-The Clearing House now
morning. These figures, together with the returns
the actual figures on Saturday
issued by the State Banking Department
summary
the
also
banks,
of separate
not reporting to the
showing the condition of State banks and trust companies
Clearing House, appear on the preceding page.
Foreign Exchange.-The market was almost stagnant until Wednesday, influenced by the Balkan situation, the
pending London Stock Exchange settlement, and by a disposition to await the result of our Presidential election. The
completion of the above-noted settlement was followed by a
decline in rates for sight and cables, and the market closed
weak.
exchange
• To-day's (Friday's) nominal rates for sterling for
sight.
2 for sixty day and 4 87©4 873'
were 4 85©4 853/
To-day's (Friday's) actual rates for sterling exchange were
long, 4 8620 ®4 8630 for short and 4 8645
4 8425@4 8450 for long
4
on banks 4 833' ®4 833
®4 8655 for cables.
for
and documents for payment 4 833©4 843g. Cotton
%, cotton for acceptance 4 833/©
payment 4 833@4 833
8414.
4 and grain for payment 4 84@4
4 833
To-day's (Friday's) actual rates for Paris bankers' francs
1614dforshort.
were 5 18Ma®5 183/
8forlongand 5 163a®5 for
long and
Germany bankers' marks were 949@94 13-16guilders
bankers'
were
953'd®953/ for short. Amsterdam
40 30@40 32 for short.
Exchange at Paris on London to-day, 25f. 11c.; week's
range, 25f. 11c, high and 25f. 9Mc.low. follows:
The week's range for exchange rates
--Cables
Long
Sterling, Actual@4 8485
4 8475
High
@48445
4 8425
Low
Paris Bankers' FrancsHigh
05 17%
5 183i
(4)5 18%
5 18%
Low
Germany Bankers' Marks94,i
094 13-16
High
094%
Low
943
Amsterdam Bankers' Guilders(4)
High
Low
Slwr
14 8650
14 8620
EII4 8660
@48630
15 163
15 16%a
05 15%
05 16Yol
1
1
1
1
953'I
95
095 5-16
095%
40 33
40 30
€1140 36
@4032
Less: a 1-16 ot 1%. d 1-32 ot 1%. it 3-32 of 1%.
Plus: k 1-16 of 1%. x 1-32 ot 1%. y 3-32 ot 1%.
14 8675
14 8645
04 8685
@48655
The following were the rates for domestic exchange on
cities to-day: Savannah
New York at the undermentioned selling,
75c. per $1,000
buying, 50c. per $1,000 discount;
premium. Charleston!selling, $1 per $1,000 premium. New
Orleans bank, 75c. per $1,000 discount; commercial, $1 per
$1,000 discount. Chicago, 50. per $1,000 discount. St.
Louis, 40c. per $1,000 discount. San Francisco, 50c. per
$1,000 premium.
State and Railroad Bonds.-Sales of State bonds at the
Board are limited to $40,000 Virginia 6s deferred trust
receipts at 373
2.
/
The market for railway and industrial bonds has continued
fairly'active, and the transactions in this department were
well distributed. Prices have shown an upward tendency,
although advances rarely equal a full point.
Third Avenue con. 4s, on the offering of a few bonds, have
declined in sympathy with the recent movement of the shares,
but no active issue shows even a fractional decline within the
week.
United States Bonds.-Sales of Government bonds at the
2. The folBoard are limited to $2,000 2s reg., 1930, at 1033/
lowing are the daily closing quotations; for yearly range
see third page following.
Interest
Periods
registered Q-Jan
2s, 1930
coupon Q-Jan
2s, 1930
registered Q-Feb
3s, 1908-18
*. Q-F b
c up,
3s, 1908-18
3s, 1908-18.-small coupon Q-Feb
Q-Feb
registered
1925
4s,
coupon Q-Feb
4s, 1925
2s, 1936.Panama Canal coup Q-Nov
Oct.
24
*103%
*104
*1003
*101
*1003
*1203
*122
*1023
Oct.
27
Oct.
26
Oct.
29
Oct.
28
Oct.
30
*103% 103% *1033 *1033 *103%
*104 *104 *104 *104 *104
*100% *wog *wog *wog *loom
*1 1 *101 *101 *101 *101
*100% *100% *1003. *100% *100%
*120% *1205 *1204 *120% *120%
*122 *122 *122 *122 *122
%
*1025 *102% *102% *1023( *1023
*This is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.-The stock market
has been relatively dull throughout the week and, although
generally strong, prices have fluctuated within a narrow
range. The upward movement,which has been a more or
less conspicuous feature of the market for several weeks
past, continued until Tuesday, at which time the highest
prices of the week were, in most cases, recorded. This
movement carried a few issues to the highest quotations of
the year, including Union Pacific, Atchison, Steel common
and Tennessee Copper. At these figures the profits were
attractive and selling to realize them was indulged in. For
this and perhaps other reasons there has been, beginning
on Wednesday, a mild reaction,which included practically
the entire list, and as a result of the week's operations a
majority of the active stocks is fractionally, lower than
last. Union Pacific and Southern Pacific were strong
features in to-day's market on favorable traffic reports.
There have been almost no exceptional features, except
those mentioned above. The copper stocks continued
strong on a further advance in the metal, and the Steels
have been active on the favorable report of the company.
Westinghouse is over 2 points higher on the prospect of
a termination of the receivership.
For daily volume of business see page 1150.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales1
Week ending Oct. 30. for
Week.1
Alice Mining
Cleve and & Pittsburgh_
Col Fuel & Iron, pret _
Comstock Tunnel
Illinois Cent leased lines_
Keokuk & Des Moines._
NY SeNJ Telephone
Rutland, preferred
St Jos & Or Isl 1st pref. _
Sears, Roebuck & Co. pt.
United Cigar Mfrs., pref_
U S Leather, preferred _ _
Utica & Black River_ _ _ _
Vandalia
Range since Jan. 1.
Range for Week.
Lowest.
200 $24 Oct
40 172 Oct
200 65 Oct
500 24c. Oct
20 995j Oct
220 4 Oct
110 116 Oct
68 24 Oct
300 47 Oct
100 92 Oct
25 95 Oct
100 115 Oct
100 174 Oct
50 85 Oct
Highest.
28 $2%
29 172
29 65
30 24c.
29 99g
27 4
26 117
29 2 Si
28 48
30 92
28 95
28 115
28 174
28 85
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
29
29
29
30
29
27
26
30
28
30
28
28
28
28
Lowest.
$1%
135
35
20c.
90
;j
90
24
38
86%
80
95
174
85
Fe
Mc
Ma
Mc
Fe
Jul
Fe
Ja
Ma
Ma
Jai
Ja
Oc
Se
Highest.
$3% Jan
Oct
172
Oct
65
Apr
44c.
99% Oct
Apr
10
Oct
117
Mch
30
Oct
48
Oct
92
Oct
95
Oct
118
Oct
174
Sep
85
Outside Market.-The market for outside securities was
fairly active in the fore part of the week,with the firmness
of prices a feature. Copper shares were especially favored,
the continued improvement in the market for the metal
being a favoring influence. Later the volume of business
showed a contraction, with an easier tendency to prices.
Nevada Consolidated advanced from 173-i to 183% but
reacted subsequently to 173/2. The close to-day was at
178. Boston Consolidated from 13% rose to 143%. Butte
Coalition improved from 269. to 273, reacted to 26% but
% rose to ion,
recovered to 27. Greene Cananea from 105
easing off later to 103/2. Nevada-Utah declined from 3 to
2 15-16 but rose finally to 3 3-16. United Copper common
4 and to-day made
%,went up to 113
opened the week at 105
a further advance to 123. The close was at 12. First
National Copper sold up from 73 to 8. Cobalt Central
sank from 64 to 593, but recovered subsequently to 61.
Nipissing made a fractional gain from 95% to 9%,sold back
d adto 93% and up to-day to 99i. Goldfield Consolidate
%, then declined to 6 7-16. Goldfield
vanced from 63' to 65
Daisy sank from $1 03 to 99 cents. Industrials were very
dull. A few shares of American Tobacco changed hands at
349 but a jump of 26 points to 375 was recorded to-day.
Standard Oil from 6233 moved up to 625, dropped to 620,
Gas
and made a 4-point rise to-day to 624. Bay State
weakened from 2 to 1 15-16. moved up to 23-i and on heavy
%.
23
trading to-day sold up to 2 7-16. The close was at Con4 to 65.
American Steel Foundries 4s ran up from 613
solidated Steamship 4s, receipts, advanced from 113% to
12M and reacted to 12.
Outside quotations will be found on page 1150.
New York block Exchange-Stock Record, Daily, Weekly and Yearly
f)(1(111P%
87UCK.8-HI(,I/B.S1 AND LOW 587 .SALA PRICES
Saturday
08. 24.
MondAy
08. 213.
Tuesday
Oa. 27.
Wednesday
08.28.
2'hursday
08.29.
'1'%%'44
.sates 0,
S'IOCkS
NEW YORK STOOK
EXCriANGE
Week
Snares
Friday
08.30.
44‘4,:it.;
Range Since Jan. I 1908.
On basis 01 100-share 10.
Lateev
Hightsz
Range for Pfeelous
Year (1907)
Lowest
Railroads
52,000 A tch Topeka & Santa Fe 66 Feb 14 9314 Oct 30
6638Noy
2,200 L-1- Do pref
83/
1
4 Feb 17
Oct 28
78 Nov
1,200 Atlantic Coast Line BR..... 5913 Mch 2 9614
96 J'ly 21
53
Nov
19.700 1/altirnore & Ohio
7613 Feb 10 1011
/
4 Sep 10
7538Noy
800
Do pref
80 Jan 8 89 Sep 11
75 Nov
7,820 /37.-ooklyn Rapid Transit.. 3714 Feb 10 5712 Aug 10
2634Nov
Buffalo & Susque, pref._ 11934 Oct 23 6434 Mc1121
7412Nov
6.200 'arladInn Pacific
140 Feb 1 d 19 Oct 3 138 Nov
...... k- anada Southern
54 Mch 4 95 Sep 14
52
Central of New Jersey-- 190 Feb 11 20912 Sep 10 144 Nov
Nov
10,895 Chesapeake & Ohio
2513 Feb 19 4683 64 y21 z2314 Nov
1,300 2htcago & Alton RR
10 Feb 14 41 Oct 1/
813Nov
Do pre
47 Mch24 70 Oct 13
48 Sep
1.800 Citicago Great Western._
3/
1
4 Feb
8/
1
4 Jan 3
67$ Nov
Do 4% debentures... 3313 Mehl!) 6814 Aug 4
4l3 Dec
200
Do 58 pee? "A"...._
1512 Feb 15 31 Jan 6
21 Dec
1.600
Do 4% pref "B"__-.
5 Feb 11
1138 Aug 3
874Dec
90,170 Chicago Milw & St Paul-- 10312Jan 2 1471
/
4 Aug 11
9312Nov
730
Do pre!
138 Jan 3 16034 Aug 6 130 Nov
2,650
Do corn installm't cti's 9813 Jan 3 1008 Oct 27 -85 Nov
3,160
Do pref instalim't etc' 1'2538 Jan 2 155 Oct 26 111 Oct
2,175 Chicago & North Western 13512.14in 2 1641: Sep u 126 Oct
8185 Jan 11 216 Oct 23 185 Oct
Do pref
Chic St P Minn & Omaha 114 Feb 25 140 Aug 7 106 Oct
14
14012 Jan 3 165 May13 13713Dec
Do pref
33 Apr 3
Chic Un Irric etts stmpd
4 May18
1340ct
4 Apr IU
Do pref ctfs stmpd__ _
1434 May13
8 Dec
400 Cleve (In Chic & St L_-_
4712 J'nel7 62 Jan 15
48 Nov
fi518 Feb 19 98 Aug 12
86 Dec
10.620 Cop
21 • Feb 19 43/
loo
ragorede
f Southern..
1
4 Oct 12
17 Nov
3,520
5038Jan 2 0714 Oct 2.,
Do 1st prelet red
41 Nov
2.555
Do 3d preferred
3934 Feb 19 51)78 Oct .0
2913Nov
1,900
14113 Feb 10 17,/
1
4 Sep 14 12353Oct
ware & Hudson
700 I-relaware Lack & 1Vest- 420 Jan t. 540 May 8 36912Oct
320 Denver & Rio Grande
1414 Feb 19 3014 Oct 13
18 Nov
1,152 Do prr''
3914 Mch 2
du73 Oct 2
53 Nov
250 Detroit United __
3212 Apr 15 45 Oct 28
3134Dec
1,220 Duluth So Shore &Atian
1612
9
Feb
11
''ct 1L
6140ct
_950
Do pref
1134 Feb 13 28 Oct 12
10 Nov
49,950 Uric
12 Mch
32/
1
4 Oct 7
:214 Nov
1,310 1•=7 Do 1st pref
2433 Mch 4 4613 Oct 7
28 Nov
1,300
Dn In pref
16 Mch 6 3778 Oct 7
20 Nov
21,530 Great Northern pref.-- 11334 Feb 10 140 Aug 13 1071
/
40ct
4,451
Iron Ore
4813 Jan 2 89 J'1y29
37 Oct
71 whit; 7712 Apr 0
Green Bay &properties..W ,deb ctfA
75 Oct
;151.2 "Id"
Do
8 Jan 14 16 Aug 40
Ceb ctf 13
634001
*3134 3214 *32
3134 32
32
*31
425
20 Mcb39 3912 Sep
3214
avana Electric
3214 3112 3112 *W.
24120ct
*7834 88
*7834 88
*7913 88
120 I-1 Do pref
80
80 *80
85 *8012 65
470 Jan 8 8014 Oct 8
72 Apr
*83
00
90 *83
*80
90 *83
90 *83
Hocking Valley tr rects-. 62 Feb 10 130 May19
90 *8413 90
03 Nov
88 *85
*85
88
*85
88
100
85
69 Mc1119 85 May19
85 *85
88
88 *85
Do pref
64 Nov
18973 14014 140 14014 139 13934 13912 13912 13913 14114 7.185 I Ilinois Central
139 139
12213 Feb 11 196 Sep 10 116 Nov
*10
1013
978 10
078 10/
1
4
1312 Aug 1(
634Jan 4
978 978 10
1014 3,150 8-nterboro-Metropolitan
934 973
4780ct
21)
29
20
2912 2913 2934 28
4.570
2913
2912 2773 2814 29
1713 Feb 19 3814 Aug 10
Do pref.
14 Nov
24
2434 24/
1
4 25
25
25
2312 2412 2414 2414 2414 243s 2,260 Iowa Central
10 Feb 19 • 26/
1
4 Oct 21
912Nov
4212 4212 42
43
4314 *42
43
41
43
4312 4310 1,600
43
2712 Feb 19 48 Oct 13
Do peel
29 Dec
67
*65
46514 6514 *65
69
*65
69
67 *65
15
68 *65
C Ft S
M,tr ets pre 57 Aug 19 70 Jan 13
60 Oct
*23
28
29
28
2814 28/
1
4 2814 2812 28/2 2812 2812 2834 2,680 mansas City Southern- 18 Feb 25 29 Sep 10
18 Mch
*6112 62 *6112 62
6134 6134 6178 0178 *6112 62
62
62
300
46 Feb 19 6312 Sep 10
Do pref
95 Itch
*16
1713 *15
18
*15
1712 *15
18 *15
1713
18 *15
ake Erie & Western....
12 Jan 4 1938 Maylti
Nov
11
41
41
*40
41
*41
41
41
200 1.4 Do pref
45 *41
45
45 *41
34 May 2 45 May12
3934Nov
*38
42 *37
*37
45 *36
45
46
45
96 *37
*37
I one Island
30 Feb 6 47 Aug 7
26 Dec
109 10978 10012 11014 10914 11014 10912 10912 10834 10934 109/
1
4 10978 6.700 Louisville & Nashville.... 8714 Feb 19 113 May19
8512Nov
*135 139
13712 13712 *136 138 *135 138 *135 138
13713 137/
200 M anhattan Elevated- 120 Jan 4 13934 Sep 9 1007 Oct
1
4
*24
27
*24
28
*24
28
28 --- 1 1 etropolitan Street
*24
28 *24
26 *24
15 Feb 24 43 Aug 11,
23 Dec
Mexican Central
1413 Jan 2 2013 Jan 234
1234Nov
-rag 171171-2 1078 -1714 1678 1718 _3,650 Do Trust
4 17
1714 17 1112
1412 May 1 1734 Oct 21
Co certfe
3914 3812 3813 *36
3814 39
*3512 38
40
38
610 Minneapolis & St Louis
3913 *38
29 Mch 2 4.934 Oct 21
*76
*74
*77
85
80
78
85
*77
85
85 *76
*74
Do ore?
61 Feb 2i. 73 Oct 21 z6213Dec
*122 12314 *132 12' 14 122 12273 12212 123
122 12234 12212 123
1,900 Minn St P & S S Merle- 7914 Jan 2 126 Oct 5
90 Oct
*145 149 *144 149 *144 149 *144 149 *144 149
144 144
200
Do prof
12312 Feb 11 14913 Aug:A 110 Oct
3034 3073 3034 3114 3012 3034 3013 3053 3053 3113 3,500 8113 Kansas & Texas
17i2 mch 2 33/
*3033 31
1
4 Sep 9
2034 Nov
*62
6512 6413 0413 6414 6412 16412 6412 *64
Do prof
6514 6434 6513 1,450
45 Feb 19 6673 Sep 9
53 Nov
5612 5534 5614 5613 57
56
5678 56
56
5678 56
6638 8,850 Missouri Pacific
2813 Feb 19 6412 May20
44I Dec
*105 115 *105 115 *108 115 *108 115 *110 115 *110 115
14734 Jan 2 115 J'ly 23
IV ash Chatt & St Louis.
97 Dec
10534 10634 10514 106
10514 10513 10512 106
10512 10618 10513 10038 13.130 A
9(J1 Jan
Central & Hudson
11014 J'ly 22 289 Dec
*36
*33
*37
39
*37
39
39
39 *3512 39
3812
38
300 N Y Chic & St Louis2412 Jan 3 4178 J'ly 23
19340ct
*88 100
*88 100
*88 100
*88 100
*88 100
*88 100
90 Jan 14 102 May12
Do 1st prof
85 Nov
72
*67
*67
74
*65
75
25
47214 7214 *68
75 *70
73
60 Feb 24 75 6fay14
Do 2d pref
41 Oct
146 145 *14412 146 414614 14914 *145 14712 14578 146
1,059 N Y N Haven & Hartforo I2833Jan 6 147 Oct 30 12733Noy
14612 147
*4013 4118 41
411
41
/
4 4113 4034 41
4038 4073 1,890 N Y Ontario & Western
4034 41
2918 Feb 19 44 Aug 11
28 Oct
*7438 75
75
7514 7514 7514 75
7514 *7414 7514 7514 7533 3.600 Norfolk & Western
58 Feb 19 7578 Sep 1
56 Oct
*8013 83 *8012 83
*8012 83 *3012 83
100
8134 8134 *8013 85
Do adjustment pref._
74 11c1124 8213 Oct 5
70 Oct
14234 141338 147.34 14434 14434 14578 14312 14514 14314 14534 14614 14614 153.000 Northern Pacific
14834 Aug 13 100130ct
11678Jan
135 13533 13512 13614 13478 13514 134/
135 135
1
4 13534 13583 13633 8,050
Do subscrip recta
103 Feb 10 18633 Oct 30
9112Nov
*6812 7312 *68
72
76 *71
72 *71
72
*71
65 Sep 22 U343 Jan 14
76
130 Pacific Coast Co
75
56 Nov
*8312 8812 *85 100
*85 100
*88 100 *88 100 *88 100
90 May29 90 Maykti
Do 1st pref
265 Nov
*72
85
*7012 7310 *72
85
*75
90 *75
90 *75
85
Do 2d pref
79 Mch27 97 Jan 13
85 Dec
13583 12614 12614 12633 12633 127
126 12678 125/
1
4 12678 12613 12714 40,850 Pennsylvania
10834 Jan 2 12d 14 Oct 30 r10312Nov
*76
7812 *78
81
*70
7812 *76
80
82
100 Plttsb Cln Chic & St L
7934 7934 *80
59 Jan 7 7934 Oct 29
61 Oct
*95 100 *95 100 *95 100 *98 110
*95 100
*98 110
811g Sich 3 9814 Oct 20
pref
69120ct
13218 13278 13234 13312 13314 13438 13218 13414 13134 13338 13273 134 359,000
eaD
diong
9218 Feb 17 1571 Sep 18
70120ct
89
89
89
90
*89
89
*8712 90
89
83
700 I-td 1st pref
89
88
78 Jan 2 89 Oct 26
73 Oct
*85
8633 *86
86
*86
8613 *85
86
8613 *85
100
8618
3d pref
76 Jan 6 8312 Aug 1U
(37 Nov
1933 1933 1933 1912 1938 1913 9.200 Rock Island Company- 1013 Feb 3 2088 Oct 6
1934 20
1933 ..1-9-1-2 1914 20
1114Nov
4713 36,600
46
4534 46
4612 4533 4614 4633 4713 4583 4688 45
Do pref
2034 Feb 3 50 Oct td
2612Noy
*52
*52
- *52 .__ *52 -.- *52 ___ . *52
St L & San Fr 1st pref.. 42 J'ne24 6134 Jan 11
58 Oct
3014
2913
30
3012
3013
-2934
2934
1,i.io
30
*2912
34)
3012
2934
Do 2d pref
1914 Feb 19 34 May14
24 Nov
1914 *18
1914 *18
1914 *18
*18
1014 1813 1812
100 St Louts Southwestern..... 10 Mch 7 1918 Oct 23
1914 *18
1 Nov
4934 50 *4912 50 *4912 50 *4933 50
*4938 60
2412 Feb 19 50 Oct 28
*4912 50
300Do pref
25 Nov
107 10818 108 10812 10813 10918 1003 10913 10712 10833 10838 10912 197,360,
outhern Pacific Co
6614 Feb 17 110/
1
4 Sep 9
63140ct
*118 11838 11818 11814 118 1181s 11814 11814 118 11814 11778 118
1,967
10615 Jan 2 11:512 May13 100 Oct
Do pre?
91g Jan 10 23/
2134 2178 2134 2214 22
1
4 3210 2214 23
13,000 Southern v tr cfs stamped
2214 2178 2212 22/
1
4 Sep 10
10 Nov
6213 6312 *53
3313 64
54
53
63
5414 3,225
Do pref
53
5314 63
do
2512 Men b 55 Sep 10
2913 Nov
*21534 2611 2573 2614 2614 2614 2534 2578 26
1,740 'Texas & Pacific
26
2614 128
1234 Feb 29 271
/
4 Oct 14
1713Nov
2714 2778 2734 2834 2834 2834 2712 2814 2712 2818 21.33 3012 6.505 11- hird Avenue (N Y)1513 Meh23 47 Aug10
16 Nov
813 812
*7
812
814 814 *3
913
300 Poledo Railways & I.!
9
878 873 *8
1514 May 2
612, Oct 6
9 Dec
13012 3012 3034 3034 31
950 Toledo St L & 1Vestern3112 3112 3184 30
3013 *2912 3112
12 Feb 6 3134 Oct 28
1634 Dec
63
58
5814 58
900
58/
1
4 5833 5813 5813 *56
Do pref
5738 5738
68
33 Feb 3 6.12 Oct 5
2934 Nov
*90
92
90
PO
637 'win City Rapid Transit. 7814 Feb 7 9214 May19
9034 0034 91
9114 48934 Ms 8914 8914
6834Nov
• 16813 16914 16914 17012 17038 17134 17014 17213 16934 172
17258 17373 546,830
Won Pacific- ..,.
11012 Meb 2 1:3/
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4 Oct 30 100 Oct
• *8!)
8812 89
90
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2014 Apr 2 9134 Oct 3.,
9131 4.632 k.7 Do nref91
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89
'4,32
3334 3312 3312 *33
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33
34
33
32
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33
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15 Jan 24 34 Oct 6
101$ Nov
; 4734 4734 4734 4812 47
600
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47
48
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Do pre/
2712Jan 22 • 50 Oct 2
20 Nov
; *1238 1212 *1233 1234 *1213 1278 1233 1238 1233 1234 1238 13
1,652 IX/abash
634 filch 3 1414 May21
8 Oct
*2612 2713 2714 2714 2713 3734 27
13 Mch 3 2938 Aug 5
2713 28
27
Do pref
2714 2734 3,500 TV
141819ov
13
5 M.-1114 16 M,
*121, 14
13
! "prvia0,41
*1212 14
*1210 13
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6 Oct
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9833 993i
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90 *86
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4234 4234 43
4314 4234 4313 4234 4378 4234 4338 43/3 4388
3812 3812 38/3 3834 39
3914 38
39
3888 3834 3873 3873
*64
6812 *65
6812 *6512 6812 *64
6812 *64
6813
6812 *65
718 718
7
7
718 '414
7
7
718
7
713
*50
60 *50
60
*50
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60 *50
60 *50
60
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*27
30
30 *27
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30
30
2813 2813 2834 2834
10
1014
1014 10
1014 10
913 10
1014 1014 *9/, 1014
14218 14314 143 14378 14338 14414 14134 14334 14034 14338 1411
/
4 14334
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15712 15812 *116 15914 158 168 *155 16914 158 158
13833 13914 13013 13913 140 14013 114033 14038 139 139 *139 14013
*153 154
15438 15433 *154 15.5 *154 155
154 155
15412 15412
161 16112 16212 162/
161 161
1
4 161 16172 161 16112 1611
/
4 16214
*210 219 *210 220 *210 225 *210 220 *205 220 *210 220
*133 138 *133 138 *133 138 *135 133 *135 138 *135 138
*155 165 *155 165 *155 165 4158 158 *155 165 *155 165
*2
3
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3
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65 *53
54
53
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*93
99 *93
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99
4212 4178 4288 42
4178 4238 42
4238 4134 4214 4134 4233
6588 68
67
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6014 6634 6684 6634 6634 67
67
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5834 59
59
5914 5938 5938 5912 5912 5912 5934 5934 5973
*166 168 *167 17.0
16734 168 *167 169
16773 167/
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4 16712 169
*527 534 *527 534
634 634
53412 536 *520 635
534 53534
*28
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2913 20
29
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2914 12938 2038 2712 2313
*6713 70
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7078 7078 170
70 *09
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44
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16
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16 *44*1512 10
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2012 27
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2612 2673 2613 2613 30
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3038 3118 3114 31/
3114 3178 3118 $113 31
3173
*4384 4412 4438 4438 4412 4412 4412 4434 44
4413 4418
44
*3633 37
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8633 3634 3638 3638 35
3014 3633
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132 13234 132/
1
4 13314 133 13312 13238 13333 132 13314 13288 13338
61
61
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62
61
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5112 6278 6112 62
6134 62
•
nela
r
HU;hest
10814 Jan
10188 Jan
/
4 Jan
1331
122 Jan
991. Jan
834 Jan
8534 Feb
19513 Jand
6512 Rini
225 Jan;
56 Jan!
2712 Jan
69 Jan;
18 Jan!
79 Feb,
713, Feb
2617, Jan,
15712 Jan'
16513 Jani
141 Jan.
149 ...rani
205 Jan
Jari
v
234 Jat
170 Jan.
165
334 Id
17 J'1F
1
4 Ja
92/
1081. Jan
387g Jan,
6910 JIM'
5813 Jan
2271. Jan.,
610 - Jan '1
4278 Jani
8378 Jan,
8013 Jan4
1912 Janj
39 Jan.
4414 Jan..
7578 Ja
67 Jan,
18934 nal
85 Jail
75 Oct.
1412 Jan
47 Jan';
8612 Jan 1
114 .11IcW
94 Jan 1
172 Jan.;
39 Jan A
7514 Ja.121
287s Jan
51 Jan ;
80 Jan
3034 Jan
604 Jan
2812 Jan i
G710 Apr
671; Jan
1
4 Jan ,
145/
146 Feb;
107 Jan ;
2783 Jail
90 Jan
14014 Jan ;
168 Jan
4438 Mch,
7234 Jan
9234 Jan 1
147 Jan ;
13434 Jan •
631, Jan I
110 - Jan
9134 Jan :
189 Jan •
4833 Jan'
9214 Jan
9012 Jan
18912 Jan ;
134 Feb !
12418 Jan
76 Nov;
125 Mch
14133 Jan ;
78 Jan
10513 Jan
13913 Jan
92 Jan i
94 Jan
3018 Jan
6412 Jan •
70 Jan;
4838 Jan.
2512 Jan 1
6212 Feb ;
9614 Jan .
11818 Jan ;
34 Jan ;
9410 Jan !
8718 Jan ;
123 , Jan
29 , Jan
332,1 Jan
1
4 Apr
54/
10812 Jan
183 Jan'
68 May
62 Jan
7113 Jan
181, Jan .
881,Jan ,
949- Jan
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS
Ask
Banks
litet
Ask
Bid
Ask
BUJ
tianks
Hanover __ 475
175 imp & Traci 1552
:Far frying N Es 175
Jefferson $ _ 170
Ask
985
f;,;"
130
---.
Banks
Bid
Ask
Banks
aid
ASIC
Metroporn$ 13212 1671: Park
1...
ChaseaEx 1, 200
Mt Mort-1st_ 200
Fidelity $.... 165
ITO
310
180 Chemical - 415
9-25-- Fifth A9eil- 3800
175
- Phenix
E,iaza s.... .... 7, .... 1161
Aetna
3-_6H.
Mutual 11.- 285
300
Americas
-- fifth
230 550 Citizens' CU 1116
Nassau V__ _ .430
4326
610
1307
-. City
AmerExch 12.4
New Amst_
First
725
- Prod Exch$ 155
165
225
125 Coal & Iron 215
New Netli'd 21;2; - 21-0 - Seaboard... 343 350
Ilattety Pk_ 113
14th St 11
Colonial
Manhattan17
205
700
1316
*76"
5
335
.-- Fourth
¶...
Bowery" -. 320
15
30
5
aa
3
-rn
m
d
s
e
h
c
eo
Columbia 11.. 400
ilark't&Ful 1256
320 335
.'Ic
BronxBoro1 300
----. :
ew Yl?orrkl °
3-iii-00 Gallatin
.. ..300
-Bryant Pk $ 160
21CL-1- N'ht &Da311
M:c
260 State ¶....... 240
'
e: 2g11 . . . .
r(,a
11anntr
itiii - Commerc0 - 1171 1478 Garfield - 285
Consort'd14-5-- vl
117
(22 Germ Am 1 135
Butch & Dr 150
500
13212 19th War i
155
12th Ward I _ _
7.20
170 Northern -_ i:
185 Copper
Century V__ 17.)
1--E
--- Germ'n Ex11 47_5
i.i;
.
- ..2_7:6 23d Ward $ 6100- ;i
.f.
! 45
\le
500
3..0 - Germania $ 500
Chase
26' Corn Ex 1... 320
ns(:1.1. 415
ercilliaE
Jalon Earl, 17.3
412 ---. Oriental S.-....
ch,,th,,, _
0,0 315
I.:0,t Rlver_ 125
135 Greenwich 11 253 2-65.- Ictronolis 1 1 d
___ P0cIfic c..1State banks. a Ex-dividend and rights. 0 New stock. ,
9 Bid and asked r rces: no 5/11"9 sera made on tnis day. 2 Ex-rights. 1 Less than 100 shares.
1 Sale at Stock Exchange or at auction this week. 8 First installment paid. n Sold at private sale at this price.
Banks
B147
York
Banks
uE- IlgtK-::: M ......
STOCKS—HIGHEST AND LOWEST SALE PRICES
Saturday
Oct. 24.
[VOL. Lxxxvu.
.New York Stook Reoord—Conciuded—Page 2
1142
Monday
Oct. 26.
Tuesday
Oct. 27.
Wednesday
Oct. 28.
*812
9
9
9
*1712 19 *1712
18
*912
*912 10
10
2714 2714 274 27
5178 5214 *18
51
134
52
7'hirsday
Oct. 29.
912 *812 912
*1712 20
19
1014 *912 10
27
2714 2714
52
52 *51
Friday
Oct. 30.
*812
18
*913
2713
5134
Sates ot
he
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Suite Jan. 1 1978
On basis 01 100-share lots
Lowest
Highest
912
18
1013
2712
5173
100 Wheeling & Lake Erie_
412 Mch 7 1058 J'ly
220
1218 Apr 16 '2134 Aug 1
Do 1st pref
t, Feb '27
1314 May22
104) Do 2d pet
1,200 Wisconsin Central
1312 Feb 28 2912 Sep 10
4.510
33 Feb 19 5414 Oct 12
Do pref.
1 nrin strialk Miscellaneous
*181 ____ *181
____ *181
164 Jan 2 4200 Aug26
*181 -- *181
A dams Express
101114 1112 1133 1158 115,3 Iiii *1183 11-3-4 1113 1178 1134 12-1-3 --4-.568 11-Ills-Chalmers
5 Mch 6 1213 Oct 30
40
38
38
3914
3834
3713
38
38
3714
3978 7.700
14 Mch 6 40 Oct 2
Do pref
3558 3558 36
8014 8078 7914 8038 79
8014 7934 8038 129,842 A mahtamated Copper_
7873 80
4518 Feb 19 3358 Aug :5
, 7878 80
27
2713 2713 2734 28
2834 1,500 Amer Agricultural Chem_
*2712 2814 28
13 Jan 4 2912 Sep 15
*2634 2734 27
731. Jan 4 8534 Sep 9
88
95
49113 9113 488
9314 *90
*90
92
*90
9314 *90
39
Do pref 21
21
2114 2013 2013 2012 2012 2012 2013 1,400 American Beet Sugar
2034 2034 21
912 Feb 10 2475 Apr
82 *75
80
80
82 *____ 80 *____ 80
*75
80
100
*75
65 Jan 23 80 Oct 14
Do pret
618 658 *612 7
718 Oct 13
4 Feb 20
634 634
*e34 678
673 7
678 673 1.050 American Can...........
68
6713 6838 6713 684 68
6838 6.670
664 6638 6714 67
66
Do pre!
44 Jan 4 6978 Oct lb
4238 42
43
42
42
4212 4283 4278 42
42
4213 21,875 American Car & Foundry 2512 Feb 13 43 Oct 2
41
*102
1024
103
103
*101
14
10314
10314
*10112
10314 10314
10212 103
8414 Mch 4 105 Sep S
700
Do pref
3458 3478 3412 3638 3612 3712 21,7
35
35
3538 35
15
00
0 Angericaaiereotton Oil..... 2434 Feb 19 3712 Oct :0
3434 35
9292
94
98
*90
94
*00
*92
96
*93
480 Jan 16 93 Oct 22
*194
*194
205
200
205
iii5" itii" 4200
*190 200 *190 200
160 American Express
4170 Feb 2t) 4224 MaYll
434• 434
434 434
*434 478
5 Sep 2.>
234 Feb 26
510 American Hide & Leather
412 412 *412 434
434 434
24
*24
24
24
124
24
2414 2414 424
2434
260
• 1212 Mch 4 2514 Sep 2,',
Do pre!
23
2313 2434 2414 2458 2412 2478 2418 2458 2434 25
21
4,880 American Ice Securities... 1212 Feb ts 3178 Aug 11
12
*1018 12
41013 1103
*1018 12 *10
43 Mch 5 1312 Aug 8
*1012 12
10 American Linseed
*978 12
*22
24
24
24
25
24
*22
25
*22
25
25
17 Mch 5 2612 May14
200 Do pref
*22
314 Feb 25 5938 Aug 13
504 4934 5014 4934 5013 6014 5078 14,740 American Locomotive
5014 50
4934 5018 50
8512 Jan 3 109 Aug
10513 10512 106 1064 10613 10613 510612 10813
*105 104112 *105 1043
595
Do pret
*758 8
*758 8
853 Sep 16
3 Mch 2
*758 8
778 778
wi13 8
100 American Malt Corp_ _ —
*712 8
21 Jan 13 5118 Sep li
46
45 *44
4613 *4513 4612 45
45
4612 *45
46
500
*45
Do pref
8214 8134 8214 3,600 Amer Smelters Sec pref B
70 Jan 17 8418 Aug 7
8214 8178 8178 82
82
8178 82
82
82
9053 9114 9034 9214 9238 9358 9214 9434 9213 9334 9234 94 115,160 AmerSmeltIng & Refining 5513 Feb 17 107 Aug 7
8714 Feb 20 11038 Aug 5
105 10514 3,910 Do pret
10434 10478 105 10514 1054 10734 10513 10578 10478 105
180 Aug24 200 Apr 3u
100 American Snuff
*19012 200 *19012 200 *19012 200 *19012 200 4198 200 *19013 200
30 Met)23 9712 Sep 1,
*9312 97
*9312 97
*9312 97
*9313 961: *9312 97
*9312 97
Do pref
28 Sep 29 3714 Aug 11
31
30
31
3012 31
*3012 31
• *2912 30 *29
31
31
760 Amer Steel Found (new)_
2618 Feb 14 43 J'IY 30
*38
*38
48 *____ 48
48 *____ 48 *____ 48
48
*38
Do old pref
13258 13314 ,33 13313 13214 13378 13234 133
13218 133
13214 13278 4,000 American Sugar Refining 9334 Jan 2 13134 Aug31
105 Feb 18 129 Aug 0
*127 132 *126 132 *128 132 *128 132 *126 130
12813 12812
Do pref
200
1204 12673 12673 127
127 12718 127 1274 12634 127
12678 1274 4,610 American Teleph & Teleg 101 Jan 6 13134 Sep 3
*9212 93 *9312 94
9334 9378 9312 9334 9334 9378 1,450 American Tobac(new). 121 7212.1an 2 9712 J'ly 17
' *9312 94
1512 Feb 17 2634 Aug 12
*2212 2413 *2213 2413 23
23 *2234 2414 2213 2212 23
700 American Woolen
2313
9 94 Aug 4
73714 Feb 10
$2
9113 §91
91
*90
*90
Do pref
9112 9112 9112 9138 9138
9134 *90
210
$5012 Aug 7
Feb
4638 4638 4634 4534 4638 4558 4638 4534 4638 23,350 flAnacondaCopper Pas325
4513 4618 46
318 318
315 318
3
314
3
318
8
34 1,300 dliatonilasliining Par $20 8212 Jan 23 $5 Meh26
*3
314
12 Jan F.; 2434 Aug 7
22 *21
2134 *21
2217
*21
2214 *21
200 Bethlehem Steel
2134 2134 2214 *21
35 Apr 8 55 Aug 7
*4618 51
*4618 51
47
47
*4613 51
*4613 5012 *47
100 IN do pref
5013
Brooklyn Union Gas_.__ x85 Feb 21 146 Sep 15
*138 142 *138 142 *138 142 4,,36 140 *137 142 *137 142
1414 Oct 28
6 Jan
1212 1212 1258 1234 1234 1378 1334 1414 1378 14
1334 1378 3,650 Brunswick Dock&C Imp
410 Feb 7 425 Jan 15
120 Butterick Co
*20
*20
2112 21
21
22
*20
521
22 *21
21
21
1613 Feb 10 3038 Aug II
1.500 Central Leather
25
2412 25 *2413 25
25
2434 2434 2434 25
2434 25
7634 Jan 2 99 Sep 4
636 kJ Do pref _
49612 9612 *9512 9612 *9512 9612 9612 9612 59612 9612 9678 9678
1558 Feb 11 3734 Oct 23
3738 3614 3738 18,510 Colorado Fuel & Iron
3653 37
3738 3612 3712 36
3633 3738 37
2038 3.600 Col & Hock Coal Sc Iron- 1434 Men 6 24 May19
2033 20
*19
201,
2 1978 2038 20
2078 1034 2014 20
96 Jan 3 35413 Sep 9
144 14413 14214 14434 139 14238 13934 14313 144 14618 23.772 Consolidated Gas(N Y)
144 144
1034 Feb19 2012 Aug1,
700 Corn Products Refining
18
1712 1712 *17
1712 1712 1733 1738 1753 1758
*1714 18
56 Jan 2 80 Aug 43
Do pref
608
7212
7413 7312 7312 731.2 7358 *73
*73
7412 *73
74
74
4713 Oct :6 4514 Oct 20
4,20
140 Crex Carpet
50
*47
4814 4814 44712 4712 *4712 50 *4712 50
*47
49
Distillers
'Securities Corp 2714 Feb 19 1812 Aug 5
3018 3038 3°12 31
3014 3014 3018 3034 3012 3078 *3018 31
Federal Mining & Smelt'g 7513 J'ly 15 94 Aug 10
90
*79
81
90 *70
*79
85 *79
90 *79
*76
85
59 Feb 10 3834 Aug 7
pref
Do
250
85
*81
85
*80
85
*80
• *80
85
*80
85
*80
8412
Federal Sugar Ref of N Y 55 J'ly Is 6812 J'ne2u
7312 Feb 3 100 J'ly 7
Do pref
iii"
16); *9-- —12 W9112 144
;65" 'Vila ;ii- lit; i‘ii- 16; ;51 14312
111. Jan 2 14812 J'ly 23
1.350 General Electric
143
143 143
14313
14334 144
14312 144
*140 144
7834
Jan 2 10913 J'ly 30
Granby
102
Cons
M
S
*96
101
&
P__
_
*95
*98 103
*95 102 *95 105
*96 102
*5112 5312
200 Int Harvester stk tr et's 52 J'nell 6912 J'ly 10
*5312 54
*5312 54
*5312 54
54
*5434 5534 54
1(9 J'ne 11 106 Aug 3
10414 10414 10414 10434 10478 10478 10414 10414 104 10478 1,350 i Do pref stIc tr Ms__
4105 105
6 Oct 26
*6
C3.1 4.400 nt Mer Marine stk tr ctfs
9 Mayll
*6
7
*578 7
6
6
614
6
*614 7
16 Feb 25 2334 May 7
Do pref
1873
1834 *18
400
1873 1878 1833 1812 *18
*18
1914 *1814 20
8 Apr 3
1214 Jan 13
914
914 933
9
912 1014 9,600 International Paper
933 912
913 913
*9
912
47 Oct 1 65 Jan It
Do pret
5212 5212 5212 5312 5213 5278 5218 5314 2.400
52
*5012 5212 51
13 Jan 2 3034 Oct 2:
2973 3012 15.650 Internet Steam Pump
2912 2913 30
2938 29
2938 29
2873 2953 29
65 Jan 10 3312 Sep 2
8058 80
Do pref
8114 80
81
2.300
8012 80
8012 8014 8014 80
80
52 Feb 25 76 Oct 16
73 *73
7412 73
74
1,000 Mackay Companies
*72
74
7312 73
*7212 7312 73
Do pret
5978 Feb 26 7014 Oct 36
745
6934 6934 6978 6978 6938 6933
70
6958 608 6934 70
*67
68 Jan 3 92 Aug 4,
8913 8913 *8918 91
89
8978 1,300atIonal Biscuit
8912 90
8958 8934 90
*88
Do pret
_ *118 ____
102 Jan 2 120 J'ly 22
__ *118 __.*118
200
118 118 *118
*10712
712 Feb 14 1213 Aug 13
300 Nat Enamel'g & Stamp'g
10 1-4 1014 1014
*914 012 1014 -10 10
11
*10
1034 *10
470 Feb 25 §80 Jan 18
77
*75
77
*75
Do pref
*75
77
80
*75
80
80 *75
*75
36 Feb 10 92 Aug 7
13.450 National Lead
848 8318 8438 8234 8314 8212 84
*8314 8312 8314 8414 84
8712 Jan 0 105 Aug 4
10314 104
Do pref
10312 10312 *103 104 *103 104
400
*103 104 *10314 104
478 5
434 473
3,200 Newhouse M & S_Par $10 1438 Oct 22 $073 Jan 20
434 5
473 5
478 5
434 434
7712 1,880 New York Air Brake
50 Jan 2 3314 Aug31
77
7914 77
79
78
*74
77
774 79
*74
77
4213 Mch 5 6634 J'ly 23
6514 6534 6538 6618 3,100 North American Co, new
6614 6578 66
;6438 6438 6512 6512 65
24
Apr20 3313 hich24
2513
2612
2534
Mail.
26
pacific
25
26
26
2614
26
2.400
*25
25
2518
eople's (3 L & C (Chic) 80 Jan 2 9734 Aug 11
9638 3,650
9638 06
9618 96
*9534 9612 9612 9612 9578 9612 96
812 hich17
1438 hlay19
1012 1013 1013 1013 *10
11
11
11
11
300 Pittsburgh Coal Co
12 *10
*10
3613 Feb 14 48 Aug 10
*4013 43
4034 4034 *4034 44
*4013 44
44
Do pref
200
*40
45
*40
1714 Feb 10 3612 Aug10
3353 34
3334 34
3312 3312 3378 3414 3.145 Pressed Steel Car
34
3312 34
33
69 Jan 3 x9714 Aug 1,
95
*93
95
*93
95
95
95
95
Do pref
495
*93
181
95
*93
147 Jan 3 16812 J'ly 29
16534 16534 4166 166 x16414 16412
770 Pol,man Company
*163 16412 16412 16478 165 165
3814 3814 3818 39
2334 Feb 8 4638 Aug
3914 4014 3938 40
4014 41
i Spr ng
4,450 Rallr:
38
38
75 Jan 29 10018 Sep 2
99
*90
*90
99
99
99
*90
99 *96
94) *90
*90
1434 Feb 11 2538 Aug10
24
23
2418 2458 24
2438 2418 2413 13,700 Republic Iron & Steel__
2213 23
*2212 23
63 J'ne 19 8212 Aug 10
8014 8114 81
Do pref
8178 81
8111 4,612
7934 80
8138 81
*7812 80
6714 71121 7013 7212 70
7231 16,650 Qloss-Sheffield Steel&Irn 36 Jan 2 7034 Oct 30
7212 72
67
65
6514 66
600 `,./ Do pref
10414 1064 107 10714 108 108 *207 10814
8712 Jan 1 lt 8 Oct 23
*101 10414 *103 104
-1033 4533 4638 52,300 ifennesseeCopper Par$26 $2513 Feb 17 847 Oct 28
454
58
46
4434 4578 4558 4633 _ici
4412 45
70 *68
70 *68
70
1113 *68
'rexas Pacific Land Trust 45 Feb 11 7213 Aug 26
73 *68
*68
73 *68
713 71,-..............100 Union Bag & Paper____
9 Aug:3
4 Feb21
4473 Jan 6 64 Aug18
iino pref
_iij8 _ii _
------ ---- "iiiig ..iiii8
25
26
2,000
25 U
uS Cast 1 Pipe & Foundr
2413 2413
1712 Feb 26 20 May 18
2578 /3
.78 -2ii3 14-3-a
/0
70
71
470
79
7014 7012
972
5638 Jan 2 7878 Aug 10
Do pref
*65
70
*65
71
*65
20 tinned States Express
90 *75
*73 • 90
90
70 Feb 18 90 Jan 6
*80 5,134/ *75
80
*80 100
480
5312 5312 5312 2.000 (1 S Realty & Improvem't 3614 Feb 5 5534 Oct 13
*5212 5312 5312 5312 5V4 5312 5314 5312 53
10
*8
1514 Aug 8
*8
150 U S Reduction & Refining
10
4 Feb 21
9
10
*8
9
10
*8
*8
10
29
*25
28
16 Feb 10 39 Aug
28
28
200
*25
Do pret
28
*24
*24
28
*24
28
3312 1,500 United States Rubber... 1734 Feb 10 3712 Aug 7
3313 3312 327.3 33
33
34
34
34
33
33
34
49918 9934 9913 100
7e Feb 19 10234 Aug 7
1.103
Do 1st pret
10013 10012 99 100
*99 10012 *99 100
68 *6612 70
42 Feb 21 74 Aug 7
25
46612 67
*68
Do 26 pref
68
70 *66
68 *63
*62
2534 Jan '2 4838 Oct 28
4738 4813 235,124 United States Steel
4814 4758 4838 4713 48
4733 4734 4734 4818 48
11038 11078 11012 1107s 19,235
3:712 Jan '2 11213 Aug31
Do pref
11018 11012 11014 11034 11022 11034 1104 111
4412 4314 4358 4338 4378 6,050 '1Utah Copper... Par $10 20 Jan 2 64012 Auglo
4311 4312 4373 4334 4412 43
43
33
16 Feb 27 3418 Oct 6
3.400 Virginia-Carolina Chem
3214 32
32
3212 3238 3233 32
3212 3134 32
32
x8. Jan 2 112 Oct 21
Do pret
150
11113 11112 *110 11112 *110 11112 411118 11118 *110 111
*111 112
6112 6112 *60
62
63£_10
___ .0_ Virginia Iron Coal & Coke 43 Jan 7 65)3 Aug 8
62 *60
59
58
58
*57
59
4260 Feb 13 300 Oct 5
Wells Fargo & Co
_ _ *300 -___ *280 __ _. *280 ___ _
*295 -__ _ *300
*295
5912
950 T V estern Union Teleg.... 41 Feb 19 62 Sep 10
6013 *5912 6018 5912 5912 59
8014 6014 6014 6014 60 -8112 82
38 Mch 11 8914 J'1y 22
8234 10.600 We5tingh'5eEl &Mfg assen
8114 8234 81
8114 83
80
8233 83
81
58 hf8024 100 Oct 10
100 100
*98
tso 1st nref
991. 9912 9912 *98 100 *98 100 *97 100
500
*8
912
i 5171z 1712
914 914
28
*27
5114
' 51
*8
18
*313
2714
52
N
,
prter
j.
474_4
Range /or Previous
Year (1907)
Lowest
Highest
0
13
8
11
28
1634J-711,
3734 Jan
2134 Jan
2573 Jan
5112 Jan
Oct
Oct
Oct
Nov
Oct
4150 Aug i330 J'ne
1678 Jan
Aug
4334 Jan
14 Nov
14134 Oct
12178 Jan
10 Oct
2533 Jan
75 Oct
95 Feb
.131 n Jan
734Nov
75 Mch
80 Jan
712 Apr
3 Oct
34 Nov
6012 Apr
4514 Jan
24380ct
Is Oct
103 Jan
21 Nov
3012 J'ly
70 Nov
111) Jan
175 Oct
247 Jan
614 Jan
212Nov
3012 Jan
10 Oct
88 Jan
818001
1914 Jan
6380ct
30 Jan
16120et
7534 Feb
3214Nov
83 Oct
11112 Jan
4712 Apr
212J'ne
17 Nov
40 Feb
9318 Jan
60 Oct
581414 ov x155 Jan
8134Oct
11733 Jan
206 Jan
150 Oct
470 Nov 102 J'Ile
Jan
20 Nov
925 lice
x106 Nov
88 Oct
60 Oct
11 Oct
68 Nov
$2513001
$3 Oct
8 Nov
23 Nov
W Nov
6 Oct
27 Oct
1178Nov
68 Nov
14 Nov
14 Dec
74 Oct
8 Oct
46 Oct
131. Jan
133 Jan
9834 Jan
3612 Jan
10278 Jan
30234 Feb
3918 May
2012 Jan
to Jan
125 May
141', Jan
491; Jan
40 Feb
102 Feb
5778 Jan
2838 Apr
14014 51
, al1
2434 Jan
88 Jan
26 Dec
50 Oct
4/ Oct
42 Feb
76 Feb
8912Oct
60 Oct
78 Feb
163 Jan
97 Jan
0212 Joe
100 May
163 Jan
152 Feb
--412o-c-t10 Nov
712Nov
61 Nov
8 Oct
60 Oct
40 Oct
50 Oct
68120et
90 Nov
618Nov
§76 Sep
33 Nov
80 Oct
$5 Dec
4712Dec
37 Nov
19 Nov
70140ct
7 Nov
37 Nov
153881ov
64 Nov
13614 Nov
21120ct
72 Nov
12 Oct
50120ct
26 Oct
80 Oct
617 Oct
42 Dec
4 Oct
11334 Nov
17 Oct
49 Nov
70 Nov
30 Nov
512Nov
1814 Dec
1312Nov
62 Oct
39 Nov
217, Oct
7913 Nov
$13 Oct
1233Nov
75 Nov
31 Oct
'250 May
54 Dec
82 Nov
en Dec
81 J ne
24 Apr
1812 Jan
81 Feb
41 Jan
81 Jan
7514 Jan
71 Jan
8614 Jan
11738 Mch
1538 Jan
87 Feb
7614 Jan
103 Jan
$2034 Apr
14112 Jan
8924 Jan
4112 Jan
9868 Jan
1618 Jan
6068 Jan
57 Jan
9978 J1111
18113 Jan
6712 Jan
• 991. Feb
41 Jan
100 Jab
7734 Jan
4107 Jan
$5332 Ilich
85 Jan
818 Jan
61 Jan
4912 Jan
89 Jan
§111 Jan
9012 Jan
3014 Jan
68 Jan
5212 Feb
10973 Jan
784 Jan
6038 Jan
10734 Jan
13912 Meh
3938 Jan
108 Jan
97 Jan
300 JIb
86 Jan
154 Jan
4160 M's
4712
11112
Feb
BANKS AND TRUST COMPANIES—BANKERS' QUOTATIONS
Ask
DUI Ask
Ask
Trust Co's Bid
Atilt
Ask
Trust Co's Bid
Banks
trust Co's Bid
Trust Co's Bid
N Y City
Mut All'net.
Brook.yn
Fifth Av Tr .. — 425
. 145
Brooklyn
nroohlyn 'Fr 390
Bankers' Ti 440
460 Fulton __ _ 24-0
-.2-_-- NY Life&Tr 162-5____ 4.(8chanicsij . _ 250
_
400
.. _ montauk __ 1-40- 145
Howrg Gen 325 340 Guar'ty Pi_ 475
500 N Y Trust_ 515
_-_-... citizens' .... 115
123
135 Guardian Tr 1175
42-i Nassau __ 240 270 irwaY Tr-- 110
--- Standard Tr 3'25
-__ Flathush __ 5200
2-_-_- •
206
1-30 TitleGu& Tr 395. 4-05 Franklin __ 180
lt7
Hudson ,_ 120
Nat City_ 280 324) Carnegie __ 160
275
---- 110
__ Hamilton _ 260
- IinickerbIkr ____ 300 Tr Co of Art 300
North Side'', b --- 175 Central Tr- 1700
110
100
213
Columbia._
2-2-2- Law T I derr 20 ,
- -. 145 People's_
. Union Trust t 1050
150
_ Home
455
155
37-5 45) prosp,c3F-qiii 140 f6-6 Commercial 145
1-7-5- US Mtg &Tr 340 360- Kings Co... 435
1 Incoln Tr_ 165
_ 13.4 corn'wealth ____
r..rrair,,i ii_
275
— 125
211
35 ‘tanhattan_ 35f) 400 Unit States_ i 1127 _ Lafayette
130 Unlonlf____ 174-4; 110 Empire ..: - 35,1
110
Mereantfie _ 750
800 VanN'd'nTr 250
265 ,. Isi L & Tr 2-60- 270
175
160
110
,25
Equit ble Tr 360
_.... Metroportn 505
--.. Washington 400
"trust Co's
__ Nassau
280
N y ow
175
101
Farm Lo&T 1125
---- Westchester 135
--- - Morton Tr.. 425
1-4-5 People's _ _ 270
100
80
4 15 435 Astor
195
dellty
___
F,
205
__. Windsor
310
140 IV illiamstrg
Mutual __ 105
300
130
* Bid and ask
,
'd Peres 110 sales en this day. ç Less than 100 shares. I Ex-rights. b New stock. c Ex-dIv. and rtil ts. it Now ittated dollars per sllare.
Sale at Stock Exchange or at auction tabs week.
Trust Co. certificates 11 B tnks marked with a paragraph OD are State banks.
Banks
New York
Wash H't3 li
West Side 11
Yorkville 1.
Brooklyn
Borough 11_
Brooklyn ¶Proadway 1,
nest
Hillsidet 0ome Bk fir
onlesteadl
anurac'rs
Bid
Ask
230
500
400
-.--
.-
--
New York Stook Exohange-Bond Record, Friday, Weekly and Yearly
OCCUPY I NI: FOUR
BOND:,
N.Y. STOCK EXCHANGE
Waal{ Esonin OcTorocit 80
t. t
Price
Friday
Oct 30
Week's
Range or
Last Sate
44 4
-
Hiali 6.o
Ask how
(it
U. 5+. 4:tivt_e
Bid
4 1031
/
4
/
U S 2s consol registered41930 Q-J 103'2104 1031
1114 J'ly'08 .•••
If S 28 consul coupon...41930 Q-J 104
4 Sep '08
/
k19l8 g-P 1004 10034 1011
0 S 38 registered
k1918 (4-F 101 1(1134 10034 Aug'08
U 38 coupon
1(17 J'ne'02
S 3s tog small bonds k1918
101 12 Feh'08 -••
15 S 33 con small bouds k1918 -F 100.2
1926
F 1204 121 12088 Oct '08 -••.
U S 4s registered
4 sop'08
/
1221
11)25 0-F 122
U S 4s coupon
4 Mar'08 •- -•
/
U S Pan Can 10-30 yr 28.k19311 Q N 1024 10234 1031
Forelan Government
Imperial Japanese Governm't
4 3s.
/
901
1025 F -A ; 90% Sale 90
sterling loan 412s
4 45
/
891
8918 Salt: 8834
1925 .r• J
48
/
20 series 41
1
8114
(1012
4
1
/
80
1'131
J-J
Sterling loan 4s
102% 1021
4 1()234 6
/
Remit)or Cuba Is exten debt..
*
941
4 Oct '08
/
981
Il 8 or 31 exico s f g Is or 1809
9432 Oct '08
1954 .1-D 93 04
Gold 48 ot 1904
7 hese are pr ices on Utd asis
State and City Securities
1920 J -J
98
111 Mar'02
Alabama curr tund 48
1924 F• A 110
117123
'116'
Dist of Columbia 3135e
0i'
07
105'. Deo'04
boilistans new consol Is 1914 J -J
New York City,206
1957 M.N 11138 Sale 111% 1117
4s
/
New 41
4 Oct'08
/
1041
1917
New 412s
4% Corporate Stock 1957 M-N 111% Sale 111'. 11172
/
41
4 Oct'08
/
10.11
1917 eri-N 10414
4% 1188,-,1011t. bondm
1
4/
10212
1957 M-N 102 Sale 11/2
4% Corporate Stock
New York State-Highway
Aug'08
110
S
M.
.....
4s
Improyern't
19014 Apr'07
08
North Caroltint consol 48 1910 •
126 Mar'07
1919 A-0 114
Os
12(1 Mar'00
102
1033 J
So Carolina 412s 20-40
95 J'ly'08
4
/
4141
Tenn new settlement 36 1913
4
/
911
92 Oct '08
J
Virginia fund debt 2-38-1091
3712 40
*
37
88
.t8 deferred Brown Bros otts.
4
/
371
BONDS
N. Y. STOCK EXCHANGE
WEEK ENDING OCTOBER 30
Range
Since
January 1
10312104'.
104 1041
4
/
100 101 76
10034 102
4
/
101 11 1011
L181212214
l2034 12312
4
1
4 103/
/
1031
fi5
9112
8378 90%
81
75
10014 10514
96 101
901
4 941
/
4
/
of $5 to /.
105%112
4 10434
/
1011
105 112
102 104 1,
101% 102%
109
110
96
94
98
90
2 43
/
'221
Railroad
A lamina Cent See So By
is bit Midi See At Coast Line
Alliany& Suso See Del& Hutt
Aiiegiteny Valley See Penn it It
AlLeg (A, West See Bull It & P
65
2 78
84
8312 84
84
/t1905
Ann Arbor 1st g 4.8
.172 9578 1011
4
/
1003
Arch T& S Fe-Gen g 45.1995 4-0 10038 Sale 100
951210!)
09 Oct '08
1995 A-0 88 100
Rest'stored
4
941
4
/
951
15
4
1
/
95
83
915's
Sale
Nov
41995
Adjustment g 4s
86 Apr'07
41995 Nov
Registered
4 03
/
821
08
411195 M-N 93 Sale 92%
Stamped
4
/
4 50' 8534 1001
/
4 sale 981
/
4 1001
/
1'155 J -1) 10(11
Cony 548
4 105%
/
4 Sale 1041
/
4 105% 422 941
/
1917 J.1) 1051
10-year cony 558
96..4 Mai'08
4 0612
/
961
Debentures 4s Serie811 1010 F-A
9812 N.)004
1911 F-A
Series I
94 Noy'06
1913 F -A
..
Series K
9() 951
98
4 98
/
East Okla Div 1st g 48..1928 M-S 118 Sale 98
97
97 5(37 115
Short Line let 483 P recta .... 9634 Salo 96
AAA Knox & N See L .N
We '24 80 96
Atlantic Coast 1st g 45.414152 M.S (1412 Sale 944
4
/
(3harles & Say lat g 7s..1930 .1-J 1291
4
/
111 12 124
12388 J'ne'06
Say If & W 1st gold 68..1934 A-0 1231
112% Jan'04
1934 A-0 108'
1st gold 5s
11488 Nov'05
Ala 3Iid 1st gu gold 58 1928 41-N 108
09 t. Mar'06
94
13runs & W 1st gu g 48 _1938 J -J
6 74
8874
88
L & N coll g 4s
o1952 M-N 88 Sale 8634
4
/
4 931
/
94
931
0312 Sep'08
811 Sp Oca &G gu g 4s _1018 J -J
Atlantic & Danv See South Ry
Austin & N W See Sou Pacific
04,4 44 90 941
4 Sale 93%
/
4
/
Dalt& Oluo priorlg 310.1025 3.3 941
90 Alir'03
8912 00
414125(4-J * 9134
Registered
3
01 02 9612 102
99
41948 4-0 1)9 038 99%
Gold 48
4
/
001
95
4.1'13°
/
951
41948 Q-J
Registered
120 Oct '01 -•.•
Pitts J uno 1st gold lis...11/22 .1 • J 100
. ..
90 Oct'08
PJun & M Div 1st g 31281926 31-N 88
0(1
11 87
90
9612 1)5/
4
1
1/6
PLE& W Va Sys ref 4811141 31•N
2
/
Ill% Sale 911
0188 11 8334 921
4
/
flouthw Div 1st g 3128...1925 J •
89 Oct'06 ••.• ......
41925
Registered
4 leb'07 •... ......
/
1051
Rouen Itiv let gu g 5s..1919 -A 102
4
/
109 Apr'06
48..1930 3-8 981
1
Con Ohio R let o g4/
10034 J'ne'07
01 Lot & W eon 1st 558 1933 4-0 107%
1121
4
/
4 801)'08
,
.1-1)
108
1084 11/
1114
g
1st
River
63
1930
Ohio
10034 109
109 Sep'08
General gold 5s
1937 A-0 102'.
119'2 Mar'04
Pitts Clev Tol ling Os 1922 A-0 101)
8814 Oct'07
4
/
031
......
Pitts & West 1st g 4s 1917 J -J
IOU Nov'04
Stilt 181 By 1st gu g 412s 1948 J -D
that Creek Ob S See Mich Cent
Beech Creek Bee N I C & H
Belley di, Car See Illinoia Cent
Bklyn & Montauk See Long 1
Bruns & West See Atl Coast L
Buffalo N Y & Erie See Erie
4 J'ly'08
/
1131
108 1131
4
/
Buffalo 11 Se P gen g 5a 1937 M-S 11434
1014, Mar'08
1957 M-N 104
48
/
10112101'.
Consol 41
98 Dee'l)7
Ali Se West lst g 43 gu 10118 A-0 1)9
103 J'ly'08
103 108
01,6 Mali let gu g 58- 1943 J -J 1083s
114 1191
4
/
11912501)'08
Hoch & Pitts let g 6s 1921 F -A 11114
4
/
117 Mar'08
117 117
1922 J-0 1221
Consol let g Os
Buffalo & Southwest See Erie
87
4 91
/
89 Oct'08
871
Bull & Snag let ref g 4s41951 JJ
BurCR&N SeeCRI&P
2 108
/
38 107%111
1913 J-J 108 Sale 1071
(Ian So lst ext (33
2 (35 0812105
/
1021
4 102
/
1913 M-8 103 1021
Vi2d 53
10034 May'07
1913 M- S
Registered
Clarb & Shawn See Ill Cent
Carolina Cent S'ee Seal) Air L
Carthage& Ad SeeN Y & H
Ced R Ia & N Nee BOR&N
Con Brands lty See Mo Pao
114 Sep'08
Cent of Oa RR let g 55..2)1945 F-A 115
4 47 14,14
/
Consol gold Is
1045 11-N 110% Sale 110% 1101
Registered
113 Apr'06
1945 81-19
55
78
lat prof income g 5s....p1945 Oct
04 Oct'08
65
713
73 J'ly'08
65
65
Stamped
46
54
'4u plat income g 5s....p1945 Oct
45 Oct'08
lit%
PA(114'Price
Friday
Oct 30
Week's
Range or
Last Sale
Range ‘i
Since k
January 1
High No Low Jiig16
Btu
.481. how
Cent of Gs Rlt-(con)
45 Oct'05
44 53
46
28 p. et income tr Is stamped
41
40
40 Sale 38
7 27
Dl prer income It bs....pl945 ,)ct
40%
34)1
4 Aug'08
/
38
27
3d pref income g bs stamp° .
2
/
8911
Feh'08
2
893
89%
88
-11
.
3
48.1911
Chats, Div pur mon g
4 1047e
/
1001
1(143'ne'08
Mac & Nor Div 1st g 513.1946 J •J 104
115 Nor'03
Mid Ga &
Div 5s....1947 J •.1 100 12
......
103 Dee'07
4
/
1940 J -J 1071
Mobile Div let g 58
92 1064
106 103.-4 Oct'08
N
;en 1411 & B of tia col g Is 1937
4 81 117 126%
/
4 Sale 125% 1261
/
'Sent of N J gen'l gold 56.11)87 J -J 1201
121 Aug'05
120%122
143'.
41987
Registered
11012 Oct '1)5
107 110%
Ant Dock & Imp go 58..1921 J -J 110%
......
be & Bud R gen tat g 5s 19211 J.J 10438
101 Oct '0:116 101
Leh & Wilk8 B Coal 5s..1912 31-N 101
4 100%
/
081
g1910 Q-M 1004 101 1002 100%
Con ext guar 41
4s
/
10.1
N Y& Long Br gen g 48 1941 11-S
:en t Pacific See So Pacific Co
88 May1ECentVermont 1st gu 948.611120 Qar
Chas & Say see AtI Coast Line
105 Sep'05
102 105%
4
al911 A-0 102,
Cites & Ohio gold Os
110
36 1071
4116%
/
1931) M-N 116 116% 116
1st consol g 55
Deo
10112
'07
117
M-N
Registered
4
/
4 102.2 103'. 11 Ms 1031
/
M-8 103 1031
General gold 412s
101 May'vo
......
s * 99
Registered
0214 17 8012 924
3.33 92 Sale u1
81c Sandy 1st 45
Feb'uu
112
493(12: J -J 108
Craig Valley 1st g 58...1499)4
SPJ
4 011
4 100
/
99
9 J •J
"2
It Se A Div 1st con g 4s..1
11
931,
qk
4
/
1.131
89
20 consol g 48
1981) J -J
1134 Vet)'05
Warm Sr Val 1st g 5s 1941 M.S 103
9)8
Sep
1/5
95
95
'40
31-ri
Greenbrier By lst gu g ts
7712 I() 11734 78
2 Sale 76
& Alt RR ref g 3s 1040 A-0 71,
4
/
7131
60 764
761* slue 74
Railway let lien 3126_11150 J -J
,
it
80
Ma)
'05
Registered
1950 • J
4
/
100 Oct 118
97 1001
Chin Burl & Q-DenyD4s 1922 F-A 100
97 11/1.
General 4s
1058 M.S 100% Sale 100% 101
86
4
/
021
4
/
921
52
92
93
4
/
9•21
3.3
Illinois Div 3124
8034 J'ne'ob
8634 86%
1-3 90
Regmstere
97%103
J-J 10234 dale 102'. 10234
Ills Div 48
4 106
1
111434 Oct '08
104./
Iowa Div sink fund 53194
_ 919
9 A-0 105
10(1 Oct'08
96 101
A-0 100
Sinking fund 48
'08
Oct
4
/
1021
2
/
1021
102'.
11814
M-N
Nebraska Extension 48 1927
919
111174
101% Out'OS
4101%
/
1011
Registered
1927 M-N
4
/
110 Oct'07
......
Southwestern Div 4s
1921 /.1-S 951
Joint bonds See Great North
4 Sep'08
/
1021
9714103'.
Debenture 58
1,113 1,1-N 102%
10134 Oct 'uti
10414195'.
Han & StJose,onsol 63 11111 /41'S 111434
Oct '08 ... 821483
85
83
82
3.3
Chic& E Illref & itopg 48 19
4
35
115
125
Aug'08
123
.... 122 122
4-0
lat eonsol g Os
4 1 1061
/
4
/
4 1161
/
41161
/
General oonsol 1st 5s
1937 31-N 116 117 1101
4 Felf0t,
/
1151
1937 11-N 115
Registered
4
/
107 J'ly'08 •--• 107 109%
Child & Ind 0 By 1st 58 1930 J -J 1121
Chicago & Erie See Erie
130 1304 130 Oct '08 .... 1174 130
Ohio In & Louisv ref Gs 1947
108 Sep NM .... 106 108
1947 J-J 109%
Refunding gold 58
101%
10234 Aug'08 .M O0 11).2%
J
J.
Louisv N A & Ch let 6s 1910
104 %Sep '08 • •• 1034 106
Chic liii & St P term gl5s 1914 J.J 105%
4 13 100 10314
/
1034 1031
4 10234 1031
/
General g 48 series A..e1989
4 Sale 1031
/
1031
4 1013' lb 10318 1031
/
4
/
el989
Registered
91% 35 854 9188
91%
11188 1
General g 312s series B 01980
1154 Oct 415
Chic & L Su Div g 5s....1921 J-J 1105
112 Sep 'V ..
10 112
Chio & Mo Rix Div 58...1926 J -J 112
4litay'l/8 .... 104 10434
/
4 104 1041
/
10 J -J 1031
119921
Chic & Pao Div 68
110%
Ill
'2
111
4
/
108881111
-J
J
Ohio & P W 1st g 5s
i ......:4 10 14 10131
y:tO
4
/
8eip
7..44
06
13
Dak & Gt So g 5i3
1916 J -J 10634
Far & Sou fowl g 6s
1924 J -J 12814
'08
Oct
....
a
.,
:
108'.
Iii
iifil;
10312
-J
J
Hast& D Div 1st7s
1910
101-'. Apt'uzi .... 101%101%
J -J 102%
lat 5s
4
/
108 .8 May'ob .... BM% 1081
LaCrosse & let 5s
910 1.3 10914
1919
Sale
8
1027
102% 10270 7 100%10274
J
-J
Mineral Point Div 58
1910
103% Oct '08 .... 0014 104%
So Minn Div let6.
1910 J -J 10378
31
09
10
t ........ lu
ll 4
t:0s
Oeop
,4 s
%
2;
00
1,
Southwest Div 1st68.-1909 .1-3 103
eic Minn Div g5s
1921 J-J 11034
4 105%
1
4
/
105% Apr'08 .... l05/
Mil & No lst
L 6s
1910 J-D 101
1 11
48 ....
1
,0/
0838
40elt10
,.8
1
7/
5%
J-D 11012111 110
let consol Os
1 18
4
/
9'1
Chic 63 Northw cons 7s
15 (.1-F 1171
93
19
99
93 J'ne'08 .... 99
Extension 4s
1886-1926 Bs- A 1004,
4
/
981
'08
Apr
....
4
/
981
4
983
F-A
Registered
6
1)27
1880 08
93
0434
11434
9434 3 89
1.1-N
4s
/
General gold 31
89
83 Aug'08 .... 89
Registered
p1087 Q-F
4 11111
/
4 May'06.... 1071
/
1111
Sinking fund Gs...1870-1920 A-0
4 110
1
110 Augq)8 .... 108/
1879-1929 A-0
Registered
4
/
10912 J'ly '1)8 .... 105 1091
Sinking fund 5s 1879-1920 A-0
0
1
Nov:
0434
,2
.........,
1
4-0
1879-19211
Registered
Oct
4102%
/
1001
1909 11.-N
Debenture Is
1004 J'ne'llb
10(112101'
/1 M-N
2
11,919
Registered
16834 Oct 'OS
105 108%
A-0
Debenture Is
1()J J'no'U7
1921 A-0
Registered
ll/8 12113%
1 88.1i 1113
23
193
g fund deb Is
Sinking
107 109
H/11 J'ly 'lib
11)33 M-N
Registered
ob
M :u
10134 1021
1013
:4°
1:
,10134
13
4 10
/
3 M.
1910
North Illinois 1st 58
10138 10138
101 Oct'08
Ott C F & St Paul 1st 5s 1909 M-S 10078
118 119%
111/34 Aug'06
MU L Si* West 1st g 6s 1921 M-N 121%
110 1131
4
/
4
/
4 J'ly'OS
/
1131
Ext & Imp sfund g 58 1929 F-A 1131
4Feb'024
/
1421
Ashland Div let g 613 1925 M-8 1.23
0
4 Foh'08
1
5/
18
12
1924 3.3 123'.
Mich Div let g 6s
101) Sep 'WI
11)11 M-N 104
Incomes
4
/
,4..t.
.
.
...... j
.
-0
11
1
g1,4
0
7 J-J 1161
Chic Rock lel & Pao Os. 1917
1121
4 115
/
4 J'Iy'08
1
112/
J•J 114%
Registered
991/4
90 12 Salt 11918
General gold As
1988 3.1
8
,s
0
7
961,
y'
lidas
974
97
12
,,i,
6
8
6
,
Registered
1988 J -J
834 894
1934 A-0 8719 Sale
Refunding g 4s
'04
J'ly
1/7
M-N
•••
......
trust
SeriesH 48 1910
Coll
9:sNov'06
..........
...........
11,1152
J 48
9 M-N 934
4?!JO1/an'07
M-N
111 48
•
P•
93 May'04
..........*
M-N
1010
N 48
9034 Feh'07..........
04.
1917 A-N
84 Aug'07
P48
1918
73
.ii;i * Yiti
Chic B I & Pao RR 43 2002 81-N 7234 Sap, 72%
65 Aug'08 .... 624 63
Registered
2002 MN
74% 13 591
4 77
/
Coll trust gold 58
1913 11-8 74% Salt. 744
But Cod B 48 Northern116% 11638 7 106 11634
Con 1st & col tr g 5a 1934 A-0 116.2
i
A-0
Registered
v:01
ax
hio
21 N
11912
CRIF& NW lstgu 56.1
934 A-0 104%
1921
...1
M & St List gu g 78 1927 J-D 127
HISCEI,LANFA US BON Cos.-Continued on Next Page.
Street Railway
Brooklyn Rap Tr g 58
1948 4.0
1st refund cony g 43
2002 3.4
Bk City 1st con 53.1010 1941 J -J
Bit Q Co & Scongugb3 1941 M-N
Bklyn (in El let g 4-54 11150 F-A
1950 F.A
Stamped guar 4-53
1949 F-A
/Clews Co El let g 48
1949 F-A
Stamped guar 4s
11111 I
Nassau Eleo gu g 48
48'51 J.J
/
Conn IV& 1,1st& ref g 41
1951 I Stamped guar 41
48
/
Den con Tr Co 1st g Is 1933 A-0
46 1932 J -J
/
Det United 1st con g 41
liayana Bloc consol g 56 1952 F-A
1,116 A.0
Enter-Met coil 4 128
Inter Rap 91.` 3 yt cony 08.1911 MN
Intermit Trite colt tr 4a 1949
Manila Elea let & coil 58 1953 MS
No Drum Friday: iatoot price this
91 102
9$ Oct'03.
4 77%
/
7478 242 651
74%
9978 102
102 May'08
4
/
8 921
..• 92,
4 91 Oct
/
102 1041
'OS.43 9312102
100% Sale 9934 10088
1 98 10212
100
100 100
4 81,2
/
811
4 Sep'08
/
811
83
2 77
82
4 82
/
8138 821
80
4 0 75
/
771
4 Sale 76
/
771
05
95
95 Mar'08
8
98,
01312100¼
1001/4
4 Oct '08
/
1001
95 J'ne'lle
69
70
75
70 Oct'08
86
1 86
94
86
91
86
,
601231(8 4978 697
8834 Sale 05
.
101 1011
10]'. 41 100 1017
4 101
/
05.2
...... 64.1
4 631
/
4 631
/
4 20 00
/
08 May'06
......
week. aDue Jan d Due Aur e DUO may
09 101
7434 Sale
Street Railway
78
79 Oct'08.... ea
Met St By gen cot tr g 58.1997 F-A
524 62% Oct'08
2002 A-0 52
Ref g 48
90
99
100
Bway&7t8Avlstoglis 1943 1-0
95 Oct 198
95
9
Col& ilthAv let g-u g 54.1993 U-8 93 95
96
98
4 98
/
Lex Av & P Flat gug 581993 31-8 951
60
58 60
Third Ave RR con git 48 2000 J -J
Oise
50
4 Sale 58
/
4
1
(9/
591
Cent Tr Oo cortfs stmpd...
101 1041:
Third Ave Ry let g 68..1937 rj 105 110 106 Oat'09
9312 J'ly'06
Met W 8 El(Cluts)lat g 48.1938 F._4
90.2 Sep'0
...... ...i.
N Or' Ry & Lt gen 412s. 1933 J-J
1034 Oct'06--i4
St Jos By Lt H & P 1st g Os'37 11-N
98
4 Nov'01$
/
1101
St Paul City Cab con g G8.1937 .1-J
..i()
..I i
*.
8 M-N
940
Underground of Lou 5s. 1192
4 15 70
/
731
1933 .1.3 73.2 Sale 72
48
1
4/
4 221
/
4 24 20
/
2212 Sale 211
Income 6s
1 84 1 ,
84
84
:6
Union El(Chic) 1st g 58 1945 A.
2 69
73
73
78
United Rlts San Fr 8 f 48.1927 A-O*
1
76 0 .:
79.4 Oct'08
United Rya St 1, let g 48.1934 1.3 80 51
Option
Nov
s
Due
p
Oct
oDas
re
ly
Due
&Due
.kug
0 Due J'no
t3 10
911% S
,
4
sar
1141
BON lir.
N. Y. STOCK EXCHANGE
WERE 12/40414o OcrottEn 30
New York Bond. Record-Continued-Page 2
krace
kriaay
Oct 30
Weev's
Range or
Last Sate
Range
Since
January 1
BON Ds
N. Y. STOCK EXCHANGE
WEEK ENDING OCTOBER 30
4
22.
s.
[VoL. Lxxxvix.
.1-.rece
loridav
Oct 30
Week-'s
Range or
Last Sale
Range
Since
January .1
8-9
hid
Big!) No Low High Erie-(Con)
Ash Low
Chic Rock i & Pao-((Jon)
..43k Low
High Ni tow EOM
1
4
102 Ang'uS
Choc ok & U gee g Ss.01910 J •J 102/
1041
/
2104-s
N k Sus & W let ref 58 1037 J • J 102
105 Sep 2
105 105
Consol gold Sc
1952 M-N 108 110 109 Oct'08
109 109
2d gold 41es
193'7 F -A
1004 Dec'11,
1922 A-0 97%
*93
Keok & Des 2.1 lst 5s
Sep
1011
/
2
98% 1011
/
2
'WS
General gold 55
1940 F-A
95
134',, Oot
89
114
011ie St L & N 0 See 111 Cent
Terminal let gold 5s 194
40
3 M-N 11212
110 Jan '08
110 110
Chic St L & Pitts See Venn cc,
Regis $5,000 each 1943
Ohio St P 11 & (.) con Os 1930 J -D. 12978 9ale 129% 129% 2 121 1297
,
Mid ItItof NJ lstgOs 1910 A-0 101 4
101 Oct 2)8
101 102%
/
25 1930 J.1) 93
Cons 65 reduced to 31
113 Dec'Oa
Wilk & Ea let gu g5s 1942 J-D 9912
102
102
00 102
Ch St P & Minn 1st g 6s 1918 1.11•N 12034
1274 Aug'08
124 127½
v& led lateen tru g 68-1926 J -J 111
11034 Aug'08
103 113'4
/
2
Nor Wisconsin 1st 6s 1930 J -J 1271
12934 Mar'.04
Erie & Pitts See Penn Co
St P & S City let g 6s 1910 A-0 116
116% Aug'08
/
2
11E0.211712 Evans ifts T /I let cons 6s 1921 J.) 1111
112 Jan 'OS
112 112 .
Ohio& West Ind gen g tisql1/32 (4-21 113%
112% Oct'08
i 12 113
1942 A-0 100 104 102½ J'ly'08
let general gold Sc
1)6 103 •
9538
Consol 50year 4s
1952 J..1
9434 Sep'08
01
9514
Mt Vernon let gold (i6 1923 A•0 102
114 Apt-'05
Chic & W Mien see Pere Marq
Sail Co Branch 1st g 53 11)31) A-0 874
95 J'ne'08
115
1)5
Choc & Gulf Eiee OKI& P
j.,`argo & So See Ch M Ai St P
0111 II & Li 241 gold 44s 1937 J.J
113 42e.,.'00
..
V lint & Pere M See Pere Mar
N .96
Oin 1.) & 1 1st Ku g 53 1941
102
ue'07
Fla C& Pe= See Sea Air Line
Find & Ft W
g u 4s g.'23 21..N
105 Mar'Or
Fort St U 1) Co let g 4125.1941 J •.1
Cin 1 84 W let vu g 48.1953 J •J
70
70
70- Aag1/2
Ft W& Den 0 let g 6a
1921 J -D 115 11512 114½ 1151,, 42 104 1154
/nd Dec & W 1st g 5/1-1935 .1-J
88
90
91 Aug'08
90
91
83
83
83 Oct'yr
Ft W & Rio Gr let g 4s 1928 J • J
74
85
let guar gold 5s
1071
/
2 Dec'02
......
1935 .3-3
ial Har & S A See So Pac Co
OIStL&C seeUCC 8E1.
Tat H & H of 1882 let 5a.1913 A-0 .-- 9812 96 Sep 2)8
96
96
OinS&0 'See C St Ir
Georgia & Ala Sce Sea A Line
Clearfield & Malt See B It & P
(1a Car & Nor See sea A Line
974 12 92
99
• Ote'v Cm 0412 St L gen g 4s 1993 J.0 97 Sale ,97
Georgia Paoitio See So Hy
96
96
96
98
Cairo Div let gold 482_1932 J -J
96 May'08
/lila (.1& Nor See So Pac Co
961
/
4 952, (lourV&
954
94
954
Cin W& Zd Div lat g 48.1991 J • J
Oswegat See N V Cent
3
4
90
96% Grand Rap & Ind See Penn RR
961
/
2 971
/
2 96 Oct '08
St L Div let col tr g 4a 1990 51-N
91 oc:'07
Registered
Gray's Pt Term See St L S W
111114, Ude
98 15 Sale 97%
92
1)4
• 92
1)2 Feb-08
984 170 9214 100
Ut Nor-C B& Q coil tr 4s 19
Spr & Col Div let g 4s 1940 sl-S
921
21 4
J:JJ
92 ..- 98 Sep 216
116%
06%
Registered.
W W Val Div lst g 48-1940 J • J
02,1 08
105 Jan'04
Greenbrier Ry See Ches & 0
01 St b& C consol 6a 1920 21-2 10334
0514 994 Gulf & St lstref & tg 5s 51952 J•J
100
8 Oct'08
093
119,
96 Oct'08
let gold 4s
.141936 (4•11
93
05
117 ()CC '08
121
97
RegisteredF
96
Li an & St Jo See C /I &
k1936
1004 1061
/
2 L ousatonic See NYNR&
10(34 Sep
Cfn & CI con 1st g 55-192t4 J.J 107¼
114
114%
'02
Sep
114%
106
1061
/
2
10641064
1151
/
2
Hock
Val latcense'g41-28.11199 J -J
000 /1;0 1 comae'7s
26 08,910041
1914 J -I/
I00 Sep'
Regiatered
Conaol sink fund 7s
1914 J
1001210012
120 1213
120
98% Nov221
120
j 9512
Col & it V 1st ext g 4s-1
.15--0
General e,onsol gold 68 1934 .g.j 125
9)
199
42
......
147
99
J'ly
1)43
Col & Tol let ex 48
Registered
1902 F- A
1934 J -J
96
96
94 J'ly'06
114
96
;Roust E & W Tex See So Pae
inc B1 & W let pret 48 1940 A-0
Roust& Tex Cen See So Pac Co
0 Ind & W 1st pt
4.4-J
93%
133%
85
DA
102½
Ang'08
92
114
/
2
1021
I Ilinous Central 1st g4a 1951 J-J
102 1034
Pee & East 1st con 48-1940 A-0
35
60
4012 Oct'08
101
/
2
107% Ap:
I- Registered
Income 48
11151
1990 Apr 401
924
92 Aug'08
Clay & Marietta See Penn Rh
let gold 312s
9134 92
1951 J -J
1113
4
Aug2J8
9134
Registered
Olav & Pitts See Penn Co
91% 91%
1951 J-J
5,2
69
554 584
. 68
89 Nov22)
Extended let g 31as
Col Midland let g 45
1447 J J
1451 A-0 5934
96 110 82
96
1'5 ¼ 4alt 95
70 bet '04
let gold 3s sterling
Colon/di & Sou let g 4s 1920 F A
1951 121-8
51)6
73
88.3„
871
/
2
128%
8814 bale
102 Aug'ur
Coll Trust gold 48
Rotund & eat 41
/
2s
1952 A-0 119
1935 M-N
102
08 May'.,.
Registered
Coltun & ureenv See So Ry
1952 A-0
102 102 Sep 'Or
L N 0& Tex gold 4s
Col & Hock Val See Hook Vat
1953 21•N
984 102
97 Mity'4.2i
Regieterea
Col & Tot See Hock Val
11/53 51-N
9912
1024 Jan '07
Cairo Bridge gold 45
W
Ool Conn Jo Term See N
1950 J -D
884 Oct 2).8
8812
85
LoutsvDiv&Term g31243 1953 J
Conn & Pas Rive 1st g 443.1943 A •0
t39‘;
or" 91
91 -Apr'08
123 maY'120
Middle Div reg 55
1952 J -J
......
Cuba RR 1st 50-yr 5 g
1921 F-A
781
/
2 Apr'06
Omaha Div 1st g 3s
ag as t so re4 CM & St P
1961 22 A
76/
4
marub
St LOME Div&term g 35 1961 J • J
alias a* Waco See M K &
74'4 764
79'2 80
Del Lack & WesternRegistered
1901 J -J
11414 113/
1I72$ Sep'08
1
2
89/2 Oct'08
8912
Gold 34s
Morris& Essex let 7e 1914 211-N 117%
794 804;
1961 J.J
1194
Oct
208
1197
8
11841201
/
2
1915 J
-J
let cense' gnarls
Registered
...... .
127 J'util.)5
.
118%
1915 J
894
ri
Registered
Spring
Div 1st g 48_19
951 J -J
1)5
.
2000 J -D
Western Lines let g 48..1951 12A 100
let ref gag 3's
116
4
1242
4
1241
122
/
23
124%
2
1
3'08
J-D 112
1:
:
2
9:
37
Bellev et Car 1st 68
71)3
3
N Y Lack doW lst 68-1921 J •J
4:
:
o
k
A
O
Ia
c
e
u:
°ti
c
::0°1 1
1923
4
UV
O
112
112
1 10985 112 4
97 Sep '08
l)5'
1923 •A 1114
Curb & Shaw let g 4a 1932 M-8
Construction 55
97 100
102
7 974 102
Chic St L& N 0 g 5a 1951 J-D 117 12
Term & improve 46- 1923 M-N 102 sale 102 Feb'03
/124117 ;
100
91)
3
4
.1-1)
Registered
Warren list ref ga g 340 2000 F.A
1951
Apr'08
121
12
1211;123
Gold 3125
Del & kind 1st Pa Div 75 1917 51-S 1224
8814 Feb'07
1951 .1-1)
......
149 Aug'01
J-D
1017 ‘1•s 1194
Registered
Registered._
102
38 98½ 102
1943 M-N 10174 gale 102
J -D
100 Diar2/3
let ref 4s(wh
100 1110
Memph Div 1st g4s 19
95
5
1
44 9412 102%
1916 J-1) 101 Sale Wu% 101
115
98 J'Iy'u
St L Sou let gu g 45
10.yr cony deb 4s
118
98 ;
1931 21-s
97 Mar'08
96
97
1922 J -J 1024
Ind Blea West See CC; do St L
let lien equip g 4 12s
96
97
97
98
13
1946 A-0
J-J
9134 11838 Ind Ill & Ia let g 45
95
93 Apr'08
98
95
Alb & Sus cony las
95
1284 Feb -08
1281
/
2 1281
/
2 Int & Great. Nor 1st g 6a 1
101 109
Rens Jo Saratoga 1st 70 1921 M-N 130%
1911/
95° M-N 104 110 106 Oct'ub
81 Oct'08
bs)
70 901$
2d gold 55
Del Riv RP. Bridge See Pa RR
1909 34-S
96
97
Oct
'08
89
97
60 Oct '4)
3d gold 48
Deny & R Or 1st con g 48 1936 J -J
1921 SI-S
118 Jan 'Or
1/3
1930 .1-J *1024
1)8
10014 110
Iowa Central let gold 53_1938 .3-i) 101134 110 10934 110
Consol gold 44a
10034 15 94 100%
10034 Sale 100
751
/
2
7612
754 76
70
Improvement gold 5s 192r
78
Gold 48
1951 M-8
148
Feb'11:97
98
Jetteraon itR See Erie
Rio GrJuno 1st gu g 56 19311 J -D
76 Dec'06
1940 J • J
Rio gr So 1st gold 4s
it al A & G R See LS4,21 r
85 Mar'08
1940 J J
85
85
Guaranteed
Man Jo Mich See Tot & 0
93
93
10 834 93
92%
J •J
KC:2164*M SeeStL&SF
Rio(Sr West let g
75
75
75 14 76
70
76
Mge and col trust 4sA.1949 AU
If C&M It&B SeeStb& F
Jan
'U2
97
a1917
A-0
gu
g
48
Cent
1st
Utah
Kan C & Pacific See M. K & '1
72
721
/
2 72
09
Kan City Sou let gold 3/1-11150 A-0
74
Des Mat & Ft l) See .31 af St 1.
110 Sep '04
63 Oct '00
Registered
195( A-0
Des Mot On Hy 1st g 58 1917 N1-1\1
Mar'427
011
92
J
lien
g
4a
1111/5
-D
Kentucky Cent See L & N
Det & Mack 1st
b0 12 Atal'Or
92
.80..•UI; Kook et Des Mo See 0 R 183P
1995 J -.0 88
Gold 4s
Knoxville & Ohio See So By
Detroit Southern•
84
84 Oct'Or
112 Sep 'Or
7734 84
1001
/
2112
ake Erie 84 W let g 53-1937 .3.J 113
Ohio Sou Div 1st g 4e 1941 1.4.8
1121
/
2 1124 4 102 1121
1032,Oct '06
/
2
11/41 J -J 103 12
1.00 1031
/
2
2.I gold foi
Dul & Iron Range 1st 541-1937 A.0 112'a
1061
/
2Mar'or
1064 1061
/
2
1937 A-0
105 Oct'or
North Ohio let gu g 63_1945 A-0 104
Registered
105 1054
1916 J -J
L She & Mich S See N X' Cent
2d 6s
Leh Val /2 Y 1st gu g 44a 1940 J • J 10834 Sale 1084 10834
10212108¼
Dul Short Line See Nor Pao
107%109
108 Oct 2.8
Aegistered
1940 J -J
108 103
Del So Shore & Atl g 65_1937 J -J 10812111 108 Mar'08
93% J'ue'ut3
Lehigh Val(Pa)cons g 48 2003 .21-8
8712 96 •
Limit ot Dlinn See St P M
Len V Ter Ry 1st gu g 56 1941 A-0 115½
108 11712
1174 92P 'yr
1.2ast Ten Va & Ga See So Ity
106 12 May'08
1064 10612
Registered
I01/12,ta 2/1,
......
1941 A-0
Elgin J ol & East 1st g 543 1941 m22; 10834
Leh V Coal Co 1st go g 58 1933 J -J 1084
107 1222y'or
/0() 10734
Elm Cort & No See Leh& N Y
99luMar08
99 105
Leh & N Y 1st guar g 4a 1945 21,-S
1947 M-N 102
1154 97
ifts% 97 May'ur
Erie 1st ext old 4s
1044 Apr'08
101½104i5
1919 5.1-S 105 14
Registered
1940 51-S
2d ext gold 68
11323 Jan'06
99 Mar'08
93% 10041923 ivI-8 1014
• C & N let pf 6a
3d ext gold 445
1914 A-0 102
104 May'Or
104 100
105'4 Jan'00
1920 A-0 105
Gold guar 5s
°CT4
j A-0 98%
4th ext gold Ss
97
118 Oct.'08
08
98
Leh .12 kind R See Cent
192s J -D
!Meat gold 4s
122
1 117 1221
/
2 Leh & Wilkeeb h'ee Cent of N J
1920 .21-S 123½ 126 122
let consol gold 7a
120 121
121 Oct 'Or
1920 51-S
Leroy & Caney Val See Mo P
let °ousel g land 7s
874 874 86%
8714 10 80
90
Long Dock See Erie
Erie let con g 48 prier-1996 J -J
711 Jan'08
79
105 1121
79• Long 101'41-1st con g 52.51931 (4-J
/
2
1124 1124 Sep'08
Registered
1996 J -J
74 Sale 72%
74 125 55
74
934
51931 Q-J
1st consist gold 4e
tat °onset gen lien g 4a 19116 J •J
851
/
2 Feb'07
8314 94
1938 J-D 964 974 4)4 Sep '08
General gold 4s
Registered
1996 J -J
824
102 Nov'us,
824 •
821
/
2 20 67% 84
1922 M-8 9014
Ferry gold 41
/
28
Penn coil tr g 48
1951 F.A
994 001'06
73% 54 43
74
•.....
1932 J •D
(10141 48
1963 A-0 72% Sale 724
50-year cony 42 A
6434
924 Oct '08
65
651
/
2 140 40
1
2
651
/
2
81
,
0M
m 8 92/
194
94
1)312
U tidied gold 4s
do
Series 14_1951 A-0 64
115 Aug'02.
116 118
Debenture gold Se
1934 J -D 105 103 110 J lie2)4
Butt N Y& Erie let 70-1916 J -I) 116
115 Oct'OS
97 Sale 13/34
108½ 116
1/7
90
Guar ref gold 4s.
97
Chic & Erie 1st gold 56 1982 .21-N 115½
11612.1an 215
Bklyn & Mont lat g 04-1911 81-8 102
Clev & Mahon Vat g 56 11)32 r • J 14.17
981
/
2 Apr'08
984 981
1004 Oct'Us
1911 M- S 101
/
2
100½ 1.0014.1
lst s
Jett RR 1st gu g 5a....a1900 A-0 100%
128 Sep '08
121 128
1102/Nov2W
N Y13& .51 B lateen g 55 11130 5.0 11)2
Long Dealt conaol g (I8 1936 A-0 124%
125 118 Sep'06
......
11 lat g sis
105 Apr2)".
192751-S
......
• Y&
Coal& RR 1st cur gu 66 11)22 8%-12 •
106 Mar'08
106 106
109 Nov'Ou
......
Nor Sh13 lateen g gu5so11)32 Q-J 100
Dock & Imp let cur 6s-1913 .1 J
100 Feb'08
100 100
98
100
98 Apr'08
98
Louisiana & Ark lat g 53.1927 51-S
N I & Green L gu g 5s.1946 81 N 105
0.11.
...
•
-••
•-
.....
D
1:
•
-•
.
•
•--•
-•
•
anscELLANEOUN
tItiNi1.4--uontinueta on
ex' L'age.
• Gas and Electric Light
Gar and Electric Light
Atlanta L Co let g 58_1947 J -D
Lac Gas LotSt List g 55.51919 Q-F 1024
99 103
102 Oct'OS
13klyn U Gas 1st con g 55 1945 M-N 107
1004 107
101 101
9212107
Ref and eat 1st g 55
1934 A•42 IOU 10012 101 Sep 218
119 139
Cony deLien (Is
140 136 Oct'08
Milwaukee Gas L 1st 45_1927 M-N
5 894 95
1909
93
1/5 Sale 95
Buttalo Gas ist g 08....._1947 A-0
57
57
57
E L & P g 5s 1948 .3-0 102%103 10214 1021
/
2 3 88 1021s
6 64
COL,
Y
88
Conaol Clas cony deb 643
147 114 103 1543
75
Purchase money g 40-19411 F -A
1909 J • J 14612Sale 140
r54 r6-14 8.1 Oct'On
;
Detroit City Gag g Os
1431
/
21004
/
2 Oct'08
Ed El HI 1st cony g 5a 1910 M-8 101 102',, 101 12 1(41'-. 8 481230:
11321 J -J 101 102 1001
1011
/
2 108
Del Gas Cocoa 1st gifts 1918 F •A 101
9888 Sep '08
98% 98%
let consel gold Os
1995 J • J 1118 12 110 107 12 Oct '08
81/
89
Edk.111 beeN Yti&ELkl&P
NY&Q El 1.40P 1st eon g5s1930
8.1 Aug'02
01
95
96
66
......
96 Mar'06
EqU L.N Y 1st eau g 06-11.132 M-S 101
10378 Nov'06
N Y & Rich-Gas let g 6e1921 M-N
614 001.'01
Llas& Elec Berg Coo g 543.1949 '34)
Pat & PasU & E con g 50.1941) M.8 9712
104 4 Nov'05
107 4115
8212
/
2
8212 821
Eien Electric deb g 31-26-11142 FA
70
83
80
Peo Gas & C 1st con g 66 1943 A•0 117
115 J'ne'08
1/4 1034
10-yr g deb 5s
1917 J-D 12534 Sale 1254 12534 13 10622129
Refunding gold Os
1047 51-S 10212102½ 10234 1022
28 104
10734 Dec'00
104
4)9
fir Rap (.3 L Co lat g 55-1915 F -A
Oh(1.L& Cke lst gu g 53 11137 J -J 10374 105 104
95 103 ;
102 J'ly'08
1014102
Hudson Co Gas 1st g 65_1941) M-N 1034
ConG Coot Ch 1st gu g 5823(I •13 10234 103'-, 02% 102%
92 100 '
IOU Aug'Ut•
Kan City(Mc.)Gas 1st g 58 1922 A-0 95 ..... 91) Deo'06
Sin Fuel Gas 1st gu g58.1947 21-N 102
L & P g 58-11)37 A-0 101
Syracuse Lighting let g
Kings Co
'3.1) 974
103 1114 Trenton U & El let g 56-1941) M.b
Purchase money 68
2997 A-0
111 Sep'08
110 May'05
10112104
83
90
88 Sep'08
Ed El 11 Bitn leteon g 48 1931 J
Westchester Lifcht2r g 58.1950 J -D 103 14/7 103 J'Is"05
85
asked
thi
s
week.
a
Due
olti
and
Jan
.20. price Friday; latest
5 Due vet/ el Due Apr antic May It Due J'ly ic Due i.ug o Due oct q Due Jeo Within sal.,
New York Bond Record-Continued-Page
OUT, 31 1908.]
itiM11.•
N.Y.STOCK EXCHANGE
WEEK ENDING OCTOBER 30
r
441
Price
Pridav
Oct 30
week's
Range or
lAtet Sale
P
Range
Since
January
BONDS
N. Y. STOCK EXCHANGE
WEEK ENDING Ocronsu 30
3
-a
Pries
139taan
Oct 30
1145
1Veek's
Range or
Last Sale
Bangs
Since
&'.:41; January'
Bid
High No Low High N Y Cent & H R-(0entinued
Ask Low
Bid
Ask Low
liigh No Low
- 120 1191
/
4 119... 2 112.68 12u
Louisa.& Naahv gen g 66.1930 J -D
Gotiv& Oswelstgu g 5s 1942 J-D
......
1937 M-N iii.
11(178.T'ne'08 ... 110.2 11078
Gold 55
M-S
Moh
&
4,6_1991
985,101
gu
g
Mat
1st
98 ktu'08
9S
98
99% Sale 9914
1940 J -J
9938 61 95 100
Unified gold 4s
F.
95.
3
8
NJ June
105 Oct '02
tat 1st 48...1986
1011
/
4 J'iy'00
971
/
2
1940 J-J
Registered
92 102
N Y & Harlem g 312s-2000 MN
964
Oct
'0..
UOV.
961
/
4
1041
/
2
A-0
1910
105 J'ne'OS
Sink Itind gold (is
105 105
N Y & North 1st g 5s...1927 A-0 105
1071
/
2 Aug'08
10741071
/
4
1931 M-N 1071
103 Aug'08
/
2
:Coll trust gold 5s
102 105
N Y& Pu let eon gu g 4s 1993 A-0 96
100 Sep '08
100 100 1
/
4 Sale 96
901
5-20-yr col tr deed g 48 1923 A.0 961
/
4 26 88
961
/
4
N
vionre&
CrM
ee
ok
ntre
gn
ang
r6
56
3
.
.1
1,
91
36
2 A •0
l7rtg
1919 J -D 11234
111 Nov'07
E H & Nash lat g 6s
118¼
J
-D
107
Nov
'07
1071
/
4
104 Mar'08 .... 1031
L Cin & Lex gold 4'28-1931
/
4 104
It W&0con latext5a.A1922 A-0 109% 110S41110% Oct
122
1930 J
122 Oct'08
N 0& M 1st gold 68
115% 122
Oswe & R 28 gag 5s...e1915 F-A 102
195 Jan
105 105
1930 J •J
120 122¼ Max'06
N 0 & hi 2d grad 68
11 Wes0T R 1st gn g 58.1918 M-N
1071
/
4 Aug'06
Pensacola Div gold els 1920 M-S
Rutland 1st con g 41
. 103 Sep 'ob
/
46_1941 J -J
16
103 i
109
1921
M-S
6s
117
gold
Div
MaY'07
lat
....
L
St
......
Og&LCham 1st gu 4s g1948 4.2
82
881
/
4
63
1980 M-S
6272 Aug'07
2d gold 38
8
86
414 88
9
81e6
0 °
Ac
utgU
I"b
Itnt-Caned 1st gu g4s.1191
qi41417 J•J
b
85
90
94
941
/
4 27 a
94
Atl Knox & Gin div 4s 1955 M-N
941
/
4
St Law & Adir 1st g 5s.1996 J -J
112 122 Jan'06
-13
.1
106
591940
g
1st
110
Knox
& Nor
ti
J'ly 06 ....
20 gold (1/2
l'25 Feb'08
A-0
125 125
Header Mtge lat f g 68.1931 M-S
1081
/
2Jan '06
9934 Apr'08
Utica & Blk Rivgn g4s.1922 j.j 101',
003. 003,,
961
/
4
Kentucicy Cent gold 43 1987 J -J
1 88
961
/
2 96.2
961
/
4
Lake Shore gold 3/
9514
47
951
J•D
/
4
1
2
6-.1997
89% 9534
51-S
98
9772 J'ne'08 .... 971
/
241945
L&N & 51& M latg41
/
4 971
/
4
93'2
312 94½ 031
/
4Sep'08 .
Registered
9334
90
1997 J-D 9
85
88
84 Sep'08 .... 791
L& N-South M Mint 46.1;152 J -J
/
2 87
96
Sau,
911
/
2
95
11.3
6
Debenture g
84
96
/
2
11074Ply'08 ... 110,
N Fla & S 1st gag 5s 1937 F- A 1111
4 11014
96 Sale 951
25-year g de ........-1931 fd-N
/
4
96
88
/
1
4
96
98
N&C Bilge gen gn g 41
/
481945 J -J
Ka A &G R latga 56.1938 J-4 119
113 Jan'08
113 113
. Pens & Atl 1st gu g 6s 1921 F.A 10634
109 Oct'07
Mahon C'l RR 1st 56 1934 J-J 108
/
2
111 May'07
& N Ala con gu g 5s 1936 F-A 1051
Pitts & L Erie 2dg 5s.a192) A.0 101 ---- 100 May-08
100 100
911
/
4Jan'08
L & Jeff Ildge Co gu g 4s-1945 M-S
911
/
2 91¼
Pitts AIWA; Ylat gu 68 1932 .7-4 111
130 Jan'OS
.....
L N A & Ch See 0 I & L
2(1 guar6a
1934 J - J 112
ahon Coal See 1.8 &MS
108
MeKeesdlii
J
J
BV1stges
1918
98
/
2 9834 9734
atan hattan Ry consol 46.1990 A-0 971
5 92
991
/
2
Mich Cent 1st consol 66 1909 M-S 99 ___ 104 Dee'06
104 Apr'05
Registered
1.190 A•0
II 114% 11434
55
1931 M.S 11218.____ 11434 11134
7 9
Stmpti tax exempt 1990 A-0 98%100
981
- -t;;; 100 14
/
4
99
106.2
119 J'ne'Utt
Registered
1931
McK'pt & 13 V See N V Cent
4a
100% Jan '01
1940 -J 100
811
/
2 82
811
/
2Oct 08
741
/
4 8534
Hex Cent cermet gold 46 1911 J -J
Registered....
1061
/
2Nov'00
1,9)5401 J -J
17% Oet'08
18
19
/
4
141
/
2 201
1st consol income g 3s.a1939
J & S 1st g 31/4s
90 J'ne•Ot:
11-S
'JO
PO
17
16% Uot '08
16
181
/
4
10
28 consol income g 3s-a1939 J•ly
91%
1st g 31/48
90 Sep 'OE
/
4
901
88
1952 M-N
908 J'ly'01
Hex Intermit lit con g 48.1977 51.S
Bat C & Star latga g 38.1989 J-D
80 Feb'08
io
80
Stamped guaranteed....1977 M.S
N Y Chic&
1001
/
4
1001
/
4
101
List
A-0
g4a
.102
953
1937
105 May3)(0
...
Hex North 1st gold 6s
1910 J -D
Registered
A-0
1(1038 100 Sep '08
1(10 100
Mich Cent See N 'V Cent
92.2
Debentures 4s
IVI.N
93 Oct'08
93 I
92
Mid of N J See Erie
West Shore 181 48 go. 2361 J -J 10234 1031
/
4 1021
/
4 102% 6 98 104
Hit 13& W See Clito & N
Registered
/
4 Sale 101% 1015,
2361 J -J 1011
9641021
/
4
St
1
,
Mil & North See Cli M &
N Y & Greenly Lake See Erie
1271
/
4 Oot'08
/
4
/
4 128
1251
Minn & St L 1st gold 7s 1927 J-D 1271
N I & Hat See N Y Cc% Hud
101.4 Aug'08
4.
101 103
1909 J -D 101,
N Y Lack & W See D L & W
Iowa 16x 1st golil'78
118 Jan '07
Pacific lex 1st gold 68 19'21 A-0 105
NYLE&W decline
113.4 Mar'05
N Y & Long Br See Cent of NJ
South West Ex lat g 76 1910 J-D
10512 Sep'08
100 1051
1934 MN 106
/
4 NYNfri& H-Cony 6s 1948 J-J 134 Sale 1311
1st consol gold 5s
/
4 134 163 1.155,134.
79
79
7133
4
78
82
'
2 78%
Conv deben 3'u8
1st and refund gold 48 1949 M.S
95.2 sale 951
/
4
051
/
4
S 85
1'456 J •J
951
/
4
97 Apr'06
/
4
Des M & Ft D lat gu 46-'35 J.J
Housatonic R con g 5s 1937 51-N 1181
112 Mar'08
112 112
N
It
&
0
See
B
gu
L
N
St
H
108%
n
&
& Derby con cy 5a 1918 M-N
Ed In
97
102
100
100
2 961
/
4100
N V & North See N V C & H
Ad StP& SSM con g 4intgu'38 J -J
102 J'ne'07
S5M&A1stg4 intgu 1926 J -J
98/
1
4Sale 981
N YO&W ref lat g 48-91992 31- S
981
/
4 11 924 991
/
4
/
4
Minn Un See St PM &AI
Regis $5,000 only
101/
1
4.PsiteOt
91992 M.S
993
.
Sale
993
8
100
19 94 100
Dlo Ran & Tex 1st g 4s 1990 J
N Y & Put S'ee NYC&H
35
86 4 85
/
4 86
651
/
4 07 771
91990 F-A
2d gold 4s
N V & K B See Long Island
/
4 1061
/
4
1944 M-N 106¼1U6 1061
95 1061
/
2 N YS
1st ext gold 56
W
Erie
79 Soh, 7812
79
2004 M-S
/
4 80
1st & refund 4s
3 741
N Y Tex &
See SO PIKS Co
824 Sale 8214
824 8., 71
1936 -J
8234 Nor & South 1st god
4120
Gen a
105
99/
1
4.1
.
ne'Ob
991
/
4 991
1941 M-N
/
4
82
8i
Oct
83
'lib
2001
4s
ref
A-0
g
1st
Div
/
4 Nor!& West gen g 6a
b0' 841
St L
128% Oct'0
120 128%
1931 M-N 129
/
4
103 Oct'68
102.2 105
Dal & Wa 1st gu g 5s 1940 M-N 1051
1281
/
4
/
4Jan'0
1171
Improvem't
F
&
-A
117.2 11738
ext
g
68
1934
91
8s38 Oct 'ut90
Kan 0 & Pao 1st g 46-1990 F-A
87
/
4
12:31
Oct
'08
127
New River 1st g (is
1932 A-0
/
2
108 Oct'08
hie K & lat gn g ba 1942 A-0 1081
10538 1081
/
4
/
4
N & W Ry 1st con g 46 10
9734 26 9214 9934
9734
9
,
96 A.0 971
109
109
/
4
2 102 109
1942 M-N *1081
K & Ok lat gu 50
91 Sep '07
Registered
A-0
/
4 1061
/
4
K & Tot Tlatgug5s 1912 MS 106521067 1061
971
/
210736
931
/
2 941
/
4 94 Oet'08
Div'l 1st(di gen g 4s 1944 2-4
841
/
4 94
1031
/
4
100
.8J'ne'08
1st
g
fib
56
&
1943
So
1001
/
4
J
-D
go
/
4
Sher
1001
10-25 year cony 45
9118 4. 4 78
911
/
2
1932 4.1.3 91's bale 90
/
4 1071
/
2
10212 197/
' Tex& Okla lat gu g 56_1943 M-S 10634 107 2 1071
1
4
41 77
92
Pocali C & C Joint 46 1941 J -D
91/
1
4 Sale 91
92
/
4 116 1141
/
2 115
1041
/
4115
Ho Pacific let con g Os ..A920 51-N 1151
195
C & T 1st'mg 5s
1095,FelP(15 ....
J -J
1922
991
/
2101
9914
991
/
4
102.2
88
Trust gold 5s stamped.ce1917 31-S
981
/
4 Salt 93
Scio V & N E 1st gu g 46 1989 AI-N
25 8732 99
09
1041
/
2 Feb '0'7
Registered
al917 M-S
North Illinois See Chi & N W
981
/
2 931
92
/
2
8'7
981
/
4 North Ohio See L Erie & W
1920 F-A
1st coil gold 5a
741
/
4
dale
741
/
4
7412 46 68
781
/
4 Nor Pac-Prior lien g 46 1997 Q
1945 M-S
40-year gold loan 4s
102% 69 89 1041
10224 Sale 102
/
4
95 Mar'08
b9
95
95
1938 51-N
8d 7a extd at 4%
1001
/
4 luu
Registered
9734 102
1997 4-2 *1004
85 Feb•08
85
87
Cent Br Ity lat gu g 4s 1919 I. -A
74
General lien gold 3a....a2047 Q-F 74 Salo 73
33 68
74
894 Sep 'Ut•
891
/
2
83's 891
' Cen Branch U P latg4s 194b J
/
4
.71
71 Ang0
Registered
a2047
68/
1
2.1.1
110 Mar'05
Leroy &OVALlatg5a 1926 J -J
St Paul-Dul Div g 4s....1996 .1-D
Jau 08 .... 811
964
991
/
4 Feb'08
98%
991
/
4 991
/
4
Pao Rot Mo latex g 48.1938 F-A
Dui Short L 1st go 58-1916 M•S
112 Dec'07
2d extended gold 56-1938 J -J
C B& Q coil tr 4a See GtNor
15 103.. 1-11-1
Sgenoon g 561931 A-0 110% 111 11034 11034
/
2
L Ir
118
/
1
4122%
F-A
St P & N P gen g 6s _1923
116 Aug'08
116 117
110 Oct'08
100 110.2
Gen con stamp gtil g 5s 1931 A-0 .11034
1161
/
4
Registered certific's..1923
120 Oct '08
118 120
87 Sale 87
871
/
4 9 68
871
/
2
Unified & ref gold 4a 19211
1091
/
2
J
St Paul & Dul 1st 5s....1931
1171
/
4 -MY'
97
8778 dale 874
88
25 76
11w & G Div 1st g 43_1933 MN
88
1021
/
4
2(1 bs
103/
1
4 J'ly'0
1917 A-0
102 103',
1073
2
Apr
'06
Verdi V I & W 1st g 56.1926 51-S
1st consol gold 46
1968 J -D 95 100 100 J'13,118
100 100
98 Dec'06
blob J & K lst cons g5a.1953 J -J
9014
Wash Cent 1st g4s
93 May%)
1948
1231
/
2 35 113 123¼ Nor Pae Ter Co 1st g 6s 1933
Mob & Ohio new gold 66-1927 J -D 123½8a10 123
•-rA
J 116%
117 Aug'08
117
112
1051
/
4
Jan
112
'98
1st extension gold 65../1.1927
1051
/
2 105/
1
4 Nor Ry Cal See So Pao
(15¼
86'4
Geuerai gold 4s
2 821
/
2 861
__1938 MS 85
/
4 Nor Wit; See(1St P 11 & 0
/
4 Oct'Ob
/
4 112 1121
Diontgom Div 1st g 5s..1947 F -A 1031
1021
/
4112'2 Nor & Mont See N Y Cent
'75 May'08
St L & Cairo coil g 48..61930 Q-F 80
75
75
Ind& W SeeCCC&StL
101 Nov'04
Guaranteed g 48
19:31 J -J
......
Vlhio Riv RR See Bait &
& 0 coll 48 See Southern
Ore & Cal See &Woo Co
Mohawk & Mal See N Y Cat H
Ore Short Line See tin Pao
Monongahela Riv See II& 0
Oswego & Remo See N Y 0
Mont Cent Sea St P H &
OCFdliStP Seee&NW
Morgan's La & T See 8 P Co
pac Coast Co 1st g 5s
/
4
'7 1011
109% 110
/
4'109%
1946 J-D 1091
Morris & Essex See Del L& W
1 ac of Missouri See 31e Pac
115
115
1101
/
4 115
rki ash Chat & St List 78.1913 2-2 114%
Penn RR 1st real est g4a 192:1 M-N 103
J'ne'Ob
103
105
102
110380ot 'Ob
11938
1928 A•
1051
1st consol gold 56
/
4 1121
/
4
Consul gold 55
105 Nov'Oi
1919 MS 109
116.2 tilay'01
Jasper Branch 1st g 68-1923 J -J
......
C011801 gold 48
'2 1011
106
14 3 191-N 106 Sale 106
/
4
108
Mar'05
1171
/
4
-J
J
......
MoBi
W & Al let 6s 11117
Cousol gold 4s
/
4 Sale 1.0134
Alt, 100 1054
1948 MN 1051
113 J'ly'04
1917 J -J
T & P Branch 1st 6s
Convertible g 35,s
N
98.4 Sale 985, 981
/
4 41: 914 98%
Nash bier & Shot See L & N
Convertible g 3128
/
2Sale 95
1915
95 '21.9 88
2 .1-1) 951
9532
100 Sep '08
/
4
99 1001
Nat of Ilex prior lien 4..0.1926 J.J 100
Alleg Val gen go g 46 1942
95
99 J'ne'07
...... •
891
/
4 81
8312 Sep '08
77
831
/
4
1st consol 48
DRUB& lige lat gu 48 g.'36 F-A
82
-O
11 A
New D. & D See N Y 1115
Philo Bal & W 1st g 4a 1943 M-N
...... .•.
1073.4Oct '01.
NJ June RR See N Y Cent
Sod Bay & So 1st g 5s 1924 4-2
102 .Jan 'WI
New & Chi Ildge See Lou& N
UN 4 RR & Can gen 43 1944 M.S 1041
/
4
11012Sep '04
Bkln & Man Bch See L 1
N
Penn Co-Guar 1st g 41
1 102% 106
106
106
/
2a 1921 J -J 10512
N Y Cent & 11 Riv g 31.0.1907 J-..
93
93
931
/
4
/
2 92%
/
2 931
31) 871
Registered
1031
/
4Ply'07
1921 J -J .101
Registered
91 Oct'0e, 381
90
1997 J • J
/
4 91
Guar 35,5 coil trust reg 1937 M-13 88%
90 12 J'ne'06
Dolma g 4s
Sale
95
1
2
953
4
9534
1934 ..5•N
B5, 67 91
Guar 3/
1
28 con tr ser B 11341 F-A 8832
1
4 lo, 8634 944
8 12 8,/
Lake Shore coll g 31
/
4s-1998 F -A 84 Sale 83.2
84
81
27 75
Tr Co certif's gu g 37.a 1916 11-N
98
1181
/
4
9814
1 9212 981
/
4
Registered
1998 F-A
83 Sale 82
83
25 73
es
Gu 3/
1
411 tr etfs C
•
87 4 Sep 'Oe.
1942 2-0 8834
841
/
4 8734
Mich Cent coil g 3128- 11198 F.A. 833
82.4 Oct '08
.
741
/
4 83
J •D
GIA 31
/
4s tr etfs D
905,
87',
1944
931
/
4
Mar'06
Registered
1998 F-A
821
/
2 76 Apr'08
76
76
Guar 15-25 year g 4s. 1931 AM
97%
100
97% 6 .90..
Beech Creek 1st gag 4a 1936 J.J
991
/
4
99 Oct'08.
99
99
Cl & Mar 1st gu g 412s 1935 M-N
110 Jan '05
Registered
1936 J -J
102 Mat'04 .... ......
C1& P gen gti g 41
/
4a ser A.'42 J -J 109
Aug'03
1081
/
4
......
1936 J -J 102
28 gu gold bs
Series B
1942 A.0 107%
Beech Cr Ext lstg 312s 51951 A.-0
Series C 31
/
4s
1948 21-N
943
4
981
/
4
Dee'05
Cart & Ad 1st gu g 4s 1981 2-0
Series D 31
/
4a
1950 F-A
94
90 May
90
90
'
2
/
1
4
/
1
4
/
1
4
....
MISVELL kNEOUS BONDS-Continued on Next Page
Coal and Iron
Telegraph and Telephone
Col If & 1 Co gen a I g 58..1943 F.A. 05
95
95
Am Telep & Tel col/ tr 4s 1929 1-4
1 791
/
4 95
91%
751
/
2 911
9134 Oct'08 31
/
2
Convertible deb g 5s....1911 F- A
75
77 Aug'08
77
50
Convertible 4s
1936 51-S
1
4 Sale 92%
93/
931* 16 : 841
/
4 941
/
4
Col Fuel Co gen gold 66.1919 M-N
1075,Oct '04
Comm Cable Co 1st g 4s 23'27
90
85% Mar'08
853
4
85%
Gr Riv Coal & C 1st g 681919 A-0
102% Apr'06
Mich. State Telep. 1st 56 1924 A
101
9634 J'ly'08
921
/
4 96%
Clearf BR Coal 1st t 46-1940 J -J
95 Apr'02
West Union col tr cur 55 1938 4.4
954
96
96½
84
90
Col Indu lat& colt 56 gu..1934 F-A
75 Sale 741
/
4
75 188 3834 75
Fd and real eat g 4126_1950 M-N 911
/
4 93% 92 Oct'08
81
Nis
Contln'talO 151st gu 5s g.1952 F -A
107% Dec'04
......
Cony 4a,Series A
193 MN 85% es
6634
831
75
84
Jett & Clear Cdi I 1st g 5s.1926 J-D
107 May'97
Met Un Tel a fund 68-1911 &LK
95 ..- 100 Ang'08 •--• 100 100
Kan& 11 C & C 1st stg58.1951 1-2
991
/
4
1051
/
4 Dee'06
iinnuineturing Je Industrini
Pleas Val Coal 1st g at 56.1928 J -J
105 Oct'00
Allis.chalmers 1st 5,
794Sale 7832
1936 794 20 78
7934
Sunday Creek Co g 5s....1944 J -J
80
78 Feb'07
Am Ag Chem let 0 Os(rota)'28
944 Sale 94 i
94 192 94
94'.
Tenn Coal gen Cia
/
4101 100
1951 J-J 1001
100
/
4100
1 821
Am Cut Oil ext 4',s
94 sale 413%
1916
94 105 86
94
Tenn Div 1st g• 68
a1917 A.0 107 108 1971
/
4 1071
/
4 2 100 1071
/
4 Am Hide & •L let s f g 66 1919 M-8 92% Sale 82
92%
SI
751
/
4 91134
Binm Div 1st consol 68..1917 J -J
lit 109.4 Oct '08
/
4 Amer Ice Scour deb g 68 1925 A-0 691
911 1091
/
4 Sale 694
70',
68',
73%
Cali C 51 Co 1st gu g 68.1922 J-D
110 108 Oet '08
102 108
Am Spirits Mfg lat g tia 1915
90
91 100
97 Mar'08
De 13ar C & 1 Co gu g 68.1910 F-A 1011
/
4 105 103 Oct '08
100 103
Am Thread 1st col in 4a 1919
/
4 Sep'08
881
83
86%
Va Iron Coal &Co1 at g 58 1949 M-S 96% Sale 96
97
18 60 100', Am Tobacco 40-yr g 6s
Sal, 1001
1944 A-0
105
/
4
109%
96%
1114
Victor Fuel lit a 58
1953 .1-J
931
/
4 Feb'07
4s.
......
1951 7-A
781
/
4 Sale 7712
7834 19
604 7934
*No price Friday; latest bid aud asked. aDue Tam b Due Feb e Due Aar dDae Apr A1)110.1'17 icl)ue Aug • Das OM pDae
Nov gDueDee I OptielL SIM
89
101,4
1146
New York Bond
N. Y. STOCK EXf:ti A No F.
Vilc/CE ENDING OcTonku 30
Price
Priam,
Oct 30
VoL. bxxxvii.
Record-Concluded--Page 4
Weelc's
Range
Since
Range or S'78
Last Sale 5:1 1= January
BON 0".
N. Y. STOCK EXCIIAN(i
WEEK ENDING OCTOBER 30
Price
J'rltlaij
Oct 30
Range
Since
January 1
;reek',
Range or
Lag Bate
1-1ton No tow Hiss
4$4. Low
lila
1140 No Low High southern Pao Co-(cjontinne,i)
itsi, Low
It.
• Penn Co-,conteno,,4,
2 1224
/
1211
1224 Aug'cil
11834
02 Apr'07
914
Morgan's La & T lat 78.1918 A
2s B 194,, J J
/
Erie & Pitts en g 31
......
116 N0,'46
110%
J
-J
Apt
'04
20
8
984
03
......
914
119:
gold
6s
1st
....
-J
J
1940
....
C
Series
Feb'.
115
112
'00
A-0
see
109
1044
5s
g
No
of
Cal
guar
J
J
Gr 1t& I ex 1st en a 44s 1941
102 103
,3
127% Oct '02
J 10914
Ore & Cal 1st guar g58.1927 J • J 1034106 10214 Aug'0
Pitts Ft W & C 1st 7s 191.
2103
/
981
10114 Aug.°,
1024
119 J'ne'tic
Ar gu 1st g 68...c1909 J
So P
1912 J ..) 10914
2d 7s
i((21410314
4
Sop
103,
'08
4
103,
J-J
'08
Oct
4
107
1053
107
107
.!
let guar Os
h19l2 A-0
3d 7s
•
2
1
2 104/
/
1041
'ne'Os
J
,
1014
103
A •o
116 May'05
Pao of 04,1-6s E&
Pitts 'V& Ash 1st con 58.192, 0-ti 110
•
1l4' lice
106,2 100
1012 A-0 11)1
1st gold Os
28 A...1940 A-0 108410038 109 see '08
/
P CC& St Lgu 41
Alm
'07
116
1101
2
M-N
'09
Sep
100
107
4
1
199
1
1937
1st con guar g Is
1942 A-0 0714
Series B guar
104 104
104 Apt'08
112 1,1'ne'05
S Pao of N Alex lat g 68 1911 J.J 102%
1942 51-N 108 1•-•
Series C guar
99
99
99 Aug'08
So Pao Yeast lstgu4s g 1937 J-J
1045 M-N 100,2
Series 14 48 guar
M-S
'08
Oct
91
944
90
04;
F -A
Tex&NOSabDivIst g6s 1912
guar
Series E
954 984
V7
Aepbt:U8
7 Lj F
8L•.
96
1943 J -J
Con gold Is
1953 J -D 100
Series F 4s guar
4..; 87', 9534
1.
95% Sale 953
1)514 .
116 Sep'08
109 116
1055 J -J
o Pac lik 1st ref 4s
824,10734
C St L & P 1st con g 58 1932 A-0 1144
13
4
1073
103
107
Sale
J
-J
1994
Southern-lst con g 5s
Pensacola & At! See L & Nash
114 Nov'06
1994 J • J
Registered
Peo & East SeeCCC&StL
76%
73 622 71
714
1234 Jan'05
106
Develop & gen 43 Ser A 1956 A.0 7214 Sale. 85
Pee Pek Un lat g 63.-1921
85%
. 25 75
853
8514
Dec'03
853
4
51-S
1004
'35'4
F
N
Mob & 010o coll tr g 43 1938
b1921
2,4 %old 412s
107 Sep '08 .... 96 107
109 Apr'02
99
Hem Div 1st g 412.5s...1996 '4-4
53 1921 J -D
W
Pere Marq-Ch
844
8414 11 09
857, 81.8
84
110 Sep 048
110 110
St Louis div 1st g 4s....1951 J -J 109
Flint & PM g 68... .....1920 A-0 109;
108 Sep'08 .... 08 108
105 105
1918 J -J
Ala Cen R let g 6,4
1939 Ly1-.N 103 107 106 Sep '08
1st consol golt158
J'ue'06
85'g
100 Mar08
1004 10034
1948 J -J
At!& Danv 1st g 48
Pt Huron Div 1st g 53 1939 A-0 105
.
...... •
92 J'ne'Ou
814
1948 J -J
284s
Sag'Ius& /1 lat en g 4s 1931
•.41.
Atl & Yad 1st g gnar 48 1949 A-0 107
PIitiB&W See Penn Kit
111 Feb'07
1916 J •.1
115'i Mar'06
Col & Greenv 1st 65
Phila & Reading cons 7s.1911 J -D
100 1001
4
/
1044 Ply'08
107
J
-J
'08
Sep
g
58-1930
Div
Ga
&
97
94
06
97
Va
9614
T
E
Philippine By let 30-yr s 148'37 J.J
402 110
10014 Oct '08
1956 51.N 111
Con 1st gold Ss
Pitts um & St L See Penn Co
103
•97 103 '
104 Oct '08
8 M.
36
194
Se
g
lien
reor
Ten
E
0
&
B
See
Tel
&
Cleve
Pitts
65 Sep '07
.-...
62
1946 A-0
Ga Midland 1st 3s
Pitts Ft W & CIA See Penn Co
106 117
148 1154 Oct'08
1922 J -J
Ga Pao By 1st g Os
Putts MoKees & Y See N Y Cen
117 Oct 048
107 117
J •.) 116
68-1925
1st
g
114
Ohio
1
4
114
1141
1091
4
&
114
Knox
A-0
1940
6s
g
B
1st
L
Pitts SO &
11514 Apr'06
97
3-4
1
5s1945
g
lien
'97
prior
I'ly
33
Bir
105
&
Bob
1943 J -J
'08
Oct
78
'78
78
lat oonsol gold 5s
82
J
-J
.1045
Mortgage gold 4:4
03 10834
Pitts & West See B 0
10834 1,1814
J -J 1004
Rich di, Dan con g 6s....1915 A-0
1997 J..1 100 Sale 99% 100 114 93 100
D ending Co gen g 4s
92
92
02 Pne'Les
94:5
1927
atamped
Aug'08
90
5s
95
911%
Deb
1097 J -J •
9714
IN Registered
76
75
75 Oct '08
80
M-N
1,64 62 86
1,6
98
Rich & Meek 1st g 4s 1948 M-N
:1951 A (1 902 Saie
2 97%
/
961
Jersey Cent coil g
9714 Apr'08
2
/
971
1919
5s
g
1st
Ga
&
Car
So
D
4s..
See
&
Sar
Ren8semer
112 Oct '06
9,
11; M-8 106
13
Virginia Mitt see C 66 132
Rich & Dan See South By
..... ......-..
108,2 Dee.'Oli
M-S 1034
Serie8 D 4-5s
Rich & Meek See Southern
113 Dec'05
M.S 108's
1926
5s
E
Series
10,54,
Gr
&
Rio
iii.C.; I.
Den
oct '08
Rio Or West See
681;1
M-N 105
1936
55
General
/Loch & Pitts See 11 lt&P
10614 Oct'08105 1054.
1936 M-N
Guar stamped
2Jan '07
/
961
Rome Wat & Og See N I Cent
8414
F-A
gu
oy
1st
4s-1924
W
&
0
W
'
Cul;iiiirii
Rutland See N I Cent
106 L., bep'06
West N C 1st con g 68-1914 J -J 10614
6!ag Tus & H See Pere Marq
9134 S & N Ala See L N
82
90
P.114 Sep '08
...7tJo& Or 1st lat g 48 1947 J -J
117 Ply'00
J J
g
Nor
1st
&
68.1939
Falls
ok
102 105
St L cik Cairo See Mob & Ohio
105 May'08
er A of St L lat g 412s 1939 A-0 107%110
St L & Iron Mount See M P
10941134
1134 Sep 048
1st con gold 58-.1894-1944 F- A 114
001
2 974;
/
St LK C&N See Wabash
41714
97% Oct '0
J •J
48
g
1953
t
s
refund
Gen
Deo'0
St L M Br S'ee T Kit A of St L
111
1024
A-0
gu
58
g
1930
Bge
Ter
It
L
St
St Louis& San Francisco•
Tex & N 0 See So Pao Co
113 115
115 Ply Oh
1031 J.J 122
116'- 35 99 11841
General gold 68
2000 J-D Dell 'Sale 116
2 108'2 4 1.03 108; Tex& Pao lat gold 58
/
2 Sale 1081
/
1931 J J 1081
......
Nov'0
General gold be
92
Mai
80
65
58
0000
ino
gold
2(1
90
90
• 90% 90 J an '08
St L& S F RR eons g 48_016 J J
110 Mar'06
......
La Div B L Ist g 5s
1931 •3
100 100 ,
100 May'08
South w Div 1st g 66 1947 A-0 944
100 1064 Nov'04
W Min Wdo N W 1st gu 58'30 F•A
7634 66 6414 7714
764,Sale 76
1051 J -J
log
4,
Aug'0
Refunding g 4s
102 100raii
109',
-J
J
5s
g
C
1935
0
1st
&
Tol
98 Nov'06
5-year gold notes 44 1908 J-D 101%
Ili AI ay'O.
Western Div 1st g 6s...1035 A-0 102',
974 May'0
.
St L M & So East gu 44g1909 J -1)
;0;"kr,
1014
J-14
gold
5s
General
144
6
Meet/8
17
1
6
11634
113
36
4
84
1K OFtS& H cou g 6s 1028 1,4.N 116,
89 -1
884
8814
75
Kan &
1st gu g 48
39
0 A-0
35
74%
7634 86 1
KC Ft8& M Ity ref g 4a 1936 A-0 74% Sale
82
84's 85 Oct .0
Tel P & W 1st gold 4s....1917 J -J
A-0
58.1929
89:474
80
K C& Ill It& B lstgu
5914
J -J
894 Salt 894
'08
ToiStLdb
Sep
.1925
96
05
06
93
Wprlieng348
78
67
76.Oerk& Ch lat gll 58 g.1013 A-0
7014 764
50-year gold 48
1950 A-0
St Lotus So See Illinois Cent
05 Dec'Ot •..
93; 67 841
2 931
/
2 Tor Ham & Buff 1st g 48.h1941' J -1) 90
/
9312 salt 924
.
St L S W 1st g 4s 0410116.19Si)
10'7 Oct'0
4.1) 109
2
79
g
53
later
I
79
lateen
&Del
1928
79
74s
*
66
......
2d g 45 me bond otis.....p1989 J •J
93 84314'0
761.1 1.) 1st refund g 46
1952 A-0 78
764 11 56
754
76
1932 J-D 76
99 103 •
10234
Consol gold 4s
Un Pac RR & 1 gr g 48 _1947 J -J 102% Sale 102%
1014Apr'07
98
Gray's Pt Ter 1st gu g 5a 1947 J •D 100
1014Oat'0
.1-J
102
1947
Registered
943s 97 1
;116
St Paul & Dul See Nor Pacific
96's
S1e
hf-S
Sale
6
*
903
48
8
100
g2
7
103 Oct'08
Ist & ref 48(w 4)
14 1064
1021410614
10334 91 83 103341
St Paul 51 & Man 2d 60.-1909 A-0 1033
1927 J.J 1034 Salt 102
1'204 Sep'08
20-yr cony 48
1264 1294
1933 J -J 130
24 91 100 .
100
100
let consul geld 63
994
J.D
g
134
48.1946
129
con
Nay
By
Dec'06
&
Ore
1033 J -J
19 115 122 •
l2034 121
Registered
4
1084 109's 16 102 10914
Ore Short Lino lstg 63..1922 F-A 11434 121', 11434 1143
1 106 114% '
Reduced to gold 410-1933 J -J 1083
1946 J -J
11610Apr'01
lat cousol g 5s
•
1933 J.J 107%
94, 6 854 95
Registered
94.4
J-D
Sao,
94%
29
119929
4s
refund
107
1071
Guar
4
107's 31037 107's
1910
8734 1,1aVo
Dakota ext gold Os
J
-D
99 4
Registered
9914 Oct'08
994
94
1937 J
100 Oct '07
. Mont eat 1st gold 413
1908 J -J
1004 Oct '06
Utah & Nor 1st 7s
.....
1937 J -D
Sep'0
Registered
10714107',
1926 J -J 10734 ...... 10'/ 14
Gold 58
,
E Minn Nor Div 1st g 461946 A-0 93 18
107
124 May'05 •'UM N J liR & Co See Pa lilt
&Emu Union 1st g 68.-1922
Wes
Gr
See
Rio
Central
Apr'08
129
130
Utah
.
1213
-J
130
J
1937
6s
Mont C 1st gu g
Utah & North See Un Pacific
1037 J -J
1364 maY'06 •
Registered
1134001'08
Utica & Black B. See N Y Cent F.A
114
1937 J -J 114%
914 Oct '0
1st guar gold as
93
•-•••
Dec'06
andalia consol g 46 .1955
......
1154
11714
J-D
53
11)38
118 Sep'0
Will ea S F 1st gold
......
V era Cruz &Plat gu 4481934 J-J
StP & Nor Pao See Nor Pao
P
Ver Val Ind & W See
StP & S'x City ,S'eeeSt P 51 &0
88
Virginia Hui See South By
46 78
88 Sale 874
88
SA& A Passlstgo g4s 1943 J -J
108 Oct '0 .... 99 110
J -J 105
Va & Sonthw't 1st gu 53.2003 M-N 1114
SIePrea&PhlstgSe 1942 m-S 104 ...... 102 Sep'07
110
32 102 111
111
9
1936
'05
Oct,
abash 1st gold 68
110
J
J
1919
f
glis
sink
1st
P
N
SF&
95
1 8412 96
054,
F-A
96
5a
gold
20
Pne'07
Say F &West See Atl Coast L
90
•
J
J
31)
936
9
1
A
series
Debenture
Seioto Val & N B ,Ves Nor & W
62
62 J'ly'08 .... 37
.1 • J *
63
B
'08
Series
Oct
55
55
544
2
/
601
2
/
A.0
195U
431
48
g
Lino
Air
Seaboard
102 Feb.44 ... 400 102
1st lien equip s id g 5s 1921 M90% Oct '08
864 9014
1911 NI.N • 0934
Coll tr refund g aa
Mal
'th.,
-4
J
88 Jan '07
1st hen 50 yr g term 48.1954
Atl-Birm 30-yrlat g 48.31933 11-S
2 62
/
5934 141 371
U8
6114 Sale
1956 J.J
1st ref and ext g 48
86
85 J'ly'08
85
92
100 100
Car Cent 1st con g 48 1941) J -J
100 Apr'08
Det & Ch Ext 1st g 6s 1941 J -J 10314
110 110
4 Aug'06
/
1071
Fla Cen & Pen 1st g 513 1918 J • J
Nov'U4
97
4.4
Des Moin Div let g 43..1939
193u J -J
83
83
is; land gr eat g 6s
83 Aug'08
3
7,
1941 A-0
Om Div 1st g 348
1094 Mar'05
1943 J -J
Consul gold 58
96% J
U0
Tol & Ch Div 1st g 48-1941 M.
92
954
9938 99% 6514 Alay'08
07
Nlay.
Ga & Ala Ry lat con 66°1945 J -J
1.00
St Chas Bridge 1st g 68.11)08 A-0
102 102
102 Oct'08
5(3
50% 34 41
Ga Car & No 1st gug 58 1929 J • J 1024
SO's 50
50
1)54 J -D
1,
Wab Pitts Term 1st g 48.1
106 Mar'07
1926 J J 101
8,4 19
Scab do Boa 1st 68
814 111
74
J
74 8
2,1 gold 48
K&T
Sher Shr & So See
Warren See Del Lao & West
SU Sp Oca & U See Atl Coast L
Wash Cent See Nor Pao
So Car & Oa See Southern
Wash 0& W See Southern
90 14 Aug'08
110', 904
Southern Pacific CoTerml 1st gn 3128 1945 F-A
Wash
'7
92
ill%
8314
914
91%
Sale
J-D
79
k1941)
Pao
coll)
(Cent
/834 53 41)
Gold 4e
78
78
West Maryland 1st g 4s. .1952 A.0
84 rne'07
47
30
'U
/c1949 J
Oot
42
Registered
42
4s
g
cony
06
Gen &
97% sate 974
9716 388 94
04'01
Cent Pac 1st ref go g 4s1949 F-A
1061
2
/
A,
101
- .1
A-O
1 .)
1912
W Va Cent & P 1st g 68 195
944 95
944 001'08
95's
108',116%
1949
116 Oct '08
Registered
115%
J.J
1037
g
56
18t
Pa
Y&
N
'08
West
Oct
87
87
874 83
80
874 934
2.s..k1921) J
/
Mort guar gold 31
9214 9314 Oct 'Oh
1943 A-0
Gen gold 3-4s
4 88
94
9514
......
114 Ifet)'01
Through St L 1st gu 4s'54 A-0 93% 944 94
(11943 Nov
Income 5s
10134 Aug'08 .... 10134 10114
Gal Har & S A 1st g 6a 1910 F -A 1034
By
South
See
Car
No
West
'08
Jan
107
107
- 107
100 107
1931 M-N 107
g 58
Mex & Pao
105 102 J'ne'08
4
WheePg & L E 1st g 5s...1926 A-0
05
(10
10
10
141
105 Aug'08
05 103
95 J'Iy'08
Gila VG& N latgug5a 1924 M-N 104
Wheel Div 1st gold 68 .11)28 J -J
101 jan'08
4
/
981, 981
9814Jan'08
lima 11 & W T 1st g 68 1933 M-N 103
196
F-A
gold.
6s..1930
Imp
&
Exton
Aug'06
104
74
60
11)33 M-N 103
16
80
1st guar 58 red
2
/
80
781
M-S
..11149
43.
.
let Gomel
Oct '08
1091
R
4
111
112
111
-J
gu
int
1937
53
g
......
'0'7
Clot
T
Oct
R&
104
20-year equip s 1 Se ...1922 J
1073eNov'07
Consol g 68 int guar 1912 A-0 107's
Wakes & East See Erie
. 95
.87
95
Gen geld 48 int guar 1921 A•0 95 Sale 95 Dec'06
W11 ite Sion. F See St P &
116
88
Waco& N W div 1st g 68'30 M-N 120
8634 127 80
2Sale 85
/
861
Wis Cent 50.yr 1st gen 48 1949 3.4
1094 Feb'06
..
A.& N W let gu e 58.-1941 J -J 107
••
"4
..
y'
•
W
-•
.
•
•
•
•
•
.
•
-•
-•
•
•
MISCELI ANEOUS BONDS-Concluded.
Miscellaneous
96
2 83
03
03 Sale 9'1
1948 M-S
AdameExoOltng4s
85
85
96 Oot'08
10014 J'no'02
W Va g 58- 1920 51.N
Coot
SS
2 99
/
Am
96 141 851
93
96
'06
Oct
41
7714 1 62
7714
7714 13'kl'n h'erryCo lateons g 58'48 F-A
100
100 Jan'08
19 84
70
2 ChicJc & St Yard colg 66.1915 J -J
/
09
751
2 £7.
/
70
421
69
47 Apr'08
46
6 101 106
Det H & Kid gr incomes 1911 A-0
101
72
33
03
101 102 101
7
4,4
63
634
924 16 78
Int Mercan Marine 412,1_1922 A.0
86
86
76
2Sale 82
/
821
84 Ang'08
84
98; 5 80
9934 tut Navigataon lat s 6a.1929 F-A
28111e 984
/
981
50
g
L
&
gen 48-1040 11-N
Man 13oh
9414 2 84
96
9414 944 944
.06. 96.
96 Aug'08
96
Newp Ne Ship & D D 58c/1090 J.3
834 Aug1/7
93 c
86
4 86
03
143 Sale 93
70 Apr'07
N Y Dock 60.yr 1st g 48 1951 F-A
'07
Oct
85
1967 M.N
Providence Sec deb 4s
84 87 id
103
,-i
83
85
103 Sale, 101
May'08
85
23 1921 M.-S 87
1
9514 Oct'08
92'2 9814 Provident Loan Soo 4/
054
03
2Set)'
/
1001
28 1930 J -J
1
101 107
2 Oct '08
/
St Joseph Stk Yds let4/
1061
2
/
1061
2 8514 St L Ter Cupples Stat'n& Prop
/
2 8514 61 641
/
86 Sale 841
2s 5.20 year 1917 J.D
/
10314884 861410314
Co 1st g 41
1034 Sale 103
112 J'ly'04
11 8534 1024 S Yuba Wat Co con g 63 1923 J.J
4 101
/
101 18 Sale 1001
11342V1Y'00
1054 1054 20 89 1054 Sp Val Wat Works 1st 64 1906 51-S
105'78- 92
9014 90 Oct'08
87
81 g 66 1931
lat
Ret
&
Red
ifS
4
883
67
151
4
8814
872
....laic
88',
p Due Nov sOvtion 94111.1
J'17
Due
it
J'ne
et
g
May
*Dila
Doe
Apr
Due
eel)
Due
Jan
Due
8
a
week.
*No price Friday; latest bid and asked this
Manufacturing dit Industrial
Beth Steel 1st ext /if 58..1926 -J
Cent Leather 20-year g 58.11125 A-0
Consol Tobacco 50-yr g 48.1551 F-A
Distil See Cor cony 1st g 5s.'27 A-0
Int Paper Co 1st con g 68 1918 F.21
Consol cony s I g 58
1935 J -J
Int St Pump 10-yr cony. Os'13
1923 A-0
Lackaw Steel 1st g 5s
NatStarch Mfg Co 1stg Us 1920
Nat Starch Co al deb 58_1925 J -J
N I Air .01-tike let cony 6s'28 M-N
•Repub I& Slat& coltr 56.1934 A-0
b Leath Uo filen gds 1913 Is-N
US Realty& I conv deb g511'24 J.J
U 8 Steel Corp--1 coup .d1963 51.N
, fif 10-60 yr 5s. reg -41963 hl-N
Va-Car Chem col tr Sc g 1912 A-0
Westinghouse E oh Ma t 68 '31 J.J
85
Sale
Jut;..
......
OFTMAGO STOOK F_',XOTIA.N9-E-Sto(3k Ti,ecord.-Daily. Weekl
y and Yearly
STOCKS-IIIGHEST AND LOWEST SALE PRICES
oacurcusy
Oct. 24
*170
*2
*__ _
*115
45
*20
*10
*1912
AM WUNAW
A 74VJUF.Fg
Oct. 26
IT OLF77.34(ly
Oct. 27
.1 nisruciay
Oct. 28
Oct. 29
175 *170 175 *170
212
212 212 *2
10
*7
912 *7
*11012
__ Ill
-45
45 -4-5
44
2014 2014 2033 *20
11
*10
11
*10
2012 1912 1912 *1912
Tway
Oct. 30
r
Sale,
of Me
Week
Shares
STOCKS
CHICAGO STOCK
EXCHANGE
Range Since
Jan. 1 1908
I
Lowest
Range tor Preitous
(1907)
Highest
Railroads
Last Sale 178 Sep'08 ---_ Chicago
City Ry
100 160 Jan 24 180 J'ly 21
_
*2
4
.4 Chicago & Oak Park-100
1% Feb 3
318 Aug31
-Last -Sale 834
Sep'08
Do pref
7 Mchlli
100
113 11312 112
112
318 Ch.c Rys part ctf "1"-__ 8434 J'ne30 10 Aug28
11312 Oct 29
448 45
4453 45
989 Chi, Flys part C'I'
38 Oct 3 47 Inc 3
*1914 2114 *1914 214
Ch c Rys part ctf .'3"..-- 2014 J'ne25 2412
J'ly
Last Sale 934
Oct'08
Chic Rys p ,rt c f
934 Sep 22 13 Sep 14
*19
20 *19
20
16 Chicago Subway
100 15 Fen 1(1 24 Aug i 1
Sale 4
Last
May'08
Chic Union Traction_100
---- ---- ---- ---- ---- ---- ---- -__
24281ch27
4 May25
Last Sale 18
July'07
Do pref
36
36
__ _ *36
100
___
37 -37
37
37
*35
37
62 Bans City Ry & Lt 100 30 Oct 1/
*72
_ *3575
75
7478 -75 *74
46
Jan 14
75
75
75
75
132
75
Do pref
*1214 -13 *_-_- 13 *___ 13
100 68 Sep 28 79 Jan 20
*1214 13
Last Sale 1312 Sep'08
Metropol W S Elev
*4212 43 *42
100 13 - J'ly 14 19 Jan 22
43 *4212 43 *4212 43
Last Sale 4234 Oct'08
Do pref
100 42 Jan
54 May18
North Chicago Street-100 44 May 6
*::-: Ili *::-,-5 47 May23
M
SaeY
p:82. _-__ Northwestern Elev.. 100
*4
50 *47
50 .41
1334 Aug 6 20 Jan 31
50 *4-7- 50
Sale
4838
Last
Sep'08
Do
pref
*4518 46
100 48 Aug 18 56 May14
46
46 *45
48
*4512 46
*4512 46
46
46
115 South Side Elevated 100 42 Aug24
*29
30 *29
30 *29
71 Jan 13
30 *2914 30
Last Sale 30
Oct'08
Streets W Stable C L-100 2612 Apr 16 3112
9812 9834 9812 9834 9814 9435s 98
Oct 7
9858 9812 9878 9812 987
48
Do pref
100 85 Apr 20 103 J'ne It,
28
June'08
Sale
Last
West Chicago Street-100 25 Apr 13 31 May 4
Miscellane
612 65s
ous
634 63
634 678
634 634
678 678
634
678 1,140 American Can
66
100
4 Feb 13
6612 67
67
714 Oct 13
6712 68
6734 6814 13712 6812 68
Do pref
68'1 1,565
*100
100 4112 Jan 2 6978
_
.._ *160
13
--- *160
-Last Sale 160
Oct'08
American Radiator 100 125 Jan 10 160 Oct
*120 )".5 *160-*120 125 *120 1-25 *120 126
Oct 72
Last
Sale
123
Oct'08
pref
*5312 55
100 116 Apr 22 128 Sep 2J
*5312 55
55
5512 *54
_
55
55
6)
*55
"iii Amer Shipbuilding-100 37 Mch19 5512.1311 16
*100 102 *101 ____ *101 __ *101 fin
102 102
102
102
60
Do pref
100 91 Jan 2 11)2 Oct 29
Last Sale 10
_ Amer Straw Board
July'08
10 J'ly 7 42 Jan 9
*I
"11
112 -11 *1
112
*114 112 _*112
50 Booth (A) & Co
2
100
112 Sep 15 30 Jan 11
*512 6
578 7
7
7
634 634
638 -612
638
Do pref
63s 1,225
100
5312 531„ 5212 54 *--- 53 *5212 55
534 Oct 19 100 May13
*53
54
*52
129 Cal & Chic Canal & D-100 40
54
Feb 20 54 Oct 26
---- --__ --_- _--- ---- ---- ---- ---Last Sale 147 May'08
Central Trust Bank..-100 147 May t 147
*I
118 *1
May 6
118 *1
118 *1
118
Last Sale 1
Oct'08
Chic Brew'r; & Mait'g-1 Oct 6
*3
4 *_ _ _ _
14 Aug22
4 *___4 *-- 4
Last Sale 4
Sep'08
Do
pref
4 Apr 13
22
4
22
Apr
2218 2218 *22
24
23
23 *22
24
2218 2.3
"i6 Chic Pneumatic Too1-100 21 Feb 26 3012 Aug 13s
124 124
124 124
12312 124
12312 12312 124 124
12334 124
524 Chicago Telephone-100 106 Jan .3
153 Sep 11
_
Last Sale 214
Mch'08
Da rights
34 Feb 25
234 Feb 21
*11014 ill- iii" ITC Ho" fir 11112 11112 *111 112 112 112
Chic Title & Trust- _100 100 Jan 4 112
Aug26
10814 1081 10814 1081 10812 10812 10812 10812 10814 10812 108
487 Commonw'th-Edison_100 80 Jan 3
10812
110 Oct 1,)
*132 1321 13218 133 *13212 133
133 133 *133 134
277 Diamond Match
13312 134
100 113 Jan 2 137 Aug31
*34
36
34
*34
34
35
*34
36
*34
36
*34
36
10 Illinois Brick
100 30 Jan 22 39 Jan 14
__ ..--- ---- ---- ---- ---- --Last Sale 41
Masonic Temple
Sep'08
38 J'ne15 48 J'ly
...._-.. ---- ------- ---- ---- ---Last Sale 212 June'07
Milw & Chic Brewing..
- --- ------ --- ---- ---Last Sale 20
July'08
Do pref
19 J'ne23 20 J'ly 24
iel li
8912 90
00
90
89
8912 *89
8912 8912 "itiS National Biscuit
90
100 70 Jan 3 9212 Aug 6
11714 1171 11734 11734 119 11914 11812 11812 118 118
119
119
142
Do pref
100 10134Jan 2 120 Aug 5
*6812 70
*68
70
70
70
*68
70
*68
70 *68
100 National Carbon
70
100 51 Mch 3 7212 Aug22
111 113 *111 113 *
112 112
112
12 112
112
112
50
Do pref
100 91 Mch23 112 May19
9612 9612 -,- 0618 9612 ------ -96
9638 96
342 PeopleFsGasL ecColte 100 8012 Jan 3 9712 Aug 11
9655
40
40
*31? -4-040
40
40 lo*40
41
4012 4012
425 Sears-Roebuck corn 100 24 Jan 24 401 Oct 30
9112 02
9114 911 *91
9173 91% 9158 9178 92
9218 92 •
371
Do pref
100 72 Jan 16 9212 Sep 10
10238 10212 10238 1021 10212 10258 10234 10234 10212
10278 10214 1021,
849 Swift & Co
100 8812Jan 2 10534 Sep 9
0112 120
114 120 *114 120 *114 120
Lost Sale 121
Oct'08
The
Quaker
Oats
Co-100
11434 Jan 3 134 Jan 29
*9712 981, 9812 981
98
9812 98
98
9812 9812 98
65
Do pref
9814
12
100 87 Jan 3 100 J'ly 30
12
5
12
58
12
58
58
58
58
58 4.355 Unit Box Bd & P Co-100
14 J'ly 17
134 Jan 4
314 378
314 378
3
14 334
358 334
7,519
312 378
Do pref
3'8
4
100
112 J'ly 17 12 Jan 15
0..._ 14 *____ 1312 *__
1312 *____ 13 *14
18
1134 1134
7 Western Stonen g
100
1134 Oct 30 17 Apr 11
Mm,
---- --- ----. ------ -- ---Last Sale 3212 Jan'07
Bingham Con Mining_ 50
---- ------ -- -Last Sale 10
Nov'06
Black Mountain
---- ----- -_-__
Last Sale 18
May'07
Daly-West
20
1/711i .Qtao d
Tin%PAR
Hubbard-Elliott
175 *170 175
3
*212 +.3
10 *
10
113
11212 11212
45
4414 4434
2014 *20
2014
11
*10
11
2014 *1912 2014
-g- *T: -iii- *T- -iii- 141 21:N12
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending October 30.
Inter.
est
l'eriod
Price
Friday
Oct. 30
Week's
Range or
Last Sate
Lowest
Highest
150 Mcb
134 Nov
10 Oct
2C5 Aprl
5 Jan,
18 Apr.
11 Oct
2% Dec
14 Apr
28 Nov
6834 Nov
17 Dec
43 Nov
3412 Apr
20 Sep
58 Apr
60 Nov
28 Oct
95 Apr
20 Mch
4612 Jazal
614 Apr
1914 Jam
65 Jah-1
87 .1an3;
28 Jan.:
72 Jai
47 J'ly
251: Jan
66 J'1
to Jail
34 Jan,
99 Meng
35 Aprl
3 Oct
3412 Nov
120 Dec
112 Nov
Nov
85 Novl
30 Jan
29 Dec
90 Dec
45 Oct
165 Feb
1 Jan
5 Aug
21 Dec
t5 Oct
714 Apr
60 Apr;
140% Sep'
130 Apr
8012 Jan
109 Jan
40 Mel),
40 J'ne;
111 Feb
54 Jan
165 Feb
1 Jan
61:.1'ne
51 Feb
13412 Apr
95 Oct
77 Oct
10812 Nov
34 Nov
41 Aug
212 Jan
25 Feb
58% Oct
£11 Nov
50 Nov
9734 Nov
72 Nov
20 Nov
67 Nov
7512 Nov
100 Nov
85 Oct
34 Nov
is Jan
16 Dec
11212 Ma
87% Oct
12912 M
67 1.1
48 Jan
212 Jan
27 Mc
88 Jan •
11734 Jan•
8414 Jan
120 Jan.
92% Apr
57 Jan
95 Jan 11312 Jan •
17312 Mar
10234 Jan4
214 Apr •
1234 Apr 1
30 Feb
3212 Jan
3212 Jan
1614 Apr
20 Jan
i
Chicago Banks and Trust Connanies
IP cis
Sold
Range
Sincc
Jas. 1 1908
NAME.
Osbtandbag
Stock
*
Surplus
and
Profits
Dividend Record
In
1906
In
Per- Last Patel'
1907 fed
Ask Low
High No, Low
High Bankers National
22,000,000 $1,343,328
8
8 Q-81 2. pt '08, 2
Amer Strawb'd 1st 68_1911 J • J
100 Mcla'07
Calumet National
100,000
35,816
5
6
An. cc '07, 6
Cass Av & F G (St L) 53'12 J - J
10012 Sep'08
Chicago City
500,000
166,081 10
10
J-J July '08, 5
Ohio Board of Trade 4s1927 J -D
100 May'07
Commercial National
3,000,000 4,351,738 12
12
Chicago City By 5s_1927 F -A *10134 §ide 10158 10134 31
Q-J Oct '08, 3
Continenta
1)473
National
102
l
4,000,000
3,626,402
8
8
Q-J Oct '08, 2
Chic Consol Br&Mit 6s___ J - J
103 Ape04
Cook Co State Savings
50,000
3,744
6
Ohio Consol Trac 45s1939 J -D
6
s -11 Sept '08, 113
55 Aug'07
Corn Exchange National 3,000,000 4,991,217 12
Chic Auditorium ist 531929 F - A
12
Q-J et '08. 3
9634 Jan'06
Drexel
State
200,000
38,330
6
Ohio Dock Co 1st 48_1929 A - 0
6
Q-J Oct '08. 113
Drovers Dep NationaL
600,000
380,606
Chic No Shore Mee 68-1912 A 8
8
Q-J Oct '08, 213
(
87 Fe141
-H-3
Englewood State
200,000
38,956
3
Chic Pneum Tool6
Q-J Oct '08. 1%
First
National
8,000,000
8,071,029
12
12
1st 55a1921 J - J :79 Sale
-M Sept '08.;
70
70
1
First
68
Nat
75
Engle,
-ood
130,000
170,206 10+10 10
Chic By 3s
_1927
-11 Sept '08. 3%
- A 10138 Sale
9978 10058
9514 102
Foreman Bros B'k'g Co.. 1,000,000
9
511,998 Priv ate Ba k
Chic Rys 4-5s series "A"'
9012 Sale 9035 9034 21
803 907s Fort Dearborn National.. 1,000,000
432,166
Chic Ilys 4-58 series "B"
6
8
Q-J Oct '08, 2
8378 Sale 8378 8478 331
78
Hamilton
847
8
National
500,000
158,125 ____
Chic Rys 4-58 series "C"
5
J-J July '08, 213
287 Sale 86
81
43
75
ilibernian B'k'g Assn
87
1,500,000
968,677
Chic Rya coil 6s_.1913
8
8
Q-J Oct '08, 2
2100% Sale 10058 10058
2
0734 101
Kaspar State Bank
200,000
110,951 10
10
J-J July '08. 5
Ch o Rys Fund 6s-__1913
t..__10014 10034 10034
1 10014 10034 Live Stock Exchange Nat 1,250,000
402,696 __
___ Q-M Sept '08. 213
Chic Rys Tern Ctrs 1st 58..
;100
Sale 100
100
9938 100
Monroe National
300,000
58,719
3
4
Q-F Nov '08, 1
Chic H I & P RR 48_2002 • - N
79 Nov114
---- Mutual Bank
250,000
90,186
___
4yi Jan Jan '08, 413
Collat Trust g 5s___1013 81- 5
8.0 Apr'04
....
Nat Bank of Republic
2,000,000 1,285,034
6
Commonw'aith-Edison8
Q-J Oct '08, 2
National City
1,500,000
489,046 _______ Q-J Oct '08. 113
Chic Edison deb 681913 J - J tora8
100 June'08
100 10014 National Produce
250,000
.59,8(36
Began
basin° as
Aug 26 1907
1st g 5s ____July 1026 A • 0 two it6"
52 10034 Oct'08
100%
97
North
Avenue
State.200,000
65,556
Q-J Oct '08. 114
Debenture 5s___ _ 1926 it - S 991. Sale
94112 9912
1
9834 10038 North Side State Savings
50,000
9,540
6
6
Q-J Oct '08. 113
Commonw Elect 50194; 81-S 2101k4 Sale 10134 102
7
Oakland National
93
102
100,000
39,807
6
6
Q-J Oct '08. 113
Illinois Tunnel 5s____1928 J -D
90 Dec'06
Prairie National
250,000
83,789
Kan City Ry &LtCo 5s 1913 M - N •
96 Oct'08
98
Prairie State
93
500,000
63,197 d38
8 Q-M Sept '08. 2
Knick'b'ker Ice 1st 58-1928 A 9012Aug'08
M51
Hallway
Exchange
9212
s
250,000
9,822
____
4
____ Jan '08, 2
Lake St El-lst 5s_1021( J - J
85 May'08
80
8812 Security
300,000
122,261 Organized
Income 58
Oct 12 1906
1925 Feb
16 May'05
South Chicago Savings
200,000
79,011
541
8
Metr W Side ElQ-J Oct '08. 112
State
Bank
Chicago
of
1,000,000
1,313,790
8
94-1 Q-J Oct '08, 3
1st 4s
1038 F - A ;84 Sale 83
8414 21
8018 8814 Stock Yards Savings
250,000
164,101
6
Extension g 4s
6
J-D Pne '08. 3
1938 J
J 2731, Sale 7812 7812
a
Union Bank of Chicago
7512 85
200,000
42,886
6
North Chic St 1st 53_1909 J .J
6 ., -N Nov '08, 3
90 Dee'00
Union Stock Yards State
200,000
62,790
6
1st 5s
0 Q-J Oct '08. 113
1916 J - J
American
Trust
Savgs&
3,000,000 2,575,820
Refunding g 4348_1931 A 8
8
Q-J Oct '08,2
-7
79- Aura;
Central Trust Co of III_ 2,000,000 1,010,953
7
7
Q-J Oct '08, 134
No Chic CityRy4 01927 If. N
75 Feb'07
Chicago Say Bk & Tr
n500,000
112,841 __
___ Q-J Oct '08. 134
North West El 1st 48_1911 • - S i;654 "8"77i 8634 sus 11 -WSChicago
Title
961&
2
Trust
5,000,000 *1,428,335
8
6
Q-J (let '08, 1)3
Ogden Gas 5s
1945 M - N :JO Sale 90
1
90
Citizens Trust & Savings
8014 93
50,000
6,960
3
Pearsons-Taft 5s
3
-0 Oct '08. 2
1916 J -D 00 ---- 99 Aug'08
99
Colonial Trust & Savings
600,000
502,984 10
10
4.403
Q-J Oct '044, 234
If- S 94
94 Sep'08
95
96
94
u6
Drovers Trust & Savings
200,000
95,269
6
6
Q-J
4.808 Series E
Oct '08, 2
M - N 96
96 Aug'08
Farwell Trust Co
1,500,000
148,206 Organ ized
Apr. 13 1907
4.80s Series F
M - N 9712
9712 9712 First Trust /So Savings._ - 2,000,000 1,978,111
9712Sep'08
Peo Gas L&C 1st 68_1943 A 117 Sep'08
33,, Harris Trust & Savings_ 1,250,000
17
712 10
19
09
650,140 ---____ Q-J Oct '08, 2
Refunding g 5s____1947 If- S ___ 1-0178 102 Oct'08
04 102
Illinois Trust & Savings- 5,000,000 8,351,149 12+4 18+4
q Sept '08, 4
Chic Gas L&C 1st 581937 J - J 210212 Sale 10212 10217
2
Kenwood Trust & Savgs
200,000
44,166 ___
8
Q-J Oct '08, 111
Consum Gas 1st 58_1936 J -D :101 Sale 101
101
6
l
o
8
434 V
Lake View Trust & Savgs
92
200,000
36,063
__
2
Q-J
Mut'l Fuel Gas 1st5s1947 M - N
Oct '08. 1/4
100 Sep'08
_
Merchants' Loan & Tr Co 3,000,000 4,809,548 13
12
Q-J Oct '08, 3
South Side Illey 454s_1924 J - J 2J312 Sale 93
931- 12
9612 Metropolitan Trust & Say
750,000
254,104
6
Swift & Co 1st g 5s___1914 J - J 210014 Sale 10014 10413 20
8
Q-J •ct '08, A
/01:
0
86
93 14
Northern Trust Co
1,500,000 1,881,871
8
8 Q-J Oct '08.2
Union El (Loop) 5s___1945 A 2____ 81
85
85
Northwest Trust & Savo
200,000
48,424 __
6
J-J July '08. 3
Union Pacific cony 48.1911 M - N
114 Nov'04
People's Trust & Savings
200,000
82,048
8
6
J-J July '08, 27
United Box Board co,88'26
47 Sale
47
47
10
Pullman
Trust
& Savings k500,000
182,528
8
k8
West Chic St 1st 5s__1928 St - N
Q-J
• t '08, 2
00 May'07
Royal Trust Co
500,000
499,811
8
8
Tunnel 1st 5s
Q-F Nov '08. 2
1909
-A
6812 Sep'05
Stockmen's Trust & Say_
200,000
17,397__5
Debenture Os
J-J July '08. A
1014 J -D
73 June'07
Trust
Union
Co
1,000,000 1,101,066 ____ -- .-xi Sept '08. 2
Consol g 58 rets
1038 If- N
8014 .1.1e'08
-8
.
(r1-4 Western Trust & Savings 1,000,000
216,708 64-1
6
Q-.1 Oct '08. Isi
Wes DivCityRy 4 yis1932 .1 - J
87 Dec'06
West Side Tr dc Say Bank
200,000
46,165 Began busine es
Western Stone Co 55_1909 A Sept 5 1901
8512 Jly'08
"io"
Woodlawn
8
5
:
-1
TreeSay
Bank
200,000
29,388
6
6
Note.-Aeorued intereo mmt be added to all Chicago boa d prices
Q-J Oct '08. 1%
A
* Bid and asked prices no sales were made on this day. 1 Sept. 23 for n atonal banks
and Sept. 24 for State last tutions. 2 No price Frid
latest prim this week. a Due Dec. 31. b Due June. a Includes special dividend of
paid Dec. 18 1906. k Capital increased from 1300,04
stock dividend of 33 1-3% being declared in part payment therefor. a Capital and 30%
surplus to be increased. a Dividends are paid
payment:: Q-10. V As oi date July 15 1908. 4 As of date Sept. 1 1908.
Q4, with en
Bid
"9912 foi
BO8150N STOOK EXCHANGE:I-Stoollecoit,-Ditily, Weekly- and- Yearly
SHARE PRICES-NOT PER CENTUM PRICES
.Saturday
0a.24
Monday
Oct. 26
Tuesday
Oct. 27
Wednesday
Oct 28
Thursday
Oct. 29.
Friday
Oct. 3i.
Saies
ot the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE!
Rance Since
Jan. 1 1908
Lowest
Highest
Range lot PM110143 Yen
(1907)
Lowest
Highest
Railroads
6712NoN 10713 Jan
9212 *934 9338
244 Atch Top & Santa Fe_100 6753 Feb 11 0273 Oct 28
*9078 914 *9153 9173 924 9213 9214 9272 *9214
4 Jan
1
7934 Nov 101/
100 8712 Mch 3 1614 Oct 28
Do pref
40
9512 9512 *9512 9612
*9412 9512 9514 9514 *9512 9612 9614 9614 215
100 18112Jan 2 219 Aug26 180 Dec 240 Feb
210
21612
210
669 Boston & Albany_
215 215
216 216
215 215
215 215
125 Feb 17 140 Jan 20 11734 Nov 152 Jan
100
13212
Elevated
132
121
Boston
133
133
133
133
134
134
134
*133
_ 134
100 20014 Feb 11 21313 Oct 30 200 rim: 231 Jan
21314 21313
46 Boston & Lowell
*212
*212 ____ *212
*212 ---- *212
100 114 Oct 22 140 Jan 28 129 Nov 170 Ma(
124
559 Boston & Maine
120 12012 122 12233 123
11812 11912 119 120
117 117
100 136 Feb Is 156 Jan 22 150 Oct 165 Jan
149
149
Do pref
25
23 Boston & Providence_100 284 Jan 10 300 rnel's 285 Oct 301 Feb
- 297 *..- 300
5515- 300 297 297 ioi
*:::: 300 *:::: 300
9 :.•Ich 4 13 hich27 • 8 ,J'ly
15 Feb
Sep'08 ---- Boston Suburban El CosLast Sale 10
1012 *813 10
*8
*S12 10
*812 10
45 Jan 31 16 May19
C5 Jan
50 Aug
Oct'08
Last Sale 56
Do pref.........
*._ 56 *____ 50
17
912
22
Oct
Jan
25
16
Nov
4 Jan
233
10
Cos
Elec
Oct'08
Last Sale
Boston & Wor
10 *__ 10
_ 10
10
4173 Oct 10 6012 Jan 10
80 Jan
55 Nov
50
5012 51
6012
245
*4912 51
Do pref
61
51
52
51
51
51
150 rne 16 128 Dec 160 Jan.
2 Chic June Ry & USY_100 126 Jan
145 145
9934 Oct 120 Jan.
100 102 Jan 10 11813 Sep 22
Last Sale 1 W2- Oct'08
Do pref
Last Sale 16314 rne'08
Con & Mont,Class 4 100 16314 MCI3 5 166 Mch 4 170 Oct 188 Feb
Last Sale 13314 Oct'08
Conn & Pass Riv pref-100 13314 Sep 25 138 Apr 21 152 J'ly 156 Mch
Last Sate 250
Sep'08
33 Connecticut River......100 244 Jan 14 253 Apr 22 244 Dec 280 Jan
HI 255
100 117 Jan 2 131 Apr 21 116 Nov 135 Jan
121 122 *122
94 Fitchburg prof
12012 12012 *121 122
571- 1161-4 HUI IRK, *7512
6912 Dec 114 Mch
76
76
200
7612
7612
*76
Ga Ry & Electric...... 100 07 Apr 27 79 Jan 27
*76
7612
76
76
76
•76
73 Oct
88 Itch
81
100 81 Oct 16 81 Oct 16
81 'P..-..20 Do pref
81
81 *___- 81
81
82
*80
100 Aug 198 Jan
Last Sale 190
100
SeplY7
Maine Central
7 Dec
201: Jan;
814 Jan 2 1213 Jan 8
10
100
10
1,315
Cos
Mass
Electric
91
912
9
934
913
'P..
*:::: 16-711. Jan'
37 Oct
55
100 40 Jan 2 55 Oct 30
1,402
5112 5312 5352 5412 54
Do pref
52
52
51
50
14 Nor
253.7 Jan
4 Apr'08
1
100 1.538 Apr 25 19 Mch31
Last Sale 15/
Mexican Central
6 14713 Oct 30 12713 Nov 19012 Jan
Jan
128
14614
100
14712
146
14513
Hartford.
-443
NYNH&
fa;
14512
14812
145 14512
Last Sale 140 Aug'08
100 140 Jae 29 145 Apr 1 145 Dec 100 Jani
Northern N H
26
Feb
205
205
6
Nov 226 Fen
205
205
25 Norwich & Wor pref.,100 200 Apr
*201 205
15 175 Oct 20014 Jani
26 Old Colony
100 175 Jan 11 189 Sep
188 fg 188 188 *188
*186 187 *18612 117-- 187 187
25 Nov
45 Jan
26
26
25
25
100 25 Jan 15 29 Apr 2
84 Rutland pref
25
25
28
28
20
Oct
Aug
82
8412
94 Jan:
8312 8313
84
100 70 Feb 17
20 Seattle Electric
85 ;85- W ;in- W- *83
*83
*8213 85
8
Sep
8334
18
Nov
Jan
103
2
8833Jan
97
97
25
-*9612
100
Do
pref
9613 97 97 97 16934 172
*9512 97
*9513 97
4 Oct 30 16013 Oct 18213 Jan
17234 17334 8,769 Union Pacific
_100 11013 Mch 2 1733
16834 1694 16913 17012 17034 17134 1704 172
7834 Nov
93 Jan
4 8153 Oct 6
Apr
87
Oct'08
4
3
78
Sale
Lag
Do
pref
100
8913
*8812
8913
*8812
8912
*8812
*8812 8912
Sep 25 14513 Nov 170 Jan
Sep'08
Last Sale 157
100 150 Jan 13 157 Sep
Vermont & Mass
74 Dec
19
05 Jan:
89
89
25 West End St.
89
*88
50 70 Jan 2 9113
W- 89 W- *105
;i5- 90 741 -01-2 ;ii94 Nov 110 Mch
96 Jan 2 106 Sep 14
*105
106
Do
39
pref
50
106
*105
105
105
Jan
*105 ---- 10.512 10512
Sep'08
Lasti n 140
Wore Nash & Roch_ ..100 138 J'ly 9 140 Mch30 140 Aug 147
Miscellaneous
26 Jan:
10 Oct
3 2913 Sep 14
Jan
13
28
1,016
3
28
*27
4
Amer
28
Agricul
100
Chem__
28
2734
2734
2713
*2834 2712 2753 2733
721. Nov
05 Feb
77 Mch 17 9512 Sep 91
329
Do pref
9134 9134 9112 9112
9134 92
4 9113 92
1
9134 91/
313 Nov
9134 92
1434 Jani
812 Maylt)
514 5.12
4 Feb 10
512 1,425 Amer Pneu Service....
514
_ 10°
512 512
512 6
33Jan;
512 6
*513 534
1)12 Oct
912 Feb 25 21 Maylil
436
Do
14
pref
14
14
14
13
13
14
Dec 13714 Feb.,
1412 1412 14
93
Aug3fi
9914
13712
2
Jan
8
1331832
155Amer
Sugar
Renzi_
So
100
13214 13318 13314 13312 13212 13334 13214 13234
195 Dec 131/
132 133
Aug 11
4 Jan:,
1
129
138
129
Do pre
Teleg-110000 106 Feb 18 130
129 1291. 129 12912 *129 130
129 129
1341. Jani
129 129
99 Jan 2 33134 Sep
4,190 Amer Telep &
12678 127
12658 127
12813 127
361; Jan
v
ov
lo
S
N
127 12714 12673 12718 12634 127
4
Aug
214
1°1
8
261.
11
2
Jan
20
16
24
*2213
American
Woolen___ _100
2314 2314 *2213 24
*2214 24
*2214 2313 *2214 24
xfct 10252 Jan3
9 Oc
03
4
312
272
Do pref
9013 9112 9112 9112
100 '4734 Feb 19 94
91
9112 91
9112 91
inc
4 Jam0
9114 91
91
3 Jan 7
Boston Land
10
Last Sale 312 June'08
4
1
3/
*3
3.
No
3;4; *3
0312
115 Jan14
4 *3
1
3/
*3
1
Sep
126
11
0612
Jan
25
*12112
12
Cumber'
122
Telep & Tel_100
Feb
25
Oct
Apr
4 12214 12214 12214 *12112 12213 *1211. 12212 *1634 1738
/
1814
1
1212
*12173 12412 *1211
Jan
100 Dominion Iron ec Steel-4 1712
*163*1614 17
914 Jan
*1614 17
17
t1
*1612 1714 17
Oep
se
312 Oct
7
*1312
4 11,lch 16
4134
14
3
811 East Boston Land
7
7
Jan
Nov
7
230
6
*858 678 *653 634
185
634 718
7
250
17
Mch
201
240
66
Edison
Elec Illum_100
240
240 240
240 244 *235 240
240 240
01 Oct 112 Jan.
*230 240
111 Jan 2 148 rly 2'
144
129 General Electric
143 14313 144
1444 1441! 143 144
43 Oct. 6653 Jani
14312 14312 145 145
56
*55
582 Massachusetts Gas Cos19
0 49 Mch23 6812 Mayth
1(10
56
50
56
8613 Aprl
*5614 5612 56
56
76 N
56
20
56
Oct
50
804
2
Jan
77
88
401
88
Do
pref
8814
_100
No
8834 8814 8814 38 206
215 Mott4
185
10
Aug
8812 88
8812 8834 88
210
20712 20712
30 Mergenthaler Lino,.._ 100 112 Apr 16
206
205 205 *206 210
114 D
434 Jan,
205 205
*204 205
3 Oct 8
2
Itch
1
212
12
200
2
234
*2
Mexican
10
Telephone....
234
234 *2
75 J'ly
46 J'n
234 *2
*214 234 *2
Oct'08
N E Cotton Yarn...... 100 40 Mch 6 6412 J'ly 28
Last Sale 58
58
58 *55
*55
90 Jan
58
80 Oct
*55
58
75 Mch 23 88 Oct 3
*85
88
88
60
*85
Do
pref
100
88
*85
88
*85
88
88
06 Nov 126 Jan,
12
122
122
349 N E Telephone
121 121
100 105 Jan 4 122 Oct
121 122
12014 121
Jan182
Ja
120 121
rly 27 137 No
*120 121
222 Pullman Co
166 166 z16413 16434
100 347 Jan 2 171/ Feb 21
105 165
165 165
16413 165
11 Jan.,
9 No
*164 165
9 Apr 10 10
10
10
65 Reece Button-Hole.... 10
*934 1014
234 10
*934 10
*934 10
10
7612 Nov 113. Jan\
10
J'ly 31
10812
2
Jan
8812
103
10212
103
103
271
&
Swift
Co
100
2212 JaIll
4 10234 10212 10234 10213 102.11 10253 10314 *22
1
20 rile
, 102/
24 Oct 17
24
*22
24
50 Torrington. Clang A
24
*22
24
25 20 Jan 3 26
*22
23
23
25
2412 Nov
2712 X1.91
• *24
14 Oct 28
*2612 27
*2612 27
25 Do pref
25 23 May22
*2613 27
673
2614 2614 *2613 27
28
Oct
*25
1
213
28
Jan
me923
114
112
Sale
Last
*114
112
Oct'08
112
Union Cop L'd &311'g 25
112 *114
Den
*114 134 *114
J'ly 14 10112 Oct 120 Do
130
130 130
1304
896 United Fruit
100 11412 Jan 2 148 Aug 0
12913 130
69 J
12912 12912 120 130
129 129
36 Oct
5814
4
3812Jan
5434
tin
55
25
Shoe
Corp
Mach
3.070
5512
55
5413 5434 55
29 Jail
Nov
2353
19
Sep
19
5412 5412 5412 5412 54
3
4
1
/
24
Jan
25
2813 28
Do pref
2812
181
2314 284 2812 *28
5038 Jaik4
22 Oct
2812 2812 2814 2812 23
5 Oct 28
4712 48 11,047 U S Steel Corp
100 13 Jan 2 483
4 4712 48
1
4814 4734 48/
48
4712 4712 4778 48
7912 Nov 10734 Jan
8712 Jan 2 11214 Aug31
Do prof
11018 111
11038 11033
692
4 110 11012 11033 11073 11014 111
1
o Jan
110 110/
2
Nov
Sep
4
4
3
8
3
Feb
4
Last Salt
Oct'08
- West Teiep & Teleg_ 100 59 Jan 9 99 Sep 2
*613 7
*612 7
*612 7
50 Nov
82 Jan.
*613 7
100
75 *70
2 Do prof
75
76
75
*70
75
7E03 Jan,
*70
75
*70
75
2614 Nov
41 Oct 22
*70
1973Feb 18
50
Westing El & Mfg
Oct'08
Last Sale 41
----_--80 Feb
70 May
4 Feb 19 444 Sep 17
1
50 34/
Do prof
Last Sale 444 Sep'08
Mining
at. Fah
1214 Aug191
4 Nov
1
/
112 Feb 21
25
Con..
Adventure
914
3,655
813
8
8
8
8
4
1
734 8/
20 Oct
4 8
1
7/
8
8
- Jan •
7414
25 24 Apr 23 4014 Aug 7
38
252 Alionez
3734 3734 374 3712 38
38
3733 38
37
38
*37
8
Dec
Jan
Aug
424
121
8312
19
45
Feb
7938 8083 79
8018 7953 8013 28,852 Amalgamated Copper 100 2034 Jan 13 70 rne '2.
7978 8014 8014 81
80
79
53 Jan
19 NoN,
25
Sm
&
Lead
7Anc
Am
25
25
660
2514
*2412
26
2412 2434
2412 25
24
23
23
Aug
5014
7
Feb
26
75
19
Oct
Feb
28
25
17 Anaconda
4512 4512
4633 4633
15.13
6 Jan 151
234 Oct
314 Apr 29
28
246 Arcadian
334
4
1
312 3/
331
*313 4
-31-2 312
312 312
334 334
92
Jan 2 3634 Oct 161
2812 May
Oct
14
•-4
25
4
1
/
34
Commercial....
Arizona
3334
3,300
3312 3434
34
341
34
34
4 34
1
33/
,35 Sep
3312 34
2 Jan,
25 ,40 Feb 14 .911 Aug 7
Arnold
Aug'08
Lon Sale .70
1 '.75
1
1 *.50 .75 *75
'P.75
22 Feb
8 Apr 22 1914 May19t1
613 Oct
25
1813 1914 1812 1878 *1813 1834 1813 1812 37J-15i Atlantic
18
18
18
18
Feb
,7412
27
Jan
7
Oct
.25
.35
.80
Sep
10
Co)
(Dev
*.40
.50
Bonanza
300
.40 .44
.41 .50 'P.41 .45 'P.41 .50
3314 Jan
*.41 .50
1014 Apr 13 17 Jan 2.
8/
4 Nov
1
4 1412 1413 1413 2,131 BostonConC&G (rcts) 111
1
1413 1412 1414 1412 14/
14
14
*1334 14
1114 Apr 14 20 Oct 16
M
Sil
&
5
Cop
Corb
&
4
1
/
19
Hos
1914
13,480
1953
19
1934
1813
194
19
4
1
/
1813 1853
3918 Jan
1814 181
10 Oct
15 1512 Jan 2 30 Aug 4
2634 27
6,745 Butte Coalition
2738 2673 274 2634 27
2738 27
274 27
27
89 Oct 198 Feb
120
10 03 Feb 20 130 Aug 1
119
1,262 Calumet & Arizona
120 12034 119 120
120 12131 118 121
120 121
x665 Mch 5 700 Jan 18 535 Oct 1000 Feb
25
660
&
Calumet
Heels
100
*..600
680
660
659
660
660
660 665
*660 665
47 Feb
16 Oct
25 21 Feb 111 3013 Aug 19
3414 1,188 Centennial
3512 34/
4 3514 3434 3434 *3412 3512 34
1
Jan
3514 34
35
.40
*.37 .40 4..37
1 ,25 Mch 6 .45 Joe 61 .25 Oct .52 Jan
60 Cons hfercur Gold
5518 Feb 18 8112 Aug
.40 .40 *.37 .40 * .37 .40 *.37 .40
4414 Oct 105
4
1
/
77
14
77
Copper
Range
Co.100
7,539
Con
4
773
7714
7812
12
77
D
712
2012
Jan
7612 7614 7634 7634 7812
76
31
J'1Y
1114
3
Jan
7
9
9
Daly-West
20
395
9
9
9
914
914 *9
413 Jan
914 914
4 J'ly 281
1
2/
34 No
918 94
2
134
100 Elm River
12 .99 Mch 6
214
24 *2
213 *2
211 *2
2914 Mch
214 214 *2
(1 Oct
612 Apr 22 15 Aug 29
1312
1312
1312
2,380
25
Franklin
1314
14
1312
14
1334
4 1334 1334
1
13/
13
06 Oct 151 Feb
RO Jan 2 110 rly 30
9812 9934 9934
40 Granby Consolidated_100
98
3753 Apr
100 100 *100 101 *---- 101
100 100
514 Oct
673 Jan 2 134 Aug 3
20
1053 1058 1053 5,902 Greene-Cananea
614 Jan
2 Dec
1012 1053 1012 1038 1033 1034 1053 1034 1013
273 Jan 22
4 J'ly 2
/
11
Oct'08
LOX Sale 134
Guanajuato Consol_ _ 5
Jan
3612
Jan
27
Oct
1113
26'4
17
Feb
1734
2253
4
1
/
22
25
23
1,864 Isle Royale (Copper)._
131
25172 131-3 23
6
Oct
-ii- -if- 23 W1434
22
Sep
10
1312 13/
4 1.237 Lake Cooper
1
23
1334 1334
14
14
30 Feb
1414 1414 1414 1414 14 14
8 Oct
121.1 Jan 2 1714 Jan 14
25
1334
8
7
Copper
4
Salle
3
13
13
1373
La
219
914 Jan
1373 1373 *1373 1414 *1373 1414
14
14
4 Nov
1
2/
838 Aug 19
533
512
214 Mch 6
25
5
5
450 Mass Consoi
514 514
134 Jan
514 512
514 512
512 512
28 .25 Jan 10 .75 J'ly 30 .40 Nov
Oct'08
Last Sale .60
..-- Mayflower
1514 Jan
8 Jan 18
*.70 .75 *.70 .75 *.65 .70 *.65 .70
534 Nov
4 Oct 15
5
*413
10
&
M
412
Cons
414
6
1,0
5
Mexico
434 434
4
1
Aug31
434 4/
1273
434 434
434 434
22
Sep
94
11
8
4
1
/
1134
4 1131
1
11,111 Miami Copper
4 1133 1134 11/
/
2413 Jan
1lIg 1113 1113 1133 1112 111
634 Oct
714 Feb 25 1514 Aug31
25
1314 1312 1312 1313
600 Michigan
1312 1312 1312 1334 1314 1312 6614
053 Jan
37 Oct
* 1313 14
45 Feb 19 71 J'ly 31
67
1,393 Mohawk
6612 67
6712
67
24
6512 6514 68
Jan
13g
9
312 May
Oct
6512 851. 05
Nov
1
.40
10
C
&
C
.45
Oct'08
Consol
Last Salc
Montana
.40 .60 *.40 .55 *.40 .55
83 Jan 2 1814 Oct 28
2012 Jan
'.40 .60
534 Nov
1778
18
5,019 Nevada Consolldsted_ 5
1814 1734 18
4 1712 1813 18
1
8 Mayll,
174 1713 17/
17
slOct 22
43
10
S..
5
5
&
Mines
4
1
/
4
4
1
/
4
Newhouse
300
5
5
4
1
473 4/
473 5
5
5
30 Oct 120 Jan
15 4034,Feb 19 8912 Aug31
8334 8473 18,319 North Butte
8412 8334 85
8412 84
212 Jan
8414 84
8313 8414 84
1 J'ly 31
12 Sep
.75
25 .50 Jan 15
.60 .60 *.50
200 Old Colony
83 Feb
.60 .65
.60 .60 *.50 .65
*.6O .65
18 Oct
4 Oct 27
1
2 53/
Jan
28
53
5213
25
Dominion
52
52
4
3
13,267
Old
5312
4 52
1
181 Feb
5034 5113 5153 5312 5234 53/
12411
Oct
5
71
19
Oct
Feb
77
118
25
118
583 Osceola
11712 11712 116 119
11513 117
118 118
*116 118
35 Jan
J'ly 31
834 Oct
2734 2734
797 Parrot (Sliver & Copp) 10 1012 Jan 11 21)78
2714 28 *--- 2812 2734 28
28
284 2818 28
e3 Jan
12 Doc
114 Jan 23
Aug'08
14 Mchll
Last Sale .00
Phoenix Consolidated 25
1
_
1
Feb
1
1 *__*____
148
Oct
70
1
Aug
100
19
Feb
77
93
25
94
9114 93
506 0ulncy
94
*92
Jan
94
94
94
94
04
41234
93
2 Oct
6 J'ly 28
Mch26
4 14
25
414 414
745 Rhode Island.
414
414 414
713 Jan
414
4
4
*1
4
4
113 Nov
253 Jan 20
3
Apr
3
15
134
10
(Gold
Cop)
&
134
Fe
2
4
*13
Santa
1,110
134 134
*131 175
*134 2
4 Jan
1
24/
*134 2
713 Oct
934 Feb 19 1612 Aug 4
1618 1614 7.985 Shannon
10
1512 1553 151 1 Eli 1533 153_9 1512 1614 28
1512 15
25 14 Apr 3 2978 Oct 15
2812 1,008 Superior
2814 2812 '2814 2814
28
23
28
2812 2734 28
27
Oct
3
173
17
Oct
1413
Pitts
17
1634
1612
10
&
Cop17
Superior
16,596
1614 1678 184 1678 1673 1733 1673 1714
51 Oct 170 Jan
25 56 Al c1120 7913 Oct 30
75
7912
75
75
niatryack
am
727 Tri
75
*74
76
76
4214 Jan
76
76
76
75
933 Nov
1812 3,237
25 124 Feb 19 26 Aug 10
1713 1712 1734 1734 1833 18
1712 17
7714 Mch
1714 1734 17
7 Dec
10
Aug
1514
24
Mch
453
12
100
Copper
12
1114
United
1114
470
May
1034 1034 1114 1112 1114 113t
91
. *1013 11
Oct
22
3
Sep
1
291
Apr
10
.100 2334
Sep'08
Last Salf 29
Do pref
134 Jen
712 Nov
9 Mch31 204 Oct 10
26
2634 2814 3:6i5 United StatesCoal &Olt 25
70 Jan
"ii" "if" "28113 2614 2634 W" "274 2634 20
Oct
2434
7
Aug
4
1
/
44
ti
Mch
28
&
3953
3914
Min_
50
3934
Ref
Smelt
4
1
/
2,321 U S
3934 3914 3914 39
49 Jan
39
3934 3934 3034 40
4 Oct
1
27/
J'ly 25
50 37 Feb 10
45
45
*4413 45
Do pre!
607
4412 45
45
45
4412 45
4412 45
6 Oct 26
433 Sep 10
6 13,765 1.717.5-Arex Minirg
578
534 0
79 Jan
2512 Oct
514 6
514 51
553 6
7
558 0
Aug
50
29!'
Jan
3
5
40
Consolidated40
4014
5,175 Utah
40
4014 40
4012 4114 4012 4034 4014 41
Aug31
4 may 8 9712
1
10 28/
4334 4334 1.515 Utah Copper Co-4314
5s
43
(At
4
1
/
43
27
4413
4314
4412
4 Feb
1
352
11/
8
5
44
43
Oct
14
43
4314
J'ly
213 Apr 16
25
434 5
514 1.450 Victoria
5
*412 5
413 5
14 Jan
*478 5
5
/102 Nov
elipAtig 7
413 Jan 2
25
512 512 512 377 Winona
*5
Feb
5
5
198
513 513
Oct
93
518
5
16
514 514
Sep
25 11512 Jan 2 149
142
140 141 *140
77 Wolverine 142 142
141 141
353 Jam
*240 142 *141 143
Sag Oct 3 .10 Nov
25 .60 May28
212
234 2,193 tVyandot.
214 258
214 214
238 233
214 214
233 233
rights.
and
Ex-div.
a
prices. d New stock. e Ass't paid. 0 Ex-stook d1v. Is Ex-rights.
litBefore pay't of a38cs3't-s called In 1907. * Bid and asked
•
UP.
Boston Bond Record.
Oar. 31 1908.j
BON Ds
BOSTON STOCK EXCIPGE -,.., ,..
WEEK Exiinto OCTOBER 30 -FA'
Prtee
pridav
Oct 30
,
Week's
i...
-c
Range
Range or s
c ,..
Since
Last Sate 44-" January 2
1149
BON it!*
BOSTON STOCK EXCIPGE
WEEK ENDING OCTOBER 30
Bid
Ask Low
High 1).) Low High
Am Bell Telephone 4a....1908 J.j
100 J'ne'OS.. 981
/
4100
Am Teton & Tel coll tr 45.1929 J -J
9014 Sale 904
/
4 168 784 901
901
/
4
Convertible 4s... .
....1036 M.S 92% Sale 02
193 208 807 9414
Am Writ Paper lat.
if5-s g 1919 a.J
1783 Mar'08
*J78341;7834
Aton Top & S Fe gen g 46-1995 A.0 9910014 100 4 100
4 1164100
Adinstment g 4a....J'Iy 1995 Nov
93 .._. 8914 Sep'08 .... 85
8918
Stamped
J'ly 1995 M-N 92
91 Sep'08
91
91
Boston .Elect Light 1st 66.1008 lid.S
Consol 58
1924 ALS
110 Feb'04
Boston & Lowell 4s
11116 J -J
101 Sep'06
Boston & Maine 44s
1944 J..1
1041
/
4 Oct'08
104 1041
/
4
Boston Terminal 181 3143.1947 F -A
11212Jan'03
Bur al, Mo Riv ex 6s
1918 .1. J
104 Oct'07
Non-exempt 66
1918 a.J
102 Sep'05
Sinking fund 48
1910 J -J
984 Apr'08
98'-.
97
Butte & Boston 1st 66.-1917 A-0
100 J'ne'01
Cedar Rap & Me R 1st 75.1916 M-N
117
J'ne'08
117
1
17
2d 7s
1909 J -D
11118.Ply'06 .... .
..
..
Cent Vermt lat g4a_May1020 (4-F 80 81
801
/
4
8112 6 76
.
8112
0 B & Q Iowa Div 1st 56.1919 A-0
11103
Oct
'07
Iowa Diy 1st 4s
1910 A-0
96%1100.,
9812 Ang'08
Debenture 56
1013 m-N
100 Apr'08
100 100
Denver Exton 43
1922 F-A
9914 Oct'0,
984 994
Nebraaka Eaten 48
1927 M-N
98% 1004
1004 Oct'08
'/3 & SW 5 1 4a
1921 M-S
974 May'OI ....
.
Illinois Div 316s
1940 J.,'
Aug'06
4
1873
.
iii
. 180
Joint bowls See Gt Northern
Ohio J o Ry & Stk Yds 56.1915 J -J 1021
10238 1023c. 8 99 1034
/
4
Coll trust refunding g 461940 A-0
89 J'ly'08
89
85
Ch Mil & St P Dub D 66..1920 J -J
118 118
118 J'ly'08
Ch Ai do St P WIN V div 661920 J.J
126 Feti'05
Chic & No M1011181 gn 55.1931 M-N
99
95
99
Ohio & W Mich gen 5s....1921 J-D 9978 9814 100 Aug'08
100
1 97 102
Concord & Mont cons 46_1920 J-1)
91 Deo'07
Conn & Pass R 1st g 4a...1943 A-0
11214 Jan'03
Current River 1st 58
1927 A-0
104 Nov106
net Gr hap & W 1s1 4s..1946 A-0
81% May'08
80 827e
Dominion Coal 1st s f 55-1940 M-17
00
90
Fitchburg 55
1908 MN
.. . 98 Apr
Feb'0890
'07 .... ...
. ..
48
1915 M-S
10318Api'OD ..... ..
45
1927 11-S
96 Apr'08
96 96
Fremt Elk& Mo Viet66-1933 A-0.
12812 Apr'08
128 1281
/
2
Unstampea 1st 6a
1933 A-0
..... 140 A0005 .... .
...
.
Gt Nor C B & Q con ta 4s 1921 J - J
9634 tilde 96% 19778 4:3 I1214.11993v
Registered 48
1921 Q-J
3
96,
8
964
9614 4 92 98
Price
Joi.iday
Oct 30
I.e.
Week's
Range or
Last Sale
Rano*
Since
January
2
Bid
Ask Low
High A 0 Loio ihgis
100 1004 10018 1(9114 1 9714100',.
100 1004 1(9)
100
05 100,4
117 Apra).
117 117
96 Mar'08
90 96
101 J'ne'08
100 101.
11414 115 114% 114%
1091
/
411614,
90
8912 Sep '08
874 91
87 Sep '08
87
S8%10012 102 101 Oct '08
1001
/
2191
11338 Nov'06
1014 Sep '05
115 J'ne'08
113 115
¶1801* Sep'08
74 i86
16 Apr'08
116
led
15 14 Apr'08
111514 1 1514
Illinois Steel deben 5s
1910 J -J
Non-convert deben 56-1913 A•0
la Falls &Sioux Clst 7s 1917 A-0
Kane Clin & Spr 1st 5s. 1923 A-0
Kan C Ft S &Gulf lat 76 1908 J -D
Kan C Ft Scott & M 65- 1928 M-N
KanCM& B gen 4s
1934 M-S
Assented income 55
1934 M.S
Kan C & M Ry& Br 1st 561929 A-0
Maine Cent cons 1st 78. 1912 A-0
Cons lst 4s
1912 A-0
Mara Hough & Ontist66 1925 A-0
Mexican Central cons 48 1911 J-J
1stcons mo 38
Jan 1939 J'ly
2.1 cons mo Ja
Jan 1939 J'1T
Mich Teleplst 58
1917 JMinna Gen Elec con g 56 1929 J -J
New Eng Cot Yarn 55
1929 F-A
New Rug Teleph 6s
1908 A-0
55
1915 A-0
As.
1916 A-0
New England cons g155. 1045 J-J
Boston Term 1st 4s
1039 A-0
N YN H& H con deb 3,
281956
Old Colony gold 45
1924 F-A
Oreg Ry & Nay con g 46 1946 J-D
Oreg Sh Line 1st g 6s
1922 F-A
Repub Valley 1st s I 6s. 1019 J-J
Rutland 1st con gen 4126 1941 .3-i
Rutland-Canadian 1st 4a1949 J -J
Savannah Elec lateens 58 1952 J -J
Seattle Elea 1st g 5s
1930 F-A
Terre Haute .Elec g 58
1921) J -J
Torrington let g 58
1918
Union Pao RR & 1 gr g 48 1047 J.J
20-year cony 4e
1927 JUnitea Fruit cony gen 58 1911
U S Steel Corp 10-60 yr 58 1963 111-N
West End Street By 48- 1915 F-A
Gold 4165
1914 M-8
Gola denenture 4s
1916 M-N
Gold 4a
1917 F-A
Western Teleph et Tel 56 1932 J-J
Wisconsin Cent let gen 4111949 J-J
Wisconsin Valley 182 73 1909 J-J
11
1021
/
4 Anc'04
994
9014
100 Feb'08
10018Jan '07
1001
/
4 Sep'08
1193 Oct'08
9814 J'ly
19614 J'ly'OS
1120 1120
102
102 P.ng'07
10716 Nov'05
102 Afaa'02
9814 May'06
103 105 103
108
97 Apr'07
991
/
4 Nov106
110238 Oct '08
199 Sep'08
116 Jan '08
1034 Oct'08
9614 Feb418
1014 Sep'08
10238Jan'06
98,
4 Oct 'OS
95 Sale 95
96
19412Sep'05
10938 Aug'05
NoTK-Buyer pays atiertied interest In addition to the purchase price for all Boston Bonds. • No price
Friday: latest 'Au and asked.
3 93 9914
100 100
10014100',
7941193
984 984
96,
4 19614
1 103 1120
100.2103
1'99781102%
84%1199
116 117
86 103%
9614 9614
1014 1014
984 99%
3 79
97
¶ Flat plane.
Philadelphia and Baltimore Stock Excha,nges-Stmk Record., Daily, Weekly, Yearly !
Share lirice*--Not Per Centinn Price*
Salt",any
ilonda/u
Oct 24 L Oct 26
fluesitdy
Oct 9?
Wed/m(3day
Oct 28
21
67 68
67
67
67
.95
95
95
1/5
713
.
71v
714 74
*616
.12,
2 13.2 13
13
*13
.13
•
1012 *104 10%
104 104 104
•3814
3913ie
'6
29
*714
91
66%
29
7%
914
07
62%
*38
11 18
2238
6618
63
3ts4
114
22%
66318
3612
10
•42.4 43.4
514 151%
87,
4 874
406 441
/
4 44
364 36% 364
.334 Wm
934
61
/
4 634
634
29
30
29%
*734
.734
911
/
4 911
/
4 914
67
6714 66%
2118 21 e 2118
634 08
6336
*38
3834 *38
*11
1118 11.
22% 23
23
06)
2661110 6634
431
/
4
*42
43
.42
51% 51% 514
87
8738 874
PHILADELPHIA
Inactive Stocks
Allegheny Vol pref
50
American Cement
50
100
Amer Pipe Mfg
Bell Telephone(Pa)J00
50
Cambria Iron
Central Coal it Coke.100
Consol Trao ot N J...100
Diamond State Steel..10
Preferred
le
Easton Con Electric 5.50
Elec Storage Batt....i00
Preferred
100
Ft Wayne &W V
100
Germantown Pass
60
indianapolis St
100
Indiana Union Tr....100
Insurance Coot N A..10
;Inter Sin Pow 61, MI.)111.50
Keystone Telephone _50
Preferred
.50
Keystone WatchCase.100
Lit Brothers
10
IAttle Schuylkill
50
Aiinehlli & Schuyl }L 50
N Haven Iron & Steel.5
50
Northern Central
North Pennsylyania 50
Pennsylvania Salt
50
Pennsylvania iteel..100
100
Preferred
Plifla Co(Pats) prof...50
Phil German & Zforris.50
50
PIMA Traction
Railway. General
10
Susqueit Iron ds Steel..5
Title water Steel
10
Prot t rrecl
10
Tonopah Mining of Nevl
!Union Tr of Ind
100
1Inited .N J It It & C..10c
'Unit Trao Pitts pref..50
'Warwick Iron & stee1.10
'West Jersey S, Sea Sh.50
Nestmoreland Coal....50
Wilkes Gas & Elee..100
Bid
44
36%
97
6%
30
914
67
631
/
4
3$',
11,
8
2314
67k,
4414
43
51%
874
Ask
Irtaav
Oct 30
21
.20
67
68
96
*95
*05
74
07
*13
*1234
101
/
4 •1014 1034 •104
4438 44% *44
441
/
4 4412
36% 364 38
3614 :36
9%
934 9%
934 0%
634 .034
*6
634 6%
294 29,
, 294 294 29
7318 7316
7
711,8 74,
, 914 911
91,
/
4 92
89
66% 67
661
/
4 66% 6614
2,
14
0314 63718 6278 63718 133',
38
as 384 38' 39
1114 11% '11% 111
/
4 114
'23
234 23% 2334
2314
60118 87116
667ja
44
44
44, 44 4 •43
.42
43
*42
43
*42
51% 51,
/
4 52
2 511
51%
87
87
87
87
86%
25
25
*25
PHILADELPHIA
Bonds
Al Val It ext 75 1910 A-0
Alt &LVEleo 410'33.F-A
Am Rya cony 58 1911.J-D
91)
Atl City 1st 5s g'19.13-N
46
Balls Ter 1st 5s 1928.J.D
Berg& Ellrw lat612'21.74
Betide Steel Os 1908.41-F
681
/
2
Choo& Me 1st58 1949 J4
Ch Ok & G gen
J-J
Col St By 1st con 5s 1932
35
36
Con Trao of N J let 58.'33
E& A let H Gs 1920 ALN
Elec & Pea Tr stk tr °Us
Eq 11 Gas-L lat g 56 1928
H& B Top con 58'25 A-0
Indianapolis By 46.1033
2014 21
Interatato 4s 1943 ..F-A
Lehigh Nay 44s '14.Q...1
3)14
Bits 45 g
1914.61-F
20
Gen Ai 412$ g 3.024.‘14
Leh V 1st 58 g
-3
/
4
141 16
Leh V est 48 1st 1948..1-D
56
23 Is 1910
ALS
5914
CO11801 tis 1923
J-1
Annuity 6s
3-1.)
Gen cons 48 2003.M-N
1.004
Leh V Trait con 48'35J.D
New Con Gas 581948 J-D
Newark Pass con 3s1930
100
NY Ph & No 1st46'39.74
40
401
/
4
Income 4$ 1939...M.N
No0hioTrac con5s'19.J4
89% 904 Penn gen tis r 1910 Var
Consol 55 r 1919. Var
Penn & lid Steel con Os.
Pa & WY Can 5s'39.A.0
Con 40 1039
A-0
678 7t Penn Steel 1st 58'17 31-N
People's Tr tr certs 4s'43
2481,
P Co 1st& col tr 5s'49 lI-S
Con& cot tr 5s 1951M-N
Phil Elec gold trust ctts
47
Trust certifs 45
87
P So E goy St S g'20.A.0
Gen H 4s g 1920..A&O
.14441
......
* Bid suid a.skoci; no gales on t its clay.
Thursday
Oct 29
Sates
ACTIVE sTOCIAS
o/ the
Week (('or Bonds and Inae.tirc
Stocics see below)
Shares
22
69
951
/
4
74
134
1034
100
100
50
100
100
50
, Lowest
20
65
80
4
10
10
Jan 13
Mar25
Jan 2
I'M)12
Feb lb
Jim 13
hange lor Preatoua
Year(1907)
Rig/test
Lowest
iyhast
27', May12
76 Apr2:3
96 Sep 2 i
814 Aug24
134 J'ly 23
1178 Diar28
33/
1
4 Jan
80 May
784 Nov
10 Nov
24 Dec
6% Oct
35 Jan
85 Jan
97 Jan ,
2314Jan
48 Jan,
15 J'ne
Philadelphia
53 American Railways
441
/
4
50 42% Mar ie 46 Angll 4314 Dec Si Jan
36% 1,418 Cambria Steel
50 2678 Feb10 3874 Sep 6 22 Oct 474 Jan
9%
95 Electric Co of America 10 84 Jan 25 10%
J'ne22
7% Oct 11%Jan ,
634
300 Gen Asphalt tr oils
1
312Jan 1) 7 Aug 6
S Oct
n Jan
291
/
4 1,506
Do pref tr etta
100 11178 Jan b 30 Oct 20 1334 Nov 36 Jan:,
7
778 Lake Superior Corp.. 100 338 Feb29 914 Am 16
4 Dec 16 Jan I
90
1,194 Lenigh C als Nav tr ct/a 50 784 Jan 2 9212 J'Iy 22 69
Oct 103 Jan
66% 4,610 Lehigh Valley
50 52% Feb20 68% Sep 15 48.2 Oct 78%Jan
244 1,000 Marsden Co
100 1318 J au 20 2% Apr 24
%Nov
2laJatil
631
/
4 2,600 Pennsylvania RR
50 .54318 Jan 2 631
/
4 Oct 27 52 No 01128 Jan
89
209 Plaladelp'aCo(Pittsb) 60 34,
6 Mar 3 411
/
4 Apr24 33% Nov 484Jan
11% 10,125 Philadelphia leleetrict 25 51
/
4 Feb27 11%Oct 3u 6318 Nov 9 Apr
2378 10,472 Phila Rapid Transit
50 12 4.1'ne 9 244 Oct 16 312 Nov 02618 may
67 20,899 Reading
50 46318 Feb 17 6511te Sep lb 35% Oct 69% Jan
44
329
Do 1st pref
50 39 Jan 3 44', Oct 29 304Nov 4536Janl
43
Do 2d pier
50 371
/
4Jan 2 44 40ct
3240c4 47 Jan
52', 6,533 Union Traction
/
4J'nel0 56,
60 441
4 Apr23 4178 Noc 6014 Jan ,
87% 2,151 United Gas lmpt
50 7318Jan
89 J'ly 21 0612006 984 Jan1
26
100 Welsbach Co
100 25 J ne22 2614 Sep 11 25 May 30 Feb
Ask
1044
100
105',
1051.2
109
9214 92,
2
1071
/
2
85
38
109%
1031
/
4
10634
12034
146
90
99 Li
063.8
194
9934 109
100', i00%
721
/
2 73
.1(7.30 pat 1.
Baltimore
10 Con.Gas EL L. & Pow
245
Do pref
It Northern Central
815 Seaboard(new)
100
Do 2.1 pref
300 United Ry & Electric
Range Since
Jan 1 7908
1•1111,ADEI,PHIA
Ph & Read 2d 55'33.A.O
Con Ai Is 1911
J-D
Ex Imp DI 4s g'47 A-0
Terminal 5s g1941 Q-10
P W& B col tr 4a'21..1-J
Portland By 1st 513 1930.
Hoch Ey& 1,con 56'54J4
Spanish-Am It 6a'27 J-3
U Traci Ind gen 5s'19.J4
Un Rys'Tr °Us 45'49J&J
United Rya Inv 1st colt tr
ii I Is 1926
13-N
U Trite Pit gen 5s'97 .14
Welsbaoh iif 56 1930.J-D
WIks-13G&Econ5a'55J4
BALTIMORE
Inactive Stocks
Ala Conn Coal& Iron 100
Pref
100
Atlanta & Charlotte 100
Atlan Coast Line RR.100
Atlan Cos.atL (Conn)100
Canton Co
100
Cons Cot Duck Corp...50
Preferred
30
Georgia Sou & Fla...100
let pref
100
2d pref
1
G-B$3 Brewing
100
Bonds
Anacoatia & Pot 5a
Atl & Ch ext 4166 '10.34
Atlan C L RR451952M-13
Atl Coast L(Ct)ctis58 J-D
Otis of indebt 48. .J4
5-20 yr 413 1925
J-J
Balt CPass let56'11 M-12
Bait Fundg 513.1916 Ai-N
Exchange 345 1030J-J
Balt& PlateamPll A.-0
Balt Trim 1st5s. '29 ?d•N
No Bait Div 55 1942 1-13
Cent'l Itycon551932 di-N
Ext& Imp 56.1932 ALS
Chaa CityRy lat55'23J-J
844
,48k
103'4 1091
/
4101 102
110
7
101
72
90
7214
7934 80
106
74', 75
......
32/
1
4 85
67
75
208 215
82
12:7
,
8
23
2!
12
19
80
83
60
65
24 34
01
100
_..
09
944 9474
764
82
84
101
107
984 99
103
110
11314
110
108
1024 104
BALTIMORE
Chat;Ry(i&.E15,3'99M-S
Charl C& A ext 58.'09 J-J
20 Is
1910 A-0
City& Sub lst 58..'22J-D
City hi Sub(Was)lat55'48
Coal & I By let 56'20E-A
Col&Grnv lat68.1916J-J
Consol Gas 6a 1910 J53
Ga& Ala latcon 5
1814
939D
4
GaCar&N lat58 g'29J4
Georgia Plat 68..222 J4
CMS°& Fla latos 1945.74
U-B-S Brew 3-4s 196111.13
2d income 56 1951 lit-N
KnoxvTrao 1st 68'28A-0
Lakelt El 1st gu5s'42/41.8
Macon RyabLtIst56.63.74
Memphis St 1st 56'45 J-J
MetStr(Wasb)lst5s'25F
Mt Ver Cot Duck 1st 66..
Npt N&O P let56'38 13-N
General 58-.1941 13-S
Norfolk 81. 1st 56'44..J.1
North Cent41-2s 1925 A-0
Series A 56 1026....J
Series B 55 1926....J4
Pitt Uu Trac 68 1997..7-.1
Polo Val 1st 58 1941..74
Say Fla &Weet56'34 A-0
Seaboard A L4s 1950A-0
Scab & Roan 5t4 1926.J4
South Bound 1st 65..A-0
UE1 L&P lat448'29 13-N
Un Ry& El 1st 46'49
Income 4.8 1949
J.D
Funding 55 1936.-J-D
Vs Mid 28 set 68'11.M.S
3d series 6s 1916 M-S
4th ser 3.4-58 1921 M.8
5th series Os 1026 11-6
Va (State) 3s new'32.J4
Fund debt2-361991.14
West N C con 66 191414
WesVa C&P 1st6'1l J-J
Wil ea Weld 5s..193634
$12.4 pa L t $134 paid. 1435 pant. a Receipts. b $25 paid. c $30 paid.
Rid
Ask
85
87
1064 107%
103
1094
10114 102 I
100
112
1034
11034
994
103
113
106
424
lb
16
10212 104. 't
112 114
92
91
92
10834
745% 76 ,
871
/
4
1061
/
4
11.1
111
1024
100
107
5416 640i1
105% losQ
10112 102 ;
92
92/
1
4
8614 851
/
4
53
531.1
80
8041
102
105
1044
105
90
901
/
2
107%
104
107
.- =.i
THE CHRONICLE
1150
[Vol,. Lxxxvii.
Industria, and iiisce
Bid A sk
Ask
2712
Consol Car HeatIng_100 20
ilst
212
119 Cons IV Lgt&Itefrig_100
9212 Consot Rubber Tire_luu
sTOCR
EXCHANGE
2712
Preferred ______ _100 20
TRANSACTIONS AT THE NEW YORK
40
40
35
DAILY. WEEKLY AND YEARLY.
Debenture 4s 1951A&O
/2
Cons Steamship Lines IOU 1-16
1134 12
48 1057 rctsJ&J
tr
Coll
6612
Railroad.
Stocks
Cora Prod Ref See Stock Ere list
State
S
Week endino
7
100
/
eCrucible Steel
614
Ferry Companies
Bands
Bonds.
Bands.
Par value.
Shares.
4814
Ocl. 30 1908.
100 48
'
ePreferred
_ Brooklyn Ferry stock .100
814
.5
*8
Copper
Ely
rland
Cemb,
492
95
B & NY 1st Gs 1911J J 592
$2,000
189,086 $17,438,600 $1,410,000
Saturday
ellianiond Match Co-10u 130 132
10
2,900,500
NY&ER Ferry stk_1()0 40
59,500
344,398 32,209,800
-Moncisy
1
Dornin,on Copper
60
let Is 1022______ M-N 90
3,861,000
55,000
$2,000
512,932 47,163,050
'TseSday
5 *3
Douglas Copper
312
93
NY & Hob 53 5lay 46 J-D 491
3,247,500
137,000
524,099 97,699,900
Wednesday
)) *
(
Econ'y Lt & P (Joliet, Ill
4103
Is
1st
1996M-N
Fy
Hob
3,383,500
128,500
43,645,800
478,008
'Thursday
ist 31 s I g Is 1956_J-1, § 9212 95
9.3
J-J 49s
NY &NJ Is 194(S
5,800,500'
105,500
602,241 55,181,600
30
Friday
IOU 22
Electric Boat
30
10th & 23d Sts Ferry_100 20
101, 65
75
Preferred
6J
450
_J-D
1019
nitre
68
1st
6487,500'
$2,000
$20,618,000
$243,339,650
2,651,684
Total
10u
3
Vehicle
Electra
22
20
100
eUnion Ferry stock
6
100
Preferred
1)0
80
1920
Is
M-N
elst
Jan. 1 a, Oct. 30.
12
1011
7
Week ending Oct. 30.
Empire Steel
Sales at
IOU
Preferred
Short.Term Notes
New I ork Stock
190/
1907.
Stic7E a Ilst
1908.
Exchange.
Am Gig ser A 93 '11_ _M-S 40612 071-: Federal Sugar of N Y
0
56
64
10 9
00
1(
59434 9L12 °General Chemical__ -1
Ser B 4s Bell 15 I2M
174 403 880 `-ine
149,413,S74
2,652,960
100
2,651,684
el'referred
Sc
s
G
Stocks-No. shares- __
It
6s-See
• Light &
$243,339,650 $231,991,425 $12,955,419,250 $15,119,419,275 Am Tel & Tel g Is 10 J-J 41003,c 1008, Goidtkid (3,,nsol Mines_10 *33 612
Par value
5359,800 Allan Coast L 5s '10_51-S 40034 I AIR Gold Hill Copper
$26,200
3127,500'
1
*38
$11,400
Bank shares, par
107i
Bonds.
Halt & Oulo Is 1001)._51-S 310014 10034 Greene Cananea
$473,620
$881,800 Ches &Ohio/3s JIy1 '10J-J 41,134 10313 Gurgenhe/m Explor'n 106
$13,500
$2,000
29 17
191) 12 ISO
Government bonds
73,319,500
58,604,800 Chic It 1 4c Pac Os '09A-0 410012 i00 eriackensack Water Co
9,035,000
487,500
state bonds
708,557,700 1
335,190,600 Chic & W Ind Is 10_F&A
58
Itei g 4s '32 op 'I2__J54
20,618,000 14,399,000
(.33 1008
and misc. bonds
Hall signal Co
10
33
36
tO
Gin HanideD4145 08 M-S 50
11780,350,8201 $394,477,200 C C C & St L Is, June '11 41..014 Rol Havana '1 obaceo Co 10
7
1)
$21,107,500 $18,447,500
Total bonds
Preferred
10
17
19
Consol Gas Os 180o_ _F-A 3111014 10034
1st g Is June 1 22_J50
55
Erie 6s, Apr 8 191 L.. A-0
DAILY TRANSAcTIONS AT THE BOSTON AND PHILADELPHIA
4101 10112 Hecker-Jones-Jewell 6111
EXCHANGES.
Interb ft T g 6s lui
100 105
ut)12 1st Os 1922
51-S 494
5s Mch 1910
33
Her'g-iiall-liar, new _10
45
Ran C So g 5s Apr '12_J-J wiz; 902 Hoboken
Land dc lrnploo
Philadetplaa.
Boston.
Lack Steel g 5s 1000..M-S 5714 0814
e5s 1910
6
MS 592
Is g 1010
Week ending
Houston
011
.1
1
6
5
116
0
Listed
Bond
Bond
UnlIsted
Listed Unlisted
Lake Sh & hi So 3s'Iu P A 410 78 11014
Oct. 30 1908.
Preferred
10
10
30
Aare:.
shares.
sales.
shares. chores.
Lou & Nash g Is '10_51-S 11,1u:/, 1.1078 Hudson Realty
10
100 110
---Rex Cent Is July 1 1911 49512 100
70
3,225 $152,200 Mich Cent 55 1910_ _ F-A 310034 1011s elugersoll-Rand com _1U
3,043
$29,000
12,050
11,685
Saturday
ePreferred
10
00 ::::
1,8
3,745
4,238
70,000 hlInn & St L g Is '11_1:-A 495
181,000
16,045
21,258
Monday
Internael Bank'g Co_10
95
90
9,870
87,200 Missouri Pacifie10,975
110,400
24,941
31,861
Tuesday
Esc list
307
99 inenl Men Mar see Stk
76,600
5,373
15,089
277,500
16,553
r s Feb10'19 c._:nvop
25,774
Wednesday
Internat'l NIckel
10
96 100
410)
10014
A-0
to'00
ext
17,842
83,600
6,219
53
Natofhlea
98,700
12,525
30,049
Thursday
Preferred
10
84
58
F-A 31A78 10113
3,708
20,440
86,500 N Y Cent Is 1910
162,000
17,955
28,474
Friday
1st g Is 1932____A&
81
85
Licks Eqp Is'10-19 84.3% 3%
N Y
International Salt_-10
16
13
10173
4100
2
YNH&HIs'08-'1
$558,100
33,2451_
70,520
5858,600
N
149,1011 99,589
Total
g
1st
5s,
A1951
47
52
4
41003
101
Niorf & West 5s 191051-N
10
In ternat'l Silver
7
10
Pa RR Is Mch 15 '10 141-S 4101 10114
10
65
Preferred
58
Public Service Corp 5s- See St Rys
1st Os 1998
J-L 5104 106
9,
StEMS'east 430 '09_J-D Su 1
10
40
42
'08.J-1) 59973 100/ Lackawanna btecl
St L&SFg9
A weekly review of the Outside Market will be found on a preceding page. Sou th'n coil tr Is'00-A-0 499/4 10014 Lanston hionotype---2 *10/2 11
101 205
Lawyers' Mtge Co..
03
South fly g 5s 1010.-F-A 390
97 fa"
99 eLeh & Wilkes-13 Coal 5
Street Railways
Bid Ask Southern fly Os 1011.51-N
Bid Ask
Street Railways
Lord & Taylor
10
125 135
9934
59933
65,
1013,
guar
Tidewater
Pub Serv Corp N J (Con)
10
97 100
New York City
Preferred
Rubber gas '09_M-S 3100 10033
S
U
Paterson
&
Hob
C
J
ZO
•
14
stk_100
Bleeck St & Ful F
0b12 cLorillard (I') , pref_10 125 135
M-N 36912 7012 Wabash 5s, May 10 1900 395
45 g 1949
70
50
Madison Sq Gardene 1st mtge 48 1050_J-J
ml-ONU a 7
10
zo
WestIngh El&M Os 1010 39534 98
.SoJ Gas El& Tree _100 118 119
2d tis 1919
e B'y & 7th Ave stk__100 115 130
86
95
M-S
193
1953
5s
g
Gu
100
93
Railroad
ehianhat Beach Co--1U
e 2d mtge 68 1914__J-J
2
6
3107
J-J
Co
Ry6s'14
No Bud
Manhattan Tranalt___20 *218 214
Con 561943 See Stoelt Esc list
J
5109
Chic Peo de St L pref_100
1928
1 *
Mitchell Mining
13'Way Surf 1st 55 gu 1929 118 10253
stock
Deposited
14
93
.
S
fol
1924____M-N
5s
Ext
90
130
l Monongahela it Coal 51)
Il:
1
4
453
UndeposIted stock
F'Cent'l Crossen stk__100 95 110
Pat City con 65'31_J-D §116
S *2533
Preferred
I 61st mtge 85 1922_M-N
Prior lien g43is'30M&S 83 92 68_1914 opt A-0 4100
Zd
100
50
100i
stk
ER
&
ei
Mortgage
95
Bond
Co___101)
Pie
e Cen
Con mtg gas 11430_J&J 50 60
So Slde El (Chic) See Ch icago
e Chet'r & 10th St stk 100 70 110 Syracuse
512 Nat Bank of Cuba___100 97 100
Income Is. July 1930_
R T 58'46_M&S 102 105
100 135
Col & 9th Ave 58 See Stock Exc list
National Surety
100 -2-0
- 21
Trent P de H 513 1943_ J-D 495 100 Chic Subway
DryDEB&BNevada Cons'd Copper_5 4,18
W & Den Cy std 100 INS 100
Ft
LSt
of
Rys
United
95
90
e 1st gold 5r4 1032-J-D
Nev-Utah Min & Sm-10 *518 314
of
Mexico
Rys
Nat
19
100
1734
ctfs
tr
vot
Cora
56
e Scrip 55 1919____F-A 50
9112 eNew Central Coal..___20 40
Prl lien 4}is'57(w1)J-J 390
100 5634 57
e Preferred
Eighth Avenue stock_100 200 270
Gen M 451977(WI) A-() 18312 8412 N J Ter Dock & Imp..100
101 I Gen 4s 1034_See Stock Sac list
N Y Air Brake 6s See Ste. Sac
e Scrip 63 1914_ __F-A 95 265
Stubs_
Securities
125
North'n
11212
list
Ere
Stk
See
SanFran
UnitRys
215
.42d & Gr St F'y 5tIc_100
100
50 *32
35 N Y Biscuit 6s 1911-513512 Pitts Bess & L B
100 34
Wash ity & El Co
142d St M & St N Ave_100 30 -98
34.
68 eNew York Dock..__..100
50 *60
Preferred
100
85
Preferred
81
5116
100
ePreferred
e 1st mtge Os 1010_51-S 40
72
eltallroad Securities Co83
82
1951
48
J-D
50
NY Mtge & SecurIty_1(10 138 143
2d Income 63 11415_J-J
ln C stk tr cfs ser A '52 85
90
list
ange
Each
Stk
-See
Y
N
*3
Transportation___20
. Inter-Met
4'
Company
Seaboard
Gas
Securities
list
Sae
_Cies-Beni-Pond com_100 00 100
Lox Av &Pesti."' 55 See Stk
100
1st preferred
33
NIpIssing Mlnes
1 Metropol St By-See Stk Exc list
'934 97$ !
Corn & 2d pref-See Halt El12
c list
New York
190
150
stock__100
100
Silver
eOntarlo
314 4
iNinth Avenue
99 10012 Seaboard Air Line75 Cent UnGas 5s g
50
100 35
Otis Elevator corn
rSecond Avenue stock _100 94
40
Coll 55 ext May '11 M-S 91
92
98 Con Gas (N Y)-See Stk Sao list
10
Preferred
e 1st mtge Is 1009.11-N 75
94
.
90
Union Pactlic 4s See Stk Each list
100 142 135
e Mutual Gas
80
__F-A
_
1948_
Is
Pittsburgh Brewing___5 *1834 1878
Consol
GasAmsterdam
New
130
115
stocic_100
Industrial and h1iscel
50 *9012 41
Preferred
6 Sixth Avenue
1st consul 58 1998....J-J 100 101
55
Sou Boulev 55 1045-J-J 500
Adams Sap r 4s 1047J-1) 49312 0412 l'Ittsburgn Coal_See Stk Exc fist
NY &ERGas 1st 5s'49 J-J 102 105
95
_A-0 585
14,
So Far 1st 58
Mining
25 105 120 Pope ManutacturIng..10
Ahmeek
J-J
90
1945
95
Is
Consol
Bic
list
1919_-Stock
1st preferred
100 30
Third Avenue-See
100 105 115
Alliance Itealty
32
N Y & Richmond Gas 100 35
90
2d preferred
10
Tarry W P & II 5s 1928 WU
Allis-Chalmers Co 1st mtg
3
1
100
Nor Un 1st 5s 1927__
85
YkersStRitlis 1948 A-0 473
s 1 58 1936-See Sto.dc Each list Pratt & Whitn pref 100 95 10212
7
70
0a9
1-0N
75
30 e Standard Gas com_11
15
Realty Assoc (I3klyn) 10
i 28th & 20th Sts 1st Is '06 253
100 142 150
American Book
130 135
100
e Preferred
325
Royal Bak Powd cons 100 140 150
e Twenty-Third St stk 100
100 105 110
American Brass
10412
1930
1st
Is
5101
97
o
F-A
592
51-N
1942
5s
1st
Union fly
Preferred_
luu 102 104
Chicle
com.100
American
108
194
Other
Cities
5,0
Westchest 1st 5s '43 J-J 565
Safety Car Ileat & Lt_101) 114 117
100
Preferred
aet.10
&
Amer Light1:
111 113
Brooklyn
55
20
8 Seneca Mining
25
9
Am Graphophone com100 96
100 9312 95
Preferred
100 45:'; 465
Atkin Ave 5s 1009_ _ A-0 498 100
Singer Mfg Co
.100
Preferred
40
60
notes_A-0
6%
g
Lc
115
Col
110
98
A-0 493
100
Con 5s g 1931
IOU 110
1
6 Standard Cordage
12
2 10
10
50
Bay State Gas
214 233 Amer Hardware
BB&WE 5s 1933...A-0 100 104
A-0
red_
1st
g
M
'31
Is
22142 2712
AmMaiting 6s 1914-J-D
BliighTn (N Y) Gas Wks
1931
1
Brooklyn City stock _10 190 198
Apr
Is
hl
Adjust
274
258
100
Assoc'n
Press
Amer
90
100
94
1938___A&0
Is
g
1st
98
draerrdree
Con 5s-See Stk Exch Exc list
doupler com100 30
Staynre
35
Am Soda Fount com_100
Brooklyn Union Gas deb
99
100 100 110
Bkn Hgts 1st Is 1941 A 0 95 list
100 10
1st preferred
`20
res 1909 See Stk Each list
100 104 1112
Co
Milling
Bkin Q Co dc Sub See Stir Esc
Standard
100
2d
preferred
-100
stock
4
Gas
City
Buffalo
512
10
Bklyn Rap'Fran-Sec Stk Esc list
Preferred
41
43
1
1st Is 1947-See Stock Exc list e Am St Found new _ tut -3-0-1-2 32
90
1st 53 1930
e Coney 151 & Bklyn_100 65
84
85
Os P.;35
A&O 96 100
80 Con Gas of N J 5s 36_J-J 385 'JO
of N J__100 620 624
011
1st cons g 43 1948__J-J 75
Standard
(w1)_F&A
43
1023
Deb
08
5
67
Pow
&
563
H
L
Consumers'
Brit C & N 55 1939.J-J 93 100
Swift & Co-See Bost St
Ex c list
50 200
American Surety
55 1038
58
1st Is 1010-1914_--J-J
Gr'pt&LorSt 1st 6s.M &N
10014
American Thread pref__5 *114
Elizabeth Gas Lt Co IOU 275
Kings C El 9s-See Stock EEC- list
85
Tobacco Co com_100 375 390 sTexas& PacIlle Coal_100 77-5
120
Gas-100
Am
de
Hudson
Essex
124
Nassau Elec pref____100
105 115
Ty pefders corn-l00 33 36 Title Ins Co of N
_ Gas & Si Bergen Co 100 55 59 Amer
A-0
Min
Tonopah
Is 1994
(Nevada)_1
*7
100 94
Preferred
71,4
97
1st
G
0
-A
Is
1
1
1
198
Rap
15-F
0
101
Gr
6
list
Exo
1st 4s 1951-See Stock
4
8
Amer Writing Paper_100
112 3 Trenton Potteries cornI01)
Hudson Co Gas
113
Preferred, new
N W'bg&Flat 1st ex 4 jis 10.)
100 50
55 .
Preferred ______ 100 16
18
-0
Ltg Co (w. I.)-5
- 2
5
17
19
Trow
Steinway 1st 65 1022-J-J 4100 165 Indiana
Directory
100 30
40
I g 58 19 op'09-J-J 85
s
1st
86
54
(w.
l.)-F-A
op
1958
‘Is
58
Other Cities
Union Typewriter cornlOU 54
,.
57
Barney & Smith Car-100 „ 45
Indianapolis Gas
40
1st preferred
100 107 110
• Buffalo Street Ily100
- 120
Preferred
A-0 584
1st g 55 1052
90
Zd preferred
100 102 105
I let consol 5s 1931_F-A 310412 10712 Jackson
--See S tie Ex list
Corp
Steel
491
Bettil•ni
'37-A-0
g
5s
Gas
96
A-0 410312 106
: Deb Gs 1017
6012
100
Bliss Company coal- 50 115 120' United ilk Note Corp_5() *56
Kansas City Gas
98
;Columbus (0) St Ry_100 94
Preferred
5U *5212 5312
50 3
Preferred
100 ;61- 84
16 36
115
20
12
IOU 99 105 6 Laclede Gas
' Preferred
eUnIted Cigar Mfg.p1_100 94
Guar__100
97
Mtge
_100
&
Bond
80
Preferred
85
e
Colurn ay con 5s--SeePhi la list
United Copper____10/1 1213 124
261A-0 3103 107
Borden's Cond Milk-100
.
5Madison Gas 65Crosst'wn 1st 5s'33 J-D 3100 103
100
Preferred
100 10
Preferred
Q-J S127 129
1994
as
2
33
37
07
1
Gas
Newark
_
100
com_
Ltg
eCon n fly &
100
U S Casualty
5
200
British Col Copper
91
Newark Consol Gas.._100 90
100 671275 80
ePreferred
100 26
U S Envelope com
312 27
67
7
J-D 510312 10412 Butte Coalition Mining 15 *7
e Con g 55 1948
100 40 60
Grand Rapids Ry
100 94
ePreferred
97.
Co of Am com-100
Pow
do
Casein
H
L
Hudson
No
78
70
100
_
Preferred _
U SSteel Corporation100
Preferred
A-0 3 95
5s 1038
,e Louisv St 5s-1-0-30-__J &J 5105 107
Col tr s f Is '31 opt '11 4112 113
E1ec-100 75 85 Casualty Co of Amer-100 15
0 13
2
29
60
3
9
.Lynn & Dos 1st 58 '24 J-D 5102 103 Pat & Pas Gas&
Col tr s I Is '51 not opt Sill in •
100 125 130
M S 3101 10212 Celluloid Co
e Con g Is 1949
1314
e New On Rys & Lgt_100 13
so -1
U S Tit Cu & Indem_100 50
Fireworks com 100
coo Cent
33 St Joseph Gas 5s 1937-J-J 585
e Preferred
100 31
eUtali Copper Co-See Stk Sac fiat
100 45
Preferred
7 60
15
Gen M v;9 iSs '35 See S tk Ex list
Telephone
U
03
Telegr &
100
214 234 Waterbury Co, corn-10
Central Foundry
/,.North Chic Street See Ch Icago list
Preferred
100 66
Preferred
13 6
5
16
52 eAmer Teleg & Cable _100 69 72
Tub Serv Corp of N J.100 75
lm 188
Westchester & Bronx'iit
Deb 65 1019 op '01 51-N
68 °Central & So Amer 100 105 110
, 'Fr ctfs 2% to 6 %perpet 66
Realty
100
& Mtge Guar
(NY)_25
110
Tel
180
1913
Century
Un
120
Come'
97
g
5s
notes
Coll
596
'00-M-N
.
100
ice
Mfg
100
Co_100
Western
Tel
Chesebrough
410
55
State
440
65
Bay
&
Emp
' North Jersey St fly 100 30
100 45 50
WestIngh Air Brake_ -50 *fair
100 40
50 City Investing Co
Franklin
71
' 1st 4s 1998
151-N 370
5s-See St Eke
Mfg
&
El
B).
com-100
_10
West
98
(11
90
Teleg
Stook
100
eClaflin
102
&
°Gold
N
Tract
of
69
J__100
Cons
67
,
00
10
;01
10
4
7.
1
White Knob Min
38
el st preferrea
Hudson River Teleph 100 37
lst 5a 1033
J-D 3103 104
'
99 9
712
95
e2d preferred.....-100 92
i NevelPaslly 68 '39 J-J 4107 108 eN Y & N J Teleph_ _100 11512 11712
4414'68 1081
102
pratLow
1)1100
Coal&I
'
g
ne
n
100
e
efl
th
r
r
Hock
P
Wo
eNorthwestern
75
&
107
Col
65
'Fran
St Ry-100 235
45
I Rapid
J-J 82 90
25 60
1st g 55 1917
70
PactfIc & Atlantic
A-0 3'106
1st 5s 1921
'
OS
Col tr Os Oct 1956 J-J 95 10112
Southern & Atlantic-25 85
ghts. 6 Basis. e Sells on Stk. Ex.. but not very active. 1 New stock. a Nom. 3 Salo psice., 41441,7(A3tj
tPer share. 1 Bayer pays accrued list. a Ex-ri
Volume of Business at 8took Excilan res
Bis
Electric Companies
Chicago Edison Co See Ch I cago
e Kings Co El L&PCo 100 12/
Narragan(Prov) El Co_50 *91
35
N Y de() El L &PowCo_10
100 68
Preferred
luu 60
United Elec of N J
J-D 4b6
1st g 45 1999
BR.
1
Outside Securities
1
1
as
00T. 31 1908.1
THE CHRONICLE
1151
inuestnunt and Alai'road intelligence,.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular Weekly or monthly
returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last
two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementar
y
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 Marnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
....7
I
Latest Gross Earnings.
Previous
Year.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
*
•1
Ala N 0 & Tex Pac.
Nashv Chatt do St L August ___ 878,611 995,211 1,758,911 1,953,049
N 0 & N East__r 1st wk Oct
52,000
52,000
721,828
835,802 Nevada-Cal-Oregon. 3d wk Oct
7,968
7,645
131,656
126,171
Ala dc Vicks____r 1st wk Oct
28,000
29,000
379,058
411.486 Nevada Central_ ___ August
5,480
8,057
13,923
14,729
Vicks Sh dc Pac_r 1st wk Oct
22,000
27,000 A 349,204
435,847 N Y C & Hud River June
7,269,868 8,684,260 92.100,769 06.141,438
Ala Tenn & North__ August ___
4.637
3,753
8,767
7,506
Lake Shore & M S
me
3.086.055 3,791,103 41,704,152 43.526,818
k Atch Tap & S Fe_ September 7,906,678 8,077,118 22,371,395 24,005,564
Lake Erie & West June
356,538 422,895 4,675,068 5,119,967
Atlanta Birm & At!. August ___
149.035 172,431
299,118
331,254
Chic Ind & South June
230,744 254.849 2,809,298 2,685,965
Atlantic Coast Line. August
1,575,574 1,050,997 3,317,912 4,005,187
Michigan Central June
1.077,246 2,376,125 26,448,400 27,490,423
Baltimore & Ohio__ September 6,315,210 7,465,051 18,409,560 22,441,261
Cleve C C & St L.. June
1,983,163 2.323,844 25,024,012 25,672,162
Bangor &Aroostook August
195,352 233,269
376,686
456,471
Peoria & Eastern June
217.164 266,282 2,839,197 3,039,645
Bellefonte Central__ September
6,965
4,576
17,851
14,975
Cincinnati North_ June
80,803
82,554
922,47 1.031,769
Boston &Ma ne_r • ugust ___ 3,519,391 4,065,653 6,794,513 7,817,852
Pitts & Lake Erie June
835,386 1,386,504 11,958,100 14,476,381
Bridgeton & Saco__ August ___
5,778
6,537
11,147
11,882
Rutland
June
236.384 269,300 2,890,63
2,917,835
Buff Roch ec Pitts_r 3d wk Oct 166,389 214,358 2,363,052 2,968,155
N Y Chic & St L_ June
641.192 821,368 9,851,375 10,237,229
Canadian Northeni_ 3d wk Oct 275,800 230,700 3,165,100 3,239.600
Total all lines_
_ Juno
16914633 20679284 221222484 232239634
Canadian Pacific__ 3d wk Oct 1,693,000 1,544,000 23,973,510 24,983,903
844,384 899,256 1,661,297 1,726,403
Central of Georgia__ id wk Oct 239,800 288,300 3,512,863 3,796,985 N Y Ont & Western August
Hart--r August
4,528,132 5,350,063 8,929,955 10,379,662
Central of N Jersey_ •ptember 2,200,734 2,399,719 6,517,401 7,500,505 NYNH&
N Y Susq & West
August
206,490 272,190
406,553
548,082
Central Vermont _I July
288,491 $12,706
288,491
312,706 Norfolk & Western_ August
2,507,097 3,057,236 4,876,92 5.925,826.
Chattanooga South_ 2d wk Oct
1,824
3,141
47,907 Northern Central
27,216
August
956,036
1,257,936 1,825,151 2,435,5511
Chesapeake & Ohio. August
2,292,904 2,667,359 4,388,036 5,057,511 Northern Paciflc
September
6,582,983 6,621,785 18,099,176 20,747,031.
Chesterfield & Lanc. August
2.630
6,298
4,823
0,628 Pacific Coast Co..... August
593,117 755,961 1,173,10
1,493,4211
Chic & Alton fly.-r 3d wk Oct 306,709 320,109 4,192,424 4,222,061 PennsylvaniaCo
_ _r August
3,733,766 5,027,135 7,323,78 9,761.801.
Chic Burl & Quincyr August
6,918,604 7,553,214 13,189,767 14,447,156 d Penn-East P & E August
11644799 15522399 22.926,884 30,122,464,
Chicago Great Wes 3d wk Oct 177,891 177,662 2,707,350 2,797 214
d West of P & E.. August
Dec. 2,013,300
Dec 3,727,400
Wise Minn & Pac September
80,276
56,541
Pere Marquette___r August -.- 1.201,032 1,275.461 2,258,24 2,455,818.
Mason C & Ft D.. September
181,434 162,967
Phila Bait & Wash_ August
1,389,227 1,592,527 2,81.7,905 3,125,305
Chic Ind & Loulsv_ 3d wk Oct 112,158 115,662 1,743,309 1,925,136 Pitts Cln Ch & St L.. September 2,397,665
2,906,098 6,881,347 8,510,7211
Chic Ind & Southern -See New York Cen tral.
Raleigh ec South p't September
9,478
10,099
27,314
31,183
Chic MIlw & St Paul ngust
5,339,460 5,221,252 9,901,869 10,342,266 Reading Company_ September 3,386,373
3,882,220 9,316,747 11,734,376:
Chic & North West_ September
_-- 6,537,827 6,525,120 17,523,656 18,1)29,222
Coal & Iron Co.... September 2,513,762 2,028,892 6,590,55' 8,768,541
Chic St Paul M &O.. September 1,283,901 1,280,271 3,330,969 3,600,771
Total both cos.._ _ September 3,000,135 6,811,112 15,907,303 29,502,917'
Chic Term Tran RR 2d wk Oct
34,953
36,505
494,597
527,162 Rich Fred & Potom August _ _
118.283 188,973
292,01
367,231'
Cin Ham & Dayt-_r August ..... 728,444 875,892 1,383,346 1,674,879 Rio Grande June._ _ August __
_
65,394
78,587
138,32
157,152,
Cin N O&Texas Pac -See Seta hern Rai' way.
Rio Grande South
2d wk Oct
13,165
182,lOt
13.714
191,609'
Cincinnati Northern -See New York Cen era'.
Rock Island System September 5,690.375 5,641,388 15,703,609 16,367,573!
Clev Cin Chic & St L -See New York Cen tral.
e St L & San Fran September 4,183.695 4,522,948 11.775,591 13,569,911.
Colorado Midiand-r August _ 202.023 217,701
395,372
443,601
Evansv dc Ter H September
198,991 217,074
582,657
639,474,
h Col dc Sou System 3d wk Oct 349,470 382,103 4,788,062 4,577,850
Total of all lines_ September 10073062 10381411 28.060,85 30,577,460,
Col Newb & Laur__ May
17,457
23,100
275,775
204,013 St Jos & Grand 181. August _
149,244 173,613
274,0l
320,197
Copper Range
August ......
71,200
87,785
147,020
175,958 StLouis Southwest_ 3d wk Oct 237,143 232,388 3,165.134 3,445,880.
Cornwall
September
4,016 .19,337
64,197 San Ped LA & S L.r August
14,288
549.216 685,725 1,072,468 1,374,480
Cornwall & Lebanon August ___
23,533
42,287
46,531
83,554 Seaboard Air Line.._ August
1.0641,634 1,326,305 2,246,987 2,617,166
Cuba Railroad
August ___ 127,843 145,268
281,629
298,300 Southern Indiana
129,211 160,005
August
245,571
297,275
August ___ 1,566,450 1,931,955 3,042,048 3,798,311 c
1 Delaware & Hud
Southern Pac
September 10481094 10939518 30,033,137 33,817,619
Del Lack & West_t August
2,616,370 3.265,557 5.475.609 6,292,575 Southern Railway
3d wk Oct 1,149,894 1,267,255 15,862,941 18,247,8911
'Denver & Rio Gr_r d wk Octe
_440,200 472,000 6,741.324 7,586,009
Mobile
&
Ohlo.-3d wit Oct 186,102 200,335 2,762,487 3,296,015.
Det Tol & Iront Sys 2d wk Oct
41.319
38,431
510,575
590,534
Cin N 0 & Tex P_ 3d wk Oct 144,220 134,281 2,38-7,409 2,844,639
Ann Arbor
2d wk Oct
43,888
42,242
581,738
656,140
Ala Great South.. 3d wk Oct
67,025
73,944 1,075,114 1,289,133
Detroit & Mackinac 3d wk Oct
19,558
24,916
356.092
415,400
Geo
South
&
Fla..
3d wk Oct
34,41'?
43,607
554,441
664,756,
,Dul & Iron Range_r • ugust ___ 940,942 1,198,214 1,922,931 1,990,568 Texas Central
3d wk Oct
29,205
26,935
325,741
375,543;
,Dtil South Sh & At)3d wk Oct
58,905
64,011
873.793 1,159,621 Texas dc Pacific_ _ _ _ 3d wk Oct 342,023 $28,231 1,101,168 4,703,990,
Erie
August ___ 4,351,791 5,083,318 8,531,876 10,021,156 Tidewater & West_ September
6.206
7,437
26,17617,877
MI Paso & Southw_r June
529.429
7,564,105
Toledo & Ohio Cent August
438,224 457,138
917,146,
876,776
'Evansville & Ter H. -See Rock Island S ystem.
Toledo Peor & West 3d wk Oct
22.331)
27,050
361,927
393,795!
Fairchild do Nor E.._ August
1,681
1.197
2,769 Toledo St L & West 3d wk Oct
3,195
75,127 100,000 1,119,83
1,435,846:
Fonda Johns & Cloy September
_67,350
71,498
231,827
264,233 Tombigbee Valley.... August
5,466
6,546
10,057
12,3831
Georgia Railroad - • ngust _-- 205,661 244,470
478,888 Tor Ham & Buffalo August
423,735
61,659
70,504)
128,145
153,154.
Georgia South & Fla -See Sout hern Rail way.
Union Pacific Syst_ September 7,414,594 0,950,234 21,130,749 21,192,741:
Grand Trunk Syst- d wk Oct 848,347 944,379 12,880,183 14,899,385 Vandalla
August
745,061 910,644 1,449,987 1,732,9221
Or Trunk West-. 2d wk Oct 111,243 147,022 1.682,693 2,013,531 Virginia & Sou West August __ _ 100,785
113,989
103,358
219,515
Det Gr Hay & MB 2d wk Oct
33,301
35,452
514,084
589,461 Wabash
3d wk Oct 540,228 587,439 8,438,607 9,199,856,
Canada Atlantic_ 2d wk Oct
30,552
49,166
713,736 Western Maryland- June
584,213
429,231
512,606
5,648,277 5,600,4511
Great Northern Syst September 5,875,035 5,700,980 14,785,999 17,083,662 W Jer & Seashore.... August
707,250 902,250 1,463,431 1.631,831i
Gulf & Ship Island_ 3d wk May
29,071
45,907 1,903,319 2,215,730
& Lake Eller August _ - 532,070 657,340 1,059,282 1.280,279!
Hocking Valley__ August _ 615,314 685,736 1,145,835 1,320,675 Wheel
Wisconsin Central-r August
669,472 728,664 1,321.121 1,477,589
Illinois Central ____ September 4,729,755 5,405,906 13,645,631 15,798,421 Wrightsv &
Tenn.._
September
28,123
26,158
65,541
60.923
Inter & Gt Northern 3d wk Oct 210,000 158,000 2,361,969 2,264,955
714,397 796,628 1,936,595 2.314,544
a Interoceanic Mex. 3d, wk Oct 111,307 161,327 1,848,867 2,282,820 Yazoo & Miss Vali_ Septunber
Iowa Central
d wk Oct
58,323
67,461
049,721 1,005,427
Kanawha & Mich- August ___ 207,173 214,068
409,080
416,699
Current
Previous
Kansas City South_ September
689,132 900,885 2,177,383 2,654,507
Various Fiscal Years.
Period.
Year.
Year.
Lake Erie & West'n -See New York Cen tral.
Lake Shore & M Sou -See New York Cen tral.
Bellefonte Central
an 1
Sep 30
346,391
$46,365
Lehigh Valley ...--r September 2,926,821 3,245,306 8,287,205 10,010,951 !Delaware
Hudson
&
Jan
31
Aug
13.137,866
11,860,410
Lexington Si East
July
36,821
51,761
36,821
51,761 Manisttque
Jan 1
Sept 30
50,354
43,904
Long Island
August
Dec.97.068
Dec. 151 .455
Mexican Railway
Jan 1
7 5,777,700 6,112,200
Oct
Louisiana dc Arkan_ June
1,144,521 1,216,837 Mexican Southern
Jan 1
Oct
974,735 1,051.709
7
Loulsv & Nashville_ 3d wk Oct 944,875 1,057,570 14,069,983 15,842,413 New York
Central
Jan
June 30 40.662,607 46.030,897
Macon dc Binning- September
11,249
13,488
33,906
40,279
Lake Shore Si Mich South...June 30 18,340,216 21,589.537
Maine Central____r August_
797,240 893,285 1,519,549 1,709,475
Lake Erie Si Western
Jan 1
June 30 2,040,667 2,432,537
ManIstique
September3.283
4.554
16,059
19,134
Chicago Indiana Si Southern_ Jan 1
June 30 1.394.317 1.499.498
Maryland & Penn.._ September,
37,942
39.823
104,251
106,558
Michigan Central
June 30 11,735.281 13.833.980'
2,794,474 2,005,982 32,869,443 28,492,109
a Mexican Central... May
Cleve Cin Chic Si St Louis
Jan 1
June 30 11,015,982 12.439,769
a Mexican Internat.. 3d wk Oct 149,167 166,709 2,084,781 2,755,147
Peoria Si Eastern
Jan
June 30 1.270,774 1,441,023.
a Mexican Railway_ 1st wk Oct 135,000 147,700 1,827,300 2,139.900
Cincinnati Northern
Jan 1
June 30
479,804:
397,081
a Mexican Southern 1st wk Oct
23,561
22,933
332,496
358,720
Pittsburgh Si Lake Erie
June 30 4.095.748 7,042,044
Jan 1
Michigan Central- See New Y ork Centr al.
Rutland
30
June
1.228,046
1,386,496
Mineral Range
3d wk Oct
15.389
13,977
266.121
261,239
New York Chicago Si St Louis
June 30 4,606,727 5,221,021
Mlnneap & St Louis 3d wk Oct 101,559
00,909 1,306,635 1,357,054
Total all lines
j
Jazi
June 30 96,787,446 114297513
an
Minn St P & S S M.. 3d wk Oct 323,481 318,961 4,464,545 4,121,105 Northern
Central
Jan 1
Aug 31 7,256,245 8,781,845
Missouri Kan & Tex August __ 2,200.770 2.288,414 4,060,037 4,512,949 d
Penn-East of Pitts Si Erie
Aug 31 86.947,713 109264113
Mo Pao & Iron Mt..c.3d wk Oct 999,000 996,000 13,096,160 15,544,791
d West of Pittsburgh and Erie an 1
Aug 31
Dec. 14,941,509
Central Branch.° 3d wk Oct
36,000
34,000
569,000
553,000 Phlia Baltimore Si Washington.. Jan
31 10,558,216 11,303.516,
Aug
Total system-o 3d wk Oct 1,035,000 1,030.000 14,585,16016,097.71)1
Pitts Cln ChIcago & St Louis.... Jan 1
Sept 30 19,105,889 24,446.428
b Mobile Jack 44 K C Wk Oct 17
32,214
31,001
407,471
487,548 Rio Grande Junction
Aug 31
1
553,419
021,541
a Nat RR of Mexico 3d wk Oct 252,457 286,861 4,294,731 5,040,953 Texas Si Pacific
Jan 1
Oct 21 10,158,728 13,097,733
Hidalgo & N E.._ 3d wk Oct
17.171
19.030
270.733
320.393 West Jersey Si Seashore
Jan 1
Aug 31 3,735,883 3.959,183
55SSESPSEESg SO'ScS'ET6E5SSggg
•
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Aug
Aug
Aug
Sept
Sept
Sept
Sept
Oct
Oct
2c1
3d
4th
1st
2d
3d
4th
1st
2d
week
week
week
week
week
week
week
week
week
1111
aza."11 l'Int
(39
(39
(42
(40
(40
(39
(42
(44
(40
roads)......
roads)........
roads).roads)._
roads).roads)._
roads)._
roads).roads)._
I A A rnsflial
Our'iii Yeas Prees Year Inc. or Dec.
$
8 806.024
8,887,875
13.078.076
8.695,381
9,278,704
9,583,859
13,311,958
10,291.971
10,403,072
10742 AAR
%
--....
$
$
9.973,195 -1.167.171 11.70
10,118,734 -1.230,859 12.16
15.626,926 -2.550,850 16.45
9,678,456
-983,075 10.16
9.932.527
-653,823 6.58
10.009.320
-425,461 4.25
13,839,794
-527,838 3.81
10,673.871
-371,900 3.48
10,849,128
-445,156 4.10
11 9M7 911
........R1A "AA
A 87
NIMIthip aunintaries.
Month
Month
Month
Month
Month
Month
Month
Month
Month
Dec
Jan
Feb
Bich
Apr
May
June
July
Aug
NhInth Sent
•• at Year Prev's Year Inc.or Dec.
%
S
$
$
190'7 (123 roads). 174,422,451 1E4,893,810 -11.471.359 520
1908 (122 roads) _ 151,758.406 172,283.006-20.524,600 12.49
1908 (123 roads).. 141,256.206 160,150,610 -18.804.404 11.79
1908 (126 roads).. 162.495.089 187,435,350 -24,940.261 13.37
1908 (119 roads). 154,137,168 190,046,156 -35,908.988 18.89
1908 (120 roads).. 153,112,628 198,146,871 -45,034.243 22.67
1908 (113 roads). 146,270,130 179.397,094 -33,126.964 18.47
1908( 97 roads). 156.103.883 183,365,993 -27,262,110 14.87
1908 (105 roads)._ 179,781,772 209,690,782 -29,009.010 16.118
1008( Al rd,KAR)
64.025_065 68.012.167 --3.986.202 5.78
a Mexican currency. b Includes earnings 01 Gulf Si Chicago Division. C Includes
the Houston
Texas Central and Its subsidiary lines in both,
years.
Covers lines directly operated. e Includes the Chicago Si Eastern Illinois In both years. Si
I Includes Evansville Si Indiana RR. h Includes;
earnings ot Col. Si South., .1.t. Worth & Denver City and all affiliated lines, excepting
Trinity Si Brazos Valley RR. k includes in both years earning+
tot Denver Enid Si Gulf BR.Pecos
Pecos Valley System and Santa Fe Prescott &Phoenix By. 1 These figures do not include receipts
from sale of coat.,
p Figures here are on tho old basis of accounting-not the new or Inter-State Commerce Commission
method. C These figures are on the new 64E10,
brescrund by the Inter-State Commerce Commission
THE CHRONICLE
1152
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 39 roads and shows 4.57% decrease in the aggregate under the same week last year.
Third week of October.
1908.
1007.
07,025
73,944
Alabama Great Southern
166,389
214,358
Buffalo Roch dc Pittsb
275,800
230,700
Canadian Northern
1,693,000 1,544,000
Canadian Pacific
239,800
288,300
Central of Ge. rgia
306,709
320,109
Chicago de Altcn
177,891
177,602
Chicago Great Western
115,662
Chleagn Ind & Louisville__ -112,158
184,281
144,229
Cmn New Orleans & Texas Pac_ _
382,103
349,470
Colorado do Southern
472,000
440,200
Denver & Rio Grande
24,916
19,558
Detroit & Mackinac
64,011
58,905
Duluth So Shore de Atl
43,607
34,417
Georgia Southern & Florida___ _
Grand Trunk of Canada944,379
848,347
Grand Trunk Western
Det Gr Haven & Milw
Canada Atlantic
158,000
210,000
International & Gt Northern__
161,327
111,307
Interoceanic of Mexico
07,481
58,323
Iowa Central
944,875 1,057,570
Louisville & Nashville
106,799
149,187
Mexican International
13,977
15,389
Mineral Range
90,909
101,559
Minneapolis & St Louis
318,961
323,481
MInneap St P &SSM
996,000
999,000
Mo Pacific & Iron Mtn
34,000
36,000
Central Branch
200,335
186,102
Mobile & Ohio
280,861
252,457
Mexico
of
Railroad
National
17.171
19,030
Hidalgo & Northeastern
7,645
7,968
Nevada-Cal-Oregon
252,388
237,143
St Louis Southwestern
1,149,894 1,267,255
Southern Railway
26,935
29,205
Texas Central
342,025
328,231
Texas & Pacific
27,050
22,339
Toledo Peoria & Western
73,127
109,006
Toledo St Louis & Western_ _
540,228
587,439
Wabash
Increase. Decrease.
6,919
47,959
45,100
149,000
48,500
13,400
229
3,504
40,052
32,633
31,800
0,358
0,106
9,190
96,032
52,000
50,020
9,138
112,695
17,632
1,412
10,650
4,520
3,000
2,000
[VOL. LXXXTII.
h For September 1908 additional income showed a deficit of $13,557,
against a credit of $5,948 in 1907, and for period from July 1 to Sept. 30
was a deficit of $10,358 in 1908, against a credit of $25,827 last year.
jThe company now includes the earnings of the Denver Enid & Gulf RR.,
Pecos Valley system and Santa Fe Prescott do Phoenix Ry. In both years.
For Sept. taxes and rentals amounted to $305,343, against $239,520 in
1907: after deducting which, net for Sept. 1908 was $2,744,049, against
$2,292,336 last year. For period from July 1 to Sept. 30 taxes and rentals
were $917,988 In 1908, against $720,500 in 1907.
k For Sept. 1908 additional income was $11,807, against $17,158 in 1907,
and for period from July 1 to Sept. 30 was $44,514 In 1908, against 546,595
last year.
n These figures represent 30% of gross earnings.
v In accordance with the contract of June 30 1908 between the Atlantic
& Birmingham Construction Co. and the Atlanta Birmingham ec Atlantic
RR. Co., the Construction Co., as the part of expenses chargeable to it on
account of the unfinished condition of the work and the interference by Its
work with the operation, pays each month to the Railroad Co. such portion
of the operating expenses as equals the excess of the total operating expenses above 70% of the total operating revenue.
x These figures are on the basis of accounting required by the Inter-State
Commerce Commission.
z Includes $102 other income for Sept. 1908, against $80 in 1907, and for
period from July 1 to Sept. 30 includes $200 in 1908, against $287 last year;
the earnings of the Dublin ec Southwestern RR. are Included In both years.
Interest Charges and Surplus.-The following roads, in
addition to their gross and net earnings given in the foregoing,
also report charges for interest, &c., with the surplus above
or deficit below these charges.
-Int., Rentals, &c.- -Bal. of Net E'ngs.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
Boston Revere Beach & Lynn18,104
17,182
x49,310
x51,648
July 1 to Sept 30
48,461
53,643
x57,316
x48,279
Jan 1 to Sept 30
14,233
369,144
378,877
674,715
34,404 Central of New Jersey_ _Sept 603,665
1,586,216
1,698,507
1,143,200
1,803,807
30
Sept
to
1
July
1,859
323
258,540 c245,779
c256,845
Colorado & Southern__ _Sept 276,432
15,245
741,418
792,933
c730,487
c543,129
Jan 1 to Sept 30
117,361
Greenwich & Johnsonville
2,270
6,133
x8,342
x4,687
11,989
Apr 1 to June 30
13,794
x7,359
10,833
x12,873
16,790
Jan 1 to June 30
4,711
x13,687
20,904
20,233
20,392
July 1 to June 30
33,879
11,848
10,095
3,980
3,979
Sept
47,211 Maryland & Penna
25,233
23,234
11,938
11,938
July 1 to Sept 30
51
.
798,8
284,298
10,742,658
11,257,211
roads)
Total (39
Pittsburgh Coal Co514,553
135,228 2,109,040
1,971,563 2,008,316
Net decrease (4.57%)
Jan 1 to Sept 30
978,960
779,331
870,742
Sept 868,625
Reading Company
2,954,417
1,558,352
2,612,220
2,605,875
30
Sept
to
1
July
Net Earnings Monthly to Latest Dates.-The table fol8,333
15,243
11,285
8,333
_Aug
Junction_
Grande
Rio
lowing shows the grows and net earnings of STEAM railroads
91,038
74,999
111,462
74,999
Dec 1 to Aug 31
reported this week.
2,584
25,977
14,349
2,584
Sept
Central
- Texas
-Gross Earnings-- -Net Earnings
69,013
7,752
7,752
48,452
July 1 to Sept 30
Current
Previous
Previous
Current
x After allowing for other income received. c After allowing for m scar.
Year.
Year..Yea
Year
to
ts
income.
ered
aiid
chargts
lan..m.s
$
$
$
$
Roads.
Atch Top & Santa Fe_ b_Sept 7,906,678 8,077,118 /3,049,392 12,531,856
STREET RAILWAY AND TRACTION COMPANIES.
22.371,395 24,005,584 58,505,053 /7,560,824
July 1 to Sept 30
46,233
45,658
172,431
149,035
vAtlanta Birm & Atl_a_Aug
90,489
79,421
331,254
299,118
Jan. 1 to latest date.
Latest Gross Earnings.
July 1 to Aug 31
Name of
Boston Revere Beach & LynnWeek or
Current Previous Current
Previous
58,438
62,967
295,584
Road.
292,242
July 1 to Sept 30
Year.
Year.
Year.
Year.
Month.
95,900
80,022
045,372
654,722
Jan 1 to Sept 30
-----161,348
254,748 771,063
Buffalo Roch & Pitts_ b_Sept 626,939
$
$
$
$
859,563
522,367
1,897,034 2,325,081
July 1 to Sept 30
__ September 240,740 270,084 2,110,191 2,235,380
AmericanRys
251,100
758,300
209,100 cAur Elgin & ChicAy
Sept 901,700
September 137,387 139,193 1,057,915 1,074,813
Co_Canadian Northern
640,100
787,500 Bangor By dc Elec Co September
2,377,800 2,618,200
39,909 37,150
July 1 to Sept 30
Sept 6,391,672 6,423,452 2,114,608 2,151,353 Birm By Lt ec Power September 177,801 198,578 1,586,026 1,604,295
Canadian Pacifica
16,515 17,327
83,803
83,235
_
.._
August
Ry
St
Ply
6,068,080
7,228,481 Brockton &
19,070,510 20,441,903
July 1 to Sept 30
74,219
6,638
40,240
10,279
August _-308,656
242,804 Camaguey Co
159,816
Central of Georgla_a __Sept 1,014,608 1,046,750
22,958
23,970
155,327
August__
Co_
Elec
Breton
Cape
666,461
635,780
2,758,163 2,066,985
July 1 to Sept 30
533,117
561,889
60,868 63,196
Central Penn Trac_ _ September
979,542 1,043,859 Chariest Con Ry GdcE
531,920
58,125 56,731
564,895
- September
Central of New Jersey b_Sept 2,200,734 2,399,719
190,468
32,132 35,125
192,712
6,517,401 7,500,503 2,839,767 3,390,023 Cleve Painesv & East August ___
July 1 to Sept 30
94,738 94,294
490.749
459,361 Dallas Electric Corp_ August ___
xChIc St P Minn & 0_ b_Sept 1,283,901 1,280,271
123,172 0,714,500 5.773,925
3,380,970 3,600,771 1,172,895 1,148,300 f Detroit United Ry_ 3d wk Oct 129,518
July 1 to Sept 30
708,523
17,737 17,190
676,560
3d wk Oct
Ry
460,448
468,713 Duluth Street&
Colorado ec Southern_b_Sept 1,282,582 1,269,727
Louis Sub_ September 170,027 199,578 1,487,854 1,582,896
St
East
1,385,190
1,193,900
3,574,708
3,792,831
41,399 42,131
342,691
July 1 to Sept 30
317,440
August __
El Paso Electric
309,142
41,934 38,328
203
282,693
11,188 Fairm& Ciarksb TrCo September
19,337
4,016
Sept
Cornwall. b
38,988 Ft Wayne & Wabasn
64,197
857
14,288
July 1 to Sept 30
122,442
September
125,732
978,700
937,622
Co.
Traction
Valley
,
26
28,688
109,346
812
92,023
Detroit & Mackinac_a_Sept
700,864
August__ 101,708 99,467
585,893
94,093
76,743 Galv-HoUs Elec Co
338,528
294,466
July 1 to Sept 30
89,899 91,558
Rapids By Co_ September
35,832
34,790 Grand
71,498
67,350
Ry_ Wk Oct 25 34,055 33,229 1,542,465 1,449,609
Fonda Johns & Glov_a_Sept
Electric
Havana
131,821
264,233
148,132 Honolulu Rapid Tran
231,827
July 1 to Sept 30
239,586
30,565
29,679
August ___
250,079
& Land Co
Greenwich & Johnsonville_b19,470
165,830
10,410 Houghson Co St Hy_ August_
25,952 25,337
173,563
24,841
25,661
Apr 1 to June 30
30,452
17,470 Illinois Traction Co September- 357,508 344,906 2,973,051 2,722,482
45,920
51,836
Jan 1 to June 30
47,296
282,463
251,631
32,674
__
34,695
36,271
91,120
August
Co..
Elec
100,524
Jacksonville
30
June
to
1
July
h92,499 15113,207 Kansas City By & Lt August _ 537,499 523,641 4,042,354 3,005,060
300,586
Sept 282,802
Iowa Central_a
447,072
421,700
48,634 52,823
Lt Co September
&
Ry
Knoxville
h25
5
2
1
h219,509
:8
53
5
34
806,090
780,190
July 1 to Sept 30
91,942 96,188
Lake Shore Elec Ry_ September
14,675
39,823
301,588
37,942
402,540
63.246 59,085
August ___
Inter Rys Co
Maryland & Penna_a___Sept
35,172
37,171 Lex dc Rk Ry & El Co September
406,801
106,558
495,818
104,251
54,650 57,020
July 1 to Sept 30
Little
1,198,673
1,109,765
140,902
143,044
k184,794
September
k143,804
Ry
373,923
Memphis Street
Mlnneap de St Louisa ..Sept 446,697
k393,272
k380,535 Metrop West Side El_ September 197,031 211.468 1,009,492 2,014,335
1,100,495 1,082,746
July 1 to Sept 30
2,833,017
Milw Elec Ry & Lt Co September 335,070 338,327 2,806,823
659,707
835,268
93,984 93,232
Pittsburgh Coal Co2,106,791 4,207,385 Milw Lt Ht & Trac Co September
Jan 1 to Sept 30
Wk Oct 24 71,235 08,332
Montreal Street Ry
Nashville By do Light September 151,751 151,075 1,107,534 1,152,950
Reading Company369,413
1,367,026 1,475,426 NJ & HR By & Fy Co September
410,887
51,907 45,545
Phila & Reading b___Sept 3,388,373 3,882,220 3,603,310
4,597,752 North Ohio Tr & Lt September n172,674 185,341 1,421,549 1,459,782
9,316,747 11,734,376
July 1 to Sept 30
92,503 97,930
August.
Co_
Elec
154,439
Texas
244,926
North
2;928,892
2.513,762
Coal dc Iron Cob _.Sept
183,475
582,750 Nor & Portsm Tr Co September- 1162,938 295,011 11,395,234 1,977,297
6,590.555 8,768,541
July 1 to Sept 30
8,706
76,520
68,355
9,559
No Westchester Lt Co August ___
Sept 5,900,135 6,811,112 1,521,463 1,720,353 Northwestern Elev
September 158,550 146,170 1,408,471 1,281,949
Total both cos b
15,907,303 20,502,917 3,786,785 5,180,503 Oklahoma City Ry _ August --_
177,000
170.661
28,616 26,732
July 1 to Sept 30
108,992
16,864
126,491
107,473
16,760
129,349 PeekskIll Light & R-11 August ___
' Reading Company_ -Sept
377,442
386,140 Portland RY L & P Co September 373,288 361,582 3,222,109 2,925,548
July 1 to Sept 30_
257,924
34,082 30,162
277,234
September
Rico Rys Co_
Porto
1,847,956
1,849,702
companies
__Sept
Total all
4,164,227 5,566,843 Rio de Janeiro Tram
July 1 to Sept 30
September 643,347 541,132 5,239,153 4,629,746
Light & Power
n19,618
78,587
n23,576
65,394
By Lt
Rio Grande Junction __ _Aug
n106,037 n186,461 St Joseph (Mo)
621,541
650,584
053,419
872,230
80,641
04,991
Dec 1 to Aug 31
Heat dr Power to-- September
1,357,177
Sept 5,690,375 5,641,388 1,806,267 1,693,125 Sao Paulo Tr Lt & P. August ___ 179.921 168,993 1,501,294
Rock Island_a
393,506
387.303
54,417
51,544
15,703,609 16,367,373 4,479,953 4,315,004 Savannah Electric Co August __
July 1 to Sept 30
382,742 365,531 2,914,272 2,636,670
August_
Electric Co
St Louis & San Fr_a_Sept 4,183,695 4,522,948 1,122,235 1,109,535 Seattle
Side Elevated. September- 174.735 177,484 1,588,677 1,459,131
11,775,591 13,569,911 3,189,873 3,457,475 South
116,175
July 1 to Sept 30
118,442
12,881
13,551
Ry Co September
Wisconsin
Sou
68,809
217,074
77,109 Springfield Ry&Lt Co September
67,545
198,991
74,291
Evansv de Terre H_a_Sept
814,044
210,892
190,560 Syracuse Rap Tr Ry_ August ___ 106,198 107,982
843,488
630,874
581,657
July 1 to Sept 30
340,808
382,823
45,474 45,021
SePt10,073,082 10,381,411 2,997,312 2,879,769 Tampa Electric Co_ August_
Total all lines_a
1,864,822 1,888,321
28,080,859 30,577,400 7,860,718 7,964,028 Toledo Rys &Light_ September- 222,891 208,684
July 1 to Sept 30
Toronto Railway_ _ _ _ Wit Oct 24 67,085 83,091 3,138,082 4,889,853
3,941,224
10,939,518
2,878,595
Sept10.481,094
Southern Pacifica
Twin City Rap Tran_ 3d wk Oct 123,366 110,004
30,033,137 33,817,619 11,013,584 9,625,617 It
July 1 to Sept 30
Underground El By
17,133
102,083
28,561
83,916
Sept
Texas Central
of London£308,005
58,204
297,700
76,765
243 823
July 1 to Sept 30
Three tube lines--_ Wk Oct 17 £11,960 £10,050 £484,730
432
Metropolitan Dist_ Wk Oct 17 £10,035 £8,400 £378,154 £328,179
def 606
7,437
6,200
Tidewater & Western. b Sept
£6,090 £283,005 £278,548
£6,850
1,108
17
Oct
Wk
Tramways_
26,176
2.337
United
30
Sept
17,877
July 1 to
of San Fr August _- 576.700 317,769 4,488,909 3,013,295
Sept 7,414,504 6,950,234 3,999,514 2,583,503 United lills
Union Pacifica
Rya of St L__ September 887,344 930,606 7,860,625 8,110,337
226,519
21,139,749 21,192,741 10,833,992 8,415,452 United
231,788
July Ito Sept 30
29,417 31,098
Ry & Lt August ___
Co
Whatcom
146
z12
28,888
26,158
28,123
Wrightsv & Tennille_b_Sept
z16,816
65,541
217,102
60,923
July 1 to Sept 30
for
Detroit
earnings
No
f
c These figures are for consolidated company.
a Net earnings here given are after deducting taxes.
Jackson dc Chicago By.for Jan. 1907 included In these figures. 14 Does not
b Net earnings here given are before deducting taxes.
OCT. 31 1908.j
THE CHRONICLE
include the Charing Cross Euston & Hampstead Ry, for first six months
of 1907. I Decrease due to 'Jamestown Exposition last year. n Decrease
due to the fact that earnings in 1007 were extra large by reason of dedication
of McKinley monument.
1153
Interest Charges and Surplus.
-lid., Rentals, ecc.- -Bal. of Net E'ngs.Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
Roads.
$
$
$
$
Aurora Elgin & Chic___Sept
27,624
27,839
39,020
38,959
July 1 to Sept 30
83,027
82,334
139,000
142,815
Birm By Lt do Pow_ __Sept
43,617
42,388
29,363
12,008
Jan 1 to Sept 30
394,772
351,871
153,330
190,013
Black River Traction CoJuly 1 to Sept 30
2,207
2,565
def2,594
10X
Brockton & Plymouth_Aug
2,213
5,027
2,411
5,837
Jan 1 to Aug 31
17,073
16,671
2,223
12,037
- Cape
-Net Earnings
Breton Elec Co.._-_Aug
4,969
4,878
6,103
6,766
Previous
Current
Jan 1 to Aug 31
37,645
36,423
26,902
Year.
16,586
Year.
Chariest Cons Ry & El.._Sept
14,737
14,744
3,119
3,472
Mch 1 to Sept 30
104,289
103,774
54,836
66,859
55,753
66,583
221,337 Cleve Painesv & East___Aug
225,842
7,373
6,796
8,671
11,744
Jan 1 to Aug 31
58,392
56,868
25,161
19,760
34,890
22,854
Aug
28,329
27,071
2,857
3,772
71,751 Dallas Elect Corp
55,625
Sept 135,049
541,884 Detroit United By
132,964 z115,332 £114,478
548,102
Jan 1 to Sept 30
1,218,860 1,167,176 £755,798 £488,241
18,916
2,672 Duluth Street Ry Co_ __ _Sept
17,922
def 387
12,105
21,037
Jan 1 to Sept 30
166,750
159,807
87,937
156,241
8,248
7,240
El
Paso
Electric
Co
Aug
7,076
28,708
5,994
19,296
3,434
3,686
Jan 1 to Aug 31
53,467
42,695
39,628
29,916
3,397
4,016
12,143
14,763
25,584 Fairm't & Clarksb'g Tr_Sept
34,268
17,321
9,249
Jan 1 to Sept 30
130,164
122,601
71,015
46,477
11,644
11,072
20,527
53,009 Galv-Houston Elec Co.. Aug
19,281
64 547
26,080
27,288
1
to
Aug
31
Jan
151,335
138,150
123,548
134,008
15,982
14,290
117,935 Honolulu R T do L Co_ _ _Aug
6,122
6,249
110,520
£7,983
£7,525
Jan 1 to Aug 31
49,210
49,137
£64,510
£64,109
18,215
17,856
159,527 Houghton County St Ry.Aug
4,603
159,125
4,826
8,577
8,029
Jan 1 to Aug 31
35,097
35,569
35,775
30,197
18,540
16,044
9,231
91,758 Jacksonville Electric Co-Aug
7,718
83,553
7,898
6,882
Jan 1 to Aug 31
65,222
44,141
36,795
59,659
30,843
31,186
155,540
155,906
75,350
104,505
243,598 Kansas City Ry & Lt.....Aug
245,353
June
1
to
465,349
Aug
31
463,734
188,387
279,151
1,929,603 2,014,417
11;858
11,278
13,298
11,825
38,959 Knoxville By do Lt Co.__Sept
31,021
Jan 1 to Sept 30
103,502
94,724
98,052
109,632
316.048
254,687
28,638
25,190
20,365
24,719
82,866
105,507 Lake Shore Elect Co_ __Sept
Oct 1 to Sept 30
315,176
286,663
77,718
136,341
746.252
706,616
Rk Ry & El Co_Sept
10,605
8,674
16,710
21,593
10,510
9.680 Little
Jan
1
to
Sept
30
90,796
75,738
150,113
147,753
93,095
72,611
34,435
35,532
18,541
22,804
29,464
24,012 Memphis Street Ry_-_Sept
Jan 1 to Sept 30
301,494
314,969
124,477
158,537
201,179
169,078
100,809
104,073
£78,244
£70,266
55,748 Milw Elect By & Lt Co_Sept
61,469
Jan 1 to Sept 30
893,669
880,947 £529,665 z560,556
380,610
425,231
Milw
Lt
Ht
do
Tr
Co_
___Sept
62,802
z41,701
59,447
r42,013
46,569
46,607
Jan 1 to Sept 30
538,296
390,121
£249,310 £158,192
274,883
272,158
Street Ry____Aug
70,077
95,433
67,208
77,703
49,282
52,170 Montreal
Oct 1 to Aug 31
585,966
524,555
764,435
693,455
13,445
13,138 Nashville By do Lt Co.. _Sept
32,817
30,495
36,107
39,268
108,475
107,595
286,790
Jan 1 to Sept 30
263,581
177,352
202,834
13,180
12,855
Ohio Tr & Lt_Sept
43,412
43,279
37,612
45,889
65,766 Northern
70,873
392,004
Jan 1 to Sept 30
383,161
206,502
244,036
161,499
157,028 Northern Texas Electtic.Aug
17,434
13,830
21,538
29,003
1,251,599 1,188,409
45,943
Co--- _ Aug
46,757
83,347
74,565
14,600 Oakland Traction
17,120
367,204
Jan 1 to Aug 31
346,977
599,496
540,239
102,017
103,800
15,835
Aug
15,249
4,851
4,369
260,411 Savannah Elect Co
230,890
116,532
Jan 1 to Aug 31
108.500
def 713
33,891
653,736
742,885
Aug
Elect Co
94,834
83,902
68,248
76,959
25,156
23,103 Seattle
Jan 1 to Aug 31
645,393
539,249
472,315
502,196
201,554
204,356
29,357
26,613
12,873
19,656
49,003
49,909 Syracuse Ray Trans Co_Aug
1
to
231,463
Aug
31
Jan
204,135
112,582
148,041
423,004
392,894
Tampa
1,587
Electric
4,388
Co
Aug
11,363
8,966
26,169
27,402
Jan 1 to Aug 31
10,761
17,060
95,193
73,750
126,400
141,947
Toledo
Bye
&
71,976
Lt Co_ __ _Sept
68,819
£39,077
£21,255
30,267
27,315
835,743
Jan 1 to Sept 30
585,062 £212,328 £219,5C4
240,009
223,491
138,667
115,142
168,621
195,028
57,230 Twin City Rap Tran Co_Sept
54,073
1,145,123 1,036,742 1,248,854 1,323,094
Jan 1 to Sept 30
460,031
439,446
Louls.._Sept
232,404
of
234,380
St
United
Rya
98,800
109,319
174,998
166,939
2,097,332 2,083,732
Jan 1 to Sept 30
690,225
733,590
1,380,208 1,384,283
7,976
7,710
4,173
7.300
56,512 Whatcom Co St Ry...... _Aug
59,319
56,152
60,011
Jan 1 to Aug 31
34,493
40,407
379,249
367,821
Street Railway Net Earnings.-In the following we show
both the gross and the net earnings to latest dates of all
STREET railways from which we have been able to procure
monthly returns. As in the case of the steam roads, the
returns of the different roads are published by us each week
as soon as received, and once a month we bring together all
the roads reporting, as is done to-day.
-Cross Earnings-Current
Previous
Year.
Year.
Roads.
*
Aurora Elgin SC Chic___Sept
137,387
139,193
July 1 to Sept 30
440,030
442,043
Bangor Ry & Elec Co ..Sept
39,909
37,150
Birm Ry Lt & Pow-a--Sept
177,891
198,578
Jan 1 to Sept 30
1,586,026 1,604,295
Black River Tract CoJuly 1 to Sept 30
21,461
28,439
Brockton to Plymouth_ b..Aug
16,515
17,327
Jan 1 to Aug 31
83.603
83.235
Camaguey Co
Aug
10,279
6,638
Jan 1 to Aug 31
74,219
49,240
Cape Breton Elect Cob..Aug
22,958
23,970
Jan 1 to Aug 31
159,816
155.327
Central Penna Tr Co___Sept
63,196
60,868
Jan 1 to Sept 30
561,889
533,117
Charleston ConsRy&EI-Sept
56,731
58,125
Mch 1 to Sept 30
445,096
424,110
Cleve Painesv & E'n_a_ _Aug
35,125
32,132
Jan 1 to Aug 31
192,712
190,408
Dallas Elect Corp_ b__--Aug
94,294
94,738
666,261
Detroit United -a
Sept 668,489
5,324,855 5,383,399
Jan 1 to Sept 30
74,398
Duluth St Ry Co. b
Sept
76,869
625.672
653.261
Jan 1 to Sept 30
199,578
170,027
East St L do Suburban_ _Sept
1,487,854 1,582,896
Jan 1 to Sept 30
41,399
Aug
42,131
El Paso Elect Co_ b
342,691
317,440
Jan 1 to Aug 31- __ .41,934
38,328
Fairm't do" Clarksb'g Tr_Sept
309,142
Jan 1 to Sept 30
282,693
Ft Wayne do Wab Vail_ _Sept 122,442
125,732
Jan 1 to Sept 30
978,700
937,622
Galv-Houst Elect Co_ b_Aug
101,708
99,467
Jan 1 to Aug 31
700.864
685.893
Grand Rapids Ry Co-- --Sep
89,899
91,558
Honolulu R T & L Co _ b_Aug
30,565
29,679
Jan 1 to Aug 31
250,079
239,566
Houghton Co St By-b--Aug
25,952
25,337
Jan 1 to Aug 31
173,563
165,830
Illinois Traction Co_a__Sept
357,508
344,966
Jan 1 to Sept 30
2,973,051 2,722,482
Jacksonville Elect Co_ b_Aug
36,271
34,695
Jan 1 to Aug 31
282,463
261,631
Kan City Ry & Lt Co_ b_Aug
523,641
537,499
June 1 to Aug 31
1,576,543 1,552,902
Knoxville Ry So Lt Co a_Sept
52,823
48,634
447,072
421,700
Jan 1 to Sept 30
96,188
Lake Shore Elect Co _a_ _Sept
91,942
923,554
898,400
Oct 1 to Sept 30
59,085
Lexington & Interurb....Aug
63,246
361,588
402,540
Jan 1 to Aug 31
54,656
Little Rk Ry do El Co_a_Sept
57,020
Jan 1 to Sept 30
495,818
466,801
140,902
Memphis St Ry Co _aSept 143,044
Jan 1 to Sept 30
1,199,765 1,198,675
Milw El Ry do Lt Co- b_ _ Sept 335,076
338,327
Jan 1 to Sept 30
2,866,823 2,833,617
Milw Lt lit & Tr Co_ b_ _Sept
93,232
03,984
Jan 1 to Sept 30
659,707
635,268
Montreal Street Ry__ _ _Aug 329,772
165,510
329,755
144,911
Oct 1 to Aug 31
3,329,060 3,164,399 1,350,401 1,218,010
Nashville Ry do Lt Co_ a-Sept 151,751
151,675
68,924
69,763
Jan 1 to Sept 30
1,167,534 1,152,950
464,142
466,415
Norfolk &Portsmouth_Sept c162,938
295,611
c68,104
133,690
Jan 1 to Sept 30
c1,395,234 1,977,297
776,629
c559,963
Nor Ohio Tr & Lt Co_ _ _Sept d172,674
185,341
81,024
89,168
1,421,549 1,459,782
Jan 1 to Sept 30
627,197
508,506
92,503
NorthernTex Elect Co.b.Aug
97,930
38,973
42,833
9,559
8,706
Nor Westchester LtCo a _Aug
3,938
3,808
68,355
76,529
30,663
Jan 1 to Aug 31
27,116
26,732
28,616
Oklahoma City By Co....Aug
3,521
10,232
170,661
177,000
46,723
Jan 1 to Aug 31
65,882
243,666
238,459
129,290
Oakland Traction Co___Aug
121,322
1.847,463 1,810,600
066,700
Jan 1 to Aug 31
887,216
16,864
Peekskill Lt & RR Co_a_Aug
16,760
8,813
8,960
Jan 1 to Aug 31
107,473
108,992
49,764
47,052
Portland Ry L & P Co_ _Sept 373,288
361,582
174,822
199,946
Jan 1 to Sept 30
3,222,100 2,925,548 1,624,982 1,261,727
Porto Rico Rye Co Ltd_Sept
34,082
30,162
13,018
14,433
Jaa 1 to Sept 30
277,234
257,924
107,142
117,955
Rlo de Janeiro TrLdoP a Sept 643,347
541,132
197,536
269,165
Jan 1 to Sept 30
5,239,158 4,629,746 1,979,708 1,505,274
Sao Paulo TramLt&Pow Aug
179,921
168,993
108,573
110,949
Jan 1 to Aug 31
1,501,294 1,357,177
882,290
959,439
Savannah Elec Co_ b__._Aug
51,544
19,618
54,417
20,686
393,506
Jan 1 to Aug 31
142,391
387,393
115,819
Seattle Elect Co_ b
382,742
365,531
Aug
160,861
163,082
Jan 1 to Aug 31
2,914,272 2,636,679 1,117,708 1,041,445
80,641
42,972
55,086
St dos By Lt Ht & Pow_Sept 94,991
Jan 1 to Sept 30
650,564
319,847
672,230
329.451
Springfield By & Lt Co_Sept
67,545
34,348
74,201
35,020
Syracuse Rap Trans Co_Aug
46,191
107,982
106,198
41,786
814,044
351,477
843,488
Jan 1 to Aug 31
341,188
Aug
Tampa Elect Co_ b
45,021
10,553
45,474
15,751
84,511
362,623
Jan 1 to Aug 31
340,898
112,253
89,164
208,684
222,891
Toledo Rys & Lt Co_ b_ _Sept
110,992
796,103
1,864,822 1,888,321
Jan 1 to Sept 30
844,999
Twin City Rap Tr Cob Sept 583,876
310,170
561,446
307,288
4,765,801 4,540,272 2,393,777 2,359,836
Jan 1 to Sept 30
341,723
United Rya Co of St L_a_Sept 887,344
930,606
333,180
7,860.625 8,116,337 2,787,557 2,817.322
Jan 1 to Sept 30
29,417
Whatoom Co St Ry_ b_ _Aug
15,010
12,149
31,696
231,788
Jan 1 to Aug 31
226,519
96,559
94,504
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
c The decrease in earnings in this instance is duo to the fact that the
Jamestown Exposition was held a year an.
4 Decrease due to the dedication of the McKinley monument last year.
x After allowing for other Income received.
ANNUAL 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. 26.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Page.
RailroadsAtchison Topeka do Santa Fe_- 868
Atl. Coast Line Co. (bal. sh)... 1083
Baltimore & Ohio
1005, 1015
1088
Bangor & Aroostook
Boston & Maine
932
Canadian Northern
1089
Canadian Pacific
1007
1009
Central Vermont
1006
Chicago & Alton
Chic. -Burl. do Quincy___ _1081, 1098
Chicago Ind. & Louisville
809
868
Chicago & North Western
Chic. St. Paul Minn. & Omaha__ 869
930
Colorado & Southern
812
Cripple Creek Central
810
Cuba Railroad
Duluth So. Shore & Atlantic_ _ _ _ 807
Georgia Southern do Florida____1083
1083
Great Northern
932, 939
Illinois Central
872
Kanawha do Michigan
Kansas city Southern.._ _1007, 1030
806
Lehigh Valley RR
Louisiana do Arkansas
808
Louisville & Nashville_ ___1006, 1020
932
Maine Central
Mexican International
1089
Minn. St. P. & Sault Ste. Marie- 808
Missouri Pacific
1082. 1099
Nashville Chatt. do St. Louts-- 808
1084
National RR. of Mexico
933
Nevada-California-Oregon
New York New Hay. & Hartford 869
930, 1081,1093
Northern Pacific
931
St. Louis Southwestern
1005. 1023
Southern Railway
933
Texas Central
871
Toledo do Ohio Central
1084
Toledo Peoria & Western
807
Wabash Railroad
Railroads (conclude)Western Maryland
1090
Wisconsin Central
1082, 1103
Yazoo do Mississippi Valley.932. 945
Electric Railways
American Railways
811
Kansas City Ry. & St. Louis__ _ 810
Northwestern Elev. RR.of Chic. 810
Railways Co. General, Phila.._ _ 811
Rio de Janeiro Tram.. Lt. & Pow1085
IndustrialsAllis-Chalmers Co
•
934
American Express Co
American Shipbuilding Co
19
03
13
3
American Typefounders Co____1086
Amoskeag Manufacturing Co__ _1937
Associated Merchants Co
812
Colorado Fuel & Iron Co
1008
Cons. Gas, Elec. Lt. as Pow. Co.. 937
Crucible Steel Co. of America-__ 934
Distillers' Securities Corporation 1085
Edison Electric Ilium. Co.(Bos.)1086
Federal Mining & Smelting Co__ 934
Granby Cons. Min., S.& P. Co1
1088
Keystone Telephone Co
Lake Superior Corporation
934
Massachusetts Gas Companies....1087
Mergenthaler Linotype Co
1091
New England Cotton Yarn Co.._1091
New River Co
1009
872
New York Dock Co
Pacific Coast Co
1084, 1102
Pillsbury-Washburn Flour Mills
Co. (report of
Receiver)--19
Standard Milling Co
03
86
5
United Box Board & Paper Co.
(report of Special Commission) 811
United States Express Co
United States Finishing Co
199
082
8
Western Union Telegraph Co--1008
Westinghouse Air Brake Co......- 872
[VOL. Lxxxvii.
THE CHRONICLE
1154
Great Northern Railway.
(Report for Fiscal Year ending June 30 1908.)
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.
The usual comparative tables were given in the "Chronicle" last week on page 1083.
ACREAGE SOLD AND UNSOLD FEB. 1879 TO JAN.1 1008.
Number of acres in original grant, after deducting 20,017 acres to
1,307,129
construction company
Deduct*1417,349
Number of acres deeded (consideration $1,879,572)
7,233
Number of acres under contract (consideration, 340,606)
Total deductions
Number of acres on hand
1,124,582
182.547
*Mineral rights are reserved on 94,604 acres sold in Marquette County.
-V. 86, p. 704.
National Railroad Company of Mexico.
Rock Island Company.
(Report for Fiscal Year ending June 30 1908.)
(Report for Fiscal Year ending June 30 1908.)
The full text of the remarks of President Brown will be
found on subsequent pages. The usual comparative tables
On subsequent pages we give the balance sheets and profit
showing the earnings and balance sheet were given in the and loss accounts of the Rock Island Co. and Chicago Rock
"Chronicle" last week on page 1084.
Island & Pacific RR., through which the operating companies are controlled; also the comparative income accounts
Mexican International Railroad.
of all the separate roads of the system and the results for the
.(Report for Fiscal Year ending June 30 1908.)
entire system.
The full text of the remarks of President E. N. Brown
The annual reports of the Chicago Rock Island & Pacific
the
are
statistics
Below
pages.
will be found on subsequent
Ry. and the St. Louis & San Francisco RR., the chief operof operations, earnings, charges, &c.
ating companies of the Rock Island system, are also given
on subsequent pages of this issue, together with their comOPERATIONS.
parative income accounts. The reports of the allied com1906-07.
1907-08.
1,478
1,473 panies, the Chicago & Eastern Illinois and Evansville &
Average kilometers operated
527,752
470,349
Passengers carried
41,796,738 36,846,860 Terre Haute, are below.
Passengers carried oue kilometer
$1.36
$1.24
Receipts per train kilometer
As the Rock Island Company is the owner of the entire
1,597,755
1,509,535
Tons revenue freight carried
547,333,064 528,052,176 capital stock, except directors' shares, of the Chicago Rock
Tons revenue freight carried one kilometer
$2.72 Island & Pacific RR. Co. the income of both companies is
Receipts per train kilometer
252.53
225.96
Average tons per train, all freight (per train kilo.).
included in the following statement:
One kilometer equals .62138 mile; one metric ton equals 1.1023 tons of
2,000 lbs.
EARNINGS AND EXPENSES.(MEXICAN CURRENCY).
1907-8.
1906-7.
1005-6.
Earnings$1,090,353 $1,014,720
$754,964
Passengers and express
7,052,754
7,341 816
6,376,831
Freight
138,458
216,234
182,417
All other sources
Total receipts
ExpensesMaintenance of way and structures
Maintenance of equipment
Conducting transportation
General expenses
$8,281,565
$8,572,770
$7,314,212
$1,192,074
1,131,426
2,684,070
320,631
$1,208,820
1,275,315
2,020,068
302,165
.734 595
833,819
2,331,628
277,411
Total working expenses '
Net earnings
Income from investments
$5,328,201
$2,953,364
1,472
$5,706,368
$2,866,402
1,320
$4,177,453
$3,136,759
1,849
$2,954,836 *2,867,731 $3,138,608
Total
Deduct$34,691
$30,024
$30,369
Stamps and other taxes
20,000
20,000
3,334
Rental Coahuila Coal Ry
34,873
Interest, discount and exchange- - - Duties on imported material (adjust't) *233,684
tv.1
$2,631,588 $2,817,707 $3,104,905
Balance (Mexican currency)
(United States currency) _ $1,315,704 $1,408,854 $1,552,452
do
STATES CURRENCY).
(UNITED
ACCOUNT
INCOME
1907-8.
$1,315,794
3,323
1006-7.
$1,408,854
12,911
1005-6.
$1,552,452
31,719
$1,319,117
Total net income
Deduct$551,510
Interest on bonded debt
179,960
One year's Interest at 4% on Inc. bonds
23,100
Interest on loans
$1,421,765
$1 ,584.171
*551,510
179,960
$551,510
179,960
$754,570
$564,547
2,833,598
$731,470
$690,205
4,134,261
$3,398,144
Total
Expended for additions & betterments 017,422
$4,824,556
1,000,958
$4,733,033
598,772
$2,480,722
$2,833,598
$4,134,261
Nerearnings as above
Interest on open accounts, &c
Total deductions
Balance, surplus
Surplus previous years
Surplus as per balance sheet
Total
-V. 87, p. 1089.
41,983.338
42,816,880
43,509,036
20,708,200
17,555,500
420,000
218,036
239,656
285,395
75,828
2,480,722
20,708,200
17,555,500
20,708,200
17,555.500
213,049
1,030,424
303,553
82,556
2,833,598
212,113
462,034
353,313
83,613
4,134,261
41,983,336
42,816,880
43,509,036
Totil
DISBURSEMENTS.
1907.
Offsets"Applications pending adjustment"
Paid-Land dep't. $19,985
Interest on bonds_
18.463
Tax account
Canceled bonds__. 42,000
Bills receivable_
261 Miscellaneous
860
3,000 Cash in bank Jan.1
RECEIPTS-AND
1906.
1907.
$34,299
11,472
14,346
5,588
18,675
31,730
2,822
2,449
4,905
4,668
21,932
50
3,419
10,000
21,181
381,308
199.489
Total
$81,308
1906.
*$378
20,760
64,440
12,384
55
1,472
209,489
*Applications pending adjustment were as follows: Transferred to contracts,
$4,844; to receipts, $4,466; balance, as above, $378.
DeductExpenses and taxes
Int. on C. R. I. Sc P. RR. Co. bonds
Dividend on preferred stock
53.714,131
33,872,418
54,413,467
$31,235
3,673,645
$48,152
3,668,977
$24,006
3.664,442
(1)489,504
13,704,880 $3,717,129 $4,177,952
Balance for year
sun $0,251 sur.$155,289 sur.$235,515
The profit and loss account of the Rock Island Co. proper shows: Surplus
June 30 1007, $69,048; received as dividends on stock owned by0. R. I. Sc
P. RR. Co., $75,000; other Income, $346: expenses and taxes. $28.980;
sundry items not applicable to surplus of current year, $3,441; surplus
June 30 1908, $111,964.
BALANCE SHEET OF ROCK ISLAND COMPANY JUNE 30.
1908.
1907.
1908.
1907.
Liabilities-.
$
$
$
$
AssetsStocks owned__150,024,920 150,014,108 Common stock_x96,000,000 06,000,000
21,352 Preferred stock _y54,000,000 54,000,000
19,275
Cash
Unpaid vouchers
Companies and
211,147
2,385
244,735 and accounts_
70,154
individuals
Surplus
111,964
69,048
Total assets__150,114,349 150,280,195
Tot. ilabilities.150,114,349 150,280,195
Chicago Rock Island & Pacific Railroad.
(Statement for Fiscal Year ending June 30 1908.)
The income account and balance sheet of this Railroad
Company, which owns most of the stock of the Railway
Company and common stock of the St. Louis & San Francisco,
and is itself controlled by the Rock Island Company through
ownership of the entire outstanding stock (see Rock Island
Company above) are as follows:
INCOME ACCOUNT FOR YEAR ENDING JUNH 30.
1905-6.
1906-7.
1907-8.
Div.on Chic. R. I. Sc Pacific
Ry. Co.stock
• (53)3,681,835 (53)3,850,857 ($34)4,370,805
19,024
10.807
31,949
Other Income
Total Income
DeductExpenses
Interest on 4% bonds
Interest on 5% bonds
Dividends
Balance for year
Detroit Mackinac & Marquette RR. Land Grant Bonds.
(Statement of Trustees Jan. 1 1907 to Jan. 1 1908.)
ReceiptsCredit Jan. 1
On contracts&deeds
On timber sales___
Int. on contracts-Other interest____
Discount on $42,000 bonds pinch.
Canceled appliens
Mining leases.
Bills receivableCertificates paid
Total income
x Includes: Issued and held in treasury, $6,266,297. y Includes: Issued and
-$731,470 held in treasury, $4,860,700.-V. 87. 1). 015.
$852,701
3,880,332
* Duties paid on imported company material in excess of the kilometric
allowance. $233,684, was in settlement for 15 years to June 30 1907.
BALANCE SHEET (UNITED STATES CURRENCY).
1906.
1907.
1908.
$
$
$
Assets40,606,315 40,591,400 40,462,910
Cost of railroad
15,027
15,027
15 748
Mexican Government bonds
1,032,863
464,763
614,812
Materials and supplies
109,383
237,601
190,806
Due by agents, occ
326,789
252,437
160,409
Traffic balances
188,240
135,170
114,259
companies
and
Individuals
-- -- . 109.790
Miscellaneous
424,960
171,198
1,979,335
Cash
Total
LiabilitiesCapital stock
Funded debt
Loans
Accrued interest. doc
Vouchers and pay-rolls
Individuals and companies
Miscellaneous
Profit and loss, surplus
COMBINED INCOME ACCOUNT-ROCK ISLAND COMPANY AND
CHICAGO ROCK ISLAND & PACIFIC RNILROAD CO.
1905-06.
1906-07.
1907-08.
Dividend on Chicago Rock Island 63
Pacific Ry. Co. stock owned (aggregating 554% in 1007-08; 535% in
1906-07 and 63% in 1905-06)
_$3,681,835 $3,850,858 $4,370,805
42,662
21,560
32,206
Other income
3,713,784
3,870,781
4,390,612
2,246
2,805,445
868,200
75,000
1,501
2,800,060
868,016
75,000
1,817
2,797.400
867,041
500,000
3,750,801
def.37,107
3,745,567
sur.125,214
4,166,258
sur.224,354
BALANCE SHEET JUNE 30.
1007.
1908.
1908.
1907.
$
Liabilities$
$
$
AssetsStocks owned -.232,606,141 232,431,380 Capital stock__ _145,000,000 145,000,000
319,986
363,300 Gold bonds, 4% 70,199,000 70,067,700
Other invests___
792,580
843,304 Gold bonds, 5% 17,364,180 17,364,180
Cash, &c
67,090
52,740
Unpaid coupons
756,513
757,393
Interest, not due
382,501
345,394
Surplus
Total assets..233,718.707 233,637,984
Tot. liabilities233,718,707 233,637,984
Chicago Rock Island & Pacific Railway.
(Report for the Fiscal Year ending June 30 1908.)
Below are a comparative income account and various
statistics from the annual report. Further data and comparative balance sheets for two years will be found on another page.
00:Yr. 31 1908.1
THE CHRONICLE
EOCK ISLAND SYSTEM-MILEAGE AND TRAFFIC STATISTICS.
Equipment and Operations1905-06.
1907-08.
1906-07.
Locomotives
1,257
1,386
1,343
801
Passenger cars
878
899
37,862
Freight cars
41,261
39,581
2,706
Service cars
2,955
3,162
7,218
7,780
Average miles of road operated_
7,970
15,394,395
17,412,333
Tons moved (rev. freight), No_
15,877,546
4,067,141
4,536,407
Tons moved (co. freight), No...
4,698,062
Tons moved 1 m.(rev.fgt.), No _4,019,704,681 4,281,228,365 3,715,521,556
578,817,006
535,873.495
Tons moved 1 m.(co. fgt.), No_ 535,757,216
15 382,399
Passengers carried, No
16,960,747
725,233,505 646,166,553
881,991,344
Passeng rs carried 1 mile, No
3.0094
$.0004
Earnings per ton per mile
$2.402
32 500
Earnings per train mile
266
245
255
Tons per train per mile (rev.fgt)
33.31
38.19
33.05
Tons per train per mile (co. fgt)
$.022
3.018
Earnings per pass. per mile_ _ - Earnings per train mile (Includ31.218
31.178
$1.158
ing mall and express)
54.20
44.54
46.14
No. of passengers per train mile
$7,338
$7,729
Total earnings per mile of road_
INTER-STATE COMMERCE COMMISSION CLASSIFICATION.
Inc.(+) or
1907-08.
1906-07.
Dec. (-).
3
Earnings3
3
37,899,356 40,215,001 -2,316,545
Freight
15,693,110 16,153,539
+539,571
Passenger
+91,722
2,822,357
2,730,634
Mall and express
Miscellaneous
-43,626
701,800
745,427
+74,401
367,572
293,171
Other than transportation
Total
Operating ExpensesMaintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
58,484,106
60,138,673
-1,654,476
8,319,804
7,490,381
1,488,114
23,655,278
1,375,169
9,146,540
6,963,276
1,610,429
21,719,981
1,372,594
-826,736
+527,105
-122,315
+1,935,296
+2,575
Total
Net earnings
Taxes
42,328.748
15,155,449
1,789,895
40,812,822
19,325,851
1,676,038
+1,515,925
-3,170,401
+113,855
14,365,554 17,649,812
_deb.92,727 deb.59,449
deb.719,712 deb.258,453
1,133,640
931,511
-3,284,258
-33,277
-461,259
+202,128
Operating income
Outside operations
Hire of equipment
Other income
Total
Total Income
DeductInterest
Rentals
Betterments, leased lines
Dividends
321,201
14,586,755
-292,407
-3,576,656
513,509
18,263,421
8,413,222
8,279,300
1,545,231
1,195,928
10,199
37,676
(5 X %)3,929,786(5%)4,116,728
+133,922
+340,304
-27,477
-186,943
Total charges
+268,805
13,808,438 13,629,632
Balance, surplus
788,317
4,633,789 -3,845,472
RESULTS FOR PREVIOUS YEARS-OLD BASIS.
Year ending June 301906-07.
1903-04
1905-06.
1904-05.
Mlles operated
7,780
7,205.
7,218
7,232
Gross earnings
$50,238,420 $51,237,858 $44,051,509 $44,969,491
Net earnings
19,194,278 16,170,800 12,993,300 13,104,598
Other Income
745,182
1,333,833
1,015,837
1,520,172
Total Income
$19,930,480 $17,186,637 $14,519,472 $14,528,431
Taxes
$1,576,038 $1,631,890 31,609,989 $1,437,578
......V. 87, p. 1089, 479.
St. Louis & San Francisco RailrOad.
(Report for the Fiscal Year ending June 30 1908.)
Below are comparative statistics. for several years, which
have been compiled for the "Chronicle." The text of the
report is given on a subsequent page, also the text, comparative tables of earnings and operations, and balance sheet,
for two years past, &c.
OPERATIONS, EARNINGS AND EXPENSES.
1905-08.
1904-05.
1907-08.
1006-07.
Miles operated (average)
5,030
5,064
5,082
5,059
EquipmentLocomotives
907
770
863
800
Passenger equipment_ _ ..
536
451
438
457
Freight equipment
29,084
26,702
24,286
24,093
Company cars, &c
2,688
2,412
1,568
1,177
OperationsPassengers can-led
8,428,183
7,453,400
6,259,056
5,978,866
Passengers carried 1 mile414,178,289 357,891 225 322,008,662 336,279,091
Rate per pass. per mile_
2.15 cts.
2.56 cts.
2.18 cts.
2.27 cts.
Rev.freight (tons) carr_ 15,275,619 16,154,154 13,848,992 12,793,075
Revenue freight (tons)
carried one mile
2465448295 2658150453 2306200334 1999624091
Rate per ton per mile__ _
0.97 cts.
1.01 cts.
Av. train loan (rev.)tons
212
224
199
214
Earn, per pass. train m.
30.9934
31.0455
Earn. per fgt. train mile.
$2.065
32.240
Gross earnings per mile_
$7,070
$7,557
INTER-STATE COMMERCE COMMISSION CLASSIFICATION.
Inc.(+) or
1907-08.
1906-07.
Operating revenuesDec. (-).
$23,976,207 326,534,639 -$2,558,343
Freight
8,927,037
0,166,327
-239,290
Passenger
2,666,229
2,380,085
+306,144
Mail, express, &c
236,568
192,930
+43,538
Other than transportation
$35,806,132 $38,253,981
Total
Operating expensesMaintenance of way and structures $4,822,333 $5,584,888
Maintenance of equipment
4,507,462
4,715,225
Traffic expenses
833,825
873,974
Transportation expenses
13,748,380 12,709,598
General expenses
1,082,925
972,890
-$2,447,849
Total expenses
Net earnings
Taxes
$25,092,925 324,858,575
$10,713,207 $13,397,408
948,415
896,958
+3236,350
-$2,684,199
+51,455
Operating income
Outside operations
Hire of equipment
Other income
39,764,792 $12,500,448
deb $32,079
deb 369,506 deb 85,671
1,950,142
1,958,862
-$2,735,555
-32.079
-283,835
-8,719
-$762,555
-107,763
-40,140
+1,036,782
+110,035
Total income
$11,313,349 $14,373,639 -$3,060,289
DeductInterest, rentals and sinking funds.. $9,219,401 38,580,174
+3630,227
Dividends on Kansas City Ft. Scott
540.400
& Memphis stock trust certs__
540,400
1,094.482
1,094,482
Divs. on Chic. & Eastern III. RR
199,742
Dividend on preferred stock, 4%
199,742
$11,054,025 $10,414,798
Total deductions
4 $639,227
Balance, surplus
$259,324 $3,958,841 -$3,699,517
RESULTS FOR PREVIOUS YEARS-OLD BASIS.
Year ended June 301908-7.
1904-5.
1905-6.
Average miles
5,062
5,030
5,069
Total earnings
338.621,067 $32,046,657 $29,958,240
Net earnings before taxes
$13,748,488 $11,501,123 $10,661,223
Other Income
1,540,867
832,113
1,632,660
rTotal net Income
Taxes.....
-V. 67. p. 937. 6764,
$15,289,355 $13,133,783 $11,493,336
$896,958
$848,698
$943,559
1155
Chicago & Eastern Illinois Railroad.
(Report for Fiscal Year ending June 30 1908.)
President H.I. Miller says in substanoe:
General Results.-Total operating revenue decreased $650,666 or 6.7%;
operating expenses decreased $281,255 r 3.7%; net peratIng revenue
decreased $359,410 r 9.6% and taxes increased $23,587 r 7%.
The general increases in rates I pay (.f nearly all classes of empl, yees,
made during the latter part a the prey' us fiscal year and the early part
of the present year, created an Increase f 3191,000 In the cost a the
Years (. perati ns, the rati (f increase being 4.55%.
The general business depression, which started during the latter part of
October, and which has continued through the remainder of the fiscal
year, is reflected In the earn! gs.
On the statistical sheets In this report the figures for the fiscal _,year
1906-07 have been revised to conform to the classificati n of the Inter-State
Commmerce Commission effective July 1 1907.
Bonds.-The funded debt has been decreased *15,000 as follows; $1,210,000 "refunding and improvement mortgage" bonds were issued to
provide for additions and improvements (V. 86, p. 917); 31.927,000 are
"general consolidated and first mortgage" bonds (In addition to $1,225,000
issued last year) were to provide for prior lien bonds, paid and called to
the amount of $3,152,000 (V. 85, p. 1545.) Car trust obligations have
been issued to the amount of $2,480,000 (V. 86. p. 1284) and paid to the
amount of $1,302,058; leaving net increase of funded debt and car trust
obligations of $1,162,942.
The refunding operations of the year resulted In a net reduction of
$33,020 in the annual interest charge.
Additions and Improvements.-The enlargement of locomotive repair
shops and engine house facilities at Oaklawn (Danville, III.), authorized
Oct. 11 1906, at an estimated expenditure of $560,000, was practically
completed at the close of the year, the total expenditure as of that date
aggregating $569,855.
WEIGHT OF RAIL IN TRACK (MAIN,SECOND AND THIRD)JUNE 30.
Total. 854b. 804b. 754b. 72-16. 704b. 654b. 60-0.56, &c.
1908 (miles)
1,005.22 187.24 355.14 2.64 18.34 13.46 148.90 254.99 24.51
1907 (miles)
1,001.32 181.05 346.12 1.31 17.59 9.59 163.14 252.40 30.12
OPERATIONS, EARNINGS, EXPENSES, etc.
1907-08.
1905-07.
1905-06.
/004-05.
Miles operated June 30_
957
948
OperationsPassengers carried No_ 2,899,233
2,561,398
2,309,306
2,211,662
Pass. carried 1 mile, No. 95,670,423 80,371,192 74,736,501 62,787,562
Rate per pass. per mile_
1.76 cts.
2.04 eta.
2.15 cts.
2.12 cts.
Rev. fr't (tons) carried_ 11,273,436 11,943,138 10,833,057
9.993.993
do
do
1 mlle1831277819 1940963492 1728882891 1488368620
Rate per ton per mlle__
0.47 cts.
0.48 eta.
0.47 cts.
0.46 eta.
INTER-STATE COMMERCE COMMISSION CLASSIFICATION.
1908.
Operating revenuesFrelght
Passenger
Mall, express & miscellaneous
Other than transportation
1907.
8,523,387
1,680,303
486,503
52,538
9,280,360
1,541,069
419,918
52,049
10,742,731
11,393,397
-650.666
1,225,424
1,535,800
197,295
3,928,439
359,943
1,357.220
1,584,685
229,936
3,927,055
339,249
-131.796
-148,885
-32,541
+1,374
+30,693
Total expenses
Per cent of oper. expenses to earn'gs_
Net earnings
Taxes
7,256,901
(87.55)
3,485,830
358,588
7,538,156
(66.17)
3,855,241
335,000
-281,255
+1.38
-369.410
+23,587
Operating Income
Outside operations
Hire of equipment
Other Income
3,127,244
3,520,241
deb.8,846 deb.12.385
303,557
321,293
595,897
463,489
--392,997
+3.539
--17,736
+133,407
Total income
DeductInterest
Rentals
Dividends on pref. stock, 8%
Dividends on common stock
4,018,851
4,292,538
-273.787
2,179,801
702,823
520,842
721,780
2,081,698
540,772
529,842
721,780
+98,102
+162,051
Total
Operating ExpensesMaintenance of way a d structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
-756,973
+39,234
+66,585
+489
Total deductions
Balance
4,134,245
3,874,092
+260,153
def.115,394 sur.418.548 --633.940
BALANCE SHEET JUNE 30.
1908.
1907.
1908.
1907.
Assets8
LiabilUtesRoad & equipment56,594,648 54,116,050 Common stock__z13,626,100z13,626,100
Bonds, stocks and
Preferred stock_ _ _z8,992,000 z8,992,000
other investments 643,307
677,792 Bonds (see "Ry. &
C Tr. Co. 1st M.
Ind." Section)..37,569,000 37.584,000
bds, redemp. ac't
1,261,750 Car trusts
9,827,405 8,649.463
Sinking fund
11,562
888,426 Bills payable
2,395.000 1,950,000
Loans & bills rec. 213,656
79,8:31 Inter. & dividends 768,530 1.134.628
Mat'ls & supplies_ 1,000,271
953,381 Mat. bds. unpreAgents & cond'rs. 477,845
713,977
sented(see contra) 12,858
Co's &Individuals.
600,470
521,983 Taxes
212,070
213,431
Traffic ba anees_
69,099 Equipm'nt rep acU. S. Government
30,653
28,679
ment account... 1.056
4;4
44
64
3
946.687
Deterred assets_
48,009
199,447 Additions & imTrust Co. of Amer.
provement fund
97,487
104.830
trust assets.__y10,578,092z10,578,092 Traffic ba anc a
Treas. securities 3,859,468 2,770,267 Pay-rolls, vouchCash to ndem ma54
1.2,844
1,315,673
tured bonds_
12,858
Insurance
ers
e fund
34,723
20,059
Adv. for consten. 2,401,614 1,743,502 Income account
980.975 1,428,250
Cash
646.447 1,362,845
Total
77,118,901 75,965,121
Total
77,118,901 76,066,121
•
x0f these,$6,408,300 common and $181,300 preferred Is treasury stock held'in
trust by Trust Co. of America, yOf this $5,559,600 consists of common and preferred stock (see V. 8.5, p. 1001): balance sundry investments. (V. 87, p.36.)
zAtter crediting total surplus with $586 and debiting account with 3332.467.
Including $230,455 for depreciation in value of tracks removed and equipment
sold or destroyed.-V. 87, n. 36.
Evansville & Terre Haute RR.
(Report for Fiscal Year ending June 30 1908.)
President H.I .Miller says in substance:
General Results.-The surplus for the year after all charges was $399,113,
being equal to 5% on outstanding preferred stock, and 8.40% on outstanding common stock. The general business depression, which started
during the latter part of October, and has continued through the remainder
of the fiscal year, Is reflected in earnings.
On account of the Increases made In rates of pay of nearly an classes of
employees during the latter part of the previous fiscal year and the early
part of the past year, the cost of the year's operations was increased approximately $47,000, the ratio of increase In the pay-rolls being
The Industrial department reports 16 plants and manufactories 5.59%.
located
during the year at different points, employing In the aggregate 498 men
and costing approximately $317,000.
Maintenance, &c.-The physical condition of the property has been well
maintained. During the year amounts aggregating $35,939 were expended
for the construction of industrial tracks, to serve new industries. and
$13,148 for strengthening bridges for heavier loads. An expenditure of
$15,142 was authorized to purchase the main tracks and sidings on the
Evansville & Terre Haute right of way by the old Louisville Evansville &
THE CHRONICLE
1156
St. Louis Consolidated RR. Co. (now Southern Ry.) at Princeton, Ind.
The new passenger station at Evansville, authorized Jan. 29 1907, at a
cost of $125,000, was, excepting some details of Interior finish, completed
at the end of the year.
1,001.7 tons of new 85-lb. steel rail were laid in main track and 99,471
cross ties and 49 sets of switch ties were renewed. 12 miles of main track
were re-ballasted with gravel. 4.81 miles of woven-wire fence were constructed.
Equipment.-Equipment notes amounting to $215,081 have been paid.
The equipment has been well maintained throughout the year. New steel
truck bolsters have been applied to 48 cars of 60,000 capacity and airbrakes to 228 of the 50,000 capacity gondola cars, not equipped at the time
of construction. During the year 138 freight and other cars condemned
June 30 1907 as of no further value for operating purposes were sold or
broken up or otherwise destroyed, and the original cost was credited to
"Equipment Account" and the same amount less salvage charged to "Profit
and Loss."
OPERATIONS, EARNINGS, Occ., INCLUDING EVANSVILLE &
INDIANAPOLIS.
1906-07.
1907-08.
1905-06.
310
310
310
Total miles operated
Operations693,313
841,767
717,643
Passengers carried
29,593,306 25,139,871 23,527,546
Passengers carried one mile
2.29 cts.
1.93 cts.
Rate per passenger per mile
3,066,837
3,075,016
2,964,833
Revenue freight (tons) carried
144,096,660 153,095,366 149,034,776
Revenue freight (tons) 1 mile
0.90 cts.
1.00 cts.
Rate per ton per mile
$1.065
$1.059
Passenger earns. (all) per train mile
$2.506
$2.735
Freight earnings per train mile
$7,337
$7,100
Gross receipts per mile
INTER-STATE COMMERCE COMMISSION CLASSIFICATION.
Inc.(+)or
1908.
1907.
Dec. (-).
Operating revenues$1,439,498 $1,513,664 -$74,166
Freight
575,697
570,403
-5,294
Passenger
179,447
176,217
+3,230
Mall, express and miscellaneous
12,059
14,721 •
+2,662
Other than transportation
Total
Operating expensesMaintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
$2,204,069
$2,277,637
--$73,568
$291,067
254,476
39,463
670,944
70,150
$284,066
353,954
36,115
621,457
62,322
+$7,001
-09,479
+3,348
+58,487
+7,828
Total expenses
Net earnings
Taxes
$1,335,100
$868,969
104,278
$1,357,914
$919,723
103,277
-$22,814
-$50,754
+1,001
$764,691
17
181,465
44,987
$816,446
(deb.)258
191,483
53,635
--$51,755
+275
--10,018
--8,648
$991,160
Total Income
Deduct$577,440
Interest
14,608
Rentals
64,167
Dividends on preferred stock, 5%.._ -159,495
Dividends on common stock,4%
$1,061,306
--$70,146
$580,622
15,463
64,167
159,495
--$3,182
--855
Operating Income
Outside operations
Hire of equipment
Other income
$819,747
-14,037
$815,710
Total deductions
$241,559 --$66,109
$175.450
Balance. surplus
GENERAL BALANCE SHEET JUNE 30.
(Including Evansville ,k Indianapolis.)
1908.
1907.
1907.
1908.
$
$
LiabilUies$
$
Assets11,376,171 11,185,867 Common stock___x3,987,383 x3,987,383
Cost of road
4,711,821 4,762,063 Preferred stock__ 1,283,333 1,283,333
Equipment
169,603 Funded debt (see
Materials on hand_ 210,954
583,588 "Ry. & Indus."
447,945
Cash on hand
I
9,500,000 9,500,000
143,778
Due from agts.,&c. 125,147
241,304
238,839
67,867 Bonded interest
Bills receivable__ 307,867
221,408
vouch_
&
163,316
Pay-rolls
122,127
169,627
others__
Due from
notes.. 1,253,770 1,468,851
Bds.& stks. owned y517,236 y890,235 Equipment
60,568
80,590
4,742 Impts., &c., funds
3,511
Prepaid insumnce_
131,997
149,670
Miscellaneous
1,190,515 1,057,888
Income account
Total
17,870,279 17,929,870
Total
17,870,279 17,929,870
x Prior to June 30 1907, included in "cost of road" $2,000,000, representing outstanding stock of the Evansville & Indianapolis RR., the same Rem being carried
stock, being
on the liability side of the balance sheet under "common stock." This
entirely owned by the Evansville & Terre Haute RR., is eliminated from both sides
of the combined balance sheet.
y Exclusive of 20,000 shares of Evansville & Indianapolis RR. stock, par value
82,000,000.-V. 86, p. 1343.
Canadian Northern Ry.
(Report for Fiscal Year ending June 30 1908.)
President William Mackenzie says in substance:
[Vox, Lxxxviz
Regina to Saskatoon, served by the Qu'Appelle Long Lake & Saskatechwan
By. (the bonds of which are guaranteed by your company), a more direct
access to Winnipeg and to navigation than was previously available.
Additional Perpetual Debenture Stock.-DurIng the year £2,000,000
of 4% perpetual consolidated debenture stock was sold (V. 86, p.1099),
the proceeds as far as received being applied to the general purposes
of the railway, and to the extent of $3,205,000 to the purchase of securities
of companies whose business is incidental to the traffic of your railway.
These securities, lodged with the trustee of the mortgage securing the
4% perpetual consolidated debenture stock ,were Issued by the following
companies:
'Acquired this Year. 'Previously Acquired.
1st M. Bonds. Stock. 1st M.Bds.
Stock.
"Acquired Securities"Ore
&
Coal
Canadian Northern
$375,000
Dock Co
Lake Superior Terminal Co.,
$1,000,000 $500,000 $1,000,000
operating at Port Arthur_
Canadian North. Telegraph Co.,
300,000
500,000
500,000
operat. over the entire system
750,000
St. Boniface & Western Land Co.250,000
420,000
Edmonton & Slave Lake Ry_
180,000
100,000
Minn. & Ontario Bridge Co
250,000
400,000
Minn. & Manitoba RR
492,007
Canadian North. Prairie Land Co
300,000
100,000
Winnipeg Land Co
'The amounts in this compilation are supplied from a table in the report
headed "Acquired Securities". While It is supposed that they have all
been deposited with the trustee aforesaid, the report does not say so.-Ed.
The St. Boniface & Western Land Co. holds valuable properties suitable
for terminal and manufacturing purposes adjacent to Winnipeg properties;
the Edmonton & Slave Lake By. Co. owns the line in operation from
Edmonton to Morinville, on the way to Athabasca Landing, and the
Peace River Valley.
Bonds Guaranteed.-By your authority the (£022,309) first mortgage
bonds "guaranteed 4% debenture stock" of the Qu'Appelle Long Lake
F6 Saskatchewan Railway (compare V. 83, p. 324, 688, 1037, 1099; V. 84,
p. 1368) were guaranteed as to principal and Interest. The value of this
property as revenue producing territory to your system has been amply
demonstrated, the net earnings for the past fiscal year-although the
crop of 1907 was less than usual-having been more than sufficient to
meet the fixed charges on the bonds. From Saskatoon the construction
of the line to the Goose Lake District was undertaken during the year.
Grading for 50 miles was completed during the year and since then track
has been laid for that distance and will, it is expected, be completed for
an additional 20 miles this season. The further extension of this railway
will be through equally fertile territory In which your company has extensive land holdings and to which settlers are proceeding in large numbers.
New Rolling Stock.-In order to meet the growing demands of traffic,
your directors have made heavy purchases of rolling stock of all kinds
Involving a large outlay. The delivery of this equipment has placed
your company in an exceptionally favorable position to materially assist
in the larger crop movement this coming fall and the benefits will undoubtedly be amply reflected in the increased gross earnings. (The
following equipment bonds were sold during the year, shortly before it
began or after its close: series "M", $500,000; series "N", $500,000; "0",
$1,500,000; "P", $2,000,000; "R", $1,700,000, Compare V. 85, p. 599;
V. 87, p. 812, 872, 935.)
Lands.-The sale of your lands continues in satisfactory quantities.
During the year 414,696 acres were sold for $3,449,759, or an average
of $8 32 per acre. In respect of lands sold to June 30 '08 there is $3,832,585
In the hands of the National Trust Co. In trust to retire land grant bonds,
amounting to $2,000,000, and $7,240,914 in deferred payments on sales,
malting a total of $11,073,498. The Interest of our southern neighbors
In the development of Western Canada is steadily growing.
Freight MifcelLocomo- Passenger
Cars.
Cars. laneous.
Equipment owned June 30lives.
236
8,065
227
200
1908
226
185
6,868
190
1907
157
5,437
130
141
1906
OPERATIONS. EARNINGS, CHARGES, ac.
1005-06.
1906-07.
1907-08.
2,639
2,482
2,894
Mlles operated June 30
Operations703,988
564,341
937,036
Passengers carried
74,468,415 60,683,505 47,182,065
Passengers carried one mile
2.413 cts.
2.381 cts.
Earnings per passenger per mile
11.13002
$1.18601
$1.06704
Earnings per traffic train mile
1,727,002
1,822,220
2,615,580
Freight (tons) carried
875,287,887 657,437,305 535,208,197
Freight (tons) carried one mile
0.810 cts.
0.873 cts.
0.779 cts.
Earnings per ton per mile
12.2214
12.71705
12.54139
Earnings per traffic train mile
$3,328 09
$2,860 34
$3,387 81
Earnings per mile of road
$
$
$
Gross Earnings1,846,087
1,464,256
1,062,639
Passenger _
6,824,783
5,741,729
4,335,933
Freight
72,910
23,172
58,231
Malls _
107,266
85,124
53,941
Express
Miscellaneous, incl. telegraph, dining
and sleeping cars, and profit from
428,070
1,000,858
elevator and other subsidiary cos_ _
858,407
5,003,755
8,350,198
• Total gross earnings
9,709,462
Operating Expenses1,486,030 1,260,960
Maintenance of way and structures_
1,330,067 1,033,369
General Results.-The gross earnings show an increase over the previous Maintenance of equipment
3,674,732
3,486,638 2,820,781
year of $1,359,265, or 16.28%, and net earnings a gain of $106,652, or Transportation expenses
00,787
120,284
3.64%. While the percentages of increase, especially in net, are not as Traffic expenses
218,266
they
are
a
year,
heavy,
year
of
during
unique
253,756
_
General expenses, including taxes__
large as In the preceding
though temporary, check to commercial development everywhere on the
3,674,732
5,424,164
6,676,775
Total operating expenses
continent. That the increases in gross earnings proportionately exceed
(62.24)
(64.06)
the
high
a
(68.77)
quality Per cent of gross earnings
further evidence of
the increased mileage operated, is
2,220,023
2,026,034
3,032,687
$381,830, or Net earnings
of• the country traversed. Passenger receipts Increased the
is
first
comthis
the
to
that
fact
doubt
no
due
Fixed
Charges
26%, and while partly
plete year i which your company has operated the Qu'Appelle Long Lake Interest on bonds guaranteed by Gov591,058
624,726
658,743
ernment of Manitoba
& Saskatchewan Railway, between Regina and Prince Albert, the reports
167,836
280,800
280,800
progressive
advancement.
atsteadyland
guar. by Dom. of Can
bonds
Int. on
from the system generally show
440,054
315,360
577,539
The increase in the7percentagv offj working expenses is due to com- Int. on perpetual consol. deb. stock_ _
Int. on Qu'Ap. L. L. & S. deb, stock
paratively larger expenditures forifimprovements and additions.
181,467
and bonds
During May and Junelthe earnings of your railway, in common with
223,960
223,060
223,960
compared with the Rentals leased lines, &c
all other large systems In North America, decreased,
211,234
431,248
306,949
corresponding period of 1907; the decrease was not, however, as serious Interest on equipment leases
the heavy crop of 1906,
as it appeared, and was the combined result ofand
1,509,448
of the light crop of
2,353,757
1,882,489
Total fixed charges
the unprecedentedly severe winter of 1906-07,
719,574
678,930
1,043,548
Surplus for year
1907.
1908 have so far proOutlook.-The threshing returns of the crop ofand
the revenue arising
duced results even better than were anticipated,
year. The chief
GENERAL BALANCE SHEET JUNE 30.
from Its movement will far exceed that of any previous
factor in this Increased movement is not so much the larger yield per acre
1907.
1908.
under cultivation
1907.
1908.
-although It is quite Important-as the greater acreage
LiabilitiesAssetswhich has accompanied the construction of branch lines, and which more
30,750,000 30,760,000
than justifies the construction of additional lines now under way, and Cost of ry.&equip_85,732,583 77,540,324 Capital stock
4% cons. deb. stk_24,054,717 14,321,383
others contemplated in the immediate future. Lumber and coal traffic Capital stock and
First mtge. bonds_26,647,730 25,652,983
bds. of other cos.
Is also Increasing In importance.
Land grant bonds.x2,000,000 2,000,000
owned cost (par,
Maintenance, &c.-During the year there have been large expenditures
relaying
on
track
roadbed,
Car trust obligat._ 9,628,791 6,311,619
with
$7,417,007
of
in'08)a5,733,6731
strengthening
on maintenance and
530,520
452,718
the
and
enlarging
Adv. to other cos. 891,100) 2,991,703 Unpaid pay-rolls
heavier steel, Improving station accommodation,
940,275
Unpaid aud.vouch. 814,347
facilities for economical operation of the system. The shops and yards Winnipeg term -1,979,0451
855,012
428,407
of
cos
$1,000,000-are
outlay
other
to
in
Due
payments
Deferred
an
at Fort Rouge, Winnipeg-Involving
on land sales_ __ 7,240,913 4,871,039 Coupons and diva
part completed, and have already proved of great benefit to your railway.
674,524
due July 1
539,078
Station at Winnipeg.-The contract for the Fort Garry Station, Winni- Material & supplies 579,641
Accr'd int. on bds ,
peg, was let in the spring, and the work will, It is hoped, be completed Due from agents
149,392
185,973
&c., to date_ _
and cos., traffic
In about 18 months. The station will be the most spacious and subbalances, &c___ 326,902
892,279 Equipment replacestantial railway depot In Canada. It will be the property of your company,
21,405
47,755
fund
tenants.
as
Pacific
ment
Installments receivwith the Transcontinental and Grand Trunk
was all but
Surplus land grant
able account 4%
• Extensions.-ConstructIon of the Brandon to Regina line
x9,976,423
6,764,638
be
inaugurated
will
account
service
stock_
train
deb.
1,154,958
con,
the
during
year
and
regular
a
completed
Surplus of railway 3,311,947 2,669,599
toward the end of September. This line, beside securing to your com- Cash with Nat. Tr.
Co. account land
pany a share of the business of excellent country along 220 miles of railto
Edmonton,
Winnipeg
an
and
3,104,621
3,832,585
sales
completes
from
alternative route
way,
927,782
1,501,934
gives to Prince Albert its third route to Winnipeg over Canadian Northern Cash on hand
lines. It will enable your company to inaugurate the first competitive
108,973,338 90,866,826
Total
Total
108,973,336 90,866,826
passenger service to the city of Regina, and will give to the territory from
OCT. 31 1908.1
a This amount represents the capital stock and bonds pledged to secure the 4%
perpetual consolidated debenture stock at par:
Minn.& Ont.Bridge Co. stock_ $100,000 Lake Sup. Term. 5% bonds_ _$2,000,000
180,000 Can. North. Teieg. Co.stock__ 500,000
First 4Yi% debentures
General mortgage 5% bonds 800,000
400,000
Minn. & Man. RR.stock
General mortgage 5% bonds 250,000 Winnipeg Land Co.,Ltd., stk_ 300,000
First mortgage 5% bonds__ 100,000
Lake Superior Term. Co. stock 500,000
Edm.& Slave L.Ry.5% bonds. 420,000
Canadian Northern • Coal de
375,000 Canadian Northern Prairie
Ore Dock Co. 5% bonds
492,007
Lands Co. stock
St.Boniface & Western Land
250,000
Land Co. stock
750,000
First mtge. 5% bonds
_
erhe surplus In land grant account, 29,976,423, was obtained after deducting
$2,000,000 land grant bonds, as above, the money to redeem which is in the hands
of the National Trust Co., the gross land sales having aggregated $11,976,423.
Note.-In addition to the above assets the company owns 1,413,555 acres of land
in Manitoba and Saskatchewan.-V.87. p. 1089. 935.
Minneapolis & St. Louis Railroad Company.
(Report for Fiscal Year ending June 30 1908.)
President Edwin Hawley, Oct. 6, wrote in substance:
Operated Mileage.-The construction of the Minnesota Dakota & Pacific
Ry. was completed, viz.: Watertown, to Leola S. D., 114.13 miles; Conde
to Le Beau, S. D., 115.47 miles; total, 229.60 miles. The branch line
extending from Manitou Junction, 1.45 miles, was leased to the Minneapolis & St. Paul Suburban Ry. Co. for $2,000 per annum. The average
miles of main track operated were 1,00549, an Increase of 206.95 miles
as compared with the preceding year.
General Results.-The gross revenues from operation decreased $47,152,
or 1.22%. Ttie increase in miscellaneous receipts resulted from a change
In the classification of revenues prescribed by the Inter-State Commerce
Commission. The revenues were materially diminished by the State
legislation reducing the rates, by the failure of crops, and also by the
business depression during the last six months of the year.
The Increase in operating expenses of $268,412, or 11.27%, is due to
several causes; the increased mileage operated; a full year's depreciation
made to
of 2% ($85,247) on the valuation of the company's equipment
conform to the requirements of the Inter-State Commerce Commission;
and the increases in wages paid employees which were granted at various
times last year, being in force during the entire present year.
The regular semi-annual dividends of 23.6% each were paid on the
preferred stock from the accumulated surplus.
The
There was a decrease of $6,825 in receipts from passenger traffic. prelaws passed by, the States of Minnesota and Iowa in this and the
ceding year reducing the passenger rates from three to two cents per mile
operated to reduce this revenue. The decrease in the average rate received per mile was 5.39%.
The decrease of $126,217, or 4.71% in freight revenue is partly due to
the State Railroad Commission of
the new class rates inaugurated by'
Minnesota in Nov. 1906, but also to the general depression in business.
The crops in the territory adjacent to the system did not equal last year's
yield, and this greatly decreased the tonnage of agricultural products.
The average rate received per ton per mile decreased 5.34%.
The ratio of operating expenses to gross operating revenues for the year
was 69.23%, as against 61.45% for the previous year. The numerous
changes in the new classification of operating expenses promulgated by
the Inter-State Commerce Commission make it impracticable to give an
accurate comparison of the details with the previous year. Of the increase, $201,700 is due to increased mileage operated. The cost of maintenance of way and structures Includes $45,022, due to 72,680 more crossties used in renewals. On June 30 there remained $324,399 to the credit
of the fund to replace equipment vacated, an increase of 2145,969 ova.*
the previous year.
Average Cost of Repairs per Locomotives, &c.
1908. 1907.
1908. 1907.1
1908. 1907.1
$574 1Fght. cars$47.71 $56.17
Loco'tivee$1,585 $1,505 Pass. cars $501
Additions, &c.-The expenditures for additions and betterments made
during the year and charged to capital account aggregated 2235,575, including chiefly $44,702 for buildings and station grounds and $124,831
for ballasting and rectifying grades.
Traffic on New Line.-Since the completion of the Minnesota Dakota
Se Pacific By., the movement of homeseekers to points on the line has
been large, and present indications are that this will continue during
the coming fall and spring. Traffic on the line will also be greatly increased
by the Act of Congress which authorizes the throwing open of the Cheyenne
River Indian Reservation in the early part of 1910.
Bonds.-There were redeemed during the year $116,100 7% bonds
which matured Jan. 1 1907.
There were issued $332,000 "first and refunding mortgage" 4% bonds,
of which $117,000 to retire 7% bonds matured and $215,000 to reimburse
the company for additions and betterments. Bonds of this issue, amounting to $1,240,000 are held in the treasury.
There were received and placed in the treasury $87,000 2d mortgage
5% bonds of the Des Moines & Fort Dodge RR. Co. in part for an expenditure of $54,010 made in improving their property, and $35,720,
carried in open account June 30 1907. The additions and betterments
included: relaying 26.30 miles with new 70-1b. steel rails; building new
Industry and side tracks; revision of yard tracks, ballasting, &c. There
were received from the Minnesota Transfer By. Co. $18,000 bonds for
advances covering additions and Improvements.
Equipment trust notes of $31,106 were paid, leaving $19,817 to mature.
Outlook.-The business outlook In the territory served is fairly satisfactory. All grains except corn are harvested, and present indication I
are that the crop will be as good as In the previous year. The oat crop
equals that of last year, although It has been disappointing in all territories,
while the wheat crop is somewhat better in Minnesota and South Dakota
than for several years past. Owing to the very high prices for all kinds
of grain, the crops of this year will probably yield more money than at
any time In the past. The situation locally Is promising, as the people
tributary to the line are financially prosperous, and this should have a
stimulating effect on business generally.
CONDITION OF TRACKS (INCL. 9.92 MILES 2D TRACK) AND BRIDGES,
Metal Bridges on- Timber
Rails (miles)
Trestles
June 30801b. 7511,. 701b. 6615. 6015. Var. Masonry. Piling.
103
564 40 247 51 5,531ft. 1,689ft. 50,368ft.
1
1908
40 155 79 5,531ft. 1,689ft. 46,858ft.
401
1
1907
103
1906
103
287 39 244 105 5,531ft. 1,414ft. 44,669ft.
1
233 43 284 121 5,531ft. 1,414ft. 45,854ft.
1905
1
98
Track ballasted June 30 1908, 605 miles: to be ballasted, 392 miles. Locomotives
97; passenger cars, 93; freight cars, 4,159.
CLASSIFICATION OF FREIGHT-PRODUCTS OF (TONS).
Forests. Manures. Miscell.
Agriculture. Animals. Mines.
422,380
196,095
171,006
900,919
86,880 507,177
1907-08
211,922 463,642
450,442 242,937
988,070
95,847
1006-07_
452,090
206,781
228,236
90,989 329,707
1,058,073
1005-06
813,415
278,662 265,935 222,708 310,270
76,609
1904-05
OPERATIONS.
Comparisons with previous years are inaccurate, the figures in 1907-08
having been compiled according to the new system prescribed by the
Inter-State Commerce Commission
1904-05.
1907-08.
1905-06.
1906-07.
720
1,005
799
798
Average miles operated..
1,216,937
1,261,770
1,211,173
1,114,607
Passengers carried, No
55,039,452
43,301,032
51,064,856
_
49,661,788
_
_
mile_
Pass. carried 1
1.888 cts.
1.927 cts.
1.967 cts.
Rate per pass. per mile_ 1.823 cts.
1,067,599
2,365,876
2,452,860
Rev. fr't carried tons_ _ _ 2,284,457
do 1 mile, tons__240,435,168 238,861,401 221,248,539 184,140,096
1.098 cts.
1.123 cts.
1.153 cts.
Rate per ton per mile__ 1.063 cts.
$1.04
$.95
Earns, per pass. tr. mile
$2.69
$2.89
$2.51
$2.86
Earns, per fght. tr. mile
$4,257
$4,647
$4,840
$3,750
Gross earnings per mlie_
244.95
257.10
247.87
236.17
-tons_
Rev, train-load,
1157
THE CHRONICLE
EARNINGS, EXPENSES, CHARGES, dec.
1905-06.
1906-07.
1907-08.
$
$
$
1,001,548
1,010,202
1,003,377
2,550,564
2,681,351
2,555,133
174,553
268,005
182,115
1904-08.
i
897,311
2,021,993
157,452
3,873,668
3,726,665
3,076,751
439,745
458,692
1,350,796
444,817
411,419
1,158,339
337,871
328,822
1,040,032
131,274
176,624
129,153
165,469
122,160
117,490
2,816,345
1,010,171
300,965
2,557.131
1,316,537
292,943
2,309,197
1,417,468
259,732
1,946,375
1,130,381
236,075
1,311,136
Total
Deduct67,783
Rentals
Net earns. D.M.& Ft.D.
1,965
Net earns. M.D.& P.Ry.
Int. paid during year _ _ 1,107,676
24,732
Miscellaneous
Divs,on pref. stock (5%)
200,000
1,809,480
1,677,200
1,366,456
66,257
100,909
22,492
1,105,388
66,522
98,716
61,737
1,095,932
200,000
200,000
1,020,376
26,848
200,000
Earnings fromPassengers
Freight
Mall, express & miscell_
3,826,516
Total
Expenses461,761
Maintenance of way, &c.
501,999
Maint. of equ pment_ _ _
Transportation expenses 1,455,4921
111,5551
Traffic expenses
118,112
General
167,426
Taxes
Total
Net earnings
Other Income
Total
Balance
1,308,961
1,461,170
1,495,046
1,402,156
def. 91,020 sur. 114,434 sur. 216,030 sur. 57.495
BALANCE SHEET JUNE 30.
1906.
• 1907.
1908.
$
$
Assets$
Road and equipment
30,340,151 30,104,576 29,917,625
588,000
652,600
Investments
742,600
45,145
Companies and individuals
277,517
89,069
150,914
Agents and conductors
99,431
25,644
26,295
U. S. P. 0. Department
29,310
495,000
908,000
Company's bonds in treasury
1,240,000
370,406
Materials and supplies
535,136
541,549
235,622
Cash
639,018
377,863
28,936
68,701
33,722
Miscellaneous
4,767,997
Cent. Tr. Co., trustee of 5-yr. notes
1,186,774
1,059,455
Dak,ta Construction Company
4,077,412
4,781,618
Total assets
LiabilitiesStock, common
Stock, preferred
Bonds (see "Ry. de Ind." Section)
5-year notes, due 1911
Audited vouchers
Accrued interest on bonds, &c
Equipment trust notes
Taxes, not due
Audited pay-rolls
Bills payable
,
Unadjusted accounts
Rolling stock replacement fund
Reserve for improvements, &c
Individuals and companies
Div. on pref. stock payable July_
Coupons due, not presented
Income account
Total liabilities
-V. 85, D. 1215.
38,463,761
38,394,571
6,000,000
4,000,000
20,011,800
5,000,000
164,640
335,102
19,817
115,004
133,320
650,000
68,053
324,399
79,216
6,000,000
6,000,000
4,000,000 ,
4,000,000
19,795,900 19,565,000
5,000,000
5,000,000
327,413
286,158
315,353
352,926
70,604
50,923
89,761
87,875
120,682
156,278
620,000
37,577.755
100,000
74,660
1,387,749
100,000
87,764
1,478,770
157,108
297,215
61.033
100,000
89,901
1,383,685
38,463,761
38,394,571
37,577,756
178,430
199,547
Bangor & Aroostook RR.
(Report for Fiscal Year ending June 30 1908.)
President F. W. Cram, Bangor, Me., Sept. 30, wrote in
substance:
General Results.-The gross revenue received from operations was $2,844,082, a decrease of $377,614 from the revenue received for the previous
year. The amount expended 1,1 workl g the property was $1,799,821, a
decrease of $333,471. After providl ,g for charges agal St I come and
for the payme t of 2% semi-anhual divide ds, there is as rpl s of $9,879.
Additions and Improrements.-Independently of the operating statement
as above, there were expended In strengthening and expanding the property
and Its accessories $1,388.635. viz.:
Additions and betterments_$105,019 Double-tracking B.&A. RR. $89,200
20,003
Add'I cost Schoodlc Str. RR. 20,967 Track fastenings, &c
Nor. Maine Jct, and term'Is_ 128,529 16 cars passenger service- - 108,605
0,450
Double-tracking N.M.S.RR. 393,616 5 locomotives
97,092
Harbor terminals N.M.S.RR. 11,104 Renewal of equipment
271.052
30,000 Car trusts
Floating debt
The payments were made with: Proceeds of sale $90,000 consol. ref.
4% bonds, $81,140, and $517,000 Northern Maine Seaport bonds, $517,000;
sale of capital stock, $291,255; replacement of equipment fund, $97,092;
debited to equipment on account of car trust "C" and "D" payments,
$271,052; debited to capital accounts, $81,097; total, $1,338,635.
An air-brake inspection car costing $3,000 and 9 locomotives have been
added to the equipment. By terms of purchase the 9 locomotives are paid
for during the current financial year.
Among the more Important items of strengthening the road In operation
were the laying of 1,812 tons (85 lbs. per yard) steel rails; 96,668 standard
and 113 set switch ties; 63,208 yards gravel ballast; 14,206 feet of sidings:
169,100 tie plates. Thirty-five wooden culverts were replaced with iron
and seven with rel forced co crete. Eight trestles were filled. The
double tracking betweel Norther Maine Junction and South Lagrange,
24 miles, was completed 1 , November last.
The Medford Extension, from South Lagrange to 4% miles west of
West Schools Station-but avoiding the heavy grades of the older, and
finding a 4 %-mlie shorter route-was not fully completed until summer of
1908, although put into operation in January. A low-grade second track
was In 1907 laid from the north end of the Medford Extension to West
Schools, and opened to traffic In January 1908. The track first laid on this
section has this year been brought to grade of the second track. The effect
is to give a complete double track between Northern Maine Junction and
West Schools, 58 miles. The second track Is built to low grades, and the
economies, savings In time and increased safety In the moving of traffic
will amply care for the Interest on the expenditures. Fifty loaded cars per
train are moved southward over the second track as readily as 25 to 30 were,
with the same power, moved over the older line. With some of the new
large engines 60 to 65 loaded cars per train are being moved without difficulty.
Traffic, &c.-Weather conditions In the summer, fall and winter of
1907-08 were, throughout Northern Maine, against good results either with
crops or with lumbering operations. While the planted acreage was larger
than ever before, the average yield of potatoes, per acre planted, was less
than half that of the preceding year. Most of the hay crop, which was
large, suffered damage. There was not snow enough for woods roads until
toward the end of January and too little water for log driving followed the
meagre snowfall. Many products of the forest Intended for shipment over
the road are yet back, and are to offer during the coming winter and spring.
These facts, together with an assurance of one of the most bountiful harvests Aroostook County has ever had, warrant a belief that, commencing
with September 1908, the earnings of the property and the increases In
time to come will have been restored to normal.
Could the exceptionally unfavorable weather conditions of the fall and
winter have been foreseen, most of the expenditure for expanding the railroad and Its accessories would have been deferred. From October (when
crop disaster was made absolute) forward, to the end of the fiscal year,every
effort was made to curtail expenditure consistent with not neglecting the
property or unavoidably Inconveniencing the public. Neither track nor
equipment, however, has been neglected.
S
OPERATIONS, EARNINGS, EXPENSES AND CHARGES.
1907-08.
1906-07
1905-06.
1904-05.
Operations482
501
456
428
Average miles
697,518
701,536
581,595
529,468
Pass. carried (revenue).
Pass. carried 1 mile_ _ _ 25,080,370 25,646,449 21,945,851 20,322,508
2.38 cts.
2.40 cts.
2.48 cts.
2.46 cts.
Rate per pass. per mile_
1,213,533
1,629,539
1,377,155
Rev. fr't (tons) carried_ 1,489,502
do do carried 1 mile159,901,973 196,544,091 146,348,568 122,106,091
1.17 cts.
1.19 cts.
Rate per ton per mile
1.22 cts.
1.19 cts.
Earnings$
$
$
Passengers
597,993
501,095
614,110
544,870
Freight
1,869,435
1,743,267
1,490,889
2,340,390
Mall, express, car service. rents
376,654
208,910
167,088
267,196
Total gross earnings_ _
Oper. exp. e4 taxesMaInt. of way & struct's
Maint. of equipment _ _ _
Traffio expenses
Transportation expenses
General ,xpenses
2,844,082
3,221,696
2,496,547
2,159,072
428,926
271,871
35,320
955,553
108,150
552,010
344,000
391,565
210,803
331,778
208,492
1,093,465
143,820
829,733
112,569
739,551
96,892
Total
Net earnings
Other income
1,799,821
1,044,261
2,133,295
1,088,401
2,191
1,544,670
951,877
13,180
1,376,713
782,359
7,475
789,834
965,057
1,090,592
Total net income- 1,044,261
Fixed charges7,931
8,769
14,830
14,937
Taxes
550,904
656,515
779,471
888,338
Interest on bonds
47,000
Approp.for car trust"0"
1,679
Dining car deficit
•
105,000
117,842
99,626
Betterments
32,387
Interest and discount
Dividends
(4%)97,040 (4%)71,840 (4%)62,000 (33'5)54,250
Total
Surplus
[VoL. LxxxvIi.
TITLE CHRONICLE
1158
1,034,382
*9,879
965,767
124,825
892,126
72,931
718,085
71,746
*The accumulated surplus July 1 1907 was $354,421; adding surplus
or 1907 08, as above, $9,879, and deducting $48,310 for discount on obligations sold, $58,958 for cars rebuilt and $48,121 miscellaneous, leaves
profit and loss surplus, as per balance sheet June 30, of $208,911.
CONDENSED BALANCE SHEET JUNE 30.
1008.
1007.
1908.
1907. 1
$
1 LiabilitiesAssets-Cost of road, &e-17,490,602 11,522,6051Common stock __2,510,000 1,550,000
No. Maine Sea RR.
3,930,0001 Bonds & car trust;
Equip. account..__ 3,357,253 2,829,799 (see "Railway &
894,0001 Industrial" SecCar trust"C"&"D" 1,530,000
tion)
505,645
20,044,000 17,642,000
Cash
336,289
387,849
441,943
524,900 Interest July 1
Mat% sup.& stores 550,891
185,696 Pay-rolls & vouchCos. & Individuals 129,314
•
86,708
510,841
86,671
ers
Net traffic balances
60,327
84,819 Bills payable and
Due from agents
25,718
172,389
divld'd declared 704,195
45,854
Suspense accounts 100,092
Replacement of
Schoodlc Stream
30,965
equipment'
common stock
72,1100
130,019
Miscellaneous _
No. Me. Seaport
354,421
Profit and loss__ 208,911
420,000
common stock
30,161
60,605
Real estate
24,102,648 20,671,5941 Total_
Total
-V. gr. p. 1088.
24,102,648 20;171,594
Mobile 86 Ohio Railroad.
(Report for Fiscal Year ending June 30 1908.)
President W. W. Finley, New York, Oct. 9 1908, wrote
in substance:
General Results.-Operating revenues decreased $1,098,632; net operating
revenue decreased $554,458. After payment of dividends on stock (1908,
4%; 1907, 5%, or $240,824, against $301,030) there was carried to credit
of profit and loss a surplus of $74,400, contrasting with $420,209 for 1906-07.
The general depression from which all business suffered during the past
year and the measures of economy adopted by the company to offset, as
far as possible, loss of revenue are reflected In the income account.
New Securities.-During the year there were Issued $600,000 first mortgage 5% 3-year gold notes, under agreement dated Feb. 15 1008, with the
Guaranty Trust Co. of New York, as trustee, on pledge of $603,000 first
mortgage 4% bonds and $145,493 equipment trust notes of the Warrior
Southern By. Co. and the title to certain real estate in Mobile and Birmingham, Ala. ("V. 86, p. 603). Equipment contract "MVT" was also made
for $1,521,149, less cash payment $222,149; net $1,299,000. Also equipment agreement "BLW" (2), $359,970, less cash payment $80,487; net
$279,492. Total additions to funded debt and equipment obligations,
$2,178,492. Payments on equipment trusts, $1,141,901; net increase
unfunded debt and equipment obligations, $1,036,591.
The aforesaid equipment obligations "MVT," $1,299,000, cover the
deferred payments upon 1,000 box cars and 750 gondola cars purchased
under agreement with the Mississippi Valley Trust Co., dated March 20
1907, payable In fourteen semi-annual installments represented by 5%
notes for $1,000 each, Interest payable A. lid 0., after first installment of
principal due April 1 1908. Equipment obligations "BLW"(2),$279,492,
cover the deferred payments upon 20 locomotives purchased during the
'current year from the Baldwin Locomotive Works under agreement
dated Dec. 5 1907. Principal payable in twelve quarterly Installments,
the first Installment being due Feb. 211008; Interest rate 6%.
Cost of Road.-This account has been charged during the year with $749,041, as follows:
New sidetracks, interchange track, roundhouse, shops, yard
$171,951
tracks, &c
Proportion of principal paid on account of equip. trusts "D" & "E" 80,000
Payments on account of principal of equipment obligations"BLW"
449,990
(2) and "MVT," including $302,637 cash payments
Equipment purchased under equipment agreements, series "A"
48,000
and "B" sinking funds
Maintenance.-The expenses of maintenance of way and structures per
mile of road for the year were $1,326, as compared with $1,490 for the preceding year. Number of cross-ties placed in the track 512,685, as compared with 387,884. A deck-plate girder bridge, span 50 ft., was erected
over Coonewah Creek; 9.37 miles of 85-lb. steel rail were put In the track,
replacing 70-1b. rail.
Development of Traffic of Late Years.-The banana traffic [largely, it Is
understood, from Mobile to St. Louis, 644 miles-Ed.] has grown until the
company moves about 12,000 carloads of bananas per annum. The company has traffic arrangements with the Munson Steamship Line, operating
between Mobile and Cuban ports, and through this connection the pineapple
movement from Cuba has grown until the shipment of pineapples this season
amounted to 600 carloads; a movement which began only four years ago.
The cargoes of sisal from the South American countries also create a large
Item of revenue. Truck farming around Mobile and along the line as far
north as Tennessee has been largely developed In the last few years. From
the productive prairie country, commencing at Wahalak, Miss., and extending to Okolona, Miss., about 80 miles, there is a considerable movement In alfalfa hay.
The transporting of yellow pine lumber In prosperous times, when the
mills are In full operation, represents about 25% of the business of this company. As soon as the depression In business was felt, in November 1907,
the movement of lumber ceased absolutely. It Is an encouraging sign that
there has been a distinct but not large revival of this traffic since July 11908.
Thirty years ago cotton represented about 75% of the business of this
company, and this continued until eighteen or twenty years ago. Such a
variety of miscellaneous traffic, through and local, has now developed
that the cotton business at present represents only about 2% or 3% of the
total tonnage moved.
--Repairs per-LocoPass. Freight
Rails (miles)---------car.
85-1b. 75-lb. 70-1b. 60-lb. 36-lb. Var. motive.
car.
$1,803
$913
441
206
8
34
1907-08____ 14
223
$72
441
2,090
920
5
215
8
1906-07 ____
223
35
*115
Earnings.-The results for several years past and the
balance sheets follow:
OPERATIONS, EARNINGS AND CHARGES.
1907-08.
1904-05.
1906-07.
1905-06,
926
Total miles operated ___
926
926
926
Operations1,284,789
Passengers carried
1,546,913
1,376,609
1,155,718
Pass. carried 1 mile
50,746,356 52,675,263 45,887,485 58,721,326
2.39 cts.
Av. rate per pass, per m..
2.34 cts.
Revenue tons moved
3,721,249
4,902,850
4,745,783
5,326,003
Tons moved 1 mile
1126000,165 1302991,226 1114905,371 890,864,720
Av. rate per ton per mile 0.631 cts.
0.617 cts.
255
262
Av. rev. traln-load(tons)
INTER-STATE COMMERCE COMMISSION CLASSIFICATION.
Inc.(-I-) or
1008.
1907.
Dec.(-)•
Operating Revenues$
$
$
Freight
7,108,975
8,041,388 -932,415
-22,065
Passenger
1,212,518
1,234,583
Mall, express and miscellaneous___ _ 1.259,250
1,405,767 -146,517
+2,365
Other than from operation
68,469
66,106
Total
Operating ExpensesMaintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
1,228,145
1,391,524
322,929
3,560,986
314,418
1,328,239
1,822,562
323,467
3,585,938
301,971
-100,094
-431,038
-538
-24,952
+12,447
Total expenses
Net earnings
Taxes
6,818,003
2,831,208
226,469
7,362,177
3,385,667
203,173
-544,174
-554,459
+23,295
Operating income
P.c. of oper. exp. 4c taxes to oper. rev.
Income from other sources
2,604,739
(73.01)
174,449
3,182,404
(70.39)
201,376
-577,755
2,779,188
Total income
Deduct150,696
Additions and betterments
.93,354
Outside operations
1,193,000
Interest on bonds
11,250
Interest 1st M. 3-year gold notes__ _ _
262,166
Interest on equipment trusts, &c_
950,063
Rental St. Louis & Cairo RR
237,847
Rental joint facilities
56,589
Eire of equipment
(4%)240,824
Dividends
3,383,870
-604,682
333,442
77,658
1,103,000
-182,746
+15,696
213,635
501,270
248,213
95,412
(5)301,030
+11,250
+48,531
-42,207
-10,366
-38,823
-60,206
2,963,661
420,209
-258,873
-345,809
Total deductions
Balance, surplus
9,649,212
2,704,788
74,400
10,747,844 -1,098,632
LlitA
*Outside operations In 1908 include dining cars, $21,009, and other
companies, $72,345.
GENERAL BALANCE SHEET JUNE 30.
1908.
1008.
1907.
1907.
$
LiabilitiesAssets$
$
6,070,600 6,070,600
Cost road & equip_28,949,650 28,199,709 Stock Issued
Trust equipment__ 4,774,191 4,337,600 Stock in treasury_ 1,659,400 1,659,400
owned
2,622,754
:3,163,970 Bonds (see"Ry. &
Stks. & bds.
Ind." Section) _24,772,000 24,172,000
do do In trust 2,177,900 2,178,400
Car trusts
Prop.&sec.pledged 1,077,305
4,774,191 4,337,600
120,649 Pay-rolls, vouchers
120,181
Lands, &c
& misc. accts
2,361,974 2,390,656
Cash (Incl. on dep.
341,648 Bills payable
183,097
276,667
for coupons,&c.) 240,134
Interest dlr.., and
Due from railroads,
unpaid
33,200
35,698
agents, Ind., &c.,
Int. acced,not due 348,009
St.L.&C.RR.and
328,711
52,138
103,661
miscel. accounts 2,003,644 2,693,157 Reserves
414,743 Profit and loss.... 2,194,687 2,167,553
Material, fuel, &c.. 577,105
42,542,864 41,449,876
Total
-V. 86, p. 1590.
Total
42,542,864 41,449,876
Alabama Great Southern Railroad.
(Report for Fiscal Year ending June 30 1908.)
President W. W. Finley, New York, Oct. 5 1908, said in
substance:
General Results.-Operating revenues decreased $428,273; operating income decreased $71,729; income from other sources Increased $109,919; so
that total net income Increased $38,190. The Income statement reflects
the severe depression which all business activity in the territory served by
this company's lines has felt during the past year, and also indicates the
measures of economy which were taken by this company to offset, at least
In part, the loss of revenue.
Bonds.-On Nov. 27 1907 the board of directors authorized the sale of
£100,000 general mortgage 5% bends, available for general corporate purposes, making the total outstanding June 30 1908 £810,000, equivalent to
$3,936,600.
On Dec. 31 1907 the stockholders ratified the action of the directors In
extending until Dec. 1 1927 (date of maturity of the general mortgage 5%
bonds) the $1,750,000 first mortgage 6% bonds which were due and payable Jan. 1 1908, the rate of Interest on the bonds thus extended having been
reduced from 6 to 5% per annum. Under the terms of the extension the
lien of the first mortgage was continued unimpaired (V. 85, p. 1460).
Payments of the usual semi-annual Installments of principal and interest
on account of certificates for funded arrears of dividend were made Aug. 1
1907 and Feb. 1 1908, reducing the amount of such certificates outstanding
as of June 30 1908 to $239,679.
Maintenance.-The decrease in maintenance of way and structures
amounted to $234,103, or 32.54%, compared with the previous year. Included in last year's maintenance expenses were Items aggregating $85,524
for new work, such as changing grades, &e. On the other hand, the expenditures for ballast, ties and rail were In excess of the charges of a like
nature during the previous year. Including those for maintenance of
track and roadway, the total expenditures during this fiscal year were but
257,133 less than In the previous year, when very heavy work was done.
The decrease In maintenance of equipment amounted to $129,458 54,
or 14%, compared with the previous year. There Is a credit In this year's
account of $75,518, net balance on account of equipment loaned, which
Is handled through income, in accordance with the new classification of the
Inter-State Commerce Commission, effective July 1 1907. There wasY,no
corresponding entry in the previous year. This year's expenses were
charged with $131,087 43 on account of the depreciation of rolling stock
equipment. During the year 709 freight tra n cars were practically rebuilt
at the Gadsden shops.
Physical Condition.-There were laid during the year 199 tons oftnew
80-lb. steel rail, replacing worn 75-1b. rail, as against 3,500 tons of new 80lb. steel rail laid in the previous year. The weight of rail in main track
owned June 30 1908 was as follows: 80-lb. steel rail, 50.93 miles; 75-lb.
steel rail, 539.56 miles; total, 290.49 miles. During the year 191,966 crossties were put In the track, an average of 416 ties per mile of track maintained;
as against 211,432 ties put in the track, an average of 460 ties per mile of
track maintained, for the previous year. 94,618 cubic yards of slag were
distributed during the year for renewal of old ballast.
During the year 13 frame trestles, aggregating 1,884 lineal feet, were
changed to ballasted deck trestles, and 380 feet of trestle were filled. The
mas )nry at the Chattanooga Creek crossing has been completed and girder
spans are being rected.
During the year 46 automatic block signals were added, making a total
of 79 in service on June 30 1908, protecting 56.3 miles of track.
[The expenditure for Improvements and additions, charged to "cost
of road, during the year aggregated $171,310.--Ed.]
-Rolling stock- --Road Owned (Miles)
Locomo-Pass. Freight
Rails.- Ballast- -Trestlesnoes. Cars. Cars. 80-1b. 75-lb. 60-14. Slag. Cin's. Wood. Iron.
June 3087 42 6,000 51 240
281 r 9 5.44 1 0.42
__
1908
,F6.55 10.42
281 Y
75 43 6,253 49 241
.._
1907
68 38 4,624
19 2811;49 117.40 10.42
21
250
•Inoludes proportion of cost of substituting 1,200 new cars for a like 1906
68 41 4,562 21
1905
250
19 246 44 7.49 0.42
number of old ones.
Om.31 190S.j
THE CHRONICLE
OPERATIONS,EARNINGS,EXPENSES.CHARGES. 8e.c.
Operat4ons1907-08.
1904-05.
1905-06.
1906-07.
Average miles operated_
309
309
309
309
Passengers carried
644,095
705,463
549,342
614,788
Pass. carried 1 mile.... 42,541,263 42,469,782 38,129,314 33,421,822
Rate per pass. per mile2.35 cts.
2.44 cts.
2.36 cts.
2.41 cts.
Tons rev, freight carried 2,474,536
2,945,372
2,988,523
2,816,279
No. tons carried 1 m110_317,309,191 361,749,060 365,746,718 316;139,870
Rate per ton per mile__ _
0.71 cts.
0.72 cts.
Tons of freight in each
train (revenue)
358.04
365.21
315.00
368.31
Gross earnings per mile_
$11,478
$12,862
INTER-STATE COMMERCE COMMISSION CLASSIFICATION.
Inc.(+) or
1907-08.
1906-07.
Dec.(-).
Operating revenues$
$
$
Freight
2,258,557
2,588,922 -330,365
Passenger
998,297
1,037,575
-39,278
Mall, express and miscellaneous
290,433
-30,810
321,243
Other revenue from operation
32,035
4,214
-27,821
Total
Operating expenses and taxesMaintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
Taxes
$3,551,501
3,070,775
--428,274
485,254
705,234
87,379
1,342,014
83,900
131,903
719,356
924,692
82,314
1,354,145
87,051
114,671
--234,102
--129,458
A-5,065
--12,131
--3,151
A-17,232
Total expenses
2,925,684
Percentage of open exp. to earnings- _
(82.38)
Net earnings
625,817
Outside operations, hire of equip., &c.
189,087
Income from other sources
79,044
3,282,229
(82.47)
697,546
119,155
39,057
-356,545
-0.09
-71,729
+69,932
+39,987
893,948
855,758
+38,190
318,266
162,645
202,821
305,162
136,918
202,821
+13,104
+25,727
Total inoome
Deduct- '
Interest and rentals
Miscellaneous
Dividends on preferred stock, 6%-.
644,901
683,732
210 856
210,216
BALANCE SHEET JUNE 30.
1908.
1908.
1907.
P AssetsLtabUUtesCost of road
13,133,278 12,909,173 Ordinary shares__ 7,830,000
Equipment owned. 3,410,023 3,151,783 Preferred shares__ 3,380,350
Investments
1,777,768 1,642,688 First mtge. bonds_ 1,750,000
Car trust equip
2,018,000 2,155,000 Gen. mtge. bonds. 3,936,600
Material on hand_ _
81,182
177,591 Equipment trusts_ 2,018,000
Cash
386.694
327,552 Certifs. for diva_ _ _ 239,679
Rlemittances in
59,715
Int. accr., not due.
transit
63,831
87,338 Rea. for equip. &c. 772,564
Station agents, &c.
70,335
126,439 Taxes not due_ _ _ _
61,429
Deposits for int. &
Misc. reserves__
19,472
pirents due July L 134,754 147,930 Interest & rentals_ 134,753
Other transportaRes.for city. on pf_
101,410
ligtion companies_ 549,846
336,487 Vouch.& acet.pay. 369,960
U.S. P.O. Dept
18,541
17,117 Pay-rolls, &c
110,355
Individuals
and
Individuals & cos. 126,725
picompanies
76.663
131,001 Other transp. cos_
28,259
Miscellaneous
131,127 Bills payable
129,807
23,297
Miscellaneous
20,913
Profit and loss___.. 867,239
Total deductions
Balance, surplus
Total
21,850,723 21,341,226
-V 85, p. 1645.
Total
+38,831
-640
1907.
7,830,000
3,380,350
1,750,000
3,450,600
2,155,000
319,572
50,019
589,408
64,233
13,583
147,930
101,410
244,004
132,197
103,448
36,980
171,595
20,753
780,144
21,850.723 21.341.226
1159 •
Internat-onal Paper Co.
(Report for Fiscal Year ending June 30 1908.)
President A. N. Burbank, under date, October 28, says:
During the first six months the business of the company was good and
somewhat better prices were obtained, but the business depresslon which
commenced in Nov. 1907 materially reduced sales, and it was unable to
run its mills to their full production, in consequence of which earnings were
materially reduced. The company's business has shown some improvement during the last month, but concessions have been made in the price
of paper.
A considerable reduction has been made in the expense of administration,
and some reduction also in the salaries of superintendents and cost of labor
at the mills. The company has also secured some reduction In the prices
of the articles it purchases, all of which, It is hoped, will offset to a large
extent any decrease in profits due to the current business depression.
As heretofore, the company has maintained the physical condition of its
plants at a high standard, such expenditures having been charged to
operating account. The new sulphite plant at the Otis Mill, Maine. having
a capacity of 60 to 70 tons of sulphite pulp per day, has been completed.
EARNINGS, EXPENSES AND CHARGES.
1906-07.
1907-08.
1905-06.
1904-05.
Gross income
$20,716,304 $21,841,486 $21,837,816 $20,908,666
Cost of raw mater.als,
manufacturing, &c
17,878,134 19,000,016 18,679,290 17,640,198
Net
Taxes, insurance & int
$2,838,170
1,202,252
$2,841,470
1,217,853
$3,158,519
1,172,978
$3.268,468
1,130,350
Balance
$1,635,918 $1,623,617 $1,985,541 $2,138,118
Divs. on preferred stock(5)1,120,335(6)1,344,402 (6)1,344,402 (6)1,344,402
Surplus for year
Previous surplus
Deduct disc. on bonds
$515,583
6,865,500
$279,215
6,661,285
$641,139
6.020,147
$793,716
5,976,431
$7,381,083
$6,940,500
75,000
$6,661,286
$6,770,146
750,000
Surplus June 30
$7,381,083 $6,865,500 $6,661,286 $6,020,146
.
BALANCE SHEET JUNE 30.
Assets1908.
1907.
1906.
Mill plants and water powers
$45,569,853 $45,667,771 $43,291,874
Woodlands
3,697,560
3,769,501
4,126,523
Securities of sundry corporations.. _ _ 10,114,532 10,325,130
8.088,426
Sinking fund
1,301
486,509
308,476
Patents
6,000
Furniture and fixtures
23,238
28.948
$3,653
Cash
751,707
1,047,335
1,244,455
Accounts and notes receivable
3,914,513
4,684,298
6,169,625
Inventories of merchandise on hand
and advances for wood operations_ 5,061,650
3,561,322
4,741.253
$69,134,354 $69,570,814 $68,010,285
Total
Liabilities$17,442,800 $17,442,800 $17,442,800'
Common stock
22,406,700 22,406,700 22,406,700
Preferred stock
17,560,000 18,728,000 17,811,000
Bonds
3,842,245
3,848,842
Notes and accounts payable
3.405,247
Accrued interest, taxes and water
rents, not due
277,458
278,972
283,252
224,067
Dividend July 15
Surplus
7,381,083
6,865,500
6,661.286
Total
--V. 87, D. 874.
$69,134,354 $69,570,814 $58,010,285
United States Steel Corporation.
(Earnings for Quarter and Nine Months ending Sept. 30.)
GENERAL INVESTMENT NEWS.
RESULTS FOR QUARTERS ENDING SEPT. 30.
1907.
1908.
$
$
27,106,274 43,804,285
Net earnings
Deduct580,358
436,675
Sinking funds on bonds of subisdiary companies._
6,519,822
Depreciation and reserve funds (reg. provision).. 5,350,182
5,633,122
5,946,809
Interest on U. S. Steel Corp. bonds
1,303,840
1,365,153
Sinking funds on U.S. Steel Corp. bends
RAILROADS INCLUDING ELECTRIC ROADS.
Canadian Northern Ry.-Report.--See "Annual Reports"
on preceding page.
Debenture Stock.-On Oct. 22 formal announcement was
made that there had been deposited in the office of the Secretary of State of Canada "a mortgage or deed of trust, dated
Oct. 211908, and made between the Canadian Northern Ry.
Co., the British Empire Trust Co., Ltd., the National Trust
Co., Ltd., and His Majesty the King, represented by the
Honorable the Minister of Finance and Receiver-General of
tile Dominion of Canada, securing an issue of 314% 50-year
debenture stock, to the amount of £1,622,586.19.9,guaranteed by the Dominion of Canada."
13,107,819
13,998,455
6,304,919
2,541,513
Balance
Dividend on preferred stock (1U%)
Dividend on common stock (3i%)
14,046,142
29,758,143
6,304,919
2,541,513
Surplus for the quarter
5,152,023 20,911,711
On account of expenditures made and to be made
for additional property, new plants, construction and discharge of capital obligations
15,000,000
Special Improvement and replacement fund
1,000,000
1%1
Balance of surplus for quarter
4,911,711
5,152,023
UNFILLED ORDERS ON HAND.
Tons.
Tons
Tons.
Sept.30 '0&...3,421,977 June 30 '06...6,809,589 Mch.31 '04._ _4,136,95 1
June 30 '08_ _ _3,313,876 Mch .31 '06...7,018,712 Dec. 31 '03..3,215,123
Mch .31 '08...3,765,343 Dec. 31 '05_7,605,086 Sept.30 '03...3,278,742
Dec. 31 '07...4,624,553 Sept.30 '05-5,865,377 June 30 '03...4,668,578
Sept.30 '07...6,425,008 June 30 '05...4,829,655 Mch .31 '03...5,410,719
June 30 '07...7,603,878 Mch .31 '05-5,597,560 Dec. 31 '02...5,347,253
Mch .31 '07...8,043,858 Dec. 31 '04_4,696,203 Sept.30 '02...4,843,007
Dec. 31 '06...8,489,718 Sept.30 '04...3,027,436 June 30 '02...4,791,993
Sept.30 '06...7,936,884 June 30 '04...3,192,277 Nov. 1 '01_2,831,692
NET EARNINGS FOR NINE MONTHS ENDING SEPT. 30.
1905.
1906.
1907.
1908.
$
$
January
6,810,847
5,052,743 12,838,703 11,856,375
February
6,629,463
5,709,428 12,145,815 10,958,275
March
9,585,586
7,466,834 14,137,074 13,810,840
First quarter
April
May
June
18,229,005
6,761,680
0,021,279
7,482,797
30,122,492
14,600,838
16,056,832
14,846,035
36,634,490
12,581,902
14,041,601
13,501,530
23,025,896
9,037,025
10,602,187
10,665,004
Second quarter
July
August _
September
20,265,756
8,599,630
9,152,311
9.354,333
45,503,705
13,804,167
15,279,173
14,720,945
40,125,033
12,242,098
13,158,860
12,713,066
30,305,116
9,035,168
10,088,001
11.218,513
27,106,274 43,804,285 38,114,624 31,240.582
Third quarter
65,601,035 128,430,482 114,874,147 84,571,594
Total nine months
INCOME FOR NINE MONTHS TO SEPT. 30.
1908.
1906.
1907.
$
$
65,601,035 128,430,482 114,874,147
Total net earnings nine months
Deduct5,041,073
4,743,787
5,303,401
For sinking funds
10,430,570 16,513,296 15,730,027
Depreciation and reserve funds
Special Improv't and replacement fund
3,000,000' 6,500,000
17,920,294 16,981,122 17,151,354
Interest
Additional property, construct., &c.
48,000,000 34,500,000
33,094,651
32,506,384
89,797,819
38,632,663
78,922,454
35,951,693
18,914,757
7,624,5341
18,914,757
7,624,539
18,914,757
7,624,537
26,539,206
Total dividends
Undivided earnings for nine months_ 5,967,088
-V.87, D. 952.
26,539,206
12,093,367
26,539,294
9,412,399
Total deductions
Balance
Dividends on StocksPreferred, 534%
Common, 134%
This is the issue authorized by the last Canadian Parliament to be created at $13,000 per mile on 609 miles of projected branches in Manitoba
and Saskatchewan, bearing the guaranty of the Dominion of Canada (see
V. 87, p. 346, 225.) In addition the same Parliament granted subsidies
(not a bond guaranty), as erroneously stated at the time, to the Canadian
Northern Ontario Ry. and other subsidiaries (compare V. 87. p. 225.)V.87,p, 1089,935.
Chicago & North Western Ry.-New Station at Chicago.A contract amounting, it is said, to $5,000,000 has been
awarded to the George A. Fuller Co. (a subsidiary of the
United States Realty & Improvement Co.) in connection
with the new passenger terminal on West Madison St.
Chicago. The total cost of the terminal is expected to be
about $20,000,000. Since June 1 title has been taken to 88pieces of land at an aggregate consideration of $6,634,236,
for use as part of the terminal property.-V.87, p. 880, 868.
Chicago Railways.-New Director.-Seymour Morris, of
Chicago, has been elected a director to succeed W. F. Conklin.-V. 87, p. 1010, 677.
Cincinnati New Orleans & Texas Pacific Ry.-Report.For year ending June 30:
Operating Net, after
DeducBalance
Other
5% an
Fiscal
Revenues.
Pref. for Corn.
Income.
YearTaxes.
ions.
1907-08_57,861,378 $1,735,977 $302,697 $1,771,165 $100,000 $167,510
1906-07... 8,401,608 1,603,051 271,668 1,540,074 100,000 234,645,
From the balance as above were paid yearly dividends aggregating 5%
on common stock amounting to $150,000, leaving a surplus of 317,510 in
1907-08, against $84,645 in 1906-07. Deductions as above include $340,000
for permanent and additional improvements and new and additional
tracks, &c.. In 1907-08, against $115,000 in 1906-07.-V. 86, p. 1409.
Coney Island & Brooklyn RR.-New Directors.-Guy
Richards, Secretary of the Mercantile Trust Co. of this city,
and E. S. Marston, President of the Farmers' Loan & Trust.
Co., have been elected directors, succeeding Louis Fitzgerald, deceased, and G. H. Southard, resigned.-V. 87,
p. 613.
Colorado & Southern Ry.-Bonds Offered.-Hallgarten &
Co., New York, and William Salomon & Co., New York and
Chicago, are offering by advertisement on another page, at.
86 and interest, yielding 532% on the investment, the unsold portion (less than half) of their block of 85,000,000
1160
THE CHRONICLE
"refunding and extension mortgage 4% gold bonds,"
dated May 1 1905 and due May 1 1935, but subject to redemption at 101 and interest on any interest day upon three
months' notice. Authorized, $100,000,000; issued, $25,133,000.
Extracts from Letter dated Oct. 17 1908 from Frank Trumbull, President
of Colorado ee Southern RV.
These bonds are secured by a first lien on all the bonds and practically
all the stock of companies owning 526.30 miles of road, including the
newly constructed Wichita Valley lines and the Trinity & Brazos Valley
Railway. The Issue Is also secured by a direct lien on 1,058.66 miles of
road owned by the Colorado & Southern Railway Co. and on practically
all the capital stock of subsidiary companies owning 546.8 miles of road,
making 1,605.46 additional, miles on which there are outstanding $30,962,000 underlying bonds. The total mileage thus subject to the mortgage, either directly or through collateral, aggregates 2,131.76 miles,
on which the total outstanding funded debt, including these bonds and
all prior liens, averages about $26,300 per mile.
A sufficient amount of the "refunding and extension bonds" Is reserved
to retire all of the above-mentioned underlying bonds.
By means of the Trinity & Brazos Valley line, the Colorado & Southern
has acquired access to the Gulf of Mexico, and increases Its share In the
large cotton traffic of Texas, Galveston, the terminus, being the largest
cotton exporting city In the country.
The railway company, Including Its equity In the net Income of the other
Colorado & Southern lines, shows for the fiscal year ended June 30 1908,
after payment of all other fixed charges, a balance available for Interest
on Its "refunding and extension bonds" amounting to $2,976,900, which
was more than three times the amount required,and which leaves a surplus
of $2,166,400 applicable to dividends on capital stock.
Of the bonds offered, $3,000,000 was purchased by the
bankers some weeks ago (see report in last week's "Chronicle,"
page 950) and $2,000,000 more recently. Compare original
application to list on New York Stock Exchange, V. 84, p.
276.—V. 87, p. 1010, 949.
Delaware & Hudson Co.—Listed.—The New York Stock
Exchange has listed the $13,309,000 first and refunding
mortgage 4% bonds due 1943 which were offered by Kuhn,
Loeb & Co.in July last. Compare V. 87, p. 166, 480.
Erie RR.—Low-Grade Freight Line.—The first regular
freight train over a portion of the Guymard low-grade freight
line was operated over the first 10 miles on Oct. 21, and the
rest of the improvement, which is some 40 miles in length,
will be ready for service by the first of the year.
A. large sum of money has been spent on this line, the object being to
reduce the grades over the Shawangunk Mountains east of Port Jervis.
At some places the new line Is 130 feet below the old line and the grade is
so much better that the first freight train hauled 4,295 tons, as against
950 tons, the usual loading eastbound on the old line.
In the construction of this line, an average of 70,000 cubic feet of material to the mile was excavated and in addition a 6,000-foot tunnel was
bored under the mountains and a steel viaduct was constructed over
Moodna Creek 3,200 feet long and 193 feet high. The eastern terminus Is
Newburgh Junction, and with revisions In contemplation east of that
point the Erie will have practically a four-track road from Jersey City to
Port Jervis, a distance of 89 miles, and a grade that will result In 19 locomotives practically doing the work of 32 as at present. It is quite likely
that the passenger trains will use the old line and the new construction be
devoted entirely to freight.—V. 87. p. 1010.
[VOL. LXXXVII.
stock from $2,400,000 to $2,800,000 (all of one class), the
proceeds to be used to cancel the floating debt and for the
construction of the Manchester & Derry Street Ry., doubletracking and other improvements.—V. 86, p. 421.
Mexican Central Ry.—Line Completed.—The last spike
in the extension from Tuxpan to Manzanillo on the Pacific
coast was driven on October 25, the connecting line from
Tuxpan to Colima, 56 miles, being completed. The company now has a trans-continental line extending from
Tampico on the Gulf of Mexico to the Pacific coast, the
first in Mexico, not counting the line across the Isthmus
of Tehuantepec.—V. 87; p. 813, 614.
Mexican Tramways Co.—Proposed Lease.—See Mexican
Light & Power Co. under "Industrials" below.—V.86, p.286.
National Railways of Mexico.—Consolidation of New York
Offices.—It is announced that on Oct. 31 the general offices
in New York of the National RR. of Mexico, the Mexican
International and the Hidalgo & Northeastern will be moved
from No. 60 Wall St. to 25 Broad St., the present offices of
the Mexican Central, which will be used by all the lines of
the system.—V. 87, p. 873, 614.
Norfolk & Southern Ry.—Receiver's Certificates.—The
receivers have filed a report in the United States District
Court at Norfolk, Va.,in which they recommend the issuance
of $1,000,000 receivers' certificates to complete an 8-mile
bridge over Albemarle Sound, the construction of a general
office building and terminal station in Norfolk,and improvements along the line.
It will cost $580,000 to complete the bridge, and the proposed building
n Norfolk will cost $50,000 and an additional freight house is also recommended on the Water St. property, in Norfolk. r qu r r g $30,000; the rearrangement and enlargement of the workshops at Berkeley ward and
New Bern, N. C., at a cost of $65,000; a new float for the Berkeley wharf
to cost $10,000; additional yard tracks In Berkeley to cost $10,000, and the
conversion of three of the present wooden bridges of the company Into steel
structures at a cost of $17,500, and for ditching, banking and general improvement the sum of $119,000.
Judge Waddill has appointed Percy S. Stephenson special
master in the foreclosure proceedings.
Coupon Payments.—The receivers have announced that
they will pay the interest due Nov. 1 on the underlying
bonds, viz., the $1,655,000 first mortgage 5% bonds and
the $1,800,000 collateral trust notes, but that default will
be made on the $14,000,000 of first and refunding bonds.—
V. 87, p.•936, 678.
Oklahoma Central RR.—Majority of Bonds Deposited.—
The reorganization committee, consisting of F. J. Lisman,
Chairman; W. B. King, C. B. Parker and F. X. Quinn, with
the Columbia Trust Co. as depositary, announce that a majority of the first mortgage 5% bonds has been deposited,
and that the time for deposit will expire on Nov. 16, after
which a penalty may be imposed.—V. 86, p. 1410.
Philadelphia Rapid Transit Co.—New Loan Approved.—
See Union Traction Co. below.—V. 87, p. 936, 813
Pittsburgh Shawmut 86 Northern RR.—Payment of Car
Trusts.—The Guardian Trust Co., New York, for account of
Frank Sullivan Smith, receiver of the road, will pay on
Nov. 1 1908 $84,000 car trust bonds maturing on that
date.--V. 87, p. 813.
Quebec Railway, Light & Power Co.—New Stock,.—Holders of the existing $2,500,000 common stock and $500,000
7% cumulative preferred stock had the privilege until
Sept. 15 of subscribing at par, $100 a share, for any portion
of $250,000 new preferred stock. The new stock is part of
the $500,000 additional preferred which the Parliament of
Canada in June last gave the company authority to issue.
Hudson Companies.—Notes Subscribed.—It is announced
officially that the entire $5,000,000 of 3-year 6% collateral
notes recently offered to the preferred stockholders at par,
per plan V. 87, p. 1010, have been subscribed for.—V. 87,
p. 1010, 614.
Idaho & Washington Northern Ry.—Bonds.—A block of
$2,500,000 of 5% bonds is said to have been sold to Peabody,
Houghteling & Co. of Chicago, to provide for the extension
of the road from Newport, Wash., via lone, to the Metaline
mining district in northeastern Washington.—V.85, p. 1339.
Interoceanic Ry. of Mexico.—Settlement with Preferred
Shareholders.—As authorized by a recent Act of the English
Parliament, the directors have voted (1) to exchange the
existing £1,000,000 7% cumulative preferred shares for a like
amount (100%) of 5% non-cumulative preferred stock;
(2) to give therewith, as consideration for the surrender of
the cumulative rights and the reduction in the maximum
dividend rate from 7% to 5%, £400,000 (40%) in first
Dividends on the preferred stock are paid May 1 and Nov. 1. There
preference stock; and (3),in discharge of the cumulative divioutstanding $2,500,000 5% bonds, said to be secured by first mortgage
dends to June 30 1907,to issue £1,000,000 (100%)in second are
deed or deeds to the Montreal Trust & Deposit Co., as trustee, and unoffipreference stock. The company will then have outstanding cially described as follows;
Amount.
Par. Interest. Maturity.
£1,400,000 first preference stock and £1,000,000 second Issued—
21
20
50:0
000
0 $1,000 J&J July 1 1012
preference stock, the holder of each £10 share of the present 1893
1897
500 Q-J April 1 1912
500 Q-J April 1 1013
150,000
preference receiving £14 (140%) in the former and £10 1898
J&D Juno 1 1923
1898
2,000,000
1,000
(100%)in the latter. Compare V. 86, p. 52.
Fyiesa
R
ci_aelport.—For years ending June 30:
Lorain it West Virginia RR.—Separated from Wheeling &
Bond
Pl. Div. To Conting. Bal.to
Net
Lake Erie—Guaranty Canceled.—Judge Tayler in the United '
Earnings. Interest. eec.(net). &c.Fds. Sur.Acct.
$238,461 $125,000 $26,394 $20,000 $67,067
States Circuit Court at Cleveland has signed an order per- 1907-08
23,060
232,415
125,000
44,355
40,000
mitting the receiver of the Wheeling & Lake Erie to relin- 1006-07
Note.—In 1907-08 "dividends on preferred stock, Interest, &c. paid and
' Interest
quish all claim to ownership or control of the road, extending accrued" aggregated $44,371, from which the company deducts
to new dam construction," $17,077, leaving $26,394 as above.—Ed.
from Wellington north to Lorain, 30 miles, with branches, charged
—V. 85, p. 1402.
5 miles. The road will be operated by its original owners,
Roanoke (Va.) Traction 86 Light Co.—Additional Informthe Wheeling & Lake Erie being released from the guaranty
of its $2,000,000 of 50-year 4% bonds, due June 1 1956. ation.—We have been favored with the following,elaborating
Compare V. 83, p. 272; V. 82, p. 1103, and Wheeling & Lake what we said last week (p. 1089):
The e'ompany has acquired all except 29 shares of the entire $500,001
Erie report, V. 83, p. 1287.—V. 83, p. 1291.
capital stock of the Roanoke By. & Electric Co.
The Roan ke Water Power Co. had $350,000 bonds; these were bought
' Louisville & Eastern (Electric) RR.—Receivership.-and mlrtgage satisfied. The Roanoke Heat Light & Power Co. had
Judge Walter Evans, in the United States Court at Louis- in
issued $250,000 bonds (V. 88, p. 1534): 85% of these are In (by purchase,
ville on Oct. 23, appointed Henry Glover of Louisville re- &c.), the balance following—or will be called March 1 1909 per mortgage
that both these Issues will be retired; practically are now—
ceiver for the company on the application of William Love option—so
the money being all deposited. All this from proceeds of the new traction
(a stockholder and sub-contractor), President Frank M. Issue. Compare V. 87, p. 481, 1089.
Faure and Treasurer C. Edgar Elliot.
Southern Indiana Ry.—New Mortgage Trustee.—Judge
Mr. Love alleges that there is due him 260.000 for work on the Shelbyville extension, that $400,000 has been expended on this extension, that C. C. Kohlsaat in the United States Circuit Court at Chicago
the company Is without means to complete the same, and that the Marlon on Oct. 22 appointed the Girard Trust Co. of Philadelphia
Construction Co. which holds a large interest In the L. & E., is Insolvent.
Messrs. Faure arid Elliot allege that there are dissensions In the manage- to succeed the Equitable Trust Co. of Chicago as trustee
ment, and that,owing to these,they agreed In January 1908 to sell or buy, under the first mortgage dated 1901. The new trustee has
but that W. H. Netherland and Percival Moore have failed to fulfill their
a party to the pending foreclosure proceedings.
agreement to purchase. Negotiations with a syndicate for a sale of the been made
Receiver's Certificates.—Press dispatches say that Judge
control have failed and It has not been pogslble to agree on a plan of reorganization. Compare V.87, p.873,677.
Kohlsaat yesterday authorized the issue of $400,000 reManchester (N. H.) Traction, Light & Power Co.—New ceiver's certificates far taxes, equipment and improvements.
Stock.—The stockholders have voted to increase the capital —V.87, p. 873, 679.
00T. 31 1908.1
TIIE CHRONICLE
Toledo St. Louis & Western RR.-Report.-For year ending June 30 comparison with previous year is inaccurate, the figures in 1908-08 being prepared according to the
new method of accounting.
Fiscal
Gross
Net, After
Other
Bal.
Div. on
Fixed
Year- Earnings.
Taxes.
Income. Charges. Pref. Stock. Surp.
'
1907-08_$3,818,674 $1,104,642 $418,943 $1,105,800 (4)$398,104 $19,681
1906-07_ 4,181,966 1,245 368
33,837
634,138 (2) 200,000 445,067
Operating expenses in 1907-08 include $65,016 for depreciation and
$4,064 for renewals of equipment; other income Includes $401,400 received
as dividends on Chicago & Alton preferred and common stock, $328,128
being Included In fixed charges for interest on Series A and B bonds secured
by Chicago & Alton stock as collateral; fixed charges also include $115,798
for hire of equipment, this being included in previous years under different
heads.-V. 86, p. 1468.
Union Railway, New York.-Five-Cent Fare Ordered to
City Iiimits.-Judge Lacombe in the United States Circuit
Court on Monday ordered Receiver Whitridge to run the
cars of the company to the northern boundary line of the
city (242d Street) for a single 5-cent fare.
The service was cut off a few months ago above 233d Street on the
ground that the company could not afford the rental to the Westchester
Electric By., which owns the line. The Court directs the receiver to carry
passengers under the South Mount Vernon franchise of April 14 1894 the
entire distance "from 229th Street to the north line of South Mount Vernon
under whatever arrangements as to cars, service and transfer of passengers
he may be able to settle upon with the receiver of the Westchester By.,
and In conformity with the terms of that franchise."-V.86, p. 1226.
Union Traction Co. of Philadelphia.-New Loan Approved-New Officers.-The stockholders on Thursday, by
a vote of 506,757 to 3,435. approved the proposition to permit
the Philadelphia Rapid Transit Co. to use as collateral for
the proposed new $5,000,000 loan the securities owned by
the Union Traction Co. The stockholders of the Rapid
Transit Co. also ratified the loan.
The original resolution was amended by striking out the reference to the
expenditure of about $40,000,000 by the Rapid Transit Co. on the properties of the Union Traction Co., leaving this matter to be inquired into at
any t.m if desired.
Bonds Sold.-Philadelphia papers say that the company
has arranged to sell $2,500,000 of the bonds to Drexel &
Co. and the directors of the Philadelphia Rapid Transit Co.
will formally authorize the sale on Monday next. The
bonds, it is stated, will bear 5% interest and have a sinking
fund,so that they will be paid off within 48 years, when the
contract made with the city in 1907 expires. Compare
V. 84, p. 451, 1552. Further facts are published as follows:
Of the proceeds of the bonds to be sold at once, $900,000 will be retained
to pay the rental due the Union Traction on Jan. 1 next, which, because of
the industrial depression prevailing for the last year the earnings of the
Rapid Transit Co. will not be sufficient to pay, at least in full, from that
company's treasury.
An order for 300 "pay within" cars, recently authorized by the Rapid
Transit directors, has been placed with the J. G. Mill Company, and delivery is to be begun within 6 weeks, and not less than two cars are to be
delivered daily until the order is finished. For this about $200,000 will be
required. A large tonnage of heavy steel rails is needed and will be placed
within a short time and other impiovements arc required.-V. 87, p. 936,
$13.
New Officers.-The following new directors and officers
were elected:
Directors; John H. Chestnut, William P. Betz, Jacob S. Disston, Henry
Fernberger, Edward M. Story and J. J. Sullivan, to succeed John B.
Parsons, Peter A. B. Widener, George D. Widener, W. H. Shelmerdine
and George H. Earle, Jr.
Officers; John J. Sullivan, President, in place of Mr. Poisons; Charles
E. Heed, Vice-President, to succeed George D. Widener; and A. D. Hallman, a clerk in the main office of the Rapid Transit Co., as Secretary.
Compare V. 87, p. 937, 814.
Virginia Passenger & Power Co., Richmond,'Va.-Foreclosure Decree.-Judge Waddill,in the United States District
Court in Richmond,on Oct. 24, orderedlthe foreclosure sale
of the property in the suit of the Bowling Green Trust Co.
Compare V. 87, p. 347. 679 741.
Virginian Railway.-New Stock.-The shareholders will
vote Nov. 6 on increasing "the maximum capital stock of
the company permitted by its charter as amended and now
existing from the amount of $33,500,000 to the amount of
$36,000,000."-V. 87, p. 1012.
West End Street Ry., Boston.-Changes in Consolidation
Law Ratified.-The stockholders on Thursday by a vote
of 111,009 to 72,505 approved the proposition to ask the
Legislature to allow 8% dividends after June 1922 on the
new second preferred stock to be received in exchange for
present common stock under the terms of the consolidation
Act.-See V. 87, p. 1089, 1012.
West Liberty & Suburban Street Ry., Pittsburgh.-H.P.
Taylor & Co. of Pittsburgh recently handled a block of the
company's first mortgage bonds, guaranteed by the Pittsburgh Railways.
The bonds are $250,000 30-year $1,000 gold 5s, due Jan. I 1938, Interest
payable Jan. and July 1 at
Colonial Trust Co.,Pittsburgh, trustee.
1161
American Malting Co.-Report.-For year ending Aug.31:
Fiscal
Bond
Total
Taxes Betterments Balance,
Year.
ProfUs.
Interest.
Paid. ob. Maint. sur. or def.
1907-08
$1,319,999 $198,315 $74,989
$93,991 sur.$952,704
1906-07
10,517
200,100
71,899
96,121 def. 357,603
Profits as above include earnings on products dealt in and interest
on securities owned, loans and balances. The semi-annual dividend of
1.56% paid Nov. 2 on the $14,440,000 preferred st
,
ck calls for $225,264.
As the American Malt Corporation owns $13,938,200
of the stock, it will
receive as its share of the dividend the sum of $217,436, from
which it has
declared a dividend of 2 % on its own $8,641,684 preferred stock, calling
for $216,042. Compare American Malting Corporation, V. 87, p. 741.
American Pipe Manufacturing Co.-Bonds Called.-Fortyfive collateral trust certificates, series A, of $1,000 each
($45,000), and ten certificates of $500 each ($5,000) were
drawn for redemption on Oct. 1 at 102,
/
1 2, and interest
at the office of the Girard Trust Co., Philadelphia, trustee
-V.86, p. 1161.
American Telephone & Telegraph Co.-Lis/ed.-The New
York Stock Exchange has listed $7,388,000 additional convertible 4% bonds, making the total amount listed to date
$107,388,000.
The bonds were issued to acquire approximately $3,000,000 of Western
Electric Co. stock under an agreement dated Nov. 1 1907, by an exchange of
convertible bonds on a basis of 3250 of bonds for each share (par $100) of
Western Electric Co. stock, the latter not passing under any indenture,
but remaining a free asset In the treasury. Compare V.87, p. 1013.
Earnings for Six Months ending Aug. 31 1908 (Compare V. 87, p. 741.)
Dividends received- - - -$10,034,017 Expenses of administin--$1,229,096
Rental of instruments__ 3,599.092 Interest _
5,100,423
Telephone traffic
5,921,444 Taxes
170,000
Real estate
111.267 Telephone traffic
3,295,836
Interest
3,379,694 Dividends. 6 months,4%.- 6,120,092
Revenue balance
7,131,067
Total
$23,045,514
-V. 87, p. 1013, 937.
Total
$23,045,514
American Type Founders' Co.-New Director.-John N.
Woodin has been elected a director to succeed W. W. Witmer.-V.87, p. 1086.
American Union Telegraph Co.-New Project.-This is
the name of a company recently incorporated under the
laws of Maine with $10,000,000 of authorized capital stock,
divided into $2,000,000 8% non-cumulative preferred and
$8,000,000 common stock, par of each $10, for the avowed
purpose of giving "the public a live, up-to-date general
commercial telegraph service throughout the United States
and Canada," and "to handle public business in
one-half the time required by the old concerns," at the
rate of 25 words for 25 cents. The company proposes
to utilize as many independent telephone lines as possible.
The directors, it is stated, will include:
L. K. Davis of Chicago (President and Chairman) who began his career
as a Western Union messenger about 35 years ago and followed commercial
and railroad telegraphing more than ten years. Mr Davis originated •
the plan for the organizing of the American Union Telegraph Co.; Dr.
Geo. B. Lyons of Chicago (Vice-President), M. G. Woolley (Treasurer),
connected with the N. Y. Central RR. for about 17 years; L. W. Thompson (Secretary); General C. E. Carr a native of South Carolina, but a
resident of Brooklyn and New York for many years.
[The office of the company Is given as 1306 Broadway, N. Y. City, but
a circular requests that all communications and remittances be sent to
Whitelaw & Co., general financial agents, Chicago. The c mp my rece tly tiered a "I•ni ed m mot" f ts preLrred shores t $5 each (par
$10) w)th b us of 100% 1,1 c mm n.1
Associated Oil Co., San Francisco.-Stock.-A circular
announces that the 6,286.78 shares of capital stock which
were not subscribed for by the shareholders at $25 per share,
out of 102,630 shares offered, have been sold at $30 per share
(par $100), making the total proceeds of the issue $2,597,184.-V. 87, p. 814, 349, 222
Binghamton (N. Y.) Heat & Power Co.-New Stock.The capital stock has been increased from $650,000 to
$700,000, consisting of $500,000 common and $200,000 6%
preferred, the new stock, when issued, to be preferred.
Bonds outstanding, $500,000 first mortgage gold 5s, dated
July 1 1902. President, G. W. Dunn; Treasurer, W. B.
Dinsmore, 25 Broad Street, New York.
Dividends on the common stock since resumption In 1907 have been
Jan. 1907, 1 )•6%; July 1907, 134%; Jan. 1908. 1M %,all semi-annual; and
Apr., 5,
4%; July.!
1%. and Oct., 1908, h. quarterly. (Compare V. 75,
,
p. 187.)-V. 84, p. 222.
Consolidated Gas Co. of New York.-Conversion of De.
bentures.-The final date for the conversion into stock at
par of the convertible 6% debentures, of which, at last accounts, about $16,200,000 were outstanding, being Jan. 1
1909, notice is given that,in order to accommodate the holders and prevent the congestion of business and consequent
delay, the debentures will be received by the National City
Bank and stock issued therefor from and after Nov. 2, as
follows:
Debentures presented on or before Nov. 10 at 3 p. m, will receive interest
In full to Jan. 1 1909, less a deduction of 1% for the dividend payable
Dec. 15 on the stock issued for the debentures presented. Debentures
presented later will receive interest In full to Jan. 1, without deduction,
as the stock then Issued in exchange will be ex-dividend.-V.87, p. 616,99.
Wheeling & Lake Erie Ry.-Purchase Restored to Original
Owners-Guaranty Canceled.-See Lorain & West Virginia
Stock Holdings of System.-The report of the Public SerRR. above.-V.87, p. 874, 741.
vice Corporation shows:
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Glue Co.-Dividend Reduced.-The directors
have declared the regular semi-annual dividend of 2% on
the $800,000 common stock, payable Oct. 28. The last
three declarations have been 2% and 1% extra. Compare
V. 85, p. 1144, 282; V. 87, p. 417, 284.
American Locomotive 00.-On Regular List.-The New
York Stock Exchange has transferred to the regular list the
$25,000,000 preferred and $25,000,000 common stock, heretofore quoted in the unlisted department.-V. 87, p. 874,
679.
Stock Holdings of Consolidated Gas Co. as of JulV 1 1907•
Issued.
New Amsterdam Gas Co. pref. stock
$8,
thp99d
ne 1,3
0 0 $9,000,000
New Amsterdam Gas Co. common stock
12,154,200 12,165,000
Astoria Light Heat & Power Co
500,000
500,000
New York Edison Co
45,041,000 45,051,000
N. Y. Mutual Gas Light Co
1,886,200
3,500,000
Standard Gas Light Co. pref. stock
4,096,100
4,295,700
Standard Gas Light Co. common stock
4,796,200
5,000,000
United Electric Light & Power Co. pref. stock
1,641,800
1,649,500
United Elect. Light & Power Co., common stock- 3,654,000
3.697.100
Westchester Lighting Co. pref. stock
2,500,000
2,500,000
Westchester Lighting Co. common stock
10,000,000 10,000,000
In ad ItIon the New Amsterdam Gas Co. owns the entire $3,500,000 stock
of the Central Union Gas Co. and the Central Union owns $760,000 and the
New Amsterdam $740,000 of the $1.500,000 stock of the Northern Union
Gas Co. The New York Edison Co.owns $1,658,000 of the $3,000,000 stock
of the Consilidated Telegraph & Electrical Subway Co. The United
Electric Light & Power Co. owns $999,000 of the $1,000,000 stock of the
Brush Electric Ill. Co.-V. 87, p. 616, 99.
1162
THE CHRONICLE
[VOL. Lxxxliv.
It is understood that small subscribers in this country reCrex Carpet Co.-Listed.-The New York Stock Exchange
ceived the amount of their subscriptions in full, while subhas authorized to be listed the $3,000,000 stock as issued in scribers
for large amounts were allotted generally somewhat
exchange for stock of the American Grass Twine Co. per
been less than 80% of their subscriptions.-V.87, p. 1090, 1013.
plan V. 87, p. 741, 1013. The stock of the latter has'
Mexican Light & Power Co.-Remaining Preference Stock
heretofore quoted on the unlisted department.
to Be Authorized.-The stockholders will vote in Montreal
Statement of Earnings, January 1 to October 17 1908.
Deduct$213,670
on Dec. 3 on issuing the remaining $3,600,000 of the $ 6,Gross earnings
ry
Selling, admin.& gen.expen_ 81,252 Extraordina expenses..-- $31,870 000,000 of 7% preference stock. At last accounts $1,500 ,Net surplus for period- -__ $100,557 000 was outstanding.
$132,427
Net earnings
a
e of the Oshkosh
The extraordinary expenses were Incurred in maintenanc
of claims and suits
and Superior plants not in operation and settlement control.
-V. 87, p.
Instituted before the present management assumed
1013, 741.
Denison City (Tex.) Water Co.-Sold.-This property was
sold at auction on Oct. 20 by the Farmers' Loan & Trust Co.,
as trustee under the mortgage of Feb. 15 1886, securing
3200,000 bonds on which default had been made, and was
bid in for $110,000. This is the price at which the city
voted last June to acquire the property and will now take
it over.
Diamond Match Co.-Official Statement.-President O. C.
Barber is quoted as saying:
houses have expressed
Press despatches say that London banking
1470.
willingness to take It all. Compare V. 86, p.
Move to Effect Lease to Tramways Co.-A committee of,
which Linklater & Co. of No. 2 Bond Court, Walbrook
negoLondon, are solicitors, are endeavoring to secure the
Mexican
tiation of a lease of their company's properties to the
Tramways Co.
of
the board
The committee, it is understood, recently requested
Co. t embody in the notice
cur ctors f the Mexican Light & Power shareholder
has been
which
s,
the
convening a special general meeting of
purpose of increasing
summoned for December 3, as stated above, for the
to vote
s
shareholder
the
enable
would
clause
which
the capital stock, a
having been refused
on the question of the proposed lease. The request
meeting of the
the committee has taken steps by cable to have a special
some time during
shareholders of the Mexican Light & Power Co. convened
I have no doubt November, prior to the general meeting called by the directors for DeDuring the last six months sales exceeded last year.
lease question
the
have
to
is
proposes
large,
not
which
the
committee
profit,
however.
way,
Increased
this
In
an
made
cember.
whatever that we
fell off very materially, but settled before the stockholders arc called upon to vote on the proposition
During the last three months of 1907 trade
it lapsed again of increasing the capital stock.
It was recouped in the first three months of this year; then
to be used
It Is stated that the committee has already received proxies
into a quiet condition.
majority of shareholders,
at the beginning of
n support of the proposed lease from a large of
We had about completed our new plant at Oshkosh
the stock have actually
clear majority
a
to
old
the
representing
new
the
from
proxies
of
machinery
t
readjustmen
that
the
and
and
the year
Canada, where large interests In the company exist.plant and installment of new machinery has been charged to expense of been mailed to291.
manufacturing, which would account for a very considerable expenditure V. 87, p. 480,
These
ng
expense.
adjustments
to
manufacturi
chargeable
not properly
Mutual Chemical Co. of America.-Consolidation.at the end of the year were put into the proper account. ng
matches in 10
We have had one of the worst years for manufacturi
this company, incorporated in New Jersey on
Through
months.
the
spring
during
humidity
and
heat
great
of
the
years, on account
Chemical Co. of New Jersey interests
In the first three months merchants became very conservative. We Oct. 7, the Mutual
believe that to-day there is a smaller stock of our goods on the market have taken over and merged with that property the Baltito
make
semi-annual
habit
our
been
not
has
than for some years. It
more Chrome Works (the Henry Bower Chemical Mfg. Co.)
statements, and It can only be done at great expense.
stock
We have under construction at Barberton a plant which, when all and the American Chrome Co. The authorized capital
or
60%
factory
of
that
machinery Is Installed, will increase the output
common and $2,000,has is $4,000,000, consisting of $2,000,000
more, which will be $450,000, and probably more. The company and
000 6% cumulative preferred stock, par value'of shares $100.
about 3,300 stockholders. The plants are in magnificent condition
the operations of the company are conducted on economic lines. I believe The concerns included in the merger are the three largest
the company is In better shape to-day than ever. I hold more stock
manufacturers of bi-chromate of soda and potash in the
to-day than for years. Compare V. 86, p. 1470, 1283. 1287.
it is stated, handle practically the entire
Eastman Kodak Co.-Listed.-The New York Stock Ex- country, and,
this
if any, not known.
change has listed $50,000 additional common stock making business in of line. New bonds,
the new company are Frederick W. White (President).
The directors
the total amount listed to date $19,586,200.-V. 87% p. 680, Herbert
M. Kaufman (General Manager), William R. Peters, Junius Beebe
169
and George R. Bower. The Treasurer and Secretary is Sumner White.
office, 92 William St.
York
International Paper Co.-New Director and Vice-Presi- New
[The Henry Bower Chemical Mfg. Co. was organized early In 1906 under
been
elected
has
Mass.,
,
of
laws
Pennsylvania and took over the property, franchises and busiFitchburg
the
of
Crocker
dent.-Alvah
ness of the Baltimore (Md.) Chrome Works Co., the Kalion Chemical Co.
a director to succeed F.S.Flower,who retired. W.A. Whitthe Ammonia Co.of Philadelphia. The company issued
Philadelphi
of
t. at organizatioan and
fully paid common stock of $2,000,000; first preferred 6%
comb, General Manager, has been elected a Vice-Presiden
and
second preferred % stock $150,000: also 6% 30-year
500,000
Report.-See "Annual Reports" on a preceding page.- stock
redeemable gold coupon mortgage bonds aggregating $750,000. wh ch have
d
off.
pa
entire Issue of bonds and first preferred stock. It
The
been
11
874.
p.
V. 87,
was reported, was taken at par by Mrs. Anne M. Walkerof Philadelphia,
Greene Gold-Silver Co.-Receivership.-Judge Bischoff of and the entire issue of second preferred stock by W. L. Rowland of
appointed Philadelphia.]
the Supreme Court, in New York City on Oct. 24,on
applicaFrank Fritsch receiver of the company's assets
National Glass Co.-Trustees' Sale.-The Union Trust Co.
tion by Richard Arnold, holder of a judgment for $5,133. cash of Pittsburgh as mortgage trustee will sell at public auction
$486,
at
valued
furniture
office
The assets in New York consist of $171,553 made by A.Segal of Phila- on Nov. 10 at the Court House, Pittsburgh, by an order of
for
In bank.$1 48, and two notes, one C.
C.Steffel. The title to the company's the Court of Common Pleas of Allegheny County, Pa., under
delphia and the other for $750 by
the Greene Gold-Silver
the following plants:
properties and concessions, it appears, wa vested In
Gold- the first and general mortgages,
, whose shares,owned by the Greene
Co., S. A.. a Mexican corporation
d to the Cananea
Silver Co. of West Virginlalweresubsequently hypothecate
by that concern with MexiRealty Co., and have, it is stated, been pledged
Some, if not most, of the
loans.
for
security
as
institutions
financial
can
At
concessions have lapsed. Development work ceased some time ago.value
auction in New York City on Oct. 28 14,000 shares of the stock, par 0.$25,000,00
is
stock
capital
total
The
for
$3,600.
in
bid
$140,000, was
V. 85, p. 1146.
One at Cumberland, Md.,one at Fairmont, W. Va., and one at Jeannette.
Westmoreland County, Pa.. covering about 7 acres of ground, together with
about 25 acres of ground on which are erected 9 double tenements, one
W.
at Rochester, Beaver County, Pa.; one at Wellsburg, Brooke County,
Va.; 2 at Lancaster, Fairfield County, Ohio; one at Bridgeport, Belmont
County, Ohio; one at Cambridge, Guernsey County, Ohio, and one at Dunkirk, Jay County, Indiana; also certain unimproved real estate situate at
South Greensburg, Westmoreland County, l'a.' at Uniontown, Fayette
County, Pa.; at NI non, Greentown and Albany, Ind., and at Findlay,
Canton, Marietta and Zanesville, Ohio. Ten per cent of the purchase price
Is to be paid in cash at the time the property is knocked down, unless the
amount of such purchase price is less than $10,000, in which event the
whole amount Is to be paid down. The remainder of the purchase price is
to be paid within 5 days after making such sale.-V.86, p. 1534.
Inland Steel Co., Chicago.-Eversz &Co. of Chicago, having sold $2,000,000 of the bonds to investors, including the
largest banks in Chicago, offer the unsold portion of $3,000,000 first mortgage 6% gold bonds, dated April 1 1908, maturing serially $150,000 per annum to April 1 1928. InOhio Valley Water Co.-Bonds Offered.-Darr, Luke &
terest payable April 1 and Oct. 1. First Trust & Savings
cirA
c*.
$1,000
tion,
Pittsburgh, offer at par and interest $100,000 of an
Denomina
Moore,
Chicago.
trustee,
Bank,
issue of $1,000,000 first mortgage 5% gold bonds, denominacular issued by the bankers says in substance:
of the company, tion $1,000 (c*), all outstanding. President C. P. Trimble
The bonds are a first and closed line on all the properties
Range, Minn., blast furconsisting of iron ore properties on the Messabesheet
finishing mills, says in substance:
and
real estate, steel works,
naces, harbor, docks,
near Chicago and Chicago
&c.. at Indiana Harbor, Ind., on Lake Michigan
of $7,184,752.
Heights, Ill., representing a cash investment
In addition to above
The net cash and quick assets of the company, under
this mortgage,
assets, amount to $2,126,621, the total security
the mortgage
securing
deed
trust
The
therefore, aggregating $9,311,373.
company over and above
provides that the net cash and quick assets of theof
bonds
the
outstanding,
amount
aggregate
the
than
Its liabilities, other
Is reduced to $1,500,000,
shall not be less than $1,500,000, until the issue
of unmatured bonds.
and thereafter never less than the amount
have been satisfactory
Surplus earnings from the beginning of operations
ending June 30 1908, that
and increasing each year-except for the year
even under the adverse
period covering recent depression, when earnings,
charges. These surplus
conditions then obtaining, were 3% times interest
including interest
earnings for the last 3 years, after payment of all charges,
follows:
as
were
reported,
as
officially
on bonds,
in 1907-08,
$984,323;
1906-07,
in
Year ending June 30 1906, $860,766;
on the basis of earnings
$651,842. Net earnings for current fiscal year, any
previous
year. The
than
larger
be
will
the
first
quarter,
reported for
stable character, earnproducts of the company, being of a diversified and
more than
ings are assured, even In periods of greatest business depression,
s.
sufficient to meet fixed charges and sinking fund requirement
expended on the
The entire cash proceeds of these bonds have been
the company the most
property in improving facilities, making the plant of capacity
In the United
modern and complete open-hearth steel plant of like
States.-V. 86, p. 1162.
Institution for Encouragement of Irrigation Works and
Development of Agriculture in the United States of Mexico.
-Bonds Over-Subscribed.-Speyer & Co. and the National
2% bonds
/
City Bank announce that the $20,000,000 43
offered by them last week (page 1090) have been oversubscribed. The bonds are quoted in London at M%
premium and are also quoted at a premium here.
pesos of the
The stockholders recently paid in the remaining 9,000,000
It Is stated, has com10,000,000 pesos of capital stock. The management,
operations with a cappleted the necessary arrangements for beginning
of which 10,000,000 pesos
italization of 60,000,000 pesos ($30,000,000),
in bonds.
05,000,000) is in stock and 50,000.000 pesos ($25,000,000)
July 1 1904 and due
The bonds consist of an issue of $1,000,000 dated
at the office of the Colonial
July 11954. Interest payable July 1 and Jan. 1Pa.
mortgage covers
The
Pittsburgh,
Trust Co., the mortgage trustee,
boroughs of Bellevue and
all the real estate owned by the company In the
Ross, together with all
McKees Rocks, and in the townships of Neville andacquired and the rights
machinery and appliances now owned or hereafter
and abprivileges, reservoirs, &c., including all mains, pumps, machinery
Avon, Emsworth and
pliances In the boroughs of Bellevue, Avalon, Benand
all
of
which
Stowe,
Ross
Neville,
of
McKees Rocks and the townships
contracts
are in Allegheny County, Pa. Present number ofinconsumers'
3,000,000
over
1907,
of
water
n
consumptio
average
Daily
over 5,000.
gallons. Piping system includes over 69 miles of pipe.
In
The gross earnings were $62,608 In 1905, $80,259 In 1906 and $00,157
for first
1907; operating expenses in 1907, $30,113; net, $60,045. Gross
half of 1908, $44,365. Capital outstanding, $805.546; total authorized,
$1,000.000.
Pennsylvania Coal & Coke Co.-Receiver's Certificates.The Court at Scranton, Pa., on October 26 authorized
receiver T. A. Watkins to issue $1,250,000 6% receiver's
certificates to run for two years from October 1, interest
payable semi-annually, unless previously called for payment.
This authorization supersedes that of August last, covering
$500,000 receiver's certificates. The Scranton Trust Co.,
trustee for the bondholders, assented to the present issue.
Of the certificates,$1,000,000 have been sold, the proceeds,,
so far as necessary, to be used to take up valuable collateral
the remainder to be used to pay both the principal and
interest of underlying obligations maturing at an early date.
to normal
Receiver Watkins is quoted as saying that with the return
need be no fear of a
conditions in general business and the coal trade there
certifireceiver's
the
of
sale
loss In value of the properties controlled. The
already taken place
cates and the improvement in the coal business that hasexisted In the minds
have
may
that
is
it
said, any such fears
have removed,
company.
of Interests who are familiar with the position of the
OCT. 31 1908.]
THE CHRONICLE
Payment of Coupons.-Receiver Watkins gives notice that
the funds for the payment of the semi-annual interest due
Sept. 1 on the $3,000,000 Webster Coal & Coke Co. first
consolidated mortgage 5% bonds have been deposited with
the Guaranty Trust Co. and that the coupon may be presented at the office of the latter company for payment.
-V. 87, p. 483.
Philadelphia Electric Co.-Dividend to Be Increased.-The
directors, at their regular monthly meeting, it is said, considrred the question of the next semi-annual dividend.
While no formal action was taken, press dispatches say that It was generally agreed to declare a dividend of 3% on the $24,987,750 stock ($13.50
per *25 share paid In) at the regular dividend meeting next month, thus
raising the rate to 6% per annum. Dividends at the rate of 5 %yearly on
the amounts paid in have been paid from June 1902 to June 1908 inclusive,
and a $1 "stuck" dividend on March 2 1908. Compare V. 86, p. 288.V.86, p.976.
Pine Bluff (Ark.) Light & Water Co.-Successor Company.
-See Pine Bluff Corporation above.-V.86, p. 1592.
Pine Bluff (Ark.) Corporation.-Reorganized Company.This company incorporated on July 10 1908, under the
laws of Arkansas,with $250,000 of auth.stock and succeeded
to the property of the defunct Pine Bluff Light & Water
Co. (V. 86, p. 1592). On October 5 the new, corporation
filed a mortgage to the New York Trust Co. of N. Y. City,
as trustee, to secure an issue of $750,000 5% 30-year bonds.
The officers are: President, F. G. Bridges of Pine Bluff; Vice-President,
H. R. Dennis of New York; Secretary, Chas. H. Triplett, of Pine Bluff.
The property of the Pine Bluff Light & Water Co. was bid in at foreclosure sale on July 9 for $450,000 In the Interest of the bondholders, and
on Oct. 5' a deficiency judgment of $75,792 was obtained, representing
the difference between the amount of the mortgages of the old company
and the sale price of the plant.
Pittsburgh (Pa.) Oil & Gas Co.-Earnings.-For the six
months ended Sept. 30 1908:
Receipts from operation-- $435,836 Total Income
Other income
16,597 Expenses, interest, &c
$452,433
310,709
Total Income
4452,433
Surplus for 6 months_ _ _ _$141,724
The receipts from operations for six months, $435,836, compare with
$599,981 for the corresponding period last year. The surplus of $141,724
was applied as follows: For additions,$13,042, reduction of debt, $128,682.
-V. 87, P. 201.
Pullman Company, Chicago.-Steel Cars.-The company
has received an order for 200 steel and 20 wooden passenger
cars from the Harriman roads. A contract, it is stated,
has been let for a $400,000 extension of the wooden car plant,
in order to facilitate the building of the steel cars.
Rate Readjustment.-The company has readjusted its parlor-car rates on the basis of M cent a mile, with a 25-cent
rate for any distance under 50 miles. The company's
receipts, it is said, will be affected little, if any, by the
change.-V.86, p. 232.
Red River Lumber Co. of Minneapolis.-Stock Reduced.This Minnesota corporation on October 14 filed a certificate
decreasing its capital stock from $1,200,000 to $950,000.
T. B. Walker, President; Charles B. March, Secretary.
Roanoke (Va.) Heat Light & Power Co.-Retirement of
Bonds.-See Roanoke (Va.) Traction & Lighting Co. under
"Railroads" above.-V.87, p. 484.
Rubber Goods Manufacturing Co.-Called Bonds.-Debenture bonds of 1891 of the New York Belting & Packing Co.
to the amount of 231,000 have been called for redemption
on Jan. 1 1909 at the Knickerbocker Trust Co., No. 66
Broadway,at the rate of $533 50 for each debenture of £100.
-V. 87, p. 351, 291.
Sierra Madre Land & Lumber Co.-Bonds at Auction.Adrian H. Muller & Son, auctioneers sold at auction in this
city on Oct. 28, at $420 per bond, $706,000 of the company's
first mortgage 6% gold bonds, which had presumably been
pledged as collateral. The company defaulted in the payment of the coupons due Dec. 1 1907 and June 11908, and
the property,it is stated,is now being managed by the Guaranty Trust & Banking Co. of El Paso, Tex. the mortgage
trustee. The company was promoted by Col.'
W. C. Greene.
Compare Greene-Gold-Silver Co. above.-V.86, p. 671.
Tenth & Twenty-Third Street Ferry Co.-New Mortgage.The stockholders will vote on Nov. 6 on making a mortgage
for $75,000 with interest at 5% and payable at not more
than 3 years after date.
This will renew a loan of $75,000 now due, made In 1897, and secured by
purchase-money note on property next to the ferry slip at Greenpoint, purchased of the Eastern Division Improvement Co.-V.67, p. 1206.
United Box Board Co.-New Cornpany.-This new company was incorporated in New Jersey on Wednesday with
$125,000 (nominal) capital stock, to be increased later to
$15,000,000, as successor of the United Box Board & Paper
Co.,per plan given below under the caption of that company,.
Incorporators are Hyatt Cox, Geo. K. Wadsworth and
Richard F. Tully.
United Box Board & Paper 0o.-Report and Plan of
Reorganization Dated Oct. 21 1908.-The stockholders' reorganization committee consisting of
Charles C. Adsit, Chairman, banker and broker, Chicago.
George H. Webster, director Chicago Savings Bank de Trust Co., Chicago.
Luther W. Bodman, Treasurer American Straw Board Co., Chicago.
Joseph E. Otis, President Western Trust & Savings Bank,Chicago.
Herman Grossman, President Street's Western Stable-Car Line, Chicago.
A. Albert Sack, manufacturer, Providence, R. I.
Chas. B. Oglesby, President Oglesby & Barnitz Co., Middletown, Ohio.
with James M. Adsit as Secretary, No. 6 Sherman St., Chicago.
Depositaru.-The Western Trust & Savings Bank, Chicago.
1163
common) to $14,468,437, all of one class, and the raising of
$1,012,790 cash for payment of floating debt, &c., through
an exchange of old preferred for new stock, $ for $, and of
$500 old common for $100 new common,conditional upon the
payment of an assessment on the old stock of $7 per share
by the preferred shareholders and of $1 40 per share by the
common shareholders. The plan says in substance:
The plan contemplates the formation of a new corporation under the laws
of New Jersey under the name of the United Box Board Co., with an authorized capital stock of $15,000,000 (In $100 shares.-Ed.), and that such
corporation may purchase the assets of said United Box Board & Paper
Co.. In case of sale thereof under process, judgment or decrees of court or
at private sale to pay its debts. [The new company was Incorporated on
Wednesday-see above.-Ed.I
Preliminary steps have already been taken for the organization of said
the United Box Board Co. It is believed that Its capitalization Is on a conservative basis. The plan contemplates that the company will start with
no floating debt and with no bonded debt except that now existing upon the
property purchased, to which the purchase Is made subject.
To the old shareholders participating In the plan, It Is contemplated to
Issue (1) for each share ($100) of the preferred stock of United Box Board
& Paper Co. and the payment of $7, one share ($100) of the stock of said
United Box Board Co., and (2) for each five shares ($500) of the common
stock of said United Box Board & Paper Co. and the payment of $1 40 per
share thereof, one share ($100) of the United Box Board Co. stock.
Said sums may be paid In installments as follows: 25% thereof with
deposit of stock on or before Nov. 24 1908; 25% Dec. 22 1908; 25% Jan. 15
1909 and 25% Feb. 15 1909. Interest at 6% per annum will be allowed on
all deferred installments paid on or before Nov. 24 1908.
The privilege of becoming parties to said agreement by depositing stock
and paying said contribution Is accorded only to stockholders of record
on Nov. 9 1908, and expires Nov. 24 1908. For the purposes of the plan
the transfer books of the company will be closed Nov. 9.
The present officers and directors have accomplished large savings through
economical management and have largely reduced the total indebtedness.
Last year the property showed the largest earnings of its history (see V.86,
p. 477). Large stockholders, who initiated this movement to reorganize,
regard the possibilities of this industry as large and extending rapidly,
by reason of the new uses for the boxboard products. The present active
plants, because of natural advantages of location and general equipment,
are the highest type of boxboard mills in the country. This comapny
owns
valuable water powers In Maine, New York and Illinois, which not only reduce the cost of manufacture, but are steadily increasing in value.
Chicago advices quote Receiver Mitchell as saying that practically all
the large stockholders have assured him that they intend to pay the assessments, but that there are nearly 1,200 small stockholders who have not
been heard from.
COMPARATIVE STATEMENT OF EARNINGS (Compare V.86, v. 477.)
1907.
1906.
1905.
1904.
1903.
Gross earnings
$844,058 $645,104 $370,169 $476,512 $585,486
Net earnings
$509,643 $286,780 $61,781 $152,233 $209,765
Earnings of subsidiary cos_ 432,034 410,610 177,155 260,868 326,509
Total net income
Interest charges
$941,677 $697,390 $238,936 $413,101 $536,274
233,938 239,480 196,677 245,784 178,596
Balance
$707,739 $457,910
$42,259 $167,317 $357,678
BALANCE SHEET OF PRESENT COMPANY AND ALSO OF PROPOSED COMPANY JUNE 27 1008.
Present Co. Proposed Co.
PresentCo. Proposed,Co
AssetsLiabilities$
$
Plants, mach'y,&c22,311,853 11,156,396 Preferred stock....z14,948,900115.000,000
Stock in sub. cos__ 5,450.070 5,450,070 Common stock __z14,018,5005 Ow chugs
Treasury stock_ __ 4,775.648
531,563 Bonds & mortgages:
Treasury bonds_
607,555
Outstanding ___ 3,272,845 3,272,845
607,555
Personal property
35,635
35,635
Treasury
607,555
607,555
Cash
84,090
283,674 Acc'ts & bills pay_ 802,172
Acc'ts receivable__ 265,133
265,133 Surplus
430,386
Merch. & supplies.. 550,374
550,374
Total
34,080,358 18,880,400
Total
34,080,358 18,880,400
x Included In "assets" Is $4,775,648 of "treasury stock," of which $2,011,291 75, It would appear, Is preferred and $1,864,356 25 is common,
leaving outstanding $12.037,608 25 preferred and $12,154,143 75 common.
-Ed.-V.87, p. 815, 811, 551.
United States Bobbin & Shuttle Co.-Dividend on Common
Stock Omitted.-The directors have declared the usual quarterly dividend of 13% on the $650,000 preferred stock, payable Nov. 2, but have omitted any declaration on the
$1,001,000 common stock.
In May 1908 the quarterly distributions, theretofore at the rate of 4%
yearly since Feb. 1905 (extra payments being also made), were reduced to
h of 1%. Compare V.87, p. 292.
United States Envelope Co.-New Bonds Authorized and
Sold.-The directors on Oct. 29 authorized the issue of
$2,500,000 of 5% first mortgage serial bonds, the last series
maturing in 1935. Of the bonds, $2,000,000 have been sold
to H.W.Poor &Co.of Boston, maturing $50,000 yearly from
1910 to 1924 inclusive, $100,000 from 1925 to 1929 and
$150,000 from 1930 to 1934, inclusive.
The proceeds will be used to redeem the $2,000,000 of outstanding 6%lst
mortgage bonds (which arc subject to call at 104) the sinking fund accumulations for which amounted June 30 last to $899,841-see annual report,
V. 85, p. 478); to redeem the $174,000 Waukegan certificates outstanding;
to pay for the addition just made to the Logan, Swift & Brigham Co.
divis on factory in Worcester; to pay for land for the Cypress Street plant
in Springfield and Its construction, and for additional working capital.
The remainder of the Issue will remain In the hands of the old Colony Trust
Co., as trustee, to be used for future purposes.-V.87, p. 478, 420.
United States Realty & Improvement Co., New York.Large Contract.-See Chicago & North Western Ry. under
"Railroads" above.-V. 86, p. 1465.
United States Rubber Co.-Probable Bond Issue.-The
company, it is understood, is considering the advisability
of putting out a bond issue for the purpose of funding the
$8,000,000 5% notes which mature Sept. 15 1909, but are
subject to call at par on March 15 1909.-V. 86, p. 1282.
Westinghouse Electric & Manufacturing Co.-Probable
Early Termination of Receivership.-Satisfactory progress
having been made during the last few days toward the rehabilitation of the company through the proposed reorganization plan,it is stated on "high authority" that everything
now points to a speedy termination of the receivership, a
definite announcement regarding which will be made after
election.-V. 87, p. 1014.
has issued a proposed plan of reorganization which contem-Frank A. Ruggles estimates disbursements in Boston for
plates the sale of the property to a new company and the the month of November at $7,958,660, of which about
reduction of the outstanding capital stock from $24,191,752 $3,000,000 is on account of maturing bonds. One year ago
(consi8tingleff$12,037,608 25,preferred and $12,154,143 75 payments were $5,574,233.
[VoL. Lxxxvii.
THE CHRONICLE
1164
Xeparts anti Borrinntrittic
THE GREAT NORTHERN RAILWAY COMPANY.
NINETEENTH ANNUAL REPORT—FOR FISCAL YEAR ENDED JUNE 30 1908.
Brought forward _
573,011/3) 41
To the Stockholders:
Construction advances to June 30 1908 to ProThe Directors submit the following—report for the year prietary
Companies whose properties are indeended June 30 1908:
pendently operated:
CAPITAL STOCK.
Duluth Terminal By.'Co
$174,567 81
Iowa & Great Northern By. Co
1,267,788 14
There has been no increase in the authorized share capital
Total
1,442,355 95
of The Great Northern Railway Company during the year
Cost of stocks of and amounts advanced on
and same remains at $210,000,000 00.
Construction
Account
to
June 30 1908 to the
Of the capital authorized there had been Issued to June 30
$149,577,500 00 following Canadian Companies whose proper1907 (page 7 last year's report)
There have been issued during the year:
as
operated
a
are
ties
portion of the Great
385,250 00
3,8523,6 shares, amounting to
Northern System:
in completing previous transactions, and
shares, amounting to
as of May 1 1908 under the resolution adopted
by the Board of Directors December 11 1906,
explained in the report for last year.
600,000
Total outstanding June 30 1908
60,000,000 00
$209,962,750 00
• The stock outstanding June 30 1908 was represented by:
$209,103,500 00
Stock Certificates
Full paid subscription receipts to $60,000,000 issue, not at
43
that time surrendered for exchange Into stock certificates
10,870 00
Scrip, full paid
Total
Midland By. Co. of Manitoba
$3,110,221 06
Brandon Saskatchewan & Hudson's Bay
By. Co_,
2,066,695 72
Crow's Nest Southern By. Co
3,803,279 96
Vancouver Victoria & Eastern By. &
Navigation Co
11,585,772 01
Total
Amount advanced to June 30 1908 towards the construction
of the Spokane Portland & Seattle By. Co.'s lines of railway
Total
$209,962,750 00
20,565,968 76
21,827,521 24
$116,887,285 35
BONDED DEBT.
BONDS ASSUMED.
There were in the treasury of the Company June 30 1908
In part payment for the railways and other properties
3723/b shares of Great Northern stock not used in acquiring acquired from St. Paul Minneapolis & Manitoba Railway
298 shares of Manitoba stock.
Company and from sundry proprietary companies, of which
DISPOSITION OF PROCEEDS OF CAPITAL STOCK ISSUED.
full explanation is given below, the Great Northern Railway
T e Company's reports for the past years have stated the Company assumed the payment of the principal and interest
purposes for which stock issues have been made and have of bonds which had been issued by those companies and
outstanding, to the amount of
$125,975,909 09
listed the securities acquired in exchange for the Company's were amount
has been reduced since November 1 1907_ _
78,000 00
Capital Stock or purchased with proceeds of stock issued for This
by the redemption of St. P. M & M. By. Consolidated
Mortgage 436% Bonds through the operation of the
cash. As the larger portion of these securities was used in
Sinking Fund, as explained below.
part payment for the railways, equipment and other property
purchased during the year, as described in greater detail Leaving outstanding June 30 1908 as shown by Balance
$125,897,909 09
below, a general statement of the disposition of the amount OfSheet
this amount there were outstanding in the hands of the
public
97,455,939 39
realized by the Company from the total share capital issued
to June 30 1908 may be of interest to the shareholders.
free assets In the
The cost of securities acquired in exchange for Great Northern Stock or with cash realized from Issues of that stock,
less cost of such securities as had been disposed of to
$108,559,308 26
June 30 1908, was
77,846,704 98
Of these securities, stocks costing
were used in acquiring the railways and properties described below and have been retired.
Leaving as the cost of securities on hand, same forming a
portion of the securities in the Company's treasury_ ___ $30,712,603 28
The cost of the securities remaining on hand may be
classified as follows:
Bonds issued by Companies whose properties have now
been purchased by the Great Northern, and the payment
of which bonds has been assumed by the Great Northern
as a part of the purchase price—par, $18,945,969 70; cost $19,203,753 51
Stocks and bonds of Canadian Companies whose properties
form a portion of the System and are operated by the
Great Northern, viz.: Nelson & Fort Sheppard By. Co.
2,370,838 58
and Red Mountain By. Co
Stocks and bonds of Terminal Companies whose property is
used by the Great Northern By. Co., viz.: St. Paul Union
Depot Co., Minnesota Transfer By.Co.and Lake Superior
341,700 00
Terminal & Transfer By. Co
Stocks of Proprietary Companies whose lines form a portion
of the System, but which are independently operate(l,
viz.: Minneapolis Western By. Co. and Iowa & Great
750,000 00
Northern By. Co
Stocks of the Great Northern Steamship Co. and Northern
6,500,000 00
Steamship Co.; operated independently
Debenture Stock and Common Shares of the Kootenay By.
1,545,858 04
& Nay. Co., Ltd.; operated separately
453 15
Balance unpaid on a Town Bond in process of redemption
$30,712,603 28
Total
Par value of Great Northern By. Co. Stock Issued and out$200,962,750 00
standing June 30 1908, as heretofore given
Cost of securities acquired with Great Northern Stock oc the
108,559,308 26
cash proceeds therefrom, as above
Balance. Cash realized-from Great Northern By. Stock
$101,403,441 74
issued and not Invested in securities
And held7as
Company's treasury
St. P. M. & M. By. Co. Pacific Extension 4% Bonds
(12,000,000)
Improvement Bonds
Eastern Ry. Co. of Minnesota, Northern Division, First
Mortgage 4% Bonds
Willmar &Sioux Falls By. Co., First Mortgage 5% Bonds
Spokane Falls & Northern By. Co. First Mortgage 6%
Bonds
Duluth Watertown & Pacific By. Co. First Mortgage 6%
Bonds (entire issue)
Park Rapids & Leech Lake By. Co. First Mortgage 5%
Bonds (entire Issue)
Columbia & Red Mountain By. Co. First Mortgage 6%
Bonds (entire issue)
Total
Total
2,065,000 00
21,000 00
2,583,000 OS
1,375,000 OS
500,000 00
291,000 00
Interest is not accrued or paid on bonds held in the
Company's treasury.
CHANGES IN BONDED DEBT.
There has been a net reduction during the year of $2,160,000 00 in the amount of bonds outstanding in the hands of
the public, as will be seen by reference to the table on a
subsequent page. The bonds outstanding July 1 1907, as
shown by that table, do not agree with the amounts shown
by table on page 36 of the last annual report, on account of
deducting this year the amount of bonds then held in the
Company's treasury and taking up the Spokane Falls &
Northern Railway Company First Mortgage 6% Bonds, at
that time outstanding in the hands of the public. The net
reduction is explained as follows:
St. P. %I. & M. By, -Consolidated Mortgage 436% Bonds,issued In exchange for bonds surrendersd and canceled,
as follows:
$593,000 00
Second Mortgage Bonds
611,000 00
Dakota Extension Mortgage Bonds
41,204,000
Less, Bonds redeemed and canceled by the
Trustee through the operation of the
Sinking Fund
$590,071 19
Net Increase
Note.—Of the Bonds retired through the
Sinking Fund, there were redeemed
prior to November 1 1907
and subsequent to that date
92,000 00
$1,112,000 OS
$14,000 00
78,000 00
30,363,080 91
Second Mortgage 6% Bonds, canceled as above $593,000 00
Dakota Extension Mortgage 6%Bonds,canceled
611,000 00
as above
1,204,000 011
Total
25,702,151 04
Amounts expended during the fiscal year
ended June 30 1908 detailed on another
page.
Construction
Equipment
Additions—
On Great Northern By. Lines
• On Canadian Lines
$9,696,969 71)
11,910,000 00
$28,441,969 70
Total
This balance has been used in part payment of:
Portion of purchase price of railway properties, etc., acquired, that was paid in cash, being the amount required
to redeem and retire the shares of the Capital Stock of
the selling companies not owned by the Great Northern
Ry. Co
Amounts from time to time advanced Proprietary Companies and expended for construction and equipment,less
net assets taken over and used in reduction of said advances, that were written off as payment in part for the
railways, etc., purchased from said companies
Cost of property, equipment, etc., from time to time purchased by the Great Northern and heretofore carried in
"Cost of Properties and Securities Owned by the Great
Northern By. Co.," as explained below:
$1,293,393 59
Cost of Road
24,171,096 97
Cost of Equipment
237,660 48
Cost of Elevator at Minneapolis, Minn
$28,441,969 70
The following is a list of the latter:
$7,123,321 78
7,007,235 81
Net reduction in Bonds issued by St. P. M. & M. By. Co_
Eastern By. Co. of Minnesota Bonds-,
First Division, First Morgtage 5% Bonds,
matured April 1 1908; presented and re$4,627,000 00
deemed to July 1 1908
Northern Division First Mortgage 4% Bands,
issued on redemption of First Division
Bonds
$4,627,000 00
Less, held in Company's Treasury June 30 1908
2,065,000 00
Outstanding in hands of public
2,257,026 09
8,552 59
16,396,136:27
Net reduction in b ds issued by Eastern
By. Co. of Minnesota in hands of public_
$92,000 00
2,562,000 00
2,065,000 OS
OCT. 31 1908.]
Brought forward
Spokane Falls & Northern Ry. Co.—
First Mortgage 6% Bonds. Bonds purchased
by Great Northern Railway Co. during year
and held in Its Treasury on June 30 1008.._
THE CHRONICLE
*2,157,000 00
3,000 00
Total Reduction, as above
$2,160,000 00
There has been a decrease during the year In
the amount of total Bond Issues of
$92,000 00
And an increase in the amount of Bonds in
the Company's Treasury of
*2,068,000 00
Making the total decrease in amount of bonds outstanding
in the hands of the public as shown above and by table on
another page.
The mortgage securing the Eastern Railway Company of
Minnesota Northern Division Bonds provides for the issuance
of those bonds in an amount equal to the First Division
Bonds issued by that company, redeemed and retired. The
First Division Bonds matured April 1 1908, and of the
$4,700,000 00 that were outstanding on that date, all but
$73,000 00 had been presented to the Company and exchanged for Northern Division Bonds or redeemed in cash
on June 30 1908. Since the close of the fiscal year there
has been paid to the Trustee of the First Division Mortgage
the par value of the unpresented First Division Bonds, and
the mortgage securing them has been satisfied of record.
The Northern Division Mortgage of the Eastern Railway
Company of Minnesota is now the only mortgage covering
any portion of the property formerly owned by and purchased from that Company.
PURCHASE AND CONSOLIDATION OF RAILWAYS.
Under the authorization given at the annual stockholders'
meeting held October 10 1907 the Company purchased and
now holds the title to the lines of railway, equipment, securities and all other property and assets formerly owned by the
Minnesota & Great Northern Railway Company,
Dakota & Great Northern Railway Company,
Montana & Great Northern Railway Company,
Billings & Northern Railroad Company,
Eastern Railway Company of Minnesota,
Park Rapids & Leech Lake Railway Company,
St. Paul Minneapolis & Manitoba Railway Company,
Minneapolis Union Railway Company,
Duluth Watertown & Pacific Railway Company,
• Willmar & Sioux Falls Railway Company,
M ntana Central Railway Company,
Spokane Falls & Northern Railway Company,
Columbia & Red Mountain Railway Company,
Washington & Great Northern Railway Company,
Seattle & Montana Railroad Company. •
Total
$216,313,860 50
19,490,678 63
1,915,048 59
659,533 98
7,332,500 00
325,700 00
$246,037,321 70
And they were taken up on the books of the Great Northern
Company at the same amounts, except that "Cost of Railway" was reduced to the sum of $212,276,115 48; the
deduction of $4,037,745 02 being the difference between the
par value of the capital stock of the Seattle & Montana Railroad Co., Spokane Falls & Northern Railway Co. and
Columbia & Red Mountain Railway Co. owned by the Great
Northern Railway Co. and the actual cost of said stocks to
the Great Northern Company at the times same were purchased.
The Great Northern Company has from 'time to time
purchased equipment and real estate, and made other investments in railway property,and the cost of same has been
included in the amount shown on the balance sheet in the
last and previous annual reports as "Cost of Properties and
Securities owned by the Great Northern Railway Co." In
order that the Company's accounts might be properly stated
when the properties, etc., purchased as above described,
were included therein, the following amounts, representing
expenditures made to June 30 1907 were transferred from
"Cost of Properties and Securities owned by the Great
Northern Railway Co." to: '
Cost of
Cost of
Cost of
Cost of
Road
Equipment
Elevators
Real Estate not used for railway purposes
$1,293,393 59
24,171,096 07
237,660 48
1,172,661 70
The balance sheet published in the last annual report
shows an account on the debit side immediately following the
cost of the railway, etc., owned by the St. Paul Minneapolis
& Manitoba Railway Co., called:
"Cost of Additions and Improvements made by the
• Great Northern Railway Co. to Property leased from
the St. P. M. & M. Ry. Co. and paid for from 'Fund
for Permanent Improvements and Renewals'
$15,648,150 81"
The Great Northern having purchased and now owning
the property formerly owned by the St. P. M. & M. Ry. Co.,
the amount above named has become a portion of the cost
of its property, and in order that the total cost of the Great
Northern's property may be clearly shown, regardless of the
sources from which that cost was paid, the account mentioned has been closed out and there has been added to
Cost of Road
Cost of Equipment
515,225.552 84
422,597 97
The amount which at any date has been expended on
property accounts from the Permanent Improvement Fund
will be indicated by the account "Cost of Additions and
Betterments charged against Fund for Permanent Improvements and Renewals" appearing on the credit side of the
13alance sheet.
These explanations, together with the explanation given
below of charges to property accounts for capital expenditures made during the year, will show how the amounts of
the several property accounts appearing oa the balanceaheet
submitted herewith, were arrived at.
GENERAL.
Expenditures were made during the year in completing
or carrying on the construction of new lines, as follows, the
names of the companies that began the construction and
from which the lines were purchased being given:
Eastern Ry. Co. of Minnesota—
Kelly Lake to Fermoy, Minn
5362,583 83
Sundry Spurs to Mines on Mesabi Iron Range
1,605 33
Minnesota ee. Great Northern Ry. Co.—
Thief River Falls to Warroad. Minn
19,602 24
Dakota ee Great Northern Ry. Co.—
Walhalla, N. D., to connection at International Bouadary
with line of Midland Ry. Co. of Manitoba to Mordea, Man
52,701 50
Aneta to Devils Lake, N. D
768,218 55
Berthold to Crosby, N D
873,968 25
Sundry other lines acquired from D. & G. N. Ry. Co
63,974 57
Montana ee Great Northern Ry. Co.—
Sundry lines
Credit 568 05
Billings et Northern RR. Co.—
Armlngton to Laurel, Mont
4,306,300 99
Washington et Great Northern Ry. Co.—
International Boundary line near Molson, via Oroville, Wash.,
to International Boundary near Chopaka
616,634 60
Sundry other lines
57,984 60
St. Paul Minneapolis et Manitoba Ry. Co.—
Sundry lines
315 37
Total
Payment was made therefor by the Great Northern Company assuming the bonds which had been issued by the abovenamed companies and which were outstanding at the time of
purchase, by writing off the amounts the Great Northern had
advanced the companies for construction purposes, etc., by
assuming and discharging all of the other liabilities of said
companies, and by the payment of the considerations set
out in the resolutions adopted by the stockholders. Out of
the consideration so paid, the several companies were enabled
to call for retirement and cancellation their entire share
capital, and have taken up the shares owned by the Great
Northern Company. The effect of these purchases has been
to substitute direct ownership of the properties by the Great
Northern Railway Company in lieu of their control through
their stocks formerly owned by that Company.
The properties, etc., purchased had cost and were carried
on the books of the selling companies at the following
aggregate amounts:
Railways
Equipment
Elevators at Superior, Wis
Real Estate not used for railway purposes
Bonds Owned
Stocks Owned
116
$7,123,321 78
And in closing the accounts for the year, this amount has
been charged to "Cost of Road."
There was advanced during the year to controlled Canadian Companies for construction account:
Midland Ry. Co. of Manitoba
Brandon Saskatchewan & Hudson's Bay By. Co
Crow's Nest Southern Ry. Co
Vancouver Victoria & Eastern By. & Nay. Co
Total
$1,252,392 28
391,473 90
1,453,535 07
5,011,482 91
68,108,884 16
And
towards the construction of the Spokane Portland &
Seattle By. (owned jointly by the Great Northern and
Northern Pacific Railway Companies)
$12,642,726 76
The total amounts advanced to the above-named companies to June 30 1908, including the cost of such of their
Capital Stock as has been issued, are shown on a foregoing
page.
Charges aggregating $7,919,858 56 were made during the
year to "Cost of Equipment" covering the new equipment
purchased and received,and which is described on another page.
That account has been credited with $912,622 75,the original
cost of the equipment taken out of service or dropped from •
the equipmentlist during the year,listed on another page, and
with $26,965 48 in adjustment of the equipment account
with inventory; the total amount of $939,588 23 being
charged to -"Fund for Replacement of Equipment." The,
net increase in "Cost of Equipment" is $6,980,270 33, and of
the total expenditure $7,007,235 81 is from new capital.
As stated on another page,there was expended during the
ycar for Additions and Betterments, $4,439,940 34. Of this
amount $8,552 59 is the cost of work done on completed
Canadian lines; the Nelson & Fort Sheppard, Red Mountain
and New Westminster Southern Railways, and has been
charged as advances to those companies. The remainder,
$4,431,387 75, is the cost of work done on the lines owned
by the Great Northern Railway Co., and the total amount
has been charged to "Cost of Road" in order that the account
may show the total actual cost of the property to date. Of
this total of $4,431,387 75, $2,257,026 09, being the cost of
actual additions to the property, has been paid from new
capital; the balance of $2,174,361 66, representing the cost
of improvements to existing property, has been paid from
and charged against the "Fund for Permanent Improvements
and Renewals," being credited to the account shown on the
balance sheet, called "Cost of Additions and Betterments
charged against 'Fund for Permanent Improvements and
Renewals.'" As shown on another page, $2,468,832 06, 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 $5,822 55, the net proceeds from sale of town lots and
lands not forming a portion of the railway property.
There has been credited to "Cost of Elevators"
$381,957 45, the original cost of Elevator "A" at Superior,
Wis., destroyed by fire November 8 1907. The difference
between that amount and the insurance recovered has been
charged against the "Elevator Sinking Fund."
1166
THE CHRONICLE
GENERAL REMARKS.
Under the authority of what is generally known as the
Hepburn Bill, the Inter-State Commerce Commission promulgated as in effect on July 1 1907 revised classifications of
Revenue, Operating Expenses, Construction and Equipment
accounts to be followed by all inter-State railway companies.
This has made it necessary to present the results of this
year's operation in different form than usual. The purchase
by and consolidation into the Great Northern of properties
some of which were operated under lease, others through
ownership of their capital stock, others by their own organizations,while their annual returns have been shown in this
company's reports, and the Spokane Falls & Northern Railway System, heretofore operated independently, and whose
returns have not been included in the Great Northern's
statistical tables, has further complicated the matter. In
order that the present condition might be clearly understood,
an unusual amount of detail has been above given, and so
that.a comparison might be made of the results of this year
and last year, last year's returns for the System as now
constituted have been re-worked on this year's basis as far
as possible. With this explanation, the Board respectfully
calls the attention of the shareholders to the reports of the
President and the Comptroller, with balance sheet and statistical tables, and to the report of the Land Commissioner.
JAMES J. HILL, Chairman.
REPORT OF PRESIDENT.
Mr.James J. Hill, Chairman Board of Directors.
Dear Sir-Herewith please find report for the fiscal year
ended June 30 1908:
REVENUES, OPERATING EXPENSES, VOLUME OF
TRAFFIC, ETC.
The gross operating revenues for the year amounted to
$54,429,632 71, a decrease compared with the previous year
of $1,837,504 55, or 3.27%. Revenue from transportation
decreased $1,876,745 68, or 3.35%. Freight revenue decreased $1,919,901 79, or 4.55%.
While the financial disturbance and resulting depression
in business dates from October 1907, yet on account of the
open winter and favorable weather, as compared with the
winter of 1906-07, the freight revenue did not fall below that
of the previous year until February 1908. To March 1 1908
the freight revenue had increased $4,276,844 97; from March
1 to June 30 1908 it decreased $6,196,746 76. While the
decrease was general in all classes of traffic, it was particularly marked in iron ore traffic. There were handled between the opening of navigation on the Great Lakes and
June 30 1908 2,111,460 net tons of iron ore less than during
the corresponding period of 1907.
The number of tons of revenue freight hauled during the
year decreased 2,655,168 tons, or 12.11%; the number of
tons hauled one mile decreased 262,926,527, or 4.84%;
the average distance each ton of freight was transported was
268 miles, an increase of 20.46 miles, or 8.27%, and the
average revenue per ton per mile increased .024 of a cent, or
.31 of 1%. This slight increase in the average revenue per
ton per mile was not due to advances in freight rates, but
to the greater falling off in the volume of low-class freight.
Passenger service train revenue increased $215,076 75, or
1.62% over last year, of which $140,626 13 (an increase of
1.27%) was in passenger revenue. The number of passengers carried increased 757,744, or 12.22%; the number of
passengers carried one mile increased 31,287,061, or 6.78%;
the average distance each passenger was transported decreased 3.62 miles, or 4.85%; and the revenue per passenger
per mile decreased .123 of a cent, or 5.14%, to 2.27 cents.
Had the company received the same average revenue per
passenger per mile from the passengers transported this year
as it received last year, its revenue from passenger traffic
would have shown an increase of 15608,169 84, instead of an
increase of but $140,626 13. This is the direct result of the
laws enacted by the legislatures of several States, reducing
the maximum rates for the transportation of passengers,
listed in last year's report, and the resultant necessary reductions in inter-State passenger rates. The reduction of
local fares in Minnesota from three to two cents per mile became effectiv "„May 11907. On the basis of the new rates,
the earnings du ing the year ended June 30 1908 from transportation of local passengers in Minnesota were $794,591 less
than they would have been had the rates in effect prior to
May 1 1907 still been in effect. And the proportion of revenue accruing for the transportation of inter-State passengers in Minnesota during the year. ended June 30 1908 was
*689,383 39 less than it would have been had the inter-State
rates in effect prior to May 1 1907 been applied. It cannot
be claimed that the additional travel resulting from this reduction in rates compensates for or offsets the reduction in
revenue, for the total revenue accruing for transportation of
all passengers, both local and inter-State, in the State of
Minnesota during the year ended June 30 1908 was $2791510 40 less than during the previous fiscal year, and this
amount might properly be increased by $151,452 62, the reduction in revenue caused by the application of the two-cent
per-m le basis during the months of May and June 1907.
r'IThe total passenger revenue, both local and inter-State,
has decreased from last year in each one of the States that
by legislative enactment reduced local fares below the threecents-per-mile basis. On the other hand, the total passen-
ger revenue from all traffic, both local and inter-State, in all
but one of the States that did not reduce local passenger
rates, shows an increase, due to increased travel. The one
exception is Idaho, where there is but little local traffic and
which, in consequence, is more seriously affected by reductions in inter-State rates made necessary by reductions in
the local rates of other States;and in Idaho the decrease from
last year was but $5,821 61.
Reference was made in last year's report to the action
that had been brought against the Company by some of its
stockholders to prevent the Company from adopting and
putting into effect June 1 1907 the maximum freight rates
on grain, coal, lumber, live-stock, and other commodities
named in an Act of the Minnesota Legislature passed April
18 1907. The action of the United States Circuit Court in
granting a restraining order was reviewed by the United
States Supreme Court in habeas corpus proceedings, and
not only affirmed, but the penalty sections of the Minnesota
law were held to be unconstitutional. A Master is now taking testimony bearing on the point raised by the complaining stockholders, that the freight rates named in the legislative Act and also the two-cent-per-mile passenger rates,
were unreasonable, and, in fact, confiscatory.
Operating expenses increased $522,551 48, or 1.47%.
The increase in Maintenance of Way and Structures was
$1,320,399 43, or 15.16%, due in part to the large expenditures made for the purpose of maintaining the property in.
first-class physical condition. The expenditures for Maintenance of Way and Structures was 27.74% of the total amount
expended during the year for Operating Expenses.
Heavy and continuous rains during portions of May and
June 1908 caused floods and serious washouts in Montana.
Traffic was interrupted on the main line for 5 days, and suspended between Helena and Butte for 11 days, between
Great Falls and Helena for 24 days, and between Virden
and Great Falls for 34 days; besides interruptions between
Great Falls and Havre and Great Falls and Neihart. The
damage done to the Company's property by these floods
and washouts is conservatively estimated at $780,000, and
loss of revenue by suspension of traffic at $445,000.
.NEW LINES.
Last year's report listed the new lines that had been opened
for operation between July 1 1907 and the date ofissuing the
report. Same are repeated here, and in addition there are
listed the other lines that were completed during the year
covered by this report:
September 10 1907.
Kelly Lake to Fermoy, Minn
23.40 miles.
Aneta to Devils Lake, N D
57.72 "
Oroville, Wash.,to International Boundary near Chopaka
20.84 "
International Boundary, near Chopaka,
to Keremeos, B C
18.20 "
being a portion of the line of the Vancouver Victoria do Eastern By.
Nay. Co.
November 1 1907. Berthold to Crosby, N. D
89.16 "
December 18 1907. Walhalla, N. D.,to International Bound5.34 "
ary near Haskett
International Boundary, near Haskett,
15.25
to Morden, Man
being a portion of the line of the
Midland By. Co. of Manitoba.
October
5 1907.
The Crow's Nest Southern Ry. Co.'s extension from Fernie
to Michel, B. C., 20.98 miles, was substantially completed
May 11908, but had not been formally opened for operation
when seriously damaged by the Fernie fire of Aug. 2 1908.
Work on the Billings & Northern RR.Co.'s line from Armington to a connection with the Northern Pacific and Burlington companies at Laurel, Mont., has been continued
during the year. The line from Armington to Judith Gap,
Mont., 92.63 miles, was completed and limited service established June 26 1908. Track-laying on the line between
Judith Gap and Laurel was completed Aug. 31 1908, and
ballasting is now in progress. It is expected that the line
will be opened for through train service by Oct. 15 1908.
During the year the Vancouver Victoria & Eastern Railway & Navigation Co. has purchased under governmental
sanction, the line of the Vancouver Westminster & Yukon
Ry. Co., from New Westminster to Vancouver, B. C., 17.28
miles, with its equipment; the completed line of the Victoria
Terminal Railway & Ferry Company, from Cloverdale to
Port Guichon, B. C., 14.81 miles, with its equipment; and
the line under construction by the last named company from
a point on the International Boundary line, near Blaine,
Wash., to Mud Bay, 11.32 miles, a point on the constructed
line between Cloverdale and Port Guichon. The completed
lines were taken over by the V. V. & E. Ry. dr Nay. Co.as of
July 11907,and their earnings and expenses from that date
are included in the tables presented in this report. The vurchase of the completed portion of the V. W. dr Y. Ry. gives
the company large and valuable terminals in Vancouver,
B. C., including dockage on Burrard Inlet.
The work of completing the line between Blaine and Mud
Bay, purchased as above, and the line between Olivers and
New Westminster, B. C., which was mentioned in last year's
report as being under construction by the V. V. & E., has
been continued during the year, 17.13 miles of track
n
been laid June 30 1908; and it is expected that the line will
be completed before this report is issued. Work on the line
between Cloverdale and Abbottsford, B. C., also mentioned
in last year's report, has been continued, 5.75 miles of track
having been laid June 30 1908; and this line should be completed about Oct. 15 1908. Grading of the extension from
Keremeos to Princeton, B. C., 41 miles, is well along, and
OM.31 1908.)
THE CHRONICLE
should be completed next spring. This extension, when completed, will open up for development large coal fields and
bodies of minerals.
In order to properly use the V. V. & E. Co.'s new line between the International Boundary and New Westminster,
B. C., when completed, the Great Northern Company is
building on a new location 2.96 miles of line between Blaine,
Wash.,and the Boundary.
For a number of years past the Willmar & Sioux Falls
Ry. Co. operated a line of the Sioux City & Western Ry. Co.
from South Sioux City to O'Neill, Neb., 129.16 miles. The
stock of the Sioux City & Western Ry. Co. was sold to the
Burlington Company and that company took over the operation of the Sioux City & Western's line Nov. 1 1907.
There have been taken up during the year the spur from
Alton to Hague, N. D., 8.50 miles, and the line between Lucerne and Lake View, Mont., 11.86 miles. The last mentioned piece of track formed a portion of the old main line
between Kalispell and Jennings, Mont., referred to at considerable length in the report for the year ended June 30 1905.
EQUIPMENT.
It was stated in last year's report that of the equipment
contracted for to June 30 1907 there remained undelivered
upon that date: 133 steam and 4 electric locomotives, 144
passenger-train cars, 7,500 freight-train cars, 1 Russell snow
plow and 2 pile drivers. Contracts for 2,097 freight-train
cars were canceled, and 3 of the steam locomotives were
transferred to the Chicago Burlington & Quincy RR. Co.
Contracts were placed during the year for: 1 compartment
observation sleeping car, 3 100-ton wrecking cmnes,2 20-ton
locomotive cranes and 2 rotary snow plows.
Of the total equipment above mentioned, the following
had been received and taken to account June 30 1908:
130 Steam locomotives, as follows:
15 Pacific type passenger locomotives, 22-in.x30 in, cylinders, weighting
I 151,000 pounds on drivers.
4 Prairie type freight locomotives, 22-in.x30-in. cylinders, weighing
151,000 pounds on drivers.
50 Consolidation freight locomotives, 20-in.x32-in. cylinders, weighing
180,000 pounds on drivers.
24 Mallet type freight locomotives, 20-In. and 31-in.x30-in. cylinders,
weighing 250,000 pounds on drivers.
17 Mallet type freight locomotives, 21M-in. and 33-1n.x32-in. cylinders,
weighing 316,000 pounds on drivers.
20 Six-wheel switching locomotives, 19-in.x26-in. cylinders, we ghing
135,000 pounds on drivers.
145 Passenger service cars, as follows:
1 Observation compartment sleeping car, 72 feet 8 inches long.
3 Sixteen section, first-class sleeping cars, 74 feet long.
12 Twelve section, first-class sleeping cars, 72 feet 6 inches long.
10 Fourteen section, tourist sleeping cars, 60 feet long.
4 Dining cars, 70 feet long.
30 First-class coaches, 72 feet 6 Inches long.
5 Smoking cars 60 feet long.
25 Baggage cars, 65 feet 9 inches long.
15 Baggage, mall and express cars, 70 feet 8% inches long.
10 Postal cars, 60 feet 9% inches long.
30 Express refrigerator cars, 44 feet long, 40,000 pounds capacity.
4,703 Freight service cars, as follows:
2,500 Drop-bottom b x cars, 80,000 pounds capacity, 40 feet long.
1.500 Plain box cars, 80,000 pounds capacity, 40 feet long.
500 Drop-bottom gondola cars, 100,000 pounds capacity, 41 feet long.
203 Sand cars. 80.000 pounds capacity.
10 Work service cars, as follows:
2 Pile drivers.
2 12-feet cut rotary snow plows.
1 Russell right-hand double track snow plow.
3 Wrecking cranes, 100 tons capacity.
2 Steam locomotive cranes, 20 tons capacity.
All of this equipment is furnished with air brakes and automatic couplers.
I. There remained undelivered June 30 1908: 4 electric locomotives, 200 flat cars and 500 gondola cars; the freight cars
have been received since the close of the fiscal year.
There were built at the Company's shops during the year:
200 Caboose cars: 100 four-wheel and 100 eight-eight-wheel.
42 Boarding cars.
1 Car for Lidgerwood unloader.
1 Water car.
The cost of the new equipment received under contracts or
built at the Company's shops during the year was $7,919,858 56,and that amount has been charged to "Cost of Equipment."
Through purchase of the completed lines of the Vancouver
Westminster & Yukon Ry. and Victoria Terminal Ry. &
Ferry Co., before referred to, the Vancouver Victoria & Eastern Ry. & Nay. Co. acquired 3 locomotives, 3 first-class passenger coaches, 1 combination passenger and baggage car,
and 15 33-feet 40,000 pounds capacity flat cars, and same,
with the 250 steel 100,000 pounds capacity ore cars owned by
the V. V. & E. Co., are included in the equipment on hand
June 30 1908, as listed on page 50 of pamphlet report.
To the equipment on hand June 30 1907,as shown on page
50, has been added that acquired with the Spokane Falls &
Northern Ry. System, and from it has been deducted the
equipment of the Sioux City & Western Ry. Co., which, with
that company's line of railway, was turned over to the C. B. &
Q. RR. Co. Nov. 1 1907, as hereinbefore mentioned. These
changes have resulted in:
Net additions:
5 Locomotives.
• 24 Ore cars (wood)..
8 Passenger coaches.
4 Caboose cars.
2 Baggage cars.
2 Boarding cars.
2 Baggage, mall and express cars.
2 Tool cars.
4 Refrigerator cars.
1 Flanger.
5 Stock cars.
1 Derrick car.
83 Flat cars.
1 Rotary snow-plow.
Net deductions;
2 Passenger and baggage cars.
152 Box cars.
1167
The following equipment has been written from the Equipment List during the year:
5 First-class sleeping cars.
3 Tourist sleeping cars.
1 Dining car.
7 First-class passenger coaches.
2 Passenger and baggage cars.
7 Baggage, mall and express cars.
588 Box cars.
8 Refrigerator cars.
67 Furniture cars.
142 Stock cars.
282 Flat and coal cars.
39 Sand cars.
60 Ore cars (9 steel, 51 wood).
84 Caboose cars.
20 Ballast cars.
3 Cinder cars.
4 Boarding cars.
5 Derrick and tool cars.
4 Snow dozers.
5 Water cars.
3 Supply cars.
1 Poling car.
1 Flanger.
1 Painters' car.
1 Ditching car.
33 Dump cars.
This list includes, in addition to equipment sold or taken
out of service during the year, equipment belonging to the
St. P. M. & M. Ry. Co. that had been taken out of service in
previous years, and which, under the terms of the lease, the
Great Northern Company was responsible for and required
to replace. The purchase of the property of the St. P. M.
& M. Ry. Co. has canceled this obligation, and the original
cost of the equipment, $912,622 75, has been credited to
"Cost of Equipment," being charged against the "Fund for
Replacement of Equipment," which has been credited with
the cost of the equipment from time to time as it was withdrawn from service, and as explained in previous reports.
The equipment listed on page 50 of pamphlet report, as on
hand June 30 1908, was actually on hand on that date.
There have been some changes in the classification of cars
during the year.
It has been the practice of the Company during recent
years to charge against its Revenue and credit to the Equipment Replacement Fund each year an amount representing
the depreciation on equipment caused by its use during that
year. This,on the principle that each year's revenues should
bear the entire cost. The revised Classification of Operating
Expenses prepared by the Inter-State Commerce Commission,
and effective July 1 1907, requires these depreciation charges
to be made as an operating expense, which will explain why
the item does not appear as a separate one this year in the
Revenue Account.
ADDITIONS AND BETTERMENTS.
The following work was completed during the year, some
of it being mentioned in last year's report as in progress at
the end of that year:
New terminal yards and buildings at Casselton, N. D.,and
Devils Lake, N. D., including a 38-stall brick round house
at the latter point.
Terminal buildings at Kelly Lake, Minn., consisting of a
6-stall brick engine house, power house,storehouse,oil house,
scrap bins, cinder conveyors, water tank, and a 30-pocket
coaling station in place of a 20-pocket station.
New terminal freight yard on the Bay Front at Superior,
Wis., being a portion of the proposed new and additional
line from South Superior along the Bay Front and connecting
on Connor's Point, Superior, with the Inter-State Bridge
to Duluth, controlled by this Company.
Ocean dock, 196 by 810 feet, with grain warehouse and
elevator 144 by 792 feet,and the necessary tracks at Everett,
Wash.; and a detention house 60 by 90 feet on the Smith's
Cove Docks, Seattle, Wash.
The passenger terminals at Seattle, Wash., owned jointly
with the Northern Pacific Ry.
ave been enlarged by
building a commissary building 31
Co.,by 144 feet, power house
with plant for heating the union passenger station, storehouse, scrap bins, car cleaners' and repairers' building,with
the necessary racks and sheds, and a section house.
Continuing the improvement of the line along Puget
Sound, 4,855 lineal feet of sea wall was completed between
Everett and Ballard, Wash., and 6.22 miles of second track
laid between Metum and Richmond Beach, Wash.
The second main track, between Devils Lake and Church's
Ferry, N. D., 19.09 miles, was completed, the grade on the
original track between those stations being reduced from a
6-10 of 1% to 4-10 west-bound and Yt of 1% east-bound.
In connection with enlarging and remodeling the terminal
yards at Grand Forks, N. D.,2.43 miles of second main track
were built.
The Duluth Superior & Western Terminal Co., whose line
between Saunders and Allouez, Wis., is leased by the Great
Northern, has laid 2.39 miles of additional second main track
between those points.
The main line between St. Paul and Minneapolis, Minn.,
has been equipped with an electric block signal system and
four additional and one enlarged interlocking plants. Block
signal system, with three additional and three enlarged interlockers, has been installed between Brookston, Minn.,
and Allouez, Wis., and also between Grand Forks Junction
and Larimore, N. D., with interlockers at both points. Interlockers have also been built at four other stations, crossing gates protecting highway crossings put in at Minot, N. D.,
and Butte, Mont.,and highway crossing bells at two stations.
A 496-feet extension to the snow shed has been built at
Browning, Mont., and 1,914 lineal feet of additional snow
sheds between Wellington and Scenic, Wash.
Several minor changes in the location of lines have been
made to improve the alignment, provide better locations for
permanent bridges, new yards, &c., as follows:
Essex, Mont
Bridge No. 432, Cascade Division
Bridge No. 396, Cascade Division
Total
4,322 feet
1.162 "
1,075 "
•
6,559 feet
1168
[VoL. Lxxxvii.
THE CHRONICLE
A masonry retaining wall was built at Cascade Div. Bridge
No. 396.
Work has been continued on the change of line at Albany
Falls, Idaho, mentioned in last year's report. The new line
will be 3.08 miles in length as against 3.57 miles by the
present line, and there will be a new steel bridge 1,095 feet
in length over the Pend d'Oreille River.
To furnish better living accommodations for the Company's
employees,there have been built: at Kelly Lake,Minn.,4 fourroom cottages; at Cutbank, Mont., a 16-room dormitory; at
Essex, Mont., a boarding house; and at Whitefish, Mont., a
20-room dormitory and 12 four-room cottages.
There have also been built 7 frame station buildings (6 replacing other structures), 37 portable stations, 1 freight warehouse, 3 freight sheds, 3 freight transfer platforms, 1 shelter
shed, 2 temporary ice houses, 2 storehouses, 1 oil house, 5
yard offices,6 stock yards, 15 section houses, 21 bunk houses
for laborers, 7 frame round houses of from two to five stalls
each (2 in replacement), 1 12-pocket coaling station, 2 coaling platforms, 5 large reservoirs for locomotive water supply,
with water tanks and power plants; 3 loading, 1 machinery
and 6 mail platforms, 26 mail cranes, 20 train order signals,
3 70-feet cinder pits (1 in replacement), and 2 50-feet and
1 30-feet cinder pits. Also a stock feeding yard of 48 pens,
24 of which are shedded, with hay barn 40 by 200 feet,
and water supply at Devils Lake, N. D., and an express
building 32 by 100 feet and service building 16 by 104 feet
at Grand Forks, N. D.
Extensions or enlargements have been made to 3 frame
station buildings, 2 freight sheds, 2 freight transfer sheds and
1 ice house. Improvements,such as cinder or cement walks,
new platforms, fire protection and water supply, have been
made at 42 station buildings; and water supply, chutes,
inclines, partitions, &c., in the stock yards at 7 stations.
One 20-pocket coaling station has been replaced with a 30pocket station, 1 5-pocket station with a 10-pocket station,
and one coaling station has been replaced with a 400-ton
coal dock. More powerful hoist, better fire protection,
&c., have been provided at six coaling stations.
Three 60-feet 100 tons capacity and one 50-feet 80 tons
capacity track scales have been put in, replacing scales of
smaller size and capacity, and masonry foundations have
been provided for two track scales.
Round houses have been enlarged as follows: Minot, N. D.,
16 additional stalls and power house; Williston, N. D., 10
additional stalls and power house; Leavenworth, Wash.,
4 additional stalls; and power houses at Redland, Minn.,
Willmar, Minn., and Havre, Mont. In order to accommodate new locomotives, the stalls of round houses at 12
train terminals have been lengthened. New wash-out
plants, boilers and lighting systems have been installed at
5 round houses and shops.
Nine 80-feet steel turntables have been put in, replacing
'shorter ones;tractors for turning tables have been installed at
11 points, 7 being electric and 4 air. One 66-feet steel turntable has been put in as an addition and one 50-feet table
replaced by 60-feet turntable.
Forty-four water supply stations have been improved by
substitution of more powerful pumping plants, new wells,
pipe lines, &c.
In addition to tracks and yards mentioned above, many
other yard and passing tracks have been laid or extended, 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:
concrete culverts were put in replacing pipe and timber
culverts and 292 pipe culverts in replacement of wooden box
culverts.
The following is the approximate yardage of material
moved during the year in changes of line,reduction of grades,
widening and raising banks, bridge filling, ballasting, &c.
1,222,820 cu. yds.
"
805,839
215,832
"
81,000
1,238,504
In Changes of line and reduction of grades
Widening, raising and restoring banks
Filling bridges
Filling tide lands at Vancouver, B. C
Ballasting (gravel)
3,563,995 Cu. yds.
Total
There were also placed on old linesMasonry
Concrete
Rlprap
50,498 cu. yds.
17,106
65,883
133,487 cu. yds.
Total
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 Betterments."
The following is a statement by accounts of the amounts so
charged:
AccountsRight of Way
Real Estate
Bridges and Culverts
Masonry
Cribbing and Bulkheading
Roadway and Track
Increased Weight of Rails
Sidings and Spur Tracks
Fences
Telegraph
General Office Building
Transportation Department
Buildings
Road Department Buildings
Round Houses and Shops
Shop Tools and Machinery
Fuel and Water Stations
Grain Elevators, Coal Bunkers
and Stock Yards
Miscellaneous Buildings
Docks, Wharves and Landings_
Snow Fences and SnowkSheds
Additions.
Betterments.
$209,893 69
215,183 94
107,474 36
1249,061 73
7,323 47
358,159 89
55 51
6,462 63
393,849 31
40,388 43
358,645 11
1,029,110 23
19,920 86
28,096 83
5,762 96
747 85
Total.
1209,803 69
215,183 04
356,536 09
365,483 36
6,518 14
434,237 74
358.645 11
1,029,110 23
19,920 86
34,759 79
747 85
25,571 31
434,475 01
Cr.7 21
186,792 47
296,392 85
9,354 42
357,815 35
95,407 24
290,015 65
5,181 45
4,756 41
145,127 91
24,370 90
85,762 39
104,656 83
145,127 91
270,821 54
9,354 42
Cr.76,659 66
95,414 45
103,223 18
24,370 90
80,580 94
99,900 42
$2,265,353 51 12,174,586 83 $4,439,940 34
Total
One of the most important pieces of work now in progress
is the installation of the plant for handling trains through the
Cascade tunnel by electricity. There is being built near
Leavenworth, Wash., a low concrete dam in the Wenatchee
River with 11,000 lineal feet of 8 ft. 6 in. wood and 1,000
feet Of steel flume, power house with the necessary hydraulic and electric machinery, transmission line and transformer station, &c. It is expected that the plant will be
completed and in operation before winter.
The Company's road-bed, tracks, locomotives passenger
and freight equipment have been greatly improved and fully
maintained, and the property in its entirety is in better
condition than at any previous time in its history.
Respectfully submitted,
L. W. HILL, President.
REVENUES, OPERATING EXPENSES, ETC., FOR THE FISCAL
YEAR ENDED JUNE 30 1908 OF THE LINES OPERATED AS'
GREAT NORTHERN RAILWAY COMPANY AND THOSE INDEPENDENTLY OPERATED: IOWA & GREAT NORTHERN RAILWAY COMPANY AND MINNEAPOLIS WESTERN RAILWAY
COMPANY.
Revenues.
Revenue from
Per Cent.
1908.
1907.
Transportation.
of Total.
$42,231,321 93
74.0615 $40,311,420 14 Freight
11,048,927 13
20.5578 11,189,553 26 Passenger
137,294 67 Excess Baggage
128,721 26
.2522
1,388.926 28 Mall
1,354,083 01
2.5518
75.98 miles
771,188 92 Express
741,115 17
1.4169
Lines Owned by Great Northern fly. Co
•
6.14
961 09 Other Pass. Train Rev
.0018
Line Leased from Duluth Superior do Western Terminal Co
584,658 53
360,880 07 Switching
.6630
Lines Owned by Controlled Canadian Companies.43 "
18,869 97 Special Service Trains..
Brandon Saskatchnvan do Hudson's Bay fly. Co
.0347
1.67 "
32,977 85 Misc. Transport'n Rev_ _
Crow's Nest Southern Ry. Co
.0606
"
.30
Nelson & Fort Sheppard fly. Co
1.16 "
Vancouver Victoria do Eastern fly. ec Nay. Co
906003 $54,212,072 25 Total Rev.from Transp.$56,088,827 03
85.68 miles Per Cent
Revenue from Operations
1907.
.14 "
Other than Transportation.
1908.
of Total.
Less-New Westminster Southern fly. Co
$17,250 73
$20,967 38 Station &Tra Privileges
.0385
10,686 30
85.54 miles
11,946 15 Parcel Room Receipts-.0220
Net additional side-track mileage on old lines
Storage- Freight and
28,323 63
34.546 54 Baggage..
.0635
52,726 50
66,697 10 Car Service
.1225
Main tracks have been relaid during the year: 122.63 miles
3,275 29
6,553 66 Telegraph Service
.0120
with 90-pound rail, 239.20 miles with 85-pound rail, .84 mile
Rents of Buildings and
8,359 05
Other Property
23,327 86
.0429
with 77 -pound rail and 26.68 miles with 68-pound rail;
57,687 83
53,521 68 Miscellaneous
.0983
total 389.35 miles.
Embankments have been widened on 831.87 miles of road,
restored to grade on 19.95 miles, tracks ballasted with gravel
on 174.58 miles, reballasted, including additional lift, on
305.01 miles, and ballast restored on 616.28 miles. About
2,500,000 tie plates were placed in track during the year.
Not including fences on new lines, 103.74 miles of right-ofway fences have been built during the year.
In the replacement of wooden and iron bridges and trestles
with steel, or filling them with solid embankments,the work
done during the year was:
Length of steel bridges built in replacement
Length of steel overhead highway bridges
Total
3,672 lin. ft.
1,148
$178,309 33
00.6831
Per Cent
of Total.
.0307
.0190
.0503
.0937
.0058
.0149
.1025
.3169
Operating Expenses.
Cent
77
Per
.
al6
t6
.8oo
of1T
1908.
$10,030,877 40
7,917,388 61
731,337 10
2.0226
46.2234 16,713,473 40
764,979 12
_1.1157
Per Cent
of Total.
Class-1907.
Malnt. of Way do Struc._ $8,710 477 97 24.4433
8.545.020 50 23.9789
MaInt. of Equipment
1.0442
692,814 56
Traffic Expenses
16,747,574 02 46.9969
Transportation Expen
2.6367
030,617 10
General Expenses
100.0000 536,158,055 63 Tots.[Operating Expen_ $35,635,504 15 100.000
1907.
Per Mile of Road Operated.
....$8,815 42
1,92018.29 Revenue from Transportation
$82
28 02
32 09 Revenue from Operations other than Transportation.
28
17
8,25
T
5.483 39
Gross Operating Revenues
Operating Expenses
$8,843 44
5,600 79
$2,770 89
50 61
Net Operating Revenue
Net Revenue from Outside Operations
$3.242 65
37 06
$2,821 50
347 00
Total Net Revenue
Taxes Accrued
$3,270 71
333 31
15,325 lin. ft.
To provide water ways for bridges filled as above, there
were built 19 stone and concrete box culverts, 2 concrete arch
culverts. 47 pipe culvert& and 1 cedar box culvert. Eight
$217,560 46 Total
1.0391
100.0000 $54,429,632 71 Gross Oper. Revenues-156,267,137 26 100.0000
4,820 lin. ft.
12,287 lin. ft.
Length of bridges filled on old lines
Length of bridges removed account removal of Alton spur and
3,038
line between Lucerne and Lakeview, Mont
Total length of bridges taken out
.3997
Per Cen
of Total.
75.0550
19.6366
.2288
2.4065
1.3171
$2,474 50
6,594.11
Operating Income
Average Mlles of Road under Operation
$2,946 40
6,362.58
OCT. 31 1908.1
THE CHRONICLE
1908
66.70
66.43
Operating Expenses, Per Cent ofTotal Revenue from Transportation
Gross Operating Revenues
1t107
63.53
63.33
70.20
Operating Expenses and Taxes, Per Cent ofGross Operating Revenue plus Net Revenue from
Outside Operations
66.82
INCOME ACCOUNT-FISCAL YEAR ENDED JUNE 30 1008.
Lines Operated as Great Northern Railway Company and Those lodePendently Operated: Iowa & Great Northern Railway Company
and Minneapolis Western Railway Company.
Operating IncomeRail Operations:
Operating Revenues
$54,429,632 71
•
Operating Expenses
36,1 8,055 63
Net Operating Revenue
Outside Operations:
Net Revenues fromSleeping and Parlor Cars
Dining Cars, Loss
Eating Houses and Restaurants
$18,271,577 08
$316,967 77
10 65
16.786 81
Net Revenue from Outside Operations
333,743 93
Total Net Revenue
Taxes Accrued
*18,605,321 01
2,288,179 24
Operating Income
Other IncomeRents Received
Hire of Equipment-Balance
Dividends on Stocks Owned
Interest on Bonds Owned
General Interest
Profit on Securities Sold
Miscellaneous Income
$16,317,141 77
Brought forward
$20,164.476 63
Deductions from Gross Corporate IncomeRentals Paid:
To St. P. M. & M. Ry. Co. under Lease,
July 1 to October 31 1907, inclusive:
Accrued Interest on Bonds
*$1,171,245 85
Accrued Dividends on St.P.M. & M. Ry.
Stock Not Owned by G. N. Ry. Co- 6.700 00
Maintenance of St. P. M. & M.Ry. Co.'s
Organization
2,042 94
Total
Other Rentals
Total Rentals Paid
$1,347,435 98
Bond Interest Accrued
*3,670,865 08
Deficit under Guaranty of Interest on Kootenay Ry. & Nay. Co.'s Debenture Stock
155,861 59
Total Deductions from Gross Corporate Income
5.174.162 85
Net Corporate Income
$14.999,113 98
Against Which Has Been ChargedInterest Accrued on Payments made on Subscriptions for $60,000,000 00 additional
Capital Stock
$2,038,427 17
Dividends on Great Northern Ry. Stock:
Aug. 1 1907, 1%% on $149,577,300 00
2,617,606 26
Nov. 1 1907, 1 %% on 149,582,500 00
2,617,693 75
Feb. 1 1908, 1 %% on 149,915,200 00
2,623,516 00
May 1 1908, 1%% on 149,956,500 00
2,624,238 75
*Note.-Interest Accrued to Nov. 1 1907
on St. P. M. & M. Ry. Co.'s Bonds
as Rental under Lease
$1,171,245 85
' Bond Interest Accrued
3,670.865 08
3,847,334 86
Gross Corporate Income
$1,179,987 89
167,448 02
Total on account of Stock
12,61t,481 92
Balance transferred to "Fund for Permanent Improvements
and Renewals"
$2.468.832 06
$512,293 06
379,206 72
57,524 22
114,935 00
2,173,122 10
502,168 63
18,085 13
Total Other Income
1169
$20,164,476 63
Total
$4,842,110 93--antowat
Shown by "Bond Statement" on next page.
STATISTICS OF FREIGHT AND PASSENGER TRAFFIC ON SYSTEM FOR THE YEARS ENDED JUNE 30.
DESCRIPTION.
Increase.
1908.
1907.
Amount.
Per Cent.
FREIGHT TRAFFIC
Freight Train Miles
9,320,953
Mixed Train Miles
•
Total
Mileage of Locomotives employed In "helping" Freight and Mixed Trains
Percentage of "helping" to Revenue Train Mileage
Total
Tons of Freight CarriedRevenue
Company
Total
Tons of Revenue Freight Carried One Mile
Total Tons Carried One Mile (Revenue and Company Freight)
'Freight Revenue
AveragesAll Freight Cars per Train Mile'
Tons Revenue Freight per Train Mile
822,374
664,941
10,143.327
10,072,961
335,248
335,208
3.3051
Loaded Freight Car Miles
Empty Freight Car Miles
Caboose Car Miles
9,408,020
3.3278
Deer ease.
87,067
.9255
Incr pe
157.433
23.6762
70,366
252,017,528
76,430,027
9,507,974
265,351,215
76,814,072
9,816,701
13,333,687
383,145
308,727
5.0249
.4988
3.1449
337,956,429
351,981,988
14,025,559
3.9847
19,268,175
21,923,343
3,358,130
3,276,768
2.655,168
12.1111
Ince ease
81,362
2.4830
22,626,305
25,200,111
Deer ease
2,573,806
10.2135
5,164,024.158
5,426,950,685
262,926,527
5,994,781,747
6,173,944,424
179,162,677
$40,311,420 14
$42,231,321.93 *1,919,901.79
33.32
509,106
Tons Revenue Freight per Loaded Car Mile
20.401
Tons Revenue Freight Carried One Mile per Mile of Road
Distance Haul of One Ton-Miles
783,127
268.000
Freight Revenue per Train Mile
Freight Revenue per Mile of Road
Revenue per Ton per Mile-Cents
.6986
40
.0119
Deer ease
.0568
34.94
538,764
20.452
852,948
247.54
$3.97
$6,113.25
*4.19
$6,637.45
.7806
.7782
4.8448
2.9019
4.5461
1.62
4.6365
29.658
5.5048
/ncr ease
.039
.1907
Deer ease
69.321
8.1858
/ace ease
20.46
8.2653
Deer ease
$.22
5.2506
$524.20
7.8976
Incr ease
.0024
.3084
PASSENGER TRAFFICPassenger Train Miles
8,197,232
Mixed Train Miles
Total
Mileage of Locomotives employed in "helping"
. Passenger Trains
Percentage of "helping" to Revenue Train Mileage
Passengers Carried
Passengers Carried One Mile
Passenger Revenue
Passenger Service Train Revenue
AveragesPassengers Carried One Mile per Mile of Road
664,941
0,013,948
6,956,966
493,009,745
$11,189,553 26
13,487,924 22
Passenger Service Train Revenue per Train Mlle
TOTAL TRAFFIC-Revenue Train Mlles
Revenue from Transportation
822,374
9,019,606
80,855
0.9864
Distance Carried-Miles_
Revenue per Passenger per Mile-Cents
Passenger Service Train Revenue per Mile of Road
8,349.007
72,568
70.866
2.270
$2,045.45
74.481
2.393
$2,086.08
1.495
1.472
18,340,559
$54,212,072.25
18,421,968
$56,088,827 93
Operating Expenses
36,158,055 63
35,635,504 15
Net Revenue from Transportation
•
Revenue Other than Transportation
18,054,016 62
20,453,323 78
Net Operating Revenue
AveragesRevenue from Transportation per Train Mile
Operating Expenses per Train Mile
Net Revenue from Transportation per Train Mile
217,560 46
178,309 33
18,271,577 08
20,631,633 11
2.956
3.045
1.972
1.935
984
1,110
Revenue Other than Transportation per Train Mile
.012
.010
Net Operating Revenue per Train Mlle
.996
1.120
5,658
.0628
Deer ease
92,339
11.484
12.4368
1.1060
7.5665
Incr ease
6,199,222
757.744
12.2232
461,722,684
31,287,061
6.7762
$11,048,927 13
$140,626 13
1.2728
13,272,847 47
215,076 75
1.6204
74,765
•
Deer ease
151,775
1.8170
Incr ease
157,433
23.6762
2,197
3.0275
• De ease
3.61
4.8536
.12
5.1400
$40.83
1.9477
Inc MC
.02
1.5625
Dec
81,409
*1,876,755 68
Inc
522,551 48
Dec
2,309,307 16
In
39,251 13
De
2.360,056.03
ease
.4419
3.3460
ease
1.4664
ease
11.7306
ease
22.0129
ease
11.4390
.081
2.9228
Inc ease
.037
1.9121
De case
.126
11.3514
buy ease
.002 20.0000
De ease
.12
11.0714
[VOL. Lxxxvn.
THE CHRONICLE
1170
SINKING FUND,ST.PAUL MINNEAPOLIS & MANITOBA RAILWAY
COMPANY'S CONSOLIDATED MORTGAGE BONDS.
Fiscal Year Ended June 30 1908
CreditsFrom Land Department, as per Land Commissioner's report
$167,790 62
on another page
123 00
Revenue Todd County Lands
$167,913 62
Total Credits
DebitsRepayment of amount advanced to the Sinking Fund
during the year ended June 301907,as per page 42,
last year's report
$30,657 55
Bonds purchased by Trustee and canceled
05,775 34
126,432 80
$41,480 73
Balance, applicable for redemption of bonds
STATEMENT OF BONDS AND STOCK OUTSTANDING IN THE
HANDS OF THE PUBLIC FOR WHICH THE GREAT NORTHERN RAILWAY COMPANY IS RESPONSIBLE,
DIRECTLY OR UNDER GUARANTY.
Annual
In Hands of
In Hands of
Bonds.
Charpes Paid
Public.
Public
Assumed by GreatNor1907-1008.
therm Railway Co. Due. July 1 1908.
July 1 1907.
St. P. M. & M. Ry.Co$365,734 49
$5,660,000 00
36,253,000 00 Second Mtge. 6%_1909
280,172 33
4,222,000 00
4,833,000 00 Dakota Ext. 6% - -1910
800,640 00
13,344,000 00
13,344,00 00 Cons. Mtge.6% _ __1933
877,581 00
20,362,000 00
19,250,000 00 Cons. Mtge. 4 %_1933
407,400 00
10,185.000 00
10,185,000 00 Montana Ext. 4%1937
775,757 56
19,393,939 39
19,303,939 39 Pacific Ext.4% _ _ _1940
Eastern ay. Coo! Minn.4,700,000 00 First Div. 1st Mtge.
176,250 00
73,000 00
5% (Matured)_1908
5,000,000 00 Nor. Div, 1st Mtge.
217,085 55
7,562,000 00
1948
4%
Montana Cent. rttl.Co.360,000 00
6,000,000 00
6,000,000 00 First Mtge. 6% - - -1937
200,000 00
4,000,000 00
4,000,000 00 First Mtge. 5% __ _1937
Willmar&Sioux Falls
flit. Co.181,250 00
3,623,000 00
3,625,000 00 First Mtge. 5%.._ _1938
MinneaP. Union tty. Co.1922
2,150,000 00
129,000 00
2,150,000 00 First Mtge. 6%
650,000 00
32,500 00
1922
850,000 00 First Mtge. 5%
In Hands of
Public
July 1 1907
Bonds.
Spokane Falls ct Northern Ry, Co.$232,000 00 First Mtge. 670_1939
Total Amount of Bds.
Assumed by Great
Northern By. Co
Annual
Charges Paid
1907-1908.
In Hands of
Public
July 11908.
$229,000 00
$13,740 00
$07,455,939 39
$4,817,110 98
500,000 00
25,000 00
$07.955,939 30
$4,842,110 03
Principal and Interest
Guaranteed by Great
Northern By. Co.
Minneap. West.fly.Co.500,000 00 First Mtge. 5%___ 1911
$100,115,939 30
Total Bonds on Railway
Property Outstanding in Hands of Public
Stock.
149,577,500 00Issued by Great Northern
Railway Co
3249.693,430 39
209,962.750 00 *12,521,481 02
Total Bonds & Stock -- $307,018,689 39 $17,363,592 85
* This amount is the aggregate Gf dividends declared and paid during the
year on the Capital Stock issued and outstanding, and of the interest accrued
during the year to May 1 1908 on payments made on subscriptions to the
$60,000,000 00 of additional Capital Stock Issued as of May 1 1908.
In addition to the bonds above listed, the Great Northern and Northern
Pacific companies have issued their Joint C. B. & Q. collateral 4% bonds to
the amount of $215,226,000 00, secured by deposit with the Standard Trust
Co. of New York,as Trustee. of 1,076,130 shares of the Capital Stock of the
Chicago Burlington & Quincy Railroad Company.
Total Bonds and Stock, as above
$307,918,680 30
Mileage of Tracks in System, Including second, third,
fourth, fifth and sixth tracks, covered by above
capitalization
6,837.81
$45,031 77
Stock and Bonds per mile of Main Track
Mileage of Main Tracks covered by bonds In the hands of
4,061,34
the public
Bonded Debt outstanding in the hands of the public per
$19,743 85
mile of Main Track covered thereby
CONDENSED GENERAL BALANCE SHEET JUNE 30 1908
Ratlioav Properly.
Property Owned by the Great Northern
Railway Co.:
40,349,771 44
45,
Cost of Road
51,064,643 90
Cost of Equipment
1,770,761 17
Cost of Elevators
Total
Property of the Minneapolis Western By.
Co., the entire Capital Stock of which is
owned by the Great Northern By. Co.:
Cost of Road
C,st of Equipment
Capitol Stook.
Authorized Capital Stock of the Great
Northern fly. Co., issuable June 30 1008_5218,11•11,60, II
Less-Held in Treasury unissued as ex$7,250 110
plained on a pr,vi,us page
$203,185,176 51
$739,850 10
12,317 38
752,167 48
Total
Investment 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 advanced
for Construction purposes:
$399,567 81
Duluth Terminal By. Co
Iowa & Great Northern By. Co.(owning
the entire Capital Stock of the Union
1,767,788 14
Terminal Co. of Sioux City, Ia.)
3,110,221 06
Midland By. Co. of Manitoba
Brandon Saskatchewan & Hudson's Bay
2,066,695 72
By. Co
3,803,270 90
Crow's Nest Southern By. Co
2,071,660 82
Nelson & Fort Sheppard By. Co
307,518 49
Red Mountain By. Co
Vancouver Victoria & Eastern By. &
11,585,772 01
Navigation Co
271,738 31
New Westminster Southern By. Co__ _ _
Total
Investment in Union Depot and Terminal
1111Companies, represented by Cost of their
Stocks, Bonds and Advances for Construction purposes:
St. Paul Union Depot Co
Minnesota Transfer fly. Co
Lake Superior Terminal & Transfer By.
Co
Total
126,397,000 09
Total
Of this amount there are:
Outstanding in hands of Public, as per
statement on a i ther page
397,955,939 30
Held in Treasury of the Great Northern By.Co.as listed on a proii,ui page 28,441,969 70
N. P.-G. N. Joint C. B. dG Q. Collateral 4%
$215,226,000 00
Bonds
Less Northern Pacific By. Co.'s proportion,
107,613,000 00
one-half
Total Capitalization
107,613,000 09
$443,973,650 09
Current Liabilities.
$2,955,072 87
Audited Vouchers Unpaid
2,424,837 12
Unpaid Pay Rolls
Unpaid Coupons, including those due July 1
1,661,347 23
1908
Matured S. F. & N. By. Co.'s Debentures
1,224 00
Unpresented
25,384,242 32
7,042,481 22
Total
Accrued Liabilities Not Yet Due.
$1,037,408 51
Accrued Taxes not due
264,673 33
Bond Interest Accrued not due
10,000 00
Rentals Accrued not due
$103,600 00
182,005 71
1,312,171 84
Total
74,533 32
Deferred Liabilities.
Balances due Affiliated Companies
360,220 03
$319,681,815 34
Total Railway Property
Securities Owned.
Cost of Securities in hands of Trustee of
N. P.-G. N. Joint C. B. & Q. Bonds
(1,076,130 Shares of C. B. & Q. RR.
Capital Stock, Great Northern By. Co.
100,114,309 76
one-half owner)
Other Securities Owned:
Railthe
Stocks, not including Stocks of
way and Union Depot Companies
$10,355 840 96
above listed
Bonds, not including Bonds of the Railway and Union Depot Companies
above listed:
Issued by Companies whose properties are now owned by the Great
Northern By. Co. and which are shown
28,699,753 51
contra, par-528,441,969 70; cost
2,974,853 15
Issued by other Companies
6,768,715 66
Unexpended Balances in Sundry Funds.
Funds for Permanent Improvements and
$5,057,053 77
Betterments
Amount set aside to cover the Depreciation
14,372,447 98
of Equipment now in service
481,884 37
In,urance Funds
19,911,386 12
Total
Balance.
Cost of Additions and Improvements made
to the Property of the Great Northern
fly. Co. and paid for from "Fund for Permanent Improvements and Renewals".... $17,822,512 47
St. P. M. & M. By. Consolidated Mortgage Bonds retired since Nov. 1 1907,
78,000 00
through operation of Sinking Fund
27,101,800 47
Profit and Loss
45,092,312 94
42,030,447 62
Total
Other Investments.
Miscellaneous Investments and Advances to
Union Depot
and
Railway
other than
Companies above named
Total
$200,082.750 08
Issued and Outstanding
Funded Debt.
Bonds assumed by Great Northern Rail1125,897.908 09
way Co
500,000 00
Minneapolis Western By. Co.'s Bonds
25,140,791 50
$495,967,364 22
Current Assets
$11,688,302 20
Cash
3,430,900 27
Bills tteceivable
1,812,366 76
Due from Agents
_
_
360,081 70
Department_
Office
Post
S.
U.
Due from
115,801 04
Due from U. S. Transportation
2,086 34
Due from Canadian Post Office Department
57,350 34
Advanced Charges
2,437,893 48
Due from Other Companies and Individuals
Total
Value of Material and Fuel on hand
10,013,782 13
8,219,580 52
$524,100.726 87
$524,100,726 87
OCT. 31. 1908.]
THE CHRONICLE
1171
THE ROOK ISLAND COMPANY.
SIXTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1908.
To the Stockholders of The Rock Island Company:
Separate detailed statements of the receipts and disburse-j
, The Board of Directors herewith submit their report of ments of each company are shown below.
the affairs of The Rock Island Company for the fiscal year
THE ROCK ISLAND COMPANY.
ended June 30 1908.
BALANCE SHEET JUNE 311 1908.
The "Income Account," "Profit and Loss Account" and
ASSETS.
"General Balance Sheet" will be found on the following Stocks owned
$150,024,920 $7
Cash
pages.
19,275 28
70,153 82
Changes in the company's condition during the year are Due from companies and individuals
$150,114,349 47
as follows:
LIABILITIES.
Capital stock-common_ _ _ _$96,000,000 00
CAPITAL STOCK.
Capital stock-preferred___ 59,000.000 00
Inc.(+) Or
PreferredJune 30 1008. June 30 1907. Dec.(-).
In hands of public__ ______ $49.139,300 00 $49,047,390 00 +$91.910 00
In trftsury
4,860,700 00
4,952,610 00 -$91,910 00
Total
$54,000,000 00 $54,000,000 00
CommonIn hands of public
In treasury
$89,733,702 50 $89,602,402 50 +$131,300 00
6.266,297 50
6,397,597 50 -$131,300 00
Total
$96,000,000 00 $96,000,000 00
The increase in stock outstanding represents the acquisition
by the Chicago Rock Island & Pacific Railroad Company of
1,313 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:
FUNDED DEBT.
June 30 1908. June 30 1907. Increase.
4°J,Gold Bonds (due 2002) _ _$70,199,000 00 $70,067,700 00 $131,300 00
5r Gold Bonds (due 1913)._.. 17,364,180 00 17,364,180 00
Total
;87,563,180 00 $87,431,880 00 $131,300 00
The $131,300 of 4% Gold Bonds were issued against the
acquisition of 1,313 shares of stock of the Chicago 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.
COMBINED INCOME ACCOUNT.
THE ROCK ISLAND COMPANY AND CHICAGO ROCK ISLAND &
PACIFIC RAILROAD COMPANY.
Dividends on the Chicago Rock Isla d & Pacific
Railway Compa y stock ow ed-I %% on 700,677 shares, received Oct. 1 1007 $1,226,184 75
1% on 701,476 shares, received Jan. 2 1908
701,476 00
1 % on 701,476 shares, received April 1 1908 1,052,214 00
1% on 701,960 shares, received June 30 1908 701,06000
$3,681,834 75
Other income
32,205 95
Total income
$3,714,130 70
Less expenses and taxes
$31,235 30
Less interest on ChIcago.Rock Island & Pacific RR.]
[Co. bonds, viz.:
4% bo ds
$2,805,445 00
868,200_00- 3,673,645 00
5% bonds
3,704,880 39
Balance for current fiscal year
Suolus June 30 1907
$9,25031
451.548 92
lia ance
Deduct sundry Items not applicable to surplus of current year_
Surplus June 30 1908
r•
;150,000,000 00
2,385 50
111,963 97
$150,114,349 47
PROFIT AND LOSS.
Surplus June 30 1907
$69,048 13
Income from dividends on Chicago Rock Island & Pacific
RR. Company stock ownedReceived Jan 31 1908...
$50,000 00
Received June 30 1908._ _
25,000 00
$ 75,000 00
Other Income
346 49
Unpaid vouchers and accounts
Surplus
Total Income
Expenses and taxes
$75,34649
28,989 14
Balance for current fiscal year
Deduct sundry items not applicable to surplus of current year
$46,357 35
3,441 51--
Surplus June 30 1908
42,915 84
$111,963 97
CHICAGO ROCK ISLAND & PACIFIC RAILROAD CO.
Stocks owned
Other investme,ts
Cash and cash items
BALANCE SHEET JUNE 30 1908.
ASSETS.
;232,606,141 21
$19,986 le
792,579 77
MI3,718,707 OS
LIABILITIES.
;145,100,000 es
Capital stock
Funded debtGold bds.,4% (due 2002) $70,199,000 00
Gold bds., 5% (due 1913) 17,364,180 00
Unpaid coupons
Interest accrued (not due)_ _
$52,740 00
757,393 33
117,563,180 SO
$10,133 33
345,393 75
;233,718,707 OS
PROFIT AND LOSS.
Surplus June 30 1907
$382.500 79
Dividend on the Chicago Rock Island & Pacific By. Co.
stock owned1 % on 700,677 shares, received Oct. I 1907 $1,226,184 75
1% on 701,476 shares, received Jan. 2 1908
701,476 00
134% on 701.476 shares, received April 1 1908 1,052,214 00
1% on 701,960 shares, received June 30 1908
701,960 00
Surplus
$3,681,834 75
31,949 46
Other Income
Total Income
Expenses
Interest on 4% ho' ds
L.terest on 5% bonds
Balance for current fiscal year
$460,709 23
3,441 51
Balance available for dividends
Divide ds to stockholdersPaid Jan. 31 1908
Paid June 30 1908
$457,357 7
Surplus June 30 1908
$3,713,784 21
$2,246 25
2,805.445 00
868,200 00
3,675,891 2537,892 96
$420,393 75
$50,000 00
25,000 00- 75,000 00
$345,393 75
STATEMENT OF COMBINED INCOME ACCOUNT OF OPERATED LINES
YEAR ENDED JUNE 30 1908, COMPARED WITH PRECEDING FISCAL YEAR.
Rock Island Lines.
St. Louis .1 San Francisco Railroad Lines.
Chicago de Eastern
Illinois Railroad.
Evansville & Terre Haute
Railroad (incl. Evansv.
TOTAL OF ALL ROADS
dc Indianapolis RR.).
1908
1907
1908
1907
1908
1907
1908
1907
1908
1907
Average mileage operated
7,969.53
7,780.26
5,064.16
5,061.72
957.10
310.41
947.67
310.41
14,301.20
14,100.06
Revenue from transpor$
tat on:
$
$
$
$
$
$
$
$
$
Freight
37,899,356 36 40,215,901 41 23,976,296 87 26,534,639 66 8,523,386 97 9,280,360 44 1,439,498 14 1,513,663
80 71,838,538 34 77,544,565 31
Passenger
16,693,110 45 16,153,539 42 8,927,036 90 9,166,326 63 1,680,303 14 1,641,069 30 570,403 01 575,696 86
27.870,853 50 27,536.632 21
Mall
1,398,173 95 1,356,868 48
979,927 21
885,662 71
120,261 44
110,393 45
59,175 30
54,487 08 2.557,537 50 2,407,411 72
Express
1,424,183 36 1,373,765 79 1,129,153 27
998,864 97
248.938 51
199,960 39
37,007 04
36,964 30 2,839,282 18 2,609,055 45
Miscellaneous
701,800 51
745,426 82
557,149 04
475,557 20
117,302 74
109,564 67
83,265 11
85,266 10 1,459,517 40 1,415.814 79
Total transportation
revenue
58,116,624 63 59,845,501 92 35,569,503 29 38,061,051 17 10,690,192 80 11,341,348 25 2,189,348 60 2,265,578 14 106,565,729 32
111,513.479 48
Revenue from operations
other than transport'n
367,572 25
293,171 36
236,568 82
192,930 19
52,538 60
52,048 80
14,720 82
12,059 22
671,400 49
550,209 57
Total oper. revenue... 58,484,196 88 60,138,673 28 35,806,132 11 38,253,981 36 10,742,731 40 11,393,397 05 2,204,069
42 2,277,637 36 107,237,129 81 112,063,689 05
Operating expenses:
Maintenance of way
and structures
8,319,804 25 9,146,540 35 4,822,333 31 5,584,888 56 1,225,424 14 1,357,220 34 291,067 44 284,066 00 14,658,629 14
16,372,715'25
Maint. of equipment
7,490,381 62 6,963,276 71 4,607,461 95 4,715,224 89 1,535,800 00 1,684,685 18 254,475 55 353,954 52 13,888.119 12 13,717,141
30
Traffic expenses
1,488,114 58 1,610,429 48
833,825 07
873,974 05
197,295 38
229,936 55
39,462 72
36,114 67 2,558,697 75 2,750,454 75
Transport'n expenses. 23,655,277 71 21,719,981 43 13,746,379 91 12,709,598 16 31,928,438 62
3,927,064
679,944
42
84
621,457 17 42,010,040 66 38,978,101 60
General expenses
1,375,169 55 1,372,594 47 1,082,924 70
972,889 20
369,942 60
339,249 36
70,150 31
62,321 71 2,898,187 16 2,747,054 74
Total oper. expenses 42,328,747 71 40,812,822 44 25,092,924 94 24,856,574 86 7,256,900 74 7,538,156 27 1,335,100
44 1,357,914 07 76,013.673 83 74,565,467 64
Net operating revenue__ 16,155,449 17 19,325,850 84 10,713,207 17 13,397,406 50 3,485,830 66 3,855,240 78 868,968 98 919,723 29 31,223.455
98 37,498,221 41
1,789,894 79 1,676,038 31
Taxes
948,414 62
896,958 13
358,586 94
335,000 00 104,277 77 103.277 50 3,201,174 12 3,011,274 00
Operating income
14,365,554 38 17,649,812 53 9,764,792 55 12,500,448 37 3,127,243 72 3,520,240 78 764,691 21 816,445 73
28,022,281 86 34,486,947 41
Other income
321,201 19
613,608 78 1,548,557 00 1,873,19074
891,607 77
772,397 66 226,469 39 244,860 43 2,987,835 35 3,504,057 61
Total income
14.686,755 57 18,263,421 31 11,313,340 55 14,373,639 11 4,018,851 49 4,292,638 44 991,160 60 1,061,306 16
31,010,117 21 37,991,005 02
Interest and rentals
Betterments on leas
lines
Total charges
Balance of income
Dividends
Balance of surplus
9,958,453 62 9,475,227 73 10,854,283 41 10,215,055 82 2,882,623 73 2,622,470 67
10,199 54
592,048 05
596,085 41 24,287,408 81 22,908,839 63
592,048 05
596,085 41 24,297,608 35 22,946,516 14
459,066 14 4,158,583 29 1,136,227 76 1,670,167 77
199,742 12
199,742 12 1,251,622 00 1,251,622 00
399,112 55
465,220 75
6,712,508 86 15,044,488 88
5,381,149 12 5,568,092 12
259,324 02 3,958,841 17 dehl15394 24
399,112 55
465.220 75
1.331,35974
37,070 51
10,199 54
9,968.653 16 9,512,904 24 10,854,283 41 10,215,055 82 2,882,623 73 2,622,470 67
4,718,102 41 8,750,517 07
3,929,785 00 4,116,728 00
^
788,317 41 4,633,789 07
418,545 77
37,676 51
9,476,396 76
hurs;.-CommencIng wan July 1 i.,u/, the figures hereon are classified In accordance with the requirements of the Inter-State
Commerce Commission. To preserve comparisons, the figures for the previous year are re-stated hereon, where necessary.
THE CHRONICLE
1172
COMBINED STATEMENT OF PROFIT AND LOSS OF
Credit—
$27,401,304 97
Balance as of June 30 190 7
Surplus for the year ended June 30 1908, as per combined
1,331,359 74
income account (page 15)
149,429 91
Sundry accounts not credited to current year's Income
[VOL. Lxxxvn.
OPERATED LINES AS OF JUNE 30 1908.
Debit—
Discount on securities sold, stocks ard bonds
exchanged and expenditures in connection
$3,118,169 23
with Usti g a d Issuing i ew bonds
Depreciatio o tracks, structures and equip2,326,644 37
ment, removed, sold or destroyed
223,661 90
Dividends paid out of surplus of prior years_ _ _
Reduction I book value of property accounts,
as explained I . detail la reports of operati g
250,000 00
compa les
Sundry accounts not charged to current year's
234.516 31
Income
Total debit
$28,972,094 62
Total credit
Balance June 30 1008
16.152,991 90
$22,810,102 72
THE CHICAGO ROCK ISLAND & PACIFIC RAILWAY COMPANY.
TWENTY-EIGHTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1908.
There were acquired 51 locomotives, 30 passenger train
To the Stockholders:
cars, 2,947 freight train cars, and one service car, all being
of
their
report
submit
herewith
Directors
of
Board
The
new equipment. DetaAs are shown on pages 35, 37 and 38.
the operations and affairs of the Rock,Island Lines for the
The line from Irving, Tex., to Carrollton, Tex, reported
1908.
30
June
ended
year
fiscal
as under construction by the Chicago Rock Island & Gulf
year
follows:
were
as
the
for
operations
the
of
results
The
Railway Company on June 30 1907 has been practically
completed. It is laid with 60-pound steel rail and is gravel
Total operating revenue (decrease $1,654,$58,484,196 88
476 40,or 2.8%)
ballasted; a 280-foot steel bridge was erected over Elm
Operating expenses (Increase $1,515,025 27.
42,328,747 71
Fork of Trinity River, and all structures are standard.
or 3.7%)
Of the line between Amarillo, Tex., and Tucumcari, N. M.,
Net operating revenue (decrease $3,170,401 87,or 16.4%)416,155,449 17
construction by the Chicago
1,789,894 79 which has been shown as under
Taxes (Increase $113,153 41, or 6.8%)
Rock Island & Gulf and Chicago Rock Island & El Pau)
38
$14,365,554
Operating Mame
Railway Companies, and upon which no work was done dur321,201 10
Miscellaneous Income
ing the three preceding fiscal years, 20.64 miles between
$14,686,755 57 Amarillo and Wildorado, Tex., were placed in operation
Total income
0,968,653 16
Interest and rentals
May 11 1908. The line is laid with 60-pound steel rail and
standard station buildings are in process of erection at Bush
6.2%
being
Balance of Income,after providing for all charges,
$4,718,102 41 and Wildorado.
on capital stock ($75,000,000)
3,029,785 00
Dividends paid (5 YI % on capital stock)
The work of installing automatic block signals between
$788,317 41 Chicago and Rock Island, Ill., and between Herington and
Balance,surplus for the year
McFarland, Kan., has been completed during the year.
To afford proper comparison, the percentages of increase
The advances by your company on account of construction
of
last
year's
basis
figures
on
computed
are
and decrease
and equipment of the Trinity '& Brazos Valley Railway
Commerce
Commission
Inter-State
to
according
revised
aggregate $1,284,955 26, of which $1,187,539 76 were adclassifications now in effect.
vanced during the current year. For $697,247 69 of these
For comparative income account in detail, see table on advances and interest on all advances to June 12 1908, your
page 13.
company received $802,000, par value, 432% refunding and
The capital stock of the Chicago Rock Island & Pacific 'extension bonds of the Colorado & Southern Railway ComRailway Company outstanding at the close of the previous pany, leaving outstanding advances of $587,707 57.
fiscal year was $74,854,100, and has since been increased by
During the year $284,093 78 were advanced for the termithe issue of $5,500 in exchange for $5,000 capital stock of the nals at Galveston, Tex., and $26,497 24 for the terminals at
Burlington Cedar Rapids & Northern Railway Company, 'Houston Tex.
and $500 capital stock of the Rock Island & Peoria Railway
'year's report mention was made of the expenditure
In last
.
Company.
18 for additional and improved terminals at
$4,089,934
of
During the year the funded debt increased $6,268,000, various other points. To complete these terminals and for
equipment notes decreased $433,459 and the three-year additional similar work, your company has disbursed $1,notes for $7,500,000 were paid July 1 1907, when due; making 521,044 40 during the current year.
a net decrease in funded and other,fixed interest-bearing
The Memphis Railroad Terminal Company was incorpordebt of $1,665,459.
ated March 5 1907 for the purpose of recting a new passenThe cost of property and franchises increased $6,187,- ger station with requisite buildings and tracks at Memphis,
245 68, details being shown on page 18. There were also Tenn. This company, with nine other railroad companies
expended $3,902,698 07 for additions and improvements; centering in Memphis, has joined in the guaranty of the
for particulars see page 19.
necessary funds ($1,200,000) to purchase property for the
Trackage rights over the Louisiana & Arkansas Railway station. The capital stock of the company is $100,000, of
and the Louisiana Railway & Navigation Company from which each of the ten roads holds one-tenth, or $10,000.
the former terminus of the track near Winnfield, La., to
The recent business depression caused a serious decrease
Alexandria La., were taken over for operation on Oct. 1 in your gross earnings, which decrease was met, as far as
Feb. 1 1908 the new line was opened from Alex- thought advisable and practicable, by a reduction in oper1907. On'
andria,La. to. Eunice, La., where it connects with the ating expenses—the integrity and efficiency of the property
Colorado Sciuthern New Orleans & Pacific Railroad, now and duty to the public having been given careful consideraunder, construction between Houston, Tex., and Baton tion.
Rouge, La., the completion of which is expected at an early
One of the difficult features of this business depression
date, when a through line into New Orleans will be estab- which adversely affected operating results is found in th'e.
lished. This line, built by the Rock Island Arkansas & empty freight car movement, which increased nearly
Louisiana Railroad Company, is laid with 60-pound steel 23,000,000 miles; when the sudden falling off in freight traffic.
rail and is ballasted with gravel. Bridges, stations, water came, not only were your lines well covered with foreign
tanks and other structures are of Rock Island standards.
cars, which must be returned to their owners empty, to
Under the first mortgage of the Rock Island Arkansas & avoid further per diem charges, but, being an intermediate
1
, Louisiana Railroad Company, dated Jan. 1906, there have road, was flooded with empty cars being returned from
been issued during the year $1,500,000 additional bonds on Western lines to those in the East, and vice versa. A vast
account of the construction of the line from Alexandria, La., amount of transportation expense (approximately one millto Euniee; La.,'Making a total issue to date of $9,000,000. lion dollars) was incurred in moving this equipment without
These additional bonds were purchased by your company revenue, and our hire of equipment debit balance increased
and have been added to the $7,500,000 previously deposited $461,258 76—the latter, however, partly on account of the
as security for the $6,000,000 collateral trust notes due increased per diem rate.
April 1 1908, which were extended for one year at 6%.
During the year your company sold all except 7,700 shares
(preferred) of its holdings of stock of the Chicago & Alton
GENERAL.
Railroad Company to the Toledo St. Louis & Western RailCompany, receivingtherefor that company's gold bonds
road
show
the
records
establishThe industrial department
1917.
of
the
during
fiscal
company,
year,
ment along the lines of your
The accounts of your company at the close of the fiscal
of two hundred and ninety new industries. The promoters year were examined by Mr. Stephen Little, and copy of his
of
nine
millions
over
dollars certificate appears below.
are estimated to have expended
on the plants, and intend to employ nearly nine thousand
•
By order of the Board of Directors.
persons. •
Four new side tracks were built to mines and sixty-three
B L. WINCHELL,
to private industries; extensions were added to one mine
President.M,
Oct. 21 1908.
track aid le twenty-one tracks_tofprivate industries.
OM 31 1908.]
THE CHRONICLE
INCOMB ACCOUNT YEAR ENDED JUNE 30 1908, COMPARED WITH
PREVIOUS YEAR.
Inc. (+) or Dec. (-).
1907-08.
7,969.53
1906-07.
7,780.26
Amount.
Per Cent.
+2.43
A-189.27
Average miles °per_
Revenue from freespartationFreight
37,899,35636 40,215,901 41 --2,316,545 05
Passenger
16,893,11045 16,153,539 42
A-539,571 03
Mall
1,398,173 95 1,356,868 48
4-41.305 47
Express
1,424,183 36 1,373,765 79
.1-50,417 57
Miscellaneous ___
701,800 51
745.426 82
-43,626 31
Total transportation reteue_58.116.624 63 59,845,501 92 --1,728,877 29
Revenue from operations other than
transportation_ _
367,572 25
293,171 36
+74,400 89
Total operating
revenue
58,484,196 88 60,138,673 28 --1,654,476 40
--5.76
A-3.34
-I-3.04
4.3.67
-5.85
-2.89
+25.38
--2.75
Operating expensesMaintenance of way
and structures _ 8,319,804 25 0,146,540 35 --826,736 10
-9.04
Maintenance of
equipment ____ 7,490,381 62 6,963,276 71
+527,104 01
+7.57
Traffic expenses__ 1,488,114 58 1,610,429 48 -122,314 90
-7.60
Transportation expenses
23,655,27771 21,719,981 43 +1,935,296 28
+8.01
General expenses_ 1,375,169 55 1,372,594 47
+2,575 08
+0.19
Total operating expenses
42,328,747 71 40,812,822 44 +1,515,925 27
+3.71
Net operating revenue16,155,449 17 19,325,850 84 -3,170,401 67 --16.40
Taxes
1,789,894 79 1,676,038 31
+113,856 48
+6.79
Operating income.... _ 14,365,554 38 17,649,812 53 -3,284,258.15
Outside operations
.
(debit balance)..
*92,727 28
Hire of equipment
(deblt balance)_ *710,711 61
Other income_ _ _ _ 1,133,640 08
Total
-18.61
*59,449 90
--33,277 38 , --55.98
*258,452 85
031,511 53
--461.258 76 --178.47
4-202,128 55 --21.70
--292,407 59
--47.65
Total Income-14,686,755 57 18,263,421 31 -3,576,665 74
--10.58
Interest
Rentals
321,201 10
8,413,221 92
1,545,231 70
613,60878
8,279,300 02
1,105,927 71
+133,921 90
+349,303 99
A-29.21
1173
Inc. (+) or Dec. (-).
1907-08.
1906-07.
10,199 54
37,676 51
Total charges__ 9,968,653 16
9,512,004 24
Betterments on leased
lines
Balance of income
(available for dividends)
4,718,102 41
Dividends
3,929,785 00
Balance surplus (carried to credit of profit and loss)
•• Deb t.
788,31741
Amount. Per Cent.
-27,476 07 -72.93
+455,748 92
+4.79
8,750,517 07 -4,032,414 66 -46.08
4,116,728 00 -136,943 00
-4.54
4,633.789 07 -3.845.471 66
--82.99
Dividends Declared During Year Ending *Twee 30 1908.
Dividend No. 109, 13i%,paid October 1907
$1,309.910 00
Dividend No. 110, 1%, paid January 1908
748,520 00
Dividend No. 111, 1 %, paid April 1908
1,122,78000
Dividend No. 112, 1%, paid July 1908
748,57500
Total, 53i%
83,929,785 00
PROFIT AND LOSS,
Debft.
Credit.
By balance as of June 30 1907
819,123,124 11
By surplus for year ended June 30 1908_ _ _
788.317 41
By Interest prior to current fiscal year on
advances for
St. Louis, Mo.,freight terminals
10,529 08
Kansas City. Mo., Cedar Rapids, Ia.,
Peoria, Ill., and Carbon Cliff, Ill.,
Properties
9,066 40
By sundry liabilities written off
24,334 73
To discount, commissions and expenses on,
bonds issued and sold and on notes extended
2,263,863 82
To depreciation on:
Tracks removed
32.093 25
Structures sold, removed or destroyed- _
36,886 69
Equipment sold or destroyed
1,458,920 42
To sundry uncollectible accounts written off
4,485 50
To balance
16,159,122 05
519.955.871 73
By balance brought down
5110,955,371 73
816,159,122 05
CONDENSED GENERAL BALANCE SHEET JUNE 30 1908 AND COMPARISON WITH PREVIOUS YEAR.
ASSETS.
1908.
Capital assets-
LIABILITIES.
1907.
Inc.(
or
Dec.(-).
1908.
Capital liabilities-
Property and franchises._ _ -249,685.627 88 243,498,382 20 +6,187,245 88
Additions and Improvements,
current year
3,902,698 07
4,375,221 38
472,523 31
Advances for construction
and equipment
4,093,461 58
4,385,825 57 -292,363 99
Real estate
641,991 02
639,94098
+2,041 04
Investment account-stocks
representing ownership of
Rock Island Lines In sundry properties
1,950,422 30 10,971,140 49 -0,020,718 10
Bonds of Toledo St. Louis &
Western Railroad Company 9,120,551 23
+9,120,551 23
Rock Island Improvement
Co., equipment purchase
under Indenture of Feb. 1
1907
7,892,369 90
7,533,550 00
+358,819 90
American Locomotive Co.,
equipment purchase under
Indenture of Oct. 15 1907..
782.055 00
+782,055 00
First and refunding mortgage gold bonds-pledged
against 3-year notes due
July 11907
11,250,000 00-11,250,000 00
Total
278,069,177 07 282,654,069 62
4,584,892 55
1907.
Inc.(+) or
Dec.(-).
Capital stock
75,000,000 00 75.000,000 00
Funded debt
191,850,000 00 185.582.000 00 +6.268,000 00
Equipment notes
6,951,541 00
7,385,00000 -433,459 00
3-year notes, due July1 1907
7.000,00000 -7,500,00000
Collateral trust gold notes,
due April 1 1909 (extended one year from
April 1 1908)
6,000,000 00
8,000,000 00
Total
279.801.541 00 281,467.000 00 --1,665,459 00
Current liabilitiesUnpaid vouchers and drafts..
Unpaid wages
Interest, rentals and divid.nds, du July 1
Taxt.,i accrued (not due)-- Interest and rentals accrued
(not due)
Interest coupons due and not
presented
Dividends duo and not called
for
Bonds matured, not presented
Notes payable
Interim certificates for first
and refunding mortgage
gold bonds
4,489,081 52
1,983,342 09
2,845,601 06 A-1,643,480 44
2,556,021 30 --572,679 21
2.372,904 00
1,124,040 37
2,788,589 00
1,075,308 00
-415,885 00
+48,642 37
1,485,547 87
1,342,077 14
+143,470 53
284,527 50
212,085 00
A-72,462 50
5,986 32
7,90000
3,520,000 00
7,007 07
--1,020 75
26,500 00
--18,800 00
150,000 00 +3,370,000 00
3,000,000 00 -3.000,000 00
Current assetsTotal
15,273,329 47 14.003,258 59 +1,270,070 88
Cash
2,485,735 98
9,917,499 05 -7.431.763 07
Station agents
conductors:
Deferred liabilitiesDr. 51,958.305 88
Keokuk & Des Moines Ry.
92,391 73
Co.
-account equipment.
197,562 25
197,162 25
1,865 914 15
2,350,508 27 -484,594 12
White & Black River Valley
Companies and Individuals:
Ry.Co.-account equIp't
25,170 00
21,170 00
jDr. 83,424,270 53
329,623 36
1Cr.
Total
222,732 25
222.732 25
3,004,647 17
2,832,144 35
+262,502 82
Traffic balances:
Total liabilities
295,297,602 72 295,692,990 84 -395,388 12
JDr. 8591,065 10
1Cr.
588,881 70
2,183 40 Cr.149.950 78
+152,134 18
Provisional accounts-.
Express companies
348,052 38
303,125 21
+44,927 17
U.S. Post Office Department
356,662 62
411,369 35
-54.706 73 Reserve for repladement of
equipment
2,366,011 38
adva,lc fur onstruction,
561,438 27 +1,804,573 11
equipment, &c., fundable
436,285 63
447,670 28
-11.384 65
711,060 89
854,692 62 -143,631 73 Insurance fund
Loans and bills receivable
47,401 03
40,338 61
+7,063 02
3,283,019 99
2,217,133 19 +1,065,886 80 Hospital fund
Special improvement and
First and refunding mortgage
equipment fund
gold bonds-pledged against
2,043.171 52
2.108,279 54
-65,108 02
notes payable
4,606,500 00
+4,606,500 00
Total
Bonds, &c., In treasury4,892,870 16
3.157,726 70 +1,735.143 46
unpledged
14,918.133 71 10,087,795 80 +4,830,337 91
Grand total liabilities (inStocks in treasury-unpledged 921,131 23
010,068 01
+11,063 22
cluding
provisional acAccrued Income from incounts)
300,190,472 88 298,850,717 54 +1.339.755 34
vestments
194,076 27
155,406 49
+38,669 78
16,159,122 05 19,123,124 11 -2,914,002 06
Prepaid Insurance
166,891 52
156.123 30
+10.768 22 Profit and loss
5,256,578 68
Material and supplies
4,356,074 74
+900,503 94
38,210,587 99
Total
34,401,980 60 +3,808,598 39
Deferred assetsOpen carrying accounts In
prccess of adjustment:
Pk. 81,089,070 45
ACr. 1,019,240 58
69,82987
Grand total
917.782 43
-847,952 56
316,349,594 93 317,973,841 65 -1,624,246 72
Grand
total
316,349,504 93 317,973,841 85 -1,624,246 72
Note.-In stating the assets and liabilities of the companies forming the Rock Island Lines, the holdings of the Chicago Rock Island & Pacific
Railway Company In the bonds and capital stock of the auxiliary lines, together with loans between the various companies, have been eliminated
from the liabilities, and a like reduction Made I n the assets pertaining thereto; the figures shown, therefore, represent the book value of the assets and
the liabilities without duplication.
• The figures for 1907 have been, In a few Instances, re-stated to compare with those for 1008, but the totals are one and bite same.
[VoL. Lxxxvii.
THE CHRONICLE
1174
FINANCIAL CHANGES DURING YEAR ENDED JUNE 30 1908.
RESO URGES.
Cash on hand June 30 1907
Funded debt Increased-See page 20, pamphlet report
First and refundim, mortgage gold bonds-pledged against three-year notes due July 1 1907
decreased
$9,917,499 05
$6,268,000 00
11,250,000 00 $17,518,000 00
Advances for construction and equipment (decrease)
Investment account-stocks representing ownership of Rock Island Lines In sundry properties (decrease)
$292,363 99
9,313,082 09 $28,831,082 09
9,020,718 10
Changes In Current Accounts, as follows:
Decrease in AssetsStation agents and conductors
United States post office department
Advances for construction, equipment, etc., fundable
Open carrying accounts in process of adjustment
$484,504 12
54,70673
143,831 73
847,952 56 $1,530,885 14
Increase in LiabilitiesUnpaid vouchers and drafts
Taxes accrued (not due)
Interest and rentals accrued (not due)
Interest coupons due and not presented
Notes payable
Increase in Provisional AccountsReserve for replacement of equipment
Hospital fund -------
,72
$1,643,480 44
48,642 37
143,470 53
72,462 50
3,370,000 00
$1,804,573 11
7,083 02
---------
5,278,055 84
1,811,636 13
$8,620,577 11
Less-Increase in AssetsCompanies and individuals
Traffic balances
Express companies
Loans and bills receivable
First and refunding mortgage bonds-pledged against notes payable
Bonds, etc., In treasury-unpledged
Stocks In treasury-unpledged
Accrued Income from Investments
Prepaid Insurance
Material and supplies
$262,502 82
152,134 18
44,927 17
1,065,886 80
4,606,500 00
4,830,337 91
11,063 22
38,869 78
10,768 22
900,503 94
$11,923,294 04
Decrease in LiabilitiesUnpaid wages
Interest, rentals and dividends due July 1.
Dividends due and not called for
Bonds matured, not presented
Interim certificates for first and refunding mortgage gold bonds
$572,679 21
415,685 00
1,020 75
18,600 00
3,000,000 00
$4,007,984 96
Decrease in Provisional AccountsInsurance fund
Special Improvement and equipment fund
$11,384 65
65,10802
$76,492 67 16,007,771 67
7,387,194 58 19,443,887 53
$29,361,386 58
Total to be accounted for .
APPLIED AS FOLLOWS.
Property and franchises (increase)
Less, additions and improvements for year ended June 30 1907 transferred to property
and franchises
$6,187,245 68
4,375,221 38 $1,812,024 30
Additions and improvements, current year (total)
Real estate
Bonds of Toledo St. Louis & Western Railroad Company
_
Rock Island Improvement Company,equipment purchase under indenture of Feb. 1 1907_
American Locomotive Co., equipment purchase, under Indenture of Oct. 15 1907
decreased
Equipment notes
Three-year notes decreased
Net debit to profit and loss account
3,902,698 07
2,041 04
9,120,551 23
358,819 90
782,055 00
433,459 00
7,500,000 00
2,964,002 06 26,875,650 60 '
$2,485,735 98 ,
Balance, cash on hand June 30 1908
CHANGES IN FUNDED DEBT AND EQUIPMENT NOTES DURING THE YEAR ENDED JUNE 30 1008
Funded debt and equipment notes June 30 1907
Funded debt (includes $11,250,000 first and refunding mortgage gold bonds pledged as
security for notes)--------Equipment notes-Three-year notes, due July 1 1907
Collateral trust gold notes, due April 1 1908
----------------------Total --- ----- - - ----- --------This has been changed during the year as follows
Funded debt increasedBy the issue of The Chicago Rock Island dc Pacific Railway Company's first and refunding mortgage gold bonds, viz:
For additions, Improvements and equipment, 1008 fund
For an equal amount of general mortgage gold bonds issued January 1 1908 for
additions and improvements, said general mortgage gold bonds having been deposited with trustees of first and refunding gold bond mortgage
Against the acquisition of additional property, being sundry stocks, bonds, mortgages, certificates of indebtedness and real property
For redemption of matured obligations
The Chicago Rock Island & Pacific Railway CoMpany's gold bonds of 1902, series
-----I', matured May 1 1908
Choctaw Oklahoma & Gulf Railroad Company's equipment trust notes, matured
as follows
series B---------------------------------------------August 1 1907,
February 1 1008, series B
April 1 1903,
series C----------------------------------------------
$185,582.000 00
7,385,000 00
7,500,000 00
8,000,000 00
$206,467,000 00
$2,500,000 00
1,000,000 00
2,418,000 00
1,494,000 00
$75,000 00
75,000 00
220,000 00
370,000 00
$7,782,000 00
LAU-By the redemption of matured obligations as follows:
The Chicago Rock Island & Pacific Railway Company's gold bonds of.1002, matured
$1,494,000 00
May 1 1908
20,000 00 1,514,000 00
Little Rock Bridge Company's bonds, matured June 1 1908
Equipment notes decreasedBy the redemption of matured obligations as follows:
The Chicago Rock Island & Pacific Railway Company's equipment four and onehalf per cent gold notes, matured as follows:
$325,000 00
August 1 1907
325,000 00
February 1 1008
Choctaw Oklahoma & Gulf Railroad Company's equipment trust notes as above-- --
$650,000 00
370,000 00
$1,020,000 00
LessBy the issue of The Chicago Rock Island & Pacific Railway Company's equipment six
586,541 00
13
series
notes,
cent
per
Three-year notes, due July 1 1907, decreasedBy the redemption of these notes July 1 1007
$6,268,000 00
$433,459 00
7,500,000 00
$7,033,450 00
Net decrease in funded and other fixed Interest-bearing debt
Funded debt and equipment notes June 30 1908
Funded debt (Includes 84.044,000 first and refunding mortgage gold bonds pledged as
------------ ------------ $191,850,000 00
security for notes)
6,051,541 00
Equipment notes
6,000,000 00
Collateral trust notes, due April 1 1909 (extended one year from April 1 1908)
Total
1,665,459 01
$204,801,541 00
OCT. 31 1908.)
TIIE CHRONICLE
1175
ST. LOUIS & SAN FRANCISCO RAILROAD COMPANY.
TWELFTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30
1908.
To the Stockholders.
The Board of Directors herewith submit their report of
the operations and affairs of the St. Louis & San Francisco
Railroad Company's Lines (exclusive of the Chicago & Eastern Illinois Railroad) for the fiscal year ended June 30 1908.
The results of operations for the fiscal year were as follows:
Operating revenue (decrease $2,447,849 25,
or 6.4%)
$35.806,132 11
Operating expenses (increase $236,350 08, or
1%)
25,092,924 94
Net operating revenue (decrease $2,684,199 33,or 20% )__$10,713,207
17
Taxes (Increase 551,456 49, or 5.7%)
948,414 62
$9,764,792 55
Miscellaneous Income (decrease $324,633 74, or 17.3%)
-..-- 1,548,557 00
Total income
$11,313,349 55
Interest, rentals and other fixed charges
10,854,283 41
Net income after providing for all charges
$459,066 14
Dividends paid-4% on first preferred stock
199,742 12
Balance of surplus carried to profit and loss
$259,324 02
The comparative Income Account and Profit and Loss
Account are given in detail below.
MILEAGE OPERATED.
The average mileage of main track operated during the
year was 5,064.16 miles, being an increase of 2.44 miles
over that of the preceding year.
The total mileage in operation at June 30 1908 was 5,064.16
miles, and is the same as that at the end of the preceding
year, the Colorado Southern, New Orleans & Pacific RR. Co.
still operating its lines for account of construction. The
details of all mileage owned and operated are given in statements, pages 75, 76 and 77(See pamphlet report).
CAPITAL STOCK.
At a special meeting of the stockholders held Aug. 27 1907,
authority was given to increase the authorized capital stock
of the Company from $100,000,000 to $200,000,000, suchincrease to consist wholly of common stock, and was for the
purpose of conforming to the Missouri law, which prescribes
certain relations between capital stock and bonded debt.
There was no change during the year in the amount of
stock issued and outstanding.
FUNDED 'DEBT.
The total funded debt at June 30 1907, including that of
leased and auxiliary lines, was
$177,520,302 20
There was added during the fiscal year
12,370,415 54
Making total funded debt at June 30 1908
$189,800,717 74
Reference is made to page 19 (of papmhlet report), which
shows in detail the new issues as well as bonds redeemed or
exchanged; and to page 27 for the bonds remaining in the
treasury as a current asset.
In August 1907 the Company authorized the issue of general lien 15-20-year gold bonds bearing interest at not to
exceed 5% per annum,to the aggregate amount of $115,000,000, which has since been reduced to $112,994,000 through
the sale of $2,006,000 of refunding mortgage bonds under the
provisions of Section 3, Article 3, of the general lien mortgage.
These bonds are issuable for the following purposes:
For reimbursement to the Company of capital expenditures
ma le during the fiscal year ended June 30 1907, and for
future expenditures for additions and improvements
$10,000,000
Reserved to retire underlying bonds
50,220,000
Reserved for refunding purposes
5,000,000
Reserved to take up at or before maturity a like amount of
equipment notes
Reserved to pay equipment trust obligations Issued after June 1 11,539,000
1907 to the extent of 60% thereof
5,000,000
Reserved for additions and improvements to be made after
June 1 1909, and to be Issued in amounts not to exceed
$2,500,000 for any one fiscal year until June 30 1911, and
after that date to be Issued in amounts not to exceed
$3,000,000 In any one fiscal year
Reserved to be Issued in amounts not exceeding in the aggre- 28,241,000
gate $1,000,000 per annum after June 1 1909 for construction, purchase or acquisition of additional lines of railroad or
branches
5.000.000
Total
$115,000,000
Tile amount of these bonds issued at June 30, under provisions of the mortgage was $17,509.043 81, all of which are
still owned by the Company.
The $2,055,300 of Kansas City Fort Scott & Gulf R.R. Co.
First Mortgage 7% Bonds which matured June 1 1908 were
by agreement dated May 1 1908, with the Trustee and the
holders of the bonds, extended to June 1 1911, with interest
at rate of 5% per annum. This arrangement effects a
saving in interest of $41,106 00 per annum.
EQUIPMENT BONDS AND NOTES.
The amount of equipment bonds and notes outstanding at
June 30 1907 was
$12,450,489 79
The net addition during the fiscal year was
5,218,102 40
Making the total amount of equipment bonds and notes
outstanding at June 30 1908
$17,668,682 19
Statement below shows the amount of equipment notes
issued during the year, as well as the amounts paid during
the year.
GENERAL.
The Company's Comparative Condensed Balance Sheet and
summary of all financial changes for the fiscal year is given
below.
During the year the Company took title by deed to the
following properties heretofore controlled by stock ownership:
St. Louis Memphis & Southeastern RR.; Blackwell Enid &
Southwestern Ry.; Ozark & Cherokee Central Ry.; Arkansas
Valley & Western Ry.; Ft. Smith & Van Buren Bridge Co.;
Oklahoma City & Western RR. Co.; Sulphur Springs Ry.
The number of passengers carried during the fiscal year
increased 974,774, or 13.08%. The passengers carried one
mile increased 56,287,064, or 15.73%. Notwithstanding
these increases, however, there was a decrease in passenger
revenue of $239,289 73, caused by the compulsory reduction
of rates in many States.
The Memphis Railroad Terminal Co. was incorporated
March 5 1907 for the purpose of erecting a new passenger
station with requisite buildings and tracks at Memphis.
Tenn. This Company and nine other railroad companies
entering Memphis have joined in the guaranty of the necessary funds ($1,200,000) to purchase property for the station.
The capital stock of the Company is $100,000, of which each
of the ten roads owns one-tenth, or $10,000.
The expenditures for Additions and Betterments to the
property and its equipment are shown in detail on pages 23
to 26; and the details of expenditures for renewals of roadway and structures charged to Operating Expenses are given
in statement on page 32. (See pamphlet report.)
The Industrial Department reports the location on the
tracks of the Frisco Lines during the year of 266.industrial
plants, employing 7,954 men and costing $5,590,000.
The reports of the current year's crops in the territory tributary to the Company's lines are favorable.
Statements showing the Condensed Balance Sheet, Income
and Profit and Loss Accounts, including the figures of the
Chicago & Eastern Illinois RR. Co., added to those;of this
Company, appear below.
The books and accounts of the Company at the close of the
fiscal year were examined by Mr. Stephen Little, and a copy
of his certificate appears below. (See pamphlet report.)
Due acknowledgment is made of the faithful and efficient
services rendered by officers and employees during the year.
By order of the Board of Directors.
A. J. DAVIDSON, Preside
ST. LOUIS & SAN FRANCISCO RAILROAD LINES.
INCOME ACCOUNT-FISCAL YEAR ENDED JUNE 30 1908, COMPARED WITH PREVIOUS YEAR.
Inc.(+) or Dec.(-).
1907-08.
1906-07.
Amount.
Aver. mileage oper__
5,064.16
5,061.72
+2.44
Operating revenue$
$
$
Freight
23.976,296 87 26,534,639 66 -2,558,342 79
Passenger
8,927,036 90 9,166,326 63 -239,289 73
Mall
979,927 21
885,662 71
+94,264 50
Express
1,129,153 27
998,864 97
+130,288 30
Miscellaneous
557,149 04
475,557 20
+81,591 84
Total transp. rev 35,569,563 29 38,061,051 17 -2,491,487 88
Rev,from oper. other
than transport'n
236,568 82
192,930 10
+43,638 63
Total oper. rev_
35,806,132 11 38,253,981 36 -2,447,849 25
-9.6
-2.6
+10.6
+13.0
+17.2
-6.5
+22.6
-6.4
Operating expensesMaInt. of way & struc 4,822,333 31 5,584,888 56 --782,555 25 --13.7
Maint. of equipment.. 4,607,461 95 4,715,224 89 --107,762 94
--2.3
Traffic expenses
833,825 07
873,974 05
--40,14$ 98
--4.6
Transportation exp.-13,746,379 91 12.709,598 16 A-1:036,781 75
A-8.2
General expenses_ _ _ _ 1,082,924 70
972,889 20
A-110,035 50 4-11.3
Total oper. exp_25,092,924 94 24,856,574 86
+236,350 08
+1.0
Net operating revenue _10,713,207 17 13,397,406 50 -2,684,199 33 -20.0
Taxes
948,414 62
896,958 13
+51,456 49
+5.7
•
Operating Income _ 9,764,792 55 12,500,448 37 -2,735,655 82 -21.9
Miscellaneous incomeOutside operations__ _
*32,078 81
Hire of equipment_
•369,506 05
Other income
1,050,141 86
*85,671 00
1,958,861 74
-32,078 81
-283.83505 -331.3
--8,719 88
-.4
Total misc. Income. 1,548,557 00
1,873,190 74
-324.633 74
-17.3
11,313,349 55 14,373,630 11 -3.060,289 56
-21.3
Total income
Interest
6,118,752 18
Rentals and sinking
fundsInterest on guaranteed securities
- 2,564,203 43
Other rentals and
sinking funds_ _ _
536,445 80
Dividends on trust certificates, The Kansas City Ft. Scott &
Memphis Railway_ _
540,400 00
Dividends on trust certificates, Chicago &
Eastern Illinois RIL 1,094,482 00
Total charges
Available for divs_ _
Dividends4% on 1st pref. stk.
5,418,870 08
199,742 12
+12.9
2,549,320 63
+14,882 80
+.6
611,983 11
-75,537 31
-12.3
540,400 00
1.094.48200
10,854,283 41 10,215,055 82
459,066 14
+699,882 10
+639,227 59
+6.3,
4,158,583 29 -3,699,517 15
-89.0
199,742 12
Surpluscarried to creda of profit and loss_ 259,324 02 3,958,841 17 -3.699,517 15 -93.4
Note.-To preserve comparisons the revenue and operating expenses and
other figures for year 1906-07 are re-stated hereon to conform
with the
classlication of the Inter-State Commerce Comm ssion.
* Denotes debits.
PROFIT AND
(VOL. IJEXXVII.
THE CHRONICLE
1176
LOSS ACCOUNT AND ADJUSTMENTS THEREIN,
JUNE 30 1907 TO JUNE 30 1908.
CredilBalance at credit June 30 1907
Balance of income year to June 30 1908
Miscellaneous liability accounts, written off
$5,882,042 35
$259,324 02
61,112 53
320,436 55
0250.000 00
Brought forwardDiscount o securities sold and exchanged, and
expenditures in connection with listing, certi836,241 91
fying and Issuing new bonds (bala cc)
Depreciation 1 the value of equipment destroyed
499,727 00
aud dismantled during current fiscal year
50,000 00
State tax on increase in capital stock
78,019 28
Miscellaneous accounts, written off
$6,202,478 90
Total Credit
$1,713,988 19
4,488,490 71
Total Debit
Balance
DebUAnnual Installment from franchises and property
• account, on account of difference between the
cost of underlying bo ds refunded and the proceeds of refunding bonds sold, a .d the commis$250,000 00
sions paid therefor
$6,202,478 90
$4,488,490 71
By Balance at credit June 30 1908
CONDENSED BALANCE SHEET, JUNE 30TH 1908.
LIABILITIES.
ASSETS.
1908.
1907.
Inc. (-I-) or
Dec. (-).
Capital LiabilitiesCapital Stock:
First preferred
Second preferred
Common
1907.
1908.
$
Inc. (-1-) or
Dec. (-).
Capital AssetsFranchises and property... 173,103.510 34 170,544,848 03 +2,558,662 31
5,000,000 00
5,000,000 00
203,845 69
203,845 69
Stocks and bonds owned_ __
16,000,000 00 16,000,000 00
29,000,000 00 29,000,000 00
Total franchises a -(1 prop_173,307,356 03 170,748,693 72 +2,558,662 31
Leasehold estate (the Kan.
50,000,000 00 50,000,000 00
+582,525 95
,.
Total
City Ft. Scott & Mem.Ry.)52,312,051 01 51,720,525 06
134,624,997 74 123,054,582 20 +11,570,415 54
Funded debt
Leasehold estate-Kan. City
76
9,175,875
76
9,175,875
Outstanding securities on
Memphis & Birm. RR.)__
leasehold estate (the
Franchises and property,
+311,896 54
7,451,879 52
7,763,776 06
K. C. F. S. & M. fly.):
auxiliary companies
StockChicago & Eastern III. RR.
9,321,550 00
Preferred certificates_ 13,510,000 00 13,510,000 00
Co.preferred stock (cost of) 9,321,550 00
+800,000 00
39,096,300 00 38,295,300 00
Funded debt
Chicago & Eastern Iii. RR.
13
2,885,20200 --456,102 00
Equipment bonds and notes 2,429,100 00
Co. corn. stock (cost of) _ _ 18,239,237 13 18,230,237 01
+5,212,394 /8'
Equip, under equip. trusts_ 16,943,628 79 11,731,234
1
+343,898 00
55,634,400 00 54,690,502 00
Total
Seca ties under Coll. Trust
1,225,325 00 --1,225,325 00 Outstanding securities on
Notes of 1908 (cost of)
leasehold estate (the K. C.
287,063,474 78 279,623,320 20 +7,440,154 58
M. & B. RR.):
Total
9,247,420 00
9,247,420 00
Funded debt
Current Assets880,833 16 -510,690 23 Funded debt auxiliary cos
6,923,000 00
370,142 93
6,923,000 00
treasury
in
Cash
85
-81,013
91
2,373,751
Cash in hands of fiscal agents 2,201,838 06
Preferred stock trust certfs.
9,317,550 00
9,317,550 00
Due from agents and conductors:
(C. & E. I. RR.)
jl)r. $1,085,578 10
Common stock trust certfs.
18,044,500 00 18,044,500 00
47,656 51
ler.
(C. & E. I. RR.)
--275,641 72 Equipment bonds and notes
1,313,56331
1,037,921 59
9,565,287 79 +5,674,294 40
15,239,582 19
Due from railroad companoutstanding
ies account traffic:
99+17,588,607 94
280,842,841
93
298,431,449
25
$1,159,347
jDr.
Total
1Cr. 1,103,732 11
Current Liabilities299,068 32 -243,453 18 Audited vouchers and pay55,615 14
4,110,884 18 +1,263,454 40
5,374,338 58
rolls
Due from companies and in2,695,243 10 -184,582 40
dividuals:
Interest and divs. matured_ 2,510,660 70
+146,758 76
1,000,417 62
jDr. $3,194,423 69
Interest accrued (not due) _ _ 1,147,176 38
-75,48992
240,978 81
165,488 89
3,681 89
1Cr.
Taxes accrued (not duo)_ _
+805,592 79 Notes payable
2,385,149 01
5,577,250 00 +6,409,785 90
3,190,741 80
11,987,035 90
35
05
+12,379
236,328
40
248,707
Dept..
O.
P.
S.
U.
Due from
8,858,016 63 +12,687,669 10
21,545,685 73
21,184,700 45 13,824,773 71 +7,559,926 74
Total
Securities in treasury
2,870,441 61 +1,115,861 06
3,986,303 57
Provisional AccountsSupplies on hand
-12,487 66
295,042 53
construc282,554 87
accrued
funds
Sinking
Advances account
864,853 65 +2,732,970 99 Equipment replacement fd_
+5,747 14
3,597,824 84
5,747 14
tion (fundable)
Improvement fund (K. C. &
20,082,005
91
86
95+16,242,774
47
36,324,780
7,563
47
7,563
Memphis fly. de Bridge Co.)
Total
Deferred Assets-6,740 52
302,606 00
295,865 48
Total
Open carryl g accounts in
process of adjustment:
!Dr. $908,777 37
Grand total liabilities_ _ _ _319,912,015 86 294,770,221 70-4-25,141,794 16
5,882,042 35 -1,393,551 64
4,488,490 71
381,334 04
1Cr.
Froth and loss
506,939 72
+20,503 61
527.443 33
352,456 93
+54,438 60
406,895 53
Trustees sinking fund aco'ts
87,541 25
--9,629 18
77,912 07
Sinking funds
946,937 00
+65,313 03
1,012,250 93
Total
324,400,506 57 300,652,264 Oli +23,748,24252
Total
324,400,50657 300,652.264 05 +23,748,242 62
Total Assets
holdings of the St. Louis & San Francisco RR.Co
we.-I1 stating the assets and liabilities of the companies covered by this balance sheet, the
In the bonds and capital stocks of leased and auxiliary lines, are eliminated.
SUMMARY OF FINANCIAL CHANGES, YEAR ENDED JUNE 30TH 1908.
RESOURCES.
Cash on hand June 30th 1907
Funded debt, Increased
Outstanding securities on leasehold estate (Kan. City Ft. Scott & Memphis fly.), increased
Equipment bonds and notes outstanding, Increased
Sinking funds, decreased
Securities under collateral trust notes of 1908-cost of, decreased
$3,254,585 07
$11,570,415 54
243,898 00
5,674,294 40
9,629 18
1,225,325 00
$18,823,562 12
Changes In current accounts, as follows
Increase in AssetsDue from companies and individuals
Due from United States Post Office Department
Securities in treasury
Supplies on hand ______ - __
Advances, account construction
Open carrying accounts In process of adjustment
$805,592 79
12,379 05
12,687,669 10
1,115,861 96
2,732,970 99
20,503 61
•
$17,374,977 50
Decrease in LiabilitiesInterest and dividends matured ------------------------------- _ -------------Taxes accrued (not due)-------------------------------------- --------------
184,582 40
75,489 92
$260,072 32 117,635,049 82
LessIncrease En Liabilities
------ $1,263,454 40
Audited vouchers and pay-rolls-----------------------------------------146,758 76
-- _ ------------------------------------------------Interest accrued -----5,747 14
-------------_
-----------------fund
-------------Equipment replacement
6,409,785 90
Notes payable----------------------- --------------------------------- ----$7,825,746 20
Decrease in AssetsDue from agents and conductors--- - - -„------------------------------------Due from railroad companies account traffic------------------------------------
275,641 72
243,453 18
$519,094 90
Total to be accounted for----------------------APLIED AS FOLLOWS.
Franchises and property, Increased----------------------Leasehold estate (Kansas City Fort Scott & Memphis Railway), increased
Franchises and property, auxiliary companies, increased- - New equipment under equipment trusts, increased
Trustees sinking fund accounts, increased
Sinking funds accrued, decreased------------------------Net credit to profit and loss account, decreased
Bafanoe, cash on hand June 30th 1908
8,344,841 10
0,290,208 72
0,533,353 40
$12,787,938 47
•
12,558,662 31
582,525 95
311,806 54
5,212,304 78
54,438 61
12,487 66
1,393,551 64 10,125,957 48
M2,661,980199
w-1
00T. 311908.1
THE CHRONICLE
EXPLANATIONS OF CHANGES IN FUNDED DEBT DURING FISCAL
YEAR ENDED JUNE 30 1908.
Total funded debt at June 30 1907
$177,520,302 20
ST. LOUIS de. SAN FRANCISCO RAILROAD COMPANY.
AdditionsSt. L. & S. F. refunding mort.4% bondsIssued for:
Additions, betterments a d new equipment expe ditures
$2,000,000 00
St. L. & S. F. gen.lien mort. 5% bondsIssued for:
Capital expenditures under provisions of
the mortgage
$10,000,000 00
Retirement of underlying
6,187,000 00
Retirement of equipment bonds
securities..& notes 1,322,043 81
1.87500
12,892,036 27 16,020,689 15 -3,128,652 88
Deb.40,925 16 Deb.12,385 10
Deb.65,948 75
235,622 47
1,452,556 88 1,327,869 03
Dividends to stockholders4% on 1st pref. stock of
St. L. & San Fran. RR.Co.
6% on pref. st ck f the Chic.
& E. III. RR.Co. t stockholders other than St. L. de
San Fran. RR.Co
Total dividends
2,055,300 00
Total
$2,856,300 00
DeductionsK. C. Ft. S. & G. 1st mort
bonds, exchanged
$2,055,300 00
K. C. Ft. S. & G. 1st mort. 7%
bonds, redeemed
1,000 00-2,056,300 00
Net increase
800,000 00
Total funded debt at June 30 1908
$189,890,717 74
EXPLANATIONS OF CHANGES IN EQUIPMENT BONDS AND
NOTES DURING FISCAL YEAR ENDED JUNE 30 1908.
Amount of equiPme t bonds and notes outsta ding at June
30 1907
$12,450,489 79
AddIssued during year:
St. L. & S. F. Equipme t Gold Notes,
Series "I," dated Nov. 1 1906:
Total Issue
$3,357,000 00
Less amount issued at June
30 1907
2,650,000 00
$707,000 00
St. L. de S. F. Equipment Gold Notes,
Series"L," dated Aug. 1 1907
5,074,000 00
St. L. de S. F. Equipment Gold Notes,
Series "M," dated Nov. 15 1907( otes
include int. amounting to $229.283 70) _ _ 1,057,452 00
St. L. & S. F. Eq Inment Trust Certificates,
Series "0." dated Jan. 15 1008
669,000 00
Total
$7,507,452 00
Less-Paid during year:
Series "A" notes
$131,000 00
Series "B" otes
124,000 00
Series "C" notes
100,000 00
*Series "D" a d'E" notes- _ 146,260 92
Series "F" bo ds
232,000 00
Series "GI" notes
308,000 00
Series "Fr notes
75,000 00
Series "I" otes
344,000 00
*Series "J" notes
20,024 08
Series "K" notes
38,000 00
Series "L" notes
262,000 00
*Series "M" notes
52,872 60
K. C. Ft. S. de M. Ser."A" bonds 130,000 00
K. C. Ft. S. & M.Ser."B" bonds 170,000 00
Ozark Eq. Co. 1st mod. 5% bds. 110,000 00
Ft. S. Eq.0 . 1st mort. 6% bds_ 33,000 00
St. Charles car Co. 5% notes..
3,002 00
Pittsburgh Locom. Wks.5% notes 10,100 00
2,289,259 60-Total net increase
5,218,192 40
Total equipment bonds and notes outstanding at June
30 1908
$17,668,682 19
• Including Interest.
ST. LOUIS & SAN FRANCISCO RAILROAD LINES,
INCLUDING CHICAGO & EASTERN ILLINOIS RR.
INCOME ACCOUNT YEAR ENDED JUNE 30 1908.
Inc.(-I-) or
1907-08.
1906-07.
Dec.(-1 •
Average mileage operated__
6,021 26
6 009.39
+11.87
Operating revenue$
Freight
32,499,683 84 35,815,000 10
3,315,316 26
Passenger
10,607,340 04 10,807,395 03
200,055 89
Mall
1,100,188 65
906,056 16
+104,132 49
Express
1,378,091 78 1,198,825 36
+179,266 42
Miscellaneous
674,451 78
585,121 87
+89,329 91
Total transportation revenue46,259,756 09 49,402,390 42 -3,142,643 33
Revenue from operation other
than transportation
289,107 42
244;978 99
+44,128 43
Total operating revenue_ _46,548,863 51 40,647,378 41 -3,098,51490
Operating expensesMaintenance of way and
structures
6,047,757 45 6,942,108 90 -894,351 45
Maintenance of equipment
6,143,261 95 6,399,91007 -256,648 12
Traffic expenses
1,031,120 45 1,103,910 60
72,790 15
Transportation expenses_ -17,674,818 53 16,636,663 00 +1,038,155 53
General expenses
1,452,867 30 1,312,138 56
+140,728 74
-44,905 45
1,551,106 40
-205,423 63
8,298,552 89
7,500,568 65
+797,984 24
2,564,203 43
1,239,268 82
2,549,320 83
1,152,755 21
+14,882 80
+86,513 61
540,400 00
540,400 00
1,094,482 00
1,094,482 00
13,736,907 14 12,837,526 49
Available fcr dividends__ _
$801,000 00
-28,540 06
-301,571 22
+124,68765
14,237,719 04 17,571,795 55 -3,334,076 51
Total charges
Net increase
11,570,415 54
LEASEHOLD ESTATE(THE KANSASCITY FT.SCOTT
ds MEMPHIS RAIL WA Y).
AdditionsThe K.C. Ft. S. de M. refg. mort.4% bondsIssued F r:. ,
Additions, betterme ts and new equipment expenditures
$600,000 00
Redemption aunderlying bonds and for
refunding pUrposes
201,000 00
Operating Income
Miscellaneous incomeOutside operations
Hire of equipment
Other income
Interest
Rentals and sinking fundsInt. on guaranteed securities_
Other rentals and sink .funds_
Dividends on trust cell's., the
K C.Ft.S & Mem.Rtl
Dividends on trust certfs., Chic.
& Eastern Ill. RR
23,096 73
Total operating expenses_32,349,825 68 32,394,731 13
Inc.(+) or
1906-07.
Dec.(-).
‘.)
14,199,037 83 17,252,647 28 -3,053,609 45
1,307,001 56 1,231,958 13
+75,043 43
1907-08.
Total miscellaneous income 1.345,682 77
Total
$19,534,915 54
DeductionsSt. L. & S. F. 23. -year 5% gold notes of
1906, redeemed
$6,187,000 00
St. L. & S. F. 1-year coll. trust 6% gold
notes of 1907, redeemed
1.750,00000
St. L. M. & S. 1st mort.4% bonds excha ged
26,000 00
Southern Mo. & Ark. 1st mort. 5% bonds,
redeemed
1,500 00
Total
$7,964,500 00
K.0. Ft.S. & Gulf 1st mort. 5% exteuslop
bonds exchanged for K. C. Ft. S. & G.
Is mort. 7% bor.&
Net operating revenue
Taxes
Total Income
$17,509,043 81
St. L. M. de S. 5-year 434% bondsIssued in exchange for $26,000 St. L. M. &
S. 1st raort. 4% bo ds
S. L. M. & S. 1st mort. 4% bondsIssued lu exchange for $1,500 Sou. Mo. do
Ark. 1st mort. 5% bonds
1177
500,811 90
,
199,742 12
+899,380 65
4,734,269 06 -4,233,457 16
109,742 12
157,140 00
157,140 00
356,882 12
356,882 12
Surplus carried to credit of profit and loss
143,929 78 4,377,38694 -4,2311.457 16
Note.-To preserve comparisons the revenue and operating expenses and
other figures for year 1906-07 are re-stated hereon to conform with the
classification of the Inter-State Commerce Commission.
GENERAL PROFIT AND LOSS AND ADJUSTMENTS THHRtIN,
JUNE 30 1907 TO JUNE 30 1903.
CreditBalance at credit June 30 1907
47,318.292 57
Surplus f r the year ended June 30 1908
$143,929 78
Miscellaneous liability accounts written off
61,112 53
206,042 31
Total Credit
$7,515,334 88
DebitAnnual Installment from franchises and property
account, on account of differences between the
cost of underlying bonds refunded and the proceeds of refunding bonds sold, and the commissions paid therefor
6250,000 00
Discount on securities sold and exchanged, and
expenditures in connection with listing, certifying and issuing new bonds (balance)
835,655 41
Depreciation In value of tracks taken up and
equipment destroyed and dismantled during
current fiscal year
730,182 86
Original cost of other property destroyed
6,318 46
State tax on Increase in capital stock
50,000 00
Miscellaneous accounts written off
173,712 35
Total Debit
Balance
$2,045,869 08
'5,469,465 80
$7,515,334 88
By balance at credit June 30 1908
co ;DENSED
$5,469,465 80
GENERAL 1311.‘NCE SHEET, JUNE 30, 1908.
ASSETS.
Capital assets;
Property, franchises and trust assets
Current assets;
Cash
Due from agents and ccnductors
5341,461,583 47
'
jDr. $1,564,345 16
1Cr.
48,578 37
Due from railroad companies accountjDr. $1,281,642 07
traffic
1Cr. 1,231,471 39
Due from companies and individuals_ _ _f Dr. $3,831,608 02
1Cr.
40,396 57
Due from United States Government
Loans and bills receivable
Securities in treasury
Supplies on hand
Central Trust Co. of N. Y., for redemption of matured
bonds (see contra)
Advances account construction-fundable
Total current assets
83,308,428 63
1,515,766 79
50,170 68
3,791,211 45
279,360 44
213,656 38
25,405,153 59
4,986,574 68
12,858 00
'5,999,439 15
345,562,619 79
Deferred assets;
Open carrying accounts in process ofjDr. $1,249,198 12
adjustment
1Cr.
673,745 $8
Trustees of sinking funds
Total assets
LIABILITIES.
Capital liabilities;
Capital stock
Stock trust certificates
Funded debt
Equipment bonds and notes outstanding
573,452 24 484,807 60
$388,084,463 10
$59,188,600 00
40,872,050 00
227,459,717 74
27,496,087 63
$355,016,455 37
Current liabilities;
Audited vouchers and pay-rolls
Interest and dividends matured
Matured bonds unpresented (see contra)
Interest accrued-not due
Taxes accrued-not due
Notes payable
66,117,183 05
2,668,236 70
12,858 00
1,758,130 09
377,559 24
14,382,035 90
$26,116,002 98
Provisional accounts;
Sinking funds, accrued
Insurance, Improvement and replacement funds-
$282,554 87
1,199,984 08
$1,482,538 95
Grand total liabilities
Profit and loss
$382,614,897 30
5,469,465 80
Total
$388,084,463 10
Note.-In stating the assets and liabilities of the companies'Covered by
this balance sheet, the holdings of the St. Louis & San Francisco RR. Co..
In the bonds and capital stocks of leased and auxiliary lines, are elineliated.
[VOL. Lxxxim.
THE CHRONICLE
1178
NATIONAL RAILROAD COMPANY OF MEXICO.
SEVENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDING JUNE 30 1908.
New York ffice:
No.60 Wall Street.
Mexico Office:
Primera Cal e de Yergara. 203
September 211908.
To the Stockholders:
The Board of Directors submits its report of the operations
of your property for the fiscal year ending June 30 1908.
RESULTS OF OPERATION.
The following condensed statement of Income Account
shows the results for the year:
Mexican Currency.
$15,601,310 12
9,915,159 35
The Gross Earnings from all sources were
The total Expenses of Operation were
$5,686,150 77
United States
Currency.
$2,843,075 39
Leaving Net Earnings of
Which reduced to gold at 50 cents for the silver dollar gives
To which add—
Interest and Dividends on Bonds and Stocks owned
Other Receipts
$656,764 02
3,576 44
$534,165 17
And—
Dividend on Preferred Stock of one per cent (1%), payable
Aug. 18 1908
$288,320 25
$245,835 92
Balance carried to Profit and Loss Account
MILEAGE.
By reason of the completion of the Columbia Branch,
mention of which was made in our last annual report, your
mileage has been increased 30.800 kilometers, or 19.138 miles;
:Ind by reason of various short-line changes, pro and con,
the mileage of your main line and branches has been increased
as a total 31.300 kilometers, or 19.449 miles.
It will be noted, also, that the mileage of sidings and yards
has been increased by 11.196 kilometers, or 6.957 miles,
occasioned by the building of new passing tracks, extension
of old sidings, new tracks to industrial enterprises along the
line, Sm.
The actual mileage in operation at June 30 1908 was as
follows:
Total. Standard Gauge
Kilometers.
510.275
91.599
317.072
56.017
601.874
373.989
2,819,101
1,751.719
Total, Narrow Gauge
Total, Main Line and Branches
Sidings and Yards—
On Main Line, including Mexico City
Terminals
On Branch Lines
184.715
35.380
297.268
56.939
354.207
220.095
3,173.308
1,971.814
Total, Sidings and Yards
Grand Total
AVERAGE LENGTH OF LINE OPERATED.
Miles.
Kilometers.
The average length of line operated during the year
2,707.558 1,738.332
was
2,783.837 1,729.806
As against same period of 1006-07
An increase of
33,503,415 85
Making
From which deduct—
58
$61,492
Taxes and Rentals
2.502,350 00
Interest on Bonds and Notes
This year's proportion of cost of extending 5%
304,692 17
Gold Notes
45,368 55
Interest on Loans
55,347 38
Other Charges
2,060,250 68
MAIN LINE AND BRANCHES.
Kilometers.
Standard Gauge—
Grande Bridge.1,290.507
Rio
Colonia to centre of
Santiago to Junction Main Line at Ta4.930
Cuba
5.089
Cintura Line—Santiago to San Lazaro_
0.054
Connection at Gonzalez
85.206
Gonzalez to Acambaro
80.067
San Juan Junction to Jaral del Valle_
0.936
"Y" connection to Salamanca
Matehuala Branch, Including Potrero
65.212
Branch
59.995
San Luiz de is Paz Branch
328.775
Matamoras Branch
5.172
Cintura Extension
30.800
Jarita to Colombia Branch
260.475
Texas-Mexican Railway
Narrow Gauge—
Tacuba Junction to ITruapan
Michoacan & Pacific (leased line)
Miles.
801.889
8.526
WEIGHT OF RAILS.
The following table shows the weight of rails in the main
line, branches and sidings at June 30 1908:
MAIN LINE AND B RANCHES.
2'flies.
Kilometers.
136.018
218.807
85-lb rail
816.058
1,313.310
70-lb "
2.485
3.999
60-lb "
41.872
67.386
56-lb. "
50.002
80.471
55-lb "
3.214
5.172
54-lb."
1.650
2.656
50-lb "
440.474
723.354
45-lb "
250.946
403.856
40-lb "
•
1,751.719
2,810.101
Total, Main Line and Branches'
SIDINGS AND YARDS.
6.533
57.413
0.086
0.381
1.161
18.168
1.724
1.240
100.901
153.466
13.044
85 lb. rail
70 lb. "
613,61b. "
60 lb. "
56 lb. "
55 lb. "
54 lb. "
50 lb. "
45 lb. "
40 lb. "
30 lb. "
Total, Sidings and Yards
4.060
35.675
0.053
0.237
0.721
11,289
1.071
0.771
62.753
95.360
8.105
--220.095
354.207
3,173.308
Grand Total
1,971.814
EARNINGS AND EXPENSES.
3.069
3.162
0.034
52.945
49.752
0.581
As compared with the fiscal year July 1 1906 to June 30
1907:
The Gross Earnings of your company have decreased
Operating Expenses have decreased
40.521
37.279
204.293
3.214
10.138
161.853
2,217.227
13.721
336,680 65
Net Earnings have decreased
1,377.730
Mexican Silver.
$273,359 28
236,678 83
The following statement shows the growth of commercial
traffic of your company since July 1902:
July 1907
July 1006
July 1905
July 1004
July 1903
July 1902
to June 1003. to June 1904. to June 1905. to June 1906. to June 1007. to June 1008.
Mexican Silver Mexican Silver Mexican Silver Mexican Silver Mexican Silver Mexican Silver
$6,835,711 60 37,982,866,76 38,469,230 40 310,269,260 38 311,368,156 06 $11,037,876 86
68.923 23
150,276 10
55,589 48
109,122 78
751,923 80
1,396,235 07
3,173,409 12 3,276,632 37
2,218,380 81
2,590,405 41
1,384,061 09 1,850,655 21
33,403 24
29,579 10
28,602 60
25,685 44
23,121 20
17,946 51
014,717 12
834,295 34
716,236 87
628,436 20
543,315 90
477,864 97
13,753 50
12,895 74
13,791 90
14,356 57
14,400 04
17,396 13
6,806 87
9,068 80
10,450 01
12,296 33
15,634 49
13,776 74
240,106 93
206,809 14
354,876 45
302,615 77
380,314 50
314,100 44
Earnings—
Freight, ordinary
" construction
Passenger
Baggage
Express
Mail
Telegraph
Miscellaneous
$10,723,306 61 $11,496,107 84 $11,780,124 30 314,039,302 56 315,874,660 40 $15,601,310 12
Total earnings
The amounts expended In its operation during the same
period have been—
Expenses—
Maintenance of way and structures
Maintenance of equipment
Conducting transportation
General
3761,917 50 31,022,738 24 31,085,071 44 31,425,892 24 $1,686,573 85 $1,650,096 14
1,944,923 22
992,104 18 1,224,582 23 1,281,170 38 1,642,222 97 1,034,191 28
4,617,293 25 5,179,215 27 4,899,137 70 4,945,629 90 5,899,622 29 5,648,358 51
662,781 48
631,450 56
612,305 34
540,214 14
510,010 03
455,339 19
Total expenses
$6,826,654 12 37,936,545 77 37,805,593 66 38,626,050 45 $10,151,837 98 $9,915,159 35
Leaving Net Earnings of
$3,806,65249 $3,559,562 07 $3,074,530 64 $5,413,252 11 35,722,831 42 $5,686,15077
While
GROSS EARNINGS.
Passenger earnings inereased$103,133 25 or
3,914 14 or
Baggage earnings increased_
Express earnings increased__ 80,421 78 or
857 76 or
Mail earnings increased
3.25%
13.23%
The decrease in gross earnings for the fiscal year as com9.64%
pared with the same period of 1906-07 was 1.72%. During
6.65%
188,326 93
the previous year we received from the importation of wheat
$542,366 79, as against $16,717 67 for the fiscal year just
$273,359 28 or 1.72%
Net decrease
dosed, which more than accounts for the decrease.
The percentages of these various sources of revenue to
Construction earnings during the year amounted to $68,923 23, as against $150,276 10 for the previous year. Elimi- the total gross earnings during the fiscal years 1906-07 and
nating construction earnings, the decrease in gross earnings 1907-08 were: '
1007-1008.
1906-1907.
for the year was $192,006 41, or 1.22%.
70.75%
Commercial freight
71.72%
0.44%
freight
Construction
0.95%
year:
previous
As compared with the same period
21.00%
Passenger
Freight earnings from commercial sources decreased $330,279 20 or 2.91%
81,352 87 or 54.13%
Construction earnings decreased
2,261 93 or 24.94%
Telegraph earnings decreased
47,792 21 or 16.09%
Miscellaneous earnings decreased
3461,686 21
19.99%
0.19%
5.25%
0.08%
0.06%—
1.76%
—
100.00%
Baggage
Express
Mall(U. S.)
Telegraph
Miscellaneous
0.21%
5.87%
0.09%
0.04%
1.60%
100.00
Oar. 311908.1
THE CHRONICLE
A comparison of the commercial freight tonnage moved
for the year results as follows:
1006-1907.
13.46%
21.60%
2.73%
48.61%
13.60%
1907-1908.
16.80%
20.08%
3.20%
46.49%
13.43%
Forest products
Agricultural products
Live stock and animal products
Mineral products
General merchandise
100.00%
100.00%
In view of the monetary stringency which has existed
during the past year in Europe,the United States and Mexico,
causing a serious depression in business, and the large decrease in the prices of precious metals, it is rather gratifying
to note the small decrease in gross earnings, which is less
than at one time during the year was expected. These low
prices of the precious metals are still affecting adversely
many of the mines and some of the smelting plants along the
lines of your railroad. There has been, however, some improvement during the past few months, due to a slight increase in the price of copper, and adjustment of wages, &c.
to meet the changed conditions, and it is believed that these
industries have reached the low point in production, and
have begun a more prosperous period of operation. There
has been no extraordinary movement affecting the earnings
during the year.
OPERATING EXPENSES.
The maintenance of your property has received cormtant
and careful attention, every effort being made to keep it in
good physical condition.
The cost of operating the property during the fiscal year
was 63.55%, as against 63.95% for the corresponding period
of the previous year.
The comparative percentages of the sub-accounts are as
follows:
1906-1907.
16.62%
19.05%
58.11%
6.22%
Maintenance of way and structures
Maintenance of equipment
Conducting transportation
General expenses
1007-1908.
16.73%
19.62%
56.97%
6.68%
100.00%
100.00%
The percentages to gross earnings being:
1006-1007.
10.63%
12.18%
37.16%
3.98%
Maintenance of way and structures
Maintenance of equipment
Conducting transportation
General expenses.
1907-1908.
10.63%
12.47%
36.20%
4.25%
63.95%
83.55%
COMPARATIVE STATEMENT OF OPERATIONS.
The statements of accounts prepared by the General Auditor, and included in this report, show in detail the results
for the year, as well as the financial condition of the property.
As heretofore, the books and accounts have been audited
by Messrs. Price, Waterhouse & Co., of London, New York
and Mexico, whose certificate as to the correctness thereof
is incorporated in this report.
The results for the year as compared with same period of
1906-07 are as follows:
1000-1007.
Mexican Silver.
315,874,669 40 Gross earinngs
10,151,837 98 Operating expenses
P.C. of
1007-1908. inc.( +)or
Dec.(-).
Mexican Silver.
$15,601,310 12
9,915,159 35
$5,722,831 42
Net earnings
35,686,150 77
which reduced to gold at the aver50{age price of the Mexican dollar for
50
the year, viz.:
1
32,861,415 71 gold
gives
gold $2,843,075 39
Operating percentage
63.95
63.55
6,462,050 Kilometers run by revenue trains _ _
6,149,429
$2 4566 Gross earnings per revenue train
kilometer
82 5370
1 5710 Operating expenses per revenue
train kilometer
1 6124
0 8856 Net earnings per revenue train kilometer
0 9246
5,702 43
Gross earnings per kilom•Aer of road
operated
5,57676
3,646 70
Operating expenses per kilometer of
road operated
3,544 22
2,055 73
Net earnings per kilometer of road
operated
2,032 54
5 33601 Average amount received per each
ton of freight
5 35910
01807 Average receipts per ton per kilometer
01975
1 55291 Average amount received from each
passenger
1 54938
01886 Average receipts per passenger per
kilometer
01845
-0.40
-4.84
+3.27
+2.64
+4.40
-2.20
-2.81
-1.13
+0.43
+4.11
-0.23
-2.17
2 5283
1 4252
30,177 12
5,868 76
3,308 36
5 33601
03053
' 55201
03035
Miles run by revenue tra ns
3,821,101
Gross earnings per revenue train
mile
$4 0829
Operating expenses per revenue
train mile
2 5948
earnings
Net
per revenue train mile
1 4881
Gross earnings per mile of road
operated
$8,974 86
Operating expenses per mile of road
operated
5,703 83
Net earnings per mile of road operated
3,271 30
Average amount received for each
ton of freight
5 35910
Average receipts per ton per mile_ _
03178
Average amount received from each
passenger
1 54938
Aver tge receipts per passenger per
mile
02970
FUNDED DEBT.
During the year the Funded Debt has been increased by
the following amounts:
First Consolidated Mortgage Bonds
Five Per Cent Gold Notes
-4.84
+3.27
+2.64
+4.40
-2.20
$350,000 00
1,500,000 00
$1,850,000 00
The Funded Debt as of June 30 1908 being as follows:
Prior Lien Bonds
First Consolidated Mortgage Bonds
Five Per Cent Gold Notes
323,000,000 00
24,740,000 00
10,000,000 00
$57,740,000 00
FIVE PER CENT GOLD NOTES.
In the annual report for the year 1905 you were advised
of the extension until Oct. 1 1907 of the $8,500,000 of these
notes then outstanding. On Oct. 1 1907 a further issue of
these gold notes to the amount of $1,500,000 was made,
maturing April 1 1909, to repay the short-term loan for a
similar amount mention of which was made in the last annual report, thus increasing the total amount of gold notes
putstanding to $10,000,000. In September 1907 arrangements were made for a further extension of the $8,500,000
for a term of eighteen months, so that these, together with
the new issue of $1,500,000, will fall due on April 11909.
ADDITIONS, BETTERMENTS AND IMPROVEMENTS.
As will be noted from the Balance Sheet, the amount,
Standing to the debit of Additions, Betterments and Improvements a4 June 30 1908 was $4,570,821 23, Mexican
Silver. Of this amount, $1,567,407 18 was expended during the present fiscal year, viz., for additional(quipment.
$424,451 12, and on extraordinary work of a capital nature.
$1,142,956 06. The statement which follows gives details of
these expenditures:
Additional Equipment, Freight Cars
Additional Equipment, Passenger Cars
Additional Equipment, Wrecking Cranes
Ballast
Bridges, Trestles and Culverts
Changes in Line
change of Gauge. Acambaro to San Juan Junction
Freight Yards and Facilities
Relaying with Heavier RailVanegas Branch
P trero Branch
Salamanca Branch
Station Buildings and Fixtures
Section Houses
Shops, Roundhouses and Turntables
Shop Machinery and Tools
Side and Passing Tracks
Second Track, Monterey to Matamoras Junction
Surveys
Water Stations
Expended
July 1907 to
June 30 1908.
$370,011 60
104 80
5-1,33472
30,305 20
47,371 57
13,024 02
146,859 75
161,082 71
51,111 76
66,802 49
118,263 92
9,110 01
5,431 19
114,568 20
155,852 24
32,378 43
26,793 68
130,358 29
33,642 60
$1,567,407 18
EQUIPMENT.
In the last annual report. on page 12, a list of additional
equipment ordered is given, with the statement that during the year ending June 30 1907 all of the engines and passenger coaches and 845 freight cars had been received and
included in the Equipment tables. During the year under
review the balance of this equipment has been received and
placed in service, with the exception of 25 cabooses, which
were to be built in the company shops, but which have not
yet been constructed.
BALLAST.
In pursuance of the policy of gradually ballasting the main
line in a permanent manner, 13.356 kilometers, or 8.299
miles, of track have been ballasted during the present year;
also 4.500 kilometers, or 2.796 miles, of track of the Matamoros Division.
The particulars of this work are as follows:
San Luis Division, broken stone
Northern Division, gravel
Total, Main Line
Matamoras Division, gravel
Grand Total
Kilometers. Miles.
6.286
3.906
7.070
4.393
13.356
4.500
8.209
2.796
17.856
11.095
This gives a total of 486.899 kilometers, or 302.546 miles,
of track permanently ballasted as of June 30 1908, viz.: I •,
Southern
San Luis
San Luis
San Luis
Northern
Division, ballasted with broken stone
Division. ballasted with broken stone
Division, ballasted with gravel
Division, ballasted with broken slag
Division, ballasted with gravel
Total, Main Line
Matamoras Division, ballasted with gravel
Expressed in miles, the figures show as follows:
4,015,356
$3 9535
1179
Grand Total
Kilometers. Miles.
311.520 193.571
60.106
37.349
70.000
43.495
4.143
2.574
36.630
22.761
482.390
4.500
299.750
2.796
486.899
302.546
NEW LINES.
COLOMBIA BRANCH.
The Columbia Branch was finished and accepted by the
Government for operation on March 13 1908.
-2.81
-1.13
IN GENERAL.
EMPLOYEES.
+0.43
+4.11
-0.23
-2.17
The number of employees in your service at the close of
this fiscal year was 8,190, a decrease of 1,960, or 19.31%.
Of the total number, 620, or 7.57%, were foreigners. These
figures compare with 670, or 6.50% at June 30 1907..1j
[VoL. Lxxxvii.
THE CHRONICLE
1180
PLAN OF READJUSTMENT AND UNION.
STATEMENTS OF EQUIPMENT.
.
Since the last Annual Report, the Plan of Readjustment
Your attention is invited to the statements showing the
various classes of locomotives and cars on hand at June 30 and Union of this Company and the Mexican Central Railway Company, Limited, has been carried into effect by
1908.
means of Ferrocarriles Nacionales de Mexico (National RailSHORT-TERM LOAN.
Mexico), which has been organized under the laws of
As per arrangements mentioned in the last annual report ways of for the purpose of acquiring the securities of this
on Oct. 1 1907, the loan of $1,500,000 gold was repaid by Mexico
and of the Central Company, and with power
the issuance of a like amount of Five Per Cent Gold Notes, Company,
physical properties. The new company,
thus increasing the indebtedness under the Gold Notes from to acquire their
by the Mexican Government through
$8,500,000 to $10,000,000 gold, as will be noted from the which is controlled has
acquired a very large proportion of
ownership of stock,
Balanee Sheet.
the securities of both companies. This union of interests
DIRECTORS.
OF
BOARD
IN
CHANGES
should result in considerable economies and advantages in
It is with regret that your Board advises of the resigna- the conduct of the business of this Company.
tion of Mr. Gordon Macdonald as a Director, dated Feb. 13
1908, because of the serious condition of his health, terminatDIVIDEND.
ing in his death on Aug. 14 last. Your Board desires to
the net profits from the operashown,
been
As
has
of
his
already
character
record an expression of its high appreciation
June 30 1908
and worth and of the services rendered by him. Mr. Henry tion of your road for the fiscal year ending which a divifrom
Ruhlender was elected a member of the Board to fill the were $534,165 17 United States currency,
dend of 1% on the oustanding preferred stock of your Comvacancy caused by the resignation of Mr. Macdonald.
pany was declared, payable Aug. 18 1908, amounting to
REMOVAL OF GENERAL OFFICES IN MEXICO.
$288,329 25.
Company
your
were
of
Offices
General
• On Dec. 1 1907 the
By order of the Board,
moved from CoIonia Station to No. 209, Calle de Vergara,
where a building has been leased for a term of fifteen years,
E. N. BROWN,
with the privilege of extension for a further period of five
President.
additional
much-needed
a
provides
years. This new building
with
the
for
dealing
facilities
as
on
better
a
well
preceding vase under
office space, as
rfables of comparative statistics are given
"Annual Reports.")
public.
MEXICAN INTERNATIONAL RAILROAD COMPANY.
ANNUAL REPORT FOR THE FISCAL YEAR ENDING JUNE 30 1908.
New York, October 7 1908.
The President and Board of Directors submit herewith
their report of the Company's transactions for the year
ending June 30 1908.
Year ending
Year ending
June 30 1908. June 30 1907.
Mexican CurrencyPassengers and express
Freight
All other sources
Main Lips, Ciudad Porfirio Diaz to Durango
Beata to Monterey
"
Branches, SabInas to Hondo
Sablnas to Rosita
Mezqulte to Carbon
"
Monclova to Cuatro Cienegas
Homos to San Pedro
Pedricena to Velardena
Matamoras to Tlahualllo
Horizonte to BermejIllo
.4
Durango to Tepehuanes
Coahuila Coal Railway (leased)
"
Total
Sidings
Total miles of track
Miles.
540.44
71.80
12.43
10.59
3.73
42.48
14.35
5.82
43.52
14.00
135.00
24.04
Kilometers.
869.74
115.54
20.00
17.05
6.00
68.36
23.09
9.37
70.04
22.53
217.26
38.68
918.20
164.33
1,477.66
264.47
1,082.53
1,742.13
The average number of kilometers of road operated during
the year was 1,477.66 (918.20 miles), as compared with an
average of 1,473.06 (915.33 miles), for the previous year,
an increase of 4.60 kilometers (2.86 miles), or 0.31 per cent.
II.
RECEIPTS AND EXPENSES.
$1,090,353 00 $1,014,719 87
7,052,754 12 7,341,816 50
216,233 67
138,458,54
+$75,633 13
-289,062 47
-77,775 13
$8,281,565 66 $8,572,770 13
-$201,204 47
Maintenance of way and
$1,192,073 60 $1,208,810 84
structures
1,131,426 54 1,275,315 12
Maintenance of equipment
2,684,070 06 2,920,067 85
Conducting transportation
302,165 43
320,631 20
General expenses
--$16,746 04
-143,888 58
--235,997 79
+18,465 77
Total receipts
/. MILES OF ROAD OWNED AND LEASED.
The mileage of your main tracks remains the same as for
the last fiscal year. During the year additional sidings to
the extent of 19.82 kilometers, or 12.27 miles were added.
The following statement shows the miles of road owned
and operated at June 30 1908.
Increase (+)
Decrease (-).
Total working expenses_ 45,328,201 40 $5,706,368 04
--$378,166 64
Receipts over working expen$2,953,364 26 $2,866,402 09
ses
1,329 50
1,472 00
Income from Investments-- _
+$86,962 17
+142 50
• $2,954,836 26 $2,867,731 50
+187,104 67
$30,024 59
20,000 00
+$4,666 32
Total
Stamps and other taxes
Rental Coahuila Coal Railway
Duties paid on Imported Company material In excess of
the kilometric allowance In
settlement up to June 30
1907
Interest, discount and exchange
$34,690 91
20,000 00
+233,683 82
233,683 82
+34,873 53
34,873 53
$50,024 59
+$273,223 67
Net Revenue, Mexican Cur$2,631,588 00 $2,817,707 00
rency
-1186,119 00
U. S. CurrencyAverage price realized for the
50.00 cts.
50.00 cts.
silver dollar
$1,315,794 00 $1,408,853 50
Amount of net revenue
Interest collected on open ac12.911 40
3,322 82
counts
-$93,059 50
31,319,116 82 $1,421,76490
--$102,648 08
$323,248 26
Total
- 9,588 58.
The gross earnings from all sources for the year were _ $8.283,037 66 Mex. Cy.
"
5,651,449 66
The total expenses of operation
$2,631,588 00
The net earnings
1,315,794 00
Equivalent in United States Currency
Adding thereto the interest collected on current ac3,332 82
counts
Deduct$551,510 00
Interest on bonded debt_ _
One year's Interest at 4% on
income bonds to June 30
179,960 00
1907
23,100 00
Interest on loans
$1,319,116 82 U.S. Cy.
1754,570 00
$731,470 00
+123,100 00
The interest on the funded debt and on the income bonds
remains the same, namely; $731,470 00, but there was a
further amount of $23,100 00 of interest paid on a loan of
$420,000 00 from subsidiary companies, making a total of
$754,570 00.
There was therefore an excess from income Account of
$564,546 82 United States Currency over the year's fixed
charges.
It will be noted from the statement appended below that
there is a charge against Income Account of $233,683 82,
Mexican Currency,for duties paid on imported company material in excess of the kilometric allowance, covering a period
of some fifteen years. During the first thirteen years of this
period the balances in favor of the Government, or the Company, were small, but in the years 1906 and 1907, on account
of increased importation of Company material and increases
in the customs tariff, the amounts due the Government over
the kilometric allowance became heavier, until the amount
quoted above was reached and settlement was made with
the Government during the year now under review. It will
be readily seen that the results for the year were really better
than the figures in the appended statement show, by reason
of the fact that the settlement in question covered payment
of excess duties for previous years.
For details see following statement:
$564.54682
$690,294 90
--$125,748 08
Gives the total net revenue of
Additions, betterments and
new equipment
Deficit
$551,510 00
179,060 00
+23,10000
1017,422 48 11,990,953 19 -11,073,535171
1352,875 66 $1,300,663 29 -$947,787 63
Your attention is invited to Tables Nos. 8 and 10 for
details of passenger and freight traffic.
The freight traffic operations for the fiscal year present a
somewhat unusual feature, namely: that of a considerable
increase, 88,220 metric tons or 5.84 per cent in volume, with
a material decrease ($289,062 47) in earnings. The average
number of kilometers each ton of traffic was hauled decreased
2.52 per cent. The decrease in earnings is due to the fact
that the increase in tonnage was almost exclusively in items
coming under the head of minerals and mineral products,
these being, as a rule, low-grade commodities with the
correspondingly low rates.
The tonnage of higher grade commodities suffered a material decrease, particularly in respect to agricultural products, under which heading there was a falling off of 40,909
metric tons, consisting chiefly of cotton, cotton seed, corn,
wheat, and other grains, indicating clearly the very adverse
influence which crop failures have on the earnings,notwithstanding the heavy tonnage of minerals and mineral products.
Tile heavy decrease (16,091 metric tons) in the movement
of forest products was chiefly due to a diminished volume of
OCT. 31 1908.1
THE CHRONICLE
importations of lumber. In cases where the financial stringency did not cause a temporary suspension of building and
other operations, the higher-priced foreign product was
superseded, to some extent, by that of native production,
the supply being drawn from other districts. The production
of native lumber on this line has never been large. The
forests, as a rule, being more remote from the line than those
of other districts makes it more difficult to produce native
lumber on a marketable basis, notwithstanding the similarity
in the rate adjustments.
During the fiscal year new coal mines have been opened,
and the coke oven plants materially augmented in capacity.
Efforts are being made to obtain approval for an adjustment
of fuel rates which,if put into effect as submitted, will tend to
largely increase the district which can be supplied by the
native products. If the suggested readjustment is brought to
a successful conclusion, it is confidently anticipated that the
demand for native coal and coke will be much greater than it
has been heretofore.
There has been a fairly satisfactory increase in passenger
and express business, considering business depression, which
was pretty general during the first six months of the year
1908.
Table No. 7 shows the working expenses of your property
in detail. The percentage of working expenses to gross
receipts was 64.34, as against 66.56 during the same period
of the preceding year, viz.:
1906-1907
14.88
34.06
3.52
Maintenancetf Way and Structures
Maintenance of Equipment
Conducting Transportation
General Expenses
66.56
1907-1908
14.40
13:66
32.41
3.87
64.34
As will be seen, the expenses of Maintenance absorbed
28.06 per cent, and for .Operations :36.28 per cent, of the
gross earnings.
The percentage of total expenses of the sub-accounts is
shown in the following statement:
1906-1907
21.18
22.35
51.17
5.30
100.00
Maintenance of Way and Structures
Maintenance of Equipment
Conducting Transportation
General Expenses
1907-1908
22.37
21.24
50.37
6.02
100.00
1181
In the last annual report reference was made to replacing
and strengthening of bridges; also the placing of heavier rail
in the track. This work was proceeded with during the past
year, but has not been quite completed. Reference is made
to Statement No. 6, which shows amounts expended in these
directions during the year under review.
Rererence was also made in the last report to the necessity
for additional shop tools at C. P. Diaz Monclova, Torreon
and Durango, and additional shop buildings at Monclova and
Durango. This work has now been practically finished, and
during the year the sum of $263,465 41, Mexican currency,
was expended in this direction.
IV. CAPITAL.
In the accounts for the year the amount'of $14,915 82,
United States currency, has been charged to "Cost of Railroad Properties," and represents amount expended on the
Purisima Line and on surveys of new lines.
The expenditures for additional equipment and for additions, betterments and improvements during the year,
amounting to $917,422 48, United States currency, have
been charged to "Profit.and Loss."
,From the surplus earnings for the year ending June 30
1907,four per cent interest on the Income Bonds,or $179,960
United States currency, was duly paid to the holders of these
bonds in September, 1907.
V. FUNDED DEBT.
There have been no changes in the Funded Debt of your
company during the present year.
VI. GENERAL REMARKS.
Time average kilometers operated, the gross earnings, the
average earnings per kilometer, and the average earnings per
mile for the years 1884 to 1905, inclusive, for the six months
January to June, 1906, and for the fiscal years ending June 30
1907 and 1908, are shown in the following table:
Year 1907-08.
Year 1906-07
6 Months 1906
One Year1905
1004
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892
1891
1890
1889
1888
1887
1886
1885
1884
Average Gross Earnings. Average
Average
Kilometers.
(Mexican
Earnings Earnings
Operated.
Currencu.)
per Kilo. per Mile.
11,477.66 $8,281,565 68 $5,604 51 39,019 35
1,473.06
8,572,770 13
5,819 70
9,365 72
1,436 83
4,037,532 82
2,810 03
4,522 17
1,421.93
1.416 44
1,41593
1,397.44
1,364.42
1,289.92
1,185.53
1,060.60
1,060.60
1.011.02
947.23
922.19
922.19
746.37
658.30
637.38
636.34
573.97
273.58
273.58
6,519,161 41
6,891,196 88
7,091,827 24
6,496,161 58
5,960,824 06
5,378,977 33
4,645,559 29
3,497,073 97
3,034,126 04
2,900,025 33
2,664,126 08
2,169,121 47
2,050,934 01
2,095,726 14
1,197,856 55
1,126,366 41
911,698 51
656,781 41
237,304 13
185,150 25
153,916 18
103,307 98
4,584 73
4,865 15
5,008 60
4.648 61
4,368 76
4,170 01
3,918 55
3,297 28
2,860 76
2.860 30
2,812 54
2,352 14
2,226 15
2,807 89
1,819 69
1,745 64
1,432 73
1,144 28
841 73
676 76
59
421 49
4599
7,378 20
7,829 57
8.08036
7,481 04
7,030 60
6,710 88
6,441 91
5,306 31
4,603 86
4,617 69
4,526 28
3,785 29
3,579 04
4,518 67
2,924 02
2,839 77
2,305 64
1,841 47
1,396 43
1.098 11
905 39
612 37
The decrease in expenses is principally due to the benefits
derived from improvements made during the past two years,
and to the heavier rolling stock,including cars and ellgilleS of
greater capacity, purchased and placed in service during the
year, there having been a noticeable increase in the average
number of tons handled by freight trains.
For details of the Transportation Department see Tables
Nos. 8 and 9.
The results for the year, as well as the financial conditions
of the property,
, are shown in the statements of accounts prepared 'by the General Auditor and included in this report.
The books and accounts, as previously, have been audited
by Messrs. Price, Waterhouse & Company, of London, New
York and Mexico, whose certificate as to the correctness
thereof is incorporated in this report.
III. ADDITIONS, BETTERMENTS AND
IMPROVEMENTS.
Statement No. 6 of this report gives the various expenditures for new equipment and for additions, betterments and
improvements during the year, the total amount thereof
being $1,834,844 96, Mexican Currency.
The balance of additional rolling stock ordered, mention
of which was made in the report for the year ending June 30
1907, has been received and placed in service.
At June 30 1908 there were 3,590 employees in the service
of your company, of which 590, or 16.40 per cent were
foreigners; this is a decrease of 503 in the total number of
employees and a decrease of 114 foreigners as. compared
with June 30 1907.
By order of the Board,
E. N. BROWN,
President.
[Tables of comparative statistics are given on a preceding page under
"Annual Reports."]
-H. C. Dick, for many years identified with A. M. Kidder & Co., 18 Wall St., has become associated with the new
banking firm of J. K. Rice Jr. & Co. -at 33 Wall St., this
city. Mr. Rice will have charge of the'
trading in guaranteed
stocks. J. K. Rice & Co. was recently organized by James
K. Rice Jr. formerly with the firm of Frederic Hatch, 30
Broad St.; Raymond J. Chatry, originally Secretary of the
Trust Company of America,and Irving M. Day,former bond
manager of Wm. M. Clark, 20 Broad St. The new firm
deals in bank and trust company stocks, railroad bonds,
guaranteed stocks and inactive and unlisted securities.
-The attention of investors is called to • the offering by
Wm. A. Read & Co. of Chicago • Indiana & Southern
50-year 4% gold bonds, dated 1906, due Jan. 1 1956;•guaianteed, principal and interest, by the Lake Shore & Michigan
Southern Railway Co. by endorsement on each bond. The
facts regarding the Chicago Indiana & Southern and its
importance to'the Lake Shore road are very fully set forth
in a circular prepared by the bankers. See also particulars
in the advertisement on another page.
-Libliey & Struthers, 30 Broad St., have prepared, under
date of October 20,another circular relating to the New York
New Haven.& Hartford convertible 6s... Since, their former
circular, the bonds have advanced from 112 to 130 and are
still considered attractive at the.present price, yielding 4.43%.
The circular points out the dktinctive features of these
bonds and compares them with _other prominent railroad
issues.
•
-About Nov. 1 the Chicago banking and bond house of
Cutter, Waller.& May will remove from the fifth to the sixth
floor of the Rookery Bldg., where they will occupy a much
larger and more convenient suite of offices on the corner of
La Salle and Adams streets. The business of this young firm
is rapidly growing. In addition to handling their own line of
securities, they are the Western representatives of O'Conner & Kahler of New York.
-Joseph Ball of Los Angeles, Cal., dealer in municipal
and corporation bonds and other investment securities, is
now occupying commodious banking rooms on the mezzanine floor of the new'Security Bldg., in that city. Mr. Ball
is a member of the Los Angeles Stock Exchange and snakes a
specialty Of all securities dealt thereon.'
•
-Chas.'H. Jones & Co., investment bankers, 20 Broad
St., New York City, have a circular ready for distribution
which describes the bonds which the firm is offering as safe
investments for trust funds, banks and private investors.
A copy of this circular will be mailed to all applicants.
-Chas. B. Van Nostrand, 33 Wall St. invites the correspondence of out-of-town bankers who deal in original issues of public utility and industrial securities for the purpose
of representing them with an established office in New York
City.
-S. C. Sargeant Jr. will be the manager of the .bond department of Kidder, Peabody. & Co.'s New York office.
Mr. Sargeant comes from the firm's Boston office to take
charge of its bond business in this city. •
-O'Connor & Kahler, bankers, 49 Wall Street, are
offering an extended list of municipal bonds at prices to
yield the investor an attractive return. Particulars appear
in the firm's advertisement on another page.
227435..2580
[VoL. Lxxxvii.
THE CHRONICLE
1182
Titc Tomuterctat Timm
COMMERCIAL EPITOME.
Friday Night, October 30 1908.
The tendency of trade in this country is steadily towards•
improvement, and there is a widespread impression that
after the national election, which will be held on November
3rd, the pace towards better things will be quickened.
LARD on the spot has been firmer, owing to strength
in the future Market at the West, a moderate movement
of live hogs and light offerings of product. The weight
of live hogs is exceptionally light. There has been a moderate demand, principally for jobbing account. Western
10.10c. and City 99'c. Refined lard has been easier, owing
to larger offerings and dulness of trade. Refined Continent 10.30c., South America 11.10c. and Brazil in kegs
12.50c. The speculation in lard futures at the West has
been moderately active. Prices have shown some irregularity, but the tendency in the main has been upward,
owing to investment buying, partly for foreign account
and support from packers.
DAILY CLOSING PRICES
sal.
9.55
October delivery
9.27
January delivery
9.3234
May delivery
OF LARD FUTURES IN CHICAGO.
Mon.
Tues.
Wed. Thurs.
Frt.
9.62,i 9.723i 9.60
9.50
9.45
9.50
9.40
9.47 A 9.45
9.475.
9.45
9.5734 9.55
9.50
9.52
COTTON.
Friday Night, October 30 1908.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
440,660 bales, against 419,621 bales last week and 370,763
bales the previous week, making the total receipts since
the 1st of September 1908, 2,595,114 bales, against 1.901,505
bales for the same period of 1907, showing an increase since
Sept. 1 1908 of 693,609 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
25,926 20,3-33 42,124 30,009 20,732 29,774 168,898
____
____
____
____
Port Arthur_____
Corp.Chrlsti,&c_
3,840 3,840
12,152 14,385 18,487 20,780 15,389 11,488 92,681
New Orleans
4,062 2,400 2,993 4,486 2,0'70 3,18'7 19,198
Mobile
5,237
__
Pensacola
5,237
Jacksonville, &c.
ao
,.,_.,
itio ...,_., 1,6ii
1,579
12,-514 14,2'78 14,335 9,692 11,066
Savannah
9,707 71,592
Brunswick
-- 7,500 7,240 14,740
,
Charleston
.94
1,402
1,235
2,344 10,699
-------------25
Georgetown ---25
5,217 1,460 4,520 3,836 2,370
Wilmington
1,710 19.113
5,214 7,516 5,668 3,213 3,040 2,981 27,632
Norfolk
---------Newport N., &o..
----__
276
276
-----------•---___---_
'New York
79
13
116
319
Boston
-------------------4,756
'56
Baltimore
--__
4
21
-----------75
Philadelphia- - - ---------------------Potals this week_ 72,049 61,923 90,746 73,941 63•513 78,488 440,660
PORK on the spot has been easier, owing to extreme
The following shows the week s total receipts, the total
dulness of trade and increasing supplies. Mess $16®
$16 25, clear $19 50(40;22 and family $18@$19. Beef has since Sept. 1 1908, and the stocks to-night, compared with
been irregular, but on the whole firm. There has been a last year:
moderate jobbing trade. Rumors have been in circulation
1908.
1907.
Stock.
that bids have been asked from abroad on an order for a
Receipts to
This Since Sep This Since Sep
October 30.
million tins for army use. Mess $12 50©$13, packet $14 50
week. 1 1908. week.
1 1907.
1908.
1907.
®$15, family $16@$16 50 and extra India mess $24 50@
------------------168,898 1,004,728 74,700 474,591 202,593
66,373
$25. Cut meats have been quiet and easy, though changes Galveston
6,904 4,699
4,699
Port Arthur
have, as a rule, been slight. Pickled hams 10 ®10 JAC., CorpusChrlsti,&c.
3,ii:145
12,154
731 1
3,756
368,008 65,410 242,733 166,633 131,973
pickled shoulders Oi ®7c., and pickled bellies, 14@10 lbs., New Orleans ____ 92,681
19,198 103,509 16.986
77,611
50,688
54,343
Mobile
9%@10c. Tallow has been quiet and steady; City 6@64c. Pensacola__
5,237
22,625 5,800
__.
16,069
7,926
680
1,939
Stearines have been easier for oleo at 10 ©11c. and steady Jacksonville, ac_ 1,579
71,592
596,409 88,779 584,693 156 511 118,056
for lard at 12c.; trade more active. Butter has been quiet Savannah
14,740
65,941 12,128
Brunswick
61,549
7,841
5,910
10,499
87,345 13,810
92,531
33,632
and steady; creamery extras 26@263/2c. Cheese has been Charleston
32,435
25
614
quiet and steady; State, f. c., small Sept., fancy, 13c.; Georgetown
19,113 165,751 23.211 202,605
Wilmington
26,760
46,84
27,632 138,200 25,533 129,021
large 12 Mc. Eggs quiet and strong Western firsts 26©27c. Norfolk
19.305
32,984
276
NewportNews,&c.
1,890 1,388
2,623
OIL.-Cottonseed has been quiet and steady; winter New
York
54
65
60
77,606 152,684
319
43Y
4 ®443/c.; summer white 38®40c. Linseed has been Boston
1,587
156,
4,770
590
4,741
4,756
Baltimore
11,465 2,967
5,769
5,622
3,709
steady. There has been a moderate demand for small lots, Philadelphia
75
-454
661
3,726
45
3,750
but large buyers have.continued the policy of holding offfor
------------ ------ -----440,660 2,595,114 337,068 1,901,505 755,690 653,805
Total
better terms. City, raw, American seed, 42®43c. boiled,
42c. and Calcutta, raw, 70c. Lard has been easy with a fair
In order that comparison may be made with other years,
demand for small lots. Prime 72®75c. and No. 1 extra
54®56c. Olive has been dull and strong on small supplies; we give below the totals at leading ports for six seasons:
yellow $1 15®$1 25. Cocoanut has been quiet and steady;
1908.
1904.
1905.
1907.
1906.
1905.
/
1c. Peanut dull and Receipts at- -.4c. and Ceylon 6®63
Cochin 7M®73
--------steady; yellow 55(680c. Cod moderatelyactive and steady; Galveston _ _ _ 168,898 74,700 188,151 105,488 111,641 153,228
Pt.Arthur,&c.
3,840
8,214
3,876
21,786
5,430
11,097
domestic 38®40c. and Newfoundland 40©42c.
92,681
65,484 114,584 105,936
New Orleans_
96,789
65,410
COFFEE on the spot has been quiet and firmer. Rio No. Mobile
19,198
12,018
9,688
16,986
14,115
14,794
___
71,592
67,489
88,779
77,720
57,800
87,107
7, 63
,®6%c. and Santos No. 4, 7%®8%c. West India Savannah
14,740
Brunswick_
12,128
8,215
11,764
7,671
7,635
growths have been quiet and steady; fair to good Cucuta Charleston,&c 10,724 13,810
7,412
10,314
8,032
12,803
19,113
23,211
28,871
19,553
15,872
26,772
83/2®93/2c. The speculation in future contracts has con- Wilming'n,&c 27,632
25,533
27,691
32,047
Norfolk
31,442
23,050
tinued on a small scale,with slight changes in prices. On the N'port N., &c
276
1,388
171
584
263
11,966
9,693
14,542
10,627
22,079
7,141
whole, however, the tone has been firm, owing to somewhat All others_
smaller receipts, buying by local spot interests and covering Total this wk_ 440,660 337,068 474,771 344,600 429,599 412,566
--of shorts. There has been sufficient liquidation, nevertheless, by tired longs, to prevent the buying from having any Since Sept. 1- 2,595,114 1,901,505 2,633,253 2,572,363 3,076,808 2,31)2,147
noteworthy effect. The closing prices were as follows:
The exports for the week ending this evening reach a total
5.60c. February
5.20c. June
5.200.
October
5.20c. July
November
5.30c. March
5.20c. of 310,556 bales, of which 82,350 were to Great Britain,
5.20c. August
5.30c. April
5.20c.
December
5.20c. September
5.25c. May
5.25c. 80,799 to France and 147,407 to the rest of the Continent.
January
SUGAR.-Raw has been moderately active but easier in Below are the exports for the week and since Sept. 1 1908.
sympathy with weakness in Europe. Centrifugal, 96-degrees
Week ending Oct. 30 1908 From Sept. 1 1908 to Oct. 30 1908.
Exported toExpor ed totest,3.98c., muscovado,89-degrees test, 3.48c., and molasses,
id
Exports
89-degrees test,3.23c. Refined has been in fair demand and
ContiGreat I
Great
I Conti/ram-Total.
generally steady. Granulated 4.90®5c. Spices have been
trUatn.IFenceI neat. I Total. BrUain. France. neat.
I
steady with a small jobbing trade. Teas have been quiet and Galveston
36,284134,815 38,188109,287 290,442162,407 270,016 722,865
steady. Hops have been dull and steady. Wool has been Port Arthur_
6,904
6,904
Corp.Chrlst,&c
51
51
active with an upward tendency.
New Orleans_ 17,08316,521 22,615 56,219 77,520 42,936 89,764 210,220
PETROLEUM has been steady and in good demand. Re- Mobile
8,745 9,408 18,153
8,287 16,677
42,235
17,271
5,237
200 5,437
2,628 5,237
15,475 23,340
fined, barrels, 8.50c.; bulk 5c. and cases 10.90c. Gasoline Pensacola
Fernandina .__
has been in brisk demand and steady; 86 degrees, in 100-gal- Savannah
:::: 1,565 29,495 37,804 31,385 43,968 201,585 276,938
12,354 12,354
49,339
12,346
____
36,993
lon drums, 19c.; drums $8 50 extra. Naphtha has been Brunswick.-26,454
__.
- ---- -_
4,300 ......
22,154
moderately active and steady; 73®76 degrees, in 100-gallon Charleston_
15,920____ 13,158 29,078
Wilmington
41,846
99,940 141,786
___
9,600
6,000
drums, 16c.• drums $8 50 extra. Spirits of turpentine quiet Norfolk
6,000
9,600 -Newport News.
and easier '
at 39®393/
2c. Rsin quiet and firmer at $2 95.
2;410 6,072 4,615 13,097
New York
38,316 11,652 53,319 103,287
40,226
TOBACCO.-The demand for domestic leaf has continued Boston
1,379 ____ 3,297 4,676
5,727
34,499
-_
1,700 1
,151
6,00. 1,200 25,160 32,360
light. There is a general disposition to await the result of• Baltimore
10,272
3,011
1,574 -----------1,574
Philadelphia
___
7,262
the national election, and in such circumstances some im- Portland, Me_
3,750
3,750
____ 2,750 2,750
provement in the sales of cigars of late has not been reflected San Francisco
3,200
3,200
3,100 3,101
Seattle
in the leaf market. Prices, however, have ruled firm pack- Tacoma
976
976
876
876
to the Portland, Ore
ers not being disposed to make concessions, owing'
Pembina
belief that manufacturers hold small supplies and must sooner Detroit
_
or later buy in larger quantities. Havana and Sumatra
Total
82,350,80,799147,407310,556 564,431284,077 855,2951,703,803
have been quiet and steady.
COPPER has been more active and firmer; lake 139® Total 1907_-. 163,503-5172-59-118+,092378,894 597,407179,029 555,8881,327,324
1c. Lead has been firmer
14c. and electrolytic 13/
5 s®13y
at 4.35c., with a larger demand. Spelter has been quiet
In addition to above exports, our telegrams to-night also
and firmer at $4.8$©4.85c. Tin has been quiet and firm at give us the following amounts of cotton on shipboard, not
29.60c.for Straits. Iron has been more active; No. 1 Nor- cleared at the ports named. We add similar figures for
thern $16 25(017, No.2 Southern $16.75®$17 25.
New York.
OCT. 31 1008.j
THE CHRONICLE
III
On Shipboard, Not Cleared forGreat
GerOther CoastLeaving
October 30 at- Britain. France many. Foreign wise. Total.
Stock.
------------------New Orleans- _ 11,082 5,707 12,890 17,154
673 47,596 1- 19.037
Galveston _ _ _ _ 55,675 17,896 37,050 31,708
2,916 145,245
57,348
Savannah _ _ _ _
6,307
--__ 28,513 2,836
1,500 39,156 117,355
Charleston_ _ _ _
3,000
____
28,132
5,500
Mobile
6-,666 1,500 3,650 ____ 2,500
1,387 13,937
36,751
Norfolk
1,500
_
10,500
7,305
New York_ _ _
acio
ioo Liao 2-,265 ____ 12,000
72,706
4,900
Other ports -15,000
____ 16,000 3,000
14,722
____ 34,000
--------------------Total 1908_ _ 96,364 26,993 102,603 56,898 19 476 302,334
4- 53.356
otal 1007
51,076 23,030 48,687 21,601 31,613 181,007 472,798
Total 1906 114,857 53,513 82,788 33,145 35,981 320,284 616,323
1183
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
*
c);1.?-nzt'nzZ, ozgox4o=oz,;;ow5inzPowP,
c4j...0z)
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Fair
c.1.75 on
Strict mid. fair_ -_1.50 on
Middling fair
1.25 on
Strict good mid._ _ _0.75 on
Good middling__0.50 on
Strict mIddling__.0.25 on
The
Middling
c
Basle
Strict low mid
0 30 oft
Low middling ____1.00 oft
Strict good ord _ _ _1.62 off
Good ordinary _ _2.50 off
Strict g'd mid.tgd.0.35 on
Good mid. tIng'd C. Even
Strict mid.tInged_-0.20 oil
Middling tinged _ _ _0.30 (4i
Strictlow mid.ting.1.00 (4f
Low mid.tInged,....2 25 elI
Middling stained ._1.00 off
official quotation for middling upland cotton in the
New York market each day for the past week has been:
Oct. 24 to Oct. 30Middling uplands
Sat. 9.35
Mon. Tues.
Wed.
Thurs.
Fri.
9.40
9.45
9.35
9.35
9.35
NEW YORK QUOTATIONS FOR 32 YEARS.
1908_c
1907
1906
1005
1904
1903
1902
1901
9.35
10.90
10.50
10.75
10.00
10.50
8.65
7.94
1000_c
1899
1898
1897
1896
1895
1894
1893
9.50
7.38
5.31
6.00
7.04
9.00
5.75
8.19
1892_c
1891
1890
1889
1888
1887
1886
1885
8.31
8.38
10.00
10.62
9.81
9.62
9.25
0.62
1884_c
1883
1882
1881
1880
1870
1878
1877
0.81
10.62
10.59
11.62
11.06
11.25
0.38
11.19
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Futures
Market
Closed.
Saturday_ _ Quiet, 5 pts. dec_-- Easy
Monday-- ulet
Barely steady
Tuesday
Quiet, 5 pts. adv-- Steady
Wednesday ulet, 5 pts. adv_-- Steady
Thursday
ulet, 10 pts. dec.- Steady
Friday__ - uiet
Steady
Total
Sales of Spot and Contract.
Con- ConExport surien. tract.
Total.
;ibo -.166
140
700
840
814 16 000 16,814
954 17,100 18,054
Stock In Alexandria, Egypt
Stock in Bombay,India
Stock in U.S. ports
Stock In U.S. Interior towns
U. S. exports to-day
123,000
149,000
755,690
625,915
77,642
131,000
312,000
653,805
415.441
75,850
,
Rg
•.r
Friday.
Oct. 30.
2221
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11 ht ti t:..i. tt ti tt
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i t t ti tt ttft.
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ix ;:. ....
t4 10
1
. ....
Monday.
Oct. 26.
001
000
000 .1
II
000 .. 01 ..
Speculation in cotton for future delivery has not been
66 ,.,,
06
00
O,
Vb. Co L4 Op
active, although there has been a certain broadening tenI@
dency to it from the fact that Wall Street houses and outside
people have been buying to some extent. Prices have advanced. The fluctuations, however, have been within moderate limits, and realizing from time to time has reduced the
CO:4Z:.
6La 10 10 Mio ;-.:-.
net advance for the week to small figures. Nevertheless,
oo o
04
wo
ww v
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aX
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there is undoubtedly a growing belief that by reason of imle
tia
000000
.
proving trade, and what appears to many to be a relatively
.1
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000
-r
low price, there is basis for an advance, and that it is only a
II
II
.22 °
III:
72
11
iliii .ii.a i;.
et
'
° tt '
2
14
question of time when prices must move upward more de11
II
00 11
02.
1
000 00 .1 ..
140 L4
cisively. Believers in lower prices, on the other hand,argue
'41
Oft
that the crop is more than ample for the requirements of
RZ
10 10 TZ
the cotton-consuming world,and that therefore prices must
00 00 0000
0000 00 mo 000 CO co
r.g.
ultimately seek a lower level. Of late, however, Wall Street
r
H. II 4..
i4 .41 '.'..g:
houses in particular have been pretty steady buyers, and at
II 0. 00 01 .0 11, .. .1
00 0.
times Liverpool and New Orleans have bought, encouraged
CO CO
"10
:4:4 La
001
Ov
to 'some extent by persistent reports that the Lancashire
"Co
I® Te T(0) 10(0
strike is likely to be settled this week or early next week.
CP
The impression is widespread, moreover, that after the naII '
i00 t
'
.
0 tl
1
dg
tional election there is likely to be a more rapid improvement
in general business, in which cotton goods and raw cotton are
reasonably certain to share. Some of the reports in regard
Co
fi .
to the crop in Louisiana, Alabama and the Atlantic States
ge :-Ii le
have not been altogether favorable, and this and the firmness of the spot markets, reports of an excellent demand at
the South, cheerful advices from Fall River,and an improvle
ing tone in Liverpool, with a somewhat better demand there,
0000
0
'co
have contributed to infuse a certain firmness into the market.
This has been illustrated not alone by advances from time
0 •0
OWOO
to time, but by the fact that reactions have been comparaII :
I.
It II
It , II
It
II
It
iii It It
tively slight and temporary. The narrowness of the market,
however, is something beyond dispute, even though outsidTHE
VISIBLE SUPPLY OF COTTON to-night, as made
ers, as already intimated, have shown more interest in the
speculation, partly because some operators of national and up by cable and telegraph, is as follows. Foreign stocks,
as
well
as the afloat, are this week's returns, and conseeven wider reputation have announced themselves as believers in a much higher level of values. Spot interests have quently all foreign figures are brought down to Thursday
evening.
But to make the total the complete figures
bought January,while selling March, May and July. October notices were issued on Thursday to the amount, it was for to-night (Friday), we add the item of exports from
estimated, of some 10,000 bales, but they were promptly the United States, including in it the exports of Friday
stopped. Several thousand bales have also been brought only.
October 30here from the South for delivery on October contracts. To1908.
1907.
1906.
1905.
Stock at Liverpool
bales. 41 ,000 542,000 296.000 655,000
day prices very generally advanced, although October de- Stock
at London
14,000
27,000
16,000
23,000
clined to some extent, partly owing to the issuance of notices Stock at Manchester
26,000
40,000
21,000
33,000
of delivery for about 2,500 bales. Receipts continued heavy
Total Great Britain
451,000 609,000 333,000 711,000
and Liverpool and the South sold to some extent, but the Stock at Hamburg stock
20,000
18,000
22,000
12,000
Stock at Bremen
18 .,000
market absorbed the offerings very well. A report was in Stock
129,000
72,000 213,000
at Havre
100,000
91.000
50,000
75,000
circulation once more that the Lancashire strike is likely to Stork
at Marseilles
4,000
3,000
4,000
3,000
be settled shortly. Spot cotton here has been quiet. Mid- Stock at Barcelona
12,000
10,000
4,000
3,000
Stock at Genoa
14,000
18,000
32,000
14,000
dling uplands closed at 9.35c., a decline for the week of Stock
at Trieste
10,000
34,000
1,000
2,000
5 points.
Total Continental stocks
345,000 303,000 185,000 322,000
The rates on and off middling, as established Sept. 9 1908
Total European stocks
796,000 912,000 518,000 1,033,000
by the Revision Committee, at which grades other than India
cotton afloat for Europe__ _
43,000
41,000
82,000
66,000
American cotton afloat for Europe 760,935
middling may be delivered on contract, are as follows:
586,781
801.716 656,000
Egypt,Brazil,&c.,afloat for Europe 36,000
58,000
64,000
52,000
119,000
99,000
344,000 363.000
936,607 1,004,258
406,198
511,089
40,787
38,749
Total visible supply
3,367,182 3,185,877 3,314,308 3,823,096
Of the above, totals of American and other descriptions
are as follows:
AmericanLiverpool stocks
bales. 301,000 453,000 222.000 567,000
Manchester stocks
18,000
30,000
17,000
30,000
Continental stocks
27,000 211,000 129,000 293,000
American afloat for Europe
760,935 586,761
801,716 656,000
U.S. port stocks
755,690 653,805 936,607 1,004,258
U.S. Interior stocks
625,915 415,441
408,198
511,089
U.S.exports to-day
77,642
75,850
40,787
38,749
Total American
2,829,182 2,425,877 2,555,208 3,100,096
East Indian, Brava, &c.Liverpool stock
107,000
89,000
74,000
38,000
London stock
14,000
27,000
16,000
23,000
Manchester stock
8,000
10,000
4,000
3,000
Continental stocks
58,000
92,000
56,000
29,000
India afloat for Europe
43,000
41,000
82,000
66,000
Egypt, Brazil, &c., afloat
36,000
58,000
64,000
52,000
Stock in Alexandria, Egypt
123,000
131,000 119,000
99,000
Stock in Bombay, India
149,000 312,000 344,000 363,000
Total East India,
538,000 760,000 759,000 723,000
Total American
2,829.182 2,425,877 2,555,308 3,100,096
Total visible supply
3,367,182 3,185,877 3,314,308 3,823,096
Middling Upland, Liverpool
4.99d.
5.93d.
5.80d.
5.91d.
Middlln g Upland, New York_ _- 9.35c.
10.90c.
10.40c.
11.15c.
Egypt, Good Brown, Liverpool
8%d
109d. 103-16d.
854d.
Peruvian, Rough Good, Liverpool
8.15d.
12.00d.
8.70d.
9.00d.
Broach, Fine, Liverpool
4 13 16d.
59d. 5 13-16d. 5 9-16d.
TInnevelly, Good, Liverpool
4 11--16d. 5 7-16d. 5 9-16d.
554d.
&c
Continental imports for the past week have been 226,000
bales.
The above figures for 1908 show an increase over last
week of 334,937 bales, an increase of 181,305 bales over
1907, a gain of 52,874 bales from 1906, and a loss of
455,914 bales from 1905.
IVOL. Lxxxvn.
THE CHRONICLE
1184
Movement to Oct. 30 1908.
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II Movement to November 114907. I
QUOTATIONS FOR MIDDLING COTTON AT OTHER
AT THE INTERIOR TOWNS the movement-that is
of middling
the receipts for the week and since Sept. 1, the shipments MARKETS.-Below are the closing quotations markets
for
for the week and the stocks to-night, and the same items cotton at Southern and other principal cotton
for the corresponding period for the previous year-is set each day of the week.
out in detail below.
Closing Quotations for Middling Cotton on-
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The above totals show that the interior stocks have increased during the week 75,359 bales and are to-night 210,474
bales more than at the same time last year. The receipts
at all the towns have been 144,398 bales more than the same
week last year.
Week ending
October 30.
Galveston
New Orleans
Mobile
Savannah
Charleston
Wilmington
Norfolk
Boston
Baltimore
Philadelphia _
Augusta
Memphis
St. Louis
Houston
Little Rock--- _
Sarday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
9
9
8M
8M
8i
8 13-16
9X
9.40
9Y3
9
9
9 1-16
8M
8M
8'%
8 13-16
9 1-16
9.35
9
9.60
8 13-16
8 13-16
8M
8 13-16
9 1-16
9.35
OM
9.65
9
9M
9M
9
8 13-16
9
9.60
9
9 1-16
9 1-16 I 9 1-16
9
9
8M
9
8M
9 1-16
9.40
9 1-16
9
8 13-16
8M
83,'
8M
9 1-16
9.45
9.60
9 1-16
9.70
9
9M
93W,'
8 15-16
9
9 1-16
9
8
8M
83,'
8M
9 1-16
9.35
9M
9.60
9 1-16
OM
9
83,'
NEW ORLEANS OPTION MARKET.-The iighest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sardati, Manday, Tuesday, 117ettedalt, Thursd'y, Friday,
Oct. 24. Oct. 26. Oct. 27. Oct. 28. Oct. 29. Oct. 30.
OctoberRange
Closing
NovemberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
FebruaryRange
Closing
MarchRange
Closing
AprilRange
Closing
MayRange
Closing
JulieRange
Closing
JulyRange
Closing
Tone-Spot
Options
® .05
8.95-.998.06-.97 8.80,92 8.97-.00
8.89 - 8.80,90 8.97 * 8.94 - 8.75-.90
-
®
@ -- @ -- @ -8.73-.78 8.74-.78 8.87-.90 8.84-.86 8.78-.81 8.80 *
8.64-.72 8.58-.67 8.65-.79 8.73-.81 8.64-.73 8.68-.75
8.64-.65 8.78-.79 8.75-.70 8.69-.70 8.72-.73
8.65
8.60-.69 8.54-.64 8.60-.73 8.69-.78 8.60-.69 8.63-.71
8.61-.62 8.59-.60 8.72-.73 8.70-.71 8.64-.65 8.68-.69
@® --8.60-.63 8.58-.61 8.71-.74 8.68-.70 8.62-.66 8.66-.68
8.59-.68 8.54-.62 8.60-.73 8.69-.74 8.63-.7
8.60-.81 8.59-.60 8.72-.73 8.70-.71 8.60
8.65-.72
8.69-.70
_
@ --®--@--- _
8.60-.64 8.59-.61 8.72-.75 8.74-.77 8.69-.73 8.72 *
8.62-.67 8.56-.65 8.62-.75 8.72-.79 8.66-.71 8.71-.75
8.62-.63 8 60-.61 8.74-.75 8.74-.75 8.70-.71 8.73-.75
-@ --@--8.62-.65 8.61-.65 8.75-.77
--- 3
- @ --- 8.71-.76 8.74 *
8.66-.69 8.64-.69 8.70-.76 8.75-.82 8.70-.75- @ 8.64-.66 8.64-.67 8.77-.80 8.77 - 8.74-.77 8.79 Steady. Quiet. Steady. Quiet.
Quiet.
Quiet.
Steady. Steady. Steady. Steady. Steady. Steady.
*Nominal.
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph from the South this evening denote that while
rain has fallen during the week in most localities, the precipitation has been moderate or light except in a few Atlantic
sections. With ti e satisfactory conditions, picking has
progressed very well, and is completed in some districts, and
OVERLAND MOVEMENT FOR THE WEEK AND the movement of cotton to market has been liberal. Killing
SINCE SEPT. 1.-We give below a statement showing frosts occurred at some points during the week.
Galveston, Texas.-Rain has fallen on two days of the
the overland movement for the week and since Sept. 1, as
made up from telegraphic reports Friday night. The week, the precipitation being seventeen hundredths of an
results for the week and since Sept. 1 in the last two years inch. Average thermometer 60, highest 71, lowest 49.
Abilene, Texas.-We have had rain on one day during the
are as follows:
week, the rainfall being six hundredths of an inch. The
------ 10081907
Since
Since thermometer has averaged 56, the highest being 74 and the
October 30Week, Sept. 1.
Week. Sept. 1.
Shippedlowest 38.
22,319
72,579
11,395
38,639
Via St. Louis
Brenham, Texas.-We have had rain on one day of the
57,395
18,362
8,369
20,993
Via Cairo
290
154
1,065
649 week, the rainfall being fourteen hundredths of an inch.
Via Rock Island
14,695
3,454
1,698
9,652 The thermometer has ranged from 41 to 75, averaging 58.
Via Louisville
576
1,488
8,403
3,970
Via Cincinnati
5,762
Corpus Christi, Texas.-There has been rain on three days
1,318
16,253
7,086
Via Virginia points
6,984
4,386
17,894
15,402 of the week,the precipitation reaching thirty-one hundredths
Via other routes, &c
188,284
27,806
58,659
96,391 of an inch. Average thermometer 61, highest 74, lowest 48.
Total gross overland
Deduct shipmentsCuero, Texas.-There has been rain on one day the past
3,233
13,560
7,085
Overland to N. Y., Boston, &c_.... 5,150
6,199
4,999
1,849
7,157 week, the rainfall being sixty hundredths of an inch. The
Between interior towns
2,783
813
6,501
15,369 thermometer has ranged from 40 to 88, averaging 64.
Inland, &c.. from South
Dallas, Texas.-Rain has fallen on one day of the week,the
25,060
12,215
7,812
29,611
Total to be deducted
rainfall being eight hundredths of an inch. Average ther15
681
163,224
50,847
66,780
Leaving total net overland *
mometer 55, highest 75, lowest 34.
Fort Worth, Texas.-There has been rain on one day during
* Including movement by rail to Canada.
the week, to the extent of four hundredths of an inch. The
overland
net
week's
movement
The foregoing shows the
thermometer has ranged from 38 to 72, averaging 55.
has been 50,847 bales, against 15,681 bales for the week
Henrietta, Texas.-It has been dry all the week. The
the
date
to
aggregate
season
last year, and that for the
thermometer has ranged from 31 to 73, averaging 52.
of
ago
year
a
over
96,444
net overland exhibits an increase
Huntsville, Texas.-We have had no rain during the week.
bales.
The thermometer has averaged 54, the highest being 72 and
-1907
1908-----36.
Since
Since the lowest
In Sight and Spinners
Kerrville, Texas.-It has rained on one day of the week,
Week. Sept. 1
Sept. 1.
Week.
Takings.
440,660 2,595,114 337,068 1,901,505 the precipitation being thirty-one hundredths of an inch.
Receipts at ports to Oct. 30
15,681
163,224
50,847
66,780
Net overland to Oct. 30
averaging 55.
49,000 434,000 The thermometer has ranged from 29 to 80,
44,000 350,000
Southern consumption to Oct. 30
-Lampasas, Texas.-Rain has fallen on one day of the week,
Total marketed
535,507 3,108,338 401,749 2,402,285 to an inappreciable extent. Average thermometer 55, high52,713 334,858
510,720
75,359
Interior stocks in excess
est 77, lowest 32.
454,462
Came Into sight during week_ _ __610,866
Longview, Texas.-There has been no rain during the week.
3,610,058
2,737,143
Total In sight Oct. 30
The thermometer has averaged 54, the highest being 73 and
58,340 273,520 the lowest 35.
481,636
North. spinners' takings to Oct. 30_ 92.571
Luling, Texas.-We have had rain on one day the past
Movement into sight in previous years:
week, the..rainfall being twenty-two hundredths of an inch.
Since Sept. 1Bales.
Bales.
WeekAverage thermometer 57, highest 74, lowest 39.
3,483,325
625,490 1906-Nov. 2
1906-Nov. 2
Nacogdoches, Texas.-There has been no rain during the
ov. 3
1905-N
3,465,556
3
-Nov.
467,105
1905
4,067,958 week. The thermometer has averaged 55, the highest
574,451 1904-Nov. 4
1904-Nov. 4
3,181,446
537,093 1903-Nov. 6
1903-Nov. 6
3.661,682 being 77 and the lowest 32.
444,159 1902-Nov. 7
1902-Nov. 7
OCT. 31 1908.
THE CHRONICLE
1185
Palestine, Texas.-We have had no rain during the week.
The following statement we have also received
by teleThe thermometer has ranged from 38 to 74, averaging 56.
graph,
Paris, Texas.-We have had no rain during the week. at 8 a. showing the height of rivers at the points named
in.
of
the
dates
given:
Average thermometer 53, highest 73, lowest 33.
Oct. 30 1908. Nov. 1 1907.
San Antonio, Texas.-Rain has fallen during the week, to
Feet.
Feet.PI
the extent of twenty hundredths of an inch,on one day. The New!Orleans
Above zero of gauge_
3.9
4.7
Memphis
Above zero of gauge_
thermometer has ranged from 38 to 76, averaging 57.
5.3
7.0
Nashville
Above zero of gauge_
6.7
7.2
Taylor Texas.-Rain has fallen on one day during the Shreveport
Above zero of gauge_
11.9
0.2
Above zero of gauge_
week, to'
the extent of four hundredths of an inch. Average Vicksburg
5.1
9.4
thermometer 56, highest 74, lowest 38.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Weatherford, Texas.-There has been a trace of rain on one The following brief but comprehensive
statement indicates
day during the week. The thermometer has averaged 52, at a glance the world's supply of cotton for the
week
and since
the highest being 69 and the lowest 35.
Sept. 1, for the last two seasons, from all sources from
which
Little Rock, Arkansas.-We have had rain on one day statistics are obtainable, also the takings,
or
amounts gone
during the week, the rainfall being thirty-four hundredths out of sight, for the like period.
of an inch. The thermometer has ranged from 38 to 68,
averaging 53.
Cotton Takings.
1908.
1907.
Week and Season.
Memphis, Tennessee.-Dry all the week. Picking and
Week.
Season.
Week., Season.
marketing are making rapid progress. Heavy frosts in this
vicinity on the 28th and 29th. Average thermometer 53.4, Visible supply Oct 23
3,032,245
3,034,127
Visible supply Sept. 1
1,714,982
highest 71, lowest 40.3.
2,291,844
American in sight to Oct. 30 __
3,619,058 454,462 2,737,143
Nashville, Tennessee.-We have had no rain the past week. Bombay receipts to Oct. 29___ 610,866
9,000
52,000
18,000
79,000
Other India shpl'ts to Oct. 29_ _
3,000
53,000
The thermometer has averaged 54, the highest being 72 and Alexandria receipts to Oct. 28_
6,000
44,000
42,000
125,000
52,000
228,000
Other supply to Oct. 28
the lowest 36.
8,000
45,000
12,000
65,000
Mobile, Alabama.-Rain in the interior middle of week.
Total supply
3,705,111 5,609,040 3,576,589 5,444,987
Killing frost in most sections on Sunday. Light to heavy
Deductfrost in many sections later in the week. Cotton picking Visible
supply Oct. 30
3,367,182 3,367,182 3,185,877 3,185,877
progressing well; is completed in some sections. We have
Total takings to Oct. 30
had rain on two days during the week, the rainfall being
337,929 2,241,858 390,712
Of which American
275,920 1,766,858 285,712 2,259,110
thirty-three hundredths of an inch. The thermometer has
1,647,110
Of which other
62,000
475,000 105,000
612,000
ranged from 46 to 77, averaging 61.
Ardmore, Oklahoma.-We have had no rain during the
ELLISON'S ANNUAL COTTON REVIEW FOR THE
week. The thermometer has ranged from 33 to 69, averag- SEASON OF 1907-08.-In our
editorial columns will be
ing 51.
found an article in which we give the figures from Mr.
EliAlexandria, Louisiana.-There has been no rain the past son's annual review
the European cotton trade for th•
week. Thermometer has averaged 57, highest being 79 season of 1907-08 ofreceived
as
by
us
this week by cable.
and lowest 35.
Reference is also made thereto in the Financial Situatio
n.
New Orleans, Louisiana.-Rain has fallen on one day
CENSUS BUREAU'S REPORT ON COTTON-GINNING.
during the week, the rainfall reaching sixty-one hundredths
of an inch. The thermometer has ranged from 52 to 74, -The Division of Manufactures in the Census Bureau completed and issued on Oct. 26 its report on the amount of
averaging 63.
Shreveport, Louisiana.-We have had a trace of rain on cotton ginned up to Oct. 18 the present season, and we give
one day of the week. Average thermometer 55, highest it below, comparison being made with the returns for the
like period of the three preceding years:
73 and lowest 36.
State
Counting Active
State
Columbus, Mississippi.-Rain has fallen on one day of the
Counting Active
or
Round as
GinOr
Flound as Gin-I
past week, to an inappreciable extent. The thermometer Territory. Year. Half
Bales. neries. Territory. Year Half Bales. neries.
U. S* ----1908 6,283,780 25,440 Missouri- _1908
has averaged 55, the highest being 78 and the lowest 31.
20,234
68
1907 4,420,258 24,926
1907
5,934
53
Meridian, Mississippi.-There has been rain on one day
1906 4,031,621 26,125
1906
7,375
53
1905 4,990,566 26,577
during the week, the precipitation being thirty-five hun1905
8,599
56
Alabama _ _1908
890,788
3,295 Nor. Car---1908
276,173
dredths of an inch. Thermometer has ranged from 33 to
2,443
1907
416,912
3,162
1907
216,104
2,329
1906
74. averaging 54.
469,657
3,351
1906
223,437
2,487
1905
644,165
3,533
1905
334,649
Vicksburg, Mississippi.-We have had rain on two days Arkansas __1908
2,634
347,108
1,931 Oklahoma -1908
131,578
862
1907
during the week, to the extent of four hundredths of an inch.
163,371
1,818
1907
240,210
893
1906
163,102
2,000
1906
The thermometer has averaged 58, ranging from 41 to 74.
198,709
859
1905
119,899
1,872
1905
179,108
803
Helena, Arkansas.-Fine picking weather itiul cotton is Florlda____1908
34,577
231 So. Oar_ ---1908
659.076
3,046
1907
19,863
221
1907
coming in rapidly. Heavy frost in this vicinity during the
537,273
3,007
1906
24,321
248
1909
396,551
2,809
week. Rain has fallen lightly on one day of the week, the
'
1905
37,509
270
1905
642,932
3,029
Georgia -__1908 1,119,617
4,250 Tennessee -1908
rainfall being sixteen hundredths of an inch. Average
132,227
581
1907
878,643
4,308
1907
60,644
531
thermometer 57.2, highest 72, lowest 35.
1906
720,316
4,283
1906
38,858
533
1905 1,066,998
Montgomery, Alabama.-We have had rain on two days
4,647
1905
67,134
640
Kentucky _1908
566
2 Texas _-- -1908 2,041,570
during the week. The rainfall reached fifty-five hundred
3,978
1907
342
2
1907 1,289,324
3,858
of an inch. The thermometer has ranged from 44 to ths
1906
218
2
1906 1,998,807
4,108
75,
1905
177
3
1905 1,431,093
averaging 59.
4,069
Loulsiana__1908
206,027
1,499 Virglina -__1908
2,816
63
Selma, Alabama.-It has rained on two days during
1907
180,720
1,536
1907
853
47
the
1906
321,123
1,907
week, the rainfall being fifty-four hundredths of an inch.
1906
4,099
102
1905
134,718
1,678
1095
4,177
90
Average thermometer 55, highest 70, lowest 40.
MIssissippl_1908
621,423
3,190
1907
410,065
3,161
Madison, Florida.-We have had rain on two days during
1006
365,058
3,203
the week, the rainfall being seventy-eight hundredths of an
1905
319,408
3,253
inch. The thermometer has averaged 63, the highest being
* Includes 115,438 round bales for 1901, 97,957
for 1907, 132,144 for
83 and the lowest 42.
1906 and 146,574 for 1905. The number of Sea
"
Island bales included is
32,462 for 1008, 18,775 for 1907, 12,091 for
1906 and 31,487 for 1905.
Tallahassee, Florida.-We have had rain on two days Statistics
in this report for 1908 are subject to slight
corrections when
during the week, to the extent of fifty-seven hundredths of checked against the individual returns
of
being transmitted to the
bureau by mall. The corrected statistics ginners
of the quantity of cotton ginned
an inch. The thermometer has averaged 60, ranging from this
season to Sept. 25 are 2,590,639 bales.
44 to 76.
INDIA COTTON MOVEMENT FROM ALL PORTS.Atlanta, Georgia.-We have had rain on two days during
the week, the rainfall being one inch and forty-eight hunOctober 29.
1908.
1907.
dredths. The thermometer has ranged from 43 to
1906.
71,
Receipts ataveraging 57.
• Since
Since
Since
Week,
Sept.
1.
Week.
Sept. 1. Week. Sept. 1
Augusta, Georgia.-It has rained on four days of the
week,
the rainfall being two inches and five hundredths. Average Bombay
9,000
52,000 18,000
79,000 17,000
67,000
thermometer 60, highest 78, lowest 42.
•- Savannah, Georgia.-There has been rain on two days
For the Week.
Since September 1.
during the past week, the precipitation reaching twenty
Exports from
hundredths of an inch. The thermometer has averaged 61,
Great ContiGreat
ContiBritain. nent. Total. Britain.
nent.
the highest being 79 and the lowest 44.
Total.
Bombay
Charleston, South Carolina.-It has rained on three days
1908
'
5,000
5,000
48,000
the past week,the rainfall being one inch. The thermometer
48,000
1907
5,000 5,000
77,000
77,000
1906
has averaged 62, ranging from 47 to 76.
25,000 25,000
2,000 107,000 109,000
Calcutta
Greenwood, South Carolina.-We have had rain on five
1908
1,000
6,000
7,000
days during the week, the rainfall being three inches and
1907
1,000 1-,0r00
1,000
6,000
7,000
1906
1,000 2,000 3,000
eighty-four hundredths. Average thermometer 59, highest Madras
1,000
6,000
7,000
74, lowest 39.
1908
1,000
5,000
6,000
1907
3,000 3,000
Charlotte, NorthCarolina.-There has been rain on four
1,000
10,000
11,000
1906
1,000
1,000
2,000
1,000
5,000
6,000
days of the week, the rainfall being two inches and seventy All others1908
3,000 3,000
five hundredths. The thermometer has averaged 59, rang2,000
38,000
40,000
1907
2,000 2,000
3,000
23,000
ing from 42 to 74.
26,000
1006
6,000 6,000
1,000
31,000
32,000
Raleigh, North Carolina.-We have had rain on four days
Total allduring the week, the rainfall reaching two inches
1908
8,000 8,000
forty4.000
97,000 101,0M
1907
two hundredths. The thermometer has rangedand
11,000 11,000
5,000 116,000 121,000
from 44
1906
2,000 34,000 36,000
to 76, averaging 60.
5,000 149,000 154,000
.41•111.
[VOL. Lxxxvii
THE CHRONICLE
1186
IF:TALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-Through arrangements made with Messrs.
Choremi, Benachi & Co., of Boston and Alexandria, we
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
October 28.
Receipts (cantars)This week
Since Sept. 1
1908.
310,000
936,334
1907.
1906.
390,000
1,700,606
360,000
1,603,665
.
0
09
.
3,O
bales_ 2/ct
Sales of the week
Of which speculators took-- 1,000
Of which exporters took...- _ 1,000
19,000
Sales, American
Actaul export
402:000000
Forwarded
274,000
Total stock-Estimated
Of which American-Est_ ._160,000
46,000
Total imports of the week
29,000
Of which American
289,000
Amount afloat
265,000
Of which American
6,750 16,454
6,149
8,000 35.061
2,250 5,063
To Liverpool
To Manchester
To Continent
To Amerida
9,500 42,627
7,500 32,986
5,750 38,320
1,250 4,166
7,000 45,643
9,000 30,944
7,000 40,548
1,500 4,117
17,000 62,727 24,000 117,599 24,500 121,252
Total exports
Note.-A:cantar Is 99 lbs
Oct. 23.
29,000
Oct. 30.
31,000
2,000
23,000
2,000
41,000
320,000
216,000
89,000
84,000
390,000
284,000
1,000
000
3:0
20
1,000
27,000
49,000
374,000
266,000
110,000
100,000
267,000
243,000
3
000
80
74,0
11
45
304,000
96,000
2,000
06
26
237,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
This Since
This Since
This Since
week. Sept. 1. week. Sept. 1. week. Sept. 1.
Export (bales)-
Oct. 16.
000
1:0
28
Spot.
Saturday.
Monday.
Market, 1
12:15 }
P. M. J
Dull.
More
demand.
5.02
Mid. Upi'ds
Sales
Spec.&exp.
3.000
200
Dull.
Dull.
Quiet.
Qtilet.
4.98
5.00
5.01
5.00
4.99
6,000
300
3,000
200
4,000
8,000
500
8,000
500
200
Quiet at Barely sty. Stdy, unch Steady at
Fu ures.
to 1 point 3 points
at 304
Market 1
decline,
advance.
pts. dec. pts. dec.
opened
5 235 ®335
sty. Firm at
1} Barely
at 3®535 1®3 pts.
Egyptian bales weigh about 750 lbs.
Friday.
Tuesday. iVednesday. Thursday.
Quiet at
304 pts,
decline.
Steady.
unchanged
were
This statement shows that the receipts for the week
bales.
Barely sty. Steady at Quiet at Steady at
Market,
310,000 cantars and the foreign shipments 17,000
at 3501 pt. 40435 pts. 30)335 pts. 34®134
4
pts. adv.
decline.
advance, advance,
decline,
P. M. 3 pts. dec.
MANCHESTER MARKET.-Our report received by
is
the
market
that
states
r
Mancheste
from
night
tocable
The prices of futures at Liverpool for each day are given
quiet for both yarns and shirtings. Merchants are buying
very sparingly. We give the prices for to-day below below. Prices are on the basis of upland, good ordinary
and leave those for previous weeks of this and last year clause, unless otherwise stated.
The prices are given in pence and 100ths. Thus; 4 83 means 4 83-boa.
for comparison.
1907.
1908.
834 lbs. Shirt- Corn
ing:, common
Uprs
to finest.
323 Cop
T2V131.
d.
Sem,
18 8
25 8%
Oct.
2
9
16
23
d. I. d.
d. d.
d. A. d.
9 4 10%08 14 5.54 1031 (a 124 6
9% 5 1 (4)8 435 5.33 10 11-16® 124 6
9% 5 13008 435 5.13 1035 @ 11% 6
9 35 5 131@8 4% 4.96 i09-16@ 11346
4.99 109-16@ 11% 6
9% 5 134a8 6
5.04 10 7-16® 1131 6
9% 5 1 08 6
8 6
4.99 10 9-16® 11%
5 131@8 6
931
30
s. d.
32s Cop
Twist.
831 lbs. Shin- Corn
ings, common
Ups':
to finest.
s. d.
d.
6 010 3
5 @)10 2
6.91
6.60
4 010 1
4 @io 0
3 010 0
2 010 0
134® 9 11
6.53
6.52
6.54
6.19
5.03
Fri.
Thurs.
Wed.
Tues.
Sat.
Mon.
Oct. 24
12% 1234 1234 4 1234 4 12% 4 1231 4 12% 4
to
Oct. 30. p.m. p.m. p.m. p.m. p.m. p.m. p.m. P.m. P.m. P.m. P.m. P.m.
d.
a. d. d. d. cl. a. d. a. d.
d.
d.
4 8334 7935 824 834 834 87 88 86 8431 84% 85%
Oct
Oct.-Nov_ ---_ 4 7331 694 7234 7331 7335 77 78 76 74% 75 76
613164 654 65 69 6935 6734 66% 66% 68
Nov.-Dec.
Dec.-Jan_ ___.. 4 66 61 6331 6431 64 68 6831 6635 65 65 6634
603163 63 A 634 674 68 66 6435 64% 6535
Jan.-Feb_
Feb.-Mch. ----465 603163 63 35 63 A 6731 68 66 6435 6434 65
Mch.-Apr. ---- 4 8434 60 623163346334 67 67% 6535 64 64 6431
Apr.-May. ----46434 60 6234 6334 6331 87 67% 6534 64 64 64
May-June. ----46334 60 6235 63 63 87 6735 6531 64 64 64
6335 60 6235 63 83 67 6731 6534 64 64 64%
June-July.
July-Aug_ ----462 59 61 61 6131 654 66 64 6235 62 63
Aug.-Sept.
SHIPPING NEWS.-As shown on a previous page, the
JUTE BUTTS, BAGGING, &c.-The demand for bagexports of cotton from the United States the past week have
reached 310,556 bales. The shipments in detail, as made ging during the past week has been qttet, with prices
af
are
sollows:
nominally unchanged at 7 cents per yard for 2-1b. domestic
up from mail and telegraphic returns,
Total bales. bagging and 634 cents per yard for re-woven and inferior
1,341
464
ic,
upland,
dull at 2@3 cents per lb. for
NEW YORK-To Liverpool-Oct. 23-Celt
1,850 foreign. Jute butts very
Sea Island' 45 foreign
360 bagging quality.
To London-Oct. 23-Minneapolis, 360
200
To Glasgow-Oct. 23-Columbia, 2 0
DOMESTIC EXPORTS OF COTTON MANUFACTURES.
To Havre-Oct. 26-DInsdalehall, 2,900- _ _Oct. 27-Louisl- 4,972
the exports of domestic
an , 2,065 upland. 7 foreign
1,100 -We give below a statement showing
To Dunkirk-Oct. 26-DInsdalehall, 1,100
150 cotton manufactures for August and for the eight months
To Bremen-Oct. 28-Kurfuerst, 1501,750
1,750
nd.
and for purposes of comparison like
To Antwerp-Oct. 23-Kroonla
1,000 ended August 31 1908,
To Reval-Oct. 28-Hellig Olav, 1.000 - ing periods of the previous year
correspond
29
-Oct.
for
100_
the
Irene,
-Regina
figures
23-Prinzess
ct.
To Genoa-O
400
d'Italla, 300
1,300 are also presented.
23-Prinzess Irene, 1,300
To Naples-Oct.
15
To Trieste-Oct. 28-Ultonia, 15
23GALVESTON-To Liverpool-Oct. 22-Cara,3,247._ _-_Oct.
Bernard, 3,310_ _ _Oct. 24-Wayfarer, 23,908_ _ _Oct. 26
- 36,284
-Orion 5,819
_ _ _Oct. 29-ManhatTo Havre-Oct. 28-Montauk, 11,192_
- 34,815
,
----___
__
_
_
tan, 23,623
7,62-0;--------- 22,405_ 30,025
To Bremen-Oct.23-Cayo Domingo,
1,100
1,100
To Hamburg-Oct. 28-Calabria,
700
700
To Rotterdam-Oct. 23-Lord dOrmonde,
8,363
Castle,8,363
To Antwerp-Oct. 27-Thuslanct.
CHM 4,333._
24-William
Liverpool-O
-To
ORLEANS
NEW
16,833
Oct. 27-Texan, 4,500_ __Oct. 29-Barrister, 8,000
250
250
To London-Oct. 27-Cab Ian,10.521____O
,
ct.
27-Caloalan
,
23-Musiclan
-Oct.
To Havre
16,521
6.000
20
-Norse
To Bremen-Oct. 23-Rollesby, 3,784_ _ _ _Oct.
12,306
Prince, 8,522
_Oct. 28-Austriana.
To Hamburg-Oct. 23-Rollesby, 500_
600
100
To Genoa-Oct. 23-Liguria, 1,957._ __Oct. 20-Princlpessa
9709
Latitia, 7,752
8,745
MOBILE-To Havre-Oct. 29-Roma,8,745
9,408
To Bremen-Oct.29-Euston,9,408
. 5,237
5,237
PENSACOLA-To Havre-Oct. 24-Sandhurst
_
200
_
---200
-Virginia,
27
To Venice-Oct.
8,300
, 8,309
SAVANNAH-To Havre-Oct. 28-Inveresic
24-Hansa,
_Oct.
4,822
To Bremen-Oct. 23-Adra, 7,500_ _ _
24,457
-„Oct. 28-Anglo-Bolivian, 12,135
788
To Hamburg-Oct. 29-Germanicus, _788
, 400_ _
To Reval-Oct. 24-Hansa, 200._ _ Oct. 28-Inveresk
2,100
1,500.cos,
Oct. 29-Germani
300
To Malmo-Oct. 28-Inveresk, 300--400
400
To Warberg-Oct. 29-Germanicus.
400
400
cus,
29-Germani
To Norrkoping-Oct.
$00
300,
To Antwerp-Oct. 29-Germanicus,
350
To Gothenburg-Oct. 29-Germanicus, 350
200
To Uddevalle-Oct. 29-Gerinanicus, 200
To Gelle-Oct. 21)-Genuanicus 200
12,354------ 12
BRUNSWICK-To Bremen-Oct.29-Den of Mains,15,920
15,920
WILMING7 ON-To Liverpool-Oct. 26-nola ------------13
To Bremen-Oct. 26-Elloe, 13,158----------6:010508
NORFOLK-To Liverpool-Oct. 27-Rotterdam, 6,000
1,129
BOSTON-To Liverpool-Oct. 23-Republic, 1,1..9
Vt,1.250
To Manchester-Oct. 23-Caledonian, 250
2,964
To Genoa-Oct. 26-Romanic, 2,964
ott333
To Yarmouth-Oct. 23-Boston, 333
1,700
BALTIMORE-To Liverpool-Oct. 23-Vedamore, 1,700
1,100
To Havre-Oct. 24-Needles, 1,100
6,501
6,501
To Bremen-Oct. 27-Brandenburg,
a 850
To Copenhagen-Oct. 21-Texas, 850
rd, 1,574
1 574
PHILADELPHIA-To Liverpool-Oct. 23-Haverfo
27-Siberia, 2,750
2,750
SAN FRANCISCO-To Japan-Oct.
_Oct.
_
,
20023-Kumeric
27-Kaga
Japan-Oct.
-To
SEATTLE
3,100
Maru, 2,900
876
TACOMA-To Japan-Oct. 28-Ning Chow.876
IV
Total
310,556
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks,&c., at that port:
Quantities of Manufactures of
Cotton (colored and uncolored)
Exported toyards
United Kingdom
Germany
Turkey in Europe
Other Europe
British North America
Central American States and
British Honduras
Mexico
Cuba
Other West Indies and Bermuda
Argentina
Brazil
Chile
Colombia
Ecuador.._ _
Venezuela
Other South America
Aden
Chinese Empire
British East Indies
Hongkong
Japan
British Australasia
Philippine Islands
Other Asia and Oceania
British Africa
All other Africa
Total yards of above
Total values of above
Value per yard
Value of Other Manufactures of
Cotton Exported toWearing ApparelUnited Kingdom
Germany
British North America
Central American 'States and
British Honduras
Mexico
Cuba •
South America
Chinese Empire
Japan
British Australasia
British Africa
Other countries
Waste, cotton
Yarn
All other
Total manufactures of
Month ending Aug. 31. 8 mos. ending Aug. 31.
1908.
281,713
2,582
193,439
39,212
497,282
3,101,760
123,827
1,193,768
3,327,430
108,779
154,254
613,286
755,909
147,823
297,301
• 661,924
1,497,650
10,985,762
702,000
34,209
459,520
963,066
99,191
365,663
130,898
1907.
292,591
8,942
191,730
474,451
1908.
1,730,112
25,383
956,656
575,414
3,387,171
1907.
1,825,164
117,233
864,542
5,381,257
1,697,383 18,621,722 19,552,023
199,186 1,181,495 1,697,116
2,033,629 8,379,508 9,137,145
1,767,347 18,673,424 16,002,879
670,753
587,881
23,403
580,177 1,286,071 4,265,358
548,965 5,159,305 7,025,194
513,137 6,155,668 8,913,622
832,847
501,118 3,325,890 2,993,254
529,644 4,331,965 4,842,594
16,078,082
4,807,001 58,402,965 31,839,754
338,675 4,635,090 4,016,730
490,751
272,881
11,628
108,617
166,853
8,145
653,571 4,470,967 7,500,440
430,801 6,38,1,884 12,136,394
1,898,493 1,377,388 19,591,439
13,869 2,898,869 2,525,661
492,361
1,031,766
26,734,254 17,529,786 171,540,257 161,990,291
$1,605,292 51,277,524 811,020,911 $10,926,087
5.0675
5.0642
8.0729
$ .0600
$125,486
14,039
87,503
$89,800
2,744
84,577
$670,268
86,846
667,001
$637,961
31,055
753,827
43,492
13,656
18,741
3,471
19,350
821
25,122
10,980
41,686
40,263
56,450
38,357
11,692
64,606
2,985
37,736
26,452
54,259
316,045
184,693
179,619
46,130
49,482
19,261
170,117
118,425
248,718
378,542
289,069
281,767
70,913
259,537
14,024
236,870
105,864
503,050
$102,665
30,205
247,934
5208,754 $1,674,038 $1,747,550
206,911
294,506
29,157
295,020 1,963,647 2,272,899
52,390,443 $2,320,376 817,710,697 $18,715,926
OCT. 31 1908.1
THE CHRONICLE
BREADSTUFFS.
1187
DAILY CLOSING PRICES OF OATS
IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Friday, Oct. 30 1908. . December delivery In elevator
47j 48
473
48
48% 483
May delivery in elevator
Prices for wheat flour have shown heaviness during the July
49% 49% 49% 49% 50
50%
delivery In elevator
44
%
45
45( 45h 453
week, owing to the sluggishness of trade and increasing sup46(
The following are closing quotations:
plies. The dulness has been accentuated by the
approach of the national election, which has made near
FLOUR.
Low grades
.53 i56$3 75 Kansas straights
generality of the trade more than ever disposed to buy the Second
$4 65b 4 80
3 351 3 60 Blended clears
very Clears clears
5 300 6 40
sparingly. At the large centres of the Northwest
425.;,
) 435 Blended patents
and the Straights
6 00.j 6 31
50O.
535
Rye
Southwest new business has also been smaller, though
flour
3751
Patent,
1 465
spring
the Patent,
525h575 Buckwheat flour
2 75 el 2 90
mills as a rule continue to run full time on old orders. Rye
winter
465.2, 503 Graham flour
3 90@ 4 16
Kansas clears
4 10,V 4 40 Corn meal
flour has been in light demand and steady. Corn meal
3 70® 4 25
has
GItAIN.
been quiet and easy.
Wheat, per bush.c.
Corn
(new),
per
bush.
C.
Wheat has advanced to a moderate extent, owing largely
N. Duluth. No. 1
:24
No. 2 mixed
N. Duluth, No. 2
77h
113
to unfavorable weather news from Argentine. As usual,
No. 2 yellow
Nominal
Red winter, No.2
.
f.o.b.1 09%
No. 2 white
however, such news has evidently been exaggerated.
Nominal.
Hard
110
Rye,
per
bush.
have been told that the damage by frost amounted to We Oats, per bush.No. 2 Western
f.o.b. 76
20%,
Natural white
30 ,i 52
State and Jersey
that it reached 33%, that it affected 5,000,000 acres out
Nominal.
No. 2 mixed
52 0523 Barley-Malting
of
60 0)611
Natural white clipped 51% s54
nearly 15,000,000 acres, and so on. Some report
Feeding
53%@54
of a more
sober kind put the damage at 5 to 10%, and sstill
The statement of the movement of breadstuffs
others
to market
denied that any damage at all had really been done. Finall as indicated below are
prepared by us from figures
y
this view that the damage had at least been exaggerated prethe New York Produce Exchange. The receipts collected by
at Western
vailed here and the market began to drag. Not enough
, to lake and river ports for the week ending last Saturday and
be sure, to cause a serious reaction, but of late
has been since Aug. 1 for each of the last three years have been:
it
apparent that the Argentine news could not
used
r
for the purpose of putting up prices. Morebeemphasfurthe
Wheat.
is has ?ecelps at- Flour.
Corn.
Oats.
Barley.
Rye.
latterly been laid on the fact that the receipts, though still
s. bush. 60lbs. bush. 56 lbs. bush.32 lbs. bush.481b
liberal, have shown some falling off and on some increase in 3hleago ____ bbls196Ib
s. bu.56lbs.
200,625
647,010
882,442 1,952,100
705,500
36,000
dilwaukee__
the export demand, principally at the Northwest, though Duluth
69,825
305,000
40,000
505,600
506,400
44,100
1,926,040
the sales for Europe have been mainly of Manitoba wheat. 8inneapolls_ 190,000 2,805,01
341,750
244,322
46,402
0
36,480
335,530
577,780
rotedo
65,150
Good rains have prevailed at the Southwest, but more rain
43,000
96,500
28,500
3,500
6,600
236,500
48,000
is needed. Liverpool prices have advanced, owing to un- Detroit
81,000
Newland_
2,298
14,300
35,700
145,600
it.
Louls
easiness in regard to the Argentine situation. Leading ele57,320
413,470
166,265
496,000
148,200
4,000
21,000
17,766
238,216
vator interests at the West have latterly been sellers of IVIay, Peoria
192,000
84,000
Kansas City.
15,000
884,100
148,500
262,500
despite renewed reports from some quarters that the ArgenTot.wk.'08
547 668 7,292,196 1,692,103 4,340,58
tine damage amounted to 20% and that Broomhall esti- lame
0 2,266,202 214,152
wk.'07
470,387 6,535,606 4,340,713 6,229.58
8 3,100,42
mated the loss on the crop in that country at 36,000,000 bush. lame wk.'06 595,042 6,677,33
9 3,420,906 6,216,487 2,566,3464 281.281
247,508
The Argentine situation, it may be remarked in passing, is 3ince Aug. 1considerable of a puzzle to many people. They hardly know
1908
5,893,741 102,132,252 28,316,332 57,098,465
1907
4,754,240 76,868,552 55,009,766 68,718,702 33,261,570 2,659,284
what to believe. Meantime that country is a very import
24,953,932 2,622,007
1906
6,416,795 81,312,372 46,223,379 66,778,782
factor in the wheat markets of the world. Since Jan. 1 it ant
19,320,645 1,979.677
has
exported 135,000,000 bushels and some estimates received
Total receipts of flour and grain at the seaboa
by bulls put the exportable surplus during
rd ports for
season beginning Jan. 1 at 93,300,000 bushel the coming the week ended Oct. 24 1908 follow:
s.
area
The
under wheat in that country last year amounted 14,232,200
Flour,
Wheat,
Corn,
Oats, Barley,
to
Rut,
Receipts atbbls.
bush.
acres, with a yield of 201,502,000 bushel
bush.
bush.
bush.
bush'
s. As the case New York
182,108 1,433,500
47,300
stands the various reports in regard to
431,100
238,900 33,676
Boston
54,974
Argent
the
yield
336,475
ine
13,873
60,159 33,872
50,596
are to the effect that it will be anywhere
Me
5,097
79,989
from practically Portand,
Philadelphia
118,648
375,842
21,239
the same as last year to a decrease of 33%.
102,226
4,000
Conservative Baltimore
101,192
163,323
17,557
85,189
40,144
opinion inclines to the belief that there has
d
4,384
35,340
17,192
29,524
some dam- Richmon
1,004
New Orleans *
15,068
114,500
age, but that it has been greatly exaggebeen
66,500
52,000
rated. To-day Newport News__
8,214
16,000
24,570
prices advanced on reports of serious damage in Argentine, Galveston
121,000
304,000
Mobile
3,200
strong cash markets,decreasing receipts and general buying. Montreal
3, 30
32,675 1,287,262
131,613 66,138 117,142
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat.
No. 2 red winter
107H
December delivery in elevator_ _ _108 %
May delivery in elevator
109%
NEW YORK.
Mon. Tues. Wed. Thurs. Fri.
107% 110
109
110% No g
109% 110% 110
110 % 110%
109% 110% 110% 1109 111%
DAILY CLOSING PRICES OF WHEAT FUTUR
ES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator__ _ _ 99
99
%
1001 99% 99% 100%
May delivery in elevator
102% 102% 103% 103H 103% 104
July delivery in elevator
97
97
98% 98
98
98
Total week
523,560 3,963,231
491,091
916,381 342,910 258,543
Week 1907
395,600 3,137,396 1,141,717
911,488 94,523 59,009
Since Jan. 1 1908_14,699,110 90,179,984 32,447,019
Since Jan. 1 1907_15,833,468 93,226,989 77,123,061 36,960,152 4592,475 2521,826
45,471,592 3835,259 1695,742
*Reeelpts 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. 24 1908 are shown in the annexed statem
ent:
Wheat,
Corn, Pato,
Oats,
Rye, Barley,
Peas,
Exports frombush.
bush.
bbls.
bush.
Indian corn futures have shown more or less irregul
bush.
bush.
bush.
arity, New York
519,663
3,032 85,268
17,515
but on the whole the tendency of prices has been
65,589
40,264
3,693
, Me
79,989
5,097
upward, Portland
8,400
Boston
owing largely to the fact that rains in many section
253,894
52,601
32,880 26,901 12,232 7,299
s have Philadelphia ____ 214,000
1,080 50.276
interfered with the movement of the new crop
e
74,223
1,000 91,734
to market. Baltimor
60,000
New Orleans ___ 180,710
Besides, farmers in some cases are holding for higher
12,087
28,930
438
prices. Newport News_._ 16,000
105
8,214
The cash demand of late has shown some increase.
24,570
Galveston
261,370 265,375 8,329
On
the other hand, cash interests have sold at times in the Mobile
3,430 3,200
1,149,881
25,866
belief that with better weather a large movement of the Montreal
7,500 16,325
new crop is practically certain. There has been more or
Total week____2,749,730 286,004 359,515
75,403 148,490 59,996 35.822
2,579,904 605,762 262,776
less liquidation, too, the cash market has been quiet, and Week 1907
13,614
42,185 2,235
larger shipments are expected from Argentina shortly.
The destination of these exports for the week
and since
To-day prices moved within narrow limits, but were firmer July 1 1908 is as below:
in the main on small receipts, disappointing husking report
-Flour
Wheat
s
.-..-----•••C'Orn.-and the rise in wheat.
Since
Since
DAILY CLOSING PRICES OF NO. 2 MIXED
CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
77%,
773i
77%
77% 77% 77%
December delivery in elevator
73% 74% 743
74.( 74
74%
May delivery in elevator
715i 71% 71% 71% 71% 71%
DAILY CLOSING PRICES OF CORN FUTUR
ES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery In elevator
,6 63% 63% 63% 63% 63%
633
delivery
May
in elevator
62% 62% 63
63% 63
63V
July delivery in elevator
62
623
62% 623
62% 62%
Week July 1
Week
July 1
Exports for week and 0a.24.
1908. Oct. 24.
1908.
since July 1 tobbls.
bbls.
bush,
bush,
United Kingdom_ __212,217 1,658,038 1,468,306 20,949,3
72
Continent
95.492 838.465 1,257,274 26,504,184
So. & Cent. Amer
15,930 229,233
24,000
101,984
West Indies
25,216 482,757
150
150
Brit. No. Am. Cols _ 10,503
44,692
Other Countries_ _ _ _
97
97,396
5,539
Total
Total 1907
359,515 3,350,621 2,749,730 47,561,229
262,776 3,691,655 2,578,904 41,763,729
Week
Oct. 24.
bush.
205,718
59,657
42
19,507
1,080
Since
July 1
1908.
bush.
498,108
144,218
10,165
401,906
5,400
7,012
286,004 1,066,799
605,762 16,376,059
The world's shipments of wheat and corn for
the week
Oats for future delivery in the Western market have been ending Oct. 24 1908 and since July
1 in 1908 and 1907
firmer, owing to small receipts and steady, though quiet, are shown in the following:
buying of the distant months by leading Chicago interes
ts,
who are believed to be accumulating a line in the belief
Wheat.
Corn.
that the crop was short and that prices are certain to
Exports.
1908.
ad1907.
1907.
1907.
vance sooner or later. Country offerings have been
light,
Week
Since
Since
and there has been an absence of speculative selling pressur
Week
Since
Since
Oct. 24.
July 1.
e.
July 1.
Oct.
24.
July
1.
July 1.
The cash trade has been quiet. To-day prices advanc
ed
Bushels. Bushels.
Bushels.
a fraction, owing to the strength of wheat, continued small
Bushels.
Bushels.
North Amer.6,659,000 67,906,700 55,320,000 Bushels.
374,000
1,298,40
0 14,646,000
receipts, light offerings and buying by cash
Russian _ _ 2,064,000 23,088,000 37,624.000 127,000
interests.
5,266,500 10,888,000
Danubian _ 1,384,000 16,672,000 13,584,0
DAILY CLOSING PRICES OF OATS IN
NEW YORK.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
No. 2 mixed
52-52% 52-5234 52-52% 52-52 H 52-52% 52-52%
White clipped, 32 to
34 lbs
51 3-53 51 %-53 51 %-53 51%-53 51 %-53
Si %-54
Argentine __
Australian__
0th.countr's
00
944,000 24,638,000 8,208,000 255,000 6,236,500 22,568,000
616,000 4,600,000 4,088,000 1,224,000 33,227,500 26,528,000
132,000 5,252,000 12,712,000
Tots, ____ 11799000 142,156,700 131,536,000 1,980,00
0 46,028,900 74,630,000
[VOL. Lxxxvn.
THE CHRONICLE
1188
Total
156,940
1,886
CA el el 00
co r.
.1.
co
470NreN
NO0V0
v-I
K
0
..,""
a..g
221:22
02
(
151,402 ;4 41<r
Jan. 1 has Ot"
The value of these New York exports since
been $9,807,004 in 1908, against $9,159,040 in 1907.
Bleached goods, both ticketed and unticketed lines of o
84
certain qualities, have been quite active, with a fair volume
of business done, and there has been an improved demand 41
for brown domestics. Standard Southern sheetings are
firmer at 6Mc. and it is reported that few, if any, of these E.
are available on contract below 69/8c. Colored cottons and
napped fabrics have worked into a better position than
for some time past; some leading agents handling Southern E.
colored cottons are said to be unwilling to sell beyond this
year at current prices,and are considering slightlyhigher bids 94
for contracts. Prints have met with an increased demand
for spring sideband effects again figuring prominently in
156,356,984
151,780,045
es;
CO
41
N
CO
01
CO
00
00
CO
00
00
Co
,
0
0.44rel
WC;
010'500
▪ tg
0001
00
NO
00
OW
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.0
NO
40
01
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ul tq 0 CP r4
e4 c. e, er oo
CO
50
ce
CO
CO
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CD 00 te
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'5COCO
CO 0
el e4
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102,679,116
5,480
2,288
00
E.
105,286,783
2
710
18
290
1,385
772
Since
Week. Jan. 1.
31
1,479
64
2,354
18,629
---6,088
--Africa
---2g:Illig
563
19,510
36
2,007
276
11,288
575
38,224
339
22,085
h el 00 er CD
CD ul
0 el
.
r4
r0
r4
v4
•-•
41
P4
.1
P
00
m 0.
4s2
mg
0 0s=
V3 00;7.2
'3
Total marketed
West Indies
Mexico
Central America
South America
Other Countries
Since
Jan. 1.
702
980
18,800
12,142
26,557
8,268
22,401
1,322
12,984
34,750
18,234
Week.
10
5
10.°:
WITHDRAWALS THROWN
New York to Oct. 24Great Britain
Other European
China
India
Arabia
12
1 1908 AND 1907.
printed shirtings, especially, have been taken
The quantity of wheat and corn afloat for Europe on dates purchases;
for spring. Dress ginghams, too, have confreely
more
follows:
as
mentioned was
tinued in steady request. In linings, demand has been
mostly for near-by needs; some numbers'show an advance of
Corn.
Wheat.
Ytc. to Mc. a yard for spring, reflecting the firmer tone
from
, Untied
United
goods. The print cloth market is firmer, with more
in
gray
Total.
Continent.
Kingdom.
Total.
Continent.
Kingdom.
noted during the week; 39-in.,68x72s,have sold at
activity
Bushels. I Bushels. Bushels. Bushels. Bushels. Bushels.
contracts covering the balance of this year, which
on
5
5,525,000
11,305,000
5,780,000
3c.
32,800,000
Oct. 24 1908__ 16,960,000115,840,000 32,080,000 5,950,000 6,120,000 12,070,000
34c. above the price a week ago. Standard wide goods
is
Oct. 17 1908__ 15,680,000 16,400,000
7,600,000 4,880,000 12,480,000
Oct. 26 1907_ - 15,800,000 15,440,000 31,240,000,
are also higher, 49/8c. now being quoted as the lowest figure
at which these are available. Regulars are still quoted at
33/8c., but mills are reported unwilling to accept bids at that
in
stocks
the
comprising
grain,
E_The visible supply of
and a further advance in the bid is looked for. Exfigure,
and
on
at
lake
of
accumulati
points
granary at the principal
seems to have been checked, temporarily at least,
trade
port
follows:
as
was
1908,
seaboard ports Oct. 24
advances on certain staple cottons, which
by
recent
the
Barley.
Oats,
Rye,
Corn,
Wheat.
bush. have put buyers and sellers further apart. Numerous
bush,
bush.
bush.
bush.
179,000 inquiries have come from Red Sea and China ports, but
85,000
976,000
2,186,000 • 81,000
New York
13,000
33,000
32,000
300,000
Boston
actual transactions have been limited to comparatively
39,000
78,000
2,000
1.034,000
Philadelphia
113,000
249,000
small amounts.
29,000
436,000
Baltimore
137,000
96,000
616,000
New Orleans
WOOLEN GOODS.-In the men's wear market larger
133,000
500,000
Galveston
60,000
29,000
199,000
4,000
for spring, especially in worsteds, have been
472,000
Montreal
907,000 duplicate orders
16,000
687,000
233,000
1,998,000
Buffalo
received, which would indicate that clothiers are meeting
76,000
455,000
39,000
454,000
Toledo
103,000
212,000
134,000
with success in their search,for business; advances have been
572,000
Detroit
724,000
53,000
382,000
315,000
4,310,000
Chicago
770,000 secured on some fancy worsteds,which were opened at low
28,000
478,000
5,000
411,000
Milwaukee
levels and which have sold well. Demand for quick ship3,297,000
Fort William
2,305,000
has] been less, although the aggregate spot
Port Arthur
114,000 1,397,000 ment
944,000
5,603,000
Duluth
123,000 1,481,000 trade
has been of fair proportions and numerous
1,782,000
2,000
11,454,000
Minneapolis
202,000
35,000
898,000
6,000
2,688,000
been received contingent upon the election.
have
orders
St. Louis
258,000
26,000
3,406,000
Kansas City
6,000 It is confidently expected that busines n men's wear
14,000
790,000
38,000
1,000
Peoria
361,000
72,000
512,000
will show further improvement after Nov. 3,
Indianapolis
344,000 woolens
26,000
352,000
242,000
2,726,000
On Lakes
since most initial orders were light Considerable
especially
302,000
8,000
136,000
346,000
On Canal and River
has been shown in some quarters of the dress
hesitation
895,000 6,385,000
Tota Oct. 24 1908_45,632,000 1,412,000 9,404,000
but in others a moderate business is reported
market,
goods
6,445,000
855,000
8,651,000
2,053,000
00
Total Oct. 17 1908_42,495,0
5,887,000 as having been done for spring. The market generally has
Total Oct. 26 1907__42,241,000 4,070,000 7,126,000 1,086,000 3,316,000
Total Oct. 27 1906..37,076,000 3,787,000 9,933,000 1,587,000 5,857,000 been irregular, and demand, both for near-by and spring
Total Oct. 28 1905-28,339,000 3,456,000 26,577,000 1,727,000 6,397,000
deliveries, more or less spasmodic. Broadcloths in the
Total Oct. 29 1904_26,495,000 3,049,000 2,399,000 1,773,000
Total Oct. 31 1903__22,216.000 7,332,000 8,971.000 1,026,000 4,938,000 various shades now popular account for the bulk of the
transactions. Silk and wool fabrics are being looked upon
with more favor and are expected to sell well for spring,
THE DRY GOODS TRADE.
while fancy woven worsteds appear to be doing better.
FOREIGN DRY GOODS.-The call for imported dress
1908.
30
Oct.
Night,
New York, Friday
goods, notably broadcloths and fancy silks, has continued
goods
dry
the
in
place
taken
has
nt
improveme
Further
of good proportions, and imported men's wear lines dismarket during the past week. This has been most notice- played moderate improvement. Linens, both for near-by
in
printthe
y
particularl
•
division,
goods
cotton
the
in
able
and forward deliveries, have been quite active,with a somecloth market, where the dethand has been more general and what firmer tendency in prices for spring shipments. The
goods,
wide
notably
s,
description
some
of
prices
and
active
burlap market has been generally quiet pending election;
have advanced. The strength in the primary market has 103/
2-ounce burlaps are easy at 5.15c. to 5.20c., but lightwhile
the
and
markets,
secondary
in
reflected
been
also
weights rule unchanged.
latter still show some irregularity in prices, many lines have
displayed a firmer tendency. The volume of business has Importations and Warehouse Withdrawals of Dry Goods.
been larger, cotton goods buyers showing less hesitation,
The importations and warehouse withdrawals of dry goods
due doubtless to more confidence in the outcome of the elec- at this port for the week ending Oct. 24 1908 and since
tion and to a belief that values in most lines are tending Jan. 1 1908, and for the corresponding periods of last year,
higher. Several large Western and Southern buyers of are as follows:
oco
domestic cottons have been purchasing more freely for near-by
NO
00
sns.7.1g .0
COw
requirements, and leading jobbers in this and other centres,
1
0,
.0.
0
Oh
cf;enci.-srapparently convinced of the stability of values for the balance
00
10
".
o.we0c0
,
,
1
'500
CO 00
of this year at least, have been covering prospective needs.
.0
CO
TI;C‘I/I/ei
01CONC'l
001
0101
CO
A feature of the week was the announcement by a leading
carpet-manufacturing company that its spring lines would
wo
00.40.-10
N4 co
CO
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co
00
CO
04,..00n coo
be opened on Nov. 9 and that all goods for November and
COCO
00 CO
.NNhO
0
11020
4; .I,0.
.
N CO
Ci42
CO
er ei
December delivery would be offered at special and lower
00000
Wh
'-'-C, 1 0
50
.V
prices than will prevail on goods shipped after Jan. 11909.
In silk piece goods some staple lines have been rather neg01
v4
CO.-.
CO el CD ul 00
00
01.-I
00 CO 00 00 00
lected, but mills are said to be experiencing difficulty in
CO
ON 00 NO
CO.-'
g22A2 v4
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CO
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h
/
.
.
C
0-01
meeting the demand for certain styles; satin-faced materials
hh
1.4
eV
000001000
adCO
'O.-'
°,2.gr= r.
have been in good request. In the export division the
r602
4 CO
01
01
vances on cotton goods have served to restrict business. z44.0
NO
he4NWM
o c5
The men's wear market has been more active, but conditions m t .. CO CO N N CO
CO ('IN C. CO
CO
40040 01(0
CO 01 CO ,000
CO 00
CO
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esio
r4 r. Cl eV CO
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in dress goods showed little change.
uP te
gait 0
ow
• 00
oo
04 v. v. C4
of
cotton
exports
-the
GOODS.
COTTON
DOMESTIC
111
goods from this port for the week ending Oct. 24 were 5,480 le1
00
NO
00
el CO 00 Cl CO
hV
to
being
destination
OV
01 '5000 00
their
$293,943,
at
packages, valued
*1.0
•
Iz4
below:
00
tables
0000
N
00
0101
CO
the
in
the points specified
OW
OW
ulh.hh
oo
00
--CO
0/00000 {.2CO
..
17:
0
oz. 0
<Dgmcri
tluE174'.
5i
E.
OCT. 31 1906.1
THE CHRONICLE
1189
Allentown School District (P. 0. Allentown), Pa.-Bond
Sale.-The $41,000 4% coupon school-building bonds deSTATE MID CITY DvriiirIVENT, scribed
in V. 87, p. 1039, were sold on Oct. 28 to Charles C.
Harrison Jr. & Co. of Philadelphia at 102.096. Maturity
on Nov. 1 as follows: $7,500 in 1923; $8,000 in 1928; $9,500
in 1933; and $16,000 in 1938.
Kansas.-Creation of a State Board of Tax Commissioners.- and accrued
interest on Oct. 19 to Coffin & Crawford of
The Legislature of this State, at its 1907 session, passed a Chicago.
Date July 1 1908. Interest semi-annually at
new law (Chapter 408) creating a Tax Commission and the
City Treasurer's office. Denomination $1,000.
abolishing the Board of Railroad Commissioners and State
Allegany, N. Y.-Bond Sale.-The $30,000 5-29-year
Board of Equalization. Under this new law it is incumbent,
upon the Commission to require all township and city as- (serial) coupon water-works-construction bonds, proposals
sessors, County Commissioners and County Boards of Equali- for which were asked until Sept. 25, have been sold to the
zation, under penalty of forfeiture and removal from office First National Bank of Allegany at par for 4s. See V. 87,
of such assessors or boards, to assess all property of every p. 763, for a description of these securities.
kind and character at its actual and full cash market value.
Amherst, Portage County, Wis.--Bond Sale.-We have
Previously property in the State was assessed for valuation at just been advised that on July 1 the International Bank of
only a fraction of its true value. Accordingly, the total Amherst bought $2,000 53'% water-main bonds on a 5%
assessed valuation for 1908 is $2,451,766,715, against only basis. Denomination $500. Date July 1 1908. Interest
$436,484,948 in 1907.
April 1. Maturity $500 yearly on April 1 from 1909 to 1912
Minnesota.-Constitutional Amendment.-In addition to inclusive.
the three amendments adopted at the 1907 session of the
Atlantic City, N. J.-Bond Offering-Change in Date of
Legislature (V.86, p. 1289), and which will be submitted to Delivery.-We are advised that the time of the delivery
of
the.voters on Nov. 3, one other amendment to Section 16 of
Article 9 is to be presented on that day relating to an annual the $160,000 gold coupon public-school-building bonds,
tax levy for the construction and improvement of roads and proposals for which will be received until 12 in. Nov. 7 by
bridges. This amendment was adopted by the electors on A. M. Heston, City Comptroller, has been changed from "on
Nov.5 1907(V.86, p. 1289), but we are informed that "there or about Nov. 15 1908" to "on or about Nov.
30 1908."
was some question as to the legality of the manner in which Bids
are now requested on 47/0 or 43.% bonds. For other
the same was adopted, and it has been deemed wise, therofore, to re-submit the proposition." Below we give this details of these securities and terms of offering, see V. 87,
p. 1110.
amendment in full:
Section 16. For the purpose of lending aid In the
The official notice of this bond offering will be found among
Improvement of public highways and bridges, there Is hereby created a the advertisements
elsewhere in this Department.
fund to be known as the "State Road and Bridge Fund". Said fund shall
Include all moneys accruing from the income derived from Investments
Atlantic County (P. 0. May's Landing), N. J.-Bond
in the Internal Improvement land fund, or that: may hereafter accrue
to said fund, and shall also include all funds accruing to any State road Sale.-On Oct. 27 the $30,000 4% 3-8-year (serial) registered
and bridge fund, however provided. 4,
40Al 4 A .1 • vi -.4
Dorset Place bridge bonds mentioned in V. 87, p. 1039,
it 0
The Legislature Is authorized to add to such fund for the purposeof constructing or improving roads and bridges of this State, by providing, in Its were awarded to the Atlantic Safe Deposit & Trust Co. of
discretion, for an annual tax levy upon thejproperty of this State.
Atlantic. City at par. This was the only offer received.
Denomination $5,000. Date Nov. 2 1908. Interest Jan. 1
and July 1 at the County Collector's office. Bonds are tax
Bond Calls and Redemptions.
exempt and will be delivered Nov. 2 1908.
Columbia School District, Boone County, Mo.- Bond Call.
Baltimore, Md.-Stock Election.-At the election to be
-Payment will be made at the Columbia Savings Bank in held Nov. 3 propositions to issue the following
registered
Columbia on Nov. 2 of 5% bonds Nos. 1, 2, 3, 4, 5 and 6. stock will be submitted to a vote of the people: $5,000,000
They are in denomination of $1,000 each and are dated for enlarging the water supply and $1,000,000
for
completing
Nov. 2 1903.
•
the underground electrical wire conduit system. Interest
Yankton County (P. 0. Yankton), So. Dak.-Bond Call.- (rate not to exceed 4%) payable June 1 and Dec. 1. DeOn Nov. 1 bonds Nos. 1, 2, 3,4, 5,6, 7,8,9 and 10 for $1,000 nomination not less than $100. Maturity Dec. 1 1958.
each will be redeemed at the Chemical National Bank in Bonds will be free from all taxes.
New York City. These are the 5% Court House bonds
Bayonne, N. J.-Bond Sale.-On Oct. 29 the $265,000
issued Nov. 1 1903.
5% 20-year high-school bonds mentioned in V. 87, p. 1040,
were awarded to Farson, Son & Co. of New York City at
Bond Proposals and Negotiations this week 109.137-a basis of about 4.314%.
Beaufort, No. Caro.-Bond Offering.-Proposals will be
have lugin as follows:
Afton, Okla.-Bond Offering.-Proposals will be received received until 12 m. Dec. 1 by C. S. Maxwell, Town Clerk,for
until 8 p. in. Nov. 2 by R. A. Judd, Town Clerk, for $29,000 $20,000 5% coupon electric-light and drainage bonds. De6% coupon water bonds. Denomination $1,000. Date nomination $1,000. Date Dec. 1 1908. Interest semi.
July 11908. Interest semi-annually at the fiscal agency in annually at the U. S.
Mortgage & Trust Co. in New •York
New York City. Maturity July 1 1933. Certified check
for 5%, payable to the Town Clerk, is required. This town City. Maturity thirty years. Certified check for 2%,
has no debt at present. Assessed valuation for 1908, payable to the "Town of Beaufort", is required. Bonded
$592,046.
debt, this issue. Floating debt $6,000.
Aitkin County (P. 0. Aitkin), Minn.-Bond Sale.-On
The official notice of this bond offering will be found among
Oct. 13 the four issues of ditch-construction bonds aggre- the advertisements elsewhere in this Department,
gating $13,700, described in V. 87, p. 694, were awarded to
Beaumont, Tex.-Bonds Voted.-The issuance of the
the Union Investment Co. of Minneapolis at par for 5s. $50,000 5% 20-40-year
(optional) wharf bonds mentioned
Purchaser to furnish blank bonds. Denomination $1,000. in V. 87, p. 1040,
was authorized by a vote of 198 to 9 at
Interest June 1 and Dec. 1.
the
ICI
election held Oct. 22. Interest semi-annual. Date of
Akron, Ohio.-Bond Sale.-On Oct. 23 the nine issues of offering not yet determined.
5% bonds aggregating $58,230, described in V. 87, p. 1039,
Beverly, Essex County, Mass.-Bond Sale.-On Oct. 26
were awarded to the Second National Bank of Akron at Bond & Goodwin of
Boston were awarded $30,000 4% 1-10103.166 and accrued interest. Following is a list of the year (serial) street-improvement
bonds at 101.689-a basis
bidders and the premiums offered by them:
of about '3.659%. Denomination $1,000. Date Oct. 1
Second National Bank, Akron
$1,843 72 1908. Interest semi-annual.
Security Savings Bank & Trust Co., Toledo
1,752 75
First National Bank, Akron
1,581 00
Blackduck Independent School District No. 60 (P. 0.
Hayden, Miller & Co.. Cleveland
1,268 00 Blackduck), Beltrami
County, Minn -Bond Sale.--On
Floehler & Cummings, Toledo (for $47,930 bonds)
1,733 35
Breed & Harrison, Cincinnati (for $47,930 bonds)
1,455 57 Oct. 6 the $15,000 7% registered building bonds bids for
Well, Roth & Co., Cincinnati (for $47,930 bonds)
1,357 00 which were rejected on July 9(V. 87,
p. 179), were awarded
Murray & Co., Cincinnati (for 130.950 bonds)
4 00
Seasongood & Mayer, Cincinnati (for $39,930 bonds)
1,519 06 to the First National Bank of Blackduck at 102.01.
•
Otis & Hough, Cleveland (for $24,080 bonds)
833 00
Bolivar, 'Allegheny County, N. Y.-Bond Sale.-The
Albert Kleybolte & Co., Cincinnati (for $23,530 bonds)
,
1,217 06
Davies & Bertram Co., Cincinnati (for $12,850 bonds)
n
600 00 $5,500 5% 1-5-year (serial) registered street-macadamizing
J. W. Dague. Akron (for $7,200 bonds)
180,00 bonds,for which
bids were asked until Sept. 1 (V.87, p. 179)
Alamance County (P. 0. Graham), N. 0.-Bond Offer- have been
sold to Edmund Seymour & Co.of New York City.
ing.-Proposals will be received until 12 m. Dec. 7 by the
Bowling Green, Ky.--Bond Election.-On Nov. 3 this
Highway Commission, D. A. White (P. 0. Mebane), Secretary, for the $200,000 5% coupon road-macadamizing bonds city will vote on a proposition to issue $15,000 4% 30-year
bonds.
voted on Aug. 6. Denomination $100, $500 or $1,000 at sanitary-sewer
Brady, Tex.-Bond Offering.-Further details are at hand
option of buyer. Date Jan. 1 1909. Interest semi-annually
at the County Treasurer's office in Graham. Maturity fifty relative to the offering of the $20,000 5% coupon streetyears. Certified check for 5% of bid is required. Pur- improvement bonds -mentioned in V. 87, p. 1110. Prochaser to state whether he wishes the bonds to be delivered posals for these bonds will be received until Nov. 2 by A. R.
"at once" or $50,000 when the bid is accepted and install- Crawford, City Secretary. Denomination $500. Date Oct.
ments of $25,000 thereafter as the Highway Commission 1 1908. Interest annually in Brady or at the State Treasurer's office in Austin. Maturity Oct. 1 1948, subject to
may designate by giving the holder 60 days' notice.
call after Oct. 1 1918. Total debt, this issue. Assessed
Alexandria, La.-Bond Sale.-An issue of $32,000 5% valuation $891,000. Certified check for 5%,
payable to the
20-40-yearkoptional) city-hallibonds was disposed of at par CityfiTreasurer, is required.
News Items.
1190
THE CHRONICLE
Brawley School District, ImperiallOounty, Cal.-Bond
Sale.-The $25,000 6% 5-14-year --(serial) school-house
bonds described in V. 87, p. 1110, were awarded on Oct.24
toithe State Board of Examiners at 102.21 and accrued
interest. The Bradshaw Realty Co., representing Coffin
& Crawford of Chicago, also made a bid of $25,012 50and
accrued inteerst.
Buffalo, N. Y.-Bonds Proposed.-It is stated that the
Chairman of the Grade Crossing Commission has recommended that $360,000 bonds be issued to pay the city's
portion of the cost of improving various grade crossings.
Bonds Authorized.-There are also reports that the issuance
of $200,000 school and $100,000 water bonds was authorized
on Oct. 12.
Bullock County (P. 0. Union Springs), Ala.-Bond Eelction.-It is stated that at the general election Nov. 3 a vote
will be taken on a proposition to issue permanent-good-road
bonds.
Caldwell, Essex County, N. J.-Bond Election.-A vote
on a proposition to issue $5,000 fire-house bonds will be
taken on Nov. 3.
Calexico School District (P. 0. Calexico), Imperial
County, Cal.-Bond Sale.-An issue:of $10,000 6% 10-year
school-house bonds was disposed of on Sept. 19 to the First
State Bank of Calexico at 90.136. Denomination $2,000.
Date July 15 1908. Interest semi-annual.
Carthage, Jasper County, Mo.-Bonds Not Sold.-Up
to Oct. 24 no sale had yet been made of the $220,000 5%
gold coupon water works bonds a description of which was
given in V.87, p. 764.
Charleston, So. Caro.-Bond Offering.-Proposals will
be received until 12 m. Dec. 1 by J. 0. Lea, City Treasurer,
for $492,500 4% coupon refunding bonds. Authority an
Act of the General Assembly approved Feb. 13 1907. Date
July 11908. Interest semi-annual. Maturity July 11938.
Successful bidder will be required to make a deposit of 5%
of bid.
Chicago, 111.-Bond Sale.-The following bonds were sold
on Oct. 28 to the First Trust & Savings Bank of Chicago at
100.63.
$500,000 4% gold improvement bonds. Denomination $1,000. Date July
1 1908. Maturity 327,000 yearly on Jan. 1 from 1911 to 1927
Inclusive and 341,000 on Jan. 1 1928.
00,000 4% gold Improvement bonds. Denomination $1,000. Date Nov.
1 1908. Maturity $22,000 yearly on Jan. 1 from 1911 to 1927
Inclusive and $26,000 on Jan. 1 1928.
15,000 4% judgment funding bonds dated Nov. 1 1908. Maturity
35.601 yearly on Jan. 1 from 1911 to 1927 Inclusive.
Interest semi-annually at the Illinois Trust & Savings
Bank of Chicago. The other bids received were as follows:
Hibernian Bkg. Assn., Chic.I
SyndicateN. W. Halsey & Co., Chic.. p100.13
Lee, Higginson & Co., Ch.
Farwell Trust Co., Chicago_
E. H. Rollins & Sons, Oh.
MacDonald, McCoy&Co.,Ch
A. B. Leach & Co.. Chi._
State Bk. of Chicago. Ch. 160.325 Harris Tr. & Say. Bk., Chic.1
Merch.L.& Tr. Co., Chicago i100.18
Northern Trust Co.. Chic.
Illinois Trust Co., Chicago..)
Nat. City Bank. Chicago
Wollenberger & Co.for $85,000 $7 pr.
Amer. Tr.& Sav./11k.. Side_
Cincinnati, Ohic-Bonds Authorized.-On Oct. 12 the
City Council passed ordinances providing for the issuance
of the following bonds:
$1,000 4% 1-year oeupois beads for the erection of a garage for the Cincinnati flospital.
4,500 4% 5-year ootrpoo beads for the purpose of equipping the Cincinnati flospltal.
Denomination $5$8. Date Nov. 1 1908. Interest semiannual.
Olallara County School District No. 3, Wash.-Bonds
Not Sold.-No sale was made on Oct. 13 of $3,000 bonds
offered on that day.
Columbus, Ohic-Bends Authorized.-Ordinances providing for the issuanse of the following 4% coupon assessment bonds were passed by the City Council on Sept. 11:
32,000 bonds for the improvement of the alley north of Fifth Avenue.
5,000 bonds for the liaproyeatent of Woodruff Avenue.
The above bonds are in denomination of $1,000 each and
will be dated not later than Sept. 1 1908. Interest semiannually at the City Treasurer's office. Maturity Sept. 1
1920, subject to call after Sept. 11909.
With the exception of the last mentioned issue the above
bonds are in denomination of $1,000 each and will be dated
not later than Sept. 1 1908. Interest semi-annually at teh
City Treasurer's office. Maturity Sept. 1 1920, subject
to call after Sept. 1 1909.
In addition to the above the City Council on Sept. 21 also
passed ordinances providing for the issuance of the following
bonds:
$2,000 4 X% coupon bonds for the improvement of the second alley north
of Broad Street. Date not later than Dec. 1 1908. Interest March 1 and Sept. 1 at the City Treasurer's office.
Maturity Sept. 1 1920, subject to call after Sept. 1 1909.
100,000 4% refunding water-works bonds. Date Nov. 1 1908. Interest
semi-annually at the agency of Columbus In New York City.
Maturity Nov. 1 1938.
3,000 4 X% coupon Northwood Avenue improvement assessment bonds.
Date not later than Dec. 1 1908. Interest March 1 and
Sept. 1 at the City Treasurer's office. Maturity Sept. 1
1920. subject to call after Sept. 1 1909.
2,000 4 X% coupon sewer-construction assessment bonds. Date not
later than Dec. 1 1908. Interest March 1 and Sept. 1 at
the City Treasurer's office. Maturity March 1 1915, subject to call after March 1 1909.
3,000 4 X% coupon assessment bonds for the improvement of the alley
west of Champion Avenue. Date not later than Dec. 1
1908. Interest March 1 and Sept. 1 at the City Treasurer's
office. Maturity Sept. 1 1920, subject to call after Sept. 1
1909.
2,000 4 X% coupon Kelly Alley improvement assessment bonds. Date
not later than Dec. 1 1908. Interest March 1 and Sept. 1
tior Se t. 1 1920, subat the City Treasurer's office. Maturity
141
ject to call after Sept. 1 1909 opt
[VoL. Lxxxvi
1,000 4 X% assessmentl bonds for the construction of a sewer In the alley
west of Wheatland Avenue. Date not later than Dec. 1
1908. Interest March 1 and Sept. 1 at the City Treasurer's
office. Maturity March 1 1915, subject to call after March 1
1909.
1,000 454% coupon assessment bonds for the construction of a sewer
in the alley west of Sixth Street. Date not later than Dec. 1
1908. Interest March 1 and Sept. 1 at the City Treasurer's
office. Maturity March 1 1915, subject to call after March
1 1909.
2,000 4 X% coupon assessment bonds for the Improvement of the alley
north of Bryden Road. Date not later than Dec. 1 1908.
Interest March 1 and Sept. 1 at the City Treasurer's office.
Maturity Sept. 1 1920, subject to call after Sept. 1 1909.
4,000 43 % coupon Woodland Avenue improvement assessment bonds.
Date not later than Dec. 1 1908. Interest March 1 and
Sept. 1 at the City Treasurer's office. Maturity March 1
1912, subject to call after Sept. 1 1909.
12,000 4% coupon McAllister Avenue Improvement assessment bonds.
Date not later than Dec. 1 1908. Maturity Sept. 1 1920.
Interest March 1 and Sept. 1 at the City Treasurer's office.
7,500 4 X % coupon garbage-disposal bond. Date not later than Dec. 1
1908. Interest June 1 and Dec. 1 at the City Treasurer's
office. Maturity Dec. 1 1909.
The above bonds are in denomination of $1,000 each
Columbus, Platte County, Neb.-Bonds Voted.-Propositions to issue $15,000 sewer and $4,000 park bonds were
defeated at an election held Oct. 20. The vote was 132
"for" to 343 "against" the former issue and 123 "for" to 349
"against" the latter issue.
Columbus Junction, Louisa County, Iowa.-Bonds Voted.
-At an election held Oct. 17, 94 votes were cast in favor of
a proposition to issue $2,050 steel-water-tank bonds, while
only 25 were against it.
Corlett, Cuyahoga County, Ohio.---Bond Offering.Proposals will be received until 12 m. Nov. 11 by W. H.
Jantzen, Village Clerk (P. 0. Station D, Cleveland), for the
following coupon assessment bonds:
$2,017 5% Electric Street sewer bonds. Maturity on Sept. 15 as follows:
$500 in 1911, $517 in 1914 and $1,000 in 1918.
38,517 5% Windfall Avenue sewer bonds. Maturity on Sept. 15 as
follows: $500 in 1909, $500 in 1910, $517 in 1911 and $1,000
yearly from 1912 to 1918 inclusive.
Authority Sections 2835, 2836 and 2837, Revised Statutes.
Date Sept. 15 1908. Interest semi-annually at the South
Cleveland Banking Company in Cleveland. Denomination
$500, $517 and $1,000. Each bid must be made on a blank
furnished by the Village Clerk and be accompanied by a certified
check for 5%'of the amount bid. Like issues of 5bonds were
awarded on Sept. 9. See V. 87, p. 764.
Bond Sale.-The following bids were received for the six
issues of 5% bonds described in V. 87, p. 962:
311,480 50 $3,788 30 81,744
$464
$1,700
$425
Rice Ave. Harvard Frtsbie Rice Ave. Harvard Harland
bonds.
Si. bds. Ave. bds. bonds. Si. bds. St. bds.
Otis ec Bough. Cleve__$11,940 00 33,940 00 $1,800 00 81,768 00 3442 00 $482 50
First Nat.Bank,Clev__ 11,667 50 3,88030 1,77550 1.73300 437 00 476 50
Seasongood & Mayer,CIn11.750 65 3,893 68 1,789 00 1,739 27
A bid of $20,155 25 for the six issues of bonds was also
received from the Security Savings Bank & Trust Co. of
Toledo. We are advised, however, that this offer was
irregular.
Corning, Iowe,.-Bond Salt.-Geo. M. Bechtel & Co. of
Davenport have purchased $9,000 4Y2.% 10-year waterworks bonds. Denomination $1,000. Date Sept. 1 1908.
Cortez Colo.-Bonds Anthorized.-This town has authe issuance of water-works-construction bonds.
thorized'
Covington, Ga.-Bonds Voted.-On Sept. 10 the voters
decided in favor of the propositions to issue the $38,000
water-works and $22,000 sewerage-system 5% bonds mentioned in V. 87, p. 632. The vote was 162 to 2 on the
former issue and 161 to 3 on the latter issue. Denomination
$1,000. Date Nov. 1 1908. Interest annually in New York
City. Maturity Nov. 1 1938.
Covington School District (P. 0. Covington), Kenton
County, Ky.-Interest Rate.-We are advised that it' the
election to be held Nov. 3 results in favor of the proposition
to issue the $75,000 school-building bonds mentioned in V.
87,-p. 1111, they will carry interest at the rate of 4%.
Crookston, Polk County, Minn.--Bond Sale.-On Oct. 20
the two issues of 5% 10-year coupon bonds aggregating
$13,500, described in V. 87, p. 1040, were awarded to U.M.
Stoddard & Co. of Minneapolis at 103.244 and accrued
interest. Purchaser to furnish bonds at his own expense.
Following are the bids:
'Kane & Co.. Minneapolls413,868 75
13. M. Stoddard & Co.,
a$13,938 00 J. W. Wheeler, Crookston, 13,780 00
s
ogih
pu
Heo
aene
In
Cleveland_b13,943 00 C. F1.1 Coffin, gChIcago__- 13,721 00
Otis
Woodin, McNear & Moore,
Minnesota Loan & Trust
Chicago 13,71900
13,905 00
Co., Minneapolis
a Also furnish blank bonds.
b City to furnish bonds.
Cuyahoga County (P.0. Cleveland), Ohio.- Note Offering.
-Proposals will be received until 11 a. m. to-day (Oct. 31)
by Wm. F. Black, Clerk Board of County Commissioners,
for $12,907 and $49,000 5% River Road No. 2 improvement
notes dated Oct. 1 1908. Certified check for $1,500 is
required. Notes to be prepared by the purchaser at his
own expense.
Detroit, Mich.-Bonds Not Yet Sold.-Up to Oct. 23 no
disposal had yet been made of the $75,000 bonds-the unsold
portion of the issue of $150,000 3% 30-year coupon waterworks construction bonds mentioned in V. 87, p. 764.
Dexter School District No. 8, Ohaves County, New
Mexico.-Bond Sale.-On Oct. 24 the $1,600 6% 10-30year (optional) coupon school-house bonds described in
V. 87, p. 1041, were awarded to William E. Sweet & Co. of
Denver for $1,605 (100.312) and accrued interest. Securities are dated Sept. 30 1908.
OCT. 31 1908.1
THE CHRONICLE
East Providence (P.0.Providence), R.I.-Bonds Awarded
in Part.-Of an issue of $100,000 40-year high-school bonds
offered on Oct. 27, dispatches state, $66,000 were awarded
to N. W. Harris & Co. of Boston at 98.523 for 4s.
El Centro School District, Imperial County, 0a1.-Bond
Sale.-This district on Oct. 24 sold the $25,000 6% 7-31year (serial) school-building and site-purchase bonds described in V. 87, p. 1111, to N. W. Halsey & Co. of San
Francisco at 100.806 and accrued interest. The bidders
were as follows:
1191
Harrison County (P. 0. Gulfport), Miss.-Bonds Defeated.
-The question of issuing the $50,000 general-road-improve
ment and bridge bonds, mentioned in V. 87, p. 1042, was
defeated by a large majority at the election held Oct. 20.
Hawkinsville, Ga.-Bond Election.-On Nov. 4 the voters
of this city will decide whether or not $15,000 5% electriclight bonds shall be issued. Date Jan. 1 1909.
Maturity
Jan. 11928.
Hollister School District (P. 0. Hollister), Benito County,
Cal.-Bond Offering.-Proposals will be received
N. W. Halsey & Co., San Francisco
until
$25,201
50
Nov. 2 for $2,000 5% bonds. These securities were offered
Bradshaw Realty Co. (for Coffin & Crawford, Chicago)
25,196 20
Valley State Bank, El Centro
25,150 00 without success on Oct. 1.
All bidders offered accrued interest in addition to their
Honesdale School District (P. 0. Honesdale), Wayne
bids.
County, Pa.-Bond Sale.-On Oct. 16 $60,000 4% coupon
Enid, Okla.-Bond Election.-Propositions to issue $125,- building bonds were awarded to the Wayne County Savings
000 water and $125,000 sewer bonds at not exceeding 5% Bank of Honesdale at 100.50 and interest. Denomina
tion
interest will be submitted to a vote on Dec. 1. Maturity $500. Date Oct. 1 1908. Interest May and Novembe
r
at the Wayne County Savings Bank in Honesdale. Ma1934, subject to call after 1919.
turity
as
follows: $1,000 yearly from 1909 to 1912 inclusive,
Erie School District](P. 0. Erie), Pa.-Bond Sale.-The
$59,000 4% coupon school bonds described in V. 87, p. 1111, $1,500 yearly from 1913 to 1917 inclusive, $2,000 yearly
from
1918
to 1925 inclusive and $2,500 yearly from 1926 to
were sold on Oct. 27 to N. W. Halsey & Co. of Chicago at
101.447 and accrued interest. Bids were also received from 1938 inclusive. Bonds are tax free. Bonded debt, this
issue.
the following:
N. W. Halsey & Co., N.Y-$59,853 73 Security Sav.&Tr.Co.,Erle$59,600 00
Houston, Tex.-Bonds Voted.-The election held Oct. 22
Chas. C. Harrison Jr. &
Otis & Hough (H. N.
resulted in favor of the propositions to issue the following
Co., Philadelphia
Fleming, Erie)
59,850 19
R.Glendinning&Co.,Phila. 59,814 00 Trowbridge & Niver Co., 59,590 00 43/2% 20-30-year (optional
) bonds mentioned in V. 87, ID•
Kountze Bros., New York 59,790 60
Chicago
59,435 00
Wm.Solomon &Co.(Chas.
E.H.Rollins&Sons,Bostan 59,398 84 1042: $225,000 for drainage sewers; $225,000 for sanitary
Messenkopf, Erie)
59,773 49 Heyl & Co., Philadelphia_ 59,316
sewers; $100,000 for water mains and $150,000 for wharves
Hayden, Miller&Co.,Clev- 59,693 00 Second Nat, Bank, Erie__ 59,205 86
00 and slips on Buffalo Bayou.
H.F.Bachman&Co.,Phila, 59,673 12 R. E. Robinson & Co.,
Lawrence Barnum & Co.,
New York
Huntington Union Free School District No.3(P.0. Hunt59,260 19
New York
59,663 75 Forrest & Co., Philadelington), Suffolk County, N.Y.-Bonds to be Offered Shortly.
phia
59,267 00
Maturity $5,000 yearly from 1921 to 1931 inclusive and This district is preparing to issue $98,500 bonds recently
voted
for
the
purpose
of
building
$4,000 in 1932.
a new grammar and high
Falmouth, Pendleton County, Ky.-Bond Election.- school. Wm.S. Funnell is Treasurer of the district.
Huntsville, Madison County, Ala.--Bonds Authorized.-It
This city will hold an election Nov. 3 for the purpose of determining whether or not the voters are in favor of issuing is stated in local papers that at a meeting of the City Council
held Sept. 1 ordinances providing for the issuance of $2,600
$5,000 5% water-works, pump and street bonds.
bonds for constructing sidewalks on East Randolph and East
Findlay School District (P. 0. Findlay), Ohio.-Bids.
Clinton streets were adopted.
The following bids were received Oct. 15 for the
$12,000
Jasper County (P. 0. Newton), Iowa.-Bond Election.
4% 8-19-year (serial) coupon school-building-repair
bonds
On Nov. 3 the electors will have the opportunity of voting
awarded to Seasongood & Mayer of Cincinnati at
100.66
on a proposition to issue $150,000 4% court-house bonds.
and accrued interest (V. 87, p. 1041.):
Seasongood & Mayer, Cina$12,079 001
Jeanerette School District (P. 0. Jeanerette), Iberia
20 A. Kleybolte & Co., Cin_a$12,040 00
R.KleybolteCo.,Inc., Cin-a12,078 00 Barto,Scott &Co.,
Colum.a12,036 00 Parish, La.-Bond Offering.-This district, L. A. Moresi,
Davies&Bertram Co., CIncal2.050 00 C. E. Denison
&Co.,
Clev.
12,015
75
Chairman, is offering for sale $23,100 5% school bonds.
Fleld,Longstreth&Co.,Cinal2 ,041 00 Otis & Hough, Cleveland-a12,
012 00
Well, Roth & Co.. 0licin_o12,040
C. J. Oiler
a12,007 00 Authority election held Feb. 11 1908.
a And accrued interest.
Kane, Pa.-Bond Offering.-Proposals will be received
Fort Wayne School City (P. 0. Fort Wayne), Ind.-Bond until 5 p. m. Nov. 9 by W. S. Calderwood, Borough
TreasSale.-The $80,000 4% 1-10-year (serial) coupon school- urer, for $10,000 5% coupon funding bonds. Denomina
building and improvement bonds described in V. 87,p. 890, $500. Date Oct. 15 1908. Interest semi-annually attion
were awarded on Oct. 26, according to reports, to J. F. Wild Borough Treasurer's office. Maturity $1,000 yearly the
on
& Co. of Indianapolis for $81,009-the price thus being Oct. 15 from 1909 to 1918 inclusive. Certified check or cash
for 2% of bid is required.
101.261-a basis of about 3.744%.
Kenova, Payne County, W. Va.-Bonds Defeated.-A
Fostoria, Ohio.-Bond Sale.-On Oct: 23 the $2,800 4%
Fremont Street improvement bonds, bids for which were re- proposition to issue $30,000 sewer bonds was defeated at an
ceived on Oct. 12 (V. 87, p. 1041), were sold to the First election held Oct. 10. The vote was 55 "for" to 47 "against,"
.
National Bank of Fostoria at par and accrued interest.
a 3-5 majority being required..
Garfield, N. J.-Bond Sale.-The $50,000 5% coupon or
Kiskiminitas Township(P.O. Apollo), Armstrong County,
registered funding and water-works bonds offered on Oct.
6 Pa.-Bond Offering.--J. W. King, Attorney for the Board of
and described in V. 87, p. 891, have been disposed
Supervisors, is offering at par $5,500 4% coupon macadamof
at
101.535 and accrued interest to H. L. Crawford & Co. of New road bonds. Denomination $100. Date June 11908.
InYork City. Maturity $25,000 on Oct. 1 in each of the years terest semi-annually at the First National Bank
of Apollo.
1928 and 1938.
Maturity twenty years, subject to call atany interest-paying
Glendive, Dawson County, Mont.-Bonds Voted.-Of period after two years. Bonds are exempt from all taxes.
a total of 30 votes cast at the election held Oct. 19,only 5
La Crosse, Wis.-L-Bond Sale.-On Oct. 27 $15,000 4%
were against the proposition to issue the $15,000 water- 10-20-year (optional) coupon water-system-extension bonds
extension bonds at not exceeidng 6% interest, mentioned in offered on that day were'bought by the Harris Trust & Savings Bank of Chicago at 99.266. A list of the bids received
V. 87, p. 963. Maturity 1931.
Grand Forks, No. Dak.-Warrant Offering.-Proposals follows:
Harris Tr.& Say. Bank
a$110{ E. H. Rollins do Sons
a$142
will be received up to Nov: 2 by W. H. Alexander, City N.
W. Halsey & Co
a 111 MacDonald, McCoy & CO..--a 145
Auditor, for "$100,000, more or less" 7% coupon paving A. B. Leach do Co_
a 140
assessment warrants. Denomination $1,000. Interest ana discount.
nual. Maturity "approximately $5,000, more or less"
The above are all Chicago bidders. Denomination $1,000.
yearly from 1909 to 1928 inclusive. Certified check for Date Oct.
1 1908. Interest semi-annually at the City Treas5% of warrants bid for is required.
urer's office.
Hammer Township (P. 0. Canby), Yellow Medicine
La Fayette, Ga.-Bond Election Pestponed.-An election
County, Minn.-Bond Election.-The question of issuing which
$2,,500 road and bridge bonds will be decided by the voters $40,000was to have taken place Oct. 20 to vote on issuing
water and light bonds was postponed indefinitely.
of this township on Nov. 3.
Lamoni,
Decatur County, Iowa.-Bonds to be Offered
Harrisburg School District (P. 0. Harrisburg), Dauphin Shortly.
-We are advised under date of Oct. 26 that it is
County, Pa.-Bond Sale.-The $49,000 4% coupon school expected
bonds described in V. 87, p. 1112, were bought on Oct. 26 on Marchthe $25,000 5% 20-year water-system bonds voted
30 (V. 87, p. 995) will be placed on the market
by the Trowbridge & Niver Co. of Chicago at 101.769 and within
the next 60 or 90 days.
accrued interest. A list of t le proposals received follows:
La Salle County Common School District No. 1, Texas.
Trowbridge & Niver Co.
H. F. Bachman & Co.,
-Bonds Registered.-On Sept. 25 the State Comptroller
Chicago
$49,867 50
Philadelphia
Kountze Bros., New York 49,764 40 Dauphin Deposit & Trust$49,319 02 registered
$14,000 5% school-house bonds. Maturity
C. C. Harrison Jr. do Co.
Co., Harrisburg
49,189 63
Philadelphia
49,754 21 R. E. Robinson & Co., N.Y 49,189 63 twenty years, subject to call after fifteen years.
Lawrence Barnum do Co.
Townsend, Scott & Co.,
Lawrence, Mass.-Bond Offering.-Proposals will be rePhiladelphia
49,707 00
Baltimore
49,187 50
Henry & West, Phila.__ 49,700 70 Forrest & Co., Phlia
ceived by Barry T. O'Connell, City Treasurer, for $14,000
49,164
15
N. W. Halsey & Co., Phila. 49,670 22 A. B. Leach Oc Co., N.
Y. 49,135 73 hospital and $40,000 street 4% bonds. Denomina
Itobertgilendinning &Co.
tion $1,000.
S. M. KItzmiller do Bros.,
Philadelphia
Interest is payable at the City Treasury. Maturity part
40,651 70
Shlppensburg
_____
First Nat. Bk., Harrlsb'g. 49,612 75 IBloren & Co., Philadelphi_ 49,110 90 yearly
a 40,001 00
for ten years.
Maturity on Oct. 1 as follows: $4,000 in 1913, $1,000
Lehi,
yearly from 1914 to 1918 inclusive and $2,000 yearly from will be Utah County, Utah.-Bond Offering.-Proposals
received at any time by G. A,Goates, City Recorder,
1919 to 1938 inclusive.
or $26,500 5% gold coupon bonds. Denomination $1,000
1192
THE CHRONICLE
[VoL. Lxxxvn.
Miami, Dade County, Fla.-Bond Sale.-Edmund Seymour & Co. of New York City have purchased the following
5% bonds, which were advertised to be sold on Oct. 15:
$20,000 for sewers, $15,000 for improving the streets, $20,000 for a city building and $15,000 for parksand promenades.
These bonds mature July 2 1936 and are described in V. 87,
p.964. The price paid was par and accrued interest.
Miami County (P. 0. Peru), Ind.-Bond Offering.-Pro$15,100 posals will be received until Jan. 20 1909 for $168,000 bonds.
Union Investment Co., Minneapolis (for 5;0)
15,095
U. M. Stoddard & Co., Minneapolis (for 5.10s)
$252,000
15,035 These securities are the unsold portion of the issue of
Minnesota Loan & Trust Co., Minneapolis (for 54s)
15,000 3M% coupon court-house-construction bonds mentioned in
Thomas J. Bolger & Co., Chicago (for 60
V. 87, p. 432.
Maturity five, seven and ten years.
Lindenhurst Fire District, N. Y.-Bond Offering.-ProMiami County (P. 0. Troy), Ohio.-Bond Sale.-We are
posals will be received until 8 p. m. Feb. 1 1909 by William advised that the $33,100 5% ditch-improvement bonds
Rail, District Clerk,for $2,000 5% bonds, to purchase a new awarded on Oct. 17 to the Piqua National Bank of Piqua for
truck. Denomination $200. Interest semi-annually at $33,350 mature part each six months from Jan. 1 1909 to
the Lindenhurst National Bank of Lindenhurst. Maturity July 1 1913 inclusive and not $33,100 in 2 years as reported
part yearly on April 1. Bonds are tax exempt.
in V. 87, p. 1113. Date July 1 1908. Interest semiK. Lockhart, Tex.-Bond Sale.-We see it stated that on annual.
Milam County (P. 0. Cameron),Tex.-Bonds Registered.Oct. 17 H. N. Swain of Dallas bought $25,000 5% 40-year
jail bonds at 101.20-a basis of about 4.932%.
On Sept. 1 the State Comptroller registered $53,072 50 4%
Lorain, Ohio.-Description of Bonds.-We are advised 40-year bridge and refunding bonds.
2% sewer bonds disposed of at private
Milford, Ill.-Bond Offering.-Proposals will be received
that the $22,500 431
sale on Oct. 14 to Lamprecht Bros. & Co. of Cleveland by W. S. Miller, Village Treasurer, or Stephen D. Sturde(V. 87, p. 1042) are in denomination of $500 and are dated vant, Village Clerk, for $2,500 5% coupon sewer bonds.
Sept. 15 1908. . Interest semi-annual. Maturity $2,500 on Denomination $500. Date Aug.24 1908. Interest Jan. 1
March 15 and $3,000 on Sept. 15 in each of the years 1910, and July 1 in Milford. Maturity $500 yearly on July 1 from
1911 and 1912 and $1,500 each six months from March 15 1910 to 1914 inclusive. Bonded debt at present, $3,600.
1913 to Sept. 15 1914 inclusive.
Floating debt (additional) $1,500. Assessed valuation,
Louisville, Ky.-Bond Election.-The question of issuing $83,000.
Mill Creek School District (P. 0. Mill Creek), Okla.the $1,000,000 4% 40-year gold coupon hospital-construction
and equipment bonds mentioned in V. 87, p. 432, will be Bonds Voted.-An election held recently resulted in a vote of
voted on Nov. 3. Denomination $1,000. Date Jan. 11909. 47 to 5 in favor of a proposition to issue $10,000 5% 20-yearInterest semi-annually at the First National Bank in New building bonds. These securities will be offered for sale in
from thirty to sixty days.
York City. Bonds are free from all municipal taxes.
Millward, Aitkin County, Minn.-Bonds Not Yet Sold.McKinley School District No. 18 (P. 0. McKinley), Minn.
-Bond Sale.-The only bid received on Oct. 24 for the $65,- Under date of Aug. 26 A. T. Richardson, Town Clerk.
000 5% coupon building bonds described in V. 87, p. advises us that he is offering as 4M per cents the $6,000
1112, was one of par and accrued interest submitted by the 20-year bonds offered without successs on May 14. See
Minnesota Loan & Trust Co. of Minneapolis. This offer V. 87, p. 183.
was accepted. Maturity $6,000 yearly on Jan. 1 from 1909
Milwaukee, Wis.-Bonds Refused.-Aceording to Milwauto 1918 inclusive and $5,000 on Jan. 11919.
kee papers,the $200,000 4% coupon East Water Street bridge
McLouth School District (P. 0. McLouth), Kans.-Bond bonds awarded on Sept. 29 to the Northwestern Mutual Life.
Sale.-The State of Kansas recently purchased $2,500 :;cliool Insurance Co. at 100.05 (V. 87, p. 892), have been refused
by that company "because of a slight clerical error in the
bonds of this district.
McMullen County (P. 0. Tilden), Tex.-Bonds Registered. advertisement offering them for sale."
Bond Election.-Propositions to issue $75,000 East Side
An issue of $5,000 5% 5-40-year (optional) bridge bonds,
and $50,000 South Side public bath bonds will be subwas registered by the State Comptroller on Sept. 21.
mitted to a vote on Nov. 3. The City Clerk advises us,
McPherson, McPherson County, Kans.-Bond Election.- however, that should these bonds be voted they will not be
issuance
the
on
vote
to
held
be
will
On Nov. 24 an election
put out until next year or the year following.
of the following 20-30-year (optional) bonds: $34,000 to
same,
the
Minerva, Stark County, Ohio.-Bond Sale.-The highest
extend
to
$10,000
works,
water
purchase the
(serial)
$16,000 to purchase the electric-light plant and $5,000 to bid received on Oct. 19 for the $3,500 5% 4-10-year
water-supply-tank bonds described in V. 87, p. 892, was
extend the same.
of $3,666.50 (104.757) submitted by Hoehler &'CumMarshall, Tex.-Bends Registered.-The State Comptroller one
mings of Toledo.
registered the following bonds on Oct. 16:
Monroe, Walton County, Ga.-Bonds Awarded in Part.$16,000 Improvement District No. 2 bonds.
10,000 Improvement District No. 3 bonds.
Of the $30,000 5% coupon sewer bonds offered on Sept. 24
The above bonds carry interest at the rate of 5% and and described in V. 87, p. 766, $20,000 were disposed of at
mature in forty years, but are subject to call after ten years. 105 to J. B. McCrary & Co. of Atlanta.
Maumee, Lucas County, Ohio.-Bond Offering.-ProMontgomery County (P. 0. Mt. Vernon), Ga.-Bonds Deposals will be received until 12 m. Nov.9 by George V. Raab, feated.-The voters of this county on Oct. 7 detested it
improvement
Street
Village Clerk, for $11,000 5% Conant
propositon to issue $35,000 6% bridge bonds.
bonds. Denomination $500. Date Aug. 11908. Interest
Montgomery County (P. 0. Dayton), Ohio.-Bond Offer1916
from
1910
to
1
Aug.
annual. Maturity $1,500 yearly on
l papers state that proposals will be received
ing.-Loca
acto
pay
Purchaser
inclusive and $500 on Aug. 1 1917.
19 for $3,600 4% Wenger Ditch construction
Nov.
until
form
are
in
and
coupon
crued interest. These bonds are
Interest
semi-annual. Denomination $600.
bonds.
Municipal
95,
Section
exempt from taxation. Authority
Caro.-Bond 011ering.-Proposals will
No.
Mooresville,
of
•
National
Bank
Second
at
the
Code. Interest is payable
in. Nov. 2 by A. L. Starr, Mayor, for
until
12
received
be
Toledo.
water and street-improvement bonds.
coupon
5%
$25,000
lo Mecklenburg County (P.0.Boydton), Va.-Bond Offering. Authority Chapter 258, Private Laws of 1901. Denomina-Proposals will be received until 12 m. Nov. 9 by the Board tion $1,000. Date July 1 1908. Interest semi-annually in
of County Supervisors for $60,000 5% coupon road -improve- Mooresville or at the Hanover National Bank in New York
ment bonds. Authority an Act of the General Assembly City. Maturity July 11938, subject to call after July 11928.
approved Feb. 25 1908. Denomination $1,000 Date Jan. Total debt, including this issue, $35,000. Assessed valua1909. Interest annually at the County Treasurer's office. tion for 1908, $1,131,922.
Maturity on Aug. 1 as follows: $1,000 yearly from 1911 to
Mooresville Graded School District (P. 0. Mooresville),
1920 inclusive; $2,000 yearly from 1920 to 1929 inclusive
Offering.-Proposals will
and $3,000 yearly from 1930 to 1939 inclusive All bonds Iredell County, No. Caro.-Bond
in. Nov. 2 by M. W. White, Secretary
however, being subject to call after ten years. Certified be received until 12$10,000
5% coupon graded-school-buildcheck foi$4000, payable to the County Treasurer, is re- and Treasurer, for
Jan. 1 1909.
quired. Bids to be based on the following deliveries:first, ing bonds. Denomination $1,000. Date
in New York
on all the issue to be delivered Jan. 1 1909 and, second, Interest annually at the National Park Bankof Mooresville.
Bank
$30,000 to be delivered on Jan. 1 in each of the years 1909 City or at the Merchants' and Farmers'
Maturity 30 years. Bonds are tax-exempt. Bonded debt,
and 1910.
not including this issue, $10,000. Assessed valuation 1908,
Merkel, Taylor County, Tex.-Bonds Defeated.-According $1,322,216.
to reports a vote of 105 "for" to 109 "against" was cast at
Moundridge, Kan.-Bonds Voted.-The voters of this city
an election held Oct. 14 to vote on the issuance of wateron Sept. 1 authorized the issuance of $17,000 water and
works bonds.
(optional) bonds. The
Mesa, Maricopa County, Ariz.-Description of Bonds.- $11,000 electric-light 5% 5-20-year
vote of 90 to 67, while the
a
by
former
carried
proposition
6%
the
of
water-works
amount
We are informed thtvt the
of 86 "for" to 68 "against."
bonds awarded on Sept. 29 to the Mesa City Bank of Mesa latter issue received a vote
determined.
of
yet
offering
not
Date
The
$50,000.
are
securities
at 100.50 (V. 87, p. 964) was
Mt. Carmel, Pa.-Bond Sale.--On Oct. 20 P. S. Brigs
in denomination of $1,000 and carry interest at the rate of
16% 30-year funding
6%,payable semi-annually in/Jan. and July. DatelAugust of Philadelphia paid par for $36,000 4./
2 1908. Interest
1 1908. Maturity August 1 1928, $10,000 beingisubject bonds. Denomination $500. Date Nov.
semi-annual..
tocall_aftcr August 1 1918
and 500. Interest April 15 and Oct. 15 in Lehi at the Utah
Banking Co. or in Salt Lake City at the Utah National Bank.
Maturity Oct. 15 1928,subject to call after Oct. 15 1918.
Lincoln County (P. 0. Ivanhoe,) Minn.-Bond Sale.On Oct. 20 the $15,000 coupon ditch bonds offered on that
day (V. 87, P. 830), were awarded to the Union Investment
Co. of Minneapolis at 100.666 and accrued interest for 5s.
Following are the bids:
OCT. 31 1908.1
THE CHRONICLE
11.93
Mt. Vernon, Ohio.-Bonds to Be Offered Shortly.-This city
Philadelphia, Pa.-Loan Authorized.
will be on the market about Dec. 15 with the following 432% Select Council authorized a temporary -On Oct. 22 the
loan of $1,200,000.
assessment bonds: $41,000 to redeem outstanding certificates The loan bill was previously passed
by the Common Council.
issued to pave East High Street and $10,000 to redeem outPitman School District (P.0.Pitman Grove), N.J.-Bond
standing certificates issued to pave East Burgess Street.
Offering.-Proposals will be received until 8 p. m. Nov. 15
Multnomah County School District No. 1, Ore.-Bond Sale. (this date falls on Sunday, but is so given in the official ad-On Oct. 5 $250,000 4
10-20-year (optional) bonds vertisement) by Dr.C. B. Phillips, District Clerk,for $24,000
were awarded to E. H. Rollins & Sons of Denver and Morris ,Ii(yo coupon school bonds. Denomination $100. Date
Bros. of Portland at 102.075-a basis of about 4.244% Jan. 1 1909. Interest semi-annually at the Pitman National
to the optional date and about 4.344% to full maturity. Bank of Pitman. Maturity $1,000 yearly, beginning three
Bonds are dated Oct. 1 1908.
years from date. Bonds are exempt from taxation.
Muncie, Ind.-No Action Yet Taken.-Up to Sept. 21
Pittsburgh, Pa.-Bond Election.-On Nov. 3 this city
nothing had yet been done in regard to issuing the $100,000 will vote on the propositions to issue the following bonds
bonds (V. 87,.p. 240) to erect a city building.
mention of which was made in V. 87, p. 893: $1,000,000
Muskegon, Mich.-Bond Election.-A proposition to issue for constructing a bridge across the Allegheny River, $240,$29,000 4% bonds to purchase a tract of land to be used as a 000 as follows: $175,000 for the rebuilding and reconstruction
burial ground will be submitted to a vote of the people at of the "Larimer Avenue bridge" and $65,000 for the conthe regular election on Nov. 3. Maturity part yearly on struction of a bridge on Meadow Street; $2,675,000 as follows: $1,975,000 for the purchase of the property of the
Jan. 1 from 1915 to 1944 inclusive.
Muskogee, Okla.-Bonds Voted-Bond Offering.-Pro- Monongahela Water Co. and $700,000 for the improvement
positions to issue $250,000 water-extension and $300,000 of the water system; $30,000 for the construction of a bridge
storm-sewer 5% 25-year bonds were favorably voted upon over Negley run, $185,000 for the building and equipping
Oct. 15. The vote was 424 to 228 on the first-mentioned of incinerating plants for the disposal of rubbish and $300,000
issue and 404 to 251 on the storm-sewer issue. Proposals for the laying of large water mains from the Highland
reservoir. Bonds to bear interest at a rate not to exceed
will be received until 8 p. m. Nov. 16.
6%. Maturity not to exceed thirty years.
Nanticoke School District (P. 0. Nanticoke), Luzerne
Porto Rico.-Loan Proposed.-W. B. Hadley, Acting
County,Pa.-Bond Offering.-The Board of School Directors
Auditor of the Island of Porto Rico, informs us that it is
James M..Williams,President and Ivory J. Water, Secretar, probable
that within the course of a few months an issue
will offer at public auction at 2 p. m. Oct. 30, $12,500 5/0 of
bonds will be placed, the Legislative Assembly
coupon school bonds. Denomination $500. Date Nov. 1 in irrigation
session having recently authorized such an issue
1908. Interest semi-annually at the Treasurer's office in to special
the extent of $3,000,000.
the First National Bank of Nanticoke. Maturity May 1
Quincy, Mass.-Bond Sale.-Blodget, Merritt & Co. of
1919, subject to call after six years. Bonds are tax-exempt.
Boston are
New Hanover County (P. 0. Wilmington), N. 0.-Bond ing bonds reported as having recently purchased the followat 100.80:
Offering.-Proposals will be received until Nov. 23 by D. $22,200 street-improvement bonds. Maturity on Oct. 1 as follows: $3,200
in 1009, $3,000 In 1910 and $2,000 yearly from 1911 to 1918
McEachern, Chairman, for the $50,000 434% road-improveinclusive.
8,400 street bonds. Maturity on Oct. 1 as follows: 11,400 In 1909 and
ment and bridge-building bonds voted on Sept. 24. See
$1,000 yearly from 1910 to 1918 inclusive.
The above bonds are dated Oct. 1 1908.
V. 87, p. 892. Date July 1 1908. Maturity July 1 1938.
Rainier, Ore.-Bond Offering.-Proposals will be received
Interest semi-annual.
The official notice of this bond offering will be found among until 12 m. Nov. 5 by Land R. Rutherford, Secretary of the
Water Commission, for $5,000 10-20-year (optional) water
the advertisements elsewhere in this Department.
bonds. Denomination not less than $500 nor more than
Newton, Tex.-Bonds Not Sold.-No award ,has yet been $1,000. Date Nov. 15 1908. Interest (rate not to exceed
made of the $10,000 4% bonds offered on Oct. 3.
6%) payable in Portland. Certified check for 2% of bonds
New York State.-Bonds Not Yet Sold.-Under date of bid for is required.
Oct. 23 we are informed that it has not yet been determined
Reynoldsville, Pa.-Bond Sale.-This borough has sold
whether or not the $190,000 5% registered Canaseraga Creek $10,000 4% bonds.
bonds offered but not sold on Sept. 8 (V. 87, p. 698) will
Rhode Island.-Bond Election.-At the general election
again be placed on the market.
on Nov. 3 the citizens of this State will vote on the following
North Pelham (P. 0.Pelham), Westchester County, N. Y. propositions:
1. Shall the General Assembly be authorized to provide for the Issuance
-Bond Sale.-On Oct. 26 the $55,000 5-29-year (serial)
not exceeding $300,000 bonds for Improvements to the State instituregistered sewerage bonds described in V. 87, p. 1043, were of
tions?
2. Shall the General Assembly be authorized to provide for the issuance
awarded to Adams & Co. of New York City for $55,151
(100.274) and accrued interest for 4.30s. Following are the of not exceeding $600,000 bonds for the construction of State highways?
Richmond, Va.-Bond Offering.-Proposals will be rebids:
Adams & Co.(for 4.30s)
100.2741W. N.Coler & Co.(for 4.35s) 100.023 ceived until 12 m. Nov. 17 by Edward J. Warren, City AudiFenwick & Rogerson(for4.303)100.09 H. L. Crawford & Co. (for
J. S. Bache &Co.(for 4.30s) _ _100.039
58)
100.001 tor, for $251,700 4% coupon or registered refunding bonds.
The above bidders are all from New York City.
Date Jan. 1 1909. Maturity Jan. 1 1943. Certified check
North Yakima, Yakima County, Wash.-Bond Offering.- for 2% is required on bids of $100,000 or less; while bids in
Proposals will be received until 7:30 p. m. Nov. 2 by J. C. excess of $100,000 must be
accompanied by a certified check
Brooker, City Clerk, for $80,000 43' 0
/
0 various improvement
bonds. Authority vote of 459 to 369 at election held Sept.1; for 1M%.
The official notice of this bond offering will be found among
also Chapter 128, Session Laws of 1891. Denomination
$1,000. Date, day of issuance. Interest semi-annual. the advertisements elsewhere in this Department.
Loan Authorized.-At a meeting of the Common Council
Maturity twenty years. Bid must be unconditional and be
accompanied by a certified check on some national bank for held Sept. 24 a resolution was passed authorizing
the Finance
5% of bid and made payable to the City Treasurer. Bonds Committee
to negotiate a temporary loan of $150,000 to
are coupon in form and exempt from State tax.
Oakland, Alameda County, Cal.-No Bond Election.-The carry the city until the tax bills due in December become
City Council on Oct. 21 defeated a resolution providing for available.
an election to allow the people to determine whether or not
Ridgway School District (P. 0. Ridgway), Pa.-Bond
$3,000,000 water-front-improvement bonds should be issued. Election.-An election to vote on the issuance of schoolOberlin School District (P. 0. Oberlin), Lorain ,County, building bonds will be held Nov. 3.
Ohio.-Bond Election.-The Board of Education has decided
Rochester, N. Y.--Note Sale.-An issue of $500,000
to submit to a vote of the people on Nov. 3 the question of water-works and local-improvement notes offered on Oct. 27
issuing $35,000 bonds.
was disposed of as follows: $200,000 to the Alliance Bank of
Omaha, Douglas County, Neb.-Bond Offering.-Propos- Rochester at 4.125%; $200,000 to Bond & Goodwin of New
York City as follows: $100.000 at 4.08% and $100,000 at
als will be received until 3 p. m. Dec. 1 for $252,500 4
coupon street-improvement bonds. Denomination $500. 4.125%;and $100,000 to Goldman, Sachs & Co. o f New York
Authority Section 198, City Charter of 1905. Date Jan. 1 City at 4.2 % plus $125 premium. A list of the bids re1909. Interest annually at the fiscal agency in New York ceived follows:
Bank, Rochester (for
Goldman, 11200,000
a4.25%
City. Certified check on a national bank for $5,000, made Alliance
$500.000) -------------4.125%
Sachs &) 200,000
a4.34%
payable to the "City of Omaha," is required. Official circu- Bond & 1$100,000 bonds_4.08%
Co.. N.Y.) 100,000
b4.23%
Goodwin, 100.000 bond8.4.125% Security Trust Co., Rocheslar states there has never been any default in the payment
N. Y_..
. 200.000 bonds _4.18%
ter ($200,000)
c4.25%
of principal or interest. Frank A. Fumy is City Treasurer.
100.000 bonds_4.24%
Orange County (P. 0. Santa Ana), Cal.-Maturitd of
a Plus $150 premium. 0 Plus $125 premium. c Plus $15 premium.
Bonds.--The County Auditor informs us that the $60,000
Roselle Park (P. 0. Ind. Sta., Elizabeth), N. J.-Bond
4i.% hospital bonds to be voted on Nov. 3 will mature Sale.-Kountze Bros. of New York City were recently
$3;000 yearly for 20 years instead of $60,000 at the end of 20 awarded $47,000 5% 20-year funding
bonds of this borough.
years, as reported in V. 87, p. 893.
Denomination $500. Date Nov. 1 1908. Interest semiPainesville, Lake County, Ohio.-Bond Sale.- The $6,500 annual.
4% coupon electric-light-plant-improvement bonds bids for
St. Joseph, Mich.-Bids.-The following bids were rewhich were rejected on Aug. 1 (V.87, p. 368), have been sold ceived Oct. 21 for the $30,000 20-year
coupon bridge bonds
to Seasongood (Cc Mayer of Cincinnati at par and accrued awarded on that day to Woodin, McNear
& Moore of Chiinterest.
cago at par and accrued interest for 438(V.87, p. 1114):
1194
THE CHRONICLE[VOL.Lxxxvii.
'for 4s (96.12)------ - ____$28,925 00
30,000 00
;is (par)
Woodin, McNear & Moore, Chicagoi for 4
30,926 50
I for 434s (103.088)
29,250 00
(97.50)
A. J. Hood & Co., Detroit (for 4s)
29,055 00
(
96.85)
4s)
(for
Co.,
Detroit!
&
Morse
E.
W.
30,586 00
(for 430) (101.95)
a30,822 50
Parson, Son & Co., Chicago (102.74)
00
a30,780
(102.60)
Cincinnati
Co.,
&
Roth
Weil,
a30,763 00
A. B. Leach & Co., Chicago (102.54) (102.26)
a30,680 00
Harris Trust & Savings Bank Chicago
a30,675 00
MacDonald, McCoy & Co. Chicago (102.25)
a30,489 00
Seasongood & Mayer, Cincinnati (101.63)
a30,455 00
Merchants' Loan & Trust Co., Chicago (101.58)
00
a30,415
(101.38)
Otis & Hough, Cleveland
a for 43i% bonds.
Stevens County (P. 0. Colville), Wash.-Bond Election.At the general election on Nov. 3 this county will decide
whether or not about $225,000 10-20-year (optional) bonds
at not exceeding 6% interest shall be issued to liquidate the
outstanding warrant indebtedness.
Summit, N. J.-Bonds Authorized.-On Oct. 20 the
Common Council passed an ordinance providing for the issuance of $70,000 432% sewage-pumping-system bonds.
Denomination $1,000.
Superior, Nuckolls County, Neb.-Bonds Not Sold.Bond Offering.-Proposals were asked for until Oct. 20 for
the $25,000 5% 5-20-year (optional) coupon refunding water
bonds mentioned in V. 87, P. 769. No satisfactory bids,
however, were received on that day. Denominatign $1,000.
Date Nov. 1 1908. Interest semi-annually in New York
City. These bonds are now being offered at private sale.
Temple, Tex.-Bond Election Proposed.-Local papers
state that the City Council is considering the advisability of
holding an election to vote on the question of issuing from
$100,000 to $200,000 bonds for paving streets and building a
municipal electric-light plant to furnish light for the city's
use only.
Toledo, Ohio.-Injunction Denied.-On Oct. 19 Judge
Brough in the Common Pleas Court denied the injunction
sought by Harvey P. Platt to restrain the issuance of the
$525,000 432% bridge bonds sold on August 26. See V.
87, p. 564. The following concerning the suit is taken from
the Toledo "Blade."
St. Louis, Mo.-Bond Election.-In addition to the question of issuing the $700,000 Old Fair Grounds Park bonds
to be voted on Nov. 3 (V. 87, P. 1114), the following bonds
will also be submitted to a vote: $500,000 at not exceeding
4% interest and due in 15 years for the erection of a new
union market and $100,000 to purchase certain grounds for
park purposes.
San Bernardino, San Bernardino County, Cal.-Bond Sale.
-We are advised that on Oct. 22 the four issues of 4 2%
1-40-year (serial) bonds, aggregating $110,000, offered without success Sept. 7 (V. 87, p. 965), were sold to the San
Bernardino National Bank of San Bernardino for $110,337the price thus being 100.306. A bid of $110,150 was also
received from the State Board of Examiners. Denomination $1,000. Date Oct. 1 1908. Interest semi-annual.
San Francisco, Cal.-Bond Election.-On Nov. 12 a vote
will be taken on a proposition to issue $600,000 434% watersupply bonds. Securities, if authorized, will bear date of
enjoined from selling
Two Issues were made in the effort to have the city
no authority to provide
Jan. 1 1909 and mature $100,000 yearly beginning one the bridge bonds. One was that the Council had
being made
allegation
the
piecemeal,
bridge
the
of
n
constructio
the
for
year from date.
the
that It was not intended to build the lift-draw now, without which
useless.
be
would
structure
Cal.
Barbara),
of
part
any
begin
Santa Barbara County (P. 0. Santa
to
authority
has
the
Council
that
held
Brough
Judge
provide for the other parts later, citing the Circuit Court
Bonds Deleated.-Reports state that an election held recently the bridge and filtration
case, where It was held that the municipality had
the
In
0
decision
$1,265,00
issuing
of
resulted in the defeat of the question
year.
the right to issue bonds for its completion from year to of
filtration bonds
The other issue was that the sale of the $230,000 worth
macadam-road bonds.
should be included In the total for the year's issue of bonds, which would
Trow1% of valuaof
of
-The
limitation
the
statute
bond
exceed
Bankers
Issue
bridge
by
make the
Seattle, Wash.-Bonds Offered
to
tion of the tax duplicate. The Court held the filtration bonds werethe
bridge & Niver Co. of Chicago is offering for sale $137,300 be
out of the earnings of the Water Works Department, that
paid
tion
Denomina
comfrom
bonds.
exempt
were
they
therefore
1431
that
and
so
provided,
Council had
6% Improvement District NO.
the City putation of the total issue.
$100. Date Aug. 3 1908. Interest annually at
Another legal question commented upon was whether or not the Water
3
Aug.
on
yearly
$13,700
Works Department was a self-sustaining one. The Court held that as the
Treasurer's office. Maturity
refunding bonds issued by the city for that department was prior to the
from 1909 to 1917 inclusive and $14,000 on Aug. 3 1918, old
of the Act exempting water works bonds under certain conditions,
passage
s within the meaning of the
all bonds, however, being subject to call at any interest- they were not to be Included as an indebtednes
and since the passage of the Act the _department has been selfstatute,
paying period.
sustaining,
Sedgwick County (P. 0. Wichita) Kans.-B)ond Sale.Bonds Authorized.-On Oct. 5 the City Council passed
railroad-aid ordinances providing for the issuance of the following 5%
An issue of $49,500 4% 10-20-year (optional
nt
bonds has been awarded to the H. P. Wright Investme
coupon assessment bonds:
tion $500. Date
Co. of Kansas City, Mo.,at 96. Denominain
$5,195 32 Walnut Street No. 2 improvement bonds. Date Oct. 22 1908.
Topeka.
1
July
and
1
Jan.
Maturity part each six months from March 22 1909 to Sept. 22
Interest
Oct. 1 1908.
1913 inclusive.
.- 2,175 96 Scott Street No. 2 improvement bonds. Date Sept. 28 1908.
Registered
-Bonds
Tex.
Tyler),
0.
(P.
County
Smith
Maturity part each six months from March 28 1909 to Sept. 25
court-house-coninclusive.
The $160,000 4% 10-40-year (optional) Sept.
87,p. 2,631 63 1913
(V.
1
on
Street No. 2 (now known as Cherry Place) Improvement
success
Felix
without
offered
bonds
struction
bonds. Date Sept. 25 1908. Maturity part each six months
25.
Oct.
on
er
Comptroll
State
the
by
registered
from March 25 1909 to Sept. 25 1913 inclusive.
894), were
570 34 sewer No. 1029 construction bonds. Date Sept. 10 1908.
Snohomish County (P. 0. Everett), Wash.-Rate of
Maturity part each six months from March 10 1009 to Sept. 10
1910 inclusive.
Interest.-The $500,000 road and bridge bonds to be voted
No. 1028 construction bonds. Date Sept. 10 1908.
00
sewer
797
Maturity part each six months from March 20 1909 to Sept. 10
upon Nov. 3 (V. 87, p. 965), if authorized, will bear interest
1910
inclusive.
6%.
exceed
to
not
rate
at a
667 53 sewer No. 1030 construction bonds. Date Sept. 10 1908.
Maturity part each six months from March 10 1909 to Sept. 10
South Amboy, N. J.-Bond Sale.-On Oct. 17 $8,000 5%
1910 inclusive.
the
by
bought
were
bonds
ng
school-buildi
(serial)
606 12 Alley improvement No. 38 bonds. Date Oct. 15 1908. Ma1-8-year
turity part each six months from March 15 1909 to Sept. 15
People's National Bank of New Brunswick on a 43'% basis.
1913 inclusive.
In1908.
2
Nov.
Date
$500.
and
$1,000
tions
Denomina
3,230 12 Bloomfield Street No. 1 bonds. Date Sept. 27 1908. Maturity
each six months from March 27 1909 to Sept. 27 1913
part
al
semi-annu
terest
Inclusive
No. 1031 construction bonds. Date Sept. 15 1908.
posals
sewer
02
710
Offering.-Pro
d
Wis.-Bon
County,
Monroe
Sparta,
Maturity part each six months from March 15 1909 to Sept. 15
coupon
5%
2
$4,377
m.
for
p.
Nov.
2
until
will be received
1910 inclusive.
No. 1024 construction bonds. Date Oct. 15 1908. Maimprovement assessment bonds. Maturity $437.70 yearly 2,179 37 sewer
turity part each six months from March 15 1909 to Sept. 15
check
Certified
annual.
Interest
years.
ten
for
1
on March
1910 inclusive.
improvement No. 33 bonds. Date Oct. 23 1908. Mafor 5% of bid, payable to W. N. Wells, Mayor, is required. 2,343 38 Alley
turity part each six months from March 23 1909 to Sept. 23
1913 inclusive.
Spooner, Beltrami County, Minn.-Bonds Voted.-On
Interest semi-annually at the Second National Bank of
Oct. 6 the voters of this village authorized the issuance of
Toledo.
$5,000 funding and $15,000 water-main bonds.
Toledo School District (P. 0. Toledo), Ohio.-Bond ElecSpotsylvania County (P. 0. Spotsylvania), Va.-Bond
-An election will be held Nov. 3 to vote on the quesElection.-An election will be held Nov. 17, it is reported, tion. of issuing $500,000 school-building and site-purchase
not
tion
or
about
$60,000
whether
determine
to
voters
the
allow
to
Courtland Road District bonds and $40,000 Chancellor bonds.
Unadilla School District (P. 0. Unadilla), Otsego County,
Road District bonds shall be issued.
Y.-Bond Sale.-An issue of $6,500 bonds has been disN.
16
Oct.
$12,964 65
Springfield, Ohio.-Bond Sale.-On
of to local investors.
posed
Fund
Trustees
sewer bonds were purchased by the Sinking
Utica, N. Y.-Bond Ofiering.-Proposals will be received
at par.
5 by Fred G. Reussing, City Comptroller,
Ohio.- until 12 m. Nov.43"2%
registered bonds:
following
the
Springfield School District (P. 0. Springfield),
for
$1,600. MaBond Offering.-Proposals will be received until 3 p. m. $32,000 School No. 20 enlargement bonds. Denomination
1928 inclusive.
of
,
Education for
turity $1,600 yearly on Nov. 2 from 1909 to Denominati
Nov. 21 by W. H. Holmes, Clerk Board
on $1,000.
Albany Street School enlargement bonds.
$100,000 434% school bonds. Authority Section 3991, 20,000 Maturity $1,000 yearly on Nov. 2 from 1909 to 1928 inclusive.
Dec.1
Date
1908.
Revised Statutes. Denomination $1,000.
Authority Section 60 of the Uniform Charter of Cities of the
Interest semi-annually at the office of the Treasurer of the Second Class- Interest semi-annually at the City Treason
yearly
1
Dec.
pt.
Board of Education. Maturity $10,000
urer's office in New York exchange. Bonds are tax-exem
form furfrom 1915 to 1924 inclusive.
Bid to be made on each issue separately on a blankfor 1% of
. City Comptroller. Certified check
nished by the
Stanislaus County(P.O. Modesto),Cal.-Bond Election.
, is required.
Propositions to issue $45,000 jail-construction and $75,000 bonds bid for, payable to the City Treasurer
the
The genuineness of these bonds will be certified to 13y pay
bridge-building bonds will be voted on Nov. 3.
of New York City. Purchaser to
Trust
Co.
Columbia
on
Oct.
16
village
-This
Stephen, Minn.-Bond Sale.
accrued interest. Delivery Nov. 12 1908.
disposed of $3,000 6% village-hall bonds at par to the Union
Vale, Malheur County, Ore.-No Bond Election at Present.
$500.
tion
Date
Denomina
Investment Co. of Minneapolis.
City Recorder informs us that it is not likely that the
on
-The
part
Maturity
al.
Oct. 1 1908. . Interest semi-annu
to vote on the question of issuing the water-works
1911.
election
and
1910
July 1 in each of the years 1909,
Om 31 1908,j
THE CHRONICLE
1195
bonds mentioned in V. 87, P. 371, will be held for some semi-ann
ually at the City Treasurer's office. Denomination
time.
$250. Date Dec. 1 1908. Maturity $2,500 yearly on Dec. 1
Vicksburg, Miss.-Bond Offering.-Proposals will be from 1923 to 1928 inclusive.
received until 8 p. m. Nov. 16 by P. M. Harding, Mayor,
Weatherford, Tex.-Bonds Registered.-The following
for the $225,000 43/2% coupon sewer bonds authorized by the 5% 15-40-year (optional) bonds were registered by the State
City Council(V.87, p. 895)on Sept. 25. Denomination $500. Comptroller on Sept. 24, $8,000 for street-improvements,
$7,000 for bridges, $2,000 for sewers and $1,999 99 for
Date Dec. 1 1908. Interest annually at the American school
a
house.
Exchange National Bank in New York City. Maturity
West End (P. 0. Birmingham), Ala.-Bond Election.on Dec. 1 as follows: $500 yearly from 1909 to 1927 inclusive On Nov. 2 this city will
vote on propositions to issue $25,000
and $215,500 in 1928. Certified check for $5,000 is required. school and $10,000 city-hall and fire-department 5% 20year
building,
equipme
nt and site-purchase bonds. Interest
Official circular states that the city has never defaulted in
semi-annual.
the payment of any bond or coupon.
Western Clay Drainage District, Ark.-Bond Offering.The official notice of this bond offering will be found among
Proposals will be received until 12 m. Nov. 13 for $90,000
the advertisements elsewhere in this Department.
Washington 0. H. Fayette County, Ohio.-Bond Election. bonds at not exceeding 6% interest. Maturity "after ten
-An election will be held Nov. 3 to vote on the question and not later than twenty-five years." Certified check for
$1,000 is required. Chas. W. Jones (P. 0. Corning) is
of issuing 855,000 bonds for the purpose of constructing
a District Secretary.
gas-pipe line.
West Pittston School District (P. 0. Pittston), Luzeme
Washington County (P.0. Greenville), Miss.-Bond Offering.-Proposals will be received until 12 m. Nov. 2 by W. W. County,Pa.-Bonds Not Sold-Bond Offering.-No bids were
received on Oct. 26 for the $47,000 4% 5-30-year (optional)
Miller, Clerk Board of County Supervisors, for $100,000 road coupon
building bonds described in V. 87, p. 1117. These
and bridge-construction bonds at not exceeding 6% interest. bonds
now being reoffered as 434s in denominations
Denomination $1,000. Interest semi-annual. Maturity of $500are
each.
twenty-five years. Bonds are exempt from taxation.
West Union, Adams County, Ohio.-Bond Sale.-On.
Certified check for 5% of bonds bid for,made payable to the
Oct. 5 the $1,500 4% 1-15-year (serial) coupon street-imCounty Treasurer, is required.
provement bonds described in V, 87, p. 896, were awarded
Wathena School District No. 1 (P. 0. Wathena), Don- $750 to each of following at par:
the Bank of West Union
iphan County, Kans.-Bonds Authorized.-This district and the Adams County Bank,
both of West Union.
recently authorized the issuance of $22,000 432% schoolWilkinsburg School District (P. 0. Wilkinsburg), Pa.
house bonds. Denomination $500. Interest payable in
Wathena. Maturity fifteen years, part of the bonds, how- Bond Offering.-Further details are at hand relative to the
offering
on
Nov.
2
of
the
$50,000
4%
gold
coupon
ever, being subject to call before that time. Securities are
high-school
building and site-purchase bonds mentioned in V.87, p. 967.
free from State and County taxes.
Proposal
s
for
these
bonds
will
be
received
by
Jno.
M. LindWausau, Marathon County, Wis.-Bond Election.
election will be held Nov. 3 to vote on propositions to-An say, Secretary. Denomination $1,000. Date Nov. 161908.
issue
Interest
semi-ann
ually
at
the
Treasurer
's
office
in Wilkins$20,000 fire-apparatus and 815,000 public-improve
ment burg. Maturity $2,000 yearly on Nov. 16 from 1914 to 1938
bonds. The 815,000 public-improvement bonds, if voted,
inclusive
.
Bonds
are
tax-exem
pt.
Certified
check
or cash
will be coupon in form and will carry 4% interest,payable for
$1,000, payable to the Secretary, is required.
NEW LOANS.
NEW LOANS.
NEW LOANS.
$160,000
$251,700
$226,000
ATLANTIC CITY, N. J. City of Richmond, Va., Vicksburg, Mississipp
i,
SCHOOL BONDS
Indenomination of $1,000 each, dated July 1,
1908, maturing $30,000 July 1 1938; $30,000
July 1,1939; $30,000 July 1, 1940; $30,000 July 1,
1941, and $40,000 July 1, 1942, with interest
at 4 or 4% per cent per annum, payable semiannually at the Hanover National Bank, New
York City.
The City Comptroller will receive bids for
these bonds until twelve o'clock noon of SATURDAY, NOVEMBER 7, 1908, reserving, however,
the right to reject any or all bids, and subject
to the approval of City Council.
Bids to be for 4 or 4 A per cent bonds.
Bids must be for all or none of the bonds.
Bids must be upon the form attached to
(Ocular letter, and in no case will a bid be received for a portion of the bonds.
Bonds will be delivered to the purchaser on
or about November 30, 1908.
Every bidder, as a precedent to the reception
or consideration of his proposal, shall deposit
with the City Comptroller $3,000 In money, or
certified checks for that amount, drawn to the
order of said Comptroller.
The legality of these bonds has been approved,
by Dillon & Hubbard of New York, whose certificate as to legality will accompany the bonds
when delivered without cost to the purchaser.
The bonds will be engraved under the supervision of and certified as to their genuineness
by the Columbia Trust Company of New York.
Circular letter giving full particulars
blank form of proposal mailed on applicationand
to
A. M. HESTON,
Comptroller.
$50,000
4% BONDS.
434 PER CENT BONDS
To provide for the redemption of $251,700 of
City of Richmond, Va., eight per cent bonds maturing January 1st, 1909.
By virtue of an Ordinance Approved October
17th, 1908, the Auditor of the City of Richmond.
Va., is Instructed to issue, under direction of the
Committee on Finance, four per cent Registered
or Coupon Convertible Bonds to an amount not
exceeding $251,700, having thirty-four years to
run from January 1st, 1909, and bearing interest
from that date, required to meet the above at
maturity.
Bids for the above will be received at the
of the City Auditor till noon of November office
17th,
1908,for all or any part of said issue of bonds. A
Certified Check for an amount equal to two per
cent on all bids of $100,000 or less, or one and
one-half per cent on all bids in excess of that
amount, must accompany each bid.
The Committee will meet In Room
12,
third floor, of the City Hall, at 8 p. m. No.date
to consider the bids received, the right that
to reject
any and all bids being expressly reserved.
EDW. J. -WARREN, Auditor.
Sealed proposals will be received until 8 o'clock
P. M., November 16th, 1908, by P. M. Harding,
Mayor, for the purchase of $225,000 of the
of Vicksburg 4% per cent coupon bonds. City
Denomination $500. Date December 1st,
Sealed Bonds, payable as follows: $500 each1908.
year
for 19 years after date; the remainder, $215,000,
20 years after date. Interest payable annually.
Principal and Interest payable at the American
Exchange National Bank, New York City.
for $5,000, certified by an Incorporated Check
bank,
required with bid. Right reserved to reject any
or all bids.
P. M. HARDING, Mayor.
Blodget, Merritt & Co.
BANKERS
STATE, CITY
ROAD BONDS.
6o State Street, - Boston
MUNICIPAL AND CORPORATION
BONDS.
xliz La Salle Street, Chicago
RIANCKE, THOMPSON & ROBB
Members
Stook
Exchange
43 Exchange Place
Telephone 6444 Hanover
BRANCH OFFICE
fielstel Building, 5th Aye. and 41d
Telephone 1558 Bryant
t.
AND
RAILROAD BONDS
MacDonald, McCoy &
A SPECIALTY
N.Y.
New Hanover County, N. 0,,
New Hanover County, North Carolina, offers
for sale Road bonds to the amount of $50,000,
dated July 1st, 1908, maturing July 1938, interest
payable semi-annually at rate of 43 per cent
per annum. Bids for same will be opened Monday, Nov. 23rd, 1908. Rights reserved to reject any or all bids. For further Information
address
D. McEACHERN, Chairman.
Wilmington, N. C.
Cuban Securities
36 Nassau Street, New York
HUNT, SALTONSTALL & CO.,
Mamba's of Now York Stodc Ittchanso
Investment Securities
60 STATE STREET
BOSTON
Established 1NS5.
H. C. Speer 8c Sons Co.
First Nat. Bank Building, Chicago
CITY COUNTY
AND TOWNSHIP
BONDS,
R. T. Wilson & Co.
Bankers & Commission Merchants
33 WALL STREET
-
NEW YORK
JAMES TA LCOTT.
flanker and Commit,sion Merchant
Manufacturers' and other Accounts
Solicited and Finanoed
SALES CASHED
Equitable Interest Allowed on Deposits
Main Store, 108-110 Franklin St., N. Y. City
-Annexes in New York end other cities
THE CHRONICLE
1196
Yakima County School District No. 14, Wash.—Bond
Sale.—The $1,500 5-10-year (optional) coupon schoolbuilding bonds described in V. 87, p. 968, were sold on Oct.
17 to the State of Washington at par for 5s.
Youngstown School District (P.0. Youngstown), Ohio.—
Bond Ofjering.—Proposals will be received until 12 m. Nov.
16 by the Board of Education, T. J. Helrigle, President, and
W. N. Ashbaugh, Clerk, for the following 4M% coupon
bonds: $16,000 due Sept. 1 1925, $20,000 due Sept. 1 1926
and $20,000 due Sept. 1 1927. Authority Section 3994,
Revised Statutes. Denomination $1,000. Interest semiannually at the City Treasurer's office. Bid must be unconditional and be accompanied by a certified check for 10%
of each issue bid upon. Delivery within 10 days from date
of award.
Canada,its Provinces and Municipalities.
Aylesbury School District No. 2127 (P. 0. Aylesbury),
Sask.—Price Paid for Debentures.—The price paid for the
$2,000 8% school-building debentures awarded on Sept. 26
to Nay & James of Regina (V. 87, p. 1040) was 100.40.
Date Sept. 15 1908. Interest annually in December. Maturity Dec. 15 192g.
Bracebridge, Ont.—Debenture Offering.—Proposals will
be received until 6 p. m. Nov. 4 by Alex. C. Salmon, Town
Clerk, for the following 5% debentures:
$4,569 82 local-improvement debentures maturing part yearly for 30 years.
9,550 51 local-Improvement debentures maturing part yearly for 20 years.
9,304 60 local-Improvement debentures maturing part yearly for 20 years.
6,000 00 water-works-Improvement debentures maturing part yearly for
30 years. These securities are part of an issue of $10,000 debentures.
Interest annually at the Bank of Ottawa in Bracebridge.
Calgary, Alberta.—Debentures Voted.—A proposition to
issue $95,000 4% 20-year general-hospital-aid debentures
dated Nov. 1 1908 carried by a vote of 133 to 19 at an
election held Oct. 22. These debentures will be offered for
sale some time in December.
Campbellton, N. B.—Debenture Sale.—An issue of $40,000
5% debentures has been sold to 0. Leger of Montreal.
NEW LOANS.
Lxxxvii.
Daysland, Alberta.—Debenture Sale.—W. C. Brent of
Toronto recently purchased $13,600 6% local-improvement
debentures due in 10 and 20 years.
Dundas, Ont.—Debenture Offering.—Proposals will be
received until 8 p. m. Nov. 2 by John S. Fry, Town Clerk
and Treasurer, for $20,000 5% gold coupon high-schoolbuilding debentures. Date July 1 1908. Interest semiannually at the Town Treasurer's office. Maturity part
yearly on July 1 from 1909 to 1928 inclusive. Debentures
are tax-exempt. Debenture debt, including this issue,
$119,026 64. Floating debt $11,000. Assessed valuation
$1,310,295.
Fort Frances, Ont.—Debenture Sale.—This place recently
sold $28,083 534% 30-year local-improvement debentures.
The securities were bought by W. C. Brent of Toronto.
Humboldt, Sask.—Debentures Voted—Debentu;-e Offering.
—By a vote of 33 to 4 the electors of this place on Sept. 28
authorized the issuance of $7,500 6% water-supply and fireprotection debentures. Maturity part yearly for twenty
years. Proposals for these debentures will be received at
any time. E. T. Wallace is Secretary-Treasurer.
Huntsville, Ont.—Debenture Sale.—This town has sold
the $24,243 93 5% granolithic-walks and street-improvement
debentures offered without success(V. 87, p. 765)on Sept.10.
Kenora, Ont.—Debenture Sale.—This town has awarded
$300,000 532% hydro-electric power-plant debentures to
Aemilius Jarvis & Co. of Toronto. Maturity $200,000 on
Oct. 1 1936 and $100,000 on Jan. 311937. These securities
are in addition to the $75,000 debentures recently purchased
by the same firm. Debenture debt, not including these issues, $43,000.
Latchford, Ont.—Debenture Sale.—This place recently
disposed of $4,000 6% 10-year fire-protection debentures
to W. C. Brent of Toronto.
Lethbridge, Alberta.—Debenture Sale.—An issue of $3,150
6% school debentures was recently bought by Wood,
Gundy & Co. of Toronto. Maturity part yearly for 10 years.
Little Lake School District, Sask.—Debenture Sale.—W.C.
Brent of Toronto has been awarded $1,800 school debentures.
MiSCELLANEOUS.
$20,000
Perry, Coffin 8c Burr,
Town of Beaufort. N. C.
ELECTRIC & DRAINAGE BONDS.
1ST,
Sealed bids will be received until DEC. and
electric
1908, for the purchase of $20,000
C..
N.
Beaufort,
of
town
the
a
drainage bonds
semibearing 5% interest per annum, payable
of
annually, maturing thirty years frum dateestiIssue. Den..minations *1,000. Population
floating
mated 2,700. No bonded indebtedness:for town
indebtedness $6,000. Right is reserved
must deto reject any or all bids. All bidders
posit a certified check for 2% of bid to Insure
good faith.
C. S. MAXWELL, Clerk,
Beaufort, N. C.
and High•Grade Public Service
Securities
Correspondence Solicited.
DESIGN.CONSTRUCT AND OPER.
ATE RAILWAY, LIGHT, POWER.
HYDRAULIC AND GAS PLANTS
BOSTON.
EXAMINATIONS and REPORTS
'AFF & CO
BLACKST
LIST OF SPECIALTIES ON REQUEST J. G. WHITE 8c CO.,
Engineers, Contractors,
43-49 Exchange Place, - NEW YORK
WEBB & CO.,
INVESTMENT SECURITIES.
MUNICIPAL AND RAILROAC
LIST ON APPLICATION.
SEASO:\ GOOD & MAYER,
Mercantile Library Building,
CINCINNATI.
The United States Lifi
Insurance Co.
OW
STOCKS and BONDS
JOHN P. MUNN, M.D., President
Finance Committee
IAMPEI R. PLUM
Lea thee
CLARENCE H. KELSEY, Pres. Title Guar. at Tr. Co
Wit. It. PORTER. Pres. Chemical National Rani
Good men, whether experienced In life insurance
or not, may make direct contracts with this Corn
pany for a limited territory If desired, and secure
for themselves, In addition to first years commission, arenewal interest Insuring an income for the
(Mice, No. 55 WILLIAM STREET, future. Address the Company at its Home Office
No. 277 Broadway. New York City,
Corner Pine Street.
EVERY WEDNESDAY.
Electric Railways, Electric Light and
Electric Power Plants Financed,
Designed and Built.
J. G. WHITE & CO., Limited,
9 Cloak Lane, Cannon St.. E C.
Canadian Correspondents:
CANADIAN WHITE CO., Limited.
Montreal
Principal Philippine Office, Manila, P. I
IN THE CITY OF NEW YORE
AUCTIONEERS.
Regular Weekly Sales
Investigations and Reports on Electric
Railway. Oas. Electric Light and Power
1ranstnission Properties for Financial Institutions and Investors.
London Ciorrvmpondent:
1908
1850
Issues Guaranteed Contracts
Adrian H Muller & Son
American Trust Building, CHICAGO
Oklahoma City, Oklahoma. Mobile Ala,
San Diego, Cal.
1332 Walnut Street
PHILADELPHIA
74 BROADWAY, NEW YORK
BONDS.
Incorporated
ENGINEERS
60 State Street,
Albert Kleybolte 8c Co.,
Municipal,
County, State,
H.M.Byllesby & Co.
INVESTMENT BONDS
INVESTMENTS
409 Walnut Street,
CINCINNATI, 0.
ENCINEERS.
AN. INC.
STERN 16 SILVERM
Contractors
Engineers and
CONSTRUCTION OF RAILROADS
Investigation and reports on organization and
Operation of existing roads.
PHILADELPHIA. PA
Land Title Building,
Established 1893.
Established 1889.
ER & CO.
A. L. RECIST
to PEPPER & REGISTER
Successors
Engineers & General Contractors
.12 North Broad Street, - Philadelphia
OCT. 31 191/8.1
THE CHRONICLE
1197
Manitoba (Province of).-Debenture Sale.-G. A. Stimson
Prince Edward Co.(P.O. Picton),Ont.-Debenture Sale.& Co.of Toronto were recently awarded $250,000 4% 40-year On Oct. 22 the $35,000 4%
good-road-construction debentelephone debentures.
tures described in V. 87, p. 1043, were awarded to the
Dominion
Massey, Ont.-Debenture Sale.-Water-works debentures
Securities Corporation, Ltd. of Toronto at 102.268
to the amount of $20,000 and drawing 6% interest, have and accrued interest. Following are the bids:
Dominion
awarded
been
to W. C. Brent of Toronto. Maturity 20 and
Securities CorAemillus Jarvis & Co.,
poration, Ltd., Toronto $35.794 00
Toronto
$35,44C00
25 years.
Ontario Sec. Co., Toronto. 35,707 00 Osborne & Francis
35,382 25
G.
A. St.mson & Co., Tor_ 35,556 00 W.A. Mackenzie & Co., Tor35,368
New Liskeard, Ont.-Debentures Voted.-Debenture Of- Wm.
C. Brent, Toronto__ 35,549 00 A. E. Ames & Co., Tor__ _ 35,367 00
00
fering.-The election held Oct. 17 resulted in a vote of 42 Wood, Gundy & Co., Tor_ 35,536 00 Hanson Bros., Montreal
35,087 50
to 6 in favor of the proposition to issue the $15,000 5% waterMaturity part yearly on Sept. 28 from 1909 to 1928 inworks-system-extension debentures mentioned in V. 87, p. clusive.
1043. Proposals for these debentures will be received at
Rosthem, Sask.-Debenture'Sale.-G. A. Stimson & Co,
any time by H. Hartman, Town Clerk. Date, day of issuance. Interest Dec. 15 at the Imperial Bank of Canada in of Toronto were recently awarded $2,000 6% school debentures
maturing part yearly for 20 years.
New Liskeard. Maturity part yearly on Dec. 15 for thirty
years.
Saskatchewan, Province of.-Loan Proposed.-We are
Oakwood School District No. 439 (P. 0. Oak Lake), Man. advised by the Deputy Provincial Treasurer that the matter
-Debenture Ofiering.-Proposals will be received by A. of the sale of the $2,000,000 bonds authorized by the LegisCameron, Secretary-Treasurer, for $4,000 5% debentures lature for the construction of public buildings in this Prodated Jan. 1 1909. Interest annual. Maturity part yearly vince has been placed in the hands of the Union Bank of
for fifteen years, beginning six years from date.
Canada. The bonds will bear 4% interest and will probably
Okotoks, Alberta.-Debenture Sale.-W. C. Brent of run for forty years. They are exempt from Provincial
Toronto recently purchased $9,700 6% debentures due in taxation and will probably be made payable in gold at London, England.
15 and 20 years.
Parry Sound, Ont.-Debenture Offering.-Proposals will
Waterford, Ont.-Debentures Voted.-A vote of 241 "for"
be received up to Nov. 17 by E. E. Armstrong, Town Clerk, to 5 "against" a proposition to issue $11,000 5% bonds to
for $3,200 5% local-improvement debentures. Maturity build the factory of the Dominion Tel. Manufacturing Co.
part yearly for ten years.
was the result of an election held Oct. 21. Maturity part
yearly.
Pincher Creek, Alberta.-Debenture Sale.-The $20,000
West Toronto (P. 0. Toronto), Ont.-Bid Rejected.5% 20-year local-improvement debentures offered without
success on Sept. 15 (V. 87, p. 965) have been disposed of to According to reports the Mayor on Oct. 19 received.a bid at
a little less than par for $20,000 school debentures maturing
W.C. Brent of Toronto.
in five years. It is further stated that this offer was rejected.
Port Stanley, Ont.-Debenture Ofiering.-Proposals will
Weyburn, Sask.-Debenture Sale.-Wood, Gundy & Co.
be received until 6 p. m. Nov. 14 by James Gough, Village
Treasurer, for $10,000 5% public-school debentures dated of Toronto were the successful bidders for $20,000 5%
Dec. 31 1908. Interest annually at the Sterling Bank of debentures recently disposed of.
Port Stanley. Maturity part yearly on Dec. 31 from 1909
Wolseley, Sask.-Debentures Deleated.-An election held
to 1928 inclusive. Debenture debt this issue. Assessed Oct. 22 to vote on the issuance
of $23,000 debentures revaluation 1908, $206,215.
sulted in the defeat of the same.
MISCELLANEOUS.
NATIONAL LIGHT,
HEAT & POWER CO.
• GUARANTEED
BONDS
All Issues
A. H. Bickmore & Co.,
BANKERS
30 Pine Street,
New Wort
P. J. COODHART & CO.,
Bankers
57 BROADWAY NEW YORK
Telephone 2240 Rector
316 Walnut St., Cincinnati
Bank and Trust Co. Stooks
S5,eatin1 tec
7 Wall Street
OFFICE OF THE
ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 21st, 1908.
The Trustees. in conformity with the Charter of the Company, submit the following statementof Us affair,
on the 31st of December, 1907.
Premiums on Marine Risks from 1st January, 1907, to 31st December. 1907
$3,440,427 06
Premiums on Policies not marked off 1st January, 1907
890,719 33
Total Marine Premiums
$4,131,146 39
Premiums marked off from 1st January, 1907, to 31st December, 1907
Interest received during the year
Rent less Taxes and Expenses
$3,387,757 38
$348,234 37
124,935 79
$473,170 16
Losses paid during the year which were estimated In 1906
and previous years
$607,375 70
Losses occurred, estimated and paid in 1907
1,400,691 49 12,008,067 19
Less Salvages
Re-insurances
$126,595 24
302,387 66
428,982 90
$1,579,084 29
Returns of Premiums
Expenses, including officeza' salaries and clerks' compensation, stationery,
newspapers, advertisements, etc
$42,071 10
$348,854 83
ASSETS.
United States & State of New York
Stock, City, Bank and other Securities
85,483,822 00
Special deposits in Banks &TrustCos. 650,000 00
Real Estate cor. Wall & WilltamSts.,
& Exchange Place.$4,299,000 00
Other Real Estate &
claims due the company
75,000 00 4,374,000 00
LIABILITIES.
Estimated Losses and Losses Unsettled
82,058,185 Ot
NEW YORE
Premiums on Unterminated Risks_
743,389 01
Certificates of Profits and Interest
Unpaid
268,528 75
Return Premiums Unpaid
122.696 16
Certificates of Profits Ordered Redeemed, Withheld for Unpaid
Premiums
22.334 55
Certificates of Profits OutstandPremium notes and Bills Receivable 1,376,016 51
ing
7,412,630 00
Cash in the hands of European
Real Estate Reserve Fund
270,000 00
Bankers to pay losses under policies payable in foreign countries_
G. K. B. WADE
185,005 17
Cash in Bank
595,353 43
BANKERS
Investment Securities
R. B. WADE
MISCELLANEOUS.
WADE &COMPANY
INVESTMENT SECURITIES
Aggregating
613,684,807 11
Aggregating
110,897,743 47
A dividend of Six per cent Interest on the outstanding certificates of profits will be paid to the holders thereof, or their legal representatives, on and after Tuesday the fourth of February
next.
The outstanding certificates of the issue of 1902 will be redeemed and paid to the holders
43 EXCHANCE PLACE
or their legal representatives, on and after Tuesday the fourth of February next, from which thereof,
date all
Interest
thereon will cease. The certificates to be produced at the time
NEW YORK
and canceled.
A dividend of Forty per cent Is declared on the net earned premiumsof payment
the Company for the year
ending 31st December, 1907, for which. upon application, certificates of
will be issued on and after
Tuesday the fifth of May next.
By order of the Board.
DU PONT POWDER CO. SECURITIES
(I. STANTON FLOYD-JONES, Secretary.
INTERNAT'L NICKEL CO SECURITIES
TRUSTEES.
BANK AND TRUST COMPANIES'STOCKS GUSTAV
HERBERT L. GRIGGS,
NICHOLAS F. PALMER,
And all Unlisted and Inactive Stocks and Bonds FRANCIS AMSINOK,
M. BACON,
CLEMENT A. GRISCOM,
HENRY PARISH,
JOHN N. BEACH
ANSON W. HARD,
DALLAS B. PRATT,
WILLIAM B. BOULTON,
MORRIS K. JESUP,
GEORGE W. QUINTARD.
VERNON H. BROWN,
LEWIS CASS LEDYARD,
A. A. RAVEN,
Menbers New York Stock Exchange
WALDRON P. BROWN,
FRANCIS H. LEGGETT,
JOHN L RIKER,
43 EXCHANOE PLACE. NEW YORK
JOSEPH H. CHAPMAN,
CHARLES D. LEVERICH.
DOUGLAS ROBINSON.
WM. WHEATLEY, Mgr. INVESTMENT DEPT.
JOHN CLAFLIN,
LEANDER N. LOVELL,
GUSTAV H. SCHWAB.
GEORGE C. CLARK,
GEORGE H. MACY,
WILLIAM SLOANE,
CLEVELAND H. DODGE.
CHARLES H. MARSHALL, ISAAC STERN,
CORNELIUS ELDERT,
W. H. H. MOORE,
WILLIAM A. STREET.
New York City Bank, Trust and Fire RICHARD 11. EWART,
A. A. RAVEN, President.
Insurance Stocks
CORNELIUS ELDERT, Vice-President.
SANFORD E. COBB, 24 Vice-President.
43 EXCHANGE PLACE . NEW YORK
CHARLES B. FAY. 3d Vice-President.
S. H. P. PELL & CO.
PRIMROSE & BRAUN
[VOL. Lxxxvii.
THE CHRONICLE
1198
Trust
Trust Tomanic.
illliteg states Ng 00111P1111 01
York,
Manhattan
Chartered
45 and 47 Wall Strt• .
.
CAPITAL,
SURPLUS AND UNDIVIDED PROFITS,
.
.
$2,000,000.0(
$13,243, l28.3
'
Trust
This Company acts as Executor. Administrator, Guardian, Trustee, Court Depositary and ID
other recognized trust capacities.
It allows Interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or personal, for estates
()Corporations and individuals.
Company
JOHN CROSBY BROWN. Vice-President.
HENRY E. AHERN, Secretary.
CHARLES A. EDWARDS. 2d Asst. Secretary
EDWARD W SHELDON, President.
WILLIAM M KINGSLEY, Second Vice-Pres
WILFRED J NVORCESTER. Asst. Secretary
TRUSTEES.
JOHN A. STEWART, Chairman of the Board.
John Clatiln,
William H. Macy Jr.,
John J. Phelps,
William D. Sloane,
John S. Kennedy,
Gustav H. Schwab.
D. 0. Mills,
Frank Lyman.
Lewis Cass Ledyard,
George F. Victor,
Lyman J. Gage.
James Stillman,
John Crosby Brown,
W. Bayard Cutting,
Charles S. Smith,
William Rockefeller,
Alexander E. Orr,
Tompanies.
Payne Whitney,
Edward W Sheldon
Chauncey Keep,
George L. Hives,
Arthur C. amen,
20
Wall Street
Corner Nassau
NEW YORK 1
111litoisThistSeSavingsBank
CHICAGO
Capital and. Surplus
$13,2.00,000
Pays Interest on Time Deposits, Current and Reserve Accounts
Deals in Investment Securities and Foreign Exchange.
Transacts a General Trust Business.
UNITED STATES
MORTGAGE & TRUST
COMPANY
NEW YORK
CORRESPONDENCE INVITED
CAPITAL,
$2,000,000.00
SURPLUS,
$4,000,000.00
THE
Trust Company of America
37-43 WALL STREET, NEW YORK.
LONDON OFFICE:
95 Gresham St., London, E. C.
COLONIAL BRANCH:
9,222 Broadway
DIRECTORS
JOSEPH J. O'DONOHUE Jr.
LOWELL M. PALMER
STEPHEN PF.AISODY
E. CLIFFORD POTTER
JOHN J. RIKER
WM. F. SHEEHAN
GEORGE R. SHELDON
HENRY F. SHOEMAKER
JAMES W. TAPPIN
OAKLEIGH THORNE
ROBERT B. VAN CORTLANDT
W. K. VANDERBILT Jr.
JOHN E. BORNE
WM. H. CHESEBROUGH
RICHARD DEL/WIELD
ASHBEL P. FITCH
ANSON R. FLOWER
H. B. HOLLINS
JAMES S. KUHN
FRANK R. LAWRENCE
CORD MEYER
SETH M. MILLIKEN
RANDAL MORGAN
MORGAN J. O'BRIE%
Invites Personal and Business
Accounts. Acts as Trustee, Executor, Administrator, Guardian and in All Fiduciary
Certifies MuniCapacities.
cipal and Corporation Bonds.
55 Cedar St.
73rd St.& B'way
525th St. & 8th Ave.
Bowling Green Trust Co.
26 BkOADWAY, NEW YORK.
We refer you to
he (Corporation Trust To,
37 Wall Street, New
York, for information
OFFICERS:
EDWIN GOULD
1st
WILLIAM H. TAYLOR
2d
CHAS. P. ARMSTRONG
JOHN A HILTON-3d V.-Pres
WILLIAM M. LAWS
regarding any point involved in the organization
and taxation of business corporations under the
laws of any of the States or Territories.
Wilkinson, Reckitt, Williams & Co.
CERTIFIED PUBLIC ACCOUNTANTS
President
V.-Pres't.
V.-Pres't.
& Trees
Secretary
DIRECTORS:
Frank J. Gould,
John A. Hilton,
Edward T. Jeffery,
Winslow S. Pierce,
Morton F. Plant,
Dick S. Ramsay.
Frederick B.Schenck,
Andrew Squire,
William H. Taylor.
John P. Truesdell,
Charles P. Armstrong.
Frank Brainard.
Harry Bronner,
Franklin Q. Brown.
Robert C. dowry,
Edmund C. Converse,
Wm. Nelson Cromwell,
P. C. Costello,
Grenville M. Dodge.
Goepel,
George J. Gould.
Edwin Gould,
E. F. C. Young.
OTTOJULIUS MERKEL
BROKER
44 AND 46 WALL ST., NEW YoRK.
INVESTMENT SECURITIES.
Corresnonthume Trivitwri
NEW VORK
CHICAGO
PHILADELPHIA
52 Broadway
Marquette Blda.
Mutual Life Bide'.
LONDON, ENGLAND
Leadenhall Bldas,
FAHNESTOCK, Memb. N. Y. Stock Ex.
It. B DODBON.
T. J. MumFottn.
Fahnestock & Co.,
illE0 It
Elts AND DFAI,Elts
INVESTMENT
S CURITIES.
2 WALL STREET
@FedFRASER